string(13) "markets-macro"

Macro

March 26, 2025

Solar module prices unexpectedly spike

An unexpected surge in demand for solar modules is inflating prices. On Thursday, InfoLink reported that the selling price for mainstream TOPCon solar modules has climbed to RMB 0.8/W in recent weeks – a 30% rise from the RMB 0.6/W low in December 2024. ICYDK: Rampant overcapacity has battered the s… Username Password Remember Me… Read More »

An unexpected surge in demand for solar modules is inflating prices.
On Thursday, InfoLink reported that the selling price for mainstream TOPCon solar modules has climbed to RMB 0.8/W in recent weeks – a 30% rise from the RMB 0.6/W low in December 2024.
ICYDK: Rampant overcapacity has battered the s...

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Infolink: 【周价格评析】受抢装影响供应链涨势有望维持至四月中下旬

March 26, 2025

A grim start to the fiscal year

Deflationary pressure, weak domestic demand, and a shrinking property sector are hammering government revenues. Per data released by the finance ministry (MoF) on Monday: General public budget revenue – the biggest chunk of government income – dropped by 1.6% y/y in the first two months of the year…

Deflationary pressure, weak domestic demand, and a shrinking property sector are hammering government revenues.
Per data released by the finance ministry (MoF) on Monday:

General public budget revenue – the biggest chunk of government income – dropped by 1.6% y/y in the first two months of the year...

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MoF: 2025年1-2月财政收支情况

March 26, 2025

BYD overtakes Tesla as top NEV earner

Tesla is no longer the top earner in the new energy vehicle (NEV) market. On Monday, BYD confirmed its final 2024 earnings data, which put it squarely ahead of Tesla: BYD’s annual revenue hit USD 107 billion, up 29% y/y. That’s 9.5% above Tesla’s revenue of USD 97.7 billion, which was up 1.0% y/y. …

Tesla is no longer the top earner in the new energy vehicle (NEV) market.
On Monday, BYD confirmed its final 2024 earnings data, which put it squarely ahead of Tesla:

BYD’s annual revenue hit USD 107 billion, up 29% y/y.
That’s 9.5% above Tesla’s revenue of USD 97.7 billion, which was up 1.0% y/y.
...

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The Paper: 比亚迪营收首超特斯拉！去年净利增三成，拟分红超120亿元

March 26, 2025

Sunac plans second round of offshore debt restructuring

Private real estate giant Sunac is back at the negotiation table with overseas creditors – a clear sign of the sector’s persistent liquidity crunch. In a Monday filing, Sunac said it is seeking a “more comprehensive holistic offshore debt solution,” citing weak market conditions (HKEX). The move ma…

Private real estate giant Sunac is back at the negotiation table with overseas creditors – a clear sign of the sector’s persistent liquidity crunch.
In a Monday filing, Sunac said it is seeking a “more comprehensive holistic offshore debt solution,” citing weak market conditions (HKEX).

The move ma...

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HKEX: (1) ADJOURNMENT OF WINDING-UP PETITION HEARING (2) OFFSHORE DEBT RESTRUCTURING (3) MANDATORY CONVERTIBLE BONDS - NOTICE ON CLOSURE OF CONVERSION WINDOW

Bloomberg: Chinese Property Crisis Just Won’t Go Away, Sunac’s Case Shows

Reuters: Exclusive: Sunac China flags difficulty making Sept dollar bond payments, sources say

Reuters: Sunac liquidation suit hammers shares, renews property debt crisis concerns

March 26, 2025

SAMR increases penalties for fraudulent certification bodies

What happened: On Monday, China’s market regulator (SAMR) announced that regulations governing certification and testing institutions would be revised to increase the maximum penalties for fraud from RMB 30,000 to RMB 100,000. Why it matters: This is an attempt to prevent unsafe products from floodi…

What happened: On Monday, China's market regulator (SAMR) announced that regulations governing certification and testing institutions would be revised to increase the maximum penalties for fraud from RMB 30,000 to RMB 100,000.
Why it matters: This is an attempt to prevent unsafe products from floodi...

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SAMR: 市场监管总局修订《检验检测机构监督管理办法》加大检验检测造假处罚力度

Gov.cn: 检验检测机构监督管理办法

March 26, 2025

Beijing pushes broad IP reform effort

What happened: On Friday, China’s intellectual property regulator (CNIPA) and six other bodies jointly released high-level guidance on improving China’s IP ecosystem. The wide-ranging policy includes efforts to incentivize more innovation, including measures to better leverage stockpiled patents at…

What happened: On Friday, China’s intellectual property regulator (CNIPA) and six other bodies jointly released high-level guidance on improving China’s IP ecosystem.

