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
- Europe to Ramp Up Lithium Mining to Cut China’s Market Grip — A fleet of new lithium mines are set to open across Europe in the next few years as the European Union pushes to increase supply of the metal deemed vital for the energy transition in a bid to combat China’s grip on the market.
- China’s Central Bank Sees Room to Lower Banks’ Reserve-Requirement Ratio — A People’s Bank of China official raised the possibility of further relaxing the amount of reserves banks are required to hold but signaled that no aggressive monetary easing is in the pipeline.
- Canada Reviewing Request to Sanction Hikvision, Other Chinese Surveillance Companies — The country said it is looking into an application to impose sanctions on the companies and potentially seize their assets over alleged human-rights violations.
- How a New York State Aide Moved in China’s Corridors of Power — Linda Sun’s insider status is the focus of a U.S. indictment that alleges she acted on orders from Beijing.
- America’s Space Force Is Preparing for the Risk of War — A military branch established by Trump emerges from the shadows as China and Russia build arsenals of weapons that could target American military and civilian satellites.
- China Shores Up Ties With Africa Despite Slowing Economy and Friction Over Debt — Chinese leader Xi Jinping is using a summit with African leaders to solidify political and economic ties with the continent.
- Opinion: The Chinese Agent Inside Albany — A former state aide faces charges of covert efforts on Beijing’s behalf. By The Editorial Board.
The Financial Times
- AstraZeneca says ‘small number’ of employees under investigation in China — Police reportedly probing five current and former employees over infringement of data privacy laws.
- Yet more fantastical goings-on in Nasdaq-listed Chinese micro-caps — Baiyu Holdings takes a well-timed tumble.
- China’s new back doors into western markets — In the second part of a series on economic nationalism, we look at where Chinese companies are setting up shop to get around tariffs and barriers.
- China’s Xi courts African leaders to ward off geopolitical rivals — Debt woes, trade imbalances and weakening domestic economy cloud Beijing summit with 50 African countries.
- Chinese banks’ loss-absorbing bonds may never be bailed in, say analysts — Investors and rating agencies expect Beijing to provide support rather than let senior bonds be written down.
- Opinion: Why the US can’t launch a green Marshall Plan — America’s lagging technology and protectionist trade policy hamper its global leadership. By Alan Beattie.
- Opinion: A ramp-up in nuclear weapons is not always a bad thing — US expansion could play an important role in bringing China and Russia back to the negotiating table. By Rose Gottemoeller.
The New York Times
- Typhoon Yagi Nears Southern China With Heavy Rain and Strong Winds — The storm has killed at least 13 people in the Philippines and is forecast to be the strongest to hit Hainan Province in a decade.
- China Woos Africa, Casting Itself as Global South’s Defender — More than 50 African leaders have gathered in Beijing for a summit aimed at projecting the influence of China’s leader, Xi Jinping, in the developing world.
Caixin
- One in Five Chinese Is Now Elderly, Official Data Shows — Nearly 300 million citizens were 60 or older at the end of 2023, up from 280 million the year before.
- Prolonged Price Slide Punishes China’s Lithium Hub — A supply glut of the key electric-vehicle (EV) battery material sent prices tumbling, hitting Yichun and its core industry hard.
South China Morning Post
- Midea to raise US$3 billion as ‘White Goods’ giant eyes Hong Kong’s biggest IPO since 2021 — The world’s biggest home appliance maker is likely to start the book building process as early as Monday, according to a source.
- Fintech giant Ant Group spins out AI service into a personal assistant app in China — Zhixiaobao, a play on the Chinese name for Alipay, helps users with daily tasks such as ordering meals or hailing taxis through text or voice prompts.
- Who are the China-linked scientists under US investigation? A growing list — The targeting of scientists in the United States for suspected Chinese ties reached a peak in 2018 and continues to affect a very altered research environment.
- Tencent counts on AI boom, video gaming power to lift cloud business overseas — The tech giant sees growing demand from both Chinese and foreign clients to use its services abroad, Tencent Cloud CEO Dowson Tong says.
- China’s robotics future is fast approaching — The rapid advancement of robotics is bringing exciting possibilities but has also raised significant ethical and safety concerns.
Nikkei Asia
- Analysis: General’s smile hints at changes in China power balance — Top military brass return to forefront of diplomacy with U.S.
- China’s once-acquisitive Fosun unloads Thomas Cook after 5 years — Sale of travel brand continues downsizing effort as debt burden rises, profits drop.
- Kiribati ex-leader calls on Pacific to confront assertive China — Anote Tong says recent PIF controversy holds lessons for how to deal with Beijing.
- Europe reliant on Chinese drugs after local products priced out — EU wants to wrest control back from Chinese producers but no clear path ahead.
- IKEA to launch 500 new low-priced products in China over next year — Young consumers tighten purse strings as the economy struggles.
Bloomberg
- Chinese Oil Operator Mulls Alternative Pipeline With South Sudan — South Sudan and China National Petroleum Corp. are considering establishing a substitute crude pipeline as over-reliance on the existing conduit curtails exports.
- India, Singapore Ink Chip Deal as Modi Pushes Tech Ambition — India and Singapore agreed to ramp up collaboration in semiconductors and digital technologies, seeking a bigger role in a global chip supply chain being reshaped by tensions between the US and China.
- PwC Resigns as Country Garden’s Auditor Amid Regulatory Probes — PricewaterhouseCoopers LLP resigned as auditor for defaulted developer Country Garden Holdings Co., as both firms navigate challenges to keep operations afloat in China.
- Ex-Treasury Chief Rubin Sees ‘Danger’ of US Overreach on China — US politicians should be careful not to go too far with trade restrictions and tariffs on China while trying to safeguard national security, according to former Treasury Secretary Robert Rubin.
- Opinion: Harris Doesn’t Have Much to Say About China. That’s Good — Staking out a dramatically different position from the administration’s would be hard and politically unprofitable. Silence is smart. By Minxin Pei.
Reuters
- West plugs defences as China cranks up aluminium output — Western countries have repeatedly accused China of unfairly subsidising its aluminium and steel sectors, claiming the country’s excess capacity is swamping global markets.
- BYD’s global expansion push runs into stiff Japan test — Some Japanese are wary of buying big-ticket Chinese products due to quality concerns. Asia’s two largest economies also share a complicated wartime history and years of political tension.
Other Publications
- CFR: Getting Economic Security Right — National security policymakers are understandably worried about economic risks, but they shouldn’t lose sight of other national interests.
- Foreign Affairs: China’s Double Threat to Europe — How Beijing’s Support for Moscow and Quest for EV Dominance Undermine European Security.
- AP: For many investors and intellectuals leaving China, it’s Japan — not the US — that’s the bigger draw — Li sees parallels to about a century ago, when Chinese intellectuals such as Sun Yat-sen, the founding father of modern China, moved to Japan to study how the country modernized so quickly.
- The Economist: Bad information is a grave threat to China’s economy — Both officials and the private sector struggle to make informed decisions.
- The Economist: The Chinese authorities are concealing the state of the economy — But the Communist Party’s internal information systems may also be flawed.
- The Information: Battery Charging Executive Urges Biden to Go Easier on China — Late this month, Quincy Lee plans to inaugurate a fast-charging station for electric vehicles outside a new Costco in Ridgefield, Washington.
- The Guardian: US arms advantage over Russia and China threatens stability, experts warn — Academics say vulnerability of the two countries’ nuclear launch sites makes dangerous mistakes more likely.
