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 

• Chinese Premier called for more methods to stabilize the market and employment as economy shows signs of slowing;

• The MIIT makes another signal that the government will stand by small enterprises amid the coronavirus battle.

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

中国经济要闻

Chinese Premier Li Keqiang called on local officials to increase the sense of urgency and take as many feasible new measures as possible in May to keep the economy operating in a reasonable range, during a meeting in southwest China's Yunnan Province on Wednesday, while vowing that the country will safeguard employment and people's livelihood by means of stabilizing market entities.

According to the Premier, China's economic indicators started to go down in April, signaling a possible downturn. He noted that there are more than 150 million market players, and the price is stable, which provides room for policies to deal with the challenges. 

He vowed that China would increase macroeconomic policy adjustment and stressed that government should see jobs as a priority and stabilize employment by keeping market participants running. He asked the government to fully implement current policies on tax deduction and refund, while guiding financial institutions to delay interest payments for middle and small enterprises and self-employed people. The government is also required to ensure the supply of food and energy, and improve transportation while controlling the pandemic.

5月18日，中共中央政治局常委、国务院总理李克强在云南主持召开座谈会，研究部署进一步稳增长稳市场主体保就业。

李克强说，头两个月经济运行平稳，但受新一轮疫情、国际局势变化等超预期因素影响，3月份以来特别是4月份部分经济指标明显转弱，一些重点地区更为突出，物流不畅，部分行业和企业困难加剧，经济新的下行压力进一步加大。他强调，中国一直坚持不搞大水漫灌，应对新挑战仍有政策空间。

李克强说，要正视困难、应对冲击，完整、准确、全面贯彻新发展理念，高效统筹疫情防控和经济社会发展，果断作为，加大宏观政策调节。确保上半年和全年经济运行在合理区间，努力使经济较快回归正常轨道。

他指出，要继续做好稳经济各项重点工作。确保粮食稳产和能源稳定供应；进一步畅通大动脉和微循环，打通物流和产业上下游衔接堵点，维护产业链供应链稳定；推动国企提升核心竞争力，以有效举措增强民企发展壮大的信心；支持平台经济、数字经济合法合规境内外上市融资；保持房地产市场平稳健康发展；促进消费和有效投资等。

• Chinese officials vowed on Wednesday to remove the “stuck points” in implementing policies aimed at easing the burden for small and medium-size enterprises (SMEs), as well as stressing a number of key missions for supporting the companies, such as increasing capital support and pushing for expansion of market demand. More efforts will be made to bolster SMEs' ability to cope with short-term difficulties, an official from the Ministry of Industry and Information Technology (MIIT) said.  

  工信部助力中小企业纾困解难：国新办5月18日举行国务院政策例行吹风会，介绍支持中小企业纾困解难和健康发展有关情况。工业和信息化部副部长徐晓兰介绍，2022年以来，中小企业经济运行开局总体平稳。与此同时，受到国内外环境复杂性、不确定性影响，很多中小企业普遍反映订单难找、成本难降、账款难收、融资难求、人流物流难畅通，难以正常生产经营。对此，工业和信息化部会同相关部门和各地落实落细各项政策，全力以赴支持中小企业纾困解难和健康发展。 

• The National Development and Reform Commission (NDRC), China's top economic regulator, said in a statement on Wednesday that China aims to build a unified and fully open market, offering a better environment and larger development space for domestic and foreign businesses. The NDRC said establishing a unified and well-regulated market will give full play to its decisive role in allocating resources, help transform the government's functions, and provide strong support for China to create a new economic development pattern of "dual-circulation" that takes the domestic market as the mainstay while domestic and foreign markets complement each other. 

  发改委解读“全国统一大市场”建设：5月18日，中共中央、国务院发布《关于加快建设全国统一大市场的意见》，针对社会公众关心的问题，国家发展改革委等部门相关负责人进行了权威解读。相关负责人表示，加快建设全国统一大市场，可以充分发挥市场促进竞争、深化分工等优势，在更大范围内优化配置资源，提高效率。加快建设全国统一大市场的重大部署，是畅通国内大循环、促进国内国际双循环的重要基础，将为构建新发展格局提供坚强支撑。

Next on industry and company news

产经消息及公司新闻

• China's installed capacity of renewable energy registered fast growth in the first four months of the year as the country strived to reach its carbon peaking and carbon neutrality goals. The capacity of wind power jumped 17.7 percent year on year to around 340 million kilowatts, while solar farms saw capacity hit 320 million kilowatts, an increase of 23.6 percent, according to the National Energy Administration. By the end of April, the country's total installed power generation capacity reached about 2.41 billion kilowatts, rising 7.9 percent from a year ago. 

  前4月可再生能源产能增长：国家能源局发布1-4月份全国电力工业统计数据。截至4月底，全国发电装机容量约24.1亿千瓦，同比增长7.9%。其中，风电装机容量约3.4亿千瓦，同比增17.7%；太阳能发电装机容量约3.2亿千瓦，同比增长23.6%。 

• China may introduce a policy in June to spur car sales in rural areas, according to media report. The policy would provide subsidies of 3,000 yuan to 5,000 yuan for vehicles priced up to 150,000 yuan. Experts said it could boost sales of fossil fuel-powered autos by 200,000 to 300,000 and new energy vehicles by 300,000 to 500,000.  

