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
- In China, Retiring as Early as 50 Has Been the Norm. That Is About to Change. — Beijing finally tackles a 1950s policy that lets women retire in their 50s and men at 60 amid economic gloom and a rapidly aging population.
- Jack Ma Urges Alibaba to Trust in Market Forces, Innovation — “Only with competition can we become stronger and allow the industry to remain healthy,” Ma said.
- Lithium Miners Shares Surge on Possible CATL Supply Cut — China’s Contemporary Amperex Technology is considering the suspension of some lithium mining and production operations, according to a research report by Citi.
- Vatican’s Meager Gains in China Spotlighted During Pope’s Asia Visit — Despite frustrations in the Vatican over a controversial deal with Beijing to appoint bishops jointly, a delicate detente appears to be back on track.
- Apple’s Challenge in China Rises With New Rival Phones and AI Delay — Huawei counterprograms iPhone 16 event with introduction of three-way foldable smartphone.
- Canada to Consider Additional Surtaxes on China Imports — Canada is seeking input from households, provincial governments, unions, and businesses on such additional surtaxes.
- After EVs, China Seeks to Dominate AI-Powered Autonomous Driving — Startups such as XPeng roll out new models with more driver-assistance features while U.S. scrutiny grows.
- BMW Cuts Financial Targets on Recall Costs, Low China Demand — Costs to address a problem with the braking systems in more than 1.5 million vehicles estimated at high three-digit-million-euros.
- An Ugly Picture Emerges for Cosmetics Makers in China — Sales are plunging, sending an economic warning signal.
The Financial Times
- Huawei takes on Apple in China with $2,800 trifold phone — Mate XT, released hours after launch of iPhone 16, already has 5mn pre-orders.
- Spain’s Sánchez calls on EU to ‘reconsider’ Chinese EV tariffs — Beijing has stepped up lobbying ahead of Brussels vote in escalating trade war.
- Developing economies counter Beijing’s export boom with tariffs — Emerging markets also using levies to force China to build manufacturing plants within their borders.
- Chinese bank was told to wire authorities $11mn after founder disappeared — Opaque payment relating to China Renaissance chair Bao Fan leaves auditors wondering how to account for it.
- Foreign companies hit ‘tipping point’ in China — EU chamber of commerce warns Chinese market barriers and slow growth are prompting businesses to look elsewhere.
- US accuses China of directly supporting Russia’s ‘war machine’ — Official’s comments mark first time Washington says Beijing is providing Moscow with lethal aid for the war against Ukraine.
- Foreign carmakers also have a China overcapacity problem — None predicted just how fast China’s own industry would develop in the age of EVs.
- BMW shares slide after warning on faulty brakes and weak China demand — German carmaker sets aside ‘high three-digit million amount’ for expected warranty payments.
The New York Times
- Family of American Woman Held in China for 10 Years Asks for Help — Dawn Michelle Hunt, who is serving a life sentence, says she was duped into carrying drugs. Her family says she is seriously ill and should be sent home.
- 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.
- White House Is Drawn Into Dispute Over Chinese Doping — World Anti-Doping Agency officials, furious at U.S. investigations into the handling of positive tests, have sought to exclude a Biden administration representative from its board meetings.
- Opinion: Trump Is, Was and Would Be a Gift to China — Mr. Trump’s policies would devastate America’s growing electric vehicle industry. By Robinson Meyer
Caixin
- In Depth: China’s Never-Ending Bond Bull Run Fuels Speculation Regulators May Intervene — Over the past year, China’s bond market has witnessed a surge in trading activities, driven primarily by an influx of funds into long-term government bonds.
- China Renaissance Shares Plunge as Trading Resumes, Founder Still Missing — Shares in China Renaissance Holdings Ltd., the boutique investment bank whose billionaire founder and former Chairman Bao Fan disappeared last year, closed down 13.9% in Hong Kong on Tuesday after plunging 66% the previous day when they resumed trading after a 17-month halt.
- More Action Needed on Beijing’s Foreign Business Pledges, EU Chamber Argues — More concrete actions are needed from Beijing if it is to deliver on its promise of eliminating hurdles faced by European businesses on the Chinese mainland, an EU trade association argues.
South China Morning Post
- Harris-Trump: tough talk on China but little substance in first US presidential debate — Vice-president accuses Republican of ‘selling out’ to Beijing after he claims tariffs helped raise ‘billions and billions of dollars’.
