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.
Paid subscribers can have this list emailed directly to their inboxes every day. Subscribe here, and then send us an email at contact@thewirechina.com to opt in for the Daily Roundup email.
The Wall Street Journal
- Biden Pick for U.N. Envoy Expresses Regret for China Speech — Linda Thomas-Greenfield largely agrees with Senate panel on international policies, raises concern about China’s ‘malign force’.
- Ford Adds Made in China Label to the Mustang — The Mach-E electric vehicle offers company a chance to boost interest in China after years of sluggish sales.
- Beijing’s Risky Assault on China’s Most Famous Billionaire — Jack Ma’s experience may have a chilling effect on innovation if Chinese entrepreneurs come to believe a political squeeze is the price of commercial success.
- A Genocide Test Faces the West — We know what China is doing in Xinjiang. It’s now official. How will woke corporations react?
- Las Vegas Sands Will Abide by Founder Sheldon Adelson’s Vision — Chief Executive Rob Goldstein says investments in Asia, expansion in U.S. are next.
The Financial Times
- China and Japan expand ETF connectivity scheme — Stock exchanges in Shanghai, Shenzhen and Tokyo to explore further co-operation.
- Biden reaffirms commitment to defending Senkaku Islands — Pledge in call between leaders of US and Japan is latest sign of tough White House stance on China.
- Biden administration delays Chinese military investment ban — Move by US Treasury will give new president more time to review Donald Trump’s China policies.
- China’s commercial jet ambitions shaken as US blacklists Comac — Maker of C919 and ARJ21 planes heavily dependent on US suppliers.
The New York Times
- To Avoid an Outbreak, China Cancels Lunar New Year for Millions of Migrants — China has added restrictions, offered incentives and appealed to a sense of filial and national responsibility, in an effort to prevent about 300 million migrant workers from going home for the holiday.
- Linda Thomas-Greenfield, Biden’s pick for U.N. ambassador, calls 2019 China speech ‘a huge mistake.’ — She said at her confirmation hearing that she wanted to see a more prominent U.S. role in the United Nations to help stem China’s diplomatic advances on the global stage.
Caixin
- Hundreds of IPOs Stuck in Logjam Amid Tightened Regulatory Reviews — Tougher scrutiny of new flotations after Ant Group suspension recreates the bad old days before China’s new registration-based system.
- In Depth: As Biden Rolls Back Trump Legacy, Chinese Firms Remain Shut Out — Outgoing president’s sanctions targeting Chinese firms stay in place, as new regime decides how to ‘rebalance’ China-U.S. relationship.
- Didi Is Close to Raising $1.5 Billion for Trucking Unit — Didi Chuxing Technology Co. is close to finalizing a $1.5 billion round of funding for its on-demand trucking unit from investors including Temasek Holdings Pte, surpassing its fundraising target as investors count on a Chinese economic recovery to fuel shipping.
South China Morning Post
- China’s rust-belt province of Liaoning merges 12 local banks into one ‘first-class’ bank as bad loans mount — The Chinese rust-belt province of Liaoning will merge a dozen local government-owned commercial banks into one large provincial institution, in the wake of an increase in bad loans caused by coronavirus-induced economic problems last year.
- US President Joe Biden delays Trump’s ban on investments in companies with similar names to blacklisted Chinese firms — The Biden administration delayed a ban imposed by Donald Trump on American investors, pension funds and financial firms investing in companies that have similar names to a group of blacklisted Chinese firms with purported ties to China’s military.
- Apple sees revenue growth accelerating after setting record for iPhone sales, helped by China strength — Apple Inc on Wednesday reported holiday quarter sales and profits that beat Wall Street expectations, as new 5G iPhones helped push handset revenue to a record and sparked a 57 per cent rise in China sales.
Bloomberg
- China’s Binge on Iranian Oil in Focus Following Tanker Seizures — An increase in Iranian oil exports to China has received some unwanted attention in recent days and is now prompting fears of a clampdown.
- China Is So Thirsty for Soy That America Could Soon Be Importing — China’s appetite for U.S. soy is draining silos to the point that American processors may need to import the most beans in years this summer.
- Hong Kong’s $600 Billion Stock Rally Hinges on Beijing’s Support — Hong Kong’s stock rally is so dependent on mainland capital that the mere suggestion the record inflows will slow has the potential to stir panic in the city’s $7.1 trillion market.
Reuters
- COVID-19 epidemic widens China’s North-South economic divide — China’s northern provinces were disproportionately hit by the pandemic in 2020, with the region’s heavy industries devastated by demand shocks and logistical nightmares, while the south got off comparatively lightly, cushioned by a large digital economy.
- Exclusive: China likely to avoid setting 2021 GDP target over debt concerns, sources say — China will likely avoid setting a 2021 growth target, dropping the closely watched measure for a second straight year on concerns that maintaining one could encourage provincial economies to ramp up debt, policy sources told Reuters.
Other Publications
- Foreign Policy: Afghanistan Wanted Chinese Mining Investment. It Got a Chinese Spy Ring Instead. — Desperate to jump-start its economy, Kabul is sick of waiting for Beijing to tap the country’s mineral wealth.
- Axios: John Kerry: U.S.-China climate cooperation is a “critical standalone issue” — President Biden’s special climate envoy John Kerry said Wednesday that the U.S. must deal with China on climate change as a “critical standalone issue,” but stressed that confronting Beijing’s human rights and trade abuses “will never be traded” for climate cooperation.
- POLITICO: To Counter China’s Rise, the U.S. Should Focus on Xi — By Anonymous. The author is a former senior government official with deep expertise and experience dealing with China.
- The Atlantic: The Permanent Colony — Despite having a distinct language, identity, and culture, Hong Kong has never been in full control of its development and future.
- The Diplomat: Disaster Shadows Chinese Mining Ventures in Southeast Asia — China has recently tightened its mining safety regulations, but they don’t apply to Chinese-owned mines overseas.
