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 Plans to Ask U.S. to Roll Back Trump Policies in Alaska Meeting — For the first high-level session with Biden’s team, Beijing brings an agenda far apart from Washington’s.
- How the WHO’s Hunt for Covid’s Origins Stumbled in China — A team of scientists hoped a mission to Wuhan would provide some clarity about the coronavirus’s origins. New details about the team’s constraints reveal how little power it had to conduct a thorough probe.
- Canadians Face Trials in China After Two-Plus Years’ Detention — Michael Kovrig and Michael Spavor will be tried separately on espionage charges in cases seen as payback for U.S.-China clash over telecom-equipment giant Huawei.
- U.S. Subpoenas Chinese Companies in Security Probe — Move part of effort to target foreign communications technology and services that could threaten national security.
- Katherine Tai Confirmed as Biden’s Trade Representative — China expert previously served as trade counsel for House committee.
- Chinese Video Company Bilibili Eyes $2.8 Billion Hong Kong Share Sale — Video-app operator capitalizing on run-up in shares with plan for secondary listing.
The Financial Times
- EU’s investment deal will give it limited inroads into China — European businesses should not expect a bonanza even if the treaty is ratified.
- Chinese economy: Beijing’s war on the credit boom — A campaign led by vice-premier Liu He to reduce the danger of uncontrolled lending could strangle the private sector.
- US signals tough stance ahead of first meeting with China — Beijing’s hopes of reset dashed by imposition of sanctions over erosion of Hong Kong democracy.
- China dominates global wind industry after record installations — Finding an alternative to coal is the biggest obstacle to Beijing achieving net-zero emissions.
- US warns China it will enforce sanctions on Iran oil shipments — Deliveries from Islamic republic to Beijing have soared in recent months.
- Hong Kong ‘extra cautious’ over museum set to show Ai Weiwei’s work — Carrie Lam says officials will ensure new M+ Museum does not undermine national security.
- US targets Chinese and HK officials for undermining city’s autonomy — Biden signals continuing tough approach to Beijing ahead of first high-level bilateral meeting.
The New York Times
- Canadians to Stand Trial in China for Spying: What We Know — Secrecy and politics will likely hang over the cases involving two Canadian men, who have been held largely in isolation for more than two years.
- North Korean Threat Forces Biden Into Balancing Act With China — Washington’s recent attempts to communicate with Pyongyang were rebuffed, leaving American officials to appeal to countries in the region to help pressure North Korea.
- As Biden and Xi Begin a Careful Dance, a New American Policy Takes Shape — Top administration officials will meet with their Chinese counterparts for the first time on Thursday as the United States shifts to a more competitive posture with Beijing.
- U.S. Punishes 24 Chinese Officials on Eve of First Talks Under Biden — Setting a confrontational tone ahead of meetings in Alaska, the United States punished Chinese officials involved in eroding democracy in Hong Kong.
Caixin
- Courier Service SF Holding Delivers 38% Revenue Surge in 2020 — The Shenzhen-based logistics firm saw e-commerce bring in 44.1 billion yuan last year.
- U.S. Plans to Cut Off China Unicom Over National Security Concerns — Telecoms regulator begins process to revoke wireless carrier’s license to offer U.S.-based services.
- Chinese Chipmaker SMIC Eyes Production Expansion With Shenzhen Project — China’s Semiconductor Manufacturing International Corp. (SMIC) has signed a cooperation framework agreement with the Shenzhen government to jointly invest in a $2.35 billion project, in the latest move to strengthen its chip manufacturing capabilities amid a global chip shortage.
South China Morning Post
- Mr ‘Indispensable’: China’s top diplomat to US Cui Tiankai to stay on in Biden era — China’s top envoy to the United States Cui Tiankai is expected to stay on in the job to help handle the volatile relations between the two countries, according to diplomatic sources in Beijing.
- Blinken asks China to pressure North Korea into abandoning nuclear programme — US Secretary of State Antony Blinken has called on China to use its influence with North Korea to help pressure it into abandoning its nuclear programme.
Bloomberg
- China Ramps Up Farm Imports to Cover Domestic Food Shortages — China, the world’s biggest importer of farm commodities, ramped up purchases in the first two months of this year to plug growing local shortages and to keep food prices under control.
- Taiwan Central Bank Sees Economy Growing Faster, Not Overheating — Taiwan’s economy will grow faster this year than earlier expected but it isn’t overheating, according to the central bank, which kept its key lending rate at a record low for a fourth-straight quarter.
- China Takes Aim at a Booming $7 Billion Market for Dirty Oil — One of the fastest-growing corners of China’s energy market is facing a potentially devastating blow as Xi Jinping’s government increases scrutiny of high-emission fuels.
Reuters
- Top China brokerage CITIC posts 21.9% rise in 2020 profit on stock gains — CITIC Securities Co, China’s biggest brokerage, reported on Thursday a 21.9% rise in profit in 2020, led by strong gains in securities investments.
- Uighur exiles urge Blinken to demand China close Xinjiang camps — The largest group representing exiled ethnic Uighurs has written to U.S. Secretary of State Antony Blinken urging him to demand that Beijing close its internment camps in the Xinjiang region in talks on Thursday.
- China faces difficulties attracting foreign investment this year, ministry says — China faces a severe and complex situation in attracting foreign investment this year, commerce ministry spokesman Gao Feng told reporters in an online briefing on Thursday.
- Lenovo’s parent invests $237 million in Chinese chipmaker Fullhan — Legend Holdings, the parent of the world’s biggest PC maker Lenovo, said it would buy a 15.9% stake in chipmaker Fullhan Microelectronics for 1.54 billion yuan ($236.9 million) in a push to diversify its portfolio.
Other Publications
- Nikkei Asian Review: Ukraine blocks Chinese takeover of jet engine maker on US urging — Motor Sich holds key military technology for Beijing, now Kyiv’s top trade partner.
- Nikkei Asian Review: Bids by Chinese and other companies for Pacific cable no longer valid — US has warned that Beijing could use undersea infrastructure for spying.
- Economist: China is not just shackling Hong Kong, it is remaking it — And it does not think global finance will object.
- Economist: China’s markets are shaking off their casino reputation — Can foreign firms actually win?
- Economist: Baidu turns to personal transport for growth — Will robotaxis and electric cars make up for slowing advertising revenues?
- Axios: McCarthy tries to remove Swalwell from Intel Committee after China spy story — House Minority Leader Kevin McCarthy (R-Calif.) introduced a resolution on Thursday to remove Rep. Eric Swalwell (D-Calif.) from the House Intelligence Committee over his ties to a suspected Chinese spy, Punchbowl News first reported.
- Defense News: McConnell challenges Biden to boost defense budget against China — “If the administration is up to the task, they’ll find strong partners in this Republican conference,” McConnell, of Kentucky, said on the Senate floor. “Here’s one big test: Are they willing to keep investing in our own defense?”