  “汽车下乡”政策将出台: 据报道，汽车下乡政策有望于6月初出台，鼓励车型为15万元以内的汽车，包含燃油车及新能源汽车，每辆车补贴范围或在3000元-5000元。有业内专家预计，汽车下乡将促进燃油车20万-30万辆销量，促进新能源汽车30万-50万辆销量。 

• The case of Chinese tech giant Tencent suing smartphone maker Vivo for unfair network competition will be held Friday, a court announcement in Jinan city showed on Wednesday. This round of lawsuit concerns Vivo taking advantage of the underlying system of smartphones in order to restrict users from normally downloading MyApp as well as other apps by inserting pop-up windows and other tactics. In addition, Vivo induces users to download apps in its own app store to gain more traffic and commercial profit. 

  腾讯起诉vivo不正当竞争20日开庭：济南中院官网显示，腾讯诉vivo网络不正当竞争纠纷案将于5月20日开庭。此轮诉讼是腾讯应用宝诉vivo利用手机底层系统优势，通过插入弹窗、文字、按钮、设置风险检测等方式，限制用户正常下载安装应用宝以及通过应用宝下载安装应用，同时诱导用户到vivo自带的应用商店下载或安装应用，以此获得更多的流量和商业利益。

Earnings reports digests

财报速递

• Chinese tech heavyweight Tencent Holdings reported on Wednesday the slowest growth in total revenue, standing at 135.5 billion yuan in the first quarter of this year. Profit came in at 25.5 billion yuan, down 23 percent year-on-year, marking a decline for three consecutive quarters and its worst-ever quarterly profit drop. And revenue from domestic games decreased by 1 percent to 33 billion yuan, partly due to restrictions on playtime for minors. However, Tencent has increased R&D expenditure by 36 percent year on year to 15.4 billion yuan.

  腾讯利润连续三个季度下滑：5月18日，腾讯一季报出炉，今年第一季度营收1355亿元同比持平，按照非国际会计准则下，净利润为255.5亿元，同比下降23%，连续三个季度下滑。备受关注的游戏业务上，一季度本土市场游戏收入下降1%至330亿元，未成年人保护措施对活跃用户及付费用户的数量造成了直接或间接的影响。但值得一提的是， 一季度腾讯研发支出达153.8亿元，同比增长36%。

• Chinese game-centric live streaming platform DouYu reported Wednesday a first-quarter revenue decline of 16.6 percent year-on-year to 1.8 billion yuan, while net loss contracted 14.7 percent from a year ago. Live streaming revenues shrank 13.6 percent to 55.1 million, while quarterly average paying user count also decreased 8.6 percent to 6.4 million.

  斗鱼Q1营收净亏双降：5月18日，斗鱼发布了2022年第一季度财务报告。财报显示，斗鱼第一季度营收为17.96亿元，同比下滑16.6%；净亏损8685万元，同比收窄14.7%。平台移动端MAU为5510万，付费用户数为640万。直播服务营收为17.27亿元，同比下滑13.6%。移动端平均MAU(月活跃用户)达到5510万，同比下降6.8%。其中，付费用户数量达640万，同比下降8.6%。

Switching gears to financial news

金融市场要闻

• Chinese local governments' special-purpose bond issues totaled 1.65 trillion yuan from January to April, more than double the amount in the same period last year, data from China's Ministry of Finance (MOF) showed on Wednesday. Overall local government bonds issued across the country reached 2.11 trillion yuan in the first four months, including general bonds worth 457 billion yuan and special-purpose bonds worth 1.65 trillion yuan, according to the MOF.

  前4月全国新增债券逾万亿：5月18日，财政部公布地方政府债券发行情况。2022年1-4月，全国发行地方政府债券21088亿元。从债券类型来看，发行专项债券16518亿元，发行一般债券4570亿元。 

Wrapping up with a quick look at the stock market

最后来看股市收盘情况

• Chinese shares ended higher on Thursday,  with the benchmark Shanghai Composite gaining 0.36 percent and the Shenzhen Component ending up 0.37 percent. Battery makers and automobile manufacturers led the gains, as industry data showed a jump in retail sales in the first half of May. The Hang Seng Index, however, slid 2.54 percent after Wall Street took a battering the day before, with tech stocks suffering big selloffs.  

  周四A股集体上涨。截止收盘，沪指涨0.36%，深成指涨0.37%，创业板指涨0.5%。板块方面，光伏设备、房地产服务、汽车整车等涨幅居前，保险、食品饮料等跌幅靠前。港股恒生指数收跌2.54%，恒生科技指数收跌3.98%，阿里跌超7%，腾讯跌6.51%。

Biz Word of the Day

财经词汇划重点

• Local government bonds are bonds issued by states, cities, counties and other governmental entities to raise money to build roads, schools and a host of other projects for the public good. 

  地方政府债券在某些特定情况下，又被称为“市政债券”，是指某一国家中有财政收入的地方政府地方公共机构发行的债券, 一般用于交通、通讯、住宅、教育、医院和污水处理系统等地方性公共设施的建设。

（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, 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.

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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、张然、谢凯珊

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