The Financial Times leads on pharmaceuticals giant AstraZeneca drawing up plans to separate the Chinese arm of its global business and list it on the Hong Kong stock exchange – as a way of sheltering the company against mounting geopolitical tensions. The paper observes the moves shows the “significant restructuring” companies could be forced to undertake as they adapt to growing China–US friction. A person briefed on the plans explains to the paper it could insulate the firm from any moves by China to crackdown on foreign companies, by making it more plausibly a Chinese business.

The front page pictures America’s Antony Blinken visiting China as the US seeks to rebuild relations between the two countries.