Politburo meeting, no announcement of Third Plenum; Li Shangfu missing from study session; Evergrande chairman under "control"; TikTok
Earlier today I published this week’s episode of the Sharp China podcast. From the show notes:
On today’s show Andrew and Bill begin with a correction to last week’s episode and the latest bizarre twist in the Qin Gang saga. Then: A closer look at the recent clashes between the PLA and the Philippines in the South China Sea, this week’s news at the Scarborough Shoal, the Filipino media strategy under President Marcos, and possible PRC responses as international attention intensifies. From there: Xi welcomes Syrian President Bashar al-Assad to Hangzhou, Syria praises the “counter-terrorism” efforts in Xinjiang, and new information indicates that Uyghur history scholar Rahile Dawut has been sentenced to life in prison. At the end: The rumors of Rahm’s Twitter demise were greatly exaggerated, exploring “Back to Bali” as momentum builds for increased US-China engagement, and the Panda farewell at the National Zoo yields a great Foreign Policy article, memories of a film set in 1994, and uncertainty about the future of Panda Diplomacy in the United States.
You can listen to the podcast here or in the Substack App.
Summary of today’s top items:
Politburo meeting - The Politburo held its monthly meeting, the focus was on the results of the recent round of CCDI inspections. The readout did not mention any dates for the Third Plenum. If past precedent holds for announcing the dates then the likely earliest date for the Plenum would be in November. But perhaps they will just announce it a few days ahead, as past precedent does not seem particularly binding in the Xi Era. I expect the lack of an announcement of dates for this meeting will lead to a new round of rumors that it has been “delayed” because of turmoil/disagreements etc. Perhaps, but I will be cautious about jumping to that conclusion.
Politburo Study Session on WTO reform and opening up - Gu Xueming 顾学明 from the Ministry of Commerce was the discussant. Only three of the five State Councillors were in attendance. Qin Gang and Defense Minister Li Shangfu were absent.
Evergrande restructuring in doubt as chairman placed under control -Bloomberg broke the news that Hui Ka Yan “has been placed under police control”. This follows news earlier this week that several other executives had been detained. I am not sure how this news can give confidence that Evergrande can avoid liquidation, and it will likely worry the heads of other struggling real estate firms.
PBoC Q3 meeting - A translation of the readout, I do not see any surprises - “The foreign exchange market is basically balanced in supply and demand, the current account surplus is stable, foreign exchange reserves are sufficient, the RMB exchange rate is two-way floating, expectations are stabilizing, and it remains basically stable at a reasonable and balanced level, playing the role of a macroeconomic stabilizer….The meeting pointed out that the current external environment is becoming more complex and severe, international economic trade and investment are slowing down, inflation remains high, and developed countries' interest rates will continue to remain high. The domestic economy continues to recover, rebound, and strengthen, but still faces challenges such as insufficient demand”
Inner Mongolia issues bonds to pay off debts owed to businesses - The $9 billion debt issuance may be related to the the State Council last week approving a "Special Action Plan for Clearing Arrears of Enterprises". The April Politburo meeting readout said that “Work must be done to ultimately address the issue of overdue payments to enterprises”. Six months later, it sounds like more work needs to be done.
More TikTok US issues - The Wall Street Journal reports some Bytedance executives are transferring from China to the US to work at TikTok, though my read of this news is that maybe more about retaining Bytedance executives by giving them an opportunity to leave China move to the US with their families. Forbes reports the TikTok and Bytedance employees can access the contact lists of high-profile celebrities and public figures using TikTok. But none of this will matter, it seems highly unlikely US government will materially harm TikTok before the 2024 election. The TikTok lobbyists are too plentiful and connected, and the campaigns too reliant on TikTok. Teflon TikTok?
Thanks for reading.
1. Politburo meeting
CPC leadership reviews disciplinary inspection report-Xinhua
The Political Bureau of the Communist Party of China (CPC) Central Committee convened a meeting on Wednesday to deliberate a report on the first round of disciplinary inspections launched by the 20th CPC Central Committee…
Practice has proven that disciplinary inspections are an effective method to identify and solve problems, and need to be carried out constantly and intensively, the meeting noted.
