string(13) "markets-macro"

Macro

October 12, 2023

Steel yourself for more trade restrictions

First it was electric vehicles. Then it was wind turbines. Now it’s steel (FT): “The EU is planning to announce anti-subsidy investigations against Chinese steelmakers at a summit with the US this month.” For the EU, the investigations are more about pleasing America than hurting China: “Washingt… Username Password Remember Me Forgot Password

First it was electric vehicles.
Then it was wind turbines.
Now it’s steel (FT):

“The EU is planning to announce anti-subsidy investigations against Chinese steelmakers at a summit with the US this month.”

For the EU, the investigations are more about pleasing America than hurting China:

“Washingt...

sources

FT: EU plans anti-subsidy probe into Chinese steelmakers

Reuters: EU plans anti-subsidy probes to secure steel deal with US

October 12, 2023

Vroom, vroom

China’s new financial regulator (NFRA) wants financial institutions to do more to boost consumption. In a notice circulated among financial institutions last month – but only just picked up on by local media – the regulator called for financial institutions to undertake a wide range of actions, incl…

China's new financial regulator (NFRA) wants financial institutions to do more to boost consumption.
In a notice circulated among financial institutions last month – but only just picked up on by local media – the regulator called for financial institutions to undertake a wide range of actions, incl...

sources

CBIRC: 国家金融监督管理总局江苏监管局关于转发《国家金融监督管理总局关于金融支持恢复和扩大消费的通知》的通知

21st Century Biz: 金融监管总局发文支持恢复和扩大消费：扩大汽车消费降低消费金融成本

October 12, 2023

Micron doles out mea culpas

Looks like Micron is still trying to get back in Beijing’s good graces. On Tuesday, a Chinese semiconductor media outlet reported that Micron Technologies will be participating in the upcoming China International Import Expo. The Expo will be held in Shanghai from November 5-10. Some background:…

Looks like Micron is still trying to get back in Beijing's good graces.
On Tuesday, a Chinese semiconductor media outlet reported that Micron Technologies will be participating in the upcoming China International Import Expo.

The Expo will be held in Shanghai from November 5-10.

Some background:...

sources

Semi Insights: 美光将首次参加上海进博会

October 12, 2023

Ant’s second capital injection

Ant Group’s restructuring is moving forward again. On Monday, Caixin reported that Ant Group is planning to raise an additional RMB 4.5 billion for its consumer finance company. Some context: The capital injection is one of the key requirements Ant was ordered to meet in order to complete its regul…

Ant Group's restructuring is moving forward again.
On Monday, Caixin reported that Ant Group is planning to raise an additional RMB 4.5 billion for its consumer finance company.
Some context: The capital injection is one of the key requirements Ant was ordered to meet in order to complete its regul...

sources

Caixin: 蚂蚁消金拟增资至230亿元将加快承接花呗借呗业务

October 12, 2023

Officials get gassed up for smart highways

You know what will make smart cars smarter? Equally smart roads. On Monday, the Ministry of Transportation (MoT) released milestone guidelines for intelligent highway buildout. The guidelines are part of a plan designed to speed up smart highway construction. TL;DR: The guidelines lay out an engi…

You know what will make smart cars smarter? Equally smart roads.
On Monday, the Ministry of Transportation (MoT) released milestone guidelines for intelligent highway buildout.

The guidelines are part of a plan designed to speed up smart highway construction.

TL;DR: The guidelines lay out an engi...

sources

MoT: 交通运输部关于发布《公路工程设施支持自动驾驶技术指南》的公告

October 12, 2023

Closing down open source

On Friday, Reuters reported that US lawmakers are increasingly calling on the Biden administration to place export restrictions on RISC-V chip technology. RISC-V is an open-source chip architecture that may one day threaten the monopoly of proprietary architectures like those owned by Intel and Ar…

On Friday, Reuters reported that US lawmakers are increasingly calling on the Biden administration to place export restrictions on RISC-V chip technology.

RISC-V is an open-source chip architecture that may one day threaten the monopoly of proprietary architectures like those owned by Intel and Ar...

sources

SCMP: Tech war: report that US is targeting RISC-V chip standard for restrictions on China may open new front in tech war

Reuters: RISC-V technology emerges as battleground in US-China tech war

October 11, 2023

Ease up, will ya?

