string(13) "markets-macro"

Macro

December 15, 2017

FDI surges in November…but the numbers seem fishy

Speaking of foreign investment – the Ministry of Commerce announced late on Thursday that FDI surged in November – up by a whopping 91% y/y. Inbound spending by foreigners had been negative in the first half of the year, and that had regulators concerned. They’ve been trying to coax in mor… Username Password Remember Me … Read More »

Speaking of foreign investment – the Ministry of Commerce announced late on Thursday that FDI surged in November – up by a whopping 91% y/y.
Inbound spending by foreigners had been negative in the first half of the year, and that had regulators concerned. They’ve been trying to coax in mor...

sources

Bloomberg: China Just Posted a Record Surge in Inward Foreign Investment

December 15, 2017

China slowly opens its financial markets

On Wednesday, China’s banking regulator further outlined the opening of bank ownership to foreign firms (Caixin): “The China Banking Regulatory Commission said it ‘will further push forward the opening of the banking sector in a reasonable order, to expand access, invigorate the market, while …

On Wednesday, China’s banking regulator further outlined the opening of bank ownership to foreign firms (Caixin):

“The China Banking Regulatory Commission said it ‘will further push forward the opening of the banking sector in a reasonable order, to expand access, invigorate the market, while ...

sources

Caixin: Foreign Banks to Be Offered a Bigger Role in China’s Financial Services

Financial Times: 银监会：将扩大外资银行业务经营空间

December 15, 2017

Financial regulators tout record fines

2017 was a banner year for fines in the financial sector, as the China Securities Journal points out today (link below). In total, regulators doled out 2,700 administrative punishments that led to the confiscation of RMB 8 billion – and that is not even a complete tally. Not bad. The secur…

2017 was a banner year for fines in the financial sector, as the China Securities Journal points out today (link below).
In total, regulators doled out 2,700 administrative punishments that led to the confiscation of RMB 8 billion – and that is not even a complete tally.
Not bad.
The secur...

sources

China Securities Journal: “史上最严”金融监管年罚单超2700张罚金超80亿元

Caixin: AVIC Trust Fined for Investing in Nonstandard Credit Assets

December 15, 2017

Xi and Moon agree to improve communication

Xi Jinping hosted South Korean president Moon Jae-in in Beijing Thursday. Ties have been strained of late because of China’s objections to a US missile defense system in South Korea. The two leaders appear to have moved past the issue, though. Before meeting Moon, Xi said (Bloomberg): “For rea…

Xi Jinping hosted South Korean president Moon Jae-in in Beijing Thursday.
Ties have been strained of late because of China’s objections to a US missile defense system in South Korea. The two leaders appear to have moved past the issue, though. Before meeting Moon, Xi said (Bloomberg):

“For rea...

sources

Bloomberg: China, South Korea Pledge to Move Past U.S. Missile Shield Spat

Yonhap News Agency YNA: Moon, Xi vow efforts to improve ties, peacefully denuclearize N. Korea

December 14, 2017

Xi attends ceremony for Nanjing Massacre

Yesterday, December 13, was National Memorial Day for Nanjing Massacre Victims. How Xi commemorated the massacre (Xinhua): “Chinese President Xi Jinping attended a national memorial ceremony on Wednesday to mark the 80th anniversary of the Nanjing Massacre.” “The ceremony [was] held in the square o…

Yesterday, December 13, was National Memorial Day for Nanjing Massacre Victims.
How Xi commemorated the massacre (Xinhua):

“Chinese President Xi Jinping attended a national memorial ceremony on Wednesday to mark the 80th anniversary of the Nanjing Massacre.”
“The ceremony [was] held in the square o...

sources

People's Daily: 习近平出席南京大屠杀死难者国家公祭仪式俞正声出席仪式并讲话

Xinhua: China Focus: President Xi attends national memorial ceremony for Nanjing Massacre victims

Xinhua: People across China attend memorial ceremony for Nanjing Massacre victims

December 14, 2017

Mixed ownership gets a makeover

Wednesday’s State Council meeting vowed to push ahead with “mixed-ownership reforms”, at least for some SOEs (gov.cn): “For SOEs whose main business portfolios are in fully competitive sectors, efforts will be made to explore the mixed ownership structure.” The original idea behind mixed owne…

Wednesday’s State Council meeting vowed to push ahead with “mixed-ownership reforms”, at least for some SOEs (gov.cn):

“For SOEs whose main business portfolios are in fully competitive sectors, efforts will be made to explore the mixed ownership structure.”

