Hi everyone. I’m Stephanie LI.
大家好，我是主持人李莹亮。
重点提要
-China makes detailed arrangement on VAT refunds, vowing to return 1.5 trillion yuan to stabilise the economy;
-China includes coronavirus antigen detection reagents and tests into health insurance.
中国经济要闻
China will implement value-added tax (VAT) credit refund on a large scale to provide strong underpinnings for keeping the operations of market entities stable and maintaining job security, as part of effort to sustain stable macroeconomic performance, the State Council's Executive Meeting chaired by Premier Li Keqiang decided on Monday.
The VAT credit refund this year is worth around 1.5 trillion yuan. This is a relief measure that can support businesses directly and efficiently. It is also a reform that helps cultivate sources of tax revenue and meaningfully refine the VAT system.
The meeting decided to refund VAT credits to micro and small enterprises and self-employed households as general VAT payers across all sectors, worth around 1 trillion yuan. Outstanding VAT credits will be refunded in one lump sum by the end of June. Newly added credits will be fully refunded on a monthly basis starting on April 1.
Outstanding VAT credits of enterprises in manufacturing, research and technical services, electricity, heating, gas and water production and supply, software and information technology services, ecological conservation and environmental governance, and transportation, storage and postal services will be fully refunded.
The refunding process for these will start on July 1 and be completed by the end of the year. Newly added credits will also be fully refunded on a monthly basis starting on April 1.
On top of paying 50 percent of the tax refunds under the current tax system, the central government will earmark 1.2 trillion yuan of transfer payments to set up three special funds, to support localities in implementing the VAT credit refunds and tax and fee cuts, and ensuring employment and basic living needs.
3月21日，国务院常务会议确定实施大规模增值税留抵退税的政策安排，为稳定宏观经济大盘提供强力支撑；部署综合施策稳定市场预期，保持资本市场平稳健康发展。
会议指出，针对国内外形势新变化，稳定经济运行的政策要抓紧实施。今年留抵退税约1.5万亿元，这是坚持“两个毫不动摇”、对各类市场主体直接高效的纾困措施，是稳增长稳市场主体保就业的关键举措，也是涵养税源、大力改进增值税制度的改革。
此次国常会决定，一是对所有行业小微企业、按一般计税方式纳税的个体工商户退税近1万亿元。其中，存量留抵税额6月底前全额退还，增量4月1日起按月全额退还。
二是对制造业、科学研究和技术服务业、电力热力燃气及水生产和供应业、软件和信息技术服务业、生态保护和环境治理业、交通运输仓储和邮政业等6个行业企业的存量留抵税额，7月1日起办理全额退还，年底前完成；增量4月1日起按月全额退还。
中央财政在按现行税制负担50%退税资金基础上，再安排1.2万亿元转移支付资金，支持基层落实退税减税降费和保就业保基本民生等。新增留抵退税地方负担部分中央财政补助平均超过82%。
China moves to temporarily include coronavirus antigen detection reagents and relevant tests into the country's provincial health insurance system. The National Healthcare Security Administration issued a notice on Monday, saying that related expenses made at specific local medical institutions should be paid according to the region's existing health insurance regulations, and individuals can pay for antigen detection reagents at pharmacy stores through their health insurance personal accounts.
新冠抗原检测临时性纳入医保：为进一步加强新冠肺炎疫情防控医疗保障工作，国家医保局办公室3月21日印发《关于切实做好当前疫情防控医疗保障工作的通知》，明确参保人在定点基层医疗机构发生的相关费用按统筹地区现行规定支付，在定点零售药店购买新冠病毒抗原检测试剂的费用，可使用个人账户支付。
产经消息及公司新闻
China Eastern Airlines is grounding its entire Boeing 737-800 fleet after one carrying 132 people crashed in South China's Guangxi on Monday, according to the Civil Aviation Administration of China. The plane was en route to Guangzhou from Kunming. The crash ended China’s civil aviation safety record of more than 4000 days.
东航停飞全部737-800客机：3月21日14时38分许，东方航空公司MU5735航班执行云南昆明至广东广州任务时，在广西梧州市上空失联并坠毁。据悉，失事飞机机型为B737－800，于2015年6月22日交付东航云南分公司，机龄6.8年。目前东航已将该公司所有B737－800执飞航班的飞机全部控制在地面，空中航班落地后将不再执行航班。
Chinese e-commerce giant Alibaba Group Holding said on Tuesday it upsized its share buyback program to $25 billion from $15 billion, the second time in the past year. Alibaba’s Hong Kong-traded shares jumped 11 percent today.
