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Macro

March 1, 2023

CAC chief delivers the ritual chant

Yesterday, CAC Director Zhuang Rongwen published a lengthy essay in Qiushi, the Party’s premier theoretical journal, on “promoting Chinese-style modernization through informatization.” We read it so that you didn’t have to. Some context: Last month, Xi Jinping delivered a speech to senior Party of… Username Password Remember Me Forgot Password

Yesterday, CAC Director Zhuang Rongwen published a lengthy essay in Qiushi, the Party’s premier theoretical journal, on “promoting Chinese-style modernization through informatization.”

We read it so that you didn’t have to.

Some context: Last month, Xi Jinping delivered a speech to senior Party of...

sources

Qiushi: 以信息化推进中国式现代化为中华民族伟大复兴贡献力量

Gov.cn: 习近平在学习贯彻党的二十大精神研讨班开班式上发表重要讲话

March 1, 2023

Debt for down payments

Local governments are allowing homebuyers to substitute debt for equity when making down payments. On Tuesday, Yicai reported that more than 20 cities now allow homebuyers to use monies borrowed from housing provident funds (HPF) for down payments on property purchases. ICYDK: Employers and employee…

Local governments are allowing homebuyers to substitute debt for equity when making down payments.
On Tuesday, Yicai reported that more than 20 cities now allow homebuyers to use monies borrowed from housing provident funds (HPF) for down payments on property purchases.
ICYDK: Employers and employee...

sources

Yicai: 南京跟进，超20省市公积金可用于首付，各地执行空间有多大？

March 1, 2023

Selective memory

On Thursday, Alan Estevez, Undersecretary of Commerce for Industry and Security, said that the US would add restrictions to South Korean chipmakers’ operations in China. Some context: The US’ October export controls apply to all China-based chip fabs. Shortly after the controls were put in p…

On Thursday, Alan Estevez, Undersecretary of Commerce for Industry and Security, said that the US would add restrictions to South Korean chipmakers’ operations in China.
Some context: The US’ October export controls apply to all China-based chip fabs.

Shortly after the controls were put in p...

sources

The Register: US to impose caps on Korean chip shops working in China

March 1, 2023

Death and e-taxes

On Monday, Caixin detailed the latest progress on China’s “Golden Tax” smart taxation project. ICYDK: Golden Tax is a multi-year project to digitize tax filing nationwide, which officials see as crucial for tightening tax compliance. The State Taxation Administration (STA) and big corporates like …

On Monday, Caixin detailed the latest progress on China’s “Golden Tax” smart taxation project.

ICYDK: Golden Tax is a multi-year project to digitize tax filing nationwide, which officials see as crucial for tightening tax compliance.
The State Taxation Administration (STA) and big corporates like ...

sources

Caixin Global: Cover Story: China’s Tax System Gets a Digital Upgrade

March 1, 2023

MIIT asks the EU up the ante

On Monday, China’s Minister of Industry and Information Technology (MIIT) Jin Zhuanglong met with Jorge Toledo Albiñana, the EU’s ambassador to China. On the agenda: EU-backed investment in the Chinese economy Background: Since China dropped its zero-COVID policy in December, and began reopening in…

On Monday, China's Minister of Industry and Information Technology (MIIT) Jin Zhuanglong met with Jorge Toledo Albiñana, the EU’s ambassador to China.
On the agenda: EU-backed investment in the Chinese economy
Background: Since China dropped its zero-COVID policy in December, and began reopening in...

sources

Sina: 工信部部长金壮龙会见欧盟驻华代表团团长庹尧诲

March 1, 2023

What keeps Beijing up at night

Technological innovation is the key battlefield in great power competition – and in this arena, China is getting its ass kicked by the US. Hey, don’t look at us. That was the message from a February 19 People’s Daily op-ed by Zhu Dantao, an official from the Central Commission for Financial …

Technological innovation is the key battlefield in great power competition – and in this arena, China is getting its ass kicked by the US.

Hey, don't look at us.

That was the message from a February 19 People’s Daily op-ed by Zhu Dantao, an official from the Central Commission for Financial ...

sources

People's Daily: 加快构建新发展格局必须增强国内大循环内生动力和可靠性

March 1, 2023

It’s a no brainer

On Monday, Peking University professor Huang Yiping argued that financial policymakers should focus on international usage of the e-CNY. Why we listen to Huang: He’s a member of China’s most influential financial think tank, the China Finance 40 Forum (CF40). Some context: Over the past coupl…

On Monday, Peking University professor Huang Yiping argued that financial policymakers should focus on international usage of the e-CNY.
Why we listen to Huang: He’s a member of China’s most influential financial think tank, the China Finance 40 Forum (CF40).
Some context: Over the past coupl...

sources

Nanfang Metropolis Daily: 黄益平：建议将香港建成人民币金融中心，数字人民币大有可为

February 28, 2023

Guess who’s (not) coming to dinner?