Results of the first round of disciplinary inspections showed that Party building and self-governance had been strengthened in the state-owned enterprises (SOEs), finance and sports sectors, but there remain some problems, the meeting said, noting that strict steps should be taken consistently.
The disciplinary inspections and follow-up actions to solve existing problems must serve as opportunities for strengthening the Party's overall leadership and helping SOEs perform their core functions better and improve their core competitiveness.
The meeting also stressed the need for greater efforts to ensure financial enterprises serve the real economy and national strategies in an improved manner.
It is crucial to ensure both development and security, stay prepared to deal with worst-case and extreme-case scenarios, and take effective measures to forestall and defuse major risks, the meeting noted.
Full translation - 中共中央政治局召开会议 审议《关于二十届中央第一轮巡视情况的综合报告》 中共中央总书记习近平主持会议-新华网
On September 27, the Political Bureau of the CPC Central Committee held a meeting to review the "Comprehensive Report on the First Round of Inspections of the 20th Central Committee." The meeting was chaired by Xi Jinping, the General Secretary of the CPC Central Committee.
中共中央政治局9月27日召开会议，审议《关于二十届中央第一轮巡视情况的综合报告》。中共中央总书记习近平主持会议。
The meeting emphasized that the Party Central Committee, with Comrade Xi Jinping at its core, attaches great importance to inspection work. The inspection is regarded as a strategic institutional arrangement for advancing the Party's self-revolution and strict governance. A series of significant decisions and deployments have been made. The first round of inspections of the 20th Central Committee adhered to innovation while maintaining correctness, promoting specific, precise, and normalized political supervision, sending a clear signal that strict governance of the Party and the Party's self-revolution are always ongoing. Practice has proven that inspection is an effective way to discover and address issues, and efforts should continue to be intensified.
会议认为，以习近平同志为核心的党中央高度重视巡视工作，把巡视作为推进党的自我革命、全面从严治党的战略性制度安排，作出一系列重大决策部署。二十届中央第一轮巡视坚持守正创新，推进政治监督具体化、精准化、常态化，释放了全面从严治党永远在路上、党的自我革命永远在路上的鲜明信号。实践证明，巡视是发现和推动解决问题的有效方式，要持续发力、纵深推进。
The meeting pointed out that based on the inspections, the Party's construction and strict governance in state-owned enterprises, finance, and sports sectors have been strengthened, achieving new results. However, some issues still exist. It's essential to maintain strict measures and atmosphere consistently. The inspected Party organizations, especially the main responsible comrades, should take responsibility seriously, strictly and practically implement rectifications, and combine inspection rectifications with the study and implementation of Xi Jinping Thought on Socialism with Chinese Characteristics For a New Era. They should deeply understand the decisive significance of the "two establishes" and resolutely uphold the "two safeguards."
会议指出，从巡视看，国有企业、金融、体育领域党的建设、全面从严治党得到加强，各项工作取得新成效，但也存在一些问题。要把严的基调、严的措施、严的氛围传导下去、一贯到底，督促被巡视党组织特别是主要负责同志切实担起责任，从严从实抓好整改，把巡视整改与学习贯彻习近平新时代中国特色社会主义思想主题教育结合起来，深刻领悟“两个确立”的决定性意义，坚决做到“两个维护”。
The meeting emphasized that, taking the inspection rectification as an opportunity, the Party's overall leadership should be further strengthened. The inspected Party organizations should elevate their political stance, conscientiously fulfill the responsibilities and missions entrusted by the Party Central Committee, continuously enhance the core functions and competitiveness of state-owned enterprises, solidify the essential material and political foundation of socialism with Chinese characteristics, increase the intensity of financial enterprises serving the real economy and national strategy, and promote high-quality development. It is crucial to coordinate development and security, establish bottom-line and extreme case thinking, take effective measures to prevent and resolve significant risks, and firmly guard the safety bottom line. Efforts should be made to promote the in-depth development of strict governance of the Party, emphasize the supervision of top leaders at all levels, intensify anti-corruption efforts in state-owned enterprises and the financial sector, deeply rectify the "four winds," deepen reforms prompted by cases, and comprehensively advance the initiatives to ensure officials don't dare to, can't, and don't want to be corrupt. It's essential to implement the Party's organizational line in the new era, strengthen the construction of leadership teams, cadre and talent teams, and grassroots Party organizations. The results of inspections should be utilized comprehensively to deepen reforms, improve systems, promote governance at the source, and ensure both symptoms and root causes are addressed.
