string(13) "markets-macro"

Macro

November 15, 2017

Bond yields break psychological barrier

China’s central bank has its work cut out for it. That statement is always true, but now especially so. Why? Because it wants to keep market interest rates elevated, but not rising. The idea is to make it expensive to speculate in the bond market, but not so expensive that credit growth sl… Username Password Remember Me… Read More »

China’s central bank has its work cut out for it. That statement is always true, but now especially so. Why?
Because it wants to keep market interest rates elevated, but not rising. The idea is to make it expensive to speculate in the bond market, but not so expensive that credit growth sl...

sources

21st Century Biz: 10年国债收益率触及4%心理点位

November 15, 2017

China’s changing growth model

The Party center wants officials to focus more on the quality of growth, instead of quantity. Liu Shijin helped draft the 19th Party congress report. A recent article by Liu has five pieces of advice for officials (Qiushi): Don’t focus so much on GDP Break up monopolies, promote competiti…

The Party center wants officials to focus more on the quality of growth, instead of quantity.
Liu Shijin helped draft the 19th Party congress report. A recent article by Liu has five pieces of advice for officials (Qiushi):

Don’t focus so much on GDP
Break up monopolies, promote competiti...

sources

Qiushi: 推动经济发展质量变革、效率变革、动力变

November 15, 2017

Is local government investment being reined in?

Total government expenditures contracted by 8% y/y in October. That was the first outright fall in public sector spending since last November. Why’d it happen? The finance ministry’s explanation: we overspent early in the year, so we have to scale back now. That’s the mac…

Total government expenditures contracted by 8% y/y in October. That was the first outright fall in public sector spending since last November.
Why’d it happen?
The finance ministry’s explanation: we overspent early in the year, so we have to scale back now.
That’s the mac...

sources

Gov.cn: 财政部公布2017年10月财政收支情况

Caixin: Is Rapid Growth of Subway Systems in China Losing Steam?

Caixin: Another City Halts Subway Projects Amid Financing Concerns

Caixin: 呼市两条地铁及呼鄂高速被叫停内蒙古内查大型基建项目融资

Caixin: 开工不足百天包头地铁为何被叫停？

Caixin: 包头地铁项目被叫停全国地铁热或降温

November 15, 2017

China is becoming a tech superpower

Foreign firms are (rightfully) upset about data localization requirements and other regulations that are forcing companies like Amazon out of China (see entry above). But their complaints are unlikely to change Beijing’s thinking. The reason? From where Chinese leaders sit, their technolog…

Foreign firms are (rightfully) upset about data localization requirements and other regulations that are forcing companies like Amazon out of China (see entry above).
But their complaints are unlikely to change Beijing’s thinking.
The reason? From where Chinese leaders sit, their technolog...

sources

Quartz: China suddenly has way more of the world’s most powerful computers than the US

November 15, 2017

Cybersecurity compliance is getting real

This is a sign of the times. Amazon is selling off its public cloud assets in China (Reuters): “Beijing Sinnet Technology Co Ltd, Amazon’s China partner, said in a filing late on Monday that it would buy the U.S. firm’s Amazon Web Services (AWS) public cloud computing unit in China for up to 2 billi…

This is a sign of the times. Amazon is selling off its public cloud assets in China (Reuters):
“Beijing Sinnet Technology Co Ltd, Amazon’s China partner, said in a filing late on Monday that it would buy the U.S. firm’s Amazon Web Services (AWS) public cloud computing unit in China for up to 2 billi...

sources

Reuters: Amazon sells off China cloud assets as tough new rules bite

Caixin: 光环新网20亿收购AWS中国资产力争云牌照

The Paper: 光环新网拟20亿购亚马逊中国云计算服务器资产：为遵守法律

November 15, 2017

Securities regulator tightens the IPO tap

The securities regulator (CSRC) introduced a new IPO review process last month. The result is that IPO reviews have gotten much stricter: Only 55% of new applications were approved last month That’s down from 80% in the first nine months of 2017 The reason: New criteria focus more on int…

The securities regulator (CSRC) introduced a new IPO review process last month.
The result is that IPO reviews have gotten much stricter:

Only 55% of new applications were approved last month
That’s down from 80% in the first nine months of 2017

The reason: New criteria focus more on int...

