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
- U.S. Warns China Against Supplying Arms to Russia in Ukraine War — Secretary of State Blinken says Beijing is considering providing lethal support to Moscow for the conflict, as bitter fighting continues.
- Chinese Visit to Moscow Showcases Deepening Ties With Russia — Trip by China’s top diplomat reflects close relationship between the countries amid animosity with the West.
- Chinese Drones Still Support Russia’s War in Ukraine, Trade Data Show — Despite sanctions, Kremlin continues to deploy small unmanned Chinese aircraft.
- Blinken, China’s Top Diplomat Hold First Meeting Since Balloon Incident — In Munich meeting, spokesman says Blinken told China’s Wang balloon flights mustn’t happen again.
- China’s State-Owned Property Developers Shun Private-Sector Deals — Government hopes for a market solution have been dashed.
- HSBC Rift With Top Shareholder Ping An Goes Back Years — China’s largest insurer wanted to get board seat, become partner in business ventures.
- U.S., Canada Abandon Search for Downed Objects — End means Americans might never receive a conclusive accounting of exactly what was hit.
- A Balloon Engineer Explains What’s Up — The recent kerfuffle over the alleged Chinese spy balloon highlights a ‘really cool technology’ that has become more sophisticated than you might think.
The Financial Times
- Disappearance of dealmaker Bao Fan casts chill across China’s tech sector — Fate of China Renaissance banker seen as test of Beijing’s stance after regulatory crackdown.
- China plays catch-up to ChatGPT as hype builds around AI — Baidu and Alibaba tout innovations but are disadvantaged by lack of suitable data and computing power.
- BrewDog to expand in China after Budweiser tie-up — Maker of Punk IPA says it wants to take advantage of Chinese drinkers’ growing interest in craft beer.
- US warns China not to supply lethal aid to Russia — Terse exchanges mark first official meeting between Washington and Beijing since spy balloon shot down.
- First official Chinese visit to Taiwan in three years underscores strained ties — Low-profile trip highlights difficulty for Taipei to engage with Beijing after increased military activity.
- Dollar funding for Chinese start-ups dries up — The country’s newest crop of technology companies is more likely to list at home rather than in the US.
- Chinese peace proposal on Ukraine provokes western scepticism — Beijing’s top diplomat said its position paper would be based on respecting national sovereignties.
- Clothing companies look to reduce China manufacturing exposure — Brands have begun to shift away from mass textile production in the country as they seek to reduce supply chain risks.
- White House to hold secret talks with Taiwan officials in Washington — Dialogue is part of ‘special channel’ of diplomacy as US-China relations worsen over spy balloon drama.
- Beyond the balloon: the US-China spy game — Chinese state intelligence-gathering has grown in ambition and scale, leaving Washington struggling to catch up.
- US wraps up Chinese spy balloon debris salvage operation — Pentagon said mission was concluded on Thursday and parts were being sent to FBI lab.
The New York Times
- With an Eye on China, Philippines Moves Closer to U.S. Interests — Driven by worry about China’s aggression, President Ferdinand Marcos Jr. has adopted the most muscular foreign policy approach that the Philippines has seen in close to a decade.
- China Says U.S. Is ‘Not Qualified’ to Issue Orders on Arms — Beijing is trying to preserve ties with Moscow while asserting it is a neutral observer trying only to coax Russia and Ukraine into peace talks.
- U.S. Warnings to China on Arms Aid for Russia’s War Portend Global Rift — Secretary of State Antony J. Blinken says Washington has indications that Beijing is strongly considering giving military aid to Moscow for the war in Ukraine.
- Blinken Has Tense Meeting With Chinese Official Amid Spy Balloon Furor — The meeting resumed diplomatic contact between Washington and Beijing that had been frozen since the U.S. shot down a Chinese spy balloon.
- Chinese Official Calls U.S. Response to Balloon ‘Absurd and Hysterical’ — Wang Yi spoke at the Munich Security Conference as suspense mounted over whether he might meet on the sidelines with Secretary of State Antony J. Blinken.
- China’s Balloons Draw Attention to an Overlooked Canada-U.S. Partnership — For more than 60 years the two countries have shared responsibility for protecting North American airspace through the joint command known as NORAD.
- Balloon Crisis Highlighted a Split in China’s Leadership, Pentagon Official Says — A top U.S. military official said he believed that Xi Jinping, China’s leader, was likely unaware of the Chinese spy balloon that traversed the United States until the controversy erupted.
- U.S. and China Vie in Hazy Zone Where Balloons, U.F.O.s and Missiles Fly — American officials are worried China is far along in developing military technology that operates in the unregulated high-altitude zone of “near space.”
Caixin
- In Depth: Hiring of ICBC Veteran Looms Over Disappearance of China Renaissance Founder — Bao Fan’s disappearance is likely linked to that of former company executive Cong Lin in September, whom the investment bank poached from the state-owned lender in 2020, sources say.
