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
- Special House Panel Takes Aim at China in Proposed Laws — China select committee would cut financial flows over Xinjiang, boost Taiwan defenses.
- China Hack Is Latest Challenge for West’s Diplomatic Reset With Beijing — Beijing denies allegation that state-sponsored actor from China targeted infrastructure in Guam and elsewhere in the U.S.
- China Draws Russia Closer While Pushing Ukraine Peace Plan — Xi Jinping meets Russian premier among meetings signaling pushback against Western pressure.
The Financial Times
- China hits back after Microsoft says state-sponsored group hacked critical US infrastructure — ‘Volt Typhoon’ campaign focused on gathering intelligence and espionage, according to US technology group.
- Power of Siberia: China keeps Putin waiting on gas pipeline — Beijing is driving a hard bargain as Moscow presses for a new Sino-Russian pipeline through Mongolia.
- Cayman Islands fights attempts by Singapore and Hong Kong to lure Asia’s wealthy — British overseas territory plans first Asian office to counter competition as offshore finance centre.
- Pakistan pins hopes on Chinese help in debt crunch — Islamabad expects Beijing to roll over debt repayments next month but further deadlines loom.
- Chinese companies switch auditors to avoid US delisting risk — Firms in the US and Singapore gain business as Washington’s accountant inspections begin.
- South Korea warns US could ‘overburden’ its chipmakers with China limits — Seoul expresses concern about ‘guardrails’ in Chips Act affecting US subsidies and Chinese expansion.
- The other economic security threat from China — The west could find itself held back by a Chinese economy that’s too weak, not too strong.
The New York Times
- Nanchang, Once a Symbol of China’s Growth, Signals a Housing Crisis — Nanchang’s skyscrapers represented urban transformation, but the city added apartments faster than its population grew. The result: vacant homes and offices.
- Chinese Malware Hits Systems on Guam. Is Taiwan the Real Target? — The code, which Microsoft said was installed by a Chinese government hacking group, set off alarms because Guam would be a centerpiece of any U.S. military response to a move against Taiwan.
- China Ramps Up Culture Crackdown, Canceling Music and Comedy Shows — Performances across the country were canceled last week after Beijing began investigating a stand-up comedian.
- Opinion: Like It or Not, America Needs Chinese Scientists — Unfortunately, frenzied concern about Chinese influence threatens America’s ability to attract the top talent it needs to maintain global leadership in science and higher education.
Caixin
- Kunming Scrambles to Pay Off $170 Million of Financing Vehicle Debt — Last-minute fundraising this week to cover bond repayments sheds light on local government financial woes amid concerns about China’s $10 trillion hidden debt problem.
South China Morning Post
- China’s Apple loss is India’s gain, as 2022 supplier list shows shift in supply chain preferences — Apple added five new suppliers in mainland China last year but cut eight, while production bases in India rose to 14 from 11.
- In Xinjiang, China’s top political adviser Wang Huning calls for ‘correct historical view’ of Chinese nation — ‘Social stability of Xinjiang was hard-earned’, Wang Huning says, calling on officials to ensure all ethnic groups ‘stick together like pomegranate seeds’.
- How are Chinese firms responding as foreign buyers ‘don’t want anything made in China’? — ‘This is a trend that will not stop,’ manufacturing analyst warns as China pull-out intensifies in the face of geopolitical strife, demographic crisis and supply-chain upheavals.
Nikkei Asia
- As China’s unemployed flock to gig driving, cities impose limits — Post-COVID manufacturing job boom fails to materialize, creating a glut of drivers.
- Analysis: How Zelenskyy sparked speculation he was on his way to meet Xi — Face-to-face meeting will depend on China’s acceptance of Ukraine’s conditions.
Bloomberg
- China Confirms Commerce Minister to Meet With US’s Raimondo, Tai — China’s commerce minister will meet with US Commerce Secretary Gina Raimondo and US Trade Representative Katherine Tai this week, with the high-level meeting a sign that the two sides are looking to talk despite rising tensions.
- GM CEO Mary Barra Visits China, Meets Shanghai Party Chief — General Motors Co. Chief Executive Officer Mary Barra has made her first visit to China since the pandemic, where the US auto giant is losing ground to electric rivals Tesla Inc. and BYD Co.
- China’s Netflix: Baidu’s iQiyi Explores Hong Kong Listing After Crackdown — IQiyi Inc. is again exploring a second listing in Hong Kong just as China’s answer to Netflix Inc. looks on track to reverse years of losses.
- State Department’s Top China Official Is Stepping Down Amid Tumult — The State Department’s most senior official focused solely on China announced Wednesday that he’s stepping down at a tumultuous time in the US relationship with Beijing.
Reuters
- Chinese hackers spying on US critical infrastructure, Western intelligence says — A state-sponsored Chinese hacking group has been spying on a wide range of U.S. critical infrastructure organizations, from telecommunications to transportation hubs.
- Exclusive: Offshore access curbed for website of Chinese province facing Taiwan – sources — More than half-a-dozen users with knowledge of the matter said some users outside the mainland have found themselves unable to access the website within the purview of Fujian’s statistics bureau.
- Exclusive: Congo to hike stake in copper, cobalt venture with China — Sinohydro Corp and China Railway Group Limited had agreed to build roads and hospitals in exchange for a 68% stake in Sicomines, the cobalt and copper joint venture with Congo’s state mining company Gecamines.
The Economist
- China’s state capitalists celebrate their soaring shares — Government-owned firms have enjoyed a renaissance this year.
- Hungary is becoming more important to China — Viktor Orban and Xi Jinping bond over their anti-Americanism.
- China and Russia compete for Central Asia’s favour — The problem is that the former Soviet republics are feeling increasingly flush.
Other Publications
- Foreign Policy: China Is Turning a Crushed Xinjiang Into a Tourist Trap — After years of human rights abuses, Beijing wants Han visitors in the region.
