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
- China and Russia Claim Moral High Ground Over Palestinian Deaths — The U.S. rivals are tapping outrage over Israel’s war in Gaza to gain support in the developing world.
- Uruguay Reflects Latin American Drift From U.S., Turn to China — A democratic, pro-trade country in a region governed by populists strengthens ties with China after struggling to secure a free-trade deal with the U.S..
- China Is Becoming a Problem for Investors — U.S.-listed companies that do a lot of business in the country have struggled.
- Chinese Videogames Are Winning on the Global Stage — After decades of learning from foreign game companies, China’s game industry is now producing content with global appeal.
- ‘Among the Braves’ Review: The Revolution of Their Time — When Hong Kong proposed a law to extradite defendants to China, it provoked the largest and most protracted protests in the city’s history.
The Financial Times
- The global network behind the fentanyl crisis — The illicit trade routes responsible for the worst overdose crisis in US history.
- China makes ‘opening play’ on methane policy ahead of UN climate summit — The gas is responsible for an estimated one-third of the rise in global temperatures during the industrial era.
- Western businesses flock back to Shanghai trade fair despite tensions — Growth hopes draw companies to China in face of economic worries and geopolitical concerns.
- IMF raises China growth outlook as bankers urged to ‘ride the dragon’ — Beijing officials express optimism but analysts say weak export data shows recovery remains fragile.
The New York Times
- The End of Panda Diplomacy? — The giant pandas are leaving Washington. Some fans find it unbearable.
- U.S. Finance Agency Lends to Sri Lankan Port to Counter Chinese Influence — The U.S. International Development Finance Corporation is joining forces with the Adani Group, strengthening ties to India and an embattled conglomerate.
Caixin
- Caixin Explains: EU Probe Into Chinese EV-Makers’ Alleged State Support — For some in the region, China’s automakers have been doing too well, and as they have been rapidly gaining market share, they have drawn the ire and suspicion of local authorities.
- China, Australia Agree to Boost Engagement in Trade, Energy — China and Australia have agreed to boost relations by continuing or expanding engagement in a range of areas, including political dialogue, trade, energy and climate change.
- ByteDance VR Unit Plans Fresh Job Cuts — Pico, the virtual reality (VR) arm of TikTok-owner ByteDance Ltd., is planning a new round of job cuts as part of a business adjustment as market demand falls short of expectations.
South China Morning Post
- China’s Xi Jinping turbocharges state role in energy, rail–laying stable track but sparking market worries — Xi Jinping spoke in favour of the continued presence of the state in strategic economic sectors, bolstering national security goals but likely crowding out private entities.
- Alibaba CEO Eddie Wu reaffirms AI commitment, aims to turn e-commerce empire into ‘open tech platform’ — For the first time, Wu has spoken publicly about his vision for Alibaba after he took the reins from Daniel Zhang Yong in September.
- China’s ‘silver-haired’ investors exit the game with no one waiting in the wings — Though they look back fondly on the wild, rowdy early years of China’s retail investment, the country’s first-generation stock traders are leaving the market in droves with no one to replace them.
Nikkei Asia
- Hong Kong’s flagship banking summit largely muted on China market — Over 350 participants join the conference as global executives seek mainland hints.
- How China’s BYD went from bargain battery maker to Tesla’s biggest rival — In-house cost cutting, tech innovation and state industrial policy drove recent export surge.
- Biden and Xi to hold summit on Nov. 15, says U.S. senior official — Washington hopes to reestablish top-level communication to avoid clash.
Bloomberg
- Biden-Xi Meeting Can Help Ease Tensions, Singapore Leader Says — A meeting between the presidents of the US and China is necessary and can help dial down tensions between the world’s biggest economies, Singapore Prime Minister Lee Hsien Loong said.
- China Has a Hard Time Wooing Foreign Investors Back — China is struggling in its attempt to lure foreigners back as data shows more direct investment flowing out of the country than coming in, suggesting companies may be diversifying their supply chains to reduce risks.
- Ping An Exited Its Country Garden Stake, Has No Takeover Plan — Ping An Insurance (Group) Co. sold all of its shares in Country Garden Holdings Co. and has no plans to acquire the distressed developer, according to people with knowledge of the matter.
- Xi to Meet US Business Leaders for Dinner in San Francisco — Chinese President Xi Jinping is set to be the guest of honor at a dinner with top US business executives when he visits San Francisco for the Asia-Pacific Economic Cooperation summit next week, according to people familiar with the matter.
Reuters
- Exclusive: China authorities ask Ping An to take controlling stake in Country Garden — Chinese authorities have asked Ping An Insurance Group to take a controlling stake in embattled Country Garden, the nation’s biggest private property developer, four people familiar with the plan said.
- Global asset managers talk up China as long-term bet — Top executives at global asset managers on Wednesday talked up China at an event in Hong Kong on Wednesday, championing long-term investment opportunities in an economy battling to break free of pandemic disruption.
- China urges Estonia not to allow opening of Taiwan office — China’s foreign ministry on Wednesday urged Estonia not to allow Taiwan to open any official organisations in the country, after the Chinese ambassador reportedly threatened to leave Estonia if Taiwan opens a representative office in the Baltic nation.
Other Publications
- VnExpress: Vietnamese boycott Snapchat over China’s U-shaped line — Vietnamese are boycotting Snapchat as authorities consider what to do after the U.S. social app used a map containing China’s infamous U-shaped line, which illegally claims parts of maritime Vietnam.
- Pew Research Center: How views of the U.S., China and their leaders have changed over time — People in 23 countries tend to see U.S. President Joe Biden more positively than Chinese President Xi Jinping, according to a Pew Research Center survey conducted in spring 2023.
- CBC News: Ethics watchdog investigating Zara Canada over alleged ties to forced labour — Investigation stems from complaints made by 28 civil society organizations.
- Associated Press: US plans to build a $553 million terminal at Sri Lanka’s Colombo port in rivalry with China — The U.S. announced a $553 million project Wednesday to build a deep-water shipping container terminal in Sri Lanka’s Port of Colombo as it competes with China in international development financing.
- Washington Post: The National Zoo’s giant pandas leave for China today — The National Zoo’s giant pandas will board a flight to China on Wednesday, ending an era that spanned half a century, brought joy to generations of fans and left an enduring black-and-white imprint on the Washington region.
- Foreign Affairs: The right way to deter China from attacking Taiwan — Deterrence is an exercise in political-psychological persuasion, and it has never been solely a calculation of who possesses more military assets. By Ryan Haas and Jude Blanchette
- Foreign Policy: With two wars raging, China tests America in Asia — Beijing knows that Washington can ill afford a third geopolitical crisis.
- Quartz: Thanks to US curbs, Chinese internet giants are seeking suppliers outside of Nvidia — The world’s top AI chip maker has lost some of Baidu’s business to Huawei.
- MIT Technology Review: Why Hong Kong is still bullish on crypto — In a bid to find new economic growth, Hong Kong’s government is busy setting up legal frameworks to court Web3 companies.
- The Information: American AI Startups Quietly Raise Money From Top Chinese VC Firms, Including Sequoia Capital China — Major Chinese venture capital firms are quietly investing in American artificial intelligence startups, undeterred by growing concerns from U.S. officials about Chinese involvement in local technology firms.
