string(13) "markets-macro"

Macro

July 22, 2022

Deep dive | The Contenders: He Lifeng the econ don?

This is the second piece in our epic three-part trilogy on who might get promoted to the all-important position of vice premier in charge of finance after the 20th Party Congress this fall. In the unlikely case that you don’t know: At the quinquennial Party Congress, the Party reshuffles its top le… Username Password Remember… Read More »

At the quinquennial Party Congress, the Party reshuffles its top le...

July 22, 2022

We got this

Don’t worry, it’s under control. That was the banking regulator’s (CBIRC) response when asked about the mortgage boycott crisis at a press briefing on Thursday. Some context: Per our latest count, homebuyers in 331 unfinished developments spread across 26 provinces have threatened to stop making mo…

Don't worry, it's under control.
That was the banking regulator’s (CBIRC) response when asked about the mortgage boycott crisis at a press briefing on Thursday.
Some context: Per our latest count, homebuyers in 331 unfinished developments spread across 26 provinces have threatened to stop making mo...

sources

SCIO: 国新办举行2022年上半年银行业保险业运行发展情况新闻发布会

July 22, 2022

The year in weirdness: Didi denouement raises more questions than answers

The other shoe has finally dropped… and boy is it a heavy one. Yesterday, the CAC announced a RMB 8 billion fine against Didi Global, more than one year after launching a cybersecurity probe into the company. Didi founder, Chairman, and CEO Cheng Wei, and President Jean Liu were also each personall…

Didi founder, Chairman, and CEO Cheng Wei, and President Jean Liu were also each personall...

sources

CAC: 国家互联网信息办公室对滴滴全球股份有限公司依法作出网络安全审查相关行政处罚的决定

CAC: 国家互联网信息办公室有关负责人就对滴滴全球股份有限公司依法作出网络安全审查相关行政处罚的决定答记者问

July 22, 2022

Quick take | China’s mortgage boycotts: where to from here?

The macro story of this week in China revolved around the quickly growing mortgage boycott throughout the country. ICMYI: Reports began circulating early last week that homeowners throughout China were issuing “notices of suspension” to banks – threatening to stop making payments on mortgage lo…

The macro story of this week in China revolved around the quickly growing mortgage boycott throughout the country.
ICMYI: Reports began circulating early last week that homeowners throughout China were issuing “notices of suspension” to banks – threatening to stop making payments on mortgage lo...

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July 21, 2022

Great news on groundwater

On Wednesday, Vice Premier Hu Chunhua joined a meeting of the coordinating body tasked with tackling groundwater overuse in North China. Hu had great news (Gov.cn): “As a result of significant governance efforts since 2018…groundwater levels [in North China] have stopped falling and have rebounde…

On Wednesday, Vice Premier Hu Chunhua joined a meeting of the coordinating body tasked with tackling groundwater overuse in North China.
Hu had great news (Gov.cn):

"As a result of significant governance efforts since 2018...groundwater levels [in North China] have stopped falling and have rebounde...

sources

Gov.cn: 胡春华强调：坚持不懈推进华北地区地下水超采综合治理

July 21, 2022

Scooping the One China melon

On Wednesday, Qin Gang, China’s ambassador to the US took to the stage at the Aspen Security Forum to blast American support for Taiwan. His Excellency didn’t mince words (Bloomberg): “The United States is hollowing out, blurring out the ‘One China’ policy.” “[The US] is essentially uplifting offic…

On Wednesday, Qin Gang, China’s ambassador to the US took to the stage at the Aspen Security Forum to blast American support for Taiwan.
His Excellency didn’t mince words (Bloomberg):

“The United States is hollowing out, blurring out the ‘One China’ policy.”
“[The US] is essentially uplifting offic...

sources

Reuters: Biden plans talks with China's Xi soon, casts doubt on Pelosi Taiwan trip

Bloomberg: China Envoy Says US Is Blurring ‘One China’ Policy on Taiwan

July 21, 2022

The big reveal

Beijing won’t over-stimulate the economy to achieve an overly-high growth target. That was the message on Tuesday from Premier Li Keqiang, at a World Economic Forum video session. The deets: Facing an audience of nearly 400 foreign business leaders, Li gave a high-level preview of Beijing’s next s…

Beijing won’t over-stimulate the economy to achieve an overly-high growth target.

That was the message on Tuesday from Premier Li Keqiang, at a World Economic Forum video session.

