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 Coal War With Australia Fuels Shortage at Home — The trade dispute has forced Chinese buyers to pay steep premiums for imports amid a supply crunch.
- China Consumer Prices Fall Ahead of Lunar New Year Holiday — The country’s factory-gate prices rose in January, after 11 months of deflation.
- China’s Covid-19 Vaccine Makers Struggle to Meet Demand — Countries depending on Chinese shots report delays while Beijing’s domestic rollout gets off to a slow start.
- Huawei Files U.S. Lawsuit Disputing That It Is a Security Threat — Chinese telecom giant challenges FCC ruling, as founder says he would welcome Biden outreach.
- Self-Driving Trucking Startup Taps U.S., Chinese Investors — PlusAI nets $200 million from prominent investors as it ramps up commercial work.
The Financial Times
- SF/Kerry: courier development for China’s FedEx — The deal makes sense for both sides, but one problem is that China’s courier market is now saturated.
- China producer prices rise as industrial sector leads recovery — Manufacturing and property construction at forefront of country’s economic rebound.
- Apple and TSMC develop new tech in secretive Taiwan lab — #techAsia, your guide to the billions made and lost in Asia tech.
- US admiral says Chinese military activity is rising in S China Sea — Naval exercises have increased over recent months, says commander of USS Nimitz.
- Huawei challenges its designation as a threat to US security — Chinese telecoms group asks court to overturn decision taken during Trump administration.
The New York Times
- China’s Mars Mission Begins Orbit of the Red Planet — The Tianwen-1 mission is the second of three new visitors to Mars this month.
- Cyberspace Plus Trump Almost Killed Our Democracy. Can Europe Save Us? — If we don’t find a solution fast, China will pass us economically.
Caixin
- Logistics Giant SF Goes on a Deal-Making Spree, Capitalizing on a Bumper 2020 — One of China’s package delivery majors announces an acquisition, a private placement and a subsidiary’s IPO.
- Chinese Companies Borrow $992 Million in 1st Issue of Carbon-Neutral Bonds — Six state-owned utilities and infrastructure companies gear up to fund green projects as China pursues goal of slashing greenhouse gas emissions.
- In Depth: How Workers Got Left Out of China’s Internet Boom — Following several high profile deaths, public anger is rising about how big tech treats its employees.
- China Regulator Smashes Cement Price-Fixing Cartel — Eight companies in Shandong province hit with record 228 million yuan fine for violating Anti-Monopoly Law after a 22-month probe.
South China Morning Post
- With Clubhouse blocked, can the audio-only chat phenomenon go mainstream in China? — The blocking of popular audio-chat social media app Clubhouse in China has sparked renewed debate over whether a Chinese version could emerge from a group of potential local contenders trying to fill the void.
- Chinese company Origin develops system software for quantum computers — A Chinese company says it has developed system software for quantum computers, but an expert questions if the effort is ahead of the current stage of hardware development.
- China economy: FDI rose in January following record 2020 — Foreign direct investment (FDI) into China rose 4.6 per cent from a year earlier in January to 91.61 billion yuan (US$14.2 billion), the Chinese Commerce Ministry said on Wednesday.
Bloomberg
- HNA Units Make Plans to Claw Back $17 Billion Misused Funds — Three listed units of China’s indebted HNA Group Co. announced plans to recoup at least 112 billion yuan ($17 billion) of misused funds, undisclosed debt guarantees and questionable investments by its major shareholders and their affiliates.
- Evergrande Unveils Three More Pure Electric Cars in EV Push — China Evergrande Group’s new-energy vehicle startup unveiled three more car models, even though it hasn’t started mass production of its first six types.
- HKEX’s New CEO Isn’t From China. Why That’s Good for Hong Kong’s Markets — Mainland-born Charles Li had a brilliant record running Hong Kong’s exchanges for 11 years. His replacement isn’t Chinese. It’s a shrewd choice
- Jack Ma’s China Crackdown Preceded by Alibaba Exec’s Weibo Scandal — “It was unprecedented and scary how fast the posts were deleted.”
Reuters
- Column: USDA’s monthly update rejects market narrative on Chinese corn stocks — The U.S. Department of Agriculture’s monthly supply and demand update on Tuesday did not exactly deliver the supportive news that corn bulls were hoping for, sending Chicago-traded corn futures on their steepest fall following a major government report since July.
- Explainer: Possible impact of Myanmar coup on China’s metal and rare earth supply — Myanmar’s military coup and declaration of a state of emergency has sparked concern in neighbouring China over metal and mineral supplies amid already high tin, copper and rare earth prices.
- Biden’s OMB pick cites concern about China’s adherence to trade rules — President Joe Biden’s pick as budget director on Tuesday struck a critical tone against China, voicing concern about potential security threats posed by Chinese technology and accusing Beijing of failing to meet bilateral commitments.
Other Publications
- Nikkei Asian Review: Decoupling denied: Japan Inc. lays its bets on China — US-China trade rift creates havoc and opportunity for Asia’s economic giants.
- Foreign Affairs: The Roots of Cultural Genocide in Xinjiang — China’s Imperial Past Hangs Over the Uyghurs.
- SupChina: Why is China lagging behind in COVID-19 vaccinations? — China is millions of doses behind the U.S. in its COVID-19 vaccine rollout, and officials are reportedly pushing back their timeline for the first 50 million shots. Vaccine diplomacy abroad, and vaccine hesitancy at home, are slowing China’s domestic rollout.
