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 Jinping’s Quest for Control Over China Targets Even Old Friends — An expanding campaign of anticorruption purges has helped China’s leader tighten his grip on power.
- China’s Xi Jinping Stakes Out Ambitions, With Himself at the Center — Leader opens twice-a-decade congress in Beijing with defense of his 10 years in power, calls for future of ‘common prosperity’.
- American Executives in Limbo at Chinese Chip Companies After U.S. Ban — At least 43 senior executives working with 16 listed Chinese semiconductor companies hold roles from CEO to vice president.
- State Department Urges Silicon Valley to Aid National Security Effort — New cyber ambassador notes private sector has strengthened Ukrainian defense.
- China Abruptly Delays GDP Release During Communist Party Conference — The country’s statistics bureau didn’t provide a reason for the delay.
- Frosted Windows, Swarming Police Signal Start of China’s Big Conclave — Communist Party opens gathering with heightened security, propaganda as leader Xi Jinping pushes for another term.
- Flying to China in Economy Class Will Cost You $5,000 — Ticket prices soar as Beijing eases international travel, but flights remain scarce amid anti-Covid measures.
- Opinion: The U.S. Isn’t Ready to Face China on the Battlefield — The invasion of Ukraine has exacerbated critical deficiencies in America’s defense industrial base. By Seth G. Jones
The Financial Times
- EU ministers advised to take tougher line on China — Paper by bloc’s foreign service calls for Beijing to be seen as an all-out competitor.
- China state banks step up dollar sales to support renminbi — The renminbi has fallen almost 12% against the US dollar this year.
- China delays key GDP data in middle of Communist party congress — Figures were expected to show weak economic growth during politically sensitive time for Xi Jinping.
- All the Emperor’s men: How Xi Jinping became China’s unrivalled leader — China’s premier has stacked key positions with loyalists and sidelined any potential challengers to his leadership.
- Xi steers China towards confrontation with west — Paramount leader’s consolidation of power heightens risks as tensions escalate over Taiwan and war in Ukraine.
- Xi warns off US as he piles political and military pressure on Taiwan — China’s most powerful leader since Mao Zedong condemns foreign ‘interference’ in his legacy project of unification.
- Xi heralds ‘critical time’ in history as he prepares for third term in power — Chinese leader vows to use ‘all necessary measures’ to secure Taiwan at opening of Communist party congress.
- China insists it will stick with zero-Covid strategy — Authorities tighten measures in Beijing and other big cities ahead of Communist party congress.
- How Xi plans to tighten his grip at historic Communist party congress — Leader’s historic third term in sight amid traditional leadership reshuffle.
- Apple/China: suspending plan to use Yangtze chips means more local tech problems — The Chinese company’s flash memory card for iPhones offered one of the few export hopes for suppliers.
The New York Times
- In Xi’s China, the Business of Business Is State-Controlled — The Chinese leader has increasingly demanded that businesses conform to the aims of the Communist Party, an agenda he doubled down on this week at an important political gathering.
- ‘Moving Backward’: In Xi’s China, Some See an Era of Total Control — A decade ago, many prominent Chinese hoped that Xi Jinping would usher in openness and reform. Today, some of them believe he’s created a totalitarian state.
- China’s Leader Xi Hails His Rule as He Prepares to Expand Power — Xi Jinping is expected to secure a third term as leader during a pivotal meeting of the Communist Party, extending his authoritarian rule over the country.
- On tech, Xi points to self-reliance and state-led initiatives. — Mr. Xi signaled that little would change on tech policy, as he emphasized internet controls, state-led innovation projects and a battle for key core technology.
- China Doubles Down on ‘Covid Zero’ Despite Economic Toll — Xi Jinping doubled down on the idea that the measures have saved lives and vowed to continue the stringent set of policies.
- On Taiwan, Xi Jinping warns against international ‘interference.’ — The Chinese leader struck a firm note on unification with Taiwan, saying that Beijing reserved the right to use force.
- Beijing Turns Into a Fortress Ahead of the Communist Party Congress — The authorities in China have arrested a million criminal suspects, curbed travel to Beijing to keep Covid out, and deployed an army of neighborhood monitors.
- Opinion: Three Things Americans Should Learn From Xi’s China — The tactics he has used to maintain power may end up weakening his country in the end.
Caixin
- Cover Story: The Sweeping Impact of New U.S. Semiconductor Restrictions — The sweeping new restrictions unveiled Oct. 7 affect not only the sale of advanced integrated circuits, sophisticated chipmaking equipment and supercomputer parts but also China’s ability to hire top talent.
