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 Q3 GDP surges above-expected 3.9% as economy refreshes to a better state;

• Home prices in 70 major cities continued to ease in September.

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

中国经济要闻

China's gross domestic product grew by 3.9 percent year-on-year in the third quarter, up from 0.4 percent in the second quarter, posting a steady rebound despite factors beyond expectations, the National Bureau of Statistics said on Monday. 

In the first three quarters, China's GDP grew by 3 percent year-on-year to 87.03 trillion yuan ($12 trillion), up from 2.5 percent rise in the first half, the bureau said.

A closer look at the economic indicators also showed a trend that many of China's economic areas are picking up with a steady pace. In the first three quarters of the year, value-added industrial output grew by 3.9 percent compared to the same period last year, while in the first half, it rose by 3.4 percent from a year earlier.

In terms of consumption, China's retail sales grew by 0.7 percent year-on-year in the first three quarters, compared with a 0.7 percent decline in the first half of this year. In September alone, retail sales grew by 2.5 percent year-on-year, slowed from the 5.4 percent growth in August.

Fixed-assets investment, a gauge of expenditures on items including infrastructure, property, machinery and equipment, also expanded by 5.9 percent year-on-year in the first nine months, expanding from a 5.8 percent increase in the first eight months. 

Data from the the General Administration of Customs today showed that China's foreign trade of goods jumped 9.9 percent year on year to 31.11 trillion yuan (about 4.75 trillion U.S. dollars) during the first nine months of the year.

Despite the improvement in key economic indicators, China will make a big push to implement existing policy measures to consolidate the foundation for economic recovery, the NBS said.

Meanwhile, figures released by the NBS Monday show that China's home prices in 70 large and medium-sized cities eased in September, with more cities seeing a decline in home prices.  New-home prices in 70 cities, excluding state-subsidized housing, dropped 0.28 percent last month from August, while existing-home prices declined 0.39 percent.

In September, 54 out of the 70 cities saw a month-on-month drop in new home sales prices, up from 50 in August. A total of 61 cities witnessed a decrease in resale home prices, up from 56 from the previous month.

随着稳经济一揽子政策和接续政策措施落地显效，三季度经济恢复明显好于二季度，实现了同比增长3.9%的增速，超出市场预期。

国家统计局10月24日发布的数据显示，初步核算，前三季度国内生产总值870269亿元，按不变价格计算，同比增长3.0%，比上半年加快0.5个百分点。分季度看，一季度国内生产总值同比增长4.8%，二季度增长0.4%，三季度增长3.9%。从环比看，三季度国内生产总值增长3.9%。

三季度，工业发展快速回升，增加值同比增长4.6%，拉动经济增长1.4个百分点。其中，9月份随着极端高温天气消退、部分地区高温限电对工业生产影响减弱及部分行业需求回暖，叠加同期低基数影响，全国规模以上工业生产加快回升，增加值同比增长6.3%，较上月加快2.1个百分点。

从地区来看，各地统筹疫情防控和工业经济发展成效显著，超七成地区回升。三季度，全国有23个省规模以上工业增加值增速较二季度回升或降幅收窄、由降转增，回升面达到74.2%。其中前期受疫情影响较大的长三角地区大幅回升，规模以上工业增加值由二季度下降3.2%转为增长8.2%。

国家统计局工业统计司副司长江源表示，各项稳经济一揽子政策和接续政策措施落地显效，三季度特别是9月份工业经济继续较快恢复。但也要看到，受疫情散发多发、市场需求恢复相对较弱、企业盈利能力下降等因素影响，工业企业生产经营依然面临较多困难。

消费方面，前三季度，社会消费品零售总额320305亿元，同比增长0.7%，增速比1—8月份加快0.2个百分点。9月份市场销售增速有所回落。今年以来，受疫情多点散发影响，消费市场在波动中恢复。9月份，社会消费品零售总额同比增长2.5%，增速比8月份回落2.9个百分点。其中，商品零售增长3%，增速比8月份回落2.1个百分点；餐饮收入下降1.7%，8月份为增长8.4%。

