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
Hong Kong Financial Secretary delivers his annual budget speech;
Shanghai's Lingang New Area attracts multibillion yuan of XR projects.
Here’s what you need to know about China in the past 24 hours
中国经济要闻
Hong Kong is seeing the medium-range forecast of a real economic growth rate between 3.5 and 5.5 percent during the post-pandemic period, said Financial Secretary Paul Chan Mo-po in his annual budget on Wednesday themed “Leaping Forward Steadily, Together We Bolster Prosperity under Our New Vision".
He added that the city’s economy is in the early recovery stage, but the public and many enterprises are still weighed down by tremendous pressure and require support.
The financial chief said Hong Kong will take a moderate to liberal fiscal stance, with about 80 percent of the budget earmarked for supporting residents and small and medium enterprises in his seventh budget speech.
He estimated government revenue for 2023-24 may reach HK$642.4 billion, including new sources, with a deficit of HK$54.4 billion and HK$762.9 billion in fiscal reserves under forecast.
The city plans to roll out another round of electronic voucher worth HK$5,000 to each resident and new arrival. Chan also pledged to reduce salaries tax and businesses profits tax by 100 percent, subject to a ceiling of HK$6,000, benefiting 1.9 million taxpayers and 134,000 businesses. To help first-time home buyers, the financial secretary announced stamp duty cuts for those who buy small to medium-sized residential properties.
In regard to innovation, Hong Kong will dish out HK$10 billion in funding to step up investment in innovation and technology, with HK$400 million to be distributed for supporting start-ups, and over 53,000 SMEs will continue to enjoy a total of around HK$230 billion of funding this year.
To boost investment, the government will introduce a new Capital Investment Entrant Scheme, allowing applicants to make investments in the local asset market, excluding property, Chan said in his proposal.
With a view to promote high-quality development, HK$6 billion will be set aside to subsidize universities and research institutes to set up thematic research centers, while HK$3 billion will be set aside to boost research in artificial intelligence and quantum technology. Also, a Microelectronics Research and Development Institute will be set up, he said.
To deepen financial ties with the mainland, Chan noted that the government will explore with the mainland various proposals on the expansion of mutual market access and enhancement arrangements. These include enhancing the Cross-boundary Wealth Management Connect Scheme in the Greater Bay Area, the Bond Connect as well as further expanding the scope of eligible securities under the Stock Connect.
The government will continue to work on various technology infrastructure projects, including "e-HKD" and "e-CNY" as cross-boundary payment facilities. Meantime, the government will set up a Green Technology and Finance Development Committee to develop Hong Kong into an international green technology and finance center.
Regarding the securities market, Hong Kong Exchanges & Clearing will study proposals on optimizing the trading mechanism, including exploring arrangements for maintaining the market’s operation under inclement weather, and the listing system for advanced technology companies will be implemented in Q1.
2月22日，周三，香港特区政府财政司司长陈茂波发表了2023-2024年度财政预算案。这是现届政府的第一份财政预算案。
陈茂波说，特区政府今年将采取“中间偏松”的财政姿态，因此这一份仍然是赤字预算。预算案措施所涉及的资源，超过八成是用在市民和中小企身上，希望能在力所能及之处，照顾有需要的市民。
陈茂波表示，香港2023-2024财年的财政赤字预计将达到544亿港元，香港2022-2023年度财政赤字为1400亿港元，大约是他最初估计的3倍。
陈茂波强调，目前香港经济正值复苏初段，市民和不少企业仍然承受相当压力，需要支援。与此同时，面对激烈竞争，香港需要全力全速推动经济高质量发展。他预测，香港经济在2023-2024年度，平均年实质增长3.7％，基本增长预计平均每年是2.5％。
