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’s Measures to Boost Economy Don’t Match Past Efforts — Restrained approach likely reflects concerns over rising debt, diminishing returns from spending, economists say.
- China’s Ambassador Accuses U.S. of Exacerbating Crisis Over Taiwan — Remarks come in response to U.S. saying China is overreacting in Pacific over the self-ruled island.
- H&M Returns to China’s Internet After a 16-Month Disappearance — Swedish retailer resumes e-commerce sales on Alibaba platform after it was wiped off the country’s leading apps last year.
- Chinese Research Ship Arrives in Sri Lanka Over India’s Objections — Amid an economic crisis, Sri Lanka is navigating a balancing act between lender China and longtime ally India.
- Foreign Investors Turned Net Buyers of Chinese Government Bonds in July — But they continued to cut their overall exposure to the country’s bond market.
- Tencent Weighs Stake Sale in Chinese Delivery Company Meituan — Social-media behemoth considers cutting investments in tech companies as Beijing curbs influence of China’s tech giants.
The Financial Times
- Taiwan tensions force multinationals to rethink China risk — Companies draw up contingency plans for potential Sino-US conflict that could be the ‘next Ukraine’
- China’s Huarong issues profit warning on property sector woes — Downturn for developers stymies recovery at biggest bad debt bank despite $6.6bn state-led bailout
- Opinion: Beijing is tanking the domestic economy — and helping the world — Lower demand from China for imported goods is easing inflationary pressure elsewhere. By Matthew C. Klein
The New York Times
- As China’s Economy Stumbles, Homeowners Boycott Mortgage Payments — In a rare act of defiance, people across the country who bought property from indebted developers are refusing to repay loans on their unfinished apartments.
- Chinese Military Ship Docks in Sri Lanka Despite India’s Concerns — The arrival of the surveillance vessel has aggravated tensions as the two Asian giants compete for influence in the region.
Caixin
- Fugitive Behind $15 Billion Myanmar Business Hub Arrested in Thailand — She, chairman of a company that developed a $15 billion industrial and entertainment complex in Myanmar called Yatai City, was arrested by Bangkok police last Wednesday and is now awaiting extradition to China.
- Hong Kong Loses Investment Fund Jobs Under Covid Controls — Two-thirds of respondents to the survey said it’s “extremely difficult” or “difficult” to attract and retain talent for global roles based in Hong Kong; 13% reported that they have reduced Hong Kong headcount; and 55% said they are increasingly hiring elsewhere.
- Sichuan Rations Electricity for Factories as Drought Curbs Supply — Sichuan relies heavily on hydropower, a cheaper source of electricity that has made the province attractive for producers of photovoltaic silicon. But high temperatures and drought this summer have curbed hydropower generation and worsened an electricity crunch.
South China Morning Post
- Tencent posts first revenue decline since going public, misses profit estimates — Net income reached 18 billion yuan in the period, down 56 per cent from a year ago, missing analysts’ estimates of 25 billion yuan.
- National security law: group of 47 opposition activists to face Hong Kong subversion trial without a jury — Justice secretary Paul Lam orders trial without jury in case of 47 opposition activists charged with subversion.
- Will Kenya’s next president follow through on China contract promises? — William Ruto campaigned on threats to deport illegal workers and make big contracts with Chinese companies public.
Nikkei Asia
- China can’t afford to counter the CHIPS Act — yet, experts say — With chipmakers also stuck, TSMC and Samsung ‘have to pick the U.S. side’.
- China-born scientist, once U.S. target, discovers ‘best’ chip material — MIT professor helps find semiconductor substance better than silicon.
- Chinese factories flock to Mexico, crossing U.S. border to avoid tariffs — Investment surges 76% to $606m as appliance and furniture makers build plants.
- Global companies moving top posts out of Hong Kong: survey — Key positions shifted to Singapore, other cities could stay overseas.
Bloomberg
- China Reliance on Taiwan Would Make Trade Retaliation Costly — Banning Taiwan’s chips is unlikely given China’s dependence.
- China’s Li Urges More Pro-Growth Policy as Economy Sputters — Six key provinces told to boost fiscal support via debt sales.
- Xi Jinping Reemerges in Sign China’s Secretive Summer Retreat Is Over — President of world’s second-largest economy last seen July 31.
- UN Expert Finds Forced Labor Claims in China’s Xinjiang Credible — Report offers rare critique of Beijing from within world body.
Reuters
- Analysis: China central bank, under pressure to ease, is hemmed-in by inflation, Fed jitters — Analysts now expect cuts in the country’s benchmark lending rates as early as Monday, after the People’s Bank of China (PBOC) unexpectedly lowered two key rates this week as data showed the economy unexpectedly slowed in July.
- China’s Tsingshan considers selling Indonesian assets to Baowu — Tsingshan has in recent years been investing heavily in Indonesia, turning the nickel-rich Southeast Asian nation into a hub of stainless steel and nickel production and a possible top supplier of electric vehicle battery chemicals.
- Hong Kong court lifts reporting restriction on national security case — A Hong Kong court on Wednesday lifted a reporting restriction on a landmark national security case involving a now disbanded group that used to organise candlelight vigils on the anniversary of the Tiananmen Square crackdown.
Other Publications
- The Economist: Xi Jinping’s economic revolution aims to spread growth — An inland city, Changsha, highlights potential limits
- Quartz: A Chinese official wants party cadres to go on real estate shopping sprees — “If you’ve bought one, buy two. If you’ve bought two, buy three. If you’ve bought three, buy four,” he said during the speech yesterday (Aug. 16).
- MIT Tech Review: Hackers linked to China have been targeting human rights groups for years — In a new report shared exclusively with MIT Technology Review, researchers expose a cyber-espionage campaign on “a tight budget” that proves simple can still be effective.