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
- FTX’s Chinese Customers In Limbo Over Local Crypto Crackdown — Defunct exchange says holders of 5% of all crypto claims are in China or other areas where crypto transactions are restricted.
- Trump’s Megabill Gives Chinese EV Makers a Leg Up, Says Head of Auto Group — Exports from China of EVs and plug-ins jump 48% in first half.
- Porsche Deliveries Fall on Weakness in China and Germany — The company faces challenges in juggling the transition to electric vehicles with intense competition in China and U.S. trade hurdles.
- China June Car Sales Rise Despite Pressure to Stabilize Prices — Sales of passenger cars increased 7.6% from May.
- Opinion: Xi Adopts the ‘Putin Doctrine,’ at Russia’s Peril — China seeks to undo the ‘Century of Humiliation’ in which it ceded great territory to Moscow. By Dan Quayle and Thomas J. Duesterberg.
The Financial Times
- Italy arrests alleged Chinese hacker after US issues warrant — Xu Zewei suspected of links to Beijing-backed group accused by Washington of stealing Covid-19 vaccine secrets.
- China criticises manufacturers over price war as deflation fears mount — Data this week expected to show prolonged bout of deflation in factory prices is running unchecked.
- Hong Kong shares of Chinese banks surge amid hunt for yield — Government debt at near-record low yields has increased appeal of banks’ H shares.
- Shein files for Hong Kong IPO to pressure UK to save London listing — Fashion retailer hopes threat of losing flotation will spur British regulator to soften requirements.
- Opinion: China’s weaponisation of rare earths is a new kind of trade war — The country’s latest sanctions are proving far more effective than prior efforts. By Chris Miller.
The New York Times
- The Businessman Grateful for Trump’s Tariffs — A small company in northern Mexico had faced steep competition from China in making straps, plugs, fasteners, grommets, zip ties and clamps. Now, U.S. tariffs have driven a spike in his business.
- Europe Needs Rare Earth Metals. Can a Factory in Seaside France Supply Them? — The continent wants to reduce the risks of depending so heavily on China for the valuable minerals. The question is how.
- Opinion: This Is BYD, the Chinese Car That’s Taking Over the World — China’s national champion carmaker BYD embodies a state-led industrial model that America may no longer be able to compete with. By Michael Dunne.
Caixin
- Li Ka-Shing’s Son Takes Insurer FWD Public in Hong Kong — Billionaire Richard Li’s pan-Asian insurance business listed Monday after four previous attempts at going public.
- Hong Kong’s IPO Boom Breathes Life Into Office Sector, but Rents Still Under Pressure — Demand is growing for Grade A office space, but oversupply could still push rents down, warn experts.
- Chinese Surveillance-Gear Maker Fights Canadian Ban — Hikvision has applied for a judicial review of the government order shutting down its business in the country.
South China Morning Post
- “Historic opportunity”: why China is betting on a poor province in trade war — A few years ago, it beat extreme poverty – now, it’s a frontline province in Beijing’s economic shift.
- China is making rapid space tech gains. Here’s how the military could use them — From satellite navigation to spy probes, anti-sat weapons and reusable space planes, Chinese technology is advancing at a fast pace.
- How can China boost consumer spending? Here are 5 ideas being floated in Beijing — As Beijing’s efforts to boost consumption begin to lose momentum, top Chinese economists are calling for bolder action.
- Can Xiaomi disrupt the home appliance market like it did with EVs? — Despite early success at home, industry watchers caution that the company faces significant challenges in competing with established players.
Nikkei Asia
- China eyes steps to ease solar panel industry price war — Government looks to maintain the country’s 80% share by addressing capacity glut.
- China’s offshore bond trade opens up to non-bank financial entities — Southbound Bond Connect expansion follows easing yuan depreciation pressure.
- In China, power bank recalls raise safety concerns — Global brands Romoss and Anker under scrutiny after 2.7m devices flagged for fire risk.
- Opinion: China’s new deeptech leaders must learn to manage — As startups surge, scientist-founders face steep learning curve in leadership. By Lu Xiongwen.
Bloomberg
- Russian Drone Documents Draw Line From China to Ukraine’s Skies — Investigation shows how Chinese suppliers have been key for Russia’s war against Ukraine.
- China Shuns Costly LNG Imports Even as Summer Power Demand Rises — Traders hoping for a recovery in spot LNG deals had been watching for a surge in summer demand along China’s eastern seaboard.
Reuters
- Why China’s ultimatum to Myanmar rebels threatens global supply of heavy rare earths — China has threatened to halt buying the minerals mined in rebel-controlled territory unless a militia stops trying to seize full control of a town near the Chinese border.
- China Inc bets Beijing will keep tight grip on yuan as U.S. tariff fears persist — A growing pile of foreign exchange deposits at banks and a rise in currency swaps show Chinese corporates and households are wagering they can exchange their dollars for more yuan if they wait.
Other Publications
- BBC: Poisoned water and scarred hills — The price of the rare earth metals the world buys from China.
- The Economist: Why so many Chinese are drowning in debt — Some contemplate suicide. Others vaunt their folly as influencers.
- CFR: China’s Stealth Trade Surplus — China’s surplus wears an invisibility cloak; it disappears in the IMF’s eyes, writes Brad Setser.
- Rest of World: Dangerous mines: A death at the bottom of the EV supply chain — In Zimbabwe, the EV rush has brought a surge of Chinese investment into lithium mines. But many locals feel left out — and some have turned to stealing.
