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Macro

August 11, 2022

Damaged households

China’s economy isn’t out of the woods. That was the message from the central bank (PBoC) in its Q2 monetary policy report, released Wednesday. The PBoC warned that the services sector hasn’t recovered, and that: “There are still blockages to actively expanding effective investment.” It also sa… Username Password Remember Me Forgot Password

China's economy isn't out of the woods.

That was the message from the central bank (PBoC) in its Q2 monetary policy report, released Wednesday.

The PBoC warned that the services sector hasn’t recovered, and that:

“There are still blockages to actively expanding effective investment.”

It also sa...

sources

PBoC: 中国货币政策执行报告 2022 年第二季度

August 11, 2022

Lingang opens cross-border automotive data research center

Oh boy! Shanghai’s Lingang New Area is supercharging data economics and trading research. At a data resources conference in the district on Saturday, city officials announced that not one, not two, but ten new joint data laboratories and several other data-related research centers would be launched …

Oh boy! Shanghai’s Lingang New Area is supercharging data economics and trading research.
At a data resources conference in the district on Saturday, city officials announced that not one, not two, but ten new joint data laboratories and several other data-related research centers would be launched ...

sources

The Paper: 临港新片区新揭牌十大联合实验室：助力数据跨境体系建设

August 11, 2022

COVID update: Maintaining the rhetoric while loosening at the margins

Exec sum: Although COVID case counts continue to be elevated in China, local containment measures have become less draconian since the end of the Shanghai lockdown in June. A series of policy announcements over the past two months paint a picture of an evolving zero-COVID policy regime. Easing is o…

Exec sum:

Although COVID case counts continue to be elevated in China, local containment measures have become less draconian since the end of the Shanghai lockdown in June.
A series of policy announcements over the past two months paint a picture of an evolving zero-COVID policy regime. Easing is o...

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August 11, 2022

The inflation conversation

On Wednesday, the central bank (PBoC) released its Q2 monetary policy report (see previous entry). One thing caught our eye: Buried deep in the report is a section detailing the PBoC’s thinking on inflation. ICYMI: Yesterday, the stats bureau dropped July inflation data. Inflation remains low, espe…

On Wednesday, the central bank (PBoC) released its Q2 monetary policy report (see previous entry).
One thing caught our eye: Buried deep in the report is a section detailing the PBoC’s thinking on inflation.
ICYMI: Yesterday, the stats bureau dropped July inflation data.

Inflation remains low, espe...

sources

PBoC: 中国货币政策执行报告

August 10, 2022

The realm, long divided, must unite

After several days of flexing its sword arm, Beijing has now reached for the pen. On Wednesday, the Taiwan Affairs Office of the State Council published a white paper entitled “The Taiwan Question and China’s Reunification in the New Era.” Some context: Last week, US Speaker of the House Nancy Pelos…

After several days of flexing its sword arm, Beijing has now reached for the pen.
On Wednesday, the Taiwan Affairs Office of the State Council published a white paper entitled "The Taiwan Question and China's Reunification in the New Era.”
Some context: Last week, US Speaker of the House Nancy Pelos...

sources

Taiwan Affairs Office: 台湾问题与新时代中国统一事业

August 10, 2022

On Our Radar | Mark your calendars

The most important upcoming developments for policy and politics in China over the next month 1. Politburo meeting likely to announce a date for the 20th Party Congress (late August) This is crazy: The energies and attention of officials in Beijing and around the country are focused on the run-up to…

The most important upcoming developments for policy and politics in China over the next month
1. Politburo meeting likely to announce a date for the 20th Party Congress (late August)
This is crazy: The energies and attention of officials in Beijing and around the country are focused on the run-up to...

