CBN丨Chinese premier meets IMF chief in Boao, voices confidence in achieving 2023 growth target

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 

• Chinese premier meets IMF chief in Boao, voicing confidence in China’s growth this year while pledging to deepen cooperation with the IMF;

• China and Brazil strike deal to ditch dollar for trade.

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

中国经济要闻

Chinese Premier Li Qiang expressed his optimism on Wednesday about China's economy and called on the international community to uphold multilateralism and maintain the security and stability of global industrial and supply chains.

Li made the remarks during a meeting with Kristalina Georgieva, managing director of the International Monetary Fund, in Boao, Hai­nan province. The IMF chief is in China to attend the Boao Forum for Asia Annual Conference 2023.

Li said that since the start of this year, the Chinese economy has stabilized and maintained the momentum of its recovery.

Noting that China's economy enjoys solid foundations, broad prospects and a promising future, the premier said the nation will strengthen macro-policy coordination, strive to unleash potential for consumption and investment, unswervingly expand opening-up, and prevent and defuse risks in a proper manner.

"We have the confidence and capability to meet the goals and fulfill the tasks set out for this year's growth," he said.

The premier underlined the need to uphold multilateralism, and called on the international community to safeguard the security and stability of global industrial and supply chains.

China will continue to deepen cooperation with the IMF and advance the development of global governance in a fairer and more equitable direction, he added.

Georgieva said that China is expected to account for more than one-third of global economic growth this year.

The IMF appreciates China's upholding of multilateralism and its important contributions to preventing debt crises in developing countries, she said, adding that the IMF is ready to further deepen its cooperation with China.

国务院总理李强29日在海南博鳌会见国际货币基金组织（IMF）总裁格奥尔基耶娃。

李强表示，今年以来中国经济呈现企稳回升态势。中国经济基础厚实，发展前景广阔，未来可期。我们将坚持稳字当头、稳中求进，有针对性采取措施，加强宏观政策调控，著力释放消费、投资潜能，坚定不移扩大对外开放，全面优化营商环境，稳妥防范化解风险。中国有信心有能力推动经济运行整体好转，实现全年发展目标任务。

李强指出，国际社会要坚持多边主义，维护全球产业链供应链安全稳定畅通。中方愿继续深化同基金组织合作，推动全球治理朝更加公正合理方向发展。

他表示，中国一向在力所能及范围内支持广大发展中国家发展经济、改善民生。我们赞赏IMF在债务问题上发挥的积极牵头作用，支持IMF设立韧性与可持续性信托，为发展中国家应对气候变化提供资金。

李强还表示，中方高度重视同IMF的关系，坚定支持IMF在全球治理中发挥重要作用，愿继续深化双方合作，推动全球治理朝著更加公正合理的方向发展，提升新兴市场国家和发展中国家在国际事务中的发言权和影响力。

格奥尔基耶娃表示，中国是基金组织重要合作伙伴。近年来，基金组织与中国的伙伴关系愈发强劲。中国经济发展势头良好，今年对世界经济增长的贡献率预计将超过三分之一，将为其他国家提供重要机遇。

她表示，IMF赞赏中方坚持多边主义，为防止发展中国家发生债务危机作出重要贡献，愿同中方深化宏观经济政策调控合作，防止贸易碎片化，帮助发展中国家更好应对债务危机，让世界变得更加稳定和安全。

Greater Bay Area, Greater future

新使命，大未来

• Companies and organizations in Germany and Shenzhen teamed up to pursue future-oriented technologies at the Sino-German Economic Forum on Wednesday in Shenzhen, Guangdong province. The forum promoted 128 projects seeking cooperation and witnessed the signing of five key projects, covering the fields of software information, vocational education, additive manufacturing and new energy.  

  深圳渐成德企投资热土：3月29日，中德（深圳）经济论坛在深圳蛇口希尔顿南海酒店开幕。论坛中，围绕新能源汽车、新材料、生物医药、智能制造等重点战略性新兴产业领域，博泽中国、保时捷、英飞凌等超100家德方企业、机构和欣旺达、大族激光、新宙邦等超180家深圳企业积极参与，共谋合作，共赢发展。同时，双方共确定合作意向需求128个，签署了5个重点项目。

Next on industry and company news

产业及公司新闻

• China's centrally-administered state-owned enterprises have expanded effective investment in the first two months of 2023, said the country's top state-asset regulator. During the January-February period, the total investment, excluding real estate, by China's central SOEs rose 5.6 percent from a year ago to 350 billion yuan, according to the State-owned Assets Supervision and Administration Commission of the State Council, with more than 900 key investment projects currently under construction or planned for 2023.

