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 Faces Uphill Battle as It Tries to Instill ‘Pro-Birth’ Culture — Officials who used to enforce the one-child policy are struggling to convince young people to have more children.
- Big American Companies Wonder: When Will China Bounce Back? — Economy’s anemic post-pandemic recovery disappoints many U.S. companies, which see a slow return.
- VW Is on a Hunt for Resources to Remove China From Its EV Batteries — U.S. and Europe lag behind China in the global race for components essential to carmakers’ electric transition.
- U.S. and China Trade Barbs as Warships Have Close Encounter in Taiwan Strait — Chinese defense minister casts the U.S. as a hegemonic power in a speech at a Singapore security conference.
- Military Leaders Warn U.S.-China Divide Threatens to Bring Down ‘Iron Curtain’ in Asia — A chorus of defense officials called on the rival powers to talk more to reduce tensions.
- China Cracks Down on Surge in AI-Driven Fraud — Authorities warn of hyperrealistic content generated by artificial intelligence.
- Opinion: What Engagement With China Has Meant for Me — For a Wall Street Journal reporter born in China, the mutual openness that began in the 1990s made it possible to envision a better future.
- CIA Chief Made Secret Trip to China — William Burns is highest-level administration official to visit country since U.S. shot down suspected Chinese spy balloon.
- How Chinese Dissent Found Its Voice in New York City — An exhibit on the Tiananmen Square crackdown highlights re-energized activism and camaraderie.
- China Wants U.S. to Feel Risk When Operating in Its Backyard — Beijing’s determination to throttle the channels of communication reflects China’s anxiety over the U.S. military’s presence in its backyard.
The Financial Times
- Arctic chill: western nations fear China and Russia will exploit regional tensions — Arctic Council severed ties with Moscow after it invaded Ukraine, increasing risk of a polar region ‘with no rules.’
- Pension funds recoiling from China, says Dutch asset manager — APG sees big rethink on investment in the country as geopolitical risks increase.
- AstraZeneca defies geopolitics to bet on China — Drugmaker seeks opportunities due to ageing population and burgeoning biotech industry.
- China rebukes west over military moves after close call in Taiwan Strait — Defence minister slams ‘navigational hegemony’ in warning that highlights growing risk of unintended conflict in Asia.
- China set to account for less than half of US’s low-cost imports from Asia — Reshoring index shows inbound Chinese goods fell to lowest level in 10 years amid geopolitical tensions.
- US defence chief warns China against risky behaviour in Indo-Pacific — Lloyd Austin calls for more engagement but Beijing blames Washington for breakdown in communication.
- Dimon’s Shanghai show points to broader chill in China — Pandemic-era restraints on communication continue as the Chinese economy reopens.
- CIA chief made secret visit to China in bid to thaw relations — Bill Burns’ trip last month was most senior to Beijing by Biden administration official.
The New York Times
- Hong Kong Remembered June 4 Tiananmen Massacre, Until It Couldn’t — With candlelight vigils to the victims of the 1989 crushed student uprising in Beijing now only a memory, the anniversary is also a reminder of the freedoms Hong Kong has lost.
- U.S. Warns China on Nuclear Rivalry and Vows to Keep Patrolling Region — Speeches by two top officials illustrated the depth of concern over the rift between the nations. China called it provocation.
- 2 Students, Punished for Rainbow Flags, Test China’s L.G.B.T.Q. Space — The students at an elite college in China found themselves on a collision course with the authorities amid a crackdown on gay and transgender expression.
- U.S. Defense Secretary Austin Vows to Keep Pressure on China — He said “risky intercepts” by Chinese planes in international airspace would not deter the United States and allies from patrolling, and he restated U.S. support for Taiwan.
- Investors Sour on China’s Stocks, Renewing Fears About Economy — They initially reacted enthusiastically to China’s reversal of pandemic restrictions but have since taken a dimmer view of the country’s recovery.
Caixin
- Cover Story: China’s Consumers Are Flush With Cash, So Why Does the Recovery Have the Wobbles? — A swathe of negative economic data for April indicates the recovery remains lopsided, with production lagging a rebound in consumption.
- Another China Development Bank Ex-Official Comes Under Probe — Graft busters focus on Mao Juncai, former president of top policy lender’s Shanghai branch, adding to a long list of scandals.
- Russia, Ukraine Open to Peace Talks but Obstacles Remain, China’s Peace Envoy Says — China’s peace envoy said both Russian and Ukrainian officials are open to peace negotiations though obstacles remain before all parties of the 15-month war in Europe can sit down and talk.
- China Accuses U.S. of ‘Bullying’ and Upsetting Peace in the Region — China said it wants to help create a more secure Asia-Pacific, even as it lambasted the United States for “bullying” and disrupting peace in the region.
- Weekend Long Read: How to Get China’s Super Savers to Spend More — Chinese people have continued to save at a high rate, indicating that they remain reluctant to spend and tend to favor precautionary savings.
South China Morning Post
- US’ Taiwan envoy urges Beijing to keep communication lines open to avert conflict — Need for smooth contact highlighted by weekend close encounter in the Taiwan Strait, she says.
