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.
Paid subscribers automatically have this list emailed directly to their inboxes every day by 10 a.m. EST. Subscribe here.
The Wall Street Journal
- Chinese Solar Farms Are Crowding Out Much-Needed Crops — As China expands renewable energy at a furious pace, solar farms are encroaching on cropland.
- Volvo Car Sales Rose Over 6% on Year in July — In Europe, sales rose 40%, while sales in China fell 31%.
The Financial Times
- China pushes nuclear ‘no first use’ while expanding its atomic arsenal — Beijing’s diplomatic offensive against US posture seen as blunting criticism of its own arms build-up.
- Commodity bulls’ dash for the exit sends prices tumbling — Lacklustre Chinese demand helps push copper down around 20% from record high, while other base metals and corn also fall.
- VW and BMW chiefs warn on EU’s China EV tariffs amid falling profits — German carmakers say the threat of a trade war between Europe and Beijing is looming.
- Chinese yields hit record lows as investors defy central bank warnings — People’s Bank of China struggles to convince traders that market is overheating.
The New York Times
- Why Some Young People in China Pretend to Be Birds — Some young people in China pretend to be birds on social media as way of escaping hustle culture. We can explain.
- In Xi’s China, Politics Eventually Catches Up With Everyone — The author Peter Hessler posed a question with an elusive answer: How could Chinese society open up so profoundly while its politics stagnated or even regressed?
Caixin
- Centaline Expands into Family Office Market With a $1 Billion Target for 2025 — Centaline Group Pty Ltd. launched a home office financial center in Hong Kong Wednesday, aiming to become a leading family office with a target of managing $1 billion in assets next year.
- China’s Manufacturing Shrinks for First Time in Nine Months as Demand Falls, Caixin PMI Shows — Activity in China’s manufacturing sector shrank slightly in July as demand declined for the first time in 12 months, according to a Caixin-sponsored survey published Thursday, indicating that the economic slowdown in the second quarter could carry over into the third.
- Beijing Financial Assets Exchange to Become a Bond Market Powerhouse — The Beijing Financial Assets Exchange announced Wednesday that it will leave the local financial assets exchange business by August 30, turning into a bond trading exchange and positioning itself as financial infrastructure.
South China Morning Post
- US-China fentanyl cooperation gathers momentum with senior meeting in Washington — Anti-narcotic working group formed after Xi-Biden summit meets to clarify direction and strengthen coordination, readouts said.
- Scorching heatwave in China’s Yangtze Delta threatens power crunch, economy — Officials in eastern China must prioritise residential electricity use amid an ongoing heatwave, while also maintaining regional economic growth.
- As Chinese graduates opt for government jobs, what of the private sector? — The increase of politics and law majors could trigger a private-sector brain drain, jeopardising China’s science and technology ambitions.
- Donald Trump’s invitation to Chinese carmakers might boost US transition to EVs — The Republican presidential nominee may still disdain electric vehicles but encourages their manufacturers to build plants in the United States.
Nikkei Asia
- China’s top economist calls for higher inflation to spur growth — PBOC adviser proposes CPI growth of 2-3% as ‘rigid’ policy target.
- China’s Xiaomi breaks ground on 2nd EV plant in Beijing — Move follows debut of the smartphone maker’s 1st electric car.
- Nintendo and Sony hamstrung in China by thin game libraries — Regulators have approved only 1% of titles released for Switch and PS5.
Bloomberg
- PBOC Adviser Gives Rare Critique of China Economic Policies — An influential Chinese central bank adviser delivered a rare critique of his nation’s economic policy, urging the government to set a compulsory target for inflation and step up spending to address weak consumption.
- Apple Pressures Tencent and ByteDance Over App Fees in China — Apple Inc. is ramping up pressure on Tencent Holdings Ltd. and ByteDance Ltd. to make fundamental changes to China’s most popular apps, an unusual move that may inflame tensions in the world’s largest smartphone market.
- Ex-China Editor Hu Banned on Social Media After Post on Economy — Hu Xijin, the former editor-in-chief of China’s state-backed Global Times, has been banned from posting on social media after he wrote controversial comments about the world’s no. 2 economy, according to a person familiar with the matter.
Reuters
- China’s state media, netizens rally around Pan after claims 100m swim not ‘humanly possible’ — China’s state media, athletes and netizens rallied to support Olympic swimming champion Pan Zhanle after critics including an Australian swim commentator said his world record swim in the 100 metres freestyle was not “humanly possible”.
- Exclusive: Audi’s new China EV series won’t have signature four-ring logo — Audi’s new electric cars series developed in China for the Chinese market will not sport its four-ring logo, two people with direct knowledge of the plans said.
- Apple pins hopes on AI for iPhone upgrades as China sales falter — Apple said its third-quarter iPhone sales were better than expected and forecast more gains on Thursday as it bets on artificial intelligence to attract buyers, even as its overall China business disappointed.
Other Publications
- The Economist: To revive the economy, China wants consumers to buy better stuff — It is offering them money to do so.
- Associated Press: Hong Kong young people struggle to rebuild their lives after being jailed under Beijing’s crackdown — Five years after the protests erupted, the lives of some young people who were jailed or arrested during Beijing’s political crackdown on the city’s pro-democracy movement remain in limbo.
- POLITICO: Microsoft scales back AI partnership with Emirati firm amid concerns over China ties — The U.S. tech giant intends to restructure a sensitive part of its partnership with UAE-based G42, following concerns on the Hill about Chinese IP theft.
- Council on Foreign Relations: Australia’s Growing Defense and Security Role in the Indo-Pacific — Australia’s first comprehensive national defense strategy comes as Chinese coercion around Taiwan and in the South China Sea sparks heightened concerns about Beijing’s intentions and ambitions in the region. By Natalie Caloca
- Center for Strategic & International Studies: China’s Massive Next-Generation Amphibious Assault Ship Takes Shape — The Chinese defense industrial base continues to churn out ever larger and more capable warships at a stunning pace.
- The Guardian: China sees highest number of significant floods since records began — So far this year officials warnings have been issued for 25 floods, and China is only halfway through its peak flood season.