string(13) "markets-macro"

Macro

June 8, 2022

Clean up, clean up, everyone, everywhere

Cleaning up the banks is back on the agenda! On Tuesday, Caixin reported that the banking regulator (CBIRC) has issued guidelines to boost asset management companies’ (AMCs) role in cleaning up small and medium-sized banks. Some context: China’s AMCs – otherwise known as “bad banks” – are financial … Username Password Remember Me … Read More »

Cleaning up the banks is back on the agenda!
On Tuesday, Caixin reported that the banking regulator (CBIRC) has issued guidelines to boost asset management companies’ (AMCs) role in cleaning up small and medium-sized banks.
Some context: China’s AMCs – otherwise known as "bad banks" – are financial ...

sources

Caixin: 监管鼓励AMC参与中小金融机构改革化险拓宽资产收购范围

June 8, 2022

Guangdong approves first batch of official data brokers

In late May, the Guangdong Provincial Government Service Data Bureau approved the first batch of official “data brokers.” It’s a short list of just three companies. ICYDK: A data broker is a company that acts as a middle-man between data sellers a…

In late May, the Guangdong Provincial Government Service Data Bureau approved the first batch of official “data brokers.”

It's a short list of just three companies.

ICYDK: A data broker is a company that acts as a middle-man between data sellers a...

sources

Nanfang Daily: 全国首批“数据经纪人”在广州诞生推动数据要素市场建设和流通

June 7, 2022

It takes time

Housing sales over the Dragon Boat Festival long weekend (June 3-5) were a flop, but there’s cause for some optimism. Data from the China Index Academy (CIA) shows that sales of newly built commercial units by area fell by 40% y/y over the holiday in 12 major cities tracked (The Paper 1). That’s de…

Housing sales over the Dragon Boat Festival long weekend (June 3-5) were a flop, but there's cause for some optimism.
Data from the China Index Academy (CIA) shows that sales of newly built commercial units by area fell by 40% y/y over the holiday in 12 major cities tracked (The Paper 1).

That’s de...

sources

The Paper: 端午假期重点城市新房成交同比降四成，市场仍处调整期

The Paper: 多地优惠补贴“齐上阵”，端午小长假楼市回暖

China Securities Journal: 5月全国楼市成交回升部分城市企稳反弹

June 7, 2022

A match made in Henan

The state advances as the private sector retreats, especially in China’s property market. On Monday, Caixin reported that a provincial state-owned firm is coughing up HKD 688 million for a 29% stake in Central China Real Estate – a Hong Kong-listed developer from Henan province. Why we care: Beijing…

The state advances as the private sector retreats, especially in China's property market.
On Monday, Caixin reported that a provincial state-owned firm is coughing up HKD 688 million for a 29% stake in Central China Real Estate – a Hong Kong-listed developer from Henan province.
Why we care: Beijing...

sources

Caixin: State-Owned Firm Plows $180 Million Into Local Private Developer

June 7, 2022

Collateral damage

Now you see it, now you don’t. On Monday, Bloomberg reported that several commodities traders in Guangdong province claim they were duped into making loans against fictitious aluminum stocks. The loans possibly exceed RMB 500 million, but the aluminum stockpiled as collateral in a warehouse in Fosh…

Now you see it, now you don’t.
On Monday, Bloomberg reported that several commodities traders in Guangdong province claim they were duped into making loans against fictitious aluminum stocks.

The loans possibly exceed RMB 500 million, but the aluminum stockpiled as collateral in a warehouse in Fosh...

sources

Bloomberg: 'Fake' Aluminum Stocks Put Perils of China's Commodities Funding in Spotlight

June 7, 2022

Home is where the tourists are

COVID continues to wreak devastation on China’s tourism industry. On Monday, the Ministry of Culture and Tourism dropped some downright depressing data following the three-day Dragon Boat Festival long weekend (June 3-5). ICYMI: COVID curbs and a (closely related) cratering economy are absolutely cr…

COVID continues to wreak devastation on China’s tourism industry.
On Monday, the Ministry of Culture and Tourism dropped some downright depressing data following the three-day Dragon Boat Festival long weekend (June 3-5).
ICYMI: COVID curbs and a (closely related) cratering economy are absolutely cr...

