Hi everyone. I’m Stephanie LI.
大家好，我是主持人李莹亮。
重点提要
-Premier Li rules out large-scale stimulus, while vowing to stay committed to high level opening-up;
-Didi Global was fined 8 billion yuan for breaking data security laws by Chinese regulator.
中国经济要闻
Chinese Premier Li Keqiang has ruled out the option of resorting to large-scale stimulus or excessive liquidity in pursuing an overly high target for economic growth this year.
Speaking during the World Economic Forum (WEF) Special Virtual Dialogue with Global Business Leaders on Tuesday evening, Li said that China can accept both a higher or lower economic growth rate, as long as it can maintain relatively sufficient employment and ensure household incomes grow and prices are stable.
On the state of the Chinese economy, Li noted that in the second quarter this year, under the impacts from a new round of COVID flare-ups and other factors beyond expectation, downward economic pressure rose steeply, and major indicators tumbled in April.
In response to the mounting downward pressure, Li said China has given greater priority to stabilizing growth, while refraining from adopting a deluge of stimulus policies or issuing excessive money supply.
While China's economy rebounded in June and major indicators have returned to positive territory, Li warned that the foundations of the recovery are not yet solid and more arduous efforts are required to stabilize economic fundamentals.
Li highlighted China's enormous potential as the world's largest developing country, as the country has over 160 million market entities and a hardworking and intelligent people. The premier vowed to keep macro policies consistent and targeted, and continue to focus efforts on helping market entities.
This year's bumper harvest of China's summer crops and a steady supply of coal have laid good foundations for the stability of commodity prices, he added.
Speaking to nearly 400 business executives from more than 50 countries, the premier pledged continuous strides in deepening high-level opening up and upholding free trade and fair trade, including steps to pursue multilateral and regional trade cooperation.
Continued efforts will be made to create a market-oriented, law-based and globalised business environment, and to guarantee foreign businesses legitimate and equal access to opening areas, Li added.
国务院总理李克强19日晚出席世界经济论坛全球企业家视频特别对话会，发表致辞并同企业家代表互动交流。世界经济论坛主席施瓦布主持，来自50多个国家的近400位企业家参加。
李克强在介绍中国经济形势时说，今年二季度，受新一轮疫情等超预期因素冲击，经济下行压力陡然加大，4月份主要指标深度下跌。我们果断应对、及时调控，把稳增长放在更加突出的位置，坚持不搞“大水漫灌”，推动原定政策靠前发力，推出和实施稳经济33条一揽子政策措施。5月份主要经济指标下滑势头放缓，6月份经济企稳回升。我们也清醒认识到，经济恢复的基础还不牢固，稳住经济大盘仍需付出艰苦努力。
李克强强调，中国作为世界最大发展中国家，发展潜力巨大。今年夏粮增产丰收、又创历史新高，秋粮生产势头良好，煤炭电力稳定供应，为国内物价平稳运行打下了基础，也有利于全球粮食能源市场稳定。中国有1.6亿多户市场主体，人民勤劳智慧，这是经济发展最大韧性和底气所在。我们将保持宏观政策连续性针对性，继续着力帮扶市场主体纾解困难，留住经济发展的“青山”。
他强调，宏观政策既精准有力又合理适度，不会为了过高增长目标而出台超大规模刺激措施、超发货币、预支未来。要坚持实事求是、尽力而为，争取全年经济发展达到较好水平。稳增长一揽子政策措施还有相当大发挥效能的空间，增值税留抵退税上半年已超过1.8万亿元，政策的持续实施将进一步扩大实际退税规模；地方政府专项债的实际使用，新出台的政策性、开发性金融工具的运用，将会形成有效投资更多实物工作量并拉动就业和消费。我们将坚持以改革添动力，深化“放管服”改革，更大激发市场活力和社会创造力。
李克强还指出，中国经济已深度融入世界，对外开放是中国的基本国策。我们将深化高水平对外开放，坚持自由贸易、公平贸易，推动多边和区域贸易合作两个“轮子”一起转。持续打造市场化法治化国际化营商环境，保障外企依法平等进入开放领域，在公平竞争中实现互利共赢。
区域观察
Shanghai ordered the city’s 51 e-commerce platforms to make public their business license information and other rules to protect consumers, including those on product returns and exchanges as well as refunds, the handling of complaints and reports, and dispute resolution, local market supervisor said Wednesday.
