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
- North Dakota Turns Against Chinese Corn Mill Project — Grand Forks mayor says he will move to halt Fufeng project near air base after Air Force calls it a security threat.
- Leaders of Self-Driving-Truck Company Face Espionage Concerns Over China Ties — National-security review sparked concerns over TuSimple’s alleged tech transfer to China.
- U.S. Pursues India as a Supply-Chain Alternative to China — Biden administration turns to New Delhi as it seeks to steer critical technologies away from Beijing.
- Russia’s ‘Energy Weapon’ Is Hurting China Too — Europe has proved surprisingly resilient, but high global gas prices are punishing parts of northern China amid record low temperatures.
- China Looks to Overhaul IPO Process — The China Securities Regulatory Commission said on Wednesday that it is looking to shift to a registration-based system for all IPOs.
The Financial Times
- Czech president-elect says west must accept China is ‘not friendly’ — Petr Pavel challenges Beijing by becoming Europe’s first elected head of state to speak to Taiwanese president.
- Hong Kong’s economy contracts more than expected in 2022 — Chinese territory’s GDP shrinks 3.5% after pandemic curbs stifle trade, tourism and retail.
- China’s baijiu makers risk hangover from liquor glut despite new year’s binge — Industry was among first to benefit from country’s reopening but distributors struggle to offload inventory.
- US and India launch ambitious tech and defence initiatives — Effort designed to counter China in the Indo-Pacific and wean New Delhi off its reliance on Russia for weapons.
- Geely to float arm of carmaker Lotus via $5.4bn deal with Spac vehicle — Division of sports car group planning electric SUVs will list on Nasdaq this year.
The New York Times
- Air Force Says Proposed Chinese-Owned Mill in North Dakota Is ‘Significant Threat’ — A proposal for a corn mill, which had been welcomed as an economic development success, reflects just how much things have changed with Chinese investment proposals in the U.S.
- As China’s Covid Tsunami Recedes, Relief, Grief and Anxiety Follow — Officials say an onslaught of infections has slowed, and many people seem eager to move on. But fresh flare-ups could bring more illness and deaths.
Caixin
- Jack Ma Meeting Rumor Sends Stock of Thai Giant’s Unit Soaring — CP Group subsidiary Chia Tai Enterprises traded at HK$6.98 at one point on Wednesday, more than eightfold Monday’s opening price.
- Sany Heavy, Zoomlion Warn of Tumbling Profits on Covid-Hit Economy — China’s top construction-machinery makers estimate earnings may have dropped more than 60% last year.
- In Depth: A Metal Tycoon’s Liquidity Woes Disrupt China’s Copper Trade — Bankruptcy restructuring of He Jinbi’s Covid-crippled Maike Metal International threatens a third of China’s copper imports.
South China Morning Post
- How US-Japan-Netherlands agreement on chip export restrictions may play out in China — How the US-Japan-Netherlands agreement to restrict chip manufacturing technology exports to China will impact the country’s chip makers depends on scenarios that have yet to be tested.
- Is this China’s next economic tsar? Central bank visit by He Lifeng ramps up public profile — Beijing again puts He Lifeng alongside senior cadres during a high-profile stop at the People’s Bank of China, leading to increased speculation about major economic policy changes.
- US says China is still failing to crack down on copyright infringement and IP piracy — Washington’s updated list comes as economic ties between the superpowers remain strained, and as America has ramped up its tech-containment efforts targeting China.
Nikkei Asia
- China stocks draw record foreign buying in reopening rally — January purchases of mainland shares eclipse 2022 on post-COVID recovery bets.
- Jack Ma’s movements send Hong Kong penny stock soaring — Chia Tai up nearly 800% after Ma meets with head of Thailand’s CP Group.
- NATO chief says China has ‘no justification’ for Taiwan threats — Stoltenberg warns that any Beijing move will trigger ‘severe consequences’.
Bloomberg
- China Proposes IPO Reforms to Overhaul $11 Trillion Stock Market — China’s regulator issued a draft proposal to ease rules for initial public offerings across all its trading venues in a bid fuel access to funding in the nation’s $11 trillion equity market for millions of smaller companies.
- Key Apple Partner’s Ties to Taiwan Think-Tank Risk China’s Ire — A think-tank run by Taiwan’s ruling Democratic Progressive Party has named the chairman of iPhone assembler Pegatron Corp. to its board, a move that could draw scrutiny from China.
- Opinion: US Chips: Biden’s Plans to Block China’s Access Will Backfire — Curbing Beijing’s access to cutting-edge technology will cause collateral damage. It’s not worth the risk. By Anjani Trivedi
- Opinion: China’s Solar Power Boom: Don’t Let Shein Be the Model — Beijing’s formidable solar supply chain may help decarbonize the world, but it’s falling short at home. By David Fickling
Reuters
- China leads the world in counterfeit, pirated products – U.S. report — China leads the world in counterfeit and pirated products, the office of USTR Katherine Tai said in a report on Tuesday which identified WeChat as “one of the largest platforms for counterfeit goods.”
- U.S. official acknowledges Japan, Netherlands deal to curb chipmaking exports to China — “We can’t talk about the deal right now,” Deputy Commerce Department Secretary Don Graves said on the sidelines of an event in Washington. “But you can certainly talk to our friends in Japan and the Netherlands.”
Other Publications
- BBC: How US Marines are being reshaped for China threat — Behind the scenes, this renewed focus on Asia has sparked a fierce debate within one of its most fabled military forces.
- Politico: Opinion: We Already Have 18 Intelligence Agencies. We Still Need 1 More. — The Commerce Department needs its own intel officers to take on China. By Jonathan Panikoff
- ChinaFile: Where Does Xi Jinping Go from Here? — A Rocky Couple of Months Are Unlikely to Shake the Chinese Leader’s Grip on Power. By Neil Thomas
- The Globe and Mail: Parliament poised to vote on asylum for Uyghurs fleeing China — Parliament is poised to vote on making room for Uyghurs in Canada’s refugee intake, while a new report describes a dire humanitarian crisis unfolding for the minority fleeing repression in China.
- CSIS: CCP Inc.: The Reshaping of China’s State Capitalist System — This CSIS report distills key observations about the changing nature of China’s domestic economic management and the international behavior of Chinese companies, state organizations, and financiers.
