string(13) "markets-macro"

Macro

June 19, 2024

Soliciting non-Party views on new quality productive forces

Everyone deserves a little input into upcoming reforms. On Tuesday, Wang Huning, chairman of the political advisory body (CPPCC), attended a symposium on developing new quality productive forces (NQFP) with non-Party groups. ICYDK: The CPPCC’s role is to feed the input of social and business groups … Username Password Remember Me Forgot Password

Everyone deserves a little input into upcoming reforms.
On Tuesday, Wang Huning, chairman of the political advisory body (CPPCC), attended a symposium on developing new quality productive forces (NQFP) with non-Party groups.
ICYDK: The CPPCC's role is to feed the input of social and business groups ...

sources

People.cn: 王沪宁出席发展新质生产力调研协商座谈会

June 19, 2024

Acceptance draft defaults show local govs still in hot water over

Based on the latest data on commercial acceptance draft (CAD) defaults, local government financial woes showed no sign of improvement in May. Refresher: CADs are tradable, non-interest-bearing IOUs with a fixed maturity (see our October 20 note). Local government financing vehicles (LGFVs) issue CA…

Based on the latest data on commercial acceptance draft (CAD) defaults, local government financial woes showed no sign of improvement in May.
Refresher: CADs are tradable, non-interest-bearing IOUs with a fixed maturity (see our October 20 note).

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

sources

SHCPE: 截至2024年5月31日承兑人逾期名单

SHCPE: 截至2024年5月31日持续逾期名单

June 19, 2024

Local governments pursue firms’ long-overdue back taxes

Fiscally strained local governments are chasing firms for back taxes. The latest: On Thursday, Shanghai-listed firm VV Food & Beverage disclosed that the tax bureau of Zhijiang, Hubei province, has ordered its subsidiary to pay backdated taxes of RMB 85 million (Caixin). The tax bureau claims t…

Fiscally strained local governments are chasing firms for back taxes.
The latest: On Thursday, Shanghai-listed firm VV Food & Beverage disclosed that the tax bureau of Zhijiang, Hubei province, has ordered its subsidiary to pay backdated taxes of RMB 85 million (Caixin).

The tax bureau claims t...

sources

Caixin: 企业被追缴1994年至2009年税款税务律师：若认定为偷税则不受追缴期限制

Bloomberg: China Hands Firms Decades-Old Tax Bills, Hinting at Funding Woes

The Paper: “补税”风暴来袭最高4.8亿！多家A股公司被要求补缴税款

June 19, 2024

Build Your (Battery) Dreams

BYD is preparing for an assault on the battery industry. On Thursday, the industrial regulator (MIIT) released a list of new auto models scheduled to hit the market in the coming months. The big news: Two EVs from key players Nio and Xpeng will see some models equipped with BYD batteries. Some …

BYD is preparing for an assault on the battery industry.
On Thursday, the industrial regulator (MIIT) released a list of new auto models scheduled to hit the market in the coming months.
The big news: Two EVs from key players Nio and Xpeng will see some models equipped with BYD batteries.
Some ...

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MIIT: 第384批《道路机动车辆生产企业及产品公告》新产品公示

June 19, 2024

AI-verything, AI-verywhere all in Guangdong

Guangdong is going all-in on AI. Earlier this month, the Guangdong provincial government published a 45-point high-level guidance document on empowering industries with artificial intelligence. Some context: China sees the advancement of tech know-how and its application as key to the future of the …

Guangdong is going all-in on AI.
Earlier this month, the Guangdong provincial government published a 45-point high-level guidance document on empowering industries with artificial intelligence.
Some context: China sees the advancement of tech know-how and its application as key to the future of the ...

sources

Guangdong Gov: 广东省人民政府办公厅印发广东省关于人工智能赋能千行百业若干措施的通知

June 19, 2024

Vital Metals Drops Shenghe Deal

Geopolitical tensions are affecting China’s overseas rare earth expansion. On Monday, Australian mining company Vital Metals said it has scrapped a mining deal with Chinese rare earth producer Shenghe Resources. Some context: In December, Vital Metals, which operates a rare earth mine in northern Ca…

Geopolitical tensions are affecting China’s overseas rare earth expansion.
On Monday, Australian mining company Vital Metals said it has scrapped a mining deal with Chinese rare earth producer Shenghe Resources.
Some context: In December, Vital Metals, which operates a rare earth mine in northern Ca...

