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 Auto Sales Stayed Weak in May — China’s auto market weakened further in May, with rising oil prices denting demand for gasoline-powered cars and helping electric and plug-in hybrid vehicles capture a record share of new car sales.
- What Xi and Kim Want From Their Summit in North Korea — The Chinese leader arrived in Pyongyang for a two-day summit with Kim Jong Un, seeking to strengthen their alliance against the West.
- Chinese AI Start-Up StepFun Set to File for Hong Kong IPO — The Chinese startup StepFun is set to file for a Hong Kong initial public offering as soon as Monday, people familiar with the matter said.
- The World’s Most Surprising Economic Success Story Is…North Korea — Arms sales to Russia and goods from China provide a boost, despite sanctions. “The regime is wealthier than ever.”
The Financial Times
- Xi Jinping lands in North Korea for Kim Jong Un meeting — Chinese leader’s first trip to Pyongyang in 7 years comes as regime has stepped up rhetoric of nuclear expansion.
- Opinion: Wasting China’s solar panel surplus is madness — Clean power is within our reach — yet factories sit idle. By Adam Tooze.
The New York Times
- As Ebola Spreads in East Africa, Will China Step Up? — China is well positioned to help stop the deadly virus, and could move into a gap left by U.S. retreat.
Caixin
- China Restarts Stalled Property Megaproject in State-Led Takeover — The 596-meter 117 Tower in Tianjin, once a symbol of private-sector debt excess, has resumed construction after a decade of stagnation.
- Former CSSC Shipping Chairman Under Graft Probe — The probe adds to scrutiny of China’s state-backed ship-leasing sector, where another executive has been targeted in recent months.
- China’s Robotics Industry Index Rises 6.4% — The index reflects the rapid maturation of the country’s robotics industry, with exports growing far faster than production as domestic manufacturers climb up the global industry value chain.
South China Morning Post
- How Chinese drink chains are testing the limits of soft power in the U.S. — New tea and coffee brands from China are winning customers across America, but their broader influence remains unclear.
- China adds warheads as nuclear powers ‘walk away’ from disarmament — Swedish think-tank says Beijing now has 620 nuclear warheads and may be increasing deployment as New Start’s expiry ends arms control era.
- Nobel laureate James Heckman on the value of risk-taking, and China’s ‘common goal’ — He also discusses the economic outlook, youth unemployment and whether the country can overtake the U.S. in science and tech.
Nikkei Asia
- World Cup tests Lenovo’s ambitions to challenge AI champions — Chinese company aims to move past role as biggest PC maker by showcasing new tech.
- China’s rare-earth exports to Japan drop 80%, sending companies scrambling — Sourcing from Australia and India, recycling among steps considered.
- UK defends China engagement, seeks to unblock India trade deal — Foreign minister forges ties in Beijing, focuses on steel, carbon tax in Delhi.
Bloomberg
- The European Union Has a $2 Trillion Taiwan Problem — European Union officials are concerned that a recent incident is part of a long-term Chinese plan to gain control over Taiwan, and that the EU is unprepared to respond to such a scenario.
- U.S.-China Rivalry Is Laid Bare by a Contract to Deepen an Argentine River — Winning bidder Jan de Nul NV, has a partner with a history of working with China’s state-run CCCC Shanghai Dredging Co, which has raised concerns among U.S. interests.
- Opinion: Hong Kong’s Private Wealth Bankers Should Be Anxious — Beijing has asked three online brokers to liquidate all existing accounts held by mainland Chinese within two years. By Shuli Ren.
Reuters
- Chinese military hovered as global executives flocked to Taiwan tech show — As AI heavyweights last week championed Taiwan’s significance as a crucial hub for the global supply chain, a hostile exchange with China was brewing at sea.
Other Publications
- POLITICO: ‘It’s a hurricane warning’: Guardrails around powerful AI models may be too late — The U.S. has at most six to 12 months before Beijing can compete with this new wave of hyper-advanced AI models.
- The Economist: China and Russia are competing for influence over North Korea — So nukes are off the agenda as Xi Jinping heads to Pyongyang.
- The Guardian: Author of UK Home Office report on China reveals attempts to compromise him — Dr David Wilson says former British police officer approached him as part of efforts to influence his work.
