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
- China Confirms Breakthrough on Rare-Earth Exports to U.S. — Announcement offers hope of a reprieve on shortages that have hit American industry, and comes after Trump said he signed a deal with China.
- Xiaomi Takes Aim at Tesla With New SUV — Shares of Xiaomi jumped Friday morning in Hong Kong.
- Opinion: Where Was Xi Jinping in Iran’s Hour of Need? — Tehran expected a bulwark from Beijing. Instead it got a bystander. By Craig Singleton.
The Financial Times
- Chinese phonemaker touts 200,000 electric SUV orders in 3 minutes — Xiaomi’s shares soar to all-time high after company launches pre-orders for YU7 sport utility vehicle.
- Trump says US-China trade truce has been ‘signed’ — Purported pact follows negotiations in London and Geneva to de-escalate global trade war.
- China industrial profits slide as trade war uncertainty sets in — May reading flips cumulative growth for this year to a 1.1 per cent decline.
- China’s ‘Summer Davos’ offers rare respite from trade war — Officials emphasise ‘openness and fairness’ as Beijing presents itself as a stabilising force in the world.
The New York Times
- China Confirms Trade Framework With U.S. to Lift Export Controls — The deal involves loosening exports of rare earths to the United States and the lifting of some restrictions on U.S. goods to China, China’s Ministry of Commerce said.
Caixin
- Alibaba Streamlines Leadership Amid AI and Global Push — Number of partners reduced from 26 to 17 as Alibaba sharpens focus on revitalizing growth.
- Can China Provide Middle-Schoolers Long-Promised Exam Relief? — China’s high school entrance exam has been a crucible. But in Beijing, the pressure may be shifting.
- Hong Kong Rolls Out Blueprint to Cement Role as Global Digital Asset Hub — Policy takes Hong Kong’s crypto ambitions from exploratory support to regulatory execution.
South China Morning Post
- China should be alert to risk of US being drawn into war by allies, analyst says — Donald Trump’s return to the White House is seen to have brought ‘increased military conflicts and heightened uncertainty’.
- China has begun issuing rare earth export licences to European firms, EU sources say — Development comes as bloc continues push for structural solution to tense issue that has leapt atop bilateral agenda.
- Ex-New York official facing Chinese agent charge indicted for US$35 million in kickbacks — Former governor’s aide accused of steering healthcare contracts to favoured suppliers during coronavirus pandemic.
Nikkei Asia
- Iran war and ‘Trump doctrine’ blur China’s multipolar vision — When Tehran looked for allies, Beijing and Moscow stayed on the sidelines.
- China set to deploy drone ‘mothership’ that can carry 100 small drones — Jiutian unmanned craft capable of swarm attacks, posing challenge to air defenses.
- Opinion: The real reason for America’s decline — and it’s not China — The U.S. is retreating and closing, and expanding the government’s reach. By Chris Pereira.
Bloomberg
- China’s $50 Billion Chip Fund Switches Tack to Fight US Curbs — China’s main chip investment fund is planning to focus on the country’s key shortcomings in sectors like lithography and semiconductor design software, adjusting its approach to better overcome US efforts to stop its technological advances.
- China’s Top Diplomat to Visit Europe as Tensions With US Linger — Chinese Foreign Minister Wang Yi is set to visit Europe next week, a trip that comes as Beijing tries to counter US tariff pressure by improving ties with other trading partners.
- Opinion: China’s AI Dragons Risk Choking Each Other — DeepSeek has spurred a booming artificial intelligence sector. Intense competition risks a race to the bottom. By Catherine Thorbecke.
Reuters
- Trump plans executive orders to power AI growth in race with China — The Trump administration is readying a package of executive actions aimed at boosting energy supply to power the U.S. expansion of artificial intelligence, according to four sources familiar with the planning.
- DeepSeek faces expulsion from Apple, Google app stores in Germany — Commissioner Meike Kamp said in a statement on Friday that she had made the request because DeepSeek illegally transfers users’ personal data to China.
- China fashion retailer Shein to file confidentially for Hong Kong IPO in rare move, sources say — Shein aims to submit the filing confidentially as soon as this week, one of the sources said. A second source said the filing was expected to be made by Monday.
Other Publications
- Foreign Policy: Would Beijing Welcome Escalation in the Middle East? — China has plenty to lose from instability.
- The Economist: China’s new army of engineers — Its ranks will swell as the country’s high-tech industries grow.
- The Information: DeepSeek’s Progress Stalled by U.S. Export Controls — The latest round of U.S. chip export controls may have curbed DeepSeek’s rise, at least for now.
