string(13) "markets-macro"

Macro

January 5, 2023

SPBs are back, baby

Beijing will lean heavily on special-purpose bonds (SPBs) to revive China’s economy in Q1. On Wednesday, 21st Century Biz reported that SPB issuance in Q1 will likely be significantly larger than in Q1 last year. Some context: The full-year SPB quota is usually announced at the National People’s Con… Username Password Remember Me … Read More »

Beijing will lean heavily on special-purpose bonds (SPBs) to revive China’s economy in Q1.
On Wednesday, 21st Century Biz reported that SPB issuance in Q1 will likely be significantly larger than in Q1 last year.
Some context: The full-year SPB quota is usually announced at the National People’s Con...

sources

21st Century Biz: 提前批专项债需在1月尽快启动发行，一季度地方债发行预计超万亿

CELMA: 全国地方政府债券发行额（季度）

January 5, 2023

Stop sending ships into our waters

China and the Philippines are going to try to talk things out. On Thursday, the final day of a three-day visit to Beijing by Philippine President Ferdinand Marcos Jr., the Ministry of Foreign Affairs published a joint statement about deepening cooperation between the two countries. It’s mostly boile…

China and the Philippines are going to try to talk things out.
On Thursday, the final day of a three-day visit to Beijing by Philippine President Ferdinand Marcos Jr., the Ministry of Foreign Affairs published a joint statement about deepening cooperation between the two countries.
It’s mostly boile...

sources

MoFA: JOINT STATEMENT BETWEEN THE PEOPLE’S REPUBLIC OF CHINA AND THE REPUBLIC OF THE PHILIPPINES

Bloomberg: Philippines’ Marcos to Raise Sea Dispute During China Visit

January 5, 2023

SAMR happy with antitrust review pilot

On Tuesday, China’s antitrust regulator (SAMR) said it’s happy with the progress that its antitrust merger review pilot has made over the past five months. Some context: In August, SAMR launched a pilot to allow five local offices – Beijing, Shanghai, Guangdong, Chongqing, and Shaanxi – to share th…

On Tuesday, China’s antitrust regulator (SAMR) said it’s happy with the progress that its antitrust merger review pilot has made over the past five months.
Some context: In August, SAMR launched a pilot to allow five local offices – Beijing, Shanghai, Guangdong, Chongqing, and Shaanxi – to share th...

sources

SAMR: 试点委托经营者集中审查开局良好

January 5, 2023

Ant secures approval for capital injection plan

Ant Group just overcame a significant hurdle in its regulatory overhaul. On Friday, the company secured regulatory approval for injecting RMB 10.5 billion into its Chongqing-based consumer finance unit, which houses its lucrative online lending business. Some context: Realizing the capital injection…

Ant Group just overcame a significant hurdle in its regulatory overhaul.
On Friday, the company secured regulatory approval for injecting RMB 10.5 billion into its Chongqing-based consumer finance unit, which houses its lucrative online lending business.
Some context: Realizing the capital injection...

sources

Caixin: 蚂蚁消金拟增资105亿元杭州国企杭金数科成二股东

January 5, 2023

China’s central government tries to cool metaverse fever

On December 20, the State Information Center (SIC), a think tank associated with China’s macro planning agency, threw cold water on rampant metaverse development hype. Background: Regular Trivium readers know that local governments got a little too excited about the metaverse last year, releasing se…

On December 20, the State Information Center (SIC), a think tank associated with China's macro planning agency, threw cold water on rampant metaverse development hype.
Background: Regular Trivium readers know that local governments got a little too excited about the metaverse last year, releasing se...

sources

SIC: 发挥元宇宙以虚促实的巨大潜力

January 5, 2023

Back in the game

It’s been a long time coming, but some of China’s biggest tech firms have finally received approval to launch new games. On December 28, China’s publication regulator (NPPA) announced the approval of a batch of new games. They’re allowing 84 new domestic and 44 new imported games to hit the market….

