string(13) "markets-macro"

Macro

March 26, 2020

The urge to splurge

The Chinese government is encouraging people to go hogwild onspending sprees to get the economy back on track. Some context: At its executive meeting on Tuesday, the State Council sought to promote online services to boostconsumption (see yesterday’s Tip Sheet). A group of online and offli… Username Password Remember Me Forgot Password

The Chinese government is encouraging people to go hogwild onspending sprees to get the economy back on track.
Some context: At its executive meeting on Tuesday, the State Council sought to promote online services to boostconsumption (see yesterday’s Tip Sheet).
A group of online and offli...

sources

Reuters: Chinese consumers urged to splurge as economy begins path to normality

China Daily: Chinese cities launch voucher campaigns to boost epidemic-hit consumption

Hexun: 三地推行周末2.5天假刺激消费，其他省市跟不跟？

March 26, 2020

PBoC looking to boost support

ICYMI: The COVID-19 outbreak caused a major contraction in China’s economy in Q1. So far, China’s financial authorities have been highly targeted in theirresponse, but there are signs that officials are looking to gradually ramp up support. Some context: Over the weekend, central bank (PBo…

ICYMI: The COVID-19 outbreak caused a major contraction in China’s economy in Q1.
So far, China’s financial authorities have been highly targeted in theirresponse, but there are signs that officials are looking to gradually ramp up support.
Some context: Over the weekend, central bank (PBo...

sources

FT: Financial Times: China’s central bank in talks to cut rate banks pay to savers

China Banking News: State Media Flags Several More Required Reserve Cuts from PBOC in 2020

March 26, 2020

The Q2 outlook

By now it is obvious that China’s economy was in a deep hole in Q1 2020. The question for policymakers: Can the economy continue on its current resumption trajectory into Q2? This is critical: The outlook for the 2020-2021 growth trajectory will largely hinge on the economy’s performance o…

By now it is obvious that China’s economy was in a deep hole in Q1 2020.
The question for policymakers: Can the economy continue on its current resumption trajectory into Q2?
This is critical: The outlook for the 2020-2021 growth trajectory will largely hinge on the economy’s performance o...

sources

Trivium: Q1 recap, Q2 scenarios

March 26, 2020

Virus under control, but economy still struggling

The coronavirus continues to look largely under control. On Wednesday, China reported no locally transmitted cases. Although imported cases remain a concern: On Wednesday, there were 67 new reported cases, up from 47 on Tuesday. While the virus seems in check, the economy remains in the doldrums…

The coronavirus continues to look largely under control.

On Wednesday, China reported no locally transmitted cases.

Although imported cases remain a concern:

On Wednesday, there were 67 new reported cases, up from 47 on Tuesday.

While the virus seems in check, the economy remains in the doldrums...

sources

NHC: 截至3月25日24时新型冠状病毒肺炎疫情最新情况

Xinhua: 中小企业复工率达71.7% 新一代信息技术助力疫情防控

March 25, 2020

How to win friends and disinfect people

Xi Jinping kept the international sympathy train a rollin’ with yet another round of calls to foreign leaders, pledging support and solidarity in the fight against COVID-19. On Tuesday, Xi hopped on the horn with: Brazilian President Jair Bolsonaro Kazakh President Kassym-Jomart Tokayev Polish Pres…

Brazilian President Jair Bolsonaro
Kazakh President Kassym-Jomart Tokayev
Polish Pres...

sources

Xinhua: Xi says COVID-19 fight adds urgency to building community with shared future for mankind

Xinhua: Xi says China ready to help Brazil fight COVID-19

Xinhua: Xi says China firmly supports Poland’s fight against COVID-19

March 25, 2020

State Council meets on global supply chain

Yesterday, the State Council had its weekly executive meeting. Surprise, surprise: Work resumption was at the top of the agenda. To get people back to work, the State Council is looking to: Promote online services, including online retail, catering, medical services, and education Encourage bi…

Yesterday, the State Council had its weekly executive meeting.
Surprise, surprise: Work resumption was at the top of the agenda.
To get people back to work, the State Council is looking to:

Promote online services, including online retail, catering, medical services, and education
Encourage bi...

sources

Gov.cn: 李克强主持召开国务院常务会议确定推动制造业和流通业在做好疫情防控同时积极有序复工复产的措施等

Gov.cn: China to boost international air freight capacity to stabilize supply chains

March 25, 2020

Telecoms plan big 5G capex

China’s state telecom firms have announced big investments in 5G infrastructure for 2020. China Unicom has earmarked about RMB 35 billion, two and half times more than in 2019. China Telecom expects to spend RMB 43.5 billion. China Mobile said it could spend as much at RMB 100 billion. Some contex…

China’s state telecom firms have announced big investments in 5G infrastructure for 2020.

