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Macro

November 8, 2021

6th Plenum kicks off

There’s a party going on in Beijing. And you’re not invited. The nearly 400 officials who make up the Party Central Committee gathered this morning in the Jingxi Hotel to kick off their annual plenum, which will take place from today through Thursday. Here’s Xinhua’s report on the goings-on: “The S… Username Password Remember Me… Read More »

There’s a party going on in Beijing.
And you’re not invited.
The nearly 400 officials who make up the Party Central Committee gathered this morning in the Jingxi Hotel to kick off their annual plenum, which will take place from today through Thursday.
Here’s Xinhua’s report on the goings-on:

“The S...

sources

Xinhua: 权威快报丨中国共产党第十九届中央委员会第六次全体会议在京召开

November 8, 2021

Got milk?

China does. New Zealand milk. That’s after Xi Jinping had a call on Friday with New Zealand Prime Minister, Jacinda Ardern. On the call, Xi cast a vision for regional economic opportunities (FMPRC): “[Our two countries can] build an Asia-Pacific community with a shared future.” He emphas…

China does. New Zealand milk.
That's after Xi Jinping had a call on Friday with New Zealand Prime Minister, Jacinda Ardern.
On the call, Xi cast a vision for regional economic opportunities (FMPRC):

“[Our two countries can] build an Asia-Pacific community with a shared future.”

He emphas...

sources

FMPRC: Xi Jinping Speaks with Prime Minister of New Zealand Jacinda Ardern on the Phone

November 8, 2021

Call me maybe

On Friday, Xi Jinping chatted with Syrian President Bashar al-Assad by phone, with Uyghurs on the brain. But first, Xi offered the usual niceties (FMPRC): “China is ready to work with Syria to promote the common values of humanity…[and] defend international equity and justice.” “[China] f…

On Friday, Xi Jinping chatted with Syrian President Bashar al-Assad by phone, with Uyghurs on the brain.
But first, Xi offered the usual niceties (FMPRC):

“China is ready to work with Syria to promote the common values of humanity…[and] defend international equity and justice.”
“[China] f...

sources

MOD: 习近平同叙利亚总统巴沙尔通电话

FMPRC: Xi Jinping Speaks with Syrian President Bashar al-Assad on the Phone

November 8, 2021

Data dump – trade

China’s General Administration of Customs released trade data for October on Sunday. The headlines (SCMP): Exports rose 27.1% y/y in dollar terms in October, down from 28.1% y/y growth in September. Imports increased by 20.6% y/y last month, up from 17.6% y/y growth in September. The…

China’s General Administration of Customs released trade data for October on Sunday.
The headlines (SCMP):

Exports rose 27.1% y/y in dollar terms in October, down from 28.1% y/y growth in September.
Imports increased by 20.6% y/y last month, up from 17.6% y/y growth in September.
The...

sources

SCMP: China trade: export growth above expectations in October but ‘Covid-19 cases and chip shortages loom’

Bloomberg: China Posts Record Trade Surplus in October as Exports Surge

November 8, 2021

Blue skies on repeat

There’s more to Beijing’s environmental policy than cutting carbon emissions. On Sunday, the Central Committee and State Council released a set of opinions reminding everyone that there’s still plenty to be done to tackle pollution. To that end, China aims to achieve several milestones by 2025,&nb…

There’s more to Beijing’s environmental policy than cutting carbon emissions.

On Sunday, the Central Committee and State Council released a set of opinions reminding everyone that there’s still plenty to be done to tackle pollution.

To that end, China aims to achieve several milestones by 2025,&nb...

sources

Xinhua: 中共中央　国务院关于深入打好污染防治攻坚战的意见

November 8, 2021

A little liquidity never hurt anyone

On Friday, the People’s Bank of China (PBoC) rounded out the week by pulling a net RMB 100 billion out of the banking system. RMB 200 billion in reverse repo agreements expired, while the PBoC injected RMB 100 billion into the system via new seven-day reverse repos. Some context: RMB 1 trillion in…

On Friday, the People’s Bank of China (PBoC) rounded out the week by pulling a net RMB 100 billion out of the banking system.

RMB 200 billion in reverse repo agreements expired, while the PBoC injected RMB 100 billion into the system via new seven-day reverse repos.

