string(13) "markets-macro"

Macro

July 7, 2022

When the chips are down…

Yesterday, the State Council updated its policy on supporting two strategically important sectors: integrated circuits and software. Some context: The central government has had policies in place to support these two sectors since 2000 and updates its support policies once every decade or so. T… Username Password Remember Me Forgot Password

Yesterday, the State Council updated its policy on supporting two strategically important sectors: integrated circuits and software.
Some context: The central government has had policies in place to support these two sectors since 2000 and updates its support policies once every decade or so. T...

sources

Gov.cn: 国务院关于印发新时期促进集成电路产业和软件产业高质量发展若干政策的通知

July 6, 2022

Risky business

The job of controlling financial risk is never done. On Tuesday, Sun Tianqi, director of the central bank’s (PBoC) financial stability bureau, published an essay on the subject in China Finance Magazine. While Sun dedicated most of the piece to recounting the ways the PBoC has reined in financial ri…

The job of controlling financial risk is never done.
On Tuesday, Sun Tianqi, director of the central bank’s (PBoC) financial stability bureau, published an essay on the subject in China Finance Magazine.
While Sun dedicated most of the piece to recounting the ways the PBoC has reined in financial ri...

sources

The Paper: 孙天琦：完善最后贷款人职能，不应向资不抵债机构发放再贷款

July 6, 2022

Reading between the lines

What’s in a number? That’s the question that’s got Chinese economists buzzing. On Monday and Tuesday, the central bank (PBoC) drained RMB 167 billion from China’s money markets during open market operations (Caixin). That’s a lot, but it’s reasonable given that the PBoC injected RMB 700 billion dur…

What’s in a number?
That’s the question that’s got Chinese economists buzzing.
On Monday and Tuesday, the central bank (PBoC) drained RMB 167 billion from China’s money markets during open market operations (Caixin).

That’s a lot, but it's reasonable given that the PBoC injected RMB 700 billion dur...

sources

Caixin: 央行连续三日公开市场净回笼意在调整利率倒挂

Wall Street CN: 如何看待30亿元逆回购操作？重点在价不在量

PBoC: 公开市场业务交易公告 [2022]第128号

July 6, 2022

Another day, another developer default

On Sunday, Shimao Group – China’s 14th largest developer by sales – missed a payment on a USD 1 billion offshore bond. That’s a worry: Not long ago, the firm was one of China’s most financially sound real estate companies – complying with all of Beijing’s “three red lines,” which restrict developer …

On Sunday, Shimao Group – China’s 14th largest developer by sales – missed a payment on a USD 1 billion offshore bond.
That's a worry: Not long ago, the firm was one of China’s most financially sound real estate companies – complying with all of Beijing’s “three red lines,” which restrict developer ...

sources

HKEX: Shimao Group business update

21st Century Biz: 美元债逾期，世茂致歉并积极应对

July 6, 2022

Same same, but better

On Friday, the macro planner (NDRC) dropped an eight-point notice instructing local governments to find ways to boost investment in existing infrastructure. ICYMI: In May, the State Council released a circular on this very topic, calling for local officials to tap the potential value from “idle or i…

On Friday, the macro planner (NDRC) dropped an eight-point notice instructing local governments to find ways to boost investment in existing infrastructure.
ICYMI: In May, the State Council released a circular on this very topic, calling for local officials to tap the potential value from "idle or i...

sources

NDRC: 国家发展改革委办公厅关于做好盘活存量资产扩大有效投资有关工作的通知

State Council: 国务院办公厅关于进一步盘活存量资产扩大有效投资的意见

July 6, 2022

Zhejiang points the way to fairer future

Last Monday, the Zhejiang province branch of China’s market regulator (SAMR) announced an implementation plan for its pilot fair competition policy mechanism. ICYMI: In May, Zhejiang was among nine places tasked by the central government to pilot ways to ensure regulations and policies don’t di…

Last Monday, the Zhejiang province branch of China's market regulator (SAMR) announced an implementation plan for its pilot fair competition policy mechanism.
ICYMI: In May, Zhejiang was among nine places tasked by the central government to pilot ways to ensure regulations and policies don’t di...

sources

Zhejiang SAMR: 浙江省市场监督管理局关于印发《浙江省省域公平竞争政策先行先试改革实施方案》的通知

July 6, 2022

Fake out

China has made progress on intellectual property rights (IPR) protection in recent years, but everyone agrees there’s more work to be done. Everyone including Premier Li Keqiang. On Tuesday, Li urged more effort to fight the copycats when he gave instructions to the annual work meeting of the Lea…

China has made progress on intellectual property rights (IPR) protection in recent years, but everyone agrees there's more work to be done.

