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
The central bank sought help from financial institutions to maintain the stability of credit growth;
China is advancing negotiations on joining DEPA.
Here’s what you need to know about China in the past 24 hours
中国经济要闻
China’s central bank called on major financial institutions to take the lead in keeping credit growth stable with the nation’s economy at a critical moment.
Financial institutions, especially major state-owned banks, should increase loan issuance to the real economy, the People’s Bank of China said in a statement late Monday following a meeting chaired by governor Yi Gang.
They should also improve the credit support for small- and micro-enterprises, green development, scientific and technological innovation and other fields, according to the statement. Policy banks should step up support for infrastructure construction in fields including industrial upgrading, urban, agriculture, and national security, the central bank added.
“We must consolidate the foundation of economic recovery and development with a sense of urgency that no time can wait,” it said. Latest data shows that China’s credit growth slowed sharply in July, weighed down by a property market slump and weak consumer and business demand.
The PBOC also asked banks to ensure the reasonable financing needs of real estate, in its latest efforts to help brake a property market downturn. Financial institutions should also increase support for key areas of the platform economy, the PBOC said.
The meeting followed China’s cut on benchmark rates earlier in the day. The five-year loan prime rate, a reference for mortgages, was reduced by 15 basis points to 4.3 percent after having been cut by the same magnitude in May.
While boosting credit growth, the banks should also be mindful of risks. We must “coordinate the relationship between the steady growth of credit and the prevention of financial risks,” it added.
Representatives from major banks including China Development Bank, Agricultural Development Bank, Industrial and Commercial Bank of China, and Bank of China attended the meeting.
一年4次货币信贷形势分析座谈会，释放什么信号？
8月22日，央行官网显示，当日央行召开部分金融机构货币信贷形势分析座谈会，央行行长、国务院金融委办公室主任易纲主持会议。
会议指出，我国经济延续恢复发展态势，但仍有小幅波动。当前正处于经济回稳最吃劲的节点，必须以时不我待的紧迫感，巩固经济恢复发展基础。
这是一年内，金融管理部门连续第四次召开货币信贷形势分析座谈会。会议从国有大型银行和政策性开发性银行的主要任务、信贷投放的重点领域，以及统筹信贷增长和防范金融风险等方面予以明确。
关于如何推进当前和下一阶段货币信贷工作，会议强调，主要金融机构特别是国有大型银行要强化宏观思维，充分发挥带头和支柱作用，保持贷款总量增长的稳定性。政策性开发性银行要用好政策性开发性金融工具，加大对网络型基础设施建设、产业升级基础设施建设、城市基础设施建设、农业农村基础设施建设、国家安全基础设施建设等重点领域相关项目的支持力度，尽快形成实物工作量，并带动贷款投放。
会议要求，要增加对实体经济贷款投放，进一步做好对小微企业、绿色发展、科技创新等领域的信贷支持工作；要保障房地产合理融资需求；要依法合规加大对平台经济重点领域的金融支持。
最新数据显示，1-7月新增人民币贷款14.4万亿元，同比多增5161亿元。7月末，M2、社会融资规模、人民币贷款余额增速均保持在10%以上。贷款利率持续下降，1-7月企业贷款利率为4.29%（1月至6月企业贷款利率为4.32%），同比下降0.34个百分点。不过，7月信贷投放再次低于市场预期：7月份人民币贷款增加6790亿元，同比少增4042亿元。
值得注意的是，在此次会议之前，央行先后下调MLF利率0.1个百分点，一年期LPR0.05个百分点、5年期以上LPR0.15个百分点。
China is comprehensively advancing negotiations on joining the Digital Economy Partnership Agreement (DEPA), the Ministry of Commerce said Monday. The announcement follows the recent establishment of the work team for China's accession to the world's first regional agreement on digital economy. The ministry said China will be fully prepared to join DEPA, carrying out substantive negotiations with DEPA members and continuing to advance its accession process.
我国全面推进加入DEPA：商务部新闻发言人22日表示，成立加入《数字经济伙伴关系协定》工作组意味着我国全面推进加入DEPA的谈判。中国申请加入DEPA并积极推动加入进程，充分体现了中国与高标准国际数字规则兼容对接，拓展数字经济国际合作的积极意愿，是中国持续推进更高水平对外开放的重要行动。
The first batch of Chinese-made high-speed trains, customized for the Jakarta-Bandung high-speed railway in Indonesia, will arrive by the end of this month, marking a milestone for China's bullet train industry, said manufacturer CRRC Qingdao Sifang on Sunday. Sailing from Qingdao Port, CRRC Qingdao Sifang will transport 11 sets of electric passenger trains and an inspection train to Indonesia for the landmark project under the Belt and Road Initiative.
