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 will impose consumption tax on e-cigarettes next month, while the export refund and exemption policy remains;
State Council rolls out regulations to promote development of individual businesses.
Here’s what you need to know about China in the past 24 hours
中国经济要闻
China will introduce a consumption tax for vaping devices from November, as part of a series of measures the government has taken in the past year to bring the burgeoning new sector more in line with that of traditional tobacco products.
Shares in the e-cigarette sector rose across the board today, as the Hong Kong-listed industry leader SMOORE soared 20 percent in early trading.
The import and manufacturing of e-cigarettes will be taxed at a rate of 36 percent and wholesale distribution is set at 11 percent, the Ministry of Finance, General Administration of Customs and the State Taxation Administration said yesterday.
This is still less than that of tobacco cigarettes which are taxed at a composite rate of 66.6 percent. E-cigarettes are being taxed at a rate just under that of Class-B rolled cigarettes, so there is still room to hike taxes, experts noted.
The new rules, though, encourage exports as manufacturers will still be eligible for tax rebates and exemptions should they sell their vaping devices overseas. This is good news for the industry as 90 percent of China’s e-cigarette market is export-oriented, industry experts said.
China’s export value of vaping devices is expected to jump 35 percent this year from the year before to $25.7 billion, according to the 2022 bluebook for e-cigarette exports released by the China Electronics Chamber of Commerce. And the size of the global vaping market should top $108 billion this year.
Experts said that the annual sales revenue of domestic e-cigarette makers is about 20 billion yuan ($27.36 billion), so the tax may contribute an additional 10 billion yuan to the government's annual revenue.
The cigarette market supervisor, China Tobacco, announced in September new requirements mandating that domestic e-cigarette manufacturers and traders obtain a license before operating their business, a measure that took effect on October 1.
On the same day, the mandatory national standards for e-cigarettes drawn up by the State Administration for Market Regulation became effective after five years of waiting. The rules have detailed criteria for use, and the protection of minors.
随着备受市场关注的电子烟消费税政策落地，10月26日，A股电子烟板块早盘联袂走强，其中顺灏股份、金时科技涨停，集友股份、华宝股份等均大幅上扬，港股思摩尔国际一度升逾20%。
25日，财政部、海关总署、税务总局发布《关于对电子烟征收消费税的公告》明确，将电子烟纳入消费税征收范围，实行从价定率的办法计算纳税。其中，生产（进口）环节的税率为36%，批发环节的税率为11%。纳税人出口电子烟，适用出口退(免)税政策。《公告》将自2022年11月1日起执行。
专家指出，在生产环节，国内香烟有两个税收标准，甲级烟按照56%征收，乙级烟则按照36%征收，电子烟的的纳税标准，和乙级烟等同，是比较低的纳税水准，未来要想调高也预留了空间。这符合国际市场惯例，电子烟税收标准相比传统香烟要低。批发环节，甲级烟和乙级烟税率标准都是11%，电子烟也沿袭了这一标准。按照现在国家批准的国标烟额度，国内电子烟市场年销售收入大概在200亿元，按照这个税率粗略计算，将为国家增加100亿元税收，对国家的财政收入作出贡献。
近年来电子烟市场规模快速扩大。中国电子商会电子烟行业委员会与卷卷智库联合发布的《2021电子烟产业蓝皮书》显示，目前中国电子烟制造及品牌企业超过1500家，电子烟供应链和周边服务企业有近10万家，带动直接从业150万人、间接从业400万人。
值得注意的是，这次电子烟征税政策更关键的部分是出口。专家表示，“纳税人出口电子烟，适用出口退(免)税政策”，这意味着出口电子烟继续享受13%的退税政策，出口电子烟继续受到政策鼓励，出口占整个市场的90%，这是行业最关键部分。
专家认为，对电子烟征收消费税是税收政策调节消费行为的必要措施。电子烟含有有害物质，既对电子烟消费者的身心健康有危害，其产生的废弃物也不利于自然环境治理，对其加征消费税有助于调节消费行为，引导健康消费，维护人民群众身体健康。同时，这也是维护税制公平的必然选择。
China's State Council published a series of regulations on Tuesday to promote the development of small businesses and stabilize employment in urban and rural areas. The regulations stressed the principle of equal access to the market and fair treatment of individual entrepreneurs, noting that their property rights and business autonomy are protected by law. The country will also encourage entrepreneurial investment institutions and social capital to support the development of individual entrepreneurs. The regulations will take effect from November 1, 2022.
