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 Says It Test-Fired Intercontinental Ballistic Missile — Launch of long-range missile carrying dummy warhead lands in Pacific Ocean as regional tensions run high.
- China’s Central Bank Adds to Easing Blitz With Another Rate Cut — The People’s Bank of China cut the borrowing cost of the 1-year medium-term lending facility to 2.0% from 2.3%.
- Canada, Mexico Should Halt China Forced-Labor Imports, U.S. Lawmakers Say — A bipartisan group of legislators urges the country’s two neighbors to use U.S. law as a model to keep out imports that can be traced to China’s Xinjiang region.
The Financial Times
- China test-fires intercontinental ballistic missile into Pacific — First major launch since hypersonic tests in 2021 offers show of force ahead of expected Biden-Xi phone call.
- Will China’s $100bn war chest for shares lift the real economy? — Investors welcome ‘unprecedented’ central bank loans to try to boost markets but analysts say fiscal stimulus is needed.
- Leapmotor jumps into Europe’s troubled auto market — Shifting production to Europe will give the carmaker an edge over Chinese rivals.
- FBI probes whether Silicon Valley venture firm passed secrets to China — Hone Capital became one of the most prolific early investor in US tech start-ups.
The New York Times
- China Launched a Rocket With a Dummy Warhead Into the Pacific — The ballistic missile launch is a sign of the commitment of Xi Jinping, China’s leader, to continue strengthening the country’s Rocket Force and to project power in Asia.
- Taiwan and U.S. Work to Counter China’s Drone Dominance — Officials hope that Taiwan can become a bigger player in the supply chain for drones, a move that would also help blunt any threats posed to the island by China.
Caixin
- China Creates New State Giant to Turn Waste Into Resources — China is to establish a state-owned enterprise focused on recycling, as the country promotes upgrades to industrial equipment and consumer good trade-ins to boost the economy.
- Commentary: China’s Stimulus Package Exceeds Expectations, But What Comes Next? — The stimulus package unveiled Tuesday to bolster China’s economy with coordinated easing measures exceeded expectations.
- Briefing: Beijing Opposes Washington’s Proposed Smart Car Ban — China has criticized U.S. plans to ban the import or domestic sale of certain connected vehicles and their related software and hardware from China.
South China Morning Post
- China is churning out AI research but ‘decoupled’ from global networks, report finds — Six of the top 10 ‘rising institutions’ in past five years are in China but connectivity lags behind US, Britain and Germany, according to AI index.
- Country Garden affiliate sells stake in China’s largest mall operator for US$447 million — The stake – about 108 million shares in Zhuhai Wanda – will be acquired by Dalian Wanda and a related party, Zhuhai Wanying.
- How China’s can-do attitude on canals opens the door to white elephants — Local governments seeking economy-boosting infrastructure projects are pitching costly waterways, ushering in a ‘grand canal era’ and raising eyebrows.
Nikkei Asia
- Chinese EV maker Neta’s chairman warns survival not guaranteed — Fierce domestic price war drives Southeast Asia expansion, aspirations to reach West.
- Hong Kong academic freedom under assault in name of security, report says — Legislation sows fear, self-censorship; city’s rejection of AP journalist symbolizes climate.
- Opinion: Fatal Shenzhen stabbing reflects growing social instability in China — Ethno-nationalism and economic decline lead to dangerous anti-foreign sentiment. By Karen Woods
Bloomberg
- China Announces Cash Handouts for the Poor in Rare Use of Aid — China said it will give one-off cash handouts to people in extreme poverty before Tuesday, in a rare announcement of direct aid just a day after unveiling a sweeping program to stimulate the world’s second-largest economy.
- Uber Partners With China’s WeRide to Offer Robotaxi Rides in UAE — Uber Technologies Inc. is partnering with Chinese autonomous car company WeRide Inc. to expand its robotaxi offering to the United Arab Emirates.
- Cash-Rich Mideast Firms Drive Record Investment Into China — Deep-pocketed Middle Eastern investors are deploying a record amount of capital in China just as other global firms retreat.
Reuters
- Exclusive: Russia has secret war drones project in China, intel sources say — Russia has established a weapons programme in China to develop and produce long-range attack drones for use in the war against Ukraine, according to two sources from a European intelligence agency and documents reviewed by Reuters.
- China’s PLA conducts rare publicized test launch of intercontinental ballistic missile — China said on Wednesday it had successfully conducted a rare launch of an intercontinental ballistic missile into the Pacific Ocean, a move likely to raise international concerns about the country’s nuclear build-up.
- Canada considering banning China-made software in EVs, says Freeland — Canada is “absolutely” considering banning Chinese-made software in electric vehicles among measures to counter what it calls overcapacity and a security threat from China, Finance Minister Chrystia Freeland said on Tuesday.
- Finland zoo returns giant pandas to China over cost — Finland will return two giant pandas to China in November, more than eight years ahead of time, as the zoo where they live can no longer afford their upkeep, the chair of the zoo’s board told Reuters on Tuesday.
Other Publications
- POLITICO: China and EU seek to avoid trade war with talks on minimum EV prices — Negotiations on electric-vehicle duties run into overtime after failing to reach a resolution last week.
- Washington Post: Opinion: To compete with China on AI, we need a lot more power — A ChatGPT query uses 10 times the wattage of a Google search. It may already be impossible for the U.S. to match China’s centralized energy system. By Daniela Rus and Nico Enriquez
- Foreign Affairs: China’s Soft Sell of Autocracy Is Working — And America’s efforts to promote democracy are failing. By Daniel Mattingly
- Foreign Policy: China Has Become Powerful Before It Is Rich — By placing power above plenty too soon, Xi Jinping may have made a great strategic blunder.
- Rest of World: “China’s K-pop moment”: Wukong’s global success sparks government embrace of video games as soft power — China is changing its long-critical stance thanks to the smash hit, according to Chinese game developers and industry analysts.
