string(13) "markets-macro"

Macro

June 27, 2024

OpenAI tightens China access

On Tuesday, media reported that Chinese developers have begun receiving notices from OpenAI that their service will soon be cut off. The messages summarized: Data indicates that the impacted organizations had been accessing OpenAI from a region not supported by the company – starting July 9, OpenAI … Username Password Remember Me Forgot… Read More »

On Tuesday, media reported that Chinese developers have begun receiving notices from OpenAI that their service will soon be cut off.
The messages summarized: Data indicates that the impacted organizations had been accessing OpenAI from a region not supported by the company – starting July 9, OpenAI ...

sources

Caixin: OpenAI将进一步限制“非支持地区”API使用中国大模型推“迁移”业务

Caijing: OpenAI加大对中国账号封管力度，目前影响有限

June 26, 2024

Ding Xuexiang heads the CCST

Executive Vice Premier Ding Xuexiang, the Party’s sixth-ranked official, is the chair of the Central Commission for Science and Technology (CCST). How we know: On Tuesday, Ding attended the second session of the National Science and Technology Conference under the title. Some context: Establi…

Executive Vice Premier Ding Xuexiang, the Party’s sixth-ranked official, is the chair of the Central Commission for Science and Technology (CCST).
How we know: On Tuesday, Ding attended the second session of the National Science and Technology Conference under the title.
Some context: Establi...

sources

People.cn: 丁薛祥在全国科技大会和两院院士大会第二次全体会议上强调锚定战略目标抓好重点任务确保如期建成科技强国

June 26, 2024

Premier Li Qiang supports long-term approach to growth at Summer Davos

The world must work together to bring about the next industrial revolution. Premier Li Qiang said as much at Tuesday’s World Economic Forum (WEF) “Summer Davos” meetings in Dalian. Roughly 1,600 government officials, business elites, and other experts from around the world have gathered in Dalian f…

The world must work together to bring about the next industrial revolution.
Premier Li Qiang said as much at Tuesday's World Economic Forum (WEF) "Summer Davos" meetings in Dalian.

Roughly 1,600 government officials, business elites, and other experts from around the world have gathered in Dalian f...

sources

weforum.org: Address by China Premier Li Qiang to the Annual Meeting of New Champions 2024

June 26, 2024

Malaysia in the middle

Chinese companies are anxious about US third-country enforcement. On Tuesday, it was reported that Malaysian officials have faced a deluge of questions from Chinese businesses about the feasibility of exporting to the US through Malaysia (FT). The details: Chinese companies have reportedly asked sen…

Chinese companies are anxious about US third-country enforcement.
On Tuesday, it was reported that Malaysian officials have faced a deluge of questions from Chinese businesses about the feasibility of exporting to the US through Malaysia (FT).
The details: Chinese companies have reportedly asked sen...

sources

FT: Chinese companies seek assurances from Malaysia on avoiding US tariffs

June 26, 2024

A failure of banking self-discipline

On June 18, we reported that M1 contracted in May for the second consecutive month, positing that it reflected declining corporate confidence. Turns out it was due to an enforcement of deposit rate caps. Some context: M1 measures financial assets that are mostly equivalent to cash. In China, it’s …

On June 18, we reported that M1 contracted in May for the second consecutive month, positing that it reflected declining corporate confidence.

Turns out it was due to an enforcement of deposit rate caps.

Some context: M1 measures financial assets that are mostly equivalent to cash. In China, it’s ...

sources

Securities Times: "手工补息"整改，影响显现！

Yicai: 规范手工补息余波犹在，存款“降息”红利有待进一步释放

PBoC: 中国当前货币政策立场及未来货币政策框架的演进——中国人民银行行长潘功胜在第十五届陆家嘴论坛上的主题演讲

June 26, 2024

Heavily indebted Weifang gets a helping hand

Another debt-laden local authority is getting special assistance. On Monday, it was reported that central authorities have cleared banks to provide support – such as loan refinancing – to local government financing vehicles (LGFVs) in Weifang, Shandong province (WSJ). Bloomberg cited unnamed sources…

Another debt-laden local authority is getting special assistance.
On Monday, it was reported that central authorities have cleared banks to provide support – such as loan refinancing – to local government financing vehicles (LGFVs) in Weifang, Shandong province (WSJ).
Bloomberg cited unnamed sources...

sources

Bloomberg: China Expands Debt Support to Another City After Bailout Success

June 26, 2024

Localities to issue SPBs to buy back idle land

More help is coming for financially strapped developers. On Tuesday, the Economic Observer reported that the Ministry of Natural Resources (MNR) is considering a buyback program for undeveloped land previously sold to real estate firms. Under a preliminary plan, local governments will issue special…

More help is coming for financially strapped developers.
On Tuesday, the Economic Observer reported that the Ministry of Natural Resources (MNR) is considering a buyback program for undeveloped land previously sold to real estate firms.

