string(13) "markets-macro"

Macro

March 13, 2020

State Council delegates land approval power

Yesterday, the State Council issued a decision to delegate to provincial governments some land approval power. The deets (China.org): “Except for permanent basic farmland, governments of all provinces, autonomous regions and municipalities shall be given the right to approve the conversion of agric… Username Password Remember Me Forgot Password

Yesterday, the State Council issued a decision to delegate to provincial governments some land approval power.
The deets (China.org):

“Except for permanent basic farmland, governments of all provinces, autonomous regions and municipalities shall be given the right to approve the conversion of agric...

sources

Gov.cn: 国务院关于授权和委托用地审批权的决定

China.org: China’s provincial-level governments enjoy more autonomy over land use

March 13, 2020

Business resumption inspections launched

On Thursday, the general offices of the Communist Party Central Committeeand the State Council jointly released a notice to start a national survey of business resumption. The survey will see central government officials on the ground nationwide, with 29 inspection teams to fan out across the countr…

On Thursday, the general offices of the Communist Party Central Committeeand the State Council jointly released a notice to start a national survey of business resumption.
The survey will see central government officials on the ground nationwide, with 29 inspection teams to fan out across the countr...

sources

People's Daily: 中办国办印发通知组织29个工作组开展复工复产情况调研

Gov.cn: 肖捷出席复工复产情况调研动员培训视频会议并讲话

March 13, 2020

Xi promises to help the world fight COVID-19

On Thursday, Xi Jinping spoke with UN Secretary-General Antonio Guterres by phone. Xi’s message: China is prepared to help the world tackle COVID-19 (China Daily). “Noting that with COVID-19 having recently occurred and spread in a number of countries, the situation is worrying, he urged the i…

On Thursday, Xi Jinping spoke with UN Secretary-General Antonio Guterres by phone.
Xi’s message: China is prepared to help the world tackle COVID-19 (China Daily).

“Noting that with COVID-19 having recently occurred and spread in a number of countries, the situation is worrying, he urged the i...

sources

CPC People: 习近平同联合国秘书长古特雷斯通电话

China Daily: Xi says nation will overcome virus outbreak

Straits Times: Coronavirus: China sends expert team, medical supplies to Italy and Spain

March 13, 2020

Revenge spending key to economic recovery

For China’s economy to fully normalize, not only do workers need to get back to the office and factory floor – but consumers need to get out those wallets. That means the pace of economic recovery hinges largely on “revenge spending” (Bloomberg): “Store traffic in China is creeping back up aft…

For China’s economy to fully normalize, not only do workers need to get back to the office and factory floor – but consumers need to get out those wallets.
That means the pace of economic recovery hinges largely on “revenge spending” (Bloomberg):

“Store traffic in China is creeping back up aft...

sources

Bloomberg: ‘Revenge Spending’ Spurs Chinese Luxury Rebound From Virus

Gov.cn: 关于促进消费扩容提质加快形成强大国内市场的实施意见

March 13, 2020

Pandemic whacks the CNY

Unless you’ve been living under a rock, you know that global markets have tanked this week, as the WHO officially labeled the COVID-19 outbreak a global pandemic. One aspect of the financial fallout is a spiking US dollar as investors shun risk assets for safe havens and companies draw on dollar cre…

Unless you’ve been living under a rock, you know that global markets have tanked this week, as the WHO officially labeled the COVID-19 outbreak a global pandemic.
One aspect of the financial fallout is a spiking US dollar as investors shun risk assets for safe havens and companies draw on dollar cre...

sources

SCMP: Coronavirus: how epidemic could hurt China’s US dollar debt payments

The Paper: 境外融资松动：外汇局上调全口径跨境融资宏观审慎调节参数

March 13, 2020

Economy operating at two-thirds normal levels

As COVID-19 cases drop off in China, authorities continue to focus on getting the economy up and running. The key challenge for businesses strategists, though, is getting good data on where exactly the economy is – right now. Enter the Trivium China business activity indices. Some context: Ov…

Enter the Trivium China business activity indices.

Some context: Ov...

March 13, 2020

Economy operating at two-thirds normal levels

Enter the Trivium China business activity indices.

Some context: Ov...

