string(13) "markets-macro"

Macro

May 13, 2024

China, Philippines at odds over Second Thomas Shoal resupply “agreement”

Someone (allegedly) has the receipts. On Tuesday, the Chinese embassy in Manila released the transcript of what it says was a call between Chinese and Philippine officials in January concerning resupply missions to the Second Thomas Shoal. Some context: The shoal sits within the Philippines’ exclusi… Username Password Remember Me Forgot Password

Someone (allegedly) has the receipts.
On Tuesday, the Chinese embassy in Manila released the transcript of what it says was a call between Chinese and Philippine officials in January concerning resupply missions to the Second Thomas Shoal.
Some context: The shoal sits within the Philippines’ exclusi...

sources

Rappler: After China’s claims of a recorded call, Teodoro asks: Did its embassy violate PH law?

Bloomberg: China Threatens to Release Audio of Secret Deal With Philippines

Rappler: Año wants expulsion of Chinese diplomats over ‘malign influence and interference operations’

MoFA: Foreign Ministry Spokesperson Lin Jian’s Regular Press Conference on May 6, 2024

May 13, 2024

NEV exports keeping auto sector afloat – for now

China exported a record number of vehicles in April, partially offsetting a sentiment-driven domestic sales slowdown. Per China Passenger Car Association Data released Friday, in April: Exports grew 38% y/y to 417,000 units – similar to the 39% y/y growth in March. Domestic passenger auto sales fel…

China exported a record number of vehicles in April, partially offsetting a sentiment-driven domestic sales slowdown.
Per China Passenger Car Association Data released Friday, in April:

Exports grew 38% y/y to 417,000 units – similar to the 39% y/y growth in March.
Domestic passenger auto sales fel...

sources

Reuters: China's car exports hit record high in April, as domestic sales fall

May 13, 2024

Ukraine shuttle diplomacy – third time’s the charm?

China has once again taken its messaging on Ukraine to the streets. Special Representative for Eurasian Affairs Li Hui conducted his third round of shuttle diplomacy from May 3 to 9 to discuss the war. The foreign ministry (MoFA) gave some details of Li’s trip on Friday. ICYMI: Li focused on Europ…

The foreign ministry (MoFA) gave some details of Li's trip on Friday.

ICYMI: Li focused on Europ...

sources

MoFA: Special Representative of the Chinese Government on Eurasian Affairs Li Hui Conducts the Third Round of Shuttle Diplomacy on the Political Settlement of the Ukraine Crisis

May 13, 2024

MIIT hints at crackdown on battery overcapacity

After letting capacity expansion run wild in recent years, is Beijing finally preparing to rein in lithium-ion battery (LIB) overcapacity? On Wednesday, the industry regulator (MIIT) issued draft regulatory standards governing the LIB industry. Some context: China’s world-leading LIB industry is arg…

After letting capacity expansion run wild in recent years, is Beijing finally preparing to rein in lithium-ion battery (LIB) overcapacity?
On Wednesday, the industry regulator (MIIT) issued draft regulatory standards governing the LIB industry.
Some context: China's world-leading LIB industry is arg...

sources

Caixin: China Moves to Rein in Battery Boom Amid Overcapacity Concerns

May 13, 2024

Consumer prices stabilize

Consumer prices are stabilizing, but factory prices continue to decline. Per data released by the stats bureau on Saturday, April’s consumer price index (CPI) grew 0.3% y/y, up from 0.1% growth in March. Although growth remains sluggish, CPI has now expanded for three consecutive months. Falling f…

Although growth remains sluggish, CPI has now expanded for three consecutive months.

Falling f...

sources

Gov.cn: 国家统计局解读2024年4月份CPI和PPI数据

May 13, 2024

April credit print is bad, but not that bad

Net new total social financing (TSF) fell in April, for the first time on record (PBoC). TSF fell RMB 199 billion last month, compared to growth of RMB 4.9 trillion in March. The outstanding value of TSF was up 8.3% y/y, down from 8.7% growth in March. The monthly drop was driven by: A fall… Read More »

Net new total social financing (TSF) fell in April, for the first time on record (PBoC).

TSF fell RMB 199 billion last month, compared to growth of RMB 4.9 trillion in March.
The outstanding value of TSF was up 8.3% y/y, down from 8.7% growth in March.

