CBN丨China's foreign trade up 0.03% in first 10 months

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 foreign trade grows by 0.03% year-on-year in first 10 months;

• Multiple countries have sent the largest ever delegation to this year’s CIIE.

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

中国经济要闻

China's total import and export volume grew by 0.03 percent year-on-year, reaching 34.32 trillion yuan ($4.72 trillion) between January and October, as the country's foreign trade posts a stable recovery despite mounting external challenges.

Over the period, the country's exports grew by 0.4 percent year-on-year to hit 19.55 trillion yuan, while imports declined by 0.5 percent year-on-year to reach 14.77 trillion yuan, according to data released by the General Administration of Customs (GAC) on Tuesday.

In October alone, the country's foreign trade grew by 0.9 percent year-on-year to reach 3.54 trillion yuan, according to the GAC. Last month, the country's exports dropped by 3.1 percent year-on-year to 1.97 trillion yuan, and imports grew by 6.4 percent to 1.57 trillion yuan.

Between January and October, the ASEAN remained China's largest trading partner, with bilateral trade up by 0.9 percent year-on-year to 5.23 trillion yuan. The trade between China and the EU went down 1.6 percent to 4.59 trillion yuan, and China-US trade went down 7.6 percent to 3.86 trillion yuan, according to the GAC.

China's private sector has maintained an upward trend in foreign trade. Customs data show that the import and export of private enterprises was 18.24 trillion yuan in the first 10 months, an increase of 6.2 percent, accounting for 53.1 percent of China's total foreign trade value and an increase of 3.1 percentage points over the same period last year.

China saw steady export growth of such mechanical and electrical products as data processing devices, cell phones and automobiles during this period, which rose 2.8 percent to 11.43 trillion yuan, accounting for 58.5 percent of the country's total exports. In particular, exports of automobiles totaled 582.4 billion yuan, up 88.5 percent year-on-year.

海关总署7日发布数据显示，2023年前10个月我国货物贸易进出口总值34.32万亿元，累计增速由前三季度同比微降0.2%转为增长0.03%；其中，10月当月，进出口3.54万亿元，月度增速由6月起连续4个月同比下降转为增长0.9%。

海关总署统计分析司司长吕大良表示，当前，我国外贸领域的积极因素累积增多，带动10月当月进出口同比增长。根据中国海关贸易景气统计调查，对未来进口、出口表示乐观的企业占比提升，我国外贸向好发展态势进一步显现。

具体来看，前10个月，我国外贸出口19.55万亿元，同比增长0.4%，其中机电产品出口比重近6成；而随着需求提振，同期我国外贸进口14.77万亿元，降幅收窄至0.5%。受主要能矿产品进口量继续增加以及部分农产品、消费品进口增速明显拉动，10月份进口同比增长6.4%，增速比9月份加快7.3个百分点。

在贸易主体方面，民营企业进出口明显好于整体。前10个月，我国有进出口实绩的民营企业52.6万家，同比增加8.7%；进出口18.24万亿元，增长6.2%，占我国进出口比重提升至53.1%，继续保持我国外贸第一大经营主体地位。

在国际市场方面，我国自欧盟、美国等传统市场进口增长。前10个月，我国对欧盟、美国和日本进出口分别下降1.6%、下降7.6%和下降6.5%。其中，自欧盟和美国进口分别增长5.1%和0.2%。

与此同时，我国贸易市场多元化趋势日益明显。前10个月，我国对共建“一带一路”国家合计进出口15.96万亿元，同比增长3.2%，占我国外贸规模的比重为46.5%。其中，对第一大贸易伙伴东盟进出口增长0.9%，对中东欧国家进出口增长2.7%，对中亚五国进出口增长34.8%。

6th CIIE in focus

聚焦进博会

• Many countries have brought a record number of companies to the ongoing sixth China International Import Expo in Shanghai, as Japan External Trade Organization led more than 150 firms to the CIIE this year, and Singapore Business Federation brought more than 500 senior representatives from 56 Singaporean companies to the CIIE, the most since 2020. Korea International Trade Association organized 93 firms to participate in the event, nearly 40 more than last year. Meanwhile, a record number of Australian companies are attending this year’s CIIE. More than 250 Australian firms participated, according to Austrade. The US has also sent the "strongest-ever delegation" to participate officially for the first time, with participating companies exceeding 200.  

