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      I.M.F. Is Upbeat on China’s Growth but Questions Industrial Policy

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      Surging exports and factory investment are buoying China’s output, but the housing market faces serious troubles and industrial policies may hurt other countries.Responding to China’s surging exports and extensive investments in new factories, the International Monetary Fund made sizable increases on Wednesday in how much it believes China’s economy will grow this year and next.The I.M.F. now estimates that China will grow 5 percent this year and 4.5 percent in 2025. That is 0.4 percentage points more for each year compared with the fund’s predictions just six weeks ago.China’s gross domestic output expanded 5.2 percent last year as the economy rebounded following nearly three years of stringent pandemic policies that included numerous municipal lockdowns and mandatory quarantines. Many economists, including at the I.M.F., had anticipated that growth would falter this year because of a severe contraction of China’s housing market and a slowdown in domestic spending.Yet while property prices continued to fall and retail sales grew sluggishly, China’s economy powered ahead instead in the first three months of this year, expanding at an annual rate of about 6.6 percent because of booming exports and strong factory investments.The Chinese government is taking steps to address the housing crash, but it faces enormous challenges. Years of overbuilding have resulted in four million new but unsold apartments and, by one conservative estimate, as many as 10 million that developers have sold but not finished building.Many owners of vacant apartments now find themselves facing years of hefty mortgage payments but little chance the apartments will appreciate significantly in value.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Rafael Grossi of the IAEA Acts as the West’s Mediator With Putin and Iran

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      Rafael Grossi slipped into Moscow a few weeks ago to meet quietly with the man most Westerners never engage with these days: President Vladimir V. Putin of Russia.Mr. Grossi is the director general of the International Atomic Energy Agency, the United Nations’ nuclear watchdog, and his purpose was to warn Mr. Putin about the dangers of moving too fast to restart the Zaporizhzhia nuclear power plant, which has been occupied by Russian troops since soon after the invasion of Ukraine in 2022.But as the two men talked, the conversation veered off into Mr. Putin’s declarations that he was open to a negotiated settlement to the war in Ukraine — but only if President Volodymyr Zelensky was prepared to give up nearly 20 percent of his country.A few weeks later, Mr. Grossi, an Argentine with a taste for Italian suits, was in Tehran, this time talking to the country’s foreign minister and the head of its civilian nuclear program. At a moment when senior Iranian officials are hinting that new confrontations with Israel may lead them to build a bomb, the Iranians signaled that they, too, were open to a negotiation — suspecting, just as Mr. Putin did, that Mr. Grossi would soon be reporting details of his conversation to the White House.In an era of new nuclear fears, Mr. Grossi suddenly finds himself at the center of two of the world’s most critical geopolitical standoffs. In Ukraine, one of the six nuclear reactors in the line of fire on the Dnipro River could be hit by artillery and spew radiation. And Iran is on the threshold of becoming a nuclear-armed state.“I am an inspector, not a mediator,” Mr. Grossi said in an interview this week. “But maybe, in some way, I can be useful around the edges.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Podesta Meets With China’s Climate Envoy Amid Deep Economic Tensions

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      Beijing’s dominance raises economic and security concerns, and tensions will be on full display as top climate diplomats meet this week.The world’s two most powerful countries, the United States and China, are meeting this week in Washington to talk about climate change. And also their relationship issues.In an ideal world, where the clean energy transition was the top priority, they would be on friendlier terms. Maybe affordable Chinese-made electric vehicles would be widely sold in America, instead of being viewed as an economic threat. Or there would be less need to dig a lithium mine at an environmentally sensitive site in Nevada, because lithium, which is essential for batteries, could be bought worry-free from China, which controls the world’s supply.Instead, in the not-ideal real world, the United States is balancing two competing goals. The Biden administration wants to cut planet-warming emissions by encouraging people to buy things like EVs and solar panels, but it also wants people to buy American, not Chinese. Its concern is that Chinese dominance of the global market for these essential technologies would harm the U.S. economy and national security.Those competing goals will be on vivid display this week, as the Biden Administration’s top climate envoy, John Podesta, meets for the first time with his counterpart from Beijing, Liu Zhenmin, in Washington.Trade tensions are likely to loom over their talks.The flood of Chinese exports, particularly in solar panels and other green-energy technology, has become a real sore spot for the Biden administration as it tries to spur the same industries on American soil. Mr. Podesta has sharply criticized China for having “distorted the global market for clean energy products like solar, batteries and critical minerals.”Not only that, he has set up a task force to explore how to limit exports from countries that have high carbon footprints, a practice that he called “carbon dumping.” That was considered a veiled reference to China.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Biden Looks to Thwart Surge of Chinese Imports

