CBN丨China's financial risks remain “controllable”: top financial regulator

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 

• Preventing financial risks is the eternal theme of financial work, China’s top financial regulator says at Lujiazui Forum; 

• Five biggest state-owned banks cut deposit rates for the second time in a year.

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

中国经济要闻

China has the conditions, confidence and ability to fend off systemic risks, according to Li Yunze, director of China’s new financial regulatory body at the opening ceremony of the Lujiazui Forum in Shanghai on Thursday.

The long-term sound fundamentals of the Chinese economy and its status as an engine of global economic growth will not change, Li, head of China’s National Financial Regulatory Administration (NFRA) said, noting that China's multi-trillion dollar financial sector is generally stable and risks are generally under control. The country is well grounded to firmly guard the bottom line of preventing systemic financial risks, he said.

In terms of monitoring risk, Li noted that efforts will be made to prudentially address the existing risks and firmly prevent any additional risks. By improving the digital and intelligent supervision capability, the country's financial regulators will implement solid and detailed emergency plans and optimize the normalized risk disposal mechanism.

Financial supervision should be more forward-looking, precise, effective and better coordinated to eliminate any gaps or blind spots. Chaos in the financial market should be rectified, while law violations should be severely punished to effectively protect the legitimate rights and interests of financial consumers, he said.

In his speech, Li also noted that China will continue to open up its financial sector, foster a market-oriented, legalized and international business environment and welcome sound foreign business to operate in China and qualified foreign institutions to participate in various business pilot projects. Over the past few years, more than 50 financial opening-up policies have been rolled out in the country, he said, including lifting the foreign ownership in financial institutions.

The 14th Lujiazui Forum, themed "Global Financial Opening-up and Cooperation: New Drivers of Economic Recovery,” is held in Shanghai from Thursday to Friday co-chaired by the head of the NFRA and the mayor of Shanghai. Over 70 distinguished Chinese and foreign guests are expected to deliver speeches or join panel discussions on hot topics covering economic and financial fields.

6月8日，第十四届陆家嘴论坛在上海召开。会上，国家金融监督管理总局局长李云泽发表主题演讲。这也是李云泽在今年5月国家金融监督管理总局揭牌以来，首次在公众论坛亮相。

李云泽指出，防范化解金融风险是金融工作的永恒主题。近期国际银行业接连发生风险事件，虽然对中国直接冲击很小，但也有很强的警示意义。需要始终以“时时放心不下”的责任感，突出重点、把握节奏、精准发力，稳慎化解存量风险、坚决遏制增量风险。下好风险前瞻防控“先手棋”，以更加主动的态度应对各类风险隐患，坚持早识别、早预警、早发现、早处置，努力把风险化解在萌芽状态，及时阻断风险蔓延。

同时，练好穿透监管“绣花功”，提高数字化智能化水平，真正做到“管住人、看住钱、扎牢制度防火墙”。打好风险处置“组合拳”，做实做细应急预案，完善常态化风险处置机制，多渠道充实处置资源，充分调动各方主动化险积极性。

“目前，我国金融业运行整体平稳，风险总体可控，我们完全有条件有信心有能力守牢不发生系统性金融风险底线。”李云泽说。

与此同时，加强和完善现代金融监管，亦是当前金融领域的一项重要任务。

李云泽表示，国家金融监督管理总局将聚焦中国式现代化建设全过程，全面强化机构监管、行为监管、功能监管、穿透式监管、持续监管，切实提升监管的前瞻性、精准性、有效性和协同性。并且，将坚决消除监管空白和盲区，厘清责任边界，拉紧责任链条，加强综合治理，完善多主体参与、多领域协作、多层次贯通的责任体系，真正实现监管“全覆盖、无盲区”。强化央地监管协同，完善制度安排、健全工作机制，实现中央与地方两个层面的无缝对接协调。持续整治金融市场乱象，重拳惩处严重违法违规行为，切实维护好金融消费者合法权益。

此外，李云泽还指出，持续深化重点领域改革促发展。解决影响和制约金融业发展的难题，必须坚定不移深化改革。将以金融体系结构调整优化为重点，持续优化融资结构和金融机构体系、市场体系、产品体系，进一步提升金融服务实体经济的适配性。

