string(13) "markets-macro"

Macro

September 10, 2024

National carbon market to include cement, iron and steel, and electrolytic aluminum

The national emissions trading scheme (ETS) is finally expanding. On Monday, the Ministry of Ecology and Environment (MEE) released a draft plan to add the cement, iron and steel, and electrolytic aluminum industries to the national ETS. Some context: China’s national ETS began trading in 2021 … Username Password Remember Me Forgot Password

The national emissions trading scheme (ETS) is finally expanding.
On Monday, the Ministry of Ecology and Environment (MEE) released a draft plan to add the cement, iron and steel, and electrolytic aluminum industries to the national ETS.
Some context: China’s national ETS began trading in 2021 ...

sources

MEE: 关于公开征求《全国碳排放权交易市场覆盖水泥、钢铁、电解铝行业工作方案（征求意见稿）》意见的函

MEE: 生态环境部发布《全国碳市场发展报告（2024）》

September 10, 2024

Washington throws quantum and chips into the export control mix

Washington keeps adding marginal tech restrictions on China. On Thursday, the US Bureau of Industry and Security tightened controls on quantum computing and certain advanced semiconductor technologies targeting China, Iran and Russia. The latest controlled items include: Components and soft…

Washington keeps adding marginal tech restrictions on China.
On Thursday, the US Bureau of Industry and Security tightened controls on quantum computing and certain advanced semiconductor technologies targeting China, Iran and Russia.
The latest controlled items include:

Components and soft...

sources

Caixin: 美国再限芯片等技术出口施压日韩和台湾“对齐”出口政策

September 10, 2024

The bureaucrats who say “NII!”

A lock-step march toward the future is better than a mad scramble. On Wednesday, the industrial ministry (MIIT) and 10 other bodies published high-level policy directives on coordinating the development of “new information infrastructure” (NII). ICYDK: MIIT defines NII as the collective system of mo…

A lock-step march toward the future is better than a mad scramble.
On Wednesday, the industrial ministry (MIIT) and 10 other bodies published high-level policy directives on coordinating the development of “new information infrastructure” (NII).
ICYDK: MIIT defines NII as the collective system of mo...

sources

MIIT: 工业和信息化部等十一部门关于推动新型信息基础设施协调发展有关事项的通知

MIIT: 《关于推动新型信息基础设施协调发展有关事项的通知》解读

September 10, 2024

Dutch expand chip controls by a nanometer

On Friday, the Dutch government updated its export control rules to bring them in line with US restrictions on China. The key change: The latest curbs now include two of ASML’s older-generation immersion DUV lithography machines – NXT:1970i and NXT:1980i – adding to the more advanced models already …

On Friday, the Dutch government updated its export control rules to bring them in line with US restrictions on China.
The key change: The latest curbs now include two of ASML’s older-generation immersion DUV lithography machines – NXT:1970i and NXT:1980i – adding to the more advanced models already ...

sources

Caixin: 荷兰“对齐”美国出口管制政策光刻机出口审批主体由美转荷

MofCom: 商务部新闻发言人就荷兰半导体出口管制问题答记者问

September 9, 2024

Ex-PBoC chief raises deflation alarm

The former governor of China’s central bank (PBoC) wants authorities to do more to fight deflation. In comments made during a panel discussion Friday, Yi Gang – who stepped down as head of the PBoC in July 2023 – said (Bloomberg): “I think right now they should focus on fighting deflationary pressu…

The former governor of China’s central bank (PBoC) wants authorities to do more to fight deflation.
In comments made during a panel discussion Friday, Yi Gang – who stepped down as head of the PBoC in July 2023 – said (Bloomberg):

“I think right now they should focus on fighting deflationary pressu...

sources

Bloomberg: China Should Fight Deflationary Pressure Now, Ex-PBOC Chief Says

September 9, 2024

Deflationary pressures continue to plague China’s economy

August inflation data disappointed. Per data released by the stats bureau (NBS) on Monday: CPI grew by 0.6% y/y, up from 0.5% growth in July. PPI fell by 1.8% y/y, down sharply from July’s 0.8% decline. Consumer prices grew at their fastest rate in six months. But hold your horses: Growth in CPI w…

August inflation data disappointed.
Per data released by the stats bureau (NBS) on Monday:

CPI grew by 0.6% y/y, up from 0.5% growth in July.
PPI fell by 1.8% y/y, down sharply from July’s 0.8% decline.

Consumer prices grew at their fastest rate in six months.
But hold your horses: Growth in CPI w...

