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Macro

March 4, 2020

Lower infection rates, higher Potemkin rates

New virus cases within China dropped again yesterday. The latest numbers: Tuesday saw 119 new infections nationwide. Of these, only four were outside of Hubei. Now, the big question is when the economy can get going again. There are some positive indications– such as the return of refreshing, indu… Username Password Remember Me … Read More »

New virus cases within China dropped again yesterday.
The latest numbers:

Tuesday saw 119 new infections nationwide.
Of these, only four were outside of Hubei.

Now, the big question is when the economy can get going again.
There are some positive indications– such as the return of refreshing, indu...

sources

Gov.cn: 截至3月3日24时新型冠状病毒肺炎疫情最新情况

Caixin: 开灯开空调开机器“冲指标” 全国复工数据有多少水分？

Bloomberg: Satellite Pollution Data Shows China Is Getting Back to Work

Global Times: Some local manufacturers in Zhejiang asked to falsify work resumption

March 3, 2020

Economy showing (small) signs of life

China’s economy remains severely depressed. But there are some signs of life (Shine): “Shanghai streets on Monday morning were almost as busy as they were before the coronavirus outbreak, traffic police said.” “Meanwhile, the number of Metro passengers was also on the rise, with 1.1 million people …

China’s economy remains severely depressed.
But there are some signs of life (Shine):

“Shanghai streets on Monday morning were almost as busy as they were before the coronavirus outbreak, traffic police said.”
“Meanwhile, the number of Metro passengers was also on the rise, with 1.1 million people ...

sources

Shine: Monday commuting traffic approaches normal levels

Travel Daily: 国内酒店超九成恢复营业，商务人士为主要客群

Bloomberg: Starbucks Says 85% of China Stores Now Open, Sees Virus Impact Waning

Sina Finance: 央企全力复工复产履约国际订单

March 3, 2020

Li advocates local responsibility

On Thursday, Premier Li Keqiang chaired a meeting of the Central Leading Small Group (CLSG) for the Work to Counter the Novel Coronavirus Pneumonia Epidemic. Some context: By our count, this is the 12th CLSG meeting since its establishmenton January 25. At the meeting, Li called for greater eff…

On Thursday, Premier Li Keqiang chaired a meeting of the Central Leading Small Group (CLSG) for the Work to Counter the Novel Coronavirus Pneumonia Epidemic.
Some context: By our count, this is the 12th CLSG meeting since its establishmenton January 25.
At the meeting, Li called for greater eff...

sources

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部署做好下一步防控工作加强对防控一线社区工作者关心关爱统筹推进疫情防控和春耕生产

NHC: 截至3月2日24时新型冠状病毒肺炎疫情最新情况

March 3, 2020

MoF revises fiscal spending rules

Yesterday, the Ministry of Finance (MoF) released new administrative rules on fiscal spending. This is a big deal: The rules cover all projects funded by the public budget – about RMB 10 trillion worth. Compared to the 2011 version, there are a few key changes. First, more funding will be evalu…

Yesterday, the Ministry of Finance (MoF) released new administrative rules on fiscal spending.
This is a big deal: The rules cover all projects funded by the public budget – about RMB 10 trillion worth.
Compared to the 2011 version, there are a few key changes.
First, more funding will be evalu...

sources

Gov.cn: 关于印发《项目支出绩效评价管理办法》的通知

Yicai: 财政部修订超10万亿项目支出绩效管理办法，有哪些变化？

March 3, 2020

Public pushback on revised green card rules

Last week, the Ministry of Justice releasednew draft rules on permanent residence for foreigners. Some context: The current rules are famously stringent and make it impossible for most foreigners to apply. More context: Even so, the number of foreigners applying for permanent residence in …

Last week, the Ministry of Justice releasednew draft rules on permanent residence for foreigners.
Some context: The current rules are famously stringent and make it impossible for most foreigners to apply.
More context: Even so, the number of foreigners applying for permanent residence in ...

sources

MOJ: 司法部关于《中华人民共和国外国人永久居留管理条例（征求意见稿）》公开征求意见的通知

Caixin: 中国绿卡”拟降低门槛会否加剧就业压力

March 3, 2020

COVID-19 is coming, look busy

On Monday, Xi Jinping paid a visit to the Academy of Military Medical Sciences and the School of Medicine at Tsinghua University to speak with medical researchers. Xi took the opportunity to make some suggestions on the fight against the coronavirus (CGTN). “There are two main task fronts in this b…

On Monday, Xi Jinping paid a visit to the Academy of Military Medical Sciences and the School of Medicine at Tsinghua University to speak with medical researchers.
Xi took the opportunity to make some suggestions on the fight against the coronavirus (CGTN).