投资方面，今年以来，投资对稳增长的关键作用进一步凸显。前三季度，全国固定资产投资（不含农户）同比增长5.9%，增速比1—8月份加快0.1个百分点，连续两个月小幅回升。其中，前三季度制造业投资同比增长10.1%，增速比1-8月份加快0.1个百分点。基础设施投资同比增长8.6%，增速比1—8月份加快0.3个百分点，连续五个月回升。

国家统计局表示，总的来看，我国经济克服多重超预期冲击的不利影响，主要指标恢复回稳，保持在合理区间，积极因素累积增多。但也要看到，外部环境更趋复杂严峻，国内经济恢复基础仍不牢固。要继续做好“六稳”“六保”工作，狠抓相关政策落实见效，充分释放政策效能，着力保市场主体稳就业稳物价，扩大有效需求，推改革激活力，巩固经济恢复发展基础，保持经济运行在合理区间，力争实现最好结果。

此外，国家统计局网站24日公布9月份70个大中城市商品住宅销售价格变动情况。具体来看，70个大中城市中新建商品住宅和二手住宅销售价格环比下降城市分别有54个和61个，比上月分别增加4个和5个。其中，一线城市新建商品住宅销售价格环比由上月上涨0.1%转为下降0.1%；二手住宅销售价格环比持平。二线城市新建商品住宅和二手住宅销售价格环比分别下降0.2%和0.3%，降幅均与上月相同。三线城市新建商品住宅和二手住宅销售价格环比分别下降0.4%和0.5%，降幅均与上月相同。

9月70个大中城市中有16城新建商品住宅价格环比上涨，8月为19城；环比看，成都、合肥涨幅0.7%领跑，北京、广州、深圳分别涨0.2%、跌0.3%、跌0.5%。

Moving on to regional highlights

区域观察

• The efforts of financial institutions in Shanghai to support the real economy have resulted in a 725.3 billion yuan increase in bank loan balance in the first three quarters from a year earlier, according to the Shanghai Office of the China Banking and Insurance Regulatory Commission. The balance of loans in the eastern Chinese megacity totaled 10.26 trillion yuan by Sept. 30. Over 6.5 trillion yuan were medium- and long-term loans, accounting for nearly 64 percent of the total. As of the end of the first half of the year, the balance of loans to tech enterprises was 654.2 billion yuan, up 65 percent from the same period a year ago. Shanghai also strove to strengthen credit support for advanced manufacturing. The city's manufacturing loan balance was 1.26 trillion yuan as of Sept. 30, up 33 percent from a year earlier. 

  上海前三季服务实体经济成绩单：上海银保监局21日表示，把金融服务的着力点放在实体经济上，引领上海银行业保险业聚焦经济重点领域和薄弱环节，持续增加有效金融供给。据介绍，截至三季度末，上海银行业各项贷款余额10.26万亿元，较年初增加7253亿元，同比增长10.9%。截至三季度末，中长期贷款余额6.54万亿元，较年初增加3367亿元，占各项贷款余额比重63.7%。赋能科技企业方面，上半年，上海辖内科技型企业贷款存量户数为1.8万户，同比增长59%；贷款余额6542亿元，同比增长65.2%。推动制造产业发展，截至三季度末，上海辖内制造业贷款余额1.26万亿元，同比增长33.1%，为各项贷款余额同比增速的3倍。

• Some 153 companies have gone public on the Shenzhen Stock Exchange so far this year and their combined market capitalization is already more than 1 trillion yuan. As of last week, the 153 firms raised over 170 billion yuan in their public offerings this year. Most of them are in emerging industries such as advanced manufacturing, digital economy as well as the green and low-carbon sectors. Almost 80 percent, at 121, are listed on Shenzhen’s Nasdaq-style ChiNext Board. Together they accounted for 85 percent of the total funds raised at 147.8 billion yuan. The combined market value of the 1503 firms listed on the main board reached 21 trillion yuan, 80 percent of which were profitable in the first half.

