string(13) "markets-macro"

Macro

May 23, 2022

Downsizing on the downlow

China’s big tech firms are reluctant to admit they’re laying off staff. Over the weekend, a series of articles highlighted ongoing staff reductions at Alibaba, Bilibili, and Tencent. Tencent is reportedly cutting around 100 sports channel staff. Bilibili is rumored to be cutting 20-30% of employe… Username Password Remember Me Forgot Password

China's big tech firms are reluctant to admit they're laying off staff.
Over the weekend, a series of articles highlighted ongoing staff reductions at Alibaba, Bilibili, and Tencent.

Tencent is reportedly cutting around 100 sports channel staff.
Bilibili is rumored to be cutting 20-30% of employe...

sources

SCMP: China’s Big Tech sees new wave of job cuts as Covid lockdowns hurt economy

The Paper: B站调整游戏业务？有员工称整体裁员比例超过20%

Caijing: 阿里“滚动式”裁员

May 23, 2022

The cultural data revolution

On Sunday, the State Council announced the release of Opinions on Promoting the Implementation of the National Cultural Digitalization Strategy. The full text of the policy isn’t out yet — we’ve only got a teaser. The deets: The policy aims to create a better national database of China’s digital…

On Sunday, the State Council announced the release of Opinions on Promoting the Implementation of the National Cultural Digitalization Strategy.

The full text of the policy isn't out yet — we've only got a teaser.

The deets: The policy aims to create a better national database of China's digital...

sources

Gov.cn: 关于推进实施国家文化数字化战略的意见

May 23, 2022

Big data, small district

On Saturday, seven regulators jointly released a policy on accelerating the rollout of smart community systems. The idea: Encourage municipal governments to build centralized digital platforms that connect community committees more directly to the city government. Background: Each apartment block o…

On Saturday, seven regulators jointly released a policy on accelerating the rollout of smart community systems.
The idea: Encourage municipal governments to build centralized digital platforms that connect community committees more directly to the city government.
Background: Each apartment block o...

sources

Gov.cn: 九部门印发《关于深入推进智慧社区建设的意见》的通知

May 23, 2022

Pony throws shade at entitled netizens

Tencent CEO Pony Ma is fed up with entitled millennials… … and perhaps also with zero Covid. Over the weekend, a screenshot from Ma’s private WeChat friend feed made the rounds on social media. In the post, Ma shared an essay written by blogger and journalist Zhang Mingyang, which criticize…

Tencent CEO Pony Ma is fed up with entitled millennials...

... and perhaps also with zero Covid.

Over the weekend, a screenshot from Ma's private WeChat friend feed made the rounds on social media.
In the post, Ma shared an essay written by blogger and journalist Zhang Mingyang, which criticize...

sources

Blog - Narwhal Workshop: 除了胡锡进，没人关心经济了

May 23, 2022

Same speech, different ban

Sorry… we have to. On Friday, both the Ministry of Foreign Affairs (MoFA) and the Ministry of Commerce (MofCom) responded to Canada’s announcement that it had banned Huawei and ZTE from its telecom networks. Spoiler alert: The response was utterly boilerplate. What MoFA said: “Without any so…

Sorry... we have to.
On Friday, both the Ministry of Foreign Affairs (MoFA) and the Ministry of Commerce (MofCom) responded to Canada's announcement that it had banned Huawei and ZTE from its telecom networks.
Spoiler alert: The response was utterly boilerplate.
What MoFA said:

"Without any so...

sources

MoFA: Foreign Ministry Spokesperson Wang Wenbin’s Regular Press Conference on May 20, 2022

MofCom: 商务部新闻发言人就加拿大政府禁止华为中兴有关电信设备进入加拿大市场答记者问

May 20, 2022

Arm China saga, chapter II

Brace yourself. A lot has happened with semiconductor giant Arm Holdings’ Chinese joint venture since last time we covered it. Recap: On February 9, we told you that SoftBank and Arm Holdings were trying to oust Arm China’s rogue CEO, Allen Wu, who had taken actual control of the JV after a nasty…

Brace yourself.
A lot has happened with semiconductor giant Arm Holdings’ Chinese joint venture since last time we covered it.
Recap: On February 9, we told you that SoftBank and Arm Holdings were trying to oust Arm China's rogue CEO, Allen Wu, who had taken actual control of the JV after a nasty...

sources

Arm China: 安谋科技管理团队公开信

ACN Newswire: 莲鑫集团下属莲鑫基金与安谋科技中方股东就收购安谋科技51%股权签署意向书

May 20, 2022

Censored code

On Thursday, SCMP reported that code collaboration platform Gitee will be manually reviewing all code submissions and repositories before. Existing public projects will be locked until they can be reviewed. Reviewed for what, you ask? It’s unclear, but it’s likely that Gitee is under regulatory p…

On Thursday, SCMP reported that code collaboration platform Gitee will be manually reviewing all code submissions and repositories before.

