string(13) "markets-macro"

Macro

September 7, 2021

Algo compliance drama

A tiff is brewing between Tencent and ByteDance execs over regulatory compliance. Background: In early June, Vice President of Tencent Sun Zhonghuai made a very public speech tearing into short video platforms like ByteDance, Kuaishou, and Bilibili for building algorithms that recommend garbage con… Username Password Remember Me Forgot Password

A tiff is brewing between Tencent and ByteDance execs over regulatory compliance.
Background: In early June, Vice President of Tencent Sun Zhonghuai made a very public speech tearing into short video platforms like ByteDance, Kuaishou, and Bilibili for building algorithms that recommend garbage con...

sources

Sina: 洗脑短视频是“猪食”吗？谁说了算？

September 7, 2021

China reaches 68% vaccination rate

On Tuesday, the State Council started a press conference (as we went to press) to update the public about COVID-19 vaccinations. This just in: Health officials revealed that as of Monday, China had: Administered a cumulative total of 2.113 billion doses of vaccines Fully inoculated a total of 969.7…

On Tuesday, the State Council started a press conference (as we went to press) to update the public about COVID-19 vaccinations.
This just in: Health officials revealed that as of Monday, China had:

Administered a cumulative total of 2.113 billion doses of vaccines
Fully inoculated a total of 969.7...

sources

NHC: 新冠病毒疫苗接种情况

The Paper: 国家卫健委：全国完成全程接种的人数为96972万人

Gov.cn: 第七次全国人口普查公报

Sina: 多地已取消强制接种疫苗

The Paper: 国家卫健委：坚决杜绝将二码联查和强制性接种捆绑

September 7, 2021

There’s always a way to get around

How do kids get around China’s new restrictions on online gaming? By buying or renting an account opened by an adult, of course. A small expose today highlighted how easy it is to hop over barriers on under-age gaming set down by the state by purchasing access to pre-made gaming accounts on any …

How do kids get around China’s new restrictions on online gaming?

By buying or renting an account opened by an adult, of course.

A small expose today highlighted how easy it is to hop over barriers on under-age gaming set down by the state by purchasing access to pre-made gaming accounts on any ...

sources

People.cn: 未成年人靠租买账号绕过监管打王者荣耀？腾讯游戏回应

September 7, 2021

More exchange in the exchanges

On Monday, China Securities Regulatory Commission (CSRC) Chairman Yi Huiman spoke at a conference organized by the World Federation of Exchanges. Yi said politicizing overseas-listed Chinese companies is not cool (CSRC): “Capital markets in financial centers…should be able to serve global investors…

On Monday, China Securities Regulatory Commission (CSRC) Chairman Yi Huiman spoke at a conference organized by the World Federation of Exchanges.
Yi said politicizing overseas-listed Chinese companies is not cool (CSRC):

“Capital markets in financial centers…should be able to serve global investors...

sources

CSRC: 深化资本市场开放合作促进后疫情时代全球经济复苏发展——易会满主席在第60届WFE年会开幕式上的致辞

CSRC: Keynote Speech by Yi Huiman, Chairman of CSRC at the Opening Ceremony of the 60th WFE General Assembly & Annual Meeting

September 7, 2021

Beefing up antitrust law enforcement

Breaking down your door (soon?). On Friday, Wang Jian, policy advisor to the Anti-Monopoly Commission (AMC), gave an interview to financial media Caijing. What’s the AMC? It’s China’s top anti-monopoly policymaking body, chaired by State Councilor Wang Yong. Wang Jian’s message: Tough antitrus…

Breaking down your door (soon?).
On Friday, Wang Jian, policy advisor to the Anti-Monopoly Commission (AMC), gave an interview to financial media Caijing.
What’s the AMC? It’s China’s top anti-monopoly policymaking body, chaired by State Councilor Wang Yong.
Wang Jian's message: Tough antitrus...

sources

Caijing: 中央深改委为什么要讨论反垄断议题？

September 7, 2021

A benchmark price for tutoring class

The dismantling of the private tutoring sector continues: Local governments are now empowered to set a benchmark price for tutoring institutions. Yesterday, the NDRC and two other ministries released a policy allowing local governments to set ranges for tutoring fees in local “price catalogs.” Rec…

