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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 central bank vows to use multiple policy tools and prioritise stability in complex and uncertain environment;

• The NDRC maps out measures to develop a $3.28 trillion bio-economy by 2025.

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

中国经济要闻

The People's Bank of China (PBC), the country's central bank, on Monday said full play should be given to the guiding roles of structural monetary policy tools, in an effort to shore up the country's slowing economy.

The central bank pledged to step up policy support to bolster growth, employment and price stability, according to a quarterly report on the country's monetary policy implementation. All monetary policy tools will be leveraged to keep reasonable and ample liquidity, and to strengthen the stability of growth in credit, the bank said, adding that it will maintain the basic stability of the macro leverage ratio.

There should be active "additions" to structural monetary policy, such as guiding financial institutions to issue loans to enterprises that are severely hit by the epidemic, elevating the re-lending quota for supporting agricultural and small enterprises, and re-using the special re-lending facility to support clean and efficient use of coal. 

All-out efforts will be made to help suffering market players withstand difficulties, including rolling out a re-lending facility with a quota of 100 billion yuan ($14.86 billion) as soon as possible to support transportation and warehousing companies, the vice-governor of the PBC said in an interview on Saturday.

The central bank also noted that it will improve the market-based mechanism for interest rate formation and transmission, and strengthen oversight of deposit rates. It eyes stabilising the costs of debt for banks and pushing for reduced financing costs for businesses.

Meanwhile, the PBC will strengthen expectation management as well as macro-prudential management of cross-border capital flows in a bid to ensure normal foreign exchange market operations and keep the yuan's exchange rate basically stable in the coming months. 

下一阶段货币政策的主要思路是什么？5月9日，中国人民银行发布的《2022年第一季度中国货币政策执行报告》（以下简称报告）从总量和结构两个方面进行了部署。

报告指出，稳健的货币政策加大对实体经济的支持力度，稳字当头，主动应对，提振信心，搞好跨周期调节，坚持不搞“大水漫灌”，发挥好货币政策工具的总量和结构双重功能，落实好稳企业保就业各项金融政策措施，聚焦支持小微企业和受疫情影响的困难行业、脆弱群体。

央行要求，“用好各类货币政策工具，保持流动性合理充裕，增强信贷总量增长的稳定性，保持货币供应量和社会融资规模增速同名义经济增速基本匹配，保持宏观杠杆率基本稳定。”

与此同时，央行还加大了对重点领域和行业的支持力度。2022年，央行增加1000亿元支持煤炭清洁高效利用专项再贷款额度，支持经济向绿色低碳转型；设立2000 亿元科技创新再贷款和 400 亿元普惠养老专项再贷款，支持科技强国和应对人口老龄化战略；未来还将推出1000亿元再贷款支持交通运输、物流仓储业融资。

对于下一阶段的政策思路，央行表示，结构性货币政策工具积极做好“加法”，引导金融机构合理投放贷款，促进金融资源向重点领域、薄弱环节和受疫情影响严重的企业、行业倾斜。适时增加支农支小再贷款额度，用好普惠小微贷款支持工具、科技创新再贷款和普惠养老专项再贷款，抓实碳减排支持工具和支持煤炭清洁高效利用专项再贷款运用。

此外，坚持以市场供求为基础、参考一篮子货币进行调节、有管理的浮动汇率制度，加强跨境资金流动宏观审慎管理，强化预期管理，引导市场主体树立“风险中性”理念，保持外汇市场正常运行，保持人民币汇率在合理均衡水平上的基本稳定。

• China is aiming to achieve 22 trillion yuan of total bio-economy output by the end of 2025, with the core industries amounting to more than 7.5 trillion yuan, according to a new development plan released by the NDRC, China’s top economic planner, to develop bio-economy in the 14th Five-Year Plan (2021-2125). The NDRC pledged to promote the integration and innovation of biotechnology and information technology, as well as accelerate the development of biomedicine, biological breeding, biomaterials, bioenergy and other industries. Under the plan, bio-economy will become a key driving force to boost high-quality development by 2025.

  “十四五”生物经济发展规划：5月10日，国家发展改革委印发《“十四五”生物经济发展规划》。《规划》提出，生物经济以生命科学和生物技术的发展进步为动力，以保护开发利用生物资源为基础，以广泛深度融合医药、健康、农业、林业、能源、环保、材料等产业为特征，并提出了生物经济发展阶段目标：到2025年，生物经济成为推动高质量发展的强劲动力，总量规模迈上新台阶，科技综合实力得到新提升，产业融合发展实现新跨越，生物安全保障能力达到新水平，政策环境开创新局面。

Update on COVID-19

疫情简报

• Shanghai’s financial institutions have issued 33.5 billion yuan in loans since March to 731 logistics companies guaranteeing the supply of anti-pandemic materials, according to the city’s branch of the PBC on Sunday. During the same period, they have also offered loans worth 72.3 billion yuan to more than 10,000 retailers and companies in catering, tourism, and transport that have been impacted by the recent outbreak.

