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
- Beijing-Backed Trolls Target U.S. Voters as Election Nears — An account posing as a U.S. conservative news source attracted millions of views on TikTok.
- China Needs More Factory Robots. Can It Build Its Own? — Local production of industrial robots is rising, but Japanese and European makers still have a role.
- China to Launch Trade Probes Into Some Canadian Imports — China is planning to open investigations into some agricultural and chemical imports from Canada, adding to rising trade frictions between the two countries.
- China EV Sales Rise on Government Subsidies, Inventory Buildup — Chinese electric-vehicle makers reported stronger sales and deliveries in August, thanks to Beijing’s expanded trade-in program and dealers building inventories for the September and October peak season.
- China Property Slump Spurs Local Governments’ Quest for Cash — China’s property crisis has hit local governments hard, drying up a key source of income as land sales crumble.
- China Caixin Manufacturing PMI Signals Improvement — A private gauge of China’s manufacturing activity returned to growth in August, contrasting with the official reading to paint a mixed picture of the sector.
- China’s Manufacturing Sector Declines in Fresh Sign of Economic Malaise — The country’s purchasing managers index dropped more than expected to 49.1 from 49.4 in July.
- RTX to Pay $200 Million Over Export Control Violations — Defense company RTX has agreed to pay $200 million to settle U.S. State Department allegations that it violated U.S. export controls, including by transferring some technology behind Air Force One and U.S. military aircraft to China.
- China’s Central Bank Starts Govt Bond Trading in Highly Anticipated Move — About $14 billion has been injected into the financial system via open market operations after concerns about the risks posed by the country’s extended bond rally, which has pushed Chinese long-term yields to record lows.
The Financial Times
- China to launch anti-dumping probe into Canadian canola exports — Latest trade salvo follows Ottawa’s decision last week to impose 100% tariffs on Chinese electric cars.
- Chinese shipyards face quality control concerns over LNG vessels — Growing demand forces shipowners to turn to China despite its limited experience building complex containers.
- Huawei’s buggy software hampers China’s efforts to replace Nvidia in AI — Tech group’s Ascend artificial intelligence chips are being widely adopted but Chinese companies complain of performance problems.
- How China’s coastguard is ‘trying to occupy the ocean’ — Maritime force is increasingly using police powers to project Beijing’s control over disputed waters.
- Europe must rely less on Chinese technology, Danish PM says — Mette Frederiksen says Copenhagen is also pushing EU for more action against Russia’s ‘shadow’ fleet.
- Hong Kong property developer warns of first annual loss in 20 years — New World Development shares closed down 13%.
- Temu owner PDD builds $38bn cash pile as it denies investors payouts — Chinese online retailer accumulates biggest net cash position of any listed group not to pay dividends or buy back shares.
- Chinese steel exports to reach 8-year high — Imports into Europe expected to surge later this year.
- Opinion: Global supply chains can’t skirt China rare earths crackdown — Long-term shortage of rare metal antimony, a critical material in the defence supply chain, could pose security risk. By Lex.
- Opinion: Overcoming China’s dominance in gallium will not be easy — Substituting one mineral for another takes time and money. By Lex.
- Opinion: Hot pot companies are losing steam as China consumers wilt — Consumers in China are spending less on everything from clothes and travel to dining out. By Lex.
The New York Times
- An Incomplete List of Everything Threatening China’s National Security — Watch out for Good Samaritans with ulterior motives, packages in your mail and college students looking to make a quick buck, China tells its people.
- Why It’s So Hard for China to Fix Its Ailing Economy — A real estate collapse has made consumers cautious and businesses wary, as China confronts a crisis unlike any other since it opened its economy to the world.
- Gao Zhen, Artist Who Critiqued the Cultural Revolution, Is Detained in China — Mr. Gao is being held on suspicion of slandering China’s heroes and martyrs, an offense punishable by up to three years in prison, his brother said.
- Record Rainfall Spoils Crops in China, Rattling Leaders — Some vegetables cost more than they have in five years. Top Chinese officials have made a point of showing that they’re doing something about it.
- China and the Philippines Collide Again in the South China Sea — The United States condemned the episode near Sabina Shoal in the South China Sea and reaffirmed its defense treaty with Manila.
- South Korea Says an Official Leaked Classified Information to China — The sales of intelligence agency data raised awkward questions as the nation is expanding military information sharing with the United States.
Caixin
- China Formally Enlists ‘Miracle’ Drug in Fight Against Ballooning Obesity Rate — New guidelines from a leading medical advisory body incorporating blockbuster medications such as Ozempic into more traditional weight loss treatments could change the lives of millions and bolster already soaring sales for drugmakers.
- China Expands Role of State Bank-Backed Equity Investors to Aid Tech and Innovation — Beijing pilot program will allow AICs to expand into venture capital investment to boost tech sector.
