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Macro

July 3, 2023

Doubling down on Xiong’an

Xi Jinping is serious about making progress on the Xiong’an megacity project. On Friday, Xi focused the Politburo’s monthly meeting on Xiong’an. Some context: In 2017, Xi launched the Xiong’an project to combine three Hebei counties into the hub of the Beijing-Tianjin-Hebei megalopolis region. The … Username Password Remember Me Forgot Password

Xi Jinping is serious about making progress on the Xiong'an megacity project.
On Friday, Xi focused the Politburo's monthly meeting on Xiong'an.
Some context: In 2017, Xi launched the Xiong'an project to combine three Hebei counties into the hub of the Beijing-Tianjin-Hebei megalopolis region.

The ...

sources

Gov.cn: 中共中央政治局召开会议审议关于支持高标准高质量建设雄安新区若干政策措施的意见中共中央总书记习近平主持会议

July 3, 2023

Less talk, more action

Beijing is hellbent on integrating China further into the global economy. The State Council rolled out a batch of new pilot measures on Thursday that will simplify cross-border business and expand market access within six of China’s 21 free trade zones (FTZs), including the Hainan free trade port. …

Beijing is hellbent on integrating China further into the global economy.
The State Council rolled out a batch of new pilot measures on Thursday that will simplify cross-border business and expand market access within six of China's 21 free trade zones (FTZs), including the Hainan free trade port.
...

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Gov.cn: 国务院印发关于在有条件的自由贸易试验区和自由贸易港试点对接国际高标准推进制度型开放若干措施的通知

SCIO: 国新办举行有条件的自由贸易试验区、自由贸易港试点对接国际高标准经贸规则国务院政策例行吹风会（图文实录）

July 3, 2023

Wanted: New Party theory

Xi Jinping isn’t confident that the Party is up to the task of addressing mounting challenges, both domestic and international. How do we know? Xi focused Friday’s Politburo study session on “innovating Party theory” (CCTV). The clear implication: Current theory is inadequate. It sounds esoteric, …

Xi Jinping isn't confident that the Party is up to the task of addressing mounting challenges, both domestic and international.
How do we know?

Xi focused Friday's Politburo study session on "innovating Party theory" (CCTV).

The clear implication: Current theory is inadequate.
It sounds esoteric, ...

sources

CCTV: [视频]习近平在中共中央政治局第六次集体学习时强调不断深化对党的理论创新的规律性认识在新时代新征程上取得更为丰硕的理论创新成果

50 Forum: http://www.50forum.org.cn/home/english/index.html

July 3, 2023

The few. The proud. The Communist.

Xi Jinping wants only the reddest of red as fellow comrades. That’s making it tougher for young people to join the Party. On Friday, the Central Organization Department dropped its 2022 Communist Party membership numbers (12371.CN, Xinhua): Total Party members increased 1.4% y/y, to 98 m…

Xi Jinping wants only the reddest of red as fellow comrades.

That's making it tougher for young people to join the Party.

On Friday, the Central Organization Department dropped its 2022 Communist Party membership numbers (12371.CN, Xinhua):

Total Party members increased 1.4% y/y, to 98 m...

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Xinhua: 中国共产党党内统计公报

12371.CN: 中国共产党党内统计公报 (2021)

SCMP: China’s Communist Party reaches 98 million members but youth membership falls

July 3, 2023

No tussles with Brussels

China’s European charm offensive has paid off. The European Union’s new China strategy is decidedly dovish. The new strategy, unveiled on Friday, explicitly rejects decoupling (European Council): “The European Union does not intend to decouple or to turn inwards.” While decoupling is out, de-riski…

China’s European charm offensive has paid off.
The European Union's new China strategy is decidedly dovish.
The new strategy, unveiled on Friday, explicitly rejects decoupling (European Council):

“The European Union does not intend to decouple or to turn inwards.”

While decoupling is out, de-riski...

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European Council: European Council conclusions on China, 30 June 2023

The Guardian: EU softens China strategy by adopting ‘de-risking’ approach

July 1, 2023

A new bourse of action

China’s capital markets are gearing up to face a round of outbound investment restrictions. Recap: The Biden administration is planning to release an Executive Order establishing a new mechanism for screening outbound investments to strategic competitors. The EU has reportedly begun considering ta…

China's capital markets are gearing up to face a round of outbound investment restrictions.
Recap: The Biden administration is planning to release an Executive Order establishing a new mechanism for screening outbound investments to strategic competitors.

