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
E-commerce giants jostle for “Double 11” shopping festival;
NDRC issues 15 measures to boost foreign investment.
Here’s what you need to know about China in the past 24 hours
中国经济要闻
Major Chinese e-commerce platforms have fired their opening salvos for the Singles' Day shopping festival with enticing incentives for both consumers and merchants, as the world's second-largest economy gears up for the annual buying spree.
Presales for the November 11 event on Alibaba's business-to-consumer platform Tmall began at 8 pm on Monday. Featuring upwards of 290,000 brands, this year's festival "will have the most diverse range of products in the event's history, with 17 million products available to over 1 billion annual active consumers on our platforms in China," an executive at Alibaba said. This compares to just 27 vendors in the first Double 11 gala held in 2009.
Rivals JD.com, Pinduoduo and Suning.com already started presales on Oct. 20. With still two more weeks to go until the highly anticipated shopping bonanza, retailers are offering huge discounts to drum up sales.
JD.com factors in a deduction of 50 yuan for each deal amounting to 299 yuan across all categories and merchants without having to get coupons in advance, and vowed the offering of a price guarantee of 30 days for more than 500 million items.
JD.com also disclosed plans for enrolling new merchants from 267 industrial clusters across the country, aiming to help the progress of vendors with operations, supply chains and digital transformation.
Other platforms are pivoting toward an incorporation of their physical presence into online capacities. Over the Double 11 period, 48 Suning.com outlets will be newly opened. Suning.com will also team up with local governments in Beijing, Shanghai, Shenzhen, Xi'an, Chengdu and other localities to provide consumers with green-themed subsidies.
Experts noted that an industry reshuffle is well in the making, and future rivalries will focus on whoever can get a bigger slice of growing demand for life-improving upgrades among domestic consumers. Another notable trend during the shopping festival, as market watchers pointed out, is an increasing preference toward local brands that are set to outsmart or have already outdone their foreign counterparts.
一年一度的“双11”又要来了！今年“双11”迎来一些新变化，预售时间缩短、购物车扩容、一键退差价……你的钱包准备好了吗？
10月24日晚上8点，天猫、抖音电商预售正式袭来。天猫称1700万商品打折，全场跨店每满300减50；抖音上线“预售会场”集中推介数千款好物，将最长价保时间延长到了34天。而在4天前，快手、京东等已拉开预售序幕，分别表示将给消费带来“真的省” “多点实在”的优惠。
相比天猫和抖音电商，京东、快手等平台开启预售的时间至少提前了4天。京东从10月20日晚8点开启预售，消费者在预售期间可享定金膨胀不止10倍、千万赠品，部分商品支付尾款还可叠加跨店满减优惠。10月31日晚8点，京东“双11”正式开启后，全品类跨店每满299减50，不用领券，下单即享。
为了激发消费者的购买热情，各大电商平台延续过往打法，通过设置重点补贴品类、推出购物满减券等方式吸引用户。不仅如此，为打消消费者“早买反而买贵”的顾虑，包括天猫、抖音电商、京东等平台均强调“全程价格保护”“买贵一键退差价”，并且将价保周期从往年的15天延长到30天左右。
“双11”不仅是消费者的购物狂欢节，也是商家一年之中较为重要的集中销售期。电商“二选一”被叫停后，商家跨平台经营不再受限。为留住和开发优质商家资源，各大平台在降低经营门槛、提升商家数字化、加码流量支持等方面频频发力。
“2009年，第一届天猫'双11'只有27个商家报名，到今年有29万个来自全球的品牌参与，其中7万个品牌是首次参加。此外，还有数百万产业带商家、中小创业者一起参与进来。”阿里巴巴集团国内数字商业板块总裁戴珊在2022年天猫“双11”发布会上如是说。
京东方面也透露，通过费用降低、考核简化、运营提效等方式帮助商家降低经营成本，同时优化流量生态，将助力商家全渠道流量增长超20%，并为商家提供覆盖用户购物全链路的102项服务产品。今年“双11”期间，京东还发起“百大产业带扶持计划”，陆续向全国超267个产业带招募新商家，为商家提供10大扶持举措，覆盖店铺入驻、运营、成长、供应链、数字化转型等方面。
Greater Bay Area, Greater future
新使命，大未来
Shenzhen announced on Monday that it will issue no more than 5 billion yuan of offshore yuan local government bonds to the Hong Kong SAR in the near future, which will be listed on the Hong Kong Stock Exchange. According to the announcement revealed by Shenzhen Finance Bureau, the funds raised will be invested in projects including rail transportation and water pollution control. This is Shenzhen's relaunch of overseas bond issuance after taking the lead in the country to successfully issue offshore local bonds in 2021.
