string(13) "markets-macro"

Macro

November 3, 2023

Wang Yi appeals for China-France partnership

China desperately wants to keep France on side. On Monday, top diplomat Wang Yi met with French President’s Diplomatic Advisor Emmanuel Bonne in Beijing. Wang’s message: China is your partner, not your rival. Some context: Locking down good ties with Paris has become a diplomatic priority for Beijin… Username Password Remember Me Forgot… Read More »

China desperately wants to keep France on side.
On Monday, top diplomat Wang Yi met with French President's Diplomatic Advisor Emmanuel Bonne in Beijing.
Wang’s message: China is your partner, not your rival.
Some context: Locking down good ties with Paris has become a diplomatic priority for Beijin...

sources

MoFA: 王毅同法国总统外事顾问博纳举行中法战略对话

SCMP: Wang Yi urges Europe to be ‘pragmatic’ in China ties during talks with senior French diplomat

November 3, 2023

Post-COVID healthcare fix

Beijing is fixing its pandemic response procedures – but it may harm the business environment. Between October 20 and 24, the legislature (NPCSC) deliberated new draft revisions to China’s Law on the Prevention and Control of Infectious Diseases. The law was first passed in 1989. It underwent major…

Beijing is fixing its pandemic response procedures – but it may harm the business environment.
Between October 20 and 24, the legislature (NPCSC) deliberated new draft revisions to China's Law on the Prevention and Control of Infectious Diseases.

The law was first passed in 1989.
It underwent major...

sources

NPC: 我国拟修法进一步完善传染病防治体制机制

NPC: 传染病防治法修订草案提请审议强化传染病防治中个人信息保护

NPC: 传染病防治法修订草案提请审议改进传染病预防监测预警报告制度

November 3, 2023

Tang is in coal town

On October 28, former minister of civil affairs Tang Dengjie, 59, was announced as Party Secretary of coal-rich Shanxi province: Tang replaced Lan Fo’an, who is now minister of finance. Tang has a wealth of energy-related work experience. He initially worked at state-owned automakers…

On October 28, former minister of civil affairs Tang Dengjie, 59, was announced as Party Secretary of coal-rich Shanxi province:

Tang replaced Lan Fo’an, who is now minister of finance.

Tang has a wealth of energy-related work experience.

He initially worked at state-owned automakers...

sources

Xinhua: 山西省委主要负责同志职务调整唐登杰任山西省委书记

People's Daily: 山西2022年煤炭产量超13亿吨

November 3, 2023

Business as usual at the State Council

The legislature has proposed no major changes to the governing of the State Council. Back up a bit: The national legislature (NPCSC) deliberated a draft revision to the State Council Organic Law between 20 to 24 October. The law is super short – 11 articles in total – but incredibly important as it…

The legislature has proposed no major changes to the governing of the State Council.
Back up a bit: The national legislature (NPCSC) deliberated a draft revision to the State Council Organic Law between 20 to 24 October.

The law is super short – 11 articles in total – but incredibly important as it...

sources

NPC: 国务院组织法（修订草案）征求意见

November 2, 2023

PV industry gets ahead of itself

Profits are plummeting in China’s solar photovoltaic (PV) manufacturing industry. Overcapacity is forcing module prices down to near cost levels – around RMB 1/watt. The latest signs of strain: LONGi’s Q3 net profits fell 44% y/y. On Tuesday, LONGi’s general manager, Li Zhenguo, called module pric…

Profits are plummeting in China's solar photovoltaic (PV) manufacturing industry.

Overcapacity is forcing module prices down to near cost levels – around RMB 1/watt.

The latest signs of strain: LONGi's Q3 net profits fell 44% y/y.
On Tuesday, LONGi's general manager, Li Zhenguo, called module pric...

sources

Caixin: 隆基绿能李振国：光伏组件价格逼近成本线全产业链难以盈利

November 2, 2023

Hot property

Local governments are again making top dollar from selling their most desirable land. On October 30, Jinan, the Shandong provincial capital, auctioned off two plots of residential land at 50% above their reserve prices (Securities Times). ICYDK: Since 2021, central officials mandated that major citi…

Local governments are again making top dollar from selling their most desirable land.
On October 30, Jinan, the Shandong provincial capital, auctioned off two plots of residential land at 50% above their reserve prices (Securities Times).
ICYDK: Since 2021, central officials mandated that major citi...

sources

Securities Times: 土拍又火了？济南现溢价超50%地块，北京两宗地揽金超130亿

Jinan Public Resource Exchange Center: 标的详情 (公告序号：23034)

