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 Ratchets Up Pressure on Foreign Companies — Detentions, raids and unexpected visits belie Beijing’s invitation to overseas investors.
- Beijing’s Bain Raid, Espionage Law Are Self-Sabotage — China’s economy is bouncing back. Recent moves show that the potential for state overreach is, too.
- In China, a Detention and a New Espionage Law Have Businesses Worried — Executives say activity could stagnate as they curtail meetings and information exchange.
- Chinese Warships and Planes Test Taiwan Defenses — PLA combat drone circles self-governing island amid tensions between Beijing and Taipei.
- ‘Double Tax’ Hinders Taiwan’s Investment in American Factories — Taiwan businesses are rushing to produce semiconductor chips in the U.S., but the lack of a formal tax treaty gives investors pause.
- China Celebrates Economic Recovery, Pledges More Help on Jobs — Communist Party’s top policy-making body acknowledges concerns about consumer demand.
- Top Biden Aide Says U.S. Subsidies Will Help, Not Hurt, Relationships With Allies — Close allies in Europe and Asia have said the administration’s industrial subsidies are unfair.
- China’s Xi Seeks to Regain Initiative in Europe Through Ukraine — Dialogue with Ukrainian President Zelensky follows weeks of intense European diplomacy.
The Financial Times
- China seeks ‘damage control’ on Ukraine with call to Volodymyr Zelenskyy — Presidential talks aim to ensure Beijing has role in postwar settlement, say experts.
- Tesla rival BYD’s profit soars more than 400% in first quarter — Chinese electric-car maker is tightening grip on world’s largest automotive market.
- Evergrande extends deadline for debtholders to agree to restructuring plan — Indebted Chinese developer is struggling to persuade creditors to back its proposal.
- Philippines and Taiwan disclose China maritime and drone incursions — Countries are increasingly assertive about detailing Beijing’s activities as tension mounts.
- AstraZeneca hunts for more China deals after signing partnerships — Drugmaker hails innovative biotech groups and says market is open to foreign buyers.
- Opinion: Germany’s China dilemma takes on a new urgency — The race is on in Berlin to reduce exposure to the country’s most important trading partner.
The New York Times
- The Shining Promise and Dashed Dreams of China’s Live Shopping Craze — Star sellers can amass huge followings and eye-popping fortunes, through a format that mixes consumerism and entertainment. But competition is fierce, and the government is watching.
Caixin
- In Depth: Chinese Smart-Car Makers Get Into Tesla’s Lane — By 2024, the performance of Chinese autonomous smart cars will match that of Tesla at the end of 2022 and early 2023, said Li Auto CEO Li Xiang.
South China Morning Post
- China internet watchdog to ban online gaslighting of entrepreneurs as Beijing shows friendlier face to private sector — Narratives such as ‘Chinese private entrepreneurs are traitors’ or ‘it’s time for China’s private economy to retreat’ will be targeted.
- Huawei Q1 revenue stagnates as tech giant struggles to counter US sanctions — Huawei is still scrambling to adapt production of smartphones and telecoms equipment to ‘new normal’ of trade restrictions.
- Ex-Communist Party boss Zhou Jiangyong pleads guilty in landmark Chinese anti-corruption case — His downfall was key moment in Xi Jinping’s campaign to reset relationship between business and government.
Nikkei Asia
- China’s expanded espionage law has businesses walking on eggshells — Experts warn that political discussions, photography could trigger scrutiny.
- Detained Japanese businessman was spy, Chinese envoy says — Wu Jianghao calls on Tokyo to formulate ‘autonomous’ China policy.
- G-7 science ministers to push for research funding transparency — Curbing Chinese influence on agenda at May meeting along with data accessibility.
Bloomberg
- Foreign Executives in China Ask ‘Who’s Next?’ After Bain Probe — ‘Our business community is spooked’: Amcham China president.
- Robots Help ‘Smart Mines’ Drive China’s Coal Build-Out — Nation’s coal future to rely on more automation, fewer miners.
- US Wants to ‘De-Risk,’ Not Decouple, From China, Biden Aide Says — Sullivan touts domestic spending to help compete with China.
- China Rebuilds Australia Ties After Failing to Press Economy — Australian delegation in China for first time since pandemic.
Reuters
- China investment consensus cracks as politics fuel fears — Decades-long foreign bullishness on China’s capital markets is breaking down, investment flows and interviews with fund managers suggest.
- Germany plays down report on banning chip chemicals to China — Germany currently has no plans to ban the export to China of chemicals used to manufacture semiconductors, officials said on Friday, a day after a Bloomberg report suggested such a move could be in the works and Beijing called it destabilising.
- Chinese man accused of blasphemy in Pakistan unusually released on bail — A Chinese national arrested in Pakistan on blasphemy charges was released on bail on Friday, police said, a rare move in the South Asian nation where judges often postpone such cases for years fearing retribution.
Other Publications
- Foreign Affairs: How to Spy on China — Beijing Is a Hard Target—but Better Tech Could Make It Easier. By Peter Mattis
