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
- Beijing’s Trade Tactics, Ukraine Stance Cast Pall Over Europe-China Ties — After Trump’s election, China and Europe sought warmer ties, but rifts over Russia and trade sparked conflict.
- Australian Rare Earth Producer Braces to Take on Rival China With Help From Trump — The miner said rare-earth output rose 68% from the prior quarter.
- Chinese Social-Media Hashtag Signals Growing Frustration With Job Market — Beijing’s stepped-up efforts to bolster employment don’t seem to be bearing fruit yet.
- Lawmakers Subpoena JPMorgan and BofA Over IPO of Chinese Battery Giant — The House committee had previously urged banks to stop work on CATL’s initial public offering.
- Labubu Maker Scores Globally in Rare Win for Chinese Brands — Pop Mart aims to open 100 stores overseas this year.
- Opinion: Liberation Day for American AI — Trump’s deregulatory order will help the U.S. compete with China. By The Editorial Board.
The Financial Times
- Nvidia AI chips worth $1bn smuggled to China after Trump export controls — Roaring black market for US semiconductors operates despite efforts to curb Beijing’s high-tech ambitions.
- Von der Leyen tells Xi EU-China ties are at ‘inflection point’ — EU leaders press Beijing over trade surplus and support for Russia’s war in Ukraine at summit.
- China’s price wars hit investment banking as underwriters charge $100 fees — Bankers say pressure to undercut rivals has become acute as price-sensitive state-owned issuers dominate market.
- Big US toymakers seek to diversify away from China as tariffs bite — Uncertainty around levies weigh on Mattel and Hasbro.
- Opinion: Europe’s approach to China and Russia isn’t working — Economic threats won’t help EU leaders shift Beijing’s stance — the right incentives might. By Alexander Gabuev.
The New York Times
- How a Chinese Border Town Keeps Russia’s Economy Afloat — The flow of goods in Manzhouli, China’s main border crossing with Russia, underscores increasingly close ties between the two countries, complicating China’s relationship with Europe.
- Why Isn’t China Catching Up With Elon Musk’s Starlink? — China’s biggest networks have deployed less than 1 percent of their planned satellites, falling far behind SpaceX for dominance in space communications.
- Chinese and European Leaders Meet Amid Grievances on Trade — European Union officials are attending a summit in Beijing with China’s top leaders. China’s support of Russia and a long list of trade disputes are on the agenda.
- Opinion: America Will Come to Regret Selling A.I. Chips to China — We should not allow American troops and intelligence officers to be targeted by A.I. trained on U.S. chips. By Ben Buchanan.
Caixin
- China to Put Alipay, Tenpay Under Tighter Anti-Money Laundering Scrutiny — Central bank to place the two payment giants under its direct supervision, part of a broader move to tighten control over systemically important firms.
- China Intensifies War on Toxic Competition as Economy Suffers — Policymakers aren’t just focusing on the demand-supply imbalance anymore, but trying to tackle deeper problems, including local government subsidies and unfair corporate practices.
- China Reopens the Door for Loss-Making Tech Startups to Go Public — Reopening STAR Market to companies that haven’t turned a profit shows Beijing is ready to embrace risk in pursuit of innovation.
- China Launches National Fusion Energy Firm With $1.6 Billion Investment From SOEs — China Fusion Energy Co. is to lead the development of controllable nuclear fusion technology, mimicking the sun’s energy process.
- Chinese AI Startups Look Overseas to Cash In on More Mature Markets — Overseas users are willing to pay and offer a competitive environment more tolerant of startups.
South China Morning Post
- China, Russia relaunch joint maritime research missions, eyeing Arctic ambitions — First joint maritime expedition in 5 years will explore evolution of seas and global climate implications, experts say.
- What does it mean for China if Japan’s Shigeru Ishiba stays or steps down? — Ishiba has had a largely pragmatic approach towards Beijing but he is battling to remain prime minister.
- China, EU need to make the right choice as ‘2 big guys’ on world stage: Xi — Relationship is at an ‘inflection point’, von der Leyen tells Chinese leader as 25th China-EU summit begins in Beijing.
Nikkei Asia
- With eye on China, Quad aims to expand regional cooperation — India-France-Indonesia partnership among ideas considered.
- Xi administration quick to tell civil servants they can drink — Beijing tweaks ‘alcohol ban’ that was negatively impacting the economy.
- Taiwan drone alliance seeks Japan partners for overseas expansion — Industry association aims to build less China-dependent supply chain.
Bloomberg
- Why Taiwan’s ‘Recall’ Election Risks Raising Tensions With China — Taiwan President Lai Ching-te has escalated his tussle with opposition lawmakers by backing an unprecedented effort to unseat more than a quarter of the island’s legislators in a “recall” vote.
- China State Fund Pumped $28 Billion Into ETFs as Turmoil Raged — The buying spree came alongside promises by officials and executives to ease the selling pressure, with company buybacks and rule changes also used to boost confidence.
- Opinion: The White House’s AI Plan Is a Gift to Silicon Valley — Trump does a solid for Big Tech and maybe China. By Parmy Olson.
Reuters
- Chinese engines, shipped as ‘cooling units’, power Russian drones used in Ukraine — The shipments have allowed Russian weapons-maker IEMZ Kupol to increase its production of the Garpiya-A1 attack drone, despite the U.S. and E.U. sanctions imposed in October designed to disrupt its supply chain.
- Markets bet Beijing is getting serious about China’s overcapacity — The moves coincide with Beijing’s call on July 1 to tackle “disorderly price competition,” or overcapacity, and an acknowledgement it intends to deal with a persistent problem fuelling deflation.
- China’s BYD to assemble EVs in Pakistan from 2026 — The Pakistan plant addresses rising demand from emerging markets and allows the company to take advantage of incentives offered by the Pakistani government.
Other Publications
- Foreign Policy: Can Europe Break Free From China’s Rare-Earth Grip? — Brussels is worried it could be Beijing’s next target.
- The Economist: The new private jet pecking order — In oligarchic aviation China has just fallen behind India.
