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Macro

October 19, 2022

Li in, Li out?

Back in March, Li Keqiang confirmed he would step down as premier in March 2023. But whether he stays in the Party’s reshuffled Politburo Standing Committee (PBSC), China’s most powerful decision-making body, is a key parameter for gauging the power dynamic in China’s new leadership after the conclu… Username Password Remember Me Forgot… Read More »

Back in March, Li Keqiang confirmed he would step down as premier in March 2023.
But whether he stays in the Party's reshuffled Politburo Standing Committee (PBSC), China's most powerful decision-making body, is a key parameter for gauging the power dynamic in China's new leadership after the conclu...

sources

SCMP: Exclusive | Bigger-than-expected changes loom as Xi Jinping shapes China’s top leadership at 20th Communist Party congress

WSJ: China’s Xi Jinping Likely to Pack Party Leadership With Allies in Show of Strength

October 18, 2022

Connecting flight (data)

On Thursday, the Civil Aviation Administration of China (CAAC) released opinions calling on the aviation sector to supercharge its use of data. The opinions kick off a 13-year, three-phase campaign to ensure that valuable civil aviation data is leveraged to full effect. Why all the excitement? Mor…

On Thursday, the Civil Aviation Administration of China (CAAC) released opinions calling on the aviation sector to supercharge its use of data.

The opinions kick off a 13-year, three-phase campaign to ensure that valuable civil aviation data is leveraged to full effect.

Why all the excitement? Mor...

sources

CAAC: 关于民航大数据建设发展的指导意见

Gov.cn: 解读《关于民航大数据建设发展的指导意见》

October 18, 2022

Putting it all on the line for a beautiful China

Xi Jinping remains absolutely committed to achieving net zero and improving environmental protection. And don’t forget the Beautiful China Initiative. They’re among his trademark policies, so Xi devoted an entire section of the Party Congress report, which he introduced on Sunday, to green develop…

Xi Jinping remains absolutely committed to achieving net zero and improving environmental protection.

And don't forget the Beautiful China Initiative.

They’re among his trademark policies, so Xi devoted an entire section of the Party Congress report, which he introduced on Sunday, to green develop...

October 18, 2022

No rare earth for old men

On Thursday, National Economic Council Director Brian Deese pointed out that the US aims to decouple from China’s control of critical mineral supply chains. By “critical minerals,” we mean means rare earths, plus cobalt and lithium. Background: Rare earths are the 17 elements essential …

On Thursday, National Economic Council Director Brian Deese pointed out that the US aims to decouple from China’s control of critical mineral supply chains.

By "critical minerals," we mean means rare earths, plus cobalt and lithium.

Background: Rare earths are the 17 elements essential ...

sources

White House: Remarks on Executing a Modern American Industrial Strategy by NEC Director Brian Deese

White House: BUILDING RESILIENT SUPPLY CHAINS, REVITALIZING AMERICAN MANUFACTURING, AND FOSTERING BROAD-BASED GROWTH

Global Times: US waiver for Chinese alloy on F-35 jets exposes dependence on rare-earth products from China

October 18, 2022

Apple scraps YMTC deal

On Monday, Nikkei Asia reported that Apple has scrapped plans to source YMTC’s memory chips amid political pressure. Some context: In April, rumors were flying that Apple was planning to use YMTC’s 128-layer NAND memory for its iPhone series. But the potential partnership almost immedia…

On Monday, Nikkei Asia reported that Apple has scrapped plans to source YMTC’s memory chips amid political pressure.
Some context: In April, rumors were flying that Apple was planning to use YMTC’s 128-layer NAND memory for its iPhone series.

But the potential partnership almost immedia...

sources

Nikkei: Apple freezes plan to use China's YMTC chips amid political pressure

October 18, 2022

Let the missiles fly

In an expose on Monday, the Washington Post (WaPo) revealed that advanced US software is being used in Chinese missile research. The issue: China is building hypersonic missiles that travel at extreme speeds – around five times the speed of sound. It’s very difficult to build lab-based wind tunnels…

In an expose on Monday, the Washington Post (WaPo) revealed that advanced US software is being used in Chinese missile research.
The issue: China is building hypersonic missiles that travel at extreme speeds - around five times the speed of sound.

