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
- Biden Plays Down Dictator Remark After China Reprimands U.S. Ambassador — Foreign Ministry termed president’s characterization of Xi as ‘absurd’ and lodged an official diplomatic complaint.
- Zambia Reaches Watershed Deal on China Debt — Agreement is seen as a blueprint for developing countries indebted to Beijing.
- Drone Deal Will Help India Track Chinese Troops on Disputed Border — The $3 billion purchase was announced during Prime Minister Narendra Modi’s visit to Washington.
The Financial Times
- Eddie Wu prepares to run Alibaba empire built with mentor Jack Ma — Tech group co-founder to take reins and preside over its break-up.
- China’s anxious parents turn to tutoring black market after Xi crackdown — Fears for children’s progress mean classes thrive despite threat of fines.
- TikTok operating chief Pappas to step down after five years — Shake-up comes as social media platform faces mounting regulatory pressure in US.
- US and India announce defence and technology deals during Modi visit — Agreements signal Washington’s intent to draw New Delhi closer as it seeks to counter China’s influence.
The New York Times
- Chinese Firm Sent Large Shipments of Gunpowder to Russian Munitions Factory — The previously unreported shipments between a state-owned Chinese company and a Russian munitions factory last year raise new questions about Beijing’s role in Russia’s war against Ukraine.
- Congress Spotlights ‘Serious’ Forced Labor Concerns With Chinese Shopping Sites — A congressional investigation into Temu and Shein offered new insight into services that are delivering a deluge of cheap and little-regulated products.
Caixin
- In Depth: Smartphone-Maker Oppo’s Chipmaking Dreams Dashed by Slow Progress, Internal Conflicts — Zeku is a major casualty in China’s campaign to become self-sufficient in all aspects of the chip industry.
- North China Bakes in Extreme Heat as Temperature Breaches 41°C — Beijing is baking during the Dragon Boat Festival holiday as the city recorded its highest June temperature amid heatwaves sweeping the vast regions of northern China.
- China Premier Calls for Strong Cooperation on Tech Innovation With France — Premier Li Qiang said China and France should strengthen cooperation between each other’s enterprises in innovation and technology to create new momentum for growth of bilateral ties.
South China Morning Post
- Talent-strapped Taiwan studies becoming Asia’s first to offer digital nomad visa — The idea of a digital nomad visa is being looked at by labour, finance and foreign affairs ministries, according to a ruling party lawmaker.
- China youth unemployment: female humanities graduates, poor students among the least successful jobseekers, Zhaopin CEO says — Science majors, men and graduates from well-known universities are having a better time finding employment in China, Zhaopin CEO Guo Sheng says.
- Charter flights and low-key tours mark a new approach for China’s premier — Observers say Li Qiang could be trying to show deference to the president and to cut down on bureaucracy.
Nikkei Asia
- France, Germany play safe during China Premier Li’s European trip — EU powers pursue uncontroversial public agenda with Beijing’s new No. 2.
- Panasonic moving some air conditioner output from China to Japan — Japanese electronics giant to spend $70m to raise domestic production.
- Opinion: Beijing is on the prowl for anyone bearing bad news overseas — Risk consultants are just latest target of information crackdown.
Bloomberg
- Whirlpool Among Firms in Argentina Considering China Yuan on US Dollar Shortage — It’s gotten so hard to find US dollars in Argentina that Whirlpool Corp., the American appliance giant, is considering paying with China’s yuan to import parts for a new factory.
- China Boycott Over Fukushima Nuclear Plant Water Release Sinks Japan Cosmetics — A consumer boycott in China over a planned release of water from the Fukushima Dai-Ichi nuclear plant is threatening to hurt Japanese cosmetics makers.
- Cathay’s Covid Rebound Gathers Pace With New Forecast — Cathay Pacific Airways Ltd. expects to report a profit for the first six months of 2023, finally emerging from the most damaging period in its 76-year history and raising the likelihood of a first annual profit since 2019.
Reuters
- For New Zealand exporters, China both a target and a risk — Beijing’s attempts to punish neighbouring Australia through trade for perceived intransigence over issues from the origin of COVID-19, to spying and human rights, has been noted in New Zealand.
- Biden, Modi take careful aim at China, Russia in joint statement — The United States and India declared themselves “among the closest partners in the world” on Thursday during a state visit by Indian Prime Minister Narendra Modi to Washington hosted by President Joe Biden.
- Chinese authorities focus on fire hazards following restaurant blast — China’s State Council Security Committee and municipal and provincial governments have held emergency video conferences and issued warnings about fire hazards and safety in the wake of a blast in China’s northwest that killed 31 on Wednesday.
Other Publications
- The Economist: China has its eyes on Okinawa — The Chinese government has never asserted a claim to the Ryukyu Islands. But for years a collection of Chinese scholars, analysts and military officials have questioned Japanese rule there.
- Politico: Miles apart: U.S. and Europe diverge on Chinese EVs — The threat of China taking over the electric vehicle industry on two continents is shaping debates about jobs, trade and the fight against climate change.
- Foreign Policy: How China’s Education System Trapped a Generation — Young people have been trained into competition and hopelessness.
- Los Angeles Times: Former Disney PR chief Zenia Mucha to head TikTok communications at a pivotal moment — TikTok could use a fierce advocate in both the media and Washington, where members of both political parties have called for it to be banned.
