string(13) "markets-macro"

Macro

March 7, 2022

Measuring the right thing

Saturday’s Government Work Report revealed changes in the way Beijing will go about its climate journey. But don’t worry, the big goals remain unchanged. The big change is that Beijing will start directly measuring the things that matter: Chinese authorities will transition from assessing the tot… Username Password Remember Me Forgot Password

Saturday's Government Work Report revealed changes in the way Beijing will go about its climate journey.

But don’t worry, the big goals remain unchanged.

The big change is that Beijing will start directly measuring the things that matter:

Chinese authorities will transition from assessing the tot...

March 7, 2022

An absolute imperative

Food security is high on the agenda at the Two Sessions. The Government Work Report (GWR), for one, places the issue among Beijing’s top economic policy priorities in 2022, stating the authorities’ goals to: “Ensure the supply of grain and other major agricultural products.” “Improve the national s…

“Ensure the supply of grain and other major agricultural products.”
“Improve the national s...

March 7, 2022

Fine-tuning, no shifts for COVID policy

Expect more tinkering to improve China’s COVID-19 response policy in 2022, but no major shifts. That was the message from Premier Li Keqiang on Saturday. First, Li praised pandemic control efforts in 2021, saying China (Gov.cn): Promptly and effectively handled local outbreaks Protected people’s…

Expect more tinkering to improve China's COVID-19 response policy in 2022, but no major shifts.

That was the message from Premier Li Keqiang on Saturday.

First, Li praised pandemic control efforts in 2021, saying China (Gov.cn):

Promptly and effectively handled local outbreaks
Protected people's...

sources

Gov.cn: 李克强总理作政府工作报告（文字摘要）

21st Century Biz: 国务院研究室解读《政府工作报告》，回应21记者精准防疫严格做到“三不得”

March 7, 2022

Stick together like pomegranate seeds

Xi Jinping deployed his favorite phrase for “ethnic unity” when the Inner Mongolia delegation met on Saturday at the National People’s Congress in Beijing. Fun fact: Xi, who is part of China’s ethnic Han majority, was “unanimously elected” as a deputy for Inner Mongolia in 2018, and has joined their…

Xi Jinping deployed his favorite phrase for “ethnic unity” when the Inner Mongolia delegation met on Saturday at the National People's Congress in Beijing.
Fun fact: Xi, who is part of China's ethnic Han majority, was "unanimously elected" as a deputy for Inner Mongolia in 2018, and has joined their...

sources

Xinhua: （两会受权发布）习近平在参加内蒙古代表团审议时强调不断巩固中华民族共同体思想基础共同建设伟大祖国共同创造美好生活

March 7, 2022

Beijing to tap SOEs for economic support

To achieve its (overly) ambitious GDP growth target, Beijing will lean on fiscal policy. But this isn’t your grandmama’s fiscal stimulus. In fact, the government is planning on spending less than last year through traditional spending channels: The fiscal deficit target for 2022 is 2.8% of GDP – …

To achieve its (overly) ambitious GDP growth target, Beijing will lean on fiscal policy.

But this isn’t your grandmama’s fiscal stimulus.

In fact, the government is planning on spending less than last year through traditional spending channels:

The fiscal deficit target for 2022 is 2.8% of GDP – ...

March 7, 2022

Loosen up, as needed

In recent years, Beijing has kept a tight grip on monetary policy as it focused on cleaning up the financial system and achieving more sustainable economic growth. The Government Work Report (GWR) indicates that overall, financial officials won’t look to make huge departure from this approach in 202…

In recent years, Beijing has kept a tight grip on monetary policy as it focused on cleaning up the financial system and achieving more sustainable economic growth.
The Government Work Report (GWR) indicates that overall, financial officials won't look to make huge departure from this approach in 202...

