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
State Council urges to allocate the remaining local government debt quota to expand effective investment;
China’s official PMI slips in contraction in March.
Here’s what you need to know about China in the past 24 hours
中国经济要闻
China will make the most of government bonds to expand effective investment, enhance development momentum and promote steady economic growth, according to a decision made at the State Council's executive meeting chaired by Premier Li Keqiang on Tuesday.
Under the principle of keeping the macro leverage ratio generally stable, 3.65 trillion yuan of special-purpose bonds for local governments will be newly allocated for this year. In a bid to strengthen cross-cyclical adjustment, an advance quota worth 1.46 trillion yuan had been disbursed at the end of last year.
Efforts will be made to deliver the remaining local government debt quota at a faster pace, prioritising regions with a strong position for debt service and sufficient candidate projects.
The advance quota allocated last year will be issued by the end of May, and the quota set for this year will be issued by the end of September, Premier Li said.
Keeping the economy stable in the first quarter and first half of the year is crucial to achieving the annual target. Given the growing complexities in the international landscape, new challenges facing domestic development and increasing downward pressure on the economy, various changes both in and outside of China have already been taken into account in a forward-looking way when formulating this year's macro policies, the meeting added.
国务院总理李克强3月29日主持召开国务院常务会议。会议要求压实责任落细措施，坚决防止重特大安全事故；部署用好政府债券扩大有效投资，促进补短板增后劲和经济稳定增长；决定新开工一批条件成熟的水利工程，提高水资源保障和防灾减灾能力。
会议指出，用好政府债券扩大有效投资，是带动消费扩大内需、促就业稳增长的重要举措。按照保持宏观杠杆率基本稳定的原则，今年新增地方政府专项债3.65万亿元。为加强周期性调节，去年底已依法提前下达1.46万亿元。
下一步，一要抓紧下达剩余专项债额度，向偿债能力强、项目多储备足的地区倾斜。去年提前下达的额度5月底前发行完毕，今年下达的额度9月底前发行完毕。
会议指出，当前国际形势更趋复杂严峻，国内发展面临新挑战，经济下行压力进一步加大。制定今年宏观政策时，对国内外环境很多变化已有前瞻考虑。一季度、上半年保持经济平稳运行，对实现全年目标至关重要。要抓紧落实中央经济工作会议精神和政府工作报告举措，坚定信心，咬定目标不放松，把稳增长放在更加突出的位置，统筹稳增长、调结构、推改革，稳定经济的政策早出快出，不出不利于稳定市场预期的措施，制定应对可能遇到更大不确定性的预案。
China's manufacturing activity contracted in March amid pressures from domestic COVID-19 cases and uncertainties from geopolitical tensions, the National Bureau of Statistics said on Thursday.
The official purchasing managers index for China's manufacturing sector was at 49.5, compared with 50.2 in February, slipping into contraction after expanding for four consecutive months.
On the other hand, the official non-manufacturing PMI, which measures activities in the construction and services sectors, also slid into contraction at 48.4, decreasing by 3.2 percentage points from February.
据国家统计局网站消息，3月份，中国制造业采购经理指数（PMI）为49.5%，比上月下降0.7个百分点，低于临界点，制造业总体景气水平有所回落。
国家统计局服务业调查中心高级统计师赵庆河表示，近期，国内多地出现聚集性疫情，加之国际地缘政治不稳定因素显著增加，我国企业生产经营活动受到一定影响。
此外，3月份，非制造业商务活动指数为48.4%，低于上月3.2个百分点，非制造业景气水平下降，企业经营活动总体放缓。
Greater Bay Area, Greater Future
新使命，大未来
Hong Kong Exchanges and Clearing Ltd. (HKEX) is planning to establish a digital-asset trading platform, a pilot version of which is set to be launched this year, the bourse announced Tuesday. The platform, called Diamond, will be a one-stop shop for data trading and custody with instant settlements.
港交所推出数码资产交易平台：3月29日消息，港交所计划最快今年推出全新试点数码资产交易平台“Diamond”，将包括集团所有数码资产类别，期望成为一站式数据、交易、交收、钱包管理平台。
Next on industry and company news
产经消息及公司新闻
State oil giant China National Offshore Oil Corporation (CNOOC Ltd.) won approval from China’s top securities regulator for an IPO as the company also reported a record profit amid the global oil price surge. Hong Kong-traded CNOOC plans to sell as many as 299 million new shares in Shanghai to raise about 35 billion yuan, the company said Wednesday at its earnings briefing.
中海油获批“回A”：3月30日，证监会发布关于核准中国海洋石油有限公司首次公开发行股票的批复，核准中海油公开发行不超过29.9亿股新股。此次“回A”，中海油拟募集资金额为350亿元，为今年来最大IPO。
Chinese property developer Country Garden earned 23.5 percent less to 26.8 billion yuan last year, and a 13 percent increase in total revenue of about 523 billion yuan for 2021, according to its latest earnings report on Wednesday. Country Garden also said its contracted sales grew 13 percent to 558 billion yuan last year with the sales gross floor area reaching 66.4 million square meters.
碧桂园增收不增利：3月30日，碧桂园发布2021年年度业绩报告。财报显示，2021年，碧桂园归属股东净利润267.97亿元，同比减少23.49%；实现总收入5230.6亿元，同比增长13.0%。公司实现权益合同销售金额约5580亿元，权益合同销售面积约6641万平方，同比增长13%。
Chinese tea chain Nayuki reported an adjusted net loss of 145.3 million yuan in 2021, compared with an adjusted net profit of 16.6 million yuan in 2020, according to its financial report released on Tuesday. The company returned to a loss as it embarked on a rapid store expansion and spent more on raw materials and staff.
