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
Finance minister reiterates plan for fiscal expansion in 2023;
China lifts registration system for foreign trade authorization.
Here’s what you need to know about China in the past 24 hours
中国经济要闻
China will carry out "moderate" fiscal expansion to bolster high-quality growth, while strengthening management of local government debt and firmly holding on to the bottom line of preventing systemic risk this year, Chinese Finance Minister Liu Kun said in an interview with the Xinhua News Agency on Tuesday.
In 2023, a proactive fiscal policy should be carried out, including an expansion of fiscal expenditure, promotion of special bond investment and an increase of transfer payments from the central to local governments, especially to poor and underdeveloped areas, Liu said while introducing the priorities for China's fiscal policy in 2023.
Liu said that risks are so far "generally controllable," as the ratio of China's government debt balance to GDP is lower than the internationally accepted warning line of 60 percent, and is also lower than the levels of major market economies and emerging market countries.
China's local governments issued a net 45.5 billion yuan in special bonds in November. In the January-November period, local governments in total issued a net 4.03 trillion yuan in special bonds, the ministry said.
On December 10, the Ministry of Finance announced that it would issue a 2022 special bond worth 750 billion yuan in an effort to raise funds for the development of the national economy and social undertakings.
In the next step, Liu said regulating the management of local government financing platform companies will be an important part of preventing local government debt risks, noting that the ministry "attaches great importance to the matter."
"We will continue to standardize financing management, strictly prohibit the establishment of new financing platform companies, standardize financing information disclosure, and strictly prohibit linking with local government credit," Liu said.
The ministry will properly handle the debts and assets of financing platform companies, strip their government financing functions and promote the formation of a benign mechanism with clear boundaries between the government and enterprises, Liu added.
1月4日消息，财政部部长刘昆日前接受新华社采访，对中央经济工作会议提出“积极的财政政策要加力提效”等进行了解读。
刘昆表示，中央经济工作会议对财政政策取向、安排提出明确要求。会议提出“积极的财政政策要加力提效”，体现了稳中求进工作总基调，兼顾了需要与可能、当前与长远、发展与安全。
加力，就是要适度加大财政政策扩张力度。一是在财政支出强度上加力。统筹财政收入、财政赤字、贴息等政策工具，适度扩大财政支出规模。二是在专项债投资拉动上加力。合理安排地方政府专项债券规模，适当扩大投向领域和用作资本金范围，持续形成投资拉动力。三是在推动财力下沉上加力。持续增加中央对地方转移支付，向困难地区和欠发达地区倾斜，兜牢兜实基层“三保”底线。
提效，就是要提升政策效能。一方面，完善税费优惠政策，增强精准性和针对性，着力助企纾困。另一方面，优化财政支出结构，更好发挥财政资金“四两拨千斤”的作用，有效带动扩大全社会投资，促进消费。同时，加强与货币、产业、科技、社会政策的协调配合，形成政策合力，推动经济运行整体好转。
关于如何更好发挥专项债效能，刘昆表示，专项债是带动扩大有效投资、稳定宏观经济的重要手段。2018年以来，累计安排新增地方政府专项债券14.6万亿元。其中，2022年截至11月末，发行新增地方政府专项债券4万亿元，支持近3万个重点项目建设。2023年，将适量扩大专项债券资金投向领域和用作资本金范围，持续形成实物工作量和投资拉动力，推动经济运行整体好转。
在加强地方融资平台管理方面，刘昆指出，截至目前，我国政府债务余额占GDP的比重，低于国际通行的60%警戒线，也低于主要市场经济国家和新兴市场国家水平，风险总体可控。
规范管理地方政府融资平台公司，是防范地方政府债务风险的重要内容。财政部对此高度重视，持续规范融资管理，严禁新设融资平台公司；规范融资信息披露，严禁与地方政府信用挂钩；妥善处理融资平台公司债务和资产，剥离其政府融资职能，防止地方国有企业和事业单位“平台化”。
China's commercial authorities have canceled registration requirements for businesses engaged in foreign trade activities from Dec 30, 2022, following a revision of the country's Foreign Trade Law, the Ministry of Commerce said Tuesday. The authorities will no longer require market entities to provide foreign-trade operator registration materials in applying for import and export licenses, registration certificates of technology import and export contracts, quotas, state-owned trade qualifications, and other relevant documents. The change is a significant reform measure in foreign trade management, the ministry said.
