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 offer tax concessions for private pension schemes of up to 12,000 yuan each year from their annual taxable income;
Shanghai rolls out additional 22 measures to propel economic recovery.
Here’s what you need to know about China in the past 24 hours
中国经济要闻
China will offer tax concessions for private pension plans that enjoy policy support and are run commercially to meet people's diverse needs, allowing participants to enjoy a contribution deduction of up to 12,000 yuan ($1,670) per year from their annual taxable income, the State Council decided on Monday.
No tax will be levied on investment yields for the time being. The actual tax burden for receiving pension benefits will be lowered from the previous 7.5 percent to 3 percent. This policy will be applied retroactively to Jan 1 this year.
China's Cabinet issued a document in April on pushing forward the development of its first-ever private pension plan amid the challenge posed by the country's increasingly ageing population. Under the new pension scheme, individuals can invest in a range of financial products from their private pension account run by the Ministry of Human Resources and Social Security.
It was noted at the meeting that the development of policy-supported and commercially operated private pensions will provide a useful complement to the basic old-age insurance program and can better meet people's diverse needs and enhance social security safeguards.
The meeting also rolled out an additional set of fee deferral policies for the fourth quarter to further ease the burden on market entities. Payments of 14 government-levied charges, including farmland reclamation fee and sewage and household waste disposal fee, amounting to over 53 billion yuan, will be deferred without overdue fines. And payments of project quality deposits of various kinds worth about 63 billion yuan will also be deferred.
作为个人养老金制度最为关键也是投资者最为关注的税收政策框架逐渐明确。
9月27日，新华社消息显示，国务院常务会议确定对政策支持、商业化运营的个人养老金予以税收优惠，满足多样化需求。
会议指出，发展政策支持、商业化运营的个人养老金，是对基本养老保险的补充，有利于更好满足群众多样化需求、提升保障水平。会议决定，对政策支持、商业化运营的个人养老金实行个人所得税优惠：对缴费者按每年12000元的限额予以税前扣除，投资收益暂不征税，领取收入的实际税负由7.5%降为3%。政策实施追溯到今年1月1日。
从上述信息可以看到关于个人养老金税收政策的三大信号：
一是，个人养老金制度税收模式为EET模式，即在个人养老金金融产品购买阶段、资金运用阶段免税，在领取阶段征税；同时还可以抵扣个人所得税，上限暂定为1.2万元。
二是，EET模式在个税递延养老保险试点中就有应用，为避免试点效果不及预期，会议决定将领取收入的实际税负由7.5%降为3%，这将吸引更多投资者购买个人养老金金融产品。
三是，政策实施追溯到今年1月1日，这意味个人养老金制度实施细则以及各项配套细则有望加速落地，大概率也会在年底前出台试点。
早在今年4月发布的《关于推动个人养老金发展的意见》就明确，要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，与基本养老保险、企业（职业）年金相衔接，实现养老保险补充功能，协调发展其他个人商业养老金融业务，健全多层次、多支柱养老保险体系。《意见》也规定，人社部、财政部可根据经济社会发展水平和多层次、多支柱养老保险体系发展情况等因素，适时调整缴费上限。
会议还决定对部分行政事业性收费和保证金实行缓缴，帮助市场主体减负纾困；部署推进政务服务“跨省通办”扩面增效举措，激发市场活力，便利群众生活；部署抓好秋粮收获和加强农业农村基础设施建设措施，确保秋收入库，提升农业生产能力等。第四季度，缓缴耕地开垦费、污水处理费等14项行政事业性收费，规模530多亿元；缓缴各类工程质量保证金，规模约630亿元。
A bumper harvest can be expected in China for 2022, with grain output estimated at above 1.3 trillion jin (650 billion kilograms), China's top economic planner said on Wednesday. China's grain production has been stabilised over 1.3 trillion jin for five consecutive years as of 2021 as the largest grain producer and the third largest grain exporter across the globe, and the per capita income of rural residents rose from 13,432 yuan in 2017 to 18,931 yuan in 2021, growing by 6.6 percent annually, the NDRC said.
