string(13) "markets-macro"

Macro

March 9, 2023

Das booting out Huawei’s 5G

On Tuesday, Germany’s Interior Ministry announced a comprehensive security review of all Huawei and ZTE components installed within the country’s 5G networks. The Chinese Embassy in Germany responded that it was “very puzzled and strongly dissatisfied with the rash decision.” Background: While man… Username Password Remember Me Forgot Password

On Tuesday, Germany's Interior Ministry announced a comprehensive security review of all Huawei and ZTE components installed within the country's 5G networks.

The Chinese Embassy in Germany responded that it was "very puzzled and strongly dissatisfied with the rash decision."

Background: While man...

sources

DWNews: German government reviews Huawei components in 5G networks

March 9, 2023

Two Sessions talks semiconductors

On Thursday, Chinese media detailed the many suggestions on improving China’s semiconductor policies from delegates to the legislature (NPC) and advisory body (CPPCC). Semiconductors are a hot topic: This is the first Two Sessions since the US’ announced export controls against China in October. T…

This is the first Two Sessions since the US’ announced export controls against China in October.

T...

sources

21st Century Biz: 集成电路代表亮相两会呼吁新型举国体制、改善融资、芯片立法

TMT Post: 2023两会芯片、AI相关提议增多，科技互联网代表委员完成一次新旧更替

March 9, 2023

Dig more coal, secure Chinese power

Decarbonization will take a back seat this year due to Beijing’s worries about energy security. That was the message from the macro planner’s (NDRC) report to the Two Sessions on Sunday. Some context: Despite episodes of extreme-weather-induced power outages, China managed to avoid a nationwide en…

Decarbonization will take a back seat this year due to Beijing's worries about energy security.

That was the message from the macro planner’s (NDRC) report to the Two Sessions on Sunday.

Some context: Despite episodes of extreme-weather-induced power outages, China managed to avoid a nationwide en...

March 9, 2023

I don’t know but I been told, the army’s getting extra gold

The People’s Liberation Army (PLA) will see a budget increase of 7.2% in 2023, according to the national budget released on Sunday. Is that a lot? Not really. The budget is up ever so slightly from last year’s 7.1% increase and in line with nominal GDP growth. It’s also not the biggest y/y increas…

The People’s Liberation Army (PLA) will see a budget increase of 7.2% in 2023, according to the national budget released on Sunday.
Is that a lot? Not really.

The budget is up ever so slightly from last year’s 7.1% increase and in line with nominal GDP growth.

It's also not the biggest y/y increas...

sources

Xinhua: 2023两会

March 9, 2023

I order you to integrate and innovate

China’s commander-in-chief has ordered the armed forces to join forces with civilian players to boost technological self-sufficiency. On Wednesday, Xi Jinping continued his rounds inside Beijing’s Great Hall of the People, joining group discussions on the sidelines of Two Sessions. Swapping his sui…

China's commander-in-chief has ordered the armed forces to join forces with civilian players to boost technological self-sufficiency.
On Wednesday, Xi Jinping continued his rounds inside Beijing's Great Hall of the People, joining group discussions on the sidelines of Two Sessions.

Swapping his sui...

sources

People's Daily: 习近平在出席解放军和武警部队代表团全体会议时强调统一思想认识强化使命担当狠抓工作落实努力开创一体化国家战略体系和能力建设新局面

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) (Gov.cn): CNIPA will become an agency directly…

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) (Gov.cn):

CNIPA will become an agency directly...

sources

Gov.cn: 关于国务院机构改革方案的说明

March 9, 2023

The SAMR-Douyin love-in

Officials from the Beijing branch of the market supervision bureau (SAMR) recently paid a visit to Douyin to have a little talk. The deets: Regulators wanted to get a sense for how Douyin is managing pricing compliance in its live streaming and e-commerce business. Specifically, they wanted to make…

Officials from the Beijing branch of the market supervision bureau (SAMR) recently paid a visit to Douyin to have a little talk.
The deets: Regulators wanted to get a sense for how Douyin is managing pricing compliance in its live streaming and e-commerce business.

