Jörn Petring

Seit 2012 in China. Korrespondent für dpa, Wirtschaftswoche u. a. Infos: Kontakt per LinkedIn 👇

[Michael Pettis @michaelxpettis]

Where does Chinese EV and ICE production go?

[Michael Pettis @michaelxpettis]

1/5
Houze Song at MacroPolo says in this piece that Beijing will target 4.5% GDP growth in 2024. I hope he's right, because the lower the growth target they select, the healthier and more sustainable the growth is likely to be.

https://t.co/M8bNYxnOGc @MacroPoloChina

[Jörn Petring @joernpetring]

China’s three-legged race to fend off the 4 D’s of an economic apocalypse https://t.co/G5pTKLo2tz

[Michael Pettis @michaelxpettis]

SCMP writes that China's export "powerhouses" (Guangdong, Jiangsu, Zhejiang, Beijing, Shanghai, Shandong and Fujian, with a collective GDP equal to 46% of China's total), are being told they must drive overall Chinese GDP growth in 2024.

https://t.co/8xdXOVS3aS via @scmpnews

[Hao HONG 洪灝, CFA @HAOHONG_CFA]

China is set to use Pledged Supplemental Lending to support economy. This is a strong policy signal.

After we first wrote about this possibility more than two weeks ago, Bloomberg has published two news stories on this subject since then. But there are still misconception about this policy tool.

This is a quantity-based policy, a true QE measure, rather than the more traditional price-based policy tools such as rate cut. When the market failed to clear using prices, it’s called a market failure and it’s the Achilles heel of efficient market hypothesis.

At this juncture, there are signs of market failing to clear at both the physical and the financial real estate markets - household not borrowing despite record low rates and developers’ bonds are being priced as if they were already bankrupt. Liquidity traps and market failure are not signs of a rational market.

As such, the PBOC is here to directly move supply and demand, rather than using price signal to influence supply and demand. It’s more effective, and has worked in the past.

There are discussions about a “China QE”. But the Chinese banks owns 2/3 of China’s gov bonds and these banks are the policy extensions of the PBOC — effectively it is QE in Chinese style.

Chinese developers high-yield offshore bonds are staging a bounce at a level near last Oct’s low. It was the time when the PBOC deployed ¥800bn PSL to support the economy, and marked the low of this cycle.

[Michael Pettis @michaelxpettis]

1/6
Caixin: "The downward spiral of China’s ailing property sector shows no sign of abating despite the government’s rollout of a seemingly endless series of supportive but as yet ineffective measures, with the crisis stretching for over three years."

https://t.co/VvaWNYVCbw

[Michael Pettis @michaelxpettis]

1/2
According to China Daily, "China should consider a proactive GDP growth target of above 5 percent in 2024 to bring economic growth back to its potential level, anchor market expectations and further stabilize the job market, leading experts said."

https://t.co/RpyY6WBbDH

[Jörn Petring @joernpetring]

@chenweihua CNN: „Conditions in Gaza have deteriorated dangerously, experts say, with serious shortages of clean water and food as tens of thousands of Palestinians attempt to flee crippling airstrikes and an Israeli ground offensive.“ https://t.co/kOpPd3ij4Y

[Jörn Petring @joernpetring]

China Envoy Backs Aid to Gaza, Ceasefire With Egyptian Official https://t.co/pCVfl1gR7A

[Jörn Petring @joernpetring]

@TripInChina @TripInChina you forgot to provide a follow up: https://t.co/to6AVdNhBu

[Jörn Petring @joernpetring]

@TripInChina That's impressive. Let’s follow up with pictures from Apple Stores when they start selling the new iPhone 15 in the near future for comparison.

[Global Times @globaltimesnews]

China's first domestically built large-scale cruise ship, the Adora Magic City, which is also the world's first 5G cruiser, returned to Shanghai on Tuesday after completing a series of tests on its second trial voyage, according to https://t.co/sDapUoyhie.
https://t.co/AeSeUDNgw8

[Jörn Petring @joernpetring]

Hong Kong to ban Japanese seafood imports from 10 prefectures after country announces plan to release Fukushima waste water starting Thursday https://t.co/dQvTHBRWQI

[Jörn Petring @joernpetring]

@chenweihua Maybe Qin Gang is available

[Jörn Petring @joernpetring]

@chenweihua https://t.co/aUK270DIF0

[John Burn-Murdoch @jburnmurdoch]

As China announces that it will no longer be publishing youth unemployment data (because the rate is very high lol), a reminder that they have been steadily publishing fewer and fewer economic indicators in recent years as the data has become less rosy https://t.co/tdMDWhPeOA

[Jörn Petring @joernpetring]

@globaltimesnews „More importantly China has also surpassed the United States“… This is the Olympic spirit with Chinese characteristics.

[Jörn Petring @joernpetring]

@HuXijin_GT Provocative? Statement of US Northern Command: “Air and maritime assets under our commands conducted operations to assure the defense of the United States and Canada. The patrol remained in international waters and was not considered a threat.”

[Jörn Petring @joernpetring]

@globaltimesnews Where do they say highly provocative? Seems nobody really cares about it. “The White House didn't immediately respond to a request for comment. The Pentagon referred Fox News Digital to the U.S. Northern Command which also didn't immediately respond to a request for comment.”

[Jörn Petring @joernpetring]

@davidpgoldman How many Chinese firms hire artists to create frescos in classical style?