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
- Chinese Growth Comes in Cooler as Investors Pin Hopes on Stimulus — Wobbly data for the third quarter underscores challenges for Beijing policymakers seeking to boost economic activity.
- European Luxury Stocks Rise After Chinese Economic Data Fuels Recovery Hopes — European luxury stocks traded higher after new data showed the Chinese economy didn’t slow as much as expected in the third quarter, prompting hopes of a recovery in a country that for years fueled the industry’s growth.
- China’s Major Commercial Banks Cut Deposit Rates Again — Major Chinese banks have cut their deposit rates, a move that could help ease pressure on lenders’ profits.
The Financial Times
- China’s economy grows 4.6% in third quarter — Lowest figure in year and a half comes as Beijing steps up stimulus efforts.
- US lawmakers take aim at McKinsey over work in China and for Pentagon — Officials seek probe into whether consulting firm broke law by failing to disclose potential conflicts of interest.
- Metals trader IXM bids to become China’s answer to Glencore — Chief executive Kenny Ives reshapes CMOC-owned firm and expands into lithium trading.
- Lammy to raise human rights issues and Beijing’s support for Russia on China trip — UK foreign secretary keen to boost engagement with Asian country as well as address concerns in potential reset to relations.
The New York Times
- China’s Lackluster Growth Continues, Signaling Why Beijing Acted on Economy — New data shows the challenges facing Chinese policymakers trying to stimulate an economy marked by falling prices, weak consumer spending and a housing market crash.
- U.K. Foreign Secretary Visits China in Bid to Reset Relations — David Lammy is set to meet China’s foreign minister in Beijing on Friday, in a trip the British government said would acknowledge “areas of contention as well as areas for cooperation.”
Caixin
- China Launches Tools to Boost Volatile Stock Market — The instruments aim to encourage financial institutions to buy shares and provide financing for listed companies to carry out share buybacks.
- Restricting IPOs Is Bad for China’s Stock Markets, Warns Economist — Overregulation by authorities could threaten China’s longstanding efforts to reform its stock market.
- Impatient State Investors Hamstring Drive for ‘Patient Capital’ to Lead Growth — Investment in emerging sectors is at odds with officials’ annual assessment cycle and low risk tolerance.
- Singapore’s Food and Beverage Industry Buckles Under Influx of Chinese Brands — An average of 274 F&B businesses shut down each month in the first nine months of this year, up from 229 in 2023.
- Despite Tariffs on Chinese Imports, EV-Maker Leapmotor to Expand Sales Network in Europe — Company will work closely with partner Stellantis on global expansion, which will include Asia-Pacific and Middle East, founder says.
South China Morning Post
- China stimulus ‘should absolutely surpass’ 10 trillion yuan, government economist says — Go big or bear the risk of watching China’s economy fall off a cliff, says prominent head of fiscal academy associated with Ministry of Finance.
- China in ‘tight spot’ as Korean peninsula hostilities test ‘strategic patience’ — Pyongyang’s provocations and growing alignment with Moscow are putting Beijing in an awkward position, according to experts.
- China’s Xi Jinping pushes hi-tech message during visit to science city in once-poor Hefei — Hi-tech development cannot be begged for, president is quoted as saying during trip to Anhui capital, now an innovation powerhouse.
- SenseTime 10 years on still has advantages as Chinese AI challenges mount, CEO says — SenseTime CEO Xu Li says the company’s infrastructure and AI model services will help it stay competitive in the years ahead.
- Opinion: Are markets misreading China’s economic priorities? — While Chinese policymakers need to bolster confidence in stimulus efforts, investors must come to terms with updated government priorities. By Nicholas Spiro.
Nikkei Asia
- U.S., Taiwan to upgrade combat data network in face of China threat — Revamped Link 16 will connect to F-16V fighter jets, Abrams tanks.
- Fresh from IPO, China’s Midea takes aim at U.S. and Europe — Appliance maker seeks growth in high-end models with cash from Hong Kong offering.
- Taiwan says it was snubbed by South Africa, Mongolia under China pressure — Pretoria orders office move and Ulaanbaatar blocks event, but new doors open in India.
Bloomberg
- China’s ‘Professional Children’ Want to Buy Less and Experience More — The lie-flat generation is choosing self-care over luxury goods and gap years over poorly paid entry-level jobs.
- In China, Harris Is Mostly Seen as Preferred to Volatile Trump — While China isn’t enamored with either US presidential candidate, conversations in Beijing indicate a clear preference for the continuity of Kamala Harris over the unpredictability of Donald Trump.
Reuters
- Elevated China steel exports set to persist, threaten to worsen trade friction — Some 28 trade remedy cases have been brought this year against Chinese steel products, compared with just eight over the previous three years.
- Investors buy, then bide time on China — The sentiment shift has been fast and furious, spurring billions of investor cash that had been diverted to India and Japan rushing back to bring China exposures from near record lows towards neutral or market-weight.
- US sanctions Chinese, Russians over attack drones used in Ukraine — New sanctions target a Chinese company, Xiamen Limbach Aircraft Engine Co Ltd, that makes the engine powering Russia’s Garpiya series long-range unmanned aerial vehicles.
Other Publications
- CFR: The Surprising Resilience of Globalization: An Examination of Claims of Economic Fragmentation — Brad Setser highlights the persistence of unhealthy globalization and lays out some proposals for a more sustainable regime.
- The Economist: In China, fib online and find out — The police are punishing those who engage in even idle boasts.
- The Economist: China makes love and war with Taiwan — The government in Beijing tests the armed forces—and its own messaging.
- Rest of World: Meet the mothers in small-town Hungary leading a fight against Chinese EV battery plants — Prime Minister Viktor Orbán’s goal to turn Hungary into a global EV battery hub is facing environmental backlash and legal challenges.
- The Information: U.S. Probes TSMC’s Dealings With Huawei — The U.S. Commerce Department is investigating whether Taiwan Semiconductor Manufacturing Co. has been making artificial intelligence or smartphone chips for Huawei.
