string(13) "markets-macro"

Macro

June 3, 2024

Evergrande fined RMB 4.18 billion for revenue fraud

On Friday, the securities regulator (CSRC) announced an RMB 4.175 billion fine on Hengda Real Estate, Evergrande’s primary onshore unit, for inflating its revenue and issuing bonds based on the fabricated figures. The fine reflects 20% of the unit’s fraudulent bond issuance from 2020-2021, the maxi… Username Password Remember Me Forgot Password

The fine reflects 20% of the unit’s fraudulent bond issuance from 2020-2021, the maxi...

sources

CSRC: 证监会对恒大地产债券欺诈发行及信息披露违法案作出处罚决定

The Paper: 证监会对恒大地产顶格处罚：严惩财务造假“关键少数”

Bloomberg: China Weighs Record Fine for PwC Over Evergrande Audit Work

June 3, 2024

May’s PMIs: The good, the bad, and the ugly

May’s purchasing manager indices (PMIs) painted a mixed picture of China’s manufacturing sector. Quick refresher: PMIs give a snapshot of business conditions based on survey responses. A reading above 50 indicates expansion, and below 50 indicates contraction. Per data released by the stats bureau…

May’s purchasing manager indices (PMIs) painted a mixed picture of China’s manufacturing sector.
Quick refresher: PMIs give a snapshot of business conditions based on survey responses.

A reading above 50 indicates expansion, and below 50 indicates contraction.

Per data released by the stats bureau...

sources

Gov.cn: 2024年5月中国采购经理指数运行情况

Caixin: 财新中国通用制造业PMI新闻稿

June 3, 2024

China calls time on last shadow banking black spot

Authorities are shutting down one of the riskiest corners of China’s financial system. An article from Caixin, published on Tuesday, claims that all but one of China’s financial asset exchanges (FAEs) will close within a year. Some context: FAEs are multi-purpose exchanges overseen by provincial and…

Authorities are shutting down one of the riskiest corners of China’s financial system.
An article from Caixin, published on Tuesday, claims that all but one of China’s financial asset exchanges (FAEs) will close within a year.
Some context: FAEs are multi-purpose exchanges overseen by provincial and...

sources

Caixin: In Depth: It’s Curtains for China’s Local Financial Asset Exchanges

June 3, 2024

Beijing orders localities to speed up STB project planning

Beijing wants local governments to speed up project planning for infrastructure investment. Quick reminder: The central government will issue RMB 1 trillion of ultra-long special treasury bonds (STBs) between May and November, with half of the proceeds transferred to local governments. Citing an unn…

Beijing wants local governments to speed up project planning for infrastructure investment.
Quick reminder: The central government will issue RMB 1 trillion of ultra-long special treasury bonds (STBs) between May and November, with half of the proceeds transferred to local governments.
Citing an unn...

sources

21st Century Biz: 地方积极筹备申报超长期特别国债项目万亿“耐心资本”可投向17个细分领域

June 3, 2024

China turns down Ukraine peace summit invite

On Friday, foreign ministry (MoFA) spokesperson Mao Ning confirmed that China won’t attend the upcoming Ukraine Peace Summit in mid-June in Switzerland. The reason: Russia won’t be there. Mao elaborated (Reuters): “The arrangements for the meeting still fall far short of China’s requests.” “China h…

On Friday, foreign ministry (MoFA) spokesperson Mao Ning confirmed that China won't attend the upcoming Ukraine Peace Summit in mid-June in Switzerland.
The reason: Russia won't be there.
Mao elaborated (Reuters):

"The arrangements for the meeting still fall far short of China's requests."
"China h...

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MoFA: 2024年5月31日外交部发言人毛宁主持例行记者会

Reuters: China says it will not join Swiss peace conference on Ukraine

The Guardian: Zelenskiy accuses China of deterring countries from going to peace summit

June 3, 2024

China, US defense ministers meet in person for first time since 2022

China and the US defense ministers are getting up close and personal again. On Friday, Defense Minister Dong Jun met with his US counterpart Lloyd Austin during the 21st Shangri-La Dialogue (SLD) in Singapore. This marks the first in-person meeting between the two countries’ top military officials …

This marks the first in-person meeting between the two countries’ top military officials ...

