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.
Paid subscribers automatically have this list emailed directly to their inboxes every day by 10 a.m. EST. Subscribe here.
The Wall Street Journal
- Temu’s Parent, a Victim of Competition or Its Own Success? — PDD suddenly lost a third of its value following a cautious outlook. Its founder had briefly become China’s richest man.
- Alibaba to Offer Payment Services From Rival Tencent — China’s Alibaba will offer payment services from rival Tencent on its biggest online marketplaces, a milestone toward breaking down the walls dividing Chinese internet giants.
- Former Aide to Gov. Hochul Secretly Worked for Chinese Government, Prosecutors Say — Linda Sun is charged with using her New York state government position to push Beijing’s agenda in the U.S.
The Financial Times
- US envoy says Taiwan’s defence reforms will help stabilise relations with China — Raymond Greene says Washington would ‘not rule out’ joint weapons development with Taipei.
- Investment banks cut China GDP forecasts as confidence wanes — Analysts increasingly sceptical Beijing will reach 5% economic growth target for 2024.
- How national security has transformed economic policy — Fears about espionage and dual-use technologies have fused with economic nationalism to create a mindset unrecognisable from a free market approach.
- Former aide to NY governor charged with acting as an agent of China — Ex-deputy chief of staff to Kathy Hochul accused of using her position to ‘further interests of the Chinese government’.
The New York Times
- John Podesta, Biden’s Top Climate Negotiator, to Visit China — John Podesta is expected to push for China to set more ambitious greenhouse gas targets.
- N.Y. Official Charged With Taking Money, Travel and Poultry to Aid China — Linda Sun, who worked for both Gov. Kathy Hochul and Gov. Andrew Cuomo, was accused of using her position to benefit the Chinese government.
Caixin
- Can CATL Stay Ahead? — Price wars, trade roadblocks and threats from emerging tech are among the headwinds facing the world’s largest EV-battery maker.
- China’s Cabinet Issues Guidelines to Attract Tourists And Export Its Culture — Measures aim to cut China’s large service sector deficit by drawing in visitors and promoting its cuisine.
- Shanghai Pudong Development Bank Takes Full Control of JV Following Silicon Valley Bank Collapse — The joint venture has said its operations have been independent from the U.S. parent.
- Lower Down Payments Boost Beijing’s Pre-owned House Sales But Prices Still Fall — Spike in sales the result of policy-induced price cuts, says analyst, but buyers still cautious.
- China’s Increasingly Embattled Steelmakers — Major producers either reported expanding losses or a collapse of as much as 73.8% in first-half profits as the market endures a ‘severe winter’.
South China Morning Post
- China’s 3 monetary pivots under the first year of central bank governor Pan Gongsheng — China’s central bank has conducted at least three large monetary adjustments since Pan Gongsheng was named People’s Bank of China governor in July 2023.
- Chinese companies seek gold in ‘silver economy’ as population greys — Companies are shifting their focus to capitalise on opportunities presented by China’s ageing population. For some, the strategic pivot is starting to pay off.
- China’s 2 largest shipyards plan to merge to create the world’s biggest builder — China’s two biggest shipyards are set to combine to create a group with US$17 billion of annual sales in a stock-based merger proposal.
- China to build migrant children database to improve welfare and services — National action plan meant to ease the plight of these children, particularly the disabled and those without guardians.
- China’s money-laundering crackdown needs ‘urgent’ plan to recover illicit digital assets — Growth of virtual currencies such as bitcoin and ether used in crimes has been ‘phenomenal’, law professor says.
Nikkei Asia
- Xi Jinping hosts African leaders as world powers woo continent — Unbalanced ties, debt concerns loom over China’s decadeslong outreach.
- China home presales sink to 18-year low amid unfinished properties — Fearing nondelivery, buyers look to completed homes for purchase.
- Opinion: Rising dissent in China puts Xi Jinping’s vision for 2025 at risk — Economic malaise challenges CCP’s social contract with the people. By William Pesek.
Bloomberg
- China Stocks Listed in US Near Cheapest Ever Versus Nasdaq Peers — Concerns over China’s economy are the driving the nation’s US-listed stocks to trade near their biggest discount to the Nasdaq 100 Index.
- China Just Had Its Hottest Summer, But Heat Threat Isn’t Over — China just sweltered through its hottest summer on record — damaging crops from corn to soybeans and pressuring the power grid — but the risks from the extreme heat aren’t over yet.
- China Signs Deal to Revamp Decades-Old Southern African Railway — China signed an agreement Wednesday to revamp a railway that will help landlocked Zambia, Africa’s second-largest copper producer, export the metal through Tanzania.
- Why China Keeps Ramming Philippine Ships and Where That’s Headed — The latest clashes in the tense South China Sea feature China’s coast guard wielding knives and an axe, firing water cannons and ramming Philippine vessels.
Reuters
- Debt woes and funding needs in focus as China hosts African leaders — With China now Africa’s top bilateral lender, the visiting heads of state bring expectations of a major concession on debt restructuring.
- Trade War II will be easy to lose for China — Washington will be less likely to give Xi the benefit of the doubt in negotiations, making any de-escalation far more difficult. The stakes will be higher too.
- Chinese fund manager asks staff to return excess pay from past five years, sources say — China Merchants Fund Management (China Merchants FM) wants the executives to repay income beyond a 3 million yuan ($421,330) limit imposed this year for each year from 2019 to 2023, the people said.
Other Publications
- Brookings: The EU has a playbook to de-risk from China. Is it working? — Brussels does not use Washington’s de-risking parlance of “protect, promote, and partner,” but that is essentially what it is doing—albeit with European characteristics.
- Foreign Policy: The Arctic Great Game Won’t Be Won in U.S. Shipyards — The High North is an arena of great-power competition, but Russia is the one with something to lose.
