string(13) "markets-macro"

Macro

September 25, 2024

Beijing targets US clothing giant PVH for complying with Xinjiang cotton ban

Beijing just made it much more complicated for multinationals to comply with US sanctions on goods from Xinjiang. On Tuesday, the commerce ministry (MofCom) announced an investigation into PVH Group, the US parent company of Calvin Klein and Tommy Hilfiger, under its Unreliable Entity List (UEL) mec… Username Password Remember Me Forgot Password

Beijing just made it much more complicated for multinationals to comply with US sanctions on goods from Xinjiang.
On Tuesday, the commerce ministry (MofCom) announced an investigation into PVH Group, the US parent company of Calvin Klein and Tommy Hilfiger, under its Unreliable Entity List (UEL) mec...

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MofCom: 商务部安全与管制局负责人就对美国PVH集团启动不可靠实体清单调查应询答记者问

Reuters: China probes US firm PVH over suspected boycotting of Xinjiang products

Buzzfeed: (2022) Hugo Boss And Other Big Brands Vowed To Steer Clear Of Forced Labor In China — But These Shipping Records Raise Questions

September 25, 2024

NDRC confirms new recycling SOE is in the works

The macro planner (NDRC) is working to establish a new central state-owned enterprise (SOE) China Resource Recycling Group. NDRC Deputy Director Zhao Chenxin confirmed the initiative on Monday. Some context: In a mid-September report in the China Securities Journal, insider sources suggested a n…

The macro planner (NDRC) is working to establish a new central state-owned enterprise (SOE) China Resource Recycling Group.

NDRC Deputy Director Zhao Chenxin confirmed the initiative on Monday.

Some context: In a mid-September report in the China Securities Journal, insider sources suggested a n...

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NDRC: 国家发展改革委专题新闻发布会介绍“两新”政策总体进展成效有关情况

September 24, 2024

Youth unemployment hits new high

China’s labor market conditions are worsening. Per data from the stats bureau (NBS), released on Friday, youth unemployment excluding students rose to 18.8% in August, up from 17.1% the previous month. ICYDK: The NBS stopped publishing youth unemployment data in July 2023, citing methodological conc…

China's labor market conditions are worsening.
Per data from the stats bureau (NBS), released on Friday, youth unemployment excluding students rose to 18.8% in August, up from 17.1% the previous month.
ICYDK: The NBS stopped publishing youth unemployment data in July 2023, citing methodological conc...

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Caixin: 8月不含在校生的16—24岁劳动力失业率升至18.8% 为有数据以来最高

September 24, 2024

Fiscal downturn intensifies in August

China’s fiscal decline deepened in August. General public budget revenue – the biggest chunk of government income – fell 2.8% y/y, widening from July’s decline of 1.9%. Tax receipts – which account for about 80% of public budget revenue – declined 5.2% y/y, falling for the ninth consecutive month. …

China’s fiscal decline deepened in August.
General public budget revenue – the biggest chunk of government income – fell 2.8% y/y, widening from July’s decline of 1.9%.

Tax receipts – which account for about 80% of public budget revenue – declined 5.2% y/y, falling for the ninth consecutive month.
...

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MoF: 2024年8月财政收支情况

September 24, 2024

RMB 10 trillion stimulus, anyone?

One of China’s most influential economists thinks an RMB 10 trillion stimulus package is necessary to revive the economy. In a speech on Saturday, Liu Shijin – the former deputy director at the State Council’s in-house think tank (DRC) – said China’s central government should issue at least RMB 10 t…

One of China’s most influential economists thinks an RMB 10 trillion stimulus package is necessary to revive the economy.
In a speech on Saturday, Liu Shijin – the former deputy director at the State Council’s in-house think tank (DRC) – said China’s central government should issue at least RMB 10 t...

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Sina: 刘世锦重磅演讲全文：以一揽子刺激加改革经济振兴方案实质性扩大内需

September 24, 2024

More of the same for property

In his Tuesday press conference, central bank (PBoC) Governor Pan Gongsheng also announced a new round of support for the property sector. The details: Pan said the PBoC would guide banks: “To reduce the interest rates of existing mortgage loans to near the interest rates of newly issued loans” Pa…

In his Tuesday press conference, central bank (PBoC) Governor Pan Gongsheng also announced a new round of support for the property sector.
The details: Pan said the PBoC would guide banks:

“To reduce the interest rates of existing mortgage loans to near the interest rates of newly issued loans”

Pa...

