播放音频

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 

• The central bank will keep liquidity ample, leaving economists speculating an interest rates cut for a second month;

• China approved Pfizer’s Covid-19 treatment for vulnerable patients.

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

中国经济要闻

China's central bank would keep liquidity reasonably ample and step up financing support for key sectors, the People’s Bank of China (PBOC) said in its fourth-quarter implementation report on Friday. 

The PBOC said it will encourage banks to expand lending, reiterating an easing stance that analysts say suggests more rate cuts in coming months. The central bank also vowed to make monetary policy action “ample, targeted and front-loaded.”

China cut its reserve requirement ratio by 50 basis points in December, which was the second such move of the year and would release 1.2 trillion yuan in long-term liquidity, according to the PBOC at the time.

China's new yuan-denominated loans totalled 19.95 trillion yuan in 2021, up 315 billion yuan compared to the year before. The weighted-average lending rate was at 4.76 percent in December, the lowest in more than 40 years, the report also said. 

Media reports that most analysts expect the PBOC to cut interest rates by 10 basis points by the first half of this year, as well as to lower the amount of cash banks mush hold in reserve in the first quarter by 50 basis points.

The central bank will also fend off systemic financial risks and will not use real estate as a short-term method of stimulating the economy. 

2月11日，中国人民银行发布《2021年第四季度中国货币政策执行报告》(简称《报告》)指出，2021年主要金融指标在2020年高基数基础上继续保持有力增长，金融对实体经济支持力度稳固。

下一阶段，稳健的货币政策要灵活适度，加大跨周期调节力度，发挥好货币政策工具的总量和结构双重功能，注重充分发力、精准发力、靠前发力，既不搞“大水漫灌”，又满足实体经济合理有效融资需求

《报告》指出，信贷总量增长的稳定性明显增强。2021年末，人民币贷款余额为192.7万亿元，同比增长11.6%，比年初增加19.95万亿元，同比多增3150亿元。

此前，央行在2021年7月与12月均全面降准0.5个百分点，分别释放长期资金约1万亿元和1.2万亿元，为金融机构提供长期稳定资金来源，有效维持了银行间流动性合理充裕。

《报告》还指出，要持续深化利率市场化改革，发挥贷款市场报价利率(LPR)改革效能。2021年，全年企业贷款利率为4.61%，比2020年下降0.1个百分点，比2019年下降0.69个百分点，是改革开放四十多年来最低水平。

分析认为，在经济依旧偏弱的情况下，为引导融资成本下降、保障信贷社融投放，央行或将进一步降息、降准，一季度存在降准、降息可能性。 

Update on COVID-19

疫情简报

• The Chinese mainland reported 26 new infections on Sunday, with 18 in Liaoning province and 6 in Guangxi. 

  2月13日，内地新增本土病例26例（辽宁18例，均在葫芦岛市；广西6例，均在百色市；广东1例，在深圳市；云南1例，在文山壮族苗族自治州）。

• China’s drug regulator has given conditional approval for emergency use of U.S. pharmaceutical giant Pfizer’s Covid-19 antiviral medicine Paxlovid, becoming the first oral treatment cleared in the country to treat mild-to-moderate patients with risk to develop severe illness. 

  辉瑞新冠口服药获批：12日消息，国家药监局根据《药品管理法》相关规定，附条件批准辉瑞公司新冠病毒治疗药物奈玛特韦片/利托那韦片组合包装(即Paxlovid)进口注册。国家药监局官网显示，本品为口服小分子新冠病毒治疗药物，用于治疗成人伴有进展为重症高风险因素的轻至中度新型冠状病毒肺炎患者。

Next on industry and company news

产经消息及公司新闻

• China's largest chipmaker Semiconductor Manufacturing International Corp (SMIC) said on Friday, the company's factory expansion is going smoothly and three projects, upon completion, will make its output increase. Its sales revenue was $5.4 billion in 2021, with an annual growth rate of 39.3 percent, making it the fastest growing among the top four pure-play foundries in the world. 

