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 Puts Minister in Charge of Tech Regulation Under Investigation — Xiao Yaqing is first incumbent government minister to be targeted by Chinese anticorruption agencies in years.
- Jack Ma Plans to Cede Control of Ant Group — The shift, long under consideration to reduce governance risks, comes as the Chinese fintech giant seeks to move on from a tough year.
- Miners Unfazed by China’s Plan to Control Iron-Ore Imports — Executives expect prices to be determined by supply and demand for the commodity despite Beijing’s new centralized buying group.
- China’s Leaders Aim to Keep Economy Running Within ‘Reasonable Range’ — Politburo urges stronger provinces to strive to meet their annual growth targets.
- Evergrande Creditors Demand Further Explanation for Billions in Seized Cash — A group of foreign creditors to China Evergrande Group is asking the company for more information related to the seizure of $2 billion of cash at its property services arm.
- USAID Chief Urges China to Restructure Debts for Fragile Economies — Samantha Power’s remarks came as creditors aim to reach a deal on debt relief for Zambia under a new process Beijing agreed to join.
- China’s Wuhan Locks Down District With One Million People — City’s first Covid-19 curbs since pandemic’s start came in response to four asymptomatic cases, highlighting the economic risk of Beijing’s zero-tolerance strategy.
- Senate Approves $280 Billion Bill to Boost U.S. Chip Making, Technology — Bipartisan backers say measure is needed to counter China, while GOP foes say embrace of industrial policy amounts to corporate welfare.
The Financial Times
- Xi Jinping’s graft crackdown targets technology minister — High-ranking ‘tiger’ caught in anti-corruption crusade as Chinese president prepares for third term.
- Tiger Global-backed Missfresh stops paying salaries as it runs out of cash — Unpaid suppliers occupy Chinese delivery start-up’s offices as it scrambles to raise funds.
- The myth of chip resilience and a homesick Alibaba — The inside story on the Asia tech trends that matter, from Nikkei Asia and the Financial Times.
- China’s central bank seeks to mobilise $148bn bailout for real estate projects — Heavily indebted sector to receive new loans to complete unfinished apartments owed to angry homebuyers.
- Pelosi’s visit lends urgency to Taiwan war games — China has stepped up military activity, stoking fears of a once ‘unthinkable’ conflict.
The New York Times
- They Flocked to China for Boom Times. Now They’re Thinking Twice. — Global businesses and industries that rode the China growth wave for years are bracing for the fallout of a slowing economy.
- China’s Domestic Troubles Will Hang Over Biden-Xi Call — Some American officials suspect that what is really driving China’s president to lash out recently is a desire to divert attention from his economic and pandemic problems at home.
- Opinion: Nancy Pelosi’s Trip to Taiwan Is a Dangerous Gamble — She should postpone until the U.S. clarifies its Taiwan policy. By Bonnie S. Glaser and Zack Cooper
Caixin
- Ant Makes Fresh Move to Advance Internal Reshuffle — Alibaba-backed fintech giant sets up a new committee under the board to oversee risk management and consumer protection
- Industrial Bank Gets a Boost as Fujian Government Expands Its Stake — Biggest state shareholder plans to buy as much as $148 million of bank’s equity to bolster the stock in support of a digital transition
- Huawei Launches Ride-Hailing Platform in Challenge to Didi’s Dominance — Users do not need to download a separate app to use the service because it comes preinstalled in Harmony OS 3.0, which is slated for formal application in September.
- China’s Industry and Information Minister Hit With Corruption Probe — Xiao Yaqing, head of China’s Ministry of Industry and Information Technology, is being investigated on corruption accusations, the country’s top graft watchdog said Thursday.
South China Morning Post
- China’s anti-corruption watchdog investigates minister leading tech drive — Industry minister Xiao Yaqing is under probe for ‘suspected violations of the law and discipline’ after his name was noticeably absent from party congress delegate lists.
- TikTok’s global expansion under a cloud as it faces renewed scrutiny over data privacy, China links — Popular Chinese-owned video app TikTok is facing fresh scrutiny in the US and Britain over its data privacy policies and potential data leaks to Beijing, putting its expansion plans in Western markets under a cloud.
- China prods South Korea to keep promise on US-made anti-missile systems — Beijing urges Seoul’s new leader to uphold predecessor’s pledge to forgo THAAD expansion after South Korean foreign minister appears to back away from policy.
Nikkei Asia
- Sri Lanka hopes for $4bn in China aid ‘soon’ as envoy defends ties — Ambassador insists Beijing is supportive; new president extends protest clampdown.
- Xi, Biden to hold fifth call at 8:30 a.m. Washington time — Economic rivalry, Taiwan and South China Sea likely to top the agenda.
- Debt-swamped China Evergrande eyes Hong Kong tower sale — Embattled property developer slated to unveil restructuring this week.
- Analysis: Xi opens Beijing’s heavy gates to receive Jokowi — President sees window for diplomatic offensive in November at G-20.
Bloomberg
- Jeep Pulls Out of China Over Government Meddling in Business — Stellantis NV shuttered its only Jeep factory in China because local politicians are increasingly meddling in business in the world’s biggest car market, Chief Executive Officer Carlos Tavares said Thursday.
- Xi Urges Plan to Tackle Risks for Next ‘Five Years And Beyond’ — President Xi Jinping called for China’s ruling Communist Party to plan for risks in the next “five years and beyond” at a key meeting, adding to speculation he’s vying for influence past a planned third term.
- VW’s China Presence Key to Global Ambitions, Outgoing Boss Says — Volkswagen AG must maintain its focus on China to continue being one of the world’s leading automakers — no matter who its chief executive is — according to the person who’s led the company’s operations in the nation since 2019.
- Hong Kong Dismisses Report of Security Flaw in Covid Tracing App — Hong Kong’s government has rejected a cybersecurity firm’s claim that flaws in the city’s Covid-19 tracing app could expose sensitive user information, saying there have been no incidents of data leakage.
Reuters
- Top gaming hub Macau invites casino license bids from July 29 — Macau’s government said on Thursday global gaming operators can submit bids for new licenses from July 29 until Sept. 14, kicking off a highly anticipated process to secure a spot in the world’s biggest casino hub.
- China omits mention of GDP growth goal, aims for ‘best possible’ results instead — China will try hard to achieve the best possible results for the economy this year, state media said on Thursday after a high-level meeting of the ruling Communist Party, dropping previous calls that it will strive to meet its 2022 growth target.
Other Publications
- The Economist: China’s official growth figures are bad enough to be believed — We cross-check the latest numbers.
- The Atlantic: Hong Kong’s Colonial Nostalgia — Many of the city’s people are seeking refuge in Britain as former subjects who have fled their ostensibly decolonized homeland.
- Politico: Pelosi and China: The making of a progressive hawk — After a career of holding Beijing to account over human-rights abuses and predatory economic practices, the speaker wants to cap it off with a visit to Taiwan — whether Joe Biden likes it or not.
- Politico Europe: In the race to succeed Boris Johnson, only China hawks need apply — Liz Truss and Rishi Sunak are both scrambling to look tough on Beijing.
- Foreign Affairs: What to Expect From a Bolder Xi Jinping — Get Ready for a More Ambitious Chinese Foreign Policy. By Yun Sun