奈雪的茶去年亏1.45亿：3月29日晚间，“茶饮第一股”奈雪的茶发布2021年业绩报告，全年收入同比增长40.5%，为42.97亿元；经调后净亏损1.45亿元，2020年经调后净利润1664万元。公司经营由盈转亏主要是由于新门店数量快速增长、原材料及人工成本的提高。
Switching gears to the financial sector
金融市场要闻
China's central bank on Wednesday urged banks and other financial institutions to ensure reliable financial services for grain production, with focus on nurturing industry chain firms specialising in cultivating high-standard farmland, spring farming, or warehousing and processing.
金融支持乡村振兴：3月30日消息，人民银行近日印发《关于做好2022年金融支持全面推进乡村振兴重点工作的意见》指出，各银行业金融机构要围绕高标准农田建设、春耕备耕、粮食流通收储加工等全产业链，主动对接融资需求，强化粮食安全金融保障。
Industrial and Commercial Bank of China (ICBC), the world's largest-listed lender by assets, posted 10.3 percent growth in net profit to 348.3 billion yuan last year, the fastest since 2012. Its operating revenue jumped 7.6 percent to over 860 billion yuan and the non-performing loan ratio dropped 16 basis points to 1.42 percent.
工行净利创十年最快增速：3月30日，工商银行公布2021年年报。工商银行2021年实现净利润3483.34亿元，上年同期净利润3159.06亿元，净利润同比大增10.26%，创2012年来最快增速。全年实现营业收入8609亿元，同比增长7.6%。资产质量方面，不良贷款率1.42%，较上年末下降0.16个百分点。
Agricultural Bank of China reported a growth in its annual net profit last year by 11.7 percent to 241.2 billion yuan from a year ago. The bank's net interest income rose 6 percent to 5.78 billion yuan over the same period, with the non-performing loan ratio seeing a drop of 14 basis points to 1.43 percent.
农行净利增长超10%：3月30日，农业银行发布了2021年财报业绩。2021年，农业银行实现营业收入7199亿元，增速9.4%；净利润2419亿元，增速11.8%；不良贷款率1.43%，比上年末下降0.14个百分点。
Sunac China, the third largest Chinese developer by sales, offered to shorten the payment extension to one and a half years in a new extension plan published Wednesday. It also proposed paying the bond’s annual interest due April 1 as scheduled, as opposed to the 20-day delay of the interest payment outlined in its previous plan.
融创缩短债务展期时间： 3月30日，融创发布公告，拟对“20融创01”展期18个月，新的展期方案时间较之前缩短了六个月，首笔支付时间更提前。融创中国承诺将于4月1日支付当期所有应付利息。
Eleven insurers have paid out 14.85 million yuan to families of the victims of the China Eastern Airlines plane crash last week. Separately, four insurers have also prepaid 116 million yuan to Eastern Airlines for the loss of the aircraft, the China Banking and Insurance Regulatory Commission (CBIRC) said Wednesday.
东航事故遇难家属已获赔1485万：3月30日，据中国银保监会官网消息，目前已有11家公司向遇难人员家属支付14笔赔款，合计1485万元。财产保险方面，承保飞机机身的人保财险、太保财险、平安财险、国寿财险合计向东方航空公司预付保险赔款1.16亿元。
Wrapping up with a quick look at the stock market
最后来看股市收盘情况
Chinese stocks closed down on Thursday after data showing activity in the country’s factory and services sectors swung into the negative territory in March. China’s benchmark Shanghai Composite lost 0.44 percent and the Shenzhen Component fell 1.19 percent. The Hang Seng Index also dropped 1.2 percent, dragged by the pharmaceutical sector.
周四A股普遍下跌，沪指跌0.44%，深成指跌1.19%，创业板指跌1.38%。恒生指数收跌1.06%，恒生科技指数收跌1.4%。医药股领跌，信达生物、开拓药业跌超10%。
Biz Word of the Day
财经词汇划重点
数字货币交易所是指进行数字货币间、数字货币与法币间交易撮合的平台，是加密数字货币交易流通和价格确定的主要场所。与传统证券交易所相比，数字货币交易所除撮合交易之外，还承担做市商和投资银行的角色。
A digital asset trading platform is an outlet where cryptocurrency exchanges are directly connected all over the world. It is a platform that permits its users to buy or sell digital assets through a single account/platform.
（欢迎大家提供意见和反馈，请联系主播李莹亮：liyl@21jingji.com）
Executive Editor: Sonia YU
Editor: LI Yanxia
Host: Stephanie LI
Writer: Stephanie LI, ZHANG Ran, CHEN Zihui
Sound Editor: ZHANG Ran, CHEN Zihui
Graphic Designer: ZHENG Wenjing, LIAO Yuanni
Co-produced by 21st Century Business Herald Dept. of Overseas News & SFC Audio/Video Dept.
Presented by SFC
编委: 于晓娜
策划、编辑：李艳霞
播音：李莹亮
撰稿：李莹亮、张然、陈梓慧
音频制作：张然 、陈梓慧
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21世纪经济报道海外部 南财音视频部 联合制作
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(作者：李莹亮,张然 编辑：李艳霞）