string(13) "markets-macro"

Macro

November 16, 2022

Foiled plans

On Wednesday, Beijing dropped the long-awaited carbon peaking plan for the nonferrous metals industry. The macro planner (NDRC), industry regulator (MIIT), and environmental regulator (MEE) all signed the plan. ICYMI: Regulators dropped a companion plan for the building materials industry (read: c… Username Password Remember Me Forgot Password

On Wednesday, Beijing dropped the long-awaited carbon peaking plan for the nonferrous metals industry.

The macro planner (NDRC), industry regulator (MIIT), and environmental regulator (MEE) all signed the plan.

ICYMI: Regulators dropped a companion plan for the building materials industry (read: c...

sources

MIIT: 三部门关于印发有色金属行业碳达峰实施方案的通知

November 16, 2022

Where’s my money?

While some private-sector developers are getting bond guarantees (see previous entry), others are looking for bond extensions. On Tuesday, The Paper cited unnamed sources saying Sunac China Holdings is negotiating with creditors to restructure its domestic bonds. Sunac – China’s second largest priv…

While some private-sector developers are getting bond guarantees (see previous entry), others are looking for bond extensions.
On Tuesday, The Paper cited unnamed sources saying Sunac China Holdings is negotiating with creditors to restructure its domestic bonds.

Sunac – China’s second largest priv...

sources

The Paper: 融创房地产拟整体重组全部境内债券：存续规模约154亿元，正进行条款磋商

November 16, 2022

That escalated quickly

Efforts to support private-sector developers are ramping up. On Monday, China’s interbank bond market regulator (NAFMII) approved plans by private developer Midea Real Estate to issue up to RMB 15 billion worth of bonds – guaranteed by China Bond Insurance Co. (CBIC). That follows an announcement o…

Efforts to support private-sector developers are ramping up.
On Monday, China’s interbank bond market regulator (NAFMII) approved plans by private developer Midea Real Estate to issue up to RMB 15 billion worth of bonds – guaranteed by China Bond Insurance Co. (CBIC).

That follows an announcement o...

sources

NAFMII: 交易商协会受理美的置业150亿元储架式注册发行龙湖集团已完成200亿元中票注册

NAFMII: 交易商协会受理龙湖集团200亿元储架式注册发行

November 16, 2022

Solar needs to be smart

The future’s bright, the future’s solar. Last Tuesday, China’s industrial ministry (MIIT) and energy, housing, transportation, and agricultural regulators launched a smart photovoltaic (PV) demonstration program. This means: PV should be integrated with cutting-edge information technologies like 5G,…

The future’s bright, the future’s solar.
Last Tuesday, China’s industrial ministry (MIIT) and energy, housing, transportation, and agricultural regulators launched a smart photovoltaic (PV) demonstration program.
This means: PV should be integrated with cutting-edge information technologies like 5G,...

sources

Gov.cn: 工业和信息化部办公厅住房和城乡建设部办公厅交通运输部办公厅农业农村部办公厅国家能源局综合司关于开展第三批智能光伏试点示范活动的通知

November 16, 2022

Send the Henan officials down to the Foxconn assembly lines

On Wednesday, Chinese media reported that Foxconn’s labor shortage is so dire that local party officials are now working on the factory’s assembly lines. Quick Background: A recent Covid outbreak led to a mass worker exodus from Foxconn’s “iPhone City” mega-factory in Zhengzhou. Foxconn needs at le…

On Wednesday, Chinese media reported that Foxconn's labor shortage is so dire that local party officials are now working on the factory's assembly lines.
Quick Background: A recent Covid outbreak led to a mass worker exodus from Foxconn's "iPhone City" mega-factory in Zhengzhou.

Foxconn needs at le...

sources

Sina: 河南放大招！号召基层干部、退役军人，去富士康工作！文旅部发文：跨省游新规刷屏！

Sina: 河南多地要求基层带队支援富士康亲自进厂务工支援

November 16, 2022

Deep Dive | Picking winners: How state guarantees could save some private-sector developers from default

Exec sum: Since August, six private-sector developers have issued onshore bonds guaranteed by China Bond Insurance Co., a state-owned credit enhancement agency. The support represents a major shift in Beijing’s approach to the property downturn. Until now, it has tolerated defaults by dev…

Exec sum:

Since August, six private-sector developers have issued onshore bonds guaranteed by China Bond Insurance Co., a state-owned credit enhancement agency.
The support represents a major shift in Beijing’s approach to the property downturn. Until now, it has tolerated defaults by dev...

