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Macro

March 15, 2021

Defending retirement reform

On Saturday, Jin Weigang, head of the Social Security Research Institute at the Ministry of Human Resources and Social Security, did some damage control. ICYMI: The 14th Five-Year Plan called for a gradual extension of the retirement age as part of the government’s plan to deal with China’s demograp… Username Password Remember Me Forgot… Read More »

On Saturday, Jin Weigang, head of the Social Security Research Institute at the Ministry of Human Resources and Social Security, did some damage control.
ICYMI: The 14th Five-Year Plan called for a gradual extension of the retirement age as part of the government’s plan to deal with China’s demograp...

sources

Xinhua: China will raise retirement age gradually: expert

March 15, 2021

Under a dark cloud

On Saturday night, the Tangshan municipal government called an emergency meeting to launch a crackdown on companies that have violated air pollution control measures. ICYMI: On Thursday, a team from the Ministry of Ecology and Environment (MEE) made a surprise visit to steel producers in Tangsh…

On Saturday night, the Tangshan municipal government called an emergency meeting to launch a crackdown on companies that have violated air pollution control measures.
ICYMI: On Thursday, a team from the Ministry of Ecology and Environment (MEE) made a surprise visit to steel producers in Tangsh...

sources

Tangshan Government: 唐山市全面落实重污染天气应急减排措施动真碰硬整治钢铁企业环境问题

SCMP: China’s steel city Tangshan vows to crack down on pollution after weeks of heavy smog

March 15, 2021

NPC signals legislative priorities in 2021

Last Tuesday, we told you that the National People’s Congress (NPC) announced a distinctly aggressive legislative agenda for 2021. The agenda listed 45 legislative projects up for deliberation, with another 20 projects being held “in reserve.” We’ve now got some more juicy details on what ex…

Last Tuesday, we told you that the National People’s Congress (NPC) announced a distinctly aggressive legislative agenda for 2021.

The agenda listed 45 legislative projects up for deliberation, with another 20 projects being held “in reserve.”

We’ve now got some more juicy details on what ex...

sources

Xinhua: 全国人民代表大会常务委员会工作报告(摘要)

March 15, 2021

PBoC announces FX trial for multinationals

On Friday, the People’s Bank of China announced the launch of a trial that will allow multinational corporations (MNCs) greater freedom to exchange currency. The details: Select firms will be allowed to purchase foreign currency whenever they like – within limits – and deposit it in the domesti…

On Friday, the People’s Bank of China announced the launch of a trial that will allow multinational corporations (MNCs) greater freedom to exchange currency.
The details: Select firms will be allowed to purchase foreign currency whenever they like – within limits – and deposit it in the domesti...

sources

PBoC: 中国人民银行国家外汇管理局进一步便利跨国公司跨境资金统筹使用

Economic Daily: 跨国公司本外币一体化资金池首批试点落地

March 15, 2021

Data dump – econ data

China’s stats bureau dropped the monthly econ data for the combined January-February period on Monday morning. The headlines: Retail sales jumped 33.8% y/y in the first two months of the year, up from 4.6% y/y growth in December. Fixed asset investment increased by 35.0% y/y in the January-February…

China’s stats bureau dropped the monthly econ data for the combined January-February period on Monday morning.
The headlines:

Retail sales jumped 33.8% y/y in the first two months of the year, up from 4.6% y/y growth in December.
Fixed asset investment increased by 35.0% y/y in the January-February...

sources

NBS: 2021年1—2月份社会消费品零售总额增长33.8%比2019年1-2月份增长6.4%

NBS: 2021年1—2月份全国固定资产投资（不含农户）增长35.0%比2019年1-2月份增长3.5%

NBS: 2021年1—2月份规模以上工业增加值增长35.1%比2019年1-2月份增长16.9%

March 12, 2021

Legislators legislate about legislature

On Thursday, the National People’s Congress (NPC) approved amendments to two laws and regulations governing its own functions. The NPC Organic Law outlines the legislature’s organizational structure and the functions of its various bodies. The NPC Rules of Procedure chart the procedure fo…

On Thursday, the National People’s Congress (NPC) approved amendments to two laws and regulations governing its own functions.

