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 

• South China’s Shenzhen aims for a 6% growth in the year ahead amid high-quality development push;

• Per capita disposable income topped 70,000 yuan in six Chinese cities last year.

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

中国经济要闻

High-quality economic development and consolidating cooperation with the Hong Kong SAR have become key as Shenzhen, the global manufacturing hub that bustles with technology-driven startups in South China’s Guangdong province, set a gross domestic product growth target of 6 percent this year.

City Mayor Qin Weizhong delivered the government work report at the opening meeting of the annual session of the Shenzhen people's congress on Tuesday.

He said Shenzhen's GDP in 2022 increased by 3.3 percent to a new high of 3.24 trillion yuan ($475 billion).

The report also states the total amount of imports and exports exceeded 3.7 trillion yuan last year, while export volume surged by 13.9 percent — remaining top among all mainland cities for the 30th consecutive year.

The R&D expenditure of the southern powerhouse accounted for 5.49 percent of its GDP, 7.25 percent of which was invested in fundamental research projects, the report said.

As a pilot demonstration area of socialism with Chinese characteristics, the city is expected to make a substantial contribution to exploring a new approach to building a modern socialist country in all respects.

Qin said that high-quality development is the priority of the city's modernization process. "The government will insist on putting the focus of economic development on the real economy, and accelerating the construction of a world-leading and influential center of the advanced manufacturing industry."

The city intends to achieve an investment of 200 billion yuan in the sector this year, an enhancement of about 20 percent compared with last year, especially in strategic emerging industries, such as network and communication, intelligent devices and high-end medical equipment.

He said the government will also strive to build the world's top business environment for both domestic and overseas investors. The aggregate actual use of foreign investment last year was $11 billion.

"We will work more closely with Hong Kong and Macao, facilitate cross-border practice for professionals, build pilot platforms of cross-border renminbi applications, and set up more incubators for youths from the two cities," Qin said.

深圳两会大幕正式拉开。2月14日上午，深圳市市长覃伟中代表深圳市政府做政府工作报告。 

根据深圳市政府工作报告，2022年，深圳GDP达到3.24万亿元，规模以上工业生产总值为4.55亿元，增长率为7%，规模以上工业生产总值增加值为1.04万亿元，增长率为4.8% ，工业增加值在地区生产总值比重达到35.1%，工业总产值和工业增加值在全国城市中实现“双料”第一。

在2023年，深圳市提出GDP为6%的经济增长作为总目标，地方一般公共预算收入增长6%，规上工业增加值增长6%以上，全社会研发投入增长8%以上，居民消费价格涨幅控制在3%左右，新增就业18万人，居民人均可支配收入稳步增长。 

为突出制造业当家，深圳全年要完成工业投资超2000亿元、增长20%以上。做大做强“20+8”战略性新兴产业集群和未来产业，战略性新兴产业增加值达1.4万亿元。高水平打造20大先进制造业园区。为了给产业项目提速，深圳2023年将建成投产深汕比亚迪汽车工业园二期等项目，推动中芯国际12英寸生产线达产满产。新开工建设5个以上百亿元级、10个以上三十亿元级重大工业项目。全面加强招商引资、招才引智，高质量办好全球招商大会、“20+8”产业集群系列招商会等活动。

2023年，深圳市将继续从扩内需促消费，推动更深改革开放等方面，助力深圳锚定高质量发展建设，勇当发展尖兵。

在扩大内需方面，报告指出2023年，深圳将主动服务和融入新发展格局。一方面扩大高质量投资。全年固定资产投资规模力争迈上1.0万亿元新台阶，基础设施投资2300亿元。另一方面，深圳加快建设具有全球重要影响力的消费中心，建设世界级商圈，新增首店、旗舰店、新概念店1000家以上，社会消费品零售总额增长7.0%。2023年社会消费品零售总额将突破万亿元大关。

