The Caixin Must-Read newsletter brings you the best of our coverage over the past week, handpicked by our editors. Enjoy!
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# Cover Story #
China Set to Ease Controls on Genetic Resources to Plug Biotech Innovation Gap
The National Health Commission is spearheading the reform, Caixin has learned, in response to complaints that overly tough restrictions are choking innovation, particularly in the biotech and pharmaceutical sectors
# Business #
In Depth: China’s Dwindling AI Chip Stockpile Leaves Little Room for Sora Copycats
Chinese enthusiasm for generative video has been notably cool compared with the frenzy over ChatGPT-style large language models
In Depth: EU Wind Power Probe Could Blow Chinese Expansion Plans Off Course
Subsidy investigation adds to the hurdles turbine-makers face, including challenges with funding and certification
In Depth: EV Battery Startups Take the Driver’s Seat in Race for Solid-State
Newcomers have invested billions in ramping up production of the promising technology, while the industry giants are holding back in the face of thorny tech issues
# Finance #
In Depth: China’s Securities Firms Rein In Pay Packets as Pressures Mount
The industry is being squeezed by a government campaign to cut excessive remuneration, a bearish stock market and regulatory tightening of IPOs
PBOC to Provide $42 Billion Cheap Loans for Program to Buy up Unsold Homes
Banks to pass on lending to local state-owned enterprises to buy unsold properties and resell or lease them as affordable housing
# Economy #
In Depth: Regulators Turn Blind Eye to Banned Zero Down Payment Property Deals
China’s developers are offering incentives to encourage home sales, some of which breach the rules, but in a depressed market regulators are being flexible
China’s Fiscal Revenue and Land Sales Continue to Fall as Property Slump Grinds On
China’s national fiscal revenue fell 3.7% in April while government expenditure accelerated, Ministry of Finance data shows
# China #
Joint Task Group Formed to Devise Measures to Tackle China’s Property Slump
State Council to announce policy seeking to ensure the delivery of unfinished housing projects
# News Graphics #
New Round of U.S. Tariffs to Hit Chinese Battery-Makers Hardest
China accounted for 71.5% of U.S. lithium-ion battery imports in the first quarter
# Tech #
Ramped Up U.S. Tariffs on $18 Billion of Chinese Imports to Start on Aug. 1
U.S. Trade Representative is also proposing 19 temporary exclusions on Chinese solar equipment to come into effect in 2025
# Opinion #
China’s Real Estate Industry Needs to Explore New Business Models
Finding a replacement for a model that depends on high debt, high leverage, and high turnover will require the government and the sector to figure out how to reduce inventories
# World #
Xi and Putin Agree to Further Deepen Economic and Military Ties During State Visit
China and Russia commit to maintaining close high-level and civilian exchanges while seeking new channels of cooperation
Lawrence Wong: Singapore’s New Prime Minister Seeks to Be a ‘Servant’ of the People
Known as a consumate technocrat, Wong was sworn in on Wednesday, becoming only the fourth leader of the island nation since independence
Related:
Cover Story: The Vision of Singapore’s Next Prime Minister
# Weekend Long Read #
China Inc.’s Overseas Expansion Has Echoes of Japan
A comparison of the two nations’ experience shows there’s more driving the change than domestic overcapacity
# Gallery #
South China Pounded by Record Rainfall
# Podcast #
Caixin Biz Roundup: Chinese Shipping Costs Spike, Cosco Defends Peru Port Rights
SAIC to share hybrid car tech with Volkswagen, GM; CATL partners with French shipping giant to explore electric ship collaboration
