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’s Top Oil Companies Turn in Mixed Results Amid Weak Demand — State-controlled producer PetroChina posted lower profit and revenue, rounding out mixed results for the country’s big three oil companies.
The Financial Times
- China arrests South Korean chip engineer on espionage charges — Move escalates battle over intellectual property theft between Beijing and Seoul in critical semiconductor sector.
- HSBC chief says east-west division will not lead to ‘any split’ — Georges Elhedery embarks on sweeping overhaul of lender as part of cost-cutting drive.
- China loses third of its billionaires as economy falters — ByteDance chief Zhang Yiming leads country’s ‘rich list’ with $49bn fortune.
- Why Europe’s car crisis is mostly made in China — The once-lucrative market is now highly competitive and more Chinese EVs are being exported, compounding slower sales at home.
- Scandal-hit Luckin Coffee plans to take on Starbucks in US — Expansion into rival’s home market comes five years after chain was delisted from Nasdaq and fined.
- PwC profits fall in Asia after scandals in China and Australia — Big Four firm reports slower global growth as regional woes compound consulting industry slowdown.
- Opinion: Local government has become a chokehold for Chinese business — Beijing is promising change, but it comes at an unsettling price. By Angela Zhang.
The New York Times
- Part-Time Farmers, Part-Time Rock Stars: A Chinese Band’s Unlikely Rise — The band, Varihnaz, has gained fans by offering an alternative to China’s hyper-polished, fast-paced modern life, with songs about pesticides and poultry raising.
- How Russia, China and Iran Are Interfering in the Presidential Election — Eight years after Russia interfered in the 2016 presidential election, foreign influence with American voters has grown more sophisticated. That could have outsize consequences in the 2024 race.
Caixin
- China’s Restaurant Chains May Be Biting Off More Than They Can Chew Overseas — As slowing growth at home builds appetite for global expansion, supply bottlenecks and cultural hurdles are posing challenges.
- Troubled Chilean Mine Investment Overshadows Tianqi Lithium’s Stock Jump — Falling prices of the metal and ongoing issues with its partnership with Chile’s SQM continue to loom over the Chinese company’s outlook.
- China Seeks a Baby Boom With a Raft of Family-Friendly Measures — China unveils policy measures to encourage young moms to counter its aging population.
South China Morning Post
- China sharpens edge in global trade with zero-tariff deal for developing world — With all tariffs for ‘least developed countries’ scheduled to be removed, China is positioning itself as a trade leader for the Global South.
- Will next US president be able to drive a wedge between Russia and China? — Beijing is likely to want to remain close to Moscow – but maybe not too close.
- China takes down fake news about its military, closes social media accounts — Internet watchdog reports targets include false reports of ‘cyberwarfare’ in the South China Sea and other ‘fantasy stories’.
- China calls for closer Asean cooperation to lower biosecurity and bioweapons risks — Consensus was reached in Shenzhen during first regional forum with 11 Southeast Asian countries last week.
Nikkei Asia
- Priced-out European airlines cut Chinese routes over winter — China’s carriers benefit from flying over Russia, offering faster, cheaper flights.
- Japanese expats in China to gain new insurance choices — Mizuho-linked agent will also set up hotline to help clients through crises.
Bloomberg
- Apple Ships $6 Billion of iPhones From India in Big China Shift — Apple Inc.’s iPhone exports from India jumped by a third in the six months through September, underscoring its push to expand manufacturing in the country and reduce dependence on China.
- China Investors Scour Protest Data for Clues to Next Stimulus Moves — For years, documenting protests in China was a task for political activists. Now, it’s capturing the attention of investors who are trying to predict if Beijing will pivot to a bazooka stimulus.
- Biden Finalizes Curbs on US Investing in China Chip, AI Tech — The Biden administration finalized restrictions on investments by US individuals and companies into advanced technology in China, including semiconductors, quantum computing and artificial intelligence.
Reuters
- China considers over $1.4 trillion in extra debt over next few years — China’s top legislative body, the Standing Committee of the National People’s Congress (NPC), is looking to approve the fresh fiscal package, including 6 trillion yuan which would partly be raised via special sovereign bonds.
- China’s Xi pressed Biden to alter language on Taiwan — China wanted the U.S. to say “we oppose Taiwan independence,” rather than the current version, which is that the United States “does not support” independence for Taiwan.
- Election shock in key US ally Japan could embolden China, other rivals — Analysts say China could increase intrusions into Japanese territory as well as step up pressure on Taiwan.
Other Publications
- Foreign Policy: Xi Is Overcoming His Dislike of the Stock Market — The Chinese leader hopes to steer a “slow bull” in the direction he wants.
- Foreign Affairs: The Covert War for American Minds — How Russia, China, and Iran Seek to Spread Disinformation and Chaos in the United States.
