string(13) "markets-macro"

Macro

March 17, 2022

Flash talk | Laying the floor, building a door

In its government work report, Beijing set an economic growth target of 5.5% for 2022. It’s an ambitious goal, not least because the authorities intend to do it without significant help from the property sector. For the past 20 years, real estate has been an essential part of China’s growth engine, … Username Password Remember… Read More »

In its government work report, Beijing set an economic growth target of 5.5% for 2022. It’s an ambitious goal, not least because the authorities intend to do it without significant help from the property sector.
For the past 20 years, real estate has been an essential part of China’s growth engine, ...

March 17, 2022

A Saudi switcheroo

On Tuesday, the WSJ scooped that Saudi Arabia and China are in talks to price some oil contracts in RMB. Some context: In 1974, Saudi Arabia – the world’s top crude exporter – agreed to price its oil sales in dollars in exchange for, among other things, advanced US weapons. Today, 80% of global oil…

On Tuesday, the WSJ scooped that Saudi Arabia and China are in talks to price some oil contracts in RMB.
Some context: In 1974, Saudi Arabia – the world’s top crude exporter – agreed to price its oil sales in dollars in exchange for, among other things, advanced US weapons.

Today, 80% of global oil...

sources

WSJ: Saudi Arabia Considers Accepting Yuan Instead of Dollars for Chinese Oil Sales

March 16, 2022

Just add water

If only water security were so simple. Minister of Water Resources Li Guoying is worried about the strain on China’s Mother River. At a meeting on Monday, he called on China to save it (Xinhua): “[We must] fight the tough battle of strict water conservation and water control in the Yellow Riv…

If only water security were so simple.
Minister of Water Resources Li Guoying is worried about the strain on China’s Mother River. At a meeting on Monday, he called on China to save it (Xinhua):

“[We must] fight the tough battle of strict water conservation and water control in the Yellow Riv...

sources

Xinhua: 水利部：打好黄河流域深度节水控水攻坚战

March 16, 2022

Renewables’ possible renewal

Beijing is way, way behind on paying out promised renewable energy subsidies to developers. But it’s looking to make amends in 2022. First sign – this year’s Central Government Budget Report, approved this month, had a line unseen in previous reports (Gov.cn): “We will also work to add…

Beijing is way, way behind on paying out promised renewable energy subsidies to developers.

But it’s looking to make amends in 2022.

First sign – this year's Central Government Budget Report, approved this month, had a line unseen in previous reports (Gov.cn):

"We will also work to add...

sources

Bloomberg: China Sets $63 Billion to Pay Subsidies Owed to Renewables Firms

Gov.cn: 关于2021年中央和地方预算执行情况与2022年中央和地方预算草案的报告（摘要）

March 16, 2022

No improvement in housing markets

Real estate was one area of China’s economy that did not surprise us in the January-February econ numbers (see yesterday’s China Market’s Dispatch). Home sales plummeted 19.3% y/y in the first two months of the year. That is a further step-down from the 18.7% y/y contraction recorded in 4Q21. The …

Real estate was one area of China’s economy that did not surprise us in the January-February econ numbers (see yesterday's China Market's Dispatch).
Home sales plummeted 19.3% y/y in the first two months of the year.

That is a further step-down from the 18.7% y/y contraction recorded in 4Q21.

The ...

sources

NBS: 2022年1—2月份全国房地产开发投资增长3.7%

NBS: 2022年1—2月份规模以上工业增加值增长7.5%

March 16, 2022

Is this nationalization?