  多国派最大参展团参加进博会：第六届中国国际进口博览会迎来多国史上最强企业参展团。11月6日下午，由中国日本商会主办的第六届进博会日本参展企业介绍会在国家会展中心新闻发布厅举行。本届进博会上，共有350家日本企业参展，参展的日本企业数量仅次于中国企业。新加坡工商联合总会率领来自56家新加坡企业的500余名企业代表参加本届进博会，这也是2020年以来规模最大的新加坡参展团。韩国贸易协会地区合作室中国科负责人预计有93家韩国企业通过韩国贸易协会报名参加第六届进博会，比去年增加40家。美国也派来了进博会历史上，规模最大、规格最高的参展团，参展企业超200家，其中大量来自半导体、医疗器械、新能源汽车、美妆等领域。澳大利亚投资贸易委员会表示，此次总体预计约有250多家澳大利亚企业参展进博会，规模为历年之最。 

• Several orders worth over 10 billion yuan have been signed during the first two days of the 6th CIIE, with for instance China North Industries Group Corp having signed procurement orders with 17 companies from 10 countries on Monday. The value of the orders totaled 31.2 billion yuan. Also on Monday, China Eastern Airlines signed 14 purchase agreements with 13 suppliers from nine countries and regions, including Chile, Turkey, and Russia. The agreements involve the purchase and maintenance of aviation materials and engines, jet fuel supply, in-flight meals, seafood and agricultural products. The total amount of the deals signed exceeded $2.5 billion, the highest level in the airline's CIIE participation history.

  进博会频现百亿大单：第六届中国国际进口博览会开幕的头两天，已有多份百亿元人民币级别的大单在现场出现。比如，中国北方工业有限公司多家企业分别与来自10个国家的17家企业开展主题采购签约，现场签约金额达312亿元人民币。中国东航签署多轮采购订单，与来自智利、土耳其、阿联酋、新加坡、俄罗斯、德国、瑞士、美国、中国香港等9个国家和地区的13家供货商签署采购协议14份，涉及航材发动机采购及维修、航油供应、机上餐食、共建“一带一路”国家的海产品农产品等多项货物进口和服务进口。据悉，上述签约总额超25亿美元，约合人民币181.7亿元，为历届最高水平。

• The international reinsurance business trading platform of the Shanghai Insurance Exchange has inked the first international inward reinsurance agreement at the ongoing CIIE. AXA Hong Kong Property & Casualty Insurance is the original insurer, while AXA Tianping Property & Casualty Insurance is the reinsurer, according to the contract penned yesterday. The business covered is the Guangdong-Hong Kong cross-border motor insurance, which started on July 1.  

  再保险“国际板”首单国际分入合约落地：11月6日进博会上，上海再保险“国际板”又往前走了一大步。据了解，此次国际分入合约的分出人是安盛香港财产保险有限公司，而分入人则是安盛天平财产保险有限公司，分入合约对应的直保业务则是7月1日正式实施的被称为“港车北上”的粤港跨境汽车保险业务。

Greater Bay Area, Greater future

新使命，大未来

• Bosses from some of the world's top financial institutions on Tuesday joined the SAR's second Global Financial Leaders’ Investment Summit to discuss issues ranging from the role of technology to the way forward for China's economy. Addressing the conference's opening on Tuesday, Chief Executive John Lee reassured the gathered heavyweights from the investment world that the SAR had restored its prosperity. Lee stressed that investment in the SAR had rebounded following a period of mayhem, as in the past two years, initial public offering (IPO) funds raised here reached nearly US$85 billion. The city is also Asia's hedge fund hub and the region's second largest private equity centre, Lee noted. Meanwhile, Financial Secretary Paul Chan said at the summit that he expects Hong Kong's economy to grow by more than 3 percent this year, and the recovery effort is sustaining. Chan said short-term economic growth will rely on tourism, private consumption and exports of services, while mid-term growth will be driven by the financial services sector and technological innovation.

  国际金融领袖投资峰会在港开幕：11月7日，由香港金管局主办的国际金融领袖投资峰会于香港四季酒店举行，参与峰会的机构将涵盖银行、证券、资产管理、主权财富基金、私募股权和风险投资、对冲基金和保险公司等各个金融领域。香港特别行政区行政长官李家超在致开幕词时表示，香港目前已经恢复稳定，香港已经重新回到世界舞台。李家超介绍，过去两年，香港资本市场IPO集资额接近850亿美元，而香港的资产财富管理业务截至2022年底已经接近4万亿美元，超过2019年水平。另外，香港财政司司长陈茂波表示，虽然受到外围不利因素和环境复杂影响，但由于香港与国际社会有联系，情况会改善，预计今年香港经济增长会超过3%，复苏势头可持续。短期来看，今年至明年首季的经济增长动力为服务输出、旅游发展、私人消费。而中期增长动力为金融服务和创新科技。 

Next on industry and company news

产业及公司新闻

• China Vanke’s majority shareholder has expressed its support of the property developer, including making a commitment to spend more than 10 billion yuan on its projects in a bid to reassure international investors amid a recent bond price volatility. State-owned Shenzhen Metro Group said at a recent meeting with financial institutions that it is optimistic about Vanke’s prospects and has never planned or expressed intentions to reduce its stake, Vanke said late Monday. Shenzhen Metro said it has "various tools" to combat risks together with Vanke, including joint development of the company's large-scale urban renewal projects and buying Vanke’s bonds in the open market. 

