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
China's consumer inflation hits 18-month low in March;
Car sales in March registered the slowest growth in the century while NEV sales picked up strongly.
Here’s what you need to know about China in the past 24 hours
中国经济要闻
China's consumer inflation eased last month, data released on Tuesday showed, while producer prices remained in deflation.
The consumer price index (CPI) rose by 0.7 percent in March from a year earlier, down from 1 percent growth in February, hitting the slowest pace since September 2021, according to the National Bureau of Statistics (NBS).
"Production and life continued to recover with sufficient supplies in March," said Dong Lijuan, senior NBS statistician.
Within the CPI, food prices in China rose by 2.4 percent from a year earlier in March, compared with 2.6 percent growth in February, while non-food prices rose by 0.3 percent last month, year on year, down from 0.6 percent growth in February.
Prices for pork, a staple on Chinese dinner tables, rose by 9.6 percent in March compared with a year earlier, while fruit prices rose by 11.5 percent, year on year, and vegetable prices fell by 11.1 percent.
China's core consumer inflation rate, excluding the volatile prices of food and energy, rise by 0.7 percent in March compared with a year earlier, up from 0.6 percent growth in February.
Meanwhile, the producer price index (PPI), which reflects the prices that factories charge wholesalers for products, fell for a sixth straight month after dropping by 2.5 percent in March, year on year, down from a fall of 1.4 percent in February. On a month-on-month basis, no factory-gate price growth or decline was registered in March.
"The expansion of the year-on-year PPI fall was mainly owing to the high comparison bases of petroleum, coal, steel and other sectors from a year earlier," Dong added.
After China's CPI grew by 2 percent overall last year, Beijing set a target of around 3 percent growth for 2023.
Experts noted that March's figure indicated that China’s monetary policy has more room to maneuver in order to accelerate economic recovery, while the short-term price downturn can’t fully reflect the recovery in consumption demand, especially after the Chinese New Year holidays, and it will take time for supportive measures to take effect.
4月11日，国家统计局发布的数据显示，中国3月份居民消费价格（CPI）同比上涨0.7%，涨幅低于市场预期，环比下降0.3%。1-3月平均，全国居民消费价格比上年同期上涨1.3%。
3月份工业生产者出厂价格（PPI）同比下降2.5%，符合市场预期，环比持平；工业生产者购进价格同比下降1.8%，环比持平。
国家统计局城市司首席统计师董莉娟解读表示，3月份，生产生活持续恢复，消费市场供应充足，居民消费价格环比下降，同比上涨。从环比看，CPI下降0.3%，降幅比上月收窄0.2个百分点。其中，食品价格下降1.4%，降幅比上月收窄0.6个百分点，影响CPI下降约0.27个百分点。非食品价格由上月下降0.2%转为持平，出行需求持续恢复，车企降价促销，燃油小汽车价格下降1.9%。
扣除食品和能源价格的核心CPI同比上涨0.7%，涨幅比上月扩大0.1个百分点。
董莉娟表示，3月份，受国内经济加快恢复及国际市场部分大宗商品价格走势影响，全国PPI环比持平；受上年同期对比基数较高影响，同比下降。
专家指出，3月消费者和生产者价格走势继续走弱，有基数效应，也有需求端偏弱影响。整体看，温和物价水平为国内宏观调控政策营造有利环境，国内消费和需求处于恢复阶段，海外经济复苏前景趋缓，国内纾困和稳增长政策继续偏积极。当前消费修复力度较为温和，后期政策面促消费空间较大，其中货币政策也有条件向稳增长方向适度发力。
Moving on to regional highlights
区域观察
China plans to build an over-400-km hydrogen pipeline to more effectively transfer clean fuel from the resources-rich west to energy-consuming regions in the east. The project designed to channel hydrogen from Ulanqab, Inner Mongolia, to Beijing, will be the country's first trans-regional, long-distance hydrogen pipeline, according to Sinopec. The pipeline in the first phase will be able to handle about 100,000 tons of hydrogen each year and has the potential to increase the capacity by 500,000 tons in the long run.
