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 

• OECD cuts global and China GDP projections amid Omicron scare and supply bottleneck; 

• Guangdong joins most provinces to grant 10 days of childcare leave for parents.

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

中国经济要闻

“The world isn’t looking better. ”

The Organisation for Economic Co-operation and Development (OECD) on Wednesday lowered its expectation of this year’s global economy expansion from 5.7 to 5.6 percent, while China is set to hit 8.1 percent, slightly down from previous forecasts, which remains much higher than the country's target of a 6-percent growth. According to the National Bureau of Statistics, in the first three quarters this year, China's GDP grew by 9.8 percent year-on-year, right above the OECD projection.

Sounding the alarm as more Omicron cases are identified, adding to the existing strain on the world economy from persistently high levels of inflation, the OECD warns that governments around the world could be forced to impose tighter mobility restrictions, hurting demand for goods and services, and leading to a sharp fall in economic activity and lower inflation, similar to the earliest phase of the pandemic.

But the Omicron variant may actually be a wake-up call. Laurence Boone, chief economist of the OECD said, wealthy nations had spent about $10 trillion in emergency support since the start of the pandemic, but it would take just $50 billion to vaccinate the whole world. “As a result the world really is not looking better,” she said.

“世界真的无法变得更好。”这是经合组织（OECD）首席经济学家对全球经济前景的一句判断。

当地时间12月1日，经合组织（OECD）发布最新的经济展望报告预计，全球经济增长今年将为5.6%，中国经济增长今年将达8.1%，低于此前预测的8.5%，2022年和2023年均放缓至5.1%。

OECD警告，全球面临的通胀压力持续时间可能比几个月前预期的要持久。报告称，经济的强劲反弹正在减缓，供应瓶颈、通胀上升和大流行的持续影响让经济前景蒙阴；奥密克戎变异毒株的出现带来的潜在风险和不确定性加剧了已存在的失衡，进一步“威胁”到经济复苏。

值得注意的是，OECD首席经济学家Laurence Boone指出，疫情期间富裕国家用10万亿美元来支持经济复苏，相比之下，给全世界人都接种疫苗却只需要500亿美元，完全不成比例。“因此，世界真的无法变得更好，”她说。

与之相对的是，11月30日，中共中央政治局委员、国务院副总理刘鹤预计，中国全年经济增长将超过预期6%的目标。上月底，国家统计局公布数据显示，前三季度中国GDP同比增长9.8%。

• South China’s Guangdong province announced Wednesday to add 10 days of childcare leave for parents with children under 3 years old, together with a 5-day leave for single child whose parents are above 60 in its latest revision of family planning regulations.

  12月1日上午，广东省十三届人大常委会表决通过《广东省人民代表大会常务委员会关于修改‘广东省人口与计划生育条例’的决定》，规定子女三周岁以内，父母每年各享受10日育儿假；再婚夫妻也可以生育三个子女。独生子女父母年满六十周岁，用人单位应当给予其子女每年五日的护理假。

Greater Bay Area, Greater Future

新使命，大未来

• Southeast Asia is the next hot expansion destination for companies in the Greater Bay Area. Nearly 60 percent of businesses in the area are considering expansion into ASEAN region in the next three years, according to a survey released Tuesday by the Hong Kong Trade Development Council and United Overseas Bank. 

  大华银行及香港贸易发展局12月1日联合发表的《大湾区与东盟间的贸易与投资及香港的角色》调研报告显示，近六成受访粤港澳大湾区企业于未来三年考虑到东盟开展或进一步拓展业务。

Update on COVID-19

疫情简报

• Residents in northwest China's Inner Mongolia lined up Wednesday to get tested for the fifth time as a recent outbreak put neighbourhoods under lockdown. The autonomous region reported 53 new local cases yesterday, all in HulunBuir city.

  全国昨日新增53例本土确诊病例（均在内蒙古呼伦贝尔市）。 12月2日，内蒙古满洲里市启动第五轮大规模核酸检测工作。 

• University of Hong Kong researchers will soon partner with a mainland drugmaker to develop a vaccine against Omicron after they successfully isolated samples of the fast-spreading variant. 

