FirstFT: China envoy warns EU of ‘peril’ following US

Good morning. China’s ambassador to the EU has sent a stark warning to the bloc, saying that any nation that curbs enterprise ties along with his nation would achieve this “at their very own peril”.

Fu Cong claimed the US would “cease at nothing” to disrupt regular relations between the EU and China, including {that a} “protectionist tendency” was on the rise in Europe.

The ambassador singled out the Netherlands for having “yielded to the stress of the US” by saying restrictions on exports to China of its high-end semiconductor-making expertise this yr. He hinted Beijing may retaliate if wanted and urged the EU to proceed its drive for “strategic autonomy”.

Fu’s feedback got here after European Fee president Ursula von der Leyen earlier pledged to tighten scrutiny of trade and investment flows in delicate technological areas within the face of an more and more assertive China.

• Extra on US-China tensions: Talking at a convention of world political and enterprise leaders, China’s premier Li Qiang has warned towards permitting “chaos and conflicts” to erupt in Asia amid soaring tensions with Washington.

Right here’s what else I’m watching immediately:

• China’s abroad itemizing rules: Beijing’s new guidelines for Chinese language firms in search of offshore listings come into effect today. (Reuters)

• China hosts Malaysia’s PM: Malaysia’s Anwar Ibrahim will meet Xi Jinping immediately on his first go to to China as prime minister. (Al Jazeera)

• Labour market figures: Japan and the EU will publish labour market updates immediately.

What did you consider immediately’s FirstFT? Tell us at firstft@ft.com. Thanks for studying.

5 extra prime tales

1. Wall Avenue bonuses fell in 2022 by essentially the most for the reason that monetary disaster, amid greater charges and a decline in dealmaking, in response to a report from the New York state comptroller. Payouts dropped 26 per cent to an average of $176,000.

2. Alibaba will take into account ceding management of a few of its companies in the event that they decide to checklist as a part of a break-up into six semi-autonomous models, prime executives stated, because the Chinese language tech group maps out its biggest restructuring in years.

3. Ford plans to put money into a $4.5bn battery supplies plant in Indonesia alongside a Chinese language mining group, the latest gamble by the US carmaker that drawing China into its provide chain for electrical autos is not going to backfire in Washington.

4. Russia has detained Wall Avenue Journal reporter Evan Gershkovich on suspicion of spying, the primary arrest by its secret service of a overseas journalist for the reason that invasion of Ukraine. The crime carries a sentence of up to 20 years in prison.

5. Ken Griffin’s hedge fund Citadel plans to reopen its Tokyo workplace later this yr, nearly a decade and a half after shutting down its Japan operations through the world monetary disaster. Citadel’s growth comes as different buyers, together with the activist fund Elliott, have been growing their Japan-focused teams.

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Extra contributions by Gordon Smith and Tee Zhuo