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
- Biden, Xi Jinping Dial Back Rancor in Summit to Stabilize Ties — Modest U.S.-China progress is likely to be quickly tested by deep underlying frictions.
- China’s Xi Draws Standing Ovation From U.S. Business Leaders—and Some Doubts — At a dinner with U.S. corporate chiefs, Xi Jinping sought to enlist corporate America’s help in easing bilateral tensions but made no mention of boosting trade or investment.
- Alibaba’s Spinoff Plans Fall to Earth — New York shares of the Chinese e-commerce giant were down premarket after it said it would abandon its cloud segment spinoff plan.
- Opinion: The Biden-Xi Truce of the Moment — The new era of good feelings is less than meets the photo-op. By The Editorial Board.
The Financial Times
- Alibaba ditches plans to spin off cloud business and list supermarket — Chinese ecommerce giant says US export controls have created ‘uncertainties’ for its cloud business
- US business elite welcomes Xi with standing ovation — China’s president projects friendly tone but analysts say increasing scrutiny has rattled foreign groups.
- Biden and Xi agree to resume high-level military communication — US and China pledge co-operation to control drug trafficking and add commercial flights.
- Shanghai manufacturer says US has ‘xenophobic’ view of Chinese investors — Hesai’s claim comes as Biden and Xi meet to ease tensions between the world’s two largest economies.
- US and China agree to boost green energy in climate action ‘gesture’ — Co-operation viewed as positive sign ahead of COP28 despite lack of commitment on phaseout of fossil fuels.
- Opinion: Can China get its economic mojo back? — Beijing’s path back to growth may be a European one. By Martin Sandbu.
- Opinion: The US-China currency wars are in an unstable lull — If Beijing returns to promoting export-led growth, tension over exchange rates may return. By Alan Beattie.
- Opinion: China stocks: panda bearishness should counter any buy signal — No number of cute pandas can offset the asset deflation threatening the property sector. By Lex.
The New York Times
- In Talks With Biden, Xi Defends China’s Rise, While Seeking to Reassure — China’s depiction of Xi Jinping’s U.S. visit reflected his sometimes-contradictory priorities: to project both strength and a willingness to engage with Washington.
- Pandas, Ping-Pong and Profits: Chinese Leader Woos U.S. C.E.O.s — Amid frosty U.S.-China relations, Xi Jinping emphasized friendship in an address to executives from Apple, Boeing, Nike and others.
- Fire at Coal Firm Office in China Kills at Least 26 — The fire, at a coal company’s offices in the province of Shanxi, also left at least 38 people hospitalized, the state-run news media reported. The cause was not immediately clear.
- How China Dominates South China Sea with Its Ships — How China strong-armed its way into dominating the South China Sea.
- Ahead of APEC Summit, Musicians from Philadelphia Orchestra Tour China — The visit, commemorating the 50th anniversary of the orchestra’s pathbreaking 1973 visit to Beijing, drew praise from President Biden and President Xi Jinping of China.
- What a U.S.-China Climate Deal Means for COP28 — It could deliver a jolt of ambition ahead of the global talks.
- U.S. Presses China to Stop Flow of Fentanyl — President Biden put pressure on Xi Jinping to crack down on the Chinese facilities that make chemical compounds used in potent drugs.
Caixin
- Xiaomi Offers First Glimpse of Its Debut EVs — Chinese smartphone maker registers two electric models for assembly at Beijing factory to go on sale in the 2024 first half.
- European Firms Want Clarity on China’s Data Transfer Rules Seen as Raising Costs — A European business group has called on Beijing to clarify cross-border data transfer regulations it considers too vague or too strict.
- Xi Announces More Study Abroad Opportunities for Americans — China will invite 50,000 young Americans to study abroad and participate in exchange programs over the next five years, President Xi Jinping said at a dinner in San Francisco on Wednesday.
South China Morning Post
- Tencent can shoulder latest US tech export restrictions as internet giant has large stockpile of much-coveted Nvidia AI chips — The internet giant was the first to put in orders for Nvidia’s much-coveted H800 chip, which was designed for export to China to comply with earlier US tech restrictions.
- China’s top women’s affairs official vows to promote marriage and family to harness ‘the power of half the sky’ — Shen Yiqin, state councillor and president of the All-China Women’s Federation, says women must contribute to the ‘great cause of national rejuvenation’.
