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 

• Chinese premier stresses seeking new impetus for recovery and reiterates commitment to opening-up during his visit to Shenzhen;

• China’s science ministry draws a roadmap for carbon emission reduction goals and related technologies.

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

中国经济要闻

In a fresh call to prompt China's largest provinces in economic terms to be at the forefront of the national stabilisation push, Premier Li Keqiang made an inspection tour in Shenzhen, Guangdong on Tuesday and Wednesday, during which he emphasised the pioneering role of the city and the province. 

Guangdong and Shenzhen are at the vanguards of the country's reform and opening-up and have relied on them to achieve drastic changes. Guangdong is the No.1 economic province and Shenzhen has developed into an internationalised metropolis, the premier said, calling for the duo to continue their pioneering roles in opening up the economy and serving as the economic mainstay, thereby making greater contribution to national development.

When visiting Yantian Port, a major foreign-trade port in Shenzhen, Li stressed ensuring the smooth and efficient running of the port to help keep the industrial and supply chains stable.

Li heard a report on mass entrepreneurship and innovation by the Shenzhen government and visited an innovation park, where he said venture capital fund should be promoted to help start-ups at their critical stage of development.

A visit to Shenzhen-based new-energy vehicle giant BYD was part of the inspection where Li vowed to ramp up moves to extend the implementation of tax policies intended to support NEVs and accordingly expand consumption in the sphere of big-ticket items.

Li also vowed to maintain preferential policies designed to boost sales and stimulate demand of environmentally cleaner cars, and flagged unwavering support for large private enterprises like BYD in growing stronger and better as they offer large employment.

8月16日至17日，中共中央政治局常委、国务院总理李克强在广东深圳考察。他强调，要全面贯彻新发展理念，高效统筹疫情防控和经济社会发展，落实疫情要防住、经济要稳住、发展要安全的要求，巩固经济恢复基础，把稳增长放在更加突出位置，稳就业保民生，以改革开放激活力增动力，保持经济运行在合理区间。

广东及深圳是改革开放的前沿，依靠改革开放发生了翻天覆地变化，广东是第一经济大省，深圳已发展成国际化大都市，要继续发挥改革开放引领作用和经济挑大梁作用，为全国发展作更大贡献。

李克强听取深圳市“双创”情况汇报。他来到领创天下创业园考察，创客反映需要初创资金支持。李克强说，要支持风投等创投基金更好发展，在初创企业发展关键阶段扶一把。他说，创业创新既要敢为天下先、创成天下先，又要记得天外有天，敢闯敢试、不骄不躁，一步一步踏实往前走。要打造更多“双创”平台，助力更多人实现创业创新梦想。

在考察盐田港时，李克强说，盐田港是华南地区的重要港口，面向发达国家的进出口占比高，要继续保持港口集疏运通畅、高效运转，稳定产业链供应链。他说，对外开放是我国的基本国策，无论国际形势如何变化，我们都坚定不移扩大开放，更好利用国内国际两个市场两种资源，提升经济竞争力，实现互利共赢。

李克强听取广东省和深圳市稳就业情况汇报。在比亚迪公司，他鼓励企业把科学精神和工匠精神结合起来，进一步做大做强。李克强说，新能源汽车在异军突起，要抓紧研究延续实施支持新能源汽车的相关税收政策，扩大大宗消费。公司负责人介绍，作为民营企业目前吸纳了50万人就业，今年月均新增就业2万多人，李克强十分高兴。他说，企业发展创造了就业岗位，员工付出也成就了企业壮大。国家坚持“两个毫不动摇”，对国企、民企、外企和合资企业等各类企业在政策支持上一视同仁。

• China's Ministry of Science and Technology on Thursday issued technology-supported execution outline for carbon emissions reduction period 2022 to 2030, stating to cut 18 percent of GDP carbon dioxide emissions, and 13.5 percent of energy consumption per GDP unit by 2025 over levels in 2020 supported by technological methods. The outline was issued to push forward a series of technology innovations to secure success in reaching carbon emissions peak before 2030, and reserve research and development for the carbon neutrality before 2060.

