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
- Xi Digs In With Top-Down Economic Plan Even as China Drowns in Debt — Xi Jinping is bracing for a showdown, sticking with economic policies aimed at making China the world’s most powerful country.
- Raimondo Says Holding Back China in Chips Race Is a ‘Fool’s Errand’ — Investment, more than export controls, will keep the U.S. ahead of Beijing, Commerce secretary says.
- China’s SMIC Extends Rally on AI Enthusiasm, Accelerated Chip Localization — Analysts have said that the computing hardware supply chain, including chip companies, could benefit from intensified investment in AI.
- The Not-So-Secret Way Around U.S. Tariffs — Cabinets made in China were rerouted through Malaysia and ended up in U.S. kitchens—sparking a Customs probe and splintering an American industry.
- The Unlikely Ingredient That Could End U.S. Dependence on Chinese Batteries — Batteries that use sodium instead of lithium could allow the U.S. and its allies to create a completely new supply chain for the energy storage taking off across the world.
- Honda, Nissan Plan to Create World’s No. 3 Automaker in 2026 Merger — Japanese government pressure drives companies to combine as China impact hits car industry.
- China’s EV Boom Is Starting to Pinch Oil Producers — Big, integrated oil companies could face a double whammy from the shift in China’s car market.
- America’s Chip War With China Will Spread — Low-end legacy chips not subject to restrictions but vital to industry have given strength to Chinese manufacturers.
- U.S. Pilot Accused of Helping Chinese Military to Be Extradited From Australia — Daniel Duggan is alleged to have trained Chinese military pilots on how to land on aircraft carriers.
- Opinion: The SEC Needs to Hold Chinese Companies Accountable — The Biden administration has lagged in enforcing disclosure rules. Paul Atkins can change that. By William P. Barr and Fletcher W. Strong.
The Financial Times
- Sweden criticises China for refusing full access to vessel suspected of cable sabotage — Swedish public prosecutor denied permission to board Yi Peng 3 despite open investigation.
- U.S. launches probe into Chinese semiconductor industry — Investigation comes just weeks before Biden administration hands over to president-elect Donald Trump.
- Opinion: How the U.S. can overcome China’s gallium ban — Washington needs to move fast if it wants to find other sources. By Lex.
The New York Times
- U.S. Takes Aim at China’s Production of Essential Chips — The older-style chips are crucial for a wide array of appliances and other machinery, including weaponry.
- Honda and Nissan Aim to Merge as Global Competition Bears Down — Japan’s second- and third-largest automakers hope the $50 billion deal would help them catch up with Tesla and China’s BYD in electric vehicles and advanced software.
- Opinion: China Wants This Deal to Fail. Don’t Let That Happen. — U.S. Steel’s chief executive writes that the proposed Nippon Steel acquisition would strengthen America’s global position. By David P. Burritt.
Caixin
- Baidu-Geely Joint EV Failure Reflects Treacherousness of Chinese Market — Ji Yue Auto’s powerful backers couldn’t save it from price wars or missteps.
- Four Things to Know About China’s 2025 Economic Outlook — At two major meetings this month, China’s leadership resolved to deal with the country’s economic headwinds, including the protracted real estate slump and weak domestic demand.
South China Morning Post
- How Chinese science and technology have influenced the West … and vice versa — Historian Han Qi on why the exchange of scientific knowledge is so important — from astronomy and salt wells to high-speed trains.
- China is making it easier for Americans to visit, but where is the big uptick? — Even as the U.S. lowers its travel warning for the mainland and China loosens visa rules, exchanges are at risk.
- Diamonds are plunging in value around the world. Is China to blame? — China’s demand for natural diamonds has ‘fallen off a cliff’ amid plunging marriage rates, while its factories are churning out synthetic alternatives that are up to 90 per cent cheaper.
- Western trade helps buoy Xinjiang’s exports but signs of slowing growth in November — The region’s trade volume has risen by roughly a quarter this year, with electrical products and garments leading the way.
- Chinese Premier Li Qiang makes new overtures to foreign firms, pledging more access and services — Li uses trip to Zhejiang to reaffirm support for overseas investors and private domestic players.
Nikkei Asia
- China contemplates allowing seafood imports from Japan — 2023 ban followed release of treated wastewater from Fukushima plant.
- Chinese ship linked to Baltic Sea cable breach resumes voyage — Sweden tracks Yi Peng 3 as it sets course for Egypt.
- China’s Nio says new Firefly EV to go on sale in Europe in H1 2025 — Chinese automaker also bets that the new brand would help overcome EU tariffs.
Bloomberg
- Russia’s Wartime Economic Woes Slow Railway Trade With China — Coal miners and aluminum producer Rusal face hurdles in shipments to the east.
- Dire Situation in China Is One Reason for Honda, Nissan Merger — Japan’s carmakers have seen business erode in the country.
- China Property Flare-Ups Resurface as Crisis Enters Fifth Year — The latest signs of stress are adding to concerns that the worst is far from over for the housing sector.
Reuters
- Exclusive: US plans to blacklist company that ordered TSMC chip found in Huawei processor, source says — Sophgo is the latest Chinese company slated to be punished by the U.S. for helping Huawei.
- After protests, China reverses course on law that hurt shareholders — China’s top legislative body softened a July law allowing companies to hold original shareholders accountable for unpaid sums despite having already transferred their shares.
- China will wield big mop to clean up property mess — In 2025, expect the authorities in Beijing to step up by creating a housing policy “bad bank.”
Other Publications
- The New Yorker: The Father of Chinese Authoritarianism Has a Message for America — Xiao Gongqin thought that, in moments of flux, a strongman could build a bridge to democracy. Now he’s not so sure.
- BBC: A dam ignited rare Tibetan protests. They ended in beatings and arrests, BBC finds — Such protests are extremely rare in Tibet. That they still happened highlights China’s controversial push to build dams in what has long been a sensitive area.
- The Los Angeles Times: Inside China’s alleged spy scheme to influence governments in L.A. County and far beyond — The case sheds light on Chinese tactics and the scope of how they are attempting to gain influence in America.
- The Washington Post: China loves Elon Musk and his hustle — but Trump could complicate that — Tesla is deeply reliant on China, both for manufacturing and sales. But now that its CEO has an official role in the Trump administration, things could get tricky.
- Associated Press: Many Americans have come to rely on Chinese-made drones. Now lawmakers want to ban them — It’s another front in the U.S.-China economic and technological competition that’s likely to intensify when Trump returns to the White House.
- Foreign Policy: Europe Is Ready to Team Up on China, if Trump Is — A U.S.-EU trade war could derail a combined effort to face down China.
- CFR: Six Takeaways From the Pentagon’s Report on China’s Military — Despite ongoing and high-profile corruption issues, China’s military continues to rapidly modernize.
