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
- Tesla Trails Rivals in Offering Driver-Assistance Features in China — As Elon Musk awaits Beijing’s green light, Chinese EV makers sell models that can cruise without intervention on city streets.
- Collisions Tear Holes in U.S. Ally’s Ships as Tensions Flare in South China Sea — Three collisions between coast guard ships belonging to China and the Philippines mark an escalation that threatens to spiral into a conflict that could draw in the U.S.
- Argentina’s Milei Finds It Hard to Decouple From China — The South American country’s president is keeping close economic ties with Beijing to help restore growth, while also cozying up to the U.S..
- How China Is Becoming a Money Pit for Foreign Automakers — Volkswagen, General Motors and other big brands are losing their grip on a once-lucrative market as Chinese consumers embrace homegrown electric vehicles.
The Financial Times
- Beijing restricts trading data as foreign investors flee Chinese stocks — Overseas flows into China’s equity market have turned negative for the year after $12bn exodus since start of June.
- China and Philippines trade accusations over South China Sea collision — Incident comes despite temporary détente last month over disputed territory.
- Western airlines slash flights to China — Chinese rivals take market share as US and European carriers struggle with weak demand and diversions around Russia.
- China-US tensions erode co-operation on science and tech — Deng-Carter pact risks unravelling, with co-ordination limited to specific areas of research.
- Singapore PM warns of regional fallout from US-China tensions — Lawrence Wong says ‘intensifying rivalry’ between Beijing and Washington is his nation’s biggest concern.
- Plunging iron ore price wipes $100bn off leading miners’ market value — Declining demand due to Chinese property rout threatens profit squeeze for producers including BHP, Rio Tinto, Vale and Fortescue.
- Auction houses aim to lure Asia’s ultra-rich with new openings — Bonhams, Christie’s, Phillips and Sotheby’s open Hong Kong headquarters and expand exhibition spaces and sales.
- Starbucks’ $113mn man has a China problem — There is a case for the US coffee group to cut back capital spending and slow expansion plans in the country.
- Opinion: How much will higher tariffs hurt China? — The bigger challenge the country faces is a policy-driven debt-deflation loop. By Chetan Ahya.
The New York Times
- Businesses Are Already Girding for Next Phase of the U.S.-China Trade War — Alarmed by the prospect of increased tariffs on Chinese goods if Donald Trump is elected, some American companies are stockpiling parts and delaying expansions.
- Opinion: The China Hangover Is Here — The party is over for China’s economy, and poor nations around the world are feeling the effects. By Michael Beckley.
Caixin
- Chinese Gamble With Their Lives in the Philippines Amid Waves of Kidnappings — In previous years, local Chinese Filipinos were the prime targets. Today, it’s nationals from the People’s Republic of China that are increasingly becoming the preferred victims.
- Cost, Funding Challenges Hinder China’s Plan for Connected Cars, Experts Say — The infrastructure at the center of the discussions is the cloud technology-powered systems that connect autonomous vehicles with surrounding devices as they move.
- China Looks to Make Tying the Knot Easier as Marriage Rate Continues Decade-Long Decline — Under draft regulation, couples trying to register would no longer need to present their household registration documents, could get married anywhere in the country.
- China’s Ganfeng Lithium Unit Inks JV With Turkish Battery Producer for New Plant — Ganfeng LiEnergy Tech will join Istanbul-listed Yigit Aku to build a $500 million plant in Turkey with annual capacity of 5 gigawatt hours.
- Final Verdict in EU Anti-Subsidy Probe of Chinese-Made EVs Expected by End of Month — China trade chamber made the prediction on the investigation, which last month found Chinese makers benefited from ‘unfair subsidization,’ imposing provisional punitive duties.
South China Morning Post
- US-China financial working group seek to ‘strengthen’ cooperation in times of stress — Financial Working Group met in Shanghai last week, with officials from China and the US discussing a wide range of issues over two days.
- China’s first AAA game Black Myth: Wukong has both fans and brands excited — Lenovo’s Legion PCs, Luckin Coffee and Didi Bike are all launching products promoting Black Myth: Wukong, which is set to become a global hit.
- Why there’s no quick fix in the South China Sea disputes, and war ‘cannot be ruled out’ — An expert on the contested waterway, Wu Shicun calls for rival claimants to work together to demilitarise – and says Beijing should take the lead.
