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
- China’s Ex-Foreign Minister Ousted After Alleged Affair, Senior Officials Told — Qin Gang remains under investigation for possible national security violations, according to people familiar with the matter.
- Lawmakers Request Details of Chinese Nationals at Sensitive U.S. Facilities — Two congressional panels are asking the Biden administration for reports of 100 alleged surveillance incidents.
- The Yuan and Yen Need the Fed’s Help. They Might Not Get It. — Being a loose monetary policy outlier is an uncomfortable place to be these days.
- American Business Confidence in China Slumps to Lowest in Decades — Geopolitical tensions and deteriorating environment cited as reasons for slide in profitability and optimism.
- Hypersonic Missiles Are Game-Changers, and America Doesn’t Have Them — The U.S. military is pouring resources into the superfast weapons but has struggled to develop them. China and Russia are far ahead.
- Opinion: The CIA Politicizes Intelligence on China and Covid — A whistleblower says that analysts who favored the lab-leak theory were paid to change positions. By John Ratcliffe and Cliff Sims.
The Financial Times
- German carmakers in the line of fire of possible EU-China trade war — Resentment is brewing that Brussels’ subsidies probe against Beijing benefits French rivals.
- German companies must cut exposure to China, warns Bundesbank — Central bank says operations susceptible to trade disruption as foreign minister backs Brussels’ electric vehicle probe.
- China probe row adds to EU’s Green Deal woes — Diplomats warn against provoking Beijing to avoid further delaying bloc’s climate ambitions.
- ‘Enfeebled’ UN fights for relevance in divided world — A cold war-style stalemate over Ukraine and Sino-American tensions have left the Security Council at a low ebb.
- Opinion: We shouldn’t call ‘peak China’ just yet — Yes, there are deep structural problems in the economy, but this is also a country with significant strengths. By Martin Wolf.
The New York Times
- Burner Laptops and Smaller Profits: Firms Portray Their China Challenges — Business groups chronicle the difficult environment inside China for U.S. and European companies navigating confusing regulations and an intensified security focus.
Caixin
- China Expands Use of Digital Yuan to Covering Utility Bills — Central bank adds payment of water, gas, electricity, heating and phone bills to its e-CNY mobile wallet app.
- AI Startup 4Paradigm Aims to Raise $113 Million in Hong Kong IPO — Long-awaited share sale values the Beijing-based company at $3.3 billion to $3.6 billion with stock to begin trading Sept. 28.
- Policies to Take Pressure Off Students in Compulsory Education Backfire, Study Shows — Various government measures have made it harder for children from low-income families to get into high school.
- Battery-Maker Gotion Switches On Germany Factory — The Chinese firm’s Göttingen-based plant expects to begin delivering battery packs for vehicles and energy storage systems in October.
South China Morning Post
- Ant Group’s Alipay+ expands support for e-wallet and payment apps from Singapore, South Korea and Thailand to help more foreign tourists in China pay for goods and services — The 10 Asian digital payment services now supported by Ant’s ‘Alipay+-in-China’ programme cover a total population of more than 175 million in Southeast and East Asia.
- EU chamber in China looks to ‘move the needle’, but is Beijing’s self-reliance push getting in the way? — The EU Chamber of Commerce has, in its annual position paper, compiled a list of suggestions for Beijing to restore trust and bring constituent firms back into the fold.
- China launches ‘Kuafu’ nuclear fusion research facility, named after mythical giant, in quest to build ‘artificial sun’ — The complex, officially known as CRAFT, will feature doughnut-shaped vacuum chamber and massive superconducting magnet for fusion experiments, according to Xinhua report.
Nikkei Asia
- Taiwan submarine dream surfaces as China tensions rise — Taipei to unveil island-made sub despite years of Beijing pressure on suppliers.
- ASEAN troops launch maritime drills amid South China Sea tension — First-ever joint military exercises underscore bloc’s unity over disputed waters.
- China real estate will pull out of slump in 2024-25: economist — Economy needs 3 years, more fiscal spending to recover, think tank researcher says.
- Opinion: BRICS+ will benefit from opening way to free movement of workers — Member states can better absorb technology with infusions of human capital. By Natasha Agarwal.
Bloomberg
- Chinese Investors Find Silver Lining in a Niche Commodity — A glassmaking ingredient is a reminder that the country’s speculators are alive and well.
- China Outbound Travel May Take Another Year to Fully Recover — The world’s tourist hotspots may need to wait another year before Chinese visitors return in any great numbers, the World Travel & Tourism Council predicts, with difficulties in getting visas and passports one key bottleneck.
- Macau Casinos May See Further Lift From Golden Week Rush — A sharp increase in the number of visitors to Macau has led to an upgrade in analysts’ earnings outlook for casinos, even as the prospect for the broader Chinese market remains tepid.
- Western Firms in China Are Historically Glum About Outlook — Western firms in China are the gloomiest they’ve been about the outlook for business and want Beijing to do more to reassure foreign investors as geopolitical tensions and economic woes dent sentiment.
Reuters
- Sunac, Country Garden debt deals bring respite for China’s property sector — Shares in Sunac China Holdings surged as much as 14% early on Tuesday after creditors approved its $9 billion offshore debt restructuring plan.
- Fewer ‘I dos’ ruin the party for China’s $500 billion wedding industry — There were 6.8 million marriages across China last year, 800,000 fewer than in 2021 and the lowest since the government began publishing the data in 1986.
- China asks consulates in Hong Kong to give details on local staff — China’s foreign ministry in Hong Kong said it has asked consulates in the financial hub to provide job titles, home addresses and identification details of all locally employed staff.
Other Publications
- Foreign Policy: China’s Tech Industry Shows It Still Means Business — Recent strides in chipmaking and artificial intelligence show Beijing’s post-export control world taking shape.
- Foreign Policy: America Can’t Stop China’s Rise — And it should stop trying.
- Foreign Affairs: China’s Language Police — Why Beijing Seeks to Extend the Hegemony of Mandarin.
- The Washington Post: EV makers’ use of Chinese suppliers raises concerns about forced labor — U.S. law barring parts and products from the Xinjiang region poses a challenge for Tesla and other auto companies.
- MIT Technology Review: Deepfakes of Chinese influencers are livestreaming 24/7 — With just a few minutes of sample video and $1,000, brands never have to stop selling their products.
- The Guardian: Where is Li Shangfu? China’s missing defence minister highlights Xi’s total grip on power — China’s latest missing minister underscores the move to centralised rule, and how questioning Xi’s judgement has become increasingly dangerous.
