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
- Taiwan’s Defenses Against Information Warfare Gain Attention — Western officials are studying the island’s methods for combating what its government says are attempts by China to sow fear.
- China Rolls Out Aid to Help Power Firms and Save Rice Harvest — Drought amid record heat wave compounds the economic challenges from Beijing’s Covid strategy and the country’s property slump.
- Angola’s Debt to China Looms as Nation Holds Tight Elections — Vote in sub-Saharan Africa’s second-largest oil-producing country could challenge nearly five decades of one-party rule.
- U.S. Entertainment Industry Hits Wall in China — China’s Covid lockdowns, slowing economy, political tensions set back American movie, concert, casino businesses.
- Typhoon Delays Chinese Travel Retailer’s Hong Kong Trading Debut — China Tourism Duty Free Group raised $2.1 billion in city’s largest listing this year.
The Financial Times
- China unveils $44bn in new support to bolster battered economy — Beijing tries to avoid increasing debt burden but property and Covid problems are mounting.
- China’s distressed asset funds struggle to profit from collapsing property sector — Groups reluctant to invest when there is still no bottom in sight for real estate market.
- China faces a new test of its economic statecraft — Beijing must learn from its mistakes if it is to make a success of the Global Development Initiative.
- China probes defeat by Evergrande youth football team — Authorities order tighter supervision of local leagues amid allegations of match-fixing.
- Vietnam to start making Apple Watch and MacBook — Country benefits as tech giant looks to build more products outside China.
The New York Times
- How China Could Choke Taiwan’s Economy With a Blockade — China is honing its ability to blockade Taiwan, giving Beijing the option of cutting off the self-ruled island in its campaign to take control of it.
Caixin
- Mexico Launches State-Owned Lithium Miner in Nationalization Push — Questions remain about how the development will impact local projects of foreign miners such as Chinese giant Ganfeng Lithium.
- China to Consolidate Nautical Diesel Engine Assets in $3.3 Billion Deal — State-owned shipbuilding giant CSSC will sell diesel power units to its China Shipbuilding Industry Group Power Co.
- China Rolls Out More Measures to Stabilize Economy — State Council issues 19 policy measures including $43.7 billion of quotas for policy and development and pledges for more infrastructure spending.
South China Morning Post
- Taiwan to strengthen defences after mainland Chinese drone films soldiers — Island’s defence ministry says anti-drone system will be introduced next year, after Quemoy command confirms footage of Taiwanese soldiers throwing rocks at unmanned craft.
- UN human rights chief Michelle Bachelet ‘trying hard’ to publish Xinjiang report before leaving office but can’t offer guarantees — Bachelet, who visited China in May, says she has received ‘substantial input’ from Beijing, which will need to be carefully reviewed before publication.
- Apple’s iPhone sales make up half of China’s high-end smartphone market in second quarter, solidifying US firm’s lead — Strong iPhone 13 sales helped Apple take up 46 per cent of China’s market for smartphones that cost more than US$400, as domestic rivals push up market amid Huawei’s decline.
- Xi Jinping looks to take China beyond Deng Xiaoping’s ‘get rich’ era with historic third term — Since taking office in 2013, Xi Jinping has stamped his mark on the economy like few of China’s leaders before him. But some analysts say important reform has taken a back seat.
Nikkei Asia
- Analysis: Xi ditched milder options in sending missiles toward Japan — Military had prepared last-minute alternatives that avoided controversy.
- China’s Wingtech aims to shake up Apple’s supply chain — An inside look at the company’s massive production campus in Yunnan Province.
- HSBC’s breakup debate mirrors cracks in global economy — Support for Ping An’s proposed split widens among Hong Kong shareholders.
- Opinion: China’s Communist Party needs to face its talent challenge — Congress appointments will show whether loyalty remains the top priority. By Minxin Pei
Bloomberg
- Europe Inc. Ever-More Vulnerable to Chinese Coercion, Study Says — Foreign businesses are increasingly being targeted by the coercive tactics of the Chinese government which aim to prevent companies from crossing “red lines” on sensitive issues, according to a new study.
- China Starts Stealth Fightback Against Powell’s Strong Dollar — China took steps to support the weakening yuan Thursday, after a resurgent dollar pushed the currency to a fresh two-year low.
- Sneaker Maker Taking on Nike Leads Growth of Top Chinese Brands — A sportswear company founded by an Olympic gold medalist saw the biggest surge in growth in a ranking of the 100 most valuable brands in China this year.
- Solomon Islands Threatens to Ban Journalists After China Reports — The Solomon Islands government threatened to ban “disrespectful and demeaning” journalists from entering in response to an Australian documentary that alleged widespread Beijing influence in the Pacific country.
Reuters
- Exclusive: Some Chinese financiers cold shoulder Beijing’s property rescue call — Some of China’s state-backed financial institutions are pushing back on Beijing’s calls to support the embattled property sector due to concerns about the impact of such exposure on their balance sheets.
- China exerting growing pressure on foreign companies, study finds — A survey of more than 100 companies by the Berlin-based Merics think tank for China studies and the BDI industry association showed that the threshhold for exerting pressure on companies is falling.
- Exclusive: China regulator warns banks against yuan selling – sources — The Chinese yuan has been dropping against the dollar, and market participants said the telephone calls suggested authorities may be getting uncomfortable with the speed of the slide.
Other Publications
- The Economist: Faced with an overseas debt crisis, will China change its ways? — It may have no choice.
- The Economist: How China should handle its bad loans to poor countries — Time to work with Western creditors
- The Washington Post: 5 things to know about the suspension of U.S.-China climate talks — Experts on international climate diplomacy are still parsing the practical implications of the pause in talks, which comes less than 100 days before the next United Nations climate summit in Egypt.
