Good Morning. Welcome to The Wire’s daily news roundup. Each day, our staff gathers the top China business, finance, and economics headlines from a selection of the world’s leading news organizations.
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The Wall Street Journal
- IPOs in Mainland China Jump as Global Issuance Plummets — Global dollar value of IPOs fell 71% this year, while Hong Kong IPO volumes have tumbled 92%.
- China Defense Minister Says Nuclear Buildup Is Justified — Gen. Wei Fenghe warns that Beijing would fight to block Taiwanese independence.
- U.S. Defense Secretary Warns That China’s Military Is Increasingly Aggressive — Lloyd Austin says Chinese aircraft and ships are engaging in provocative behavior in Indo-Pacific.
- Australia, China Defense Ministers Thaw Ties a Little — Talks in Singapore come less than a month after change of government in Canberra.
- China Restaurant Assault Revives Attention on Women’s Safety — Social media erupts in anger over footage of men beating several women; ‘It could be me.’
The Financial Times
- The Big Read: How Xi Jinping is reshaping China’s capital markets — The pipeline for IPOs increasingly reflects technological competition with the west and the heavy influence of the state.
- Chinese edtech company sidesteps Beijing’s ban through livestream steak sales — New Oriental teachers combine language classes with selling goods including meat and encyclopedias.
- ‘Ferocious’ Omicron outbreak in Beijing sparks closures and mass testing — Chinese capital and Shanghai reintroduce restrictions just days after measures were lifted.
- China tells banks to limit executive pay under ‘common prosperity’ drive — Guidelines issued as Xi Jinping is expected to secure a third term in power later this year.
- China ramps up coal power to boost post-lockdown growth — The need for economic stimulus is hindering efforts to cut carbon emissions.
- China vows to ‘crush’ any attempt by Taiwan to pursue independence — Tensions on display at Shangri-La security forum as Beijing hits back at US accusations of aggression.
- Investor flight from China reverses as Beijing shifts sentiment — Signs that authorities will support economy persuade some foreign investors the worst is over.
- Disappearance of China’s online sales king is blow to Alibaba — Li Jiaqi is latest superstar livestreamer to go silent amid crackdown on ecommerce sector.
- Restaurant attack on female diners in China sparks outrage over gender violence — Nine arrested after viral footage of assault triggers uproar about lack of protections for women.
- China fires back at US claims of aggression as it admits to developing new weapons — Defence minister Wei Fenghe says annexation of Taiwan ‘must be achieved’ at Asian security forum.
The New York Times
- China Won’t Hesitate to Fight for Taiwan, Defense Minister Warns — The general said China wouldn’t “flinch from the cost” of defending its claims to the island. He spoke at a Singapore forum where he met with the U.S. defense secretary.
- Biden Races to Expand Coalition Against Russia but Meets Resistance — Many Asian, African and Latin American nations are maintaining ties with Russia as the United States tries to isolate President Vladimir V. Putin and end the war in Ukraine.
- U.S. Warns China on Taiwan as Defense Officials Meet to Cool Tensions — Defense Secretary Lloyd J. Austin III accused Beijing of “provocative” activity near the disputed island after meeting with his Chinese counterpart.
- They Inhabited Separate Worlds in Taiwan. Decades Later, They Collided in a California Church. — The 68-year-old suspect in a May mass shooting harbored resentment dating back to his formative years in Taiwan.
Caixin
- Cover Story: The Disarray in China’s Vocational Training System — The vocational education system has fallen into a shambles, leaving the world’s second-largest economy ill equipped to replace millions of the highly skilled who are retiring as the population ages and the workforce shrinks.
- Chinese Household Savings Grow as Covid Restrictions Curb Spending — Chinese households saved more in the first five months, as harsh Covid-19 restrictions and a continued slowdown in growth of family assets caused by the pandemic that started more than two years ago curbed spending.
- Scandal-Plagued China Huarong Sells $1.8 Billion Stake in Regional Lender — Sale of 41% holding in Hunan province bank is part of indebted state-owned firm’s restructuring of sprawling interests.
South China Morning Post
- China’s largest academic paper database CNKI opens some services to individuals after Beijing’s antitrust probe — China National Knowledge Infrastructure is giving individuals greater access to its plagiarism-checking service after Beijing launched an antitrust probe in May.
- Beijing’s ban on Taiwanese grouper imports prompts emergency measures to help island’s fish farmers — Beijing cites discovery of banned chemicals and excessive oxytetracycline when announcing suspension of imports of Taiwan’s grouper effective from Monday.
- China ride-hailing giant Didi to start trading on OTC market after NYSE delisting, ending an 11-month fiasco that angered Beijing — The Chinese ride-hailing giant’s delisting is expected to help complete its government-ordered rectification process, so that it can resume normal operations.
Bloomberg
- China Is Walking Back Virus Loosening Weeks After Reopening — China is starting to re-impose Covid-19 restrictions just weeks after major easing in key cities, raising concern the country may once again employ strict lockdowns to control its outbreak.
- China Company Registrations Plummet During Covid Lockdowns — China’s new registrations for companies have fallen sharply in recent months, a sign of how the country’s coronavirus lockdowns could have long-term implications for economic growth.
- Foxconn Reproaches Chinese Rivals for Poaching Vietnam Workers — Foxconn Technology Group is facing a battle of talent in Vietnam as major suppliers to Apple Inc. continue to shift some capacity from China to the Southeast Asia country on prolonged tensions between Beijing and Washington.
Reuters
- After criticism over China, UN rights chief declines second term — The United Nations human rights chief, Michelle Bachelet, indicated on Monday that she would not seek a second term, the surprise announcement coming in a wide-ranging speech to the Geneva-based Human Rights Council.
- In ‘miracle’ city Shenzhen, fears for China’s economic future — Shenzhen posted overall economic growth of only 2% in the first quarter of this year, the lowest-ever figure for the city, aside from the first quarter of 2020.
- Geely founder’s venture buys majority stake in Chinese smartphone maker Meizu — The State Administration of Market Regulation said that Hubei Xingji Shidai Technology Co Ltd had agreed to purchase the stake from two of Meizu’s shareholders.
Other Publications
- The Washington Post: Costly, scandal-ridden mass testing is China’s latest ‘zero covid’ bet — Soaring demand for everything from testing kits to sample collecting booths has strained local government finances and created a string of quality and corruption scandals from poorly regulated testing companies.
- The Globe and Mail: How Hong Kong could become the next hot place for Russian oligarchs to store their wealth — While the former British colony – and pioneer of offshore finance – is not the only place the suddenly displaced Russian rich are eyeing, it has an edge over rivals such as Dubai and Caribbean tax havens.
