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
- As China Reopens Borders, Trafficking of Women and Girls Resumes — Covid restrictions had mostly halted the smuggling of Vietnamese women for marriage to Chinese men.
- New Chinese Law Raises Risks for American Firms in China, U.S. Officials Say — U.S. counterintelligence officials say revised Chinese law potentially turns normal business activities into espionage.
- China’s Economy Shows New Signs of Weakness — Manufacturing contracts for third straight month, prompting calls for more aggressive government support.
- New Export Curbs on Chip Technology Published by Netherlands, Home to ASML — Dutch rules aren’t specific to any country, but come amid Western concern over tech exports to China.
- Micron’s Long Road Back Hits China Detour — Chip maker says memory business has turned a corner, but ban in China complicates recovery.
- Video: China Far Outranks the U.S in High-Speed Rail. Here’s Why. — From technology to infrastructure, China has been accelerating its high-speed rail development, while the U.S. keeps hitting roadblocks.
- Opinion: China Plans With Cuba for Global Dominance — Their spy base will gather information on key military facilities and command headquarters in Florida. By Miles Yu.
The Financial Times
- Weak China manufacturing data adds to pressure on economy — Index of factory activity shows third consecutive month of slowdown.
- Chinese balloon was using US surveillance technology, finds FBI — Preliminary analysis was shared with lawmakers earlier this year.
The New York Times
- Shein Flew Influencers to China to Help Its Image. A Backlash Ensued. — The fast-fashion company’s attempt to rebut allegations of forced labor and poor working conditions was met with incredulity online.
Caixin
- HKEX and BSE Agree to Dual Listing of Stocks — Qualified companies traded in Beijing can apply to the Hong Kong bourse and vice versa as the stock markets open the door for long-term cooperation.
- Great Wall Motor Eyes Expansion in Vietnam Amid Southeast Asia Push — Chinese carmaker will launch its Haval H6 hybrid model in August and a new EV assembly plant in the country is planned for 2025.
- Citic Guoan Wins Contract to Develop Bolivian Lithium Deposits — Chinese state-linked conglomerate will work with the South American country in the mining, refining, processing and sale of the key battery material.
- Wanda Unit Files Fourth Hong Kong IPO Application — Zhuhai Wanda tries again to sell shares this year as failure would force the parent company sto repay $6 billion to investors.
South China Morning Post
- China to ease economic and trade rules to aid CPTPP pact bid, amid scepticism over reform commitment — China will introduce measures on a trial basis to help with its application to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
- Chinese online travel agent Trip.com to subsidise employee newborns as country’s population crisis deepens — Eligible workers who have newborns will receive 10,000 yuan on each of the first five birthdays of their child under a 1 billion yuan scheme.
- Argentina to allow bank accounts in China’s yuan as internationalisation push takes ‘another small step’ — Argentina will start to accept China’s yuan for deposit-taking in savings and current accounts as the South American nation is battling a dwindling supply of US dollars.
- China becoming world’s go-to for shipbuilding after ‘boom of overseas orders’, but global de-risking threatens to rock the boat — China produces more gross tonnes per year than South Korea and Japan and is home to the biggest shipbuilder in the world, but some Western countries are wary of an overreliance on Chinese manufacturing.
Nikkei Asia
- China seeks leg up in 6G standards race with faster wireless tech — Huawei touts ‘5.5G’ at MWC Shanghai under shadow of decoupling risk.
- Panasonic teams with Xiaomi on air conditioners for Chinese market — Partners will also target development of new technology for home units.
- Opinion: Lanes of commerce between U.S. and China should be kept open — Business cooperation important for prosperity of both sides. By Ker Gibbs.
Bloomberg
- Senior China Diplomat Dispatched to Italy to Keep Nation in Belt and Road Initiative — Beijing seeks to persuade the European nation not to leave President Xi Jinping’s flagship global investment pact.
- Opinion: Greening the Grid: China De-Risking Demands an Army of Workers — $1 million of subsidies per giga-factory job says a lot about where the most urgent manufacturing shortage lies. By Lionel Laurent.
Reuters
- EU pledges de-risk from China and debates what this means — European Union leaders committed on Friday to reducing the bloc’s dependence on China.
- Exclusive: US, Dutch set to hit China’s chipmakers with one-two punch — This is part of the countries’ ongoing effort to prevent their technology from being used to strengthen China’s military.
- Sinopec’s first green hydrogen plant starts production in Xinjiang — Sinopec’s first green hydrogen facility has the capacity to produce 20,000 metric tons of hydrogen a year.
Other Publications
- The China Project: Shadow reserves — how China hides trillions of dollars of hard currency — China has a lot of foreign exchange reserves that have been hidden in the state banks, and largely escaped scrutiny.
- Foreign Policy: Xi’s Schadenfreude Over Moscow’s Mutiny — Xi feels vindicated over Putin’s style of governance—but has made a bad bet on the Russian leader.
- Foreign Policy: China’s Pensions System Is Buckling Under an Aging Population — Beijing has hard choices ahead as labor advantages slip away.
- Foreign Affairs: Is Russia Losing Its Grip on Central Asia? — What China’s Growing Regional Ambitions Mean for Moscow.
- The Washington Post: Chinese college grads are ‘zombie-style’ on campus. Here’s why. — The unconventional graduation photos are a response to the ultracompetitive environment that Chinese graduates face as they venture out into the world of work.
- The Economist: Why China is so keen to salvage shipwrecks in the South China Sea — The discoveries, it hopes, will enhance its dubious territorial claims.
- CSIS: Analyzing China’s Escalation after Taiwan President Tsai’s Transit through the United States — Overall, Beijing appears to have taken a less heavy-handed, more targeted approach this time, suggesting it learned from its experience in August and was better postured to take action.
- Rest of World: The new kids on China’s AI block — China’s OpenAI might come from one park in Beijing’s Silicon Valley.