string(13) "markets-macro"

Macro

January 16, 2018

Dominating in AI requires people

Tip Sheet readers are well aware of China’s desire – and plan – to become a dominant global power in Artificial Intelligence. An interesting piece from Nature lays out the state of play: “Chinese AI companies are progressing at a dizzying pace.” “At least five companies developing facial recog… Username Password Remember Me Forgot… Read More »

Tip Sheet readers are well aware of China’s desire – and plan – to become a dominant global power in Artificial Intelligence.
An interesting piece from Nature lays out the state of play:

“Chinese AI companies are progressing at a dizzying pace.”
“At least five companies developing facial recog...

sources

Nature: China enters the battle for AI talent

January 16, 2018

Everyone reports to Xi

Xi Jinping is keeping tabs on the most important organs of the Party-state. On Monday, the Politburo Standing Committee (PBSC) heard reports from: The legislature (NPC) State Council Political advisory body (CPPCC), Supreme Court Supreme Procuratorate CCP Central Committee Secretariat Monday’s ter…

Xi Jinping is keeping tabs on the most important organs of the Party-state.
On Monday, the Politburo Standing Committee (PBSC) heard reports from:

The legislature (NPC)
State Council
Political advisory body (CPPCC),
Supreme Court
Supreme Procuratorate
CCP Central Committee Secretariat

Monday’s ter...

sources

CPC People: 中共中央政治局常务委员会召开会议听取全国人大常委会、国务院、全国政协、最高人民法院、最高人民检察院党组工作汇报听取中央书记处工作报告

January 16, 2018

RMB still on a tear

China’s currency just keeps on keepin’ on in 2018. It has continued to rise this week – hitting its strongest point against the dollar in over two years. But these movements aren’t really about the CNY itself. This week they aren’t even about the dollar. It’s the euro that’s driving t…

China’s currency just keeps on keepin’ on in 2018. It has continued to rise this week – hitting its strongest point against the dollar in over two years.
But these movements aren’t really about the CNY itself. This week they aren’t even about the dollar.
It’s the euro that’s driving t...

sources

SCMP: Yuan surges to 25-month high as global use rises amid dollar sell-off

FT: Bundesbank to include renminbi in its currency reserves

January 16, 2018

Banks get into the apartment rental game

Don’t expect any loosening of tight property policies. That is the message from the PBoC’s Financial News today (see link below). Policy will continue to become more localized to meet the needs of each city. But regulators are not satisfied and want prices to ease further in…

Don’t expect any loosening of tight property policies. That is the message from the PBoC’s Financial News today (see link below).
Policy will continue to become more localized to meet the needs of each city. But regulators are not satisfied and want prices to ease further in...

sources

Financial News: 房地产调控更加注重差别化精准化

Caixin: Banks Take Up Xi’s Call to Boost Rental Housing

January 16, 2018

GDP will come on Thursday – what to watch

Get excited. China’s GDP data release will come on Thursday along with a slew of other economic stats. There are unlikely to be many surprises given that Premier Li Keqiang has already said the economy grew at 6.9% last year. Still, there are some things to watch. The two items…

Get excited. China’s GDP data release will come on Thursday along with a slew of other economic stats.
There are unlikely to be many surprises given that Premier Li Keqiang has already said the economy grew at 6.9% last year.
Still, there are some things to watch. The two items...

sources

Bloomberg: Xi Jinping’s Debt Clampdown Has Left a Trail of Dead Projects

January 16, 2018

Banks react to the CBRC’s “iron fist”

Industry folks in the banking sector have been digesting the latest missive from the bank regulator (CBRC), which we highlighted in yesterday’s Tip Sheet. The takeaway: There go bank profits (21st Cent Biz). “The 22 main points [for supervision in the document] are basically the way the b…

Industry folks in the banking sector have been digesting the latest missive from the bank regulator (CBRC), which we highlighted in yesterday’s Tip Sheet.
The takeaway: There go bank profits (21st Cent Biz).

