Headquartered in Sweden, but owned by China, Volvo plans to expand production in the United States. (Jonas Ekstromer/AP)

Chinese investment in the global auto industry is accelerating, with the number of Chinese acquisitions of foreign auto companies and parts suppliers on pace to double this year from its 2017 rate, the Wall Street Journal reports.

Two recent investments in the American auto industry by Chinese firms include Geely Auto's planned $500 million Volvo plant in in Ridgeville S.C., which it says will support 2,000 jobs, and Fuyao Glass Industry's recent acquisition of a shuttered GM plant in Moraine, Ohio, that will employ 2,500.

Why it matters: China is generally cracking down on foreign investment these days, in an attempt to keep Chinese money in the domestic economy, where it will support the value of China's currency, the renminbi. But the government is making an exception for the auto industry, underscoring what China sees as its need to be a player in the global auto industry. This isn't bad news for U.S. workers, as Chinese money will support American jobs.

Go deeper

Commission releases topics for first presidential debate

Moderator Chris Wallace. Photo: Drew Angerer/Getty Images

Fox News anchor Chris Wallace has selected what topics he'll cover while moderating the first presidential debate between President Trump and former Vice President Joe Biden next week.

What to watch: Topics for the Sept. 29 debate will include Trump and Biden's records, the Supreme Court, COVID-19, economic policy, racism and the integrity of the election, the Commission for Presidential Debates announced on Tuesday. Each topic will receive 15 minutes of conversation and will be presented in no particular order.

Fed chair warns economy will feel the weight of expired stimulus

Treasury Secretary Steven Mnuchin and Fed Chair Jay Powell bump elbows before House hearing on Tuesday. Photo: Joshua Roberts/Pool/AFP via Getty Images

Federal Reserve Chairman Jerome Powell told the House Financial Services Committee on Tuesday that the expiration of Congress' coronavirus stimulus will weigh on the U.S. economy.

Why it matters: Powell warned that the effects of dried-up benefits are a looming risk to the economy, even if the consequences aren't yet visible.

1 hour ago - World

Beijing draws Chinese companies even closer

Illustration: Annelise Capossela/Axios

Chinese Communist Party Secretary Xi Jinping announced last week that the party must strengthen its leadership over private companies, and that entrepreneurs must meet the party's needs. 

Why it matters: Xi's new announcement will increase fears that Chinese businesses may serve as a Trojan horse for the CCP.

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