string(13) "markets-macro"

Macro

March 2, 2023

The company you keep

On Wednesday, the WSJ reported that Bao Fan, founder of investment bank China Renaissance Holdings, is being held by anti-corruption authorities in relation to an investigation into the former president of the bank. ICYMI: On Sunday, Renaissance said that Bao – a well-respected tech dealmaker with a… Username Password Remember Me Forgot Password

On Wednesday, the WSJ reported that Bao Fan, founder of investment bank China Renaissance Holdings, is being held by anti-corruption authorities in relation to an investigation into the former president of the bank.
ICYMI: On Sunday, Renaissance said that Bao – a well-respected tech dealmaker with a...

sources

WSJ: Missing Chinese Banker Fan Bao Detained as Part of Corruption Probe

March 2, 2023

Nothing to (es)crow about

Finding ways to fund the completion of unfinished housing is proving difficult. On Wednesday, Caixin reported that a program that grants developers greater access to presale funds is struggling to gain traction. Some context: About 90% of newly constructed housing in China is sold prior to completio…

Finding ways to fund the completion of unfinished housing is proving difficult.
On Wednesday, Caixin reported that a program that grants developers greater access to presale funds is struggling to gain traction.
Some context: About 90% of newly constructed housing in China is sold prior to completio...

sources

Caixin: China’s Local Officials Balk at Releasing Pre-Sale Funds to Developers

March 2, 2023

Flash Talk | China econ update: Corruption, a new commission, and consumption

In this latest Flash Talk, Trivium’s Head of China Markets Research Dinny McMahon talks with Trivium Co-founder Andrew Polk about the latest econ and financial developments in China over the past two weeks. The gents cover: The central bank’s (PBoC) thoughts on consumption, and local governmen…

The central bank’s (PBoC) thoughts on consumption, and local governmen...

March 1, 2023

Sailing the (stormy) seas depends on the helmsman

The Central Committee’s Second Plenum concluded on Tuesday. And the readout was dark! Second Plenum communiques typically talk about two things: A Party-state restructuring plan Party recommendations for the leadership of the State Council, legislature, advisory body (CPPCC), and ministries Tues…

The Central Committee’s Second Plenum concluded on Tuesday.

And the readout was dark!

Second Plenum communiques typically talk about two things:

A Party-state restructuring plan
Party recommendations for the leadership of the State Council, legislature, advisory body (CPPCC), and ministries

Tues...

sources

Xinhua: （受权发布）中国共产党第二十届中央委员会第二次全体会议公报

March 1, 2023

Tian Tian, xiang xia

Times are tough for corrupt Chinese financial officials. On Tuesday, the Hunan provincial branch of the Supreme People’s Procuratorate (SPP) announced charges against Tian Huiyu, former president of China Merchants Bank (CMB), China’s 10th largest bank. Some context: In April 2022, Tian was brought …

Times are tough for corrupt Chinese financial officials.
On Tuesday, the Hunan provincial branch of the Supreme People’s Procuratorate (SPP) announced charges against Tian Huiyu, former president of China Merchants Bank (CMB), China’s 10th largest bank.
Some context: In April 2022, Tian was brought ...

sources

WeChat: 招行原行长田惠宇被公诉！涉嫌受贿、泄露内幕信息、内幕交易…

March 1, 2023

Tax cuts not in the cards

There is little room for further cuts to corporate tax in China. That’s the conclusion of a study released on Monday by the Chinese Academy of Fiscal Sciences (CAFS). Some context: CAFS is directly affiliated to the Ministry of Finance, so its studies always carry weight with policymakers. More co…

There is little room for further cuts to corporate tax in China.

That's the conclusion of a study released on Monday by the Chinese Academy of Fiscal Sciences (CAFS).

