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 Leaves Benchmark Lending Rates Unchanged, Defying Expectations — The People’s Bank of China shrugged off expectations for a cut following the Federal Reserve’s outsize rate cut earlier this week.
- Why Putin’s Attempt to Rewire Global Trade Is Faltering, in Charts and Maps — Moscow redirected oil sales, but forging new routes for other commodities proves difficult amid high costs and U.S. sanctions.
- Mercedes-Benz Cuts Full-Year Outlook — The German luxury carmaker said the move was triggered by the further deterioration of the macroeconomic environment, specifically in China.
- Boy Stabbed to Death in China as Anti-Japan Sentiment Soars — The attack on the 10-year-old boy was the second such incident in months amid a social-media campaign that has stirred up anti-Japan sentiment in China.
The Financial Times
- Abrdn to drop China from emerging markets fund — Manager says move is designed to give investors more choice as Chinese market lags behind rivals.
- US and Taiwan seek to strengthen drone supply chain to keep out China — Co-operation would be part of wider western ‘de-risking’ because of security fears over Chinese products.
- Fatal stabbing of 10-year-old rattles Japanese community in China — Spate of attacks reignites concern among expatriates and companies about anti-Japanese sentiment.
- Canada opens new critical minerals hub in push to end China’s dominance — Saskatchewan facility marks small step in drive to challenge Beijing’s control of processing rare earths.
- VW audit of Xinjiang plant failed to meet international standards — Leaked report, which the carmaker claimed cleared it from forced labour allegations, shows audit fell short, according to experts.
- Opinion: The dramatic decline of China’s innovative start-ups — Urge to control the private sector jeopardises Beijing’s tech ambitions. By The Editorial Board.
The New York Times
- China Says It Will ‘Gradually’ Resume Imports of Japanese Seafood — China imposed a ban last year after Japan began releasing treated water from the Fukushima nuclear plant into the sea. They have agreed to expand monitoring of the water.
Caixin
- CATL is Using AI to Discover Next-Generation Battery Materials — AI could automate battery design and simulation, potentially cutting costs by 80%, says professor.
- Meituan Denies Rumor it Employs 80,000 Masters of The Road — The takeout delivery platform said nearly half of its 7.45 million riders worked less than 30 days last year.
- Mid-Autumn Festival Spurs Patchy Tourism Rebound — Consumers send mixed messages as travel spending picks up, but costs of flights and hotel rooms dip.
- China’s Environmental Watchdog Plans to Simplify Procedures to Help Private Sector — Ministry outlines host of measures, including the creation of streamlined approval processes for investment projects.
- Punishing People for Their Relatives’ Crimes Comes Under Scrutiny in China — Legal experts are pushing to reform the practice of collective punishment, which can cause law-abiding citizens to lose their shot at joining the civil service or getting into the military.
South China Morning Post
- China seeks to grow sound, complete food industry chain with abundant, diverse sources — State Council directive seeks to diversity China’s food supply system by 2027 to increase self-reliance.
- BMW, GM, Toyota lose more market share in China as transition to EVs hurt deliveries — Foreign carmakers are ceding more share to local rivals, with BMW, VW and General Motors reporting further slumps in deliveries.
- Opinion: Why the US should restore the Fulbright programme for China — Bringing back the grant would be a good start to reversing the damage to mutual understanding among our next generation of leaders. By Philip G. Altbach and Gerard A. Postiglione.
Nikkei Asia
- China’s foldable phones herald conquest of OLED screen market — Samsung and LG see sales share sink as Beijing pushes supply chain localization.
- Japanese in China seek safety reinforcements as Beijing downplays attack — Taxis to school, father escorts among ideas; censors halt incendiary chatter on Weibo.
- China sees investment rush in bendable solar panels — Perovskite startups look to conquer emerging market with huge new plants.
- China local finance chief’s killing sparks shock and speculation — Police say official was killed by two men, who then jumped off building.
- Pakistan, China eye security tie-ups after deadly militant attacks — Chinese workers may be ferried around by armored vehicles in South Asian nation.
Bloomberg
- China Weighs Removing Major Homebuying Curbs to Boost Demand — China is considering removing some of the largest remaining restrictions on home purchases after previous measures failed to revive a moribund housing market, according to people familiar with the matter.
- China Tech Firms at Risk as US Lawmakers Rebuff Lobbying Efforts — US lawmakers are signaling to China that the world’s second-largest economy and its companies face a tough slog in America for the foreseeable future, regardless of who controls Washington after the November election.
- China Cracks Down on Illegal Copies of Novo’s Obesity Drug — China has started cracking down on unlicensed production and sale of medicines similar to Novo Nordisk A/S’s blockbuster diabetes and obesity treatment, in a bid to curb a gray market that caters to growing demand for such therapies amid a global supply crunch.
- Philippine Senator Links China-Centric Casinos to Syndicates — China-focused online casinos that boomed in the Philippines during Rodrigo Duterte’s presidency may have “deep links” to international crime syndicates, a lawmaker leading the probe on the industry said Friday.
- Opinion: Where the US and China Can Find Common Ground on AI — Tensions aside, Washington should realize it won’t lose out to Beijing over rules to regulate artificial intelligence. By Catherine Thorbecke.
Reuters
- Hack of Hezbollah devices exposes dark corners of Asia supply chains — Counterfeit products are prevalent, especially in big manufacturing centres like China where fake components can be easily produced. It isn’t a big leap to go from fake components to supply chain compromise.
- China dairy farms swim in milk as fewer babies, slow economy cut demand — China’s milk surplus illustrates the unintended consequences of Beijing’s food security-driven efforts to boost its dairy sector by touting consumption and encouraging expansion.
- Some Japanese firms in China offer to send staff home after Shenzhen stabbing — Wednesday’s stabbing was the second such attack near Japanese schools in China in recent months, and took place on the anniversary of an incident in 1931 that triggered war between China and Japan.
Other Publications
- The Washington Post: The Chinese economy is faltering — and that means more trade tensions — Growth in the world’s second-largest economy is slowing and stock markets are in decline, but the Chinese government remains reluctant to act.
- BBC: China spent millions on this new trade route – then a war got in the way — The crisis at its doorstep – a nearly 2,000km (1,240-mile) border – is becoming costly for China, which has invested millions of dollars in Myanmar for a critical trade corridor.
- The Economist: Near-shoring is turning eastern Europe into the new China — With firms moving production closer to market, CEE is the place to be.
- The Economist: China’s AI firms are cleverly innovating around chip bans — Tweaks to software blunt the shortage of powerful hardware.
- The New Yorker: The End of Adoptions from China — A program that offered new lives to abandoned infants also increasingly depended on abuse, abduction, and trafficking.
- The Atlantic: ‘Americans Will End Up Paying the Tariffs’ — A conversation with Treasury Secretary Janet Yellen about the health of the U.S. economy, the challenges of China, and the risks of protectionism.
- Foreign Affairs: America’s Crisis of Deterrence — How to Adapt an Old Theory to New Realities.
- Foreign Policy: How Does the U.S.-China ‘Cold War’ End? — Republicans are divided on whether regime change in Beijing should be the ultimate goal.
