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
- GE Healthcare Discloses Potential Foreign Bribery Violations in China — General Electric spinoff GE HealthCare Technologies said it reported potential foreign bribery violations in some of its operations in China to U.S. regulators.
- China’s Property Developers Cut Prices—and Homeowners Are Resisting — Local governments are grappling with the challenge of allowing home prices to fall.
- As Biden and China’s Xi Prepare to Meet, Their Militaries Are Butting Heads — Top Chinese general uses Beijing security forum to paint Washington as a source of global chaos.
- Beware a Chinese Fall Stall — Sudden weakness in October purchasing managers indexes raises the prospect of another stall-out like the one that derailed China’s recovery this spring.
The Financial Times
- House panel seeks ban on US government purchases of Chinese drones — Bill aims to prevent Chinese tech from being used in ways that critics argue undermine US national security.
- Moutai shares jump after Chinese liquor maker raises prices — First increase in six years set to boost profits of world’s most valuable spirits producer.
- Chinese AI scientists call for stronger regulation ahead of landmark summit — Attendees of Bletchley Park gathering convened by UK premier Rishi Sunak warn of ‘existential risk to humanity’.
- Biden picks Asia expert Kurt Campbell for deputy secretary of state — Senate expected to confirm National Security Council veteran who is considered a China hawk.
- Billion-dollar airport whets Cambodia’s appetite for Chinese investment — Prime Minister Hun Manet seeks more Belt and Road money as Siem Reap facility opens.
- China signals tighter Communist party control of financial sector — Closely watched conference in Beijing says risk prevention must be ‘eternal theme’ of finance work.
The New York Times
- For China’s Jobless Young People, Hostels Are the Place to Be — Chinese backpacker hostels offering bunk beds for a few dollars a night have become hubs for the anxiety and ambitions of job-seeking youth.
- Migrant Workers Propelled China’s Rise. Now Many See Few Options. — Migrant workers, who moved from China’s villages to its big cities, were a secret weapon building the economy. Now many see few options.
- Can Global Leaders Get a Handle on A.I.? U.K. Summit Makes a Start — Delegates from 28 governments, including China and the U.S., are gathering at Bletchley Park for talks on how to regulate artificial intelligence.
Caixin
- Communist Party Cadres Told to Steer Clear of Private Equity — Anti-graft watchdog advises officials holding positions above a certain level that such investments can lead to corruption.
- Caixin Explains: China Concludes Sixth Top Financial Meeting to Tackle New Challenges — Under President Xi, financial work conference seeks more functional financial system to support economy.
- China’s Wave of Ministry-Level Leadership Shakeups Rolls On in October — Seven out of the 26 ministry-level departments of China’s State Council have experienced a reshuffle of top officials since March.
South China Morning Post
- China turning US-sanctioned Xinjiang into a free-trade hub, strengthening geopolitical edge in region — The US-sanctioned Chinese region borders eight countries, including Russia, Pakistan and other trade partners that should benefit from a plan to create new manufacturing and innovation hubs in Xinjiang.
- Opinion: Against fentanyl scourge, US and China have good reason to join forces — Anything but a resumption of full cooperation would be a lost chance to prevent new precursor chemicals from spreading. By Zha Daojiong.
- Chinese AI start-up Baichuan claims to beat Anthropic, OpenAI with model that can process 350,000 Chinese characters — The Beijing-based company, launched by the founder of Sogou, says the latest version of its large language model has a bigger ‘context window’ than its foreign competitors.
Nikkei Asia
- China’s panda business: How zoos from U.S. to Japan fund Beijing soft power — ‘Panda diplomacy’ has cost countries nearly $300 million over past three decades.
- U.S. Space Force chief urges universal rules to keep China in check — Beijing would immediately target U.S. satellite in a conflict, Gen. Salzman warns.
- Chinese tech companies delve into robotics, eyeing link to AI — Xiaomi and automaker Xpeng show off advanced humanoid models.
- Southeast Asian startup fund returns lag China, India amid tech slide — Google-led report shows region facing pressure to pay back investors.
Bloomberg
- US, China Agree to Work With UK to Protect Against AI Risks — The US, China and 26 other nations agreed to work together to protect against the potential for artificial intelligence to cause “catastrophic harm.”
- How China’s Richest Man Made Billions at a Cost to the Environment — Zhong Shanshan built his Nongfu Spring empire by extracting water from some of the country’s most ecologically important rivers and mountains.
- Taiwan Probes Alleged Election Graft Linked to Foxconn’s Gou — Taiwan is investigating suspected bribes connected to Foxconn Technology Group founder Terry Gou’s presidential campaign, as the billionaire submits signatures to run in next year’s election.
- Opinion: Why China’s Generals Keep Disappearing — Corruption in the People’s Liberation Army can’t be stamped out as long as commanders remain beholden to political commissars. By Minxin Pei.
Reuters
- China’s veteran climate envoy Xie to step down in December – govt source — Xie, who turns 74 this month, will be replaced by Liu Zhenmin, a former Chinese vice-foreign minister and United Nations Under-Secretary General, according to the official.
- Exclusive: Evergrande proposes offshore creditors get 30% equity stake in subsidiaries — The property firm’s offshore bondholders holding about $19 billion of debt are likely to take a major haircut on their investments if they agree to the new terms, said two sources.
- Asia’s factories squeezed as China’s nascent recovery teeters — Factory activity in China has slipped back into decline, clouding recovery prospects for the region’s major exporters already squeezed by weaker global demand and higher prices.
Other Publications
- Semafor: China denies censoring Israel on maps — A Semafor review of both mapping services found that Baidu Maps and Amap did not automatically display labels for either Israel or Palestine.
- The Guardian: Yang Hengjun’s family urges Albanese to negotiate with China for jailed Australian writer’s release — Democracy activist ‘hasn’t enjoyed any direct sunlight for over four years’ and his children fear their father risks being left to die in a Chinese prison.
- MIT Technology Review: China wants to win the gene therapy race—and it’ll spend millions — Four Chinese children who were born deaf are able to hear after participating in an experimental gene therapy. But it’s an expensive option.
- Brookings: How India Sees China’s Ties with Pakistan and Bhutan — Tanvi Madan speaks with Ambassador Gautam Bambawale, New Delhi’s former envoy to both Beijing and Thimphu and high commissioner to Pakistan, about India-China dynamics vis-à-vis Bhutan and Pakistan.
- AP: Senior Chinese official meets Myanmar leader for security talks as fighting rages in frontier area — Wang’s visit came just days after the Three Brotherhood Alliance, launched an offensive to seize military targets in the northern part of Shan state.
- The Washington Post: Opinion: China is getting away with cultural genocide in Tibet — China’s strategy depends on the world ignoring what it is doing. And, tragically, it seems to be working. By Josh Rogin.
