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Macro

October 13, 2023

China’s new point man on military diplomacy

China is likely to appoint a new defense minister later this month. In case you forgot: Current Minister of Defense Li Shangfu hasn’t been seen for six weeks and is reportedly under investigation for corruption. Chief of the Joint Staff Department of the Central Military Commission (CMC) Liu Zhenli … Username Password Remember Me … Read More »

China is likely to appoint a new defense minister later this month.
In case you forgot: Current Minister of Defense Li Shangfu hasn’t been seen for six weeks and is reportedly under investigation for corruption.
Chief of the Joint Staff Department of the Central Military Commission (CMC) Liu Zhenli ...

sources

Reuters: https://www.reuters.com/world/china/combat-veteran-is-top-contender-replace-chinas-missing-defence-minister-2023-10-12/

October 13, 2023

Don’t touch the hot potato

In case it wasn’t clear enough that semiconductors had become a geopolitical minefield… Over the last month, rumors have surfaced that four Taiwanese companies assisted Huawei on chip production, potentially skirting US export controls (Bloomberg). Taipei has opened an investigation into this.&n…

In case it wasn't clear enough that semiconductors had become a geopolitical minefield...
Over the last month, rumors have surfaced that four Taiwanese companies assisted Huawei on chip production, potentially skirting US export controls (Bloomberg).

Taipei has opened an investigation into this.&n...

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Taiwan Affairs Office: 国台办新闻发布会辑录（2023-10-11）

Bloomberg: Taiwan to Probe Suppliers Helping Huawei With China Chip Plants

October 13, 2023

New MoST boss looks abroad

Yin Hejun, the new head of the Ministry of Science and Technology (MoST), has hit the ground running. On Tuesday, Yin sat down with the UK’s Sir Jim McDonald, President of the Royal Academy of Engineering and the University of Strathclyde. This was Yin’s first meeting as head of MoST. …

Yin Hejun, the new head of the Ministry of Science and Technology (MoST), has hit the ground running.
On Tuesday, Yin sat down with the UK’s Sir Jim McDonald, President of the Royal Academy of Engineering and the University of Strathclyde.

This was Yin’s first meeting as head of MoST.
...

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Ministry of Science and Technology: 科技部党组书记阴和俊会见英国皇家工程院院长吉姆·麦克唐纳德爵士

October 13, 2023

What are you feeding your AI?

If you measure it, you can control it. Yesterday, China’s cybersecurity standards body (TC260) released draft requirements for AI-generated content services (AIGC). These standards support the cybersecurity administration’s (CAC) interim AIGC regulations released in July. Some context: The AIGC re…

If you measure it, you can control it.
Yesterday, China’s cybersecurity standards body (TC260) released draft requirements for AI-generated content services (AIGC).

These standards support the cybersecurity administration’s (CAC) interim AIGC regulations released in July.

Some context: The AIGC re...

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TC260: 关于征求信安标委技术文件《生成式人工智能服务安全基本要求》（征求意见稿）意见的通知

October 13, 2023

Balancing fintech and fintech risk

Beijing wants state banks to find innovative ways to issue more small loans. On Wednesday, the State Council rolled out a policy designed to promote inclusive finance. Some background: Many banks don’t offer high-quality loans and insurance services for farmers and micro businesses. One reason is …

Beijing wants state banks to find innovative ways to issue more small loans.
On Wednesday, the State Council rolled out a policy designed to promote inclusive finance.
Some background: Many banks don't offer high-quality loans and insurance services for farmers and micro businesses.

One reason is ...

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State Council: 国务院关于推进普惠金融高质量发展的实施意见

October 12, 2023

Ragin’ Huijin

Is the national team back in action? On Wednesday, China’s big four state banks – ICBC, China Construction Bank (CCB), Bank of China, and Agricultural Bank of China – separately announced that Central Huijin had increased its equity holdings in each institution. ICYDK: Huijin is a mega financial hol…

Is the national team back in action?
On Wednesday, China’s big four state banks – ICBC, China Construction Bank (CCB), Bank of China, and Agricultural Bank of China – separately announced that Central Huijin had increased its equity holdings in each institution.
ICYDK: Huijin is a mega financial hol...

