string(13) "markets-macro"

Macro

December 15, 2023

Monthly property roundup: Getting banks on board

To view the roundup as a PDF, click here. The rundown China’s banks look to be cautiously warming up to providing greater financing support to the country’s struggling property developers. Quick recap: In our November property roundup, we outlined how authorities had finally ramped up support for th… Username Password Remember Me Forgot… Read More »

To view the roundup as a PDF, click here.
The rundown
China’s banks look to be cautiously warming up to providing greater financing support to the country’s struggling property developers.
Quick recap: In our November property roundup, we outlined how authorities had finally ramped up support for th...

sources

PBoC: 中国人民银行金融监管总局中国证监会联合召开金融机构座谈会

Caixin: 监管拟扩围房企白名单要求涉房贷款“三个不低于”

Bloomberg: China Weighs Unprecedented Builder Support With First-Ever Unsecured Loans

Bloomberg: China Drafts List of 50 Property Firms Eligible for Funding

Bloomberg: China Puts Country Garden on Draft List of Builders to Support

The Paper: 碧桂园获邀参加工商银行组织的房企座谈会

21st Century Biz: 房企融资闸口打开

Cailianshe: 独家|广发银行今日召集6家民企开会，出险房企碧桂园首次被邀请参会

Securities Daily: 国有六大行联袂助力构建房地产发展新模式

PBoC: 2023年第三季度中国货币政策执行报告

The Paper: 东莞：优化新建商品住房销售价格申报，变更销售价格期限缩短至30天

Bloomberg: Evergrande Liquidation Ruling Postponed in Surprise to Creditors

Reuters: Exclusive: China Evergrande seeks to avoid liquidation with last-ditch debt plan

December 14, 2023

Taming the duck

Chinese provinces are embracing power pricing reforms to accommodate surging solar output. On Monday, Bloomberg reported that since 2022, at least 20 Chinese provinces have instituted some form of time-of-use (TOU) electricity rate reforms. TOU rates lower prices during the daytime and raise …

Chinese provinces are embracing power pricing reforms to accommodate surging solar output.
On Monday, Bloomberg reported that since 2022, at least 20 Chinese provinces have instituted some form of time-of-use (TOU) electricity rate reforms.

TOU rates lower prices during the daytime and raise ...

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Bloomberg: China’s Electricity Pricing Shifts in Blow to Solar Power, Boon for Batteries

December 14, 2023

Dialing down the arrears

Authorities are making progress in reducing local government arrears. That’s based on the latest data on commercial acceptance draft (CAD) defaults. Refresher: CADs are tradable, non-interest-bearing IOUs with a fixed maturity (see our October 20 note). Local government financing vehicles (LGFVs) i…

Authorities are making progress in reducing local government arrears.
That’s based on the latest data on commercial acceptance draft (CAD) defaults.
Refresher: CADs are tradable, non-interest-bearing IOUs with a fixed maturity (see our October 20 note).

Local government financing vehicles (LGFVs) i...

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SHCPE: 截至2023年11月30日承兑人逾期名单

SHCPE: 截至2023年10月31日承兑人逾期名单

December 14, 2023

Too big to fail

Authorities have helped Country Garden avoid defaulting on its domestic bonds. Country Garden – once China’s largest property developer – has been under increasing distress since defaulting on its offshore debt in October. Last month, the developer warned it could default on two domestic bonds tota…

Authorities have helped Country Garden avoid defaulting on its domestic bonds.
Country Garden – once China’s largest property developer – has been under increasing distress since defaulting on its offshore debt in October.

Last month, the developer warned it could default on two domestic bonds tota...

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Bloomberg: Country Garden Set to Avoid Yuan Bond Default After Holder Deal

Shenzhen Stock Exchange: 148152 22碧地02碧桂园地产集团有限公司关于“22碧地02”票面利率不调整及投资者回售实施办法第一次提示性公告

Shenzhen Stock Exchange: 148153 22碧地03碧桂园地产集团有限公司关于“22碧地03”票面利率不调整及投资者回售实施办法第一次提示性公告

Yicai: 碧桂园9只境内债获3年展期，涉及资金近150亿

December 14, 2023

Every little bit helps

The human resources ministry (MoHRSS) is doing its bit to help private companies. On Tuesday, the agency published a set of measures to reduce companies’ labor costs. The measures: Extend the rate cut policy for unemployment insurance and work-rated injury insurance from end-2024 to end-2025 Contin…

The human resources ministry (MoHRSS) is doing its bit to help private companies.
On Tuesday, the agency published a set of measures to reduce companies' labor costs. The measures:

Extend the rate cut policy for unemployment insurance and work-rated injury insurance from end-2024 to end-2025
Contin...

