CBN丨China will use timely RRR cuts to keep liquidity ample

China Business Now李莹亮 2022-11-24 20:04

中英文带你速览中国经济头条。

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 signals possible RRR cut and urges more loans to stabilize property market;

  • Shanghai aims to achieve 500 billion yuan output of future industries by 2030.

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

中国经济要闻

China will use timely cuts in banks' reserve requirement ratio (RRR), which is the amount of cash that banks must hold as reserves, alongside other monetary policy tools, to keep liquidity reasonably ample, state media on Wednesday quoted a cabinet meeting as saying.

Economic activity in the fourth quarter "is crucial for full-year growth", according to the State Council meeting chaired by Premier Li Keqiang on Tuesday, adding that now was a "critical time" to consolidate the economy's stable foundation.

The central bank is expected to announce a 25 basis points RRR cut as early as Friday. The PBOC last cut the RRR by 25 basis points in April when the central bank released about 530 billion yuan ($74 billion) in long-term capital.

The keenly followed monetary policy move will add to the central government's plan to send supervisory task forces to promote local implementation of pro-growth measures, and a fresh call from financial authorities to stabilize lending to property developers.

The Chinese cabinet vowed to support for rigid housing demand and the needs of those upgrading, accelerating lending to guarantee housing delivery, and encouraging commercial banks to make new loans to the real estate sector.

Simultaneously, the central bank and the banking and insurance regulator on Wednesday issued a 16-point notice, outlining steps to support the property industry, including extending loan repayment and supporting high-quality developers in issuing bonds.

Three of China's biggest commercial banks on the same day agreed to provide fundraising support to property developers, including industry giant Vanke and Longfor, in a coordinated effort to support the healthy development of the property sector.

In addition, the cabinet meeting also called for speeding up investment and construction of major infrastructure projects, while pledging to expand consumption and support sound development of the platform economy.

国常会再次预告“降准”,房地产金融支持政策加速落地。

据央视新闻联播,国务院11月22日召开常务会议,部署抓实抓好稳经济一揽子政策和接续措施全面落地见效。

会议指出,四季度经济运行对全年经济十分重要,当前是巩固经济回稳向上基础的关键时间点。要深入落实稳经济一揽子政策措施,保持经济运行在合理区间,力争实现较好结果。

其中一条措施为,加大金融支持实体经济力度。引导银行对普惠小微存量贷款适度让利,继续做好交通物流金融服务,加大对民营企业发债的支持力度,适时适度运用降准等货币政策工具,保持流动性合理充裕。降准的提法引起广泛关注,市场预计本周五央行或宣布降准措施,预期调降25基点。

此外,会议强调,要推动重大项目加快资金支付和建设,带动民营企业等社会资本投资。稳定和扩大消费,支持平台经济持续健康发展,保障电商、快递网络畅通。落实因城施策支持刚性和改善性住房需求的政策。

值得注意的是,同日晚间,央行、银保监会发布《关于做好当前金融支持房地产市场平稳健康发展工作的通知》,从保持房地产融资平稳有序、积极做好“保交楼”金融服务、积极配合做好受困房地产企业风险处置、依法保障住房金融消费者合法权益、阶段性调整部分金融管理政策、加大住房租赁金融支持力度等六方面提出16条政策措施。该通知就是此前市场热议的“地产金融16条”。

23日下午,中国银行、农业银行和交通银行分别与部分房企签署战略合作协议,在房地产开发贷款、并购贷款、个人住房贷款、供应链融资等业务领域展开全方位的业务合作。这张合作名单上的房企包括中海发展、华润置地、万科集团、龙湖集团、金地集团和美的置业。

其中,中国银行将为万科提供不超过1000亿元或等值外币的意向性授信额度,交通银行将为万科提供1000亿元意向性综合授信额度,交通银行还将为美的置业提供不超过200亿元意向性授信额。另外,农业银行与中海发展、华润置地、万科、龙湖、金地5家房企举行银企战略合作协议签约仪式。

业内人士认为,在不断推出的利好政策支持下,房企的融资环境有望得到进一步改善,尤其是民营房企的生存环境也将迎来转变。

Moving on to regional highlights

区域观察

  • Shanghai is aiming to reach an output value of about 500 billion yuan in future industries by 2030, Shanghai Municipal Commission of Economy and Information said on Wednesday. According to the plan, the city will build five future industrial clusters in the fields of future health, future intelligence, future energy, future space and future materials, vowing to launch a number of high-end products using "Chinese standards". In the field of energy, it plans to build 70 hydrogen refueling stations by 2025, with forecasted industrial scale of hydrogen energy to exceed 100 billion yuan. 

