Introduction: China’s trade surplus hits $1tn Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. China’s annual trade surplus has exceeded $1tn for the first time, as the manufacturing powerhouse shrugged off the impact of Donald Trump’s trade war. New trade data today shows that Chinese factories

Russia has sharply increased its oil discounts to China as state-owned and private refineries pull back from purchasing its barrels, Reuters reported, citing traders on December 5. Shipments of Russia’s ESPO Blend, loaded for December and delivered to Chinese ports, are now selling at record discounts of $5–6 per barrel below Brent. As recently as late September, Chinese refiners were paying a premium of $0.50–$1 above Brent

U.S. export controls are hitting global chip-tool makers, and Tokyo Electron (TEL) is scrambling to make up for shrinking orders from China. According to a recent interview with Nikkei, Executive Managing Director for finance Hiroshi Kawamoto says that by fiscal 2026, the company’s equipment for advanced chips will rise to nearly 40% of total sales—enough

This article is an on-site version of our FirstFT newsletter. Subscribers can sign up to our Asia, Europe/Africa or Americas edition to get the newsletter delivered every weekday morning. Explore all of our newsletters here Good morning and welcome back to FirstFT Asia. In today’s newsletter: Washington’s silence over the Japan-China rift Hong Kong’s low

Japan has claimed a Chinese military jet locked its radar on Japanese fighter jets near the southern island of Okinawa in a “dangerous act”. Japan‘s defence ministry said a Chinese J-15 “intermittently” targeted its fire-control radar at Japanese F-15s on two occasions on Saturday. A fire-control radar lock is one of the most threatening acts

FESCo has resumed its Fesco China Direct Line 2 (FCDL-2) service, which had been suspended in April, according to Alphaliner. With FCDL-2 back in operation, its previously served Chinese ports have been removed from the FCDL-3 service. To maintain coverage, FCDL-3 has taken over the calls to Shantou and Xiamen that

China’s transformation into a renewable energy juggernaut over the last decade is nothing short of astonishing. Over the past decade, the People’s Republic has not only slashed its air pollution but also vaulted to the forefront of global clean energy production. This shift is driven by a potent mix of top-down policy, massive state investment,