string(13) "markets-macro"

Macro

August 4, 2017

Huawei and Tencent battle it out for user data

Controlling user data is the new fight among China’s tech firms. The latest iteration has Huawei and Tencent duking it out (WSJ): “To build its AI capability…Huawei Technologies Co. is collecting user-activity information on its advanced Honor Magic smartphone. Among the information captured: … Username Password Remember Me Forgot Password

Controlling user data is the new fight among China’s tech firms.
The latest iteration has Huawei and Tencent duking it out (WSJ):

“To build its AI capability…Huawei Technologies Co. is collecting user-activity information on its advanced Honor Magic smartphone. Among the information captured: ...

sources

WSJ: Two China Tech Titans Wrestle Over User Data

August 3, 2017

Capital controls explained?

China’s crackdown on outbound investment is driven by an effort to avoid Japan’s fate from the 1990’s – a bursting bubble, followed by a lost decade of economic growth. We’ve heard regulators say that before, but now Bloomberg has the real scoop. Liu He himself commissioned a report on the topic ear…

China’s crackdown on outbound investment is driven by an effort to avoid Japan’s fate from the 1990’s – a bursting bubble, followed by a lost decade of economic growth.
We’ve heard regulators say that before, but now Bloomberg has the real scoop.
Liu He himself commissioned a report on the topic ear...

sources

Bloomberg: China’s Fear of Japan-Style Economic Bust Drives Crackdown on Deals, Says Source

August 3, 2017

Capital controls explained, cont’d

Speaking of greater State supervision and overseas assets…new rules from the Ministry of Finance (MoF) on outbound SOE investment went into effect as of August 1. To explain the measures in detail, MoF published a QandA on Tuesday. In broad strokes, the idea is that SOEs need to …

Speaking of greater State supervision and overseas assets…new rules from the Ministry of Finance (MoF) on outbound SOE investment went into effect as of August 1.
To explain the measures in detail, MoF published a QandA on Tuesday.
In broad strokes, the idea is that SOEs need to ...

sources

The Paper: 财政部详解“境外投资财务管理办法”，非国有企业参照执行

August 3, 2017

New details on the interbank crackdown

The interbank cleanup is serious. That’s the understanding we have as more details emerge around the PBoC’s initiative to sanction 40 banks for improper interbank dealings. A solid piece by the China Securities Journal has a deeper look at what’s going on. (It’s in Chinese, but worth a full rea…

The interbank cleanup is serious.
That’s the understanding we have as more details emerge around the PBoC’s initiative to sanction 40 banks for improper interbank dealings.
A solid piece by the China Securities Journal has a deeper look at what’s going on. (It’s in Chinese, but worth a full rea...

sources

China Securities Journal: 消息称央行通报40家银行同业账户违规责令限期整改

August 3, 2017

China’s muni bond market gets a boost

The central government is “opening the front door” for local governments a bit wider. Regulators use that phrase as shorthand for their efforts to give local governments more transparent, and varied, channels to raise funds through the bond market. Readers of Trivium’s weekly finance notes…

The central government is “opening the front door” for local governments a bit wider.
Regulators use that phrase as shorthand for their efforts to give local governments more transparent, and varied, channels to raise funds through the bond market.
Readers of Trivium’s weekly finance notes...

sources

MoF: 关于试点发展项目收益与融资自求平衡的地方政府专项债券品种的通知

Gov.cn: 财政部有关负责人就试点发展项目收益与融资自求平衡的地方政府专项债券品种答记者问

August 3, 2017

Price administration in property

City governments have a new(-ish) way to deal with the housing bubble. They set prices themselves. That’s one way to keep prices from rising. But one of China’s biggest cities is taking it to a new level. Guangzhou, in southern Guangdong Province, will start barring developers who set pric…

City governments have a new(-ish) way to deal with the housing bubble. They set prices themselves.
That’s one way to keep prices from rising. But one of China’s biggest cities is taking it to a new level.
Guangzhou, in southern Guangdong Province, will start barring developers who set pric...

sources

GZCC: 关于严格落实房地产调控部署全面加强市场管理的通知

Shanghai Securities News: 上海楼市新盘近“休眠” 8月份或仅13项目入市开盘

August 3, 2017

Regulating the shared bike craze

China’s shared bike services aren’t toys. That’s one of the messages from the Ministry of Transportation (MoT). The MoT just released new guidelines on the shared bike industry, indicating – among other items – that bike services should not be offered to children under 12 years old. It’s …

