string(13) "markets-macro"

Macro

July 1, 2021

Xi the populist

The Party thrives on the politics of grievance. And so do the Chinese people. Xi’s speech on Thursday morning received polite applause throughout. But a few lines prompted full-throated cheers of support. This line arguably roused the loudest cheers: “The Chinese people will never allow any forei… Username Password Remember Me Forgot Password

The Party thrives on the politics of grievance.

And so do the Chinese people.

Xi’s speech on Thursday morning received polite applause throughout.
But a few lines prompted full-throated cheers of support.
This line arguably roused the loudest cheers:

"The Chinese people will never allow any forei...

sources

Xinhua: 习近平发表重要讲话实录

July 1, 2021

PBoC looks to finance rural development

On Tuesday, the central bank (PBoC) and five other financial and rural regulatory bodies issued a policy document outlining how the financial sector should support rural development and poverty alleviation efforts. The document outlines two broad priorities for the financial sector, namely: Ensurin…

On Tuesday, the central bank (PBoC) and five other financial and rural regulatory bodies issued a policy document outlining how the financial sector should support rural development and poverty alleviation efforts.
The document outlines two broad priorities for the financial sector, namely:

Ensurin...

sources

PBoC: 人民银行银保监会证监会财政部农业农村部乡村振兴局联合发布《关于金融支持巩固拓展脱贫攻坚成果全面推进乡村振兴的意见》

July 1, 2021

Wanna buy a life insurer?

On Tuesday, China Great Wall Asset Management Co. put its 70% stake in its life insurance subsidiary up for sale. Great Wall is asking RMB 3.97 billion for its share of Great Wall Changsheng Life Insurance Co., a joint venture with Japan’s Nippon Life insurance. Some context: Over the past decade,…

On Tuesday, China Great Wall Asset Management Co. put its 70% stake in its life insurance subsidiary up for sale.

Great Wall is asking RMB 3.97 billion for its share of Great Wall Changsheng Life Insurance Co., a joint venture with Japan’s Nippon Life insurance.

Some context: Over the past decade,...

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Caixin: Tencent Eyes Controlling Stake in Sino-Japanese Insurer

July 1, 2021

You gotta earn those SPBs

On Monday, the Ministry of Finance (MoF) issued new measures to strengthen evaluation of projects funded by special purpose bonds (SPBs). Some context: SPBs – first introduced in 2015 – are one of the primary ways that local governments fund infrastructure projects. Caixin has the deets: “Und…

On Monday, the Ministry of Finance (MoF) issued new measures to strengthen evaluation of projects funded by special purpose bonds (SPBs).
Some context: SPBs – first introduced in 2015 – are one of the primary ways that local governments fund infrastructure projects.
Caixin has the deets:

“Und...

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21st Century Biz: 专项债项目资金绩效管理办法印发：评价结果与额度分配挂钩

Caixin: 财政部出台专项债绩效管理办法评价结果与专项债额度分配挂钩

Caixin: China Tightens Oversight of Local Government Borrowing

July 1, 2021

A party under siege

There’s really just one story in China today. ICYMI: For those living under a rock, today is the 100th anniversary of the founding of the Chinese Communist Party. To celebrate, Xi Jinping did what he does best – he pontificated on the greatness of the Party for over an hour. From the Gate of Heavenl…

There’s really just one story in China today.
ICYMI: For those living under a rock, today is the 100th anniversary of the founding of the Chinese Communist Party.
To celebrate, Xi Jinping did what he does best – he pontificated on the greatness of the Party for over an hour.
From the Gate of Heavenl...

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Xinhua: Any attempt to divide CPC from Chinese people "bound to fail": Xi

July 1, 2021

Acceptances the next step to recovery?

On Wednesday, Caijing reported that the central bank is considering incorporating commercial acceptance drafts into its “three red lines” framework for assessing property developers’ debt levels. Some context: Commercial acceptance drafts are transferable trade receivables. When a developer engages…

On Wednesday, Caijing reported that the central bank is considering incorporating commercial acceptance drafts into its “three red lines” framework for assessing property developers’ debt levels.
Some context: Commercial acceptance drafts are transferable trade receivables.

When a developer engages...

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Caijing: “三道红线”试点房企商票被纳入监控范围央行要求每月上报数据

July 1, 2021

Shenzhen plans groundbreaking local rules for AI development

On Tuesday, the Shenzhen Municipal People’s Congress Standing Committee introduced the “Shenzhen Special Economic Zone Artificial Intelligence Industry Promotion Regulations (Draft).” The first-of-their-kind local rules are slated for debate next week Some context: Last October, Shenzhen was given…

On Tuesday, the Shenzhen Municipal People’s Congress Standing Committee introduced the "Shenzhen Special Economic Zone Artificial Intelligence Industry Promotion Regulations (Draft)."

