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Macro

June 23, 2022

Passing the baton

Next time the central bank’s (PBoC) monetary policy committee meets, there’ll be a new place card. On Wednesday, the State Council announced that the Ministry of Finance’s (MoF) representative on the committee has changed. Vice Minister Xu Hongcai will replace Vice Minister Yu Weiping. ICYDK: The … Username Password Remember Me Forgot Password

Next time the central bank’s (PBoC) monetary policy committee meets, there'll be a new place card.
On Wednesday, the State Council announced that the Ministry of Finance’s (MoF) representative on the committee has changed.

Vice Minister Xu Hongcai will replace Vice Minister Yu Weiping.

ICYDK: The ...

sources

State Council: 国务院办公厅关于调整中国人民银行货币政策委员会组成人员的通知

June 23, 2022

Rent-free for SMEs

Ministries across the board are rolling up their sleeves to support small businesses. The latest: On Wednesday, the housing regulator (MoHURD) issued measures to waive rent for SMEs and sole traders – focused on those renting out state-owned properties (Gov.cn). Some context: On May 31, the State Co…

Ministries across the board are rolling up their sleeves to support small businesses.
The latest: On Wednesday, the housing regulator (MoHURD) issued measures to waive rent for SMEs and sole traders – focused on those renting out state-owned properties (Gov.cn).
Some context: On May 31, the State Co...

sources

Gov.cn: 住房和城乡建设部等8部门关于推动阶段性减免市场主体房屋租金工作的通知

June 23, 2022

The heat is on

Heatwaves across China are driving power demand to record highs – and raising the specter of summer power shortages. On Wednesday, state authorities forecast temps will hit 40°C (104 °F). So far this week, Shandong, Henan, and Hebei have all issued heat alerts. What’s that thrumming sound? Over on…

Heatwaves across China are driving power demand to record highs – and raising the specter of summer power shortages.
On Wednesday, state authorities forecast temps will hit 40°C (104 °F).

So far this week, Shandong, Henan, and Hebei have all issued heat alerts.

What's that thrumming sound? Over on...

sources

Reuters: China heatwaves drive up power demand to record levels, southern floods swamp cities

SCMP: China’s electricity demand soars as heatwaves bake northern, central provinces

June 23, 2022

Buy more cars

That was (another of) Premier Li Keqiang’s message(s) at Wednesday’s State Council executive meeting. According to Li, the government needs China’s citizens to start spending (Gov.cn): “Consumption is the main driving force behind the economy.” “Policies that promote consumption should be resolutel…

That was (another of) Premier Li Keqiang’s message(s) at Wednesday’s State Council executive meeting.
According to Li, the government needs China's citizens to start spending (Gov.cn):

“Consumption is the main driving force behind the economy.”
“Policies that promote consumption should be resolutel...

sources

Gov.cn: 李克强主持召开国务院常务会议部署继续做好防汛救灾工作等

June 23, 2022

Xi’s a BRICS house

On Wednesday, Xi Jinping delivered a virtual keynote speech at the BRICS Business Forum. ICYDK: This grouping of major developing economies formed in 2006. The titular BRICS are Brazil, Russia, India, China, and South Africa (geddit?). China holds the bloc’s rotating presidency this year. If you t…

On Wednesday, Xi Jinping delivered a virtual keynote speech at the BRICS Business Forum.
ICYDK: This grouping of major developing economies formed in 2006. The titular BRICS are Brazil, Russia, India, China, and South Africa (geddit?).

China holds the bloc's rotating presidency this year.

If you t...

sources

Xinhua: President Xi Jinping Delivered a Keynote Speech at the Opening Ceremony of the BRICS Business Forum

Xinhua: 习近平出席金砖国家工商论坛开幕式并发表主旨演讲

Xinhua: 习近平在金砖国家工商论坛开幕式上的主旨演讲（全文）

Bloomberg: Xi Slams Sanctions for ‘Weaponizing’ World Economy at BRICS Open

SCMP: At BRICS forum, China’s Xi Jinping takes aim at West over Russia sanctions

June 23, 2022

That sinking feeling

The flood season has begun in earnest, putting lives and crops at risk across southern China. Some context: Heavy rainfall in recent weeks has caused widespread flooding in the region. By June 21, eight Guangdong cities had activated flood response alerts, and over 200,000 residents had been evacua…

The flood season has begun in earnest, putting lives and crops at risk across southern China.
Some context: Heavy rainfall in recent weeks has caused widespread flooding in the region.

