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
- Treasury Department Says Systems Hacked by China-Backed Actor — Several workstations and certain unclassified documents were accessed, the agency said.
- China’s Manufacturing Activity Expands at Slower Pace — The manufacturing purchasing managers index came in at 50.1 in December.
- Beijing Pushes to Use China-Made Chips in Its EVs — U.S. objects to rival’s push for self-sufficiency in $80 billion business and opens trade probe.
- Hong Kong Sees Flurry of Year-End Listing Plans — The offerings come as the appetite for new listings in the city grows.
The Financial Times
- US Treasury says Chinese state-backed actor hacked its computers — Agency describes intrusion as ‘major cyber security incident.’
- Xi signals growth is ‘top priority’ in speech acknowledging China’s strains — President uses new year address to stress support for country’s vulnerable people and reiterate Taiwan stance.
- Philippines wrestles with how to face down China while policing 7,000 islands — Manila does not have maritime resources to go toe to toe with Beijing, say government officials.
The New York Times
- China Hacked Treasury Dept. in ‘Major’ Breach, U.S. Says — The department notified lawmakers of the episode, which it said was linked to a state-sponsored actor in China.
- Chinese Companies Have Sidestepped Trump’s Tariffs. They Could Do It Again. — The companies have found plenty of new channels to the U.S. market — demonstrating the potential limits of the tariffs Donald Trump has promised to impose.
- Migrant Chinese Muslims in NYC Say They Now Fear Trump — At a shelter in the Flushing area of New York, Hui Muslims who fled oppression in China are concerned about the president-elect’s vows to tighten asylum policy.
- Opinion: Goodbye to Small Yard, High Fence — The Biden administration’s approach to China has been full of contradictions. By Geoffrey Gertz.
Caixin
- After Bruising Year, Hong Kong’s Wealth Managers Have Reasons to Be Cheerful — While flows of mainland wealth slowed in 2023, the city stands a good chance of beating out its rivals.
- Slide in Land Sales Persists as China’s Property Developers Pushed to the Brink — Land sales in 300 Chinese cities drop 16% year-on-year as property slump goes on.
- China Mourns Jimmy Carter, a Key Figure in U.S.-China Ties — The former president played a crucial role in establishing diplomatic ties between the countries during his term in the White House.
South China Morning Post
- Donald Trump’s first 100 days: can Beijing stop downwards spiral in U.S.-China ties? — Early contact with new administration seen as an important ‘window of opportunity’ for Beijing to help set the course of future relations.
- China to spur mergers in US$1.6 trillion stockbroking sector after Guotai-Haitong deal: analysts — More government-led deals are likely to emerge in 2025 following the megamerger of Guotai Junan Securities and Haitong Securities.
Nikkei Asia
- China’s reliance on U.S. trade hits new low as Trump tariffs loom — Beijing stepped up diversification after tumult of president-elect’s first term.
- Trump tariff threat has 40% of Japan execs rethinking China strategy — Business leaders voice concern over U.S. trade policy in new survey.
- China’s key C919 passenger jet to start regular flights beyond mainland — Hong Kong serves as gateway for COMAC to challenge Airbus and Boeing.
Bloomberg
- China Raises Salaries for Government Workers to Boost Spending — President Xi Jinping has declared boosting domestic consumption the top priority for 2025.
- China’s December Home Sales Stay Flat in Sign of Stabilization — The value of new-home sales from the 100 biggest real estate companies for the month remained unchanged from a year earlier.
Reuters
- China factory activity grows more slowly, services recover — Improved domestic demand could benefit manufacturers amid a global economic slowdown, reducing the impact of proposed new U.S. tariffs on Chinese goods.
- Cocoa tops global commodities rally for 2nd year, steel ingredients struggle on China demand — Steel-making coal will end as the worst performer, hit by slow growth in China.
Other Publications
- The Information: ByteDance Planned to Spend $7 Billion on Nvidia Chips Next Year — The effort, led by co-founder Zhang Yiming, would make ByteDance one of the world’s biggest consumers of such hardware.
- Foreign Affairs: The Obstacles to China’s AI Power — Why the Chinese military struggles to take advantage of new technology.
