string(13) "markets-macro"

Macro

February 1, 2023

Spend, baby, spend

China’s local governments are keen for households to start spending again. On Monday, Caixin reported that at least 25 of China’s 31 provincial-level governments have made boosting consumption a goal for 2023. Goals have been set through provincial economic work plans, published throughout January…. Username Password Remember Me Forgot Password

Goals have been set through provincial economic work plans, published throughout January....

sources

Caixin: China’s Provinces Target Household Spending in Plans for Post-‘Zero Covid’ Recovery

Caixin: 多省份发力推动经济整体好转力争一季度“开门红”

February 1, 2023

Huawei we go again

On Tuesday, international media reported that the Biden administration is mulling stopping all export licenses to Huawei. That’s according to insider reports, not an official announcement. Background: The Department of Commerce added Huawei to the US Entity List in 2019, preventing US companies fr…

On Tuesday, international media reported that the Biden administration is mulling stopping all export licenses to Huawei.

That's according to insider reports, not an official announcement.

Background: The Department of Commerce added Huawei to the US Entity List in 2019, preventing US companies fr...

sources

FT: Washington halts licences for US companies to export to Huawei

Bloomberg: Biden Team Weighs Fully Cutting Off Huawei From US Suppliers

February 1, 2023

Koala in a coal mine

We previously told you that China may soon receive Australian coal for the first time in over two years (see Jan 6 China Markets Dispatch) On Monday, Reuters reported that traders are expecting the first two cargoes to arrive in early February. 72,000 metric tons of metallurgical coal departed Aust…

We previously told you that China may soon receive Australian coal for the first time in over two years (see Jan 6 China Markets Dispatch)
On Monday, Reuters reported that traders are expecting the first two cargoes to arrive in early February.

72,000 metric tons of metallurgical coal departed Aust...

sources

Reuters: First Australian coal cargoes since end of ban to enter China in Feb

WSJ: China Moves to Repair Ties With Australia by Lifting Coal Ban

February 1, 2023

Money moves

On Monday, Li made an uneventful visit to the central bank (PBoC) and the foreign exchange regulator (SAFE). His reminded us that finance is pretty darn important Gov.cn): “Finance is at the core of any modern economy.” “When the economy is in a good position, the financial sector is in a good posi…

On Monday, Li made an uneventful visit to the central bank (PBoC) and the foreign exchange regulator (SAFE).
His reminded us that finance is pretty darn important Gov.cn):

“Finance is at the core of any modern economy.”
“When the economy is in a good position, the financial sector is in a good posi...

sources

Gov.cn: 李克强考察人民银行、外汇管理局并主持召开座谈会

January 31, 2023

Beating a dead horse

On Friday, Bloomberg reported that the Biden administration has secured an agreement with the Netherlands and Japan to restrict sales of chipmaking tools to China. The exact details of the agreement are currently unavailable. Some context: Since the US announced major export controls on China in O…

On Friday, Bloomberg reported that the Biden administration has secured an agreement with the Netherlands and Japan to restrict sales of chipmaking tools to China.

The exact details of the agreement are currently unavailable.

Some context: Since the US announced major export controls on China in O...

sources

Bloomberg: Biden Wins Deal With Netherlands, Japan on China Chip Export Limit

January 31, 2023

Tu Fei Meng Jin

Chinese officials’ no.1 priority in 2023 is to revive the COVID-slowed economy. To do that, they must boost consumption, as the State Council proclaimed on Saturday. Shanghai authorities are on the case. On Sunday, the city government released its first policy document of 2023 – an action plan to …

Chinese officials’ no.1 priority in 2023 is to revive the COVID-slowed economy.

To do that, they must boost consumption, as the State Council proclaimed on Saturday.

Shanghai authorities are on the case. On Sunday, the city government released its first policy document of 2023 – an action plan to ...

sources

Gov.cn: 上海市人民政府关于印发《上海市提信心扩需求稳增长促发展行动方案》的通知

Zaobao: 上海2022年GDP同比下降0.2％

January 31, 2023

Of BRICS and blocs

On Monday, Foreign Minister Qin Gang held calls with two more of his counterparts. Santiago Cafiero of Argentina Prince Faisal bin Farhan Al Saud of Saudi Arabia First, Qin tried to sell Cafiero on a new club membership (MoFA 1): “China supports Argentina to become a member of BRICS as soon as po…

On Monday, Foreign Minister Qin Gang held calls with two more of his counterparts.

