string(13) "markets-macro"

Macro

May 25, 2020

Xi explains lack of GDP growth target

Over the past three days, Xi Jinping has been participating in group discussions with delegates at the Two Sessions. Xi’s spent more of his time talking through economic policy than he has in previous years. On Friday afternoon, the big man explained why he endorsed the decision to scrap the GDP gro… Username Password Remember… Read More »

Over the past three days, Xi Jinping has been participating in group discussions with delegates at the Two Sessions.
Xi’s spent more of his time talking through economic policy than he has in previous years.
On Friday afternoon, the big man explained why he endorsed the decision to scrap the GDP gro...

sources

People.cn: 着眼点着力点不能放在GDP增速上

May 25, 2020

Threading a needle on econ support

Over the weekend, we took sometime to digest Premier Li Keqiang’s Government Work Report. (What else are weekends for?) Our not-so-hot take:As we said on Friday, it’s a mixed policy bag– aiming to boost support while avoiding overkill. Make no mistake: Policy support is certainly being stepped …

Over the weekend, we took sometime to digest Premier Li Keqiang’s Government Work Report.
(What else are weekends for?)
Our not-so-hot take:As we said on Friday, it’s a mixed policy bag– aiming to boost support while avoiding overkill.
Make no mistake: Policy support is certainly being stepped ...

sources

Gov.cn: Full text: Report on the Work of the Government

May 25, 2020

Wuhan completes citywide COVID-19 testing

This morning, the National Health Commission (NHC) dropped the latest COVID-19 numbers. From May 22-24, China saw (NHC): 14 new confirmed cases, 13 of which were imported. One domestically-transmitted case in Jilin City. The number of new asymptomatic cases increased from 28 on May 22, to 36 on Ma…

This morning, the National Health Commission (NHC) dropped the latest COVID-19 numbers.
From May 22-24, China saw (NHC):

14 new confirmed cases, 13 of which were imported.
One domestically-transmitted case in Jilin City.

The number of new asymptomatic cases increased from 28 on May 22, to 36 on Ma...

sources

NHC: 截至5月24日24时新型冠状病毒肺炎疫情最新情况

Gov.cn: 吉林省卫生健康委员会关于新型冠状病毒肺炎疫情情况通报（2020年5月24日公布）

Gov.cn: 武汉市新冠肺炎疫情动态（2020年5月23日）

Gov.cn: 关于进一步开展核酸检测“查缺补漏”工作的通告

CCTV: 武汉集中核酸检测“查缺补漏”，尽可能让从未做过检测的居民都参加

Weivd: 武汉10天要进行千万人次新冠核酸检测，“混样”检测模式靠谱吗？

May 25, 2020

The Missouri non-compromise

That wasn’t all Foreign Minister Wang Yi had to say during his press conference. He also warned that Washington was pushing the US and China toward a “new Cold War.” Wang put American lawmakers on blast (China Daily): “Some US politicians have fabricated too many lies and plotted too many conspirac…

That wasn’t all Foreign Minister Wang Yi had to say during his press conference.
He also warned that Washington was pushing the US and China toward a “new Cold War.”
Wang put American lawmakers on blast (China Daily):

“Some US politicians have fabricated too many lies and plotted too many conspirac...

sources

China Daily: FM warns of efforts to provoke ‘new Cold War’

May 25, 2020

Wang Yi leads the wolf pack

At a press conference Sunday, State Councilor and Foreign Minister Wang Yi discussed China’s “wolf warrior” diplomacy. Some context: The term “wolf warriors” denotes a growing cohort of aggressive and controversial Chinese diplomats. Many within China’s foreign policy establishment have criticized …

At a press conference Sunday, State Councilor and Foreign Minister Wang Yi discussed China’s “wolf warrior” diplomacy.
Some context:

The term “wolf warriors” denotes a growing cohort of aggressive and controversial Chinese diplomats.
Many within China’s foreign policy establishment have criticized ...

sources

China Daily: FM warns of efforts to provoke ‘new Cold War’

SCMP: Chinese Foreign Minister Wang Yi defends ‘wolf warrior’ diplomats for standing up to ‘smears’

May 22, 2020

Beginning of the end for Hong Kong

The big news on Hong Kong came on Thursday night. National People’s Congress (NPC) spokesperson Zhang Yesui announced that the NPC will deliberate a “Draft decision on establishing and improving the legal system and implementation mechanism for the safeguarding of national security in Hong Kong.” Wh…

