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Macro

November 21, 2019

State Council discusses personal income tax reform

Yesterday, the State Council did its thing – holding its weekly executive meeting. Top of the agenda: Individual income tax reform. Some context: The Individual Income Tax Law was amended in September 2018. It created special deductions for certain expenditures – including children’s education,… Username Password Remember Me Forgot Password

Yesterday, the State Council did its thing – holding its weekly executive meeting.
Top of the agenda: Individual income tax reform.
Some context: The Individual Income Tax Law was amended in September 2018. It created special deductions for certain expenditures – including children’s education,...

sources

Gov.cn: 李克强主持召开国务院常务会议听取个人所得税改革情况汇报确定有关税收优惠政策减轻纳税人负担等

November 21, 2019

Xi projects hope

On Wednesday, official media reported that Xi Jinping recently sent a message to Project Hope – a public welfare program helping poor children get access to education. Some context: Project Hope was established in 1989 by the Communist Youth League and the China Youth Development Foundation. Si…

On Wednesday, official media reported that Xi Jinping recently sent a message to Project Hope – a public welfare program helping poor children get access to education.
Some context: Project Hope was established in 1989 by the Communist Youth League and the China Youth Development Foundation. Si...

sources

Xinhua: 习近平寄语希望工程强调把希望工程这项事业办得更好让广大青少年充分感受到党的关怀和社会主义大家庭的温暖

Xinhua: Xi sends message to Project Hope

November 21, 2019

The other German GDR

On Wednesday, local financial media reported that the China Europe International Exchange (CEINEX) was gearing up to launch a stock link between Shanghai and Frankfurt –called the Shanghai-Deutsche Stock Connect. Some context: CEINEX was founded in 2015 as a joint-venture between the Shanghai S…

On Wednesday, local financial media reported that the China Europe International Exchange (CEINEX) was gearing up to launch a stock link between Shanghai and Frankfurt –called the Shanghai-Deutsche Stock Connect.
Some context: CEINEX was founded in 2015 as a joint-venture between the Shanghai S...

sources

The Paper: 中欧所正积极筹备股票市场沪德通，加强中德证券市场互联互通

Caixin: Shanghai-Deutsche Stock Connect Program Advances

Yicai: CEINEX Preps for Shanghai-Germany Stock Connect

November 20, 2019

MofCom sets up new FTZ department

On Tuesday, Caixin reported that the Ministry of Commerce (MofCom) recently created a new department to coordinate the development of China’s pilot free trade zones (FTZs). The new office is namedthe Department of Pilot Free Trade Zones and Free Trade Ports. According to its website, last updated …

On Tuesday, Caixin reported that the Ministry of Commerce (MofCom) recently created a new department to coordinate the development of China’s pilot free trade zones (FTZs).

The new office is namedthe Department of Pilot Free Trade Zones and Free Trade Ports.

According to its website, last updated ...

sources

MofCom: 中华人民共和国商务部自贸区港建设协调司

Caixin: 商务部新设自贸区港司主要负责人来自外资司

November 20, 2019

Beijing set for service sector opening

On Tuesday, the State Council effectively authorized Beijing to open some services to foreign investment – on a trial basis. Some context: In January, the State Council approved Beijing’s work plan to open up its service industries. More context: In August, Beijing released a three-year action …

On Tuesday, the State Council effectively authorized Beijing to open some services to foreign investment – on a trial basis.
Some context: In January, the State Council approved Beijing’s work plan to open up its service industries.
More context: In August, Beijing released a three-year action ...

sources

Gov.cn: 国务院关于同意在北京市暂时调整实施有关行政法规和经国务院批准的部门规章规定的批复

November 20, 2019

Meet the giant new manufacturing investment fund

Yesterday, China officially established a new super-sized national investment fund aimed at transforming and upgrading the country’s manufacturing sector. This thing ain’t small potatoes – it hasregistered capital of a whopping RMB 147.2 billion. For comparison: The China Integrated Circui…

Yesterday, China officially established a new super-sized national investment fund aimed at transforming and upgrading the country’s manufacturing sector.
This thing ain’t small potatoes – it hasregistered capital of a whopping RMB 147.2 billion.
For comparison: The China Integrated Circui...

sources

Caixin: China Sets Up Massive New Fund to Transform Manufacturing

Shanghai Stock Exchange: 中国中车股份有限公司关于参与发起设立国家制造业转型升级基金股份有限公司的公告

Euronews: China sets up $21 billion fund to upgrade manufacturing – Shanghai Securities News