The dismantling of the private tutoring sector continues: Local governments are now empowered to set a benchmark price for tutoring institutions.
Yesterday, the NDRC and two other ministries released a policy allowing local governments to set ranges for tutoring fees in local “price catalogs.”
Rec...

sources

NDRC: 关于加强义务教育阶段学科类校外培训收费监管的通知

September 7, 2021

Data oversight committee inside Didi

Finally, some real news about Didi. According to an internal memo obtained by SCMP, the company will set up a data oversight committee in charge of managing cyber- and data-security compliance. On the committee: Didi founder Cheng Wei and CTO Zhang Bo. Our take: The press is painting this as a co…

Finally, some real news about Didi.
According to an internal memo obtained by SCMP, the company will set up a data oversight committee in charge of managing cyber- and data-security compliance.
On the committee: Didi founder Cheng Wei and CTO Zhang Bo.
Our take: The press is painting this as a co...

sources

SCMP: Didi’s founder heads up data security committee, yielding to China’s regulatory demands as ‘a matter of survival’

September 7, 2021

A higher level antitrust agency

According to an unnamed Caijing source, Beijing is looking to beef up SAMR’s antitrust bureau. The quote: “Policymakers are considering setting up a higher-level antitrust enforcement agency… and increasing the number of antitrust staff.” “The reform plan will be announced soon.” Our take: Damn,…

According to an unnamed Caijing source, Beijing is looking to beef up SAMR’s antitrust bureau. The quote:

"Policymakers are considering setting up a higher-level antitrust enforcement agency... and increasing the number of antitrust staff."
"The reform plan will be announced soon."

Our take: Damn,...

sources

Caijing: 中央深改委为什么要讨论反垄断议题？

September 7, 2021

Property bad loans increase

The property sector’s distress is starting to have an effect on bank asset quality. On Monday, Caixin reported that at least 10 of China’s large or mid-sized banks reported an increase in real estate related nonperforming loans (NPL) in H1 2021. It offered details for four banks only: ICBC said tha…

The property sector’s distress is starting to have an effect on bank asset quality.
On Monday, Caixin reported that at least 10 of China’s large or mid-sized banks reported an increase in real estate related nonperforming loans (NPL) in H1 2021.
It offered details for four banks only:

ICBC said tha...

sources

Caixin: Bad Property Loans Rise as Rules Get Tougher

September 7, 2021

Evergrande death watch?

Things are going from bad to worse for China Evergrande Group. On Friday, Bloomberg reported that two trust companies have demanded immediate repayment of some loans to the developer. Bloomberg cited unnamed sources and didn’t disclose which trusts had pulled their loans. Some context: Trusts ofte…

Things are going from bad to worse for China Evergrande Group.
On Friday, Bloomberg reported that two trust companies have demanded immediate repayment of some loans to the developer.

Bloomberg cited unnamed sources and didn’t disclose which trusts had pulled their loans.

Some context: Trusts ofte...

sources

Bloomberg: Evergrande Gets Loan Payment Demands From Trusts; Bonds Fall

FT: Evergrande bond trading halted on growing fears of cash crunch

Bloomberg: Evergrande’s Heavy Discounts Fail to Boost August Property Sales

September 7, 2021

Bundling video? Now a no-no

Another online video business model bites the dust. What happened: Tencent Video has been selling access to television series on an episode-by-episode basis, for RMB 3 per episode. The problem: The company required users to purchase episodes sequentially, meaning that if a user wanted to watch epi…

Another online video business model bites the dust.
What happened: Tencent Video has been selling access to television series on an episode-by-episode basis, for RMB 3 per episode.
The problem: The company required users to purchase episodes sequentially, meaning that if a user wanted to watch epi...

sources

Sina: 腾讯视频让步：支持“跳集解锁”！

September 6, 2021

Liu He’s loving message to private tech companies

On Monday, Chinese vice premier and economic tsar Liu He delivered short remarks at the opening ceremony of the 2021 China International Digital Economy Expo, via video link. Liu said the digital economy is important for innovation (Xinhua): “[We] need to develop the digital economy with a strong s…

On Monday, Chinese vice premier and economic tsar Liu He delivered short remarks at the opening ceremony of the 2021 China International Digital Economy Expo, via video link.
Liu said the digital economy is important for innovation (Xinhua):

“[We] need to develop the digital economy with a strong s...

sources

Xinhua: 刘鹤出席2021中国国际数字经济博览会开幕式

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