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
- Fresh Data Shows China’s Economy Stuck in Doldrums — Attempts by Beijing to address housing woes and boost consumer spending have yet to gain traction.
- Alibaba Posts Weaker-Than-Expected Profit, Revenue — Alibaba Group delivered weaker-than-expected profit and revenue in the latest quarter as the e-commerce titan focused on getting growth back on track amid fierce domestic competition, a weakened Chinese economy and changing consumer behaviors.
- JD.com’s Second-Quarter Profit Nearly Doubled as Revenue Edged Higher — JD.com continues to face stiff competition in its home market from the likes of Alibaba and PDD.
The Financial Times
- China industrial output grows at slowest rate in four months — Policymakers prioritise manufacturing to support economy amid weak household demand.
- DWS bucks trend with launch of Chinese mid-cap ETF — Fund debut comes despite closure of similar products by rival managers.
- Nigerian jets ordered to be seized in Chinese company dispute — Judgment is latest arbitration effort by a foreign group alleging that the African nation reneged on an agreement.
The New York Times
- A Chinese Self-Driving Start-Up Is About to Go Public in the U.S. — WeRide, a $5 billion software maker, is set for an I.P.O. amid geopolitical risks and a rush by Chinese automotive tech firms to raise money in the United States.
- Coming to ‘iPhone City’: An Electric Car Factory From Foxconn — The Taiwanese company has built a manufacturing hub in Zhengzhou, China, for its star customer Apple, but it is starting almost from scratch in the auto business.
- In the Race for San Francisco Mayor, Chinese Voters Take Center Stage — The leading mayoral candidates are racing to hire influential activists in the city’s large Chinese community and looking for every opportunity to reach Chinese-speaking voters.
Caixin
- In Depth: China Amps Up Scrutiny of Freewheeling Securities Firms — China’s securities firms are witnessing a stricter regulatory environment as the country’s top securities watchdog has increased scrutiny of their capital-intensive activities and internal workings.
- Vanke Continues Slimming Down with Asset Securitization — China Vanke Co. Ltd. is speeding up efforts to offload assets through securitization as it grapples with a worsening liquidity crunch.
- Nanchang State Firm Takes Control of Private Lender Yumin Bank — A financial holding company backed by the Nanchang city government has bought a controlling stake in Jiangxi Yumin Bank Co. Ltd., marking the first time a state-owned company has taken control of one of China’s private lenders.
South China Morning Post
- China vows to get foreign firms’ pricey mega projects under way as FDI outflow persists — From toy giant Lego to drug maker Moderna, China is trying to speed up their economy-driving initiatives such as massive factories amid a worrisome outflow of foreign direct investment.
- China to restrict critical antimony exports as geopolitical tensions target weapons — China’s antimony ore production accounted for nearly half of the world’s total last year, and the US has been a big buyer in recent years.
- Will African students’ embrace of China opportunities build support for Beijing? — Easy access to scholarships and a lenient visa regime are making Chinese universities the top choice for a growing number in Africa.
Nikkei Asia
- Alibaba falls in New York premarket trade on disappointing results — Tech giant’s second-quarter earnings fall, partly due to Ant’s value adjustment.
- Li Ka-shing’s CK Group empire accelerates pivot to Europe — London listing, new acquisitions dilute exposure to Hong Kong and mainland China.
- Opinion: Excessive U.S. pressure on Taiwan defense spending plays into CCP’s hands — American policy influencers should explain that Taipei needs encouragement, not punishment. By Yoshiyuki Ogasawara
Bloomberg
- China’s Economy Fails to Pick Up After Worst Stretch in Five Quarters — China’s economic malaise extended into the third quarter, drawing renewed attention to the need for more fiscal stimulus as domestic demand falters under a prolonged housing downturn.
- Vietnam’s Top Leader Set to Meet Xi During Trip to China — Vietnam’s To Lam is set to meet Chinese President Xi Jinping in Beijing in the coming week in what would be his first overseas trip since taking over the country’s top leadership barely a month ago.
- China Calls for ‘Professional’ Probe as Estonia Disputes Finding — China urged European nations to focus on the results of an investigation into damage to a key undersea pipeline last year after a senior Estonian official questioned a Chinese probe that reportedly called it an accident.
Reuters
- China resubmits application to build contested big embassy in London — China has resubmitted plans to build a new large embassy in London, a contested project that could test how the new Labour government handles relations with the world’s second largest economy after years of diplomatic tensions and disputes.
- California Democrats fear US tech firm ‘death spiral’ with more China curbs — California Democrats are calling on the Biden administration to freeze reported plans to impose fresh restrictions on U.S. technology exports to China, arguing unilateral curbs benefit foreign rivals at the expense of U.S. businesses.
- China’s latest blockbuster casts rare, harsh light on gig economy — One of the biggest movies to hit China’s cinemas this summer tackles several of its biggest economic pain points: an uncertain job market, downward mobility and the hardscrabble life of millions working gig jobs.
Other Publications
- The Economist: What is behind China’s perplexing bond-market intervention? — The central bank seems to think the government’s debt is too popular.
- Associated Press: China’s economic recovery dragged down by property slump and weak consumption in July — A continued property crisis and weak consumption dragged on China’s economic recovery in July, according to data released Thursday by the National Bureau of Statistics.
- Council on Foreign Relations: China’s Imaginary Trade Data — China has a new way of calculating its good surplus in its formal balance of payments data. It is a deeply misleading. It also explains the apparent fall in the current account account surplus. By Brad W. Setser
- Quartz: China added more solar power last year than America has, period — New Chinese capacity is more than U.S. total capacity.
- BBC News: Fury in China as deliveryman kneels before guard — Chinese authorities have called for gig workers to be treated with kindness after videos of a delivery rider kneeling before a security guard led to protests by dozens of riders.