商务部取消对外贸易经营者备案登记：1月3日，据商务部消息，2022年12月30日，十三届全国人大常委会第三十八次会议经表决，通过了关于修改对外贸易法的决定，删去《中华人民共和国对外贸易法》第九条关于对外贸易经营者备案登记的规定。根据决定，自2022年12月30日起，各地商务主管部门停止办理对外贸易经营者备案登记。商务部表示，这是外贸经营管理领域重大改革举措，是中国政府坚定推进贸易自由化便利化的重要制度创新。
Greater Bay Area, Greater future
新使命，大未来
Hong Kong is getting ready to resume cross-border travel with the Chinese mainland as early as Sunday. Customs and clearance officers have been recalled to border checkpoints, cross-boundary buses are undergoing mechanical checks after three years of being idle, and train staff have been summoned to re-familiarize themselves with their work. Local media reported that the quota will be initially set at 30,000 to 50,000 people per day. The SAR government’s plan on the resumption of cross-boundary travel is expected to be made open on Wednesday at the earliest.
香港最快今日公布通关安排：香港与内地最快1月8日有序全面通关，1月3日，广深港高铁香港段开始试运营，列车按时间表开赴内地站点。另据媒体消息，香港特区政府最快今日公布通关安排。消息指，首阶段会先开放落马洲口岸（福田口岸），并设配额制，每日3万-5万个。对于通关初期将设人数配额安排，有媒体引述消息人士表示，相关人数安排只针对陆路口岸，高铁、飞机、船舶等则不设人数限额，而是依靠相关机构因应其运力，决定班次数目。
Next on industry and company news
产业及公司新闻
China Minmetals Corporation, the country's largest metals and minerals group, expects to see record-high revenue and profit figures for 2022, the company said at its annual work conference Tuesday. In 2022, the operating revenues of the mineral giant are expected to rise 9.2 percent year-on-year to nearly 900 billion yuan, and its profits and net profits are expected to respectively increase by 18.4 percent and 28.3 percent from 2021.
去年中国五矿营利双创新高：1月3日，中国五矿集团有限公司消息，中国五矿2022年规模效益继续攀升，运营质量稳中有进，全年预计实现营业收入近9000亿元，同比增长9.2%，利润总额、净利润预计同比分别增长18.4%、28.3%，全年营收、利润总额双双再创历史新高。
Sunac plans to sell the 51 percent stake it owns in the Shenzhen Snow World to state-owned Zhuhai Huafa for 3.58 billion yuan with a repurchase option before November 2025, the developer said in a filing late Tuesday. A loss of 510 million yuan is expected to incur from the disposal and the net proceeds will be mainly used to repay Sunac's loan obtained for financing the acquisition of the land, thereby reducing the overall debt pressure, it said.
华发接盘深圳冰雪文旅城：1月3日晚间，华发股份与融创中国接连发布公告称，融创拟将深圳融华置地投资有限公司51%的股权与债权转让给珠海华发，标的公司主要开发位于深圳的融创华发冰雪文旅城项目。交易总金额约为35.8亿元，其中股权收购价为35.7亿，债权收购价为1190万元。据融创公告披露，出售事项所得款项净额将主要用于偿还融创中国当时为获取目标项目而获得的融资（本息合计约人民币20.94亿元），并解除公司目前就该融资而提供的担保，从而也降低集团整体负债规模、减少债务压力。
Leshi Internet Information & Technology Corp. has restored wages that it trimmed two years ago and reduced the working week to four and a half days as business improves, media reported yesterday. Leshi, operator of streaming site Le.com and hardware retailer Lerong Zhixin Electronic Technology, is implementing a four-and-a-half-day work week from Jan. 1 which includes a five-hour half day on Wednesdays, the report said, citing Chief Executive Officer Zhang Wei.
乐视宣布每周四天半工作制：1月3日，乐视CEO张巍发布全员信，宣布自2023年1月1日起，公司将执行每周四天半工作制，每周三实行弹性的半天工作制，考勤时间调整为连续的5小时。2022年3月，随着乐视经营状况的改善，乐视内部已经恢复了两年前降低的薪酬。
Coca Cola China sold its non-aerated beverages business in 13 cities to Cofco Group company China Foods and Swire Pacific on Jan. 1 in a bid to boost production management efficiency. The deal covers functional water, fruit juices, tea and dairy beverages as well as coffee, according to statements released on Tuesday by the buyers.
中粮与太古完成收购可口可乐中国不含气饮料业务：1月3日，根据中国食品有限公司（中粮可口可乐大股东）与太古公司发布公告显示，双方收购可口可乐中国不含气饮料业务的交易已于2023年1月1日完成。此次交易涉及的业务，包含可口可乐中国系统位于13个城市的不含气饮料生产型公司和分公司，包括机能水、果汁、茶饮料、含乳饮料及咖啡，由中国内地各省份的装瓶商负责经销。主要品牌有美汁源、水动乐、纯悦、淳茶舍、Costa咖世家（瓶装饮料）等。
IQiyi, a Nasdaq-listed Chinese video streaming platform, announced on Tuesday the closing of a private placement of $500 million to Asia-focused alternative investment firm PAG. PAG completed the transaction in iQiyi’s secured convertible senior notes, which may be converted to iQIYI's ADRs at a rate of nearly 217 shares per $1,000 in principal. They carry a 6 percent annual interest rate and are set to expire after a five-year term.
