string(13) "markets-macro"

Macro

April 15, 2020

State Council stays the course

On Tuesday, the State Council held its weekly executive meeting. Top of the agenda: Getting the economy back on track. Spoiler alert: Those looking for more massive stimulus will be disappointed. Premier Li Keqiang explained (Gov.cn 2): “The support measures we have rolled out since the s… Username Password Remember Me Forgot Password

“The support measures we have rolled out since the s...

sources

Gov.cn: 李克强主持召开国务院常务会议要求落实落细今年以来出台的支持企业政策措施助力企业渡难关等

Gov.cn: China to intensify fiscal and financial support to tide businesses over difficulties

April 15, 2020

Businesses struggle to get back to normal

Business activity in China continues to make baby steps forward, according to theTrivium Business Activity Index. Here are our estimates as of April 15: TheTrivium National Business Activity Indexindicates that China’s economy is operating at 82.6% of typical output, up from 81.8% on April 10. TheT…

Business activity in China continues to make baby steps forward, according to theTrivium Business Activity Index.
Here are our estimates as of April 15:

TheTrivium National Business Activity Indexindicates that China’s economy is operating at 82.6% of typical output, up from 81.8% on April 10.
TheT...

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Trivium China: Trivium Business Activity Index

April 15, 2020

PBoC does some housekeeping

China’s central bank (PBoC) cut interest rates on the medium-term lending facility (MLF) by 20 basis points on Wednesday morning. Why that’s a big deal: The MLF provides the benchmark for banks’ loan prime rate (LPR) – which means market rates for end-borrowers should fall when the April LPR is…

China’s central bank (PBoC) cut interest rates on the medium-term lending facility (MLF) by 20 basis points on Wednesday morning.
Why that’s a big deal: The MLF provides the benchmark for banks’ loan prime rate (LPR) – which means market rates for end-borrowers should fall when the April LPR is...

sources

PBoC: 公开市场业务交易公告 [2020]第71号

April 15, 2020

Exporters get creative

China’s exporters had a better month than they expected in March (see previous entry), but that doesn’t mean they are out of the woods. In order to cope with the deepening crash in external demand, companies are increasingly getting creative by looking to sell goods meant for export into China’…

China’s exporters had a better month than they expected in March (see previous entry), but that doesn’t mean they are out of the woods.
In order to cope with the deepening crash in external demand, companies are increasingly getting creative by looking to sell goods meant for export into China’...

sources

21st Century Biz: 一季度外贸两位数下滑，广东探索新玩法：外贸企业“直播带货”转内销，跨境电商“带动效应”初显

21st Century Biz: 海外疫情蔓延加大外贸订单压力 “世界工厂”东莞力推电商内销

21st Century Biz: 支持出口转内销，选择性征收关税扩围至所有综保区

April 15, 2020

Data dump – trade

The customs bureau dropped March trade stats on Tuesday. The headline: Exports and imports both contracted again last month – but things looked much better than expected. The details: Exports contracted by 6.6% y/y – up from the 17.2% contraction in Jan-Feb. Imports contracted by 0.9% y/y – up…

The customs bureau dropped March trade stats on Tuesday.
The headline: Exports and imports both contracted again last month – but things looked much better than expected.
The details:

Exports contracted by 6.6% y/y – up from the 17.2% contraction in Jan-Feb.
Imports contracted by 0.9% y/y – up...

sources

SCMP: Coronavirus: China’s imports and exports dropped again in March

GAC: 2020年3月全国进出口总值表（美元值）

April 15, 2020

Local infections persist

This morning, the National Health Commission (NHC) dropped the latest numbers for domestic COVID-19 cases. On April 14 (NHC): There were 46 new COVID-19 cases, of which 36 were imported. Eight local transmissions were recorded in Heilongjiang and two were recorded in Guangdong. There were 57 new as…

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

There were 46 new COVID-19 cases, of which 36 were imported.
Eight local transmissions were recorded in Heilongjiang and two were recorded in Guangdong.
There were 57 new as...

