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 Hack Enabled Vast Spying on U.S. Officials, Likely Ensnaring Thousands of Contacts — Hackers scooped up call logs, unencrypted texts and some audio, piercing America’s communications infrastructure.
- America’s Friends and Foes Brace for a New World Under Trump — Foreign governments have readied plans for a second term, expecting swerves on trade and security policy.
The Financial Times
- China to issue first dollar bond in three years in Saudi Arabia — Choice of the kingdom highlights deepening financial ties between the two countries.
- AstraZeneca shares fall as China probe intensifies — Investigation of group’s China chief Leon Wang comes after several employees were found guilty of fraud.
- Asia braces for steep China tariffs and security turmoil in second Trump term — Former president has outlined plans to revive trade war with Beijing and questioned backing for Taiwan.
- China woes weigh on profits at Toyota, Honda and BMW — Even the strongest international carmakers are suffering from intense competition in the Chinese market.
The New York Times
- China Confronts Europe Over Climate-Based Trade Restrictions — Days ahead of the U.N.’s global negotiations on climate change, China and other developing countries said trade restrictions should be part of the talks.
Caixin
- Gulf Nations Put Their Money on China’s Self-Drive Expertise — China’s intelligent driving firms find welcome partners in Gulf state investors.
- Chinese Shipbuilder Could Soon Restart Production on Back of MSC Mega Order — Rongsheng Heavy Industries has been hiring staff and repairing equipment at its long-dormant shipyard in Jiangsu province, sources say.
South China Morning Post
- China’s yuan falls sharply as Donald Trump declares US election win — Exchange rate between US dollar and yuan could become a bargaining chip in negotiations between China and the US on tariffs, analyst says.
- China to import Russian tech and expertise to boost low-altitude defenses: state media — Deal signed between Chinese firm and Russian aviation engineering institution comes as Beijing and Moscow step up military cooperation.
- China, Australia sign avocado agreement at Shanghai expo amid warming ties — Australia’s avocado trade association and China’s trade body signed an agreement at the China International Import Expo in Shanghai on Wednesday.
- Shenzhen to invest US$1.7 billion in economy for flying cars, drones by 2026 — Shenzhen is spending 12 billion yuan on the low-altitude economy over the next two years, with another 20 billion yuan planned through 2030.
Nikkei Asia
- Chinese see ‘no turning back’ for U.S. ties regardless of election result — Citizens expect little difference in attitude from a Trump or Harris White House.
- Shein, Temu gear up for U.K. trial over copyright and competition claims — The London suit is part of a global legal battle between rival fast-fashion platforms.
Bloomberg
- Xi Is Better Prepared for Trump Even as 60% Tariffs Risk Chaos — China now has a bigger toolbox to push back on punitive measures.
Reuters
- China will work with US, government says, but more rivalry expected under Trump — Beijing is bracing for bitter superpower rivalry over trade, technology and security issues.
- China’s markets drop as Trump presidency looms — China’s yuan and stock markets fell sharply on Wednesday over concerns of heightened tensions.
- China’s cheap Iranian oil supply at risk from tighter Trump sanctions — Restrictions would raise the cost of China’s imports, piling pressure on a refining sector grappling with weak fuel demand and tight margins.
Other Publications
- The Economist: Huawei’s new made-in-China software takes on Apple and Android — With its latest operating system, it is cutting ties with Western tech.
- The Economist: China plans to crash a spacecraft into a distant asteroid — It will be only the second country to conduct such a planetary defense experiment.
- The Information: TikTok Sees Trump Victory As App’s Best Hope — TikTok executives see a Trump victory in Tuesday’s elections as offering the best chance of the app surviving the new law that requires TikTok to be banned if it remains under ByteDance’s ownership.
- CSIS: Did U.S. Semiconductor Export Controls Harm Innovation? — A report by Andreas Schumaker finds that there is no substantial evidence to support the notion that semiconductor controls have hindered companies’ innovative capabilities.
- Brookings: 2024 FOCAC Beijing Summit: A new chapter? — This year’s Beijing Summit of the Forum on China-Africa Cooperation is by any measure the most significant diplomatic event for China this year, Yun Sen writes.