会议强调，要以巡视整改为契机，进一步加强党的全面领导，督促被巡视党组织提高政治站位，认真履行党中央赋予的职责使命，不断增强国有企业核心功能和核心竞争力，夯实中国特色社会主义的重要物质基础和政治基础，加大金融企业服务实体经济和国家战略力度，推动高质量发展。要统筹发展和安全，树牢底线思维、极限思维，采取有力措施防范化解重大风险，牢牢守住安全底线。要推动全面从严治党向纵深发展，压紧压实党委（党组）书记第一责任人责任、领导班子成员“一岗双责”、纪检监察机构监督责任，突出加强对各级“一把手”的监督，加大国有企业、金融领域反腐败力度，深入纠治“四风”，深化以案促改、以案促治，一体推进不敢腐、不能腐、不想腐。要认真贯彻新时代党的组织路线，加强领导班子建设、干部人才队伍建设和基层党组织建设。要综合用好巡视成果，深化改革、完善制度，推进源头治理，促进标本兼治。
The meeting also discussed other matters.
会议还研究了其他事项。
2. Politburo Study Session on WTO reform and opening up
Xi stresses active participation in WTO reform, stronger ability for high-level opening-up-Xinhua
Xi made the remarks while presiding over a group study session of the Political Bureau of the CPC Central Committee on Wednesday.
Noting that the WTO is an important pillar of multilateralism and an important stage for global economic governance, Xi said it is a common consensus and a general trend to implement necessary reforms of the WTO.
He urged efforts to fully participate in WTO reform and adjustments of international economic and trade rules, while promoting deep-level reform and high-quality development with high-level opening-up.
Since its accession to the WTO more than 20 years ago, China has become the world's largest trader for goods and a major trading partner for over 140 countries and regions, contributing an average of nearly 30 percent to the world's annual economic growth, Xi said.
Historical changes have taken place in the relationship between China and the WTO, he said, noting that the country has gradually grown from a passive recipient of and an active adapter to international economic and trade rules, to an important participant in this field.
Facts have proven that China's decision to join the WTO has been a perfectly right one, as the accession has not only accelerated China's own development but also benefited the rest of the world, Xi said.
As for participation in the WTO reform, Xi called for firmly upholding the authority and efficacy of multilateral trading system with the WTO at the core, and actively promoting the restoration of the normal operation of the WTO dispute settlement mechanism.
He stressed the need to stick to the overall trend of economic globalization, champion free trade and true multilateralism, oppose unilateralism and protectionism, oppose politicizing, weaponizing and overstretching the concept of national security on economic and trade issues, and build an open world economy.
He also stressed improving the Chinese solutions in the country's extensive and in-depth participation in WTO reform while upholding the concept of a global community of shared future, as well as firmly protecting the legitimate interests of developing countries including China
CCTV Evening News on the Politburo Study Session - 习近平在中共中央政治局第八次集体学习时强调 积极参与世界贸易组织改革 提高驾驭高水平对外开放能力 An excerpt:
Xi Jinping emphasized that in participating in the reform of the World Trade Organization (WTO), it is essential to firmly uphold the authority and effectiveness of the multilateral trading system with the WTO at its core and actively promote the resumption of the normal operation of the WTO's dispute resolution mechanism. We must firmly stand on the right side of history, adhere to the general direction of economic globalization, clearly advocate free trade and genuine multilateralism, oppose unilateralism and protectionism, and oppose the politicization, weaponization, and over-securitization of economic and trade issues. We should promote the construction of an open world economy. Upholding the concept of a community with a shared future for mankind, we need to refine and perfect China's plan for comprehensive and in-depth participation in the reform of the WTO. We must resolutely defend the legitimate rights and interests of the vast number of developing countries, including China.
