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
- Wu Zunyou, the Face of China’s Covid Controls, Dies at 60 — Top epidemiologist’s difficult last job: explaining policies that brought many Chinese close to a breaking point.
- Apple Sales Decline as China Market Weighs on Earnings Report — The company’s China business shrank, while the services unit hit a record and iPhone revenue rises.
- War in Ukraine Loosens Russia’s Grip on Its Own Backyard — Members of Moscow-led military and economic alliances move to diversify ties, turning to China and the West.
- It’s U.S. vs. China in an Increasingly Divided World Economy — Trade and investment flows settle into new patterns around two rival power centers—with major risks.
- Investors Aren’t Buying Apple’s New iPhone — Subdued outlook indicates fears over iPhone cycle and China aren’t misplaced.
The Financial Times
- Australia seeks reset with Xi while balancing ties with US — Anthony Albanese makes state visit to China as tensions over trade ease.
- Beijing bans Communist party officials from private equity investing — Xi Jinping’s anti-corruption drive targets cadres indirectly taking shares in unlisted companies.
Caixin
- New Generation of Private Chinese Business Owners Takes Over — Unprecedented succession wave poses challenges and opportunities as first-generation entrepreneurs begin to retire.
- Former Inner Mongolia Chief Justice Pleads Guilty to Bribery — He pleaded guilty to taking more than 37 million yuan ($5.1 million) in bribes in exchange for favorable treatment in judicial cases and other help.
- U.S. ‘Flying Tiger’ Veterans Return to China — President Xi Jinping had written to the two veterans and the U.S.-China Aviation Heritage Foundation, expressing his hope that the Flying Tigers’ spirit can be passed down from generation to generation between the people of both countries.
South China Morning Post
- China says humanoid robots are new engine of growth, pushes for mass production by 2025 and world leadership by 2027 — Beijing’s industry and tech ministry releases nine-page guideline urging innovation, safe supply chain and international competitiveness for the tech.
- China’s first full-scale reusable rocket test fuels iSpace Hyperbola-3 ambitions — Result is a ‘breakthrough’ for Chinese commercial space sector, the trailblazing company said.
- China hunts for new industrial ‘pillars’ to replace a wobbly property market — China’s property industry, now suffering a solvency crisis as developers struggle to stay afloat, cannot play its former role as an economic “pillar”.
- Elon Musk and Rishi Sunak chat China, killer robots and the meaning of life — Elon Musk welcomed China’s engagement on AI safety and said he wanted to see Beijing aligned with Britain and the United States on the subject, speaking in London alongside British Prime Minister Rishi Sunak.
Nikkei Asia
- South China Sea brims with rare earth and renewable power promise — Chinese companies have installed wind farms in the South China Sea and are exploring for metals vital to electric cars, solar panels and other green-transition products.
- Hope for hotel rebound in China now a reality, InterContinental says — Asia’s rebounding hotel market continues to fuel major Western hotel chains’ quarterly growth as international travel to and from China slowly — but steadily — returns.
- Iris Ohyama deepens robotics push to cope with China wage growth — “So far, 100 to 200 articulated-arm robots used in transportation and assembly have been introduced each year.” said Naoki Kuramoto, manufacturing director for the company’s operations in China. More robots of the same kind will be added in the future.
- Opinion: Bhutan is not giving in to China’s hardball diplomacy — Beijing uses talks to deflect attention from territorial encroachments. By Brahma Chellaney.
Bloomberg
- Chinese EV Maker Nio to Cut 10% of Staff Positions and May Spin Off Businesses — Nio Inc. said it is cutting jobs and and may spin off non-core businesses to reduce costs and improve efficiency, as the Chinese electric-vehicle maker falls way short of its sales targets and continues to post losses.
- Chinese Electric Truck Maker Windrose Is Seeking US IPO in 2024 — Chinese electric truck maker Windrose Technology Inc. has started preparatory work for an initial public offering in the US next year as it plans the commercial roll out of its first vehicle.
- China’s Spy Agency Turns Focus to Finance in Quest for Security — China’s spy agency pledged to help prevent financial sector risks from jeopardizing the country’s national security, as the secretive organization becomes more visible under President Xi Jinping.
- China’s Confucius Institutes Are Disappearing From US Campuses — Almost all the China-funded Confucius Institutes in the US have closed, a new report found, highlighting how soured ties between Beijing and Washington have led US universities to abandon what was once seen as a cheap way to offer Chinese classes.
Reuters
- China’s wine market ready to welcome likely return of Aussie wine as ties improve — Late last month, as ties between Beijing and Canberra improved, the two sides announced they had reached a consensus to settle a WTO dispute about wine.
- Yellen: Indo-Pacific allies should not have to choose between US, China — In a speech ahead of the U.S.-hosted APEC Summit in San Francisco later this month, Yellen said that a full de-coupling of the U.S. and Chinese economies was “simply not practical.”
Other Publications
- AP: China supported sanctions on North Korea’s nuclear program. It’s also behind their failure — Chinese middlemen launder the proceeds of North Korean hackers’ cyber heists while Chinese ships deliver sanctioned North Korean goods to Chinese ports.
- Foreign Policy: The Maoist Roots of Xi’s Economic Dilemma — Beijing needs domestic consumers to spend more, but the Chinese president’s ideology is getting in the way.
- Foreign Affairs: How to Exploit Russia’s Addiction to Western Technology — Russia’s attempt to switch from Western to Chinese businesses has revealed the impossibility of such an immediate transition.
- The Washington Post: As Australian leader heads to China, a critical (minerals) issue looms — Last week, Albanese was in Washington, engaging in a not-so-subtle attempt to reduce his country’s reliance on China when it comes to critical minerals.
- Brookings: Douzheng: Unraveling Xi Jinping’s call for ‘struggle’ — “Struggling” has become a cornerstone of Xi Jinping’s vision for achieving China’s “great rejuvenation” and was recently enshrined in the CCP constitution at the 20th Party Congress.
- CSIS: U.S.-China EV Race Heats Up with Forthcoming Guidance on ‘Foreign Entity of Concern’ Rules — The FEOC limitation under the IRA 30D seeks to “strengthen [EV] supply chains with trusted trading partners.”
- The Verge: Microsoft is overhauling its software security after major Azure cloud attacks — Chinese hackers breached US government emails via a Microsoft cloud exploit earlier this year.
