string(13) "markets-macro"

Macro

August 18, 2017

CFIUS gets even slower

The process for Chinese companies to acquire businesses is the United States is becoming more unpredictable. The Committee on Foreign Investment in the United States (CFIUS), which has the last say on whether a foreign deal can be completed in the US, has long been considered to be opaque. But it se… Username Password Remember… Read More »

The process for Chinese companies to acquire businesses is the United States is becoming more unpredictable.
The Committee on Foreign Investment in the United States (CFIUS), which has the last say on whether a foreign deal can be completed in the US, has long been considered to be opaque. But it se...

sources

Caixin: China Firms Face Increasing Acquisition Delays in U.S.

August 18, 2017

Inside Xi Jinping’s head

“Hold high the great banner of socialism with Chinese characteristics.” That’s the message atop most official media today, including a key Xinhua commentary (link below). But the clunky title doesn’t get to the heart of the commentary – it’s all about Xi Jinping’s leadership of the Party. Gov…

“Hold high the great banner of socialism with Chinese characteristics.”
That’s the message atop most official media today, including a key Xinhua commentary (link below). But the clunky title doesn’t get to the heart of the commentary – it’s all about Xi Jinping’s leadership of the Party.
Gov...

sources

Xinhua: 高举中国特色社会主义伟大旗帜——贯彻落实习近平总书记在省部级专题研讨班重要讲话精神系列述评之一

August 18, 2017

Li Zuocheng emerges as frontrunner for the Politburo

Ever hear of Li Zuocheng? If not, you might want to check out his resume. According to the SCMP, Li is expected to be promoted to vice chairman of the Central Military Commission (CMC) at the 19th Party Congress. That should get him a seat on the Politburo. Why Li has the inside track: “Li is… Read More »

Ever hear of Li Zuocheng? If not, you might want to check out his resume.
According to the SCMP, Li is expected to be promoted to vice chairman of the Central Military Commission (CMC) at the 19th Party Congress. That should get him a seat on the Politburo.
Why Li has the inside track:

“Li is ...

sources

SCMP: War hero tipped as Xi Jinping’s choice for key role in world’s biggest army

August 18, 2017

Xi wants a healthy China

Xi Jinping also sent instructions Thursday to a conference that was held to reward outstanding staff in China’s healthcare system. He used the occasion to call for more progress on creating a basic public healthcare system. Some context (CGTN): “Back in January, the State Council set out a roa…

“Back in January, the State Council set out a roa...

sources

CPC People: 习近平：推动全社会形成尊医重卫的良好氛围加快建立中国特色基本医疗卫生制度

CGTN: China to accelerate building of basic medical system

August 17, 2017

The IMF warns China on bank liabilities

China’s banking vulnerabilities are primarily driven by the way some of the banks fund themselves. Instead of relying on stable customer deposits, many are relying on wholesale funding. What does that mean? Basically, the smaller banks are using short-term borrowing from bigger banks …

China’s banking vulnerabilities are primarily driven by the way some of the banks fund themselves. Instead of relying on stable customer deposits, many are relying on wholesale funding.
What does that mean? Basically, the smaller banks are using short-term borrowing from bigger banks ...

sources

IMF: PEOPLE’S REPUBLIC OF CHINA 2017 ARTICLE IV CONSULTATION

August 17, 2017

Baby steps on local government finances

Local government debt is still in focus. First, local government “bond swap” issuance is way down this year (link below). These bonds were meant to be a transparent replacement for previous debt. But provinces only have until the middle of 2018 to complete the process. Meanwhile new funding cha…

Local government debt is still in focus.
First, local government “bond swap” issuance is way down this year (link below). These bonds were meant to be a transparent replacement for previous debt. But provinces only have until the middle of 2018 to complete the process.
Meanwhile new funding cha...

sources

21st Century Biz: 五省市尝鲜“市政债” 已发行435亿元

21st Century Biz: 地方债发行提速达2.9万亿存量置换需“啃硬骨头”

