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Macro

June 24, 2022

CCCDR focuses on data governance

We told you on Thursday that Xi Jinping laid out the next steps for fintech regulation at Wednesday’s meeting of the Central Commission for Comprehensively Deepening Reform (CCCDR). But that wasn’t all that was discussed at the most recent gathering of China’s most important policymaking body. At … Username Password Remember Me Forgot… Read More »

We told you on Thursday that Xi Jinping laid out the next steps for fintech regulation at Wednesday’s meeting of the Central Commission for Comprehensively Deepening Reform (CCCDR).

But that wasn’t all that was discussed at the most recent gathering of China's most important policymaking body.

At ...

sources

Gov.cn: 习近平主持召开中央全面深化改革委员会第二十六次会议

Xinhua: Xi stresses need to build basic data systems, enhance administrative division management

June 24, 2022

More eyes, more data, more control

On Thursday, the State Council announced new guidance designed to strengthen digital government. ICYDK: Digital government is the application of information technology and data to government operations and services to improve efficiency and responsiveness. Quick context: China’s government is pushin…

On Thursday, the State Council announced new guidance designed to strengthen digital government.
ICYDK: Digital government is the application of information technology and data to government operations and services to improve efficiency and responsiveness.
Quick context: China's government is pushin...

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Gov.cn: 国务院关于加强数字政府建设的指导意见

Xinhua: 数字政府建设应从信息化到数字化再到智能化

June 24, 2022

A rising star hits his ceiling

A rising star, tipped by some for the very top, just got shot down in Xi Jinping’s China. On Thursday, Lu Hao, Minister of Natural Resources, was reassigned to become Party secretary of the State Council’s Development Research Center (DRC). His new gig: The DRC is the government’s in-house think tan…

A rising star, tipped by some for the very top, just got shot down in Xi Jinping's China.
On Thursday, Lu Hao, Minister of Natural Resources, was reassigned to become Party secretary of the State Council's Development Research Center (DRC).
His new gig: The DRC is the government’s in-house think tan...

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DRC: 陆昊同志任国务院发展研究中心党组书记

June 24, 2022

A game of BRICSmanship

Xi Jinping bashed sanctions and bloc confrontation on Wednesday at the BRICS Business Forum. On Thursday, he kept up the momentum at the 14th BRICS Summit, delivering a keynote speech entitled “Fostering High-quality Partnership and Embarking on a New Journey of BRICS Cooperation.” No points for gu…

Xi Jinping bashed sanctions and bloc confrontation on Wednesday at the BRICS Business Forum.
On Thursday, he kept up the momentum at the 14th BRICS Summit, delivering a keynote speech entitled “Fostering High-quality Partnership and Embarking on a New Journey of BRICS Cooperation.”

No points for gu...

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CGTN: Full text: Xi Jinping's speech at the 14th BRICS Summit

June 24, 2022

Good things come to those who wait

A lifelong cadre just took the final step up his ministry’s ladder. On Thursday, Wang Guanghua was announced as the new Party secretary of the Ministry of Natural Resources (MNR). Already a vice minister, Wang will likely soon be announced as minister too. Some context: Wang, 59, replaced Lu Hao, …

A lifelong cadre just took the final step up his ministry's ladder.
On Thursday, Wang Guanghua was announced as the new Party secretary of the Ministry of Natural Resources (MNR).

Already a vice minister, Wang will likely soon be announced as minister too.

Some context: Wang, 59, replaced Lu Hao, ...

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Xinhua: 王广华同志任自然资源部党组书记

June 24, 2022

Fintech platforms helped fuel expansion of troubled Henan banks

The same Henan bank hit by a health code scandal was one of many small banks that accumulated risk on their balance sheet with the help of fintech platforms. ICYMI: Last week, Henan officials conspired with a troubled local bank to stop a protest from customers by abusing the health code system. …

The same Henan bank hit by a health code scandal was one of many small banks that accumulated risk on their balance sheet with the help of fintech platforms.
ICYMI: Last week, Henan officials conspired with a troubled local bank to stop a protest from customers by abusing the health code system.

...

