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
- China Hits Back on TikTok, Says It Doesn’t Ask Companies for Foreign Data — China’s foreign ministry said the U.S. was suppressing the popular app, a day after lawmakers on Capitol Hill raised fears it could be used to spy on Americans。
- The Winners and Losers if the U.S. Bans TikTok — From U.S.-China relations, to the parents of phone-addicted teenagers, the victims and beneficiaries run the gamut if TikTok disappears.
- TikTok’s Rivals Shouldn’t Bank on Ban — Google, Facebook, Snapchat and Pinterest stocks have soared, but TikTok still has time on the clock.
- China-Based Managers Gain More Autonomy in Global Companies — Panasonic and Volkswagen try to be more nimble in fast-moving market and reduce geopolitical risks.
- Chinese Authorities Raid Office of U.S. Investigations Firm Mintz Group — Company says staff members in Beijing were detained days before multinational executives gather for an economic conference in the Chinese capital.
- U.S. Executives to Keep Low Profile at China Forum Amid Tensions — Apple’s Tim Cook is among dozens of foreign CEOs set to attend the Beijing meeting with Chinese officials as relations fray between world’s top economic powers.
- Countries Compete to Lure Manufacturers From China — Executives are looking for alternatives to China’s vast factory floor—and governments are welcoming them.
- China’s Economic Lifeline to Russia Gives Beijing Upper Hand — Moscow’s increasing dependence on China is giving Beijing greater leverage.
- Crypto Promoter Justin Sun Draws the Spotlight, This Time From Regulators — SEC said Wednesday it filed civil charges against Mr. Sun and three of his companies.
- Evergrande Restructuring Is a Warning to China’s Other Creditors — Offshore creditors who lent property developer billions are discovering they have little recourse.
The Financial Times
- Brazil president to propose Ukraine ‘peace club’ on China visit — Lula seeks diplomatic role as Latin American nations resist aligning with west over conflict.
- China Renaissance cuts staff after founder goes missing — Chief rainmaker Bao Fan has been detained by Chinese authorities since February.
- Chinese authorities raid US due diligence firm Mintz — Closure of Beijing office comes as China prepares to welcome international chief executives.
- Why China was the ghost at the EU’s summit banquet — Also in this newsletter: why Hungary despairs of Scholz and misses Merkel.
- China frees top chip investor to bolster semiconductor efforts — Head of Hua Capital released from detention as Beijing seeks expert help to navigate tough western sanctions.
The New York Times
- U.S. Due Diligence Firm Says China Detained Its Employees — Five Chinese nationals were taken away last Monday, and the company, which does corporate investigations, and its law firm have been unable to contact them.
- Spain’s Prime Minister to Visit Xi in China to Discuss Ukraine — China has been trying to build support for its proposal to start peace talks, but Ukraine’s allies hold that its call for an immediate cease-fire would only help Russia consolidate territorial gains.
- Lawmakers Blast TikTok’s CEO for App’s Ties to China, Escalating Tensions — Lawmakers grilled Shou Chew, TikTok’s chief executive, over the app’s ties to its Chinese parent company and its effects on children, as Chinese officials said they opposed a sale of the platform.
- Biden’s Options on TikTok Narrow After Beijing Pushes Back — China’s opposition to a sale of the app leaves the president to challenge that stand or consider seeking a ban, which would face its own obstacles.
Caixin
- Hong Kong Sweetens the Lure for Family Offices — The city says it’s exempting some wealth management firms favored by the super rich from licensing requirements as it seeks to draw more to set up shop.
- Anti-Graft Crackdown Ensnares State Energy Giants — Corruption probes hit five executives from several enterprises as graft busters expand investigations across multiple sectors.
South China Morning Post
- Hong Kong’s biggest lawyer group to voice concerns over national security law’s application during visit to mainland China next week — Exchanges over rule of law will include voicing concerns over Beijing-imposed national security, he says, adding some aspects of its application were ‘unsatisfactory’.
- China’s new premier, Li Qiang, takes pro-private sector campaign on the road — In his first trip in the new job, Li targets embattled export and manufacturing sectors with stops in Guangdong and Hunan.
- Scientist exiled from US brain research finds well-funded lab in China — Xiang-Dong Fu, who left California over suspicions about his foreign links, has joined Westlake University in southern China.
Nikkei Asia
- Taiwan braces for drought in key chip hubs again — Water challenge comes as island pushes to maintain ‘silicon shield’ against China.
- China says ‘never’ demanded TikTok hand over American user data — Comments come after app’s CEO grilled by U.S. lawmakers over security threat.
Bloomberg
- HK Eases Listing Rules for Specialist Technology Firms — Hong Kong Exchanges & Clearing Ltd. set a lower threshold for advanced technology companies including those in artificial intelligence and semiconductors to list on the exchange.
- Profit Warnings Show Difficult Times Ahead for China Brokerages — Two recent profit warnings by the Hong Kong units of Chinese brokerages signal it will be trying year for the firms weighed down by rising interest rates and lingering losses on real estate bets.
- TikTok CEO’s Careful Testimony Got Him No Closer to a Resolution — TikTok CEO Shou Chew, confronted with an unforgiving, distrustful Congress, tried to give answers in his testimony Thursday that avoided offending either the US government or China.
Reuters
- U.S. House panel on China highlights abuse of Uyghurs in second hearing — A new U.S. congressional committee on China held its second hearing on Thursday, highlighting what Washington says is an ongoing genocide against Uyghurs and other ethnic minorities in China’s Xinjiang region.
- US Vice President Harris to address China’s influence and debt distress in Africa visit — Vice President Kamala Harris starts a weeklong trip to Africa this weekend as the United States seeks to pitch itself as a better partner than China, which has invested heavily in the continent over several decades.
- China detains staff, raids office of US due diligence firm Mintz Group — The company specialises in background checking, fact gathering and internal investigations.
The Economist
- China wants the world to forget about its crimes in Xinjiang — Yet the Uyghurs continue to be persecuted.
- China may face more embarrassment over its human-rights record — More countries appear willing to call out its treatment of the Uyghurs.
- China has not done enough to halt the wildlife trade — That is true whether or not covid-19 made the jump from wild animals.
- Chinese nationalists are up in arms over the treatment of pandas — One has died at a zoo in America. Another is losing clumps of fur.
- Younger Americans are friendlier to China — They are much less likely to see the country as an enemy than their parents.
- America may be a step closer to banning TikTok — What the grilling in Congress means for the future of the app.
Other Publications
- Associated Press: Here are the countries that have bans on TikTok — A growing number of countries in North America, Europe and Asia-Pacific have banned the popular video-sharing app TikTok from government devices as privacy and cybersecurity concerns increase. A handful have prohibited the app altogether.
- The Washington Post: This dissident uses Chinese-owned TikTok to criticize China’s government — His story highlights how a TikTok ban could undermine First Amendment rights and suppress speech the U.S. government wants to encourage. Congress spent virtually no time asking about that issue.
- Rest of World: As TikTok faces a ban, other Chinese companies in US try to pass as locals — “If you are a Chinese company, you are often guilty before proven innocent.”
- The Globe and Mail: Trudeau government decided CSIS transcript of MP Han Dong provided no ‘actionable evidence’ — Conclusions could not be drawn that Mr. Dong asked Beijing to keep two Canadians in prison for political reasons.