  碳达峰碳中和科技路线发布：据科技部网站8月18日消息，科技部等九部门印发《科技支撑碳达峰碳中和实施方案（2022—2030年）》。方案提到，到2025年实现重点行业和领域低碳关键核心技术的重大突破，支撑单位国内生产总值（GDP）二氧化碳排放比2020年下降18%，单位GDP能源消耗比2020年下降13.5%；到2030年，进一步研究突破一批碳中和前沿和颠覆性技术，形成一批具有显著影响力的低碳技术解决方案和综合示范工程，建立更加完善的绿色低碳科技创新体系，有力支撑单位GDP二氧化碳排放比2005年下降65%以上，单位GDP能源消耗持续大幅下降。

Moving on to regional highlights

区域观察

• Shanghai will issue e-coupons to boost consumption for the first time, the municipal commission of commerce said on Wednesday. The coupon program, totalling 1 billion yuan, will be launched in three batches from late August to late November. Consumers in Shanghai aged 18 or above can apply for the vouchers, which can be used online or offline for dining, retail, or cultural and tourism consumption. 

  上海首次发10亿元消费券：17日上海市商务委消息，上海将首次发放电子消费券，总规模达到10亿元，从8月下旬到11月下旬期间分三轮发放，可用于餐饮、零售和文旅行业的多个消费场景线上线下使用。根据计划，此次消费券发放总规模为10亿元，三轮分别发放2亿元、5亿元和3亿元规模。消费券以“在线报名、摇号中签”的方式发放。

• Southwest China's Chongqing Municipality has made new advances in promoting high-quality development over the past decade, said a press briefing held Wednesday. Chongqing’s GDP more than doubled from 1.16 trillion yuan in 2012 to 2.79 trillion yuan in 2021. Chongqing also seeks to build itself into a national influential science and technology innovation centre with 5,109 high-tech companies, and the digital economy contributes 27.2 percent of its GDP. 

  重庆10年间GDP平均增长9.2%：中共重庆市委17日举行“中国这十年·重庆”主题新闻发布会。会上介绍称，重庆全市地区生产总值从2012年的1.16万亿元，增至2021年的2.79万亿元、十年年均增长9.2%，近五年增加近1万亿元。重庆以建设具有全国影响力的科技创新中心为目标，高新技术企业五年增长3.5倍、达到5109家；数字经济增加值占GDP比重达到27.2%。

Next on industry and company news

产业及公司新闻

• China will build 4,000 to 6,000 small and medium-sized enterprises (SMEs) into digital transformation models amid the country's push for developing its digital economy. From 2022 to 2025, China will use central financial funds to support SMEs in digital transformation pilot, and further improve digital platforms that provide public services for SMEs, the Ministry of Industry and Information Technology and Ministry of Finance jointly announced Wednesday.

  打造“小灯塔”企业为数字化转型样本：17日，工信部办公厅、财政部办公厅发布关于开展财政支持中小企业数字化转型试点工作的通知，提出2022年到2025年，中央财政计划分三批支持地方开展中小企业数字化转型试点，提升数字化公共服务平台服务中小企业能力。打造一批小型化、快速化、轻量化、精准化的数字化系统解决方案和产品，形成一批可复制可推广的数字化转型典型模式，打造4000-6000家“小灯塔”企业作为数字化转型样本。

• China's air travel continued to recover in July, rising for three months in a row. The civil aviation industry handled approximately 34 million passenger trips last month, surging 54.5 percent month on month, the Civil Aviation Administration of China (CAAC) said Thursday. The total air transport turnover hit 6.8 billion ton-km in July, growing 27.5 percent month on month.