Jinan Public Resource Exchange Center: 标的详情 (公告序号：23038)

November 2, 2023

Evergone

Evergrande’s offshore creditors are screwed. On Wednesday, Reuters scooped that Evergrande has (once again) revised its offshore debt restructuring plan. ICYMI: Evergrande’s original restructuring plan was thrown off course after revelations that founder and chairman Xu Jiayin is under investigation…

Evergrande’s offshore creditors are screwed.
On Wednesday, Reuters scooped that Evergrande has (once again) revised its offshore debt restructuring plan.
ICYMI: Evergrande’s original restructuring plan was thrown off course after revelations that founder and chairman Xu Jiayin is under investigation...

sources

Reuters: Exclusive: Evergrande proposes offshore creditors get 30% equity stake in subsidiaries

HKEX: EVERGRANDE PROPERTY SERVICES GROUP LTD. (6666)

HKEX: CHINA EVERGRANDE NEW ENERGY VEHICLE GROUP LTD. (708)

November 2, 2023

Bad medicine

Banks aren’t issuing enough loans to tech startups. That’s what Xi Jinping was getting at when he told financial regulators at the Central Financial Work Conference on Tuesday that they must: “Channel more financial resources into promoting technological innovation” ICYDK: This directive isn’t new…

Banks aren't issuing enough loans to tech startups.
That’s what Xi Jinping was getting at when he told financial regulators at the Central Financial Work Conference on Tuesday that they must:

“Channel more financial resources into promoting technological innovation”

ICYDK: This directive isn’t new...

sources

Caixin: 中央金融工作会议：优化资金供给做好五篇大文章科技金融为首

PBoC: 2023年一季度金融机构贷款投向统计报告

PBoC: 2023年三季度金融机构贷款投向统计报告

November 2, 2023

Moved by the spirit

Regulators are honing their priorities following the Central Financial Work Conference (CFWC) earlier this week. On Wednesday, the financial regulator (NFRA) and securities regulator (CSRC) published readouts of internal study sessions where they discussed implementing the spirit of the conference. …

Regulators are honing their priorities following the Central Financial Work Conference (CFWC) earlier this week.
On Wednesday, the financial regulator (NFRA) and securities regulator (CSRC) published readouts of internal study sessions where they discussed implementing the spirit of the conference.
...

sources

NFRA: 国家金融监督管理总局党委召开扩大会议传达学习贯彻中央金融工作会议精神

CSRC: 中国证监会党委传达学习贯彻中央金融工作会议精神

November 2, 2023

Death to the username

China’s social media platforms just struck a blow at online anonymity. On Tuesday, Weibo, WeChat, Kuaishou, and Douyin announced that influencers with large fan bases will now be pressured to publicly display their real names. ICYDK: Social media users in China have long been required to verify the…

China's social media platforms just struck a blow at online anonymity.
On Tuesday, Weibo, WeChat, Kuaishou, and Douyin announced that influencers with large fan bases will now be pressured to publicly display their real names.
ICYDK: Social media users in China have long been required to verify the...

sources

Weixin: “大V”前台实名制来了！微信、微博、抖音、快手同日公告

Weibo: Official Weibo announcement

November 2, 2023

YMTC’s SMIC moment

Are US export controls working? On October 24, a TechInsights teardown confirmed that Chinese semiconductor champion YMTC’s new solid state drive includes a sophisticated 232-layer 3D NAND chip. The big innovation: Higher memory density – more data can fit in less space. YMTC’s previous 3D NAND had …

Are US export controls working?
On October 24, a TechInsights teardown confirmed that Chinese semiconductor champion YMTC’s new solid state drive includes a sophisticated 232-layer 3D NAND chip.
The big innovation: Higher memory density - more data can fit in less space. YMTC's previous 3D NAND had ...

sources

TechInsights: China Does It Again A NAND Memory Market First

November 2, 2023

All together now: “IP reform is super important!”

China cannot advance as a sci-tech superpower if it doesn’t update its intellectual property system. That’s the message from yesterday’s State Council study session. ICYDK: Bi-monthly State Council study sessions are a new thing, used by Premier Li Qiang to push key policy initiatives. Xi Jinping h…

China cannot advance as a sci-tech superpower if it doesn’t update its intellectual property system.
That’s the message from yesterday’s State Council study session.
ICYDK: Bi-monthly State Council study sessions are a new thing, used by Premier Li Qiang to push key policy initiatives.
Xi Jinping h...

sources

CCTV: [视频]李强主持国务院第四次专题学习

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