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
- Boeing 737 MAX Makes First Commercial Flight in Chinese Skies Since 2019 — While China’s airlines haven’t resumed using the plane, one of the jetliners operated by a Mongolian airline landed in Guangzhou.
- Shares of Taiwanese Chip Giants Fall After U.S. Export Curbs — Taiwan Semiconductor Manufacturing Co., the world’s largest contract chip maker, tumbled 8.3% to its lowest close in more than two years.
The Financial Times
- China property crisis spoils Communist party’s moment of triumph — Officials take cautious approach to tackling overleveraged sector that threatens economic growth.
- The real reasons why Western companies chase Chinese sales — Things are seldom what they seem.
The New York Times
- One Nation Under Xi: How China’s Leader Is Remaking Its Identity — The leader’s nationalist effort to meld ethnic groups, an agenda increasingly central to his rule, is seen as a bulwark against internal divisions and threats from the West.
- India and China Call for De-Escalation After Russian Strikes — Two key trading partners of Russia renewed calls for an end to the fighting, though they again did not directly criticize Moscow’s war.
- British Official Stresses Threat From China Even Amid Russian Aggression — A top British intelligence official will warn in a speech on Tuesday that while Russia’s aggression has created an urgent threat, China’s expanding use of technology to control dissent and its growing ability to attack satellite systems, control digital currencies and track individuals pose far deeper challenges for the West.
Caixin
- Chinese Online Recruiter Sets Hong Kong Dual Listing in Motion — Nasdaq-listed Kanzhun has joined a chorus of U.S.-listed Chinese firms floating in Hong Kong to hedge against the risk of delisting amid a China-U.S. regulatory standoff.
- In Depth: How the Collapse of China’s Housekeeping Platforms Hurt Workers — Failures following costly, rapid expansion of ill-managed businesses left poor women from rural areas holding the bag, in addition to clients and investors.
South China Morning Post
- Chinese Vice-President Wang Qishan heads to Kazakhstan, and may miss party congress — Wang will lead a delegation to Astana to attend CICA summit on two-day trip, foreign ministry says. Covid-19 rules could mean he will be absent from key political gathering in Beijing.
- Hong Kong will not implement US sanctions, says John Lee having ‘laughed off’ similar measures taken against himself — Chief executive says financial centre will handle overseas capital according to law, when asked if Russian funds are welcome.
- Ant Group’s Alipay+ payment service expands in Japan as tourism reopens through partnership with Universal Studios park — The partnership will allow the theme park to accept payments via e-wallets from China, Singapore, South Korea, the Philippines, Malaysia and Thailand.
Nikkei Asia
- China’s ‘sea turtle’ tech executives stranded by U.S. crackdown — Chinese Americans at top chipmakers snared by U.S. new export ban.
- Australia sees ‘no prospect’ of China being accepted into CPTPP — Trade Minister Don Farrell ‘open to dialogue and engagement’ with Beijing.
- Hard sell: Hong Kong polishes image tarnished by security law, COVID — Emissaries go abroad to tell ‘good story,’ win back business and investment.
Bloomberg
- Scholz to Visit China Next Month Amid Unease Over Russian Ties — German Chancellor Olaf Scholz plans to travel to China around November 3-4 in a delicate balancing act to discuss business interests and human rights violations, people familiar with the matter said.
- China’s Main Steel Hub Orders Cuts to Ensure Blue Skies for Party Congress — Steel mills in China’s top producing province of Hebei have been ordered to limit output, in a bid to ensure blue skies for the once-every-five-year Communist Party Congress that starts in Beijing later this month, according to local media.
- Xi Wants China’s GDP to Grow Above 5%, Here Is What He Can Do to Boost Economy — Bloomberg Economics sees four long-term growth scenarios with different implications for the world.
Reuters
- Fear driving China’s tech manipulation poses threat to all – UK spy chief — China is using its financial and scientific muscle to manipulate technologies in a manner that risks global security, Britain’s top cyber spy will say on Tuesday, warning that Beijing’s actions could represent “a huge threat to us all.”
- Exclusive: KLA to stop sales and service to China to comply with U.S. export curbs — U.S. chip toolmaker KLA Corp will cease offering some supplies and services from Wednesday to China-based customers including South Korea’s SK Hynix in compliance with recent U.S. regulations, a source familiar with the situation said on Tuesday.
- Opinion: U.S. high-tech chip curb risks lower-tech blowback — Yet this need not be the end of the $23 billion SMIC and its compatriots. In fact, most are quietly thriving by churning out low-tech chips that are seen as less politically sensitive.
Other Publications
- Foreign Affairs: The Coming Chinese Weapons Boom — Beijing is Poised to Dominate the Low End of the Arms Market.
- Rest of World: How to beat the censors and say what you want on Chinese social media — Weibo wants to clean up the vast vocabulary of Chinese internet slang.
- Grid News: China’s economic slowdown is impacting the rest of the world. Which countries will be winners and losers? — China’s troubles aren’t going away. The ripple effects will hurt different countries in different ways.
- ProPublica: How a Chinese American Gangster Transformed Money Laundering for Drug Cartels — Xizhi Li pioneered a new method that enriched Latin American drug lords and China’s elite. A DEA investigation found the Chinese government may have been involved.
