string(13) "markets-macro"

Macro

July 16, 2024

Macro wrap: Household demand weighs on Q2 economic growth

To view the macro wrap as a pdf, click here. Exec sum Real GDP grew 4.7% y/y in Q2, the slowest growth rate since Q1 2023. On a seasonally adjusted q/q basis, GDP grew 0.7%, less than half the pace of the 1.5% q/q growth in Q1. Nominal GDP – which incorporates price effects – only… Read More »

To view the macro wrap as a pdf, click here.

Exec sum

Real GDP grew 4.7% y/y in Q2, the slowest growth rate since Q1 2023. On a seasonally adjusted q/q basis, GDP grew 0.7%, less than half the pace of the 1.5% q/q growth in Q1.
Nominal GDP – which incorporates price effects – only grew 3.97% ...

July 16, 2024

AI Law sneak peek

We got a rare look behind the curtain into considerations shaping the upcoming AI Law. On Thursday, Wang Hongyu, Director of the Research Office of the Legislative Affairs Commission of China’s legislature (NPCSC), gave a keynote speech on the upcoming AI Law at the China Internet Rule of Law Confer…

We got a rare look behind the curtain into considerations shaping the upcoming AI Law.
On Thursday, Wang Hongyu, Director of the Research Office of the Legislative Affairs Commission of China’s legislature (NPCSC), gave a keynote speech on the upcoming AI Law at the China Internet Rule of Law Confer...

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WeChat: 法工委、社科院专家谈中国人工智能立法

July 16, 2024

Personal information compliance audits spelled out

Regulators are getting serious about how to handle personal information. On Friday, China’s cybersecurity technical standards body (TC260) released draft standards spelling out personal information compliance audits. Some context: The Personal Information Protection Law (PIPL) requires organizations…

Regulators are getting serious about how to handle personal information.
On Friday, China’s cybersecurity technical standards body (TC260) released draft standards spelling out personal information compliance audits.
Some context: The Personal Information Protection Law (PIPL) requires organizations...

sources

TC260: 关于国家标准《数据安全技术个人信息保护合规审计要求》征求意见稿征求意见的通知

July 16, 2024

LGFV defaults on commercial acceptance drafts hit fresh high

Local governments’ financial situations are still deteriorating, according to the latest data on commercial acceptance draft (CAD) defaults. Refresher: CADs are tradable, non-interest-bearing IOUs with a fixed maturity (see our October 20 note). Local government financing vehicles (LGFVs) issue CAD…

Local governments’ financial situations are still deteriorating, according to the latest data on commercial acceptance draft (CAD) defaults.
Refresher: CADs are tradable, non-interest-bearing IOUs with a fixed maturity (see our October 20 note).

Local government financing vehicles (LGFVs) issue CAD...

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SHCPE: 截至2024年6月30日承兑人逾期名单

SHCPE: 截至2024年6月30日持续逾期名单

Bloomberg: China’s LGFVs Must Repay a Record $651 Billion of Bonds in 2024

July 16, 2024

CATL herds European investors toward offshore fund

Chinese battery maker CATL is raising a USD 1.5 billion offshore fund to drive supply chain expansion. On Thursday, the Financial Times reported that the company is holding talks with sovereign wealth funds and family offices in Europe to fill the pool. CATL itself reportedly plans to contribute ar…

Chinese battery maker CATL is raising a USD 1.5 billion offshore fund to drive supply chain expansion.
On Thursday, the Financial Times reported that the company is holding talks with sovereign wealth funds and family offices in Europe to fill the pool.

CATL itself reportedly plans to contribute ar...

sources

Financial Times: China’s battery giant taps Europe’s elite to expand supply chain

July 16, 2024

Retail sales fall month-on-month in June

Household consumption remains sluggish. That’s the big takeaway from China’s June econ data, published by the stats bureau (NBS) on Monday. In June: Industrial value-added (IVA) grew by 5.3% y/y, down from 5.6% growth in May Fixed asset investment (FAI) grew by 3.6% y/y, up from 3.4% the previous…

Household consumption remains sluggish.

That’s the big takeaway from China's June econ data, published by the stats bureau (NBS) on Monday.

In June:

Industrial value-added (IVA) grew by 5.3% y/y, down from 5.6% growth in May
Fixed asset investment (FAI) grew by 3.6% y/y, up from 3.4% the previous...