Santiago Cafiero of Argentina
Prince Faisal bin Farhan Al Saud of Saudi Arabia

First, Qin tried to sell Cafiero on a new club membership (MoFA 1):

“China supports Argentina to become a member of BRICS as soon as po...

sources

MoFA: 秦刚同阿根廷外长卡菲耶罗通电话

MoFA: 秦刚同沙特外交大臣费萨尔通电话

January 31, 2023

Chipping away at China’s chips

On Monday, Chinese Foreign Minister Qin Gang held a call with his Dutch counterpart Wopke Hoekstra. Awkwaaard! On Saturday, Bloomberg reported that the Biden administration had secured an agreement with the Netherlands (and Japan) to restrict sales of chipmaking tools to China: “The Netherlands wil…

On Monday, Chinese Foreign Minister Qin Gang held a call with his Dutch counterpart Wopke Hoekstra.
Awkwaaard! On Saturday, Bloomberg reported that the Biden administration had secured an agreement with the Netherlands (and Japan) to restrict sales of chipmaking tools to China:

“The Netherlands wil...

sources

MoFA: 秦刚同荷兰副首相兼外交大臣胡克斯特拉通电话

MoFA: Foreign Ministry Spokesperson Mao Ning’s Regular Press Conference on January 30, 2023

January 31, 2023

A terrible fiscal year

The year 2022 is one the Ministry of Finance (MoF) will probably want to forget. On Monday, the MoF released full-year fiscal data – and it makes for grim reading. Just how grim? Fiscal income in the general budget – by far the biggest of the MoF’s four budget baskets – barely budged (MoF): Revenue…

The year 2022 is one the Ministry of Finance (MoF) will probably want to forget.
On Monday, the MoF released full-year fiscal data – and it makes for grim reading.
Just how grim?
Fiscal income in the general budget – by far the biggest of the MoF's four budget baskets – barely budged (MoF):

Revenue...

sources

MoF: 2022年财政收支情况

January 31, 2023

Moving on up

On Saturday, the macro planner (NDRC) and 18 other ministries and agencies outlined a strategy with big implications for labor supply and property markets. This high-level policy document detailed how to boost support for rural residents relocated as part of poverty alleviation efforts. ICYDK: Sin…

On Saturday, the macro planner (NDRC) and 18 other ministries and agencies outlined a strategy with big implications for labor supply and property markets.

This high-level policy document detailed how to boost support for rural residents relocated as part of poverty alleviation efforts.

ICYDK: Sin...

sources

Cailianshe: 发改委等多部门：鼓励支持有条件有意愿的搬迁群众进城落户

China Daily: 人民网评：融入新型城镇化，写好易地搬迁“后半篇文章”

January 31, 2023

R&D investment tops RMB 3 trillion – but is that enough?

On January 20, China’s National Bureau of Statistics released preliminary gross R&D expenditure figures for 2022. The key takeaway: Investment in research and development continues to soar. China’s total R&D spending exceeded RMB 3 trillion for the first time, expanding by over 10.4% from 20…

On January 20, China’s National Bureau of Statistics released preliminary gross R&D expenditure figures for 2022.
The key takeaway: Investment in research and development continues to soar.
China’s total R&D spending exceeded RMB 3 trillion for the first time, expanding by over 10.4% from 20...

sources

National Bureau of Statistics: 2022年我国R&D经费突破3万亿元与GDP之比达2.55%

Gov.cn: 国家统计局解读我国R&D经费相关数据

January 31, 2023

Deep Dive | Is Beijing taking more control over big tech through golden shares?

Recently, concerns have grown that Beijing is tightening control of big tech platforms – including Alibaba and ByteDance – via so-called “golden share” arrangements. Recap: A golden share is a form of special management share that allows a state-backed investor to buy a tiny stake (usually 1%) in a…

Recently, concerns have grown that Beijing is tightening control of big tech platforms – including Alibaba and ByteDance – via so-called "golden share" arrangements.
Recap: A golden share is a form of special management share that allows a state-backed investor to buy a tiny stake (usually 1%) in a...

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