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 GDP expanded 4.5 percent in Q1, the fastest growth since the second quarter of last year;
China starts supercomputing internet deployment.
Here’s what you need to know about China in the past 24 hours
中国经济要闻
China's economy grew by 4.5 percent year-on-year in the first quarter of 2023, versus 2.9 percent in the last quarter of 2022, posting a steady economic rebound, the National Bureau of Statistics said on Tuesday.
The country's first-quarter gross domestic product came in at around 28.5 trillion yuan ($4.15 trillion). On a quarter-on-quarter basis, China's GDP grew by 2.2 percent in the first three months of the year, the NBS said.
China's value-added industrial output grew by 3.9 percent in March from a year earlier after a 2.4 percent rise in the first two months, indicating that the recovery of China's industrial economy is picking up pace.
In the first quarter, value-added industrial output grew by 3 percent compared to the same period last year, while in the last quarter of 2022, it rose by 2.7 percent from a year earlier.
The vigorous improvement and rebound in domestic consumption is also highlighted as retail sales of consumer goods reached 11.49 trillion yuan in the first quarter, up by 5.8 percent year-on-year, while in the last quarter of 2022, they declined 2.7 percent from a year earlier.
The retail sales in March alone increased 10.6 percent year-on-year, hitting a near two-year high, providing strong impetus for the country's economic recovery.
Fixed-asset investment reached 10.73 trillion yuan, up by 5.1 percent year-on-year in the first quarter, driven by an 8.8 percent growth in infrastructure investment on a yearly basis and a 7 percent growth in manufacturing investment. Investment in real estate development fell by 5.8 percent while private investment went up by 0.6 percent, according to the NBS.
Despite the improvement in key economic indicators, the NBS warned of pressures from a complicated international environment and insufficient domestic demand, saying the recovery trend is not yet solid. More efforts should be made to promote high-quality growth, fully unleash the potential of the domestic demand, deepen reforms and expand high-level opening-up.
Meanwhile, the NBS spokesperson Fu Linghui said on Tuesday’s press release that Chinese economy does not appear deflated now and is not likely in the near future. In response to a question whether China will have deflation risks due to the slight growth in inflation, Fu said that deflation internationally is defined as a sustained decline in the general level of prices, often accompanied by falling money supply and economic recession.
However, consumer prices rose 1.3 percent year-on-year in the first quarter, maintaining a moderate increase. In terms of money supply, broad M2 money supply increased 12.7 percent at the end of March, with a relatively fast growth. China’s economy grew by 4.5 percent in the first quarter, picking up from the fourth quarter of the previous year. “No aspect of the overall economic situation will appear deflated,” the spokesperson noted.
4月18日，一季度经济“成绩单”出炉。
国家统计局发布2023年一季度国民经济运行情况。初步核算，一季度国内生产总值284997亿元，按不变价格计算，同比增长4.5%，比上年四季度环比增长2.2%，创下近四个季度最高水平。
一季度主要经济指标中，消费、工业、外贸、商品房销售等多方面数据都出现明显回暖。数据显示，一季度，规模以上工业增加值同比增长3.0%；社会消费品零售总额114922亿元，同比增长5.8%；全国固定资产投资（不含农户）107282亿元，同比增长5.1%。
