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
- Caught Between China and Russia, Mongolia Seeks Closer U.S. Ties — Landlocked country casts itself as a democratic Asian outpost with resources to power clean-energy transition.
- Crypto Is Illegal in China. Binance Does $90 Billion of Business There Anyway. — Retaining its Chinese footprint will be crucial for Binance as it faces a global regulatory crackdown.
- Taiwan Unveils Dates for U.S. Stops by Vice President Despite China’s Protests — Lai Ching-te will land in New York on Aug. 12 on his way to Paraguay, and return through San Francisco on Aug. 16.
- Chinese Investors Warm to Sweetened U.S. Cash-for-Visa Program — Worries over China’s economy and country’s direction rekindle interest in the U.S. initiative, this time in small-town America.
The Financial Times
- House committee quizzes BlackRock and MSCI on China investments — US lawmakers accuse firms of facilitating capital flows to ‘America’s foremost foreign adversary’.
- China proposes tighter limits on children’s use of tech — Draft restrictions pose fresh challenge to online content providers.
- Biden to ask Congress to fund Taiwan arms via Ukraine budget — White House request designed to speed up weapons transfers to Taipei amid rising threat from China.
- US-listed China ETF investors ignore pledge to boost the economy — ETF with second-highest inflows since politburo meeting is betting against Chinese stocks.
The New York Times
- Solar Supply Chain Grows More Opaque Amid Human Rights Concerns — The global industry is cutting some ties to China, but its exposure to forced labor remains high and companies are less transparent, a new report found.
- Chinese Zoo: This Is a Real Sun Bear, Not a Costume — “Some people think I look too human when I stand up,” the Hangzhou Zoo’s statement said, after a video prompted internet conspiracy theories. “I am a Malayan sun bear!”
- Xi’s Abrupt Shake-Up of Nuclear Force’s Leaders Fans Speculation — The Chinese leader’s replacement of two commanders has fanned speculation about corruption or failings in the force that manages China’s nuclear missiles.
Caixin
- Central Bank Vows Further Mortgage Easing to Support Housing — China’s central bank pledged to step up mortgage easing to support homebuyers, signaling further efforts to bolster the ailing property market.
- Exclusive: State Insurance Giant China Life Names New Chief — Li Mingguang, vice president and chief actuary of China Life, was named Communist Party chief of the insurer and is set to take the helm as president.
- China’s July Property Sales Slump Further as Sector Falters — Housing sales in China continued to contract in July, adding more pressure on policymakers who are striving to restore confidence in the faltering property sector, which drives around 14% of the country’s GDP when taking into account related industries.
South China Morning Post
- Chinese buyers return to US property market – but this time they want a home, not an investment — Their median spend was US$723,200, almost double the US$384,200 median price for an American home, and they mostly bought as a holiday home or primary residence, rather than as an investment.
- China’s top diplomat Wang Yi is best hope for making Xi-Biden meeting happen, analysts say — Washington confirms it has invited Wang to visit and expects him to accept, and observers say the senior foreign affairs adviser is the obvious choice to coordinate summit between US and Chinese presidents.
- Chinese carmaker BYD faces Indian tax investigation over underpayment of levies on imported EV parts: sources — India’s Directorate of Revenue Intelligence alleges that BYD underpaid taxes of US$9 million on imported parts of electric cars, a source says.
- China electric cars: BYD, Li Auto and Nio smash monthly sales records again as demand surge continues — Strong sales for BYD, Li Auto and Nio, which follow a price war earlier in 2023 that failed to spark demand, have helped put the country’s electric car sector back on the fast track, and are likely to offer the slowing national economy a much-needed boost.
Nikkei Asia
- Australia lawmakers recommend possible WeChat ban on gov’t devices — Proposals focus on Chinese social media, include all state-affiliated accounts.
- U.S. dependence on China for lifesaving drugs grows — Treatments for cancer, cardiovascular diseases drive rising imports.
- China’s great race to build a SpaceX competitor — LandSpace Technology breaks through with methane-liquid oxygen carrier rocket.
Bloomberg
- Dubai Skyscraper Draws Interest From China’s CIC, Saudi Fund — China Investment Corp., Malaysia’s KLCC Property Holdings Bhd. and Saudi Arabia’s Hassana are among potential bidders for a stake in an office tower in the heart of Dubai’s financial district, according to people with knowledge of the matter.
- China Puts Pressure on Local Governments in Pro-Growth Push — China is stepping up its policy support for the economy, pressuring local governments to speed up the sale of bonds to fund infrastructure spending.
- China Chip Firms Soar on Report of Advance in Fabrication Tech — Chinese chipmaking machine suppliers surged on Wednesday following a media report that a state-backed firm made a significant technological breakthrough, spurring hopes the country can lessen its reliance on US semiconductor techniques.
Reuters
- US targets two China-based firms over forced labor practices, Department of Homeland Security says — The United States has banned goods from two China-based companies as part of an effort to eliminate forced labor practices in the U.S. supply chain, prompting a warning from Beijing of measures to safeguard Chinese firms’ rights.
- China’s Belt and Road energy projects set for “greenest” year, research shows — China’s overseas energy engagement in Belt and Road Initiative (BRI) countries in the first half of 2023 was the “greenest” in terms of project type since its start, according to new research published on Tuesday.
- Chinese carmaker BYD faces Indian tax investigation — Chinese automaker BYD (002594.SZ) faces an ongoing Indian investigation over allegations that it paid too little tax on imported parts for cars it assembles and sells in the country, two sources with direct knowledge of the matter said.
Other Publications
- Helena Kennedy Centre for International Justice: Over-Exposed: Uyghur Region Exposure Assessment for Solar Industry Sourcing — The vast majority of solar modules produced globally continue to be exposed to the Uyghur Region.
- Asia Society Centre on U.S.-China Relations: Prioritizing Southeast Asia in American China Policy — While many Southeast Asians view their region’s economic relationship with China favorably, concern is growing about how China uses its economic clout for political leverage and strategic positioning.
- Associated Press: Starbucks reports record revenue as China booms, but sales still fall short of expectations — Starbucks reported record revenue in its fiscal third quarter as its China business roared back to life.
- The Guardian: Solomon Islands newspaper pledged to promote ‘truth about China’s generosity’ in return for funding — The Solomon Star denies accusations of ‘giving away’ its independence by accepting thousands of dollars’ worth of equipment.
