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 Harnesses a Technology That Vexed the West, Unlocking a Treasure Chest — Chinese companies achieve dominance by accessing a new source of minerals the world needs for EV batteries.
- Chinese Exports Rose in August Despite Growing Trade Barriers — Outbound shipments rose 8.7% from a year earlier in August.
- Films About Women Are Having a Moment in China — A wave of cultural content reflects a hunger for women plotlines; some scenes on gender tensions get scrubbed.
- Chinese Exports Rose in August Despite Growing Trade Barriers — Outbound shipments rose 8.7% from a year earlier in August.
- WuXi Companies Say They’re Not a Security Risk as U.S. House Passes Draft of Biosecure Act — Earlier this year, U.S. lawmakers introduced the bill aimed at barring federal contracts with some Chinese biotech entities.
- Alibaba Shares Rise on Hopes for Higher Demand From Mainland Investors — Investors in mainland China will be able to directly trade in Alibaba’s Hong Kong-listed stock via the Stock Connect program.
The Financial Times
- Alibaba will get a boost from China’s mainland traders — The country’s mainland retail investors are a formidable force and known for their enthusiasm for tech names.
- US and Chinese military commanders in Indo-Pacific hold first call — Exchange is latest sign of renewed engagement to ease bilateral tensions.
- China urged to spend up to $1.4tn to battle deflation — Estimates underline scale of challenge facing Beijing as it seeks to reboot economy.
- China’s future bankers battle ‘shame’ over derided profession — Government crackdown on financiers is deterring next generation from career once viewed as source of prestige.
The New York Times
- China’s Huawei Shows the World Its $2,800 ‘Trifold’ Phone — The latest announcement from Apple’s China rival came just hours after the unveiling of iPhone 16.
- Battery Maker Northvolt to Cut Costs as E.V. Demand Slumps in Europe — The Swedish battery manufacturer said it would eliminate jobs and seek partnerships as it grappled with competition from China.
Caixin
- Indonesia Aims to Woo Chinese Investment in Solar, EV Battery Production — Indonesia is seeking Chinese investment in the new energy sector and called for joint development efforts, as the mineral-rich nation aims to strengthen its battery and solar photovoltaics (PV) manufacturing capabilities while working towards a green energy transition.
- Insurers Receive $18 Million Claims After Super Typhoon Hits Southern China — Super Typhoon Yagi made landfall in Hainan and Guangdong provinces last Friday, causing widespread damage, affecting more than 1.2 million people and leading to insurance claims expected to reach hundreds of million yuan.
- Standard Bank Sees Bigger Role for Yuan in African Trade — The internationalization of the Chinese currency can play a greater role in strengthening trade and investment between China and Africa while reducing financial costs for businesses, according to senior executives of Standard Bank Group Ltd., the continent’s largest lender by assets.
South China Morning Post
- China’s EV makers must overcome trust gaps to win over global buyers, survey says — A consumer survey from Ernst & Young shows China’s electric vehicle makers should draw on their products’ cost advantages to make headway overseas.
- Chinese food delivery giant Meituan brings Keeta app to Saudi Arabia in overseas foray — The Beijing-based company has introduced its food ordering app Keeta in Al-Kharj, ahead of an expected launch in the capital, Riyadh.
- Ant Group to hold new round of dividend payments to shareholders amid AI, overseas push — This would mark the third round of dividend payments by Ant Group, following two previous rounds in December and March 2022.
Nikkei Asia
- China’s copper imports fall 12.3% as weak economy restrains demand — August data from world’s top consumer highlights headwind for global prices.
- China’s 7-0 soccer humiliation against Japan reflects deep problems — Pandemic, mismanagement and corruption have hurt World Cup ambitions.
- China exports remain robust in August while imports soften — Steady external demand overshadowed by rising trade barriers.
Bloomberg
- China’s Deflationary Spiral Is Now Entering Dangerous New Stage — Deflation stalking China since last year is now showing signs of spiraling, threatening to worsen the outlook for the world’s second-largest economy and raising calls for immediate policy action.
- China’s $6.5 Trillion Stock Rout Worsens Economic Peril for Xi — A deepening selloff in Chinese stocks is exacerbating a crisis of confidence in the world’s second-largest economy, heaping pressure on policymakers to halt the downward spiral.
- Vanished Banker Loses $750 Million in China’s Unending Crackdown — In the go-go years when China minted a billionaire every two days, banking rainmaker Bao Fan almost reached that milestone himself.
Reuters
- Apple’s AI gap in new iPhones disappoints China users as Huawei threat looms — Apple’s new iPhone launch drew scorn on Tuesday for its lack of artificial intelligence features in China, a challenge for the U.S. giant as it battles growing competition from Huawei Technologies in the world’s largest smartphone market.
- EU to trim proposed tariffs on Tesla, other EVs from China — The European Union will lower proposed final tariffs on Tesla and slightly trim rates for other electric vehicles from China after taking into account submissions by the companies, a source familiar with the matter said on Tuesday.
- Top US, Chinese military brass hold first call to stabilise ties — The United States and China held theatre-level commander talks for the first time on Tuesday, Chinese authorities said, amid efforts to stabilise military ties and avoid misunderstandings, especially in regional hot spots such as the South China Sea.
Other Publications
- Associated Press: China’s Football Association bans 43 people for life after corruption investigation — China’s Football Association has banned 43 people for life over allegations of match-fixing and other forms of corruption in the latest effort to weed out graft in the country’s notoriously underperforming team sport.
- Foreign Policy: How Washington Learned to Stop Worrying and Embrace Protectionism — Biden’s embrace of Trump-era tariffs is emblematic of a broader change in U.S. thinking on trade—and toward China. By Bob Davis
- Quartz: Huawei’s new smartphone has more than 3 million preorders as Apple launches its new iPhone — The Chinese smartphone maker has outpaced Apple in China since releasing its Mate 60 Pro smartphone series.
- The Information: Huawei Unveils Tri-Fold Phones to Challenge iPhone in China — Chinese tech giant Huawei Technologies unveiled its latest smartphone, a tablet-sized smartphone that can be folded twice.
- The Guardian: How China and a tariffs row cast a shadow over booming US solar power — The source of new renewable energy is also a battleground over China’s cheap exports of panels that has split US firms.