The wide-ranging policy includes efforts to incentivize more innovation, including measures to better leverage stockpiled patents at...

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Gov.cn: 国家知识产权局教育部科技部市场监管总局金融监管总局国家版权局中国科学院关于进一步优化知识产权领域营商环境的意见

March 26, 2025

Tesla pauses FSD China beta testing

What happened: Tesla has recently paused its FSD beta testing in China, stating on Monday that the move was necessary to comply with a recent MIIT regulation regarding over-the-air updates for autonomous driving technology. But that doesn’t make sense: The MIIT regulation cited by Tesla actually wen…

What happened: Tesla has recently paused its FSD beta testing in China, stating on Monday that the move was necessary to comply with a recent MIIT regulation regarding over-the-air updates for autonomous driving technology.
But that doesn't make sense: The MIIT regulation cited by Tesla actually wen...

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Caijing: 特斯拉FSD推送暂停，中国智驾竞赛白热化

March 25, 2025

Cities begin churning out for-sale affordable housing units

Officials are racing to expand the supply of affordable housing. The latest: On Friday, applications opened in Guangzhou for the city’s inaugural batch of 1,336 for-sale affordable homes (Cailianshe). Guangzhou’s move – the first among top-tier cities – followed similar announcements…

Guangzhou’s move – the first among top-tier cities – followed similar announcements...

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Cailianshe: 广州打响一线城市配售型保障房申购“第一枪” 1336套房源价格仅为市场价六折

Securities Times: 多城配售型保障性住房入市按下“加速键”

March 25, 2025

Leapmotor-Stellantis NEV investment finds home in Spain

The Leapmotor-Stellantis partnership is making headway. On Friday, China’s embassy in Madrid confirmed that Chinese new energy vehicle (NEV) maker Leapmotor and European auto leader Stellantis plan to invest USD 200 million in the latter’s factory in Zaragoza, Spain. The announcement follows recent…

The Leapmotor-Stellantis partnership is making headway.
On Friday, China’s embassy in Madrid confirmed that Chinese new energy vehicle (NEV) maker Leapmotor and European auto leader Stellantis plan to invest USD 200 million in the latter’s factory in Zaragoza, Spain.

The announcement follows recent...

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Reuters: Stellantis, Leapmotor favour Spain for production of B10 EV, source says

March 25, 2025

Beijing mulls subsidizing services consumption

Beijing is reportedly mulling whether to extend its consumer goods subsidies to cover the purchase of services, as well. Some context: The State Council launched the consumer goods trade-in program in March 2024, subsidizing purchases of big-ticket items like autos and home appliances. In 2025, the…

Beijing is reportedly mulling whether to extend its consumer goods subsidies to cover the purchase of services, as well.
Some context: The State Council launched the consumer goods trade-in program in March 2024, subsidizing purchases of big-ticket items like autos and home appliances.

In 2025, the...

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Financial Times: China explores services subsidy to boost weak domestic demand

Yicai: 如何应对透支——“国补”扩围至服务消费补贴

Wallstreet.cn: “国补”扩围至服务消费领域的必要性和可能性有多大？

March 25, 2025

State Council bolsters anti-sanctions law

On Monday, the State Council issued 22 new regulations to beef up China’s Anti-Foreign Sanctions Law (AFSL). ICYDK: China passed the AFSL in 2021 as part of a larger effort to build a legal framework to strike back against foreign (read: American) economic coercion. The regs strengthen enforceabilit…

On Monday, the State Council issued 22 new regulations to beef up China’s Anti-Foreign Sanctions Law (AFSL).
ICYDK: China passed the AFSL in 2021 as part of a larger effort to build a legal framework to strike back against foreign (read: American) economic coercion.
The regs strengthen enforceabilit...

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Gov.cn: 实施《中华人民共和国反外国制裁法》的规定

SCMP: China issues regulations to boost implementation of anti-sanctions law

March 25, 2025

Going green, one zone at a time

China is expanding its pilot program for peak carbon emissions. Some context: In November 2023, the NDRC revealed a plan to designate 100 pilot zones that will trial policies to promote China’s ambitious climate goals – peaking emissions by 2030 and achieving carbon neutrality by 2060. Th…

China is expanding its pilot program for peak carbon emissions.
Some context: In November 2023, the NDRC revealed a plan to designate 100 pilot zones that will trial policies to promote China’s ambitious climate goals – peaking emissions by 2030 and achieving carbon neutrality by 2060.

Th...

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NDRC: 关于印发第二批国家碳达峰试点名单的通知(发改办环资〔2025〕248号)

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