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
- Xi Has Spent Decades Preparing for a Cold War With the U.S. — Chinese leader Xi Jinping’s strategy draws on his understanding of Soviet failures.
- Elon Musk Is Running Out of Road in China — As Tesla falls behind the local competitors it helped create, the billionaire’s rupture with Trump is limiting his value to Beijing.
- China Warns India to Choose Its Words Carefully on Dalai Lama and Tibet — China responded after an Indian minister said the Dalai Lama’s wishes and Tibetan tradition should determine his successor.
- Brandy Was a Hit Drink. Now It’s a Poster Child for the Trade Wars. — China said it would impose duties on European imports of the high-end liquor, just as a separate trade dispute with the U.S. nears a critical juncture.
- Chinese Bubble Tea Stocks Rise as Food-Delivery Platforms Brew Up Discount War — Meituan said order volumes exceeded its historical peak.
The Financial Times
- China, Russia and the ‘Dragon-Bear’ embrace — The partnership seeks to build a new world order along the route of the old Silk Roads. But, asks Peter Frankopan, is this bond as close as it seems?
- China snaps up mines around the world in rush to secure resources — Dealmaking hits highest level since 2013 as groups seek raw materials that underpin global economy.
- Mining boss calls for price support to challenge China’s critical minerals dominance — Sibanye-Stillwater chief executive says suppliers to western nations need ‘level playing field.’
- China’s first Legoland builds Great Wall replica to lure under-pressure consumers — Ambitious theme park projects reflect hopes that foreign brands can boost spending in slowing economy.
- Japan’s shipbuilders look to consolidation to take on China — U.S. ally mounts most ambitious push in decades to revitalise sector dominated by Chinese and South Korean groups.
- EU and China stand-off over climate action before Xi and von der Leyen meet — Bloc pushes Beijing to make further cuts to emissions.
- Hong Kong listings pipeline hits record high as equity market booms — Territory boosted by Chinese companies looking to raise money in currency pegged to U.S. dollar
- China boosts nickel reserves as tensions with U.S. simmer — Beijing takes advantage of prices at 5-year lows for metal vital to steel and EV batteries in push to secure supply chains.
- Campaigners call for ‘spirit’ of ambition in China climate targets — The biggest emitter of greenhouse gases — and leader in renewable energy — is preparing its 2035 goals.
- China reroutes exports via southeast Asia in bid to dodge Trump’s tariffs — Value of goods sent to U.S. falls but shipping to Asean countries and EU rises.
- Opinion: ‘Alligator Alcatraz’ policymaking leaves the field clear for China — The contrast between technocracy in Beijing and the pantomime in Washington is impossible to ignore. By Adam Tooze.
The New York Times
- China and Russia Keep Their Distance From Iran During Crisis — Some U.S. officials talked about an “axis” of authoritarian nations, but the American and Israeli war with Iran has exposed the limits of that idea.
- The Coder ‘Village’ at the Heart of China’s A.I. Frenzy — As China vies with Silicon Valley for primacy, Hangzhou, home to DeepSeek and Alibaba, is where its aspiring tech titans mingle and share ideas.
- China Has Paid a High Price for Its Dominance in Rare Earths — Dust and groundwater contaminated with heavy metals and radioactive chemicals pose a health threat that the authorities have been trying to address for years.
- China’s Rare Earth Origin Story, Explained — Low environmental standards helped China become the world’s low-cost producer of rare earths, but Beijing was also focused on helping the industry.
- Trump Says He Will Start Talks With China on TikTok Deal — President Trump has declined to enforce a statutory ban of the popular social media app while his administration negotiates a deal for an American company to acquire it.
- China Sets Steep Duties on European Brandy but Spares Biggest Producers — Major Cognac companies made concessions to avoid the worst of the penalties, imposed by Beijing in retaliation for E.U. tariffs on Chinese electric vehicles.
- How Europe Got Stuck Between Xi’s China and Trump’s America — European Union officials will spend July in talks with China. Tensions are high, hopes are low and stability is the end game.
- Caught Between Tariffs and China, Mexico Adapts to an Unpredictable U.S. — Relying on Asian suppliers is no longer a safe bet for many factories in Mexico. Companies are racing to change, and they are being encouraged by the government.
- Can Taiwan Really Disconnect Its Economy From China? — Momentum is building in Taiwan to lessen its business dependency on China, its biggest trading partner. Doing so will not be easy.
- How Harvard’s Ties to China Helped Make It a White House Target — Harvard turned to international donors, including China, as one way to help save it from financial troubles. That money is dwindling, but Republicans are questioning the relationship.
Caixin
- U.S. Fines Semiconductor Firm $4.25 Million for Illegal Huawei Shipments — U.S. firm made 15 unauthorized shipments of 1,650 power controllers and modules to Huawei in 2019.
