CBN-20220119

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 -China’s central bank will take more measures to stabilise the economy as downward pressure persists, saying there is still room to cut banks’ reserve requirement ratios;-Top economic planner vowed to push ahead with “common prosperity” goals. Here’s what you need to know about China in the past 24 hours 中国经济要闻China’s central bank pledged to roll out more monetary policy measures to help stabilise the economy, an official told a Tuesday press conference, sending an easing signal as the world’s second-largest economy faces mounting downward pressures including persistent property weakness and a fresh challenge from the recent local spread of the highly contagious Omicron variant.Liu Guoqiang, vice-governor of the People's Bank of China, said a continuous decline in the country's macro leverage level, or the debt-to-GDP ratio, has provided room to beef up financial support for small businesses, technological innovation and green development.In 2021, the country's macro leverage ratio stood at 272.5 percent, 7.7 percentage points lower than the level recorded at the end of 2020, Liu said, adding that the ratio has decreased for five consecutive quarters.He attributed the fall to a stable overall debt level and accelerated GDP growth last year, as China's economy continued to recover and become more resilient.But he stressed that "we should hurry up, make our operations forward-looking, move ahead of the market curve, and respond to the general concerns of the market in a timely manner.” Liu added that there is space to reduce the reserve requirement ratio, the proportion of money that banks must hold as reserves, though that room has narrowed following two RRR cuts last year. The average RRR for financial institutions currently stands at 8.4 percent.On Monday, the central bank unexpectedly lowered the interest rate of the one-year medium-term lending facility (MLF), a key policy rate, by 10 basis points to 2.85 percent in order to reduce corporate financing costs. A cut in the loan prime rate (LPR), the benchmark lending rate, is widely expected on Jan. 20.On the housing market, the PBOC said real estate sales, land purchases and financing have gradually returned to normal. It will implement the prudential management of real estate finance, ramp up financial support for rental housing, and adopt city-specific policies to boost the healthy development of the sector.“当前经济面临三重压力，’稳’本身就是最大的‘进’。”1月18日，央行副行长刘国强在国新办召开的2021年金融统计数据新闻发布会上表示，在经济下行压力根本缓解之前，进要服务于稳，不利于稳的政策不出台，有利于稳的政策多出台，做到以进促稳。据央行数据，2021年全年企业贷款利率为4.61%，比2020年下降0.1个百分点，比2019年下降0.69个百分点，是改革开放四十多年来最低水平。“2022年稳健的货币政策灵活适度，加大跨周期调节力度，发挥好货币政策工具的总量和结构双重功能，更加主动有为，更加积极进取，注重靠前发力。”刘国强表示，重点之一是保持企业综合融资成本稳中有降，健全市场化利率形成和传导机制，发挥贷款市场报价利率改革效能，稳定银行负债成本，促进企业综合融资成本稳中有降，推动金融系统向实体经济让利。对于未来进一步的货币政策空间，刘国强表示，当前金融机构平均存款准备金率是8.4%，这个水平已经不高了，虽然进一步调整的空间变小了，但仍然还有一定的空间，可视经济金融运行情况以及宏观调控的需要使用。1月17日，央行出乎市场预料下调了中期借贷便利（MLF）和逆回购利率。一年期MLF利率下调10个基点至2.85%，七天公开市场逆回购利率下调10个基点至2.10%。市场预测1月20日新一轮LPR报价也大概率会同步下调。央行货币政策司司长孙国峰在发布会上表示，LPR会及时充分反映市场利率变化，引导企业贷款利率下行。此外，央行表示，近期房地产销售、购地、融资等行为已逐步回归常态。从数据上看，2021年末，全国房地产贷款余额52.2万亿元，同比增长7.9%，邹澜表示，央行将坚持稳妥实施房地产金融审慎管理制度，加大住房租赁金融支持力度，因城施策促进房地产业健康发展。