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
- Tencent’s Results Disappoint Amid Slowing Chinese Economy, But Outlook Is Brighter — Tencent Holdings reported worse-than-expected results in the fourth quarter as the Chinese technology giant navigated a slowing economy.
- Nationalist Vitriol Toward China’s Richest Man Sparks Worry for Business Climate — Drinks magnate Zhong Shanshan is facing a torrent of questions about his loyalty despite being defended by the media and local officials.
- China’s Youth Jobless Rate Edges Higher — The youth unemployment rate in China rose for February, another data point signaling weakness in the country’s economic recovery.
- American CEOs Get Ready to Go to Beijing. But Who Will Receive Them? — China wants to use annual business gathering to attract more foreign investment but is opaque about which leader will attend.
- Taiwan Acknowledges Presence of U.S. Troops on Outlying Islands — Taiwan’s defense minister has hinted that U.S. troops have been training the Taiwanese military on islands that would be on the front lines of a conflict with its neighbor.
The Financial Times
- Prudential chief says China momentum returning after joint venture sales dive — FTSE 100 life insurer reports 45% rise in new business profits driven by Hong Kong recovery.
- China will be a huge market for weight-loss drugs — There is an opportunity for local pharma groups, which Nomura says could take a fifth of the market by 2033.
- Intel to receive $8.5bn in US funding for high-end chip manufacturing — Preliminary agreement under US Chips Act also includes $11bn loan as company expands capacity in Arizona and other states.
- China urges Australian caution on ‘third-party’ disruption of relationship — First high-level visit to continent in seven years as Beijing and Canberra try to stabilise relations.
- Zambia says $13bn debt stand-off is ‘indictment’ of global system — President Hakainde Hichilema says ‘long overdue’ agreement with China and others given greater urgency by devastating drought.
The New York Times
- Mainland Chinese Flocked to Hong Kong’s Top Talent Visa — The city created a visa to lure professionals from around the world. Most of the takers were Chinese seeking better jobs, better schools and greater freedom.
- The Global Effort to Make an American Microchip — The United States is investing $39 billion to help build factories. But even after U.S. facilities are built, chip manufacturing will remain decidedly global.
- In Hong Kong, China’s Grip Can Feel Like ‘Death by a Thousand Cuts’ — As Hong Kong’s leaders embrace China’s top-down political culture, many believe the city’s dynamism and vitality are slipping away.
- U.S. Accuses Two Men of Stealing Tesla Trade Secrets — Federal prosecutors said the pair tried to sell technology to manufacture batteries for electric cars that belonged to the company.
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Caixin
- Ant Makes International Business Independent in Major Revamp — Chairman says reshuffle aims to promote Ant’s major strategies to advance in artificial intelligence, payment business and international expansion.
- Chinese Banks Launch Innovative Loans Backed by Data Assets — A fresh chapter in the digital economy dawns as the value assigned to the vast quantities of data companies produce is used as the basis for a new type of bank loan.
- In Depth: China Targets Payments Problem to Win Over Foreigners — Beijing has also added over a dozen more countries to its visa-free list recently, as it tries to clear the hurdles preventing a revival of inbound tourism.
- CATL Says ‘Skateboard Chassis’ Offers EV-Makers Huge R&D Savings — The Chinese battery giant’s platform integrates batteries, electric motors, motor controllers and other key components under one structure, and can be used as the basis for new car models.
South China Morning Post
- China starts international manhunt with belt and road corruption in its sights — Directive by top anti-graft watchdog follows vow that Beijing is committed to a ‘clean Silk Road’.
- Alibaba brings 5-day delivery on AliExpress to US via Cainiao in battle against Shein, Temu — Customers who place an order in the US on AliExpress can now expect to receive their parcel in five days, according to Alibaba’s logistics unit Cainiao.
- With ‘made-by-China’ under US pressure, Mexican trade probes spark concerns over curbs — Mexico recently imposed duties on Chinese steel products, and analysts say the Latin American nation is under pressure from the US, with Washington likely to increase measures aimed at limiting Chinese inflows.
- Alibaba-backed Moonshot AI claims breakthrough in expanded Chinese-character prompt for Kimi chatbot — Moonshot AI’s updated Kimi chatbot can handle up to 2 million Chinese characters in a single prompt, up from the previous 200,000 characters.