- Mainland China’s business environment for Taiwanese firms has some feeling ‘targeted’ – so why stay? — Many businesses from across the Taiwan Strait are still hoping to cash in on the mainland Chinese market, but red tape and other legal requirements and checks make it a daunting challenge.
- China, South Korea boast new economic exchanges to deepen collaboration in a time of geopolitical strife — US sanctions on China, coupled with the rapid rise of China’s automobile industry, have South Korean authorities seeking new areas to cooperate with their neighbour and occasional rival.
- Chinese tech unicorn 01.AI admits ‘oversight’ in changing name of AI model built on Meta Platforms’ Llama system — The start-up has decided to change the so-called tensor name of its AI model Yi-34B, following an inquiry that later revealed it was developed using the architecture of Meta Platforms’ Llama system.
Nikkei Asia
- Burberry says it may miss 2024 sales goal as China market weakens — Shares tumble as CEO blames overall sluggish luxury retail market.
- China’s banks seen as vulnerable after ransomware attack on ICBC — World’s largest bank by assets remains disconnected from U.S. Treasury market.
- Binance launches Thailand digital asset exchange with Gulf Energy — Crypto giant wins Southeast Asia greenlight amid U.S. legal woes.
- China’s Oppo bets on its Andes GPT model to cash in on AI boom — Artificial intelligence move comes amid broader questions over real-world applications.
- China’s scandal-plagued Super League reboots with crowded stadiums — World Cup qualifiers kick off national team’s quest to make mark on global stage.
Bloomberg
- Musk-Xi Meeting Shows Tight Relationship China Has With Tesla — The cozy relationship between Elon Musk’s Tesla Inc. and China was on display again on Wednesday when President Xi Jinping expressed support for the US carmaker in China and Musk in turn expressed his gratitude for that warm reception.
- China Hawk Mike Gallagher From Wisconsin Aims to Change How Wall Street Invests — Republican lawmaker Mike Gallagher is lobbying for comprehensive bans on key industries, instead of whack-a-mole rules in place now.
- Xi Indicates China Will Once Again Send Pandas to US Zoos — President Xi Jinping indicated that China will renew its “Panda Diplomacy” with the US by once again sending the bears to American zoos, signaling his intent to stabilize relations between the world’s two largest economies.
Reuters
- Philippines rejects China’s call for prior notice on resupply missions in disputed waters — “We are being asked to give prior notification each time we conduct a resupply mission to Ayungin Shoal. We will not do so,” DFA spokesperson Teresita Daza said in a statement.
- Exclusive: Carlyle cuts Asia fundraising target to $6 billion in challenging market — No China-focused buyout fund denominated in U.S. dollars has been raised this year, Preqin data showed, as China’s economic slowdown and Sino-U.S. tensions weighed on investors’ appetite for the world’s second largest economy.
- China’s not-so-special economic zone embodies a harsh new reality — This Shenzhen appendix opened for business more than a decade ago after an initial investment of $45 billion, with state media calling it mainland China’s own Hong Kong.
- Chinese propaganda frames Xi’s US pivot — While key issues like U.S. sanctions on chip exports remain unresolved, Chinese state media is now striking a different tone, focusing on Xi’s smile during past trips to Iowa, fireside chats with its residents, and sharing chocolates with Biden.
Other Publications
- The Economist: Joe Biden’s failures on trade benefit China — A decision by the Biden administration to halt discussions on digital trade has frozen an important part of an already limited agreement.
- The Economist: Joe Biden and Xi Jinping rediscover the joy of talking — Military contacts between America and China resume. Will they last?
- Council on Foreign Relations: Meeting Low Expectations: Analyzing President Biden’s Summit with Chinese President Xi Jinping — President Biden’s meeting with Chinese President Xi was an opportunity to stabilize U.S.-China relations and yielded some important deliverables, but the core nature of the bilateral relationship will continue to be defined by competition.
- Foreign Policy: Taiwan’s Room to Maneuver Shrinks as Biden and Xi Meet — As the latest crisis in the straits wraps up, Taipei is on the back foot.
- Foreign Policy: America Is a Heartbeat Away From a War It Could Lose — Global war is neither a theoretical contingency nor the fever dream of hawks and militarists.
