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 to Include Australia in Visa Waiver Program — Li is first Chinese premier to visit Australia in seven years, and is the second-highest ranking official in China.
- China’s Housing Market Woes Deepen Despite Stimulus — Home prices declined at a faster pace in May in major cities, while other data show a mixed picture for the world’s second-largest economy.
- China Launches Antidumping Probe Into EU Pork Imports — The Chinese commerce ministry’s announcement came just days after Brussels last week announced extra levies on Chinese electric vehicles.
- From Xinjiang With Love: China Show Tries to Give Region a Rosier Image — The TV drama ‘To the Wonder’ extols the beauty of an area that is at the center of alleged human-rights abuses.
- China’s Housing Market Woes Deepen Despite Stimulus — Home prices declined at a faster pace in May in major cities, while other data show a mixed picture for the world’s second-largest economy.
- G-7 Nations Criticize Chinese Subsidies, High-Tech Exports — Leaders push for China to stop ‘persistent industrial targeting’ and to end support for Russia.
The Financial Times
- Australia’s trade with China surges to record level after tariffs lifted — Premier Li Qiang visits miners and winemakers as Canberra and Beijing put trade dispute behind them.
- China launches anti-dumping probe into EU pork imports — Investigation comes after Brussels imposes tariffs on Chinese EVs as trade tensions rise.
- Zhu Min: People talk about ‘overcapacity’ . . . but EVs are just evolving fast — Economist and member of China’s five-year plan committee reflects on geopolitical and trade tensions — including electric vehicle exports.
- Opinion: Renminbi likely to draw fire as trade tensions mount — China’s reliance on exports is set to fan the flames of protectionism elsewhere. By Richard Yetsenga
- Taiwan’s president urges army to shed nationalist legacy to meet China threat — Duelling centenary celebrations for military academy underscore armed forces’ fractured identity.
- Adidas investigates bribery allegations in China — Senior managers accused of receiving millions of euros in kickbacks.
- Early repayments shrink China’s mortgage-backed securities market by 65% — Property owners rush to pay down debts or refinance at lower rates in absence of other investment options.
- Xi Jinping claimed US wants China to attack Taiwan — Chinese president told European Commission president that Washington was trying to goad Beijing into war.
- Renewables chief says Biden’s China tariffs risk slowing green transition — NextEra’s Rebecca Kujawa warns clean energy duties are raising costs for US consumers.
- Yoox Net-a-Porter exits China to focus on more profitable markets — Luxury ecommerce platform’s decision comes at a time of weaker economic momentum in the mainland.
- British army delays King Charles cap badges over China spying fears — UK defence official cites possibility that tracking devices or GPS transmitters could be embedded into metal crests.
The New York Times
- Facing E.V. Tariffs, China Threatens Pork Imports From Europe — Acting quickly after the European Union imposed extra tariffs of up to 38 percent on China’s electric cars, Beijing opened a trade case on Europe’s pork.
- As China’s Pressure on Taiwan Rises, Departing U.S. Envoy Urges Steady Hand — Worries about Chinese belligerence rose during Sandra Oudkirk’s three years in Taipei. As she leaves, she is seeking to assure Taiwan of continued U.S. support.
- China’s Lust for Durian Is Creating Fortunes in Southeast Asia — Demand for the fruit, known for its rich taste and intense smell, has reshaped parts of Southeast Asia, where it has long been a staple.
- It’s Not Just Russia: China Joins the G7’s List of Adversaries — While not invited to the Group of 7 meeting, China was still a major presence, with the summit’s final communiqué referencing the country 28 times, almost always as a malign force.
- Chinese Swimmers Had Previous Positive Tests for Banned Drug — Three athletes who failed drug tests before the 2021 Olympics had tested positive for a powerful steroid several years earlier. They were not suspended in either incident.