习近平强调，参与世界贸易组织改革，要坚定维护以世界贸易组织为核心的多边贸易体制权威性和有效性，积极推动恢复世界贸易组织争端解决机制正常运转。要坚定站在历史正确一边，坚持经济全球化大方向，旗帜鲜明主张自由贸易和真正的多边主义，反对单边主义、保护主义，反对将经贸问题政治化、武器化、泛安全化，推动建设开放型世界经济。要秉持人类命运共同体理念，完善细化全面深入参与世界贸易组织改革的中国方案。坚决维护包括我国在内的广大发展中国家的合法权益。
Xi Jinping pointed out that promoting reform and development through openness has been an essential strategy for China's continuous achievements in modernization. This year marks the 45th anniversary of the reform and opening-up. We need to continue to focus on our own reforms, both expanding the door to openness and ensuring the path of reform is steady. We should proactively align with high-standard international economic and trade rules, steadily expand institutional openness in rules, regulations, management, and standards, accelerate the creation of new highlands for external openness, build a new system for a higher-level open economy, and speed up the establishment of a new development pattern. We should actively create a first-class business environment that is market-oriented, rule-of-law-based, and internationalized. Taking the opportunities of joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement, we should further tap into the potential for imports, relax market access, promote in-depth development of multilateral and bilateral cooperation, and enhance the attractiveness to foreign investment. We need to accelerate the construction of a strong trading nation, upgrade goods trade, innovate in service trade, develop digital trade, and, with digitalization and greening as the direction, further enhance our position in international division of labor and advance to the mid-to-high end of the global value chain. At the same time, we must pay attention to safeguarding national economic security.
习近平指出，以开放促改革、促发展是我国现代化建设不断取得新成就的重要法宝。今年是改革开放45周年，要继续做好自身改革这篇大文章，既扩大开放之门，又将改革之路走稳。要更加主动对接高标准国际经贸规则，稳步扩大规则、规制、管理、标准等制度型开放，加快打造对外开放新高地，建设更高水平开放型经济新体制，加快构建新发展格局。要积极营造市场化、法治化、国际化一流营商环境，以推动加入《全面与进步跨太平洋伙伴关系协定》和《数字经济伙伴关系协定》为契机，进一步激发进口潜力、放宽市场准入、推动多边和双边合作深入发展，增强对外资的吸引力。要加快建设贸易强国，升级货物贸易，创新服务贸易，发展数字贸易，以数字化绿色化为方向，进一步提升国际分工地位，向全球价值链中高端迈进。同时，要注意维护国家经济安全。
The three State Councilors in attendance, Shen Yiqin, Wu Zhenglong and Wang Xiaohong:
3. Evergrande restructuring in doubt as chairman placed under control
Exclusive: China Evergrande Founder Placed Under Police Control - Bloomberg
Hui Ka Yan, the billionaire chairman of beleaguered property developer China Evergrande Group, has been placed under police control, according to people with knowledge of the matter.
Hui was taken away by Chinese police earlier this month and is being monitored at a designated location, the people said, asking not to be identified because the matter is private.
It’s not clear why Hui is under so-called residential surveillance, a type of police action that falls short of formal detention or arrest and doesn’t mean Hui will be charged with a crime. Still, the measure means he is unable to leave the location, meet or communicate with others without approval, based on China’s Criminal Procedure Law.
Evergrande chairman under police watch; liquidation risk mounts | Reuters
The company is "very likely to fail on debt restructuring, and with negative equity, Evergrande may go into bankruptcy, which includes bankruptcy reorganisation and bankruptcy liquidation," UOB Kay Hian wrote in a note on Wednesday.
As the developer's already sold but unfinished apartments will pose a risk to "social stability", there is a good chance that Evergrande will likely seek bankruptcy reorganisation, the brokerage said.
What's next for China Evergrande with its chairman Hui Ka Yan under police watch? | Reuters
Evergrande has been in the process of seeking its creditors' approval to restructure offshore debt worth $31.7 billion, which includes bonds, collateral, and repurchase obligations, amid weakening cash flows...
But a weekend announcement it could not issue new debt due to a regulatory investigation underway into one of its main Chinese units has thrown those plans into disarray.
