string(13) "markets-macro"

Macro

November 21, 2022

Tencent Music shuts down NFT arm

On Wednesday, Chinese media reported that Tencent Music (TME) has disbanded its non-fungible token (NFT) team. Sound familiar? TME’s parent company Tencent also shut down its NFT platform Huanhe in August. There have been signs this was coming for a while now. Chinese media say TME’s NFT team… Username Password Remember Me Forgot… Read More »

On Wednesday, Chinese media reported that Tencent Music (TME) has disbanded its non-fungible token (NFT) team.
Sound familiar? TME’s parent company Tencent also shut down its NFT platform Huanhe in August.
There have been signs this was coming for a while now. Chinese media say TME’s NFT team...

sources

Jiemian: 【独家】腾讯音乐叫停“TME数字藏品”业务，原部分团队成员已内部活水

November 21, 2022

Spinning in personal information compliance circles

On Friday, the CAC released rules telling data protection accreditation agencies how to issue “personal information protection certificates” (PIPC). Why the certificates matter: Under the Personal Information Protection Law (PIPL), PIPCs are one of four possible requirements organizations must have…

On Friday, the CAC released rules telling data protection accreditation agencies how to issue “personal information protection certificates” (PIPC).
Why the certificates matter:

Under the Personal Information Protection Law (PIPL), PIPCs are one of four possible requirements organizations must have...

sources

CAC: 个人信息保护认证实施规则

Secrss: 又来了一个认证，数据出境政策是否已然水落石出？

November 21, 2022

JD on zero-Covid

On a Friday earnings call, JD CEO Xu Lei offered a hot take on China’s path out of zero Covid. What he said: Beijing is looking for a way to scale back the policy, but the process will be a bumpy one. Xu began with an upbeat note: “I believe that the worst time has… Read More »

On a Friday earnings call, JD CEO Xu Lei offered a hot take on China's path out of zero Covid.
What he said: Beijing is looking for a way to scale back the policy, but the process will be a bumpy one.
Xu began with an upbeat note:

“I believe that the worst time has passed.”

Some context: Xu is r...

sources

The Motley Fool: JD.com (JD) Q3 2022 Earnings Call Transcript

November 21, 2022

Ministry of Transport blasts Huolala

On Friday, the Ministry of Transport (MoT) called in truck-hailing platform Huolala for a tense meeting on price-cutting. Some background: Over the last few years, regulators have pushed trucking platforms to stop lowering worker’s compensation by engaging in pricing wars. After all, almost 70% of …

On Friday, the Ministry of Transport (MoT) called in truck-hailing platform Huolala for a tense meeting on price-cutting.
Some background: Over the last few years, regulators have pushed trucking platforms to stop lowering worker's compensation by engaging in pricing wars.

After all, almost 70% of ...

sources

MoT: 交通运输新业态协同监管部际联席会议办公室约谈货拉拉公司

Sina: 货拉拉陷“全国停运”风波司机不满收入太低抗议平台规则

November 21, 2022

Going Dutch on chip exports

On Friday, Liesje Schreinemacher, Minister of Foreign Trade for the Netherlands, emphatically rejected the idea that the US is dictating terms on Dutch exports. Some background: For weeks, US officials have lobbied the Netherlands to block ASML from exporting semiconductor manufacturing equipment to…

On Friday, Liesje Schreinemacher, Minister of Foreign Trade for the Netherlands, emphatically rejected the idea that the US is dictating terms on Dutch exports.
Some background: For weeks, US officials have lobbied the Netherlands to block ASML from exporting semiconductor manufacturing equipment to...

sources

Bloomberg: Dutch Minister Says US Can’t Dictate Approach to China Exports

NRC: Schreinemacher: ‘Chinese exportbeperking voor ASML alleen op eigen voorwaarden’

November 19, 2022

Tolerate thy neighbor

While in Bangkok for the APEC summit on Thursday, Xi Jinping sat down for a chat with Japanese Prime Minister Kishida Fumio. We’re always interested in China-Japan bilats: Despite their fraught history and multiple political grievances, the two are indispensable trade partners, a paradox popularly …

While in Bangkok for the APEC summit on Thursday, Xi Jinping sat down for a chat with Japanese Prime Minister Kishida Fumio.
We’re always interested in China-Japan bilats:

Despite their fraught history and multiple political grievances, the two are indispensable trade partners, a paradox popularly ...

sources

MoFA: President Xi Jinping Meets with Japanese Prime Minister Fumio Kishida

SCMP: Japanese foreign minister set to visit China after Xi Jinping and Fumio Kishida vow to work to develop relationship

