CBN丨China to issue 1 trillion yuan in special bonds_金才经网—

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CBN丨China to issue 1 trillion yuan in special bonds

21世纪经济报道 2023-10-25 20:26:00

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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 will issue extra 1 trillion yuan in government bonds for disaster relief in fourth quarter;
Sino-US steps on managing differences move ahead.

Here’s what you need to know about China in the past 24 hours

中国经济要闻

The Chinese central government will issue an additional 1 trillion yuan ($137 billion) in special bonds during the fourth quarter, expanding budgeted fiscal deficit rates to around 3.8 percent for the year from 3 percent, as part of its effort to support post-disaster reconstruction.

The extra bonds will be allocated to local governments through transfer payments in a move that is expected to optimize the local debt structure and ease the fiscal burdens of local governments, according to the plan approved by the country's top legislature on Tuesday, China’s Ministry of Finance explained on a Wednesday’s press briefing.

Around 500 billion yuan is planned to be utilized within the year, while the remaining half trillion yuan will be used next year, laying a solid foundation for a sound start of the world's second-largest economy next year.

In connection with the new bond issue, there will be a corresponding adjustment to the central government's budget in 2023. China's fiscal deficit will rise to 4.88 trillion yuan from 3.88 trillion yuan this year, which means that the fiscal deficit ratio would jump to 3.8 percent from 3 percent.

Analysts said that the adjustment won't lead to any financial risks as China's overall debt level is still significantly lower than that of other major economies and it still has plenty of room for policy maneuvers.

In 2020, China's deficit-to-GDP ratio was 3.7 percent, and the ratio was brought down to 3.1 percent in 2021 and 2.8 percent in 2022.

The funds will be focused on eight areas, including post-disaster reconstruction, key flood prevention projects, natural disaster emergency response capacity improvement projects as well as high-standard farmland construction in disaster-stricken areas in Northeast China and the Beijing-Tianjin-Hebei region, according to the plan.

The amount is quite large in comparable terms. In 2020, China issued 1 trillion yuan of special treasury bonds to fund stimulus spending and shore up the economy during the first year of the COVID-19 pandemic. In 2022, the amount was 750 billion yuan.

The finance ministry said that as a next step, it will launch the debt issuance in a timely manner, to ensure the task is completed on time. Meanwhile, it will facilitate the local budget allocation to accelerate the formation of real investment.

中央财政将在今年四季度增发2023年国债10000亿元，增发的国债全部通过转移支付方式安排给地方，支持灾后恢复重建和弥补防灾减灾救灾短板。

10月24日，十四届全国人大常委会第六次会议表决通过了全国人民代表大会常务委员会关于批准国务院增发国债和2023年中央预算调整方案的决议，明确了上述安排。

在25日上午的例行吹风会上，财政部表示，考虑到本次增发的国债是纳入到中央财政赤字管理，将采取公开发行方式发行，和已经确定的年度国债发行进行统筹安排。增发国债由中央承担还本付息，并将于今明两年安排使用，2023年安排使用5000亿元，结转2024年使用5000亿元。

据介绍，资金将重点用于八大方面：灾后恢复重建、重点防洪治理工程、自然灾害应急能力提升工程、其他重点防洪工程、灌区建设改造和重点水土流失治理工程、城市排水防涝能力提升行动、重点自然灾害综合防治体系建设工程、东北地区和京津冀受灾地区等高标准农田建设。

分析表示，本次增发国债，一方面意味着财政政策保民生持续发力，有助于弥补抗灾短板，切实增强我国抵御自然灾害的韧性；与此同时，这也将有效缓解地方政府财政收支压力，进一步优化财政支出结构，并使地方政府能够在今年底、明年初拿出更多财政资源稳增长。

