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
- Two China Property Giants Lead Drive to Diversify — The shift is an effort to boost profit stability after years of weak property sales and tightened sector regulations.
- EVs Are Splitting the Auto World Into Two: Made in China, or Not — Automakers are becoming more conscious of where they get certain parts and where those vehicles can be sold, to avoid sanctions.
- China to Lift Tariffs on Australian Wine — Beijing had imposed heavy tariffs on Australian wines in 2020.
- China’s Xi Seeks to Soothe Anxieties of American CEOs — China is working to improve its business environment, Xi says, as U.S. firms grapple with falling revenue, security concerns.
The Financial Times
- Xi lieutenant calls for Asia to ‘jointly’ manage security in rebuke of US — Zhao Leji’s comments a veiled rebuke of US efforts to strengthen alliances in region.
- China’s property turmoil hits midsized bank Everbright — Regional lender’s shares fall after profits miss estimates due to investment losses and increase in cash set aside for bad debts.
- Janet Yellen warns China against clean energy dumping — US Treasury secretary tells Beijing its trade practices will distort markets and harm workers.
The New York Times
- He’s Got a Plan for Cities That Flood: Stop Fighting the Water — A landscape architect in China has a surprising strategy to help manage surges of water from storms supercharged by climate change.
- China Lifts Punishing Tariffs on Australian Wine — Despite its thirst for Australian wine, China had taxed the imports in 2020 over a dispute about Covid-19.
- As Space Threats Mount, U.S. Lags in Protecting GPS Services — GPS has become essential for modern life, but its satellites and signals are vulnerable to attack. China is years ahead in developing alternatives.
- A.I. Leaders Press Advantage With Congress as China Tensions Rise — Silicon Valley chiefs are swarming the Capitol to try to sway lawmakers on the dangers of falling behind in the artificial intelligence race.
- Yellen Warns China Against Flood of Cheap Green Energy Exports — The Treasury secretary, who plans to make her second trip to China soon, argued that the country’s excess industrial production warped supply chains.
Caixin
- In Depth: China IPO Slowdown Pits Startups Against Investors — China’s depressed stock markets and a slowdown in IPO registration by regulators have sent a chill through the world of private equity (PE) and venture capital (VC) firms.
- China Resources Pays $1.6 Billion for Control of Chip Packaging Giant — State-owned conglomerate China Resources Group plans to pay 11.7 billion yuan ($1.6 billion) for a controlling stake in integrated circuit packaging leader JCET Group, as a giant industry investment fund steps back.
- Citic Securities Downsizes IPO Team as Business Slows — Citic Securities, China’s leading brokerage, has shifted over 100 investment bankers from initial public offering (IPO) roles to other divisions, in a major overhaul to address slowing business amid the stock market downturn.
South China Morning Post
- Alibaba’s AliExpress eyes European success with Euro2024 football sponsorship, after rival Temu cracked US market with Super Bowl ads — Alibaba’s e-commerce platform AliExpress is betting on the European market by sponsoring Euro 2024, a move that comes after its rival Temu cracked the US market through ads that ran in the Super Bowl.
- China’s spy agency warns foreign groups are using consulting ‘as a cover’ to steal secrets — Beijing says overseas consultancies have tried to steal classified state and commercial information, posing ‘major risks to national security’.
- Ant International pushes ‘significant’ expansion of Alipay+ tourist payment service amid major group overhaul — Mobile payments made through 16 wallets supported by Alipay+ now account for 10 per cent of total tourist spending in Japan, unit president Douglas Feagin says.
Nikkei Asia
- Deadly Pakistan attacks threaten China economic ties — Beijing calls on Islamabad to boost security for Chinese workers in nation.
- China TV makers target European soccer, NFL to expand overseas — Hisense and TCL hope for boost from global sports as domestic sales lag.
- Analysis: Japan-bashing Chinese unwittingly target Xi’s lucky temple — What might be a shallow-minded movement promises a commercial jackpot.
Bloomberg
- Dalio Says China Must Fix Debt Problems or Face ‘Lost Decade’ — Ray Dalio warned that China should cut its debt and ease monetary policy or face “a lost decade.”
- China Property Crisis Is Rippling Through Its Biggest Banks — China’s protracted property downturn is eroding the balance sheets of the nation’s largest state banks as their bad loans creep up.
- US Is Asking Allies to Tighten Servicing of Chip Gear in China — The US is asking allies to impose more restrictions on maintaining chipmaking equipment in China as the Biden administration seeks to further thwart Beijing’s ambition to build cutting-edge semiconductors.
Reuters
- Exclusive: China’s WuXi AppTec shared US client’s data with Beijing, US intelligence officials told senators — U.S. intelligence officials in late February told senators working on a biotech security bill that Chinese pharmaceutical firm WuXi AppTec had transferred U.S. intellectual property to Beijing without consent, according to two sources.
- China’s BYD slows down plans for EV factory in Vietnam, industrial park says — Chinese electric vehicles maker BYD has slowed down its plans to build an EV factory in Vietnam, a manager of the industrial park where the plant would be built told a shareholders meeting on Thursday.
- Xiaomi set for plunge into EVs at a tricky time for China autos — China’s Xiaomi will launch its highly anticipated electric vehicle (EV) on Thursday when it will reveal its pricing and start taking orders, marking the electronics company’s entry into the world of automobiles.
Other Publications
- CNN: ‘No force’ can stop China’s tech progress, Xi Jinping tells Dutch PM — Chinese leader Xi Jinping has told Dutch Prime Minister Mark Rutte that “no force can stop China’s scientific and technological development.”
- Associated Press: Top Chinese official says green, high tech development key as nation seeks to spur economy — China is committed to reforms that will upgrade the technological level of its largely manufacturing-based economy and exploit green technologies expected to drive around $1.4 trillion in annual revenues, a senior Communist Party official said Thursday.
- The Economist: China’s banks have a bad-debt problem — As is becoming increasingly obvious.
- The Guardian: Why didn’t New Zealand impose sanctions on China? — New Zealand did not follow the US and UK in imposing financial restrictions after accusing Beijing of links to cyber-attacks.
