CBN丨China rolls out 19 targeted measures to tackle various economic challenges

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 steps up economic stimulus with a further 1 trillion yuan of funding largely focused on infrastructure spending;

• Transport ministry vows to set up NEV charging service along most national highways by year-end.

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

中国经济要闻

The State Council, China's cabinet, on Wednesday unveiled 19 policy measures that add up to over 1 trillion yuan, specifically aimed at various economic challenges such as extreme weather and the troubled housing market, in the latest effort to boost the recovery of the world's second-largest economy that's grappling with record-setting heat waves, sporadic COVID-19 outbreaks and falling market sentiment.

The Chinese economy has been in a recovery trend since June, but the foundation for the rebound is not yet solid, according to read-out of a State Council executive meeting on Wednesday, which was presided over by Premier Li Keqiang. 

The meeting called for policy implementation in a timely and resolute manner, making use of available tools to solidify the basis of the recovery, while refraining from a flood of stimulus.

Among the 19-point policy package on Wednesday, there’s another 300 billion yuan that state policy banks can invest in infrastructure projects, on top of 300 billion yuan already announced at the end of June. Local governments will be allocated a 500 billion yuan of special bonds from previously unused quota. 

Amid an energy crunch triggered by drought, support was also directed toward state-owned power generation companies, which will be allowed to sell 200 billion yuan of bonds. Another 10 billion yuan of subsidies will be offered to the agricultural sector. 

The policies also include the approval of a batch of new infrastructure projects and the rolling out of measures to support the development of privately run businesses and the platform economy. 

Wednesday's meeting also allowed for a city-tailored approach to using credit so as to underpin inelastic housing demand and homeowners eyeing a shift toward bigger and nicer homes. 

The 19 measures come on top of several recent stimulus steps: policy banks have been allocated a total of 1.1 trillion yuan of financing for infrastructure projects since June; the central bank delivered a surprise 10 basis-point interest rate cut last week; and in May, Beijing announced about 1.9 trillion yuan of support measures in a 33-point policy package, including targeting small businesses. 

宏观政策正在适度加力，“稳增长2.0”来了。

8月24日，国务院总理李克强主持召开国务院常务会议。会上指出，当前经济延续6月份恢复发展态势，但恢复基础不牢固。要及时果断施策，保持合理政策规模，用好工具箱中可用工具，加力巩固经济恢复发展基础，又不搞大水漫灌、不透支未来。

会议部署稳经济一揽子政策的接续政策措施，加力巩固经济恢复发展基础；决定增加政策性开发性金融工具额度和依法用好专项债结存限额，再次增发农资补贴和支持发电企业发债融资；确定缓缴一批行政事业性收费和支持民营企业发展的举措，保市场主体保就业；决定向地方派出稳住经济大盘督导和服务工作组，促进政策加快落实；部署进一步做好抗旱救灾工作，强化财力物力支持。

国常会提及的一揽子接续政策数字加起来，超过万亿。具体来看：

一是在3000亿元政策性开发性金融工具已落到项目的基础上，再增加3000亿元以上额度；依法用好5000多亿元专项债地方结存限额，10月底前发行完毕。这既可增加有效投资带消费，又有利于应对贷款需求不足。持续释放贷款市场报价利率改革和传导效应，降低企业融资和个人消费信贷成本。

二是核准开工一批条件成熟的基础设施等项目，项目要有效益、保证质量，防止资金挪用。出台措施支持民营企业发展和投资，促进平台经济健康持续发展。允许地方“一城一策”灵活运用信贷等政策，合理支持刚性和改善性住房需求。为商务人员出入境提供便利。

三是对一批行政事业性收费缓缴一个季度，鼓励地方设立中小微企业和个体工商户贷款风险补偿基金。

四是支持中央发电企业等发行2000亿元能源保供特别债，在今年已发放300亿元农资补贴基础上再发放100亿元。

五是持续抓好物流保通保畅。

六是中央推动、地方负责抓落实。

今年上半年，国常会决定部署实施6方面33项稳经济措施，努力推动了经济回归正常轨道，稳住了经济基本盘。24日的国常会要求在落实稳经济一揽子政策同时，再实施19项接续政策，形成组合效应，推动经济企稳向好、保持运行在合理区间，努力争取最好结果。

• The Ministry of Human Resources and Social Security said Thursday that the government will take a series of measures to ensure that this year’s pensions are paid on time and in full.  According to an official at the ministry, despite increasing downward pressure on the economy and the impact of COVID-19 this year, individual pension payment is still able to increase by 4 percent, which has already been in place.

