Associated Press reports: "China hosted South East Asian Defense Ministers Friday in a bid to burnish its reputation in a region wary of Beijing's territorial ambitions, while expectations grow that the U.S. might directly challenge Chinese claims in the South China Sea. The meeting in Beijing marks the first time China has hosted such a gathering. Four of the countries from the 10-member Association of Southeast Asian Nations taking part have claims to seas and islands in the South China Sea that clash with Beijing's own. The meeting was expected to skirt such contentious issues as China seeks to leverage such forums to soften its image. Chinese Defense Minister Chang Wanquan did not directly mention the dispute in his opening remarks, pointing instead to the threats that terrorism, radicalism, natural disasters and major accidents pose to the region. 'China desires cooperation and dialogue with ASEAN defense bodies to together safeguard regional peace and stability and join hands to create a good security environment,' Chang said."
The Wall Street Journal reports: "Alibaba is launching a $4.6 billion effort to secure a share of China's fast-growing online video business, an area where its rivals are ramping up spending on new movies, TV shows and original programming to win over a massive new audience. Alibaba Group Holding Ltd. said on Friday it is offering to buy the roughly four-fifths of U.S.-traded Chinese online video provider Youku Tudou Inc. it doesn't already own for $26.60 per American depositary share. The deal marks a 30% premium to Youku Tudou's trading price on Thursday. In Friday trading its shares rose 23% to $25.14 per ADS. Youku Tudou's chairman and chief executive, Victor Koo, had pledged his shares in support of the deal and would continue to lead the operations if the deal closes."
The Washington Post reports: "Now, China is hoping to triumph over decades of false starts and finally secure access to the sea, enabling it to ship goods produced here to destinations elsewhere in Asia - and farther afield - instead of sending them by train to ports to the south. Authorities are pumping money into infrastructure projects as part of President Xi Jinping's plan to build a new Silk Road trading route and to make this area, which incorporates the Yanbian autonomous prefecture with its large ethnic Korean population, relevant again. South Korea wants a part of the action, too. It is eyeing the area as a kind of off-site Korean unification project, with businesses preparing for when North Korea opens up - or for when it fails, although they are careful not to talk in such a pointed way. 'There are lots of companies just perched here, just waiting for North Korea to collapse,' said one foreign resident in the area, speaking on the condition of anonymity so as not to jeopardize his work."