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 Cities Eyes Data Assets as Fiscal Woes Bite — Chinese authorities are looking at an unconventional way to fill up their coffers: data monetization.
- China to Impose Export Controls on Aviation Equipment, Technology — Chinese authorities will impose export controls on technology, software and equipment used in aviation, the country’s latest move to enhance national security.
- Hong Kong Convicts Pro-Democracy Figures in Case That Cements Beijing’s Control — A nurse is among 14 opposition activists found guilty of subversion in a ruling that sends a warning against further dissent.
- A New Way to Make Solar Panels Cheaper Outside China — The biggest investor in U.S. solar manufacturing is embracing a new technology that reduces the cost of producing the panels.
- Tariffs Are More Than Just Taxes. They Are a Tool of Geopolitics. — Duties on Chinese imports may hurt low-income consumers, but something bigger is at stake: U.S. economic security.
- How America Inadvertently Created an ‘Axis of Evasion’ Led by China — Western sanctions and export controls were meant to subdue enemies of the U.S. but instead have led to a shadow economy.
- China Lifts Ban on Most Australian Beef Exporters — China has lifted suspensions on five Australian meat exporters, the Australian government said on Thursday, in a further sign of steadily warming ties between the two countries.
- Opinion: Keeping Ahead of China Requires Investment in Military R&D — The Pentagon has been focused too much on operational needs, not enough on strategic ones. By David C. Gompert.
The Financial Times
- Hong Kong convicts 14 activists in city’s largest national security trial — Two defendants acquitted of conspiracy to commit subversion in closely watched case.
- Pressure mounts on Beijing to allow renminbi to weaken — Markets push central bank for a weaker currency to reflect the gap in bond yields with the US.
- Exodus of US law firms from Shanghai accelerates — More practices are closing offices in China’s largest city as corporate work and M&A deals dry up.
- China’s army tests gun-toting version of robot dog — Investors in Chinese robotmaker Unitree include Neil Shen’s HongShan, Matrix Partners China and Shunwei Capital.
- Opinion: The Taiwan parliament’s excessive power grab — Political divisions could be exploited by China to undermine ties with the west. By The Editorial Board.
The New York Times
- Hong Kong Convicts 14 Democracy Activists in Largest National Security Trial — As part of China’s crackdown on even peaceful opposition, a court in Hong Kong convicted 14 people, who now face prison time along with dozens of others.
- Giant Pandas Will Head to D.C.’s National Zoo From China — The pandas, Bao Li and Qing Bao, will be flown to the Smithsonian National Zoo from China before the end of the year.
Caixin
- Citic Group Buys 60% Stake in China Huarong Financial Leasing for $1.65 Billion — China Citic Financial Asset Management says it’s shedding non-core financial assets.
- Currency Diversification Can Coexist With Dollar Dominance, Vice Finance Minister Says — An international monetary system where currencies such as the euro, yen and yuan play a bigger part won’t necessarily diminish the greenback’s leading role, Liao Min says.
- China Tests Whether State Purchases Can Lift Housing Market — Government offers $41.6 billion in financing to help cities buy unsold homes.
South China Morning Post
- Shangri-La Dialogue: China’s new defence chief Dong Jun expected to take tough stance in security summit debut — Dong, the first naval officer to be named defence minister, is expected to meet US Defence Secretary Lloyd Austin at this weekend’s regional forum.
- China restricts exports of military-related materials, from bulletproof vests to plane parts — The ban, intended to ‘safeguard national security’, will take effect on July 1 and major export destinations of some banned materials in recent months included the US and Israel.
- China launches 4 satellites from the sea in push to finish Internet of Things constellation by end of year — Tianqi constellation to comprise 38 small satellites for data connectivity via smart devices, with expansion expected to include military applications, says developer and operator Guodian Gaoke.
- Xi pledges deeper China ties with Arab states, pushes 2-state solution for Gaza peace — Middle East has ‘broad prospects for development’ and war cannot continue indefinitely, the Chinese leader said, as Beijing courts region long dominated by the US.
- China’s unicorns set for capital boost after dwindling flock catches Xi Jinping’s eye — Analysts say China needs to mobilise venture capital and resources, while reducing reliance on foreign venture capital, having fallen further behind the US in terms of the number of start-ups valued at more than US$1 billion.
Nikkei Asia
- A 1950 map foreshadows what Xi Jinping has in mind today — The Korean War and Battle of Lake Changjin hold lessons for U.S. and Chinese leaders.
- Vietnam tech leaders FPT, CMC set up shop in China and South Korea — FPT, Vietnam’s largest information technology group, opened a massive development hub in March at an industrial park in Dalian, in northeastern China.
- Argentina and Brazil seek balancing act on China ties — Bound by economic reality, many Latin American nations need Beijing’s help.
Bloomberg
- China Weighs Record Fine for PwC Over Evergrande Audit Work — China is poised to impose a record fine on PwC and suspend some of the global auditor’s local operations over its role in one of the nation’s biggest alleged financial fraud cases, according to people familiar with the matter.
- Taiwan Leader’s Bid to Keep China at Bay Risks Being Hamstrung — Lai Ching-te’s tumultuous first ten days as Taiwan’s president signal he’s going to be more hamstrung than his predecessor in bolstering the island’s defenses, even as Beijing ramps up military threats.
- Southeast Asia Tourism to China Jumps After Visa Rules Ease — China is regaining its status as a hotspot for Southeast Asian tourists lured by new visa-free entry programs and easier access to the mainland’s cashless payment systems, according to booking platform Klook Travel Technology Ltd.
- China Vanke in Advanced Talks With Banks for $6.9 Billion Loan — The Chinese state-backed developer that’s become the latest flashpoint in the nation’s property crisis, is in advanced talks with major banks for a loan of about 50 billion yuan ($6.9 billion), people familiar with the matter said.
- Opinion: All Homes Grow Old. China Will Get Used to It — Sales of pre-owned apartments will dominate in a changing property market. By Shuli Ren.
Reuters
- Tesla makes push to roll out advanced FSD self-driving in China — The U.S. electric vehicle maker is also considering selling the software as a monthly subscription to users of its cars in China, its second-largest market, they said.
- US-China, wars, and South China Sea likely to dominate Asian security meeting — Analysts say the dialogue is useful for the bilateral and multilateral military-to-military meetings on the sidelines of plenary sessions and speeches delivered by defence ministers.
- ‘Sitting in jail for everyone else’ – a Hong Kong democrat’s sacrifice — China-ruled Hong Kong is experiencing a years-long crackdown on dissent under China-imposed security laws that have silenced liberal voices, unnerved investors and triggered a wave of emigration.
Other Publications
- Foreign Policy: How to Respond to China’s Tactics in the South China Sea — Beijing is testing the U.S.-Philippines alliance, and a new strategy is needed.
- Foreign Policy: Biden’s New Tariffs Should Raise Alarm Bells in Beijing — In the fight for economic dominance, Washington is playing the long game.
- Foreign Affairs: What Does America Want From China? — Debating Washington’s Strategy—and the Endgame of Competition.
- The Economist: Xi Jinping’s surprising new source of economic advice — What China’s leader may learn from a pair of reform-minded academics.
- The Information: U.S. Escalates Crackdown on Trade Rule Behind Shein and Temu — U.S. officials have escalated a crackdown on the controversial customs exemption that Temu, Shein and other e-commerce firms use to send cheap items from overseas to American shoppers without paying tariffs.