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.
Paid subscribers automatically have this list emailed directly to their inboxes every day by 10 a.m. EST. Subscribe here.
The Wall Street Journal
- Court Papers Open Rare Window Into Role of Graft in China’s Overseas Lending — A former state bank executive collected millions in kickbacks as he helped pioneer Beijing’s resource-for-infrastructure investment model in the Global South.
- Cuba’s Spy Deal With China Has Echoes of Cold War Tensions — Planned surveillance facility adds a new source of conflict with U.S. after short-lived rapprochement between Havana and Washington.
- Cuba Spy Station Brings China Rivalry to America’s Doorstep — Planned listening post 100 miles off Florida will turn tables on sore point for Beijing—U.S. spying off Chinese shores.
- China’s Inflation Problem? It Has None — Falling prices at the factory gate and subdued increases in the costs of consumer goods contrast with searing inflation in many countries.
- China’s Producer Prices Declined Further in May — The producer-price index declined 4.6% from a year earlier in May.
The Financial Times
- Hong Kong protest anthem tops iTunes chart after government seeks court ban — Residents rush to download ‘Glory to Hong Kong’, which was taken up by 2019 pro-democracy movement.
- China-linked businesses and investors seek comeback in India — Fashion brand Shein, maker of mobile game ‘BGMI’ and venture capital find ways back into world’s most populous market.
The New York Times
- China, Its Economy Flagging, Prods Consumers to Save Less and Spend More — A reduction in the deposit rates is one lever that policymakers can use to stimulate spending.
- China to Build Station That Could Spy on U.S. from Cuba, Officials Say — The planned facility could amplify Beijing’s technological capacity to monitor military operations across the Southeastern states.
- China’s Biggest Banks Cut Deposit Rates to Spur Consumer Spending — China’s largest state-run banks lowered interest rates on deposits, reflecting a growing concern that the economy has not rebounded as strongly as expected.
Caixin
- In Depth: Where Are Chinese Consumers Willing to Spend? — Chinese consumers are resuming spending on travel and dining out but are not buying necessities and other consumer goods as much as before the pandemic.
- Sequoia’s Overhaul Puts China Spinoff Under the Spotlight — The new firm, known as HongShan in English, will need to move quickly to establish its brand among international investors, a private equity investor told Caixin
- China Moves to Set Up Shanghai International Reinsurance Market — Shanghai Insurance Exchange named to lead the project in implementation rules issued by the National Administration of Financial Regulation and the Shanghai government
- Ping An Bank Passes the Torch to a New President — Banking veteran Ji Guangheng succeeds retiring Hu Yuefei, who was president of the banking unit of Ping An Insurance since 2016.
South China Morning Post
- Tech war: China’s semiconductor equipment purchases slump as US and allies boost domestic chip production, data shows — Semiconductor equipment sales to China fell in the first three months of the year – a sharp contrast to increased sales to North America and global markets in the same period.
- China’s first home-built large cruise liner timeline 2006-23: shipbuilding breakthrough charters new waters — China’s first home-grown large cruise liner, the 135,500-tonne Adora Magic City, left its dock in Shanghai on June 6 after nearly four years of construction ahead of a series of sea trials.
- Tech war: Chinese manufacturers brace for the impact of Japan’s semiconductor export curbs — Chinese tech manufacturers are accelerating plans to cut reliance on Japanese suppliers as they brace for the impact of Tokyo’s export curbs on semiconductor equipment and materials.
- Alibaba Cloud wins deal with Chinese coal giant in push to woo more state-owned clients — The new partnership with Shaanxi Coal and Chemical Industry Group is aimed at digitising the energy industry in western China, Alibaba says.
- Why US push for high-level military talks with China is getting nowhere for now — While Washington sees better communications with Beijing as key to reducing the risk in potential flashpoints, analysts say Beijing has different priorities.
Nikkei Asia
- ASEAN caught in ‘economic cold war’ over China: business lobby head — Indonesian executive urges nimbler Japan Inc. to match other foreign investors.
- China’s paper consumption crumples on economic slump — Figures from 2022 show excess supply pouring into other Asian markets.
- Cambodia breaks ground on China-funded highway to Vietnam border — Country’s second expressway one of many projects with Chinese assistance.
Bloomberg
- China Deflation Risk Prompts PBOC Governor to Downplay Fears — China’s inflation remained close to zero in May, sparking concerns on a falling spiral in prices and prompting the central bank to come out to downplay worries on the economic outlook.
- Ex-PBOC Deputy Governor Accused of Bribery, Abuse of Power — China’s former central bank Deputy Governor Fan Yifei was removed from the Communist Party and stripped of his official post after authorities accused him of taking “massive” amounts of bribes among a list of other wrongdoings.
- White House Denies Report That China Is Building a Spy Base on Cuba — The White House pushed back on a report that the Chinese government cut a deal with Cuba to set up a spy base on the island that would target US military bases and communications.
- China Mounts Six-Month Campaign to Get Car Sales Moving — China launched a six-month campaign to boost car purchases and drive electric vehicle adoption in rural areas as sales growth of EVs slows in the world’s biggest autos market.
Reuters
- Exclusive: Taiwan foreign minister to make Europe trip next week -sources — Taiwan Foreign Minister Joseph Wu will make a previously unannounced visit to Europe next week, four sources briefed on the matter said.
- Exclusive: Credit Suisse puts up China brokerage venture for sale — Credit Suisse and a joint venture partner are seeking buyers for their China securities brokerage business due to the Swiss bank’s takeover by rival UBS, said two people with direct knowledge of the matter.
- Pentagon dismisses WSJ report on China spy station in Cuba — The Pentagon on Thursday dismissed a report in the Wall Street Journal about Chinese plans to set up an electronic eavesdropping facility in Cuba, saying it was not aware of any such effort and characterizing the report as “inaccurate.”
- US Senate panel approves measure to strip China of ‘developing’ status — Legislation to strip China of its status as a “developing nation” at some international organizations was passed by a U.S. Senate committee on Thursday.
Other Publications
- Politico: The Pentagon Is Freaking Out About a Potential War With China — In every exercise the U.S. uses up all its long-range air-to-surface missiles in a few days, with a substantial portion of its planes destroyed on the ground.
- Washington Post: Opinion: The rest of the world doesn’t see China the same way we do — “De-risking,” a term famously used by European Commission President Ursula von der Leyen, is the hottest buzzword in diplomacy these days. By Fareed Zakaria
- American Enterprise Institute: China’s Technology Strategy: Leverage Before Growth — Unlike many commentators, Xi Jinping does not emphasize economic growth. He stresses China’s system as best suited to win the long-term competition with the US.
