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Macro

June 21, 2023

Quick Take | Xi’s “extremes” are nothing unusual, but they are interesting

Xi Jinping’s recent remarks on national security have generated a ton of buzz in China-watching circles. But much of the commentary surrounding these remarks has been off base. Over the past month, in two different settings, Xi urged officials to prepare for “extreme” scenarios. First, at the May … Username Password Remember Me … Read More »

Xi Jinping’s recent remarks on national security have generated a ton of buzz in China-watching circles.

But much of the commentary surrounding these remarks has been off base.

Over the past month, in two different settings, Xi urged officials to prepare for “extreme” scenarios.
First, at the May ...

sources

Gov.cn: 习近平主持召开二十届中央国家安全委员会第一次会议

Gov.cn: 习近平：新发展阶段贯彻新发展理念必然要求构建新发展格局

news.cn: 习近平在内蒙古考察时强调把握战略定位坚持绿色发展奋力书写中国式现代化内蒙古新篇章

Qiushi: 国家中长期经济社会发展战略若干重大问题

June 21, 2023

May’s data shows stimulus must target consumption

To download this piece as a PDF, click here. All eyes are on Beijing’s next move after another month of disappointing econ data. However, understanding why China’s economic recovery after the end of zero-COVID has fizzled out so quickly is critical to figuring out what Beijing needs to do next. The …

To download this piece as a PDF, click here.
All eyes are on Beijing’s next move after another month of disappointing econ data. However, understanding why China’s economic recovery after the end of zero-COVID has fizzled out so quickly is critical to figuring out what Beijing needs to do next.
The ...

Download PDF

June 20, 2023

Cooperate or perish

Governments should let companies decide where they do business. That was Premier Li Qiang’s message during a Monday meeting in Berlin with some of German industry’s biggest hitters – and China’s biggest foreign investors. ICYMI: Li’s on a high-stakes trip to convince Germany against “de-risking” (i….

Governments should let companies decide where they do business.
That was Premier Li Qiang’s message during a Monday meeting in Berlin with some of German industry’s biggest hitters – and China’s biggest foreign investors.
ICYMI: Li's on a high-stakes trip to convince Germany against "de-risking" (i....

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MoFA: 李强同德国工商界代表座谈交流

June 20, 2023

Wait for it…

The State Council is gearing up for a stimulus package. ICYMI, rumors swirled that Premier Li Qiang would announce a stimulus package at the State Council meeting on Friday. In the end, no stimulus measures were announced. All hope is not lost. Li did say that “more forceful measures” are in the ca…

The State Council is gearing up for a stimulus package.
ICYMI, rumors swirled that Premier Li Qiang would announce a stimulus package at the State Council meeting on Friday.
In the end, no stimulus measures were announced.
All hope is not lost. Li did say that "more forceful measures" are in the ca...

sources

Gov.cn: 李强主持召开国务院常务会议研究推动经济持续回升向好的一批政策措施审议通过《加大力度支持科技型企业融资行动方案》审议通过《私募投资基金监督管理条例（草案）》讨论《中华人民共和国学位法（草案）

June 20, 2023

Mr. Xi will see you now

US Secretary of State Antony Blinken scored an audience with the big man himself. On Monday, Blinken met Xi Jinping just hours before departing China. Some context: Blinken previously met Foreign Minster Qin Gang and top diplomat Wang Yi during his two-day visit. In-N-Out: The Blinken-Xi meeting w…

US Secretary of State Antony Blinken scored an audience with the big man himself.

On Monday, Blinken met Xi Jinping just hours before departing China.

Some context: Blinken previously met Foreign Minster Qin Gang and top diplomat Wang Yi during his two-day visit.
In-N-Out: The Blinken-Xi meeting w...

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MoFA: 习近平会见美国国务卿布林肯

MoFA: President Xi Jinping Meets with U.S. Secretary of State Antony Blinken

CNN: Blinken touts ‘progress’ made in highly-anticipated Beijing meetings

June 20, 2023

One country, one Air Force One

Premier Li Qiang has lost his private jet. On Sunday, Li flew to Berlin on his first overseas trip since becoming China’s no.2 official in March. But a downgrade at Beijing airport suggests a recent change in protocol: The new Premier flew on a chartered fight (Xinhua 1). His predecessor flew by “s…

Premier Li Qiang has lost his private jet.
On Sunday, Li flew to Berlin on his first overseas trip since becoming China's no.2 official in March.
But a downgrade at Beijing airport suggests a recent change in protocol:

The new Premier flew on a chartered fight (Xinhua 1).
His predecessor flew by "s...

