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Macro

March 20, 2023

This job has your name on it

China’s new central government leadership team’s policy portfolios have been assigned. On Friday, new Premier Li Qiang chaired the first plenary meeting of his freshly minted State Council. The plenary dished up the standard fare (Gov.cn): Assigning the portfolios of the premier, vice premiers, and… Username Password Remember Me Forgot Password

China's new central government leadership team's policy portfolios have been assigned.
On Friday, new Premier Li Qiang chaired the first plenary meeting of his freshly minted State Council.
The plenary dished up the standard fare (Gov.cn):

Assigning the portfolios of the premier, vice premiers, and...

sources

Gov.cn: 李强主持召开国务院第一次全体会议

March 20, 2023

Premier Li’s chief of staff

China’s new cabinet includes four new vice premiers and five new state councilors. Wu Zhenglong, 59, is one of the new state councilors, as well as the State Council’s secretary-general. As secretary-general, Wu’s responsible for the State Council’s day-to-day operations. This means he is effective…

China's new cabinet includes four new vice premiers and five new state councilors.
Wu Zhenglong, 59, is one of the new state councilors, as well as the State Council's secretary-general.

As secretary-general, Wu's responsible for the State Council's day-to-day operations.
This means he is effective...

sources

Gov.cn: 中华人民共和国主席令（第二号）

March 20, 2023

In the mood for an audit inspection

The US audit watchdog, the PCAOB, is headed back to Hong Kong. PCAOB officials may land in the city as soon as this week for a new round of inspections of Hong Kong and mainland-based auditors of US-listed Chinese firms, according to Reuters. Some context: In 2020, the US Congress passed legislati…

The US audit watchdog, the PCAOB, is headed back to Hong Kong.

PCAOB officials may land in the city as soon as this week for a new round of inspections of Hong Kong and mainland-based auditors of US-listed Chinese firms, according to Reuters.

Some context: In 2020, the US Congress passed legislati...

sources

Caixin: PCAOB将在港启动中概股审计定期检查

Bloomberg: PCAOB Chair on China Audits: Our Work Is Just Beginning

Reuters: US regulators to visit Hong Kong for fresh round of audit inspections - sources

March 20, 2023

Deep Dive | Two Sessions in review: Our six big questions answered

The annual meetings of China’s national legislature (NPC) and political advisory body (CPPCC), collectively referred to as the “Two Sessions,” took place from March 4 to 13. Before the Two Sessions began, we noted there were six big questions we would track as the events unfolded: What will the GDP…

The annual meetings of China’s national legislature (NPC) and political advisory body (CPPCC), collectively referred to as the “Two Sessions,” took place from March 4 to 13.
Before the Two Sessions began, we noted there were six big questions we would track as the events unfolded:

What will the GDP...

March 20, 2023

Oiling the wheels

All aboard the economic recovery train! On Friday, China’s central bank (PBoC) said it will lower banks’ reserve requirement ratio (RRR) by 25 basis points, effective March 27. The deets: The cut applies to all banks except those whose RRR is already 5% or lower. It will bring the average weighted …

All aboard the economic recovery train!
On Friday, China’s central bank (PBoC) said it will lower banks’ reserve requirement ratio (RRR) by 25 basis points, effective March 27.
The deets: The cut applies to all banks except those whose RRR is already 5% or lower.

It will bring the average weighted ...

sources

PBoC: 中国人民银行决定于2023年3月27日下调金融机构存款准备金率

March 20, 2023

Adding fuel to the fire

On Thursday, the full Party-state reorganization plan dropped, revealing more details about Beijing’s plans to revamp its tech innovation system. Recap: Last week, we flagged that a new Party commission – the Central Commission for Science and Technology (CCST) – will be formed as part of the …

On Thursday, the full Party-state reorganization plan dropped, revealing more details about Beijing’s plans to revamp its tech innovation system.
Recap: Last week, we flagged that a new Party commission – the Central Commission for Science and Technology (CCST) – will be formed as part of the ...

sources

Xinhua: 中共中央国务院印发《党和国家机构改革方案》

March 18, 2023

Quick Take | Why was the Ministry of Science and Technology restructured?