The first-of-their-kind local rules are slated for debate next week

Some context: Last October, Shenzhen was given...

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SCMP: Shenzhen, China’s Silicon Valley, plans to turbocharge local AI development with first-of-a-kind regulations

China Economic Net: 我国人工智能领域首部地方性法规提请审议

June 30, 2021

Big brother is auditing you

On Monday, the Central Auditing Commission (CAC) dropped its Five-Year Plan (FYP) for developing the national audit system. The plan sets out to improve how the National Audit Office (NAO) conducts audits of government bodies, SOEs and officials. We see you yawning… But it’s a big deal: Chang…

On Monday, the Central Auditing Commission (CAC) dropped its Five-Year Plan (FYP) for developing the national audit system.

The plan sets out to improve how the National Audit Office (NAO) conducts audits of government bodies, SOEs and officials.

We see you yawning…
But it’s a big deal: Chang...

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Gov.cn: 中央审计委员会办公室、审计署关于印发《“十四五”国家审计工作发展规划》的通知

June 30, 2021

Industrial policy with American characteristics

On Monday, the US House of Representatives passed two pieces of legislation to complement the Senate’s China competition bill. Some context: On June 8, the US Senate passed the United States Innovation and Competition Act (USICA). It features Large budget bumps for the National Science Foundation (…

On Monday, the US House of Representatives passed two pieces of legislation to complement the Senate’s China competition bill.
Some context: On June 8, the US Senate passed the United States Innovation and Competition Act (USICA). It features

Large budget bumps for the National Science Foundation (...

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Bloomberg: House Passes Its Version of U.S.-China Competitiveness Bills

White House: Statement by President Joe Biden on House Passage of the National Science Foundation for the Future Act and the Department of Energy Science for the Future Act

MeriTalk: House Passes Research Funding Bills That Track With Senate’s USICA Measure

June 30, 2021

Wolves gone wild

Aggressive Wolf Warrior diplomats are torpedoing China’s image abroad. According to the Wall Street Journal, the foreign ministry is trying to do something about it: “The Foreign Ministry is taking steps to pull back on the aggression, including by drafting guidelines for diplomats on the use of Tw…

Aggressive Wolf Warrior diplomats are torpedoing China’s image abroad.
According to the Wall Street Journal, the foreign ministry is trying to do something about it:

“The Foreign Ministry is taking steps to pull back on the aggression, including by drafting guidelines for diplomats on the use of Tw...

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WSJ: China Wants Howling Diplomats to Quiet Down, but Nationalism Gets in the Way

June 30, 2021

Of invites and in-fights

On Monday, the CCP kept the pageantry a’rollin’ ahead of its 100th anniversary on July 1 by throwing a massive celebration at the Bird’s Nest stadium in Beijing. Those of us who watched the opening ceremony of the 2008 Beijing Summer Olympics held at the same venue got more than a little nostalgic… …

On Monday, the CCP kept the pageantry a’rollin’ ahead of its 100th anniversary on July 1 by throwing a massive celebration at the Bird’s Nest stadium in Beijing.
Those of us who watched the opening ceremony of the 2008 Beijing Summer Olympics held at the same venue got more than a little nostalgic…
...

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CCTV: [视频]庆祝中国共产党成立100周年文艺演出《伟大征程》在京盛大举行

SCMP: China’s Communist Party goes back to the future in centenary curtain-raiser

SupChina: CCP marks 100th anniversary with extravagant performance, awards for ‘ordinary heroes’

June 30, 2021

Local Party boss appreciation day

On Tuesday, Xi Jinping met with 103 outstanding county-level Party bosses for some casual chit chat and selfie-taking. The occasion: The local bosses were being recognized for good work in their respective jurisdictions. It was a thrice in a lifetime sort of gathering: Awards to county-level P…

On Tuesday, Xi Jinping met with 103 outstanding county-level Party bosses for some casual chit chat and selfie-taking.
The occasion: The local bosses were being recognized for good work in their respective jurisdictions.
It was a thrice in a lifetime sort of gathering:

Awards to county-level P...

sources

Xinhua: 习近平会见全国优秀县委书记

CPC People: “芝麻官”千钧担——习近平二十四年前谈县委书记的责任

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