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
- Don’t Chase China’s FOMO Rally — Chinese stocks have gone from ice-cold to red-hot in a matter of weeks, but it might be driven by momentum rather than enough stimulus to solve China’s economic woes.
- Behind Xi Jinping’s Pivot on Broad China Stimulus — A bevy of bad news prompted action from the leader—but not a full U-turn.
- China Launches Sea and Air Drills Around Taiwan — The one-day military exercises followed a speech from Taiwan’s president that reaffirmed the island’s sovereignty.
- China’s Top Carmaker Dominates Foreign Rivals With $14,000 Plug-In Hybrid — From tariffs to technology restrictions, global challenges are mounting for Chinese carmakers, but BYD has been unstoppable.
- China’s Exports Slow But Continue Run of Growth — The country’s exports grew at a slower pace in September, but extended their growth streak to a sixth consecutive month, driven by Beijing’s efforts to cement its dominance in global manufacturing.
- Asia Watching China’s Policy Push Closely as Economies Brace for Spillover — Asia is scrutinizing China’s unprecedented efforts to keep its economy humming. If Beijing doesn’t succeed, the fallout will ripple across the region, just as economies there get onto firmer ground.
- Scale of Chinese Spying Overwhelms Western Governments — China’s espionage activities, aimed at hurting rivals and bolstering the country’s economy, have Western spy agencies sounding the alarm.
- China Keeps World Guessing on Size of Fiscal Stimulus — Beijing’s finance minister laid out spending plans but left investors hanging on the scale and scope of economic rescue efforts.
- China Says It Has a Big Stimulus Coming—But Still Won’t Say How Big — With few details offered by officials, stock investors are back to where they started the week: in a waiting game.
- China’s September Auto Sales Reverse Five-Month Declines — China’s passenger-vehicle sales rose in September, reversing five months of declines thanks to supportive government policies and improving consumer sentiment.
- Volkswagen Car Deliveries Fall as Industry Challenges Mount — Volkswagen delivered fewer cars in the third quarter as the automaker navigates an increasingly challenging market hit by a price war in China and high domestic production costs.
- Opinion: China Falls Into Its Own Trap — Its economic model is unsustainable, but reform is too risky for the Communist Party. By Walter Russell Mead.
- Opinion: China Is Turning Japanese — The mainland expects a sharp decline in its economic growth. Sound familiar? By Andy Kessler.
The Financial Times
- $1bn US battery plant plan shows race to reduce reliance on China — A new technology eschews graphite, nickel, manganese and cobalt, of which Beijing controls most of the world’s supply.
- Beijing calls for Pakistan to step up security after attacks on Chinese workers — Two killed in latest bombing by ethnic separatists who have targeted Chinese investments.
- ‘800lb gorilla’: luxury brands battle China’s hit grey-market app — Sales of top brands on DeWu make up estimated 70% of country’s grey market as consumers hunt for lower prices.
- Chinese carmakers deny intent to ‘overthrow’ western rivals — In Paris for motor show, companies including Xpeng and GAC pledge long-term commitment to European market in effort to allay concerns.
- China deploys record number of warplanes in drills around Taiwan — Manoeuvres come after Taiwan’s president asserted sovereignty but asked Beijing to co-operate to secure peace.
- Chinese stocks gain after Beijing lays out fiscal plans — Government plans to increase spending to boost world’s second-largest economy.
- Rapid rise of LNG trucking pushes China to peak diesel — Pace of adoption leaves Germany’s Daimler Truck dealing with ‘catastrophic’ sales drop.
- ‘China is not Cuba’s sugar daddy’: ties between communist nations weaken — Havana’s economic collapse is hampering relations with Beijing.
- China deflation pressure mounts as investors seek more stimulus for economy — Markets waiting for detail on how much Beijing is prepared to spend to try to boost growth.
- In charts: Hong Kong’s economy is struggling to recover lost ground — Falling rates and Chinese stimulus offer glimmers of hope but the financial hub’s property, tourism and retail sectors are still suffering.
- China’s Instagram-like Xiaohongshu hits $1bn in quarterly sales — Shanghai-based start-up has been a rare success story in a sector hit by bankruptcies and falling valuations.
- China promises to borrow more to shore up economy and boost banks — No details of amount of fiscal stimulus as Beijing says it will help regions buy back idle land and property.
The New York Times
- The Panda Factories — In the 1990s, China began sending pandas to foreign zoos to be bred, in the hope that future generations could be released into nature. It hasn’t gone as planned.
- China Counts Wild Pandas. Nobody Believes Its Tally. — The panda census methodology is widely seen as flawed, and China keeps the data shrouded in secrecy.
- Killing of Japanese Boy Leaves Chinese Asking: Is This My Country? — Angry at what they view as China’s state-led xenophobia, taught in schools and prevalent online, some people are taking action, even at personal risk.
- China’s Stock Markets Rebound on Promises to Help Businesses — Assurances from government officials on plans to strengthen the private sector offset a lack of specifics about economic stimulus.
- China Holds War Games Encircling Taiwan in Warning to Island’s Leader — Scores of Chinese aircraft and dozens of ships surrounded Taiwan, after President Lai Ching-te rejected Beijing’s claim over the island.
- She Was a Key Aide to Eric Adams. Her Ties to China Ran Deep. — Winnie Greco, a top fund-raiser and senior adviser for Mr. Adams, has long had dealings with people and groups connected to China’s communist regime. He kept her close even so.
