China

中国向日本出口稀土出现延误？外交部回应

STCN | Local Language | News | Dec. 11, 2025 | Geopolitical Conflict and Disputes

On December 9, Chinese Foreign Ministry spokesperson Guo Jiakun addressed reports about U.S. President Trump allowing NVIDIA to sell H200 AI chips to approved Chinese customers, stating China supports mutually beneficial cooperation with the United States.

In response to concerns raised by European leaders about China's rare earth exports and reports of delays in shipments to Japan amid diplomatic tensions, Guo emphasized that China manages export controls according to its laws and regulations.

Regarding Japan's allegations about "radar lock-on" incidents, Guo reiterated China's position that its military training activities comply with international laws and norms, criticizing Japan for escalating tensions by sending fighter jets to the area and questioning Japan's intentions.

Guo also condemned recent provocative statements from Japanese right-wing figures and stressed the importance of collective efforts by nations to prevent the resurgence of militarism, uphold the victory in World War II, maintain the postwar international order, and ensure regional peace and stability.

China Daily | English | News | Dec. 11, 2025 | Cyber Attacks and Data Loss

China's Cyberspace Administration has released draft regulations aimed at strengthening network data security by mandating risk assessments on data-processing activities. The draft requires processors of "important data" to conduct annual risk assessments and to perform additional assessments promptly if significant security changes occur. Processors handling "general data" are encouraged to conduct assessments at least once every three years.

Data processors may carry out assessments internally or engage certified third-party institutions. If a third-party identifies major risks, it must notify the processor and report to provincial-level cyberspace authorities and relevant regulators. The draft mandates certified assessments in cases of high security risk, data-security incidents involving leaks or theft of important data, or threats to national security or public interest.

During assessments, processors must grant access to necessary data facilities, systems, and operational logs, address identified issues, and submit rectification reports within 15 working days. Authorities can order corrections if risks endanger national security or public interest, and impose sanctions including halting data processing if compliance is not met.

Wang Zhicheng from the Central Cyberspace Affairs Commission emphasized that the draft establishes a comprehensive evaluation system covering the entire data life cycle and various factors such as technology, management, personnel, and institutional mechanisms. Public feedback on the draft is invited until January 5, 2026.

优质机构迎“松绑”，券商板块估值修复可期？业内热议增长逻辑

Sina Finance | Local Language | News | Dec. 11, 2025 | Regulation

Wu Qing, Chairman of the China Securities Regulatory Commission, emphasized the "15th Five-Year Plan" as a strategic period for high-quality development in the securities industry, with a focus on building leading investment banks and institutions. He proposed optimizing regulatory policies by strengthening differentiated supervision, adopting a "support the superior and limit the inferior" approach, and moderately loosening restrictions for high-quality securities firms. This includes broadening capital space and leverage limits to improve capital utilization efficiency without compromising overall industry risk control.

The regulatory stance maintains a balance between encouraging growth in leading institutions and controlling systemic risk, avoiding indiscriminate expansion. High-quality brokerages aligning with national strategies may see eased leverage requirements under a risk-based, tiered supervision system. The focus remains on transitioning from price competition to value competition through mergers and acquisitions, enabling smaller firms to scale up while large firms consolidate strengths.

Industry data as of mid-2025 show total assets of 13.46 trillion yuan and an average leverage ratio around 3.3 to 3.45 times for listed brokerages, substantially lower than overseas counterparts such as Goldman Sachs and Morgan Stanley. Regulatory constraints currently cap leverage at approximately six times, with high-quality institutions potentially allowed more. This targeted capital space expansion aims to enhance brokerages' return on equity (ROE), which has historically lagged compared to global peers.

Current risk control metrics demonstrate strong capital adequacy and liquidity, with average ratios well above regulatory minimums. However, some firms are approaching warning lines on leverage and funding ratios, leading to cautious refinancing and restrained balance-sheet growth. Analysts expect that relaxing leverage limits will benefit margin financing, proprietary trading, and support international business expansion, especially for large brokerages.

Following regulatory signals, the brokerage sector rebounded strongly in both A-share and Hong Kong markets in early December 2025. Despite this positive momentum, valuation metrics such as price-to-book and price-to-earnings ratios indicate the sector remains at moderate historical levels, suggesting room for further recovery.