string(13) "markets-macro"

Macro

December 3, 2019

Study campaign tackles local window dressing

The era of flashy fourth-tier city construction projects is over. That’s the most recent message fromthe leading small group for the“Stay true to the Party’s founding mission” study campaign. Some context: The study campaign has been all the rage in Party circles ever since it’s launch at the May Po… Username Password Remember Me … Read More »

The era of flashy fourth-tier city construction projects is over.
That’s the most recent message fromthe leading small group for the“Stay true to the Party’s founding mission” study campaign.
Some context: The study campaign has been all the rage in Party circles ever since it’s launch at the May Po...

sources

The Paper: 中央主题教育领导小组发重磅通知：整治政绩工程、面子工程

December 3, 2019

Yangtze River Delta to share tax revenue

On Sunday, the Central committee and State Council jointly released a high-level strategic plan aimed at integrating the Yangtze River Delta (YRD) region. The big news: The YRD directive orders local governments to explore ways to share their tax revenues – for the first time, ever. But don’t g…

On Sunday, the Central committee and State Council jointly released a high-level strategic plan aimed at integrating the Yangtze River Delta (YRD) region.
The big news: The YRD directive orders local governments to explore ways to share their tax revenues – for the first time, ever.
But don’t g...

sources

Gov.cn: 中共中央国务院印发《长江三角洲区域一体化发展规划纲要》

December 3, 2019

NEVer say NEVer again

On Tuesday, the auto industry regulator (MIIT) released a draft of the New Energy Vehicle (NEV) Industry Development Plan (2021-2035) for public comment. Some context: MIIT has been working on this plan for about a year and has been under the gun to submit a draft by the end of 2019. More conte…

On Tuesday, the auto industry regulator (MIIT) released a draft of the New Energy Vehicle (NEV) Industry Development Plan (2021-2035) for public comment.
Some context: MIIT has been working on this plan for about a year and has been under the gun to submit a draft by the end of 2019.
More conte...

sources

MIIT: 对《新能源汽车产业发展规划（2021-2035年）》（征求意见稿）公开征求意见

December 3, 2019

New capital rules for banks

Not to be outdone by the central bank – the banking and insurance regulator (CBIRC) also issued new rules on Friday. These were meant to clarify the types of capital raising instruments banks can employ. More critically, the regulator laid out how those capital cushions might be used in an emer…

Not to be outdone by the central bank – the banking and insurance regulator (CBIRC) also issued new rules on Friday.
These were meant to clarify the types of capital raising instruments banks can employ.
More critically, the regulator laid out how those capital cushions might be used in an emer...

sources

Caixin: China’s Regulator Revises Rules on Banks’ Capital Replenishment Tools

December 3, 2019

Credit rating agencies in for a shakeup – maybe

The financial de-risking campaign officially has a newtarget– ratings agencies. On Friday, the central bank released new measures to better regulate the industry. They will take effect later this month. Caixin has the details: “The measures…stipulate the responsibilities of credit ratings firm…

The financial de-risking campaign officially has a newtarget– ratings agencies.
On Friday, the central bank released new measures to better regulate the industry. They will take effect later this month.
Caixin has the details:

“The measures…stipulate the responsibilities of credit ratings firm...

sources

Caixin: Regulators Unveil New Rules to Clean Up Credit Ratings

December 3, 2019

Xi and Putin open China-Russia gas pipeline

On Monday, the 8,000 km Power of Siberia gas pipeline linking Russia and China began operation. The details (Xinhua): “The pipeline is scheduled to provide China with 5 billion cubic meters of Russian gas in 2020 and the amount is expected to increase to 38 billion cubic meters annually from 2024, …

On Monday, the 8,000 km Power of Siberia gas pipeline linking Russia and China began operation.
The details (Xinhua):

“The pipeline is scheduled to provide China with 5 billion cubic meters of Russian gas in 2020 and the amount is expected to increase to 38 billion cubic meters annually from 2024, ...

sources

WSJ: China and Russia Are Partners—and Now Have a $55 Billion Pipeline to Prove It

