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Macro

October 14, 2020

Semper Xi

Prior to stopping off in Shenzhen, on Tuesday, Xi Jinping continued his tour of Guangdong province, paying a visit to a military base in Chaozhou where he addressed members of China’s Marine Corps. Xi told the troops to be ready for combat (CGTN): “He told the troops that they should fully focus on… Username Password… Read More »

“He told the troops that they should fully focus on...

sources

Xinhua: Xi Focus: Xi inspects Marine Corps, urges building elite troop

CGTN: China to build elite Marine Corps amid COVID-19

SCMP: Xi Jinping tells marines to focus on ‘preparing to go to war’ in military base visit during southern China tour

October 14, 2020

Repurposing SPBs

In recent weeks, local governments have been furiously reallocating funds raised from special purpose bonds (SPBs) toward shovel-ready projects. Some context:When Beijing started handing out SPB quotas to local governments earlier this year, a lot of local authorities jumped the gun, raising funds f…

In recent weeks, local governments have been furiously reallocating funds raised from special purpose bonds (SPBs) toward shovel-ready projects.
Some context:When Beijing started handing out SPB quotas to local governments earlier this year, a lot of local authorities jumped the gun, raising funds f...

sources

Yicai: 专项债资金趴在账上，多地密集调整项目要将钱“花出去”

October 14, 2020

Xi’s ten commandments for Shenzhen

On Wednesday morning, Xi Jinping delivered a speech at a ceremony marking the 40th anniversary of the Shenzhen Special Economic Zone. Some context: Shenzhen began piloting economic reform policies in 1980. The pilots brought rapid economic growth and built a robust manufacturing and tech sector. Xi …

On Wednesday morning, Xi Jinping delivered a speech at a ceremony marking the 40th anniversary of the Shenzhen Special Economic Zone.
Some context: Shenzhen began piloting economic reform policies in 1980. The pilots brought rapid economic growth and built a robust manufacturing and tech sector.
Xi ...

sources

Xinhua: 习近平：在深圳经济特区建立40周年庆祝大会上的讲话

October 13, 2020

COVID infections detected in Qingdao hospital

It was bound to happen sooner or later… On Sunday, three asymptomatic cases of COVID-19 were identified in Qingdao, all of which were linked to a local hospital. Two of these asymptomatic cases developed into confirmed, symptomatic cases on October 12. And that’s not all. As of today: Nine additi…

It was bound to happen sooner or later…
On Sunday, three asymptomatic cases of COVID-19 were identified in Qingdao, all of which were linked to a local hospital.

Two of these asymptomatic cases developed into confirmed, symptomatic cases on October 12.

And that’s not all. As of today:

Nine additi...

sources

Qingdao Municipal Health Commission: 青岛市卫生健康委员会监测情况通报

Caixin: 青岛新增核酸检测阳性9人其中4例为确诊病例

The Paper: 多地疾控部门发布提示：近期如非必要不要前往青岛

Yicai: 张文宏：青岛可以通过扩大检测来获得“动态清零”

October 13, 2020

Li Keqiang is staying positive

On Monday, Premier Li Keqiang held a symposium on the economy. In attendance were Li’s State Council colleagues and the governors of Liaoning, Jiangsu, Fujian, Jiangxi, and Shaanxi who attended via video link. Some context: Li holds biannual group meetings with provincial governors to talk about the…

On Monday, Premier Li Keqiang held a symposium on the economy.
In attendance were Li’s State Council colleagues and the governors of Liaoning, Jiangsu, Fujian, Jiangxi, and Shaanxi who attended via video link.
Some context: Li holds biannual group meetings with provincial governors to talk about the...

sources

Gov.cn: Premier Li stresses steady economic recovery, fulfilling tasks for 2020

Xinhua: 李克强主持召开经济形势部分地方政府主要负责人视频座谈会时强调巩固经济稳定恢复增长态势确保完成全年发展目标任务韩正出席

October 13, 2020

Shenzhen gets experimental

On Sunday, the CCP Central Committee and the State Council jointly released a new implementation plan outlining experimental reforms to be rolled out in Shenzhen between 2020 and 2025. Some context: The State Council designated Shenzhen as a socialist demonstration pilot area in August 2019. Sunday…

On Sunday, the CCP Central Committee and the State Council jointly released a new implementation plan outlining experimental reforms to be rolled out in Shenzhen between 2020 and 2025.
Some context: The State Council designated Shenzhen as a socialist demonstration pilot area in August 2019.

