string(13) "markets-macro"

Macro

April 18, 2023

Comrades in arms

On Sunday, China’s newly minted Defense Minister Li Shangfu met with Russian President Vladimir Putin in Moscow as part of his first trip overseas. Not so fun fact: Li has been sanctioned by the US since 2018 after arranging the procurement of military equipment from Russia. Awkward context: On Frid… Username Password Remember Me … Read More »

On Sunday, China’s newly minted Defense Minister Li Shangfu met with Russian President Vladimir Putin in Moscow as part of his first trip overseas.
Not so fun fact: Li has been sanctioned by the US since 2018 after arranging the procurement of military equipment from Russia.
Awkward context: On Frid...

sources

Ministry of National Defense: Putin meets Chinese defense minister on ties

Global Times: Some Western media are very unprofessional as Chinese defense minister visits Russia : Global Times editorial

Reuters: Putin, Chinese defense minister hail military cooperation

Bloomberg: China Minister Lauds Putin for ‘Promoting World Peace’

April 18, 2023

A super time for supercomputers

On Monday, the Ministry of Science and Technology (MoST) kicked off the construction of China’s supercomputing network in Tianjin, home to China’s first National Supercomputing Center. Background: China’s supercomputing network (NUCPN) is a massive project aiming to connect data centers and sup…

On Monday, the Ministry of Science and Technology (MoST) kicked off the construction of China's supercomputing network in Tianjin, home to China's first National Supercomputing Center.
Background: China’s supercomputing network (NUCPN) is a massive project aiming to connect data centers and sup...

sources

21jingji.com: 建设数字中国“高速路”，科技部启动国家超算互联网部署工作

April 18, 2023

No slam dunk

China’s stats bureau released the Q1 GDP results on Tuesday. The headlines: The economy expanded 4.5% y/y in Q1, compared with 2.9% y/y in Q4 2022 and 3.0% in 2022 as a whole. GDP in Q1 was up 2.2% on a seasonally adjusted basis versus the previous three months. Break out the champagne: The print… Read More »

China’s stats bureau released the Q1 GDP results on Tuesday.
The headlines:

The economy expanded 4.5% y/y in Q1, compared with 2.9% y/y in Q4 2022 and 3.0% in 2022 as a whole.
GDP in Q1 was up 2.2% on a seasonally adjusted basis versus the previous three months.

Break out the champagne: The print ...

sources

NBS: 一季度经济运行开局良好

NBS: 2023年1—3月份全国固定资产投资增长5.1%

April 18, 2023

Lithium limbo

On April 13, domestic battery-grade lithium prices fell to RMB 195,000/metric ton – a 62% y/y slump. Some context: Prices spiked last year following a market overreaction to the risk of future supply shortages. Now the market is overreacting again – in the other direction. Lithium suppliers and ba…

On April 13, domestic battery-grade lithium prices fell to RMB 195,000/metric ton – a 62% y/y slump.
Some context: Prices spiked last year following a market overreaction to the risk of future supply shortages.
Now the market is overreacting again – in the other direction.

Lithium suppliers and ba...

sources

Sohu: 碳酸锂价格雪崩！失守20万元/吨关口，继续大跌或将引发产业洗牌

The Paper: 国内电池厂开工率有望5月回升，碳酸锂二季度或触10万元/吨后反弹

April 18, 2023

We’ll all float on anyway

China’s central bank (PBoC) is slowly but surely easing control of the RMB exchange rate. On Saturday, PBoC governor Yi Gang delivered a lecture about China’s monetary policy to the Peterson Institute for International Economics (PIIE), a DC-based think tank. Yi focused on three key aspects of China…

China’s central bank (PBoC) is slowly but surely easing control of the RMB exchange rate.
On Saturday, PBoC governor Yi Gang delivered a lecture about China’s monetary policy to the Peterson Institute for International Economics (PIIE), a DC-based think tank.
Yi focused on three key aspects of China...

sources

PIIE: Macro Week 2023: Yi Gang, Governor of the People’s Bank of China

April 18, 2023

Waiting for policies

Top officials are still talking about boosting consumption, despite little movement on policy. The latest such voice was the macro planner (NDRC) in a wide-ranging essay published in Qiushi – the Party’s top theoretical journal – on Sunday. The NDRC said efforts must be made to: Boost the consump…

Top officials are still talking about boosting consumption, despite little movement on policy.
The latest such voice was the macro planner (NDRC) in a wide-ranging essay published in Qiushi – the Party’s top theoretical journal – on Sunday.
The NDRC said efforts must be made to:

Boost the consump...

sources

Qiushi: 全力推动构建新发展格局取得新突破

April 18, 2023

Subsea cable tussles

Decoupling is spreading underwater. On April 6, Reuters reported that China’s big state-owned telecom companies are developing an undersea telecommunications cable to link Europe, the Middle East, and Asia, dubbed “EMA.” HMN Technologies, which was previously majority-owned by Huawei, was tapped to…

Decoupling is spreading underwater.
On April 6, Reuters reported that China’s big state-owned telecom companies are developing an undersea telecommunications cable to link Europe, the Middle East, and Asia, dubbed "EMA."