财政部副部长朱忠明表示，这次增发2023年1万亿元国债以后，全国财政赤字将由3.88万亿元增加到4.88万亿元，预计财政赤字率将由3%提高到3.8%左右。

虽然今年的赤字率有小幅提高，但我国政府的负债率仍处于合理区间，整体风险可控。国债资金投入使用以后，也会积极带动国内的需求，进一步巩固我国经济回升向好的态势。关于国债发行方面，为加快预算支出的进度，促进经济恢复性增长，前期财政部在制定下半年国债发行计划时做了相关谋划，将原定年度国债的发行靠前安排，所以客观上也为后续增发国债留出了空间。

朱忠明说，此次增发的1万亿国债全部通过转移支付方式安排给地方使用，全部列为中央财政赤字，还本付息由中央承担，不增加地方偿还负担。

专家表示，当前增发国债超出市场预期，释放了政府稳定经济增长的信号。当前宏观经济形势总体持续恢复，但总需求不足、微观主体信心不振的问题依然存在，增发国债有利于加强基础设施建设，扩大总需求，为四季度和明年的经济运行打下良好基础。

下一步，财政部将及时启动国债发行工作，确保如期完成国债发行任务；做好预算下达工作，推动加快形成实物工作量；加强国债资金监管，确保资金按规定用途使用。

Chinese Foreign Minister Wang Yi will travel to the U.S. this week and meet with senior American officials, the foreign ministry confirmed Tuesday, as the world’s two major powers continue high-level communications aimed at stabilizing bilateral ties. During a three-day visit beginning Thursday, Wang will have in-depth exchanges with Washington officials on China-U.S. relations as well as international and regional issues of common concern, Foreign Ministry Spokesperson Mao Ning said. Also on Tuesday, the China-US Economic Working Group held its first meeting via video link. The meeting, which was chaired by financial officials at the vice-ministerial level from both sides, engaged in in-depth, candid and constructive discussion, according to a statement released by the Ministry of Finance.
中美高层互动“释放稳定信号”：中国外交部发言人毛宁10月24日在记者会上宣布，应美国国务卿布林肯邀请，中共中央政治局委员、外交部长王毅将于10月26日至28日访问美国。毛宁表示，王毅外长访美期间，将同美方高层就中美关系及共同关心的国际地区问题深入交换意见，同美各界人士友好交流，表明中方在中美关系上的原则立场和正当关切。王毅访美，是今年6月以来，美国国务卿布林肯、财长耶伦、总统气候问题特使克里、商务部长雷蒙多、参议院多数党领袖舒默、加州州长纽森先后访华后，中国高层官员首次专程访美。与此同时，24日，中国财政部网站的消息称，由两国财政部副部长级官员主持举行了中美经济工作组首次会议。双方就两国及全球宏观经济形势和政策、双边经济关系、合作应对全球挑战等议题进行了“深入、坦诚、建设性的沟通”。
China's Shenzhou 17 mission is gearing up for launch on Thursday at 11:14 am, the China Manned Space Agency (CMSA) announced on Wednesday. This marks the sixth crewed spaceflight to the China Space Station and the second mission to Tiangong since the space station entered its development and application stage at the end of 2022. The mission commander, Tang Hongbo, alongside crew members Tang Shengjie and Jiang Xinlin, will form the youngest Shenzhou crew since the construction of the China Space Station. A senior official with the CMSA also said today that China will ensure the goal to realize a manned lunar landing by 2030 is achieved as scheduled.
神舟十七瞄准26日11时14分发射：25日，据中国载人航天工程办公室消息，经空间站应用与发展阶段飞行任务总指挥部研究决定，瞄准北京时间10月26日11时14分发射神舟十七号载人飞船。执行神舟十七号载人飞行任务的航天员乘组由汤洪波、唐胜杰、江新林3名航天员组成，汤洪波担任指令长。乘组包括1名第二批航天员和2名第三批航天员，是空间站建造任务启动以来，平均年龄最小的航天员乘组。另据中国载人航天工程办公室介绍，中国会确保如期实现2030年前中国人登陆月球的目标。

