CBN丨China's economy continues to pick up with improvement in demand and supply

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’s economy shows a steady recovery in Jan-Feb with notable improvement in both demand and supply;

• Local NEV brands get charged from export surge.

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

中国经济要闻

China’s economic performance showed a steady recovery in the first two months of 2023, with production and demand improving significantly, boosting national confidence that a roughly 5 percent GDP growth rate target for the whole year remains achievable, official data showed on Wednesday.

In January and February, the total value added of major industrial enterprises grew by 2.4 percent year-on-year, or 1.1 percentage points faster than that of December 2022, reflecting the accelerated recovery of industrial production and improved business expectations, according to data released by the National Bureau of Statistics (NBS). 

In particular the production of solar cells and new-energy vehicles grew by 40.8 percent and 16.3 percent year-on-year, respectively.

In the first two months, the total retail sales of consumer goods reached 7.71 trillion yuan, up by 3.5 percent year-on-year, reversing a downward trend in December. Online retail sales were 2,054.4 billion yuan, up by 6.2 percent year-on-year.

The surveyed urban jobless rate stabled at 5.6 percent in February, while consumer inflation inched up 1.5 percent, with core inflation growing by 0.8 percent in the past two months. 

During the period, the country’s fixed-asset investment grew steadily by 5.5 percent year-on-year to reach 5.36 trillion yuan. Specifically, investment in high-tech industries grew by 15.1 percent, of which the investment in high-tech manufacturing and high-tech services grew by 16.2 percent and 12.3 percent respectively. Investment in infrastructure construction also reported a robust 9-percent increase in the period. 

From January to February, capital inflows in property development slipped 5.7 percent, after a 12.2 percent slump in December, narrowed from the 10 percent drop seen in 2022. Sales of commercial housing was only down 0.1 percent year-on-year, with those of residential units rebounded by 3.5 percent, which shows some positive changes in the property sector as effects of supportive policies kicked in and the overall economy started to warm up, the NBS noted.

Fu Linghui, top statistician at the NBS, expressed confidence in achieving this year’s GDP growth target of around 5 percent, and stressed that multiple departments have already working on measures to drum up domestic demand.

Despite the improvement in key economic indicators, Fu warned of challenges from a more complicated external environment and insufficient demand, saying China's economic recovery foundation is "not yet solid”. Looking ahead, the country must remain committed to the general principle of pursuing progress while ensuring stability, work faster to create a new development pattern and pursue high-quality development.

3月15日，在国务院新闻办公室举行的新闻发布会上，国家统计局新闻发言人、国民经济综合统计司司长付凌晖表示，总的来看，今年以来，随着疫情防控较快平稳转段，稳经济政策的效果持续显现，经济运行整体呈现企稳回升的态势。主要来看，有以下几个特点：

一是生产需求回升向好。从生产来看，工业和服务业双双回升。1-2月份，规模以上工业增加值同比增长2.4%，上年12月份为增长1.3%，回升了1.1个百分点。从服务业来看，1-2月份服务业生产指数同比增长5.5%，实现了由降转增。从服务业分行业指数来看，8个分项指数中有7个是加快回升的，说明服务业整体改善是比较明显的。

从需求来看，消费和投资都在改善。从消费来看，1-2月份社会消费品零售总额同比增长3.5%。限额以上18类商品零售额中有12类同比加快回升。

从投资来看，今年的投资保持了平稳增长，1-2月份投资同比增长5.5%，比去年全年增速加快0.4个百分点。房地产方面，1~2月份，全国房地产开发投资13669亿元，同比下降5.7%；其中，住宅投资10273亿元，下降4.6%。相较于上一年全国房地产开发投资10.0%的降幅，今年降幅明显收窄。

地产销售也呈向好态势。今年1~2月份，商品房销售面积15133万平方米，同比下降3.6%，其中住宅销售面积下降0.6%。商品房销售额15449亿元，下降0.1%，其中住宅销售额增长3.5%。

付凌晖表示，今年来看，在一系列政策作用下，随着经济转暖，房地产市场出现了一些积极变化，主要表现在市场销售降幅明显收窄。总的来看，目前房地产市场还是处在调整阶段，后期随着整体经济逐步改善，市场预期转好，房地产市场有望逐步企稳。

二是就业物价总体稳定。从就业看，1-2月份全国城镇调查失业率平均为5.6%，保持基本稳定。从价格看，1-2月份居民消费价格同比上涨1.5%，扣除食品和能源核心CPI只有0.8%，也是保持总体稳定。

三是经济循环逐步改善。从生产端来看，规模以上工业41个大类行业当中有28个行业增速回升。从消费端来看，社会消费品零售总额当中18类限额以上单位中有12类增速在加快。从交通运输的一些指标来看，前2个月货运量由去年12月份的下降转为增长。

