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 Is Finally Starting to Do Something About the U.S. Fentanyl Crisis — Chinese authorities quietly shut down chemical sellers and say they will regulate other opioid precursors.
- EU Confirms Tariffs on Chinese-Made EVs — New import fees will begin Friday and last at least four months, the EU Commission said
- China’s Central Bank Borrows ‘Hundreds of Billions’ of Yuan in Government Bonds — The People’s Bank of China has started to borrow medium and long-term notes from lenders.
- China Reopened to Foreign Students. Americans Are Staying Away. — U.S. students numbered 11,000 prepandemic; now there may be fewer than 1,000.
The Financial Times
- How the investment world is trying to navigate geopolitics — An industry that has been hoovering up mathematicians to devise new trading strategies is now leaning on political scientists for guidance.
- US intervened in Congo mine sale to Chinese arms group — US officials encouraged state miner Gécamines to review sale to a subsidiary of Chinese defence company Norinco.
- Tesla cars put on local Chinese government’s purchase list for first time — Announcement comes as Elon Musk’s group faces increasing competition in world’s largest car market.
- Nvidia to make $12bn from AI chips in China this year despite US controls — Chipmaker set to surpass China sales by local rival Huawei by selling product designed to fall outside of export restrictions.
- Tesla cars put on local Chinese government’s purchase list for first time — Announcement comes as Elon Musk’s group faces increasing competition in world’s largest car market.
- Germany vetoes sale of sensitive turbine unit to Chinese group — Blocking of MAN Energy’s proposed deal reflects Berlin’s more security-conscious relations with Beijing.
- EU takes aim at China’s Temu and Shein with proposed import duty — European Commission plans to scrap €150 threshold below which goods are exempt from customs duties.
- Nvidia to make $12bn from AI chips in China this year despite US controls — Chipmaker set to surpass China sales by local rival Huawei by selling product designed to fall outside of export restrictions.
- Opinion: Stifling China’s green energy boom would be a disaster — Does the government in Beijing have the courage to throw its weight behind what business is already doing? By Adam Tooze
The New York Times
- Europe Tells China’s Carmakers: Get Ready to Pay Tariffs — The European Union took the next step toward collecting heavy tariffs on electric vehicles, ahead of a final decision in October.
- F.B.I. and Justice Department Open Criminal Investigation in Chinese Doping Case — The move escalates a fight with China and world antidoping officials, and will cast a shadow over the Paris Olympics.
- Is Xenophobia on Chinese Social Media Teaching Real-World Hate? — Violent attacks on foreigners have prompted a debate about extreme nationalism online in a country that heavily censors information the government bans.
- A Hacker Stole OpenAI Secrets, Raising Fears That China Could, Too — A security breach at the maker of ChatGPT last year revealed internal discussions among researchers and other employees, but not the code behind OpenAI’s systems.
Caixin
- In Depth: How China’s Revamped Voluntary Carbon Scheme Could Help Achieve Green Goals — China revamped and relaunched its main voluntary carbon market scheme this year, seven years after an earlier version was shelved due to poor performance, as policymakers encourage more firms to account for their carbon footprint.
- Deadly Philippines Kidnapping of Chinese Was ‘Meticulously Planned’ — The kidnapping that led to the deaths of two people, including a Chinese citizen, in the Philippines was a “meticulously planned” trap targeting two medical executives, according to a friend of the victims who spoke to Caixin.
- EU Imposes Temporary Tariffs on Chinese EVs, Leaving Four Months for Talks to Resolve Issue — The European Union is to impose provisional tariffs on electric vehicles (EVs) imported from China, from Friday, leaving a four-month window for both sides to negotiate a solution before the temporary duties become final in November.
- Analysis: How to Keep Foreign Capital Flowing Into Chinese Stocks — In the wake of the flood of foreign capital that poured into the Chinese mainland stock market earlier this year, analysts have started to wonder what it will take to keep investor confidence stoked.
