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 Police Are the New Earners for Cash-Strapped Governments — Law-enforcement agencies have been imposing larger and more frequent fines for offenses.
- Chinese Warships Gather in Sign of Major Naval Exercises — Shandong aircraft carrier among Chinese vessels spotted sailing toward Pacific Ocean following U.S. drills in the region.
- China Says No Laws, Regulations Banning Use of Apple’s iPhones — China has noticed recent media reports about security issues related to iPhones, a spokeswoman said.
- Congress Heads to Wall Street to Urge Curbs on Investments in China — Bipartisan panel warns of national-security risks, but gets cool reception from financial firms.
- As OPEC’s Energy Influence Wanes, China’s Minerals Clout Rises — But geography and innovation mean cobalt, lithium and copper can never be weaponized as effectively as oil and gas.
- China’s Electric-Vehicle Makers Face EU Antisubsidy Probe — European investigation could lead to tariffs and comes as countries jockey for market share in the clean-energy transition.
- Apple’s New Lineup Fails to Create a Stir in China — After the iPhone maker was upstaged by rival Huawei, muted reaction to the latest models adds to warning signs.
- Big Businesses Should Disclose China Risks, Ex-SEC Chairman Says — Jay Clayton said the largest U.S. companies should tell shareholders their risks from a potential U.S.-China split.
- Opinion: My Encounters With a Suspected Spy — He invited me to join a Westminster panel on China. Later we met for coffee. What did he learn? By Joseph C. Sternberg
The Financial Times
- EU to launch anti-subsidy probe into Chinese electric vehicles — Investigation could lead to tariffs on country’s manufacturers.
- China’s newest aircraft carrier prepares to take to the seas — Beijing aims to challenge US air superiority in the Pacific but the Fujian still trails rival’s nuclear-powered warships.
- Chinese developer Country Garden’s Malaysian project in focus amid contagion worries — $100bn Forest City development is troubled company’s biggest overseas project.
- Rishi Sunak launched China reset despite alleged spy arrest — Prime minister was told about parliamentary researcher’s arrest shortly after incident in March.
- Chinese property woes trigger ‘dramatic shift’ into US stocks — Investors flee emerging markets amid fears over China’s economy, according to Bank of America survey.
The New York Times
- European Union Will Investigate Chinese Subsidies of Electric Cars — The European Commission president, Ursula von der Leyen, announced the inquiry, which could lead to tariffs, amid concern over China’s dominance in electric vehicles.
- China Denies Banning iPhones, but Cites Unspecified Security Concerns — The comments marked Beijing’s first public response to reports that some government agencies have told employees not to use iPhones for work.
Caixin
- TikTok Launches In-App Shopping Feature in the U.S. — In the face of mounting American political and regulatory pressure, the Chinese video app TikTok officially launched an online shopping feature in the U.S.
- China’s Nationwide Property Tax Plan Set for Further Delay — The Chinese government’s long-awaited rollout of a controversial property tax looks set to be delayed yet again.
- Ex-China Life Chairman Gets Suspended Death Sentence for Bribery — Wang Bin, a former chairman of China Life Insurance (Group) Co., was sentenced to death with two-year reprieve for bribery and concealing overseas deposits.
South China Morning Post
- China will in time use machines to execute Data Security Law, senior scientist with role in policymaking says — Identification of key data ‘cannot lean on human power forever’, scientist commissioned by Beijing to formulate data security policy says.
- Amid US tech sanctions, Chinese scientists say they made the world’s most powerful radar chip — New semiconductor uses gallium nitride despite export bans by the US government blocking high powered gallium-based semiconductors to China.
- China yuan: weak currency hits traders, travellers as customers request discounts, firms could raise retail prices — China’s yuan fell to a 16-year low against the US dollar last week, with financial regulators vowing to take action to stem one-sided speculative bets, but exporters are already under pressure to change prices.
Nikkei Asia
- Jack Ma still Alibaba’s ‘biggest boss’ as Daniel Zhang leaves cloud unit — Shake-up shows ‘company needs deeper and more radical reforms,’ manager says.
- China rule changes may help property market, not wider economy — Still spooked by Beijing’s deleveraging push, consumers are not spending.
- Chinese battery makers brace for price war to supply EV producers — CATL, BYD fight it out as charging speed and safety still major concerns.
Bloomberg
- China Flags ‘Security Incidents’ With Apple’s iPhones — China flagged security problems with iPhones. marking the government’s first comments after a series of reports said the authorities are moving to restrict officials’ use of Apple Inc. products.
- Welcome to the Crazy World of China’s Lithium Mine Auctions — Welcome to the world of China’s lithium auctions, where vast numbers of bids are placed, firms end up spending over a thousand times the opening price, and buyers promising hundreds of millions of dollars have walked without paying.
- Xi Says China, Venezuela Agree on Partnership During Maduro Trip — President Xi Jinping said China and Venezuela agreed to enter into a strategic partnership, a sign the two nations are improving ties after years of cooling.
Reuters
- Huawei raises Mate 60 shipment target -Securities Times — China’s Huawei Technologies has raised the second-half shipment target for its Mate 60 series smartphone by 20%, the country’s official Securities Times reported on Tuesday.
- US Senate’s Schumer plans to lead delegation to China, Japan, South Korea — U.S. Senate Majority Leader Chuck Schumer plans to lead a bipartisan congressional delegation to China, Japan and South Korea soon, an aide to Schumer said on Tuesday.
- China, Airbus among potential losers from boosted US-Vietnam ties — The United States and Vietnam agreed on Sunday to upgrade their diplomatic relations in a historic step for the two former foes, paving the way for business deals and possible new investment.
Other Publications
- The Economist: A spy for China in Britain’s Parliament? — Politicians’ attitudes towards China are only likely to harden.
- Associated Press: China’s ‘full-time children’ move back in with parents, take on chores as good jobs grow scarce — A record of more than one in five young Chinese are out of work, their career ambitions at least temporarily derailed by a depressed job market as the economy struggles to regain momentum after its long bout with COVID-19.
- Washington Post: Members of Congress are planning official visits to China — Two delegations, including one led by Senate Majority Leader Charles E. Schumer, seek to visit Beijing this fall amid simmering tensions.
- Foreign Affairs: American Universities Shouldn’t Cut All Ties With China — Why Academic Links Are Essential in a Fragmenting World.
- The Guardian: China unveils Taiwan economic ‘integration’ plan as warships conduct manoeuvres off coast — Measures include making it easier for Taiwanese people to live and work in China, but the plan comes amid major military exercises.
- Semafor: Behind closed doors, Wall Street and Washington are at odds over China — Rep. Mike Gallagher, the chair of the U.S. House committee on competition with China, said he might widen the panel’s investigation into Wall Street’s ties to China’s military sector and its human-rights abuses, which has so far focused on BlackRock and index provider MSCI.
