string(13) "markets-macro"

Macro

March 7, 2024

E-commerce at the Two Sessions: Same as it ever was

One major question we had going into the Two Sessions was whether or not Beijing would signal a significant increase in government support for China’s e-commerce companies seeking to do business abroad. The issue seems particularly pertinent this year, given the splash that Temu, Shein, and TikTok … Username Password Remember Me Forgot… Read More »

One major question we had going into the Two Sessions was whether or not Beijing would signal a significant increase in government support for China's e-commerce companies seeking to do business abroad.

The issue seems particularly pertinent this year, given the splash that Temu, Shein, and TikTok ...

March 7, 2024

Beijing says local govs should spend on future industries

Beijing has a message for local governments trying to decide how to allocate industrial investment funds and where to direct their VC investments: Spend your cash on future industries. That’s according to the 2024 Government Work Report (GWR), released at the Two Sessions on Tuesday. More specifi…

Beijing has a message for local governments trying to decide how to allocate industrial investment funds and where to direct their VC investments:

Spend your cash on future industries.

That's according to the 2024 Government Work Report (GWR), released at the Two Sessions on Tuesday.
More specifi...

March 7, 2024

Forecast says Beijing will keep making it rain

Beijing has no intention of slowing down state support for its strategic emerging industries. The 2024 Government Work Report (GWR) pledged to: “Consolidate and enhance our leading position in industries such as intelligent connected new-energy vehicles (NEVs)” “Step up development of hydrogen powe…

Beijing has no intention of slowing down state support for its strategic emerging industries. The 2024 Government Work Report (GWR) pledged to:

"Consolidate and enhance our leading position in industries such as intelligent connected new-energy vehicles (NEVs)"
"Step up development of hydrogen powe...

March 7, 2024

US gets dishonorable mention in Government Work Report

Beijing’s Government Work Report (GWR), released at the Two Sessions on Tuesday, included a warning for the US: “[China] will remain firm in opposing all hegemonic, high-handed, and bullying acts and upholding international fairness and justice.” Translation: Though the US wasn’t mentioned direct…

Beijing's Government Work Report (GWR), released at the Two Sessions on Tuesday, included a warning for the US:

“[China] will remain firm in opposing all hegemonic, high-handed, and bullying acts and upholding international fairness and justice.”

Translation: Though the US wasn't mentioned direct...

March 6, 2024

Vanke share, bond prices tumble amid reports of liquidity crunch

Reports of funding shortages have set off another confidence crisis surrounding state-backed developer China Vanke. Last week, stories began spreading online saying Vanke, China’s second-biggest developer by sales, was negotiating with Beijing-based insurer New China Asset to delay repaying RMB 10 b…

Reports of funding shortages have set off another confidence crisis surrounding state-backed developer China Vanke.
Last week, stories began spreading online saying Vanke, China’s second-biggest developer by sales, was negotiating with Beijing-based insurer New China Asset to delay repaying RMB 10 b...

sources

Yicai: New China Asset Denies Rumor About It and Troubled Builder Vanke

New China Asset: 公开声明

The Paper: 万科回应近期到期美元债：所有资金已到位，偿债工作在有序铺排中

Bloomberg: Chinese Insurers Warn of Debt Risks at Property Giant Vanke

Yicai: 债务展期传闻风波发酵，万科遭遇“股债双杀”

March 6, 2024

Where’s the money?

The macro planner (NDRC) wants to accelerate hukou reforms – but it’s keeping mum about who will pay for it. In its annual work report, the NDRC said it will: “Put special focus on resolving problems that concern [migrant worker populations] the most, such as education and college entrance examinat…

The macro planner (NDRC) wants to accelerate hukou reforms – but it's keeping mum about who will pay for it.
In its annual work report, the NDRC said it will:

"Put special focus on resolving problems that concern [migrant worker populations] the most, such as education and college entrance examinat...