August 10, 2022

China and South Korea discuss chips

On Tuesday, Foreign Minister Wang Yi met with his South Korean counterpart Park Jin in Qingdao, Shandong. Wang laid out his vision for China-South Korea ties (Gov.cn): “Sino-Korean relations…[should] be more independent.” “We should insist on our independent autonomy.” “[We] should maintain the sta…

On Tuesday, Foreign Minister Wang Yi met with his South Korean counterpart Park Jin in Qingdao, Shandong.
Wang laid out his vision for China-South Korea ties (Gov.cn):

“Sino-Korean relations…[should] be more independent.”
“We should insist on our independent autonomy.”
“[We] should maintain the sta...

sources

Gov.cn: 王毅：坚持五个“应当”，推动中韩战略合作伙伴关系健康稳定发展

Reuters: S.Korea, China foreign ministers discuss N.Korea, K-pop ban

SCMP: South Korea’s Yoon plays down concerns over intention to join US-led chip alliance

August 10, 2022

Data dump – inflation

China’s stats bureau released the inflation data for July on Wednesday. The headlines: The consumer price index (CPI) rose 2.7% y/y in July, up from 2.5% in June. The producer price index (PPI) increased 4.2% y/y in July, down from 6.1% y/y growth in June. Consumer price growth may have hit a 24-m…

China’s stats bureau released the inflation data for July on Wednesday.
The headlines:

The consumer price index (CPI) rose 2.7% y/y in July, up from 2.5% in June.
The producer price index (PPI) increased 4.2% y/y in July, down from 6.1% y/y growth in June.

Consumer price growth may have hit a 24-m...

sources

NBS: 国家统计局城市司高级统计师董莉娟解读2022年7月份CPI和PPI数据

Bloomberg: China Consumer Inflation Reaches 2-Year High as Pork Surges

August 10, 2022

We’ve had enough

On Wednesday, two of China’s trade associations – CCPIT and CCOIC – put out a joint statement protesting the US CHIPS Act. They weren’t the only ones. The entire Chinese ‘chip-ternet’ is in an uproar. Some context: On Tuesday, US President Joe Biden signed a landmark bill providing a USD 52 billio…

On Wednesday, two of China’s trade associations – CCPIT and CCOIC – put out a joint statement protesting the US CHIPS Act.

They weren't the only ones. The entire Chinese 'chip-ternet' is in an uproar.

Some context: On Tuesday, US President Joe Biden signed a landmark bill providing a USD 52 billio...

sources

CCPIT: 中国贸促会、中国国际商会反对美《芯片与科学法案》不当干预和限制全球工商界经贸与投资合作

August 10, 2022

More chips to fall

More dominos are falling inside China’s most important semiconductor fund, “the Big Fund.” ICYMI: Since mid-July, the anti-corruption watchdog (CCDI) has launched several probes into semiconductor bigwigs linked to the Big Fund. The latest: Three more execs at Sino IC Capital are now under investig…

More dominos are falling inside China’s most important semiconductor fund, “the Big Fund.”
ICYMI: Since mid-July, the anti-corruption watchdog (CCDI) has launched several probes into semiconductor bigwigs linked to the Big Fund.
The latest: Three more execs at Sino IC Capital are now under investig...

sources

CCDI: 华芯公司原总监杜洋、投资三部副总经理杨征帆接受审查调查，投资二部原总经理刘洋接受调查

Caixin: 芯片大基金三名高管杜洋、杨征帆、刘洋涉嫌违法被调查

August 10, 2022

A Chang’e of heart

Beijing has finally reversed course on its claim that it wouldn’t take drastic economic measures. On Wednesday, four powerful ministries took aim at the most intolerable of today’s sky-high prices: Mooncakes. The macro planner (NDRC), industry regulator (MIIT), commerce ministry (MofCom), and marke…

Beijing has finally reversed course on its claim that it wouldn't take drastic economic measures.
On Wednesday, four powerful ministries took aim at the most intolerable of today's sky-high prices: Mooncakes.

The macro planner (NDRC), industry regulator (MIIT), commerce ministry (MofCom), and marke...

sources

Xinhua: 四部门采取综合措施遏制“天价”月饼促进行业健康发展

August 10, 2022

Cheating the SPB game

Local governments are getting…ahem…creative in spending stimulus money. Recap: At a May 23 State Council meeting, Premier Li Keqiang ordered that all funds raised from special purpose bonds (SPBs) should be deployed by end-August. Accelerated SPB deployment is the main pillar of Beijing’s recen…

Local governments are getting...ahem...creative in spending stimulus money.
Recap: At a May 23 State Council meeting, Premier Li Keqiang ordered that all funds raised from special purpose bonds (SPBs) should be deployed by end-August.

Accelerated SPB deployment is the main pillar of Beijing’s recen...

sources

21st Century Biz: 地方摸排专项债超进度拨付情况，严禁设立第三方资金账户“以拨代支”

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