今年粮食丰收在望：28日，国家发改委就《乡村振兴战略规划（2018—2022年）》实施进展举行新闻发布会。会上介绍，今年粮食产量有把握实现1.3万亿斤以上的目标。数据显示，五年来，全国粮食产量稳定在1.3万亿斤以上，农作物耕种收综合机械化率超过72%。2017—2021年，全国农村居民人均可支配收入由13432元增至18931元，年均实际增长6.6%，高于城镇居民近2个百分点。
Despite headwinds from weakening overseas demand, China expects foreign trade to grow in the second half of the year, boosting the nation's economic recovery, said the Ministry of Commerce on Tuesday. China's foreign trade rose 10.1 percent year-on-year to 27.3 trillion yuan from January to August, among which vehicle exports increased 57.6 percent and those of solar cell exports soared 92.6 percent, official data showed.
下半年中国外贸有信心实现正增长：27日，商务部数据显示，1-8月份，中国的外贸进出口达到27.3万亿元人民币，创历史新高。其中，汽车出口增长了57.6%，太阳能电池出口增长了92.6%。商务部表示，尽管面临外需放缓甚至减弱的大背景，但下半年中国的外贸仍有信心能够实现正增长。
Moving on to regional highlights
区域观察
The Shanghai municipal government on Wednesday released a package of 22 new measures to fire up economic recovery, handing out subsidies to cinemas, gyms and certain types of expos, expand the scope of re-loaning scheme for tourism recovery, and one-time bailout for A-star scenic spots and major hotels. In addition, the city will subsidise local aviation industry, including granting funds for disinfection and conducting nucleic acid tests.
上海发布稳增长“22条”：9月28日，上海市举行新闻发布会，介绍《上海市助行业强主体稳增长的若干政策措施》（简称稳增长“22条”）相关情况。稳增长“22条”共四个方面内容，自10月1日起施行，具体措施包括实施电影票价补贴、专营商业影院和体育健身场所复工复市补贴、专业剧场一次性停业补贴和限流补贴；实施旅游业贷款贴息扩围、A级景区和星级酒店一次性纾困补助、体育企业贷款贴息支持等；对2022年克服疫情影响在沪举办的对外经济技术展览会，举办单位实际发生的场租费用，按照不超过10%的标准给予补贴，单场最高100万元；制定实施2022年上海航空业补助方案，对消杀、核酸检测等方面给予补贴等。
Construction work on the fourth pipeline of a mega power transmission project that transports natural gas from China's western regions to the country's east kicked off Wednesday. With a total length of 3,340 km, the pipeline runs from Xinjiang to Ningxia. Upon its completion, the pipeline will boost the project's annual capacity up to 100 billion cubic meters.
西气东输四线全面开工：9月28日，西气东输四线天然气管道工程正式开工。工程起自中吉边境新疆乌恰县伊尔克什坦，经轮南、吐鲁番至宁夏中卫，管道全长约3340公里。西气东输管道系统建成后将与西气东输二线、三线联合运行，年输送能力可达千亿立方米，进一步完善我国西北能源战略通道，有力提升我国天然气能源供应保障能力。
The national carbon market in Shanghai has transacted 195 million metric tons of China Emission Allowances since its launch on July 16, 2021, with a combined value of 8.56 billion yuan, making it the world's largest carbon trading market, officials said on Tuesday. The national carbon market is the largest market for physical carbon trading worldwide, and its greenhouse gas emissions are covered by 2,162 power-generating enterprises.
上海碳排放配额成交量达1.95亿吨：27日消息，上海确保全国碳交易市场去年7月16日正式上线交易，全国碳市场第一个履约周期已经纳入发电行业一共2162家，一上线就成为在全球覆盖温室气体排放量最大的碳市场。截至26日，全国碳市场的碳排放配额成交量为1.95亿吨，成交额为85.59亿元，已成为全球碳实物交易量最大的市场。
Northeast China's first commercial nuclear heating project is under construction and will serve residents during this winter's heating period. Hongyanhe Nuclear Power Station will save nearly 15 million tons of coal consumption and reduce carbon dioxide emissions by nearly 40 million tons a year.
