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 Foreign Minister Replaced After Unexplained Absence — China replaced Foreign Minister Qin Gang, whose disappearance from the public stage weeks ago sent a wave of uncertainty through the country’s political system.
- TikTok’s Next Plan for U.S. Dominance: Selling Made-in-China Goods — TikTok wants to replicate the success of other popular China-founded shopping platforms Shein and Temu.
- China Nearly Won the Women’s World Cup in 1999. Now It’s Aiming for the Top Again. — China has seen two decades of disappointment since losing to the U.S. in the World Cup final 24 years ago. A turnaround plan hopes to change that.
- U.S. Weighs Potential Deal With China on Fentanyl — Beijing has demanded the U.S. lift restrictions on a police forensics institute said by Washington to have facilitated human-rights abuses.
The Financial Times
- China leaders vow to boost ‘tortuous’ economic recovery — Lack of detail in keenly awaited politburo statement likely to disappoint investors.
- The dangerous game of floating by China’s new rules — Bankers and lawyers told to tone down language on China risk.
- What China’s economic measures mean in practice — Details scant in politburo statement but markets welcome acknowledgment by Xi Jinping of growth headwinds.
- China replaces missing foreign minister Qin Gang — Departure announced one month after former envoy to US disappeared from public view.
- Toyota/China: job cuts and falling sales show brand is struggling — Japanese group has been slow to adjust to rapid take-up of electric vehicles in world’s largest car market.
- US security officials scrutinise Abu Dhabi’s $3bn Fortress takeover — Cfius previously intervened on SoftBank’s acquisition of the US investment firm.
- Disappearance of Xi favourite Qin Gang adds to confusion on Chinese diplomacy — Absence of foreign minister threatens to complicate efforts to revive dialogue and win back investors.
- Chinese base in Cambodia nears completion in challenge to US naval power — Satellite images show Ream facility will include pier for aircraft carriers.
The New York Times
- Pan Gongsheng Named Head of Chinese Central Bank — Pan Gongsheng, who was named governor of the People’s Bank of China after overseeing $3 trillion in reserves, stopped a currency plunge in 2016.
- Qin Gang, China’s Foreign Minister, Is Replaced — Qin Gang was removed from office on Tuesday by China’s top leader, Xi Jinping, capping weeks of speculation.
- Typhoon Doksuri Heads for Philippines, Taiwan and Southern China — Typhoon Doksuri, packing winds equivalent to those of a Category 4 hurricane, is expected to hit China later this week. It also threatens Taiwan.
- The Ongoing Mystery of Covid’s Origin — We still don’t know how the pandemic started. Here’s what we do know — and why it matters.
Caixin
- China’s New Rules for Private Funds Are Just the Beginning — Although an overarching legal framework goes into effect in September, more regulations will be introduced to tackle controversial issues, sources tell Caixin.
- China Seeks Cure for Ailing Health System — The demands of an aging population are putting pressure on the fund that provides healthcare for more than 360 million urban residents.
- China’s Top Economic Planner Unveils New Database for Private Investment Projects — NDRC announces 17 measures to boost the private sector, including one that will create a platform listing selected projects.
South China Morning Post
- China to widen Asean trade with first major waterway in 700 years, but will Pinglu Canal be a game changer or white elephant? — It is hoped that the waterway can facilitate trade with Southeast Asian nations, but concerns have been raised about the demand and environmental impact of the project.
- US risks falling behind China in rapid satellite launches, report warns — Researchers say that China is probably ahead of the US in ability to quickly launch or replace satellites in event of conflict.
- Western sanctions and distrust draw China, Russia closer in the Arctic — As the polar region turns into another front for US-China rivalry, Beijing and Moscow are finding common interests.
Nikkei Asia
- ‘China-led order won’t materialize’: Japan experts call for realism — Tokyo should team with ‘middle powers’ for more autonomy, new report says.
- China wealth manager warns weak economy to squeeze client assets — Beijing’s tech crackdown an added headwind as assets shrink.
- China’s jobless graduate army falls through cracks in economy — Record youth unemployment after Beijing clampdown on private sector, FDI slump.
Bloomberg
- The Little Known Metals Giant that Rules a Global Market — China’s Vital Materials is living up to its name and shows the scale of the challenge facing the US and Europe to come up with alternative supplies.
- Xiaomi to Slash Smartphone Line After Conceding India Missteps — China’s Xiaomi held the smartphone lead in India for years before regulatory headaches and a too vast product portfolio led to its decline.
- Opinion: To Talk or Not to Talk to China — To avoid conflict and even war, Washington and Beijing must maintain dialogue — especially when they’re not on speaking terms. By Andreas Kluth.
Reuters
- Safety first in China under new central bank governor — China’s new central bank governor Pan Gongsheng brings with him the reputation of a firefighting technocrat.
- China state banks seen selling US dollars to prop up yuan — Policymakers also said China will keep the yuan exchange rate basically stable at reasonable and balanced levels, and vowed to invigorate the capital market and restore investor confidence.
- China’s property firms rally after Beijing pledges economic support — The broad rally was fuelled by China’s top leaders on Monday pledging to ramp up policy support for the economy amid a torturous post-COVID recovery, and focusing on boosting domestic demand.
Other Publications
- POLITICO: China secretly sends enough gear to Russia to equip an army — Shipments of military-capable hardware expose a China-sized loophole in Western sanctions.
- DW: AI: How far is China behind the West? — China has restated its goal to be the global leader in artificial intelligence (AI). When it comes to snooping on the public, the country has the edge but faces many other hurdles.
- CNAS: Technology Competition: A Battle for Brains — Given their tremendous economic and national security potential, emerging technologies have become central to U.S.-China competition.
- PIIE: Opinion: The True Costs of Subsidies War with China — The real damage from decoupling and conflict between increasingly entrenched US, China and EU economic blocks is not so much trade barriers, bad as they are, but reduced productivity growth. By Adam S. Posen.
- Rest of World: Fake Russian influencers are going viral on Chinese social media — They are bolstered by growing pro-Russia, nationalist sentiment on the Chinese internet.
- The Washington Post: In Singapore, loud echoes of Beijing’s positions generate anxiety — President Xi Jinping wants to build influence among ethnic-Chinese communities in Southeast Asia, raising concerns that the Chinese Communist Party is stoking divided loyalties.
- The Washington Post: China’s new labor challenge: Too many workers, not enough jobs — The old engines of China’s rapid economic ascent — a construction boom and mass urbanization — are sputtering, meaning fewer jobs across the board.
- Foreign Affairs: The Case for a Hard Break With China — Why Economic De-Risking Is Not Enough.
- ChinaFile: Opinion: Xi Jinping’s Three Balancing Acts — Xi faces domestic and international environments that are markedly worse than when he took office in 2012. By Neil Thomas.
