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., China Both Try to Gain Upper Hand Ahead of Biden-Xi Summit — Washington expected to roll out updated tech controls; Xi Jinping to mark closeness with Vietnam after Biden’s Hanoi visit.
- China’s Economic Gloom Takes Shine Off Its Golden Week — Home sales were weaker than last year and consumers spent less than the government expected during the eight-day holiday.
- Schumer Criticizes China’s Response to Israel in Meeting With Xi — Senate majority leader’s visit comes ahead of potential summit meeting with President Biden next month.
- China Evergrande New Energy Vehicle Investor Casts Doubt on Investment — Shares of Evergrande Group were 11% lower, while Evergrande New Energy Vehicle, also known as Evergrande Auto, was down 8.9%.
- India’s Booming Stock Market Is Leaving China in the Dust — The South Asian nation’s market has been a quiet outperformer for a decade. Now foreign investors are starting to pay attention.
- China Travel Continues Recovery During Golden Week, But Below Government Expectations — China’s inbound and outbound trips also surged on year during the holiday.
- Citigroup to Sell China Consumer Wealth Portfolio to HSBC — The transaction doesn’t include Citi’s institutional businesses in China.
- GSK Partners With Zhifei to Boost Shingles Vaccine Availability in China — GSK said it has an exclusive agreement with Chongqing Zhifei Biological Products to co-promote its shingles vaccine Shingrix in China.
- China’s Factory Floor Is Moving—But Not to India or Mexico — Companies seeking alternatives to China are finding the country’s vast interior still holds big advantages.
The Financial Times
- Advisers to Evergrande creditors warn of potential liquidation — Bondholder group criticises Chinese developer’s ‘botched’ efforts to win regulatory approval for restructuring.
- HSBC/Citi: taking over China wealth unit is easy win — Deal between the two lenders is a small one but the timing is good.
- GSK signs £2.5bn shingles vaccine deal with China’s Zhifei — Agreement is first of its kind in China for UK-based pharma group.
- China expert Matt Pottinger: ‘Even with a weak economy, Xi is feeling emboldened’ — Former Trump adviser says upheaval could increase Chinese leader’s appetite for risk.
- China price pressure offers hope of Christmas cheer for western shoppers — Slow economic activity and a property sector downturn have depressed commodity prices and reduced input costs.
- EU considers anti-subsidy probe into Chinese wind turbines — Competition commissioner says inquiry could follow similar move to challenge China’s sales of electric vehicles in Europe.
The New York Times
- Buzz-Cut and Brave: The Chinese Women Who Defy ‘Beauty Duty’ — Some in China are rejecting high heels, makeup, diets and other norms centered on appearance that they see as costly and unfair to women.
- Schumer Leads Bipartisan Trip to China Amid Tensions — Among the issues the Senate majority leader said he hoped to address with top Chinese officials were economic reciprocity and fentanyl.
- China’s E.V. Threat: A Carmaker That Loses $35,000 a Car — Chinese electric vehicle companies like Nio are pulling ever further ahead, partly through government support but also through rapid technological advances.
- Former U.S. Soldier Is Accused of Trying to Give Classified Secrets to China — Joseph D. Schmidt, who served in a military intelligence battalion, was arrested this week in San Francisco after relocating to Hong Kong since 2020.
- Opinion: For the U.S. and China, It Starts With Listening — As far apart as China and the United States may seem, our futures are deeply intertwined, and the world’s destiny lies in our collective hands. By Carla Dirlikov Canales

Caixin
- Cover Story: Chinese in the Crosshairs of ‘Mushrooming’ Transnational Cybercrime — Cybercrime scams and the related kidnappings have exploded since 2020, when the Covid-19 pandemic and subsequent economic downturn fueled the number of such crimes.
- U.S. Blacklists 42 Chinese Entities Over Alleged Russia Ties — The U.S. government added 42 China-based entities to an export blacklist on Friday, alleging that they had supported Russia’s military or defense industrial base.
- Disgraced Ex-Bank of China Chairman Expelled From Party — Liu Liange, the disgraced former chairman of state-owned Bank of China, has been expelled from the Communist Party after being charged with using his position for a range of private perks, an official announcement shows.
