string(13) "markets-macro"

Macro

July 14, 2020

Li talks economy with economists

On Monday, Premier Li Keqiang sat down with top officials to discuss the state of the economy. To liven up the discussion, heinvited economists and business leaders to give their thoughts on the current economic trajectory. Some context: Li holds these symposiums every year before the big mid… Username Password Remember Me Forgot Password

On Monday, Premier Li Keqiang sat down with top officials to discuss the state of the economy.

To liven up the discussion, heinvited economists and business leaders to give their thoughts on the current economic trajectory.

Some context: Li holds these symposiums every year before the big mid...

sources

Gov.cn: 李克强主持召开经济形势专家和企业家座谈会

July 13, 2020

COVID-19 situation stabilizes across the country

As China’s domestic COVID-19 situation is starting to stabilize, national attention is turning elsewhere. This morning, the National Health Commission (NHC) released the latest nationwide COVID-19 numbers. On Sunday (NHC): China reported eight new confirmed COVID-19 cases and six new asymptomatic c…

As China’s domestic COVID-19 situation is starting to stabilize, national attention is turning elsewhere.
This morning, the National Health Commission (NHC) released the latest nationwide COVID-19 numbers.
On Sunday (NHC):

China reported eight new confirmed COVID-19 cases and six new asymptomatic c...

sources

NHC: 截至7月12日24时新型冠状病毒肺炎疫情最新情况

Gov.cn: 北京昨日无新增报告新冠肺炎确诊病例治愈出院14例

Gov.cn: 【湖北日报】我省援京医疗队72名队员凯旋

Gov.cn: 国务院联防联控机制联络组协调支持湖北疫后重振建设

July 13, 2020

State Council clarifies spending responsibilities for natural resource management

This morning the State Council released guidelines for splitting fiscal responsibilities between the central and local governments for the management of natural resources. Some context: The guidelines are part of the ongoing fiscal reforms initiated in early 2018 that seek to better rationalize…

This morning the State Council released guidelines for splitting fiscal responsibilities between the central and local governments for the management of natural resources.
Some context: The guidelines are part of the ongoing fiscal reforms initiated in early 2018 that seek to better rationalize...

sources

Gov.cn: 国务院办公厅关于印发自然资源领域中央与地方财政事权和支出责任划分改革方案的通知

July 13, 2020

Han Zheng reviews fiscal policy

On Friday, Executive Vice Premier Han Zheng paid a visit to the Ministry of Finance (MoF) to talk fiscal priorities. Some context: Han and the MoF had a similar chat in January to work out priorities for the year. But those plans need updating in light of the COVID-inducedrecession. Han’s big m…

On Friday, Executive Vice Premier Han Zheng paid a visit to the Ministry of Finance (MoF) to talk fiscal priorities.
Some context: Han and the MoF had a similar chat in January to work out priorities for the year. But those plans need updating in light of the COVID-inducedrecession.
Han’s big m...

sources

Yicai: 下半年财税工作重点在哪？7个热点话题详解

Xinhua: Chinese vice premier stresses achieving development targets

Gov.cn: 韩正召开财税部门座谈会

July 13, 2020

Xi gets anti-diluvian

2020’s been a tough year for China. When it rains, it pours. On Sunday, Xi Jinping gave instructions to local officials on responding to the massive seasonal floods that have surged across China, leaving at least 141 dead or missing and causing upwards of RMB 82 billion in economic losses. In respo…

2020’s been a tough year for China.
When it rains, it pours.
On Sunday, Xi Jinping gave instructions to local officials on responding to the massive seasonal floods that have surged across China, leaving at least 141 dead or missing and causing upwards of RMB 82 billion in economic losses.

In respo...

sources

Gov.cn: 习近平对进一步做好防汛救灾工作作出重要指示

Gov.cn: China raises flood alert to second highest level

Xinhua: Xi Focus: Xi stresses braving challenges in fighting floods to ensure safety of people’s lives, property

SCMP: Sleepless nights on China’s dykes as floods hit 34 million people

July 13, 2020

Regulators talk capital crimes and punishments

The Financial Stability and Development Committee (FSDC) wants you to know they have “zero tolerance” for shenanigans in China’s capital markets. The committee met Saturday and unveiled a new working group, comprisedof severalregulatory agencies, to combat the rising number of capital market fraud c…

The Financial Stability and Development Committee (FSDC) wants you to know they have “zero tolerance” for shenanigans in China’s capital markets.
The committee met Saturday and unveiled a new working group, comprisedof severalregulatory agencies, to combat the rising number of capital market fraud c...

sources

21st Century Biz: 金融委：由证监会会同相关部门建立“打击资本市场违法活动协调工作小组”