  前2个月央企完成投资超3500亿元：国务院国资委29日表示，今年以来，中央企业前2个月累计完成投资（不含房地产）超3500亿元，同比增长5.6%。2023年中央企业在建、拟建重点固定资产投资项目900余项，涵盖列入国家“十四五”规划重大工程项目、相关部门下达的国家重点计划项目以及支撑企业自身战略发展项目等，1至2月份完成投资超1500亿元。

• China's trade council said overseas economic and trade exhibition projects showed a trend of recovery. Since the beginning of this year, the China Council for the Promotion of International Trade (CCPIT) has greenlighted the first batch of 519 applications to hold economic and trade exhibitions abroad, a spokesperson said Wednesday. The overseas exhibition projects, involving 50 exhibition organizers nationwide, will hold exhibitions in 47 major trade partners and emerging market countries such as the United States, Germany, France, Japan, Thailand, and Brazil. The CCPIT will soon start to review the second batch of exhibition projects this year.  

  全国出国经贸展览恢复增长：3月29日，中国贸促会举行月度例行新闻发布会。新闻发言人王琳洁表示，今年以来，贸促会已完成首批出国举办经济贸易展览会项目申请审批519项，涉及全国50家组展单位赴47个国家参展办展项目。据介绍，目前，全国出国经贸展览呈现恢复性增长态势，大多数出展项目招展情况好于预期，部分项目组展面积成倍增长。近日，还将启动今年第二批出展项目立项申请审核。

• WeChat’s Channels is introducing new commission schemes to help boost the number of content creators on the TikTok-like platform, Tencent’s vice president said. In order to help content creators earn more income this year, Channels will bring out a brand new payment plan for creators as well as a paid subscription function for the most talented creators, said Zhang Xiaochao, who is also head of Channels.  

  视频号推付费订阅功能：3月29日消息，在昨天的2023微信公开课PRO·微信之约直播上，腾讯公司副总裁、视频号负责人张孝超表示，视频号在今年将进一步帮助创作者增收，包括推出全新的创作者分成计划，以及为优质创作者提供付费订阅功能。据了解，付费订阅功能将支持创作者设立付费内容专区，用户通过缴纳月费成为会员。而经过原创声明的优质内容，将能享受一系列原创权益，包括评论区广告分成、原创内容平台保护、平台分发优先推荐等。

• Shares of 360 Security Technology surged after founder Zhou Hongyi showcased the Chinese cybersecurity firm’s self-developed ChatGPT-like artificial intelligence chatbot at the 2023 Digital Security Development Summit yesterday, stressing that it was not a product release but only a prototype showcase. 360 Security will combine the AI large language model with its browser to serve as a personal assistant, Zhou added, noting that the firm will also launch intelligent office products with ChatGPT-like capabilities soon.

  周鸿祎演示360版ChatGPT产品：3月29日，360主办的2023数字安全与发展高峰论坛上，周鸿祎现场发布了360GPT的演示，并强调只是演示不是公测，也不是正式发布，并向网友征名。对于商业化场景落地计划，周鸿祎计划，在to C端，360将推出新一代智能搜索引擎，并基于搜索场景推出人工智能个人助理类产品；在to SME端，将基于生成式大模型推出SaaS（软件即服务）化垂直应用以解决中小微企业数字化转型难题；在to G和to B，360已将核心数字安全能力融入安全AI模型，计划结合数字安全业务推出企业私有化AI服务，满足客户对私有知识、资产的索引需求。

• The latest round of China’s centralized bulk drug procurement program that concluded yesterday pushed down prices by an average of 56 percent, saving public health centers about 16.7 billion yuan a year. A total of 366 products, covering 40 drug categories, from about 251 firms participated in the tenders, according to the National Healthcare Security Administration.

  第八批国家药品集采平均降价56%：第八批国家组织药品集采29日在海南陵水落下帷幕，产生拟中选结果：39种药品采购成功，拟中选药品平均降价56%，按约定采购量测算，预计每年可节省费用167亿元。本次集采涉及40个大品种，覆盖抗感染、肝素类、抗血栓、高血压等领域，共有251家企业的366个产品参与投标。国家医保局表示，此次集采有39种药品采购成功，拟中选药品平均降价56%。 

Earnings reports express

财报速递

• China National Offshore Oil Corporation more than doubled its net profit in 2022 with a record net profit of 141.7 billion yuan, a dramatic increase on last year's figure of 70.32 billion yuan, the company said on Wednesday. The company's revenue last year rose 71.6 percent year-on-year to 422.2 billion yuan. CNOOC made 18 commercial discoveries last year. Net proven reserve stood at about 6.24 billion BOE by the end of 2022, with a reserve replacement ratio of 182 percent.

