string(13) "markets-macro"

Macro

April 14, 2020

Pressure mounts on the northern border

This morning, the National Health Commission (NHC) dropped the latest numbers for domestic COVID-19 cases. On April 13 (NHC): There were 89 new COVID-19 cases,of which 86 were imported. All three local transmissions were in Guangdong. There were 54 new asymptomatic cases, of which fivewere imported… Username Password Remember Me Forgot Password

This morning, the National Health Commission (NHC) dropped the latest numbers for domestic COVID-19 cases.
On April 13 (NHC):

There were 89 new COVID-19 cases,of which 86 were imported.
All three local transmissions were in Guangdong.
There were 54 new asymptomatic cases, of which fivewere imported...

sources

NHC: 截至4月13日24时新型冠状病毒肺炎疫情最新情况

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部署调集专家和防疫物资增强边境地区疫情防控能力进一步扩大检测范围做好精准防控和推动全面复工复产

April 14, 2020

Another bank bailout

For those of you playing Bailout Bingo at home, time to mark Bank of Gansu on your cards. Caixin scoops that the Gansu provincial government approved a bailout of the Hong Kong-listed bank this weekend: “The plan involves a massive capital injection through the sale of new equity to existing shareh…

“The plan involves a massive capital injection through the sale of new equity to existing shareh...

sources

Caixin: Bank of Gansu Is Next in Line for State Bailout

April 13, 2020

Data dump – credit

The central bank (PBoC) dropped March credit data late on Friday. The headline: Bank lending ramped way up in the month, as policymakers leaned on banks to get money out the door, and businesses took on emergency loans to get through the crisis. The details (Reuters): Total financing gre…

The central bank (PBoC) dropped March credit data late on Friday.
The headline: Bank lending ramped way up in the month, as policymakers leaned on banks to get money out the door, and businesses took on emergency loans to get through the crisis.
The details (Reuters):

Total financing gre...

sources

Reuters: China March loans surge to $405 billion as coronavirus stimulus kicks in

April 13, 2020

The slow road to normalization

It’s been a back-and-forth week for virus containment and economic normalization. The good news: A number of provinces and municipalities have moved to partially reopen schools in late April or early May, including: Guangdong Shanghai Hebei Beijing Zhejiang Shandong Liaoning The bad news:&nbs…

It’s been a back-and-forth week for virus containment and economic normalization.
The good news: A number of provinces and municipalities have moved to partially reopen schools in late April or early May, including:

Guangdong
Shanghai
Hebei
Beijing
Zhejiang
Shandong
Liaoning

The bad news:&nbs...

sources

Caixin: 北京初三、高三开学时间定了全国仅湖北尚无时间表（更新）

21st Century Biz: 扩散周知，各地陆续公布开学时间

Gov.cn: 河北省教育厅关于2020年春季学期开学时间的公告

Bloomberg: China’s Harbin Tightens Quarantine Measures Against Covid-19

April 13, 2020

Suifenhe lockdown continues

This morning, the National Health Commission (NHC) dropped the latest numbers for domestic COVID-19 cases. On April 12 (NHC): There were 108 new cases of which 98 were imported, up from 42 cases of which 38 were imported on Friday. That also means that 10 of the infections were not imported, repres…

This morning, the National Health Commission (NHC) dropped the latest numbers for domestic COVID-19 cases.
On April 12 (NHC):

There were 108 new cases of which 98 were imported, up from 42 cases of which 38 were imported on Friday.
That also means that 10 of the infections were not imported, repres...

sources

NHC: 截至4月12日24时新型冠状病毒肺炎疫情最新情况

Reuters: China’s Suifenhe city, bordering Russia, strengthens controls to prevent imported cases

SCMP: China tightens controls on Russia border as number of imported coronavirus cases continues to rise

China Daily: ICU directors head to NE China’s Suifenhe to battle infections

April 13, 2020

China’s fancy new energy law

Last Friday, the National Energy Administration (NEA) published the draft of the Energy Law of the People’s Republic of China for public commenting. Some context: This law has been a long time coming. It took the government 14 years to draft and revise. Why it matters: The law will become …

Last Friday, the National Energy Administration (NEA) published the draft of the Energy Law of the People’s Republic of China for public commenting.
Some context: This law has been a long time coming. It took the government 14 years to draft and revise.
Why it matters: The law will become ...

