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
- Zong Qinghou, Renowned Chinese Soft-Drink Magnate, Dies — Founder of Wahaha beverage brand rose from poverty to become one of China’s top entrepreneurs, undercutting Coke and Pepsi.
- BYD Aims for New Frontier With $233,000 Sportscar — The world’s largest EV maker by sales debuted its second offering under its premium Yangwang brand.
- BYD Chairman Proposes Doubling Share Buyback — Carmaker aims to ‘safeguard the interests of all shareholders of the company, enhance investor confidence, stabilize and improve company value.’
- Li Auto Forecasts Softer Sales After Posting Surge in Quarterly Revenue, Profit — The Chinese carmaker also reported its first annual net profit.
- China Is Stockpiling for the Next Phase of the Chip Wars — Bumper chip-equipment sales from Western companies such as ASML are a sign of coming disruptions.
The Financial Times
- Ant Group bids against Citadel Securities for Credit Suisse’s China unit — Move could test Beijing’s appetite to let Jack Ma-founded fintech expand after crackdown.
- China’s plan to reshape world trade on its own terms — Friction with the west has prompted Beijing to build its own alternative system focused on developing nations.
- Chinese cinema projector maker says electric vehicles have box office potential — Appotronics is adapting its laser equipment for carmakers as they seek to outdo each other on in-car entertainment.
- Malaysia PM decries ‘China-phobia’ among US and western allies — Anwar Ibrahim says rivalry squeezes smaller countries as he courts investment for semiconductor supply chain.
- Zambia says it has signed debt restructuring deal with China and India — Deals with creditors are crucial to a $1.3bn IMF bailout.
- US Republicans call for McKinsey to be banned from federal contracts — Senators say think-tank led by consultancy undermined national security by advising China’s government.
The New York Times
- Zong Qinghou, Beverage Tycoon in China, Dies at 79 — A bitter but successful battle with Danone of France for control of a joint venture made him the richest person in China for a time.
- Émigrés Are Creating an Alternative China, One Bookstore at a Time — From Thailand to America, Chinese denied a safe public space for discussion in their home country have found hope in diaspora communities.
- Opinion: China Is Running Out of Lines to Cross in the Taiwan Strait — In 2020, the balance of military power in the Taiwan Strait began a gradual but profound shift in China’s favor. By Ben Lewis
Caixin
- Cover Story: Chinese Pharma Turns to Global Deals to Cure Capital Crunch — After enduring the chill of a prolonged capital winter, China’s drugmakers have begun to feel a thawing breeze.
- Nanjing E-Bike Parking Lot Fire Kills 15 After Spreading to Apartment Building — At least 15 people were killed and 44 injured after a fire that broke out in a ground floor electric bike parking lot spread to engulf a residential building in East China’s Nanjing city Friday.
- Commentary: China’s Local Government Debt Control Plan Could Hinder Growth in 2024 — The economically stronger regions, such as Guangdong and Zhejiang, and those under heavy debt burdens, such as Chongqing and Liaoning, all highlighted strategies aimed at encouraging consumption.
South China Morning Post
- China’s aviation boon, driven by C919 and Airbus plant, an opportunity South Korean firms ‘must pursue’ — South Korea’s national trade and investment promotion agency says China is moving aviation parts supply chains from North America and Europe to neighbouring countries.
- Huawei’s cloud unit banks on booming AI demand with global footprint expansion in Europe and Middle East — Huawei is expanding cloud services to Egypt in March and will soon open an AI cloud computing centre in Hong Kong, its first outside mainland China.
- BYD aspires to take on Ferrari, Lamborghini as the world’s largest EV maker goes upmarket with its US$233,000 Yangwang U9 supercar — The Warren Buffett-backed carmaker is accepting bookings for the 1.68 million yuan (US$233,400) supercar with a deposit of 300,000 yuan. Deliveries are expected to start in the summer.
Nikkei Asia
- Chinese migrant to U.S. seeks religious asylum with visas out of reach — Fleeing financial struggles, NYC woman says there was ‘nothing holding her back.’
- Japan and China start new talks on Fukushima water release — Countries make efforts to bridge rift following November summit.
- Return of Chinese tourists still big question mark for U.S. hotels — Hilton expects ‘protracted’ recovery, while Marriott sees broader travel slowdown.
Bloomberg
- China Vows to Dismantle Local Barriers to Build National Market — China’s Premier Li Qiang urged policymakers to clean up policies that hinder fair competition and take on steps needed to build a unified national market.
- China’s Weak Local Borrowing Raises Hope for More Central Aid — China’s local governments so far appear reluctant or unable to borrow more despite pressure to stimulate growth, fueling expectations Beijing may pick up their slack and take on more debt.
- US Narrows Gap With China on Diplomatic Posts, Report Says — China has 274 such offices, report says, versus the US’s 271.
Reuters
- Exclusive: Satellite images reveal floating barrier at mouth of disputed atoll in South China Sea — Satellite images of the hotly disputed Scarborough Shoal in the South China Sea show a new floating barrier across its entrance, near where Philippine ships and China coast guard vessels have had frequent run-ins.
- Chinese companies axe IPO plans amid listing scrutiny — Companies have scrambled to scuttle plans for initial public offering in China this year as the securities watchdog tightens rules on share listings in a bearish market.
- China’s homegrown C919 jet lands in Vietnam after Singapore Airshow — China’s homegrown C919 passenger jet, manufactured by Commercial Aviation Corp of China (COMAC), landed in Vietnam on Monday, its second international destination after Singapore, Chinese state television CCTV reported.
Other Publications
- The New Yorker: Inside North Korea’s Forced Labor Program — Workers sent from the country to Chinese factories describe enduring beatings and sexual abuse, having their wages taken by the state, and being told that if they try to escape they will be “killed without a trace.”
- China Media Project: The Risky Business of Hong Kong Journalism — Journalists in the city have reached a new equilibrium to move forward — but with more security legislation on the horizon, that could all be about to change again.
- Associated Press: Two Chinese bloggers in exile warn that police are interrogating their followers — Two prominent Chinese bloggers in exile said that police were investigating their millions of followers on international social media platforms, in an escalation of Beijing’s attempts to clamp down on critical speech even outside of the country’s borders.
- Washington Post: New Biden order would stem flow of Americans’ sensitive data to China — The effort aims to forestall foreign adversaries’ use of data to identify, target and surveil Americans.
- The Guardian: Hackers for sale: what we’ve learned from China’s massive cyber leak — Data from cyber security firm I-Soon offers a rare glimpse in to the inner workings of China’s hacking program.
