CBN丨Guangdong’s GDP grew 2 percent in H1

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 

- Guangdong’s economy expanded 2 percent in the first half with major indicators registering positive changes;

- Chinese banks shrank gold and silver product offerings, while global gold price hit a 10-month low.

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

中国经济要闻

Guangdong's major economic indicators achieved positive growth in the first half of the year as a slew of stimulus measures has been implemented, with total GDP expanding 2 percent year-on-year to reach 5.95 trillion yuan, according to data from the provincial  branch of the NBS on Monday. 

In the first six months, the agricultural sector contributed 216.6 billion yuan in added value, the industrial sector generated 2.4 trillion yuan, and the service sector recorded 3.3 trillion yuan. 

As South China’s manufacturing powerhouse, Guangdong’s steady progress in manufacturing has laid a solid foundation for the province's economic growth, as the manufacturing industry has driven the growth of industries above designated size by 3.2 percentage points, with automakers shaking off supply chain shocks to make an impressive 18.8-percent growth.

Retail sales also showed signs of recovery in the first half of this year, standing at 2.17 trillion yuan in the period, up 0.9 percent year on year. In June, local governments in Guangdong issued multiple rounds of consumer vouchers, which significantly boosted consumption, with retail sales increasing by 9.5 percent compared with a year ago, reversing the previous downward trajectory due to COVID-19. 

Investment in manufacturing grew by 21 percent, in which high-tech manufacturing saw a stunning 39-percent yearly jump, and advanced manufacturing investment also increased by 30 percent, while the decline in infrastructure investment continued to narrow. 

The total import and export in Guangdong from January to June was 3.91 trillion yuan, an increase of 2.8 percent year on year. 

Guangdong's disposable income per capita stood at 24,749 yuan in the first half of 2022, up 4.9 percent year on year in nominal terms. And consumer inflation grew by 2.1 percent. 

While major economic indicators have stabilised and rebounded, the NBS official noted that the current "triple pressure" on the economy still exists, and the foundation for sustained economic recovery and development is not yet solid. Guangdong should gear up to seize the critical period of the third quarter and focus on key areas, while going all out to ensure that the economy operates within a reasonable range. 

在“一揽子”稳经济政策实施下，上半年广东主要经济指标实现正增长。

广东省统计局在7月18日公布的数据显示，根据地区生产总值统一核算结果，上半年广东地区生产总值为59518.40亿元，同比增长2.0%。其中，第一产业增加值2166.01亿元，增长5.9%；第二产业增加值24183.37亿元，增长2.9%；第三产业增加值33169.02亿元，增长1.1%。

工业经济稳中有进让广东经济增长有了坚实基础。其中，制造业支撑作用明显，拉动全省规模以上工业增长3.2个百分点。上半年，广东规模以上工业增加值1.91万亿元，同比增长3.5%。支柱产业中，随着产业链供应链稳步恢复，汽车制造业增长较快，增加值增长18.8%。

服务业占广东省经济比重超过五成，新业态的稳定增长为保障居民就业提供有力支撑。统计数据显示，上半年广东服务业增加值占地区生产总值比重55.7%。新业态持续活跃，数字化、网络化向更多服务业场景延伸，其他服务业增加值增长2.6%。

消费方面，以提振消费与扩大投资为主的内需在上半年出现修复迹象。上半年，广东社会消费品零售总额2.17万亿元，同比增长0.9%。6月当月，发放消费券、电商平台“618”购物节对消费的提升作用明显，社会消费品零售总额增长9.5%，增速由降转升。 

投资方面，制造业新动能投资持续快速增长。上半年广东省制造业投资增长20.8%。高技术制造业投资同比增长38.8%，占制造业投资比重36.0%，比一季度提高1.0个百分点；先进制造业投资增长30.3%，占制造业投资比重64.9%，比一季度提高1.3个百分点。基础设施投资降幅持续收窄，降幅比1-5月收窄1.3个百分点。

民生方面，2022年上半年，广东居民人均可支配收入24749元，同比增长（名义增速）4.9%；扣除价格因素，实际增长2.7%。上半年，CPI上涨2.1%，涨幅比一季度扩大0.4个百分点；工业生产者出厂价格指数（PPI）上涨4.5%。

值得注意的是，多项指标企稳回升的同时，上半年规模以上工业增加值同比增速出现放缓。广东省统计局表示，当前广东经济增长面临的“三重压力”犹存，经济持续恢复发展的基础还不牢固；要把握三季度关键期，聚焦重点领域和关键环节，推动政策加速见效，稳定市场主体预期，以更大努力确保经济运行在合理区间。

Moving on to regional highlights

区域观察

• Shanghai witnessed a positive growth in foreign trade in June, reversing the sharp drop of the previous two months. The total trade of foreign goods reached 374.07 billion yuan in June, an increase of 9.6 percent year-on-year, according to data from the Shanghai branch of the NBS on Monday. 

