CBN丨Chinas economy on recovery path, but challenges remain
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 July industrial output and retail sales growth slowed;
The PBOC unexpectedly cut key policy rates for the second time in three months.
Here’s what you need to know about China in the past 24 hours
中国经济要闻
China's economy continued the recovery trend but it still faces challenges and pressures from weak demand and a complicated international environment, the National Bureau of Statistics said on Tuesday.
Figures released by the NBS showed China's value-added industrial output, a gauge of activity in the manufacturing, mining and utilities sectors, grew by 3.7 percent in July from a year earlier after a 4.4 percent rise in June. In the first seven months, industrial output grew 3.8 percent.
Fixed-asset investment in the first seven months continued to scale up with an increase of 3.4 percent, slower than the 3.8 percent jump during the first half, while investment in high-tech industries expanded 11.5 percent over the seven months. Specifically, investment into high-tech manufacturing and high-tech services sectors expanded 11.5 percent and 11.6 percent, respectively.
Investment in infrastructure construction increased 6.8 percent from the same period last year, and manufacturing investment rose 5.7 percent. Capital flowing into property development fell 8.5 percent, and investment from the private sector inched down 0.5 percent.
Retail sales, a key measurement of consumer spending, grew by 2.5 percent year-on-year in July, down from the 3.1 percent growth in June.
In the January-July period, the figure increased 7.3 percent, as the consumer market continued to recover and service consumption grew rapidly boosted by increased spendings on travels, catering, and accommodation during the summer holiday.
Fu Linghui, an NBS spokesperson, told a press conference on Tuesday that slowdowns of some of the key economic indicators in July are normal fluctuations between monthly readings.
However, we should be aware that the international political and economic situation is intricate and complicated, while the domestic demand remains insufficient, Fu said.
The NBS noted that more efforts should be made to consolidate the foundation for economic recovery, and the country should step up macroeconomic policy support with a key focus on expanding domestic demand, boosting confidence and preventing risks.
备受市场关注的7月份宏观经济数据揭晓,工业、消费、投资等经济指标出现全面回落,反映出经济恢复向好的基础仍待加固。
国家统计局8月15日发布的数据显示,7月社会消费品零售总额同比上涨2.5%,涨幅比6月收窄0.6个百分点,规模以上工业增加值同比增长3.7%,增速比6月放缓0.7个百分点。1-7月,全国固定资产投资同比上涨3.4%,涨幅较1-6月放缓0.4个百分点。
国家统计局新闻发言人付凌晖表示,7月份部分主要指标增速有所放缓是月度之间的正常波动。总的来看,7月生产需求保持平稳增长,就业物价总体稳定,产业升级稳步推进,民生保障有力有效,国民经济持续恢复,总体延续向好态势。但也要看到,世界政治经济形势错综复杂,国内需求仍显不足,经济恢复向好基础仍待加固。
重点领域投资保持较快增长,1-7月基础设施、制造业投资分别增长6.8%和5.7%,均快于全部投资增速。产业升级态势持续。高技术产业投资较快增长,1-7月高技术产业投资同比增长11.5%,明显快于全部投资增速。其中电子及通信设备制造业、科技成果转化服务业投资均保持较快增长。装备制造业增势较好,1-7月装备制造业增加值同比增长6.1%,继续快于全部规模以上工业。现代服务业发展向好。1-7月信息传输、软件和信息技术服务业生产指数同比增长11.9%。
社会消费品零售总额同比增速连续三个月回落。7月份,社会消费品零售总额36761亿元,同比增长2.5%,环比下降0.06%。在暑期旅游出行带动下,交通、住宿、餐饮等服务零售额增长较快。7月份,营业性客运量同比增长47%,餐饮收入增长15.8%。1-7月份,服务零售额同比增长20.3%,明显快于商品零售额增速。
付凌晖指出,国际环境依然复杂严峻,国内经济恢复仍面临挑战。下阶段要坚持稳中求进工作总基调,强化稳增长、稳就业、防风险,精准有力实施宏观政策,推动经济高质量发展,努力实现经济质的有效提升和量的合理增长。
Moving on to regional highlights
区域观察
Shanghai on Tuesday issued an action plan accelerating the development and innovation of the data elements market, marking another step toward the city’s goal of becoming a global digital hub. According to the plan, Shanghai will have built a basic framework of a data elements market of 500 billion yuan by 2025, with 1,000 digital firms established in the city. The eastern metropolis vows to promote global allocation of data as a new production factor and resource, by building a complete industrial chain and ecology, and to become a national data exchange centre. By 2025, there will be 1,000 high-quality data sets, 1000 brands, and 20 demonstration big data firms, which could help Shanghai serve as a super node for digital integration and application.
