string(13) "markets-macro"

Macro

August 1, 2023

Playing the long game

The State Council has promised to support the economy. The readout from Monday’s State Council executive meeting said: “It is necessary to strengthen countercyclical adjustments…and introduce new policy measures.” But don’t get too excited: The State Council then listed a bunch of policies that… Username Password Remember Me Forgot Password

The State Council has promised to support the economy.
The readout from Monday's State Council executive meeting said:

"It is necessary to strengthen countercyclical adjustments...and introduce new policy measures."

But don't get too excited: The State Council then listed a bunch of policies that...

sources

Gov.cn: 李强主持召开国务院常务会议学习贯彻习近平总书记关于当前经济形势和经济工作的重要讲话精神研究有关到期阶段性政策的后续安排等

August 1, 2023

This ain’t Monopoly

Potential homebuyers rejoice! Housing regulators in Beijing, Shanghai, Shenzhen, and Guangzhou have all announced that policy support for the property sector is coming, according to media reports on Monday. No surprises here: The July 24 Politburo meeting called for “optimizing” real estate polici…

Potential homebuyers rejoice!
Housing regulators in Beijing, Shanghai, Shenzhen, and Guangzhou have all announced that policy support for the property sector is coming, according to media reports on Monday.
No surprises here:

The July 24 Politburo meeting called for “optimizing” real estate polici...

sources

Caixin: 楼市观察｜北上广深表态支持刚需改需楼市调控松动空间几何？

The Paper: 一线城市齐发声！上海：大力支持刚性和改善性住房需求

Cailianshe: 深圳市住房和建设局：更好满足居民刚性和改善性住房需求，促进房地产市场平稳健康发展

August 1, 2023

Flat tire

The macro planner’s (NDRC) newest measures to boost auto sales fall remarkably short. The NDRC released a 20-point notice on promoting consumption Monday, which includes policies aimed at boosting auto sales. Auto-boosting measures fall into three brackets. First, clear all roadblocks to consum…

The macro planner’s (NDRC) newest measures to boost auto sales fall remarkably short.
The NDRC released a 20-point notice on promoting consumption Monday, which includes policies aimed at boosting auto sales.
Auto-boosting measures fall into three brackets.
First, clear all roadblocks to consum...

sources

Gov.cn: 国务院办公厅转发国家发展改革委关于恢复和扩大消费措施的通知

SCIO: 国新办举行恢复和扩大消费的措施国务院政策例行吹风会图文实录

August 1, 2023

Weak sauce

Beijing still plans to stimulate demand by expanding supply. (And we still think that’s a bad approach.) That’s based on the state planner’s (NDRC) twenty-point plan for reviving consumption, published on Monday. Spoiler: The plan is weak sauce. The notice calls for boosting consumption in the fol…

Beijing still plans to stimulate demand by expanding supply.

(And we still think that's a bad approach.)

That’s based on the state planner's (NDRC) twenty-point plan for reviving consumption, published on Monday.
Spoiler: The plan is weak sauce.
The notice calls for boosting consumption in the fol...

sources

Gov.cn: 国务院办公厅转发国家发展改革委关于恢复和扩大消费措施的通知

August 1, 2023

Get on with it

Beijing is hustling to help private companies. On Tuesday, the macro planner (NDRC) led seven other ministries in issuing a task list to implement the July 19 guidelines from the Central Committee and State Council on boosting the private sector. Get excited. The 28 items, in five broad categories, …

Beijing is hustling to help private companies.
On Tuesday, the macro planner (NDRC) led seven other ministries in issuing a task list to implement the July 19 guidelines from the Central Committee and State Council on boosting the private sector.
Get excited. The 28 items, in five broad categories, ...

sources

NDRC: 关于实施促进民营经济发展近期若干举措的通知

August 1, 2023

The light at the end of the tunnel

On Friday, Beijing rolled out a two-year plan to support light industry. The Ministry of Industry and Information Technology (MIIT), macro planner (NDRC), and Ministry of Commerce jointly released the plan (Gov.cn 1). ICYDK: Light industry refers to the manufacture of consumer goods such as food, …

On Friday, Beijing rolled out a two-year plan to support light industry.

The Ministry of Industry and Information Technology (MIIT), macro planner (NDRC), and Ministry of Commerce jointly released the plan (Gov.cn 1).

