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Macro

July 6, 2022

Zhejiang gears up criminal data theft prosecutions

China needs more judges to understand information theft, fast! On Monday, the Zhejiang Higher People’s Court issued new guidance for lower courts about prosecuting criminal theft of citizen’s personal information. Background: As the gears of China’s legal data security apparatus start to spin, the… Username Password Remember Me Forgot Password

China needs more judges to understand information theft, fast!
On Monday, the Zhejiang Higher People's Court issued new guidance for lower courts about prosecuting criminal theft of citizen's personal information.
Background: As the gears of China's legal data security apparatus start to spin, the...

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Secrss: 浙江法院发布侵犯公民个人信息犯罪十大典型案例

July 6, 2022

Shanghai Data Exchange completes first transaction in digital RMB

Last Thursday, the Shanghai Data Exchange (SDE) completed its first data product transaction using digital RMB (e-CNY). According to an SDE press release, a Shanghai-based data company called FinChina sold a data product to Bank of Shanghai. Bank of Shanghai paid in digital currency. More deets: W…

Last Thursday, the Shanghai Data Exchange (SDE) completed its first data product transaction using digital RMB (e-CNY).

According to an SDE press release, a Shanghai-based data company called FinChina sold a data product to Bank of Shanghai.
Bank of Shanghai paid in digital currency.

More deets: W...

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Shanghai Data Exchange: 上海数据交易所成交首笔数字人民币支付交易

Sohu: 全国数据交易联盟和数据要素智能合约创新联合体宣告成立

July 6, 2022

CAC signs cybersecurity MOU with Thai counterpart

Yesterday, the CAC announced that it has signed a Memorandum of Understanding (MOU) on cybersecurity cooperation with its counterpart agency in Thailand. Quick recap on MOUs: Memoranda of Understanding are non-binding agreements, usually between governments, that typically lay out basic goals of coo…

Yesterday, the CAC announced that it has signed a Memorandum of Understanding (MOU) on cybersecurity cooperation with its counterpart agency in Thailand.
Quick recap on MOUs: Memoranda of Understanding are non-binding agreements, usually between governments, that typically lay out basic goals of coo...

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CAC: 中国国家互联网信息办公室与泰国国家网络安全办公室签署网络安全合作谅解备忘录

Bangkok Post: Cybersecurity MoU with Israel a mutual 'first step'

Khmer Times: China, Indonesia boost cooperation on cyber security and technology

Australian Government: Memorandum of Understanding on Cyber and Digital Cooperation between the Government of the Kingdom of Thailand and the Government of Australia DOWNLOAD

July 6, 2022

Crunching Chips

On Wednesday, Bloomberg reported that the US is lobbying the Netherlands and Japan to stop ASML and Nikon from selling older semiconductor manufacturing equipment to China. Background: The Dutch government has banned export of cutting-edge extreme ultraviolet (EUV) lithography systems to China since…

On Wednesday, Bloomberg reported that the US is lobbying the Netherlands and Japan to stop ASML and Nikon from selling older semiconductor manufacturing equipment to China.
Background: The Dutch government has banned export of cutting-edge extreme ultraviolet (EUV) lithography systems to China since...

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Bloomberg: US Wants Dutch Supplier to Stop Selling Chipmaking Gear to China

July 5, 2022

Bearing gifts

Xi didn’t arrive in Hong Kong empty-handed when he visited last week. On Monday, China’s central bank (PBoC) announced that foreign capital will be allowed to invest in mainland interest rate swaps (IRS) via Hong Kong through a dedicated “Swap Connect” channel. The program will kick off in six mont…

Xi didn’t arrive in Hong Kong empty-handed when he visited last week.
On Monday, China’s central bank (PBoC) announced that foreign capital will be allowed to invest in mainland interest rate swaps (IRS) via Hong Kong through a dedicated “Swap Connect” channel.

The program will kick off in six mont...

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PBoC: 中国人民银行有关负责人就签署《中国人民银行与香港金融管理局人民币/港币常备互换协议》答记者问

PBoC: 中国人民银行香港证券及期货事务监察委员会香港金融管理局联合公告

July 5, 2022

Curb your (growth) enthusiasm

Over the past two weeks, Xi Jinping seems to have had a change of heart regarding China’s annual growth prospects. ICYMI: On June 22, Xi sent a clear message at the BRICS summit that China was still gunning for its 5.5% economic growth target for 2022 (Xinhua 1): “China will intensify macro-policy …

Over the past two weeks, Xi Jinping seems to have had a change of heart regarding China's annual growth prospects.
ICYMI: On June 22, Xi sent a clear message at the BRICS summit that China was still gunning for its 5.5% economic growth target for 2022 (Xinhua 1):

“China will intensify macro-policy ...