- China Renaissance Shares Nosedive After Founder’s Disappearance — Stock’s loss of as much as 50% in Hong Kong wipes out up to $357 million of market value after billionaire Bao Fan is reported missing.
- China Completes Rollout of New IPO System With Inclusion of Main Boards in Shanghai, Shenzhen — The registration-based system is aimed at simplifying the listing requirements and giving bourses a bigger role in reviewing applications.
South China Morning Post
- PDD’s Temu budget shopping app records surge in weekly US sales ahead of its biggest campaign during Super Bowl Sunday — Launched in the US last September, Temu recorded a gross merchandise volume exceeding US$50 million in the week through February 5.
- China’s tech regulator meets top bosses from Didi, Baidu, Tencent, Xiaomi, NetEase as Beijing eases crackdown — Didi founder and CEO Cheng Wei made his first appearance at the symposium since China launched a cybersecurity probe into the firm in 2021, as Beijing eases its restrictions on the tech sector.
- China’s top EV battery maker CATL’s big discounts to Nio, Li Auto could force rivals to cut prices, with benefits cascading to consumers — CATL, which is facing intensifying competition from smaller rivals, has agreed to offer top clients like Nio, Li Auto, Huawei and Zeekr batteries at sharply lower prices for the next three years, industry sources said.
- Hong Kong courts will need chief executive’s permission to accept foreign lawyers for national security cases as part of legal changes triggered by Jimmy Lai’s trial — Chief executive’s rulings to govern all cases, criminal and civil, related to national security, Department of Justice proposes.[1]
Nikkei Asia
- Chinese reopening rally stalls as foreign investors cut purchases — Recovery hopes wane after property sales, cargo shipments prove disappointing.
- Justin Sun to move crypto exchange Huobi’s Asia HQ to Hong Kong — Decision comes as city looks to become regional leader in digital assets.
- China’s BYD poised to vie with Tesla in luxury EV market — Low profits drive maker into high-end segment, but company faces curbs overseas.
Bloomberg
- Top Chinese Scientists Sketch Out Plans to Thwart US Chip Curbs — Key members of China’s most influential scientific body have outlined the country’s plan to circumvent US chip sanctions for the first time, codifying Beijing’s view of how it could win a crucial technological conflict with Washington.
- Chinese Ride-Hailing Firm Dida Revives $200 Million HK IPO — Dida Inc. is considering raising about $200 million through its planned Hong Kong initial public offering, people familiar with the matter said, paving the way for the first listing by a Chinese ride-hailing startup since Didi Global Inc.’s ill-fated share sale in 2021.
- China Professor Suspended After Student Says He ‘Worships’ West — A Chinese professor has been suspended by his university after a talk he gave at a school prompted an outburst from a student who accused him of worshiping the West.
Reuters
- China’s solar, wind power projects need more policy support, says energy authority — China’s renewable energy projects are struggling to get access to land, while in some areas, the grid cannot absorb all the power generated.[2]
- China’s new rules for offshore listings spark concern about lengthy approval process — New rules laying out how Chinese companies can list outside mainland China will often mean getting a nod from several domestic government agencies.
- Mexico’s Lopez Obrador orders ministry to step up lithium nationalization — “What we are doing now … is to nationalize lithium so that it cannot be exploited by foreigners from Russia, China or the United States,” Lopez Obrador said at the event.
Other Publications
- Associated Press: Congress delegation visits Taiwan in tense US-China moment — The delegation that arrived Sunday includes Reps. Ro Khanna of California, Tony Gonzales of Texas, Jake Auchincloss of Massachusetts and Jonathan Jackson of Illinois.
- Rest of World: China beats Tesla to Nigeria’s lithium riches — China already controls 60% of the world’s lithium processing. Now it’s exploring new frontiers to expand its dominance.
- The Globe and Mail: CSIS reports outline how China targets Canadian politicians, business leaders — Canadian politicians, officials and business executives are the prime targets of Chinese government espionage that employs blackmail, bribery and sexual seduction, with the country even enlisting the Bank of China in its foreign-influence activities.
- Foreign Affairs: The Developing World’s Coming Debt Crisis — America and China Need to Cooperate on Relief. By Deborah Brautigam
- The Washington Post: Opinion: In Munich, China slapped away America’s outstretched hand — The Biden administration came to Munich this weekend eagerly courting a reset with China, but in public and in private, China’s top diplomat rejected the overture. By Josh Rogin
In Case You Missed It
- [1] The Wire China: Jimmy Lai’s Day in Court — The drawn-out trial of the media mogul and pro-democracy advocate is reshaping Hong Kong’s judiciary.
- [2] The Wire China: China’s Under-Used Grid — A look at China’s electricity grid: how it works, who foots the bill, and how its structure leads to power crunches and expensive prices despite the relative abundance of energy in China.
