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Macro

November 29, 2019

China furious over US Hong Kong bill

On Wednesday, US President Donald Trump signed the Hong Kong Human Rights and Democracy Act into law. Some context: The bill passed with near unanimous support in Congress and equips the US with tools to take action against the erosion of civil liberties in Hong Kong. China’s foreign ministry (… Username Password Remember Me … Read More »

On Wednesday, US President Donald Trump signed the Hong Kong Human Rights and Democracy Act into law.
Some context: The bill passed with near unanimous support in Congress and equips the US with tools to take action against the erosion of civil liberties in Hong Kong.
China’s foreign ministry (...

sources

FMPRC: 外交部声明

Xinhua: China firmly opposes U.S. signing Hong Kong-related act into law: FM

SCMP: Just bluster? Beijing angered after Trump signs Hong Kong acts, but little sign of trade talks fallout

SCMP: Hands tied by Hong Kong democracy act, Donald Trump sends signal to Beijing on trade

November 29, 2019

NHSA succeeds in slashing drug prices

Yesterday, the National Healthcare Security Administration (NHSA) announced that the government’s medical insurance plan will begin reimbursing 70 new drugs, after directly negotiating prices with drug makers. Some context: The NHSA is a new agency born of the MASSIVE Party-state reorganization…

Yesterday, the National Healthcare Security Administration (NHSA) announced that the government’s medical insurance plan will begin reimbursing 70 new drugs, after directly negotiating prices with drug makers.
Some context: The NHSA is a new agency born of the MASSIVE Party-state reorganization...

sources

NHSA: 国家医保局、人力资源社会保障部印发2019年国家医保谈判准入药品名单

NHSA: 《关于将2019年谈判药品纳入国家基本医疗保险、工伤保险和生育保险药品目录乙类范围的通知》政策解读

The Paper: 视频丨央视记录医保谈判代表砍价过程：“再降4分钱吧”

Reuters: Drugmakers slash prices in China to get on reimbursement list

November 29, 2019

A renewedglobalization push

On Thursday, the Party Central Committee and the State Council released high-level guidelines dealing withforeign trade procedures. Fun stuff! As usual, regular Tip Sheet readers won’t be surprised by this development – we flagged it back when the Central Committee for Comprehensively Deepening Refo…

On Thursday, the Party Central Committee and the State Council released high-level guidelines dealing withforeign trade procedures.
Fun stuff!
As usual, regular Tip Sheet readers won’t be surprised by this development – we flagged it back when the Central Committee for Comprehensively Deepening Refo...

sources

Gov.cn: 中共中央国务院关于推进贸易高质量发展的指导意见

Gov.cn: China issues guideline for high-quality trade development

November 29, 2019

Banks struggle to assessrisk

Yesterday, we highlightedthe State Council’s new policy to boost fixed-asset investment. In case you forgot: The policy allows more debt financing for infrastructure projects. That’s making banks nervous. The 21st Century Business Heraldreports that lenders say they willpay much closer at…

Yesterday, we highlightedthe State Council’s new policy to boost fixed-asset investment.
In case you forgot: The policy allows more debt financing for infrastructure projects.
That’s making banks nervous.

The 21st Century Business Heraldreports that lenders say they willpay much closer at...

sources

21st Century Biz: 资本金比例下调银行审批“压力山大”：看重现金流、股东背景，穿透有难度

November 29, 2019

FSDC meets again

Yesterday, Liu He chaired the 10th meeting of Financial Stability and Development Committee (FSDC). Aquick refresher:The FSDC was created in July 2017 to coordinate financial and economic regulators.It’s headed by Xi Jinping’s right-hand man on the economy – Vice Premier Liu He. The agenda covered t…

Yesterday, Liu He chaired the 10th meeting of Financial Stability and Development Committee (FSDC).
Aquick refresher:The FSDC was created in July 2017 to coordinate financial and economic regulators.It’s headed by Xi Jinping’s right-hand man on the economy – Vice Premier Liu He.
The agenda covered t...

sources

Gov.cn: 国务院金融稳定发展委员会召开第十次会议

November 28, 2019

Xi calls for overhaul of military education

There’s a Chinese saying that goes “don’t waste good iron to make nails or good men to make soldiers.” Xi Jinping begs to differ. On Wednesday, the big man delivered the opening address for a training session at the PLA National Defense University. In the speech, he called for a new type of militar…

There’s a Chinese saying that goes “don’t waste good iron to make nails or good men to make soldiers.”
Xi Jinping begs to differ.
On Wednesday, the big man delivered the opening address for a training session at the PLA National Defense University.

