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Software

July 17, 2023

Be patient, have confidence

China’s economic weakness is a consequence of the pandemic, but things will look much better next year. That was the positive spin from central bank (PBoC) deputy governor Liu Guoqiang at a press conference Friday. According to Liu: “[Economic support] measures launched early on are having an effec… Username Password Remember Me Forgot… Read More »

“[Economic support] measures launched early on are having an effec...

sources

SCIO: 国新办举行2023年上半年金融统计数据情况新闻发布会图文实录

July 14, 2023

On Our Radar | Beach parties, stimulus, and export controls

The most important upcoming developments for policy and politics in China over the next month To download this piece as a PDF, click here. key developments politics Party leaders head to Beidaihe for summer break (early August) econ and finance Quarterly Politburo meeting on the economy (end July…

The most important upcoming developments for policy and politics in China over the next month
To download this piece as a PDF, click here.
key developments
politics

Party leaders head to Beidaihe for summer break (early August)

econ and finance

Quarterly Politburo meeting on the economy (end July...

July 14, 2023

Left hand ain’t talking to the right hand

China’s state pension is worried about local government debt and troubled developers. On Wednesday, Bloomberg reported that the National Council for Social Security Fund (NSSF) asked asset managers to sell holdings of bonds issued by riskier local government financing vehicles (LGFVs) and developers…

China’s state pension is worried about local government debt and troubled developers.
On Wednesday, Bloomberg reported that the National Council for Social Security Fund (NSSF) asked asset managers to sell holdings of bonds issued by riskier local government financing vehicles (LGFVs) and developers...

sources

Bloomberg: China’s $400 Billion Pension Sends New Warning on Debt Risks

China Great Wall Asset Management: 新华社：《长城资产拟引入四家战略投资者募资121亿元》

July 14, 2023

Cottoning off

China’s cotton markets are tied up in knots. Prices are on the rise: Futures prices for the fluffy white stuff are up 23% since January – and popped 2% on Wednesday alone (Sina Finance). One big factor: A scorching heat wave is forecast to hit Xinjiang in coming weeks – where around 90% of China’s… Read More »

China's cotton markets are tied up in knots.
Prices are on the rise: Futures prices for the fluffy white stuff are up 23% since January – and popped 2% on Wednesday alone (Sina Finance).
One big factor: A scorching heat wave is forecast to hit Xinjiang in coming weeks – where around 90% of China's ...

sources

Sina Finance: 棉花多头人气未散，开盘一度涨超2%，未来出口仍有望回升？

Sina Finance: 需求淡季郑棉现大幅拉涨沪胶短期调整接近尾声

Bloomberg: Heat Waves Forecast to Bake China's Already Smaller Cotton Crop

XPCC: 关于印发《新疆生产建设兵团2023—2025年棉花目标价格政策实施方案》的通知

July 14, 2023

CAPtains of industry

With summer power shortages looming again, regulators have stepped in to make sure that spot electricity prices don’t spiral and hurt industrial consumers – like they did last year. The latest: Officials slashed the ceiling on prices that provinces can charge each other for electricity in the spot…

With summer power shortages looming again, regulators have stepped in to make sure that spot electricity prices don't spiral and hurt industrial consumers – like they did last year.

The latest: Officials slashed the ceiling on prices that provinces can charge each other for electricity in the spot...

sources

The Paper: 省间电力现货价格上限下调七成，利好缺电省份迎峰度夏

July 14, 2023

Interim AI-generated content regs are out

And now, the regs we’ve all been waiting for… On Thursday, the cyberspace regulator (CAC) published interim rules on AI-generated content (AIGC) services. That includes tools like ChatGPT. The takeaway: Relief! The draft regs, released in April, contained crippling requirements for companies devel…

And now, the regs we’ve all been waiting for…
On Thursday, the cyberspace regulator (CAC) published interim rules on AI-generated content (AIGC) services.

That includes tools like ChatGPT.

