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, India Move Tens of Thousands of Troops to the Border in Largest Buildup in Decades — Both countries have built new infrastructure to support larger deployments and positioned advanced military equipment in the region.
- For Its 100th Birthday, China’s Communist Party Gets a Bad Rap — The party’s centennial featured speeches and fireworks but not the 15-minute tribute from 100 Chinese rappers that even die-hard fans dissed.
- Xi Jinping Warns China Won’t Be Bullied as Communist Party Marks 100 Years — Celebrations help leader showcase achievements as he confronts a sluggish domestic economy and frosty ties with the U.S. and other Western powers.
The Financial Times
- Jean Liu drives Didi’s international image — Former head of Goldman Sachs Asia and Lenovo founder’s daughter has long been ride-hailing app’s public ambassador.
- China’s tech group Kuaishou ends compulsory Sunday overtime — Move follows complaints of mistreatment made by sector’s employees.
- Chinese liquor stocks suffer hangover after Communist party centenary — Makers of high-strength hooch and beer tumble as market hit by worst sell-off in three months.
- Alibaba founders secure loans from global banks backed by company stock — Chinese tech billionaires Jack Ma and Joe Tsai take loans for property, private jets and business deals.
- Hong Kong police officer stabbed as city marks Communist party anniversary — Man dies after turning knife on himself in what authorities say was ‘lone wolf’ terrorist attack.
The New York Times
- China Bolsters Its Nuclear Options With New Missile Silos in a Desert — Satellite images of construction could fuel the debate over American nuclear modernization and the future of arms control negotiations.
- China opens an inquiry into Didi, two days after the ride-hailing app’s Wall Street debut — China’s internet regulator said new user registrations on the Chinese ride-hailing platform would be suspended while the authorities conducted what they called a “cybersecurity review” of the company.
Caixin
- BlackRock Gets Ready to Launch in China’s Booming Mutual-Fund Market — U.S. investment giant’s wholly owned unit submits paperwork to regulator to roll out its first mutual fund for retail investors.
- Chinese Steelmakers Estimate Strong First-Half Profit Growth — Demand surges amid economic recovery while prices rise under government pressure to cut production in pollution-control campaign.
- China’s Electric-Vehicle Majors Post Record Sales — The loss-making U.S.-listed automakers reported surges in deliveries as they vie for a larger share of the fast-growing domestic market.
- Cash-Strapped China Evergrande Slashes Land Purchases to Cut Costs — Troubled property conglomerate crashes out of top 100 developer rankings as it scrambles to pay off more than 600 billion yuan in debts.
- Luckin Discloses It Overstated 2019 Revenue by $328 Million — Long-delayed financial report is in line with April 2020 estimate as the delisted Chinese coffee chain vows to divulge 2020 results as soon as possible.
South China Morning Post
- China accuses EU of making ‘unacceptable’ demands over Xinjiang visit — China has accused European diplomats of imposing “unacceptable” preconditions on a visit to Xinjiang.
- US accuses China of manipulating and exploiting United Nations and agencies — The United States has accused rival countries, including China, of manipulating and exploiting international organisations to advance their own interests at the cost of the US, according to a report released on Wednesday.
- China among 130 countries to back global minimum corporate tax of at least 15 per cent — Most of the countries negotiating a global overhaul of cross-border taxation of multinationals have backed plans for new rules on where companies are taxed and a tax rate of at least 15 per cent, they said on Thursday after two days of talks.
- China’s exports of coronavirus-critical medical products nearly tripled in 2020, with US$105 billion in goods shipped — China exported the largest amount of coronavirus-critical medical products in 2020, with the US$105 billion worth of equipment shipped overseas – almost three times the level seen a year earlier, according to the World Trade Organization (WTO).
Bloomberg
- Fashion Brands Investigated Over Alleged Uyghur Forced Labor — Leading fashion brands are facing a French probe over allegations they profited from exploiting forced labor in the Chinese Uyghur community to manufacture their products.
- Taiwan’s Red-Hot Housing Defies Challenges From Covid to China — Taiwan home prices jumped the most in six years in the first quarter and may reach new highs by the end of the year, though analysts say a soft lockdown and new curbs may slow both deals and gains.
- China Stocks Slump Most in Four Months After Party Centenary — Chinese equities slid the most since early March as investors rushed to offload shares, with a perceived period of safety seen ending after the ruling Communist Party’s 100th anniversary celebrations.
Reuters
- China’s cyberspace administration launches Didi investigation — Didi Global’s shares fell up to 10% in pre-market trade in New York on Friday after China’s cyberspace administration said it had launched a new investigation into the ride-hailing giant to protect national security and the public interest.
- U.S. toymaker doubles down in China despite rising costs, political tensions — Hammered by tariffs, pandemic-fueled disruptions and rising costs, some global manufacturers are reducing their reliance on Chinese factories and moving assembly lines to Vietnam, Malaysia and other lower-cost countries, or even Japan.
- China proposes rules to punish illegal e-commerce pricing — China’s market regulator issued draft rules on Friday to punish illegal pricing activities, including heavy subsidies and the practice by online platforms of charging different prices based on customers’ purchasing behaviour.
Other Publications
- The Economist: China urges its people to struggle. Some say no — A new term for opting out of the rat race has become popular, and controversial.
- The New Yorker: After a Hundred Years, What Has China’s Communist Party Learned? — Beijing reverts to a belief that paranoia and suspicion are the best policies.
- Politico: The newest MAGA app is tied to a Bannon-allied Chinese billionaire — GETTR has existed as a Chinese language social media network linked to Guo Wengui. It was unveiled as a new platform by Jason Miller on Thursday.
- Nikkei Asia: China and India join deal on global minimum corporate tax of 15% — Negotiators from 130 countries and regions eye 2023 start for new rules.
- Foreign Affairs: A World Without American Democracy? — The Global Consequences of the United States’ Democratic Backsliding.
- Foreign Policy: The Time Chinese Diplomats Were Sent to the Camps — In 1968, officials faced purges and exile.
