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
- U.S. Approves Nearly All Tech Exports to China, Data Shows — Critics say the Commerce Department-led export-controls process needs an urgent overhaul, while others say the U.S. needs allies on board first.
- China’s Growth Slowed Across All Fronts in July, Prompting Unexpected Rate Cut — Move came after a month in which retail sales, property prices and youth unemployment worsened.
- China Restarts Military Drills in Response to Latest U.S. Lawmakers’ Visit to Taiwan — Chinese military calls the exercises a ‘stern deterrent’ as Congressional delegation meets with Taiwanese leader.
- Hong Kong’s Crackdown on Dissent Hits Facebook Pages — Popular ‘secrets’ pages go dark after national-security police arrest two men on suspicion of sedition.
The Financial Times
- China property stocks rally on hopes of relief plan — Shares in developers climb after report that Beijing may order support for struggling sector.
- How a banker fighting a Hong Kong ban broke a Wall Street record — Calvin Choi’s AMTD Digital has come under scrutiny after a meteoric price rise within weeks of its US IPO.
- China’s chip breakthrough poses strategic dilemma — How much time and money will SMIC sink into producing its new semiconductor at scale?
Caixin
- China’s Housing Market Weakens Further Amid Shaken Confidence — Among 70 major cities, 40 registered price drops in newly built homes in July, two more than in the previous month.
- SAIC-Backed Xiangdao Raises $148 Million and Eyes IPO — Xiangdao Chuxing, the ride-hailing service backed by China’s largest carmaker, completed a 1 billion yuan ($148 million) fundraising that brings in an autonomous driving startup as new investor.
- U.S. Restrictions on Chip Software Exports Could Bite in the Long Term, Analysts Say — Contained in an order issued by the Bureau of Industry and Security on Friday, they require U.S. companies to obtain government permission before exporting electronic design automation (EDA) software.
South China Morning Post
- China-born scientist targeted by US ‘discovers world’s best semiconductor’ — MIT professor Gang Chen and colleagues say cubic boron arsenide conducts heat 10 times better than silicon.
- Apple supplier Foxconn’s iPad factory in southwest China halts production for six days amid power crunch in summer heatwave — China’s Sichuan province has seen record high electricity usage as residents try to cope with the extreme heat.
- Hong Kong authorities to send copies of Xi speech to schools and kindergartens — Education Bureau to make copies of Xi’s handover speech available to collect from Tuesday, marking first time a state leader’s address will be given to teachers for study.
Nikkei Asia
- China forcing political critics into psychiatric hospitals: report — Victims allegedly subjected to electroshock therapy, forced druggings.
- China drives global renewables spending to record 1st half — Sector unhindered by rising costs, but Beijing’s lead in wind, solar grows.
- H&M back on Alibaba’s Tmall after Xinjiang controversy — Swedish retailer yanked from Chinese shopping platform for rights-abuse comments.
Bloomberg
- Tencent-Backed Giants Dive on $24 Billion Meituan Sale Talk — Meituan shares plummet more than 9% in Hong Kong trading.
- ‘Too Little, Too Late’ China Rate Cut Spurs Call for More Moves — PBOC-backed newspaper cites analyst saying more action needed.
- Even With Biggest-Ever Climate Bill, US Lags China’s Green Spending — $374 billion is a lot of money. But China and the EU are spending as much or more on the transition away from fossil fuels.
Reuters
- Exclusive: Tencent plans to divest Meituan stake worth $24 billion — China’s Tencent Holdings plans to sell all or a bulk of its $24 billion stake in food delivery firm Meituan to placate domestic regulators and monetise an eight-year-old investment, four sources with knowledge of the matter said.
- Analysis: Trapped cash mangles China’s policy plans — China’s surprise cut in key policy rates this week highlights a dilemma facing Beijing as authorities try to revive an economy awash with cash in the financial system but still lacking in consumer demand.
- China to discourage abortions to boost low birth rate — The authority said it would carry out reproductive health promotion to enhance public awareness while “preventing unintended pregnancy and reducing abortions that are not medically necessary.”
Other Publications
- AFP: Non-jury trial ordered for Hong Kong’s 47 democrats national security case — Instead the trial will be heard by three judges who have been handpicked by the government to try national security cases.
- Foreign Affairs: The Upside of Pelosi’s Unwise Taiwan Visit — What Washington Can Learn From Beijing’s Overreaction. By Ryan Hass
- PIIE: Green energy depends on critical minerals. Who controls the supply chains? — Analysis reveals that China’s control over the global value chains involving critical minerals and REEs extends beyond what is commonly assumed.