It's been a long time coming, but some of China's biggest tech firms have finally received approval to launch new games.
On December 28, China’s publication regulator (NPPA) announced the approval of a batch of new games.

They’re allowing 84 new domestic and 44 new imported games to hit the market....

sources

Caixin: 年底84款国产游戏获批进口游戏版号数量同比削四成

NPPA: 2022年进口网络游戏审批信息

NPPA: 2022年12月份国产网络游戏审批信息

Reuters: China to import 44 foreign video games, grants multiple licences to Tencent

January 5, 2023

Too big to fail?

Has Beijing decided that some property developers are too-big-to-fail? On Tuesday, Bloomberg reported that the Financial Stability and Development Committee (FSDC) told financial regulators they should help shore up the balance sheets of systemically important developers late last week. Citing unna…

Has Beijing decided that some property developers are too-big-to-fail?
On Tuesday, Bloomberg reported that the Financial Stability and Development Committee (FSDC) told financial regulators they should help shore up the balance sheets of systemically important developers late last week.

Citing unna...

sources

Bloomberg: China Weighs Steps to Shore Up ‘Too-Big-to-Fail’ Developers

January 5, 2023

Private property

Another fundraising channel just opened for Chinese developers. On Wednesday, Bloomberg scooped that the Asset Management Association of China (AMAC) has begun approving private equity (PE) funds to raise cash for residential property developments. ICYDK: AMAC is a self-regulated industry group that…

Another fundraising channel just opened for Chinese developers.
On Wednesday, Bloomberg scooped that the Asset Management Association of China (AMAC) has begun approving private equity (PE) funds to raise cash for residential property developments.
ICYDK: AMAC is a self-regulated industry group that...

sources

Bloomberg: China Resumes Residential Real Estate Funds in Further Support

AMAC: 2020 年私募基金统计分析简报

January 4, 2023

Veteran diplomat bags key Taiwan post

Song Tao is back in business. On December 29, the State Council appointed the veteran diplomat as the director of the Taiwan Affairs Office. Song, 67, will also head the Party’s Taiwan Work Office. He replaces Liu Jieyi, 65, who steps down likely due to having reached the ministerial-level retireme…

Song Tao is back in business.
On December 29, the State Council appointed the veteran diplomat as the director of the Taiwan Affairs Office.

Song, 67, will also head the Party's Taiwan Work Office.
He replaces Liu Jieyi, 65, who steps down likely due to having reached the ministerial-level retireme...

sources

Xinhua: 国务院任免国家工作人员

January 4, 2023

A warm breeze in winter?

Xi Jinping wants officials and businesses alike to know that he has always rooted for private enterprise. Xi’s pro-private-sector comments were another major signal that stood out from the December Central Economic Work Conference (CEWC). ICYMI: Private business confidence is low – like, real low….

Xi Jinping wants officials and businesses alike to know that he has always rooted for private enterprise.

Xi's pro-private-sector comments were another major signal that stood out from the December Central Economic Work Conference (CEWC).

ICYMI: Private business confidence is low – like, real low....

sources

People's Daily: “关键是提振信心”（微镜头·习近平总书记在中央经济工作会议上）

Sina: 易炼红调研阿里巴巴：在推动发展、国际竞争和造福社会中大显身手

January 4, 2023

New COVID czar takes the reins

China has a new COVID czar. Politburo member Liu Guozhong has taken over healthcare (including COVID) policy from Vice Premier Sun Chunlan – who, at 72, has hit retirement age. The new appointment will be made official at the Two Sessions in March. How we know: On Tuesday night, state media highli…

China has a new COVID czar.
Politburo member Liu Guozhong has taken over healthcare (including COVID) policy from Vice Premier Sun Chunlan – who, at 72, has hit retirement age.

The new appointment will be made official at the Two Sessions in March.

How we know: On Tuesday night, state media highli...

sources

CCTV: 刘国中在四川、重庆调研时强调坚持人民至上、生命至上扎实做好新阶段疫情防控工作

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