- China’s ‘New Great Wall’ Casts a Shadow on Nepal — Nepalis have complained that China’s breaches of the border threaten their land and their way of life.
- China Vows to Unleash More Borrowing to Spur Economy and Strengthen Banks — The finance minister said Beijing would sell bonds to supplement spending and help banks but did not detail how much.
- Opinion: What China’s Leaders Grasp About Another Trump Term — Trump remains well outside a bipartisan consensus on competing with China. By Rush Doshi.
Caixin
- Chinese AI-App Makers Look Overseas for Their Big Break — Fierce competition and strict regulations at home have pushed AI firms to get their start abroad, where customers are more willing to pay.
- China May Add 6 Trillion Yuan in Treasury Bonds to Buttress Economy — The issuances would take place over three years as part of its latest fiscal stimulus measures, sources tell Caixin.
- China Forestry’s Fall Under Corruption Cloud Reveals Weakness in State-Owned System — Rapid expansion concealed fake trades, flawed business strategy and ballooning debt.
- Fugitive Tycoon Behind HHSC’s Shady Fundraising Network Held in Bali — Chinese suspect in financial crime involving 50,000 victims and a loss of $14 billion arrested.
- Virtual Power Plants Turn Energy Savings Into Cash for China’s Industrial Users — VPPs are seen as the future of the energy industry as investors plug into the next potential unicorn.
South China Morning Post
- Russia’s defence chief hails ‘common understanding’ with China — Andrey Belousov met senior commanders and officials in Beijing, where he was told China is ready to deepen and expand military ties.
- Can China find a way around US restrictions on hi-tech computer chips? — As Washington moves to close loopholes, how will Chinese leaders secure access to the technology destined to power the future?
- China is quietly extracting itself from a US helium ‘stranglehold’, experts say — Years of research and development are helping China become less reliant on overseas sources of the valuable noble gas.
- How can China stay on path to prosperity as its demographic dividend ebbs away? — Growing elderly population another conundrum for Chinese policymakers grappling with high youth unemployment and ‘ultra-low’ fertility.
- Opinion: China’s drive for tech self-sufficiency is already paying off — Facing an uncertain future, China’s pivot towards self-reliance and technological innovation will cement its position on the world stage. By Perry Wong and Yeen Chong.
Nikkei Asia
- Tesla teases Cybercab as it seeks game changer against China’s BYD — Unveiling of robotaxi comes amid rising competition with Chinese rival.
- Taiwan’s PSA bets on Japan, Malaysia for more supply chain resilience — Fiercer competition with China inevitable, chairman of component maker says.
- Indonesian battery-material makers navigate China-West EV tensions — Nickel companies also face rise of new technology, seek to improve image.
- China’s ‘hidden’ subsidies fuel export onslaught — Total annual tax refunds to companies rise 400% over 10 years.
- Russia and China ramp up covert meddling in Georgian democracy — Moscow uses threats while Beijing wields economic power to intrude in local affairs.
Bloomberg
- China Moves to Tax the Ultra-Rich for Overseas Investment Gains — The move underscores growing urgency within the government to expand its sources of revenue.
- China Is Playing Catch-Up to Elon Musk in Space — President Xi wants to build China into a “space power.” But SpaceX’s big lead and China’s security concerns could hinder the nation’s private launch startups.
- VW, BMW and Mercedes Are Getting Left in the Dust by China’s EVs — After falling behind on tech trends, German carmakers are scrambling to recover in their biggest and most lucrative market.
- IBM Investigates Allegations of Executive Misconduct in China — IBM is looking into allegations against its China head after a letter circulating online accused the executive of misconduct, including accepting gifts from business partners, the latest upheaval in the US firm’s operations in the Asian country.
- Opinion: China Should Seize Control of the Economic Narrative — Hopes for big fiscal stimulus were far too high. Beijing is discovering that managing expectations is key to successful policy. By Daniel Moss.
Reuters
- Lessons from Iran missile attacks for defending against China’s advanced arsenal — The United States has developed and deployed new weapons in the region this year to counter China, including the AIM-174B air-to-air missile and the ground-based Typhon missile battery in the Philippines.
- HSBC probes China Pinnacle wealth business on costs and control, say sources — Since 2020, the bank has injected $390 million into the two main operating legal entities of Pinnacle in China, a Reuters review of official business registration records shows.
- Inside China’s bid to build sway over global metals pricing — China consumes more than half of global supplies of copper, aluminium and zinc and produces large amounts of these metals.
Other Publications
- Foreign Policy: The People’s Republic of China Turns 75 — Inside Beijing’s efforts to rewrite its history.
- Foreign Affairs: America’s Foreign Policy Inertia — How the Next President Can Make Change in a System Built to Resist It.
- The Economist: China’s yuan is nowhere close to displacing the greenback — The only way the dollar will lose its supreme role is at America’s own hand.
- BBC: Harris or Trump? What Chinese people want from US election — In China, people are following the US election with keen interest and some anxiety. They fear what could happen next at home and abroad, whoever wins the White House.
- CFR: The iPhone, Chinese Customs Data and China’s Balance of Payments Puzzle — China’s main explanation for the $300 billion plus gap between its customs surplus and its goods surplus in the balance of payments is the Apple iPhone.
