string(13) "markets-macro"

Macro

December 4, 2017

Beijing tightens oversight of microlenders

Financial regulators keep stepping up their game when it comes to microlenders. New rules governing them came out on Friday, at long last. The main idea is to keep these small lenders from charging excessive rates, while also curtailing growth of the industry (Caixin):… Username Password Remember Me Forgot Password

Financial regulators keep stepping up their game when it comes to microlenders. New rules governing them came out on Friday, at long last.
The main idea is to keep these small lenders from charging excessive rates, while also curtailing growth of the industry (Caixin):...

sources

Caixin: China Issues New Rules to Clean Up Online Microloans

Caixin: 关于规范整顿“现金贷”业务的通知

21st Century Biz: 央行、银监会联手整顿现金贷取缔无放贷资质组织小贷杠杆率表内外合并计算

December 4, 2017

US tax bill means weaker CNY

Everyone in the US is focused on the tax bill going through Congress right now. And so are traders in China. Why? They are concerned that a substantial reduction of the US corporate tax rate will bring corporate cash back to the US – sending the USD soaring. Why it matters:&nbs…

Everyone in the US is focused on the tax bill going through Congress right now.
And so are traders in China.
Why? They are concerned that a substantial reduction of the US corporate tax rate will bring corporate cash back to the US – sending the USD soaring.
Why it matters:&nbs...

sources

The Paper: 中国副财长称美税改外溢影响不可忽视，专家建议减并增值税率

Xinhua: 财经观察：美国税改会否导致全球资本回流美国

December 4, 2017

Xi’s vision for the world

China under Xi Jinping is taking a larger role in world affairs. On Friday, Xi laid out his vision for the world – “a community with shared future for mankind” – at the CPC in Dialogue with World Political Parties High-Level Meeting in Beijing. At the core of Xi’s vision&nb…

China under Xi Jinping is taking a larger role in world affairs.
On Friday, Xi laid out his vision for the world – “a community with shared future for mankind” – at the CPC in Dialogue with World Political Parties High-Level Meeting in Beijing.
At the core of Xi’s vision&nb...

sources

CPC People: 携手建设更加美好的世界——在中国共产党与世界政党高层对话会上的主旨讲话

December 1, 2017

Party warns against overconfidence

Xi ushered in a “new era” at the 19th Party congress. But top Party theorists remind everyone that China’s fundamental conditions have not changed (Qiushi): “China is still, and will be, at the initial phase of socialism for a long period.” What it means: China still has&n…

Xi ushered in a “new era” at the 19th Party congress.
But top Party theorists remind everyone that China’s fundamental conditions have not changed (Qiushi):

“China is still, and will be, at the initial phase of socialism for a long period.”

What it means: China still has&n...

sources

Qiushi: 牢牢把握社会主义初级阶段的基本国情

December 1, 2017

Xi Jinping is confident in the China model

China is increasingly confident under Xi Jinping. The reason: When Xi and others look back at the past 40 years of Chinese history, they see a lot of success. That’s what Xi told a gathering of foreign politicians and dignitaries who are in China to attend the Imperial Springs Intern…

China is increasingly confident under Xi Jinping.
The reason: When Xi and others look back at the past 40 years of Chinese history, they see a lot of success.
That’s what Xi told a gathering of foreign politicians and dignitaries who are in China to attend the Imperial Springs Intern...

sources

People.cn: 习近平会见出席“2017从都国际论坛”外方嘉宾

December 1, 2017

China’s growth model is changing

Yesterday’s Politburo meeting almost certainly discussed the agenda for the upcoming Central Economic Work Conference (CEWC), to be held next month. Some context: The CEWC will set economic priorities for 2018. It’s particularly important given that it is the first CEWC of Xi’s second term…

Yesterday’s Politburo meeting almost certainly discussed the agenda for the upcoming Central Economic Work Conference (CEWC), to be held next month.
Some context: The CEWC will set economic priorities for 2018. It’s particularly important given that it is the first CEWC of Xi’s second term...

sources

People.cn: 习近平会见出席“2017从都国际论坛”外方嘉宾

December 1, 2017

NDRC tries to put the “private” into public-private partnerships.

