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 to Shake Up Financial System as Xi Jinping Installs Key Associates — Zhu Hexin and He Lifeng, two close associates of China’s leader, have emerged as leading candidates for top positions at the country’s central bank.
- U.S. Considers Release of Intelligence on China’s Potential Arms Transfer to Russia — Western nations have intelligence that Beijing might end its self-imposed restraint on weapons supplies to Moscow.
- U.S. to Expand Troop Presence in Taiwan for Training Against China Threat — The Pentagon is helping Taiwan focus on tactics and weapon systems that would make the island harder to assault.
- Taiwan Foreign Minister Held High-Level Meeting in Washington — Senior U.S. and Taiwan diplomats met amid heightened security concerns.
- Pentagon Spent At Least $1.5 Million on Missiles to Down Three High-Altitude Objects — Defense officials are still analyzing debris from suspected Chinese surveillance balloon.
- China’s Top Diplomat Lauds Strength of Russia Ties in Putin Meeting — Beijing, Moscow reaffirm partnership that both view as a bulwark against U.S.-led world order.
- Alibaba Posts Lackluster Growth, Hit by China’s Pandemic Control Measures — Consumer sentiment and economic activity are likely to recover, CEO says.
- Alibaba Survived Tech Crackdown. Now it Must Fend Off its Rivals — Chinese e-commerce company would do better this year, but brewing price war could spoil festive mood.
- Baidu’s ChatGPT-Style Bot Will Be No Magic Bullet — Whether the Chinese company’s Ernie Bot can recharge stagnant advertising revenue is an open question.
- Brazil Suspends Beef Exports to China After Finding Mad-Cow Disease — Farmers are concerned about a possible drawn-out beef ban by China, the biggest buyer of Brazilian meat
- UBS Set to Apply for China Mutual-Fund License — The bank’s politically neutral home market has allowed it to be more vocal about its China ambitions.
- China Has Special Clinics to Remove Stuck Fish Bones From Your Throat — Families are gathering again for communal meals featuring the whole fish, creating a flurry of business for specialists who get diners off the hook.
The Financial Times
- China tries to play peacemaker in Ukraine war to woo Europe — Beijing touts its role as a non-aligned broker but firm ties to Moscow stir western unease.
- Wall Street set to lose out as China secures grip on IPO pipeline — Revival of listings in New York in doubt as Beijing overhauls rules on foreign share sales.
- Hong Kong woos family offices in bid to boost post-Covid growth — City’s annual budget targets economic recovery with consumption stimulus and incentives for homebuyers.
- Russia and China vow to strengthen ties despite international ‘pressure’ — Beijing’s top diplomat meets Vladimir Putin two days before first anniversary of Ukraine invasion.
- Opinion: China rolls back unconditional support for Russia — Beijing is keen to repair ties with its leading trade partners in the west. By James Kynge
The New York Times
- China’s Cities Are Cutting Health Insurance, and People Are Angry — Local governments, short on money after three years of “zero Covid” and faced with many more retirees, are raising costs and overhauling benefits.
- How Health Insurance Works in China, and How It’s Changing — China is undertaking a far-reaching overhaul of its health care system as its cities reel from the financial pressure of three years of strict Covid policies.
- China’s Tech Rainmaker Vanishes, and So Does Business Confidence — Bao Fan’s firm says he’s unreachable, and others in the tech sector are worried for him and fear what his disappearance says about China’s heavy hand in business.
- More Than 50 Missing After Coal Mine Collapses in Northern China — By Thursday, four deaths had been confirmed as rescuers worked to save miners at the site in Inner Mongolia.
- Putin and Biden Shore Up Alliances in Dueling Appearances — On the surface, it looked like a reversion to the Cold War era. The reality was even more complicated.
- Lawmakers Return From Taiwan Clamoring to Speed Up Weapons Deliveries — House lawmakers said the island enclave was stepping up its defenses, but needed the United States to deliver on promised arms sales to stave off threats from China.