国家统计局新闻发言人付凌晖表示，总的来看，一季度随着疫情防控较快平稳转段，各项稳增长稳就业稳物价政策举措靠前发力，积极因素累积增多，国民经济企稳回升，开局良好。但也要看到，国际环境仍然复杂多变，国内需求不足制约明显，经济回升基础尚不牢固。
具体来看，供需两端同步回暖，一季度经济实现稳步回升。从供给端来看，全国规模以上工业增加值同比增长3.0%，比上年四季度加快0.3个百分点。3月份，规模以上工业增加值同比增长3.9%，比1-2月份加快1.5个百分点；环比增长0.12%。
从需求端来看，消费成为拉动经济增长的主动力。一季度社会消费品零售总额114922亿元，同比增长5.8%，上年四季度为下降2.7%，消费复苏迹象明显，服务性消费回升明显。3月份，社会消费品零售总额37855亿元，同比增长10.6%，比1-2月份加快7.1个百分点；环比增长0.15%。其中，除汽车以外的消费品零售额33591亿元，增长10.5%。
投资方面，固定资产投资平稳增长，高技术产业投资增长较快。一季度，全国固定资产投资（不含农户）107282亿元，同比增长5.1%，与上年全年持平。分领域看，基础设施投资增长8.8%，制造业投资增长7.0%，高技术产业投资增长16.0%。
数据还显示，全国房地产开发投资25974亿元，同比下降5.8%。全国商品房销售面积29946万平方米，下降1.8%；商品房销售额30545亿元，增长4.1%，其中住宅销售面积和销售额分别增长1.4%和7.1%。一季度房企到位资金34708亿元，同比下降9.0%，降幅较1-2月收窄6.2个百分点。
贸易方面，海关总署数据显示，一季度货物进出口总额98877亿元，同比增长4.8%。其中，出口56484亿元，增长8.4%；进口42393亿元，增长0.2%。
对于下阶段走势，付凌晖表示，我国经济增长的内生动力在逐步增强，宏观政策显效发力，经济运行有望整体好转。考虑到上年二季度受疫情影响基数比较低，今年二季度经济增速可能比一季度明显加快。三、四季度随着基数的升高，增速会比二季度有所回落。如果不考虑基数影响，总的来看全年经济增长有望呈现逐步回升态势。
针对中国经济有没有通缩风险的提问，付凌晖表示，总的来看，当前中国经济没有出现通缩，下阶段也不会出现通缩。
他说，国际上通货紧缩的定义是物价总水平持续下降，往往还伴随着货币供应量的减少和经济衰退。但从一季度我国经济运行情况看，一季度居民消费价格同比上涨1.3%，保持温和上涨。从货币供应量来看，3月末广义货币M2增长12.7%，保持较快增长。从经济增长情况看，一季度中国经济增长4.5%，比上年四季度回升。整体上都不存在通货紧缩的情况。
Highlight of the 133rd Canton Fair
广交会，新方位
China’s "smart-manufactured" home appliances amazed foreign businesses at the ongoing Canton Fair, which has attracted over 660,000 visits in the first two days after its official opening on Saturday. Galanz has brought their "annual new products" including a microwave oven which can prepare dishes ahead of time by scanning a code. Visitors can also experience cooking by using the smart and healthy home appliances. Gree has brought R32 multifunctional air energy heat pump water heater, clivia hanging machine and DC frequency conversion condensing unit. A family smart energy solution for home appliances brought by Midea also made official global debut at this year's Canton Fair. The solution is expected to reduce the amount of electricity needed on the home grid by 70 percent, and consumers will pay for themselves in about three years. Chinese TV maker Skyworth Group brought 10 categories of more than 200 products to the fair.
中国“智造”家电借道广交会再“出征”：作为“中国智造”的代表行业之一，家电企业踊跃参与并带来了最新智能产品。今年，格兰仕在广交会上带来了扫码预制菜微波炉等“年度新品”，并设置了航天科技健康家电、现场烹饪体验区、数字直播“实景”等场景体验，迎接八方来客。格力也在线下举办4场产品推介会与格力厨房美食活动，同时还将介绍R32多功能空气能热泵热水机、Clivia挂机、直流变频冷凝机组、热泵热回收多联机Ultra Heat GMV6 HR等产品。另一家龙头企业美的也携冰箱、洗衣机、家用空调、生活小家电、厨房电器等领域的多款绿色低碳产品亮相广交会。据介绍，美的家庭智慧能源解决方案预计可降低70%家庭电网所需电量，消费者可在3年左右收回成本。此外，创维集团也携旗下彩电、光伏、冰箱、洗衣机、空调、洗碗机、显示器、安防、教育触控一体机、智能小家电等10大类、200多款产品亮相本届广交会。值得一提的是，作为首次亮相广交会的新能源生力军，创维光伏此次携储能逆变器、电池等核心硬件设备和全场景解决方案而来，向用户展示家电企业跨界新能源的最新成果。
Greater Bay Area, Greater future
新使命，大未来
Business confidence in the Greater Bay Area rose in the first quarter this year after falling for six consecutive quarters, the latest survey by Standard Chartered Hong Kong and Hong Kong Trade Development Council showed. The GBA Business Confidence Index jumped to 51.3 in the January-March period from 39.5 in the previous quarter. This was also the first above-50 print since the fourth quarter of 2021. The profit index also returned to expansionary territory at 52.5, showing business improvement for the interviewed companies in GBA. Of more than 1,000 GBA companies surveyed, about 61 percent of the respondents expected business - in terms of workforce, capacity utilization, orders and sales - to return to or exceed pre-Covid levels in the fourth quarter, as more than half of them had raised the business targets since the border reopening earlier this year.
