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
- Logging Is a Way of Life in Appalachia. It’s Hanging on by a Thread. — A series of shocks has accelerated the decline of the hardwood industry. Another trade war with China could push it over the edge.
- With Dreams of a Lunar Outpost, China Takes New Risks in Space Race With U.S. — China put its space ambitions on display before dawn on Wednesday as it blasted three astronauts into orbit from a remote desert launch center.
- Tariff War With China May Be Good News for Brazil’s Crops — A Trump election win may lead to new tariffs on China, potentially causing U.S. farmers to lose billions of dollars as trade gets redirected to competing nations such as Brazil.
The Financial Times
- EU drives through tariffs on Chinese electric vehicles — Levies totalling up to 45% needed to compensate for Beijing’s ‘injurious’ subsidies, says Brussels.
The New York Times
- Spain Opens Its Doors to China as a European Trade War Looms — Spain is forging a path as a “connector” country, drawing Chinese investment as it abstained from taking a position on European tariffs on electric cars.
- Europe Imposes Higher Tariffs on Electric Vehicles Made in China — The tariffs, some as high as 45 percent, are intended to protect Europe’s automotive sector, but they could escalate a trade war with China.
- How TikTok Saved Its E-Commerce Business in Indonesia — When the government effectively forced TikTok to shut down its Shop feature, the company quickly struck an unusual deal with a local company to bring it back.
- China’s Latest Security Target: Halloween Partygoers — Last year, the Shanghai government said Halloween celebrations were a sign of “cultural tolerance.” This year, the police rounded up people in costume.
- Trump Family Members and Biden Aides Among China Hack Targets — Phones used by Jared Kushner and Eric Trump were among those that hackers sought access to as part of a counterintelligence effort carried out by a hacking group associated with China.
- TSMC Chips Ended Up in Devices Made by China’s Huawei Despite U.S. Controls — The U.S. government has tried to keep Chinese companies from obtaining certain advanced technologies, but concerns have been growing that some products may have been routed to Huawei.
- The U.S. Army Prepares for War With China: New Vehicles, Face Paint and a 1,200-Foot Fall — The big and cumbersome Army is trying to transform itself to deploy quickly to Asia, if needed. It is an inherently dangerous business.
Caixin
- Potential Trump Reelection Looms Over Weakening Yuan — If Trump wins the U.S. presidential election and the Republican Party holds power in both the House of Representatives and the Senate, there is a significant chance that a 60% tariff on imports from China will be put into effect.
- Innovative Drugs Take Center Stage at Chinese Health Insurance Program’s Latest Round of Price Negotiations — Firms have been asked to be flexible as the country’s health insurance program strains to keep up with the aging population’s growing demand.
- Fallen Chinese Banker Names Associates to Reduce Sentence — Several former finance officials and executives stung for graft in recent years were exposed by ex-Zheshang Bank Vice President Zhang Changgong, sources say.
South China Morning Post
- China ‘poised to lead’ creation of quantum-proof telecoms security protocol — Draft presented by Chinese experts at global conference shows how to fend off quantum computer attacks on traditional encryption methods.
- EU still has key role as US-China bridge as it ‘does not challenge either on tech’ — Latest EU tariffs on Chinese EVs aim to give Europe ‘time to adjust’ to China’s ‘excess capacity’, European academic tells the Post.
- Can US achieve solar self-reliance, and will presidential election make a difference? — As US and China battle to secure their energy futures, some predict technology breakthroughs will help level the playing field.
- Mexico weighs whether to impose tariffs on e-commerce Chinese imports — Plan reportedly targets platforms including Temu, Shein, AliExpress and Alibaba to help cut budget deficit and shield domestic industries.
- ‘Trump victory’ meme stock surges in China as buzzwords outweigh fundamentals — ‘It’s fair to say that China’s stock market still lacks maturity, and investors often act irrationally,’ think tank researcher says.
Nikkei Asia
- Hong Kong opens doors wider to mainland Chinese as birth rate drops — Territory looks outward for talent amid baby bust and brain drain.
- German car industry and politicians slam EU tariffs on Chinese EVs — Volkswagen, Mercedes hit by weak China demand as strikes loom over troubled sector.
- Hong Kong offices in U.S. promote Beijing’s agenda, report alleges — Local network’s political influence campaign raises concern among activists.
Bloomberg
- US Efforts to Contain Xi’s Push for Tech Supremacy Are Faltering — The world outside the US is increasingly driving Chinese electric vehicles, scrolling the web on Chinese smartphones and powering their homes with Chinese solar panels.
- How American Tax Breaks Brought a Chinese Solar Energy Giant to Ohio — The Inflation Reduction Act restored American manufacturing jobs – and gave China an opportunity to extend its dominance in some clean energy technologies.
- Opinion: Trump Muddies an Already-Chaotic Debate in China — A possible second term is adding to disagreement over the size of China’s fiscal stimulus and how it should be spent. By Shuli Ren.
Reuters
- China is reshaping, not choking, private business — Private companies only accounted for 33% of the combined market value of the 100 largest Chinese stocks in June, according to the Peterson Institute for International Economics, down from a peak of 55% just three years prior.
- China’s looming fiscal package set to stabilise rather than boost growth — Larger-than-expected monetary stimulus last month fuelled unfettered investor speculation about a complementing, blockbuster fiscal programme to immediately revive sagging economic activity.
- EU slaps tariffs on Chinese EVs, risking Beijing backlash — The extra tariffs were formally approved and published in the EU’s Official Journal on Tuesday, meaning they will take effect on Wednesday.
Other Publications
- The Washington Post: China cracks down on Halloween, wary of subversion lurking in costumes — Halloween is new to China, but many young professionals embrace costumes as a way to express themselves – and sometimes to send subtle political messages.
- The Economist: Why China may be saving its bazooka for Donald Trump — The Communist Party may be hoarding fiscal firepower to offset a possible trade war.
- Brookings: Has India made friends with China after the Modi-Xi agreement? — Current and former Indian officials are striking notes of caution, including about getting “lulled into a false sense of security.”