It's very difficult to build lab-based wind tunnels...

sources

Washington Post: American technology boosts China’s hypersonic missile program

October 18, 2022

Nailing down the lid on the 5G coffin

On Friday, news broke that the FCC is voting on whether or not to ban further approvals of Huawei and ZTE equipment in US networks (SCMP): “[T]his would mark the first time the FCC has banned electronic equipment on national-security grounds.” The ban, if it passes, might be groundbreaking, but it…

On Friday, news broke that the FCC is voting on whether or not to ban further approvals of Huawei and ZTE equipment in US networks (SCMP):

"[T]his would mark the first time the FCC has banned electronic equipment on national-security grounds."

The ban, if it passes, might be groundbreaking, but it...

sources

Gov.uk: Press release: Huawei legal notices issued

SCMP: US FCC set to ban approvals of new Huawei and ZTE equipment, document shows

October 18, 2022

Swap ‘til you drop

Who needs foreign exchange reserves when you can get state banks to defend your currency instead? On Monday, Reuters reported that China’s state banks “stepped up” their defense of the yuan, selling a large volume of dollars in swap and spot transactions. Some context: Swap transactions involve two …

Who needs foreign exchange reserves when you can get state banks to defend your currency instead?
On Monday, Reuters reported that China’s state banks “stepped up” their defense of the yuan, selling a large volume of dollars in swap and spot transactions.
Some context: Swap transactions involve two ...

sources

Reuters: Exclusive: China's state banks seen acquiring dollars in swaps market to stabilise yuan

October 18, 2022

Can’t you see we’re busy?

That’s weird. On Monday, the National Bureau of Statistics (NBS) delayed publication of a raft of major economic indicators. The NBS didn’t offer an explanation for the delay. It simply published a revised schedule, with dates for a bunch of data – originally due to be released Tuesday – marked as …

That's weird.
On Monday, the National Bureau of Statistics (NBS) delayed publication of a raft of major economic indicators.
The NBS didn’t offer an explanation for the delay.

It simply published a revised schedule, with dates for a bunch of data - originally due to be released Tuesday - marked as ...

sources

Bloomberg: China’s Unexpected GDP Delay Blamed by Analysts on Party Meeting

NDRC: 国家发展改革委负责同志出席二十大新闻中心第一场记者招待会并回答记者提问

October 18, 2022

Sorry for the disruption

On Monday, the macro planner (NDRC) hosted the first presser of the 20th Party Congress. We were particularly interested in the NDRC’s comments on China’s energy transition. ICYDK, China’s energy transition will heavily impact manufacturing – and heavy industry more broadly – influencing energy pri…

On Monday, the macro planner (NDRC) hosted the first presser of the 20th Party Congress.
We were particularly interested in the NDRC's comments on China's energy transition.

ICYDK, China's energy transition will heavily impact manufacturing – and heavy industry more broadly – influencing energy pri...

sources

NDRC: 国家发展改革委负责同志出席二十大新闻中心第一场记者招待会并回答记者提问

October 18, 2022

Your money’s still good here

The Party Congress report, released on Sunday, contained few new details on China’s approach to foreign investment. But Beijing remains all in on economic opening, rhetorically at least, and wants other countries to quit mucking around: “China opposes protectionism, the erection of ‘fences and barr…

The Party Congress report, released on Sunday, contained few new details on China’s approach to foreign investment.
But Beijing remains all in on economic opening, rhetorically at least, and wants other countries to quit mucking around:

“China opposes protectionism, the erection of ‘fences and barr...

October 18, 2022

Banking on Beijing

The future won’t fund itself. On Sunday, China’s five biggest banks and three biggest insurers each released statements detailing the myriad ways they have been – and will continue – supporting Beijing’s policies. ICBC – the world’s largest bank by assets – cited various areas of focus, including: …

The future won’t fund itself.
On Sunday, China’s five biggest banks and three biggest insurers each released statements detailing the myriad ways they have been – and will continue – supporting Beijing’s policies.
ICBC – the world’s largest bank by assets – cited various areas of focus, including:

...

sources

National Business Daily: 重磅！五大行今日齐发公告：加快金融投放，支持实体经济

ICBC: 中国工商银行股份有限公司关于发挥大行支柱作用加大投融资投放力度高效服务实体经济的公告

Bank of China: 中国农业银行股份有限公司公告

ICBC: 发挥保险保障功能、支持实体经济发展！国寿人保平安齐发公告

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