string(13) "markets-macro"

Macro

July 28, 2021

JSBs have problems

China’s joint-stock banks (JSBs) have their work cut out for them. On Tuesday, Zhao Jianping, the banking regulator in charge of JSB oversight, laid out his list of concerns about the banks. Some context: China has 12 JSBs, which are mid-tier banks that are allowed to operate nationally. They have … Username Password Remember Me… Read More »

China’s joint-stock banks (JSBs) have their work cut out for them.
On Tuesday, Zhao Jianping, the banking regulator in charge of JSB oversight, laid out his list of concerns about the banks.
Some context: China has 12 JSBs, which are mid-tier banks that are allowed to operate nationally.

They have ...

sources

21st Century Biz: 银保监会赵江平点名股份行四大待破解难题：核心一级资本不足问题突出

July 28, 2021

MIIT to open up Internet ecosystem

On Monday, the Ministry of Industry and Information Technology (MIIT) initiated a six-month campaign to crack down on misconduct in the Internet sector. Bad practices on the hit list include: Using pop-ups to trick users into spending more time on screen Sharing personal data without users’ c…

On Monday, the Ministry of Industry and Information Technology (MIIT) initiated a six-month campaign to crack down on misconduct in the Internet sector.
Bad practices on the hit list include:

Using pop-ups to trick users into spending more time on screen
Sharing personal data without users’ c...

sources

MIIT: 工业和信息化部启动互联网行业专项整治行动

Caixin: 工信部启动互联网专项整治互封链接将受监管

LatePost: 阿里腾讯如相互开放将利好阿里、利空拼多多

July 28, 2021

It’s a wash

Henan province is taking stock recent catastrophic flooding, and we’re just beginning to get a picture of damage to the agriculture sector. The good news: The province is China’s largest wheat grower – but that crop was harvested in June. Phew! The bad news: Just about everything else. As of…

Henan province is taking stock recent catastrophic flooding, and we’re just beginning to get a picture of damage to the agriculture sector.
The good news: The province is China’s largest wheat grower – but that crop was harvested in June.

Phew!

The bad news: Just about everything else.
As of...

sources

SCMP: China floods: food security, inflation concerns with close to 1 million hectares affected in Henan

SCMP: China floods: Henan farmers see livelihoods washed away, face African swine fever worries

Sina: 农业农村部：河南等地持续强降雨，灾后动物疫情发生和传播风险明显增大

July 28, 2021

Steel yourselves for export taxes

On Tuesday and Wednesday, reports emerged that regulators are considering imposing more tariffs on steel exports in order to reduce steel production and prices. There’s no official confirmation yet, but insider sources told SCMP that new levies may be introduced as soon as Q3. The deets: Rates un…

On Tuesday and Wednesday, reports emerged that regulators are considering imposing more tariffs on steel exports in order to reduce steel production and prices.

There’s no official confirmation yet, but insider sources told SCMP that new levies may be introduced as soon as Q3.

The deets:

Rates un...

sources

SCMP: China steel export tariffs considered as Beijing seeks to cool booming sector amid price surge

Jiemian: 要减产也要保供稳价，中国钢铁如何修炼平衡术？

July 28, 2021

I want YOU to have more babies

On Tuesday, the National Teleconference on Optimizing Fertility Policy – the sexiest event in all Chinese officialdom – was held in Beijing. That’s probably not a super high bar to clear, but still. ICYMI: Facing slowing birth rates and an aging population, China announced in May that couples woul…

On Tuesday, the National Teleconference on Optimizing Fertility Policy – the sexiest event in all Chinese officialdom – was held in Beijing.

That’s probably not a super high bar to clear, but still.

ICYMI: Facing slowing birth rates and an aging population, China announced in May that couples woul...

sources

Gov.cn: 李克强对全国优化生育政策电视电话会议作重要批示

Gov.cn: Premier stresses implementing third-child birth policy

July 27, 2021

Vaccination campaign picks up speed again

Over the past week, China’s vaccination drive has shown signs of picking up speed again, after losing momentum at the beginning of July. As of Monday, China had administered a total of 1.56 billion vaccine doses – up from 1.47 billion doses a week ago. Let’s do the math: That means last week’…

Over the past week, China’s vaccination drive has shown signs of picking up speed again, after losing momentum at the beginning of July.

As of Monday, China had administered a total of 1.56 billion vaccine doses – up from 1.47 billion doses a week ago.