Caixin
- Cover Story: China’s Sports Corruption Dragnet Casts Pall Ahead of Paris Olympics — An avalanche of corruption investigations continues to sweep through the former top echelons of China’s sporting regulator, casting a shadow over the country’s spectacular performances in recent Olympics.
- China Rolls Out New Rules for Online Sites to Curb Cyberbullying — Online information service providers must shoulder the primary responsibility for managing online content and are required to set up a mechanism to deter cyberbullying, according to new rules released by Chinese authorities Friday.
- Ex-China Development Bank Top Executive Charged With Taking Millions in Bribes — Zhou Qingyu, former vice president of China Development Bank, the country’s biggest policy lender, has been charged with taking bribes totaling almost 70 million yuan ($ 9.6 million) across a decade, according to China’s highest court.
South China Morning Post
- Some Chinese insurers face ‘material’ profit risk from property exposure: Moody’s — Some insurers have exposure in excess of 15 per cent of shareholders’ equity, report says.
- As Shein heads towards IPO, its Chinese billionaire founder stays under cloak of secrecy — Even by the standards of Chinese tech business leaders, the lack of public information about Xu Yangtian is unusual.
- EV maker Xpeng’s flying car takes first flight in Beijing in step towards commercialisation — X2, a flying car made by Xpeng affiliate AeroHT, took off at Beijing Daxing International Airport, as the firm moves closer to commercialising its aircraft.
Nikkei Asia
- Chinese Premier Li Qiang says ties with Australia are back on track — Meeting with Prime Minister Albanese in Canberra comes as economic ties warm.
- China Vanke: the poster child of a now-troubled property sector — ‘Fallen angel’ struggles to stabilize sales as consumer and investor confidence fades.
- Opinion: Acclaimed judges aren’t alone in giving up on Hong Kong courts — Companies are increasingly turning to alternative hubs for commercial disputes. By Kevin Yam
Bloomberg
- China Starts Anti-Dumping Probe on Imports of EU Pork — China launched an anti-dumping probe on pork imports from the European Union, in a narrowly targeted measure that’s the latest move in simmering trade tensions between Beijing and Brussels.
- China Hands Firms Decades-Old Tax Bills, Hinting at Funding Woes — Local governments in China have asked several companies to pay tax bills dating back as far as the 1990s, underscoring their need for funding due to the uneven economic recovery and persistent housing slump.
- China’s Economic Powerhouse Is Feeling the Brunt of Its Slowdown — As a four-decade rise in living standards shows signs of stalling, the pain in the country’s most entrepreneurial province is acute.
Reuters
- US as many as 15 years behind China on nuclear power, report says — The U.S. is as many as 15 years behind China on developing high-tech nuclear power as Beijing’s state-backed technology approach and extensive financing give it the edge, a report said on Monday.
- China views Taiwan’s ‘elimination’ as national cause, Taiwan president says — China views the annexation and “elimination” of Taiwan as its great national cause, Taiwan President Lai Ching-te said on Sunday, telling cadets at the military’s premier academy they must know their enemy and not give in to defeatism.
- China coast guard says Philippine supply ship bumped Chinese ship in South China Sea — A Philippine supply ship dangerously approached a Chinese ship resulting in a slight collision after it illegally intruded into waters adjacent to the Second Thomas Shoal in the South China Sea, the Chinese coast guard said on Monday, a claim which Manila’s military said was “deceptive and misleading”.
Other Publications
- The Atlantic: Between a Rock and a Hard Place in the South China Sea — A remote outpost of the Philippines in the South China Sea is on the front line of potential geopolitical conflict.
- Washington Post: China pursuing ‘significant’ expansion of nuclear arsenal, report says — China is also modernizing its nuclear arsenal and could have as many intercontinental ballistic missiles as the United States by 2030, a new report says.
- The Guardian: Chinese premier’s Australia visit overshadowed by officials’ apparent attempt to block Cheng Lei’s view at event — The first visit to Australia by a Chinese premier in seven years was marked by anti-China groups protesting China’s disregard for human rights.
