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
- China to Pay Consumers Up to Nearly $1,400 to Replace Old Cars — China plans to give car owners up to nearly $1,400 to replace their old cars with new ones, a move to boost slowing demand in the world’s largest electric-vehicle market.
- China’s Gold Consumption Rises on Safe-Haven Demand — Chinese buyers, spooked by a protracted property slump and a recent stock-market rout, are rushing toward gold as economic uncertainty looms, propelling a global bullion rally.
- Air Conditioning and AI Are Demanding More of the World’s Power—Renewables Can’t Keep Up — Rapid growth of renewable power has been a bright spot in the energy transition, but soaring demand could make all of those gains moot.
- Blinken Meets With Xi as U.S. Pressures China to End Support for Russia — Secretary of State Antony Blinken met with Chinese leader Xi Jinping as the U.S. urged Beijing to cut back on his nation’s extensive support for Russia’s defense industry.
- Remy Cointreau Lifted by China Improvement — Remy Cointreau posted fourth-quarter sales slightly ahead of views, as it saw a better-than-expected performance in China, but continued to destock in the US.
- ByteDance Says It Won’t Sell U.S. TikTok Business — The Beijing-based company said that foreign-media reports that it is exploring the sale of TikTok “are untrue.”
- Chinese Financial Services Shares Gain on Consolidation Hopes — Shares of several Chinese financial services companies traded higher Friday on expectations that the sector may see consolidation after state-run Guolian Securities announced its intention to buy another smaller firm.
- States Take On China in the Name of National Security — State officials, overriding local interests such as new investment and jobs, say they are acting where Congress hasn’t to address American distrust of Beijing.
The Financial Times
- Xi tells Blinken US should avoid ‘vicious competition’ with China — Secretary of state’s three-day trip comes as tensions remain over Taiwan, war in Ukraine and tech export controls.
- A disappearance in Xinjiang — What became of famed Uyghur academic Rahile Dawut?
- US wants allies to cut chip-related China exports amid Huawei alarm — Washington urges Japan, South Korea and the Netherlands to tighten supply of tools and technology.
The New York Times
- U.S. Builds Web of Arms, Ships and Bases in the Pacific to Deter China — With missiles, submarines and alliances, the Biden administration has built a presence in the region to rein in Beijing’s expansionist goals.
- When U.S. Officials Visit China, Their Food Choices Are Closely Watched — Visits to China by American officials like Secretary of State Antony J. Blinken can bring fame to local restaurants, as well as scrutiny to the dignitaries.
- Xi Meets Blinken With Tough Issues on the Agenda — The direct meeting with China’s leader is a sign of continued effort to ease tensions, but officials expect little progress on core issues like Taiwan, trade and Chinese support of Russia.
- WADA Names Special Prosecutor in Chinese Doping Case — The decision to review the handling of positive tests collected from 23 swimmers came after an outcry from athletes and antidoping regulators.
- Key Solar Panel Ingredient Is Made in the U.S.A. Again — REC Silicon says it will soon start shipping polysilicon, which has come mostly from China, reviving a Washington State factory that shut down in 2019.
- A Chinese Firm Is America’s Favorite Drone Maker. Except in Washington. — U.S. authorities consider DJI a security threat. Congress is weighing legislation to ban it, prompting a lobbying campaign from the company, which dominates the commercial and consumer drone markets.
Caixin
- Country Garden Bondholders Agree to Extensions After Missed $22 Million Payment — A continued slump in sales leaves bondholders doubtful they’ll get further payments despite the extension.
- ICBC Qinghai Sets up People’s Armed Forces Department — Bank reserves take on new meaning with formation of a corporate militia to fulfill national defense obligations.
- Xiaomi Expects Annual Car Delivery to Reach 100,000 — SU7, Xiaomi’s electric vehicle, secured more than 75,700 orders in the 28 days since its launch.
South China Morning Post
- China hosts talks between rival Palestinian factions Hamas and Fatah in bid to end internal divisions: report — Report comes after a major power shuffle in the Palestinian Authority aimed at ending the Israel-Gaza war.
- China highlights extremism threat, pledges deeper military ties with Kazakhstan — Central Asian region faces ‘complex’ security situation, Chinese defence minister says in meeting with Kazakh president in Astana.
- Chinese food-delivery giant Meituan to debut in Saudi Arabia’s capital Riyadh as international expansion quickens — Meituan’s foray into Riyadh marks the Beijing-based company’s first overseas expansion amid slowing growth in its home market.
