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
- Nvidia’s CEO Still Plans to Sell High-End Chips in China — Jensen Huang’s comments come days after Raimondo sounded warning over workarounds.
- The U.S. Can Afford a Bigger Military. We Just Can’t Build It. — America’s industrial base struggles to ramp up defense production while China’s churns out ever more weapons.
- Chinese Billionaire Who Once Circled Hollywood Retreats From Movies at Home — Property magnate Wang Jianlin is selling his 51% stake in Wanda Film to China Ruyi Holdings for an undisclosed price, a filing showed Wednesday.
The Financial Times
- Italy formally pulls out of China’s Belt and Road Initiative — Rome dismayed its western allies in 2019 when it signed up to the ambitious investment scheme.
- EU to press China on industrial overcapacity at Beijing summit — Brussels’ worries about trade deficit fuelled by soaring lending to Chinese manufacturers.
- Apple moves towards India-made iPhone batteries in push away from China — Tech giant wants suppliers to build key component in India as part of broader effort to diversify supply chain.
- TikTok owner ByteDance to buy back shares after amassing $50bn cash pile — Ecommerce growth drives revenues to record level and pushes quarterly earnings before interest and tax to $9bn.
- Asia’s first Saudi Arabia ETF lists on Hong Kong stock exchange — Saudi Arabia’s $700bn sovereign wealth fund has been named as an anchor investor in the fund.
- Rio Tinto rosy on China over uptick in manufacturing activity — Chief executive Jakob Stausholm says steel mills running ‘flat out’ but property slowdown still ‘challenging.’
- VW says Xinjiang plant audit finds no evidence of forced labour — German carmaker hired consultancy and local law firm to look into factory after complaints by investors and rights groups.
- Opinion: Sorry America, China has a bigger economy than you — Measures that show the opposite have absurd implications and dangerous policy prescriptions. By Chris Giles
The New York Times
- Xi Jinping Is Asserting Tighter Control of Finance in China — The Communist Party’s main theoretical journal has laid out a new ideological framework for the financial system that emphasizes the primacy of China’s top leader and Marxist principles.

Caixin
- In Depth: China-Latin America Ties Deepen Amid Boom in Cross-Border Auto Trade, E-Commerce — Twenty-five kilometers north of Monterrey, Mexico, is a cluster of Chinese-owned factories producing everything from auto parts and mechanical equipment to electronics and furniture.
- Tough Talks Ahead for U.N. Plastic Pollution Deal, Chinese Experts Say — Limited progress was made during United Nations Environment Programme negotiations last month in advancing a global treaty on reducing plastic pollution, with Chinese observers warning of more tough talks ahead if parties with divergent interests are to come together in agreement.
- China Picks New Party Chief for Citic Group — Xi Guohua has been appointed the new Communist Party committee chief of Citic Group Corp., the state-owned financial conglomerate said Wednesday.
South China Morning Post
- China lays out contrasting vision for financial system, rejects ‘predatory’ Western outlook — In a departure from the West’s view on the role of finance, China has made the case for its own perspective on the industry, primarily as a tool for achieving policy goals and a buttress for weak links in the economy.
- Shidaowan: world’s first fourth-generation nuclear reactor begins commercial operation on China’s east coast — Reactor at Shidaowan plant in China’s eastern Shandong province is part of global push for safer, more sustainable and efficient nuclear operations.
- Chinese automakers splurge on huge carriers to meet overseas demand, ro-ro-rolling their cars abroad — China’s surging car exports, led by EVs, could top 5 million this year – but outsized demand is pitting manufacturers against each other in a price war to secure so-called ro-ro ships that haul thousands of vehicles.
Nikkei Asia
- Climate change battle ‘won or lost’ in Asia, says AIIB executive — Beijing-based multilateral lender eyes new tools for climate change financing.
- Attack on Pakistan highway to China shakes key Belt and Road link — Bus shooting raises concerns over outlook for all-weather upgrade.
- Japan adds Chinese nuclear weapons lab and others to WMD concern list — China Academy of Engineering Physics included on list to prevent military use of exports.
Bloomberg
- Italy Notifies China It Will Exit Belt and Road Investment Pact — The government of Italian Prime Minister Giorgia Meloni formally told China it would exit the Belt and Road Initiative, dealing a fresh blow to Beijing’s ambition to expand the massive investment program.
- China Seeks to Contain Fallout From Moody’s Bearish Outlook — China sought to nip any hit to investor sentiment in the bud after a bearish credit outlook on debt threatened to exacerbate concerns over the financial health of the world’s second-largest economy.
- China Metals Firms See US Rules Unlikely to Upend Supply Chains — Chinese firms producing and processing battery materials see new US rules aimed at limiting Beijing’s grip on the electric-vehicle industry as less stringent than feared, allowing them to preserve a key role in the global supply chain.
- A $13 Billion Rout Makes HKEX World’s Worst-Performing Bourse — Hong Kong is set to close the year as the world’s worst-performing stock market and the city’s exchange operator is emerging as the poster child of this slump.
Reuters
- Exclusive: China EV maker Nio to spin off its battery production unit — Chinese electric vehicle maker Nio plans to spin off its battery manufacturing unit, according to two people with knowledge of the matter, as part of the efforts by the company to turn profitable, reduce costs and improve efficiency.
- China e-cigarette titan behind ‘Elf Bar’ floods the U.S. with illegal vapes — A new breed of e-cigarette has addicted teenagers and confounded regulators worldwide by offering flavors like Blue Cotton Candy and Pink Lemonade in a cheap, disposable package.
- Young Chinese spurn traditional investments in favour of gold — Gold buyers in China are getting younger, as a property market downturn, weakening stocks and currency and low bank deposit interest rates have left them with dwindling options to save for rainy days in a sputtering economy.
Other Publications
- Politico: China’s Xi goes full Stalin with purge — In a sign of instability in Beijing’s top ranks, foreign policy and defense officials are vanishing as Xi roots out perceived enemies.
- Associated Press: China raises stakes in cyberscam crackdown in Myanmar, though loopholes remain — China is ramping up a crackdown on online scams operated by criminal syndicates in border areas of military-ruled Myanmar in an effort that has included a shootout, confession videos and national TV broadcasts of arrests of high-profile suspects.
- MIT Technology Review: Chinese apps are letting public juries settle customer disputes — Chinese apps have set up public jury trials to settle user disputes. And Alibaba’s past experiment could teach us how these systems work.
- The Guardian: EU expected to issue veiled warning to China over supply of cut-cost goods — European Commission chief Ursula von der Leyen to meet Chinese president Xi Jinping at summit on Thursday.