November 20, 2019

LPR falls again

Speaking of counter-cyclical adjustments…(see previous entry). On Wednesday, the central bank (PBoC) published the monthly one-year and five-year loan prime rates (LPR) for November. The details: Both rates came in five basis points below their October rates. The one-year LPR is now at 4.15% –…

Speaking of counter-cyclical adjustments…(see previous entry).
On Wednesday, the central bank (PBoC) published the monthly one-year and five-year loan prime rates (LPR) for November.
The details:

Both rates came in five basis points below their October rates.
The one-year LPR is now at 4.15% –...

sources

Caixin: 一年和五年期LPR均下调央行强调LPR对贷款利率引导作用

Reuters: China cuts new benchmark lending rate to lower costs, shore up economy

November 20, 2019

PBoC thinking hard about policy stance

On Tuesday, the central bank (PBoC) held a symposium to discuss credit and monetary conditions. PBoC Governor Yi Gang and Vice Governor Liu Guoqiang were in attendance – looking to address growing concerns over slumping credit growth. Yi touted success on several goals, including: Increasingsu…

On Tuesday, the central bank (PBoC) held a symposium to discuss credit and monetary conditions.
PBoC Governor Yi Gang and Vice Governor Liu Guoqiang were in attendance – looking to address growing concerns over slumping credit growth.
Yi touted success on several goals, including:

Increasingsu...

sources

Weixin: 人民银行召开金融机构货币信贷形势分析座谈会

China Forex: PBOC says to continue with prudent monetary policy

November 19, 2019

Hong Kong’s constitutional conundrum

Hong Kong may be headed for a constitutional crisis to match its deepening socialturmoil. On Monday, the Hong Kong High Court ruled that the government’s imposition of an anti-mask law was a violation of the Hong Kong Basic Law, the city’s mini-constitution. Some context: The anti-mask law was …

Hong Kong may be headed for a constitutional crisis to match its deepening socialturmoil.
On Monday, the Hong Kong High Court ruled that the government’s imposition of an anti-mask law was a violation of the Hong Kong Basic Law, the city’s mini-constitution.
Some context: The anti-mask law was ...

sources

SCMP: Hong Kong court sent wrong signals to radical protesters over face mask ban, say mainland Chinese analysts

Xinhua: 国务院港澳办发言人对香港法院有关司法复核案判决表示强烈关注

Xinhua: 全国人大常委会法工委发言人就香港法院有关司法复核案判决发表谈话

November 19, 2019

Li Keqiang urges investment in water infrastructure

On Monday, Premier Li Keqiang sat down with other top officials to discuss one of China’s most pressing challenges – water scarcity. Li was blunt that this is a big problem (Gov.cn): “Water resource shortages and uneven distribution in time and space make up one of the major bottlenecks that hinder…

On Monday, Premier Li Keqiang sat down with other top officials to discuss one of China’s most pressing challenges – water scarcity.
Li was blunt that this is a big problem (Gov.cn):

“Water resource shortages and uneven distribution in time and space make up one of the major bottlenecks that hinder...

sources

Gov.cn: 李克强主持召开南水北调后续工程工作会议

Gov.cn: Premier stresses water conservancy construction

November 19, 2019

MofCom’s silver linings outlook

On Monday, the Ministry of Commerce (MofCom) held a press conference to review foreign direct investment (FDI) data from January to October. Here’s the latest: China saw the establishment of 33,407 new foreign-invested enterprises FDI reached RMB 752 billion in the first ten months of the year, up …

On Monday, the Ministry of Commerce (MofCom) held a press conference to review foreign direct investment (FDI) data from January to October.
Here’s the latest:

China saw the establishment of 33,407 new foreign-invested enterprises
FDI reached RMB 752 billion in the first ten months of the year, up ...

sources

Gov.cn: 商务部召开利用外资专题发布会

SCIO: China’s FDI inflow up 6.6% in January-October period

November 19, 2019

Officials mull new cuts to steel capacity

On Monday, local financial media published reports on a government notice – issued by the industrial planners (NDRC and MIIT) and the National Bureau of Statistics (NBS) – to survey steel production in the nation’s steel mills. Dated November 4, the survey is meant to collect stats over the past thr…

On Monday, local financial media published reports on a government notice – issued by the industrial planners (NDRC and MIIT) and the National Bureau of Statistics (NBS) – to survey steel production in the nation’s steel mills.
Dated November 4, the survey is meant to collect stats over the past thr...

sources

The Paper: 三部门联合出手！将对钢企近3年产能、产量进行调查核实

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