string(13) "markets-macro"

Macro

November 21, 2017

CSRC tries to crack the whip

The securities regulator (CSRC)’s new auditing committee had its official coming-out party yesterday. The committee evaluates IPO applications and is responsible for the sharp drop in the IPO approval rate over the last month (see the November 15th Tip Sheet). Its primary p… Username Password Remember Me Forgot Password

The securities regulator (CSRC)’s new auditing committee had its official coming-out party yesterday.
The committee evaluates IPO applications and is responsible for the sharp drop in the IPO approval rate over the last month (see the November 15th Tip Sheet). Its primary p...

sources

Caixin: 刘士余：对新一届发审委实行全方位监督 360度评价

November 21, 2017

“Paring the peaks and filling the valleys.”

That’s how the PBoC described its liquidity operations throughout Q3 2017 when it released its most recent monetary policy report on Friday. What does it mean? The central bank is acknowledging that the banking system has a long-term liquidity problem — driven by unusu…

That’s how the PBoC described its liquidity operations throughout Q3 2017 when it released its most recent monetary policy report on Friday.
What does it mean? The central bank is acknowledging that the banking system has a long-term liquidity problem — driven by unusu...

sources

PBoC: 中国货币政策执行报告二○一七年第三季度

November 21, 2017

Local governments jump on the AI bandwagon

At least three local governments have released their own AI development plans: Beijing aims to have an RMB 50 billion AI industry by 2020. Shanghai aims to have an RMB 100 billion AI industry by 2020. Wuhan aims to have an RMB 10 billion AI industry by 2020. How they plan to do it: …

At least three local governments have released their own AI development plans:

Beijing aims to have an RMB 50 billion AI industry by 2020.
Shanghai aims to have an RMB 100 billion AI industry by 2020.
Wuhan aims to have an RMB 10 billion AI industry by 2020.

How they plan to do it:
...

sources

Shanghai Gov: 上海市人民政府办公厅印发《关于本市推动新一代人工智能发展的实施意见》的通知

Beijing Gov: 关于印发《中关村国家自主创新示范区人工智能产业培育行动计划(2017—2020年)》的通知

Xinhua: 光谷七条政策抢占“人工智能”风口领军企业和独角兽落户可奖1亿

21st Century Biz: 地方AI产业政策井喷

November 21, 2017

China plans to dominate AI

The Ministry of Science and Technology (MoST) held a meeting last week to officially kick off implementation of the State Council’s ambitious Artificial Intelligence Development Plan. Minister Wan Gang said that China will marshal technological, financial, fiscal and r…

The Ministry of Science and Technology (MoST) held a meeting last week to officially kick off implementation of the State Council’s ambitious Artificial Intelligence Development Plan.
Minister Wan Gang said that China will marshal technological, financial, fiscal and r...

sources

Ministry of Science and Technology: 科技部召开新一代人工智能发展规划暨重大科技项目启动会

November 20, 2017

Xi takes no prisoners

Chongqing’s Party mouthpiece, the Chongqing Daily, has a front-page commentary criticizing two of its former top officials: “Bo Xilai raised his own flag, initiated something new and different, and set up an independent kingdom.” “Sun Zhengcai practiced lazy and indolent politics, bullied…

Chongqing’s Party mouthpiece, the Chongqing Daily, has a front-page commentary criticizing two of its former top officials:

“Bo Xilai raised his own flag, initiated something new and different, and set up an independent kingdom.”
“Sun Zhengcai practiced lazy and indolent politics, bullied...

sources

CQ Daily: 必须注重从政治上抓落实 ——一论把党的十九大精神全面落实在重庆大地上

Reuters: China’s Chongqing renews attacks on former disgraced leaders

November 20, 2017

Government taps SOEs to shore up pension funds

Tuesday’s Tip Sheet pointed out that China’s various government-run pension funds are ticking time bombs. Was the government listening to us? Probably not, but they did take steps to address the problem this weekend. The strategy: Require SOEs to transfer 10% of their shares to …

Tuesday’s Tip Sheet pointed out that China’s various government-run pension funds are ticking time bombs.
Was the government listening to us? Probably not, but they did take steps to address the problem this weekend.
The strategy: Require SOEs to transfer 10% of their shares to ...

sources

Gov.cn: 国务院关于印发划转部分国有资本充实社保基金实施方案的通知

MoF: 《划转部分国有资本充实社保基金实施方案》有关问题答记者问

Gov.cn: China plans to transfer state assets to social security funds

November 20, 2017

Panama ties don’t solve Taiwan problem

Xi met with Panamanian president Juan Carlos Varela on Friday. Varela was in town for the opening of the Panamanian Embassy in Beijing. Some context (Xinhua): “Varela is making his first state visit to China after the Central American nation established diplomatic relations with Chi…

