string(13) "markets-macro"

Macro

August 15, 2024

Guangdong’s KPI fix for venture funds

Guangdong is making a big change to its government venture funds. On August 6, the province released a high-level reg relaxing a core key performance indicator (KPI) requirement that has held back venture investment. The key quote: “[We should] not use the preservation and appreciation of st… Username Password Remember Me Forgot Password

“[We should] not use the preservation and appreciation of st...

sources

Guangdong Gov: 广东省科技创新条例

August 15, 2024

Party’s propaganda chief talks generative AI

On August 7, Li Shulei, head of the Party’s propaganda department, penned an essay on how the state seeks to strengthen Chinese culture and ideology. The interesting bit: The piece included some thoughts on how Li – and by extension, his agency – views generative AI: “At present, generative artif…

On August 7, Li Shulei, head of the Party’s propaganda department, penned an essay on how the state seeks to strengthen Chinese culture and ideology.
The interesting bit: The piece included some thoughts on how Li – and by extension, his agency – views generative AI:

"At present, generative artif...

sources

12371.CN: 学习贯彻党的二十届三中全会精神 | 深化文化体制机制改革

August 15, 2024

Tesla gains ground in government procurement

Tesla cars are making their way into more local government procurement catalogs, according to a Caijing report on Tuesday. Some context: Tesla cars were previously restricted from entering certain government-related locations due to concerns about data collection and security. But Tesla secured t…

Tesla cars are making their way into more local government procurement catalogs, according to a Caijing report on Tuesday.
Some context: Tesla cars were previously restricted from entering certain government-related locations due to concerns about data collection and security.

But Tesla secured t...

sources

Caijing: 密集进入地方政府采购目录之后，特斯拉还有更大的野心

August 15, 2024

Scoring big on innovation

Beijing wants to assign every tech company an innovation score. On Tuesday, the Ministry of Science and Technology (MoST) released guidelines for evaluating companies’ innovative capabilities. The goal: Channeling resources to the most innovative companies. Some context: The evaluation …

Beijing wants to assign every tech company an innovation score.
On Tuesday, the Ministry of Science and Technology (MoST) released guidelines for evaluating companies’ innovative capabilities.
The goal: Channeling resources to the most innovative companies.
Some context: The evaluation ...

sources

Ministry of Science and Technology: 科技部办公厅关于印发《“创新积分制”工作指引（全国试行版）》的通知

August 14, 2024

On Our Radar | More US economic punishment

key developments politics Legislature’s 70th birthday (September 15) Reform roadmap (next four to six weeks) Deng Xiaoping’s 120th Birthday (August 22) econ and finance Legislature to review local government debt management (late August) foreign affairs More US economic punishment (any day now)…

key developments
politics

Legislature’s 70th birthday (September 15)
Reform roadmap (next four to six weeks)
Deng Xiaoping’s 120th Birthday (August 22)

econ and finance

Legislature to review local government debt management (late August)

foreign affairs

More US economic punishment (any day now)...

August 14, 2024

Wang Yi lays out China’s foreign policy goals

China’s foreign policy goals are set. On Tuesday, top diplomat Wang Yi penned an op-ed titled “Creating a Good External Environment for Further Deepening Reform and Promoting Chinese-style Modernization.” ICYMI: The Third Plenum broke with tradition by devoting a sizable chunk of text to addressing …

China’s foreign policy goals are set.
On Tuesday, top diplomat Wang Yi penned an op-ed titled “Creating a Good External Environment for Further Deepening Reform and Promoting Chinese-style Modernization.”
ICYMI: The Third Plenum broke with tradition by devoting a sizable chunk of text to addressing ...

sources

People's Daily: 为进一步全面深化改革、推进中国式现代化营造良好外部环境（学习贯彻党的二十届三中全会精神）

August 14, 2024

Wang Huning still Party’s reform thought leader

Wang Huning – the Party’s fourth-ranking official and chairman of the political advisory body (CPPCC) – is proving that the CPPCC isn’t just somewhere officials go to retire. When speaking to the Party Central Committee in July, Xi Jinping disclosed the deputy directors of the Third Plenum decisions…

Wang Huning – the Party’s fourth-ranking official and chairman of the political advisory body (CPPCC) – is proving that the CPPCC isn’t just somewhere officials go to retire.
When speaking to the Party Central Committee in July, Xi Jinping disclosed the deputy directors of the Third Plenum decisions...

sources

Gov.cn: 习近平：关于《中共中央关于进一步全面深化改革、推进中国式现代化的决定》的说明

August 14, 2024

July credit data still in the dumps

China’s July credit print was once again terrible. Per central bank (PBoC) data, published Tuesday: Outstanding Total Social Financing (TSF) grew 8.2% y/y last month – just beating June’s worst-ever-print of 8.1%. Outstanding RMB-denominated loans grew by 8.3% y/y – the same rate as the previous mo…

China’s July credit print was once again terrible.
Per central bank (PBoC) data, published Tuesday:

Outstanding Total Social Financing (TSF) grew 8.2% y/y last month – just beating June’s worst-ever-print of 8.1%.
Outstanding RMB-denominated loans grew by 8.3% y/y – the same rate as the previous mo...

sources

PBoC: 2024年7月社会融资规模增量统计数据报告

PBoC: 2024年7月社会融资规模存量统计数据报告

August 14, 2024

PBoC pricks the bond bubble

China’s central bank (PBoC) is intensifying its battle against bond bulls – and finally making some progress. Some context: Since the beginning of 2024, China’s bond market has entered bubble territory – with 10-year yields falling from 2.566% in January to a record low of 2.152% as of August 1. De…

China’s central bank (PBoC) is intensifying its battle against bond bulls – and finally making some progress.
Some context: Since the beginning of 2024, China’s bond market has entered bubble territory – with 10-year yields falling from 2.566% in January to a record low of 2.152% as of August 1.