South China Morning Post
- China sees foreign visitor numbers more than double after lifting visa rules for many travellers — Restrictions on entering the country have been eased as part of a move to boost the country’s flagging tourist industry.
- China offers SMEs, green sector boost with 3-year action plan to lift government purchases — Various levels of governments have been urged to boost purchases from small and medium-sized enterprises, which are the backbone of China’s economy.
- Chinese EV makers bypass EU and US tariff roadblock by turning towards Africa — With EU and US tariff increases on Chinese electric vehicles in effect, carmakers are looking for other markets.
Nikkei Asia
- EU must not be ‘naive’ in China EV talks, Spain economy minister says — Bloc should protect domestic industries and ‘be a bit more self-centered.’
- 15 years after Xinjiang unrest, China fends off criticism of hardline rule — Beijing cements support from like-minded states, cushioning West’s condemnation.
- U.K.’s new Labour government is set to re-engage with EU and China — Keir Starmer’s party will eye an India free trade pact as a quick win.
Bloomberg
- China’s PBOC Readies Multibillion-Yuan Pool of Bonds to Sell by Tapping Major Banks — China’s central bank took the next step toward selling government bonds to cool a record-breaking rally, saying it now has “hundreds of billions” of yuan of the securities at its disposal through agreements with lenders.
- PwC Is Grappling With an Exodus of Clients and Staff in China — PricewaterhouseCoopers LLP’s regulatory troubles in China have caused an exodus of clients and led some of its accountants to seek out jobs at rivals, casting doubt over the firm’s prospects in the world’s second-largest economy.
- Xi’s China Proves a Hard Sell at Overseas Investment Roadshows — Chinese officials are flocking abroad to answer President Xi Jinping’s call to woo foreign capital. Their pitch to investors is being met with doubt, partly due to the policies of their big boss.
- China, UAE Said in Talks to Increase Flights Between Two Nations — China and the United Arab Emirates are seeking to increase bilateral air traffic rights after years of stagnant travel growth, a move that would seek to boost trade and tourism between the two nations.
Reuters
- China reveals next steps in EU brandy probe as EV tariffs take effect — China announced on Friday the next step in its anti-dumping investigation into European brandy imports, ramping up tension on the same day the European Commission’s provisional tariffs on Chinese-made electric vehicles take effect.
- Exclusive: Firms weigh removing Taiwan staff from China after death penalty threat — Some foreign companies are considering moving Taiwanese employees out of China after Beijing said it could impose the death penalty on “diehard” Taiwan independence separatists, said four people familiar with the matter.
- China, struggling to make use of a boom in energy storage, calls for even more — Rows of what look like thin, white shipping containers are lined up on a barren dirt field in China’s Shandong province.
Other Publications
- CNBC: China faces economic headwinds as it grapples with an aging — and shrinking — population — China’s population is shrinking, and the demographic shift will ultimately hurt its economy, shrink the labor force and put pressure on fiscal policy.
- CNN: Germany blocks another big business deal with China — Germany has blocked the sale of a Volkswagen subsidiary to China on national security grounds, delivering a fresh blow to the already tense relationship with its biggest trading partner.
- Forbes: China Thrashes U.S. In Global AI Patent Race — Here’s Why That Doesn’t Mean It’s Winning The AI War
- The Economist: Why Chinese banks are now vanishing — The state is struggling to deal with troubled institutions.
- Associated Press: Hong Kong activist Joshua Wong asks for a lesser sentence in landmark security case — Prominent activist Joshua Wong asked for a lesser sentence in court Friday after he earlier pleaded guilty in Hong Kong’s biggest national security case.
- Foreign Affairs: When America and China collided — Why the countries are dangerously unprepared for a repeat of the 2001 crisis
- Foreign Policy: How China Could Retaliate Against the EU’s Looming EV Tariffs — China wants to contain growing trade threats without further alienating Europe.