大湾区营商景气指数回升：渣打银行与香港贸易发展局17日在港召开记者会，公布2023年首季“渣打大湾区营商景气指数”(GBAI)。专家表示，有关指数胜于预期，反映在内地和香港全面“通关”下，粤港澳大湾区企业已经重拾信心。根据调查报告，GBAI的“业务活动现状指数”按季增11.8点至51.3，是继2021年第四季后首次超过50。“业务活动预期指数”跳升至61.5，其16.4点的升幅更是自GBAI于2020年第二季推出以来最高。香港贸易发展局研究总监范婉儿表示，香港的两项指数创下GBAI自2020年第二季推出以来的新高，揭示港商对营商前景趋向乐观。近期一系列亮丽的宏观数据可以解释为何受访者情绪转好，亦力证中国经济已走出疫情阴霾。
Next on industry and company news
产业及公司新闻
China's science and technology ministry has initiated the establishment of a national supercomputing internet consortium to build a supercomputing internet because the demand for computing power has increased with the development of generative artificial intelligence. The new consortium will form an overall layout with advanced technologies, innovative models, premium services, and an all-around ecosystem by 2025, the ministry said at a launch event held in Tianjin yesterday. The major goal is to closely link the demand and supply sides and lower the threshold of supercomputing applications under a market-oriented operational system, while promoting the high-quality development of related technologies and industries, it said.
科技部启动国家超算互联网部署：据科技部官方公众号消息，4月17日，科技部高新技术司在天津组织召开国家超算互联网工作启动会。会议发起成立了国家超算互联网联合体。未来，科技部将通过超算互联网建设，打造国家算力底座，促进超算算力的一体化运营，助力科技创新和经济社会高质量发展。预计到2025年底，国家超算互联网将可形成技术先进、模式创新、服务优质、生态完善的总体布局，有效支撑原始科学创新、重大工程突破、经济高质量发展、人民生活品质提高等目标达成，成为支撑数字中国建设的“高速路”。
China's Ministry of Transport on Monday released a work plan, demanding major ride-hailing platforms to lower the ceiling on excessive commission fees by end-May. Major road freight transportation platforms are also asked to cap their membership fees, according to the notice. The ministry will strive to standardize platform companies in the transport business, in order to create a favorable employment environment and promote the sound, sustainable and high-quality development of the industry.
交通部推动降低新业态平台过高抽成：交通运输部印发《2023年推动交通运输新业态平台企业降低过高抽成工作方案》，推动主要网约车和道路货运新业态平台公司降低平台过高的抽成比例或者会员费上限，并向社会公开发布。方案指出，各城市交通运输主管部门督促在本地运营服务的各网约车平台公司与从业人员代表、行业协会等沟通协商，保障从业人员合理劳动报酬水平；各主要网约车平台公司基本完成降低过高抽成比例上限有关工作。相关省级交通运输主管部门组织在本省份注册的货运平台法人公司，与货车司机、行业协会等沟通协商，降低过高的抽成比例或会员费上限，保障货车司机合理收入。此外，方案指出，今年4月底前各平台主要做好相关企业的部署准备和实施方案制定工作。5月底前，沟通协商降低过高的抽成比例或会员费上限。7月底前，主要推动主要平台公司确保目标任务基本完成。
China Mobile, a major mobile carrier, became the most valuable stock on the A-share market on Monday morning, beating top distiller Kweichow Moutai, as investors bet on the blossoming digital transformation in the world's second-largest economy. Shares of China Mobile were up by more than 4 percent at one point, pushing its market capitalization to 2.19 trillion yuan, surpassing the market cap of Kweichow Moutai of 2.18 trillion yuan.
