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’s ‘Two Sessions’ Doesn’t Show Clear Path to Recovery — Remarks about housing during the meetings gave little new insight into China’s plans to breathe life back into the real-estate market.
- Taiwan’s Incoming VP Is on a Low-Profile Visit to Washington — Private trip by Bi-khim Hsiao will include meetings with U.S. officials about new government’s agenda, say people familiar with her plans.
- Having Overtaken Tesla, BYD Is Running Into Problems Overseas — Chinese EV maker sees vehicles pile up amid weak demand, quality-control issues and internal tension.
- India Adds Firepower to a Missile Program Focused on China — India tested a missile capable of carrying multiple nuclear warheads, the latest advance in its homegrown Agni-V program.
- Alibaba’s Media Arm to Invest $640 Million in Hong Kong Entertainment — The digital-media arm is one of Alibaba’s smallest units, contributing about 2.3% of the e-commerce giant’s revenue.
- Xiaomi Set to Launch First Electric Vehicle on March 28 — The launch of the SU7 comes three years after Xiaomi said it would enter the car-making business.
- A TikTok Ban May Be Easier in Theory — America has squeezed Chinese companies before — but TikTok is a thornier issue.
The Financial Times
- Chinese developer Vanke in spotlight after Moody’s downgrade — State-backed property group is country’s second largest and has been part of Beijing’s efforts to revive growth.
- Emerging market ETFs chalk up new record inflows in February — China ‘national team’ activity and interest in India emerge as clear trends in otherwise ‘messy’ picture from analysts.
- Mercedes-Benz boss urges Brussels to cut tariffs on Chinese EVs — Ola Källenius believes increased competition will help Europe’s car industry produce better vehicles.
- US steel unions urge Biden to open probe into Chinese shipbuilding — President expected to back trade investigation as industry becomes 2024 election issue.
- South Korean chipmakers halt old equipment sales over fears of US backlash — Samsung and SK Hynix have been storing used machines in warehouses as US-China tensions rise.
The New York Times
- China’s Exports Surge Are Drawing a Global Backlash — Increasing overseas sales of manufactured goods are helping China’s economy and creating employment, but countries from Europe to South Asia may lose jobs.
- Despite Trump’s Opposition to TikTok Ban, House Moves Ahead With Bill — With both parties eager to demonstrate a willingness to be tough on China, bipartisan legislation to force the Chinese owners of the platform to divest or face a ban was moving forward.
- Why the U.S. Is Weighing Whether to Ban TikTok — Lawmakers in numerous countries have expressed concerns that TikTok, which is owned by the Chinese company ByteDance, may endanger sensitive user data.
Caixin
- Analysis: Mounting Competition in China Comes at a Bad Time for Tesla — More of Tesla’s Chinese rivals are catching up in the sales race just as the U.S. electric-vehicle (EV) maker finds itself in a lull between product launches.
- China’s Private Quant, Bond Funds Outperform Peers as Stock Market Falters — China’s private fund sector was put through the ringer in 2023, with a shaky economic recovery and relentless stock market volatility testing portfolio managers’ resolve.
- NFRA Seeks to Accelerate New Energy Vehicle Sales by Cutting Loan Down Payments — New measures to reduce the size of down payments needed for car loans are being explored by authorities. Financial institutions are also being encouraged to support tech startups as part of broader efforts to create driving forces for economic growth, according to China’s top financial regulator.
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South China Morning Post
- China’s tech-driven economic growth push needs ‘smarter investment’ to solve overcapacity, economist says — Peking University economics professor Cao Heping says overproduction of consumer and industrial goods, as well as overinvestment, is a big problem for China’s economy as it seeks hi-tech development.
- China puts trust in AI to maintain largest high-speed rail network on Earth — The railway system is in better condition than when it was first built, according to peer-reviewed paper.
- Apple to expand applied research labs in Shanghai and Shenzhen as iPhone sales weaken in world’s largest smartphone market — The US tech giant’s latest initiative shows that it remains committed to boosting capital spending in the world’s largest smartphone market, despite sluggish iPhone sales.
Nikkei Asia
- Nissan and Honda to cut China production as EV race heats up — Japanese automakers lose share to local rivals they also work with.
- Alibaba to improve stock options and other incentives for employees — Move comes as pressure builds on China’s tech leaders to retain staff.
- U.S. ramps up scrutiny of China’s lidar technology — Washington lobbyists terminate contracts with top maker Hesai.
Bloomberg
- China Has Never Canceled This Many Shipments of US Wheat — China canceled another batch of US wheat export shipments, adding to an already record number of cancellations that have weighed on Chicago futures.
- Major Hong Kong Grocery Chain Shuts Stores as China Lures Shoppers — Hong Kong’s third-largest supermarket chain U Select, run by state-owned conglomerate China Resources Holdings Co., has almost halved its network in less than a year as the city’s retailers struggle with economic headwinds and residents flock across the border for cheaper shopping.
- China Nationalists Target Top Tycoon’s Firm in Internet Boycott — Chinese beverage giant Nongfu Spring Co. is the latest major brand to come under fire from the mainland’s online army of nationalist citizens, underscoring challenges for domestic firms navigating an increasingly patriotic environment.
Reuters
- Exclusive: Chinese Premier Li to skip meeting with global CEOs at key business summit — Chinese Premier Li Qiang does not intend to hold a meeting with visiting foreign CEOs at the upcoming China Development Forum (CDF) in late March, three sources briefed on the matter said, raising concerns about Beijing’s commitment to attract investment from abroad at a time of souring sentiment.
- Exclusive: Former US official’s work for Chinese client stirs concern over disclosure loopholes — When a Chinese drone company came under U.S. government scrutiny over its alleged ties to China’s military, the company turned to one of America’s pre-eminent lawyers: Loretta Lynch, a former attorney general in the Obama administration.
- Exclusive: China’s champion gymnast Li Ning considers taking company private, sources say — Chinese billionaire entrepreneur and Olympic champion Li Ning is considering taking his namesake sportswear company private from the Hong Kong stock exchange, four people said, adding to a string of such potential deals in a faltering market.
Other Publications
- WIRED: The Influencers Getting Paid to Promote Designer Knockoffs From China — Influencers on TikTok and Reddit earn a cut of the counterfeit goods trade by promoting high-quality “replicas” sourced from ecommerce sites in China.
- POLITICO: The Chinese government is using TikTok to meddle in elections, ODNI says — The annual assessment from ODNI outlines national security threats facing the U.S.
- Foreign Policy: The Hidden Dangers in China’s GDP Numbers — Deflation and lack of consumption are big problems for Beijing.
- Rest of World: How livestream realtors helped make Xishuangbanna a boom town — Real estate agents turn to Douyin and Kuaishou to show properties virtually through livestreaming, drawing the attention of out-of-town buyers.
