string(13) "markets-macro"

Macro

May 5, 2022

Flash talk | China’s increasingly muddled macro-policy outlook

As headwinds to China’s macroeconomic outlook continue to mount, Xi Jinping and co are not backing away from their (overly) ambitious 5.5% GDP growth target for 2022. Indeed, at the most recent Politburo meeting in April, senior policymakers underlined their expectation that lower-level officials … Username Password Remember Me Forgot Password

As headwinds to China's macroeconomic outlook continue to mount, Xi Jinping and co are not backing away from their (overly) ambitious 5.5% GDP growth target for 2022.

Indeed, at the most recent Politburo meeting in April, senior policymakers underlined their expectation that lower-level officials ...

May 5, 2022

Doubling down on relending

Meet the central bank’s (PBoC) new favorite monetary policy tool: Relending. Over the May holiday, the PBoC increased the relending quota not once, but twice. Some context: Under its relending facility, the PBoC provides commercial banks with post hoc funding for loans to certain priority sectors at…

Meet the central bank’s (PBoC) new favorite monetary policy tool: Relending.
Over the May holiday, the PBoC increased the relending quota not once, but twice.
Some context: Under its relending facility, the PBoC provides commercial banks with post hoc funding for loans to certain priority sectors at...

sources

PBoC: 中国人民银行、发展改革委决定开展普惠养老专项再贷款试点支持增加普惠养老服务供给

PBoC: 中国人民银行有关负责人就开展普惠养老专项再贷款试点答记者问

PBoC: 人民银行有关负责人就增加1000亿元支持煤炭清洁高效利用专项再贷款额度答记者问

April 29, 2022

Tarantino-esque

That’s quite the body count. On Sunday, Bloomberg reported that around 40 financial sector officials have been caught up in an anti-corruption campaign over the past seven months. Some context: In September, the Party’s anti-corruption watchdog (CCDI) launched an inspection of 25 financial regulator…

That’s quite the body count.
On Sunday, Bloomberg reported that around 40 financial sector officials have been caught up in an anti-corruption campaign over the past seven months.
Some context: In September, the Party's anti-corruption watchdog (CCDI) launched an inspection of 25 financial regulator...

sources

Bloomberg: Xi’s Finance Crackdown Grows as Over 40 Officials Ensnared

April 29, 2022

A disappointing holiday

This Golden Week lost its luster before it even began. So pack away any hopes that tourism and holiday spending over the Labor Day break will shore up economic growth. On Thursday, the Ministry of Transport dropped a depressing forecast for the five-day holiday (The Paper): Passenger journeys betwe…

This Golden Week lost its luster before it even began.
So pack away any hopes that tourism and holiday spending over the Labor Day break will shore up economic growth.
On Thursday, the Ministry of Transport dropped a depressing forecast for the five-day holiday (The Paper):

Passenger journeys betwe...

sources

The Paper: 交通部：五一假期全国客运量预计较去年同期下降62%

China News: 防疫！多地建议“五一”非必要不出省，省内游成主流

XHBY: 广州白云机场明后天国内客运航班全取消，货运及国际航班不受影响

People.cn: 五一”假期能否出游？文旅部回应

April 29, 2022

A tale of two cities

China’s economic and political centers are both under siege by Omicron. In Shanghai, community transmission still lingers (Shanghai NHC): On Thursday, Shanghai reported 108 new cases outside of the quarantined population – down from 192 on Wednesday, 171 on Tuesday, and 217 on Monday. The outbreak…

China's economic and political centers are both under siege by Omicron.
In Shanghai, community transmission still lingers (Shanghai NHC):

On Thursday, Shanghai reported 108 new cases outside of the quarantined population – down from 192 on Wednesday, 171 on Tuesday, and 217 on Monday.

The outbreak...

sources

Shanghai NHC: 上海2022年4月28日，新增本土新冠肺炎确诊病例5487例新增本土无症状感染者9545例新增境外输入性新冠肺炎确诊病例2例新增境外输入性无症状感染者2例

Beijing NHC: 北京4月28日新增47例本土确诊病例、 2例本土无症状感染者和2例境外输入确诊病例、2例境外输入无症状感染者治愈出院4例

Caixin: 北京管控措施加强新增11区全员检测核酸

NBD: 北京朝阳新增部分临时管控区

April 29, 2022

Politburo tells officials to go for growth

Friday’s Politburo meeting confirmed that policymakers will ramp up economic support measures. The meeting readout made clear the top leadership plans on achieving its (overly) ambitious GDP growth target of “around 5.5%” (Xinhua): “[We must] make great efforts to realize our targets for this year’…

