string(13) "markets-macro"

Macro

August 17, 2021

COVID situation improving

Sorry, kids, looks like the holidays won’t be extended. National Health Commission (NHC) minister Ma Xiaowei on Monday called on all officials to bring the COVID outbreak under control by the end of August, so that life can soon return to normal. And just in time for school. Ma sounded optimisti… Username Password Remember Me… Read More »

Sorry, kids, looks like the holidays won't be extended.
National Health Commission (NHC) minister Ma Xiaowei on Monday called on all officials to bring the COVID outbreak under control by the end of August, so that life can soon return to normal.

And just in time for school.

Ma sounded optimisti...

sources

NHC: 截至8月16日24时新型冠状病毒肺炎疫情最新情况

NHC: 新冠病毒疫苗接种情况

August 17, 2021

Homing in on the problem

July’s econ numbers were fairly grim (see #2) and the real estate sector didn’t help. Home sales and prices have now reached a tipping point: Home sales growth weakened to its lowest in 15 months on a two-year average basis, increasing 4.8% y/y versus 10.9% in June. Home prices grew at their slowes…

July’s econ numbers were fairly grim (see #2) and the real estate sector didn’t help.
Home sales and prices have now reached a tipping point:

Home sales growth weakened to its lowest in 15 months on a two-year average basis, increasing 4.8% y/y versus 10.9% in June.
Home prices grew at their slowes...

sources

NBS: NBS: 2021年1—7月份全国房地产开发投资增长12.7%

NBS: NBS: 2021年7月份70个大中城市商品住宅销售价格变动情况

August 17, 2021

Data dump – July econ data

China’s stats bureau published the monthly econ data for July on Monday. The headlines: Retail sales rose 8.5% y/y in July, down from 12.1% y/y growth in June. Fixed asset investment fell by 0.8% y/y in July, compared with 4.7% y/y growth in June. Value-added output at industrial firms rose 6…

China’s stats bureau published the monthly econ data for July on Monday.
The headlines:

Retail sales rose 8.5% y/y in July, down from 12.1% y/y growth in June.
Fixed asset investment fell by 0.8% y/y in July, compared with 4.7% y/y growth in June.
Value-added output at industrial firms rose 6...

sources

NBS: 国家统计局新闻发言人就2021年7月份国民经济运行情况答记者问

Bloomberg: China’s Recovery Weakens as Delta Outbreak Adds New Risks

August 17, 2021

Li didn’t start the fire

On Monday, Premier Li Keqiang chaired the State Council executive meeting. At the top of the agenda: Addressing China’s increasingly bleak economic outlook. The meeting’s readout acknowledged current challenges, including: Catastrophic flooding in Henan province Resurgent COVID-19 cases High global…

On Monday, Premier Li Keqiang chaired the State Council executive meeting.
At the top of the agenda: Addressing China's increasingly bleak economic outlook.
The meeting’s readout acknowledged current challenges, including:

Catastrophic flooding in Henan province
Resurgent COVID-19 cases
High global...

sources

Gov.cn: 李克强主持召开国务院常务会议要求抓好政策落实针对经济运行新情况加强跨周期调节等

August 17, 2021

The Afghan question

What’s next in Afghanistan? That’s just not us wondering. On Monday, Chinese Foreign Minister Wang Yi took an urgent call from his US counterpart, Anthony Blinken, to discuss the Afghan situation. Wang berated the “hasty” US pullout of troops from Afghanistan, but pledged to work with Washington t…

What’s next in Afghanistan?

That’s just not us wondering.

On Monday, Chinese Foreign Minister Wang Yi took an urgent call from his US counterpart, Anthony Blinken, to discuss the Afghan situation.
Wang berated the “hasty” US pullout of troops from Afghanistan, but pledged to work with Washington t...

sources

MoFA: Wang Yi Speaks with U.S. Secretary of State Antony Blinken on the Phone at Request

Reuters: China's foreign minister slams 'hurried' U.S. withdrawal from Afghanistan

US State Department: Secretary Blinken’s Call with People’s Republic of China State Councilor and Foreign Minister Wang Yi

August 17, 2021

State Council worries about jobs

On Monday, China published some pretty weak economic data – and the State Council wasted no time trying to right the ship. At the weekly State Council executive meeting, the leadership announced a number of measures to address deteriorating economic conditions. Top of the agenda: Shoring up employme…

On Monday, China published some pretty weak economic data – and the State Council wasted no time trying to right the ship.
At the weekly State Council executive meeting, the leadership announced a number of measures to address deteriorating economic conditions.
Top of the agenda: Shoring up employme...