  深市亮出十年发展成绩单：23日消息，深交所数据显示，今年以来截至10月21日，深市新上市公司共153家，首发募集资金超1700亿元，其中深主板32家，首发募资237亿元；创业板121家，首发募资1478亿元。153家新上市公司目前总市值超1万亿。截至目前，深市主板上市公司数量达1503家，总市值近21万亿元。2022年上半年，1503家公司实现营业总收入7.75万亿元，同比增长6.15%，近八成公司实现盈利，近380家公司净利润同比增速超过30%。而作为深市主板的“基本盘”与鲜明底色，当前深市主板制造业公司共992家，占比66%。创业板当前共有上市公司超1200家，总市值超11万亿。

Next on industry and company news

产业及公司新闻

• China's digital economy jumped from 11 trillion yuan ($1.52 trillion) to 45 trillion yuan ($6.20 trillion) during the past decade, providing a powerful motivation to economic and social development, state media reported on Saturday. The mobile payment is profoundly changing Chinese people's life, with the annual trade volume hitting 527 trillion yuan. The country has built an advanced and complete digital industry system. The core computing industry scale has exceeded 1.5 trillion yuan, with the average growth rate of over 30 percent in the past five years, and the market size of cloud computing surpassed 300 billion yuan. Moreover, China has 1.05 billion internet users, forming the world's largest and most dynamic digital society.

  我国数字经济实现跨越式发展：央视网22日报道，从11万亿增长到超过45万亿，十年间，我国数字经济规模跃上新台阶，为经济社会发展提供了强大动力。今天的中国，移动支付的触角遍及神州大地的每个角落，年交易规模达527万亿，领先全球的移动支付正深刻改变着每个人的生活。十年间，我国构建起先进完备的数字产业体系，算力核心产业规模超过1.5万亿元，近5年平均增速超过30%，云计算市场规模超过3000亿。10.5亿用户接入互联网，形成全球最为庞大、生机勃勃的数字社会。

• China will raise domestic gasoline price by 185 yuan and diesel price by 175 yuan per ton, the country’s top economic planner said Monday. Following the adjustment, private car owners will have to spend 7.5 yuan more to fill up a 50-liter tank.

  油价迎下半年第二涨：国家发改委24日消息，自2022年10月24日24时起，国内汽、柴油价格每吨分别提高185元和175元。以油箱容量50L的普通私家车计算，车主们加满一箱油将多花7.5元左右。

• Tesla, which has raised its prices several times in China over the past year, has cut the prices of its China-made vehicles to a range that allows for domestic new energy vehicle subsidies. The minimum selling price of the popular Model Y dropped below 300,000 yuan with the long-range type lowered the most by 37,000 yuan, back to a subsidy-qualifying range, Tesla China's website showed today. The most affordable type of Model 3s costs 265,900 yuan now, down by 14,000 yuan. 

  特斯拉两款车降价：10月24日，特斯拉中国官网宣布，旗下两款主要车型Model 3和Model Y全系降价。调整后Model 3车型起售价为26.59万元；Model Y 车型起售价为28.89万元（均为补贴后起售价）。其中，Model Y长续航版系降价幅度最大，为3.7万元；Model 3后驱版本降幅最小，为1.4万元。

• AR startup Thin Red Line recently completed an angel round of fundraising of nearly 400 million yuan, led by Meituan’s venture capital wing Longzhu, media reported Monday. Luo Yonghao, the 50-year old veteran entrepreneur and founder of tech firm Smartisan, announced his new startup company “Thin Red Line” in July.

