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. Plans New Tariffs on Food-Can Metal From China, Germany and Canada — Levies announced in response to dumping allegations could raise canned food prices, industry group says.
- Tesla Cuts Prices in China as Price-War Truce Fails — Electric-vehicle maker, which has been slashing prices globally, faces fierce competition from Chinese rivals.
- China Demands U.S. Lift Steel, Aluminum Tariffs After WTO Ruling — China’s Commerce Ministry has demanded the U.S. immediately lift tariffs imposed on Chinese steel and aluminum products after the World Trade Organization ruled in favor of Washington against Beijing in the nations’ tariff dispute.
- In China, Bidding Wars for Lithium Top Out at 1,300 Times the Starting Price — Chinese companies are rushing to develop domestic lithium mines to lessen reliance on overseas sources.
- China Evergrande’s Losses Sharply Narrowed in 2022 — China Evergrande Group, the world’s most indebted developer, narrowed its losses significantly in 2022 as it clawed its way back to the business of selling properties and reined in costs.
The Financial Times
- Debt overhang economics with Chinese characteristics — Beijing should avoid the mistakes the west makes again and again — but it probably won’t.
- Global investors dump Chinese securities as state support hopes fade — Reversal of flows reflects crumbling confidence in promises made by party leaders.
- Turmoil at Zhongzhi sparks alarm over China’s $3tn shadow finance sector — Finance giant’s missed payments to investors fuel concerns of spillover effect from property slowdown.
- Mainland investors help ETFs grab record share of Hong Kong trading — ETF Connect scheme boosts Chinese participation despite falling Hong Kong stock trading.
- Will the rest of the world feel China’s deflation pain? — Falling prices will lower cost of imports but are unlikely to have a dramatic impact elsewhere.
- US, Japan and South Korea to deepen security ties to deter China — Washington convinces Tokyo and Seoul to move past historical disagreements.
The New York Times
- Eye on China, Biden Pulls Japan and South Korea Closer — The president will host the leaders of the two Asian democracies at Camp David, as Russia’s invasion of Ukraine spurs them to rapidly mend relations.
- Opinion: The Camp David Summit Must Send China an Unmistakable Message — It is a geopolitical necessity at a time when countries like China and Russia are contributing to the rise of illiberalism, economic coercion and assaults on important global norms. By Daniel Russel

Caixin
- China Specifies Targets of Sweeping Anti-Graft Probe Into Medical, Drug Sectors — Authorities have specified the direction of a recently launched year-long anti-graft probe into China’s medical and pharmaceutical sectors, with rent-seeking, kickbacks and other forms of bribery, as well as misuse of health insurance funds particular areas of focus.
- Analysis: China’s Updated Green Power Market Guidelines Set to Drive Interprovincial Trading — One of China’s main power exchange centers has released new guidelines for green power trading in a move that aims to drive interprovincial transactions of renewable energy across most of the country.
- State Investors to Inject $1.7 Billion in Shenzhen Wafer Foundry — State investors including China’s biggest government-backed chip investment fund agreed to pour 12.6 billion yuan ($1.7 billion) into a wafer production project in Shenzhen as the country strives to boost its domestic chipmaking capacity.
South China Morning Post
- Ant Group’s Alipay updates app’s international interface to support Visa, Mastercard, other major credit cards ahead of 2023 Asian Games — Alipay’s latest initiative, announced ahead of the 2023 Asian Games in Hangzhou, underscores efforts in China to make it easier for foreign tourists to make payments in the country’s cashless society.
- Chinese academics want Tibet to be known as Xizang to help ‘reconstruct’ image — Official seminar told that the international community has been ‘seriously misled’ over the region’s ‘geographical scope’.
- Zhongzhi, China’s troubled US$137 billion shadow bank, plans debt restructuring, hires KPMG — The Chinese shadow banking giant whose liquidity crisis has fanned fears about financial contagion is planning to restructure its debt and has hired KPMG to conduct an audit of its balance sheet, sources said.
