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 April industrial output and retail sales plummet amid COVID-19 resurgence;

• Central bank moves to cut mortgage rates by 20 basis points to accelerate home sales.

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

中国经济要闻

China's April industrial production contracted by 2.9 percent year-on-year, while retail sales were down 11.1 percent, as effects of Omicron flareups' disruptions on the economy further deteriorated.

Industrial production, a gauge of activity in the manufacturing, mining and utilities sectors, contracted by 2.9 percent in April, down from a growth of 5 percent in March and lower than market expectations, according to the National Bureau of Statistics (NBS) on Monday. 

For the January-April period, industrial production slowed down to 4 percent from a 6.5-percent-increase recorded in the January-March period.

Restrictions across the country have continued to hit consumption, with retail sales dropping by 11.1 per cent in April, which was the lowest since China’s retail sales dropped by 15.8 per cent in March 2020.

As the COVID-19 epidemic dealt a large impact to the economy in April, the effects are temporary and external, and Chinese economy's fundamentals remain positive and the trend of high-quality development remains unchanged, said Fu Linghui, spokesperson for the NBS.

However, Fu said as the weather warms up, and the domestic COVID situation comes under control, the economy is expected to see improved performance in May.

Meanwhile, China's fixed-asset investment jumped 6.8 percent from a year earlier to 15.35 trillion yuan in the first four months, while investment in property development went down 2.7 percent year on year in the same period, compared with a 0.7-percent gain seen in the first quarter. 

5月16日，国新办举行新闻发布会，介绍2022年4月份国民经济运行情况。受疫情冲击，4月份部分经济指标明显下滑，但中国经济长期向好的基本面没有变。

4月份，全国规模以上工业增加值同比下降2.9%，服务业生产指数下降6.1%，社会消费品零售总额下降11.1%。1至4月，全国规模以上工业增加值同比增长4.0%，比1-3月份回落2.5个百分点。

投资数据方面，1-4月份，全国固定资产投资（不含农户）153544亿元，同比增长6.8%。其中，民间固定资产投资86872亿元，同比增长5.3%。从环比看，4月份固定资产投资（不含农户）下降0.82%。1-4月，全国房地产开发投资39154亿元，同比下降2.7％；其中，住宅投资29527亿元，下降2.1％。

国家统计局新闻发言人、国民经济综合统计司司长付凌晖在当天的发布会上表示，总的来看，这些都是由于疫情冲击带来的短期变化，是阶段性和外在的。中国经济稳中向好、长期向好的基本面没有变，支撑高质量发展的要素条件没有变，韧性足、潜力大、空间广的特点也没有变。在高效统筹疫情防控和经济社会发展各项政策措施的支持下，中国经济能够克服疫情的影响，逐步企稳回升，保持平稳健康发展。

付凌晖表示，当前工业生产面临一定压力，主要表现在市场需求不足、产销衔接水平下降、产业链供应链存在堵点、生产循环不畅、生产成本上升、盈利能力下降。但我国工业体系齐全、配套能力强的特点没有改变。下阶段，随着疫情得到控制，交通物流逐步打通，生产循环改善，尤其是减税降费、助企纾困政策持续发力，将有助于提振企业信心、改善企业经营，推动工业生产持续恢复。

• China's central bank and banking and insurance regulator on Sunday moved to lower interest rate floors on mortgages for first-time homebuyers by 20 basis points (bps) off the benchmark loan prime rate (LPR), culminating a flurry of housing market-reviving moves across the country as part of a broader pro-growth push. The fresh announcement means mortgage rates could hit 4.4 percent at the lowest level. 

