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 Steps Up Support for Palestinian Cause in Challenge to U.S. Mideast Policy — Leader Xi Jinping has unleashed a gust of diplomacy around Gaza despite limited direct involvement in the region.
- The Big Bank With a $15 Billion Conundrum in China — HSBC values its stake in Bank of Communications far above the level implied by the Chinese lender’s stock price.
- China Denies Australia’s Claim That Warship Used Sonar Against Divers — Beijing calls Canberra irresponsible over allegations it tried to hurt divers removing nets from Australian navy frigate’s propellers.
- Chinese Property Stocks Soar on Hopes of More Supportive Measures — Chinese authorities told financial institutions at a meeting on Friday to support property developers in obtaining financing.
- MMG Plans to Buy Copper Mine in Africa for $1.88 Billion — MMG, which is nearly 68%-owned by state-owned China Minmetals, plans to buy the Khoemacau mine in northwest Botswana.
- Apple Had Better Watch Its Back in China — Apple dominated the premium handset market for most of the pandemic years, partly thanks to the troubles of competitors like Huawei. But nothing lasts forever.
The Financial Times
- US and Philippines launch joint air and sea patrols to counter China — Closer military co-operation by Washington and Manila comes amid growing tensions with Beijing.
- China pushes state banks to accelerate funding for private property developers — Regulators step up pressure on lenders to support struggling groups at heart of country’s real estate crisis.
- McDonald’s to buy Carlyle’s stake in its China business for $1.8bn — Citic Capital to remain majority shareholder in fast-food chain’s local operation.
- Nvidia investors weigh risks from US’s China chip rules ahead of earnings — Market will look to forward guidance for indication of how bad disruption may be from AI processor export controls.
- Over 75% of foreign money invested into Chinese stocks in 2023 has left — Traders wait for signs of strong economic rebound before buying back in.
- China struggles to spend its way out of economic crisis — Falling tax revenue and high local debt cast doubt on how much budgetary firepower Beijing really has.
The New York Times
- A.I. Killer Drones Are Becoming Reality. Nations Disagree on Limits. — Worried about the risks of robot warfare, some countries want new legal constraints, but the U.S. and other major powers are resistant.
Caixin
- China Drafts List of Developers Eligible for Funding, Asks Banks to Boost Real Estate Lending — Chinese regulators are pressing banks to step up lending and ease financing for developers as part of efforts to boost the ailing property sector.
- Premier Li Takes Helm of China’s Top Financial Regulator — Premier Li Qiang has taken over as chief of the Central Financial Commission (CFC), a Communist Party body that oversees China’s 449 trillion yuan ($62.1 trillion) financial sector.
- China Calls for ‘Early Ceasefire’ in Gaza Conflict in Meeting With Arab-Islamic Ministers — Foreign Minister Wang Yi met with a delegation of Arab-Islamic foreign ministers in Beijing on Monday, stating that China stands ready to work with them toward an early ceasefire in Gaza and a “comprehensive, just and enduring settlement” of the Palestinian issue, the foreign ministry said.
South China Morning Post
- Douyin, TikTok’s Chinese version, tightens vetting of advertisers as Beijing takes aim at booming short web drama market — The rules effectively ban individuals and many smaller studios from advertising on ByteDance’s popular Chinese short-video app.
- Vice-Premier Ding Xuexiang pushes plan for stronger China-Russia investment and financing ties — Ding, the Communist Party’s sixth-ranked official, urges support for companies in the two countries during meeting with Russian deputy prime minister, who is visiting Beijing to take part in commission aimed at reducing trade barriers.
- Huawei smartphone spin-off Honor said to appoint new chairman as part of preparations for a potential IPO — Honor is bringing in a new chairman as part of efforts to pursue an initial public offering, according to a Chinese media report.
- McDonald’s buys back Carlyle Group’s stake in China operation as burger giant eyes bigger bite of its fastest-growing market — Private equity giant Carlyle Group will sell to the American hamburger chain its 28 per cent stake in the partnership that operates and manages McDonald’s business in mainland China, Hong Kong, and Macau in a deal whose value was not made public.
Nikkei Asia
- U.S. advises Philippines on warship repair on China-claimed atoll — Sierra Madre emerging as major flashpoint in South China Sea.
- Chinese law firms on the rise due to geopolitics and slowing economy — Some state-owned companies are switching to local legal services amid tensions.
- Xi comment on ‘resolving’ Taiwan raises concern, Taipei scholars say — Beijing’s positive messaging surprises U.S. analysts, but skepticism persists.
Bloomberg
- China Stimulus-Led Property Rally Meets Skeptical Investors — The gains in Chinese developers’ bonds and stocks Tuesday are at risk of becoming yet another false dawn as investors seem unconvinced that Beijing’s latest funding plan for 50 real estate firms can help turnaround the embattled property sector.
- Chinese Game-Streaming Mogul Arrested in Latest CEO Probe — Chinese police have arrested DouYu International Holdings Ltd.’s founder Chen Shaojie on unspecified charges, the latest in a series of unexplained executive detentions that have chilled the country’s giant private sector.
- Broadcom’s Deal for VMWare Gets Conditions For Chinese Approval — Broadcom Inc.’s deal with software maker VMware Inc. has received a list of conditions it must meet to get approval from Chinese regulators, the final hurdle for the companies’ $61 billion merger.
- Stellantis, CATL Plan to Build EV Battery Plant in Europe — Stellantis NV and China’s Contemporary Amperex Technology Co. Ltd. plan to set up a factory for low-cost electric-vehicle batteries in Europe, deepening ties between the Fiat maker and Chinese companies.
Reuters
- China warns Argentina severing ties would be ‘serious mistake’ — China said on Tuesday it would be a “serious mistake” if Argentina were to cut ties, after the weekend presidential election victory in the South American country of a right-wing libertarian who has said he will not deal with communists.
- Exclusive: China’s state banks are buying yuan, quickening its rally — China’s major state-owned banks have been active in the currency market this week, buying the yuan and helping hasten its recovery against a broadly weaker U.S. dollar, two sources told Reuters on Tuesday.
- Myanmar hands over to China thousands of telecom fraud suspects — Myanmar authorities have handed over 31,000 telecom fraud suspects to China since law enforcement officers from both countries launched a crackdown on online scams in September, Chinese authorities said on Tuesday.
Other Publications
- The Globe and Mail: Global Affairs faces calls for oversight after Michael Spavor’s allegations — An unit within the department of Global Affairs that collects intelligence on security in countries such as China needs the same legislative oversight as Canada’s other national security agencies, intelligence experts say.
- Politico: How the U.S. Violates Its Own Trade Laws to Buy Seafood from China — Uyghurs and North Koreans are forced to work in Chinese seafood processing plants. But the federal government purchases millions of dollars of this seafood for the military and school lunches.
- Foreign Policy: The World Still Thinks China Is Rising — Polling shows Beijing is seen as powerful — and malign.
- Foreign Affairs: A paradigm shift in America’s Asia policy — Washington must get more countries off the sidelines in its contest with China.
- Rest of World: The end of anonymity on Chinese social media — Forced to use real names on platforms like Weibo, Chinese influencers quit social media instead.
- Washington Post: Opinion: Xi Jinping is sending ominous signals on Taiwan — On the most important issue in the relationship — Taiwan — Washington and Beijing are moving further apart. By Josh Rogin
