string(13) "markets-macro"

Macro

March 6, 2020

Hubei turns the corner

After a hellacious six weeks under lockdown, Hubei province, the epicenter of the coronavirus outbreak, has seen a drop off in new infections. Of 143 new cases reported nationwide on Thursday, 126 were in Hubei. All of the new Hubei cases were in Wuhan. Additionally, in the latest government asses… Username Password Remember Me … Read More »

After a hellacious six weeks under lockdown, Hubei province, the epicenter of the coronavirus outbreak, has seen a drop off in new infections.

Of 143 new cases reported nationwide on Thursday, 126 were in Hubei.
All of the new Hubei cases were in Wuhan.

Additionally, in the latest government asses...

sources

NHC: 截至3月5日24时新型冠状病毒肺炎疫情最新情况

Jiemian: 张伯礼：到3月底，武汉有望新增病例基本“清零”

Yicai: 22个市县风险低，疫情严防下湖北探索有条件复工复产预案

March 5, 2020

Government to subsidize international flights

Last month, we told you airlines were having trouble staying airborne amid the COVID-19 crisis (see February 20 Tip Sheet). Some context: Some industry experts have estimated that China’s civil aviation sector sustained close to RMB 37 billion in revenue losses in February and may take ano…

Last month, we told you airlines were having trouble staying airborne amid the COVID-19 crisis (see February 20 Tip Sheet).
Some context: Some industry experts have estimated that China’s civil aviation sector sustained close to RMB 37 billion in revenue losses in February and may take ano...

sources

Gov.cn: 财政部民航局关于民航运输企业新冠肺炎疫情防控期间资金支持政策的通知

Beijing Daily: 航空公司理性复航等待市场拐点

March 5, 2020

State Council streamlines resumption approvals

On Wednesday, the general office of the State Council released anotice onstreamliningadministrative approval procedures for businesses looking to resume operations. Some context: Although the central government has banned local governments from imposing restrictions on business resumption, busi…

On Wednesday, the general office of the State Council released anotice onstreamliningadministrative approval procedures for businesses looking to resume operations.
Some context: Although the central government has banned local governments from imposing restrictions on business resumption, busi...

sources

Gov.cn: 国务院办公厅关于进一步精简审批优化服务精准稳妥推进企业复工复产的通知

March 5, 2020

Financial regulators meet, decide to stay the course

Financial regulators continue to inch up support for the economy – led by the central bank (PBoC). Officials from the PBoC, finance ministry, and banking regulator held a meeting on Tuesday to discuss what more could be done. Then, on Wednesday, the PBoC issued a press release about the meeting – sa…

Financial regulators continue to inch up support for the economy – led by the central bank (PBoC).
Officials from the PBoC, finance ministry, and banking regulator held a meeting on Tuesday to discuss what more could be done.
Then, on Wednesday, the PBoC issued a press release about the meeting – sa...

sources

Securities Daily: 央行：坚持不将房地产作为短期刺激经济的手段

Yicai: China’s Central Bank Rejects Easing Property Market Controls to Boost Economy

March 5, 2020

Economy is in the dumps

We already knew that China’s economy would take a hit as a result of the coronavirus, but new indicators suggest that the hit was actually more of a body slam. The service sector is in freefall. The Caixin/Markit services purchasing managers’ index (PMI), which measures China’s service sector activi…

We already knew that China’s economy would take a hit as a result of the coronavirus, but new indicators suggest that the hit was actually more of a body slam.
The service sector is in freefall.
The Caixin/Markit services purchasing managers’ index (PMI), which measures China’s service sector activi...

sources

SCMP: Coronavirus: China’s services sector drops to all-time low in latest blow to economy amid Covid-19 outbreak

Yahoo: China’s passenger car sales fall 80% in February on coronavirus epidemic

March 5, 2020

Xi urges infrastructure investment

The economy remains severely depressed (see next entry). During its meeting on Wednesday, the Politburo Standing Committee acknowledged that a new approach is needed. So far, the focus has been on getting companies up and running. But that’s not enough (CPC People): “The meeting stressed that …

The economy remains severely depressed (see next entry).
During its meeting on Wednesday, the Politburo Standing Committee acknowledged that a new approach is needed.
So far, the focus has been on getting companies up and running.
But that’s not enough (CPC People):

“The meeting stressed that ...

