string(13) "markets-macro"

Macro

September 20, 2023

Evergrounded

Things have turned even uglier for the world’s most indebted developer. On Saturday, the Shenzhen police department announced that it had detained multiple employees of Evergrande’s wealth management unit. The notice doesn’t specify the number of employees held or the charges against them, but stat… Username Password Remember Me Forgot Password

The notice doesn’t specify the number of employees held or the charges against them, but stat...

sources

Shenzhen Municipal Public Security Bureau: 案情通报

Shenzhen Business News: 恒大财富正式被立案调查有利开展追赃挽损工作

SCMP: Chinese police detain Evergrande employees after financial arm of indebted company fails to pay investors

Caixin: 全国楼市再探底二手房跌价城市数量创九年新高

September 20, 2023

Sweet relief

We think Beijing will intervene in domestic sugar markets in the coming weeks. The issue: Widespread drought and heatwaves over the past year have cut sugarcane and beet yields throughout the world, and pushed up power prices for refiners in key producing countries like India and Thailand. South …

We think Beijing will intervene in domestic sugar markets in the coming weeks.
The issue: Widespread drought and heatwaves over the past year have cut sugarcane and beet yields throughout the world, and pushed up power prices for refiners in key producing countries like India and Thailand.

South ...

sources

Sina Finance: 原糖期价创12年新高供应端仍是糖价的主导因素

yntw.com: 华商储备商品交易所关于食糖竞价交易会员注册通知

Ragus: Global sugar market report May 2023

September 20, 2023

Don’t know when I’ll be back again

China has a growing foreign investment problem. And by growing we mean shrinking. In August, the capital and financial accounts registered an RMB 350 billion outflow – the largest monthly drop since 2015 (SAFE). That included: An RMB 210 billion securities outflow An RMB 120 billion direct invest…

China has a growing foreign investment problem.

And by growing we mean shrinking.

In August, the capital and financial accounts registered an RMB 350 billion outflow – the largest monthly drop since 2015 (SAFE).
That included:

An RMB 210 billion securities outflow
An RMB 120 billion direct invest...

sources

SAFE: 银行代客涉外收付款数据_银行代客涉外收付款_国家外汇管理局门户网站

Bloomberg: Western Firms in China Are Historically Glum About Outlook

Bloomberg: China Is Being Left Out by a Record Number of New EM Stock Funds

September 20, 2023

Raise ambitions, not global temperatures

China must be bolder to help save the planet. That was the message US climate envoy John Kerry delivered to Vice President Han Zheng on Tuesday. They met on the sidelines of the UN General Assembly in New York. Some context: Kerry visited Beijing in July to renew calls for bilateral climate cooper…

China must be bolder to help save the planet.
That was the message US climate envoy John Kerry delivered to Vice President Han Zheng on Tuesday.

They met on the sidelines of the UN General Assembly in New York.

Some context: Kerry visited Beijing in July to renew calls for bilateral climate cooper...

sources

US Department of State: Special Presidential Envoy for Climate Kerry Meets with the People’s Republic of China (PRC) Vice President Han Zheng

September 20, 2023

Time for more tech at the Party School

Cadres need to better implement the Party’s strategic priorities. That’s the message from the Central Party School’s (CPS) plan for the 2023 fall curriculum, published on Friday by the CPS-managed outlet Study Times. ICYDK: The CPS, 90 years young, provides training and continuing education for prom…

Cadres need to better implement the Party’s strategic priorities.
That’s the message from the Central Party School’s (CPS) plan for the 2023 fall curriculum, published on Friday by the CPS-managed outlet Study Times.
ICYDK: The CPS, 90 years young, provides training and continuing education for prom...

sources

Study Times: 中央党校（国家行政学院）2023年秋季学期教学安排意见

September 20, 2023

Those standards are so meta

The industrial regulator (MIIT) is getting ever more serious about metaverse development. On Monday, MIIT submitted a proposal to form an official metaverse technical standards working group. The committee would be headed by MIIT’s China Electronics Technology Standardization Institute. Members wou…

The industrial regulator (MIIT) is getting ever more serious about metaverse development.
On Monday, MIIT submitted a proposal to form an official metaverse technical standards working group.

The committee would be headed by MIIT's China Electronics Technology Standardization Institute.
Members wou...

sources

MIIT: 公开征求对《工业和信息化部元宇宙标准化工作组筹建方案（征求意见稿）》的意见

September 20, 2023

Sichuan’s metaverse is the most meta metaverse yet

Last week, we told you that China released its first-ever national-level metaverse development policy. We also told you that would kick off a flurry of metaverse-related policymaking. That appears to be happening: On Friday, Sichuan province published a metaverse industry three-year development p…

Last week, we told you that China released its first-ever national-level metaverse development policy.