上海到2025年数据产业规模达5000亿元:上海市人民政府办公厅15日印发《立足数字经济新赛道推动数据要素产业创新发展行动方案(2023-2025年)》,提出上海要全力推进数据资源全球化配置、数据产业全链条布局、数据生态全方位营造,着力建设具有国际影响力的数据要素配置枢纽节点和数据要素产业创新高地。到2025年,数据要素市场体系基本建成,国家级数据交易所地位基本确立;数据要素产业动能全面释放,数据产业规模达5000亿元,年均复合增长率达15%,引育1000家数商企业;建成数链融合应用超级节点,形成1000个高质量数据集,打造1000个品牌数据产品,选树20个国家级大数据产业示范标杆;数据要素发展生态整体跃升,网络和数据安全体系不断健全,国际交流合作全面深化。
The 2023 China International Fair for Trade in Services (CIFTIS) will be held in Beijing from Sep. 2 to 6, according to the organizer. With an exhibition area of 155,000 square meters, the fair will welcome a total of 1,868 on-site exhibiting enterprises from 75 countries and regions and international organizations. As the guest country of the CIFTIS this year, the UK will form the largest service trade exhibition group since its participation. The event will set up nine topics covering telecommunications, computer and information services, financial services, cultural and tourism services, education services, sports services, supply chain and business services, engineering consulting and construction services, health and sanitation services, and environmental services.
服贸会9月2日至6日在京举办:8月13日,“我在服贸会等你”2023年服贸会新闻发布会在首钢园召开。据悉,2023年服贸会将于9月2日至6日在国家会议中心和首钢园区举办。2023年服贸会年度主题为“开放引领发展,合作共赢未来”,继续设置电信、计算机和信息服务,金融服务,文旅服务,教育服务,体育服务,供应链及商务服务,工程咨询与建筑服务,健康卫生服务,环境服务等9个专题,举办六大类活动。本届服贸会将举办15.5万平方米展览展示,其中,主宾国英国将组建参展以来最大规模服务贸易展团。目前,已有75个国家和国际组织确认以国家政府或总部名义线下设展办会。英特尔、特斯拉、雀巢、中国银行等1868家企业线下线上参展,其中世界500强及行业龙头企业424家。
Next on industry and company news
产业及公司新闻
Chinese authorities on Monday released a guideline on promoting the high-quality development of rural circulation, as part of a national campaign to build a nationwide unified market and unleash the consumption potential of rural areas to ensure long-term stable economic growth. According to the guideline, by 2025, the construction of China's rural modern circulation system will achieve phased results, meaning improved infrastructure, modern commerce, logistics and production and cold-chain networks. By 2035, China will finish building an efficient and smooth rural modern circulation system, with deep integration in areas such as commerce, logistics, transportation, agricultural and supply and demand.
推动农村流通高质量发展:8月14日,中央财办、中央农办、商务部、农业农村部、国家发展改革委、财政部、交通运输部、市场监管总局和国家邮政局等九部门联合印发《关于推动农村流通高质量发展的指导意见》,围绕未来一段时间我国加快农村现代流通体系建设的发展目标、重点任务、政策支撑等作出部署。依据指导意见要求,到2025年,我国农村现代流通体系建设取得阶段性成效,基本建成设施完善、集约共享、安全高效、双向顺畅的农村现代商贸网络、物流网络、产地冷链网络,流通企业数字化转型稳步推进,新业态新模式加快发展,农村消费环境明显改善。到2035年,建成双向协同、高效顺畅的农村现代流通体系,商贸、物流、交通、农业、供销深度融合,农村流通设施和业态深度融入现代流通体系,城乡市场紧密衔接、商品和资源要素流动更加顺畅,工业品“下行”和农产品“上行”形成良性循环。
Travel agencies in China are monitoring tourists' queries and online searches after the government on Monday announced eight days off for the 2023 National Day holidays beginning October 1, together with the Mid-Autumn Moon Festival which arrives in late September. Data from Tongcheng Travel Agency showed that during the last week, international flight bookings for the 8-day-long holidays rose by 35 percent week-on-week, and domestic flight bookings were up by nearly four times.
