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.
Paid subscribers automatically have this list emailed directly to their inboxes every day by 10 a.m. EST. Subscribe here.
The Wall Street Journal
- U.S. Agency Warns Employees About Phone Use Amid Ongoing China Hack — Consumer Financial Protection Bureau tells workers to reduce use of cellphones for work due to risk from China-linked telecom intrusion.
- China’s Playbook for Trump Tariffs Won’t Work This Time — Even steeper levies would force some hard choices on Beijing.
- China Moves to Ease Debt Concerns—but Again Holds Off on Stimulus Measures — Investors’ hopes for large-scale support for the economy were dashed after an anticipatory stock-market surge in recent weeks.
- Tycoon Drives India’s Push Against China’s Solar-Energy Dominance — Adani Group builds a solar-industry supply chain to bolster India’s move to clean energy and reduce its dependence on China.
- Cartier Owner Richemont’s Sales Fall as Luxury’s China Woes Linger — Sales in its second quarter dropped 1% on year.
- Chinese Car Sales Rose Sharply in October on Subsidies, Robust Demand — Retail sales of passenger cars rose 11.3% in October from a year earlier.
The Financial Times
- Indonesia’s president seeks closer ties to Xi Jinping and China — Prabowo Subianto’s itinerary signals Beijing’s importance as a source of investment but will be followed by visit to US.
- US businesses strike China deals in shadow of Trump victory — Thousands of companies at Shanghai trade fair as relationships enter new era of uncertainty.
- TSMC to close door on producing advanced AI chips for China from Monday — World’s biggest contract chipmaker acts to ensure it is in line with US restrictions on Chinese access to latest processors
- China unveils $1.4tn package to shore up economy — Beijing braced for increased trade tensions with US under Donald Trump
The New York Times
- House Committee Targets Chip Technology Firms for China Ties — It requested information from a handful of firms that make chip manufacturing possible about their commercial ties to China.
- China Reveals $1.4 Trillion Plan to Bail Out Local Governments — The support package came after smaller measures were announced to jump-start growth. Economists said it was not big enough to address China’s sluggish economy.
- Steven Madden C.E.O. Says It Is Moving Production Out of China — The prospect of higher tariffs under President-elect Trump spurred the company to accelerate its plan to shift where its shoes are made.
Caixin
- ‘Level Playing Field’ an Alternative to EU’s EV Tariffs, Ambassador Says — Envoy’s remarks come as the two sides are continuing talks on a solution, which could include Chinese exporters raising their prices.
- Lithium Boom’s Fallout in Chinese City Hinders Local Industry’s Recovery — Mining and processing the key EV battery material have led to environmental problems in Yichun that have persisted despite a sweeping government crackdown.
- Trump to Turn U.S. Global Strategy to Focus More on China, Experts Say — Beijing should prioritize its economy and broader objectives for a multipolar world and not launch equal countermeasures, Chinese foreign policy scholars say.
- Analysis: How China Should Counter Trump’s Threat of 60% Tariffs — China needs to increase self-reliance and boost domestic demand to offset U.S tariffs, say analysts.
South China Morning Post
- Tech war: China’s top chip foundry SMIC posts record revenue despite US sanction warning — The Shanghai-based chipmaker reported a 34 per cent year-on-year increase in third-quarter revenue to US$2.17 billion.
- US chip restrictions hinder AI ambitions of China’s top chip foundry, CEO says — SMIC co-CEO Zhao Haijun said the foundry can still benefit from rising demand for less advanced ‘legacy chips’ required for some AI products.
- Fed rate cut gives China room to move as Beijing eyes more economic stimulus — US Federal Reserve lowered its benchmark rate less than a day before China released its latest economic stimulus plan.
- Chinese stocks associated with Tesla jump after Trump’s election win — Investors boost supplier stocks on expectations of Tesla growth based on CEO Elon Musk’s close ties to the president-elect.
Nikkei Asia
- China puzzles over Vance’s foreign policy role: Will it be major? — Analysts expect less focus on liberal order and more on ‘Made in USA.’
- China’s Xi urges unity against protectionism with Malaysia’s Anwar — Beijing calls for safeguarding common interests in wake of Trump’s election.
- China’s rising deflation risk worrisome: IMF regional director — Srinivasan says Asia vulnerable to trade wars due to supply chain dependence.
Bloomberg
- At Bars and Comedy Clubs, Taiwan Processes Trump’s Victory — Taiwan relies on the US to defend it against China, but Trump’s transactional approach raises questions about his commitment to the island democracy.
- Vietnam May Find it Harder to Profit From New US-China Trade War — The nation has the fourth-largest trade surplus with the US. Trump will want to change that and bring jobs home.
- China Wants a Deal With Trump, Foreign Ministry Adviser Says — The adviser said direct Xi-Trump talks are the best way to fend off a trade war.
Reuters
- Ready or not? How China scrambled to counter the second Trump shock — Beijing has been preparing for Trump’s return by deepening ties with allies, boosting self-reliance in tech, and setting aside money to prop up the economy that is now more vulnerable.
- Make new friends and boost hiring: How China’s chip industry plans to deal with Trump — China’s semiconductor industry is ramping up purchases of foreign chipmaking equipment and looking out for opportunities to hire overseas talent and forge new alliances.
- Southeast Asia prepares for factories fleeing Trump tariffs on China — With auto and electronics factories from Thailand to Vietnam and Malaysia, the region will likely benefit at China’s expense.
- New Chinese stealth fighter to take centre stage at China’s biggest air show — Developing domestic aerospace design and manufacturing capabilities is a major strategic priority for Beijing as it vies for regional military dominance with the U.S.
Other Publications
- The Economist: Is the return of Donald Trump China’s dream or nightmare? — His election is a propaganda win, but he poses real dangers for the Communist Party.
- The Economist: Chinese netizens wonder if their economy is in “garbage time” — As the government tries to stimulate growth, some gloomily ponder the long term.
- Just Security: The United States Must Win The Global Open Source AI Race — Rather than focusing on the risks of open source AI, policymakers should ask whether the world should rely on U.S.-developed AI — or the increasingly capable open source models from China, Keegan McBride and Dean W. Ball write.