sources

Caixin: 端午旅游强于五一暑假旅游业会报复性反弹么？

June 7, 2022

Fake it ’til you make it

Stop fudging employment numbers! That was the message on Monday when the education ministry (MoE) reported on its recent meeting with university officials to facilitate graduate employment. The ministry reiterated requirements that ban universities from (MoE): Forcing or inducing graduates to sign …

Stop fudging employment numbers!
That was the message on Monday when the education ministry (MoE) reported on its recent meeting with university officials to facilitate graduate employment.
The ministry reiterated requirements that ban universities from (MoE):

Forcing or inducing graduates to sign ...

sources

MOE: 教育部要求各地各高校千方百计促进高校毕业生就业进一步严格规范做好就业统计工作

Caixin: 没签三方不让毕业学生何以“被”就业？

June 7, 2022

The shape of fiscal stimulus to come

Fiscal policy discussions are heating up as we approach H2 – and a fiscal policy cliff. Two experts close to the policymaking process joined the debate over the past week with their suggestions for the next few months: Jia Kang formerly led the in-house think tank at the Ministry of Finance (MoF). …

Fiscal policy discussions are heating up as we approach H2 – and a fiscal policy cliff.
Two experts close to the policymaking process joined the debate over the past week with their suggestions for the next few months:

Jia Kang formerly led the in-house think tank at the Ministry of Finance (MoF).
...

sources

Jiemian: 【专访】贾康：或有必要发行特别国债甚至调高赤字率

Sina: 财政部金融司原司长孙晓霞：发行特别国债与提高赤字率的辨析和选择

June 7, 2022

Shanghai slowly reopens

Shanghai’s two-month lockdown was finally lifted on June 1, with most people free to travel around the city and most public transportation restored. But life’s not fully back to normal: Most restaurants still haven’t resumed indoor dining. Most recreational, sporting, and cultural venues remain clo…

Shanghai's two-month lockdown was finally lifted on June 1, with most people free to travel around the city and most public transportation restored.
But life's not fully back to normal:

Most restaurants still haven't resumed indoor dining.
Most recreational, sporting, and cultural venues remain clo...

sources

Shanghai NHC: 上海2022年6月6日，新增本土新冠肺炎确诊病例3例新增本土无症状感染者7例新增境外输入性新冠肺炎确诊病例3例新增境外输入性无症状感染者6例

The Paper: 上海端午期间对外交通累计发送旅客11.16万人次，同比下降92.75%

The Paper: 上海地铁世纪大道站早高峰客流恢复约四成，隔离栏防客流对冲

June 7, 2022

Stand and don’t report

On Monday, Caixin reported that the U.S. Department of Commerce has issued new regulations limiting how US firms can share information on security vulnerabilities with “government end users” in 48 countries, including China. This has received surprisingly little attention in the English-langu…

On Monday, Caixin reported that the U.S. Department of Commerce has issued new regulations limiting how US firms can share information on security vulnerabilities with "government end users" in 48 countries, including China.

This has received surprisingly little attention in the English-langu...

sources

Federal Register: Information Security Controls: Cybersecurity Items

June 7, 2022

Carrots from MIIT

All the cool state agencies are offering policy support for China’s tech sector, and MIIT doesn’t plan to be left out. On Monday, MIIT announced it would step in to assist high-tech SMEs that specialize in key areas (like semiconductors) and are also struggling under Covid-related: Logistics and tr…

All the cool state agencies are offering policy support for China's tech sector, and MIIT doesn't plan to be left out.
On Monday, MIIT announced it would step in to assist high-tech SMEs that specialize in key areas (like semiconductors) and are also struggling under Covid-related:

Logistics and tr...

sources

MIIT: 关于协助推荐专精特新中小企业专属服务产品的通知

June 7, 2022

Re-upping re-lending

China’s banks are stepping in to keep tech companies afloat while the economy flounders. On Thursday, multiple state banks began accepting applications from tech companies for loans from the Technology and Innovation Re-lending Fund. Recap: On April 28, the People’s Bank of China (PBoC) set up the R…

China's banks are stepping in to keep tech companies afloat while the economy flounders.
On Thursday, multiple state banks began accepting applications from tech companies for loans from the Technology and Innovation Re-lending Fund.
Recap: On April 28, the People's Bank of China (PBoC) set up the R...

sources

Gov.cn: 2000亿元科技创新再贷款将向21家金融机构提供低成本资金

China Securities Journal: 北京多家银行下调经营贷利率 “专精特新”企业最低年化利率不足3%

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