上海51家电商全部“亮照、亮证、亮规则”：上海市市场监管局20日称，全市已部署开展“电商平台点亮”行动，范围涉及51家电商平台。此次行动将引导平台和入驻商户“亮照、亮证、亮规则”，促进市场公平有序竞争，保护消费者合法权益。“亮照”，平台和入驻商户依法公示营业执照信息和符合无需办理登记情形的自我声明；“亮证”，平台和入驻商户主动公示与经营业务有关的行政许可、注册备案、审查批准、认证认可、检验检测等信息；“亮规则”，平台依法公示与平台内经营有关的服务协议和交易规则，以及与消费者有关的包括退换货、投诉举报处理、争议解决等规则。
The government of Tianjin has cut the cost of Covid-19 nucleic acid tests for the third time this year, with the tests of a combined batch now costing no more than 3 yuan each. The price reduction should save 5.2 million yuan, the Tianjin Medical Insurance Bureau said yesterday.
天津核酸混检价格降至3元/人：天津市医保局20日发布通知称，明确自7月20日起，该市公立医疗机构新冠病毒核酸混检价格降至不高于3元。按照每轮参加全员核酸检测筛查人员1300万人次计算，混检价格下降后，预计再减少财政资金支出520万元。这是天津市今年以来第三次降低核酸检测混检价格。
The state-backed Henan Asset Management in Central China’s Henan province announced Tuesday that it reached an agreement with Zhengzhou Real Estate Group to jointly set up a bailout fund to help real estate developers in difficulties, as the city is seeking state-owned capitals to revitalise unfinished housing projects.
郑州设房地产纾困基金：7月19日，河南郑州地产集团有限公司与河南资产管理有限公司一致表示，将联合设立郑州市地产纾困基金，参与问题楼盘盘活、困难房企救助等解围纾困工作。
The Xinjiang Uyghur Autonomous Region in China’s Far West has become one of the country’s most popular tourist destinations in July, as data from travel platform Qunar showed hotel bookings in Xinjiang surged 50 percent in July from the same period in 2019, while flight bookings more than doubled in the past two weeks, media reported Wednesday. According to Tujia, China’s version of AirBnb, B&B bookings surged nearly 80 percent between July 9 and July 15 from the same period last month. During this period, ticket sales to the region’s scenic spots soared 122 percent month on month, Ctrip’s data showed.
7月新疆旅游大爆发：据报道，7月以来，新疆多地游客“爆满”，成为国内旅游最受欢迎的目的地之一。去哪儿数据显示，7月6日-7月19日出发前往新疆的机票预订量，环比上个月同期增长超1倍，酒店预订量同比2019年增长达五成。途家民宿的数据显示， 7月9日-15日期间，新疆民宿预订量环比增长近八成，较2021年同期增长近1.2倍。门票方面， 携程数据显示，7月9日-7月15日，新疆景点门票订单量环比增长122%。
产业及公司新闻
China fined Didi Global more than 8 billion yuan, the Cyberspace Administration of China (CAC) said in a statement on Thursday, wrapping up a year-long probe into the ride-hailing giant. The cybersecurity watchdog also fined Didi’s chairman Cheng Wei and president Jean Liu 1 million yuan apiece. Didi had illegally collected several pieces of user information over a seven-year period starting from June 2015, and also carried out data processing activities that seriously affected national security, the CAC said.
滴滴被罚80.26亿元：7月21日，国家互联网信息办公室公布对滴滴全球股份有限公司依法作出网络安全审查相关行政处罚的决定。国家互联网信息办公室依据《网络安全法》、《数据安全法》、《个人信息保护法》、《行政处罚法》等法律法规，对滴滴公司处人民币80.26亿元罚款，对滴滴公司董事长兼CEO程维、总裁柳青各处人民币100万元罚款。
The annual capacity of Tesla's Gigafactory in Shanghai has surpassed the 750,000 mark as of the second quarter of 2022, topping Tesla's worldwide factory output chart, the US electric car maker's quarterly disclosure showed Wednesday.
特斯拉上海工厂年产能超75万：特斯拉21日发布了2022年第二季度财报的数据显示，第二季度营收达169.34亿美元，同比增长42%，年产能超过了75万辆，首次成为特斯拉产能最高的超级工厂。
Mortgage rates in 74 Chinese cities have hit a three-year low in July of 4.25 percent for first-time homebuyers, 10 basis points lowered than the average rate of 103 major cities, data from the research institute of China's biggest online property platform Beike showed on Wednesday. For second homeowner, most lenders are charging them 5.07 percent on mortgage loans, while 74 cities even lowered it to 5.05 percent.
74城房贷利率触及下限：7月20日，贝壳研究院发布的103个重点城市主流房贷利率数据显示，主流首套房贷利率为4.35%，二套利率为5.07%。目前已有74城房贷利率低至首套4.25%，二套5.05%的最低利率标准。
The amount of 5G base stations in use across China has exceeded 1.85 million, greatly facilitating the country's digitalisation drive, according to the Ministry of Industry and Information Technology Tuesday. In the second quarter of the year, the country added nearly 300,000 5G base stations.
