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 Oil-Demand Growth Slowdown Weighs on Global Outlook, IEA Says — The Paris-based organization estimates that global demand will grow by 970,000 barrels a day this year and by 953,000 barrels a day the next.
- Huawei Readies New Chip to Challenge Nvidia, Surmounting U.S. Sanctions — Chinese tech company looks for AI business with Ascend series but still faces production issues.
- OPEC Slightly Trims Oil Demand Forecast, Citing Softness in China — The cartel now forecasts demand to grow by 2.11 million barrels a day this year from 2.25 million barrels a day previously.
The Financial Times
- German investment in China soars despite Berlin’s diversification drive — Politicians warn of rising geopolitical tensions but country’s carmakers stick with Chinese manufacturing.
- China’s Hesai to be removed from US defence department blacklist — U-turn on world’s biggest laser sensor maker is embarrassing reversal for the Pentagon.
The New York Times
- Why China’s and Russia’s Militaries Are Training Together — The two countries have held joint exercises near Alaska, Taiwan and Japan in defiance of the United States and its alliances.
Caixin
- Chinese Fund Firm’s Recently Resigned Chairman Linked to U.S. President’s Son — The recently resigned chairman of Harvest Fund Management Co. Ltd., whom authorities are now investigating, has had ties to the U.S., including a connection to U.S. President Joe Biden’s son, Hunter, public information shows.
- Foreclosures Rise in China as Homeowners Struggle to Repay Mortgages — The number of foreclosed homes on the market in China rose more than 12% year-on-year in the first half of 2024, a new report showed, reflecting the growing struggle of homebuyers to repay home loans amid the prolonged real estate slump.
- Chengdu Further Relaxes Mortgage Rules to Spur Home Sales — Chengdu, the capital of southwest China’s Sichuan province, has further relaxed its mortgage rules expanding eligibility for first-time homebuyers.
South China Morning Post
- Beike’s second-quarter profit jumps 13.9% in surprise defiance of China’s property slump — The strong performance, due to increasing transactions in the secondary market of lived-in homes and rental property, offers a counterview and relief to China’s years-long property slump.
- Guangdong’s AI industry reaches US$25 billion as province competes with Beijing, Shanghai — Shenzhen’s AI industry accounts for more than 40 per cent of Guangdong’s output, but Beijing still reigns with AI output worth US$34.9 billion.
- Hong Kong top talent graduate scheme net to be widened to take in more universities — Government to look outside ‘top 100’ institutions to attract graduates with prestige degrees from other universities for Top Talent Pass Scheme.
Nikkei Asia
- China mechanism for foreign investment faces tighter scrutiny — Checks meant to curb risk and ensure taxation create bottlenecks amid high demand.
- China’s soaring ‘bride prices’ in focus as marriages decline — High cost of living, gender imbalance raise traditional payments.
- Opinion: Xi’s anti-graft purge of the PLA is limited and has dubious motives — Efforts are as much about ensuring loyalty to China’s leader as tackling corruption. By James Char
Bloomberg
- China Goes to New Extreme in Crackdown on Bond-Market Frenzy — Chinese authorities are going to extraordinary lengths to tighten their grip on the world’s third-largest government bond market.
- Thailand Seeks to Curb Online Sales as China Dumping Fears Rise — Thailand plans to limit online sales of foreign goods as Chinese imports come under closer scrutiny across a region that’s feeling an increasing impact from cheap items flooding the market and hurting local manufacturers.
- MSCI Trims China’s Index Presence by Removing Dozens of Stocks — MSCI Inc. continues to cull China stocks from its indexes, setting the stage for a further drop in the nation’s share of a key emerging-market benchmark.
- GM Cuts China Jobs as It Resets in World’s Biggest Car Market — General Motors Co. has been laying off staff in China and will soon meet with local partner SAIC to plan a larger structural overhaul of its operations there, a recognition the Detroit automaker is unlikely to see its sales return to 2017 peak levels.
Reuters
- China’s outbound investing quota crunch spurs foreign asset managers to get creative — Soaring demand from Chinese investors for offshore investments has left foreign banks and fund managers scrambling to ration outbound-investing quotas despite the recent selloff in the U.S. and Japanese markets.
- China Energy Engineering signs $972 million solar deal with Saudi partners — China Energy Engineering, opens new tab signed a 6.98 billion yuan ($972 million) contract to build a solar power plant in Saudi Arabia, a Monday filing with the Shanghai Stock Exchange, marking the latest in a string of China-Saudi renewable energy deals.
- Exclusive: China pressures Germany’s Continental to cut out Lithuania – sources — China is pressuring German car parts giant Continental to stop using components made in Lithuania, two people familiar with the matter told Reuters, amid a dispute between Beijing and the Baltic state over the status of Taiwan.
Other Publications
- Foreign Affairs: China is in denial about the war in Ukraine — Why Chinese thinkers underestimate the costs of complicity in Russia’s aggression. By Jude Blanchette
- Foreign Policy: Tim Walz has always been consistent on China — Local newspapers reveal what the vice presidential candidate thought long before he came into the national spotlight. By Paul Musgrave
- The Information: Nvidia AI Chip Smuggling to China Becomes an Industry — Several months ago, an electric appliance company in eastern China put in a $120 million order for 300 servers powered by eight of Nvidia’s cutting-edge H100 chips. The order was for chips that U.S. export rules bar from sale in China.
- The Guardian: ‘Always remember’: how Tim Walz’s time in China shaped him — Kamala Harris’ vice-presidential pick taught in the country and has a history of supporting human rights in places considered sensitive by Beijing.
