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
- Nvidia’s $5 Billion of China Orders in Limbo After Latest U.S. Curbs — The tech company had been pushing to make chip shipments for next year before new restrictions came into effect.
- The Latest Tech Caught in the U.S.-China Trade War: Lasers — Chinese lidar maker Hesai is fighting concerns about the technology that is crucial for next-generation vehicles and weapons.
- Apple’s Dark Cloud Might Linger — Worries about China and the future of a lucrative Google relationship could outlast even a strong earnings report.
- U.S. and China Are Smoothing Ties—but Military Frictions Still Chafe — The discord occupied center stage at a security conference in Beijing, where a top Chinese general took veiled swipes at Washington’s foreign policy and military posture.
- China’s Economy Shows Fresh Signs of Slowing — Surveys of factory orders and construction activity renewed concerns about the country’s growth.
The Financial Times
- ‘Other leaders are corrupt’: Li Keqiang mourning poses challenge for Beijing — Death of former premier largely sidelined by Xi Jinping creates a sensitive moment for China’s Communist party.
- China leads record central bank gold buying in first nine months of year — Central banks in emerging markets look to reduce reliance on US dollar for reserves holdings.
- China’s factory activity contracts in blow to economic momentum — Stronger growth figures for third quarter had buoyed hopes that recovery was turning a corner.
- Opinion: Huawei’s new phone ratchets up rivalry with US and Apple — Flagship Mate 60 Pro has been a hit in China but taking on the iPhone will come at a political cost. By June Yoon.
Caixin
- In Depth: The Opportunities and Roadblocks Facing China’s AI Models — Since Beijing lifted the floodgates for Chinese firms to launch their artificial intelligence (AI) services, the momentum for homegrown large language models (LLMs) offerings has accelerated.
- China’s Banks Gear Up to Expand Private Pensions Trial — Lenders including ICBC and Huaxia Bank, have launched services for customers outside the three dozen pilot areas.
- Neta Auto Follows BYD, Geely in Rush to Sell Electric Vehicles in UAE — The EV brand of Hozon New Energy Auto has partnered with UAE car dealer EIH Automotive & Trading to bring its flagship models to the major importer of Chinese cars.
- Shein Acquires British Fashion Brand Missguided — Chinese-based fast-fashion retailer Shein bids for faster growth with purchase of British online brand.
South China Morning Post
- Alibaba’s cloud unit now serves 80 per cent of Chinese tech companies and half of country’s AI language model firms, group chairman Joe Tsai says — Alibaba co-founder and chairman Joe Tsai says the company’s cloud unit aims to be the most open ‘in the era of AI’.
- Beijing’s top spy agency cracks down on illegal foreign weather stations amid push to stop data leaving China — Ministry investigates over 3,000 overseas-related meteorological stations, saying they pose risks and threats to national security.
- Opinion: On marriage and babies, maybe China should listen to its citizens — In a national push, local governments in China have been roped in to promote marriage and childbirth as a social and economic duty. By Lijia Zhang.
Nikkei Asia
- U.S. and Chinese defense officials meet at Beijing forum — Top China general says Beijing wants ‘mutual respect’ and ‘peaceful coexistence’.
- Opinion: China-U.S. tech rivalry is making it harder to contain AI risks — Too little attention being paid to heading off potential catastrophe. By Angela Huyue Zhang.
Bloomberg
- Tencent, Kuaishou Demand Real Names in China Internet Tightening — China’s largest social media players from Tencent Holdings Ltd. to ByteDance Ltd. have asked their most popular influencers to display their actual identities, a major shift that tightens Beijing’s grip over the world’s largest internet arena.
- African Lithium Project Boosts US Drive to Close EV Gap on China — Africa’s first major lithium project without Chinese funding is set to bolster US ambitions of developing its own battery-making industry.
- Economists Stick to 2024 China Outlook While Assessing Stimulus — China’s recent stimulus boost stoked some optimism about the economy’s recovery in the coming quarters, but economists are keeping their 2024 growth forecasts steady for now to assess how the measures will play out.
- Opinion: How Xi Jinping Led China’s Economy Astray — It’s impossible to measure the Chinese leader’s popularity, but slumping property prices and high youth unemployment are enough to make many unhappy. By Shuli Ren and Elaine He.
Reuters
- China cooperating in Balticconnector investigation, Finland says — Finnish police leading the criminal investigation have named the NewNew Polar Bear container carrier as the prime suspect in damaging the gas pipeline early on Oct. 8.
- Exclusive: China’s CNOOC, two chemical firms looking at Shell Singapore assets – sources — A buyer of Shell’s assets on Bukom and Jurong islands would gain a foothold in Asia’s main oil trading hub but would also face competition from newer refineries elsewhere.
- Alibaba banks on aggressive Singles Day pricing to recoup sales mojo — Sources, who help dozens of brands operate their stores on Alibaba’s platforms, said they were told to offer the best price of the year or risk losing the traffic and support given to event participants.
- China’s semiconductor state fund invests $2 billion in memory chip firm — The deal saw China Integrated Circuit Industry Investment Fund, also known as the “Big Fund”, contribute to 33.15% of the total registered capital of Changxin Xinqiao.
- Exclusive: China snaps up Australian, French wheat as crop damage spurs buying spree — The world’s biggest wheat producer and consumer, China bought around two million metric tons of new-crop Australian wheat in October, for shipments starting in December, trading sources told Reuters.
Other Publications
- Foreign Policy: Are Chinese Battery Companies the Next Huawei? — Electric cars, charging networks, and batteries made in China come with critical security threats.
- AP: China’s declining aid to Pacific islands increasingly goes to allies, think tank reports — Chinese overall economic influence among the 14 aid-dependent island nations in the region is losing ground because of better loan deals being offered by U.S. allies.
- The Economist: What a third world war would mean for investors — Global conflicts have a habit of sneaking up on money-managers.
- The Guardian: China’s billionaires looking to move their cash, and themselves, out — Crackdowns on financiers, roiling political climate and slowing economy under Xi Jinping has many seeking exit plans.