Specifically, they wanted to make...

sources

The Paper: 北京市市场监管局调研抖音集团

The Paper: 抖音电商：不得利用与品牌方砍价等行为进行演戏炒作

March 9, 2023

Paper tiger

On Thursday, China’s stats bureau (NBS) released the inflation data for February. The headlines (NBS): The consumer price index (CPI) rose 1.0% y/y in February, down from 2.1% in January. The producer price index (PPI) fell 1.4% y/y in February, compared with the 0.8% y/y decline in January. The f…

On Thursday, China’s stats bureau (NBS) released the inflation data for February.
The headlines (NBS):

The consumer price index (CPI) rose 1.0% y/y in February, down from 2.1% in January.
The producer price index (PPI) fell 1.4% y/y in February, compared with the 0.8% y/y decline in January.

The f...

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NBS: 国家统计局城市司首席统计师董莉娟解读2023年2月份CPI和PPI数据

Bloomberg: China’s Weak Inflation Eases Pressure on Global Prices

March 9, 2023

The road to boomtown

Steelmakers are preparing for an infrastructure boom. On Tuesday, China’s customs authority announced that coal imports – mostly coking coal for steel production – grew 70.8% y/y throughout January and February. Volumes rose to 60.64 million metric tons, up from 35.51 million last year. Average pri…

Steelmakers are preparing for an infrastructure boom.
On Tuesday, China's customs authority announced that coal imports – mostly coking coal for steel production – grew 70.8% y/y throughout January and February.

Volumes rose to 60.64 million metric tons, up from 35.51 million last year.
Average pri...

sources

Caixin: 能源内参｜前2个月中国进口煤同比增70.8%；涉“妖镍”事件伦敦金属交易所再遭索赔近7亿元

March 9, 2023

Another day, another RMB

Another win for RMB internationalization. On Monday, Chicago-based CME Group – operator of many of the world’s largest derivative exchanges – announced it would launch options on its offshore RMB (CNH) futures starting April 3. The USD/CNH pair will be the 6th FX option offered by CME Group – and i…

Another win for RMB internationalization.
On Monday, Chicago-based CME Group – operator of many of the world’s largest derivative exchanges – announced it would launch options on its offshore RMB (CNH) futures starting April 3.

The USD/CNH pair will be the 6th FX option offered by CME Group – and i...

sources

PRNewswire: CME Group to Launch Offshore Renminbi Options on April 3

BIS: International banking and financial market developments

CME Group: FX Options

PBoC: 中国货币政策执行报告 2022 年第四季度

March 9, 2023

Nowhere to escape

China’s debt problems have spread to far-flung villages, according to a report submitted to the ongoing session of the political advisory body (CPPCC). The deets (Yicai): By H1 2019, the total outstanding debt of China’s 700,000 villages reached RMB 0.9 trillion. This is exacerbated by villages’ li…

China's debt problems have spread to far-flung villages, according to a report submitted to the ongoing session of the political advisory body (CPPCC).
The deets (Yicai):

By H1 2019, the total outstanding debt of China's 700,000 villages reached RMB 0.9 trillion.
This is exacerbated by villages' li...

sources

Yicai: 村级债务已达9000亿！“小村大债”怎么来的？如何拆弹？

March 9, 2023

Making the MoST of it

China wants to build a lean, mean, technological-self-sufficiency-driving machine. The Ministry of Science and Technology (MoST) is undergoing a massive reorganization as part of the broader state restructuring announced at the Two Sessions. The State Council laid out why on Tuesday (Gov.cn): …

China wants to build a lean, mean, technological-self-sufficiency-driving machine.
The Ministry of Science and Technology (MoST) is undergoing a massive reorganization as part of the broader state restructuring announced at the Two Sessions.
The State Council laid out why on Tuesday (Gov.cn):
...

sources

Gov.cn: 关于国务院机构改革方案的说明

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