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 Xi Jinping Re-Emerges in Public After Quarantine — The Chinese leader is taking center stage ahead of a Communist Party conclave at which he is expected to secure another term in power.
- Kamala Harris Criticizes ‘Disturbing Behavior’ by China — U.S. vice president, speaking to Navy sailors in Japan, says Taiwan contributes to the global good.
- China’s Offshore Currency Hits Record Low Against Dollar — The yuan weakened past 7.2 to the dollar, complicating Chinese policy makers’ efforts to boost the country’s economy with lower interest rates.
The Financial Times
- China refiners: should fear surging electric car sales — The country is poised to become the world’s top refiner by capacity just as local demand falters.
- Renminbi falls to lowest level since 2008 as dollar strengthens — People’s Bank of China stops short of deploying significant foreign exchange reserves.
- Philippines balances security and trade in US-China contest — Manila bids to strengthen ties with both nations amid fears it would be on the front line of any conflict.
The New York Times
- Can Hong Kong Recover as a Global Metropolis After Pandemic Barriers? — Officials are saying the city will bounce back. But even before 2020, Chinese control was changing Hong Kong’s character and driving people away.
- Chinese Billionaire Richard Liu Faces Sexual Assault Trial in the US — Richard Liu, also known as Liu Qiangdong, will be one of the few high-profile Chinese figures to face a courtroom jury over sexual assault allegations.
- Far From Routine, Asia Trip Presents Thorny Tests for Kamala Harris — A visit for Shinzo Abe’s controversial state funeral also includes outreach to Asian allies over military advances by North Korea and China.
Caixin
- Director of Onetime Apple Camera Module Supplier Detained in Zhejiang — Cai Gaoxiao, brother of founder Cai Rongjun, has resigned and is being held by police over ‘personal case,’ firm says.
- Toyota, Hyundai to Sell Hydrogen-Fueled Passenger Cars in China — The auto giants’ plans mark a shift for the Chinese market, which has so far been dominated by commercial vehicles.
- Nio Gets Into Lithium Mining With $7.8 Million Stake in Australia’s Greenwing — Electric car maker joins industry rush to lock up supplies of key battery material amid shift in demand and surging raw material prices.
South China Morning Post
- US will continue to strengthen ‘unofficial ties’ with Taiwan, vice-president Kamala Harris says — Harris accuses Beijing of trying to coerce its neighbours and undermine the status quo in the Taiwan Strait.
- Former top graft-buster at Chinese spy agency to face court on bribery charges — Liu Yanping accused of accepting ‘particularly huge’ amounts of property from others in return for favours.
- China crackdown on ivory trade deters smugglers, Hague report finds — Vietnam remains key smuggling gateway between Africa and China but Wildlife Justice Commission says demand is dropping.
Bloomberg
- Sun Life, Billionaire Cheng Said to Eye Hong Kong Insurance Deal — Canadian insurers Sun Life Financial Inc. and Manulife Financial Corp. are among companies considering bids for an insurance partnership with Hong Kong banking group Dah Sing Financial Holdings Ltd., according to people familiar with the matter.
- Chinese Dealmaker That Backed Tencent Casts a Wider Startup Net — Hillhouse, the private equity firm known for its bets on Tencent Holdings Ltd. and JD.com Inc., is now looking to back startups far earlier in their life cycles.
- CALB Is Said Poised to Price Hong Kong IPO at Bottom of Range — CALB Co., a Chinese battery supplier for electric vehicle makers, is telling prospective investors it plans to price its Hong Kong initial public offering at the bottom of its marketed range, according to people familiar with the matter.
- Tycoons Behind China Surveillance Giant Get Richer on EV Listing — China’s Leapmotor is raising $772 million in a Hong Kong IPO, pushing the fortunes of its founders to $2.8 billion and $1 billion.
Reuters
- U.S. lawmakers want Biden order boosting oversight of outbound investment in China — A bipartisan group of U.S. lawmakers on Tuesday called on President Joe Biden to issue an executive order to boost oversight of investments by U.S. companies and individuals in China and other countries.
- Why no news may be good news for China-watching investors — Investors are dialling back risk exposure ahead of China’s Communist Party Congress in October and sticking money in the relative safety of mainland blue chips as they await signs Beijing is ready to address problems hanging over the economy.
Other Publications
- The Economist: The Prince: Searching for Xi Jinping — This eight-part series is the epic story of Mr Xi’s turbulent past, how he has changed China and how he is trying to change the world.
- UCSD: The Party Remakes China — What to Watch for After the 20th Party Congress.
- The Washington Post: Solomon Islands rejects Biden’s Pacific outreach as China looms large — American efforts to rally Pacific island leaders at a White House summit this week were dealt a blow when the Solomon Islands said it would not endorse a joint declaration that the Biden administration plans to unveil.
- Foreign Policy: Italy’s Right Is Torn on Ukraine but United on China — Giorgia Meloni has built long-term ties to Taiwan.
- MIT Tech Review: How the false rumor of a Chinese coup went viral — Dissecting how Indian users and Falun Gong media accounts spread a bogus story far and wide on Twitter.
