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
- Xi Jinping Is Looking for Someone to Blame for China’s Property Bust — On the prowl for villains, Beijing expands real-estate probe to financial institutions.
- China’s Xi Welcomes Gavin Newsom in Beijing With Eye on U.S. Visit — California Democrat, seeking cooperation on climate change, is first U.S. governor to meet Chinese leader since 2017.
- U.S. Worries About Escalation in Pacific as Chinese Military Steps Up Confrontation — Pentagon hopes security forum in Beijing next week will help restart military communications.
- Stellantis Invests $1.58 Billion in Chinese EV Company Leapmotor — The two companies plan to create Leapmotor International, a joint venture focused on exporting and selling Leapmotor products outside of Greater China.
The Financial Times
- Stellantis to invest €1.5bn for 20% stake in Chinese EV maker Leapmotor — Move forms part of renewed push by European car manufacturer to make inroads in China.
- Nomura overhauls China joint venture as losses mount — Global investment banks have struggled to make a profit in the country.
- Xi tightens control over financial sector as new super-regulator takes shape — Communist party commission will overshadow state institutions such as central bank.
- Biden warns China not to attack the Philippines — US president’s comments come as Manila accuses Beijing of menacing Filipino vessels.
- US ally Colombia swings towards China — President Xi Jinping agrees to deepen ties during counterpart Gustavo Petro’s visit to Beijing.
The New York Times
- Gavin Newsom, on Climate Mission to China, Gets an Audience With Xi — The California governor is on a weeklong visit to China aimed at negotiating climate partnerships.
Caixin
- ‘Capital Winter’ Chills Investment in China’s Health Care Industry — China’s cutting-edge drug developers are feeling the pinch from a continued contraction in investment, with some having to make massive layoffs or abandon non-core businesses to survive what has been dubbed a “capital winter.”
- China Regulators Warn of Misinformation Amid Weight-Loss Drug Share Rally — The buzz around new weight-loss drugs in the Chinese market has been deflated somewhat by warnings from regulators, who suggested that some of them had been misleading investors about their products that are still in development.
- Charts of the Day: Marriage Loses Its Luster in China — The number of marriage registrations in China plunged last year to the fewest in 43 years as more young people opted to stay single.
South China Morning Post
- China smartphone shipments continue decline in third quarter as former Huawei mobile brand Honor reclaims top vendor ranking — Honor reclaimed the top smartphone vendor spot in the third quarter with an 18 per cent share and total shipments of 11.8 million units, as the mainland market posted a modest decline.
- Li Shangfu’s dismissal as China’s defence minister came with no details, but a few clues, observers say — Beijing offered no explanations after the defence minister was sacked, but experts point to telltale signs leading up to his demise.
- Shunning mainland China, Taiwan pushes start-ups to explore US, Southeast Asia — Unease around the future of the island’s relationship with mainland China has led Taiwan’s young companies to look for customer bases in the Asean region and the US – and the government is helping them along the way.
- China vetoes ‘evasive’ US proposal as UN Security Council remains deadlocked on Israel-Gaza war — Beijing opposes draft resolution, which calls for humanitarian pause and reaffirms ‘inherent right’ of states to defend themselves, because it fails to demand ceasefire and makes no mention of Israeli army’s evacuation order.
Nikkei Asia
- Analysis: Dear Japan, China asks, do you have any jobs for us? — Young Chinese search for work as arrest of Astellas executive frays Sino-Japan ties.
- Australia doubles critical minerals funding with $1.2bn boost — PM Albanese pursues stronger supply chain to reduce China risk.
- China’s firing of defense minister: Five takeaways — Analysts weigh in on unconventional dismissal of Xi’s hand-picked official.
Bloomberg
- Stellantis China EV deal will help beat competitors on prices: Tavares — Stellantis NV says its $1.1 billion deal for a stake in a Chinese electric vehicle maker will help it offer more affordable EVs and gain an edge on rivals bracing for an onslaught of cheaper exports from the country.
- China Releases Videos Showing ‘Provocative’ Actions by US Ship — China’s military released video footage that it said shows “provocative” actions by a US warship in the South China Sea, escalating a dispute between the nations over maneuvers by their navies in the disputed body of water.
- Country Garden’s Missed Bond Payment Triggers CDS Payout — Derivatives that protect against a default by Country Garden Holdings Co. were triggered after the troubled Chinese developer didn’t pay interest on a dollar bond.
Reuters
- Insight: China rushes to swap Western tech with domestic options as U.S. cracks down — China has stepped up spending to replace Western-made technology with domestic alternatives as Washington tightens curbs on high-tech exports to its rival, according to government tenders, research documents and four people familiar with the matter.
- Exclusive: Biden set to speak with China’s top diplomat Wang Yi on Friday, sources say — President Joe Biden is expected to speak with Wang Yi when China’s top diplomat visits the White House this week, according to two U.S. officials familiar with planning for the visit.
- China’s renewable boom can’t keep pace with power demand — China’s electrical generation surged to a seasonal record in September as the economy recovered from disruptions caused by the pandemic and lockdowns.
Other Publications
- The Economist: Xi Jinping steps up his attempt to rescue China’s economy — The president unleashes stimulus, appoints a finance minister and visits the central bank.
- Associated Press: As world roils, US and China seek to ease strained ties and prepare for possible Biden-Xi summit — In the midst of two active and potentially world-changing conflicts in the Middle East and Europe, the U.S. is hoping to find at least a small measure of common ground with China as China’s top diplomat visits Washington this week.
- Politico: Gavin Newsom’s meeting with Chinese president could strengthen U.S.-China ties — Climate change opened the door for Gov. Gavin Newsom to engage with China this week on a host of other topics.
- Foreign Policy: The U.S. Can’t Lead on Quantum Computing Alone — Winning the race to develop this critical technology will require a little help from friends.
- Quartz: China’s slowing economy means its energy demand could peak by 2025 — “China has changed the energy world, but now China is changing,” the International Energy Agency said.
- Center for Strategic & International Studies: How Is the Belt and Road Initiative Advancing China’s Interests? — As the BRI evolves to meet new conditions, China may be able to build greater influence over other countries and establish a stronger hand in shaping the development of the international economic system.
- Brookings Institution: Is progress possible when Biden and Xi meet? — The resumption of U.S.-China high-level engagement has restored several habits that previously supported stability and predictability in relations.