雅万高铁组发往印尼：21日，我国出口印尼用于雅万高铁的1组高速动车组和1组综合检测列车在青岛港顺利完成装船，通过海运发往印尼。雅万高铁是“一带一路”建设和中印尼两国务实合作的标志性项目。项目列车包括11组高速动车组和1组综合检测列车，均已在中车四方完成生产制造，预计将于8月底抵达印尼雅加达港。
Moving on to regional highlights
区域观察
Seventy major projects worth 212.1 billion yuan were inked online at the Smart China Expo 2022, which opened Monday in Chongqing. According to the organizers, taking the expo as the platform, Chongqing focuses on key areas, such as big-data intelligence, for in-depth cooperation with leading enterprises at home and abroad. There are 54 projects with a contracted investment of over 1 billion yuan each.
智博会签约额达2121亿：22日，中国国际智能产业博览会重大招商项目线上签约在重庆举办，共签约项目70个，合同投资额2121亿元。重庆聚焦大数据智能化等重点领域，同行业龙头企业深入对接并达成系列重大合作，合同投资额10亿元以上项目共有54个。
Businesses in the world’s small commodities capital Yiwu in Zhejiang province are working long hours after a week-long lockdown to combat a recent Covid outbreak. Over 98 percent of businesses had resumed work as of Aug. 20, numbering 805 enterprises, Yiwu’s deputy mayor said Sunday.
义乌电商物流恢复运行：21日，义乌市副市长骆小俊在义乌市疫情防控工作新闻发布会介绍，此次疫情处置过程中，当地坚持“生产不停供应不断”，边抗疫边抓经济。 数据显示，截至8月20日，义乌全市已有805家规上企业完成复工复产，复工率超过98%。
Next on industry and company news
产业及公司新闻
China's Ministry of Transport summoned 11 ride-hailing platforms on Monday, urging them to rectify their operations in responding to legitimate issues as part of the latest government efforts to protect the rights of consumers while creating a healthy and sustainable environment for the sector. Among the companies were Didi Chuxing, Gaode and Meituan Dache, all major players of the domestic ride-hailing industry.
交通部约谈11家网约车平台：22日，交通运输新业态协同监管部际联席会议办公室对滴滴出行、T3出行、高德、曹操出行、首汽约车、美团打车等11家平台公司进行了提醒式约谈。各平台应扎实做好整改工作，依法合规开展经营，切实保障消费者和从业人员合法权益，维护行业安全稳定，推动交通运输新业态规范健康持续发展。
China's electric vehicle startup Zhejiang Leapmotor Technology is reportedly set to start its listing hearing with the Hong Kong bourse as early as this week with the aim of raising up to US$1.5 billion. Leapmotor has recently been given the green light by China’s top securities regulator to become the fourth Chinese new energy maker to go public in Hong Kong. The firm will issue up to 290 million new shares and covert the existing 790 million shares held by shareholders in Hong Kong, according to its prospectus.
零跑汽车或本周香港上市聆讯： 据媒体23日报道，零跑汽车最快在本周赴港交所闯关，寻求通过上市聆讯，预期IPO募资或达15亿美元，有望成为继“蔚小理”之后第四家赴港IPO的国内造车新势力。证监会官网8月17日披露的文件显示，核准零跑汽车发行不超过2.90917亿股境外上市外资股(H股)、并在港交所主板上市。核准零跑汽车59名股东将合计7.91亿股境内未上市股份转为境外上市外资股，相关股份转换完成后可在香港联合交易所主板上市流通。
Shanghai United Imaging Healthcare, the latest in a slew of $1 billion-plus listings on the Chinese mainland this year, soared in its first day of trading on Monday. Shares of the firm, which provides medical imaging systems, jumped as much as 75 percent to 192.48 yuan on its debut, with a market value of 150 million yuan. They were sold at 109.88 yuan each in an initial public offering that raised 11 billion yuan.
