string(13) "markets-macro"

Macro

October 20, 2023

All Xi is saying is give peace a chance

Beijing is throwing its weight behind global calls for a ceasefire between Israel and Gaza. On Wednesday, China backed Brazil’s UN Security Council (UNSC) resolution on the conflict (Reuters): Explicitly condemning violence by Hamas, unlike a prior resolution on the matter Calling for “humanitari… Username Password Remember Me Forgot Password

Beijing is throwing its weight behind global calls for a ceasefire between Israel and Gaza.
On Wednesday, China backed Brazil's UN Security Council (UNSC) resolution on the conflict (Reuters):

Explicitly condemning violence by Hamas, unlike a prior resolution on the matter
Calling for "humanitari...

sources

MoFA: 习近平会见埃及总理马德布利

Reuters: US vetoes UN Security Council action on Israel, Gaza

October 20, 2023

Green, green rocky road

China burnished its green energy development credentials at the recently concluded Belt and Road Forum (BRF) in Beijing. The headline: Beijing signed agreements with over 20 BRI countries on renewable energy cooperation and cleantech manufacturing across the event. These announcements continue a tr…

China burnished its green energy development credentials at the recently concluded Belt and Road Forum (BRF) in Beijing.
The headline: Beijing signed agreements with over 20 BRI countries on renewable energy cooperation and cleantech manufacturing across the event.

These announcements continue a tr...

sources

Xinhua: 第三届“一带一路”国际合作高峰论坛务实合作项目清单（附件二全文）

October 20, 2023

Can’t get enough of your love

The initial draft of the Patriotic Education Law (PEL) draft didn’t go far enough. That’s according to Yang Heqing, an NPCSC legislative work committee spokesperson, speaking on Thursday. ICYMI: In June, the NPCSC deliberated an initial draft of the PEL, whose goal is advancing Chinese patriotism at…

The initial draft of the Patriotic Education Law (PEL) draft didn't go far enough.
That’s according to Yang Heqing, an NPCSC legislative work committee spokesperson, speaking on Thursday.
ICYMI: In June, the NPCSC deliberated an initial draft of the PEL, whose goal is advancing Chinese patriotism at...

sources

NPC: 全国人大常委会法制工作委员会发言人记者会

October 20, 2023

Everyone’s invited

A scheme allowing local governments to refinance hidden debt has expanded to more provinces. ICYDK: In August, Caixin reported that the finance ministry (MoF) had approved 12 of China’s most financially overstretched provinces to issue RMB 1.5 trillion in bonds to pay down hidden debt. But by o…

A scheme allowing local governments to refinance hidden debt has expanded to more provinces.
ICYDK: In August, Caixin reported that the finance ministry (MoF) had approved 12 of China’s most financially overstretched provinces to issue RMB 1.5 trillion in bonds to pay down hidden debt.
But by o...

sources

China Bond: 最新发布

Caixin: 怎样消化地方债|特稿精选

October 20, 2023

Country flub

China’s once-largest developer has defaulted for the first time. On Wednesday, Country Garden failed to make a coupon payment of USD 15.4 million on a USD 500 million bond. The payment was due September 17, but Country Garden had a 30-day grace period to pony up the cash and avoid default. This is…

China’s once-largest developer has defaulted for the first time.
On Wednesday, Country Garden failed to make a coupon payment of USD 15.4 million on a USD 500 million bond.

The payment was due September 17, but Country Garden had a 30-day grace period to pony up the cash and avoid default.

This is...

sources

Caixin: 1540万美元境外债息到期未付碧桂园恐已正式违约

Country Garden: 2023 Interim Report

HKEX: UPDATES ON BUSINESS AND LIQUIDITY

Cailianshe: 独家|碧桂园创始人杨国强卖私人飞机偿债？知情人士：已售一架另一架待售

The Paper: 杨氏家族近期向碧桂园提供3亿美元无息借款，正出售私人飞机筹款

October 20, 2023

Divergent trends

The service industry is booming, but more expensive purchases remain lackluster. That’s the takeaway from data released by the stats bureau (NBS) on Wednesday. ICYMI: Retail sales grew by 5.5% y/y in September, up from 4.6% in August. That was led by 6.9% growth in services, notably: Hospitality an…

The service industry is booming, but more expensive purchases remain lackluster.
That’s the takeaway from data released by the stats bureau (NBS) on Wednesday.
ICYMI: Retail sales grew by 5.5% y/y in September, up from 4.6% in August.
That was led by 6.9% growth in services, notably:

Hospitality an...

