string(13) "markets-macro"

Macro

March 12, 2024

There be oil in them waters

Beijing has a message for the international community: Keep your hands off the South China Sea’s (SCS) oil and gas (O&G) resources. What has Beijing so riled up? Last week, Philippine Ambassador to the US Jose Manuel Romualdez told the media that his administration hopes to collaborate with the … Username Password Remember Me … Read More »

Beijing has a message for the international community: Keep your hands off the South China Sea's (SCS) oil and gas (O&G) resources.
What has Beijing so riled up? Last week, Philippine Ambassador to the US Jose Manuel Romualdez told the media that his administration hopes to collaborate with the ...

sources

MoFA: 2024年3月11日外交部发言人汪文斌主持例行记者会

Bloomberg: US Key to Philippine Plan to Tap Oil, Gas in South China Sea

Lowy Institute: How big are CNOOC’s oil reserves?

March 12, 2024

Revised State Council Organic Law catches up with existing practices

The legislature (NPC) passed a revised State Council Organic Law at the conclusion of its annual session on Monday. ICYDK: The law grants the State Council its authority and specifies its operational principles – that makes it one of China’s most important pieces of legislation. Enacted in 1982, th…

The legislature (NPC) passed a revised State Council Organic Law at the conclusion of its annual session on Monday.
ICYDK: The law grants the State Council its authority and specifies its operational principles – that makes it one of China’s most important pieces of legislation.

Enacted in 1982, th...

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Gov.cn: 中华人民共和国国务院组织法

March 12, 2024

NPC head previews annual legislative agenda

The legislature (NPC) is planning a multitude of legislative changes this year that will impact the operating environment. On Friday, NPC Chairman Zhao Leji delivered the NPC’s annual work report to legislators as part of the Two Sessions. Some context: The reports reviews the NPC’s previous year’s…

The legislature (NPC) is planning a multitude of legislative changes this year that will impact the operating environment.
On Friday, NPC Chairman Zhao Leji delivered the NPC’s annual work report to legislators as part of the Two Sessions.
Some context: The reports reviews the NPC's previous year's...

sources

NPC: 全国人民代表大会常务委员会工作报告（摘要）

March 12, 2024

The Big Fund is getting back to big business

Rumors about a big upcoming cash injection for China’s semiconductor industry are making the rounds again. Recap: In September, Reuters broke the news that China’s largest state-backed semiconductor investment fund – the Big Fund – is planning to raise an additional RMB 300 billion (USD 40 billion)…

Rumors about a big upcoming cash injection for China's semiconductor industry are making the rounds again.
Recap: In September, Reuters broke the news that China's largest state-backed semiconductor investment fund – the Big Fund – is planning to raise an additional RMB 300 billion (USD 40 billion)...

sources

Bloomberg: China Readies $27 Billion Chip Fund to Counter Growing US Curbs

March 11, 2024

Legislature promises one environment-related law to rule them all

The legislature (NPC) is moving quickly to streamline environment-related laws. On Friday, NPC Chairman Zhao Leji delivered the NPC’s annual work report to legislators as part of the Two Sessions. On the list of laws to review this year: The Ecological and Environmental Code. Some context: The Stan…

The legislature (NPC) is moving quickly to streamline environment-related laws.
On Friday, NPC Chairman Zhao Leji delivered the NPC's annual work report to legislators as part of the Two Sessions.
On the list of laws to review this year: The Ecological and Environmental Code.
Some context: The Stan...

sources

NPC: 生态环境法典草案今年提请审议

March 11, 2024

Li Hui’s Russia-Ukraine mission impossible

Special Representative for Eurasian Affairs Li Hui – in Europe to facilitate a political settlement to the Russia-Ukraine war – faces an impossible task. On Thursday, Li arrived in Kyiv as part of a second round of shuttle diplomacy, where he met with Andriy Yermak, President Volodymyr Zelenskyy’s c…

Special Representative for Eurasian Affairs Li Hui – in Europe to facilitate a political settlement to the Russia-Ukraine war – faces an impossible task.
On Thursday, Li arrived in Kyiv as part of a second round of shuttle diplomacy, where he met with Andriy Yermak, President Volodymyr Zelenskyy’s c...

sources

MoFA: 中国政府欧亚事务特别代表李辉访问乌克兰

Ukrainian President's Office: Andriy Yermak held a briefing for the Chinese delegation headed by Li Hui, Special Representative of the Chinese Government for Eurasian Affairs.

