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
- China’s Economy Grew 3.9% in the Third Quarter — Result topped the 3.5% economic growth expected by economists.
- Nasdaq Freezes Chinese Small-Cap IPOs After Price Spikes — The exchange clamps down after dramatic volatility from new listings.
- How U.S. Uses Supply Chain Sway to Throttle China’s Chip Development — New U.S. export restrictions target semiconductor design and essential manufacturing equipment.
- Tesla Cuts Prices in China as Costs Fall, Competition Heats Up — The EV maker reduced prices by more than 9% on some models days after CEO Elon Musk warned of recession.
Party Congress
- China’s Xi Claims Third Term as Communist Party Leader — Top leadership dominated by Xi allies and protégés, with no clear successor.
- Hu Jintao’s Exit From China’s Communist Party Congress Causes a Stir — Xi Jinping’s predecessor leaves unceremoniously, illustrating a generational shift in power.
- China’s New Slate of Top Leaders Stirs Concern Over Economy — The world’s second-largest economy has been weighed down by Beijing’s zero-Covid policies and a downturn in the property market.
- Hong Kong Stock Market Dives After China Party Meeting — Foreign investors rush for the exits; technology giants are the worst hit.
- China Appoints Two Vice Chairmen to Central Military Commission — Chinese leader Xi Jinping named a new military commander with experience in Taiwan affairs as one of his two deputies on the Communist Party’s top commission overseeing the armed forces.
The Financial Times
- China’s economy will not overtake the US until 2060, if ever — The consensus that Beijing can achieve whatever target it sets ignores the pace of slowdown in recent years.
- TSMC: the Taiwanese chipmaker caught up in the tech cold war — Washington wants the company that dominates semiconductors to move more production to the US but Taipei is resisting.
- China fails to stem bond outflows as property woes persist — Global asset managers under pressure to cut holdings as Beijing clamps down on developers.
- China’s GDP growth below target as property and zero-Covid woes mount — Delayed third-quarter data spur shares sell-off and come day after Xi Jinping consolidates power at party congress.
- China’s YMTC asks core US staff to leave due to chip export controls — Washington’s restrictions block a vital pipeline of talent for China’s semiconductor industry.
- China’s climate goals need $14tn for power and transport, says World Bank — President Xi reinforces commitment to green energy despite severe pressures on economy.
- How the US chip export controls have turned the screws on China — Washington is trying to slow Beijing’s advanced semiconductor development and military modernisation.
Party Congress
- Hong Kong stocks: Xi’s hardliners panic foreign investors — There are fears the government’s limited patience with business will diminish further.
- Exit of former Chinese president overshadows Xi Jinping’s triumph — Hu Jintao is led from the platform, bringing confusion to the carefully stage-managed event.
- Chinese Communists shun women as men hoard all the power — Only one female sits on the politburo despite women making up 30% of party membership.
- Xi promotes loyal Shanghai chief to China’s upper echelons of power — Li Qiang becomes Communist party’s second-highest-ranking official after presiding over disruptive Covid lockdowns.
- Xi consolidates power with leadership shake-up — China’s president purges rivals from Communist party’s top echelons.
- Xi tightens his hold on power as China’s party congress comes to a dramatic close — Premier Li retired as Xi’s predecessor is escorted off stage.
- Opinion: Xi Jinping’s China and the rise of the ‘global west’ — The world’s advanced democracies are pulling together in an effort to counter China’s international influence. By Gideon Rachman
The New York Times
- A Lonely Protest in Beijing Inspires Young Chinese to Find Their Voice — As beginner dissenters, they’re timid and scared. But they are experiencing a quiet political awakening, unhappy about censorship, repression and “zero Covid.”
- China G.D.P. Data Is Unexpectedly Released After Delay — China said its economy grew 3.9 percent in the third quarter. But investors unnerved by Xi Jinping’s power grab — and his state-heavy agenda — sent Chinese shares tumbling.
Party Congress
- Xi Jinping Now Holds Near-Absolute Power in China, Creating Risks — Xi Jinping has created a new ruling elite packed with loyalist officials primed to elevate his agenda of bolstering national security and of turning China into a technological great power.
- How Xi Jinping Remade China in His Image — Mr. Xi has inserted himself into every corner of Chinese life, leaving no room for anointed successors.
- A loyal aide in Shanghai takes a leading role in Beijing. — Li Qiang is now China’s second-highest official after Xi Jinping. Mr. Li’s time in Shanghai had raised questions about whether he would rise to the party’s highest levels.
- Hu Jintao Was Escorted Out of China’s Congress, Raising Questions — A health scare? A brazen political gesture? Whatever else it was, the episode was awkward.
- China Hangs on Xi’s Every Word. His Silence Also Speaks Volumes. — At the important Communist Party congress this week, the Chinese leader didn’t mention two long-repeated maxims. To many, it’s a warning of the turbulent times ahead.