The NPC Organic Law outlines the legislature’s organizational structure and the functions of its various bodies.
The NPC Rules of Procedure chart the procedure fo...

sources

Gov.cn: 中华人民共和国全国人民代表大会组织法

NPC: 中华人民共和国全国人民代表大会议事规则

NPC Observer: 2021 NPC Session: Dissecting the Amendments to the NPC’s Two Governing Laws

March 12, 2021

Rigorously reviewing recent rural and regional development plans

Are you sick of reading about the 14th Five-Year Plan (FYP)? So are we, but there’s still more to unpack, so deal with it. Some of the FYP’s content doesn’t fit neatly into a sectoral heading, but that doesn’t mean it’s not important. One such example: The three sections – spanning 30 p…

Are you sick of reading about the 14th Five-Year Plan (FYP)?

So are we, but there’s still more to unpack, so deal with it.

Some of the FYP’s content doesn’t fit neatly into a sectoral heading, but that doesn’t mean it’s not important.
One such example: The three sections – spanning 30 p...

March 12, 2021

Premier Li ignores US criticisms

Speaking of thorny issues… In January, at the end of the Trump administration, Sino-US relations were at their lowest point since the establishment of ties in 1979. The new Biden administration presents the opportunity for a reset of sorts. That’s why next week’s meeting between the countries’ top …

Speaking of thorny issues…
In January, at the end of the Trump administration, Sino-US relations were at their lowest point since the establishment of ties in 1979.
The new Biden administration presents the opportunity for a reset of sorts.

That’s why next week’s meeting between the countries’ top ...

sources

Xinhua: China, U.S. top diplomats to meet in Alaska next week

SCMP: China should brace for ‘difficult’ issues during Alaska meeting, US says

Gov.cn: Premier Li Keqiang Meets the Press: Full Transcript of Questions and Answers

March 12, 2021

Boosting better baby making

Next up on our tour of intractable policy problems is China’s aging population. ICYMI: China is facing a demographic crisis. The population is aging rapidly and the birth rate is plummeting. The 14th Five-Year Plan (FYP) outlined steps to deal with this problem. The idea is to encourage people …

Next up on our tour of intractable policy problems is China’s aging population.
ICYMI: China is facing a demographic crisis. The population is aging rapidly and the birth rate is plummeting.
The 14th Five-Year Plan (FYP) outlined steps to deal with this problem.
The idea is to encourage people ...

sources

Bloomberg: China Plans New State Pension Firm as Population Ages

Economic Observer: 国务院总理李克强答记者问（全文实录）

March 12, 2021

Don’t call it a comeback…because it isn’t

As we continue our policy safari through the 14th Five-Year Plan (FYP), we’re pausing to see what the document had to say about some of China’s thorniest structural issues. First up, boosting consumption. Some context: Encouraging people to spend more is a key prerequisite for full economic rec…

As we continue our policy safari through the 14th Five-Year Plan (FYP), we’re pausing to see what the document had to say about some of China’s thorniest structural issues.
First up, boosting consumption.
Some context: Encouraging people to spend more is a key prerequisite for full economic rec...

March 12, 2021

Passing gas through a bottleneck

On Thursday, the Ministry of Industry and Information Technology (MIIT) held a closed-door meeting to solve the bottleneck issues restricting the development of the industrial gases industry. We know, it’s our favorite subject too! Some context: Since 2013, policymakers have been signaling they…

On Thursday, the Ministry of Industry and Information Technology (MIIT) held a closed-door meeting to solve the bottleneck issues restricting the development of the industrial gases industry.
We know, it’s our favorite subject too!
Some context: Since 2013, policymakers have been signaling they...

sources

Sina: 多部委召开闭门协调会着手解决工业气体“卡脖子”难题

Shanghai Securities News: 这些公司机会来了！多部委召开闭门协调会，着手解决工业气体“卡脖子”难题

Zheshang Securities: 半导体材料专题报告：电子气体投资宝典

March 11, 2021

Muzzling the wolf pack

On Friday, He Yiting, former executive vice-president of the Central Party School called on officials to rein in excessive nationalism during a meeting with the Chongqing delegation to the Two Sessions. A little about He: He is a senior Party bigwig with close ties to Xi Jinping. He has s…

On Friday, He Yiting, former executive vice-president of the Central Party School called on officials to rein in excessive nationalism during a meeting with the Chongqing delegation to the Two Sessions.
A little about He: He is a senior Party bigwig with close ties to Xi Jinping.

He has s...

sources

SCMP: China must watch for signs of rising nationalism spurred by tensions with the West, warns former top official

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