string(13) "markets-macro"

Macro

April 16, 2025

Economic activity surges throughout March

Household consumption picked up last month. Per data released by the stats bureau (NBS) on Wednesday, in March: Retail sales grew 5.9% y/y, a large jump from the 4% growth seen throughout the first two months of the year Service sales increased 5.3% y/y, up from 4.9% On a seasonally adjusted month… Username Password Remember… Read More »

Household consumption picked up last month.
Per data released by the stats bureau (NBS) on Wednesday, in March:

Retail sales grew 5.9% y/y, a large jump from the 4% growth seen throughout the first two months of the year
Service sales increased 5.3% y/y, up from 4.9%

On a seasonally adjusted month...

sources

Stats.gov.cn: 2025年3月份社会消费品零售总额增长5.9%

Stats.gov.cn: 2025年3月份规模以上工业增加值增长7.7%

Stats.gov.cn: 2025年1—3月份全国固定资产投资增长4.2%

April 16, 2025

Q1 GDP growth beats expectations, but weaknesses remain

Per data released by the stats bureau on Wednesday, Q1 GDP grew by 5.4% y/y, the same growth rate as the previous quarter. Growth was driven by the usual suspects: Industrial output surged 6.3% y/y throughout Q1 Fixed asset investment in manufacturing facilities grew an astonishing 9.1% Exports gre…

Per data released by the stats bureau on Wednesday, Q1 GDP grew by 5.4% y/y, the same growth rate as the previous quarter.
Growth was driven by the usual suspects:

Industrial output surged 6.3% y/y throughout Q1
Fixed asset investment in manufacturing facilities grew an astonishing 9.1%
Exports gre...

sources

Stats.gov.cn: 今年一季度中国GDP同比增长5.4%

April 16, 2025

US to pressure other countries to limit trade with China

On Tuesday, the Wall Street Journal reported that the White House plans to lean on trade partners to economically isolate China, using US tariffs as leverage. Here’s how it works (WSJ): “The idea is to extract commitments from U.S. trading partners to isolate China’s economy in exchange for reducti…

On Tuesday, the Wall Street Journal reported that the White House plans to lean on trade partners to economically isolate China, using US tariffs as leverage.
Here’s how it works (WSJ):

“The idea is to extract commitments from U.S. trading partners to isolate China’s economy in exchange for reducti...

sources

WSJ: U.S. Plans to Use Tariff Negotiations to Isolate China

Reuters: Ball in China's court for trade talks, White House says

April 16, 2025

Premier Li Qiang steps out in Beijing, signals more support is on the way

Premier Li Qiang is doing what he can to bolster business confidence. On Tuesday, Li swung by an export-oriented trade fair, calling on attendees to “unite” in the face of adversity and explore more diversified markets. Li promised more support is on the way, including: Help for exporters to meet d…

Premier Li Qiang is doing what he can to bolster business confidence.
On Tuesday, Li swung by an export-oriented trade fair, calling on attendees to "unite" in the face of adversity and explore more diversified markets.
Li promised more support is on the way, including:

Help for exporters to meet d...

sources

CCTV: 李强在北京市调研

April 16, 2025

China appoints new top trade negotiator amid US-China trade tensions

China just appointed a new international trade representative. On Wednesday, Li Chenggang, 58, took over as China’s top trade negotiator, replacing Wang Shouwen, 59. Per convention, Li also became the top-ranked vice minister of the commerce ministry (MofCom). Li will play a key role in any potent…

China just appointed a new international trade representative.
On Wednesday, Li Chenggang, 58, took over as China's top trade negotiator, replacing Wang Shouwen, 59.

Per convention, Li also became the top-ranked vice minister of the commerce ministry (MofCom).

Li will play a key role in any potent...

sources

Gov.cn: 国务院任免国家工作人员（2025年4月16日）

April 16, 2025

Huawei launches new AI server solution

What happened: On April 10, Huawei launched its new AI server system, CloudMatrix 384. Huawei claims it outperforms Nvidia’s GB200 NVL72 system. But the comparison isn’t apples-to-apples. The CloudMatrix 384 systems consist of a whopping 384 910C chips, compared to just 72 Blackwell GPUs in Nvidi…

What happened: On April 10, Huawei launched its new AI server system, CloudMatrix 384.

Huawei claims it outperforms Nvidia’s GB200 NVL72 system.

But the comparison isn’t apples-to-apples.