September 9, 2024

Government opens more sectors to foreign investment

Officials want foreign investors to know China is a land of growing opportunity. On Sunday, various ministries announced three new openings for foreign investment: Removing the final two restrictions in manufacturing – the Chinese majority control requirement in publication printing businesses and …

Officials want foreign investors to know China is a land of growing opportunity.
On Sunday, various ministries announced three new openings for foreign investment:

Removing the final two restrictions in manufacturing – the Chinese majority control requirement in publication printing businesses and ...

sources

Gov.cn: 外商投资准入特别管理措施（负面清单）（2024年版）

Gov.cn: 商务部国家卫生健康委国家药监局关于在医疗领域开展扩大开放试点工作的通知

September 9, 2024

US congress to consider slate of anti-China legislation

The US Congress will vote on a long list of China-related legislation when it reconvenes on Monday after a long summer holiday. In September, over two dozen bills that directly or indirectly target China are on the US House docket. On Monday alone, House committees will vote on new legislation to:…

The US Congress will vote on a long list of China-related legislation when it reconvenes on Monday after a long summer holiday.

In September, over two dozen bills that directly or indirectly target China are on the US House docket.

On Monday alone, House committees will vote on new legislation to:...

sources

Source: Biotechs Are in Focus as Congress Looks to Get Tougher on China

SCMP: ‘China week’ at US House puts biotech firms, Hong Kong offices in legislative cross hairs

House.gov: House of Representatives Schedule

Politico: [Aug] Tough-on-China bills could get a vote next month

September 9, 2024

FOCAC, over and out

On Friday, the Forum for China-Africa Cooperation (FOCAC) concluded in Beijing with a huge, massive, gigantic three-year action plan. ICYMI, many of the plan’s key planks were already laid out in Xi Jinping’s keynote speech and the joint declaration on “Building an All-Weather China-Africa Communit…

On Friday, the Forum for China-Africa Cooperation (FOCAC) concluded in Beijing with a huge, massive, gigantic three-year action plan.

ICYMI, many of the plan's key planks were already laid out in Xi Jinping’s keynote speech and the joint declaration on “Building an All-Weather China-Africa Communit...

sources

MoFA: Forum on China-Africa Cooperation Beijing Action Plan (2025-2027)

September 9, 2024

US pushes China for more aggressive NDCs

Chinese and US climate envoys Liu Zhenmin and John Podesta co-hosted the second meeting of the US-China Working Group on Enhancing Climate Action in the 2020s in Beijing on September 4-6. The first meeting was held in Washington, DC, earlier in May. At the top of their agenda was preparing the 203…

Chinese and US climate envoys Liu Zhenmin and John Podesta co-hosted the second meeting of the US-China Working Group on Enhancing Climate Action in the 2020s in Beijing on September 4-6.

The first meeting was held in Washington, DC, earlier in May.

At the top of their agenda was preparing the 203...

sources

US Department of State: Second Meeting of U.S.-China Working Group on Enhancing Climate Action in the 2020s

Gov.cn: 中美“21世纪20年代强化气候行动工作组”第二次会议在京举行

Reuters: US, China’ narrowing’ rift on climate finance in this week’s talks, US envoy says

Bloomberg: Podesta Heads to China for New Round of Climate Talks

September 6, 2024

Cutting rates is getting harder

It’s getting harder to cut interest rates. On Thursday, Zou Lan, director of the central bank’s (PBoC) monetary policy department, told a press conference: “There are certain constraints on the further decline of deposit and loan interest rates.” Zou cited banks’ net interest margins (NIMs) as a c…

It’s getting harder to cut interest rates.
On Thursday, Zou Lan, director of the central bank's (PBoC) monetary policy department, told a press conference:

“There are certain constraints on the further decline of deposit and loan interest rates.”

Zou cited banks’ net interest margins (NIMs) as a c...

sources

SCIO: 国新办举行“推动高质量发展”系列主题新闻发布会（中国人民银行和国家外汇管理局）图文实录

September 6, 2024

The property sector’s liquidity woes worsen in H1

Property developers are still bleeding cash. On Monday, Tianfeng Securities published a report analyzing the interim earnings of 113 mainland-listed developers. The headlines: In H1, the developers’ combined revenue declined by 20.6% y/y to RMB 880 billion. Meanwhile, the group registered a net los…

Property developers are still bleeding cash.
On Monday, Tianfeng Securities published a report analyzing the interim earnings of 113 mainland-listed developers.
The headlines: In H1, the developers’ combined revenue declined by 20.6% y/y to RMB 880 billion.

Meanwhile, the group registered a net los...

sources

Caixin: 楼市销售每况愈下上半年A股房企经营性现金流总额首度转负

Tianfeng Securities: 【天风地产鲍荣富】地产周观点0902：亏损加剧，负债收缩——地产开发24年中报综述

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