string(13) "markets-macro"

Macro

May 16, 2023

What isn’t in your wallet?

It’s time for financial officials to tighten their diamond-studded belts. That’s according to the securities regulator’s (CSRC) 2023 budget report, released on Friday. The headline: The CSRC’s overall budget has dropped 3.6% y/y to RMB 744.7 million. The big news is on the compensation side: The … Username Password Remember Me Forgot Password

It’s time for financial officials to tighten their diamond-studded belts.
That's according to the securities regulator's (CSRC) 2023 budget report, released on Friday.

The headline: The CSRC’s overall budget has dropped 3.6% y/y to RMB 744.7 million.

The big news is on the compensation side:

The ...

sources

CSRC: 2023年度中国证监会本级单位预算

Caixin: 证监会2023年会本级预算7.45亿工资福利减少3500万

May 15, 2023

Audit fail

The US audit watchdog (PCAOB) has published its review of the audits of a handful of US-listed Chinese companies. The verdict? Rubbish. On Wednesday, the PCAOB said that it found an “unacceptable rate of…deficiencies” in: All four audits it inspected by KPMG Huazhen in mainland China Three of the f…

The US audit watchdog (PCAOB) has published its review of the audits of a handful of US-listed Chinese companies.
The verdict? Rubbish.
On Wednesday, the PCAOB said that it found an “unacceptable rate of…deficiencies” in:

All four audits it inspected by KPMG Huazhen in mainland China
Three of the f...

sources

PCAOB: PCAOB Releases 2022 Inspection Reports for Mainland China, Hong Kong Audit Firms

May 15, 2023

Stop saving, start spending!

Beijing is going all out to push down savings rates and get the country spending. Last week, we highlighted that some banks have recently announced cuts to savings rates. Now, financial regulators have told banks to cap deposit rates on certain savings products. The specifics: Rates on call deposit…

Beijing is going all out to push down savings rates and get the country spending.
Last week, we highlighted that some banks have recently announced cuts to savings rates. Now, financial regulators have told banks to cap deposit rates on certain savings products.
The specifics:

Rates on call deposit...

sources

21st Century Biz: 独家｜银行通知存款、协定存款利率加点上限受到约束

Wall Street CN: 协定存款利率新规怎么看？

May 15, 2023

Breaking through

There’s more to a trade relationship than market access breakthroughs. On Friday, Commerce Minister Wang Wentao and Australian Trade Minister Don Farrell co-chaired a round of trade meetings in Beijing. It’s a big deal: An Australian trade minister hasn’t visited China since 2019, and it’s the first…

There’s more to a trade relationship than market access breakthroughs.
On Friday, Commerce Minister Wang Wentao and Australian Trade Minister Don Farrell co-chaired a round of trade meetings in Beijing.
It's a big deal: An Australian trade minister hasn't visited China since 2019, and it's the first...

sources

Xinhua: 第16届中澳部长级经济联委会在京召开

Source: Opposition, exporters ‘disappointed’ Trade Minister’s China trip didn’t bring about trade breakthrough

Australian Broadcasting Corporation: Australia, China to build on 'positive momentum' but no major breakthrough after meeting on trade

May 15, 2023

Brands with Chinese characteristics

Beijing wants to nurture Chinese brands. On Saturday, Executive Vice Premier Ding Xuexiang hammered this point home at the International Forum on China Brand Development ICYDK: The forum, held in Shanghai, is part of the annual China Brand Day, a promotional event that showcases high-quality Chines…

Beijing wants to nurture Chinese brands.
On Saturday, Executive Vice Premier Ding Xuexiang hammered this point home at the International Forum on China Brand Development
ICYDK: The forum, held in Shanghai, is part of the annual China Brand Day, a promotional event that showcases high-quality Chines...

sources

People.cn: 丁薛祥出席2023年中国品牌日活动在中国品牌发展国际论坛致辞

May 15, 2023

Fishing for chips

On Thursday, Vice President Han Zheng visited the Netherlands for some face time with Dutch King Willem Alexander and Prime Minister Mark Rutte. The main purpose of his trip: To chat chips. ICYDK: Dutch semiconductor equipment maker ASML has a monopoly on advanced lithography machines – a necessary…

On Thursday, Vice President Han Zheng visited the Netherlands for some face time with Dutch King Willem Alexander and Prime Minister Mark Rutte.
The main purpose of his trip: To chat chips.
ICYDK: Dutch semiconductor equipment maker ASML has a monopoly on advanced lithography machines – a necessary...

