CBN丨Explainer: all you need to know about the CPC sixth plenary session, and what makes it important

China Business Now李莹亮,实习记者张然 2021-11-10 20:05

三分钟音频,中英文带你速览中国经济头条。

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 

  • The 19th Central Committee of the CPC started its sixth plenary session in Beijing on Monday;

  • China's factory-gate inflation hit new record of 13.5% in October.

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

中国经济要闻

The 19th Central Committee of the Communist Party of China (CPC) started its sixth plenary session in Beijing on Monday, which is scheduled to last until Thursday. More than 370 full and alternate members of the Central Committee, the party’s highest governing body, gathered in Beijing for the plenum ahead of next year’s National Congress, when a major leadership reshuffle is expected.

Xi Jinping, general secretary of the CPC Central Committee, delivered a work report on behalf of the Politburo of the CPC Central Committee and made explanations on a draft resolution on the major achievements and historical experience of the CPC's 100 years of endeavours.

Why are the plenums important? The plenums are a key venue for the party to display unity among the party leadership and indicate the direction of key policies. The current 19th Central Committee was elected in 2017 and will sit until next year’s National Congress, when a new committee will be appointed. At this week’s meeting, Xi will be the third-ever party leader to unveil a historical resolution at the sixth plenum, which will focus on the “major achievements and historical experiences” of the party throughout its 100-year history.

What’s the historical resolution? The “Resolution of the CPC Central Committee on the Major Achievements and Historical Experiences of the Party’s Centennial Struggle” to be discussed at the session, is set to look back at key events in the party’s 100-year history and enshrine Xi’s role as leader, as well as determine the party’s direction for the next few decades. This pivotal document is only the third of its kind since the party’s foundation in 1921, with the first issued by Mao Zedong in 1945 and the second by Deng Xiaoping in 1981. 

中国共产党第十九届中央委员会第六次全体会议,即十九届六中全会,于11月8-11日在北京召开。本次会议为何如此重要?CBN将一连三期,带你走近十九届六中全会。

首先,中央委员会总书记习近平代表中央政治局向全会作工作报告,并就《中共中央关于党的百年奋斗重大成就和历史经验的决议(讨论稿)》向全会作了说明。

这份决议有多重要?决议总结了党的百年历程中创造的伟大成就:一百年来,党领导人民创造了新民主主义革命、社会主义革命和建设、改革开放和社会主义现代化建设、新时代中国特色社会主义四方面的伟大成就。

为何要总结党的百年奋斗的重大成就和历史经验?“以史为鉴,可以知兴替”,要“从党的百年奋斗中看清楚过去我们为什么能够成功、弄明白未来我们怎样才能继续成功”。总结党的百年奋斗的重大成就和历史经验,出于“三个需要”的考虑。一是在建党百年历史条件下开启全面建设社会主义现代化国家新征程、在新时代坚持和发展中国特色社会主义的需要。二是增强“四个意识”、坚定“四个自信”、做到“两个维护”,确保全党步调一致向前进的需要。三是推进党的自我革命、提高全党斗争本领和应对风险挑战能力、永葆党的生机活力、团结带领全国各族人民为实现中华民族伟大复兴的中国梦而继续奋斗的需要。

  • China's factory-gate inflation hit a 26-year high in October while fresh virus outbreaks and soaring food and energy prices sent consumer prices up, official figures showed Wednesday. 

    The producer price index (PPI), which measures the cost of goods at the factory gate, jumped a bigger-than-expected 13.5 percent year-on-year in October, said the National Bureau of Statistics(NBS). It has been rising for four straight months. "The rise in PPI expanded due to the combination of imported global factors and the tight supply of major domestic energy and raw materials," said NBS senior official. 

    Meanwhile, the consumer price index (CPI), a key gauge of retail inflation, picked up more than expected in October after four months of decline. The CPI hit 1.5 percent, up from 0.7 percent in September owing to a surge of vegetable prices of 16 percent, coronavirus outbreaks and rising transportation costs.