“There are two main task fronts in this b...

sources

Xinhua: Xi Focus: Xi stresses COVID-19 scientific research during Beijing inspection

CGTN: President Xi Jinping urges fast development of coronavirus vaccine

March 2, 2020

Xi calls Latin American leaders

On Saturday, Xi Jinping called Chilean President Sebastián Piñera and Cuban President Miguel Díaz-Canel. Judging from the Foreign Ministry’s summary of the calls, Xi took the opportunity to deliver verbatim the same lengthy monologue detailing China’s coronavirus containment efforts to both leaders …

On Saturday, Xi Jinping called Chilean President Sebastián Piñera and Cuban President Miguel Díaz-Canel.
Judging from the Foreign Ministry’s summary of the calls, Xi took the opportunity to deliver verbatim the same lengthy monologue detailing China’s coronavirus containment efforts to both leaders ...

sources

MoFA: President Xi Jinping Speaks with Chilean President Sebastián Piñera on the Phone

MoFA: President Xi Jinping Speaks with Cuban President Miguel Díaz-Canel on the Phone

March 2, 2020

Regulators ease corporate bond issuance rules

Yesterday, regulators announced that it will now be easier for companies to issue bonds. Some context: China’s new Securities Law took effect yesterday. One of the law’s key revisions involves switching from an approval system to a registration system for securities issuance, including the issu…

Yesterday, regulators announced that it will now be easier for companies to issue bonds.
Some context: China’s new Securities Law took effect yesterday. One of the law’s key revisions involves switching from an approval system to a registration system for securities issuance, including the issu...

sources

Gov.cn: 国务院办公厅关于贯彻实施修订后的证券法有关工作的通知

Gov.cn: 国家发展改革委关于企业债券发行实施注册制有关事项的通知

Gov.cn: 关于公开发行公司债券实施注册制有关事项的通知

Shanghai Stock Exchange: 关于公开发行公司债券实施注册制有关事项的通知

Reuters: China launches registration system for bond sales

March 2, 2020

I see those NPLs a-risin’

Financial regulators continue to offer targeted support to the country’s struggling SMEs. The latest: Over the weekend, the banking regulator (CBIRC) told banks to give SMEs additional room on loan repayments (Bloomberg): “Qualified small- and medium-sized businesses nationwide with principal …

Financial regulators continue to offer targeted support to the country’s struggling SMEs.
The latest: Over the weekend, the banking regulator (CBIRC) told banks to give SMEs additional room on loan repayments (Bloomberg):

“Qualified small- and medium-sized businesses nationwide with principal ...

sources

Bloomberg: China Allows Banks to Delay Bad Loan Recognition on Virus

March 2, 2020

Data – PMIs drop through the floor

Gulp. This ain’t good. China reported purchasing managers’ indices (PMIs) for February over the weekend (CNBC): “China’s official [manufacturing] PMI fell to a record low of 35.7 in February from 50.0 inJanuary…well below the 50-point mark that separates monthly growth from contraction.” Some cont…

Gulp. This ain’t good.
China reported purchasing managers’ indices (PMIs) for February over the weekend (CNBC):

“China’s official [manufacturing] PMI fell to a record low of 35.7 in February from 50.0 inJanuary…well below the 50-point mark that separates monthly growth from contraction.”

Some cont...

sources

CNBC: China factory activity shrank at its fastest rate on record in February

March 2, 2020

Hubei economy devasted by virus

In China, new cases of coronavirus continue to drop (Reuters): “Hubei had 196 new confirmed cases on Sunday, the National Health Commission said on Monday, sharply down from 570 cases a day earlier and the lowest since Jan. 24.” “Overall, mainland China had 202 new confirmed cases, the lowest since…

In China, new cases of coronavirus continue to drop (Reuters):

“Hubei had 196 new confirmed cases on Sunday, the National Health Commission said on Monday, sharply down from 570 cases a day earlier and the lowest since Jan. 24.”
“Overall, mainland China had 202 new confirmed cases, the lowest since...

sources

NHC: 截至3月1日24时新型冠状病毒肺炎疫情最新情况

Reuters: Hubei, epicenter of China’s coronavirus outbreak, reports sharp drop in new cases

The Paper: 疫情冲击下湖北省企业的经营状况分析与政策建议

February 28, 2020

Something fishy on the NHC’s website

Yesterday, a meeting readout from the National Health Commission’s website dated January 14 got our attention. The readout contained the minutes from a meeting the NHC held with its provincial branches on January 14. (NHC) “The epidemic prevention and control situation has undergone important chang…

Yesterday, a meeting readout from the National Health Commission’s website dated January 14 got our attention.
The readout contained the minutes from a meeting the NHC held with its provincial branches on January 14. (NHC)

“The epidemic prevention and control situation has undergone important chang...

sources

NHC: 国家卫生健康委召开全国电视电话会议部署新型冠状病毒感染肺炎防控工作

JKSB: 国家卫健委及时回应社会关切值得肯定

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