中移动市值一度超贵州茅台：17日早间，中国移动股价一路上扬，一度大涨近5％，据行情软件显示，最新总市值报2.18万亿元，与此同时，贵州茅台涨超1％，总市值报2.18万亿元。中国移动总市值首度超过贵州茅台。此前在3月，在数字经济、人工智能、“中特估”的热潮下，中国移动总市值已超越2万亿元关口。
A slew of Chinese tech companies slid Tuesday after unveiling plans by key shareholders to reduce holdings, chilling sentiment ahead of the earnings season. About 40 companies listed on the mainland have announced overnight that shareholders or senior management plan to offload their stakes. Advanced Micro-Fabrication Equipment Inc. plunged as much as 7.3 percent in Shanghai as its biggest shareholder announced a reduction in holdings. SenseTime Group Inc. fell 3.9 percent in Hong Kong after exchange filing showed Alibaba Group Holding Ltd. recently sold 40 million shares. Share of WuXi AppTec plunged after its four founders and controllers intend to cut their stake in the company. Beijing Kingsoft Office Software Inc. also traded lower as shareholders planned to cut stakes.
突发减持潮：4月17日晚间近40家公司披露了减持计划，涉及热门AI概念股、CRO白马股，以及多家半导体产业链上市公司，其中药明康德公告称股东拟合计减持不超3%公司股份；中微公司公告称巽鑫投资拟减持不超2%公司股份；海天瑞声公告称唐涤飞拟减持不超3.57%公司股份；爱旭股份公告称义乌奇光拟减持不超2%公司股份；金山办公称控股股东及奇文N维拟减持不超过4.735%。18日多只涉及减持的个股下跌。
Switching gears to financial news
金融市场消息
Shares of China Citic Bank, China’s 10th largest bank by assets, rose after the commercial lender said it promoted its president to chairman. President Fang Heying succeeded Zhu Hexin, who earlier resigned from all his positions in Citic Bank amid changes in work arrangements, as new chairman effective yesterday, the Beijing-based lender announced late yesterday. Executive Vice President Liu Cheng will replace Fang as the new president. All the changes are subject to the approval of the regulator, Citic Bank noted.
中信银行换帅：4月17日，中信银行公告显示，该行董事会于当日收到董事长朱鹤新的辞呈。因工作安排需要，朱鹤新辞去该行董事长、非执行董事、董事会战略与可持续发展委员会主席及委员职务。同时，中信“老将”方合英接棒“一把手”。中信银行同日披露，方合英辞任该行行长职务，董事会聘任刘成为该行行长，自中国银行业监管机构核准其行长任职资格之日起正式就任。截至2022年末，中信银行资产总额达到8.55万亿元。18日A股中信银行高开，收盘涨1.17%。
China continued to trim its holdings of US Treasury bonds for the seventh straight month to the lowest since June 2010 in February. China, the US second-biggest creditor, cut its holdings by USD10.6 billion to USD848.8 billion in February from the previous month, according to the latest data released by the US Department of the Treasury yesterday. Japan also reduced its holdings by USD22.6 billion to USD1.082 trillion in the period.
中国连续七个月减持美债：中国持有的美国国债规模在2月录得连续第七个月下降。美国财政部周三公布的最新数据显示，中国持仓当月下降106亿美元至8488亿美元，为2010年6月以来最低水平。中国依然为仅次于日本的第二大持有国。最大的海外持有者日本2月持仓减少226亿美元，至1.082万亿美元。
Wrapping up with a quick look at the stock market
股市收盘情况
Chinese stocks continued to rise on Tuesday after data was released showing a forecast-beating jump in Chinese economic growth. The benchmark Shanghai Composite gained 0.2 percent and the Shenzhen Component closed nearly flat. Hong Kong’s Hang Seng index fell 0.6 percent, and the TECH index slid 1.2 percent.
A股延续升势港股收跌：周二A股两市全天震荡分化，沪指延续升势，创业板震荡调整。截至收盘，沪指涨0.23%，深成指涨0.04%，创业板指跌0.14%。沪深两市今日成交额10600亿，北向资金午后回流，全天净买入22.64亿元。港股低开后震荡，恒指收跌0.63％，恒生科技指数收跌1.21％。
Biz Word of the Day
财经词汇划重点
A supercomputer is a computer with a high level of performance as compared to a general-purpose computer. The performance of a supercomputer is commonly measured in floating-point operations per second (FLOPS) instead of million instructions per second (MIPS).
超级计算机，指能够执行一般个人电脑无法处理的高速运算的计算机，规格与性能比个人计算机强大许多。现有的超级计算机运算速度大都可以达到每秒一兆（万亿，非百万）次以上。
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
21世纪经济报道海外部 制作
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(作者：李莹亮 编辑：李艳霞）