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 Considering Higher Tariffs on Car Imports — China said it may raise tariffs on imported internal-combustion-engine cars with large engines sizes, after the EU voted to increase import duties on China-made electric vehicles.
- Eurozone Trade Surplus Declines as Exports to China Fall — The euro area trade surplus edged down in August, compared with the last year, with declining exports to China and geopolitical tensions likely to continue to delay a sustained recovery.
- China’s Latest Round of Property Stimulus Fails to Inspire Markets — Chinese policymakers rolled out fresh stimulus aimed at boosting the country’s sluggish property sector, though the measures fell short of hopes for more specific liquidity support.
- McKinsey Cuts Hundreds From China Workforce — The consulting firm is cutting back on state-linked clients and is working to separate its China operations.
- China Employs Hackers and Celebrities to Undermine Taiwan — Taiwan has accused Beijing of a wide-ranging campaign to weaken the island’s resolve.
- China Security Group Urges Review of Intel’s Chips as Tech Tension With U.S. Rises — The Chinese industry group said that Intel’s products have shown security vulnerabilities and high failure rates.
- Opinion: China Test Drives a Taiwan Blockade — This week’s drill could presage Xi Jinping’s preferred option. By The Editorial Board.
- Opinion: A Biden-Starmer Giveaway Helps China — The U.K. had no good reason to cede the Chagos Islands, a militarily strategic archipelago, to Mauritius. By John Bolton.
The Financial Times
- China is turning Japanese — At least that’s what the bond market is whispering.
- China to boost lending for stalled property projects to $560bn — Beijing is trying to restore confidence in economy amid prolonged real estate slowdown.
- China’s show of force in massive military exercises alarms Taiwan — Taipei wants other democracies to push back harder against Beijing.
- World’s biggest gambling hub rolls dice on new China-backed leader — Former top judge Sam Hou Fai has criticised ‘wild’ expansion of Macau’s gaming sector.
- Opinion: China’s investors are counting on fiscal stimulus — Recent market rally will peter out without decisive policy action to boost the economy. By The Editorial Board.
The New York Times
- Shares of Louis Vuitton Owner Drop on Anxiety About Chinese Shoppers — Weak sales in China at LVMH, the owner of Dior, Tiffany and more, sent a shudder through the luxury sector.
Caixin
- China’s Ganfeng and Minmetals Bid for Stake in Chilean Lithium Salt Flat — Chinese companies on shortlist to develop Chile’s lithium-rich salt flat.
South China Morning Post
- The world is watching China’s stimulus package, and trade relations are in the spotlight — China relies on imports, other countries need its exports, and the nation’s economic slowdown is affecting both.
- China’s steel export surge prompts concerns it could add to trade tensions — Domestic real estate slump has led Chinese steel producers to seek out overseas markets amid overcapacity crisis.
- Alibaba opens walled garden to rival JD.com’s logistics services — China’s tech giants have been breaking down the digital walls between their ecosystems in response to Beijing’s call.
- Unrealistic to stop Hongkongers from shopping in mainland China, John Lee says — City leader says government will expand size of local events and set up photo hotspots, but calls on businesses to seize opportunities.
- South China Sea needs ‘pragmatic cooperation’, Beijing and Kuala Lumpur agree — In their first bilateral dialogue about managing maritime issues, the neighbours exchanged ‘in-depth’ views, Chinese foreign ministry says.
Nikkei Asia
- Vietnam expects high-speed rail link with China to cost $7.2bn — Construction slated to begin in 2030, with estimated 8.3m passengers yearly by 2050.
- China’s budget-friendly food chains sweep across Southeast Asia — Mixue wins over young consumers in Vietnam; Cotti Coffee moves into Thailand.
- Chinese migrant crossings through Darien Gap plunge after crackdown — Visa waiver suspension by Ecuador squeezes traffic on passageway to U.S..
- Opinion: Xi’s lack of succession planning risks China’s long-term governance — Delay in elevating younger cadres may result in rule by a Soviet-style aging elite. By Andrei Lungu.
Bloomberg
- China Fortune Offers Unorthodox Plan to Cut $2.8 Billion Debt — China Fortune Land Development Co. is again pitching an unorthodox debt-reduction plan, after achieving success earlier this year in clearing up some 10 billion yuan ($1.4 billion) of borrowings at a discount.
- China Accuses Foreign Firm of Illegal Geographic Data Collection — China’s Ministry of State Security accused an overseas firm and a local company of illegally collecting geographic information under the guise of doing research for smart driving technology, but didn’t identify the companies.
- Huawei Suppliers Face US Lawmaker Effort to Block Chip Gear — Key US lawmakers are pressing the Biden administration to block Huawei Technologies Co. suppliers from buying American chipmaking gear, escalating efforts to prevent the sanctioned Chinese telecom giant from making progress on semiconductor manufacturing.
- Apple Secretly Worked With China’s BYD on Long-Range EV Battery — Apple Inc. worked with Chinese automaker BYD Co. for years as part of its now-canceled car project, developing long-range batteries that helped lay the groundwork for technology used today, according to people familiar with the situation.
- Opinion: Can China’s AI Dragons Make It in the US? — The more popular they become, the more likely these startups will face the same geopolitical hostility that TikTok is experiencing. By Catherine Thorbecke.
Reuters
- China building capacity to rapidly strike Taiwan, senior Taiwanese official says — Taiwan has for the past five years complained of almost daily Chinese military activities around the island, including at least four rounds of major war games and regular “joint combat readiness patrols”.
- China’s rapid electrification is catching out oil producers — Electricity demand in China used to grow in line with gross domestic product, but since 2019 the IEA said electricity demand has risen nearly 50% faster than GDP.
- China’s woes make Plaza Accord 2.0 less outlandish — The People’s Bank of China tightly watches over the currency with capital controls in place, and Washington’s ties with Beijing are not as cozy as the ones with Tokyo before the Plaza Accord.
Other Publications
- Quartz: Apple is losing to Huawei in China. Here’s why — China’s changing culture and faltering economy, as well as a growing number of Western-imposed sanctions, are tied to Apple’s decline, experts said.
- Foreign Affairs: The President Who Never Picked a Side — Indonesia’s Jokowi Showed How Asian Countries Can Skirt the U.S.-Chinese Rivalry.
- The Washington Post: China’s coast guard joins military drills, raising risk of escalation — The world’s largest maritime law enforcement agency played an unprecedented role in Chinese military drills around Taiwan, simulating a blockade of the island.
- The Economist: Pakistan rolls out the red carpet for China’s prime minister — But the “all-weather strategic co-operative partnership” has hit a rough patch.