- China puts private sector policy on the front burner after July data disappoints — Premier Li Qiang tells the cabinet that more effort must be made to boost domestic demand.
- Chinese taxman’s secret weapon to crack down on evasion: phase IV of the Golden Tax System — With tax evasion costing China tens of billions of yuan a year, authorities are looking to plug leaks and shore up oversight in the 30-year-old system.
Nikkei Asia
- Australia warns of $2bn budget hole as iron ore slumps on China woes — Concerns elevated after bleak outlook from largest steelmaker.
- China’s answer to Zara has a sister brand that ditches jeans for yoga pants — FMG’s Benlai chain adds more Chinese stores and plans overseas debut in Thailand.
- U.S. lawmakers push for clampdown on tariff-dodging Chinese imports — Proposals include tightening ‘de minimis’ import rules, stronger enforcement.
- Taliban and Chinese partner restart copper project, reigniting worries — Pollution of nearby area, destruction of relics feared in Mes Aynak development.
- Opinion: Black Myth: Wukong release could redefine China’s gaming industry — The hype surrounding the ‘triple-A’ game reveals a Chinese wish for global prestige. By Lu-Hai Liang.
Bloomberg
- Singapore Money Laundering Scandal Shows Dangers of Wooing Rich Chinese Clients — Less than two years out of college, Wang Qiming was making waves within Citibank Singapore by bringing in millions in deposits from his rich clients.
- China Court Accepts Liquidation Hearing Against Evergrande Unit — This has triggered a formal legal process that ratchets up the pressure on the defaulted developer to either restructure or face liquidation in its main base of operations under a worst-case scenario.
- Philippines Defends Ship’s Presence at Shoal After China Protest — The Philippine Coast Guard said it has the right to sail in the waters near the shoal after Beijing protested its presence and sought its immediate withdrawal.
- Too Much Steel in China Means Trouble for the World — The prospect of peak steel demand in China has profound implications for the global industry.
- Opinion: Can China’s Tech Giants Do Without Consumers? — Slashing prices and launching aggressive campaigns isn’t opening pocketbooks. Beijing must spur spending. By Catherine Thorbecke.
Reuters
- China’s coal output rises as share of electricity slips — Coal output rose 2.8% in July from the same month a year earlier, hitting 390.37 million metric tons, according to data released on Aug. 15 by the National Bureau of Statistics.
- China’s ammo export curb is more a green defence — Beijing’s latest choice of critical mineral to put under export limits, opens new tab may at first blush appear to be old-school Realpolitik.
- China and Vietnam sign 14 deals from rail to crocodiles after leaders meet — Lam’s visit to Beijing, his first overseas trip since he was appointed party chief early this month, signals a desire to strengthen ties as trade and investment grow.
- Russian pork producers target EU’s share of China’s pork market — The trade adds to the growing economic ties between Russia and China in the face of increasing sanctions against both countries by the West.
Other Publications
- Foreign Affairs: The Innovation Fallacy — In the U.S.-Chinese Tech Race, Diffusion Matters More than Invention.
- Foreign Policy: The Technocrat — Gina Raimondo has reshaped the Commerce Department for technological competition with China.
- Foreign Policy: China Hawks’ Faith in Trump Is Delusional — The former president is too ill-disciplined and corrupt to confront Beijing.
- The Washington Post: Iran seeks China’s help with surveillance satellites, officials say — Tehran is chasing deals with two Chinese companies that specialize in small satellites with powerful cameras. Intelligence assessments worry about possible military applications.
- AP: Visit by Vietnam’s new leader to China reflects key relationship, even as it builds ties with US — When Xi visited Vietnam in December, the two countries announced they would build “a shared future that carries strategic significance.”
- The New Yorker: A Chinese Memoirist’s Exile in Las Vegas — Gao Ertai hasn’t returned to his homeland in years, but his memoirs have made him a new model of resistance.
- The Observer: ‘Monument to history’ battle between US and China over future of Mao’s secretary’s diary — Beijing is believed to be behind court bid to secure account of life inside Communist HQ.
- The Economist: China’s rulers are surprised by Kamala Harris and Tim Walz — One has never been to China, the other has visited 30 times.
