string(13) "markets-macro"

Macro

July 12, 2017

Investing in bad loans…from your smart phone?

We previously highlighted distressed debt investment as an enticing asset class. This isn’t exactly how we envisioned it (Bloomberg): “For 4.15 million yuan ($610,000), customers on [Taobao]…can bid for the debt of a steelmaker from Zhejiang, a coastal province in eastern China.” That’s … Username Password Remember Me Forgot Password

We previously highlighted distressed debt investment as an enticing asset class. This isn’t exactly how we envisioned it (Bloomberg):

“For 4.15 million yuan ($610,000), customers on [Taobao]…can bid for the debt of a steelmaker from Zhejiang, a coastal province in eastern China.”

That’s ...

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Bloomberg: Shoppers Can Buy Bad Debt on China’s Equivalent of Ebay

July 12, 2017

Putting the “socialist” back in the “socialist market economy”

The Party’s attitude towards SOEs will be one of the most important dynamics to watch in Xi’s second term. Making the state-owned sector more efficient is key to sustaining economic growth. That’s why we pay attention when top officials talk about SOEs. Zhang Chunxian, vice head of the Party-b…

The Party’s attitude towards SOEs will be one of the most important dynamics to watch in Xi’s second term. Making the state-owned sector more efficient is key to sustaining economic growth.
That’s why we pay attention when top officials talk about SOEs.
Zhang Chunxian, vice head of the Party-b...

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CPC People: 张春贤：推动全面从严治党在国企落实落地

July 12, 2017

Central SOEs are stronger, but not necessarily better

Xi Jinping is also in the camp that thinks that SOEs need more Party control. His goal is for SOEs to become “stronger, better and bigger”. Central SOEs are definitely getting bigger. They are temporarily stronger, too. SASAC’s H1 data shows that: H1 revenues are up 16.8% y/y to RMB 12.5 trillion. …

Xi Jinping is also in the camp that thinks that SOEs need more Party control. His goal is for SOEs to become “stronger, better and bigger”.
Central SOEs are definitely getting bigger. They are temporarily stronger, too. SASAC’s H1 data shows that:

H1 revenues are up 16.8% y/y to RMB 12.5 trillion.
...

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SCIO: 国新办举行2017年上半年中央企业经济运行情况发布会

July 12, 2017

A technical upgrade for judicial reform

The Chinese government is investing big in big data and artificial intelligence (AI). They want to use both technologies to improve governance. They are also hoping they can improve the judicial system. That’s why Xi Jinping instructed attendees at a national conference on judicial reform to make u…

The Chinese government is investing big in big data and artificial intelligence (AI). They want to use both technologies to improve governance.
They are also hoping they can improve the judicial system. That’s why Xi Jinping instructed attendees at a national conference on judicial reform to make u...

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People's Daily: 习近平对司法体制改革作出重要指示强调坚定不移推进司法体制改革坚定不移走中国特色社会主义法治道路

People’s Supreme Court: 孟建柱在全国司法体制改革推进会上强调主动拥抱新一轮科技革命

July 11, 2017

China’s still-resilient property market

Housing transactions are continuing to fall off in China’s hottest real estate markets. But that doesn’t necessarily mean a coming slowdown in property construction — mainly because inventories are so thin in 35 of China’s biggest real estate markets (see link below). …

Housing transactions are continuing to fall off in China’s hottest real estate markets.
But that doesn’t necessarily mean a coming slowdown in property construction — mainly because inventories are so thin in 35 of China’s biggest real estate markets (see link below).
...

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Sina: 楼市调控效果显现：上半年成交降温 35城或需补库存

July 11, 2017

Strong steel prices and why they matter

The continued strength in Chinese steel prices has surprised most analysts, and it matters a lot for global markets. Why the solid price action? In our view, it’s a combination of some success in capacity cuts along with property activity that just keeps on beating expectations. The W…

The continued strength in Chinese steel prices has surprised most analysts, and it matters a lot for global markets.
Why the solid price action? In our view, it’s a combination of some success in capacity cuts along with property activity that just keeps on beating expectations.
The W...