The big news on Hong Kong came on Thursday night.
National People’s Congress (NPC) spokesperson Zhang Yesui announced that the NPC will deliberate a “Draft decision on establishing and improving the legal system and implementation mechanism for the safeguarding of national security in Hong Kong.”
Wh...

sources

Xinhua: 十三届全国人大三次会议将审议《全国人民代表大会关于建立健全香港特别行政区维护国家安全的法律制度和执行机制的决定（草案）

NPC: 王晨作关于《全国人民代表大会关于建立健全香港特别行政区维护国家安全的法律制度和执行机制的决定（草案）》的说明

May 22, 2020

Foreign policy stay the course (mostly)

The Government Work Report (GWR) also discussed foreign policy. The main message: We’re all in this together: “China is committed to building a human community with a shared future.” “China will continue to pursue peaceful development, and advance friendship and cooperation with other countrie…

The Government Work Report (GWR) also discussed foreign policy.
The main message: We’re all in this together:

“China is committed to building a human community with a shared future.”
“China will continue to pursue peaceful development, and advance friendship and cooperation with other countrie...

sources

Gov.cn: 政府工作报告（文字实录）

May 22, 2020

Li reiterates commitment to foreign investment

Amid the unprecedented disruption of COVID-19, Premier Li acknowledged that foreign companies are important to China’s supply chain. “Opening up to foreign investment is key to keeping China‘s industrial and supply chains stable.” That’s why the government has promised to significantly shorten the…

Amid the unprecedented disruption of COVID-19, Premier Li acknowledged that foreign companies are important to China’s supply chain.

“Opening up to foreign investment is key to keeping China‘s industrial and supply chains stable.”

That’s why the government has promised to significantly shorten the...

sources

Gov.cn: 政府工作报告（文字实录）

May 22, 2020

Government’s investment plan

Where will the government spend the money from its fancy new fiscal policy? You guessed it. Infrastructure! It has a long list of stuff it wants to build: “We will shore up weaknesses in public health, biosecurity, emergency supplies, material and energy reserves, logistics facilities, agriculture,…

Where will the government spend the money from its fancy new fiscal policy?
You guessed it. Infrastructure!
It has a long list of stuff it wants to build:

“We will shore up weaknesses in public health, biosecurity, emergency supplies, material and energy reserves, logistics facilities, agriculture,...

sources

Gov.cn: 政府工作报告（文字实录）

May 22, 2020

Monetary policy lets loose

Do you hear that? It’s that telltale squeak of the credit taps slowly opening. The Government Work Report reiterated that a “more flexible” – i.e. looser – monetary policy is the order of the day. The key line: “We will use a variety of tools such as required reserve ratio reductions, interest ra…

Do you hear that?

It’s that telltale squeak of the credit taps slowly opening.

The Government Work Report reiterated that a “more flexible” – i.e. looser – monetary policy is the order of the day.
The key line:

“We will use a variety of tools such as required reserve ratio reductions, interest ra...

sources

Gov.cn: 政府工作报告（文字实录）

May 22, 2020

Government tries to thread the needle on fiscal policy

The government may have abandoned the GDP growth target (see previous entry), but it is still in economic support mode. Government spending is set to ramp up: “We will pursue a more proactive and impactful fiscal policy.” The details: The deficit-to-GDP ratio this year will be more than 3.6% – up…

The government may have abandoned the GDP growth target (see previous entry), but it is still in economic support mode.
Government spending is set to ramp up:

“We will pursue a more proactive and impactful fiscal policy.”

The details:

The deficit-to-GDP ratio this year will be more than 3.6% – up...

sources

Gov.cn: 政府工作报告（文字实录）

May 22, 2020

Government abandons GDP growth target

All it took was a once-in-a-century global pandemic and economic crisis. The Chinese government finally dropped its annual GDP growth target, long the foundation for economic policy. Premier Li Keqiang announced the change in his Government Work Report delivered this morning: “I would like to poi…

All it took was a once-in-a-century global pandemic and economic crisis.

The Chinese government finally dropped its annual GDP growth target, long the foundation for economic policy.

Premier Li Keqiang announced the change in his Government Work Report delivered this morning:

“I would like to poi...

sources

Gov.cn: 政府工作报告（文字实录）

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