CBN丨China introduces more measures to spur consumption

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 introduces measures to spur consumption from cars to furniture;

• Guangdong’s economy grew by 5 percent in H1.

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

中国经济要闻

Consumer spending has provided a forcible boost to China's economy growth in the first half of 2023, but weak points persist prompting the government to do more to level up consumption going forward.

Chinese authorities, including the National Development and Reform Commission (NDRC) and the Ministry of Commerce, bid to tackle the problems blocking consumer spending with a slew of new measures on Tuesday.

China's total retail sales of goods saw a jump of 8.2 percent year-on-year in the first six months. Additionally, the contribution rate of final consumption expenditure growth to economic growth reached 77.2 percent, significantly higher than the previous year, official data showed on Monday.

The key sectors of cars, home appliances, furniture, and catering collectively accounting for a quarter of consumption. Three of the four were specifically targeted by authorities on Tuesday.

The NDRC promised to soon launch "effective" policies to restore and expand consumption, focusing on promoting sales of cars and electronic product, expanding rural consumption, and optimizing the consumption environment.

The Ministry of Commerce, along with other 13 departments, issued a plan to promote household consumption. Specific measures include supporting enterprises to equip artificial intelligence and other technologies on smart home appliances. Additionally, supporting enterprises involved in the research and development of furniture, bathing equipment and other household products for the elderly.

It also offers to support residents in replacing or purchasing new smart home products and carrying out home renovations. It encourages financial institutions to strengthen credit support for household consumption, and optimize their loan approval processes.

The NDRC also pointed out that increase residents' income is crucial in promoting consumption and vowed to do so in order to stabilize employment, especially in relation to the support of youth employment.

7月18日，国家发展改革委召开的7月份新闻发布会上，在回答是否能够实现全年经济增速目标时，国家发改委国民经济综合司副司长李慧称，“随着存量政策与增量政策协同发力，各项政策接续推出，我们有信心有条件有能力推动经济结构持续向优、增长动能持续增强、发展态势持续向好，实现全年经济社会发展目标任务。”    

促进消费既是当前恢复和扩大需求的关键所在，也关系着更好满足人民群众对美好生活的期待和向往。

数据显示，上半年，社会消费品零售总额22.8万亿元，同比增长8.2%，增速较去年同期上升8.9个百分点，餐饮、旅游等领域消费已超过疫情前水平，最终消费支出对经济增长的贡献率达到77.2%，明显高于去年。

同时，国家发改委政策研究室主任金贤东指出，消费能力和消费预期相对偏弱、基础设施和消费环境有待提升等问题仍然存在，解决这些问题是我们当前和今后一个时期促进消费的重点发力方向。

金贤东介绍，下一步，针对制约居民“能消费、敢消费、愿消费”的痛点和堵点，国家发改委将会同有关方面，做好四项重点工作。一是完善消费政策。针对当前消费领域存在的突出问题，将抓紧制定出台恢复和扩大消费的政策，围绕稳定大宗消费、促进汽车和电子产品消费、拓展农村消费、优化消费环境等方面，出台一批务实管用的政策举措并推动尽快落地见效。

二是提升消费能力。将持续做好稳就业促增收的各项工作，落实落细稳就业政策措施，促进青年等重点群体就业等。

三是优化消费供给。将推进数字技术、应用场景和商业模式融合创新，培育壮大消费新业态新模式，促进生活消费品质升级，丰富拓展消费场景；同时，持续推进民生消费领域国家和相关行业标准制订和修订工作，促进消费供给提质升级。

四是改善消费环境。针对制约消费的体制机制问题，国家发改委将会同有关方面，研究制定关于营造放心消费环境的政策文件。

此外，市场期待已久的促家居消费政策也终于出台。

商务部等13部门18日印发关于促进家居消费的若干措施，从大力提升供给质量、积极创新消费场景、有效改善消费条件、着力优化消费环境等4方面提出11条具体措施。如促进家居消费与老旧小区改造、住宅适老化改造、便民生活圈建设、完善废旧物资回收网络等政策有机融合，形成促消费的合力。

Greater Bay Area, Greater future

新使命，大未来

• Guangdong province, an economic powerhouse in South China, achieved a GDP of 6.29 trillion yuan in the first half of 2023, up 5 percent year on year, according to a half-year bulletin by the provincial statistics bureau on Tuesday. The added value of the primary industry grew by 4.6 percent to reach 227.1 billion yuan, while that of the secondary industry was up 3.7 percent to 2.47 trillion yuan. The output of the tertiary industry was the biggest, standing at 3.6 trillion yuan, increasing 5.9 percent from the same period last year. The report pointed out that in the first half of this year, the province’s economy continued to recover with major indicators achieving positive growth, while the foundation for recovery still needs to be consolidated.

