string(13) "markets-macro"

Macro

April 28, 2020

ChiNext to move to registration-based IPO system

Monday’s CCCDR meeting did more than discuss the coronavirus epidemic (see previous entry). It also passed four documents on larger structural issues: A plan for reforming the ChiNext stock exchange A plan for protecting and restoring major national ecosystems (2021-2035) Guidelines for promoting t… Username Password Remember Me Forgot Password

Monday’s CCCDR meeting did more than discuss the coronavirus epidemic (see previous entry).
It also passed four documents on larger structural issues:

A plan for reforming the ChiNext stock exchange
A plan for protecting and restoring major national ecosystems (2021-2035)
Guidelines for promoting t...

sources

Shine: Xi backs reforms of ChiNext’s IPO system

April 28, 2020

Top policymaking body discusses epidemic response

On Monday, Xi Jinping chaired a meeting of the Central Commission for Comprehensively Deepening Reform (CCCDR). Some context: The CCCDR was established as part of the MASSIVE Party-state restructuring in March 2018. It is the most important policymaking body in the country. Dealing with the cor…

On Monday, Xi Jinping chaired a meeting of the Central Commission for Comprehensively Deepening Reform (CCCDR).
Some context: The CCCDR was established as part of the MASSIVE Party-state restructuring in March 2018. It is the most important policymaking body in the country.
Dealing with the cor...

sources

CPC People: 习近平主持召开中央全面深化改革委员会第十三次会议强调：深化改革健全制度完善治理体系善于运用制度优势应对风险挑战冲击

April 28, 2020

Border patrols

This morning, the National Health Commission (NHC) dropped the latest numbers for domestic COVID-19 cases. On April 27 (NHC): There were six new confirmed cases, three of which were imported – up from three cases with one imported on April 26. All three local cases were from Heilongjiang province. …

This morning, the National Health Commission (NHC) dropped the latest numbers for domestic COVID-19 cases.
On April 27 (NHC):

There were six new confirmed cases, three of which were imported – up from three cases with one imported on April 26.
All three local cases were from Heilongjiang province.
...

sources

NHC: 截至4月27日24时新型冠状病毒肺炎疫情最新情况

BJ News: 南亚疫情输入风险较大，国家卫健委派专家赶赴西南边境

April 27, 2020

Wang Yang heads south

Wang Yang – the Party’s fourth-ranked member and chair of the political advisory body (CPPCC) – has been on the road. From April 23-26, Wang toured Yunnan and Guizhou to check out poverty alleviation efforts. Some context: Wang recently took charge of the poverty alleviation portfolio (see&nbsp…

Wang Yang – the Party’s fourth-ranked member and chair of the political advisory body (CPPCC) – has been on the road.
From April 23-26, Wang toured Yunnan and Guizhou to check out poverty alleviation efforts.
Some context: Wang recently took charge of the poverty alleviation portfolio (see ...

sources

CPC People: 汪洋：聚焦难点攻坚确保如期脱贫

Xinhua: Top political advisor stresses overcoming challenges in poverty alleviation

April 27, 2020

Li talks economy with governors

As we said in entries #2 and #3 above, the economic policy debate is heating up in Beijing. On Thursday, Premier Li Keqiang asked six provincial governors to weigh in, speaking with themby videoconference. Provincial officials identified employment as their biggest concern (Gov.cn 1): “Everybo…

As we said in entries #2 and #3 above, the economic policy debate is heating up in Beijing.
On Thursday, Premier Li Keqiang asked six provincial governors to weigh in, speaking with themby videoconference.
Provincial officials identified employment as their biggest concern (Gov.cn 1):

“Everybo...

sources

Gov.cn: 李克强主持召开部分省市经济形势视频座谈会

Gov.cn: Premier stresses careful study of economic trends

April 27, 2020

Tourism springs back to life—sort of

An increasing number of Chinese holidaymakers are looking to emerge from their not-so-splendid isolation and hit the road. According to the China Tourism Academy, the May Day holiday will see (SCMP): “Double the number of travellers seen during the Ching Ming Festival earlier this month, which reco…

An increasing number of Chinese holidaymakers are looking to emerge from their not-so-splendid isolation and hit the road.
According to the China Tourism Academy, the May Day holiday will see (SCMP):

“Double the number of travellers seen during the Ching Ming Festival earlier this month, which reco...

sources

The Paper: “五一”度假热度上涨：三亚民宿周预定量已接近去年同期水平

SCMP: Record tourist numbers since Covid-19 expected for China’s Labour Day, boosting hopes for domestic tourism recovery

April 27, 2020

Two-year growth target?

