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  China's local debt rises to $18.9tn as property slump lingers Regional bond issuance hits record high amid worsening deflation China's sluggish real estate market has left many local governments reliant on debt due to being unable to sell off property. © Reuters YUSHO CHO December 3, 2025 03:38 JST TOKYO -- China's local government debt continues to balloon as a prolonged real estate slump has led to decreased income from property sales, pushing local government bond issuance for the year to a record high. The total owed by local governments and the local government financing vehicles (LGFV) that fund their projects now sits at an estimated 134 trillion yuan ($18.9 trillion). Lower interest rates may be able to put the problem off temporarily, but could draw out deflation further. "We've set aside 500 billion yuan for local governments," said China's Finance Ministry said in an October notice, explaining that it had approved additional debt expansion. Th...
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  China's quantum leap will eclipse US aircraft carriers, analysts say Next-generation computers could render traditional weapons obsolete Aircraft carriers like the USS Carl Vinson were long the symbol of U.S. might, but quantum computing might be more crucial to future warfare. (U.S. Navy)  KEN MORIYASU December 3, 2025 06:26 JST WASHINGTON -- A parliamentary debate between Japanese Prime Minister Sanae Takaichi and an opposition politician over possible Taiwan contingencies -- from a maritime blockade in the Bashi Channel to outright occupation -- kicked off a new round of tensions with China. Yet analysts warn that such scenarios may soon be overshadowed by a new weapon: quantum computing. The day quantum computers will be able to break any and all classical cryptography -- "Q-Day" -- is projected for the 2030s. When it arrives, experts say, quantum power could rival or surpass aircraft carriers and F-35s as the decisive tool of warfare. Jesse Van Griensven, adjunct p...
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  Learn more about Refinitiv My News Trump promised a San Francisco crime crackdown. His administration did the opposite. By  Brad Heath December 2, 2025 10:16 PM GMT+11 Updated 10 hours ago Item 1 of 9 California Highway Patrol officers conduct a traffic stop and vehicle search in the Tenderloin district of San Francisco, California, November 19, 2025. REUTERS/Carlos Barria [1/9] California Highway Patrol officers conduct a traffic stop and vehicle search in the Tenderloin district of San Francisco, California, November 19, 2025. REUTERS/Carlos Barria  Purchase Licensing  Rights , opens new tab Summary Federal prosecutions in northern California dropped 40% this year Agents diverted to immigration duties, impacting anti-crime efforts Trump administration says its immigration crackdown is taking criminals off the streets San Francisco still battling an epidemic of fentanyl deaths SAN FRANCISCO, Dec 2 (Reuters) - U.S. President Donald Trump vowed this year to flood Sa...
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