国庆中秋8天连休带动出游咨询热:8月14日,国务院办公厅印发的《关于2023年部分节假日安排的通知》显示,2023国庆中秋连休8天。受中秋国庆放假通知、第三批出境目的地放开等消息影响,多个在线旅游平台中秋国庆机票查询量和预订量大幅增长。同程旅行平台数据显示,《通知》发布后,有关中秋国庆线路的咨询量翻倍,其中,出境游咨询量增长超4倍。
Xiaomi’s large language model has achieved good results since the development team was set up in April and is helping to boost the capabilities of its virtual assistant Xiao AI, founder and CEO of the Chinese tech giant said Monday. Xiaomi’s LLM is focussed on lightweight local deployment, said Lei Jun during his closely watched annual speech last night. It is the first time that Xiaomi has given an update on the model's progress. Named MiLM-6B, the 1.3-billion-parameter LLM has been tested on mobile phones and some scenarios are comparable to a 6-billion-parameter model running in the cloud, Lei said. Thanks to these advances, Xiao AI, which has more than 110 million monthly active users, has a stronger brain, can conduct natural dialogue, create artistic works and answer questions. Lei also vow to invest 20 billion yuan into R&D this year, as the CEO sees the efforts to crack the high-end market as "the only way for Xiaomi to grow and as a battle of life and death”. On Monday night, the company also unveiled its latest foldable smartphone, the Mix Fold 3 series, in its latest push to expand presence in the premium segment.
雷军揭秘小米大模型MiLM-6B:8月14日晚,2023雷军年度演讲在北京国家会议中心举行。对于时下的大模型等方面科技投入,雷军表示,在AI方面,小米从2016年7月起就开始布局,今年4月成立大模型团队,AI相关团队超过3000人。小米AI大模型最新一个13亿参数大模型已经成功在手机本地跑通,部分场景可以媲美60亿参数模型在云端运行结果。此外,小米旗下人工智能助手小爱同学已开始升级AI大模型能力,在发布会当天开启邀请测试。雷军在演讲中表示,去年小米业务面临压力,收入和利润都面临压力,但依然加大研发投入,2022年研发投入约160亿,同比增长21%,研发团队人员占比近50%。今年研发投入预计超200亿。当晚小米还发布了MIX Fold 3折叠屏手机。
Liu Qingfeng, chairman of Chinese AI pioneer IFlytek, sold 1.73 percent of the company's shares at a discount of 8 percent on Monday, in order to repay a 2.35 billion yuan debt the firm borrowed in 2021. After the deal was completed, Liu's equity in IFlytek was reduced from 168 million shares to 128 million shares, or 5.54 percent of the stake, cashing in almost the exact amount of the loan, while Liu remains its actual controller, the firm said late yesterday.
刘庆峰套现超23亿元还债:科大讯飞14日晚间公告,董事长刘庆峰8月14日通过大宗交易系统卖出公司1.73%股份。刘庆峰当日通过大宗交易卖出公司部分股份。根据科大讯飞公告,刘庆峰共出售3996万股,涉及金额23.5亿元,持股比例则由7.27%缩减至5.54%。科大讯飞表示,刘庆峰减持是因2021年增持筹资借款的23.5亿元债务到期,需要偿还借款本金。
Tesla has a data center in China that stores all auto data in the country, the US electric car maker said in response to news that an airport in central Hunan province is denying entry to the firm's vehicles over fears that the cameras on the cars could be recording and leaking security information when in Sentry Mode. All data generated by vehicles sold on the Chinese mainland is stored in the country, the firm said yesterday.
特斯拉称中国大陆市场车辆数据存储在境内:8月14日,特斯拉方面发文回应网友对“哨兵模式”的质疑。日前,有报道称,岳阳机场禁止特斯拉入内,因特斯拉带有哨兵模式,车主离开后会对车身周边环境进行录像,“存在泄密的风险”。特斯拉称,目前特斯拉车辆相关数据只离线存储在车内USB设备中,车主和特斯拉均不能远程在线查看。此外,特斯拉还表示,特斯拉公司已在中国建立数据中心,以实现数据存储的本地化。所有在中国大陆市场销售车辆所产生的数据,都会存储在中国境内。
BYD has reportedly walked away from a deal to equip its electric vehicles with Baidu’s autonomous driving technology, as the world’s largest EV maker eyes in-house development of intelligent car software, media reported today citing sources. BYD had initially agreed to use Baidu’s technology, including navigation and automated valet parking, in its EVs in March 2022, which was then seen as a major coup for Baidu’s autonomous driving unit Apollo.