我国建成5G基站超185万个：19日，工业和信息化部信息通信管理局负责人王鹏表示，今年上半年信息通信业发展稳中向好。基础设施保持领先，千兆光网具备覆盖超过4亿户家庭的能力，5G基站数累计开通185.4万个，其中二季度新增基站近30万个。
财报速递
More than half of the listed Chinese property developers that have so far made first-half earnings estimates expect to have made a loss in the period, with a number forecasting deficits in excess of 1 billion yuan each. Forty-two of the 77 builders that have made announcements expect to lose money, while just 12 anticipate a profit, according to figures compiled by data provider Wind Tuesday.
房企上半年业绩预警：根据wind数据房地产指数，截至7月19日，125家房企中共77家房企公布了2022年上半年业绩预告或业绩快报。 其中，有42家房企归属上市公司的净利润预计亏损，亏损房企数量超过一半；35家房企处于盈利状态，其中，23家房企虽然预计盈利，但业绩同比下滑，预计盈利并同比增长的的房企仅12家。
金融市场消息
The first batch of 64.6 billion yuan has been in place for China’s newly proposed Financial Stability Fund, the country’s top banking and insurance regulator said Thursday, adding that the framework of the fund has been initially established. Meanwhile, over 60 billion yuan was subscribed to commercial pension products as China expanded nationwide the pilot scheme developing private pension insurance for the country's ageing population in March.
金融稳定保障基金首批资金到位：7月21日银保监会新闻发言人、法规部主任綦相在新闻发布会上介绍，深化金融供给侧结构性改革。继续完善监管法律法规框架，健全风险防控长效机制，金融稳定保障基金基础框架初步确立，首批646亿元资金筹集到位。规范发展第三支柱养老保险，专属商业养老保险试点区域扩大到全国，养老理财认购金额超600亿元。
Financial regulators in Henan and Anhui provinces on Thursday said they will start the second round of advance payments for depositors, who have reported difficulty in withdrawing money from local village banks, from July 25. The clients of second round of advance payments will be people initially with combined deposits in the related banks of no more than 100,000 yuan apiece, according to the announcements on Thursday.
5家村镇银行25日开始第二批本金垫付：7月21日，河南、安徽两地相关部门先后发布公告称，禹州新民生村镇银行等4家河南村镇银行和安徽固镇新淮河村镇银行账外业务客户本金第二批垫付将于7月25日起开始。河南银保监局、河南省地方金融监管局发布公告称，自2022年7月25日起，对禹州新民生村镇银行、上蔡惠民村镇银行、柘城黄淮村镇银行、开封新东方村镇银行账外业务客户本金开始第二批垫付，垫付对象为单家机构单人合并金额10万元(含)以下的客户。
China's two major listing platforms for innovative SMEs reported steady financing growth of 19.4 percent in the first half of this year, with the financing volume of the Beijing Stock Exchange and the National Equities Exchange and Quotations totalled 15.5 billion yuan, according to the data from the two platforms Tuesday. Among them, 2.8 billion yuan were raised from public offerings.
上半年北交所、新三板融资上升近两成：7月19日，今年上半年北交所、新三板“成绩单”出炉。数据显示，今年上半年，北交所、新三板市场发行融资合计155.19亿元，同比上升19.4%。其中，公开发行融资28.02亿元，定向发行融资127.17亿元。
Huawei Technologies said in a statement on Tuesday that it is seeking to raise 4 billion yuan from its fourth onshore bond sale this year in a sign that the Chinese telecom giant is increasingly tapping the domestic market for credit. Sales of the three-year bonds started Wednesday, about three months after the company sold 3 billion yuan of short-term debt.
华为再发债40亿：7月19日，华为在银行间市场披露今年第四期中期票据申购说明，拟募资40亿元，期限3年，申购期为7月20日9时至21日17时，申购利率区间为2.6%~3.2%，用于补充公司及下属公司的营运资金。
股市收盘情况
Chinese stocks fell on Thursday, as fresh COVID-19 outbreaks across the country hurt market sentiment. By the close, the Shanghai Composite edged down 0.99 percent and the Shenzhen Component loss 0.94 percent. Hong Kong’s Hang Seng shed 1.51 percent while the TECH index rose 0.12 percent.
周四A股震荡收跌。截至收盘，沪指跌0.99%，深成指跌0.94%，创业板指跌0.50%。从盘面上看，半导体、游戏、钒电池板块涨幅居前，煤炭、化肥、盐湖提锂板块跌幅居前。港股恒生指数收跌1.51%，恒生科技指数收涨0.12%。
Biz Word of the Day
财经词汇划重点
A bailout is when a business, an individual, or a government provides money and/or resources (also known as a capital injection) to a failing company. These actions help to prevent the consequences of that business's potential downfall which may include bankruptcy and default on its financial obligations.
纾困基金是指帮助民营上市公司及其大股东化解流动性风险和股票质押风险而设立的专项投资载体。广义的纾困基金还包括以资产管理产品形式设立的纾困基金以及以私募基金形式设立的纾困基金。
