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. Considers New Curbs on AI Chip Exports to China — Restrictions come amid concerns that China could use AI chips from Nvidia and others for weapon development and hacking.
- Russia Turmoil Undermines China’s Global Diplomatic Push — Beijing is unlikely to abandon key partner in facing the U.S., security analysts say.
The Financial Times
- China’s $7tn energy overhaul sparks battery ‘gold rush’ — Companies including sesame-dessert maker pivot to lithium batteries in rare bright spot for Chinese economy.
- Nikki Haley says Trump lacked ‘moral clarity’ in dealings with China’s Xi — Republican presidential contender also criticises Biden administration’s relations with Beijing in speech.
- China affords Nigeria ‘super’ target status — Activities give sense of the importance Chinese companies in several sectors attach to country’s potential.
The New York Times
- How Russia’s Allies May React to Prigozhin’s Mutiny Against Putin — Leaders from Iran, Qatar and Saudi Arabia, among others, expressed support for Vladimir Putin in the face of the Wagner uprising. But concerns may linger, analysts say.
- Can China Export Its Way Out of Its Economic Slump? — No country has had more export success than China. But Beijing faces risks in turning to the tested method of selling more abroad.
- Chinese Workers Confront the Curse of 35 — It’s widely discussed in China: Employers don’t want you after 35. Some job listings say it plainly, leaving a generation of prime-age workers feeling defeated.
Caixin
- Ex-PBOC Governor Rebuts Criticism of Belt and Road Financing as `Debt-Trap’ — Accusations stem from `political tendency to smear China,’ Zhou said.
- China Vows Tough Stance on Drug Abuse by Medical Professionals — Violations involving prescription drugs have risen in recent years.
- Climate Finance Works Best When Everyone Pulls Together — The government, corporate sector, and private investment community have come together to fund the energy transition in China, says Primavera’s Fred Hu.
South China Morning Post
- Taiwan’s Tsai Ing-wen hails US NDAA defence act for ‘vital’ role in Indo-Pacific security — President Tsai meets nine-member congressional delegation, gives thanks for ‘long-standing and bipartisan concern’ and concrete action on Taiwan’s security.
- World Economic Forum: China urged to play greater role in financial system after Sri Lanka bailout exposed flaws — Sri Lankan Minister of Foreign Affairs Ali Sabry expressed frustration about the time it took his nation to receive help when it was grappling with a debt crisis during a panel discussion at the World Economic Forum on Wednesday.
- Tech war: Huawei’s Meng Wanzhou beats the drum for global expansion of 5G mobile services as Chinese firms struggle with US sanctions — The rotating chairwoman at Huawei told the audience at the MWC Shanghai trade show that 5G connections worldwide are expected to reach 5 billion by 2030, up from 1.5 billion connections this year.
- LVMH billionaire CEO Bernard Arnault in China to woo all-important Chinese consumers — Arnault kicked off his tour of China with a visit to a high-end shopping centre, with the billionaire’s efforts to woo Chinese consumers coinciding with the government’s push to build ties with foreign companies.
Nikkei Asia
- Fosun-backed startup begins human trials of AI-designed lung drug — Insilico Medicine taps emerging tech in quest to treat pulmonary fibrosis.
- Solomon Islands grapples with disinformation as China stands to gain — Nikkei analysis hints at Beijing’s influence through social media.
- China warns on consular visits to dual citizens detained in Hong Kong — Letter comes ahead of third year of Beijing-imposed national security law.
- Why China keeps snubbing U.S. overtures for military dialogue — Beijing’s obstinacy stems from differing views on need for ‘guardrails’.
Bloomberg
- Crypto’s Most Powerful Woman Speaks Out as Crisis Rocks Binance — Behind the scenes, Yi He is an influential power broker in the $1.2 trillion crypto market. Now, the firm she helped start with Changpeng “CZ” Zhao is under threat from regulators.
- China Shifts Approach Toward De-Risking With Appeals to CEOs — Li Qiang tries to split firms from their politicians on policy.
- Xi Vows to Protect Foreign Investors in Charm Offensive — Xi Jinping said China would do right by foreign investors, underscoring his government’s attempts to assuage worries about the economy and unpredictable policymaking.
- Opinion: Best Place for the Navy to Test Secret Drones? Lake Michigan — Experimental unmanned vessels are now being shifted to the Caribbean — just as China steps up its spying operations there. By James Stavridis.
Reuters
- China signs pacts with ‘friend and partner’ New Zealand — Visit by Prime Minister Chris Hipkins aimed at improving market access for a Western country that has long maintained a conciliatory approach towards China.
- Chinese payment giants revive effort to accept foreign credit cards — Chinese tech giants Tencent Holdings and Ant Group said that they would allow users to link international credit cards to their platforms.
- Guatemalan presidential contender pitches closer China ties — Central America’s most populous country, has for decades opted for ties with Taiwan instead of the Asian giant.
Other Publications
- Foreign Policy: Washington’s Supposed Consensus on China Is an Illusion — Extremists are threatening the delicate attempt to find a new normal.
- Foreign Affairs: America, China, and the Virtue of Low Expectations — How Modest Goals and Active Diplomacy Can Redirect the Relationship.
- AP: Threatened by shortages, electric car makers race for supplies of lithium for batteries — Automakers are racing to lock in supplies of the once-obscure “white gold” in a politically and environmentally fraught competition from China to Nevada to Chile.
- The Messenger: China’s Scorching June Sparks Fears of a ‘Sauna’ Summer and Economic Pain — Climate change is bringing more extreme heat to China – along with health and economic risks.
- Semafor: TikTok is opening its own online U.S. store — TikTok is purchasing its own inventory as part of the initiative, and will handle things like logistics and customer service.
