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-Led Infrastructure Bank Finds No Evidence of Communist Party Influence — Audit follows allegations from AIIB’s former head of communications.
- NATO’s New Focus on China Creates Internal Tension About Mission Creep — Leaders of four Asia-Pacific nations are set to attend alliance’s summit for second straight year.
- Shein Takes on Amazon in the Business of Selling Everything — Founded in China as fast-fashion retailer, the company is now positioning itself as a marketplace for practically anything.
- China’s Ant Gives Trapped Investors an Opportunity to Cash Out — Fintech giant offers to buy back shares at a sharply lower valuation than what the company was worth in 2018.
- Yellen Presses China for Better Communication to Avoid Economic Risks — Treasury secretary appeared to be trying to ease tensions over U.S. technology restrictions.
- Janet Yellen Hails Progress in Stabilizing Rocky U.S.-China Ties — Treasury secretary’s visit marks an improvement in tone, but the countries remain far apart on national-security issues.
- Yellen Trip Aids Fragile Effort by U.S., China to Keep Talking — Entrenched tensions will test Washington and Beijing’s resolve to move ahead.
- Deflation Looms in China as Rebound Loses Steam — China’s consumer inflation dropped to a 28-month low of 0%, while decline in producer prices widened in June.
- Anywhere but China: Asia Stocks Rally Leaves the Biggest Market Behind — Japan, India and other markets are booming as Chinese stocks falter.
- Bain Gets Courtesy Call From Top Shanghai Party Official — The visit follows a more tense one in March, when Chinese police questioned staffers of the consulting company.
- To Drive AI, Chip Makers Stack ‘Chiplets’ Like Lego Blocks — Nvidia, Intel, AMD and others invest in technology that promises more-powerful, easier-to-build semiconductors.
- Six Killed in Knife Attack at China Kindergarten — Stabbing at school in southeastern province of Guangdong continues string of such incidents in recent years.
- Opinion: China Puts a Bounty on My Head — The Communist Party is determined to silence me, even though I left Hong Kong three years ago. By Ted Hui.
The Financial Times
- Xin zhong shi, and the rise of the made-in-China movement — Designers are rethinking traditional style to define a generation.
- Who’s behind all those weird product ads on Twitter? — And has one of the biggest advertisers just been nuked?
- Can China’s indie film-makers find a way around the censors? — Directors are trying to find ways to operate without a state-sanctioned ‘dragon seal’.
- Ant Group launches $6bn buyback after regulatory crackdown ends — Fintech giant offers to repurchase shares at greatly reduced $78bn valuation following ‘rectification’.
- Yellen says ‘ample room’ for greater US-China trade despite geopolitical tensions — Treasury secretary emphasised booming bilateral commerce and opportunities for climate change co-operation.
- Deep-sea mining tussle pits France and Germany against China — Crunch talks in Jamaica to determine future of drive to extract critical minerals from ocean depths.
- Sequoia China’s push into Singapore sets up fight against Indian arm — Plans to expand into south-east Asia dealmaking from city-state puts it in direct competition with India-based Peak XV.
- US controls on investment will not harm China, Yellen tells Beijing — Treasury secretary says screening will be “highly targeted” after four-day visit to stabilise the turbulent relationship.
- China’s youth left behind as jobs crisis mounts — Crackdown on tech and slow post-Covid growth have left a generation of graduates with fewer options.
- China fund managers cut fees after pressure from regulator — Financial services reforms come as Beijing pursues ‘people-oriented’ changes for ‘common prosperity’.
- China on brink of consumer deflation — Latest signs of economic weakness likely to spur calls for government stimulus measures.
- Chinese developer Kaisa hit by lawsuit over onshore bonds — Case involving mainland debt reflects creditors’ impatience with restructuring in China’s property sector, analysts say.
- European stocks gain after data shows China on brink of deflation — Asian markets rise as inflation figures boost odds of stimulus from Chinese central bank.
The New York Times
- China Fines Ant Group $985 Million, in Sign Crackdown Is Over — After nearly three years of regulatory scrutiny, the fine is seen as a sign that Beijing is wrapping up its crackdown on technology firms.
- Yellen Urges China to Step Up Climate Finance Investments — Janet Yellen, the Treasury secretary, said China, the largest emitter of greenhouse gases, can have “greater impact” tackling climate change by working with other nations.
- One Reason the U.S. Can’t Quit China? Chips. — Chipmakers are finding it increasingly hard to operate in China but say doing business in the country is still key to their survival.
- Why China Has a Giant Pile of Debt — A major lender abroad, China is facing a debt bomb at home: trillions of dollars owed by local governments, their financial affiliates, and real estate developers.
- ‘Several Things Have Shocked Me’: An Ex-Insider on Business in China — Desmond Shum built a multibillion-dollar empire in the boom times, and says the economy is in far worse shape than outsiders realize.
