string(13) "markets-macro"

Macro

March 5, 2024

Beijing picks least bad option for growth target

As expected, China has set its 2024 GDP growth target at “around 5%.” That’s right in line with reported growth for 2023, which clocked in at 5.2%. It’s also right in the middle of market expectations, which ranged from 4.5-5.5%. Getting to 5% will be no easy task. Unlike in 2023, base effects wi… Username… Read More »

As expected, China has set its 2024 GDP growth target at “around 5%.”

That’s right in line with reported growth for 2023, which clocked in at 5.2%.
It’s also right in the middle of market expectations, which ranged from 4.5-5.5%.

Getting to 5% will be no easy task.

Unlike in 2023, base effects wi...

sources

IMF: WORLD ECONOMIC OUTLOOK UPDATE

March 5, 2024

Government promises more consistent policy

The government will seek to create a more stable and predictable policy environment in 2024. The Government Work Report (GWR) released Tuesday said Beijing will: “Strengthen coordination…and include ‘non-economic’ policies in the evaluation of the consistency of macro policy orientation” Some c…

The government will seek to create a more stable and predictable policy environment in 2024.
The Government Work Report (GWR) released Tuesday said Beijing will:

"Strengthen coordination...and include 'non-economic' policies in the evaluation of the consistency of macro policy orientation"

Some c...

March 5, 2024

Government Work Report signals more assertive China on world stage

The 2024 Government Work Report (GWR) released Tuesday signaled China will be more assertive on the world stage: “We call for an equal and orderly multipolar world…and inclusive economic globalization.” “China is ready to…reform the global governance system.” New language alert: This is the first …

The 2024 Government Work Report (GWR) released Tuesday signaled China will be more assertive on the world stage:

“We call for an equal and orderly multipolar world…and inclusive economic globalization.”
“China is ready to…reform the global governance system.”

New language alert: This is the first ...

March 5, 2024

Two Sessions 2024: Monday press conference wrap-up

It’s happening! All the Party bigwigs are gathered in Beijing for the annual Two Sessions, China’s largest annual legislative meeting. Recap: The Two Sessions takes its name from the fact that two meetings – those of China’s political advisory body (CPPCC) and its legislature (NPC) – happen simultan…

It's happening! All the Party bigwigs are gathered in Beijing for the annual Two Sessions, China's largest annual legislative meeting.
Recap: The Two Sessions takes its name from the fact that two meetings – those of China's political advisory body (CPPCC) and its legislature (NPC) – happen simultan...

March 4, 2024

Mixed picture

February’s Purchasing Managers’ Indices (PMIs) in China paint a mixed economic picture. The stats bureau (NBS) and Caixin released PMI readings on Friday. A reading above 50 indicates expansion, and below 50 indicates contraction. The NBS manufacturing PMI came in at 49.1, down from 49.2 the previ…

February’s Purchasing Managers' Indices (PMIs) in China paint a mixed economic picture.
The stats bureau (NBS) and Caixin released PMI readings on Friday.

A reading above 50 indicates expansion, and below 50 indicates contraction.

The NBS manufacturing PMI came in at 49.1, down from 49.2 the previ...

sources

Stats.gov.cn: 2024年2月中国采购经理指数运行情况

Caixin: 财新中国通用制造业PMI新闻稿

March 4, 2024

Home sales resume decline in February

China’s housing market pain worsened further in February. That’s according to the latest data from China Real Estate Information Corp (CRIC), published on Thursday. It was a bleak picture. In February: New home sales by China’s top 100 developers fell 20.9% m/m to RMB 185.86 billion Year-on-year,…

China's housing market pain worsened further in February.

That’s according to the latest data from China Real Estate Information Corp (CRIC), published on Thursday.