- China to crack down on monopolies while improving access for foreign investors in reform push — China will amend its anti-unfair competition law, introduce regulations under the fair-competition review system and expand market access for foreign investment as part of efforts to create a unified domestic market.
- China’s anti-espionage chief urges stronger crackdown using legal tools — State Security Minister Chen Yixin calls on senior officials to study new anti-spy law and intensify enforcement.
- ‘Big deal out of nothing’: China’s France envoy slams ‘attack’ after post-Soviet states uproar — In his first public response after controversial comments, Lu Shaye questions freedom of speech in France.
- China defence chief Li Shangfu made strong debut at Shangri-La Dialogue but one key meeting got away, analysts say — General Li Shangfu proves to be ‘a tough military diplomat’ with a number of wins, but stops short of landing talks with US defence chief.
- As China’s local governments struggle to repay debts, should Beijing shoulder some of the burden? — Concerns about city and county government default risks are mounting in China as Beijing’s willingness to offer enough support to avert a meltdown is questioned.
- AI sector a bright spot in tough jobs market for China’s graduates, as ChatGPT frenzy spurs new employer demand — Job offers for graduates with degrees in large language models and related areas of AI have surged, according to Liepin report.
Nikkei Asia
- Chinese robotic assisted surgery system challenges U.S.’s da Vinci — ‘Made in China’ push could help national champions claw away at industry giant.
- Taiwan remembers Tiananmen crackdown as Hong Kong silenced — Presidential nominees express support for democracy in China.
- Fiji minister says terminating police pact with China ‘possible’ — New government still reviewing deal, wants to talk to Beijing about future ties.
- U.S. fires up Asian allies but makes no progress on China talks — As Shangri-La Dialogue ends, new tensions arise in the Taiwan Strait.
Bloomberg
- China’s EV Battery Sector is Preparing Another Technology Breakthrough — Gotion High-Tech aims to mass produce cheaper LMFP cells that promise to match the performance of more expensive technology.
- China’s Targeted Stimulus Steps Raise Doubts About Rate Cuts — China is taking targeted steps to help specific sectors of the economy, like property and manufacturing, suggesting broader stimulus measures like interest rate cuts could be off the table for now.
- China Says Local Debt Under Control, No Systemic Risk Seen — China said local government debt is manageable and authorities have enough financial resources to avoid risks from spreading, seeking to allay investor fears of possible defaults.
- Morgan Stanley Joins Goldman in Cutting China Index Targets — Morgan Stanley became the latest China bull to reduce the target for key stock indexes, citing delayed earnings recovery, a weaker currency outlook and geopolitical uncertainties.
- Hong Kong Real Estate: Why City’s Office Towers Are So Empty — Hong Kong’s office towers, among the most expensive commercial real estate in the world, have never been this empty.
- China Sets Out Proposals to Underpin Its Massive Renewables Push — China is setting out how it will prevent bottlenecks as it prepares for another record year of renewable power installations.
- US-China Handshake Fails to Stem Fears of Conflict in Asia — A highly anticipated defense forum in Singapore kicked off with a friendly handshake between Pentagon chief Lloyd Austin and Chinese Defense Minister Li Shangfu. It ended Sunday with few other signs of optimism that the world’s biggest economies could avoid an eventual collision.
Reuters
- US Navy shows Chinese warship’s ‘unsafe interaction’ near Taiwan — The U.S. Navy has released a video of what it called an “unsafe interaction” in the Taiwan Strait.
- United Nations ‘alarmed’ by Hong Kong June 4 detentions — Chinese Foreign Ministry spokesman Wang Wenbin said Beijing firmly supported Hong Kong authorities in their efforts to maintain security and stability.
- Chinese state media dismiss U.S. diplomat’s Beijing visit — A Chinese state-backed newspaper criticised the visit of a senior U.S. State Department official to China, saying his visit was motivated more by Washington’s own goal to portray itself as the side seeking communication and not Beijing.
- Ports in China’s oil hub Shandong scrutinizing old tankers – sources — Ports in China’s Shandong province are demanding more detailed information about oil tankers that are more than 15 years old that call at their terminals, sources with knowledge of the matter said, potentially delaying the unloading of crude shipments in the world’s biggest oil importer.
Other Publications
- Washington Post: Opinion: The United States needs to rethink its addiction to sanctions. They’re backfiring. — Near misses demonstrate why it is so important to establish lines of communication between the U.S. Department of Defense and the Chinese Ministry of National Defense to prevent a dangerous escalation.
- The Guardian: China’s war chest: how Beijing has rearranged the diplomatic pieces ahead of a potential conflict — China is shoring up international support, while attempting to isolate Taiwan on the world stage.
- Global News: Chinese warship nearly hits U.S. destroyer in Taiwan Strait during joint Canada-U.S. mission — Global News has been travelling on HMCS Montreal, the Canadian frigate participating in the mission, since May 25 in the South China Sea and witnessed the near collision from the bridge wing of the ship.
- China Media Project: A Tale of Two Junkets — Tours organized for foreign journalists in China by propaganda officials and organizations like the All-China Journalists Association may be deployed with slightly more subtlety than those for domestic “news workers.”
