The surprise winner of the US-China chip wars
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 13 March 2024
⏱️ 11 minutes
🧾️ Download transcript
Summary
The EU and US found some stop-gap funding for weapons for Ukraine, China is scrapping a number of infrastructure projects in indebted regions, and US inflation ticked up unexpectedly. Plus, tension between Beijing and Washington over access to technology has prompted many companies to open factories in south-east Asia.
Mentioned in this podcast:
EU and US find stop-gap funding for Ukraine weapons
China’s treatment of local debt ‘ulcer’ threatens growth target
US inflation rises to 3.2% in February
Malaysia: the surprise winner from US-China chip wars
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Sam Giovinco, Breen Turner, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The UK's energy partner. |
| 0:06.0 | Learn more at equinore. |
| 0:10.0 | At Aquinore. UK. Good morning from the Financial Times. Today is Wednesday, March 13th, and this is your |
| 0:17.9 | FT news briefing. Ukraine is getting a boost in military aid and Malaysia might just be an unexpected winner of the US-China chip war. |
| 0:29.0 | Plus China wants its economy to grow a lot this year, but it's also pumping the breaks on local spending. |
| 0:37.1 | The danger is, you know, when you're putting one foot on the break and one on the accelerator, |
| 0:40.8 | you might get it wrong. I'm Sonia Hudson and here's the news you need to start your day. Ukraine's been having problems getting funding for its war with Russia lately, but it got a bit of a break |
| 1:06.9 | yesterday. Both the EU and the US announced some additional aid. EU countries are set to approve 5 billion euros in military |
| 1:16.7 | aid and the U.S. managed to scrape together $300 million in ammunition and artillery. |
| 1:23.7 | Congress is struggling to approve a much larger aid package, |
| 1:27.8 | so the U.S. Department of Defense |
| 1:29.6 | cobbled together the money using recent savings |
| 1:32.4 | from Army contracts. |
| 1:34.0 | Ukraine's at a critical point in its war with Russia. |
| 1:38.0 | Most Western policy makers are worried that without regular top-ups in funding and military equipment, |
| 1:44.4 | Keeves forces won't be able to grow the Chinese economy by 5% this year. |
| 2:01.2 | But at the same time, it's also ordered deep cuts to local infrastructure |
| 2:05.8 | spending. That could make it a lot harder for the country to reach that growth goal. |
| 2:11.6 | Joe Leahy is the F.T.'s Beijing Bureau Chief and he joins me now to discuss. |
| 2:15.6 | Hey Joe. Hi Sonia. Joe, can you give us some more details on what exactly these cuts |
| 2:21.7 | entail? |
| 2:23.0 | So Beijing, it's ordered 12 highly indebted parts of the country to try to reduce spending. |
... |
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