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
- For China, Bullying Apple Suppliers Could Backfire Badly — China’s investigation into top Apple supplier Foxconn could dilute the incentives for manufacturers to diversify away from the country slowly, rather than in a sprint.
- China Evergrande Winding-Up Hearing Adjourned to Dec. 4 — The decision gives Evergrande another shot at working out a restructuring plan to ensure its survival.
- Antisemitic Comments Increase Across Chinese Social Media — Acrimony seems to grow as Beijing strengthens pro-Palestinian stance during Israel-Hamas war, shifting China’s historic goodwill toward Jews.
- U.S., China Agree in Principle to Biden-Xi Summit — Meeting offers chance to reboot ties amid divisiveness over Taiwan, technology and, lately, the Middle East.
- Hong Kong, Facing an Exodus, Offers Money for Babies — The city will pay its residents to procreate after the birthrate dropped 40% in three years.
The Financial Times
- Broadcom-VMware merger held up as China delays $69bn deal — US chipmaker and cloud software companies insist transaction will complete ‘soon’ despite missing Monday’s scheduled close.
- HSBC chief says worst is over for China real estate — Crisis-hit sector had ‘deep’ correction but can now recover, says Noel Quinn.
- China pledges to renew military dialogue with US while criticising meddling — Top general’s comments at Xiangshan security forum come ahead of possible Biden-Xi meeting.
- China tech IPOs decline as regulators turn tough on start-ups — Policy reversal leads to record number of listing applications pulled this year from tech-focused Star Market.
- Property developer Evergrande faces winding-up petition in Hong Kong — Case could impact restructuring efforts for indebted Chinese real estate company.
- China suffers plunging foreign direct investment amid geopolitical tensions — Financial Times analysis shows FDI tumbled 34% in September after recording double-digit falls every month since May.
- Norsk Hydro warns flood of Chinese EVs threatens aluminium demand in Europe — Major producer says regional orders for the lightweight metal will drop if European carmakers cannot compete.
- US urges Beijing to temper Iran’s response to Israel-Hamas war — Calls come as China’s foreign minister visits Washington amid deepening conflict in Gaza.
- Hong Kong denies visa to scholar of China’s 1989 Tiananmen crackdown — Rejection of Rowena He’s visa application means she cannot return to teaching post in the city.
- Li Keqiang, Chinese premier, 1955-2023 — Once seen as a possible Communist party leader, he struggled to enact economic reforms under Xi Jinping.
The New York Times
- Antisemitism Surges in China Online and in State Media — China’s state-run media has blamed the United States for deepening the crisis, while perpetuating tropes of Jewish control of American politics.
- Biden Hosts China’s Top Diplomat Ahead of Expected Xi Meeting — Wang Yi met with the president and other senior officials amid talk of cooperation within a frosty relationship.
- DeSantis Says He Will ‘Reorient’ U.S. Foreign Policy to Counter China — While the G.O.P. field has largely moved away from the neoconservative policies of George W. Bush, Mr. DeSantis has taken heat for some of his isolationist tendencies, including on Ukraine.
- Opinion: No, Xi Jinping Is Not About to Attack Taiwan — P.L.A. takeover of Taiwan is not inevitable nor, perhaps, even likely in the next few years, which gives the United States and Taiwan time to bolster their military capabilities and avert conflict. By Bonnie S. Glaser.
Caixin
- Thunes Sets Up Digital Yuan Partnership With China Construction Bank — Singapore-based payment infrastructure platform to develop cross-border remittance systems for Chinese banking giant’s clients.
- Jiangsu World Drops $820 Million IPO Amid Regulators’ Doubts — Farm machinery maker first applied to Shenzhen exchange in December 2020 but ran into issues raised by regulators.
- More China-U.S. Flights Unlikely to Bring Down High Ticket Prices — Sluggish travel demand and cautious approach by American carriers to resuming operations mean prices will not return to pre-pandemic levels soon, experts say.
- Cover Story: China’s Family-Run Businesses Face Succession Issues — Millions of China’s family businesses are passing on the leadership baton to second generation “factory heirs” at a time when the the world’s second – largest economy is facing unprecedented changes.
- Communist Party Names New Economic Czar — Vice Premier He Lifeng has been named office director of a top party economic policymaking body, state media reported, replacing Liu He.