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      The president has proposed new barriers to Chinese electric vehicles, steel and other goods that could undermine his manufacturing agenda.President Biden is warning that a new surge of cheap Chinese products poses a threat to American factories. There is little sign of one in official trade data, which show that Chinese steel imports are down sharply from last year and that the gap between what the United States sells to China and what it buys is at a post-pandemic low.But the president’s aides are looking past those numbers and fixating on what they call troubling signs from China and Europe. That includes data showing China’s growing appetite to churn out big-ticket goods like cars and heavy metals at a rate that far exceeds the demand of domestic consumers.China’s lavish subsidies, including loans from state-run banks, have helped sustain companies that might otherwise have folded in a struggling domestic economy. The result is, in many cases, a significant cost advantage for Chinese manufactured goods like steel and electric cars.The U.S. solar industry is already struggling to compete with those Chinese exports. In Europe, the problem is much broader. Chinese exports are washing over the continent, to the chagrin of political leaders and business executives. They could soon pose a threat to some of the American companies that Mr. Biden has tried to bolster with federal grants and tax incentives, much of which comes from his 2022 climate law, U.S. officials warn.In an effort to avoid a similar fate, Mr. Biden has promised new measures to shield steel mills, automakers and other American companies against what he calls trade “cheating” by Beijing.European officials are struggling to counter the import surge, an issue they focused on this week when President Xi Jinping of China visited the continent for the first time in five years. In a meeting on Monday with Mr. Xi and President Emmanuel Macron of France, Ursula von der Leyen, the European Commission president, urged Mr. Xi to address the wave of subsidized exports flowing from his nation’s factories into Western countries.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      In Meeting With Xi, E.U. Leader Takes Tough Line on Ukraine War

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      Ursula Von der Leyen, the European Commission president, pushed Beijing to help rein in Russia’s war in Ukraine after meeting with the Chinese and French leaders in Paris.Ursula von der Leyen, the European Commission president, put pressure Monday on China to help resolve the war in Ukraine, saying Beijing should “use all its influence on Russia to end its war of aggression against Ukraine.”She spoke after accompanying President Emmanuel Macron of France in a meeting with Xi Jinping, the Chinese president, who began his first visit to Europe in five years on Sunday. Ms. von der Leyen has persistently taken a stronger line toward China than has Mr. Macron.With President Vladimir V. Putin of Russia again suggesting he might be prepared to use nuclear weapons in the war in Ukraine, she said Mr. Xi had played “an important role in de-escalating Russia’s irresponsible nuclear threats.” She was confident, Ms. von der Leyen said, that Mr. Xi would “continue to do so against the backdrop of ongoing nuclear threats by Russia.”Whether her appeal would have any impact on Mr. Xi was unclear, and describing the conflict as Russia’s “war of aggression” in Ukraine seemed likely to irk the Chinese leader. Beijing has forged a “no limits” friendship with Russia and provided Moscow with critical support for its military effort, including jet fighter parts, microchips and other dual-use equipment.“More effort is needed to curtail delivery of dual-use goods to Russia that find their way to the battlefield,” Ms. von der Leyen said of China. “And given the existential nature of the threats stemming from this war for both Ukraine and Europe, this does affect E.U.-China relations.”It is relatively unusual for a top European official to describe the war in Ukraine as an “existential threat” to the European continent. Doing so may reflect Mr. Putin’s renewed talk of the use of nuclear weapons.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Elon Musk Reaches Deals in China on Self-Driving Teslas

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      Elon Musk met with the country’s premier, a longtime Tesla ally, and secured regulatory nods and a necessary partnership with a Chinese tech company.Tesla has concluded a series of arrangements with regulators and a Chinese artificial intelligence company during a quick trip to Beijing on Sunday and Monday by Elon Musk, the car maker’s chief executive, potentially clearing the way for the company to offer its most advanced self-driving software on cars in China.Tesla had faced a couple hurdles to offering the latest level of autonomous driving, which it calls supervised Full Self-Driving. It has needed approval from Chinese regulators, who questioned whether the company took adequate precautions to protect data. And it has needed access to extremely high-resolution maps across the country.Mr. Musk flew on his private jet to Beijing on Sunday morning and met almost immediately with Premier Li Qiang, China’s No. 2 official after Xi Jinping. Mr. Li is a longtime ally of Mr. Musk who, when he served as Communist Party secretary in Shanghai, helped clear the way for Tesla’s construction there of what is now the company’s largest car assembly plant.The government-linked China Association of Automobile Manufacturers later announced that Tesla and five Chinese automakers had obtained approval from authorities and the association for their data security precautions on dozens of car models. The rules bar automakers in China from using software that would identify the faces of anyone outside their vehicles, and include many other restrictions. Self-driving systems use cameras to guide vehicles.The cars included Tesla’s Model 3 and Model Y. The five Chinese manufacturers included BYD, which is China’s dominant electric vehicle company and Tesla’s primary global rival, and Nio, a longtime player in China’s auto sector. Tesla has run a data center in Shanghai for the past three years that handles the extensive information accumulated by the cars it has sold in China as they navigate the country’s roads. China has tightened its data security regulations in recent years to severely limit information leaving the country.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Key Solar Panel Ingredient Is Made in the U.S.A. Again

