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.
Paid subscribers automatically have this list emailed directly to their inboxes every day by 10 a.m. EST. Subscribe here.
The Wall Street Journal
- China’s Strongest Ally in Taiwan Is Weaker Than Ever — Kuomintang faces existential struggle after losing third straight presidential vote.
- China Has a New Youth Jobless Rate. Some Economists Are Ignoring It. — The country releases a lower number based on a new methodology that has some scratching their heads.
- One of Biden’s Favorite Chip Projects Is Facing New Delays — Taiwan’s TSMC pushes back timeline for second plant at $40 billion Arizona site.
- Why India Isn’t the New China — The country’s population surpassed China’s last year. But India’s path forward is likely to look very different from its neighbor’s.
The Financial Times
- China pushes for safety of Red Sea shipping as threat to its economy grows — Officials stop short of signalling diplomatic or military assistance to defuse crisis in crucial waterway.
- Swiss group ABB says US Congress is examining its Chinese operations — US lawmakers request information concerning its supply chain and cyber security risks.
- China vows to rein in capacity in electric vehicle industry — Beijing also warns on western trade protectionism and local price cutting.
- Homegrown asset managers grab limelight in Asia ETF boom — ChinaAMC, E Fund and Taiwan’s Yuanta have been among the biggest beneficiaries in the Asia-Pacific.
- Chinese stock rout accelerates as foreign investors sell out — Fall in Hong Kong and Chinese indices defies many Wall Street banks’ hopes of rebound after last year’s losses.
The New York Times
- Taiwan’s Democracy Draws Envy and Tears for Visiting Chinese — People with personal ties to China, on a tour to see Taiwan’s election up close, learned of the island’s path to democracy — messy, violent and, ultimately, inspiring.
- Before the Coronavirus Pandemic, Overlooked Clues From Chinese Scientists — Newly released documents indicate that a U.S. genetic database had received the sequence of the coronavirus two weeks before it was made public by others.
- Opinion: China’s Economy Is in Serious Trouble — China has underperformed by just about every economic indicator other than official G.D.P., which supposedly grew by 5.2 percent. By Paul Krugman
Caixin
- China Issues First Licenses for Production, Sale of GM Corn, Soy Seeds — China has issued the first batch of licenses for the production and sale of genetically modified (GM) corn and soybean seed varieties, paving the way for the commercialization of these crops that could help the country boost output and reduce its dependence on imported food.
- AI, Data and Trust in Technology Drive Innovation in Manufacturing, Caixin Davos Panel Says — What drives innovation and transformation in manufacturing? Artificial intelligence (AI), data, trust in technology, and fostering a workforce with new skills were among the answers given by leaders from the private and public sectors during a Caixin-hosted discussion at the annual World Economic Forum meeting.
- China Looms Large Over AI Discussions at World Economic Forum — To ensure artificial intelligence (AI) is used for good, China, as a major force in the development of the technology, must be included in global discussions, policymakers and industry experts said at the World Economic Forum (WEF) in Davos, Switzerland.
South China Morning Post
- For under US$2, this reusable filtration device instantly delivers clean water anywhere — A joint US-China research team says their ‘powerful and affordable tool’ can also filter nanoplastic-contaminated water.
- TikTok owner ByteDance allows employees to cash in stock options earlier under new payroll policy — The Beijing company has raised the amount of stock awards that staff receive after their first year of service, as its IPO plans remain stalled.
- China remains a tough market to stage a comeback for world’s former top smartphone vendor Samsung — Samsung has shifted its focus to the high-end segment of mainland China’s smartphone market, particularly with its foldable handsets.
Nikkei Asia
- Renewed calls for China to free Australian writer Yang five years on — Beijing envoy says case differs from that of released Australian journalist Cheng.
- iPhone discounts spread in China for Lunar New Year as sales dip — Alibaba’s Tmall and JD.com offer even sharper discounts than Apple.
- China-linked self-driving startup TuSimple to delist from Nasdaq — Market value sinks to 1/100th of post-IPO peak amid trade tensions.
Bloomberg
- Chinese Bad Banks Downgraded by Moody’s as Huarong Cut to Junk — China’s largest bad-debt managers suffered Moody’s Investors Service’s rating downgrades that cut China Huarong Asset Management Co. to junk status, over concerns about the property crisis.
- New Foreign Investment Into China Drops to Three-Year Low — New foreign direct investment into China fell last year to the lowest level in the three years, as companies in Hong Kong and overseas became less willing to put new money into the mainland.
- China’s Scrutiny of Shein IPO Plan Shows Regulator’s Reach Widening — When fast fashion giant Shein firmed up plans for a US initial public offering late last year, the online retailer hoped that it wouldn’t be subjected to regulatory review in China.
Reuters
- Exclusive: India could ease China investment curbs if border stays calm — India could ease its heightened scrutiny of Chinese investments if the two countries’ border remains peaceful, a senior Indian official said in the first signal that the four-year-old curbs could be lifted.
- China announces rules to reduce spending on video games — Chinese regulators announced on Friday a wide range of rules aimed at curbing spending and rewards that encourage video games, dealing a blow to the world’s biggest games market, which returned to growth this year.
- Exclusive: China orders indebted local governments to halt some infrastructure projects-sources — China has instructed heavily indebted local governments to delay or halt some state-funded infrastructure projects, three people with knowledge of the situation said, as Beijing struggles to contain debt risks even as it tries to stimulate the economy.
Other Publications
- NPR: Affluent Chinese have been moving to Japan since the COVID lockdowns — As China’s economy continues to grow at a slower pace than in recent decades, Chinese businesses and households are moving money overseas at the highest rate in seven years, according to government statistics.
- POLITICO: China won’t soon mediate on Ukraine war, Australian envoy warns — Beijing’s priority is protecting its ‘benign’ relationship with Russia.
- CNN: Number of foreign visitors to China in 2023 down more than 60% from pre-pandemic levels — It has been a year since China reopened its borders, but despite loosening its stringent Covid-19 restrictions, foreign travelers have been slow to return to the country with numbers down more than 60% from pre-pandemic levels.
- Axios: How China’s economy is faltering on multiple fronts — The world’s second-largest economy is in a different position than much of the rest of the globe. It’s trying to stir up demand to blunt slowing growth and falling prices.
