string(13) "markets-macro"

Macro

May 19, 2022

Bringing down the house (prices)

On Wednesday, the stats bureau (NBS) dropped April housing price data. The verdict: Oof. In the 70 first-, second-, and third-tier cities monitored, average new home prices dropped: 0.3% m/m – the first m/m decrease in five months. 0.1% y/y – the first y/y decrease in 6.5 years. Some context: Chin… Username Password Remember Me… Read More »

On Wednesday, the stats bureau (NBS) dropped April housing price data.
The verdict: Oof.
In the 70 first-, second-, and third-tier cities monitored, average new home prices dropped:

0.3% m/m – the first m/m decrease in five months.
0.1% y/y – the first y/y decrease in 6.5 years.

Some context: Chin...

sources

Caixin: 全国楼市未见回暖迹象新房价格六年来首次同比下降

Gov.cn: 国家统计局城市司首席统计师绳国庆解读2022年4月份商品住宅销售价格变动情况统计数据

May 19, 2022

The unrelenting MoF

China’s fiscal authority just rained on the parade for any investors looking for more stimulus out of China. On Wednesday, the Ministry of Finance (MoF) tapped the brakes on stimulus by naming and shaming local governments for adding off-balance-sheet debt. The hateful eight: The MoF published the c…

China's fiscal authority just rained on the parade for any investors looking for more stimulus out of China.
On Wednesday, the Ministry of Finance (MoF) tapped the brakes on stimulus by naming and shaming local governments for adding off-balance-sheet debt.
The hateful eight: The MoF published the c...

sources

MoF: 财政部关于地方政府隐性债务问责典型案例的通报

May 19, 2022

Sweeping generalizations

On Wednesday, during a trip to Yunnan province, Li Keqiang hosted a get-together with 12 provincial governors to discuss – you guessed it – stabilizing economic growth. Going by the Xinhua readout of the meeting, Li’s pep talk was short on specific policies and long on sweeping generalizations. Exhi…

On Wednesday, during a trip to Yunnan province, Li Keqiang hosted a get-together with 12 provincial governors to discuss – you guessed it – stabilizing economic growth.
Going by the Xinhua readout of the meeting, Li's pep talk was short on specific policies and long on sweeping generalizations.
Exhi...

sources

Xinhua: 李克强主持召开稳增长稳市场主体保就业座谈会强调加快和加力实施宏观政策着力稳市场主体以稳增长保就业保民生

May 19, 2022

Yang warns Sullivan over Taiwan

On Wednesday, China’s top diplomat Yang Jiechi held a phone call with his ol’ buddy, US National Security Advisor Jake Sullivan. ICYMI: The pair last spoke in March to discuss the Ukraine crisis. That meeting also finalized arrangements for a call between Xi Jinping and US President Joe Biden on Ma…

On Wednesday, China’s top diplomat Yang Jiechi held a phone call with his ol’ buddy, US National Security Advisor Jake Sullivan.
ICYMI: The pair last spoke in March to discuss the Ukraine crisis.

That meeting also finalized arrangements for a call between Xi Jinping and US President Joe Biden on Ma...

sources

White House: Readout of National Security Advisor Jake Sullivan’s Phone Call with Politburo Member Yang Jiechi

SCMP: China’s Yang Jiechi warns US security adviser Jake Sullivan about Washington’s Taiwan moves

May 19, 2022

From Mao to now

On Wednesday, Xi Jinping called Philippine President-elect Ferdinand “Bongbong” Marcos Jr. to congratulate him on his election victory. Some context: Xi already sent congratulations a week earlier. Pucker up: Marcos, aged 17, kissed Chairman Mao on both cheeks, when he and his mother, Imelda, visite…

On Wednesday, Xi Jinping called Philippine President-elect Ferdinand "Bongbong" Marcos Jr. to congratulate him on his election victory.
Some context: Xi already sent congratulations a week earlier.
Pucker up: Marcos, aged 17, kissed Chairman Mao on both cheeks, when he and his mother, Imelda, visite...

sources

MoFA: Xi talks with Philippine president-elect over phone on ties

People's Daily: 习近平同菲律宾当选总统马科斯通电话

Rappler: Xi calls Marcos, urges PH to continue friendship with China

ThinkChina: Ferdinand ‘Bongbong’ Marcos Jr, the president-elect who kissed Mao Zedong

May 19, 2022

Please don’t leave us

Top leaders are increasingly worried about foreign businesses pulling out of China. On Wednesday, Xi Jinping addressed a forum celebrating the 70th anniversary of the China Council for the Promotion of International Trade (CCPIT). ICYDK: Founded in 1952, the CCPIT is a trade-boosting body under the …

Top leaders are increasingly worried about foreign businesses pulling out of China.
On Wednesday, Xi Jinping addressed a forum celebrating the 70th anniversary of the China Council for the Promotion of International Trade (CCPIT).
ICYDK: Founded in 1952, the CCPIT is a trade-boosting body under the ...

sources

Xinhua: 习近平在庆祝中国国际贸易促进委员会建会70周年大会暨全球贸易投资促进峰会上的致辞（全文）

Amcham China: 2022 American Business in China White Paper

European Chamber: European Chamber Flash Survey

May 19, 2022

Patents! Getchur patents!