The deets: Facing an audience of nearly 400 foreign business leaders, Li gave a high-level preview of Beijing’s next s...

sources

Xinhua: 李克强出席世界经济论坛全球企业家特别对话会

July 21, 2022

China enters zero-COVID 2.0

China’s zero-COVID strategy is here to stay – but is growing less draconian. On Monday and Tuesday, Sun Chunlan, China’s top COVID official, inspected pandemic control efforts in Hebei province, where she demanded that officials (Gov.cn 1): Strictly comply with the recently streamlined COVID-19 res…

China's zero-COVID strategy is here to stay – but is growing less draconian.
On Monday and Tuesday, Sun Chunlan, China's top COVID official, inspected pandemic control efforts in Hebei province, where she demanded that officials (Gov.cn 1):

Strictly comply with the recently streamlined COVID-19 res...

sources

Gov.cn: 孙春兰在河北调研时强调：严格落实第九版防控方案不断提高科学精准防控水平

The Paper: 国务院联防联控机制：推广近期西安新冠聚集性疫情处置做法

Gov.cn: Premier vows further efforts to deepen opening-up

Gov.cn: 李克强出席世界经济论坛全球企业家特别对话会

July 21, 2022

A striking development

Looks like the mortgage boycott threat is already yielding results. On Wednesday, the FT reported that Zhengzhou city, capital of Henan province, is setting up a bailout fund for local developers. This is the first widely reported local move to deal with the mortgage strike. ICYMI: Homeowners have…

Looks like the mortgage boycott threat is already yielding results.
On Wednesday, the FT reported that Zhengzhou city, capital of Henan province, is setting up a bailout fund for local developers.

This is the first widely reported local move to deal with the mortgage strike.

ICYMI: Homeowners have...

sources

FT: Chinese city Zhengzhou sets up bailout fund as mortgage boycott spreads

July 21, 2022

Working through the backlog

Mergers escaping official oversight due to regulatory staffing shortages may soon be a thing of the past. On Friday, China’s antitrust regulator (SAMR) launched a pilot to help it get through its backlog of M&A reviews. ICYDK: SAMR is working through a huge logjam of tech M&A deals tha…

Mergers escaping official oversight due to regulatory staffing shortages may soon be a thing of the past.
On Friday, China’s antitrust regulator (SAMR) launched a pilot to help it get through its backlog of M&A reviews.
ICYDK: SAMR is working through a huge logjam of tech M&A deals tha...

sources

SAMR: 国家市场监督管理总局2022年度拟录用公务员公示公告（第一批）

July 21, 2022

More for less

China is importing less Russian oil at a higher total cost. Two recent Bloomberg reports capture the situation. On Monday, the outlet reported that Russia’s crude oil shipments to China and India have fallen nearly 30% from their post-Ukraine-invasion peak. Meanwhile, on Wednesday, it reported tha…

China is importing less Russian oil at a higher total cost.

Two recent Bloomberg reports capture the situation.

On Monday, the outlet reported that Russia's crude oil shipments to China and India have fallen nearly 30% from their post-Ukraine-invasion peak.
Meanwhile, on Wednesday, it reported tha...

sources

Bloomberg: Russia's Oil Deliveries to China and India Are 30% Below Peak

Bloomberg: China’s Spending on Russian Energy Jumps to $6.4 Billion in June

July 21, 2022

From east to west and back again

COVID-19 case counts are rising nationwide. For the seven days between July 11 and July 17, China reported (NHC): 574 new domestically transmitted symptomatic infections, up from 500 in the previous seven-day period 2,298 new domestically transmitted asymptomatic …

COVID-19 case counts are rising nationwide.
For the seven days between July 11 and July 17, China reported (NHC):

574 new domestically transmitted symptomatic infections, up from 500 in the previous seven-day period
2,298 new domestically transmitted asymptomatic ...

sources

NHC: 截至7月17日24时新型冠状病毒肺炎疫情最新情况

The Paper: 上海：已排查到兰溪路KTV阳性感染者在沪密接2.3万人

The Paper: 成都：锦江区、武侯区、成华区及双流区黄龙溪镇全员核酸检测

The Paper: 天津新增2名阳性感染者，7月18日在全市范围开展核酸检测

The Paper: 珠海香洲区实行三天管控，进入公共场所须持24小时核酸证明

The Paper: 广西北海：涠洲岛旅游区实行临时性管控，今起暂停游客上岛

China News: 我们的防疫措施是最经济的、效果最好的

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