Good evening. China’s e-commerce industry has long been dynamic, innovative and cut-throat. Now, with Alibaba stumbling and Pinduoduo surging, the e-commerce war has opened a new front in the U.S. market. Our cover story this week reports on Temu, Pinduoduo’s U.S.-based sister company, which has thrived in the past year. Elsewhere, we have infographics on China’s economic interests in the Red Sea; an interview with Retired Adm. Michael Rogers on China’s cyber threat; a reported piece on the unraveling of Dalian Wanda; and an op-ed about the dilemma of the China shedding strategy. If you’re not already a paid subscriber to The Wire, please sign up here.
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Temu’s Take-off
Pinduoduo’s meteoric rise has taken other Chinese e-commerce titans by surprise. Now, with Temu, it is coming for the U.S. market. Can it continue to soar? Rachel Cheung reports.
The Big Picture: Containing the Risk
Disruption to shipping in the Red Sea is having a big impact on routes vital to China. This week’s infographics by Aaron Mc Nicholas look at China’s economic interests in the Red Sea and examine whether its diplomatic influence in the region could help resolve a crisis that has driven up shipping costs globally.
A Q&A with Michael Rogers
Retired Adm. Michael Rogers is a cyber warrior who spent much of his career in the military using electronic means to try to scoop up Chinese secrets and defend the U.S. from Chinese cyber spies. In 2014, President Obama chose him to lead the National Security Agency, the nation’s premier electronic eavesdropping agency, and U.S. Cyber Command, which oversees the Pentagon’s cyber activities. President Trump retained him at both posts until he retired in 2018. These days, he advises corporate clients on cybersecurity and geopolitics at the corporate advisory firm Brunswick Group. In this week’s Q&A with Bob Davis — part of our Rules of Engagement series — he talks about the need for a new strategy on cyber.
Michael Rogers
Illustration by Kate Copeland
The Unraveling of Dalian Wanda
Running low on cash and debt-laden, China’s former richest man is on a selling spree. As Rachel Cheung reports, Dalian Wanda’s recent difficulties demonstrate the ripple effects of China’s property market and economic downturn.
The Dilemma of the China Shedding Strategy
Global investment firms face a risky balancing act as they steer away from China, argues Ivy Yang in this week’s op-ed.
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