  广东上半年GDP增长5%：7月18日，广东省统计局公布上半年经济运行简况。根据地区生产总值统一核算结果，上半年，广东实现地区生产总值62909.80亿元，同比增长5.0%。其中，第一产业增加值2270.95亿元，增长4.6%；第二产业增加值24661.44亿元，增长3.7%；第三产业增加值35977.41亿元，增长5.9%。运行简况指出，今年上半年，广东主要经济指标全面恢复性增长，经济运行延续恢复向好态势，但全省经济回升基础仍需加固。 

• The National Immigration Administration announced new rules to facilitate border-crossing travel between Hengqin and Macao on Tuesday, aiming to expand the coverage of the existing joint immigration measures. Under the new rules, business people and personnel working in tertiary educational institutions are allowed to drive across the border through immigration procedures conducted jointly by both Chinese mainland and Macao authorities. The authorities also said that professionals engaged in joint exhibitions and events of both Hengqin and Macao would be entitled to a visa shortcut, which will also apply to participants. In addition, students with cross-border needs, the physically challenged, as well as senior citizens don’t have to get out of the vehicle to go through immigration procedures.

  横琴合作区迎来一揽子出入境新便利 ：7月18日，国家出入境管理局出台《积极支持促进横琴粤澳深度合作区建设发展若干出入境管理服务措施》，重点包括便利人员车辆跨境流动、服务特色产业发展、保障社会民生三个方面。《若干措施》明确，在横琴口岸试点推行“常旅客”计划，对经常往返琴澳两地的商务公务人员、澳门高校职工等符合条件的出入境人员，提供“常旅客”通关便利安排等。服务特色产业方面，为参加合作区与澳门联合举办跨境会展工作人员、专业参展人员和持有展会票务证明的境内外旅客，依法依规提供申请办理出入境证件、签证（注）便利等；在民生方面，在横琴口岸旅检大厅设置跨境学童专用学生通道，对乘坐巴士集中通关的跨境学童，以及上下车辆不便的残障人士、老年人实行随车查验，优先为相关危重病患及家属、医护人员办理出入境手续，进一步便利特定群体快速通关等。

• The 2023 China Cross-border E-commerce Fair (Autumn) will be held at the Canton Fair Complex in Guangzhou from August 18th to 20th, the organizers said today. Themed "Foreign trade provides new impetus for the economy, digital technology forges a new future," the Fair will cover an exhibition area of nearly 50,000 square meters, attracting over 1,000 cross-border e-commerce enterprises and over 50 advantageous industrial belts nationwide. It is expected to draw approximately 80,000 professional buyers.

  秋季跨交会8月在穗举办：2023中国跨境电商交易会（秋季）将于2023年8月18-20日在广州广交会展馆举行。本届跨交会以“外贸新动能·数字新未来”为主题，展会面积近5万平方米，汇聚全国1000多家跨境电商企业以及50+优势产业带，预计将吸引约8万名专业采购商到会。

• Hong Kong’s latest unemployment rate has dropped further to 2.9 percent – the lowest level in almost four years. Official data released on Tuesday showed that the jobless rate for the three months to June was 0.1 percentage points lower than the previous period. The underemployment rate also dropped slightly to 1.1 percent. In a statement, the SAR government said sectors such as retail, accommodation, arts and entertainment saw substantial falls in unemployment.

  香港失业率降至近四年低位：香港特区政府统计处18日公布，2023年4月至6月经季节性调整的失业率为2.9%，比上一个阶段(2023年3月至5月)下降0.1%。同时，就业不足率也下降0.1%至1.1%。数据显示，与消费及旅游相关行业(即零售、住宿及膳食服务业)合计的失业率下降0.2%至4%。其中，零售业的失业率下降0.3%至3.5%，住宿服务业的失业率下降0.5%至3%，餐饮服务活动业的失业率维持于4.8%不变。

Moving on to regional highlights

区域观察

• East China’s Zhejiang province plans to remove restrictions on household registration, or hukou, within its borders, except in the provincial capital of Hangzhou, enabling people to become official residents and signifying the progress made in reforming its social welfare and public service systems, according to a policy document recently published on the Zhejiang government’s website. The five-year policy will be effective from July 22. On a trial basis people will be allowed to apply for household registration based on their habitual residence only, thereby supporting non-locals and rural migrants to settle and enjoy all the social benefits the municipal government provides to city dwellers, it added. Hangzhou's urban areas will also gradually revoke the annual quota for local household registrations by perfecting its points-based registration system, the document showed.