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Xinhua: 李强抵达柏林举行第七轮中德政府磋商并对德国进行正式访问

Gov.cn: 中央八项规定实施细则

Xinhua: 习近平主席抵达莫斯科受到热烈欢迎

June 20, 2023

Doing the hard yards on trade

Beijing is campaigning hard to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). On Saturday, Vice Minister of Commerce Wang Shouwen told the APEC China CEO Forum that (China Daily): “China is willing and able to join, and to meet the CPTPP’s high standards.” …

Beijing is campaigning hard to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
On Saturday, Vice Minister of Commerce Wang Shouwen told the APEC China CEO Forum that (China Daily):

"China is willing and able to join, and to meet the CPTPP's high standards."
...

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China Daily: 商务部：正推进加入CPTPP进程

June 20, 2023

It’s a drill, it’s only a drill

Policymakers are prepping for possible power outages later this summer. On Thursday, the energy regulator (NEA) organized China’s first-ever region-wide emergency drill – in preparation for widespread blackouts. The drill was conducted across eastern China, throughout the five powerhouse provinces …

Policymakers are prepping for possible power outages later this summer.
On Thursday, the energy regulator (NEA) organized China’s first-ever region-wide emergency drill – in preparation for widespread blackouts.

The drill was conducted across eastern China, throughout the five powerhouse provinces ...

sources

NEA: 国家能源局成功举办2023年华东区域跨省区大面积停电事件应急演练

June 20, 2023

Duly arrived

The PBoC announced a drop in two key interest rates on Tuesday. The one-year loan prime rate (LPR) dropped to 3.55%, from 3.65%. The five-year LPR also fell 10 bps, to 4.2%. ICYDK: The one-year and five-year LPRs are the benchmark lending rates for corporate and household loans. They are set mont…

The PBoC announced a drop in two key interest rates on Tuesday.

The one-year loan prime rate (LPR) dropped to 3.55%, from 3.65%.
The five-year LPR also fell 10 bps, to 4.2%.

ICYDK: The one-year and five-year LPRs are the benchmark lending rates for corporate and household loans.

They are set mont...

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PBoC: 2023年6月20日全国银行间同业拆借中心受权公布贷款市场报价利率（LPR）公告

June 20, 2023

No substitute for quality

Beijing has a plan to channel more financial support to tech companies. The plan was approved by the State Council on Friday, although the the full text isn’t out yet. Some background: Over the past two decades, Chinese tech companies have relied heavily on foreign investors and capital …

Beijing has a plan to channel more financial support to tech companies.
The plan was approved by the State Council on Friday, although the the full text isn't out yet.
Some background: Over the past two decades, Chinese tech companies have relied heavily on foreign investors and capital ...

sources

Gov.cn: 李强主持召开国务院常务会议研究推动经济持续回升向好的一批政策措施审议通过《加大力度支持科技型企业融资行动方案》审议通过《私募投资基金监督管理条例（草案）》讨论《中华人民共和国学位法（草案）》

June 20, 2023

Big items, small sales

Big-ticket retail sales are the key to reviving consumption. But Beijing’s attempts to stimulate these pricier purchases are failing. When officials talk about boosting consumption, they typically reference three areas: Car sales Appliance purchases Home improvements We estimate these big-ticket…

Big-ticket retail sales are the key to reviving consumption.
But Beijing’s attempts to stimulate these pricier purchases are failing.
When officials talk about boosting consumption, they typically reference three areas:

Car sales
Appliance purchases
Home improvements

We estimate these big-ticket...

June 20, 2023

I’m green enough, I’m smart enough, and doggone it people should buy me

Officials appear stuck in their bid to boost consumption. The latest policy, announced on June 9 by the macro planner (NDRC), commerce ministry (MofCom), industry regulator (MIIT), and market regulator (SAMR), focuses on green, smart home appliances. Getting people to buy more appliances has been on…

Officials appear stuck in their bid to boost consumption.
The latest policy, announced on June 9 by the macro planner (NDRC), commerce ministry (MofCom), industry regulator (MIIT), and market regulator (SAMR), focuses on green, smart home appliances.
Getting people to buy more appliances has been on...

sources

MofCom: 商务部办公厅发展改革委办公厅工业和信息化部办公厅市场监管总局办公厅关于做好2023年促进绿色智能家电消费工作的通知

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