Nikkei: Japan PM Kishida criticizes China for sovereignty-violating acts

November 19, 2022

An alternative vision

On Thursday, Xi Jinping hotfooted it to Thailand, straight from the G20 Summit in Bali, to attend the APEC Economic Leaders’ Meeting. Xi didn’t pull punches in his roughly 2,000-word speech. He described rising threats to regional stability and the global economy, from: The resurgence of COVID-19 “…

On Thursday, Xi Jinping hotfooted it to Thailand, straight from the G20 Summit in Bali, to attend the APEC Economic Leaders’ Meeting.
Xi didn't pull punches in his roughly 2,000-word speech.
He described rising threats to regional stability and the global economy, from:

The resurgence of COVID-19
"...

sources

China Daily: Full text of Xi's written speech at APEC CEO Summit

November 19, 2022

Guāshú dìluò

On Wednesday, Xi Jinping met with Italy’s new Prime Minister Giorgia Meloni at the G20 Summit in Bali, Indonesia. Some context: In power for under a month, the hard-right leader isn’t Beijing’s biggest fan (Affari Italiani). In September, she described her predecessor’s decision to have Italy join …

On Wednesday, Xi Jinping met with Italy’s new Prime Minister Giorgia Meloni at the G20 Summit in Bali, Indonesia.
Some context: In power for under a month, the hard-right leader isn't Beijing's biggest fan (Affari Italiani).

In September, she described her predecessor's decision to have Italy join ...

sources

Affari Italiani: Meloni attacca l'accordo Conte-Cina: "Nuova Via della Seta? Un grosso errore"

Corriere della Sera: L’incontro (da più di un’ora) fra Meloni Xi e Jinping e la riapertura del dialogo Italia-Cina

MoFA: 习近平会见意大利总理梅洛尼

November 19, 2022

Off track for too long

Senior policy advisors can’t bear to watch China’s economy struggle any longer. On Friday, Yang Weimin and Liu Shijin let rip on just that topic at the Caixin Summit in Beijing, saying: The economy has been off track for too long Policymakers need to get it back on track ASAP These guys are worth …

Senior policy advisors can’t bear to watch China's economy struggle any longer.
On Friday, Yang Weimin and Liu Shijin let rip on just that topic at the Caixin Summit in Beijing, saying:

The economy has been off track for too long
Policymakers need to get it back on track ASAP

These guys are worth ...

sources

Caixin: 杨伟民：当前中国经济增速过低力促2023年经济重回合理区间(附视频)

Caixin: 刘世锦：建议2023年经济增长目标不低于5%(附视频)

November 19, 2022

Don’t overdose on COVID curbs

Local officials across China are finding themselves squeezed in the vice of Beijing’s competing COVID priorities. The latest: On Thursday, central government officials once again told their local counterparts to ease up on excessive implementation of COVID restrictions. Some context: Ever since Be…

Local officials across China are finding themselves squeezed in the vice of Beijing's competing COVID priorities.
The latest: On Thursday, central government officials once again told their local counterparts to ease up on excessive implementation of COVID restrictions.

Some context: Ever since Be...

sources

Yicai: 如何防止“一封了之”“一放了之”？国务院联防联控机制回应来了

November 18, 2022

Green light for green data centers

On Wednesday, China’s industrial ministry (MIIT), national planner (NDRC), and banking regulator (CBIRC) jointly announced a plan to promote model green data centers. Some context: China needs data centers to power its new data-driven economy – but those shiny data centers sure are power-intensive. …

On Wednesday, China's industrial ministry (MIIT), national planner (NDRC), and banking regulator (CBIRC) jointly announced a plan to promote model green data centers.
Some context: China needs data centers to power its new data-driven economy – but those shiny data centers sure are power-intensive.
...

sources

MIIT: 六部门关于组织开展2022年度国家绿色数据中心推荐工作的通知

Tsinghua University: Tsinghua University Institute for Climate Change and Sustainable Development,《中国长期低碳发展战略与转型路径研究》综合报告, 2020.

November 18, 2022

Quick Take | Four reasons US semiconductor export controls won’t work

Recap: In October, the US Commerce Department’s Bureau of Industry and Security (BIS) announced a series of new technology export controls targeted at China. The core aim of these policies: To slow the advancement of Chinese AI that could be employed for military applications. The controls require U…

Recap: In October, the US Commerce Department's Bureau of Industry and Security (BIS) announced a series of new technology export controls targeted at China.
The core aim of these policies: To slow the advancement of Chinese AI that could be employed for military applications.
The controls require U...

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