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
- Foreign Carmakers Fight to Survive in China as Market Share Dwindles — The country’s auto market is rapidly electrifying, with help from state subsidies, and local electric-vehicle makers have grabbed a significant share of the market.
- China Allows Robotaxis Without Operators in Shanghai — China has added Shanghai to a list of cities allowing the use of driverless robotaxis in which no safety supervisors are present, part of efforts to take the global lead in autonomous driving and commercialize the technology.
- China Outspends the U.S. on Fusion in the Race for Energy’s Holy Grail — China wants to dominate commercial fusion, a long-dreamed-of clean energy source that is attracting new investment.
- China’s Support for Russia’s War in Ukraine Puts Beijing on NATO’s Threat List — Despite being far from NATO’s borders, China will loom large over the organization’s gathering in Washington on Tuesday.
- India’s Modi Seeks to Shore Up Ties With Russia and Offset China’s Sway — A trip by the prime minister is aimed at dispelling speculation about a downgrade in ties with Moscow.
- Only China Can End the War in Ukraine, Finland’s President Says — Helsinki reaches out to Xi as European leaders fear a U.S. pivot to Asia under Trump.
The Financial Times
- Orbán hails China as ‘key power’ for promoting peace in Ukraine during Beijing visit — Hungarian PM has rattled EU and Nato allies with recent diplomatic forays to Kyiv and Moscow.
- Japan and Philippines deepen defence ties in response to China threat — Reciprocal access agreement will allow armed forces to train and conduct military exercises in each other’s countries.
- China stabbing attacks raise concerns of growing social tensions — Economic doldrums, unemployment and isolation could be playing into crime wave, analysts say.
The New York Times
- Viktor Orban, Hungary’s Leader, Surprises Europe Again With Visit to China — Mr. Orban said his meeting with President Xi Jinping was part of a “peace mission” for Ukraine. But both leaders want to offset Western power.
Caixin
- China’s Power Market Reform Poised to Level Up as Renewables Plug In — While solar capacity has exploded, it’s contribution to the nation’s overall electricity generation has lagged badly, posing challenges for its inclusion in the nascent power trading market.
- Pudong Development Bank Set to Get New President — Vice President Xie Wei looks likely to be promoted at the Shanghai lender, sources tell Caixin.
- Deutsche Bank Sees Rosy Future in Helping Multinationals Tap Chinese Market — European banking giant sees opportunities in panda bond issuances, CEO for Asia-Pacific tells Caixin.
- Chinese Automakers Dominate Israel’s Market — In the first half, Chinese firms sold over 34,500 fossil-fuel cars and EVs in the country, ahead of Korean and Japanese brands.
- Vanke-Linked Firm Sells Most of Its Stake in Shanghai Mall to Singapore Wealth Fund Unit — SCPG Commercial Property Development & Management sold the 48% stake to Reco Yiyuan, a GIC subsidiary, retaining just 2%.
South China Morning Post
- Chinese EV maker BYD buys stake in Thailand distributor after opening local factory — The world’s top EV maker buys a 20 per cent stake in Rever Automotive as it invests in Southeast Asia amid higher tariffs in the US and Europe.
- Microsoft puts AI in Hong Kong primary school, commits to expansion as OpenAI pulls back — Microsoft is expanding AI-related educational initiatives in the city, maintaining access to OpenAI’s models, while its China business draws scrutiny at home.
- China making it ‘very difficult’ for EU to deepen ties: ambassador Jorge Toledo — EU-China ties now ‘more intense’, Brussels’ envoy tells Beijing forum, as Chinese diplomat calls for greater trust to ensure stable cooperation.
- China’s tech boom powering AI career coup, with finance muscled out at top of salary pyramid — China’s drive for self-sufficiency in tech, combined with the global popularity of AI applications, has led to jobs in the field topping finance for pay as the job market shifts to match demand.
- China’s Laws of Robotics: Shanghai publishes first humanoid robot guidelines — Humanoid robots should ‘safeguard human dignity’ and ‘not threaten human security’, say guidelines published during the World Artificial Intelligence Conference.