  上海外贸6月份正增长：上海市统计局18日发布数据，6月份，随着上海全面恢复正常生产生活秩序，当月上海市进出口增速分别达到9.6%，扭转了前两个月大幅下降的态势。

• Heilongjiang, China's northernmost province, saw its foreign trade in goods grow 30.7 percent year on year to 122.21 billion yuan in the first half of 2022, according to local customs. In the first half, Heilongjiang's imports rose 35.3 percent year on year to 99.26 billion yuan, while its exports grew 14.1 percent to 22.95 billion yuan, data from Harbin Customs showed Monday. 

  上半年黑龙江外贸总值增30.7%：哈尔滨海关18日发布数据，今年上半年，黑龙江省货物贸易进出口总值1222.1亿元人民币，比去年同期增长30.7%。其中出口229.5亿元，增长14.1%；进口992.6亿元,增长35.3%。

Next on industry and company news

产业及公司新闻

• China's real estate sector has accelerated its recovery trend as pent-up demand shows signs of release and indicators point to expanding sales and property financing, media reported on Monday. Outstanding property development loans were estimated to have increased by 100 billion yuan from May, while personal housing loans grew by 150 billion yuan.

  房地产销售同步回暖：随着稳经济大盘政策落地显效，叠加全国疫情逐步好转，房地产市场加快恢复进程。6月房地产贷款新增规模较5月明显提升，连续两个月环比多增。预计6月房地产贷款新增超1500亿元，较5月环比多增2500亿元，其中房地产开发贷款多增1000亿元，个人住房贷款多增1500亿元，房地产融资呈现回暖趋势。

• Real estate giant China Vanke announced late Monday that it received regulatory green light to spin off its property management services unit for an initial public offering in Hong Kong. The Onewo Space-Tech Service will go public on the Hong Kong Stock Exchange by issuing 180 million shares. 

  万物云获准香港上市：万科7月18日晚间公告称，万物云于2022年7月18日收到中国证券监督管理委员会出具的《关于核准万物云空间科技服务股份有限公司首次公开发行境外上市外资股(H股)的批复》。根据公告，核准万物云发行不超过1.8亿股境外上市外资股，每股面值人民币1元，全部为普通股。完成本次发行后，万物云可到香港联交所主板上市。

• Chinese telecom giant Huawei is set to launch an updated version of its self-developed operating system (OS), the HarmonyOS 3.0, on July 27, putting the firm on the fast track to shake off reliance on Google's Android, Huawei said on a Weibo post on Monday, adding that it will bring forth several other full-scenario terminal products during the event. 

  华为将于27日发布鸿蒙3.0：7月18日，华为终端官方微博正式宣布，将于7月27日19时30分举行华为全场景新品发布会，届时将发布HarmonyOS 3及多款首发搭载该系统的终端新品。

• China’s CATL, the world’s biggest maker of batteries for electric vehicles, is considering at least two locations in Mexico for a manufacturing plant worth as much as $5 billion to potentially supply Tesla and Ford, media reported Monday. 

  宁德时代考虑墨西哥建厂：据媒体18日消息，中国电池制造商宁德时代正在考虑在墨西哥至少两个候选地址建厂，为特斯拉和福特汽车供应电池。知情人士称，该公司正在考虑位于墨西哥奇瓦瓦州的华雷斯市和科阿韦拉州的萨尔提洛。这两个城市都在美国德克萨斯州边境附近。据这些不愿透露姓名的知情人士说，宁德时代考虑在这个项目上投资50亿美元。

Earnings reports express

财报速递

• Net profit at seven banks in the Yangtzs River Delta have all jumped by over 20 percent in the first six months from the same period last year, on strong lending and better asset quality. The lenders including Bank of Jiangsu, Bank of Hangzhou and Bank of Nanjing, have reported positive growth in revenue as well, with four of them soaring by double digits, according to their latest earnings reports as of yesterday. The banks also saw improvement on asset quality, as non-performing loan ratios were all below 1 percent.  

