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 Economy Has a New Problem: Its Job Market — Joblessness rose for the third straight month, pointing to pockets of weakness in China’s economy.
- XPeng’s Shares Rise on Cheaper Brand Launch — XPeng’s shares rose in Hong Kong after the Chinese electric-vehicle maker disclosed plans to launch a cheaper mass-market brand amid intensified competition in China’s EV market.
- Investors Get a Reminder That India Makes Sudden Moves Too — Foreign investors have increasingly shifted their investments to India from China in recent years, but a recent clampdown on one of its biggest financial technology companies has rattled some nerves.
- China Turns on the Charm for Foreigners but Its Allure Has Faded — Beijing is increasing flights and easing visa rules, but business executives and diplomats say trust could be hard to rebuild.
- Potential TikTok Ban Tees Up Legal Showdown Over Free Speech — Litigation would force the courts to weigh the government’s national-security objectives against First Amendment rights of TikTok and its users.
- CATL Shares Rise Sharply on Robust Earnings, Special Dividend — Contemporary Amperex Technology’s shares rose sharply, boosted by a surprise special dividend and robust 2023 earnings.
- How China Could Swamp India’s Chip Ambitions — India is making a play for the semiconductor space—but fallout from U.S.-China tensions, and China’s deep pockets, could get in the way.
- On TikTok and Steel, U.S. Retreats Further From Free-Trade Consensus — Businesses are dismayed as both Democrats and Republicans embrace nationalist and protectionist policies.
- TikTok’s Fate Now Hinges on the Senate — Bill banning or forcing sale of popular app could take months to reach Biden’s desk due to senators’ concerns.
- Estée Lauder’s Slow Progress on China Turnaround a Key Concern for Analysts — Estée Lauder is making slow progress turning around its China business, making what used to be one of its biggest appeals the main source of concern for analysts.
- Apple to Pay $490 Million to Settle Lawsuit Over CEO’s China Comments — Investors had said Apple concealed falling demand for the iPhone in China in 2018.
- From the Deep Sea to D.C.—How China Fears Have Put Ocean-Floor Mining on Washington’s Radar — Harvesting the ocean floor is growing in popularity in Washington amid a push to extract rare minerals for defense applications.
The Financial Times
- China’s industrial production jumps — Boost for policymakers comes as they struggle to counter slowdown in world’s second-largest economy.
- Investment bank CICC wants to be ‘bridge’ for Chinese companies in south-east Asia — State-backed financial group targets expansion in region as companies such as BYD make overseas push.
- Brazil launches China anti-dumping probes after imports soar — Investigations reflect fears of flood of cheap Chinese products but could strain Brasília’s ties with Beijing.
- Barriers come down in Hong Kong border town as China plans closer ties — Former buffer zone to deter smugglers is now part of Beijing’s hopes for greater integration with mainland.
- Taiwan war game exposes vulnerability of energy grid to a China attack — Table top exercise by experts finds even basic power supplies could be knocked out by Beijing blockade or missile attack.
- Catholic Church reassures Hong Kong flock over secrecy of confession despite security law — Legislators are fast-tracking national security bill as Chinese territory aligns itself more closely with Beijing.
- Washington DC’s red herring on TikTok’s ‘digital fentanyl’ — A serious bill would restrict the sale of data collected by any social media app, regardless of who owns it.
The New York Times
- TikTok Fight Cast Shadow Over Investments in Other Chinese Companies — TikTok’s turn in geopolitical cross hairs highlights the narrowing paths to liquidity for investments in Chinese companies.
- Standing Up to China, Philippine Leader Courts New Network of Partners — Escalating tensions in the South China Sea, President Ferdinand R. Marcos Jr. says, are not only a regional issue, but a global one.
- Was He Secretly Working for China? This Is What He Told Us. — Di Sanh Duong openly said that some people might mistake him for a Chinese spy, but he maintained that he never did anything to hurt Australia.
- Who Australia Caught When It Went Looking for Chinese Spies — The first case tried under Australia’s foreign interference laws has raised tough questions about the breadth of the regulations.
- TikTok Bill’s Progress Slows in the Senate — Legislation to force TikTok’s Chinese owner to sell the app or have it banned in the United States sailed through the House, but the Senate has no plans to move hastily.
- What China Is Saying About the TikTok Ban Furor in Washington — A bill to force TikTok’s sale in the United States has been criticized by Beijing but has not triggered a high-alert public response or retaliation.
- Russia Strengthens Its Internet Controls in Critical Year for Putin — Facing an election this weekend and the fallout from Aleksei Navalny’s death and the war in Ukraine, Russia has intensified online censorship using techniques pioneered by China.
Sponsored by WireScreen
Navigate China’s Business Landscape with Confidence — Easily manage complex trade compliance issues like FDPR, UFLPA, EAR & ITAR, and End User Verification.
Caixin
- Police Investigate Zhongzhi Case Suspects’ Illegal Gains to Recoup Investor Losses — Beijing authorities have taken ‘criminal coercive measures,’ which include arrest, detention or residential surveillance, against the suspects.
