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
- Backlash Against Chinese Steel Gives Preview of Trump Trade Tensions — China is exporting its surplus steel at record levels, but importers are getting fed up.
- How Trump’s Tariffs on China Changed U.S. Trade, in Charts — Mexico has supplanted China as the main source of goods, but imports keep climbing.
- China Central Bank Keeps Key Policy Rate Steady — China’s central bank kept a key policy rate steady in November and drained billions in liquidity from the financial system via a medium-term liquidity management tool.
- This Battery Startup Raised $15 Billion. Then It Went Bust. — Sweden’s Northvolt was once a darling of the battery industry and Europe’s best hope for competing with China’s dominant battery makers.
- China Looks to Musk as Conduit to Trump, Seeking to Ward Off Harsh Policies — With billions invested in Shanghai, the Tesla chief has much at stake in the next administration’s plans.
- To Challenge China, India Needs to Get Out of the Way of Its Factory Owners — India has a fresh chance to become a manufacturing powerhouse with the election of Donald Trump, who has promised to levy sky-high import tariffs on Chinese goods.
- America’s Rivals Have a New Favorite Weapon: Criminal Gangs — Russia, China, Iran and other countries are increasingly outsourcing their dirty work to drug traffickers, cybercriminals and paid assassins.
The Financial Times
- Huawei to launch phone with own software in sign of China-US splintering — Tech group aims to establish its alternative to iOS and Android as third major mobile operating system.
- China’s cash-strapped shoppers drawn to second-hand luxury items — Price-conscious buyers hunt for deals while others seek goods that can hold value in times of uncertainty.
- Opinion: Globalisation is not dead — it’s just changed — What happens next does not depend on the US alone, we are seeing a shift to a multipolar world. By Gillian Tett.
The New York Times
- COP29 Climate Talks Get a Deal on Money, but Only After a Fight — The financing plan, which calls for $300 billion per year in support for developing nations, was immediately assailed as inadequate by a string of delegates.
- Trump’s Trade Agenda Could Benefit Friends and Punish Rivals — Donald Trump has a record of pardoning favored companies from tariffs. Companies are once again lining up to try to influence him.
- Emerging Details of Chinese Hack Leave U.S. Officials Increasingly Concerned — Leaders of the big telecommunications companies were summoned to the White House to discuss strategies for overhauling the security of the nation’s telecommunications networks amid growing alarm at the scope of a Chinese hack.
- What Elon Musk Needs From China — From electric cars to solar panels, Mr. Musk has built businesses in high-tech manufacturing sectors now targeted by Beijing for Chinese dominance.
- Opinion: Taiwan Is Ready to Defend Democracy. Is Trump? — Many Americans voted for border security. Try living right across from China. By Vickie Wang.
Caixin
- Trump Is Already Shaking Up U.S.-China Trade — Even before the Nov. 5 vote, exporters and importers were so unsettled by the prospect of the former president’s reelection that many were bracing for disruptions to trade by accelerating shipments.
- Livestreamed Stock Tips Worry Regulators as Novice Investors Rush In — Rules need tightening as online influencers lead inexperienced investors into reckless trades.
- Chinese Electrolyzer Manufacturers Shrug Off New EU Restrictions — Technological differences and Europe’s strict standards on green hydrogen production have already been deterring Chinese imports.
- China Expands Visa-Free Travel to Nine Countries Including Japan — The additions, which also include Croatia, Montenegro, North Macedonia, Malta, Estonia and Latvia, expands visa-free travel to a total of 38 countries.
- Opinion: Law Enforcement Shakedowns Highlight Need for Stronger Protection of Businesses’ Rights — Zhejiang’s provincial procuratorate announced that their “enterprise protection” campaign against local enforcement overreach had helped 123 companies unfreeze over 70 million yuan. By Zhou Dongxu.
South China Morning Post
- Russia’s ‘economic isolation’ seen benefiting China amid fresh US sanctions — While trade between China and Russia may be affected in the short term, Beijing’s leveraging power in future negotiations is getting stronger, analysts say.
- Nvidia meets Chinese trade negotiator as fresh US chip sanctions loom — China’s top trade negotiator and key figure during Trump’s first term met Nvidia’s global business head amid reports of fresh US export restrictions.
- China sets deadline for Big Tech to clear algorithm issues, close ‘echo chambers’ — Latest move to tighten regulation comes amid soaring use of algorithms for content recommendation, e-commerce and gig work distribution.
- Foreign spies may be using deepfakes to target China and its people, security ministry warns — Deepfake tools may be used by spy agencies as a new weapon for ‘cognitive warfare’, state security ministry cautions in social media post.
- China’s border with Central Asia deemed concern amid demographic decline — China’s sparsely populated border with Central Asia, which is losing residents quickly, was named by a researcher as an area not to ignore.
Nikkei Asia
- Uniqlo owner CEO says ‘No’ to the chorus of exit-China calls — Tadashi Yanai sees ‘no easy way’ to replace Chinese factories and workers.
- Asian buyers, central banks likely to support gold prices amid slump — Trump policies seen as X factor that could set trend for precious metal.
- China slowdown-hit companies diversify into family office services — Hong Kong property broker, computer trader tap rising demand for wealth protection.
- China’s Pop Mart uses ‘blind box’ craze to grow global fan base — Toy retailer’s elf-like character Labubu wins followers, including Blackpink’s Lisa.
- China’s toymaking capital tries to reinvent itself in hard times — ‘TSMC of toys’ shows way forward for industry hit by rising wages, trade friction.
Bloomberg
- Apple’s Cook Joins CEO Summit with China Premier as Economy Sags — Tim Cook joined more than 20 corporate leaders in discussions with China’s premier Monday, as global companies grapple with potential trade disruptions and economic uncertainty.
- G-7 Poised to Boost Pressure on China Over Russian Support — Group of Seven allies are set to step up pressure on China while offering Kyiv “unwavering commitment” amid accusations that Beijing has increased support for Russia in its war against Ukraine.
- China Slowdown Pushes Top Polluter Towards Emissions Peak — Weaker economic growth and a surge of clean energy are combining to deliver a watershed moment in the global warming fight.
- Opinion: US Cannot Repeat Trump’s Attacks on Chinese Scientists — His first-term China Initiative was a failure. Bringing it back would play into Beijing’s hands and impact US innovation. By Catherine Thorbecke.
- Opinion: Apple Should Have Learned a Chinese Lesson on EVs — Almost overnight, phone companies have become major car-making players in China, feeding into a booming industry. By David Fickling.
Reuters
- Chinese startups suffer as IPO freeze prompts investors to exercise redemption rights — The situation conflicts with the government’s resolve to foster innovation and achieve technological self-reliance in systemically important industries to insulate the country from the impact of geopolitics.
Other Publications
- Quartz: These are the products the US is most reliant on China for — Raising tariffs on these goods will likely cost American consumers, and leave importers in a bind to find substitutes in the short-term.
- The Washington Post: China looks to step into global vacuum as Trump vows to pull U.S. back — At the COP climate conference, China has been presenting itself as a stable and reliable global leader, seeking to draw a contrast ahead of a second Trump era.
- BBC: China’s sinkholes: Tourist boom threatens ancient forests — These caves were unexplored for thousands of years, protected by swirling mists and terrifying tales.