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Gov.cn: 人力资源社会保障部关于强化人社支持举措助力民营经济发展壮大的通知

December 14, 2023

Expanding the SAFE space

The forex regulator (SAFE) is moving to help tech startups grow. On Monday, the agency said it will allow tech-related small- and medium-sized enterprises (SMEs) nationwide to take out USD-denominated loans. Previously, this scheme was limited to tech SMEs in 17 provinces under a pilot program laun…

Previously, this scheme was limited to tech SMEs in 17 provinces under a pilot program laun...

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SAFE: 国家外汇管理局副局长、新闻发言人王春英就《国家外汇管理局关于进一步深化改革促进跨境贸易投资便利化的通知》答记者问

SAFE: 国家外汇管理局关于进一步深化改革促进跨境贸易投资便利化的通知

December 14, 2023

Blind justice

China is reversing course on judicial transparency. The country’s top court, the Supreme People’s Court (SPC), issued an internal notice in November calling on lower courts to upload judgments to a new database that is accessible only to judges. This notice has raised concerns about the future of th…

China is reversing course on judicial transparency.
The country’s top court, the Supreme People’s Court (SPC), issued an internal notice in November calling on lower courts to upload judgments to a new database that is accessible only to judges.
This notice has raised concerns about the future of th...

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Caijing: 全国法院裁判文书库将上线，裁判文书公开何去何从？

December 14, 2023

The CAC goes after deepfakes

Regulations to prevent misleading deepfakes from proliferating don’t appear to be working. On Tuesday, the Cyberspace Administration of China announced a new censorship crackdown targeting short videos containing illegal content. Some background: This month-long effort is part of a rolling series o…

Regulations to prevent misleading deepfakes from proliferating don't appear to be working.
On Tuesday, the Cyberspace Administration of China announced a new censorship crackdown targeting short videos containing illegal content.
Some background: This month-long effort is part of a rolling series o...

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CAC: 关于开展“清朗·整治短视频信息内容导向不良问题”专项行动的通知

December 14, 2023

And the nomination goes to…

Science regulators are trying to build a stronger merit-based innovation system. On Tuesday, the Ministry of Science and Technology (MoST) released new measures standardize the nomination process for national sci-tech awards. Some background: Sci-tech awards are highly competitive, as they open up p…

Science regulators are trying to build a stronger merit-based innovation system.
On Tuesday, the Ministry of Science and Technology (MoST) released new measures standardize the nomination process for national sci-tech awards.
Some background: Sci-tech awards are highly competitive, as they open up p...

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Ministry of Science and Technology: 科技部关于印发《国家科学技术奖提名办法》的通知

Ministry of Science and Technology: 《国家科学技术奖提名办法》政策解读问答

Gov.cn: 国务院办公厅印发关于深化科技奖励制度改革方案的通知

Gov.cn: 国家科学技术奖励条例

December 14, 2023

Science and industry get in the zone

China’s national high-tech zones (NTZs) are officially under new management. On Tuesday, China’s industrial regulator (MIIT) held a press conference outlining the agency’s approach to NTZ management over the next several years. Some background: National high-tech zones are state-designated science…

China's national high-tech zones (NTZs) are officially under new management.
On Tuesday, China's industrial regulator (MIIT) held a press conference outlining the agency's approach to NTZ management over the next several years.
Some background: National high-tech zones are state-designated science...

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MIIT: 工业和信息化部举行新闻发布会介绍今年以来国家高新区推进新型工业化有关情况

December 13, 2023

Act fast! These deals won’t last

China’s top leaders realize they have a demand problem. That was yet another throughline of the Central Economic Work Conference (CEWC). Officials highlighted “insufficient demand” as a key headwind to growth and underscored “expanding demand” is a key priority for next year. To bolster household …

China’s top leaders realize they have a demand problem.

That was yet another throughline of the Central Economic Work Conference (CEWC).

Officials highlighted “insufficient demand” as a key headwind to growth and underscored “expanding demand” is a key priority for next year.
To bolster household ...

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Gov.cn: 中央经济工作会议在北京举行习近平发表重要讲话

December 13, 2023

Borrower of last resort

China’s disappointing credit growth print for November underscores the ongoing lack of business and household confidence. The latest: The central bank (PBoC) released monthly credit data for November on Wednesday. The details: The outstanding value of total social financing (TSF) grew 9.4% y/y in …

China's disappointing credit growth print for November underscores the ongoing lack of business and household confidence.
The latest: The central bank (PBoC) released monthly credit data for November on Wednesday.
The details:

The outstanding value of total social financing (TSF) grew 9.4% y/y in ...

sources

PBoC: 2023年11月社会融资规模增量统计数据报告

PBoC: 2023年11月金融统计数据报告

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