string(13) "markets-macro"

Macro

May 18, 2020

Countdown to the Two Sessions

Happy Two Sessions week, everybody! ICYMI: China’s long-delayed government meetings will begin when the political advisory body (CPPCC) kicks off its annual plenary session on Thursday, followed by the national legislature (NPC) on Friday. The big reveal: Premier Li Keqiang will deliver th… Username Password Remember Me Forgot Password

Happy Two Sessions week, everybody!
ICYMI: China’s long-delayed government meetings will begin when the political advisory body (CPPCC) kicks off its annual plenary session on Thursday, followed by the national legislature (NPC) on Friday.
The big reveal: Premier Li Keqiang will deliver th...

sources

Caixin: What to Watch for in China’s Long-Delayed Two Sessions

May 18, 2020

Politburo discusses Government Work Report

The Politburo held its monthly meeting on May 15. Top of the agenda: Discussing the Government Work Report (GWR), which will be unveiled Friday at the opening of the National People’s Congress annual session. Some context: The GWR specifies major economic targets and sets the overall direc…

The Politburo held its monthly meeting on May 15.
Top of the agenda: Discussing the Government Work Report (GWR), which will be unveiled Friday at the opening of the National People’s Congress annual session.
Some context: The GWR specifies major economic targets and sets the overall direc...

sources

CPC People: 中共中央政治局召开会议讨论政府工作报告中共中央总书记习近平主持会议

May 18, 2020

Top leaders meet on COVID-19

On Friday, Premier Li Keqiang chaired the Party’s top leading small group on COVID-19 containment. Top of the agenda: Refining containment measures to support economic resumption. Testing will be key to these efforts (Gov.cn): Premier Li asked officials to continue to scale up testing capacity…

On Friday, Premier Li Keqiang chaired the Party’s top leading small group on COVID-19 containment.
Top of the agenda: Refining containment measures to support economic resumption.
Testing will be key to these efforts (Gov.cn):

Premier Li asked officials to continue to scale up testing capacity...

sources

Gov.cn: 武汉市新冠肺炎疫情动态（2020年5月16日）

Gov.cn: 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要求加强指导协调动态抓好重点地区防控适应形势变化有针对性完善常态化防控措施

BJ News: 部分在华德企员工将搭乘商业包机返回中国

May 18, 2020

Shulan spreading keeps on and on

This morning, the National Health Commission (NHC) dropped the latest COVID-19 numbers. From May 15-17 (NHC): There were 43 new asymptomatic cases, four of which were imported. Some context: New asymptomatic cases have not risen above 20 per day since May 1. The last three days also saw: 20 …

This morning, the National Health Commission (NHC) dropped the latest COVID-19 numbers.
From May 15-17 (NHC):

There were 43 new asymptomatic cases, four of which were imported.

Some context: New asymptomatic cases have not risen above 20 per day since May 1.
The last three days also saw:

20 ...

sources

NHC: 截至5月15日24时新型冠状病毒肺炎疫情最新情况

NHC: 截至5月16日24时新型冠状病毒肺炎疫情最新情况

NHC: 截至5月17日24时新型冠状病毒肺炎疫情最新情况

May 15, 2020

Voucher fraud in the regulatory crosshairs

Well that was fast… Regulators are starting to go after a new kind of fraud – busting people for using consumer vouchers illegally. The latest: The city of Zhengzhou announced on April 30 that cashing consumption vouchers through fake transactions is illegal and that abnormal transactions will …

Well that was fast…
Regulators are starting to go after a new kind of fraud – busting people for using consumer vouchers illegally.
The latest: The city of Zhengzhou announced on April 30 that cashing consumption vouchers through fake transactions is illegal and that abnormal transactions will ...

sources

Xinhua: 警惕消费券被套现和交易

May 15, 2020

Eye on the fiscal deficit

In yesterday’s Tip Sheet, we highlighted Minister of Finance (MoF) Liu Kun’s recent People’s Daily piece calling for more active fiscal policy. Quick take: This was a Two Sessions preview if we’ve ever seen one. The annual MoF budgetreport that will be released next weekwill mirror th…

In yesterday’s Tip Sheet, we highlighted Minister of Finance (MoF) Liu Kun’s recent People’s Daily piece calling for more active fiscal policy.
Quick take: This was a Two Sessions preview if we’ve ever seen one. The annual MoF budgetreport that will be released next weekwill mirror th...

sources

Yicai: China’s Finance Minister Signals Rise in Deficit Cap

May 15, 2020

New-type economic policy

Thursday’s Politburo Standing Committee meeting focused on the economy. The terse, two paragraph readout is pretty daggum interesting. Several phrases caught our eye, such as: “[We] must…construct a new development pattern where domestic and international circulation mutually promote each other.” …

Thursday’s Politburo Standing Committee meeting focused on the economy.
The terse, two paragraph readout is pretty daggum interesting.
Several phrases caught our eye, such as:

“[We] must…construct a new development pattern where domestic and international circulation mutually promote each other.”

