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., China Senior Officials Meet in Tentative Effort to Restart Ties — Official accounts of the meeting outline strains between Washington and Beijing.
- The U.S. and China Are Finally Talking Again, but Mistrust Clouds Next Steps — High-level meetings in Beijing and Europe open door to easing tensions.
- Tesla to Fix Brake Software in More Than 1.1 Million Cars in China — Drivers run a higher risk of stepping on the accelerator by mistake due to deficiencies in regenerative braking features, authorities say.
- Royal Philips to Pay $62 Million to Settle China Bribery Probe — Amsterdam-based company used special price discounts for distributors and manipulated Chinese procurement processes by influencing state-run hospital officials, regulators said.
- China’s Economy Is Leaving Behind Its Educated Young People — The government faces rising discontent as vast numbers of graduates find no place for their skills in the job market.
The Financial Times
- China to send special envoy to seek ‘political settlement’ to Ukraine war — Former ambassador to Moscow will visit Kyiv, Russia and neighbouring nations to promote peace talks.
- EU considers impact of sanctions crackdown on China relations — Also in this newsletter: why the Greek wiretap scandal is haunting upcoming elections.
- EU says China will take advantage of Russian defeat in Ukraine — Foreign policy chief Josep Borrell urges ‘coherent strategy’ towards Beijing’s ambitions.
- US and China hold talks on global security in effort to defuse tensions — National security adviser Jake Sullivan meets Beijing’s top diplomat Wang Yi in Vienna.
- US companies: China’s mystery shoppers spawn earnings upsets — Luxury goods groups are likely to continue to do well even as more prosaic brands warn of a slowdown in sales.
- US urges ‘co-ordinated action’ by G7 against China’s use of economic coercion — Janet Yellen says advanced economies must work together as Washington prepares powers to screen outward investment.
- Geely chief defends Chinese car brand’s sales push in Russia — Holding company boss Daniel Li is unwilling to tell its brands to ‘punish the Russian customer’.
The New York Times
- Chinese Dissident Sentenced to 8 Years After He Tried to Fly to His Dying Wife — The activist Yang Maodong said he had only wanted China to “fully realize authentic freedom, democracy, human rights and rule of law.”
- China Orders Tesla to Recall 1.1 Million Vehicles Over Braking Risks — Defects on certain Tesla models could lead drivers to step on the accelerator pedals for longer than necessary, increasing the risk of collisions, China’s market regulator says.
- China Will Send an Envoy to Russia and Ukraine to Help Negotiate an End to the War — Li Hui, China’s special representative for Eurasian affairs, is expected to begin his trip on Monday.
Caixin
- Senior Agricultural Bank Official Expelled From Communist Party — Yang Guang, 66, accused of disloyalty, accepting bribes, improperly wielding influence and ‘a complete lack of ethical boundaries’.
- Cosco Cleared for Stake in Hamburg Terminal — German government gives green light to controversial, long-delayed sale of 24.99% of container terminal to Chinese state-owned shipping giant.
- Analysis: China Shouldn’t Fret Over Overseas Protectionism for Solar Firms — China controls more than 80% of the global solar panel supply in every stage of the manufacturing process.
South China Morning Post
- Former top Chinese court judge Shen Deyong pleads guilty to taking US$9 million in bribes — Shen expresses remorse for accepting bribes between 1995 and 2022 during his trial in eastern China.
- Chinese smartphone maker Oppo abruptly closes chip design unit Zeku, another casualty in semiconductor sufficiency drive — Oppo, the fourth largest smartphone brand in the world, announced the move in a short statement on Friday after giving employees less than a day’s notice.
- China’s foreign minister Qin Gang to visit Australia in July for ‘reciprocal visit’ as Beijing-Canberra ties ease — China’s foreign minister Qin Gang will visit Australia in July amid improving ties between Beijing and Canberra, according to a source close to the Chinese government and an Australian academic.
- Hong Kong’s judiciary condemns call by US panel for sanctions on 29 judges who hear national security cases — Report by US Congressional-Executive Commission on China singles out jurists tasked with hearing national security law cases, including city’s chief justice.
Nikkei Asia
- China’s SMIC foresees better Q2 on rush of domestic chip orders — Supply chain reshuffles benefiting chipmaker for now, says co-CEO.
- China’s Oppo to cease chip development amid smartphone gloom — Device maker making ‘difficult adjustments for long-term development’.
- U.S. sanctions on China defense chief loom over chance for talks — Beijing seeks rollback; Washington says still open to dialogue.
- Hong Kong unsafe for business, warns son of jailed media boss — Rule of law breakdown to hit foreign companies, Sebastien Lai tells U.S. Congress.
Bloomberg
- China Is Scaring Away Foreign Investors That Its Cities Want — China’s unpredictable policy making is deterring foreign investment that the country’s cash-strapped cities are desperate to entice.
- Tycoons Lose $20 Billion by Refunding China Exam That 99% Fail — Offcn’s Lu Zhongfang and her son Li Yongxin have lost almost all of their fortune because of a quirk in their business model that initially made them successful.
- A $158 Billion Canada Pension Manager Hits Pause on China Deals — British Columbia’s public pension manager has paused direct investments in China, the latest institutional investor to rethink its exposure to the world’s second-largest economy due to geopolitical risks.
Reuters
- U.S., China look to move beyond balloon incident to stabilize ties — The White House hoped the eight hours of talks in Vienna on Wednesday and Thursday between U.S. national security adviser Jake Sullivan and China’s top diplomat Wang Yi would pave the way for more communications.
- Former NBA star Howard stirs Chinese anger by calling Taiwan a country — Former National Basketball Association (NBA) star Dwight Howard has triggered a wave of criticism on Chinese social media for calling Taiwan a country in a promotional video with Taiwan’s vice president.
Other Publications
- CNN: Deputy Secretary of State Wendy Sherman expected to leave post this summer, sources say — Sherman has been a central player at the department throughout the Biden administration. She has focused on key foreign policy objectives and challenges, including the US-China relationship.
