string(13) "markets-macro"

Macro

June 2, 2023

I believe the children are our future

Xi Jinping celebrated Children’s Day at a Beijing school on Wednesday, but he sounded less Whitney Houston and more Winston Churchill as he steeled the kids to join his fight for China’s economic security. Long time no see, Uncle Xi: It’s been nine years since Xi spent face time with the kids just a… Username… Read More »

Xi Jinping celebrated Children's Day at a Beijing school on Wednesday, but he sounded less Whitney Houston and more Winston Churchill as he steeled the kids to join his fight for China's economic security.
Long time no see, Uncle Xi: It’s been nine years since Xi spent face time with the kids just a...

sources

Xinhua: 习近平向全国各族少年儿童致以节日祝贺

Xinhua: Xi visits Beijing school ahead of International Children's Day

June 2, 2023

The Party leads everything, all the time

Xi Jinping wants to see at least one constant amidst the swirl of change – that Party leadership trumps everything, forever. On Wednesday, the Party’s flagship magazine (Qiushi) published part of Xi’s speech to top cadres on February 7. It’s a big deal: Xi’s annual address at the Central Party Schoo…

Xi Jinping wants to see at least one constant amidst the swirl of change – that Party leadership trumps everything, forever.
On Wednesday, the Party's flagship magazine (Qiushi) published part of Xi's speech to top cadres on February 7.
It's a big deal: Xi's annual address at the Central Party Schoo...

sources

Qiushi: 中国式现代化是中国共产党领导的社会主义现代化

June 1, 2023

A hot topic

Regulators are once again scrambling to head off power shortages this summer. On Wednesday, the China Meteorological Administration issued high-temperature warnings for a wide swath of southern China, spanning six provinces (People’s Daily). High temps have persisted for over a week, topping 43°C (…

Regulators are once again scrambling to head off power shortages this summer.
On Wednesday, the China Meteorological Administration issued high-temperature warnings for a wide swath of southern China, spanning six provinces (People's Daily).

High temps have persisted for over a week, topping 43°C (...

sources

People's Daily: 南方地区持续高温

Securities Times: 南方区域用电负荷创今年以来新高南方电网全面备战度夏“大考”

NBD: 云南“等水来”，“用电第一大省”广东急了

June 1, 2023

Top-up time

The recapitalization of small and medium-sized banks through special-purpose bonds (SPBs) has surged. Between January and May, local authorities issued RMB 120.8 billion in SPBs for bank recapitalization, almost twice the RMB 63 billion issued during the whole of 2022 (21st Century Biz). ICYDK: Sinc…

The recapitalization of small and medium-sized banks through special-purpose bonds (SPBs) has surged.
Between January and May, local authorities issued RMB 120.8 billion in SPBs for bank recapitalization, almost twice the RMB 63 billion issued during the whole of 2022 (21st Century Biz).
ICYDK: Sinc...

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21st Century Biz: 为中小银行“补血” 今年以来地方发行专项债超1200亿

June 1, 2023

Fizzling out

Waiting for China’s epic housing market rebound? Then keep waiting. On Wednesday, China Real Estate Information Corp. (CRIC) data showed that the home sales of China’s top 100 developers were down 14.3% m/m. That comes after a 14.4% m/m slide in April. Some context: Rebounding home sales in Q1 s…

Waiting for China's epic housing market rebound?

Then keep waiting.

On Wednesday, China Real Estate Information Corp. (CRIC) data showed that the home sales of China’s top 100 developers were down 14.3% m/m.

That comes after a 14.4% m/m slide in April.

Some context: Rebounding home sales in Q1 s...

sources

CRIC: 2023年1-5月中国房地产企业销售TOP100排行榜

Sohu: 2022年1-5月中国房地产企业销售TOP100排行榜

Sina: 2021年1-5月中国房地产企业销售TOP100排行榜

June 1, 2023

The good, the bad, and the ugly

The stats bureau (NBS) and Caixin have dropped manufacturing Purchasing Managers’ Indexes (PMI) for May. Quick refresher: The PMI gives a snapshot of business conditions based on survey responses. A reading above 50 indicates expansion, and below 50 indicates contraction. The NBS PMI is weight…

The stats bureau (NBS) and Caixin have dropped manufacturing Purchasing Managers’ Indexes (PMI) for May.
Quick refresher: The PMI gives a snapshot of business conditions based on survey responses.

