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 to Walk a Fine Economic Line After Posting Second-Quarter Growth — Beijing is on track to meet its full-year growth target of 6% or more, but mounting risks lurk beneath the solid numbers.
- Tesla Battery Supplier CATL Rides EV Boom to $200 Billion-Plus Valuation — The Chinese company has been boosted by deals with Tesla and others, plus record sales growth at local EV makers.
- Cannes Film Festival, Risking China’s Ire, to Screen Hong Kong Protest Documentary — ‘Revolution of Our Times’ director Kiwi Chow worked in secret under the shadow of Hong Kong’s national security law.
- Angela Merkel’s White House Visit Ends Trump-Era Hostilities, but Trans-Atlantic Drift Continues — U.S. interests on key issues such as China are still diverging from those of Germany and Europe, officials say.
- EU, China Unveil Sweeping Plans to Cut Greenhouse-Gas Emissions — Moves reflect a new urgency to limit emissions in two of the world’s biggest economies.
The Financial Times
- China calls on Pakistan to punish perpetrators of ‘terrorist attack’ on bus — Nine Chinese nationals killed in blast that Islamabad says was an accident.
- US regulator under fire for delays to delisting Chinese stocks — Companies that do not comply with US audit rules could keep New York listing as late as 2025.
- China’s share of bitcoin power usage drops as Kazakhstan surges — Central Asian state catapulted to third place as its share of crypto mining increases sixfold.
- China warns of economic uncertainty despite moderate recovery in Q2 — GDP grows 1.3% from first quarter as speculation rises of more policy support.
- Japan’s technology companies are defenceless, warns top official — Akira Amari says Tokyo has to work with Washington to counter threat from Beijing.
The New York Times
- China Reports a Human Case of H5N6 Bird Flu — State news media said that a 55-year-old man had been hospitalized with the H5N6 virus but that the risk of large-scale transmission was low.
- China’s Growth Slows as Pandemic Fears Persist — Growth in the world’s second-largest economy lost steam as more expensive raw materials weighed on factories, though retail sales showed signs of stabilizing.
Caixin
- Hong Kong Customs Says It’s Busted First Money Laundering Syndicate Involving Cryptocurrency — Officials shut down operation and arrested four men who allegedly laundered about HK$880 million using the digital token Tether.
- China’s 7.9% Second-Quarter GDP Growth Falls Short of Expectations — The figure came in below the median estimate for an 8.2% expansion, a sign that the economy’s strong recovery from the Covid-19 pandemic is moderating.
- In Depth: Huawei’s Plan to Snatch Alibaba’s Cloud Crown — The beleaguered tech giant has a host of advantages that make its ambition feasible, but Alibaba isn’t about to roll over.
South China Morning Post
- BioNTech on track to become first foreign Covid-19 vaccine approved for use in mainland China — A Chinese advisory panel has given the green light to the Covid-19 vaccine developed by BioNTech, meaning it will become the first vaccine developed overseas to be used on the mainland once it receives approval from the drug regulator.
- US ban on all products from China’s Xinjiang nears as Senate passes forced labour bill — The US Senate passed legislation on Wednesday to ban the import of products from China’s Xinjiang region, the latest effort in Washington to punish Beijing for what officials say is an ongoing genocide against Uygurs and other Muslim groups.
- TSMC says Nanjing wafer fab expansion plans on track as second quarter revenue surges 28 per cent — Taiwan Semiconductor Manufacturing Co (TSMC), the world’s largest contract producer of advanced chips, said on Thursday it will press ahead with its 28-nanometre fab expansion in Nanjing, defying speculation that the project could be affected by US-China tech rivalry.
Bloomberg
- U.K. Lawmakers Fret Over China Investment in University Spinoffs — Chinese investors are increasingly backing the businesses emerging from U.K. universities even as lawmakers urge government to rethink its open-door approach to foreign takeovers.
- Biden Faces Hard Sell in Asia for Anti-China Digital Trade Pact — As the U.S. mulls a digital trade agreement to counter China, it faces a key problem: Many countries in Asia don’t want to join any deal seen as challenging Beijing, whose tech giants are deeply entrenched in the region.
- TSMC Is Considering Building a Chip Plant in Japan, CEO Says — Taiwan Semiconductor Manufacturing Co. Chief Executive Officer C.C. Wei said the company is going through “due diligence” to build a fabrication plant in Japan, a strategically important move for the country by the world’s leading chipmaker.
- Hot Pot Scandal Fuels Anger Over Hong Kong ‘Double Standards’ — Over the past year, Hong Kong has threatened protesters with jail for holding demonstrations banned to due virus-control measures. Now, a decision to forgive three senior officials for attending a dinner in violation of Covid rules has provided a new rallying cry for pro-democracy activists.
Reuters
- Beyond Meat opens JD.com store amid China consumer caution on meat substitutes — Beyond Meat said on Thursday it has launched an online store in China on JD.com’s ecommerce platform, as the plant-based meatmaker aims to boost sales in the world’s biggest meat market where consumer interest in meat alternatives is low.
- China says U.S. and Beijing should try to implement Phase 1 trade deal – ministry — China and the United States should work together to create the atmosphere and conditions to push for the implementation of the Phase 1 trade deal, Gao Feng, spokesman for China’s commerce ministry, said on Thursday.
- China’s uneven recovery threatens Xi’s tidy-up — The window is closing on President Xi Jinping’s cleanup campaign. China’s economy expanded at a slower-than-expected 7.9% in the second quarter compared to a year earlier as small firms continue to struggle.
- China’s Sichuan reports human case of H5N6 bird flu – state media — China has confirmed one case of human infection with the H5N6 strain of bird flu in Sichuan province, state media said on Thursday.
Other Publications
- The Economist: China Inc’s new inconspicuous expansion — Chinese companies are adapting to a more hostile global climate—and thriving.
- The Economist: China’s “dreamchild” is stealthily winning the battery race — Now comes the hard bit: geopolitics.
- The Economist: Biden’s new China doctrine — Its protectionism and its us-or-them rhetoric will hurt America and put off allies
- Nikkei Asia: Analysis: Xi’s capital market crackdown has a 2022 timeline — With his term extension on the line, leader hurries to control tech giants
- Foreign Policy: The Undeniable Pessimism of Angela Merkel — Hovering over Germany’s China policy is a cloud of gloom and fear.