    11月10日,国家统计局发布10月份全国CPI(居民消费价格指数)和PPI(工业生产者出厂价格指数)数据。数据显示,CPI和PPI双双上行,工业消费品价格上涨仍是带动CPI和PPI上行主要动因。PPI-CPI“剪刀差”仍在扩大,达到12个百分点。10月份,受特殊天气、部分商品供需矛盾及成本上涨等因素综合影响,CPI同比上涨1.5%,较9月涨幅扩大0.8个百分点,结束持续四个月的下行走势。PPI方面,受国际输入性因素叠加国内主要能源和原材料供应偏紧影响,涨幅也有所扩大。PPI同比上涨13.5%,涨幅较9月扩大2.8个百分点。

Greater Bay Area, Greater Future

新使命,大未来

  • Hong Kong’s Chief Executive Carrie Lam said on Tuesday that the government is mulling a plan to allow Hong Kong residents on the Chinese mainland to vote at the city's checkpoints for the upcoming Legislative Council General Election scheduled on Dec 19, when over 4.4 million registered voters will select 90 lawmakers to serve for the next four years.  

    香港立法会换届选举将于今年12月19日举行,届时将有447万余名选民参加投票。行政长官林郑月娥9日表示,政制及内地事务局正与中央相关部委研究,关于如何让内地港人在立法会选举中投票,会尽快公布安排。

Update on COVID-19

疫情简报

  • The Chinese mainland reported 39 new local cases yesterday, including 17 from Liaoning and 8 from Henan.

    全国昨日新增39例本土确诊病例(辽宁17例,河南8例,河北5例,黑龙江4例,江西2例,云南2例,四川1例)。

Next on industry and company news

产经消息及公司新闻

  • Chinese bike-sharing startup Hello Inc. raised $280 million in a funding round led by Alibaba and Ant Group, the company said Tuesday. It was e-commerce giant Alibaba’s first investment in Hello, although its finance arm Ant has been a longtime backer and the largest shareholder of the bike-sharing company.  

    11月9日,哈啰出行宣布完成新一轮融资签约,涉及金额2.8亿美金,投资机构包括蚂蚁集团和阿里巴巴。这是阿里首次入股,也是今年以来哈啰出行获得的第2笔融资。

  • Kaisa Group Holdings apologized for overdue repayment of wealth management products it guaranteed, saying the Chinese property developer is taking measures to resolve the issue, including the sale of top-notch assets in Shenzhen and Shanghai. A meeting of investors’ representatives scheduled for today is also canceled. 

    11月8日晚间,佳兆业就此前爆发的财富产品兑付逾期发表声明,称“集团正采取多项措施,全力以赴解决问题”。同时,公司原本计划于周三举行的投资者代表见面会暂时取消。

  • Battery giant CATL will become a strategic investor in Hozon Auto by participating in the Chinese electric car startup’s Series D2 funding round after the pair signed a wide-ranging partnership agreement. 

    哪吒汽车官方发布消息称,与宁德时代新能源科技股份有限公司正式签署战略协议,宁德时代将参与D2轮融资,战略投资哪吒汽车,并在技术研发和供应链保障领域全面开启战略合作。

Wrapping up with a quick look at the stock market

最后来看股市收盘情况

  • Chinese stocks closed lower on Wednesday, with the coal industry cascading as thermal coal futures hit a two-month low, while pharmaceuticals and IT led the gains. The Shanghai Composite fell 0.41 percent, and the Shenzhen Component went down 0.38 percent. The Hang Seng Index closed 0.74 percent higher.

    周三A股三大指数午后探底回升。截至收盘,沪指跌0.41%,深成指跌0.38%,创业板指跌0.3%。行业板块中,医药制造、电子信息等领涨,而动力煤期货创超两个月新低导致煤炭股集体下挫。此外,港股恒生指数收涨0.74%。

Biz Word of the Day

财经词汇划重点

  • Strategic Investors refer to individual investors or firms who invest with the goal of acquiring strategic advantages rather than simply financial returns. A Strategic Investor often wants access to the invested business technology, ideas, services, or products, to enhance its own business model.

    战略投资者是指,具有同行业或相关行业较强的重要战略性资源,与上市公司谋求双方协调互补的长期共同战略利益,欲长期持有发行公司股票的法人。

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Host: Stephanie LI

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(作者:李莹亮,实习记者张然 编辑:李艳霞)