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 Demographic Balloon Is Rapidly Losing Altitude — Country’s population decline isn’t just about fewer low-cost workers. It will hit China’s development strategy in another way, too.
- From Apple to VW, CEOs Gradually Returning to China After Its Reopening — Despite growing geopolitical tensions, companies pursue business opportunities.
- Don’t Count on China to Save the World Economy — Early signs suggest the country’s economic revival will mostly be felt in service industries at home.
- Amazon, Microsoft, Google Pressured by Chinese Cloud Rivals in Southeast Asia — China’s Alibaba, Huawei and Tencent are investing hundreds of millions of dollars in developing markets including Thailand, Indonesia.
- For Mining EV Metals, the Arctic Is Hot — As the U.S. turns to Canada for ‘critical minerals,’ Europe might come to rely on the historic mining hub of Sweden.
Balloon
- How a Balloon Opened a New Flashpoint in U.S.-China Ties — The sighting over Montana set off questions in Beijing: ‘Whose balloon is this?’
- Why Norad Didn’t Spot Suspected Chinese Spy Balloon — The U.S.-Canada initiative originally designed to detect Soviet missiles has missed other slow-moving airborne threats before.
- China Says U.S. Flew Balloons Through Its Airspace More Than 10 Times — Beijing says flights occurred since start of 2022; U.S. denies sending balloons over China.
- U.S. List of China Balloon Suppliers Hints at New Age in Surveillance — Company profiles point to high-tech parts as military links fuel Washington’s concerns of spy threat.
- U.S. Blacklists Chinese Companies It Links to Balloon Program — Move is in retaliation for suspected spy balloon that traversed U.S.
The Financial Times
- Philippines accuses China’s coast guard of targeting vessel with military-grade laser — Beijing’s near-constant patrols in disputed South China Sea stoke regional tensions.
- MPs and rights activists call for sanctions on Xinjiang official visiting UK — Governor of China’s north-west region set to travel to London and Brussels while his junior officials have been barred.
- Chinese market will rebound from second quarter, says L’Oréal — World’s biggest beauty company expects ‘progressive’ recovery after difficult year due to zero-Covid rules.
- Opinion: China and America are locked in destructive codependence — The global superpowers need each other for economic reasons they would rather not admit. By Rana Foroohar
Balloon
- China accuses US of 10 balloon incursions in its airspace — Washington immediately denies Beijing’s allegations of aerial surveillance.
- US shoots down fourth aerial object over North America — Incident over Great Lakes region comes one week after F-22 fighter downed Chinese balloon.
- Taiwan reveals Chinese military balloons fly ‘very frequently’ into its airspace — Country has observed dozens of surveillance aircraft collecting data in preparation for possible invasion.
- US shoots down unidentified object over Canada — Incident is second in as many days and follows the destruction of Chinese spy balloon off US coast.
- US shoots down ‘high-altitude object’ above Alaska — Incident comes a week after a Chinese spy balloon was downed over the Atlantic Ocean.
- Opinion: Avoiding catastrophe will be the true test of fractious US-China relations — Washington and Beijing must each control their distinct pathologies if they are to put ties on a more stable footing. By Jude Blanchette
The New York Times
- Can a Police Officer Accused of Spying for China Ever Clear His Name? — Federal prosecutors said Baimadajie Angwang was an agent for China who used his N.Y.P.D. job to report on Tibetans. Then, with scant explanation, they abandoned the case.
- Master Hsing Yun, Monk Who Spread Buddhism in China, Dies at 95 — He established a modern brand of Buddhism in Taiwan and opened temples around the world, becoming the rare religious figure backed by Beijing.
Balloon
- China Says U.S. Balloons Entered Its Airspace Over 10 Times Since 2022 — The claim followed a weekend of aerial theatrics, with Washington and Beijing spotting unidentified flying objects in their airspaces.
- China’s Top Airship Scientist Promoted Program to Watch the World from Above — Corporate records and media reports reveal an airship scientist at the center of China’s high-altitude balloon program. Companies he has founded were among those targeted by Washington.
- A Spy Balloon and a Reporting Trip to China, Up in the Air — A Times diplomatic correspondent was looking forward to a trip back to Beijing, until an international crisis erupted.
