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 implement private pension system with a contribution cap of 12000 yuan a year;
China will add 300 million tons of coal capacity this year.
Here’s what you need to know about China in the past 24 hours
中国经济要闻
China will soon enter a new era of "private pensions”, which is set to complement the nation's current pension system in its latest effort to tackle the strains of an ageing population.
The new mechanism allows Chinese citizens to contribute up to 12,000 yuan (about $1,872) annually to individual pension accounts, according to guidelines published by the State Council on Thursday.
To encourage participation, the government will probably offer tax breaks, the guidelines mentioned. Pilot tests will run in some cities for one year before being implemented nationwide.
So how exactly does the private pension system work for everyone?
According to the document, those who contribute to the basic pension insurance for workers in cities and towns, as well as in the life insurance system for urban and rural residents, can participate in the private pension system.
They can open their own private pension account and deposit money as they wish. The accounts can be opened at qualified commercial banks or through other designated financial institutions. The accounts have closed-end management and participants cannot draw the money in advance unless under exemptions specified in the regulations.
The funds in the accounts can be used to purchase financial products that have a safe operation and tilt toward long-term value preservation, like banking wealth management products, deposits and public funds, among others.
Ofter dubbed “the third pillar” of the pension system, the long-awaited private pensions will be an important transformation of the current pension system that has a basic pension insurance and a corporate pension.
Banks have been preparing for the new policies to be implemented, vying for a huge but competitive market that worths some trillion yuan in precipitation funds every year.
期待已久的养老保险”第三支柱“方案明确：个人养老金账户来了，商业银行业务迎来新蓝海。
4月21日，国务院办公厅发布《关于推动个人养老金发展的意见》（下称《意见》），提出推动发展适合中国国情、政府政策支持、个人自愿参加、市场化运营的个人养老金。
《意见》明确，个人养老金实行个人账户制度，缴费完全由参加人个人承担，实行完全积累；个人养老金账户是参加个人养老金制度、享受税收优惠政策的基础；参加人应当指定或者开立一个本人唯一的个人养老金资金账户，用于个人养老金缴费、归集收益、支付和缴纳个人所得税等。
《意见》明确，可以开立个人养老金资金账户的个人包括在中国境内参加城镇职工基本养老保险或者城乡居民基本养老保险的劳动者，且目前参加人每年缴纳个人养老金的上限为12000元。
可购买的产品方面，《意见》明确，个人养老金资金账户资金用于购买符合规定的银行理财、储蓄存款、商业养老保险、公募基金等运作安全、成熟稳定、标的规范、侧重长期保值的满足不同投资者偏好的金融产品，参加人可自主选择。其中，银行理财、商业养老保险、公募基金已经有对应的相关养老产品。
对于上述新政策，不少商业银行已经提前进行布局。据悉，政策落地后，客户可通过手机银行、柜面等渠道开立个人养老金资金账户，持续转入个人税前收入的一部分，即可自主投资税收递延养老金融产品，获取持续收益，达到退休年龄后就可以从账户一次性或分次领取个人养老金。
“账户具有唯一性，而且未来每年将有至少数万亿的沉淀资金。可以预见，不久的将来，各大商业银行必将在这一蓝海领域展开激烈乃至于残酷的竞争，并将有利于那些财富管理领先的金融机构或代销机构再次强化对客户中长期财富的管理身份。”资深金融监管政策专家周毅钦表示。
推动个人养老金制度建设一直是业界热议的话题。通常来说，基本养老保险被称为养老保险体系的“第一支柱”，而企业年金或职业年金则是“第二支柱”，此次提及的个人养老金制度就是养老保险体系的“第三支柱”。
不过，《意见》明确，该政策选择部分城市先试行1年，再逐步推开，这意味着哪些城市将纳入试点并明确购买人范围等细则也值得关注。
China plans to increase its coal capacity by 300 million tons this year and improve coal production review and approval mechanism in a move to ensure energy supplies and also to bring coal prices down, a regular State Council meeting said on Wednesday. The meeting also noted that China should push for transformation of coal-fired power generators of more than 220 million kilowatts and continue to develop nuclear power in an orderly way.
新增煤炭产能3亿吨：4月20日, 国务院常务会议指出，一要发挥煤炭的主体能源作用。通力合作优化煤炭企业生产、项目建设等核准审批政策，通过核增产能、扩产、新投产等，今年新增煤炭产能3亿吨。二要推动煤电机组节能减排改造、灵活性改造、供热改造，提高能源使用效率，全年改造规模超过2.2亿千瓦。三要在严格监管、确保绝对安全的前提下有序发展核电。
China’s full year's grain production target will be achieved thanks to effective policy support. More than 20 percent of spring crops have been sown, including 70 percent of early rice, faster than last year, the Ministry of Agriculture and Rural Affairs said on Wednesday.
春播进展总体较好：4月20日上午，据国新办消息，今年国内外新冠形势异常复杂严峻，农业农村部坚持把夺取全年粮食丰收作为首要任务，粮食生产保持较好势头。夏粮生产形势好于预期。经过多方艰苦努力，目前，春播粮食已过2成，早稻栽插过7成。
China's fiscal revenue amounted to 6.2 trillion yuan, an increase of 8.6 percent in the first quarter of 2022, official data showed Wednesday. The central government and local governments collected 2.89 trillion yuan and 3.31 trillion yuan in fiscal revenue, up 7.7 percent and 9.5 percent respectively.
