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China accuses U.S. of “double standards” on export controls
China’s Ministry of Commerce said recent U.S. statements reflect “typical double standards,” accusing Washington of overgeneralizing national security and abusing export controls with discriminatory practices against China. The ministry noted that the U.S. control list includes over 3,000 items, while China’s has just over 900. Reaffirming its stance on tariffs, the ministry said China does not want a trade war but is not afraid of one, and it will take decisive countermeasures if the U.S. continues its current course.
Trump’s tariff threats roil U.S. stocks, crypto market
U.S. stocks fell sharply after Donald Trump said on Oct. 10 that he is considering a significant increase in tariffs on Chinese goods, wiping out all gains for the week. The remarks also triggered the largest cryptocurrency market sell-off since April, with 1.6 million accounts liquidated globally and over $16 billion in long positions wiped out.
China to levy special port fees on U.S. ships
China’s Ministry of Transport announced that starting Oct. 14, a special port fee will be charged on vessels that are owned, operated, flagged by or built in the U.S. For ships making multiple stops at Chinese ports in a single voyage, the fee will only be collected at the first port of call. A single vessel will not be charged for more than five voyages per year.
Qualcomm faces China antitrust probe over Autotalks deal
China’s State Administration for Market Regulation is conducting an antitrust investigation into Qualcomm’s proposed acquisition of Israeli vehicle-communication chipmaker Autotalks. Other U.S. companies currently under antitrust investigation in China include Google and Nvidia.
Dutch government freezes assets at China-owned Nexperia
Wingtech Technology Co. Ltd. announced Oct. 12 that the Dutch government issued a directive on Sept. 30 ordering a one-year freeze on adjustments to assets and intellectual property at its subsidiary, Nexperia.
China plans to boost “service-oriented manufacturing”
Seven government departments, including the Ministry of Industry and Information Technology, issued an implementation plan to promote “service-oriented manufacturing.” The plan calls for deepening the integration of “5G + industrial internet” and accelerating the fusion of computing power with various industries.
News Summary
Domestic
The State Council issued regulations to promote the commercialization of new biomedical technologies.
Authorities have approved over 7 trillion yuan ($958.9 billion) in loans for property projects on the government’s “white list.”
Shenzhen has set up a 5 billion yuan industry investment fund to support its semiconductor sector.
The Cyberspace Administration of China and the National Development and Reform Commission have issued guidelines on the deployment of large AI models in government affairs.
The Hong Kong Monetary Authority will work to regularize the pilot program for cross-border credit reporting in the Greater Bay Area.
Companies
Zong Fuli has resigned as chairman of Wahaha Group.
A Hong Kong court ordered the liquidators of China Evergrande Group to take control of assets held in the name of Evergrande Chairman Hui Ka Yan, whose name is Xu Jiayin in Mandarin, including related offshore companies and trusts.
Didi’s autonomous driving unit secured a new 2 billion yuan financing round from investors including state-owned funds from Beijing and Guangzhou, as well as GAC Group.
China Mineral Resources Group Co. Ltd. and BHP Group Ltd. are in ongoing negotiations over long-term iron ore contracts.
Neuralink’s brain implant has enabled a patient with ALS to eat and drink independently for the first time using a robotic arm.
International
The Democratic Republic of Congo plans to lift its ban on cobalt exports.
Japan’s Komeito party announced its withdrawal from the ruling coalition, casting doubt on Sanae Takaichi’s nomination for prime minister.
A Hamas official stated that the group is prepared to relinquish governance of the Gaza Strip.
The U.S. Screen Actors Guild has criticized Sora 2, intensifying the conflict between Hollywood and AI.
Singapore plans to postpone the implementation of new Basel rules on capital requirements for cryptocurrency assets.
Afghanistan and Pakistan engaged in a cross-border firefight overnight
