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 Appoints New Defense Minister to Fill an Unexpected Vacancy — The appointment of Adm. Dong Jun comes two months after Beijing abruptly removed the previous appointee without explanation.
- China Central Bank to Help Boost Consumer Prices Amid Deflation Risks — The People’s Bank of China said it would “promote price recovery from low levels and keep prices at reasonable levels.”
- China Confronts a New Political Reality in Taiwan: No Friends — Interviews with the top candidates in a volatile three-way presidential race point to rising skepticism toward Beijing—whatever the outcome.
- Small Drones Are Helping Israel Navigate the Urban Battlefield in Gaza — Cheap, agile devices can explore tunnels, break through windows and carry explosives.
- The New Star on the Political Scene: The Chip Industry — Increasing attention from politicians is posing opportunities and challenges for tech companies that have become part of a geopolitical conversation.
- Huawei Expects 9% Revenue Growth This Year — Huawei Technologies projected that its revenue grew about 9% in 2023, reflecting the company’s return to a more normal course after years of dealing with U.S. sanctions.
- Low Battery Metal Prices Set to Persist in 2024, Adding Friction to Energy Transition — Oversupply and weak Chinese demand are likely to peg back prices for another year.
The Financial Times
- China’s Huawei claims to have broken ‘the siege’ with strong sales — Sanctions-hit telecoms group records highest revenues in three years but still below 2020 levels.
- Zero-Covid: China’s year of forgetting — A year on from the ending of the policy, how is it now remembered — and how well?
- China’s Luxshare expands Apple production capacity in deepening relationship — Contract manufacturer taking over iPhone assembly factory from Taiwanese rival Pegatron.
- Geopolitical risk forces aircraft leasing companies to rethink exposure to China — Lessors badly hit by losses in Russia cut back presence in one of world’s biggest markets.
- Inside Nio: Electric car group’s boss William Li and his fight for survival — Chinese EV company is still missing production targets and racking up big losses a decade after its launch.
The New York Times
- Hong Kong Stocks Plunge to Losses for 4th Straight Year — Investors worried about China’s economy shunned Hong Kong’s stock market, once one of the biggest and most important in the world.
- Hong Kong Activist Flees to UK, Citing Police Pressure — The activist, Tony Chung, was imprisoned after advocating for the territory’s independence. Even after his release, he said, his situation remained oppressive.
- China’s Property Crisis Blew Up Investments That Couldn’t Lose — Citic said its new fund was as safe as they come because it would invest in real estate. Then the developer defaulted and the projects stalled.

Caixin
- Former Vice Head of Banking Regulator Given Suspended Death Sentence in $80 Million Bribery Case — Cai Esheng admitted accepting the amount over a 15-year period, including during his retirement, a court in Jiangsu announces.
- In Depth: China’s ‘No-Show’ Jobs Market for Disabled Deepens Employment Woes — In China, a silent crisis is intensifying among disabled people, who face a tougher job market post-pandemic.
- Year In Review: China Pushes Legal Reforms to Protect Individual Rights, Private Sector — Efforts include de-criminalizing violations of Covid containment rules and overhauling the public security law, set against the backdrop of high-profile infringement cases and increased focus on the rule of law.
- China Is Making Payments More Convenient for Foreigners, Central Bank Official Says — Paying with international bank cards, and using platforms like Alipay and WeChat Pay have been becoming easier, Zhang Qingsong says.
- Chinese Carmakers Begin Mass Rollout of Sodium-Ion Battery-Powered EVs — First batch of mini electric vehicles powered by the potential lithium-ion alternative roll off the production line at two companies.
South China Morning Post
- China’s low-altitude economy takes to the skies as unmanned passenger drone completes maiden commercial flight demo — Unmanned passenger drone from Chinese firm EHang completed its first commercial flight demonstration in Guangzhou on Thursday, as China moves ahead with its low-altitude economy push.
