Daily Buzz: 24 December 2025

China Expands Scope of Interest in Antarctica

China has drafted a law covering its governance and interests in Antarctica, Xinhua reported. It has been forwarded to the Standing Committee of the National People's Congress for review. Antarctica, the last of Earth's great untapped regions, is the focus of global rivalry to stake out territory, especially in mineral rights. China's new law will broaden China's interests from science to tourism, shipping and fishing activities. "The legislation will help better coordinate, manage and regulate Antarctic-related activities and provide strong legal support for China's participation in global Antarctic governance," Xinhua said. China sent its first scientific expedition to the frozen continent in 1983 and now operates five stations there. It is a signatory of an international protocol protecting Antarctica's fragile environment, which is a key factor in determining global climate.

China Fails to Recover Reusable Rocket

China failed to recover the first stage of its reusable Long March 12A rocket in its inaugural flight on Tuesday. However, the second stage did successfully enter its target orbit, the China Aerospace Science & Technology Corp said in a statement. The Long March 12A's maiden flight marked China's second attempt at landing and recovering a rocket booster for use in further launches, Reuters reported. Possible reasons for the failure weren't disclosed. Reusable rockets, such as those successfully tested by Elon Musk's SpaceX, lower costs and turn-around-time of rocket launches.

Washington Tells Venezuela's Maduro: Leave!

The US, which has been saber-rattling off the coast of Venezuela, offered a simple way to ease tensions: Venezuelan President Nicolas Maduro should step down. "It's up to him what he wants to do, but I do think it'd be smart" to leave office, US President Donald Trump said. "If he plays tough, it'll be the last time he's ever able to play tough." The warning came despite Washington's official stance that its attacks on suspected drug-trafficking vessels and its seizure of two oil tankers leaving Venezuela aren't motived by regime change. The US military has built up a heavy presence in the Caribbean.

Nuclear-contaminated Water Leaks in Japan

Water containing radioactive substances leaked at the decommissioning site of the Fugen nuclear reactor in Fukui Prefecture in central Japan on Tuesday. According to Hokuriku Broadcasting, tritium levels increased during dismantling work at an auxiliary building. The leakage was found one day after Japanese authorities approved the restart of the world's biggest nuclear power plant, which has sat idle since the Fukushima nuclear plant disaster in 2011. The decision, contentious with the public, allows Tokyo Electric Power to restart one of seven reactors at the Kashiwazaki-Kariwa plant in Niigata prefecture about 320 kilometers north of Tokyo.

Top Business

China Rebukes US Ban on Foreign-Made Drones

China's commerce ministry urged the US to repeal its "unwarranted" ban on all foreign-made drones and components after Washington added them to a trade blacklist, citing national security concerns. The ban on sales in the US includes China's DJI, the world's biggest supplier of drones. Shenzhen-based DJI, which accounts for half of all sales of commercial drones in the US, said on Tuesday it is reviewing all its options. The US ban doesn't cover existing drone models.

Hanwha Ocean Tapped for New US Warships

The US subsidiary of South Korean shipbuilder Hanwha Ocean will help build a new class of US Navy battleships announced by and named after President Donald Trump. Hanwha Ocean, which bought the shipbuilding unit in the city of Philadelphia last year, will invest US$5 billion as part of a broader South Korean US$150 billion shipbuilding pledge under a bilateral trade agreement reached earlier this year, CNBC reported. The new fleet will start with two warships and is expected to expand to up to 25 ships. "They'll help maintain American military supremacy, revive the American shipbuilding industry, and inspire fear in America's enemies all over the world," Trump said. South Korea is one of the world's biggest shipbuilders, and Trump wants to tap that expertise to rebuild the US industry as a foil to China's dominance in the industry.

Wingtech, Nexperia Are Talking to Resolve Dispute

China said a first round of talks have been held between Jiaxing-based Wingtech Technology and its estranged Dutch chipmaking subsidiary Nexperia to try to resolve a bitter dispute that erupted when the government of the Netherlands took control of Nexperia in October and changed its top management. The takeover was related to Wingtech's inclusion on a US trade blacklist. China's commerce ministry said the discussions are focused on ownership issues and the restoration of disrupted supply chains that feed the automaking industry. Wingtech has accused the Dutch government of trying to oust it as owner of Nexperia, which it bought from Philips in 2019.

