Good Morning. Welcome to The Wire’s daily news roundup. Each day, our staff gathers the top China business, finance, and economics headlines from a selection of the world’s leading news organizations.
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The Wall Street Journal
- Why China Worries About Losing Manufacturing — The country’s latest five year-plan shows Beijing is concerned—and with good reason.
- U.S. Companies in China Say Political Tensions Remain Top Concern — In new survey, American businesses also say some longer standing complaints about doing business in China are receding.
- China’s Car Sales More Than Quadrupled in February — Sales slumped in 2020 when the country was in the grip of the Covid-19 pandemic.
- Chinese Technology Stocks Have Fallen Harder Than U.S. Peers — Index of largest technology stocks listed in Hong Kong drops 26% in less than three weeks.
The Financial Times
- China becomes global player in refined crude oil industry — Manufacture of products derived from petrochemicals has risen alongside broader economic growth.
- China is falling short on its climate pledge — The world’s biggest carbon emitter needs to take more rapid action.
- China M&A surges on Covid recovery as focus shifts inwards — Value of domestic deals at $77.5bn marks busiest start to a year on record.
- Chinese stocks enter correction territory — Pullback underlines global market vulnerabilities from drop in bond prices and post-virus normalisation.
- Pharma groups spend billions to tap into booming China healthcare — Partnerships with local start-ups hit record despite data security and IP protection concerns.
- Japan’s SBI plans Hong Kong pullout on concerns over security law — Owner of online brokerage also looking at Europe instead of London for expansion.
Caixin
- China’s Property Stocks Are Hot Again — One gauge of real estate shares has jumped 8.4% since its Feb. 4 low, while the benchmark CSI 300 Index has fallen 7.2%.
- China’s Post-Holiday Box Office Suffers Steeper-Than-Usual Slump — Ticket sales dropped off quicker than in 2019, even as a time-travel comedy became country’s second-best performing movie of all time.
- China’s Aluminum Industry Eyes Recycling, Relocation to Reduce Emissions, Official Says — Top official from national nonferrous metals association says electrolytic-aluminum makers are moving to areas with greater renewable energy supplies.
- International Sales Grow in Importance for Chinese Electric Scooter Maker Niu — Chinese electric scooter maker Niu Technologies has earned more from selling its products overseas as the export market has grown in importance relative to domestic sales, as the company accelerates its global expansion.
South China Morning Post
- Electric vehicles will account for three out of five new cars on China’s roads by 2030, UBS forecasts — The pace of electrification on China’s roads will accelerate, with three out of five new cars powered by battery packs by 2030, according to a forecast by UBS.
- China targets energy security as risks from US rivalry grow — China is putting more focus on energy security, with its latest five-year plan highlighting the need for higher oil and gas output as security risks rise along essential maritime trade routes.
- US-China relations: investment environment improving for American firms, AmCham survey shows — In a sign that China’s efforts to attract foreign investors and businesses is gaining traction, half of the American companies operating in China said the investment environment was improving, according to a survey released on Tuesday.
Bloomberg
- Gap Said to Weigh Sale of China Business as Sales Lag Behind — Gap Inc. is weighing options including a potential sale for its China business, according to people with knowledge of the matter, as the U.S. clothing retailer looks to revamp the operation in the world’s second-largest economy.
- By the Numbers: China Lays Out Ambitious Five-Year Targets — China’s economic planners are used to setting ambitious targets, and its latest five-year plan running to 2025 is no exception. Here are some of the most impressive numbers outlined by the government at its annual National People’s Congress, which kicked off Friday.
- Jack Ma Crackdown Risks Backfiring on Xi’s Master Plan for Chinese Tech — The public thrashing of the nation’s most famous capitalist may slow Beijing’s drive to become a global leader in tech.
Reuters
- Bitcoin mania triggers fundraising rush by Chinese players — Bitcoin mania has fuelled a surge in fundraising by Chinese companies seeking to expand their cryptocurrency operations or move into the red-hot sector.
- Exclusive: Chinese EV trio eye HK listings this year to raise combined $5 billion – sources — U.S.-listed Chinese electric vehicle (EV) makers Li Auto Inc, Nio Inc and Xpeng Inc plan to list in Hong Kong as soon as this year, tapping a growing investor base closer to home, said people with direct knowledge of the matter.
- Analysis: Iran slips record volume of oil into China, reaches out to Asian clients for trade resumption — Iran has quietly moved record amounts of crude oil to top client China in recent months, while India’s state refiners have added Iranian oil to their annual import plans on the assumption that U.S. sanctions on the OPEC supplier will soon ease, according to six industry sources and Refinitiv data.
Other Publications
- The New Yorker: The Rise of Made-in-China Diplomacy — While political leaders trade threats, the pandemic has made Americans even more reliant on China’s manufacturers.
- Foreign Policy: The U.S. Shouldn’t Be Afraid of China — By Doug Bandow. Overreaction may be more dangerous than Beijing itself.
- Axios: Report: “Clear evidence” China is committing genocide against Uyghurs — Chinese authorities have breached “each and every act prohibited” under the UN Genocide Convention over the treatment of Uyghurs and other Muslim minorities in China’s Xinjiang province, an independent report published Tuesday alleges.
- Defense News: The rare earths crisis requires more than free markets — A recent opinion piece from the Wall Street Journal’s editorial board wrongly argues the rare earth minerals crisis isn’t as bad as many claim and that markets alone will solve issues associated with China’s dominance.
- The Diplomat: Are China’s Companies Taking Action on Sexual Harassment? — China’s Civil Code required firms to set up sexual harassment prevention and response policies. But on the ground, the impacts remain limited.
