
More recent developments

Beijing pushes financial sector to double down on manufacturing
Beijing wants the financial sector to support China’s industrial transformation. On Tuesday, seven government agencies published guidelines on increasing financial support for “New Industrialization.” ICYDK: “New Industrialization” refers to China’s use of innovation to increase industrial efficiency. The document was… Read More »

Provinces report reductions in hidden debt
Efforts to reduce hidden debt in various Chinese provinces are bearing fruit. Quick refresher: Hidden debt refers to off-balance-sheet government liabilities raised via local government financing vehicles (LGFVs) or other state-owned firms. Some context: In 2023, the Ministry of Finance… Read More »

Q2 survey data shows drop in consumer confidence even as spending remains robust
Consumers feel miserable about their employment and salary prospects. That’s our main takeaway from the central bank’s (PBoC) latest quarterly report on urban household confidence. Some context: Every quarter, the PBoC surveys households to gauge sentiment on current and future economic… Read More »