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PBoC: 国新办举行新闻发布会介绍金融支持经济高质量发展有关情况

September 24, 2024

Xi Jinping sounds positive note on lunar collaboration

Don’t worry, there’s enough space for everybody. On Monday, Xi Jinping met with China’s Chang’e 6 lunar mission members, congratulating them for their recent achievements. ICYMI: In June, China became the first nation to retrieve samples from the far side of the moon when Chang’e returned a capsule …

Don’t worry, there’s enough space for everybody.
On Monday, Xi Jinping met with China’s Chang’e 6 lunar mission members, congratulating them for their recent achievements.
ICYMI: In June, China became the first nation to retrieve samples from the far side of the moon when Chang’e returned a capsule ...

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Gov.cn: 习近平在接见探月工程嫦娥六号任务参研参试人员代表时发表重要讲话强调再接再厉乘势而上加快建设航天强国并参观月球样品和探月工程成果展览

CGTN: China outlines blueprint for international lunar research station

September 24, 2024

More than expected, but still not enough

China’s central bank (PBoC) has rolled out the most sweeping slate of measures to date to revive the economy. The details: On Tuesday, PBoC Governor Pan Gongsheng announced the central bank is cutting the interest rate on seven-day reverse repos – it’s key policy rate – by 20 bps to 1.5%. Additional…

China’s central bank (PBoC) has rolled out the most sweeping slate of measures to date to revive the economy.
The details: On Tuesday, PBoC Governor Pan Gongsheng announced the central bank is cutting the interest rate on seven-day reverse repos – it’s key policy rate – by 20 bps to 1.5%.
Additional...

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PBoC: 国新办举行新闻发布会介绍金融支持经济高质量发展有关情况

September 24, 2024

More patient capital

The venture capital (VC) reform is picking up speed. Some context: China’s local governments are risk-averse investors. While local governments are the largest limited partner of China’s VC industry, local officials can be penalized if their investments don’t generate consistent returns, mak…

The venture capital (VC) reform is picking up speed.
Some context: China's local governments are risk-averse investors.

While local governments are the largest limited partner of China’s VC industry, local officials can be penalized if their investments don't generate consistent returns, mak...

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Caijing: 多地政府出台新规，为国资创投松绑

September 24, 2024

Biden administration moves to boot out Chinese ICVs

The US is gearing up to ban Chinese smart cars from US markets. On Monday, the US Commerce Department released a proposed rule which would ban the use of China-developed software and hardware in internet-connected vehicles (ICVs). The fear: Chinese entities could use these technologies to collect …

The US is gearing up to ban Chinese smart cars from US markets.
On Monday, the US Commerce Department released a proposed rule which would ban the use of China-developed software and hardware in internet-connected vehicles (ICVs).
The fear: Chinese entities could use these technologies to collect ...

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White House: FACT SHEET: Protecting America from Connected Vehicle Technology from Countries of Concern

New York Times: Biden Administration Proposes Ban on Chinese Software in Vehicles

FT: US proposes banning Chinese software and components in vehicles

September 23, 2024

September property roundup: Construction decline slows, but demand woes deepen

To view the roundup as a pdf, click here. The rundown Despite China’s dismal August macro print, the property sector struck an encouraging, if not positive note last month. According to the stats bureau’s (NBS) latest data for the sector: New investment in the sector contracted 10.2% y/y in August …

To view the roundup as a pdf, click here.
The rundown
Despite China’s dismal August macro print, the property sector struck an encouraging, if not positive note last month. According to the stats bureau’s (NBS) latest data for the sector:

New investment in the sector contracted 10.2% y/y in August ...

