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 Faces a Dilemma With North Korean Troops Pouring Into Russia — Beijing, with waning influence and limited options to rein in unpredictable allies, may stick with status quo.
- China’s Once-Unwanted Daughters Have Grown Up — and Now They Shun Motherhood — Cast aside in favor of sons, some women say trauma of one-child policy shattered their sense of family.
- China’s EV Makers Set Sights on Latin America in Global Expansion — Brazil is now the biggest overseas market for BYD as China pushes out Western carmakers from America’s backyard.
- U.S. to Expand National-Security Reviews of Real-Estate Deals Near Military Bases — Concerns over Chinese land deals in the U.S. prompt move to grant new authorities to Committee on Foreign Investment in the U.S.
- China Isn’t Planning a ‘Bazooka’ Stimulus—at Least Not This Year — Investors’ hopes for bold moves are wishful thinking, no matter who wins U.S. vote.
- Chinese Logistics Operators Are Getting Into U.S. Warehousing — The growing leasing activity comes as e-commerce operators are trying to reach more American consumers.
The Financial Times
- China piles pressure on rich people and companies to cough up taxes — Authorities rush to find ways to fill government coffers depleted by property sector slump.
- China targets 2mn lifts to keep its ageing population upwardly mobile — A campaign is under way to retrofit older apartments but authorities and residents are fighting over the bill.
- Chinese warships could use Peru’s big new port, US general warns — Head of US Southern Command sounds alert over Beijing ‘playbook’ for large overseas infrastructure projects.
- China’s lawmakers gather to approve long-awaited fiscal stimulus — Local governments have been weighed down by trillions of dollars of debt.
- Pakistan loses its edge in supplying China with sesame seeds — Companies squeezed by falling prices as other countries compete to cultivate crop prized in Chinese kitchens.
- Pomellato’s Shanghai jewellery show steps up push into Chinese market — The Milanese house is promoting itself in China with a retrospective showcasing its history and edgy photo campaigns from the 1970s, ’80s and ’90s.
- Opinion: The west must outdo rival efforts to build an alternative financial system — Technological and geopolitical competition between democracies and autocracies are two sides of the same coin. By Martin Sandbu.
The New York Times
- Chipmaker GlobalFoundries Faces $500,000 Fine for Banned Shipments to China — The Biden administration said it had reached a settlement after the U.S. chipmaker voluntarily disclosed that it had shipped products to a firm linked with China’s military industrial complex.
- Foreclosures in China Soar, Threatening to Choke Off Bank Profits — When the housing market was flying high, mortgage defaults were almost nonexistent. But now the legal system is struggling to keep up with evictions.
Caixin
- The Insurance Fraud That Boosted Sales of AstraZeneca China’s Cancer Drug — How AstraZeneca China’s sales team altered patients’ test results so insurance would pay for cancer drug.
- Hong Kong and Saudi Arabia Announce $1 Billion Investment Fund to Forge Closer Ties — The fund will explore investment opportunities in manufacturing, renewable energy, fintech and health care.
- Global Shipping Giants Diversify as China’s Drive Overseas Reconfigures Logistics Chains — Some of the biggest names in ocean freight are getting into land and sea operations to meet their customers’ increasingly complex requirements.
- China Loosens Rules on Foreign Strategic Investment in Listed Firms — Updated regulations reduce the minimum stake for initial purchases, investor asset requirements and lock-up period.
- Huawei’s Founder Talks Up AI’s Significance — Ren Zhengfei describes the global embrace of AI as ‘inexorable’ as technological developments are ‘accelerating the arrival of an intelligent era.’
South China Morning Post
- How China’s smaller private firms may be paying the price for huge local government debts — Recent trials have compounded concerns about unduly harsh legal action targeting businesses in other regions to ease the local debt situation.
- China’s housing market nightmare is nowhere near over as owners eye quick exits — While China’s September stimulus blitz has restored US$4 trillion of value to stock markets, the wealth effect in the property sector is less obvious and immediate.
- How many foreigners work in the Chinese capital? Fewer and fewer — The pandemic is over and the government wants expatriates to work in Beijing but numbers are down on a decade ago.
- Tencent renews partnership with Bosch for deeper smart car collaboration — Tencent signed new MOUs with the German automotive supplier, as the Chinese tech giant seeks to expand the use of its AI services in EVs.
Nikkei Asia
- China’s passion for the piano fades as Beijing strikes somber tone — World’s biggest market shrinks rapidly amid deepening economic uncertainty.
- Japan national security adviser visits China, eyeing Ishiba-Xi talks — Tokyo and Beijing seek opportunities on sidelines of APEC, G-20 summits.
- Opinion: China bulls are usually wrong because China is often wrong — The Chinese state is not exceptional. Like many other countries it is myopic. By Donald Low.
Bloomberg
- Musk’s Close Ties With Trump Give Xi a Friend With Influence — Tesla relies heavily on China, which produces half of its EVs, and Musk has expressed similar views to Xi on governing Taiwan.
- LVMH’s Empty Chinese Megastore Signals Deepening Luxury Crash — Upmarket brands are scrambling to adjust strategy after being wrongfooted by the rapid downturn in Chinese spending.
- Chinese Hedge Fund Manager Indicted by US in Trade Secrets Case — Pinestone co-founder Xiao Zhang is said to be the target.
Reuters
- Chinese solar firms go where US tariffs don’t reach — A slew of new Chinese-owned solar plants are popping up in Indonesia and Laos, out of the reach of Washington’s trade protections.
- China’s DeepRoute.ai raises $100 mln as smart driving adoption speeds up — The Shenzhen-based start-up expects nearly 200,000 cars to be equipped with its advanced assisted driving system by the end of 2025.
- Myanmar junta chief to make first China visit since seizing power — China has strategic economic interests in Myanmar, including major oil and gas pipelines crossing the country and a planned deep-sea port in the Bay of Bengal.
Other Publications
- The Atlantic: Xi May Lose His Gamble — North Korean troops are in Russia. Is that really what’s best for Beijing?
- Washington Post: China’s Typhoon hacks ahead of U.S. election spurred by elite competition — Beijing insists it won’t meddle in the U.S. vote, but it’s reaping the fruits of a years-long government effort to build an ecosystem of private hacking groups.
- Washington Post: Export controls failed to keep cutting-edge AI chips from China’s Huawei — Concerns mount in Washington about apparent inefficacy of two administrations’ efforts to protect America’s edge in artificial intelligence.