  深圳国资委、深铁集团力挺万科：面对近期万科债券的非理性波动及股价下行，11月6日，万科与境内外金融机构举行三季度业绩说明会，深圳市国资委、第一大股东深铁集团均在会上表态全力支持万科。对于市场上关于“大股东将减持万科”的传闻，深铁集团也给予坚定回应，表示坚定看好万科的发展前景，从未制定过任何减持万科股份的计划，也从未在任何场合表达过要减持的想法。同时为提振市场信心，将研究制定并有序释放各种有效的工具，全力支持万科。其中包括：承接万科在深圳的部分城市更新项目，交易金额预计超过人民币100亿元；同时，深铁集团正在积极准备，择机购买万科在公开市场发行的债券。万科多只美元债今天价格明显回升。

• The artificial intelligence firm 01.AI that AI pioneer Kaifu Lee set up to develop ChatGPT-like large language models is now worth more than US$1 billion and released its first open-source base model, media reported. Yi, which can be used in both Chinese and English, was released today after Beijing-based 01.AI completed a new funding round led by Alibaba Cloud.

  李开复创立AI公司成为“独角兽”：据媒体报道，李开复近日在接受媒体采访时表示，其创立的人工智能公司零一万物（01.AI）经过一轮融资后，估值已超过10亿美元。李开复于今年3月开始组建零一万物的团队，并于6月开始运营。该公司开源的基础大型语言模型 Yi-34B 现已向全球开发者提供中英文版本。

• Tesla will raise the price of its rear-wheel-drive and long-range versions of the China-made Model Y after the carmaker increased the cost of the series' high-performance edition in late October. Tesla did not disclose the new prices and when they will kick in, media reported today, citing the Texas-based company. Model Y is Tesla's best-selling series in China, accounting for 95 percent of its sales in September, with 41,428 units sold. 

  特斯拉Model Y又将涨价：11月7日，针对网上流传有特斯拉销售在朋友圈发布Model Y即将涨价的消息，有媒体向特斯拉官方人员求证，对方证实了Model Y即将涨价的信息，但并未给到明确的涨价幅度及时间。Model Y 作为特斯拉在中国最畅销的车型，今年9月中国销量为41428辆，在中国总销量中占比达 95.22%

• China said it will slash retail prices for gasoline by 140 yuan a ton and diesel by 135 yuan taking effect from midnight Tuesday, the third cut in a row. Private car-owners will be able to save 5.5 yuan to fill up a 50 liter tank.

  油价迎三连降：11月7日24时，国内油价将迎来年内第22次价格调整，油价将实现“三连降”。本次油价调整具体情况如下：汽油下调140元/吨，柴油下调135元/吨。按一般家用汽车油箱50L容量估测，加满一箱92号汽油，将少花5.5元。

Switching gears to financial news

金融市场消息

• China's foreign exchange reserves came in at 3.1012 trillion U.S. dollars at the end of October, down 13.8 billion dollars from the end of September, the State Administration of Foreign Exchange said Tuesday. 

  10月末外汇储备规模下降：国家外汇管理局统计数据显示，截至2023年10月末，我国外汇储备规模为31012亿美元，较9月末下降138亿美元，降幅为0.44%。

Wrapping up with a quick look at the stock market

股市收盘情况

• Chinese stocks fell on Tuesday with the benchmark Shanghai Composite closing nearly flat while the Shenzhen Component slid 0.2 percent. Hong Kong’s Hang Seng index sank 1.7 percent, and the TECH index fell 1 percent.

  A股港股收跌：周二A股大盘全天探底回升，三大指数集体收跌。截至收盘，沪指跌0.04%，深成指跌0.15%，创业板指跌0.47%。沪深两市今日成交额9930亿，较上个交易日缩量712亿。北向资金全天净卖出45.88亿元。港股低开低走，恒指跌1.65%，恒生科技指数收跌1.04%。

Biz Word of the Day

财经词汇划重点

• Reinsurance, often referred to as insurance for insurance companies, is a contract between a reinsurer and an insurer. In this contract, the insurance company—known as the ceding party or cedent—transfers some of its insured risk to the reinsurance company. The reinsurance company then assumes all or part of one or more insurance policies issued by the ceding party.

  再保险亦称“分保”。保险人在原保险合同的基础上，通过签订分保合同，将其所承保的部分风险和责任向其他保险人进行保险的行为。再保险的基础是原保险，再保险的产生，正是基于原保险人经营中分散风险的需要。在再保险交易中，分出业务的公司称为原保险人或分出公司，接受业务的公司称为再保险人或分保接受人或分入公司。

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

南方财经全媒体集团  出品