string(13) "markets-macro"

Macro

March 1, 2021

Xi calls Macron

On Thursday, Xi Jinping rang up French President Emmanuel Macron. This may shock you, but Xi extolled the virtues of win-win cooperation between China and France (MoFA): “China and France should continue to champion multilateralism, and inspire global efforts to uphold equity and justice, coor… Username Password Remember Me Forgot Password

On Thursday, Xi Jinping rang up French President Emmanuel Macron.
This may shock you, but Xi extolled the virtues of win-win cooperation between China and France (MoFA):

“China and France should continue to champion multilateralism, and inspire global efforts to uphold equity and justice, coor...

sources

MoFA: Xi Jinping Speaks with French President Emmanuel Macron on the Phone

March 1, 2021

Making net gains

On Friday, the Politburo held a study session following the body’s monthly meeting (see previous entry). The topic: Building a better social security system. Hu Xiaoyi, chairman of the China Social Insurance Association (CSIA) and former vice minister of human resources and social security, ga…

On Friday, the Politburo held a study session following the body’s monthly meeting (see previous entry).
The topic: Building a better social security system.

Hu Xiaoyi, chairman of the China Social Insurance Association (CSIA) and former vice minister of human resources and social security, ga...

sources

Xinhua: 习近平在中共中央政治局第二十八次集体学习时强调完善覆盖全民的社会保障体系促进社会保障事业高质量发展可持续发展

March 1, 2021

Politburo calls for expanding domestic demand (again)

The Politburo held its monthly meeting on Friday. Top of the agenda: Reviewing the 14th Five-Year Plan (FYP) and this year’s government work report (GWR). Some context: Both the FYP and the GWR are set to be released during the Two Sessions, which kicks off on Thursday and will run for around 1…

The Politburo held its monthly meeting on Friday.
Top of the agenda: Reviewing the 14th Five-Year Plan (FYP) and this year’s government work report (GWR).
Some context: Both the FYP and the GWR are set to be released during the Two Sessions, which kicks off on Thursday and will run for around 1...

sources

CPC People: 中共中央政治局召开会议

February 26, 2021

The next growth engine

We expect agriculture and rural development policy to feature higher than usual on the priority list at this year’s Two Sessions. Why’s that? Beijing spent the past eight years on an anti-poverty campaign, one of “three tough battles” (along with environmental protection and eliminating financial r…

We expect agriculture and rural development policy to feature higher than usual on the priority list at this year’s Two Sessions.
Why’s that?

Beijing spent the past eight years on an anti-poverty campaign, one of “three tough battles” (along with environmental protection and eliminating financial r...

February 26, 2021

Environmental protection drive keeps going

We expect just about zero big surprises on the environmental protection front. Why’s that? Because Xi already did his big environmental protection reveal last fall. ICYMI: In a speech to the UN General Assembly on September 23, Xi announced that China will: Peak carbon emissions by 2030 A…

We expect just about zero big surprises on the environmental protection front.
Why’s that? Because Xi already did his big environmental protection reveal last fall.
ICYMI: In a speech to the UN General Assembly on September 23, Xi announced that China will:

Peak carbon emissions by 2030
A...

February 26, 2021

Innovation: easier said than done

We think this goes without saying, but innovation will be highlighted prominently in both the Government Work Report and the 14th Five-Year Plan (FYP). We know this because: Xi Jinping has repeatedly emphasized that China’s ability to innovate will determine its fate. The Party enshrined innovation…

We think this goes without saying, but innovation will be highlighted prominently in both the Government Work Report and the 14th Five-Year Plan (FYP).
We know this because:

Xi Jinping has repeatedly emphasized that China’s ability to innovate will determine its fate.
The Party enshrined innovation...

February 26, 2021

A path to common prosperity

Pay attention comrades! Xi Jinping is looking to put the Communist back in the Communist Party of China. What we’re talking about: In recent months, Xi Jinping has been talking a lot about the need to make progress on achieving “common prosperity.” Achieving common prosperity is a key component of …

Pay attention comrades!
Xi Jinping is looking to put the Communist back in the Communist Party of China.
What we’re talking about:

In recent months, Xi Jinping has been talking a lot about the need to make progress on achieving “common prosperity.”
Achieving common prosperity is a key component of ...

February 26, 2021

I demand you supply me with demand

Global trade is another top-of-mind concern for policymakers heading into the Two Sessions. Yesterday, we told you about a Ministry of Commerce (MofCom) presser where officials outlined key policy goals for 2021. These priorities are likely to reappear in the Government Work Report. ICYMI: Mo…

Global trade is another top-of-mind concern for policymakers heading into the Two Sessions.
Yesterday, we told you about a Ministry of Commerce (MofCom) presser where officials outlined key policy goals for 2021.

These priorities are likely to reappear in the Government Work Report.

ICYMI: Mo...

February 26, 2021

A cornucopia of financial reform

With so many financial regulators, bank chairmen, and fintech executives present during the Two Sessions, there’s always plenty of talk about the financial sector. We expect to hear: Tech executives telling journalists how much they support greater government oversight of fintech. Local officials s…

With so many financial regulators, bank chairmen, and fintech executives present during the Two Sessions, there’s always plenty of talk about the financial sector.
We expect to hear:

Tech executives telling journalists how much they support greater government oversight of fintech.
Local officials s...

February 26, 2021

Kicking up consumption

Another key macro-policy setting to watch in the Government Work Report will be any guidance that central authorities offer to support consumption. Some context: Consumer spending continues to be the laggard in the post-pandemic economic recovery. While heavy industry and manufacturing have sn…

Another key macro-policy setting to watch in the Government Work Report will be any guidance that central authorities offer to support consumption.
Some context: Consumer spending continues to be the laggard in the post-pandemic economic recovery.

While heavy industry and manufacturing have sn...

February 26, 2021

There’ll be no messing with monetary policy

If you’re looking for excitement from the Two Sessions – and frankly, who isn’t – you’re not going to find it in monetary policy. Some context: China’s financial regulators have been selling a pretty consistent message on that front for months now, and they’re not going to tweak it just to gene…

If you’re looking for excitement from the Two Sessions – and frankly, who isn’t – you’re not going to find it in monetary policy.
Some context: China’s financial regulators have been selling a pretty consistent message on that front for months now, and they’re not going to tweak it just to gene...

February 26, 2021

A negative fiscal impulse

On the short-term macro font, the most important policy setting to watch will be on the fiscal side. Some context: Over the past two years, China’s macro policymakers have leaned heavily on the fiscal lever to support growth. This has marked a sea change in macroeconomic management – as the tr…

On the short-term macro font, the most important policy setting to watch will be on the fiscal side.
Some context: Over the past two years, China’s macro policymakers have leaned heavily on the fiscal lever to support growth.

This has marked a sea change in macroeconomic management – as the tr...

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