US Delays Chip Tariffs on China Imports

The US said China's drive for dominance in semiconductors poses a direct threat to US commerce but delayed imposition of any tariffs on Chinese-made chips until 2027, honoring a one-year bilateral trade truce. The US Trade Representative Office said its probe into Chinese chips revealed "sweeping non-market policies" used to capture market share in every segment of the supply chain. It said duties will be levied in mid-2027.

Economy & Markets

Russia Takes Top Spot in LNG Sales to China

Russian shipments of liquefied natural gas to China in November surged 143 percent from a year earlier, displacing Australia as China's biggest supplier. Imports from Russia rose to 1.6 million tons, accounting for 24 percent of the market, the South China Morning Post reported, citing Chinese customs data. By contrast, Australian shipments fell by about a third, dropping its market share to 21 percent from 36 percent a year ago. The rise in Russian supply came despite US sanctions on foreign sales of Russian oil and gas as part of Washington's efforts to squeeze financing for the war in Ukraine – sanctions that China has never agreed to.

Chinese Stock Trading Hits New Record

The annual value of stocks traded on the Chinese mainland markets topped 405 trillion yuan (US$57.5 trillion) this week, surpassing 400 trillion yuan for the first time. The shares of 19 listed companies had trading volumes exceeding 1 trillion yuan.

US Economy Grows 4.3 Percent

The US economy in the third quarter grew at a faster-than-forecast rate of 4.3 percent, defying predictions of slowing growth. The boost came from increases in exports, government outlays and consumer spending, the Department of Commerce said. The pace exceeded 2.5 percent in the second quarter. However, the Conference Board in the US said its index of consumer confidence for December fell a bigger-than-expected 3.8 points to 89.1 after strong showings in the third quarter. Preliminary figures from Visa and Mastercard show Christmas holiday sales this month increasing by a tepid 4 percent. Factory production in the US in November was unchanged.

China Carmakers Seen Taking 20 Percent of Global Sales

Overseas sales of Chinese carmakers are like to capture up to 20 percent of the global market by 2030, according to a report released by the Huaqi Institute and consultancy group Roland Berger. The report estimates overseas sales will rise up to 10 million vehicles, noting that Chinese automakers need to improve supply chain localization in foreign markets.

Corporate

Baidu Seeks Inside Track on London Robotaxis

Baidu, China's largest search engineer provider and a major technology company, said it plans to introduce its Apollo Go robotaxis in London next year in partnership with US-based ride-hailing firms Lyft and Uber. Baidu's self-driving taxis are competing with China's WeRide and Western rivals in the rapidly growing market. The UK announced earlier this year that it will permit robotaxis to operate in small-scale pilot programs in 2026 before expanding their deployment.

Burglars Raid JD.com Warehouse in Paris

Chinese e-commerce giant JD.com said a warehouse it operates in Paris was burglarized, with over 50,000 digital devices stolen, including mobile phones, laptops and tablets valued at 37 million euros (US$44 million). French police said the thieves disabled the warehouse's surveillance cameras and alarm system. JD has been expanding into European markets. It has Ochama-brand automated warehouses in France, the Netherlands and Poland.

Huawei Reduces Price of PuraX Phone

Huawei Technologies cut prices on its tri-fold Pura X smartphone as competition with Samsung and Apple heats up amid a wave of new product launches. The Shenzhen-based smartphone giant trimmed the price of the Pura X as much as 800 yuan (US$114) to 6,899 yuan. Huawei began marketing the wide-screen phone, which runs on its homegrown HarmonyOS Next system, last March.

Kuaishou Video Platform Suffers Cyberattack

Hong Kong-listed short-video streaming service Kuaishou Technology reported a major cyberattack to Chinese mainland police after a breach allowed explicit content to flood livestreaming rooms. The platform initiated emergency measures that deleted the videos within a few hours. Beijing-based Kuaishou blamed the breach on illegal underground hackers. Its shares in Hong Kong on Tuesday fell 3.5 percent.

China Signs US$4 Billion Contract for Kuwait Port

China Communications Construction Co signed a US$4 billion contract with Kuwait for work on the first phase of the new Mubarak Al-Kabeer Port project. The contract covers engineering, procurement and construction of the port on Bubiyan Island. The port is among several projects Kuwait is planning with Chinese support, including water plants, renewable energy and waste recycling.

Shanghai Commercial Bank, HashKey Team Up on Credit Card

Shanghai Commercial Bank will team up with newly listed Hong Kong digital asset exchange HashKey to offer a co-branded Visa credit cards for HashKey users, the South China Morning Post reported. HashKey is one of 11 Hong Kong-licensed virtual asset trading platforms, part of the city's campaign to establish itself as a regional crypto hub.