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. and China Look to Repair Ties, Again — Treasury Secretary Janet Yellen arrives in Beijing as Washington and Beijing trade new export restrictions.
- China Briefed U.S., EU Before Disclosing Export Curbs on Chip-Making Metals — From Aug. 1, China will restrict exports of gallium and germanium.
- Goodbye, Volkswagen: China’s New EV Winners — The new top dogs in China’s electric vehicle market are starting to thin out the pack.
- The West Again Learns That War Needs Industry — Biden and NATO leaders, fearing a war of attrition with Russia or China, will focus on rebuilding militaries and their supplies at coming summit.
The Financial Times
- Tesla and Chinese rivals signal EV price war truce in ‘socialist values’ pledge — Beijing orchestrates commitment among manufacturers in world’s biggest electric-vehicle market
- Opinion: De-risking trade with China is intrinsically political — It’s absurd to suggest that companies alone can manage economic relations between Beijing and the west. By Alan Beattie
The New York Times
- German Businesses Bet Big on China, and They’re Starting to Worry — Geopolitical risks have exposed long-ignored strains on Germany’s socioeconomic model. The family businesses underpinning its economy are seeking a new path.
- Janet Yellen Faces a Diplomatic Test in Her Visit to China — The Treasury secretary will need to defend export controls and tariffs while explaining that the United States does not aim to harm China’s economy.
- After China Arrested Her Husband, A Wife Discovered His Secret Dissident Blog — He was brilliant, quirky and intensely private — and also, she now suspects, an anonymous dissident blogger who had won fame for years of evading the surveillance state.
Caixin
- Historic China Heat Wave Takes Toll on Lives and Crops — China has suffered the highest number of scorching days on record in the first half of this year, authorities said.
- More Shenzhen Office Space Goes Begging for Tenants — Prime office buildings in southern China’s tech hub Shenzhen are losing luster for investors as the vacancy rate rose to a record 24.5%.
- Chinese EV-Battery Maker SVOLT Breaks Ground on Thai Factory — The company expects to complete construction by the end of the year and estimates the facility will have an annual capacity of 60,000 battery packs.
South China Morning Post
- China-Japan ties at ‘critical juncture’, top diplomat Wang Yi says — He tells former Japanese foreign minister Yohei Kono the two nations need to eliminate ‘external interference’ and see each other as partners not as a threat.
- Why a growing number of Chinese investors are looking to Africa’s tech space — Size of continent – where 60 per cent of the population is under 25 – is the biggest motivation, fintech executive says.
- Elon Musk says he has faith in China’s ability to develop AI — US billionaire Elon Musk said he has confidence in China’s capabilities in AI, but did not address the impact of Washington’s export restrictions that have hobbled China’s ability to develop AI.
Nikkei Asia
- BYD, Tesla, 14 others in China agree to not compete ‘excessively’ — Automakers compromise under Beijing-led initiative as price competition grows.
- U.S. Treasury warned Hong Kong banks on tech exports to Russia — Officials, others pressed to comply with curbs on shipments of ‘dual-use’ goods.
- Russian firm says ready to boost germanium output for domestic use — China’s export curbs on chip materials such as gallium spur international concern.
- Analysis: For 17 years, Xi closely watched Taiwan-governed islets — Is economic engagement still part of the leader’s strategy?
Bloomberg
- US Needs to Solve Its Skilled Worker Shortage to Compete With China — America’s drive to compete with China in manufacturing requires lots more skilled workers. Tennessee’s experiment with free technical school, and its close partnerships with business giants like Volkswagen and Nissan, offer a glimpse of the future.
- China Drives Russia Car Sales After Global Brands Quit Over War — China is grabbing a bigger share of Russia’s car market, once the third biggest in Europe, after global manufacturers pulled out in the wake of President Vladimir Putin’s invasion of Ukraine.
- China Requested Japan Allow Visa Free Entry, Business Group Says — China’s government requested that both Japan and the mainland allow visa free entry to the other nation’s citizens to simplify travel between them, the Chinese Commerce Minister told a group of visiting Japanese businesspeople this week, according to a member of the contingent.
Reuters
- US says it opposes export controls by China on metals, will consult allies — The United States “firmly” opposes export controls announced by China on gallium and germanium, metals needed to produce semiconductors and other electronics, a U.S. Commerce Department spokesperson said on Wednesday.
- China’s metal export curbs reignites global companies’ hunt for stable suppliers — China’s decision this week to restrict exports of some strategic metals has prompted more companies to re-think their reliance on the world’s No. 2 economy at a time when mounting geopolitical tensions have fed fears that more curbs could be coming.
- TSMC foresees no direct impact on production from China’s metal export curbs — Taiwan’s TSMC said on Thursday it does not expect any direct impact on its production from China’s decision to restrict exports of two metals widely used in semiconductors and electric vehicles.
Other Publications
- Associated Press: A Chinese mining company has opened a giant lithium processing plant in Zimbabwe — Zimbabwe has the largest lithium reserves in Africa and has in recent years drawn investors in battery minerals from Canada, the United Kingdom and Australia, although China is the dominant player.
- Washington Post: Will China overtake the U.S. on AI? Probably not. Here’s why — From chatbots to autonomous driving, the world’s two biggest economies are now racing to develop the most cutting-edge AI technologies.
- The Economist: China’s Communist Party is tightening its grip in businesses — Over the past two decades the party has been trying to ensure that as many businesses as possible have a party organisation embedded within.