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
- Trump’s Old High School Is in Trouble (Again). Can a Chinese Businessman Fix It? — New York Military Academy, where the president was a cadet, grapples with high debt and decaying buildings.
- Citi Cuts Tech Staff in China, Presses on With Brokerage Plan — Citi is pressing ahead with its plan to set up a wholly owned securities and futures company in China.
- China Services Sector Picks Up Slightly Despite Lower Orders — Incoming new business grew at the second-fastest pace so far this year.
- Dongfeng Motor Shares Slide After Restructuring U-turn — Competition in China’s auto industry has intensified this year.
- ‘Breaking the Engagement’ Review: The China-U.S. Divorce — The relationship between Washington and Beijing is at its lowest ebb since Richard Nixon’s 1972 visit. How did that come to be?
The Financial Times
- Apple and Alibaba’s AI rollout in China delayed by Trump trade war — Partnership between U.S. and Chinese tech groups stalled by Beijing regulator in wake of geopolitical tensions.
- EU urges China to loosen rare earth curbs as carmakers near crisis point — European trade commissioner Maroš Šefčovič raises shortage of vital materials with Chinese commerce minister.
- EU businesses lobby China for rare earths ‘fast-track’ channel — Beijing’s strict controls on critical minerals threaten supply chains worldwide.
- Citigroup lays off 3,500 tech staff in China — Move is part of bank’s push to cut costs and streamline global operations amid broader turnaround effort.
- Panama port owner’s deal fuels fears of dominance by world’s top shipping group — CK Hutchison’s $23bn sale has raised worries of MSC’s increased control of global port infrastructure.
The New York Times
- China Tries to Stop Smuggling of Rare Earths as Shortages Loom Abroad — Police officers, customs officials and spies are reinforcing China’s embargo on the critical minerals that it overwhelmingly controls.
- China’s Economic Slowdown Fuels Social Media Anger at Elites — A Harvard graduate, a doctor and an actress have been at the center of social media storms over perceived privilege. Some see economic anxiety behind it.
- Why South Korea’s New Leader Name Checked North Korea but Not China — Lee Jae-myung’s inauguration speech was a sign of the diplomatic maneuvering he will need to pull off to navigate relations with China and the United States.
- Ancient Trees, Dwindling in the Wild, Thrive on Sacred Ground — Buddhist temples in China are home to trees from dozens of endangered species, a new study shows. Some of them are almost 2,000 years old.
Caixin
- Chinese EV Battery Maker Switches on Gigafactory in France — Emmanuel Macron attends inauguration, saying it turns a new page in French industrial history.
- China Services Growth Accelerates on Domestic Demand Uptick, Caixin PMI Shows — The index came in at 51.1 in May, boosted also by stronger business confidence.
- Scrapped Merger Upends China’s State Auto Overhaul — Dongfeng-Changan deal falls through amid pushback from the companies and local governments.
South China Morning Post
- From NIH to SMART: senior biologist Lu Wei leaves U.S. government post for China — Top Chinese researcher is the latest academic to leave after U.S. President Donald Trump’s university funding cuts.
- Australia’s Albanese to meet China’s Xi in Beijing this summer: source — The Australian leader aims to ‘stabilise’ the relationship with China amid the turbulence unleashed by U.S. tariffs, a source told the Post.
Nikkei Asia
- Question mark hangs over Xi Jinping regime’s strength — China remains silent on whether a key monthly meeting was held in May.
- Indian carmakers scramble in face of China rare earth curbs — Shortage of key magnets could come ‘very soon’ if export freeze continues.
- EU pushes for China trade ‘rebalancing’ as Trump factor looms — Bloc and Beijing step up talks as analysts remain doubtful of breakthroughs.
- Shein targeted in consumer group complaint to European Commission — Brussels-based BEUC accuses Chinese retailer of ‘deceptive techniques,’ manipulation.
- ‘Agroterrorism’ arrest in U.S. spurs calls to bring back China Initiative — FBI accuses 2 Chinese nationals of smuggling crop-killing fungus.
Bloomberg
- The Missing Engineers — The world’s need for power is outstripping the workforce that can build it. Aging populations and anti-immigration rhetoric aren’t helping.
- Xiaohongshu Valuation Hits $26 Billion in Boost for Backer GSR — The latest valuation surpasses the app’s peak in 2021, and would be a boost for an initial public offering that the industry anticipates to happen as soon as this year.
- China’s Power Prices Nosedive in Relief to Tariff-Hit Factories — The main driver is a collapse in the price of coal.
Reuters
- U.S. SEC says new foreign firm rules needed, singles out China — If adopted, any new regulations could make it more costly and challenging for many foreign companies to tap U.S. equity markets.
- Trump renegotiating Biden-era Chips Act grants, Lutnick says — The grants, while signed, had only just begun to be disbursed by the time Biden left office.
- U.S. faces vape shortage as China tariffs, seizures hit Geek Bar — U.S. tariffs have driven panic buying of vapes by U.S. buyers, higher shipping costs and increased risks at the border, sources said.
Other Publications
- The Economist: Myanmar is a demonstration of Chinese hegemony in action — China is playing all sides in the country’s bloody civil war.
- Foreign Affairs: Europe Doesn’t Have a China Card — Détente with Beijing would be a disaster, write Heidi Crebo-Rediker and Liana Fix.
- Foreign Policy: Why China Hasn’t Seen Another Tiananmen Movement — Online culture and censorship have broken the ties that once spurred protesters.
- ChinaFile: Li Qiang’s Quiet Rise — Why China’s premier matters again.
- Brookings: Why should America negotiate with China? — There is no credible way for the United States to seal itself off from the effects of China’s actions.
- The Washington Post: As Afghanistan and Pakistan mend ties, China could be the real winner — In a meeting last month in Beijing, Afghanistan and Pakistan agreed to reinstate diplomatic ties after years of deteriorating relations and surging violence.
- The Washington Post: Opinion: Stanford is a case study in how Beijing infiltrates U.S. universities — Student reporters at Stanford University revealed China’s spying methods using Chinese nationals. By Marc A. Thiessen.
