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
- China’s Boom Is Over—Beijing Is Making It Worse — China’s tight policy settings are exacerbating the downturn.
- Apple’s iPhone Sales in China Fall as Huawei Gains Market Share — Apple’s smartphone sales in China fell, hurt by strong competition and pricing pressures, new data showed.
- China Sales of Tesla, Other EV Makers Hit the Skids in February — Shipments by Tesla and other electric vehicle makers tumbled in China, hurt by weaker demand during the Lunar New Year holiday and rising competition.
- China to Issue CNY1 Trillion in Special Ultralong Bonds — China will issue the equivalent of $139 billion in special ultralong bonds this year, part of plans to boost business activity and achieve its ambitious economic growth target of around 5% for 2024.
- China Sets Ambitious 5% Growth Target for 2024 — The government goal, higher than many economists’ forecasts, signals Beijing’s confidence in the economy—or at least its willingness to roll out stimulus.
- China Caixin Services PMI Shows Continued Growth, But at Slower Pace — A private gauge of China’s services activities edged down again, but showed continued, albeit modest, expansion in the sector.
- John Kerry Is Stepping Down as Climate Envoy at Age 80. He Isn’t Going Quietly. — The statesman plans to hit the road as private citizen to press for transition to renewable energy.
- Opinion: A Distracted America Still Leads the World — China, Russia and Iran see the U.S. as polarized and waning but underestimate the power of capitalism. By Walter Russell Mead.
The Financial Times
- China’s military spending is a bright spot amid economic slump — Beijing’s military budget will continue to grow despite a slowing economy.
- China sets ‘ambitious’ 5% growth target and flags risks to economy — Premier Li Qiang vows to tackle property crisis, high local debt and persistent deflation.
- Imperial academics worked with Chinese military-linked institutions — Co-operation that could strengthen People’s Liberation Army has become increasingly sensitive political issue in UK.
- America’s economic security doctrine has taken on a darker hue — Washington seeks to defend the rules-based order with unruly, self-interested interventions.
- Opinion: Foreign investors are right to see China as a trade more than a long-term bet — Country faces clear and present danger of falling into middle-income trap. By Mohamed El-Erian.
The New York Times
- China’s Big Political Show Is Back to Normal. Sort of. — The annual meeting of China’s legislature looked, on its surface, like a return to the prepandemic days. But much has changed about the country since then.
- China’s New Economic Agenda, a Lot Like the Old One: Takeaways — At the National People’s Congress on Tuesday, China’s leaders set an ambitious goal for growth, exactly the same one as last year.
- The Maldives Is a Tiny Paradise. Why Are China and India Fighting Over It? — Asia’s two giants are crowding the island nation with building projects, tossing its newborn democracy to and fro.
- China Sets Economic Growth Target of About 5% — Premier Li Qiang targets growth of about 5 percent this year but signals continued reluctance to use deficit spending for economic stimulus.
Caixin
- In Depth: Will Satellite Smartphones Take Off? — As a weaker economy drives Chinese consumers to hold onto their handsets for longer, phone brands are looking to a revamped technology to stimulate interest.
- Faraday Future Sues Former Executive Over Alleged Trade Secret Infringement — California EV startup founded by disgraced tech founder Jia Yueting is seeking monetary damage over infringements related to its sole model, the FF91 SUV.
- Q&A: A Balancing Act to Build a Safe and Efficient Energy System — China’s top energy executives discuss how the country should navigate its way to a clean energy future in a world rife with uncertainty.
- Hotpot Restaurant Chain Haidilao Serves Up a Franchise Model — Restaurant chain seeks rapid expansion through franchisees while keeping a tight control on food safety and quality control.
- Chart of the Day: China’s Surge in New Drug Approvals Closes Gap With U.S. — Between 2019 and 2023, China ranked second in the world after the U.S. with 192 new drugs approved, report says.