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November 16, 2022

To equitably distribute compensation is glorious

It’s time to spread the wealth, anonymous sources say. On Monday, Bloomberg scooped that state-owned securities firms are working on plans to equalize compensation between senior and junior staff. Per Bloomberg’s sources, potential restrictions include: Pay caps Longer bonus deferrals Bloomberg fr…

It’s time to spread the wealth, anonymous sources say.
On Monday, Bloomberg scooped that state-owned securities firms are working on plans to equalize compensation between senior and junior staff.
Per Bloomberg’s sources, potential restrictions include:

Pay caps
Longer bonus deferrals

Bloomberg fr...

sources

Bloomberg: China Bankers Face Deeper Pay Cuts in ‘Common Prosperity’ Push

Gov.cn: 关于进一步加强国有金融企业财务管理的通知

Bloomberg: Wall Street’s China Problems Multiply With Warning on Banker Pay

Gov.cn: 习近平：高举中国特色社会主义伟大旗帜为全面建设社会主义现代化国家而团结奋斗——在中国共产党第二十次全国代表大会上的报告

November 15, 2022

A breach of the bro code

China refuses to condemn Russia’s invasion of Ukraine, but new information confirms our view that Beijing’s isn’t too happy with the Kremlin’s military adventurism. On Monday, the Wall Street Journal quoted an anonymous US official who sat in on a closed-door speech that Premier Li Keqiang gave to w…

China refuses to condemn Russia’s invasion of Ukraine, but new information confirms our view that Beijing’s isn’t too happy with the Kremlin’s military adventurism.
On Monday, the Wall Street Journal quoted an anonymous US official who sat in on a closed-door speech that Premier Li Keqiang gave to w...

sources

WSJ: U.S. Official Says China Is Uncomfortable With Russia’s Rhetoric, Activity in Ukraine

Financial Times: Emboldened Xi Jinping steps back on to world stage with G20 summit

November 15, 2022

As irreconcilable as water and fire

Despite the broadly positive words that Xi Jinping and US President Joe Biden shared during their Bali bilat on Monday, there was still plenty for them to beef over. According to the White House readout, Biden raised such uncomfortable topics as (White House): Human rights, including in Xinjiang, T…

Despite the broadly positive words that Xi Jinping and US President Joe Biden shared during their Bali bilat on Monday, there was still plenty for them to beef over.
According to the White House readout, Biden raised such uncomfortable topics as (White House):

Human rights, including in Xinjiang, T...

sources

White House: Readout of President Joe Biden’s Meeting with President Xi Jinping of the People’s Republic of China

MoFA: President Xi Jinping Meets with U.S. President Joe Biden in Bali

November 15, 2022

(Only just) better than nothing

On Monday, Xi Jinping met with US President Joe Biden in Bali, ahead of the G20 Summit. To paraphrase Biden’s own immortal words: This is a big freakin’ deal. It’s their first face-to-face meeting since Biden became president. It also comes at a near-historic low in the US-China relationship. In t…

On Monday, Xi Jinping met with US President Joe Biden in Bali, ahead of the G20 Summit.
To paraphrase Biden’s own immortal words: This is a big freakin’ deal.

It’s their first face-to-face meeting since Biden became president.
It also comes at a near-historic low in the US-China relationship.

In t...

sources

SCMP: Xi hopes to work with Biden to bring China-US relations back to ‘healthy, stable development’

White House: Remarks by President Biden and President Xi Jinping of the People’s Republic of China Before Bilateral Meeting

White House: Readout of President Joe Biden’s Meeting with President Xi Jinping of the People’s Republic of China

Gov.cn: 习近平同美国总统拜登在巴厘岛举行会晤

November 15, 2022

Chaotic start for revised COVID policy

The central government announced 20 COVID-19 policy tweaks on Friday, to make China’s strict pandemic controls more precise. So how’s the rollout on the ground? Messy. Falling in line: Major cities with ongoing outbreaks were quick to adjust local policies in accordance with the more relaxed measure…

The central government announced 20 COVID-19 policy tweaks on Friday, to make China's strict pandemic controls more precise.
So how's the rollout on the ground? Messy.
Falling in line: Major cities with ongoing outbreaks were quick to adjust local policies in accordance with the more relaxed measure...

sources

21st Century Biz: 广州即日起落实“20条”，次密接者解除隔离，缩短密接者和入境人员隔离时间

Caixin: 石家庄撤销大部分采样点多地调整核酸检测范围

Beijing Daily: 北京：对在管的密接的密接，经过风险评估后即时解除隔离措施

Caixin: 广州解除隔离的城中村工人在何处落脚？

Caixin: 广州14日新增感染者147+4977例海珠部分区域恢复地铁公交

21st Century Biz: 广州海珠继续强化部分区域疫情防控措施至11月16日24时

Yicai: 石家庄到底怎样了？一财记者实地探访并获得官方回应！

Huanqiu: 北京朝阳：调整核酸检测点位向居住区附近布局

November 15, 2022

Headwinds to growth will persist

Ready for a double dose of gloom on the economy? Well that’s great – we’re happy to oblige. Indeed, the laundry list of renewed growth headwinds only gets longer. Beyond the weak headline numbers, real estate activity also took a further step down last month: Property sector investment plunged 16…

Ready for a double dose of gloom on the economy? Well that's great – we're happy to oblige.

Indeed, the laundry list of renewed growth headwinds only gets longer.

Beyond the weak headline numbers, real estate activity also took a further step down last month:

Property sector investment plunged 16...

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