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
- A TikTok Stunt Motivates Lawmakers to Take on the App — A House committee voted 50-0 to advance legislation aimed at separating the app from its Chinese ownership.
- Espionage Probe Finds Communications Device on Chinese Cranes at U.S. Ports — A congressional investigation into China-built cranes uncovered installed cellular modems able to provide remote access.
- China’s Vehicle Sales Fall Amid Price War, Long Holiday — China’s vehicle sales fell sharply in February, dragged by weaker demand during the Lunar New Year holiday and an intensifying price war.
The Financial Times
- Hong Kong fast-tracks tough new national security law — Bill fuels concerns of erosion of civil liberties as territory aligns with mainland China.
- US lawmakers tune out TikTok lobbying to advance bill to ban app — House committee approves bipartisan legislation after briefing on data risks to American users.
The New York Times
- Hong Kong Pushes Strict New Security Law With Unusual Speed — The proposed law targets political offenses like treason and insurrection with penalties as harsh as life imprisonment, giving officials more power to curb dissent.
- Michael Spavor Reaches Settlement With Canada Over Detention by China — Michael Spavor, a Canadian businessman, was arrested by China in what his lawyers said was an act of retaliation for Canada’s detention of a Chinese tech giant executive.
Caixin
- Former Central Bank Chief Proposes to Allow Developers to Tap Insured Presale Funds — 30 billion yuan insurance fund from pre-sale proceeds would ensure home delivery and allow developers to access money in a lawful manner.
- China’s Digital Payment Behemoths Try to Improve Foreign User Experience — Alipay and WeChat Pay are working with NetsUnion Clearing to boost the use of foreign bank cards and digital wallets on the Chinese mainland.
- Dubai Free Trade Zone Attracts 25% More Chinese Companies — Dubai Multi Commodities Centre hosted 852 Chinese companies at the end of 2023, lured by policies designed to attract foreign investment.
- Chinese Education Giant XJ International May Face Liquidation as Bondholders Demand Repayment — Bondholders exercise redemption option and demand $3.25 million repayment from private school operator.
- Steel Mills in Yunnan Cut Production as Industry Bleeds Losses — Coordinated reduction in steel production comes as the industry is being squeezed by sluggish demand from the real estate sector.
South China Morning Post
- China’s Xi Jinping issues hi-tech military call in push for integrated armed forces — Xi Jinping says the People’s Liberation Army needs to innovate and explore new types of combat force models.
- Does China need a space data bureau to support its ever-growing satellite networks? — A CPPCC member has suggested the creation of an agency to coordinate information being gathered by the devices.
- China’s South Asia ‘bridgehead’ needs urgent infrastructure boost to aid security, mineral exploration — Power grid and railway infrastructure improvements in a strategically important area of China’s Tibet autonomous region, which borders India, are urgently needed, according to a ‘two sessions’ delegate.
- Opinion: Focus on industrial policy holds great promise, and risk, for China’s economy — As China pursues its economic goals, it must pay attention to the delicate balance between ambitious growth and the sustainable management of resources. By Yuhan Zhang.
Nikkei Asia
- Biden takes aim at Trump by saying the U.S. is rising, not China — Biden repeatedly addressed his likely opponent in the November election as “my predecessor” and sought to contrast their policies, including on China.
- U.S. lawmakers urge Blinken to issue ‘do not travel’ notice for Xinjiang — Republican Rep. Chris Smith from New Jersey and Democratic Sen. Jeff Merkley from Oregon sent letters to Secretary of State Antony Blinken and three tour companies on Thursday.
- China can’t simply let crisis-hit developers fail: economic adviser — Vice chairman of the economics committee of the Chinese People’s Political Consultative Conference, underscored concern about a potentially tumultuous economic hard landing.
Bloomberg
- China Readies $27 Billion Chip Fund to Counter Growing US Curbs — China is in the process of raising more than $27 billion for its largest chip fund to date, accelerating the development of cutting-edge technologies to counter a US campaign to thwart its rise.
- Huawei Chip Breakthrough Used Tech From Two US Gear Suppliers — Bloomberg has learned that Huawei and its partner SMIC relied on gear from Applied Materials and Lam Research to produce an advanced chip.
- JPMorgan Asset Management Says China Remains ‘Irreplaceable’ — JPMorgan will continue hiring in China for its asset management business as it remains committed to operating in the world’s second largest economy.
- Opinion: America’s TikTok Addiction Isn’t Just China’s Fault — Beijing won’t say yes to a TikTok divestment. Washington should admit it’s as much about a lack of tech innovation as it is about national security. By Karishma Vaswani.
Reuters
- China’s top legislators pledge to safeguard sovereignty, security interests — The annual legislative plan had an increased focus on national security, in line with President Xi Jinping’s growing focus on preventing internal and external threats.
- Taiwan urges China not to alter situation around waters near frontline islands — Last month Beijing began regular coast guard patrols around the Taiwan-controlled Kinmen islands, which hug the Chinese coast, after two Chinese fishermen died trying to flee Taiwan’s coast guard.
- US solar wafer build stutters as Chinese surplus bites — China produces around 98% of the world’s solar wafers and a ramp up of Chinese solar manufacturing has lowered global prices. Meanwhile, U.S. construction prices have surged.
Other Publications
- Foreign Policy: China’s Global EV Domination Is Just Beginning — And the West isn’t ready for it.
- AP: Behind the doors of a Chinese hacking company, a sordid culture fueled by influence, alcohol and sex — Over the past two decades, Chinese state security’s demand for overseas intelligence has soared, giving rise to a vast network of these private hackers-for-hire companies.
- AP: Chinese shares rally after Fed chief Powell says that a rate cut is ‘not far’ off — Chinese shares rallied Friday on hopes that a rate cut by the Federal Reserve might relieve pressure on the Chinese yuan and attract more foreign investment in the markets.
- The Economist: China’s satellites are improving rapidly. The PLA will benefit — Watch out, American warships.
- The Economist: Stories about the Dongbei rust belt are resonant in China — Noirish books, films and TV shows depicting hardship are popular.
- Brookings: How does national confidence inform US-China relations? — When both countries simultaneously feel pessimistic about their national condition, as is the case now, the relationship is most prone to sharp downturns.
- Brookings: Shield, sword, or symbol: Analyzing Xi Jinping’s “strategic deterrence” — In October 2022, Chinese Communist Party (CCP) General Secretary Xi Jinping raised eyebrows with his pledge at the 20th Party Congress to “create a strong strategic deterrent force system”.
- CSIS: China’s Semiconductor Industry Advances despite U.S. Export Controls — The long-term ability of Chinese firms to source advanced semiconductors is now much more closely tied to the speed of development of China’s domestic toolmaking and manufacturing capabilities.
- Los Angeles Times: Shift in China-U.S. trade is hurting California, helping Texas — Last year the number of 20-foot-equivalent containers from China entering the San Pedro ports complex fell a combined 12.5% from 2022, to the lowest level in at least a decade.
