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
- Kuaishou Profit Tops Estimates, Boosted by AI Technology — The Beijing-based company reported a 37% increase in third-quarter net profit.
- U.S. Supply Chains Deemed Vulnerable to Chinese Exploitation — Beijing could exploit the U.S.’s dependence on Chinese supply chains for products such as pharmaceuticals and electrical equipment, according to a new report to Congress.
- Opinion: China’s Myanmar Project Could End U.S. Sanctions — The digital currency would operate outside Swift but still have access to American banks. By Dan Swift and Sean Turnell.
The Financial Times
- Dutch government steps back from Nexperia intervention to ease chip supply issues — Stand-off had threatened global carmaker supply chains.
- EU plans minerals stockpile centre to stop US snapping up supplies — EU industry chief says bloc is becoming ‘collateral damage’ in race to secure rare earth minerals.
- UK warns China against spying after MI5 tells MPs they are being targeted — Security minister Dan Jarvis says Beijing is trying to recruit people with access to the British government.
The New York Times
- Chinese Spies Are Using LinkedIn to Target U.K. Lawmakers, MI5 Warns — Britain’s domestic intelligence agency said China was using headhunters to gather intelligence from lawmakers and parliamentary staff members.
- Opinion: Trump’s Trade War Showed That China Can Stand Up to America — Trump’s ill-conceived tariff war exposed U.S. vulnerabilities, strengthened China’s leverage and undermined America at a pivotal time. By Rush Doshi.
Caixin
- Ex-Citic Executive Probed Amid Finance Corruption Crackdown — Chen Jun helped arrange a proxy shareholding in his private equity firm for a disgraced IPO regulator, sources say.
- China’s State-Owned Financial Institutions Brace for Pay Cuts — Changes are expected to cap annual salaries for chiefs of central SOEs at 1 million yuan and ban ‘inverted’ compensation — where employees earn more than their superiors.
- AI and Data Offer China, EU Space to Cooperate as Trade Tensions Rise — The two sides share similar points of view about fast-growing digital sectors, which also include industrial digitalization and cross-border data governance, Web Summit speakers say.
- China Fortune Land Enters Pre-Restructuring After Years of Stalled Debt Deal — Liabilities near assets, losses widen, and asset sales stall as creditor petition moves case into judicial territory.
- Trip.com Rides Summer Travel Boom to Soar Past Profit Expectations — International travel demand powers 24% sequential revenue growth; long-haul trips and senior tourism shine.
South China Morning Post
- In central China, AI is telling humans how to build a high-speed rail tunnel — Machines trained in complex mountain data carefully navigate fault lines, fractures, caves and sinkholes to pick the best excavation method.
- Things were already grim for US farmers, then China tensions worsened – again — Strains with Beijing have deepened American agriculture woes, fuelling stress and bankruptcies amid high costs and low prices.
- Railway deal and a toxic spill likely to top agenda as Chinese premier visits Zambia — Strategically important Tazara project will be the focus for Li Qiang in Lusaka, but he could also face fallout over copper mine pollution.
- Chinese and US experts agree that AI use in defence sector must be restricted — ‘US-China competition would be better and more constructive if more people understood and perhaps embraced the Chinese approach’: Lee Kai-Fu.
- Opinion: As Russia advances and Trump retreats, China’s ascendancy is clear — Events in Busan and Pokrovsk show Beijing now occupying the position Nixon’s America once did in great power rivalry. By Terry Su.
Nikkei Asia
- Huawei’s web of chipmaking firms scales up independent supply chains — Affiliates invest in takeovers and capacity buildups in line with China’s national ambitions.
- Taiwan set for homegrown satellite leap with SpaceX launch — Taipei’s space agency also fosters UK ties for communications, disaster resilience.
- Opinion: The Pacific will endure US aid cuts but China wins narrative advantage — Damage is not financial but reputational as Washington’s retreat erodes trust in the region. By Alexandre Dayant and Riley Duke.
Bloomberg
- China’s AI University Beats Out Harvard, MIT in Race For Patents — Tsinghua University has educated the country’s top science and engineering students for decades. Now, it’s at the forefront of the AI revolution.
- Xi Is Making China’s Premier His Top Messenger on World Stage — Three years ago, Chinese Premier Li Qiang took on a role largely stripped of its former glory. Now, in a surprise twist, he’s becoming President Xi Jinping’s top emissary on the world stage.
- Opinion: China’s Overreach Is Handing Takaichi an Early Win — The Chinese consul-general in Osaka threatened to “slice off” Takaichi’s “filthy neck” and statements on social media warned of violent consequences. By Gearoid Reidy.
Reuters
- West scrambles to fill heavy rare earth gap as China rivalry deepens — Shortages of heavy elements dysprosium and terbium could be an Achilles heel for MP Materials and the West’s campaign to forge a magnets industry away from geopolitical turbulence.
- Air India lobbies to use airspace over China’s Xinjiang as financial woes mount — China’s military has much greater control of the country’s airspace than in most other aviation markets, restricting flight paths.
- China underground church pastors arrested, face up to 3 years in jail, NGO head says — 18 detainees were formally arrested and charged with the crime of “illegally using information networks”, said Bob Fu, the founder of Christian NGO ChinaAid.
Other Publications
- AP: China’s diesel trucks are shifting to electric. That could change global LNG and diesel demand — China’s trucking fleet, the world’s second-largest after the U.S., still mainly runs on diesel, but the landscape is shifting.
- The Economist: Four charts show how much money China lends to the rich world — Many of the loans look harmless. But some are raising eyebrows.
- Rest of World: China is setting the pace in the EV race, and the West can’t keep up — The mainland’s breakneck development speed is reshaping the global EV industry.
- The Guardian: China doesn’t want to take lead on climate policies alone, senior adviser warns — A top official in Beijing’s Cop delegation says China is committed to clean energy – but US’s absence is a problem.