Greater Bay Area, Greater future

新使命，大未来

Hong Kong Chief Executive John Lee Ka-chiu said the government is giving parents of newborn babies a HK$20,000 handout to encourage childbirth after the SAR's birth rate dropped to a record low of 0.9 percent in 2022. Lee said the one-off bonus, which is among a raft of Policy Address proposals to boost fertility in the city, will apply to all babies born from Wednesday as long as one of their parents is a permanent Hong Kong resident. Property market cooling measures are also eased, as the Buyer's Stamp Duty (BSD) and the New Residential Stamp Duty (NRSD) will each be halved, from 15 percent to 7.5 percent. Incoming professionals who buy a property in Hong Kong are offered to defer their stamp duty payment. Meanwhile, Lee announced that Hong Kong's stamp duty on stock trading will be cut from 0.13 percent to 0.1 percent, which will be legislated by the end of November.
李家超施政报告释放多重利好：香港特区行政长官李家超25日发表任内第二份施政报告，宣布多项惠民、利好楼市及股市的措施。例如，为促进股票市场流动性，香港将下调股票印花税，由现时买卖双方各按交易金额支付0.13%，降至0.1%，目标于11月底完成立法程序。楼市“减辣”方面，李家超表示，买家新住宅印花税将减半，外来人才置业印花税实施“先免后征”，把额外印花税的适用年期由三年缩短至两年；买家印花税和新住宅印花税的税率减半，两者均会由 15%减至7.5%。此外，李家超表示，为鼓励生育，特区政府将设置新生婴儿奖励金。今日起，在香港出生的新生婴儿，且其父母为香港永久性居民，将可获得一次性2万港元现金奖励。利好消息下，港股下午开盘拉升。

