string(13) "markets-macro"

Macro

February 13, 2023

Everything everywhere all at once

Xi Jinping has signaled that China’s policy confusion will continue for years to come. On February 7, Xi gave an important speech on Chinese-style modernization to newly elected Central Committee members and other top officials. Xi devoted most of his annual speech at the Central Party School to art… Username Password Remember Me … Read More »

Xi Jinping has signaled that China’s policy confusion will continue for years to come.
On February 7, Xi gave an important speech on Chinese-style modernization to newly elected Central Committee members and other top officials.
Xi devoted most of his annual speech at the Central Party School to art...

sources

Xinhua: 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

February 13, 2023

Making bidding less forbidding

Bidding in China – especially for government projects – should get a lot cheaper and less cumbersome. On February 6, the macro planner (NDRC) and 12 other government agencies released a notice to standardize and streamline the bidding guarantee policy. Some context: A bidding guarantee is a refundab…

Bidding in China – especially for government projects – should get a lot cheaper and less cumbersome.
On February 6, the macro planner (NDRC) and 12 other government agencies released a notice to standardize and streamline the bidding guarantee policy.
Some context: A bidding guarantee is a refundab...

sources

NDRC: 国家发展改革委等部门关于完善招标投标交易担保制度进一步降低招标投标交易成本的通知

February 13, 2023

Less rosy than it seems

China’s central bank released credit data for January late on Friday. The headlines: Net new total social financing (TSF) hit RMB 5.98 trillion, vs the consensus forecast of RMB 5.40 trillion. Net new bank loans were RMB 4.9 trillion, higher than the forecast RMB 4.0 trillion. Credit growth picked…

China’s central bank released credit data for January late on Friday.
The headlines:

Net new total social financing (TSF) hit RMB 5.98 trillion, vs the consensus forecast of RMB 5.40 trillion.
Net new bank loans were RMB 4.9 trillion, higher than the forecast RMB 4.0 trillion.

Credit growth picked...

sources

PBoC: 2023年1月金融统计数据报告

Reuters: China Jan new bank loans jump more than expected to record 4.9 trln yuan

February 13, 2023

Mortgage mess

Homeowners across China are choosing to pay off their mortgages early (see February 9 China Markets Dispatch). But banks are doing their best to make that difficult. Caixin shed some light on why that is in a Monday report. It cited unnamed insiders as saying early repayment hurts banks’ interest …

Homeowners across China are choosing to pay off their mortgages early (see February 9 China Markets Dispatch).

But banks are doing their best to make that difficult.

Caixin shed some light on why that is in a Monday report. It cited unnamed insiders as saying early repayment hurts banks' interest ...

sources

Caixin: 最新财新周刊｜扎堆提前还房贷何解

February 13, 2023

Supersize me

Issuance of local government special purpose bonds (SPBs) looks set to hit a record in Q1. On Monday, Yicai reported that the finance ministry has given early approval for RMB 2.19 trillion of SPBs, based on the 2023 budget reports of 31 provincial-level governments. That’s a whopping 50% higher th…

Issuance of local government special purpose bonds (SPBs) looks set to hit a record in Q1.
On Monday, Yicai reported that the finance ministry has given early approval for RMB 2.19 trillion of SPBs, based on the 2023 budget reports of 31 provincial-level governments.

That's a whopping 50% higher th...

sources

Yicai: 提前批专项债额度首次突破2万亿，释放什么信号？

February 13, 2023

ChatGPT fever strikes China

China has joined the Chat GPT craze, despite the service being officially unavailable in the country. Just in case you somehow aren’t familiar: ChatGPT is the much-ballyhoo’d artificial text generation app powered by the Microsoft-backed OpenAI GPT-3 language model. On February 1, Reuters reported…

China has joined the Chat GPT craze, despite the service being officially unavailable in the country.
Just in case you somehow aren’t familiar: ChatGPT is the much-ballyhoo'd artificial text generation app powered by the Microsoft-backed OpenAI GPT-3 language model.