- Cover Story: China’s Challenge to Fill the Multibillion-Dollar Insurance Blackhole — The insurance industry is sliding deeper into trouble, with slow sales, weak investment returns and low interest rates weighing on profits, fueling concerns that some may not be able to pay out maturing policies.
- China’s Soaring Auto Exports Will Drop After Banner 2023, Expert Says — Overseas shipments will fall to at least 4.7 million vehicles annually, Development Research Center official says, after reaching 4.9 million last year.
- China Expands Emissions Trading Scheme to Include Aluminum Industry — The sector’s inclusion is ‘imminent,’ Caixin has learned, and comes as policymakers push ahead to add more heavy emitters to the market.
South China Morning Post
- How China and Angola are redefining economic ties for a post-oil, post-loans era — Following decades of the ‘Angola model’ – oil-backed loans to access Chinese funding for infrastructure – Beijing vows to help modernise Angola.
- Tech war: ASML’s threat to expand outside the Netherlands is watched with interest in China — As the chip equipment giant threatens to expand outside the Netherlands, Chinese social media users are quick to point their finger at US-led export curbs.
- Chinese selfie app Meitu finds its footing with AI, as profit triples after a raft of failed bets — The Chinese company, which tripled its profits in 2023, ailed the success of its new-found focus on AI after a series of misfired bets ranging from cryptocurrencies to smartphones.
- Alibaba’s Damo Academy plans to launch latest version of its XuanTie RISC-V processor this year — Damo Academy has showcased the next iteration of its RISC-V processor as demand for high-end semiconductors continues to grow in China.
Nikkei Asia
- China and North Korea applaud Putin’s election victory — In a message to Putin relayed by state media, Xi Jinping said: “Your re-election fully reflects the support of the Russian people… under your leadership, Russia will achieve greater national development.”
- Deep-sea mining talks to resume as interest swells from China to U.S. — Hotspots for exploration and extraction include international waters outside any country’s exclusive zone, where there is not yet a regulatory framework in place for commercial mining.
- Panasonic, Midea, robotics upstart step up to meet aging China’s needs — Technology-powered solutions for a graying society are gaining momentum in China, with both local and international players pursuing opportunities in the growing field.
- Nepal political shakeup thrusts Kathmandu into India-China rivalry — A shock political shakeup in Nepal is set to push the Himalayan nation closer to Beijing, aggravating a bitter China-India rivalry as the giant neighbors jockey for influence across South Asia.
Bloomberg
- China Starts $3.9 Billion Power Transmission and Storage Project — China’s largest utility has started construction on a 28 billion yuan ($3.9 billion) project to transmit electricity across three provinces and store it in mountain reservoirs.
- China Military Exercising Restraint Lately, Taiwan Officials Say — China seems to be toning down its military pressure on Taiwan, according to security officials from the self-governed island, who warned Beijing will still likely continue its diplomatic isolation campaign.
- China Pledges to Speed Up Digital Infrastructure Build — Liu Liehong, head of China’s new National Data Bureau, pledged to build the nation’s integrated computing power network ahead of schedule amid aims to expand the country’s digital infrastructure.
- Decoding Xi’s New Catchphrase Aimed at Reviving China’s Economy — Slogans matter in China. From “socialism with Chinese characteristics” to “common prosperity” the adoption of new catchphrases can herald profound shifts in policy.
- China’s Super-Cheap EVs Offer Hope for Average American Buyers — BYD’s sub-$10,000 Seagull electric car sets a new bar for global automakers, forcing Detroit to pivot toward cheaper rides.
Reuters
- China protests Taiwan minister’s role at Seoul summit backed by U.S. — China, which claims Taiwan as its own, although the island rejects its sovereignty claims, said it was firmly opposed to South Korea having invited Taiwan to participate.
- China’s upbeat industrial output, retail sales tempered by frail property — Industrial output rose 7.0% in the first two months of the year, data released by the National Bureau of Statistics (NBS) showed on Monday.
- Warehouse developers bet on India as companies look beyond China — Companies in the booming e-commerce and manufacturing industries also see India as a hub for exports while looking to boost sales to industries and domestic consumers amid a population of 1.4 billion.
Other Publications
- Foreign Policy: Can China Shift the Foundations of Its Economy? — Beijing recently announced a 5 percent growth target amid economic headwinds.
- Foreign Affairs: Great-Power Competition Comes to Antarctica — China’s Scientific Push Tests the Continent’s Stability.
- Foreign Affairs: A Revolution in American Foreign Policy — Replacing Greed, Militarism, and Hypocrisy With Solidarity, Diplomacy, and Human Rights.
- POLITICO: For committee behind TikTok bill, influence may be short-lived — Disagreements over the future of the committee underscore Congress’ deep divides over how aggressive to be in handling threats from China — and who should take the lead in addressing them.
- The Washington Post: Opinion: The House’s move against TikTok goes too far — and not far enough — The controversial House bill on TikTok technically is not a ban, but neither is it smart legislation. By Jennifer Rubin.
- AP: After the pandemic, young Chinese again want to study abroad, just not so much in the U.S. — The decades-long run that has sent an estimated 3 million Chinese students to the U.S. could be trending down.