  中海油2022年净利同比翻番：中国海油3月29日公布了2022年年度业绩。中国海油营业收入4222.30亿元，同比增加72%；净利润再创历史新高为1417.00亿元，同比增加102%。净利润翻番主要是公司持续增储上产，提质降本增效，净利润在国际油价上涨的环境下创历史新高。中海油营业收入及净利润增幅均在“三桶油”中居首。年报显示，中海油持续加大油气勘探开发力度，全年共获得18个新发现，净证实储量提升至62.4亿桶油当量，储量替代率达182%，储量寿命稳定在10年。

• PetroChina, China's largest oil producer, posted a record annual profit thanks to a global spike in energy prices and rising output of oil and gas, the company said in a statement published on Wednesday. The company reported net income of 149.4 billion yuan for 2022, up 62.1 percent year-on-year. Revenue of the company rose 23.9 percent year-on-year to 3.2 trillion yuan. The company's oil and gas production equivalent hit a record high last year to 1.69 billion barrels, up 3.7 percent year-on-year. The installed capacity of wind and solar power generation exceeded 1.4 million kilowatts.  

  中石油去年净利大增62%：29日晚，中国石油发布2022年度业绩，集团实现营业收入32391.67亿元，同比增长23.9%，归属于母公司股东的净利润为1493.80亿元，同比增长62.1%。去年，油气产量当量创历史新高。2022年油气产量当量16.85亿桶，创历史新高，同比增长3.7%。去年营业收入同比增长主要缘于大部分油气产品价格上涨。其中，油气和新能源分部实现营业收入9292.79亿元，同比增长35.0%，主要由于原油、天然气等油气产品销售量和价格齐增。

• China Construction Bank reported an increase in net profit last year, rising 6.3 percent to 323.2 billion yuan, the bank said in its latest earnings report released yesterday. Revenue slid 0.2 percent to 822.5 billion yuan. CCB’s net interest income jumped 6.2 percent to 643.1 billion yuan in the period, mainly thanks to the surging interest-bearing assets, while its non-interest income plunged 18 percent to 179.4 billion yuan last year. At the end of 2022, CCB’s non-performing loan ratio was 1.38 percent, down 0.04 percentage point from a year before. 

  建行去年归母净利增幅7%：3月29日晚间，建设银行发布2022年年报，该行去年实现营业收入8224.73亿元，同比下滑0.22%，实现净利润3231.66亿元，同比增长6.33%；归母净利润3238.61亿元，增幅7.06%。具体看营收结构，该行去年利息净收入为6430.64亿元，同比增6.22%，主要系生息资产增长带动。同期净息差继续收窄。但去年非利息收入同比下滑18.01%，成为营收下滑的主要拖累。截至去年年末，建行资产总额为34.60万亿元，较上年增长14.37%，增速创2009年以来新高。资产质量方面，去年末建行不良贷款余额为2928.25亿元，较上年末增加267.54亿元；不良贷款率回落0.04个百分点，降至1.38%。

• China Life Insurance said its net profit decreased 36.8 percent year-on-year to nearly 32.08 billion yuan in 2022, and revenue fell 2.5 percent to 804.39 billion yuan. The country's largest life insurer's gross written premiums fell 0.5 percent to 615.19 billion yuan from a year ago. However, the premiums from new policies grew by 5.06 percent to 184.77 billion yuan. By the end of last year, the company's total assets reached 5.25 trillion yuan, an increase of 7.3 percent from 2021.

  中国人寿去年净利下滑36.8%：3月29日晚间，中国人寿发布2022年年报，数据显示，2022年中国人寿保费收入达到6151.9亿元，居于行业首位，新单保费1847.67亿元，同比增长5.1%。利润方面，2022年，中国人寿实现归母净利润320.82亿元，同比下滑36.8%，扣非净利润321.75亿元，同比下滑37%，主要因权益市场大幅下跌，投资收益率下降。截至2022年末，中国人寿总资产达5.25万亿元，较2021年底增长7.3%。

• Nongfu Spring reported double-digit growth in both profit and revenue last year, posting a 18.6 percent surge in net profit to 8.5 billion yuan while revenue jumped 12 percent to 33.2 billion yuan, according to the firm’s latest financial report. Revenue from its main product, bottled drinking water, climbed 7 percent to 18.3 billion yuan, accounting for 55 percent of total revenue, while that from tea beverages soared 51 percent to 6.9 billion yuan, making up 21 percent of revenue and that from fruit juice climbed 10 percent to 2.9 billion yuan.  