South China Morning Post
- ‘War of money’: can China drag rivals into bankruptcy in a new arms race with drones? — Engine technology breakthrough means China can now produce military drones for a fraction of the price.
- Russia’s defence chief hails China ties as ‘exemplary’, warns Nato expansion risks clash between nuclear powers — At the Beijing Xiangshan Forum, Russian Defence Minister Sergei Shoigu says Beijing-Moscow relations are growing in allure as a model for ‘circle of friends’ and ‘like-minded’ countries.
- PLA will ‘show no mercy’ against Taiwan independence moves, top Chinese general says — At Beijing Xiangshan Forum, CMC vice-chairman Zhang Youxia also takes a thinly veiled swipe at the US, saying a ‘certain country’ is interfering in the region.
- Xiaomi launches home-grown cross-device system with HyperOS, as US-sanctioned Huawei moves further from Google’s Android — Xiaomi has become the latest industry player to create a single system that works across smartphones, vehicles and IoT products.
- Tencent using Hunyuan AI model in 180 services amid competition with local rivals Baidu and Alibaba — The tech giant announced that it has seen improvements in products such as Tencent Docs and WeChat search after integrating its generative AI model.
Nikkei Asia
- G7 calls for immediate repeal of bans on Japanese food, pressing China — Trade ministers denounce what they consider its rising economic coercion through trade.
- Mitsubishi Motors still must confront Chinese rivals, in ASEAN — Japanese automaker eyes stronger dealer ties to maintain its edge in the region.
- China’s Mixue, Cotti Coffee test mettle in Japan’s cafe scene — Chinese tea and coffee shop chains are accelerating their push into Japan, looking to hone products and services in the country’s highly competitive market.
- Opinion: Xi’s global agenda will restrain improvement in Australian ties — Albanese has changed Canberra’s diplomatic tone, not its policy stance. By Richard Maude and Genevieve Donnellon-May.
- Opinion: China cannot let the ambitions of young graduates be extinguished — Too many are disappointed with choices on offer in current economy. By Wei Li.
Bloomberg
- Apple iPhone China Sales Hit by Huawei Resurgence — There is growing evidence that Apple Inc.’s latest iPhone is falling shy of its predecessor in China, suggesting a setback for the world’s most valuable company in its most important overseas market.
- Xi Seen Tightening Grip on Finance at Twice-a-Decade Conference — President Xi Jinping is set to further tighten his control of China’s $61 trillion financial industry as he gathers state leaders and top bankers to set the direction over the next five years.
- Foxconn’s Gou Continues Taiwan Presidential Bid Amid China Woes — Foxconn Technology Group founder Terry Gou avoided commenting on China’s probe of the Taiwanese company in his first campaign appearances since mainland authorities announced their investigation.
Reuters
- Analysis: Russia’s weaker hand undermines case for Power of Siberia 2 gas link to China — Russia is counting on a planned new pipeline to China as it seeks to make up for lost gas sales in Europe, but industry insiders see major risks around the project and question whether it will justify the huge costs.
- Buyers return to China’s largest trade fair but orders still elusive — With three days left of the Canton Fair’s final phase, some 157,200 overseas buyers had visited by Saturday, organisers said.
- Exclusive: US military bulk buys Japanese seafood to counter China ban — Unveiling the initiative in a Reuters interview on Monday, U.S. ambassador to Japan Rahm Emanuel said Washington should also look more broadly into how it could help offset China’s ban.
- China to send tech vice minister to global AI summit in Britain-sources — China will send Wu Zhaohui, a Vice Minister of Science and Technology, to a global summit on artificial intelligence this week in Britain, two sources familiar with the matter said.
Other Publications
- Foreign Policy: Li Keqiang Lived and Died in Xi Jinping’s Shadow — The former Chinese premier was heralded as a reformer, but change never came.
- The Washington Post: Opinion: China’s naval provocations are getting too blatant to ignore — Beijing appears to be engaged in deliberate acts of provocation, testing the United States and one of its chief regional allies, the Philippines. By The Editorial Board.
- The Guardian: US vows to support ‘free media’ in Pacific as concern over China influence grows — Washington will look to partner with Pacific media sector, top official tells the Guardian.