China Investor Gloom on Property Reaches Record, Survey Finds - Bloomberg
The net share of respondents planning to cut their investment in domestic real estate over the next year rose to a record 31.7% in the third quarter of this year, according to the quarterly investor sentiment survey published by the Cheung Kong Graduate School of Business in Beijing.
Pessimism on property values appears to be one reason for caution, with the share of investors predicting that secondary-market prices will rise in first and second-tier cities over the next year falling to 47.6% — a record low since the survey began in 2018.
China Property Stocks Slide to Lowest Since 2011 as Rout Extends - Bloomberg
A Bloomberg Intelligence gauge of developer shares closed down 3.5% on Wednesday. The biggest drag was CIFI Holdings Group Co., which plunged 59% as trading resumed following months of suspension. The gauge is down more than a third for the year, compared with the 9% decline in the broader Hang Seng China Enterprises Index.
The selloff has now erased all of the sector’s gains since China’s reopening rally took off at the end of October. Investors are bracing for further troubles at some distressed builders after policy support failed to drive a sustainable recovery in home sales. While developers are counting on the Golden Week holiday to revive sales momentum, a stream of negative headlines on the sector’s distress may keep buyers away.
China Has Second Thoughts About Controlling Prices in Its Multi Trillion-Dollar Housing Market - WSJ
Economists generally have been sanguine about property-related risks to China’s financial system, in part because home buyers tend to make large down payments. That gives them extra cushion if home prices fall, unlike the U.S., which saw a wave of mortgage defaults during the financial crisis that weakened the banking sector.
The picture could change in China if prices fall a lot more, triggering fire sales and sending the market into a downward spiral, ANZ noted in a report published in September.
If property values drop 30% in China—as much as they fell in Tokyo and Hong Kong during past downturns, ANZ said—about 12% of the country’s $5.3 trillion mortgage book, or around $640 billion in mortgages, would have negative equity, meaning the properties would be worth less than their mortgages.
If prices drop by half, about 51% of mortgages would be underwater.
4. PBoC Q3 meeting
China's central bank to use 'precise, forceful' policy to bolster recovery | Reuters
China's central bank said on Wednesday it would step up policy adjustments and implement monetary policy in a "precise and forceful" manner to support an economy whose recovery was improving with "increasing momentum".
The People's Bank of China (PBOC) will keep liquidity reasonably ample and maintain stable credit expansion, the bank said in a statement after a quarterly meeting of its monetary policy committee
Readout of PBoC Third Quarter meeting - 央行：加大宏观政策调控力度，精准有力实施稳健的货币政策
The People's Bank of China's Monetary Policy Committee held its third quarterly meeting (the 102nd in total) for 2023 in Beijing on September 25th.
中国人民银行货币政策委员会2023年第三季度（总第102次）例会于9月25日在北京召开。
The meeting analyzed the domestic and international economic and financial situation. The conference believed that since the beginning of the year, macro policies have adhered to stability as the top priority and sought progress while maintaining stability. The prudent monetary policy has been precise and powerful, increasing counter-cyclical adjustments, comprehensively using policy tools such as interest rates and reserve requirements, effectively serving the real economy, effectively preventing and controlling financial risks, and creating a suitable monetary and financial environment for the economic recovery. The reform of the loan market quoted interest rate has achieved significant results, the deposit interest rate market adjustment mechanism has been effectively implemented, the efficiency of monetary policy transmission has been enhanced, and the social financing cost has significantly decreased. The foreign exchange market is basically balanced in supply and demand, the current account surplus is stable, foreign exchange reserves are sufficient, the RMB exchange rate is two-way floating, expectations are stabilizing, and it remains basically stable at a reasonable and balanced level, playing the role of a macroeconomic stabilizer.
