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 Detains Current, Former GroupM Employees as Part of Commercial Bribery Case — Concerns grow among foreign companies in China over police raids, detentions, moves to block employees from leaving.
- Beijing Stages Charm Offensive to Pave Way for Xi Trip — Whirlwind of meetings, events precede expected San Francisco summit with Biden; Yao Ming goes to New York.
- Investor Doubts About China Worsen Its Stock Rout — An index of the country’s top listed companies has dropped to its lowest level since 2019.
- Apple Supplier Foxconn Faces Chinese Investigations — Taiwan-based firm says it is cooperating; Chinese state media say probes involve taxes and land use.
- Tim Cook Can’t Make iPhones Without This Chinese Company and Its CEO — Apple increasingly relies on China-based Luxshare for manufacturing amid U.S. tensions with Beijing.
- In China, Chest-Thumping Nationalistic Films Lose Momentum — Disappointing performance of ‘The Volunteers: To the War’ offers hint of moviegoer fatigue regarding patriotic themes.
- China Coast Guard Ship Collides With Philippine Boat in South China Sea — Brief collision shows growing tensions in an area where close maritime encounters can spiral out of control.
- The Books I Helped Rescue From China’s Repression — When a Hong Kong publisher’s politically sensitive books were threatened with pulping, journalist Ian Johnson agreed to find them new homes in the West.
The Financial Times
- How China’s property crisis has unfolded, from Evergrande to Country Garden — Thousands of unfinished homes and a swath of debt restructurings show the turmoil among developers.
- Western graphite producers’ shares soar after Beijing announces export curbs — China is the world’s largest producer of the material critical to electric car batteries.
- China and Philippines trade accusations after collisions in South China Sea — Manila condemns Beijing’s ‘aggressive action’ to block resupply missions to Second Thomas Shoal.
- China’s stock market drops to pre-pandemic low — Slow growth, property sector woes and geopolitical tensions continue to weigh on shares.
- Executive at WPP-owned agency detained in China over bribery claims — Shanghai police say a senior manager and two others held as part of investigation.
- China launches investigation into iPhone maker Foxconn, says state media — Tax authorities said to have inspected a number of the Apple supplier’s sites in provinces.
- Ten years of China’s Belt and Road: what has $1tn achieved? — The massive infrastructure initiative has granted Beijing additional influence, but critics question whether the cost has been worth it.
- Beijing reviews wine tariffs ahead of Australian prime minister visit — Albanese’s November meeting with Xi comes as the two countries work to stabilise relations.
- Tale of emperor whose ineptitude ended his dynasty unnerves Chinese censors — History book disappears from shops and online searches are blocked as Beijing strengthens control of information flows.
The New York Times
- Foxconn, China Contractor for Apple, Said to Be Under Tax Audit — Chinese state media outlets say the Taiwanese factory giant is under investigation in four provinces. The company said it treated legal compliance as a “fundamental principle.”
- The Race to Avert Quantum Computing Threat With New Encryption Standards — Quantum technology could compromise our encryption systems. Can America replace them before it’s too late?
- Anthony Albanese to Visit Xi Jinping as China-Australia Tensions Ease — Prime Minister Anthony Albanese said he would visit China and meet with Xi Jinping, another sign of a thaw in the countries’ once-icy relations.
- The Multimillion-Dollar Machines at the Center of the U.S.-China Rivalry — The United States is taking unusual action to clamp down on sales of chip-making machinery to China, even as Chinese firms are racing to stockpile the equipment.
- Opinion: Why We Should Fear China More Than Middle Eastern War — If you can’t talk about why we need to worry about Chinese power alongside Russian or Iranian aggression, the people who listen to you may assume there’s nothing to worry about. By Ross Douthat
Caixin
- Top Chinese Investment Bank CICC Picks New Boss — China International Capital Corp. Ltd., one of the country’s top investment banks, on Sunday nominated finance industry veteran Chen Liang as its new chairman.
- Foxconn Cooperating With Probes in China, Unit Says — Probes against Foxconn are ongoing and more than one entity is involved, Caixin confirmed on Monday with Foxconn Industrial Internet Co. Ltd.