The monthly drop was driven by:

A fall in go...

sources

PBoC: 2024年4月社会融资规模存量统计数据报告

Bloomberg: China Credit Shrinks for First Time, Loan Growth Disappoints

May 13, 2024

Beijing rolls out insurance for grain farmers nationwide

Saturday’s State Council executive meeting indicated that all farmers growing rice, wheat, and corn will soon be eligible for subsidized insurance. The backstory: China has been experimenting with subsidized farm insurance schemes since the late 2010s. These WTO-compliant “green box” subsidies pro…

Saturday's State Council executive meeting indicated that all farmers growing rice, wheat, and corn will soon be eligible for subsidized insurance.
The backstory: China has been experimenting with subsidized farm insurance schemes since the late 2010s.

These WTO-compliant "green box" subsidies pro...

sources

CCTV: 李强主持召开国务院常务会议

Gov.cn: 三大粮食作物完全成本保险和种植收入保险覆盖全国所有产粮大县

May 11, 2024

It’s the economy, stupid

European businesses are pessimistic about China. The European Chamber of Commerce in China’s most recent business confidence survey, released on Friday and based on data collected from January to April, is decidedly downbeat: A record low 15% and 12% of respondents rank China as a top destination f…

European businesses are pessimistic about China.
The European Chamber of Commerce in China's most recent business confidence survey, released on Friday and based on data collected from January to April, is decidedly downbeat:

A record low 15% and 12% of respondents rank China as a top destination f...

sources

European Chamber: EUROPEAN CHAMBER CALLS FOR ACTION TO RESTORE BUSINESS CONFIDENCE

May 10, 2024

A busy year for policymaking

Fed up with being caught by surprise with changing rules and regulations? We’ve got good news. On Thursday, the State Council’s general office released its annual policymaking agenda – a massive laundry list of the laws and regulations that ministries and agencies are working on this year. It’s …

Fed up with being caught by surprise with changing rules and regulations?

We've got good news.

On Thursday, the State Council’s general office released its annual policymaking agenda – a massive laundry list of the laws and regulations that ministries and agencies are working on this year.
It's ...

sources

Gov.cn: 国务院办公厅关于印发《国务院2024年度立法工作计划》的通知

May 10, 2024

Europe through the back door

China has at least one friend in the EU. On Wednesday, Xi Jinping touched down in Budapest, Hungary, the last stop in his European tour. Some context: Hungary is a European outlier. Right-wing populist Prime Minister Viktor Orbán has cultivated strong ties with China even as the rest of the EU grow…

China has at least one friend in the EU.
On Wednesday, Xi Jinping touched down in Budapest, Hungary, the last stop in his European tour.
Some context: Hungary is a European outlier.

Right-wing populist Prime Minister Viktor Orbán has cultivated strong ties with China even as the rest of the EU grow...

sources

MoFA: Embarking on a Golden Voyage in China-Hungary Relations

MoFA: Joint Statement Between the People's Republic of China and Hungary on the Establishment of An All-Weather Comprehensive Strategic Partnership for the New Era

MoFA: Outcome List of President Xi Jinping's State Visit to Hungary

People's Daily: 习近平同匈牙利总统舒尤克举行会谈

May 10, 2024

China gives nod to gene edited wheat, corn in landmark approval

The ag ministry (MARA) quietly announced commercial safety approval for two gene-edited (GE) crops on Wednesday, including: A corn variety tweaked for higher yields A wheat variety edited for resistance to a common crop disease This is huge: Not only is this China’s first-ever commercial approval …

The ag ministry (MARA) quietly announced commercial safety approval for two gene-edited (GE) crops on Wednesday, including:

A corn variety tweaked for higher yields
A wheat variety edited for resistance to a common crop disease

This is huge: Not only is this China's first-ever commercial approval ...

sources

Securities Times: 抗白粉病高产小麦基因编辑技术获农业农村部批准生物技术有望助力主粮增产

MARA: 2024 年农业基因编辑生物安全证书（生产应用）批准清单（PDF)

Nature: Genome-edited crops for improved food security of smallholder farmers

May 10, 2024

Premier Li Qiang visits Xinjiang

Li Qiang just became the first premier to visit Xinjiang since 2012. On Thursday, Li wrapped up his three-day trip, during which he called on the region to play to its comparative advantages in developing its clean and fossil energy, equipment manufacturing, and agriculture sectors. ICYDK: China’s …

Li Qiang just became the first premier to visit Xinjiang since 2012.
On Thursday, Li wrapped up his three-day trip, during which he called on the region to play to its comparative advantages in developing its clean and fossil energy, equipment manufacturing, and agriculture sectors.
ICYDK: China's ...

sources

Xinhua: 李强在新疆调研时强调彰显特色优势提高开放水平在高质量发展中增进民生福祉促进长治久安

European Parliament: Due diligence: MEPs adopt rules for firms on human rights and environment

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