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Macro

June 22, 2020

A BRIght future

Last Thursday, Xi Jinping sent a letter to the attendees of the High-level Video Conference on Belt and Road International Cooperation. His message: We’re (still) all in this together. Xi said that COVID-19 showed the importance of global cooperation (MoFA): “Humanity cannot succeed without so… Username Password Remember Me Forgot Password

Last Thursday, Xi Jinping sent a letter to the attendees of the High-level Video Conference on Belt and Road International Cooperation.
His message: We’re (still) all in this together.
Xi said that COVID-19 showed the importance of global cooperation (MoFA):

“Humanity cannot succeed without so...

sources

Gov.cn: President Xi Jinping Sends Written Message to the High-level Video Conference on Belt and Road International Cooperation

CGTN: Chinese President Xi Jinping sends letter to high-level conference on Belt and Road int’l cooperation

June 22, 2020

Beijing ups testing to contain virus

Beijing’s COVID-19 outbreak is looking increasingly under control. Over the weekend, Beijing reported (Beijing NHC): 22 newly-confirmed cases each on Friday and Saturday Nine newly-confirmed cases on Sunday That’s down from 25 new cases on Thursday Since the Beijing outbreak was discovered on June…

Beijing’s COVID-19 outbreak is looking increasingly under control.
Over the weekend, Beijing reported (Beijing NHC):

22 newly-confirmed cases each on Friday and Saturday
Nine newly-confirmed cases on Sunday

That’s down from 25 new cases on Thursday
Since the Beijing outbreak was discovered on June...

sources

Gov.cn: 北京昨日新增报告22例新冠肺炎确诊病例

Gov.cn: 北京昨日新增报告9例新冠肺炎确诊病例

Gov.cn: 高小俊北京市卫生健康委员会新闻发言人高小俊介绍全市核酸检测能力及二级综合医院核酸检测能力建设进展

Xinhua: 北京市核酸检测已累计采样229.7万人

June 19, 2020

Legislature fast tracks Hong Kong national security law

On Thursday, the National People’s Congress Standing Committee (NPCSC) kicked off its bimonthly session. The big news: They are deliberating a draft of the new Hong Kong national security law. That’s a surprise: When an NPCSC spokesperson previewed the session earlier this week, he did not…

On Thursday, the National People’s Congress Standing Committee (NPCSC) kicked off its bimonthly session.
The big news: They are deliberating a draft of the new Hong Kong national security law.
That’s a surprise: When an NPCSC spokesperson previewed the session earlier this week, he did not...

sources

LOCPG: 《中华人民共和国香港特别行政区维护国家安全法（草案）》对四类危害国家安全的犯罪行为和刑事责任作出明确规定

Xinhua: Draft law on safeguarding national security in HKSAR submitted to China’s top legislature

NPC Observer: Public Employee Sanctions, Veterans Support, Rural Revitalization (Temporary?) Absence of Hong Kong National Security Law (Updated)

June 19, 2020

MofCom lowers threshold for investing in A-Shares

On Thursday, the Ministry of Commerce (MofCom) released a new set of measures designed to ease restrictions on foreign investment in listed Chinese firms. The big news is that the minimum asset threshold that foreign investors must meet in order to invest in Chinese A-shares has been slashed big tim…

On Thursday, the Ministry of Commerce (MofCom) released a new set of measures designed to ease restrictions on foreign investment in listed Chinese firms.
The big news is that the minimum asset threshold that foreign investors must meet in order to invest in Chinese A-shares has been slashed big tim...

sources

Gov.cn: 商务部关于《外国投资者对上市公司战略投资管理办法（修订草案公开征求意见稿）》公开征求意见的通知

CGTN: China to ease rules for foreign strategic investment in listed firms

June 19, 2020

The futures is now

On Thursday, the China Securities Regulatory Commission approved JPMorgan to begin operating its futures business. This makes JPMorgan the first foreign bank to fully own a futures venture in China. Some context: JPMorgan originally applied to gain full control of its China futures joint vent…

On Thursday, the China Securities Regulatory Commission approved JPMorgan to begin operating its futures business.

This makes JPMorgan the first foreign bank to fully own a futures venture in China.

Some context: JPMorgan originally applied to gain full control of its China futures joint vent...

sources

Caixin: JPMorgan Gets Nod to Take Full Control of China Futures Venture

Nikkei: JPMorgan gets China’s nod for first fully foreign-owned futures business

Reuters: JPMorgan gets China’s nod for first fully foreign-owned futures business

June 19, 2020

Data dump – government revenue

On Wednesday, the Ministry of Finance released fiscal revenue data for January to May. Our takeaway: Things are getting better, but they’re still pretty bleak. Total fiscal revenue for Jan-May was RMB 7.767 trillion – down 13.6% compared to the same period last year. That’s marginally better t…

On Wednesday, the Ministry of Finance released fiscal revenue data for January to May.
Our takeaway: Things are getting better, but they’re still pretty bleak.

Total fiscal revenue for Jan-May was RMB 7.767 trillion – down 13.6% compared to the same period last year. That’s marginally better t...

sources

21st Century Biz: 前5月全国财政收入下降13.6%，证券交易印花税增18.4%，卖地微涨2.1万亿元

June 19, 2020

Beijing outbreak under control?

