string(13) "markets-macro"

Macro

April 22, 2020

Party sets up new group to keep the peace

Get excited. The Party has established a new high-level coordination group – the Safe China Construction Coordinating Small Group. The group met for the first time on Tuesday. Some context: The Politburo met on Friday (see Monday’s Tip Sheet) and likely decided to establish the group … Username Password Remember Me Forgot Password

Get excited. The Party has established a new high-level coordination group – the Safe China Construction Coordinating Small Group.
The group met for the first time on Tuesday.
Some context: The Politburo met on Friday (see Monday’s Tip Sheet) and likely decided to establish the group ...

sources

Xinhua: 郭声琨主持召开平安中国建设协调小组第一次会议

April 22, 2020

Discipline officials focus on policy implementation

The Party’s discipline chief Zhao Leji was on the road in Gansu from Saturday through Tuesday. While there, Zhao called together top discipline officials from seven provinces. His message: Discipline officials should focus on making sure that central policies are implemented. Zhao specified three …

The Party’s discipline chief Zhao Leji was on the road in Gansu from Saturday through Tuesday.
While there, Zhao called together top discipline officials from seven provinces.
His message:

Discipline officials should focus on making sure that central policies are implemented.

Zhao specified three ...

sources

CPC People: 赵乐际在甘肃调研时强调紧紧围绕统筹疫情防控和经济社会发展决策部署跟进监督保障落实

April 22, 2020

Li cares for the vulnerable

On Tuesday, the State Council also talked about ways to enhance financial assistance to economically vulnerable groups of people. Premier Li Keqiang knows more people are being put at risk because of the COVID-19 pandemic (Gov.cn 2): “Impacted by this epidemic, our existing population living in pov…

On Tuesday, the State Council also talked about ways to enhance financial assistance to economically vulnerable groups of people.
Premier Li Keqiang knows more people are being put at risk because of the COVID-19 pandemic (Gov.cn 2):

“Impacted by this epidemic, our existing population living in pov...

sources

Gov.cn: 李克强主持召开国务院常务会议部署加大对贫困人口、低保人员和失业人员的帮扶保障力度等

Gov.cn: 对三类人群加大保障力度，李克强要求“应保尽保”

Gov.cn: China to enhance assistance to people in need, small firms

April 22, 2020

More support for small firms

On Tuesday, the State Council held its weekly executive meeting. The governmentrolled out yet more measures to help small companies: Banks’ loan loss provision coverage ratio for small and medium-sized lenders – that is the reserves they must set aside to cover bad loans – will be cut by 20 percent…

On Tuesday, the State Council held its weekly executive meeting.
The governmentrolled out yet more measures to help small companies:

Banks’ loan loss provision coverage ratio for small and medium-sized lenders – that is the reserves they must set aside to cover bad loans – will be cut by 20 percent...

sources

Gov.cn: 李克强主持召开国务院常务会议部署加大对贫困人口、低保人员和失业人员的帮扶保障力度等

April 22, 2020

Paying old mortgages with new mortgages – what could go wrong?

Good news! Shenzhen’s property market is skyrocketing. Buuut there’s also bad news – the rebound is thanks to companies illegally spending stimulus money. To pay for mortgages due in March, small companies are mortgaging new properties. Banks are unwittingly financing these loans using fu…

Good news! Shenzhen’s property market is skyrocketing.
Buuut there’s also bad news – the rebound is thanks to companies illegally spending stimulus money.

To pay for mortgages due in March, small companies are mortgaging new properties.
Banks are unwittingly financing these loans using fu...

sources

Caixin: 独家|贴息经营贷入楼市深圳监管急召各银行行长开会

21st Century Biz: 深圳：加大对贷款贴息项目的审核力度，违规责任单位和个人给予失信惩戒

April 22, 2020

Money to burn

Good news! Chinese consumers havemoney to spend. But… they don’t want to spend it. That’s the finding of a survey of household finances done jointly by Southwestern University of Finance and Economics and Ant Financial. The report found that during the first three months of the year, when …

Good news! Chinese consumers havemoney to spend.
But… they don’t want to spend it.
That’s the finding of a survey of household finances done jointly by Southwestern University of Finance and Economics and Ant Financial.
The report found that during the first three months of the year, when ...

sources

NBD: 一季度储蓄增加很正常激活消费需多管齐下

April 22, 2020

Harbin continues to see local cases

This morning, the NHC dropped the latest numbers for domestic COVID-19 cases. On April 21, there were (NHC): 30 new confirmed COVID-19 cases, of which 23 were imported 42 new asymptomatic cases Local transmissions continued in Harbin, the capital of Heilongjiang province (Gov.cn): All seven new d…