根据最新的财政预算案，香港将向合资格居民发放5000港元消费券，下调2000万港元及以下交易的首次置业印花税，并计划优化粤港澳大湾区跨境理财通。此外，港交所将于今年第一季度实施先进科技公司上市制度。此外，港交所将探索市场在恶劣天气下继续运作的安排，以便利投资者交易和配合市场发展趋势。
陈茂波表示，要更好发挥“一国两制”的独特优势，更好结合“有为政府”和“高效市场”，大力推动香港高质量发展。措施主要围绕五个方面：数字经济、Web3（第三代互联网）、国际绿色科技及金融中心、引进企业、汇聚人才。具体措施包括就建立人工智能超算中心进行可行性研究；拨款5000万港元加速推动Web3生态圈的发展；引入公司迁册机制，便利在外地注册的公司将注册地迁至香港，善用香港的优良营商条件和专业服务；引入新的“资本投资者入境计划”等。
未来特区政府会继续积极与内地探讨各项扩容增量方案和优化安排，例如优化“粤港澳大湾区跨境理财通”、债券通，以及进一步扩大沪深港通合资格证券的范围。此外，特区政府也会研究为境外投资者提供更多风险管理产品，包括在港发行国债期货，为香港资本市场持续注入新动力。特区政府会继续推动更多内地各级政府、海内外公私营机构到香港发行离岸人民币债券。
陈茂波还宣布，为进一步协助港商及投资者开拓市场，自2023／2024年度起的5个财政年度，特区政府会向贸发局增拨合共5.5亿港元，协助香港企业把握“一带一路”倡议和粤港澳大湾区建设的机遇，以及开拓新兴市场，加强环球推广。
Moving on to regional highlights
区域观察
A tech hub in Lingang of Shanghai is enriching its metaverse ecosystem with 17.7 billion yuan of extended reality (XR) projects. A group of 15 projects involving optical parts, AI chips, and industrial software were signed to kick off in the Lingang New Area of China Shanghai Pilot Free Trade Zone on Tuesday, including Sunny Optical Technology, a leading lens module producer. The area aims to house an XR industry of at least 10 billion yuan in three to five years, the administration wrote in a blueprint released yesterday.
上海临港发力XR产业：2月21日，上海临港新片区发布《临港新片区加快XR产业集聚发展行动方案》和《2023年临港新片区信息化项目场景》，提出力争用3-5年时间，实现XR产业总体规模突破100亿元。在2月21日的“拥抱元宇宙，探索新视界”临港新片区XR产业大会上，15家人工智能产业重点项目签约入驻，总投资额177亿元，覆盖AR光学零件及产品制造、AI芯片、工业软件等多个热门领域，涉及多家细分赛道内领军企业，其中包括AR光学零件及产品制造龙头企业舜宇光学。
Hangzhou in East China’s Jiangsu province plans to issue one-off childcare subsidies to families with multiple children, according to a bill passed by local legislative body on Wednesday. The city will offer 5,000 yuan to couples with a second child and 20,000 yuan to parents with a third child for the first time this year, as long as the child is a registered resident of Hangzhou.
杭州拟发放育儿补助：2月22日下午，杭州市十四届人大三次会议第三次全体会议上，杭州市政府2023年度民生实事项目票决出炉。记者了解到，杭州今年将首次向同一对夫妻生育二孩、三孩，且新出生子女户籍登记在杭州的家庭发放育儿补助。拟向二孩家庭一次性发放补助5000元，向三孩家庭一次性发放补助20000元。
Next on industry and company news
产业及公司新闻
Chinese e-commerce titan JD.Com plans to debut a new shopping channel that will offer subsidies in a move to better compete with Pinduoduo, a group-buying platform famed for its discounted prices, sources said Tuesday. The JD.Com channel has reportedly entered the final stages before selecting goods and completing the pricing system, as both self-operated stores and third-party merchants will be involved. The JD.Com subsidies will cover all categories.
京东或3月初上线百亿补贴频道：2月21日，媒体从知情人士处获悉，京东计划上线百亿补贴频道，补贴范围将涵盖全品类商品，目标是对标拼多多。报道称，京东计划在3月8日推出100亿元人民币（约合15亿美元）的补贴活动，正式上线“百亿补贴”频道，直接对标拼多多，目前已进入产品池选定以及竞价系统上线前的冲刺阶段。
Chinese e-commerce giant Alibaba Group Holding is planning to promote its buy-online, pick-up-in-store business through the merger of its restaurant review service under takeout platform Ele.me with its digital mapper AutoNavi, media reported today, as the head of Ele.me's restaurant review business will report to AutoNavi’s CEO. Alibaba CEO Zhang Yong said previously that he hopes to form a synergy between Ele.me’s restaurant review service and AutoNavi’s e-mapper Amap.
饿了么到店业务并入高德：据媒体22日报道，阿里巴巴旗下饿了么到店业务（原“口碑”）将与高德合并，原到店业务负责人张亮将向高德CEO刘振飞汇报。阿里CEO张勇曾表示，希望用户能在高德地图完成基于目的地周边各种服务的交易，形成以“饿了么为中心的’到家’和以高德为中心的‘到目的地’业务”相协同，其中，高德升级为“生活服务好平台”，增加美食团购、酒旅、休闲玩乐、周边游等内容。
A state-owned asset under a local government in East China's Anhui province is set to become an investor in Carrefour China, the unprofitable supermarket chain majority owned by retail giant Suning.Com. Carrefour China reached a deal with the Yingjiang district government in Anqing, Anhui province, on Monday. The pair have not disclosed the investment amount or shareholding ratio.