In the speech, he called for a new type of militar...

sources

Xinhua: 习近平在全军院校长集训开班式上强调贯彻新时代军事教育方针深化军事院校改革创新培养德才兼备的高素质专业化新型军事人才

Xinhua: Xi stresses cultivating new type of military personnel

November 28, 2019

State Council follows through on investment relaxations

On Wednesday, the State Council released a policy meant to boost fixed-asset investment – by a touch. Regular Tip Sheet readers won’t be surprised by this development – we flagged it two weeks ago, when the State Council first said this was coming. Time for a quick recap… The policy is intended to u…

On Wednesday, the State Council released a policy meant to boost fixed-asset investment – by a touch.
Regular Tip Sheet readers won’t be surprised by this development – we flagged it two weeks ago, when the State Council first said this was coming.
Time for a quick recap…
The policy is intended to u...

sources

Gov.cn: 国务院关于加强固定资产投资项目资本金管理的通知

November 28, 2019

Saving the (business) environment

On Wednesday, Premier Li Keqiang chaired an executive meeting of the State Council. The agenda: Turning China into a “world-class, market-oriented business environment governed by a sound legal framework.” Easy squeezy. The meeting focused on the recently released “Regulations on Optimizing the…

On Wednesday, Premier Li Keqiang chaired an executive meeting of the State Council.
The agenda: Turning China into a “world-class, market-oriented business environment governed by a sound legal framework.”
Easy squeezy.
The meeting focused on the recently released “Regulations on Optimizing the...

sources

Gov.cn: 李克强主持召开国务院常务会议部署以实施《优化营商环境条例》为契机加快打造市场化法治化国际化营商环境

Gov.cn: China to further improve business environment by addressing market concerns

November 28, 2019

Data dump – industrial profits

There were so many important financial developments on Wednesday that we didn’t get to highlight the terrible industrial profits data. So here we go. The details: October industrial profits contracted by 9.9% y/y – that’s down from a 5.3% contraction in September. It marks the steepest drop in…

There were so many important financial developments on Wednesday that we didn’t get to highlight the terrible industrial profits data.
So here we go. The details:

October industrial profits contracted by 9.9% y/y – that’s down from a 5.3% contraction in September.
It marks the steepest drop in...

sources

Reuters: China’s industrial profits post steepest fall in eight months

November 28, 2019

Yi Huiman is unhappy

Over the past 24 hours, Chinese financial media has been buzzing about an op-ed written by Yi Huiman, head of the securities regulator (CSRC). Yi wants regulators to get tough (Yicai): “The basic responsibility of the CSRC is regulating.” And he’s not thrilled with some of his subordinates: …

Over the past 24 hours, Chinese financial media has been buzzing about an op-ed written by Yi Huiman, head of the securities regulator (CSRC).
Yi wants regulators to get tough (Yicai):

“The basic responsibility of the CSRC is regulating.”

And he’s not thrilled with some of his subordinates:

...

sources

Yicai: 易会满《旗帜》杂志发表署名文章：努力实现新时代资本市场高质量发展

November 27, 2019

This land is your land, this land is my land

On Tuesday, the Party Central Committee and the State Council issued new regs addressing rural land contracts. Buckle up: we know you can feel the excitement. Some context: The majority of rural land in China is owned by rural village collectives. Villagers can contract land from the collect…

On Tuesday, the Party Central Committee and the State Council issued new regs addressing rural land contracts.

Buckle up: we know you can feel the excitement.

Some context:

The majority of rural land in China is owned by rural village collectives.
Villagers can contract land from the collect...

sources

Gov.cn: 中共中央国务院关于保持土地承包关系稳定并长久不变的意见

November 27, 2019

Drafting of 14th Five Year Plan gets underway

On Monday, Premier Li Keqiang chaired a meeting of the State Council to discuss China’s 14th Five Year Plan (FYP), which will run from 2021 to 2025. Some context: Over the course of the past year, every level of government has been conducting preliminary research to feed into the plan. Li first remi…

On Monday, Premier Li Keqiang chaired a meeting of the State Council to discuss China’s 14th Five Year Plan (FYP), which will run from 2021 to 2025.
Some context: Over the course of the past year, every level of government has been conducting preliminary research to feed into the plan.
Li first remi...

sources

Gov.cn: 李克强主持召开研究部署”十四五”规划编制专题会议

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