string(13) "markets-macro"

Macro

July 21, 2017

SOEs get a lesson in finance

The National Financial Work Conference is the gift that keeps on giving. The national SOE administrator (SASAC) is the latest to hold a meeting discussing the outcomes from the conference. This one’s particularly interesting because of Xi Jinping’s focus on SOEs at the NFWC as the key to deleve… Username Password Remember Me Forgot Password

The National Financial Work Conference is the gift that keeps on giving. The national SOE administrator (SASAC) is the latest to hold a meeting discussing the outcomes from the conference.
This one’s particularly interesting because of Xi Jinping’s focus on SOEs at the NFWC as the key to deleve...

sources

Caijing: 国资委学习金融工作会议精神：将出台央企降杠杆文件

July 21, 2017

The Party to the private sector: get in line on financial regulation

And on it goes. The National Financial Work Conference continues to be felt in various corners of the economy. The Party’s Central United Front Department (CUFD) has even held a meeting with the non-Party community(i.e. the private sector) to give some unsolicited financial guidance. The Party’…

And on it goes. The National Financial Work Conference continues to be felt in various corners of the economy.
The Party’s Central United Front Department (CUFD) has even held a meeting with the non-Party community(i.e. the private sector) to give some unsolicited financial guidance.
The Party’...

sources

Xinhua: 孙春兰受中共中央委托向党外人士通报全国金融工作会议精神

July 21, 2017

Coming tweaks to China’s property markets

Everyone in China wants to own at least one apartment. That’s one driver of China’s fundamental property demand, which subsequently fuels speculative purchases. To ease that dynamic a bit, the government is trying to make it easier for people to rent. That’s why nine ministries have jointl…

Everyone in China wants to own at least one apartment. That’s one driver of China’s fundamental property demand, which subsequently fuels speculative purchases.
To ease that dynamic a bit, the government is trying to make it easier for people to rent. That’s why nine ministries have jointl...

sources

MoHURD: 关于在人口净流入的大中城市加快发展住房租赁市场的通知

State Council: 我国将在人口净流入大中城市加快发展住房租赁市场

July 21, 2017

China is in it to win it with AI

The Chinese government is its own venture capitalist. That’s especially true in artificial intelligence (AI). The State Council has just landed its national AI development plan, and there won’t be any dearth of cash behind it. The State Council sees a three-phase progression: By 2020, China’s …

The Chinese government is its own venture capitalist. That’s especially true in artificial intelligence (AI).
The State Council has just landed its national AI development plan, and there won’t be any dearth of cash behind it.
The State Council sees a three-phase progression:

By 2020, China’s ...

sources

State Council: 国务院关于印发新一代人工智能发展规划的通知

July 20, 2017

CED goes bust

The US-China Comprehensive Economic Dialogue (CED) seems to have been a bust. We told you yesterday that expectations were low going in, and that was just fine by the Chinese side. But the meager outcomes seem to have fallen short of even those modest hopes. It’s never a good sign when both sid…

The US-China Comprehensive Economic Dialogue (CED) seems to have been a bust.
We told you yesterday that expectations were low going in, and that was just fine by the Chinese side. But the meager outcomes seem to have fallen short of even those modest hopes.
It’s never a good sign when both sid...

sources

Xinhua: 汪洋与美国财政部长、商务部长共同主持首轮中美全面经济对话

Washington Post: Trade talks fizzle as China rebuffs key Trump team demand

Reuters: U.S. steel tariffs likely to trigger swift EU ‘safeguard’: sources

July 20, 2017

The evolution of China’s FX regime

Markets have temporarily lost interest in China’s currency because the CNY has been so stable. So it’s a good time to step back and examine China’s overarching framework for the currency. A hot-off-the-presses e-book from the IMF does just that. Ma Jun, chief economist of the PBoC’s research bureau …

Markets have temporarily lost interest in China’s currency because the CNY has been so stable.
So it’s a good time to step back and examine China’s overarching framework for the currency. A hot-off-the-presses e-book from the IMF does just that.
Ma Jun, chief economist of the PBoC’s research bureau ...

