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Macro

May 20, 2025

State Council’s 2025 legislative agenda focuses on taxes and economic security

On Wednesday, the State Council released its 2025 legislative agenda. Some context: The document is a laundry list of the laws and regulations ministries and agencies are working on this year. Many items on the list are in the early stage of development and won’t necessarily be completed this year…. Username Password Remember Me … Read More »

On Wednesday, the State Council released its 2025 legislative agenda.
Some context: The document is a laundry list of the laws and regulations ministries and agencies are working on this year.

Many items on the list are in the early stage of development and won't necessarily be completed this year....

sources

Gov.cn: 国务院办公厅关于印发《国务院2025年度立法工作计划》的通知

May 20, 2025

Policymakers release new reg to curb wasteful investments

On Sunday, the Party Central Committee and State Council jointly issued a regulation aimed at cutting wasteful spending by Party and government officials. This reg updates a 2013 version, which set guidelines for government expenses including meals and business travel. The new reg goes a step furt…

On Sunday, the Party Central Committee and State Council jointly issued a regulation aimed at cutting wasteful spending by Party and government officials.

This reg updates a 2013 version, which set guidelines for government expenses including meals and business travel.

The new reg goes a step furt...

sources

Gov.cn: 中共中央国务院印发党政机关厉行节约反对浪费条例

May 20, 2025

Wang Yi talks to European counterparts

On Monday, Foreign Minister Wang Yi met with Danish FM Lars Løkke Rasmussen in Beijing and held calls with German FM Johann Wadephul and Polish FM Radosław Sikorski. Some context: Wang’s talks are part of Beijing’s ongoing diplomatic blitz aimed at improving ties ahead of a trip by EU leaders to Chi…

On Monday, Foreign Minister Wang Yi met with Danish FM Lars Løkke Rasmussen in Beijing and held calls with German FM Johann Wadephul and Polish FM Radosław Sikorski.
Some context: Wang’s talks are part of Beijing’s ongoing diplomatic blitz aimed at improving ties ahead of a trip by EU leaders to Chi...

sources

MoFA: Wang Yi Holds Talks with Danish Foreign Minister Lars Løkke Rasmussen

MoFA: 王毅同德国外长瓦德富尔通电话

MoFA: 王毅同波兰外长西科尔斯基通电话

May 20, 2025

Factory visit underscores Xi Jinping’s support for manufacturing

Xi Jinping spent Monday and Tuesday inspecting Henan province in central China. The highlight of his trip: A visit to Luoyang Bearing Group (LYC), one of China’s largest bearing manufacturers. A little about LYC: It was founded in 1954 as part of China’s first five-year plan. It’s a subsidiary of …

It was founded in 1954 as part of China’s first five-year plan.
It's a subsidiary of ...

sources

Xinhua: 习近平：坚定信心推动高质量发展高效能治理奋力谱写中原大地推进中国式现代化新篇章

May 20, 2025

Macro wrap: China’s economy powers through April

To read this macro wrap as a PDF, click here. Exec sum China’s economy carried its solid March momentum into April, beating expectations across the board. Exports were the clear standout in April’s data. Despite contending with an unprecedented 145% tariff on shipments to the US for most of th…

To read this macro wrap as a PDF, click here.
Exec sum

China’s economy carried its solid March momentum into April, beating expectations across the board.
Exports were the clear standout in April’s data. Despite contending with an unprecedented 145% tariff on shipments to the US for most of th...

May 19, 2025

TikTok faces monster EU fine

What happened: On May 15, the European Commission announced a preliminary ruling that TikTok does not comply with ad repository rules under the Digital Services Act (DSA). Ad repositories help researchers detect scams and other problems. The background: The announcement is the result of an inves…

What happened: On May 15, the European Commission announced a preliminary ruling that TikTok does not comply with ad repository rules under the Digital Services Act (DSA).

Ad repositories help researchers detect scams and other problems.