Everyone including Premier Li Keqiang.

On Tuesday, Li urged more effort to fight the copycats when he gave instructions to the annual work meeting of the Lea...

sources

Gov.cn: 李克强对2022年全国打击侵权假冒工作电视电话会议作出重要批示

July 6, 2022

On the same path

Everyone’s thinking of ways to go (carbon) neutral. On Wednesday, Wang Yang, the Party’s fourth-ranked leader, gathered the heads of China’s democratic parties to discuss how to achieve Xi Jinping’s goals of peaking carbon emissions and achieving carbon neutrality. The Party’s not the only party in …

Everyone’s thinking of ways to go (carbon) neutral.
On Wednesday, Wang Yang, the Party’s fourth-ranked leader, gathered the heads of China’s democratic parties to discuss how to achieve Xi Jinping’s goals of peaking carbon emissions and achieving carbon neutrality.
The Party’s not the only party in ...

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People's Daily: 汪洋出席“统筹推进碳达峰碳中和”调研协商座谈会

July 6, 2022

New COVID variant lands in China

China’s whack-a-mole zero-COVID strategy will force officials to whack faster and faster. Because the target’s speeding up. On Tuesday, Xi’an’s center for disease control reported the latest COVID-19 cases discovered in the city belong to the BA.5.2 Omicron subvariant (Yicai). It’s a big deal: Th…

China's whack-a-mole zero-COVID strategy will force officials to whack faster and faster.

Because the target's speeding up.

On Tuesday, Xi'an's center for disease control reported the latest COVID-19 cases discovered in the city belong to the BA.5.2 Omicron subvariant (Yicai).

It's a big deal: Th...

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Yicai: 中国首现传播性更强的奥密克戎BA.5分支本土感染，西安紧急管控

The Paper: 西安6日起实施七天临时性管控措施，公共场所暂停营业、暂停堂食

Shaanxi NHC: 7月5日陕西新增1例本土确诊病例新增10例本土无症状感染者

July 6, 2022

H2 stimulus taking shape

We’ve been wondering how Beijing would sustain its fiscal firepower in H2. Well, on Tuesday, Reuters revealed part of the plan. The scoop: First, Beijing will set up a state infrastructure investment fund worth RMB 500 billion in Q3. Second, Beijing will give local governments an advanced quota of …

We’ve been wondering how Beijing would sustain its fiscal firepower in H2.
Well, on Tuesday, Reuters revealed part of the plan.
The scoop:

First, Beijing will set up a state infrastructure investment fund worth RMB 500 billion in Q3.
Second, Beijing will give local governments an advanced quota of ...

sources

Reuters: Exclusive: China plans $75 billion infrastructure fund to revive economy

July 6, 2022

Guangzhou lays out plan to accelerate smart car and NEV industries

On Friday, the Guangzhou municipal government released a three-year plan to promote its smart and new energy vehicle (NEV) industries. Background: This is a more narrowly-focused plan based on the city’s 14th Five-Year Innovation Development Plan for Smart Cars and NEVs, released in March. More bac…

On Friday, the Guangzhou municipal government released a three-year plan to promote its smart and new energy vehicle (NEV) industries.
Background: This is a more narrowly-focused plan based on the city's 14th Five-Year Innovation Development Plan for Smart Cars and NEVs, released in March.
More bac...

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Guangzhou Gov: 广州市工业和信息化局广州市发展和改革委员会关于印发《广州市智能网联与新能源汽车产业链高质量发展三年行动计划（2022-2024年）》的通知

July 6, 2022

Strapped for Golden Hamsters

On Monday, Chinese media reported that livestreamers on social media platform Bilibili are working overtime to recoup money lost from refunds issued to underage users. Some context: The Minor Protection Law — and a host of similar regulations — requires apps to provide features that limit the abilit…

On Monday, Chinese media reported that livestreamers on social media platform Bilibili are working overtime to recoup money lost from refunds issued to underage users.
Some context: The Minor Protection Law — and a host of similar regulations — requires apps to provide features that limit the abilit...

sources

Sina: 一夜没了14万元，B站虚拟主播还背上平台的“债”

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