- Hu Jintao’s Departure Causes Stir as Xi Elevates Loyalists in Congress — A new lineup of the Communist Party elite will limit potential resistance to Mr. Xi’s agenda of bolstering security and expanding state sway over the economy.
Caixin
- Cover Story: Why the Yuan Is Suddenly Gaining International Traction — China’s 13-year campaign for its currency benefits from sanctions on Russia, flight from the dollar and advanced development of digital yuan
- A Dozen Top Chinese Finance Leaders Named to New Central Committee — China Securities Regulatory Commission Chairman Yi Huiman and former finance minister Xiao Jie received the call up
- A Younger Generation Is Now the Majority in Communist Party’s Elite Body — It is the first time that politicians born after 1960 have dominated the Central Committee, which sets the course for the country’s development trajectories and is reelected every five years.
South China Morning Post
- China’s third-quarter GDP surprises, casting doubt on an easing of zero-Covid strategy — While ‘notable downward pressures’ continue to thwart a full economic rebound, some say the market may be concerned that the need to rein in China’s disruptive coronavirus-containment measures is less apparent.
- Analysts seize on Xi’s mention of strong ‘strategic deterrence’ as sign of China’s nuclear build-up — In opening of 20th party congress, Chinese president calls for boost to ‘new-domain forces with new combat capabilities’
- Ding Xuexiang, ‘Xi’s most trusted aide’, joins party’s top decision-making body — Loyal and cautious, Ding Xuexiang has President Xi Jinping’s full trust, according to analysts.
- China’s Hu Chunhua loses Politburo seat, raising doubts about political future — Former rising star who was expected to secure a Standing Committee seat now poised to lose vice-premier position in eyebrow-raising demotion.
Nikkei Asia
- China to tap Wang Yi as top dog for ‘wolf warrior’ diplomacy — Expected appointment as chief diplomat would break with customary retirement age of 68.
- China’s Xi stacks new inner circle with loyalists for third term — Shanghai party boss Li Qiang clinches No. 2 spot; Vice Premier Hu Chunhua demoted.
Bloomberg
- Xi’s Power Grab Spurs Historic Market Rout as Foreigners Flee — A sense of exasperation swept across Chinese markets as President Xi Jinping moved to stack his leadership ranks with loyalists, with stocks capping their worst day in Hong Kong since the 2008 global financial crisis and the yuan weakening to a 14-year low.
- Xi Starts Third Term With GDP Showing China Economy in Doldrums — China’s economic risks showed no signs of easing, with strict Covid controls and a property slump continuing to weigh on growth and weaker global demand curbing exports, underlining the challenges President Xi Jinping faces as he begins a third term as leader.
- The Seven Men Who Will Lead China Into Xi’s Third Term — For the third time in little over a decade, Chinese President Xi Jinping led a procession of Communist Party officials onto the red carpet at the Great Hall of the People in Beijing, revealing who will lead the world’s most populous country for the next five years.
- Xi Positions Shanghai Chief as Next Premier After Messy Lockdown — Li Qiang’s rise to become China’s No. 2 official, months after overseeing Shanghai’s chaotic Covid lockdown, made clear the top criteria for Communist Party promotion: loyalty to Xi Jinping.
Reuters
- Vatican confirms renewal of contested accord with China on bishops’ appointments — Critics, including Cardinal Joseph Zen, 90, the former archbishop of Hong Kong, have denounced it as a sell-out to the communist authorities. Zen is currently on trial over the use of a charity fund for pro-democracy protesters and critics have accused the Vatican of not doing enough to defend him in public.
- Hu’s dramatic China congress exit fuels speculation, official silence — Numerous commentators said the symbolism, at least, spoke to the demise under Xi’s increasingly authoritarian rule of the Youth League and China’s tradition of collective leadership.
- Analysis: Biden’s EV minerals cash fruitless without permitting reform — Washington’s growing financial support for companies that produce metals used in electric vehicles will likely prove fruitless unless the federal government streamlines the mine permitting process, investors, executives and consultants told Reuters.
Other Publications
- Associated Press: Japan, Australia upgrade security pact against China threat — Japan and Australia on Saturday signed a new bilateral security agreement covering military, intelligence and cybersecurity cooperation to counter the deteriorating security outlook driven by China’s increasing assertiveness.
- Politico: ‘Frustrated and powerless’: In fight with China for global influence, diplomacy is America’s biggest weakness — In Panama, a bridge to connect the country highlights China’s growing diplomatic presence and sway, while the U.S. goes four-and-a-half years without an ambassador.
- The Atlantic: Hu Jintao’s Exit Was Mysterious. Xi Jinping’s Power Play Is Not. — The most surprising moment at the Communist Party Congress only reinforced its larger theme. By Rory Truex
- Council on Foreign Relations: Xi Jinping Exposed — The recently concluded Chinese Communist Party also reflects what may turn out to be a flawed strategy of Chinese leader Xi Jinping putting himself at the center of everything—making him seem strong while actually vulnerable. By Ian Johnson
