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 cuts mortgage reference rates by 15 bps to 4.3% to inject confidence in real estate market;
The number of 5G users in China jumped over 90 percent by the end of July.
Here’s what you need to know about China in the past 24 hours
中国经济要闻
China cut its two key benchmark lending rates on Monday, in the latest move to spur domestic spending and bolster the country’s economic recovery.
The one-year loan prime rate (LPR) – on which most new and outstanding loans are based – was cut from 3.7 to 3.65 percent at the August fixing, the People’s Bank of China (PBOC) confirmed.
The five-year LPR – which is a reference rate for mortgages – was also cut from 4.45 to 4.3 percent. This is the second time this year that both the one-year and five-year LPR have been cut at the same time, following a previous move in January.
For 30-year mortgages of 1 million yuan, first-time home buyers will see their monthly payment cut by around 88 yuan and save a cumulative interest by 31,800 yuan.
Monday’s moves followed a surprise reduction to the rate of one-year medium-term lending facility (MLF) to 2.75 from 2.85 percent at the start of last week. Another major policy rate, the seven-day reverse repo, was also lowered to 2 percent from 2.1 percent.
China’s top leadership have insisted on striking a balance between growth, coronavirus control and development security in its quarterly economic analysis conference at the end of July. The rate cuts last week are expected to help boost economic activities, came as July data indicated worrying trends, including weak consumption.
“The LPR cut is of monumental significance, sending a strong signal that the authorities will use monetary policies to stabilise economy in the second half of the year,” Yan Yuejin, research director at Shanghai-based E-house China R&D Institute, said Monday, adding that the cut of 15 bps is slightly beyond expectations, which underscores the urgency of reducing the cost for medium and long-term lending.
8月22日，中国央行下调了两个关键基准贷款利率，这是刺激国内支出和推动经济复苏的最新举措。1年期贷款市场报价利率（LPR）为3.65%，5年期以上LPR为4.3%。与上月相比，5年期以上LPR下降了15个基点。
这是今年以来，5年期以上LPR的第三次下调，从4.65%降至4.3%，累计下调35个基点。同时也是1年期、5年期自今年年初以来第二次同时下调。
今年5月，为支持合理需求，央行、银保监会发文称，首套房贷利率可在5年期以上LPR的基础上最高下浮20个基点。按照现有政策，首套房个人贷款利率最低为4.1%，二套房个人贷款利率最低为4.9%。
对于购房者而言，此次降息最直接的利好在于降低购房成本。据计算，以100万元30年等额本息还款为例，LPR下降15个基点后，首套房购房者的月供将减少88.48元，累积利息将减少3.18万元。
8月15日，人民银行开展4000亿元中期借贷便利（MLF）操作，20亿元7天公开市场逆回购操作，中标利率均下降10个基点，分别是2.75%和2%。这也带来了LPR下调的预期。
8月18日召开的国务院常务会议也指出，要完善市场化利率形成和传导机制，发挥贷款市场报价利率（LPR）指导作用，支持信贷有效需求回升，推动降低企业综合融资成本和个人消费信贷成本。
因此，5年期以上LPR的下调并不令人意外，但下调幅度达到15个基点，略超出市场预期。易居研究院智库中心研究总监严跃进认为，这也充分说明进一步降低中长期资金成本的导向和迫切性。
Over 10,000 China-Europe freight trains have used the rail network so far in 2022, beating the same milestone set in 2021 by 10 days earlier, following a freight train departing Xi'an to Hamburg on Sunday. The capacity of west channel has been increased by 20.7 percent, while the middle channel was increased by 15.2 percent, and the east channel by 41.3 percent this year.
中欧班列提前10天破一万列：21日，随着中欧班列(西安—汉堡)从西安国际港站开出，今年以来中欧班列累计开行达10000列，较去年提前10天破万列。今年以来，中欧班列西、中、东通道日均运量较扩能改造前的2020年分别增长20.7%、15.2%、41.3%。
Moving on to regional highlights
区域观察
Beijing on Monday introduced 20 measures on supporting the development of hydrogen energy industry, including providing a one-time fixed subsidy of up to 5 million yuan for the construction of hydrogen refuelling stations above designated scales. The city will also subsidise 10 yuan for each kilogram of hydrogen operated by the stations, the announcement said.