De...

sources

Caixin: 国债交易涉嫌违规江苏四家农商行及部分中小金融机构被查

FT: China names and shames buyers of its government bonds

August 14, 2024

False hope

Make no mistake: China’s online tutoring sector isn’t coming back to life. Some context: In 2021, the “double reduction” policy decimated Chinese online tutoring companies by banning after-school tutoring for primary and secondary school students. But markets have been gunning for a pol…

Make no mistake: China’s online tutoring sector isn’t coming back to life.
Some context: In 2021, the “double reduction” policy decimated Chinese online tutoring companies by banning after-school tutoring for primary and secondary school students.

But markets have been gunning for a pol...

sources

21jingji.com: 如何理解教育促消费？非学科类培训受鼓励，学科类培训政策未变

SCMP: Has China declared a truce in its struggle with private tutoring firms?

Gov.cn: 国务院关于促进服务消费高质量发展的意见

August 14, 2024

Large-scale chip smuggling

Middlemen are smuggling Nvidia AI chips into China en masse. That’s according to an in-depth investigative report by The Information, published on Monday. Some context: Smugglers have been moving Nvidia’s chips into China on a small scale since last year. But it wasn’t a major concern becau…

Middlemen are smuggling Nvidia AI chips into China en masse.

That's according to an in-depth investigative report by The Information, published on Monday.

Some context: Smugglers have been moving Nvidia's chips into China on a small scale since last year.

But it wasn’t a major concern becau...

sources

The Information: Nvidia AI Chip Smuggling to China Becomes an Industry

August 13, 2024

ICE is still nice for exports

China’s new energy vehicle (NEV) exports recovered slightly in July, but continued their recent underperformance. The trend strongly contrasts with the domestic market, where NEV sales outperformed those of internal combustion engine (ICE) vehicles for the first time. The China Passenger Car Assoc…

China's new energy vehicle (NEV) exports recovered slightly in July, but continued their recent underperformance.

The trend strongly contrasts with the domestic market, where NEV sales outperformed those of internal combustion engine (ICE) vehicles for the first time.

The China Passenger Car Assoc...

sources

Sina Finance: 7月国内乘用车零售销量达172万辆

Pages: 1234567891011121314151617181920212223242526272829303132333435363738394041424344454647484950515253545556575859606162636465666768697071727374757677787980818283848586878889909192939495969798991001011021031041051061071081091101111121131141151161171181191201211221231241251261271281291301311321331341351361371381391401411421431441451461471481491501511521531541551561571581591601611621631641651661671681691701711721731741751761771781791801811821831841851861871881891901911921931941951961971981992002012022032042052062072082092102112122132142152162172182192202212222232242252262272282292302312322332342352362372382392402412422432442452462472482492502512522532542552562572582592602612622632642652662672682692702712722732742752762772782792802812822832842852862872882892902912922932942952962972982993003013023033043053063073083093103113123133143153163173183193203213223233243253263273283293303313323333343353363373383393403413423433443453463473483493503513523533543553563573583593603613623633643653663673683693703713723733743753763773783793803813823833843853863873883893903913923933943953963973983994004014024034044054064074084094104114124134144154164174184194204214224234244254264274284294304314324334344354364374384394404414424434444454464474484494504514524534544554564574584594604614624634644654664674684694704714724734744754764774784794804814824834844854864874884894904914924934944954964974984995005015025035045055065075085095105115125135145155165175185195205215225235245255265275285295305315325335345355365375385395405415425435445455465475485495505515525535545555565575585595605615625635645655665675685695705715725735745755765775785795805815825835845855865875885895905915925935945955965975985996006016026036046056066076086096106116126136146156166176186196206216226236246256266276286296306316326336346356366376386396406416426436446456466476486496506516526536546556566576586596606616626636646656666676686696706716726736746756766776786796806816826836846856866876886896906916926936946956966976986997007017027037047057067077087097107117127137147157167177187197207217227237247257267277287297307317327337347357367377387397407417427437447457467477487497507517527537547557567577587597607617627637647657667677687697707717727737747757767777787797807817827837847857867877887897907917927937947957967977987998008018028038048058068078088098108118128138148158168178188198208218228238248258268278288298308318328338348358368378388398408418428438448458468478488498508518528538548558568578588598608618628638648658668678688698708718728738748758768778788798808818828838848858868878888898908918928938948958968978988999009019029039049059069079089099109119129139149159169179189199209219229239249259269279289299309319329339349359369379389399409419429439449459469479489499509519529539549559569579589599609619629639649659669679689699709719729739749759769779789799809819829839849859869879889899909919929939949959969979989991000100110021003100410051006100710081009101010111012101310141015101610171018101910201021102210231024102510261027102810291030103110321033103410351036103710381039104010411042104310441045104610471048104910501051105210531054105510561057105810591060106110621063106410651066106710681069107010711072107310741075107610771078107910801081108210831084108510861087108810891090109110921093109410951096109710981099110011011102110311041105110611071108110911101111111211131114111511161117111811191120112111221123112411251126112711281129113011311132113311341135113611371138113911401141114211431144114511461147114811491150115111521153115411551156115711581159116011611162