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
- Chips or Not, Chinese AI Pushes Ahead — Chinese technology companies cut off from the world’s most advanced chips for artificial-intelligence computing are rallying around an appealing message from industry pioneers: to make money, they might not necessarily need them.
- NetEase Shares Slump on Profit Miss, Softness in PC Games — NetEase’s profit miss and computer-game sector softness on operational adjustments prompted a selloff in shares of the Chinese videogame giant that some analysts called an overreaction.
- Breakup of Chinese Rocket Prompts Warnings About Space Junk — A rocket carrying the first batch of satellites that aim to form a rival system to Starlink broke up into hundreds of pieces after releasing its payload.
- Why China Is Starting a New Trade War — Faced with stagnating growth, Xi Jinping decided to go all in on manufacturing—and much of that production is destined for export.
- Opinion: America Needs a Strategy for China — Biden’s team seemed to be developing one. Then the Ukraine war diverted its attention and resources. By Mike Gallagher.
The Financial Times
- Jake Sullivan to make first China visit as US national security adviser — White House expects foreign minister Wang Yi to ask about November election.
- Climate policy success needs mix of three factors, study finds — Pioneering AI-driven analysis highlights drivers of emissions cuts in UK, Norway, US and China.
- Taiwan’s top security officials make secret trip to US for talks — Visit to Washington area this week comes at sensitive time in relations between Beijing and Taipei.
- Opinion: The myth of deglobalisation hides the real shifts — Despite distortions by the pandemic and the rise of China, cross-border trade looks healthy. By Klaus Baader.
The New York Times
- Nepal Asks China to Turn a Loan for Pokhara Airport Into a Grant — A new government in Nepal formally asked for relief from a $216 million debt it incurred for construction of an airport in Pokhara that has been beset by problems.
- Nepal Lifts Ban on TikTok, in a Likely Overture to China — The move signaled that Nepal’s new prime minister, who has cultivated ties with China, would continue on that path.
- A History Museum Shows How China Wants to Remake Hong Kong — A new exhibit calls for the city’s residents to be patriotic, loyal to the Chinese Communist Party and ever vigilant to supposed threats to the state.
Caixin
- State Energy Giants Lead New Green Hydrogen Consortium — Group aims to ‘realize full-chain innovation from basic research to industrialization’ for a sector struggling to bring down costs.
- In Depth: Pressure Builds on Trailblazing Chinese Bubble Tea Brand Mixue — Mixue has mounted an aggressive global expansion only to find local rivals nipping at its heels as markets have grown saturated and its IPO plans have faltered.
- Toyota-Backed Fuel Cell Plant Kicks off Production in Beijing — Beijing factory begins producing hydrogen fuel cell systems for greener buses and trucks.
- China’s Tightening Rules Put Foreign High-Frequency Futures Traders in Limbo — Some firms that have operated for years in a gray area are now struggling to find a compliant way to continue running their businesses in China.
- Career Rehabilitation of Punished Chinese Officials Raises Eyebrows — Appointment of official sanctioned and demoted for pandemic-related misconduct to senior role in provincial capital sparks discussion online following a number of similar cases involving disgraced officials.
South China Morning Post
- Accepting historic nomination, Harris vows ‘America, not China’ will win 21st century — Vice-president says opponent is easy to manipulate: ‘Trump won’t hold autocrats accountable because he wants to be an autocrat himself’.
- Beijing hosts World Robot Conference as China eyes expanding humanoid robot market — Humanoid robots in China are mostly used for industrial purposes.
- In call with UK’s Keir Starmer, China’s Xi Jinping urges long-term view of ties — Chinese state broadcaster CCTV says the call was made at Starmer’s request.
- China’s cruise ship services 220,000, sailing full steam into uncharted market — The first cruise ship to be produced in China has completed its first several months of voyages, with its builder confidently estimating the sector carries a vast sea of potential.
- China’s green panda bonds are ‘reliable’ financing option for Africa, summit hears — Digital financial inclusion event in Nairobi brings together more than 100 fintech companies from African and Asian countries.
Nikkei Asia
- Ping An to continue government bond investments despite crackdown — Chinese insurer evades questions on HSBC holdings at press conference.
- Pakistan delays China-funded airport opening over security fears — Critics say $246m ‘vanity’ project risks turning into a white elephant.
- Opinion: Asia’s high-yield bonds are a great opportunity for investors — As the Asian market becomes more diversified, new prospects emerge across the region. By Raymond Gui.
Bloomberg
- China Bond Trading Collapses Amid PBOC Crackdown on Record Rally — China’s attempts to cool a record bond rally have stalled a drop in yields, but at the cost of a collapse in trading activity to an extent that may create more headaches for policymakers.
- Alibaba to Upgrade Hong Kong Listing to Tap Chinese Traders — Alibaba Group Holding Ltd. shareholders have approved a plan to upgrade its Hong Kong listing to primary status on Aug. 28, a maneuver expected to attract billions of dollars in investment from mainland China.
- BP Buys Stake in Chinese Producer of Sustainable Aviation Fuel — BP Plc has acquired a stake in a Chinese sustainable jet fuel company for 350 million yuan ($49 million), giving the oil major a foothold in one of the world’s biggest aviation markets.
- Opinion: China’s Hit Game ‘Black Myth: Wukong’ Has Tricky Legends Behind It — East Asian gamers may have a leg-up because they’ve grown up with the epic. The lore can be pretty intoxicating and controversial. By Howard Chua-Eoan.
Reuters
- After battle with yuan bears, China is now keen to avoid sharp currency gains — Chinese authorities have worked behind the scenes to ensure the currency doesn’t spike abruptly, which could roil fragile domestic financial markets and hurt exporters.
- China’s big ball of money has nowhere else to go — This year, lenders are offering low savings rates, stocks are moribund, and house prices are still falling. That has made Chinese government bonds an obvious refuge.
- China’s robot makers chase Tesla to deliver humanoid workers — The robotics effort is backed by President Xi Jinping’s policy of developing “new productive forces” in technology – a point made in brochures for this week’s event.
- Shein reveals child labour cases as it steps up supplier audits — Shein, which has grown rapidly selling $5 tops and $10 dresses online to shoppers around the world, said 3,990 audits were conducted in 2023, up from 2,812 in 2022 and 664 in 2021.
Other Publications
- CSIS: How China Could Blockade Taiwan — Beijing’s growing use of its military to put pressure on Taiwan in recent years has stoked concerns that it may invade the island.
- The Economist: If a China and America war went nuclear, who would win? — After 45 days of conventional fighting nukes would be tempting, wargamers suggest.
- The Economist: Why are VPNs getting slower in China? — The government seems increasingly uneasy about people leaping over the great firewall.