Under a preliminary plan, local governments will issue special...

sources

Economic Observer: 独家｜自然资源部拟通过专项债券支持政府回收房企闲置用地

CRIC: 2023年中国房企总土储货值排行榜TOP100

June 26, 2024

The Third Plenum is imminent

On Wednesday, People’s Daily ran two front-page editorials on deepening reforms. The editorials’ titles give you an idea of what they discussed: “Comprehensive deepening of reform is the fundamental driving force for advancing Chinese-style modernization” (People’s Daily 1) “With unprecedented dete…

On Wednesday, People's Daily ran two front-page editorials on deepening reforms.
The editorials' titles give you an idea of what they discussed:

“Comprehensive deepening of reform is the fundamental driving force for advancing Chinese-style modernization” (People's Daily 1)
“With unprecedented dete...

sources

People's Daily: 把全面深化改革作为推进中国式现代化的根本动力

People's Daily: 以前所未有的力度开辟事业发展新天地 ——习近平总书记带领全党全军全国各族人民全面深化改革扩大开放纪实

June 26, 2024

Macro planner’s consumption-boosting measures are weak sauce

On Monday, the macro planner (NDRC) and four other government agencies issued guidelines on “creating new consumption scenarios.” The document provides vague, handwavy instructions to unlock latent demand by giving consumers more opportunities to spend their cash. Specifically, the guidelines reco…

On Monday, the macro planner (NDRC) and four other government agencies issued guidelines on “creating new consumption scenarios.”

The document provides vague, handwavy instructions to unlock latent demand by giving consumers more opportunities to spend their cash.

Specifically, the guidelines reco...

sources

NDRC: 印发《关于打造消费新场景培育消费新增长点的措施》的通知(发改就业〔2024〕840号)

June 26, 2024

MIIT official promises white lists for cross-border data transfer

The industrial regulator (MIIT) will pick up the pace on important data identification. Sui Jing, Director of MIIT’s cybersecurity department, took to the cyberspace administration’s (CAC) magazine to stress strengthening industrial data security. That’s both to mitigate risks and to ensure the flo…

The industrial regulator (MIIT) will pick up the pace on important data identification.
Sui Jing, Director of MIIT’s cybersecurity department, took to the cyberspace administration’s (CAC) magazine to stress strengthening industrial data security.

That’s both to mitigate risks and to ensure the flo...

sources

CAC: 隋静：促进和规范工信领域数据跨境流动构建高质量发展和高水平安全良性互动新格局

June 25, 2024

June property roundup: A rescue plan with caveats

To view the roundup as a pdf, click here. The rundown On May 17, the central bank (PBoC) released a long-awaited property sector rescue package. Under the plan: Local authorities were granted discretion to set mortgage rates below the PBoC’s minimum The cost of borrowing from housing provident fun…

To view the roundup as a pdf, click here.

The rundown
On May 17, the central bank (PBoC) released a long-awaited property sector rescue package. Under the plan:

Local authorities were granted discretion to set mortgage rates below the PBoC’s minimum
The cost of borrowing from housing provident fun...

June 25, 2024

Figurative sticks, literal carrots

Xi Jinping wants to get Poland on side. On Monday, Xi met with Polish President Andrzej Duda in Beijing. Some context: Poland is a vocal critic of Russia and has provided Ukraine with economic and military support. However, cheap Ukrainian food imports have riled Poland’s politically influential fa…

Xi Jinping wants to get Poland on side.
On Monday, Xi met with Polish President Andrzej Duda in Beijing.
Some context: Poland is a vocal critic of Russia and has provided Ukraine with economic and military support.

However, cheap Ukrainian food imports have riled Poland’s politically influential fa...

sources

Xinhua: China ready to push ties with Poland to higher level: Xi

AP: Leader of NATO member Poland visits China, talks to Xi about Ukraine, peace and trade

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