sources

Caijing: IPO审核迎“恐慌时刻”，风向突转背后实则有迹可循

Economic Information Daily: IPO“高压”审核传递监管新思路

SCMP: China’s IPO apprpvals nosedive as regualtor rasies review threshold

November 14, 2017

National pension fund is a ticking time bomb

Demographics is destiny. China’s future will be shaped by two trends: Its aging population The migration of young people to the most economically vibrant areas (see yesterday’s Tip sheet) For pension funds, this means two things: They are going to be under increasing pressure as th…

Demographics is destiny. China’s future will be shaped by two trends:

Its aging population
The migration of young people to the most economically vibrant areas (see yesterday’s Tip sheet)

For pension funds, this means two things:

They are going to be under increasing pressure as th...

sources

21st Century Biz: 企业养老保险基金地区不平衡加剧 2018年启动中央调剂制度

November 14, 2017

NPC goes after local protectionism

The national legislature (NPC) is also focusing on market supervision. It has asked selected local legislatures and the State Council to review local regulations to make sure that they are in line with national ones. Regulations authorizing local governments to give preferential …

The national legislature (NPC) is also focusing on market supervision. It has asked selected local legislatures and the State Council to review local regulations to make sure that they are in line with national ones.
Regulations authorizing local governments to give preferential ...

sources

Xinhua: 地方著名商标立法“不合时宜”将被全面清理

BJ News: 著名商标地方立法将被全面清理

November 14, 2017

Supervising the market

The State Council has set up a new inter-ministerial system on market supervision. The goals (gov.cn): “enhance cross-departmental and cross-regional coordination in solving major issues concerning market supervision” “deepen reform in business operations” “reinforce the implementation of mar…

The State Council has set up a new inter-ministerial system on market supervision.
The goals (gov.cn):

“enhance cross-departmental and cross-regional coordination in solving major issues concerning market supervision”
“deepen reform in business operations”
“reinforce the implementation of mar...

sources

Gov.cn: 国务院办公厅关于同意建立市场监管部际联席会议制度的函

Gov.cn: Govt to further promote healthy market environment

Gov.cn: 国务院关于印发“十三五”市场监管规划的通知

November 14, 2017

Xi’s top priority

What has Xi spent most of his time on as Party general secretary? The anti-corruption campaign? Military reform? Diplomacy? Nope. The answer is poverty alleviation (Xinhua): “I have spent more energy on poverty alleviation than anything else.” “Over the past five years, I have been to many poo…

What has Xi spent most of his time on as Party general secretary?
The anti-corruption campaign?
Military reform?
Diplomacy?
Nope.
The answer is poverty alleviation (Xinhua):

“I have spent more energy on poverty alleviation than anything else.”
“Over the past five years, I have been to many poo...

sources

Xinhua: Full text of Chinese President Xi’s address at APEC CEO Summit

Gov.cn: 汪洋主持召开国务院扶贫开发领导小组第21次全体会议

Gov.cn: Vice-premier calls for sense of mission in poverty reduction

November 14, 2017

Xi’s Socialist revival

Xi’s been catching up with a kindred spirit in recent days – namely, the head of the Communist Party of Vietnam (CPV) Nguyen Phu Trong. The two promised to improve party-to-party relations. Then they took a stroll around the former residence of Ho Chi Minh and talked about the historic coo…

Xi’s been catching up with a kindred spirit in recent days – namely, the head of the Communist Party of Vietnam (CPV) Nguyen Phu Trong.
The two promised to improve party-to-party relations. Then they took a stroll around the former residence of Ho Chi Minh and talked about the historic coo...

sources

CPC People: 习近平抵达万象开始对老挝人民民主共和国进行国事访问

Xinhua: Chinese president hails solid China-Vietnam ties

CPC People: 习近平再次会见越共中央总书记阮富仲

Xinhua: China, Laos to build community of shared future with strategic importance

November 14, 2017

Credit down but not out

October credit data was released late on Monday. Headlines focused on the steep drop in two key metrics: New loans came in at RMB 664 billion – down from RMB 1.19 trillion in September. New overall social financing came in at RMB 1.04 trillion – down from RMB 1.82 trillion in September. Get smart:…

October credit data was released late on Monday.
Headlines focused on the steep drop in two key metrics:

New loans came in at RMB 664 billion – down from RMB 1.19 trillion in September.
New overall social financing came in at RMB 1.04 trillion – down from RMB 1.82 trillion in September.

Get smart:...

sources

Bloomberg: China’s Credit Hiccup Is No Reason to Get Nervous

PBoC: 2017年10月金融统计数据报告

PBoC: 2017年10月末社会融资规模存量统计数据报告

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