string(13) "markets-macro"

Macro

September 15, 2023

A recovery with caveats

China’s stats bureau published the monthly econ data for August on Friday. The headlines: Retail sales rose 4.6% y/y in August, up from 2.5% growth in July. Fixed asset investment (FAI) rose 1.8% y/y in August, improved from 1.2% growth in July. Value-added output at industrial firms rose 4.5% y/y … Username Password Remember Me… Read More »

China’s stats bureau published the monthly econ data for August on Friday.
The headlines:

Retail sales rose 4.6% y/y in August, up from 2.5% growth in July.
Fixed asset investment (FAI) rose 1.8% y/y in August, improved from 1.2% growth in July.
Value-added output at industrial firms rose 4.5% y/y ...

sources

NBS: 8月份国民经济恢复向好

NBS: 2023年8月份社会消费品零售总额增长4.6%

September 15, 2023

Indefensible

Minister of Defense and State Councilor Li Shangfu is under investigation for corruption. Reuters has the scoop: “The investigation into Li relates to procurement of military equipment, according to a regional security official and three people in direct contact with the Chinese military.” It’s n…

Minister of Defense and State Councilor Li Shangfu is under investigation for corruption.
Reuters has the scoop:

“The investigation into Li relates to procurement of military equipment, according to a regional security official and three people in direct contact with the Chinese military.”

It’s n...

sources

Reuters: Chinese defence minister under investigation for corrupt procurement

September 15, 2023

Please put on your big boy pants

The Party wants cadres to be more professional. On Thursday, the general office of the Central Committee released revised rules governing both technical and administrative officials. Some context: The Party divided government officials who are not in leadership positions into the two categories in 2…

The Party wants cadres to be more professional.
On Thursday, the general office of the Central Committee released revised rules governing both technical and administrative officials.
Some context: The Party divided government officials who are not in leadership positions into the two categories in 2...

sources

Gov.cn: 中共中央办公厅印发《专业技术类公务员管理规定》和《行政执法类公务员管理规定》

12371.CN: 优化分类管理格局提高科学管理效能建设堪当民族复兴重任的高素质公务员队伍——中央组织部负责人就修订颁布《专业技术类公务员管理规定》和《行政执法类公务员管理规定》答记者问

September 15, 2023

One office to rule them all

The line between the Party and the government is blurring. Cai Qi and Wu Zhenglong – chiefs of staff of Xi Jinping and Premier Li Qiang, respectively – chaired the National Conference of Party Committee and Government Secretaries-general on Wednesday and Thursday. It’s a big old conference: The chie…

The line between the Party and the government is blurring.
Cai Qi and Wu Zhenglong – chiefs of staff of Xi Jinping and Premier Li Qiang, respectively – chaired the National Conference of Party Committee and Government Secretaries-general on Wednesday and Thursday.
It's a big old conference: The chie...

sources

Xinhua: 习近平对新时代办公厅工作作出重要指示强调提高政治站位强化政治担当提升政治能力落实政治责任建设让党放心让人民满意的模范机关

September 15, 2023

Put your money where your core business is

Beijing wants state-owned enterprises (SOE) laser focused on national priorities. The SOE regulator (SASAC) recently released guidelines for SOE minority equity investments in other companies. Some context: SOEs frequently buy stakes in high-risk, high-reward firms completely unrelated to their core…

Beijing wants state-owned enterprises (SOE) laser focused on national priorities.
The SOE regulator (SASAC) recently released guidelines for SOE minority equity investments in other companies.
Some context: SOEs frequently buy stakes in high-risk, high-reward firms completely unrelated to their core...

sources

Xinhua: 国企参股管理迎新规严控非主业投资

September 15, 2023

Innovation up for grabs

Industrial policymakers are enlisting help to push forward bleeding-edge innovation. On Wednesday, China’s industrial regulator (MIIT) published a wish list of research and development tasks it wants researchers and companies to undertake. Companies, universities, labs, or industry-finance-educat…

Industrial policymakers are enlisting help to push forward bleeding-edge innovation.
On Wednesday, China's industrial regulator (MIIT) published a wish list of research and development tasks it wants researchers and companies to undertake.