As the private sector retreats, the state advances – in the real estate sector. On Friday, Caixin reported that state-owned developers are selling more homes and finding it easier to access credit than their private-sector peers. An unnamed banker said: “The only developers managing to raise funds …

As the private sector retreats, the state advances – in the real estate sector.
On Friday, Caixin reported that state-owned developers are selling more homes and finding it easier to access credit than their private-sector peers.
An unnamed banker said:

“The only developers managing to raise funds ...

sources

Caixin: As Private Property Developers Retreat, State Firms Advance

The Paper: 中国奥园：前两个月销售额35亿元，同比下降80.59%

March 16, 2022

Minor inconvenience

On March 15, China’s cyberspace watchdog (CAC) released sweeping draft regulations on protecting minors online. These are the most comprehensive rules yet targeting underage netizens. The regulations dramatically increase the burdens on internet companies for protecting young users.&nbs…

On March 15, China’s cyberspace watchdog (CAC) released sweeping draft regulations on protecting minors online.

These are the most comprehensive rules yet targeting underage netizens.

The regulations dramatically increase the burdens on internet companies for protecting young users.&nbs...

sources

Xinhua: 国家互联网信息办公室关于《未成年人网络保护条例（征求意见稿）》再次公开征求意见的通知

March 16, 2022

FSDC scrambles to calm the market

On Wednesday morning, China’s economic tsar, Vice Premier Liu He, called a meeting of the country’s top financial policy-making body – the Financial Stability and Development Committee (FSDC). Top of the agenda (Xinhua): Stabilizing capital markets ICYMI: Chinese stocks have been in a death spira…

On Wednesday morning, China's economic tsar, Vice Premier Liu He, called a meeting of the country’s top financial policy-making body – the Financial Stability and Development Committee (FSDC).
Top of the agenda (Xinhua):

Stabilizing capital markets

ICYMI: Chinese stocks have been in a death spira...

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Xinhua: 刘鹤主持国务院金融委会议研究当前形势

March 16, 2022

Money for chips

Yesterday, China’s macro planner (NDRC) released a finalized list of which semiconductor companies qualify for tax rebates. In case you’ve been living under a rock: Beijing is pulling out all the stops to supercharge its semiconductor industry. Part of that push is beefing up subsidy sc…

Yesterday, China’s macro planner (NDRC) released a finalized list of which semiconductor companies qualify for tax rebates.
In case you’ve been living under a rock: Beijing is pulling out all the stops to supercharge its semiconductor industry.

Part of that push is beefing up subsidy sc...

sources

NDRC: 关于做好2022年享受税收优惠政策的集成电路企业或项目、软件企业清单制定工作有关要求的通知

March 16, 2022

Foosball in the breakroom?

Yesterday, in op-eds worth reading: China Employment Research Institute Director Zeng Xiangquan has some choice words for the manufacturing companies raising a stink over skilled factory workers leaving for platform economy jobs: “The manufacturing industry should not complain that young people ar…

“The manufacturing industry should not complain that young people ar...

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China Youth Daily: 年轻人真的在“逃离”工厂吗？

March 16, 2022

Highly compatible central banks

Yesterday, Bloomberg reported that Indian payments app Paytm has been banned from registering new users. Why, you ask? “Annual inspections by the Reserve Bank of India [RBI] found that the company’s servers were sharing information with China-based entities that indirectly own a stake i…

Yesterday, Bloomberg reported that Indian payments app Paytm has been banned from registering new users.
Why, you ask?

“Annual inspections by the Reserve Bank of India [RBI] found that the company’s servers were sharing information with China-based entities that indirectly own a stake i...

sources

Bloomberg: Paytm Bank Punished for Sharing Data Abroad, Verification Lapses

March 16, 2022

315 2022

Happy belated Consumer Rights Day! Every March 15, China’s consumer associations, government bodies, and media outlets celebrate with an extravaganza of exposes on common shady business practices. The focus is usually on fraudulent practices that have generated mass consumer complaints. …

Happy belated Consumer Rights Day!
Every March 15, China’s consumer associations, government bodies, and media outlets celebrate with an extravaganza of exposes on common shady business practices.

The focus is usually on fraudulent practices that have generated mass consumer complaints. ...

sources

People.cn: 3·15晚会播出曝光直播、APP、医美等多领域乱象

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