New financial data rules just dropped from Beijing (CAC, PBOC, CSRC, etc.), and they explain exactly why the Chinese market is going dark. 👇
A breakdown of the new "Financial Information Service Data Classification & Grading Guide":
1/ Political Security is King: The highest tier ("core data") is explicitly reserved for data that impacts political security. Security > Economy.
2/ The "Important Data" Trap: Almost everything is now restricted. This doesn't just cover steel or EV tech—it includes food/beverage, retail, and hospitality across provinces. If it’s broad economic data, it’s classified.
3/ The Fallout: This explains exactly why firms like Bernstein are pulling out of Chinese consumer sector coverage. You can't analyze what you can't see/say.
The Bottom Line: Analyzing the Chinese market is about to get a lot more murky. As I said long ago: from now on, all news will be good news. 🤫