    上海打造五大未来产业集群:11月23日,上海市出台《上海打造未来产业创新高地 发展壮大未来产业集群行动方案》,提出打造五大产业集群,争取到2030年未来产业产值达到5000亿元左右。行动方案瞄准“健康、智能、能源、空间、材料”五大产业集群,如在氢能领域,计划到2025年,建设各类加氢站70座左右,建成3到5家国际一流的创新研发平台,燃料电池汽车保有量突破1万辆,氢能产业链产业规模突破1000亿元。围绕五大未来产业集群,上海将建设约15个未来产业先导区,攻关一批核心部件,推出一批高端产品,形成一批“中国标准”。 

  • China's home-developed 16-megawatt offshore wind turbine rolled off the production line in East China's Fujian Province on Wednesday, which has the world's largest single-unit capacity and biggest impeller. With a propeller diameter of 252 meters, the wind turbine covers a swept area of 50,000 square meters, according to China Three Gorges Corp. A single unit could produce clean electricity of 66 million kilowatt-hours per year, meeting the annual electricity needs of more than 36,000 urban households. Meanwhile, it'll reduce the consumption of coal by 22,000 tons and reduce carbon dioxide emissions by 54,000 tons every year. 

    全球单机容量最大海上风电机组福建下线:11月23日,由三峡集团与金风科技联合研制的16兆瓦海上风电机组在福建三峡海上风电国际产业园下线。该机组是目前全球单机容量最大、叶轮直径最大、单位兆瓦重量最轻的风电机组,标志着我国海上风电大容量机组在高端装备制造能力上实现重要突破。据了解,此次下线的单机容量16兆瓦海上风电机组,叶轮直径252米,叶轮扫风面积约5万平方米。单台机组每年可输出超过6600万千瓦时的清洁电能,能够满足3.6万户三口之家一年的生活用电,可节约标煤约2.2万吨,减排二氧化碳约5.4万吨。

Greater Bay Area, Greater future

新使命,大未来

  • The first new eight-car train from Hong Kong’s MTR Corporation will commence service from Nov. 27 on the Kwun Tong Line, gradually replacing the first generation of urban line trains operated under a British system. It also marks the largest investment for the company of HK$6 billion. The corporation placed an order to purchase 93 new trains manufactured by CRRC Qingdao Sifang, which runs at a maximum speed of 80 km/h with a capacity of over 3,000 passengers. 

    港铁国产列车27日付运:港铁公司22日宣布,引入的全新市区线国产八卡列车,27日将率先于观塘线投入服务。港铁表示,此次斥资约60亿港元,购换新列车选用国产“Q-Train”,八卡为一列,最高运行时速可达80公里,载客量逾3000人。港铁早前订购的93列新列车已开始陆续付运,11月27日将率先更换观塘线13架列车,而市区线的第一代1979年列车将逐步“退休”,预计2028至2029年完成所有线路换车。

Next on industry and company news

产业及公司新闻

  • Shanghai's Disney Resort will reopen on Friday after more than three weeks of suspension, it announced today. Visitors will need to show their negative nucleic acid tests taken within 48 hours to enter Disneyland while the time frame is up to 72 hours for those who are planning to enter other adjacent areas. However, as Shanghai recently adjusted its Covid-19 measures, restaurants in the park will not provide eat-in or take-out service to those who arrived in the city for less than five days.

    上海迪士尼明起全面重开:11月24日,上海迪士尼度假区官方网站发布最新消息,上海迪士尼乐园将于2022年11月25日起重新开放,上海迪士尼度假区全面恢复运营。所有进入上海迪士尼乐园的游客必须出示48小时内核酸检测阴性证明,进入度假区其他区域的游客出示72小时内核酸检测阴性证明。客服人员表示,“来沪返沪不满5天”人群可进入乐园内部商店和游乐设施,但不能进入餐厅也不提供打包服务。

  • Ganfeng Lithium, one of the world's largest lithium producers, announced late Wednesday that it proposed spin-off and listing of its controlled subsidiary Ganfeng LiEnergy Technology Co., Ltd on the Shenzhen Stock Exchange. Ganfeng Lithium also disclosed that it will increase capital to the subsidiary by no more than 2.09 billion yuan with its own funds among other investments.

    赣锋锂业拟分拆赣锋锂电上市:11月23日晚间,赣锋锂业发布公告称,为促进控股子公司赣锋锂电的业务发展,公司董事会同意公司启动赣锋锂电在深圳证券交易所分拆上市。公告还披露了赣锋锂业以自有资金对控股子公司赣锋锂电增资不超过20.9亿元;员工持股平台新余鸿翔向赣锋锂电增资不超过2.13亿元。

Earnings reports express

财报速递

  • Shares of Xiaomi sank after the Chinese handset giant reported 1.5 billion yuan loss in the third quarter, mostly because of a drop in the fair value of the companies in its portfolio, the Beijing-based company said in its latest earnings report yesterday. Revenue fell nearly 10 percent to 70.5 billion yuan. Revenue from the smartphone business fell 11 percent to 42.5 billion yuan in the quarter from a year ago, weighed down by global smartphone shipments’ 8.4 percent decline to 40.2 million units.

