China News - 10 October
International
US’s Schumer expresses “disappointment” at Beijing’s Israel-Gaza response. In a meeting with Wang Yi during his visit to Beijing, Chuck Schumer said he was “very disappointed, to be honest, by the Foreign Ministry statement that showed no sympathy or support for Israel during these troubled times”. Al Jazeera, 9 October
US senators seek Xi’s help to pressure Iran on Middle East conflict. Schumer, along with other senators, “made the request that China use its influence in Iran to not allow the conflagration to spread” and use their influence in Iran. Joe Leahy. Financial Times, 9 October
GSK signs £2.5bn shingles vaccine deal with China’s Zhifei. The agreement is the first of its kind in China for the UK-based pharma group. GSK aims to double its global sales of Shingrix by 2026. Hannah Kuchler. Financial Times, 9 October
Xi Jinping wants a “multipolar world” as China accelerates its shift away from the West. Amid increasingly strained relations with the West, Beijing is attempting to increase and build its influence in the global south. Amy Hawkins. The Guardian, 9 October
EU plans anti-subsidy probe into Chinese steelmakers. Brussels has agreed to join Washington and move against Chinese steel producers in return for avoiding the reimposition of tariffs on EU steel imposed by Trump in 2018. Andy Bounds. Financial Times, 10 October
Campaigners aim to lower support for China on UN human rights council. Parliamentarians from 15 countries urge a reduction in vote to signal their disapproval of China’s treatment of the Uyghur population. Patrick Wintour. The Guardian, 8 October
China extends Taiwan trade probe, Taipei cries election interference. China has extended an investigation into what it calls Taiwan’s trade barriers by three months. This has caused Taipei to accuse Beijing of attempting to interfere in the election. Liz Lee and Ben Blanchard. Reuters, 9 October
San Francisco police shoot driver who crashed into Chinese consulate. Sgt Winters said “when officers arrived here on the scene, they found the vehicle had come to rest inside the lobby of the Chinese consulate. Officers entered, made contact with the suspect and an officer-involved shooting occurred… the suspect was later pronounced deceased at the hospital”. The Guardian, 10 October
Economy & Tech
China expert Matt Pottinger: “Even with a weak economy, Xi is feeling emboldened”. Former Trump adviser said the latest turnover may be “a proactive set of moves designed to keep the party off balance in a way that deepens [Xi’s] primacy” and that upheaval could increase Xi’s appetite for risk. Henry Mance. Financial Times, 9 October
China targets 50% growth in computing power in race against US. Six departments in Beijing have released a plan that sets a target for China’s computing power to reach 300 EFLOPS by 2025. Josh Ye. Reuters, 9 October
South Korean firms get indefinite waiver on US chip gear supplies to China. Samsung Electronics and SK Hynix will be allowed to supply American chip equipment to their Chinese factories indefinitely and without separate US approvals. Joyce Lee. Reuters, 9 October
Saudi-China collaboration raises concerns about access to AI chips. Gulf kingdom’s top university has ties with China and researchers risk upsetting the US. Simeon Kerr, Samer Al-Atrush, Qianer Liu and Madhumita Murgia. Financial Times, 10 October
Advisers to Evergrande creditors warn of potential liquidation. The bondholder group, represented by investment bank Moelis and law firm Kirkland and Ellis, criticised Evergrande’s “botched” efforts to win regulatory approval for restructuring. Thomas Hale. Financial Times, 9 October
Oil prices jump as Middle East turmoil roils markets. Oil prices surged more than 2% following military clashes between Israel and Hamas. Natalie Grover. Reuters, 9 October
Opinion & long-reads
We need to talk about super-seniority. Development banks should be part of debt relief. Marina Zucker-Marques, Ulrich Volz and Kevin Gallagher. Financial Times, 9 October
Europe’s hardball tactics on trade put China in a bind. The EU is taking measures to curb Chinese exports and investments where it sees unfair Chinese trade practices. Beijing may be forced to concede more to Europe’s demand for a level playing field. Emanuele Scimia. South China Morning Post, 6 October