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
- Porsche Bruised by Tough Chinese Market, High Supplier Costs — Porsche profits suffered in the first half of the year as sales and deliveries dropped, weighed by a soft performance in China and the high costs of supplies and new-car launches.
- China’s Malaise Spreads to Luxury Industry — LVMH and other luxury-goods labels report slowing sales as Chinese consumers rein in spending.
The Financial Times
- The flashpoints that threaten a détente between China and the Philippines — Manila fears control of Sabina Shoal could help Beijing enforce territorial claims over disputed region.
The New York Times
- Rival Palestinian Factions Project Unity, but Deep Divisions Remain — In a move brokered by China, Fatah and Hamas endorsed a unified government for the West Bank and Gaza, but Palestinians are skeptical that the two parties can put aside their differences.
Caixin
- Shanghai Financial Court Explains its Key Role on STAR Market Anniversary — Court releases details of five cases highlighting its responsibility in ensuring a fair and efficient market.
- Electric Cars Are Draining the Batteries of China’s Insurers — Insuring EVs is costing money, as strict rules mean it’s difficult to hike premiums to a profitable level — for now at least.
- Home Appliance Giant Midea Takes a Step Closer to Hong Kong IPO — The home appliance giant has 12 months to complete the listing before it will have to update its registration with China’s securities regulator.
South China Morning Post
- Ukraine’s FM signals readiness to resume negotiations with Russia during China visit — In meeting with his Chinese counterpart, Foreign Minister Dmytro Kuleba says Ukraine values Beijing’s efforts, and ‘rational, meaningful’ talks must be aimed at lasting peace.
- China’s third plenum shows it is ‘not in the mood’ to slow down on nuclear arms — Analysts expect speedy boost to ‘quality and quantity’ of China’s nuclear arsenal, as Russian stand shows power of ‘strategic deterrence’.
- Chinese-born scientist in US tells of ‘fear and desperation’ from Trump-era convictions — University of Kansas academic Franklin Tao speaks of charges amid China Initiative, ‘losing almost everything’ and bittersweet victory.
- ‘In China for China’: German firms buck trend, bring best tech and products to compete — With fewer options amid geopolitical strife and supply-chain disruptions, capitalising on China’s massive market requires a more inward-facing plan for foreign firms.
- Opinion: Why Chinese consumption cannot completely be blamed for global imbalances — China’s actual household consumption is much higher when properly adjusted for social transfers, purchasing power and housing expenditure. By Gene Ma and Yu Yongding.
Nikkei Asia
- China companies supply Belarus defense contractor with Russia ties — China insists that it does not provide weapons support for the Russian war effort in Ukraine, but the records indicate that Chinese companies may be knowingly contributing to Russia’s arms supply.
- Canada wants to ‘challenge, cooperate’ with China, top diplomat says — Canada seeks a “pragmatic” approach to diplomacy with China while also prioritizing partnerships with Japan and South Korea, Foreign Minister Melanie Joly told Nikkei.
- China’s desire for growth revealed in word count of economic road map — A close look at the economic policy blueprint released by the Chinese Communist Party this week reveals the premium the leaders have placed on steering the country toward growth.
- China’s rare earth rule to speed supply chain shifts — Tighter regulation of its rare-earths industry is likely to accelerate global efforts to diversify the supply of these critical materials away from China, according to European chemical supplier Solvay.
- GIC shifts to ‘niche’ real estate deals in China amid oversupply — Singapore’s sovereign wealth fund GIC is shifting the focus of its investment team in China to look for newer “niche opportunities,” a senior executive told Nikkei Asia.
Bloomberg
- China’s Proposal to Raise Retirement Age Sparks Worker Unease — The Communist Party’s pledge to gradually increase the retirement age has renewed unease in China, where people’s livelihoods are already challenged by a sluggish job market, persistent hiring discrimination and evolving technologies.
- Malaysia Reviews Dumping Laws as Cheap China Goods Spark Concern — Malaysia’s Trade Ministry is reviewing its anti-dumping legislation and plans to present it to parliament next year, joining Indonesia in heeding concerns about cheap Chinese products hurting local businesses.
- Chinese Carmakers Push Back Against Tariffs in New EU Hearings — The three Chinese automakers singled out by the European Union in its anti-subsidy probe have sought and received additional hearings with regulators from the bloc as Beijing and Brussels continue to negotiate ahead of a November deadline to finalize the tariffs.
- Opinion: What’s Wrong About ‘Chat XiPT’ Is Bigger Than China — Instead of trying to infuse values into large language models, we should remember that the machines aren’t human. By Catherine Thorbecke.
- Opinion: Xi Is No Fan of Bankers. He’s Got Reasons — Just like in the West, executive pay and the role of finance in exacerbating inequality are worrying China’s political elite. By Shuli Ren.
Reuters
- China details expanded law on state secrets, eyeing data security — The State Council, or cabinet, issued regulations on Monday for implementing the law, a set of working-level procedures that take effect from September, with a sharper focus on data security.
- Nvidia clears Samsung’s HBM3 chips for use in China-market processor — Samsung’s HBM3 chips will, for now, only be used in a less sophisticated Nvidia graphics processing unit (GPU), the H20, which has been developed for the Chinese market in compliance with U.S. export controls.
- China to challenge U.S. for gold medal bragging rights amid doping row — China’s Olympic ambitions, however, have been overshadowed by a doping row that implicated 23 of its swimmers, many of whom are competing in Paris.
Other Publications
- Foreign Policy: China’s Leaders Just Held a Third Plenum. So What? — How to decode the esoterica of Chinese political meetings.
- Foreign Affairs: The Limits of the China Chip Ban — Washington’s Export Controls Could End Up Helping Beijing.
- AP: Chinese officials warn of risks from higher US tariffs, urge US business leaders to help mend ties — Both the U.S. and China have cited national security concerns in imposing restrictions on trade and investment, and American businesses have at times been caught in the middle.
- The Economist: Why is Xi Jinping building secret commodity stockpiles? — Vast new holdings of grain, natural gas and oil suggest trouble ahead.
- The Economist: The cruise that will get you chased by the Chinese coastguard — China is bullying its rivals in the South China Sea. For some tourists, that makes it a perfect holiday destination.
- Brookings: Comparing global views of the United States and China during the Trump and Biden administrations — With the outbreak of the wars in Ukraine and in Israel and Gaza and concerns about U.S.-China competition, global views of U.S. leadership have dimmed.
- MIT Technology Review: Why Chinese companies are betting on open-source AI — For Alibaba and several Chinese AI startups, open-source AI presents an opportunity for faster commercialization and global recognition.
