string(13) "markets-macro"

Macro

June 5, 2024

Auto trade-in initiative could receive up to RMB 15 billion funding

The Ministry of Finance (MoF) has finally released the funding modality for its much-anticipated auto trade-in initiative. ICYDK: Under the initiative, consumers can trade in new energy vehicles (NEVs) bought before April 30, 2018, or gas-powered cars that don’t meet the latest emission standards. … Username Password Remember Me Forgot Password

The Ministry of Finance (MoF) has finally released the funding modality for its much-anticipated auto trade-in initiative.
ICYDK: Under the initiative, consumers can trade in new energy vehicles (NEVs) bought before April 30, 2018, or gas-powered cars that don’t meet the latest emission standards.

...

sources

MoF: 关于下达2024年汽车以旧换新补贴中央财政预拨资金预算的通知,

June 5, 2024

Party takes over awarding science prizes

The Party now decides who wins national science prizes. On Thursday, the State Council revised the regulations for national sci-tech awards. Some context: The national sci-tech awards are China’s most prestigious honors for scientific discovery. For winners, they open the doors to fundin…

The Party now decides who wins national science prizes.
On Thursday, the State Council revised the regulations for national sci-tech awards.
Some context: The national sci-tech awards are China’s most prestigious honors for scientific discovery. For winners, they open the doors to fundin...

sources

Gov.cn: 国务院关于修改《国家科学技术奖励条例》的决定

June 4, 2024

Your average Zhou

Many are wondering whether the presence of Zhou Qiren – an outspoken liberal economist – at Xi Jinping’s symposium on Third Plenum reforms means liberal, pro-market economic reforms are in the pipeline. We hate to be a party pooper, but the answer is a big “no.” About Zhou: Zhou is an established …

Many are wondering whether the presence of Zhou Qiren – an outspoken liberal economist – at Xi Jinping's symposium on Third Plenum reforms means liberal, pro-market economic reforms are in the pipeline.

We hate to be a party pooper, but the answer is a big "no."

About Zhou: Zhou is an established ...

sources

CCTV: 习近平主持召开经济形势专家座谈会强调坚定信心增强定力坚定不移推进供给侧结构性改革

June 4, 2024

US poised to sanction Chinese banks, dual-use equipment suppliers over Russia

The US is taking aim at Chinese companies and banks for supporting Russia’s war effort. Last week, three highly ranked US officials separately indicated that the US is preparing to deploy sanctions and export controls targeting such companies. The officials were: White House Deputy National Securit…

The US is taking aim at Chinese companies and banks for supporting Russia's war effort.
Last week, three highly ranked US officials separately indicated that the US is preparing to deploy sanctions and export controls targeting such companies.
The officials were:

White House Deputy National Securit...

sources

Reuters: US says it could act against China firms, banks over Russian war support

US Treasury: Remarks by Deputy Secretary of the Treasury Wally Adeyemo at Atlantik Brücke and the Transatlantic Business Initiative Event

Reuters: US Treasury No. 2 warns China over support for Russia

June 4, 2024

Xi wishes CAE a very happy birthday – and many more to come

Xi Jinping is making sure the nation’s engineers feel the pride – and responsibility – of their recently elevated stature. On Monday, Xi sent a congratulatory letter to a China Academy of Engineering (CAE) symposium celebrating the organization’s 30th anniversary. Quick background: The CAE is one of…

Xi Jinping is making sure the nation’s engineers feel the pride – and responsibility – of their recently elevated stature.
On Monday, Xi sent a congratulatory letter to a China Academy of Engineering (CAE) symposium celebrating the organization's 30th anniversary.
Quick background: The CAE is one of...

sources

People.cn: 习近平致信祝贺中国工程院建院30周年强调发挥国家战略科技力量作用为实现高水平科技自立自强建设世界科技强国作出新的更大贡献

June 4, 2024

Minister of Commerce cautions EU against increasing trade restrictions

Beijing hopes to avert a trade war with the EU, but isn’t afraid to trade blows should push come to shove. Speaking at a roundtable with Chinese companies in Barcelona, Spain, on Saturday, Commerce Minister Wang Wentao said: “We hope to prevent the escalation of trade tensions…by resolving fricti…

Beijing hopes to avert a trade war with the EU, but isn’t afraid to trade blows should push come to shove.
Speaking at a roundtable with Chinese companies in Barcelona, Spain, on Saturday, Commerce Minister Wang Wentao said:

“We hope to prevent the escalation of trade tensions...by resolving fricti...

sources

MofCom: 王文涛部长主持召开西班牙中资企业圆桌会

June 4, 2024

Profit and profitability

Bank profits have gone from bad to worse. The latest: According to financial regulator (NFRA) data published Friday, in Q1, banking sector profits grew a measly 0.07% compared to a year earlier. In Q1 2023, profits were up 1.3% y/y, and in Q1 2022 they expanded 7.4% y/y. Meanwhile, commercial bank…

Bank profits have gone from bad to worse.
The latest: According to financial regulator (NFRA) data published Friday, in Q1, banking sector profits grew a measly 0.07% compared to a year earlier.

