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
- China’s Foreign Direct Investment Falls Further — Foreign direct investment into China fell for the first five months of the year, extending a streak of declines.
- Europe’s Response to China Shock 2.0: Hold China Closer — Squeezed between the threat of Trump and Chinese imports, European leaders are seeking to woo Chinese investment and know-how.
- The Rise of Chinese EVs Is Dividing the West — U.S. and European tariffs on car imports from China look similar, but will have different consequences.
- Taiwan Wants a Drone Army—but China Makes the Drones It Wants — The vast majority of the types of small, inexpensive drones that are having the greatest impact on battlefields are made in China, the very country that poses the biggest threat to the Taiwanese military.
The Financial Times
- ‘We’re like gears grinding until they break’: Chinese tech companies push staff to the limit — As growth slows, employers are squeezing more hours out of fewer workers.
- China agrees to talks with EU over EV tariffs — German minister Robert Habeck welcomes the move during visit to Beijing to soothe tensions.
- Beyond imitation: how designers are reimagining China’s cars — Electric-vehicle makers are setting new standards with unique designs and focus on gadget-packed interiors.
- US unveils draft plan to restrict investment in Chinese technology — Proposal aims to make it more difficult for groups deemed a security risk to access American resources and capital.
- Opinion: China’s super-rich are eyeing the exit — But capital controls mean getting money out of the country is no easy task. By James Kynge.
The New York Times
- After Escaping China by Sea, Dissident Kwon Pyong Faces His Next Act — Kwon Pyong recounted for the first time the series of gambles that got him out of China by jet ski, and almost a year later, out of South Korea.
- A Times Reporter on His Father’s Years in Mao’s Army in China — For nearly a decade, I worked in China as a Times correspondent and bureau chief. But it wasn’t until researching for a book that I uncovered the full story of my father’s role in Communist rule.
- China and European Union Agree to Talks in Bid to Head Off Trade War — The economic minister of Germany, whose auto sector is enmeshed with China, met with Chinese officials as the E.U. moves to impose tariffs on electric cars.
- Putin Came to Asia to Disrupt, and He Succeeded — His embrace of North Korea and deal making with Vietnam injected more potential threats into a region already strained by Taiwan tensions and South China Sea clashes.
- U.S. Unveils Rules to Curb Investments in Chinese Technology — The Treasury Department unveiled rules to curb financing of Chinese semiconductors, quantum computers and artificial intelligence systems.

Caixin
- China Mulls Tax System Overhaul to Ease Record Local Government Debt — Proposed reforms would shift revenue from the central government and relieve localities of some expenses.
- How the New Tariffs on Chinese EVs Will Slow Green Transition — The European Union on June 12 announced provisional tariffs on Chinese battery electric vehicles based on its estimate of Chinese subsidies.
- More Local Financial Asset Exchanges Cease Operation Amid Sweeping Cleanup — Crackdown on financial risks sees five local finance asset exchanges closed in one day.
- SAIC Undergoes Leadership Reshuffle as It Faces Sluggish Domestic Growth, EU Tariff Hikes — Wang Xiaoqiu, president of China’s largest state-owned automaker, is set to become chairman.
- Opinion: The Challenges and Benefits of China’s Latest Financial Stability Legislation — China Financial Stability Report (2023) noted that while large banks have fared well in risk. By Caixin.
South China Morning Post
- China’s AI event World Intelligence Expo attracts few foreign firms in Tianjin amid global rift — The four-day event was made up mostly of Chinese companies showing off electric cars and robots, as foreign firms continue to sit out Chinese industry events.
- Chinese arms firm shows Nato-standard artillery with aim of boosting weapon exports — With Russian weapons industry tied up by Ukraine war and Western sanctions, Norinco recalibrates in hunt for new sales opportunities.
- China’s C919 jet noses closer to European certification as regulators plan visit — In a step towards international certification for China’s C919 passenger jet, European officials will make a visit next month to get a closer look at the aircraft and its assembly.
- China’s state-owned space company beats private sector to reusable rocket test — Rocket’s ‘milestone’ hop testing sends it more than 10km into the sky before a controlled descent and precision landing in the Gobi desert.
- Will China’s third plenum bring a solution to its local fiscal woes as debts snowball? — A fiscal gulf exists between China’s central and local governments, and it is seen as a hurdle to healthy and sustainable development ahead of the third plenum.
Nikkei Asia
- Philippines warns online casinos could be China-linked ‘Trojan horses’ — Philippine authorities are grappling with the murky world of Philippine offshore gaming operators, or online casinos, as recent raids have uncovered potential links to China-related national security concerns.
- China’s new graduates face job crunch with only 48% receiving offers — With two months to go until graduation, more than half of job-seeking college and graduate students had not secured a position.
- China RV market booms as vacationers embrace the great outdoors — Chinese people are hitting the road in recreational vehicles in greater numbers as young outdoorsy types and retirees alike embrace the freedom and convenience of nomadic travel life.
- New U.S. Okinawa unit to counter ‘China aggression’: Marine chief —The U.S. military has reorganized its forces stationed in Japan, creating a new unit called the Marine Littoral Regiment (MLR), which is meant to come to the defense of remote islands quickly in the event of an attack.
- Weakening yuan could be what China needs, but not what it wants — China’s policy makers are facing a tough call on where they want the yuan to stand as the tightly-controlled currency hits a seven-month low against the U.S. dollar, approaching its weakest level since 2008.
Bloomberg
- Philippines Says June 17 Sea Clash a ‘Deliberate Act’ by China — The Philippines said last week’s encounter with China in the disputed South China Sea where a Filipino soldier lost a finger was a “deliberate act” by Beijing.
- China Imposes More Fertilizer Export Controls to Protect Farmers — China is further restricting fertilizer exports, as it seeks to contain domestic prices, cut farming costs and bolster grain security.
- China Lures $2.3 Billion of Middle East Sovereign Money in 2023 — About $2.3 billion of Middle East sovereign wealth fund capital flowed into the greater China market last year, Hong Kong Monetary Authority’s Kenneth Hui said at a conference on Monday.
- Chinese Automakers Look to Livestreaming to Shake Stuffy Image — Competition in China’s cutthroat car market is pushing even legacy automakers’ senior executives to take up livestreaming to stoke sales.
- Copper Price: Hedge Funds’ Bullish Bets Run Into China Slowdown — Copper surged to a record on a wave of hedge fund money. Now the big question for bulls is when China’s buyers will return.
Reuters
- China’s ByteDance working with Broadcom to develop advanced AI chip — The 5 nanometre chip would be compliant with U.S. export restrictions and manufacturing work would be outsourced to Taiwan’s TSMC, the sources added.
- Autocracy is ‘evil’, Taiwan president says after China threatens death for separatism — China, which views Taiwan as its own territory, has made no secret of its dislike of Lai, who took office last month, saying he is a “separatist”, and staged war games shortly after his inauguration.
Other Publications
- Foreign Policy: How Big Is CCP Inc.? — China’s sovereign funds are huge, powerful—and clumsy.
- Foreign Affairs: Xi Jinping’s Russian Lessons — What the Chinese Leader’s Father Taught Him About Dealing With Moscow.
- The Guardian: China-owned British Steel said to have requested £600m of taxpayer support — Company is looking for help from next government to upgrade to less polluting technology.
- BBC: South China Sea tensions force US and Beijing to talk more — Washington and Beijing are talking more regularly to avoid a conflict in the South China Sea despite their “contentious and competitive” relationship, the United States ambassador to China has told the BBC.