string(13) "markets-macro"

Macro

December 7, 2022

Living with COVID will be messy

China’s exit from the zero-COVID policy has gotten off to a messy start. The sudden changes have confused citizens and caught many local governments off guard. The Guangzhou government made a U-turn within a few hours on November 30 (Caixin 1): City hall emphasized strict implementation of zero-COV… Username Password Remember Me Forgot… Read More »

China's exit from the zero-COVID policy has gotten off to a messy start.
The sudden changes have confused citizens and caught many local governments off guard.
The Guangzhou government made a U-turn within a few hours on November 30 (Caixin 1):

City hall emphasized strict implementation of zero-COV...

sources

Caixin: 解封进行时

Caixin: 浙江上海放宽、安徽收紧江浙沪皖防控措施分化

December 7, 2022

Always happy to help

Policymakers have done a great job helping businesses weather the pandemic, according to policymakers. On Wednesday, the inter-agency State Council body for “enterprise burden reduction” hosted a press conference to discuss recent progress and the medium-term outlook. Full marks if you knew this: Th…

Policymakers have done a great job helping businesses weather the pandemic, according to policymakers.
On Wednesday, the inter-agency State Council body for “enterprise burden reduction” hosted a press conference to discuss recent progress and the medium-term outlook.
Full marks if you knew this: Th...

sources

CCTV: 国务院减轻企业负担部际联席会议办公室有关负责人就减轻企业负担工作答记者问

December 7, 2022

Zero-COVID is off, zero-corruption stays on

The fight against Party graft won’t stop for a second as long as Xi Jinping remains in power. The latest sign: Xi said as much at Tuesday’s Politburo meeting. Xi explained why his signature campaign is here to stay (Xinhua): “Comprehensively and strictly governing the Party has been honed for ten y…

The fight against Party graft won't stop for a second as long as Xi Jinping remains in power.
The latest sign: Xi said as much at Tuesday's Politburo meeting.
Xi explained why his signature campaign is here to stay (Xinhua):

"Comprehensively and strictly governing the Party has been honed for ten y...

sources

Xinhua: 中共中央政治局召开会议习近平主持会议

December 7, 2022

China scraps key parts of its COVID strategy

On Wednesday, the State Council’s inter-agency COVID-19 management team released 10 new measures to further relax China’s COVID control policies nationwide. Told ya so! On Monday, we tipped subscribers that major policy updates would drop any minute. Some context: Beijing’s 10 new moves to loosen re…

On Wednesday, the State Council's inter-agency COVID-19 management team released 10 new measures to further relax China's COVID control policies nationwide.
Told ya so! On Monday, we tipped subscribers that major policy updates would drop any minute.
Some context: Beijing's 10 new moves to loosen re...

sources

NHC: 关于进一步优化落实新冠肺炎疫情防控措施的通知

NHC: 《关于进一步优化落实新冠肺炎疫情防控措施的通知》解读问答

December 7, 2022

Any bright ideas for 2023?

On Friday, the Party welcomed “non-Party personages” to Zhongnanhai, the seat of political power, for a friendly forum on the economy. The annual gathering included representatives of China’s eight “democratic parties,” the All-China Federation of Industry and Commerce, and other people without Par…

On Friday, the Party welcomed "non-Party personages" to Zhongnanhai, the seat of political power, for a friendly forum on the economy.

The annual gathering included representatives of China's eight “democratic parties,” the All-China Federation of Industry and Commerce, and other people without Par...

sources

Xinhua: 征求对经济工作的意见和建议中共中央召开党外人士座谈会习近平主持并发表重要讲话

December 7, 2022

The end of zero-COVID

We’ll say it again: China’s draconian zero-COVID policy, maintained through rolling lockdowns and onerous restrictions, has been officially dropped as the policy of the land. As we long predicted, the Party offered no punchy soundbite to announce the end of zero-COVID. Instead, its demise was impl…

We'll say it again: China's draconian zero-COVID policy, maintained through rolling lockdowns and onerous restrictions, has been officially dropped as the policy of the land.

As we long predicted, the Party offered no punchy soundbite to announce the end of zero-COVID.

