CBN丨China details energy targets for 2022

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 plans to ensure energy supply by using fossil fuel, while proposing to raise share of non-fossil energy to 17.3% in 2022;- Shanghai cuts 140 billion yuan in taxes and waives rents to help businesses weather the latest Covid-19 wave.Here’s what you need to know about China in the past 24 hours 中国经济要闻China plans to increase its energy supply and further increase the share of non-fossil fuel in total energy consumption in 2022 by approving high-caliber coal mines with advanced production capacity, and promote construction of wind, solar, hydro and nuclear power projects.China's National Energy Administration (NEA) has released a guideline on energy development for 2022, detailing targets for securing energy supplies and boosting energy efficiency.Total energy production will reach about 4.41 billion tons of standard coal, 200 million tons of crude oil and 214 billion cubic meters of natural gas in 2022, according to the guideline. As production targets for traditional fuel have been raised from 2021, NEA said one measure to ensure adequate electricity supply will be to approve high-quality coal mines with advanced production capacity in an orderly manner. The construction and operation of coal mines that are now under development will be accelerated. In terms of new-energy power generation, the total installed capacity will reach about 2.6 billion kilowatts, and new-energy electricity generated will reach about 9.07 trillion kilowatt-hours by the end of 2022. China will also commit to its dual carbon targets while ensuring power supply. The share of non-fossil fuel in total energy consumption will rise to 17.3 percent, approaching the 20 percent target by 2025 set by the State Council, among which wind and photovoltaic power generation will account for about 12.2 percent of China's total electricity consumption in 2022.  进入落实“十四五”规划和碳达峰目标的关键一年，国家能源局及时印发《2022年能源工作指导意见》（下称《指导意见》）。根据国家能源局3月29日下发的《指导意见》，2022年，我国能源工作的主要目标包括，增强供应保障能力，稳步推进结构转型，着力提高质量效率。《指导意见》具体明确了2022年的相关数据目标。在能源生产方面，今年全国能源生产总量达到44.1亿吨标准煤左右，原油产量2亿吨左右，天然气产量2140亿立方米左右。在夯实能源供应保障基础的同时，也要加快能源绿色低碳转型。其中，针对今年能源结构目标，《指导意见》指出，煤炭消费比重稳步下降，非化石能源占能源消费总量比重提高到17.3%左右，新增电能替代电量1800亿千瓦时左右，风电、光伏发电发电量占全社会用电量的比重达到12.2%左右。值得注意的是，《指导意见》明确提出，今年要“以保障能源安全稳定供应为首要任务，着力增强国内能源生产保障能力，切实把能源饭碗牢牢地端在自己手里”。具体措施包括三大层面：加强煤炭煤电兜底保障能力，持续提升油气勘探开发力度，积极推进输电通道规划建设，提出要完成2022年原油产量重回2亿吨、天然气产量持续稳步上产的既定目标。而针对煤炭产能供应，《指导意见》表示，要统筹资源接续和矿区可持续发展，有序核准一批优质先进产能煤矿。加快推进在建煤矿建设投产，推动符合条件的应急保供产能转化为常态化产能。China on Tuesday issued a guideline on underpinning the development of the social credit system, including strengthening the integrity of scientific research and protecting intellectual property rights, enhancing quality control of products and services, fostering an environment for honest consumption and investment, improving the credit system for ecological and environmental protection, and building the credit system for the capital market. 推进社会信用体系建设：3月29日消息，中共中央办公厅、国务院办公厅印发了《关于推进社会信用体系建设高质量发展促进形成新发展格局的意见》，提出强化科研诚信建设和知识产权保护，推进质量和品牌信用建设，打造诚信消费投资环境，完善生态环保信用制度，及创新信用融资服务和产品等。Shanghai released a 21-point document on Tuesday to assist businesses in the city and promote development while it fights its worst COVID-19 outbreak. The document sets out tax rebates and reductions, fee reductions, rent reductions and exemptions, financial subsidies, and measures to stabilise employment. Official estimates showed that the tax-related measures alone can reduce the financial burden on businesses by 140 billion yuan this year.上海出台21条助企纾困措施：3月29日消息，上海市人民政府办公厅印发《上海市全力抗疫情助企业促发展的若干政策措施》，分为六个方面，具体政策措施共计21条，包括：支持打赢疫情防控阻击战、减轻各类企业负担、加大金融支持力度、扎实做好援企稳岗工作、支持困难行业恢复发展、保持全市生产生活平稳有序。根据初步测算，仅税收相关政策2022年就可以为上海相关行业和企业减负1400亿元左右。Next on industry and company news产经消息及公司新闻Chinese carmaker BYD reported a 38 percent jump in revenue to  216 billion yuan last year from 2020, boosted by stronger sales of new energy vehicles. Net profit shrank 28 percent to about 3 billion yuan, the Shenzhen-based firm said in its annual report released yesterday. Revenue from automobile business made up more than half of the total revenue, as it more than doubled its NEV sales to over 600,000 units.比亚迪新能源车销量翻倍：3月29日晚，比亚迪发布2021年全年业绩报告。报告显示，比亚迪2021年实现营业收入2161.42亿元，同比增长38.02%，汽车相关业务收入占比亚迪总收入超过一半；归属于上市公司股东的净利润为30.45亿元，同比下降28.08%。在产业发展的大趋势下，2021年全年新能源汽车销量突破了60万台，同比增长218.30%。