This morning, the NHC dropped the latest numbers for domestic COVID-19 cases.
On April 21, there were (NHC):

30 new confirmed COVID-19 cases, of which 23 were imported
42 new asymptomatic cases

Local transmissions continued in Harbin, the capital of Heilongjiang province (Gov.cn):

All seven new d...

sources

NHC: 截至4月21日24时新型冠状病毒肺炎疫情最新情况

Gov.cn: 黑龙江省省内新增确诊病例7例新增境外输入确诊病例1例

The Paper: 教育部：截至上周五全国复学学生超3500万

People.cn: 广州首批返校师生将全部接受核酸检测

April 21, 2020

Beijing looks to assert more control over Hong Kong

Beijing has been looking to assert more authority over Hong Kong over the past week. The Hong Kong Free Press recaps what’s been going on: “On Tuesday, Beijing’s Hong Kong and Macau Affairs Office (HKMAO) and the China Liaison Office in Hong Kong launched a rare attack against the city’s opposition…

Beijing has been looking to assert more authority over Hong Kong over the past week.
The Hong Kong Free Press recaps what’s been going on:

“On Tuesday, Beijing’s Hong Kong and Macau Affairs Office (HKMAO) and the China Liaison Office in Hong Kong launched a rare attack against the city’s opposition...

sources

Hong Kong Free Press: Explainer: Beijing’s 5-day crackdown on Hong Kong’s opposition during covid-19

SCMP: Hong Kong in midst of tussle over ‘tricky’ relationship between liaison office, Basic Law, and daily running of the city

April 21, 2020

Xi heads to Shaanxi

On Monday, Xi Jinping headed down to Shaanxi to see what’s going on. This trip, like Xi’s recent trip to Zhejiang (see April 1 Tip Sheet), was an important signal that the country is no longer under lockdown. Xi’s Monday itinerary also showed that officials need to be focused on more than just …

On Monday, Xi Jinping headed down to Shaanxi to see what’s going on.
This trip, like Xi’s recent trip to Zhejiang (see April 1 Tip Sheet), was an important signal that the country is no longer under lockdown.
Xi’s Monday itinerary also showed that officials need to be focused on more than just ...

sources

Xinhua: 习近平在陕西考察秦岭生态保护情况

Xinhua: Xi Focus: Xi urges officials to be guardians of Qinling Mountains ecological environment

April 21, 2020

LPR declines

On Monday, the central bank (PBoC) announced the loan prime rate (LPR) for April. The headline: Market interest rates are down this month compared to March. The details (Reuters): “The one-year loan prime rate was lowered…to 3.85% from 4.05% previously.” “The five-year LPR was cut by 10 bps to…

On Monday, the central bank (PBoC) announced the loan prime rate (LPR) for April.
The headline: Market interest rates are down this month compared to March.
The details (Reuters):

“The one-year loan prime rate was lowered…to 3.85% from 4.05% previously.”
“The five-year LPR was cut by 10 bps to...

sources

Reuters: China cuts key rate for second time this year, more easing likely

SCMP: China’s benchmark loan rate cut another sign authorities are ‘serious about monetary easing’

April 21, 2020

Defining “new infrastructure”

On Monday, National Development and Reform Commission (NDRC) officialsdiscussed the scope of “new infrastructure” investments that they are looking to ramp up. Some context: New infrastructure investment was first touted by the Politburo as a key economic support measure at its meeting on March…

On Monday, National Development and Reform Commission (NDRC) officialsdiscussed the scope of “new infrastructure” investments that they are looking to ramp up.
Some context: New infrastructure investment was first touted by the Politburo as a key economic support measure at its meeting on March...

sources

21st Century Biz: 官方首次界定“新基建”范围：不止七大领域，纳入区块链、物联网、科创等内容，将出台顶层设计

April 21, 2020

MoF ups local government bond quota

Well that didn’t take long. The Ministry of Finance (MoF) is heeding the Politburo’s call to step up policy support. Some context: Friday’s Politburo meeting was the most decisive signal yet that policymakers will re-up on measures to boost the economy (see yesterday’sTip Sheetand previous…

Well that didn’t take long.
The Ministry of Finance (MoF) is heeding the Politburo’s call to step up policy support.
Some context: Friday’s Politburo meeting was the most decisive signal yet that policymakers will re-up on measures to boost the economy (see yesterday’sTip Sheetand previous...

sources

Reuters: China’s fiscal revenue plunges 26.1% as virus ravages economy

21st Century Biz: 财政部拟再下达1万亿地方专项债，提前批额度已超去年全年

Reuters: China plans to issue another 1 trln yuan in advance local government special bonds quota

China Security Journal: 财政部：近期拟再提前下达1万亿元地方政府专项债券额度

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