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 Remains Shaky After Challenging Summer — Consumer prices are flirting with deflation again, as exports and imports continue to fall.
- China Appears to Have Repatriated North Koreans Despite International Pressure — Hundreds are believed to have been forcibly sent back to the Kim Jong Un regime, where they likely face imprisonment and abuse, experts say.
- Investors Bet Thriftier Chinese Shoppers Are Here to Stay — Shares of retailers that offer value-for-money products have climbed along with their sales.
- China’s Teetering Local Debt Mountain, in Six Charts — Beijing might have no choice but to bail out cities and provinces—and soon.
The Financial Times
- China proposes stock stabilisation fund to lift economic confidence — Regulators’ plan to boost domestic markets comes as inflation and trade data show recovery still fragile.
- US ‘ill-prepared’ for nuclear challenge from China and Russia, says report — Commission urges overhaul of US arsenal to tackle growing threat from two peer adversaries.
The New York Times
- Across U.S., Chinese Bitcoin Mines Draw National Security Scrutiny — Microsoft reported one site in Wyoming because of its proximity to a data center and nuclear missile base. Records show other cryptocurrency facilities have ties to the Chinese state.
Caixin
- In Depth: Chinese Local Governments’ Latest Effort to Tackle ‘Hidden Debt’ — Nine provincial-level governments across China plan to raise a combined 410 billion yuan ($56 billion) through special bonds to swap their hidden liabilities.
- Nio Joins Auto Industry Rush Into the Insurance Business — Chinese electric vehicle startup Nio Inc. joined the ranks of automakers venturing into the insurance business, acquiring Huiding Insurance Broker Co. Ltd. last December.
- China’s Two-Child Policy Runs Out of Gas — Fewer Chinese families gave birth to a second child last year, signaling the fading effects of China’s two-child policy initiated in 2016.
South China Morning Post
- China-US relations: Chinese scholars visit Washington in attempt to spur academic exchanges and backchannel diplomacy — Delegation led by Yu Tiejun of Peking University visited US and attended three-day conference hosted by CSIS think tank to discuss bilateral exchanges.
- Tech war: Ofilm, formerly blacklisted by US and dumped by Apple as supplier, is contractor for Huawei’s Mate 60 phone — Ofilm, which was temporarily put on a US trade blacklist, is reportedly producing most camera modules used in Huawei’s new flagship smartphones.
- Diplomat at Israel’s embassy in China ‘stabbed’: witnesses heard screams in Beijing street — The Israeli foreign ministry has confirmed that a member of staff at its embassy in the Chinese capital had been injured in the attack.
Nikkei Asia
- TSMC seeks permanent U.S. approval to supply China chip plant — Move to ensure access to tools comes as Washington prepares for tighter controls.
- China calls lack of justice for Palestinians ‘crux’ of conflict — Foreign Minister Wang Yi weighs in as Israel-Hamas war escalates.
- Chinese travelers’ slow return hits Southeast Asian economies — Share of China tourists declines in Thailand, Vietnam and Cambodia.
- Opinion: China’s BRI isn’t going away, it’s getting smaller and greener — West should be more strategic about offering alternatives and support. By Christoph Nedopil
Bloomberg
- EU’s Top Diplomat Says China Trust ‘Eroded’ Over Ukraine — The European Union’s top diplomat said trust with China had “eroded” over Beijing’s stance on the war in Ukraine and warned that more trade imbalances with the world’s second-biggest economy would lead to expanded protectionism.
- China Flying Taxi Trial Puts EHang a Step Ahead of Rivals — China gave EHang Holdings Ltd. the go-ahead to begin trial air-taxi operations this year, a step toward the company’s goal of launching the world’s first commercial service using the futuristic battery powered craft.
- Country Garden’s Founding Family Lends $300 Million, Paper Says — The founding family of Country Garden Holdings Co. recently provided the developer with an interest-free loan of $300 million, local media reported, a sign of its commitment to the ailing Chinese property giant.
Reuters
- Exclusive: Biden eyes adding AI chip curbs to Chinese companies abroad — The Biden administration is considering closing a loophole that gives Chinese companies access to American artificial intelligence (AI) chips through units located overseas, according to four people familiar with the matter.
- Exclusive: Banks in UK assess China risks after being stung by Russia sanctions — Big banks in Britain are preparing for any future escalation of Western sanctions on China and have shared their “scenario planning” with the British and U.S. governments, a senior banking official has told Reuters.
- Exclusive: Star Chinese fund manager Wang detained and under investigation -sources — Wang Yawei, a star fund manager in China, has been detained by authorities since August and is under investigation, according to three sources, adding to the list of top financial executives caught up in a widening corruption crackdown this year.
Other Publications
- Undercurrent News: Some European, US seafood buyers dropped Chinese processors accused of forced labor this summer — Major seafood companies in Europe and the US stopped sourcing fish from Chinese processors as early as this summer after a watchdog group accused the latter of using forced labor from the Xinjiang region.
- Washington Post: China’s promise of prosperity brought Laos debt — and distress — More than $1 trillion in Chinese loans to the developing world is building sparkling infrastructure, but the cost is still being tallied.
- Foreign Affairs: The Path to AI Arms Control — The United States and China are the only countries with the talent, research institutes, and mass computing capacity required to train the most sophisticated AI models. By Henry Kissinger and Graham Allison
- Rest of World: China’s favorite resale app is a youth subculture hot spot — The e-commerce platform has also become a forum for fandoms and birthed a unique style of confessional item listings.