March 13, 2020

It’s a long way to recovery, it’s a long way to go

Yesterday, mainland China reported eight new COVID-19 cases. Of these, five are from Hubei, all in the capital city of Wuhan. This is the second day that the epicenter of the outbreak kept new cases in the single digits. Of the other three cases reported elsewhere in the country, all three were impo…

Yesterday, mainland China reported eight new COVID-19 cases.
Of these, five are from Hubei, all in the capital city of Wuhan. This is the second day that the epicenter of the outbreak kept new cases in the single digits.
Of the other three cases reported elsewhere in the country, all three were impo...

sources

NHC: 截至3月12日24时新型冠状病毒肺炎疫情最新情况

Hubei.gov: 陈一新：在打赢抗疫斗争第一仗之时，尽早推动打好经济发展第二仗！

Gov.cn: 省人民政府关于印发湖北省促进经济社会加快发展若干政策措施的通知

21st Century Biz: 湖北汽车制造业小规模复产：产业链恢复“元气”仍需时日

March 12, 2020

Policy advisors caution against investment mania

Several policy advisors recently tried to bevoices of reason amid market frenzies overprovincial investment plans (see March 4 Tip Sheet). Zhu Baoliang, chief economist at theState Information Center, said the reports of trillions of RMB of infrastructure investment are overblown (Caixin 1). “…

Several policy advisors recently tried to bevoices of reason amid market frenzies overprovincial investment plans (see March 4 Tip Sheet).
Zhu Baoliang, chief economist at theState Information Center, said the reports of trillions of RMB of infrastructure investment are overblown (Caixin 1).

“...

sources

Caixin: 新基建能否成为扩内需的利器？

Caixin: 刘世锦：疫情冲击前所未有新基建难担稳增长大任

Caixin: 马骏：财政资源应偏向托底就业和民生而非基建投资

March 12, 2020

State Council looks to boost financing to hard-hit businesses

In February, we told you the State Council was looking to shepherd micro, small, and medium-sized businesses through the coronavirus outbreak with a massive RMB 800 billion re-lending push (see February 26 Tip Sheet). At Tuesday’s State Council executive meeting, Premier Li Keqiangand company w…

In February, we told you the State Council was looking to shepherd micro, small, and medium-sized businesses through the coronavirus outbreak with a massive RMB 800 billion re-lending push (see February 26 Tip Sheet).
At Tuesday’s State Council executive meeting, Premier Li Keqiangand company w...

sources

Gov.cn: 李克强主持召开国务院常务会议确定应对疫情影响稳外贸稳外资的新举措等

Reuters: China to make targeted RRR cuts, stabilise foreign trade amid virus

March 12, 2020

Government wants more foreign investment

At Tuesday’s State Council executive meeting (see entry 1), Premier Li Keqiang also called for more efforts to stabilize foreign investment. According to Li, things are not looking good(Gov.cn 2): “[W]e must implement targeted policies to arrest the slide in foreign trade and foreign investment.” …

At Tuesday’s State Council executive meeting (see entry 1), Premier Li Keqiang also called for more efforts to stabilize foreign investment.
According to Li, things are not looking good(Gov.cn 2):

“[W]e must implement targeted policies to arrest the slide in foreign trade and foreign investment.”

...

sources

Gov.cn: 李克强主持召开国务院常务会议确定应对疫情影响稳外贸稳外资的新举措等

NDRC: 国家发展改革委关于应对疫情进一步深化改革做好外资项目有关工作的通知

Gov.cn: China to take multi-pronged measures to keep foreign trade, investment stable

March 12, 2020

Data dump – credit

The central bank (PBoC) dropped February credit data on Wednesday. The headline: The numbers weren’t as bad as we had feared. Credit growth continued to hobble along. The details: Aggregate credit grew by 10.7% y/y – the same print as in January. Growth of RMB-denominated bank loans grew …

The central bank (PBoC) dropped February credit data on Wednesday.
The headline: The numbers weren’t as bad as we had feared. Credit growth continued to hobble along.
The details:

Aggregate credit grew by 10.7% y/y – the same print as in January.
Growth of RMB-denominated bank loans grew ...

sources

PBoC: 2020年2月社会融资规模存量统计数据报告

PBoC: 2020年2月金融统计数据报告

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