On Thursday, Beijing reported (Beijing NHC): 25 newly confirmed cases – up by four from Wednesday Two asymptomatic cases – down by one from Wednesday Despite strict travel control measures, cases linked to the Beijing outbreak have spread to the provinces. On Thursday, Hebei discovered two confir…

On Thursday, Beijing reported (Beijing NHC):

25 newly confirmed cases – up by four from Wednesday
Two asymptomatic cases – down by one from Wednesday

Despite strict travel control measures, cases linked to the Beijing outbreak have spread to the provinces.

On Thursday, Hebei discovered two confir...

sources

Gov.cn: 北京昨日新增报告25例新冠肺炎确诊病例

Gov.cn: 2020年6月18日河北省新型冠状病毒肺炎疫情情况

Gov.cn: 2020年6月18日0时至24时辽宁新型冠状病毒肺炎疫情情况

Xinhua: 中疾控专家吴尊友：北京疫情已经控制住了

Caixin: 高福：病毒会潜伏后暴发北京疫情时间可能要前推一个月

June 18, 2020

China and US talk past each other

Politburo member and top diplomat Yang Jiechi has been hanging out with US Secretary of State Mike Pompeo in Hawaii. The two had dinner on Tuesday night followed by a seven-hour meeting on Wednesday. Here are some excerpts from the terse Chinese readout (Xinhua): “The two sides exchanged in-depth v…

Politburo member and top diplomat Yang Jiechi has been hanging out with US Secretary of State Mike Pompeo in Hawaii.
The two had dinner on Tuesday night followed by a seven-hour meeting on Wednesday.
Here are some excerpts from the terse Chinese readout (Xinhua):

“The two sides exchanged in-depth v...

sources

Xinhua: 杨洁篪同美国国务卿蓬佩奥举行对话

Gov.cn: Foreign Ministry Spokesperson Zhao Lijian’s Remarks on Yang Jiechi’s Meeting with US Secretary of State Michael R. Pompeo

US DoS: Secretary Michael R. Pompeo’s Meeting with Chinese Communist Party Politburo Member Yang Jiechi

WSJ: Pompeo, Top Chinese Envoy Meet Amid Heightened Tensions

June 18, 2020

China to forgive interest-free African debt

On Wednesday, Xi Jinping presided over the Extraordinary China-Africa Summit on Solidarity against COVID-19, held via video link. The forum was jointly organized by China, South Africa, Senegal (the current rotating chair of the African Union), and the Forum on China-Africa Cooperation. Xi’s messa…

On Wednesday, Xi Jinping presided over the Extraordinary China-Africa Summit on Solidarity against COVID-19, held via video link.

The forum was jointly organized by China, South Africa, Senegal (the current rotating chair of the African Union), and the Forum on China-Africa Cooperation.

Xi’s messa...

sources

Xinhua: 习近平在中非团结抗疫特别峰会上的主旨讲话（全文）

Xinhua: Xinhua Headlines-Xi Focus: Xi chairs China-Africa summit, calls for solidarity to defeat COVID-19

SCMP: China to forgive interest-free loans to Africa that are coming due, Xi Jinping says

June 18, 2020

Everybody be cool

Yesterday, we told you that a clash along the Sino-Indian border resulted in 20 Indian deaths and precipitated a diplomatic crisis between Beijing and New Delhi. On Wednesday, Foreign Minister Wang Yi and his Indian counterpart, Subrahmanyam Jaishankar got on the horn to sort things out. First, Wang…

Yesterday, we told you that a clash along the Sino-Indian border resulted in 20 Indian deaths and precipitated a diplomatic crisis between Beijing and New Delhi.
On Wednesday, Foreign Minister Wang Yi and his Indian counterpart, Subrahmanyam Jaishankar got on the horn to sort things out.
First, Wang...

sources

Gov.cn: 王毅同印度外长苏杰生通电话

The Times of India: Chinese foreign minister calls Jaishankar; both leaders agree to ‘cool down’ tensions

June 18, 2020

State Council extends fee cuts

But wait, there’s more! It just wouldn’t be a Li Keqiang-led State Council meeting without some good old-fashioned fee cuts: In total, companies are expected to receive RMB 310 billion worth of savingsin 2020. Specifically, the government will extend the following to the end of 2020: Lowering ind…

But wait, there’s more!
It just wouldn’t be a Li Keqiang-led State Council meeting without some good old-fashioned fee cuts:

In total, companies are expected to receive RMB 310 billion worth of savingsin 2020.

Specifically, the government will extend the following to the end of 2020:

Lowering ind...

sources

Gov.cn: 李克强主持召开国务院常务会议部署引导金融机构进一步向企业合理让利助力稳住经济基本盘等

June 18, 2020

State Council comes calling on financial institutions (again)

Premier Li Keqiang chaired the weekly State Council executive meeting on Wednesday. The key focus:How to better use financial institutions as a buffer against economic weakness. Chinese financiers won’t exactly be thrilled about the government’s plan, as the Premier told them point blank (our paraph…

Premier Li Keqiang chaired the weekly State Council executive meeting on Wednesday.
The key focus:How to better use financial institutions as a buffer against economic weakness.
Chinese financiers won’t exactly be thrilled about the government’s plan, as the Premier told them point blank (our paraph...

sources

Gov.cn: 李克强主持召开国务院常务会议部署引导金融机构进一步向企业合理让利助力稳住经济基本盘等

Bloomberg: China Wants Banks to Cap Their Profit Gains to Single Digits

21st Century Biz: 国务院再发政策大礼包：金融业让利1.5万亿，降准可期

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