Let's do the math: That means last week’...

sources

NHC: 新冠病毒疫苗接种情况

The Paper: 南京疫情传播链增至98人，5省7地报告南京旅居史感染者

The Paper: 专家：南京此次病例绝大部分接种过疫苗，症状都不严重

July 27, 2021

Here’s an itemized list of several years of disagreements

(You’re welcome.) On Monday, US Deputy Secretary of State Wendy Sherman held talks in Tianjin with her Chinese counterpart Xie Feng.It didn’t go great: The summit reminded us of March’s rancorous meeting between top US and Chinese officials in Alaska. Xie set the tone for the meeting by handing Sh…

(You're welcome.)
On Monday, US Deputy Secretary of State Wendy Sherman held talks in Tianjin with her Chinese counterpart Xie Feng.It didn't go great:

The summit reminded us of March's rancorous meeting between top US and Chinese officials in Alaska.

Xie set the tone for the meeting by handing Sh...

sources

SCMP: China, US draw lines in the sand at top-level meeting but agree to keep talking

Straits Times: In first high level meeting since March, China sets out three red lines for the US

MoFA: Foreign Ministry Spokesperson Zhao Lijian's Regular Press Conference on July 26, 2021

July 27, 2021

Hainan gets negative list for service sector

At your service! (Just not in this, this, and this.) On Monday, the State Council released China’s first negative list for market access in the service sector – covering the Hainan Free Trade Port. The list stipulates which service sector business activities remain no-go, or have additional require…

The list stipulates which service sector business activities remain no-go, or have additional require...

sources

State Council: 国新办举行海南自由贸易港跨境服务贸易负面清单发布会图文实录

Gov.cn: 中华人民共和国商务部令二〇二一年第3号

Global Times: Hainan works out 1st negative list for services investment

July 27, 2021

Assessing the damage

On Monday, Premier Li Keqiang chaired a video conference at the State Flood Control and Drought Relief Headquarters in Beijing. In attendance were key figures from flood and typhoon-stricken provinces, including: Henan Hebei Jiangsu Zhejiang Jiangxi Some context: Devastating levels of rainfall hav…

On Monday, Premier Li Keqiang chaired a video conference at the State Flood Control and Drought Relief Headquarters in Beijing.
In attendance were key figures from flood and typhoon-stricken provinces, including:

Henan
Hebei
Jiangsu
Zhejiang
Jiangxi

Some context: Devastating levels of rainfall hav...

sources

Gov.cn: 李克强在国家防汛抗旱总指挥部主持召开抗洪抢险救灾和防汛工作视频会议

July 27, 2021

China challenges the EU’s great green wall

China is not happy about the EU’s Carbon Border Adjustment Mechanism (CBAM) plans. And said so again on Monday. Important context: The CBAM, now under deliberation, would charge an “adjustment” on emissions-intensive imports from countries with lower emission standards than the EU. It’s a way to pr…

China is not happy about the EU's Carbon Border Adjustment Mechanism (CBAM) plans. And said so again on Monday.
Important context: The CBAM, now under deliberation, would charge an "adjustment" on emissions-intensive imports from countries with lower emission standards than the EU.

It's a way to pr...

sources

21st Century Biz: 生态环境部：碳边界调节机制违反WTO规则，会极大伤害各方应对气候变化积极性和能力

IISD: An EU Carbon Border Adjustment Mechanism: Can it Make Global Trade Greener While Respecting WTO Rules?

Reuters: China says EU’s planned carbon border tax violates trade principles

July 27, 2021

And another thing!

On Monday, US Deputy Secretary of State Wendy Sherman also met with Xie’s boss, Chinese Foreign Minister Wang Yi, in Tianjin. Wang wasted no time broaching thorny topics, listing China’s red lines, and telling Sherman that the US must not: Challenge or subvert China’s model of governance Interfere …

On Monday, US Deputy Secretary of State Wendy Sherman also met with Xie's boss, Chinese Foreign Minister Wang Yi, in Tianjin.
Wang wasted no time broaching thorny topics, listing China's red lines, and telling Sherman that the US must not:

Challenge or subvert China's model of governance
Interfere ...

July 27, 2021

Delivering higher labor standards

On Monday, the State Administration of Market Regulation (SAMR) and six other agencies issued guiding opinions on the protection of contract food delivery workers. Some context: Protecting workers is among the many missions of the ongoing tech crackdown. Food delivery platforms have long face…

On Monday, the State Administration of Market Regulation (SAMR) and six other agencies issued guiding opinions on the protection of contract food delivery workers.
Some context: Protecting workers is among the many missions of the ongoing tech crackdown.

Food delivery platforms have long face...

sources

SAMR: 市场监管总局等七部门联合印发《关于落实网络餐饮平台责任切实维护外卖送餐员权益的指导意见》

Caixin: 外卖平台需给骑手买社保美团股价重挫14%

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