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 New Funding Model: Keep It Central — Beijing is taking a bigger role in funding growth after local governments took on too much debt.
- Asia’s E-Commerce Battlefield is Expanding Fast — E-commerce battles in Asia have produced some household names such as Temu. Korea’s contender Coupang could be next up.
- Why You Shouldn’t Trust Chinese Growth Data — As discrepancies and gaps in the country’s official data have grown, so has skepticism of its integrity.
- Beijing Hints at More Liquidity Support, Makes Surprise Trade-Data Disclosures — Senior officials made unexpected trade-data disclosures, marking a new trend of surprise policy and data announcements.
- How China’s Aggressive Sea Tactics Look From the Deck of an Opposing Ship — The Wall Street Journal witnessed much of the hourslong confrontation in the South China Sea from a Philippine coast guard vessel.
- TikTok Parent ByteDance Launches New Share Buyback After Rise in Revenue — TikTok owner ByteDance has embarked on a new share buyback, coming after revenue in the third quarter of 2023 outpaced competitors.
- TikTok Faces U.S. Ban in New Draft Bill — TikTok, the short-video platform owned by Chinese internet company ByteDance, is facing renewed political pressure in the U.S. from a draft bill that could lead to a ban of its popular video-sharing app.
- BYD Cuts Starting Price of Cheapest Electric Car Amid Fierce Competition — BYD unveiled an updated version of its cheapest electric car model, Seagull, and further slashed its starting price, deepening a price war amid rising competition in China, the world’s largest car market.
- The Blacklisted Component That’s Disrupting the Luxury-Car Market — A transformer from a Chinese supplier recently banned over links to forced labor is delaying imports of Porsche and other cars into the U.S..
- How a Chinese X User in Italy Became a Beijing Target — Hiding behind a cartoon cat avatar, a 31-year-old artist based in Italy has become one of the most influential challengers to Beijing’s censorship machine.
- China Budgets 7.2% Rise in Military Spending — Chinese leader Xi Jinping is staying the course on his expensive campaign to modernize the armed forces.
- Opinion: Will China Drive Its Electric Cars In From Mexico? — A loophole in the USMCA makes it possible to avoid U.S. tariffs by assembling vehicles in North America. By Connor Pfeiffer.
- Opinion: China Pays for Its Economic Mistakes — Even a 5% growth target may be hard to reach thanks to the legacy of Communist Party policies. By The Editorial Board.
The Financial Times
- China’s invisible women deserve a political voice — In an era of shrinking population, inequality damages the country — gender quotas should be reformed and implemented properly.
- China’s military capability set to grow faster than its defence budget — Official budget up 7.2% but experts say real spending is higher as Beijing pushes to get more bang for buck.
- America, take heed — China is winning the diplomacy race — Beijing has invested in on-the-ground presence in crucial developing nations.
- US bill would ban TikTok from app stores unless ByteDance divests it — Bipartisan legislation comes amid growing national security concerns tied to its Chinese owner.
- China’s excess savings are a danger — Beijing must dare to choose radical remedies to deal with them.
The New York Times
- China Cancels a News Conference, Shutting a Window for Its People — Once a year, the premier held a news conference, explaining the economy and giving Chinese a taste of political participation. That has come to an end.
- 6 Charged With Smuggling Goose and Duck Intestines From China — Six New York City residents were arrested on Tuesday and charged with importing the sought-after delicacies in violation of federal rules.
Caixin
- In Depth: How Much Can Policy Lending Help Bolster China’s Economy? — China has brought back an irregularly used central bank lending program in a big way over the last few months to ramp up financing for housing and infrastructure projects.
- Legal Actions are Needed to Safeguard Private Economy — China’s growth potential is strong, proactive policies are essential, and there’s a continued need for deepening reforms and expanding openness.
