string(13) "markets-macro"

Macro

March 29, 2024

Old for new, now!

Premier Li Qiang wants local governments to boost domestic demand – but he doesn’t want wasteful spending. During a Thursday State Council video conference, Li urged officials to immediately implement the State Council’s action plan to boost domestic demand. Some context: The action plan, publishe… Username Password Remember Me Forgot Password

Premier Li Qiang wants local governments to boost domestic demand – but he doesn't want wasteful spending.

During a Thursday State Council video conference, Li urged officials to immediately implement the State Council's action plan to boost domestic demand.

Some context: The action plan, publishe...

sources

Gov.cn: 李强在国务院推动大规模设备更新和消费品以旧换新工作视频会议上强调扎实推动大规模设备更新和消费品以旧换新促进经济转型升级和城乡居民生活品质提升丁薛祥主持会议

March 29, 2024

Refocusing on financial risk: Why the PBoC wants to ramp up NPL disposals

To read this note as a PDF click here. Exec sum: China’s financial officials are increasingly pushing banks to step up disposal of nonperforming loans (NPLs), marking an important policy pivot away from short-term capital replenishment toward medium-term financial stability. Ironically, the banking…

To read this note as a PDF click here.
Exec sum:

China’s financial officials are increasingly pushing banks to step up disposal of nonperforming loans (NPLs), marking an important policy pivot away from short-term capital replenishment toward medium-term financial stability.
Ironically, the banking...

March 29, 2024

PBoC teases policy moves on cross-border data

Financial regulators may soon start writing cross-border data transfer rules for the financial sector. On March 20, Zhou Yu, head of the People’s Bank of China (PBoC) International Department, talked cross-border data flows at a press conference. What Zhou said: While China has already formulated n…

Financial regulators may soon start writing cross-border data transfer rules for the financial sector.
On March 20, Zhou Yu, head of the People's Bank of China (PBoC) International Department, talked cross-border data flows at a press conference.
What Zhou said: While China has already formulated n...

sources

MyPayPass: 央行：形成金融数据跨境流动制度安排，统一监管合规口径

March 29, 2024

National Data Administration head talks cross-border data

China isn’t done optimizing cross-border data flows. ICYMI: Last week, the cyberspace administration (CAC) finalized cross-border data rules, relaxing restrictions on cross-border data transfers. Speaking at the China Development Forum on Monday, National Data Administration (NDA) Director Liu Lieh…

China isn't done optimizing cross-border data flows.
ICYMI: Last week, the cyberspace administration (CAC) finalized cross-border data rules, relaxing restrictions on cross-border data transfers.
Speaking at the China Development Forum on Monday, National Data Administration (NDA) Director Liu Lieh...

sources

21jingji.com: 刘烈宏：将继续迭代数据跨境政策，与主要经贸伙伴建立数据跨境流动合作机制

Caixin: 国家数据局刘烈宏：数据流动卡点堵点问题依然突出

March 29, 2024

Micron breaks ground in Xi’an

On Wednesday, Micron CEO Sanjay Mehrotra broke ground on the company’s new chip packaging facility in Xi’an. Some context: In May 2023, Micron got into political trouble with the Chinese government, resulting in the cybersecurity watchdog (CAC) partially banning sales of the company’s products. To…

On Wednesday, Micron CEO Sanjay Mehrotra broke ground on the company’s new chip packaging facility in Xi’an.
Some context: In May 2023, Micron got into political trouble with the Chinese government, resulting in the cybersecurity watchdog (CAC) partially banning sales of the company’s products.

To...

sources

WeChat: 美光西安封装和测试工厂扩建项目破土动工

March 29, 2024

Xi woos America Inc.

Xi Jinping had a message for the American CEOs and academics he met in Beijing on Wednesday: China’s best is yet to come. Xi said China would defy the haters (Xinhua 2): “The Chinese economy is sound and sustainable.” “China did not collapse as predicted by the ‘China collapse theory,’ nor will it …

Xi Jinping had a message for the American CEOs and academics he met in Beijing on Wednesday: China’s best is yet to come.
Xi said China would defy the haters (Xinhua 2):

“The Chinese economy is sound and sustainable.”
“China did not collapse as predicted by the ‘China collapse theory,’ nor will it ...

sources

Xinhua: 习近平会见美国工商界和战略学术界代表

Xinhua: Xi meets U.S. guests

Bloomberg: Xi Says US CEOs Should Invest in China, Economy Hasn’t Peaked

March 29, 2024

NPC Chairman calls for Asia for Asians

China’s #3 official wants Asian countries to resist Western influence. On Thursday, Zhao Leji, chairman of the legislature (NPC), kicked off the Boao Forum for Asia with a keynote speech. Some context: Modeled on the World Economic Forum’s annual jamboree in Davos, Boao focuses on Asian regional dev…