Nikkei Asia
- China develops new stealth aircraft likely to be deployed on carriers —It will be a fifth-generation fighter jet with a stealth function and is expected to be deployed on China’s third aircraft carrier, the Fujian.
- China AI leader iFlytek dips into red under ‘ultimate’ U.S. pressure — iFlytek said it expects to swing to a loss of as much as $65 million for the first half of the year, blaming heavy investments made under “ultimate” pressure from Washington.
- Philippines to seek diplomatic solutions in South China Sea — Foreign Affairs Secretary Enrique Manalo said peace and dialogue “must prevail” amid disputes across the maritime boundaries between the Philippines and China that have grown since last year.
- Is the China-Russia friendship facade set to crumble? — Genuine trust remains elusive between China and Russia, whose shared history is marred by border conflicts stemming from ideological and territorial disputes.
- Cheaper meals are back in China, Japan and U.S. — for different reasons — From inflation-weary Americans to out-of-work Chinese, consumers are being served up lower prices by restaurants eager to bring them back.
Bloomberg
- Microsoft Orders China Staff to Use iPhones for Work and Drop Android — From September, employees will only be able to use iPhones for work, effectively cutting off Android-powered devices from the workplace
- Chinese Solar Sector’s Recovery Unlikely as Glut Persists — the market may remain oversupplied for up to two years, analysts cited major manufacturer Longi Green Energy Technology Co. as saying.
- Abu Dhabi Investment Firm Lunate Takes On AI Firm G42’s China Fund — The fund, Lunate, plans to hire a small team to help manage what was G42’s 42XFund, an entity with stakes in units of Chinese technology companies including ByteDance Ltd. and JD.com Inc., sources said.
- Chinese Scholars See Little Room to Improve US Relationship — Chinese scholars are highlighting a period of turbulence in the bilateral relationship with Washington ahead of US presidential elections, with some even skeptical on long-term improvements.
- Opinion: US Drones Will Create a ‘Hellscape’ in the Taiwan Strait — If the Pentagon succeeds with an ambitious drone project, it could deter China from invading Taiwan or, paradoxically, make a hot war less hellish. By Andreas Kluth.
Reuters
- US, Australia commit to better Pacific banking as China influence grows — Australian Assistant Treasurer Stephen Jones said Canberra wanted to be the partner of choice in the Pacific, whether in banking or defence.
- EU tariffs hit growth in China’s electric car exports, industry body official says — The prospect of European tariffs cut 20-30 percentage points off China’s growth in exports of electric and plug-in hybrid cars in recent months.
- China state media slams Sinograin over alleged use of fuel tankers to transport cooking oil — Chinese consumers have been increasingly sensitive over food safety, with consumers turning to foreign brands and Beijing stepping up controls.
- China’s central bank tweaks liquidity operations — Market participants and analysts believe the move paves the way for a new interest rate corridor, with the seven-day reverse repo rate serving as a central guide.
Other Publications
- Foreign Policy: Opinion: Keir Starmer Should Rethink Britain’s China Policy — Festering issues—from Beijing’s support for Moscow to domestic interference—fill the Labour government’s inbox. By James Crabtree.
- Foreign Affairs: Why NATO Should Stay Out of Asia — The Alliance Would Leave the Region Less, Not More, Secure.
- AP: China’s Xi calls on world powers to help Russia and Ukraine resume direct dialogue — Chinese President Xi Jinping has called on world powers to help Russia and Ukraine resume direct dialogue during a meeting with Hungary’s Prime Minister Viktor Orbán.
- Rest of World: Chinese factory owners are becoming TikTok comedians to find new business partners — Factory influencers are producing actually funny videos on TikTok, Instagram, and WeChat to increase B2B sales.
- BBC: Scammed by the fake Chinese police — A British-Chinese woman has told the BBC that she handed over her life savings to con men who wore uniforms in video calls and gave her a virtual tour of what appeared to be a police station.
