string(13) "markets-macro"

Macro

May 19, 2020

Party releases major economic policy document

Check this. On Monday, the CCP Central Committee and the State Council jointly released a document on overhauling the country’s economic management system. Some context: The document was approved by China’s most important policymaking body, the Central Committee for Comprehensively Deepening Re… Username Password Remember Me Forgot Password

Check this.
On Monday, the CCP Central Committee and the State Council jointly released a document on overhauling the country’s economic management system.
Some context: The document was approved by China’s most important policymaking body, the Central Committee for Comprehensively Deepening Re...

sources

Gov.cn: 中共中央国务院关于新时代加快完善社会主义市场经济体制的意见

Gov.cn: China unveils guideline to accelerate improving socialist market economy in new era

May 19, 2020

Rate of asymptomatic detection drops

This morning, the National Health Commission (NHC) dropped the latest COVID-19 numbers. On May 18, China reported (NHC): Three new domestically transmitted cases – two in Jilin Province, and one in Hubei Three new imported cases, all in Inner Mongolia 17 new asymptomatic cases, all of which were do…

This morning, the National Health Commission (NHC) dropped the latest COVID-19 numbers.
On May 18, China reported (NHC):

Three new domestically transmitted cases – two in Jilin Province, and one in Hubei
Three new imported cases, all in Inner Mongolia
17 new asymptomatic cases, all of which were do...

sources

NHC: 截至5月18日24时新型冠状病毒肺炎疫情最新情况

Xinhua: 湖北省累计核酸检测超639万人次无症状感染者检出率持续降低

May 19, 2020

Beijing contemplates new approach to Hong Kong

ICYMI: Premier Li Keqiang will deliver the annual Government Work Report on Friday morning. One thing to watch: How the report treats Hong Kong. Some context: Beijing has been frustrated by its inability to calm the city, which has been wracked by protests for a year. Li may lay out a…

ICYMI: Premier Li Keqiang will deliver the annual Government Work Report on Friday morning.
One thing to watch: How the report treats Hong Kong.
Some context: Beijing has been frustrated by its inability to calm the city, which has been wracked by protests for a year.
Li may lay out a...

sources

SCMP: Caught between China and the United States: why Hong Kong is the latest battleground in the rivalry and Article 23 could be the tinder to the explosive relationship

May 19, 2020

Xi addresses the WHA (cont.)

Xi had lots more to say in his speech to the World Health Assembly (see previous entry). He made six proposals for defeating the coronavirus (Xinhua): Step up COVID-19 prevention and control measures Follow the lead of the World Health Organization (WHO) Provide greater support for Africa Stre…

Xi had lots more to say in his speech to the World Health Assembly (see previous entry).
He made six proposals for defeating the coronavirus (Xinhua):

Step up COVID-19 prevention and control measures
Follow the lead of the World Health Organization (WHO)
Provide greater support for Africa
Stre...

May 19, 2020

Xi addresses the WHA

Yesterday was a big day for Xi Jinping. He addressed the opening of the 73rd World Health Assembly via video. Why this matters: As Tip Sheet readers know, Xi has tried to position China as a responsible global leader in the wake of COVID-19– with mixed success. Xi doubled down on his message of…

Yesterday was a big day for Xi Jinping.
He addressed the opening of the 73rd World Health Assembly via video.
Why this matters: As Tip Sheet readers know, Xi has tried to position China as a responsible global leader in the wake of COVID-19– with mixed success.
Xi doubled down on his message of...

sources

Xinhua: Full text: Speech by President Xi Jinping at opening of 73rd World Health Assembly

May 19, 2020

Data dump – government revenues

On Monday, the Ministry of Finance dropped fiscal data for Jan-Apr. The headlines: Total government outlays for Jan-Apr were RMB 6.21 trillion – down 14.5% y/y. Total fiscal revenues for Jan-Apr were RMB 5.31 trillion – down 16.7% y/y. Some details: Total value-added tax revenues for Jan-Apr were…

On Monday, the Ministry of Finance dropped fiscal data for Jan-Apr.
The headlines:

Total government outlays for Jan-Apr were RMB 6.21 trillion – down 14.5% y/y.
Total fiscal revenues for Jan-Apr were RMB 5.31 trillion – down 16.7% y/y.

