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Macro

January 22, 2020

Government responds to national health emergency

The coronavirus first discovered in Wuhan 40+ days ago is spreading – quickly. The latest stats: 446confirmed cases 139suspected cases 25 cured 9 dead The virus has spread throughout the country, including: Beijing Shanghai Tianjin Chongqing Guangdong Hainan It’s going global. The first con… Username Password Remember Me Forgot Password

The coronavirus first discovered in Wuhan 40+ days ago is spreading – quickly.
The latest stats:

446confirmed cases
139suspected cases
25 cured
9 dead

The virus has spread throughout the country, including:

Beijing
Shanghai
Tianjin
Chongqing
Guangdong
Hainan

It’s going global. The first con...

sources

AP: Washington man is 1st in US to catch new virus from China

CAAC: 民航局：涉及武汉航班机票可免费办理退票

MoT: 交通运输部门免收到达离开武汉的退票手续费

NHSA: 国家医保局“两个确保”全力开展疫情应对与救治保障

January 21, 2020

2020 will be a big year for Sino-EU relations

On Sunday, China’s top foreign affairs official, Yang Jiechi, was in Berlin to attend an international conference on the civil war in Libya. While there, Yang met with two of Europe’s most important officials: German Chancellor Angela Merkel European Council President Charles Michel In his meeting…

German Chancellor Angela Merkel
European Council President Charles Michel

In his meeting...

sources

CPC People: 杨洁篪出席利比亚问题柏林峰会并会见德国总理默克尔等欧方领导人

SCMP: China tries to reassure European Union on trade amid discontent over US deal

Reuters: EU won’t meet China halfway in investment talks: EU trade chief

January 21, 2020

Xi tours Yunnan

Following his visit to Myanmar, Xi Jinping traveled to neighboring Yunnan to check out the situation. Xi spent Sunday through Tuesday in the province. Here is what he got up to: He visited Simola Wa Village in Tengchong City, where he stressed the necessity of eradicating poverty and revitaliz…

Following his visit to Myanmar, Xi Jinping traveled to neighboring Yunnan to check out the situation.
Xi spent Sunday through Tuesday in the province. Here is what he got up to:

He visited Simola Wa Village in Tengchong City, where he stressed the necessity of eradicating poverty and revitaliz...

sources

CPC People: 习近平春节前夕赴云南看望慰问各族干部群众向全国各族人民致以美好的新春祝福祝各族人民生活越来越好祝祖国欣欣向荣

January 21, 2020

Lending benchmark rate keepin’ steady

Yesterday, the central bank (PBoC) kept its lending benchmark rate steady for the second consecutive month. Some context: In August 2019, the central bank released a new loan pricing mechanism, replacing the old benchmark lending rates with two national loan prime rates (LPRs). The LPRs are set mont…

Yesterday, the central bank (PBoC) kept its lending benchmark rate steady for the second consecutive month.
Some context: In August 2019, the central bank released a new loan pricing mechanism, replacing the old benchmark lending rates with two national loan prime rates (LPRs). The LPRs are set mont...

sources

Reuters: China keeps lending benchmark LPR steady for second straight month in January

January 21, 2020

Central bank says it won’t liberalize deposit rates

On Thursday, the central bank (PBoC) said that China will keep its current benchmark deposit rate without any changes for the foreseeable future. That’s according to Sun Guofeng, director of the PBOC’s monetary policy department (PBoC): “The benchmark deposit rate will remain the cornerst…

On Thursday, the central bank (PBoC) said that China will keep its current benchmark deposit rate without any changes for the foreseeable future.
That’s according to Sun Guofeng, director of the PBOC’s monetary policy department (PBoC):

“The benchmark deposit rate will remain the cornerst...

sources

PBoC: 2019年金融统计数据新闻发布会文字实录

Caixin: Central Bank Official Dashes Hope for Deposit Rate Reform

January 21, 2020

China declares national public health emergency

Yesterday we warned you that the spread of coronavirus across the country reminds us of the SARS crisis of 2002-2003. Some context: SARS caused more than 600 deaths in mainland China and Hong Kong. Big cities were basically on lockdown. Top leaders are now explicitly addressing the issue. Presi…

Yesterday we warned you that the spread of coronavirus across the country reminds us of the SARS crisis of 2002-2003.
Some context: SARS caused more than 600 deaths in mainland China and Hong Kong. Big cities were basically on lockdown.
Top leaders are now explicitly addressing the issue.
Presi...