- Talent Cultivation in Remote Areas ‘Crucial’ to China’s Long-Term Growth — A deputy director of the country’s top advisory body emphasized fiscal support for underdeveloped areas and underprivileged groups.
South China Morning Post
- Australian defence official warns Washington audience about military tech innovation gap with China, Russia — Deputy defence secretary used occasion to call for Washington to clear regulatory impediments to the full implementation of the Aukus alliance.
- Hong Kong should use its ‘super roles’ to help China become financial powerhouse, top Beijing official in city says — Liaison office chief Zheng Yanxiong says city is ‘super treasure bowl’ for amassing capital and ‘superconnector’ aligned with global regulations.
- Alibaba said to lead new financing round for Chinese AI firm MiniMax that would value the start-up at over US$2 billion — The MiniMax deal would mark Alibaba’s second major artificial intelligence start-up investment this year after leading Moonshot AI’s US$1 billion funding round in February.
Nikkei Asia
- China central banker sees full toolbox as planners vow to hit GDP goal — In a rare joint news conference attended by five top officials, policymakers addressed a range of issues in an attempt to allay concerns about China’s shaky recovery.
- Chinese self-driving car developers slash California test drives — The distance traveled by major Chinese companies’ self-driving cars in California road tests plunged about 70% last year, official data shows, in another sign of the U.S.-China rift over advanced technology.
- Opinion: Cleanup of China Evergrande collapse calls for coordination and clarity — HNA and GITIC bankruptcies underscore value of transparent resolution process. By Shitong Qiao.
Bloomberg
- Weight Loss Drugs Threatened by US Effort to Contain China — Lawmakers are working to reduce the impact the proposal would have on the US drug supply.
- China’s Top Coking Coal Miner Calls on State to Control Supply — China’s coking coal industry needs supply curbs and consolidation according to the chairman of Shanxi Coal Energy Group.
- Opinion: If Apple Has Something Up Its Sleeve, Now’s the Time — Sales of the iPhone are slumping in China, the App Store is under assault and the company is behind in AI. By Dave Lee.
Reuters
- China’s Xi Jinping summons ‘new productive forces’, but old questions linger — Beijing hopes the campaign will strengthen China at a time when geopolitical pressures to “decouple” or “de-risk” have curtailed access to foreign technology.
- Challenging China’s national drink is tall order for Western liquor makers — Even cognac – the most popular international spirit in China – has only managed to achieve popularity where baijiu culture is not quite as prevalent.
- Philippines chides China for ‘stirring up trouble’ in South China Sea — A dramatic stand-off with Beijing in the South China Sea this week was the most serious incident yet for the Philippines, its top security officials said on Wednesday.
Other Publications
- The Economist: Xi Jinping’s hunger for power is hurting China’s economy — A new economic plan won’t end deflation, even as he sidelines his prime minister.
- CSIS: Navigating Tides: The European Union’s Expanding Role in the Indo-Pacific — The European Union should find a balanced approach between protecting its business industry and maintaining dialogue with China on areas of common interests.
- MIT Technology Review: Chinese EVs have entered center stage in US-China tensions — From challenging the American auto industry to posing data security threats, here are the reasons why Chinese electric cars have become a hot topic in Washington.
- ChinaFile: Opinion: Studying in China May Have Gotten Harder for Americans, But We Shouldn’t Stop Trying — Universities have a chance now to lead the way on re-engagement, but we have to get on a plane and demonstrate that it is both feasible and advantageous for faculty and students to return. By Amy E. Gadsden.
- Time: Opinion: What an American Approach to AI Regulation Should Look Like — As lawmakers weigh their options, they must balance an array of competing priorities, including the need to stay ahead of China. By Paul Scharre and Vivek Chilukuri.
- Newsweek: New Tech Scare Over NATO Ally After Russian Tapping Fiasco — The military in Germany is offering communications apps to soldiers and other federal employees on Huawei’s app store — even though the telecoms giant has been deemed a security risk by the U.S. and European Union.