The CloudMatrix 384 systems consist of a whopping 384 910C chips, compared to just 72 Blackwell GPUs in Nvidi...

sources

Semianalysis: Huawei AI CloudMatrix 384 – China’s Answer to Nvidia GB200 NVL72

Fourier's Cat: 聊一聊昇腾910C和920C

April 16, 2025

Beijing instructs airlines to halt deliveries of Boeing jets, aircraft parts

The aerospace industry has become caught in the crossfire of the China-US trade war. On Tuesday, Bloomberg reported that Beijing has instructed Chinese airlines to suspend deliveries of Boeing jets in direct retaliation for US tariffs. Chinese firms have also been told to halt purchases of aircraft…

The aerospace industry has become caught in the crossfire of the China-US trade war.
On Tuesday, Bloomberg reported that Beijing has instructed Chinese airlines to suspend deliveries of Boeing jets in direct retaliation for US tariffs.

Chinese firms have also been told to halt purchases of aircraft...

sources

Bloomberg: China Orders Boeing Jet Delivery Halt as Trade War Expands

April 16, 2025

Premier Li Qiang calls for faster rollout of property acquisitions

On Tuesday, Premier Li Qiang called for faster implementation of the state-sponsored property acquisition program. He made the remarks during an inspection tour of Beijing, which included a visit to an affordable housing complex converted from government-acquired commercial properties. Refresher: …

On Tuesday, Premier Li Qiang called for faster implementation of the state-sponsored property acquisition program.

He made the remarks during an inspection tour of Beijing, which included a visit to an affordable housing complex converted from government-acquired commercial properties.

Refresher: ...

sources

Xinhua: 李强在北京市调研时强调以更大力度促进消费扩大内需做强国内大循环

April 15, 2025

Shein London listing makes (some) progress

What happened: Chinese fast fashion giant Shein had its London IPO prospectus preliminarily approved by UK financial authorities. The approval indicates that the company has sufficiently disclosed risks related to forced labor allegations. But that doesn’t mean Shein’s listing will be smooth saili…

What happened: Chinese fast fashion giant Shein had its London IPO prospectus preliminarily approved by UK financial authorities.

The approval indicates that the company has sufficiently disclosed risks related to forced labor allegations.

But that doesn't mean Shein's listing will be smooth saili...

sources

FT: Shein wins nod from UK regulators for London IPO

April 15, 2025

China applauds Trump’s tech tariff exemption amid rumored talks

Take care of your neck, because it’s been another wild whiplash weekend. On Friday, the Trump administration said it would exclude certain electronics – including smartphones, laptops, and machines used to make semiconductors – from its sweeping “reciprocal” tariffs. ICYMI: On Wednesday, Trump annou…

Take care of your neck, because it’s been another wild whiplash weekend.
On Friday, the Trump administration said it would exclude certain electronics – including smartphones, laptops, and machines used to make semiconductors – from its sweeping “reciprocal” tariffs.
ICYMI: On Wednesday, Trump annou...

sources

AP: Trump’s commerce secretary says new electronics tariff exemptions are temporary, chip tariffs coming

SCMP: Trump’s tariff carve-outs for tech are ‘small step’ towards rectification, China says

Guancha: 特朗普经济团队：美中启动贸易磋商前期接触

April 15, 2025

JD launches platform in the UK

What happened: E-commerce platform JD.com is expanding into the UK with the launch of its new low-cost platform Joybuy on April 10, in a bid to compete with Amazon in the UK. This isn’t JD’s first new retail rodeo in Europe – In 2022 JD launched Ochama in the Netherlands. Shein, Pinduoduo, Meituan…

What happened: E-commerce platform JD.com is expanding into the UK with the launch of its new low-cost platform Joybuy on April 10, in a bid to compete with Amazon in the UK.

This isn't JD's first new retail rodeo in Europe – In 2022 JD launched Ochama in the Netherlands.
Shein, Pinduoduo, Meituan...

sources

TechNode: China’s JD.com pilots retail e-commerce platform Joybuy in London as it takes on Amazon in UK’s $163 billion e-commerce market

April 15, 2025

Podcast | The tariffs “have become a joke” + rare earth controls

In this week’s podcast, Trivium Co-founder Andrew Polk is joined again by Cory Combs, Trivium’s head of supply chain research, to unpack the latest US-China trade war twists. The two discuss: Friday’s pause in the tariff escalation China’s pointed efforts to signal it won’t escalate further Whether…

In this week’s podcast, Trivium Co-founder Andrew Polk is joined again by Cory Combs, Trivium’s head of supply chain research, to unpack the latest US-China trade war twists. The two discuss:

Friday’s pause in the tariff escalation
China’s pointed efforts to signal it won't escalate further
Whether...

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