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 Quarter-Trillion-Dollar Rush to Get Money Out of China — Chinese residents, worried about growth, have been using everything from crypto to fine art to move their money overseas.
- India-China Ties May See Thaw Four Years After Border Skirmish Froze Relations — The two nations have reached an agreement on patrolling in disputed border areas, a key stumbling block in talks.
- China Resources Beverage Shares Jump in Hong Kong Debut — Trading activity in the city has picked up, with sentiment improving after Midea Group’s listing in September.
- Hong Kong Exchange Operator’s Profit Rises on Strong Trading, Listings — Increased investor interest has spurred a revival in China’s stock market in recent weeks.
The Financial Times
- TSMC says it alerted US to potential violation of China AI chip controls — Chipmaker reported having received order for processor resembling that of Chinese company Huawei.
- L’Oréal sales disappoint due to weak Chinese demand — Revenue at world’s biggest beauty company rose 3.4% in third quarter when analysts expected 6%.
- Investors pile into emerging-market funds that cut out China — Demand for ‘ex-China’ strategies soars as tensions with west linger, despite recent stock rebound.
- Xi tightens stranglehold on China’s academia — Scholars fired or disappeared as Beijing clamps down on discussion of sensitive topics including economy.
- Senior VW executive deported from China — Expulsion of chief marketing officer is latest blow to German carmaker in world’s largest auto market.
The New York Times
- Vatican and China Extend Agreement on Catholic Bishops — Critics argue the pact legitimizes China’s control over church affairs, while defenders say it helps support Catholics faithful to the Vatican in the Communist country.
- HSBC Overhauls Bank, Seeking to Balance China and the West — The restructuring of Europe’s largest lender comes as it looks to cut costs and navigate a diplomatic minefield across its sprawling operations.
- Russian Disinformation Efforts, Including Faked Walz Video, Could Continue After Nov. 5, Officials Say — Foreign powers including Russia, China, and Iran could move quickly right after the vote to undermine the democratic process, intelligence agencies warn.
Caixin
- China to Inject up to 1 Trillion Yuan into State Banks to Power Growth — Capital injection into six banks is to solidify the banking system and invigorate economic recovery.
- Chinese Carmakers Cut Prices in Thai Market as Sales Slump — Purchases are down as local lenders become more cautious about approving car loans amid soaring household debt.
South China Morning Post
- Chinese solar stocks jump on rumors Beijing will stifle excess supply, price war — Moves, if implemented, would end price war and eliminate less-capable firms that churn out low-quality equipment, analyst says.
- Guangdong, China’s powerhouse province, loses pace with peers as property crisis bites — Though it was once a reliable performer among Chinese regions, Guangdong province has reported a steady slowdown in GDP growth for 2024.
- Could Ugandan rail deal convince China to help get Kenyan project back on track? — A recently announced rail project in Uganda could have wide-ranging implications for neighboring Kenya, observers say.
Nikkei Asia
- China’s e-commerce industry pushes back on ‘no-return’ refunds — Pioneered by Pinduoduo, the policy has become a burden on platforms and merchants.
- Xi reaffirms China-Russia ties in ‘chaotic’ world as BRICS summit opens — Putin hails bilateral relationship as major global stabilizing force.
- IMF sees global inflation declining, downgrades China growth to 4.8% — U.S. economy is expected to expand by 2.8% as wage hikes lift consumption.
- Huawei steps up overseas push for HarmonyOS with Grab, Emirates apps — Chinese group, fighting U.S. sanctions, says platform can replace Windows and Android.
Bloomberg
- TSMC Cuts Off Client After Discovering Chips Diverted to Huawei — TSMC halted shipments immediately and alerted Taipei and Washington.
- Apple CEO Vows More China Investment in Meeting With Tech Czar — China remains Apple’s most important market outside the US but but foreign investors pulled a record amount of money from the country in the second quarter.
- China Carmakers to Double Overseas Capacity to Beat Tariffs — As jurisdictions including the US, the European Union and Turkey impose tariffs, investments in full-process manufacturing are booming.
Reuters
- China’s exporters run for cover as US election nears — The tariff threat alone is rattling China’s industrial complex.
- US-China tech war seen heating up regardless of whether Trump or Harris wins — Harris is likely to come out with targeted new rules and Trump a blunter approach.
- Germany bets on India to reduce reliance on China — Chancellor Olaf Scholz leads a high-level delegation to New Delhi this week, betting that greater access to the vast Indian market can reduce Germany’s reliance on Beijing.
Other Publications
- The Information: Shein’s Rocky Financial Performance Complicates IPO Plans — Shein’s march toward an initial public offering has gotten tangled in a web of regulatory scrutiny on three continents this year.
- The Guardian: China cracks down on ‘uncivilised’ online puns used to discuss sensitive topics — Campaign targets wordplay and memes that are often used by people to get around censorship controls.
- CFR: China’s Central Bank is Becoming the Developing World’s “Payday Lender” — With the developing world’s growing use of costly and opaque “payday loans” from China’s central bank, the IMF and World Bank need to demand far greater transparency from Beijing.