A reading above 50 indicates expansion, and below 50 indicates contraction.
The NBS PMI is weight...

sources

NBS: 2023年5月中国采购经理指数运行情况

S&P: Caixin China General Manufacturing PMI Press Release

June 1, 2023

Beijing has its AI on the prize

On Tuesday, the Beijing city government released two policies designed to foster local AI innovation and contribute to China’s technological self-sufficiency. Those include: A three-year plan for accelerating Beijing’s AI competitiveness A policy designed to provide the infrastructure and resources…

On Tuesday, the Beijing city government released two policies designed to foster local AI innovation and contribute to China's technological self-sufficiency. Those include:

A three-year plan for accelerating Beijing's AI competitiveness
A policy designed to provide the infrastructure and resources...

sources

Beijing Municipal Government: [有效性] 现行有效北京市人民政府办公厅关于印发《北京市促进通用人工智能创新发展的若干措施》的通知

Beijing Municipal Government: 北京市人民政府关于印发《北京市加快建设具有全球影响力的人工智能创新策源地实施方案（2023-2025年）》的通知

June 1, 2023

China Telecom’s quantum leap

Oh, so you thought China’s SOEs were dinosaurs, did you? Thought they couldn’t innovate, did you? Well, China Telecom would big to differ. On Monday, China Telecom threw an opening ceremony for its new quantum communication subsidiary in Hefei, Anhui. The company will start with RMB 3 billion re…

Oh, so you thought China's SOEs were dinosaurs, did you? Thought they couldn't innovate, did you?

Well, China Telecom would big to differ.

On Monday, China Telecom threw an opening ceremony for its new quantum communication subsidiary in Hefei, Anhui.

The company will start with RMB 3 billion re...

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cls.cn: 量子通信国家级巨头来了！注册资本30亿元中电信量子信息科技集团在合肥揭牌

SASAC: 中电信量子信息科技集团在合肥揭牌

June 1, 2023

File this away

Not all important updates are exciting. Yesterday, the cyberspace regulator (CAC) published guidelines for filing personal information export standard contracts. Some context: China’s Personal Information Protection Law (PIPL) offers three methods to legally export personal information. One of them…

Not all important updates are exciting.
Yesterday, the cyberspace regulator (CAC) published guidelines for filing personal information export standard contracts.
Some context: China’s Personal Information Protection Law (PIPL) offers three methods to legally export personal information.

One of them...

sources

CAC: 国家互联网信息办公室发布《个人信息出境标准合同备案指南（第一版）》

June 1, 2023

Feeling AInsecure

On Tuesday, Xi Jinping presided over a meeting of the Central National Security Commission (CSNC) to discuss modernizing China’s National Security System. ICYDK: The CNSC’s role is coordinating security policy between different Party-state institutions and advising the Politburo on security matters…

On Tuesday, Xi Jinping presided over a meeting of the Central National Security Commission (CSNC) to discuss modernizing China's National Security System.
ICYDK: The CNSC's role is coordinating security policy between different Party-state institutions and advising the Politburo on security matters...

sources

People.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强调加快推进国家安全体系和能力现代化以新安全格局保障新发展格局

May 31, 2023

Whither wheat

China is importing wheat at a record-breaking pace this year. The numbers (The Paper): China imported over six million tons of wheat between January and April, a whopping 60.9% y/y increase. And that’s already off a high base – wheat imports rose significantly in 2021 and 2022. ICYDK: China is th…

China is importing wheat at a record-breaking pace this year.
The numbers (The Paper):

China imported over six million tons of wheat between January and April, a whopping 60.9% y/y increase.
And that's already off a high base – wheat imports rose significantly in 2021 and 2022.

ICYDK: China is th...

sources

The Paper: 小麦进口激增对国内市场影响不大

World Trade Organization: (2019) CHINA – TARIFF RATE QUOTAS FOR CERTAIN AGRICULTURAL PRODUCTS

Farm Policy: China Shifting From Corn to Wheat in Animal Feed, as U.S. Drought Takes Toll on Hay Market

May 31, 2023

Resources rumba

China is back in (mining) business with the Democratic Republic of the Congo (DRC). Some context: The DRC exports roughly two-thirds of the world’s mined cobalt. A play in two acts: On May 26, Xi Jinping and Premier Li Qiang met separately with DRC President Felix Tshisekedi in Beijing. Xi a…

China is back in (mining) business with the Democratic Republic of the Congo (DRC).

Some context: The DRC exports roughly two-thirds of the world’s mined cobalt.

A play in two acts:
On May 26, Xi Jinping and Premier Li Qiang met separately with DRC President Felix Tshisekedi in Beijing.

Xi a...

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NDRC: 国家发展改革委与刚果（金）外交部签署关于开展资源投资合作的谅解备忘录

MoFA: MoFA: Xi Jinping Holds Talks with DRC President Félix-Antoine Tshisekedi Tshilombo

Gov.cn: 李强会见刚果（金）总统齐塞克迪

Xinhua: 中华人民共和国和刚果民主共和国关于建立全面战略合作伙伴关系的联合声明（全文）

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