string(13) "markets-macro"

Macro

October 26, 2021

PBoC brings the thunder

On Monday, the People’s Bank of China (PBoC) injected a monster RMB 190 billion worth of funds into China’s financial system during its open market operations (OMOs). The PBoC issued RMB 200 billion worth of reverse repos, while RMB 10 billion worth of reverse repos matured (The Paper). That was a… Username Password Remember Me… Read More »

On Monday, the People’s Bank of China (PBoC) injected a monster RMB 190 billion worth of funds into China’s financial system during its open market operations (OMOs).

The PBoC issued RMB 200 billion worth of reverse repos, while RMB 10 billion worth of reverse repos matured (The Paper).

That was a...

sources

PBoC: 公开市场业务交易公告 [2021]第207号

The Paper: 央行加量逆回购维护月末流动性，11月流动性如何走

October 26, 2021

Fang Xinghai promises more opening

On Monday, Fang Xinghai, a vice chairman of the China Securities Regulatory Commission (CSRC), promised China’s capital markets will open further. In a speech to a Shanghai stock exchange conference, Fang said that the CSRC would (The Paper): “Further expand the scope and path of futures market ope…

On Monday, Fang Xinghai, a vice chairman of the China Securities Regulatory Commission (CSRC), promised China’s capital markets will open further.
In a speech to a Shanghai stock exchange conference, Fang said that the CSRC would (The Paper):

“Further expand the scope and path of futures market ope...

sources

The Paper: 方星海：为国际投资者提供更加多元化投资选择和风险管理工具

October 26, 2021

Avoiding ‘Baumol’s Disease’

Yesterday, Jiang Xiaojuan, a member of the NPC Standing Committee, published an essay arguing that China should use technology to avoid “Baumol’s Disease.” That’s not the first time we’ve heard this: Liu He, China’s econ chief, used the same term at the World Internet Conference this year. Recap: …

Yesterday, Jiang Xiaojuan, a member of the NPC Standing Committee, published an essay arguing that China should use technology to avoid “Baumol’s Disease.”
That’s not the first time we’ve heard this: Liu He, China’s econ chief, used the same term at the World Internet Conference this year. Recap: ...

sources

Sina: 江小涓：“鲍莫尔病”对进入服务业为主阶段的中国产生影响要用数字技术克服

October 25, 2021

Still marching toward net zero

The Party-state wants you to know China is still heading toward net zero, at full speed but sensibly too. On Sunday, the Central Committee and State Council released a set of opinions to guide work on peaking carbon emissions and reaching carbon neutrality. On Monday, the head of China’s macro pl…

The Party-state wants you to know China is still heading toward net zero, at full speed but sensibly too.

On Sunday, the Central Committee and State Council released a set of opinions to guide work on peaking carbon emissions and reaching carbon neutrality.

On Monday, the head of China’s macro pl...

sources

Gov.cn: 中共中央国务院关于完整准确全面贯彻新发展理念做好碳达峰碳中和工作的意见

Gov.cn: 中央层面的系统谋划、总体部署——就《中共中央国务院关于完整准确全面贯彻新发展理念做好碳达峰碳中和工作的意见》访国家发展改革委负责人

Gov.cn: 《中共中央国务院关于完整准确全面贯彻新发展理念做好碳达峰碳中和工作的意见》发布

Xinhua: Full Text: Working Guidance For Carbon Dioxide Peaking And Carbon Neutrality In Full And Faithful Implementation Of The New Development Philosophy

People's Daily: 完整准确全面贯彻新发展理念扎实做好碳达峰碳中和工作

October 25, 2021

All in the family

That’s where the government is placing responsibility for child development. On Saturday, the National People’s Congress Standing Committee adopted a new law stating that China’s parents are responsible for family education. Under the law, parents and guardians cannot (SCMP): Overwhelm their childr…

That’s where the government is placing responsibility for child development.
On Saturday, the National People’s Congress Standing Committee adopted a new law stating that China's parents are responsible for family education.
Under the law, parents and guardians cannot (SCMP):

Overwhelm their childr...

sources

Xinhua: China adopts new law on family education promotion

SCMP: https://www.scmp.com/news/china/politics/article/3153442/china-passes-new-law-ordering-parents-do-more-lift-twin

October 25, 2021

Complex and grim

On Friday, the Ministry of Commerce (MofCom) released its Five-Year Plan (FYP) on foreign investment. The top-line target: MofCom wants foreign direct investment (FDI) into China to hit USD 700 billion between 2021 and 2025. That’s an ambitious target, right? Wrong. It’s just 0.2% higher tha…

On Friday, the Ministry of Commerce (MofCom) released its Five-Year Plan (FYP) on foreign investment.
The top-line target: MofCom wants foreign direct investment (FDI) into China to hit USD 700 billion between 2021 and 2025.
That's an ambitious target, right? Wrong.

