CBN丨15 bps in 2 month: China cuts benchmark lending rate to shore up growth

China Business Now李莹亮,见习记者张然 2022-01-20 19:04

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 

  • China's central bank lowers one-year and five-year LPR by 10 and 5 basis points, respectively;

  • Top regulators set out to regulate China's platform economy.

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

中国经济要闻

Just as widely anticipated, China’s central bank cut its benchmark lending rate for a second straight month on Thursday, and lowers a mortgage reference rate for the first time in nearly two years.

This came after an unexpected cut to the interest rate of the one-year medium-term lending facility (MLF) on Monday. 

The one-year loan prime rate (LPR), on which most new and outstanding loans are based, was cut by 10 basis points to 3.7 percent, according to the People’s Bank of China (PBOC). In December, the PBOC cut the one-year LPR for the first time since April 2020.

The five-year LPR, which is a reference for mortgages, was lowered by 5 basis points from 4.65 percent to 4.6 percent, which was the first cut for 21 months.

Beijing has been trying to keep a lid on surging home prices and debt levels in recent years, but more developers are defaulting and many construction projects have been delayed. With the property downturn seen persisting through the first half of this year, and with sporadic coronavirus outbreaks dampening consumer activity, many analysts expect more easing measures soon. 

After China's top leadership acknowledged the increasing downside risks in December, more front-loading policies by the central bank are warranted. The LPR reductions are expected to stimulate corporate investment and social consumption, two major levers of economy, as China is facing the headwind of economic slowdown this year.

1年期LPR连降两个月,累计下调15个基点!

在央行多次“暗示”之下,1月份的LPR报价如期下调。1月20日,央行授权全国银行间同业拆借中心公布,2022年1月22日贷款市场报价利率(LPR)为:1年期LPR为3.7%,5年期以上LPR为4.60%。以上LPR在下一次发布LPR之前有效。

1年期LPR比上期下调10个基点,5年期以上LPR下调5个基点,这也是二者利率时隔21个月以来再次同步下调。

专业人士认为,本次LPR下调核心目的是为实体部门降成本,也有利于降低居民负债成本,居民房贷等生活成本降低有利于促进消费。1年期LPR连续两次下调,体现货币政策逆周期调控力度加大,宏观政策前置发力,有助于稳定市场预期、增强市场主体信心,鼓励企业增加中长期投资。

China's top regulators on Wednesday released a sweeping guideline on regulating various aspects of online platform businesses, including their investments in financial institutions, big data-enabled price discrimination against customers and monopolistic behaviours, to promote the industry's sound and sustained development. 

Online platform economy, valued at 39.2 trillion yuan in 2020, accounts for 38.6 percent of GDP and plays an increasingly prominent role in China’s social and economic development.

The 19-point notice, which was issued by nine central government organs led by the National Development and Reform Commission, said that online platform companies mush strictly regulate their investments and stakes in financial institutions and local financial organisations, and meet the required leverage ratio. 

Supervision of payments should be improved to cut the "inappropriate connection" between payment tools and other financial products.

The circular also proposed revision of the country's anti-monopoly law and improving laws related to data security and personal information protection.

支付不能“二选一”、严查股东资质、修订《反垄断法》……发改委等九部门发文明确平台经济金融监管。

国家发改委等九部门近日联合印发《关于推动平台经济规范健康持续发展的若干意见》(简称《意见》)。《意见》共6大项19条,涉及不正当竞争、反垄断、“二选一”行为、数据安全、平台企业生态开放、新业态劳动者权益保障等。

2020年,中国数字经济规模达到39.2万亿,占GDP比重达38.6%。《意见》提出,近年来我国平台经济快速发展,在经济社会发展全局中的地位和作用日益突显。

其中,在加强金融领域监管方面,《意见》要求,严格规范平台企业投资入股金融机构和地方金融组织,督促平台企业及其控股、参股金融机构严格落实资本金和杠杆率要求。强化支付领域监管,断开支付工具与其他金融产品的不当连接,依法治理支付过程中的排他或“二选一”行为,对滥用非银行支付服务相关市场支配地位的行为加强监管,研究出台非银行支付机构条例。

在“健全完善规则制度”方面,《意见》提出,要修订《反垄断法》,完善数据安全法、个人信息保护法配套规则。

Update on COVID-19

疫情简报

  • Mainland China reported 43 domestic cases on Wednesday, with 24 in Henan province, 14 in Tianjin, 3 in Beijing and 2 in Zhuhai city of Guangdong. 

    1月18日,内地新增本土病例43例(河南24例,其中安阳市19例、许昌市4例、郑州市1例;天津14例,均在津南区;北京3例,其中丰台区2例、朝阳区1例;广东2例,均在珠海市)。

Next on industry and company news

产经消息及公司新闻

  • Ownership of Chinese video site operator Youku has passed from Alibaba Cultural Entertainment to one of its units, the Shanghai-based Quan Tudou Network Technology. Alibaba’s digital media and entertainment division, which includes Youku and Tudou, earned 8.1 billion yuan in the third quarter last year.