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Yicai: 异地储户资金流入河南村镇银行，第三方平台成“看不见的手”

June 24, 2022

Tencent and Tesla layoff staff

Two more tech companies are giving staff the chop. On Thursday, domestic media reported that both Tencent and Tesla are slashing costs and cutting their workforces by an estimated 10%. Recap: The triple pressures of a slowing economy, zero-Covid, and tightening regulation have seen tech companies i…

Two more tech companies are giving staff the chop.
On Thursday, domestic media reported that both Tencent and Tesla are slashing costs and cutting their workforces by an estimated 10%.
Recap: The triple pressures of a slowing economy, zero-Covid, and tightening regulation have seen tech companies i...

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Sina: 腾讯启动新一轮优化，PCG成重灾区，一个千人团队计划砍一半

Sina: 特斯拉中国开始裁员约10%：不涉及生产制造

June 24, 2022

Wrong hymnbook

Ummm…are you sure that’s the right messaging? On Thursday, central bank (PBoC) Deputy Governor Chen Yulu trumpeted the PBoC’s conservative approach to monetary policy over the last couple of years. “Since the outbreak of COVID-19, China has supported the rapid recovery of the economy with relativel…

“Since the outbreak of COVID-19, China has supported the rapid recovery of the economy with relativel...

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CBIRC: 银保监会中宣部新闻发布会答问实录

June 24, 2022

Quick take | Budgeting for net zero: The finance ministry goes big-picture

China’s net-zero plans are taking shape. On May 30, the finance ministry (MoF) released the government’s fourth high-level policy in China’s “1+N” framework to achieve Beijing’s ambitious 30-60 climate targets. And that happens to be the focus of this Trivim China Quick Take – why else would we bri…

China’s net-zero plans are taking shape.
On May 30, the finance ministry (MoF) released the government’s fourth high-level policy in China’s “1+N” framework to achieve Beijing’s ambitious 30-60 climate targets.

And that happens to be the focus of this Trivim China Quick Take – why else would we bri...

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MoF: 关于印发《财政支持做好碳达峰碳中和工作的意见》的通知

MoF: 财政部有关负责人就出台《财政支持做好碳达峰碳中和工作的意见》答记者问

June 24, 2022

Please, Mr. Postman, don’t steal my ID

Yesterday, the State Post Bureau, Public Security Bureau, and the CAC announced new measures to protect personal information protection from e-commerce couriers. The longstanding issue: Too many e-commerce delivery workers are tempted into selling all those juicy names, numbers, and addresses they h…

Yesterday, the State Post Bureau, Public Security Bureau, and the CAC announced new measures to protect personal information protection from e-commerce couriers.
The longstanding issue: Too many e-commerce delivery workers are tempted into selling all those juicy names, numbers, and addresses they h...

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The Paper: 三部门：加强邮政快递个人信息安全治理，推行隐私面单等技术

June 24, 2022

Deep dive | Low-calorie loans: How bankers’ acceptances are undermining the impact of credit growth

Exec sum: China’s credit growth bounced backed in May. However, that improvement was far less stimulatory than a typical uptick in credit. That’s because discounted bankers’ acceptance drafts (BADs) – a key form of very short-term bridge financing – accounted for a disproportionately large share of…

Exec sum:

China’s credit growth bounced backed in May. However, that improvement was far less stimulatory than a typical uptick in credit. That’s because discounted bankers’ acceptance drafts (BADs) – a key form of very short-term bridge financing – accounted for a disproportionately large share of...

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June 23, 2022

Putting a floor under house prices

On Wednesday, Chinese financial media reported that the Pingtan Comprehensive Experimental Zone in Fuzhou is the latest jurisdiction to put a floor under housing prices. Some context: Prices of new homes fell y/y in all of China’s 31 provinces in May. All but Hainan, Xinjiang, and Fujian recorded d…

On Wednesday, Chinese financial media reported that the Pingtan Comprehensive Experimental Zone in Fuzhou is the latest jurisdiction to put a floor under housing prices.
Some context: Prices of new homes fell y/y in all of China's 31 provinces in May.

All but Hainan, Xinjiang, and Fujian recorded d...

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Cailianshe: 多地规定房价跌幅不能超15% 广东省地产商会：“限跌令”让房企进退两难

Sina: 31省份楼市普遍有压力，仅4省份房价未跌

Sina: 跌幅不能超15%！楼市“限跌令”，重出江湖了！

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