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East Money: 时隔多年汇金公司再度增持四大行！未来6个月继续增持

October 12, 2023

Not all roses in the Garden

China’s biggest private real estate developer has warned it will default on its offshore debt. In an exchange filing Tuesday, Country Garden said it missed an HKD 470 million coupon payment on an offshore bond (HKEX). ICYDK: Once deemed one of a handful of financially sound private developers, Cou…

China’s biggest private real estate developer has warned it will default on its offshore debt.

In an exchange filing Tuesday, Country Garden said it missed an HKD 470 million coupon payment on an offshore bond (HKEX).

ICYDK: Once deemed one of a handful of financially sound private developers, Cou...

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FT: China’s largest private developer Country Garden warns of default

HKEX: Inside Information

October 12, 2023

Autobots, roll out

China’s auto exports – especially New Energy Vehicles (NEVs) – are surging. Per data released on Wednesday, in September (CAAM): China’s total auto exports rose 47.7% y/y for the month Of which NEV exports climbed 92.8% y/y Year to date, NEV exports have grown a staggering 110% y/y (Xinhua). Tota…

China's auto exports – especially New Energy Vehicles (NEVs) – are surging.
Per data released on Wednesday, in September (CAAM):

China's total auto exports rose 47.7% y/y for the month
Of which NEV exports climbed 92.8% y/y

Year to date, NEV exports have grown a staggering 110% y/y (Xinhua).

Tota...

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Xinhua: 前三季度汽车工业数据发布：9月份汽车产销延续环同比双增长态势

October 12, 2023

Xi’s jolly jaunt in Jiangxi

Xi Jinping is on the road in Jiangxi province. On Tuesday, the big man visited Jiujiang city, inspecting: The Yangtze River National Cultural Park on Jiujiang’s outskirts Sinopec Jiujiang Company, a subsidiary of state-owned oil giant Sinopec His tour continued on Wednesday in Jingdezhen and Shang…

Xi Jinping is on the road in Jiangxi province.
On Tuesday, the big man visited Jiujiang city, inspecting:

The Yangtze River National Cultural Park on Jiujiang's outskirts
Sinopec Jiujiang Company, a subsidiary of state-owned oil giant Sinopec

His tour continued on Wednesday in Jingdezhen and Shang...

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Gov.cn: 习近平在江西九江市考察调研

The Paper: 习近平在江西景德镇市、上饶市考察调研

October 12, 2023

Faking the fudge

Policymakers want better quality economic data. ICYMI: There has been a recent crackdown down on crappy data. In May, Xi Jinping warned cadres about data fraud. In the same month, local governments held “self-correction” campaigns to improve data quality. In July, the stats bureau dispatched data …

Policymakers want better quality economic data.
ICYMI: There has been a recent crackdown down on crappy data.

In May, Xi Jinping warned cadres about data fraud.
In the same month, local governments held “self-correction” campaigns to improve data quality.
In July, the stats bureau dispatched data ...

sources

Xinhua: 青海省西宁市委原副书记、市长孔令栋严重违纪违法被开除党籍和公职

Xinhua: 山东省政协原党组成员、副主席孙述涛严重违纪违法被开除党籍和公职

Xinhua: 江苏省委原副书记张敬华严重违纪违法被开除党籍和公职

October 12, 2023

This belt is your belt, this road is your road

Beijing is getting ready to staunchly defend the Belt and Road Initiative (BRI) at next week’s BRI forum. How do we know? The State Council released a BRI white paper on Tuesday which is surprisingly defensive. “The BRI is not a solo endeavor by China.” “The BRI is not one of China’s international…

Beijing is getting ready to staunchly defend the Belt and Road Initiative (BRI) at next week's BRI forum.
How do we know? The State Council released a BRI white paper on Tuesday which is surprisingly defensive.

“The BRI is not a solo endeavor by China.”
“The BRI is not one of China’s international...

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Gov.cn: The Belt and Road Initiative: A Key Pillar of the Global Community of Shared Future

October 12, 2023

FDI FTW

Beijing is undertaking a charm offensive to woo European multinational corporations (MNCs). On Wednesday, executive vice premier Ding Xuexiang met with Oliver Blume – CEO of Volkswagen – in Beijing. That same day, Vice President Han Zheng met Swedish banking and industrial tycoon Jacob Wallenberg –…

That same day, Vice President Han Zheng met Swedish banking and industrial tycoon Jacob Wallenberg –...

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People.cn: 丁薛祥会见德国大众汽车集团管理董事会主席奥博穆

MoFA: 韩正会见瑞典银瑞达集团董事会主席瓦伦堡

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