China’s shared bike services aren’t toys.
That’s one of the messages from the Ministry of Transportation (MoT). The MoT just released new guidelines on the shared bike industry, indicating – among other items – that bike services should not be offered to children under 12 years old.
It’s ...

sources

21st Century Biz: 骑共享单车的注意了！新规发布，这些变化很重要！

The Pixellary: The Mobike Experience: a Deep Dive into the new IoT App Sweeping Beijing

Billboard: Rihanna Brings Scholarships and Bikes to Malawian Girls In New Partnership With Bike-Sharing Platform ofo

August 3, 2017

Sacrificing growth for the environment?

When it comes to local government inspections it’s not all about corruption and Party discipline. Investigators are increasingly focused on ensuring that local leadership are enforcing environmental protection rules. In fact, teams from the Ministry of Environmental Protection and the discipline com…

When it comes to local government inspections it’s not all about corruption and Party discipline.
Investigators are increasingly focused on ensuring that local leadership are enforcing environmental protection rules.
In fact, teams from the Ministry of Environmental Protection and the discipline com...

sources

Xinhua: 第三批中央环保督察反馈：七省市存在多个共性问题

CPC People: 开创生态文明新局面——党的十八大以来以习近平同志为核心的党中央引领生态文明建设纪实

Xinhua: 中共中央办公厅、国务院办公厅就甘肃祁连山国家级自然保护区生态环境问题发出通报

August 2, 2017

SAFE takes on China’s big corporates

The hits just keep on coming for China’s outbound dealmakers. The latest this week, from Bloomberg: “The State Administration of Foreign Exchange recently began reviewing loan guarantees for Anbang Insurance Group Co., Dalian Wanda Group Co., Fosun International Ltd., HNA Group Co. and the Chinese …

The hits just keep on coming for China’s outbound dealmakers.
The latest this week, from Bloomberg:

“The State Administration of Foreign Exchange recently began reviewing loan guarantees for Anbang Insurance Group Co., Dalian Wanda Group Co., Fosun International Ltd., HNA Group Co. and the Chinese ...

sources

Bloomberg: China Forex Regulator Is Examining Top Dealmakers, Sources Say

August 2, 2017

The grand plan to fix Chinese property markets

A long-term plan to fix the housing market is slowly unfolding. The main goal: Foster the rental market. That’s already been highlighted at the central government level. But now cities are getting on board by increasing land supply and improving renters’ rights. Shanghai, for example, is planni…

A long-term plan to fix the housing market is slowly unfolding.
The main goal: Foster the rental market. That’s already been highlighted at the central government level. But now cities are getting on board by increasing land supply and improving renters’ rights.
Shanghai, for example, is planni...

sources

21st Century Biz: 从收紧“购房”到鼓励“租赁” 多城市新政探索“租购同权”

Xinhua: “租售同权”将获立法保障推广在望

Xinhua: 上海：加强房地产市场调控不动摇、不放松

August 2, 2017

Parsing China’s overlooked bankruptcy stats

Zombie companies. China has a lot of them, and getting rid of them is key to improving China’s economic efficiency. But it’s not easy, and there has been huge resistance to the process of winding these companies down. So far local officials have not really allowed courts to run the show wh…

Zombie companies. China has a lot of them, and getting rid of them is key to improving China’s economic efficiency.
But it’s not easy, and there has been huge resistance to the process of winding these companies down.
So far local officials have not really allowed courts to run the show wh...

sources

China Court: 2017年上半年全国法院审判执行工作态势新闻发布会

August 2, 2017

Why China’s companies are unprofitable

Unleashing water to a fish farm – that’s the analogy for cutting business costs used by both Xi Jinping and Li Keqiang. The problem is that efforts to unleash that water have been minimally effective. Over the past three years, a survey of 14,709 companies has found that total costs exce…

Unleashing water to a fish farm – that’s the analogy for cutting business costs used by both Xi Jinping and Li Keqiang. The problem is that efforts to unleash that water have been minimally effective.
Over the past three years, a survey of 14,709 companies has found that total costs exce...

sources

Caixin: 财科院：企业要素成本居高不下需全面深化改革降低无效成本

JRJ: 报告：企业成本呈山洪爆发式上升根源在制度滞后

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