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NBS: 2024年1—8月份全国房地产市场基本情况

NBS: 2024年8月份70个大中城市商品住宅销售价格变动情况

NBS: 国家统计局城市司首席统计师王中华解读2024年8月份商品住宅销售价格变动情况统计数据

Bloomberg: China Weighs Cutting Mortgage Rates in Two Steps to Shield Banks

PBoC: 盘点央行的2023 | ①稳健的货币政策精准有力

Caixin: 房屋养老金引热议谁来建立谁出钱？

People's Daily: 给房屋做体检、交养老金、上保险（打造更宜居的好房子（下））

Fangchan: 社评 |房屋养老金不是房地产税，公共账户不需要老百姓出钱，别再误读了！

SCIO: 国新办举行“推动高质量发展”系列主题新闻发布会（住房和城乡建设部）

Fangchan: 2023年超230家房企申请破产，较往年有所下降

SCIO: 国新办举行“推动高质量发展”系列主题新闻发布会（国家金融监督管理总局）图文实录

NBS: 2024年1—7月份全国房地产市场基本情况

SCIO: 国新办举行“推动高质量发展”系列主题新闻发布会（国家金融监督管理总局）图文实录

Bloomberg: China May Let Local Governments Sell Bonds to Buy Homes

Yicai: 完善房地产税收制度的三个维度

21st Century Biz: 存量房贷减负多地“商转公”开花一年节约超1万元

PBoC: 2021年第四季度中国货币政策执行报告

PBoC: 2024年第二季度中国货币政策执行报告

PBoC: 2024年一季度金融机构贷款投向统计报告

MoF: 全国住房公积金 2023 年年度报告

Shenzhen Anju Group: 关于收购商品房用作保障性住房的征集通告

Caixin: 首个一线城市官宣加入收储深圳发布存量房征集要求

21st Century Biz: 7月多地二手房成交转强政策效果持续显现

Wind: “金九银十”已至！楼市能否迎转机？

Fangchan: 7月广州市二手住宅网签超万宗

Fangchan: 广州: 7月二手住宅网签套数环比下降2.36%

Cailianshe: 武汉取消“限跌令”？当地监管部门：新房售价由企业自主决定

Sina: 武汉文旅集团万和光谷直降近万元？销售负责人：半年没卖出一套房

NBD: : 房价直降5000元/平引老业主不满，武汉某新盘开发商封盘致歉，“将对国庆期间购房者进行退款处理”

Bloomberg: Chinese Builders Sunac, Logan Mull Local Debt Overhaul Plans

Yicai: 龙光公开境外债重组方案，削债目标26亿美元，已获半数债权人同意

China Index Academy: 2024上半年融资盘点：规模仍在下降，“白名单”机制成效显现

Caixin: 楼市销售每况愈下上半年A股房企经营性现金流总额首度转负

Tianfeng Securities: 【天风地产鲍荣富】地产周观点0902：亏损加剧，负债收缩——地产开发24年中报综述

Caixin: 最新封面报道｜房地产：新模式确立

Gov.cn: 中共中央关于进一步全面深化改革推进中国式现代化的决定

Reuters: Country Garden liquidation hearing adjourned to January next year, court says

Bloomberg: Country Garden Gets Six-Month Respite for Restructuring Talks

HKEX: 碧桂園控股有限公司截至2023年6月30日止六個月中期業績

BJ News: 上半年“保交楼”成绩单：8家房企均交付超5万套，碧桂园居首

September 23, 2024

When a cut isn’t a cut

China’s central bank (PBoC) has cut a seldom used policy rate, aligning it with other key rates. On Monday, the PBoC issued RMB 74.5 billion worth of 14-day reverse repos at 1.85%, 10 bps lower than when it last sold the instrument prior to the Lunar New Year holiday in February. ICYDK: The PBoC’s m…

China’s central bank (PBoC) has cut a seldom used policy rate, aligning it with other key rates.
On Monday, the PBoC issued RMB 74.5 billion worth of 14-day reverse repos at 1.85%, 10 bps lower than when it last sold the instrument prior to the Lunar New Year holiday in February.
ICYDK: The PBoC’s m...

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PBoC: 公开市场业务交易公告 [2024]第189号

SCIO: 国新办举行新闻发布会介绍金融支持经济高质量发展有关情况

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