string(13) "markets-macro"

Macro

September 18, 2024

Property developers’ liquidity shortfalls are stalling urban renewal projects

Urban renewal projects are hitting roadblocks due to ongoing financial distress among property developers. ICYDK: Urban renewal involves reconstructing old, shabby residential developments into high-rise apartment buildings with improved amenities. Households forced to relocate during urban renewal… Username Password Remember Me Forgot Password

Urban renewal projects are hitting roadblocks due to ongoing financial distress among property developers.
ICYDK: Urban renewal involves reconstructing old, shabby residential developments into high-rise apartment buildings with improved amenities.

Households forced to relocate during urban renewal...

sources

Yicai: 深圳部分城市更新推进遇阻，多个项目被曝拖欠村民过渡费

September 18, 2024

Pace of property activity decline is slowing

Despite China’s dismal August macro print, the property sector struck a somewhat positive note last month. According to the stats bureau’s (NBS) monthly data for the sector, published Saturday: New investment in the sector contracted 10.2% y/y in August – the same as in July, but an improvement ove…

Despite China’s dismal August macro print, the property sector struck a somewhat positive note last month.
According to the stats bureau’s (NBS) monthly data for the sector, published Saturday:

New investment in the sector contracted 10.2% y/y in August – the same as in July, but an improvement ove...

sources

NBS: 2024年1—8月份全国房地产市场基本情况

September 18, 2024

Home prices fall across the board

In a continued sign of weak demand, property prices slumped at a faster pace in August. According to the stats bureau’s (NBS) monthly survey of home prices in 70 major cities, published Saturday: In August, average new home prices fell 0.73% m/m, worsening from July’s 0.65% drop. Aside from Shangha…

In a continued sign of weak demand, property prices slumped at a faster pace in August.
According to the stats bureau’s (NBS) monthly survey of home prices in 70 major cities, published Saturday:

In August, average new home prices fell 0.73% m/m, worsening from July's 0.65% drop.
Aside from Shangha...

sources

NBS: 2024年8月份70个大中城市商品住宅销售价格变动情况

NBS: 国家统计局城市司首席统计师王中华解读2024年8月份商品住宅销售价格变动情况统计数据

September 18, 2024

China Week roundup

The US Congress’s long-promised “China Week” has come and gone. US lawmakers introduced a slate of anti-China legislation upon Congress’s return from summer recess on September 9. The House of Representatives passed 25 bills to counter perceived Chinese threats to American interests, including by: …

The US Congress’s long-promised “China Week” has come and gone.
US lawmakers introduced a slate of anti-China legislation upon Congress’s return from summer recess on September 9.
The House of Representatives passed 25 bills to counter perceived Chinese threats to American interests, including by:

...

sources

House Select Committee on the CCP: CHINA WEEK RECAP: Congress Passes 25 Bills to Combat Chinese Communist Party Threats

Politico: Congress’ ‘China Week’ tensions

September 18, 2024

State Council guidelines push for broader approach to food security

On Sunday, the State Council published guidelines on expanding the definition of food security. ICYDK: Since 2022, the top leadership – including Xi Jinping himself – has pushed to expand China’s food security framework beyond staple grains to better reflect the modern Chinese diet. The guidelines …

On Sunday, the State Council published guidelines on expanding the definition of food security.
ICYDK: Since 2022, the top leadership – including Xi Jinping himself – has pushed to expand China’s food security framework beyond staple grains to better reflect the modern Chinese diet.

The guidelines ...

sources

Gov.cn: 国务院办公厅关于践行大食物观构建多元化食物供给体系的意见

September 18, 2024

China finally raises the retirement age

After much hemming and hawing, China is finally raising the retirement age. The legislature (NPCSC) approved the plan on Friday. The headlines: Starting in January 2025, the retirement age will gradually increase over 15 years. For men, the age will increase from 60 to 63. For women, it will…

After much hemming and hawing, China is finally raising the retirement age.

The legislature (NPCSC) approved the plan on Friday.

The headlines: Starting in January 2025, the retirement age will gradually increase over 15 years.

