string(13) "markets-macro"

Macro

December 1, 2022

The good old days

Chinese people are mourning the death of former Party chief Jiang Zemin (1926-2022). Many wrote and reposted articles and videos on social media. Some laid flowers at Jiang’s childhood home in Yangzhou, Jiangsu province. This wave of public affection contrasts with the criticism levelled at Jiang … Username Password Remember Me Forgot Password

Chinese people are mourning the death of former Party chief Jiang Zemin (1926-2022).

Many wrote and reposted articles and videos on social media.
Some laid flowers at Jiang’s childhood home in Yangzhou, Jiangsu province.

This wave of public affection contrasts with the criticism levelled at Jiang ...

December 1, 2022

The end of an era

On Wednesday, China’s former top leader Jiang Zemin died at the age of 96. Helicoptered into power by Deng Xiaoping after the 1989 protests, Jiang confounded low expectations and served as Party General Secretary from 1989 to 2002. Those were the days: Jiang presided over a period when China chalked…

On Wednesday, China's former top leader Jiang Zemin died at the age of 96.
Helicoptered into power by Deng Xiaoping after the 1989 protests, Jiang confounded low expectations and served as Party General Secretary from 1989 to 2002.
Those were the days: Jiang presided over a period when China chalked...

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Xinhua: 告全党全军全国各族人民书

December 1, 2022

You can never be too careful

On Wednesday, industry media reported that China’s macro planner (NDRC) and central bank (PBoC) are mulling policies to support the coal industry this winter. The support will focus on shoring up thermal coal supplies and strengthening coal producers’ books, reportedly including efforts to: Increas…

On Wednesday, industry media reported that China's macro planner (NDRC) and central bank (PBoC) are mulling policies to support the coal industry this winter.
The support will focus on shoring up thermal coal supplies and strengthening coal producers' books, reportedly including efforts to:

Increas...

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Yicai: 发改委研究加大对煤电企业金融支持力度煤炭板块或迎业绩与估值双升行情

December 1, 2022

One step closer to (far away) fintech AI ethics evaluations

On Thursday, we mentioned how China’s central bank (PBoC) would be an early mover in defining regulations for fintech algorithms. Well… later in the day, media reported that the Beijing National Financial Technology Certification Center (NFTC) – which sits under PBoC – is doing exactly that. NFTC i…

On Thursday, we mentioned how China’s central bank (PBoC) would be an early mover in defining regulations for fintech algorithms.
Well… later in the day, media reported that the Beijing National Financial Technology Certification Center (NFTC) – which sits under PBoC – is doing exactly that.

NFTC i...

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Sina: 国金认证推出人工智能金融应用伦理治理评估模型

December 1, 2022

More proof of burden on monopolies

On Wednesday, Caixin reported that a recent rules revision to antitrust hearings, released by the Supreme People’s Court (SPC), would give plaintiffs a better chance to win antitrust cases against monopolies. Some context: SPC’s antitrust hearings rules were initially released in 2012. …

On Wednesday, Caixin reported that a recent rules revision to antitrust hearings, released by the Supreme People’s Court (SPC), would give plaintiffs a better chance to win antitrust cases against monopolies.
Some context: SPC’s antitrust hearings rules were initially released in 2012.

...

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SPC: 关于反垄断民事诉讼司法解释稿向社会公开征求意见的公告

Caixin: 反垄断诉讼新规征求意见强化数字经济反垄断

December 1, 2022

Mitigating RISCs

On Wednesday, FT reported that Chinese policymakers are pushing tech giants to shift chip design efforts toward RISC-V, an open source alternative to Arm’s instruction set architecture. Some context: Today’s smartphone chips – and many IoT devices – are built on Arm’s proprietary a…

On Wednesday, FT reported that Chinese policymakers are pushing tech giants to shift chip design efforts toward RISC-V, an open source alternative to Arm’s instruction set architecture.
Some context: Today’s smartphone chips – and many IoT devices – are built on Arm’s proprietary a...

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FT: China enlists Alibaba and Tencent in fight against US chip sanctions

December 1, 2022

Riding zero-COVID

On Wednesday, Nikkei offered up yet more reporting on how zero-COVID is disrupting tech enterprises in China. Some context: Newsworthy riots at several tech factories have resulted following extended “closed loop” operations. Closed loop has workers remain inside facilities 24/7 during COVID outbre…

On Wednesday, Nikkei offered up yet more reporting on how zero-COVID is disrupting tech enterprises in China.
Some context: Newsworthy riots at several tech factories have resulted following extended “closed loop” operations.

