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
- China’s Economy Barely Grows as Recovery Fades — The country’s rebound from its Covid-19 reopening has lost momentum.
- China’s Fading Recovery Tests Policy Makers’ Economic Playbook — The country’s post-Covid rebound peters out, endangering Beijing’s relatively conservative growth target of around 5%.
- Taiwan’s Vice President Plans Stop in the U.S. at a Delicate Moment — Trip by Lai Ching-te, a presidential candidate distrusted by Beijing, comes as U.S. and China are trying to stabilize ties.
- Can EVs and Solar Panels Save China’s Economy? — China’s bet on hard tech like chips isn’t going well. But the story could be different a few years down the line.
- Prosus, Tencent’s Biggest Shareholder, Is Sticking to China — CEO of Amsterdam-listed firm says it plans to stay a long-term investor.
- Pope Francis Accepts Bishop Unilaterally Installed by China — Vatican says Beijing’s move violated spirit of 2018 deal on appointment of bishops.
The Financial Times
- Taiwan election candidate risks China’s anger with planned US trip — Washington and Taipei want to avoid further shows of force from Chinese military.
- Absence of China’s foreign minister sparks speculation — Qin Gang has not been seen in public for three weeks.
- Does Xi Jinping need a plan B for China’s economy? — As growth has failed to pick up post-Covid, calls are growing louder for the president to launch a weighty stimulus package.
- China’s economy loses momentum in second quarter — Difficulties in world’s second-largest economy will put further pressure on global growth.
- US officials downplay hopes of end to restrictions on China trade — Treasury secretary Yellen says it would be ‘premature’ to ease tariffs on Chinese goods.
- John Kerry visits Beijing to restart stalled US-China climate talks — Chinese government halted negotiations in protest at Nancy Pelosi’s Taiwan trip last year.
- Multinationals in China accelerate push to decouple data — Beijing’s move to expand anti-espionage rules and data regulation has companies racing to hive off systems.
The New York Times
- China’s Economic Rebound Hits a Wall — When the country ended its lockdowns, business was expected to come roaring back. Here’s why it didn’t.
- One Reason China Is Willing to Engage Again: Its Troubled Economy — China was on track to recover after closing itself off during the pandemic. Now the country’s growth is staggering and Beijing is signaling it is open to talking.
- House Committee Targets U.C. Berkeley Program for China Ties — A House select committee is requesting more information about a university collaboration that it said could help China gain access to cutting-edge research.
- Kerry Says U.S. and China Must Set Aside Politics to Tackle Climate Change — John Kerry, President Biden’s climate envoy, is in Beijing for three days of talks between the world’s largest emitters of greenhouse gas pollution.
- China’s Second-Quarter G.D.P. Shows Post-Covid Rebound Faltered — Government data shows gross domestic product growth slowed in the second quarter from earlier in the year, even though it rose over the same period in 2022.
- Canadian Politicians Who Criticize China Become Its Targets — As China increases its reach in diaspora communities, Chinese Canadian politicians in Vancouver are the focus of Chinese state interference in Canadian politics.
Caixin
- Cover Story: Dark Arts of Fund Manager in China’s Bond Market Lift Lid on Debt Mess — China is doubling down on stymying the murky fund raising practices in the structured bond market that is exploited by shady fund managers and risky borrowers.
- China’s Second-Quarter GDP Grows 6.3% on Low Base, Below Expectations — China’s GDP grew 6.3% year-on-year in the second quarter, official data showed Monday.
- Weekend Long Read: Contradictions, Convictions and Conundrums in the Asian Century — The U.S.-China rivalry is one of three structural conflicts upsetting the global order, so the world should prepare for severe “global turbulence” over the next decade.
South China Morning Post
- US expected to get around China’s export controls on gallium, an essential component for American military radar tech — Academic expects ‘temporary friction or slight cost increases as the market adjusts’ but disruption would be limited as Washington finds alternative source.
- Why Chinese entities are turning to People’s Daily censorship AI to avoid political mines — Companies, organisations and even individuals are increasingly using content moderation services to pre-screen online material.
- Chinese scientists claim lead in race for viable biodegradable plastics — Research team says its working production line can produce key ingredients at a scale 10 times higher than current processes.
Nikkei Asia
- China GDP up 6.3% in Q2, falling short of projections — Youth unemployment rises to record high amid tepid domestic demand.
- Indonesia, South Korea bonds benefit from China turmoil — Foreign investors favor Asian debt markets where currency gains are expected.
- Yellen ‘eager’ to work with China on debt, other global challenges — Concerns remain about China’s unfair trade practices.
Bloomberg
- China’s Top Chipmaker Loses Chairman in Latest Executive Exit — Semiconductor Manufacturing International Corp.’s chairman has resigned about a year after formally assuming his role, marking the latest high-profile departure from a company rocked by US chip sanctions.
- Wall Street Cuts China Growth Forecasts as Economy Disappoints — China’s disappointing economic growth figures prompted several economists to downgrade their forecasts for the year, citing major weaknesses in the recovery and Beijing’s relatively muted stimulus response.
- Chinese Banks Face Another Blow From Mortgage Refinancing Push — Chinese banks’ profits may take a hit as policymakers urge lenders to lower the refinancing costs on $5.4 trillion of home loans, adding further pressure on the sector to help revive the nation’s flagging economy.
- PBOC Cuts Back on One-Year Cash Injection Despite Weak Growth — China’s central bank scaled back its injection of medium-term policy loans, as it keeps liquidity support measured for the struggling economy.
Reuters
- China-US climate progress could hinge on new methane deal — This week’s visit by U.S. climate envoy John Kerry to China after years of diplomatic disruptions could boost cooperation between the world’s two biggest carbon polluters on the key issue of methane emissions.
- US Senate leader Schumer wants to sanction China over fentanyl — U.S. Senate Majority Leader Chuck Schumer will push to include in upcoming defense policy legislation a bipartisan amendment to sanction China over its alleged role in producing the synthetic opioid fentanyl.
- China slams planned US visit of ‘separatist’ Taiwan presidential frontrunner — China reacted with anger on Monday to a planned visit next month to the United States by “separatist” Taiwan presidential frontrunner Vice President William Lai.
Other Publications
- Washington Post: Opinion: Taiwan must not walk away from years of agreements with China — The current Democratic Progressive Party leadership has only made the situation more tense. By Terry Gou
- Politico: Biden administration braces for Beijing blowback from Taiwan VP visit — Taiwanese Vice President Lai Ching-te’s upcoming transit stop en route to Paraguay threatens the U.S.-China diplomatic thaw.
- CNN: Xi Jinping’s foreign minister has vanished from public view. His prolonged absence is driving intense speculation — China’s Foreign Minister Qin Gang has not been seen in public for three weeks, an unusually long absence during a busy period of diplomatic activity in Beijing.
- Associated Press: Solomon Islands leader hits back at criticism of deepening security ties with China — The leader of Solomon Islands on Monday hit back at criticism of his nation’s deepening security ties with China, saying the United States and Australia had nothing to fear.