sources

Xinhua: 习近平对新型冠状病毒感染的肺炎疫情作出重要指示强调要把人民群众生命安全和身体健康放在第一位坚决遏制疫情蔓延势头李克强作出批示

Gov.cn: 李克强主持召开国务院常务会议进一步部署新型冠状病毒感染的肺炎疫情防控工作等

Gov.cn: China to curb spread of new coronavirus-related pneumonia

The Beijing News: 钟南山谈“武汉肺炎”：感染处在爬坡期，存在人传人现象

January 20, 2020

Correction: Data dump – GDP

Thanks to the readers who reached out to us over the weekend to point out that nominal GDP growth was 7.4% y/y in Q4 – down from 7.6% in Q3. On Friday,we messed up when we said that nominal GDP growth was 9.6% y/y in Q4. Excuses, excuses: The stats bureau revised historical GDP data, but our… Read More »

Thanks to the readers who reached out to us over the weekend to point out that nominal GDP growth was 7.4% y/y in Q4 – down from 7.6% in Q3.

On Friday,we messed up when we said that nominal GDP growth was 9.6% y/y in Q4.

Excuses, excuses: The stats bureau revised historical GDP data, but our ...

sources

FT: China GDP grows at slowest pace in 29 years

NBS: 2019年国民经济运行总体平稳发展主要预期目标较好实现

January 17, 2020

Li Keqiang stresses need for policy implementation

Speaking of political discipline (see previous entry), on Thursday, Li Keqiang chaired a meeting of the State Council’s Party group. The agenda (Xinhua): “To study the important speech given by Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, at the fourth plen…

Speaking of political discipline (see previous entry), on Thursday, Li Keqiang chaired a meeting of the State Council’s Party group.
The agenda (Xinhua):

“To study the important speech given by Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, at the fourth plen...

sources

Xinhua: State Council vows to promote full, strict Party governance

January 17, 2020

Politburo discusses work plans for Party-state institutions

The Politburo met on Thursday. On the agenda: Reviewing three documents. First was a report by the Politburo Standing Committee (PBSC) on the reports it had recently heard by the Party groups at the: State Council Legislature Supreme People’s Court Supreme People’s Procuratorate Political advi…

The Politburo met on Thursday.
On the agenda: Reviewing three documents.
First was a report by the Politburo Standing Committee (PBSC) on the reports it had recently heard by the Party groups at the:

State Council
Legislature
Supreme People’s Court
Supreme People’s Procuratorate
Political advi...

sources

Gov.cn: 习近平主持中共中央政治局会议

January 17, 2020

Wonk alert – PBoC edition

On Thursday, we highlighted the latest monthly credit data for December (see yesterday’s Tip Sheet) – underscoring that credit growth edged up marginally, but not enough to make much of a positive impact on the economy. In our haste, we forgot to point out that the central bank (PBoC) also announced…

On Thursday, we highlighted the latest monthly credit data for December (see yesterday’s Tip Sheet) – underscoring that credit growth edged up marginally, but not enough to make much of a positive impact on the economy.
In our haste, we forgot to point out that the central bank (PBoC) also announced...

sources

PBoC: 2019年社会融资规模存量统计数据报告

January 17, 2020

Data dump – monthly econ stats

We may be eating our hats soon – thanks to the December econ stats also released on Friday. The December economic data built on the solid numbers from November: Growth of industrial production accelerated to 6.9% y/y – from 6.2% in November and 4.7% in October. Retail sales of consumer goods g…

We may be eating our hats soon – thanks to the December econ stats also released on Friday.
The December economic data built on the solid numbers from November:

Growth of industrial production accelerated to 6.9% y/y – from 6.2% in November and 4.7% in October.
Retail sales of consumer goods g...

sources

NBS: 2019年12月份规模以上工业增加值增长6.9%

NBS: 2019年社会消费品零售总额增长8.0%

NBS: 2019年1-12月全国固定资产投资（不含农户）增长5.4%

January 17, 2020

Data dump – GDP

The stats bureau released Q4 and annual GDP data for 2019 on Friday morning. The big headline: Real GDP grew by 6.1% last year – the slowest growth rate in 29 years. Why we hate that headline 1: China’s economy has been undergoing a structural deceleration since 2012, as the economy matures a…

The stats bureau released Q4 and annual GDP data for 2019 on Friday morning.
The big headline:

Real GDP grew by 6.1% last year – the slowest growth rate in 29 years.

Why we hate that headline 1: China’s economy has been undergoing a structural deceleration since 2012, as the economy matures a...

sources

FT: China GDP grows at slowest pace in 29 years

NBS: 2019年国民经济运行总体平稳发展主要预期目标较好实现

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