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
- Treasury Wine Half-Year Profit Falls As China Reviews Tariffs — Treasury’s business took a major hit when China placed tariffs on Australian wine amid a diplomatic dispute.
- Volkswagen Eyes March Delivery for Cars Delayed at U.S. Ports — Volkswagen expects to deliver cars delayed at U.S. ports by the end of March, saying it’s working to replace a component in vehicles in the wake of a media report that tied the part to possible labor violations in China.
- Opinion: Wyoming Hits the Rare-Earth Mother Lode — If wisely exploited, this find will give the U.S. an unparalleled economic and geopolitical edge against China and Russia for the foreseeable future. By Michael Auslin
The Financial Times
- World’s biggest solar company warns west not to cut out Chinese suppliers — Longi executive says costs would double, job opportunities would be lost and green targets missed.
- JPMorgan AM to join China ‘fundraising war’ for CSI A50 ETFs — Move marks first time a 100% foreign-owned enterprise will compete directly with domestic managers at a launch.
- US investors in emerging markets switch to ETFs that exclude China — Portfolios are being adjusted as tensions and state intervention weigh on Chinese stocks.
- US Porsche, Bentley and Audi imports held up over banned Chinese part — Thousands of cars impounded after supplier discovers subcomponent from ‘western China.’
The New York Times
- What a Viral Post on Giraffes Says About China’s Fed-Up Investors — As their losses pile up, Chinese investors are losing confidence not only in the stock market but in the government’s ability to turn the economy around.
- Angela Chao, C.E.O. of Family’s Shipping Company, Is Dead at 50 — Angela Chao, the chief executive of a shipping company and part of a family prominent in American politics and business deals with China, died in a car crash on Sunday, in Texas. She was 50.
- Shell Sees Demand Surging for Liquefied Natural Gas — The main source of growth is expected to be in China, which will switch from coal to gas in industry to cut emissions, Shell said.
Caixin
- In Depth: Louboutin’s Famous Red Sole Heels Tread Winding Path to Trademark Protection in China — The case serves as an example of the complexities in negotiating the system designed to protect intellectual property (IP) in China and what symbols qualify for protection.
- Chinese Local Governments Reduce Reliance on Real Estate in Shift From Old to New Industries — Chinese local governments are pivoting from a reliance on property investment to developing hubs for cutting-edge industries after more than half of the Chinese mainland’s provincial-level regions missed their GDP targets for 2023.
- Another Chinese Bubble Tea Chain Brews Hong Kong IPO — Chinese bubble tea chain Auntea Jenny has filed for a Hong Kong IPO, becoming the latest beverage brand to take advantage of a post-pandemic revival in consumer spending to spice up business.
South China Morning Post
- Chinese team tests lung treatment that may be first to reverse damage from chronic disease affecting 700 million people — Paper follows statement by Zuo Wei that ‘stem cell and progenitor cell-based regenerative medicine may be the biggest, if not the only, hope to cure COPD’.
- US-China tech war: Dutch chip tool giant ASML says geopolitics, new export curbs remain risks — The firm says it faces new competition from rival companies ‘driven by the ambition of self-sufficiency in the geopolitical context’.
- China’s foreign firms grapple with upward mobility in post-Covid era as state-owned peers rise — A murky business climate has left foreign firms wondering how much more they might become marginalised or eased out by the expanding state sector, and whether a more inward-facing China still wants their investments.
Nikkei Asia
- China’s Shangri-La high-speed rail welcomes tourists to ‘Lost Horizon’ — Throngs of visitors bring cultural change to formerly isolated getaway.
- Hong Kong stock market has weak start to the Year of the Dragon — Exiting CEO cites need to navigate ‘near-term challenges’ amid ‘complex’ environment.
- India’s Modi woos UAE and Qatar to counter China in Middle East — New Delhi advances push for competing economic corridor to Europe.
Bloomberg
- HK’s SFC Warns Jailed Gambling Kingpin’s Former Firms Over Russia Deal — Hong Kong’s securities regulator warned it may delist two companies formerly headed by jailed Macau gambling kingpin Alvin Chau because of concerns about a $116 million sale of assets in Russia.
- Penfolds Maker to Divert Wines to China Should Tariffs End — Treasury Wine Estates Ltd. is planning to reallocate a portion of its Penfolds Bin and Icon wines from other global markets to China once Beijing lifts crippling tariffs on Australian exports.
- Thailand Weighs Tax on Cheap Chinese Goods Hurting Local Firms — Thailand may impose value-added tax on Chinese goods shipped through free trade zones to shield local producers hit by a flood of cheap imports.
- Ford Sees ‘Colossal’ Competitive Threat in Low-Cost Chinese EVs — Ford Motor Co. sees low-cost Chinese electric vehicles as a “colossal strategic threat” that will ultimately arrive on US shores, adding to the challenges for an automaker already confronting shaky consumer demand for plug-in cars.
Reuters
- Cold snap expected in China as millions return from Lunar New Year trips — A cold snap is forecast to sweep across many parts of China from this weekend, with temperatures falling by up to 20 degrees Celsius as millions return from Lunar New Year trips, the national observatory said on Thursday.
- Some Chinese youth spurn corporate jobs for ‘me time’ as economy slows — Faced with diminishing job prospects as the economy slows, some are choosing to “lie flat”, a Chinese term used to describe people who work just enough to afford to spend their time on what they enjoy.
- Exclusive: Russians use Chinese partner to produce Citroen cars at idled Stellantis plant — Although many foreign carmakers have since left the Russian market, some supplies continue to make their way to the country through a “parallel imports” scheme introduced by Moscow.
Other Publications
- Washington Post: Young Chinese, fed up with family pressure, opt out of Lunar New Year — This Lunar New Year holiday season, China’s leaders are worried the kids aren’t all right.
- POLITICO: Lawmakers weigh blacklist for firms lobbying for Chinese military-linked companies — Several members of Congress are considering closing their doors entirely to meetings with lobbying firms that represent companies linked to the Chinese military, five people familiar with the matter said.
- Foreign Policy: What the Red Sea Crisis Reveals About China’s Middle East Strategy — While China has indeed become a regional player, it is still playing a remarkably self-interested game.
- The Guardian: Genetics journal retracts 18 papers from China due to human rights concerns — Researchers used samples from populations deemed by experts and campaigners to be vulnerable to exploitation, including Uyghurs and Tibetans.
- CNBC: U.S. ‘very concerned’ about China’s dominance as a critical minerals supplier, energy chief says — China is the undisputed leader in the critical minerals supply chain, accounting for roughly 60% of the world’s production of rare earth minerals and materials.
