string(13) "markets-macro"

Macro

July 19, 2024

Stats bureau issues misleading June unemployment data

June’s unemployment data paints a misleading picture of China’s labor market. Per data published by the stats bureau (NBS): Unemployment in June remained flat at 5%, the same as the previous month. Youth unemployment clocked in at 13.2%, a significant drop from May’s 14.2%. The problem: The data d… Username Password Remember Me … Read More »

June’s unemployment data paints a misleading picture of China’s labor market.
Per data published by the stats bureau (NBS):

Unemployment in June remained flat at 5%, the same as the previous month.
Youth unemployment clocked in at 13.2%, a significant drop from May’s 14.2%.

The problem: The data d...

sources

Caixin: 6月不含在校生的16—24岁劳动力失业率降至13.2% 为有数据以来新低

July 19, 2024

US considering even tougher China chip tech controls

When will enough be enough? On Wednesday, Bloomberg reported that the US is considering further tightening China chip controls. Recap: In 2022, the US introduced sweeping export controls on advanced chips and chip technology headed to China. A year later, it tightened the screws. The impact has be…

When will enough be enough?
On Wednesday, Bloomberg reported that the US is considering further tightening China chip controls.
Recap: In 2022, the US introduced sweeping export controls on advanced chips and chip technology headed to China.

A year later, it tightened the screws.

The impact has be...

sources

Bloomberg: US Floats Tougher Trade Rules to Rein In China Chip Industry

July 18, 2024

Flash talk | Disappointing GDP data – and more on monetary policy

Trivium Co-founder Andrew Polk is off-the-grid again, so Dinny McMahon, Head of China Markets Research, teamed up with Trivium’s macro analyst, Joe Peissel, for this week’s chat. The topic du jour? China’s disappointing Q2 data. ICYMI: Real GDP grew 4.7% in Q2. Q2 data has been met with concerns fr…

Trivium Co-founder Andrew Polk is off-the-grid again, so Dinny McMahon, Head of China Markets Research, teamed up with Trivium's macro analyst, Joe Peissel, for this week's chat.
The topic du jour? China's disappointing Q2 data.
ICYMI: Real GDP grew 4.7% in Q2.

Q2 data has been met with concerns fr...

July 18, 2024

Plenum communique indicates anxiety over economy

The big day is finally upon us. The Central Committee’s long-awaited Third Plenum concluded on Thursday – and the communique is out. A bit of a damp squib: The communique contained no major surprises or indications of any earth-shattering reforms. Hope is not lost: Don’t read too much into the commu…

The big day is finally upon us.
The Central Committee’s long-awaited Third Plenum concluded on Thursday – and the communique is out.
A bit of a damp squib: The communique contained no major surprises or indications of any earth-shattering reforms.
Hope is not lost: Don’t read too much into the commu...

sources

Xinhua: 中国共产党第二十届中央委员会第三次全体会议公报

July 18, 2024

Quick Take | Six takeaways from the Third Plenum communique

The Third Plenum communique contained no major surprises or indications of any earth-shattering reforms. But that was to be expected. These documents are always terse. The Plenum “decisions,” which will be released in the coming days, will provide us the important details on where Xi Jinping plans …

The Third Plenum communique contained no major surprises or indications of any earth-shattering reforms.
But that was to be expected.

These documents are always terse.
The Plenum “decisions,” which will be released in the coming days, will provide us the important details on where Xi Jinping plans ...

sources

Xinhua: 中国共产党第二十届中央委员会第三次全体会议公报

July 18, 2024

Property firms ramp up divestitures, spinoffs of development business

Companies are increasingly phasing out their loss-making property development businesses. In a Tuesday filing, Huayuan Property announced plans to transfer all real estate assets and liabilities to its parent company, state-owned Beijing Huayuan Group (The Paper). The firm vows to shift towards an …

Companies are increasingly phasing out their loss-making property development businesses.
In a Tuesday filing, Huayuan Property announced plans to transfer all real estate assets and liabilities to its parent company, state-owned Beijing Huayuan Group (The Paper).