sources

CPC People: 中共中央政治局常务委员会召开会议中共中央总书记习近平主持会议

March 5, 2020

Xi wants officials to stay vigilant

On Wednesday, Xi Jinping chaired a meeting of the Politburo Standing Committee. The agenda was a familiar one. It focused on two things: Preventing and controlling the novel coronavirus Stabilizing the economy Things continue to look good on the first front. On Wednesday, new confirmed cases …

On Wednesday, Xi Jinping chaired a meeting of the Politburo Standing Committee.
The agenda was a familiar one. It focused on two things:

Preventing and controlling the novel coronavirus
Stabilizing the economy

Things continue to look good on the first front.
On Wednesday, new confirmed cases ...

sources

Straits Times: With 139 new cases, China’s coronavirus spread is slowing – but doubt remains

CPC People: 中共中央政治局常务委员会召开会议中共中央总书记习近平主持会议

March 4, 2020

Modern environmental governance system

Yesterday, the CCP Central Committee and the State Council jointly issued a set of guidelines to build a modern environmental governance system. Some context: China’s most important policymaking body, the Central Committee for Comprehensively Deepening Reform (CCCDR), approved the document last…

Yesterday, the CCP Central Committee and the State Council jointly issued a set of guidelines to build a modern environmental governance system.
Some context: China’s most important policymaking body, the Central Committee for Comprehensively Deepening Reform (CCCDR), approved the document last...

sources

Gov.cn: 中共中央办公厅国务院办公厅印发《关于构建现代环境治理体系的指导意见》

Xinhua: China to establish modern environmental governance system

March 4, 2020

Li-bound and Down

At Tuesday’s State Council meeting, Premier Li Keqiang also urged the transportation and logistics sectors to resume normal operations. That’s because the premier realizes the importance of logistics in (Gov.cn): “Provid[ing] a strong underpinning for epidemic control” “Help[ing] smooth the flow of…

“Provid[ing] a strong underpinning for epidemic control”
“Help[ing] smooth the flow of...

sources

Gov.cn: 交通运输快递等物流业为何要加快复工复产？听听李克强怎么说

Gov.cn: 李克强主持召开国务院常务会部署完善“六稳”工作协调机制有效应对疫情影响促进经济社会平稳运行等

Gov.cn: China to ensure steady economic, social progress through stability in 6 key areas

March 4, 2020

State Council focuses on stability

Yesterday, the State Council did its thing – holding its weekly executive meeting. Top of the agenda: Stabilizing the economy. In particular, Premier Li Keqiang focused on ensuring the “six stabilities.” Some context: The six stabilities were introduced at the July 2018 Politburo meeting a…

Yesterday, the State Council did its thing – holding its weekly executive meeting.
Top of the agenda: Stabilizing the economy.
In particular, Premier Li Keqiang focused on ensuring the “six stabilities.”
Some context: The six stabilities were introduced at the July 2018 Politburo meeting a...

sources

Gov.cn: 李克强主持召开国务院常务会部署完善“六稳”工作协调机制有效应对疫情影响促进经济社会平稳运行等

Gov.cn: China to ensure steady economic, social progress through stability in 6 key areas

March 4, 2020

PBoC holds the line

In a very notable development, the People’s Bank of China (PBoC) opted not to follow the US Fed’s rate cut. This morning, the PBoC decided not to do any open market operations, stating (PBoC): “The current total liquidity of the banking system is at a reasonable and sufficient level.” Why it matte…

In a very notable development, the People’s Bank of China (PBoC) opted not to follow the US Fed’s rate cut.
This morning, the PBoC decided not to do any open market operations, stating (PBoC):

“The current total liquidity of the banking system is at a reasonable and sufficient level.”

Why it matte...

sources

PBoC: 公开市场业务交易公告 [2020]第41号

March 4, 2020

Local governments’ big investment plans

Chinese financial media is getting all hot and bothered by the rollout of provincial investment plans. The big headline: The provincial plans are really starting to add up – with some reports putting the overall tally at RMB 34 trillion. The big question: Is this the major stimulus that ev…

Chinese financial media is getting all hot and bothered by the rollout of provincial investment plans.
The big headline: The provincial plans are really starting to add up – with some reports putting the overall tally at RMB 34 trillion.
The big question: Is this the major stimulus that ev...

sources

21st Century Biz: 总投资额近34万亿！一大波新基建投资清单出炉，粤苏甘三省紧急扩容公共卫生项目

21st Century Biz: 15省份公布投资计划，总规模超24万亿

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