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
- The U.S. Is Forfeiting the Clean-Energy Race to China — As President Trump doubles down on fossil fuels, the U.S. and China offer competing visions for the future of energy.
- The Waldorf’s Makeover Went a Billion Over Budget—and China Is Footing the Bill — The storied New York hotel fully reopens next month after an eight-year saga in which the buyer went to prison and the Chinese government took over.
- The Daring Caper of a Faithful Tibetan Who Outfoxed China — He escaped from police and crossed thousands of miles of wilderness on a decadelong odyssey toward freedom.
- U.S. Government Is Expected to Get Multibillion-Dollar Fee in TikTok Deal — The fee would be the latest example of the government getting paid for involvement in private-sector deals.
- Trump Says U.S. and China Approve TikTok Deal After Call With Xi — Chinese leader appeared to support a commercial solution; Xi and Trump to meet this fall.
- Under Trump Pressure, EU Proposes Going After Chinese Companies Buying Russia Oil — The measures would seek to squeeze Russia, but wouldn’t fully meet demands by the U.S. president.
The Financial Times
- Chinese tech stocks surge past Nasdaq on the back of AI advance — Beijing’s push for chip self-sufficiency accelerates triumphant comeback for sector.
- ‘Stargate of China’ plan emerges to challenge US as AI superpower — Beijing increases oversight of its data centres to make better use of limited computing resources.
- China cracks down on use of live-streaming and AI to sell religion — Rules to curb online activities of money-minded monks and clergy follow scandal at world-renowned Shaolin Temple.
- Trump and Xi to meet in South Korea as US president hails TikTok deal — American leader says Chinese counterpart approved sale of video app’s American operations.
- Europe’s first production plant for rare-earth magnets opens — Canadian group Neo Performance Materials predicts a three-fold increase in demand over the next decade.
- Opinion: How ‘Safe China’ sells its security strategy to the world — Global leaders — and not just autocrats — are lining up to learn about Beijing’s policing tactics and surveillance state. By Sheena Chestnut Greitens.
The New York Times
- White House Outlines a TikTok Deal With a U.S. Board — A potential deal to reduce TikTok’s ties to China would give the app a new board with six American directors out of seven, the White House press secretary said.
- Trump and China Suggest TikTok Deal Could Move Ahead in Vague Statements — The president told reporters Friday that China’s top leader, Xi Jinping, had approved a deal for TikTok. But he also suggested the agreement was a work in progress.
Caixin
- Surge in China’s Securities Fraud Lawsuits Tests Courts — A 2022 judicial interpretation lowered filing thresholds, leaving judges weighing efficiency, heavier caseloads and market confidence.
- China’s Last Big Bet on Its Energy Reform in Race to Cap Carbon Emissions — Reducing reliance on coal and investing in clean teach will define China’s its global energy standing in 2030 and test the limits of reform.
- Xiaomi Recalls 117,000 SU7 EVs in China Over Driver-Assistance Safety Risks — First major recall for Xiaomi’s debut car follows fatal crash and rising scrutiny of driver-assist systems in China’s fast-growing EV sector.
- China Probes Kuaishou’s E-Commerce Subsidiary Over Suspected Law Violations — Regulator says live-streaming platforms face persistent problems with false marketing and product quality as industry scrutiny tightens.
- Five Chinese Scientists Stripped of Awards for Corruption and Misconduct — The revocations involve two scholars convicted of crimes and three sanctioned for academic dishonesty, underscoring a wider crackdown on China’s research community.
South China Morning Post
- China’s exports to Africa up by 25% as Trump’s tariffs bite hard — Chinese firms divert trade to emerging markets and other major regions, while shipments to US drop dramatically.
- No missing bolts: a glimpse into China’s C919 smart factory — Shanghai mega factory creates real-time tracking system to monitor all plane parts, tools and technicians, ensuring top-notch safety checks.
- China is killing the race for critical minerals with the largest antenna on Earth — Chinese-built high-powered device is five times bigger than New York City and leads the global search for lithium, cobalt and rare earths.
- Dong Yu on why ‘every chapter’ of China’s 5-year plans boils down to income — Drafter of earlier plans speaks on why China continues the tradition – and why other countries are now trying to emulate it.
- Opinion: China’s innovation gains highlight failure of US containment efforts — China’s latest ranking and the return of foreign investors reveal a simple truth: its rise must be acknowledged. By Jianlu Bi.
Nikkei Asia
- Buffett’s Berkshire exits Chinese EV maker BYD — US investment company had been gradually reducing 10% stake bought in 2008.
- Chinese sportswear group feels heat over Arc’teryx fireworks in Tibet — Anta stock falls after display by artist Cai Guo-Qiang draws environmental backlash.
- Gold boom drives Chinese miner Chifeng to seek acquisitions abroad — With ‘world in chaos,’ CEO Yang Yifang targets locations that offer ‘stable policies’.
Bloomberg
- China Road Trip Exposes List of Uninvestable Assets in the West — Venture capitalists in clean tech are starting to say out loud what they’ve suspected for a while: China’s dominance has left key sectors in the West uninvestable.
- China’s Labor Market Distress Spreads at Worst Time for Deflation Fight — China’s labor market is deteriorating just as deflationary pressures showed initial signs of easing, threatening to reverse progress by emptying the pockets of consumers Beijing needs to spend again.
- China’s EV Boom Saddles Its Auto Insurers With Chronic Losses — China’s giant electric vehicle insurance market is flailing. Losses are piling up, as companies’ risk models haven’t kept up with changes in vehicle economics and driver behaviors.
- China’s Consumer Price Wars Are Coming for Botox and Skincare — First, the deflation sweeping China’s economy came for its cars and fast food. Now it’s coming for Botox and photorejuvenation.
- Opinion: The One Place Where China’s Popularity Is Sky High — Washington’s retreat in Africa is paving the way for Beijing to advance. By Karishma Vaswani.
Reuters
- China asks brokers to pause real-world asset business in Hong Kong, sources say — The move comes as Hong Kong over the past year ramped up efforts to position the Asian financial centre as a digital assets hub.
- US House lawmakers make rare China visit to stabilise ties — This “ice-breaking” trip will further bilateral ties, Premier Li told the lawmakers, according to a pool report organised by the U.S. embassy in China.
- China’s BYD makes gains in Spain with low EV prices, fast expansion — BYD’s share of Spain’s EV market, including fully-electric models and plug-in hybrids (PHEVs), climbed to more than 10% in Spain in July despite EU tariffs on Chinese-made EVs.
Other Publications
- Foreign Policy: Beijing’s Double Standards in the South China Sea — Taking a lesson out of China’s playbook, Vietnam is building militarized islands.
- Foreign Affairs: Nobody Lost Taiwan — The Island Remains Secure and Stable—for Now.
- The Washington Post: China is learning to accept alternative modes of work — Digital nomads have set up communes across China to opt out of the rat race. Faced with a youth unemployment crisis, Beijing is now backing alternative ways of working.
- The New Yorker: What Trump Wants from a TikTok Deal with China — The Chinese-owned social-media app was banned by Congress because of national-security concerns, but the President seems more interested in leveraging its future for his personal gain.
- Semafor: Africa’s forgotten battleground in the US-China tech war — The Olkaria geothermal complex could help Washington loosen Beijing’s grip on digital infrastructure in Africa, and power American efforts to win a technological race with China.
