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Macro

May 21, 2020

Tsai inaugurated for second term

Yesterday, Taiwanese president Tsai Ing-wen was inaugurated for a second – and final – term in office. Some context: Tsai won the presidential election after beating KMT challenger Han Kuo-yu in a decisive victory on January 11. In her inauguration speech, she had some tough words for Beijing (Strai… Username Password Remember Me … Read More »

Yesterday, Taiwanese president Tsai Ing-wen was inaugurated for a second – and final – term in office.
Some context: Tsai won the presidential election after beating KMT challenger Han Kuo-yu in a decisive victory on January 11.
In her inauguration speech, she had some tough words for Beijing (Strai...

sources

Straits Times: Taiwan’s Tsai Ing-wen rejects ‘one country, two systems’; China says reunification a historical necessity

Xinhua: 国台办发言人就民进党当局领导人“5·20”讲话应询表态

Xinhua: National reunification cannot be stopped by any force: spokesperson

May 21, 2020

Fat stacks to stave off attacks

This time of year, it seems like everyone has an agenda. In advance of the Government Work Reportto be delivered Friday, the top brass at the People’s Liberation Army (PLA) have an important ask for policymakers. That ask? Money plz Some context: The government will lay out its budget tomorro…

This time of year, it seems like everyone has an agenda.
In advance of the Government Work Reportto be delivered Friday, the top brass at the People’s Liberation Army (PLA) have an important ask for policymakers.
That ask?

Money plz

Some context: The government will lay out its budget tomorro...

sources

SCMP: China’s military seeks bigger budget amid growing threat of US conflict

May 21, 2020

What the CBIRC does in the shadows

In the same QA (see previous entry), the banking regulator (CBIRC) also took the opportunity to crow about the good job it’s done reining in shadow banking. Shadow banking is tricky to measure, but the CBIRC estimates that since 2016 the sector has shrunk by RMB 16 trillion (CBIRC): “Most of that i…

In the same QA (see previous entry), the banking regulator (CBIRC) also took the opportunity to crow about the good job it’s done reining in shadow banking.
Shadow banking is tricky to measure, but the CBIRC estimates that since 2016 the sector has shrunk by RMB 16 trillion (CBIRC):

“Most of that i...

sources

CBIRC: 银保监会有关部门负责人答记者问

May 21, 2020

The CBIRC makes it known that banks are doing their part

China’s banks have answered the call and are working overtime to get cash where it’s needed. At least, that’s according to the banking regulator (CBIRC). In a wide-ranging QA posted on its website, the CBIRC quantified the scale of bank relief efforts during the pandemic. As of May 17, banks had …

China’s banks have answered the call and are working overtime to get cash where it’s needed.

At least, that’s according to the banking regulator (CBIRC).

In a wide-ranging QA posted on its website, the CBIRC quantified the scale of bank relief efforts during the pandemic.

As of May 17, banks had ...

sources

CBIRC: 银保监会有关部门负责人答记者问

May 21, 2020

A pause in the easing cycle

China’s central bank (PBoC) announced the loan prime rate (LPR) for May on Wednesday. The headline:The rate held steady from the previous month – suggesting a temporary pause in the PBoC’s easing cycle. The details: The one-year year LPR stood at 3.85% – the same as in April. The five-year year LPR…

China’s central bank (PBoC) announced the loan prime rate (LPR) for May on Wednesday.
The headline:The rate held steady from the previous month – suggesting a temporary pause in the PBoC’s easing cycle.
The details:

The one-year year LPR stood at 3.85% – the same as in April.
The five-year year LPR...

sources

PBoC: 2020年5月20日全国银行间同业拆借中心受权公布贷款市场报价利率（LPR）公告

Reuters: China leaves lending benchmark LPR unchanged, as expected

May 21, 2020

CPPCC spokesman talks deglobalization

It’s happening! After a two month delay, the Two Sessions finally kicked off today. Wang Yang, chairman of China’s top political advisory body, the Chinese People’s Political Consultative Conference (CPPCC), delivered his work report this afternoon. There was nothing particularly spicy or unexpected…

It’s happening!
After a two month delay, the Two Sessions finally kicked off today.
Wang Yang, chairman of China’s top political advisory body, the Chinese People’s Political Consultative Conference (CPPCC), delivered his work report this afternoon.
There was nothing particularly spicy or unexpected...

sources

People.cn: 全国政协十三届三次会议新闻发布会

May 21, 2020

Li reviews Labor Day holiday containment efforts

This morning, the National Health Commission (NHC) dropped the latest stats on COVID-19. There’s good news (NHC): May 20 saw only two new confirmed cases, down from Tuesday’s five. One imported case was diagnosed in Guangdong, and one was domestically transmittedin Shanghai. But it’s not all good …

This morning, the National Health Commission (NHC) dropped the latest stats on COVID-19.
There’s good news (NHC):

May 20 saw only two new confirmed cases, down from Tuesday’s five.
One imported case was diagnosed in Guangdong, and one was domestically transmittedin Shanghai.