China's second-largest short video company Kuaishou Technology recorded a 140 percent year-on-year rise in an adjusted net loss to 18.9 billion yuan last year. The full-year revenue surged by 38 percent to 81.1 billion yuan primarily attributable to the growth of online marketing services. In the fourth quarter, its sales rose 35 percent to 24.4 billion yuan, according to the firm’s latest earnings report on Tuesday.快手去年净亏188.5亿：3月29日，快手科技发布2021年第四季度及全年业绩：2021年全年快手净亏损额为188.5亿元，同比增加139.7%；全年收入由2020年的588亿元增加37.9%至811亿元，主要是靠线上营销服务收入拉动；2021年第四季度，快手总收入244亿元，同比增长35%。Chinese new energy vehicle maker Xpeng’s annual revenue soared 260 percent to 21 billion yuan, while net loss widened 78 percent to 4.9 billion yuan last year, according to the latest financial results of the Guangzhou-based firm. Annual sales in total deliveries surged 263 percent to 98,155 units.小鹏汽车亏损扩大78%：3月28日，小鹏汽车发布了2021年四季度及全年财报，财报显示，小鹏汽车全年营收209.9亿元，同比增长259.1%；净亏损48.6亿元，同比扩大78%。交付量方面，小鹏汽车全年共交付98155辆，同比增长263%。Master Kong reported its net profit falling 6.4 percent to 3.8 billion yuan in 2021, after its gross profit margin shrank 2.8 points to 30.4 percent. Income from instant noodles dipped 3.6 percent to 28.4 billion yuan due to an industry downturn, marking the first decline in five years, according to the firm’s 2021 earnings report released late Monday. 康师傅净利五年来首降：3月28日，康师傅控股发布2021年财报显示，2021年康师傅收益740.82亿元，同比上升9.6%；股东应占溢利为38.02亿元，同比下滑6.39%，5年来首次出现同比下滑。2021年方便面事业收益为284.48亿元，同比衰退3.6%。Switching gears to the financial sector金融市场要闻The China Securities Regulatory Commission had noticed an article about significant changes in the IPO policy toward firms in Xiaomi’s supply chain, a spokesman said in a press release Tuesday afternoon. China’s securities regulator responded no such IPO policies have been introduced, and no special review is underway. 证监会澄清小米产业链受限传言：周二下午，有传言称监管层对“当前科创板、创业板在审涉及小米产业链的项目做了排查，涉小米产业链IPO政策受限”。证监会官网29日发布消息回应称，证监会未对小米产业链相关企业出台IPO限制性政策，也未开展专项排查。Bank of China posted its 2021 net profit by 12.3 percent to 216.6 billion yuan from a year earlier. That beat a median estimate of 209.8 billion yuan and marked its fastest profit growth since 2013. BOC's credit-impaired loans increased by 1.5 billion yuan to 208.8 billion yuan as of the end of last year and the non-performing loans ratio fell to 1.33 percent, according to the filing released on Tuesday. 中行利润增速超预期：3月29日，中国银行公布的经营业绩显示，2021年该行股东应享税后利润2166亿元，同比增长12.28%，该利润超过了2098亿元的中值预期，为2013年以来最快的年度利润增长。年报显示，截至2021年末，中行不良贷款余额2088亿元，较年初增加15亿元；不良贷款率1.33%，下降0.13个百分点。China Construction Bank’s net profit rose 12 percent to over 300 billion yuan in 2021. Its non-performing loan ratio was 1.42 percent, net interest margin reached 2.13 percent, and core tier-1 capital adequacy ratio was 13.59 percent as of end of December 2021, China's second biggest lender by assets said in its 2021 annual report on Tuesday.建行净利润破3000亿：3月29日，中国建设银行发布年报，2021年净利润3025亿元，同比增11.61%。截至2021年末，该行不良贷款率1.42%，净利息收益率为2.13%，核心一级资本充足率13.59%。China's largest underwriter Citic Securities increased its net profit 55 percent to 23.1 billion yuan in 2021, and its revenue surged 41 percent to 76.5 billion yuan. Citic's client base grew to 12 million, and their assets totaled 11 trillion yuan as of the end of 2021, up 29 percent, the Beijing-based financial institution said in its earnings report on Monday. 中信证券净利增55%：3月28日晚间，中信证券披露2021年年度报告。公司归属于母公司股东的净利润231亿元，同比增长55.01%; 实现营业收入765.24亿元，同比增长40.71%。财富管理方面，截至报告期末，公司客户数量累计超过1200万户，托管客户资产规模合计人民币11 万亿元，较 2020 年末增长29%。Wrapping up with a quick look at the stock market最后来看股市收盘情况Chinese stocks closed higher on Wednesday, with real estate, and food and drinks sectors leading the gains. The benchmark Shanghai Composite ended up 1.96 percent, and the Shenzhen Component jumped 3.1 percent. The Hang Index closed 1.39 percent higher, boosted by sectors like real estate, consumption, auto and pharmaceuticals.周三A股普遍上行，沪指涨1.96%，深成指涨3.10%，创业板指涨幅超3.5%，房地产板块涨停个数数量继续增多。恒生指数收涨1.39%，恒生科技指数收涨0.34%。地产股领涨，消费、汽车、医药股活跃。Biz Word of the Day财经词汇划重点Capital Adequacy Ratio (CAR) is also known as Capital to Risk (Weighted) Assets Ratio (CRAR), is the ratio of a bank's capital to its risk. National regulators track a bank's CAR to ensure that it can absorb a reasonable amount of loss and complies with statutory capital requirements.  资本充足率是一个银行的资本总额对其风险加权资产的比率，它能反映商业银行在存款人和债权人的资产遭到损失之前，该银行能以自有资本承担损失的程度。