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., China Start Talking Again, With Global Economic Order at Stake — Managing the deepening rivalry will be a central task for Janet Yellen in Beijing this week.
- Taiwan Looks to Ukraine Playbook in Race to Build Satellite Internet — Kyiv’s ability to maintain broadband access inspires Taipei to boost communications resilience as China tensions rise.
- China’s Central Bank Appoints New Top Communist Party Official — Pan Gongsheng’s designation as the PBOC’s senior party official clears the way for him to become governor of the central bank, say people familiar with the matter.
- How China’s Overseas Security Forces Differ From Wagner — Private, military-style security companies are an increasingly visible element of China’s expanding global footprint.
The Financial Times
- Yellen to visit China in new US effort to ease tensions — Treasury secretary follows Antony Blinken in trying to stabilise relations after spy balloon incident.
- Beware a Chinese ‘dollar avalanche’ — Companies have been hoarding greenbacks.
- China urges developing countries to oppose ‘unrealistic’ shipping levy — Emissions tax would impose high costs on maritime trade, says world’s largest exporter.
- Western-trained banker in line to lead China’s central bank — Cambridge and StanChart alum will take over a weakened PBoC.
- Vietnam becomes vital link in supply chain as business pivots from China — As rivalries grow between China and the US over technology and security, more companies fear curbs on what and where they can manufacture.
The New York Times
- Yellen to Visit China in Bid to Steady Economic Ties — The trip to Beijing will be her first as Treasury secretary and is intended to ease tensions between the world’s two largest economies.
- What Does Russia’s Wagner Rebellion Mean for China? — Xi Jinping needs Vladimir Putin to remain in power, and Russia to maintain stability, to help uphold the countries’ shared interests and to keep challenging the United States.
Caixin
- Cover Story: Metal Magnate’s Fall From China’s Rich List to Bankruptcy — Liu Zhongtian, who founded Zhongwang Group and built it into Asia’s biggest maker of aluminum extrusion products, now finds his company in bankruptcy and much of his wealth evaporated.
- China’s Factory Activity Expansion Loses Momentum, Caixin PMI Shows — The recovery in China’s manufacturing sector lost a step in June, a Caixin-sponsored survey showed Monday, despite government efforts to prop up the economy.
- China Designer of AI-Based Self-Driving Chips Files for Hong Kong IPO — Black Sesame, which counts Tencent Holdings Ltd. and SAIC Motor Corp. Ltd. among its major investors, plans to use the IPO proceeds mainly to develop system-on-a-chip designs and software for intelligent vehicles
South China Morning Post
- Chinese navy hospital ship heads to Pacific to show military’s ‘peaceful development’ — Peace Ark’s medical personnel will provide free services during stops in Kiribati, the Solomons, Tonga, Vanuatu and East Timor.
- China takes aim at energy crisis with world’s biggest crude-oil processor — Huge processing vessel undocks as a chorus of calls and suggestions flag energy security pitfalls and seek action from Beijing at a time of internal and external uncertainties.
- China’s EV market: BYD sets new sales record in June, signalling recovery in demand after failed price war — The world’s biggest electric-car maker sold more than a quarter of a million units in June, beating the record it set a month earlier in the latest sign that a recovery in mainland China’s EV industry is on a solid footing.
Nikkei Asia
- Hong Kong issues arrest warrants for 8 activists abroad — Nathan Law, Ted Hui among individuals wanted for alleged security offenses.
- Mazda to consolidate China dealer networks in EV push — Japanese automaker to roll out more green models as combustion cars struggle.
- Myanmar land mine danger grows as military rings Chinese assets — Experts say regime desperate to offer Beijing ‘stability’ for projects.
- U.S. pension funds, universities face pressure over China investments — Proposed legislation seeks to decouple huge pools of public money from Chinese market.
Bloomberg
- China to Restrict Exports of Metals Critical to Chip Production — China imposed restrictions on exporting two metals used to make semiconductors and other electronics, a move that’s likely to raise costs for hardware manufacturers and worsen geopolitical tensions over the race to develop advanced computing technology.
- China’s Gas Buying Spree Is About More Than Just Energy Security — A flood of LNG supply deals is giving the world’s No. 2 economy more influence in the fastest-growing fossil fuel market.
- China Said to Boost State Cobalt Reserves After Tumble in Prices — China is taking advantage of tumbling cobalt prices to build up its inventories of the metal used in electric-vehicle batteries and aerospace alloys.
- China Jumps Ahead in the Rush to Secure Lithium From Africa — The continent is set to become an important source of raw materials for the world’s top EV battery producer.
- China Life Overseas Gears Up to Tap Mainlanders as Sales Jump — As Chinese visitors return to Hong Kong and snap up insurance policies again, the nation’s largest life insurer is stepping up efforts to seize a bigger share.
Reuters
- Chinese navy makes rare foray into West Africa with Nigeria visit — The Chinese ambassador to Nigeria hailed the five-day visit as a milestone in ties, and the Nigerian navy expressed willingness to work with China to tackle maritime security threats.
- China complains to France after Chinese tourists hurt in riots — China’s Consulate General in Marseille complained to France after a bus carrying a Chinese tour group in the southern city had its windows smashed leading to minor injuries.
- China’s top diplomat urges greater co-operation with Japan, South Korea — China, Japan and South Korea need to send a clear signal of regrouping towards co-operation, and resist “the coercion of bullying and domination”, China’s top diplomat, Wang Yi, said on Monday, in an apparent swipe at the United States.
Other Publications
- Associated Press: Putin will speak with leaders of China and India in his first summit since the Wagner insurrection — Leaders will convene virtually on Tuesday for a summit of the Shanghai Cooperation Organization, a security grouping founded by Russia and China to counter Western alliances from East Asia to the Indian Ocean.
- Politico: Vance, Brown call for action against China over fentanyl crisis — As the fentanyl crisis continues to claim thousands of lives across the country, senators are calling for more forceful efforts to slow China’s role in producing the deadly synthetic version of the drug.
- CNBC: EU and Japan look to partner on A.I. and chips as China ‘de-risking’ strategy continues — The European Union is looking to co-operate more closely with Japan on key technologies such as artificial intelligence, the bloc’s industry chief said, as the coalition looks to reduce its reliance on China in certain areas.
- Al Jazeera: Opinion: China’s new problem: climate misinformation driven by nationalism — Climate conspiracies once suited Beijing’s narrative. Now, China is both a culprit and a target. By Purple Romero
