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 and US reached a milestone audit deal, paving way to halt the tide of US delistings by Chinese firms;
China's industrial profits fall 1.1% in first 7 months.
Here’s what you need to know about China in the past 24 hours
中国经济要闻
Regulators from China and the United States signed a cooperative supervision agreement on Friday, taking a substantial step toward resolving the auditing dispute surrounding US-listed Chinese companies, officials and experts said.
The China Securities Regulatory Commission (CSRC), the Ministry of Finance and the US Public Company Accounting Oversight Board (PCAOB) signed an audit oversight cooperation agreement and will advance relevant cooperation in the near future, the CSRC said in a statement.
The agreement establishes a cooperation framework in line with the authorities' respective laws and regulatory mandates and sets out specific arrangements for conducting inspections and investigations by both sides over relevant audit firms within the jurisdiction of both sides, the statement said.
"The signing of the agreement is an important step forward by regulators in China and the US towards resolving the audit oversight issue that concerns mutual interests and lays the foundation for proactive, professional and pragmatic cooperation in the next stage," the statement said.
Audit work papers that the US regulator needs access to will be obtained by and transferred through the Chinese side, providing a feasible path for protecting information security while strengthening audit supervision cooperation, unnamed CSRC officials said in a separate statement.
Experts believed that, by establishing a long-awaited comprehensive audit oversight solution acceptable to the two sides, the agreement marks a significant breakthrough in resolving the audit dispute regarding US-listed Chinese companies that has exposed many of them to delisting risks.
The Holding Foreign Companies Accountable Act passed by the Trump administration in 2020 requires all foreign firms listed on US stock exchanges to meet the PCAOB’s accounting requirements. Should any company fail to do so for three consecutive years it will be prohibited from trading on any US bourse or over-the-counter exchange.
Since then, over 100 Chinese companies, including e-commerce giants Alibaba Group and JD.com as well as internet giant Baidu, have been placed on a US delisting watchlist.
8月26日晚间，中国证监会、财政部与美国公众公司会计监督委员会（PCAOB）签署审计监管合作协议，将于近期启动相关合作事项。此举意味着，中美双方监管机构为解决中概股审计这一共同关切问题迈出了重要一步。
证监会表示，下一步双方将根据合作协议对相关会计师事务所合作开展日常检查与调查活动，并对合作效果作出客观评估。如果后续合作可以满足各自监管需求，则有望解决中概股审计监管问题，从而避免自美被动退市。
合作协议具体包括以下重点内容：一是确立对等原则。协议条款对双方具有同等约束力。中美双方均可依据法定职责，对另一方辖区内相关事务所开展检查和调查，被请求方应在法律允许范围内尽力提供充分协助。二是明确合作范围。合作协议范围包括协助对方开展对相关事务所的检查和调查。其中，中方提供协助的范围也涉及部分为中概股提供审计服务、且审计底稿存放在内地的香港事务所。三是明确协作方式。双方将提前就检查和调查活动计划进行沟通协调，美方须通过中方监管部门获取审计底稿等文件，在中方参与和协助下对会计师事务所相关人员开展访谈和问询。
证监会认为，协议签署释放了中美双方达成跨境监管合作的信号，为市场添加确定性、释放信心，为全球跨境合作作出示范，双方将合作为更多优质公司成长壮大提供更好的融资环境。
据证监会介绍，本次签署的合作协议，是双方监管机构在遵守各自国内法律法规的基础上，按照对等互利原则形成的合作框架，符合国际资本市场审计监管合作的通行做法。
专家指出，中美双方推进跨境审计监管方面的合作，无论是对投资者还是上市公司都是好事。对于中概股而言，退市的风险有了比较大的缓释，相信对其估值也能起到一定的支撑作用。
Moving on to regional highlights
区域观察
Northwest China's Xinjiang Uygur Autonomous Region has strengthened economic and trade exchanges with economies along the "Belt and Road" routes, signing 21 cooperation agreements with 25 countries and international organizations, and established economic and trade relations with 176 countries and regions, a local official told a press conference on Saturday. In the first half of this year, the region's trade increased by 39.1 percent year-on-year, and the actual use of foreign capital increased by 291 percent year-on-year.
新疆上半年外贸增近四成：27日，在 “中国这十年·新疆”主题新闻发布会上，新疆维吾尔自治区主席艾尔肯·吐尼亚孜表示，“新疆加强与‘一带一路’沿线国家经贸交流合作，已同25个国家和国际组织签署了21项合作协议，与176个国家和地区建立了经贸关系，缔结国际友好城市45对，‘朋友圈’不断扩大。”今年上半年，新疆外贸进出口同比增长39.1%，实际利用外资同比增长291%。
Henan Province has made significant progress in economic development and poverty alleviation over the past decade, as its per capita disposable income of residents in the province more than doubled to 26,811 yuan in 2021, and all 7.19 million impoverished residents were lifted out of poverty, according to a press briefing on Sunday. Over the past decade, Henan has firmly shouldered the important task of ensuring food security, as the province has developed a total of 75.8 million mu (about 5 million hectares) of high-standard farmland, and the province's annual grain output exceeded 65 billion kg over the past five years.