For men, the age will increase from 60 to 63.
For women, it will...

sources

Gov.cn: 全国人民代表大会常务委员会关于实施渐进式延迟法定退休年龄的决定

September 17, 2024

Macro wrap: China’s GDP growth target looks increasingly unattainable

To read this macro wrap as a PDF file, click here. Exec sum China’s economic growth weakened further in August, with data showing virtually across-the-board deterioration. The sale of big-ticket items was one of the main drags on retail sales growth last month, with auto, furniture, and decoration …

To read this macro wrap as a PDF file, click here.
Exec sum

China’s economic growth weakened further in August, with data showing virtually across-the-board deterioration.
The sale of big-ticket items was one of the main drags on retail sales growth last month, with auto, furniture, and decoration ...

September 16, 2024

Lower funding costs on the way

China’s central bank (PBoC) plans to further reduce borrowing costs. In a statement on Friday, the PBoC said it would: “Launch a number of incremental measures to further reduce corporate and household credit costs” Some context: Last week, the PBoC also said that it is currently difficult to cut …

China’s central bank (PBoC) plans to further reduce borrowing costs.
In a statement on Friday, the PBoC said it would:

“Launch a number of incremental measures to further reduce corporate and household credit costs”

Some context: Last week, the PBoC also said that it is currently difficult to cut ...

sources

PBoC: 中国人民银行有关部门负责人解读8月金融统计数据

September 16, 2024

Credit growth remains weak in August

Credit growth in August was equal to its slowest ever pace. According to the central bank’s (PBoC) monthly credit data, released on Friday, outstanding total social financing (TSF) grew 8.1% y/y last month, down from 8.2% in July and equal to June’s expansion, which was the slowest on record. Outst…

Credit growth in August was equal to its slowest ever pace.
According to the central bank’s (PBoC) monthly credit data, released on Friday, outstanding total social financing (TSF) grew 8.1% y/y last month, down from 8.2% in July and equal to June’s expansion, which was the slowest on record.

Outst...

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PBoC: 2024年8月社会融资规模存量统计数据报告

PBoC: 2024年8月社会融资规模增量统计数据报告

September 16, 2024

Consumer demand is in the doldrums

Consumer demand is well and truly in the doldrums. That’s our takeaway from the August econ data print, released by the stats bureau (NBS) on Saturday. Retail sales grew by 2.1% y/y in August, the second slowest growth rate since pandemic controls ended in late-2022. More concerning, retail sales …

Consumer demand is well and truly in the doldrums.

That’s our takeaway from the August econ data print, released by the stats bureau (NBS) on Saturday.

Retail sales grew by 2.1% y/y in August, the second slowest growth rate since pandemic controls ended in late-2022.
More concerning, retail sales ...

sources

Stats.gov.cn: 2024年8月份社会消费品零售总额增长2.1%

September 16, 2024

Slowdown in August economic activity lifts likelihood of stimulus in Q4

China’s economy continues to slow. Per data released by the stats bureau (NBS) on Saturday: Industrial value-added (IVA) grew 4.5% y/y in August, down from 5.1% the previous month Fixed asset investment (FAI) grew 2.0% y/y, up a smidgen from July’s 1.9% growth Retail sales grew by 2.1% y/y, down fr…

China’s economy continues to slow.
Per data released by the stats bureau (NBS) on Saturday:

Industrial value-added (IVA) grew 4.5% y/y in August, down from 5.1% the previous month
Fixed asset investment (FAI) grew 2.0% y/y, up a smidgen from July’s 1.9% growth
Retail sales grew by 2.1% y/y, down fr...

sources

Gov.cn: 国务院新闻办发布会介绍2024年8月份国民经济运行情况

September 14, 2024

National online ID system takes another step forward

China continues to centralize management of citizens’ personal information online. On Thursday, cybersecurity standards group TC260 released draft technical standards on third-party access to China’s online ID system. Recap: In July, China’s police force (MPS) and cybersecurity regulator (CAC) lau…

China continues to centralize management of citizens' personal information online.
On Thursday, cybersecurity standards group TC260 released draft technical standards on third-party access to China's online ID system.
Recap: In July, China's police force (MPS) and cybersecurity regulator (CAC) lau...

sources

TC260: 关于国家标准《网络安全技术网络身份认证公共服务应用接入规范》征求意见稿征求意见的通知

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