Some context: RMB 1 trillion in...

sources

Wall Street CN: 500亿变1000亿！央行逆回购再加量灵活机动维稳市场流动性

Bloomberg: China Bonds Advance on PBOC’s $16 Billion Liquidity Injection

November 8, 2021

Open wide

On Thursday, the China International Import Expo (CIIE) kicked off in Shanghai. Some context: CIIE is a BIG deal. The 2019 Expo saw 500,000 registrants. Per tradition, Xi Jinping offered a keynote speech to mark CIIE’s opening. His message: China remains VERY open for business (CPPCC). “S…

On Thursday, the China International Import Expo (CIIE) kicked off in Shanghai.
Some context: CIIE is a BIG deal. The 2019 Expo saw 500,000 registrants.
Per tradition, Xi Jinping offered a keynote speech to mark CIIE’s opening.
His message: China remains VERY open for business (CPPCC).

“S...

sources

CPPCC: Full text: Xi's keynote speech at 4th CIIE opening ceremony

China Daily: Chinese vice-president vows further opening-up at high-level forum

November 8, 2021

Multitudinous bituminous

On Sunday, Bloomberg reported that China’s coal imports nearly doubled y/y in October. ICYMI: China is still trying to restock coal-fired power plants’ fuel inventories ahead of peak winter demand. Official data indicates the restocking effort is going well. The National Development and Reform Commi…

On Sunday, Bloomberg reported that China’s coal imports nearly doubled y/y in October.
ICYMI: China is still trying to restock coal-fired power plants’ fuel inventories ahead of peak winter demand.
Official data indicates the restocking effort is going well. The National Development and Reform Commi...

sources

Bloomberg: China’s Coal Imports Double After Power Shortage Boosted Demand

Reuters: 中国发改委：中煤等国有煤企加入主动下调煤价行列，电厂存煤突破1.1亿吨

November 8, 2021

Quick take | China’s year-end fiscal flop

From sure bet to what the heck Only a couple of months ago, a year-end fiscal stimulus in China looked like a sure-fire bet. Supply-side disruptions, COVID-19 lockdowns, and regulatory tightening have all been combining to push economic growth lower – prompting expectations of more aggressive gover…

From sure bet to what the heck
Only a couple of months ago, a year-end fiscal stimulus in China looked like a sure-fire bet.

Supply-side disruptions, COVID-19 lockdowns, and regulatory tightening have all been combining to push economic growth lower – prompting expectations of more aggressive gover...

November 8, 2021

Quick take | Welcome to the New Era

Today, Xi Jinping and company will officially kick off the Sixth Plenum of the 19th Party Congress. This plenum will be a big deal: If anything in the Chinese politics and policy space should get you excited – this is it. What’s all the fuss about?…

Today, Xi Jinping and company will officially kick off the Sixth Plenum of the 19th Party Congress.

This plenum will be a big deal: If anything in the Chinese politics and policy space should get you excited – this is it.

What’s all the fuss about?...

November 8, 2021

Brother, can you spare a dime

On Thursday, Chinese developer Kaisa Group Holdings disclosed that it has missed a payment on a wealth management product (WMP) issued by its finance subsidiary. The deets: Kaisa said that due to credit rating downgrades and a challenging property market it faces “unprecedented pressure on its liqui…

On Thursday, Chinese developer Kaisa Group Holdings disclosed that it has missed a payment on a wealth management product (WMP) issued by its finance subsidiary.
The deets: Kaisa said that due to credit rating downgrades and a challenging property market it faces “unprecedented pressure on its liqui...

sources

Bloomberg: Kaisa Misses Wealth Product Payout on ‘Unprecedented’ Stress

Reuters: Chinese developer Kaisa unit misses payment, debt worries mount

November 8, 2021

Shenzhen to restrict big tech investment in financial sector

On Friday, Shenzhen’s local financial authorities released a high-level plan for promoting the development of financial services. Why it matters: The plan proposed a new restriction on internet companies’ investment in the financial sector. Some context: Tight restrictions on private cap…

On Friday, Shenzhen’s local financial authorities released a high-level plan for promoting the development of financial services.
Why it matters: The plan proposed a new restriction on internet companies' investment in the financial sector.
Some context: Tight restrictions on private cap...

sources

Gov.cn: 中国银行保险监督管理委员会深圳监管局中国人民银行深圳市中心支行深圳市地方金融监督管理局关于推动金融业服务新发展格局的指导意见

Caixin: 深圳三部门：对互联网平台入股金融机构实行总量控制

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