  7月民航业保持恢复态势：8月18日，民航局航空安全办公室主任朱涛表示，7月份，民航业完成运输总周转量68.0亿吨公里，环比增长27.5%；旅客运输规模连续三个月回升，完成旅客运输量3399.6万人次，环比增长54.5%；货邮运输规模有所下降，完成货邮运输量53.9万吨，环比下降2.1%。

• Pop Mart, China's leading blind box firm, traded down nearly 5 percent today after the State Administration for Market Regulation drafted a guideline to regulate the billion-dollar blind box sector late Tuesday. The top market regulator stipulated that businesses shall not sell blind boxes to juveniles under 8 years old, and blind box operators shall not have a large price difference from that of non-blind box products of the same quality. 

  监管出手规范盲盒经营：8月16日晚，国家市场监管总局网站发布关于公开征求《盲盒经营活动规范指引（试行）（征求意见稿）》的通知，拟对盲盒销售的内容、形式、销售对象等方面作出规定。意见稿拟规定，盲盒经营者不得向8周岁以下未成年人销售盲盒。通过盲盒形式销售的，同一套系商品或者服务的成本差距不应过大。盲盒商品价格不应与同质同类非盲盒销售商品价格差距过大。18日港股泡泡玛特跌近5%。

• Chinese e-commerce platform Pinduoduo is preparing a cross-border e-commerce app, expected to be released initially for the US market in mid-September, media reported on Wednesday. The model will follow Shein, which is now the largest Chinese independent cross-border e-commerce platform, and Pinduoduo has been attracting merchants from all categories, with key categories being low-priced daily necessities and home products. Pingduoduo has rejected to comment on the news.

  拼多多或将上线跨境电商：媒体17日消息，拼多多正在筹备跨境电商平台，应用预计在9月中旬上线，第一站是美国。模式将效仿中国最大跨境电商独立站SheIn，正在全品类招商。对此拼多多回应称“对此消息不予置评。” 

Earnings reports express

财报速递

• Tencent Holdings reported its first-ever revenue decline as the company trimmed nearly 5,500 employees from its payroll in the second quarter amid a slowing economy. The Shenzhen-based internet giant posted a revenue of 134 billion yuan in the second quarter, down 3 percent from a year ago. Net income reached 18 billion yuan in the period, down 56 percent year on year, according to the company late Wednesday. 

  腾讯二季营收首次下滑：8月17日，腾讯发布了2022年第二季度财报。报告期内，腾讯营收1340.34亿元，同比下降3%，净利润为186.19亿元，同比下降56%。非国际会计准则下的净利润为281.39亿元，同比下降17%。这是腾讯历史上季度营收首次出现同比下滑，而净利润则已经连续四季度出现下降。财报称，在第二季期间，腾讯主动退出非核心业务，收紧营销开支，削减运营费用。截至6月30日，腾讯员工总数为110715人，一季度该数字为116213人，单季度员工总数净减少5498人。

• Ping An Bank posted net profit rising almost 26 percent to 22.1 billion yuan in the first half from a year ago, the Shenzhen-based joint-stock commercial lender said in its earnings report yesterday. Revenue climbed 9 percent to 92 billion yuan. Its total assets reached 5.1 trillion yuan as of June 30, up nearly 4 percent from the end of last year, while its non-performing loan (NPL) ratio was unchanged at 1.02 percent. The lender recovered 26.7 billion yuan of NPLs, an increase of 35 percent from a year ago.

  平安银行上半年稳定增长：8月17日晚，平安银行披露了2022年半年度业绩报告。上半年，该行实现营业收入920.22亿元，同比增长8.7%；实现净利润220.88亿元，同比增长25.6%；截至6月末，该行资产总额51087.76亿元，较上年末增长3.8%；不良贷款率1.02%，与上年末持平。上半年，该行收回不良资产总额266.78亿元，同比增长34.8%。

• Chinese silicon giant Tongwei said Wednesday that it will spend 28 billion yuan to build two new production lines for high-purity crystalline silicon in Yunnan province and Inner Mongolia with an annual output of 400,000 tons, as demand for the raw material used to make solar panels surges. The Chengdu-based company reported a 12.2 billion yuan profit in the first half, soaring over 300 percent from the same period last year, according to its interim financial report released yesterday. Revenue more than doubled to 60.3 billion yuan. The firm’s output of crystalline silicon more than doubled in the period to 107,300 tons.