“西氢东送”管道全长将达400多公里：4月10日，中国石化方面表示，“西氢东送”输氢管道示范工程已被纳入《石油天然气“全国一张网”建设实施方案》，标志着我国氢气长距离输送管道进入新发展阶段。“西氢东送”起于内蒙古自治区乌兰察布市，终点位于北京市的燕山石化，管道全长400多公里，是我国首条跨省区、大规模、长距离的纯氢输送管道。管道规划经过内蒙古、河北、北京等3省（区市）9个县区。管道一期运力10万吨/年，预留50万吨/年的远期提升潜力。同时，将在沿线多地预留端口，便于接入潜在氢源。
Next on industry and company news
产业及公司新闻
The Payment & Clearing Association of China on Monday called on industry practitioners to use artificial intelligence generated chatbot tools like ChatGPT “cautiously” after some in the industry have begun to use similar tools in their work. The association warned that such intelligent tools like ChatGPT would expose risks like cross-border data breaches. It said in a proposal that those involved in payment and clearing industry should use tools like ChatGPT in accordance with relevant Chinese laws and regulations, and must not upload critical or sensitive information.
中国支付清算协会倡议谨慎使用ChatGPT：4月10日，中国支付清算协会公众号发布关于支付行业从业人员谨慎使用ChatGPT等工具的倡议。倡议显示，此类智能化工具已暴露出跨境数据泄露等风险。倡议称，支付行业从业人员要遵守所在地区的网络使用规定，正确认识ChatGPT等工具的机遇和风险，全面评估使用ChatGPT等工具处理工作内容的风险，依法合规使用ChatGPT等工具。从业人员使用ChatGPT等工具时，不上传关键敏感信息，同时呼吁会员单位加强内部管理和引导。
Sales of new energy vehicles in China grew 21.9 percent yearly to 543,000 units in March while passenger vehicle sales edged up 0.3 percent yearly to 1.59 million amid weak demand - unchanged from the corresponding period in 2022. Data from the China Passenger Car Association (CPCA) also showed sales of new energy vehicles rose 22.4 percent to 1.31 million for the first three months of this year. The association attributed the weak retail sales performance to factors such as low consumption and wait-and-see atmosphere caused by market price chaos. With increased export capacity, 290,000 passenger cars were exported, up 172 percent year on year, of which new energy vehicles accounted for almost a quarter. From January to March, 780,000 passenger cars were exported, up 90 percent year on year.
一季度乘用车零售量同比下滑13.4%：10日，乘联会发布了3月份及今年一季度国内乘用车销量数据。数据显示，3月份全国乘用车市场零售158.7万辆，同比增长0.3%，环比增长14.3%，是本世纪以来最弱的3月环比增速。而在春节假期、预期刺激政策和促销战带来的观望情绪等综合因素的影响下，1-3月累计零售426.1万辆，同比下滑13.4%。新能源方面，3月国内零售销量达到54.3万辆，同比增长21.9%，环比增长23.6%；1-3月新能源乘用车国内零售销量达到131.3万辆，同比增长22.4%。出口方面，汽车出口总体延续去年四季度强势增长特征。乘联会统计口径下的3月乘用车出口(含整车与CKD)29万辆，同比增长172%，环比增长15%。1-3月乘用车出口78万辆，同比增长90%。
China's Deep Sea No.1 ultra-deepwater gas field near Hainan Province conducted a trial of remote-control operations on Monday, enabling the field to continue safe and stable production during typhoons, its operator China National Offshore Oil Corp (CNOOC) said. The field has become the world's first 100,000-ton-level deepwater semi-submersible production and storage platform that can work in extreme weather and at a maximum depth of 1,500 meters.
“深海一号”形成远程遥控生产能力：4月10日，中国海油对外宣布，“深海一号”超深水大气田完成远程遥控生产改造与调试工作，具备在台风期间保持连续安全稳定生产能力，成为世界首个具备遥控生产能力的超大型深水半潜式生产储油平台，向全面建成超深水智能气田迈出关键一步。“深海一号”大气田位于海南岛东南海域，最大作业水深超过1500米，运营我国自主设计建造的全球首座10万吨级深水半潜式生产储油平台--“深海一号”能源站，年产气量达30亿立方米。
Alibaba Group Holding’s cloud computing arm will integrate its new large language model application into all the Chinese e-commerce titan’s applications and is allowing corporate users access to the model, the company chairman said today. Tongyi Qianwen will be accessible to businesses and they will be able to finetune it to their own needs so that together they can advance AI’s development, Daniel Zhang, who is also chief executive officer at Hangzhou-based Alibaba, said at the 2023 Alibaba Cloud Summit.