四是市场主体活力趋于增强。前两个月企业预期都出现了明显改善，企业生产，特别是小微企业的生产在改善。规模以上工业当中，小微型企业1-2月份增加值同比增长2.4%，这个速度快于大型企业，表明企业活力、市场活力逐步增强。

总体而言，1-2月份经济运行整体上呈现企稳回升态势，但今年经济发展还面临不少困难，外部主要经济体通胀问题比较突出，地缘政治等不稳定不确定因素比较多。从国内来看，目前经济仍然处在初步恢复阶段。下阶段，要加快构建新发展格局，推动高质量发展，努力推动经济实现质的有效提升和量的合理增长。

付凌晖还表示，今年实现5%左右的预期增长目标充满信心。同时，扩大内需方面，政策会持续加力。“权威部门话开局”系列新闻发布会中，各部门已经在筹划今年扩大需求方面相关政策，会对实现全年目标起到促进作用。

• China’s ministries on Tuesday jointly rolled out a multimodal transport plan for the next three years, with specific targets to boost infrastructure and logistics. By 2025, the development of multimodal transport will be significantly improved, and the development pattern of bulk cargo and container-related medium and long-distance transportation will be supported by railways and waterways, according to the plan. Specifically, the freight volume on the national railways will increase by about 10 percent and that of waterway freight by 12 percent compared with 2020, and the average annual growth rate of rail-water intermodal transportation will be more than 15 percent. Major transportation ports will be the focus for future upgrading. For example, by 2025, the major ports along the Yangtze River will be fully covered by railways, and about 90 percent of major coastal ports nationwide will be connected with railways, the plan said. Moreover, the volume of container-related rail-water intermodal transport at major ports across the country will reach 14 million twenty-foot equivalent units (TEU) by 2025, with an average annual growth rate exceeding 15 percent.

  2025年全国港口集装箱铁水联运量达1400万标箱：3月14日消息，交通运输部、自然资源部、海关总署国家铁路局、中国国家铁路集团有限公司印发《推进铁水联运高质量发展行动方案（2023—2025年）》。到2025年，长江干线主要港口铁路进港全覆盖，沿海主要港口铁路进港率达到90%左右。全国主要港口集装箱铁水联运量达到1400万标箱，年均增长率超过15%；京津冀及周边地区、长三角地区、粤港澳大湾区等沿海主要港口利用疏港水路、铁路、封闭式皮带廊道、新能源汽车运输大宗货物的比例达到80%，铁水联运高质量发展步入快车道。

Greater Bay Area, Greater future

新使命，大未来

• The Bank of China Hong Kong has applied for a yuan stock trading counter after Kuaishou Technology and Geely Automobile announced their submission of applications earlier this month. BOCHK said Tuesday the application indicates its support for the new Hong Kong dollar-yuan dual counter model proposed by the Hong Kong Stock Exchange, which is expected to commence in the first half of this year.

  中银香港申请公司股票增设人民币柜台：3月14日中银香港宣布，董事会已于14日向香港联合交易所有限公司提交有关公司股票增设人民币柜台的申请，以示对联交所计划推出双柜台模式的支持。中银香港相信，双柜台模式将有助于提高投资者参与人民币柜台的意愿，深化香港离岸人民币市场的流动性和深度。

• Local financial institutions are interested in increasing their cross-border investments in the next two to three years despite facing different regulations in the Greater Bay Area, according to a survey by the Hong Kong Academy of Finance under Hong Kong Monetary Authority. More than 90 percent of the 58 financial institutions polled agreed that cross-boundary payment and settlement channels are crucial for their activities in GBA.

  调查指香港金融机构未来2-3年将增加跨境投资：14日消息，香港金管局辖下研究中心发表《大湾区跨境支付与结算系统：现行实践与最新发展》的应用金融研究报告。该调查共访问58家香港金融机构，超过90%受访机构表示，跨境支付和结算系统对其拓展大湾区活动至关重要，其中不少机构将在未来2至3年内增加对跨境投资计划的参与。

Next on industry and company news

产业及公司新闻

• China-made new energy vehicles are gaining in popularity globally, as carmakers exported 170,000 electric vehicles and plug-in hybrids from China in the first two months in 2023, up 62.8 percent year-on-year, said the China Association of Automobile Manufacturers. China exported a total of 329,000 vehicles last month, up 9.4 percent from the previous month and 82.2 percent year-on-year. 

