string(13) "markets-macro"

Macro

April 16, 2024

Industrial regulator calls to replace foreign chips

On Friday, the WSJ reported that Beijing has ordered state-owned telecoms to phase out the use of some foreign chips. The move would impact Intel and AMD. Some context: Policymakers have long been concerned about the potential vulnerabilities posed by using foreign microprocessors in critical infr… Username Password Remember Me Forgot Password

On Friday, the WSJ reported that Beijing has ordered state-owned telecoms to phase out the use of some foreign chips.

The move would impact Intel and AMD.

Some context: Policymakers have long been concerned about the potential vulnerabilities posed by using foreign microprocessors in critical infr...

sources

WSJ: China Tells Telecom Carriers to Phase Out Foreign Chips in Blow to Intel, AMD

April 15, 2024

Credit growth slowdown to continue

Credit in March expanded at its slowest pace on record. According to the central bank’s (PBoC) monthly credit data, released on Friday, the outstanding value of total social financing (TSF) grew 8.7% y/y in March, down from 9.0% in February. TSF records began in 2017. Net new TSF was RMB 4.9 trill…

Credit in March expanded at its slowest pace on record.
According to the central bank's (PBoC) monthly credit data, released on Friday, the outstanding value of total social financing (TSF) grew 8.7% y/y in March, down from 9.0% in February.

TSF records began in 2017.

Net new TSF was RMB 4.9 trill...

sources

PBoC: 2024年3月社会融资规模存量统计数据报告

PBoC: 2024年3月金融统计数据报告

April 15, 2024

Huijin buys up bank shares

Central Huijin Investment has spent more than RMB 5 billion acquiring shares in China’s big four banks as part of government efforts to boost the stock market. On Friday, the banks – Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB), Bank of China (BoC), and Agricultural …

Central Huijin Investment has spent more than RMB 5 billion acquiring shares in China’s big four banks as part of government efforts to boost the stock market.
On Friday, the banks – Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB), Bank of China (BoC), and Agricultural ...

sources

Caixin: China’s Sovereign Fund Bolsters Big Four Banks with $722 Million Investment

ICBC: 关于汇金公司增持本行股份计划实施情况的公告

China Construction Bank: 建设银行关于汇金公司增持本行股份计划实施情况的公告

Bank of China: 中国银行股份有限公司关于汇金公司增持本行股份计划实施情况的公告

Agricultural Bank of China: 农业银行关于汇金公司增持本行股份计划实施情况的公告

April 15, 2024

Steel exports rise as West hammers Chinese overcapacity

Chinese steel exports hit 9.888 million metric tons in March – up 25% y/y and 37.9% m/m (Caixin). That’s the highest export volume since July 2016. All told, China’s Q1 2024 exports tallied 25.8 million metric tons, up 30.7% y/y. The growth comes as officials across North America, South America, a…

Chinese steel exports hit 9.888 million metric tons in March – up 25% y/y and 37.9% m/m (Caixin).

That's the highest export volume since July 2016.

All told, China's Q1 2024 exports tallied 25.8 million metric tons, up 30.7% y/y.
The growth comes as officials across North America, South America, a...

sources

Caixin: 一季度中国钢材出口量同比增超三成单价下跌三分之一

Bloomberg: China Steel Exports Hit Highest Since 2016 on Weak Local Demand

STCN: 钢铁企业苦寻供需新平衡

April 15, 2024

Generous to no fault

Banks are accommodating Beijing’s push to step up property lending, even if it means accepting higher levels of bad loans. On Friday, Bloomberg reported that some banks have promised not to punish credit officers for approving property loans that eventually become nonperforming. The list includes b…

Banks are accommodating Beijing’s push to step up property lending, even if it means accepting higher levels of bad loans.
On Friday, Bloomberg reported that some banks have promised not to punish credit officers for approving property loans that eventually become nonperforming.

