China News- 24 October
International
Brussels defies US pressure to join its anti-China gang. The US failed to get Brussels to agree to keep out Chinese steel by any means possible in their summit on Friday. Alan Beattie. Financial Times, 23 October
Extradition hearing for Australian accused of training Chinese pilots delayed for secret documents bid. Daniel Duggan’s lawyer has requested access to classified government documents to demonstrate that a US request to extradite him is politically motivated. Rafqa Touma and Ben Doherty. The Guardian, 23 October
In northeast China, Russian and Chinese firms ink deals from manufacturing to agriculture. Russian local government officials, business representatives and nearly 800 Chinese companies hoping to enter the Russian market have attended the conference in Shenyang. Ryan Woo and Ellen Zhang. Reuters, 23 October
China and Philippines trade accusations after collisions in South China Sea. Both countries have accused the other of illegal acts over the confrontation near the Second Thomas Shoal, a sandbank inside the Philippines’ exclusive economic zone. Kathrin Hille and Mercedes Ruehl. Financial Times, 23 October
Estonia asks China for cooperation over severed Baltic Sea telecom cables. According to a ministry spokesperson, “Estonia has been in contact with Chinese authorities to encourage cooperation concerning the investigation”. Andrius Sytas. Reuters, 23 October
Economy & Tech
China’s stock market drops to pre-pandemic low. Slow growth, property sector woes and geopolitical tensions have resulted in China’s stock market falling to its lowest level since Covid-19. Hudson Lockett and Cheng Leng. Financial Times
Will India’s rise above China mean higher ETF returns? Foreign ownership of Chinese equities has fallen by more than $100bn. On the other hand, India has experienced $15.5bn of foreign inflows in the first 8 months of this year. Steve Johnson. Financial Times, 23 October
How China’s property crisis has unfolded, from Evergrande to Country Garden. Chief China economist at Macquarie said “China is struggling to strike a balance on its property policy over the past two years- they have been caught between providing too much stimulus or not enough”. Thomas Hale, Cheng Leng, Andy Lin and Hudson Lockett. Financial Times, 23 October
Executive at WPP-owned agency detained in China over bribery claims. Shanghai Public Bureau’s Economic Crime Investigation Dept said they had “cracked” a commercial bribery case involving an advertising company. Edward White, Daniel Thomas and Ryan McMorrow. Financial Times, 22 October
Western graphite producers’ shares soar after Beijing announces export curbs. Following Beijing’s announcement on export restrictions, shares in non-Chinese graphite producers soared as people rush to secure alternative supplies of the material critical for electric car batteries. Harry Dempsey. Financial Times, 23 October
Opinion & long-reads
Chinese National Security Laws hinder foreign companies’ operations in China. The development of comprehensive national security under Xi Jinping has altered China’s trajectory away from being a welcoming environment for foreign business to a hostile focus on foreign espionage. Martin Purbrick. Jamestown, 20 October
Three listed Chinese firms used endangered animal parts as ingredients. The 3 companies are among a list of 72 first the environmental non-profit organisation said used body parts of threatened leopards and pangolins as ingredients in at least 88 traditional Chinese medicine products. Andrew Silver and Selena Li. Reuters, 23 October
Tsingtao: Video shows Chinese beer worker urinating into tank. After a viral video of a worker from Tsingtao urinating into a tank (believed to contain ingredients for the beer) Chinese authorities have opened an investigation. Fan Wang. BBC News, 23 October