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 Goes All In on Green Industry to Jolt Ailing Economy — Capital is pouring into factories that make items such as electric vehicles, batteries and renewable-energy gear as Beijing looks for new sources of growth.
- Laundromats and VPNs: How China’s Crypto Traders Are Evading the Rules — Cryptocurrency trading remains widespread in China despite a ban.
- China’s Property Market May Keep Struggling Despite Stimulus — Property prices have extended their decline in the wake of property stimulus measures.
The Financial Times
- US lawmakers set for Taipei visits in show of support for Taiwan — Trips will signal tacit backing by Washington for president-elect Lai Ching-te.
- China launches military manoeuvres around Taiwan in wake of election — People’s Liberation Army conducts largest air and naval patrols since Beijing sceptic Lai Ching-te elected president.
- China’s BYD to build electric vehicle plant in Indonesia — Carmaker will invest $1.3bn in its sixth overseas factory as it aims to expand global footprint.
- China hopes for ‘dragon babies’ as population decline gathers pace — Prolonged economic slowdown is feeding demographic challenges for Beijing.
- US Treasury team set for Beijing talks on economic co-operation — Visit is latest sign of easing tensions between the countries after Biden-Xi summit last year.
The New York Times
- Despite Limited Resources, He Makes Watches by Hand — It is hard to get parts and materials in China, but Logan Kuan Rao has persevered.
Caixin
- In Depth: China Financial Regulator Aims for Greater Consistency With New Departments — The national financial regulator’s efforts to get more functions each under its own roof will help the agency regulate with greater consistency and expertise, regulatory officials and industry insiders told Caixin.
- Chart of the Day: China’s Coal Production Hit Record in 2023 — China’s coal output hit a record high last year, as the country ramped up production to ensure energy security and avoid a repeat of crippling shortages in the preceding years.
- Davos Attendees Weigh China’s Strengths and Weaknesses at Caixin Luncheon — China faces economic headwinds as investment and consumption of some durable goods have grown slower, but the country retains significant strengths in areas such as technological innovation and the green transition, according to speakers at a luncheon hosted by Caixin.
South China Morning Post
- Chinese-developed nuclear-powered battery can last 50 years without recharging — The BV100 is smaller than a coin and captures energy from radioactive decay of elements.
- Private-equity investors to return to China in search of M&A deals in 2024, Bain & Co says — Global and domestic private-equity investors are making a comeback to the Chinese M&A market following three straight years of decline, as they look to profit from an economic recovery, Bain & Co says.
- China jobs: how young graduates and universities are really coping with elevated unemployment — A Post review of annual reports by Chinese universities offers insight into the current state of youth joblessness as official figures resume, and 2024 looks to be rife with challenges.
Nikkei Asia
- China’s over-35s hit age barriers in tough labor market — Midcareer workers snubbed or laid off by struggling companies seeking cheaper hires.
- Saudi Arabia to keep bolstering ties with China: economic chief — Riyadh seen pursuing equidistant relations with all partners.
- Analysis: In Taiwan, distrust of Xi Jinping’s China is real — The sense of crisis is also shared by members of Beijing-friendly opposition parties.
Bloomberg
- Did China’s Economy Really Grow 5.2% in 2023? Not All Agree — Longstanding suspicions about the accuracy of China’s official GDP growth data have spurred a market for alternative calculations, which kicked into action this week after Beijing announced economic expansion for 2023 was in line with its annual target of around 5%.
- China Vows ‘Strict’ Assessment of How Policies Affect Economy — China’s top economic planner vowed a “strict and meticulous” evaluation of how Beijing’s policies affect the economy, weeks after surprisingly harsh gaming curbs sparked a multi-billion dollar stock rout.
- Citi’s Ex-China Chief Economist Exiting as Bank Cuts Jobs — Citigroup Inc.’s head of Asia-Pacific economic analysis at its wealth unit and former chief China economist Liu Li-gang is leaving as the US bank embarked on a fresh round of global job cuts amid a sweeping reorganization, according to people familiar with the matter.
Reuters
- For many in China, the economy feels like it is in recession — A crisis of confidence in the economy is deterring consumers from spending and businesses from hiring and investing, in what could become a self-feeding mechanism that erodes China’s long-term economic potential.
- Why are there concerns about China’s pension system as its population ages? — China’s ageing population threatens key Beijing policy goals for the coming decade of boosting domestic consumption and reining in ballooning debt.
- China’s Country Garden nears full exit from Australia with residential project sale — Indebted Chinese developer Country Garden (2007.HK), opens new tab has agreed to sell a stake in an Australian residential project, the latest in a series of sales which bring it closer to a complete exit from the country.
Other Publications
- Foreign Policy: Washington is exaggerating China’s military budgets — Pentagon and congressional hawks are overestimating their rival.
- Council on Foreign Relations: China Responds to Taiwan’s Presidential Election: Is Beijing Biding Its Time? — China’s initial response to William Lai’s victory in Taiwan’s presidential election was relatively restrained but it will likely exert more pressure on Taiwan in the coming months.
- NPR: They flocked to build China’s cities. Now builders are aging with little retirement — Rules passed in 2022 prevent men over age 60 from working on construction sites. But after decades of informal work, they have little savings or formal pensions to fall back on.
- CNBC: China courts global elite at Davos with largest presence in years — China returned to Davos in full force this week as it attempts to thaw relations with the international community and court investment following years of Covid lockdowns.
- The Guardian: China’s muted reaction to Taiwan’s election result may signal a waiting game — Taiwan says China has launched significant joint air and sea patrols, but analysts say Beijing’s reaction to the ruling Democratic Progressive Party’s election win has so far been relatively quiet.
- Semafor: Africa’s top smartphone seller Transsion is the world’s fastest growing phone maker — The Shenzhen, China company shipped 95 million units of smartphones last year, 30.8% more than it did in 2022.