- China’s Auto Insurers Must Keep Pace With Driverless Tech, White Paper Says — As more advanced driver assistance systems hit the roads, new software and network security pose liability challenges, said Taiping Reinsurance and the China Asia Pacific Reinsurance Research Center.
- Chinese Solar Firms Bleed Losses Amid Worsening Glut and Falling Prices — Cloudy outlook for solar industry as brutal price war pushes companies into the red.
- China’s Booming Nuclear Sector Lobbies for Green Vouchers to Ensure Profits — As pace of new reactor approvals soars, power market reform could put profits out of reach without government help, insiders say.
South China Morning Post
- How Chinese engineers helped build the US semiconductor empire: a timeline — US domination of the field of advanced electronics has been propelled in part by many Chinese academics.
- African leaders look to China for project funds and trade deals at Beijing summit — China is meanwhile expected to use the event to seek support and boost ties amid an intensifying geopolitical rivalry with the US and Europe.
- China moves to ‘eliminate’ money worship, undesirable trends in financial sector — China’s financial industry is undergoing significant reshuffling, with lay-offs and pay cuts part of Beijing’s efforts to reduce risks.
- Can China’s yuan, now a familiar face around the world, become a must-have currency? — China’s yuan has become more acceptable to foreign countries, but authorities still maintain tight control of fund flows under its capital account.
- Ant Group’s blockchain arm Zan wants to be the Google or Microsoft of Web3 in Hong Kong — The head of the year-old blockchain venture says he aims to leverage Hong Kong’s supportive environment to build a critical Web3 services company.
Nikkei Asia
- Decarbonization now drives China’s Belt and Road push — Brisk sales of EVs, solar panels and wind turbines are boosting Beijing’s global clout.
- China’s DJI taps young farmers to cultivate drone market — Sales soar as worker shortage fuels demand for labor-saving technology.
- Chinese state shipbuilders plan merger with eye on ‘strong military’ — CSSC Holdings, China Shipbuilding Industry aim to ‘focus on major state strategy’.
- China’s chip capabilities just 3 years behind TSMC, teardown shows — Analysis reveals limited impact of U.S. tech curbs on consumer products.
- Opinion: The Gulf of Thailand may be the next U.S.-China flashpoint — Beijing’s backing of Cambodian infrastructure could alter regional balance of power. By Derek Grossman.
Bloomberg
- VW Turns on Germany as China Targets Europe’s EV Blunders — Losing ground in the race to produce electric vehicles, German and French carmakers are heading toward a disruptive wave of factory closures.
- Xi Wants Bigger Returns, Fewer Headaches From African Debt Deals — After a decade of surging Chinese lending helped push African countries toward default, Beijing has a new proposal: commercial loans that could generate better returns for China.
- China Warns Japan of Retaliation for Possible New Chip Curbs — Senior Chinese officials have repeatedly outlined that position in recent meetings with their Japanese counterparts, people familiar with the matter said.
- China’s Bulging Commodity Stockpiles Show Depth of Economic Woes — The blowout in stockpiles might suggest that some traders were caught out by the economy’s poor performance since the end of the pandemic.
- Opinion: Biden’s Record on China Leaves Big Problems for His Successor — The president’s great success was building alliances; his major failures were on trade and military readiness. By Hal Brands.
Reuters
- New unproductive forces: the Chinese youth owning their unemployment — Weak demand in certain sectors risks leaving behind a generation of highly educated young people, who missed the last boom and graduated too late to retrain for emerging industries.
- China’s economic malaise may accelerate obesity rates — In a modernising economy underpinned by technological innovation, more jobs have become static or desk-bound, while a prolonged slowdown in growth is forcing people to adopt cheaper, unhealthy diets.
- Angola weighs rival China, European financing bids to transform economy — China approved loans worth $4.61 billion to Africa last year, the first annual increase since peaking at $28.4 billion in 2016, when 68% of lending went to Angola alone.
Other Publications
- CFR: Chinese State Investors Do Not Seem to Profit From Higher US Rates — Given the size and composition of its external lending, China should be clearing far more interest income on its reserves and policy lending than SAFE reports.
- Foreign Affairs: America Is Losing Southeast Asia — Why U.S. Allies in the Region Are Turning Toward China.
- The Washington Post: ‘Dark’ tanker crash exposes dangers of China’s thirst for cheap oil — To bypass Western financial systems and shipping services, China relies on a fleet of aging, substandard tankers that operate illicitly and increasingly threaten the safety of international sea lanes, analysts say.
- The Washington Post: How China extended its repression into an American city — Chinese diplomats and pro-China diaspora groups based in the United States organized demonstrations in San Francisco that harassed and silenced protesters opposed to Beijing’s policies.
- The Atlantic: What Awaits a Harris Presidency — If the Democratic nominee prevails in November, she’ll face a complicated world.
- The Guardian: If China wants Taiwan it should also reclaim land from Russia, says president — Lai Ching-te highlights Beijing’s contrasting approach to territorial loss during ‘century of humiliation’.