By June 21, eight Guangdong cities had activated flood response alerts, and over 200,000 residents had been evacua...

sources

Xinhua: 李克强主持召开国务院常务会议部署继续做好防汛救灾工作切实保障人民群众生命财产安全听取稳定粮食生产工作汇报进一步部署确保全年粮食丰收的举措确定加大汽车消费支持的政策决定完善自然科学基金资助体系的措施

Southcn.com: 广东防汛应急响应提升至Ⅰ级全力应对北江洪水

China Emergency Information: 此轮强降雨已致江西54.8万人受灾，江西启动救灾三级应急响应

Xinhua: 我国全面进入汛期

June 23, 2022

Grain on the brain

On Wednesday, Premier Li Keqiang returned from his Hebei wheat field tour and did the thing he always does: chair the weekly State Council executive meeting. Apparently, he’s still got grain production on the brain. Li brought back good news to share (Gov.cn): “For this year’s summer grains, we are…

On Wednesday, Premier Li Keqiang returned from his Hebei wheat field tour and did the thing he always does: chair the weekly State Council executive meeting.
Apparently, he’s still got grain production on the brain.
Li brought back good news to share (Gov.cn):

“For this year’s summer grains, we are...

sources

Xinhua: 李克强主持召开国务院常务会议部署继续做好防汛救灾工作切实保障人民群众生命财产安全听取稳定粮食生产工作汇报进一步部署确保全年粮食丰收的举措确定加大汽车消费支持的政策决定完善自然科学基金资助体系的措

June 23, 2022

The shoe drops for Henan officials

The Party has moved quickly to punish local officials in Henan, whose abuse of COVID-19 protocols to crush dissent became a national story. Tell us more! Last week, allegations emerged that officials in Henan province changed the health code apps of people planning to protest against frozen bank fun…

The Party has moved quickly to punish local officials in Henan, whose abuse of COVID-19 protocols to crush dissent became a national story.
Tell us more! Last week, allegations emerged that officials in Henan province changed the health code apps of people planning to protest against frozen bank fun...

sources

CCDI: 郑州通报部分村镇银行储户被赋红码问题调查问责情况

Caixin Global: Local Officials Punished for Abusing China’s Health Code System

June 23, 2022

Xi tightens grip on China’s counties

Xi Jinping is sick of officials messing with his map of the PRC. On Wednesday, the big man chaired a meeting of the Central Commission for Comprehensively Deepening Reform (CCCDR), the Party’s most important policymaking body. Those assembled approved a policy document to improve work on administra…

Xi Jinping is sick of officials messing with his map of the PRC.
On Wednesday, the big man chaired a meeting of the Central Commission for Comprehensively Deepening Reform (CCCDR), the Party’s most important policymaking body.

Those assembled approved a policy document to improve work on administra...

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

Tencent: 县改区再次从严

June 23, 2022

AML amendments expand scope of cartel investigations

New amendments to the Anti-Monopoly Law (AML) might pass much sooner than we expected… …like, tomorrow. Recap: On Monday, we told you that the amendments were going in for their second round of revisions. There are usually three rounds. But: Legislators appear to be happy with what they’ve …

New amendments to the Anti-Monopoly Law (AML) might pass much sooner than we expected...

...like, tomorrow.

Recap: On Monday, we told you that the amendments were going in for their second round of revisions.

There are usually three rounds.

But: Legislators appear to be happy with what they've ...

sources

Gov.cn: 十三届全国人大常委会第三十五次会议在京举行

NPC: 反垄断法修正草案二审稿明确安全港规则适用范围安全港规则限定适用于纵向垄断协议

June 23, 2022

Tough fintech regulations are here to stay

If you’re looking for signs that fintech companies are out of the regulatory woods, prepare for disappointment. On Wednesday, Xi Jinping chaired a meeting of the Central Commission for Comprehensively Deepening Reform (CCCDR) – China’s most important policymaking body. On the agenda: The next steps …

If you're looking for signs that fintech companies are out of the regulatory woods, prepare for disappointment.
On Wednesday, Xi Jinping chaired a meeting of the Central Commission for Comprehensively Deepening Reform (CCCDR) – China’s most important policymaking body.
On the agenda: The next steps ...

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

June 23, 2022

Ant to apply for financial holding company

We’re hearing yet more chatter that Ant is closer to satisfying regulators’ demands. On Wednesday, Bloomberg reported that Ant Group is preparing to apply to set up a financial holding company. The application may be submitted as soon as this month. Why it matters: Getting licensed to o…

We're hearing yet more chatter that Ant is closer to satisfying regulators' demands.
On Wednesday, Bloomberg reported that Ant Group is preparing to apply to set up a financial holding company.

The application may be submitted as soon as this month.

Why it matters: Getting licensed to o...

sources

Bloomberg: Jack Ma’s Ant to Apply for Key License as Soon as This Month

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