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
- Police in Pakistan Probe Whether Attack on Dental Clinic Was Anti-Chinese — Gunman opened fire at clinic in Karachi, killing one person and injuring two others.
- A Chinese #MeToo Case Is Set for Trial Far From China — In a civil case, a Minneapolis jury will decide whether JD.com executive Richard Liu raped a Chinese student there in 2018.
- China’s EV Brands Could Hit Speed Bumps in Europe — BYD and NIO are gearing up to enter the biggest European markets. Strong supply chains will help, but they will face plenty of challenges.
- China, Japan Don’t Celebrate Much on 50th Anniversary of Ties — Asia’s two biggest economic powers squabble over Taiwan and territory a half century after 1972 landmark.
- Chinese EV Maker Leapmotor Flops in Hong Kong Market Debut — Company’s shares tumble more than a third from their IPO price, while property-services firm Onewo also falls on its first trading day.
- Chinese Developer CIFI Struggles After Raising Money With Government Help — Company’s shares and bonds tumble as it acknowledges it has been facing financial pressure.
- A Casino Kingpin Pitched a City in Myanmar—Police Say He Helped Build a Crime Haven — Investments by She Zhijiang, who was arrested in Thailand, transformed a remote part of Myanmar into an enclave for cyberscammers and more.
The Financial Times
- US pledges $210mn to Pacific Islands to counter China’s influence — Washington’s new strategy comes after being caught off guard by Beijing’s push into region.
- Wall Street chiefs stage return to Hong Kong after city scraps quarantine — Most executives have not visited for years because of harsh Covid policies.
- China takes a back seat as Xi’s coronation looms — Propaganda celebrating president’s achievements intensifies up ahead of congress and third term.
- Paraguay calls for Taiwan to invest $1bn to remain allies — Mario Abdo Benítez says citizens need to ‘feel the real benefits’ to avert diplomatic switch to China.
- China’s Big Fund corruption probe casts shadow over chip sector — Investment plummets after Beijing’s largesse laid ground for alleged graft and wasteful spending.
Caixin
- PBOC Launches $27.6 Billion Credit to Support Business Upgrades — Central bank lending program responds to State Council order to support equipment improvements as part of efforts to bolster the economy.
- China May Raise Refined Oil Exports to Meet Europe’s Soaring Winter Demand — Domestic traders have already been stocking up on crude oil in anticipation of new quotas, analysts say.
South China Morning Post
- China urged to set ‘clear road map’ for zero-Covid exit to enable economic recovery as premier looks to fourth quarter — Premier Li Keqiang said China’s economy generally recovered and stabilised in the third quarter, but that Beijing will push ahead in the last three months of the year to offset the impact of zero-Covid and a property crisis.
- China economy: financial distress of local governments raises debt-default risks, weighs on average Chinese — Local-level coffers are running low in some parts of China as the government sticks with its restrictive zero-Covid policy, and there are rising concerns that public services could be adversely affected.
- White House confirms China has stopped anti-drug cooperation — Rahul Gupta, director of national drug control policy, says Beijing stopped talks after US House Speaker Nancy Pelosi’s trip to Taiwan in August.
Nikkei Asia
- Analysis: 105-year-old party elder sends blunt message to Xi — Reform and opening up is the only path for China, Song Ping says.
- China’s U.S.-sanctioned military companies tap new shareholders — Scramble for state-backed investors aims to offset curbs on foreign capital.
- U.S. doubles down on extra-large drone subs to counter China — Defense chief Austin checks progress at naval facility in California.
Bloomberg
- Latest Push by Chinese Firms to Avoid US Delistings Falls Short — Chinese companies are flailing in a fresh bid to avoid being booted off US stock exchanges for shirking Washington’s oversight demands.
- China Vows to Speed Up Delayed Homes With Special Loans — China’s central bank vowed to expand a special lending program if it’s needed to ensure the delivery of delayed housing projects, and called on banks to provide financing support for this effort.
- Hong Kong’s Worst Trading Debut in 2022 Sends EV Maker Down 34% — An EV maker and a unit of China’s real estate developer China Vanke Co. plunged in their trading debuts in Hong Kong, following IPOs that together raised more than $1.5 billion.
- BlackRock Replaces China Wealth Unit Head as Pressures Mount — BlackRock Inc. is replacing the head of its China wealth management unit, less than two years after the investment giant began competing in the $4 trillion market.
Reuters
- China signals no let-up in its aggressive diplomacy under Xi — “We Chinese will not capitulate. We will not sit and do nothing while our country’s interests are being harmed,” Vice Foreign Minister Ma Zhaoxu said in response to a Reuters question at a Thursday news conference to discuss Chinese diplomacy in the decade since Xi assumed power.
- Opinion of China in advanced economies sours ‘precipitously’ under Xi – Pew — While China’s economic rise and its investments were seen as a positive for some Latin American, Middle Eastern and African countries, economic competition with China was seen as a “serious problem” in advanced economies like Japan, South Korea, the United States and Australia, according to Pew.
- Exclusive: China’s state banks told to stock up for yuan intervention — China’s central bank has asked major state-owned banks to be prepared to sell dollars for the local unit in offshore markets as it steps up efforts to stem the yuan’s descent, four sources with knowledge of the matter said.
Other Publications
- The Economist: How China’s covid policy is like Prohibition in America — Many ordinary Chinese see no shame in breaking the law.
- The Economist: An investigation into what has shaped Xi Jinping’s thinking — A new podcast series explores what lies behind the Chinese leader’s power.
- The Economist: How to make sense of Xi Jinping, China’s enigmatic ruler — His project to restore the Communist Party’s overbearing role has grim implications for China and the world.
- Foreign Affairs: China’s Road Not Taken — How the Chinese Communist Party Rewrites History. By Julian Gewirtz
- The Information: Billionaire ByteDance Founder Zhang Yiming Now Living Far From Home — Zhang, 39, has been spending much of this year overseas, using Singapore as a primary base, according to people with knowledge of the matter.
- Recorded Future: 1 Key for 1 Lock: The Chinese Communist Party’s Strategy for Targeted Propaganda — This report assesses concepts related to the Chinese Communist Party’s international propaganda and information influence strategy.
