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
- Trip.com CEO Sees Tailwinds for China Tourism — The company sees a significant tailwind in Beijing’s efforts to boost consumption.
- EU to Restrict China’s Participation in Medical Devices Procurement — In the period from 2015 to 2023, Chinese exports of medical devices to the EU more than doubled.
- China Flexes Chokehold on Rare-Earth Magnets as Exports Plunge in May — Curbs on magnets used in EVs, jet fighters are at core of recent U.S.-China trade tensions.
- China’s Midyear Shopping Festival Pulls In Record Online Sales — The value of goods sold by Chinese e-commerce platforms reached an all-time high during the “618” shopping festival.
- China’s Baidu Sets Sights on Singapore and Malaysia for Robotaxi Expansion — Apollo Go boasts the largest fleet among Chinese robotaxi companies.
- Labubu Maker’s Shares Drop as Chinese State Media Signal Tighter Scrutiny — Its Hong Kong-listed remain up over 160% so far this year.
- Trump Delays TikTok Ban for a Third Time — The president gave the Chinese-controlled video app another reprieve from a 2024 law requiring its sale or closure.
- China’s Central Bank Seeks Bigger Role for Yuan on Global Stage — The PBOC governor warned of the risks of a currency being weaponized in times of geopolitical tensions.
The Financial Times
- China made millions of drones. Now it has to find uses for them — Authorities bet ‘low-altitude economy’ will be next driver of growth.
- U.S. warns Britain over Chinese wind farm security risks — Mingyang’s plan to build Scottish turbine factory has raised fears about surveillance.
- Oaktree co-founder Howard Marks calls on China to open up to foreign investors — Distressed debt specialist outlines upbeat view of world’s second-largest economy.
- Labubu: the tiny elf doll driving China’s most valuable toy company — Pop Mart’s $40bn market capitalisation has surpassed that of Hasbro and Mattel combined on back of hot-selling collectibles.
- China’s bet on Iranian oil and Middle East influence turns sour — President Xi is likely to double down on energy independence drive as Strait of Hormuz risks rise.
- Chinese cyber threat to Europe on par with Russia’s, warns Czech president — Petr Pavel’s government was recently the target of a hacking group linked to Beijing’s top spy service.
The New York Times
- BYD and Other Chinese Carmakers Expand Sales in Europe Despite Tariffs — BYD and other companies doubled their share of the car market after the European Union imposed higher tariffs on electric vehicles from China.
- China Unleashes Hackers Against Its Friend Russia, Seeking War Secrets — Since the war in Ukraine began, analysts have monitored a series of intrusions aimed at stealing information about weaponry and warfighting.
- A U.S. Attack on Iran Would Show the Limits of China’s Power — China, which depends on Iran for oil and to counter American influence, has a lot to lose from a wider war. But there’s not much it can do about it.
- Chinese Companies Set Their Sights on Brazil — Confronted with tariffs and scrutiny in the United States and Europe, Chinese consumer brands are betting that they can become household names in Latin America’s biggest economy.
- Cave Explorer Videos Show Decade of Trash in ‘Avatar’ Park in China — Officials ordered a huge cleanup effort after videos of the mountains of garbage spread widely online.
Caixin
- China to Open ETF Options Market to Foreign Investors From October — Global investors to get access to risk management tools to navigate China’s volatile equity markets.
- ‘Massive and Strong’ China Needs to Become Massive and Green, Policy Adviser Says — Cutting consumption of energy and mineral resources is essential to ensure a sustainable future for China, says Huang Qifan.
- Foreign E-Commerce Platforms Pitch Themselves to Chinese Merchants — Online retailers including Russia’s Wildberries and South Korea’s Coupang tried to attract vendors from China at a trade expo in Shenzhen this week.
- Chinese Biotech Innovators Push Overseas as Sector Faces Reckoning — China’s biopharma industry is enjoying a rebound but whether this marks a turning point is still in doubt.
- Lithium Glut Takes Prices to New Low Which Could Last Until 2030 — Mismatch between rising supply of lithium and slowing demand has led to a slide in prices that continues today.
- China’s Mutual Funds Face Fresh Overhaul With Focus on Cutting Fees — Regulators want to make managers focus more on generating long-term returns for investors rather than chasing short-term profits and boosting the size and ranking of their funds.
South China Morning Post
- How Huawei’s AI chips outperform Nvidia’s in running DeepSeek’s R1 model — Performance of Huawei’s AI data centre architecture, CloudMatrix 384, illustrates the firm’s progress in overcoming U.S. tech control measures.
- Alibaba, Tencent-backed AI unicorn MiniMax eyes Hong Kong listing, report says — MiniMax, a unicorn valued at US$2.5 billion, was in the ‘early stage’ of preparations for the listing, according to news outlet The Paper.
- China’s C929 widebody jet to make maiden commercial flight by 2035: source — Comac manager tells partners at Paris Air Show that plane is expected to be certified domestically by 2032.
- Unitree Robotics reaches unicorn status with ByteDance, Alibaba, Tencent funding — The Chinese humanoid and robot dog maker is valued at US$1.3 billion in its latest financing round.
Nikkei Asia
- China races to calm worries over end to $42bn consumer subsidies — Some cities suspend programs earlier than expected.
- Xi Jinping reaches out to his fellow ‘red aristocrats’ — A princeling leads a troika of top generals supporting the supreme leader.
- As China’s minidramas boom, studio to open in northeast industrial hub — Shenyang facility built at a former factory site aims for 150 works in 5 years.
- Beijing’s ‘super embassy’ plan in London tests UK-China reset — Trump administration concerns add to local privacy, national security worries.
Bloomberg
- What China’s Listing Frenzy in Hong Kong Means for Investors — These companies, most of which are so far state owned, are poised to increasingly shape Hong Kong’s stock market as they keep listing their shares in the city.
- China’s EV Powerhouse BYD Accelerates Into Europe’s Heartland — Momentum built around sleek showrooms, bold pricing and a dealer push that worries entrenched rivals.
- Xi Shows No Sign of Rescuing Iran as Trump Ramps Up Pressure — Beijing has repeatedly issued warnings against escalation.
- JD.com Billionaire’s Viral Stunt Reignites China’s Food-Delivery Feud — The food delivery war is indicative of the bifurcation in China’s mammoth tech industry.
Reuters
- China floods Brazil with cheap EVs triggering backlash — Brazil has emerged as a flashpoint in the China auto industry’s torrid global expansion.
- Rare earth access is the European Union’s priority at China summit — The lead-up to the summit has not been smooth.
- Fearing China’s small car rivals, Stellantis, Renault lobby EU for fewer rules — Chinese rivals have so far focused on larger EVs and hybrids in their bid for market share in Europe, but smaller EVs are on the way.
- Exclusive: Nvidia, Foxconn in talks to deploy humanoid robots at Houston AI server making plant — A deployment, expected to be finalised in the coming months, would mark a milestone in the adoption of the human-like robots that promises to transform manufacturing processes.
Other Publications
- The Economist: China is trying to win over Africa in the global trade war — As America slaps tariffs on African goods, it is offering zero duties.
- Rest of World: The $10 billion delivery empire built on Shein and TikTok orders — A Chinese courier company is out-delivering Amazon — and everyone else — across Southeast Asia.
- WIRED: A False Start on the Road to an All-American Bitcoin — Donald Trump pledged to cement the US as the bitcoin mining capital of the planet. The president’s sweeping tariffs stand to simultaneously undermine and advance that ambition in one swoop.
