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’s Growth Slows to Three-Decade Low Excluding Pandemic — A festering property-market meltdown offsets much of the benefit of economy’s postpandemic recovery.
- China’s Population Decline Accelerates as Women Resist Pressure to Have Babies — China ended 2023 with 1.410 billion people, a drop of 2.08 million, as births continue to plummet.
- Fashion Giant Faces New IPO Hitch: China’s Cybersecurity Police — Beijing is scrutinizing Shein’s data handling for potential national security risks, a move that might delay its planned share sale.
- Chinese Premier Makes Surprise Economic Growth Disclosure — Li Qiang says country’s economy grew 5.2% last year, a day before it was set to release its official GDP growth for 2023.
- Hyundai Sells China Plant for Half Price — The latest sale brings the number of Hyundai Motor factories in China to three from five.
- Chinese Lab Mapped Deadly Coronavirus Two Weeks Before Beijing Told the World, Documents Show — The lead time could have proven critical in combating pandemic, analysts say.
- Tesla Price Cuts Send European, Chinese Auto Stocks Lower — EV giant cuts prices in Germany by more than $5,000, after trimming prices in China.
- Delayed U.S. Weapons Raise Taiwan’s Vulnerability to Invasion — Military force is one of China’s options to take control of island after presidential vote.
The Financial Times
- Li Qiang hails China’s friendly ties with Ireland as a ‘good example’ — Chinese premier’s visit to Dublin highlights warm economic relations despite growing geopolitical tensions.
- China’s population decline accelerates as economy reaches low growth target — Policymakers face deepening property sector crisis along with deflationary and demographic pressures.
- Geopolitical risks overshadow economic optimism in Davos — World Economic Forum discussions focus on wars in Gaza and Ukraine, and prospect of another Trump presidency.
The New York Times
- Hong Kong Stocks Sink as China’s Economy Scares Investors — Pessimism among investors was most pronounced in Hong Kong, where stocks have plunged by 10 percent so far this year.
- China’s Youth Unemployment Rate Is Back, and Better — The government stopped releasing the jobless rate for young workers when it was soaring. It says its “optimized” new method is more accurate.
- China’s Population Shrank Again in 2023 as Births Continue to Fall — Faced with falling births, China’s efforts to stabilize a shrinking population and maintain economic growth are failing.
- China’s GDP Grew in 2023, but Economic Strains Lurk — Gross domestic product expanded 5.2 percent, as China worked to export more to make up for weak demand, high debt and a steep property contraction at home.
- Opinion: A Peaceful Solution on Taiwan Is Slipping Away — Conflict between China and the United States just got a little more likely. By Michael Beckley
Caixin
- China’s Population Shrinks for Second Year With Record Low Birthrate — China’s population declined for a second straight year in 2023 as its birthrate hit a new low, according to latest data released by the National Bureau of Statistics on Wednesday.
- Huawei Sets Up Separate Smart Car Unit, Site Shows — Huawei Technologies Co. Ltd. has completed registration of a new company dedicated to developing intelligent car systems and components, according to corporate database Tianyancha.
- BYD to Debut in Indonesian Car Market — Chinese electric vehicle (EV) giant BYD Co. Ltd. is poised to enter Indonesia’s passenger car market in the latest step of its global expansion.
South China Morning Post
- China’s hi-tech manufacturing faces ‘extraordinary pressures’ as 2023 output stalls — China has pinned its hopes on innovation and technology to power its economy as it seeks to find new growth engines, but output from its hi-tech manufacturers posted the lowest level of expansion on record last year.
- China’s youth-unemployment picture still blurry, social and economic risks remain even as jobless rate returns — China’s jobless rate for the 16 to 24 age group returned for December, with the adjusted figure excluding students standing at 14.9 per cent, but analysts say it is still difficult to ‘truly glean what’s happening’.
- US tariffs on Chinese imports might increase in 2024, analysts say — China’s slow economic recovery suggests it may need to increase exports to other countries, including the US, which could react with new tariffs.
Nikkei Asia
- China eyes defense ties reboot with Australia despite Taiwan tensions — Beijing envoy Xiao suggests Japan injured Australian divers in naval incident.
- Japanese conveyor-belt eatery Hama Sushi debuts in Beijing — Sushi chain operator Zensho eyes capital’s middle class for expanding across China.
- China confirms GDP rose 5.2% in 2023 on higher government spending — Result matches Premier Li’s early revelation; Beijing reinstates youth jobless figure.
Bloomberg
- Dimon Says China Risk-Reward Equation Has ‘Changed Dramatically’ — China has been “very consistent” in opening up to financial-services companies, but calculating the potential upside for US firms has become more complicated, according to Jamie Dimon.
- Taiwan Abruptly Changes How It Reports China Military Activities — Taiwan changed the way it reports Chinese military activities around the island days after it elected a US-friendly president that Beijing has branded an “instigator of war.”
- UBS Investment Banker Changhao Chen Leaves Swiss Lender’s APAC Team, Sources Say — Changhao Chen, a managing director with UBS Group AG’s Asia Pacific investment banking team, has left the Swiss lender as it adjusts to a slump in dealmaking, according to people familiar with the matter.
Reuters
- China’s property market slide worsens despite government support — China’s troubled property market ended last year with the worst declines in new home prices in nearly nine years, despite government efforts to prop up the sector that was once a key driver of the world’s second largest economy.
- Canada clamps down on researchers with ties to China, Iran, Russia — Canada on Tuesday clamped down on researchers affiliated with a list of mainly China-based universities to stop them working on subjects deemed sensitive or critical to Canadian national security.
- China issues draft guidelines for standardising AI industry — China’s industry ministry on Wednesday issued draft guidelines for standardising the artificial intelligence (AI) industry, it said in a statement posted on the ministry’s website.
Other Publications
- German Marshall Fund of the United States: Taiwan Opts for Continuity — The ruling party’s unprecedented third consecutive presidential victory will disappoint China, but it is unlikely to spur any near-term change in Beijing’s reunification strategy. By Bonnie S. Glaser
- Associated Press: Chinese premier Li Qiang is visiting Ireland for talks on China’s relations with Europe — Chinese Premier Li Qiang arrived in Ireland on Tuesday for talks with the Irish leader on China’s relations with the European Union and other global and bilateral issues.
- Rest of World: How to launch a Chinese smartphone in Mexico — Antonio Tercero is guiding Infinix’s Mexico expansion, facing off against Huawei, Xiaomi, and Oppo.
- MIT Technology Review: Four things to know about China’s new AI rules in 2024 — From drafting an AI law to zooming in on copyright and safety reviews, experts say these are Chinese AI regulators’ priorities in 2024.
- POLITICO: China vs. EU in Davos: Dueling speeches display global divisions — Chinese Premier Li Qiang pitches business investors; while EU chief Ursula von der Leyen focuses on democracy and the West’s geopolitical interests.
- Semafor: China warns US against escalating strikes on Houthis — China is warning the U.S. against escalating its attacks on Yemen’s Houthi rebels, as the conflict in the Red Sea increasingly threatens both Beijing’s economic and diplomatic interests.
