string(13) "markets-macro"

Macro

July 11, 2023

Liu He stays on

Liu He stepped down as vice premier in March. But he is still Xi Jinping’s top economic advisor. On Friday, US Secretary of the Treasury Janet Yellen, met with Liu during her trip to Beijing. Most Chinese media kept quiet about their meeting. But the Party-affiliated Global Times reported it. What… Username Password Remember Me… Read More »

Liu He stepped down as vice premier in March.
But he is still Xi Jinping's top economic advisor.
On Friday, US Secretary of the Treasury Janet Yellen, met with Liu during her trip to Beijing.

Most Chinese media kept quiet about their meeting.

But the Party-affiliated Global Times reported it. What...

sources

Huanqiu: 中美沟通经济问题寻求共识，耶伦承诺不会“疏远中国”

July 10, 2023

We’re finally there

It’s official: The prolonged regulatory overhaul of big fintech platforms has finally come to an end. That big news was announced in a joint statement issued on Friday by the central bank (PBoC), the new financial regulatory body (NFRA), and the securities regulator (CSRC). Some context: In …

It's official: The prolonged regulatory overhaul of big fintech platforms has finally come to an end.

That big news was announced in a joint statement issued on Friday by the central bank (PBoC), the new financial regulatory body (NFRA), and the securities regulator (CSRC).

Some context: In ...

sources

Caixin: 蚂蚁被多家金融监管部门罚款71.23亿元从此转向常态化监管

July 10, 2023

Calling for intervention

Beijing needs to intervene urgently to tackle local government debt, as growing defaults could threaten the stability of the banking system and make the cleanup more costly. That’s according to Zhang Ming, a senior economist at China’s leading social sciences think tank (CASS) in an interview publis…

Beijing needs to intervene urgently to tackle local government debt, as growing defaults could threaten the stability of the banking system and make the cleanup more costly.
That’s according to Zhang Ming, a senior economist at China’s leading social sciences think tank (CASS) in an interview publis...

sources

21st Century Biz: 专访社科院张明：建议采用一揽子政策化解地方债风险

July 10, 2023

Baby steps

There is a glimmer of hope for Sino-US relations. Premier Li Qiang met with US Treasury Secretary Janet Yellen on Thursday. Li called for greater cooperation and communication (CCTV): “Strengthening cooperation is the…correct choice of China and the United States.” “The two sides should strengthen …

There is a glimmer of hope for Sino-US relations.
Premier Li Qiang met with US Treasury Secretary Janet Yellen on Thursday.
Li called for greater cooperation and communication (CCTV):

“Strengthening cooperation is the…correct choice of China and the United States.”
"The two sides should strengthen ...

sources

CCTV: 李强会见美国财政部长

US Treasury: Remarks by Secretary of the Treasury Janet L. Yellen at Roundtable Discussion with U.S. Businesses Operating in the People’s Republic of China (PRC)

July 10, 2023

Hitting the gas on gas reforms

Beijing is looking to liberalize its natural gas pricing regime. According to Caixin, policymakers are considering relaxing price controls. Some context: Gas distribution companies (GDC) buy gas from China’s national oil companies (NOC), at prices that broadly respond to shifts in market dynamics….

Beijing is looking to liberalize its natural gas pricing regime.

According to Caixin, policymakers are considering relaxing price controls.

Some context: Gas distribution companies (GDC) buy gas from China’s national oil companies (NOC), at prices that broadly respond to shifts in market dynamics....

sources

Caixin: In Depth: China Mulls Scrapping Fixed Household Gas Rates as Winter Shortages Loom

July 10, 2023

Capital pains

China’s finance professionals are suffering. The days of high pay and perks are gone, replaced by austerity, political study sessions, and anti-corruption crusades. That’s according to the SCMP, which has dished the dirt from disgruntled insiders at large state financial institutions. IC…

China's finance professionals are suffering.

The days of high pay and perks are gone, replaced by austerity, political study sessions, and anti-corruption crusades.