August 17, 2017

China’s railway monopoly comes under fire

Should China Railway Corporation (CRC) – the country’s sole railway operator – be broken up? That’s what some are saying after CRC gouged its state-owned train manufacturer (CRRC). What happened: CRC demanded a 20% discount on CRRC’s new trains. They could do that because CRC represents 70% of …

Should China Railway Corporation (CRC) – the country’s sole railway operator – be broken up?
That’s what some are saying after CRC gouged its state-owned train manufacturer (CRRC).
What happened: CRC demanded a 20% discount on CRRC’s new trains. They could do that because CRC represents 70% of ...

sources

Caixin: 铁总要求“复兴号”采购价大降二成中车铁总利益角力

Caixin: 中铁总让步 “复兴号”价格仅降5%

August 17, 2017

China wants more foreign investment

FDI is down in China this year. And the government doesn’t like it. In fact, one of Xi Jinping’s top economic advisors, Yang Weimin, is publicly stating that the government is shooting for better FDI stats in H2. To ameliorate the problem, the State Council just released new measures to increase for…

FDI is down in China this year. And the government doesn’t like it. In fact, one of Xi Jinping’s top economic advisors, Yang Weimin, is publicly stating that the government is shooting for better FDI stats in H2.
To ameliorate the problem, the State Council just released new measures to increase for...

sources

Gov.cn: 国务院关于促进外资增长若干措施的通知

Xinhua: 促外资增长再出新政策国务院发文“五招”促引资

August 17, 2017

China Unicom unveils a plan to attract private investment

It’s a big deal – literally. China Unicom has announced a RMB 78 billion share sale to both private and strategic state investors. The sales will come from the company’s A-share listed unit, and China’s four biggest Internet companies, Alibaba, Tencent, Baidu and JD.com have all subscribed…

It’s a big deal – literally.
China Unicom has announced a RMB 78 billion share sale to both private and strategic state investors.
The sales will come from the company’s A-share listed unit, and China’s four biggest Internet companies, Alibaba, Tencent, Baidu and JD.com have all subscribed...

sources

Sina: 联通混改后董事会重组：国企董事6名民企4名

Caixin: 联通780亿混改方案公布后回撤投资公司表述有变

Bloomberg: Alibaba to China Life Join Unicom’s $11.7 Billion Stake Sale

Reuters: State-owned China Unicom to raise $12 billion from Alibaba, Tencent, others

August 17, 2017

China’s top legislator wants better waste management

Zhang Dejiang, #3 in the Party and head of the national legislature, just got back from a three-day trip to Hunan. The purpose of his visit? To investigate enforcement of the Solid Waste Prevention Law. He visited waste processing facilities for an on-the-ground look at local conditions. Get sm…

Zhang Dejiang, #3 in the Party and head of the national legislature, just got back from a three-day trip to Hunan.
The purpose of his visit? To investigate enforcement of the Solid Waste Prevention Law. He visited waste processing facilities for an on-the-ground look at local conditions.
Get sm...

sources

CPC People: 张德江：夯实基础把握重点协同推进全面加强固体废物污染防治

August 15, 2017

Bark but no bite on the IP front, for now

Yesterday we told you to watch whether Trump’s executive order on Chinese IP abuses would launch an investigation or just “look into” launching an investigation. We ended up with the latter (Reuters): “U.S. Trade Representative Robert Lighthizer will have a year to look into whether to launch …

“U.S. Trade Representative Robert Lighthizer will have a year to look into whether to launch ...

sources

Reuters: Trump orders probe of China intellectual property practices

August 15, 2017

Just enough on North Korea

This is no coincidence – China just announced that it is banning imports of coal, iron, lead and seafood from North Korea. The message: We’re doing our part (WSJ): “The timing of China’s disclosure… was aimed as a response to Mr. Trump’s plans for a trade probe, according to people with knowle…

This is no coincidence – China just announced that it is banning imports of coal, iron, lead and seafood from North Korea.
The message: We’re doing our part (WSJ):

“The timing of China’s disclosure… was aimed as a response to Mr. Trump’s plans for a trade probe, according to people with knowle...

sources

WSJ: North Korea Backs Off Threat to Hit Guam

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