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Macro

March 11, 2023

The financial sector regulatory overhaul: What it means and how things will change

On Tuesday, the State Council unveiled its government restructuring plan in which it overhauled China’s financial sector regulatory apparatus. TL;DR: We expect the reforms will change the way Beijing approaches financial regulation, concentrating prudential supervision with the central bank (P… Username Password Remember Me Forgot Password

On Tuesday, the State Council unveiled its government restructuring plan in which it overhauled China's financial sector regulatory apparatus.
TL;DR: We expect the reforms will change the way Beijing approaches financial regulation, concentrating prudential supervision with the central bank (P...

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March 11, 2023

50 shades of green

Environmental regulatory efforts will take a back seat to growth goals in 2023. The Government Work Report (GWR) devoted one lonely paragraph to the coming year’s environmental policy agenda, compared with three in the 2022 edition. The changes included removing references to specific industries th…

Environmental regulatory efforts will take a back seat to growth goals in 2023.
The Government Work Report (GWR) devoted one lonely paragraph to the coming year’s environmental policy agenda, compared with three in the 2022 edition.

The changes included removing references to specific industries th...

sources

People's Daily: 黄润秋：服务保障高质量发展守好生态环境底线

March 10, 2023

Cadres, clear your desks

The State Council’s restructuring plan, unveiled on Tuesday, requires slashing the total number of central government employees by 5%. Some context: This marks the first time in 20 years that the State Council’s reorganization plan directly mentions reducing official positions (the bianzhi system) a…

The State Council's restructuring plan, unveiled on Tuesday, requires slashing the total number of central government employees by 5%.
Some context: This marks the first time in 20 years that the State Council's reorganization plan directly mentions reducing official positions (the bianzhi system) a...

sources

Gov.cn: 关于国务院机构改革方案的说明

Xinhua: 扬帆破浪再启航——以习近平同志为核心的党中央推进党和国家机构改革纪实

CCTV: 1998年机构改革，朱镕基一次性拆掉9座“小庙”

March 10, 2023

The coronation is complete

Xi Jinping has completed his campaign to secure a third term in power, cementing his control over the Party-state. On Friday morning, election fever convulsed Beijing’s Great Hall of the People where deputies of the legislature (NPC) voted for new state leaders. The elections weren’t exactly competi…

Xi Jinping has completed his campaign to secure a third term in power, cementing his control over the Party-state.
On Friday morning, election fever convulsed Beijing's Great Hall of the People where deputies of the legislature (NPC) voted for new state leaders.
The elections weren't exactly competi...

sources

Xinhua: 新华社快讯：习近平在国家主席选举中获得全票

Xinhua: 新华社快讯：韩正当选为中华人民共和国副主席

Xinhua: 新华社快讯：赵乐际当选为第十四届全国人大常委会委员长

Xinhua: 李鸿忠、王东明、肖捷、郑建邦、丁仲礼、郝明金、蔡达峰、何维、武维华、铁凝、彭清华、张庆伟、洛桑江村、雪克来提·扎克尔当选为第十四届全国人大常委会副委员长，刘奇当选为第十四届全国人大常委会秘书长

March 10, 2023

Deep Dive | What the Two Sessions mean for platform companies

We’re halfway through the Two Sessions – China’s largest annual legislative meeting – and it’s been one heck of a ride. So far, two key things have happened: Major government bodies, including China’s macro-planning agency (NDRC), have released their annual reports, outlining plans and priorities f…

We're halfway through the Two Sessions - China's largest annual legislative meeting - and it's been one heck of a ride.
So far, two key things have happened:

Major government bodies, including China's macro-planning agency (NDRC), have released their annual reports, outlining plans and priorities f...

sources

Baijiahao: 两会｜全国人大代表朱征夫：统筹电商平台发放消费券促进消费增长

SCMP: China e-commerce price war flares as JD.com begins ‘largest ever promotion’, including 14 pc discount on some iPhones

March 10, 2023

Zero-COVID PTSD

Will China implement a zero-influenza policy in 2023? On Wednesday, the Xi’an city government’s general office triggered public anxiety by releasing an emergency response plan for China’s ongoing influenza surge. Some context: The influenza A (H1N1) virus has been spreading in China in recent weeks,…

Will China implement a zero-influenza policy in 2023?
On Wednesday, the Xi’an city government’s general office triggered public anxiety by releasing an emergency response plan for China’s ongoing influenza surge.
Some context: The influenza A (H1N1) virus has been spreading in China in recent weeks,...

sources

Shaanxi Fabang: 西安市人民政府办公厅关于印发流感大流行应急预案的通知

Global Times: Xi'an issues emergency plan for influenza surge, including potential business and school closures

March 10, 2023

Stuck in first gear

More bad news for China’s consumption recovery. The China Passenger Car Association (CPCA) released the data on Wednesday showing passenger car sales fell 20% y/y to 2.7 million units over the January-February period. The CPCA attributed the decline to the end of temporary sales incentives and subs…

More bad news for China's consumption recovery.
The China Passenger Car Association (CPCA) released the data on Wednesday showing passenger car sales fell 20% y/y to 2.7 million units over the January-February period.