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Bloomberg: Canada Blocks Chinese Rare Earths Deal in Trudeau-Led Crackdown

June 18, 2024

ICYMI: Foreign affairs roundup

While we’ve been focused on China’s newly announced investigation into EU pork and Premier Li Qiang’s Australia visit, there have been plenty of other diplomatic developments that deserve attention. Here’s a smattering of the stuff that’s mattering: On Wednesday, Xi Jinping delivered a video addres…

While we've been focused on China's newly announced investigation into EU pork and Premier Li Qiang's Australia visit, there have been plenty of other diplomatic developments that deserve attention.
Here's a smattering of the stuff that's mattering:

On Wednesday, Xi Jinping delivered a video addres...

sources

MoFA: President Xi Jinping Delivers a Video Address at the Opening Ceremony of UNCTAD’s 60th Anniversary Celebrations

White House: G7 Apulia Leaders’ Communiqué

USNI News: Philippine Sailor Severely Injured, Vessels Damaged as Chinese Block South China Sea Mission

International Liaison Department: 刘建超出席“共同抵制新殖民主义”国际政党论坛常委会会议

Bloomberg: Canada Blocks Chinese Rare Earths Deal in Trudeau-Led Crackdown

June 18, 2024

Beijing announces anti-dumping investigation into EU pork

On Monday, China’s commerce ministry (MofCom) initiated an anti-dumping investigation into EU pork and pork byproducts. Officially, the investigation was requested by the China Animal Agriculture Association (CAAA), a government-affiliated industry association that includes all of China’s largest pi…

On Monday, China's commerce ministry (MofCom) initiated an anti-dumping investigation into EU pork and pork byproducts.
Officially, the investigation was requested by the China Animal Agriculture Association (CAAA), a government-affiliated industry association that includes all of China's largest pi...

sources

MofCom: 商务部公告2024年第23号关于对原产于欧盟的进口相关猪肉及猪副产品进行反倾销立案调查的公告

Reuters: China opens tit-for-tat anti-dumping probe into EU pork

June 18, 2024

Back to square one (in a good way)

Good news everyone! China-Australia ties are officially back on track. On Monday, Premier Li Qiang met with Australian Prime Minister Anthony Albanese as part of a four-day visit Down Under. ICYDK: Sino-Australian ties have recently emerged from a deep freeze, which was triggered by Beijing’s effort…

Good news everyone! China-Australia ties are officially back on track.
On Monday, Premier Li Qiang met with Australian Prime Minister Anthony Albanese as part of a four-day visit Down Under.
ICYDK: Sino-Australian ties have recently emerged from a deep freeze, which was triggered by Beijing’s effort...

sources

Xinhua: China to work with Australia for more mature, stable, fruitful comprehensive strategic partnership -- Premier Li

Australian Prime Minster's Office: Statement on joint outcomes of the Australia-China Annual Leaders’ Meeting

June 18, 2024

Legislature to hear report on private economy

On Monday, the legislature (NPCSC) released the agenda for its next meeting, starting on June 25. Some context: The NPCSC holds bimonthly meetings to deliberate and approve legislation and receive work reports from government agencies. At the upcoming meeting, the NPCSC will deliberate: The Rural …

On Monday, the legislature (NPCSC) released the agenda for its next meeting, starting on June 25.
Some context: The NPCSC holds bimonthly meetings to deliberate and approve legislation and receive work reports from government agencies.
At the upcoming meeting, the NPCSC will deliberate:

The Rural ...

sources

NPC: 赵乐际主持召开十四届全国人大常委会第二十六次委员长会议决定十四届全国人大常委会第十次会议6月25日至28日在京举行

June 18, 2024

Home prices sink further in May

China’s housing price slump accelerated in May. According to the stats bureau’s (NBS) monthly survey of home prices in 70 cities, published Monday (Bloomberg): Prices of newly built housing dropped 0.71% m/m, the worst decline in nearly a decade. Compared to May 2023, prices have slumped 4.3%, a pa…

China’s housing price slump accelerated in May.
According to the stats bureau’s (NBS) monthly survey of home prices in 70 cities, published Monday (Bloomberg):

Prices of newly built housing dropped 0.71% m/m, the worst decline in nearly a decade.
Compared to May 2023, prices have slumped 4.3%, a pa...

sources

NBS: 国家统计局城市司首席统计师王中华解读2024年5月份商品住宅销售价格变动情况统计数据

Bloomberg: China Home-Price Slump Accelerates Despite More Stimulus

June 18, 2024

Macro wrap: May’s macro data paints a mixed picture for China’s economy

To view the macro wrap as a pdf, click here. Exec sum May’s economic data signaled that the economy may be shifting away from an overreliance on supply-side growth drivers, with consumption gaining a more prominent role. Industrial output and non-property investment grew strongly in May, albe…

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

Exec sum

May’s economic data signaled that the economy may be shifting away from an overreliance on supply-side growth drivers, with consumption gaining a more prominent role.
Industrial output and non-property investment grew strongly in May, albe...

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