string(13) "markets-macro"

Macro

January 14, 2022

Data dump – trade

China’s General Administration of Customs released trade data for December on Friday. The headlines: Exports rose 20.9% y/y in dollar terms in December, down from 22.0% y/y growth in November. Imports increased by 19.5% y/y last month, down from 31.7% y/y growth in November. The trade surplus was U… Username Password Remember Me … Read More »

China’s General Administration of Customs released trade data for December on Friday.
The headlines:

Exports rose 20.9% y/y in dollar terms in December, down from 22.0% y/y growth in November.
Imports increased by 19.5% y/y last month, down from 31.7% y/y growth in November.
The trade surplus was U...

sources

Bloomberg: China’s Trade Surplus Hit a Record $676 Billion in 2021

SCMP: China trade: strong performance in 2021, but signs of economic slowdown visible in December

January 14, 2022

Who’s afraid of the LGFV?

On Thursday, Bloomberg scooped that multiple state-run banks had imposed new restrictions on real estate loans to local government financing vehicles (LGFVs). Some context: LGFVs borrow on behalf of – you guessed it – local governments. But debt raised by LGFVs isn’t included on government balance s…

On Thursday, Bloomberg scooped that multiple state-run banks had imposed new restrictions on real estate loans to local government financing vehicles (LGFVs).
Some context: LGFVs borrow on behalf of – you guessed it – local governments. But debt raised by LGFVs isn’t included on government balance s...

sources

Bloomberg: China Banks Curb Property Loans to Local Government Firms

January 14, 2022

Ant consumer finance investors get cold feet

Big investors are backtracking on plans to buy stakes in Ant Group. On Thursday, China Cinda, a mega state-owned asset management company (AMC), said that it will scrap its plans to invest in Ant’s consumer finance business. The backtrack comes just 20 days after the investment plan was anno…

Big investors are backtracking on plans to buy stakes in Ant Group.
On Thursday, China Cinda, a mega state-owned asset management company (AMC), said that it will scrap its plans to invest in Ant’s consumer finance business.

The backtrack comes just 20 days after the investment plan was anno...

sources

Caixin: 信达宣布退出增资蚂蚁消金称将尽快确定新增资方案

Sohu: 鱼跃医疗：暂缓对参股公司重庆蚂蚁消金公司增资事项

January 14, 2022

Muddling through

It’s been a busy couple of days in China’s property sector. On Thursday, Bloomberg reported that China Evergrande Group managed to secure an extension on a yuan-denominated bond, avoiding what would have been its first default on an onshore public bond. Investors holding more than half the RMB 4.5 …

It’s been a busy couple of days in China’s property sector.
On Thursday, Bloomberg reported that China Evergrande Group managed to secure an extension on a yuan-denominated bond, avoiding what would have been its first default on an onshore public bond.

Investors holding more than half the RMB 4.5 ...

sources

Bloomberg: Evergrande Unit Gets Investors to Back Yuan Bond Payment Delay

Bloomberg: Country Garden Selloff Shows Chinese Developer Worries Spreading

Caixin: 首笔并购中票注册完成招商蛇口收购上海地方国企旧改项目

January 14, 2022

Show me the money

On Wednesday, Beijing’s local government announced plans to issue RMB 85 billion in special refinancing bonds, which will be used to pay down accumulated debt. Why that’s interesting: The proceeds will almost certainly be used to replace the city’s “implicit debt” with “explicit debt.” Some context:…

On Wednesday, Beijing’s local government announced plans to issue RMB 85 billion in special refinancing bonds, which will be used to pay down accumulated debt.
Why that’s interesting: The proceeds will almost certainly be used to replace the city’s “implicit debt” with “explicit debt.”
Some context:...

sources

Caixin: 沪粤之后北京启动全域无隐性债务试点

21st Century Biz: 北京拟发行849亿再融资债券，专项用于偿还存量债务

January 14, 2022

China hearts soybeans

We don’t mean to toot our own horn, but, toot toot. We DID call it. On January 4, we wrote (Neopol): “We’re calling it. We think China will (finally) approve domestic cultivation of genetically modified (GM) crops this year.” Then on Thursday, the Ministry of Agriculture and Rural Affa…

We don’t mean to toot our own horn, but, toot toot. We DID call it.
On January 4, we wrote (Neopol):

“We’re calling it. We think China will (finally) approve domestic cultivation of genetically modified (GM) crops this year.”