The list includes b...

sources

Bloomberg: Several major banks no longer holding staff responsible for non-performing property loans

April 15, 2024

Lips, teeth, and the space between

China and North Korea have lots to talk about. On Saturday, Zhao Leji, chairman of the legislature (NPCSC) and China’s third-ranked official, met with North Korean Supreme Leader Kim Jong-un. ICMYI: On Thursday, Zhao talked up cooperation with his North Korean counterpart, Choe Ryong Hae. Zhao evoke…

China and North Korea have lots to talk about.
On Saturday, Zhao Leji, chairman of the legislature (NPCSC) and China’s third-ranked official, met with North Korean Supreme Leader Kim Jong-un.
ICMYI: On Thursday, Zhao talked up cooperation with his North Korean counterpart, Choe Ryong Hae.
Zhao evoke...

sources

MoFA: 赵乐际会见朝鲜劳动党总书记、国务委员长金正恩

SCMP: China’s No 3 Zhao Leji pledges to maintain friendship with North Korea in meeting with Kim Jong-un

AP: South Korean defense chief says North Korea has supplied 7,000 containers of munitions to Russia

April 15, 2024

Getting government entities to pay their dues

The State Council is increasing pressure on local governments and state-owned enterprises (SOEs) to pay private businesses on time. The latest: On Friday, the State Council executive meeting, chaired by Premier Li Qiang, discussed setting up a “long-term mechanism” to minimize delayed payments. Some…

The State Council is increasing pressure on local governments and state-owned enterprises (SOEs) to pay private businesses on time.
The latest: On Friday, the State Council executive meeting, chaired by Premier Li Qiang, discussed setting up a "long-term mechanism" to minimize delayed payments.
Some...

sources

Gov.cn: 李强主持召开国务院常务会议研究新时代推动中部地区加快崛起有关工作等

April 15, 2024

He Lifeng gets a new deputy

On Tuesday, state media revealed that Yan Pengcheng has been appointed deputy director of the general office of the Central Commission for Financial and Economic Affairs (CCFEA). ICYDK: The CCFEA general office, headed by Vice Premier He Lifeng, plays a critical role in developing economic policy. …

On Tuesday, state media revealed that Yan Pengcheng has been appointed deputy director of the general office of the Central Commission for Financial and Economic Affairs (CCFEA).
ICYDK: The CCFEA general office, headed by Vice Premier He Lifeng, plays a critical role in developing economic policy.

...

sources

Caixin: 人事观察｜中央财办高层增员“70后”严鹏程履新

April 15, 2024

Premier Li pushes faster development of China’s central region

Top leadership wants faster progress in developing China’s central region. The issue was at the top of the agenda at Friday’s State Council executive meeting, chaired by Premier Li Qiang, who admonished officials to act on Xi Jinping’s speech at a late March symposium on “promoting the rise of the c…

Top leadership wants faster progress in developing China's central region.
The issue was at the top of the agenda at Friday's State Council executive meeting, chaired by Premier Li Qiang, who admonished officials to act on Xi Jinping's speech at a late March symposium on "promoting the rise of the c...

sources

Gov.cn: 李强主持召开国务院常务会议研究新时代推动中部地区加快崛起有关工作等

April 15, 2024

Two-year boon for green development

On Friday, the State Council approved a two-year plan (2024-2025) on energy conservation and carbon emissions reduction at its weekly executive meeting. The meeting readout indicated that the plan is expansive, covering: Investments Renovation of old communities Equipment upgrades Consumer goods tr…

On Friday, the State Council approved a two-year plan (2024-2025) on energy conservation and carbon emissions reduction at its weekly executive meeting.
The meeting readout indicated that the plan is expansive, covering:

Investments
Renovation of old communities
Equipment upgrades
Consumer goods tr...

sources

Gov.cn: 李强主持召开国务院常务会议研究新时代推动中部地区加快崛起有关工作等

April 15, 2024

On Our Radar | Xi’s month of big meetings

The most important upcoming developments for policy and politics in China over the next month key developments politics Xi Jinping symposium with provincial leaders (coming month) econ and finance Quarterly Politburo meeting on the economy (end-April) foreign affairs Xi Jinping’s big month of m…

The most important upcoming developments for policy and politics in China over the next month
key developments
politics

Xi Jinping symposium with provincial leaders (coming month)

econ and finance

Quarterly Politburo meeting on the economy (end-April)

foreign affairs

Xi Jinping’s big month of m...

April 13, 2024

Policymakers jumpstart the conversation on industrial AI

China’s industrial regulators want to see progress on AI-driven industrial upgrading, stat. On Thursday, Jin Zhuanglong, head of industrial ministry MIIT, chaired a symposium of AI companies and industrial enterprises. MIIT called the meeting to better understand the opportunities and challenges …

China's industrial regulators want to see progress on AI-driven industrial upgrading, stat.
On Thursday, Jin Zhuanglong, head of industrial ministry MIIT, chaired a symposium of AI companies and industrial enterprises.

MIIT called the meeting to better understand the opportunities and challenges ...

sources

MIIT: 工业和信息化部召开人工智能赋能新型工业化企业座谈会

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