...

sources

CPC People: 中共中央政治局常务委员会召开会议中共中央总书记习近平主持会议

May 15, 2020

Data dump – April econ data

The stats bureau dropped monthly econ data for April on Friday morning. The headline: We are looking at a two-track recovery – industrial companies are up and running, but consumers remain cautious. The details: Industrial production grew by 3.9% y/y – well up from a 1.1% contraction in March …

The stats bureau dropped monthly econ data for April on Friday morning.
The headline: We are looking at a two-track recovery – industrial companies are up and running, but consumers remain cautious.
The details:

Industrial production grew by 3.9% y/y – well up from a 1.1% contraction in March ...

sources

Gov.cn: 4月份国民经济运行继续改善主要指标呈现积极变化

Trivium: The Risks of a Two-Track Recovery

May 15, 2020

Remaining vigilant

This morning, the National Health Commission (NHC) dropped the latest COVID-19 numbers. On May 14 (NHC): There were four new confirmed cases, up from three on May 13. All four cases were locally transmitted in Jilin City. Since May 7 there have been 26 confirmed cases associated with the outbreak …

This morning, the National Health Commission (NHC) dropped the latest COVID-19 numbers.
On May 14 (NHC):

There were four new confirmed cases, up from three on May 13.
All four cases were locally transmitted in Jilin City.

Since May 7 there have been 26 confirmed cases associated with the outbreak ...

sources

NHC: 截至5月14日24时新型冠状病毒肺炎疫情最新情况

Gov.cn: 习近平主持中央政治局常务委员会会议分析国内外新冠肺炎疫情防控形势研究部署抓好常态化疫情防控措施落地见效研究提升产业链供应链稳定性和竞争力

May 14, 2020

Guangdong goes big on local government bonds

As regular Tip Sheet readers know, China’s provinces are strapped for cash. So the central government is allowing them to borrow more to support the economy (see April 21 Tip Sheet). One province is ahead of the game: Guangdong. On Tuesday, the province issued a record number of local governmen…

As regular Tip Sheet readers know, China’s provinces are strapped for cash.
So the central government is allowing them to borrow more to support the economy (see April 21 Tip Sheet).
One province is ahead of the game: Guangdong.
On Tuesday, the province issued a record number of local governmen...

sources

Yicai: Guangdong Sets New Records With Issue of USD14.60 Billion in Local Gov’t Bonds

May 14, 2020

Shulan outbreak spreads to Shenyang

This morning, the National Health Commission (NHC) dropped the latest COVID-19 numbers. On May 13, China saw (NHC): Three new confirmed cases, down from six on May 12 All three cases were locally-transmitted and associated with the recent outbreak in Shulan (The Paper): One case was recorded in J…

This morning, the National Health Commission (NHC) dropped the latest COVID-19 numbers.
On May 13, China saw (NHC):

Three new confirmed cases, down from six on May 12

All three cases were locally-transmitted and associated with the recent outbreak in Shulan (The Paper):

One case was recorded in J...

sources

Beijing NHC: 截至5月13日24时新型冠状病毒肺炎疫情最新情况

The Paper: 吉林市新增1例确诊：与此前病例住同一小区，去过早市超市

The Paper: 辽宁新增2例病例行程轨迹公布，均为10日确诊患者关联病例

BJ News: 直击武汉多社区启动全员免费核酸检测：检测仅需数秒

May 14, 2020

Let’s get fis-i-cal, fis-i-cal

On Thursday morning, Minister of Finance Liu Kun published an editorial in People’s Daily signaling a more proactive fiscal policy (People’s Daily): “[We will] widen the deficit and send a clearly positive signal…to stabilize and boost market confidence.” Liu promised more tax cuts: “[We will] fo…

On Thursday morning, Minister of Finance Liu Kun published an editorial in People’s Daily signaling a more proactive fiscal policy (People’s Daily):

“[We will] widen the deficit and send a clearly positive signal…to stabilize and boost market confidence.”

Liu promised more tax cuts:

“[We will] fo...

sources

People's Daily: 积极的财政政策要更加积极有为

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