ICYDK: Light industry refers to the manufacture of consumer goods such as food, ...

sources

Gov.cn: 工业和信息化部国家发展改革委商务部关于印发轻工业稳增长工作方案（2023—2024年）的通知

Gov.cn: 《轻工业稳增长工作方案（2023—2024年）》解读

August 1, 2023

Nearing critical mass

China’s world-leading nuclear energy buildout continues apace. On Monday, the State Council approved three major nuclear power projects, comprising six reactors: Two at the Shidao Bay plant expansion project (phase 1) in Shandong Two at the Ningde plant in Fujian Two at the Xudabao plant in Liaonin…

China's world-leading nuclear energy buildout continues apace.
On Monday, the State Council approved three major nuclear power projects, comprising six reactors:

Two at the Shidao Bay plant expansion project (phase 1) in Shandong
Two at the Ningde plant in Fujian
Two at the Xudabao plant in Liaonin...

sources

Gov.cn: 李强主持召开国务院常务会议学习贯彻习近平总书记关于当前经济形势和经济工作的重要讲话精神研究有关到期阶段性政策的后续安排等

Huanqiu: 中广核：福建宁德核电项目5、6号机组获国家核准

August 1, 2023

You’re grounded

China is moving to stop its drones from being used in the Ukraine conflict. On Monday, the Ministry of Commerce (MofCom) and several other agencies widened export controls on certain civilian drones and related technologies. The revised rules go into force on September 1. Some context:…

China is moving to stop its drones from being used in the Ukraine conflict.
On Monday, the Ministry of Commerce (MofCom) and several other agencies widened export controls on certain civilian drones and related technologies.

The revised rules go into force on September 1.

Some context:...

sources

MofCom: 商务部新闻发言人就无人机出口管制政策应询答记者问

Caixin: 防止高性能民用无人机投入军事用途 9月1日起实施出口管制

Al-Jazeera: Russia intercepts new wave of drones over Moscow, office tower hit

August 1, 2023

Supply me to the moon

Policymakers have completely, utterly misdiagnosed the underlying causes of China’s lackluster consumption. On Monday, officials from five departments discussed Beijing’s pro-consumption policies at a State Council presser. Following the econ-focused Politburo meeting’s call to “expand consumption,…

Policymakers have completely, utterly misdiagnosed the underlying causes of China's lackluster consumption.
On Monday, officials from five departments discussed Beijing's pro-consumption policies at a State Council presser.

Following the econ-focused Politburo meeting's call to "expand consumption,...

sources

SCIO: 国新办举行恢复和扩大消费的措施国务院政策例行吹风会图文实录

August 1, 2023

The Premier and I in Shanghai

Last week, Premier Li Qiang visited Shanghai’s Lingang Free Trade Zone to inspect several tech companies. Background: Vice Premier Zhang Guoqing visited Shanghai this June, meeting with chip, satellite, and vehicle companies. Zhang emphasized strengthening and upgrading supply chains. Li’s itin…

Last week, Premier Li Qiang visited Shanghai's Lingang Free Trade Zone to inspect several tech companies.
Background: Vice Premier Zhang Guoqing visited Shanghai this June, meeting with chip, satellite, and vehicle companies.

Zhang emphasized strengthening and upgrading supply chains.

Li's itin...

sources

Gov.cn: 李强在上海市调研自贸试验区建设时强调：大力实施自贸试验区提升战略积极开展高水平对外开放新探索

Yicai: “斜杠女青年”的供应链创新进化论丨浦东30年•财经30人

August 1, 2023

Whip it, whip it good

Beijing has been asking state-owned enterprises (SOEs) to invest more in tech. Now, the government is ponying up the cash to make that happen. On Friday, the China Structural Reform Fund (CSRF) set up a RMB 31.5 billion fund to bankroll tech innovation at SOEs. Some context: Xi Jinping…

Beijing has been asking state-owned enterprises (SOEs) to invest more in tech.

Now, the government is ponying up the cash to make that happen.

On Friday, the China Structural Reform Fund (CSRF) set up a RMB 31.5 billion fund to bankroll tech innovation at SOEs.
Some context: Xi Jinping...

sources

Yicai: 315亿规模基金助力，国资央企加大战略性新兴产业布局

Sina: 解密国调基金

August 1, 2023

Shanghai makes it rain for gaming

On Saturday, Shanghai Pudong New Area announced it would invest over RMB 10 billion in the video game industry over the next five years. The money will fund research and development of artificial intelligence applications for gaming content. Why it matters: AI is changing the way games are made…

On Saturday, Shanghai Pudong New Area announced it would invest over RMB 10 billion in the video game industry over the next five years.

The money will fund research and development of artificial intelligence applications for gaming content.

Why it matters: AI is changing the way games are made...

sources

36kr: 上海浦东五年内拟投入超100亿元重点支持游戏产业研发创新

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