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 Heavyweight Coast Guard Ships Bring Muscle to Sea Disputes — Two 541-foot vessels expand branch’s role as enforcer of Beijing’s claims from South China Sea to Taiwan.
- T-Mobile Hacked in Massive Chinese Breach of Telecom Networks — Carrier joins growing list of known victims, including AT&T and Verizon, of the major Chinese spying operation.
- How the Maker of Nerf Guns Will Navigate Trump’s Tariffs on China — President-elect’s potential tariffs add urgency for Hasbro to find new factories for toys and games.
- Alibaba Revenue Misses Views Amid Weaker Chinese Economy, Competition — Revenue in the three months ended Sept. 30 rose 5.2% to 236.5 billion yuan, below market expectations for 239.45 billion yuan.
- TikTok Parent ByteDance’s Valuation Rises to About $300 Billion — Investors see Trump victory as a positive with threat of TikTok ban looming in U.S.
- Xi Tells Biden China Is Ready to Work With Incoming Administration — Two leaders’ final sit-down, at summit in Peru, is marked by uncertainty over Trump tariff threats.
- Eight Killed in Knife Attack at Chinese College — Deadly assault comes as country grapples with a weakening economy and high youth unemployment.
- As Beijing Threatens, Taiwan Looks Nervously at Trump — Taipei sets aside fears of Chinese invasion and trade-war crossfire to focus on potential cooperation with the new administration.
- Xiaomi Profit Beats on Robust Sales Across Segments — The company’s net profit rose 9.9% to 5.35 billion yuan, or $740 million.
The Financial Times
- Why Vietnam risks ending up a big loser from Trump’s tariffs — Hanoi could become a victim of its own success after building up a huge trade surplus with the US.
- UK’s Starmer to hold talks with China’s Xi — Prime minister intent on strengthening relations with Beijing despite tensions over security and human rights.
- Keir Starmer promises better relations with China after Xi Jinping meeting — UK prime minister proposes further talks about deepening economic and financial ties.
- Xi tells Biden he will work with Trump to manage US-China differences — Leaders meet on sidelines of Apec summit in Peru as Beijing prepares for new administration in Washington.
- China stabbing leaves 8 dead in second mass-casualty attack in a week — Knife assault in Wuxi comes as country reels from car ramming in Zhuhai that killed 35.
- China’s smartphone makers head upmarket in European push — Realme, Oppo and Honor are looking to challenge Samsung and Apple on the continent with fancier handsets.
- Orbán turns to China to boost recession-hit economy — Hungary has captured more than a quarter of Chinese capital flowing into Europe since 2022.
- Lithium producer says west cannot end reliance on China in critical minerals — Albemarle’s Kent Masters says economics do not support pivot away from Asia on commodities in EV supply chains.
- Air freight groups and airlines rush to increase flights out of China — Rate for flying goods from Asia to US has jumped as demand for cheap Chinese imports continue to rise.
- TSMC secures $11.6bn in funding as Chips Act faces uncertain future — Joe Biden’s administration is pushing to distribute funds before Donald Trump retakes the White House.
- Opinion: If China’s statistics can’t be scrutinised, doubts about the economy will only grow — One misleading figure may need to be followed by others, setting the scene for a cycle of misinformation. By Jingzhou Tao.
The New York Times
- Biden and Xi Meet, Delivering Messages Seemingly Intended for Trump — Donald J. Trump has promised a more aggressive approach, after the Biden administration worked to avoid open conflict with Beijing.
- China Stabbing Kills at Least 8 People — The stabbing, in the eastern city of Wuxi, took place days after a man drove a vehicle into a crowd in southern China, killing dozens.
Caixin
- Futures Firm Linked to Fugitive Tycoon Seized by Securities Regulator — CSRC takes control of Hehe Futures to protect investors’ rights amid serious governance issues.
- China Digs In to Boost Mining in Democratic Republic of Congo — Booming metals demand from EVs and AI dangle riches for Chinese, DRC companies.
- China and Latin America to Boost Cooperation as U.S. Takes Protectionist Turn, Experts Say — Key areas for collaboration could include mining, manufacturing, new energy, agriculture, digitalization and artificial intelligence.
- Chinese Carmakers Should Set Up Factories in Mexico, Executive Says — The country should be more than an export market, as it offers regional market access and can help companies navigate geopolitical risks.
