Caixin Global

Drone goes down: A crash in Central China that injured one person has raised concerns about the safety of drones as the country continues its push to develop the low-altitude economy. During a test on Thursday, the drone’s pilot lost control of the device, which crashed into a building, causing a fire. Satellite images showed that residential buildings surrounded the crash site, which was near a small airport. The low-altitude economy refers to an industry where technologies like drones and flying cars are employed to build transportation, logistics and tourism businesses that operate in low-altitude airspace. China’s government has been pushing the concept as a new engine for GDP growth.

Slower credit growth: China’s November credit growth fell short of market expectations due to the impact of bad asset disposals and local debt restructuring. New yuan loans totaled 580 billion yuan ($79.8 billion), nearly halving from the 1.09 trillion yuan recorded in November 2023, while total social financing rose by 2.34 trillion yuan, also below the previous year’s 2.46 trillion yuan. The cumulative yuan loans for the first 11 months of 2024 increased by 17.1 trillion yuan, down 4.47 trillion yuan year-on-year, while total social financing rose by 29.4 trillion yuan, a 4.24 trillion-yuan decline. Analysts attributed the slowdown to debt swaps, local government refinancing bonds and accelerated bad loan write-offs. Government debt issuance reached 1.31 trillion yuan, the sixth-highest monthly total on record, driven by the rollout of a 6 trillion-yuan special refinancing bond program to reduce local government hidden debt. Meanwhile, commercial banks processed nearly 500 billion yuan in bad asset disposals in November. In the housing sector, personal mortgages stabilized, with home sales in major cities rebounding. Monetary supply indicators showed M2 growth slowing to 7.1% after five months of gains.

Shipping rates surge: U.S. President-elect Donald Trump pledged support for union dockworkers by opposing port automation and backing the right to strike, emphasizing that automation’s cost savings cannot compensate for the harm done to the workforce. The looming dispute over automation has already caused economic disruption, including a three-day dockworker strike in October which cost the U.S. economy up to $45 billion a day. With U.S. container import demand surging, fears of additional strikes have driven shipping rates up sharply. On Dec. 13, the Shanghai Containerized Freight Index rose 5.7% from last Friday, with West Coast rates jumping 21.6% weekly and East Coast rates climbing 11.6%. Importers are shifting cargo to West Coast ports to avoid potential delays, despite higher inland transport costs.

Railway investment: Fixed-asset investment in the railway industry grew more than 11% year-on-year in the first 11 months of 2024. The increase comes amid a concerted shift to make railways more central to logistics. Rail freight deliveries for the period were up more than 6% year-on-year to 455 million tons. Since February, when cutting logistics costs became a topic at the meeting of the Central Financial and Economic Affairs Commission, China's railway freight industry has been focusing more on the business, which has been criticized for relying too much on trucking.

Wukong wins: The Chinese video game Black Myth: Wukong has taken home the award for best action game at The Game Awards in the U.S. Wukong did not win TGA’s Game of the Year award at Thursday’s event, but it was the first time a game created by a Chinese developer to be nominated for the top accolade. Within 50 days of its global release, Wukong sold 21.1 million copies on Steam, a major online distributor of computer games, and generated more than $1 billion in revenue.

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