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’s Exports Picked Up Pace in May — Outbound shipments rose 7.6% from a year earlier in May.
The Financial Times
- China’s exports surged in May — Beijing’s focus on manufacturing has fuelled trade tensions with US and Europe.
- US tech sector pressures Chinese venture capital to divest — Start-up stakes are being sold to American investors in anticipation of Washington restricting foreign ownership.
- What zebras can teach us about international trade — US tariffs on Chinese goods are the result of a highly complex ecosystem.
- Ex-UK judges resign from Hong Kong court amid China crackdown — Departure of Lord Jonathan Sumption and Lord Lawrence Collins comes after criticism from human rights groups.
The New York Times
- China’s Exports Surge as Trade Tensions Near Boiling Point — China’s trade surplus soared, helping to lift the country’s economy even as consumer spending slows because of a sharp housing contraction.
- U.S. Adds Tariffs to Shield Struggling Solar Industry — American solar manufacturers are pushing for further protections for their new factories against cheaply priced imports from China.
Caixin
- In Depth: Logistics Is Getting Pricy in China, but Reform Will Be a Long Haul — China’s powerful e-commerce economy was built on the back of a robust logistics infrastructure that allows consumers to receive items ordered on platforms within days, or even hours.
- Red Sea Crisis Causes Gridlock as Chinese Exporters Try to Beat U.S. Tariff Deadline — The combination of capacity constraints due to the Red Sea crisis and a surge in Chinese exports has increased congestion at docks around the world, with Southeast Asian ports like Singapore hit the hardest.
- Kuaishou Unveils a Rival to Sora That Produces Video From Text — China’s short-video platform Kuaishou Technology unveiled its text-to-video model “Kling” on Thursday, joining other Chinese tech firms in the race to rival OpenAI’s Sora with artificial intelligence-powered video generation.
South China Morning Post
- Chinese provinces bring in AI to stop cheating in gaokao university entrance exams — In an exam setting, AI allows massive amounts of surveillance video to be processed and reviewed quickly to detect violations.
- China, US security chiefs agree to keep talking on anti-narcotics cooperation — Thursday’s video call is the latest of several communications on drugs and law enforcement between the two sides.
- China’s Nio forecasts record EV sales in second quarter as incentives lure buyers — The Shanghai-based carmaker said second-quarter deliveries could reach 54,000 to 56,000 units, up as much as 86.3 per cent from the previous quarter, which would top its previous record.
Nikkei Asia
- China’s Shein faces laundry list of concerns over possible London IPO — Analysts cite questions for apparel retailer on ESG, Beijing approval, valuation.
- China blocked medical evacuation in South China Sea: Philippines — Manila calls China Coast Guard interference in May ‘barbaric and inhumane.’
- Opinion: China ‘legacy’ chip fears best addressed with targeted measures — Focus on EVs and other areas of concern more workable than broad import ban. By Douglas Fuller
Bloomberg
- China Conducts Large-Scale Audit Reviews on Biggest Mutual Funds — China’s audit office is conducting comprehensive on-site inspections of the country’s biggest mutual funds, marking one of its most thorough examinations into the industry, according to people familiar with the matter.
- Gold Slumps as China’s Central Bank Halts 18-Month Buying Spree — China’s central bank didn’t buy any gold last month, ending a massive buying spree that ran for 18 months and helped push the precious metal to a record high in May.
- China’s $2 Trillion Stock Rally Lures Global Fund Holdouts Despite Risks — Global fund managers who’d been holding back on China are wading back in.
Reuters
- China’s exports rise solidly, but slower imports temper outlook — China’s exports grew more quickly and for a second month in May, suggesting factory owners are managing to find buyers overseas and providing some relief to the economy as it battles to mount a durable recovery.
- Philippines accuses Chinese coast guard of ‘barbaric’ blocking of medical evacuation — The Philippine coast guard on Friday accused its Chinese counterpart of blocking efforts to evacuate a sick member of its armed forces in the South China Sea, calling its actions “barbaric and inhumane”.
- Trump suggests tariffs against nations including China over illegal immigration — Republican presidential candidate Donald Trump said on Thursday he may impose tariffs on countries, including China, that do not curb the flow of undocumented immigrants from their territory to the United States, if he wins the U.S. election in November.
Other Publications
- Washington Post: Opinion: ‘Short of war,’ China’s gray zone strategy on Taiwan is gathering in — The West must strongly deter — without foreclosing a future reconciliation between Taipei and Beijing. By Ambassador Kevin Rudd
- CNBC: China’s Alibaba is courting European and U.S. small businesses as it goes global — Chinese e-commerce giant Alibaba is ramping up its global expansion with new services aimed at attracting small businesses in the U.S. and Europe.
- The Economist: Watch out Beijing, China’s second-tier cities are on the up — Eight great ones embody growth, optimism and the good life.
- Center for Strategic & International Studies: Friendshoring the Lithium-Ion Battery Supply Chain: Battery Cell Manufacturing — Nearshoring the lithium-ion battery supply chain requires substantial policy efforts at every stage.
- POLITICO: Opinion: Chinese exports threaten Europe even more than the US — Biden is right to heed working class voters in Pennsylvania. The Continent, which has even more to lose from a second China shock, better start listening to its workers too. By Sander Tordoir