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Gov.cn: 2024年6月份规模以上工业增加值增长5.3%

Gov.cn: 2024年1—6月份全国固定资产投资增长3.9%

Gov.cn: 2024年1—6月份社会消费品零售总额同比增长3.7%

July 16, 2024

Q2 GDP data badly disappoints

China’s Q2 econ data was bleak. Per data released by the stats bureau (NBS) on Monday: Real GDP grew 4.7% y/y in Q2, down from 5.3% in Q1 On a seasonally adjusted quarter-on-quarter basis, GDP grew a shoddy 0.7%, the slowest q/q growth rate since zero-COVID ended in late 2022 We’re not just concer…

China’s Q2 econ data was bleak.
Per data released by the stats bureau (NBS) on Monday:

Real GDP grew 4.7% y/y in Q2, down from 5.3% in Q1
On a seasonally adjusted quarter-on-quarter basis, GDP grew a shoddy 0.7%, the slowest q/q growth rate since zero-COVID ended in late 2022

We’re not just concer...

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Source: 今年上半年我国GDP同比增长5.0%

July 15, 2024

ICYMI: Foreign affairs roundup

With the much-anticipated Third Plenum finally upon us, Chinese policymakers have turned their focus inward as the Party-state grapples with domestic policy. But that doesn’t mean there’s nothing going on in China’s foreign policy space. Here’s a smattering of the stuff that’s mattering: On Thurs…

With the much-anticipated Third Plenum finally upon us, Chinese policymakers have turned their focus inward as the Party-state grapples with domestic policy.

But that doesn’t mean there’s nothing going on in China’s foreign policy space.

Here’s a smattering of the stuff that’s mattering:

On Thurs...

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People.cn: 王毅同荷兰外交大臣费尔德坎普通电话

MoFA: 习近平会见所罗门群岛总理马内莱

MoFA: 习近平会见瓦努阿图总理萨尔维

Bloomberg: Canada’s Freeland Hints at Broader Trade Action Against China

X: Xie Feng on X

FT: New Zealand prime minister vows to name and shame China over spying

July 15, 2024

Let a hundred flours bloom

China’s winter wheat crop is in – and it’s looking great. The stats bureau (NBS) dropped summer harvest data on Friday. The headline: Winter wheat production is up 2.7% y/y, topping 138 million tons – nearly 3.66 million more tons than last year. ICYDK: China is the world’s largest wheat grower and…

China's winter wheat crop is in – and it's looking great.
The stats bureau (NBS) dropped summer harvest data on Friday.
The headline: Winter wheat production is up 2.7% y/y, topping 138 million tons – nearly 3.66 million more tons than last year.
ICYDK: China is the world's largest wheat grower and...

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NBS: 国家统计局关于2024年夏粮产量数据的公告

July 15, 2024

State Council moves forward with further services sector opening

It just became easier for foreign companies to invest in China’s service sectors. On Thursday, the State Council announced it had relaxed foreign investment restrictions for the service sectors of Shenyang, Nanjing, Hangzhou, Wuhan, Guangzhou, and Chengdu. Restrictions on foreign investment have bee…

It just became easier for foreign companies to invest in China's service sectors.
On Thursday, the State Council announced it had relaxed foreign investment restrictions for the service sectors of Shenyang, Nanjing, Hangzhou, Wuhan, Guangzhou, and Chengdu.
Restrictions on foreign investment have bee...

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Gov.cn: 国务院关于同意在沈阳等6个城市暂时调整实施有关行政法规和经国务院批准的部门规章规定的批复

July 15, 2024

Third Plenum kicks off in Beijing

Get excited. On Monday, the Party Central Committee’s long-awaited Third Plenum kicked off in Beijing. ICYDK: This year’s Third Plenum will set the economic reform agenda for the next 10 years, with profound implications for the economy and business environment. The stakes couldn’t be higher: Confid…

Get excited.
On Monday, the Party Central Committee's long-awaited Third Plenum kicked off in Beijing.
ICYDK: This year's Third Plenum will set the economic reform agenda for the next 10 years, with profound implications for the economy and business environment.
The stakes couldn't be higher: Confid...

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Xinhua: 中国共产党第二十届中央委员会第三次全体会议在北京开始举行

July 13, 2024

CSRC announces temporary halt to short-selling

China’s securities regulator (CSRC) just shut the door on short sellers. In a Wednesday announcement, the CSRC said securities re-lending – through which brokers borrow shares for clients to short sell – will be suspended. Brokers are instructed to settle any existing re-lending contracts by the en…

China's securities regulator (CSRC) just shut the door on short sellers.
In a Wednesday announcement, the CSRC said securities re-lending – through which brokers borrow shares for clients to short sell – will be suspended.

Brokers are instructed to settle any existing re-lending contracts by the en...

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CSRC: 证监会依法批准暂停转融券业务进一步强化融券逆周期调节

Reuters: China announces more short-selling curbs to stabilise stocks

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