《促进个体工商户发展条例》发布：10月25日，国务院发布《促进个体工商户发展条例》，自2022年11月1日起施行。《条例》指出，国务院有关部门在各自职责范围内研究制定税费支持、金融服务、权益保护等方面政策措施。《条例》明确，鼓励和引导创业投资机构和社会资金支持个体工商户发展；鼓励金融机构开发和提供适合个体工商户发展特点的金融产品和服务。县级以上地方人民政府应当结合本行政区域实际情况，根据个体工商户的行业类型、经营规模、经营特点等，对个体工商户实施分型分类培育和精准帮扶；并采取有效措施，为个体工商户增加经营场所供给，降低经营场所使用成本。
Greater Bay Area, Greater future
新使命，大未来
Guangdong province is to issue its second offshore renminbi local government bonds in the Macao SAR on Friday. The three-year bonds are estimated to be worth 2 billion yuan, according to the SAR government on Wednesday.
广东省将再赴澳发行境外地方政府债：澳门特区政府网站26日发布消息，广东省将于10月28日，在澳门发行离岸人民币地方政府债券，是次发债规模预计为20亿人民币，期限为3年，将面向机构投资者发行，是广东省继去年10月后，第二次在澳门发行境外人民币地方政府债券。
South China's Hainan Province on Monday announced a plan to issue up to 5 billion yuan of offshore yuan local government bonds in the Hong Kong SAR, with the proceeds to be mainly invested in the maritime economy, environmental protection and livelihood projects. It will be the first time for Hainan to issue offshore local government bonds.
海南赴港发行离岸人民币地方债：海南省财政厅24日发布公告，海南省计划于10月择机在香港簿记建档发行不超过50亿元离岸人民币地方政府债券，并在香港交易所挂牌上市，发行期限为2年、3年、5年期。据介绍，本次是海南省首次在境外发行地方债。其中，2年期为蓝色债券，3年期和5年期为可持续发展债券，募集资金将投向海洋经济及海洋保护项目、绿色环保项目、医疗及住房等民生保障项目。
Next on industry and company news
产业及公司新闻
China Resources Beer Holdings plunged today after the leading Chinese lager maker said it is splashing out 12.3 billion yuan to purchase a majority stake in a Chinese distiller. China Resources Beer will acquire a 55.2 percent stake in Guizhou Jinsha Jiaojiu Winery Industry, a producer of China’s favorite tipple baijiu, the Beijing-based company said in a filing to the Hong Kong bourse yesterday.
华润啤酒拟123亿拿下金沙酒业：10月25日晚间，华润啤酒发布公告，公司全资子公司华润酒业已于当日与相关方签订协议，拟通过增资扩股和股权购买的方式，获得金沙酒业55.19%的股权，据悉增资加购股总金额约123亿元。
CATL, the world’s largest manufacturer of electric-vehicle (EV) batteries, plans to start mass production of its sodium-ion batteries next year, according to an exchange filing, adding that it has been setting up a supply chain for the batteries and has entered negotiations with some carmakers about their use. CATL’s first-generation sodium battery generates 160 watt-hours electricity per kilogram, compared to over 200 watt-hours for a mainstream lithium battery.
宁德时代钠离子电池明年量产：近日，宁德时代披露《投资者关系活动记录》显示，该公司钠离子电池产业化进展顺利，供应链布局上需要一些时间，已与部分乘用车客户协商，2023年将正式量产。宁德时代第一代钠离子电池电芯密度达160千瓦时/千克；可实现超快充，15分钟可充电80%。据称，下一代钠离子电池能量密度将突破200千瓦时/千克。
Cash-strapped conglomerate Fosun International has dropped its plan to reduce its stake in Fosun Pharmaceutical Group, the Chinese drug developer said late Monday. Shanghai Fosun High Technology Group, a unit of Fosun International, has already sold 1.4 percent of Fosun Pharma’s share capital, worth around 1.2 billion yuan, but it has promised not to sell any more stock within the next 12 months, Fosun Pharma said yesterday. Meanwhile, a Citigroup report on Tuesday said the company planned to sell $11 billion of non-core assets within the next 12 months, including non-controlling stakes in Alibaba-backed logistics platform Cainiao.