The EU has reportedly begun considering ta...

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Egsea.com: 深交所：以支持高水平科技自立自强为着力点完善直接融资机制

July 1, 2023

Minuscule milestones

Would you care for a tiny bit of good news about the data export compliance rollout? We’ve got some right here. On Sunday, the Beijing municipal branch of the internet regulator (CAC) announced the nation’s first successful registration of a personal information export standard contract. Some cont…

Would you care for a tiny bit of good news about the data export compliance rollout?

We've got some right here.

On Sunday, the Beijing municipal branch of the internet regulator (CAC) announced the nation’s first successful registration of a personal information export standard contract.
Some cont...

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CAC: 北京市通过首家企业个人信息出境标准合同备案

Beijing.gov: 北京CBD跨国企业数据流通服务中心正式揭牌成立

July 1, 2023

Easier, better, faster, smarter

China’s social security system just got a whole lot smarter. On Thursday, the Ministry of Human Relations and Social Security (MoHRSS) released new rules for using technology to improve the delivery of social benefits. Some context: Like many nations, China’s delivery of social security benefits an…

China's social security system just got a whole lot smarter.
On Thursday, the Ministry of Human Relations and Social Security (MoHRSS) released new rules for using technology to improve the delivery of social benefits.
Some context: Like many nations, China's delivery of social security benefits an...

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21jingji.com: 社保卡加载数字人民币支付功能，有哪些重大意义？

MoHRSS: 人力资源社会保障部关于印发数字人社建设行动实施方案的通知

July 1, 2023

Seventh heaven

China’s exports of steel are on track to hit a seven-year high this year – an unexpected boon that’s sparing overstocked steelmakers from even worse inventory pile-ups. ICYMI: The domestic industry has been hit hard by the slump in the property sector, the biggest consumer of steel. Case in point: M…

China's exports of steel are on track to hit a seven-year high this year – an unexpected boon that's sparing overstocked steelmakers from even worse inventory pile-ups.
ICYMI: The domestic industry has been hit hard by the slump in the property sector, the biggest consumer of steel.
Case in point: M...

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Reuters: China steel exports seen surging to seven-year high as home demand wilts

July 1, 2023

It’s raining IOUs

The financial crisis among property developers is deepening as a growing number fail to honor their commercial acceptance drafts (CADs) on time. (CRIC). Some context: CADs are tradable, non-interest-bearing IOUs with a fixed maturity, usually less than a year, issued in lieu of cash. Real estate p…

The financial crisis among property developers is deepening as a growing number fail to honor their commercial acceptance drafts (CADs) on time. (CRIC).
Some context: CADs are tradable, non-interest-bearing IOUs with a fixed maturity, usually less than a year, issued in lieu of cash.

Real estate p...

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CRIC: 行业透视｜出险房企商票继续出清，应付类债务兑付压力更大

July 1, 2023

Watching, waiting, commise-rate-ing

The central bank (PBoC) is signaling a growing willingness to stem the RMB’s slide against the dollar. Some context: As of Thursday, the offshore RMB (CNH) was trading at 7.252 per USD – its weakest since November, and nearing 15-year lows. On Thursday, Bloomberg reported that the PBoC and the forex…

The central bank (PBoC) is signaling a growing willingness to stem the RMB’s slide against the dollar.
Some context: As of Thursday, the offshore RMB (CNH) was trading at 7.252 per USD – its weakest since November, and nearing 15-year lows.
On Thursday, Bloomberg reported that the PBoC and the forex...

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Bloomberg: China Regulators Step Up Yuan Surveys as Currency Slump Worsens

Bloomberg: China Resumes Yuan Support With Stronger-Than-Expected Fixing

June 30, 2023

Interest rate cuts – Time to get unconventional?

On June 19, the People’s Bank of China (PBoC) announced a drop in the loan prime rates – the benchmark interest rates at which banks lend to firms and households – by 10 basis points. The cuts were small but are widely expected to mark the start of a rate cutting cycle. However, additional interest… Read More »

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