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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 

• Financial authorities from both the mainland and Hong Kong  announced the launch of Swap Connect in 6 months, while the inclusion of ETFs into Stock Connect takes effect today;

• A new round of Covid-19 flare-ups hit Yangtze River Delta. 

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

中国经济要闻

Hong Kong’s stock market is taking a step forward in cross-border integration with its mainland counterparts by inaugurating the trading of exchange-traded funds (ETFs).

Starting today, global fund managers will be able to buy into 83 ETFs with a combined value of about 600 billion yuan on the Shanghai and Shenzhen exchanges through the Stock Connect program. Meanwhile, China’s onshore traders will be able to access four Hong Kong-based products. 

On the same day, the People's Bank of China, the Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority (HKMA) jointly announced Swap Connect, a new initiative facilitating mutual access between interest rate swap markets in Hong Kong and the mainland, providing a convenient and secure channel for overseas investors to trade interest rate swap products in the mainland.

“The inclusion of ETF was another major milestone in upgrading the Swap Connect. It can meet the higher requirements of all parties in the market, create a win-win situation for the mainland and Hong Kong markets, and promote the sustainable development of the two markets,” Nicolas Aguzin, chief executive of the Hong Kong Exchange and Clearing Limited (HKEX), said at the launching ceremony on Monday. 

“Last year, 33 new ETF products were listed on the HKEX, attracting an inflow of HK$80 billion,” said Aguzin, adding that with the development of China's economy, more families will allocate their wealth to the capital market. “It is expected that the size of China's bond market and the stock market will increase to more than $100 trillion in the next 10 years, which will continuously add vitality to the Hong Kong market,” he said.

The move is an upgrade of the Stock Connect scheme, which started in 2014 and has become a primary conduit for overseas investors to buy yuan-based stocks and for mainland traders to access offshore stocks in Hong Kong. It is also hailed as part of a “gift package” that marked the 25th anniversary of the city’s handover to Chinese sovereignty.

International investors have poured capital into the A-share market since mid-May, showing the most interest in the industrial, public utility and financial sectors, as calculated by Credit Suisse. Investors poured nearly $270 million into the $7.2 billion iShares MSCI China Exchange Traded Fund on June 14, the biggest daily inflow since BlackRock rolled out the fund in 2011. 

筹备已久的“ETF通”今天正式开通，央行重磅宣布“互换通”将在6个月之后正式启动。

7月4日，中国人民银行、香港证监会和香港金融管理局发布联合公告，宣布内地与香港资本市场互联互通下的交易型开放式指数基金（ETF）交易正式启动，其中包括83只A股ETF和4只港股ETF。

同日，中国人民银行、香港证券及期货事务监察委员会、香港金融管理局发布联合公告称，为促进内地与香港金融衍生品市场共同发展，中国人民银行、香港证券及期货事务监察委员会、香港金融管理局决定同意中国外汇交易中心（全国银行间同业拆借中心）、银行间市场清算所股份有限公司（以下统称内地基础设施机构）和香港场外结算有限公司（以下简称香港基础设施机构）开展香港与内地利率互换市场互联互通合作（以下简称“互换通”）。公告称，即日起6个月之后正式启动“互换通”。

此次ETF顺利纳入，是深化互联互通机制改革创新的重要举措，将有利于进一步发挥互联互通机制作用，便利境内外投资者投资对方市场并巩固和提升上海和香港的国际金融中心的地位。

港交所行政总裁欧冠升(Nicolas Aguzin)在启动仪式上表示，ETF的纳入是互联互通机制升级的又一个标志性成果。ETF纳入互联互通目标可以满足市场各方对于互联互通更高的要求，为内地与香港市场创造共赢，促进两地市场的持续发展。

沪港通业务自2014年正式开通以来，交易品种不断丰富，市场结构逐步优化，在境内外投资者的跨市场投资中发挥了重要作用。

欧冠升指出，ETF在港股市场近年发展迅速。港交所去年有33只新ETF产品上市，吸引800亿港元的资金流入。

过去数年，港交所同时加强市场结构和优化产品生态，他透露目前在港上市的ETF资产规模逾4300亿元，创历史新高。日均成交额则逾110亿元，有关市场于现货市场交易额的占比由2018年的4%，增至目前的8%，显示ETF为香港其中一个快速增长的市场。