On Monday, state-backed tabloid Global Times took US Ambassador to China Nicholas Burns to task. The reason: His comments at the American Chamber of Commerce’s (AmCham) Annual Appreciation Dinner on February 15. Some context: As its name suggests, the dinner is designed to thank “Chinese and US g…

On Monday, state-backed tabloid Global Times took US Ambassador to China Nicholas Burns to task.

The reason: His comments at the American Chamber of Commerce’s (AmCham) Annual Appreciation Dinner on February 15.

Some context: As its name suggests, the dinner is designed to thank “Chinese and US g...

sources

Global Times: Exclusive: US ambassador's Wolf Warrior-style 'nonsense' about China causes strong dissatisfaction among business circle, source reveals

US Embassy in China: U.S. AMBASSADOR TO CHINA NICHOLAS BURNS' SPEECH AT AMCHAM CHINA ANNUAL APPRECIATION DINNER – AS PREPARED

Twitter: AmCham China

USCBC: USCBC Statement on Recent Global Times Article

February 28, 2023

Fighting fire with fire

Your country needs you: Beijing wants more legal eagles tooled up to counter foreign sanctions and US long-arm jurisdiction. On Sunday, the Party Central Committee and the State Council released a set of opinions to enhance legal education and research on legal theories. What caught everyone’s atte…

Your country needs you: Beijing wants more legal eagles tooled up to counter foreign sanctions and US long-arm jurisdiction.
On Sunday, the Party Central Committee and the State Council released a set of opinions to enhance legal education and research on legal theories.
What caught everyone's atte...

sources

Gov.cn: 中共中央办公厅国务院办公厅印发《关于加强新时代法学教育和法学理论研究的意见》

AP: China purging ‘Western erroneous views’ from legal education

February 28, 2023

Prepay to your heart’s content

The banking regulator (CBIRC) is all over the mortgage prepayments mini-crisis. ICYMI: Applications to repay home mortgages ahead of schedule have spiked in recent months. Absent better ways to deploy their savings, households are paying off mortgages early. Some context: Banks – none too happy to…

The banking regulator (CBIRC) is all over the mortgage prepayments mini-crisis.
ICYMI: Applications to repay home mortgages ahead of schedule have spiked in recent months.

Absent better ways to deploy their savings, households are paying off mortgages early.

Some context: Banks – none too happy to...

sources

21st Century Biz: 银保监会最新回应：提前还房贷困难问题已逐步缓解

February 28, 2023

I assure you parts of it are excellent!

2022 was a bad year for China’s economy. On Tuesday, the National Bureau of Statistics (NBS) released the Statistical Bulletin on Economic and Social Development for 2022. This annual report is a treasure trove: It summarizes key econ data including GDP, industrial added value, trade, foreign invest…

2022 was a bad year for China's economy.
On Tuesday, the National Bureau of Statistics (NBS) released the Statistical Bulletin on Economic and Social Development for 2022.
This annual report is a treasure trove: It summarizes key econ data including GDP, industrial added value, trade, foreign invest...

sources

NBS: 盛来运：风高浪急彰显韧劲踔厉奋发再创新绩 ——《2022年国民经济和社会发展统计公报》评读

NBS: 中华人民共和国2022年国民经济和社会发展统计公报

February 28, 2023

(Don’t) love the way you Li

Lithium ore processing in Yichun, Jiangxi province, has temporarily shut down. The reason: Regulatory investigations. Industry media reported the stoppage on Monday. The investigations’ duration remains unknown, but industry analysts suggest they could last up to a month. You should know: Yichun …

Lithium ore processing in Yichun, Jiangxi province, has temporarily shut down.
The reason: Regulatory investigations.

Industry media reported the stoppage on Monday.
The investigations' duration remains unknown, but industry analysts suggest they could last up to a month.

You should know: Yichun ...

sources

Caixin: 中央工作组赴宜春调研当地锂选矿厂全面停产

Reuters: Chinese lithium investigation set to cut supply

Bloomberg: China Lithium Probe Shuts Down a Tenth of Global Supply

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