The takeaway: Relief!
The draft regs, released in April, contained crippling requirements for companies devel...

sources

CAC: 生成式人工智能服务管理暂行办法

July 14, 2023

YOU do it

China has dodged another bullet in Europe. On Thursday, the German government published its long-awaited China strategy. The headline: De-risking decisions will largely be left to companies. The strategy outlines Berlin’s approach to China and identifies Beijing simultaneously as a “partner, compe…

China has dodged another bullet in Europe.
On Thursday, the German government published its long-awaited China strategy.

The headline: De-risking decisions will largely be left to companies.

The strategy outlines Berlin’s approach to China and identifies Beijing simultaneously as a “partner, compe...

sources

German Federal Foreign Office: Federal Government Strategy on China

July 14, 2023

Control yourself

Tuesday’s meeting of the Central Commission for Comprehensively Deepening Reform (CCCDR) marked a significant boon for renewable energy (even as officials clearly expressed concerns over how quickly renewables can ramp up as a proportion of the overall power mix). The CCCDR emphasized the need to: …

...

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Xinhua: 习近平主持召开中央全面深化改革委员会第二次会议强调建设更高水平开放型经济新体制推动能耗双控逐步转向碳排放双控

July 14, 2023

Too green for comfort

Decarbonization is a top priority, but not at the expense of energy security. Tuesday’s meeting of the Central Commission for Comprehensively Deepening Reform (CCCDR) reemphasized that all too familiar message. According to the meeting readout: “The reduction of traditional energy sources’ [such …

Decarbonization is a top priority, but not at the expense of energy security.

Tuesday’s meeting of the Central Commission for Comprehensively Deepening Reform (CCCDR) reemphasized that all too familiar message.

According to the meeting readout:

“The reduction of traditional energy sources’ [such ...

sources

Xinhua: 习近平主持召开中央全面深化改革委员会第二次会议强调建设更高水平开放型经济新体制推动能耗双控逐步转向碳排放双控

July 14, 2023

Hold the line

China must avoid unconventional monetary policy. That’s the gist of an academic paper published by China’s purportedly outgoing central bank (PBoC) Governor Yi Gang. The paper – “Monetary Policy Independence, Effectiveness, and Economic and Financial Stability” – was published in the June issue of E…

China must avoid unconventional monetary policy.
That’s the gist of an academic paper published by China’s purportedly outgoing central bank (PBoC) Governor Yi Gang.
The paper – "Monetary Policy Independence, Effectiveness, and Economic and Financial Stability" – was published in the June issue of E...

sources

The Paper: 易纲：未来我国潜在经济增速有望保持在合理区间，有条件尽量保持正常的货币政策

July 14, 2023

Mission Impossible 8: The Raimondo Hack

This summer blockbuster has everything! On Wednesday, WaPo reported that hackers based in China had breached Microsoft’s cloud systems and accessed the Outlook emails of US Commerce Secretary Gina Raimondo. It doesn’t currently appear that Raimondo was the direct target of the attack. 24 addition…

This summer blockbuster has everything!
On Wednesday, WaPo reported that hackers based in China had breached Microsoft's cloud systems and accessed the Outlook emails of US Commerce Secretary Gina Raimondo.

It doesn't currently appear that Raimondo was the direct target of the attack.
24 addition...

sources

MoFA: Foreign Ministry Spokesperson Wang Wenbin’s Regular Press Conference on July 12, 2023

WaPo: Chinese hackers breach email of Commerce Secretary Raimondo and State Department officials

Microsoft: Mitigation for China-Based Threat Actor Activity

July 14, 2023

Gearing up for going out

Beijing is making Pinduoduo the poster child of Chinese tech companies’ overseas ambitions. On Monday, Economic Daily, the official newspaper of the State Council, interviewed Pinduoduo co-CEO Zhao Jiazhen to talk about his vision for overseas expansion. The company has been killing it lately…

Beijing is making Pinduoduo the poster child of Chinese tech companies’ overseas ambitions.
On Monday, Economic Daily, the official newspaper of the State Council, interviewed Pinduoduo co-CEO Zhao Jiazhen to talk about his vision for overseas expansion.
The company has been killing it lately...

sources

Economic Daily: 为高质量发展增添更强驱动力

PingWest: Temu owner PDD Holdings sees surge in revenue and marketing expenses in Q4

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