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
- Bond Trading by China’s PBOC Wouldn’t Be Quantitative Easing, Gov. Says — The People’s Bank of China and the finance ministry are studying ways to include treasury bond trading in its policy tool kit, he said.
- China to Step Up Supervision of Nasdaq-Style Star Market — The regulator also said it will increase support for mergers and acquisitions for companies that are listed on the tech board.
- India Beats China (in Stock Performance) — India’s stock market has boomed while China’s has slumped, and their wide valuation gap seems justified.
The Financial Times
- China’s central bank chief warns of weaker credit growth as property lending declines — ‘Many loans in China are not efficient,’ Pan Gongsheng tells major financial forum.
- Ecuador suspends visa deal with China as migrants surge — South American country has become popular starting point for Chinese people heading to US
- Silicon Valley steps up staff screening over Chinese espionage threat — Google, OpenAI and Sequoia Capital push to improve security practices following high-profile spying cases.
- Chinese copper glut grows in sign of sluggish economy — Stocks in Shanghai warehouses reach highest level since 2020 as manufacturers rein in demand.
- TikTok child privacy complaint referred to US justice department — Federal Trade Commission also investigating Chinese video app over potential breaches of act outlawing ‘unfair practices.’
- Philippines says ‘intentional’ ship ramming by China left sailor badly hurt — Incident is latest confrontation as tension mounts between the two countries over contested waters in the South China Sea.
- Opinion: The EU has a chicken feet problem with China — A transformed trade relationship has left Europe’s farmers vulnerable to retaliation. By Andy Bounds
The New York Times
- Nancy Pelosi Meets With Dalai Lama, Despite China’s Criticism — The former House speaker joined a congressional delegation that met with the Tibetan spiritual leader at his home in India. China calls him a separatist.
Caixin
- In Depth: Alipay and WeChat Pay’s Smaller Peers Struggle Amid New Crackdown — As small nonbank payment service providers (PSPs) struggled to compete with giants Alipay and WeChat Pay, they became heavily dependent on a shady practice known as “code stacking” to bolster their profits.
- KPMG Cuts Hong Kong IPO Forecast by 40% Blaming Fed Rate Cuts Delay — KPMG downgraded its expectations for Hong Kong’s initial public offering (IPO) market this year, citing a global decline in dealmaking.
- Didi Quashes Hong Kong IPO Rumors and Focuses on Core Operations — While several of China’s smaller ride-hailing platforms have filed for initial public offerings in Hong Kong, industry leader Didi Global Inc. has denied rumors about an IPO for next year, saying it has no timetable for an offering and is focusing on its core business of serving passengers, drivers, and partners.
South China Morning Post
- China calls EU tariff hikes ‘protectionism’, urges talks to resolve EV dispute — Extra EU duties on Chinese EVs ‘not conducive to the EU’s green transformation’, Vice-Premier Ding Xuexiang tells climate talks in Brussels.
- China says US tip led to suspect in ‘prime example’ of cooperation amid fentanyl crisis — Man surnamed Tong detained on drugs and money laundering charges; Beijing insists fentanyl crisis is not ‘caused by China’.
- China’s central bank vows supportive monetary policy but dismisses dramatic easing measures — Amid calls for greater economic support, China’s central bank governor says at Lujiazui Forum that the policy toolbox will not include any drastic moves.
Nikkei Asia
- Philippines accuses China of ‘piracy’ in South China Sea — Chinese with ‘bolo, spear, knives’ boarded Manila ship and seized weapons, equipment.
- Risky China stocks slide as market braces for ‘survival of the fittest’ — Regulators gather in Shanghai amid balancing act on raising standards.
- Malaysia asks China to support its bid to join BRICS — Prime Minister Anwar meets Premier Li to discuss economic cooperation.
Bloomberg
- China Is Building Europe Battery Supply in Morocco, VW Unit Says — China is building a battery supply chain for Europe in Morocco, as the continent struggles to develop its own industry to feed electric-car manufacturing, PowerCo’s operations head said.
- China CSRC Unveils Policy Package to Shore Up Star Market — China will work to improve financing for firms on the country’s Star Market and increase support for mergers between companies on the tech-heavy board.
- US Seeks Allies’ Help in Curbing China’s AI Chip Progress — A senior American official is set to visit Japan and the Netherlands to ask the two countries to add fresh restrictions on China’s semiconductor sector, including on its ability to make the high-end memory chips needed for artificial intelligence.
Reuters
- Chinese automakers seek retaliatory tariffs on EU cars, state media reports — Chinese automakers have urged Beijing to hike tariffs on imported European gasoline-powered cars in retaliation for Brussels’ curbs on exports of Chinese-made EVs, the state-backed Global Times newspaper said on Wednesday.
- US pushes Netherlands, Japan to further restrict chipmaking equipment to China — A U.S. official was heading to Japan after meeting with the Dutch government to try to push allies to further restrict China’s ability to produce cutting-edge semiconductors, a person familiar with the matter told Reuters on Tuesday.
- Detroit Three automakers should exit China, leading analyst says — Legacy U.S. automakers such as Ford Motor (F.N) and General Motors (GM.N) should leave the China market to preserve capital amid the costly electric vehicle (EV) transition, a leading auto analyst said on Tuesday.
Other Publications
- Associated Press: Ecuador stops waiving visas for Chinese nationals because of an increase in irregular migration — Ecuador on Tuesday announced the suspension of an agreement with China that had waived visas for Chinese citizens traveling to the South American country, citing a “worrying” increase in irregular migration.
- Washington Post: China cultivated high-rolling crime families before turning on them — A Post investigation found that criminal networks in Myanmar enjoyed the protection of Chinese officials as well as the military government in Myanmar.
- POLITICO: US nuclear power set for a boost as China rises — Nuclear power is one energy source that both Democrats and Republicans support — but in recent decades, planning and building a major reactor in the U.S. has become nearly impossible.
- The Guardian: China has renamed hundreds of Uyghur villages and towns, say human rights groups — Report finds that religious, historical and cultural references have been removed in crackdown by Beijing.
- CNBC: Top BofA auto analyst says Detroit automakers need to exit China as soon as possible — The traditional Detroit automakers – General Motors, Ford Motor and Stellantis should exit the Chinese market “as soon as they possibly can,” Bank of America’s top automotive analyst said Tuesday.