  罗永浩AR创业公司获4亿投资：据媒体24日报道，罗永浩的AR创业公司“Thin Red Line”，近期完成近4亿元人民币的天使轮融资。据悉，天使轮融资由美团龙珠领投，经纬创投、蓝驰创投等九家机构跟投，美团龙珠创始合伙人朱拥华代表美团方出任董事。

• Struggling Chinese white goods retailer Suning.Com announced Friday a tie-up with lifestyle service platform Meituan to offer quick deliveries of home appliances and digital products. More than 600 brick-and-mortar stores of Suning are now linked with the Meituan platform, offering coverage in 175 cities. The two plan to have more than 1,000 Suning stores linked to the platform by next year. 

  苏宁易购正式入驻美团：10月21日，美团闪购对外宣布，与苏宁易购正式达成战略合作，消费者在美团或美团外卖App上搜索“苏宁易购”，即可购买手机、电脑、生活家电等产品，近3000个SKU商品最快30分钟外卖送达。截至目前，首批175城市600余家苏宁易购门店已入驻美团。后续，双方还将继续深化合作，计划在2023年入驻超1000家门店。

Switching gears to financial news

金融市场消息

• The China Securities Regulatory Commission launched a new policy last week to allow non-real estate listed companies whose businesses also include real estate to carry out fundraisers, with the premise that the proceeds will not be invested in the property business. It also established that profit and revenue from the real estate business of such firms should not account for more than 10 percent of the total.

  允许符合条件涉房企业在A股融资：10月20日，证监会相关人士透露，对于涉房地产企业，证监会在确保股市融资不投向房地产业务的前提下，允许以下存在少量涉房业务但不以房地产为主业的企业在A股市场融资：自身及控股子公司涉房的，最近一年一期房地产业务收入、利润占企业当期相应指标的比例不超过10%；参股子公司涉房的，最近一年一期房地产业务产生的投资收益占企业当期利润的比例不超过10%。

• China Energy Engineering Corporation, a new-energy infrastructure giant listed on the Shanghai Stock Exchange and Hong Kong Exchange, said in a statement on Sunday that it is mulling a private placement of its A-shares, those traded in the mainland, to raise 15 billion yuan. 

  中国能建拟定增募资不超150亿元：10月23日晚间，中国能建发布公告，正在筹划非公开发行A股股票事项，拟定增募资不超过150亿元，用于以新能源为主的新型综合能源项目，具体涵盖光伏、风电、氢能、储能等新能源一体化、专业化项目，新能源工程施工、重大装备采购，以及生态环境治理、新型基础设施等项目。

Wrapping up with a quick look at the stock market

股市收盘情况

• Chinese stocks closed lower on Monday, with the benchmark Shanghai Composite Index down 2.02 percent to end below 3000 points, while the Shenzhen Component Index tumbled 2.05 percent, despite a better-than-expected third quarter economic performance. Hong Kong's Hang Seng Index closed down 6.36 percent to reach a 13-year low. The Tech Index plunged 9.65 percent as shares in big tech firms dropped across the board.

  A股破三千点港股下挫：周一A股市场走弱，三大指数午后震荡下探，沪指跌破3000点。截至收盘，沪指跌2.02%，深成指跌2.05%，创业板指跌2.43%，沪深两市全天成交额8810亿元。港股恒生指数跌6.36%，创2008年10月以来最大单日跌幅；恒生科技指数跌9.65%，大型科技股普跌。

Biz Word of the Day

财经词汇划重点

• A private placement is an offering of unregistered securities to a limited pool of investors. In a private placement, a company sells shares of stock in the company or other interest in the company, such as warrants or bonds, in exchange for cash.

  定向增发，有时也称“定向募集”或“私募”，是指上市公司向符合条件的少数特定投资者如资深机构或个人发行债券或股票等投资产品。发行价格由参与增发的投资者竞价决定。

Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI 

Sound Editor: Stephanie LI

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

音频制作：李莹亮

设计：郑文静、廖苑妮

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