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
- Alibaba Boosts Stock Buybacks as Profit Slumps — The Chinese e-commerce giant attributed the 69% profit plunge to $3 billion in impairments linked to its Sun Art retailer business and its Youku video platform.
- China, Battling a Stock-Market Rout, Replaces Its Top Securities Regulator — Beijing is intensifying efforts to stem a painful slump in share prices.
- A Stock Bailout Won’t Solve China’s Troubles — Chinese stocks shot higher this week on expectations of a big state intervention. But even if that materializes, it isn’t much to celebrate.
- A China-U.S. Decoupling? You Ain’t Seen Nothing Yet — Tariffs haven’t reduced U.S. trade links with China much. Would a 60% rate do it?
- China Offers Support to Accelerate EV Makers’ Global Push — China is encouraging its electric vehicle makers to expand their overseas presence, including forging tie-ups with foreign research institutions and countries to build industrial clusters.
- Chief Executive of TikTok’s Chinese Version Steps Down — The chief executive officer of Douyin, the Chinese version of TikTok, has stepped down to take on other responsibilities, a company spokeswoman said Wednesday.
The Financial Times
- China removes head of market regulator as it battles stock meltdown — Securities commission chair Yi Huiman seen as ‘scapegoat’ for plunge in share prices in recent months.
- China stock trading surges after Beijing unveils more state-led buying — ‘National team’ support likely to be behind turnover in major indices hitting highest level since August, say analysts.
- Baidu’s ‘do-or-die’ bet on AI — Baidu’s chief executive Robin Li zeroes in on generative AI to turn the business around.
- Shein seeks Chinese regulators’ tacit approval for US public offering — Online fast-fashion retailer in delicate dance with Beijing despite severing Chinese roots.
- Nvidia chip prices soar in Asia as US export curbs and AI boom drive demand — Graphics cards used for video games become hot commodity after Washington limits transfer of high-end chips to China.
- White House decision to not replace Asia tsar stokes concern among US allies — Kurt Campbell who co-ordinated effort to counter China is set to take on wider remit at state department.
- Are Chinese stocks a value trade or a value trap? — When an asset is declared ‘uninvestable’ it is often time to buy.
The New York Times
- United States Spurns China for Mexico and Other Allies, Trade Data Shows — The United States bought more goods from Mexico than China in 2023 for the first time in 20 years, evidence of how much global trade patterns have shifted.
Caixin
- China Names New Chief of Securities Watchdog Amid Stock Slump — Financial veteran Wu Qing has replaced Yi Huiman at the helm of the China Securities Regulatory Commission.
- In Depth: China Set for Interest Rate Cuts to Support Economy — Analysts expect the PBOC to lower borrowing costs in the first or second quarter as a shift in U.S. monetary policy gives it more room to maneuver.
- China’s Software Service Providers Cut Costs, Prices as Investors Pull Back — The country’s software as a service unicorns raised $69 million last year, the lowest amount since 2014, after years of investment have yet to create China’s answer to Salesforce.
- China Approves Mercedes and BMW Charging Network Venture — Joint venture between two of the German automakers’ subsidiaries aims ‘to provide Chinese customers with premium charging services’.
South China Morning Post
- New US-China economic exchanges show how status quo trumps substantive changes in ties, analysts say — President Joe Biden is seen trying to avoid ‘undue escalation’ with China, while Donald Trump hails his friendship with President Xi Jinping despite threatening to raise tariffs on Chinese goods if re-elected.
- Chinese security agencies tell students studying abroad to beware risk from foreign spies — Ministry of State Security highlights ‘real case’ of a Chinese graduate who was ‘severely punished’ after being recruited while studying overseas.
- Beijing warns of ‘heavy price’ for ‘obstructing China’s reunification’ with Taiwan as US, Japan stage military drills — Mainland Chinese mission in Tokyo issues the message after Japanese media report this year’s ‘Keen Edge’ exercise features mock Taiwan conflict with Beijing as ‘hypothetical enemy’.
- China-South Korea relations: at last, foreign ministers talk as shadow of North Korea, Russia, US, Japan loom over ties — In the first phone call between Wang Yi and Cho Tae-yul, Beijing vows to uphold ‘stability and continuity’ in its South Korea policy.
- China’s airport ride-hailing ban, though brief, fuels fear of private sector grounding — A short ban on ride-hailing services at one of China’s busiest airports has generated concerns that other ‘sweeping’ regulatory moves could be in the pipeline, throttling consumer confidence and blunting economic growth.
Nikkei Asia
- Jamaican foreign minister dismisses Chinese ‘debt trap’ worries — “Jamaica has been very strategic in our engagement,” Kamina Johnson Smith said of her country’s relations with China in an exclusive interview in Tokyo.
- Xi’s playbook for China is different from what U.S. thinks, scholars say — Beijing’s military buildup is partly aimed at convincing the U.S. to accept China as a major power, analysts say.
- China courts Taiwan civil and business groups in unification push — Mainland’s Taiwan affairs chief hosts back-to-back events with cultural and business leaders.
- Beijing orders ‘Chinese characteristics’ for new Xinjiang mosques — Newly built mosques in China’s Xinjiang Uyghur Autonomous Region must adopt “Chinese characteristics” under new regulations from authorities.
Bloomberg
- China Grabs Spotlight With Major Presence at Saudi Weapons Show — A Chinese-made J-10 fighter aircraft soared into the sky as part of a showcase at Saudi Arabia’s annual arms exhibition, demonstrating the growing defense ties between the Asian power and the world’s fifth-biggest weapons spender.
- Switzerland Asks China to Join Meeting on Ending War in Ukraine — Switzerland said it asked China to participate in a peace conference on the war in Ukraine, stepping up pressure on Beijing to play a role in ending the fighting nearly two years after the conflict began.
- IDG Capital Works to Rebut US Claims Over China Military Ties — IDG said it does not belong on a Pentagon list of companies with links to the Chinese military.
Reuters
- Chinese spies hacked Dutch defence network last year – intelligence agencies — It is the first time the Netherlands has publicly attributed cyber espionage to China, as national security tensions grow between the two countries.
- Beijing’s butchers a glum bunch as Lunar New Year meat sales slow — Total meat imports have plunged from a peak of 9.91 million tons in 2020 to 7.38 million tons in 2023 amid higher domestic production, according to customs data.
- Carlsberg bets on China, expensive beer for higher growth goals — In 2024 alone, Carlsberg expects to increase sales and marketing investments by over 10%, with most of that spending dedicated to China and Vietnam, premium brands and digital projects.
Other Publications
- The Economist: As China’s markets crash, its consumers cower — Most emerging economies struggle to live within their means; China struggles to live up to them.
- Brookings: Is the US-China relationship the most consequential relationship for America in the world? — And how does this framing impact how the United States and China relate to each other, and to other countries, going forward?
- Rest of World: Drop-shipping is a lifeline for unemployed graduates in South Africa — Chinese e-commerce websites have proven popular in the country and are fueling a new line of work.
- MIT Technology Review: Why China is betting big on chiplets — By connecting several less-advanced chips into one, Chinese companies could circumvent the sanctions set by the US government.