We also told you that would kick off a flurry of metaverse-related policymaking.

That appears to be happening: On Friday, Sichuan province published a metaverse industry three-year development p...

sources

Sichuan Government: 关于印发《四川省元宇宙产业发展行动计划（2023—2025年）》的通知

September 20, 2023

Spend more money on R&D

On Monday, the Ministry of Finance (MoF) and three other ministries rolled out more tax incentives for semiconductor companies. The goal: Encourage more chip R&D. The deets: For the next five years, eligible semiconductor companies can deduct 120% of their actual R&D expenses before …

On Monday, the Ministry of Finance (MoF) and three other ministries rolled out more tax incentives for semiconductor companies.
The goal: Encourage more chip R&D.
The deets:

For the next five years, eligible semiconductor companies can deduct 120% of their actual R&D expenses before ...

sources

MoF: 关于提高集成电路和工业母机企业研发费用加计扣除比例的公告

NBD: 集成电路和工业母机行业再收政策礼包：企业研发费用可在据实扣除基础上再按实际发生额120%在税前加计扣除

September 20, 2023

It’s about us, it’s about (scientific) trust, babe

Researchers in Shanghai just got put on notice. On September 14, the Shanghai Science and Technology Commission released measures aimed at weeding out scientific research corruption in the city. Some background: In August 2022, the Ministry of Science and Technology (MoST) spearheaded the release …

Researchers in Shanghai just got put on notice.
On September 14, the Shanghai Science and Technology Commission released measures aimed at weeding out scientific research corruption in the city.
Some background: In August 2022, the Ministry of Science and Technology (MoST) spearheaded the release ...

sources

Shanghai Gov: 上海市科研失信行为调查处理办法

Gov.cn: 科技部等二十二部门关于印发《科研失信行为调查处理规则》的通知

The Paper: 上海市发布科研失信行为调查处理办法：七种情形从重处理

Science: China rises to first place in most cited papers

September 19, 2023

Putting a price on education

Beijing is giving household finances a small boost by reducing the cost of a university education for lower income families. On Friday, the central bank (PBoC) along with the finance ministry (MoF) and Ministry of Education (MoE) said they’ve cut interest rates on student loans by 30 bps. The cut a…

Beijing is giving household finances a small boost by reducing the cost of a university education for lower income families.
On Friday, the central bank (PBoC) along with the finance ministry (MoF) and Ministry of Education (MoE) said they’ve cut interest rates on student loans by 30 bps.

The cut a...

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MOE: 教育部等四部门关于调整完善助学贷款有关政策的通知

Caixin: 国家助学贷款“降息”30BP 老合同也可协商使用新利率

September 19, 2023

Die another way

China’s pork processing sector is in for an overhaul. Last Tuesday, the Ministry of Agriculture and Rural Affairs issued its first-ever quality management rules for pig slaughtering. ICYDK: Beijing previously tolerated small scale, unprofessional slaughterhouses as they had the capacity and flexibil…

China's pork processing sector is in for an overhaul.
Last Tuesday, the Ministry of Agriculture and Rural Affairs issued its first-ever quality management rules for pig slaughtering.
ICYDK: Beijing previously tolerated small scale, unprofessional slaughterhouses as they had the capacity and flexibil...

sources

MARA: 农业农村部公告第710号

Gov.cn: 全面规范生猪屠宰推动行业高质量发展——农业农村部畜牧兽医局负责人就《生猪屠宰质量管理规范》答记者问

September 19, 2023

A buyers’ market

Supply of secondhand homes is surging. And this could further weigh on home prices. In the week of September 4-10 (Caixin 1): New listings of secondhand apartments in first-tier cities increased 43% w/w. The total stock of secondhand inventory in first-tier cities stood at 801,915 units, the high…

Supply of secondhand homes is surging.

And this could further weigh on home prices.

In the week of September 4-10 (Caixin 1):

New listings of secondhand apartments in first-tier cities increased 43% w/w.
The total stock of secondhand inventory in first-tier cities stood at 801,915 units, the high...

sources

Caixin: 新政后一线城市二手房周度新增挂牌量环比增四成

Securities Times: 多地楼市活跃度增加！业内人士：核心城市“金九银十”可期

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

Caixin: 全国楼市再探底二手房跌价城市数量创九年新高

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