China Unicom has earmarked about RMB 35 billion, two and half times more than in 2019.
China Telecom expects to spend RMB 43.5 billion.
China Mobile said it could spend as much at RMB 100 billion.

Some contex...

sources

Caixin: China’s Mobile Carriers Double Down on 5G

China Daily: 5G smartphone upgrades encouraged among consumers

MIIT: 工业和信息化部关于推动5G加快发展的通知

March 25, 2020

China to set up new holding company for AMCs

At a presser on Sunday, Zhou Liang, vice chairman of China Banking and Insurance Regulatory Commission (CBIRC), signaled that regulators are mulling reforms to China’s four national asset management companies (AMCs) (see yesterday’s Tip Sheet). Some context: China’s four AMCs were set up over 20 yea…

At a presser on Sunday, Zhou Liang, vice chairman of China Banking and Insurance Regulatory Commission (CBIRC), signaled that regulators are mulling reforms to China’s four national asset management companies (AMCs) (see yesterday’s Tip Sheet).
Some context: China’s four AMCs were set up over 20 yea...

sources

Caixin: 周亮：将研究出台AMC改革措施

March 25, 2020

Deep fiscal stress in Q1

In case you still aren’t convinced that China’s economy has gone through a deep contraction in Q1, we give you the latest fiscal data (Bloomberg): “The income of central and local governments contracted 9.9% in the first two months of the year compared to a year ago.” “That was the deepest fall sin…

In case you still aren’t convinced that China’s economy has gone through a deep contraction in Q1, we give you the latest fiscal data (Bloomberg):

“The income of central and local governments contracted 9.9% in the first two months of the year compared to a year ago.”
“That was the deepest fall sin...

sources

Bloomberg: China’s Government Faces Worst Fiscal Stress Since 2009

March 25, 2020

Hubei relaxes travel restrictions

The coronavirus continues to look under control. On Wednesday, China reported: No new locally transmitted cases 47 new imported cases In most cities, things are gradually getting back to normal. As of today, even Hubei is loosening restrictions (WSJ): “Hubei authorities will end restrictions…

The coronavirus continues to look under control.
On Wednesday, China reported:

No new locally transmitted cases
47 new imported cases

In most cities, things are gradually getting back to normal.
As of today, even Hubei is loosening restrictions (WSJ):

“Hubei authorities will end restrictions...

sources

Reuters: Mainland China reports drop in new confirmed cases of coronavirus

WSJ: China’s Hubei Province to Ease Coronavirus Lockdown This Week; Wuhan to Follow in April

Gov.cn: 湖北省新型冠状病毒感染肺炎疫情防控指挥部通告

March 17, 2020

Central steering group tries to get Wuhan back to work

On Monday, the Central Steering Group for Epidemic Control in Hubei and Other Key Areas urged work and production resumption in Wuhan for the first time. Some context: The central steering group was created at the Politburo Standing Committee meeting on January 25 and sent to Hubei shortly ther…

On Monday, the Central Steering Group for Epidemic Control in Hubei and Other Key Areas urged work and production resumption in Wuhan for the first time.
Some context: The central steering group was created at the Politburo Standing Committee meeting on January 25 and sent to Hubei shortly ther...

sources

Gov.cn: 中央指导组：疫情防控不能松劲复工复产要精准施策

March 16, 2020

Li looks to stabilize foreign investment

Like the rest of the economy (see entry #2 above), foreign investment also got whacked in the first two months of 2020. Last Friday, the Ministry of Commerce (MofCom) released a pretty poor batch of foreign investment data: Actually utilized FDI clocked in at RMB 134 billion, representing a 8.6% y/…

Like the rest of the economy (see entry #2 above), foreign investment also got whacked in the first two months of 2020.
Last Friday, the Ministry of Commerce (MofCom) released a pretty poor batch of foreign investment data:

Actually utilized FDI clocked in at RMB 134 billion, representing a 8.6% y/...

sources

21st Century Biz: 2月中国利用外资下降25.6%，商务部称投资者观望情绪加重

Gov.cn: 李克强考察全国市场运行与流通发展服务平台和外贸外资协调机制

Gov.cn: 李克强：没有更大力度的改革开放，外贸外资是稳不住的

Gov.cn: Premier stresses advancing normal operation of market

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