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
- Facing Exclusion From U.S., Chinese EV Suppliers Map a Circuitous Route Back In — Battery makers’ path around legal barriers runs through South Korea and Morocco.
- Chinese Bank Stocks Gain After State Fund Raises Stakes — Shares of the four biggest banks, as well as stocks of other lenders, rose in mainland and Hong Kong trading.
- A Bigger World Bank Takes on China’s Clout — U.S. sees expanding the international lender as a way to shore up relations with the Global South.
- Malaysia Says TikTok Not in Full Compliance With Its Laws — TikTok, a short-video platform owned by China-based ByteDance, is facing heightened scrutiny in Southeast Asia.
The Financial Times
- Vanguard funds invest in China military groups, report says — US lobby group finds asset manager channels money to companies sanctioned by Washington.
- Neil Shen plots global expansion for Sequoia’s China spin-off — Venture capital firm plots future outside China after split with Silicon Valley giant.
- China bars brokers from opening offshore trading accounts — A state-backed fund also increased its shareholding in China’s four biggest banks.
The New York Times
- China’s Economic Stake in the Middle East: Its Thirst for Oil — China is the largest oil importer by far from Saudi Arabia and from Iran, highlighting the risk it faces if the war in Israel and Gaza were to broaden.
- As Red States Curb Social Media, Did Montana’s TikTok Ban Go Too Far? — Montana is at the forefront of a wave of new tech laws passed by Republican-led states. Some give parents control over their children’s social media accounts.
Caixin
- In Depth: How Did Amethystum Become a Financial Black Hole? — Nearly five months after Chinese optical storage equipment supplier Amethystum Storage Technology was kicked out of Shanghai’s STAR Market, regulators have punished company executives and arranged compensation for bleeding retail stock holders.
- India Detains Four on Alleged Links to Vivo Money Laundering Probe — Indian authorities arrested four individuals linked to China’s Vivo Mobile Communications on alleged links to a money laundering investigation targeting the company.
South China Morning Post
- How Shanghai became an inter-war haven for European Jews fleeing persecution — While many European countries restricted access, the city did not require permits and became known as a ‘modern-day Noah’s Ark’.
- AI jobs with average of US$2,600 per month top choices for Chinese graduates in 2023 amid record youth unemployment — The AI industry offers the highest average salary for university graduates in China, followed by blockchain, according to a report by recruitment platform Liepin.
- Chinese storage specialist Longsys, a major client of US chip maker Micron, completes US$132 million takeover of Suzhou plant from Taiwan’s Powertech — Longsys, one of US chip maker Micron’s largest clients in China, has acquired a 70 per cent equity stake in Powertech Technology (Suzhou), which provides chip packaging, testing and surface-mount technology services in eastern Jiangsu province.
Nikkei Asia
- Uniqlo parent expects 4th net profit record in row on China sales — Japanese casualwear retailer captures post-COVID and heat wave-related demand.
- Chinese state fund buys shares to support country’s biggest banks — Lenders say Central Huijin Investment plans to boost holdings in next six months.
- China’s appetite for U.S. IPOs shows little sign of roaring back — Politics and poor returns raise questions for longer term as Hong Kong gains traction.
- Opinion: American and Chinese universities must reject calls to disengage — Restrictions on entry of scholars will set back U.S. advances. By William C. Kirby
Bloomberg
- How China Left the World Far Behind in the Battery Race — In an exclusive excerpt from his new book Climate Capitalism, Akshat Rathi explains the origin of China’s dominance in the battery market through the lens of CATL, now the world’s largest battery company.
- Most Japanese Companies Pessimistic on China’s Economy — Japanese companies in China see the economic situation as grim, according to a new report from the Japanese Chamber of Commerce and Industry in China released Thursday.
- Senior Arm China Staff Quit to Create Government-Backed Startup — Several key former employees from Arm Holdings Plc’s Chinese venture have started a chip design house with local government backing, adding to uncertainty in the British firm’s biggest market just weeks after it raised $5 billion in an initial public offering.
Reuters
- Births in China slide 10% to hit their lowest on record — The number of births in China tumbled 10% last year to hit their lowest level on record – a drop that comes despite a slew of government efforts to support parents and amid increasing alarm that the country become demographically imbalanced.
- Exclusive: Combat veteran is likely replacement for China’s missing defence minister — General Liu Zhenli, the head of the military body responsible for China’s combat operations and planning, has emerged as the top contender to replace the country’s defence minister, who has not been seen in public for more than six weeks, according to five people familiar with the matter.
- China warns EU steel probe will push up costs — China said on Thursday that European Union plans to investigate its steelmakers over subsidies will disrupt global supply chains and fly in the face of international trade norms.
Other Publications
- The Atlantic: The New AI Panic — Washington and Beijing have been locked in a conflict over AI development. Now a new battle line is being drawn.
- Mercator Institute for China Studies: The party knows best: Aligning economic actors with China’s strategic goals — The shifts currently unfolding in China’s economy are showcasing the systemic features of what China’s leaders today call “Chinese-style modernization” and how it will materialize at home and abroad.
- The Economist: American and Chinese scientists are decoupling, too — That will be bad for both countries.
- Associated Press: Taiwan is closely watching the Hamas-Israel war for lessons as it faces intimidation from China — Taiwan is closely watching the war in the Middle East sparked by the unprecedented attack on Israel by Hamas militants from Gaza for lessons amid what the self-governing island says is a campaign of intimidation and threats by China.
- Politico: China’s soft message on Hamas is part of a much bigger strategy — This latest eruption of Middle East violence gives Beijing an opportunity to offer developing countries a U.S.-displacing alternative vision for global leadership.
- Center for Strategic & International Studies: China Accelerates Construction of ‘Ro-Ro’ Vessels, with Potential Military Implications — While ro-ros are generally innocuous, Chinese military planners have taken note of their dual-use capabilities and are making use of the ships to enhance the capabilities of the People’s Liberation Army.
- The Information: China’s Venture Firms Reckon With a Power Shift to LPs — For years, China’s top venture capitalists called the shots in their relationships with limited partners. Now the balance of power is shifting to LPs.
- Rest of World: China’s livestream shopping bubble is popping — Faced with salary cuts, long working hours, and grueling competition, China’s livestream sellers question their job prospects in a saturated industry.