Christophe Barraud🛢 Profile picture
Aug 3, 2018 11 tweets 4 min read Twitter logo Read on Twitter
🇨🇳Chinese officials are launching a new offensive to support growth:

1/ #China Says Regulators Will Work to Unclog Monetary Transmission - Bloomberg
*Official Link (Chinese):…
2/ #China's NDRC issues draft rules opening access to #oil, #gas infrastructure - Reuters
- China will encourage, support private investment in oil, gas pipelines infrastructure.
*Official Link (Chinese):…
3/ #China should encourage overseas companies to list A-shares and bring in more foreign investors, according to a front-page commentary in the China Securities Journal.
*Link (Chinese):
4/ #China cuts banks' risk weightings for debt-for-equity swaps: sources - Reuters…
🇨🇳 Chinese officials are very pragmatic and want to a avoid a hard landing by:
*Shifting from a selective monetary tightening policy to a selective easing one.
*Implementing a proactive and coordinated fiscal policy.
*Monetary measures (1):
a/ The PBoC ⬇ RRR 3 times this year and is expected to do it again in the coming mths.
*CSJ (Chinese):
b/ The PBoC plans to use its Medium-term Lending Facility to encourage bank loans and investment in lower-rated corporate debt.
*Monetary measures (2):
3/ China’s banks are being given instructions to boost lending by taking a softer stance on loan quotas.
4/ The PBoC let the yuan weaken against USD to its lowest since May 2017.
*Fiscal measures (1):
a/ More Cos will be eligible for the preferential policies of the additional deduction of R&D spending in taxable income, a policy expected to ⬇ another CNY65B of tax within this year on top of an initial goal of ⬇ taxes and fees by CNY1.1T this year.
*Fiscal measures (2):
b/ The government will focus on introducing deeper tax and non-tax fee cuts.
c/ Efforts will be stepped up in issuing the CNY1.35T of special bonds for local government to see more tangible progress on ongoing infrastructure projects.
*Fiscal measures (3):
d/ The government will ensure delivery of the state guaranty fund, targeting at CNY140B of loans for about 150K small and micro firms this year.
e/ Private invest. should be boosted by introducing projects in transport, gas, infrastructure and telcos.
*Fiscal measures (4):
f/ The resumption of public-private-partnership projects may also help private investment.
g/ Local governments will be pushed to make better use of untapped fiscal funds.

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More from @C_Barraud

Feb 25, 2018
#SPX #Stocks (1) | Private asset managers raised a record $748 billion globally last year, according to Preqin data compiled and published in Mckinsey’s 2018 Global Private Markets Review - Bloomberg
#SPX #Stocks (2) | Too Few Stocks Rebounding From Rout for Chart Gurus to Calm Down - Bloomberg -
#SPX #Stocks (3) | Money Managers Think the Worst Is Yet to Come for S&P 500 - Bloomberg -
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