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 Market Support May Fizzle Out If Key Issues Remain Unsolved — The central bank’s moves were part of a broader monetary package.
- China-Linked Hackers Breach U.S. Internet Providers in New ‘Salt Typhoon’ Cyberattack — It is latest intrusion into core U.S. infrastructure by entities tied to Beijing.
- As Exxon Pumps Guyana’s Oil, China Is Winning Battle for Influence — Chinese companies are investing heavily in the South American country, home to the largest oil find in a generation.
- China Pledges More Support for Economy — Move comes days after the central bank unveiled a raft of aggressive easing measures.
The Financial Times
- China lifts markets with promise of more support for economy — Chinese and European shares buoyed as politburo promises to drive investment.
- How a Chinese billionaire’s Silicon Valley splurge caught the eye of the FBI — Shan Xiangshuang’s $10bn buyout group quietly became a top US tech investor. That has triggered official concern.
- China’s accelerating green transition — Two-thirds of all new solar and wind power projects are based in the country. But to wean industry off coal, Beijing needs to set up a real energy market.
The New York Times
- Democrats and Republicans Press China on Abuse of Muslim Minority — Both parties are focused on oppression of China’s Uyghur minority but use different tactics in pushing the Biden administration to do more.
- China Launched a Rocket With a Dummy Warhead Into the Pacific — The ballistic missile launch is a sign of the commitment of Xi Jinping, China’s leader, to continue strengthening the country’s Rocket Force and to project power in Asia.
- Hong Kong Editors Sentenced in Landmark Case — The two journalists for Stand News were convicted in August of conspiracy to publish seditious articles, in a case signaling new limits on press freedom.
Caixin
- Dialogue Between Hu Shuli and Heng Swee Keat on Tackling Global Challenges — Singapore’s Deputy Prime Minister Heng Swee Keat has called on Asian nations to join hands in sustaining economic growth and tackling challenges including climate change, epidemic diseases and aging populations.
- China’s $1.56 Billion Consumer Subsidies See Surge in Sales of Cars and Household Goods — China has already approved nearly 11 billion yuan ($1.56 billion) in subsidies through the national automobile trade-in platform, helping drive sales of cars and home appliances, an official at the National Development and Reform Commission (NDRC) said at a press conference Wednesday.
- TikTok Music Comes to the End of the Track in Strategy Shift — TikTok is to terminate its one-year-old music-streaming platform, TikTok Music, pulling out of the competition with online music giants such as Spotify Technology SA and Apple Music.
South China Morning Post
- Amid China-EU tensions, former Finnish prime minister warns of societal harm from tariffs — Warning about protectionist trade actions comes on sidelines of Asian Infrastructure Investment Bank’s annual conference, in Uzbekistan.
- China’s EV makers pull out all the stops to beat Tesla in autonomous driving race — China’s EV makers are intensifying efforts in autonomous driving technology, with L3 systems expected in one million cars by 2026 despite regulatory hurdles.
- China weighs injecting US$142 billion of capital into top banks — Funding for the first such intervention since the 2008 financial crisis would mainly come from new special sovereign bonds, sources say.
Nikkei Asia
- EU’s delayed vote on Chinese EV tariffs expected next week, sources say — Both sides’ technical teams race to reach resolution.
- New World Development scion Adrian Cheng steps down as CEO — Resignation shakes succession as Hong Kong developer books first loss in decades.
- CATL reigns as China’s top subsidy recipient with 35% jump in first half — EV sector takes over half of top 10 slots; solar panel makers climb list.
Bloomberg
- China’s Politburo Supercharges Stimulus With Housing, Rates Vows — China’s top leaders ramped up efforts to revive growth with pledges to support fiscal spending and stabilize the beleaguered property sector, giving new momentum to stimulus measures aimed at arresting a slowdown in the world’s second-largest economy.
- US Hails Early Notice of China ICBM Test to Avoid Miscalculation — The Pentagon praised China for its transparency before the test launch of an intercontinental ballistic missile into the Pacific Ocean, in a sign that military communication between the superpowers is improving.
- Zelenskiy Says China Pushes Peace While Aiding Russia’s War — Ukrainian President Volodymyr Zelenskiy is taking sharper aim at China’s efforts to influence the war with Russia, accusing Beijing of pushing a flawed peace plan while simultaneously helping Moscow target nuclear infrastructure.
Reuters
- China vows ‘necessary spending’ to hit economic growth target — Chinese leaders pledged on Thursday to deploy “necessary fiscal spending” to meet this year’s economic growth target of roughly 5%, acknowledging new problems and raising market expectations for fresh stimulus on top of measures announced this week.
- Exclusive: China to issue $284 billion of sovereign debt this year to help revive economy — China plans to issue special sovereign bonds worth about 2 trillion yuan ($284.43 billion) this year as part of a fresh fiscal stimulus, said two sources with knowledge of the matter, adding to a string of measures to battle strong deflationary pressures and faltering economic growth.
- China to give one-off handouts to needy — China will distribute a one-time allowance to disadvantaged people ahead of a national holiday next week, a government statement said.
- Legislation to curb US investment in China is top priority, lawmaker says — The Republican chair of the House of Representatives’ select committee on China said on Wednesday that the panel’s top priority is legislation restricting U.S. investment in China to stop investors from “funding our own demise.”
Other Publications
- POLITICO: How China plans to get more backers for its Ukraine peace plan at the UN — A Ukrainian government document says Beijing is trying to rally support this week for its peace talks aimed at “preventing Russia from losing” the war.
- Associated Press: What’s behind China’s launch of an intercontinental ballistic missile — China test-fired an intercontinental ballistic missile into the Pacific Ocean on Wednesday in a rare occurrence, adding to tensions in the region where multiple countries have overlapping territorial claims and both Beijing and Washington seek to project their influence.
- Washington Post: Chinese Americans face discrimination amid U.S-China tensions, survey shows — According to a survey, 68% of Chinese Americans say they face discrimination in an average month, while 65% think U.S.-China relations negatively impact how they’re treated.
- Council on Foreign Relations: U.S. Military Support for Taiwan in Five Charts — Taiwan has been a top buyer of U.S. military equipment for decades, but the island is waiting on a significant backlog of weapon deliveries that defense experts say are urgently needed to deter China.
- Chosun Daily: Exclusive: China surpasses S. Korea in key sectors, sparking industry worries — As China undergoes a rapid transformation, driven by swift innovation and industrial growth, concerns are mounting among South Korean and international business leaders about the nation’s widening competitive gap, particularly in cutting-edge sectors like autonomous vehicles and foldable smartphones.
