string(13) "markets-macro"

Macro

July 3, 2017

China’s IPO energy is about to fizzle.

The securities regulator has been fast tracking IPOs in 2017 in order to help companies get much needed capital (China Daily): “Two stock exchanges in the Chinese mainland accounted for almost 32 percent of the IPOs worldwide in the first half of this year, according to a report published by profes… Username Password Remember Me … Read More »

The securities regulator has been fast tracking IPOs in 2017 in order to help companies get much needed capital (China Daily):

“Two stock exchanges in the Chinese mainland accounted for almost 32 percent of the IPOs worldwide in the first half of this year, according to a report published by profes...

sources

China Daily: First half ‘s Chinese IPO tide may ebb in Jul-Dec on curbs

21st Century Biz: 6月IPO否决率创新高，五类因素成“拦路虎”

July 3, 2017

Xi lays down a red line for Hong Kong

No surprises here. Speaking in Hong Kong on Saturday, Xi Jinping reiterated in no uncertain terms that PRC leadership expects Hong Kong to toe the Beijing line. Xi on “One Country, Two Systems”: “‘One country’ is like the roots of a tree. For a tree to grow tall and luxuriant, its roots must r…

No surprises here. Speaking in Hong Kong on Saturday, Xi Jinping reiterated in no uncertain terms that PRC leadership expects Hong Kong to toe the Beijing line.
Xi on “One Country, Two Systems”:

“‘One country’ is like the roots of a tree. For a tree to grow tall and luxuriant, its roots must r...

sources

SCMP: Full text of President Xi Jinping’s speech on ‘one country, two systems’ and how China rules Hong Kong

July 3, 2017

Patriotic education is a means and an end for Hong Kong

Xi has stressed ideological conformity on the Mainland. He wants to use education to achieve that end, and he’s now pushing the same in Hong Kong. In Saturday’s speech, Xi said that the application of “One Country, Two Systems” is “an evolving process”. He made clear that the end sta…

Xi has stressed ideological conformity on the Mainland. He wants to use education to achieve that end, and he’s now pushing the same in Hong Kong.
In Saturday’s speech, Xi said that the application of “One Country, Two Systems” is “an evolving process”.
He made clear that the end sta...

sources

SCMP: Full text of President Xi Jinping’s speech on ‘one country, two systems’ and how China rules Hong Kong

July 3, 2017

The CCP’s birthday message: be proud of yourself comrades!

Saturday July 1 was the Chinese Communist Party’s (CCP) 96th birthday. That longevity and the Party’s success in economic development is being used as a foundation for Xi Jinping to boost “four confidences” among cadre ranks. Specifically, comrades are to have confidence in the path, theory, sy…

Saturday July 1 was the Chinese Communist Party’s (CCP) 96th birthday.
That longevity and the Party’s success in economic development is being used as a foundation for Xi Jinping to boost “four confidences” among cadre ranks. Specifically, comrades are to have confidence in the path, theory, sy...

sources

Qiushi: 把我们党建设成为世界上最强大的一个政党

Central Organization Department: 二〇一六年中国共产党党内统计公报

People's Daily: 全面从严治党向基层延伸成效显著

People's Daily: 西方政党政治陷入泥潭

People's Daily: 政党博弈损害国家利益

People's Daily: 当代西方政党政治的三重危机

June 30, 2017

China’s central SOE supervisor is shaking things up

We had the basics in the June 8th Tip Sheet. Essentially, the regulator is rethinking the way it categorizes state companies. It wants more “capital management” and less company management. What does that mean? There are now three new groupings for central SOEs: Real economy or industrial comp…

We had the basics in the June 8th Tip Sheet.
Essentially, the regulator is rethinking the way it categorizes state companies. It wants more “capital management” and less company management.
What does that mean?
There are now three new groupings for central SOEs:

Real economy or industrial comp...

sources

Xinhua: Economic Information: 央企改革版图逐渐明晰国资投资运营平台试点将扩容

Economic Daily: 国资投资运营公司眉目渐清

June 30, 2017

China’s markets are breathing a sigh of relief

Happy Friday — the last day of June! Folks that have been following the Tip Sheet closely will know that we’ve focused quite a bit on liquidity in the Chinese banking system this month. It may seem esoteric but this is really important stuff — the interbank market is the lifeblood of the financ…