阿里宣布所有产品都将接入AI大模型：4月11日，2023阿里云峰会今日举行。阿里集团董事会主席兼CEO张勇表示，阿里巴巴所有产品未来将接入“通义千问”大模型，进行全面改造。他认为，面向AI时代，所有产品都值得用大模型重新升级。据了解，钉钉、天猫精灵等产品已率先接入通义千问测试，将在评估认证后正式发布新功能。
BYD has launched China’s first intelligent body control system DiSus, or Yunnian, the chairman of the country's largest new energy vehicle maker said yesterday. Yunnian, which greatly improves the vehicle’s stability and reduces the risk of rolling over, is rewriting history by filling a technology gap in China, Wang Chuanfu said at a press conference. The system can help protect the vehicle from being damaged when driving on difficult terrain, makes driving more comfortable and safer, and protects both people and vehicles.
比亚迪发布“云辇”智能车身控制系统：4月10日，比亚迪正式发布“云辇”智能车身控制系统。比亚迪董事长王传福在会上表示，“云辇”能在垂直方向上系统化解决车身控制问题，“云辇”的诞生改写了车身控制技术依靠国外的历史，填补了国内技术的空白，这也标志着比亚迪成为首个自主掌握智能车身控制系统的中国车企。据介绍，云辇从整车垂直方向系统化控制出发，实现升维安全。云辇能够有效抑制车身姿态变化，极大降低车辆侧翻风险。同时云辇系统可以在雪地、泥地、水域等复杂路况下，有效保护车身，避免因地形造成的整车磕碰损伤，提升驾乘舒适及安全性，实现对人和车的双重保护。
Longi Green Energy Technology, the world’s largest maker of monocrystalline solar wafers, will invest 3.5 billion yuan to construct another photovoltaic cell factory to boost the company’s high-efficiency battery output. The new facility, which will be located in Tongchuan, northwestern Shaanxi province, will have an annual capacity of 12 gigawatts of solar cells, the Xi’an-based company said yesterday. The factory should be up and running by the end of 2024.
隆基绿能35亿建铜川单晶电池项目：4月10日晚，隆基绿能发布公告称，公司与铜川市人民政府、铜川新材料产业园区管理委员会于2023年4月8日签订《年产12GW单晶电池项目投资合作协议》，就公司在陕西省铜川新材料产业园区投资建设年产12GW单晶电池项目达成合作意向。该项目预计投资金额35亿元（含流动资金），项目预计2024年下半年开始投产、2024年底达产。
Wrapping up with a quick look at the stock market
股市收盘情况
Chinese stocks ended marginally lower on Tuesday with the benchmark Shanghai Composite down 0.05 percent, while the Shenzhen Component closed nearly flat. Hong Kong shares close higher after holiday break, as the Hang Seng index climbed 0.8 percent and the TECH index inched up 0.3 percent.
沪指险守3300点、港股小幅收涨：周二A股大盘全天震荡调整，三大指数涨跌不一。截至收盘，沪指跌0.05%，守住3300点，深成指涨0.04%，创业板指跌0.17%。沪深两市成交额10832亿元，连续第6个交易日突破1万亿元。港股高开后震荡走弱，恒指收涨0.76%，恒生科技指数收涨0.25%。
Biz Word of the Day
财经词汇划重点
In automotive electronics, body control module or 'body computer' is a generic term for an electronic control unit responsible for monitoring and controlling various electronic accessories in a vehicle's body. Typically in a car the body control module controls the power windows, power mirrors, air conditioning, immobilizer system, central locking, etc.
车身控制器，又称为车身电脑，在汽车工程中是指用于控制车身电器系统的电子控制单元（ECU），是汽车的重要组成部分之一。车身控制器常见的功能包括控制电动车窗、电动后视镜、空调、大灯、转向灯、防盗锁止系统、中控锁、除霜装置等。车身控制器可以通过总线与其他车载ECU相连。
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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