string(13) "markets-macro"

Macro

June 28, 2017

Li’s thoughts on the growth target?

Last week, we flagged that folks should watch out for any position Premier Li Keqiang may take on the growth target in his Dalian speech. The closest he came was to emphasize employment as the key indicator for government to monitor. Jobs, he said, are the fundamental reason to stabilize e… Username Password Remember Me … Read More »

Last week, we flagged that folks should watch out for any position Premier Li Keqiang may take on the growth target in his Dalian speech.
The closest he came was to emphasize employment as the key indicator for government to monitor. Jobs, he said, are the fundamental reason to stabilize e...

sources

Gov.cn: 李克强总理2017年夏季达沃斯论坛致辞实录

June 27, 2017

Inside Xi Jinping’s head: better statistics, cleaner environment and tackling debt

The most important meeting of the month happened on Monday. And you probably didn’t even know about it. It was the snappily-titled Leading Small Group on Comprehensively Deepening Reform that sat down together. This group has become THE locus of policymaking under Xi Jinping. So what did they talk a…

The most important meeting of the month happened on Monday. And you probably didn’t even know about it.
It was the snappily-titled Leading Small Group on Comprehensively Deepening Reform that sat down together. This group has become THE locus of policymaking under Xi Jinping.
So what did they talk a...

sources

CPC People: 习近平：抓好各项改革协同发挥改革整体效应朝着全面深化改革总目标聚焦发力

June 27, 2017

The lonely Premier

You know who wasn’t at the reform group meeting yesterday? China’s Premier, Li Keqiang. That’s despite the fact that he is nominally vice head of the group. Get smart: Remember that this is the most important regular policy meeting in China. Li’s absence (which is not his first) is the latest e…

You know who wasn’t at the reform group meeting yesterday? China’s Premier, Li Keqiang. That’s despite the fact that he is nominally vice head of the group.
Get smart: Remember that this is the most important regular policy meeting in China. Li’s absence (which is not his first) is the latest e...

June 27, 2017

Xi Jinping doesn’t trust China’s economic stats

Everybody knows that China’s economic data is unreliable. We are sick of it. And so is Xi Jinping. That’s why he is taking steps to improve it. The proposed solution: Centralization. The National Bureau of Statistics will now take charge of calculating local GDP and other economic indicators. T…

Everybody knows that China’s economic data is unreliable.
We are sick of it. And so is Xi Jinping. That’s why he is taking steps to improve it.
The proposed solution: Centralization. The National Bureau of Statistics will now take charge of calculating local GDP and other economic indicators. T...

sources

21st Century Biz: 深改组部署推动GDP核算改革省级GDP有望由国家核算

Bloomberg: This Chinese Province Says It Faked Fiscal Data for Several Years

Bloomberg: Two Chinese Provinces Faked Economic Data, Inspectors Say

June 27, 2017

Figuring out how much the PRC is really worth

Xi Jinping is finally starting to worry about China’s massive – and still growing – debt load. Don’t be naive: He knows that a debt or financial crisis could undermine his entire agenda. That’s why the government is now attempting to construct a comprehensive national balance sheet. What to watch:&n…

Xi Jinping is finally starting to worry about China’s massive – and still growing – debt load.
Don’t be naive: He knows that a debt or financial crisis could undermine his entire agenda.
That’s why the government is now attempting to construct a comprehensive national balance sheet.
What to watch:&n...

sources

21st Century Biz: 全国和地方资产负债表编制工作方案获深改组通过将摸清中国百万亿“家底”

Sina: 央行旗下媒体：严防地方政府违规举债风险

June 27, 2017

Yi Gang gets honest about deleveraging

You have to walk before you can crawl. That was PBoC Vice Governor Yi Gang’s message to a meeting of business leaders and former officials in Beijing. Yi argued the initial phase of the deleveraging campaign has been successful. But he clarified that the immediate goal is just to stabilize debt lev…

You have to walk before you can crawl.
That was PBoC Vice Governor Yi Gang’s message to a meeting of business leaders and former officials in Beijing.
Yi argued the initial phase of the deleveraging campaign has been successful. But he clarified that the immediate goal is just to stabilize debt lev...

sources

Sina: 易纲：金融去杠杆已有初步结果 5月M2增速低于前值

June 27, 2017

CBRC tries to tame bank deposit funny business

Banks are meant to be responsible stewards of the public purse. That is according to a new circular by China’s banking regulator. The notice is meant to standardize rules for banks receiving deposits from public institutions — both governments and state-owned companies. The context: Many banks…