On February 1, Reuters reported...

sources

Reuters: ChatGPT sets record for fastest-growing user base - analyst note

CNBC: ChatGPT frenzy sweeps China as firms scramble for homegrown options

The Paper: ChatGPT火爆背后有何法律风险？记者调查

SCMP: Beijing leads China with the most number of AI firms, as nation’s capital pledges support for developing ChatGPT-like services

February 13, 2023

Risky business

China’s financial regulators want banks to get a better grip on their risks. On Saturday, the central bank (PBoC) and banking regulator (CBIRC) issued new rules on the risk classification of assets. Some context: China’s banks must classify bank loans under five categories – normal, special mention,…

China’s financial regulators want banks to get a better grip on their risks.
On Saturday, the central bank (PBoC) and banking regulator (CBIRC) issued new rules on the risk classification of assets.
Some context: China’s banks must classify bank loans under five categories – normal, special mention,...

sources

PBoC: 中国银保监会中国人民银行发布《商业银行金融资产风险分类办法》

Reuters: China tightens requirements on classifying banks' asset risks

PBoC: 中国银保监会中国人民银行有关部门负责人就《商业银行金融资产风险分类办法》答记者问

February 13, 2023

My pillar

Slowly but surely, China’s individualized private pension system is growing. On Friday, the regulator-managed China Wealth portal revealed the first batch of financial products specifically designed for private retirement savings accounts. That’s a major step on the way to expanding China’s minuscu…

Slowly but surely, China’s individualized private pension system is growing.
On Friday, the regulator-managed China Wealth portal revealed the first batch of financial products specifically designed for private retirement savings accounts.

That’s a major step on the way to expanding China’s minuscu...

sources

Securities Times: 首批个人养老金理财产品名单发布！工银理财、农银理财、中邮理财拔得“头筹”

February 12, 2023

Deep Dive | Boosting consumption: Provincial governments’ plans to increase household spending

Exports – an engine of growth for the last few years – will likely drag on growth this year. The property sector might make a positive contribution, but any contribution would be small. And with local governments financially overstretched, the potential to further ramp up infrastructure investment i…

February 11, 2023

MoE gives its smart platform an A++

On Thursday, China’s Ministry of Education (MoE) updated its “National Smart Education Platform” (MoE 1). It claims to be the world’s largest education and teaching resource database. Background: The “National Smart Education Platform” was launched last March as a one-stop-shop online educational …

On Thursday, China's Ministry of Education (MoE) updated its "National Smart Education Platform" (MoE 1).

It claims to be the world's largest education and teaching resource database.

Background: The "National Smart Education Platform" was launched last March as a one-stop-shop online educational ...

sources

MOE: 我国基本建成世界第一大教育教学资源库

MOE: 基础教育数字化工作进展情况

MOE: 职业教育数字化工作进展情况

February 11, 2023

‘No limits’ means no chips

On Thursday, Bloomberg reported that the G7 nations are considering sanctions against Chinese firms for supplying Russia’s military with semiconductors and other advanced tech (Bloomberg). While the situation is fluid, a package of sanctions will likely be released by February 24th. Background: Af…

On Thursday, Bloomberg reported that the G7 nations are considering sanctions against Chinese firms for supplying Russia's military with semiconductors and other advanced tech (Bloomberg).

While the situation is fluid, a package of sanctions will likely be released by February 24th.

Background: Af...

sources

Bloomberg: G-7 Weighs Sanctioning Chinese, Iranian and North Korean Firms for Aiding Russia’s Military

The Register: China reportedly bars export of homebrew Loongson chips to Russia – and everywhere else

February 11, 2023

Deep dive | Sunnyside up: Prospects for China’s power sector decarbonization

Decarbonizing China’s power sector is critical to the global fight to avoid climate disaster. It’s also a mammoth endeavor – made all the more difficult by a labyrinth of policy issues. That is to say, it ain’t easy going green. ICYDK: Power generation is the country’s single largest source of car…

Decarbonizing China's power sector is critical to the global fight to avoid climate disaster.

It’s also a mammoth endeavor – made all the more difficult by a labyrinth of policy issues.

That is to say, it ain’t easy going green.
ICYDK: Power generation is the country’s single largest source of car...

sources

CEC: 中国电力企业联合会网-中国最大的行业门户网站

NEA: 国家能源局发布2022年全国电力工业统计数据

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