    小米Q3营收净利双降:11月23日,小米集团发布2022年第三季度财报。财报显示,公司第三季度营收704.7亿元,同比下滑9.7%;小米的境外市场收入为356亿元,占总收入的50.5%。三季度净亏损14.74亿元,调整后净利润21.2亿元,同比下滑59%。小米表示,三季度调整前经营利润和期间利润均为亏损,这个主要原因是受到公司投资组合中被投公司的公允价值下降影响,并非小米实际的业绩亏损。而三季度小米全球智能手机出货量为4020万台,智能手机业务收入为人民币425亿元,环比增长0.6%。

  • Lufax Holding, the Chinese financial technology services provider under Ping An Insurance, reported a 67 percent plunge in third-quarter net profit to stand at 1.4 billion yuan, mainly impacted by the macro environment on the company's core clients, Lufax said in its latest earnings report released today. Revenue fell 17 percent to 13.2 billion yuan. The outstanding balance of loans facilitated dropped 1.3 percent to 636.5 billion yuan from a year earlier, with new loans falling 28 percent to 123.8 billion yuan. Over 87 percent of new loans to non-consumer finance units of Lufax went to micro and small companies.

    陆金所Q3新增借款87%流向小微企业:11月24日,陆金所控股有限公司公布2022财年第三季度财报。数据显示,陆金所三季度实现总收入457.97亿元,净利润为95.81亿元。陆金所控股业务进一步聚焦小微企业主。自2021年第三季度以来,公司已连续5个季度实现新增借款流向小微占比达八成。财报显示,截至9月30日,陆金所控股零售信贷管理借款余额达人民币6365亿元,累计借款人数达1870万人,季度新增借款为1238亿元,若不计消金,其中87.3%的季度新增借款流向小微企业主。

Switching gears to financial news

金融市场消息

  • China Vanke has applied to the National Association of Financial Market Institutional Investors for a shelf offering of bonds worth 28 billion yuan, the self-regulatory organization said Tuesday. A number of other non-state developers have also announced plans for shelf offerings, after regulators continued to issue documents to support builders with quality assets to raise money publicly. Longfor Group Holdings plans to raise 20 billion yuan, while  Gemdale seeks 15 billion yuan.

    “第二支箭”瞄准混合所有制房企:据中国银行间市场交易商协会11月22日消息,近日,万科企业股份有限公司向交易商协会表达了280亿元储架式债券注册发行意向,待履行内部股东大会决策程序后正式报送;同时,金地(集团)股份有限公司也向交易商协会递交了150亿元储架式债券注册发行申请。这是继龙湖集团等三家民营房企开展债券储架式注册发行工作后,混合所有制房企首次提出债券储架式注册发行意向,表明近期“第二支箭”政策框架取得了良好效果。

Wrapping up with a quick look at the stock market

股市收盘情况

  • Chinese stocks fell on Thursday, as concerns over record high domestic daily COVID-19 cases overshadowed optimism from fresh economic stimulus. The benchmark Shanghai Composite lost 0.25 percent and the Shenzhen Component slid 0.15 percent. Hong Kong stocks finished with another gain as Chinese property developers rallied on more financial supports. The Hang Seng Index rose 0.78 percent and the TECH index gained 0.79 percent.

    A股震荡港股续涨:周四A股三大指数全天震荡整理,截至收盘,沪指跌0.25%,深成指跌0.15%,创业板指跌0.21%,沪深两市全天成交额7481亿元。港股继续上涨,恒指涨0.78%,恒生科技指数涨0.79%,内房股大涨。

Biz Word of the Day

财经词汇划重点

  • A shelf offering can be used to pre-register offerings of common stock, preferred stock, debt, or any other type of registered security. A shelf offering can be a primary offering, for example, launching new shares of common stock. Shelf offerings are a way for companies that are already publicly traded to pre-register an offering to be sold at a future date. The offering can then be “taken off the shelf” and brought to market in a short amount of time.

    储架发行或储架注册,一般是指证券发行实行注册制的基础上,发行人“一次注册,多次发行”的机制。储架式注册发行是市场化、法治化、公开透明的发债管理模式,企业可在注册有效期内结合需求分次发行,并且根据债务融资工具注册发行自律规则,能够向投资人规范进行信息披露的企业均可开展储架式注册发行。

Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI 

Sound Editor: Stephanie LI

Graphic Designer: ZHENG Wenjing, LIAO Yuanni

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

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策划、编辑:李艳霞 

播音:李莹亮

撰稿:李莹亮

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(作者:李莹亮 编辑:李艳霞)