- Lenovo profit misses as global PC downturn deepens, but Chinese-owned firm retains top spot in market over HP — World’s biggest PC maker says net income fell 66 per cent to US$176.5 million, but it fended off HP to retain top position in the global PC market even though shipments shrank 18.4 per cent.
Nikkei Asia
- Foreign investors ditch China shares as economic outlook darkens — Longer-term pessimism persists, Bank of America survey shows.
- Plight of older unemployed Chinese stirs emotions on social media — ‘It makes my eyes tear up,’ says daughter of jobless 50-year-old man.
- China’s growth model under strain, but stimulus faces high hurdles — Real estate slump, local fiscal woes and weak yuan put Beijing in a bind.
Bloomberg
- China Told State Banks to Escalate Yuan Intervention — Chinese authorities told state-owned banks to step up intervention in the currency market this week, in a push to prevent a surge in yuan volatility, according to people familiar with the matter.
- PBOC Vows to Prevent Excessive Currency Movements as Yuan Slides — China’s central bank pledged to avoid excessive movements in the yuan as the currency slides toward its weakest level since 2007.
- China Police Visit Shadow Bank Investors at Home to Quash Unrest — Investors from across China who put money in a troubled shadow bank said police officers visited their homes and urged them to avoid public protests, the latest sign authorities are worried about unrest as fears grow of financial contagion.
- China’s Gallium Exports in Limbo After Start of Curbs — China’s push to control its exports of gallium has sent international prices for the metal used in semiconductors to a 10-month high as suppliers await official approvals to ship overseas.
- Chinese Officials Meet Foreign Firms to Ease Data Law Fears — China’s internet regulator is reaching out to foreign firms, including Walmart Inc. and PayPal Inc., to discuss ways to navigate Beijing’s new data-security rules, an effort to reassure multinationals worried about their ability to operate in the world’s No. 2 economy under the latest regulations.
Reuters
- China’s state banks seen selling dollars for yuan in London and New York hours — China’s major state-owned banks were seen busy selling U.S. dollars to buy yuan in both onshore and offshore spot foreign exchange markets this week, people with direct knowledge of the matter said, in an attempt to slow the yuan’s depreciation.
- Former U.S. officials urge Congress to enhance Biden’s China investment order — A bipartisan group of former senior U.S. national security officials urged Congress on Wednesday to dedicate resources to President Joe Biden’s recent order restricting some outbound U.S. investment to China, calling it a top priority.
- Chinese asset manager eyes restructuring to ease liquidity crunch amid contagion fears — Faced with a liquidity crisis, Zhongzhi Enterprise Group will conduct a debt restructuring, the Chinese asset manager has told investors, as a deepening property sector downturn raises fears about spillover risks to the broader financial sector.
Other Publications
- Human Rights Watch: China: Combat Anti-Black Racism on Social Media — The Chinese government should acknowledge and condemn anti-Black racism prevalent on the Chinese internet and adopt measures to promote tolerance and fight prejudice, Human Rights Watch said on Wednesday.
- CBC News: China snubs Canada on its list of approved travel spots, setting back tourism’s post-COVID recovery — China announced on Aug. 10 outbound tours would resume to 78 countries, including U.S.
- The Verge: NYC bans TikTok on city-owned devices — New York City is banning TikTok from city-owned devices and requiring agencies to remove the app within the next 30 days.
- The Economist: Why are China’s young people so disillusioned? — Xi Jinping wants them to focus on the party’s goals. Many cannot see why they should.
- Associated Press: China’s Xi calls for patience as Communist Party tries to reverse economic slump — Chinese leader Xi Jinping has called for patience in a speech released as the ruling Communist Party tries to reverse a deepening economic slump and said Western countries are “increasingly in trouble” because of their materialism and “spiritual poverty.”
- The Information: Intel’s Scrapped Deal Shows Power of China Antitrust Regulators — When it comes to China in particular, there’s no rhyme or reason to regulatory decisions.