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 Evergrande Aims to Recover $6 Billion From Executives, Others — The heavily indebted Chinese developer said it is seeking to claw back the money from seven individuals, including founder Hui Ka Yan, his ex-wife, a former chief executive and a former chief financial officer.
The Financial Times
- China Evergrande liquidators seek $6bn from Hui Ka Yan and colleagues — Hong Kong court proceedings aim at global assets of failed property group’s founder and top executives.
The New York Times
- One of China’s Most Talkative Nationalists Suddenly Goes Silent — Hu Xijin’s tens of millions of followers have heard nothing from him since late July. Some think one of his posts praising Beijing may have backfired.
- Myanmar Rebels Gain Regional Military Base in Lashio, a Major Win — The seizure of the military’s northeastern command post gives the resistance control of a city and airport on a crucial trade corridor to China.
Caixin
- How to Better Protect Procedural Justice for Criminal Suspects in China — Experts weigh in on how the country’s legislature should amend the 45-year-old criminal procedure law to better balance the powers of the judicial system with the legitimate rights of suspects and defendants.
- China’s New Top Finance Graft-Buster, Ex-Policy Banker Suspected of Massive Bribery — Highlights of the past fortnight include: Shanghai Stock Exchange VP put under graft probe, CSRC deputy Fang Xinghai retires, HSBC China names global banking head.
- XPeng’s Flying Car Unit Secures $150 Million Fresh Funding to Start Mass Production — Money raised will be used for R&D and to start production of the flying cars by the end of 2025, says founder.
- State-Backed Leasing Firm Misses $55.9 Million Bond Payment — The default came after Shanghai Industrial Financial Leasing’s negotiations with bondholders to win an extension failed.
- Former Boss of Shanghai’s State-owned Conglomerate Tried for Embezzlement and Bribery — Zhou Jun faced charges of embezzling and taking bribes totaling $24.5 million.
South China Morning Post
- China approves 487 deepfake algorithms from the likes of Baidu, Alibaba and Tencent — The latest batch of approvals is the second-largest since the CAC started publishing whitelists last year and includes foreign firms such as PC maker HP.
- China warns office workers foreign spies can steal data via commonplace online software — Ministry of State Security declares instant chat, format conversion tools and file transfer apps carry ‘dark tech’ espionage risk.
- China’s AI-related companies total 1.67 million in first half of 2024 amid ChatGPT frenzy — The mainland added more than 237,000 new companies involved in AI during the first half of this year.
- China industrial parks whip up new formula for success as foreign firms balk at old recipe — Gone are the days when foreign firms could be lured to industrial zones with financial incentives alone, as ‘cutthroat competition’ and overcapacity are seen creating a no-win scenario.
- China’s ethnic policy chief says minority artists must focus on common national identity — Pan Yue criticises one unnamed Tibetan-language film for not giving the Communist Party enough credit.
Nikkei Asia
- Yum China expands new low-priced eateries in sign of frugal times — Yum China has been rapidly expanding two such store concepts in what CEO Joey Wat described as a “breakthrough” in an earnings call on Tuesday.
- Cambodia breaks ground on ‘Hun Sen’ canal project backed by China — Calling the project “historic,” Prime Minister Hun Manet said: “This project is not just an infrastructure project, but a nationalistic endeavor.”
- Canon zooms in on China’s Gen Z to boost digital camera sales — Canon is wooing China’s Generation Z with cheaper, beginner-friendly digital cameras, touting the ability to take high-quality photos and videos for users looking to spruce up social media feeds.
Bloomberg
- PBOC Branch Said to Ask Rural Banks to Limit Risk in Bond Bets — A subsidiary of the People’s Bank of China asked rural lenders to be mindful of risks in government-bond trading and refrain from buying the securities in large sizes, according to people familiar with the matter.
- The 20 Measures China’s Unveiled to Get People to Spend Their Cash — China has announced a 20-step action plan to get people to spend more, but offered little in the way of financial incentives to rev up domestic demand.
- Made-in-China Goes Upscale as a New Generation of Brands Battles Slowdown — Homegrown brands such as Boox, Narwal and Laifen are seeking a hedge as concerns about domestic economic weakness grow.
- Indonesia Renews Textile Import Duties to Curb Chinese Goods — Indonesia reimposed additional tariffs on imports of fabrics to protect the local industry from the flood of cheaper goods coming mostly from China.
- Opinion: China’s Abandoned Building Sites Are Killing Oil Demand — That’s good news for the climate, but bad news for those counting on Beijing’s thirst for crude to remain unquenchable. By David Fickling.
Reuters
- Chinese firms stockpile high-end Samsung chips as they await new US curbs, say sources — The moves show how China is gearing up to keep its technology ambitions on track amid rising trade tensions with the U.S. and other western nations.
- China will launch first satellites of constellation to rival Starlink, newspaper reports — The launch is part of SSST’s “Thousand Sails Constellation” plan, also known as the “G60 Starlink Plan”, which began last year and aims to deploy more than 15,000 low Earth orbit (LEO) satellites.
- Sharpie-maker Newell moves more operations from China as tariffs loom — Newell is automating its U.S. manufacturing to make the higher wages in the United States work, he said, adding that moving production to the country also saves on time and volatile freight costs.
Other Publications
- CFR: Secure Jobs, Uncertain Future: China’s Growing Appetite for Government Employment — While a robust public sector is essential, an overreliance on government employment could significantly reshape China’s future.
- Foreign Affairs: China’s Real Economic Crisis — Why Beijing Won’t Give Up on a Failing Model.
- The Washington Post: Opinion: Biden must not forget the Americans imprisoned unjustly in China — Family members of U.S. citizens wrongfully detained in China fear a window for progress is closing. By Josh Rogin.
- AP: Cambodia breaks ground on a China-funded canal and says it will be built ‘no matter the cost’ — While the canal would be jointly built by Chinese and Cambodian companies, the latter would have a 51% majority share and thus maintain control.
- BBC: How Asia’s rice terraces are inspiring modern flood control — Parks, roofs and riverbanks mimicking the long-used agricultural form are helping Asian cities absorb, hold and purify rainwater.