The original idea behind mixed owne...

sources

Gov.cn: China will intensify SOE reform to boost quality, efficiency

Xinhua: 国资委：促进各种所有制资本双向流动

December 14, 2017

Xi sends clear message on SOEs

Li Keqiang’s message on SOE reform is unclear (see Entry #4).But Xi Jinping does not mince his words (people.com): “SOEs are the material and political foundation of socialism with Chinese characteristics.” “[They] are the ‘backbone’ of the Chinese socialist economy.” That’s what Xi said…

Li Keqiang’s message on SOE reform is unclear (see Entry #4).But Xi Jinping does not mince his words (people.com):

“SOEs are the material and political foundation of socialism with Chinese characteristics.”
“[They] are the ‘backbone’ of the Chinese socialist economy.”

That’s what Xi said...

sources

People's Daily: 习近平：深入学习贯彻党的十九大精神紧扣新时代要求推动改革发展

People's Daily: 人民日报：深化国有企业改革

December 14, 2017

State Council sends mixed messages on SOE reform

State-owned enterprise (SOE) reforms are going great! That’s according to Li Keqiang, speaking at Wednesday’s State Council meeting (gov.cn): “The reform has enabled SOEs, especially central SOEs, to achieve an upturn in their business revenues, which reached the highest level in five years.” …

State-owned enterprise (SOE) reforms are going great!
That’s according to Li Keqiang, speaking at Wednesday’s State Council meeting (gov.cn):

“The reform has enabled SOEs, especially central SOEs, to achieve an upturn in their business revenues, which reached the highest level in five years.”
...

sources

Gov.cn: 李克强主持召开国务院常务会议听取国企改革发展和监事会对央企监督检查情况汇报等

Gov.cn: China will intensify SOE reform to boost quality, efficiency

December 14, 2017

Property rentals get securitized

We’ve been focused for a while on the government’s policy to move to the rental market. Our assessment: It makes sense, but it will be a protracted uphill battle to fix the structural distortions in the real estate market. Interestingly, though, the government is now allowing banks to tie&…

We’ve been focused for a while on the government’s policy to move to the rental market.
Our assessment: It makes sense, but it will be a protracted uphill battle to fix the structural distortions in the real estate market.
Interestingly, though, the government is now allowing banks to tie&...

sources

Caixin: Bonds Backed by Rent Payments to Hit Interbank Market

December 14, 2017

Economic growth eases a bit – property activity is in focus

The stats bureau released the monthly economic activity indicators for November on Thursday morning. The key takeaway: activity continues to slow at a moderate pace. But there is one big caveat: Overall investment continues to cool thanks to weak public spending and quickly decelerating pr…

The stats bureau released the monthly economic activity indicators for November on Thursday morning.
The key takeaway: activity continues to slow at a moderate pace.
But there is one big caveat: Overall investment continues to cool thanks to weak public spending and quickly decelerating pr...

sources

Reuters: China’s central bank lifts two of its lending rates to rein in debt

Gov.cn: 2017年1-11月份全国固定资产投资（不含农户）增长7.2%

Gov.cn: National Economy Maintained Stable Performance and Progress with Deepening Restructuring in November

December 14, 2017

The PBoC followed the Fed… again

The Federal Reserve raised interest rates on Wednesday, as was widely expected. What was more surprising was the PBoC’s upward adjustment of its own rates in response on Thursday morning. The move from China’s central bank didn’t fully mirror the Fed move in magnitude – the forme…

The Federal Reserve raised interest rates on Wednesday, as was widely expected.
What was more surprising was the PBoC’s upward adjustment of its own rates in response on Thursday morning.
The move from China’s central bank didn’t fully mirror the Fed move in magnitude – the forme...

sources

PBoC: 人民银行公开市场业务操作室负责人就公开市场操作利率小幅上行接受《金融时报》记者采访

December 13, 2017

Business pays for Beijing’s policy failure

The government’s ultimate concern is social stability. Sometimes that leaves businesses in the cold. A recent example: Natural gas shortages in the north (see the December 5 Tip Sheet) are now disrupting supply in the south as Beijing demands that more gas be sent north. These upstream disrupti…

The government’s ultimate concern is social stability. Sometimes that leaves businesses in the cold.
A recent example: Natural gas shortages in the north (see the December 5 Tip Sheet) are now disrupting supply in the south as Beijing demands that more gas be sent north.
These upstream disrupti...

sources

China.com: 贵州省能源局局长到中石油天然气公司协商冬季天然气保供事宜

Jiemian: 为保证居民用气需求西南地区暂停供应工业用天然气

Source: 天然气供应紧张加剧：四川多地限气湖南拉响黄色警报

STCN: 天然气短缺波及下游云天化尿素产能停产

Source: BASF declares Force Majeure of MDI production in Chongqing

The Paper: “气荒”蔓延，化工巨头巴斯夫在重庆的MDI项目暂时停产

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