Existing public projects will be locked until they can be reviewed.

Reviewed for what, you ask? It's unclear, but it's likely that Gitee is under regulatory p...

sources

SCMP: Gitee, China’s answer to GitHub, to review all code by temporarily closing open-source projects to the public

May 20, 2022

CAC bashes CNKI

CNKI is in so, so much trouble. Recap: On May 17, we told you that the Tsinghua University-backed scientific knowledge platform CNKI is being investigated by the market regulator (SAMR) for anti-monopoly violations. CNKI has been publicly accused of abusing its market dominance to profit from the…

CNKI is in so, so much trouble.
Recap: On May 17, we told you that the Tsinghua University-backed scientific knowledge platform CNKI is being investigated by the market regulator (SAMR) for anti-monopoly violations.

CNKI has been publicly accused of abusing its market dominance to profit from the...

sources

CAC: 当把社会责任扛在肩上，知网知否？

May 20, 2022

A little more loosening

The People’s Bank of China (PBoC) is getting what it wants — lower mortgage interest rates to help kick-start the moribund housing market. On Friday, the five-year loan prime rate (LPR) dropped to 4.45% from 4.6%, the first cut since January and the biggest fall since the PBoC changed the way banks…

The People's Bank of China (PBoC) is getting what it wants — lower mortgage interest rates to help kick-start the moribund housing market.
On Friday, the five-year loan prime rate (LPR) dropped to 4.45% from 4.6%, the first cut since January and the biggest fall since the PBoC changed the way banks...

sources

PBoC: 2022年5月20日全国银行间同业拆借中心受权公布贷款市场报价利率

SCMP: China holds one-year benchmark lending rate, but mortgage reference rate cut amid economic slowdown

May 20, 2022

Bring more BRICS into the mix

On Thursday, Xi Jinping delivered a keynote speech by video link to the BRICS Foreign Ministers’ meeting, yet another virtual gathering due to the pandemic. The crew: The BRICS grouping comprises five major emerging economies – Brazil, Russia, India, China, and South Africa. China holds the rotatin…

On Thursday, Xi Jinping delivered a keynote speech by video link to the BRICS Foreign Ministers' meeting, yet another virtual gathering due to the pandemic.
The crew: The BRICS grouping comprises five major emerging economies – Brazil, Russia, India, China, and South Africa.

China holds the rotatin...

sources

Gov.cn: 习近平在金砖国家外长会晤开幕式上发表视频致辞

Reuters: China says it wants to expand BRICS bloc of emerging economies

May 20, 2022

Introducing: data courts!

On Wednesday, China’s very first Data Resources Court was officially established in Wenzhou City, Zhejiang Province. The rationale: As Wenzhou focuses on building out its data economy, traditional courts won’t be well-equipped to handle cases related to data transactions. Jiang Weiyu, President an…

On Wednesday, China's very first Data Resources Court was officially established in Wenzhou City, Zhejiang Province.
The rationale: As Wenzhou focuses on building out its data economy, traditional courts won't be well-equipped to handle cases related to data transactions.
Jiang Weiyu, President an...

sources

Secrss: 全国第一家数据资源法庭揭牌设立

Xinhua: 打造数安港，为何是温州？

May 20, 2022

The road that never ends

On Wednesday, Reuters reported that Beijing is considering a third extension of consumer-side electric vehicle (EV) subsidies, through 2023. That’s according to anonymous sources familiar with Ministry of Information and Industrial Technology (MIIT) plans. A new round of subsidies would likely tar…

On Wednesday, Reuters reported that Beijing is considering a third extension of consumer-side electric vehicle (EV) subsidies, through 2023.

That's according to anonymous sources familiar with Ministry of Information and Industrial Technology (MIIT) plans.

A new round of subsidies would likely tar...

sources

Reuters: EXCLUSIVE China in talks with automakers on EV subsidy extension -sources

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