CPC People: 习近平同普京视频连线共同见证

Xinhua: China-Russia east-route natural gas pipeline in operation

December 2, 2019

Shanxi gets a new Party boss

There’s a newtop official in Shanxi – Lou Yangsheng. Lou takes over as Shanxi Party Secretaryfrom Luo Huining, who stepped down due to reaching retirement age. A little about Lou: Lou is from Zhejiang, and he worked in the province for over 32 years. Lou’s deep Zhejiang ties have led many to classi…

There’s a newtop official in Shanxi – Lou Yangsheng.
Lou takes over as Shanxi Party Secretaryfrom Luo Huining, who stepped down due to reaching retirement age.
A little about Lou:

Lou is from Zhejiang, and he worked in the province for over 32 years.
Lou’s deep Zhejiang ties have led many to classi...

sources

CPC People: 楼阳生任山西省委书记(图/简历)

Caixin: 人事观察|60岁楼阳生任山西省委书记十九大后15省份调整党委一把手

December 2, 2019

Party seeks more control over SOEs

Xi Jinping chaired a meeting of the Politburo on Friday. Two documents were deliberated: Work Rules for Grassroots Party Organizations in Party and State Departments (Pilot) Work Rules for Grassroots Party Organizations in State-Owned Enterprises (SOEs) Some context: The first set of rules ar…

Xi Jinping chaired a meeting of the Politburo on Friday.
Two documents were deliberated:

Work Rules for Grassroots Party Organizations in Party and State Departments
(Pilot) Work Rules for Grassroots Party Organizations in State-Owned Enterprises (SOEs)

Some context: The first set of rules ar...

sources

CPC People: 中共中央政治局召开会议

December 2, 2019

…Yi Gang on policy coordination

The hits just keep on coming (see previous two entries). Yi concluded the “practical” section on monetary policy by saying it needs to be coordinated with other policies: “Monetary policy cannot fight alone. It needs to cooperate with other policies and form a joint force.” “We should have a deep u…

The hits just keep on coming (see previous two entries).
Yi concluded the “practical” section on monetary policy by saying it needs to be coordinated with other policies:

“Monetary policy cannot fight alone. It needs to cooperate with other policies and form a joint force.”
“We should have a deep u...

sources

Wind: 易纲：坚守币值稳定目标，实施稳健货币政策

December 2, 2019

…Yi Gang talks currency…

Yep we’re still on this essay, so keep feasting (see previous entry). Next, Yi talked currency: “We should stick to the fundamental goal of currency stability.” Get smart 1: Currency stability is technically supposed to be the PBoC’s top priority – according to the law that created the bank. …

Yep we’re still on this essay, so keep feasting (see previous entry).
Next, Yi talked currency:

“We should stick to the fundamental goal of currency stability.”

Get smart 1: Currency stability is technically supposed to be the PBoC’s top priority – according to the law that created the bank.
...

sources

Wind: 易纲：坚守币值稳定目标，实施稳健货币政策

December 2, 2019

Yi Gang’s monetary masterclass…

Central Bank Governor Yi Gang published a long article on monetary policy in the Party’s most important theoretical journal over the weekend. And. We. Are. Excited. Yi first outlined the modern history of monetary policy. Then he got down to business, describing how he thinks about monetary policy. …

Central Bank Governor Yi Gang published a long article on monetary policy in the Party’s most important theoretical journal over the weekend.
And. We. Are. Excited.
Yi first outlined the modern history of monetary policy.
Then he got down to business, describing how he thinks about monetary policy.
...

sources

Wind: 易纲：坚守币值稳定目标，实施稳健货币政策

December 2, 2019

To stimulate or not to stimulate, that’s the question

The year’s most important economic policy meeting – the Central Economic Work Conference (CEWC) – will be held in around two weeks. That means that policy advisors are piping up in the hopes of shaping the thinking of top leaders. Last Friday, Renmin University published a 2020 macroeconomic report….

The year’s most important economic policy meeting – the Central Economic Work Conference (CEWC) – will be held in around two weeks.
That means that policy advisors are piping up in the hopes of shaping the thinking of top leaders.
Last Friday, Renmin University published a 2020 macroeconomic report....

sources

Sina: 余永定:不能让经济增速跌破“6”的界限

Source: CMF WeChat: 中国宏观经济2020年分析与预测报告

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