SCMP: Exclusive | China and Switzerland in push for Russia to join Ukraine peace summit

March 11, 2024

Make competition, not war

On Thursday, US President Joe Biden gave his annual State of the Union address to a joint session of the US Congress. Biden’s speech highlighted his administration’s successes in addressing key issues central to US-China relations: “Our trade deficit with China is down to the lowest point in over a…

On Thursday, US President Joe Biden gave his annual State of the Union address to a joint session of the US Congress.
Biden's speech highlighted his administration's successes in addressing key issues central to US-China relations:

“Our trade deficit with China is down to the lowest point in over a...

sources

White House: Remarks of President Joe Biden — State of the Union Address As Prepared for Delivery

MoFA: Foreign Ministry Spokesperson Mao Ning’s Regular Press Conference on March 8, 2024

March 11, 2024

Securing development through less security

In 2024, Chinese officials will work harder to make sure that national security concerns do not undermine the operating environment for companies. ICYMI: At last year’s Two Sessions, Xi said “security is the bedrock of development.” That security-first framing led to increased scrutiny of foreign c…

In 2024, Chinese officials will work harder to make sure that national security concerns do not undermine the operating environment for companies.
ICYMI: At last year’s Two Sessions, Xi said "security is the bedrock of development.”

That security-first framing led to increased scrutiny of foreign c...

March 11, 2024

China isn’t out of the deflationary woods

China’s consumer prices rose for the first time in six months in February. Per data released by the stats bureau (NBS) on Saturday: The consumer price index (CPI) grew by 0.7% y/y in February, up from a 0.8% decline the previous month The producer price index (PPI) fell by 2.7% y/y, compared to a 2…

China's consumer prices rose for the first time in six months in February.
Per data released by the stats bureau (NBS) on Saturday:

The consumer price index (CPI) grew by 0.7% y/y in February, up from a 0.8% decline the previous month
The producer price index (PPI) fell by 2.7% y/y, compared to a 2...

sources

CEIC: CEIC database

March 11, 2024

Support for local government debt widens

Measures to help reduce pressure on overly indebted local governments are being widened. The latest: On Saturday, Caixin reported that a growing number of localities will be entitled to use measures that, until now, have only been deployed in China’s 12 most heavily indebted provinces. Citing unname…

Measures to help reduce pressure on overly indebted local governments are being widened.
The latest: On Saturday, Caixin reported that a growing number of localities will be entitled to use measures that, until now, have only been deployed in China’s 12 most heavily indebted provinces.
Citing unname...

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Caixin: Exclusive: China Expands Support to Resolve Off-the-Books Liabilities For Local Governments

March 11, 2024

Follow the (commercial) paper trail

In last week’s Government Work Report, Premier Li Qiang said local government debt risks are coming under control. That assessment aligns with the latest data on commercial acceptance draft (CAD) defaults. Refresher: CADs are tradable, zero-coupon IOUs with a fixed maturity of six months or less (…

In last week’s Government Work Report, Premier Li Qiang said local government debt risks are coming under control.

That assessment aligns with the latest data on commercial acceptance draft (CAD) defaults.

Refresher: CADs are tradable, zero-coupon IOUs with a fixed maturity of six months or less (...

sources

SHCPE: 截至2024年2月29日承兑人逾期名单

SHCPE: 截至2024年2月29日持续逾期名单

March 11, 2024

More developer bankruptcies are coming

Not all property developers are worth rescuing. That was the message from the housing minister (MoHURD), Ni Hong, on Saturday. Speaking at a press conference, Ni said: “Real estate companies that are seriously insolvent and have lost capacity to operate must enter bankruptcy or restructure.” “Those…

Not all property developers are worth rescuing.
That was the message from the housing minister (MoHURD), Ni Hong, on Saturday. Speaking at a press conference, Ni said:

“Real estate companies that are seriously insolvent and have lost capacity to operate must enter bankruptcy or restructure.”
“Those...

sources

MoHURD: 住房和城乡建设部部长倪虹在十四届全国人大二次会议民生主题记者会上答中外记者问

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