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
- U.S. Solar Shipments Are Hit by Import Ban on China’s Xinjiang Region — U.S. customs has detained shipments from some of the biggest solar-panel producers, as authorities enforce a new law targeting goods made with forced labor in China.
- Taiwan Starts Two-Day Defensive Drills as Tensions With China Remain High — The ‘Heaven’s Thunder’ maneuvers, planned months in advance, come as Beijing continues exercises around the self-governed island.
- China Extends Military Exercises as Taiwan Battles Cyberattacks — University websites and 7-Eleven stores have been affected, in some cases to hurl insults at U.S. House Speaker Nancy Pelosi.
- Sri Lanka Defers Visit From Chinese Ship Over India’s Concerns — China complains of ‘gross interference’ after delay of stop by survey vessel.
- Tesla Faces Crowded Field in China as New-Energy Car Market Booms — Sales of electric and hybrid cars in world’s biggest auto market are forecast to hit a record six million this year.
- War Game Finds U.S., Taiwan Can Defend Against a Chinese Invasion — All sides would pay a heavy price if ever there were a military conflict over the island.
The Financial Times
- Xi grasps ‘knife’ of internal security to complete grip on power — China’s president takes command of Communist party’s third control centre.
- China IPOs: peak listings presage tougher going in the second half — Companies have been racing to raise money while the window remains open.
- Taipei accuses Beijing of trying to take control of Taiwan Strait — China extends military drills around crucial shipping route for second day beyond original schedule.
- Tibetan cities locked down over first Covid outbreak in two years — Historic Potala Palace closed as mass testing rolled out in Lhasa to contain Omicron variant.
- Bangladesh’s finance minister warns on Belt and Road loans from China — Beijing’s poor lending decisions risk pushing developing nations into debt distress, says Kamal.
- Opinion: Two insecure superpowers stumble towards collision over Taiwan — Just as Russia has cited Nato enlargement to justify its Ukraine invasion, China may see US support for Taipei as a tipping point. By Stephen Roach
The New York Times
- In China, Xi Risks Overconfidence That Could Stoke Taiwan Tensions — State propaganda about China’s rise is stoking extreme nationalism. That could blind China to its problems, and could lead to conflict — perhaps over Taiwan.
- U.S. Promotes Democracy in Africa as Rival Nations Expand Influence — The Biden administration says the push will bolster African and American interests, including the ability of the United States to compete against China and Russia.
- Opinion: Chinese No Longer Recognize the America They Once Admired — The U.S. should stop branding China as a threat and look in the mirror. By Wang Wen
Caixin
- Exclusive: ByteDance Takes Over Private Hospital Operator for $1.5 Billion — Amcare Healthcare, operator of women and children’s hospitals, expands social media giant’s footprint in medical services.
- Luckin Dips Back Into the Red as It Doubles Down on Expansion — Coffee chain reports loss of $17 million for the second quarter, when it opened 615 new stores.
- In Depth: How a Hotly Pursued VR Startup Came to China, and Imploded — The firm would eventually rack up immense losses, as it struggled to comply with the tough regulatory administrative oversight.
South China Morning Post
- China’s food-security push gets a boost with new list of 276 state-supported breeders, seed producers — The move by China’s agricultural authorities is the latest attempt to strengthen the food supply for more than 1.4 billion people, amid rising risks from extreme weather and geopolitical disputes.
- China GDP: 16 provinces insist economic growth goals are still within reach, but wary analysts wonder how — Boosting regional economies is expected to be a key metric in evaluating the performances of China’s local officials ahead of the important 20th Party Congress, but analysts are asking how economic growth goals can be met.
Nikkei Asia
- Sri Lanka asks China to defer military ship visit after India protests — Space-tracking vessel initially was approved to arrive this week.
- U.S. takes aim at Chinese and Russian influence in Africa strategy — Document discusses human rights sanctions, food and climate change aid.
- Pardon likely for Samsung chief as company faces chip challenge — South Korean president seen clearing deck for ‘commander’ Lee Jae-yong.
Bloomberg
- China Graft Probes Stem From Anger Over Failed Chip Plans — China’s top leadership has grown increasingly frustrated with a years-long failure to develop semiconductors that can replace US circuitry, an embarrassment capped by a flurry of anti-graft probes into top industry officials and the $9 billion rescue of Tsinghua Unigroup.
- Pelosi Trip Hinders Biden Effort to Galvanize Asia Against China — House Speaker Nancy Pelosi’s swing through Asia aimed to convey the US’s “strong and unshakable” support for the region. It ended up leaving many countries in stunned silence as China conducted unprecedented military drills around Taiwan.
- Alibaba Reduced Workforce by Nearly 10,000 in Three Months — Chinese e-commerce giant Alibaba Group Holding Ltd. let go of 9,241 employees in the three months to June, according to the company’s latest filing.
- China Orders Surprise Audit of $3 Trillion Trust Industry — China’s top auditor is conducting a review of the $3 trillion trust industry, paving the way for a potential overhaul of a key shadow banking sector where losses on property loans are mounting.
Reuters
- U.S. slams China’s ‘unacceptable’ disruption in countering fentanyl — Beijing last week announced the cancelation or suspension of a series of cooperation channels with Washington, including theater-level military talks, and exchanges on climate change, transnational crime, and counternarcotics.
- Analysis: More Chinese women delay or give up on having babies after zero-COVID ordeal — Seeing Chinese authorities exercise extraordinary powers during a stringent COVID-19 lockdown in Shanghai earlier this year altered Claire Jiang’s life plans: she no longer wants to have babies in China.
- Myanmar ambassador to China died on Sunday — He was the fourth ambassador to die in China since 2021.
Other Publications
- MIT Tech Review: Corruption is sending shock waves through China’s chipmaking industry — The arrests of several top semiconductor fund executives could force the government to rethink how it invests in the sector.
