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
- ‘Take Science Fiction Seriously’: World Leaders Sound Alarm on AI — U.S., China among countries pledging to work together to evaluate risks of AI’s most advanced forms.
- What to Know About the GOP Probe Into Payments Between Joe Biden and His Brother — House Republicans say the president took Chinese money and benefited from his family’s business dealings; Democrats say Biden lent his brother money and then was paid back.
- China, U.S. to Meet for Rare Nuclear Arms-Control Talks — Washington meeting comes as concerns grow over an arms race with Beijing and Moscow.
- e.l.f. Beauty to Remain Away from China, CEO Says — Cosmetics company eyes Western Europe, U.S., instead.
- For China’s Halloween of Discontent, He Went as a Surveillance Camera — Covid cops and falling stock markets also turned out, as Shanghai’s youth wore what they couldn’t say.
- Lawmakers Press Costco on China Forced Labor — The popular retailer was asked why products allegedly linked to human rights violations in China are on its shelves.
- China and Russia Are Far Ahead the U.S. in the Race for Hypersonic Missiles — Hypersonic missiles are game-changers. The U.S. military is pouring resources into the superfast weapons but has struggled to develop them.
- Shein Turns to Western Executives to Become Even More Global — Entangled in geopolitical friction, the China-founded e-commerce powerhouse taps American executive Frances Townsend.
- China Mourns Former Premier Whose Death Hovers Over Xi Jinping — Passing of Li Keqiang has sparked an outpouring of grief that some have used as an avenue to subtly rebuke Xi’s hard-line rule.
The Financial Times
- Shipping industry steers container production away from China — Push comes after pandemic highlighted reliance on manufacturers in world’s second-largest economy.
- Costs of US chip curbs force China’s YMTC into major fundraising round — Memory-chip maker was running out of cash after a year of combating Washington’s tighter controls.
- The breakdown of China’s social contract — A once optimistic society now worries about the future as Xi Jinping’s promise of ‘common prosperity’ starts to fade.
- Taiwan’s presidential rivals seek a deal in bid for power — Failure by Hou Yu-ih and Ko Wen-je to reach a deal could be disastrous for their hopes of calmer ties with China.
- US, China and 26 other nations agree to co-operate over AI development — Signatories at inaugural UK summit pledge in ‘Bletchley Declaration’ to ensure the technology is developed in ‘human-centric’ way.
- Opinion: Rolling with the Biden punch on managed trade — The EU and other trading partners should keep short-term peace while preserving fundamental principles. By Alan Beattie.
The New York Times
- China’s Male Leaders Push to Get Women to Stay Home for Family — The Communist Party’s solution to the country’s demographic crisis and a slowing economy is to push women back into traditional roles.
- China Is Winning in Solar Power, but Its Coal Use Is Raising Alarms — China is building as much clean energy capacity over four years as it had promised to build in 10 years, but continues to add coal-fired power plants.
- Shanghai’s Halloween Party, a Rare Chance for Chinese to Vent in Style — Thousands paraded the streets in creative, joyful and provocative costumes in a four-day celebration of a city returning to life.
- Biden Found Even Modest Israel-Palestinian Peace Steps Impossible — A president focused on China and Ukraine had little time or inclination for a distant goal that stymied several of his predecessors.
Caixin
- Chinese Local Governments Rush to Launch Infrastructure Projects to Utilize $137 Billion Sovereign Bond — Hebei to rebuild flood-damaged roads and bridges; analysts say central government aims to ease fiscal pressure on heavily-indebted local authorities.
- Macao Gambling Revenue Surges on Holiday Tourism Boom — With borders reopened, casino revenues back to 74% of re-Covid levels in October; revenues up 400% in October from year ago, with boost from China’s National Day holiday.
- In Depth: Huawei’s EV Partnership Yields Unexpected Hit — The M7 SUV by Aito, the fruit of a JV with automaker Seres, received over 60,000 orders in its first month, a sign it may pose a threat to car manufacturers down the road.
- Reflecting on Li Keqiang’s Visits to Hong Kong: Savoring Sweet Soup, Speaking English, and Respecting the Market — HKSAR Chief Executive John Lee expressed his deep condolences over Li’s death, and highlighted that Li cared deeply about Hong Kong and its people.