The NDRC has released guidelines meant to boost private sector participation in public-private partnerships (PPPs). That’s because private companies don’t seem interested in PPPs: Through the first nine months of this year, only 35% of PPPs involved truly private companies. The reason&nb…

The NDRC has released guidelines meant to boost private sector participation in public-private partnerships (PPPs).
That’s because private companies don’t seem interested in PPPs:

Through the first nine months of this year, only 35% of PPPs involved truly private companies.

The reason&nb...

sources

NDRC: 国家发展改革委关于鼓励民间资本参与政府和社会资本合作（PPP）项目的指导意见

Reuters: China issues new rules to bring private capital into investment program

Caixin: 发改委：不得以任何名义、任何形式限制民企参与PPP

December 1, 2017

China’s likelihood of a financial crisis falls slightly

The Financial News article also highlights another important development for China’s banking system. It focuses on a key debt indicator: the credit-to-GDP gap. What’s that? It’s the deviation of current debt-to-GDP from an economy’s long-term trend. It’s also the indicator&…

The Financial News article also highlights another important development for China’s banking system.
It focuses on a key debt indicator: the credit-to-GDP gap.
What’s that? It’s the deviation of current debt-to-GDP from an economy’s long-term trend.
It’s also the indicator&...

sources

Financial News: 去杠杆初见成效债务风险逐步释放

BIS: Credit-to-GDP gaps

December 1, 2017

PBoC outlines the state of play on deleveraging

The PBoC’s official newspaper The Financial News has a long piece looking at China’s deleveraging campaign. The article’s assessment of the state of play: “The government leverage ratio is stable, the leverage ratio of financial sector and non-financial enterprises continue to fall, but the debt bu…

The PBoC’s official newspaper The Financial News has a long piece looking at China’s deleveraging campaign.
The article’s assessment of the state of play:

“The government leverage ratio is stable, the leverage ratio of financial sector and non-financial enterprises continue to fall, but the debt bu...

sources

Financial News: 去杠杆初见成效债务风险逐步释放

December 1, 2017

Will Xi shine light into a black hole?

Xi Jinping’s number one task is to make the Party a more effective institution. So, not surprisingly, improving the Party was on the top of the agenda at Thursday’s Politburo meeting. Xi’s big idea: Make the work of the Party more transparent. To this end, the meeting approved new trial regulat…

Xi Jinping’s number one task is to make the Party a more effective institution.
So, not surprisingly, improving the Party was on the top of the agenda at Thursday’s Politburo meeting.
Xi’s big idea: Make the work of the Party more transparent. To this end, the meeting approved new trial regulat...

sources

CPC People: 中共中央政治局召开会议审议《中国共产党党务公开条例（试行）》

Xinhua: CPC to promote transparency in party affairs

November 30, 2017

The Party holds a party party

Starting today, the CCP is holding a four-day dialogue with more than 200 political parties from over 120 countries. It’s a big deal – Xi Jinping is delivering the opening remarks. So what are attendees going to do? Here’s the agenda: Visit the Central Party School Visit an exhibitio…

Starting today, the CCP is holding a four-day dialogue with more than 200 political parties from over 120 countries.
It’s a big deal – Xi Jinping is delivering the opening remarks.
So what are attendees going to do? Here’s the agenda:

Visit the Central Party School
Visit an exhibitio...

sources

The Paper: 中国共产党将首次与全球各类政党举行高层对话

Xinhua: 建设美好世界政党责无旁贷——中国共产党与世界政党高层对话会前瞻

Xinhua: 习近平将出席中国共产党与世界政党高层对话会开幕式并发表主旨讲话

November 30, 2017

Officials to be held accountable for environmental degradation

One of the key themes of the Xi Jinping Era is his promise clean up the environment and create a “Beautiful China”. Key to achieving this will be holding officials responsible for the environmental degradation that happens under their watch. That’s why the Party has just issued a trial reg…

One of the key themes of the Xi Jinping Era is his promise clean up the environment and create a “Beautiful China”.
Key to achieving this will be holding officials responsible for the environmental degradation that happens under their watch.
That’s why the Party has just issued a trial reg...

sources

Gov.cn: 中共中央办公厅国务院办公厅印发《领导干部自然资源资产离任审计规定（试行）》

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