    阿里文娱间接持股优酷:20日消息,优酷股东由阿里巴巴文化娱乐,变更为其子公司上海全土豆网络科技有限公司,并全资持股,即阿里文娱间接持股优酷。据阿里巴巴季度收益报告显示,包括优酷、土豆在内的阿里文娱在2021年第三季度营收为81亿元。

  • China’s central SOEs registered their best performance ever in 2021, with net profits hitting 1.8 trillion yuan, up 29.8 percent year on year. The average debt-to-asset ratio reached 65 percent at the end of December.

    央企效益增长创纪录:19日,国新办就央企经济运行情况举行发布会,据介绍,2021年央企实现利润总额2.4万亿元,净利润1.8万亿元,分别同比增长30.3%和29.8%,利润率上升0.6个百分点至6.8%。总体偿债能力保持稳定,12月末资产负债率控制在65%以内。

  • China penalized a unit of state-owned oil giant PetroChina for illegally trading imported crude oil. The subsidiary of PetroChina was cited for reselling 180 million tons of imported crude oil to 115 local refinery companies over the past 15 years, the National Audit Office found, which would have a market cost of more than $100 billion at today’s prices.

    中石油倒卖进口原油被查:19日消息,近期国家审计署发现,中国石油天然气集团有限公司下属燃料油公司存在倒卖进口原油问题,多年来累计倒卖进口原油1.795亿吨,销售给115家地炼企业,中石油集团主要领导严重失职失责。有关部门对中石油依法进行了严肃处理,对倒卖进口原油违法违规获利予以追缴。

  • US coffeehouse chain Starbucks announced its new alliance with on-demand local services giant Meituan after an exclusive contract with Alibaba-backed Eleme expired, enabling more consumers to make reservations at its stores and get their coffee delivered. Starbucks could potentially expand its business by tapping into Meituan's 62 million customers base.

    星巴克牵手美团造“咖啡空间”:18日,星巴克中国宣布与美团就数字空间达成创新合作。该合作将借助线上平台的综合性服务触达优势,探索多重科技手段将星巴克的“咖啡空间”传送至消费者面前。星巴克可借助美团多达6200万的月活跃用户进行业务扩展。此前,星巴克与饿了么的三年独家配送合作协议已于2021年12月31日到期,双方没有再续约这一协议。

  • European aircraft manufacturer Airbus will set up its first sustainable aircraft life cycle services centre in China after signing a memorandum of understanding with the government of Chengdu, Sichuan province. With an investment of 6 billion yuan ($945 million), the centre will provide services including aircraft parking, storage, maintenance, upgrades, conversions, dismantling and recycling.

    空客“飞机4S店”落户成都:18日,空中客车公司与成都市政府联合召开新闻发布会,宣布签署“空中客车飞机全生命周期服务项目”框架协议。按照协议,这一项目将为中国市场内的中老龄客机提供全面的一站式服务,包括飞机停放与存储、维护工作、适航管理等六大业务。

  • China’s e-commerce giants JD.com and Canada’s Shopify, have signed a deal which will give merchants in the U.S. and China better access to customers on their respective platforms and markets. The deal will allow Shopify merchants in the U.S. to sell their products on JD’s marketplace, giving them access to JD’s 550 million active customers in China. 

    京东与Shopify达成战略合作:18日,京东集团宣布与Shopify达成战略合作,成为Shopify在中国首个战略合作伙伴。双方将发挥各自在供应链基础设施和数字技术的优势和能力,共同为中国和海外商家打造更加便捷、可靠的跨境电商新通道。

  • Tencent ranked as the most valuable private Chinese company in 2021, despite a 1 trillion yuan wipeout, with a value of 3.9 trillion yuan last year, followed by chipmaker Taiwan Semiconductor Manufacturing Company with 3.7 trillion yuan, according to Hurun Research Institute. Alibaba fell from the top spot to the third position. 

    胡润中国500榜单出炉:19日,胡润研究院发布《2021胡润中国500强》,列出了中国500强非国有企业,按照企业市值或估值进行排名。腾讯价值一年跌去1万亿,但仍以3.9万亿元蝉联中国价值最高非国有企业;台积电以3.7万亿元价值排名第二;阿里巴巴价值跌去一半至2.5万亿元,排名下降至第三;字节跳动上升至第四位;宁德时代首次跻身前十,排名第五。

Wrapping up with a quick look at the stock market

最后来看股市收盘情况

  • Chinese stocks continued to edge down on Thursday as stocks in the oil and gas sector declined. The Shanghai Composite fell 0.09 percent and the Shenzhen Component lost 0.06 percent. However, the Hang Seng Index surged 3.4 percent as the TECH index rallied. 

    周四A股继续下跌,沪指收跌0.09%,深成指跌0.06%。教育、油气等板块跌幅居前。港股恒生指数大涨3.4%,恒生科技指数涨4.5%。

Biz Word of the Day

财经词汇划重点

  • The Debt to Asset Ratio, also known as the debt ratio, is a leverage ratio that indicates the percentage of assets that are being financed with debt.

    资产负债率比是企业负债总额占企业资产总额的百分比,这个指标反映了企业在全部资产中由债权人提供的资产所占比重的大小。

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(作者:李莹亮,见习记者张然 编辑:李艳霞)