string(13) "markets-macro"

Macro

October 9, 2017

Did the central bank just ease monetary policy?

The PBoC held its Q3 monetary policy meeting on September 30. It reiterated its “prudent and neutral” monetary stance. But… The central bank also announced an upcoming cut to banks’ reserve requirement ratios (RRRs) starting in January 2018. Some details: Any bank whose qualifyin… Username Password Remember Me Forgot Password

The PBoC held its Q3 monetary policy meeting on September 30. It reiterated its “prudent and neutral” monetary stance.
But… The central bank also announced an upcoming cut to banks’ reserve requirement ratios (RRRs) starting in January 2018.
Some details: Any bank whose qualifyin...

sources

PBoC: 中国人民银行货币政策委员会召开2017年第三季度例会

PBoC: 中国人民银行决定对普惠金融实施定向降准政策

PBoC: 中国人民银行有关负责人就对普惠金融实施定向降准政策答记者问

October 9, 2017

Golden week is a boon for consumption

China’s consumers went all out for the week-long National Day holiday, both at home and abroad. The China National Tourism Administration (CNTA) has some stats: 705 million tourists traveled in China during the holiday, generating RMB 583.6 billion yuan of revenue, an increase of 11.9% and 13….

China’s consumers went all out for the week-long National Day holiday, both at home and abroad.
The China National Tourism Administration (CNTA) has some stats:

705 million tourists traveled in China during the holiday, generating RMB 583.6 billion yuan of revenue, an increase of 11.9% and 13....

sources

CNTA: 2017年国庆中秋假日旅游市场情况总结

Xinhua: Economic Watch: Tourism booming during China’s National Day holiday

MofCom: “十一”黄金周市场繁荣消费升级增强百姓获得感

October 9, 2017

No end to the anti-corruption campaign

The Party’s discipline commission (CCDI) held its last plenary session before the 19th Party Congress. The key deliverable: A report laying out goals for the next five years. A draft was adopted at the plenum and will now be submitted to the Central Committee for final approval. What …

The Party’s discipline commission (CCDI) held its last plenary session before the 19th Party Congress.
The key deliverable: A report laying out goals for the next five years. A draft was adopted at the plenum and will now be submitted to the Central Committee for final approval.
What ...

sources

CCDI: 中国共产党第十八届中央纪律检查委员会第八次全体会议公报

CCDI: 中国共产党第十八届中央纪律检查委员会第八次全体会议召开

CCDI: 坚持中深化深化中坚持

September 29, 2017

Making it easy to start a business

Yesterday, the State Council released Document 45 – it’s meant to expand pilot reforms that separate business licenses and administrative approvals. What’s that mean? In the past, many Chinese businesses that had obtained business licenses still couldn’t operate until they received further…

Yesterday, the State Council released Document 45 – it’s meant to expand pilot reforms that separate business licenses and administrative approvals.
What’s that mean? In the past, many Chinese businesses that had obtained business licenses still couldn’t operate until they received further...

sources

Gov.cn: 国务院关于在更大范围推进“证照分离”改革试点工作的意见

Gov.cn: China to expand pilot reform of separating business licenses and administrative approvals

September 29, 2017

Decentralize Beijing in a centralized way

That’s the message from Beijing’s city plan for 2016-2035. A major theme for Beijing over the next 20 years is not to attract resources to the city – like many metropolises do – but rather to push them out. That includes people, businesses and government agencies. Some detail: There are e…

That’s the message from Beijing’s city plan for 2016-2035.
A major theme for Beijing over the next 20 years is not to attract resources to the city – like many metropolises do – but rather to push them out. That includes people, businesses and government agencies.
Some detail:

There are e...

sources

Gov.cn: 中共中央国务院关于对《北京城市总体规划（2016年－2035年）》的批复

People's Daily: 重磅！北京城市总体规划发布，50条干货带你了解20年后的北京

September 29, 2017

Zhongnanhai lawyers up

The General Office of the CPC Central Committee hired a lot of new lawyers yesterday. Why? To implement Xi Jinping’s drive to govern the country by law. And more specifically, to adhere to a central policy on hiring lawyers at all Party and state institutions above the county level by…

