China News - 3 November

International

AI summit: Rishi Sunak says leaders must address dangers of artificial intelligence. The PM said world leaders have a “responsibility” to address the dangers of AI, as it offers “transformative” change but also the potential for social harms such as bias and disinformation. Becky Morton. BBC News, 2 November

US remains focused on Indo-Pacific despite other global challenges according to officials. Blinken will go to Japan, South Korea and India after a trip to the Middle East amid the Israel-Hamas conflict. David Brunnstrom and Doina Chiacu. Reuters, 2 November

China and US reportedly agree to rare nuclear arms control talks. Following China’s foreign ministry announcement that “consultations on arms control and non-proliferation” will be held in the coming days, the expected talks will be the first since the Obama administration. The Guardian, 2 November

China is working on a weapon the US decided was too dangerous to exist. The US Defense Department believes the PLA is developing a new Intercontinental Ballistic Missile. It would leave the Earth’s atmosphere, travel around the world, and re-enter at 20x the speed of sound. David Axe. telegraph, 2 November

Albanese to raise human rights and trade with Xi in first China visit by Australian PM since 2016. Albanese will start his visit in Shanghai on Sunday, before travelling to Beijing to meet Xi, Li Qiang and Zhao Leji. Kathrine Murphy and Daniel Hurst. The Guardian, 2 November

Taiwan’s presidential rivals seek a deal in bid for power. Hou Yu-ih and Ko Wen-je could reach a deal ahead of the elections, “if they cooperate, they have a chance of winning. If they don’t, Lai wins” and their hopes of calmer ties with China coils shatter. Kathrin Hille. Financial Times, 1 November

Li Keqiang funeral in China brings out crowds despite suppression efforts. Plainclothes and uniformed police lined the road leading to the funeral, they blocked traffic and kept people moving while watching for the presence of unofficial or foreign media. Amy Hawkins. The Guardian, 2 November  

Economy & Tech

Costs of US chip curbs force China’s YMTC into major fundraising round. Yangtze Memory Technologies Corp has had to raise billions of dollars in fresh capital after burning through $7bn trying to adapt to the US restrictions. Qianer Liu and Cheng Leng. Financial Times, 2 November

Shipping industry steers container production away from China. At present, more than 95% of containers are made in China. The shipping industry is stepping up efforts to diversify and build containers elsewhere amid supply chain pressures and geopolitical rifts. Chan Ho-him, Oliver Telling and Song Jung-a. Financial Times, 2 November

US farm leaders, visiting China, talk up agriculture trade. Dozens of US agriculture industry representatives met with Chinese counterparts in Beijing amid growing US efforts to bolster farm trade as political ties between the two countries remain strained. Dominique Patton. Reuters, 2 November

Estee Lauder shares plunge as slow China recovery prompts outlook cut. Stocks fall by 18.9% as the cosmetics group also warns of a $80mn earnings hit as a result of the Middle East conflict. Steff Chavez. Financial Times, 1 November

Opinion & long-reads

The breakdown of China’s social contract. A once optimistic society is now concerned about what the future might bring, as Xi’s promise of “common prosperity” starts to fade. Sun Yu and Joe Leahy. Financial Times, 2 November

Rolling with the Biden punch on managed trade. The EU and other trading partners should keep short-term peace while preserving their fundamental principles. Alan Beattie. Financial Times, 2 November

China-Russia Convergence in the Communication Sphere: Exploring the Growing Information Nexus. It analyses the extent of the bilateral “information nexus” or the strengthening of ties between the two sides in the communication domain. Maria Repnikova, 2 November