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
- Tencent Shareholder Prosus Says E-Commerce Earnings Beat Target — The largest shareholder of Chinese tech giant added that revenue for the period was in line.
- China’s Xi Reminds Tibet That Beijing Is in Charge — Leader visits Lhasa and reinforces Communist Party’s dominance.
- Sinopec’s First-Half Net Profit Slid on Low Oil Prices — Net profit for the six months ended June declined 40% from a year earlier.
- Kuaishou’s Profit Beats Views on Momentum in Ad Business, AI Monetization — Second-quarter net profit rose 24%.
The Financial Times
- China turns against Nvidia’s AI chip after ‘insulting’ Lutnick remarks — Comments by US commerce secretary trigger Chinese regulatory effort to stop tech groups buying H20 processors.
- Chinese ‘dim sum’ bond issuance on track for record year — Low interest rates make renminbi an attractive funding currency for multinational companies.
The New York Times
- U.S. Navy Sailor Is Convicted of Spying for China — Jinchao Wei provided a Chinese intelligence officer with defense and weapons abilities of U.S. warships, including their vulnerabilities, prosecutors said.
- Xi Jinping Visits Tibet as Dalai Lama’s Succession Looms — A power struggle is taking shape over choosing a successor to the 90-year-old Buddhist leader. In a trip to Tibet’s capital, China’s leader emphasized maintaining Beijing’s control.
- Trump’s Tariffs Push U.S. Businesses Into ‘Survival Mode’ — A 90-day pause on additional tariffs on China offers no relief to American companies already facing extraordinarily high import taxes imposed by President Trump.
Caixin
- How Ambition and Accidents Toppled the Chief of Shanghai’s State Investment Giant — The rise and fall of Shanghai’s investment king, now under investigation for corruption.
- The Mystery Behind a Teetering Chinese Private-Sector Titan — An abandoned headquarters, vacant factories, mass layoffs and a bevy of lawsuits indicate Shanghai Junhe Group is on its last legs. The question is why.
- China’s Cities Offer Rent-Free Industrial Parks in Battle to Lure Startups — Glut of empty industrial parks ignites a ‘city war’ to attract top-tier firms.
South China Morning Post
- Can China’s hugely popular mini dramas find success in the U.S.? — Gripping series themes spanning romance to revenge have lured investors with their low costs, speedy turnarounds and fast pay-offs.
- China is turning away from Canadian canola. Will Australia fill the gap? — China is already purchasing Australian canola on a trial basis as Canadian shipments plunge due to Chinese tariffs, industry sources say.
- China reveals past EV subsidies, from Tesla to state giants, showing funds shift — In the seven years from 2016 to 2022, subsidies steadily moved from state enterprises to leading carmakers and start-ups.
Nikkei Asia
- U.S. authorities investigate Chinese fentanyl ring’s Japan arm — DEA pursues smuggling routes for drug precursors and leader still at large.
- How Tokyo became the cradle of the Chinese revolution in 1905 — 120 years on, Japan hosts a third wave of Chinese migration.
- China drives global EV battery supply to over 3 times demand — Glut from sales slowdown stymies investment plans, except for CATL and BYD.
- Chinese cities target 70% AI chip self-sufficiency to counter Nvidia — Municipalities follow Beijing’s push to develop artificial intelligence industry.
- Xiaomi’s latecomer EV business on track to turn a profit this year — Chinese company logs brisk sales, but production struggles to keep up.
Bloomberg
- Microsoft Curbs Early Access for Chinese Firms to Notifications About Cybersecurity Flaws — The announcement follows a campaign of cyberattacks that Microsoft blamed on state-sponsored hackers in China.
- Boeing in Talks to Sell as Many as 500 Planes to China — The mega sale to China, years in the making, is contingent on the two nations diffusing trade hostilities.
- Christmas Decorations Come With Higher Price Tag This Holiday Season Thanks to Tariffs — Higher levies already added millions of dollars in unexpected expenses in a sector that orders artificial trees and ornaments months ahead of time.
Reuters
- China faces pivotal welfare reform test as court ruling hits jobs, small firms — The ruling makes it illegal for businesses and employees to avoid social insurance payments.
- Exclusive: China considering yuan-backed stablecoins to boost global currency usage, sources say — China has long aspired for the yuan to achieve global currency status.
Other Publications
- The Economist: Can China cope with a deindustrialised future? — Communist Party officials face a difficult ideological turn.
- The Economist: China’s mid-year economic wobble — The government experiments with small handouts to households.
- WIRED: Meet Wukong, the AI Chatbot China Has Installed on Its Space Station — China has rolled out a chatbot on its Tiangong space station. Its mission: to improve safety, navigation, and coordination in orbit.
- Foreign Affairs: China’s North Korea Problem — How America Can Encourage Beijing to Rein in Pyongyang.