sources

Source: 国家能源局关于《中华人民共和国能源法（征求意见稿）》公开征求意见的公告

April 13, 2020

Data dump – inflatio

The stats bureau dropped March inflation data on Friday morning. The headline: Weak demand for fresh produce, logistics, and transport dampened consumer price growth, while the global oil rout whacked producer prices. The details (NBS 12): Consumer prices increased 4.3% y/y – down from 5.2% gr…

The stats bureau dropped March inflation data on Friday morning.
The headline: Weak demand for fresh produce, logistics, and transport dampened consumer price growth, while the global oil rout whacked producer prices.
The details (NBS 12):

Consumer prices increased 4.3% y/y – down from 5.2% gr...

sources

NBS: 2020年3月份居民消费价格同比上涨4.3%

NBS: 2020年3月份工业生产者出厂价格同比下降1.5%

SCMP: Coronavirus: China’s manufacturing prices plunge further in March, with consumer inflation easing

April 10, 2020

Shandong gets a new governor

On Thursday, it was announced that Minister of Ecology and Environment (MEE) Li Ganjie will be taking over as deputy Party secretary of Shandong. What that means: Li will soon be appointed Shandong governor – the province’s number two position. At age 55, Li will become one of the youngest prov…

On Thursday, it was announced that Minister of Ecology and Environment (MEE) Li Ganjie will be taking over as deputy Party secretary of Shandong.
What that means: Li will soon be appointed Shandong governor – the province’s number two position. At age 55, Li will become one of the youngest prov...

sources

CPC People: 李干杰任山东省委副书记(图/简历)

April 10, 2020

Factoring in the market

Yesterday, the CCP’s central committee and the State Council jointly issued a set of guidelines on improving the market-based allocation of production factors. Some context: Top leaders agreed to this reform at the Fourth Plenum last October. More context: China’s most important policymaki…

Yesterday, the CCP’s central committee and the State Council jointly issued a set of guidelines on improving the market-based allocation of production factors.
Some context: Top leaders agreed to this reform at the Fourth Plenum last October.
More context: China’s most important policymaki...

sources

Gov.cn: 中共中央国务院关于构建更加完善的要素市场化配置体制机制的意见

April 10, 2020

Mo’ money, mo’problems

Who could have guessed? Turns out, some companies are abusing funds earmarked for fighting the pandemic. At the end of March, 5,881 companies had obtained RMB 228.9 billion worth of low-cost loans earmarked for making or transporting medical supplies and daily necessities. But apparently not all of…

Who could have guessed?
Turns out, some companies are abusing funds earmarked for fighting the pandemic.

At the end of March, 5,881 companies had obtained RMB 228.9 billion worth of low-cost loans earmarked for making or transporting medical supplies and daily necessities.
But apparently not all of...

sources

Caixin: Finance Ministry to Review Low-Cost Epidemic Loan Recipients

April 10, 2020

Auto market woes are uneven

File this under the least surprising thing of the year: Chinese auto sales continued to struggle in March. The latest official data indicates that passenger car sales fell 40.8% y/y last month. But look on the bright side – that is a vast improvement from the 79% y/y plunge seen in February. …

File this under the least surprising thing of the year: Chinese auto sales continued to struggle in March.

The latest official data indicates that passenger car sales fell 40.8% y/y last month.

But look on the bright side – that is a vast improvement from the 79% y/y plunge seen in February.
...

sources

Caixin: China’s March passenger car sales down 40.8% year-on-year: industry association

Caixin: Tesla’s China Shipments Surge as Shanghai Plant Ramps Up

MofCom: 国务院联防联控机制2020年4月9日新闻发布会介绍应对疫情影响，稳定和扩大汽车消费工作情况

April 10, 2020

Living in a material world

As regular Tip Sheet readers know, local governments are looking to stimulate consumption through retail vouchers. Good news: It’s working (see yesterday’s Tip Sheet). Now, more regions are releasing numbers on their voucher programs: The city of Zhengzhou says it issued RMB 50 million of vouc…

As regular Tip Sheet readers know, local governments are looking to stimulate consumption through retail vouchers.
Good news: It’s working (see yesterday’s Tip Sheet).
Now, more regions are releasing numbers on their voucher programs:

The city of Zhengzhou says it issued RMB 50 million of vouc...

sources

21st Century Biz: 郑州5000万元消费券拉动消费1.87亿拉动效应13倍

21st Century Biz: 商务部：7省20余市发放消费券，乘数效应近11倍带动作用明显

China Daily: China issues coupons to stimulate consumption

The Beijing News: 踏准两大风口，疫情期间二手奢侈品交易逆势生长

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