On Wednesday, the National Intellectual Copyright Office kicked off a new pilot designed to match patent seekers with patent holders. The deets: The Patent Open License Permit pilot project is a brokerage program that helps patent holders find suitable buyers and negotiate rights transfer deals. …

On Wednesday, the National Intellectual Copyright Office kicked off a new pilot designed to match patent seekers with patent holders.
The deets: The Patent Open License Permit pilot project is a brokerage program that helps patent holders find suitable buyers and negotiate rights transfer deals.

...

sources

Gov.cn: 国家知识产权局办公室关于印发专利开放许可试点工作方案的通知

Xinhua: 浙江探索实施专利开放许可制度

May 19, 2022

Build a better sanction…

Um… did a Chinese company just design hardware that helps Huawei evade US sanctions? On Monday, accessories manufacturer Soyealink announced the release of a new phone case. But not just any old phone case. This one includes an embedded 5G chip that claims to allow 4G phones use 5G networks. …

Um... did a Chinese company just design hardware that helps Huawei evade US sanctions?
On Monday, accessories manufacturer Soyealink announced the release of a new phone case.

But not just any old phone case.

This one includes an embedded 5G chip that claims to allow 4G phones use 5G networks.

...

sources

Jiemian: 这款手机壳能让华为手机4G变5G，是噱头还是真实用？

May 19, 2022

JD talks COVID worries

On JD’s quarterly earnings call on Tuesday, CEO Xu Lei offered comments on how COVID is impacting the company: “In the past two years, the impact of COVID actually brought some [benefits] to the Internet and e-commerce sector, as there were only [a] limited number of regions affected for [a] limit…

On JD's quarterly earnings call on Tuesday, CEO Xu Lei offered comments on how COVID is impacting the company:

"In the past two years, the impact of COVID actually brought some [benefits] to the Internet and e-commerce sector, as there were only [a] limited number of regions affected for [a] limit...

sources

The Motley Fool: JD 2022 Q1 earnings call transcript

Caixin: 京东一季度收入增速创上市以来新低徐雷回应疫情影响

May 19, 2022

Tencent struggles with COVID troubles

Tencent had a gnarly first quarter — and for once, big tech regulation isn’t the primary culprit. According to yesterday’s quarterly earnings call: Q1 revenue saw almost zero growth, up a paltry 0.12% y/y. Overall profits are down 51%. Domestic gaming revenue was down 1% y/y. Fintech and business …

Tencent had a gnarly first quarter — and for once, big tech regulation isn't the primary culprit.
According to yesterday's quarterly earnings call: Q1 revenue saw almost zero growth, up a paltry 0.12% y/y.

Overall profits are down 51%.
Domestic gaming revenue was down 1% y/y.
Fintech and business ...

sources

HKEX: ANNOUNCEMENT OF THE RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2022

Seeking Alpha: Tencent 2022 Q1 earnings call transcript

Caixin: 腾讯一季度营收几无增长净利润下滑51%

May 19, 2022

Big tech lobbies for the digital economy

Tuesday’s CPPCC meeting may not have directly addressed anyone’s concerns over the state of the tech crackdown, but that doesn’t mean nothing valuable came out of it. Recap: Investors were hoping that the meeting would see top leadership outline a clear plan for scaling back heavy-handed regulation…

Tuesday's CPPCC meeting may not have directly addressed anyone's concerns over the state of the tech crackdown, but that doesn't mean nothing valuable came out of it.
Recap: Investors were hoping that the meeting would see top leadership outline a clear plan for scaling back heavy-handed regulation...

sources

Wallstreet.cn: 让数字经济赋能美好生活——全国政协专题协商会发言摘编

May 19, 2022

Deep dive | Economic collapse in April makes stimulus siren call hard to avoid

Exec sum: April’s dire econ numbers put to bed the idea that China’s 5.5% GDP growth target for this year is reachable. The economy cratered last month as COVID-19 mitigation measures brought economic activity in many parts of the country to a halt. Consumer spending plunged; home sales, which…

Exec sum:

April’s dire econ numbers put to bed the idea that China’s 5.5% GDP growth target for this year is reachable. The economy cratered last month as COVID-19 mitigation measures brought economic activity in many parts of the country to a halt.
Consumer spending plunged; home sales, which...

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