  通威上半年净利增长312%：8月17日，通威发布公告称，拟在云南保山市、内蒙古包头建设高纯晶硅及配套项目。公告显示，每个项目投资额约140亿元，年产量为20万吨高纯晶硅，将于2024年内竣工投产。17日晚间，通威股份披露2022年半年报。数据显示，通威股份上半年实现营业收入603.39亿元，同比增长127.16%，归属于上市公司股东净利润122.24亿元，同比增长312.17%。光伏新能源业务方面，公司上半年实现高纯晶硅产量10.73万吨，同比增长112.15%，国内市占率近30%。

Switching gears to financial news

金融市场消息

• China's actual use of foreign capital surged 17.3 percent on a yearly basis to 798.33 billion yuan in the first seven months of 2022, said the Ministry of Commerce on Thursday. China's non-financial outbound direct investment (ODI) amounted to 424.28 billion yuan from January to July, up 4.4 percent year-on-year. China's non-financial ODI into countries and regions related to the Belt and Road Initiative increased 5.1 percent year-on-year to $11.87 billion in the first seven months, accounting for 18.2 percent.

  前7月实际可使用外资增长17.3%：商务部18日公布今年1-7月全国吸收外资有关情况，1-7月，全国实际使用外资金额7983.3亿元人民币，按可比口径同比增长17.3%。1-7月，我国对外非金融类直接投资（ODI）4242.8亿元人民币，同比增长4.4%。对“一带一路”沿线国家非金融类直接投资118.7亿美元，同比增长5.1%，占同期总额的18.2%。

• China's fiscal revenue dropped 9.2 percent year on year to approximately 12.5 trillion yuan during the first seven months, data from the Ministry of Finance showed Wednesday. Excluding the impact of value-added tax credit refunds, fiscal revenue grew 3.2 percent from a year earlier. 

  前7月财政收入降9.2%：8月17日，据财政部网站，1-7月累计，全国一般公共预算收入124981亿元，扣除留抵退税因素后增长3.2%，按自然口径计算下降9.2%。

Wrapping up with a quick look at the stock market

股市收盘情况

• Chinese stocks closed lower on Thursday with most sectors in the green, but several semiconductor stocks rose to the daily limit-up. The benchmark Shanghai Composite lost 0.46 percent, while the Shenzhen Component fell 0.62 percent. Hong Kong’s Hang Seng closed down 0.8 percent and the Tech Index fell 1.1 percent.

  周四三大指数集体收跌。截至收盘，沪指跌0.46%，深成指跌0.62%，创业板指跌0.08%，沪深两市全天成交额10541亿元，第三代半导体掀涨停潮，消费电子概念股批量走高，酒店及餐饮、贵金属、猪肉等板块飘绿。港股震荡下跌，恒指收跌0.8％，恒生科技指数收跌1.09％，科技股普遍走低，地产股回落。

Biz Word of the Day

财经词汇划重点

• The nonperforming loan ratio, better known as the NPL ratio, is the ratio of the amount of nonperforming loans in a bank's loan portfolio to the total amount of outstanding loans the bank holds. The NPL ratio measures the effectiveness of a bank in receiving repayments on its loans. When a borrower has not made regular payments for at least 90 days, the loan is considered a nonperforming loan, or NPL.

  不良贷款率指金融机构不良贷款占总贷款余额的比重。不良贷款是指出现违约的贷款。一般而言，借款人若拖延还本付息达三个月之久，贷款即会被视为不良贷款。不良贷款分为逾期贷款、呆滞贷款和呆账贷款。把不良贷款减少到最低限度，是商业银行风险管理的首要目标。

Executive Editor: Sonia YU

Editor: LI Yanxia, HE Jia

Host: Stephanie LI

Writer: Stephanie LI 

Sound Editor:  HUANG Ziqing

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、和佳 

播音：李莹亮

撰稿：李莹亮

音频制作：黄梓晴

设计：郑文静、廖苑妮

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