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
- Chinese Money Flees the Western World — Chinese investors who once bought New York City hotels and other Western assets are placing their money elsewhere, including Indonesia’s nickel industry.
- China’s Corruption Hunters Target Produce Aisle in Push for Seed Security — Chinese leader Xi Jinping is ordering his enforcers to pursue officials, merchants and farmers suspected of harvesting illicit profits from grains and seeds.
- U.S., Allies Hold Record-Setting Military Exercise in Australia in Message Aimed at China — The joint drills involving 13 nations are most expansive in the Talisman Sabre exercise’s history, officials say.
- The Energy Transition Will Require Cobalt. America’s Only Mine Can’t Get Off the Ground. — The U.S. is playing catch-up in battery supply chains dominated by China.
- Why China Isn’t Feeling the ‘Barbenheimer’ Vibe — ‘Barbie’ is a flop in China and ‘Oppenheimer’ has yet to be released. That could be a sign of things to come.
- Big Pharma Bets Big on China — Western drugmakers have aligned themselves with Beijing’s health priorities and are tapping local startups for innovative medicines.
- Chinese Consumers Pinch Pennies on Staples as Pandemic Habits Linger — Average selling prices of toothbrushes, infant formula and makeup are declining as businesses adapt.
- Opinion: Asian Allies Have a Role to Play in NATO — China’s rising threat has splintered Europe while creating a need for global leadership. By John Bolton.
The Financial Times
- Work dries up for US consultancies in China after national security raids — Bain, BCG and McKinsey push back start dates for new recruits to as late as 2025.
- China’s data ‘black box’ puzzles economists — Lack of detailed explanations on revisions adds to difficulties in parsing growth statistics.
- China cannot allow jobless young to ‘lie flat’ — The plight of disillusioned, pessimistic youth is a blight on the economy — and society.
- Chinese property stocks fall despite Dalian Wanda avoiding default — Last-minute repayment of $400mn bond fails to boost sector.
- How China’s military is slowly squeezing Taiwan — For all the focus on a potential invasion, some in Taipei fear a Chinese pressure campaign that gradually changes the status quo.
- China sounds out foreign buyout groups over boosting inward investment — Rare symposium in Beijing part of concerted effort to re-engage with foreign investors and businesses.
The New York Times
- Beijing Offers Love, but Chinese Entrepreneurs Aren’t Buying It — The government’s new 31-point guidelines meant to inspire confidence feel empty to businesspeople after a three-year clampdown and no concrete changes.
- At Least 11 Killed After School Gym Roof Collapses During a Volleyball Practice in China — A building contractor improperly stored material on the gym’s roof, official media reported. Most of the victims were children.
- A Retired R.C.M.P. Officer Is Charged With Spying for China — The officer was also charged under Canada’s Security of Information Act with helping Beijing “identify and intimidate’’ an individual.
- Around the Globe, Searing Heat With No Sign of Relief — In Asia, Europe and the United States, records are shattering, and forecasters say there’s no respite in sight.
- Opinion: Vladimir Putin Is Still Useful to Xi Jinping. Until He Isn’t. — China’s track record on foreign friendships does not bode well for the Russian leader. By Sergey Radchenko.
Caixin
- U.S. Lawmakers Demand Venture Capital Firms Provide Details of China Tech Investments — Qualcomm Ventures and Walden International among four firms targeted by a U.S. House Select Committee probe that seeks answers about their dealings in China.
- Chinese Property Tycoon Zhang Li Admits Bribing San Francisco Official — Co-chairman and CEO of Guangzhou R&F Properties makes deal with U.S. prosecutors to avoid jail time.
- Chinese Chipmakers Urge Beijing to Do More Amid Escalating U.S. Export Controls — Representatives from domestic semiconductor firms met with Ministry of Commerce officials this week seeking to avoid raising trade tensions even further, Caixin has learned.
- Alibaba Reshuffles Partners as E-Commerce Giant’s Restructuring Rolls On — Some old and new faces join strategic leadership group ahead of September changing of the guard among top executives.
South China Morning Post
- China allows 15-day visa-free entry for Singapore citizens to resume — The Chinese embassy said that the relaxation would allow Singaporeans to enter for business, tourism and family visits.
- China-Africa relations: Wang Yi pledges Beijing will help Ethiopia recover and boost ties with Kenya and Nigeria — China’s top diplomat makes a surprise stop in Addis Ababa and says Beijing is ‘willing to play a positive role in easing Ethiopia’s debt pressure’.
- China’s live-streaming e-commerce market faces major disruption as AI-powered virtual hosts lower cost of campaigns, work round the clock — A number of Chinese tech companies are now pushing generative artificial intelligence technology to create more cost-effective virtual live-streaming hosts capable of round-the-clock sessions.
Nikkei Asia
- China ‘dissatisfied’ with Japan’s chip equipment export controls — Beijing issues muted initial response to new rules that took effect Sunday.
- China dams make ‘upstream superpower’ presence felt in Asia — Enormous water diversion projects spark concern across region.
- Yuan exceeds dollar in China’s bilateral trade for first time — April-June figure driven by capital market liberation and Russian trade.
- Opinion: China can pull through without major economic stimulus — With new growth areas emerging, reforms key to lifting outlook. By Li Cui.
Bloomberg
- India Blocks $1 Billion Bid By China’s BYD to Set Up EV Factory — India rejected Chinese carmaker BYD Co.’s proposal to build a $1 billion electric-vehicle plant in partnership with a local company, according to people with knowledge of the matter.
- What’s Next as China’s Tech Crackdown Winds Down — President Xi Jinping’s government has sent its clearest signals yet that it’s ready to lift the restrictions, with caveats, unshackling a trillion-dollar sector to again help drive the world’s No. 2 economy, just when it’s most needed.
- China Holds Off on Major Stimulus as It Signals Property Easing — Politburo promises ‘counter-cyclical’ policy in July meeting.
- Six Bubble Tea Chains Plan IPOs in Bet on China Consumer Revival — A parade of Chinese bubble tea makers are lining up for first-time share sales in Hong Kong and the US, where they are likely to get less regulatory scrutiny than at home.
Reuters
- Exclusive: Beijing pushes for toning down of China risks in IPO prospectuses-sources — The move, which not been reported before, is the latest in tightening scrutiny of Chinese companies’ offshore listings.
- Analysis: China’s pitch to foreign investors falls flat as incentives dwindle — With their coffers depleted after an economically bruising pandemic and property crisis, local authorities have been racing to find new revenue sources, with foreign investment particularly coveted.
- Chinese petchem firms betting big on energy transition products — The investments illustrate China’s drive to reduce its import dependence and further cement its dominance of renewable energy and electric vehicle supply chains.
Other Publications
- Foreign Policy: Sweden Is the Land of Ikea, ABBA—and China Hawks — It’s not just in NATO. It’s one of the alliance’s most confrontational members.
- Foreign Affairs: The Illusion of Great-Power Competition — Why Middle Powers—and Small Countries—Are Vital to U.S. Strategy.
- POLITICO: China investment rules pit pro-business Republicans against China hawks — Any new oversight or regulation for financial activity overseas would be a break from decades of U.S. policy.
- The Washington Post: Opinion: China’s missing foreign minister exposes Beijing’s secrecy under Xi — Qin, a close confidant of Xi who rose swiftly through the diplomatic ranks, hasn’t been seen in public since June 25. By Josh Rogin.
- The Economist: China hits back against Western sanctions — The Communist Party is becoming less timid in its retaliation against American economic warfare.
