‘Cherry on the Cake’: How China Views the U.S. Crackdown on TikTok

Dan Wang has been a leading observer of contemporary China for years. As a tech analyst at Gavekal Dragonomics, a research firm, and through his well-read newsletter, Wang has charted the country’s rise as a fast-growing high-tech economy and, more recently, its slowdown and rising tensions with the United States. Wang is now a visiting scholar at Yale Law School’s Paul Tsai China Center and writing a book about relations between the United States and China. He spoke with DealBook about how China views the latest U.S. crackdown on TikTok.…

A Ban? A Sale? The Big Questions Hanging Over TikTok

TikTok faces a crucial vote The House is set to vote on Wednesday on a bill that would ostensibly present ByteDance, the Chinese owner of TikTok, with an ultimatum: sell TikTok’s U.S. operations, or have the app barred. But there’s a fight brewing over whether it’s actually possible for ByteDance to sell TikTok — or if the bill is effectively a ban disguised as a call for divestment. The bill itself never uses the word “ban,” but it frames the measure as a necessary effort “to protect the national security…

The Clock Ticks for TikTok

Another round in the TikTok fight The warnings against TikTok aren’t letting up, with U.S. security officials saying China is using the platform to meddle in elections and lawmakers calling the video app a global threat. The sharp rhetoric isn’t new, but it raises a question for policymakers and business: Is the new push to force ByteDance, the company’s Chinese owners, to divest a real step change or just political posturing? The House is barreling toward a vote on Wednesday that would force ByteDance to sell. Representative Steve Scalise, Republican…

Is China’s Era of High Growth Over?

China’s real growth agenda China announced an official growth target of about 5 percent on Tuesday that’s already looking hard to pull off. The world’s second-biggest economy is facing headwinds, from a consumer slowdown to weak investor confidence and a trade war with the West. But the growth target only tells part of the story of how Beijing is rethinking economic policy. Left out of the pronouncements: a stimulus package. Investors watch the annual gathering of the National People’s Congress, the country’s rubber-stamp parliament, and a parallel meeting of China’s…

What Evergrande’s Collapse Might Mean for the Global Economy

What next for Evergrande’s creditors? A Hong Kong court on Monday ordered the liquidation of Evergrande, the heavily indebted Chinese property giant. The decision comes two years after the company defaulted, setting off a financial crisis at other developers and adding to the challenges facing the world’s second-largest economy. The company’s dissolution raises questions about fairness for overseas creditors — which could have wider implications for foreign businesses operating in China. How Evergrande fell: The company was once deemed too big to fail, racking up debt to expand during a…

Jack Ma Doubles Down on Alibaba

Tsai has bought about $151 million worth of Alibaba’s U.S.-traded shares in the fourth quarter, via his Blue Pool Management family investment vehicle, a securities filing confirmed on Tuesday. Ma, who stepped down as the company’s executive chairman in 2019 but remains a major shareholder, bought $50 million worth of Hong Kong-traded stock in the quarter, according to a person with knowledge of the matter. (Both men already hold sizable amounts of Alibaba stock.) The purchase sizes aren’t huge — Alibaba’s market capitalization is about $171 billion — but given…

Taiwan Goes to the Polls

Tomorrow is Election Day in Taiwan, where the selection of a new president will shape the island’s relationship with China — and, by extension, shape international affairs. Today’s newsletter offers a guide. We know that many readers have paid little if any attention to the campaign, but it’s been fascinating and has implications for the competition over global influence between the U.S. and China. Background The fate of Taiwan is one of the big unknowns of the 2020s. It is now a thriving democracy of around 23 million people, with…

Shein’s I.P.O. Presents Tests on Wall Street and Washington

Shein aims to win over Wall Street and Washington In filing confidentially for an initial public offering, Shein, the ultrafast-fashion retailer, is showing ambition on two fronts. The company and its underwriters are betting that investors will be more receptive to I.P.O.s, even though high-profile market debuts this fall largely fizzled out. Shein is also testing whether it can endure what’s likely to be an increase in political heat on the China-founded e-commerce giant. The company has cut some of its most prominent ties to China, after drawing pushback from…

What the Biden-Xi Talks Accomplished (and Didn’t)

Biden and Xi try direct diplomacy The mood music was upbeat but pragmatic after the first face-to-face meeting in a year between President Biden and his Chinese counterpart, Xi Jinping. There was no joint communiqué after Wednesday’s talks, but both sides issued positive statements trumpeting where they found common ground, including on tackling climate change and improving communications. The San Francisco summit, and Xi’s banquet with American business leaders afterward, were signs of how entwined the economies remain despite years of rising tensions — and why both sides and many…

Global Markets Cheer on Better Than Expected Inflation Data

Good news for global markets Yesterday’s impressive rally in U.S. stocks and bonds has gone worldwide this morning, as investors see central banks making gains in their fight against inflation. Adding to the good news was a breakthrough in the House last night that could avert a government shutdown. S&P 500 futures signal further gains at the opening bell. The question now is whether this represents a false dawn on inflation, or the start of a durable decline in rising costs — and interest rates. Here’s what’s exciting investors: Yesterday’s…