- China and the U.S., Still Adversaries, Are Talking. That’s a Start. — Treasury Secretary Janet Yellen, after 10 hours of meetings with Chinese officials, said the two sides would pursue “more frequent communication” despite their deep differences.
- For North Koreans in China, Seeking Freedom Is More Perilous Than Ever — In January, a North Korean software engineer trapped in China messaged with a South Korean pastor about an escape plan.
- 3 Takeaways From Janet Yellen’s Trip to Beijing — The U.S. Treasury secretary met with China’s new economic policy leaders and toned down Washington’s talk of “decoupling.” But the two nations remain at odds on many issues.
- Six Dead After Stabbing at a Preschool in China — The police in southern China arrested a 25-year-old man in relation to the attack. Knife attacks are not uncommon in China, and many have targeted schools.
- Why China’s Young People Are Not Getting Married — Marriages in China are at a record low. Recent political and economic turmoil have added another reason to postpone tying the knot.
- Yan Mingfu, Who Tried to Defuse the Tiananmen Powder Keg, Dies at 91 — As an envoy the to the pro-democracy protesters, Mr. Yan, who was also Mao’s interpreter, tried to find a peaceful way out of the crisis.
Caixin
- Beijing Apartment of Disgraced Former Justice Minister to Go Under the Hammer — A property valued at almost $4 million in the heart of Beijing and coming up for auction at the end of the month was previously owned by the disgraced former justice minister Fu Zhenghua.
- Former Senior China Graft Buster Appointed to New Public Complaints Agency — Wu Hansheng, a former senior graft buster at the Communist Party of China, has become the first minister appointed to the newly established Social Work Department of the Central Committee.
- Opinion: A Shared Understanding of ‘Competition’ and ‘Cooperation’ Will Better Serve China-U.S. Relations — It is crucial for the two countries to clearly mark the boundaries of where both competition and collaboration begin and end.
South China Morning Post
- Chinese President Xi Jinping’s visit to military base puts concern over US intervention in Taiwan conflict in spotlight — Military analysts said Beijing is trying to prepare for the possibility that the US and possibly Japan would intervene in a cross-strait conflict.
- US presidential hopeful Ron DeSantis supports revoking China’s trade status — If he won the 2024 White House race, Republican DeSantis said he would take steps to revoke China’s permanent normal trade relations status.
- China needs process, time to heal economic scars left by coronavirus, ex-finance minister Lou Jiwei says — China’s slower-than-expected economic recovery is a growing concern among investors and businesses, especially the country’s mounting local government debt.
- Salt + light + tech = record-setting Chinese solar power station — A massive array of panels erected at a salt farm in Tianjin is up and running, generating enough electricity for more than a million homes.
Nikkei Asia
- China, South Korea push for deep-sea mining as global talks begin — Countries seek rule-making for critical metals amid criticism from activists.
- Shenzhen, China’s ‘city of young migrants,’ at point of inflection — First ever population drop in 2022 as COVID-19 and new policies take toll.
- Opinion: China’s grievances with the West are heard by the Global South — Decoupling is driving Beijing to seek out new coalitions to challenge world order. By Hoang Thi Ha.
Bloomberg
- Solomon Islands Opens China Embassy in Sign of Closer Ties — China, US increasingly seeking to raise profile in Pacific.
- Chinese Women Economists Who Met Yellen Called Traitors Online — Nationalists accuse woman of being a spy for meeting Americans.
- Opinion: Ukraine’s Not the Only State Signing Up for the American Empire — While Russia and China are struggling to coerce nations into their orbits, NATO and other US alliances keep growing. By Hal Brands.
Reuters
- European firms look for footing in China-U.S. spat, French execs say — European firms are concerned they could get caught in the cross-fire of rising economic rivalry between the United States and China.
- U.S. calls Pan Gongsheng China’s central-bank ‘head’, suggesting unannounced promotion — The United States has repeatedly referred to a senior Chinese central banker as the head or acting head of the People’s Bank of China (PBOC) in recent days.
- Honduras probes Chinese interest in investing in $20 billion rail line — Honduras and China have been negotiating a first-ever free trade pact linking their economies.
Other Publications
- Foreign Policy: There’s No Substitute for Chinese Drones (and That’s a Problem) — Grounding DJI products is already causing severe issues.
- MIT Technology Review: China just fought back in the semiconductor exports war. Here’s what you need to know. — The country aims to restrict the supply of gallium and germanium, two materials used in computer chips and other products. But experts say it won’t have the desired impact.
- The Messenger: China Puts Out Welcome Mat for Some Americans, Keeps Door Shut for Others — Tim Cook and Bill Gates are welcome; for some other Americans it’s not so clear.