South China Morning Post
- China GDP: economy predicted to hit 2023 growth target, but action still needed to ensure long-term stability — Prediction by the Institute of Economics at the Chinese Academy of Social Sciences that China’s economy will grow by 5.1 per cent in the fourth quarter would ensure meeting Beijing’s annual growth target for 2023 of around 5 per cent.
- Shenzhen, China’s Silicon Valley, unveils 20-point plan to boost funding for local tech companies amid US investment restrictions — The Shenzhen municipal government plans to start trials of ‘equity + debt’ financing via approved banks in the city’s Hetao and Qianhai cooperation zones.
- Mainland China could delay complex trade probe to eve of Taiwan election — An investigation by mainland officials into Taiwan’s trade practices could conclude right before a pivotal election – a decision that stands to further fray already strained relations.
- Europe or bust? A wary EU braces for a wave of made-in-China electric cars — The home market flooded, manufacturers in China are ready to roll out their extensive offerings in the continent – the ‘last open market’.
Nikkei Asia
- HSBC to acquire Citi’s retail wealth management business in China — Sale is part of U.S. bank’s plans to exit consumer franchise in 14 markets.
- Evergrande EV unit resumes trading, share sale faces ‘uncertainties’ — Typhoon Koinu delayed Hong Kong market opening.
- Chinese startup’s robo-waiters ready to take orders around the world — Shenzhen’s Pudu will triple output capacity to meet booming global demand: CEO.
Bloomberg
- China Stocks Languish After Return From Holiday as Risks Abound — Chinese stocks ended lower in a choppy session following their return from the Golden Week break, as investors parsed holiday-spending data while navigating global market volatility spurred by Hamas’ surprise attack on Israel.
- China Plans Big AI and Computing Buildup in Boon for Local Firms — China aims to grow the country’s computing power by more than a third in less than three years, a move set to benefit local suppliers and boost technology self-reliance as US sanctions pressure domestic industry.
- China Calls For Ceasefire After Hamas Attack on Israel — China called for an “immediate ceasefire” and reiterated support for an independent Palestinian state after Hamas launched a surprise attack on Israel that shattered regional stability.
Reuters
- Inside Asia’s arms race: China near ‘breakthroughs’ with nuclear-armed submarines, report says — A submarine arms race is intensifying as China embarks on production of a new generation of nuclear-armed submarines that for the first time are expected to pose a challenge to growing U.S. and allied efforts to track them.
- China extends Taiwan trade probe, Taipei cries election interference — China on Monday extended an investigation into what it calls Taiwan’s trade barriers against it by three months to the eve of the island’s presidential election, prompting Taipei to accuse Beijing of attempting to interfere in the vote.
- Losses from China disasters reach $42 bln in first nine months of 2023 — China suffered direct economic losses of 308.29 billion yuan ($42 billion) over the first nine months of 2023, the government said, from natural disasters such as torrential rains, deadly landslides, freakish hailstorms and a string of typhoons.
Other Publications
- Center for Strategic & International Studies: In Chip Race, China Gives Huawei the Steering Wheel: Huawei’s New Smartphone and the Future of Semiconductor Export Controls — The Mate60 Pro dramatically marked Huawei’s return to the 5G smartphone business after years of ever-tightening U.S. Department of Commerce export controls effectively cut Huawei off from 5G technology.
- China Media Project: Reading China’s Media Counter-Attack: China responded with fury and indignation to a report alleging that it has invested billions to build a “global information ecosystem” to spread propaganda and disinformation.
- Council on Foreign Relations: Can China Reduce its Internal Balances Without Renewed External Imbalances — The rest of the world has a big stake in whether China responds to the demand drag from its construction and real estate slump with looser monetary policy or with direct stimulus to households.
- The New Yorker: The Uyghurs Forced to Process the World’s Fish — China forces minorities from Xinjiang to work in industries around the country. As it turns out, this includes handling much of the seafood sent to America and Europe.
- Quartz: China’s e-commerce inroads are back in focus amid Alibaba’s “possible espionage” in Europe — The proliferation of Chinese e-commerce companies heightens national security concerns.
- The Guardian: Xi Jinping’s wants a ‘multipolar world’, as China accelerates its shift away from the west — In the face of increasingly strained relations with the west, Beijing is attempting to build its influence in the global south.