The General Office of the CPC Central Committee hired a lot of new lawyers yesterday.
Why? To implement Xi Jinping’s drive to govern the country by law. And more specifically, to adhere to a central policy on hiring lawyers at all Party and state institutions above the county level by...

sources

Xinhua: 中共中央办公厅机关建立法律顾问和公职律师制度

Gov.cn: 中共中央办公厅、国务院办公厅印发《关于推行法律顾问制度和公职律师公司律师制度的意见》

September 29, 2017

Premier Li discusses VAT

Premier Li held a symposium with government, business and academia yesterday on VAT reform. First, the group applauded themselves: VAT reform has cut RMB 1.7 trillion in taxes on businesses since 2012. Then Li laid out the broad reasoning behind tax cuts (we are paraphrasing): “Guys, we’re comp…

Premier Li held a symposium with government, business and academia yesterday on VAT reform.
First, the group applauded themselves: VAT reform has cut RMB 1.7 trillion in taxes on businesses since 2012.
Then Li laid out the broad reasoning behind tax cuts (we are paraphrasing): “Guys, we’re comp...

sources

Gov.cn: 李克强主持召开营改增工作座谈会

September 29, 2017

SASAC keeps talking about SOE debt

Speaking of SOEs and debt. China’s regulators continue to focus on it (Caixin): “Authorities will impose curbs on borrowing by any industrial SOE controlled by the central government if the firm’s debt-to-asset ratio goes above 70%, Xiao Yaqing, chairman of the State-Owned Assets Supervision a…

Speaking of SOEs and debt.
China’s regulators continue to focus on it (Caixin):

“Authorities will impose curbs on borrowing by any industrial SOE controlled by the central government if the firm’s debt-to-asset ratio goes above 70%, Xiao Yaqing, chairman of the State-Owned Assets Supervision a...

sources

Caixin: Quick Take: China Regulator Vows to Curb SOE Borrowing

September 29, 2017

Your weekend read: An anatomy of a liquidation

We know we aren’t the only ones. Lots of China watchers have missed the excellent financial reporting of Dinny McMahon while he was writing a book for the past couple of years. Good news, though – he’s back, writing for the Paulson Institute . . . and he’s not disappointing. His latest piece di…

We know we aren’t the only ones.
Lots of China watchers have missed the excellent financial reporting of Dinny McMahon while he was writing a book for the past couple of years.
Good news, though – he’s back, writing for the Paulson Institute . . . and he’s not disappointing.
His latest piece di...

sources

Paulson Institute: The Anatomy of a Bankrupt State Firm’s Liquidation

September 29, 2017

A wild month for the RMB

It’s been quite a month for China’s currency. On Friday, the PBoC set the daily fixing rate at 6.6369 – that was the weakest rate since August 25. That might not sound wild, but it’s what happened in the interim that was surprising. In the first few days of September, the currency apprecia…

It’s been quite a month for China’s currency. On Friday, the PBoC set the daily fixing rate at 6.6369 – that was the weakest rate since August 25.
That might not sound wild, but it’s what happened in the interim that was surprising.
In the first few days of September, the currency apprecia...

sources

China Securities Journal: 人民币中间价连续五日调贬

September 28, 2017

Loan guarantee companies

Yesterday’s State Council meeting also promised to alleviate small businesses’ financing difficulties. The solution? Make it cheaper for banks to lend to SMEs. The measures: Interest derived from large loans to small and micro businesses, farmers and the self-employed will be exempt from from VAT b…

Yesterday’s State Council meeting also promised to alleviate small businesses’ financing difficulties.
The solution? Make it cheaper for banks to lend to SMEs. The measures:

Interest derived from large loans to small and micro businesses, farmers and the self-employed will be exempt from from VAT b...

sources

Gov.cn: 李克强主持召开国务院常务会议听取推进中央企业重组整合工作汇报等

September 28, 2017

Regulators to name and shame companies with substandard products

File this one under “boring but important”. The State Council has just released a to-do list for various ministries to better monitor the the quality of import and export products. Still awake? Here’s how they plan to do it: Focus on improved monitoring in po…

Focus on improved monitoring in po...

sources

Gov.cn: 国务院关于完善进出口商品质量安全风险预警和快速反应监管体系切实保护消费者权益的意见

Gov.cn: China to reduce quality risks in import and export commodities

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