sources

Gov.cn: 2023年9月份社会消费品零售总额增长5.5%

news.cn: 国家统计局：前三季度国民经济持续恢复向好高质量发展稳步推进

October 20, 2023

Top-tier stabilization

A nationwide property sector rebound seems ages away. The latest: On Thursday, the stats bureau (NBS) released its monthly survey of home prices in 70 major cities. A little bit of good news: The picture for Beijing and Shanghai was surprisingly positive. Month-on-month: New home prices grew 0.4% a…

A nationwide property sector rebound seems ages away.
The latest: On Thursday, the stats bureau (NBS) released its monthly survey of home prices in 70 major cities.
A little bit of good news: The picture for Beijing and Shanghai was surprisingly positive. Month-on-month:

New home prices grew 0.4% a...

sources

NBS: 国家统计局城市司高级统计师沈赟解读2023年9月份商品住宅销售价格变动情况统计数据

NBS: 国家统计局城市司高级统计师沈赟解读2023年8月份商品住宅销售价格变动情况统计数据

Bloomberg: China’s Home Prices Drop at Faster Pace in Blow to Sentiment

October 20, 2023

Coordinating corridor cooperation

China is expanding one of the Belt and Road Initiative’s (BRI) most important (and dangerous) projects. On Thursday, Xi Jinping met with Pakistani Caretaker Prime Minister Anwar-ul-Haq Kakar following the Belt and Road Forum. Some context: Pakistan is a key – but volatile – BRI participant. The Ch…

China is expanding one of the Belt and Road Initiative’s (BRI) most important (and dangerous) projects.
On Thursday, Xi Jinping met with Pakistani Caretaker Prime Minister Anwar-ul-Haq Kakar following the Belt and Road Forum.
Some context: Pakistan is a key – but volatile – BRI participant.

The Ch...

sources

Xinhua: Xi meets Pakistan's prime minister

MoFA: 习近平会见巴基斯坦总理卡卡尔

Reuters: Taliban says plans to formally join China's Belt and Road Initiative

October 20, 2023

Phiting back

That was quick! Just days after Washington further tightened the screws on chip exports to China, Beijing flexed its own export-control muscles. On Friday, China’s Ministry of Commerce (MofCom) slapped controls on high-grade graphite, effective December 1, 2023. This move broadens…

That was quick! Just days after Washington further tightened the screws on chip exports to China, Beijing flexed its own export-control muscles.
On Friday, China's Ministry of Commerce (MofCom) slapped controls on high-grade graphite, effective December 1, 2023.

This move broadens...

sources

MofCom: 商务部海关总署关于优化调整石墨物项临时出口管制措施的公告

MofCom: 商务部新闻发言人就石墨相关物项出口管制政策应询答记者问

USGS: GRAPHITE (NATURAL)

October 20, 2023

Flash Talk | Reflecting on Q3’s unexpectedly positive economic data

It’s been a tough year for China’s economy, but the cycle finally seems to be turning! Trivium Co-founder Andrew Polk was out of town for the day, so for this Flash Talk, Dinny McMahon, Head of China Markets Research, and Taylor Loeb, Head of Trivium Finance, got together to discuss China’s unexpect…

It's been a tough year for China's economy, but the cycle finally seems to be turning!
Trivium Co-founder Andrew Polk was out of town for the day, so for this Flash Talk, Dinny McMahon, Head of China Markets Research, and Taylor Loeb, Head of Trivium Finance, got together to discuss China's unexpect...

October 20, 2023

Instruments of the state

So much for an equal playing field for foreign instrument companies. On Thursday, China’s market regulator (SAMR) released high-level Opinions designed to spur cutting-edge R&D in the industrial instrument industry. ICYDK: High-end instruments are critical for sci-tech research, medicine, envir…

So much for an equal playing field for foreign instrument companies.
On Thursday, China's market regulator (SAMR) released high-level Opinions designed to spur cutting-edge R&D in the industrial instrument industry.
ICYDK: High-end instruments are critical for sci-tech research, medicine, envir...

sources

SAMR: 市场监管总局关于计量促进仪器仪表产业高质量发展的指导意见

October 20, 2023

From big spender to tech collaborator

On Wednesday, Xi delivered a keynote address to the Belt and Road Initiative (BRI) Forum, which drew leaders from about 20 developing countries (Nikkei Asia). Xi had a lot to say about international tech cooperation. The speech summarized the last decade of BRI projects and hinted at the future t…

On Wednesday, Xi delivered a keynote address to the Belt and Road Initiative (BRI) Forum, which drew leaders from about 20 developing countries (Nikkei Asia).

Xi had a lot to say about international tech cooperation.

The speech summarized the last decade of BRI projects and hinted at the future t...

sources

People.cn: 习近平在第三届“一带一路”国际合作高峰论坛开幕式上的主旨演讲（全文）

Nikkei: Belt and Road Forum shows China recalibrating after 10 years

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