Hi everyone. I’m Stephanie LI.
大家好，我是主持人李莹亮。
重点提要
-China signalled it would ease monetary policy as a State Council meeting vowed more efforts to stabilise economy;
-The central bank unveiled draft financial stability law in laying foundation to prevent systemic risks in China.
中国经济要闻
With the resurgence of COVID-19 outbreaks across China since March weighing on the outlook for economic growth, China on Wednesday called for more robust fiscal and monetary support and other measures to help affected businesses and stabilise economic operations.
According to the State Council’s executive meeting chaired by Premier Li Keqiang, the government should promptly introduce measures that are conducive to stabilising market expectations. While the economy is moving in a reasonable range, the complexity and uncertainty of domestic and foreign environments have intensified, some even exceeded expectations.
The government will study how to boost consumption and investment, and postpone the collection of pension payments for industries such as restaurants, retail, and tourism that are struggling, especially smaller companies. It will also provide payouts for unemployed and migrant workers as well as vocational training to get them back into the workforce.
Wednesday’s meeting required the agile and appropriate use of monetary policy tools, and better leveraging of their role in adjusting both the monetary aggregate and the monetary structure, in order to provide robust support to the real economy. There will also be an increase in relending programs for rural and small businesses.
Analysts believe that it sent a signal to loosen monetary policy, as the possibility of a cut in the interest rate on one-year policy loans and the reserve requirement ratio this month has increased.
Monetary policies being discussed at the meeting include providing financial support for consumption and effective investment, financial services for new urban residents, relending for technological innovation and universal pension schemes, as well as increasing medium- and long-term loans to manufacturers.
国常会释放重要信号，4月降准降息窗口或打开。
国务院总理李克强4月6日主持召开国务院常务会议，决定对特困行业实行阶段性缓缴养老保险费政策，加大失业保险支持稳岗和培训力度；部署适时运用货币政策工具，更加有效支持实体经济发展。
会议指出，我国经济运行总体保持在合理区间，但国内外环境复杂性不确定性有的超出预期。要贯彻党中央、国务院部署，统筹疫情防控和经济社会发展，抓紧落实中央经济工作会议精神和《政府工作报告》举措，有的可提前实施。把稳增长放在更加突出的位置，统筹稳增长、调结构、推改革，稳住宏观经济大盘。
会议指出，当前一些市场主体受到严重冲击，必须加大纾困和就业兜底等保障力度。一是对餐饮、零售、旅游、民航、公路水路铁路运输等特困行业，在二季度实施暂缓缴纳养老保险费，缓解这些行业特别是中小微企业、个体工商户资金压力。二是延续执行失业保险保障扩围政策，继续向参保失业人员、失业农民工发放补助。三是提高中小微企业失业保险稳岗返还比例，加大失业保险金对职业技能培训的支持。
最受市场关注的是，会议对下阶段的货币政策安排作出最新部署，其中一些新表述释放重要政策信号。会议指出，要适时灵活运用多种货币政策工具，更好发挥总量和结构双重功能，加大对实体经济的支持。不少分析人士认为，这意味着，4月新一轮降准或降息有望实施，甚至不排除降准降息双双落地的可能。
具体来说，一是加大稳健的货币政策实施力度，保持流动性合理充裕。增加支农支小再贷款，用市场化法治化办法促进金融机构向实体经济合理让利。二是研究采取金融支持消费和有效投资的举措，提升对新市民的金融服务水平，优化保障性住房金融服务，保障重点项目建设融资，推动制造业中长期贷款较快增长。三是设立科技创新和普惠养老两项专项再贷款，人民银行对贷款本金分别提供再贷款支持。
产经消息及公司新闻
JD.com said on Thursday Xu Lei, president of the Chinese e-commerce giant, has been appointed as the chief executive officer and will succeed Liu Qiangdong. Liu will retain his title as the board chairman and spend more time mentoring younger management and contributing to the revitalisation of rural areas, the company said.
刘强东卸任京东CEO：4月7日消息，京东集团宣布，总裁徐雷将接替刘强东，担任京东集团首席执行官。接下来，刘强东将继续担任董事会主席，并主抓这四件事：公司的长期战略设计、重大战略决策部署、年轻领军人才培养、乡村振兴事业。徐雷将负责日常运营管理，并向刘强东汇报。
Lenovo will invest 100 billion yuan in research and development over the next five years, Yang Yuanqing, chairman and CEO of the world’s largest maker of personal computers, said Wednesday. The company will double its R&D investment by the fiscal year 2024 and hire 12,000 R&D staff over the period, he added.