Some details:

Total value-added tax revenues for Jan-Apr were...

sources

MoF: 2020年4月财政收支情况

May 19, 2020

Party releases major economic policy document (cont’d)

Did you think we were done talking about the policy document from the previous entry? You must be new here. The document is HUGE and wide-ranging in terms of the “what,” but pretty vague on the “how.” That’s par for the course in high-level docs like this. Here are a few things thatcaught our ey…

Did you think we were done talking about the policy document from the previous entry?

You must be new here.

The document is HUGE and wide-ranging in terms of the “what,” but pretty vague on the “how.”

That’s par for the course in high-level docs like this.

Here are a few things thatcaught our ey...

May 18, 2020

Another day, another caller

Did you get in touch with friends from afar this weekend? If so, you’re not alone. On Friday, Xi Jinping continued his international public relations blitz by calling up: Hungarian Prime Minister Viktor Orbán South African President Cyril Ramaphosa Some context: In recent weeks, Xi has made d…

Did you get in touch with friends from afar this weekend?
If so, you’re not alone.
On Friday, Xi Jinping continued his international public relations blitz by calling up:

Hungarian Prime Minister Viktor Orbán
South African President Cyril Ramaphosa

Some context: In recent weeks, Xi has made d...

sources

Xinhua: Xi calls for more international support for Africa’s COVID-19 fight

CGTN: President Xi says China will continue to support South Africa, Hungary over COVID-19

China Daily: Xi calls for more help in Africa’s struggle with virus

May 18, 2020

Western regions get development boost

On Sunday, the CCP Central Committee and the State Council released a document to guide the development of China’s western regions for the next 15 years. Some context: The emphasis on western regional developmentfirst started in 2000 under then-Premier Zhu Rongji and Vice Premier Wen Jiabao. Th…

On Sunday, the CCP Central Committee and the State Council released a document to guide the development of China’s western regions for the next 15 years.
Some context: The emphasis on western regional developmentfirst started in 2000 under then-Premier Zhu Rongji and Vice Premier Wen Jiabao. Th...

sources

Gov.cn: 中共中央国务院关于新时代推进西部大开发形成新格局的指导意见

STA: 关于延续西部大开发企业所得税政策的公告

May 18, 2020

Tech war heats up

Bad news, everyone! The tech war between China and the US escalated again over the weekend. Last Friday, the US government tightened the screws on Huawei by blocking companies using American-made hardware and software from designing or producing chips for Huawei. On Saturday, theGlobal Times su…

Bad news, everyone!
The tech war between China and the US escalated again over the weekend.
Last Friday, the US government tightened the screws on Huawei by blocking companies using American-made hardware and software from designing or producing chips for Huawei.
On Saturday, theGlobal Times su...

sources

US commerce.gov: Commerce Addresses Huawei’s Efforts to Undermine Entity List, Restricts Products Designed and Produced with U.S. Technologies

Huanqiu: 美新规再对华为“卡脖子”，消息人士：如美方计划实施，中方将予以强力反击

Global Times: China ready to target Apple, Qualcomm, Cisco and Boeing in retaliation against US’ Huawei ban: source

Gov.cn: 商务部发言人就美出台出口管制新规应询发表谈话

CCTV: 构建国内国际双循环相互促进的新发展格局

May 18, 2020

To QE or not to QE

Wonk alert: China’s monetary policy debate continues to heat up. Over the past few days, a host of policy advisors have weighed in on whether the central bank (PBoC) should engage in quantitative easing (QE) to monetize the central government budget deficit. Some context: A couple of weeks ago, pr…

Wonk alert: China’s monetary policy debate continues to heat up.

Over the past few days, a host of policy advisors have weighed in on whether the central bank (PBoC) should engage in quantitative easing (QE) to monetize the central government budget deficit.

Some context: A couple of weeks ago, pr...

sources

21st Century Biz: 吴晓灵：中国财政赤字货币化问题辨析

21st Century Biz: 央行货币政策委员会委员马骏：财政收支情况会逐步好转

21st Century Biz: 陆磊点题今年重点为金融治理提中国财政职能金融化而非财政赤字货币化

Yicai: 特别国债发行方式之争：央行“印钞”买国债可行吗？

SCMP: Coronavirus: China doesn’t need big economic stimulus, advisers and former officials say

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