会议分析了国内外经济金融形势。会议认为，今年以来宏观政策坚持稳字当头、稳中求进，稳健的货币政策精准有力，加大逆周期调节力度，综合运用利率、准备金等政策工具，切实服务实体经济，有效防控金融风险，为经济回升向好创造适宜的货币金融环境。贷款市场报价利率改革成效显著，存款利率市场化调整机制作用有效发挥，货币政策传导效率增强，社会融资成本明显下降。外汇市场供求基本平衡，经常账户顺差稳定，外汇储备充足，人民币汇率双向浮动、预期趋稳，在合理均衡水平上保持基本稳定，发挥了宏观经济稳定器功能。
The meeting pointed out that the current external environment is becoming more complex and severe, international economic trade and investment are slowing down, inflation remains high, and developed countries' interest rates will continue to remain high. The domestic economy continues to recover, rebound, and strengthen, but still faces challenges such as insufficient demand. It is necessary to continue to exert effort, seize the momentum, increase the intensity of macro-policy regulation, accurately and powerfully implement a prudent monetary policy, handle counter-cyclical and cross-cycle adjustments well, better play the dual function of the overall and structural monetary policy tools, focus on expanding domestic demand, boost confidence, accelerate the benign economic cycle, and provide stronger support for the real economy. Intensify the implementation of the already introduced monetary policies, maintain adequate liquidity, ensure reasonable growth and stable rhythm of credit, and ensure that the growth rates of money supply and social financing scale basically match the nominal economic growth rate.
Enhance the guiding role of government investment and policy incentives, effectively stimulate and inspire private investment. Promote a modest rise in prices and keep them at a reasonable level. Implement the increased re-lending and re-discount quotas well, continue to increase support for inclusive finance, green development, technological innovation, infrastructure construction, and other key areas and weak links in the national economy, and comprehensively support coordinated regional development.
Deepen financial supply-side structural reforms, guide major banks to focus their services more on grassroots levels, urge small and medium-sized banks to concentrate on their primary responsibilities and businesses, support banks in replenishing their capital, and jointly maintain the stable development of the financial market. Improve the market-based interest rate formation and transmission mechanism, leverage the guiding role of the central bank's policy interest rates, release the effectiveness of the loan market quoted interest rate reform and deposit interest rate market adjustment mechanism, and promote a steady reduction in the financing costs for enterprises and the credit costs for residents.
Deepen the reform of exchange rate marketization, guide enterprises and financial institutions to adhere to the "risk-neutral" concept, comprehensively implement measures, correct deviations, stabilize expectations, resolutely correct unilateral and pro-cyclical behaviors, resolutely prevent exchange rate overshooting risks, and keep the RMB exchange rate basically stable at a reasonable and balanced level. Construct a financial system that effectively supports the real economy, implement the action plan to increase support for financing of technology-based enterprises, guide financial institutions to increase medium and long-term loans to the manufacturing industry, and support the accelerated construction of a modern industrial system. Improve the green financial system with the goal of promoting carbon peaking and carbon neutrality.
Optimize bulk consumer goods and social service sector consumer financial services, and continue to increase financial support for enterprise job stabilization and expansion and key group entrepreneurship and employment.
Implement differentiated housing credit policies according to the city, support rigid and improved housing demand, implement the dynamic adjustment mechanism of the new first-home loan interest rate policy, reduce the down payment ratio and the lower limit of the second-home loan interest rate, promote the reduction of the stock of the first-home loan interest rate to take effect, increase financial support for "dual-use" public infrastructure construction, urban village renovation, and guaranteed housing construction, promote the establishment of a new model of real estate industry development, and promote the stable and healthy development of the real estate market.
Implement financial policy measures to promote the healthy development of the platform economy and promote the standardized, healthy, and sustainable development of platform enterprises. Effectively promote high-level two-way financial opening, improve the ability to manage and control risks in the open economy and finance.
