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.
Paid subscribers automatically have this list emailed directly to their inboxes every day by 10 a.m. EST. Subscribe here.
The Wall Street Journal
- China, Russia Deliver Broadsides Against the West at Brics Summit — Putin accuses the West of provoking the war in Ukraine; Xi rejects criticism of China’s political model.
- Nvidia Earnings Will Gauge Strength of AI Boom — Expectations are lofty, but concerns about China and the supply chain remain.
- Wall Street’s China Dreams Slip Away — U.S. banks, asset managers struggle to expand their businesses while tensions escalate.
- U.S. to Sanction Chinese Officials for Forcible Assimilation of Tibetans — State Department says Chinese boarding-school program deprives young Tibetans of their culture.
- Hunter Biden’s Foreign Dealings Spell More Trouble Ahead — Justice Department opens prospect of pursuing lobbying violations as it presses on with criminal tax probe, while Republicans push to implicate President Biden in his son’s activities.
- Commerce Secretary Gina Raimondo to Visit China — Trip is the latest by a top administration official aimed at easing strained relations with Beijing.
The Financial Times
- Global stocks head for worst month in nearly a year — After strong first half to the year, markets are hit by concerns over interest rates and China.
- US tells China to be more transparent with economic data amid slowdown — National security adviser Jake Sullivan says Beijing’s crackdown on information is not ‘responsible’.
- Japan’s release of radioactive water from Fukushima angers China — Beijing attacks Tokyo’s plans and says ocean is ‘not a sewer’ for nuclear-contaminated water.
- South Africa and China find common ground on Brics expansion — Cyril Ramaphosa and Xi Jinping hold talks ahead of emerging markets summit in Johannesburg.
The New York Times
- China Works to Expand its Sway in Africa Amid Rivalry With the U.S. — China’s leader, Xi Jinping, pitches his country as a leader of the developing world, rallying support for an alternative to the U.S.-dominated global order.
- Trump Condemns Hunter Biden’s Foreign Business. He’s Quiet on His Own. — Donald J. Trump has berated Joseph R. Biden Jr. for his son’s overseas deal making, despite plenty of overseas deal making by the Trump family.
- At BRICS Summit, Putin Tries to Rally Support — Leaders of Brazil, India, China and South Africa addressed other topics, but Russia’s president, unable to attend in person because he is wanted for war crimes, put the war in Ukraine at center stage in the meeting.
- BRICS Summit Attracts Global Interest Not Seen in Years — The leaders from the five-member group of nations — Brazil, Russia, India, China and South Africa — are discussing expanding the club, which harbors ambitions of becoming a geopolitical alternative to Western-led forums.
Caixin
- In Depth: China’s Auto Exports Belie Roadblocks to Conquering Europe, U.S. — In the first six months of 2023, Chinese auto exports ballooned 75.7% year-on-year to 2.14 million vehicles.
- Ex-Provincial Official Gets Life for Bribery and Aiding Crypto Mining — A former municipal party chief in Jiangxi province has been sentenced to life in prison for wrongdoing including taking more than $17.4 million in bribes.
- Schroders China Unit Seeks Approval for First Mutual Fund — U.K. asset manager aims to launch a bond fund amid sluggish Chinese mainland stock market.
- China-Argentina Currency Swap Poses Risks and Opportunities, Economist Says — The primary concern about the deal is that the other country may default, rather than yuan depreciation, Yu Yongding tells Caixin.
South China Morning Post
- China teams up with Thailand and Laos to tackle cybercriminals in Myanmar who often target Chinese nationals — ‘Stronger coordination’ needed to ‘resolutely reverse’ rampant cyber fraud in Myanmar, envoys of China, Thailand and Laos say in joint statement.
- Chinese tech could break barrier to making crucial defence and aerospace material — China develops way to mass produce ultra-strong carbon fibre – used in missiles, space stations and wind turbines – despite US and Japanese export bans on manufacturing equipment.
- Binance.US teams up with crypto start-up MoonPay in search of liquidity after US banks cut ties — The MoonPay tie-up will allow users to buy Tether using Apple Pay, Google Pay and credit cards, then use the stablecoin to buy other crypto tokens.
- Opinion: To avoid an economic meltdown, China must not repeat America’s mistakes of 2008 — Any rescue plan for a crashing property sector should support prudent homeowners but penalise errant banks and companies. By Stuart P.M. Mackintosh.
Nikkei Asia
- Xi’s missed speech at BRICS event sparks speculation — Chinese president attends Wednesday meetings after absence deemed ‘very odd’.
- Huawei mobile OS Harmony falls out of tune with growth — U.S. sanctions hurt ability to release 5G phones and capture market share.
- Inside STRATCOM, the core of U.S. nuclear deterrence — China’s military buildup adds pressure to replace aging assets.
Bloomberg
- Weigao Said to Explore Sale of $1 Billion US Devices Unit Argon — China’s Shandong Weigao Group Medical Polymer Co. is exploring a potential sale of its US health products business as relations between the world’s two largest economies sour, according to people familiar with the matter.
- Huawei Building Secret Chip Plants in China to Bypass US Sanctions, Group Warns — The leading association of global chip companies is warning that Huawei Technologies Co. is building a collection of secret semiconductor-fabrication facilities across China.
- Stellantis Said to Weigh Tie-Up With EV Maker to Expand in China — Stellantis NV is considering a tie-up with a Chinese electric vehicle company as Europe’s second-largest automaker by sales seeks to bolster its presence in the world’s biggest auto market, according to people familiar with the matter.
- Nike Suffers Record Losing Streak on China, Inventory Woes — Nike Inc. posted a record streak of losses as concern over China’s sluggish consumer recovery builds and elevated merchandise stockpiles continue to weigh on profitability across the activewear industry.
Reuters
- Exclusive: China’s Xiaomi wins state planner nod to make EVs amid glut in autos — The National Development and Reform Commission gave the nod for EV manufacturing to Beijing-based Xiaomi earlier this month.
- China group tours return to Japan but ‘explosive spending’ unlikely — An ANA Holdings flight on Wednesday evening brings in the first package tour visitors from Beijing since China lifted its pandemic-era restrictions on the trips to Japan.
- Column: A US-China detente to avoid ‘fiscally assured destruction?’ — The United States and China may feel some financial detente is wise at this point – even if goading one another plays well domestically. By Mike Dolan.
Other Publications
- The Times: Exposed: the Chinese spy using LinkedIn to hunt UK secrets — A Times investigation reveals that ‘Robin Zhang’ has been offering cash and contracts on an industrial scale for at least five years.
- AP: Chinese-backed port project in Peru to be the ‘gateway from South America to Asia,’ official says — $1.3 billion project will offer a direct route to China with a travel time reduction for ships of 10 days.
- The Economist: What China’s economic troubles mean for the world — Pain for Elon Musk; relief for Jerome Powell.
- CSIS: Oil Market Tightens but China Looms Large — China’s macroeconomic signals are looking decidedly weaker, and it will be hard for oil demand to continue outpacing economic growth rates.
- The Information: Ant Group Will Cut Foreign Investors Out of Fast-Growing Database Business — Ant’s restructuring will deprive international investors of exposure to one of its fastest-growing businesses: OceanBase, a database management system.
