Vi e w p o i n t | 15 Dec 2025 00:23:04 ET │ 12 pages China Economics Year-End Weakness Likely to Prompt Front-Loaded Policies in 2026 CITI'S TAKE Domestic economic indicators weakened more than expected in November. Retail sales rose only 1.3%YoY and investment contraction continued at double-digits. The supply side felt more pressure as well, with industrial production slowing despite a rebound in exports. Downside risks for 26Q1 could be accumulating as we look beyond the year-end data weakness. Policyma ...

胡定坤 无论是斯诺登曝光美国监视全球的"棱镜计划"，还是媒体披露中央情报局控制瑞士加密设备公司监听 100多个国家，都证明了美国才是威胁全球电信网络安全的最大黑手。FCC炒作中国电信企业和产品威 胁美国国家安全，并肆意打压、设限、制裁，是典型的"以己度人""贼喊捉贼"。 FCC禁止中国电信设备和电子产品，显著增加了美国电信网络的运行成本和美国民众的生活成本；封禁 中国实验室，严重扰乱了国际电子产品供应链，新增检测和采购成本最终也由美国民众承担。如FCC最 终禁止中国运营商接入美国电信通话网络，必将扰乱中美用户之间的正常交流，既会给两国民众带来生 活上的不便，也会影响两国人文、经济等领域的交往与合作。 在全球化深度融合、数字经济蓬勃发展的今天，各国电信网络和技术的互联互通是大势所趋。奉劝FCC 放下泛化国家安全的心魔，回归专业监管机构的本责，促进美国乃至全球电信技术和产业发展，而不是 充当国际电信合作的绊脚石。 打击骚扰电话，是中美两国电信运营商和相关监管机构的共同责任。双方在技术、规则等方面存在分歧 和不同，也是正常的现象，完全可以通过交流协商等方式解决。美方既要中国运营商按其规则完成认 证，又要中国运营商在 ...

Core Viewpoint - Germany is pushing for "digital sovereignty" by excluding Chinese suppliers like Huawei from its 6G network development while seeking to reduce dependence on both the US and China in technology [1][5]. Group 1: Germany's Policy on Chinese Suppliers - German Chancellor Merz announced a complete exclusion of Chinese suppliers from the country's 6G network, emphasizing a shift towards domestically produced components [1]. - The German government plans to phase out Chinese technology from its 5G network by 2026 and remove all Chinese equipment by the end of 2029 [1]. - Despite these plans, nearly 60% of Germany's telecom equipment still comes from China, with Huawei being a preferred partner due to its cost-effectiveness [1]. Group 2: EU Pressure and Legal Framework - The European Commission is considering making its recommendations on stopping the use of "high-risk suppliers" in mobile networks legally binding, which could lead to lawsuits and financial penalties for non-compliance [2]. Group 3: Financial Implications and Domestic Concerns - Germany is contemplating using public funds to compensate telecom operators for replacing Huawei equipment, with costs exceeding €2 billion (approximately ¥165 billion) [4]. - The establishment of a €500 billion infrastructure fund, referred to as a "fiscal rocket launcher," raises concerns about the efficiency of public fund usage amid additional spending [5]. Group 4: International Relations and Trade - While Germany aims to reduce reliance on China, it acknowledges that China is its second-largest trading partner, making complete decoupling impractical [6]. - The German Vice Chancellor is scheduled to visit China for high-level financial dialogues, indicating ongoing economic engagement despite the push for technological independence [6].

Core Viewpoint - The European Commission is exploring methods to phase out equipment from Huawei and ZTE in telecom networks, labeling them as "high-risk suppliers" despite a lack of evidence supporting security concerns [1] Group 1: Regulatory Actions - The European Commission is pushing for legislation to ban member states from using products from Huawei and other high-risk suppliers [1] - This move reflects ongoing tensions regarding the security of Chinese telecom equipment, which has been a recurring theme in EU policy discussions [1] Group 2: Security Concerns - Claims regarding the security risks of Huawei's equipment, such as potential backdoors for cyberattacks, have been deemed baseless and absurd by various analysts [1] - German cybersecurity agencies have evaluated Huawei products and found no suspicious components or backdoors [1] - UK intelligence agencies have stated that the security risks associated with Huawei's 5G equipment are manageable [1] Group 3: Industry Impact - Chinese telecom companies, represented by Huawei, are focusing on technological innovation to build core competitiveness [1] - The ongoing narrative around security risks and market access barriers is seen as an attempt to hinder the development of Chinese telecom technology and industry [1] - The exclusion of Chinese telecom firms from the EU market is predicted to ultimately harm the EU's own interests [1]