- Editorial: After Ensuring 5% GDP Growth, Focus Must Return to the Long-Term — Going forward, as China’s economy gradually gets back on track, economic policies should shift away from a risk-response approach and embrace more long-term strategies and foundational measures.
South China Morning Post
- By blaming China for its trade deficit, EU is barking up the wrong tree — Instead of complaining about the lack of access to China’s market, Brussels should raise its own productivity and rethink the many ways it is stoking bilateral tension while reducing trade.
- China’s debt crises, from developers to local governments, prompt cabinet call to curb contagion — Debt problems that have manifested in Evergrande and Country Garden cases are prompting China’s central bank to step up risk-monitoring of lenders and local government financing vehicles.
- Israel-Gaza war: China will ‘do anything’ to restore peace, but ‘prospects are worrying’, envoy says — Envoy Zhai Jun says China is ‘deeply concerned’ about the conflict as he continues his Middle East visit.
- Renault-backed Chinese EV start-up BeyonCa signs preliminary Saudi investment deal with an eye on Middle East market — Chinese electric vehicle start-up BeyonCa has set its sights on the Middle East with the signing of a preliminary investment deal with Riyadh-based Al Faisaliah Group that is expected to help raise fresh funds and fuel growth.
Nikkei Asia
- Pakistan puts ‘blind trust’ in China as Belt and Road enters new phase — Countries agree to start major railway project but obstacles remain.
- China snaps up ASEAN’s green, digital investment opportunities — U.S., U.K., France, Australia also join bloc’s new projects: Indonesia minister.
- Lithium wars: The global struggle for ‘white diamonds’ — China’s impact on supply chains is affecting access to this critical resource.
Bloomberg
- Ex-ASML Staff Accused of Theft Went to Work for Huawei, NRC Says — A former ASML Holding NV employee accused of stealing data from the maker of the world’s most advanced chipmaking machines went to work for Huawei Technologies Co., according to Dutch newspaper NRC.
- China Plans to Boost State Cobalt Reserves After Prices Drop — China is planning to boost its strategic stockpiles of cobalt, according to people familiar with the matter, just three months after the government last bought the metal used in everything from electric-vehicle batteries to aerospace alloys.
- China Rattles Foreign Firms Again With Arrests, Foxconn Probe — Chinese authorities are again shaking the confidence of foreign companies in the country with a series of arrests across industries and an investigation into Foxconn Technology Group, Apple Inc.’s most important partner and one of the largest employers in China.
Reuters
- Taiwan’s Foxconn faces China tax probe, seen as politically motivated -sources — Foxconn, a major supplier of Apple’s (AAPL.O) iPhones, is facing a tax probe in China, two sources close to Foxconn confirmed on Monday, saying they believed it was disclosed by a state-backed paper for political reasons tied to Taiwan’s upcoming elections.
- Chinese retailers offer deep iPhone 15 discounts — Chinese e-commerce platforms including JD.com, PDD Holdings’ Pinduoduo and Alibaba’s Taobao are offering big discounts on Apple’s latest iPhone 15, with some going for up to 1,501 yuan ($205.14) below the retail price.
- Current and ex-employees at WPP-owned media agency detained in China – sources — Four people linked to WPP-owned media agency GroupM have been questioned by authorities in Shanghai, according to two people with knowledge of the matter.
Other Publications
- The New Yorker: China’s Age of Malaise — Party officials are vanishing, young workers are “lying flat,” and entrepreneurs are fleeing the country. What does China’s inner turmoil mean for the world?
- Associated Press: California Gov. Gavin Newsom is traveling to China to talk climate change — California Gov. Gavin Newsom will try to reinforce his state’s role as a global leader on climate change as he begins a weeklong visit to China on Monday, a trip that presents both political risk and opportunity for crucial international collaboration.
- The Guardian: Exclusive: Chinese surveillance firm recommits to UK after new guidance — Hikvision, whose kit is banned in US, receives clarification about where its cameras can be placed.
- Al Jazeera: China urges Gaza ceasefire, willing to do whatever needed to end violence — Touring the Middle East, Beijing’s special envoy Zhai Jun expresses concern about risk of widening conflict.
