string(13) "markets-macro"

Macro

September 4, 2017

SMEs get a tax break, maybe

The revised SME Promotion Law mandates tax breaks for China’s small businesses. But business owners shouldn’t get too excited. A spokesman for the legislature made it clear that there is not actually much fiscal room for tax breaks. Some context: SMEs drive China’s economy. They account fo… Username Password Remember Me Forgot Password

The revised SME Promotion Law mandates tax breaks for China’s small businesses.
But business owners shouldn’t get too excited. A spokesman for the legislature made it clear that there is not actually much fiscal room for tax breaks.
Some context: SMEs drive China’s economy. They account fo...

sources

NPC: 全国人民代表大会法律委员会关于《中华人民共和国中小企业促进法（修订草案）》修改情况的汇报

NPC: 全国人民代表大会法律委员会关于《中华人民共和国中小企业促进法（修订草案）》审议结果的报告

NPC: 全国人民代表大会法律委员会关于《中华人民共和国中小企业促进法（修订草案三次审议稿）》修改意见的报告

21st Century Biz: 中小企业促进法出台：特殊保护中小企业，让它们有获得感

September 4, 2017

MEP steps up its game

Keeping cadres personally accountable. That’s how rules get enforced. And it’s how China’s environmental regulator (MEP) is stepping up its game. So far in 2017 (SCMP): “Some 18,000 polluting companies have been punished, fines of RMB 870 million issued and more than 12,000 officials disciplin…

Keeping cadres personally accountable. That’s how rules get enforced. And it’s how China’s environmental regulator (MEP) is stepping up its game. So far in 2017 (SCMP):

“Some 18,000 polluting companies have been punished, fines of RMB 870 million issued and more than 12,000 officials disciplin...

sources

Straits Times: China punishes 18,000 companies for pollution

September 1, 2017

Save the Date: 19th Party Congress starts in 47 days

Set your calendars for October 18. That’s the start date for the 19th Party Congress. The Politburo made the decision at its meeting yesterday, ending months of speculation among China watchers. The more important date is probably October 25. That’s when the new Politburo will likely be reveale…

Set your calendars for October 18. That’s the start date for the 19th Party Congress.
The Politburo made the decision at its meeting yesterday, ending months of speculation among China watchers.
The more important date is probably October 25. That’s when the new Politburo will likely be reveale...

sources

CPC People: 中共中央政治局会议建议中国共产党第十九次全国代表大会10月18日在北京召开中共中央总书记习近平主持会议

Xinhua: CPC expected to convene 19th National Congress on Oct. 18

Bloomberg: Markets Are About to Find Out What China’s Leadership Reshuffle Means

September 1, 2017

More signs of success in taming financial chaos

As mid-year reports from the banks continue trickle in, China’s financial picture is becoming clearer. Financial institutions are growing their assets at the slowest pace in a decade, and it’s driven by a significant drop off in interbank activity. We pointed that out in yesterday’s Tip Sheet. Today…

As mid-year reports from the banks continue trickle in, China’s financial picture is becoming clearer.
Financial institutions are growing their assets at the slowest pace in a decade, and it’s driven by a significant drop off in interbank activity. We pointed that out in yesterday’s Tip Sheet.
Today...

sources

21st Century Biz: 39家上市银行中报透视：三家“缩表”，近半息差、中间收入下降

September 1, 2017

New rules on NCDs

Bank assets are growing slowly, but the central bank has plenty more work to do to clean up the interbank market. On one score, at least, it is trying to get out in front. The PBoC issued a notice yesterday regarding interbank negotiable certificates of deposit (NCDs). It said that NCD agreemen…

Bank assets are growing slowly, but the central bank has plenty more work to do to clean up the interbank market.
On one score, at least, it is trying to get out in front.
The PBoC issued a notice yesterday regarding interbank negotiable certificates of deposit (NCDs). It said that NCD agreemen...

sources

China's New Financial Network: 孙国峰：同业存单期限不超过1年对同业存单市场无较大影响

Wind: 央行：9月起金融机构不得新发行期限超过1年同业存单

September 1, 2017

Taming coal prices

The Chinese government doesn’t like wild price swings – especially when it comes to strategic resources. Coal prices have been all over the place in the past two years, so the NDRC is fighting back. It just published new draft rules to manage coal reserves more actively. (link below) The idea is to …

The Chinese government doesn’t like wild price swings – especially when it comes to strategic resources.
Coal prices have been all over the place in the past two years, so the NDRC is fighting back. It just published new draft rules to manage coal reserves more actively. (link below)
The idea is to ...

sources

Gov.cn: 关于就《关于建立健全煤炭最低库存和最高库存制度的指导意见（试行）》和《煤炭最低库存和最高库存制度考核办法（试行）》公开征求意见的公告

Caixin: 发改委将建立煤炭最低最高库存制度避免价格大幅波动

September 1, 2017

Can poverty relief shift gears?