东北首个核能供暖项目今冬启动：据媒体27日报道，今年冬天，周边红沿河镇的居民将通过东北首个核能供暖项目——辽宁红沿河核电站取暖，位于大连瓦房店市的红沿河核电站是东北最大的电力能源投资项目。据测算，核电站年发电量等效于减少标煤消耗约1452万吨，减排二氧化碳约3993万吨。
Greater Bay Area, Greater future
新使命，大未来
The 132nd session of the China Import and Export Fair, also known as the Canton Fair, will be held online from October 15, according to the Ministry of Commerce on Tuesday. During the 10-day online event, 50 exhibition zones for a total of 16 categories of goods and exhibitions of import covering six themes will be provided. The online session has attracted 35,000 domestic and overseas participations, while its services platform, which includes online display, real-time interactions and business matchings, has also extended availability to five months.
第132届广交会10月15日线上开幕：9月27日下午，国新办吹风会上，商务部副部长王受文介绍了第132届广交会举办的基本情况。王受文表示，本届广交会将于10月15日在线上开幕，将设立50个展区，包括涵盖16个商品大类的出口展和覆盖6大题材的进口展。同时，商务部还将推出5项支持措施，其中包括扩大参展企业范围、延长线上展时间、优化平台功能、提升招商成效、免收参展费用等。王受文表示，本次线上展期将持续10天，在线展示、即时沟通、贸易配对、大会服务等服务功能期限延长至5个月。除原有的2.5万家参展企业外，本次线上广交会目前已吸纳10000家企业参加线上展会。
Chinese drone maker DJI announced the opening of its new company headquarters named DJI Sky City in Shenzhen, south China's Guangdong Province on Tuesday. Covering an area of 10,000 square meters and composed of two super high-rise towers in the east and west, DJI Sky City is a cutting-edge innovation hub and is set to become a new landmark in Shenzhen.
大疆全球总部于深圳落成启用：9月27日，大疆位于深圳市南山区的全球总部——大疆“天空之城”建造完工，于本月完成员工入驻，正式启用。大疆“天空之城”项目占地面积1.76万平方米，总建筑面积约24万平方米，由东、西两栋超高层塔楼组成。据介绍，“天空之城”打破传统办公空间理念，以工业级精度营造空中创新社区，助力打造深圳新地标。
Next on industry and company news
产业及公司新闻
The number of domestic passenger flights has gradually recovered and the average daily volume now exceeds 7,000 flights, data showed Tuesday. It is estimated that the total travel during the National Day holidays could be more than 7.8 million passenger trips. The number of domestic airline bookings for the upcoming holidays has been increasing, with the average price rising to 666 yuan, up 13 percent compared with the Mid-Autumn Festival.
国庆航班量和机票价格双涨：据飞常准9月27日发布的数据显示，临近国庆，国内客运航班日均执行航班量超7000班次。预计国庆假期间民航旅客运输量预计超780万人次。随着需求提升，机票平均支付价格稳中有升。平台数据显示，2022年十一假期国内航线机票平均支付价格为666元，与中秋期间相比上涨13%。
The centralised procurement of orthopaedic spine consumables completed in Shanghai on Tuesday, where some 1.09 million sets of consumables across 14 product categories produced by 152 firms won the bid to be on the shopping list, according to the National Healthcare Security Administration. It is the third round of national-level group purchases in costly medical consumables, with average price slashed by more than 80 percent.
脊柱类耗材国家集采平均降价八成：9月27日，国家组织骨科脊柱类耗材集中带量采购开标大会召开，通过线上开标的方式产生拟中选结果。本次集采是继心脏支架、人工关节后，国家组织开展的第三批高值医用耗材集采。此次集采覆盖5种骨科脊柱类耗材，形成了14个产品系统类别，采购周期为3年。据官方消息，参加本次集采的171家企业中，152家拟中选，中选的520套系统平均降价为84%，预计每年可节约费用260亿元。
China Broadcasting Network Corp, the country's fourth-largest telecom operator, officially launched commercial 5G network services in Southwest China's Xizang and Northwest China's Qinghai Province, expanding its 5G services to all 31 provincial-level regions, the company disclosed on Tuesday.
