string(13) "markets-macro"

Macro

February 8, 2023

Oh, the inanity!

On Saturday, the saga of the Chinese balloon over American airspace came to its thrilling conclusion when a US F-22 fighter jet shot it down off the coast of South Carolina. ICYMI: Three days after the balloon became public knowledge, China’s foreign ministry (MoFA) on Friday confirmed the balloon w… Username Password Remember Me … Read More »

On Saturday, the saga of the Chinese balloon over American airspace came to its thrilling conclusion when a US F-22 fighter jet shot it down off the coast of South Carolina.
ICYMI: Three days after the balloon became public knowledge, China’s foreign ministry (MoFA) on Friday confirmed the balloon w...

sources

NYT: Downing of Chinese Spy Balloon Ends Chapter in a Diplomatic Crisis

MoFA: Foreign Ministry Spokesperson’s Remarks on the Unintended Entry of a Chinese Unmanned Airship into US Airspace Due to Force Majeure

MoFA: Foreign Ministry Spokesperson’s Remarks on US Annoucement of the Postponement of Secretary of State Blinken’s Visit to China

February 8, 2023

The other inflation risk

So was it a spy balloon? The Washington Post certainly seems to think so. On Tuesday, the newspaper published an article claiming the Chinese balloon shot down over the Atlantic on Saturday was part of a broader surveillance effort by Beijing. Citing US officials speaking anonymously, WaPo report…

So was it a spy balloon?

The Washington Post certainly seems to think so.

On Tuesday, the newspaper published an article claiming the Chinese balloon shot down over the Atlantic on Saturday was part of a broader surveillance effort by Beijing.
Citing US officials speaking anonymously, WaPo report...

sources

Washington Post: Chinese balloon part of vast aerial surveillance program, U.S. says

MoFA: Foreign Ministry Spokesperson Mao Ning’s Regular Press Conference on February 7, 2023

FT: China’s military keeps rivals on edge with balloon strategy

February 8, 2023

Xi takes on capitalism

On Tuesday, Xi Jinping gave his annual speech at the Central Party school to all newly elected Central Committee members and other top officials. Some context: These speeches are something akin to the US President’s annual State of the Union address. Xi uses the speeches to explain his political pro…

On Tuesday, Xi Jinping gave his annual speech at the Central Party school to all newly elected Central Committee members and other top officials.
Some context: These speeches are something akin to the US President's annual State of the Union address. Xi uses the speeches to explain his political pro...

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 8, 2023

Li’s last speech

Premier Li Keqiang is preparing for the National People’s Congress in March, where he will deliver his final Government Work Report (GWR) as premier. On Friday, Li convened a State Council plenary session to discuss a draft of the report. Some context: The GWR – delivered by the premier at the annua…

Premier Li Keqiang is preparing for the National People's Congress in March, where he will deliver his final Government Work Report (GWR) as premier.
On Friday, Li convened a State Council plenary session to discuss a draft of the report.
Some context: The GWR – delivered by the premier at the annua...

sources

Gov.cn: 李克强主持召开国务院全体会议讨论《政府工作报告（征求意见稿）》韩正等出席

February 8, 2023

The rituals of policy implementation

Beijing’s pushing tech more than ever. Last Tuesday, the Beijing municipal government released its “List of Key Tasks” for 2023. Tech-centered goals were a substantial part of this very long to-do list. These goals filter down from higher-level goals outlined in major documents, such as the 14th Fi…

These goals filter down from higher-level goals outlined in major documents, such as the 14th Fi...

sources

Beijing.gov: 北京市人民政府关于印发《2023年市政府工作报告重点任务清单》的通知

February 8, 2023

Bursting the TikTok balloon

On Tuesday, NBC News reported that US Republicans are using the recent furor over China’s “weather” balloon to bash another favorite target: Namely, TikTok Background: TikTok has been a favorite target of congressional Republicans for some time. Recently, they have: Introduced legislation dubbin…

On Tuesday, NBC News reported that US Republicans are using the recent furor over China's "weather" balloon to bash another favorite target:

Namely, TikTok

Background: TikTok has been a favorite target of congressional Republicans for some time. Recently, they have:

Introduced legislation dubbin...

sources

NBC: TikTok’s critics use Chinese spy balloon to attack the app

February 8, 2023

Go fund me

China’s banks are preparing for stronger lending growth and weaker deposit growth in 2023. On Monday, Caixin reported that China’s large banks have submitted plans to issue more negotiable certificates of deposit (NCDs) in 2023, compared with 2022. ICYDK: NCDs are a medium-term unsecured bond sold…

China’s banks are preparing for stronger lending growth and weaker deposit growth in 2023.