March 7, 2022

Beijing refocuses on economic growth

Whoa. On Saturday, Premier Li Keqiang revealed the government’s official GDP growth target for this year: “around 5.5%.” We weren’t expecting that. Indications had been that the target would be for growth of “5 to 5.5%.” Almost nobody, including Chinese think tanks, thinks that the economy will gro…

Whoa.
On Saturday, Premier Li Keqiang revealed the government’s official GDP growth target for this year: “around 5.5%.”
We weren't expecting that.

Indications had been that the target would be for growth of “5 to 5.5%.”
Almost nobody, including Chinese think tanks, thinks that the economy will gro...

sources

21st Century Biz: 独家专访全国政协常委、原中财办副主任杨伟民：5.5%左右GDP增速目标体现稳增长下的积极进取，探索化三重压力为增长动力

March 7, 2022

Rollin, rollin, rollin, keep them IPOs rollin

The 2022 Government Work Report (GWR) was a bit of a snooze-fest on the tech front. The document mostly signaled a continuation of existing tech policies, including: Galvanizing industry, researchers, and government to double down on hard tech R&D Getting platform companies on board with helpi…

The 2022 Government Work Report (GWR) was a bit of a snooze-fest on the tech front.
The document mostly signaled a continuation of existing tech policies, including:

Galvanizing industry, researchers, and government to double down on hard tech R&D
Getting platform companies on board with helpi...

sources

Source:

March 4, 2022

Very big losers

On Tuesday, the office of the State Council Leading Group for state-owned enterprises (SOEs) held a special meeting aimed at highlighting SOEs’ recent efficiency improvements. The pow-wow was attended by Weng Jieming, deputy director of the State-owned Assets Supervision and Administration Commissio…

On Tuesday, the office of the State Council Leading Group for state-owned enterprises (SOEs) held a special meeting aimed at highlighting SOEs’ recent efficiency improvements.
The pow-wow was attended by Weng Jieming, deputy director of the State-owned Assets Supervision and Administration Commissio...

sources

Gov.cn: 国务院国企改革领导小组办公室召开国有企业瘦身健体专题推进会

March 4, 2022

Like CATL in a China shop

On Thursday, CATL chairman Zeng Yuqun called on Beijing to accelerate lithium extraction efforts – notably, as part of “national security” planning. Some context: Fujian-based CATL is the world’s top producer of batteries for electric vehicles (EVs) – a key industry for officials aiming to push Chin…

On Thursday, CATL chairman Zeng Yuqun called on Beijing to accelerate lithium extraction efforts – notably, as part of "national security" planning.
Some context: Fujian-based CATL is the world's top producer of batteries for electric vehicles (EVs) – a key industry for officials aiming to push Chin...

sources

SCMP: Chinese electric vehicle battery king urges Beijing to speed up lithium mining as global scramble for ‘new oil’ intensifies

March 4, 2022

Congratulations to me

That was unusual. On Thursday, the People’s Bank of China (PBoC) published an essay outlining just how successful it’s been in reining in financial risk. That’s it. Usually, this sort of statement is rounded out at the bottom with a list of things that still need improvement. Not this time. Instea…

That was unusual.
On Thursday, the People’s Bank of China (PBoC) published an essay outlining just how successful it’s been in reining in financial risk.
That’s it.
Usually, this sort of statement is rounded out at the bottom with a list of things that still need improvement.

Not this time.

Instea...

sources

PBoC: 金融风险日趋收敛稳定基础更加牢靠

March 4, 2022

The ruble rubble

Sanctions have some Russians looking to the yuan as a solution – but it might not be the refuge they’re hoping for. On Thursday, Reuters reported that the Moscow branch of a Chinese bank has seen a surge in inquiries from Russian firms wanting to open new accounts. Citing an unnamed person who work…

Sanctions have some Russians looking to the yuan as a solution – but it might not be the refuge they’re hoping for.
On Thursday, Reuters reported that the Moscow branch of a Chinese bank has seen a surge in inquiries from Russian firms wanting to open new accounts.

Citing an unnamed person who work...

sources

Reuters: Exclusive: Russian firms rush to open Chinese bank accounts

Bloomberg: Russia-China Trade Stifled by Yuan’s Surge Against Ruble

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