深圳拟赴港发行50亿元地方债：深圳市财政局24日通报表示，深圳计划于近期赴香港发行不超过50亿元离岸人民币地方政府债券，用于推动绿色、循环、低碳发展，并将在香港联合交易所挂牌上市。据介绍，深圳市此次赴港发债计划发行的债券期限为2、3、5年期，募集资金将投向轨道交通、水污染治理等项目。这是深圳市自2021年在全国率先成功发行离岸地方债后，再次启动境外发债工作。
Hong Kong‘s Chief Executive John Lee said at a Tuesday press conference that the SAR government will closely monitor the Hong Kong stock market to ensure normal market order. Lee's remarks came in response to media questions about a local stock market plunge on Monday, which hit a new low in 13 years. Lee stressed that Hong Kong will continuously maintain a focus on its local economy as the global economy is increasingly impacted by a variety of uncertainties. The Hang Seng Tech Index jumped as much as 6.1 percent in early trading today.
李家超回应港股波动：香港特别行政区行政长官李家超25日出席行政会议前会见记者时表示，全球经济受各种不稳定因素影响，香港需对经济持续保持关注。特区政府的主要任务是确保香港各项金融措施流畅且有效运行，并密切监测港股动态，保证维护好市场秩序。他承认，近期香港股市有较高不稳定性，但他强调特区政府已作好准备，以应对不同的金融风险。
Next on industry and company news
产业及公司新闻
China's top economic planner issued a series of measures to facilitate the implementation of foreign-invested projects on Tuesday, with emphasis placed on the manufacturing sector. The NDRC, together with 5 other ministries, rolled out 15 measures to boost foreign investment, ensure fast-tracked implementation of signed projects and enhance the quality of investment. Measures include the implementation of a negative list approach for foreign investment, ensuring the supply of market factors such as land and trade flow, and facilitating business exchanges. The NDRC also called for more streamlined facilitation for international travel for foreign company executives, management, key personnel and their relatives, urging localities to fully use existing fast-track travel channel in accordance with epidemic prevention and control.
国家发改委出台15项措施支持外资：10月25日，国家发展改革委等六部门发布《关于以制造业为重点促进外资扩增量稳存量提质量的若干政策措施》，进一步加大制造业引资力度，着力解决外商投资企业面临的突出问题，全面加强外商投资促进和服务，推动利用外资高质量发展。措施提到，在做好新冠肺炎疫情防控前提下，便利跨国公司、外商投资企业高管、技术人员及其家属出入境。各地方要用好用足中外人员往来“快捷通道”，结合当地实际，进一步明确标准和流程，为外籍人员来华提供便利。
China Northern Rare Earth Group announced on Monday night that its wholly-owned subsidiary’s rare-earth chloride smelting project with output of 25,000 tons per year in Zibo, Shandong Province has completed construction and passed trial operations. Attracting a total investment of 1.08 billion yuan, the production of rare-earth polishing powder in the project is expected to be the highest in the world.
北方稀土抛光粉产量将达全球第一：10月24日晚，北方稀土公告称，控股子公司淄博灵芝转型升级搬迁入园项目已于近期建成，并联动试车，其氯化稀土冶炼分离年产能为2.5万吨。该项目于去年5月底开工建设，是淄博包钢灵芝稀土转型升级项目的一期。据报道，项目总投资10.8亿元，分两期建设，含萃取分离、高端稀土抛光材料、稀土新材料及配套公辅设施等内容。项目建成达成后，淄博灵芝的稀土抛光粉产量将达全球第一。
Chinese car wheel manufacturer Zhejiang Jingu said Monday that it has been signed up by new energy vehicle giant BYD to supply wheels for its electric light-duty trucks. This is Jingu’s second deal with an automobile giant in less than a week after it signed with US carmaker General Motors to supply light-weight wheels to its Advanced Technology Work project.
金固连获比亚迪、通用车轮大单：10月24日，金固股份公告，公司近日收到深圳市比亚迪供应链管理有限公司的中标通知书，公司将作为比亚迪新能源轻卡项目的车轮供应商，为它的新一代新能源轻卡车型供货。这是金固股份不到一周内收到的第二份大单。21日金固股份公告收到GM美国通用汽车合同，将作为美国通用ATW（前沿突破技术研发项目）的车轮供应商，为其相关车型开发阿凡达低碳车轮产品。
Earnings reports express
财报速递
Ping An Bank, the listed banking unit of Chinese insurer Ping An Insurance, reported a 26 percent gain in net profit in the first three quarters from a year earlier, mainly due to its moves to facilitate and reshape the operation of assets and liabilities, optimize the debt structure, and reduce the cost of debts. Net profit was 36.7 billion yuan in the first nine months, the Shenzhen-based joint-stock commercial lender said Monday. Revenue rose 8.7 percent from a year earlier to 138.3 billion yuan.
