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
- Well-Known Chinese Financier Is Unreachable, His Firm Says — Fan Bao built China Renaissance by advising some of China’s most dynamic technology companies.
- China Renaissance Seeks to Assure Clients After CEO’s Disappearance — Chief Executive Fan Bao has built relationships with a who’s who of China’s tech sector.
- Hyatt Says Its Chinese Business Has Been ‘Stunning’ — “The first weeks of February, we were at higher occupancies in our system in China than we did in the United States.”
- Justice Department to Increase Scrutiny of Technology Exports, Investments — The deputy attorney general says federal prosecutors will team up with the Commerce Department to police technology exports that could pose a national security threat in the hands of foreign adversaries such as China and Russia.
- Video: Tesla’s Growing Competition in China Goes Beyond Just EVs — China-based BYD has closed in on Tesla’s share of the EV market in China.
Balloon
- Biden Says Unidentified Flying Objects Not Linked to Chinese Spy Activity — President says three of the aerial objects taken down by U.S. were likely tied to private companies or related to recreation or research.
- China’s Balloon Program Combines Commercial and Military Capabilities — Work of a single balloon expert underscores Beijing’s objectives.
- Trump-Era Officials Were Aware of Suspected Balloons in U.S. Airspace — Some in Pentagon suspected China links but didn’t reach definitive conclusions.
- When U.S.-China Relations Go ‘Pop’ — Even with both sides trying to re-engage, Sino-U.S. relations keep getting more tense.
The Financial Times
- Shein gives investors lofty revenue projections as it prepares for IPO — Online fashion group projects sales of $60bn by 2025 even as competition grows and its valuation tumbles.
- China’s top tech dealmaker Bao Fan goes missing — Investment bank China Renaissance says it has been unable to contact its founder.
- Top Chinese investment bank reassures staff after founder goes missing — Shares plunge as company says information on Bao Fan ‘is limited’.
- Pentagon’s top China official visits Taiwan — Rare trip to island is only second in four decades by high-level US defence official.
- Xi Jinping’s anti-corruption crusade gets primetime TV treatment — ‘The Knockout’ seen as a way for Communist party to shore up credibility after zero-Covid blunders.
- Portugal joins clampdown on ‘golden visas’ for wealthy — Lisbon follows Dublin in scrapping right of non-Europeans to claim residency in return for investment.
- Biden to speak with Xi to ‘get to the bottom’ of spy balloon incident — Appearance of aircraft and subsequent shooting down has sparked another crisis in US-China relations.
The New York Times
- Why China Didn’t Invent ChatGPT — The state’s hardening censorship and heavier hand have held back its tech industry; so has entrepreneurs’ reluctance to invest for the long term. It wasn’t always that way.
Balloon
- Behind the Balloon Is China’s Push for Business to Serve the Military — The Chinese government has tried to meld its military and civilian innovation, prompting a backlash from the United States.
- Biden Tries to Calm Tensions Over Chinese Aerial Spying — The president said he will speak soon with President Xi Jinping to register his objection to the Chinese surveillance machine that was recently detected and shot down.
Caixin
- In Depth: Japanese, German Carmakers Lose Ground in China After Falling Behind on EVs — The likes of Nissan and VW have lost market share as Chinese competitors capitalized on their early jump into the segment.
- Chinese Airlines Take Off in January as International Travel Surges — Big carriers report huge rise in demand after scrapping of quarantine requirements and resumption of cross-border flights.
- China’s Solar Exports Soar 80% Despite Rising Headwinds — In the face of trade frictions and rising competition, 2022 shipments reach a record $51.3 billion, and demand is still climbing.
South China Morning Post
- China urges US to help fix ‘spy balloon’ damage to ties, after Biden pledges to talk it over with Xi — Call from Chinese foreign ministry comes after US President Joe Biden in national address says he expects to be speaking to China’s Xi Jinping.
- China announces new mega airport for economic engine Yangtze River Delta — About 100km away from Shanghai’s two existing airports, the new flight hub will be larger than Shanghai Hongqiao International Airport in size and be able to handle an annual throughput of 40 million passengers.
- Arm China cuts more than 100 jobs after a 96 per cent dive in profits last year amid tough chip market — Chip design firm Arm China cut jobs from its high-performance computing and system-on-a-chip departments, sources say, after a tumultuous 2022 for the firm.
Bloomberg
- China to Scrutinize Ford-CATL EV Battery Deal to Ensure Core Technology Isn’t Shared — Beijing concerned Ford may access sensitive battery tech.
- China Removes PICC, Bank of China Chairmen From Party Roles — China has removed the Communist Party chiefs from two of its biggest state-owned financial firms, sparking concerns of a renewed clampdown on the sector.
- Star Banker’s Disappearance Unnerves China’s Business Elite — Bao Fan’s knack for closing complicated deals and spotting rising tech stars made him one of China’s most influential financiers.
- ‘Broker Butcher’ Set to Be China’s Top Securities Regulator — Wu Qing, a 57-year-old who earned the nickname “the broker butcher” for cracking down on traders in the mid-2000s, is slated to become the head of the nation’s securities regulator.
- Congo Government Watchdog Demands Billions of Dollars More From China Deal — The Democratic Republic of Congo’s government watchdog called for a major overhaul of the country’s $6.2 billion minerals-for-infrastructure deal with China after its investigations found significant breaches of the 2008 agreement.
Reuters
- Uyghur groups call for U.N. action against China over rights abuses — Uyghur advocacy groups called on United Nations bodies to take action against China on Thursday over its abuses against the mainly Muslim ethnic minority.
- Missing China bank boss is the wrong big deal — The former Morgan Stanley banker earned respect by brokering tough merger talks that led to the rise of household names including food delivery giant Meituan.
- Former UK PM Truss calls for tougher China policy in first speech since resigning — Former British prime minister Liz Truss will call on Friday for Taiwan to be given more arms and for the Group of Seven nations to agree a coordinated package of sanctions against China if there is an escalation of military tensions around the island.
The Economist
- Chinese propaganda is surprisingly effective abroad — A new study shows how and where China’s message resonates.
- China is losing Taiwanese heart and minds — A Buddhist master’s death robs China of a champion in Taiwan.
- Why more Chinese tourism means more capital flight — Many billions of dollars escape under the cover of holidays.
Other Publications
- The Globe and Mail: CSIS documents reveal Chinese strategy to influence 2021 election — The full extent of the Chinese interference operation is laid bare in both secret and top-secret Canadian Security Intelligence Service documents viewed by The Globe and Mail that cover the period before and after the September, 2021, election that returned the Liberals to office.
- The Washington Post: Before they floated abroad, China’s spy balloons were already used at home — The devices have been deployed to monitor residents in the western region of Xinjiang, support security for the Shanghai Expo and patrol for terrorist activity in remote mountainous regions of the country.
- Politico Europe: Rishi Sunak risks Tory backlash with plan to send UK minister to China — US, EU and French governments also planning visits to China this year.
