POPULAR
PRODUCTS

Advance
Data
Series

Credit & Shadow
Finance
Monitor™

Manufacturing
Report

China
Commodities
Tracker™

Inflation
Tracker™

LATEST INSIGHTS

Leland Miller on U.S, China Trade Negotiations
Leland Miller discusses U.S, China trade negotiations.

@ChinaBeigeBook

"Chinese courts listed 831 local govts in default 1st 10 mos of 2019, vs 100 all of '18. Overdue payments grew >50% from 4.1B yuan to 6.9B & that does not take into acct the amt owed by LGFVs, >1K of which have been listed as defaulters over past 3yrs"

https://www.ft.com/content/36a1115a-002b-11ea-b7bc-f3fa4e77dd47

Right. And it also doesn't accord w/what medium & large firms are saying. Most interesting: a jump in co's reporting ⬆️ loans from "state-owned non-banks"

It's not that TSF =lying, it's just woefully behind the curve in tracking credit flows & where they're actually coming from

"Over-bidding in part reflects quirks in the way debt & equity are issued. But also reflects a surge in issuance—helped by an unusual embrace by policymakers. So far in '19, Chinese cos have issued a record $40B of convertibles, ⬆️80% YoY"

@KangHexin @FT

https://www.ft.com/content/4a524ca6-007f-11ea-b7bc-f3fa4e77dd47

Logo_CBB_mark_web

About Cbb

We Guide Your China Strategy

China Beige Book provides institutional investors and corporate decision-makers with market leading insights derived directly from our nationwide proprietary data on the Chinese economy.