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
- Biden’s Tough-on-China Stance Threatens Green America Push — President tries to balance building clean-energy industries and curbing Chinese imports such as batteries and solar-panel parts.
- Adidas Probes Allegations of Corruption in China — Executives in China accused of receiving millions of dollars in kickbacks.
The Financial Times
- Shein chases new revenue streams as it prepares for London listing — Ecommerce company has been diversifying away from fast fashion and trying to improve customer loyalty.
- Premier Li Qiang’s visit has Malaysia wanting more from China pivot — Xi Jinping’s absence for 50-year anniversary of diplomatic ties rankles PM Anwar Ibrahim’s government.
- Latin America is the victim of protectionist contagion — ‘Steel wars’ with China show how difficult it is to contain global tariffs.
The New York Times
- Heavy Rains Lash Southern China, Killing at Least 9 — Rains set off landslides and inundated villages in the south, forcing thousands to evacuate. In the north, residents sweltered through a drought.
- Why Chinese Working Mothers Don’t Want More Babies — We spoke to three women who have rejected the government’s drive for bigger families and asked them to document their daily lives as they juggle home and the workplace.
- China and Philippines Trade Angry Accusations After a Ship Collision — The clash is the latest in a string of confrontations that have increased tensions in the South China Sea.
Caixin
- Tesla Gets License to Test Full Self-Driving in Shanghai, Source Says — Tesla Inc. is one step closer to launching its Full Self-Driving (FSD) system in China, as the U.S. automaker has been granted a road test license by Shanghai authorities and may have begun testing the system, a source close to the city’s policymaking department told Caixin.
- The World Still Loves Panda Bonds as Appetite for Renminbi Increases — The Chinese yuan has been under continuous pressure since the start of 2024, depreciating by more than 2% against the U.S. dollar. Despite this, the renminbi internationalization remains robust, with the appetite of foreign investors to hold renminbi assets is recovering strongly.
- Higher Wages, Fewer Jobs: The Changing Face of China’s Manufacturing Sector — China’s manufacturing industry is showing signs of recovery following the Covid pandemic but the recovery isn’t uniform, according to an index of manufacturing activities released by Shanghai Jiao Tong University.
South China Morning Post
- Chinese ride-hailing giant Didi Chuxing says it has no timetable for Hong Kong IPO — Didi had originally planned for a Hong Kong listing this year, according to a source.
- Global aviation giants hope Beijing business is unscathed by China-EU trade rows — Rising trade tensions trigger concern about potential retaliatory measures from Beijing, including against the aviation sector.
- China marriages fall to ‘norm’ in first quarter after active 2023, threatening productivity as population ages — Fewer weddings mean fewer kids and a smaller labour force down the line as the population ages and productivity takes a hit.
Nikkei Asia
- U.S. condemns ‘escalatory and irresponsible’ China actions in South China Sea — Washington backs Philippines following collision near Second Thomas Shoal.
- Chinese premier’s visit puts Australia’s critical mineral ambitions in spotlight — China’s support could help make Albanese’s processing ambitions affordable.
- China to see biggest millionaire exodus in 2024 as many head to U.S. — ‘Perfect storm’ of tensions and uncertainty spurs record global wealth shift, report shows.
Bloomberg
- China-Australia Critical Mineral Tensions in Spotlight as Li Qiang Visits Perth — The gulf between Beijing and Canberra over Chinese investment in Australia’s critical minerals industry took center-stage on the final day of Premier Li Qiang’s visit, when he joined Prime Minister Anthony Albanese in the western mining capital of Perth.
- China’s Surge in Solar and Hydro Points to Early Carbon Peak — China has reduced power generation from fossil fuels as output from sunlight and water surges, feeding hopes that the world’s biggest polluter may have peaked emissions years before its own deadline.
- The Deadly Mining Complex Powering the EV Revolution — Nickel is pouring into the supply chain from an Indonesian industrial park with a history of fatal accidents.
- Huawei Considers App Store Fees as It Surpasses iPhone in China — Huawei Technologies Co. is considering taking a cut of in-app purchases on its Harmony mobile operating system, underscoring its growing confidence in competing with Apple Inc. in the world’s largest smartphone arena.
Reuters
- China dismisses EU comments on human rights crackdown — China on Tuesday dismissed European Union calls for it to stop alleged human rights violations and said it opposed “double standards” and interference in its internal affairs.
- Taiwan keeping watch after Chinese submarine surfaces in Taiwan Strait — Taiwan’s defence minister said on Tuesday that they have a “grasp” of the situation after pictures appeared online of a Chinese nuclear submarine surfacing in the sensitive Taiwan Strait near Taiwanese fishermen.
- Why These Chinese Working Mothers Don’t Want More Babies — One leads a team at a financial firm and earns more than her husband. Another is pursuing her dream of becoming a civil servant. A third is a budding influencer who aspires to be the family breadwinner.
Other Publications
- The Economist: China’s giant solar industry is in turmoil — Overcapacity has caused prices—and profits—to tumble.
- Associated Press: China targets Europe’s farmers, and not its automakers, in response to EU tariffs on electric cars — The Chinese government is taking aim at European farmers instead of German automakers by launching an investigation into European Union pork imports, just days after the EU said it plans to impose provisional tariffs on China-made electric vehicles.
- POLITICO: As the Hill sets its focus on China, DC trade groups are the latest in the line of fire — China hawks are now working to block off a key avenue of influence for companies linked to China: their trade associations.
- Foreign Policy: The President Needs to Lead the Cold War on China — A comprehensive economic strategy can forestall Beijing. By Randy Schriver, Dan Blumenthal, and Josh Young
- The Guardian: BYD: China’s electric vehicle powerhouse charges into Europe — Threat of EU tariffs may not be enough to slow carmaker in its attempt to challenge Tesla on global stage.