Next on industry and company news

产业及公司新闻

A total of 1,241 entrepreneurs with personal wealth of 5 billion yuan or above made to the China Rich List 2023, released by the Hurun Research Institute on Tuesday, with Nongfu Spring CEO Zhong Shanshan topping the list for the third time with a personal wealth of 450 billion yuan. Chinese internet giant Tencent’s CEO Ma Huateng ranked the second with a personal wealth reaching 280 billion yuan, up by 65 billion yuan from 2022. Pinduoduo.com's founder Huang Zheng made it to the top three for the first time with a personal wealth of 270 billion yuan, jumping 100 billion yuan compared with last year and the highest growth on the list. However, the total wealth for listed entrepreneurs declined 4 percent year-on-year or one trillion yuan to 23.5 trillion yuan.
钟睒睒三度蝉联中国首富：24日，胡润研究院发布《胡润百富榜》，农夫山泉CEO、69岁的钟睒睒以4500亿元第三次成为中国首富。腾讯的马化腾财富比去年增长650亿，即30%，以2800亿元重返第二，比去年上升3位。43岁的黄峥财富比去年增长1000亿，即59%，以2700亿元首次进入前三，比去年上升7位，主要归功于拼多多的业绩增长迅速及出海成功。整体上看，共有1241位个人财富50亿元以上的企业家上榜，比去年减少5%(64人)，上榜企业家总财富比去年下降4%(1万亿)，至23.5万亿元。
China's e-commerce platforms, which have kicked off the "Double 11" shopping festival, reported notable increases in sales. Data from JD.com showed that on its first day of this year's "Double 11", the number of users and transactions both quadrupled year-on-year in the first 10 minutes as the platform kicked off the promotion event at 8 pm Monday. Alibaba’s Tmall launched promotions at 8 pm on Tuesday, which within the first hour over 3,000 brands saw sales doubled compared to the same period last year. Prices of more than 80 million popular products will be the lowest this year, Tmall said.
双十一首日开门红：10月24日，天猫和京东分别宣布正式开启双11预售活动，主打低价策略。10月23日晚8点，京东双11大促开启现货销售。根据京东平台数据显示，仅在10分钟内，下单用户数和成交订单量同比增长超过4倍，而百亿补贴商品在5分钟内的销售额更是突破了亿元。24日晚上8点，2022年天猫双11预售正式开始。根据天猫公布的战报，预售1小时内，已有超过3000个品牌成交额同比去年预售同期实现了翻倍增长。据介绍，今年天猫在跨店满减基础上，首次大规模推出官方直降、立减，预计将有超过8000万热销商品降至全年最低价。
Shares in Lenovo Group soared today after the world’s largest personal computer maker said it is teaming up with US chip giant Nvidia to develop hybrid artificial intelligence solutions for corporate clients. “Businesses need end-to-end solutions that bring together accelerated systems, AI software and expert services to quickly build and run custom AI models using their own data,” according to a statement on the Lenovo website, citing the firm's Chairman and CEO Yang Yuanqing and Nvidia founder and CEO Jensen Huang at the Lenovo Tech World event held in Austin, Texas yesterday.
联想宣布牵手英伟达推出混合人工智能计划：当地时间10月24日，联想集团在得克萨斯州首府奥斯汀举行第九届联想创新科技大会，公布了其迄今为止最全面的人工智能产品技术。联想集团董事长兼CEO杨元庆和NVIDIA创始人兼首席执行官黄仁勋在现场就人工智能的发展前景展开了一场对话，并宣布联想将与NVIDIA合作，推出一个新的混合人工智能计划，将下一代云人工智能技术带给世界各地的企业用户。作为英伟达的市场合作伙伴，联想将提供基于NVIDIA MGX架构的新的企业级AI解决方案、联想混合人工智能服务等。
Chinese autonomous driving startup Pony.ai has secured a USD100 million investment from NEOM Investment Fund, the investment arm of NEOM, Saudi Arabia's flagship urban development project. In addition to this investment, the two entities will establish a joint venture dedicated to autonomous technology solutions within the region. Under the new deal, NEOM and Pony.ai will collaborate to develop, manufacture, and deliver autonomous driving services, cutting-edge vehicles, and smart vehicle infrastructure across NEOM and key markets in the Middle East and North Africa region.
小马智行获沙特新未来城1亿美元投资：10月25日，小马智行获得沙特阿拉伯王国新未来城（NEOM）及旗下投资基金NIF（NEOM Investment Fund）的1亿美元投资。同时，小马智行与NEOM计划在沙特西北部的新未来城成立合资公司，为该地区提供自动驾驶技术解决方案。本轮融资资金将用于自动驾驶技术全球化研发和运营投入等方向。小马智行和NEOM以合资公司为平台，面向沙特新未来城乃至中东及北非地区开展自动驾驶研发与制造，并部署自动驾驶服务车队以及智能汽车相关的基础设施。
China has surpassed Japan and South Korea as the biggest destination for chilled Norwegian salmon in Asia for the first time ever this year. From January to August, Norway exported NOK5.6 billion (3.67 billion yuan) worth of marine products to the Chinese market, up by 10 percent from a year ago, data from the Norwegian Seafood Council showed. China imported zero marine products in September from Japan after the latter started releasing nuclear-contaminated wastewater from the damaged Fukushima nuclear plant in August.
中国进口挪威三文鱼首超日韩：中国市场今年首度超越日本和韩国市场，成为挪威冰鲜三文鱼在亚洲市场上最大的目的地。据统计，2023年前8个月，挪威海产对中国的出口额达到55.8亿挪威克朗（约合36.7亿元人民币），同比增长约10.06%。而中国海关总署的数据显示，随着日本在8月24日正式启动福岛核污染水排海，9月中国从日本进口的水产品已“归零”。

