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
- To Combat China, U.S. Wants Its Friends to Do More — Washington’s allies grow more amenable to collectively fighting Chinese aggression, though the new demands bring fresh challenges.
- Nvidia’s Jensen Huang Is Now a Geopolitical Superstar. It Comes With Risks. — Global tour by CEO highlights how leaders from U.S. to China covet his chips.
- Nvidia’s Huang Calls U.S. Export Controls a Failure — CEO says American curbs have pushed Beijing to accelerate development of its AI industry,
- Critical Minerals Supply Risks Mount Amid China’s Grip, Export Curbs — The grip of key players on the market has tightened in recent years.
- XPeng Narrows Loss as Revenue Surges, Sees Another Strong Quarter Ahead — Total revenue more than doubled to 15.81 billion yuan.
- Baidu’s First-Quarter Revenue Rose on Robust AI Business — Net profit rose to 7.72 billion yuan from 5.45 billion yuan.
The Financial Times
- Nvidia chief Huang condemns U.S. chip curbs on China as ‘a failure’ — World’s top AI semiconductor maker says export controls have accelerated Chinese rivals’ advances.
- Inside China’s ‘stolen iPhone building’ — We track the roaring trade of mobiles grabbed in London and New York, then sold on a single district in Shenzhen.
- Chinese direct investment in Europe rises for first time in 7 years — Report shows pivot to greenfield projects but €10bn FDI in 2024 still far below 2016 peak.
- Top U.S. state Republicans urge SEC to consider delisting Chinese companies — Letter asks regulator to protect American investors from opaque Chinese reporting policies.
- CATL founder Robin Zeng expects China truck market to be 50% electric by 2028 — Battery giant’s forecast heralds sweeping disruption of global market in heavy goods vehicles.
- Opinion: China’s developers at risk as young home buyers walk away — There are signs of hope for the market but not enough to help developers out of their current predicament. By Lex.
- Opinion: Beijing or Broadway? Brazil plays both stages in superpower tussle — The country is hedging its bets astutely between the U.S. and China and is needed by both. By Michael Stott.
The New York Times
- Everyone is Moving to Chengdu. What Does That Say About China’s Economy? — Once derided for its slower pace, Chengdu has a surging population and booming real estate market as workers look beyond China’s major coastal cities.
- Nvidia’s Chief Says U.S. Chip Controls on China Have Backfired — Jensen Huang, the chipmaker’s top executive, said the attempt to cut off the flow of advanced A.I. chips spurred Chinese companies to “accelerate their development.”
Caixin
- Shipping Scramble as U.S.-China Tariff Truce Triggers Export Frenzy — ‘Trying to ship a year’s worth of goods in three months — of course there’s no room.’
- China’s EV-Battery Makers Get Only Temporary Relief From U.S. Tariff Truce — Although lower duties should boost exports in the short term, they are unlikely to be enough to counter slowing domestic demand and overcapacity.
- Chinese Investors Go Nuts for Brazil — At an event this month, firms announced around $4.7 billion of investments into Latin America’s biggest economy.
South China Morning Post
- China vows to use anti-sanctions law if U.S. ban on Huawei chips enforced — As Washington’s new guidelines target the Chinese tech giant, Beijing warns it will closely monitor entities assisting the ban on its chips.
- China’s rare earth exports surged ahead of Trump trade war escalation — Chinese critical mineral exports rose sharply ahead of “Liberation Day” tariffs, analysts warn overseas dependence could last years.
Nikkei Asia
- China’s Moutai serves shareholders juice, not baijiu, as austerity bites — Liquor maker sees demand fall as Beijing calls on officials to rein in spending.
- CATL ups amount raised to $5.3bn Hong Kong debut on world’s top offering this year — Chinese battery adds coffer to fund European expansion after 16% surge on day one.
Bloomberg
- Congo Gambles on Cobalt as U.S.-China Metals Fight Heats Up — In the middle of a trade war, Congo is trying to woo Trump’s White House without risking critical investment from Beijing.
- CATL’s $2 Billion German Plant Boosts China’s Invest-Abroad Bet — The Chinese company’s factory in Arnstadt builds EV batteries for carmakers including Volkswagen and BMW.
Reuters
- Exclusive: China’s CMOC calls on Congo to lift cobalt export ban, sources say — CMOC’s Vice President Kenny Ives told delegates at a closed-door session during an industry meeting in Singapore that Congo should lift the export curbs on the metal, sources said.
Other Publications
- The Economist: China’s battery giant eyes world domination — CATL’s blockbuster listing will power its expansion.
- The Washington Post: China to donate $500 million to WHO, stepping into gap left by U.S. — Beijing will replace the United States as the organization’s top state donor, expanding its influence as the U.S. retreats from international cooperation.
- BBC: An island called Hope is standing up to Beijing in the South China Sea — What makes it exceptional, though, is the civilian population, found nowhere else on the islands of the South China Sea.