  12月1日，香港大学医学院微生物学系讲座教授、微生物学系研究团队负责人袁国勇表示，已与内地相关疫苗公司分享成果，协助新冠疫苗的后续研发。此前，该团队29日成功从临床标本中分离出新冠病毒奥密克戎变异株。

Next on industry and company news

产经消息及公司新闻

• IQiyi is laying off 20 to 40 percent of its employees, media reports, adding that the layoffs affect many divisions including gaming, user product, and video community. 

  爱奇艺大裁员：12月1日，媒体报道，目前爱奇艺正在裁员，裁员比例在20%至40%之间。多位被裁员工称，此次裁员是爱奇艺历史上规模最大的一轮裁员，部分部门几乎全员被裁，即使是诸如内容、智能硬件等盈利部门也有指标。

• BeiGene, a biotechnology company, starts its 23.5 billion IPO on the STAR Market of the Shanghai bourse today. It is the first Chinese biopharmaceutical company to have shares traded on the Chinese mainland, Hong Kong and the U.S.  

  百济神州打新：今天，科创板新股百济神州正式网上申购，发行价格为192.60元/股，总市值2349亿元。这也是全球首家在纳斯达克、港交所与上交所三地上市的生物科技企业。

• Canada Goose has rapidly backpedaled on its previous refusal to accept after-sales returns in China after customers complained. The storm comes just a week after the Canadian outerwear firm was fined by Chinese regulators for false advertising. 

  加拿大鹅回应：12月2日，加拿大鹅公司承诺，所有中国大陆地区专门店售卖的产品均可以依照中国法律法规退货退款。此前，12月1日上午，上海市消保委就消费者所关心的加拿大鹅专门店的《更换条款》的公平性合理性问题，专门约谈了加拿大鹅公司。

• The Hong Kong-listed shares in Cloud Village, the music streaming business owned by NetEase, fell 2.5 percent on its first day of trade, closing short of HK$200 per share.  

  网易云音乐破发：今日，网易云音乐正式在港交所上市，成为全球音乐社区第一股。但开盘后不久即破发，最终首日收报199.9港元，跌2.49%，市值415.3亿港元。 

Switching gears to the financial sector

金融市场要闻

• China’s securities regulator denied media reports that the watchdog plans to ban companies from going public on overseas stock markets through variable interest entities (VIEs). 

  “禁止VIE境外上市”不实：近日，有境外媒体报道称中国证监会将禁止协议控制架构（VIE）企业在境外上市，证监会有关部门负责人回应，证监会注意到了相关媒体的报道，这一消息不属实。

Wrapping up with a quick look at the stock market

最后来看股市收盘情况

• Chinese stocks closed lower on Thursday with the Shanghai Composite down 0.09 percent and Shenzhen Component edged 0.19 percent lower. Stocks related to MetaVerse went weak, while vocational education stocks were boosted by supportive policies released today. The Hang Seng Index continued to close higher while the Tech Index retreated 0.68 percent. 

  A股今日震荡下跌，沪指跌0.09%，深成指跌0.19%。元宇宙概念萎靡全天领跌；受消息支持，职业教育股集体走强。恒指继续涨势，收涨0.55%，恒生科技指数跌0.68%。

Biz Word of the Day

财经词汇划重点

• A variable interest entity (VIE) refers to a legal business structure in which an investor has a controlling interest despite not having a majority of voting rights.

  协议控制（VIE结构），是境内主体为实现在境外上市采取的一种方式。是指境外上市实体与境内运营实体相分离，通过协议的方式控制境内运营实体的业务和财务，使该运营实体成为上市实体的可变利益实体。

（欢迎大家提供意见和反馈，请联系主播李莹亮：liyl@21jingji.com）

Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI, ZHANG Ran

Producer: XIANG Xiufang

Sound Editor: ZHANG Ran, Andy YUAN

Graphic Designer: ZHENG Wenjing, LIAO Wanni

Co-produced by 21st Century Business Herald Dept. of Overseas News & SFC Audio/Video Dept.

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、张然

监制：向秀芳 

音频制作：李群、袁思杰 

设计：郑文静、廖苑妮

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