  人社部称能保证养老金按时足额发放：8月25日，中宣部就党的十八大以来就业和社会保障工作进展与成效举行发布会。人社部养老保险司负责人亓涛表示，将综合采取一系列措施，推动养老保险制度不断改革完善，促进制度更加公平更可持续，能够保证养老金的按时足额发放。亓涛介绍，今年，尽管受到经济下行压力加大和新冠肺炎疫情影响，仍按照4%的比例调整退休人员养老金，目前增发的养老金已发放到位。

Moving on to regional highlights

区域观察

• Henan province on Tuesday announced an allocation of 130 million yuan to support drought relief and autumn harvest amid extreme-high-temperature-hit major grain planting areas. The funds will be mainly used to support local water replenishment efforts, replanting, purchase of insecticides, fungicide and fertiliser among other drought protection measures.

  河南拨款1.3亿抗旱保秋：23日，河南省财政厅及时向南阳、信阳、周口、驻马店、安阳等旱情较重的粮食主产区筹措下达农业生产和水利救灾资金1.3亿元。在本次资金下达过程中，全力支持各地及时做好补水、改种补种、秋粮“一喷四防”等抗旱保秋工作，努力把灾害损失降到最低，确保秋粮和全年粮食稳产丰收。

Next on industry and company news

产业及公司新闻

• China's Ministry of Transport vowed to improve new-energy vehicle (NEV) charging facilities along national highways, according to a construction outline issued by the ministry on Thursday. The ministry said China is expected to deploy charging facilities to all highway service areas except those in high altitude areas by the end of 2022. Highways connecting provinces will provide charging services by the end of 2023, with highways connecting rural roads covered by 2025. 

  力争年底前全国高速提供充电服务：8月25日，交通运输部、国家能源局、国家电网公司、南方电网公司联合发布了《加快推进公路沿线充电基础设施建设行动方案》，确立了三个阶段性建设目标：一是力争今年年底前，全国除高寒高海拔以外区域的高速公路服务区能够提供基本充电服务；二是明年年底前，具备条件的普通国省干线公路服务区（站）能够提供基本充电服务；三是2025年底前，高速公路和普通国省干线公路服务区（站）充电基础设施进一步加密优化。

• China has promised a crackdown on irregularities in the photovoltaic sector to tame price hikes, according to a guideline jointly released by three government organs including the Ministry of Industry and Information Technology on Wednesday. Illegal activities such as price gouging, monopolies, and the production and sale of fake and shoddy products will be subject to a harsh clampdown. It also encouraged enterprises to accelerate the development and upgrading of technologies to better cater to market demand, as part of efforts to promote the high-quality development of the industry.

  三部门打击光伏行业抬价垄断：工信部网站8月24日消息，工业和信息化部办公厅、市场监管总局办公厅、国家能源局综合司发布关于促进光伏产业链供应链协同发展的通知。通知提出，各地工业和信息化、能源主管部门要深入落实《光伏制造行业规范条件》等政策；鼓励有关企业及公共交易机构等合理开展多晶硅及电池等物料储备，严禁囤积居奇。各地市场监管部门要加强监督管理，强化跨部门联合执法，严厉打击光伏行业领域哄抬价格、垄断、制售假冒伪劣产品等违法违规行为。

• China has witnessed growth in the number of patent transfers and licenses over the past year, the country's top intellectual property(IP) regulator said at its monthly press conference on Wednesday. In 2021, the number of patent transfers and licenses nationwide reached 420,000, up 15 percent year on year. Among them, the growth rate in low-carbon industries such as green new energy is more than twice the national average. 

  去年全国专利转让许可达42万次：8月24日，国家知识产权局举行新闻发布会，介绍知识产权转化运用方面的工作进展和成效。会上表示，2021年，全国专利转让、许可次数达到42万次，同比增长15%。其中，绿色新能源等“双碳”相关产业专利转让许可尤为活跃，转让许可次数增速是全国平均水平的两倍多，有力促进了低碳转型发展。 

Earnings reports express

财报速递

• PetroChina, one of China’s “big three” oil giants, reported its interim net profit hit 82.4 billion yuan, jumped 55.3 percent from the same period last year. Revenue for the first half stood at 1.6 trillion yuan, up 35 percent year over year, the oil and gas producer said Thursday. 

