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
- Li Keqiang, Former China Premier Sidelined by Xi Jinping, Dies at 68 — Li, China’s No. 2 official until his retirement last year, suffered heart failure.
- China, U.S. Look to a Biden-Xi Summit While Wrestling Tensions — Hot spots in the Middle East and South China Sea are on the agenda as China’s foreign minister visits Washington.
- U.S. Trade Loophole Fuels Rise of China’s New E-Commerce Firms — Discount retailers Shein and Temu attract American shoppers at a rapid clip while shipping tax-free with little customs scrutiny.
- Jeep Maker Stellantis Bets on a Chinese EV Startup, but Is It the Right One? — Chrysler’s owner is investing $1.6 billion in Hong Kong-listed Leapmotor and setting up a joint venture to export its cars globally.
The Financial Times
- China’s former premier Li Keqiang dies suddenly at 68 — Senior official once seen as contender for party leadership suffers heart attack in Shanghai.
- ‘Like it was with Jack Ma’: China puts world’s biggest Apple supplier in its crosshairs — Foxconn founder Terry Gou tests his long relationship with Beijing as geopolitics reshapes supply chains.
The New York Times
- Chinese Mourn the Death of a Premier, and the Loss of Economic Hope — An outpouring on social media for Li Keqiang, the former premier who died Friday, reflected public grief for an era of greater growth and possibility.
- Li Keqiang, Chinese Premier Eclipsed by Xi Jinping, Dies at 68 — Mr. Li, who retired in March, was muscled out of the premier’s usual policymaking roles by Mr. Xi. Chinese citizens expressed shock at his death, from a heart attack.
- Chinese Jet Flies Within 10 Feet of U.S. Bomber, Pentagon Says — The fighter jet neared a B-52 during a maneuver over the South China Sea on Tuesday night, the U.S. military said.
Caixin
- China’s Former Premier Li Keqiang Dies at 68 — Former Premier Li Keqiang died suddenly on Friday after suffering a heart attack, state media reported. He was 68.
- Archive: The Governing Style of Li Keqiang — Li’s course has taken him from the grassroots to the center, from the head of the agricultural province of Henan, to the industrial province of Liaoning, and eventually to the very top of Chinese leadership.
- Three Chinese EV Giants Revealed as Subjects of EU Subsidy Probe — Three of China’s biggest automakers have been picked as the sampled companies subject to an anti-subsidy probe the European Union is launching into new electric cars imported from China, according to a European Commission document seen by Caixin.
South China Morning Post
- Li Keqiang: China’s charismatic, truth-telling former premier mourned, as deep reforms and ‘Likonomics’ hang in the air — Li Keqiang, who pushed for the private economy, foreign investment and simplified government procedures during his 10 years as premier, died in Shanghai on Friday morning at the age of 68.
- China vows closer Iran ties on multilateral forums in first meeting since latest Israel-Gaza war — Gaza tragedies ‘have increased the instability of the Middle East’, Fars quotes Chinese Premier Li Qiang as telling Iranian First Vice-President Mohammad Mokhber on SCO margins in Bishkek.
- Advanced chip in Huawei Mate 60 Pro smartphone produced on ASML DUV machines: sources — SMIC used ASML’s less-advanced DUV machines together with tools from other companies to make the chip used on Huawei’s new 5G smartphones, according to people familiar with the matter.
Nikkei Asia
- Li Keqiang, a Communist Chinese leader with a ‘human face’ — Former premier’s death leaves Beijing watchers wondering what might have been.
- Tencent-backed courier startup J&T shares close flat in Hong Kong debut — Company’s $450m IPO draws scrutiny over Indonesia operations.
- China and U.S. need in-depth dialogue, Wang Yi tells Blinken — Foreign minister paves the way for potential Xi-Biden summit next month.
Bloomberg
- Tesla Faces Self-Driving Challenger as Geely and Baidu Launch EV — Competition is intensifying in China’s self-driving scene with the arrival of Jiyue 01, the first electric vehicle from a joint venture between Zhejiang Geely Holding Group Co. and Chinese search and tech giant Baidu Inc.
- Xi Faces ‘Delicate Political Moment’ in Handling Grief Over Li — The sudden death of ex-Premier Li Keqiang has handed his old boss Xi Jinping fresh risks, as an outpouring of emotion for a popular reformer threatens to spill into discontent over a slowing economy.
- Ping An Profit Falls as Market Rout Hurts Investment Returns — Ping An Insurance (Group) Co., China’s second largest insurer by market value, said profit fell 5.6% for the first nine months hurt by market volatility and rising costs.
- China’s Woes Push Some of Europe’s Debt-Laden Companies to Brink — A sluggish Chinese economy is causing distress to pop up in unexpected corners of Europe’s junk credit markets, with companies pushed into debt restructurings due to events happening far away.
Reuters
- China nudges Mongolia to join Eurasian security bloc — Chinese Premier Li Qiang said China will boost its cooperation with Mongolia under a Eurasian security bloc, which this year admitted its ninth member Iran, gently nudging its smaller neighbour to join a regional group that also includes Russia.
- China’s Huawei reports modest revenue growth for first three quarters — China’s Huawei Technologies (HWT.UL) saw a slight uptick in revenue in the first three quarters of 2023, with the company citing growth in its digital power and cloud businesses as well as the growing competitiveness of its vehicle components unit.
- Explainer: China imposes growth limits on vast oil refining industry — China has set a minimum size for new oil refineries and will ban small crude processors that claim to be chemicals or bitumen producers under a plan to limit total capacity at 1 billion metric tons, or 20 million barrels per day, by 2025.
Other Publications
- Associated Press: China’s top diplomat visits Washington to help stabilize ties and perhaps set up a Biden-Xi summit — China’s top diplomat is meeting high-level U.S. officials, possibly including President Joe Biden, on a highly watched visit to Washington that could help stabilize U.S.-China ties by facilitating a summit between Biden and Chinese President Xi Jinping.
- Washington Post: White House backs up U.K. decision to invite China to AI summit — President Biden’s top science adviser calls the choice, which sparked backlash, a “terrific idea.”
- Foreign Policy: Dire Warnings of Russia and China Threats Challenge Aging U.S. Nuclear Arsenal — U.S. nuclear deterrence needs to be urgently modernized, congressional commission warns.
- Brookings Institution: The Passing of a Premier and China’s Future — While few are likely to mourn one of China’s most colorless leaders, his death could be used as a way to criticize his former boss, Xi Jinping. By Ian Johnson
- MIT Technology Review: Some deaf children in China can hear after gene treatment — After gene therapy, Yiyi can hear her mother and dance to the music. But why is it so noisy at night?