  上海发放助企纾困贷款千亿元：5月8日，上海市新冠肺炎疫情防控新闻发布会介绍，3月份以来，上海各金融机构向731家抗疫物资保供企业、物流企业发放贷款335亿元；向餐饮零售、旅游运输等受疫情影响的1万多家企业发放贷款723亿元。

Next on industry and company news

产经消息及公司新闻

• CR Double-Crane’s share price finished up by the exchange-imposed limit for a second straight day on Tuesday, after the Chinese drugmaker said that it has won the contract to produce an experimental Covid-19 treatment. The unit of state-owned conglomerate China Resources Holdings said Sunday it has been appointed by drug developer Henan Genuine Biotech to produce Azvudine, a drug green-lit by Chinese authorities in July last year to treat HIV-infected patients.

  华润双鹤成潜在“新冠药概念股”：5月10日，华润双鹤连续两天一字涨停。华润双鹤5月8日公告称，日前与真实生物签署了签署阿兹夫定片委托加工生产框架协议。据披露，委托加工框架协议内容包括，真实生物与华润双鹤根据阿兹夫定片开展临床试验、批准上市应用各阶段的实际情况，针对委托加工生产涉及的订单计划、结算方式、交货期限以及质量要求等具体事项，另行签署委托合同。阿兹夫定是一种抗艾滋病药物，真实生物正开展临床试验以新增抗新型冠状病毒适应症。

• Chinese real estate giant Sunac China Holdings is reportedly in talks with potential buyers to sell its stake in the world’s largest indoor ice and snow playground currently under development in Shenzhen. The buyer has yet to be confirmed and the contract is not yet signed. The developer owns 51 percent stake in the giant indoor ice and snow park which costs 36.7 billion yuan and is due to open in late 2026.

  融创拟出售深圳冰雪文化城：5月10日有媒体报道，融创中国在和几名潜在买家洽谈出售位于深圳的冰雪文旅城项目51%股权的事项。在潜在的买家名单中，深圳地铁集团正和融创方面接触，洽谈接手股权一事。据了解，目前融创出售股权一事仍在洽谈中，并未最终确定接手方和签署合同。

• China’s retail sales of passenger cars reached 1.05 million units in April, down 35 percent year-on-year, data released by the China Passenger Car Association (CPCA). Also, China’s popular new energy vehicle startups saw their deliveries in April plummeted due to disruption in supply chain. Xpeng's April sales saw a 41.6 percent slump from March to 9,002 units; Nio's plummeted 49.2 percent from March to 5,074 units; and Li Auto's deliveries in the same month nose-dived 62.2 percent to 4,167 units. However, BYD’s NEV sales reached 106,000 units, soaring 313 percent and continuing to top the sales list in China.

  4月汽车销量下滑：日前，乘联会公布了4月份国内乘用车市场销量数据。初步统计，全国乘用车市场4月份零售销量预计105.2万辆，同比下降35%，环比3月份下降33%。新能源车中，比亚迪4月销量则达到106042辆，同比增长313.22%。“新势力造车”则遭遇滑铁卢，小鹏、蔚来、理想的4月交付量分别较为9002辆、5074辆、4167辆，环比跌幅依次是41.6%、49.2%、62.2%。

Switching gears to financial news 

金融市场要闻

• Liang Tao, vice-chairman of the China Banking and Insurance Regulatory Commission said Monday that COVID-19 disruptions have dampened financing needs for many companies, especially since April. Some other firms have faced difficulties to make loan repayments on time, posing the threat of more bad loans and financial risks. In response to these challenges, the Commission is urging faster implementation of already formulated supportive policies that will improve and expand the credit supply.

  银保监会增加和改善金融供给：银保监会副主席梁涛日前就金融助企纾困、稳定宏观经济大盘等问题接受媒体采访。梁涛称，银行业保险业在支持实体经济发展，特别是助企纾困方面，还存在不少困难。一方面，疫情下许多企业生产经营陷入困境，新增或扩大融资意向不强；另一方面，银行机构的不良贷款反弹压力较大。下一步，银保监会将引导银行业保险业抓紧落实已确定的各项金融政策，增加和改善金融供给，鼓励拨备水平较高的大型银行及其他优质上市银行有序降低拨备覆盖率，释放更多信贷资源。

Wrapping up with a quick look at the stock market

最后来看股市收盘情况

• Chinese stocks rebounded Tuesday on Beijing’s vows to support the economy and the yuan found some footing after earlier slipping to a new 18-month low.  The Shanghai Composite climbed 1.06 percent and the Shenzhen Component was up 1.37 percent. Hong Kong shares tumbled following a one-day holiday, playing catch-up with falls on Wall Street, with the benchmark Hang Seng closed 1.84 percent lower and the TECH Index lost 3.22 percent.

  周二A股集体收涨，沪指收盘涨1.06%，深成指涨1.37%，创业板指涨2.17%。板块方面，基建、餐饮旅游等板块走强；油气、煤炭等板块走弱。恒生指数跌1.84％，恒生科技指数跌3.22％。

Biz Word of the Day

财经词汇划重点

• Macro-prudential management refers to the use of a series of macro-prudential indicators and taxation instruments to curb the accumulation of systemic risks and to increase the stability of financial institutions within a country.

  宏观审慎管理关注整个金融系统的稳定。它是从宏观的视角采取措施，防范由金融体系顺周期波动和跨部门传染导致的系统性风险，维护货币和金融体系的稳定。

（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, CHEN Zihui, XIE Kaishan

Sound Editor: ZHANG Ran, CHEN Zihui

Graphic Designer: ZHENG Wenjing, LIAO Yuanni

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、陈梓慧、谢凯珊

音频制作：张然 、陈梓慧

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