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
- The High Stakes Around the Xi-Biden Meeting in California — The summit is the first time the two leaders will speak since a suspected Chinese spy balloon derailed bilateral rapprochement.
- It’s Too Soon to Bet on China’s Housing Turnaround — Chinese housing stocks jumped after an unconfirmed report of stronger support for the market—and very poor housing data.
- iPhone Maker Braces for China’s Ire Over Founder’s Taiwan Presidential Bid — Foxconn says it has contingency plans for all possible scenarios as Terry Gou secured enough signatures to contest the January poll.
- China’s Central Bank Keeps Key Policy Rates Unchanged — China’s central bank kept its key policy rates unchanged Wednesday while adding more liquidity to the market amid rising demand for cash.
- China’s Retail Spending Picks Up, as Housing Slump Deepens — Consumption is strengthening, but economists called for policy makers to do more to support the momentum.
- Taiwan Opposition Parties Unite Against Presidential Candidate China Sees as Threat — The deal between the main opposition Nationalist Party and third party could reshape Taiwan’s election and complicate Washington’s relations with Beijing.
- Opinion: President Biden’s Trade Gift to China — He’s given up on new digital trade rules with allies in the Pacific. By The Editorial Board.
The Financial Times
- Biden and Xi to meet in effort to stabilise relations — Summit ahead of Apec forum in San Francisco comes amid mounting trade and diplomatic tensions between US and China.
- Cyber attack shines light on role of China’s largest lender in US Treasury market — Disruption caused by hack of ICBC shows how bank has become an important link in $26tn market.
- China’s economy boosted by stronger retail sales and industrial activity — Property sector and fixed-asset investment disappoint as data release points to mixed picture for recovery.
- US federal pension fund to exclude Hong Kong and China investments — FRTIB’s decision to switch benchmark indices comes in response to mounting geopolitical risks.
The New York Times
- Biden’s Goal in Meeting With Xi: Avoid a Spiraling Conflict — Hints of how the two leaders will try to nudge toward agreements on some issues have emerged, even as officials have tried to lower expectations.
- U.S. and China Agree to Displace Fossil Fuels by Ramping Up Renewables — The climate agreement between the two countries is seen as a bright spot as President Biden prepares to meet President Xi Jinping.
- Opinion: A Message for the Aging Men Steering U.S.-China Relations — It is as if conflict between the two countries is something preordained, like an asteroid moving across a fixed path in the sky. But neither the United States nor China is a static entity… By Jacob Dreyer.
- Opinion: Farewell to the U.S.-China Golden Age — The United States and China, the two most powerful nations in the world, are bound to butt heads in this new era and nobody knows how acrimonious it is going to get. By Farah Stockman.
Caixin
- In Depth: Big Tech Is Changing in China, and So Are Its Hiring Plans — The fall hiring season for big Chinese tech companies is a little quieter this year, reflecting slowing growth, corporate restructuring and changing needs.
- China, U.S. Agree to Boost Climate Cooperation Ahead of Leaders’ Meeting — A detailed action plan including holding new talks and policy exchanges was released Tuesday as President Xi Jinping landed in San Francisco for the APEC summit.
- Central Bank Pushes Fintech Companies to Jump Into Credit Rating — China’s jumbled credit rating industry needs to consolidate and expand abroad, the PBOC argues in an opinion article following the Central Financial Work Conference.
- Alibaba Expands in Europe With Investment in B2B Platform Visable — The move is part of the tech giant’s efforts to grow its country- or region-specific business, as some Chinese products lose their edge in price globally.
- Local Hospital Officials Get Prison Time for Selling Birth Certificates — Police investigated reports claiming the institutions were selling birth certificates with falsified personal information, which could be used to conceal the true identities of trafficked children.
South China Morning Post
- China education: systemic weak points could fracture tech ambitions, US commission alleges — Several factors threaten to stall China’s long-term development goals as a result of defects in its education methodology, a US government agency has argued in a high-profile report.
- Chinese law company set to become first to open branch in North Korea — Law firm Jingsh, headquartered in Beijing, will focus on investment services as Pyongyang attempts to revive its struggling economy.
- Chinese tech companies’ frenzy over AI large language models ‘a huge waste of resources’, Baidu CEO says — China needs to develop 1 million artificial intelligence-native applications and less AI large language models, according to Baidu co-founder, chairman and chief executive Robin Li.
- China population: marriages set to end 9-year run of declines in 2023, but demographic issues remain — China recorded 5.69 million marriages in the first three quarters, with the trend set to push the annual total above 7 million and end a run of nine consecutive years of decline.
