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
- Kamala Harris’s Record Offers Only Hints of a China Worldview — Light on foreign policy experience, the vice president echoed Biden on U.S. allies as Chinese media see ‘female Obama.’
- China PMIs Signal Continued Softness in Manufacturing, Slowdown in Services — The manufacturing purchasing managers index dropped slightly to 49.4 in July, from 49.5 in June.
- In South China Sea, a U.S. Ally Navigates Deal With China — China and the Philippines have issued conflicting statements about the terms of a deal intended to defuse tensions in the South China Sea.
The Financial Times
- China’s factory activity falls for third straight month — Beijing has called for faster stimulus to strengthen lagging economic growth.
- Other Rivers — China through the lens of its students — Peter Hessler used his time in Sichuan as a teacher to build a more subtle understanding of a changing country.
- Chinese online store Temu faces supplier backlash over business model shift — Internet marketplace taking on Amazon and Shein aims to cut delivery times by storing goods closer to shoppers.
- China’s Xi calls for faster measures to boost domestic consumption — Politburo admits ‘insufficient’ domestic demand amid rising signs of concern over weaker growth.
The New York Times
- Traveling to China? Here’s What to Know. — China has been rolling out new visa-free programs and promising to make travel easier for foreigners. But challenges remain.
- Why Chinese Propaganda Loves Foreign Travel Influencers — Videos by influencers documenting their trips have been widely promoted on Chinese media — if they tell a certain story.
- China Wants to Start a National Internet ID System — The government said the proposal would protect online privacy. Critics said it could further concentrate government control over the internet.
Caixin
- China Must Resolve Real Estate Crisis and Not Rely on Exports Alone, Expert Warns — China’s economy has struggled to meet expectations over the past year, with the persistent slowdown in the real estate sector proving a major drag, Lu Ting, Nomura’s chief China economist, said at the 2024 Greater Bay Area Chief Economists Forum.
- Politburo Promises New Measures to Tackle Local Debt Risks and Clear Economic Hurdles — China’s leaders are to roll out a batch of new measures at an appropriate time to step up support for the economy it was decided at a Tuesday meeting of the Politburo, the 24-member decision-making body led by President Xi Jinping.
- Caixin Explains: Why and How China’s Overhauling Monetary Policy (Part 1) — China’s central bank is starting a major overhaul of how it manages monetary policy as the country adapts to slowing growth and the changing structure of the economy.
South China Morning Post
- China’s live-streamers ready for their close-up as official jobs list updated — Live-streaming was one of several new fields added to China’s registry of officially recognised professions, indicating the growing status of the digital economy in the country’s long-term outlook.
- China imposes export controls on drones and parts with potential for military use — Beijing says move will help safeguard China’s security and interests, and better serve its obligation regarding non-proliferation of weapons.
- China’s cash-strapped small banks face limitations amid shake-up, with no easy fix — Beijing has called for consolidation of China’s indebted and feeble local banks, with the central Henan province announcing its consolidation plans on Sunday.
Nikkei Asia
- Hong Kong hotel operator reveals investment losses from Evergrande bonds — Asia Standard’s developer-dominated portfolio hit by two winding-up orders.
- China’s stressed young people find solace in Japanese manga — Struggles facing ‘Chiikawa’ characters resonate with youth amid economic slowdown.
- Southeast Asia pushes back on cheap Chinese imports — E-commerce and EVs force balancing between tariffs and pursuit of high-tech investments.
Bloomberg
- China’s Mega-Grocers Turn to an Upstart to Win Back Shoppers — France’s Carrefour SA has shut more than 140 mainland stores, leaving just four remaining outlets, and the UK’s Tesco PLC has exited entirely.
- Xi Struggles to Fix Chinese Consumer Gloom That’s Stinging World — President Xi Jinping’s government is facing growing pressure to address China’s consumer spending downswing, as it becomes one of the biggest threats to global economic growth.
- China Home Sales Slump Drags On Despite Latest Rescue — China’s residential slump deepened again in July despite the country’s most forceful efforts yet to support the property market.
Reuters
- Exclusive: New US rule on foreign chip equipment exports to China to exempt some allies — The Biden administration plans to unveil a new rule next month that will expand U.S. powers to stop exports of semiconductor manufacturing equipment from some foreign countries to Chinese chipmakers, two sources familiar with the rule said.
- China’s BYD explores Canadian auto market entry -regulatory filing — Chinese EV maker BYD, is looking to enter the Canadian automotive market, according to a regulatory document filed earlier this month, even as Canadian officials consider imposing tariffs on vehicles imported from China.
- US says start of new China tariffs will be delayed by at least two weeks — The U.S. Trade Representative’s office said on Tuesday some of the steep U.S. tariff increases on an array of Chinese imports, including electric vehicles and their batteries, computer chips and medical products will be delayed by at least two weeks.
Other Publications
- The Economist: China’s last boomtowns show rapid growth is still possible — All it takes is for the state to work with the market.
- Associated Press: Germany says China was behind a 2021 cyberattack on a government agency and summons its ambassador — An investigation has determined that “Chinese state actors” were responsible for a 2021 cyberattack on Germany’s national office for cartography, officials in Berlin said Wednesday.
- Center for Strategic & International Studies: Why Did China and Russia Stage a Joint Bomber Exercise near Alaska? — On July 24, the North American Aerospace Defense Command (NORAD) intercepted two Chinese Xian H-6K bombers and two Russian Tu-95MS Bear bombers flying near Alaska.
- MIT Technology Review: A controversial Chinese CRISPR scientist is still hopeful about embryo gene-editing. Here’s why. — He Jiankui, who went to prison for three years for making the world’s first gene-edited babies, talked to MIT Technology Review about his new research plans.
- The Guardian: Standard Chartered plays down fears of US-China trade war under Trump — Chief executive says tensions ‘not impacting’ business as bank reports pre-tax profits of $1.6bn for second quarter.
- CNBC: ASML shares pop 7% after report that U.S. will exempt allies from new China chip restrictions — Shares of Dutch firm ASML jumped as much as 10% on Wednesday after a Reuters report suggested the company could be exempt from expanded export restrictions on chipmaking gear to China.
