Hi everyone. I’m ZHANG Ran.

大家好，我是主持人张然。

Coming up on today’s program.

重点提要 

• China's GDP grows 4.8% in Q1 despite downward pressure, but challenges remain abundant;

• Shanghai issued guidelines for key factories to resume operation. 

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

中国经济要闻

China's first-quarter GDP expanded 4.8 percent to reach 27 trillion yuan compared to a year ago amid pressures from a more complicated and grimmer international environment and a resurgent of COVID-19 cases, the National Bureau of Statistics said on Monday.

The domestic and international environment is becoming increasingly complicated and uncertain, and that economic development is facing significant difficulties and challenges, said NBS spokesman Fu Linghui, stressing that the economy posted a stable performance with continued recovery as China balanced the epidemic control and economic and social development.

Fu said that with regard to the trend of the next stage, although there is some pressure in the short term on the economy, China’s economy is expected to maintain a recovery trend of development from the perspective of the whole year.

The country's value-added industrial output grew 6.5 percent on a yearly basis in the first quarter, with the March reading jumping 5 percent year-on-year, the NBS data showed. Fixed-asset investment rose by 9.3 percent year-on-year in the January-March period, the bureau said. 

However, China’s retail sales, a main gauge of consumption, fell 3.5 percent year-on-year in March, the first contraction since August 2020, as recent COVID-19 flare-ups restrict consumption in some areas. 

And employment in March also fell short of expectation. The surveyed urban jobless rate came in at 5.8 percent last month, 0.3 percent up from February, mainly due to the ongoing pandemic. 

The NBS warned of challenges and mounting uncertainties at home and abroad, saying more efforts will be made to step up macroeconomic policy support, stabilise employment and keep the economy running within a reasonable range. 

一季度经济数据出炉，GDP增速4.8%。

4月18日，国家统计局发布一季度经济数据。一季度，面对国际环境更趋复杂严峻和国内疫情频发带来的多重考验，国民经济延续恢复发展态势，经济运行总体平稳。初步核算，一季度国内生产总值实现超27万亿元，按不变价格计算，同比增长4.8%。

考虑到3月国内疫情呈现点多、面广、频发等特点，封控管理的区域在扩大，重点区域跨省物流面临堵塞，部分企业选择停工停产，部分产业链供应链受到明显冲击，一季度经济实现4.8%的增长依然超出不少机构的预期。

具体来看，一季度数据中，工业、投资、进出口依然维持较高增长，服务业、消费等数据受疫情等因素影响较大。一季度全国规模以上工业增加值同比增长6.5%，社会消费品零售总额同比增长3.3%，全国固定资产投资（不含农户）同比增长9.3%，以人民币计价的出口增长13.4%，以人民币计价的进口同比增长7.5%。

国家统计局表示，3月份以来世界局势复杂演变，国内疫情影响持续，有些突发因素超出预期。部分主要指标增速放缓，经济下行压力有所加大。但我国经济长期向好基本面没有改变，经济持续恢复态势没有改变，发展潜力大、韧性足、空间广的特点也没有改变，完全有能力、有条件战胜困难挑战，实现经济持续健康发展。

相较1-2月份数据，3月份服务业、消费、投资等有所回落。3月当月，社会消费品零售总额同比下降3.5%，全国服务业生产指数同比下降0.9%——消费和服务业3月当月增速均为负增长，3月国内疫情点多、面广、频发对经济的影响可见一斑。

3月就业数据没有出现常规年份的回升，也受到了国内疫情因素等影响。3月份，全国城镇调查失业率为5.8%，比上月上升0.3个百分点。

国家统计局表示，下阶段，要加大宏观政策实施力度，扎实做好“六稳”“六保”工作，着力稳定宏观经济大盘，持续稳就业稳物价，切实保障民生，保持经济运行在合理区间。

• The Shenzhou-13 crew have safely returned to Earth on Saturday after their epic six-month orbital trip, which nearly doubled the previous record of China's longest single-flight space mission set by the Shenzhou-12. The crews of China's Shenzhou-14 and Shenzhou-15 missions have been selected, and are carrying out relevant training and mission preparations, according to a press conference on Sunday. Both crews will stay in orbit for six months, and they will for the first time rotate in orbit to realize the uninterrupted manned residence. 

  神舟十三号回家，神舟十四、十五号航天员已选定：4月16日，神舟十三号载人飞船返回舱在东风着陆场预定区域成功着陆。3名航天员翟志刚、王亚平、叶光富进驻核心舱，进行了为期6个月的驻留，创造了中国航天员连续在轨飞行时长新纪录。国新办17日发布会上表示，今年6月将发射神舟十四号载人飞船，待中国空间站在轨建造完成后还将实施神舟十五号载人飞船发射任务。执行两次载人飞行任务的航天员乘组已经选定，目前身心状态非常好，正在积极开展相关的训练和任务准备。

Update on COVID-19

疫情简报

• The Shanghai authorities on Saturday issued epidemic prevention guidelines for key local industrial enterprises to resume operations, aiming to secure and stabilise the industrial and supply chains. The guideline, released by the Shanghai Municipal Commission of Economy and Informatization, said all district governments should actively support enterprises to resume work and production and guide their epidemic prevention work using a case-by-case approach. Businesses should formulate plans for closed-loop management, where workers live on-site and are tested regularly. They should also apply for approval to restart production with COVID-19 control authorities at the district and city levels. The country’s Ministry of Industry and Information Technology has also sent a special team to Shanghai to help with stable production and resumption of work in the city. 