Closed loop has workers remain inside facilities 24/7 during COVID outbre...

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Nikkei: China's tech suppliers brace for disruption after COVID protests

December 1, 2022

Platform companies ordered to crack down on illegal internet access

On Tuesday, a prominent – but anonymous – Chinese Twitter account posted purportedly leaked directives from the CAC on managing online opinion. The directives appear to be authentic – but remain unverified. The directives included instructions for internet platform companies to crack down on VPNs …

On Tuesday, a prominent – but anonymous – Chinese Twitter account posted purportedly leaked directives from the CAC on managing online opinion.

The directives appear to be authentic – but remain unverified.

The directives included instructions for internet platform companies to crack down on VPNs ...

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China Digital Times: MINITRUE: THREE LEAKED CENSORSHIP DIRECTIVES TARGET ANTI-LOCKDOWN PROTESTS AND CENSORSHIP-CIRCUMVENTION TOOLS

December 1, 2022

Hearing CRICkets

Things remain bleak for the property sector. On Wednesday, China Real Estate Information Corp. (CRIC) – an independent data provider – reported that China’s top 100 developers racked up RMB 559 billion in new housing sales in November, 25.5% lower than a year earlier (Yicai). That represents a marg…

Things remain bleak for the property sector.
On Wednesday, China Real Estate Information Corp. (CRIC) – an independent data provider – reported that China’s top 100 developers racked up RMB 559 billion in new housing sales in November, 25.5% lower than a year earlier (Yicai).

That represents a marg...

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Yicai: 11月房企销售数据出炉，政策见底后市场底何时出现？

December 1, 2022

Managing the managers

A big part of the banking and insurance regulator’s (CBIRC) campaign against financial risk has been ensuring financial firms are well managed. On Wednesday, the CBIRC took another step in that direction, revising corporate governance rules. The rules were first introduced in 2019. Since then, the …

A big part of the banking and insurance regulator’s (CBIRC) campaign against financial risk has been ensuring financial firms are well managed.
On Wednesday, the CBIRC took another step in that direction, revising corporate governance rules.

The rules were first introduced in 2019. Since then, the ...

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CBIRC: 中国银保监会有关部门负责人就《银行保险机构公司治理监管评估办法》答记者问

CBIRC: 银行保险机构公司治理监管评估办法银保监规〔2022〕19号

December 1, 2022

Raise from the dead

Developers are moving quickly to take advantage of their newfound ability to sell shares. ICYMI: On Monday, the securities regulator (CSRC) announced it had lifted a six-year ban on developer equity refinancing (see Tuesday’s newsletter). Cash-strapped firms are wasting no time availing themselves o…

Developers are moving quickly to take advantage of their newfound ability to sell shares.
ICYMI: On Monday, the securities regulator (CSRC) announced it had lifted a six-year ban on developer equity refinancing (see Tuesday's newsletter).
Cash-strapped firms are wasting no time availing themselves o...

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Securities Times: 新政首单！A股房企火速再融资，福星股份：拟定增募资开发房地产

The Paper: 世茂股份拟筹划非公开发行股票，募资用于保交楼、偿债等方面

The Paper: 新湖中宝拟筹划非公开发行股票，资金拟用于保交楼等地产项目

Yicai: 上市房企再融资恢复北新路桥和世茂股份拟筹划定增丨就市论市

December 1, 2022

I know you’re decoupling, but what am I?

On Wednesday, US Commerce Secretary Gina Raimondo gave a speech at MIT on US-China relations. Raimondo emphasized that it is China’s leaders, not the US,”decoupling economically in a number of areas, including many technology sectors of the future. ” Some background: Biden officials have repe…

On Wednesday, US Commerce Secretary Gina Raimondo gave a speech at MIT on US-China relations.

Raimondo emphasized that it is China's leaders, not the US,"decoupling economically in a number of areas, including many technology sectors of the future. "

Some background: Biden officials have repe...

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WSJ: U.S. Not Seeking Decoupling From China, Commerce Chief Says

US Commerce Department: Remarks by U.S. Secretary of Commerce Gina Raimondo on the U.S. Competitiveness and the China Challenge

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