  2月新能源汽车出口8.7万辆：3月13日，据中国汽车工业协会数据，2023年2月，汽车出口延续良好态势。2023年2月，汽车企业出口32.9万辆，环比增长9.4%，同比增长82.2%。2023年1-2月，汽车企业出口63万辆，同比增长52.9%。2023年2月，新能源汽车出口8.7万辆，环比增长5.3%，同比增长79.5%。2023年1-2月，新能源汽车出口17万辆，同比增长62.8%。

• Tencent Meeting, video conference and online meeting app of tech giant Tencent, said Tuesday users who hold meetings for longer than one hour or with more than 100 participants will need to become paying members from April 4. Before, only those who hosted sessions with over 300 people had to pay. A monthly subscription costs 30 yuan per 25 participants, and users can host meetings up to a maximum of 500 people. Tencent Meeting will grand unlimited time for 2-people meetings like job interviews, while Webinar, a function for academic discussions, will be free if only participants are capped under 100 for a 60-minute session.

  腾讯会议将取消免费300人不限时会议：腾讯会议14日发布调整说明称，4月4日起逐步取消免费用户“300人不限时会议”的使用权限，单场会议最高人数和时长调整为100人、60分钟。同时，个人用户的会员价格也从此前的30元/月将调整至98元/月起。调整说明显示，2020年1月，在免费版能力仅支持25人45分钟会议的情况下，腾讯会议免费开放支持300人不限时会议的功能，随着工作生活逐渐回归常态，300人不限时的特殊支持服务也将完成使命。为方便面试咨询等场景开展线上深度讨论，腾讯会议额外将2人会议时长放开为不限时；自2023年4月4日起，免费版用户的网络研讨会 (Webinar) 能力将调整为单场最高100位观众、10位嘉宾、60分钟。

• CRRC, a Chinese state-owned rolling stock manufacturer, has produced the country's first smart heavy-duty truck that can be battery-powered or tap into the electricity supply of railways. The first truck rolled off the production line in Datong, Shanxi province yesterday, and successfully accomplished zero carbon emissions. The vehicle can charge while moving to improve the efficiency and sustainability of truck transport. Moreover, the truck features regenerative braking to feed energy back into the system. 

  中国中车首台双源智能重卡成功下线：3月14日，由中国中车研发的我国首台双源智能重型卡车在山西大同下线发布。该车与电气化公路线路共同构成电气化公路和矿山运输系统解决方案，当双源智能电动重卡行驶在电气化公路上，可直接利用供电网电力驱动车辆行驶，并为车载动力电池充电。车辆超车或离开电气化公路时，受电弓自动降下并切换到车载动力电池驱动行驶。这种“移动充电”“充用同步”的方式，有效解决了电动重卡“续航”与“充电”两大技术难题。 

• Xueersi, the off-school training unit of leading Chinese educational technology firm TAL Education Group denied rumors saying that it had restarted large-scale enrollment. Xueersi did not reopen the enrollment process and will continue to strictly abide by the education burden reduction policy, the firm said in a statement late yesterday. The news was likely related to the fact that some individual stores had used misleading course advertisement materials, it added, noting that it had launched an internal investigation.

  学而思否认“重启大规模线下招生”：3月14日，美股好未来大幅低开后持续走低。消息面上，好未来旗下学而思发布声明，素养类培训课程上线后，一直按规定开展招生工作，并不存在“学而思重启大规模线下招生”的情况。学而思在声明中表示，相关报道提及学而思线下个别门店存在课程宣传内容不规范、教学内容不严谨的情况，这与学而思内部的管理规范背道而驰，我们高度重视并立即启动内部调查程序。

• Shares of Fosun International rose after the Chinese conglomerate said it sold its whole stake in Nanjing Iron & Steel to China’s biggest private steelmaker for 13.6 billion yuan. Shagang Group will purchase Fosun’s 59.1 percent stake in Nanjing Iron & Steel, a Shanghai-listed firm under Nanjing Iron & Steel United, Fosun announced yesterday.  

  沙钢确认将并购南钢：历时近半年，复星系向沙钢集团出售南钢股权的百亿交易落定。南钢股份及复星国际同时于3月14日晚间发布了公告，复星高科、复星产投及复星工发与江苏沙钢集团及江苏沙钢集团投资控股有限公司已签署了股权转让协议，约定复星高科、复星产投及复星工发拟向沙钢集团及沙钢投资转让所持有的南京南钢钢铁联合有限公司60%股权，交易对价为135.8亿元人民币。此次交易完成后，沙钢系将控股南京南钢及南钢股份。

• Japanese auto giant Nissan Motor is piloting driverless taxi services in parts of Suzhou in East China’s Jiangsu province, supported by Chinese autonomous driving unicorn WeRide.The robotaxis use Nissan's all-electric model LEAF with the self-driving tech supplied by Guangzhou-based WeRide, Nissan said Tuesday.