sources

NHC: 截至4月14日24时新型冠状病毒肺炎疫情最新情况

21st Century Biz: 境外输入疫情冲击，这三地宣布推迟开学时间！

Yicai: 群体免疫？血清流行病学调查启动，摸底新冠感染现状

April 14, 2020

An unexpected choice

Yesterday, the Ministry of Environment and Ecology (MEE) got a new Party secretary – Sun Jinlong. What it means: Sun could soon be appointed as minister of MEE. Some context: Sun is replacing Li Ganjie, who was appointed governor of Shandong last week (see April 10 Tip Sheet). A littl…

Yesterday, the Ministry of Environment and Ecology (MEE) got a new Party secretary – Sun Jinlong.
What it means: Sun could soon be appointed as minister of MEE.
Some context: Sun is replacing Li Ganjie, who was appointed governor of Shandong last week (see April 10 Tip Sheet).
A littl...

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Beijing Daily: 官宣！新疆副书记孙金龙回京任职

Caixin: 人事观察|17年辗转皖湘新孙金龙回京履新生态环境部

April 14, 2020

Wang Yang’s return

The Party’s fourth-rankedleader has a shiny new portfolio. Yesterday, Wang Yang, chairman of China’s top political advisory body (CPPCC), chaired a meeting on poverty alleviation. Why that matters: Vice Premier Hu Chunhua was originally leading on poverty alleviation. But this is the third time in …

Vice Premier Hu Chunhua was originally leading on poverty alleviation.
But this is the third time in ...

sources

Source: 汪洋：做好疫情加试题确保脱贫高质量

April 14, 2020

Xi calls Latin American leaders

Xi Jinping was back at it again with calls to world leaders last week in a bid to cement China’s status as a global leader in the fight against COVID-19. Some context: In recent weeks, Beijing has sought to bolster its international image through large donations of aid and expressions of solida…

Xi Jinping was back at it again with calls to world leaders last week in a bid to cement China’s status as a global leader in the fight against COVID-19.
Some context: In recent weeks, Beijing has sought to bolster its international image through large donations of aid and expressions of solida...

sources

MoFA: President Xi Jinping Speaks by Phone with Mexican President Andrés Manuel López Obrador

MoFA: President Xi Jinping Speaks by Phone with Venezuelan President Nicolás Maduro

April 14, 2020

Support for SMEs getting creative

Chinese regulators – alongside big tech companies – are getting more creative in their support for SMEs. The latest:Alibaba-owned food delivery app Ele.me has announced a spate of free advertising for small companies in the food service industry (21st Century Biz). “Nearly 40,000 outdoor advertisem…

Chinese regulators – alongside big tech companies – are getting more creative in their support for SMEs.
The latest:Alibaba-owned food delivery app Ele.me has announced a spate of free advertising for small companies in the food service industry (21st Century Biz).

“Nearly 40,000 outdoor advertisem...

sources

21st Century Biz: 饿了么包下80城4万块广告位免费给中小餐厅打广告

China Securities Journal: 支持中小企业融资 IPO常态化加码服务实体经济

Bloomberg: China’s Biggest Food-Delivery Site Rejects Claims It Exploited Restaurants

April 14, 2020

Employment outlook looking rough

Unemployment is typically a lagging indicator of economic contraction – and that’s not good news for China right now. The monthly surveyed unemployment rate already hit a record high last month (SCMP): “The rate hit a record high of 6.2 per cent at the end of February.” Things will likely look wor…

“The rate hit a record high of 6.2 per cent at the end of February.”

Things will likely look wor...

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SCMP: Coronavirus: China’s ‘rice bowls’ cracking as big home appliance maker speeds up job cuts

Caixin: Appliance-Maker Hisense to Lay Off Over 10,000

April 14, 2020

PBoC signals more support

The March credit data – released by the central bank (PBoC) yesterday – was promising for those looking for signs that economic support will lead to a solid recovery in China’s economy. Still, we expect credit growth to accelerate only gradually in Q2 and Q3 – rather than suddenly and aggressiv…

The March credit data – released by the central bank (PBoC) yesterday – was promising for those looking for signs that economic support will lead to a solid recovery in China’s economy.
Still, we expect credit growth to accelerate only gradually in Q2 and Q3 – rather than suddenly and aggressiv...

sources

Gov.cn: 人民银行举行2020年第一季度金融统计数据发布会

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