string(13) "markets-macro"

Macro

July 18, 2022

Shanghai subway supports eCNY payments

On Friday, Chinese media reported that Shanghai’s subway system now supports payments in digital yuan (e-CNY). Shanghai’s trying hard to get e-CNY users on board (pun yes intended): For the next two months, state-owned Bank of Communications (BoC) will give away 10,000 subway rides if users m… Username Password Remember Me Forgot Password

On Friday, Chinese media reported that Shanghai’s subway system now supports payments in digital yuan (e-CNY).
Shanghai's trying hard to get e-CNY users on board (pun yes intended):

For the next two months, state-owned Bank of Communications (BoC) will give away 10,000 subway rides if users m...

sources

The Paper: 一分钱可乘地铁！上海地铁大都会APP支持数字人民币支付啦

July 18, 2022

ByteDance hires chip design talent

On Monday, SCMP reported that ByteDance is hiring a bunch of semiconductor experts to build a chip design team for its cloud computing unit. Some context: In December, ByteDance announced plans to get into the cloud business, competing against China’s top cloud platforms like AliCloud, Tencent…

On Monday, SCMP reported that ByteDance is hiring a bunch of semiconductor experts to build a chip design team for its cloud computing unit.
Some context: In December, ByteDance announced plans to get into the cloud business, competing against China’s top cloud platforms like AliCloud, Tencent...

sources

SCMP: TikTok owner ByteDance opens 31 chip design jobs, joining Big Tech rivals amid China’s self-sufficiency drive

July 18, 2022

Shanghai is going all-in on the digital economy

On Friday, the Shanghai municipal government published Opinions on promoting the development of the “five-way oriented economy.” That one is really awkward to translate, but: basically the government wants the core of the city’s economy to be based on five core strengths: Services, as well as a pow…

On Friday, the Shanghai municipal government published Opinions on promoting the development of the “five-way oriented economy.”
That one is really awkward to translate, but: basically the government wants the core of the city’s economy to be based on five core strengths:

Services, as well as a pow...

sources

Gov.cn: 关于促进“五型经济”发展的若干意见

July 18, 2022

Shanghai gets special lanes for heavy-duty robot trucks

On Monday, Shanghai dedicated special lanes for unmanned freight trucks on Donghai Bridge. Quick context: The 32km Donghai Bridge runs from the southeast tip of Shanghai out to Yangshan Deepwater Port in the middle of Hangzhou Bay. The deets: Driverless trucks made by Youdao Zhitu, an ofshoot of sta…

On Monday, Shanghai dedicated special lanes for unmanned freight trucks on Donghai Bridge.
Quick context: The 32km Donghai Bridge runs from the southeast tip of Shanghai out to Yangshan Deepwater Port in the middle of Hangzhou Bay.
The deets: Driverless trucks made by Youdao Zhitu, an ofshoot of sta...

sources

Xinhua: 上海首条自动驾驶测试专用道启用智能重卡迈向“无人化”时代

July 15, 2022

Insufficient stimulus

Alongside the Q2 GDP data, China’s stats bureau also published the monthly econ numbers for June on Friday. The headlines: Retail sales increased 3.1% y/y in June, up from a 6.7% y/y fall in May. Fixed asset investment (FAI) rose 5.8% y/y in June, compared with 4.5% y/y growth in May. Value-added o…

Alongside the Q2 GDP data, China’s stats bureau also published the monthly econ numbers for June on Friday.
The headlines:

Retail sales increased 3.1% y/y in June, up from a 6.7% y/y fall in May.
Fixed asset investment (FAI) rose 5.8% y/y in June, compared with 4.5% y/y growth in May.
Value-added o...

sources

NBS: 2022年1—6月份全国固定资产投资（不含农户）增长6.1%

NBS: 2022年1—6月份全国房地产开发投资下降5.4%

July 15, 2022

Data dump – Q2 GDP

China’s stats bureau released the Q2 GDP results on Friday. The headlines: The economy expanded just 0.4% y/y in real terms last quarter – down from 4.8% y/y growth in Q1. GDP in Q2 fell 2.6% on a seasonally adjusted basis versus the previous three months. Premier Li vowed to publish accurate GDP …

China’s stats bureau released the Q2 GDP results on Friday.
The headlines:

The economy expanded just 0.4% y/y in real terms last quarter – down from 4.8% y/y growth in Q1.
GDP in Q2 fell 2.6% on a seasonally adjusted basis versus the previous three months.

