string(13) "markets-macro"

Macro

July 27, 2017

SOE performance improves and deteriorates

It’s been a solid year for SOE profits. That’s even truer for companies owned by local governments than it is for the central SOEs. Recently released data from the Ministry of Finance (MOF) shows that local SOEs had a cracking first half of the year: Revenues were up by 18.8% y/y in H1 – that …… Read More »

It’s been a solid year for SOE profits. That’s even truer for companies owned by local governments than it is for the central SOEs.
Recently released data from the Ministry of Finance (MOF) shows that local SOEs had a cracking first half of the year:

Revenues were up by 18.8% y/y in H1 – that ...

sources

MoF: 2017年1-6月全国国有及国有控股企业经济运行情况

Economic Information Daily: 国资委多举措助推国企“去杠杆”

July 26, 2017

More evidence that Xi will get his way at the 19th Party Congress

The good folks at the SCMP have combed throughnames of the 2,300-odd delegates that will attend the 19th Party Congress. They made some striking discoveries. Five alternate members of the current Central Committee (CC) — each of whom are associated with the Communist Youth League (CYL…

The good folks at the SCMP have combed throughnames of the 2,300-odd delegates that will attend the 19th Party Congress.
They made some striking discoveries.
Five alternate members of the current Central Committee (CC) — each of whom are associated with the Communist Youth League (CYL...

sources

SCMP: Guess who’s not invited to China’s key Communist Party congress

July 26, 2017

Xi’s not keen on the next generation

Speaking of the 6th generation. There is another key 6th generation leader who did not get an invite to the Congress. That’s the Director of the National Energy Administration, Nur Bekri. Get smart: Nur is the former chairman of Xinjiang – a position equivalent to governor. He is also one…

Speaking of the 6th generation. There is another key 6th generation leader who did not get an invite to the Congress.
That’s the Director of the National Energy Administration, Nur Bekri.
Get smart: Nur is the former chairman of Xinjiang – a position equivalent to governor. He is also one...

sources

SCMP: Guess who’s not invited to China’s key Communist Party congress

July 26, 2017

Capital controls by any other name

The PBoC knows that capital controls are self-defeating. PBoC Deputy Governor Chen Yulu said as much at a recent meeting between the central bank and the IMF (Yicai): “’We are aware that long-term and large-scale capital controls are not able to effectively cope with capital outflow pressures,’ Che…

The PBoC knows that capital controls are self-defeating.
PBoC Deputy Governor Chen Yulu said as much at a recent meeting between the central bank and the IMF (Yicai):

“’We are aware that long-term and large-scale capital controls are not able to effectively cope with capital outflow pressures,’ Che...

sources

Yicai: Long-Term, Large-Scale Controls Can’t Deal With Capital Outflow Pressures, PBOC Vice Governor Says

July 26, 2017

The message in June’s bank asset data

The latest banking data is hot off the presses. It shows that China’s nationwide bank assets grew at 11.4% y/y in June – that’s more than a full percentage point down from the 12.5% we saw in May. The key was that joint stock banks saw asset growth decelerate to 8.4%y/y in June – a significant… Read More »

The latest banking data is hot off the presses.
It shows that China’s nationwide bank assets grew at 11.4% y/y in June – that’s more than a full percentage point down from the 12.5% we saw in May.
The key was that joint stock banks saw asset growth decelerate to 8.4%y/y in June – a significant ...

sources

CBRC: 2017年总资产、总负债(月度)

July 26, 2017

HNA steps into the sunlight, sort of

HNA is one of China’s largest, most opaque and most politically connected conglomerates, and no one has any idea who really owns it. This week Guan Jun, previously HNA’s largest shareholder, gave away his shares to a newly formed New York-based non-profit. That’s certainly fishy. The WSJ has the det…

HNA is one of China’s largest, most opaque and most politically connected conglomerates, and no one has any idea who really owns it.
This week Guan Jun, previously HNA’s largest shareholder, gave away his shares to a newly formed New York-based non-profit. That’s certainly fishy. The WSJ has the det...

