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 Sends State Security, Police Officials to Didi for Cybersecurity Probe — The stationing of regulators at the ride-hailing firm is the latest development in saga that has gripped the country’s tech industry.
- China’s EVs Force Foreign Auto Makers to Catch Up — Only Tesla has convinced Chinese consumers that its offerings can match the local competition.
- U.S. to Warn Businesses Over Rising Risks in Hong Kong Under China Crackdown — An advisory cautions businesses that operating in Hong Kong carries ‘financial, legal and reputational risks’.
- China Buys Friends With Ports and Roads. Now the U.S. Is Trying to Compete — Rare bipartisan program dedicates $60 billion for overseas infrastructure projects including cellular networks, vaccine production and maybe even a crumbling Greek shipyard.
- China Prepares Team to Investigate Deadly Pakistan Bus Blast — At least nine Chinese workers were killed in the explosion, undermining trust between the two allies.
- Beijing Calls Time on Big Tech’s Shopping Spree — Mergers and acquisitions in China aren’t totally going away, but the free-for-all of days past is over.
The Financial Times
- Volkswagen vows to boost China sales of electric cars after slow start — Country boss expects up to 100,000 cumulative deliveries of ID models by end of year.
- Shares in debt-laden Evergrande surge as developer teases dividend — China’s former richest man still faces huge challenge to meet Beijing’s curbs on leverage.
- Ericsson warns of China retaliation following Sweden’s Huawei ban — Telecoms group hit by geopolitical battle as revenues in Asia’s biggest economy plunge.
- China’s carbon market scheme too limited, say analysts — Only the energy sector is included in trading this year, with other industries expected to be added in future.
- China snubs senior US official in worsening diplomatic stand-off — Beijing refuses to allow Biden’s deputy secretary of state to meet counterpart in planned visit.
The New York Times
- She’s One of China’s Biggest Stars. She’s Also Transgender. — Jin Xing, the first person in China to openly undergo transition surgery, is a household name. But she says she’s no standard-bearer for the L.G.B.T.Q. community.
- China’s New Carbon Market, the World’s Largest: What to Know — The program may help China eventually curb greenhouse gas pollution. But making emissions markets work is tricky.
- China Criticized the Afghan War. Now It Worries About the Withdrawal. — An explosion that killed Chinese workers in Pakistan has stirred fears in Beijing of regional instability.
Caixin
- Morgan Stanley Dumps Local Partner From Name of China Securities Venture — Change in moniker illustrates how foreign financial firms have taken control of their mainland JVs after the government opened up the industry.
- China Southern Airlines to Be Country’s First to Test IATA Covid Pass — International Air Transport Association’s mobile app launched in March shows verified virus tests and vaccinations as 70 airlines sign up to give it a try.
- Closing In on Samsung, Xiaomi Dethrones Apple to Become World’s No. 2 Smartphone Seller — Chinese electronics giant Xiaomi overtook Apple for the first time to become the world’s second-largest smartphone vendor in the second quarter, boosting its ambition to challenge the longtime market leader Samsung as it expands overseas.
South China Morning Post
- Peking University joins China’s semiconductor push with new school dedicated to chips — China’s prestigious Peking University has set up a semiconductor school to train chip engineers and technicians, joining a nationwide frenzy to create new chip colleges as part of Beijing’s drive to boost semiconductor self-sufficiency.
- China’s coal prices pushed toward record level as electricity consumption soars amid rising temperatures — A heatwave across some of China’s biggest industrial provinces has pushed local electricity consumption to unprecedented levels, sending thermal coal futures toward record highs.
- China’s commodities traders in Beijing’s crosshairs after driving up prices and putting economic recovery at risk — A newly formed special task force is on the hunt in China for unscrupulous traders who have been driving up the prices of commodities through speculative reselling, which hurts manufacturers and risks slowing the nation’s economic recovery.
- US anti-China digital trade deal seen as ‘dead in the water’ for Joe Biden in Asia — As the United States mulls a digital trade agreement to counter China, it faces a key problem as many countries in Asia do not want to join any deal seen as challenging Beijing, whose technology giants are deeply entrenched in the region.
Bloomberg
- House Panel Advances China Bill Over Republican Objections — The House Foreign Affairs Committee advanced a bill to counter China along a party line vote of 26-20 on Thursday as Republicans criticized the measure as too focused on climate change and too soft on Beijing.
- Toyota-Panasonic Battery Venture Slashes Costs to Take On China — Prime Planet Energy chief uses Toyota lessons to seek savings. Aims to overtake China, Korea leaders in cost-competitiveness.
- China’s Pork Imports Set to Plunge 50% as Local Prices Tumble — China’s record demand for foreign pork is about to crater after domestic prices plummeted, potentially easing pressure on the world meat market and cooling at least one constituent of global food costs.
- Biden to Aim Hong Kong Warning at Investors Shrugging Off Risks — A formal warning the Biden administration plans to issue to companies doing business in Hong Kong springs from U.S. officials’ concern that investors aren’t taking the risks of operating in the city seriously enough, according to people familiar with the issue.
Reuters
- WHO proposes fresh mission to China and lab audits – diplomats — The World Health Organization has proposed a second phase of studies in China into the origins of the coronavirus, including audits of laboratories in Wuhan, but there is no sign yet that Beijing would accept a further international probe, diplomats said.
- Volkswagen China sees chip supply shortage easing — German automaker Volkswagen AG, the top foreign automaker in China, the world’s biggest car market, said on Friday that it expected chip supplies to improve in the next six months.
- ByteDance’s Toutiao ordered by China to halt new registrations since September -sources — TikTok owner ByteDance has been blocking new user and content creator registrations for its Chinese news aggregator Jinri Toutiao since September at the behest of regulators, according to people familiar with the matter.
- China to order developers to disclose commercial paper debt every month – sources — Chinese regulators want property developers to disclose details of rapidly growing commercial paper issuance in their monthly reports, said three sources, as part of Beijing’s move to rein in ballooning debt in the property sector as the economy slows.
Other Publications
- Nikkei Asia: China’s Hong Kong policy head calls for wider security clampdown — After closed-door meeting, Carrie Lam lays out five demands from Beijing.
- The Economist: In China’s publishing business, you have to duck and dive — Independent publishers find ways around a thicket of regulations.
- The Economist: China is keeping its borders closed, and turning inward — Zero tolerance for the virus, combined with rising nationalism, breed isolationism.
- The Economist: Israel is being forced to choose between America and China — One is its strongest ally, the other offers investment and trade.
- Nikkei Asia: China-backed AIIB makes first move into sub-Saharan Africa — Development bank joins others making inroads into continent.
- The Diplomat: Report: China Plans BioNTech Booster for Its Population — The report from Caixin comes as the efficacy of homegrown vaccines from Sinopharm and Sinovac continue to be questioned.
- Foreign Policy: China Eyes Pacific Supremacy With New Carrier — It’s not your father’s Chinese navy anymore.