联想未来五年将投千亿研发：4月6日，联想集团董事长兼CEO杨元庆表示，未来五年，联想的研发总投入将会超过1000亿元人民币。按照规划，至2023/24财年结束，联想集团的研发投入将在20/21财年的基础上实现翻番；增加校园招聘人数，实现在3年内增加12000名研发人员的目标。
Kintor Pharma's stock price more than doubled on Wednesday, after the Suzhou-based pharmaceutical firm said in a statement that its oral medicine, Proxalutamide, reduces the risk of hospitalisation or death especially in those with high-risk factors and demonstrates significant reduction in COVID-19 viral load and improved coronavirus-related symptoms.
开拓公布新冠口服药三期数据： 4月6日，开拓药业发布公告，宣布新冠口服药普克鲁胺治疗轻中症非住院新冠患者III期临床试验关键数据。数据显示，普克鲁胺可有效降低住院/死亡率。6日，港股开拓药业开盘涨停，盘中一度涨230%。
Defaulted developer Kaisa Group on Tuesday unveiled a strategic agreement with China Merchants Shekou Industrial Zone Holdings Co. and China Great Wall Asset Management Co. to develop real estate, tourism and other businesses, becoming one of the few big private developers to avoid major liquidity issues.
招商蛇口、长城资产纾困佳兆业：为缓解资金流动性危机，4月5日，佳兆业集团控股有限公司发布公告，与招商蛇口工业区控股股份有限公司、中国长城资产管理股份有限公司签署战略合作协议，三方拟在城市更新、房地产开发、商业综合体经营等领域开展合作。
China’s cinema ticket sales over the three-day Qingming Festival plunged 86 percent to 112 million yuan from the same period last year, as more than half of the country’s movie theatres are shut due to the latest Covid-19 outbreak and also because of a lack of new releases, data from China Movie Database showed Wednesday. It’s the lowest figure in the past ten years with the exception of 2020.
清明档票房骤减86%：4月6日，据国家电影专资办数据统计，2022年清明档全国电影票房收入1.12亿元，同期下滑86%，除2020年同期因疫情停工，这一成绩是近十年来同档期票房最低值。据灯塔电影专业版统计，清明档总放映场次62.79万场，同比近乎腰斩；观影人次达342.02万人，仅为去年同期六分之一。
金融市场要闻
China has unveiled a draft law on financial stability, which is open for public opinions starting from Wednesday, the central bank said. The draft clarified the responsibilities of the mechanism for coordinating national financial stability and development, and also proposed to set up a guarantee fund for financial stability, the People’s Bank of China (PBOC) said.
央行发布金融稳定法草案征求意见稿：4月6日消息，中国人民银行等部门起草的金融稳定法（草案征求意见稿），即日起向社会公开征求意见。草案征求意见稿首次明确国家金融稳定发展统筹协调机制（国务院金融委）职责，提出建立处置资金池，并设立金融稳定保障基金。
China's foreign exchange reserves shrank $25.8 billion to $3.19 trillion at the end of March, a 0.8 percent drop from the end of February, according to the State Administration of Foreign Exchange (SAFE) on Thursday.
3月末外汇储备略减0.8%：4月7日，国家外汇管理局公布最新外汇储备规模数据。截至2022年3月末，我国外汇储备规模为31880亿美元，较2月末下降258亿美元，降幅为0.8%。
China's service trade maintained momentum in the first two months of this year, jumping 33.5 percent year on year to nearly 953.5 billion yuan, the Ministry of Commerce said on Wednesday. The growth of service trade exports outpaced import growth by 11.1 percentage points, bringing the service trade deficit down 57.6 percent to stand at 18.3 billion yuan.
1-2月服务贸易同比增33.5%：商务部4月6日公布，今年前两个月中国服务贸易继续保持较好增长态势，服务进出口总额为9534.8亿元人民币，同比增长33.5%。其中，服务出口增幅大于进口11.1个百分点，带动服务贸易逆差下降57.6%至183.1亿元，同比减少249.1亿元。
最后来看股市收盘情况
Chinese stocks closed lower on Thursday. The benchmark Shanghai Composite slid 1.42 percent, and the Shenzhen Component closed down 1.65 percent. Shares of cement and fertiliser manufacturers recorded gains, while real estate sector saw losses. The Hang Seng Index lost 1.23 percent as the TECH Index declined 2.48 percent.
周四A股集体收跌。截止收盘，沪指跌1.42%，深成指跌1.65%，创业板指跌2.1%。板块方面，水泥、煤炭、磷化工等板块涨幅居前，数字货币、房地产等板块跌幅居前。恒生指数收跌1.23%，恒生科技指数收跌2.48%。
Biz Word of the Day
财经词汇划重点
A trade deficit occurs when there is a negative balance in an international transaction account. Trade deficits can create substantial problems in the long run. The worst and most obvious problem is that trade deficits can facilitate a sort of economic colonization, reduce foreign exchange reserves and weaken the international competitiveness of commodities.
贸易逆差指各国家或地区在一定时期内的进口额大于出口额的现象。当一个国家出现贸易逆差时，大量的贸易逆差将使国内资源外流加剧，国外汇储备减少，其商品的国际竞争力削弱。