“The 22 main points [for supervision in the document] are basically the way the b...

sources

21st Century Biz: 银监会彻底封堵监管套利路径强调防范“处置风险的风险”

Caixin: Banking Overseer Vows Enforcement With ‘Iron Fist’

Caixin: Graft-Buster Targets Banks Over Corrupt Lending

January 15, 2018

China’s government wants to know what it owns

That’s the rationale behind a new document released by the Party’s Central Committee. It asks the State Council to issue a report to the legislature on the management and value of state-owned assets (see People’s Daily link below). The document requires the State Council’s report to account for…

That’s the rationale behind a new document released by the Party’s Central Committee. It asks the State Council to issue a report to the legislature on the management and value of state-owned assets (see People’s Daily link below).
The document requires the State Council’s report to account for...

sources

Gov.cn: 中共中央关于建立国务院向全国人大常委会报告国有资产管理情况制度的意见

CPC People: 建立国有资产报告制度加强人大国有资产监督职能

January 15, 2018

Get ready for supervisory commissions

The establishment of supervisory commissions across the government will be one of the most important developments in Chinese policy in 2018. The CCDI plenum confirmed that the commissions will be rolled out nationwide: “China is expanding a pilot reform of supervisory systems in Beijing, …

The establishment of supervisory commissions across the government will be one of the most important developments in Chinese policy in 2018.
The CCDI plenum confirmed that the commissions will be rolled out nationwide:

“China is expanding a pilot reform of supervisory systems in Beijing, ...

sources

Xinhua: China Focus: CCDI pledges to safeguard Xi’s core status, crack down upon corruption

January 15, 2018

CCDI focuses less on corruption, more on politics

The Party’s discipline commission (CCDI), has become more effective in policing the actions of Party members. Now it wants to become more effective at policing Party members’ thoughts. Seriously. That’s according to the communique from the CCDI’s recent plenary session, which concluded Saturday…

The Party’s discipline commission (CCDI), has become more effective in policing the actions of Party members.
Now it wants to become more effective at policing Party members’ thoughts.
Seriously. That’s according to the communique from the CCDI’s recent plenary session, which concluded Saturday...

sources

CCDI: 中国共产党第十九届中央纪律检查委员会第二次全体会议公报

CCDI: 一图读懂：十九届中央纪委二次全会公报

Xinhua: CCDI to exclude “disloyal, dishonest” Party members

Xinhua: Safeguarding Xi’s core position is the key: communique

January 15, 2018

Amendments to PRC Constitution reflect Xi’s power

The Politburo met to discuss amendments to the PRC Constitution on Friday. Xi framed the revision as part of his “rule of law” initiative (CPC): “[Our Party] resolutely supports [the idea] that in order to have a country governed by law, one must have a country governed according to the c…

The Politburo met to discuss amendments to the PRC Constitution on Friday.
Xi framed the revision as part of his “rule of law” initiative (CPC):

“[Our Party] resolutely supports [the idea] that in order to have a country governed by law, one must have a country governed according to the c...

sources

CPC People: 中共中央政治局召开会议习近平主持

Xinhua: No large-scale amendment to Constitution: CPC leaders

January 15, 2018

Was 2017 a turning point for Chinese credit?

Aggregate Financing to the Real Economy (AFRE) grew by 12% in 2017. That’s according to central bank statistics released Friday. That’s the slowest pace of annual growth for AFRE on record – although the stats only go back to 2002. For comparison, growth of AFRE came in at 12.9% …

Aggregate Financing to the Real Economy (AFRE) grew by 12% in 2017. That’s according to central bank statistics released Friday.
That’s the slowest pace of annual growth for AFRE on record – although the stats only go back to 2002.
For comparison, growth of AFRE came in at 12.9% ...

sources

PBoC: 2017年金融统计数据报告

SCMP: China’s new loans halved in December after record year

January 15, 2018

Shareholder disclosure to be made more transparent

Not to be outdone by the CBRC, the securities regulator (CSRC) is also upping its game – especially when it comes to opaque shareholding structures. Three types of shareholders are under particular scrutiny (link below): Private equity funds Asset management plans Trust funds The CS…

Not to be outdone by the CBRC, the securities regulator (CSRC) is also upping its game – especially when it comes to opaque shareholding structures.
Three types of shareholders are under particular scrutiny (link below):

Private equity funds
Asset management plans
Trust funds

The CS...

sources

China Securities Journal: 证监会首度明确“三类股东”监管政策

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