  首套房贷利率下调20基点：5月15日，人民银行、银保监会发布《 关于调整差别化住房信贷政策有关问题的通知》。 通知明确，对于贷款购买普通自住房的居民家庭，首套住房商业性个人住房贷款利率下限调整为不低于相应期限贷款市场报价利率减20个基点。以最近一次五年期LPR来看，此次调整后，居民家庭首套房贷利率最低可从4.6%降至4.4%。

• The International Monetary Fund (IMF) has raised the weighting of the Chinese yuan in the Special Drawing Right (SDR) currency basket, according to a press release on Saturday. The organisation raised the yuan's weighting to 12.28 percent from 10.92 percent and the U.S. dollar's weighting from 41.73 percent to 43.38 percent. The other three currencies in the basket, the euro, Japanese yen and British pound, had their weightings reduced. 

  IMF提高人民币SDR权重：15日消息，国际货币基金组织（IMF）执董会完成了五年一次的特别提款权（SDR）定值审查。执董会一致决定，维持现有SDR篮子货币构成不变，并将人民币权重由10.92%上调至12.28%（升幅1.36个百分点），美元权重上升1.65个百分点，同时下调欧元、日元和英镑权重。

Greater Bay Area, Greater Future

新使命，大未来

• Hong Kong cut its economic growth forecast for the year as Covid outbreaks disrupt trade and the city faces higher interest rates. The economy is expected to expand in a range of 1 percent to 2 percent in 2022, compared with a previous prediction of 2 percent to 3.5 percent, the government said last Friday. 

  香港下调今年经济增长预期：5月15日，香港特区政府财政司司长陈茂波表示，受全球外围环境及第五波新冠肺炎疫情影响，香港今年实质本地生产总值增长预测由财政预算案公布的2%至3.5%调低为1%至2%。今年第一季度，香港实质本地生产总值同比收缩4.0%。

Update on COVID-19

疫情简报

• Shanghai announced Monday that it has launched a three-phase COVID-19 epidemic prevention and control plan aimed at restoring production and life to normal by late June, as 15 out of the city's 16 districts have achieved zero new infections outside quarantine and lockdown populations. 

  The key task of the first phase, which runs from Monday to Saturday, is to continue reducing new infection numbers and preventing rebounds, and to continue bringing down the population numbers in lockdown and controlled zones. Starting on Monday, business and services activities will restart in phases on the principle of orderly openness, limited flow, effective control and classified management. Taxis and private cars were allowed on the roads in suburban regions. Domestic flights bound for Shanghai will also be resumed in the coming weeks. 

  The second phase, which will run from May 22 to May 31, will be focused on the city's transition from emergency response to normalised epidemic prevention and control. Buses and metro services will resume operations gradually.

  The city will then begin to restore production and life order starting from June 1. 

  上海下一步防控分三阶段：5月16日，上海举行新冠肺炎疫情防控工作新闻发布会，上海市副市长明确下一步防控工作分为“三个阶段”。第一阶段：从现在开始至5月21日，防范区有序放开、有限流动、有效管控；第二阶段：5月22日至5月31日，不断缩小封控区和管控区范围直至解封，加快疫情防控向常态化分级分类管理转变；第三阶段：6月1日至6月中下旬，全面实施疫情防控常态化管理，全面恢复全市正常生产生活秩序。按照“有序放开、有限流动、有效管控、分类管理”原则，从5月16日起，分阶段推进复商复市。

• Beijing's parcel delivery service has been partly affected due to the latest cluster of COVID-19 infections at a courier service station in Fangshan district on Saturday. The district then imposed strict anti-epidemic measures, suspended bus, subway and car-hailing services. Beijing officials said on Sunday that the total number of the infected cases in the cluster reached 21. 

  北京新增快递聚集性疫情：5月15日，北京市召开的疫情防控新闻发布会通报，北京市房山区韵达快递长阳分部相关聚集性疫情已累计报告感染者21例。在相关聚集性疫情发生后，房山区全面强化管控措施：房山区公交、地铁、网约车全部停运。

Next on industry and company news

产经消息及公司新闻

• China’s major ports were operating smoothly and efficiently last month, according to the latest data. The Average Port Time, which refers to the total time spent at the harbour, was 1.8 days in April, according to a survey by the Ministry of Transport of the world’s top 20 ports by container throughput. And the Average Berthing Time, which refers to the time spent loading and unloading, was 1.07 days.