- China population: reluctance to marry, have kids continued in 2022 as demographic woes deepened — Over 51 per cent of people aged between 25 and 29 in China remained single in 2022, while a plunge in the number of babies born as a second child dragged down the annual fertility rate.
- China urges ‘prudent’ yuan internationalisation as pace of adoption remains slow — China is continuing to encourage the international adoption of the yuan, but drastic measures seem unlikely as a ‘prudent, steady’ approach has been advised.
- Chinese battery maker Gotion starts making energy storage packs at Fremont plant, kicking off ‘made in America’ initiative — Gotion, China’s fourth-largest EV battery maker, has commenced operations at the first of its three plants in the US. The factory in Fremont, California, has an annual capacity of 1 gigawatt-hours.
- ‘Fighting spirit’: Xi Jinping reveals China’s push for global power after rare foreign policy meeting — World has ‘entered a new period of turbulence and transformation’, Xi says after Central Conference on Foreign Affairs Work.
Nikkei Asia
- Myanmar and China’s CITIC to resume stalled deepwater port project — Site envisioned as Beijing’s gateway to Indian Ocean under Belt and Road.
- China chipmaker SigmaStar poised for Shenzhen IPO at $4bn valuation — Leader in surveillance camera semiconductors to list on ChiNext startup market.
- Taiwan investment in China plummets as it soars in U.S. and Germany — Mainland’s appeal ebbs amid flagging economy and rising tensions.
- Tough going in China has global investment banks looking abroad — India and Japan emerge as alternatives, helped by strong stock markets.
- Opinion: 2024 outlook: China’s economic gloom to lighten a little bit — Property market stabilization requires faster restructuring of developers’ debts. By Wei Yao and Michelle Lam.
Bloomberg
- Tencent Executive Cedes Key Role Amid China Gaming Turmoil — Tencent Holdings Ltd. chief exploration officer David Wallerstein is leaving his management role, the company said, as the company struggles with China’s ongoing efforts to curb technology, entertainment and gaming companies.
- JD Wins 1B RMB in Damages in Anti-Monopoly Case with Alibaba — A Beijing court awarded JD.com Inc. 1 billion yuan ($141 million) in damages in a years-long anti-monopoly case against e-commerce rival Alibaba Group Holding Ltd.
- China Wants to Dominate the New Era of Clean Shipbuilding — China wants to extend its lead in global shipbuilding to a new generation of vessels that burn cleaner fuels.
- China’s Richest Provinces Promise to Take Lead in Driving Growth — Local Chinese officials unveiled their priorities for 2024, with pledges by some rich provinces to take the lead in driving growth shedding light on how Beijing’s economic strategy will play out nationwide.
Reuters
- Nvidia launches new gaming chip for China to comply with US export controls — Nvidia has commanded more than 90% share of China’s $7 billion AI chip market, and analysts have said the U.S. curbs are likely to create opportunities for domestic firms such as Huawei Technologies (HWT.UL) to make inroads.
- US wants to contain China’s chip industry. This startup shows it won’t be easy — The production of advanced chips is one of the most contentious technological struggles now dividing the United States and China as they vie for economic and military supremacy.
- China’s new thirst for coffee spurs cut-throat cafe competition — The number of branded coffee shops in China grew a staggering 58% in the last 12 months to 49,691 outlets, according to Alegra Group, a company that tracks growth of coffee chains.
Other Publications
- The Guardian: Three defence industry leaders removed from China advisory body — Departures are part of purge of figures linked to military, thought to be related to a procurement investigation.
- The Guardian: China cracks down on negativity over economy in bid to boost confidence — Record high youth unemployment and struggling property sector are among increasingly sensitive topics.
- The Information: Shein Taps Political Heavyweights to Help Win Over Washington Critics — David Dreier, a former longtime Republican representative and key architect of the North American Free Trade Agreement, has been playing a prominent role in advising Shein executives and staff in recent months, a person familiar with the matter said.