The CPCA attributed the decline to the end of temporary sales incentives and subs...

sources

Caixin: 能源内参｜前两个月乘用车零售销量同比下滑近两成；宁德时代子公司全资控股洛阳矿业集团

WSJ: China’s Auto Sales Fall Sharply After Lifting of Pandemic Curbs

Reuters: China's Jan-Feb passenger cars sales down 20% - CPCA

March 10, 2023

Chip war heats up

On Wednesday, Bloomberg reported that the Dutch government is planning to slap controls on exports of chipmaking tools to China. Some context: The Netherlands reached an agreement with the US and Japan to restrict exports of semiconductor manufacturing tools to China in January. Details were not ma…

On Wednesday, Bloomberg reported that the Dutch government is planning to slap controls on exports of chipmaking tools to China.
Some context: The Netherlands reached an agreement with the US and Japan to restrict exports of semiconductor manufacturing tools to China in January.

Details were not ma...

sources

Bloomberg: China Faces More Limits on Chip-Export Gear From Netherlands

March 10, 2023

Xi’s CATL call

On Wednesday, Xi Jinping met with private-sector delegates of the political advisory body (CPPCC). Xi talked up the outlook for private businesses. But he also issued a warning about the dangers of investing overseas (People’s Daily): “We must prevent [our companies from becoming like] isolated tr…

On Wednesday, Xi Jinping met with private-sector delegates of the political advisory body (CPPCC).
Xi talked up the outlook for private businesses.
But he also issued a warning about the dangers of investing overseas (People’s Daily):

“We must prevent [our companies from becoming like] isolated tr...

sources

People's Daily: 微镜头·习近平总书记两会“下团组” “放下包袱，大胆发展”（两会现场观察）

Gov.cn: 共赴中国式现代化新征程——习近平总书记看望参加政协会议的民建工商联界委员并参加联组会侧记

March 10, 2023

Confidence job

Confidence among Chinese households is still fragile, and a recovery in consumption is taking time. That was the message from JD.Com, China’s second-largest online retailer, on Thursday when the company released some mediocre sales figures (Reuters). Revenue for Q4 2022 rose just 7% y/y. That’s do…

Confidence among Chinese households is still fragile, and a recovery in consumption is taking time.
That was the message from JD.Com, China's second-largest online retailer, on Thursday when the company released some mediocre sales figures (Reuters).
Revenue for Q4 2022 rose just 7% y/y.

That’s do...

sources

Reuters: China's JD.com warns consumer confidence will take time to rebuild

The Motley Fool: D earnings call for the period ending December 31, 2022.

March 10, 2023

(Don’t) show me the money

Some of China’s financial regulators may be in line for serious pay cuts. Why? Blame the just-announced overhaul of China’s financial regulatory apparatus. The new National Financial Regulation Administration (NFRA) – which subsumed the banking regulator (CBIRC) – and the securities regulator (CSRC…

Some of China’s financial regulators may be in line for serious pay cuts.
Why? Blame the just-announced overhaul of China’s financial regulatory apparatus.

The new National Financial Regulation Administration (NFRA) – which subsumed the banking regulator (CBIRC) – and the securities regulator (CSRC...

sources

Caixin Global: Officials Face Steep Pay Cuts Under China’s Financial Regulatory Overhaul

Bloomberg: China’s Financial Regulators Face Deep Pay Cuts After Revamp

March 9, 2023

IPR office steps up in the world

The government agency responsible for managing intellectual property rights (IPR) just got an upgrade. The State Council reorganization plan released on Tuesday includes a status boost for the China National Intellectual Property Administration (CNIPA). The CNIPA will become an agency directly unde…

The government agency responsible for managing intellectual property rights (IPR) just got an upgrade.
The State Council reorganization plan released on Tuesday includes a status boost for the China National Intellectual Property Administration (CNIPA).

The CNIPA will become an agency directly unde...

sources

Gov.cn: 关于国务院机构改革方案的说明

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