欧冠升重申，随着中国经济增长，更多家庭将财富配置到资本市场，预期中国债市和股市规模未来10年增至100万亿美元以上，从而持续增加香港市场的活力和吸引力。

Wind数据显示，截至6月1日，在港交所上市的股票ETF中，投向A股的基金合计规模超500亿元，凸显了境外市场对A股ETF的投资需求。

Greater Bay Area, Greater future

新使命，大未来

• The Hong Kong Palace Museum opened its doors to the public on Sunday with over 160 national treasures on display. More than 900 treasures from the Palace Museum in Beijing are put on display on rotation at the opening exhibitions. 

  香港故宫文化博物馆正式开放：香港回归祖国25周年之际，7月3日，香港故宫文化博物馆正式对公众开放。本次香港故宫文化博物馆开幕展览中，将有900余件来自故宫博物院的珍贵文物分批展出。 

• The Chinese mainland and Hong Kong will have more flights as the quarantine restrictions is slashed. Hong Kong Airlines said it will resume a route on Saturday from Hangzhou to Hong Kong. Cathay Pacific also said it will increase its flights to three times a week for the same route and resumed its route from Hong Kong to Wuhan from July 1 after an 18-month suspension. Air China said it will resume flights between Chengdu and Hong Kong from July 16, with two trips per week. 

  香港至内地航线复航：随着香港直飞武汉客运航班于7月1日正式复航，国泰航空也将重启香港至武汉的客运航班服务。7月13日开始，东航将恢复杭州香港周三、四、五的往返航班。国航计划于本月16日起恢复开通成都直飞香港往返航线，每周两班。 

• Dongguan, a manufacturing hub of Guangdong province, announced early Monday to further ease property policies for homebuyers by lifting housing purchase restriction in multiple districts. However, the restriction on four main urban districts, as well as Songshan Lake, one of Guangdong’s technological centres where hundreds of high-tech firms including Huawei are located, remain unchanged. 

  东莞放宽多区限购：7月4日凌晨，东莞市住建局官网发布《关于加强分类指导优化住房限购政策的通知》，将东莞住房限购区域调整为莞城街道、东城街道、南城街道、万江街道、松山湖高新技术产业开发区。除限购区域外，东莞其他区域暂停实行住房限购政策。居民家庭购买非限购区域内的商品住房，无需进行购房资格核验。

Update on COVID-19

疫情简报

• Just a month after the end of the lockdown in Shanghai, flare-ups have been reported in several cities across the Yangtze River Delta region over the weekend. Sixian County in East China's Anhui Province has reported nearly 800 new infections as of Saturday evening, and Wuxi in Jiangsu Province also reported 31 infections on Saturday. Shanghai announced Sunday one new high-risk area and two medium-risk areas after a new local asymptomatic infection was reported.  

  长三角再现本土疫情：自6月26日以来，长三角地区安徽、江苏、浙江相继出现本土疫情，多地新增高风险地区。截至7月3日20时，安徽宿州市泗县共报告798例阳性病例，其中确诊病例123例，无症状感染者675例。2日上午，无锡市也发现31名初筛阳性。3日下午，上海市举行疫情防控新闻发布会通报，3日0—17时，上海市新增社会面1例新冠肺炎本土无症状感染者。

Next on industry and company news

产业及公司新闻

• Four Chinese airlines have signed deals to buy nearly 300 A320neo planes from the European aircraft maker Airbus on Friday. The deals, worth $37 billion in total based on catalog price, are the biggest new aircraft orders placed by Chinese carriers since the pandemic broke out.  

  中国航司签订370亿美元空客大单：空中客车公司于当地时间1日发布消息称，该公司已与中国东方航空公司、中国南方航空公司、中国国际航空公司及该公司控股子公司深圳航空公司签署了总计292架A320NEO飞机的订单，总金额接近达到370亿美元。 

• A venture of Chinese carmaker Geely's founder Li Shufu has acquired a 79.09 percent stake in smartphone maker Meizu to explore new opportunities as vehicles are growing digital and smart, media reported today. Hubei Xingji Shidai Technology said Monday that it has gained control of the Chinese phone maker. The value of the deal remains unknown.  

