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
- Yellen’s Tough Message to China on Exports Tests Fragile Detente — The Treasury secretary used a trip to Beijing to warn her counterparts against China’s export practices.
- Shimao Shares Fall After China Bank Files Liquidation Petition — Shimao said it would “vigorously” oppose the petition.
- Alibaba Cloud Trims Prices for International Customers — Alibaba Cloud said the cuts were aligned with an “AI first strategy” to make core computing resources accessible to a range of customers.
- China Holiday Activity Tops Prepandemic Levels, Adds to Recovery Signs — The revival of consumption in the country has been struggling to gain sustained momentum.
- U.S. to Crack Down on Trade ‘Loophole’ Used for China Apparel Shipments — Small packages will get more scrutiny as part of a broader trade enforcement strategy.
- Opinion: China’s Flag Is Red, Not Green — The West has been too willing to believe Beijing’s claim that it cares about the environment. By Thomas J. Duesterberg
The Financial Times
- Biden to warn Beijing over aggressive South China Sea tactics — Rusting hulk of Philippine vessel Sierra Madre grounded on disputed reef has become potential US-China flashpoint.
- Yellen says US-China relations on ‘stronger footing’ — Treasury secretary points to intensified diplomacy between Washington and Beijing at end of six-day visit to country.
- Chinese state-owned bank seeks liquidation of property developer Shimao — China Construction Bank’s winding-up petition in Hong Kong signals creditors’ growing impatience with struggling sector.
- European defence groups warn over reliance on Chinese cotton used in gunpowder — Western countries’ push to strengthen Ukraine’s military has sent demand for ammunition soaring.
- China now a rival rather than boon for South Korean exporters, warns minister — Seoul says tech and manufacturing sectors must adapt to rising competition.
- Mining billionaire Forrest urges China to demand greener nickel — Australian magnate points finger at ‘irresponsible’ standards for processing in Indonesia.
- China’s stockbrokers suffer pay cuts as markets decline — Financial disclosures show executive salaries at leading brokerages have fallen in past two years.
- Yellen warns China of ‘significant consequences’ for Russia support — US treasury secretary delivers message to vice minister He Lifeng during meetings in Guangzhou.
The New York Times
- Yellen Sees ‘More Work to Do’ as China Talks End With No Breakthrough — Treasury Secretary Janet L. Yellen was warmly received in China, but it was evident that the level of trust between the two sides does not run deep.
- U.S. Warns China About Its Exports and Support for Russia — Beijing’s economic policies threaten American workers, Treasury Secretary Janet L. Yellen told Vice Premier He Lifeng in the southern city of Guangzhou.
- Yellen Faces Diplomatic Test in Urging China to Curb Green Energy Exports — The United States wants to persuade China to dial back its green energy industrial strategy as the Biden administration subsidizes its own supply chain.
- What Chinese Outrage Over ‘3 Body Problem’ Says About China — The Netflix series showcases one of the country’s most successful works of culture, a rare cultural export. Instead, social media is condemning it.
Caixin
- Cover Story: How Billions in Bitcoin Laundered From China Ended Up in British Hands — It’s hard to square how a high roller who lived in a villa, spent tens of thousands of pounds on luxuries, and even bought properties worth more than half a million pounds in Dubai could have once been a worker living above a Chinese restaurant in the UK.
- Analysis: China’s Support to Regional Governments Tops 10 Trillion Yuan for Second Year — The Chinese central government is allocating a budget of 10.2 trillion yuan ($1.4 trillion) for its so-called “financial transfer payments” to regional governments in 2024, according to the Ministry of Finance. That marks the second straight year that the redistributed sum has exceeded 10 trillion yuan.
- U.S. Agree to Launch Initiatives on Money Laundering, Economic Growth During Yellen Visit — China and the U.S. have agreed to launch initiatives to fight money laundering and foster “balanced” economic growth, as U.S. Treasury Secretary Janet Yellen visits the country for the second time in nine months, aiming to strengthen cooperation while addressing American concerns about Chinese industrial overcapacity.
