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 Has Detained a British Spy — The detention comes as Beijing steps up warnings over national security and the infiltration of foreign spies in the country.
- Lawmakers Push to Defuse China’s Dominance of Older-Generation Chips — House panel sends letter urging Biden administration to seek tariffs or take other moves to counter growing Chinese microchip industry.
- China Detains a Top Executive at Evergrande’s Electric-Vehicle Unit — The fledgling automaker says its vice chairman is suspected of committing crimes.
- NASA Bets on Private Companies for Moon Landings in 2024 — American companies are set to attempt as many as five lunar landings this year for U.S. space agency, other clients.
- Nvidia’s New China Pickle: Customers Don’t Want Its Downgraded Chips — Chinese buyers are pushing back against lower-powered AI chips it hopes to sell them in response to U.S. export curbs.
- ‘Derisking’ China-Reliant Supply Chains Is Creating New Risks — The U.S. and Chinese economies appear to be growing apart. The real story is more complicated, and worrying.
- Washington Heats Up Nuclear Energy Competition With Russia, China — U.S. puts diplomatic clout behind sales of cutting-edge reactors that have yet to show commercial success.
- China Doesn’t Want You to Say ‘Tibet’ Anymore — Yearslong shift toward the Chinese name ‘Xizang’ is accelerating as Beijing prepares for Dalai Lama succession battle.
- Cognac Sets the EV Trade War Alight — Beijing’s antidumping probe into European brandy shows why Europe is in a weak position to protect its electric-vehicle market.
- Commerce Department Finds Dumping of Tin Mill Product Imports From China, Other Countries — Case next goes to ITC to determine if domestic industry harmed.
- Opinion: Russia, China and the Threat to the North Pole — The U.S. needs more icebreakers and other Arctic defenses. By Mark Green.
The Financial Times
- Evergrande’s EV troubles reflect BYD’s squeeze of Chinese rivals — Vast majority of electric-vehicle makers in China are lossmaking as price wars compress margins.
- China detains executive of Evergrande’s electric vehicle unit — Development comes ahead of winding up hearing for indebted property developer later this month.
- China accuses foreign consultant of spying for MI6 — Beijing and western capitals have increasingly publicised espionage allegations amid rising tensions.
- Asset Management: Investors hope for China turnaround — Plus, hedge fund performance, a fee bonanza for money market funds and dry martini January.
- China seeks to ease video game industry’s fears of another crackdown — Beijing fires prominent regulatory official and fast-tracks consultations on proposed measures.
- China’s court database reform stokes fears for transparency in legal sector — Law experts and businesses raise concerns about ‘black box’ filings needed for due diligence.
- Li Ning wants to be China’s answer to Nike — Apparel maker struggling to broaden appeal overseas as shares fall 82% from 2021 peak.
The New York Times
- China Says It Detained a Foreign Consultant for Spying for Britain — The Ministry of State Security says the consultant collected intelligence and found people on behalf of MI6, Britain’s spy agency.
- From Lebanon to the Red Sea, a Broader Conflict With Iran Looms — With its proxies attacking from many vantage points and its nuclear program suddenly revived, Iran is posing a new challenge to the West — this time with Russia and China on its side.
- Tesla Recalls 1.6 Million Cars in China to Fix Self-Driving Systems — The recall follows a similar move by the company in the United States to upgrade the cars’ Autopilot feature.
Caixin
- Cover Story: Qinghai Has an Ocean of Solar Power, But Nowhere to Store It — The far western Chinese province has seen a rush on investment in the green energy source, but a lack of money spent on storage facilities means it has too much power at some times, too little at others.
- China Urges Banks to Provide More Support for Construction of Rental Properties — Central bank and the National Financial Regulatory Administration made the call with the aim of increasing supply of commercial and affordable rentals.
- China Tightens Scrutiny of LGFVs Offshore Borrowings — Regulators are trying to restrict local governments raising finance by selling bonds overseas as higher costs increase their debt repayment risks.
- CATL Secures Three-Year Supply Deal With Dongfeng Motor Unit — The Chinese battery-maker will provide power cells for M Hero’s electric SUV, which will be embossed with ‘CATL Inside’.
