string(13) "markets-macro"

Macro

March 30, 2020

Politburo approves economic support measures

On Friday, Xi Jinping chaired a meeting of the Poltiburo. The agenda: Dealing with the coronavirus. Duh. The top priority remains controlling the epidemic. That means keeping imported cases from entering the country. And staying vigilant against the virus at home. But here’s the big news… Username Password Remember Me Forgot Password

On Friday, Xi Jinping chaired a meeting of the Poltiburo.
The agenda: Dealing with the coronavirus. Duh.
The top priority remains controlling the epidemic.

That means keeping imported cases from entering the country.
And staying vigilant against the virus at home.

But here’s the big news...

sources

CPC People: 中共中央政治局召开会议中共中央总书记习近平主持会议

March 30, 2020

Authorities attempt to prevent second wave of COVID-19

New virus cases fell over the weekend. China reported 31 new cases on Sunday, down from 45 on Saturday and 54 on Friday. But officials remain concerned about a second wave of infections. National Health Commission spokesperson Mi Feng put it bluntly on Sunday (Reuters): “The possibility of a new …

New virus cases fell over the weekend.

China reported 31 new cases on Sunday, down from 45 on Saturday and 54 on Friday.

But officials remain concerned about a second wave of infections.
National Health Commission spokesperson Mi Feng put it bluntly on Sunday (Reuters):

“The possibility of a new ...

sources

NHC: 截至3月29日24时新型冠状病毒肺炎疫情最新情况

Reuters: China defends against incoming second wave of coronavirus

JRJ: 紧急“叫停” 所有电影院暂停复业！影院措手不及卖出去的票怎么办？

March 27, 2020

Government looks to boost fiscal support

In case you haven’t heard…China’s economy is in dire straits. That’s why on March 26, Executive Vice Premier Han Zheng chaired a meeting on stabilizing investment. Han’s plan (Gov.cn 1): “Han said financial support such as local special bonds should prioritize key areas and major projects.” “The co…

In case you haven’t heard…China’s economy is in dire straits.
That’s why on March 26, Executive Vice Premier Han Zheng chaired a meeting on stabilizing investment.
Han’s plan (Gov.cn 1):

“Han said financial support such as local special bonds should prioritize key areas and major projects.”
“The co...

sources

Gov.cn: Vice-premier stresses major projects construction, stabilizing investment

Gov.cn: 韩正出席推进重大项目建设积极做好稳投资工作电视电话会议并讲话

Reuters: China implementing $344 billion of mainly fiscal measures in coronavirus fight

March 27, 2020

Xi calls Trump

After several weeks of placing near daily calls to world leaders, Xi Jinping finally got on the phone with US President Donald Trump today. Some context: The outbreak of COVID-19 had led to fresh round of angry recriminations between the two countries, further damaging already tense Sino-US rel…

After several weeks of placing near daily calls to world leaders, Xi Jinping finally got on the phone with US President Donald Trump today.
Some context: The outbreak of COVID-19 had led to fresh round of angry recriminations between the two countries, further damaging already tense Sino-US rel...

sources

Xinhua: 习近平同美国总统特朗普通电话

SCMP: Coronavirus: China calls for ‘concrete steps’ from US to cooperate in fight

Twitter: Donald Trump Twitter

March 27, 2020

G20 convenes emergencymeeting

On Thursday, the G20 met via video link to discuss the mounting COVID-19 crisis. During the meeting, China’s Xi Jinping made liberal use of his soapbox. Some context: As COVID-19 is brought under control in China, Beijing has embarked on a large-scale international outreach campaign providing b…

On Thursday, the G20 met via video link to discuss the mounting COVID-19 crisis.
During the meeting, China’s Xi Jinping made liberal use of his soapbox.
Some context: As COVID-19 is brought under control in China, Beijing has embarked on a large-scale international outreach campaign providing b...

sources

Xinhua: Full text of Xi’s remarks at Extraordinary G20 Leaders’ Summit

Xinhua: Xinhua Headlines-Xi Focus: Xi calls for all-out global war against COVID-19 at extraordinary G20 summit

Reuters: G20 leaders to inject $5 trillion into global economy in fight against coronavirus

March 27, 2020

COVID-19’s impact on employment

China’s COVID-19 response killed the economyin Q1 (see our most recent macro note for more details) – and the full impact on employment markets is just now coming into view. Caixin highlights a recent survey, which showed employers shelved hiring plans in the first two months of the year – with job …

China’s COVID-19 response killed the economyin Q1 (see our most recent macro note for more details) – and the full impact on employment markets is just now coming into view.
Caixin highlights a recent survey, which showed employers shelved hiring plans in the first two months of the year – with job ...