在全面深化深港合作方面，深圳将全力推进“三大平台”建设全面提速。推动出台新一轮前海总体发展规划和国土空间规划，实施前海全球现代服务商计划，建成前海深港青年梦工厂北区二期，推进前海深港广场等项目建设。加快河套深港科技创新合作区建设，推动出台深圳园区发展规划，引进重点企业研发中心20家、港澳科研机构10家以上。规划建设沙头角深港国际消费合作区，推动沙头角口岸重建等项目，打造跨境旅游消费目的地。

• China will send two manned spacecraft and one or two cargo spacecraft every year to its space station, which has entered a new phase of application and development following its completion last year, said China Manned Space Agency (CMSA) on Wednesday. In May, a three-member crew will be launched onboard the Shenzhou-16 spaceship, while in October, China will launch the Shenzhou-17 spacecraft. The Tianzhou-6 cargo ship will go on a mission in May, taking supplies for the in-orbit taikonauts including maintenance parts and propellant. The CMSA also introduced the country's 2023 space mission plan in the newly initiated solicitation announcement for the mission logos. 

  我国今年将发射3艘飞船：中国载人航天工程办公室15日正式发布《2023年度载人航天飞行任务标识征集活动公告》，首次面向社会公开征集载人航天飞行任务标识。据介绍，2022年底中国空间站全面建成后，中国载人空间站工程正式进入应用与发展阶段，每年将发射2艘载人飞船、1—2艘货运飞船。按照飞行任务规划，计划2023年5月发射天舟六号货运飞船，对接于核心舱后向端口，形成三舱两船组合体，此次任务将上行航天员驻留和消耗物资、维修备件、推进剂和应用任务载荷样品，并下行在轨废弃物；5月发射神舟十六号载人飞船，对接于核心舱径向端口，形成三舱三船组合体；10月发射神舟十七号载人飞船，对接于核心舱前向端口，形成三舱三船组合体。

Moving on to regional highlights

区域观察

• The disposable income of residents in six Chinese cities exceeded 70,000 yuan last year, with Guangzhou in the south, as well as Suzhou and Hangzhou on the eastern coast, joining the list for the first time, according to data released by local governments. Shanghai ranked first among the elite club’s six members with a per capita disposable income of 79,610 yuan, followed by Beijing and Shenzhen. Guangzhou, Suzhou and Hangzhou became the new members with 71,357 yuan, 70,819 yuan and 70,281 yuan, respectively.

  六城去年人均收入超7万元：2022年我国人均收入最高的十大城市出炉，其中，前6个城市人均收入超过7万元，比上一年增加3个。6个城市分别是上海、北京、深圳、广州四大一线城市，以及苏州、杭州这两个位于长三角的新一线城市。上海2022年居民人均可支配收入79610元，北京77415元，深圳72718元，广州71357元，苏州70819元，杭州70281元。

• A total of 36 manufacturing projects with an investment of 66.8 billion yuan were signed on Tuesday in North China's Tianjin municipality, which include five new energy projects, nine information technology projects, and six high-end equipment projects, local authorities said. Since the beginning of 2023, Tianjin has attracted 160 projects with a total investment of 80.5 billion yuan.

  天津集中签约36个制造业项目：2月14日天津市工业和信息化局消息，14日天津集中签约36个制造业项目，总投资达668亿元。据天津市工信局局长尹继辉介绍，2023年开年以来，已有总投资805亿元的160个招商项目即将落户天津。本次集中签约的项目包括总投资195亿元的5个新能源项目，总投资174亿元的9个新一代信息技术项目，总投资83亿元的6个高端装备项目等。

Greater Bay Area, Greater future

新使命，大未来

• China's central bank plans to issue 25 billion yuan worth of bills in Hong Kong next Tuesday. The central bank bills will be issued in two batches. One is worth 10 billion yuan with a maturity of three months, or 91 days. The other is worth 15 billion yuan with a maturity of one year, the People's Bank of China said in a statement.