李云泽表示，国家金融监督管理总局将以自身机构改革为契机，切实转变职能、提升效能、改进作风，用铁肩膀挑起监管重担。持续优化制度供给，积极推动法律法规“立改废释”，与时俱进完善审慎监管规则，该管的坚决管住，该放的有序放开。

李云泽还强调，对外开放是我国长期坚持的基本国策，金融业开放的大门只会越开越大。“近年来，金融领域先后推出50多条开放措施，取消了外资股比限制，大幅减少了外资准入数量型门槛，一批开放实例先后落地。”

Moving on to regional highlights

区域观察

• China on Thursday officially launched the international reinsurance board in Shanghai, according to the country's financial regulator and Shanghai municipal government during the forum. Meanwhile, the local arm of the China Banking and Insurance Regulatory Commission and the financial regulatory administration revealed a document of 22 measures to be taken to promote the city to become a global reinsurance hub. Some of those moves include improving infrastructure and institutional systems, strengthening product supply and innovation ability, as well as attracting talent.

  上海再保险“国际板”启动：6月8日，上海再保险“国际板”正式启动，在中国(上海)自由贸易试验区临港新片区建设国际再保险功能区。同时，上海银保监局与上海市地方金融监管局联合发布《关于加快推进上海国际再保险中心建设的实施细则》在上海开设面向全球的再保险分入业务交易市场，标志着上海国际再保险中心建设又迈出重要一步。《实施细则》围绕完善再保险市场基础设施体系和机构体系、深化再保险产品供给和创新能力、推动再保险高水平制度型对外开放、增强再保险人才吸引和培养机制建设等具体内容共制定22条政策举措。

Greater Bay Area, Greater future

新使命，大未来

• The China (Guangdong) Pilot Free Trade Zone saw its GDP more than double to 466.3 billion yuan last year after eight years of operation. With a total fixed-asset investment exceeding 1 trillion yuan, the zone has embraced more than 260,000 new businesses and utilized $50 billion in foreign investment with its commitment to align with international standards and rules, said Zhang Jinsong, director of the Guangdong Commerce Department, at a news conference on Wednesday. Launched in 2015, the zone includes areas of Hengqin, Zhuhai; Nansha, Guangzhou; and Qianhai and Shekou in Shenzhen, which focuses on the building of a modern industrial system, including automobiles, artificial intelligence, pharmaceuticals, healthcare, integrated circuits, modern financial services and professional service.

  广东自贸试验区交出亮眼成绩单：6月7日，“高质量发展看广东”系列主题新闻发布会第二场——中国（广东）自由贸易试验区成立八周年建设成果新闻发布会举行。会上，广东省商务厅厅长、自贸办主任张劲松表示，八年来，广东自贸试验区累计新设企业超过26万家，实际利用外资近500亿美元，91家世界500强企业在广东自贸试验区投资了465个项目，集聚了总部企业272家。八年来，广东自贸试验区带动横琴、前海、南沙三大平台国内生产总值增长超过1倍到2022年的4663亿元，固定资产投资累计超过1万亿元，税收增长到2022年的950亿元。

Next on industry and company news

产业及公司新闻

• Huawei Technologies on Wednesday unveiled the latest version of its self-developed cloud database GaussDB. The firm's latest innovation represents an organized collection of information that can be searched, sorted and updated, and it is of growing importance to the efficient management and use of data, which has now become a crucial production element and can create enhanced value. Zhang Ping'an, CEO of Huawei Cloud, said the firm's core business has already been running stably on the database and it has been commercially used in the core systems of many users, including Postal Savings Bank of China and China Merchants Bank, on a large scale.

  华为云GaussDB重磅亮相：6月7日，在2023年华为全球金融峰会上，华为发布了国内首款软硬协同、全栈自主的分布式数据库GaussDB。2020年，“GaussDB数据库”逐步成型，并首次运用在华为内部系统中，完成了对600多套核心系统数据库的全场景替代，涉及华为终端云、MetaERP系统、以及全球运营商设备等。华为常务董事、华为云CEO张平安表示，目前，GaussDB已在华为内部IT系统和多个行业核心业务系统得到应用，同时进入最复杂的金融核心业务场景。“未来GaussDB将执行两大战略：第一是和更多的金融客户一起，全面实行数据库的自主创新。第二是从金融走向政务、能源等更多关键信息基础设施行业。”

• China Southern Airlines on Wednesday inaugurated a new direct flight service linking London and Beijing. The newly opened route operates one flight daily, departing from Heathrow Airport at 10:30 p.m. local time and landing at the Beijing Daxing International Airport after approximately 10 hours of flying.