sources

Gov.cn: 李克强主持召开国务院常务会议要求抓好政策落实针对经济运行新情况加强跨周期调节等

August 17, 2021

Shift from frontloading to backloading

Local governments have been slow to use their special-purpose bond (SPB) quotas this year. Some context: SPBs are the main way local governments finance infrastructure projects – a key source of growth. More context: But, at the end of July, only 37% of the national annual SPB quota of RMB 3.65 tr…

Local governments have been slow to use their special-purpose bond (SPB) quotas this year.
Some context: SPBs are the main way local governments finance infrastructure projects – a key source of growth.
More context: But, at the end of July, only 37% of the national annual SPB quota of RMB 3.65 tr...

sources

21st Century Biz: 地方报告透露专项债发行三大信号：12月或预留约20%的额度

August 17, 2021

Who is Wangtouzhongwen

Yesterday, the Information put the interwebz in a tizzy by reporting that a 1% stake in ByteDance has been sold to state-backed WangTouZhongWen (WTZW) – WTZW also got a seat on the board. Follow us for a second: WTZW is in backed by tech investment fund CIIF, which is led by China’s cybersecurity w…

Yesterday, the Information put the interwebz in a tizzy by reporting that a 1% stake in ByteDance has been sold to state-backed WangTouZhongWen (WTZW) - WTZW also got a seat on the board.
Follow us for a second: WTZW is in backed by tech investment fund CIIF, which is led by China’s cybersecurity w...

sources

The Information: Beijing Tightens Grip on ByteDance by Quietly Taking Stake, China Board Seat

August 17, 2021

Critical info infrastructure security protection

The other big policy release today: the “Critical Information Infrastructure Security Protection Regulations.” The short version: This policy outlines the cybersecurity obligations of “Critical Information Infrastructure Operators” (CIIO) – in other words, companies or organizations which run import…

The other big policy release today: the “Critical Information Infrastructure Security Protection Regulations.”
The short version: This policy outlines the cybersecurity obligations of “Critical Information Infrastructure Operators” (CIIO) - in other words, companies or organizations which run import...

sources

Gov.cn: 中华人民共和国国务院令

August 17, 2021

PBoC drains MLF

On Monday, the People’s Bank of China (PBoC) drained a net RMB 100 billion from the banking system. The PBoC lent RMB 600 billion to banks through its medium-term lending facility (MLF), but at the same time RMB 700 billion worth of outstanding MLF loans matured. Based on a survey of analysts, Blo…

On Monday, the People’s Bank of China (PBoC) drained a net RMB 100 billion from the banking system.

The PBoC lent RMB 600 billion to banks through its medium-term lending facility (MLF), but at the same time RMB 700 billion worth of outstanding MLF loans matured.

Based on a survey of analysts, Blo...

sources

PBoC: 公开市场业务交易公告 [2021]第159号

Bloomberg: PBOC Rolls Over More Policy Loans Than Expected to Boost Growth

August 17, 2021

Quick take | SAMR takes aim at anti-competitive behavior

Today, the State Administration for Market Regulation (SAMR) released a draft policy governing anti-competitive behavior online. It addresses both platform companies and merchants on those platforms. Better late than never: the policy provides a detailed list of behaviors that will be penalized und…

Today, the State Administration for Market Regulation (SAMR) released a draft policy governing anti-competitive behavior online.
It addresses both platform companies and merchants on those platforms. Better late than never: the policy provides a detailed list of behaviors that will be penalized und...

sources

SAMR: 市场监管总局关于《禁止网络不正当竞争行为规定（公开征求意见稿）》征求意见的通知

August 16, 2021

Shenzhen to support Amazon merchants

On Friday, Shenzhen’s commerce bureau (MofCom) met with a few dozen Chinese online merchants on Amazon, discussing how to deal with the recent Amazon ban. Some context: Since May, Amazon has banned more than 50,000 Chinese online merchants for fabricating reviews, and roughly half of tho…

On Friday, Shenzhen’s commerce bureau (MofCom) met with a few dozen Chinese online merchants on Amazon, discussing how to deal with the recent Amazon ban.
Some context: Since May, Amazon has banned more than 50,000 Chinese online merchants for fabricating reviews, and roughly half of tho...

sources

21st Century Biz: 独家丨深圳跨境电商企业座谈会与会商家透露，支持政策或日后公布

Sina: 亚马逊下重手！超过5万中国卖家被封，损失超千亿，商务部回应来了

Gov.cn: 国常会发话，跨境电商再迎重磅利好！

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