March 6, 2024

Measure twice, cut once when developing new productive forces

Xi Jinping wants officials to use their brains when going about upgrading industry. While meeting with the Jiangsu delegation to the legislature (NPC) Tuesday, Xi Jinping said officials must develop “new types of productive forces” – but consider “local conditions” in doing so. Some context: Xi intr…

Xi Jinping wants officials to use their brains when going about upgrading industry.
While meeting with the Jiangsu delegation to the legislature (NPC) Tuesday, Xi Jinping said officials must develop "new types of productive forces" – but consider "local conditions" in doing so.
Some context: Xi intr...

sources

Gov.cn: 习近平在参加江苏代表团审议时强调：因地制宜发展新质生产力

March 6, 2024

Ministers lay out consumption plan

On Wednesday, top economic officials attempted to get people excited about their latest plan to boost consumption. At a press conference on the sidelines of the Two Sessions, head of the macro planner (NDRC) Zheng Shanjie and Minister of Commerce Wang Wentao revealed more details of the recently ann…

On Wednesday, top economic officials attempted to get people excited about their latest plan to boost consumption.
At a press conference on the sidelines of the Two Sessions, head of the macro planner (NDRC) Zheng Shanjie and Minister of Commerce Wang Wentao revealed more details of the recently ann...

sources

Xinhua: 十四届全国人大二次会议经济主题记者会

March 6, 2024

Government promises better business environment for MNCs

The 2024 Government Work Report (GWR) is big on making life easier for foreign companies. Many of the report’s promises are old hat, and about addressing the usual list of foreign companies’ grievances, including: Market access barriers Local protectionism Discriminatory law enforcement Unfair trea…

The 2024 Government Work Report (GWR) is big on making life easier for foreign companies.
Many of the report’s promises are old hat, and about addressing the usual list of foreign companies’ grievances, including:

Market access barriers
Local protectionism
Discriminatory law enforcement
Unfair trea...

March 6, 2024

Beijing addresses local government debt issue

Beijing is content with how it’s handling local government debt risks. Here’s the 2024 Government Work Report (GWR) describing its efforts throughout 2023: “We formulated and implemented a package of steps to address local government debt…and ensured that no systemic risks arose.” 2024 will see …

Beijing is content with how it's handling local government debt risks.
Here's the 2024 Government Work Report (GWR) describing its efforts throughout 2023:

“We formulated and implemented a package of steps to address local government debt...and ensured that no systemic risks arose.”

2024 will see ...

March 6, 2024

Take this overture and shove it

Special Envoy for Eurasian Affairs Li Hui’s second Eurotrip for peace is off to a rough start. On Tuesday, Li met with European External Action Service Managing Directors Michael Siebert and Niclas Kvarnström in Brussels. ICYMI: Following an unsuccessful effort last year, Li is engaged in a second r…

Special Envoy for Eurasian Affairs Li Hui’s second Eurotrip for peace is off to a rough start.
On Tuesday, Li met with European External Action Service Managing Directors Michael Siebert and Niclas Kvarnström in Brussels.
ICYMI: Following an unsuccessful effort last year, Li is engaged in a second r...

sources

MoFA: Special Representative of the Chinese Government on Eurasian Affairs Li Hui Holds Talks with Officials of the European External Action Service

EEAS - EU Diplomatic Service: Ukraine: EEAS Senior Officials meet Chinese Special Envoy

March 6, 2024

China spares no expense on agriculture

When it comes to food security, China is putting its money where its mouth is. Agriculture and rural development came seventh on the 2024 Government Work Report’s ten-point policy priority list – and the focuses here didn’t surprise, with the report highlighting ongoing efforts to: Raise yields of …

When it comes to food security, China is putting its money where its mouth is.
Agriculture and rural development came seventh on the 2024 Government Work Report's ten-point policy priority list – and the focuses here didn't surprise, with the report highlighting ongoing efforts to:

Raise yields of ...

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