Some context: CAFS is directly affiliated to the Ministry of Finance, so its studies always carry weight with policymakers.
More co...

sources

Caixin: 中国宏观税负持续下降下一步如何降企业成本

March 1, 2023

Rejigging the Party-state

On Tuesday, the Party dropped the communique for its Central Committee’s Second Plenum, which met from Sunday to Tuesday. Get excited: This meeting readout announced that the Party-state restructuring plan has been finalized. Some context: Since 1982, Party and state institutions have undergone a pr…

On Tuesday, the Party dropped the communique for its Central Committee’s Second Plenum, which met from Sunday to Tuesday.
Get excited: This meeting readout announced that the Party-state restructuring plan has been finalized.
Some context: Since 1982, Party and state institutions have undergone a pr...

sources

Xinhua: （受权发布）中国共产党第二十届中央委员会第二次全体会议公报

Gov.cn: 中共中央举行民主协商会习近平主持并发表重要讲话

March 1, 2023

No more bad news, please

On Monday, state-affiliated think tank Chinese Academy of Fiscal Sciences (CAFS) published a report on local government finances, based on surveys of 521 city- and county-level finance departments. Local governments saw revenue plummet in 2022 (Caixin): Total tax revenue – which accounts for just u…

On Monday, state-affiliated think tank Chinese Academy of Fiscal Sciences (CAFS) published a report on local government finances, based on surveys of 521 city- and county-level finance departments.
Local governments saw revenue plummet in 2022 (Caixin):

Total tax revenue – which accounts for just u...

sources

Caixin: 地方财政运行风险几何？财科院调研算“细账

March 1, 2023

The door is shutting further

The US Department of Commerce signaled it’s tightening up the export control regime in written testimony made public on Tuesday. Some context: The department has come under fire for handing out tech export licenses to China like candy in recent years. According to the WSJ: The department…

The US Department of Commerce signaled it's tightening up the export control regime in written testimony made public on Tuesday.
Some context: The department has come under fire for handing out tech export licenses to China like candy in recent years. According to the WSJ:

The department...

sources

WSJ: U.S. Approves Nearly All Tech Exports to China, Data Shows

Reuters: U.S. approved 70% of export license applications from China in 2022

March 1, 2023

A death blow to Huawei?

Is the US about to go all nuclear on Huawei? On Monday, the WSJ reported that the Biden administration is considering completely cutting off Huawei’s access to US technology. Some context: Despite being on the US Entity List since 2019, Huawei has still been able to buy billions of dollars in …

Is the US about to go all nuclear on Huawei?
On Monday, the WSJ reported that the Biden administration is considering completely cutting off Huawei’s access to US technology.
Some context: Despite being on the US Entity List since 2019, Huawei has still been able to buy billions of dollars in ...

sources

WSJ: Huawei Export Licenses Could Be Revoked by U.S.

March 1, 2023

Muddy (content) waters

Minors need more protection from short videos. That was the message from the National Radio and Television Administration (NRTA) at a February 22 meeting, carried by Chinese media on Tuesday. NRTA’s biggest peeves: Inappropriate content and “video addiction.” ICYMI: This isn’t the first time the N…

Minors need more protection from short videos.

That was the message from the National Radio and Television Administration (NRTA) at a February 22 meeting, carried by Chinese media on Tuesday.

NRTA's biggest peeves: Inappropriate content and “video addiction.”
ICYMI: This isn't the first time the N...

sources

21jingji.com: 广电总局：研究部署加强短视频管理，防范未成年人沉迷

NRTA: 广电总局召开会议研究部署加强短视频管理防范未成年人沉迷等工作

March 1, 2023

TikTok turned off

TikTok’s facing ever greater regulatory heat in the US and beyond. On Tuesday, CNBC reported that the US House Foreign Affairs Committee would vote on legislation that would make it easier for the US president to ban the app. The legislation would still need to pass the US House and Senate before b…

TikTok's facing ever greater regulatory heat in the US and beyond.
On Tuesday, CNBC reported that the US House Foreign Affairs Committee would vote on legislation that would make it easier for the US president to ban the app.

The legislation would still need to pass the US House and Senate before b...

sources

CNBC: New TikTok ban is poised to advance in Congress

National Post: 'Unacceptable level of risk': Canada bans TikTok from federal government devices

Reuters: European Parliament latest EU body to ban TikTok from staff phones

AP: Danish parliament urges to remove TikTok over cybersecurity

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