string(13) "markets-macro"

Macro

December 16, 2023

Trivium Tech end-of-year wrap

Ladies and gentlemen, 2023 is drawing to a close. The Trivium US offices will be off from December 18 to January 2. But before we go: We wanted to take a moment to look back at three key developments that drove the year, review the state of play, and offer up some predictions in terms… Read More »

Ladies and gentlemen, 2023 is drawing to a close.

The Trivium US offices will be off from December 18 to January 2.

But before we go: We wanted to take a moment to look back at three key developments that drove the year, review the state of play, and offer up some predictions in terms of where we...

December 16, 2023

Back on the mend

The property sector is finally showing signs of improvement. That’s according to stats bureau (NBS) data released on Friday. First, the headline figures: In November, residential property sales fell 11.0% y/y by value, following an 8.9% y/y decline the previous month. New investment in the sector…

The property sector is finally showing signs of improvement.

That’s according to stats bureau (NBS) data released on Friday.

First, the headline figures:

In November, residential property sales fell 11.0% y/y by value, following an 8.9% y/y decline the previous month.
New investment in the sector...

sources

NBS: 2023年1—11月份全国房地产市场基本情况

NBS: 2023年1—10月份全国房地产市场基本情况

December 15, 2023

Structural challenges persist

November’s econ data highlights two of the major structural headwinds facing China’s sluggish economy. First, economic growth is heavily reliant on the public sector. The industrial value-added (IVA) of state-owned enterprises (SOEs) grew a punchy 7.3% y/y in November, 2.1 percentage points faster t…

November's econ data highlights two of the major structural headwinds facing China's sluggish economy.
First, economic growth is heavily reliant on the public sector.
The industrial value-added (IVA) of state-owned enterprises (SOEs) grew a punchy 7.3% y/y in November, 2.1 percentage points faster t...

sources

Stats.gov.cn: 11月份国民经济持续回升向好

Stats.gov.cn: 2023年11月份社会消费品零售总额增长10.1%

December 15, 2023

The good, the bad, and the ugly

China’s November econ data may be the nail in the coffin for a consumption-led economic recovery. Per data released by the stats bureau (NBS) on Friday: Retail sales of consumer goods grew 10.1% y/y, up from 7.6% in October. Industrial value-added (IVA) increased 6.6% y/y, up from 4.6% in October. …

China's November econ data may be the nail in the coffin for a consumption-led economic recovery.
Per data released by the stats bureau (NBS) on Friday:

Retail sales of consumer goods grew 10.1% y/y, up from 7.6% in October.
Industrial value-added (IVA) increased 6.6% y/y, up from 4.6% in October.
...

sources

Stats.gov.cn: 11月份国民经济持续回升向好

Stats.gov.cn: 2023年11月份社会消费品零售总额增长10.1%

December 15, 2023

China-Singapore data sling

On Thursday, Minister of Commerce (MofCom) Wang Wentao and his Singapore counterpart Gan Kim Yong upgraded the free-trade agreement (FTA) between the two countries. The upgraded agreement is mostly about further opening market access for investors and service providers. But this caught our eye: Th…

On Thursday, Minister of Commerce (MofCom) Wang Wentao and his Singapore counterpart Gan Kim Yong upgraded the free-trade agreement (FTA) between the two countries.

The upgraded agreement is mostly about further opening market access for investors and service providers.

But this caught our eye: Th...

sources

MofCom: 中国与新加坡签署中新自由贸易协定进一步升级议定书

MofCom: 商务部国际司负责人解读中新自由贸易协定进一步升级议定书

December 15, 2023

A little more conversation

The US and China want to open more lines of communication. On Thursday, US Treasury Secretary Janet Yellen delivered a speech at the US-China Business Council’s 50th anniversary gala, announcing that she would make another trip to China in 2024. Some context: Yellen last visited China in July as par…

The US and China want to open more lines of communication.
On Thursday, US Treasury Secretary Janet Yellen delivered a speech at the US-China Business Council’s 50th anniversary gala, announcing that she would make another trip to China in 2024.
Some context: Yellen last visited China in July as par...

