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Macro

January 18, 2023

There is no other way

China is open for business. That was Vice Premier Liu He’s key message at the World Economic Forum in Davos on Tuesday. On his first visit to the Swiss mega gathering since 2018, Liu told global leaders to focus on the “market” part of China’s “socialist market economy” (WEF): “Some people say Chin… Username Password… Read More »

China is open for business.
That was Vice Premier Liu He’s key message at the World Economic Forum in Davos on Tuesday.
On his first visit to the Swiss mega gathering since 2018, Liu told global leaders to focus on the "market" part of China's "socialist market economy" (WEF):

"Some people say Chin...

sources

weforum.org: 中华人民共和国国务院副总理刘鹤在世界经济论坛2023年年会上的特别致辞

China Daily: Speech by H.E. Liu He Vice-Premier of the State Council of the People's Republic of China At the World Economic Forum Annual Meeting

January 18, 2023

Liu He’s free market vision of Common Prosperity

Outgoing Vice Premier Liu He wants everybody to relax about Common Prosperity. A quick refresher: Businesses have been freaking out ever since Xi Jinping put his Common Prosperity (CP) initiative to reduce inequality at the top of the economic agenda in August 2021. There was genuine fear that CP w…

Outgoing Vice Premier Liu He wants everybody to relax about Common Prosperity.
A quick refresher:

Businesses have been freaking out ever since Xi Jinping put his Common Prosperity (CP) initiative to reduce inequality at the top of the economic agenda in August 2021.
There was genuine fear that CP w...

sources

World Economic Forum: 刘鹤在世界经济论坛2023年年会上的特别致辞

China Daily: Vice-Premier Liu He's speech at the World Economic Forum Annual Meeting

January 18, 2023

Real estate blues

China’s stats bureau released a more detailed breakdown of Q4 GDP growth on Wednesday. The data highlighted the economic disruption from the whipsawing between zero-COVID and letting the virus rip: Value-added output in the hotels and catering sectors fell 5.8% y/y in the final three months of the …

China’s stats bureau released a more detailed breakdown of Q4 GDP growth on Wednesday.
The data highlighted the economic disruption from the whipsawing between zero-COVID and letting the virus rip:

Value-added output in the hotels and catering sectors fell 5.8% y/y in the final three months of the ...

sources

NBS: 2022年四季度和全年国内生产总值初步核算结果

NBS: 2022年全国房地产开发投资下降10.0%

January 18, 2023

Watt’s going on here?

Top leaders seem to be a tad concerned about a possible power crunch. On Tuesday, Premier Li Keqiang visited the Beijing headquarters of the State Grid Corporation of China. His entourage included Vice Premier Han Zheng and macro planner (NDRC) chairman He Lifeng – the presumptive new econ czar. I…

Top leaders seem to be a tad concerned about a possible power crunch.
On Tuesday, Premier Li Keqiang visited the Beijing headquarters of the State Grid Corporation of China.

His entourage included Vice Premier Han Zheng and macro planner (NDRC) chairman He Lifeng – the presumptive new econ czar.

I...

sources

The Paper: 李克强考察国家电网：电力足，经济才能动力足，民生才能底气足

January 18, 2023

Fortune predicted in the Year of the Data

The Shanghai Data Exchange (SDE) is bullish on the year ahead. On Tuesday, SDE General Manager, Tang Qifeng, said that he expects total transactions to exceed RMB 1 billion this year. Fun fact: Data transactions experienced impressive growth during SDE’s test operations last year. They’re up from a…

The Shanghai Data Exchange (SDE) is bullish on the year ahead.
On Tuesday, SDE General Manager, Tang Qifeng, said that he expects total transactions to exceed RMB 1 billion this year.
Fun fact: Data transactions experienced impressive growth during SDE’s test operations last year.

They’re up from a...

sources

The Paper: 专访上海数交所总经理汤奇峰：从数据资源时代进入数据资产时代

January 18, 2023

Digging the hole deeper

On Monday, we got a better look at just how much coal China used to backstop Q4 2022 energy security (Bloomberg). China got through the first part of the winter without major energy issues. But the data demonstrates clear as day just how far China has to go to reach its own energy diversification g…

On Monday, we got a better look at just how much coal China used to backstop Q4 2022 energy security (Bloomberg).

