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
- China’s Services Sector Activity Accelerates — July’s upbeat reading marks the fastest expansion in China’s services activity since May 2024.
The Financial Times
- U.S. copper tariffs risk widening China’s lead in metals processing, executives warn — Mining billionaire Andrew Forrest says duties will result in ‘exporting’ of jobs and industry.
- Trump official urges Asia to reject Europe’s ‘over-regulation’ of AI — White House technology adviser Michael Kratsios calls on Asian countries to adopt U.S. artificial intelligence systems.
The New York Times
- Lyft and Baidu in Deal to Use Chinese Driverless Cars in Europe — Lyft and Baidu plan to start service early next year, joining Uber and Momenta in using electric cars from China, which are the least expensive even with tariffs.
- Opinion: China Has a Potent New Influence Tool: A.I.-Driven Propaganda — Documents show that GoLaxy has emerged as a leader in technologically advanced, state-aligned influence campaigns. By Brett J. Goldstein and Brett V. Benson.
Caixin
- Foreign Funds Edge Back Into Hong Kong Stocks as Mainland Outflows Ease — A-share outflows slow considerably, though foreign long-term capital remains cautious on Chinese assets.
- Ant Consumer Finance Taps into Bond Market With $275 Million Debut Issue — Ant Group subsidiary’s issuance comes amid a surge in consumer finance bond activity.
South China Morning Post
- In U.S.-China battle over rare earths, developing nations are the front line —Multilateral moves to break Chinese dominance of the supply chain are largely diplomatic and many solutions are long-term, analysts say.
- France’s struggling factories need investment. Is China the answer? —French companies fear competition from China, but the country could also play a crucial role in reinvigorating European manufacturing.
Nikkei Asia
- China starts Tibet dam megaproject to power coastal cities — Government aims to deepen region’s ties with national economy.
- China’s plastic export surge weighs on Asia prices in early 2025 — Real estate slump leads manufacturers to ship output abroad.
- DRAM prices soar as China eyes self-reliance for high-end chips — Push toward more profitable advanced chips could cause DDR4 memory shortage.
- China EV king BYD’s share price drop signals rocky road ahead — Stock down nearly 30% from peak; export push continues with Singapore SUV launch.
Bloomberg
- China Neuralink Rival Seeks Pre-IPO Funds at $1.3 Billion Value — BrainCo’s financing underscores the growing investor interest in a new generation of startups aiming to shake up the tech sector.
- Alibaba to Shut Costco-Like China Stores After Rivalry Heats Up — The move marks a strategic retreat from a model that failed to gain traction against Walmart and Costco.
Reuters
- Chinese firms set for record U.S. listings, undeterred by geopolitics — Chinese firms have had a harder time going public at home since the government tightened listing rules in 2023.
- Asia-U.S. sea freight rates set to extend declines amid tariff chaos — Shipping capacity outpaces demand as trade routes shift due to tariffs and geopolitical tensions, though vessel rerouting is expected to limit some losses, experts said.
Other Publications
- Foreign Policy: Leashing Chinese AI Needs Smart Chip Controls — Firms don’t want Huawei’s domestically produced alternatives — but might have no choice.
- CNAS: Game Over? — How the United States Could Have Won the Trade Wars.
- CSIS: The PRC’s Evolving Cyber Laws and Implications for Southeast Asia’s Digital Economy and Integration — The United States has yet to present a cohesive alternative for regional digital cooperation, which leaves a gap in leadership that the PRC is increasingly filling.