Instead, its demise was impl...

sources

Xinhua: 中共中央政治局召开会议习近平主持会议

Xinhua: 新华述评：在坚持中赢得战略主动——近三年来我国打好疫情防控攻坚战述评

December 7, 2022

Politburo focuses on economic growth

The top leadership is setting their sights on boosting economic growth in 2023. That was the message from the Politburo meeting chaired by Xi Jinping on Tuesday. ICYDK: The early December policy meeting sets the agenda for the Central Economic Work Conference (CEWC), which is held in mid-December. T…

The top leadership is setting their sights on boosting economic growth in 2023.
That was the message from the Politburo meeting chaired by Xi Jinping on Tuesday.
ICYDK: The early December policy meeting sets the agenda for the Central Economic Work Conference (CEWC), which is held in mid-December. T...

sources

Xinhua: 中共中央政治局召开会议习近平主持会议

December 7, 2022

Zeitenwende unseen in a century

German Chancellor Olaf Scholz has come out against isolating China. On Friday, Scholz published a lengthy piece in Foreign Affairs arguing that engagement with China was key to avoiding a new Cold War in the multipolar era. The title –“The Global Zeitenwende” – uses the German word for a seismic his…

German Chancellor Olaf Scholz has come out against isolating China.
On Friday, Scholz published a lengthy piece in Foreign Affairs arguing that engagement with China was key to avoiding a new Cold War in the multipolar era.
The title –“The Global Zeitenwende” – uses the German word for a seismic his...

sources

Foreign Affairs: The Global Zeitenwende

MoFA: Foreign Ministry Spokesperson Mao Ning’s Regular Press Conference on December 6, 2022

December 7, 2022

Data dump – trade

China’s General Administration of Customs released trade data for November on Wednesday. The headlines: Exports fell 8.7% y/y in dollar terms in November, compared with a 0.3% y/y fall in October. Imports dropped by 10.6% y/y last month, versus 0.7% y/y growth in October. The trade surplus was USD …

China’s General Administration of Customs released trade data for November on Wednesday.
The headlines:

Exports fell 8.7% y/y in dollar terms in November, compared with a 0.3% y/y fall in October.
Imports dropped by 10.6% y/y last month, versus 0.7% y/y growth in October.
The trade surplus was USD ...

sources

SCMP: China trade: exports and imports contract in November, missing expectations

Bloomberg: Chinese Exports Hit by Weak Global Demand and Covid Disruptions

December 7, 2022

Don’t take it for granite

Silicon prices have been anything but rock-solid these past two years. But industry sees light at the end of the tunnel in the form of forthcoming silicon derivatives. On Tuesday, the China Securities Journal published a market analysis highlighting structural mismatches between supply and demand….

Silicon prices have been anything but rock-solid these past two years.

But industry sees light at the end of the tunnel in the form of forthcoming silicon derivatives.

On Tuesday, the China Securities Journal published a market analysis highlighting structural mismatches between supply and demand....

sources

China Securities Journal: 现货价格大起大落企业热盼“硅期”上市

Mysteel: Mysteel日报：工业硅价格大局持稳下游需求未见复苏

December 7, 2022

Dragging the chain

Beijing’s effort to get banks making offshore loans to developers has got off to a slow start. On Tuesday, Caixin reported that the central bank (PBoC) and banking regulator (CBIRC) had hoped China’s big four banks would start lending by December 5. Citing an unnamed source, Caixin reported that no…

Beijing’s effort to get banks making offshore loans to developers has got off to a slow start.
On Tuesday, Caixin reported that the central bank (PBoC) and banking regulator (CBIRC) had hoped China’s big four banks would start lending by December 5.

Citing an unnamed source, Caixin reported that no...

sources

Caixin: China Relaxes Restrictions on Overseas Loans so Developers Can Repay Dollar Bonds

December 7, 2022

No green shields

Lithium is powering China’s green transition – but producing it poses environmental hazards. Now, local policymakers are fighting to keep production green, even amid tremendous pressure to produce. On Monday, Jiangxi officials shut down production at several Yongxing Materials lithium salt product…

Lithium is powering China's green transition – but producing it poses environmental hazards.

Now, local policymakers are fighting to keep production green, even amid tremendous pressure to produce.

On Monday, Jiangxi officials shut down production at several Yongxing Materials lithium salt product...

sources

The Paper: 江西宜春多家锂企停产，锂盐绿色安全生产再拉警报

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