HMN Technologies, which was previously majority-owned by Huawei, was tapped to...

sources

Reuters: Exclusive: China plans $500 million subsea internet cable to rival US-backed project

Data Center Dynamics (DCD): China to build $500m subsea cable project to rival US

FT: China pulls back from global subsea cable project as US tensions mount

April 18, 2023

Guangdong’s data dive

On April 4, the Guangdong government released a draft regulatory framework for data trading. Some context: In December, the Party Central Committee published its blueprint for the data economy. Guangdong is taking the lead in implementing that blueprint at the local level. The setup: Guangdong’s …

On April 4, the Guangdong government released a draft regulatory framework for data trading.
Some context: In December, the Party Central Committee published its blueprint for the data economy.

Guangdong is taking the lead in implementing that blueprint at the local level.

The setup: Guangdong's ...

sources

Guangdong Gov: 广东省政务服务数据管理局关于《广东省数据流通交易管理办法（试行）》系列文件公开征求意见的公告

21st Century Biz: 广东探索数据流通交易管理：细化数据经纪人评审，数据资产登记兼顾安全与效率

April 18, 2023

Montana hunts down TikTok

On Friday, New York Times reported that the Montana legislature had passed a total ban on TikTok in the state. The legislation now goes to the state governor for final approval. Some context: That would make Montana the first state to ban the app for commercial purposes. More context: TikTok’s fu…

On Friday, New York Times reported that the Montana legislature had passed a total ban on TikTok in the state.

The legislation now goes to the state governor for final approval.

Some context: That would make Montana the first state to ban the app for commercial purposes.
More context: TikTok's fu...

sources

NYT: Montana Legislature Approves Outright Ban of TikTok

April 18, 2023

The AI talent gap

On Friday, the Chinese Academy of Labour and Social Security (CALSS) released a report on domestic artificial intelligence (AI) talent. Some context: China’s universities do not produce enough graduates to meet demand in STEM-related industries like chips or AI. CALSS’s most recent findings reveal t…

On Friday, the Chinese Academy of Labour and Social Security (CALSS) released a report on domestic artificial intelligence (AI) talent.
Some context: China's universities do not produce enough graduates to meet demand in STEM-related industries like chips or AI.
CALSS's most recent findings reveal t...

sources

Caixin: 报告：中国AI产业人才存量近百万，顶级人才紧缺

April 18, 2023

Chinese apps losing their Shein

On Friday, the US-China Economic and Security Review Commission (USCC) released a report highlighting potential risks related to popular Chinese-linked e-commerce apps Shein and Temu. ICYDK: Temu is a subsidiary of China-based e-commerce giant Pinduoduo. Fast-fashion retailer Shein was founded in …

On Friday, the US-China Economic and Security Review Commission (USCC) released a report highlighting potential risks related to popular Chinese-linked e-commerce apps Shein and Temu.
ICYDK: Temu is a subsidiary of China-based e-commerce giant Pinduoduo.

Fast-fashion retailer Shein was founded in ...

sources

US-China Economic and Security Review Commission: Shein, Temu, and Chinese e-Commerce: Data Risks, Sourcing Violations, and Trade Loopholes

SCMP: US accuses Shein, Temu of data risks in latest action targeting Chinese-backed apps

April 17, 2023

A questionable quid pro quo

Add Germany’s Foreign Minister Annalena Baerbock to the list of high-ranking European visitors to Beijing this spring. Her packed agenda included meetings with: Foreign Minister Qin Gang and Vice President Han Zheng on Friday China’s top diplomat, Wang Yi, on Saturday Baerbock repeatedly discuss…

Add Germany's Foreign Minister Annalena Baerbock to the list of high-ranking European visitors to Beijing this spring.
Her packed agenda included meetings with:

Foreign Minister Qin Gang and Vice President Han Zheng on Friday
China's top diplomat, Wang Yi, on Saturday

Baerbock repeatedly discuss...

sources

MoFA: 王毅会见德国外长贝尔伯克

Deutsch Welle: Germany calls on China to avoid 'horror' in Taiwan Strait

Global Times: China refutes European politicians' erroneous remarks on Taiwan question as pro-US camp reacts to Macron’s ‘strategic autonomy’ call

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