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
- U.S. and China Extend Landmark Bilateral Deal, Very Quietly — The U.S.-China Science and Technology Agreement, a longtime symbol of cooperation first signed in 1979, now highlights rising competition.
- Steven Mnuchin Says He Is Putting Together a Group to Buy TikTok — Former Treasury Secretary’s comments come after House voted to ban the app in the U.S. or force a sale.
- Duo Behind TikTok Bill Casts a Spotlight on China Fears — The two congressmen behind a bill targeting TikTok have publicly criticized many businesses in their year leading an influential committee.
- China Healthcare Stocks Rally on Hopes for Govt Support — The rally came after a document purportedly issued by state planner National Development and Reform Commission made the rounds online and on social media.
- Citi Names Veteran Exec as New China Head of Commercial Bank — The U.S. bank said earlier this year that it plans to cut about 20,000 jobs by the end of 2026, marking the next stage of its restructuring plan.
- Two XPeng Co-Founders Exit Management Team — Both men are now listed as “lifelong honorary” advisers.
The Financial Times
- Zombie car factories on the rise in China as buyers opt for EVs — Plants geared to producing internal combustion engines increasingly mothballed as foreign groups lose market share.
- What’s next for TikTok and its US users after House approves ban — Video app enlists support from its base to fight back against latest effort to separate it from Chinese parent.
- US House votes through bill to ban TikTok — Measure passes with bipartisan support despite intense lobbying and will now head to Senate.
The New York Times
- House Passes Bill to Force TikTok Sale From Chinese Owner or Ban the App — The legislation received wide bipartisan support, with both Republicans and Democrats showing an eagerness to appear tough on China.
- Why a Sale of TikTok Would Not Be Easy — As legislation moves ahead that could eventually mandate a sale by the Chinese parent company ByteDance, hurdles include finding buyers.
- TikTok’s Security Threats Go Beyond the Scope of House Legislation — The risks have less to do with who owns the app than who writes the code and algorithms that make TikTok tick.
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Caixin
- In Depth: Why China’s Efforts to Resolve Hidden Government Debt Could Fall Short — China’s central government has rolled out a new round of measures since the second half of last year to help local governments swap or restructure their off-the-books borrowing in a bid to control debt risk.
- Five Unions Ask U.S. Trade Representative to Probe Chinese Shipbuilding Sector — Five labor unions filed a petition with U.S. Trade Representative Katherine Tai, requesting an investigation into China’s alleged protectionist policies and practices in the maritime logistics and shipbuilding sectors, her office said Tuesday.
- China’s Air Pollution Rose Last Year Amid Post-Pandemic Economic Recovery — China’s annual average PM 2.5 concentration rose last year as fewer cities met the national standard for fine particle air pollution, according to data recently released by a Beijing-based research group.
South China Morning Post
- China seeks closer US links on scientific research, use of AI in education — Call from Chinese education vice-minister Chen Jie comes during meeting with NYU president Linda G. Mills.
- TikTok owner ByteDance acquires stake in memory chip firm InnoStar to bolster VR unit Pico as it takes on Apple’s Vision Pro — ByteDance’s latest semiconductor-related investment shows the lengths being taken by the company to overcome the impact of tighter US tech sanctions on mainland China.
- China has 12½ times more robots in its workforce than industry experts predicted: report — ‘Only a matter of time’ before Chinese robotics companies catch up to leading-edge technology, according to a US think tank.
Nikkei Asia
- Foxconn lifts 2024 outlook on stronger AI server demand — Chairman Liu raises forecast from flattish to ‘robust growth.’
- China tries to steer ‘urban village’ residents to areas with housing glut — Guangzhou district becomes test case for redevelopment-linked vouchers.
- Analysis: The story behind Chinese leaders’ unspoken words — Missing foreign minister and Japan went unaddressed at National People’s Congress.
Bloomberg
- China Officials Apologize After Security Guards Halt News Report — Officials in a Chinese city near Beijing apologized after a state media journalist was prevented from covering a fatal explosion, an incident that underscores the difficulty of reporting in the world’s second-largest economy.
- China Pledges Government Funds for Equipment Upgrades — China pledged central government funds to encourage consumers and businesses to replace old goods and equipment, a pillar of its plan for economic growth of about 5% this year.
- China Vanke’s Dollar Bonds Signal Fears of Default Down the Road — Cash-strapped Chinese developer China Vanke Co. has been fighting to avoid its first-ever default, and while investors’ fears of an imminent meltdown appear to be easing, its long-term prospects are less clear.
Reuters
- Exclusive: Trump launched CIA covert influence operation against China — Two years into office, President Donald Trump authorized the Central Intelligence Agency to launch a clandestine campaign on Chinese social media aimed at turning public opinion in China against its government, according to former U.S. officials with direct knowledge of the highly classified operation.
- China’s Nio and CATL team up to develop longer life batteries — Chinese electric vehicle maker Nio on Thursday signed a partnership agreement with battery giant CATL to develop longer life batteries as part of efforts to lower overall EV costs.
- Exclusive: China presses Iran to rein in Houthi attacks in Red Sea, sources say — Chinese officials have asked their Iranian counterparts to help rein in attacks on ships in the Red Sea by the Iran-backed Houthis, or risk harming business relations with Beijing, four Iranian sources and a diplomat familiar with the matter said.
Other Publications
- The Economist: China’s economic bright spots provide a warning — What a visit to an optimistic port reveals.
- The Information: TikTok ban bill spotlights open secret: app loses money — ByteDance investors estimate TikTok lost several billion dollars last year on revenue of roughly $20 billion.
- Associated Press: US lawmakers see TikTok as China’s tool, even as it distances itself from Beijing — If some U.S. lawmakers have their way, the United States and China could end up with something in common: TikTok might not be available in either country.
- CNBC: Former Treasury Secretary Mnuchin is putting together an investor group to buy TikTok — Former Treasury Secretary Steven Mnuchin said he is putting together an investor group to try to buy TikTok.
- Foreign Policy: Taiwan Can’t Shake Its Nuclear Ghosts — The island’s resistance to a dependable—and desperately needed—source of energy has been shaped by a covert history.
- Quartz: Italy’s car industry shows just how hard it is to do without China — Rome is trying to both lessen reliance on, and seek assistance from, Beijing.
- Center for Strategic and International Studies: TikTok and National Security — Recent legislation in the House of Representatives highlights the discussion of national security risks from the use of TikTok have identified three potential sources of danger.
- Rest of World: Why are Apple and Tesla losing ground in China? — The Chinese market isn’t quite as untapped as U.S. companies thought.
- The Guardian: China may be facing too many economic obstacles to hit its ambitious growth target for 2024 — Fighting deflation, a sinking property market and weak internal demand, Beijing has set itself a challenging goal in 2024.