It was a bleak picture. In February:

New home sales by China’s top 100 developers fell 20.9% m/m to RMB 185.86 billion
Year-on-year,...

sources

CRIC: 2024年1-2月中国房地产企业销售TOP100排行榜

March 4, 2024

Trade in your old for a new

Looks like officials think they’re onto a winner with their new focus on developing trade-in programs. Friday’s State Council executive meeting, chaired by Premier Li Qiang, approved an action plan for an industrial equipment and consumer goods trade-in program. Some context: In February, the Centra…

Looks like officials think they're onto a winner with their new focus on developing trade-in programs.
Friday's State Council executive meeting, chaired by Premier Li Qiang, approved an action plan for an industrial equipment and consumer goods trade-in program.
Some context: In February, the Centra...

sources

Gov.cn: 李强主持召开国务院常务会议审议通过《推动大规模设备更新和消费品以旧换新行动方案》等

March 4, 2024

Li Hui lai le

Everyone’s favorite Special Envoy for Eurasian Affairs is on the road again. On Sunday, Li Hui met with Russian Deputy Foreign Minister Mikhail Galuzin in Moscow to discuss Ukraine. Quick refresher: Last May, Li embarked on a 12-day Eurotrip to assess the feasibility of a political settlement to the…

Everyone’s favorite Special Envoy for Eurasian Affairs is on the road again.
On Sunday, Li Hui met with Russian Deputy Foreign Minister Mikhail Galuzin in Moscow to discuss Ukraine.
Quick refresher: Last May, Li embarked on a 12-day Eurotrip to assess the feasibility of a political settlement to the...

sources

Xinhua: Special Representative of the Chinese Government on Eurasian Affairs Li Hui Holds Talks with Russian Deputy Foreign Minister Galuzin Mikhail Yuryevich

Reuters: Moscow says Russia, China agree that Russia must be present in Ukraine talks

March 4, 2024

Premier cancels annual press conference

China’s already opaque government just got even more so. On Monday, National People’s Congress (NPC) spokesperson Lou Qinjian announced that Premier Li Qiang will not hold the usual press conference at the end of the NPC’s annual plenary session this year. Or next year. Or any year after that (China…

China’s already opaque government just got even more so.
On Monday, National People's Congress (NPC) spokesperson Lou Qinjian announced that Premier Li Qiang will not hold the usual press conference at the end of the NPC’s annual plenary session this year. Or next year. Or any year after that (China...

sources

China.org: 中国发布丨今年十四届全国人大二次会议闭幕后不举行总理记者会

Bloomberg: China Scraps Premier Li's Briefing, Breaking Years of Convention

March 4, 2024

Modern infrastructure for a modern country

At its executive meeting on Friday, the State Council said China should speed up building a “modern infrastructure system,” calling it: “A key pillar in building a modern and powerful socialist country.” According to Premier Li Qiang, a “modern infrastructure system” is different from a traditiona…

At its executive meeting on Friday, the State Council said China should speed up building a “modern infrastructure system,” calling it:

“A key pillar in building a modern and powerful socialist country.”

According to Premier Li Qiang, a “modern infrastructure system” is different from a traditiona...

sources

CCTV: [视频]李强主持召开国务院常务会议

NDRC: “十四五”规划《纲要》解读文章之8|建设现代化基础设施体系

March 4, 2024

Pigpocalypse now

China just took a big step toward fixing overcapacity in its pork market. On Monday, the ag ministry (MARA) lowered the target for the breeding sow population in its updated plan for managing the pig farming sector. ICYMI: In recent years, China’s pig farming companies invested heavily in scaling u…

China just took a big step toward fixing overcapacity in its pork market.
On Monday, the ag ministry (MARA) lowered the target for the breeding sow population in its updated plan for managing the pig farming sector.
ICYMI: In recent years, China's pig farming companies invested heavily in scaling u...

sources

MARA: 农业农村部关于印发《生猪产能调控实施方案（2024年修订）》的通知

March 4, 2024

Open for business

Beijing is stepping up its charm offensive to woo US businesses. On Friday, Vice President Han Zheng, China’s eighth-ranking official, spoke at the 23rd American Chamber of Commerce’s (AmCham) Annual Appreciation Dinner. Some context: The atmosphere at the 2023 dinner was tense, with US Ambassador N…

Beijing is stepping up its charm offensive to woo US businesses.
On Friday, Vice President Han Zheng, China's eighth-ranking official, spoke at the 23rd American Chamber of Commerce’s (AmCham) Annual Appreciation Dinner.
Some context: The atmosphere at the 2023 dinner was tense, with US Ambassador N...

sources

Xinhua: Chinese VP calls on China-U.S. business circles to beef up mutual trust

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