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
- Europe to Tip Toward U.S.’s Tougher Stance on Russia, China — EU foreign ministers will order sanctions over Russia’s jailing of Alexei Navalny.
- China’s Robinhoods are Doing Just Fine, Thanks — The GameStop frenzy created problems for U.S. online brokers, but Nasdaq-listed brokers helping Chinese people punt on U.S. stocks are doing well.
- How American Free Trade Can Outdo China — By Henry M. Paulson Jr. The Trump years left the U.S. ceding ground for its exports. Biden can regain it, with the help of allies.
- Co-Founders of Chinese Private-Equity Firm Boyu Build Singapore Base — Hong Kong firm transfers some operations to Singapore to reduce exposure to Chinese scrutiny, say people briefed on move.
The Financial Times
- HSBC offers lesson in corporate realpolitik — Bank’s pivot to China is a recognition of the country’s decoupling from the west.
- China urges Biden to lift sanctions and stop meddling — Foreign minister’s remarks follow frosty exchanges in first weeks of US administration.
- Chinese stocks drop 3% in retreat from record highs — Pullback offers early hint that support for asset prices may start to fall away.
- Homeowners reject Beijing’s candidates for powerful local associations — Some residents refuse to vote after being pressured to back government’s preferred nominees.
The New York Times
- ‘Patriots’ Only: Beijing Plans Overhaul of Hong Kong’s Elections — The central government is likely to bypass local officials, just as it did with last year’s national security law.
- Future Vaccines Depend on Test Subjects in Short Supply: Monkeys — The pandemic has highlighted the United States’ dependence on China for research animals, reviving calls for a “strategic monkey reserve.”
Caixin
- China Gives Banks a New Reason to Boost Green Lending — State Council plans to give ‘green finance’ greater weight in regulatory assessments of financial institutions.
- China Greenlights Third Foreign-Controlled Wealth Management Venture — London-based investment management group Schroders wins approval for tie-up with Bank of Communications.
- China Still Far From Semiconductor Self-Sufficiency, Report Says — China was the world’s biggest chip buyer last year, but it’s still just a bit producer.
South China Morning Post
- China population: economic powerhouse Guangdong aims to add 1 million residents a year, even as birth rate keeps falling — China’s manufacturing and technology hub of Guangdong province has set an ambitious target to expand its population – including permanent residents and migrants – to 130 million by 2035, in spite of a sharply dropping national birth rate.
- China’s Lunar New Year box office revenues soar by a third to record US$1.21 billion as cinemas fill up amid travel restrictions — China’s box office revenues climbed to a record high during the week-long Lunar New Year holiday, signalling a promising recovery of the world’s largest film market from the coronavirus fallout last year.
- TikTok owner ByteDance makes biggest public commitment yet to Tencent video game rivalry with launch of stand-alone site for Nuverse — ByteDance, the owner of TikTok, has pushed its flagship gaming studio Nuverse to centre stage by launching a stand-alone website for the development and publishing team, a sign of its commitment to gaming as the Beijing-based unicorn seeks to profit from its vast user base and challenge arch rival Tencent.
Bloomberg
- Genocide Vote Pressures Trudeau to Take Harder Line on China — Canada’s legislature passed a motion designating China’s actions against its Uighur Muslim minority as genocide, increasing pressure on Prime Minister Justin Trudeau to toughen his approach to Beijing.
- China’s Overseas Energy Lending Tumbles To Lowest Since 2008 — China’s overseas energy financing dropped to the lowest level since 2008 after the pandemic hampered deal-making in developing nations.
- Germany Is a Flashpoint in the Cold War Between U.S. and China — Merkel’s policy of “equidistance” between the U.S. and China threatens to fracture the alliance of democracies.
- Hit Game Genshin Impact Helps Chinese Studio Double Its Sales — The Chinese developer of Genshin Impact doubled revenue to almost $800 million last year, riding one of the biggest video game hits of the pandemic era.
- Macau Casino Operators’ Stocks Rally as China Quarantine Lifted — Macau casino stocks surged the most in nearly two and a half months after the gambling hub reopened to quarantine-free travel from mainland China.
- China Back as Top India Trade Partner Even as Relations Sour — China regained its position as India’s top trade partner in 2020, as New Delhi’s reliance on imported machines outweighed its efforts to curb commerce with Beijing after a bloody border conflict.
- China Weaponizing Rare Earths Technology Will Probably Backfire — Beijing’s past attempts to cut off supply have only given rise to alternative sources. Limiting access to the technology that refines these metals is even more misguided.
Reuters
- China’s Weibo hires banks for Hong Kong secondary listing, sources say — Chinese social media platform Weibo Corp has appointed Goldman Sachs, Credit Suisse and CLSA to work on its planned Hong Kong secondary listing in the final half of 2021, two sources with direct knowledge of the matter said.
- Canada’s parliament passes motion saying China’s treatment of Uighurs is genocide — Canada’s parliament passed a non-binding motion on Monday saying China’s treatment of the Uighur Muslim minority in the Xinjiang region constitutes genocide, putting pressure on Liberal Prime Minister Justin Trudeau’s government to follow suit.
- Breakingviews – JD offers peek into China’s e-commerce machine — JD.com is offering a peek into the engine that powers Chinese e-commerce. The $160 billion web retailer is spinning off its logistics operations in a Hong Kong listing. Investors will be keen.
- U.S. Treasury nominee Adeyemo vows to combat China’s ‘unfair economic practices’ in testimony — Wally Adeyemo, President Joe Biden’s nominee for the No. 2 job at the U.S. Treasury, vowed to crack down on authoritarian governments and fight unfair economic practices in China and elsewhere, while working to rectify economic inequality at home.
Other Publications
- The Washington Post: U.S. ban on China’s Xinjiang cotton fractures fashion industry supply chains — Thousands of companies worldwide are affected after the United States blacklisted 87 percent of China’s cotton crop — one-fifth of the world’s supply — citing human rights violations against Muslim Uighurs in China’s northwest Xinjiang region.
- The Atlantic: China Is the Myanmar Coup’s ‘Biggest Loser’ — A relationship decades in the making is now in jeopardy.
- Nikkei Asian Review: China’s soft power push attracts scrutiny in UK — University ties and ‘dual-use’ technology at issue.
- Nikkei Asian Review: Zhou Xiaochuan: China’s choices for a digital currency system — Former central bank governor advises against specific technological road map.
- Foreign Policy: Patriotic Blockbusters Mean Big Box Office For Chinese Filmmakers — Censors have deliberately created a market ripe for propaganda.
- Foreign Policy: Biden Wants to Compete With China. Here’s How. — Washington’s battle with Beijing is not one of investment or innovation but one of values.
- CGTN: Time to reset China-India relationship — India and China have their differences, particularly in the field of ideology and political systems. But they ultimately have more in common than they have apart.
