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
- A Drawn-Out Ukraine War Opens New Risks for China — Beijing’s expected attendance at peace meeting could show any evolution in its viewpoint
- China’s Latest Problem: People Don’t Want to Go There — As geopolitical tensions rise, fewer visitors are traveling to the world’s No. 2 economy, widening the East-West divide.
- Adidas Boosted by China Recovery, Easing of Inventories — Adidas’s recovery in China and easing of inventories helped its performance in the second quarter, the company said Thursday.
The Financial Times
- Opinion: Smart-toilet market will be a measure of China’s economic resilience — This product of intimate cultural and technological complexity is a proxy for middle-class consumer spending. By Leo Lewis
The New York Times
- The Art of Telling Forbidden Stories in China — Many writers are looking for ways to capture the everyday realities that the government keeps hidden — sometimes at their own peril.
Caixin
- In Depth: China Pushes Electric Future for Inland Shipping — Electric ships, boats and barges could be navigating much of China’s vast network of inland waterways in the near future.
- In Depth: Why Some Kids in China Can’t Play During Recess — These breaks for children to relax between classes are disappearing as schools restrict students’ movement as they fear being held liable for any accidents.
- Ford Hands Local JV the Wheel to China Electric Car Unit — Ford Motor Co.’s China joint venture (JV) with Chongqing Changan Automobile Co. Ltd. has taken over the operations of the U.S. auto giant’s electric vehicle (EV) unit, Ford Mustang Mach-E, in the country amid weak sales in the highly competitive market.
South China Morning Post
- ‘Saudi priorities’ steering science and tech cooperation with China, report says — Despite the growing ties there is a strong preference among Saudi elites to work with the West, according to Washington-based think tank.
- How China is fast-tracking high-speed rail with AI-powered builders — AI-powered machines are taking on some of hardest jobs on the world’s biggest high-speed railway network.
- China’s household debt creeps upward, approaching warning line of International Monetary Fund — Excessive levels of indebtedness and slow income growth among Chinese residents are constraining consumption, but for now China’s Politburo is relying more on domestic demand to fuel national growth.
- Baidu’s Ernie Bot to be used in Great Wall Motor’s vehicles to enhance conversation between driver and car — The company said it has partnered with Baidu, a search and AI giant, to develop vehicles fitted with the chatbot tool known as Ernie Bot that enables conversation between driver and car.
Nikkei Asia
- Japan’s slow decisions impact U.S. response to Taiwan crisis: wargame — China invasion scenarios expose gaps in readiness, former American officials say.
- Hong Kong approves first retail cryptocurrency exchange — HashKey Exchange widens clientele as city positions itself as a crypto hub.
- Russian companies move legal battles to Hong Kong courts — Neutral jurisdiction with common law system attracts sanctions-hit businesses.
- China’s Xi prepares for the worst with drones, hypersonic weapons — Military seeks tech-enabled advantages in potential conflicts.
Bloomberg
- China Asks Public to Inform on Obstacles to Private Sector — China has unveiled its latest show of concern for the embattled private sector: asking citizens to call out problematic behavior that is holding back entrepreneurs.
- China Officials’ Call to Save Xi’s Projects Angers Flood Victims — Residents of areas hit hard by recent flooding in northern China have taken aim at a key Communist Party official, saying he sacrificed their safety to protect President Xi Jinping’s flagship projects.
- Tesla China Deliveries Plunge 31% in July to Lowest This Year — Tesla Inc.’s China deliveries slumped in July to the lowest level this year, as the electric vehicle maker struggles to attract buyers despite price cuts and other incentives.
- A Chinese SUV Was Sweden’s Best-Selling Electric Vehicle in July — BYD Co.’s Atto 3 was the best-selling electric vehicle in Sweden in July, a boon for the Chinese manufacturer’s nascent push into the European market.
- China’s ‘Sponge Cities’ Are Not Built for Extreme Floods — Urban planners are struggling to keep pace with the wild changes in precipitation being driven by climate change.
Reuters
- Foxconn to invest $600 million in India’s Karnataka to make iPhone components, chip equipment — Foxconn will invest $600 million in two projects in India’s Karnataka to make casing components for iPhones and chip-making equipment, signaling its growing interest in the south Asian nation as it spreads bets beyond China.
- U.S. raises concerns over China’s counter-espionage push — The United States on Wednesday raised concerns over a Chinese call to encourage its citizens to join counter-espionage work and said it has been closely monitoring the implementation of Beijing’s expanded anti-spying law.
- China’s energy security push drives up fossil fuel approvals – research — China approved more than 50 gigawatts (GW) of new coal power in the first half of 2023, research by environment group Greenpeace showed.
- Eyeing China in the Pacific, US studies explosives to make missiles fly farther — U.S. officials want to tinker with the mix of chemicals fueling missiles and rockets to gain an advantage in the Pacific by increasing the range of its frontline munitions so U.S. forces can operate farther away from China.
Other Publications
- Carnegie Endowment for International Peace: How Saudi Arabia Bent China to Its Technoscientific Ambitions — Saudi Arabia’s cooperation with China on technological and scientific innovation is on the rise—and it is Saudi priorities that are steering the relationship.
- Associated Press: The US is concerned with blacklisted Chinese firm’s hand in island-building near its Manila embassy — The United States has expressed concerns over major land reclamation projects in Manila Bay near its heavily secured embassy due to the involvement of a Washington-blacklisted Chinese company, the U.S. Embassy said Wednesday.
- Foreign Affairs: The End of China’s Economic Miracle — Call it a case of “economic long COVID.” Like a patient suffering from that chronic condition, China’s body economic has not regained its vitality. By Adam Posen
- Rest of World: Desperate Chinese parents are joining dating apps to marry off their adult children — As marriage rates dwindle, China’s dating app industry taps into growing parent anxiety.
