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.
Paid subscribers automatically have this list emailed directly to their inboxes every day by 10 a.m. EST. Subscribe here.
The Wall Street Journal
- China Bets Big on Basic Chips in Self-Sufficiency Push — Chip makers boost production of mature semiconductors now in high demand, which could add to their global influence.
- Gen. Mark Milley Says Chinese Military Aggression Has Worsened — The top U.S. military officer visited Indonesia on Sunday as the U.S. seeks to strengthen relationships with Indo-Pacific nations.
- China’s Rural Banking Smash-Up — Problems at China’s small-town banks have been gestating for years, but they are now coming to a head—with unpredictable consequences.
- Evergrande Ousts CEO and CFO Over $2 Billion Cash Seizure — The indebted Chinese property giant is preparing to release a restructuring plan.
The Financial Times
- China strengthens warning to US about Pelosi’s planned Taiwan trip — Beijing alarms White House by privately suggesting possible military response to Speaker’s visit.
- US military chief warns of ‘significant’ increase in Chinese aircraft intercepts — Mark Milley says Beijing’s forces are conducting unsafe air and sea manoeuvres.
- Callous messages following Abe’s death highlight anti-Japanese sentiment in China — Longstanding historical, political and cultural fissures complicate relations in Asia.
- China’s Belt and Road spending in Russia drops to zero — Beijing shifts investment focus to Saudi Arabia but continues to buy Russian oil and gas.
- Sunak and Truss talk tough on China in race for No 10 — Contenders for UK premiership promise more hawkish stance on Beijing after trying to outdo each on immigration.
- Beijing plans three-tier data strategy to avoid US delistings — Chinese companies have a 2024 deadline to comply with Washington’s new audit rules.
- Investors bet on redemption for China’s godfather of education — Yu Minhong’s empire is a litmus test for sectors hit by Xi Jinping’s ‘common prosperity’ push.
- Evergrande’s chief executive steps down over mystery $2bn claim — Indebted Chinese developer was probing how deposits were pledged as security for third-party guarantees.
- Inverted yield curve in China savings rates signals sustained economic slowdown — Lack of lending opportunities points to prolonged weakness in growth, warn bank officials.
- Hedge funds help China ETFs shine — The demand for swap contracts to short Chinese stocks means synthetic ETFs have outperformed.
The New York Times
- China Launches Wentian Space Station Module With Giant Rocket — China successfully docked a new lab module to its space station. But no one knows where debris will land from the rocket stage that sent it to orbit.
- China Evergrande C.E.O. Resigns After Loans Come Under Scrutiny — The resignation was the latest setback for the embattled Chinese property developer, which is expected to announce a plan to restructure its debt of more than $300 billion.
- From Flight Attendant to Funeral Planner: New Beginnings in the Covid Era — The pandemic upended careers in Hong Kong and around the world, forcing or inspiring people to make radical changes in their lives.
- Opinion: China Is Playing Hardball with Troubled Debtors. That’s Dangerous for All of Us. — When one country defaults, lenders start worrying that others will do the same.
Caixin
- Censured Chinese Actress Held Board Seat at Company Controlled by Mysterious Tycoon — Mao Junjie got a public dressing down for exaggerating her qualifications to take an executive director position that paid $38,220 a month.
- China Merchants Bank Drops Banking Venture With JD.com — CMB board pulls the plug on five-year-old independent direct banking project as JD Digits chief loses interest.
- Former Shanghai Electric Chairman Expelled From Party Over Bribery Allegations — Zheng Jianhua, who is accused of accepting bribes and embezzling public funds, will later stand trial.
- In Depth: Chinese Carmakers Jostle for an Edge in Autonomous Driving — Auto and tech companies are gearing up to compete for their slice of a potentially gigantic market.
South China Morning Post
- Chinese and US scientists build bridges with cutting-edge Hale telescope project — Work to build an advanced spectrograph – which will help explore distant corners of the universe – is a rare example of cooperation between the two countries.
- US hypersonic missile test expected to spur on China’s programme — America’s recent successes follow a series of setbacks but it is still lagging behind other major powers.
- SenseTime defied US sanction to raise capital in Hong Kong. Where does it go from here? — What happened with SenseTime reflects how growing animosity between the US and China is catching Hong Kong in the crossfire between the world’s two largest economies.
- Why is China so concerned at the prospect of South Korea joining a US-led chip alliance? — China is concerned that a decision by South Korea to join US-initiated chip alliance would harm its semiconductor self-sufficiency drive.
- China wants Hong Kong to integrate with the Greater Bay Area, but can it convince young talent and employers it’s a good idea? — China wants to integrate Hong Kong into the Greater Bay Area, but workers and businesses are put off by the hassle, expense and cultural differences. Experts say it is holding the region’s economic potential back.
Bloomberg
- A 75-Year-Old Harvard Grad Is Propelling China’s AI Ambitions — Andrew Yao has influenced some of the biggest Chinese startups, informed government policy and molded a generation of academics.
- China’s Property Crisis Burns Middle Class Stuck With Huge Loans — China’s deepening property bust is sending shock waves through the nation’s 400-million-strong middle class, upending the belief that real estate is a surefire way to build wealth.
- How and Why China Is Centralizing Its Billion-Ton Iron Ore Trade — A newly minted state-owned group will be a hub for everything from huge mine investments in West Africa to buying the steelmaking material from international suppliers.
- Hong Kong Bashes Global Media With Hundreds of Complaint Letters — New leader John Lee authored missives calling out ‘nastiness.’
Reuters
- Exclusive: Sherman, Kennedy to visit Solomons, where fathers fought and U.S. now vies with China — U.S. Deputy Secretary of State Wendy Sherman and U.S. Ambassador to Australia Caroline Kennedy plan next month to visit the Solomon Islands, where their fathers fought in World War Two and the United States is in a modern-day battle for influence with strategic rival China.
- Chinese woman seeking to freeze her eggs loses court case — An unmarried woman in China has lost a court challenge seeking to freeze her eggs, highlighting concerns about a lack of technology options for Chinese people who consider delaying parenthood.
- China’s population expected to start to shrink before 2025 — China’s population has slowed significantly and is expected to start to shrink ahead of 2025, the state backed Global Times reported, citing a senior health official.
Other Publications
- The Washington Post: Administration fears a Pelosi trip to Taiwan could spark cross-strait crisis — The speaker, a longtime critic of Beijing, is reportedly weighing a visit to Taiwan. Biden officials worry such a trip would provoke China at a highly sensitive moment.
- Associated Press: Milley: China more aggressive, dangerous to US, allies — The Chinese military has become significantly more aggressive and dangerous over the past five years, the top U.S. military officer said during a trip to the Indo-Pacific that included a stop Sunday in Indonesia.
- CNN: FBI investigation determined Chinese-made Huawei equipment could disrupt US nuclear arsenal communications — Among the most alarming things the FBI uncovered pertains to Chinese-made Huawei equipment atop cell towers near US military bases in the rural Midwest.
- The Guardian: ‘We show hotshots who’s boss’: how China disciplines its tech barons — Chinese internet giants have become compliant parts of the regime they promised to disrupt. For Tencent’s Pony Ma and other tycoons the future is fraught.
- The Guardian: Sunak to promise curbs on China as UK’s ‘biggest long-term threat’ — Leadership contender says he will close 30 Mandarin teaching programmes to restrain Beijing’s soft power.