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 Property Bust Compounds Economic Pain — The country’s housing market contracted sharply in 2022, and is likely to sink further, economists predict.
- Yellen Plans China Trip as Washington, Beijing Work to Revive Ties — Two nations seek to improve relationship after acrimony over Taiwan and trade.
- Philippine President Marcos Says He Is Seeking Ways to Defuse Tensions With China — He describes a ‘precarious balance’ between U.S. and China. ‘We don’t want to get trampled.’
- StanChart Gets Okay to Set Up Wholly-Owned China Securities Business — Chinese regulators have been busy recently in approving foreign financial firms to set up, or take control of, businesses in China.
- New Technologies Creating New Security Risks, FBI Director Says — Speaking on a panel at the World Economic Forum in Davos, Switzerland, Mr. Wray said that the U.S. is particularly concerned about China’s AI programs and their ability to hack into other countries.
- Crypto Platform Bitzlato Charged With Laundering More Than $700 Million of Illicit Money — Treasury Department also designates platform as a primary money-laundering concern, a rarely used sanction used mostly against banks.
- Kuaishou Co-Founder Sells $483 Million in Stock to Fund Donations — Sale comes after recovery in shares of Chinese short-video app operator.
- Video: TikTok Offers More Transparency to Win Over U.S. Regulators — TikTok is trying a new tactic in its efforts to reach a deal with U.S. regulators that would allow it to keep operating in the county: more transparency. But what exactly is the social-media platform willing to reveal and how much will it help address U.S. concerns about its Chinese ownership?
The Financial Times
- UK universities target overseas students from outside China — India, South Asia and Nigeria become key markets as sector seeks to diversify its intake over political risks.
- Jackson Wang and China’s quest for a global pop idol — The patriotic star embodies a push for success in the west, but can C-pop emulate the soft power of K-pop?
- BHP says China to ‘stabilise’ commodity demand in 2023 — Beijing has indicated it will resume coal imports from Australia in diplomatic thaw.
- Xi warns of Covid spread as China starts lunar new year migration — President says country entering ‘new phase’ of pandemic with focus turning to rural areas.
- Marcos Jr says Taiwan tensions ‘worrisome’ for Philippines — President to tighten military ties with US but also hopes for better links with China.
- US’s Yellen and China’s Liu seek to ease concerns over economic tensions — Beijing and Washington try to counter fears with first meeting of two most senior economic officials in three years.
- Chinese snooker players charged in match-fixing probe — Some accused of betting in scandal that threatens game’s standing in most important market.
- Shein in talks on fundraising that would slash valuation from $100bn to $64bn — Chinese fast-fashion retailer looking to raise up to $3bn at vastly reduced valuation in response to tech downturn.
- China to launch state-owned ride-hailing app to take on Didi — Beijing’s Strong Nation Transport platform will target Communist party members and state workers.
- Opinion: US investors balance ‘Fomo’ and geopolitics in China — Chinese stocks have rallied sharply but the scars of recent experience run deep.
The New York Times
- Entrepreneurs Flee China’s Heavy Hand: ‘You Don’t Have to Stay There’ — Weary of crackdowns and lockdowns, businesspeople are moving out of China and taking their wealth with them. Many have found a new home in Singapore.
Caixin
- In Depth: The Questions Hanging Over Ant Group — Market watchers wonder when the fintech giant will be able to revive its IPO plans and what it will have to give up to get a financial holding company license — one of the last items on its restructuring to-do list.
- Another Central Bank Official Snared in Graft Probe — The investigation into Li Guo may be related to a broader inquiry into corruption in nonbank payment licenses, sources say.
- Xiaomi-Backed Hesai Technology Files for U.S. IPO — Shanghai-based startup aims to become the first publicly traded Chinese maker of lidar sensors for advanced driver-assistance systems.
South China Morning Post
- How Vietnam is learning from the ‘extravagance and consequences’ of China’s industrialisation — Vietnam is taking note of China’s successes and failures over the past five decades as it accelerates its own industrialisation and positions itself to take advantage of multinationals looking to diversify from the mainland.
- As Covid surges in China, hopes for lower Paxlovid prices fade — ‘Financial and social pressure’ made it difficult to obtain the medication, report says.
Nikkei Asia
- Analysis: Jack Ma downfall spells end of China’s golden age — Alibaba founder was blown off the scene like a cloud in the sky.
- Taliban build ties to U.S. rivals with new China oil deal — Isolated government taps resource riches to connect with outside world.
- China’s self-driving car push hits legal and cost roadblocks — WeRide and Pony.ai turn to selling systems for short-term profits.
Bloomberg
- Germany’s Make-or-Break Moment to Defend Its Car Industry Is Here — Generous US aid and China’s expansion are threatening Germany’s role as a top manufacturer.
- China Creates ‘Strong Nation’ App as Data Regime Tightens — China plans to launch a government-backed app to integrate a variety of services including ride-hailing, a sign of more state involvement in a sector wracked by controversy.
- Cost of Covid Is Main Reason Stopping Chinese Traveling Overseas — About 40% of Chinese travelers aren’t planning to venture overseas this year despite the sudden easing of restrictions, mainly because of the financial impact of Covid, according to a survey published Thursday.
- GOP Prods Raimondo on Export-Control Files, Citing China Concern — A top Republican lawmaker asked the Commerce Department for documents linked to the enforcement of export controls on sensitive technologies, amid concerns that the Biden administration isn’t doing enough to restrict China’s access to advanced semiconductors.
Reuters
- Dutch trade minister: won’t summarily agree to U.S. rules on China exports — The top Dutch trade official said the Netherlands will not summarily accept new U.S. restrictions on exporting chip-making technology to China, and is consulting with European and Asian allies.
- Kansas researcher avoids prison in blow to Trump-era China-related probe — Prosecutors had asked U.S. District Judge Julie Robinson in Kansas City, Kansas, to sentence Feng “Franklin” Tao to 2-1/2 years in prison, even after she had thrown out most of his trial conviction for concealing work he did in China.
- Congo sees deal on $6 bln China mining contract overhaul this year — Democratic Republic of Congo expects to reach an agreement on overhauling $6 billion of an infrastructure-for-minerals deal with Chinese investors this year, Finance Minister Nicolas Kazadi told Reuters in an interview.
Other Publications
- The Guardian: A tragedy pushed to the shadows: the truth about China’s Cultural Revolution — It is impossible to understand China without understanding this decade of horror, and the ways in which it scarred the entire nation. So why do some of that era’s children still look back on it with fondness? By Tania Branigan
- Associated Press: Kansas researcher given time served in China-related case — A former researcher who was accused of hiding work he did in China while employed by the University of Kansas, was sentenced Wednesday to time served by a federal judge who said his action did not warrant a prison sentence.
