string(13) "markets-macro"

Macro

October 26, 2023

First one to run the digital economy wins

Beijing is planting its flag as a key player in the global digital economy. On Tuesday, the State Council held a press conference to discuss plans for the second annual Global Digital Trade Expo. The event will be held in Hangzhou from November 23-27. Some background: The first Digital Trade Expo… Username Password Remember Me… Read More »

Beijing is planting its flag as a key player in the global digital economy.
On Tuesday, the State Council held a press conference to discuss plans for the second annual Global Digital Trade Expo.

The event will be held in Hangzhou from November 23-27.

Some background: The first Digital Trade Expo...

sources

SCIO: 国新办举行第二届全球数字贸易博览会新闻发布会图文实录

October 26, 2023

Cyber(safe)space for minors

A new era has begun. Yesterday, the State Council finalized sweeping regulations to protect minors online, refining the draft released in March 2022. There were no substantial changes between the draft and the final version. The regs take a holistic approach to ensuring the security of young peopl…

A new era has begun.
Yesterday, the State Council finalized sweeping regulations to protect minors online, refining the draft released in March 2022.

There were no substantial changes between the draft and the final version.

The regs take a holistic approach to ensuring the security of young peopl...

sources

Gov.cn: 未成年人网络保护条例

CAC: 李强签署国务院令公布《未成年人网络保护条例》

October 26, 2023

National Data Administration is open for business

On Wednesday, the National Data Administration (NDA) held its grand opening ceremony, cutting the ribbon on its new Beijing office. Recap: The NDA was established earlier this year as part of China’s latest round of government restructuring. The new agency will lead the development of China’s digi…

On Wednesday, the National Data Administration (NDA) held its grand opening ceremony, cutting the ribbon on its new Beijing office.
Recap: The NDA was established earlier this year as part of China’s latest round of government restructuring.

The new agency will lead the development of China’s digi...

sources

NDRC: 丁薛祥出席国家数据局揭牌仪式

CE.cn: 国家数据局揭牌

CNstock: 国家数据局今日正式揭牌

October 25, 2023

This is not the stimulus you seek: Unpacking the significance of RMB 1 trillion in special treasury bonds

To download PDF, click here. On Tuesday, China’s legislature (NPC) approved the issuance of RMB 1 trillion worth of special treasury bonds (STBs) to fund local government investment projects. The deets: The bonds will be issued in Q4, with RMB 500 billion distributed to local authorities this year a…

To download PDF, click here.
On Tuesday, China’s legislature (NPC) approved the issuance of RMB 1 trillion worth of special treasury bonds (STBs) to fund local government investment projects.
The deets: The bonds will be issued in Q4, with RMB 500 billion distributed to local authorities this year a...

October 25, 2023

Dust yourself off and buy again

The “national team” just sent its strongest stock-market-boosting signal in years. On Monday, in a one-line statement on its website, Central Huijin announced that it had begun buying ETFs. ICYDK: Huijin is a mega financial holding company that sits under the purview of the State Council. It’s al…

The “national team” just sent its strongest stock-market-boosting signal in years.
On Monday, in a one-line statement on its website, Central Huijin announced that it had begun buying ETFs.
ICYDK: Huijin is a mega financial holding company that sits under the purview of the State Council.

It’s al...

sources

Central Huijin: 公告

Caixin: 汇金买了多少股票ETF？重仓品种净流入47亿元

Shanghai Stock Exchange: 华泰柏瑞沪深300 交易型开放式指数证券投资基金2023 年中期报告

October 25, 2023

Razor burn

Chinese steelmakers’ profit margins are razor thin amid overproduction. And they’re on track to get thinner still. Per China Iron and Steel Association (CISA) data released Wednesday: Q1-Q3 cumulative steel production rose 1.7% y/y (including 32% y/y growth in exports) But cumulative profits drop…

Chinese steelmakers' profit margins are razor thin amid overproduction.

And they're on track to get thinner still.

