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 Stocks Notch Best Day in Years on Beijing Action — Chinese shares notched their best day in years after Beijing signaled its intent to prop up the battered equities market, including by directing a sovereign-wealth fund to boost holdings.
- America Wanted a Homegrown Solar Industry. China Is Building a Lot of It. — China’s biggest solar companies are expanding in the U.S., where they will reap generous government subsidies.
The Financial Times
- Chinese equities rebound on hopes of support from Beijing — Regulators release a series of announcements in a bid to stabilise markets.
- China on cusp of next-generation chip production despite US curbs — SMIC and Huawei plan to make new 5nm processor, supporting Beijing’s goal for advanced semiconductors.
- China’s growth enigma — Divergence between official data on the economy and other sources is rising as an issue for business.
- Ex-Credit Suisse chief Tidjane Thiam’s Spac sued by Chinese partner — Chinese entrepreneur Edward Zeng’s firm sued Thiam’s special-purpose acquisition company for allegedly refusing to pay $6mn in advisory fees.
- Chinese equities rebound on hopes of support from Beijing — Regulators release a series of announcements in a bid to stabilise markets.
The New York Times
- Top U.S. Treasury Officials to Visit Beijing for Economic Talks — A meeting of the new economic working group comes as the U.S. and China are trying to prevent any escalation of hostilities.
Caixin
- China’s Star Fund Manager under Investigation, Sources Say — Founder of Qianhe is at the center of an insider trading probe and is said to have stepped back from his company for personal reasons.
- Ex-Chief of China Merchants Bank Receives Suspended Death Sentence — Former CMB chief admitted taking $28.8 million in bribes and making $40 million through insider trading.
- Snow and Human Error Caused Beijing Subway Collision, Investigation Finds — The crash that sent 515 people to the hospital occurred because of a dispatcher mistake and the train driver’s failure to apply the brakes in time.
South China Morning Post
- China, Norway urge ‘immediate’ Gaza ceasefire, stronger backing for Palestinian Authority — Chinese Foreign Minister Wang Yi and Norway’s Espen Barth Eide exchange ‘in-depth views’ on Middle East situation during talks in Beijing.
- China, Russia and Iran to hold navy drills aimed at ‘regional security’, admiral says as Middle East tensions flare — Top Iranian naval official reportedly confirms joint exercise will be held before end of March as US-led coalition launches new strikes against Houthi rebels in Yemen.
- ‘Nowhere to hide’: Chinese scientists develop game-changing military surveillance device for electronic warfare — Huge breakthrough in electromagnetic spectrum monitoring will leave enemies with ‘nowhere to hide’, scientists claim.
- China visa-free travel: relaxing entry restrictions adds up, with ‘additional stimulus’ eyed from more inbound trips — Foreign visitors to mainland China say they are more willing to visit and splash out hundreds of US dollars a day on flights, retail spending and dining if they can get in for free and avoid a lengthy application process.
Nikkei Asia
- Japan’s hydrogen prowess in peril as China, U.S. and EU poised to overtake — Policy action in coming months to determine whether green tech can avoid solar, battery missteps.
- U.S. nears half of global stock market cap as Alibaba, Tencent falter — As Chinese tech companies struggle with an economic slump and fall behind in artificial intelligence, U.S. corporations now account for nearly half of global stock market value.
- China economy overtaking U.S. is increasingly unlikely: ex-IMF official — Cornell professor predicts global protectionism and volatility if Trump wins election.
- Opinion: Evergrande’s liquidation will not pay off for foreign investors — Bondholders who took Chinese developer to court may get only emotional satisfaction. By Benjamin Fanger.
Bloomberg
- China’s Market Turmoil Adds to Headaches for President Xi Jinping — Welcome to Balance of Power, bringing you the latest in global politics. If you haven’t yet, sign up here.
- China’s Struggling Solar Energy Firms Join Share Buybacks Push — Efforts by China’s solar manufacturers to use share buybacks to arrest a slump in market valuations are expected to have only a limited impact, with the sector facing continued pressure on profits.
- China Is Dominating the World’s New Coal Power Plant Pipeline — China was home to the vast majority of the world’s new coal power plants last year as it sought to bolster energy security, even as many other governments push to phase out the fuel.
- Opinion: Why It’s So Risky Doing Business in China — Beijing continues to lock up foreign executives without notice. It’s the wrong signal to send to the international community. By Karishma Vaswani.
Reuters
- Exclusive: Russia’s Novatek sets up China office to market gas amid sanctions – sources — The move illustrates Russian energy companies’ continued pivot to Asia, especially China, after the Ukraine conflict cut off their access to markets in Europe.
- U.S. bill poses risk to Wuxi AppTec and its Western drugmaker partners — The Wuxi group also has a large presence in the U.S. with multiple offices including a lab testing facility in New Jersey.
- Exclusive: Taiwan ally Guatemala mulls commercial ties with China — The Central American country is one of a handful of Taiwan’s remaining allies, as countries increasingly side with the world’s second largest economy China.
Other Publications
- Council on Foreign Relations: China’s New Currency Playbook — China’s pivot to a new strategy of indirect intervention through its large state banks requires new approaches to policing currency policies by both the U.S. Treasury and IMF.
- PIIE: China’s property downturn continues to drag down government spending — Fiscal spending in China is urgently needed because the Chinese economy is facing increasing deflationary pressure and weak private demand.
- The Information: Shein’s Top U.S. Lawyer Departs — Shein lawyers have plenty of work on their plate right now, as the China-founded fast-fashion firm fends off a raft of trademark infringement lawsuits and gears up for a potential U.S. initial public offering.
- ChinaFile: What Will Newly Increased Party Control Mean for China’s Universities? — Although all universities have Party branches and committees, the Party has never directly controlled administrative offices. How are China’s universities going to change under the new system?
- Rest of World: Chinese EV sellers found a loophole to export cars around the world — A gray market grows for Chinese EVs in Russia, the Middle East, and beyond.
