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
- Temu Fined More Than $230 Million in EU Over Product Risks — Consumers in the bloc were very likely to come across illegal items on the Chinese e-commerce group’s platform, officials said.
- XPeng Posts Loss as Revenue Slumps Despite Stronger Margins — It expects deliveries of between 100,000 and 106,000 vehicles in the second quarter.
- Chinese Dissident Braves 30-Hour Rubber Boat Journey to South Korea — Dong Guangping rode the waves for more than 30 hours in a daring bid to escape what he sees as political persecution in China.
- China Is Exporting Its Factories Across the World and Spooking the Competition — Faced with higher Western tariffs and weak demand at home, many Chinese factories are moving abroad.
- The High-Seas Black Market That Keeps Iran’s Illicit Oil Flowing — Despite U.S. sanctions, the regime has managed to sell billions of dollars in crude to China using a clandestine network of aging tankers.
- China Wants Its Companies to Embrace AI — Without Firing Workers — As a backlash against AI builds in the U.S. and elsewhere, China is acting to stave off social and economic disruption.
The Financial Times
- Payments group accused of being ‘Chinese backdoor’ moves staff out of China — Australia-founded Airwallex is pursuing U.S. expansion amid intensifying rivalry between Washington and Beijing.
- EU to broaden import quotas and tariffs against China — Trade defences needed to combat ‘existential’ threat to key sectors, industry commissioner Stéphane Séjourné says.
- Nvidia chief Jensen Huang to join board at prestigious Beijing university — Chipmaker boss’s move to join Tim Cook-chaired board underlines push to maintain ties with China.
- The world comes to Xi — Foreign officials have flocked to China’s leader this year, boosting Beijing’s efforts to portray itself as a pillar of stability.
- Opinion: ‘China-maxxing’ helps spur an inbound tourism boom — Beijing has found an economic win by drawing more international visitors to the country. By Eleanor Olcott.
The New York Times
- What Plunging Pork Prices Say About China’s Economy — A key measure of inflation in China, they hit a 16-year low, driven by anemic consumer spending and an oversupply of hogs.
Caixin
- China’s Military Issues New Rules to Tighten Oversight of Senior Officers — Beijing says the 26-point document will tighten discipline, political training and oversight of top officers.
- China Tightens Rules on Online Prescription Drug Sales — New compliance rules require licensed pharmacists to review prescriptions and limit drug information shown before approval, raising the bar for online platforms.
- Why China’s Carmakers Fear Falling Behind Without Huawei — China’s carmakers once feared Huawei Technologies Co. Ltd. would become a rival. Now many worry they can’t compete without it.
South China Morning Post
- As Iran war stokes water security fears, Central Asia could turn to China — Nations facing chronic water shortages might look to Chinese investment to upgrade their creaking Soviet-era infrastructure, observers say.
- China says it drove away Dutch warship near disputed Paracel Islands — PLA says it used electronic interference and warnings against Dutch frigate as tensions widen in South China Sea.
- Opinion: China’s next big leap: becoming a frontier science civilisation — Beijing’s pivot to focus on basic research signals a transition from an industrial civilisation towards a scientific civilisation looking to lead. By Tan Kong Yam and Clement CT Chan.
Nikkei Asia
- Tencent bets on AI agents, smaller models in race with Alibaba, ByteDance — Chinese tech trio pour billions into the technology as race for users heats up.
- China AI ignores Takaichi’s condolences over coal mine blast — Xi’s outburst to Trump about Japan’s ‘remilitarization’ under Takaichi gets hushed.
- AI demand strains supplies of lasers, fiber and other optical tech — China’s supply chain gets a boost as data center buildout sparks shortages and price hikes.
Bloomberg
- World’s Appetite for AI Makes China Less Afraid of Stronger Yuan — The yuan is set for a sixth quarter of gains against the dollar, a streak not seen since 2013, and policymakers have shown little urgency to step in.
- China Minister Again Skips Defense Forum Attended by Hegseth — It is a rare chance for regional military officials to put unscripted questions directly to defense leaders, with the U.S. and Chinese defense leaders traditionally delivering major policy addresses.
- China AI Upstart MiniMax Doubles Sales Ahead of New Model — MiniMax Group Inc.’s annualized revenue more than doubled over the past two months to at least $300 million, as the Chinese AI upstart prepares to roll out its next flagship model.
Reuters
- China works on AI token futures market, sources say, in race with U.S. — The Shanghai Futures Exchange is in the early stages of designing futures contracts for so-called AI tokens — the smallest unit of information processed by AI models.
- In China, German minister says economic relationship requires cooperation, competition — Germany’s economy minister said in Beijing that a modern economic relationship requires both cooperation and competition, as Europe’s biggest economy tries to manage tensions with its largest trading partner.
- U.S. envoy warns Spain to be ‘very careful’ in deepening ties with China — Spain must proceed very carefully as it deepens its relationship with China to keep it out of critical sectors such as data, defence and telecommunications.
Other Publications
- Foreign Policy: China Needs North Korea on Its Side — A Xi visit to Pyongyang is likely soon, after a seven-year gap.
- Rest of World: China’s tech rise is creating a new kind of tourism — Foreign visitors are flocking to China’s factories and AI startups in search of the next technological breakthrough.
- The Economist: China is quietly making rural migrants’ lives easier — The notorious hukou system is being relaxed. Marx would approve.