The National Development and Reform Commission (NDRC) vowed on Tuesday to formulate new policies to achieve common prosperity, stressing the importance of increasing incomes, reducing the burden on people, and supporting the sustained expansion of the consumer economy. It will continuously deepen the integration of online and offline consumption and vigorously develop e-commerce and logistics across rural areas. The NDRC also said China’s demand for electricity is set to continue rising this year. To guarantee electricity supply, China should accelerate the development of wind power, photovoltaic projects and other sources of power as well as enhance the efficiency of coal-fired plants. Stocks of electricity producers continued to soar for a second day.中国持续推进共同富裕：18日，国家发改委表示将适时制定相关政策，不断促进共同富裕，增加居民收入与减负并举，刺激消费持续扩大。深入推进线上线下消费融合发展，大力提升电商、快递进农村综合水平和农产品流通现代化水平，推动农村产品和服务品牌化、标准化、数字化、产业化改造。发改委还表示， 2021年我国用电需求快速增长，全社会用电量约8.3万亿千瓦时，同比增长10.3％，预计2022年全社会用电量仍将较快增长，还要推进能源转型、碳达峰碳中等多个目标，这对电力供应提出更高要求，会全力做好2022年电力保供工作。消息带动港股电力版块连续两日走强，今天华润电力涨3.8%、中国电力涨逾4%，华能国际电力涨0.9%。Update on COVID-19疫情简报Mainland China reported 55 domestic cases on Tuesday, with 33 in Henan province, 14 in Tianjin, 7 in Guangdong province, and 1 in Beijing. 1月18日，内地新增本土病例55例（河南33例，其中安阳市29例、许昌市3例、郑州市1例；天津14例，其中津南区13例、西青区1例；广东7例，其中珠海市6例、深圳市1例；北京1例，在海淀区）。Next on industry and company news产经消息及公司新闻Kuaishou Technology has appointed Jin Bing as new CFO as the short video platform continues to reshuffle senior management and downsize head-counts. Jin worked in multiple financial institutions before serving as CFO at online tutoring firm Zuoyebang.快手高层更迭：快手近日宣布任命金秉为首席财务官(CFO)，此前快手创始人兼首席执行官宿华离职引发一波裁员潮以及公司高层重组。公告显示，金秉曾供职于花旗集团、瑞士信贷，也先后担任过欢聚集团和作业帮的首席财务官。ByteDance, the owner of short video app TikTok, said on Wednesday that it had decided to disband its strategic investment team and send employees to various business lines after a business analysis, affecting nearly 100 employees. A ByteDance representative sought to portray it as a normal annual reshuffle to “reduce investments in businesses that have low synergies with other lines of service.”字节或裁撤投资部门：据报道，字节跳动将整体裁撤投资业务，涉及员工约有百人。其中，战略投资负责人赵鹏远及战投版块部分员工或将放弃投资业务，并入战略业务；财务投资版块则将彻底解散。字节跳动相关负责人回应称，公司决定加强业务聚焦，减小协同性低的投资，将战略投资部员工分散到各个业务条线中。Switching gears to the financial sector金融市场要闻Property developer shares rebounded yesterday after Shanghai Pudong Development Bank became the first bank to unveil a plan to issue debt for funding real estate acquisitions. The government-controlled bank plans to raise 5 billion yuan by selling three-year bonds through China's interbank market, it said. The funds would be used to finance real estate project acquisitions in the form of lending.浦发银行将发行房地产并购债券：浦发银行在银行间债券市场发布公告，将于1月21日簿记发行房地产项目并购主题债券。据介绍，该笔债券为金融机构发行的首单房地产项目并购主题债券，规模为50亿元，期限为3年，募集资金用于房地产项目并购贷款投放。Aquila Acquisition Corporation, a SPAC backed by China Merchants Bank applied to list in Hong Kong late on Monday, the first company to do so since new rules allowing such listings took effect at the start of this year.港交所SPAC“首秀”：1月17日，招银国际资产管理作为发起人的特殊目的收购公司Aquila向港交所提交上市申请书。Wrapping up with a quick look at the stock market最后来看股市收盘情况Chinese stocks retreated on Wednesday as stocks in lithium battery and defense tumbled. The Shanghai Composite lost 0.33 percent, and the Shenzhen Component fell 1.28 percent. The Hang Seng Index edged up 0.06 percent while tech stocks lost ground. 周三A股集体收跌，沪指收跌0.33%，深成指跌1.28%。锂电、军工等赛道板块领跌。港股恒生指数微升0.06%，科技股跌0.98%，内房股与物管股大涨。Biz Word of the Day财经词汇划重点Photovoltaics (PV) is the conversion of light into electricity using semiconducting materials that exhibit the photovoltaic effect.光伏，即光伏发电系统，是利用半导体材料的光伏效应，将太阳辐射能转化为电能的一种发电系统。