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 Rejects U.S. Ambassador’s Accusation That Beijing Is Undermining Diplomacy — A spokeswoman for China’s Foreign Ministry said that China had acted in a spirit of mutual respect and accused the U.S. of hindering exchanges between people from the two countries.
- Why Copper Fever Is Breaking — The energy-transition metal is still popular among investors, but bets on a looming supply crunch look less sure than a month ago.
The Financial Times
- Coal push damps hopes of China’s climate ambition — Momentum behind net zero pledges could be fading as Beijing prioritises economic growth and energy security.
- Philippines warns of region-wide conflict over South China Sea dispute — Ambassador to Washington raises spectre of nuclear war as tensions deepen around disputed Second Thomas Shoal.
- Novo Nordisk weight loss drug Wegovy approved in China — Move opens market with growing rates of obesity to Danish group’s blockbuster drug.
- Opinion: China is an open goal for Novo Nordisk’s obesity drug — Danish maker of Wegovy has little competition in the country and massive demand that it can take advantage of. By Lex.
- Opinion: Why Xi is wary of Kim’s embrace of Putin — North Korean leader’s deepening ties with Russian president could increase his sense of independence from Beijing. By Joe Leahy.
- Opinion: China’s big housing correction is not over — Better-case scenario is that sales start to stabilise near the end of the year. By Chen Long.
- Opinion: A deepening stand-off in the South China Sea — The US is correct to support the Philippines in countering Chinese encroachment. By The Editorial Board.
The New York Times
- China’s Anguished Debate: Do Its Children Have a Crime Problem? — China has been considered relatively progressive on juvenile justice. But several high-profile killings have prompted calls for the law to come down more harshly on minors.
- For American Brands Worried About China, Is India the Future? — As multinational retailers diminish their dependence on Chinese factories, some are shifting production to India.
- U.S. Swimming Stars Assail Antidoping Agency Ahead of Olympics — Lawmakers expressed openness to withholding funding from the agency after reports that Chinese swimmers were allowed to compete in the 2021 Games after testing positive for a banned drug.
Caixin
- China Must Seek Growth by Exporting Its Manufacturing Expertise, Says TCL Founder — The future of China’s manufacturing industry must be to go global, says TCL chairman Li Dongsheng.
- Fosun Pharma Offers $692 Million to Privatize Innovative Drugmaker Henlius — Henlius share prices surges as buyout offer values the company at $1.71 billion.
- Ride Hailing Firm OnTime Gets Green Light for Hong Kong Listing — Ride-sharing platform says it will use funds raised to promote autonomous driving and brand building.
South China Morning Post
- China, Saudi military cooperation on ‘fast track’ as top defence officials meet — Riyadh’s Khalid bin Salman holds meetings with China’s top generals during relations-building visit to Beijing.
- Mainland Chinese, Taiwanese coastguards in tense stand-off near Quemoy — Four vessels entered restricted waters on Tuesday, engaging in a face-off for two hours with three patrol boats from Taiwan, island’s coastguard says.
- Chinese teen in Alibaba maths finals sparks awe, controversy after beating MIT students — Jiang Ping has become the subject of national curiosity after climbing past competitors from Stanford, Cambridge, and Tsinghua to reach the finals.
- How China’s ‘dual circulation’ drive is shaping up – and what’s next on the agenda — Under China’s ‘dual circulation’ strategy, introduced in 2020, the country is reducing its trade dependence on the West and bolstering its domestic market. What has been accomplished in the plan’s first four years?
- Tencent’s Roco Kingdom: World among 104 new video games approved by Beijing in June — This month marked a rebound for China’s video gaming industry, after fewer than 100 titles each were approved in April and May.
Nikkei Asia
- China’s undersea cable drive defies U.S. sanctions — For Chinese undersea cable maker Wuhan FiberHome International Technologies, being banned by the U.S. government is nothing to worry about. It has, in fact, been good for business.
- China’s ‘too small’ property rescue leaves market wanting more — The rescue package by the People’s Bank of China, the country’s central bank, is widely deemed to be “insufficient” by market watchers.
- Opinion: China’s communist leaders are preparing a story to tell — Upcoming party plenum could shed light on disappearance of senior ministers. By Ling Li.
Bloomberg
- A Simple Guide to China’s Very Complicated Policy Universe — There are a lot of meetings in Beijing — and a lot of big, important changes that come from them. Here’s how investors and others can make sense of it all.
- OpenAI’s China Block to Reshape AI Scene as Big Players Like Alibaba Pounce — OpenAI’s abrupt move to ban access to its services in China is setting the scene for an industry shakeup, as local AI leaders from Baidu Inc. to Alibaba Group Holding Ltd. move to grab more of the field.
- China Reveals Government Fund Misuse, Highlighting Fiscal Risks — China discovered that officials allowed cash raised from special bonds or funds from the central government budget to be invested in subpar or halted projects, raising questions about the effectiveness of current fiscal measures in bolstering economic recovery.
- Xi’s Former Chief of Staff Tapped to Push for Tech Breakthroughs — President Xi Jinping has tapped his former chief of staff to spearhead China’s drive for breakthroughs in core technologies, as tensions with the US ramp up over cutting-edge chips and artificial intelligence.
- Opinion: China’s AI Strength Suggests US Curbs Could Backfire — Washington shouldn’t discount how imposing scarcity all too often breeds innovation. By Catherine Thorbecke.
Reuters
- Chinese liquor makers endeavour to give Westerners a taste for baijiu — While sales in China are still rising, top baijiu makers like Kweichow Moutai face far slower growth than in the past as younger generations increasingly opt for alternatives.
- China has an incentive to keep road to Europe open — For China, EVs are just the tip of the issue. They are a fast-growing source of exports, but at $11.5 billion last year, the sector accounts for 2% of Chinese exports to EU, according to Breakingviews calculations.
Other Publications
- Foreign Policy: A New Era of Financial Warfare Has Begun — The West’s latest actions against Russia carry risks for the global system and could provoke China.
- Foreign Affairs: America’s Asian Partners Are Not Worried Enough About Trump — How His Return Could Destabilize the Region.
- The Washington Post: Chinese subsidies for drones, chips put U.S. at risk, House panel says — The select committee is scheduled to hear testimony on Chinese practices in the drone, semiconductor, shipbuilding and steel industries on Wednesday.
- The Information: A New U.S. Crackdown Is Crippling China’s Best Hope to Rival Nvidia — The Biden administration has suddenly imperiled China’s ability to produce alternatives to Nvidia’s artificial intelligence chips.
- BBC: Edinburgh shelves Taiwan friendship deal over China sanctions fear — The City of Edinburgh Council has shelved plans for a new “friendship arrangement” with a Taiwanese city following fears it could harm relations with China.
