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.
Paid subscribers automatically have this list emailed directly to their inboxes every day by 10 a.m. EST. Subscribe here.
The Wall Street Journal
- Pelosi Says U.S. Won’t Allow China to Isolate Taiwan — Japan calls on China to end military exercises around Taiwan after five Chinese missiles landed in its exclusive economic zone.
- China’s Drills Around Taiwan Give Hint About Its Strategy — A blockade, not an invasion, could be a less risky way for Beijing to exert its will.
- China Boasts of Ability to Blockade Taiwan as Military Exercises Continue — Beijing highlights unprecedented operation against self-ruled island in response to Pelosi visit.
- Chinese Missiles Show Japan Lies in ‘Same War Zone’ as Taiwan — U.S. Secretary of State Antony Blinken sees ‘significant escalation’ in Beijing’s exercises.
- China Evergrande Backs Out of Plan to Build World’s Largest Soccer Stadium — Struggling property developer to return land-use rights to local government for $818 million refund.
- Fugitive Chinese Businessman Convicted of Visa Fraud in U.S. — Shi Jianxiang was linked to Hollywood movies and the collapse of a Shanghai financial group.
The Financial Times
- China suspends links with US military over Pelosi’s trip to Taiwan — Beijing cuts regular communication channels between armed forces and halts bilateral climate talks.
- How rising tensions across the Taiwan Strait could threaten global trade — Chinese military drills after Nancy Pelosi’s visit to Taipei risk disrupting critical supply chains.
- Displaced Syrians voice anger as bombed-out town doubles as film set — Chinese action movie shot in ruins of Hajar al-Aswad upsets one-time inhabitants unable to return.
- ‘Financial monsters’: China’s bad banks complicate property crisis — Distressed asset management companies highlight the challenge Beijing faces in mobilising rescue options.
- Didi fears further retribution from China’s regulators — Insiders at ride-hailing group hit by $1.18bn fine are fearful of more punishment in Beijing’s tech crackdown.
- China fires ballistic missiles around Taiwan after Nancy Pelosi’s trip — Naval and air exercises on unprecedented scale aimed at punishing Taipei for US House Speaker’s visit.
- Alibaba revenue falls for first time since New York listing — Chinese ecommerce group’s shares climb after results beat low expectations.
The New York Times
- U.S. Seeks to Reassure Asian Allies as China’s Military Grows Bolder — The Biden administration says its commitment to the region has only deepened, but critics say the tensions over Taiwan show that Washington needs stronger military and economic strategies.
- Taiwan’s Generational Divide on China’s Threats — In areas close to the military drills, younger Taiwanese worried about the future, while older residents looked back to a harsher past to find hope.
- China Sends Ships and Planes Toward Taiwan Despite Rising Criticism — Japan’s leader called for an immediate halt to the military drills, now in their second day. Speaker Nancy Pelosi said China “will not isolate Taiwan.”
- With 5 Missiles, China Sends Stark Signal to Japan and U.S. on Taiwan — By firing into Japanese waters, Beijing is warning that both countries will become targets if they should come to the aid of Taiwan in any conflict.
- Opinion: I’m Taiwanese and I Want to Thank Nancy Pelosi — Taiwan needs more leaders to stand with us against China.
Caixin
- New Times Trust Ex-Execs Banned for Life From Banking — Regulators impose fines on unit of disgraced tycoon Xiao Jianhua’s Tomorrow Group and on eight former officials for violations.
- In Depth: China’s Plan to Break Foreign Iron Ore Dependence — Mine More at Home — The idea is that China Mineral Resources Group, founded on July 19 with registered capital of 20 billion yuan ($3 billion), will centralize purchasing for state-owned steelmakers and traders to create a unified front in negotiations with foreign suppliers.
- Developer of First China-Made Covid Pill Files for Hong Kong IPO — Closely held Genuine Biotech aims to generate funds to make and commercialize Azvudine and to develop other drugs.
South China Morning Post
- Chinese Foreign Minister Wang Yi walks out of Asean events after US and Japan hit out at Taiwan drills — Wang is reported to have walked out of events attended by US and Japanese diplomats as Beijing faced criticism over its response to Nancy Pelosi’s Taiwan visit.
- TikTok owner ByteDance buys China’s biggest private women and children’s hospital chain in major healthcare investment — ByteDance in June acquired Beijing-based Amcare, which runs eight hospitals across four Chinese cities, targeting expats and high-income locals.
- China to allow Turkish delegation to come to Xinjiang 2 months after UN human rights chief’s visit — Foreign minister Wang Yi said Beijing would communicate closely with Ankara over the visit.
- China can ‘live with’ slightly lower GDP growth if inflation stays below 3.5 per cent, says Premier Li Keqiang — Premier Li Keqiang has indicated Beijing could tolerate an inflation rate of 3.5 per cent this year, above the government target of around 3 per cent, as part of its effort to stabilise economic growth.
Nikkei Asia
- Shipments to Pegatron’s China factory disrupted after exec met Pelosi — Suppliers spooked as Beijing wields rule against ‘Taiwan’ label on goods.
- Apple warns suppliers to follow China rules on ‘Taiwan’ labeling — Stepped up scrutiny of import documents raises disruption fears for iPhone maker.
Bloomberg
- China Sends Warships Near Taiwan, Cuts Off Defense Talks With US — China on Friday continued its most provocative military drills in decades and cut off defense talks with the US, as relations between the world’s biggest economies deteriorate in the wake of House Speaker Nancy Pelosi’s trip to Taiwan.
- China Announces Sanctions on Nancy Pelosi Over Taiwan Trip — China announced sanctions on US House Speaker Nancy Pelosi over her landmark trip to Taiwan this week, making her the highest-ranking US official designated for penalties by Beijing.
- Hong Kong Faces Long Slog of Cash Withdrawal to Aid Currency — A measure of Hong Kong’s interbank liquidity may need to drop further to help the local currency recover, even though the gauge has already slumped nearly 60% since May.
- TSMC Chose the US Well Before Pelosi’s Visit. Now It Must Handle China — The semiconductor giant displayed customary diplomacy for Pelosi, but the CHIPS Act and a fab in Arizona confirm where its future lies.
Reuters
- Tensions with U.S. spur Chinese buying of chipmaking stocks — Although the U.S. Chip Act would further restrict the use of advanced U.S. technologies in China, while prodding more semiconductor investment in the U.S, some investors interpret it as good news for local Chinese players.
- Carmakers’ China decline is global warning — For decades, big carmakers seeking a foothold in China were forced to set up onerous joint ventures with local enterprises. Beijing hoped that approach would turn inefficient local partners into industrial champions. The policy failed, though.
- China Evergrande to get $817.8 million for giving up land use rights for soccer stadium — The indebted group will return the land-use rights to the Guangzhou Municipal Planning and Natural Resources Bureau, from which it had acquired the rights.
Other Publications
- The Economist: China sends missiles flying over Taiwan — Whether it could conquer the island is another question
- Foreign Policy: Team Biden to Unveil New U.S. Africa Strategy — The strategy seeks to grapple with China’s growing influence in Africa without painting African countries as geopolitical pawns.
- Quartz: China is lashing out at Pelosi’s visit to Taiwan by withholding sand exports — Last year, China exported just $1.2 million worth of sand to Taiwan (contributing roughly 0.00000006% of Chinese GDP).