Caixin
- In Depth: China Grapples With Fiscal Overhaul as Budgets Come Under Pressure — Poor management, inefficiency, and a narrow tax base are some of the issues Finance Minister Liu Kun has pledged to address.
- China M&A Deals Plunged 34% to Nine-Year Low in 2022 — Economic headwinds and pandemic disruptions similarly slowed global mergers and acquisitions, management consultant Bain reports.
- Hong Kong Relaunches Investment-for-Residency Program — City hopes to lure back bankers, lawyers and other professionals who decamped amid pandemic restrictions, though new program’s details are sparse.
South China Morning Post
- Is Chinese-controlled copper and cobalt mining joint venture being turned into a political pawn in Congo? — Observers say the government of the Democratic Republic of the Congo is stepping up pressure for the renegotiation of 2008 Sicomines deal as part of a plan to use related infrastructure projects as a campaign tool.
- European Commission bans staff from using TikTok on work devices — Staff told on Thursday to remove TikTok from all corporate and personal devices that use European Commission applications.
- Beijing’s top diplomat in Hong Kong lays down ‘3 red lines’ for America’s local envoy, prompting defiant consulate response — Liu Guangyuan, commissioner of local Ministry of Foreign Affairs Office, warns US Consul General Gregory May not to endanger national security or slander city’s prospects.
Bloomberg
- Jack Ma-Backed Ant Profit Falls 83% After Regulatory Clampdowns — Ant Group Co.’s profit drop accelerated in the three months ended in September, falling 83% after China’s regulatory crackdown and a decrease in valuation of overseas equity investments.
- Chinese City Goes Viral After Lack of Funds Puts Buses at Risk — A Chinese city with a population of 7.7 million drew public attention Thursday for almost losing its bus services because of a lack of funds, highlighting the financial strain local governments are under after years of spending on Covid controls.
- Ro Khanna and Mike Gallagher Visit Taiwan and warn of China’s ‘Cognitive War’ — Two US lawmakers just back from visits to Taiwan said the island’s government is bolstering its defenses against cyber attacks and disinformation, and called on US technology companies to better confront China’s online offensives.
- Chinese EV Maker JAC Pairs With HiNa to Explore Sodium-Ion Cells — Chinese electric carmaker Anhui Jianghuai Automobile Group Corp. is experimenting with short-range sodium-ion batteries for its vehicles as a cheaper alternative to lithium cells, according to a statement Thursday.
Reuters
- Canada must be on guard against Chinese election interference, Trudeau says — The leader of Canada’s main opposition party, Conservative Pierre Poilievre, last week accused Trudeau of ignoring the Chinese interference and benefiting from it.
- Macau casino stocks, bonds on a roll as Chinese visitors return — Chinese tourists are returning to Macau in hordes after Beijing lifted its restrictions on travel to the world’s biggest gambling hub, lifting stocks and bonds of casino operators as investors bet on a boom in their revenues.
The Economist
- Despite the bullish talk, Wall Street has China reservations — The growth juggernaut is trading at a discount.
- Xi Jinping’s next overseas-lending revolution — Welcome to a new era of Chinese debt.
- China has not resolved its past lending mistakes. But it is learning from them — How to speed up debt-relief talks.
Other Publications
- The Washington Post: Taiwan frustrated by weapons delays, key lawmaker finds in stealth visit — Rep. Mike Gallagher, chairman of the new House select committee on China, said Russia’s invasion of Ukraine was a ‘wake-up call’ for Taipei.
- Politico: U.S. diplomatic counter-offensive targets China’s ‘false information’ — The Biden administration is aggressively calling out Beijing’s surveillance program and warning of serious consequences if it aids Russia’s war on Ukraine.
- The Globe and Mail: Chrystia Freeland rings national security alarm about founders of Canadian bank with suspected ties to China — Toronto-based Wealth One and these principal shareholders have been under national-security investigation by the Canadian Security Intelligence Service since 2021.