广电5G网络覆盖全国31省区市：27日，中国广播电视网络集团有限公司在西藏、青海启动5G网络服务。此前已有29个省区市启动广电5G网络服务。至此，除港澳台以外的全国31个省区市全部开通广电5G网络服务。
BYD, China’s most popular electric carmaker, is linking arms with leading Jordanian automotive distributor Bustami and Saheb Trading to become the first suppliers of advanced electric vehicles in Jordan to meet the needs of the country’s transition to NEVs, said the company on Tuesday.
比亚迪与约旦经销商达成合作：比亚迪官微9月27日消息，近期，比亚迪宣布与约旦领先的汽车经销商集团Bustami&Saheb Trading Company达成合作，将共同为约旦市场提供深受消费者喜爱的新能源汽车产品。
Switching gears to financial news
金融市场消息
China's outstanding green bonds stood at 1.2 trillion yuan as of the end of June, ranking the second in the world, data from the PBOC showed on Tuesday. The nation's outstanding green loans in the renminbi and foreign currencies reached 19.55 trillion yuan by the end of June, up 40.4 percent year-on-year.
6月末本外币绿色贷款余额增长40.4%：27日，人行研究局发表文章显示，2022年6月末，我国本外币绿色贷款余额达19.55万亿元，同比增长40.4%；绿色债券存量规模1.2万亿元，位居全球第二位。人民银行支持金融机构发放相关贷款3045亿元和439亿元，带动减排二氧化碳当量逾6000万吨。
Investors dumped shares and bonds of Chinese property developer CIFI Holdings on Wednesday, after media reported that the Shanghai-based property firm missed payment on certain non-standard debt due Tuesday. CIFI responded Wednesday that it’s actively seeking solutions, while sources revealed that the group is in communication with financial institutions on an extension, adding that it hasn’t defaulted due to a 10-day grace period.
旭辉控股集团港股跌超30%：9月27日市场有消息称，旭辉未能如期兑付天津项目涉及的一笔信托产品。28日，21世纪经济报道记者从知情人士处证实，旭辉目前在对这笔9月27日到期的信托产品协商展期，但这笔信托有10天宽限期，暂不构成信托违约，具体情况还要看协商结果。旭辉控股方面回应，目前公司正在积极与金融机构沟通，寻求解决方案。截至收盘，港股旭辉控股集团跌32%，27日中资房企美元债也有一定程度的下挫。
Wrapping up with a quick look at the stock market
股市收盘情况
Chinese stocks closed lower on Wednesday as both onshore and offshore yuan weakens past 7.24 against the US dollar. By the close, the benchmark Shanghai Composite went down 1.58 percent and the Shenzhen Component fell 2.46 percent. In Hong Kong, the Hang Seng Index lost 3.41 percent as the TECH Index retreated 3.85 percent.
周三A股三大指数低开低走，在岸、离岸人民币兑美元均跌破7.24关口。据南财金融终端显示，截至收盘，上证指数跌1.58%，报收3045.07点，深证成指跌2.46%，报收10899.70点，创业板指跌2.57%，报收2313.77点。板块方面，燃气、家电、服装等板块涨幅居前，汽车零部件、景点及旅游等板块指数跌幅居前。港股恒生指数收跌3.41%，恒生科技指数收跌3.85%。
Biz Word of the Day
财经词汇划重点
A carbon market is a method for reducing carbon dioxide (CO2) and other greenhouse gases by putting a price on releasing carbon. The market aims to encourage companies to limit their emissions of CO2.
碳交易市场是指以温室气体排放配额或温室气体减排信用为标的物所进行的交易的市场，将二氧化碳的排放权当做商品来进行买卖，控制碳排放总量，鼓励企业通过优化能源结构等手段实现减排。
Executive Editor: Sonia YU
Editor: LI Yanxia
Host: Stephanie LI
Writer: Stephanie LI, HUANG Yuyan
Sound Editor: HUANG Yuyan
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、黄雨嫣
音频制作：黄雨嫣
设计：郑文静、廖苑妮
21世纪经济报道海外部 制作
南方财经全媒体集团 出品
(作者：李莹亮 编辑：李艳霞）