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
- China Tried Using Economic Ties to Bring Taiwan Closer. It Isn’t Working. — More Taiwanese businesses are pivoting to the U.S. and other markets, reducing the island democracy’s dependence on China and angering Beijing as it sees its economic leverage over Taiwan ebb.
- China’s Best Hope for the Taiwan Presidential Election Just Fell Apart — Opposition parties fail to unify ahead of registration deadline in boon to U.S.-leaning candidate Lai Ching-te, the current favorite.
- China Provides Data to WHO on Wave of Pneumonia Cases Among Children — Release of information comes after unusual public request by U.N. agency.
- Tennessee Zinc Smelter Is at the Center of U.S.-China Trade Fight — Planned expansion aims to prevent shortage of minerals recently restricted for export by Beijing.
- Why Americans Can’t Buy Cheap Chinese Electric Vehicles — U.S. has built a fortress to keep out Chinese EVs as millions sell around the world.
The Financial Times
- Friendly foreign influencers win growing following in China — New report finds social media stars speaking up for Beijing against critical overseas narratives.
- China property: running out of options as fallout spreads to shadow banking — Systemic risks are mounting among non-banking financial bodies that lend to struggling house developers.
- WHO asks China for data on ‘undiagnosed pneumonia’ cases — Health body’s concern reflects heightened vigilance over signs of disease outbreaks since Covid pandemic.
- Chinese shadow bank Zhongzhi faces $36bn shortfall after ‘management ran wild’ — Financial group tells investors it is ‘severely insolvent’ after unexpected death of its founder in 2021.
- Mintz staff stuck in China detention despite warming ties with US — Due diligence group struggling to win release of employees held by Beijing public security bureau since March raid.
The New York Times
- W.H.O. Says China Has Shared Data Indicating No Novel Pathogen — Chinese data suggested the surge was caused by known bacteria and viruses.
- Taiwan Opposition Cracks Apart, and Invites the Cameras In — The split over a proposed joint ticket bolsters the governing party candidate’s chances in the coming presidential election. That won’t please Beijing.
- South Korea Sentences Dissident Who Fled China on a Jet Ski — Kwon Pyong made the 200-mile journey in August in a bid for asylum.
Caixin
- China Vows Crackdown as Child Trafficking Helps Drive Birth Certificate Sales — The National Health Commission (NHC) has sent supervisory teams to provinces including Hubei, Guangdong and Guangxi to “urge and guide local governments to thoroughly investigate” the illegal sale of birth certificates.
- China Adds Six Countries to 15-Day Visa-Free Program — China plans to expand its visa-free program to citizens of France, Germany, Italy, Malaysia, the Netherlands, and Spain on a one-year trial basis beginning December, the foreign ministry said Friday.
- Chinese Carmakers Ship More Workers Abroad for Expansion, White Paper Says — About 70% of more than 20 Chinese carmakers with a presence outside of China are expected to see an uptick in the number of employees sent to work overseas in 2023.
South China Morning Post
- China to allow citizens of 6 nations visa-free entry to country for up to 15 days — Passport holders from France, Germany, Italy, the Netherlands, Spain and Malaysia will benefit from the arrangement for the next 12 months.
- Mainland China plummets in English skills rank, but foreign commerce unlikely to be tongue-tied — In an annual ranking of English skills, mainland China had a precipitous fall, a sign the language is a lower priority among learners as relations with the West worsen and recent reforms limit schoolwork.
- Chinese cities soar in science ranking while US and European rivals drop — Beijing and Shanghai once again rank in top five for high-quality research according to annual Nature Index, while nearly 30 other Chinese cities jump up the list, with up-and-comer Hefei beating London and Los Angeles and Guangzhou surpassing Paris.
Nikkei Asia
- Aero Asia trade show kicks off in China with flying taxis, airplanes — Over 250 exhibitors descend on Zhuhai to show off civilian tech at inaugural event.
- Singapore family office inquiries slow amid money laundering probe — Despite lull, ‘push factors’ still motivate rich Chinese to set up in city-state.
- Opinion: Emissions and power market links can boost China’s green transition — Coordination would help incentivize generation and use of renewable energy. By Yi Chen and Alistair Ritchie
Bloomberg
- Alibaba Starts Its Cloud Arm Overhaul After Nixing Spinoff — Alibaba Group Holding Ltd. is taking the first steps toward revamping its cloud business by overhauling its leadership, aiming to revive growth and ride an AI boom after canceling a much-anticipated spinoff of the $11 billion unit.
- Taiwan Opposition Alliance Collapses, Terry Gou Quits Race — Taiwan’s main opposition parties launched rival bids for the presidency after the dramatic implosion of a potential alliance that aimed to unseat the ruling party and install a China-friendly government.
- Xi Tolerance for Property Pain Nears Limit as Rescue Emerges — China is ramping up pressure on banks to support struggling real estate developers, signaling President Xi Jinping’s tolerance for property sector pain is nearing its limit.
Reuters
- Chasing a different China Dream, young digital nomads head for the hills — As President Xi Jinping tightens his grip on the restricted personal freedoms of Chinese citizens and the economy stutters, exacerbating a youth unemployment crisis, Dali in Yunnan province has become a haven for those seeking to escape the pressure.
- US Navy ‘excited’ by prospect of better communication with China, but says more work needed — The U.S. Navy was “excited” by the prospect of improved operational communications with the Chinese military amid roiling regional tensions, but work was still needed to solidify the next steps, a senior U.S. naval officer said on Friday.
- Exclusive: Nvidia delays launch of new China-focused AI chip -sources — Nvidia has told customers in China it is delaying the launch of a new artificial intelligence chip it designed to comply with U.S. export rules until the first quarter of next year, two sources familiar with the matter said.
Other Publications
- China Media Project: China’s Press Under Xi Jinping Thought — State media coverage of a ceremony yesterday to honor the recipients of China’s most prestigious journalism awards makes clear that the most prized asset in China’s press is control.
- The Economist: A year on from the white-paper protests, China looks much different — A participant considers their impact.
- Associated Press: Slovakia’s government signs a memorandum with China’s Gotion High-Tech to build a car battery plant — The Slovak government signed a memorandum of understanding on Thursday with Chinese electric vehicle battery maker Gotion High-Tech and its local partner, InoBat, to build a car battery plant in Slovakia.
- Washington Post: Russian and Chinese executives discuss Russia-Crimea tunnel project — Russian and Chinese business executives with government ties have held secret discussions on plans to build an underwater tunnel connecting Russia to Crimea in hopes of establishing a transportation route that would be protected from attacks by Ukraine.
- The Guardian: Fresh China questions for Cameron as video shows him praising port project — Former PM seen quoting from Chinese-funded study in support of Sri Lankan development.