sources

US Treasury: Remarks by Secretary of the Treasury Janet L. Yellen on the U.S.-China Economic Relationship

Sputnik: 中国驻美使馆：中国军方愿与美方合作以恢复最高级别接触

December 15, 2023

Road warrior Xi

Xi Jinping is still on the road. On Thursday, following a two-day state visit to Vietnam, Xi landed in Guangxi for an inspection tour of the (provincial-level) autonomous region. So far, the big man has visited: China-ASEAN Information Harbor Ltd. in Nanning – a state-owned information technology f…

China-ASEAN Information Harbor Ltd. in Nanning – a state-owned information technology f...

sources

Xinhua: 习近平在广西南宁市考察调研

Gov.cn: 习近平在广西来宾市考察调研

December 15, 2023

A record-breaking year

China’s local governments are increasingly using debt to recapitalize small banks. This year, provincial-level governments have issued RMB 208.3 billion worth of special purpose bonds (SPBs) to replenish the capital of small and medium-sized banks. That’s more than three times the RMB 63 billion is…

China's local governments are increasingly using debt to recapitalize small banks.
This year, provincial-level governments have issued RMB 208.3 billion worth of special purpose bonds (SPBs) to replenish the capital of small and medium-sized banks.

That’s more than three times the RMB 63 billion is...

sources

Caixin: 2023年以来中小银行专项债已发行2082.8亿元为去年的3倍多

December 15, 2023

Opening the e-commerce floodgates

China wants to make it easier for firms to pivot between domestic and international markets – and that has big implications for cross-border e-commerce. On Monday, the State Council General Office published a series of measures on accelerating the “integrated development of domestic and foreign trad…

China wants to make it easier for firms to pivot between domestic and international markets – and that has big implications for cross-border e-commerce.
On Monday, the State Council General Office published a series of measures on accelerating the “integrated development of domestic and foreign trad...

sources

Gov.cn: 国务院办公厅印发《关于加快内外贸一体化发展的若干措施》的通知

December 15, 2023

There’s no “I” in 5G

China’s telecoms are partnering up for success. On Thursday, state-affiliated think tank CAICT published a report on the effectiveness of the state’s plans to push telecom operators to cooperate in building out 5G network infrastructure. Background: Prior to 2008, China’s telecommunications infras…

China's telecoms are partnering up for success.
On Thursday, state-affiliated think tank CAICT published a report on the effectiveness of the state's plans to push telecom operators to cooperate in building out 5G network infrastructure.
Background: Prior to 2008, China's telecommunications infras...

sources

CAICT: 电信基础设施跨行业共建共享研究报告(2023年)

December 15, 2023

Great data sharing for the Greater Bay Area

Data sharing between the mainland and Hong Kong is about to get easier. On Wednesday, the CAC released rules governing standard contracts for cross-border personal information sharing in the Greater Bay Area (GBA). These rules only apply to data transfer between companies registered in parts of the…

Data sharing between the mainland and Hong Kong is about to get easier.
On Wednesday, the CAC released rules governing standard contracts for cross-border personal information sharing in the Greater Bay Area (GBA).

These rules only apply to data transfer between companies registered in parts of the...

sources

CAC: 粤港澳大湾区（内地、香港）个人信息跨境流动标准合同实施指引

The Standard: Cross-border data transfer 'breakthrough'

December 15, 2023

Hungry for more export controls

Republicans are still pushing to overhaul the US export control regime. On Wednesday, the House Foreign Affairs Committee moved closer to sending four new export control bills to the House floor for a vote. The new bills would “give the Departments of Defense, State and Energy equal voting power in…

The new bills would "give the Departments of Defense, State and Energy equal voting power in...

sources

US Foreign Affairs Committee: HFAC Markup on Various Measures

US Foreign Affairs Committee: Bureau of Industry and Security: 90-Day Review Report

Bloomberg: Republican Slams Lax Enforcement of China Tech Trade Curbs

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