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
- U.S. Air Defenses Failed to Spot Earlier Chinese Spy-Balloon Intrusions, General Says — The U.S. later learned about the incursions from intelligence agencies, exposing a gap in defenses.
- Baidu Stock Surges on Plan for ChatGPT-Style Bot — Baidu shares surged Tuesday, after the Chinese search-engine operator said it would roll out a ChatGPT-like robot next month.
- Thailand Pins Hopes on Return of Long-Missed Chinese Tourists — Chinese vacationers are vital to tourism’s revival after the pandemic.
The Financial Times
- Chinese spy balloon incursion reveals past US intelligence failings — Officials say flight allowed them to collect more information about Beijing’s surveillance abilities.
- US says it does not plan to return spy balloon debris to China — Technical experts are analysing surveillance capabilities of craft shot down on Saturday.
- Spy balloon furore puts focus on Xi Jinping’s leadership — Concerns emerge about decision-making at top of Beijing’s policy apparatus.
- China airlines: turbo fans will be vindicated by demand surge — The good news is that terrible 2022 numbers will flatter airline results in 2023.
The New York Times
- How U.S.-China Tensions Could Affect Who Buys the House Next Door — States are pursuing bills to bar Chinese citizens and companies from purchasing land. In Texas, legislation backed by Gov. Greg Abbott brought opposition from Democrats in the state’s growing cities and suburbs.
- China Tries to Play Down Balloon Dispute With Censorship and Memes — Chinese propaganda also appears to be walking a fine line: looking tough for the crowd at home, without further derailing relations with the United States.
- Trump-Era Chinese Spy Balloon Incursions Initially Went Undetected — Some earlier incidents had been classified as unexplained phenomena and handed over to a Pentagon task force charged with investigating U.F.O.s.
- Another Chinese Balloon Flew Over Colombia, Officials Confirm — The Chinese government said the balloon that Colombia spotted in its airspace on Friday was for civilian purposes and was being used for flight tests.
Caixin
- In Depth: What’s Worrying Regulators About China’s Mutual Fund Boom — While both fund managers and distributors make more money from the expansion, it’s the latter that are getting the bigger slice of the pie.
- Hong Kong Leader Pushes Aramco to Sell Shares on the HKEX — Chief Executive John Lee, seeking broader ties with Saudi Arabia, leads business delegation including Hong Kong exchange CEO Nicolas Aguzin.
- Another Ex-Financial Regulator Expelled From Communist Party Over Graft Allegations — Former banking official Qin Huizhong has been accused of taking bribes and maintaining ‘improper sexual relationships.’
South China Morning Post
- ‘Absolute loyalty’ top priority as China readies security for crucial legislative meetings — Top security official Chen Wenqing has set out his priorities ahead of all-important ‘two sessions’.
- How Beijing’s vocational-training push is undermined by deeply ingrained education stigmas — Beijing is encouraging young people to learn technical skills. So, why do analysts say that tens of millions of vocational college graduates are still unable to fill a shortage of nearly 10 million senior skilled workers?
- ‘Respect them,’ says He Jiankui, creator of world’s first gene-edited humans — “They have a normal, peaceful and undisturbed life. This is their wish and we should respect them,” He told the South China Morning Post in an interview on Friday.
- More Hongkongers eligible for Canada’s special work permit as fast track route to residency after country relaxes immigration rules — Immigration consultant says application inquiries from Hongkongers have jumped following announcement by Canadian government.
Nikkei Asia
- Macao slaps new tax on VIP gambling business — Junket operators say 5% levy on casino commissions will ‘kill’ sector.
- U.S.-China trade hit record in 2022 despite tensions — Robust cross-border flows run counter to talk of ‘decoupling’.
- Turkey earthquake prompts outpouring of aid from Asia-Pacific — Governments across region pledge rescue teams, search dogs, medical supplies.
Bloomberg
- Chinese Balloons Spotted Near Military Bases Near Guam, Virginia, Under Trump — Alleged Chinese spy balloons were spotted on several occasions during President Donald Trump’s administration, including three instances where they traveled near sensitive US military facilities and training areas, according to people familiar with the matter.
- New Zealand PM Hipkins Says He’ll Voice Disagreements With China — New Zealand’s new Prime Minister Chris Hipkins said he won’t back away from criticizing China where necessary, as the new leader works to balance economic and diplomatic relations with his largest trading partner.
- BYD Building Own Europe Factory More Likely Than Taking One Over — BYD Co. is exploring setting up its own factory in Europe, a top executive told Bloomberg News, suggesting the Chinese carmaking giant is more likely to establish its own plant than take over one from Ford Motor Co. in Germany.
Reuters
- U.S. firms in Taiwan making ‘contingency’ plans amid China tensions — Almost half of companies surveyed by the American Chamber of Commerce in Taiwan are revising or plan to revise their business continuity plans amid tensions with China.
- Australia, New Zealand talk up their relationships with China — Australia and New Zealand talked up their relationships with China at a joint prime ministerial news conference on Tuesday in the latest sign of strengthening ties with their biggest trading partner.
- Solomon Islands ousts official critical of close relations with China — A vocal critic of China and leader of the most populous province in the Solomon Islands has been removed from office after a no-confidence vote by the provincial legislature on Tuesday.
Other Publications
- Politico: GOP leaders push bipartisan resolution about China balloon incursion — “I think our greatest strength is when we speak with one voice to China,” Speaker Kevin McCarthy said.
- Foreign Affairs: China Hasn’t Given Up on the Belt and Road — Beijing’s Development Aid Plan Is Less Flashy—but No Less Ambitious. By Matt Schrader and J. Michael Cole