  江浙7家银行业绩快报预喜：截至18日，7家江浙地区城农商行披露今年上半年业绩快报，营收和净利润均保持强劲增长的同时，资产质量均有明显改善。根据业绩快报，江苏银行、南京银行、杭州银行、张家港行、无锡银行、苏农银行、江阴银行上半年实现营收正增长。其中江阴银行、南京银行、杭州银行、江苏银行营收增速达到两位数。从净利润来看，7家银行上半年归母净利润增速均超过20%。其中杭州银行、江苏银行、无锡银行增速突破30%。同时，上述7家银行的资产质量实现不同程度改善，不良贷款率均在1%以下。

• Chinese logistics industry is picking up on growth momentum in H1, according to the business briefings of the four leading Chinese couriers for June, with SF Express leading with a steller performance of 26.7 billion yuan in revenue. In the first half of the year, SF expects net profit to come in between 2.4 to 2.6 billion yuan, up 220 to 240 percent year-on-year, while YTO Express reporting a net profit of 1.8 billion yuan. STO Express also expects to see over 2-fold growth in net profit of 170 to 200 million yuan in the Jan-June period.

  上半年快递巨头捷报频传：7月18日晚间，顺丰、圆通、韵达、申通等4家快递公司发布6月份经营简报显示，快递业发展正在回暖。6月份营收方面，顺丰、韵达、圆通、申通分别为266.92亿元、41.40亿元、41.07亿元、29.82亿元。今年上半年，顺丰实现归属于上市公司股东的净利润预计为24.3亿元到25.8亿元，同比增长220%到240%。圆通速递2022年上半年净利17.71亿元，同比增长174.24%。申通预告上半年公司实现扭亏为盈，归属于上市公司股东的净利润为1.7亿元-2亿元，同比上年同期增长216.20% - 236.71%。

Switching gears to financial news

金融市场消息

• Chinese banks have further scaled back their offering of precious metal investment products to retail clients, with China Construction Bank and ICBC being the latest ones to join the array of more than 20 banks that have shrunk their precious metal investment businesses since 2020, and lenders will likely withdraw from it entirely and only retain products related to physical assets. 

  多家银行收紧贵金属交易：7月18日，中国建设银行官网发布公告称，自北京时间2022年8月15日（周一）7:00起，暂停账户贵金属业务黄金、白银的买入、转换交易及定投计划的设置与变更；暂停账户贵金属双向交易业务黄金、白银的空头开仓交易；已设置的账户黄金、账户白银、账户铂金定投计划将自动终止。此前，7月15日，工商银行发布通告称，自8月15日8：00起将暂停账户黄金、账户白银业务开仓交易。今年上半年以来，包括工商银行、建设银行、兴业银行在内的多家商业银行均不同程度收紧个人贵金属交易业务。

• Chinese mainland, the second largest holder of the US treasury securities, has reduced its holdings six months in a row from $1.08 trillion in November 2021 to $980.8 billion in May 2022, which was the first time for it to drop below $1 trillion since May 2010, according to data released by the US Department of the Treasury on Monday.

  12年来中国持有美债首次低于1万亿：当地时间18日，美国财政部发布报告称，截至今年5月，中国的美债持仓跌至9808亿美元，环比下降226亿美元，同比下降9%，近一年内减持规模达976亿美元，自2010年5月以来首度低于一万亿美元。去年12月至今年5月，中国已连续六个月减持美债。

Wrapping up with a quick look at the stock market

股市收盘情况

• Chinese stocks closed down on Tuesday as rising COVID cases raised fears of a further slowdown in economic growth. The benchmark Shanghai Composite ended nearly flat, while the Shenzhen mainboard and its tech-heavy ChiNext Index each fell 0.3 percent and 1.77 percent. Hong Kong’s Hang Seng also closed down 0.89 percent.

  周二A股震荡下挫后小幅回升，三大股指涨跌不一。沪指数收涨0.04%，深成指跌0.3%，创业板指跌1.77%。板块方面，黑色家电、计算机应用、汽车产业链、传媒等板块以及鸿蒙、华为欧拉、数据安全等概念领涨。电力、机场航运、环保等板块走低。港股恒生指数收跌0.89%，恒生科技指数收跌1.48%。

Biz Word of the Day

财经词汇划重点

• Precious metals provide a means for investors to store wealth and seek growth in value. The most common types of precious metals that people invest in are gold, silver, and platinum. Precious Metal Investment is usually thought about to be a hedge versus rising cost of living, as it keeps its worth while the buying power of fiat money erodes.

  贵金属主要指金、银和铂族金属等金属元素。贵金属投资是指投资人在对贵金属市场看好的情况下，低买高卖赚取差价的过程，也可以是一种避险手段，以实现资产的保值增值。

Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI, JIA Yuxiao, ZENG Libin

Sound Editor: JIA Yuxiao

Graphic Designer: ZHENG Wenjing, LIAO Yuanni

Produced by 21st Century Business Herald Dept. of Overseas News.

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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、曾丽镔、贾雨逍

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