- EU chamber warns of ‘slow-motion train accident’ with China, says something needs to change — China’s overcapacity is creating problems in Europe and crowding out domestic industries, according to the European Union Chamber of Commerce in China.
Nikkei Asia
- Australia, China foreign ministers to manage differences ‘wisely’ — In the highest-ranking political visit from a Chinese official since 2017, China’s Foreign Minister Wang Yi held talks with Penny Wong in the Australian capital.
- U.S.-China doomsday scenario ‘not likely to happen’: Nvidia’s Jensen Huang — He does not expect a “doomsday scenario” in U.S.-China relations and said the company will continue working closely with Taiwan Semiconductor Manufacturing Co. despite geopolitical tensions.
- China forges defense ties with India neighbors Maldives, Sri Lanka — A delegation from the Chinese military this month met with Maldivian President Mohamed Muizzu and held talks with defense representatives from all three countries, according to China’s Ministry of National Defense.
- Opinion: Hong Kong’s loss can be Tokyo’s gain if it plays its cards right — Japan holds advantages over Singapore in drawing interest from wealthy Chinese. By Benjamin Qiu and Sam Goodman.
Bloomberg
- US Weighs Sanctioning Huawei’s Secretive Chinese Chip Network — The Biden administration is considering blacklisting a number of Chinese semiconductor firms linked to Huawei Technologies Co. after the telecom giant notched a significant technological breakthrough last year, people familiar with the matter said.
- China’s MG Motor Venture Bringing Electric Sports Car to India — A joint venture plans to roll out a high-end electric sports car in India to capture a bigger slice of one of the few large markets where the electric vehicle segment is still growing rapidly.
- China’s Sinochem Takes First Oil Cargo From Canadian Pipeline — China’s Sinochem Group has purchased one of the first crude cargoes shipped through a new pipeline in Canada, which is designed to move oil from landlocked Alberta to the Pacific Coast for export.
- US Warns of Cyberattacks Against Water Systems Throughout Nation — The Biden administration is warning states to be on guard for cyberattacks against water systems, citing ongoing threats from hackers linked to the governments of Iran and China.
Reuters
- Nuclear fusion backers meet in US capital as competition with China looms — A funding bill signed by President Joe Biden this month contained $790 million for fusion science programs for 2024, below the more than $1 billion backers say is needed.
- China launches signal relay satellite for mission to moon’s hidden side — The constellation will also provide communications, navigation and remote sensing support for China’s research station planned for the moon’s south pole.
- Opinion: China, decarbonisation present Australia’s iron ore miners with costly choices — Just over 80% of iron ore exports head to China, which buys about 70% of the total global seaborne volumes and produces about half of the world’s total steel. By Clyde Russell.
- Opinion: China’s automakers try turning Japanese — Efforts to block car exports from China are inspiring the world’s largest battery-powered car maker BYD and peers to set up factories overseas. By Katrina Hamlin.
Other Publications
- Foreign Policy: Europe Yearns to Be an Indo-Pacific Player — There is a war on at home, but Europe’s strategic and naval aspirations are on the far side of the world.
- POLITICO: Trump’s attacks on Chinese cars strike a chord — with both parties — The former president’s violent “word salad” aside, Rep. Haley Stevens (D-Mich.), said the “more aggressive we can be” on tariffs, the better.
- The Atlantic: Critics of the TikTok Bill Are Missing the Point — America has a long history of shielding infrastructure and communication platforms from foreign control.
- The Economist: Hong Kong passes a security law that its masters scarcely need — But the clampdown on dissent will please officials in Beijing.
- CSIS: Antarctic Monitoring Tools in Action — Chinese president Xi Jinping declared in 2014 that the country intends to be a “polar power,” and its growth in Antarctica is consistent with achieving that goal in the southern hemisphere.
- The Information: Temu Aims to Lessen Reliance on U.S. Shoppers — As Chinese shopping site Temu faces mounting hostility toward Chinese companies from U.S. politicians, it is looking to reduce its reliance on the U.S market.
- PIIE: Lessons from China’s fiscal policy during the COVID-19 pandemic — While much of the world is still dealing with an overheated economy, with excess demand and supply chain disruptions pushing up prices, prices in China have barely risen.