China got through the first part of the winter without major energy issues.
But the data demonstrates clear as day just how far China has to go to reach its own energy diversification g...

sources

Bloomberg: China Posts Record Fossil Fuel Output as Security Trumps Climate

January 18, 2023

Deal or no deal

On Tuesday, US President Joe Biden and Dutch Prime Minister Mark Rutte sat down for a friendly chat. On the agenda: Semiconductor export controls on China. Duh. Some context: Washington has been working hard to get the Netherlands and Japan on board with its chip export controls on Ch…

On Tuesday, US President Joe Biden and Dutch Prime Minister Mark Rutte sat down for a friendly chat.
On the agenda: Semiconductor export controls on China.

Duh.

Some context: Washington has been working hard to get the Netherlands and Japan on board with its chip export controls on Ch...

sources

Reuters: Biden and Dutch PM discuss semiconductor dispute, Patriots for Ukraine

January 18, 2023

Rental support

On Friday, Xinhua reported that the central bank (PBoC) and banking regulator (CBIRC) are setting up an RMB 100 billion “loan support plan” for rental housing. Some context: Also on Friday, Zou Lan, director of the PBoC’s monetary policy department, said that financial regulators plan to roll out tw…

On Friday, Xinhua reported that the central bank (PBoC) and banking regulator (CBIRC) are setting up an RMB 100 billion “loan support plan” for rental housing.
Some context: Also on Friday, Zou Lan, director of the PBoC’s monetary policy department, said that financial regulators plan to roll out tw...

sources

Xinhua: 金融部门开年推出新方案改善优质房企资产负债状况

January 18, 2023

Calming global jitters

China’s property problems are under control. At least, that’s what Vice Premier Liu He told the World Economic Forum in Davos on Tuesday, where he was upbeat about the effectiveness of the policy measures Beijing has rolled out in recent months. Liu argued government intervention was needed follow…

China’s property problems are under control.

At least, that's what Vice Premier Liu He told the World Economic Forum in Davos on Tuesday, where he was upbeat about the effectiveness of the policy measures Beijing has rolled out in recent months.

Liu argued government intervention was needed follow...

sources

weforum.org: 中华人民共和国国务院副总理刘鹤在世界经济论坛2023年年会上的特别致辞

January 18, 2023

Macau-sabalanca

On Tuesday, the US Department of Commerce’s Bureau of Industry and Security (BIS) expanded restrictions on chip exports to include China’s semi-autonomous region of Macao. Background: In October’s export control restrictions on semiconductors, Macao was treated as a distinct entity from Mainland Chi…

On Tuesday, the US Department of Commerce’s Bureau of Industry and Security (BIS) expanded restrictions on chip exports to include China's semi-autonomous region of Macao.
Background: In October's export control restrictions on semiconductors, Macao was treated as a distinct entity from Mainland Chi...

sources

Reuters: Biden administration imposes China chip curbs on Macau

Federal Register: Additional Export Controls: Certain Advanced Computing and Semiconductor Manufacturing Items; Supercomputer and Semiconductor End Use; Entity List Modification; Updates to the Controls to Add Macau

January 18, 2023

Shanghai gets meta

On Wednesday, Shanghai released a list of 20 metaverse projects under development in the city. Background: Last July, Shanghai released a three-year action plan for developing its metaverse industry. The plan highlighted the need to develop metaverse applications for manufacturing, telemedicine, re…

On Wednesday, Shanghai released a list of 20 metaverse projects under development in the city.
Background: Last July, Shanghai released a three-year action plan for developing its metaverse industry.

The plan highlighted the need to develop metaverse applications for manufacturing, telemedicine, re...

sources

Shanghai.gov: 关于2022上海市元宇宙重大应用场景 “揭榜挂帅”项目发榜的通知

January 18, 2023

Deep Dive | Letting go: How internationalization is freeing the RMB from PBoC control

Exec sum: Beijing has prioritized RMB internationalization over its control of the currency. As a result, the central bank’s (PBoC) ability to influence the RMB has greatly diminished – and is set to diminish further Its influence has weakened because the majority of foreign exchange transacti…

Exec sum:

Beijing has prioritized RMB internationalization over its control of the currency. As a result, the central bank’s (PBoC) ability to influence the RMB has greatly diminished – and is set to diminish further
Its influence has weakened because the majority of foreign exchange transacti...

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