Hi everyone. I’m Stephanie LI.
大家好，我是主持人李莹亮。
Coming up on today’s program.
重点提要
-Local governments are to set prices for after-school classes;
-Hong Kong’s senior officials said Qianhai plan gives greater impetus to the city's economy;
-Top market regulator calls for stronger supervision on platform economy and sci-tech sector.
Here’s what you need to know about China in the past 24 hours
中国经济要闻
China is doubling down on its “double reduction” regulation.
The General Office of the Ministry of Education and other departments issued a notice on Tuesday that banned firms teaching school subjects from enrolling new students or collecting fees until they’re officially registered as non-profits by the end of 2021.
The edict was the latest in a stream of incremental regulations directed toward a once-thriving online education industry since July, when Beijing forbade after-school tutoring companies from making money off teaching compulsory curriculum.
Also, a notice has been announced to limit the two main costs of training institutions - staff salaries and publicity costs. Firms cannot charge additional fees, and the budget on advertising should be kept below 3 percent of revenue.
Local governments should establish benchmark fees and floating ranges and include them in pricing catalogs, according to the National Development and Reform Commission. Price increases from the standard level will be capped at 10 percent.
The regulations unveiled in July were the culmination of a months-long campaign to rein in the ad spending wars, rising price tags and cut-throat competition that plagued an industry estimated to be worth $100 billion. The growing cost of tuition, along with a relentless stream of ads that play on parents’ paranoia, fomented outrage over how the industry was enriching entrepreneurs and financiers while exacerbating social inequality.
Shares of education companies such as TAL Education, New Oriental and Gaotu, once stock market darlings, have all shed over 80 percent in the past months.
“双减”仍在持续加码。
9月7日，教育部办公厅等三部门印发通知，部署将义务教育阶段学科类校外培训机构统一登记为非营利性机构的相关工作，规定培训机构在完成登记前，暂停招生及收费行为。
值得注意的是，国家发改委等三部门近日印发了《关于加强义务教育阶段学科类校外培训收费监管的通知》，通知对培训机构两项主要成本——人员薪酬和宣传费进行了严格限制。其中规定，人员平均工资水平不得明显高于统计部门公布的当地教育行业城镇非私营单位就业人员平均工资。培训机构工资封顶，公办学校教师向校外机构流失的现象有望改善。
除此以外，义务教育阶段学科类校外培训机构不得在培训费外另行收取其他费用。培训费将依法实行政府指导价管理，由政府制定基准收费标准和浮动幅度，并按程序纳入地方定价目录。各地制定的浮动幅度，上浮不得超过10%，下浮可不限。
另外，通知规定宣传费按不超过学科类校外培训销售收入的3%据实核算，这几乎是目前在线教育公司营销费用占营收比重的零头。估值千亿美元的教育行业，其不断上涨的学费以及一掷千金的广告宣传，已被长期诟病是利用了家长的焦虑心态，加剧了社会不平等。而新东方、高途、好未来等曾被资本追逐的市场宠儿，如今“双减”之下股价也仅剩年初高位时的零头。
Greater Bay Area, Greater Future
新使命，大未来
Chief Executive of the HKSAR Carrie Lam said on Tuesday that the expansion of the Qianhai Shenzhen-Hong Kong Cooperation Zone as a modern service zone, will further reform and open up, and will definitely provide more opportunities for Hong Kong professional service providers in the future. She added that the HKSAR government will definitely take an active, progressive and proactive part in building the zone.
中共中央、国务院周一印发《全面深化前海深港现代服务业合作区改革开放方案》(前海方案)，香港特区行政长官林郑月娥7日出席行政会议前会见传媒时表示，整体而言，前海“扩区”会为香港经济提供更大的动力，往后定能为香港的专业服务提供者提供更多的机遇。林郑月娥表示，特区政府一定会很积极、进取、主动地参与这个前海建设方案。
Update on COVID-19
疫情简报
Hong Kong announced yesterday that it will allow Chinese mainland and Macao residents to enter the city without going through mandatory quarantine starting September 15, implementing a measure that had been delayed since May.
9月7日，香港特区政府行政长官林郑月娥宣布，将自9月15日起启动“来港易”计划，内地及澳门居民到香港可以免除强制检疫。
Next on industry and company news
产经消息及公司新闻
The State Administration for Market Regulation has called for strengthening supervision and law enforcement in key sectors like the platform economy, innovation in science and technology, information safety and livelihood protection to spur and protect fair competition, reinforce market order and safeguard market vitality, Zhang Gong, head of the administration, told a news conference on Monday.
9月6日，国家市场监督管理总局局长张工表示，为激发市场活力，规范市场秩序，市场监管总局将着力加强平台经济、科技创新、信息安全、民生保障等重点领域监管执法，强化反垄断和反不正当竞争监管。
Chinese ride-hailing service provider Cao Cao Mobility, owned by Geely Technology Group, announced on Monday that it raised 3.8 billion yuan in its Series B financing round from investors. This marked the first Chinese equity investment in the ride-hailing sector this year and the largest sum of funds in the sector from Chinese investors since 2020.
9月6日，曹操出行宣布完成B轮融资，金额达38亿元人民币。此轮融资不仅是今年以来网约车企业获得的首笔国内股权投资，也是自2020年以来国内网约车出行公司获得的最大额度单笔融资。
Switching gears to the financial sector
金融市场要闻
China's central bank will add 300 billion yuan of reloan quota in the next four months to support small and micro firms and self-employed businesses. China will prop up policy support for key areas and weak links, Pan Gongsheng, deputy governor of the People’s Bank of China said yesterday, adding that the bank will make good use of the reloan quota to support smaller businesses.
近日召开的国务院常务会议提出，今年再新增3000亿元支小再贷款额度，支持地方法人银行向小微企业和个体工商户发放贷款。中国人民银行副行长潘功胜7日表示，在结构性货币政策方面，人民银行将加大对重点领域和薄弱环节的政策支持，并将继续用好再贷款资金，引导银行更多地发放普惠小微信用贷款。
China is studying an expansion of the stock connect program linking the mainland and Hong Kong exchanges and improvements to the Shanghai-London stock connect program as a way of further opening the capital markets to foreign investors, Yi Huiman, chairman of the China Securities Regulatory Commission said Monday.
9月6日，证监会主席易会满在第60届WFE年会开幕式上致辞表示，正按照国家新一轮高水平对外开放的统一部署，研究推出进一步扩大开放的相关举措，包括继续拓宽沪深港通标的范围，并拓展和优化沪伦通制度。
Some major banks in Hong Kong will be ready to sell cross-border wealth management products (WMPs) in the Greater Bay Area in early October, media reported on Monday, indicating that the long-awaited program will likely launch soon.
9月6日据媒体报道，香港部分大型银行已就跨境理财通系统作最后测试，并随时可在10月初正式启用；金融监管部门短期内将公布跨境理财通的正式执行细则。
Wrapping up with a quick look at the stock market
最后来看股市收盘情况
Chinese stocks closed down on Wednesday. The Shanghai Composite Index slid 0.04 percent, at 3675 points. The Shenzhen Component Index closed 0.1 percent lower at 14688 points. And the Hang Seng Index edged down 0.12 percent to 26320 points.
周三A股股市集体收跌，截至收盘，沪指跌0.04%，报收3675点；深成指跌0.1%，报收14688点。港股恒生指数收跌0.12%，报收26320点。
Biz Word of the Day
财经词汇划重点
Series B Financing is the second round of funding for a company that has accomplished certain milestones in developing its business and is past the initial startup stage.
B轮融资即二轮融资，多意味着项目取得较大发展，需要推出新业务、拓展新领域。