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 Appears to Block Signal, One of Last Popular Encrypted Messaging Apps — Service becomes unusable for many without a virtual private network, intensifying government’s hold on public and private discourse.
- Vanguard Hits Pause on Fund Ambitions in China — The decision is part of the U.S. financial giant’s push to focus on dispensing advice in China with Ant Group.
- Factory Fires Point to China Tensions as Violence Escalates in Myanmar — At least 50 die on deadliest day since coup, most in Yangon suburbs where Chinese-owned businesses burned.
- U.S. Deploys Coast Guard Far From Home to Counter China — The service has gotten increasingly active in the Western Pacific as Chinese fishing fleets expand into new waters.
- China Targets Hong Kong Wealth Gap, Housing Woes After Political Purge — Senior officials discuss changes to city’s tax structure and increasing housing supply.
- Fearing a Property Bubble, China Overhauls How It Sells Land — With the yearslong boom continuing despite the coronavirus pandemic, authorities are now sounding the alarm.
- U.S. Secretaries of State, Defense Push Back Against China in Tokyo Trip — Antony Blinken and Lloyd Austin’s visit to Japan, South Korea marks first trip abroad by members of Biden cabinet.
- Swine Fever Resurgence Damps Hopes for U.S. Soybean Farmers — New cases of African swine fever reported in China may dent demand for U.S. agricultural exports.
The Financial Times
- Huawei records biggest jump in patent ownership in 2020 — Chinese group at centre of row with US increases R&D as Beijing pushes for tech self-reliance.
- Alibaba browser pulled from Chinese app stores — Group accused over misleading advertising as Xi Jinping warns tech crackdown will continue.
- Vanguard suspends push for China fund licence — Move by US investment manager comes shortly after unveiling plan to move Asia hub to Shanghai.
- Business worries intensify over China’s tightening grip on Hong Kong — After legislative changes some executives are asking: how much is too much?
- Xiaomi rallies on US trading ban reprieve — Shares rise more than 10% after court blocks investment restrictions against Chinese smartphone maker.
- Dozens killed and Chinese factories torched in Myanmar’s deadliest day — Protesters allege Beijing backed coup that overthrew Aung San Suu Kyi’s government.
Caixin
- In Depth: China Forges Steel Colossus. But Will the Pieces Stick Together? — Baowu has grown at a breakneck pace over the last two years through a rapid-fire string of acquisitions, becoming the world’s largest steelmaker last year.
- Chinese Power Bank Rental Startup Energy Monster Files for U.S. IPO — Chinese portable battery-sharing startup Energy Monster has submitted its application to go public on the Nasdaq.
- Tesla Challenger Xpeng Drives off with $77 Million from Government-Backed Investment Firm — Since its $1.5 billion U.S. initial public offering last August, Chinese electric vehicle startup Xpeng has found favor with outside investors amid its efforts to build smart cars on par with stronger rivals such as Tesla.
South China Morning Post
- China warns European Union against sanctions over Xinjiang — China’s ambassador to the European Union has warned against imposing sanctions on Beijing over its actions in Xinjiang as the bloc decides how to respond to the crackdown on the Uygur minority.
- How China built the world’s largest arch dam in just four years — When China’s newest hydropower plant is completed in July, it will produce 16 times the energy of the Hoover Dam in the United States.
- US-China tech war: Huawei pushes licensing of 5G mobile technology amid struggles with Washington’s trade sanctions — Huawei Technologies Co on Tuesday revealed the royalty rate for licensing its 5G mobile technology for the first time, days after a US government regulator designated the telecommunications giant and four other Chinese companies “a threat to national security”.
Bloomberg
- PBOC Official Proposes New Law to Better Control Financial Risks — China should create a new law to better coordinate policies to maintain financial stability and prevent risks, a senior central bank official proposed to the national parliament earlier this month.
- China Tycoon Who Lost $32 Billion Tries to Salvage an Empire — Wang Jianlin used to be Asia’s richest person, busy expanding his Dalian Wanda Group Co. by acquiring trophy assets overseas, all aided by easy credit.
- Iranian Oil Surge to China Hurts OPEC Efforts to Tighten Supply — The torrent of Iranian oil that’s been gushing into China in recent weeks is crowding out imports from other nations and threatening to complicate efforts by the OPEC+ alliance to tighten supply in the global market.
- China Stocks Crash Can Be Avoided. Just Don’t Expect a Rally — The government’s current priorities mean equities are unlikely to do anything exciting for a while.
- China Mobile Said to Eye A-Share Listing After U.S. Removal — China Mobile Ltd. is considering an A-share listing after the country’s largest wireless carrier was removed from the New York Stock Exchange under a Donald Trump-era investment ban, according to people familiar with the matter.
Reuters
- Exclusive: Investors value China’s Ant Group at over $200 billion after IPO halt – sources — Some of Ant Group’s global investors have valued the Chinese fintech firm at over $200 billion based on its 2020 performance, said people with knowledge of the matter, offering a more sober estimate after the shelving of its IPO and forced restructuring.
- Analysis: Moutai hangover highlights risks in China’s crowded stock bets — A collapse in China’s blue-chip share prices has raised the ire of investors, angry at the way asset managers have crowded into a handful of large stocks and increased market volatility.
- Column: U.S. corn shipments to China due for a pickup in pace — Since last year, China has been importing record volumes of U.S. corn due to a supply shortage and record domestic prices. But U.S. shipments to the Asian country have been slightly disappointing in recent weeks, especially following the standout sales streak at the end of January.
- ByteDance team to develop AI chips as China aims for self-reliance — Chinese TikTok-owner ByteDance is making plans to develop semiconductors, according to the company’s job postings and a source familiar with the situation.
- AFL-CIO urges U.S. to block imports of solar products from China’s Xinjiang — The leader of the AFL-CIO, the largest U.S. labor federation, is calling on the Biden administration and Congress to stop imports of solar products from China’s Xinjiang region over human rights concerns.
Other Publications
- Economist: Why is Beijing’s air quality so bad again? — A sandstorm and rising pollution caused another “airpocalypse”, sending air-quality monitors off the scale.
- Axios: China’s on a mission to dominate space internet — China is ramping up plans for government-sponsored satellites to beam internet from space, taking on U.S. rivals like SpaceX and Amazon in the race to own the next frontier of connectivity.
- Axios: Democrats see China as a test for Republicans — The White House is quietly supporting Sen. Chuck Schumer’s forthcoming legislation to curb China’s global influence to prove Democrats can still work with Republicans despite the GOP voting unanimously against the $1.9 trillion coronavirus relief package.
- The Diplomat: China’s Myanmar Mess — Increasingly, China’s non-action on the Myanmar coup is going against Beijing’s own interests.
- Foreign Affairs: U.S.-China Rivalry Is a Battle Over Values — Great-Power Competition Can’t Be Won on Interests Alone.
- Nikkei Asian Review: Japan’s silicon wafer latecomers turn to China for expansion — Ferrotec and RS Technologies invest in new factories to take on bigger rivals.
- Nikkei Asian Review: Quad leaders hand Australia a bigger stick to fend off China — Beijing’s attempts to bully Canberra have been utterly counterproductive.