As eagle-eyed readers may know, the Ministry of Science and Technology (MoST) is undergoing a massive reorganization as part of the broader state restructuring announced at the Two Sessions last week. The changes to MoST are arguably the most important of the several reorganizations revealed at the…

The changes to MoST are arguably the most important of the several reorganizations revealed at the...

sources

Sina: 《中国研发经费报告（2022）》

Science: China's Research Culture

Caixin: 中国科技体制改革与海归

ijiwei: 科技部部长在“部长通道”上借梅西解释ChatGPT：要注意趋利避害

Gov.cn: 关于国务院机构改革方案的说明

March 18, 2023

State-directed collaboration

On Wednesday, He Defang, deputy secretary general of the Ministry of Science and Technology (MoST), co-authored an op-ed on the framework for China’s “new innovation system.” The piece was published by the Chinese Academy of Sciences’ monthly bulletin, widely read by Chinese policymakers and think …

On Wednesday, He Defang, deputy secretary general of the Ministry of Science and Technology (MoST), co-authored an op-ed on the framework for China's "new innovation system."

The piece was published by the Chinese Academy of Sciences’ monthly bulletin, widely read by Chinese policymakers and think ...

sources

CAS: 国家创新体系的发展演进分析与若干思考

March 18, 2023

Has the clock run out for TikTok?

And now, in news that everyone and their sister saw coming: On Wednesday, WSJ reported that Biden administration officials have told TikTok’s Chinese owners to sell their shares, or the app will face a US ban. The demand was delivered through the US Committee on Foreign Investment (CFIUS). TikTo…

And now, in news that everyone and their sister saw coming:
On Wednesday, WSJ reported that Biden administration officials have told TikTok's Chinese owners to sell their shares, or the app will face a US ban.

The demand was delivered through the US Committee on Foreign Investment (CFIUS).

TikTo...

sources

WSJ: U.S. Threatens Ban if TikTok’s Chinese Owners Don’t Sell Stakes

WSJ: TikTok CEO’s Message to Washington: A Sale Won’t Solve Security Concerns

March 18, 2023

Zhejiang’s schools are getting an AI+

On Thursday, Chinese media reported that artificial intelligence (AI) would soon become a required course at all Zhejiang middle and elementary schools. Background: As we’ve reported, fixing China’s massive talent shortages in STEM-related fields is a top priority for officials. But with …

On Thursday, Chinese media reported that artificial intelligence (AI) would soon become a required course at all Zhejiang middle and elementary schools.
Background: As we've reported, fixing China's massive talent shortages in STEM-related fields is a top priority for officials.

But with ...

sources

The Paper: 浙江：人工智能将成为中小学基础性课程和必修课程

March 18, 2023

Deep dive | A disappointing start to the year

Exec sum: The econ numbers for the start of 2023 have challenged the assumption that the end of zero-COVID would unleash a wave of revenge spending powered by the excess savings that households have accumulated. In reality, retail sales growth in January-February was barely above that of the pandem…

Exec sum:

The econ numbers for the start of 2023 have challenged the assumption that the end of zero-COVID would unleash a wave of revenge spending powered by the excess savings that households have accumulated. In reality, retail sales growth in January-February was barely above that of the pandem...

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March 17, 2023

Show me the money

There are a couple of new financial sheriffs in town. On Thursday, the Central Committee of the Communist Party and the State Council jointly announced the creation of two new party bodies to oversee the financial sector. Um…didn’t this already happen last week? Nope: During the National People’s Co…

There are a couple of new financial sheriffs in town.
On Thursday, the Central Committee of the Communist Party and the State Council jointly announced the creation of two new party bodies to oversee the financial sector.
Um…didn’t this already happen last week?
Nope: During the National People's Co...

sources

People's Daily: 中共中央国务院印发《党和国家机构改革方案》

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