South China Morning Post
- EU warns China of ‘consequences’ if it’s found to be making armed drones for Russia — European Union foreign ministers are discussing intelligence showing drones are being produced for the Russian military in Xinjiang.
- China-Russia gas pipeline completed, set to power Shanghai by end of 2024 — Final section of the east-route natural gas pipeline between China and Russia completed seven months ahead of schedule.
- BYD to overtake Volkswagen ventures as China’s top producer amid surge in EV deliveries — BYD’s total deliveries have exceeded perennial leader Volkswagen’s volume this year through October.
- China to address world’s overcapacity concerns by cutting export-tax rebate — Move seen discouraging vicious low-price competition and outsized industry expansions, and Chinese manufacturer profits could take a hit.
- Alibaba to sell bonds to repay debt, fund stock buy-back amid low interest rates — The Chinese e-commerce leader is issuing bonds denominated in US-dollar and yuan to help repay debt and fund stock repurchases.
Nikkei Asia
- China and Saudi Arabia build ties beyond trade via financial channels — Sino-American rift drives largest Asian economy to pursue Gulf connections.
- Trump election spurs new surge in China chip stocks — Foundry SMIC and others look to benefit as Beijing accelerates self-sufficiency drive.
- China to tighten export curbs on critical metals ahead of Trump’s return — Tungsten, magnesium and aluminum alloys face more restrictions.
- Trump’s hawkish cabinet to face a more resilient China, analysts say — Despite economic woes, Beijing has built up tools to hit back.
- Taiwan’s foreign minister visits a Lithuania feeling China’s pull — Lin Chia-lung leads drone delegation as Vilnius looks to patch up Beijing ties.
Bloomberg
- Chinese Steel Exports Are Booming But Here’s Why That Won’t Last — Importers are getting swamped and are raising trade barriers.
- Novo Nordisk Launches Wegovy in China With Prices Well Below US — It’s a key step in unlocking a big, fast-growing market for the blockbuster franchise.
- Opinion: China Will Send a Weaker Yuan to the Trump Front — Beijing’s first line of defense against higher tariffs is likely to be its currency. Good thing that it fits in with a dour economy. By Daniel Moss.
Reuters
- Country Garden submits offshore debt restructuring plan to creditors, sources say — The company expects a weaker cash flow in coming years compared with the estimates it had shared with some offshore creditors earlier this year.
- Shanghai becomes first major Chinese city to announce property tax incentives — Chinese policymakers urgently need to arrest a slump in the property market, once a key growth driver that at its peak accounted for around a quarter of economic activity.
- Sinopec, Aramco start building $10 billion petchem complex in China’s Fujian — Saudi Arabia is stepping up cooperation with private Chinese companies.
- After long legal battle, Hong Kong’s 47 democrats brace for sentencing — A Hong Kong court will this week sentence democratic campaigners in a major national security trial, with potentially heavy jail terms poised to further damage the financial hub’s once lively pro-democracy movement, critics say.
Other Publications
- The Economist: Brazil courts China as its Musk feud erupts again — Xi Jinping, China’s leader, spies a chance to draw Brazil closer.
- Associated Press: As China cracks down on bookstores at home, Chinese-language booksellers are flourishing overseas — Independent bookstores have become a new battleground in China, swept up in the ruling Communist Party’s crackdown on dissent and free expression.
- Foreign Policy: Trump’s China Hawks Are Also Uyghur Advocates — The president and his advisors might clash over human rights in China.
- Foreign Policy: What Trump’s Win Means for TikTok — The video-sharing app has become a proxy for bipartisan China fears.
- Washington Post: Philippines pivots from battling militants to projecting power at sea — Philippine leaders say they can turn their attention to the South China Sea because they’ve secured peace with separatist rebels. But the situation is precarious.
- Los Angeles Times: California retains No. 1 ranking for international student enrollment as concerns grow over Trump — For the first time since 2009, students from India surpassed those from China as the top international group at U.S. colleges and universities.
- The Guardian: China’s ‘mind-blowingly’ cheap shopping app Temu hits roadblocks in south-east Asia — Known for its deep discounts and viral marketing, the online marketplace has fallen afoul of regulators for threatening the livelihoods of local vendors.
- Wired: A US Ban on Investing in Chinese AI Startups Could Escalate Under Trump — The Biden administration targeted Chinese companies developing frontier AI models, but Donald Trump could take a more sweeping approach.