sources

IMF: Strengthening Financial and Exchange Rate Frameworks

July 20, 2017

Daily reads from the PBoC

Speaking of the PBoC, we’ve got some new daily reading for you. The central bank now publishes a short commentary on its open market operations every single day. Tracking these over time leads to some clear revelations (Bloomberg): “It’s becoming apparent that a key reason for adding or removi…

Speaking of the PBoC, we’ve got some new daily reading for you.
The central bank now publishes a short commentary on its open market operations every single day. Tracking these over time leads to some clear revelations (Bloomberg):

“It’s becoming apparent that a key reason for adding or removi...

sources

PBoC: 公开市场业务交易公告

Bloomberg: China’s Central Bank Sheds Light on How Much State Spending Matters

July 20, 2017

SOE consolidation is in vogue

We wouldn’t call it reform, per se, but SOE consolidation is heating up. We’ve touched on this plan before, but now Caixin has some more color: “In a recent briefing, SASAC defined…three [SOE] categories and disclosed future directions for their development.” “After completing the grouping, SASAC w…

We wouldn’t call it reform, per se, but SOE consolidation is heating up.
We’ve touched on this plan before, but now Caixin has some more color:

“In a recent briefing, SASAC defined…three [SOE] categories and disclosed future directions for their development.”
“After completing the grouping, SASAC w...

sources

Caixin: China to Accelerate SOE Consolidation in Bid to Build Corporate Giants

July 20, 2017

Xi pushes officials on reform AGAIN

It’s been a busy week for Xi Jinping already. Wednesday, he chaired the 37th meeting of the central leading group on reform. Here are a couple of key themes from the meeting: Xi will allow mistakes, but won’t tolerate a lack of action. Xi wants to improve the quality of officials in post…

It’s been a busy week for Xi Jinping already.
Wednesday, he chaired the 37th meeting of the central leading group on reform.
Here are a couple of key themes from the meeting:

Xi will allow mistakes, but won’t tolerate a lack of action.
Xi wants to improve the quality of officials in post...

sources

People's Daily: 习近平主持召开中央全面深化改革领导小组第三十七次会议强调敢于担当善谋实干锐意进取深入扎实推动地方改革工作

July 20, 2017

The State Council’s new manufacturing green zones

Despite rhetoric about building a service-oriented economy, Chinese leaders still see manufacturing as the crown jewel of real economic activity. That’s why the State Council’s Wednesday meeting decided to set up new manufacturing demonstration zones across the country. Business benefits …

Despite rhetoric about building a service-oriented economy, Chinese leaders still see manufacturing as the crown jewel of real economic activity.
That’s why the State Council’s Wednesday meeting decided to set up new manufacturing demonstration zones across the country.
Business benefits ...

sources

People's Daily: 李克强主持召开国务院常务会议

July 19, 2017

Low expectations for the CED suit China just fine

The US-China Comprehensive Economic Dialogue (CED) kicks off today in Washington. Expectations in the US are fairly low, which suits the Chinese just fine. As one of the key people responsible for the US-China economic relationship on the American side, Commerce Secretary Wilbur Ross has been f…

The US-China Comprehensive Economic Dialogue (CED) kicks off today in Washington.
Expectations in the US are fairly low, which suits the Chinese just fine.
As one of the key people responsible for the US-China economic relationship on the American side, Commerce Secretary Wilbur Ross has been f...

July 19, 2017

The CBRC tries to diffuse a deposit war

China’s banking regulator is telling banks to cool it. Blomberg has the skinny (link below) — the regulator is instructing banks to lower yields on Wealth Management Products. The policy is largely aimed at a specific segment of the banking system. Regulators want to keep city-level b…

China’s banking regulator is telling banks to cool it.
Blomberg has the skinny (link below) — the regulator is instructing banks to lower yields on Wealth Management Products.
The policy is largely aimed at a specific segment of the banking system. Regulators want to keep city-level b...

sources

Bloomberg: China Tells Banks to Lower Returns on Wealth Products

Cailianshe: 中国银监会本月已经要求部分银行降低其理财产品的收益率

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