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’s War Games Showcase New Tools to Intimidate Taiwan — Four days of maneuvers off the self-ruled island’s coast displayed the Chinese military’s growing capabilities.
- China’s Military Exercises Showcase Modern Fighting Force Preparing for Possible War in the Taiwan Strait — Exercises kicked off as an angry Beijing protested the visit to Taipei earlier last week by Nancy Pelosi.
- In Taiwan, Life Goes On Under Barrel of China’s Gun — Impact of military drills has been muted after years of threats from Beijing.
- Southeast Asia Seeks to Tiptoe Through U.S.-China Taiwan Minefield — Region’s top diplomats are at pains to avoid taking sides as Washington-Beijing spat hijacks Asean forum.
- China’s Export Growth Stays Unexpectedly Robust, Offsetting Broader Weakness — China’s trade surplus widened on stronger exports and softening imports, an indication of the recovery’s uneven nature.
- Hong Kong Cuts Covid-19 Quarantine to 3 Days — Bid to restore the city as Asia’s leading global financial hub falls short of business demands to scrap isolation period altogether.
- Covid Lockdown Angers Tourists in China Beach Resort City — Some 80,000 visitors are reported stranded in Sanya as all flights are canceled to contain an Omicron-variant outbreak.
- Two Chinese Cities Approve Baidu’s Unmanned Self-Driving Taxis — China, seeking to catch up to the U.S. in autonomous driving cars, has been increasingly active in setting up regulations that allow such vehicles on public roads.
- A 70-Year-Old Taiwanese Chip Wizard Is Driving China’s Tech Ambitions — When Asian semiconductor makers make dramatic advances, there’s often a common element: Berkeley-educated Liang Mong Song.
- U.S. Lawmakers Look to Digital Dollar to Compete With China — The Federal Reserve is considering the idea, but in no rush to join a digital-assets space race.
- Video: China’s Covid Lockdown Traps 80,000 Tourists on Resort Island — About 80,000 tourists are stranded on the Chinese island of Hainan, which local authorities call “the Hawaii of China,” after a surge in Covid-19 cases triggered a lockdown. All flights leaving the city of Sanya have been canceled since Saturday.
The Financial Times
- Baidu to operate fully driverless robotaxis in China — Internet group will offer rides in Wuhan and Chongqing without a human operator.
- Taiwanese Apple supplier battles activists over $4bn cash pile — Argyle Street’s pursuit of changes at Catcher Technology a symbol of growing shareholder unrest in Asia.
- China extends military drills around Taiwan and ramps up propaganda — People’s Liberation Army says it is ‘continuing joint training under real war conditions’ past expected deadline.
- Chinese investors ditch property for jade in search of higher returns — Prices for the semi-precious stone have soared after supply was squeezed by coup, Covid and sanctions.
- Chinese aircraft simulate attack on Taiwan’s main island — Beijing hails success in deterring US intervention as unprecedented drills set to wrap up.
- Sanya lockdown traps tens of thousands of tourists in ‘China’s Hawaii’ — Holidaymakers stranded in Hainan after infectious Omicron Covid strain detected in beach province.
- US allies rattled by China’s aggressive response to Pelosi’s Taiwan visit — ‘A dangerous, dangerous moment for the whole world’, says Singapore’s foreign minister.
- Opinion: The US and China are decoupling, but not as fast as you think — Current hostilities make the narrative credible but the long-term picture is more complicated. By Leo Lewis
- Opinion: Dangerous fatalism about a US-China war — The logic of armed conflict over Taiwan is taking hold in Beijing and Washington. By Gideon Rachman
The New York Times
- In Turbulent Times, Xi Builds a Security Fortress for China, and Himself — Taiwan, Covid, “color revolutions,” the classroom: everywhere, China’s leader sees threats that foreign forces can exploit, and he has enlisted the whole nation to defend against them.
- China’s Military Drills and Other Tensions With Taiwan, Explained — China’s military announced new exercises near Taiwan, a day after concluding four days of drills that simulated a blockade of the island.
- Out of Prison, Taiwan Activist Urges Resistance to Beijing’s Threats — Li Ming-che and his wife, who met with Speaker Nancy Pelosi in Taiwan last week, have sought to inspire others not to be intimidated into silence by Beijing.
- The Troubles of Kenya’s China-Funded Train — Five years after its launch, the railway has become associated with debt, dysfunction and criminal inquiries, and it is now a lightning rod in Tuesday’s election.
- After China’s Military Drills, Options Narrow to Win Over Taiwan — The exercises were designed to deter Taiwan from moving further away from Beijing, but they also indicated how few policy carrots China has.
