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 Tries to Reassure U.S. Amid Speculation Around Missing Foreign Minister — Qin Gang, until recently Beijing’s top envoy to Washington, hasn’t been seen in public for more than three weeks.
- Kerry’s China Trip Restores Talks on Climate Change But Falls Short on Agreement — The visit by the U.S. climate envoy tests Beijing’s willingness to find common ground.
- Xi Jinping Praises Henry Kissinger in Beijing, in Veiled Message to Biden Administration — China’s leader skipped a meeting with John Kerry, the other former U.S. secretary of state in Beijing this week.
- Not Even Tom Cruise Can Charm China’s Moviegoers Into Seeing Hollywood Films — Chinese audiences are gravitating toward movies made at home, rather than in Hollywood.
- Governments in China Are Propping Up Hong Kong’s Ailing IPO Market — Municipalities and state-backed investors that want to drum up more economic activity are buying shares in companies going public.
- U.S. Venture Firms’ Deals in China Tech Investigated by Congress Panel — House select committee says American firms’ investments contributed to China’s military buildup and rights abuses.
The Financial Times
- China’s billionaires back Xi’s plan to restore economy — Low-profile tycoons orchestrate expression of confidence as post-pandemic recovery loses steam.
- China imports record volumes of Russian oil in first half of 2023 — World’s second-largest economy is stockpiling cheaper crude despite slowing growth.
- Foreign investors sidestep China in rush into Asian stocks — Net inflows into ‘ex-China’ emerging markets exceed those into China for first time since 2017, according to Goldman Sachs data.
- Washington presses Taiwan presidential frontrunner on White House comments — Lai’s remarks at odds with longstanding policy about official visits to the US.
- China warns of retaliation to US curbs on investment and chips — Ambassador says Beijing ‘cannot remain silent’ amid sanctions and export controls.
- US and China agree to revive climate discussions — Tensions remain as Xi Jinping says policy ‘must be determined by the country itself.’
The New York Times
- Why Heat Waves Are Deepening China’s Addiction to Coal — While pledging to reduce carbon emissions, the country is greatly increasing its use of the fossil fuel to generate electricity.
- Frustrated by Biden, China Courts ‘Old Friends’ Like Kissinger — China’s enthusiastic reception for Mr. Kissinger this week is the latest example of how Beijing is reaching outside official diplomatic channels to broaden the reach of its message and try to influence Washington’s thinking.
- Opinion: Biden Is Beating China on Chips. It May Not Be Enough. — What if its core belief — that advanced semiconductors are one of the critical fronts in the contest — is wrong? By Dan Wang
Caixin
- China Vows to Create a ‘Bigger, Better, and Stronger’ Private Sector — China is pledging to boost its economy through a new set of measures aimed at unleashing a more fair and robust private sector.
- China’s CMOC to Pay $800 Million to End Congo Mining Spat — Chinese mining company CMOC Group has agreed to pay $800 million to Congo’s state mining firm Gecamines, settling a two-year dispute over one of the world’s biggest copper and cobalt mines.
- Fugitive Chief of State Energy Giant Surrenders after Four Years on the Lam — Guo Qigang, former Communist Party chief of state-owned SDIC Power Holdings Co. Ltd., has returned to China to surrender to authorities after fleeing abroad for four years to avoid corruption charges.
South China Morning Post
- Envoy warns China will ‘definitely’ respond to US tech curbs, but experts say Beijing’s options are limited — Chinese ambassador Xie Feng says Beijing ‘cannot simply sit idly by’ as Washington considers new restrictions on investment and AI chip exports, but analyst says China’s only weapon is its big market.
- China mulls easing mortgages to spur homebuying in big cities as existing policies fail to sustain property market rebound — Regulators are weighing scrapping rules that disqualify people who have had a mortgage from being considered a first-time homebuyer in major cities, sources say.
- China cautiously eyes defence production opportunities with Nato member Turkey — Dozens of Chinese firms are set to attend the International Defence Industry Fair in Istanbul this month in a bid to expand market share.
Nikkei Asia
- TSMC delays U.S. chip plant start to 2025 due to labor shortages — Taiwan chipmaker logs quarterly net profit drop on consumer electronics slump.
- Yellen’s trip underlines rise of Vietnam as China factory hedge — U.S. Treasury chief also backs $15bn climate aid for Southeast Asian nation.
- Chinese professor says youth jobless rate might have hit 46.5% — Zhang Dandan adds 16m nonstudents ‘lying flat’ or relying on parents to tally.
- Sichuan’s rolling blackouts pose litmus test for China economy — Facing heat wave and drought, inland province scrambles to ensure power supply.
Bloomberg
- Audi Reaches Deal With China’s SAIC to Work Together on EVs — Volkswagen AG’s Audi and SAIC Motor Corp Ltd. have agreed to partner on electric vehicle projects, as Audi seeks to halt a slide in market share in China.
- US-China Climate Dealmaking Hinges on Two Diplomats’ Deep Ties — For roughly a quarter century, US climate envoy John Kerry and his Chinese counterpart, Xie Zhenhua, have sought to make headway in the fight against global warming.
- Xi’s Big Private-Sector Push Runs Into Wall of Skepticism — China’s latest pledges to rebuild a shattered private sector fell flat with investors, underscoring the damage two years of crackdowns and pandemic controls have had on confidence in the world’s second-largest economy.
Reuters
- China’s Washington envoy warns of retaliation against further US tech curbs — China does not want a trade or tech war but will definitely respond if the United States imposes more curbs on its chip sector, China’s ambassador to Washington said on Wednesday.
- Suspicion deepens as absence of China’s foreign minister persists — Days before a conference of foreign ministers this month, China told host Indonesia it was switching its representative due to “unexpected circumstances”, prompting a scramble in Jakarta to resize the traditional gift of a shirt for attendees.
- Exclusive: China’s state banks selling dollars offshore to slow yuan declines, sources say — China’s major state-owned banks were seen selling dollars to buy yuan in the offshore spot market in early Asian trades on Thursday, two people with direct knowledge of the matter said.
- Chinese consular building damaged in Russian attack on Ukraine’s Odesa – governor — A building at the Chinese consulate in Odesa was damaged in a Russian missile and drone attack on the southern Ukrainian port city, regional governor Oleh Kiper said on Thursday.
Other Publications
- The Economist: Germany’s new strategy for dealings with China — The plan reflects a hardening of attitudes in Europe.
- Foreign Affairs: Why China Won’t Talk With America’s Military — Since August 2022, China has suspended a series of talks with the United States among major military commanders and defense policy coordinators.
- The Guardian: China complicit in Russia’s invasion of Ukraine, says MI6 chief — Sir Richard Moore says Xi Jinping’s regime has supported Vladimir Putin diplomatically and amplified ‘Russian tropes’ such as Nato being to blame.
- Semafor: China ambassador says PRC will maintain ‘friendly’ relations with Russia — In an interview with Semafor’s Steve Clemons at the Aspen Security Forum on Wednesday, Xie also dismissed questions about the disappearance of China’s foreign minister Qin Gang.
