Daily Buzz: 15 December 2025

Chinese President Calls for Pragmatic Growth

Chinese President Xi Jinping has called for a pragmatic and disciplined approach to investment and economic planning, warning against ineffective projects and inflated growth targets, People's Daily reported, citing details from the recent Central Economic Work Conference in Beijing. Xi said some projects under the upcoming 15th Five-Year Plan (2026-30) could begin construction ahead of schedule if preparations are ready, but stressed that wasteful investment and projects that fail to deliver results must be avoided. He said planning must be grounded in reality and focus on "solid, high-quality and sustainable" growth, adding that officials will be held accountable when targets are unrealistic, progress rushed or expansion blindly pursued. The president also noted that technological breakthroughs in the past five years show that external "bottlenecks" cannot hold China back.

Ukraine Willing to Drop NATO Ambition

Ukrainian President Volodymyr Zelensky said Ukraine would be willing to relinquish its goal to join NATO in exchange for strong Western security guarantees to defend the nation against any future Russian attacks. His concession came ahead of peace talks scheduled on Monday in Berlin with European leaders and US special envoy Steve Witkoff. The problem of territory remains a sticking point in ending the war. Ukraine, which is under US pressure for a speedy peace deal, has yet to agree to cede any land to Moscow, and the Kremlin remains insistent that there will be no peace unless Ukraine surrenders the eastern region of Donbas, which is largely under Russian occupation.

Gunmen Open Fire on Jewish Festival in Sydney

At least 15 people were killed and 38 hospitalized after two gunmen – described as father and son – opened fire at a Jewish holiday event being held on Sydney's iconic Bondi beach on Sunday. The father, a licensed gun owner, was killed; his son was critically injured. Authorities said the tragedy, which occurred as up to 1,000 people gathered at a festival to celebrate the start of Hanukkah, is being treated as a terrorism event. Australian Prime Minister Anthony Albanese condemned the attack as "pure evil" and said his government stands with the nation's Jewish community. Israeli Prime Minister Benjamin Netanyahu accused the Australian government of "encouraging" antisemitism since the outbreak of the Gaza war and again denounced its decision to recognize a Palestinian state.

Belarus Releases Nobel Prize Winner, Other Political Prisoners

Belarus released 123 prisoners, including 2022 Nobel Peace Prize winner Ales Bialiatski, after the US lifted sanctions on potash, a fertilizer component and major export for Belarus. Belarus President Alexander Lukashenko is a close ally of Russian President Vladimir Putin and a supporter of US President Donald Trump.

Thai-Cambodia Fighting Continues Despite Trump Claim of Truce

Cambodia closed all its border crossings with Thailand, as fighting continued between the two neighbors over the weekend, despite US President Donald Trump earlier saying both sides had agreed to a new ceasefire. Thai Prime Minister Anutin Charnvirakul has said there will be no truce talks until Cambodia withdraws all its forces and removes landmines from their disputed border. At least 15 people have been reported killed, 270 injured and thousands of residents evacuated since renewed military attacks erupted a week ago, breaking an October ceasefire agreement that Trump claimed to have brokered.

Top Business

China to Boost Consumer Spending

China's commerce ministry and financial regulators have urged local governments to strengthen coordination between business and financial sectors to help revive consumer spending, according to a joint statement released on Sunday. The Ministry of Commerce, the People's Bank of China and the National Financial Regulatory Administration said local governments need to improve existing channels for funding campaigns to boost consumer spending and should work more closely with banks and other financial institutions to unlock spending potential. Regulators also called for greater efforts to channel more credit into key areas of consumption, including retail and services sectors.

China Vanke Creditors Reject Debt Payment Extension

China Vanke failed to secure creditor support for its proposal to extend repayment on a yuan-denominated bond due today, heightening risk of default, Bloomberg News reported, citing a public filing to the National Association of Financial Market Institutional Investors. The debt-laden property developer, once a leader in the mainland industry, sought to postpone for a year repayment on a 2 billion yuan (US$280 million) bond. The rejection leaves the company a five-day grace period to make payment on the debt. The company has US$50 billion in onshore and overseas liabilities. Its liquidity crunch is part of a real estate slump that began in 2021 with developer defaults. Vanke has been kept afloat for years by loans from its largest shareholder, Shenzhen Metro Group.

China Movie Industry on a Roll

China's film industry is experiencing a stellar year that highlights its emerging global status, Xinhua news agency reported. The box office this weekend surpassed 50 billion yuan (US$7.1 billion), buoyed by animation films that now account for nearly about half of ticket sales. The China Film Administration said 1.2 billion tickets have been sold this year, with domestically produced movies accounting for 82 percent of the box office. Four animated films – "Ne Zha 2," Zootopia 2," "Nobody" and "Boonie Bears: Future Reborn" – were among the top 10 most successful films. China-made "Ne Zha 2" continues to be the blockbuster of 2025, grossing 15.4 billion yuan. Success at the box office is spilling over into a lucrative merchandising market, according to Lai Li, an analyst with movie-tracking firm Maoyan. Beyond animation, war movies told from the perspective of people caught up in conflict have been big hits, including "Dead to Rights," "Evil Unbound," "Gezhi Town" and "Dongji Rescue."

Economy & Markets

Standard Chartered Predicts Modest Monetary Easing

Standard Chartered bank is forecasting that China will cut its ratio of reserves that banks are required to hold next year by a quarter point in the first three months of 2026, and lower interest rates by a 10th of a point in the second quarter. Ding Shuang, the bank's chief economist said policymakers have limited scope for monetary easing amid historically low net interest margins among domestic banks and the need to maintain stability of the yuan.

China Grain Output Rises to Record

Chinese grain production this year rose 1.2 percent from 2024 to record 715 million tons. The increase came from increases in cultivation area and higher yields, the National Bureau of Statistics said. The area cultivated in grains expanded for the sixth straight year to 119 million hectares, while yields per hectare rose 1.1 percent. Bureau official Wei Fenghua said the higher production contributes to rural growth, stabilizes the world grain market and safeguards food security.

Local Governments Near Bond Target for Year

China's local governments issued 5.3 trillion yuan (US$751 trillion) of bonds this year, as of last week, nearing the end of this year's approved allocation of 5.4 trillion yuan. Local bonds have become a primary source of funding for provinces and major cities. The provinces of Guangdong, Shandong, Zhejiang, Jiangsu and Sichuan led the sales, with higher bond quotas allocated to them because of their stronger economic status.

Corporate

Changan Auto Expanding Into Spain, Italy

China's Changan Automobile said it will expand sales to Italy and Spain next year with versions of its two electric models Deepal S05 and S07 SUV, to be followed in 2027 with hybrid versions. The Chongqing-based company joins a wave of Chinese vehicle expanding in Europe amid slowing domestic sales. Changan, which is investing 2 billion euros (US$2.3 billion) in the region, already sells vehicles in eight European countries including Germany and the UK. By 2028, the company is planning to offer eight models in Europe, and by 2030, it said it will have a network of 1,000 dealers there.

Chow Tai Fook Selling Australia Energy Assets

Chow Tai Fook Enterprises, parent of debt-troubled Hong Kong developer New World Development, is selling Australia's Alinta Energy to Singapore-based Sembcorp Industries for A$6.5 billion (US$4.3 billion). The sale includes a coal-fired power station, wind farms, and retail gas and electric distribution.