  央行将在港发行250亿央票：据中国人民银行2月15日消息，2023年2月21日（周二）将通过香港金融管理局债务工具中央结算系统（CMU）债券投标平台，招标发行2023年第一期和第二期中央银行票据。第一期中央银行票据期限3个月（91天），为固定利率附息债券，到期还本付息，发行量为人民币100亿元。第二期中央银行票据期限1年，为固定利率附息债券，每半年付息一次，发行量为人民币150亿元。

Next on industry and company news

产业及公司新闻

• The annual per capita disposable income of Chinese farmers surpassed the milestone of 20,000 yuan for the first time in 2022, officials said Tuesday. The number increased to 20,133 yuan ($2,955), while income from wages and salaries accounted for 41.96 percent of farmers' income. The urban-rural income ratio continued to narrow from 2.88 in 2012 to 2.45 in 2022.

  农民人均可支配收入首破2万元：中央农村工作领导小组办公室专职副主任、农业农村部党组成员吴宏耀14日表示，中国农民人均可支配收入首次突破2万元。他表示，增加农民收入是“三农”工作的一个中心任务。近年来，中国农民收入持续较快增长，2019年提前一年实现收入较2010年翻一番的目标，2022年农民人均可支配收入首次突破2万元，达到了20133元，城乡居民收入比从2012年的2.88下降到2022年的2.45，城乡收入差距逐步缩小。

• Shares of Clover Biopharmaceuticals surged after the Chinese biotech company announced the release of its new Covid-19 jab as part of China’s vaccine booster program. The company’s self-developed Covid recombinant protein shots are already on the market in Zhejiang province, it said in a statement on Tuesday, while the vaccine is expected to be widely available in other provinces within the quarter.

  三叶草生物新冠疫苗加强针已上市：三叶草生物14日公告称，公司重组蛋白新冠疫苗上市，已于浙江长兴交付并进行了首针接种。除浙江省外，公司已在多个具有战略优势的省市开展上市准备工作，预计将于今年第一季度在多个省市陆续上市。三叶草生物港股周二大涨8%，周三再涨2.3%。

• Jidu Auto, a joint venture of Chinese tech giant Baidu and carmaker Geely Holding Group, will use Baidu’s self-developed ChatGPT-like bot in its smart cars, making it the first to provide an interactive experience with an artificial intelligence in such vehicles. Jidu Auto's automotive robots will integrate all of Ernie Bot’s capabilities into the vehicles, creating the world's first large-model AI interactive experience for smart cars, Chief Executive Xia Yiping said at a press conference in Beijing yesterday. 

  集度汽车将融合百度文心一言：2月14日，集度CEO夏一平宣布，集度汽车机器人将融合百度文心一言的全面能力，打造全球首个针对智能汽车场景的大模型人工智能交互体验，将“支持汽车机器人实现自然交流的再进阶”。集度首款汽车机器人ROBO-01及其探月限定版今年将开启产品交付。

Earnings reports express

财报速递

• A total of 18 listed Chinese banks have disclosed their 2022 performance predictions as of Tuesday, with their operating income and net profit all increased, among which 16 banks achieved double-digit growth in net profit. China Merchants Bank was the most profitable, raking in 138 billion yuan in net profit last year, up 15 percent year on year, while net profit of Bank of Zhangjiagang grew by almost 30 percent, the highest rate among its peers. At the same time, 10 banks kept their non-performing loan ratio below 1 percent by the end of last year. 