South China Morning Post
- What ‘deep concerns’ were raised when Premier Li Qiang met US Chamber of Commerce? — In the lead-up to Premier Li’s maiden work report on Tuesday, he sat down with a delegation representing US business interests in China, and signs point to investor confidence remaining subdued.
- EU reaches deal on forced labour ban, with China’s Xinjiang in its sights — Provisional agreement would target sectors and regions profiting from state-imposed forced labour based on database drawn up by European Commission.
- China surpasses South Korea in tech and science gains, Seoul says as ‘unacceptable and upsetting’ loss to rival spurs introspection — Official findings out of South Korea show how much Beijing’s efforts to advance Chinese tech prowess have paid off in recent years, meaning Seoul has its work cut out as it plays catch-up.
- Opinion: China is playing the Ukraine peace mission card again. Why now? — Special envoy Li Hui has embarked on another trip to Europe as the grinding conflict approaches a third year. By Shi Jiangtao.
Nikkei Asia
- China defense budget grows 7.2% despite other ‘belt-tightening’ — The target is well above the country’s economic growth target of “around 5%,” amid high tensions with the U.S. and festering disputes over Taiwan and the East and South China Seas.
- FamilyMart to revamp joint venture in China, ends divorce fight — Japanese convenience store chain FamilyMart and its partner in China are ending their battle in favor of forging a new strategy together as competition heats up with homegrown rivals.
- China goes big on green hydrogen using renewable energy surplus — Infrastructure development for “green” hydrogen is proceeding rapidly in China as the country aims to exploit its extensive generation capacity in renewable energy to get ahead of Western countries in production and transport.
- Opinion: West must take care in moving toward China’s approach to aid — In recent years, China has become an increasingly important source of development finance for developing countries. By Yunnan Chen.
Bloomberg
- AMD Hits US Roadblock in Selling AI Chip Tailored for China — AMD had hoped to gain a green light from the Commerce Department to sell the AI processor to Chinese customers as it performs at a lower level than what AMD sells outside of China.
- China Spurns Ukraine Diplomats at Home, Undermining Peace Push — China has sent a high-ranking diplomat to Kyiv to seek a political settlement to the war. But within Beijing, it appears to be giving Ukrainian diplomats the cold shoulder.
- China Calls Out US for ‘Classic Protectionism’ in Tension Over EVs — China charged the US with engaging in protectionist trade measures amid signs that Washington is prepared to step up efforts to keep Chinese electric vehicles from penetrating the American market.
- Opinion: There Are Cracks in the Great Wall of Silence on China — Singapore and Australia have fresh experience dealing with foreign interference. Other countries could learn from them. By Karishma Vaswani.
Reuters
- China aims for self-reliance in tech; vows to open manufacturing to foreign investors — Although President Xi Jinping set the goal of freeing up foreign investment access to the manufacturing sector at the Belt and Road forum last October, it has done little to boost investor confidence.
- China drops ‘peaceful reunification’ reference to Taiwan — Taiwan’s Mainland Affairs Council on Tuesday urged China to accept the fact that the two sides are not subordinate to each other, and urged China to create health cross-strait exchanges.
- Exclusive: China’s Fosun explores sale of Atlantis Sanya luxury resort, sources say — A sale would be further evidence that the conglomerate, which had some $30 billion in debt as of last June, is willing to roll back its presence in the tourism sector.
- Philippines summons China diplomat over ‘aggressive’ actions in South China Sea — Manila’s South China Sea task force said Philippine vessels carrying out the routine mission to the Second Thomas Shoal were “harassed (and) blocked” by Chinese maritime militia.
Other Publications
- The Information: What’s Behind Alibaba’s AI Funding Frenzy — For Alibaba, which operates China’s biggest cloud computing service, backing a bunch of startups is a way to forge close ties early with AI developers that could later become huge and lucrative customers.
- CSIS: Hypersonic Hegemony: Niobium and the Western Hemisphere’s Role in the U.S.-China Power Struggle — China’s strides in the hypersonic field are a manifestation of its broader strategic intentions and underscore its drive toward technological and military preeminence.
