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
- ATV Industry Rift Exposes U.S. Divide on Chinese Tariffs — Polaris says removing tariffs on Chinese ATVs but keeping them on parts it imports creates ‘unlevel playing field.’
- China Textile Mogul Pushed Into Fashion, Then Ran Into Trouble — Qiu Yafu’s company acquired brands such as Savile Row’s Gieves & Hawkes that are now part of a liquidation process in Hong Kong
- How to Build American Science Back Better — Competing with China in emerging technologies is crucial, but both houses of Congress have come up with strange ways to do that.
- Omicron’s Threat to Global Economy Increasingly Runs Through China — U.S. and Europe are learning to live with the virus, but Beijing’s zero-Covid strategy could hit supply chains.
- Private Equity Surges in China as Broader M&A Market Stalls — Last year saw $580 billion of China-related M&A, with $108 billion involving private equity.
- Chinese Developers’ Sales Tumble in January — Real-estate firms struggle to rekindle interest, despite Beijing’s recent attempts to ease restrictions.
Olympics Coverage
- At the Winter Olympics in Beijing, the Fans Are Seen, but Not Heard — Beijing 2022 organizers have also been eager to ensure that the stands aren’t completely empty, but the identity of those in attendance has been shrouded in some secrecy.
- Eileen Gu Is Dominating the Beijing Olympics—in Skiing and Sponsorships — The commercial success of the U.S.-born skiing star is an exception in China, where the government has tightly controlled athlete sponsorships.
- Jake Chelios Is American, Greek, Scottish, German and Irish. He’s Playing for the Chinese Hockey Team. — The son of NHL legend Chris Chelios is going by his Olympic name Jieke Kailaosi at the Beijing Games.
The Financial Times
- ‘Speed dating’ with Xi: China shows off its new friends at Winter Olympics — Beijing touts ‘solidarity’ with partners such as Moscow in face of US-led diplomatic boycott.
- Lingerie maker for Rihanna and H&M up for sale — Hong Kong’s Hop Lun boasts higher revenue on increased pandemic demand for comfy underwear.
- Lithuania tests the EU’s resolve on Chinese economic coercion — Beijing is targeting the Baltic nation after it allowed Taiwan to open a de facto embassy. How will Europe respond?
- China defies Covid and condemnation to pull off Winter Games — Virus containment bubble and athletes’ success bolster Beijing’s confidence on global stage.
- Boris Johnson seeks to forge closer economic ties with China — Prime minister authorises restart of bilateral forum focused on trade and investment.
- Ukraine crisis pushes Russia and China into a closer embrace — Beijing and Moscow are jointly pushing back against US dominance.
The New York Times
- China’s Censors Have a New Target: ‘Friends’ — The popular sitcom has become the latest target of China’s censorship campaign. The awkward cuts have not been missed by fans of the show in the country.
- Eileen Gu Qualifies for Slopestyle Final — The 18-year-old skier, who grew up in California but competes for China, already has one gold medal in big air.
- After a Reply on Instagram, Eileen Gu Faces Criticism Over ‘Special Treatment’ — Social media users criticized the Chinese American skier after she suggested they download tools to use the internet that are illegal for most Chinese citizens.
- 50 Years Later, Some Question Value of U.S.-China ‘Panda Diplomacy’ — In 1972, China sent two pandas to the United States as a gesture of good will. In recent years, experts say the animals have taken on a new role: softening China’s authoritarian image.
Caixin
- Cover Story: State Insurance Boss’s Capital Games in Hong Kong — How the former chief of Taiping Insurance wove a web of shady deals and came under investigation by graft busters.
- Property Giant Vanke Prepares for ‘Life or Death’ Battle Amid Flagging Market — China’s second-largest developer plans to shrink balance sheet, cut costs to cope with sluggish demand.
- BlackRock Unit Gets Green Light to Join Personal Pension Trial in China — U.S. asset manager’s joint venture will sell retirement wealth management products in Guangzhou and Chengdu for a one year trial period.
South China Morning Post
- The past, present and future of oil in China’s Xinjiang Uygur region — The vast Xinjiang region on China’s far western border is one of its largest, the rolling expanse of deserts, mountains and grasslands making up almost a fifth of the national land mass.
- India bans 54 Chinese apps, including those of Tencent, Alibaba and NetEase, on security concerns, report says — India has banned 54 Chinese apps in a new order citing security concerns, according to a local newspaper report, marking the latest instance of tensions between the two neighbours locked in a protracted border dispute that has affected business dealings.
- Hong Kong rules out lockdown but will set up joint task forces with Guangdong to combat rising fifth wave — After meeting mainland Chinese officials in Shenzhen, Chief Secretary John Lee says central government has agreed in principle to all of Hong Kong’s requests for help.
Nikkei Asia
- New York set for first Chinese IPO in seven months — Small companies flock to apply to list amid greater regulatory clarity.
- Xi’s Olympics diplomacy stumbles as leaders avoid Beijing Games — Saudi Arabia and India’s delegations cancel at last minute.
- Opinion: China Tech loses its edge as data regulation laws bite — Businesses suffering as officials become de facto product managers. By Angela Huyue Zhang
Bloomberg
- China’s Approval of Pfizer Pill Opens Door to Ending Covid Zero — China’s surprise decision to clear Pfizer Inc.’s coronavirus pill for use offers rare insight into how Beijing may be planning to move beyond the Covid Zero strategy that’s leaving it increasingly isolated.
- Hong Kong’s Covid Crisis Opens Door for China to Cement Control — Hong Kong’s leaders have spent much of their political capital over the past two years eradicating the opposition rather than vaccinating their most vulnerable residents. Now as cases spike to fresh highs, city officials are going even further to align with mainland China.
- China Builder Bond’s 60-Cent Drop Shows Transparency Risk — Zhenro Properties Group Ltd.’s spiraling bond prices show just how risky it is to invest in Chinese developer debt — even when a repayment looks imminent.
Reuters
- U.S. plans Solomon Islands embassy in push to counter China — The United States will open an embassy in the Solomon Islands, Secretary of State Antony Blinken said on Saturday as he committed more diplomatic and security resources into the Pacific as a counter to China’s drive for greater influence.
- U.S. supplies give China muscle to become major force in global LNG trade — Chinese firms are set to become a major trading force in the global liquefied natural gas market in coming years, thanks to liberalisations at home and recently signed long term contracts for record amounts of LNG from U.S. suppliers.
- Hong Kong “overwhelmed” as COVID infections hit record — The latest wave of COVID-19 infections has “overwhelmed” Hong Kong, the city’s leader said on Monday as daily cases surged by some 20 times over the past two weeks, leaving hospitals short of beds and struggling to cope.
Other Publications
- Rest of World: Here’s what actually happens to all your online shopping returns — Ordering clothes from Chinese brands like Shein is easy. Sending them back is a lot more complicated.
- The Information: Jack Ma’s Alibaba Heir Faces Growing Doubts — Chatter in the cafeteria of Alibaba’s headquarters in Hangzhou, two hours’ drive from Shanghai, often turned to tanking employee stock options, Zhang’s leadership team and whether the 50-year-old former accountant is the right person for the job, several managers told The Information.
- The Information: TikTok Wants to Avoid Facebook’s Mess. Its Corporate Culture Could Complicate That — Just as extraordinary as the speed of its ascendance is the fact that it originated in China, a country that has produced plenty of gargantuan internet success stories—but none of them with the kind of success TikTok has outside China.