阿里加码回购至250亿美元：3月22日，阿里巴巴宣布将股份回购计划规模由150亿美元扩大至250亿美元，回购将持续至2024年3月底，此举创下中概股回购规模纪录。阿里巴巴港股大涨，今天收盘涨11.2%，报110.2港元。
Chinese e-commerce platform Pinduoduo on Monday reported a quarterly revenue that missed estimates, as sales for the December quarter inched 3 percent higher to 27.2 billion yuan, which fell short of the expected 30 billion yuan and represents by far the slowest rate of growth since the company went public in 2018. It swung to net income of 6.6 billion yuan from a loss previously.
拼多多四季度收入增速低于预期：3月21日美股盘前，拼多多发布2021年四季报及全年业绩，四季度营收同比增长2.57%，至272.31亿元，创下上市以来季度收入增速的新低。该业绩低于市场预期301亿元。利润则录得历史新高，四季度，拼多多净利润66.2亿元。
Sinopharm reported on Monday a net profit rise of nearly 8 percent to 7.7 billion yuan last year and it proposed a final dividend of 0.75 yuan per share, up 8.6 percent from a year ago. The revenue of the Chinese drugmaker and distributor last year amounted to 521 billion yuan, an increase of 14.2 percent from an earlier year.
国药股份去年营收超5200亿：3月21日，国药控股在港交所发布2021年年度业绩公告，集团2021年实现归母净利润人民币77.59亿元，同比增长7.95%，2021年营业收入人民币5210.51亿元，同比增长14.16%。
Meheco, the China distributor for US pharma giant Pfizer’s new Covid-19 oral antiviral drug, said that the first batch of imported medicines had cleared customs and was on its way to the frontline in northeastern China. Share price of Meheco has more than doubled in value since the firm signed the marketing deal with Pfizer on March 9.
辉瑞口服药运往抗疫一线：3月20日，满载新冠病毒治疗药物奈玛特韦片/利托那韦片组合包装（Paxlovid）的运输专车送往抗疫前线。3月9日，中国医药宣布获辉瑞新冠药在中国大陆的商业运营权，至今A股股价已翻倍。今天中国医药股价收跌4.35%，报35元。
Volkswagen has agreed to set up joint ventures with Huayou Cobalt and Tsingshan Holding Group to secure supplies of cobalt and nickel for its electric vehicles in China, media reported on Monday. The three will also strengthen cooperation in battery materials innovation.
大众与华友、青山达成合作意愿：3月21日，新能源汽车产业链三大巨头——大众汽车、华友钴业、青山控股签署两份战略合作谅解备忘录，以确保原材料供应，实现透明、可持续的供应链，同时加强在前驱体、正极材料等全产业链的技术创新协同。大众汽车方面表示，此次合作将有助于实现大众汽车电池成本降低30%至50%的长期目标。
最后来看股市收盘情况
Chinese stocks closed mixed on Tuesday with the benchmark Shanghai Composite edged up 0.19 percent, while the Shenzhen Component retreated 0.49 percent. The Hang Seng Index climbed a record-breaking gain of 3.15 percent as the TECH index closed 5.37 percent higher.
周二A股涨跌互现，截至收盘，沪指收涨0.19%，深成指跌0.49%，创业板指跌1.39%。两市超2600只个股下跌。恒指收涨3.15%，创逾两周收盘高位。恒生科技指数涨5.37%。科技股强势，阿里巴巴涨逾11%，领涨蓝筹。
Biz Word of the Day
财经词汇划重点
A buyback, also known as a share repurchase, is when a company buys its own outstanding shares to reduce the number of shares available on the open market. Companies buy back shares for a number of reasons, such as to increase the value of remaining shares available by reducing the supply or to prevent other shareholders from taking a controlling stake.
股份回购是指公司按一定的程序购回发行或流通在外的本公司股份的行为，是通过大规模买回本公司发行在外的股份来改变资本结构的防御方法，也是目标公司或其董事、监事回购目标公司的股份。