  南航首开北京大兴至伦敦直飞航线：6月7日12时14分，中国南方航空CZ673航班起飞，标志着南航北京大兴-伦敦希思罗航线顺利首航，这也是国内航司中首家开通北京大兴机场至英国伦敦希思罗机场的直航航线。南航北京大兴—伦敦希思罗航班每周7班，由空客A350机型执飞，计划去程CZ673航班11时55分起飞，15时45分抵达伦敦希思罗机场；回程CZ674航班22时30分起飞，次日15时25分抵达北京大兴国际机场(以上均为当地时间)。

• Shares of CATL stopped sliding today after Chinese brokerages including Tianfeng Securities and Haitong International Securities, released upbeat outlooks on the battery giant that is rumored to be at risk of losing its largest client Tesla amid tightening competition that prompted Morgan Stanley to lower its target price for the stock. CATL will increase its annual net profit by 50 percent to 46 billion yuan from last year, TF Securities wrote in a recent research note, holding onto its evaluation of CATL stock as a “buy". Next year, the firm's net profit is set to increase by 35 percent to 62 billion yuan, and by 26 percent to 78 billion in 2025, it added. 

  大摩看空宁德时代遭国内券商“群嘲”：近日，摩根士丹利发布研报“看空”全球动力电池龙头宁德时代，将公司评级从“平配”下调至“低配”。受此影响，宁德时代7日盘中一度放量大跌逾6%，总市值一度跌破9000亿元。然而，国内多家券商，如东吴证券、天风证券、海通国际等的研判则表达相反观点。天风证券电新团队表示，宁德时代一季度业绩大超预期，上调公司2023年、2024年归母净利润至460亿元、620亿元（前次为420亿元、584亿元），同比增长50%、35%，预计公司2025年实现归母净利润780亿元，同比增长26%。公司龙头地位稳固，领衔多项新技术发展，维持“买入”评级。8日，宁德时代止跌回升，收涨0.34%。

• China's largest commercial property developer Dalian Wanda Group on Thursday said it is appealing a court decision to freeze 1.9 billion yuan worth of shares it owns in a subsidiary. The group in a statement said it "is confident it will defend its legitimate rights”. Two Shanghai court notices dated Monday showed the group cannot trade or otherwise use its shares in property manager Dalian Wanda Commercial Management Group until June 4, 2026. Wanda said it had a dispute involving about 1 billion yuan with a company related to a mega-project in northern China, and the value of shares frozen far exceeded the amount in that dispute.

  万达回应大连万达商管19亿股权被冻结：近日，大连万达集团股份有限公司新增两则股权冻结信息，股权被执行标的企业均为大连万达商业管理集团股份有限公司，被冻结股权数额合计约19.79亿元，冻结期限自2023年6月5日至2026年6月4日，执行法院均为上海市虹口区人民法院。6月8日，万达集团正式发布声明称，万达集团和某企业在长春一大型项目有合作，至今双方仍存在约10余亿元财务纠纷；2018年万达商管引入投资人时，万达商管45.27亿股权当时估值就已经2430亿元，此估值为公开信息。此次冻结万达商管19亿股权，大幅超过双方财务纠纷金额。万达集团表示，正通过法律途径申诉，有信心维护万达集团正当权益。

Earnings reports express

财报速递

• Chinese online travel agency Trip.Com Group returned to profit in the first quarter of the year thanks to the recovery of the domestic tourism industry. The firm logged a net profit of 3.4 billion yuan, while revenue soared 124 percent to 9.2 billion yuan, exceeding the pre-pandemic level by 1 billion yuan. Revenue from accommodation reservations jumped 140 percent to 3.5 billion yuan in the first quarter from the same period last year, and that from transport tickets and package tours surged 150 percent and 211 percent to 4.2 billion yuan and 386 million yuan, respectively. In the first quarter, outbound hotel and air reservations recovered to over 40 percent of the level in 2019, despite only a 15 percent recovery in the overall outbound aviation market. Air ticket bookings on Trip.Com's global online platforms grew over three-fold in the first quarter from a year earlier and over two-fold compared to the same period in 2019.