复星高科终止减持复星医药：10月24日晚间，复星医药发布公告，表示控股股东复星高科经过综合考虑后，决定提前终止减持复星医药的计划，同时“承诺一年内（至2023年10月24日）不减持本公司股份”。另外有消息称，复星国际25日对分析师表示，计划在未来12个月内出售高达110亿美元资产，以巩固资产负债表和投资者信心。
Japan's Toyota Motor debuted its second pure-electric vehicle in the Chinese market yesterday in collaboration with local carmakers BYD and FAW Group, which incorporates battery and electric machinery provided by BYD. The auto manufacturer introduced the BZ3, an electric sedan, in China, following the launch of the BZ4X, its first global battery electric vehicle, two weeks ago.
丰田发布首款联手比亚迪纯电车：在刚刚国内上市了纯电车型bZ4X不久，丰田汽车公司又在10月24日发布TOYOTA bZ纯电动专属系列第二款产品——bZ3，该车搭载了比亚迪旗下弗迪动力提供的驱动电机与磷酸铁锂刀片电池产品。作为该系列的首款轿车产品，车型由丰田与比亚迪合资成立的比亚迪丰田电动车科技有限公司与一汽丰田携手共同研发，并计划通过一汽丰田及其经销商网络进行生产销售。
Switching gears to financial news
金融市场消息
China's fiscal revenue dropped 6.6 percent year on year during the first nine months of 2022, amounting to 15.3 trillion yuan, according to the Ministry of Finance on Tuesday. Excluding the impact of value-added tax credit refunds, fiscal revenue grew 4.1 percent from a year earlier. The central government collected about 6.99 trillion yuan in fiscal revenue, down 8.6 percent, and local governments collected 8.32 trillion yuan, down 4.9 percent. Tax revenue came in at nearly 12.44 trillion yuan in the January-September period, down 11.6 percent year on year.
1-9月全国财政收入超15万亿元：10月25日，财政部公布2022年前三季度财政收支情况。1-9月累计，全国一般公共预算收入153151亿元，扣除留抵退税因素后增长4.1%，按自然口径计算下降6.6%。其中，中央一般公共预算收入69934亿元，按自然口径计算下降8.6%；地方一般公共预算本级收入83217亿元，按自然口径计算下降4.9%。全国税收收入124365亿元，按自然口径计算下降11.6%；非税收入28786亿元，比上年同期增长23.5%。
Outstanding loans extended by China's micro-credit companies came in at 907.6 billion yuan by the end of September, a drop of 34.7 billion yuan, central bank data showed Tuesday. By the end of last month, there were 6,054 micro-credit companies nationwide.
9月末全国小额贷款余额超9000亿：据央行网站25日消息，截至2022年9月末，全国共有小额贷款公司6054家。贷款余额9076亿元，前三季度减少347亿元。
Wrapping up with a quick look at the stock market
股市收盘情况
Chinese shares recovered on Wednesday, as both the offshore and onshore yuan strengthens to 7.2 versus the US dollar amid signs of the Feds slowing its aggressive interest rate hikes and Beijing's supportive tone on the market boosted sentiment. The benchmark Shanghai Composite gained 0.78 percent, and the Shenzhen Component rose 3.54 percent. Hong Kong's Hang Seng Index rebounded 1 percent, ending a five-day losing streak, while the Tech Index climbed 2.48 percent.
A股走强港股反弹：周三A股三大指数集体走强。离岸在岸人民币对美元一度双双收复7.2关口，离岸人民币日内涨超1000点。截至收盘，沪指涨0.78%，深成指涨1.68%，创业板指涨2.52%，沪深两市全天成交额9142亿元，个股呈普涨态势。港股方面，恒生指数收涨1%，恒生科技指数涨2.48%，新能源汽车、大型科网股走高。
Biz Word of the Day
财经词汇划重点
Microcredit is a common form of micro-finance that involves an extremely small loan given to an individual to help them become self-employed or grow a small business. In China, micro-lenders largely target small companies and low-income groups in need of capital.
小额贷款是以个人或企业为核心的综合消费贷款，贷款的金额一般为1万元以上，20万元以下。办理过程一般需要做担保。小额贷款是微小贷款在技术和实际应用上的延伸。小额贷款在中国主要是服务于三农、中小企业。
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
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