Friday’s Politburo meeting confirmed that policymakers will ramp up economic support measures.
The meeting readout made clear the top leadership plans on achieving its (overly) ambitious GDP growth target of “around 5.5%” (Xinhua):

“[We must] make great efforts to realize our targets for this year’...

sources

Xinhua: 中共中央政治局召开会议分析研究当前经济形势和经济工作

April 29, 2022

I’ll lend if you lend

On Thursday, the central bank (PBoC) announced an expanded relending quota to stimulate sci-tech innovation. Some context: Under its relending facility, the PBoC provides commercial banks with post hoc funding for loans to certain priority sectors at reduced interest rates. Over the last two years,…

On Thursday, the central bank (PBoC) announced an expanded relending quota to stimulate sci-tech innovation.
Some context: Under its relending facility, the PBoC provides commercial banks with post hoc funding for loans to certain priority sectors at reduced interest rates.

Over the last two years,...

sources

Gov.cn: 中国人民银行设立科技创新再贷款引导金融机构加大对科技创新的支持力度

Gov.cn: 中国人民银行有关负责人就设立科技创新再贷款答记者问

April 29, 2022

Gimme a tax break

Guess who won’t be enjoying next week’s May Day holiday break? China’s poor tax officials. Tax offices nationwide will stay open for business during the holiday (April 30 to May 4). What’s keeping them there? Orders from on high to get value-added tax (VAT) rebates out to firms ASAP…

Guess who won’t be enjoying next week’s May Day holiday break? China’s poor tax officials.

Tax offices nationwide will stay open for business during the holiday (April 30 to May 4).

What’s keeping them there? Orders from on high to get value-added tax (VAT) rebates out to firms ASAP...

sources

China Tax: 全国税务系统留抵退税政策落实推进会召开确保打赢打好大规模留抵退税攻坚战

April 29, 2022

Hot coal summer

China is heading toward a summer coal crunch. So far this Spring, coal producers’ impressive resilience to lockdowns and supply chain disruptions have kept production on track. But industry insiders see China falling far short of the production needed to meet peak summer demand. On Thursday, Bloom…

China is heading toward a summer coal crunch.
So far this Spring, coal producers' impressive resilience to lockdowns and supply chain disruptions have kept production on track.

But industry insiders see China falling far short of the production needed to meet peak summer demand.

On Thursday, Bloom...

sources

Gov.cn: 国务院关税税则委员会关于调整煤炭进口关税的公告

Bloomberg: China Seen Struggling to Hit Domestic Coal Expansion Target

April 29, 2022

Good red lines make good neighbors

On Thursday, Executive Vice Premier Han Zheng convened a meeting to review results from the “three zones, three lines” pilot program. What the heck is that? Stick with us, this one sounds boring but it’s a big deal. China’s national spatial planning system has long been messy – with multiple mini…

On Thursday, Executive Vice Premier Han Zheng convened a meeting to review results from the "three zones, three lines" pilot program.
What the heck is that?

Stick with us, this one sounds boring but it's a big deal.

China's national spatial planning system has long been messy – with multiple mini...

sources

Xinhua: 韩正在“三区三线”划定工作电视电话会议上强调围绕国家发展战略全局坚持底线思维问题导向扎扎实实做好“三区三线”划定工作

April 29, 2022

You reap what you sow

It’s pretty hard to get into locked-down Jilin province these days. But guess who didn’t have any problems paying a visit? Vice Premier Hu Chunhua On Wednesday and Thursday, Hu traveled to Chaoyang and Fuxin, two small cities that have been under lockdown since mid-March. His mission: Making sure …

It's pretty hard to get into locked-down Jilin province these days.
But guess who didn't have any problems paying a visit?

Vice Premier Hu Chunhua

On Wednesday and Thursday, Hu traveled to Chaoyang and Fuxin, two small cities that have been under lockdown since mid-March.
His mission: Making sure ...

sources

Xinhua: 胡春华在辽宁督导玉米生产等春耕备耕工作

April 29, 2022

Xi backs off big tech

Senior policymakers have finally admitted that the tech crackdown has gone too far. That was the message coming out of Friday’s Politburo meeting, which promised more policy support for the economy. Some context: The now year-and-a-half-long tech crackdown has clipped the wings of once high-flying b…

Senior policymakers have finally admitted that the tech crackdown has gone too far.
That was the message coming out of Friday’s Politburo meeting, which promised more policy support for the economy.
Some context: The now year-and-a-half-long tech crackdown has clipped the wings of once high-flying b...

sources

Xinhua: 中共中央政治局召开会议分析研究当前经济形势和经济工作审议《国家“十四五”期间人才发展规划》中共中央总书记习近平主持会议

SCMP: Exclusive | China to end regulatory storm over Big Tech and give sector bigger role in boosting slowing economy, sources say

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