sources

Xinhua: 韩正访问荷兰

May 15, 2023

Fair(er) competition

Hold my beer – fair competition enforcement is about to get serious. On Friday, the market regulator (SAMR) released draft fair competition review regulations for public comments. Some context: China’s fair competition review is a mechanism to address central or local government policies that discri…

Hold my beer – fair competition enforcement is about to get serious.
On Friday, the market regulator (SAMR) released draft fair competition review regulations for public comments.
Some context: China’s fair competition review is a mechanism to address central or local government policies that discri...

sources

SAMR: 市场监管总局关于《公平竞争审查条例（征求意见稿）》公开征求意见的公告

May 15, 2023

Li Hui gets underway

China is (finally) taking steps to mediate the Ukraine crisis. On Monday, Li Hui, China’s recently appointed special representative for Eurasian affairs, departed Beijing on his way to Europe. Li is well-placed for this difficult task: An old Russia hand, Li was China’s ambassador to Moscow bet…

China is (finally) taking steps to mediate the Ukraine crisis.
On Monday, Li Hui, China’s recently appointed special representative for Eurasian affairs, departed Beijing on his way to Europe.
Li is well-placed for this difficult task: An old Russia hand, Li was China’s ambassador to Moscow bet...

sources

MoFA: Foreign Ministry Spokesperson Wang Wenbin’s Regular Press Conference on May 12, 2023

SCMP: Who is Li Hui, China’s point man in Ukraine?

May 15, 2023

Xi’s plan to ruin Beijing

Xi Jinping wants Beijing to be a less dynamic city. We know, it’s weird – especially given that Xi is Beijing born and bred. But Xi wants Beijing to get rid of its “non-capital functions.” Translation: Xi wants Beijing to maintain its position as the country’s political and educational capital. But …

Xi Jinping wants Beijing to be a less dynamic city.
We know, it’s weird – especially given that Xi is Beijing born and bred.
But Xi wants Beijing to get rid of its “non-capital functions.”
Translation: Xi wants Beijing to maintain its position as the country’s political and educational capital. But ...

sources

Gov.cn: 习近平在河北考察并主持召开深入推进京津冀协同发展座谈会

Xinhua: 习近平总书记引领推动京津冀协同发展纪事

May 15, 2023

A drop in the ocean

Chinese household bank deposits are finally falling – but the decline isn’t translating into consumption. On Thursday, the latest central bank (PBoC) data showed they dropped by RMB 1.2 trillion in April. That’s the largest monthly decline since August 2021. Some context: In 2022, household deposi…

Chinese household bank deposits are finally falling – but the decline isn't translating into consumption.
On Thursday, the latest central bank (PBoC) data showed they dropped by RMB 1.2 trillion in April.

That's the largest monthly decline since August 2021.

Some context: In 2022, household deposi...

sources

PBoC: 2023年4月金融统计数据报告

Caixin: 4月居民储蓄流出1.2万亿元流向何处？

May 15, 2023

Chips ahoy!

China’s capital markets are doing their bit to help Chinese chipmakers weather US export controls. The latest: China’s leading DRAM chipmaker ChangXin Memory Technologies (CXMT) is planning an IPO in Shanghai to fund an expansion in production, the FT reported on Wednesday. The exact timeline…

China’s capital markets are doing their bit to help Chinese chipmakers weather US export controls.
The latest: China’s leading DRAM chipmaker ChangXin Memory Technologies (CXMT) is planning an IPO in Shanghai to fund an expansion in production, the FT reported on Wednesday.

The exact timeline...

sources

FT: Chinese chipmaker plans listing after clearing US export controls

May 15, 2023

Schumer’s boomers become China doomers

On May 3, Senate Majority Leader Chuck Schumer and several senators announced a new bipartisan initiative to create a “China Competition Bill 2.0.” The bill aims “to build on the progress of the CHIPS and Science Act”. Like the CHIPS Act, Schumer’s proposed legislation wants to fund critical techn…

On May 3, Senate Majority Leader Chuck Schumer and several senators announced a new bipartisan initiative to create a “China Competition Bill 2.0.”

The bill aims "to build on the progress of the CHIPS and Science Act".

Like the CHIPS Act, Schumer's proposed legislation wants to fund critical techn...

sources

Senate.gov: Leader Schumer Launches Initiative To Advance National Security And Create China Competition Bill 2.0; Schumer Directs Senate Chairs To Craft Bipartisan Legislation To Ensure America’s Global Leadership In The 21st Century, Strengthen U.S. Manufacturing, Create American Jobs, And Build On Game-Changing CHIPS & Science Act

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