平安银行前三季净利增26%：10月24日晚，平安银行发布三季报。财报显示，前三季度平安银行实现营业收入1382.65亿元，同比增长8.7%；实现净利润366.59 亿元，同比增长25.8%。财报显示，该行积极推动重塑资产负债经营，负债端主动优化负债结构，积极压降负债成本；资产端受市场利率下行、持续让利实体经济等因素影响，资产收益率下降，净息差有所收窄。
Switching gears to financial news
金融市场消息
The People's Bank of China rolled out a set of standards via a document to specify on the science and technology ethics in the financial sector including low-carbon, risk prevention and control, fair competition, data security and so forth, raising a number of requirements for companies in fulfilling the mission of finance serving the real economy and abiding by the bottom line of legal compliance, according to a report by the 21st Century Business Herald citing multiple sources. The document defines fintech as "financial innovation driven by technologies," with its core being licensed financial institutions using modern scientific and technological achievements to transform or innovate financial products, business models, business process and so forth under the premise of compliance with laws and regulations.
央行正式下发《金融领域科技伦理指引》：25日消息，21世纪经济报道记者从多家金融机构处获悉，10月9日，中国人民银行正式发布《金融领域科技伦理指引》。文件提供了在金融领域开展科技活动需要遵循的守正创新、数据安全、包容普惠、公开透明、公平竞争、风险防控、绿色低碳等7个方面的价值理念和行为规范。适用于指导金融领域从业机构开展科技伦理治理工作，预防和化解金融科技活动伦理风险。据《指引》规定，金融科技的定义为“技术驱动的金融创新”，其核心是持牌金融机构在依法合规前提下运用现代科技成果改造或创新金融产品、经营模式、业务流程等，推动金融发展提质增效。
China's central bank and foreign exchange regulator on Tuesday raised the cross-border macro prudential adjustment ratio for corporates and financial institutions to 1.25 from 1, making it easier for domestic firms to raise funds from overseas markets as the yuan faces renewed depreciation pressure.
跨境融资宏观审慎调节参数上调：人民银行10月25日发布公告称，为进一步完善全口径跨境融资宏观审慎管理，增加企业和金融机构跨境资金来源，引导其优化资产负债结构，人民银行、外汇局决定将企业和金融机构的跨境融资宏观审慎调节参数从1上调至1.25。这意味着境内企业和金融机构可借入更多的外债。
China has broadened the scope of margin trading starting Monday, which is the practice of borrowing money from brokerages to buy securities, to include 37.5 percent more stocks on China’s two exchanges, the Shanghai and Shenzhen bourses announced last Friday. The number of stocks eligible for margin trading on the Shanghai stock exchange’s main board has been increased to 1,000 from 800, and those on the Shenzhen bourse has been expanded to 1,200 from 800.
沪深交易所融资融券标的扩容：10月21日下午，沪深交易所同步发布了《扩大融资融券标的股票范围》的通知，经中国证监会批准，两所于近日分别扩大了融资融券标的股票范围，对于主板股票和创业板注册制改革前上市的创业板股票，标的数量由1600只扩大至2200只，扩容幅度达38%。其中，深市将注册制股票以外的标的股票数量由现有800只扩大到1200只，沪市将主板标的股票数量由现有的800只扩大到1000只。上述调整自2022年10月24日起实施。
Wrapping up with a quick look at the stock market
股市收盘情况
Chinese stocks ended lower on Tuesday as the yuan extended its decline to a near 15-year low following Monday's sell-off. The benchmark Shanghai Composite closed nearly flat, while the Shenzhen Component fell 0.51 percent. Hong Kong stocks finished slightly lower after swinging throughout the day. The Hang Seng Index closed down by 0.1 percent while the Tech Index rebounded nearly 3 percent.
A股冲高回落港股震荡：周二A股三大指数冲高回落，午后窄幅震荡。沪指微跌0.04%，盘中一度站上3000点关口，深成指跌0.51%，创业板指收跌0.95%，两市成交额约8030亿元。港股方面，恒生指数收跌0.1%，恒生科技指数涨2.96%，互联网医疗、在线教育涨幅居前。
Biz Word of the Day
财经词汇划重点
The macro-prudential adjustment parameter is a multiplier that decides the upper limit of outstanding cross-border financing an institution can have. The upward revision will increase the sources of cross-border funds for enterprises and financial institutions, and guide them to optimise the asset-liability structure.
根据我国跨境融资宏观审慎管理的规定，跨境融资风险加权余额上限由微观主体的资本或净资产、杠杆率和宏观审慎调节参数等因素共同决定。其中，跨境融资风险加权余额上限=资本或净资产*跨境融资杠杆率*宏观审慎调节参数。上调跨境融资宏观审慎调节参数旨在扩大资本流入，其中包括境内机构借用外债空间进一步扩大等，属于跨境资金流动宏观审慎管理措施之一。
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
21世纪经济报道海外部 制作
南方财经全媒体集团 出品