会议指出，当前外部环境更趋复杂严峻，国际经济贸易投资放缓，通胀仍处高位，发达国家利率将持续保持高位。国内经济持续恢复、回升向好、动力增强，但仍面临需求不足等挑战。要持续用力、乘势而上，加大宏观政策调控力度，精准有力实施稳健的货币政策，搞好逆周期和跨周期调节，更好发挥货币政策工具的总量和结构双重功能，着力扩大内需、提振信心，加快经济良性循环，为实体经济提供更有力支持。加大已出台货币政策实施力度，保持流动性合理充裕，保持信贷合理增长、节奏平稳，保持货币供应量和社会融资规模增速同名义经济增速基本匹配。增强政府投资和政策激励的引导作用，有效带动激发民间投资。促进物价低位回升，保持物价在合理水平。落实好调增的再贷款再贴现额度，实施好存续结构性货币政策工具，继续加大对普惠金融、绿色发展、科技创新、基础设施建设等国民经济重点领域和薄弱环节的支持力度，综合施策支持区域协调发展。深化金融供给侧结构性改革，引导大银行服务重心下沉，推动中小银行聚焦主责主业，支持银行补充资本，共同维护金融市场的稳定发展。完善市场化利率形成和传导机制，发挥央行政策利率引导作用，释放贷款市场报价利率改革和存款利率市场化调整机制效能，推动企业融资和居民信贷成本稳中有降。深化汇率市场化改革，引导企业和金融机构坚持“风险中性”理念，综合施策、校正背离、稳定预期，坚决对单边、顺周期行为予以纠偏，坚决防范汇率超调风险，保持人民币汇率在合理均衡水平上的基本稳定。构建金融有效支持实体经济的体制机制，落实好加大力度支持科技型企业融资行动方案，引导金融机构增加制造业中长期贷款，支持加快建设现代化产业体系。以促进实现碳达峰、碳中和为目标完善绿色金融体系。优化大宗消费品和社会服务领域消费金融服务，继续加大对企业稳岗扩岗和重点群体创业就业的金融支持力度。因城施策精准实施差别化住房信贷政策，支持刚性和改善性住房需求，落实新发放首套房贷利率政策动态调整机制，调降首付比和二套房贷利率下限，推动降低存量首套房贷利率落地见效，加大对“平急两用”公共基础设施建设、城中村改造、保障性住房建设等金融支持力度，推动建立房地产业发展新模式，促进房地产市场平稳健康发展。落实促进平台经济健康发展的金融政策措施，推动平台企业规范健康持续发展。切实推进金融高水平双向开放，提高开放条件下经济金融管理能力和防控风险能力。
The meeting emphasized that it is necessary to take Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era as the guide, fully implement the spirit of the 20th National Congress of the Communist Party of China and the Central Economic Work Conference, adhere to the general tone of seeking progress while maintaining stability in accordance with the decision and deployment of the Party Central Committee and the State Council, firmly grasp the primary task of high-quality development, solidly promote Chinese-style modernization, comprehensively, accurately, and fully implement the new development concept, accelerate the construction of a new development pattern, and promote the effective improvement of economic quality and reasonable growth of quantity. Adhere to the "two unwaverings", fight a combination of macro-policy, expanding demand, reform and innovation, and risk prevention and resolution, combine the implementation of the strategy to expand domestic demand with deepening supply-side structural reform, combine the effectiveness of policy and the vitality of business entities, further strengthen inter-departmental policy coordination, fully play the effectiveness of monetary and credit policies, balance internal and external balance, and continuously promote the continuous improvement of economic operation, continuous enhancement of endogenous motivation, continuous improvement of social expectations, and continuous resolution of risk hidden dangers, and make a good start in building a socialist modern country in an all-round way.
会议强调，要以习近平新时代中国特色社会主义思想为指导，全面贯彻落实党的二十大和中央经济工作会议精神，按照党中央、国务院的决策部署，坚持稳中求进工作总基调，牢牢把握高质量发展首要任务，扎实推进中国式现代化，完整、准确、全面贯彻新发展理念，加快构建新发展格局，推动经济实现质的有效提升和量的合理增长。坚持“两个毫不动摇”，打好宏观政策、扩大需求、改革创新和防范化解风险组合拳，把实施扩大内需战略同深化供给侧结构性改革有机结合起来，把发挥政策效力和激发经营主体活力结合起来，进一步加强部门间政策协调，充分发挥货币信贷政策效能，兼顾好内部均衡和外部均衡，不断推动经济运行持续好转、内生动力持续增强、社会预期持续改善、风险隐患持续化解，为全面建设社会主义现代化国家开好局起好步。
The meeting was chaired by Pan Gongsheng, Governor of the People's Bank of China and Chairman of the Monetary Policy Committee. Members of the Monetary Policy Committee Liu Guoqiang, Zhang Qingsong, Li Yunze, Yi Huiman, Kang Yi, Tian Guoli, Liu Shijin, Cai Fang, and Wang Yiming attended the meeting. Xu Shouben, Li Chunlin, and Xu Hongcai took leave for official business. Responsible comrades from the Shanghai Headquarters of the People's Bank of China, Liaoning Branch, Hunan Branch, and Yunnan Branch attended the meeting
本次会议由中国人民银行行长兼货币政策委员会主席潘功胜主持，货币政策委员会委员刘国强、张青松、李云泽、易会满、康义、田国立、刘世锦、蔡昉、王一鸣出席会议。徐守本、李春临、许宏才因公务请假。中国人民银行上海总部、辽宁省分行、湖南省分行、云南省分行负责同志列席会议。
5. Inner Mongolia issues bonds to pay off debts owed to businesses
Caixin - China’s Inner Mongolia to Borrow $9 Billion to Pay Bills Owed to Businesses
The government of China’s Inner Mongolia autonomous region plans to issue 66.3 billion yuan ($9 billion) of refinancing bonds Oct. 9 to pay off debts owed to businesses, authorities said Monday.