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      REC Silicon says it will soon start shipping polysilicon, which has come mostly from China, reviving a Washington State factory that shut down in 2019.A factory in Moses Lake, Wash., that shut down in 2019 will soon resume shipping a critical ingredient used in most solar panels that for years has been made almost exclusively in China.The revival of the factory, which is owned by REC Silicon, could help achieve a longstanding goal of many American lawmakers and energy executives to re-establish a complete domestic supply chain for solar panels and reduce the world’s reliance on plants in China and Southeast Asia.REC Silicon reopened the factory, which makes polysilicon, the building block for the large majority of solar panels, in November in partnership with Hanwha Qcells, a South Korean company that is investing billions of dollars in U.S. solar panel production. As part of the deal, Hanwha this month said it has become the largest shareholder in REC Silicon, which is based in Norway.Executives at the companies say they reopened the factory in part because of incentives for domestic manufacturing in the Inflation Reduction Act, President Biden’s signature climate law. They expressed hope that their decision would also encourage other companies to revive production of a technology that was created in the United States about 70 years ago.“As a whole, the United States was No. 1,” said Kurt Levens, chief executive of REC Silicon. “People forget that. You need more cell manufacturing that is outside China.”Factories in China and Southeast Asia produce more than 95 percent of the solar panels that use polysilicon and most of the components that go into those devices. Chinese manufacturers are so dominant that most manufacturers in the United States had stopped producing polysilicon, including REC Silicon.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Honda Commits to E.V.s With Big Investment in Canada

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      The Japanese automaker, which has been slow to sell electric vehicles, said it would invest $11 billion to make batteries and cars in Ontario.Honda Motor on Thursday said it would invest $11 billion to build batteries and electric cars in Ontario, a significant commitment from a company that has been slow to embrace the technology.Like Toyota and other Japanese carmakers, Honda has emphasized hybrid vehicles, in which gasoline engines are augmented by electric motors, rather than cars powered solely by batteries. The Honda Prologue, a sport-utility vehicle made in Mexico, is the company’s only fully electric vehicle on sale in the United States.But the investment adjacent to the company’s factory in Alliston, Ontario, near Toronto, is a shift in direction, raising the possibility that Honda and other Japanese carmakers could use their manufacturing expertise to push down the cost of electric vehicles and make them affordable to more people.“This is a very big day for the region, for the province and for the country,” Prime Minister Justin Trudeau said at an announcement event in Alliston, where Honda manufactures the Civic sedan and CR-V S.U.V. The investment is the largest by an automaker in Canadian history, he said.The company also plans to retool its flagship factory in Marysville, Ohio, near Columbus, to produce electric vehicles in 2026. The investment in Canada is a sign that Honda expects the technology to grow in popularity, despite a recent slowdown in sales.Canadian leaders have been wooing carmakers with financial incentives as it tries to become a major player in the electric vehicle supply chain. Vehicles made in Canada can qualify for $7,500 U.S. federal tax credits, which are available only to cars made in North America.Volkswagen said last year it would invest up to $5 billion to construct a battery factory in Thomas, Ontario. Northvolt, a Swedish battery company, announced plans last year for a $5 billion battery factory near Montreal.Honda will benefit from up to $1.8 billion in tax credits available to companies that invest in electric vehicle projects, Chrystia Freeland, the Canadian finance minister, said Thursday at the event.Canada also has reserves of lithium and other materials needed to make batteries, and generates a lot of its electricity from nuclear and hydroelectric plants, which allows carmakers to advertise that their vehicles are made with energy that releases no greenhouse gas emissions.“As we aim to conduct our business with zero environmental impact, Canada is very attractive,” Toshihiro Mibe, the chief executive of Honda, said Thursday in Alliston. Honda will also work with partners to convert raw materials into battery components, he said.However, recent declines in the price of lithium have raised questions about whether mining the metal in Canada will be profitable. More