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 Exports Growth Tops Expectations — China’s exports grew more than expected in June, while imports fell unexpectedly, in another sign of weak domestic demand.
- U.S. Lawmakers Seek Probe of Microsoft’s $1.5B Deal With Abu Dhabi AI Firm — U.S. Republican lawmakers are citing concerns about the transfer of advanced technology and possible ties the Abu Dhabi-based company may have with China.
- China’s Economy Is Flagging. A Five-Year Plan Seeks to Change That. — As Chinese officials gather next week for a once-in-five-years meeting to plot long-term economic strategy, economists are zeroing in on a possible breakthrough to the longstanding problem: how China taxes consumers.
- The One-Child Policy Supercharged China’s Economic Miracle. Now It’s Paying the Price. — Revised U.N. data shows the speed of China’s aging after it accelerated its “demographic dividend.”
- China Hits Back at NATO After Rare Rebuke — China warned the U.S. and its allies not to “provoke confrontation” after NATO took the unusual step of explicitly identifying Beijing as a threat to its interests.
- Opinion: NATO Wakes Up to the China Threat — The allies recognize that Beijing’s help for Putin shows that the world’s threats are global. By The Editorial Board.
The Financial Times
- China exports rise at fastest pace in more than a year — Falling imports drive record trade surplus in June as Beijing leans on manufacturing to support economy.
- Donald Tang: the master of reinvention brought in as Shein’s public face — Executive whose rise on Wall Street won fame in his native China faces tough task at fashion group planning London IPO.
- China’s battery giant taps Europe’s elite to expand supply chain — Tesla supplier CATL holds talks with sovereign wealth funds, family offices and automakers.
The New York Times
- China Reaches Record Trade Surplus, Raising Alarm Abroad — China’s factories have begun an export blitz, prompting worries around the world about the effect on economies elsewhere.
- Fraud Case Against Rich Exile Who Riled Beijing Goes to Jury — Guo Wengui fled China and allied with the American right in a quixotic quest to end Communist rule. U.S. prosecutors say he stole over $1 billion from his followers.
- Biden Announces Tariffs on Chinese Metals Routed Through Mexico — The measure aims to close a loophole that officials said allowed metals made partly in China to come into the United States duty free.
Caixin
- Former Deputy Head of China Taiping Pleads Guilty of Taking $11 Million in Bribes — Xiao Xing’s crimes spanned 25 years during which he illegally received and gifts, the procuratorate said.
- Eight Out of 10 of China’s NEV Brands Will Disappear by 2030 as Market Consolidates, Report Predicts — To survive, an NEV brand needs annual sales of 400,000 pure EVs or 200,000 plug-in hybrid EVs, according to AlixPartners.
- Sanctions Spark Race to Bottom for China’s Lower-End Chipmakers — Manufacturers of less advanced legacy chips are slashing prices as capacity balloons.
- China Plans Tougher Solar Manufacturing Rules to Slow Expansion — Proposed regulations set higher bars in several areas for new production capacity.
- SAIC Volkswagen Slashes Auto Prices as Brutal Price War Takes Toll on Joint Ventures — German joint venture cuts price of China models by up to $8,000 to boost sales amid intense market competition.
South China Morning Post
- China’s quest for overseas capital continues as investment restrictions eased in 6 cities — As China seeks infusions of foreign investment, the country will expand overseas access to service sectors in a select cohort of regional capitals.
- South China Sea: giant ship sent near disputed shoals to show ability to ‘outlast Manila’ — 10,700-tonne civilian patrol ship Haixun 09 spotted near Spratlys, days after Chinese coastguard deploys world’s largest cutter in contested region.
- China’s key SMEs urged to report improper fines, fees as Beijing seeks to ease hardships — China’s industry ministry will gather public information on problems faced by businesses, including fines and administrative fees.
- Foxconn factories in China on hiring spree ahead of Apple’s AI-compatible iPhone 16 launch — Apple’s next smartphone upgrade is one of its most anticipated in recent years because all new models are expected to support AI features.
- CATL taps investors as world’s No 1 EV battery maker raises funds for global supply chain — The fundraising underscores CATL’s ambition to expand its worldwide footprint, as global demand for EVs outpace petrol-gurgling cars that run on internal combustion engines.
Nikkei Asia
- China’s big three state airlines lag behind profitable private peers — China’s three major state-owned airlines continue to lag far behind their private peers in financial performance, even as mainland passengers and cargo transport record double-digit growth.
- Evolving Chinese cyber threat ‘should worry us all’: U.K. cyber head — China and North Korea are among the world’s most worrisome countries in terms of cybersecurity threats, but that is not the full extent of the risks, the head of the British government’s National Cyber Security Centre (NCSC) told Nikkei.
- U.S.-based Chinese state-owned aircraft maker Cirrus lists in Hong Kong — Cirrus Aircraft, a U.S.-based but Chinese state-owned manufacturer of small airplanes, made its debut on the Hong Kong stock exchange on Friday.
- Opinion: America’s hypocrisy is the gift that keeps on giving for China — U.S. double standards erode trust, fuel Beijing’s propaganda machine. By Dien Luong.
Bloomberg
- Xi’s Campaign to Feed China Is Turning Wasteland Into Farms — Efforts to raise the amount of arable land are the building blocks of China’s intensifying campaign to feed itself, as concerns over reliance on imports mount.
- China Sanctions Six US Defense Companies for Taiwan Arms Sale — China is sanctioning six American defense companies and senior executives for their involvement in a recent US arms sale to Taiwan, according to the Chinese Ministry of Foreign Affairs.
- China to Skip Quarterly GDP Briefing as Xi Holds Party Conclave — China will break its tradition for holding a monthly press conference to answer questions on economic data, as President Xi Jinping convenes Communist Party officials for a policy meeting in Beijing.
- US, Finland and Canada Forge Icebreaker Pact to Counter Russia, China — The US, Finland and Canada are teaming up to share shipbuilding expertise on icebreakers, expecting global demand for the vessels to grow as Russia and China increasingly make aggressive moves in the Arctic.
- Opinion: Xi Is Doing Things His Way. That’s Not Helping China — The upcoming Third Plenum is a chance for the president to present a fresh plan to boost the flagging economy. By Karishma Vaswani.
Reuters
- China’s exports top forecasts, but falling imports point to more stimulus — The mixed trade data keeps alive calls for further government stimulus as the $18.6 trillion economy struggles to get back on its feet.
- China’s relentless e-commerce price war leaves sellers struggling to make ends meet — A once-thriving e-commerce industry punctuated by shopping bonanzas featuring galas and celebrities is bearing the brunt of a sputtering economy that has seen consumers all but tie knots in their purse strings.
Other Publications
- The Washington Post: U.S.-China rivalry enters a new sphere: Who can best carry a tune — A Chinese television show featuring live performances by Americans including Adam Lambert has audiences questioning the quality of domestic singers.
- The Economist: What China means when it says “peace” — From Ukraine to Gaza, China sees a chance to promote an ultra-realist worldview.
- The Economist: China views America’s presidential nightmare with mirth—and disquiet — Some Chinese are rooting for Gavin Newsom to become the Democratic candidate.
