string(13) "markets-macro"

Macro

May 17, 2024

Central government steps up property rescue efforts

The cavalry is finally coming to rescue the beleaguered property sector. On Friday, the central bank (PBoC) announced new financial incentives for people to buy homes, most notably by: Scrapping the mortgage rate floor for both new and second-hand homes nationally Cutting the minimum down… Username Password Remember Me Forgot Password

The cavalry is finally coming to rescue the beleaguered property sector.
On Friday, the central bank (PBoC) announced new financial incentives for people to buy homes, most notably by:

Scrapping the mortgage rate floor for both new and second-hand homes nationally
Cutting the minimum down...

sources

Xinhua: 最低首付款比例下调，房贷利率政策下限取消！

Xinhua: 何立峰在全国切实做好保交房工作视频会议上要求打好商品住房烂尾风险处置攻坚战保障购房人合法权益

SCIO: 国新办举行国务院政策例行吹风会介绍切实做好保交房工作配套政策有关情况

May 17, 2024

Cities gear up for property bulk-buying scheme

More cities are rolling out plans to purchase unsold apartments and turn them into affordable homes. ICYDK: On Tuesday, Bloomberg scooped that the State Council is considering sponsoring large-scale government purchases of unsold housing, with a draft plan expected by June. Some cities are ahead of …

More cities are rolling out plans to purchase unsold apartments and turn them into affordable homes.
ICYDK: On Tuesday, Bloomberg scooped that the State Council is considering sponsoring large-scale government purchases of unsold housing, with a draft plan expected by June.
Some cities are ahead of ...

sources

Xinhua: 南京：可适当改建或收购存量住房用作保障性住房

Securities Times: 楼市重磅！杭州这一区出手，政府收储存量房！有企业已报名

Caijing: 新政丨大理：鼓励收购存量房作为保障性租赁住房或人才住房

Bloomberg: China Regulators to Discuss Property Aid With Banks Friday

May 17, 2024

China credit slowing on GDP calculation tweaks

The slowdown in credit growth is partly due to a change in the way Chinese authorities calculate GDP. Starting in Q1, the stats bureau (NBS) has used net interest income, net bank charges, and other measures of bank profitability to calculate the value banks add to the economy (SCMP). Previously, t…

The slowdown in credit growth is partly due to a change in the way Chinese authorities calculate GDP.
Starting in Q1, the stats bureau (NBS) has used net interest income, net bank charges, and other measures of bank profitability to calculate the value banks add to the economy (SCMP).

Previously, t...

sources

SCMP: China adjusts added value accounting to mitigate data manipulation, clean up GDP statistics

Caixin: China’s Credit Contraction Caused by Changes to Banks’ GDP Calculation, Economists Say

May 17, 2024

Two-track growth

China’s demand-supply imbalance is growing. Per data released by the stats bureau (NBS) on Friday, in April: Industrial value-added (IVA) surged 6.7% y/y, up from 4.5% growth in March Fixed asset investment (FAI) grew 3.5% y/y, down from 4.8% the previous month Retail sales increased 2.3% y/y, down…

China’s demand-supply imbalance is growing.
Per data released by the stats bureau (NBS) on Friday, in April:

Industrial value-added (IVA) surged 6.7% y/y, up from 4.5% growth in March
Fixed asset investment (FAI) grew 3.5% y/y, down from 4.8% the previous month
Retail sales increased 2.3% y/y, down...

sources

Gov.cn: 2024年4月份规模以上工业增加值增长6.7%

Gov.cn: 2024年1—4月份全国固定资产投资增长4.2%

Gov.cn: 2024年4月份社会消费品零售总额增长2.3%

May 17, 2024

Consumption growth fails to take off

Household demand is well and truly in the dumps. That’s our conclusion from the April consumption data, released by the stats bureau (NBS) on Friday. The highlights: Retail sales increased 2.3% y/y in April, down from 3.1% growth the previous month. Services demand was also sluggish – we estimate…

Household demand is well and truly in the dumps.

That’s our conclusion from the April consumption data, released by the stats bureau (NBS) on Friday.