  农夫山泉去年营收超330亿：3月28日，农夫山泉发布了2022年财报，财报显示，2022年农夫山泉实现营业收入332.39亿元，同比增长11.93%，归属母公司净利润84.95亿元，同比增长18.62%。财报显示，包装饮用水产品的收益为182.63亿元，同比增长7.1%，占2022年总收益的54.9%。茶饮品的收入则为69.06亿元，同比增长50.8%，占2022年总收益的20.8%。功能饮料产品的全年收益为38.38亿元，同比增长3.9%，占11.5%。果汁饮品的收益为28.79亿元，同比增长10.1%，占8.7%。

• Chinese short-video platform Kuaishou Technology said yesterday that its net loss narrowed nearly 83 percent last year to 13.7 billion yuan, while revenue jumped 16.2 percent to 94.2 billion yuan. Revenue from online marketing services, Kuaishou’s biggest source of income, rose 14.9 percent to 49 billion in the period. The firm’s e-commerce gross merchandise volume surged 32.5 percent to 901.2 billion yuan, driving the revenue from other services up 31.4 percent to 9.8 billion yuan. Kuaishou had 366 million daily active users at the end of last year, up 13.3 percent from the year prior.

  快手去年亏损大幅缩窄：3月29日，快手科技发布2022年第四季度及全年业绩。数据显示，快手年度总营收达942亿元，同比增长16.2%；经营利润达1.92亿元。年内净亏损136.9亿元，上年同期净亏损780.7亿元。此外，集团经调整后EBITDA也实现转正，达18.1亿元。线上营销服务（广告）为第一大收入来源，该业务板块全年收入达490亿元。线上营销服务、直播和其他服务（含电商）对年收入的贡献占比分别为52.1%、37.6%和10.3%。2022年第四季度，快手应用的用户规模突破历史新高，平均DAU同比增长13.3%达3.66亿。 

Switching gears to financial news

金融市场消息

• China and Brazil have reached a deal to trade in their own currencies,  the Brazilian government said Wednesday. A spokesperson of the Chinese foreign ministry said today that China and Brazil signed a memorandum of cooperation to establish renminbi (RMB) clearing arrangements in Brazil earlier this year, which will help enterprises and financial institutions in both countries conduct cross-border transactions using the RMB, as well as further facilitate bilateral trade and investment.

  巴西宣布与中国贸易用本币结算：巴西政府周三表示，巴西已与中国达成协议，双方将以本币进行贸易结算。3月30日，外交部发言人毛宁回应记者提问时表示，中国和巴西今年初签署了在巴西建立人民币清算安排的合作备忘录，巴西人民币清算安排的建立有利于中国与巴西两国企业和金融机构使用人民币进行跨境交易，促进双边的贸易投资便利化。

• Shares of China Mobile fell after the Chinese mobile network operator invested 45 billion yuan in Postal Savings Banks of China(PSBC) to become the lender’s second-largest domestic shareholder. China Mobile bought 6.8 billion shares of PSBC for 6.64 yuan apiece, a 43 percent premium from the bank’s closing price yesterday, through a private placement, PSBC said yesterday. The proceeds will be used to supplement PSBC’s core tier-one capital, it added. China Mobile now owns 6.8 percent of PSBC’s shares, though China Post Group remains PSBC’s largest shareholder.

  中国移动包揽邮储银行450亿定增：3月29日，邮储银行公告显示，中国移动全额包揽该行非公开发行的67.77亿股股票。根据当日邮储银行A股收盘价，中国移动此次定增相当于溢价42.8%入股。根据公告，扣除与本次非公开发行直接相关的发行费用后，此次募集资金将全部用于补充邮储银行核心一级资本。完成发行后，中国移动持有邮储银行总股本的6.83%，限售期5年，同时正式跻身该行内资股第二大股东，持有内资股数量仅次于邮储银行控股股东中国邮政集团。

Wrapping up with a quick look at the stock market

股市收盘情况

• Chinese stocks rebounded on Thursday with the benchmark Shanghai Composite and the Shenzhen Component each gained  more than 0.6 percent. Hong Kong stocks continued to rise, with the benchmark Hang Seng and the TECH index both up 0.6 percent.

  A股回升港股续涨：周四A股三大指数探底回升。截至收盘，上证指数涨0.65%，报收3261.25点；深证成指涨0.61%，报收11651.83点；创业板指涨0.50%，报收2383.04点。两市全天成交额9446亿，北向资金全天净买入48.07亿元。港股震荡收涨，截至收盘，恒生指数涨0.58％，报20309.13点，恒生科技指数涨0.56％，报4270.32点。

Biz Word of the Day

财经词汇划重点

• Tier 1 capital refers to the core capital held in a bank's reserves and is used to fund business activities for the bank's clients. It includes common stock, as well as disclosed reserves and certain other assets. Along with Tier 2 capital, the size of a bank's Tier 1 capital reserves is used as a measure of the institution's financial strength.

  核心一级资本，是指权益资本和公开储备，它是银行资本的构成部分，至少要占资本总额的50%，不得低于兑现金融资产总额的4.5%。商业银行的资本，包括核心资本和附属资本。核心资本的来源包括发行普通股、提高留存利润等方式。

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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