Foreign hedge funds are reportedly pushing back against proposed industry regs to tighten oversight of the lightly regulated private fund industry (Bloomberg). Background: The Asset Management Association of China (AMAC) – an industry group overseen by the securities regulator (CSRC) – released the …

Foreign hedge funds are reportedly pushing back against proposed industry regs to tighten oversight of the lightly regulated private fund industry (Bloomberg).
Background: The Asset Management Association of China (AMAC) – an industry group overseen by the securities regulator (CSRC) – released the ...

sources

Bloomberg: Global Hedge Funds Push Back Against China Draft Rules

AMAC: 关于就《私募证券投资基金运作指引（征求意见稿）》公开征求意见的通知

October 11, 2023

Patently problematic

China’s got a pile of patents gathering dust in university labs. Some context: Merely 6% of university research gets commercialized in China, compared to 50% in the US (Shanghai Technology Exchange). That’s because researchers are incentivized to aim for the quantity rather than the quality …

China's got a pile of patents gathering dust in university labs.
Some context: Merely 6% of university research gets commercialized in China, compared to 50% in the US (Shanghai Technology Exchange).

That's because researchers are incentivized to aim for the quantity rather than the quality ...

sources

Gov.cn: 李强主持召开国务院常务会议审议通过《关于加强低收入人口动态监测做好分层分类社会救助工作的意见》等

Shanghai Technology Exchange: 中美科技成果转化比较分析

October 11, 2023

Backlash against price slash

Property developers are resorting to rule-breaking discounts to keep sales afloat. The latest: Local authorities in Huizhou, Guangdong province, have reprimanded a local developer for cutting prices by a whopping 48% over the “Golden Week” holiday. Some disgruntled residents in the same housing dev…

Property developers are resorting to rule-breaking discounts to keep sales afloat.
The latest: Local authorities in Huizhou, Guangdong province, have reprimanded a local developer for cutting prices by a whopping 48% over the “Golden Week” holiday.

Some disgruntled residents in the same housing dev...

sources

Yicai: 惠州一项目五折卖房被停业整顿，低价卖出房源将被退房

October 11, 2023

Courting the private sector

The Supreme People’s Court (SPC) is getting in on the private sector love-in. On Tuesday, the SPC issued guidelines on improving the legal environment for private companies. ICYMI: On July 19, the government initiated the biggest private sector push in PRC history. In the months since, government a…

The Supreme People's Court (SPC) is getting in on the private sector love-in.
On Tuesday, the SPC issued guidelines on improving the legal environment for private companies.
ICYMI: On July 19, the government initiated the biggest private sector push in PRC history.

In the months since, government a...

sources

CPLAC: 最高法发布《关于优化法治环境促进民营经济发展壮大的指导意见》

October 11, 2023

Debt swap

Efforts to swap hidden debt for explicit local government debt are accelerating. In recent days, Tianjin, Liaoning, Yunnan, Chongqing, and Guangxi have announced they will issue bonds to refinance hidden debt worth a combined RMB 253.3 billion. That’s on the back of Inner Mongolia’s plans to issue …

Efforts to swap hidden debt for explicit local government debt are accelerating.
In recent days, Tianjin, Liaoning, Yunnan, Chongqing, and Guangxi have announced they will issue bonds to refinance hidden debt worth a combined RMB 253.3 billion.

That's on the back of Inner Mongolia's plans to issue ...

sources

China Bond: 2023年第十一批天津市地方政府债券发行信息披露

China Bond: 2023年辽宁省地方政府再融资一般债券（九-十一期）、专项债券（二十五期）、再融资专项债券（十二期）信息披露文件

China Bond: 2023年云南省地方政府再融资一般债券（五至六期）信息披露文件

China Bond: 2023年重庆市地方政府再融资一般债券（六期至九期）信息披露材料

China Bond: 2023年广西壮族自治区政府一般债券（十一至十二期）及专项债券（二十三至二十五期）信息披露文件

Caixin: 怎样消化地方债

October 11, 2023

Inspection time

On Tuesday, the Party launched its latest round of disciplinary inspections. Some context: Every six months, the Party Central Committee dispatches inspection teams to selected ministries, local governments, state-owned firms, and universities to ensure they’re toeing the Party line. The most recen…

On Tuesday, the Party launched its latest round of disciplinary inspections.
Some context: Every six months, the Party Central Committee dispatches inspection teams to selected ministries, local governments, state-owned firms, and universities to ensure they’re toeing the Party line.

The most recen...

sources

CCTV: [视频]二十届中央第二轮巡视对象公布

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