  中芯国际去年营收54亿美元：11日消息，中芯国际表示，将稳步推进已有老厂扩建及三个新厂项目，2022年依然是投入高峰期。据悉，该公司2021年销售收入54亿美元，年增39%，是全球前四大纯晶圆代工厂中成长最快的公司，毛利率、经营利润率、净利率等多项财务指标创历史新高。

• Shimao Group denied the rumour on Monday that the indebted developer is selling its Intercontinental Shanghai Wonderland for 2.25 billion yuan. The five-star hotel is called one of the "10 architectural wonders of the world".

  世茂称出售深坑酒店消息不实：2月14日，针对此前网传的“世茂出售深坑酒店”一事，世茂集团作出最新回应：世茂集团会进一步平衡资产持有量，部分持有资产有处置计划，但网传世茂集团委托中介销售上海世茂深坑酒店以及挂牌售价22.5亿的信息不实。

• Shares in Chinese battery giant CATL rebounded 3.68 percent today after they cascaded as much as 5 percent on Friday following a week of losses that has seen 200 billion yuan wiped off the firm’s market capitalisation. CATL said in a statement on Sunday that a series of rumours regarding the company has caused misunderstandings in investors and it has reported the case to the police.

  宁德时代报警：13日，宁德时代发布声明称，近期网络平台相继出现关于宁德时代被美国制裁、被剔除创业板权重指数、与特斯拉谈崩等一系列恶意谣言，引发市场误解曲解，影响企业声誉。声明还称，宁德时代已向公安机关正式报案，将对造谣者依法追究法律责任。虎年开盘后，宁德时代连续数日下跌，11日一度下探至近三月以来489.36元的最低点，市值蒸发超2000亿。        

• US chocolate maker The Hershey Company has denied a report that it’s quitting China and said on Friday that, business is continuing as normal. Any product shortages are due to the soaring sales during the week-long Lunar New Year holiday.

  好时否认将撤出中国：11日消息，针对“好时撤出中国市场”等传闻，好时巧克力发布澄清声明表示，公司会持续在中国市场投入，继续推进在中国市场的生意与业务。针对缺货问题，好时正与经销商们全力解决供货问题，随着春节的结束和新经销商的供货，后续货品会陆续跟上。

Switching gears to the financial sector

金融市场要闻

• The PBOC announced last Thursday that China's RMB loans increased by 3.98 trillion yuan in January, hitting a new high in a single month. China’s household savings increased by 5.41 trillion yuan, about 4 trillion yuan more than the increase in the same period last year and much higher than the average level. Meanwhile, non-financial business deposits decreased by 1.4 trillion yuan. 

  1月信贷数据创新高：10日，央行发布的金融数据显示，1月份人民币贷款增加3.98万亿元，是单月统计高点，同比多增3944亿元。另外，1月份人民币存款增加3.83万亿元，同比多增2627亿元。其中，住户存款增加5.41万亿元，非金融企业存款减少1.4万亿元，财政性存款增加5849亿元，非银行业金融机构存款减少1836亿元。

Wrapping up with a quick look at the stock market

最后来看股市收盘情况

• Chinese stocks retreated on Monday as financial stocks recorded losses. The benchmark Shanghai Composite fell 0.98 percent and the Shenzhen Component shed 0.77 percent. The Hang Seng Index lost 1.41 percent, dragged by the tech stocks. 

  周一A股集体下跌，沪指跌0.98%，深成指跌0.77%。证券、银行等金融股领跌。港股恒生指数收跌1.41%，科技指数跌1.7%。

Biz Word of the Day

财经词汇划重点

• Conditional Approval is the granting of approval to market safe drugs with some indicia of activity for a period of time while additional studies are conducted to support full approval.

  附条件批准，指对治疗严重危及生命且尚无有效治疗手段的疾病以及公共卫生方面急需的药品，药物临床试验已有数据显示疗效并能预测其临床价值的，可以附条件批准。药品上市许可持有人应当采取相应风险管理措施，并在规定期限内按照要求完成相关研究。

（欢迎大家提供意见和反馈，请联系主播李莹亮：liyl@21jingji.com）

Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI, ZHANG Ran, WEN Sixian

Producer: XIANG Xiufang

Sound Editor: WEN Sixian

Graphic Designer: ZHENG Wenjing, LIAO Wanni

Co-produced by 21st Century Business Herald Dept. of Overseas News & SFC Audio/Video Dept.

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、张然、温思娴

监制：向秀芳 

音频制作：温思娴 

设计：郑文静、廖苑妮

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