The background: The announcement is the result of an inves...

sources

European Commission: Commission preliminarily finds TikTok's ad repository in breach of the Digital Services Act

European Commission: Commission opens formal proceedings against TikTok on election risks under the Digital Services Act

May 19, 2025

Trump administration debates further additions to chip export blacklist

What happened: On May 15, the FT reported that the Trump administration is planning to place more Chinese chipmakers on the US entity list, including CXMT, as well as subsidiaries of already-blacklisted SMIC and YMTC. But there’s a debate over timing, as some in the White House believe that furthe…

But there's a debate over timing, as some in the White House believe that furthe...

sources

FT: US hits China’s chip industry with new export controls

May 19, 2025

China gears up for new wave of advanced chip fabs, says industry insider

What happened: Gu Wenjun, chief editor of semiconductor consultancy ICWise, said in a May 9 speech that more advanced chip fabs are being built across the country. Gu is a well-connected figure in China’s chip industry. Per Gu: “In the next 12 months, 4 to 5 major domestic projects involvin…

What happened: Gu Wenjun, chief editor of semiconductor consultancy ICWise, said in a May 9 speech that more advanced chip fabs are being built across the country.

Gu is a well-connected figure in China’s chip industry.

Per Gu:

“In the next 12 months, 4 to 5 major domestic projects involvin...

sources

ICWise: 中国半导体前道设备的趋势与挑战——暨在拓荆成立15周年晚会上的讲话

May 19, 2025

China imposes temporary poultry import ban on Brazil in response to bird flu outbreak

China has implemented an automatic 60-day suspension on poultry imports from Brazil after the country confirmed its first-ever case of highly pathogenic avian influenza (HPAI) in commercial flocks. Brazil’s poultry imports will be blocked until it can reassure Beijing that the rest of its poultry f…

China has implemented an automatic 60-day suspension on poultry imports from Brazil after the country confirmed its first-ever case of highly pathogenic avian influenza (HPAI) in commercial flocks.

Brazil's poultry imports will be blocked until it can reassure Beijing that the rest of its poultry f...

sources

Reuters: Bird flu in top chicken exporter Brazil triggers trade bans

WOAH: Brazil - High pathogenicity avian influenza viruses (poultry) (Inf. with) - Immediate notification

The Poultry Site: China’s chicken imports fall as domestic output climbs

May 19, 2025

Strong consumption print suggests consumer confidence is returning

April’s retail sales data suggests consumer sentiment is gradually recovering. Per data released by the stats bureau (NBS) on Monday, throughout April: Retail sales of consumer goods grew 5.1% y/y, down from 5.9% in March Retail sales of services grew 5.4% y/y, up from 5.2% the previous month Sale…

April’s retail sales data suggests consumer sentiment is gradually recovering.
Per data released by the stats bureau (NBS) on Monday, throughout April:

Retail sales of consumer goods grew 5.1% y/y, down from 5.9% in March
Retail sales of services grew 5.4% y/y, up from 5.2% the previous month

Sale...

sources

Gov.cn: 经济数据速览：7组数字看4月份中国经济

May 19, 2025

China posts decent macro growth print for April

China’s economy has remained remarkably resilient in the face of US tariffs. Per econ data released by the stats bureau (NBS) on Monday, throughout April: Industrial value-added (IVA) grew by 6.1% y/y, down from 7.7% growth in March Fixed asset investment (FAI) grew by 3.5% y/y, down from 4.3% prev…

China’s economy has remained remarkably resilient in the face of US tariffs.
Per econ data released by the stats bureau (NBS) on Monday, throughout April:

Industrial value-added (IVA) grew by 6.1% y/y, down from 7.7% growth in March
Fixed asset investment (FAI) grew by 3.5% y/y, down from 4.3% prev...

sources

Gov.cn: 经济数据速览：7组数字看4月份中国经济

May 19, 2025

NEVs account for more than 50% of domestic auto sales in April

New energy vehicles (NEVs) continued to drive China’s auto market growth in April. Per the China Passenger Car Association’s latest data, domestic auto retail sales reached 1.755 million total passenger vehicles in April, up 14.5% y/y. NEV sales hit 905,000, up 34.3% y/y Gas-powered vehicle sales r…

New energy vehicles (NEVs) continued to drive China's auto market growth in April.
Per the China Passenger Car Association's latest data, domestic auto retail sales reached 1.755 million total passenger vehicles in April, up 14.5% y/y.

NEV sales hit 905,000, up 34.3% y/y
Gas-powered vehicle sales r...

sources

CADA: 2025年4月份全国乘用车市场分析

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