string(13) "markets-macro"

Macro

April 30, 2020

PMIs take a dip

On Thursday, both the National Bureau of Statistics (NBS) and Caixin dropped their Purchasing Managers’ Index (PMI) for April. Welcome to contraction country, buckaroos. The NBSPMI came in at 50.8, down from 52.0 in March. The Caixin PMI registered 49.4, down from 50.1 March. As a reminder: A… Username Password Remember Me Forgot Password

On Thursday, both the National Bureau of Statistics (NBS) and Caixin dropped their Purchasing Managers’ Index (PMI) for April.
Welcome to contraction country, buckaroos.

The NBSPMI came in at 50.8, down from 52.0 in March.
The Caixin PMI registered 49.4, down from 50.1 March.

As a reminder: A...

sources

Caixin: 4月财新中国制造业PMI降至49.4 再回收缩区间

Reuters: China’s April factory activity unexpectedly dips as export orders collapse – Caixin PMI

April 30, 2020

PBSC steps up support for Hubei

On Wednesday, Xi Jinping chaired a meeting of the Politburo Standing Committee (PBSC). The focus: Supporting the Hubei economy. Some context: Being the epicenter of the epidemic, Hubei’s GDP contracted 39.2% y/y in the first quarter. Some more context: At roughly USD 650 billion, Hubei’s …

On Wednesday, Xi Jinping chaired a meeting of the Politburo Standing Committee (PBSC).
The focus: Supporting the Hubei economy.
Some context: Being the epicenter of the epidemic, Hubei’s GDP contracted 39.2% y/y in the first quarter.
Some more context:

At roughly USD 650 billion, Hubei’s ...

sources

Gov.cn: 习近平主持中央政治局常委会会议分析国内外新冠肺炎疫情防控形势研究部署完善常态化疫情防控举措研究确定支持湖北省经济社会发展一揽子政策

Xinhua: Xi Focus: Xi chairs leadership meeting on regular epidemic control, supporting Hubei development

The Paper: 银行很胀，企业很渴：如何破解武汉企业纾困资金难以投放困局

Xinhua: 湖北一季度GDP同比下降39.2%

April 30, 2020

No revenge travelling

This morning, the National Health Commission (NHC) dropped the latest numbers for domestic COVID-19 cases. On April 29 (NHC): There were only four new confirmed cases, the second lowest number recorded in April. Even better: There were no new local cases. There were, however, 33 new asymptom…

This morning, the National Health Commission (NHC) dropped the latest numbers for domestic COVID-19 cases.
On April 29 (NHC):

There were only four new confirmed cases, the second lowest number recorded in April.

Even better: There were no new local cases.

There were, however, 33 new asymptom...

sources

NHC: 截至4月29日24时新型冠状病毒肺炎疫情最新情况

BJ News: 北京降低突发公共卫生事件响应级别

The Paper: 五一机票酒店预订暴增价格上涨，报复性旅游要来了？

The Paper: 交通运输部：五一预计发送旅客超1.17亿人次

April 29, 2020

Two Sessions date fixed

It is decided. Earlier today, the National People’s Congress Standing Committee (NPCSC) – China’s legislature – agreed on a date for its annual meeting. It’s all going down on May 21 – that’s when the political advisory body (CPPCC) begins its annual session. The NPC’s annual session will begin the…

It is decided.
Earlier today, the National People’s Congress Standing Committee (NPCSC) – China’s legislature – agreed on a date for its annual meeting.

It’s all going down on May 21 – that’s when the political advisory body (CPPCC) begins its annual session.
The NPC’s annual session will begin the...

sources

Xinhua: China’s top legislature to open annual session on May 22

April 29, 2020

MEE divides and conquers

Yesterday, the Ministry of Environment and Ecology (MEE) got a new minister – Huang Runqiu. What that means: The top two positions at the ministry, usually held by one person, are now held by two. As avid Tip Sheet readers know, Sun Jinlong already took over the gig as Party secretarytwo weeks…

Yesterday, the Ministry of Environment and Ecology (MEE) got a new minister – Huang Runqiu.
What that means: The top two positions at the ministry, usually held by one person, are now held by two.

