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’s Economy Shows Signs of Losing Further Momentum — Growth in investment and spending in November was weaker than economists expected.
- The Road to China-Free Supply Chains Is Long. Warning: Legless Lizards Ahead. — Companies trying to break the grip on rare-earth magnets—a crucial ingredient in modern technology—are encountering unusual hurdles.
- China Property Stocks Rally as Shanghai, Beijing Invite Home Buyers — The rally comes a day after China’s two biggest cities took measures to spur home buying.
- Hong Kong Issues Bounties for More Exiled Dissidents — Move comes despite international concern over city’s efforts to push national-security crackdown globally.
- The CEO of One of the World’s Top Stock Exchanges Is Headed for the Exit — Nicolas Aguzin, the international financier who has steered Hong Kong’s stock exchange through a difficult period, is departing next May, the exchange’s parent company said Friday.
The Financial Times
- Chinese spies recruited European politician in operation to divide west — Covert officer paid and directed far-right Belgian politician for more than three years.
- China’s industrial production and retail sales jump — Rise from low base fails to dispel doubts about growth in world’s second-biggest economy.
- Regulator reports strong Q3 inflows to Hong Kong-listed ETFs — Mainland China-Hong Kong ETF Connect scheme is enjoying ‘robust growth’, SFC says.
- Hong Kong media mogul Jimmy Lai set for landmark trial — One of Chinese Communist party’s most outspoken critics faces prospect of life in prison.
- UK left vulnerable by government inaction on critical minerals, MPs warn — Britain must reduce dependence on China and follow US and EU with interventionist policies, foreign affairs committee says.
- Country Garden sells Chinese mall stake as developer tackles offshore debt — Property group that defaulted in October says it has also repaid $113mn onshore bond.
The New York Times
- Florida Law Chills Chinese Student Recruitment — A measure identifying seven “countries of concern” has frustrated University of Florida professors, who are unsure whether they can offer research positions to students from China and other nations.
- U.S. Military Returns to the Jungle, Training for Future Threats — Far from the deserts of the Middle East, the Army is instructing troops in Hawaii on the skills needed for a potential clash with China.
- Shein Accused of ‘Mafia-Style’ Tactics by Rival Temu — The two ultrafast-fashion retailers, which both have roots in China, are fierce rivals, offering low-cost items to U.S. consumers.
Caixin
- Q&A: Charles Li Explains His New Loan Model for Small Businesses — Former Hong Kong Stock Exchange chief Charles Li’s Micro Connect is selling a new loan model to small businesses in China.
- Chinese Court Orders Nokia to Accept Lower Royalties on Oppo 5G Phones — A Chinese court has ruled in favor of Oppo Co. Ltd. and ordered Finnish telecom-equipment giant Nokia Oyj to accept lower patent royalties on devices sold by the Chinese smartphone-maker, the latest development in a two-year patent-fee dispute.
- Veteran ICBC Credit Suisse Fund Manager Dies — Du Haitao, a deputy general manager at ICBC Credit Suisse Asset Management Co. Ltd., has died, the company announced Thursday.
South China Morning Post
- How AI is helping Chinese short dramas storm the West — China’s addictive online micro-series industry uses digital tech to repackage home-grown content for the West, but the acting is truly unreal.
- Chinese generative AI to account for a third of industry’s economic value by 2035, Beijing think tank says — A research unit affiliated with China’s industry ministry predicts generative AI in China will produce US$4.2 trillion in economic value in the next 12 years.
- China-US relations: ambassadors celebrating decades-old business council see warmer future between rivals — At 50th anniversary gala of the US-China Business Council, US ambassador to China Nicholas Burns talks of ‘revival of a close coordinated relationship’ between the two nations.
Nikkei Asia
- Evergrande to sell downtown Shanghai JV stake to state bank partner — Deal represents another prime asset disposal for cash-strapped developer.
- Taiwan’s presidential candidates at loggerheads over submarines — Program’s chief dismisses opposition accusations of excessive cost.
- Xi’s unification ambitions loom in Taiwan presidential vote — Island finds itself caught between Chinese and American interests.
Bloomberg
- Hong Kong Exchange CEO Aguzin to Leave Firm; Chan to Succeed — Hong Kong Exchanges & Clearing Ltd. Chief Executive Officer Nicolas Aguzin will leave the company at the end of his three-year contract, and will be succeeded by co-Chief Operating Officer Bonnie Chan.
- Beijing Rules Taiwan’s Ban on Chinese Goods Is Trade Barrier — China determined that Taiwan’s ban on Chinese imports constitutes a trade barrier, with the decision coming a month before the self-governing island holds a critical presidential election.
- China’s Weibo Asks Bloggers to Avoid Badmouthing the Economy — Chinese microblogging site Weibo Corp. is asking some of its users not to post negative content about the economy, a move that underscores concerns about sputtering domestic growth.
Reuters
- Exclusive: China to run budget gap of 3% of GDP in 2024, issue special debt — Chinese leaders agreed at an annual meeting on the economy this week to run a budget deficit of 3% of gross domestic product in 2024, three sources with knowledge of the matter said, while other fiscal support may be covered by off-budget debt.
- China’s weak property sector, retail sales keep stimulus calls alive — China’s property sector worsened in November as negative home buyer sentiment and indebted developers drove down sales and investment, while broader retail sector activity missed forecasts, suggesting more support is needed to shore up demand.
- Rebel fire and China’s ire: Inside Myanmar’s anti-junta offensive — China, a key junta ally that also has close relations with some ethnic Chinese militias in the borderlands, has been riled by Myanmar’s inability to shut down online scam centres along the frontier that have become a scourge across Southeast Asia.
Other Publications
- POLITICO: Belgian far right expels alleged China spy from party — Frank Creyelman is said to have worked for the Chinese spy agency for 3 years.
- CNN: Treasury Secretary Janet Yellen reveals her 2024 US-China gameplan — Treasury Secretary Janet Yellen is on a mission to repair the fragile yet vital relationship between the United States and China. That mission will kick into high gear next year.
- Axios: Congress wants to further limit U.S. investment in China — When the Biden administration recently proposed a ban on outbound investments to China, it focused almost exclusively on private tech deals.
- CNBC: Amazon courts sellers at China summit as Temu and Shein gain momentum — Amazon hosted a summit this week for China-based merchants, who make up a sizable contingent of the company’s third-party marketplace.