  日产出行无人驾驶苏州试运营：3月14日，据日产中国官方消息，由日产出行服务有限公司推出的无人驾驶出租车项目近日于苏州正式开启测试运营。据悉，此次测试将基于日产旗下日产聆风推出，由文远知行WeRide提供自动驾驶技术支持。在首阶段测试运营中，日产无人驾驶出租车将覆盖苏州高铁新城核心地区及公开道路。

Earnings reports express

财报速递

• Shares of Television Broadcasts walked back some of their gains over the past two weeks after the Hong Kong television operator forecast an expanding loss for 2022 despite its new live-streaming business. In 2022, TVB predicts to have logged a net loss ranging from HKD790 million to HKD830 million, widening from a deficit of HKD647 million in 2021, due to the weak advertising market in Hong Kong and a slowdown in the company's co-production business hindered by the pandemic, the company said yesterday.

  TVB去年预亏最高8.3亿港元：3月14日，TVB发布2022年业绩预告，预计去年综合收入增长24%至35.86亿港元，净亏损为7.9亿至8.3亿港元，与2021年净亏损6.47亿港元相比，亏损幅度有所扩大。对此TVB解释为，香港的电视广告市场在2022年的大部分时间仍然疲弱，抑制了该公司广告收入的增长。同时，2022年后期疫情导致该公司的联合制作业务放缓。此外，去年该公司还对其若干遗留的投资资产作出非现金减值拨备。

• OneConnect Financial Technology, the fintech subsidiary of Ping An Insurance Group, revealed a shrinking net loss of 872 million yuan for 2022. Net loss narrowed by 32 percent from 2021 due to the rising virtual banking business, the firm said in its latest earnings report. Revenue rose 8 percent to nearly 4.5 billion yuan last year from a year earlier. Income from virtual banking, interest from Ping An OneConnect Bank, and commissions totaled about 107 million yuan, more than tripling. But the biggest earner was its technology solution offered to insurers and banks as such revenue tallied nearly 4.4 billion yuan, up 6 percent.

  金融壹账通去年净亏损收窄：3月13日，中国平安集团旗下的壹账通金融科技有限公司公布未经审计的2022业绩报告。报告显示，2022年金融壹账通实现营业收入44.64亿元，同比增长8.0%；归属于股东的亏损净额约8.72亿元，较2021年净亏损12.81亿元同比收窄31.9%；毛利润为16.35亿元，同比增长13.8%；经调整后净利润率较2021年同期优化提升了近13个百分点。具体来看，金融壹账通的营收来源主要包括技术解决方案分部和虚拟银行业务。2022年，金融壹账通的技术解决方案收入约为43.58亿元，同比增长6.3%，主要因实施业务收入和运营支持服务收入增长。 

Switching gears to financial news

金融市场消息

• China Huarong Asset Management, the country’s biggest state-owned bad loans manager, is set to become the fourth-largest shareholder of China Everbright Bank after deciding to swap the lender’s convertible bonds for shares. Everbright Bank’s board has approved Huarong’s application to exchange its 122 million convertible bonds worth 12.7 billion yuan into shares at 3.35 yuan per share, Huarong said Monday.

  中国华融将成光大银行第四大股东：3月13日，光大转债最后一个交易日收盘后，中国华融公告将所持光大转债申请实施转股。同日，光大银行公告将向银保监会申请核准中国华融作为该行主要股东的资格。3月9日，中国华融增持4286.8万张光大转债。截至当日收盘，该公司持有约1.22亿张光大转债，占发行总量的40.56%。有机构测算，转股后，中国华融将获得光大银行约6.21%股份，成为光大银行第四大股东。

Wrapping up with a quick look at the stock market

股市收盘情况

• Chinese stocks closed mixed on Wednesday with the benchmark Shanghai Composite gaining 0.6 percent, while the Shenzhen Component ended nearly flat. Hong Kong’s Hang Seng index also climbed 1.5 percent and the TECH index added 2 percent.

  A股分化港股走高：周三A股全天走势分化，沪指高位震荡，深成指、创业板指、科创50指数均冲高回落。截至收盘，沪指涨0.55%，深成指跌0.03%，创业板指跌0.24%，两市成交额8184亿元，北向资金净买入32.86亿元。港股高开后冲高回落，恒生指数收涨1.52％，恒生科技指数收涨2%。

Biz Word of the Day

财经词汇划重点

• A convertible bond is a fixed-income corporate debt security that yields interest payments, but can be converted into a predetermined number of common stock or equity shares. The conversion from the bond to stock can be done at certain times during the bond's life and is usually at the discretion of the bondholder.

  可转债券，是一种公司债券，具有双重属性，即债券性和期权性。首先它是一种债券，具有面值、利率、期限等一系列要素，其次在一定条件下，它可以转换成发债公司的普通股票。

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.

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

音频制作：李莹亮

设计：郑文静、廖苑妮

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