South China Morning Post
- Alibaba Cloud cuts prices again, this time for international customers as AI generates surging demand — Alibaba is cutting prices by as much as 59 per cent for international users of its compute, storage, network, database and big data products.
- As Janet Yellen decries China’s EV overcapacity, commerce minister calls such accusations ‘groundless’ — Speaking in Paris to Chinese makers of electric vehicles and lithium batteries, commerce chief Wang Wentao vows Beijing will ‘fully support and defend’ their rights as Western pressure mounts.
- China pushing to break down payment barriers for visitors, with 90,000 overseas buyers set to flock to Canton Fair — Tackling payment issues is a small but important part of Beijing’s broader efforts to bring down barriers for foreigners in China, with a particular focus on the start of the Canton Fair later this month in Guangzhou.
Nikkei Asia
- Yellen says China trip ‘moved ball’ on key issues, warns on Russia links — Treasury chief urges Beijing to spur domestic demand to absorb industrial output.
- China Construction Bank seeks wind-up of property developer Shimao — Hong Kong petition raises questions over company’s ‘white list’ projects.
- Opinion: Prabowo’s China policy dilemma evident in Beijing trip — Next Indonesian leader focused on security but keen for development support. By Mangantar Simon Hutagalung
Bloomberg
- Scholz to Hold Talks Next Week With China’s Xi in Beijing — German Chancellor Olaf Scholz will hold talks with Chinese President Xi Jinping in Beijing on April 16 as part of a four-day trip to China.
- China’s Economy to Grow 5.3% This Year as Property Sector Stabilizes, Report Finds — China’s economy is set to expand 5.3% this year as the property sector stabilizes and external demand improves, according to the ASEAN+3 Macroeconomic Research Office, helping to lift growth in the region.
- China Maintains Yuan Defense After Currency Nears Red Line — China stuck to a pattern of keeping yuan weakness contained as pressure from a resilient dollar and poor investor sentiment pushes it toward a policy red line.
Reuters
- US will not accept Chinese imports decimating new industries, Yellen says — U.S. Treasury Secretary Janet Yellen warned China on Monday that Washington will not accept new industries being decimated by Chinese imports, as she wrapped up four days of meetings to press her case for Beijing to rein in excess industrial capacity.
- China’s Hillhouse logs hefty decline in hedge fund assets in 2023 — Billionaire Zhang Lei’s Hillhouse Investment saw its hedge fund assets plummet by a third last year to $27.5 billion, a U.S. regulatory filing showed.
- China’s Didi, GAC Aion to mass produce robotaxis next year — Chinese ride-hailing giant Didi Global, opens new tab said its self-driving unit’s joint venture with EV maker GAC Aion has received a business license, registering itself as the first JV in China for mass production of fully self-driving electric robotaxis in the country.
Other Publications
- CNBC: Yellen says U.S. plans to ‘underscore’ need for China to shift policy — U.S. Treasury Secretary Janet Yellen said Monday that future discussions between the U.S. and China will focus on Beijing’s need to change its policy on industry and the economy.
- Associated Press: Culinary diplomacy: The internet is obsessed with what Janet Yellen eats in China — Ever since she ate mushrooms that can have psychedelic effects in Beijing last July, Janet Yellen has united Americans and Chinese in wanting to know what she will eat next.
- Fortune: These 5 misconceptions about China’s slowing economy could lead to complacency in the U.S., expert warns — U.S.-China economic relations are in focus as Treasury Secretary Janet Yellen visited Beijing on Sunday, seeking to ease tensions amid mounting disagreements.
- Axios: The China pushback uniting major world powers — Treasury Secretary Janet Yellen has a growing set of allies working to slow the flow of cheap Chinese-made clean-tech products that they say are warping global prices.
- The Saturday Paper: How it feels to live under surveillance by China — In the visit of Chinese Foreign Affairs Minister Wang Yi last month, there was positive talk of trade and bilateral relations between Australia and China but nothing about me or the many other Australian citizens and residents targeted by the Chinese state on Australian soil. By Vicky Xu