北京加氢站最高补贴500万：22日消息，北京市经信局近日发布《北京市关于支持氢能产业发展的若干政策措施》，推出20条举措助力北京市氢能产业发展。其中，鼓励新建和改（扩）建符合北京市发展规划的加氢站，对北京市行政区域范围内建成（含改扩建）的加氢站，按照压缩机12小时额定工作能力不少于1000公斤和500公斤两档分别给予500万元和200万元的定额建设补贴；对北京市行政区域范围内提供加氢服务并承诺氢气市场销售价格不高于30元/公斤的加氢站，按照10元/公斤的标准给予氢气运营补贴。
Shanghai's Lingang New Area announced a talent cultivation project on Saturday that plans to create 180,000 jobs in three years with preferential housing policies for certain talents. Talents without household registration in Shanghai but working in the area can buy an apartment in the zone if they have paid income taxes or social security premiums in the city for at least one year.
临港新片区启动 “人才筑巢工程”：20日上午，上海市启动实施临港新片区“人才筑巢工程”。未来三年，临港新片区将提供18万个就业岗位，定向优化临港新片区人才购房政策，在临港新片区工作的非本市户籍人才缴纳个税或社保满1年及以上，在临港新片区限购1套住房。
Shanghai's foreign trade in July exceeded 400 billion yuan for the first time in history, according to Shanghai Customs on Friday, in which exports and imports increased 33 percent and 16 percent on a yearly basis, respectively.
7月上海外贸首破4000亿元：上海海关最新数据显示，今年7月，上海市外贸继续保持高速增长，单月贸易额创历史新高，在历史上首次突破4000亿元，达4042.2亿元，出口、进口较去年同期分别增长32.9%和16.4%，且增幅均高于全国。
Next on industry and company news
产业及公司新闻
The total business volume of the telecommunication industry was 988.2 billion yuan from January to July, a year-on-year increase of 22.2 percent, data from the Ministry of Industry and Information Technology showed Monday. The operating revenue of the telecommunication industry stood at 1,126.1 billion yuan, growing by 9.9 percent yearly. The number of 5G mobile phone users jumped over 90 percent to reach 474.65 million by the end of July.
7月底5G用户增长超九成：工信部22日数据显示，1-7月通信业电信业务总量9882亿元，比上年同期增长22.2%；1-7月通信业营业收入11261亿元，比上年同期增长9.9%。7月底5G移动电话用户达47465万户，同比增长93.2%。
China's installed capacity of renewable energy registered year-on-year growth of 8 percent in July to stand at 2.46 billion kilowatts, according to the National Energy Administration on Friday. As of the end of July, wind power capacity stood at around 340 million kilowatts, a 17.2 percent year-on-year increase, while solar farms saw capacity hit 340 million kilowatts, an increase of 26.7 percent. Major power generation enterprises saw a 16.8 percent year-on-year surge of investment in solar power projects in the first seven months, totalling 260 billion yuan.
前7月电力工业数据出炉：国家能源局19日发布的1—7月份全国电力工业统计数据显示，截至7月底，全国发电装机容量约24.6亿千瓦，同比增长8%。其中，风电装机容量约3.4亿千瓦，同比增长17.2%；太阳能发电装机容量约3.4亿千瓦，同比增长26.7%。此外，1-7月份，全国主要发电企业电源工程完成投资2600亿元，同比增长16.8%。
The wheat harvest in Xinjiang is drawing to a close, with observers expecting a bumper harvest this year at 6.5 million tons, up 2.1 percent year-on-year, according to Xinjiang's agriculture department on Sunday, as 14.1 million mu of wheat has been harvested so far, accounting 93.1 percent of the total.
