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.
Paid subscribers automatically have this list emailed directly to their inboxes every day by 10 a.m. EST. Subscribe here.
The Wall Street Journal
- BYD Launches Hybrids With 1,300-Mile Driving Range — Chinese automaker BYD is rolling out cars capable of driving the distance between New York and Miami without refueling or recharging.
- China’s Xi Calls for More Jobs for Young People, Migrant Workers — China’s president is urging officials to create more jobs for young people and migrant workers, in what could be a signal that employment policy may be in the pipeline ahead of a key political meeting in July.
- China’s Biggest Cities Continue to Ease Home-Buying Policies — More of China’s biggest cities are easing home-buying policies, after top leaders recently signaled a shift to aggressive measures to resolve the country’s ongoing property crisis.
- IMF Raises China Economic Growth Forecasts — China’s economic outlook seems brighter after a strong first-quarter performance and recent policy stimulus, the International Monetary Fund said as it raised growth forecasts for the country.
- Blacklisted Chinese Companies Rebrand as American to Dodge Crackdown — Firms tagged as military entities are using new names and licensing deals to try to keep their businesses going in the U.S.
- U.S. Lawmakers Meet With New Taiwan President Amid Tensions With China — Separate delegations of House and Senate lawmakers visited the island democracy to signal support.
The Financial Times
- Hong Kong set for verdict in landmark security trial — Beijing seeks to quash opposition political leadership by targeting 47 figures under sweeping legislation.
- Key clients desert PwC China as Big Four rivals circle — Accounting firm under cloud over audits of distressed property developer Evergrande and faces severe penalties.
- IMF raises China growth forecast but warns on industrial policy — Fund calls for Beijing to restructure economy to prioritise consumption and ensure fair treatment for companies.
- Xi Jinping calls for quality jobs for youth instead of ‘bitterness’ — Chinese president prioritises employment creation a year after he told the young to toughen up and embrace hardship.
- Taiwan’s parliament boosts powers in challenge to president — Large crowds protest against legal changes that ruling party and civic groups say undermine Taiwanese democracy.
The New York Times
- I.M.F. Is Upbeat on China’s Growth but Questions Its Industrial Policy — Surging exports and factory investment are buoying China’s output, but the housing market faces serious troubles and industrial policies may hurt other countries.
- Opinion: America’s Military Is Not Prepared for War — or Peace — The U.S. military is not sized or equipped to deal with new global threats. By Roger Wicker.
Caixin
- China’s Central Bank Revamps Regional Offices in Key Overhaul — The recent reorganization of the bank’s operations at county level marked the completion of its three-tier organizational structure.
- Mega Blunder Adds to Li Auto’s Troubles as Huawei Rivalry Hots Up — The model’s distinctive aesthetics proved controversial, with sales amounting to just a fraction of the company’s ambitious target.
- Macao Could Be Hub for Tech Exchanges, Expo Co-Founder Says — BEYOND Expo’s Jason Ho cited the region’s location, mature exhibition facilities and hotels, as well as its relatively relaxed visa regime.
South China Morning Post
- Japan’s Kishida meets senior Chinese diplomat, pledges to ‘fully utilise’ all available dialogue platforms with China — Prime Minister Fumio Kishida tells Beijing’s international liaison head Liu Jianchao of Japan’s willingness to ‘enhance high-level communications’, as senior Chinese diplomat notes that ‘challenges remain’.
- Xi Jinping Boulevard in Phnom Penh a ‘new milestone’ in Chinese-Cambodian relations — Renamed third ring road in Cambodian capital honours country’s ‘inseparable’ relationship with China, prime minister says.
- Climate change: China aims to introduce nationwide corporate ESG disclosure standards by 2030 — China aims to establish a national standard for corporate sustainability disclosure by 2030 as part of efforts to improve economic sustainability, tackle climate change and catch up with its global peers when it comes to environmental, social and governance reporting.
- China’s yuan strategy is not paying off with trade partners, survey finds, as ‘policy and market risks are uncontrollable’ — Latest Cross-Border Yuan Insight report suggests that Beijing’s efforts to challenge US dollar hegemony still face considerable hurdles, from exchange-rate fluctuations to impediments in cross-border capital flows.
- Opinion: US trade policy towards China is dangerously incoherent — By going after China, US political leaders are ignoring the root of the problem – the federal government’s unchecked spending – while increasing the risk of a full-blown superpower conflict. By Stephen Roach.
Nikkei Asia
- China’s drills appear to be ‘rehearsal’ for Taiwan invasion: U.S. admiral — Indo-Pacific chief Paparo vows to enhance deterrence as Beijing builds up capability.
- U.S. picks Asia hand as new de facto envoy to Taiwan — Raymond Greene appointment announced as Taipei and Beijing trade fresh barbs.
- Opinion: Japan-China-South Korea talks are good for regional stability — Resuming dialogue is first step, but major issues still need to be addressed. By Nikkei Asia.
Bloomberg
- Xi Hosts Arab Leaders as China’s ‘Soft Power’ Expands in Mideast — President Xi Jinping will meet Arab leaders this week seeking deeper ties in a region where China does plenty of business — and increasingly diplomacy, too.
- Dungeon & Fighter Mobile Topped Download and Sales Charts in China — Tencent Holdings Ltd.’s blockbuster release Dungeon & Fighter Mobile is estimated to have generated over $140 million in player spending in its first week in China, one of the most lucrative debuts in the world’s biggest games market.
- Europe CEOs See China Ties Worsening Despite Economic Optimism — A majority of European business leaders said the continent’s relationship with China will likely deteriorate over the next few years as challenges with trade and the geopolitical climate drive tensions.
- China to Spend $828 Million on All-Solid-State EV Batteries, China Daily Says — China is set to invest about 6 billion yuan ($828 million) to boost the development of a more powerful and advanced type of electric vehicle battery technology, China Daily reported.
Reuters
- China gears up to make a deal with Europe as EV tariffs loom — The provisional tariffs, expected to be announced by June 5, will be a sticker shock representing billions of dollars in new costs for Chinese electric car makers.
- Taiwan reports renewed Chinese military activity less than week after war games end — Taiwan’s defence ministry said that from 3:20pm (0720 GMT) on Wednesday it had detected 28 Chinese military aircraft operating around Taiwan and carrying out “joint combat readiness patrols”.
- Rare spat shows China, North Korea still at odds on nuclear weapons — The North condemned China, Japan and South Korea on Monday for discussing denuclearisation of the peninsula, calling their joint declaration after a summit in Seoul a “grave political provocation”.
Other Publications
- CFR: The North Korean and Chinese Threats Are Growing. But so Is the Trilateral Response. — With renewed support from Russia and China, there are fears that a North Korean crisis is coming. In light of this, the trilateral security relationship among the United States, Japan, and South Korea has reached a new level of cooperation.
- CNAS: The Quest for Qubits — Assessing U.S.-China Competition in Quantum Computing.
- ChinaFile: The Future According to Xi and Putin — Xi has stood closely by Putin’s side since their announcement of the “no limits” partnership, and this does not look likely to change.
- The Economist: How China uses Russia as a wrecking ball — China stands back, as Russia threatens to paralyse the UN Security Council.
- Foreign Affairs: China’s Quixotic Quest to Innovate — A Statist Economy Can’t Foster Creativity.
- Foreign Policy: Is Biden Deferring the Green Transition to Contain China? — Electric vehicle tariffs put geopolitics before climate change.