爱奇艺完成发行5亿美金可转债：爱奇艺3日公告称，完成对PAG隶属机构发行5亿美金可转债，该笔投资完成后，爱奇艺将继续提高并拓展其商业运营，开发原创内容并改善其运营现金。该笔可转债可以转化为公司的ADS股票，起始转股价为216.9668 ADSs 每1000美金本金票据，票息为6%，将在发行后的5年后到期。票据持有人有权在发行后的第三年和第五年要求公司以120%及130%的价格回购部分或全部票据。
Switching gears to financial news
金融市场消息
China's securities regulator said it would fully check securities firms' financing needs after Huatai Securities proposed a placement plan to raise 28 billion yuan in A-share and H-share rights issue last week. The China Securities Regulatory Commission(CSRC) said yesterday that it will fully pay attention to the necessity and rationality of securities firms' financing, as part of its vetting process. Listed brokers should reasonably determine the financing plan and method, and safeguard the legitimate rights and interests of all types of investors, especially small and mid-sized investors, the regulator said, adding that it supports reasonable financing for securities companies.
证监会评点券商再融资：1月3日，证监会表示，已经关注到有关上市证券公司再融资行为。证监会称，一直倡导证券公司自身必须聚焦主责主业，树牢合规风控意识，坚持稳健经营，走资本节约型、高质量发展的新路，发挥好资本市场“看门人”作用。证监会明确，作为已上市的证券公司，更应该为市场树立标杆，提高公司治理质效，结合股东回报和价值创造能力、自身经营状况、市场发展战略等合理确定融资计划及方式，董事会和股东大会要统筹平衡，审慎决策，切实维护各类投资者特别是中小投资者合法权益。此前，华泰证券公告称，公司拟按照每10股配售3股的比例向全体A股和H股股东配售股份，募资不超280亿元。
Ant Group’s online lending subsidiary has been given the go-ahead from regulators to boost its registered capital by 10.5 billion yuan, marking a key step forward in the fintech giant’s revamp. The China Banking and Insurance Regulatory Commission’s (CBIRC) branch in Chongqing said on Friday that it has approved Chongqing Ant Consumer Finance Co. Ltd. to expand its registered capital to 18.5 billion yuan from 8 billion yuan.
蚂蚁金服获批增资105亿元：1月4日消息，重庆银保监局批准重庆蚂蚁消费金融公司将资本金从80亿提高至185亿元人民币的计划，意味着蚂蚁集团可以为其消费部门筹集105亿人民币。
The stock repurchase amount of companies listed on the Hong Kong Stock Exchange almost tripled to a new record-high last year from 2021, buying back HK$102.9 billion worth of shares in 2022, versus HK$38.1 billion the year prior, according to financial data platform Choice. Tencent topped the list by spending over HK$33.7 billion on 100 buybacks of 91 million shares and taking up over one-third of the total repurchase amount last year.
2022年港股回购超千亿：2022年港股上市公司回购金额达1029亿港元，大幅超越2021年全年381亿港元的回购规模。其中回购规模最大的就是互联网巨头腾讯控股，累计回购约9097.86万股，年内回购次数超过百次，累计耗资超337亿港元，占2022年港股回购总金额的1/3以上。
Wrapping up with a quick look at the stock market
股市收盘情况
Chinese stocks closed mixed on Wednesday with the benchmark Shanghai Composite adding 0.22 percent, while the Shenzhen Component slid 0.2 percent. Hong Kong stocks finished with another big gain with tech firms leading the way. The Hang Seng index climbed 3.22 percent and the TECH index rallied 4.58 percent.
A股涨跌不一港股大涨：周三A股三大指数涨跌互现，截至收盘，沪指涨0.22%，深成指跌0.2%，创业板指跌0.9%。沪深两市全天成交额7837亿元。港股恒指高开高走，截至收盘，恒指大涨3.22%，恒生科技指数收涨4.58%，内房股走强，互联网医疗板块大涨。
Biz Word of the Day
财经词汇划重点
A stock buyback is when a public company uses cash to buy shares of its own stock on the open market. In a stock buyback, a company purchases shares of stock on the secondary market from any and all investors that want to sell. A stock buyback aims to buoy a firm’s stock price by removing some of its shares from the market.
股票回购是指上市公司利用现金等方式，从股票市场上购回本公司发行在外的一定数额的股票的行为。主要目的是稳定公司股价、改善资本结构、反收购措施等。
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
