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
- At China’s Great Leadership Gathering, What’s Unsaid Speaks Volumes — Chinese officials shun tough questions at annual meeting of lawmakers as gap between words and economic realities widens.
- Dongfeng Motor Shares Slump After Profit Warning — The company attributed the expected loss partly to weaker performance at its joint venture business.
- Apple to Open New Store in Shanghai Amid Falling iPhone Sales — Shanghai already has the highest number of Apple stores in mainland China.
- CATL Shares Rise After JV News, Morgan Stanley Upgrade — The rally comes as news emerged that CATL is working with Chinese tech company Xiaomi and automaker BAIC on a new factory venture.
- TikTok Crackdown Shifts Into Overdrive, With Sale or Shutdown on Table — Bobby Kotick, former CEO of Activision, has floated idea of buying TikTok to potential partners.
- Chinese Consumer Prices Edge Higher, Breaking a Four-Month Slide — Strong exports and a rare increase in consumer prices offer positive signs, though economists say deflationary pressures haven’t gone away.
The Financial Times
- Geely’s funding hopes clouded by Lotus share price collapse — Sustained fall would raise questions over future ability of ambitious Chinese automaker to tap public markets.
- Ex-workers at Temu owner PDD suffer surveillance and financial ruin over non-competes — Lawyers allege Chinese tech companies abuse laws intended to apply to top executives when they pursue low-level workers leaving for rivals.
- China’s love affair with Apple and Tesla hits rocky patch — Delegates at annual Communist party meeting spurn iPhones for homegrown handsets.
- China’s indebted provinces meet state bankers to discuss debt relief — Local officials petition lenders for refinancing on sidelines of annual political gathering in Beijing.
- ‘No one is number 2’: Xi looms larger than ever over China — Cancellation of premier’s parliamentary press briefing increases leadership opacity amid economic turmoil.
- Beijing’s ‘broker butcher’ sparks state-driven stock rally — Foreign investors remain wary after years-long fall in the Chinese market.
The New York Times
- Xi Sticks to His Vision for China’s Rise Even as Growth Slows — China’s leader, Xi Jinping, believes his vision for technological dominance will keep powering the country’s ascent while the West recedes.
- Three Is Best: How China’s Family Planning Propaganda Has Changed — The government has also been offering financial incentives for couples to have two or three children. But the efforts have not been successful.
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Caixin
- Cover Story: Survival of the Fittest – China’s Captive-Bred Pandas Get New Life in the Wild — Nestled in the heart of central China’s Sichuan province lies a haven for giant pandas, annually drawing millions of tourists from home and abroad all eager to see these beloved creatures.
- In Depth: Chinese Property Giant Vanke Seeks More Time to Repay Debts as Market Slump Lingers — China’s prolonged property slump and continuing squeeze on developers’ finances have led to renewed pressure on state-backed China Vanke Co. Ltd., one of the country’s most financially robust home builders.
- Exclusive: China Expands Support to Resolve Off-the-Books Liabilities For Local Governments — China will help more local authorities restructure their off-the-books liabilities, as part of plans to expand measures aimed at curbing risks in local governments’ hidden debts to cover all provincial-level regions on the mainland, multiple sources with knowledge of the matter told Caixin.
South China Morning Post
- China’s nationalists put water firm Nongfu Spring under fire, dousing private sector’s flickering confidence — Attacks by internet users on China’s biggest water company have prompted concerns over whether other private businesses will come under boycott, hampering growth at a time when the country needs it most.
- Apple supplier Luxshare Precision tries to shake off contract manufacturer tag and become a solutions provider — China’s Luxshare is a key assembler of Apple products including AirPods, the iPhone and Vision Pro.
- Alibaba pushes AI tools to merchants wanting to tap overseas markets, as competition with Temu and Shein heats up — Alibaba’s fresh push of AI tools comes amid increasing competiton among Chinese e-commerce players to woo consumers across the world amid sluggish growth at home.
Nikkei Asia
- China bottled water giant Nongfu Spring under fire from nationalists — Company’s shares plunge amid ‘pro-Japan’ criticism.
- Singapore steps up scrutiny of China wealth after money laundering case — At least two family office applications with mainland ties rejected this year.
- China NPC takeaways: Five ‘no’s’ from the legislative ‘two sessions’ — Premier’s presser nixed amid no signs of shift on economy, security, diplomacy, Xi loyalty.
Bloomberg
- US Will ‘Do Whatever It Takes’ to Curb China Tech, Raimondo Says — The US could further tighten controls on China’s access to sophisticated semiconductor technologies, Commerce Secretary Gina Raimondo said, signaling Washington may intensify its campaign to prevent Beijing catching up in military capabilities.
- China Cements Ruling Party’s Grip on Cabinet With Law Change — The Chinese legislature voted to change a four-decade-old law so it tightens the Communist Party’s grip on the cabinet, underscoring President Xi Jinping’s drive to give the party control over all the main levers of government.
- China Envoy Says Australian Writer Case Doesn’t Augur Worse Ties — Chinese Ambassador Xiao Qian said a suspended death sentence imposed on Australian writer Yang Hengjun represents an “individual case” and doesn’t herald a new deterioration in relations between Beijing and Canberra.
Reuters
- China’s choreographed political meet carries message of control — China’s National People’s Congress has discussed everything from Taiwan to technology, but observers say the key message – both in substance and style – has been clear: more control for President Xi Jinping and a deeper focus on national security.
- Exclusive: Chinese regulators ask large banks to step up support for Vanke — China has asked banks to enhance financing support for state-backed China Vanke and called on creditors to consider private debt maturity extension, in a rare intervention from central government to help an embattled property firm, two sources said.
- China to increase number of response teams for new infectious diseases — China will increase the number of specialised teams tasked with responding to future infectious disease outbreaks by five to 25, its top health official has said.
Other Publications
- Associated Press: US is constantly assessing expansion of chip export controls that can boost China’s military — The United States is constantly assessing the need to expand export controls to stop China from acquiring advanced computer chips and manufacturing equipment that could be used to boost its military, U.S. Commerce Secretary Gina Raimondo said Monday.
- Council on Foreign Relations: China’s Record Manufacturing Surplus — Some still understate China’s dominance of global manufacturing trade – and are misled by the current discourse about “fragmentation.”
- Quartz: A major Chinese crane maker says it’s no security risk to U.S. ports — A congressional probe had found suspicious communications equipment on China-built port cranes.
- Rest of World: Chinese smartphone maker Transsion’s strategy to win hearts and wallets in small-town India — After big successes in Africa, Pakistan, and Bangladesh, China’s Transsion Holdings sets its sights on India.
