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
- Watering Down China Chip Restrictions Sometimes Makes Sense — There are good reasons for the U.S. to let top Asian chip makers keep producing in China—and it won’t help China all that much anyway.
- China’s Foreign Minister Tells Blinken It’s Up to the U.S. to Ease Tensions — Exchange comes days ahead of Blinken’s first expected visit to Beijing as Secretary of State.
- American Investment Banks Give Up Some China IPO Mandates — It is harder for Chinese companies to sell shares internationally.
- Chinese Businesses Look to New Frontiers in Middle East — Investors have streamed into Saudi Arabia since Xi Jinping’s visit in December.
The Financial Times
- US-led minerals partnership shortlists projects for green energy shift — China’s grip on critical elements prompts concern over ‘weaponisation’ of supply chain.
- Investors face a stark choice: are they on the side of the US or of China? — The world is dividing as Washington and Beijing battle for economic and geopolitical supremacy.
- Russia resumes oil exports to North Korea after pandemic hiatus — US warns Pyongyang plans to deliver more weapons to Moscow as isolated regimes deepen ties.
- China readies for stimulus as economic recovery founders — Beijing expected to cut headline interest rate but economists say bolder action needed to revitalise growth.
- China rate cut signals possible stimulus for faltering economy — Central bank seeks to lower cost of short-term loans as credit growth weakens.
The New York Times
- Yellen Says Bid to Decouple From China Would Be ‘Disastrous’ — The Treasury secretary, speaking to a House committee, said trade and investment were crucial in U.S.-Chinese relations.
- While Hosting Abbas, China Plays Up Possible Mediator Role With Israel — In meeting with the Palestinian leader, Mahmoud Abbas, Xi Jinping is pushing Beijing as an alternative to the U.S. for diplomatic leadership.
Caixin
- Britain’s Prudential Opens Macao’s Second Life Insurance Operation in 20 Years — New branch office reflects expansion of Macao as an insurance alternative to Hong Kong for mainland Chinese customers.
- PBOC Cuts Short-Term Rates for Banks in Further Sign of Easing — Reduction in monetary policy tool follows a cut in another key lending rate and may signal more central bank action to bolster the economy.
South China Morning Post
- Countries can follow ‘various paths’ on human rights, says Chinese President Xi Jinping — Xi made the comments in a letter to a forum that heard some Western countries were acting like a ‘human rights teacher’ despite their own failings.
- Apple taps Chinese contract manufacturer Luxshare, six other mainland suppliers in production of Vision Pro mixed-reality headset — Electronics contract manufacturer Luxshare, a major supplier of AirPods for Apple that has also won iPhone 15 orders, emerged as the assembler of the US tech giant’s Vision Pro mixed-reality headset, according to a bill of materials analysis.
- China ‘anxious and regretful’ over Ukraine war, PLA strategist says — Lieutenant General He Lei says Beijing was taken by surprise when Moscow invaded its neighbour and denies that it is pressuring Kyiv to give up territory.
- State Department walks back Apec invitation for Hong Kong leader John Lee, says US ‘has not made any commitments’ — Congress had earlier been told the department intended to welcome Lee to the San Francisco event, despite the chief executive being under US sanctions.
Nikkei Asia
- ChatGPT unleashed an AI race, now regulators are struggling to hold on — Artificial intelligence boom pits U.S.’s bottom-up approach against China’s top-down take on regulation.
- U.S. Treasury official visits Hong Kong as China tensions thaw — Trip to financial hub comes ahead of likely Blinken travel to Beijing.
- Japan’s SDF, coast guard plan first field drill against direct attack — Tokyo lays groundwork to bolster maritime defenses with eye on China.
Bloomberg
- Opinion: Ukraine Is a Test for Future Wars and the West Is Failing — European allies and even the US aren’t living up to promises for boosting defenses to counter China’s aggression. By Hal Brands.
- China Convenes Urgent Meetings on Economy With Business Leaders — Top officials have held at least six consultations in recent weeks with the executives.
- Airbus to Send Chinese-Made A321 to Wizz in a First for Europe — The A321neo jet, being built for Wizz Air Holdings Plc, took its first test flight on June 9.
Reuters
- China’s efforts to catch up in global electronic spying race — China’s evolving military surveillance network has some way to go to match the sweep and reach of the U.S. and its allies.
- China e-commerce shipments would lose US tariff exemption under proposed law — The bill would ban certain shipments from China immediately upon enactment, sponsor Republican Senator Bill Cassidy said.
- Opinion: China to become oil refining juggernaut, raising global risks — China is both the biggest driver of future demand for crude oil, and the biggest risk to global refining as it will continue to hold much of the world’s spare capacity. By Clyde Russell.
Other Publications
- The Washington Post: China’s BYD overtakes Tesla in the EV market — From Bangkok to Tel Aviv, BYD — which stands for “Build Your Dreams” — has been pushing to make EVs mass-market.
- The Washington Post: Xi Jinping revered his father. So why isn’t he more like him? — Xi Zhongxun’s wisdom and his admirable record are precisely what his son has refused to emulate. By Jerome A. Cohen.
- Foreign Affairs: A New Approach to Arms Control — How to Safeguard Nuclear Weapons in an Era of Great-Power Politics.
- Foreign Policy: Why Taiwan Has a Lock on the World’s Chip Market — Chris Miller explains why it’s so difficult to make high-end semiconductors—and how a war over Taiwan could induce a global crisis.