Companies, universities, labs, or industry-finance-educat...

sources

MIIT: 工业和信息化部办公厅关于组织开展2023年未来产业创新任务揭榜挂帅工作的通知

September 15, 2023

A non-Appleogy

On Wednesday, Ministry of Foreign Affairs (MoFA) spokeswoman Mao Ning commented on China’s rumored iPhone ban. Background: Last week, personnel at various ministries and SOEs were reportedly forbidden from using iPhones as work devices. When reporters asked about the ban, Mao responded (MoFA): “C…

On Wednesday, Ministry of Foreign Affairs (MoFA) spokeswoman Mao Ning commented on China's rumored iPhone ban.
Background: Last week, personnel at various ministries and SOEs were reportedly forbidden from using iPhones as work devices.
When reporters asked about the ban, Mao responded (MoFA):

"C...

sources

MoFA: Foreign Ministry Spokesperson Mao Ning’s Regular Press Conference on September 13, 2023

Bloomberg: China’s Apple iPhone Ban Appears to Be Retaliation, US Says

Bloomberg: IPhone Hacked Using Pegasus Spyware from Israel’s NSO Group

September 15, 2023

Flash Talk | How does China address its local government debt problem?

Following its July 24 meeting, the Politburo said it would roll out “a basket of measures” to deal with local government debt problems. In this latest Flash Talk, Trivium Co-founder Andrew Polk and Head of China Markets Research Dinny McMahon discuss what measures are likely to make it into the bask…

Following its July 24 meeting, the Politburo said it would roll out "a basket of measures" to deal with local government debt problems.
In this latest Flash Talk, Trivium Co-founder Andrew Polk and Head of China Markets Research Dinny McMahon discuss what measures are likely to make it into the bask...

September 15, 2023

Not attractive enough

The central bank’s (PBoC) program supporting the completion of unfinished housing projects remains largely untapped, almost a year after its launch. On Thursday, the FT cited former PBoC and current banking officials as saying the program has flopped because banks won’t increase their exposure to de…

The central bank’s (PBoC) program supporting the completion of unfinished housing projects remains largely untapped, almost a year after its launch.
On Thursday, the FT cited former PBoC and current banking officials as saying the program has flopped because banks won't increase their exposure to de...

sources

FT: Chinese banks shun Beijing’s flagship property bailout fund

PBoC: 中国货币政策执行报告2023年第一季度

PBoC: 中国货币政策执行报告2023年第二季度

September 15, 2023

This is not the stimulus you think it is

China’s central bank (PBoC) has eased monetary conditions a smidge – but it ain’t stimulus. On Thursday, the PBoC said it will cut banks’ reserve requirement ratio (RRR) by 25 basis points, effective September 15. The deets: The reduction applies to all banks except those whose RRR is already 5% or …

China’s central bank (PBoC) has eased monetary conditions a smidge – but it ain’t stimulus.
On Thursday, the PBoC said it will cut banks’ reserve requirement ratio (RRR) by 25 basis points, effective September 15.
The deets: The reduction applies to all banks except those whose RRR is already 5% or ...

sources

PBoC: 中国人民银行决定于2023年9月15日下调金融机构存款准备金率

PBoC: 分析｜央行年内二度降准释放资金超5000亿，信贷有望平稳较快增长

September 15, 2023

Henan drops some cash on the metaverse

It’s official: The metaverse ball is rolling. On Wednesday, Chinese media reported that Henan province has completed filing for a metaverse fund totaling RMB 150 million. This is the first such fund in the region. It follows Henan’s Metaverse Industry Development Action plan, which was released la…

It's official: The metaverse ball is rolling.
On Wednesday, Chinese media reported that Henan province has completed filing for a metaverse fund totaling RMB 150 million.

This is the first such fund in the region.
It follows Henan's Metaverse Industry Development Action plan, which was released la...

sources

36kr: 河南首支元宇宙基金完成备案，规模1.5亿元

September 15, 2023

Big Trouble in Small World

Stay safe out there online, kids. On Wednesday, the cyberspace administration fined Tencent RMB 1 million fine for violations of the Minors Protection Law by a product called Small World. It also suspended the service for 30 days, and confiscated “illegal gains.” Specific amounts were not provided…

Stay safe out there online, kids.
On Wednesday, the cyberspace administration fined Tencent RMB 1 million fine for violations of the Minors Protection Law by a product called Small World.

It also suspended the service for 30 days, and confiscated “illegal gains."
Specific amounts were not provided...

sources

CAC: 网信部门依法查处腾讯QQ危害未成年人身心健康违法案件

36kr: QQ回应被网信办处罚：坚决抵制和打击不良信息

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