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
- Milwaukee Tool Sued Over Alleged Chinese Forced Labor in Supply Chain — A former prisoner says he was forced to make work gloves bearing the logo of the tool company.
- Amazon Takes On Chinese Rivals Temu and Shein With Plans for New Discount Service — Move marks a significant step by the U.S. e-commerce giant to safeguard its market leadership at home.
- China’s Communist Party Expels Two Former Defense Ministers — Shake-up among senior figures has sowed doubts about state of the People’s Liberation Army.
The Financial Times
- Keep faith in China, Li Qiang tells business at ‘Summer Davos’ — Premier seeks to win over sceptical foreign investors despite tension over trade.
The New York Times
- Taiwanese Are Told to Avoid China After It Threatens Independence Backers — Beijing released new rules calling for execution of “diehard” Taiwanese independence supporters, as hostilities surrounding Taiwan’s status rise.
- China Levels Graft Charges Against Former Defense Ministers — The two generals were accused of taking huge bribes and of corruption that reached into the armaments sector, indicating that the country’s military has not shaken off old habits.
- Why Do India and China Keep Fighting Over This Desolate Terrain? — Long-running battles in the Himalayas may foretell a more dangerous conflict.
Caixin
- In Depth: China’s Popular Plastic Bag Replacement Is Less Green Than It Seems — Li Jingjing is a firm believer in making use of whatever’s around her. She’s repurposed glass bottles into small lamps, cups, and tea canisters. She’s transformed key chains into handy pill boxes, and turned leftover crab shells into a collage of a fox.
- Beijing and Brussels in High-Stakes Talks to Avert an EV Trade War — China and the European Union are in talks to increase consultations over the EU’s anti-subsidy investigation into Chinese electric vehicles (EVs), aiming to cool escalating trade tensions.
- Russia Detour Hinders Revival of European Carriers’ China Flights, Executive Says — European airlines haven’t been able to compete on “a level playing field” with their Chinese counterparts, who can fly in Russian airspace, Air France-KLM General Manager for Greater China Wouter Vermeulen told Caixin in an interview.
South China Morning Post
- China’s Chang’e-6 lunar probe brought back 1.9kg of rock samples, space agency says — The samples, collected from the unexplored far side of the moon, were handed over to the Chinese Academy of Sciences on Friday.
- Why China’s latest corruption probes hint at fury, betrayal over political disloyalty — Expulsions and investigations of ex-defence ministers Li Shangfu and Wei Fenghe suggest deep frustration in Communist Party leadership, analysts say.
- China’s power players: a visual guide to the country’s key political, economic and military leaders — The main policymakers, their backgrounds, connections, prospects and decisions; compiled in an easy-to-explore visual series.
Nikkei Asia
- Chinese developer Sino-Ocean hit with liquidation petition by U.S. bank — Market watchers expect more consolidation despite Beijing’s industry rescue effort.
- Asia’s IPO market trails U.S. and Europe as proceeds plunge 73% — India tops global listings in first half of year, buoyed by strong economy.
- U.S. and Japan face disconnect over further China chip controls — Trilateral with South Korea produces agreement on supply chain cooperation.
Bloomberg
- Hong Kong Stumbles in Its Own Key Test as a Global Financial Hub — Foreign judges were once seen as canaries in the coal mine for the city’s judiciary. China’s security crackdown is driving them away.
- Morgan Stanley Turns Bullish on Chinese Banks as Risks Subside — Morgan Stanley is turning more bullish on China’s banking sector, saying global investors are too pessimistic about the impact of the nation’s property downturn and weak economy on profits.
- Apple’s China iPhone Shipments Jump 40% After Steep Discounts — Apple’s iPhone shipments in China rose 40% in May, off the previous month’s pace of growth despite heavy discounting by major retailers in the weeks leading up to the country’s June shopping festival.
Reuters
- China’s Xi calls for ‘bridges’ amid trade, diplomatic frictions — Chinese President Xi Jinping called on Friday for the building of “bridges” in the global economy, as Beijing grapples with economic, trade and territorial disputes with neighbours and trading partners.
- Toyota to launch first EV with advanced self driving system for China in 2025 — Toyota is planning to launch the first electric car model equipped with an advanced autonomous driving system similar to Tesla’’s Full Self-Driving for the Chinese market next year, one of its Chinese joint ventures said.
- Apple’s iPhone shipments in China surge 40% in May amid aggressive discounting — Apple’s smartphone shipments in China rose nearly 40% in May from a year earlier, extending a rebound seen in April, data from a research firm affiliated with the Chinese government showed on Friday.
Other Publications
- The Economist: A pivotal moment for China’s Communist Party — Will Xi Jinping keep ignoring good advice at the party’s third plenum?
- Associated Press: Taiwan urges citizens to avoid travel to China, Hong Kong and Macao following Beijing threats — Taiwan has urged its citizens to avoid travel to China and the semi-autonomous Chinese territories of Hong Kong and Macao following threats from Beijing to execute supporters of the self-governing island democracy’s independence.
- Washington Post: Zhou Guanyu is huge for F1 in China. But he’s fighting to keep his job. — China’s first and only Formula One driver is a marketable star, but there are several drivers vying to take his seat.
- The Information: China’s AI Sector Faces Fallout From U.S. Chip Curbs — U.S. rules curbing the export of artificial intelligence chips to China are beginning to squeeze the country’s AI industry.
- CNBC: Apple’s Vision Pro starts deliveries at a higher price in China than in the U.S. — Apple’s mixed-reality headset began deliveries in China on Friday with a retail price roughly 18% higher than in the U.S.
- BBC News: China honours woman who died saving Japanese family — A Chinese woman who tried to shield a Japanese mother and her child from a knife attack has died.