  除杭州外浙江全面取消落户限制：近日，浙江省人民政府网站公布《浙江省推动落实常住地提供基本公共服务制度 有序推进农业转移人口市民化实施方案》，明确全省（杭州市区除外）全面取消落户限制政策，同时进一步放开放宽农业转移人口落户条件。该方案自2023年7月22日起施行，有效期为5年。《实施方案》指出，杭州市区进一步完善积分落户政策，确保社保缴纳年限和连续居住年限分数占主要比例，逐步取消年度落户名额限制。推行全省范围内社保缴纳、居住时间等户籍准入年限累计互认，逐步拓展到长三角区域内累计互认等。

• China will formulate more effective policies to attract global capital and also seek ways to further reduce the number of items on the negative list for foreign investment access in Hainan Free Trade Port, China’s economic planner said on Tuesday. The NDRC said the government is currently evaluating the effectiveness of the negative list for foreign investment access and has received some specific requests from certain parties. Furthermore, measures to reduce the number of items on the negative list for foreign investment access in Hainan Free Trade Port are being studied.

  海南自贸港外资准入负面清单或将缩减：7月18日，国家发改委政研室主任金贤东表示，下一步，将强化政策出台实施。研究制定更大力度吸引外资的综合性政策，进一步优化公平竞争环境，畅通创新要素流动，促进内资外资企业务实合作。同时，抓紧评估外资准入负面清单实施效果，深入了解有关方面诉求，研究缩减海南自由贸易港外资准入负面清单等措施，扩大市场准入。

Next on industry and company news

产业及公司新闻

• China has a total of 2.94 million 5G base stations, covering all prefecture-level urban areas and counties, according to the Ministry of Industry and Information Technology on Wednesday. 5G has become an important part of new infrastructure and a key driver for the digital transformation and upgrading of the real economy, an official with the MIIT told a press conference. More than 1.73 million  shared 5G base stations were built, as China seeks to develop a more efficient and green 5G network.

  我国5G基站达293.7万个：7月19日上午，国新办新闻发布会上，工业和信息化部新闻发言人、总工程师赵志国介绍，5G已经成为新型基础设施的重要组成部分，也是推动实体经济数字化转型升级的关键驱动。截至6月底，我国5G基站累计达到293.7万个，覆盖所有地级市城区、县城城区，覆盖广度深度持续拓展。5G共建共享基站超173万个，启动全球首个5G异网漫游试商用，5G网络加快向集约高效、绿色低碳发展。

• Chinese car maker Geely Automobile will invest US$10 billion to develop Malaysia's main auto-making hub, local media reported Tuesday, quoting Prime Minister Anwar Ibrahim. Anwar said the plan was conveyed to him in a letter from Geely, which also owns 49.9 percent of Malaysian car maker Proton. The investment in the town of Tanjung Malim in western Malaysia where Proton plans to be headquartered will create thousands of job opportunities. A representative for Geely said that the company is fully committed to working with its Malaysian partners to sustainably develop the area and will disclose investment numbers in due course.

  吉利豪掷百亿美元建马来西亚汽车城：7月18日，据马来西亚方面报道，中国汽车制造商吉利汽车将投资100亿美元，将霹雳州丹戎马林（Tanjung Malim, Perak）发展成该地区最大的汽车城。马来西亚总理安瓦尔表示，吉利汽车在给他的一封信中透露了上述计划，而此笔投资将为马来西亚人创造数千个就业机会。2017年，浙江吉利汽车控股集团收购了马来西亚“国民汽车品牌”宝腾汽车49.9%的股份，而丹戎马林正是宝腾汽车工厂所在地。

• Shares of Tencent slumped 4.6 percent yesterday after its biggest shareholder reiterated its commitment to offload more shares in the Chinese tech giant. Tencent's controlling shareholder Prosus said earlier that the Amsterdam-listed firm would continue to cut its holdings in the company by up to three percentage points a year and expects the stake to drop to 24 to 25 percent by the year-end from the current 26 percent.

  腾讯大股东将继续减持：受第一大股东南非Naspers集团荷兰子公司Prosus再度减持消息影响，腾讯股价7月18日跌4.59%，市值缩水超1550亿港元。据报道，腾讯控股的大股东Prosus计划每年减少腾讯股份的比例，预计今年年底将降至24%-25%左右。目前，Prosus持有腾讯约26%的股份，价值约为1120亿美元，并一直在缓慢减持以支持自身的回购计划。

• Shares of Zhongman Petroleum and Natural Gas Group rose after the Chinese oilfield services provider said it signed a drilling engineering service contract with Iraq’s Basra Energy. The two signed the US$390 million deal on July 16, the Shanghai-based company announced yesterday. The contract amount equals 91.2 percent of its audited operating revenue last year and 216.7 percent of its drilling engineering business’ operating revenue last year, it added.

