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
- There’s a China-Shaped Hole in the Global Economy — China’s low-consuming, high-investing economy guarantees conflict with other countries.
- China Has Another Firm in Its Crosshairs Over Its Epic Property Bust: PwC — Big Four accounting firm, auditor of choice for many Chinese developers, now faces blowback.
- European Spirits Makers Surge After China Pauses Measures Against Brandy Imported From EU — Shares in Pernod Ricard and Remy Cointreau were up by 4.2% and 7.8%, respectively.
- Chinese EV Stocks Tumble on Worries About Weak Auto Demand — Li Auto led the losers with its stock dropping 9.1% in Hong Kong.
- Hong Kong Editors Convicted of Sedition in Landmark Press-Freedom Verdict — First such convictions in decades concern articles about political opposition published by Stand News, a top source of information about 2019 protests.
The Financial Times
- China’s international use of renminbi surges to record highs — Closer ties with Russia bolster Beijing’s efforts to use its currency more in global trade.
- Shenzhen and Dubai pledge to increase cross-border ETF investing — Memorandum of understanding is latest evidence of growing financial ties between China and Middle East.
- Biden and Xi to speak by phone amid effort to boost US-China relations — Top foreign policy officials from both countries are holding talks in Beijing.
The New York Times
- Top Biden Aide Holds Rare Talks With Chinese Military General — Jake Sullivan also met with China’s top leader, Xi Jinping, who said the United States should “find a correct way for the two major countries to get along.”
- Can China Tech Find a Home in Silicon Valley? — Entrepreneurs and venture capitalists are setting up firms across the Pacific, only to find that any investment with Chinese ties is a hard sell.
- U.S. and Chinese Officials Discuss Future Talks Between Biden and Xi — In discussions in Beijing, the two sides made clear that many differences remain over Taiwan, technology export controls and trade disputes.
Caixin
- In Depth: China’s Used-Car Dealers Face a Bumpy Ride as Price Wars Intensify — China’s second-hand car market is growing rapidly as more motorists take to the road. Industry players have little to celebrate, however, as the fledgling sector is still like the Wild West while profit margins are shrinking.
- Chinese Localities Adopt ‘Sell Everything to Save the Day’ Policy to Ease Debt — Chinese local governments are desperately seeking new revenue streams by leveraging government-owned assets to address mounting debt pressures and dwindling coffers.
- Former Haitong Executive in Crime Probe Arrested After Fleeing to Laos — A former executive at Haitong Securities Co. Ltd. who is under investigation for alleged duty related crimes has been held after fleeing overseas, the country’s top graft buster said Wednesday.
South China Morning Post
- Huawei revenue up by a third in 2024 amid resurgent smartphone sales in China — The Chinese tech giant reported a 34 per cent jump in revenue to US$58.6 billion for the first half, as the company rebounds in the face of US sanctions.
- Alibaba logistics firm Cainiao launches next-day cross-border deliveries by way of Hong Kong — Through a new route from the Hong Kong airport to Zhuhai, online purchases can reach buyers in Shanghai, Zhejiang and Jiangsu as fast as one day.
- Black Myth: Wukong sends China’s game-enabled hotels into overdrive, boosts room rates — Stay-and-play getaways in rooms with high-powered PCs prove popular among fans who lack their own hardware or just want to enjoy the game in a comfortable setting with friends.
Nikkei Asia
- Xi tells Sullivan to view China ‘rationally’ ahead of planned Biden call — U.S. national security adviser also has rare meeting with top China general.
- Nvidia’s plunge despite big earnings ripples through Asian tech stocks — Chinese market will remain tough due to U.S. export controls, chip designer warns.
- China now global leader in 90% of critical tech research: think tank — AUKUS encouraged to join forces with Japan and South Korea to close gap.
Bloomberg
- Top US Official, Chinese General Meet to Revive Security Ties — Senior White House official Jake Sullivan said China and the US have a duty to stop competition spiraling into conflict, during rare talks with a top Chinese general that broke another logjam.
- China’s 5% Growth Target Faces Rising Doubt as UBS Cuts Outlook — China’s annual growth target looks increasingly out of reach to economists, with UBS Group AG adding to a string of recent forecast cuts as consumer spending slows and President Xi Jinping’s government avoids major stimulus.
- China Dampens Green Hopes of an Early Peak in Carbon Emissions — China’s top energy officials downplayed growing speculation that the country’s carbon emissions have already peaked years ahead of target, saying on Thursday that just meeting the goal on time still required “great efforts.”
Reuters
- Sullivan meets Xi as wide-ranging China-US talks near end in Beijing — U.S. National Security Adviser Jake Sullivan met Chinese President Xi Jinping in Beijing on Thursday, wrapping up three days of wide-ranging talks aimed at easing tensions between the two world powers ahead of November’s U.S. election.
- China’s lending to Africa rises for first time in seven years, study shows — Chinese lenders approved loans worth $4.61 billion to Africa last year, marking the first annual increase since 2016, an independent study showed on Thursday.
- China will not impose anti-dumping measures on EU brandy, for now — Beijing said on Thursday it would not impose provisional tariffs on brandy imported from the European Union despite finding it had been sold in China below market prices, giving both sides room to breathe in tense trade talks.
Other Publications
- The Economist: After six years in China, our bureau chief says farewell — He leaves a country that is increasingly unwilling to accept foreign scrutiny.
- Associated Press: Chinese leader Xi meets with US national security adviser Jake Sullivan in a bid to improve ties — Chinese President Xi Jinping met with U.S. national security adviser Jake Sullivan on Thursday in Beijing, on a visit with the stated aim of keeping communications open between the two powers, as the relationship between China and the United States has become increasingly tense in recent years.
- POLITICO: Biden aims for farewell call with China’s Xi Jinping — Plans for the call were hammered out in Beijing between Chinese Foreign Minister Wang Yi and national security adviser Jake Sullivan.
- Foreign Policy: Can NATO Ice Out China and Russia in the Arctic? — A new pact aims to narrow the gap between NATO partners and their competitors in icebreaker production. By Matthew P. Funaiole
- Council on Foreign Relations: Tracking China’s Control of Overseas Ports — The China Overseas Ports interactive visualizes degrees of China’s overseas port ownership by types of investment across regions and time. By Zongyuan Zoe Liu