It’s just 0.2% higher tha...

sources

Gov.cn: 商务部关于印发《“十四五”利用外资发展规划》的通知

SCMP: China warns ‘complex and grim’ external environment poses risk to stabilising foreign direct investment

October 25, 2021

Holding the line

When Great Walls fail to make good neighbors, resort to legislation. On Saturday, the National People’s Congress voted to adopt a new Land Borders Law. Fun fact: China has 14 international land borders, but must share that world-beating stat with Russia. Less fun context: China’s western and souther…

When Great Walls fail to make good neighbors, resort to legislation.
On Saturday, the National People’s Congress voted to adopt a new Land Borders Law.
Fun fact: China has 14 international land borders, but must share that world-beating stat with Russia.
Less fun context: China’s western and souther...

sources

NPC: 中华人民共和国陆地国界法

Reuters: China strengthens land border protection with new law

SCMP: China passes law to strengthen border security amid ongoing tensions with India and terrorism fears

October 25, 2021

Ya got five weeks

On Friday, the Ministry of Finance (MoF) held a presser. The headline: Local governments need to complete issuance of their entire annual special purpose bond (SPB) quota by the end of November. Some context: As of September, local governments had issued RMB 2.22 trillion of SPBs – rough…

On Friday, the Ministry of Finance (MoF) held a presser.
The headline: Local governments need to complete issuance of their entire annual special purpose bond (SPB) quota by the end of November.
Some context: As of September, local governments had issued RMB 2.22 trillion of SPBs – rough...

sources

Caixin: China Wants Local Governments to Speed Up Annual Special Bond Borrowing

21st Century Biz: 21独家｜专项债需在11月底前发行完毕，不再为12月预留额度

October 25, 2021

Green is the new black

On Friday, Xi Jinping hosted a symposium in Shandong’s Jinan city on ecological protection and high-quality development of the Yellow River Basin. Xi’s speech in three words: green economic development. Xi’s speech in more words: “Resolutely follow the path of green and low-carbon development…

On Friday, Xi Jinping hosted a symposium in Shandong's Jinan city on ecological protection and high-quality development of the Yellow River Basin.
Xi’s speech in three words: green economic development.
Xi’s speech in more words:

“Resolutely follow the path of green and low-carbon development...

sources

CCTV: 习近平在深入推动黄河流域生态保护和高质量发展座谈会上强调

October 25, 2021

A rough landing

Ouch. Land sales values have fallen for the second month in a row. On Friday, Reuters reported that land sales by value fell 11.2% in September. That follows a sharp 17.5% decline in August. This isn’t exactly a surprise: Over the past year, Beijing has attempted to cool property markets by impo…

Ouch.
Land sales values have fallen for the second month in a row.

On Friday, Reuters reported that land sales by value fell 11.2% in September.

That follows a sharp 17.5% decline in August.

This isn't exactly a surprise: Over the past year, Beijing has attempted to cool property markets by impo...

sources

Reuters: China’s land sales slump for second month as property chill bites

October 25, 2021

Green light for property tax pilots

On Saturday, the National People’s Congress Standing Committee (NPCSC) adopted a decision authorizing the State Council to carry out property tax pilots. Some context: For years, efforts to introduce a property tax have faced resistance from powerful insiders with significant property wealth. But …

On Saturday, the National People’s Congress Standing Committee (NPCSC) adopted a decision authorizing the State Council to carry out property tax pilots.
Some context: For years, efforts to introduce a property tax have faced resistance from powerful insiders with significant property wealth.

But ...

sources

Gov.cn: 全国人民代表大会常务委员会关于授权国务院在部分地区开展房地产税改革试点工作的决定

NPC Observer: NPC Standing Committee Authorizes Property Tax Pilots (with Translation of the Authorization)

Bloomberg: China Widens Property-Tax Trials With Levy on Home Owners

Caixin: 人大常委会授权国务院开展房地产税改革试点期限五年

October 25, 2021

A bitter pill to swallow

On Saturday, HNA Group announced that its creditors have approved the company’s restructuring plan. Sadly for creditors, that plan promises very little in the way of repayment. ICYMI: Back in January, HNA Group and its three listed subsidiaries – including Hainan Airlines, the conglomerate’s best…

On Saturday, HNA Group announced that its creditors have approved the company’s restructuring plan.

Sadly for creditors, that plan promises very little in the way of repayment.

ICYMI: Back in January, HNA Group and its three listed subsidiaries – including Hainan Airlines, the conglomerate's best...

sources

Reuters: China's HNA restructuring plan approved by creditors

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