- U.S. Jet Shoots Down Another Unidentified Object Over Canada — Prime Minister Justin Trudeau said he and President Biden had ordered the object violating Canadian airspace to be taken down, a day after another object was shot out of the sky near Alaska.
- U.S. Blacklists 6 Chinese Entities Involved in Spy Balloon Programs — The action to cut off five Chinese companies and a research institute from American parts and technologies is part of the Biden administration’s response to the balloon it shot down last week.
Caixin
- Cover Story: China’s Hunt for Strategic New Energy Minerals — Chinese companies are scouting the world for mining assets as the country’s booming new energy vehicle industry has boosted demand for lithium, cobalt and nickel — key metals used in batteries for electric and hybrid vehicles.
- Alibaba Exits Indian Payments Giant With $167 Million Share Sale — The Chinese tech major dumps its remaining 3.3% position in digital payments provider Paytm, as it scales back its investments in the South Asian nation.
- Warburg Pincus Wants a Bigger Foothold in China’s Trillion-Dollar Mutual Fund Industry — The U.S. private equity firm is planning to take a stake in Shanghai-based fund manager Lombarda China.
South China Morning Post
- Bye to the West? Hong Kong Monetary Authority eyes Middle East bonds and investment, banks on Gulf states’ need to diversify risk amid tensions — Deputy CEO of city’s de facto central bank cites exchanges on recent trip to region, says there is keen interest in financial hub.
- PDD-backed upstart Temu takes on e-commerce platform Shein in the US with Super Bowl debut — Temu ran a 30-second commercial during Sunday’s National Football League championship game, which was expected to draw tens of millions of viewers.
- Review of Chinese-owned US private schools and military academies sought by American lawmaker — ‘What we’re worried about is a concerted effort by the CCP to influence the next generation of Americans,’ Representative Michael Waltz of Florida says.
Nikkei Asia
- China’s Sany Heavy picks Germany for its European listing bid — Rival to Caterpillar and Komatsu seeks to boost global profile.
- Members of U.S. special committee on China weighing visit to Taipei — Trip would demonstrate ‘we’re strongly on the side of Taiwan,’ key GOP lawmaker stresses.
- Wealthy Chinese ramp up efforts to shift fortunes overseas — Singapore the big winner from Beijing’s inequality and COVID policies.
- China’s Geely raises $750m for Zeekr EV brand — Tesla rival to put funds toward global expansion as it eyes doubling sales.
Bloomberg
- Norway Spy Agency Highlights Chinese Investment Risk in Arctic — Norway’s domestic intelligence service warned that Chinese investment in businesses and properties in the High North may form part of the Communist nation’s espionage and influence efforts focused on the Arctic region.
- Sanctioned Chinese Balloon Firm Linked to ‘Terminator of Drones’ — One of the Chinese entities blacklisted by the US for alleged links to a global espionage balloon program is part of a state-owned conglomerate that develops products including anti-drone systems and blimps.
- Singapore Eyes Chips Investments Amid US-China Tension — Singapore will be looking to win its “fair share” of investments in semiconductor assembly and integrated circuit design, a top official said, amid a growing geopolitical divide between the US and China over trade and technology.
Reuters
- Exclusive: SoftBank’s Arm China lays off workers as outlook grim — The layoffs come as SoftBank tries to set up a public listing for Arm this year.
- Exclusive: China’s CNPC set to seal mega Qatari LNG deal -sources — China National Petroleum Corp (CNPC) is close to finalising a deal to buy liquefied natural gas (LNG) from QatarEnergy over nearly 30 years.
- Analysis: In China, Tesla could win electric vehicle price battle – but lose the war — Tesla has lagged competitors in China in introducing new models, improving navigation systems and adding luxe interior touches or white-glove customer service to serve the developing range of consumer preferences for EVs.
Other Publications
- The Economist: Welcome to the new normal for China’s big tech — What Tencent’s rebound says about the prospects for a once-unstoppable sector.
- The Guardian: Iain Duncan Smith calls for arrest of Chinese governor for ‘crimes against humanity’ — Erkin Tuniyaz is head of the Xinjiang region, where human rights abuses are alleged to be taking place