The highlights:

Retail sales increased 2.3% y/y in April, down from 3.1% growth the previous month.
Services demand was also sluggish – we estimate...

sources

Gov.cn: 2024年4月份社会消费品零售总额增长2.3%

May 17, 2024

Rural digital development continues – with CAC still at the helm

Digital connections in China’s countryside continue to spread. On Wednesday, the cyberspace administration (CAC) and three other agencies published the 2024 goals for rural digital development. Some context: In 2022, CAC issued a four-year plan for rural digital development. The big idea is to expan…

Digital connections in China’s countryside continue to spread.
On Wednesday, the cyberspace administration (CAC) and three other agencies published the 2024 goals for rural digital development.
Some context: In 2022, CAC issued a four-year plan for rural digital development. The big idea is to expan...

sources

CAC: 中央网信办等四部门印发《2024年数字乡村发展工作要点》

May 17, 2024

Beijing asks autos to buy Chinese chips

Beijing is taking steps to secure China’s auto supply chain. The industrial regulator (MIIT) has reportedly asked Chinese automakers to increase their purchases of local chips from 10% to 20-25% by 2025 (Nikkei). The automakers include: SAIC Motor BYD Dongfeng Motor GAC Motor FAW Group Acc…

Beijing is taking steps to secure China's auto supply chain.
The industrial regulator (MIIT) has reportedly asked Chinese automakers to increase their purchases of local chips from 10% to 20-25% by 2025 (Nikkei).
The automakers include:

SAIC Motor
BYD
Dongfeng Motor
GAC Motor
FAW Group

Acc...

sources

Nikkei: China asks carmakers to use up to 25% local chips by 2025

Sina: 工信部原部长苗圩又说大实话

May 16, 2024

Powering up to throttle down

You can’t manage what you can’t measure. That’s why the macro planner (NDRC) has announced a campaign to collect granular-level data on industrial energy consumption. The campaign, announced on May 11, orders local branches of the NDRC to compile detailed files on the energy consumption and energy…

You can't manage what you can't measure.
That's why the macro planner (NDRC) has announced a campaign to collect granular-level data on industrial energy consumption.

The campaign, announced on May 11, orders local branches of the NDRC to compile detailed files on the energy consumption and energy...

sources

NDRC: 关于深入开展重点用能单位能效诊断的通知(发改办环资〔2024〕395号)

NDRC: 国家发展改革委有关负责同志就《关于深入开展重点用能单位能效诊断的通知》答记者问

May 16, 2024

Don’t stand so close to Xi

On Thursday, Russian President Vladimir Putin arrived in Beijing for his first foreign visit since being…uh…reelected. We’ll have more to say about his meetings with Xi Jinping once the readouts emerge. Prior to his arrival, Putin subjected Xinhua to the Tucker Carlson treatment, providing a lengt…

On Thursday, Russian President Vladimir Putin arrived in Beijing for his first foreign visit since being…uh…reelected.

We’ll have more to say about his meetings with Xi Jinping once the readouts emerge.

Prior to his arrival, Putin subjected Xinhua to the Tucker Carlson treatment, providing a lengt...

sources

Xinhua: Full text of Xinhua's interview with Putin

May 16, 2024

State media blitz signals food security paradigm shift

State media are throwing their weight behind a new approach to food security. Since Saturday, we’ve noted more than a half-dozen unique articles in China’s most prominent Party-state publications calling to adopt a “broad concept of food.” ICYDK: Beijing’s food security policy has long focused prima…

State media are throwing their weight behind a new approach to food security.
Since Saturday, we've noted more than a half-dozen unique articles in China's most prominent Party-state publications calling to adopt a "broad concept of food."
ICYDK: Beijing's food security policy has long focused prima...

sources

Economic Daily: 金观平：践行大食物观保障粮食安全

Economic Daily: 念好农业“山海经”——福建省深入践行大食物观成效调查

Guangming Daily: 大食物观，管“饱”更管“好”

People's Daily: 仲音 : 树立和践行大食物观

Qiushi: 立足四个维度践行大食物观

Farmer's Daily: 民生为大——大食物观实践纪事

May 16, 2024

I heard you want to sell to the government

On Wednesday, the Vice Minister of Commerce (MofCom), Ling Ji, convened a roundtable meeting with foreign-invested companies to discuss problems related to government procurement. Officials from the finance ministry (MoF), industrial regulator (MIIT), healthcare regulator (NHC), financial regulator…

On Wednesday, the Vice Minister of Commerce (MofCom), Ling Ji, convened a roundtable meeting with foreign-invested companies to discuss problems related to government procurement.

Officials from the finance ministry (MoF), industrial regulator (MIIT), healthcare regulator (NHC), financial regulator...

sources

MofCom: 商务部召开政府采购问题专场外资企业圆桌会

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