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
- Alibaba Files Lawsuit Against Pentagon Seeking Removal From Military List — Alibaba Group filed a lawsuit against the U.S. Department of Defense in a San Jose federal court.
- China Is Luring the World to the Yuan—and Hobbling Western Sanctions — Iran and Russia have used the currency to carry out oil sales and other trade, evading controls on dollar transactions.
The Financial Times
- China detains two Japanese nationals over alleged rare earth smuggling — Escalation of dispute with Tokyo comes as Beijing opens whistleblower hotline for violations of critical mineral exports.
- How to power data centres — China and the U.S. are the clear frontrunners in data centre rollouts as they battle for AI leadership.
- China’s premier says competitiveness not down to subsidies — Li Qiang dismisses trading partners’ complaints at World Economic Forum’s ‘Summer Davos’.
- Nvidia’s banned AI chips double in price on China’s black market — U.S. crackdown on illicit exports has made it riskier, harder and more expensive to buy tech giant’s processors.
- EU joins U.S. pact to break reliance on Chinese AI supply chains — Jacob Helberg, architect of Pax Silica, tells the FT the American-led group will boost innovation.
- Alibaba sues Pentagon over inclusion on Chinese military blacklist — Ecommerce group claims U.S. defence department’s ‘arbitrary and capricious’ decision lacked evidence.
- U.S. Supreme Court limits scope of foreign human rights claims — Justices refuse to consider complaint alleging Cisco enabled Chinese surveillance of banned religious group.
- Opinion: China and the U.S., accidental climate saviours of the world — The EU carbon pricing model is being supplanted by Beijing’s green tech spending and Donald Trump’s oil price shock. By Alan Beattie.
The New York Times
- Alibaba Sues Pentagon Over China Military Label — The Chinese tech giant said it had no ties to China’s military and that the U.S. government had violated the law by making that claim.
- China Detained 2 Japanese on Suspicion of Smuggling — The Japanese nationals were detained in May in the northeastern Chinese city of Dalian, Japan’s government said, amid tensions between the two countries.
- Justices Reject Lawsuit Claiming U.S. Company Helped China Target Spiritual Group — The court’s decision could have broader implications for whether companies can be held liable for aiding in international human rights abuses.
Caixin
- China Auditor Exposes Local Governments Faking Debt Cleanups — Some local governments in China have used deceptive tactics to mask billions of yuan in hidden debt, undermining Beijing’s sweeping campaign to defuse financial risks.
- China Advances Central Bank Law Revision to Counter Foreign Sanctions — China’s top legislature is reviewing an overhaul of the central bank law that would introduce mechanisms to counter foreign sanctions, fortifying the nation’s financial defenses.
- China Approves World’s First CAR-T Therapy for Solid Tumors — CARsgen’s Kailimei wins clearance for late-line CLDN18.2-positive, HER2-negative gastric cancer, marking a milestone for cell therapy beyond blood cancers.
South China Morning Post
- ‘China Initiative 2.0’: U.S. crackdown on Chinese scholars intensifies — Immigration lawyers and activists claim the Trump Administration has ramped up its targeting of Chinese scientists and researchers in U.S.
- U.S. targets Cuba mining sector in move with implications for China-linked supply chains — Washington revealed sanctions on foreign-backed mining ventures, which Havana slammed for being ‘dishonest and mendacious’.
- Opinion: China’s evolving political economy, as seen through gaokao scramble — Individuals choose the university and course but the state sets the collective outcome, steering human capital towards development goals. By Winston Mok.
Nikkei Asia
- China plans postwar aid for Iran, with eye on energy supply — Beijing prepares to walk diplomatic tightrope to avoid upsetting U.S., Gulf states.
- State-backed China Resources Power’s unit to raise $3.6bn in record IPO — Strong subscription reflects spillover from offshore listing boom.
- China’s Li-Ning banks on Stephen Curry in ‘partnership of a lifetime’ — Sportswear brand hopes to connect with NBA star’s huge fan base at home and abroad.
Bloomberg
- Beijing Unfazed by China Shock 2.0 as Premier Touts Openness — Li Qiang played down worries about the disruption wrought by surging exports on the global economy, instead championing the benefits provided to the world by China’s development.
- Can India and China Finally Settle Their Himalayan Border? — China and India are taking steps to get relations back on track after deadly clashes along their disputed Himalayan frontier, with the sides discussing how to settle their territorial disagreements.
- China Makes New U.S. Warship Target for Missile Tests — China has built a new U.S. destroyer replica at a remote missile-testing site in its northwestern desert, satellite imagery shows, a target analysts say could be used to test anti-ship weapons.
Reuters
- Taiwan says warning time for any China attack is shortening — Taiwan’s military has begun basing some of its drills on a scenario in which China suddenly turns one of its regular exercises around the island into an actual attack.
Other Publications
- Foreign Affairs: Why “China First” Will Fail — The Limits and Lessons of a Transactional Foreign Policy.
- Rest of World: China and the West are taking opposite paths on EV battery recycling — China has 85% of the world’s recycling capacity and a mandate to shred old packs. The U.S. has another plan: use them to save the power grid first.