But it’s not all good ...

sources

NHC: 截至5月20日24时新型冠状病毒肺炎疫情最新情况

Gov.cn: 2020年5月20日湖北省新冠肺炎疫情情况

Xinhua: 李克强主持召开中央应对新冠肺炎疫情工作领导小组会议

Gov.cn: China to promote holiday prevention measures for faster social, economic recovery

May 20, 2020

On target

The government delivers. That’s the message that Premier Li Keqiang wants to convey on the eve of the Two Sessions and the unveiling of the 2020 Government Work Report (GWR). Yesterday, Xinhua published an assessment of the government’s performance in all 38 quantitative targets set in the 2019 GW…

The government delivers.

That’s the message that Premier Li Keqiang wants to convey on the eve of the Two Sessions and the unveiling of the 2020 Government Work Report (GWR).

Yesterday, Xinhua published an assessment of the government’s performance in all 38 quantitative targets set in the 2019 GW...

sources

Gov.cn: 国务院公布2019年《政府工作报告》量化指标任务落实情况

May 20, 2020

Li is sweet on Honeywell

On Tuesday, American industrial conglomerate Honeywell opened its new emerging market headquarters and innovation center in Wuhan. Premier Li Keqiang sent a congratulatory letter to Honeywell on the opening. Li’s words were amiable, if a little perfunctory (Gov.cn): “With importance attached to the…

On Tuesday, American industrial conglomerate Honeywell opened its new emerging market headquarters and innovation center in Wuhan.
Premier Li Keqiang sent a congratulatory letter to Honeywell on the opening.
Li’s words were amiable, if a little perfunctory (Gov.cn):

“With importance attached to the...

sources

Gov.cn: Premier congratulates Honeywell’s new project in Wuhan

Global Times: China welcomes Honeywell to Wuhan amid US’ decoupling push

May 20, 2020

The challenge of making sure SMEs get paid

It’s the time of year when Chinese People’s Political Consultative Conference (CPPCC) delegates start making policy proposals. One that caught our eye was from Liu Yonghao, chairman of the private agribusiness, New Hope Group. Liu proposes that (Caixin): Local government arrears to suppliers should…

It’s the time of year when Chinese People’s Political Consultative Conference (CPPCC) delegates start making policy proposals.
One that caught our eye was from Liu Yonghao, chairman of the private agribusiness, New Hope Group.
Liu proposes that (Caixin):

Local government arrears to suppliers should...

sources

Caixin: 刘永好建议将拖欠企业账款列入地方官员考核指标

May 20, 2020

CBIRC to extend loan forbearance

China’s SMEs are about to get another lifeline. The banking regulator is considering extending loan relief that is set to expire at the end of next month. Bloomberg has the scoop: “The regulator and some lenders have discussed extending loan relief beyond a June 30 deadline for corporates hurt by…

China’s SMEs are about to get another lifeline.

The banking regulator is considering extending loan relief that is set to expire at the end of next month.

Bloomberg has the scoop:

“The regulator and some lenders have discussed extending loan relief beyond a June 30 deadline for corporates hurt by...

sources

Bloomberg: China Considers Further Relief as Deadline Nears on $211 Billion in Bad Debt

May 20, 2020

Wuhan testing continues

This morning, the National Health Commission (NHC) dropped the latest COVID-19 numbers. On May 19, China reported five new confirmed cases, down from six on May 18. One of the new cases in Inner Mongolia was imported. The other four were locally transmitted, and all were found in Jilin City. In ad…

This morning, the National Health Commission (NHC) dropped the latest COVID-19 numbers.
On May 19, China reported five new confirmed cases, down from six on May 18.

One of the new cases in Inner Mongolia was imported.
The other four were locally transmitted, and all were found in Jilin City.

In ad...

sources

NHC: 截至5月19日24时新型冠状病毒肺炎疫情最新情况

The Paper: 武汉全市集中核酸检测开展5天：新增58名无症状感染者

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