河南718.6万贫困人口全部脱贫：28日， “中国这十年·河南”主题新闻发布会在郑州市召开，会上介绍，10年来，河南迈上了一个个高质量发展的新台阶，居民人均可支配收入从2012年的12772元增长到2021年的26811元，718.6万建档立卡贫困人口全部脱贫。河南着力打好粮食生产这张王牌，累计建成高标准农田7580万亩，近五年全省粮食年产量超过650亿公斤。
With the extreme temperature gradually dropping and rainfall arriving in parts of Sichuan, the electricity power for general industrial and commercial activities in the province was fully restored Sunday, according to the State Grid Cooperation of China. The high temperatures led to a surge in air conditioning load, which has already dropped by about 12 million kilowatts as the temperatures decreased, and the daily electricity consumption of residents dropped from a maximum of 473 million kilowatt hours to 340 million kilowatt hours.
四川用电逐步恢复：8月28日，国网四川省电力公司消息，随着气温下降，省内多地降雨，四川省用电紧张的局面得到缓解。截至28日12时，四川省一般工商业用电已全部恢复，除高载能企业，大工业用电正在逐步恢复。前段时间持续高温导致激增的空调负荷，随着气温降低明显回落。28日的空调负荷比最高值减少1200万千瓦。27日四川省居民日用电量从最高的4.73亿千瓦时降至3.4亿千瓦时。
Update on COVID-19
疫情简报
China will start using a new health declaration form starting Wednesday, according to the General Administration of Customs. People entering or leaving China will not need to declare the results of nucleic acid tests for Covid-19 or information about past infections or vaccinations to Chinese customs authorities. But they still need to test for Covid before departure and upon arrival.
中国31日起取消出入境人员核酸检测信息申报：中国海关发布消息称，中国将自8月31日起启用新版出入境健康申明卡，取消对出入境人员核酸检测信息、既往感染情况、疫苗接种日期的申报要求。根据国务院联防联控机制规定，旅客在入境前按照外事部门要求须提供核酸检测阴性证明方可登机，入境时须接受海关检疫，入境后实施隔离医学观察。
Next on industry and company news
产业及公司新闻
Profits of China's major industrial enterprises fell by 1.1 percent year on year in the January-July period, according to official data released on Saturday. In the first seven months of 2022, the combined profits of industrial enterprises with an annual revenue of at least 20 million yuan reached 4.89 trillion yuan, the National Bureau of Statistics (NBS) said. However, the combined revenues of these firms sustained a faster growth pace during the period, rising 8.8 percent year on year to 76.57 trillion yuan.
前7月规上工业利润降1.1%：国家统计局8月27日发布的数据显示，1至7月，全国规模以上工业企业实现营业收入76.57万亿元，同比增长8.8%；实现利润总额48929.5亿元，同比下降1.1%。国家统计局工业司高级统计师朱虹分析，总体看，工业企业效益延续恢复态势，但工业经济持续稳定恢复仍需付出艰苦努力。
China's usage of renewable energy sources will surpass 50 percent in the overall energy usage increments by 2025, further accelerating the process of China achieving its stated carbon emissions goal, an official with the National Energy Administration said on Saturday, adding that the electricity volume generated by renewable power sources will reach 3.3 trillion kilowatt-hours by 2025.
2025年可再生能源将超两个“50%”：国家能源局新能源和可再生能源司司长李创军27日在清华大学第二届“碳中和经济”论坛上透露，到2025年，可再生能源消费量将达到10亿吨标准煤左右，在一次能源消费增量中的占比将超过50%。同时，2025年可再生能源年发电量将达到3.3万亿千瓦时左右，即“十四五”期间，可再生能源发电量增量在全社会用电量增量中的占比要超过50%，其中风电和太阳能的发电量将在“十三五”末的基础上实现翻番。
Profits at China’s state-owned enterprises (SOEs) fell 2.1 percent to 2.68 trillion yuan in the first seven months of the year compared with the same period last year, according to data from the Ministry of Finance on Monday. Central SOEs reported 1.9 trillion yuan in profit, up 4.3 percent from the same period last year, while profits at local SOEs slid 15.3 percent to 756.9 billion yuan.
1-7月国企利润总额同比下降2.1%：财政部29日发布数据显示，1-7月，国有企业利润总额26755.4亿元，同比下降2.1%。其中中央企业19186.1亿元，同比增长4.3%；地方国有企业7569.3亿元，同比下降15.3%。
Users had troubles logging in Tencent’s online meeting app Monday morning due to a traffic overload caused by several companies and schools moving their classes and meetings online after a new wave of Covid-19 cases was reported in China’s economic hub Shenzhen. Tencent Meeting resumed normal operation by 10:50 am.