Q1财政收入增8.6%：4月20日，财政部公布2022年一季度财政收支情况。数据显示，一季度，全国一般公共预算收入62037亿元，同比增长8.6%。其中，中央一般公共预算收入28949亿元，同比增长7.6%；地方一般公共预算本级收入33088亿元，同比增长9.5%。
Next on industry and company news
产经消息及公司新闻
Semiconductor companies in and near Shanghai are ramping up efforts to resume production. Companies on the list, including the Taiwan Semiconductor Manufacturing Co (TSMC), Semiconductor Manufacturing International Corp (SMIC), Hua Hong Semiconductor and ASML, are working under closed-loop management during the epidemic to ensure supply chain stability.
上海相关芯片企业加速复产：根据《上海市工业企业复工复产疫情防控指引(第一版)》指示，为确保上海半导体供应链正常运行， “白名单”上的台积电（TSMC）、中芯国际（SMIC）、华虹半导体和荷兰ASML等多家半导体公司正按照“闭环管理”要求有序开展复工复产活动。
China National Offshore Oil Corporation’s stock shot up to the exchange-imposed limit for new listings of 44 percent on its first day of trading on the Shanghai Stock Exchange today, causing trading to be halted for half an hour. The stock ended 27.7 percent higher today at 13.8 yuan.
中海油一度涨44%触发临停：4月21日，中国海油登陆A股，在上交所上市。开盘后，N中海油股价瞬间拉涨至15.55元，涨幅44%，达到上市首日涨幅限制，并触发临停机制。截至收盘，N中海油涨幅收窄至27.7%，报13.79元。
Huawei Technologies said on Wednesday it will step up efforts to expand its presence in the commercial hardware market, and focus on providing office hardware and software solutions for key sectors including education, healthcare, manufacturing, transportation, finance and energy.
华为终端进军商用领域：4月20日，在华为终端商用办公新品发布会上，华为宣布全面进军商用终端市场。华为终端业务将依托硬件和软件两大生态，重点为政府和教育、医疗、制造、交通、金融、能源等六大行业提供商用办公解决方案。
Switching gears to the financial sector
金融市场要闻
Chinese lawmakers on Wednesday voted to adopt a law on futures and derivatives to better protect investors' interests and develop the futures market in favour of the real economy. The law will take effect on Aug. 1, 2022.
期货和衍生品法表决通过：4月20日，十三届全国人大常委会第三十四次会议表决通过《中华人民共和国期货和衍生品法》。这部法律自2022年8月1日起施行。
Wang Zhanfeng, the chairman of China Huarong Asset Management has taken a leadership position at another state-owned asset management company — China Orient Asset Management — on Wednesday, marking a major personnel move at the scandal-plagued bad-debt manager.
王占峰履新东方资产党委书记：4月20日上午，东方资产管理公司召开党委会，董事长王占峰被任命为东方资产党委书记，并推荐董事长职位。2018年4月18日，赖小民案发，原广东银监局局长王占峰临危受命，担任华融党委书记，后任董事长，至今已4年。
Shares of BOC International China rose after the securities firm affiliated with state-owned commercial lender Bank of China appointed its chief executive officer as the new chairman. Lin Jingzhen, BOC International’s chairman and director of the strategy and development committee of the board, has resigned due to work arrangements and CEO Ning Min will replace him, the Shanghai-based company said late yesterday.
中银证券迎来新“一把手”：4月20日晚间，中银国际证券股份有限公司公告表示，中国银行副行长林景臻因工作安排原因，申请辞去中银证券董事、董事长及董事会战略与发展委员会主任职务。4月20日，董事会选举宁敏董事为中银证券第二届董事会董事长。
Wrapping up with a quick look at the stock market
最后来看股市收盘情况
Chinese stocks extended this week’s rout as traders fretted over the country’s economic fallout amid Covid-19 flare-ups and investors expect more policy stimulus. Major indices dropped over 2 percent, with the benchmark Shanghai Composite plunging 2.26 percent, the Shenzhen Component shedding 2.7 percent and the tech-heavy ChiNext Index finishing down 2.17 percent. The Hang Seng Index also slipped 1.25 percent as the TECH Index lost 3.48 percent to close below 4000 points.
周四A股全线低开后继续下挫，午后再度走弱，三大股指均跌超2%。截止收盘，沪指跌2.26%，深成指跌2.7%，创业板指跌破2300点，为去年6月首次。恒生指数收跌1.25%，恒生科技指数再次失守4000点，科网股、回港中概股重挫。
Biz Word of the Day
财经词汇划重点
A futures market is an auction market in which participants buy and sell commodity and futures contracts for delivery on a specified future date. Futures are exchange-traded derivatives contracts that lock in future delivery of a commodity or security at a price set today.
期货市场是指按达成的协议交易并按预定日期交割的金融市场。期货的交割期放在未来，而价格、交货及付款的数量、方式、地点和其他条件是在即期由买卖双方在合同中规定的，商品及证券均可在期货市场上交易。
（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.
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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
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(作者：李莹亮,张然 编辑：李艳霞）