新疆小麦丰产增收：21日消息，新疆小麦实现播种面积、单产、总产“三增长”，产量达653.5万吨。新疆维吾尔自治区农业农村厅表示，截至目前，全区小麦已收获1410.7万亩，占应收小麦面积的93.1%。
As of Sunday, reservoirs of the Yangtze River have discharged 980 million cubic meters of water into the lower reaches, according to the Ministry of Water Resources on Sunday. This is part of a more extensive water replenishment plan that aims to dispatch 1.48 billion cubic meters of water in total. Since July, most areas of the Yangtze River basin have experienced high temperatures accompanied by 45 percent less rainfall than in previous years.
水利部调度向长江下游补水：21日消息，长江流域大部持续高温少雨，降雨量较常年同期偏少4.5成，水利部预计，未来几天，长江流域旱情仍将持续。水利部自8月16日起，开始实施“长江流域水库群抗旱保供水联合调度专项行动”，调度以三峡为核心的长江上游水库群、洞庭湖水库群和鄱阳湖水库群，此次计划补水14.8亿立方米。截至21日，已累计向下游补水9.8亿立方米。
Wufangzhai, a well-known brand of zongzi, or traditional Chinese rice dumpling, officially accepts subscriptions on Monday and is expected to debut on the Shanghai main board in early September. According to its prospectus, the firm is issuing about 2.52 million shares at estimated 34.32 yuan per share.
“粽子第一股”今起申购：知名粽子品牌五芳斋22日正式开放申购，预计最快将于9月初正式登陆上交所主板。据招股书称，本次公开发行2518.58万股，占发行后总股本比例的25.00%，全部为公开发行新股。扣除发行费用后，预计募集资金净额为7.62亿元。根据招股说明书披露的募集资金计算，预估发行价为34.32元/股。
Shares in Gome Retail collapsed 20 percent on Monday after a month's halt after the beleaguered Chinese electronics retail chain said it will buy two shopping complexes and a logistics firm from its owner and founder Huang Guangyu as part of an 18-month plan to return to its previous glory. Gome will take over Eagle Delight Properties Overseas through the transfer of shares at a preferential price, Gome announced on Friday.
国美零售复牌首日大跌：8月22日，国美零售复牌首日开盘一度涨超10%，随后急剧下跌，尾盘跌20%。国美零售19日发布公告宣布，拟向控股股东黄光裕全资拥有的国美地产控股有限公司，收购鹏融地产(海外)有限公司全部股权。双方预期将以向卖方发行国美零售股份的方式结算部分或全部代价。
Wrapping up with a quick look at the stock market
股市收盘情况
Chinese stocks rallied on Monday after the central bank cut interest rates for a second consecutive week. By the close, the benchmark Shanghai Composite edged up 0.6 percent and the Shenzhen Component gained 1.19 percent. The Hang Seng Index finished 0.59 percent lower as the TECH Index lost 0.96 percent.
周一A股集体走强。截止收盘，沪指涨0.6%，深成指涨1.19%，创业板指涨1.64%。板块方面，其他电子、小金属、港口航运、煤炭开采加工、种植业与林业等板块领涨。自动化设备、黑色家电、半导体及元件等板块领跌。港股恒生指数跌0.59%，恒生科技指数跌0.96%。
Biz Word of the Day
财经词汇划重点
A prospectus is a formal document required by and filed with the Securities and Exchange Commission (SEC) that provides details about an investment offering to the public. A prospectus is filed for offerings of stocks, bonds, and mutual funds.
招股说明书是股份公司公开发行股票时，就募股事宜发布的书面通告。招股说明书由股份公司发起人或股份化筹备委员会起草，送交政府证券管理机构审查批准。
Executive Editor: Sonia YU
Editor: LI Yanxia
Host: Stephanie LI
Writer: Stephanie LI, ZENG Libin, HUANG Ziqing
Sound Editor: HUANG Ziqing
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、曾丽镔、黄梓晴
音频制作：黄梓晴
设计：郑文静、廖苑妮
21世纪经济报道海外部 制作
南方财经全媒体集团 出品