Sina: 金融委：保护投资者特别是中小投资者权益回应社会各方面期待

Sina: 金融委：对资本市场违法犯罪“零容忍”

July 13, 2020

Data dump – credit

On Friday the central bank (PBoC) dropped monthly credit data for June. The headline: It wasn’t a particularly healthy credit print. The details: Total credit grew 12.8% y/y – up from 12.5% in May and the highest pace of growth since February 2018. Traditional RMB-denominated bank lending grew…

On Friday the central bank (PBoC) dropped monthly credit data for June.
The headline: It wasn’t a particularly healthy credit print.
The details:

Total credit grew 12.8% y/y – up from 12.5% in May and the highest pace of growth since February 2018.
Traditional RMB-denominated bank lending grew...

sources

Gov.cn: 2020年6月社会融资规模存量统计数据报告

July 10, 2020

Meat: it’s what’s not for dinner

This morning, the National Health Commission (NHC) released the latest nationwide COVID-19 numbers. On Thursday, China reported four new COVID-19 cases (NHC): All were imported from abroad. The outbreak in Beijing still seems to be under control: On Thursday, Beijing reported no new confirmed, as…

This morning, the National Health Commission (NHC) released the latest nationwide COVID-19 numbers.
On Thursday, China reported four new COVID-19 cases (NHC):

All were imported from abroad.

The outbreak in Beijing still seems to be under control:

On Thursday, Beijing reported no new confirmed, as...

sources

NHC: 截至7月9日24时新型冠状病毒肺炎疫情最新情况

Xinhua: 北京市连续4天确诊病例“零新增”

Xinhua: 海关总署：暂停进口23家境外肉类生产企业产品

Beijing Daily: 海关总署：从厄瓜多尔冻南美白虾外包装检出新冠病毒

July 10, 2020

Li Keqiang pushes for market-oriented reforms

Controlling floods was not the only thing discussed at yesterday’s State Council meeting (see previous entry). Premier Li Keqiang also discussed one of his favorite topics: Improving the business environment. Li said that the first priority is to implement the measures already passed (Xinhua): …

Controlling floods was not the only thing discussed at yesterday’s State Council meeting (see previous entry).
Premier Li Keqiang also discussed one of his favorite topics: Improving the business environment.
Li said that the first priority is to implement the measures already passed (Xinhua):
...

sources

Gov.cn: 李克强主持召开国务院常务会议部署进一步做好防汛救灾工作推进重大水利工程建设等

Xinhua: China to further improve business environment to energize market

July 10, 2020

When the levee breaks

Yesterday, the State Council held its weekly executive meeting. Flood control was at the top of the agenda. Some context: As of July 3, heavy seasonal floods have affected more than 19 million people and claimed 121 lives across 26 provinces. So far, the direct economic cost is calculated at m…

Yesterday, the State Council held its weekly executive meeting.
Flood control was at the top of the agenda.
Some context: As of July 3, heavy seasonal floods have affected more than 19 million people and claimed 121 lives across 26 provinces.

So far, the direct economic cost is calculated at m...

sources

Gov.cn: China stresses flood control, advancing water conservancy projects

Gov.cn: 李克强主持召开国务院常务会议部署进一步做好防汛救灾工作推进重大水利工程建设等

July 10, 2020

Are SPBs a bridge to nowhere?

On Tuesday, we told you that the central government approved the last batch of annual special purpose bonds (SPBs). Some context: SPBs are key to the government’s ability to support the economy because they are the main funding channel for local governments to invest in infrastructure. But acco…

On Tuesday, we told you that the central government approved the last batch of annual special purpose bonds (SPBs).
Some context: SPBs are key to the government’s ability to support the economy because they are the main funding channel for local governments to invest in infrastructure.
But acco...

sources

21st Century Biz: 管窥专项债落地情况：专项债资金如“及时雨” 五大问题有待改善

Xinhua: 专项债发行量新高背后：符合条件的基建项目越来越少

July 10, 2020

The ghost of markets past

On Wednesday, China’s securities regulatory (CSRC) called out 258 financial institutions for conducting illegal margin trading and called on investors to avoid seeking margin loans from unlicensed institutions. The CSRC’s notice comes as margin loans in China hit a five-year high (Financial Tim…

On Wednesday, China’s securities regulatory (CSRC) called out 258 financial institutions for conducting illegal margin trading and called on investors to avoid seeking margin loans from unlicensed institutions.
The CSRC’s notice comes as margin loans in China hit a five-year high (Financial Tim...

sources

FT: Rise in margin lending stokes fears of China bubble

SCMP: China Securities Regulatory Commission warns investors about illegally financed margin trading amid run-up in markets

Xinhua: 场外配资风险有多大？记者亲身体验“虚拟盘”套路

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