Wall Street Journal reports that leaders of China, Japan and South Korea held their first three-way summit since 2012 on Sunday, but glossed over some of the contentious issues that have chilled relations between the East Asian economic powers. Chinese Premier Li Keqiang, Japanese Prime Minister Shinzo Abeand South Korean President Park Geun-hye agreed to accelerate talks for a trilateral free-trade agreement and to bolster cultural exchanges between the countries. They said they would push to resume stalled talks with the U.S., Russia and North Korea on the latter's nuclear program and expressed hopes of getting their annual meetings back on track. The trilateral meeting was held annually between 2008 and 2012, but has been suspended in recent years as historical and territorial disputes strained ties between the three countries.
Activity in China's manufacturing sector unexpectedly contracted in October for a third straight month, an official survey showed on Sunday, fuelling fears the economy may still be losing momentum in the fourth quarter despite a raft of stimulus measures. Adding to those concerns, China's services sector, which has been one of the few bright spots in the economy, also showed signs of cooling last month, expanding at its slowest pace in nearly seven years. As the first major indicators of business conditions in China released each month, the PMIs reinforced the view that the economy remains in the midst of a gradual slowdown which will require Beijing to roll out more support in coming months, reports Reuters
The crates of Chateau Brehat wine from Bordeaux had gathered dust for three years in a bonded warehouse on the outskirts of Shanghai before the owners cut their losses in July, slashing three-quarters off the $50 price tag. The fire sale was prompted by a huge oversupply of wine that had built up after a swarm of importers jumped at seemingly stellar growth from 2010. Reuters writes that China wine consumption - which had been rising in double digits - dropped last year and is set to inch up just over 1 percent annually until 2020. The striking slowdown is a headache for a global wine industry pinning hopes on fast China growth, and a further sign that Chinese consumers are reining in spending even as Beijing hopes they will pick up the slack from falling exports.