In Q1 2023, profits were up 1.3% y/y, and in Q1 2022 they expanded 7.4% y/y.

Meanwhile, commercial bank...

sources

NFRA: 2024年商业银行主要监管指标情况表（季度）

NFRA: 2023年商业银行主要监管指标情况表（季度）

NFRA: 2022年商业银行主要监管指标情况表（季度）

June 4, 2024

Beijing shows Russia who needs who during pipeline talks

China is stonewalling Russia’s latest push to advance the Power of Siberia 2 (PS-2) gas pipeline. Beijing wants offtake prices discounted to near Russia’s subsidized domestic rates (FT) – far lower than Moscow is willing to go. ICYDK: PS-2 would allow Russia to export up to 50 billion cubic meters…

China is stonewalling Russia's latest push to advance the Power of Siberia 2 (PS-2) gas pipeline.

Beijing wants offtake prices discounted to near Russia's subsidized domestic rates (FT) – far lower than Moscow is willing to go.

ICYDK: PS-2 would allow Russia to export up to 50 billion cubic meters...

sources

FT: Russia-China gas pipeline deal stalls over Beijing’s price demands

CGEP: The Future of the Power of Siberia 2 Pipeline

June 4, 2024

Housing market warms up in Shanghai, Shenzhen

Homebuyer sentiment is improving in China’s top-tier cities, following the latest round of policy easing. Over the weekend, property sales agents in Shanghai reported a drastic increase in showing requests, to the point that there weren’t enough staff to escort prospective viewers (Bloomberg, Securi…

Homebuyer sentiment is improving in China’s top-tier cities, following the latest round of policy easing.
Over the weekend, property sales agents in Shanghai reported a drastic increase in showing requests, to the point that there weren’t enough staff to escort prospective viewers (Bloomberg, Securi...

sources

Bloomberg: China’s Biggest Cities See Housing Market Pick Up After Easing

Securities Times: 实探沪深楼市！售楼处大排长龙，市场有望进入政策兑现期

June 4, 2024

Critical, or not critical: that is the question

Forthcoming standards seek to further define critical infrastructure. On Friday, China’s cybersecurity standards body (TC260) released draft standards on “boundary determination” for Critical Information Infrastructure (CII). An earlier draft dates to 2020. Some context: The protection of CII came…

Forthcoming standards seek to further define critical infrastructure.
On Friday, China’s cybersecurity standards body (TC260) released draft standards on “boundary determination” for Critical Information Infrastructure (CII).

An earlier draft dates to 2020.

Some context: The protection of CII came...

sources

TC260: 关于国家标准《网络安全技术关键信息基础设施边界确定方法》征求意见稿征求意见的通知

June 4, 2024

TikTok’s Hail Mary pass

TikTok is cracking the code in hopes of threading the needle. On Friday, Reuters reported that the company is parsing millions of lines of code to “clone” its recommendation algorithm so it can run independently in the US. According to anonymous sources, this massive undertaking should yield an all…

TikTok is cracking the code in hopes of threading the needle.
On Friday, Reuters reported that the company is parsing millions of lines of code to "clone" its recommendation algorithm so it can run independently in the US.

According to anonymous sources, this massive undertaking should yield an all...

sources

Reuters: Exclusive: TikTok preparing a US copy of the app’s core algorithm, sources say

The Verge: TikTok is reportedly splitting its source code to create a US-only algorithm

June 3, 2024

Xi worried officials aren’t up to the task of innovation

Xi Jinping wants government officials to guide China’s innovation drive – but he’s concerned they’re not up to snuff. On Friday, the Party’s top journal, Qiushi, published excerpts of Xi’s remarks at the Politburo’s February study session on new quality productive forces (NQPFs). Some context: NQPFs…

Xi Jinping wants government officials to guide China's innovation drive – but he's concerned they're not up to snuff.
On Friday, the Party's top journal, Qiushi, published excerpts of Xi’s remarks at the Politburo’s February study session on new quality productive forces (NQPFs).
Some context: NQPFs...

sources

Qiushi: 发展新质生产力是推动高质量发展的内在要求和重要着力点

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