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
- China’s Grand Vision for a Vast Rail Network Transforms a Neighboring Country — People and investments flow into Laos, making it ‘more like China.’
- Opinion: The U.S. Can Help Ukraine and Deter China — The two countries have different needs, and long-term national-security objectives aren’t zero-sum. By Michael Allen and Connor Pfeiffer
- Opinion: Chinese Embassy Responds to Taiwan’s Lai — Mr. Lai proposes to “build up Taiwan’s deterrence.” His true agenda is to resist by force the motherland’s reunification.
The Financial Times
- Chinese fast-fashion rivals Temu and Shein take ‘war’ for US to court — Antitrust suit launched as ecommerce companies top app download charts for sales of ultra-cheap clothing.
- Technology remains core battle with Beijing — Export controls are a key security policy but some fear they will spur China to act faster.
- Opinion: The old approach to US-China relations no longer works — A new architecture of engagement, based on a Sino-American secretariat, is urgently needed. By Stephen Roach
The New York Times
- How the World’s Two Largest Polluters, U.S. and China, Stack Up — From gas emissions to electric vehicles, here is how the world’s two biggest economies — and polluters — compare on taking steps to confront climate change.
- Xi Says China Will Act on Climate Goals at Its Own Pace — China’s leader, Xi Jinping, asserted that his government would pursue its goals to phase out carbon dioxide pollution at its own pace and in its own way.
- Official Data Hinted at China’s Hidden Covid Toll. Then it Vanished. — Epidemiologists say a rise in cremations in an eastern province was the latest indication that the country’s official death toll from Covid is a vast undercount.
- Kissinger Meets Top Officials in China and Gets a Warm Greeting — At 100, Henry Kissinger met with China’s top diplomat as well as its defense minister, who last month rejected an invitation to meet with the U.S. defense secretary.
Caixin
- China Needs More Than Monetary Stimulus to Bolster Flagging Economy, Analysts Say — Some see the impact of the rate cuts being limited, having little sway on demand in the real economy.
- Huawei Launches AI for Commercial Use in Mining Sector — Huawei on Tuesday launched the first commercial use of its artificial intelligence large language model Pangu for the mining industry.
- China and U.S. Return to Climate Discussions as John Kerry Visits Beijing — Beijing and Washington have resumed climate change talks during U.S. climate envoy John Kerry’s visit to China, after such discussions were abandoned following former U.S. Speaker Nancy Pelosi’s Taiwan trip last year.
South China Morning Post
- China’s crypto crimes expose capital-control loopholes, as millions in virtual currency seized — The degree to which cryptocurrencies continue to help people circumvent China’s capital controls is unclear, but recent big busts show they have not gone away since Beijing deemed them illegal.
- PC maker HP stresses commitment to China as it seeks to diversify manufacturing to Thailand, Mexico — The world’s No 2 computer maker said it remains committed to its 20,000 square metre facility in Chongqing, as China is an important part of its supply chain.
- China’s internet firms create at least 200 million jobs amid unemployment crisis, report finds — While many Chinese internet platforms have downsized their payroll amid an economic slowdown and regulatory hostility, they remain some of the largest employers in the country, a new report says.
Nikkei Asia
- Top Chinese chipmaker SMIC installs new chairman — Government insider Liu Xunfeng elevated amid domestic production push.
- China foreign minister vanishes from public eye for 3 weeks — Qin Gang’s absence from international stage raises still-unanswered questions.
- Opinion: China should not hesitate on needed economic stimulus — Risk of deflation rising as demand stagnates amid property slump.
Bloomberg
- China Vows to Boost Private Economy, Protect Businesses — China’s ruling Communist party and government issued a joint vow to improve conditions for private business, in a strong sign that Beijing wants to improve corporate confidence in the nation.
- ASML Orders Rise as China Rushes to Buy Gear Ahead of Curbs — ASML Holding NV’s orders rose in the second quarter on demand for chip-making machines in China, defying a slump in the semiconductor industry.
- China Poses ‘Alarming’ Threat to US Grid, Lawmakers Told — China represents an increasing threat to the US power grid, lawmakers were told Tuesday during a hearing in which they were warned a cyberattack from the nation could plunge military and other sensitive sites into darkness.
- Opinion: Ties to China Weren’t a Problem for Cirrus Aircraft. Now They Are. — Chinese ownership of Cirrus Aircraft presents no glaring national security threat, but heightened political scrutiny is ensnaring all sorts of existing affiliations.
Reuters
- China’s bad first half gets investors hopeful and interested — China’s disappointing first half has the economy ripe for some help, and investors are preparing to ride an expected short-term wave of stimulus, even if structural problems look to hold back a sustainable rally.
- US hopes China won’t take ‘provocative’ action over transit stops by Taiwan VP — There is no reason for China to take “provocative” action in response to brief visits to the United States next month by Taiwan Vice President William Lai, the top U.S. diplomat in Taipei said on Wednesday.
- Chemicals for Mexican fentanyl not from China, embassy in Mexico says — Precursor chemicals used by Mexican cartels to make the deadly opioid fentanyl do not come from China, its embassy in Mexico said on Tuesday, rejecting U.S. officials’ accusations.
- Analysis: Why China could become the luxury industry’s next sore spot — The luxury goods industry has relied heavily on China and North America for growth in recent years, but latest Chinese economic figures and a disappointing sales update from Cartier-owner Richemont suggest both markets may be starting to slow.
Other Publications
- Associated Press: China prepares for naval drills with Russia in sign of continuing support amid Ukraine conflict — China said Wednesday it has dispatched navy ships in preparation for joint exercises with Russia’s sea forces, in a sign of Beijing’s continuing support for Moscow’s invasion of neighboring Ukraine.
- The Guardian: ‘My son is innocent’: mother of imprisoned Australian businessman denies he’s a Chinese spy — Lawyers say Alexander Csergo brought home list of requests from aspiring Chinese handlers to ensure he would be believed by Australian authorities.
- Tom’s Hardware: China’s YMTC Starts Producing Mysterious New Memory, Ups 3D NAND Prices — The Chinese company Yangtze Memory Technologies (YMTC) seems to be adapting to new US sanctions realities with a rather mysterious 3D NAND product that combines a relatively low storage density with an extremely speedy interface.
- Hoover Institution: Silicon Triangle: The United States, Taiwan, China, and Global Semiconductor Security — The United States should ensure that its imports of finished semiconductors and key inputs in the supply chain come from reliable and broadly ideologically compatible trading partners.