Earnings reports express

财报速递

China National Offshore Oil Corporation's stock price fell today after one of the country's three oil giants said profit dropped 10.2 percent in the first three quarters of this year from a year ago despite increasing production but amid falling oil prices. Net profit was 97.6 billion yuan in the first nine months, the firm said yesterday. Revenue dipped 1.4 percent to 306.8 billion yuan. CNOOC's third-quarter net profit dropped 8.1 percent to 33.9 billion yuan from a year earlier, while its income rose 5.5 percent to 114.8 billion yuan. However, the oil major's net output reached a record high after jumping 8.3 percent to 499.7 million barrels of oil equivalent. Net output in the third quarter jumped 7 percent to 167.8 million BOE from a year earlier.
中国海油三季度净利降8.13%：24日晚间，中国海油披露2023年三季报，公司期内营收1147.53亿元，同比增5.48%；归属于上市公司股东的净利润338.84亿元，同比降8.13%，主要受全球经济下行压力持续，全球原油需求增长缓慢，国际油价下降等因素影响。前三季度，中国海油实现营收3068.17亿元，同比降1.39；归属于上市公司股东的净利润976.45亿元，同比降10.23%。前三季度，公司实现净产量499.7百万桶油当量，同比上升8.3%，创历史同期新高。其中第三季度净产量为167.8百万桶油当量，同比上升7.0%。中海油股价今天收跌2.82%。
Net profits at Chinese iron and steel enterprises fell 34 percent in the first nine months of the year because of weak demand, achieving a cumulative net profit of 62.1 billion yuan in the period, data from the China Iron and Steel Association showed yesterday. Their total revenue fell 1.7 percent to 4.7 trillion yuan, with an average profit margin of 1.3 percent.
前三季度重点钢铁企业营收4.66万亿元：中国钢铁工业协会副会长姜维24日在信息发布会上表示，据中钢协统计，前三季度，重点统计钢铁企业营业收入4.66万亿元，同比下降1.74%；营业成本4.39万亿元，同比下降0.61%，收入比成本降幅大1.13个百分点；利润总额621亿元，同比下降34.11%；销售利润率1.33%，同比下降0.66个百分点。姜维表示，钢铁行业进入周期性调整，目前仍面临传统需求恢复不足、阶段性供需矛盾加大、行业利润下降等困难，运行回升基础尚不牢固。

Switching gears to financial news

金融市场消息

Midea, China's largest home appliance maker, has filed for a Hong Kong listing that could be among the biggest in recent years. Midea has a market value of about 374 billion yuan, and its board approved a plan in August to explore selling as much as 10 percent of its total capital in a Hong Kong float.
美的集团冲刺港交所：美的集团10月24日正式向港交所递交招股说明书，拟主板挂牌上市，中金公司和美银担任联席保荐人，或成为香港近年來最大的IPO之一。今年8月初，美的在深交所发布公告指，正研究发行H股并在香港上市，发行规模预计不超过扩大后股本的10%。美的集团目前市值约为3739.7亿元人民币。

Wrapping up with a quick look at the stock market

股市收盘情况

Chinese stocks gained on Wednesday as investor sentiment improved after China approved a trillion-yuan sovereign bond issue in an effort to support the economy. The benchmark Shanghai Composite rose 0.4 percent and the Shenzhen Component added 0.5 percent. Hong Kong stocks also finished higher on a slew of stimulus measures the city’s chief announced today. The Hang Seng index climbed 0.6 percent and the TECH index jumped 2.2 percent.
A股港股收涨：周三A股大盘全天震荡分化，沪指延续反弹，创业板指高开回落。截至收盘，沪指涨0.4%，深成指涨0.47%，创业板指跌0.9%。沪深两市今日成交额8737亿，较上个交易日放量1526亿。北向资金全天净卖出12.95亿元，连续8日净卖出。港股三大指数齐涨，恒指收涨0.55%，恒生科技指数收涨2.16%。

Biz Word of the Day

财经词汇划重点

The deficit to GDP ratio is a measure of how much the government's budget deficit is relative to the size of the country's economy. It is calculated by piding the deficit by the GDP in a given fiscal year. A higher ratio indicates a larger deficit and a higher level of public debt.
债务占GDP的比例又称赤字率，是一个国家的政府债务（以每年的流通量为单位）与其国内生产总值（GDP）之间的比率，是衡量财政风险的一个重要指标。赤字率高低表明的是政府在一定时期内动员社会资源的程度，反映了财政配置工具对经济运行的影响。