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Macro

October 20, 2023

It’s all on you, Huawei

Yesterday, we told you that the US Commerce Department had tightened October 7 export controls on semiconductor technology. Our questions: How would Beijing react to the news? Were the new measures more or less what the industry expected? On Wednesday, the Ministry of Commerce (MofCom) released an… Username Password Remember Me Forgot Password

Yesterday, we told you that the US Commerce Department had tightened October 7 export controls on semiconductor technology.
Our questions: How would Beijing react to the news?

Were the new measures more or less what the industry expected?

On Wednesday, the Ministry of Commerce (MofCom) released an...

sources

MofCom: 商务部新闻发言人就美商务部发布对华半导体出口管制最终规则答记者问

Caixin: 美国升级芯片管制②｜美国芯片巨头业务受阻股价暴跌

Caixin: 美国升级芯片管制③｜严卡中国AI芯片设计壁仞等13家公司被纳入“实体清单”

ijiwei: 美国禁令升级全面压制我国AI芯片发展加快构建全国产供应链势在必行

Caijing: 美升级对华AI芯片制裁力度，美芯片企业提出担忧

October 20, 2023

China’s municipal debt crisis: Tracking local governments’ unseen defaults

To download PDF, click here. Local government finances in China have unquestionably deteriorated over the past couple of years, but despite some near misses, no local government financing vehicle (LGFV) has defaulted on its bonds. This situation has made tracking the true financial stress of localit…

To download PDF, click here.
Local government finances in China have unquestionably deteriorated over the past couple of years, but despite some near misses, no local government financing vehicle (LGFV) has defaulted on its bonds.
This situation has made tracking the true financial stress of localit...

October 19, 2023

Less than meets the eye

China will fully open its manufacturing sector to foreign investment. Xi Jinping dropped the news on Wednesday at the Belt and Road Forum (BRF). That sounds like a big deal. Only, it isn’t. Per the foreign investment negative list, as of 2021, foreign investment in manufacturing was only restric…

China will fully open its manufacturing sector to foreign investment.

Xi Jinping dropped the news on Wednesday at the Belt and Road Forum (BRF).

That sounds like a big deal.

Only, it isn't.

Per the foreign investment negative list, as of 2021, foreign investment in manufacturing was only restric...

sources

MoFA: 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）

October 19, 2023

Belt and Road to Africa

Xi Jinping’s Belt and Road Initiative (BRI) is winning friends in Africa. That was evident when he met with top leaders from Ethiopia, Nigeria, and Kenya on the sidelines of the Belt and Road Forum (BRF) this week. During the meetings, Xi pledged China would (MoFA 1, MoFA 2): Increase imports of Af…

Xi Jinping's Belt and Road Initiative (BRI) is winning friends in Africa.
That was evident when he met with top leaders from Ethiopia, Nigeria, and Kenya on the sidelines of the Belt and Road Forum (BRF) this week.
During the meetings, Xi pledged China would (MoFA 1, MoFA 2):

Increase imports of Af...

sources

MoFA: Xi Jinping Meets with Kenyan President William Ruto

MoFA: Xi Jinping Meets with Vice President of Nigeria Kashim Shettima

MoFA: Xi Jinping Meets with Prime Minister of Ethiopia Abiy Ahmed Ali

October 19, 2023

GMOs are a go

After decades of delay, Beijing announced preliminary approval for 51 genetically modified (GM) crops on Tuesday. The approvals will be final after a 30-day comment period. The upshot: Seed companies will be able to produce and sell 37 new GM corn varieties and 17 new soybean varieties to domesti…

After decades of delay, Beijing announced preliminary approval for 51 genetically modified (GM) crops on Tuesday.

The approvals will be final after a 30-day comment period.

The upshot: Seed companies will be able to produce and sell 37 new GM corn varieties and 17 new soybean varieties to domesti...

sources

MARA: 关于第五届国家农作物品种审定委员会第四次审定会议初审通过品种的公示

Securities Times: 转基因品审正式落地，种业股强势拉升，大北农涨停

October 19, 2023

Vlad, I think this is the middle of a beautiful friendship

Sino-Russian ties are as unshakeable as ever. On Wednesday, Xi Jinping had a one-on-one with Russian President Vladimir Putin, in town for – what else – the Belt and Road Forum (BRF). Putin always makes time for the BRF: He has attended all three and was the guest of honor at this year’s event. Xi… Read More »

Sino-Russian ties are as unshakeable as ever.
On Wednesday, Xi Jinping had a one-on-one with Russian President Vladimir Putin, in town for – what else – the Belt and Road Forum (BRF).
Putin always makes time for the BRF: He has attended all three and was the guest of honor at this year’s event.
Xi e...