That's according to the SCMP, which has dished the dirt from disgruntled insiders at large state financial institutions.
IC...

sources

SCMP: China’s state financial sector braces for ‘one of the toughest years’

July 10, 2023

No growth

China’s stats bureau released inflation data for June on Monday – and the weak data print is sparking fresh concerns about economic growth. The headlines: The consumer price index (CPI) was flat y/y in June, down from 0.2% y/y growth in May. The producer price index (PPI) fell 5.4% y/y in June, com…

China’s stats bureau released inflation data for June on Monday – and the weak data print is sparking fresh concerns about economic growth.
The headlines:

The consumer price index (CPI) was flat y/y in June, down from 0.2% y/y growth in May.
The producer price index (PPI) fell 5.4% y/y in June, com...

sources

NBS: 2023年6月份居民消费价格同比持平环比下降0.2%

NBS: 2023年6月份工业生产者出厂价格同比下降5.4% 环比下降0.8%

July 10, 2023

The CSWD gets to work

The Party’s Central Social Work Department (CSWD) is getting to work. How do we know? Exhibit A: On Thursday, former Vice Minister of Civil Affairs Liu Zheng chaired a symposium with chambers of commerce and industry associations on studying Xi Jinping Thought (Caixin 1). Liu was introduced as depu…

The Party's Central Social Work Department (CSWD) is getting to work.
How do we know?
Exhibit A: On Thursday, former Vice Minister of Civil Affairs Liu Zheng chaired a symposium with chambers of commerce and industry associations on studying Xi Jinping Thought (Caixin 1).

Liu was introduced as depu...

sources

Caixin: 人事观察｜民政部原副部长柳拯履新中央社会工作部副部长

Caixin: 吴汉圣任中央社会工作部部长

July 10, 2023

Have your dangao and eat it

The US claims it wants win-win cooperation with China. That was the message that US Treasury Secretary Janet Yellen delivered to Vice Premier He Lifeng on Saturday, during her trip to Beijing. Highlighting 2022’s record trade between the US and China, Yellen made the case for cooperation (US Treasur…

The US claims it wants win-win cooperation with China.
That was the message that US Treasury Secretary Janet Yellen delivered to Vice Premier He Lifeng on Saturday, during her trip to Beijing.
Highlighting 2022’s record trade between the US and China, Yellen made the case for cooperation (US Treasur...

sources

US Treasury: Remarks by Secretary of the Treasury Janet L. Yellen at Meeting with Vice Premier He Lifeng of the People’s Republic of China

Xinhua: 何立峰会见美财政部长耶伦

July 10, 2023

Xi demands more innovation

Xi Jinping wants an all-of-nation effort to make technological breakthroughs. That was the message from Xi Jinping’s three-day tour of Jiangsu province, which concluded on Friday. Xi visited a slew of technology-related organizations. He also stopped at the historic Pingjiang Road in Suzhou – a sce…

Xi Jinping wants an all-of-nation effort to make technological breakthroughs.
That was the message from Xi Jinping's three-day tour of Jiangsu province, which concluded on Friday.
Xi visited a slew of technology-related organizations.
He also stopped at the historic Pingjiang Road in Suzhou – a sce...

sources

Gov.cn: 习近平在江苏考察时强调：在推进中国式现代化中走在前做示范谱写“强富美高”新江苏现代化建设新篇章

July 10, 2023

Relief in sight

Chinese authorities are reportedly considering allowing local governments in high-risk areas to issue up to RMB 1 trillion worth of bonds from unused quotas to repay “hidden debt.” The bonds would be issued by provincial governments and deployed to repay debts incurred by local government financing …

Chinese authorities are reportedly considering allowing local governments in high-risk areas to issue up to RMB 1 trillion worth of bonds from unused quotas to repay “hidden debt.”
The bonds would be issued by provincial governments and deployed to repay debts incurred by local government financing ...

sources

Bloomberg: China Weighs More Local Bond Sales to Help Pay Risky Hidden Debt

Cailianshe: 助力地方化债，特殊再融资债券发行空间最高2.3万亿元

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