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
- BMW’s Key Automotive Unit Held Back by China Struggles — The German car maker’s operating margin was 8.4% in the division, short of a company-compiled consensus of 8.7%.
- China’s Home Sales Slump Again, Signaling Crisis Not Over Yet — Sales of new homes at China’s largest property developers declined at a faster pace in July.
- Bud Brewer AB InBev Beer Sales Dragged by Weaker China Demand, Boycott Fallout — The world’s largest brewer said volumes for the quarter decreased 0.8% on an organic basis from the same period last year.
- Temu Suppliers Protest in China, Saying Low-Cost Site Squeezes Them — E-commerce powerhouse says its penalty system for merchants helps to ensure high quality.
- Opinion: Marxism and the Xi-Putin Link — To Xi Jinping, a Russian victory over Ukraine would vindicate the Marxist theory of history. By Leon Aron
The Financial Times
- BASF’s Joerg Wuttke: ‘The essence of China is this warrior’ — The outspoken Beijing-based business leader is moving to Washington — but his art and antiques paint a vivid picture of three decades speaking truth to power.
- Henry Steiner — the graphic designer behind ‘brand Hong Kong’ — The creator of classic branding on living in the city — and how it inspired visuals for some of its top companies.
- Germany blames China for ‘serious’ cyber attack — Berlin says Beijing behind 2021 hack on precision mapping agency.
- China’s data watchdog plans tighter control of internet users — Proposed digital IDs potentially covering everything from ecommerce to travel itineraries spark backlash.
- Opinion: Understanding China’s pragmatic AI plan — While the US ecosystem has the edge in groundbreaking innovations, the Chinese one excels in execution. By Jen Zhu Scott
The New York Times
- Why Chinese Propaganda Loves Foreign Travel Bloggers — Videos by influencers documenting their trips have been widely promoted on Chinese media — if they tell a certain story.
- Antidoping Agency Acknowledges Concern Over Use of Tainted Food as Excuse — After a spate of positive tests for performance-enhancing drugs by athletes, the World Anti-Doping Agency is investigating why China and other countries are citing contaminated food as an explanation.
Caixin
- In Depth: ‘Exorbitant’ Fines Land Temu in Hot Water With Chinese Merchants — Chinese cross-border e-commerce platform Temu is facing mounting criticism from merchants for what they see as exorbitant penalties being levied unfairly.
- China’s Manufacturing Shrinks for First Time in Nine Months as Demand Falls, Caixin PMI Shows — Activity in China’s manufacturing sector shrank slightly in July as demand declined for the first time in 12 months, according to a Caixin-sponsored survey published Thursday, indicating that the economic slowdown in the second quarter could carry over into the third.
- China’s Top Financial Regulator Names New Beijing and Shanghai Branch Heads — The mid-level reshuffle at China’s top financial regulator is gathering pace, with two new heads appointed for its branches in Beijing and Shanghai, while various department leaders are rotating roles, Caixin has learned.
South China Morning Post
- The US-China trade war has become a forever war, but at what cost? — Despite rising bilateral tensions, US and Chinese should know each other’s aims and limitations to avoid economic harm for their people.
- China eyes food security boost, ‘bumper’ autumn harvest with funds for weather-hit regions — China provides 238 million yuan (US$32.8 million) in emergency funding to aid recovery efforts in agricultural production in five provinces.
- BYD lands deal to supply Uber 100,000 EVs, fuelling its overseas expansion drive — This is the Shenzhen-based carmaker’s largest supply deal since 2022 and comes in the wake of punitive tariffs imposed by the US and EU to deter Chinese EV exports.
- Chinese cybersecurity firm links US sanctions to its role in uncovering hackers targeting China — Zhou claimed that the discovery of CIA and NSA hacking programmes targeting China was a key reason for his company being sanctioned by Washington.
Nikkei Asia
- China’s cyberspace ID proposal triggers fear of stricter social control — Lawyers worry system would expand surveillance and make access a licensed privilege
- Budweiser group’s China beer sales plunge by double digits — APAC CEO blames drop-off on COVID reopening hangover, weather, weak consumption.
- Qualcomm revenue from China smartphone makers grows 50%, driven by AI — Chipmaker says loss of Huawei export license will affect future earnings.
Bloomberg
- US Weighs Restrictions on China’s Access to AI Memory Chips — The US is considering unilateral restrictions on China’s access to AI memory chips and equipment capable of making those semiconductors as soon as next month, a move that would further escalate the tech rivalry between the world’s biggest economies.
- China’s Robotaxi Dreams Spark Economic Anxiety Over AI’s Threat — Wuhan’s experiment with driverless taxis could help China lead the world on the emerging technology. It also risks putting thousands of people out of work.
- TSMC Sparks Patriotic Spirit of Taiwanese Wary of China — While collectively owning less than 1% of TSMC, the number of retail shareholders has reached a record this year even as foreign investors have pulled back.
Reuters
- China, India to speed up border talks, says Chinese foreign ministry — China and India will speed up negotiations around a disputed border and continue to maintain peace and tranquility in the areas, China’s foreign ministry said in a statement on Thursday.
- Ukraine’s Zelenskiy wants China to put more pressure on Russia — Ukrainian President Volodymyr Zelenskiy said on Wednesday that Kyiv does not want China to act as a mediator in its 29-month-old conflict with Russia but hoped Beijing would apply greater pressure on Moscow to end the war.
- China anti-doping agency accuses New York Times of sabotage over report — China’s anti-doping agency has accused the New York Times of politicizing doping issues and said the publication was trying to “affect the psychology” of Chinese athletes at the Paris Olympics.
Other Publications
- Associated Press: Pan Zhanle of China breaks own world record to win Olympic gold medal in men’s 100-meter freestyle — Pan Zhanle of China broke his own world record on the way to winning the men’s 100-meter freestyle Wednesday night, finishing in 46.40 seconds for his country’s first swimming gold medal of the Paris Olympics.
- The Economist: Chinese firms are growing rapidly in the global south — In spite of the fuss in much of the rich world about Chinese investment, Chinese firms have a comparatively small global footprint.
- Foreign Affairs: Does China prefer Harris or Trump? — Why Chinese strategists see little difference between the two.
- Toronto Star: Will we be flying Chinese jumbo jets? How Shanghai is taking on Airbus and Boeing in the battle for aircraft supremacy — To meet passenger demand, the Big Two manufacturers need to build twice as many jets in the next 20 years as they did the previous two decades. Can China’s Comac fill the gap?
- The Guardian: China used ‘shocking’ bullying tactics ahead of Taiwan Ipac meeting, organiser says — Member countries from the global south were intimidated in an attempt to dissuade them from attending meeting, says executive director.
- BBC News: Uber strikes EV deal with Chinese Tesla rival BYD — Uber has announced a deal which aims to bring 100,000 electric vehicles (EVs) made by China’s BYD to the ride-hailing giant’s global fleet of cars.
- CNBC: China holds back on more stimulus, citing necessary ‘pain’ — China’s economic officials are not planning additional stimulus measures for the second half of the year, focusing instead on existing policies and long-term goals like technological advancement.