Sunday...

sources

Gov.cn: 中共中央办公厅国务院办公厅印发《深圳建设中国特色社会主义先行示范区综合改革试点实施方案（2020－2025年）》

Xinhua: China unveils plan to pilot reforms in Shenzhen on building socialist demonstration area

SCMP: China showers policy incentives on Shenzhen as Xi pushes to create model city

October 13, 2020

Journey to the South

Aaaaand he’s off! On Monday, Xi Jinping began his highly anticipated inspection tour of Guangdong province. Why it’s a big deal: Xi’s visit corresponds with the 40th anniversary of Shenzhen’s establishment as a special economic zone. And given that it comes just ahead of the Party’s fifth plen…

Aaaaand he’s off!
On Monday, Xi Jinping began his highly anticipated inspection tour of Guangdong province.
Why it’s a big deal: Xi’s visit corresponds with the 40th anniversary of Shenzhen’s establishment as a special economic zone.

And given that it comes just ahead of the Party’s fifth plen...

sources

Xinhua: Xi Focus: Xi stresses independent innovation during Guangdong inspection

Xinhua: Xi Focus: Xi inspects southern China’s Guangdong Province

SCMP: Chinese President Xi Jinping starts southern tour with call to have confidence in future

October 13, 2020

Data dump – trade

On Tuesday, China’s General Administration of Customs released trade data for September. The headlines: China’s exports increased by 9.9% y/y in dollar terms, up slightly from 9.5% y/y growth in August, and broadly in line with expectations. China’s imports rose by 13.2% y/y in dollar terms, compar…

On Tuesday, China’s General Administration of Customs released trade data for September.
The headlines:

China’s exports increased by 9.9% y/y in dollar terms, up slightly from 9.5% y/y growth in August, and broadly in line with expectations.
China’s imports rose by 13.2% y/y in dollar terms, compar...

sources

Reuters: China’s imports, exports surge as global economy reopens

Bloomberg: China’s Exports Gain, Imports Surge in September Amid Reopenings

October 13, 2020

Party rules is in the house tonight

Yesterday, the CCP Central Committee released a set of regulations regarding its work procedures that called for increased compliance from subordinate organs and local governments. You are as excited as we are, we can just tell! Some context: The Politburo approved the regulations at its monthly m…

Yesterday, the CCP Central Committee released a set of regulations regarding its work procedures that called for increased compliance from subordinate organs and local governments.

You are as excited as we are, we can just tell!

Some context: The Politburo approved the regulations at its monthly m...

sources

Xinhua: 中共中央印发《中国共产党中央委员会工作条例》

September 30, 2020

Evergrande signs supplementary agreements with investors

Finally, after a tough few days — some good news from Evergrande. On Tuesday, Evergrande announced that it has come to an agreement with investors that will eliminate its January repayment deadline. Some context:Over the last three years, Evergrande has raised RMB 130 billion from strategic investor…

Finally, after a tough few days — some good news from Evergrande.
On Tuesday, Evergrande announced that it has come to an agreement with investors that will eliminate its January repayment deadline.
Some context:Over the last three years, Evergrande has raised RMB 130 billion from strategic investor...

sources

Caixin: China Evergrande Avoids $19 Billion Payback to Strategic Investors

Caixin: 恒大如期回A存疑再修协议多数战投同意不要求回购

Yicai: 恒大863亿战投转为普通股，资金燃眉之急暂缓

Nikkei: China Evergrande reaches debt deal to relieve deadline pressure

September 30, 2020

A few new views on macropru

On Tuesday, Pan Gongsheng, the head of the State Administration of Foreign Exchange and a central bank deputy governor, published a very long piece on macroprudential regulation in Caixin. But while the piecewas long, it was short on the kind of substantive detail that gets those of us here at Chin…

On Tuesday, Pan Gongsheng, the head of the State Administration of Foreign Exchange and a central bank deputy governor, published a very long piece on macroprudential regulation in Caixin.

But while the piecewas long, it was short on the kind of substantive detail that gets those of us here at Chin...

sources

Caixin: 潘功胜：宏观审慎政策国际经验与我国的探索实践

September 30, 2020

Ministry of Natural Resources tells departments to pay up

The Ministry of Natural Resources (MNR) has a message to its subordinate bureaus and agencies: Pay what you owe to small and medium-sized enterprises (SMEs). In a notice published on Tuesday, the MNR set forth guidelines on how its affiliated entities should contract work to SMEs. The notice was a…

The Ministry of Natural Resources (MNR) has a message to its subordinate bureaus and agencies:

Pay what you owe to small and medium-sized enterprises (SMEs).

In a notice published on Tuesday, the MNR set forth guidelines on how its affiliated entities should contract work to SMEs.
The notice was a...

sources

Gov.cn: 自然资源部办公厅关于落实《保障中小企业款项支付条例》进一步防范拖欠民营企业中小企业账款有关事项的通知

Hexun: 防拖欠民企账款!自然资源部:对新增欠款单位采取必要限制

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