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 Expands State-Secrets Law, Highlighting Risks for Foreign Businesses — New provision covering ‘work secrets’ could vastly expand scope of restricted information.
- Silicon Valley’s Next Mission: Help the U.S. Catch China and Russia in Hypersonic Weapons — Tech founders and investors place unlikely bets on superfast missile systems.
- U.S. to Limit Sales of Americans’ Personal Data to China, Other Adversaries — Biden is set to sign an executive order aimed at restricting data brokers’ ability to sell sensitive information overseas.
- Detention of Chinese Businesswoman Owed Money by the State Sparks Public Outcry — Controversy over beleaguered resort project casts a spotlight on government struggles with debt as China battles slowing growth.
- China’s Li Auto Stands Apart — Lower selling prices didn’t hurt the carmaker as much as analysts expected, thanks in part to its economy of scale and healthy supply-chain management.
- Hong Kong Takes Drastic Action to Avert Property Slump — The city’s real-estate market has been hurt by high interest rates and mainland China’s economic slowdown.
- Hunter Biden’s Chinese Business Partners Keep Quiet in Impeachment Effort — President’s son is set to appear before House Republicans on Wednesday.
The Financial Times
- Chinese developer Country Garden hit by winding-up petition — Property group is among biggest victims of China’s real estate cash crunch.
- Sequoia China founder Neil Shen took Singapore residency — Companies backed by tech investor’s HongShan group subsequently expanded in city-state.
- McKinsey website touted its advice to Chinese government ministries — Consultancy says marketing claims were ‘inaccurate’ and it has never worked for Beijing.
The New York Times
- China’s Country Garden Faces Winding Up Petition In Hong Kong — Country Garden was once China’s biggest developer but ran out of money. A lender is taking it to court in Hong Kong, a sign of continuing market distress.
- China Expands Scope of ‘State Secrets’ Law in Security Push — The legal change, which could further limit access to information, is part of an increasingly hostile environment facing foreign businesses in the country.
- Biden Acts to Stop Sales of Sensitive Personal Data to China and Russia — In an attempt to limit blackmail and other harm, he will issue an executive order asking the Justice Department to write rules restricting sales to six countries.
- Army Is Slashing Thousands of Jobs to Focus on Russia and China — Recent events suggest that the U.S. military will face challenges in the Middle East for years to come, even as it tries to shift priorities.

Caixin
- In Depth: China Overhauls Company Law — Some have hailed the new rules as a positive move that will better protect the rights of investors and creditors.
- In Depth: Behind the Suicide of Leading Figure in Shady Fundraising Practice — Yu Lei, an investment manager who made a fortune in a now-banned fundraising practice only to end up being detained by authorities and betrayed by his business partners, killed himself earlier this month at his home in Shanghai, sources with knowledge of the matter told Caixin.
- Huawei Launches Commercial AI Model for Telecom Industry — Huawei Technologies Co. Ltd. has launched a new version of its artificial intelligence (AI) large language model (LLM) Pangu for commercial use in the telecom sector, the latest effort by the Chinese tech giant to promote the emerging technology as it seeks to expand its revenue base.
South China Morning Post
- Chinese EV players surprised by Apple’s decision to cancel car project, with Xiaomi CEO Lei saying he remains committed — From Xiaomi to Xpeng, leaders at Chinese EV makers have expressed disbelief that Apple is ending its decade-long effort to build a car.
- In ‘finance war’ with US, former official says China risks staring down the barrel of a capital conundrum — High-profile economist and former State Council researcher warns that potential US capital injections in China, following any Fed rate cuts, might be tumultuous for already-battered markets.
- China lures AI talent with hefty salary premium as demand far exceeds supply, report finds — Employers in China are scrambling for workers with skills in generative artificial intelligence, as the nation loses some of its top talent to the US.
Nikkei Asia
- Hong Kong’s new security law prompts foreign envoys to lodge concerns — European countries wary of ‘vague’ rules on state secrets, foreign interference.
- Offshore creditor files petition to wind up Country Garden — Distressed mainland Chinese developer calls the move ‘radical’.
- Alibaba pares brick-and-mortar retailing with eye on efficiency — Chinese giant sharpens focus on core e-commerce business as stock slumps.
Bloomberg
- China’s Country Garden Gets Winding-Up Petition in Hong Kong — Country Garden Holdings Co.’s debt crisis is entering a new chapter as China’s prolonged property slump deepens, after a Hong Kong court received a creditor’s petition to liquidate the company over non-payment of its debt.
- US Renews Inquiry Into Applied Materials’ Chinese Business — US government agencies have issued a new round of requests for information about Applied Materials Inc.’s shipments to Chinese customers, reviving a sensitive topic as Washington tries to sever sales of advanced chipmaking gear to its geopolitical rival.
- China Tells Quants to Phase Out Strategy Blamed for Turmoil — Chinese regulators are taking steps to gradually shrink the size of a popular quantitative trading strategy that contributed to turmoil in the nation’s stock market this month, according to people familiar with the matter.
Reuters
- China urges largest nuclear states to negotiate a ‘no-first-use’ treaty — States with the largest nuclear arsenals should negotiate a treaty on no-first-use of nuclear weapons against each other or make a political statement in this regard, the Chinese foreign ministry’s arms control department said.
- China’s CDH in talks to buy minority stake in $1.7 billion Vietnam grocery chain, say sources — China’s CDH Investments is in advanced talks to buy a minority stake in Bach Hoa Xanh from Vietnam retailer Mobile World in a deal that could value the grocery chain at up to $1.7 billion, two sources with direct knowledge said.
- Siblings help China’s BYD grab early lead in Thai EV market — After launching BYD in Thailand as the Chinese electric vehicle maker’s sole national distributor a little more than a year ago, siblings Pratarnwong and Pratarnporn Phornprapha were forced to rip up business plans frequently because sales kept rocketing.
Other Publications
- Associated Press: Hong Kong’s plan for a new national security law deepens fears over eroding civil liberties — As Hong Kong moves toward enacting a new national security law, four years after Beijing imposed a similar law that all but wiped out dissent and vocal pro-democracy media in the semi-autonomous Chinese city, concerns are spreading among the city’s international business and media communities.
- Council on Foreign Relations: Taiwan’s 2024 Election Outcomes: Balancing Domestic Challenges and International Relations — The foreign policy platforms of all candidates aligned on protecting Taiwan’s sovereignty while maintaining the status quo and rejecting China’s “one country, two systems” unification formula.
- Rest of World: Chinese TikTok experts are teaching Americans how to sell — Convinced a livestream shopping boom in the West is inevitable, entrepreneurs share Chinese playbooks with aspiring U.S. influencers.
- Los Angeles Times: Closer to China than to the Japanese mainland, these idyllic islands confront the prospect of war — As geopolitical tensions in Asia grow more fraught, Japan has boosted military spending to record highs, and fear has permeated even some of the country’s most remote islands.
- Semafor: China court says AI broke copyright law in apparent world first — A Chinese court found that images generated by an artificial intelligence service infringed the copyright of a popular Japanese superhero character, a Chinese newspaper reported, in what appears to be the first ruling of its kind.