As avid Tip Sheet readers know, Sun Jinlong already took over the gig as Party secretarytwo weeks...

sources

Gov.cn: 黄润秋个人简历

April 29, 2020

Ringing Iran, Calling Nepal

Xi Jinping was back at iton Monday, making calls to world leaders with expressions of solidarity in the fight against COVID-19. Some context: Regular Tip Sheet readers know that Xi Jinping and Premier Li Keqiang been on a major public relations kick in recent weeks, looking to shore up China’s inter…

Xi Jinping was back at iton Monday, making calls to world leaders with expressions of solidarity in the fight against COVID-19.
Some context: Regular Tip Sheet readers know that Xi Jinping and Premier Li Keqiang been on a major public relations kick in recent weeks, looking to shore up China’s inter...

sources

Xinhua: 习近平同伊朗总统鲁哈尼通电话

Gov.cn: 习近平同尼泊尔总统班达里通电话

April 29, 2020

Consumers still not warming up

For those expecting a consumption binge as China emerges from lockdown, the central bank (PBoC) has some bad news for you. According to a first quarter survey by the PBoC of 20,000 depositors in 50 cities (The Paper): 53% of respondents said they are inclined to save more, up 7.3% from the previous…

For those expecting a consumption binge as China emerges from lockdown, the central bank (PBoC) has some bad news for you.
According to a first quarter survey by the PBoC of 20,000 depositors in 50 cities (The Paper):

53% of respondents said they are inclined to save more, up 7.3% from the previous...

sources

The Paper: 央行调查：一季度倾向“更多消费”的居民占比下降6个百分点

April 29, 2020

Government takes hands off approach to new infrastructure

The State Council did its thing Tuesday, holding its weekly executive meeting. Top of the agenda: Boosting investment in “new infrastructure.” Some context: The government has identified investment in new infrastructure as a policy priority since late March (see March 27 Tip Sheet). M…

The State Council did its thing Tuesday, holding its weekly executive meeting.
Top of the agenda: Boosting investment in “new infrastructure.”
Some context: The government has identified investment in new infrastructure as a policy priority since late March (see March 27 Tip Sheet).
M...

sources

Gov.cn: 李克强主持召开国务院常务会议听取2019年全国两会建议提案办理情况汇报等

April 29, 2020

Keeping Labor Day local

This morning, the National Health Commission (NHC) dropped the latest numbers for domestic COVID-19 cases. On April 28 (NHC): There were 22 new confirmed cases, 21, of which were imported. Both are the highest number since April 21. The one local case was from Shenzhen in Guangdong province. There …

This morning, the National Health Commission (NHC) dropped the latest numbers for domestic COVID-19 cases.
On April 28 (NHC):

There were 22 new confirmed cases, 21, of which were imported. Both are the highest number since April 21.
The one local case was from Shenzhen in Guangdong province.
There ...

sources

NHC: 截至4月28日24时新型冠状病毒肺炎疫情最新情况

NHC: 五一能出游吗？全国5000多家景区保障“预约旅游”

The Paper: 多地倡议五一师生“限行”：有的城市家长也是建议限行对象

April 28, 2020

Block around the clock

Yesterday, the Cyberspace Administration of China (CAC) and 11 other ministries jointly released an upgraded set of regulations for reviewing network security. The new regs don’t significantly alter the content of the draft version released in May last year (see May 29 Tip Sheet). Operators of …

Yesterday, the Cyberspace Administration of China (CAC) and 11 other ministries jointly released an upgraded set of regulations for reviewing network security.
The new regs don’t significantly alter the content of the draft version released in May last year (see May 29 Tip Sheet).
Operators of ...

sources

CAC: 网络安全审查办法

April 28, 2020

Dr. MoF’s special purpose miracle bonds

The Ministry of Finance (MoF) has officially approved the latest round of advance local government special purpose bond (SPB) issuance – and the provinces are wasting no time raising cash through the program. Here’s the deets: This year’s third batch of special purpose bonds was valued at RMB 1 tri…

This year’s third batch of special purpose bonds was valued at RMB 1 tri...

sources

Yicai: 再来1万亿元专项债，财政刺激路线图逐步清晰

Caixin: 第三批专项债额度已下达 5月发行量或创历史新高

April 28, 2020

Who vouches the voucher?

As regular Tip Sheet readers know, city-level consumer voucher programs have been a huge part of the policy response to get growth back up and running. The big question: How effective are these programs? Unsurprisingly city-level governments have been touting the efficacy of their voucher prog…

Unsurprisingly city-level governments have been touting the efficacy of their voucher prog...

sources

The Paper: 杭州消费券1元补贴拉动3.5元消费，学者呼吁全国大范围发

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