  中曼石油拿下伊拉克3.9亿美元钻井大单：据7月18日晚间公告，中曼石油已于7月16日与伊拉克巴士拉能源公司（简称“BECL”）签订了钻井工程服务合同，合同金额预计约3.90亿美元（约合27.96亿元人民币）。中曼石油与BECL的合同有效期为4.5年，合同额约占中曼石油2022年营业收入的91.22%，约占中曼石油2022年钻井工程板块业务营业收入的216.74%。 

Earnings reports express

财报速递

• More than 60 percent of the 67 mainland-listed Chinese property developers that have released first-half earnings updates predicted to have been in the red, casting a stark contrast with the figure of the same period last year when half of the 67 firms made a profit. As of Tuesday, 42 real estate firms expect losses totaling over 25.7 billion yuan in the first six months, with eight projecting to lose more than 1 billion yuan, according to data from Choice, a financial data platform under East Money. Over a third of the 42 developers expect to have turned a loss for the first time in the first half. Among them, Overseas Chinese Town predicted the highest loss of between 1.2 billion and 1.7 billion yuan. Of the 25 real estate firms that forecast first-half profit, Shanghai Industrial Development, Shenzhen New Nanshan Holding Group, and five others expect to have achieved a turnaround.

  逾六成上市房企中期业绩预亏：根据东方财富Choice数据统计，截至7月18日，在沪深A股113家房地产（申万一级）上市公司中，已有67家发布了业绩预告，42家预亏，占比超过了六成，合计亏损超257亿元，其中，有8家公司的最大亏损额超过了10亿元。67家中，能够实现盈利的公司仅有25家，而去年同期，这67家公司中，起码有一半实现了盈利。67家房企中，有15家房企为半年度首亏，其中，华侨城A的亏损金额较高，其预计上半年将亏损12亿元~17亿元，比上年同期下降1237.92%~1712.06%。另外，有9家亏损面继续扩大，15家亏损则在缩窄。而在盈利的25家公司中，有7家顺利扭亏为盈。

Switching gears to financial news

金融市场消息

• China saw a rapid increase of newly established foreign-invested enterprises in the first half of the year, an official with the Ministry of Commerce said Wednesday. Some 24,000 new foreign firms established themselves in China in the first half of the year, marking a 35.7 percent rise year on year. Foreign direct investment in the Chinese mainland, in actual use, dipped 2.7 percent year on year to 703.65 billion yuan in the first half, the ministry said.

  上半年新设外资企业2.4万家：7月19日，国新办新闻发布会上，商务部副部长郭婷婷介绍，今年以来，全力开展“投资中国年”系列活动，更大力度吸引和利用外资。新设外资企业数量快速增长，上半年新设外商投资企业2.4万家，增长35.7%；实际使用外资7036.5亿元，下降2.7%。

• China, the United States’ second-largest creditor, reduced its holdings of US Treasury bonds in May to the lowest level in 13 years. China cut its holdings of US Treasuries by $22.2 billion to $846.7 billion in May from the previous month, according to data released yesterday by the US Department of the Treasury.  

  中国减持美债至历史次低位：7月18日，美国财政部公布的数据显示，中国5月减持222亿美元美国国债至8467亿美元，连续第二个月减仓，持仓规模仅次于2009年5月创下的8015亿美元的低点。作为美国国债海外第二大债主，中国从去年8月至今年2月连续7个月减持美国国债。 

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 ended nearly flat, while the Shenzhen Component slid 0.4 percent. Hong Kong stocks finished with another loss, as the Hang Seng index slipped 0.3 percent and the TECH index fell 0.4 percent.

  沪指尾盘翻红港股继续收跌：周三A股大盘全天震荡分化，沪指探底回升，创业板指跌超1%。截至收盘，沪指涨0.03%，深成指跌0.37%，创业板指跌1.06%。沪深两市全天成交额合计7025亿元，较上一日缩量747亿元。北向资金连续第二个交易日单边离场，日内净卖出49.32亿元。港股低开后探底回升，截至收盘，恒生指数跌0.33%，恒生科技指数收跌0.35%。

Biz Word of the Day

财经词汇划重点

• The negative list is a document that delineates industries that are prohibited or restricted to private investment by companies in China. Any industry not included on the list is presumed to be open to investment without requiring additional administrative approvals.

  负面清单又称“否定清单”，是相对于“正面清单”而言的一种国际通行的外商投资管理办法，即投资领域的“黑名单”，遵循“法无禁止皆可为”的原则，明确禁止外资进入的领域外，其他所有领域都对外资开放。

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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