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
- How a Chinese-Owned Battery Maker’s Bet on U.S. EVs Went Wrong — AESC poured billions of dollars into electric-vehicle battery factories before stopping work.
- Malaysia Probing Reports of Chinese Firm’s Use of Nvidia AI Chips — Officials are looking into reports of Chinese engineers bypassing U.S. chip curbs.
- Temu Battles TikTok-Like Backlash Over Data — Data-storage deal with Oracle follows several states’ allegations bargain site could hand over user data to Beijing.
The Financial Times
- Trump plans to delay TikTok ban for a third time — U.S. president will sign an executive order this week extending deal deadline by 90 days.
- Brussels accuses AliExpress of breaking EU digital rules — Regulators say Chinese online marketplace has failed to enforce penalty policy on traders that post illegal content.
- China’s central bank chief expects new currency order to challenge dollar — Pan Gongsheng points to a growing role for the renminbi after decades of dominance by the U.S. currency.
- Pakistan’s strongman courts U.S. while drawing closer to China — Military chief Asim Munir’s visit to Washington highlights warming ties despite efforts by India to isolate Islamabad.
- China’s property market recovery stalls as falling prices hit sentiment — Data sets back hopes that struggling market could stabilize this year.
- Opinion: For Starbucks, China is a big market with little appeal — Its share of China’s $22bn-a-year coffee market has slid from a peak of 42 per cent to 14 per cent last year. By Lex.
- Opinion: Trade war looms over voices of global business in China — Once at the vanguard of globalisation, international business chambers in the country now face a trickier challenge in seeking change. By Thomas Hale.
The New York Times
- China’s Spy Agencies Are Investing Heavily in A.I., Researchers Say — A new report comes amid rising concern about how China will use new tools to power covert actions, as Western intelligence services also embrace the technology.’
- Aiming at the Dollar, China Makes a Pitch for Its Currency — The leader of China’s central bank made a clear though indirect critique of the dollar’s role as the world’s main currency.
- The Dark Side of China’s Gold Frenzy — Chinese investors have poured their savings into gold, attracted by promises of rising prices. One company’s sudden closure is a cautionary tale.
Caixin
- China Expands Use of Local Government Bonds to Revive Struggling PPP Projects — The use of special bonds signals a recognition that China’s legacy PPP model has become a fiscal burden.
- Global Drugmakers Tap Chinese Biotech for Novel Cancer Therapies — The value of China’s biotech deals is rocketing as cutting-edge therapies grab global attention.
- After India’s Crackdowns, Chinese Phone Brands Outsource More Manufacturing to Locals — Chinese smartphone producers had turned over about 66% of assembly work to Indian companies as of the first quarter of this year, industry analyst says.
South China Morning Post
- Hong Kong’s CK Hutchison ports sale on thin ice amid U.S.-China tensions: analysts — China and Panama unlikely to sign off on $23 billion deal before July 27 deadline for exclusive negotiation, legal and logistics experts say.
- China records bumper capital inflow as Gulf investors hedge against U.S. — China saw a $33 billion capital inflow in May, as investors seek a safe haven and reduce their U.S. exposure amid rising global instability.
- At Paris Air Show, China’s aviation suppliers circle for a landing — The number of Chinese exhibitors has more than doubled at this year’s show, as producers across the supply chain eye the European market.
Nikkei Asia
- Taiwan chip tycoon warns China has ‘Trojan horse’ that must be voted out — UMC founder Robert Tsao aims to recall opposition KMT lawmakers, bolster defense.
- Taking the wheel: U.S. and China jockey for robotaxi leadership — Baidu, Waymo and others eye overseas markets as political tensions run high.
- Bangladesh looks to China for help in India disinformation fight — Beijing has offered to train officials as false claims spread.
- Trump’s ‘Big Beautiful Bill’ threatens to pull plug on China solar players — Legislation would strip away tax credits, making investors think twice.
Bloomberg
- Viasat Identified as Victim in Sweeping Phone Hack Tied to China — The breach of the satellite and wireless networking company was discovered earlier this year and Viasat has been working with the government in the aftermath, sources said.
- The U.S. Has More Copper Than China But No Way to Refine All of It — The industry will need to overcome high energy and labor costs, environmental regulations and a glut of cheap Chinese competition to make US copper smelting great again.
- U.S.-China Tech Fight Widens After Taiwan Blacklists Huawei — Taipei’s decision may be the first of a series of measures tightening the flow of technology to China, marking a departure from a policy of nurturing cross-Strait business ties.
- China’s Oil Demand Will Peak Earlier Than Expected, IEA Says — Besides the ascent of EVs, high-speed rail and trucks powered with natural gas will help displace crude oil.
Reuters
- China pharma projects disrupted by Sino-U.S. tensions — Fears of delay in access to U.S. supply chains and raised import tariffs are spurring biotech and pharmaceutical companies to avoid, pause or consider delaying the start of projects.
- Battery makers sweat as antimony shortage hits after China’s export curbs — Restrictions on critical mineral antimony that were put in place late last year have become a major headache.
- Dominant Chinese makers of bitcoin mining machines set up U.S. production to beat tariffs — Establishing U.S. bases could shield them from tariffs but risks stoking security concerns the U.S. has with China in areas as varied as chip making and energy security.
- China’s big feed shift to curb soybean imports, strain small farmers — If successful, China could cut annual soybean imports by roughly 10 million metric tons, equivalent to half of the $12 billion in U.S. soybean purchases China made in 2024.
Other Publications
- The Economist: Why China is giving away its tech for free — Its newfound fondness for open-source is awkward for an authoritarian state.
- Rest of World: India wants its own EV market, but needs China to get there — Despite tensions with China, India is avoiding U.S.-style restrictions, hoping for a bridge to domestic innovation.
- CSIS: Disruptions to Trade in the Taiwan Strait Would Severely Impact China’s Economy — China is reliant on the strait for nearly one-third of its imports, particularly oil, coal, natural gas, and manufacturing inputs like ores and metals.