sources

WSJ: Who Owns HNA? We Still Don’t Know

Quartz: The complex ownership of the Chinese firm trying to buy the Mooch’s hedge fund

July 26, 2017

The FT profiles Wang Qishan

In case you missed it, this week the team at the FT has given us a wide-ranging profile of Wang Qishan that is worth a read: A couple choice excerpts – On the financial sector crackdown: “The larger economic policy goal behind Mr. Wang’s investigations, the official explains, is to ‘stop usin…

In case you missed it, this week the team at the FT has given us a wide-ranging profile of Wang Qishan that is worth a read:
A couple choice excerpts –
On the financial sector crackdown:

“The larger economic policy goal behind Mr. Wang’s investigations, the official explains, is to ‘stop usin...

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FT: Wang Qishan: China’s enforcer

July 26, 2017

Xi educates the Politburo about the military

Besides chairing the normal Politburo meeting on Monday, Xi also held a Politburo study session on the armed forces. It examined the distribution of military power across the country in the wake of Xi’s sweeping military reforms. In Xi’s mind, the reforms are unprecedented – “not seen since the…

Besides chairing the normal Politburo meeting on Monday, Xi also held a Politburo study session on the armed forces. It examined the distribution of military power across the country in the wake of Xi’s sweeping military reforms.
In Xi’s mind, the reforms are unprecedented – “not seen since the...

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People's Daily: 习近平在中共中央政治局第四十二次集体学习时强调军队全力以赴全党全国大力支持推动国防和军队改革向纵深发展

July 25, 2017

Sun is officially done

It’s official. Former Chongqing Party Secretary Sun Zhengcai is done. After yesterday’s Politburo meeting, official media announced that Sun is under investigation for “serious discipline violations”. That’s as good as a death sentence in Chinese politics. What it means: There will be an extra …

It’s official. Former Chongqing Party Secretary Sun Zhengcai is done.
After yesterday’s Politburo meeting, official media announced that Sun is under investigation for “serious discipline violations”. That’s as good as a death sentence in Chinese politics.
What it means: There will be an extra ...

sources

Xinhua: 孙政才同志涉嫌严重违纪中共中央决定对其立案审查

July 25, 2017

The Politburo talks economic policy

The July Politburo meeting was held Monday. As per usual, China’s leaders used the July meeting to discuss the economy. The readout was typically thin on detail, but it still provides indications on where economic policy is heading. The overarching theme will continue to be supply-side structural re…

The July Politburo meeting was held Monday.
As per usual, China’s leaders used the July meeting to discuss the economy. The readout was typically thin on detail, but it still provides indications on where economic policy is heading.
The overarching theme will continue to be supply-side structural re...

sources

Xinhua: 习近平主持政治局会议分析研究当前经济形势和经济工作

July 25, 2017

Property and investment on the Politburo to-do list

The property market was also up for discussion among the Politburo, as were private and foreign investment. The key message on property is that heavy-handed government action to control the market is set to continue. The meeting called for “continuity and stability” in property polic…

The property market was also up for discussion among the Politburo, as were private and foreign investment.
The key message on property is that heavy-handed government action to control the market is set to continue. The meeting called for “continuity and stability” in property polic...

sources

Xinhua: 习近平主持政治局会议分析研究当前经济形势和经济工作

July 25, 2017

Monetary policy: not loose, not tight

China’s big banks don’t expect significant changes to monetary policy in the second half of this year. We’d agree with that view. A commentary by the chief economist for the Bank of Communications, published in the Financial News, makes the argument. Neutral policy is here to stay. “Not loose, not t…

China’s big banks don’t expect significant changes to monetary policy in the second half of this year. We’d agree with that view.
A commentary by the chief economist for the Bank of Communications, published in the Financial News, makes the argument. Neutral policy is here to stay.
“Not loose, not t...

sources

CE.cn: 连平：经济运行总体稳健货币政策不松不紧

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