sources

Gov.cn: 习近平同俄罗斯总统普京会谈

Russian President's Office: Russian-Chinese talks

Russian President's Office: News conference following the visit to China

BBC: Vladimir Putin feted at Xi Jinping's global Belt and Road summit

October 19, 2023

Tim Cook heads to China

Earlier this week, Tim Cook landed in China on a surprise visit – and the trip has been a whirlwind thus far. Since his arrival, Cook has: Visited an Apple store in Chengdu and attended a gaming tournament Toured the factory of Apple supplier Luxshare in Zhejiang Met with Minister of Commerce Wang …

Earlier this week, Tim Cook landed in China on a surprise visit – and the trip has been a whirlwind thus far. Since his arrival, Cook has:

Visited an Apple store in Chengdu and attended a gaming tournament
Toured the factory of Apple supplier Luxshare in Zhejiang
Met with Minister of Commerce Wang ...

sources

Bloomberg: Apple CEO Tim Cook Gets China Minister’s Backing in Midst of Tech War

Bloomberg: Apple’s Cook Cheers on Tencent Game Gala in Rare China Visit

October 19, 2023

Can’t every AI superpower just get along?

Kumbayah, AI, kumbayah… On Wednesday, Xi Jinping announced China’s new Global AI Governance Initiative at the Belt and Road Forum in Beijing. The deets: The initiative is a set of eleven high-level principles outlining China’s approach to international cooperation on AI governance. The initi…

Kumbayah, AI, kumbayah...
On Wednesday, Xi Jinping announced China's new Global AI Governance Initiative at the Belt and Road Forum in Beijing.
The deets: The initiative is a set of eleven high-level principles outlining China's approach to international cooperation on AI governance. The initi...

sources

CAC: 全球人工智能治理倡议

MoFA: 外交部发言人就《全球人工智能治理倡议》答记者问

White House: G7 Hiroshima Leaders’ Communiqué

October 19, 2023

Help wanted, must love the digital economy

You can’t run a ship without sailors. On Saturday, the central government kicked off its recruitment process for the coming year, issuing an open call for applications for positions across various ministries… … and it looks like China’s new National Data Administration (NDA) is now hiring its f…

... and it looks like China's new National Data Administration (NDA) is now hiring its f...

sources

The Paper: 新组建的国家数据局启动招聘，个别岗位要求有密码学研究经验

Gov.cn: 中央机关及其直属机构2024年度考试录用公务员公告

Xuebao Civil Service Examination Information Network: 国家数据局职位列表

October 19, 2023

Turning insurance premiums into bridges

Beijing wants insurers – and their trillions of RMB under management – to get more involved in the infrastructure finance game. On Friday, the Shanghai and Shenzhen Stock Exchanges (SSE, SZSE) approved five insurance asset management companies (AMCs) to issue asset-backed securities (ABSs) and real …

Beijing wants insurers – and their trillions of RMB under management – to get more involved in the infrastructure finance game.
On Friday, the Shanghai and Shenzhen Stock Exchanges (SSE, SZSE) approved five insurance asset management companies (AMCs) to issue asset-backed securities (ABSs) and real ...

sources

Shanghai Stock Exchange: 上交所同意5家保险资产管理公司试点开展ABS及REITs业务

Shenzhen Stock Exchange: 深交所同意5家保险资产管理公司试点开展ABS及REITs业务

Caixin: 5家保险资管公司获批开展ABS及REITs业务

CSRC: 证监会指导证券交易所发布指引支持保险资产管理公司开展资产证券化及REITs业务

Sina: https://finance.sina.com.cn/jjxw/2023-05-24/doc-imyuvqyk6513230.shtml

October 19, 2023

Consumption kicks in

China’s solid Q3 economic performance was buoyed by an uptick in consumer spending in September. That’s according to the monthly econ data, also released by the stats bureau on Wednesday. By the numbers: Retail sales saw 5.5% y/y growth last month – up from 4.6% in August and the highest print si…

China’s solid Q3 economic performance was buoyed by an uptick in consumer spending in September.

That’s according to the monthly econ data, also released by the stats bureau on Wednesday.

By the numbers:

Retail sales saw 5.5% y/y growth last month – up from 4.6% in August and the highest print si...

sources

NBS: 2023年9月份能源生产情况

October 19, 2023

On the right track

China’s economy outperformed expectations in Q3 – with an uptick in growth toward the quarter-end that looks set to continue into Q4. That’s according to data released on Wednesday by China’s stats bureau. By the numbers: Real GDP growth came in at 4.9% y/y last quarter – down from 6.3% growth in…

China’s economy outperformed expectations in Q3 – with an uptick in growth toward the quarter-end that looks set to continue into Q4.

That’s according to data released on Wednesday by China’s stats bureau.

By the numbers:

Real GDP growth came in at 4.9% y/y last quarter – down from 6.3% growth in...

sources

NBS: 2023年前三季度居民收入和消费支出情况

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