  4月中国主要港口运行平稳：近日，上海航运交易所发布4月全球主要港口远洋国际集装箱船舶平均在港、在泊时间。数据显示，全球集装箱吞吐量前20大港口中，中国占9席。4月份中国港口船舶平均在港时间、在泊时间分别为1.80天、1.07天，与上期环比基本持平。

• Chinese car brands recorded an increase in sales in the first four months of this year, industry data shows. According to the China Association of Automobile Manufacturers, more than 3 million Chinese-brand passenger cars were sold in the first four months, up 9.8 percent from a year earlier. The brands had a 47.6 percent share of the domestic passenger car market during the period, up 6 percentage points year on year. 

  国产品牌汽车销量增近一成：中国汽车工业协会数据显示，1月到4月，中国品牌乘用车销量309.8万辆，同比增长9.8%，市场份额为47.6%，同比上升6.0个百分点。

• China National Knowledge Internet (CNKI), the country's largest database for academic journals, is being investigated over alleged monopolistic practices, Chinas’ market watchdog said last Friday. The State Administration for Market Regulation did not disclose further details.

  知网涉嫌垄断被查：市场监管总局13日表示，近日，市场监管总局根据前期核查，依法对知网涉嫌实施垄断行为立案调查。

Switching gears to the financial sector

金融市场要闻

• China needs to restructure overseas assets and liabilities, in a bid to improve net returns on overseas investments and reduce the share of foreign exchange reserves tied up in the country’s overseas assets, Yu Yongding, a member of the Chinese Academy of Social Sciences, made the remarks via video during the Tsinghua PBCSF Chief Economists Forum held in Beijing on Saturday, calling attention to the security of China’s massive US dollar-denominated assets.

  余永定建议调整中国海外资产结构：5月14日的2022清华五道口首席经济学家论坛上，中国社会科学院学部委员余永定表示，调整中国海外资产负债结构，平衡中国国际收支，是我国当下应对国际货币体系新变局的重要内容。他指出，调整中国的海外资产负债结构主要有两个目的：一是提高海外投资的净收益，其中非常重要的内容是降低外汇储备在中国海外资产中的占比；二是提高中国海外资产特别是外汇储备的安全性。

Wrapping up with a quick look at the stock market

最后来看股市收盘情况

• Chinese stocks ended down on Monday after data showed the country’s economic activity had cooled sharply in April due to COVID-19 lockdowns. The Shanghai Composite slipped 0.34 percent and the Shenzhen Component closed down 0.6 percent. Sectors related to agriculture and e-commerce took the lead, property developers gained 1.5 percent and energy shares rose 2.2 percent, while healthcare firms lost 2.1 percent. The Hang Seng Index closed 0.26 percent higher and the TECH Index closed flat. 

  周一A股集体走弱。截止收盘，沪指跌0.34%，深成指跌0.6%，创业板指跌1.14%。板块方面，农业、互联网电商涨幅居前，地产股、能源股走强，方舱医院、新冠治疗板块跌幅居前。港股恒生指数收涨0.26%，恒生科技指数收涨0.01%。

Biz Word of the Day

财经词汇划重点

• A currency basket is a portfolio of various currencies with different weightings. It is useful for reducing foreign exchange volatility and valuing a chosen currency.

  一篮子货币指作为设定汇率参考的一个外币组合，某一外币在组合中所占的比重通常以该外币在本国国际贸易中的重要性为基准，是由多种货币分别按一定的比重所构成的一组货币。

Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI, ZHANG Ran, XIE Kaishan

Sound Editor: ZHANG Ran, XIE Kaishan

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、谢凯珊

音频制作：张然 、谢凯珊

设计：郑文静、廖苑妮

21世纪经济报道海外部 南财音视频部  联合制作

南方财经全媒体集团  出品