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Xinhua: 习近平在金砖国家工商论坛开幕式上的主旨演讲（全文）

Xinhua: 习近平在湖北武汉考察时强调把科技的命脉牢牢掌握在自己手中不断提升我国发展独立性自主性安全性

July 5, 2022

Makin’ bacon

On Monday, the macro planner (NDRC) summoned a bunch of huge pig farming companies and industry associations for a little talking to. The subject: The rapidly rising prices of pigs and pork. Live pig prices are up 11.6% since late March. Pork prices have risen for 10 consecutive weeks, jumping 4.8%…

On Monday, the macro planner (NDRC) summoned a bunch of huge pig farming companies and industry associations for a little talking to.
The subject: The rapidly rising prices of pigs and pork.

Live pig prices are up 11.6% since late March.
Pork prices have risen for 10 consecutive weeks, jumping 4.8%...

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Economic Daily: 国家发改委：正研究启动投放中央猪肉储备

Xinhua: 国家发展改革委：采取有效措施防范生猪价格过快上涨

July 5, 2022

I don’t know what we’re Yellen about

A faint glimmer of hope? In THIS economy?? On Tuesday, China’s economic czar, Vice Premier Liu He, held a call with US Treasury Secretary Janet Yellen. Some context: The long-awaited call came amid signals that the White House may roll back Trump-era tariffs on Chinese goods. In May, US President J…

A faint glimmer of hope? In THIS economy??
On Tuesday, China’s economic czar, Vice Premier Liu He, held a call with US Treasury Secretary Janet Yellen.
Some context: The long-awaited call came amid signals that the White House may roll back Trump-era tariffs on Chinese goods.

In May, US President J...

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Xinhua: Chinese, U.S. senior officials hold video talks over economic issues

US Treasury: READOUT: Secretary of the Treasury Janet L. Yellen’s Virtual Meeting with Vice Premier of the People’s Republic of China (PRC) Liu He

SCMP: US-China relations: economic chief Liu He, Treasury Secretary Janet Yellen hold ‘pragmatic, frank’ exchange

July 5, 2022

The party before the Party’s party

Oops. Last week, we hazarded a guess that the issuance of RMB 300 billion worth of financial bonds announced by the State Council on Thursday wasn’t new funding. We guessed it was likely part of the RMB 800 billion in new policy bank lending announced a few weeks back. Looks like we were wrong. On…

Oops.
Last week, we hazarded a guess that the issuance of RMB 300 billion worth of financial bonds announced by the State Council on Thursday wasn’t new funding.

We guessed it was likely part of the RMB 800 billion in new policy bank lending announced a few weeks back.

Looks like we were wrong.
On...

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Caixin: 央行：支持国开行、农发行发行3000亿元金融债重点投向三类项目

Caixin: 2022年上半年新增专项债发行3.4万亿元已下达额度基本发行完毕

July 5, 2022

How to save a sick river

From Thursday to Monday, Li Zhanshu, chairman of the national legislature (NPCSC), inspected implementation of the Yangtze River Protection Law in Hubei province. China’s first law to protect a specific waterway came into effect in March 2021. This looked like boilerplate inspection (Xinhua): Li …

From Thursday to Monday, Li Zhanshu, chairman of the national legislature (NPCSC), inspected implementation of the Yangtze River Protection Law in Hubei province.

China's first law to protect a specific waterway came into effect in March 2021.

This looked like boilerplate inspection (Xinhua):

Li ...

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Xinhua: 全国人大常委会执法检查组在湖北检查长江保护法实施情况栗战书强调突出长江生态环境修复依法守护一江碧水向东流

July 5, 2022

Mind the gap

The musical chairs has wrapped – and the older cadres still got game. By Thursday, mainland China’s 31 provinces had all concluded their Party congresses and announced new leadership lineups. What caught our eye: Among all 392 provincial Party standing committee members, only 68 (17.3%) are from the…

The musical chairs has wrapped – and the older cadres still got game.
By Thursday, mainland China's 31 provinces had all concluded their Party congresses and announced new leadership lineups.
What caught our eye: Among all 392 provincial Party standing committee members, only 68 (17.3%) are from the...

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Caixin: 人事观察｜全国省级党委换届收官 “70后”梯队成形

July 5, 2022

Making ends meet on zero-COVID

There’s an elephant in the war room. Implementing China’s zero-COVID strategy is enormously costly, and some local governments are finding it hard to make ends meet. Some context: Last week Beijing passed on the financial burden of conducting COVID tests to local governments. The result: Many cities…

There's an elephant in the war room.
Implementing China's zero-COVID strategy is enormously costly, and some local governments are finding it hard to make ends meet.
Some context: Last week Beijing passed on the financial burden of conducting COVID tests to local governments.
The result: Many cities...

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Yicai: 财政收支矛盾超地方预期，重庆苏州等地调整支出预算保民生

NetEase: 隔离酒店，越来越不好做了

The Paper: 国家医保局：疫情发生以来累计预拨200亿保障新冠患者救治

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