string(13) "markets-macro"

Macro

December 9, 2021

Another day, another layoff

Kuaishou, ByteDance’s short video rival, became the latest internet company rumored to be laying off its employees at the end of 2021. According to an insider, Kuaishou is planning on laying off people at the commercialization team. Why? During Kuaishou’s Q3 earnings call, CEO Cheng Yixiao hinted “K… Username Password Remember Me Forgot… Read More »

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The Paper: 快手年底大幅裁员？有员工称补偿方案尚未谈妥

December 9, 2021

Data dump – credit

China’s central bank released the credit data for November on Thursday. The headlines: Net new total social financing (TSF) hit RMB 2.61 trillion last month, versus the consensus forecast of RMB 2.70 trillion. Net new bank loans were RMB 1.27 trillion in November, lower than the forecasted RMB 1.56…

China’s central bank released the credit data for November on Thursday.
The headlines:

Net new total social financing (TSF) hit RMB 2.61 trillion last month, versus the consensus forecast of RMB 2.70 trillion.
Net new bank loans were RMB 1.27 trillion in November, lower than the forecasted RMB 1.56...

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PBoC: 2021年11月社会融资规模增量统计数据报告

Reuters: China Nov new bank loans rise less than expected as stance tilts towards easing

December 8, 2021

Runnin’ with the devils

On Monday night, Premier Li Keqiang got together with his six favorite foreign devils, via videolink. The “1+6” Roundtable guestlist included the top laowai from major international economic institutions: David Malpass, President, World Bank Group Kristalina Georgieva, Managing Director, Internatio…

David Malpass, President, World Bank Group
Kristalina Georgieva, Managing Director, Internatio...

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Gov.cn: 李克强同主要国际经济机构负责人举行第六次“1+6”圆桌对话会

December 8, 2021

No more fun and Games

Welp, China’s pissed. On Tuesday, Ministry of Foreign Affairs Spokesperson Zhao Lijian responded to the US diplomatic boycott of Beijing’s Winter Games (Xinhua): “The United States should stop politicizing sports and stop interfering with words and deeds that undermine the Beijing Winter Olympics.”…

Welp, China’s pissed.
On Tuesday, Ministry of Foreign Affairs Spokesperson Zhao Lijian responded to the US diplomatic boycott of Beijing’s Winter Games (Xinhua):

“The United States should stop politicizing sports and stop interfering with words and deeds that undermine the Beijing Winter Olympics.”...

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Xinhua: 外交部：美方应停止干扰破坏北京冬奥会的言行

Trivium: Trivium Deep Dive: PRC 3.0

December 8, 2021

Xi the legalist

On Monday, Xi Jinping presided over the Politburo’s monthly study session. The topic du jour: Socialist rule of law with Chinese characteristics. Xi told the assembled legal eagles to (Xinhua): “[R]aise the capacity and level of law-based governance…and provide a strong legal guarantee for building…

On Monday, Xi Jinping presided over the Politburo’s monthly study session.
The topic du jour: Socialist rule of law with Chinese characteristics.
Xi told the assembled legal eagles to (Xinhua):

“[R]aise the capacity and level of law-based governance…and provide a strong legal guarantee for building...

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Xinhua: Xi Focus: Xi stresses adherence to socialist rule of law with Chinese characteristics

China Daily: Key role of socialist rule of law stressed

December 8, 2021

Looking for a pal in Europe

Accentuate the positive. On Tuesday, Premier Li Keqiang spoke via videolink with Belgian Prime Minister Alexander De Croo. In their 50th anniversary year of diplomatic relations, Li focused on shared strengths (Gov.cn 2): “Both China and Belgium are staunch defenders of free trade.” Li noted Bruss…

Accentuate the positive.
On Tuesday, Premier Li Keqiang spoke via videolink with Belgian Prime Minister Alexander De Croo.
In their 50th anniversary year of diplomatic relations, Li focused on shared strengths (Gov.cn 2):

“Both China and Belgium are staunch defenders of free trade.”

Li noted Bruss...