Banks are meant to be responsible stewards of the public purse.
That is according to a new circular by China’s banking regulator. The notice is meant to standardize rules for banks receiving deposits from public institutions — both governments and state-owned companies.
The context: Many banks...

sources

CBRC: 银监会发布《关于进一步规范银行业金融机构吸收公款存款行为的通知》

CBRC: 中国银监会关于进一步规范银行业金融机构吸收公款存款行为的通知银监发〔2017〕30号

June 27, 2017

Strong SOE profits provide rainy day insurance

This is why regulators are less worried about the Chinese economy than the markets are china.org.cn): “Combined profits of SOEs totaled 1.04 trillion yuan (152.14 billion U.S. dollars) for January-May, up 25.5 percent year on year” “This compares very favorably with an increase of 24.8 percent regi…

This is why regulators are less worried about the Chinese economy than the markets are china.org.cn):

“Combined profits of SOEs totaled 1.04 trillion yuan (152.14 billion U.S. dollars) for January-May, up 25.5 percent year on year”
“This compares very favorably with an increase of 24.8 percent regi...

sources

China.org: Chinese state firms’ profits grow faster

Gov.cn: 2017年1-5月份全国规模以上工业企业利润总额同比增长22.7%

June 26, 2017

Management consultancy comes to the CCP

At nearly 90 million strong, the CCP is by far and away the largest organization in the world. And in Xi Jinping’s eyes it’s a bit of a mess. That’s why Xi has devoted the majority of his energy to Party-building. It’s all about making the Party more efficient and effective. In fact, Xi has tak…

At nearly 90 million strong, the CCP is by far and away the largest organization in the world. And in Xi Jinping’s eyes it’s a bit of a mess.
That’s why Xi has devoted the majority of his energy to Party-building. It’s all about making the Party more efficient and effective.
In fact, Xi has tak...

sources

Xinhua: 中共中央印发《关于加强党内法规制度建设的意见》

Xinhua: 习近平：坚持依法治国与制度治党、依规治党统筹推进、一体建设

McKinsey: Getting organizational redesign right

CPC People: CPC calls to set up “relatively complete” regulatory system by 2021

June 26, 2017

Express deliveries are the most under-appreciated data point in China

Ever want to know just how many packages all those “kuai di” drivers are delivering? Well, lucky for you, the post office has just released an in-depth study of the industry’s development in 2016. It shows that deliveries grew by over 50% last year. Total deliveries topped 31 billion in 2016. No won…

Ever want to know just how many packages all those “kuai di” drivers are delivering?
Well, lucky for you, the post office has just released an in-depth study of the industry’s development in 2016. It shows that deliveries grew by over 50% last year. Total deliveries topped 31 billion in 2016. No won...

sources

Gov.cn: 2016 年度快递市场监管报告

Gov.cn: 去年全国人均快递费287元今年快递行业需求进入降速期

Gov.cn: 国家邮政局公布2017年5月邮政行业运行情况

June 26, 2017

China’s digital currency revolution

China’s central bank is getting serious about implementing a cryptocurrency. The monetary authority is currently conducting trials with several banks to understand how the currency might work in practice. There are some huge, straightforward benefits to the implementation of such a system (MIT …

China’s central bank is getting serious about implementing a cryptocurrency. The monetary authority is currently conducting trials with several banks to understand how the currency might work in practice.
There are some huge, straightforward benefits to the implementation of such a system (MIT ...

sources

MIT Technology Review: China’s Central Bank Has Begun Cautiously Testing a Digital Currency

June 26, 2017

Guo Shuqing isn’t backing off

CBRC head Guo Shuqing understands that his efforts to impose tighter regulatory standards on the banking system fit into a larger policy framework. They call it Supply Side Structural Reform (SSSR). His comments from Friday exhorted banks to deepen SSSR. And they provide important context for h…

CBRC head Guo Shuqing understands that his efforts to impose tighter regulatory standards on the banking system fit into a larger policy framework. They call it Supply Side Structural Reform (SSSR).
His comments from Friday exhorted banks to deepen SSSR. And they provide important context for h...

sources

CBRC: 银监会召开银行业支持供给侧结构性改革调研座谈会

21st Century Biz: 郭树清：银行在债转股中自身要注意防范信用和流动性风险

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