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Xinhua: 董军与美国国防部长会谈

SCMP: China-US relations: defence ministers Dong and Austin hold ‘positive, practical and constructive’ meeting, says Beijing

May 31, 2024

Xi addresses China-Arab States Cooperation Forum

On Wednesday, Xi Jinping addressed the China-Arab States Cooperation Forum (CASCF). Some context: Established in 2004, CASCF has taken on greater significance in recent years as China has sought to boost its profile and influence in the Middle East. After waxing lyrical about a bright future for Sin…

On Wednesday, Xi Jinping addressed the China-Arab States Cooperation Forum (CASCF).
Some context: Established in 2004, CASCF has taken on greater significance in recent years as China has sought to boost its profile and influence in the Middle East.
After waxing lyrical about a bright future for Sin...

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Xinhua: Xi urges greater efforts to build China-Arab community with shared futureX

May 31, 2024

Kunming Biodiversity Fund launches

China has launched its flagship Kunming Biodiversity Fund. On Tuesday, Vice Premier Ding Xuexiang presided over the launch of the fund, which will support biodiversity protection in developing countries. Some context: Xi Jinping pledged USD 232 million to establish the fund in 2021, w…

China has launched its flagship Kunming Biodiversity Fund.
On Tuesday, Vice Premier Ding Xuexiang presided over the launch of the fund, which will support biodiversity protection in developing countries. Some context: Xi Jinping pledged USD 232 million to establish the fund in 2021, w...

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MFA: 丁薛祥出席昆明生物多样性基金合作协议签字仪式并致辞

Global Times: Kunming Biodiversity Fund launched in Beijing

CBD: Global Biodiversity Framework Fund

May 31, 2024

China suspends preferential tariffs on 134 Taiwanese products

Beijing is upping the economic pressure on Taiwan’s new leadership. On Friday, the State Council Tariff Committee announced it would suspend preferential tariffs on 134 products imported from Taiwan, effective June 15. According to the announcement, the suspensions are in response to ongoing restr…

Beijing is upping the economic pressure on Taiwan's new leadership.
On Friday, the State Council Tariff Committee announced it would suspend preferential tariffs on 134 products imported from Taiwan, effective June 15.

According to the announcement, the suspensions are in response to ongoing restr...

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MoF: 国务院关税税则委员会关于中止《海峡两岸经济合作框架协议》部分产品（第二批）关税减让的公告

Yicai: 商务部新闻发言人就中止《海峡两岸经济合作框架协议》134个税目产品关税减让答记者问

May 31, 2024

State Council finalizes state-owned enterprise discipline inspection rules

Beijing is reforming state-owned enterprise (SOE) discipline inspection regulations to avoid undermining workforce proactivity. On Tuesday, the State Council released a set of regulations for disciplining SOE management personnel. Some context: The State Council approved a draft version of the regul…

Beijing is reforming state-owned enterprise (SOE) discipline inspection regulations to avoid undermining workforce proactivity.
On Tuesday, the State Council released a set of regulations for disciplining SOE management personnel.
Some context: The State Council approved a draft version of the regul...

sources

State Council: 国有企业管理人员处分条例

May 31, 2024

Expert calls for Beijing to grant localities more debt raising power

A Beijing think tank argues local governments should be given discretion to borrow as they see fit. ICYDK: In China, prefecture- and county-level governments have the greatest debt financing needs, but only provincial governments can issue bonds. They then distribute the proceeds to lower-level gov…

A Beijing think tank argues local governments should be given discretion to borrow as they see fit.
ICYDK: In China, prefecture- and county-level governments have the greatest debt financing needs, but only provincial governments can issue bonds.

They then distribute the proceeds to lower-level gov...

sources

NetEase: 完善政府债务管理体制

May 31, 2024

China takes trade risk mitigation to new heights

Beijing’s new export controls could reduce the geopolitical risks associated with dual-use exports. On Thursday, the Ministry of Commerce and Central Military Commission announced export controls – effective July 1 – on goods and technologies in four domains of aerospace-related manufacturing: Airc…

Beijing's new export controls could reduce the geopolitical risks associated with dual-use exports.
On Thursday, the Ministry of Commerce and Central Military Commission announced export controls – effective July 1 – on goods and technologies in four domains of aerospace-related manufacturing:

Airc...

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GAC: 商务部海关总署中央军委装备发展部公告2024年第21号关于对有关物项实施出口管制的公告

State Council: China to impose export controls on certain aviation, space equipment

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