It will be the first borrowing by a local government to make overdue payments to private businesses in response to a State Council directive Sept. 20. China’s cabinet ordered state-owned enterprises (SOEs) and provincial-level governments to pay their debts to businesses.
Refinancing bonds were originally used to pay off local government bonds. As part of a 2020 trial program to defuse local governments’ hidden debt risks, the use of refinancing bonds was expanded to cover such hidden debts. The borrowings are mostly concentrated in local government financing vehicles (LGFVs), which are state-owned companies set up to finance local government investment such as infrastructure projects like highways and bridges.
The Inner Mongolia bond issuance will represent an expansion of the program to include repayment of arrearages owed businesses.
Cailian on the Inner Mongolia debt issuance - 663.2亿定了！内蒙古打响化债第一枪，“一揽子地方债务化解方案”预期陆续落地
Previously, industry insiders indicated that this round of comprehensive debt consolidation plan would be different from the previous round, which aimed to alleviate the hidden debt in existing stock. Instead, it would primarily focus on repaying the statutory debts of local governments, including the hidden debts of urban development investment platforms and even overdue payments, such as those related to nucleic acid testing during the pandemic. This can be seen from the way Inner Mongolia is issuing bonds in this instance.
此轮发行再融资债券的清偿逻辑和此前一致。东方金诚首席分析师王青对财联社记者表示，内蒙古本次发行的三期再融资债应属于特殊再融资债券整体安排的一部分，预计假期后其他省份也会陆续开始发行，九月中旬央行降准释放流动性一定程度上可能也是为再融资债的发行准备流动性，此外低利率环境也将有助于地方债发行。
6. More TikTok US issues
TikTok Employees Say Executive Moves to U.S. Show China Parent’s Influence - WSJ
Since the start of the year, a string of high-level executives have transferred from ByteDance to TikTok, taking on some of the top jobs in the popular video-sharing app’s moneymaking operations. Some moved to the U.S. from ByteDance’s Beijing headquarters.
The ByteDance executives have taken on roles overseeing swaths of TikTok’s advertising business, human resources, monetization, business marketing and products related to advertising and e-commerce initiatives. Some have brought teams from Beijing.
The moves have concerned some U.S.-based TikTok employees, who have complained internally to high-level TikTok managers, according to current and former employees familiar with the discussions. The TikTok employees say they are worried that the appointments show ByteDance plays a greater role in TikTok’s operations than TikTok has disclosed publicly...
Some TikTok employees complained to managers after watching the congressional testimony of TikTok Chief Executive Officer Shou Zi Chew in March about the app’s ties to China. They said they felt Chew’s statements to Congress misrepresented TikTok’s relationship with ByteDance.
TikTok Has Exposed Celebrities, Politicians’ Closest Personal Contacts - Forbes
Beyonce. Ed Sheeran. Charli D'Amelio. The Bidens. Members of Congress. Abortion activists.
They’re just a handful of the high-profile celebrities and public figures whose closest contacts could be searched and scrutinized by nearly any TikTok or ByteDance employee around the world this year with few restrictions, according to people familiar with one of the company’s social graph tools and a trove of internal images, videos, audio and communications related to it that were obtained by Forbes.