South China Morning Post
- China honours Nanchang destroyer as ‘role model’ and hails role in ‘fending off foreign military provocation’ — The ship was reported to have tracked warplanes from a foreign carrier group ‘in the face of long-time, high-intensity harassment’ dring an incident in the western Pacific in 2022.
- China’s corruption busters shame city boss for wasting US$21 billion on vanity projects that failed and ran up heavy debts — CCTV documentary featuring former Guizhou official who left a city at risk of default suggests that the country’s graft watchdog will target the misuse of public funds this year.
- China’s youth shun diamonds in favour of gold, seeking safe-haven investment amid economic downturn — Gold prices reached new highs in China last year, with the retail market witnessing a gold rush, particularly in lower-tier cities and less affluent counties, as it is seen to offer more security during an economic downturn.
Nikkei Asia
- China extends lead in lidar tech crucial to self-driving cars — The intense competition in developing electric vehicles in China has spurred more sophisticated lidar, which serve as the “eyes” for automated driving.
- Australia funds rare earth research as West seeks China alternatives — Canberra to spend $14m to boost rare earth and critical minerals sectors.
- Opinion: Big shift in China policy unlikely whoever wins Taiwan election — Next president will face major domestic and external constraints. By John Fuh-sheng Hsieh.
Bloomberg
- China’s Top Power Producer On Course to Beat Renewables Target — China Energy Investment Corp., the country’s biggest power producer, said it’s well on course to overshoot its target of 40% renewables in its overall generation capacity by 2025.
- Xi’s Solution for China’s Economy Risks Triggering New Trade War — China’s shift toward high-value add manufacturing threatens to further raise trade tensions with the US, Europe and others.
- China’s Top Car Dealer Mulls Repayment Options as Debt Matures — One of China’s biggest auto dealers is working with bankers to explore repayment options as its dollar bond comes due soon, highlighting how cash woes are spreading beyond the ailing real estate sector.
- China Leaders Sought Quick Zhongzhi Resolution to Shield Markets — Chinese leaders pushed for an unusually speedy resolution for Zhongzhi Enterprise Group Co. after the shadow banking giant collapsed, underscoring the government’s increased focus on containing financial risks as the economy struggles.
- US Intelligence Shows Flawed China Missiles Led Xi to Purge Army — The corruption throughout the nation’s defense industrial base is so extensive that US officials now believe Xi is less likely to contemplate major military action in the coming years than would otherwise have been the case.
Reuters
- Exclusive: China regulators lift stock net-selling ban for mutual funds — China’s securities regulator is allowing mutual fund managers to sell more shares than they buy each day, three sources said, removing a ban introduced late last year aimed at propping up a flagging stock market.
- Exclusive: Iran’s oil trade with China stalls as Tehran demands higher prices — The cutback in Iranian oil, which makes up some 10% of China’s crude imports and hit a record in October, could support global prices and squeeze profits at Chinese refiners.
- Ignoring Taiwan’s complaints, more Chinese balloons spotted over strait — The ministry on Saturday, in a strongly worded statement, accused China of threatening aviation safety and waging psychological warfare on the island’s people with the balloons.
Other Publications
- The Washington Post: European Union keeps a wary eye on China as it plans tech spending — A study of geopolitical scenarios by academics and E.U. officials is meant to inform Europe’s plans for tens of billions of euros in science and tech investments.
- BBC: Taiwan election: China sows doubt about US with disinformation — “Yimeilun” or US scepticism, questions the faithfulness of Taiwan’s biggest ally, portraying the island as a pawn exploited by America.
- AP: China calls for peaceful coexistence and promises pandas on the 45th anniversary of U.S.-China ties — Chinese Foreign Minister Wang Yi said Friday that the United States and China must insist on peaceful coexistence and transcend their differences like they did when they established diplomatic relations 45 years ago.
- The Economist: Questions about China dominate Taiwanese elections, says Nathan Batto — But not necessarily in the way you might think.
- The Information: The U.S. Races China and Russia to Mine the Ocean for Battery Metals — For years, a new breed of mining companies has been heavily lobbying around the world for the right to extract battery metals from the depths of the ocean. Until now, their chances of succeeding seemed an extreme long shot.
- The Guardian: Snookered by China? Masters tournament owner plots Asia expansion — World Snooker and PDC World Darts owner Matchroom weighs up India and south-east Asia amid feared overreliance on China.