As the immediate policy program evolves (see previous entry), so are medium-term policy priorities. It looks to us like Chinese officials are trying to take the long view. Specifically, the focus on “new infrastructure” is an effort to boost growth now, while enhancing the economy’s long-term compe…

As the immediate policy program evolves (see previous entry), so are medium-term policy priorities.

It looks to us like Chinese officials are trying to take the long view.
Specifically, the focus on “new infrastructure” is an effort to boost growth now, while enhancing the economy’s long-term compe...

April 27, 2020

Threading the policy needle

On Friday, we highlighted some takeaways from Xi Jinping’s trip to Shaanxi – specifically his emphasis on supporting SOEs and upping old school investment spending (see Friday’s Tip Sheet). The Trivium Debate: Internally we are debating and assessing how much Xi’s trip indicates a departu…

On Friday, we highlighted some takeaways from Xi Jinping’s trip to Shaanxi – specifically his emphasis on supporting SOEs and upping old school investment spending (see Friday’s Tip Sheet).

The Trivium Debate: Internally we are debating and assessing how much Xi’s trip indicates a departu...

sources

Bloomberg: PBOC’s Yi Stresses Financial Support to Virus-Weakened Economy

The Paper: 易纲：近年来金融资产风险明显向银行等金融机构集中

April 27, 2020

Wuhan watershed

This morning, the NHC dropped the latest numbers for domestic COVID-19 cases. Between April 24 and 26 (NHC): There were 84 new asymptomatic cases, of which 12 were imported. There were 26 new COVID-19 cases, of which 18 were imported. Harbin, the capital city of Heilongjiang province, recorded fou…

This morning, the NHC dropped the latest numbers for domestic COVID-19 cases.
Between April 24 and 26 (NHC):

There were 84 new asymptomatic cases, of which 12 were imported.
There were 26 new COVID-19 cases, of which 18 were imported.

Harbin, the capital city of Heilongjiang province, recorded fou...

sources

NHC: 截至4月24日24时新型冠状病毒肺炎疫情最新情况

NHC: 截至4月25日24时新型冠状病毒肺炎疫情最新情况

NHC: 截至4月26日24时新型冠状病毒肺炎疫情最新情况

Xinhua: 武汉在院新冠肺炎患者清零

Gov.cn: 武汉市新冠肺炎疫情动态（2020年4月25日）

Xinhua: 中央指导组离鄂返京

April 24, 2020

Zeroing in on dates for the Two Sessions

Bloomberg scoops that Chinese officials are eyeing late May to hold the annual government meetings known as the Two Sessions. The details (Bloomberg): “The gathering of China’s legislature, the National People’s Congress, usually runs for about two weeks in Beijing.” “At least one set of dates bein…

Bloomberg scoops that Chinese officials are eyeing late May to hold the annual government meetings known as the Two Sessions.
The details (Bloomberg):

“The gathering of China’s legislature, the National People’s Congress, usually runs for about two weeks in Beijing.”
“At least one set of dates bein...

sources

Bloomberg: China Ponders Late May Date for NPC After Virus Forced Delay

April 24, 2020

An unexpected liquidity problem

Bank lending in China is running into an unexpected problem – too much liquidity(21st Century Biz). Specifically, liquidity injections and interest rate cuts by the central bank are driving down money market rates much faster than loan rates. That’s driving higher quality borrowers to issue bo…

Bank lending in China is running into an unexpected problem – too much liquidity(21st Century Biz).

Specifically, liquidity injections and interest rate cuts by the central bank are driving down money market rates much faster than loan rates.
That’s driving higher quality borrowers to issue bo...

sources

21st Century Biz: 市场利率下行快于LPR 债市分流部分贷款融资需求

April 24, 2020

Echoes of shadow banking

Get this: China’s securities companies are selling bad loans collateralized by stock to asset management companies (AMCs). Why you ask? Securities companies are trying to insulate themselves against losses that arise from taking possession of the stocks trading below the value of loans the…

Get this: China’s securities companies are selling bad loans collateralized by stock to asset management companies (AMCs).
Why you ask? Securities companies are trying to insulate themselves against losses that arise from taking possession of the stocks trading below the value of loans the...

sources

21st Century Biz: 独家丨券商接洽AMC处置股票质押“不良” 协议转让价格折扣力度加大

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