- China Delays Release of Third-Quarter GDP Figures Indefinitely — A slew of economic indicators were meant to be published on Tuesday. A new date for their release hasn’t been issued and no reason has been given for the delay.
- Weekend Long Read: The Rural Hardship Behind the Mine Murders That Shocked China — From 2005 and 2015, a dozen villagers from the northwestern province of Gansu disappeared. Sixteen years after the first person went missing, a court in neighboring Shaanxi province found most of them had been lured away and brutally murdered by an organized gang.
South China Morning Post
- China’s GDP ‘rebounded significantly’ in third quarter, state planning body says — China’s economic performance has been ‘outstanding’ from a global point of view and growth ‘rebounded significantly’ in the third quarter, says the nation’s top economic planning agency.
- Chinese military must move faster to become world-class fighting force, Xi Jinping tells party congress — Xi’s work report to 20th party congress cites need to ‘win regional wars’, read by observer as welcome sign of focus on smaller-scale conflict.
- Alipay test of money transfers via WeChat seen as first breach of mobile payments ‘walled garden’ — Ant Group’s Alipay rolled out a trial service that uses a QR code to enable the transfer of funds to users of Tencent’s WeChat, although a direct money exchange between the two apps is still not possible.
Nikkei Asia
- Apple freezes plan to use China’s YMTC chips amid political pressure — Company previously planned to put Chinese-made memory in some iPhones.
- Retired elders lose spotlight at China’s Communist Party congress — Aging Jiang and Zhu, who once led economic reforms, skip opening ceremony.
- Xi agenda defines a decade, and era, for China’s capital markets — Regulatory headwinds dent confidence despite growth of economy.
Bloomberg
- China’s Unexpected GDP Delay Blamed by Analysts on Party Meeting — China delayed the publication of third-quarter gross domestic product data a day before the report was scheduled for release, a move which will add to investor uncertainty and which analysts attributed to the Communist party’s ongoing congress.
- Xi’s Fiery Taiwan Rhetoric Raises Risk of War in His Third Term — President Xi Jinping proclaimed on Sunday that Taiwan’s status should be “settled by Chinese people.” Yet he faces a tricky balancing act managing public opinion among China’s 1.4 billion people on an issue that looks set to dominate his third term.
- China Won’t Rush Its Clean Energy Transformation, Xi Says — President Xi Jinping has promised a slow and steady end to the growth of planet-warming emissions in China, with energy security taking top priority as the country contends with a flagging economy and tumult on global fuel markets.
- China Seeks to Boost Stock Market as Xi Speech Disappoints — Chinese regulators are ramping up efforts to support the stock market, which saw little reprieve from President Xi Jinping’s speech amid continued pressure from geopolitical tensions and the Covid Zero policy.
Reuters
- Exclusive: China’s state banks seen acquiring dollars in swaps market to stabilise yuan — China’s state banks stepped up their intervention to defend a weakening yuan on Monday, with banking sources telling Reuters these banks sold a high volume of U.S. dollars and used a combination of swaps and spot trades.
- Surging dollar tests China’s capital controls as cash flees — Cash is leaving China’s financial markets at the fastest clip in years as investors flee a falling currency and sputtering economy, and analysts point to hints that more money is being moved out of the country along back channels in a further sign of flagging confidence.
- China ex-official Zhang makes first appearance since sexual assault claim — Zhang, 75, walked onstage at the Great Hall of the People in Beijing behind President Xi Jinping and other retired and current leaders, and sat in the front row of the podium for the opening of the twice-a-decade meeting.
- British police probe beating of protester on China consulate grounds — British police are investigating the apparent assault on a protester who was videoed being beaten by several men after being dragged inside the grounds of the Chinese consulate in Manchester during a demonstration against President Xi Jinping.
Other Publications
- The New Yorker: How a Tycoon Linked to Chinese Intelligence Became a Darling of Trump Republicans — Guo Wengui has been trailed by scandals involving corruption and espionage. What is he really after? By Evan Osnos
- The Washington Post: American technology boosts China’s hypersonic missile program — Military research groups at the leading edge of China’s hypersonics and missile programs — many on a U.S. export blacklist — are purchasing a range of specialized American technology, including products developed by firms that have received millions of dollars in grants and contracts from the Pentagon, a Washington Post investigation has found.
- The Washington Post: Hong Kong protester dragged into Chinese Consulate in Manchester and beaten — British lawmakers and rights activists on Monday called for an investigation into the case of a Hong Kong protester who was dragged into the Chinese Consulate in Manchester and beaten by staffers after he demonstrated against the Chinese government.
- The Economist: At China’s Communist Party congress, Xi Jinping sails on undaunted — But the helmsman warns of choppy waters ahead.
