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. Battery Rush Spurs $1.4 Billion Sodium-Ion Factory in North Carolina — Startup aims to produce cheaper, safer type of battery and boost domestic supply chain.
The Financial Times
- Gambling hub Macau takes hard line on unlicensed currency traders — Casinos supported by service that allows mainland visitors to get round China’s strict capital rules.
- US eases tech curbs to boost Aukus security pact with UK and Australia — London and Canberra will no longer need licences to obtain some American defence-related technology.
The New York Times
- How Falun Gong Grew into a Global Movement — Founded in China in the early 1990s, Falun Gong unsettled Chinese government officials and quickly became subject to brutal repression. It has prospered nonetheless.
- 5 Takeaways From The Times’s Investigation Into Shen Yun — The dance group has discouraged performers from seeking medical care when they were injured and has subjected them to emotional abuse and manipulation, The Times found.
- Behind the Pageantry of Shen Yun, Untreated Injuries and Emotional Abuse — As the popular dance show grew into an international juggernaut, some of the group’s young performers paid a steep price.
Caixin
- After Reports of Layoffs, GM Says It’s Committed to China — General Motors Co. (GM) said it remains committed to its partnership with SAIC Motor Corp. Ltd. and their joint ventures (JVs) in China, following reports that the American carmaker has been downsizing in the world’s largest auto market.
- Bondholders Slam Sino-Ocean’s Restructuring Plan as Debt Evasion — A group of offshore bondholders of Sino-Ocean Group Holding Ltd. has strongly opposed a debt restructuring plan put forward by the distressed developer for more than $5.6 billion in dollar bonds, criticizing the company and its largest shareholder for alleged debt evasion.
- Hengli Boosts Shipbuilding Capacity with $1.5 Billion Expansion and Listing Plan — China’s private petrochemicals conglomerate Hengli Group Co. Ltd. is expanding its shipbuilding capacity, with plans reportedly underway to take the business public.
South China Morning Post
- Tech war poll shows ‘China against the world’ while US in ‘commanding position’ — Semiconductor industry leaders predict chip rivalry will lead to supply chain split, with few prioritising Chinese market, survey says.
- Bridgewater steps back from China as biggest hedge fund slashes stock bets for 7th quarter — The US hedge fund’s holdings of Chinese stocks listed in the US have declined by 80 per cent in value since September 2022, according to filings.
- Tech war: China pumps up state subsidies for chip industry to counter US sanctions — Government subsidies granted to Huawei, SMIC, Naura Technology and other major chip players in China swelled in 2023, a Post analysis found.
Nikkei Asia
- Chinese chip equipment maker AMEC sues U.S. over military blacklist — Move follows lidar maker Hesai’s legal challenge against Department of Defense.
- Chinese oil company reveals loss of Utah drilling rights years afterward — Hong Kong-listed CHK Oil says board only learned of 2022 U.S. orders last week.
- ‘Pre-bunking’ is key tactic in disinformation fight, says Taiwan’s Audrey Tang — Former digital minister says important to warn public to brace for fake news.
Bloomberg
- Alibaba’s Long-Awaited China Stock Link May Provide Timely Boost — Chinese investors finally being able to buy shares of Alibaba Group Holding Ltd. may provide a much-needed boost for the e-commerce firm’s stock, with an inflow of up to about $20 billion into next year.
- China’s Youth Unemployment Climbs for First Time Since February — China’s youth unemployment rate rose for the first time in five months as an influx of graduates entered the labor market at a time when the economy is struggling to find a firm footing.
- China’s Bid to Spur Marriage, Hamper Divorce Stirs Online Outcry — China’s proposed measures to ease marriage registration while making divorces harder to get have provoked a wave of public backlash, a reflection of the challenges facing the world’s No. 2 economy in arresting a sharp drop in births.
- Opinion: A Flood of Hydro Is Washing Coal From China’s Grid — Recent torrential downpours have switched this source of power back on. The future will be tougher. By David Fickling
Reuters
- China’s senior tourists could be a silver lining for travel firms — Travel companies are betting that Chinese tourism could return to its pre-pandemic boom days if they tweak tours to avoid steep hikes, add nurses and healthcare professionals to their staff and offer discounts for the seniors they’re targeting.
- China’s faltering growth revives cash vouchers talk — Another round of bad Chinese economic figures is raising pressure on Beijing to loosen the fiscal spigot further and even dole out shopping vouchers to get growth back towards this year’s target of roughly 5%.
- TikTok disputes US claims on China ties in court appeal — TikTok told a federal appeals court on Thursday that the U.S. Department of Justice has misstated the social media app’s ties to China, urging the court to overturn a law requiring China-based ByteDance to sell TikTok’s U.S. assets or face a ban.
Other Publications
- The Economist: How China thrives in a world of turmoil — The guerrilla tactics of the Long March guide the Communist Party to this day.
- Associated Press: BMW recalls 1.3 million vehicles in China that may have Takata airbag inflators — BMW was recalling more than 1.3 million vehicles in China that might have Takata airbag inflators following a similar recall in the United States last month, officials said Friday.
- Washington Post: Ross Terrill, chronicler of China from Mao onward, dies at 85 — Dr. Terrill was considered one of the most insightful interpreters of China since the 1960s, when he made his first trip as a backpacker.
- Foreign Policy: The Philippines Is Washington’s New Front Line Against China — Manila is receiving unprecedented U.S. help to beef up its defenses.
- The Guardian: China adds new clean power equivalent to UK’s entire electricity output — Data shows continued surge in wind and solar power amid hopes Chinese greenhouse gas emissions may have peaked.
- BBC News: China’s rhetoric turns dangerously real for Taiwanese — Calls to denounce “die hard” Taiwanese secessionists, a tipline to report them and punishments that include the death penalty for “ringleaders” – Beijing’s familiar rhetoric against Taiwan is turning dangerously real.