Happy Friday — the last day of June!
Folks that have been following the Tip Sheet closely will know that we’ve focused quite a bit on liquidity in the Chinese banking system this month.
It may seem esoteric but this is really important stuff — the interbank market is the lifeblood of the financ...

sources

Caixin Global: PBOC Heads Off June Jitters in Interbank Market

June 30, 2017

Regulatory storms rain down on insurance companies

Speaking of tighter regulatory scrutiny… Data now show that revenue and profits at China’s insurance companies plunged in May thanks to a crackdown on certain types of life insurance products. Anbang took the worst of it (Caixin): “The regulatory measures have been hurting Anbang Life Ins…

Speaking of tighter regulatory scrutiny…
Data now show that revenue and profits at China’s insurance companies plunged in May thanks to a crackdown on certain types of life insurance products.
Anbang took the worst of it (Caixin):

“The regulatory measures have been hurting Anbang Life Ins...

sources

Caixin: Insurers See Revenue Plunge From High-Yield Investment Products

June 30, 2017

Maybe China’s economy has not peaked for the year

We don’t put a whole lot of stock in China’s Purchasing Managers’ Indices (PMI) these days— especially for manufacturing. The economy is evolving and so these fairly simple sentiment indicators don’t capture as much information as they did five or ten years ago. But the acceleration in today’s PMI’s…

sources

China Securities Journal: 6月官方制造业PMI51.7 非制造业PMI54.9

CNBC: China manufacturing activity accelerates in June, with official PMI at 51.7, beating expectations

June 30, 2017

To China, one country is more important than two systems

Hong Kong’s government has taken an increasingly hardline approach against pro-democracy and pro-independence groups in recent years. Xi Jinping likes that. He praised outgoing chief executive C.Y. Leungand top officials Thursday (SCMP): “Under Leung’s leadership in the last five years, you sh…

Hong Kong’s government has taken an increasingly hardline approach against pro-democracy and pro-independence groups in recent years.
Xi Jinping likes that.
He praised outgoing chief executive C.Y. Leungand top officials Thursday (SCMP):

“Under Leung’s leadership in the last five years, you sh...

sources

SCMP: Xi Jinping praises Hong Kong government for curbing city’s independence movement

June 30, 2017

The Premier charts his own course

Li Keqiang played hooky from Wednesday’s Politburo meeting on enforcing ideological conformity in China’s top universities. Instead, he visited a private university in Dalian and said that “private education is an important component of our education system.” The Party and ideology were not men…

Li Keqiang played hooky from Wednesday’s Politburo meeting on enforcing ideological conformity in China’s top universities.
Instead, he visited a private university in Dalian and said that “private education is an important component of our education system.”
The Party and ideology were not men...

sources

Gov.cn: 李克强在辽宁考察

June 30, 2017

Financial sector opening to foreign investors falls short

China is trying to show progress on opening to foreign investors. But there is not much to show. Regulators have published the 2017 edition of the Foreign Investment Industries Guidance Catalogue (FDI catalogue). It does two important things: Adopts a negative list approach beyond the Free Tra…

China is trying to show progress on opening to foreign investors. But there is not much to show.
Regulators have published the 2017 edition of the Foreign Investment Industries Guidance Catalogue (FDI catalogue). It does two important things:

Adopts a negative list approach beyond the Free Tra...

sources

NDRC: 中华人民共和国国家发展和改革委员会中华人民共和国商务部令第 4 号

NDRC: 国家发展改革委有关负责人就《外商投资产业指导目录（2017年修订）》答记者问

State Council: 国务院关于扩大对外开放积极利用外资若干措施的通知

Shanghai FTZ: 关于印发《中国（上海）自由贸易试验区金融服务业对外开放负面清单指引（2017年版）》的通知

June 29, 2017

CNPC suspends fuel sales to North Korea

Sometimes good economics is also good politics. China National Petroleum Corp — one of the country’s state-owned oil majors — has reportedly cut off fuel sales to North Korea over the past couple of months. The exact timeframes remain unclear, so we don’t know exactly when the shutdown started …

Sometimes good economics is also good politics.
China National Petroleum Corp — one of the country’s state-owned oil majors — has reportedly cut off fuel sales to North Korea over the past couple of months. The exact timeframes remain unclear, so we don’t know exactly when the shutdown started ...

sources

NYT: Exclusive: China’s CNPC Suspends Fuel Sales to North Korea as Risks Mount-Sources

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