- In the Philippines, Blinken Vows to Strengthen Military Ties — Against a backdrop of rising regional tensions with China, the U.S. secretary of state reaffirmed Washington’s commitment to defending Manila.
- China Military Drills Appear to Simulate Attack on Taiwan — As China staged its third day of war exercises, state media was also working hard to shape the narrative, in what seemed a response to earlier public discontent.
Caixin
- Cover Story: Graft Scandal Casts Long Shadow Over China’s Chipmaking Ambitions — An anti-graft storm is sweeping China’s semiconductor industry that is at the heart of the country’s quest for self-sufficiency in technology.
- Tencent Dumps Shares of Chinese Film Studio in Latest Sign of Movie Industry Struggles — The Shenzhen-based internet titan cuts its holdings in Huayi Brothers to 5% from 8%.
- Legacy Giants Lead Internet of Things Ranking, Industry Group Says — Huawei and IBM top annual ranking of connected gadget-makers focusing on hard tech.
South China Morning Post
- Samsung to invest US$3.3 billion, produce new chip parts in Vietnam amid China’s concerns over US-led semiconductor alliance — Samsung is preparing trial production of its flip-chip ball grid array in Vietnam, as China remains concerned over South Korea potentially joining a US-led semiconductor alliance.
- Chinese envoy to France Lu Shaye doubles down on Taiwan ‘re-education’ aims — Tsai government has ‘indoctrinated and intoxicated’ Taiwanese population with anti-Chinese education, Lu tells French station Europe 1.
- Hong Kong cuts hotel quarantine for overseas arrivals to 3 days plus 4 days of ‘home medical surveillance’, allowing trips to office and malls, starting August 12 — They must test negative during Days 4 to 7 to go to work, shop, take public transport, but are banned from high-risk areas.
- About 20 Hong Kong members of national legislature will visit Xinjiang to better understand human rights conditions and local governance — Team will spend nearly week meeting officials in autonomous region and vows to return with comprehensive report.
Nikkei Asia
- Samsung to begin making semiconductor parts in Vietnam in 2023 — Southeast Asian nation picks up win in global battle to attract chip suppliers.
- Pakistan insurgents behind China attacks threaten Barrick Gold mine — Experts see project as a key test as cash-strapped country seeks more investment.
- Bangladesh seeks China help to repatriate Rohingya refugees — Close Beijing ties challenge diplomatic and trade relationship with India, U.S.
Bloomberg
- Ships Resume Taiwan Routes Even as China Continues to Drill — Shipping in the Taiwan Strait began to return to normal on Monday, though China’s announcement of a new military exercise near the island signaled that risks remain for the industry.
- Hong Kong Quarantine Reduction Met With Calls to Go Even Further — Hong Kong took a much anticipated step to reduce mandatory hotel quarantine for international travelers as the city seeks to restore its position as a financial hub and revive its economy.
- India Seeks to Oust China Firms From Sub-$150 Phone Market — India seeks to restrict Chinese smartphone makers from selling devices cheaper than 12,000 rupees ($150) to kickstart its faltering domestic industry, dealing a blow to brands including Xiaomi Corp.
- China Exports to Russia Boom in Return to Near Pre-War Highs — Chinese exports to Russia are back near levels seen before the Kremlin’s invasion of Ukraine, propelling a rebound in trade that’s helped cool off a historic rally in the ruble.
- Jack Dorsey Tweets ‘End the CCP’ After China Covid Report — Twitter Inc. co-founder Jack Dorsey tweeted the words “end the CCP” over the weekend in response to a report about China’s strict Covid-19 measures.
Reuters
- Bridgewater pushes back against Chinese ‘All Weather’ copycats — Billionaire hedge fund manager Ray Dalio’s huge popularity in China has not only drawn local investors flocking to his funds but also spawned home-grown challengers using his “All Weather” strategy and brand to try to beat him at his own game.
- Companies in China distance themselves from Taiwan amid Pelosi backlash — Chinese social media users have targeted companies and celebrities they see as unpatriotic or supportive of Taiwan’s independence with strong criticism.
- Automakers say U.S. Senate bill will jeopardize 2030 EV targets — To be eligible for the credit, vehicles must be assembled in North America, which would make some current EVs ineligible as soon as the bill takes effect.
Other Publications
- Associated Press: One year after Afghanistan, spy agencies pivot toward China — In a recent closed-door meeting with leaders of the agency’s counterterrorism center, the CIA’s No. 2 official made clear that fighting al-Qaida and other extremist groups would remain a priority — but that the agency’s money and resources would be increasingly shifted to focusing on China.
- Politico: Washington bureaucracy could rescue Democrats from their EV tax credit problem — The Democrats have crafted an electric vehicle tax credit not a single car on the market would qualify for. But Washington has always known how to break its own rules.