  吉利旗下公司获魅族单独控制权：7月4日，湖北星纪时代科技有限公司与珠海市魅族科技有限公司举行战略投资签约仪式，正式宣布星纪时代持有魅族科技79.09%的控股权，并取得对魅族科技的单独控制。星纪时代由吉利集团（宁波）有限公司持股32.30%，李书福持股6.15%，疑似实际控制人为李书福。 

• China's digital economy logged rapid expansion in recent years, with its scale increasing from 11 trillion yuan in 2012 to over 45 trillion yuan in 2021, according to the Ministry of Industry and Information Technology on Sunday. The proportion of the digital economy in China's GDP rose from 21.6 percent to 39.8 percent in the period.  

  我国数字经济规模超45万亿元：工业和信息化部近日表示，近年来，我国数字经济蓬勃发展，已数年稳居世界第二。统计测算数据显示，从2012年至2021年，我国数字经济规模从11万亿元增长到超45万亿元，数字经济占国内生产总值比重由21.6%提升至39.8%。 

• The business revenue of major internet and related service enterprises in China rose 1.8 percent year-on-year to stand at 585 billion yuan in the January-May period, official data showed last Friday. From January to May, these companies saw their total profits fall 14.8 percent year-on-year to 49.52 billion yuan, while R&D expenditure went up 9.1 percent year-on-year.  

  互联网行业前5月收入稳步增长：工信部消息，1-5月份，我国规模以上互联网企业和相关服务企业完成互联网业务收入5850亿元，同比增长1.8%，增速较1-4月份回落0.9个百分点。1-5月份，我国规模以上互联网企业营业利润总额495.2亿元，同比下降14.8%；研发经费311.2亿元，同比增长9.1%。 

Switching gears to financial news

金融市场消息

• Bank of Nanjing yesterday reported a 20 percent leap in net profit in the first half of the year. Net profit was 10.2 billion yuan in the six months ended June 30, versus 8.5 billion yuan a year earlier, the Nanjing-based commercial lender said in a statement on Sunday. Operating revenue rose 16.3 percent to 23.5 billion yuan.  

  南京银行上半年净利同比增两成：7月3日晚，南京银行披露的《2022年半年度业绩快报》显示，上半年南京银行实现营业收入235.32亿元，较上年同期增加32.95亿元，同比增长16.28%；实现归属于上市公司股东的净利润101.50亿元，较上年同期增加16.96亿元，同比增长20.06%。 

Wrapping up with a quick look at the stock market

股市收盘情况

• Chinese stocks rose slightly on Monday, lifted by the newly launched cross-border investment scheme ETF Connect, but gains were capped by signs of rising COVID-19 infections. By the market close, the benchmark Shanghai Composite edged up 0.53 percent and the Shenzhen Component gained 1.29 percent. The Hang Seng Index closed 0.13 percent lower, while the TECH Index gained 0.28 percent.

  周一A股三大指数集体走高。截至收盘，沪指涨0.53%，深成指涨1.29%，创指涨1.90%。板块方面，猪肉、钛白粉、猴痘概念等涨幅居前，半导体及元件、景点旅游、消费电子等跌幅居前。港股恒生指数收跌0.13%，恒生科技指数收涨0.28%。

Biz Word of the Day

财经词汇划重点

• Catalog price refers to the price shown for a product in a catalogue before money is added or taken off, for example for the cost of packing and sending it, or because the price has been reduced, etc.

  目录价格是在印发商品目录时，为便于客户选购．有时注明价格称为商品目录价格，有时是定价，有的只是参考价，具体订购时根据市场行情变化和各种交易条件有所变动。

Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI, JIA Yuxiao, ZENG Libin

Sound Editor: ZENG Libin

Graphic Designer: ZHENG Wenjing, LIAO Yuanni

Produced by 21st Century Business Herald Dept. of Overseas News.

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、贾雨逍、曾丽镔

音频制作：曾丽镔

设计：郑文静、廖苑妮

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