sources

Caixin: Job Openings in China Fall Over 30% Amid Coronavirus

March 27, 2020

Industrial profits slump

This morning, the National Bureau of Statistics (NBS) dropped industrial profits for January and February. It was pretty bad (Reuters): “Profits earned by Chinese industrial firms [with annual revenue of more than RMB 20 million] in the first two months dropped 38.3% from a year earlier to 410…

This morning, the National Bureau of Statistics (NBS) dropped industrial profits for January and February.
It was pretty bad (Reuters):

“Profits earned by Chinese industrial firms [with annual revenue of more than RMB 20 million] in the first two months dropped 38.3% from a year earlier to 410...

sources

NBS: 2020年1—2月份全国规模以上工业企业利润下降38.3%

NBS: 国家统计局工业司副司长张卫华解读工业企业利润数据

Reuters: China’s industrial firms post steepest fall in profits in a decade

March 27, 2020

Economy operating at 3/4 normal

Based on newly released data, we have revised and updated theTriviumBusinessActivityIndex. Here are our latest calculations as of March 27: TheTriviumNationalBusinessActivityIndexindicates that China’s economy is operating at 74.9% of typical output. TheTriviumNational Large EnterpriseActivityIndex…

Based on newly released data, we have revised and updated theTriviumBusinessActivityIndex.
Here are our latest calculations as of March 27:

TheTriviumNationalBusinessActivityIndexindicates that China’s economy is operating at 74.9% of typical output.
TheTriviumNational Large EnterpriseActivityIndex...

sources

Trivium: Trivium Business Activity Index

March 27, 2020

China shuts its borders

Life comes at you fast. On Thursday evening, Chinese authorities announced that they will shut the borders to almost all foreign nationals – just two months after decrying other countries’ immigration restrictions on Chinese citizens. Bloomberg has the details: “Foreigners won’t be allowed to…

Life comes at you fast.
On Thursday evening, Chinese authorities announced that they will shut the borders to almost all foreign nationals – just two months after decrying other countries’ immigration restrictions on Chinese citizens.
Bloomberg has the details:

“Foreigners won’t be allowed to...

sources

Bloomberg: China Seals Borders to Most Foreigners Starting Saturday

21st Century Biz: 外交部、国家移民管理局：暂时停止持有效中国签证、居留许可的外国人入境

March 27, 2020

Securing the perimeter

The coronavirus continues to look largely under control within China. On Thursday, China reported one locally transmitted case. But imported cases are a concern: On Thursday, there were 55 new cases, down from 67 on Wednesday. That’s got top leaders worried. On Thursday, Premier Li Keqiang…

The coronavirus continues to look largely under control within China.

On Thursday, China reported one locally transmitted case.

But imported cases are a concern:

On Thursday, there were 55 new cases, down from 67 on Wednesday.

That’s got top leaders worried.
On Thursday, Premier Li Keqiang...

sources

NHC: 截至3月26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要求严格落实防止境内疫情反弹各项措施进一步做好境外疫情经陆路水路输入风险防控工作

Caixin: 本土病例陆续“清零”后，多省份明确开学时间

March 26, 2020

Xi and Merkel call for cooperation

On Wednesday, Xi Jinping placed a call to German Chancellor Angela Merkel to discuss (what else) the COVID-19 pandemic. Some context: Over the last two weeks, Xi has called various foreign leaders each day to express support and offer medical aid and expertise (see yesterday’s Tip Sheet). …

On Wednesday, Xi Jinping placed a call to German Chancellor Angela Merkel to discuss (what else) the COVID-19 pandemic.
Some context: Over the last two weeks, Xi has called various foreign leaders each day to express support and offer medical aid and expertise (see yesterday’s Tip Sheet).
...

sources

Yicai: 习近平同德国总理默克尔通电话

Reuters: Germany’s Merkel, China’s Xi agree close cooperation on coronavirus

March 26, 2020

Local governments deal withhidden debt

21st Century Biz recently examined the progress local governments have made in disposing of implicit debt by looking into their 2020 work reports. Some context: The government never reveals the size of implicit debt, but most estimates put it at RMB 30-40 trillion – more than twice that of expl…

21st Century Biz recently examined the progress local governments have made in disposing of implicit debt by looking into their 2020 work reports.
Some context: The government never reveals the size of implicit debt, but most estimates put it at RMB 30-40 trillion – more than twice that of expl...

sources

21st Century Biz: 多省2019年化债任务超额完成今年或通过置换、处置资产缓释风险

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