We’ve been telling you this for a while: Xi Jinping takes poverty alleviation seriously. Now Xi is telling you himself just how and why he will do it. Xinhua has just published the full text of a speech he made at a poverty alleviation conference back on June 23rd. Some key takeaways…

We’ve been telling you this for a while: Xi Jinping takes poverty alleviation seriously.
Now Xi is telling you himself just how and why he will do it.
Xinhua has just published the full text of a speech he made at a poverty alleviation conference back on June 23rd. Some key takeaways...

sources

Xinhua: 习近平：在深度贫困地区脱贫攻坚座谈会上的讲话

August 31, 2017

SOE banks see a solid first half

China’s big SOE banks had a solid start to the year. They’ve issued their semi-annual reports for the first half of 2017, and things look pretty good (Caixin): “In concert with the government’s call to leverage bank loans to expand the real economy, these megabanks have been lending more to th…

China’s big SOE banks had a solid start to the year. They’ve issued their semi-annual reports for the first half of 2017, and things look pretty good (Caixin):

“In concert with the government’s call to leverage bank loans to expand the real economy, these megabanks have been lending more to th...

sources

Caixin: China’s Leading Banks Looking Up

August 31, 2017

Smaller banks slash asset growth

China’s overall bank assets are growing at the slowest pace in over a decade. Let that sink in. The data for July has been released and it shows total banking assets grew by 11.3% y/y for the month, down a touch from the previous low of 11.4% seen in June. Some context: that pace of asset …

China’s overall bank assets are growing at the slowest pace in over a decade. Let that sink in.
The data for July has been released and it shows total banking assets grew by 11.3% y/y for the month, down a touch from the previous low of 11.4% seen in June.
Some context: that pace of asset ...

sources

CBRC: 2017年总资产、总负债(月度)

August 31, 2017

The EV push gets pushed back

Automakers in China are rejoicing – temporarily. Implementation of a government plan that requires a ramp up of electric vehicle (EV) production has been delayed (Caixin): “The plan was originally set to take effect next year. It involves a system that awards points to companies based on the percen…

Automakers in China are rejoicing – temporarily.
Implementation of a government plan that requires a ramp up of electric vehicle (EV) production has been delayed (Caixin):

“The plan was originally set to take effect next year. It involves a system that awards points to companies based on the percen...

sources

Caixin: China to Delay Rollout of New-Energy Car Quota Program: Source

August 31, 2017

Premier Li pushes for innovation

Get excited – the State Council met yesterday. Ok, don’t get excited. The official readout (link below) is a real snoozefest – as per usual. But we still think it’s important to keep tabs on what the government is up to. Yesterday’s meeting discussed two topics: Promoting innovation and entrepreneu…

Get excited – the State Council met yesterday.
Ok, don’t get excited. The official readout (link below) is a real snoozefest – as per usual.
But we still think it’s important to keep tabs on what the government is up to.
Yesterday’s meeting discussed two topics:

Promoting innovation and entrepreneu...

sources

Gov.cn: 李克强主持召开国务院常务会议决定推广一批具备复制条件的支持创新改革举措等

Gov.cn: 今天的国务院常务会定了这2件大事

Gov.cn: China to further reform to drive innovation

August 31, 2017

Cai Qi channels Xi

Beijing Party Secretary Cai Qi convened a meeting of top city officials yesterday. The group discussed what they could do to ensure that the 19th Party Congress is a success. Two pieces of advice stood out to us: “Politics is forever of primary importance” “It is absolutely not permissible to engag…

“Politics is forever of primary importance”
“It is absolutely not permissible to engag...

sources

CPC People: 蔡奇：把方向谋大事抓党建保平安以饱满精神状态迎接党的十九大胜利召开

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