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
- Untangling the U.S. From China’s Economy Is Messy — The effort to move supply chains out of China is complicated by intertwined Asian markets and Chinese dominance in clean-energy technology.
- U.S. Bans Students From China’s Military-Linked Universities. Its Ally Japan Welcomes Them. — Tokyo cites importance of academic exchanges, while some warn it could be a paradise for spies.
- Beijing Rushes to Shore Up Battered Private Economy. Skepticism Abounds. — China vows to promote a private sector wobbly from years of regulatory crackdowns and pandemic controls, but investors aren’t convinced.
- U.S. Ambassador to China Hacked in China-Linked Spying Operation — Hackers linked to Beijing accessed the email account of the U.S. ambassador to China, Nicholas Burns, in an attack that is believed to have compromised at least hundreds of thousands of individual U.S. government emails.
- China’s Lost Decade for Investors Has Already Happened — Any hope that postpandemic reopening would lead to a return to rapid economic growth has foundered.
- China Launches Measures to Boost Car, Electronics Consumption — The slew of measures comes amid rising hopes that Beijing would step up policy stimulus to help economic growth.
- Not Even Tom Cruise Can Charm China’s Moviegoers Into Seeing Hollywood Films — Chinese audiences are gravitating toward movies made at home, rather than in Hollywood.
The Financial Times
- China-backed AIIB secures World Bank deal — Highest-profile agreement since Beijing-based group accused of being infiltrated by Chinese Communist party.
- Dalian Wanda bond uncertainty fuels high-yield trading volatility in Asia — Chinese conglomerate’s $400mn debt surges after hopes mount that investors will be repaid.
The New York Times
- Hacking of Government Email Was Traditional Espionage, Official Says — The hackers penetrated the accounts of senior State Department officials, including the U.S. ambassador to China.
- Lawmakers Challenge Ford and Chinese Battery Partner Over Forced Labor — Republicans are raising fresh concerns about CATL, the battery maker Ford is working with to bring new technology to the U.S., and its connections to Xinjiang.
- Judge Will Rule Next Week on Internet Ban of Hong Kong Protest Song — The government wants to prohibit “Glory to Hong Kong,” saying it defames China’s national anthem, in a case that could force Google to restrict access to the song.
Caixin
- Exclusive: Chinese Smartphone Chipmaker Unisoc’s Financing Plan Stalled by Shareholder Dispute — Bankrupt Chinese chip giant Tsinghua Unigroup has been struggling to find financing for one of its key units due to disagreements among the unit’s shareholders.
- Chinese Property Tycoon Zhang Li Admits Bribing San Francisco Official — Chinese property tycoon Zhang Li, who was arrested in London in December and later extradited to the U.S. to face corruption charges, has admitted bribing a local government official in San Francisco to facilitate a property development project in the city.
- Another Ex-Exec of China’s Biggest Policy Bank Ensnared in Graft Dragnet — Wang Yongsheng, a former vice president of the China Development Bank (CDB), has been placed under investigation by the country’s top corruption watchdog, joining a long parade of executives ensnared in graft probes into the nation’s biggest policy lender.
South China Morning Post
- Chinese authorities to investigate allegations of high-speed rail construction problems in eastern province — Whistle-blower says construction piles in parts of railway in Shandong province do not meet design requirements, posing safety risk.
- China starts drilling another 10,000-metre well in search for natural gas reserve — Exploration of the challenging Shendi Chuanke-1 Well in the Sichuan Basin is part of Deep Earth project.
- US chip curbs are scaring venture capital firms from Chinese AI start-ups, but not us, says BlueRun Ventures China — AI development in China could be difficult in the near term, but that problem can be solved in the long run, says BRV China managing partner Jui Tan.
Nikkei Asia
- China announces steps to boost sales of cars, electronics — Policymakers see autos as key sector to shore up growth.
- China holds lending rates steady, but cash remains stuck in banks — PBOC resists easing while raising upper limit on foreign currency funding.
- Alibaba pumps $845m more into Lazada in battle with Shopee, TikTok — China e-commerce group faces rising Southeast Asia competition.
Bloomberg
- China Vows Urban Redevelopment Support to Boost Construction — China ramped up support for property construction by calling for the renovation of “urban villages” in big cities in its latest move to boost the economy.
- China Introduces More Measures to Increase Car Consumption — China outlined a series of measures to increase car purchases, particularly for new-energy vehicles, as the world’s second-biggest economy struggles to escape the shadow of Covid and lift growth.
- Record Volatility in Wanda’s Bonds Fuels Governance Concerns — Unprecedented price swings this week in the bonds of one of China’s most closely watched property firms, after it gave shifting messages to investors, are fueling broader governance concerns in the nation’s junk note market.
- Battle Over US EV Credits Heats Up With Carmakers Left Idling — Should battery materials produced with Chinese money qualify for the $7,500 US tax credit that automakers say is crucial to speeding EV adoption? It depends who you ask.
Reuters
- Exclusive: Taiwan probes alleged leak of classified reports, diplomatic cables — Taiwan is investigating a possible leak of official documents including diplomatic cables and classified reports on the island’s sensitive bid to join a global trade pact, according to two officials familiar with the probe.
- White House regrets Kissinger had better access in Beijing than current US officials — The White House on Thursday expressed regret that Henry Kissinger was able to get more of an audience in Beijing than some sitting U.S. officials, after the former top diplomat held talks in China.
- Inspired by Ukraine war, Taiwan launches drone blitz to counter China — After Ukraine deployed drones to successfully offset Russia’s advantages on the battlefield, Taiwan’s leaders took note.
- Chinese cities brace for floods as heat scorches inland regions — Beijing and other cities braced for severe flooding on Friday as summer storms rolled across many parts of China, while inland regions baked in intense heat, threatening to shrink the country’s biggest freshwater lake.
- Chinese autonomous vehicle tech raises concerns, US transportation chief says — U.S. Transportation Secretary Pete Buttigieg said on Thursday his agency has national security concerns about Chinese autonomous vehicle companies in the American market after some lawmakers called for restrictions on their operations.
Other Publications
- The Conversation: Australia may ban WeChat – but for many Chinese Australians, it’s their ‘lifeline’ — Many WeChat-using Chinese-Australians have not even heard about the proposal to ban it – but those of us who have are watching this space with mounting anxiety.
- Washington Post: Rich lode of EV metals could boost Taliban and its new Chinese partners — The Pentagon dubbed Afghanistan ‘the Saudi Arabia of lithium.’ Now, it is American rivals that are angling to exploit those coveted reserves.
- DW: #MeToo accusations against one of China’s leading dissidents — Revered as a symbol of the democracy movement and respected as a university professor and public commentator in Taiwan, Wang Dan’s reputation has come under serious scrutiny.
- The Economist: Can academic joint ventures between China and the West survive? — Xi Jinping wants to ensure that they don’t teach liberal thinking.
