China sanctions top U.S. defense companies over Taiwan arms sales, but tensions could ease in Munich

Here’s what else you need to know about China today:

Top story: China is on the offensive over the Ukraine war and the U.S. At the Munich Security Conference, China’s top diplomat Wáng Yì 王毅 urged for a resolution to the conflict in Ukraine as part of a broader effort to mend ties with the EU. Meanwhile, Beijing doubled down on its criticisms of Washington, dashing hopes for an ease in tensions after the infamous balloon incident. Scroll down for a summary or click through for the whole thing.

Chinese officials were met with protests in Taiwan on their first visit since the COVID pandemic hit, demonstrating the heightened tensions between the People’s Republic of China (PRC) and Taiwan, the Republic of China (ROC). The six-member delegation from the Shanghai office of China’s Taiwan Affairs Office is set to hold talks with Taipei’s new mayor, Chiang Wan-an (蔣萬安 Jiǎng Wàn’ān), of the opposition party Kuomintang (KMT), right after another top KMT official returned from a nine-day visit to China. Chiang Wan-an (44), sometimes called Wayne Chiang, is the great-grandson of KMT founder Chiang Kai-shek (蒋介石 Jiǎng Jièshí).

Rumors are swirling over the latest disappearance of a top Chinese banker. China Renaissance has been trying to stamp out speculation and reassure clients over its missing founder and CEO, Bāo Fán 包凡, after the Chinese tech giant said on February 16 that it was unable to contact him.

Hong Kong’s government is cracking down on overseas lawyers in the city with a new proposal aimed at curbing the participation of foreign counsel in national security cases. The move comes after Jimmy Lai (黎智英 Lí Zhìyīng), the city’s pro-democracy media tycoon, requested to be represented by a U.K.-based lawyer for his high-profile national security trial.

Foreclosures in China reached a record high of 606,000 properties in 2022, a year-on-year increase of 35.7%. The total value of properties put up for auction after foreclosure in 2022 was about 1.4 trillion yuan ($204.06 billion), although only 118,000 foreclosed properties were sold for a total value of 271.60 billion yuan ($39.58 billion). Click through for more business briefs from the Chinese media.