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
- Tesla Unveils New Model 3 in China With Longer Range — and a Steeper Price Tag — Sleeker new version has rear passenger screen and a refreshed range, but isn’t the cheaper offering that some company watchers had expected.
- Chinese Banks Plan Deposit Rate Cuts to Cushion Pain From Faltering Economy — Banks will pay less on deposits to reduce the impact of mortgage-rate cuts.
- China Braces for Bigger Storm Than Idalia — Hong Kong draws down storm shutters as eye of supertyphoon Saola focuses on financial center.
- Opinion: Bigger Brics Won’t Make a Stable Building — Already riven with a Sino-Indian rivalry, the group will become even less coherent by expanding. By Sadanand Dhume
The Financial Times
- China boosts housing market and renminbi support — Cheaper mortgages offered in biggest cities while central bank eases foreign exchange reserve requirements.
- iPhone billionaire shakes up Taiwan’s presidential election — Foxconn founder Terry Gou wants more conciliatory policy on China but his election bid could aid ruling party.
- Opinion: Goldman’s private equity deal with China state fund warrants regulatory scrutiny — China Investment Corporation has largely been a passive backer of western private equity funds, but the devil is in the details. By Anne-Sylvaine Chassany
The New York Times
- U.S. Officials Are Streaming to China. Will Beijing Return the Favor? — Such visits could help convey Beijing’s interest in stabilizing ties with Washington. But China has been noncommittal.
- Pope Visits Mongolia, With an Eye on Russia and China — The pontiff arrived Friday on a trip that the Vatican said was meant to encourage the fewer than 1,500 Catholics there. But it also brings him close to two great powers that have vexed him.
- Opinion: Why Is China in So Much Trouble? — The narrative about China has changed with stunning speed, from unstoppable juggernaut to pitiful, helpless giant. How did that happen? By Paul Krugman
Caixin
- Charts of the Day: China’s Solar Profits Surge as Oversupply Looms — China’s biggest photovoltaic manufacturers reported surging profits in the first half of 2023 driven by strong demand and an uptick in panel sales, but warned about imminent overcapacity as a result of ramped up production.
- China Manufacturing Activity Expands at Fastest Pace Since February, Caixin PMI Shows — Activity in China’s manufacturing sector expanded in August at the quickest clip since February, with employment growing at the fastest pace in more than 13 years, a Caixin-sponsored survey showed Friday.
South China Morning Post
- Baidu, Huawei executives nominated to join China’s top engineering academy as Beijing courts Big Tech — Baidu’s Wang Haifeng and Huawei’s William Xu have been nominated before, but fewer than 90 of the nominees will ascend to the Chinese Academy of Engineering.
- Walt Disney breaks ground on third themed hotel in Shanghai resort in display of US ‘soft power’ after Raimondo visit — The expansion is the latest sign that China’s 5 trillion yuan (US$688.2 billion) tourism industry is on the mend after authorities scrapped all the Covid-19 travel and quarantine rules late last year.
- China eyes firmer yuan as it eases up on banks’ cash requirements, in fresh bid to prop up economy — The People’s Bank of China will cut the reserve requirement ratio for foreign-exchange deposits later this month in the latest move to support the yuan exchange rate and prop up the faltering economy.
Nikkei Asia
- China’s top insurers reassure investors on property exposure — Ping An says it has been reducing real estate investments for several years.
- China real estate developers face insolvency risk if property values tumble — Housing market slump weighs on unfinished projects stuck on balance sheets.
- China’s PetroChina, Sinopec mum on Russian oil imports — Crude imports increase, but buyers are reluctant to speak up.
Bloomberg
- Huawei’s Mystery Phone Shows Wireless Speeds as Fast as Apple — Huawei Technologies Co.’s latest smartphone clearly demonstrates wireless speeds akin to Apple Inc.’s latest iPhones in numerous tests, as more details emerge about a gadget labeled a Chinese breakthrough despite US tech sanctions.
- Alibaba-Backed EV Maker IM Motors Weighs Raising Fresh Funds, Sources Say — IM Motors, a Chinese premium electric-vehicle maker backed by Alibaba Group Holding Ltd. and SAIC Motor Corp., is considering raising new funds to help finance expansion plans, according to people familiar with the matter.
- China’s EV War Just Got Fiercer as Tesla, Zeekr Dial It Up — The electric vehicle price war in China is getting even uglier as top players like Tesla Inc. launch new models and others aggressively cut prices in a bid to stem slowing growth in the world’s biggest auto market.
Reuters
- Exclusive: India’s JSW in talks with Chinese carmaker Leapmotor for EV tech, sources say — India’s steel-to-energy JSW Group is in early talks with Chinese automaker Leapmotor to license technology to build electric vehicles in India, according to people familiar with the discussions.
- China ramps up economic support as Country Garden vote looms — China stepped up measures to boost the country’s faltering economy on Friday, with top banks paving the way for further cuts in lending rates and sources saying Beijing plans further action including relaxing home-purchase restrictions.
- Exclusive: China to take more action to revive property sector — China is set to take further action including relaxing home-purchase restrictions as it scrambles to tackle a deepening crisis in its massive debt-riddled property sector, four people familiar with the matter said.
Other Publications
- Al Jazeera: China’s ‘replica’ guns for Solomon Islands likely real, US cable claimed — US diplomats doubted explanations that Chinese shipment contained replica weapons, previously unseen documents show.
- Politico: Raimondo’s ‘bold move’ in China — Congressional hardliners warned her not to set up communications channels with the Chinese Communist Party. She did it anyway.
- Foreign Policy: Can BRICS Derail the Dollar’s Dominance? — The group’s countries share one concern—the growing use of U.S. sanctions to restrict trade and investment globally.
- Brookings Institution: Understanding the One China policy — How might it be possible to reestablish a working relationship based on the “One China” policy when such differences exist regarding the nature of this fundamental framework? By Steven M. Goldstein