- ByteDance’s Douyin emerges as fast-rising rival to e-commerce giants Alibaba, JD and PDD — The short-video platform saw gross merchandise value rise by 46 per cent in the year ended July 2024, an executive says.
- Apple’s AI delay dents iPhone 16 enthusiasm in China, as Huawei gets ready to pounce — The Chinese language version of Apple Intelligence will only become available in 2025, with no words on whether it will land on the mainland.
Nikkei Asia
- Trump vows tariffs, Harris blames Xi for hiding COVID in tense debate — Republicans cry foul at ‘biased’ moderators, while Democrats declare victory.
- China dominates global supply of solar panels and wind turbines — Top players gain market share in renewable energy, EV supply chains.
- China to make military training mandatory at universities — Marching, marksmanship among subjects students will take.
- Opinion: Malaysia and China won’t be going to war over South China Sea drilling — Protest letter from Beijing to Kuala Lumpur points to cooperation on issue. By Phar Kim Beng
Bloomberg
- Honda Cuts Jobs in China, Suspends Production at Three Plants — Honda Motor Co. is slashing jobs and has paused production at three of its plants in China, as it seeks to trim inventories and work on a broader shift in strategy in the world’s largest car market.
- China Junk Bonds Suffer Longest Slide in Year on Property Slump — China’s junk dollar bonds suffered seven straight days of declines, the longest such stretch since August 2023, after weak home sales data underscored the country’s deepening real estate slump.
- Harris Says Trump ‘Sold Us Out’ to China, Slams His Praise of Xi — Kamala Harris slammed her presidential rival Donald Trump for not protecting American interests against China, and lambasted his public praise for Chinese leader Xi Jinping during the global pandemic.
Reuters
- At China’s Zhongzhi, risky practices preceded shadow bank’s collapse — Zhongzhi Enterprise Group, a former leader of China’s shadow banking sector that declared insolvency last year, used aggressive and potentially illegal sales practices to sustain its operations as it lurched toward collapse, according to records reviewed by Reuters and eight people with direct knowledge of the matter.
- European firms doubt China’s appetite to fix economy, lobby group says — European firms in China doubt the government has a credible plan to boost demand in the ailing economy or will carry out long-promised reforms, diminishing their appetite to invest in the country, a European business lobby group said on Wednesday.
- India’s bid to match China’s factory heft gets a reality check — India’s push to become a factory titan has hit a snag: to become a credible alternative to China for global firms, it first needs to warm up to its long-time rival.
Other Publications
- The Guardian: China to train thousands of overseas law enforcement officers to create ‘more fair’ world order — Minister for public security made comments at forum that is part of efforts by ruling Communist party to position itself as a global security leader.
- The Economist: The scary new map of the South China Sea — Fresh fights over reefs and shoals test America’s credibility.
- Associated Press: Ex-CIA officer who spied for China faces prison time — and a lifetime of polygraph tests — A former CIA officer and contract linguist for the FBI who received cash, golf clubs and other expensive gifts in exchange for spying for China faces a decade in prison if a U.S. judge approves his plea agreement Wednesday.
- Washington Post: How Harris and Trump answered foreign policy questions during the debate — Vice President Kamala Harris and former president Donald Trump debated China ties, Russia’s invasion of Ukraine, the war in Gaza and the exit from Afghanistan.
- Inside Higher Ed: Tim Walz, China and Me — The choice of a vice presidential candidate with deep ties to China prompts Jeffrey Wasserstrom to reflect on trips taken and not.
- POLITICO: House rebukes pharma’s China ties — The House late Monday passed legislation that would effectively prohibit Chinese biotech companies from doing business in the U.S. in a bipartisan 306-81 vote Monday, bolstering prospects for the measure to become law later this year as part of the few must-pass legislative vehicles in play.
- Foreign Affairs: How Corruption Fuels Inequality in China — Graft on a staggering scale warps the country’s economy. By Branko Milanovic and Li Yang
- Rest of World: Alibaba.com’s U.S. expansion hinges on wooing mom-and-pop shops — President Kuo Zhang tells Rest of World in an exclusive interview that the company is bullish about the U.S. market.
- Semafor: Chinese roots deepen in Africa’s last Taiwan holdout — China is building up its business and economic interests in Eswatini in a sign that Taiwan’s last African ally is gradually pivoting towards Beijing.