Then on Thursday, the Ministry of Agriculture and Rural Affa...

sources

SCMP: China’s soybean production to increase 40 per cent by 2025 amid food-security alarms

MARA: Full text: “ 十四五” 全国种植业发展规划

Neopol: Seeds of change

January 14, 2022

Corporate welfare for some

Policymakers have found a new way to help out struggling companies. Well, at least some of them. On Thursday, the Shanghai Stock Exchange cut its fees for companies from three provinces: Tianjin Henan Shaanxi In 2022, companies from the three regions won’t have to pay annual listing fees or init…

Policymakers have found a new way to help out struggling companies.

Well, at least some of them.

On Thursday, the Shanghai Stock Exchange cut its fees for companies from three provinces:

Tianjin
Henan
Shaanxi

In 2022, companies from the three regions won’t have to pay annual listing fees or init...

sources

The Paper: 关于免收注册地在陕西省等地上市公司2022年相关费用的通知

January 14, 2022

New growth strategies for platform companies

On Tuesday, Internet Society of China Vice Chairman Huang Chengqing delivered the keynote at the 2022 Internet Industry Conference. What he said: “[T]he Internet industry should actively integrate into overall national development.” He wasn’t the only one to give a nod to the new expectations for…

On Tuesday, Internet Society of China Vice Chairman Huang Chengqing delivered the keynote at the 2022 Internet Industry Conference.
What he said:

“[T]he Internet industry should actively integrate into overall national development.”

He wasn't the only one to give a nod to the new expectations for...

sources

Xinhua: 2022（第十二届）中国互联网产业年会举办

Internet Society of China: 2022中国互联网产业年会 | 阿里云袁浩钧：效率至上，下一代互联网技术催生新机遇

January 14, 2022

Douyin rural market move

On Friday, domestic media ran a story about viral sensation Zhang Tongxue, an ordinary dude from the countryside who captured over 18 million Douyin followers over the last three months. Zhang was posting unexciting short videos about his daily life in a rural village. He posted using the has…

On Friday, domestic media ran a story about viral sensation Zhang Tongxue, an ordinary dude from the countryside who captured over 18 million Douyin followers over the last three months.

Zhang was posting unexciting short videos about his daily life in a rural village.
He posted using the has...

sources

Jiemian: “网红张同学”的背后，抖音想走快手的路

January 14, 2022

Want to know the future of China’s data regulation? Watch auto.

We’ve been telling our clients for months that questions surrounding “important data” – including data exports – will be solved in the auto industry first. Yesterday, 21st Century Biz published an article explaining why. There are two basic facts: First, cars today generate insane amo…

We’ve been telling our clients for months that questions surrounding “important data” - including data exports - will be solved in the auto industry first.

Yesterday, 21st Century Biz published an article explaining why.

There are two basic facts:

First, cars today generate insane amo...

sources

21st Century Biz: 智能网联汽车数据合规②：数据跨境成监管重点，跨国车企迎挑战

January 14, 2022

IP protection 2022 to-do list

We just finished parsing a monster legislative work plan for China’s IP protection framework. The plan was released Jan 5. Some context: In September, the State Council laid out a grand vision for how to turn China into an IP powerhouse by 2035. This 2022 to-do list lays out implementation next-s…

We just finished parsing a monster legislative work plan for China’s IP protection framework.

The plan was released Jan 5.

Some context: In September, the State Council laid out a grand vision for how to turn China into an IP powerhouse by 2035.

This 2022 to-do list lays out implementation next-s...

sources

Gov.cn: 关于印发《知识产权强国建设纲要和“十四五”规划实施年度推进计划》的通知

January 14, 2022

SMEs get the MoST attention

On Thursday, the Ministry of Science and Technology (MoST) issued a notice on increasing sci-tech R&D capabilities of SMEs. Specifically, MoST wants to: Create a national fund to support research and development by small- and medium-sized businesses Simplify the admin processes for financial …

On Thursday, the Ministry of Science and Technology (MoST) issued a notice on increasing sci-tech R&D capabilities of SMEs.
Specifically, MoST wants to:

Create a national fund to support research and development by small- and medium-sized businesses
Simplify the admin processes for financial ...

sources

Gov.cn: 科技部办公厅关于营造更好环境支持科技型中小企业研发的通知

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