Core Viewpoint - The European Commission is considering a gradual removal of Huawei and ZTE equipment from EU member states' telecom networks, which has prompted a response from the Chinese Foreign Ministry urging for a fair and transparent business environment for Chinese companies in Europe [1][2]. Group 1: EU's Consideration - The European Commission is reportedly contemplating the exclusion of Huawei and ZTE from telecom networks in EU member countries [1]. - This potential action is seen as a violation of market principles and fair competition rules by the Chinese government [1]. Group 2: Chinese Government's Response - The Chinese Foreign Ministry emphasized that Chinese companies have been operating in Europe in compliance with local laws, providing quality products and services, and contributing positively to local economic development and employment [1]. - The Ministry criticized the forced removal of Chinese telecom equipment, stating it hinders technological progress and results in significant economic losses [1]. - The Chinese government called for the EU to ensure a non-discriminatory business environment to maintain investment confidence from Chinese enterprises [1].

Group 1 - The article emphasizes the importance of revitalizing the domestic semiconductor industry in China while also considering global perspectives [1] - It highlights the recent comments from the Chinese Foreign Ministry regarding the EU's potential actions to remove Huawei and ZTE from its telecom networks, stressing that such actions lack legal basis and violate market principles [3] - The article points out that the forced removal of Chinese telecom companies' equipment has not only hindered technological progress in the EU but has also resulted in significant economic losses [3] Group 2 - The Chinese government urges the EU to provide a fair, transparent, and non-discriminatory business environment for Chinese enterprises to maintain investment confidence [3]

Group 1 - The Chinese Foreign Ministry urges the EU to provide a fair, transparent, and non-discriminatory business environment for Chinese enterprises, emphasizing the importance of avoiding damage to investment confidence in Europe [2][3] - The Ministry highlights that Chinese companies have been operating in Europe in compliance with laws and regulations, contributing positively to local economic development and employment [2] - The Ministry criticizes the removal of Chinese telecom equipment by certain countries as a violation of market principles and fair competition rules, leading to significant economic losses and hindering technological progress [2] Group 2 - The Mexican government's plan to impose high tariffs on Chinese imports has been postponed due to rising opposition from the private sector and even members of the ruling party [4] - The Chinese Foreign Ministry advocates for inclusive economic globalization and opposes unilateralism and protectionism, emphasizing the need for China and Mexico to strengthen communication and cooperation in the current context of rising tariffs [4] - The Ministry reiterates the importance of mutual benefit in China-Mexico economic cooperation and the need to jointly promote free trade and multilateralism to support global economic recovery [4]

Group 1 - The core viewpoint of the article emphasizes the importance of fair competition and the negative impact of administrative restrictions on Chinese telecom companies in Europe [1] - The Chinese government urges the EU to provide a fair, transparent, and non-discriminatory business environment for Chinese enterprises to maintain investment confidence [1] - The article highlights that the forced removal of Chinese telecom equipment not only hinders technological progress but also leads to significant economic losses for the countries involved [1] Group 2 - The article mentions that Chinese companies have been operating in Europe in compliance with local laws, contributing positively to the local economy and employment [1] - It points out that the lack of legal basis and factual evidence for the EU's actions against Chinese companies violates market principles and fair competition rules [1] - The article discusses the broader implications of politicizing economic issues, which could obstruct technological advancement and economic development [1]

Core Viewpoint - The European Commission is urging EU member states to gradually exclude Huawei and ZTE equipment from their telecommunications networks, prompting a response from the Chinese Foreign Ministry advocating for a fair and transparent business environment for Chinese companies in Europe [1][3]. Group 1: Chinese Companies' Contributions - Chinese companies have been operating in Europe in compliance with local laws, providing high-quality products and services to the public, and contributing positively to local economic and social development, including job creation [3]. Group 2: Concerns Over EU Actions - The Chinese Foreign Ministry criticized the EU's administrative measures to restrict or ban Chinese telecom companies from participating in the market, stating that such actions violate market principles and fair competition rules without legal basis or factual evidence [3]. - The removal of Chinese telecom companies' equipment is seen as hindering technological progress and causing significant economic losses, with the Ministry warning that politicizing economic issues could harm both parties [3]. Group 3: EU's Potential Measures - Reports indicate that the European Commission is exploring various means to pressure member states into removing Huawei and ZTE equipment, including potentially halting financing for projects using Huawei technology [3].

Core Viewpoint - The Chinese government criticizes the EU's potential move to remove Huawei and ZTE from its telecom networks, arguing that such actions violate market principles and fair competition rules [2] Group 1: Economic Impact - Chinese companies have been operating in Europe in compliance with laws, providing quality products and services, and contributing positively to local economic development and employment [2] - The forced removal of Chinese telecom equipment has led to significant economic losses and has hindered technological progress in the countries involved [2] Group 2: Call for Fair Treatment - The Chinese government urges the EU to create a fair, transparent, and non-discriminatory business environment for Chinese enterprises to maintain investment confidence [2]