South China Morning Post
- Israel, Gaza and why talk of ‘double standards’ is trending on the Chinese internet — The conflict in the Middle East is fuelling online criticism of the West’s treatment of Palestinian lives.
- China’s top spy agency takes swipe at ‘some countries’ trying to disrupt financial system — Ministry of State Security says in social media post that some nations ‘regard the financial market as a tool for geopolitical games’. It also vows to ‘proactively’ take part in protecting financial stability and closely monitor risks.
- Xi Jinping tells North Korean leader China can make ‘greater contribution’ to strengthen relations — In a letter to Kim Jong-un, Xi writes that China-North Korea ties are ‘becoming stronger as time passes’, state media reports.
- Chinese scientists create chip that can perform AI task 3,000 times faster than Nvidia’s A100 — The light-based chip can only perform selected tasks at present such as image recognition, but can operate much faster than current products on the market.
Nikkei Asia
- Singapore’s Keppel looks to India amid China’s property woes — Temasek-owned asset manager eyes South Asia as Chinese rout continues.
- U.S. senators oppose Indonesia FTA that paves way for nickel subsidies — A bipartisan group of senators argued that the country’s mining and refining industry is dominated by companies from China.
- Analysis: The mysteries and dangers that trail Li Keqiang’s death — Xi Jinping’s ‘eternal rival’ was behind this summer’s Beidaihe drama.
- Opinion: Pacific climate change fight is a test for both U.S. and China — Amid battle for influence, island states seek help with global warming threat. By Denghua Zhang.
Bloomberg
- ASML China Export Curbs Came Too Late, Dutch PM Frontrunner Says — The Netherlands should have acted quicker to limit the export of ASML Holding NV’s high-tech chipmaking machines to China, according to Dilan Yesilgoz-Zegerius, the leading candidate in this month’s Dutch elections.
- China Struggles to Convince Li Mourners of Reason for Death — As China prepared to cremate former Premier Li Keqiang on Thursday, skepticism among some residents of his hometown over the official account of his death showed a lack of trust in the ruling Communist Party.
- China Railway to Negotiate Tanzania-Zambia Line Concession — The Chinese government selected a state-owned company to negotiate a concession to operate a line connecting Zambia’s copper-mining heartland with the Tanzanian port of Dar es Salaam.
- China is Awash With Coal as Import Surge Adds to Mining Boom — China is struggling to digest a growing glut of coal, as robust domestic output and soaring imports threaten to overwhelm the coming wave of winter demand.
- Vietnam, Poland, Mexico, Morocco Benefit From US-China Tensions — Vietnam, Poland, Mexico, Morocco and Indonesia are benefiting from the reshuffling of supply chains in response to US-China tensions.
Reuters
- U.S. farm leaders, visiting China, talk up agriculture trade — A delegation from 11 groups is visiting a week after Chinese grain buyers signed non-binding agreements in Iowa to buy billions of dollars worth of produce.
- Climate’s ‘Catch-22’: Cutting pollution heats up the planet — China’s average temperatures have gone up by 0.7 degrees Celsius since 2014, triggering fiercer heatwaves, according to a Reuters review of meteorological data and the scientists interviewed.
Other Publications
- The Economist: China’s economy is a mess. Why aren’t firms going under? — The government’s desire to avoid bankruptcies is another drag on growth.
- AP: Chinese arrivals replace Hong Kong exodus. For them, the city is still freer than the mainland — For mainland Chinese, Hong Kong’s unique attributes — such as wider freedom of speech and internet access, its cosmopolitan ambiance, a less oppressive work culture, and a society where ability largely trumps connections — set it apart.
- POLITICO: Senate Republicans introduce a climate bill — aimed at China — The legislation aims to protect U.S. companies from cheap imports from countries that lack robust greenhouse gas regulations.
- Foreign Affairs: Why China Can’t Break Its Coal Addiction — The CCP Prioritizes Energy Security Over Fighting Climate Change.
- Foreign Policy: China May Soon Hit Peak Coal — In a major turning point for the world, China’s fossil fuel use is projected to decline starting in 2025.