  18家银行业绩快报全部预喜：截至2023年2月14日，已有18家上市银行披露2022年业绩快报，其中包括8家农商行、6家城商行和4家股份制行。整体来看，18家银行营业收入及归母净利润均实现增长，其中，16家银行实现归母净利润双位数增长。同时，资产质量保持稳定，10家银行不良贷款率低于1%。在18家银行中，招商银行实现归母净利润最高，达到1380.12亿元，同比增长15.1%；增速最高的是张家港行，较上年同期上升29.5%。

Switching gears to financial news

金融市场消息

• China’s macro leverage ratio, a gauge of debt to GDP, is predicted to rise slower this year due to economic recovery after exceeding expectations last year, according to a research by the National Institution for Finance & Development on Tuesday. The ratio grew by 10.4 percentage points to 273.2 percent as of the end of 2022 from a year earlier, higher than the expected 4.2 point increase. If the GDP growth rate can reach 5.5 percent this year, the macro leverage ratio is expected to rise only around 5.5 percentage points, the finance institute predicted. The leverage ratio of Chinese residents remained unchanged at 61.9 percent in 2022, same level as of the end of the previous year, per the report.

  去年中国宏观杠杆率升逾10个百分点：国家金融与发展实验室（NIFD）周二发布报告称，经济增速放缓背景下，2022年我国宏观杠杆率上升10.4个百分点，全年呈现“前高后稳”走势。报告显示，我国宏观杠杆率从2021年末的262.8%升至2022年的273.2%，四个季度的涨幅分别为4.5、4.6、1.0和0.3个百分点。根据NIFD的测算，假设经济增速能达到5.5%，则宏观杠杆率只会上升5.5个百分点左右，增幅约为上年的一半。报告还显示，2022年居民部门杠杆率保持不变，仍维持在2021年末的61.9%。

• “Big Short” investor Michael Burry, Farallon Capital Management, and Coatue Management were among the prominent hedge fund managers who are taking larger bets on Chinese companies, securities filings showed on Tuesday. Burry added a new position of 75,000 shares in Chinese e-commerce company JD.com Inc and a new position of 50,000 shares in Chinese tech giant Alibaba Group Holding. Farallon, meanwhile, added 2.2 million shares of Alibaba, while Coatue added 4.8 million shares of Alibaba and 1.2 million shares of JD.com. 

  多家华尔街对冲基金加仓中概股：美东时间周二，美国证监会文件显示，随着中国逐步优化新冠防疫措施，电影《大空头》主角原型、知名投资者迈克尔·伯里、法拉龙资本管理公司和蔻图资本管理公司等多家知名对冲基金大举押注中概股。文件显示，伯里去年第四季度新建仓7.5万股京东股票和5万股阿里巴巴的股票，分别占其投资组合的9.46%和9.05%。与此同时，法拉龙资本管理公司在第四季度增持了219.7万股阿里巴巴股票，蔻图资本管理公司增持了超过479.61万股阿里巴巴股票和122.15万股京东股票。

Wrapping up with a quick look at the stock market

股市收盘情况

• Chinese stocks fell on Wednesday, tracking other Asian markets lower after U.S. inflation data came in higher than expected. The benchmark Shanghai Composite lost 0.4 percent and the Shenzhen Component slid 0.25 percent. Hong Kong’s Hang Seng index ended with more losses, down 1.4 percent to lose ground on the 21,000-point mark, while the TECH index fell 1 percent.

  A股港股震荡收跌：周三A股三大指数午后低位震荡，截至收盘，沪指跌0.39%，深成指跌0.25%，创业板指跌0.70%。沪深两市全天成交额9373亿元，北向资金净卖出21亿元。港股震荡，恒指收跌1.43%，失守21000点关口，恒生科技指数收跌0.97%。

Biz Word of the Day

财经词汇划重点

• The macro leverage ratio, or debt-to-GDP ratio, is the ratio of a country's public debt to its gross domestic product. By comparing what a country owes with what it produces, the debt-to-GDP ratio reliably indicates that particular country’s ability to pay back its debts.

  宏观杠杆率指的是全社会的债务规模，居民部门、企业部门和政府部门的债务规模即表示了宏观杠杆率水平。一般用债务规模比GDP，作为衡量宏观杠杆率的标准。

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

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