China’s #3 official wants Asian countries to resist Western influence.
On Thursday, Zhao Leji, chairman of the legislature (NPC), kicked off the Boao Forum for Asia with a keynote speech.
Some context: Modeled on the World Economic Forum’s annual jamboree in Davos, Boao focuses on Asian regional dev...

sources

Youtube: 【LIVE直播】博鰲亞洲論壇2024年年會趙樂際出席開幕式演講

March 28, 2024

Strong growth in China’s industrial profits, but headwinds persist

Industrial profits grew strongly in the first two months of the year. According to stats bureau (NBS) data released on Wednesday, industrial profits increased 10.2% y/y throughout January and February, down from 16.8% y/y growth in December. Some context: Industrial profits fell sharply in the first…

Industrial profits grew strongly in the first two months of the year.
According to stats bureau (NBS) data released on Wednesday, industrial profits increased 10.2% y/y throughout January and February, down from 16.8% y/y growth in December.
Some context: Industrial profits fell sharply in the first...

sources

Gov.cn: 国家统计局解读工业企业利润数据

March 28, 2024

China drags US to the WTO over EV subsidies

China is going after “discriminatory” US electric vehicle (EV) subsidies in a new WTO dispute opened Tuesday. The official line, per the Ministry of Commerce (Reuters): “[The US is subsidizing EVs] under the disguise of responding to climate change, [but the subsidies are] in fact contingent upon t…

China is going after "discriminatory" US electric vehicle (EV) subsidies in a new WTO dispute opened Tuesday.
The official line, per the Ministry of Commerce (Reuters):

"[The US is subsidizing EVs] under the disguise of responding to climate change, [but the subsidies are] in fact contingent upon t...

sources

Xinhua: China files complaint at WTO over U.S. subsidies for electric vehicles

Reuters: China opens WTO dispute against US subsidies to protect its EV industry

VOA Chinese: China Files WTO Dispute Against US Over 'Discriminatory' EV Subsidies

March 28, 2024

Central bank veteran appointed new deputy governor

The central bank (PBoC) has a new deputy governor. The State Council appointed PBoC veteran Tao Ling to the post on Wednesday. At 52, Tao is the youngest of the five current PBoC deputy governors, joining Zhu Hexin, Zhang Qingsong, Xuan Changneng, and Lu Lei. She is also just the third female deput…

The central bank (PBoC) has a new deputy governor.
The State Council appointed PBoC veteran Tao Ling to the post on Wednesday.
At 52, Tao is the youngest of the five current PBoC deputy governors, joining Zhu Hexin, Zhang Qingsong, Xuan Changneng, and Lu Lei.

She is also just the third female deput...

sources

Xinhua: 国务院任免国家工作人员（2024年3月27日）

Caixin: 央行新添一位副行长 70后女将陶玲获擢升

March 28, 2024

MoST R&D budget cut

Beijing has massively cut the Ministry of Science and Technology’s (MoST) 2024 R&D budget. According to MoST’s annual report, released on Tuesday: Its 2024 R&D budget is RMB 24.16 billion, a whopping 60% lower than 2023’s RMB 60.12 billion. But that doesn’t mean Beijing is spending …

Beijing has massively cut the Ministry of Science and Technology’s (MoST) 2024 R&D budget.
According to MoST’s annual report, released on Tuesday:

Its 2024 R&D budget is RMB 24.16 billion, a whopping 60% lower than 2023’s RMB 60.12 billion.

But that doesn’t mean Beijing is spending ...

sources

Ministry of Science and Technology: 科学技术部2024 年度部门预算

Ministry of Science and Technology: 科学技术部2023 年度部门预算

NSFC: 国家自然科学基金委员会2024 年度部门预算

March 28, 2024

US asking allies not to service Chinese chip equipment

The US is trying to tighten the net on Chinese chipmakers. On Wednesday, Alan Estevez, head of the Bureau of Industry and Security (BIS) at the US Commerce Department, told reporters that Commerce is asking allies to prevent companies from servicing Chinese chipmaking machines: “We are pushing for…

The US is trying to tighten the net on Chinese chipmakers.
On Wednesday, Alan Estevez, head of the Bureau of Industry and Security (BIS) at the US Commerce Department, told reporters that Commerce is asking allies to prevent companies from servicing Chinese chipmaking machines:

“We are pushing for...

sources

Bloomberg: US Is Asking Allies to Tighten Servicing of Chip Gear in China

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