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WSJ: How China Is Upending Global Steel Industry Once More

July 11, 2017

Dongbei Steel gets a bailout

Speaking of Chinese steel, the long-embattled Dongbei Special Steel is getting a bailout (Caixin): “Debt-strapped Dongbei Special Steel Group Co. Ltd. was expected to go bankrupt Monday. The steel maker, together with its subsidiaries, has defaulted on 10 bonds involving 7.2 billion yuan ($1.06 bil…

Speaking of Chinese steel, the long-embattled Dongbei Special Steel is getting a bailout (Caixin):

“Debt-strapped Dongbei Special Steel Group Co. Ltd. was expected to go bankrupt Monday. The steel maker, together with its subsidiaries, has defaulted on 10 bonds involving 7.2 billion yuan ($1.06 bil...

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Caixin: Specialty Steel Giant on Brink of Bankruptcy Is Rescued

Caixin: 东北特钢集团正式向法院提交破产重整计划草案

21st Century Biz: 沙钢系公司与本钢板材共同参与东北特钢重整

July 11, 2017

Disciplinarian to head the CIRC

The country’s insurance regulator (CIRC) has been without a chairman since former head Xiang Junbo was done for corruption in April. But SCMP reports that the vacancy is likely to be filled soon: “Yang Xiaochao, secretary general of the Central Commission for Discipline Inspection (CCDI), was the l…

The country’s insurance regulator (CIRC) has been without a chairman since former head Xiang Junbo was done for corruption in April.
But SCMP reports that the vacancy is likely to be filled soon:

“Yang Xiaochao, secretary general of the Central Commission for Discipline Inspection (CCDI), was the l...

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SCMP: Chinese graft-buster ‘front runner’ to head insurance watchdog

July 11, 2017

China’s richest men are scurrying to pay off debts

We’ve been telling you – Chinese regulators are serious about cleaning up the funny business in the financial system. Now markets are taking a closer look at company balance sheets to see how they might be affected by the crackdown. This scrutiny has prompted two of China’s largest private…

We’ve been telling you – Chinese regulators are serious about cleaning up the funny business in the financial system.
Now markets are taking a closer look at company balance sheets to see how they might be affected by the crackdown.
This scrutiny has prompted two of China’s largest private...

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Fosun: 广昌出席电话会议：我们一直努力工作创造价值

Caixin: 独家|王健林、孙宏斌谈631亿的大交易所为何来

July 11, 2017

The CCP looks to constrain Guo Wengui

Xi Jinping does not want an October surprise to derail the Party Congress. That’s why the Chinese government is clamping down on Guo Wengui’s intelligence network within China: On Sunday Xinhua reported that the people who sold Guo information about HNA had been arrested. The message:&…

Xi Jinping does not want an October surprise to derail the Party Congress.
That’s why the Chinese government is clamping down on Guo Wengui’s intelligence network within China:

On Sunday Xinhua reported that the people who sold Guo information about HNA had been arrested.

The message:&...

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Xinhua: 郭文贵海航“爆料”真相调查

July 11, 2017

China stretches out on the world stage

You may have noticed that China is playing a larger role in the world under Xi Jinping. The good people at the International Crisis Group (ICG) have an in depth look how China’s more proactive approach has manifested itself in one corner of the world: South Sudan. Some key takeaways (link below): “…

You may have noticed that China is playing a larger role in the world under Xi Jinping.
The good people at the International Crisis Group (ICG) have an in depth look how China’s more proactive approach has manifested itself in one corner of the world: South Sudan.
Some key takeaways (link below):

“...

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ICG: China’s Foreign Policy Experiment in South Sudan

July 10, 2017

Did Xi Jinping win the G20?

Pretty much. He had a very successful summit, not least because of his solid meeting with the US President. Trump left Hamburg feeling as if the bromance with Xi was still intact – which is exactly what Xi wanted. How did he do it? Xi once again personally reassured Trump that China i…

Pretty much. He had a very successful summit, not least because of his solid meeting with the US President.
Trump left Hamburg feeling as if the bromance with Xi was still intact – which is exactly what Xi wanted.
How did he do it? Xi once again personally reassured Trump that China i...

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Bloomberg: Trump and Xi Brush Aside North Korea Divide in ‘Excellent’ Meeting

Xinhua: Xi, Trump meet on ties, hot-spot issues on G20 sidelines

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