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 Says It Opposes a Forced Sale of TikTok — Biden administration has demanded that the video app divest itself from its Beijing-based parent or face a nationwide ban.
- TikTok CEO Seeks to Convince Congress Chinese-Owned App Isn’t Security Threat — A stumble by Shou Zi Chew ‘will increase calls for a ban,’ Sen. Marco Rubio says.
- U.S. to Send Aging Attack Planes to Mideast and Shift Newer Jets to Asia, Europe — As stretched military moves toward ‘Great Power’ competition with China and Russia, it looks to avoid shortfall in Middle East.
- What Does ‘Made in America’ Mean? In Green Energy, Billions Hinge on the Answer — Companies pursuing subsidies try to shape the Treasury Department’s definition.
- China Evergrande Reaches Debt-Restructuring Deal With Bondholders — Evergrande said its shares will remain suspended on the Hong Kong stock exchange until further notice.
The Financial Times
- TikTok chief faces pivotal hearing in Congress amid US crackdown — Shou Zi Chew’s testimony comes as lawmakers raise concerns over social media app’s relationship with China.
- Chinese property stocks fall after Evergrande reveals restructuring plan — Heavily indebted developer’s proposal could offer template for other distressed companies.
- Solar power: Europe attempts to get out of China’s shadow — The EU wants to ramp up its renewable energy capacity but depends on the country for raw materials and technology.
- US businesses shy about attendance at China’s Davos — Beijing’s flagship development conference kicks off in shadow of tensions with Washington.
- Starbucks braced for price war in China as rivals pile into coffee market — Chains backed by private equity bet consumers will turn social pastime into daily routine.
The New York Times
- China’s Rise Relied on the West. Xi Jinping Is Turning Away. — The Chinese leader has edged ever closer to Russia, while distancing China from countries that have helped it develop over the past four decades.
- What to Know About Today’s Congressional Hearing on TikTok — The Chinese-owned video app has become a battleground as the U.S. and China duel for tech leadership.
Caixin
- Lithium Prices Nosedive Amid Weaker Demand — Key material for EV batteries drops by half since November as end to China’s subsidies slams demand for electric vehicles.
- China Clears First Homegrown mRNA Covid Vaccine — CSPC Pharmaceutical reports winning approval from National Medical Products Administration for shot targeting omicron variant.
- In Depth: Why a Sperm Bank Drive Is Fueling Fears of Infertility in China — On the Chinese internet, the drive to get more sperm donations triggered concerns of a shortfall in supply and rising male infertility rates.
South China Morning Post
- Chinese search giant Baidu defends AI research capabilities after its ChatGPT-like Ernie Bot draws a turkey for Turkey — One influencer posted several AI-generated images, asking if Baidu simply translated the Chinese into English and used foreign image generators.
- China Premier Li Qiang hones in on advanced manufacturing, calls for action at ‘important juncture’ — New Premier Li Qiang visited China’s southern Hunan province this week, visiting companies including electric car maker BYD and promising to create a business-friendly environment, while also pinning his hopes on entrepreneurs.
- China’s graft-busters give rare details about corruption case in digital hub that houses Apple cloud service — China Discipline Inspection and Supervision News says Zong Wen, former No 2 official in Guian New District, invested irrationally and early in his career accepted bribes.
- China’s billionaire population drops: super-rich suffer as stock losses, yuan depreciation knock 229 off Hurun Global Rich List — Sliding stocks and a depreciating yuan hit the country’s super-rich harder than their peers in any other nation in the last year, according to a new list published by Hurun Report.
Nikkei Asia
- China slashing foreign subscriber access to key research database — China National Knowledge Infrastructure is critical tool for scholars studying country.
- Biden’s China point-woman takes over top Taiwan agency of U.S. — Choice of Rosenberger as AIT chief shows Washington’s commitment to island.
- China decoupling spreads to software development — Fears grow that Chinese software components make apps open to attack.
- U.S. readies targeted screening for investment in Chinese tech — Narrower ‘reverse CFIUS’ to focus on areas like chips and quantum computing.
Bloomberg
- Dalio, Cook Among Few US Chiefs Attending China Business Summit — China is betting on a high-profile corporate summit this weekend in Beijing to show the world that it’s back in business.
- SEC Case Against Crypto Mogul Sun Stirs Questions Over Huobi — The TRX token at the center of fraud charges against digital-asset mogul Justin Sun makes up a significant slice of the reserves at the Huobi Global crypto exchange, where the China-born entrepreneur is an adviser.
- Canada Lawmaker Resigns From Government Over China Charge — A Canadian lawmaker has resigned from Justin Trudeau’s governing Liberal Party caucus after a media report alleged he spoke to Chinese diplomats in Toronto in 2021 and advised them not to release two imprisoned Canadians for political reasons.
- Opinion: TikTok Snatched Defeat From the Jaws of Victory — The social media company blew its chance to rewrite how the world views it. Now its fate rests with governments across the globe. By Tim Culpan
Reuters
- End to Taiwan ties nears as Honduras foreign minister goes to China — The Honduran foreign minister is travelling to China to “promote” the establishment of diplomatic ties, an official said, signalling the end is most likely near for the country’s decades-long relations with Taiwan.
- U.S. House panel on China to highlight abuse of Uyghurs in second hearing — A new U.S. congressional committee on China will hold its second hearing on Thursday, seeking to highlight what Washington says is an ongoing genocide against Uyghurs and other ethnic minorities in China’s Xinjiang region.
- China says it has never deliberately pursued trade surplus with U.S. — China has never deliberately pursued a trade surplus with the United States, Shu Jueting, a commerce ministry spokesperson, said on Thursday, despite signs that China is continuing to reduce its reliance on American exports.
Other Publications
- The Economist: The revealing appeal of China’s cheapest city — Pressures of modern life push some to move to a sleepy former mining town.
- Global News Canada: Liberal MP Han Dong secretly advised Chinese diplomat in 2021 to delay freeing Two Michaels: sources — Both sources said Dong allegedly suggested to Han Tao, China’s consul general in Toronto, that if Beijing released the “Two Michaels,” whom China accused of espionage, the Opposition Conservatives would benefit.