腾讯会议过载影响登录：29日上午，由于疫情影响，许多公司和学校选择通过在线会议软件完成日常工作交流。今日早间，部分用户反映使用腾讯会议登录受到影响。对此，腾讯会议在微博回应称：“由于当前使用量激增，导致部分用户登录受影响，请您稍后再试，给您造成不便，非常抱歉。”腾讯会议于今日10:50表示已经恢复。
China’s leading electric vehicle battery manufacturer CATL announced on Saturday that the first shipment of its highly innovative Qilin battery will be used by Chinese carmakers Geely Automobile's high-end NEV Zeekr and the new AITO series of SERES.
首批麒麟电池花落极氪与问界：8月27日下午，宁德时代新能源科技股份有限公司官方发布消息，宁德时代麒麟电池第一批落地品牌确认，为吉利汽车旗下高端电动品牌极氪与赛力斯汽车旗下的问界系列车型。其中，吉利汽车旗下高端电动品牌极氪为麒麟电池的全球量产首发品牌，极氪旗下纯电豪华MPV极氪009将成为宁德时代麒麟电池的全球量产首发车型。
Earnings reports express
财报速递
China’s oil and gas giant Sinopec on Sunday reported a surge of 10.4 percent to 43.53 billion yuan on its interim net income due to strong oil and gas prices. The group reported 1.61 trillion yuan in revenues for the six months, an increase of 27.9 percent from the same period last year. The world’s largest refiner by capacity produced 124.6 million barrels of crude oil during the six months, up 0.8 percent, while its natural gas output gained 5.4 percent to 613.92 billion cubic feet.
中石化上半年营收1.61万亿元：8月28日晚间，中国石化披露2022年中报。按照国际财务报告准则，公司上半年营业收入1.61万亿元，同比增长27.9%；实现净利润435.3亿元，同比增长10.4%。报告期内，公司实现油气当量产量242百万桶油当量，同比增长2.9%，其中，境内原油产量124.6百万桶，同比增长0.8%；天然气产量6139.2亿立方英尺，同比增长5.4%。
Chinese chipmaking giant SMIC reported a 19 percent leap in first-half net profit, mainly because of higher wafer sales volume and price, as well as changes in its product portfolio. Net profit was 6.3 billion yuan in the six months ended June 30, the Shanghai-based firm said in its latest earnings report. Revenue rose 53 percent to 24.6 billion yuan. The chipmaker also announced to build a 12-inch wafer production line in Tianjin with a monthly capacity of 100,000 pieces and an investment amount of $7.5 billion.
中芯国际上半年盈利增长近两成：8月26日晚间，中芯国际发布了2022年半年报。上半年，中芯国际实现营业收入245.92亿元，同比增长52.8%；实现归母净利润62.52亿元，同比增长19.3%。同日，公司还宣布，拟投资75亿美元，在天津建设12英寸晶圆代工生产线，提供28纳米至180纳米不同技术节点的晶圆代工与技术服务。
Domestic battery maker Gotion High-Tech, which attracted widespread attention for its recent IPO in Switzerland, reported 8.64 billion yuan in business revenues for the first six months of the year, up 143.24 percent year-on-year, while profit grew 34.15 percent to reach to 64.62 million yuan.
国轩高科上半年营收增长143% ：8月26日，国轩高科公布2022年半年报。报告期内，公司实现营业收入86.38亿元，同比增长143.24%；归属于上市公司股东的净利润6462万元，同比增长34.15%；经营活动产生的现金流量净额9161万元，同比增长6.38%。
Switching gears to financial news
金融市场消息
China's foreign exchange market saw a turnover of 21.39 trillion yuan (about $3.18 trillion) in July, up from 20.31 trillion yuan in June, according to the State Administration of Foreign Exchange on Friday. In the first seven months of the year, the country's forex market turnover totaled 132.46 trillion yuan.
7月外汇市场总成交21.39万亿元：国家外汇管理局26日统计数据显示，2022年7月，中国外汇市场总计成交21.39万亿元人民币（等值3.18万亿美元）。2022年1-7月，中国外汇市场累计成交132.46万亿元人民币（等值20.34万亿美元）。
Wrapping up with a quick look at the stock market
股市收盘情况
Chinese stocks closed mixed on Monday as domestic economic concerns and hawkish signals from the US Federal Reserve weighed on sentiment, while the Chinese yuan plummeted over 0.6 percent to 6.9160 against the U.S. dollar, hitting its weakest level in two years. By the close, the benchmark Shanghai Composite gained 0.14 percent and the Shenzhen Component edged down 0.34 percent. The Hang Seng Index edged down 0.73 percent and the TECH Index lost 1.23 percent.
周一A股三大指数走势分化。截止收盘，上证指数涨0.14%，深证成指跌0.34%，创业板指跌0.37%。板块方面，光伏设备、风电设备等涨幅居前，能源金属、医疗服务等飘绿。港股恒生指数收跌0.73%，恒生科技指数收跌1.23%。
Biz Word of the Day
财经词汇划重点
Audit oversight refers to the verification and checking of the reported financial results of an organization by external and internal review. Financial audits verify the integrity and reliability of an organization's financial reporting process and that these reports repent a fair and accurate assessment of its current financial health.
审计监督是指在国家行政组织内部设立专门机构依法审核检查国家行政机关及企事业单位的财政财务收支活动、经济效益和遵纪守法情况。
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
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