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
- Why China’s Overcapacity Problem Is About to Get Even Worse, in Seven Charts — Chinese investment in high-tech goods keeps surging, setting up more trade tension with the U.S. and Europe.
- The Goal for China’s Chip Giant: Cut Out the U.S. — Hit by Washington’s export controls, China’s domestic chip industry strives for self-sufficiency.
- China Accuses U.K. of Recruiting Couple as Spies — Ministry of State Security says the couple gathered sensitive information on behalf of MI6.
- Tesla China’s Sales Rose in May Amid EV Demand Recovery — Tesla remained the second-largest EV seller in China after its rival BYD.
The Financial Times
- China-made EVs registered in Europe jump almost a quarter this year — Increase despite threat of higher tariffs on battery-run cars made in Asian country.
- ‘Bar is high’ for China deals, says EQT’s Asia private equity chair — Jean Salata, who oversees €40bn in assets, says dealmaking opportunities are better in India and Japan.
- Opinion: Welcome in: Chinese hotels are told to stop rejecting foreigners — Limitations on where overseas visitors can stay no longer exist yet they still risk being turned away. By Thomas Hale
The New York Times
- As China’s Internet Disappears, ‘We Lose Parts of Our Collective Memory’ — The number of Chinese websites is shrinking and posts are being removed and censored, stoking fears about what happens when history is erased.
- Beijing Claims U.K. Recruited Chinese State Officials as Spies — The accusation from China came a few weeks after Britain charged three men with assisting Hong Kong’s intelligence service.
- Epoch Times Executive Accused of Laundering $67 Million — Weidong Guan was charged with three counts in a scheme that the Justice Department said caused revenue to surge for the company, which has promoted Donald Trump and conspiracy theories.
Caixin
- China Sets Up Fund to Spur Development of Solid-State EV Batteries, Source Says — China has established a dedicated fund of about 6 billion yuan ($828 million) to stimulate the development of solid-state batteries for electric vehicles (EVs), an industry insider told Caixin.
- Tianqi Considers Action to Protect Its Stake in Chilean Lithium Mining Firm — China’s Tianqi Lithium Corp. is contesting a deal put forward by the Chilean government to enhance state control in key lithium assets.
- Sovereign Wealth Fund CIC Names Veteran Banker as Deputy Head — China Investment Corp. (CIC), the sovereign wealth fund that manages part of China’s $3.2 trillion foreign exchange reserves, has appointed a veteran banker and provincial industry regulator as vice president, filling a four-month vacancy.
South China Morning Post
- US arms contractors arrive in Taiwan for defence forum — Former US Marine Corps Forces Pacific commander Steven Rudder expected to deliver opening address to closed-door gathering.
- New Nvidia Blackwell GPUs put China further behind global leading edge in AI chips amid US sanctions — The gap between China and the US in advanced technology is set to widen further after Nvidia unveiled its next-generation processors.
- Shipping container rates from China jump to 2-year high as panic sets in amid US tariff threat, Red Sea disruptions — Ocean freight rates from China are once again surging as exporters front-load shipments for the holiday season battered by worries about US tariff increases and prolonged Red Sea disruptions.
Nikkei Asia
- Tiananmen, 35 years on: Hong Kong muzzled as world marks June 4 crackdown — From Taipei to Tokyo, others carry torch after security laws snuff out Victoria Park vigil.
- China’s Guangzhou to invest $1.4bn in flying car infrastructure — City envisioned as hub for ‘low-altitude economy.’
- China’s underutilized factories fan export dump fears in U.S. and Europe — As trade partners raise tariffs, Beijing faces pressure to keep workers on job.
- ‘Humility and indomitable will’: TSMC’s C.C. Wei steps into spotlight — CEO set to takes reins as chairman of chip powerhouse from Tuesday.
Bloomberg
- US and Its Partners Stand Together as China Exports Problems, Rahm Emanuel Says — China is taking its domestic economic problems and exporting them to the rest of the world, the US Ambassador to Japan Rahm Emanuel said, adding this strengthens the resolve of America and its partners to stand together.
- Airbus in Talks to Sell More Than 100 Widebody Jets to China — Airbus SE is negotiating a major sale of A330neo aircraft to China, with talks gaining momentum since President Xi Jinping visited his French counterpart Emmanuel Macron last month.
- China’s Hog Farmers Enjoy Surge in Profits But Demand Is Still a Problem — China’s hog farmers may have turned a corner after a surge in profits last month, but a sustained improvement in the industry’s fortunes could still prove elusive.
Reuters
- China sees property silver lining but can’t shake Japan comparisons — A plunge in China’s new housing construction is fuelling hopes the battered property sector is finally coming to terms with chronic oversupply, but a clean-up of bad assets is the missing policy piece that keeps Japan-like stagnation fears alive.
- China courts Spain to push EU on electric vehicle probe — China hopes Spain will push the European Union to support and encourage the new energy industry to deepen cooperation and create a fair and predictable development environment, according to its commerce ministry.
- Macau casinos play best hands to win over premium customers — A change in the type of customers coming to Macau has seen smaller casino operators MGM China and Wynn Macau reap rewards, while larger rivals Sands China and Galaxy Entertainment rush to catch up.
Other Publications
- The New Yorker: Car Wars — Is China’s electric-vehicle industry a threat to the U.S., or something to learn from?
- CNN: Shangri-La: As generals made small talk and polite debate, both China and Trump loomed large — Any tourist wandering through the glitzy lobby of Singapore’s Shangri-La Hotel this weekend would have stumbled on a rather bizarre scene.
- Washington Post: Biden’s science adviser explains the new hard line on China — Arati Prabhakar, director of the White House’s Office of Science and Technology Policy, discusses Washington’s newly tough consensus on China.
- Associated Press: Craft unfurls China’s flag on the far side of the moon and lifts off with lunar rocks to bring home — China said its lunar spacecraft unfurled the country’s red and gold flag for the first time on the far side of the moon before part of the vehicle blasted off early Tuesday with rock and soil samples to bring back to Earth.
- Foreign Affairs: India’s perilous border standoff with China — Modi’s tough stance could invite – not deter – Chinese aggression.
- Foreign Policy: Why is Xi not fixing China’s economy? — Explanations from insiders range from ignorance to ideology. By Scott Kennedy
