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
- The Alibaba Spinoff Trade Loses More Steam — Recent hiccups probably won’t derail the firm’s restructuring, but the stock could struggle without further concrete signs of progress.
- U.S., Saudi Arabia in Talks to Secure Metals for EVs — Partnership could boost U.S. in race with China for cobalt while jump-starting Saudi mining industry.
- Beijing Throws China’s Housing Market a Bone — Policy paralysis of the past half year has given way to stronger signals that Beijing wants to support the market.
The Financial Times
- China’s navy starts largest-ever exercises in Pacific Ocean — Manoeuvres involving aircraft carrier Shandong follow series of US-led military drills in region.
- Xi’s G20 snub sparks concern of retreat from international diplomacy — Chinese leader sent Premier Li Qiang in his place following deepening tensions with India.
- China attracts record ETF flows even as US and Europeans pull out — Stimulus measures appear to have prompted a surge that accounts for nearly a third of August global ETF investment.
- China set to overtake Japan as world’s biggest car exporter — Foreign shipments boost industry as domestic carmakers struggle to sell at home.
- Arrest of alleged spy raises questions around UK’s China policy — Critics say London is too soft on Beijing as MPs ask whether their safety is at risk.
- Senior UK minister says ‘strong case’ for new action against China — Cabinet Office minister Oliver Dowden confirms that government is considering tougher controls on Beijing.
- Europe’s solar industry warns of bankruptcies over Chinese imports — EU’s efforts to manufacture more green technologies are being undercut by cheaper rivals.
The New York Times
- Can India Challenge China for Leadership of the ‘Global South’? — A rising India has moved aggressively to champion developing nations, pursuing compromise in polarized times and promising to make America listen.
- U.K.’s Arrest of Suspected Spy Fuels Calls for Tougher Stance on China — Allegations that a researcher in Parliament was a foreign agent have intensified a fiery debate over Britain’s relations with Beijing.
- China Sows Disinformation About Hawaii Fires Using New Techniques — Beijing’s influence campaign using artificial intelligence is a rapid change in tactics, researchers from Microsoft and other organizations say.
Caixin
- In Depth: The Slow-Burning Insurance Crisis Unfolding in the Shadows — Banks and local government debt usually grab the headlines when it comes to risks in China’s financial system. But insurance, a sector traditionally associated with caution and prudence, has quietly turned into a slow-burning crisis for regulators.
- Huawei Tech-Powered EV Brand Rolls Out Upgraded Luxury SUV — Huawei and its auto partner Seres Group launched an upgraded version of the Aito M7 electric SUV on Tuesday, marking the latest push by the tech giant into China’s highly competitive auto market.
- Chart of the Day: Chinese Car Sales Return to Growth in August — China’s car sales regained momentum last month, largely driven by automakers’ price cuts and government support measures.
South China Morning Post
- Chinese tech hub Shenzhen to soon open specific sections of city highways for autonomous vehicle trials: report — This initiative underscores Shenzhen’s ambition to become China’s autonomous vehicle tech hub, more than a year after the city rolled out the country’s first dedicated regulations for intelligent connected cars.
- Apple to buy 5G chips from Qualcomm until 2026 amid supply chain challenges in China — The new deal suggests that Apple is not rushing out its own modem and is focused instead on strengthening its supply chain.
- New Alibaba CEO Eddie Wu to sharpen focus on AI and customers amid leadership reshuffle and spin-off process — The two major strategic areas Hangzhou-based tech giant will focus on are “user first” and “AI-driven”, new CEO Eddie Wu writes in a letter to staff.
Nikkei Asia
- China’s defense minister not seen for two weeks — There has been no sign of Chinese Defense Minister Li Shangfu in public for two weeks, touching off speculation about his fate.
- After Huawei 5G chip debut, U.S. lawmakers call for tighter export controls — Investment, international talent also needed to outcompete China, congressmen say.
- China deflation dread stalks property trade, struggling firms — Summer CPI gloom leaves consumers, markets bracing for impact of weak demand.
Bloomberg
- China Fertilizer Curbs Show a Fragile Food Supply Chain — Export restrictions will worry farmers already contending with volatile commodity markets and a barrage of bad weather.
- Alibaba’s New CEO Elevates AI to Top Priority in Revamp — Alibaba Group Holding Ltd. will put artificial intelligence and user experience at the top of its priorities, as its new leadership seeks to reclaim customers and market share in a fiercely competitive arena.
- China Returns to Buy Winter Gas Supply in Risk to Global Balance — China is looking to stock up on liquefied natural gas for winter, returning to the spot market in a move that risks reducing supply to other importers.
- Chip Packaging Is the Next Battleground for Tech Lead, CEO Says — The US should invest more in cutting-edge semiconductor packaging to ensure it leads in emerging technologies such as artificial intelligence, Cadence Design Systems Inc. Chief Executive Officer Anirudh Devgan said.
Reuters
- Country Garden secures bondholder reprieve, sources say; shares soar — China’s largest private property developer Country Garden (2007.HK) won approval from its creditors to extend repayments on six onshore bonds by three years, two sources familiar with the matter said on Tuesday.
- US expects Blinken will host China’s top diplomat Wang Yi before year-end — Washington expects U.S. Secretary of State Antony Blinken will host China’s Foreign Minister Wang Yi in the United States before year-end, whether at next week’s U.N. General Assembly (UNGA) or after, the State Department said on Monday.
- Papal peace envoy to travel to China on Tuesday to discuss Ukraine peace – papers — Papal envoy Cardinal Matteo Zuppi will travel to Beijing on Tuesday in a diplomatic effort to help end the war in Ukraine, some Italian newspapers reported.
Other Publications
- Politico: Meet the Canadian lawmaker targeted by China — Canadian Conservative to warn U.S. lawmakers transnational repression happening across allied democracies.
- Foreign Policy: The China-Russia Axis Takes Shape — The bond has been decades in the making, but Russia’s war in Ukraine has tightened their embrace. By Bonny Lin
- Los Angeles Times: One subject hung over Biden’s Asia trip: China’s influence — On the eve of the final day of a four-day visit to India and Vietnam, President Biden emphasized one point: He is not trying to contain China.
- The Information: The Flaw in Apple’s Plan to Make Chips in Arizona — No matter what happens with TSMC’s high-profile facility in Phoenix, many cutting-edge chips it produces for Apple, Nvidia, AMD and Tesla will still require assembly in Taiwan.