比亚迪传已退出百度自动驾驶合作:8月15日报道,据知情人士透露,比亚迪已放弃为其电动汽车配备百度自动驾驶技术的协议,将着眼于内部开发智能汽车软件。报道称,比亚迪最初于2022年3月同意在其电动汽车中使用百度的技术,包括导航和自动代客泊车。这笔交易当时被视为百度自动驾驶部门 Apollo的一次重大合作。
China for the first time surpassed the US as the largest single market for iPhones with the most shipments in the second quarter, according to market analysis site TechInsights. Apple's iPhone shipments to the global market hit 43.1 million units in the second quarter, down by 9.3 percent year-on-year, accounting for 16 percent of global market share.
中国首超美国成为iPhone最大市场:8月14日消息,根据调研机构TechInsights发布的2023年Q2苹果iPhone全球出货量报告,从总量来看,当季iPhone系列机型全球出货量4310万部,同比下降9.3%,占全球市场份额16.0%。全球五大iPhone单一市场依次为中国、美国、日本、英国和印度。这是中国在该季度首次超过美国,成为iPhone出货量最大的单一市场。
China's electricity consumption, a key barometer of economic activity, registered steady growth of 5.2 percent to about 5.2 trillion kilowatt-hours in the first seven months, official data showed on Monday. Power consumed by primary industries increased 12.3 percent year on year, and power used by secondary and tertiary sectors increased 4.6 percent and 9.8 percent, respectively. Residential power use saw an increase of 2.1 percent to 782.7 billion kilowatt-hours, the National Energy Administration said.
前7月全社会用电量同比增5.2%:8月14日从国家能源局数据显示,1-7月,全社会用电量累计51965亿千瓦时,同比增长5.2%。分产业看,第一产业用电量716亿千瓦时,同比增长12.3%;第二产业用电量34054亿千瓦时,同比增长4.6%;第三产业用电量9368亿千瓦时,同比增长9.8%;城乡居民生活用电量7827亿千瓦时,同比增长2.1%。
Switching gears to financial news
金融市场消息
China's central bank on Tuesday unexpectedly cuts key policy rates for the second time in three months. The People's Bank of China (PBOC) said it lowered the rate on 401 billion yuan worth of one-year medium-term lending facility (MLF) loans to some financial institutions by 15 basis points to 2.50 percent from 2.65 percent previously. The central bank also injected 204 billion yuan through seven-day reverse repos while cutting borrowing costs by 10 basis points to 1.80 percent from 1.90 percent previously, it said in an online statement. Later in the day, the central bank also announced to lower the interest rates on its standing lending facility (SLF) after June’s cuts. The overnight rate was cut by 10 basis points to 2.65 percent. The seven-day and the one-month rates were each lowered by 10 basis points to 2.8 percent and 3.15 percent, respectively.
央行8月超预期降息:8月15日,为对冲税期高峰等因素的影响,维护银行体系流动性合理充裕,人民银行开展2040亿元公开市场逆回购操作和4010亿元中期借贷便利(MLF)操作。其中,逆回购操作期限为7天,中标利率为1.80%,较此前下降10个基点。MLF操作期限为1年,中标利率为2.50%,较此前下降15个基点。这是在6月降息后,央行再次降息。相隔不到半天,央行再次出手,宣布调整常备借贷便利利率,隔夜期下调10个基点至2.65%;7天期下调10个基点至2.80%;1个月期下调10个基点至3.15%。
Wrapping up with a quick look at the stock market
股市收盘情况
Chinese stocks closed lower on Tuesday with the benchmark Shanghai Composite slightly down 0.1 percent, and the Shenzhen Component lost 0.7 percent. Hong Kong’s Hang Seng index fell 1 percent, while the TECH index slid 0.7 percent.
A股港股收跌:周二A股大盘全天探底回升,沪指微跌。截至收盘,沪指跌0.07%,深成指跌0.7%,创业板指跌0.74%。沪深两市全天成交额7065亿元,较上个交易日缩量354亿。北向资金全天净卖出97.74亿元。港股震荡下跌,恒生指数收跌1.02%,恒生科技指数收跌0.7%。
Biz Word of the Day
财经词汇划重点
The standing lending facility or SLF, introduced by the central bank early in 2013, serves as a channel to meet the liquidity needs of financial institutions. These institutions can take out SLF loans from the central bank using qualified bonds and other credit assets as collateral. The SLF rate can be considered the ceiling of the interest rate corridor.
SLF全称常设借贷便利,是央行在2013年创设的流动性调节工具,为满足金融机构期限较长的大额流动性需求。SLF发放对象主要为政策性银行和全国性商业银行。SLF合格抵押品有国债、央行票据、国开行及政策性金融债、高等级公司信用债,央行会有一定抵押率来控制风险,期限一般为1-3个月。
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,实习生黄青衣
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