Premier Li vowed to publish accurate GDP ...

sources

NBS: 有力应对超预期因素影响国民经济企稳回升

NBS: 国家统计局新闻发言人就2022年上半年国民经济运行情况答记者问

July 15, 2022

Long time no see, President Xi

He’s back….. After nearly two weeks without a public appearance, on Thursday Xinhua reported that Xi Jinping toured Xinjiang on Tuesday and Wednesday. ICYMI: Before his Xinjiang sojourn, Xi was last seen in Hong Kong on July 1, where he came into close contact with someone who later tested positiv…

He's back.....
After nearly two weeks without a public appearance, on Thursday Xinhua reported that Xi Jinping toured Xinjiang on Tuesday and Wednesday.
ICYMI: Before his Xinjiang sojourn, Xi was last seen in Hong Kong on July 1, where he came into close contact with someone who later tested positiv...

sources

Xinhua: 习近平在新疆乌鲁木齐市考察调研

Xinhua: 习近平在新疆石河子市考察调研

July 15, 2022

A reasonable range

China’s annual growth target of “around 5.5%” will be impossible to meet. Hot off the press: The economy expanded by a measly 0.4% y/y in Q2 and 2.5% y/y in H1, according to official data released on Friday. Accentuate the positive: On May 25, Premier Li Keqiang said the economy was in danger of con…

China's annual growth target of "around 5.5%" will be impossible to meet.
Hot off the press: The economy expanded by a measly 0.4% y/y in Q2 and 2.5% y/y in H1, according to official data released on Friday.
Accentuate the positive: On May 25, Premier Li Keqiang said the economy was in danger of con...

sources

Gov.cn: 李克强主持召开经济形势专家企业家座谈会韩正出席

July 15, 2022

My house is your problem

A mortgage boycott by disgruntled owners of unfinished homes is snowballing. On Thursday, Bloomberg scooped that the housing ministry pow-wowed with regulators and banks to address a problem that’s not only hitting developers and lenders, but is rippling through already jittery stock and bond market…

A mortgage boycott by disgruntled owners of unfinished homes is snowballing.
On Thursday, Bloomberg scooped that the housing ministry pow-wowed with regulators and banks to address a problem that's not only hitting developers and lenders, but is rippling through already jittery stock and bond market...

sources

Bloomberg: China Convenes Banks on Mortgage Boycott Roiling Markets

Caixin: 银保监回应“烂尾楼”断供多银行表态风险可控（更新）

JRJ: 银保监会回应房贷断供！已有15家银行密集发声，西安住建局出手

July 15, 2022

Fahrenheit 107

Summer power cuts have kicked off — yet another blow for beleaguered manufacturers struggling to recover from COVID-19 curbs. On Wednesday, Zhejiang province, an industrial hub on China’s east coast, started imposing power rationing on its textiles sector. The driver: Temperatures over 107 degrees …

Summer power cuts have kicked off — yet another blow for beleaguered manufacturers struggling to recover from COVID-19 curbs.
On Wednesday, Zhejiang province, an industrial hub on China's east coast, started imposing power rationing on its textiles sector.
The driver: Temperatures over 107 degrees ...

sources

SCMP: China heatwave prompts energy curbs for manufacturing hub, but repeat of power crisis unlikely

July 15, 2022

Coal conundrum

Is Beijing ready to start buying Aussie coal again? On Thursday, Bloomberg reported that Chinese bureaucrats are preparing a proposal for senior leaders that recommends the two-year ban on Australian coal imports be lifted. Citing unnamed sources, Bloomberg said officials want to ensure energy secur…

Is Beijing ready to start buying Aussie coal again?
On Thursday, Bloomberg reported that Chinese bureaucrats are preparing a proposal for senior leaders that recommends the two-year ban on Australian coal imports be lifted.
Citing unnamed sources, Bloomberg said officials want to ensure energy secur...

sources

Bloomberg: China Studies Ending Australia Coal Ban on Supply Fear

July 15, 2022

Not particularly confident

That was US Securities and Exchange Commission (SEC) Chair Gary Gensler’s sentiment on Wednesday, when asked about the prospects of an audit inspection deal between US and Chinese regulators. ICYDK: In 2021, the SEC began enforcing the congressionally-mandated Holding Foreign Companies Accountable A…

That was US Securities and Exchange Commission (SEC) Chair Gary Gensler’s sentiment on Wednesday, when asked about the prospects of an audit inspection deal between US and Chinese regulators.
ICYDK: In 2021, the SEC began enforcing the congressionally-mandated Holding Foreign Companies Accountable A...

sources

Bloomberg: SEC Chief Doubts Imminent Deal to Avoid China Delistings

WSJ: SEC’s Gensler Casts Doubt on Prospects for China Audit Deal

SCMP: US-China accounting war: SEC chief casts doubt that a deal can avert delisting of New York-listed Chinese stocks

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