家乐福中国引入地方国资：据媒体报道，2月20日，家乐福中国与安徽省安庆市迎江区政府达成战略合作签约，正式引入安庆市迎江区国资战略投资，双方将推动在供应链、资金、商业运营等多方面的深度合作。针对前期洽谈情况以及双方合作等具体问题，2月21日，家乐福中国相关负责人对记者称，暂时无内容可回复，后续情况会以公告或者发布会的形式公布。
Chinese NEV startup Nio will build an independent plant for its new Firefly brand in Anhui province, an insider at the Shanghai-based carmaker said. Firefly-branded cars, which support both battery swap and battery rental, will be marketed in Europe as the rival of Volkswagen’s signature model Polo, the insider added. Meanwhile, Nio plans to build 1,000 new battery-swapping stations across China this year to serve its business expansion, with a focus on the country’s third- and fourth-tier cities and counties, founder and Chairman William Li said Tuesday.
蔚来第三品牌“萤火虫”将建新厂：2月21日有媒体报道称，蔚来将在安徽滁州建立新工厂，生产其第三品牌“萤火虫”项目产品。该工厂在猎豹汽车原有工厂的基础上进行了整合，更多信息会在3-4月左右公布。“萤火虫”是蔚来第三品牌的项目代号，定位于10万元-20万元级别市场。蔚来汽车联合创始人、总裁秦力洪曾表示，”萤火虫“将于2024年第三季度在欧洲首发。另外，蔚来汽车董事长李斌21日称，计划在2023年新增1000座换电站，其中约600座为城区换电站，约400座为高速换电站，新增点将重点布局有一定用户基数、还没有换电站的三四线城市和县城。
Stocks of Faraday Future Intelligent Electric soared Tuesday after the firm announced it plans to start production of its ultra-luxury FF 91 sedan on March 30. Deliveries should begin in April, said Chen Xuefeng, Faraday Future’s global CEO. The move comes after the company was able to secure $135 million in additional funding.
法拉第未来官宣3月30日生产FF91：2月21日，法拉第未来于官网发布公告称，在公司投资人的资金如期到位后，将于3月30日开始生产FF 91 Futurist。法拉第未来全球首席CEO陈雪峰表示，“如若公司能够及时收到投资人所承诺的资金，加之公司已经拥有用于生产FF91 Futurist所需的所有设备，在与众多世界级设备供应商合作的通力合作下，FF能够在今年4月份实现交付。”
CATL supplier Kedali Industry said it is planning a 3.6 billion yuan private placement of shares to fund capacity expansions to meet the fast-growing demand in the NEV market. The Chinese power battery parts supplier said late yesterday that the proceed will be used to build four 1 billion yuan battery precision structural component plants.
科达利拟定增36亿元建电池精密结构件项目：2月21日科达利公告，拟定增募资不超过36亿元，用于江西科达利新能源汽车动力电池精密结构件项目、新能源汽车动力电池精密结构件、新能源汽车锂电池精密结构件项目(三期)、科达利年产7500万件新能源汽车动力电池精密结构件项目、补充流动资金。
Wrapping up with a quick look at the stock market
股市收盘情况
Chinese stocks finished lower on Wednesday, with the benchmark Shanghai Composite shedding 0.5 percent and the Shenzhen Component slid 0.6 percent. Hong Kong stocks extended losses, as the Hang Seng index closed 0.5 percent lower, while the TECH index dropped 1.4 percent.
A股震荡港股收跌：周三A股震荡调整，三大指数均小幅下跌。截止收盘，沪指收跌0.46%，失守3300点，深成指跌0.57%，创业板指跌0.73%，两市成交量降至7830亿。港股震荡下行，恒指收跌0.51%，恒生科技指数跌1.38%。
Biz Word of the Day
财经词汇划重点
XR, cross reality, or extended reality, is a catchall term for several different but related technologies. It rolls together similar acronyms like VR (virtual reality), AR (augmented reality), and MR (mixed reality).
XR即扩展现实，是AR（增强现实）、VR（虚拟现实）、MR（混合现实）等多种技术的统称。
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
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