On Monday, Caixin reported that China’s large banks have submitted plans to issue more negotiable certificates of deposit (NCDs) in 2023, compared with 2022.

ICYDK: NCDs are a medium-term unsecured bond sold...

sources

Caixin: 增加主动负债多家银行提高2023年同业存单备案额度

February 8, 2023

Sticking to the playbook

Beijing hopes consumption will revive this year, but doesn’t want to use cash handouts to make it happen. On Friday, Reuters cited three anonymous sources “close to policy discussions” as saying that the central government doesn’t plan to use large-scale direct consumer subsidies to boost demand. Ac…

Beijing hopes consumption will revive this year, but doesn’t want to use cash handouts to make it happen.
On Friday, Reuters cited three anonymous sources “close to policy discussions” as saying that the central government doesn’t plan to use large-scale direct consumer subsidies to boost demand.
Ac...

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Reuters: Exclusive: Big stimulus unlikely as China considers steps to support consumers

February 8, 2023

Star de-link

On Monday, the Ministry of Industry and Information Technology (MIIT) announced that satellite internet equipment can now obtain official network licenses. Elon Musk’s Starlink is the best known example of satellite internet, which beams internet connections directly from satellites to portable te…

On Monday, the Ministry of Industry and Information Technology (MIIT) announced that satellite internet equipment can now obtain official network licenses.

Elon Musk's Starlink is the best known example of satellite internet, which beams internet connections directly from satellites to portable te...

sources

MIIT: 关于电信设备进网许可制度若干改革举措的通告

Shanghai Securities News: 两会快讯 | 包为民：国家将组建“国网”公司统筹空间互联网建设规划运营

State Council: 国务院关于印发 “十四五”数字经济发展规划的通知

SCMP: Beijing sets up satellite internet measures as China aims to build new space infrastructure

ITU: CHN2020-33636

ITU: CHN2020-33634

MIIT: 《关于电信设备进网许可制度若干改革举措的通告》解读

February 8, 2023

You can’t spell quality without technology

On Monday, China’s State Council released broad guidance on quality control, standards, and product development in China. Background: Ensuring high-quality product development and manufacturing is increasingly vital for China’s to become a “quality power” by 2035 (Gov.cn 1). Tech is a key piece of t…

On Monday, China's State Council released broad guidance on quality control, standards, and product development in China.
Background: Ensuring high-quality product development and manufacturing is increasingly vital for China's to become a "quality power" by 2035 (Gov.cn 1).
Tech is a key piece of t...

sources

Gov.cn: 中共中央国务院印发《质量强国建设纲要》

Gov.cn: 中国制造2025

Gov.cn: 中华人民共和国国民经济和社会发展第十四个五年规划和2035年远景目标纲要

February 8, 2023

Eat yer greens

On February 4, central bank (PBoC) governor Yi Gang gave a headline speech touting the power of green exchanges. The occasion? Celebrating the relocation and relaunch of the China Beijing Green Exchange (CBGEX), now based in Tongzhou, the capital’s “sub-center.” Some context: CBGEX is a market for p…

On February 4, central bank (PBoC) governor Yi Gang gave a headline speech touting the power of green exchanges.
The occasion? Celebrating the relocation and relaunch of the China Beijing Green Exchange (CBGEX), now based in Tongzhou, the capital's "sub-center."
Some context: CBGEX is a market for p...

sources

PBoC: 易纲行长在北京城市副中心打造国家级绿色交易所启动仪式上的讲话

February 8, 2023

Buyer of first resort

Local government financing vehicles (LGFVs) continue to dominate land auctions. LGFVs bought RMB 2.2 trillion – over 50% – of residential land sold in China last year, per Guangfa Securities. ICYDK: LGFVs were set up by local authorities to get around restrictions on local government borrowing. The…

Local government financing vehicles (LGFVs) continue to dominate land auctions.
LGFVs bought RMB 2.2 trillion – over 50% – of residential land sold in China last year, per Guangfa Securities.
ICYDK: LGFVs were set up by local authorities to get around restrictions on local government borrowing.

The...

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Bloomberg: China’s Local Entities Splurge on Land Shunned by Developers

WeChat: 安泰研选 | 2022年城投拿地情况梳理与后期展望

Caixin Global: Local Government Financing Vehicles Buy More Land to Fill Hole in Official Coffers

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