  中石油上半年大赚824亿：中国石油天然气股份有限公司8月25日发布的2022年中期业绩公告，上半年营收1.615万亿元，同比增长34.9%；净利润823.91亿元，同比增长55.3%。

• Chinese dairy giant China Mengniu Dairy posted on Wednesday a 27 percent leap in net profit to 3.8 billion yuan in the first half of 2022 because of the increased fair value of its financial liabilities and the income from selling a subsidiary. Revenue rose 4 percent to 47.7 billion yuan.

  蒙牛上半年净利增27%：蒙牛乳业8月24日晚间公布上半年业绩，收入477.22亿元，按年增4%，录得纯利37.51亿元，增长27.3%。报告称，2022年上半年，国内新冠病毒疫情反复及全球通货膨胀攀升、原料成本上涨，为乳业带来短期挑战。

• KE Holdings, also known as Beike Zhaofang, logged revenue of 26.3 billion yuan in the first six months, a 41.3 percent drop year on year and losses of 2.5 billion yuan, the firm said in its earnings report released Tuesday. The firm’s sales of preowned homes sank 42.1 percent year on year to 767.6 billion yuan, that of new housing plunged 50.6 percent to 415.4 billion yuan. 

  贝壳上半年亏损25亿：8月23日，房产交易服务平台贝壳发布中期业绩报告，上半年营收为263亿元，同比下降41.3%，亏损25 亿元。收入下降主要由于平台交易额减少。财报显示，上半年二手房总交易额为7676亿元，同比下降42.1%；新房总交易额为4154亿元，同比下降50.6%。

• Shares of Anta Sports Products climbed after the sportswear maker’s sales in the Chinese market outstripped main rival Nike for the first time. Revenue rose 14 percent to 26 billion yuan in the first six months from a year earlier, according to the firm’s financial report released late Tuesday, making it the highest earner in China’s sporting goods market. Anta’s net profit fell 6.6 percent to 3.6 billion yuan in the period. 

  安踏收入首超耐克中国：8月23日，安踏集团发布2022年中期业绩报告，称今年上半年公司的收入体量相当于相同报告期内1.1个耐克中国。今年上半年，安踏集团实现收益259.65亿元，同比增长13.8%；股东应占溢利35.88亿元，同比下滑6.6%；基本每股盈利1.33元。

Switching gears to financial news

金融市场消息

• China's registration-based initial public offering (IPO) system has brought a new dynamic to the capital market since it was expanded to the Shenzhen-based ChiNext board two years ago. A total of 355 companies listed under the system had debuted on the ChiNext board by Tuesday, accounting for 30 percent of the total number of ChiNext firms. The total market value of these companies exceeds 2.6 trillion yuan, accounting for 21 percent of the board. 

  创业板改革两周年激发资本活力：8月24日，深市创业板改革并试点注册制满两年。在注册制带动下，创业板板块包容性和覆盖面增强，直接融资功能得到进一步发挥。数据显示，截至2022年8月23日，注册制下已有355家公司在创业板上市，占创业板公司总数的30%；总市值超2.6万亿元，占板块整体市值的21%。

Wrapping up with a quick look at the stock market

股市收盘情况

• Chinese stocks rebounded from near three-week lows on Thursday, as a new stimulus package of the government and a pause in the yuan’s slide aided sentiment. By the close, the benchmark Shanghai Composite gained 0.97 percent and the Shenzhen Component rose 0.06 percent. Hong Kong stocks closed with big gains in a storm-shortened session pumped up by big techs. The benchmark Hang Seng rallied 3.6 percent and the Tech index closed up 6 percent. 

  周四A股三大指数集体收涨。截止收盘，上证指数涨0.97%，深成指数涨0.06%，创业板指跌0.44%。港股受台风影响，上午交易暂停，下午开市后，两大指数高开高走。恒生指数收涨3.63%，恒生科技指数大涨6.01%，京东集团涨11%，阿里巴巴涨近9%，百度集团涨超9%，美团涨超8%，腾讯控股涨近5%。

Biz Word of the Day

财经词汇划重点

• Transferring a patent application or a patent basically means selling the patent (application) to someone. By transferring the patent application or the patent you assign all of the rights, title and interests coming with the IP right to the assignee in return for a lump sum payment.

  专利转让可分为专利申请权转让和专利所有权转让。专利申请权转让是指专利申请权人将其拥有的专利申请权转让给他人的一种法律行为。专利所有权转让是指专利权人将其拥有的专利权转让给他人的一种法律行为。

Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI, ZENG Libin, HUANG Ziqing

Sound Editor: HUANG Ziqing

Graphic Designer: ZHENG Wenjing, LIAO Yuanni

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

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、曾丽镔、黄梓晴

音频制作：黄梓晴

设计：郑文静、廖苑妮

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