- China’s beefed up statistics and accounting laws under review, robust fines to increase cost of fraud — China is reviewing amendments to laws governing statistics and accounting, with Beijing eager to clamp down on inflated or manipulated economic statistics and uphold rules in the world’s second-largest financial market.
- Hong Kong to sign 20 cooperation documents with Shanghai to boost ties in digital economy, finance, among other fields — City leader John Lee says two cities have reached consensus on 65 projects spanning 15 sectors, including innovation, technology and industrial development.
Nikkei Asia
- Apple moves closer to China despite supply chain shifts — Apple increased its China-headquartered suppliers and Chinese manufacturing sites in 2023 while using fewer suppliers from Taiwan, the U.S., Japan and South Korea, a Nikkei Asia analysis of Apple’s latest official list of suppliers shows.
- Japan and EU to unify subsidy rules for EVs, solar panels — They will agree as early as May to create common rules on government subsidies and procurement targeting electric vehicles and renewable energy equipment, Nikkei has learned.
- Huawei retakes crown in China handset market as Apple sinks to fifth — Figures for the first quarter of 2024 released on Friday by analytics company Canalys show that Huawei shipped 11.7 million smartphones in China, up 70% from a year earlier.
Bloomberg
- EU Hits Fast-Fashion Giant Shein With New Digital Rules — Fast-fashion firm Shein has been drawn under the scope of flagship European Union rules designed to clamp down on illegal and harmful content online, aimed at stopping the spread of counterfeit items on the platform.
- Marcos Deepfake Fanning China Tensions Linked to ‘Foreign Actor’ — A “foreign actor” is likely behind deepfake content that made Philippine President Ferdinand Marcos Jr. sound like he’s urging military action against China, according to his communications office.
- China Prepares UN Resolution to Tap AI for Good — China is preparing a United Nations General Assembly resolution that it says is intended to help close gaps between rich and developing countries in the advance of artificial intelligence.
- China Firms Are Investing Abroad at Fastest Pace in Eight Years — China’s overseas investment is heading for an eight-year high as its dominant firms build more factories abroad, a shift that could soften criticism of Beijing’s export drive.
- Opinion: US Has Little to Fear From Chinese AI, For Now — The country is still far off from catching up with its rival on artificial intelligence. By Parmy Olson.
Reuters
- Insight: Why BYD’s EV exports sell for twice the China price — The differential, in part, reflects cutthroat competition in China, the world’s largest auto market, where dozens of EV brands are waging a price war.
- China passes tariff law as tensions with trading partners simmer — Beijing has stepped up its trade defence capabilities since President Xi Jinping came to power in 2012, ushering in laws empowering officials with ways of retaliating against countries that take issue with the way China trades.
- Explainer: What is so special about TikTok’s technology — Rather than building their algorithm on “social graph” like Meta has, TikTok executives including CEO Shou Zi Chew have said that their algorithm is based on “interest signals”.
The Economist
- The tech wars are about to enter a fiery new phase — Neither Mr Biden nor Mr Trump will shrink from challenging China, perhaps the issue which enjoys the highest level of bipartisan support in Washington.
- The Maldives is cosying up to China — President Mohamed Muizzu has sought to make good on an election promise to reorient the archipelago away from India, traditionally the Maldives’ closest regional economic and security partner, and step up co-operation with China.
- Chinese firms are expanding in South-East Asia — There are thought to be thousands of Chinese companies in South-East Asia, as unpredictable politics in Mr Xi’s China, coupled with a slowing economy, are forcing businesses to look for opportunities elsewhere.
- China’s young people are rushing to buy gold — Many buyers were middle-aged women looking to add to their nest-eggs or buy chunky bracelets. But these days Chinese gold shops regularly serve customers in their 20s.
- China’s ties with Russia are growing more solid — Here, in this showcase for Chinese technology — China’s first tropical spaceport, Wenchang — a privileged foreign friend is being given a precious piece of real estate.
Other Publications
- The Information: Huawei Leads Chinese Effort to Compete With Nvidia’s AI Chips — Huawei Technologies is leading a group of Chinese semiconductor companies seeking memory chip breakthroughs that could help China develop home-grown alternatives to Nvidia’s cutting-edge AI chips.
- Semafor: US and Russia are locked in a race against China, France, and South Korea to build Ghana’s nuclear energy plant — The West African country is among several nations on the continent looking to nuclear power as a low carbon source of energy as they seek to broaden access to electricity.
- The Times: MI5 to vet UK academics for Chinese spy links — MI5 review finds that national security is at risk because hostile states are attempting to steal sensitive research from British institutions.
