string(13) "markets-macro"

Macro

November 1, 2017

An internet for manufacturers

The State Council held its weekly executive meeting on Monday. The agenda: Using the internet to upgrade China’s manufacturing base. It’s all part of the “Internet Plus” strategy. Here’s the government’s plan (gov.cn): “Upgrade . . . network infrastructure in industrial enterprises” … Username Password Remember Me Forgot Password

“Upgrade . . . network infrastructure in industrial enterprises” ...

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Gov.cn: 李克强主持召开国务院常务会议部署促进实体经济振兴加快转型升级等

Gov.cn: China promotes Internet Plus manufacturing to boost innovation, competitiveness

November 1, 2017

SOEs go abroad for financing

China’s central government is paving the way for Chinese companies to borrow more cheaply abroad. And now it is giving them the green light to go for it: “China’s top economic planning agency has granted approvals to a number of mainland companies to sell bonds overseas . . . a move that will help…

China’s central government is paving the way for Chinese companies to borrow more cheaply abroad.
And now it is giving them the green light to go for it:

“China’s top economic planning agency has granted approvals to a number of mainland companies to sell bonds overseas . . . a move that will help...

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Bloomberg: China Approved More Companies to Sell Foreign Bonds, Sources Say

November 1, 2017

LGFVs aren’t going away soon

The central government has been trying to tighten the screws on local government financing vehicles (LGFV) since 2014, but to little effect. The aim has been to stop local governments from borrowing off-balance sheet, and give them more straightforward, transparent financing channels. In public…

The central government has been trying to tighten the screws on local government financing vehicles (LGFV) since 2014, but to little effect.
The aim has been to stop local governments from borrowing off-balance sheet, and give them more straightforward, transparent financing channels.
In public...

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Caixin: 城投退平台虚实

Source:

October 31, 2017

The personnel reshuffle keeps going

Three Politburo members have been appointed to important new jobs: Ding Xuexiang is now Xi Jinping’s chief of staff, heading the General Office of the CCP Central Committee. Chen Xi is now the Party’s HR director, leading the Central Organization Department. Huang Kunming is now the …

Three Politburo members have been appointed to important new jobs:

Ding Xuexiang is now Xi Jinping’s chief of staff, heading the General Office of the CCP Central Committee.
Chen Xi is now the Party’s HR director, leading the Central Organization Department.
Huang Kunming is now the ...

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Caixin: 接班栗战书 55岁丁薛祥任中办主任

Sina: 中组部部长陈希宣布中央决定：李希任广东省委书记

Caixin: 黄坤明出任中宣部部长

October 31, 2017

NDRC tells governments to stay out of the market

That National Development and Reform Commission (NDRC) says it wants to make competition fairer. We’ll see. This week it issued a document called “Implementation Rules for the Fair Competition Review Mechanism”. That mouthful is a follow up to State Council Document No. 34 (2016), which wa…

That National Development and Reform Commission (NDRC) says it wants to make competition fairer. We’ll see.
This week it issued a document called “Implementation Rules for the Fair Competition Review Mechanism”.
That mouthful is a follow up to State Council Document No. 34 (2016), which wa...

sources

NDRC: 公平竞争审查制度实施细则 (暂行)

NDRC: 国家发展改革委有关负责同志就《公平竞争审查制度实施细则（暂行）》答记者问

21st Century Biz: 五部门出台公平竞争审查细则细化审查标准提高可操作性

October 31, 2017

Learn your Xi

Party leaders have already begun studying their “Xi Jinping Thought”. Now it’s time for university students (FT): “At least 20 Chinese universities and colleges have announced plans to launch research institutes dedicated to ‘Xi Jinping thought’, following the enshrinement of the president’s theori…

Party leaders have already begun studying their “Xi Jinping Thought”. Now it’s time for university students (FT):

“At least 20 Chinese universities and colleges have announced plans to launch research institutes dedicated to ‘Xi Jinping thought’, following the enshrinement of the president’s theori...