- China’s national security push aims to put auditors in cross hairs when sensitive data is involved — Accounting firms and auditors look to come under greater scrutiny as Beijing tightens its grip on data security and management, and further industry-specific laws and regulations are expected.
Nikkei Asia
- U.S. defense chief won’t meet Chinese officials in Jakarta — U.S. Secretary of Defense Lloyd Austin will not meet with any Chinese officials on the sidelines of a security conference in Indonesia this week, the Pentagon said on Tuesday.
- DHL bullish on Asian expansion despite supply chain cracks — Global logistics group DHL has opened a $400 million upgrade of its Hong Kong cargo handling hub, at a time when worldwide supply chains are starting to fragment.
- China’s Transsion, world’s No. 5 smartphone maker, keeps ascending — China’s Transsion Holdings, one of the world’s top five smartphone makers, continues to grow globally, with its market share approaching that of major Chinese manufacturer Oppo.
- Opinion: Australia should keep appropriate distance from China — Beijing is still willing to use economic coercion to achieve political goals. By The Nikkei View.
Bloomberg
- COP28: US-China Climate Deal Builds Momentum for Stronger Outcome — The COP28 climate summit in Dubai later this month is perhaps the last chance for the world to change course and start cutting emissions this decade. After months of bumps and hiccups, things may be clicking into place for the meeting to make progress.
- Tencent’s Profit Beat Soothes Fears of China Downturn Fallout — Tencent Holdings Ltd.’s earnings beat estimates after online advertising rebounded, a sign that Chinese consumers are turning to social media and games despite a nationwide downturn.
- China’s New Rich List: 11 Gen-Z and Millennials Set to Inherit $120 Billion — A new wave of Chinese billionaire heirs is stepping up at their families’ companies, preparing to inherit more than $120 billion.
- Opinion: China Summit: Joe Biden and Xi Jinping Must Start Restoring Trust — At Wednesday’s summit, specific deliverables aren’t the point. The US and China need to reestablish a minimum of trust. By The Editorial Board.
- Opinion: Biden Needs to Build a Post-Panda Partnership with Xi — Yes, the US president should make his counterpart feel that China is “accepted” as a major power. But he must explain the responsibilities this entails. By Andreas Kluth.
Reuters
- Biden, Xi to talk fentanyl in city gripped by opioid crisis — While the leaders are unlikely to see the blunt reality of the U.S. opioid crisis as they attend the Asia-Pacific Economic Cooperation (APEC) forum, it will be a topic of discussion when Biden and Xi meet one-on-one on Wednesday.
- BAIC unit applies for approval to build Xiaomi-branded EVs in China — The foray by Xiaomi, best known for making smartphones and appliances, could intensify competition in the world’s largest auto market, where overcapacity and slowing demand have fanned a bruising price war and hit supplier margins.
- Biden, Xi meet as US-China military, economic tensions grind on — Officials on both sides of the Pacific have set expectations low as Biden and Xi are set to discuss Taiwan, the South China Sea, the Israel-Hamas war, Russia’s invasion of Ukraine, North Korea, and human rights.
Other Publications
- Semafor: U.S. and China will likely set up a channel for talks on AI — The talks are expected to take the form of “track 1” or “track 1.5” diplomatic discussions, meaning they would involve some level of official government participation.
- The Guardian: Opinion: In our new world disorder, the old bipolar frames of reference won’t get us anywhere — Now, a country can be aligned with the US on security while cosying up to Russia on energy and China on trade. By Timothy Garton Ash.
- MIT Technology Review: Huawei’s 5G chip breakthrough needs a reality check — A self-made chip puts Huawei back in the smartphone game, but US sanctions are still hurting the company.
- Brookings: India’s economic ties with China: Opportunity or vulnerability? — Today, Indian scrutiny and restrictions on a range of Chinese activities have increased, and geopolitical differences have exacerbated economic friction.
- AP: China’s state media take a new tone toward the US ahead of meeting between their leaders — The messaging follows several years of unprecedented tensions between the two countries over issues including trade and technology, the status of Taiwan and Hong Kong and the origins of COVID-19.
- POLITICO: The Big, Quiet Issue Biden and Xi Are Avoiding — Both countries are beefing up their nuclear arsenals but so far aren’t talking about it.
- Foreign Policy: What America’s Top China Commission Is Worried About — Technology, trade, and Taiwan dominate in a new report to Congress.