  上海推动有序复工复产：4月16日晚间，上海市经信委发布《上海市工业企业复工复产疫情防控指引(第一版)》，旨在保障产业链供应链安全稳定。指引提出，企业应落实闭环管理，成立疫情防控和生产经营工作专班；按照不同区域，实施分类管理；对于进入厂区的生产生活物资，企业要设置专用路线和固定场所。第一批拟复工复产的企业除集成电路、汽车制造、装备制造、生物医药等重点行业企业外，还包括诸多运行保障类、经济支撑类企业。4月15日，工业和信息化部称，工信部近日派出上海前方工作组，与上海市有关部门一道，全力做好医疗物资供应保障，推动重点工业企业稳定生产和复工复产，保障产业链供应链运转顺畅。

Next on industry and company news

产经消息及公司新闻

• China's centrally-administered state-owned enterprises (SOEs) saw solid revenue and profit growth in the first three months of 2022, the country's top state-asset regulator said Saturday. The net profits of central SOEs expanded by 13.7 percent to 472.3 billion yuan. The central SOEs raked in 9 trillion yuan in combined revenues, an increase of 15.4 percent.

  一季度央企实现“开门稳”：4月16日，国资委公布的最新数据显示，一季度中央企业实现净利润4723亿元，同比分别增长13.7%; 实现营业收入9万亿元，同比增长15.4%。

• Shares of China Eastern Airlines closed up 2.69 percent today as the Chinese carrier resumed Boeing 737-800 flights. Shanghai Airlines will also resume commercial operations of its Boeing 737-800 aircraft around April 20. All flights will have three pilots, two senior ones and a co-pilot. 

  东航恢复波音737-800运营：4月17日，东方航空公司恢复了涉事机型波音737-800的商业运营，同时东航旗下的上航也将于4月20日前后恢复旗下的737-800商业运营，并要求按照3人制双机长标准进行航班派遣。周一中国东航股价涨2.69%，收报4.96元。

Switching gears to the financial sector

金融市场要闻

• China's central bank on Friday said it has decided to cut the reserve requirement ratio (RRR) for financial institutions by 0.25 percentage points, releasing about 530 billion yuan ($83 billion) in long-term capital. After the reduction, the weighted average RRR for Chinese financial institutions will stand at 8.1 percent. 

  4月25日起降准25个基点：4月15日，据中国人民银行消息，为支持实体经济发展，促进综合融资成本稳中有降，自2022年4月25日起下调金融机构存款准备金率0.25个百分点。本次下调后，金融机构加权平均存款准备金率为8.1%。此次降准共计释放长期资金约5300亿元。

• Speaking at the 2022 Tsinghua PBCSF Global Finance Forum on Sunday, Zhou Xiaochuan, president of the China Society for Finance and Banking said that China's e-CNY is designed for retail transactions for the convenience of people and merchants, rather than to replace the US dollar. He estimated e-CNY may be used for cross-border payments in the future,. 

  Meanwhile, Liao Min, vice-minister of finance, said China is looking to reduce and avoid the launch of policy measures that have a significant economic contraction impact and make greater efforts to protect market players, stabilise employment and safeguard people's livelihood.

  Xuan Changneng, deputy head of the State Administration of Foreign Exchange (SAFE), said that amid the intensifying global geopolitical situation, the sanctions launched by certain countries have had a new impact on the global economic and financial systems. Despite the complex international environment and emerging unilateralism, China will unswervingly deepen reform and take opening-up to a high level, he said. 

• 直击2022清华五道口论坛：4月16日，2022清华五道口全球金融论坛正式开幕。中国人民银行原行长周小川在发表主题演讲时，围绕数字货币的系列问题作出解答。他回应道，中国的数字货币设计是为了零售，为了百姓和商户方便，不是为了替代美元，不排除未来可能会有跨境支付的前景。

  财政部副部长廖岷谈到，当前要着力减少和避免出台具有明显收缩效应的政策措施，遵循经济规律，坚持依法行政与管理监管与服务之中，更多采用在线整改和在线恢复的做法，更大力度地保护市场主体，保就业、保民生。

  国家外汇管理局副局长宣昌能表示，近期全球地缘政治形势紧张，有关国家出台的制裁措施对全球经济金融体系带来了新的冲击。但他表示，一直以来，中国始终是全球经济中稳定性、建设性的力量，并将坚定不移深化改革，扩大高水平对外开放，继续致力于维护和践行真正的多边主义，积极倡导国际合作，为全球经济复苏、维护稳定贡献建设性力量。

Wrapping up with a quick look at the stock market

最后来看股市收盘情况

• Chinese stocks closed mixed on Monday. The benchmark Shanghai Composite slipped 0.49 percent, while the Shenzhen Component edged up 0.37 percent. Pork and auto chips were among the top gainers, while shares in coal, real estate, securities, and banks led the losses. 

  周一A股走势分化，截止收盘，沪指跌0.49%，深成指涨0.37%，创业板指涨1.11%。板块方面，猪肉、汽车芯片等板块涨幅居前，煤炭、房地产、证券、银行等板块跌幅居前。

Biz Word of the Day

财经词汇划重点

• Fixed asset investment means the currency amount invested in building, land, machinery and equipment, and infrastructure related to the project. The term fixed asset refers to a long-term tangible piece of property or equipment that a firm owns and uses in its operations to generate income. 

  固定资产投资是以货币形式表现的、企业在一定时期内建造和购置固定资产的工作量以及与此有关的费用变化情况。包括房产、建筑物、机器、机械、运输工具、以及企业用于基本建设、更新改造、大修理和其他固定资产投资等。

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

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Editor: LI Yanxia

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Writer: Stephanie LI, ZHANG Ran, CHEN Zihui

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