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FT: Chinese universities race to embrace Xi Jinping’s theories

CPC People: 习近平会见清华大学经济管理学院顾问委员会海外委员和中方企业家委员

October 31, 2017

PBoC offers cash at a price

Financial conditions in China remained tense on Tuesday, as interest rates in money markets were elevated on strong cash demand. Yesterday, we explained the tightening was largely taking place because markets expect regulatory scrutiny over financial institutions to intensify. It’s also because…

Financial conditions in China remained tense on Tuesday, as interest rates in money markets were elevated on strong cash demand.
Yesterday, we explained the tightening was largely taking place because markets expect regulatory scrutiny over financial institutions to intensify.
It’s also because...

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China Securities Journal: 2200亿到期逆回购被超额对冲

EEO: 国债期货再度重挫 10年国债收益率升破3.9%

October 31, 2017

Xi tries to avoid a trade war

Xi may be imposing his will in domestic politics, but he’s still talking sweet to the foreign community. This week, he attended an advisory board meeting for Tsinghua University’s School of Economics and Management. There were some notable foreign friends in attendance (Xinhua): Former US Treasury …

Xi may be imposing his will in domestic politics, but he’s still talking sweet to the foreign community.
This week, he attended an advisory board meeting for Tsinghua University’s School of Economics and Management. There were some notable foreign friends in attendance (Xinhua):

Former US Treasury ...

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CPC People: 习近平会见清华大学经济管理学院顾问委员会海外委员和中方企业家委员

Xinhua: Opening up of China means win-win cooperation for world: President Xi

October 31, 2017

Know your policy: Supply-side structural reforms

Xi also used the Tsinghua meeting to reiterate his economic policy. The message: Supply-side Structural Reform (SSSR) remains the overarching framework. If you’ve been reading the Tip Sheet, then you’re already up on SSSR. But for those of you who need a refresher, there are five elements …

Xi also used the Tsinghua meeting to reiterate his economic policy.
The message: Supply-side Structural Reform (SSSR) remains the overarching framework.
If you’ve been reading the Tip Sheet, then you’re already up on SSSR. But for those of you who need a refresher, there are five elements ...

October 30, 2017

The central bank defines the “new era”

In our view, the new Financial Stability and Development Commission (FSDC) is going to have real sway over economic policy. We’ve mentioned that a few times. A piece from today’s Financial News – the official newspaper of the PBoC – reinforces that view by laying out the financial priorities fo…

In our view, the new Financial Stability and Development Commission (FSDC) is going to have real sway over economic policy. We’ve mentioned that a few times.
A piece from today’s Financial News – the official newspaper of the PBoC – reinforces that view by laying out the financial priorities fo...

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Financial News: 新时代金融业要有新作为

October 30, 2017

How the sausage is made: 19th Party Congress edition

Xi Jinping’s speech at the Party congress was over 32,000 characters. How did he write it? Xi headed a drafting group (Xinhua) that included Liu Yunshan, Wang Qishan and Zhang Gaoli as deputies. But the real work was done by a team of advisors. We’ll know the complete l…

Xi Jinping’s speech at the Party congress was over 32,000 characters. How did he write it?
Xi headed a drafting group (Xinhua) that included Liu Yunshan, Wang Qishan and Zhang Gaoli as deputies.
But the real work was done by a team of advisors. We’ll know the complete l...

sources

Xinhua: 面向新时代的政治宣言和行动纲领——党的十九大报告诞生记

Sohu: 逾3万字的十九大报告出自谁手?

SCMP: 5 men 10 months and 1 long speech cadres behind Xi

October 30, 2017

Supervisory commissions are coming

In our view, the biggest policy development in Xi Jinping’s second term will be the establishment of the new National Supervisory Commission. We just got one step closer. The Party’s General Office just told all local governments, from provinces down to counties, to establish loc…

In our view, the biggest policy development in Xi Jinping’s second term will be the establishment of the new National Supervisory Commission.
We just got one step closer. The Party’s General Office just told all local governments, from provinces down to counties, to establish loc...

sources

CPC People: 中办印发《关于在全国各地推开国家监察体制改革试点方案》

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