Xi met with Panamanian president Juan Carlos Varela on Friday. Varela was in town for the opening of the Panamanian Embassy in Beijing.
Some context (Xinhua):

“Varela is making his first state visit to China after the Central American nation established diplomatic relations with Chi...

sources

Xinhua: Chinese president says relations with Panama “turn over a new leaf”

Reuters: After ditching Taiwan, China says Panama will get the help it needs

November 20, 2017

Regulators want to know who really owns the banks

The banking regulator is stepping up its game — the CBRC published a draft regulation requiring better disclosure of banks’ shareholders (Caixin): “[The new rules] require any investor planning to hold a stake of more than 5% in a commercial bank to register for CBRC approval.” “Shareholders o…

The banking regulator is stepping up its game — the CBRC published a draft regulation requiring better disclosure of banks’ shareholders (Caixin):

“[The new rules] require any investor planning to hold a stake of more than 5% in a commercial bank to register for CBRC approval.”
“Shareholders o...

sources

CBRC: 中国银监会关于《商业银行股权管理暂行办法（征求意见稿）》公开征求意见的公告

Caixin: Regulator Moves to Tighten Oversight of Bank Shareholders

Caixin: 银监会就股权管理征求意见重申“一参一控”针对谁？

November 20, 2017

The next phase of financial de-risking: asset management

China’s central bank issued sweeping new regulations to govern the asset management industry on Friday. The draft rules were issued in conjunction with the other major financial regulators (see first link below). The key changes: New leverage ceilings will cap the total assets of publicly offe…

New leverage ceilings will cap the total assets of publicly offe...

sources

PBoC: 中国人民银行关于《关于规范金融机构资产管理业务的指导意见（征求意见稿）》公开征求意见的公告

PBoC: 中国人民银行、银监会、证监会、保监会、外汇局关于规范金融机构资产管理业务的指导意见（征求意见稿）

PBoC: 中国人民银行有关部门负责人就《关于规范金融机构资产管理业务的指导意见（征求意见稿）》答记者问

FT: China tightens rules on asset management to rein in risky lending

Reuters: China sets sweeping new rules to regulate $15 trillion asset management products

November 20, 2017

America’s new strategy on trade with China

Everyone’s been asking: Why didn’t China announce its opening of the financial sector while US president Donald Trump was in town? According to The Wall Street Journal, it’s because the US side didn’t care: “China proposed that during the trip, Mr. Trump and his counterpart, Xi Jinpi…

Everyone’s been asking: Why didn’t China announce its opening of the financial sector while US president Donald Trump was in town?
According to The Wall Street Journal, it’s because the US side didn’t care:

“China proposed that during the trip, Mr. Trump and his counterpart, Xi Jinpi...

sources

WSJ: U.S. Rebuffs China’s Charm Offensive, Edging Closer to Trade War

Caixin: 金融开放为何再突破

November 17, 2017

How to get ahead in Xi’s China

The new cohort of Central Committee members is the oldest in decades. Apparently that is on purpose (SCMP): “The official guide to Xi’s congress speech…said that an overemphasis on promoting young cadres had spawned a class of officials who were good at nothing but asserting themselves and cou…

The new cohort of Central Committee members is the oldest in decades.
Apparently that is on purpose (SCMP):

“The official guide to Xi’s congress speech…said that an overemphasis on promoting young cadres had spawned a class of officials who were good at nothing but asserting themselves and cou...

sources

SCMP: China’s cadres should believe in the party, not ‘gods and ghosts’, if they want to be promoted

SCMP: Why Chinese Communist Party’s largest elite body now has a lot of new members but not many young ones

November 17, 2017

Xi pursues his own agenda on North Korea

Stop me if you’ve hear this one before (Reuters): “China said on Thursday a ‘dual suspension’ proposal to handle North Korea was still the best option.” That’s nothing new. But the comments raised eyebrow because it came just after this: “U.S. President Donald Trump said he and Chinese …

Stop me if you’ve hear this one before (Reuters):

“China said on Thursday a ‘dual suspension’ proposal to handle North Korea was still the best option.”

That’s nothing new. But the comments raised eyebrow because it came just after this:

“U.S. President Donald Trump said he and Chinese ...

sources

Reuters: China says ‘dual suspension’ proposal still best for North Korea

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