- Missing ICBC Banker Linked to Macao’s Disgraced ‘House of Cards’ Billionaire — Jiang Yisheng’s disappearance is likely linked to a loan made under his watch for a real estate development involving Chinese property magnate David Ng, sources say.
- Developers Impose Deeper ‘Haircuts’ on Creditors in Latest Debt Overhauls — China’s spiraling property slump sends developers down path of radical debt restructuring.
- XPeng’s New SUV Shows How EV-Makers Are Reducing Reliance on Nvidia for Self-Driving — The top-of-the-line ‘Ultra’ version of the G7 makes use of the carmaker’s in-house Turing chips to power its autonomous driving systems.
South China Morning Post
- Trump wants to ground China’s drones — but have they flown too high to reach? — An executive order to limit China’s market penetration and boost the U.S.’ capacity in drones might be too little, too late.
- Move over Bermuda, Caymans; Hong Kong wants to be the world’s dominant corporate domicile — As the appeal of traditional tax havens like Bermuda and the Cayman Islands wanes, Hong Kong steps in to lure global multinationals.
- Inside China and Tanzania’s ‘very special relationship’ – found nowhere else in Africa — Enduring China-Tanzania military partnership dating back to 1964 represents a ‘unique bond’ as Sino-African relations deepen, study says.
- Why Chinese investors can still expect a warm welcome in many American cities — Despite trade tensions, officials looking to stimulate their local economies especially value Chinese expertise in manufacturing projects.
- Meet some of the Chinese AI scientists dominating the global top 100 — Half of the leading experts are in China while another 10 are of Chinese origin and working in the U.S., according to a report.
Nikkei Asia
- Nissan to start shipping EVs from China in 2026 — Japanese automaker eyes Southeast Asia and Middle East as destinations.
- Chinese rural bank gets state rescue as it warns of up to $265m losses — CICC, Jilin Financial offer to take over Jiutai Bank in drive to contain debt risk.
- Chinese Vice Premier He Lifeng to visit Osaka Expo — Japan to push for new panda leasing agreement with senior Chinese official.
Bloomberg
- China Has Stifled Hong Kong’s Voice, But Not Its Spirit — Five years after Beijing imposed a national security law that effectively snuffed out dissent, Hong Kong is finding its way back as a financial hub.
- U.S. Plans AI Chip Curbs on Malaysia, Thailand Over China Concerns — Officials plan to pair the Malaysia and Thailand controls with a formal rescission of global curbs from the so-called AI diffusion rule, sources said.
- China Considers Doubling Southbound Bond Connect to $139 Billion — Any such move would allow onshore firms to ramp up their exposure to international bonds that are tradeable through Hong Kong’s stock exchange, including those denominated in dollars.
Reuters
- Eastern China swelters under early heatwave, threatening crops and industry — Large swathes of China’s economic heartland are set to roast over the coming week.
- China’s intense EV rivalry tests Thailand’s local production goals — China’s EV overcapacity and price war have pushed automakers to expand abroad, but markets like Thailand are now mirroring the same hyper-competitive pressures.
- Calls grow for China’s household sector to be bigger economic driver — Policy advisers told Reuters while they expect the newest five-year plan to make household consumption a top goal in principle, it is likely to stop short of laying out an explicit target.
- China’s rare earth export controls are good for Beijing, bad for business — The pain for magnet makers is unlikely to ease soon, even after the U.S. announced a deal with China on June 27 to get rare earths flowing again.
- Exclusive: China signals investment in Brazil-led global forest fund, sources say — An investment by China in the fund would signal a shift in climate finance.
Other Publications
- The Information: TikTok Building New Version of App Ahead of Expected U.S. Sale — TikTok users will eventually have to download the new app to be able to continue using the service, sources said.
- The Atlantic: Why China Isn’t a Bigger Player in the Middle East — Iran and Israel came to blows, and Beijing mostly ducked.
- The Economist: Struggling with the trade war? Amateur football might help — Jiangsu’s party cadres find success with a bizarre idea.
- MIT Technology Review: The latest threat from the rise of Chinese manufacturing — MIT economist David Autor first documented the loss of millions of jobs to Chinese imports a decade ago. Now he sees an even more serious danger if the U.S. loses the race for advanced manufacturing.
- New York Review of Books: Lessons of the Father — Ian Johnson reviews new biographies of Xi Zhongxun and Hu Yaobang, which provide insights into the opaque culture of the Chinese Communist Party and the political ascent of Xi’s son, Xi Jinping.
- The Washington Post: Opinion: Beijing wants America to depend on China. Here’s how to fight back. — We need to develop a better framework for deciding when and how to apply industrial policy. By Rahm Emanuel.