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Gov.cn: 李克强同比利时首相德克罗举行视频会晤

Gov.cn: China, Belgium pledge to enhance cooperation

Reuters: Lithuania says Chinese customs is blocking its exports

December 8, 2021

Less money for the old fuddy-duddies

On Monday, the Ministry of Science and Technology (MoST) and nine other agencies kicked off a series of pilots designed to figure out a better way to evaluate the results of sci-tech research and development projects. That’s important, because evaluations often determine which R&D projects ge…

That's important, because evaluations often determine which R&D projects ge...

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Gov.cn: 国务院办公厅关于完善科技成果评价机制的指导意见

Gov.cn: 科技部等十部门部署开展科技成果评价改革试点工作

December 8, 2021

Blue’s clues to China’s economy in 2022

On Monday, the Chinese Academy of Social Sciences (CASS) held a press conference on the release of the 2022 Blue Book of China’s Economy. Some context: CASS is one of China’s premier think tanks. More context: CASS’s annual economic Blue Book provides policy recommendations for the year ahead. The h…

On Monday, the Chinese Academy of Social Sciences (CASS) held a press conference on the release of the 2022 Blue Book of China’s Economy.
Some context: CASS is one of China’s premier think tanks.
More context: CASS’s annual economic Blue Book provides policy recommendations for the year ahead.
The h...

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21st Century Biz: 中国社科院：建议2022年经济增长目标定在5%以上，适度加强逆周期调节力度

December 8, 2021

It isn’t easy being green in your digital economy

On Wednesday, the NDRC, MIIT and two other bodies jointly issued high-level guidance on the green development of data centers and 5G. Quick context: The digital future is, shall we see, extremely energy intensive. All those data centers need cooling. 5G base stations are power hog…

On Wednesday, the NDRC, MIIT and two other bodies jointly issued high-level guidance on the green development of data centers and 5G.
Quick context: The digital future is, shall we see, extremely energy intensive.

All those data centers need cooling.
5G base stations are power hog...

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NDRC: 关于印发《贯彻落实碳达峰碳中和目标要求推动数据中心和5G等新型基础设施绿色高质量发展实施方案》的通知

December 8, 2021

Does an Apple keep the regulators at bay?

Yesterday, The Information released a bombshell article detailing years of wheeling and dealing between Apple and Chinese regulators. The big bomb drop: In 2016, Apple secretly signed a five-year MOU with China’s NDRC, pledging to spend big in China and support China’s economic and technologica…

Yesterday, The Information released a bombshell article detailing years of wheeling and dealing between Apple and Chinese regulators.
The big bomb drop: In 2016, Apple secretly signed a five-year MOU with China’s NDRC, pledging to spend big in China and support China’s economic and technologica...

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The Information: Inside Tim Cook’s Secret $275 Billion Deal with Chinese Authorities

December 8, 2021

A bean to pick

Yesterday, we told you that China’s 2021 harvest broke records – with farmed area, yield per hectare, and total yield all rising. Soybeans were a major exception (Yicai): China’s domestic soybean production fell by 16.4% in 2021 – down 3.8 billion kilograms y/y. Yield per hectare also fell 1.8% y/y…

Yesterday, we told you that China's 2021 harvest broke records – with farmed area, yield per hectare, and total yield all rising.
Soybeans were a major exception (Yicai):

China's domestic soybean production fell by 16.4% in 2021 – down 3.8 billion kilograms y/y.
Yield per hectare also fell 1.8% y/y...

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Yicai: 播种面积降至1.26亿亩大豆振兴计划任重道远

December 8, 2021

Could M&A loans help struggling developers?

Regulators rejoice! Property lending is stabilizing: On Monday, 21st Century Biz reported that property lending in November would continue recent trends by growing on m/m and y/y bases, predicting RMB 200 billion in y/y growth. But we’re interested in another type of property-related lending today…

Regulators rejoice! Property lending is stabilizing:

On Monday, 21st Century Biz reported that property lending in November would continue recent trends by growing on m/m and y/y bases, predicting RMB 200 billion in y/y growth.

But we’re interested in another type of property-related lending today...

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Caixin: 监管层要求合理发放并购贷出险房企偿债能力有望提升

21st Century Biz: 冲击波暂告一段落！房企融资逐步回归常态

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