Laura He

China has banned Chinese companies working on key infrastructure projects from buying products from US semiconductor manufacturer Micron, in a major escalation of an ongoing battle between the world’s top two economies over access to crucial technology.

Asian stocks mostly rose on Monday as investors cheered an agreement in principle between the White House and House Republicans to raise the US debt ceiling that could avert a cataclysmic default.

Wuhan, the largest city in central China, has publicly demanded that hundreds of local companies repay their debts, in an extremely rare move that highlights the dire financial situation facing many of the country’s municipal governments amid economic uncertainty.

China’s commerce minister has urged Japan to end its newly announced curbs on exports of chipmaking equipment, saying it would hurt economic and trade relations between the two countries.

Factory activity in China has slumped to its weakest level since the country ended its zero-Covid policy in December, as its economic recovery continues to lose steam.

The United State sanctioned more than a dozen Chinese and Mexican companies on Tuesday, accusing them of shipping or selling equipment that make counterfeit pills, as it cracks down on imports of illegal fentanyl that fuels America’s deadly opioid epidemic.

One of China’s top tech bankers, who went missing in February, has been in the custody of the country’s top anti-graft watchdog since his disappearance and has had his detention extended, according to a state media report.

A key gauge of China’s small- and medium-sized factories showed their surprise return to expansion last month, which eased market anxiety about growth stalling in the world’s second largest economy.

With parts of China experiencing record high temperatures and heavy rains, reports of farm animals and crops suffering from extreme weather patterns are dominating headlines in the country, raising concerns about food security in the world’s second largest economy.

Global stocks climbed Friday, led by a resurgent Hong Kong market, as investors greeted signs that the US Federal Reserve may hold off raising interest rates this month, the end of the US debt ceiling drama, and talk that China might unveil new measures to boost its faltering economic recovery.