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. and Allies Look at Potential China Role in Ending Ukraine War — An expected offensive by Ukraine is seen as paving way for negotiations with Russia.
- U.S. Think Tank Reports Prompted Beijing to Put a Lid on Chinese Data — Some reports based on publicly available information alarmed officials.
- U.S. Sanctions Drive Chinese Firms to Advance AI Without Latest Chips — Research in China on workarounds, such as using software to leverage less powerful chips, is accelerating.
- Chinese Foreign Minister Scolds U.S. Envoy Over Taiwan — In Beijing meeting, Qin Gang held up respect for so-called red lines as price for better communications with Washington.
- AI Researchers Worry the U.S. and China Will Leave Everyone Else Behind — Conference in Africa focuses on AI’s promise and peril for less wealthy nations after ChatGPT sparked frenzy among big tech companies.
- Princeton Review and Tutor.com Are Now Owned by a Chinese Company — Tutoring brands with U.S.-wide contracts were quietly sold over a year ago.
- TikTok Tracked Users Who Watched Gay Content, Prompting Employee Complaints — Company logged categories of content and users on app in effort to boost engagement; spokeswoman says TikTok has restricted access to that data.
The Financial Times
- The problem with concentrated power — Chinese mercantilism and western corporate monopolies pose the same challenge.
- Fate of SVB’s Chinese venture hangs in balance — Lender in limbo tests communication between US and China regulators.
- Brussels plans sanctions on Chinese companies aiding Russia’s war machine — Penalties under review by Brussels likely to raise tensions with Beijing.
- Western companies warn of hit from China’s slow recovery — US and European groups say they overestimated how quickly country would bounce back from Covid-19 lockdowns.
- China holds security and trade talks with Taliban — Beijing looks to boost investment in Afghanistan and bring country into Belt and Road project.
- Japanese companies seeking US deals fear more scrutiny of China links — Experts warn Washington’s foreign investment oversight is becoming ‘more rigorous, intense and thorough’.
- UK presses Beijing over Hong Kong, Taiwan and Xinjiang — Foreign secretary discusses areas of ‘disagreement and co-operation’ with China’s vice-president at pre-coronation meeting.
- Washington isn’t listening to business on China any more — The waning of the ‘peace interest’ leaves multibillion-dollar investments hanging by a thread.
- Adidas: declining market share in China reflects growing strength of local brands — Consumer boycott against German group over its stance on Xinjiang has left big gap for Anta Sports and Li Ning.
The New York Times
- Deaths of Seniors in Hospital Fire Point to China’s Elder Care Shortfall — The country’s supply of nursing home beds has not kept pace with its rapidly aging population, leading some families to seek unlicensed alternatives.
- Did China Help Vancouver’s Mayor Win Election? — Ken Sim, Vancouver’s first mayor of Chinese descent, rejects claims of Chinese interference and says his landslide win was due to his tireless campaigning and more appealing policies.
- Leaders of Japan and South Korea Vow to Deepen Ties — As Japan’s prime minister failed to deliver a direct apology for the era of colonial rule, South Korea’s president urged his nation to focus on present problems, not history.
- How Could AI Change War? U.S. Defense Experts Warn About New Tech — U.S. national security officials are warning about the potential for the new technology to upend war, cyber conflict and — in the most extreme case — the use of nuclear weapons.
- HSBC Shareholders Defeat Ping An-Backed Measures — The outcome is a win for the bank in its fight with its largest stakeholder, the Chinese insurer Ping An, which argues HSBC isn’t taking full advantage of its profitable Asia unit.
South China Morning Post
- US and Taiwan in talks for US$500 million in free weapons after arms deliveries stalled — Taiwanese defence minister says the island will receive free supplies – including missiles and training – in addition to its existing orders.
- ChatGPT: China detains man for allegedly generating fake train crash news, first known time person held over use of AI bot — In northwestern China, police say suspect named Hong used artificial intelligence technology to concoct ‘false and untrue information’.
- China’s street stall economy handed lifeline as curbs lifted in boost for jobs, scared hawkers — After years of officials pushing out hawkers in an effort to clean up the street stalls, Shenzhen will allow street vendors to operate from the start of September in designated areas within the city.
Nikkei Asia
- China’s BYD expands beyond iPads, to produce EVs in Vietnam — Tesla challenger is among dozens of Apple suppliers in the country.
- Pakistan faces more ‘difficult choices’ after pivot-to-China leak — Discord memo underscores Islamabad’s growing frustration with U.S.
- Chinese students in U.S. wary of going home under new spy law — Overseas youths face new risks, from smartphone content to surveillance by peers.
- China’s Sany Heavy bets on overseas demand to fuel growth — Machinery maker targets foreign markets as domestic revenue still recovering.
Bloomberg
- EU Proposes Curbs on Several Chinese Firms for Aiding Russia — The European Union has proposed extending strict trade restrictions to several Chinese companies for the first time as it cracks down on firms supplying Russia with banned goods and technologies that have aided its war machine in Ukraine.
- China Automakers Flood Australia With Budget-Priced Luxury Cars — Chery launches tech-packed Omada SUV starting from just $22,000 on bet Australians still want gasoline-powered cars.
- China Flags Supply Chains, Population as Top Policy Priorities — China is expected to roll out new policies to protect supply chains and boost its birth rate, after President Xi Jinping led a high-profile meeting that established these areas as top economic priorities.
- China’s Belt and Road to Enter Afghanistan in Taliban’s Victory — The Taliban agreed with China and Pakistan to extend the Belt and Road Initiative to Afghanistan, potentially drawing in billions of dollars to fund infrastructure projects in the sanctions-hit country.
Reuters
- Battle for China’s electric SUV market heats up at home and abroad — China is ground zero for the price war in electric vehicles and the battleground is shifting to SUV-styled EVs.
- Mystery Chinese spacecraft returns to Earth after 276 days — An experimental Chinese spacecraft returned to Earth on Monday after staying in orbit for 276 days, China’s state media reported.
- After opening borders, China presses Singapore for visa-free travel deal — China is hammering out details with Singapore on a bilateral visa-free travel arrangement, according to Beijing’s embassy.
- Exclusive: HSBC reaches deal to buy out China fund partner – sources — HSBC has agreed to buy out its China fund management joint venture partner, two people familiar with the matter said.
Other Publications
- Foreign Policy: Mao’s Legacy Is a Dangerous Topic in China — Discussing the Cultural Revolution has become increasingly risky. By Tania Branigan
- The Globe and Mail: Canada seeks entry into AUKUS alliance to help keep China in check — The Canadian government is seeking to join the non-nuclear component of AUKUS, a security pact between Australia, Britain and the United States that was struck to counter China’s rising military might in the Indo-Pacific region, according to two government sources.
- The Globe and Mail: Ottawa clamps down on China’s critical-minerals foray, but not prospecting — After filling out basic paperwork, passing a rudimentary knowledge test and paying nominal fees, foreign firms with ties to authoritarian regimes are allowed to buy claims across Canada.
- The Information: Sequoia Capital’s Mighty Struggle — Year one of Roelof Botha’s tenure as ‘senior steward’ has been remarkably stormy, marked by billions in devalued investments, a Twitter bet gone haywire and a rising cold war over its stake in ByteDance.