The firm vows to shift towards an ...

sources

The Paper: 多家上市房企剥离房地产开发业务：市场持续深度调整，减轻经营业绩压力

NBD: A股61家上市房企预告上半年业绩：20家预喜、近七成预亏专家：下半年房企销售降幅将缩小

Securities Times: 又一家！出售房地产开发业务资产

July 18, 2024

MIIT Vice Minister signals increasing potential for auto industry intervention

Beijing is increasingly concerned about the health of China’s auto industry. So far, it has failed to offer meaningful remedies. But recent signals suggest it may be considering soft interventions. On July 12, at the 2024 China Automotive Forum, Vice Minister of Industry and Information Technology…

Beijing is increasingly concerned about the health of China's auto industry.

So far, it has failed to offer meaningful remedies.
But recent signals suggest it may be considering soft interventions.

On July 12, at the 2024 China Automotive Forum, Vice Minister of Industry and Information Technology...

sources

Caixin: 工信部辛国斌：汽车市场出现无序竞争冲击产业链供应链稳定

July 18, 2024

Former finance minister cautions against consumption tax reform

Beijing’s upcoming fiscal reforms are widely expected to rely on consumption taxes to plug the hole in local government finances. Former finance minister Lou Jiwei thinks that’s a bad idea. ICYDK: China imposes consumption tax on certain luxury, energy-intensive, and environmentally unfriendly produ…

Beijing’s upcoming fiscal reforms are widely expected to rely on consumption taxes to plug the hole in local government finances.
Former finance minister Lou Jiwei thinks that’s a bad idea.
ICYDK: China imposes consumption tax on certain luxury, energy-intensive, and environmentally unfriendly produ...

sources

New Economist WeChat Account: 楼继伟：谋划新一轮财税体制改革的若干难点问题

July 18, 2024

Former finance minister calls for tax base expansion

Former finance minister Lou Jiwei believes China needs to significantly expand its tax base. On Friday, Lou – who was finance minister from 2013 to 2016 and oversaw the last round of major fiscal reform – said China’s demographic challenges: “Are difficult to cope with without sufficient fiscal res…

Former finance minister Lou Jiwei believes China needs to significantly expand its tax base.
On Friday, Lou – who was finance minister from 2013 to 2016 and oversaw the last round of major fiscal reform – said China’s demographic challenges:

“Are difficult to cope with without sufficient fiscal res...

sources

New Economist WeChat Account: 楼继伟：谋划新一轮财税体制改革的若干难点问题

July 18, 2024

Bringing shady data sales into the light

China wants a thriving data market – within the bounds of the law. On Monday, media reported that China’s National Audit Office caught several state agencies illegally selling government data. The deets: Between 2018 and 2023, seven different entities from four departments sold off a total of RMB 24…

China wants a thriving data market – within the bounds of the law.
On Monday, media reported that China’s National Audit Office caught several state agencies illegally selling government data.
The deets: Between 2018 and 2023, seven different entities from four departments sold off a total of RMB 24...

sources

Caixin: 四部门违规利用政务数据牟利2.48亿元公共数据该如何用？

July 18, 2024

The pursuit of cyberpower in 2024

China wants internet governance to evolve from a security-oriented approach to one centered on development. On Tuesday, the cyberspace administration (CAC) published a lengthy essay in Qiushi, the Party’s top theoretical journal, on cyberspace governance. The occasion: 2024 marks 30 years since Ch…

China wants internet governance to evolve from a security-oriented approach to one centered on development.
On Tuesday, the cyberspace administration (CAC) published a lengthy essay in Qiushi, the Party’s top theoretical journal, on cyberspace governance.
The occasion: 2024 marks 30 years since Ch...

sources

CAC: 以网络法治高质量发展服务保障网络强国建设

July 18, 2024

July property roundup: Demand slump continues unabated

To view the roundup as a pdf, click here. The rundown China’s property sector remains firmly in the doldrums. According to the stats bureau’s (NBS) latest data published Monday: In June, property sales fell 13% y/y, continuing a string of declines since May 2023. Home prices dropped 4.9% y/y, the f…

To view the roundup as a pdf, click here.
The rundown
China’s property sector remains firmly in the doldrums. According to the stats bureau’s (NBS) latest data published Monday:

In June, property sales fell 13% y/y, continuing a string of declines since May 2023.
Home prices dropped 4.9% y/y, the f...

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