Good Morning. Welcome to The Wire’s daily news roundup. Each day, our staff gathers the top China business, finance, and economics headlines from a selection of the world’s leading news organizations.
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The Wall Street Journal
- China Has a Problem With Data Leaks. One Reason Is Its Surveillance State. — Government’s mass collection of personal information aids social control but undermines national security, cybersecurity researchers say.
- Staff at HSBC’s China Securities Arm Set Up Communist Unit — Under President Xi Jinping, the Communist Party is seeking more sway over private companies, including foreign ones.
- Ford’s Route to EVs Runs Through China — The company is getting a better grip on its supply chain for electric vehicles by embracing Chinese battery giant CATL, among other partners.
- Foreign Outflows From Chinese Bonds Ebb in June — International investors’ holdings of yuan-denominated bonds fall to a 15-month low.
The Financial Times
- Nancy Pelosi’s reckless jaunt to Taiwan — The House speaker is exhibiting the exorbitant irresponsibility of the US legislator.
- Japan sounds alarm over Russian and Chinese military co-operation — Tokyo releases defence white paper as it considers changing pacifist constitution.
- Bargain hunting Chinese shoppers stoke craze for soon-to-expire food — Worries about the economy coupled with Covid lockdowns have proved a boon for specialist stores.
Caixin
- China Banking Regulator Pushes Smaller Banks to Dispose of Bad Loans — CBIRC reports on continuing efforts to wring out risks associated with shadow banking and vows to cast a jaundiced eye on risky financial innovation.
- China Steps Up Approval of Coal Mining Projects to Secure Supply — Regulators clear 20 new projects to add 125 million tons of annual capacity as government shoots for 300 million-ton expansion.
South China Morning Post
- Joe Biden schedules summit with African leaders as US renews push to invest in the continent — Washington will be the site of high-level meetings in December, and a big question being asked in African capitals: who will be on the list for an invitation?
- China reporter cyberbullied over Abe tears in reported suicide attempt — Zeng Ying’s fate is unknown but an apparent suicide note was shared by her friend after a week of social media attacks.
- Why China’s Gen Z see climate change as less important than their Western peers — Unlike their Western peers, protecting the environment is low on the list of public concerns for China’s Generation Z, surveys and interviews show.
Nikkei Asia
- ‘Made in China 2025’ thrives with subsidies for tech, EV makers — Handouts go on but local government cash crunch adds new factor.
- China struggles to launch digital yuan after 8 years of trials — Alipay, WeChatPay mobile payments dull appeal of central bank’s efforts.
- Biden could temporarily lower China tariffs, U.S. lawmaker says — Ami Bera says anything to get goods on shelves for consumers is good.
- How much does Sri Lanka owe China? Question looms over new president — Broad measure puts Beijing’s share at 20% of national total, above official data.
- China EV makers support Indonesia’s green goals at auto show — Japanese manufacturers, in contrast, largely give Jakarta event a pass.
- Russia and China throw weight behind Africa’s nuclear power drive — Continent’s growing energy needs tie into tug of war for regional influence.
Bloomberg
- UK Politicians’ Concern Over HSBC China Communist Committee — British politicians have criticized HSBC Holdings Plc after a report that a Chinese communist party committee was set up at its local investment banking arm.
- Capital Outflows From China Sovereign Bonds Just Hit $30 Billion — China’s bond market is becoming the locus for global capital outflows and there are signs the government is growing concerned about the $30 billion exodus as it delays data and seeks to manage investor expectations.
- China Is Preparing to Step In to Curb Soaring Solar Prices — China’s government is preparing to intervene to halt soaring polysilicon prices that have suppressed demand for solar panels.
Reuters
- China is now top priority for British intelligence, spy chief says — Britain’s spy chief said on Thursday that China was now the top intelligence priority for the Secret Intelligence Service (SIS), known as MI6, surpassing counter-terrorism.
- Heatwaves to menace China as almanac’s ‘big heat’ day looms — China will suffer the return of more heatwaves over the next 10 days from east to west, with some coastal cities already on their highest alert level and inland regions warning of dam failure risks because of melting glaciers.
- China pulls the plug on $50 bln video-game party — Chinese regulators are spoiling the country’s video-games party. Industry revenue fell 1.8% year-on-year to $22 billion in the six months to June, official figures show, the first-ever decline.
Other Publications
- The Economist: The trade war within China — Local protectionism is pernicious and persistent.
- The Economist: Talk of Nancy Pelosi visiting Taiwan angers China — Times have changed since a Speaker of America’s House of Representatives last went to the island.
- The Economist: How Uyghurs became so good at English — They had help from famous black Americans.