Per China Iron and Steel Association (CISA) data released Wednesday:

Q1-Q3 cumulative steel production rose 1.7% y/y (including 32% y/y growth in exports)
But cumulative profits drop...

sources

Caixin: 前三季度钢铁行业利润总额621亿元同比下降超三分之一

CSteel News: 中国钢铁工业协会2023年三季度信息发布会提出——行业运行基本平稳高质量发展有序推进

October 25, 2023

A beautiful day in the neighborhood

China says it wants to make nice with its neighbors. On Tuesday, the foreign ministry released a report titled “Outlook on China’s Foreign Policy on Its Neighborhood in the New Era.” The headline: China is (and always will be) an excellent neighbor. Some context: Xi Jinping unveiled “good neighbor d…

China says it wants to make nice with its neighbors.
On Tuesday, the foreign ministry released a report titled “Outlook on China’s Foreign Policy on Its Neighborhood in the New Era.”
The headline: China is (and always will be) an excellent neighbor.
Some context: Xi Jinping unveiled “good neighbor d...

sources

MoFA: Outlook on China’s Foreign Policy on Its Neighborhood In the New Era

Xinhua: Ten years on, China's neighborhood diplomacy cements bonds, cooperation

October 25, 2023

Wang would do anything for peace (but he can’t do that)

China “will do its utmost” to support any path to peace between Israel and Palestine. That was the message China’s top diplomat, Wang Yi, delivered to his Israeli and Palestinian counterparts in separate calls on Tuesday. Wang had some tough talk for Israeli Foreign Minister Eli Cohen (MoFA 1): “Th…

China "will do its utmost" to support any path to peace between Israel and Palestine.
That was the message China's top diplomat, Wang Yi, delivered to his Israeli and Palestinian counterparts in separate calls on Tuesday.
Wang had some tough talk for Israeli Foreign Minister Eli Cohen (MoFA 1):

"Th...

sources

MoFA: Wang Yi Has a Phone Call with Israeli Foreign Minister Eli Cohen

MoFA: Wang Yi Has a Phone Call with Palestinian Foreign Minister Riyad Al-Maliki

October 25, 2023

Liu He retains key post

Former vice premier Liu He still plays a big role in economic policy. That’s according to the SCMP, which has learned that Liu still heads the office of the Central Commission for Financial and Economic Affairs – the Party’s top economic policymaking body. ICYMI: This follows reports in June that Li…

Former vice premier Liu He still plays a big role in economic policy.
That’s according to the SCMP, which has learned that Liu still heads the office of the Central Commission for Financial and Economic Affairs – the Party’s top economic policymaking body.
ICYMI: This follows reports in June that Li...

sources

SCMP: ExclusiveChina’s former economic tsar Liu He still has a big seat at the table, quietly meets with Western delegations: sources

October 25, 2023

Premature restrictions

Chinese AI companies just got ambushed by Washington… again. On Tuesday, Nvidia reported that it has been ordered by the US government to immediately halt shipments of AI chips to China. Some context: The US export restriction updates announced last week were supposed to take effect in 30 days’ t…

Chinese AI companies just got ambushed by Washington... again.
On Tuesday, Nvidia reported that it has been ordered by the US government to immediately halt shipments of AI chips to China.
Some context: The US export restriction updates announced last week were supposed to take effect in 30 days' t...

sources

FT: China’s internet giants order $5bn of Nvidia chips to power AI ambitions

Caixin: 美国升级芯片管制⑤｜英伟达“特供版”芯片遭疯抢价格连日飙涨

Caixin: 美国升级芯片管制⑦｜时隔六天美国变更限制令取消英伟达30天豁免期

October 25, 2023

Legislature dismisses two state councilors

It’s not every day that Beijing fires two of its five state councilors. On Tuesday, Xi Jinping signed a presidential order to approve the legislature’s (NPCSC) decision to remove: Li Shangfu from the State Council, and from his role as China’s defense minister Qin Gang from the State Council ICYMI…

It's not every day that Beijing fires two of its five state councilors.
On Tuesday, Xi Jinping signed a presidential order to approve the legislature's (NPCSC) decision to remove:

Li Shangfu from the State Council, and from his role as China's defense minister
Qin Gang from the State Council

ICYMI...

sources

NPC: 中华人民共和国主席令（第十四号）

October 25, 2023

Better pay on another day

Xi Jinping wants workers to enjoy higher incomes and better labor rights. Xi hinted as much in a Monday meeting with the new leadership team of the All-China Federation of Trade Unions (ACFTU). “Hundreds of millions of workers should be among the first to see visible and substantial progress of com…

Xi Jinping wants workers to enjoy higher incomes and better labor rights.
Xi hinted as much in a Monday meeting with the new leadership team of the All-China Federation of Trade Unions (ACFTU).

"Hundreds of millions of workers should be among the first to see visible and substantial progress of com...

sources

CCTV: 习近平在同中华全国总工会新一届领导班子成员集体谈话时强调坚持党对工会的全面领导组织动员亿万职工积极投身强国建设民族复兴伟业

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