联影医疗登陆科创板：8月22日，科创板迎来年内最大IPO，医学影像龙头联影医疗正式登陆科创板。公司此次发行价为109.88元/股，募资109.88亿元，创下今年以来科创板IPO最高融资纪录。周一联影医疗首日开盘股价最高飙升75%，收涨65%，最新市值接近1500亿元。
Earnings reports express
财报速递
Postal Savings Bank of China posted on Monday a 14.9 percent year-on-year growth in interim net profit to 47.1 billion yuan and the non-performing loan ratio rose. Revenue for the period grew by 10 percent to 173.4 billion yuan. Net interest income for the period grew by 3.8 percent to 137.1 billion yuan, but the net interest margin dropped by 0.1 percentage points to 2.27 percent. While its customer deposits went up by 6.77 percent to 12.12 trillion yuan, the bank loaned 8.32 percent more to clients to 6.99 trillion yuan, compared to December 2021. At the end of June, the lender's non-performing loan ratio inched up by 0.01 percentage points to 0.83 percent from six months ago.
邮储银行中期业绩双增：8月22日，邮储银行发布了2022年上半年业绩。邮储银行上半年实现营业收入1734.61亿元，同比上涨10.03%；归母净利润471.14亿元，同比上涨14.88%。截至2022年6月末，该行资产总额13.43万亿元，其中，客户贷款总额6.99万亿元，较上年末增长8.32%；负债总额12.59万亿元，较上年末增长6.72%，其中，客户存款总额12.12万亿元，较上年末增长6.77%。净息差有所收窄，上半年实现利息净收入为1371.17亿元，同比增长3.8%；净利息收益率为2.27%，较去年同期下降0.1个百分点。截至6月末，邮储银行不良贷款率0.83%，较去年末微升0.01个百分点。
Switching gears to financial news
金融市场消息
The Beijing Stock Exchange has seen more investors open accounts since it started trading in November last year, bringing the total number to over 5.1 million, the exchange said on Monday. The type and structure of funds have been significantly improved, with institutional investors including public offering funds and social security funds actively trading on the exchange, it said.
北交所开户数超510万：北京证券交易所22日消息，开市以来，北交所投资者开户数稳步增加，目前已超过510万户，公募基金、社保基金等机构投资者也积极入市交易，入市资金的类型结构明显改善。
Gansu province issued 30 billion yuan of 10-year special bonds for small and mid-sized banks on Monday, with the proceeds set to replenish capital at the lenders and mitigate financial risk. The bonds will provide supplementary capital for 11 small and mid-sized lenders in the province which are all in the rural credit system. Gansu became the second provincial government to sell such special bonds this year following Liaoning.
甘肃发行300亿元中小银行专项债： 8月22日下午，甘肃省财政厅将发行300亿元支持中小银行专项债，成为今年第二个发行中小银行专项债的省份。根据中国债券信息网上甘肃省此次中小银行专项债信息披露文件，甘肃省此次发行的中小银行专项债总额为300亿元，期限10年。这笔300亿元专项债资金，将支持甘肃11家中小银行补充资本金。
Wrapping up with a quick look at the stock market
股市收盘情况
Chinese stocks closed lower on Tuesday while most base metal and energy stocks gained. By the close, the benchmark Shanghai Composite dipped 0.05 percent and the Shenzhen Component edged down 0.4 percent. The Hang Seng Index closed 0.78 percent lower and the TECH Index lost 0.26 percent.
周二A股小幅下跌。上证指数收盘跌0.05%，深证成指跌0.40%，创业板指涨0.05%。板块方面，油气开采及服务、燃气、光热发电等板块涨幅居前，医疗服务板块领跌。港股恒生指数收跌0.78%，恒生科技指数收跌0.26%。
Biz Word of the Day
财经词汇划重点
Holders of convertible preferred shares can swap them for common stock under conditions laid out in the prospectus. The prospectus will identify a conversion date and a conversion ratio.
可转换优先股赋予持有人把优先股以特定比例转换为普通股的选择权。如果公司业绩向好，普通股股价提高，可转换优先股持有人通过把优先股转换为价值更高的普通股。
Executive Editor: Sonia YU
Editor: LI Yanxia
Host: Stephanie LI
Writer: Stephanie LI, ZENG Libin, HUANG Ziqing
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
播音：李莹亮
撰稿：李莹亮、曾丽镔、黄梓晴
音频制作：黄梓晴
设计：郑文静、廖苑妮
21世纪经济报道海外部 制作
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