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
- TikTok’s Talks With U.S. Have an Unofficial Player: China — ByteDance is under pressure from the U.S. to silo—or divest—TikTok’s American operations, but the company also has to navigate Beijing’s druthers.
- Ford Invests $3.5 Billion in Michigan Battery Plant With Chinese Partner’s Technology — The facility will help the auto maker reach a goal of producing 2 million electric vehicles annually later this decade.
- Beijing Urges Rural Officials to Hire Humans—Not Machines — With migrant workers’ opportunities dwindling, authorities are pressing local officials to find more for them to do, even if some of the work is inefficient.
- Iran’s President Visits China Amid Tensions With U.S. — Beijing is a lifeline for the Islamic Republic’s crippled economy, but ties were strained after China’s leader visited Tehran’s foe Saudi Arabia.
- Philippines Says Chinese Ship Flashed Military-Grade Laser to Disrupt Coast Guard Mission — Incident is latest involving disputed South China Sea atoll.
- Investors Pour Into Chinese Stock Funds in Reopening Bet — Funds that buy China’s equities have seen five consecutive weeks of inflows, stemming exodus
Balloon
- U.S.’s Asia Allies See New Threat From Balloons Amid China Spying Row — Washington’s charge that Beijing is using balloons for global espionage program likely ends region’s tolerance for the high-altitude visitors.
- Chinese Balloon and Mystery Objects Raise Question of Who Controls ‘Near Space’ — Nations govern airspace up to 60,000 feet, but above that no international agreement exists.
The Financial Times
- Singapore’s GIC rethinks China strategy after significant pullback — Sovereign fund has reduced private investments following Beijing’s tech crackdown and property market turmoil.
- Opinion: China shows that suppressing strikes only fuels discontent — Industrial action expresses anger that otherwise builds up in more costly ways. By Yuan Yang
Balloon
- Sunak says UK will do ‘whatever it takes’ as concern mounts over spy balloons — London launches security review after US shoots down ‘unidentified object.’
- Balloons, aliens, Chinese espionage: US struggles to explain aerial encounters — Officials say altitude, size and speed of flying objects muddle picture while treacherous conditions obstruct recovery.
- US recovers electronic components from suspected Chinese spy balloon — White House says no evidence three other aerial objects engaged in surveillance but cannot rule it out.
The New York Times
- The Toll That Twitter’s Glitches Is Taking on Chinese Activists — As the Elon Musk-owned social media service encounters interruptions and bugs, Chinese dissidents and activists said they feared they were being muzzled.
- Ford Will Build a U.S. Battery Factory With Technology From China — Ford’s $3.5 billion plant in Michigan will draw on technology from CATL, a Chinese company that is the world’s No. 1 maker of electric-car batteries.
Balloon
- China Tries to Depict Furor Over Spy Balloon as Sign of U.S. Decline — Ignoring charges of spying, Beijing says Washington’s “overreaction” is a symptom of the country’s broken politics.
- U.S.-China Tensions Rise Over Spy Programs Amid UFO Investigations — The Biden administration is looking into mysterious U.F.O. encounters and pushing back against China over accusations of widespread espionage.
Caixin
- Beijing Government Pledges Support for Homegrown Answer to ChatGPT — In a white paper released Monday, authorities highlighted the Chinese capital’s leading role in the country’s AI research, promising support for local tech firms in the sector.
- China’s Local Governments Go on Hiring Spree to Spur Growth — China’s provincial governments plan to boost annual recruitment of civil servants by 16% this year.
- China’s Charity Law Revision Aims to Make It Easier for NGOs to Get Involved — Authorities are seeking to better flesh out how to incorporate ‘social groups,’ such as grassroots and private organizations, in tackling crises.
South China Morning Post
- China-Australia normal trade resumption may be at hand, but what still stands in the way? — Sources say a Beijing visit by Australian prime minister is already being prepared, but don’t expect a formal invite until after Beijing’s leadership reshuffle.
- Beijing drops need for US consul general to ask permission to meet Hong Kong politicians and officials — Beijing replaces need to ask permission for talks with requirement to give notice of five days.
- Hong Kong leader John Lee doubles down on passing Article 23 national security law this year or next — Veteran political observers say Beijing’s priorities for city have shifted, urging Lee to wait until after Taiwan’s election early next year and focus on local economy.
- He Jiankui, Chinese creator of world’s first gene-edited babies, cancels Oxford event — He, who has been the subject of controversy and a jail sentence, says he is not ready to discuss the past three years.
Bloomberg
- US, China Diplomats Weigh First Meeting After Balloon Drama — Secretary of State Antony Blinken is considering a meeting with Wang Yi, China’s top diplomat, at a security conference later this week, people familiar with the matter said, in what would be their first face-to-face talks since an uproar over a Chinese balloon led to a new spike in tensions.
- Once-Hot EV Metals Fragile as China Warning Follows Goldman — Battery-metals prices are set to retreat from highs this year as surging supplies trigger gluts, a leading Chinese industry group warned following a similar note of caution from Goldman Sachs Group Inc.
- China’s Wind and Solar Are Now Almost Enough to Power Every Home — Wind turbines and solar panels are now generating almost enough electricity to power every home in China.
- China’s Economic Bonanza from Record Trade Surplus Is Fading — China may lose a key support for economic growth and the yuan this year as residents flock overseas again and exports continue to plummet because of a global slowdown.
Reuters
- Ford to build battery plant in Michigan in drive with Chinese tech partner — Michigan approved just over $1 billion in incentives over 15 years to win the project.
- Hong Kong adds security law clauses to land sales, property stocks drop — Hong Kong’s Lands Department has added national security clauses to all land sale and short-term lease tender documents in the Asian financial hub, the Development Bureau said on Monday.
- Chinese chip designer Unisoc seeks to raise $1.5 bln in private funding – sources — Unisoc is controlled by private equity firm Wise Road Capital, which took over the company in 2022 after Tsinghua Unigroup, its former parent company, faced bankruptcy.
Other Publications
- Politico Europe: Xinjiang governor cancels EU visit amid Uyghur abuse blowback — China’s foreign policy chief will still visit Europe, while the EU will restart human rights talks with Beijing.
- NBC News: ‘A serious committee’: Lawmakers have high bipartisan hopes for China panel as tensions rise — The spy balloon isn’t the focus of the new House committee on China, but it underscores the military, economic and technological threat from Beijing, Republicans and Democrats say.
Balloon
- Politico: Balloon furor deflates China’s commercial charm offensive — Chinese officials have been blanketing Washington with pleas for a trade detente in 2023. The balloon incident blew up their campaign.
- The Atlantic: China’s Balloon-Size Blunder Is a Huge Opportunity — Beijing has given the United States a rare opportunity to rally public concern and build international solidarity. By Richard Fontaine
- Foreign Policy: The U.S. Overreacted to the Chinese Spy Balloon. That Scares Me. — So unused to being challenged, the United States has become so filled with anxiety over China that sober responses are becoming nearly impossible. By Howard French
In Case You Missed It
- The Wire China: The Balloon Scientist and His Financier — Unraveling the network of companies behind China’s balloon program.
- The Wire China: Virginia’s Missed Connection — Some experts warn that the governor’s decision to reject Ford and CATL’s battery plant was a missed opportunity.