  携程Q1扭亏为盈：6月8日消息，携程集团公布了截至2023年3月31日第一季度未经审计的财务业绩。财报显示，2023年第一季度，携程集团净营业收入为92亿元，同比增长124%，净利润为34亿元，经调整EBITDA利润率达31%，业绩表现再超市场预期。随着国内疫情防控政策的调整，国内及出入境旅游市场迎来崭新局面。得益于此，携程集团主营业务出现大幅反弹。今年一季度，携程住宿预订收入为35亿元，同比增长140%；交通票务收入为42亿元，同比增长150%；旅游度假业务收入为3.86亿元，同比增长211%；商旅管理业务收入为4.45亿元，同比增长100%。一季度，携程集团国内本地酒店预订量较2019年同期增长150%，酒店套餐预订交易额同比增长超1倍。OTA平台机票预订量同比增长超过200％，与2019年同期相比增长超过100％。

Switching gears to financial news

金融市场消息

• China's five major state-owned banks have cut some of their renminbi deposit interest rates on Thursday, the second adjustment in less than a year. Starting today, lenders including Industrial and Commercial Bank of China, China Construction Bank and Bank of China are now offering 2.45 percent and 2.5 percent on three- and five-year deposits, respectively, down 15 basis points from September, according to the banks’ websites. Similar cuts were made at Postal Savings Bank of China, Agricultural Bank of China and Bank of Communications. These banks also lowered their demand deposit rates from 0.25 percent to 0.2 percent, the lowest level since 1996.

  国有五大行今起调整存款挂牌利率：6月8日，包括工商银行、农业银行、建设银行、中国银行和交通银行在内的五大国有银行宣布再度下调存款挂牌利率。其中，活期存款利率从此前的0.25%下调至0.2%。2年期定期存款利率下调10个基点至2.05%，3年期定存利率下调15个基点至2.45%，5年定期存款利率下调15个基点至2.5%。

• China's foreign exchange reserves fell to a three-month low of $3.1765 trillion by the end of May as the US dollar strengthened while global financial markets showed mixed returns, the State Administration of Foreign Exchange said on Wednesday. The amount marked a decline of $28.3 billion or 0.88 percent compared with the end of April. On the other hand, SAFE data showed China's gold reserves rose to 67.27 million ounces at the end of May, up from 66.76 million ounces a month earlier and marking the seventh consecutive monthly rise.

  5月外汇储备环比回落：6月7日，国家外汇管理局 发布最新数据显示，截至2023年5月末，中国外汇储备规模为31765.08亿美元，较4月末减少282.58亿美元，降幅为0.88%。外汇局表示，在汇率折算和资产价格变化等因素综合作用下，当月外汇储备规模下降。此外，截至5月底，中国外汇储备里的黄金储备达到6727万盎司，较4月份环比增加51万盎司。这是中国央行黄金储备连续第七个月增加。

Wrapping up with a quick look at the stock market

股市收盘情况

• Chinese stocks finished Thursday in positive territory, with the benchmark Shanghai Composite rising 0.5 percent and the Shenzhen Component up 0.1 percent. Hong Kong’s Hang Seng index also added 0.5 percent, while the TECH index slipped 0.7 percent.

  沪指重上3200点、港股分化：周四大盘全天震荡分化，沪指午后拉升重回3200点，创业板指盘中创近3年新低。截至收盘，沪指涨0.5%，深成指涨0.13%，创业板指跌0.28%。沪深两市全天成交额8595亿元，北向资金全天净买入29.52亿元。港股午后拉升，恒指收涨0.25%，恒生科技指数收跌0.68%。

Biz Word of the Day

财经词汇划重点

• A distributed database is a database that is spread over different sites, i.e., on multiple computers or over a network of computers. It represents multiple interconnected databases spread out across several sites connected by a network. Since the databases are all connected, they appear as a single database to the users.  

  分布式数据库是由一组数据组成的，这组数据分布在计算机网络的不同计算机上，网络中的每个节点具有独立处理的能力，可以执行局部应用。分布式数据库系统是相对于集中式数据库系统而言的，是将数据库技术与网络技术相结合的产物。分布式数据库有一个统一的数据库管理系统来进行管理，称为分布式数据库管理系统。

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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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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