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. Seeks to Further Restrict Cutting-Edge Chip Exports to China — White House action aimed at preventing China from making high-end semiconductors, sources say.
- U.S. Electric-Vehicle Tax Breaks Rile Asian, European Allies — Favoring domestic industries could violate WTO rules, according to foreign officials and trade analysts.
The Financial Times
- China demands foreign diplomats provide floor plans of Hong Kong missions — International staff fear Beijing’s order that extends to homes will be used for espionage.
- China’s property crash: ‘a slow-motion financial crisis’ — In the first part of a series, the impact of falling house prices is spreading to local government finances and the broader economy.
- H&M ‘cautiously positive’ about China after consumer boycott — Fashion retailer in recovery mode following furore over forced labour in Xinjiang.
- HSBC explores $9bn sale of Canadian business — UK-based bank is under pressure from its largest shareholder to focus on Asia.
- The quiet ascent of Chinese high-tech start-ups — Despite crackdown on big companies and tensions with the US, the sector continues to attract foreign funding.
The New York Times
- U.S. Said to Plan New Limits on China’s A.I. and Supercomputing Firms — The new rules could be the most sweeping action taken yet by the Biden administration to thwart China’s access to American technology that powers data centers and supercomputers.
- Businesses Brace for Currency Chaos in Asia — A 1997 financial catastrophe casts a long shadow in countries that are seeing the value of their money plunge to record lows.
Caixin
- In Depth: China’s Relocated Chemical Plants Bring Pollution Problems With Them — In recent years, many chemical industrial parks have closed or moved away from areas along the river following Beijing’s order to protect the river’s ecology and environment.
- BYD Sales Hit Record High as China Steers Stimulus to Auto Market — China’s largest new-energy vehicle (NEV) manufacturer BYD Co. Ltd. reported record sales last month as China stepped up stimulus to shore up sluggish economic growth.
- Shanghai’s Graft Busters Get New Party Chief — Shanghai’s anti-corruption agency has appointed a new party chief, just days ahead of the seventh plenary session of the national version of the authority, the Central Commission for Discipline Inspection (CCDI).
South China Morning Post
- Xi Jinping, Joko Widodo to test Indonesia’s China-made high-speed train after G20 meeting in Bali — Indonesia’s Joko Widodo plans to invite Xi Jinping for a test run on the China-built Jakarta-Bandung high-speed railway after taking part in the Bali G20 summit on November 15-16.
- How China’s reputation as the world’s smartphone manufacturing hub is being shaken by plunging confidence at home — A prolonged cooling of China’s smartphone market is sending shivers across supply chains as factories face cutbacks in production orders.
- Mourning for Queen Elizabeth in Hong Kong sparks new calls for ‘decolonisation’ of city — The Secretary for Justice’s Office said more than 70 pieces of legislation that required examination had already been identified by the Law Reform Commission, which would give priority to such “adaptation of laws”.
Nikkei Asia
- From Singapore to Thailand, Asia dangles visas to lure high-fliers — New programs kick off as companies struggle to find skilled workers.
- Prospect of ‘Chairman Xi’ fuels debate as China party congress nears — Potential shift to Mao-esque rule from collective leadership alarms many members.
- China has no clear road map for Taiwan unification: U.S. experts — Analysts in CSIS survey split on Beijing’s internal deadline for possible attack.
Bloomberg
- Credit Suisse loses five more bankers at Hong Kong private bank — Credit Suisse Group AG is struggling to halt departures from its private bank in Hong Kong, with more recent resignations amid the turmoil at the Swiss lender.
- Australia Could Grab 20% of World’s Lithium Refining by 2027 — Australia is poised to grab a fifth of the world’s lithium hydroxide refining capacity within five years as demand grows for battery metals that bypass China, Canberra said in a report.
- Natural Gas Top Pick at Bank of China Amid Commodities Rout — Bank of China International Ltd. sees natural gas as the star performer in an otherwise bleak commodities outlook, with zinc and aluminum offering the best prospects among metals.
Reuters
- U.S. inspections of China corporate audits at ‘very early stage,’ PwC says — U.S. regulatory inspections of audits of Chinese companies listed in the United States have begun and it could be months before the conclusions are known, PwC Global Chairman Bob Moritz said.
- JPMorgan would need to pay $1 bln for full ownership of China mutual fund JV — JPMorgan would need to pay $1 billion for full ownership of its Chinese mutual fund venture, a statement on the Shanghai United Asset and Equity Exchange showed on Tuesday, a price tag that analysts said was expensive.
- HSBC eyes sale of multibillion-dollar Canadian business — HSBC is considering selling its business in Canada, worth billions of dollars and one of the biggest international banking brands in the country, as it looks to beef up returns as demanded by its largest shareholder.
Other Publications
- The Washington Post: History offers a guide to winning our growing ‘chip war’ with China — Lawmakers are trying to boost the crucially important American semiconductor industry, but trying to pick winners won’t work.
- Foreign Affairs: China Has Lost India — How Beijing’s Aggression Pushed New Delhi to the West. By Tanvi Madan
