Good morning, and welcome to the final Asia Links of the week
White House boosts scrutiny of inbound foreign investment in tech, sounds alert on Chinese investment (FT, SCMP, Reuters, AP, Nikkei Asia)
China’s state banks cut deposit rates for first time since 2015 (FT)
Senate panel passes bill to provide $6.5 bn to fund weapons for Taiwan (FT)
Bill would treat Taiwan as a ‘major non-NATO ally’ (Taipei Times)
China slams US senate bill supporting Taiwan’s defence (AP)
China’s state council tells financial institutions to slash fees (Caixin)
Putin says China ‘concerned’ over Ukraine, but thanks Beijing for its ‘balanced position’ (BBC, FT, WSJ, Bloomberg AP)
The view from the People’s Daily
Xi offers Putin ‘strong support on core interests’ [no word on if Ukraine is a core interest] (SCMP)
Analysis: Chinese support for Putin’s war looks more shaky after summit (NY Times)
US audit inspectors heading to China after landmark agreement (WSJ)
Chinese chip makers going out of business at record rate this year (SCMP)
World bank warns higher rates risk causing global recession (FT)
And the full World Bank report: Is a Global Recession imminent?
Ray Dalio says stocks will fall 20% if rates go to 4.5% (LiveMint)
Offshore RMB drops below 7 to the dollar for first time since 2020 (Bloomberg, Caixin)
South Korea looks at contingency plans to stabilize the won (FT)
Samsung sets goal to achieve 100% clean energy by 2050 (AP)
Samsung-backed group wins $11bn Philippines airport deal (Nikkei Asia)
Hundreds of Philippines worker say they’re stranded at US base on Diego Garcia after wage dispute with contractor (Washington Post)
Sri Lanka’s economy shrank 8.4% y/y in 2Q22 (Reuters)
33 million people have been displaced in Pakistan, and it might take months before the land dries out (NY Times)
Pakistan flood death toll reaches 1,500 (Reuters)
Climate change intensified Pakistan rains by up to 50% (FT)
Central China’s Hunan province faces severe drought (Caixin)
Zhengzhou in Henan becomes the first big city to scrap hukou restrictions (Sixth Tone)
Cambodia begins treason trial of 37 opposition politicians (AP)
How to rein in inflation? Central Bank and Government perspectives (IMF)
A Chinese spy wanted GE’s secrets, but the US got China’s instead (Bloomberg)
How corrupt Chinese officials hide their wealth overseas (Caixin)
FT Big Read: Xi Jinping’s plan for economic independence (FT)
China sees remarkable ecological progress over past 10 years (People’s Daily)
Opinion: China – Both the hero and villain of global climate change (NY Times)
The world’s best business schools ranked (Bloomberg)
Scientists are trying to teach a robot to laugh at the right time (Guardian)
Have a good weekend