CBN丨China issues guideline on expanding domestic demand

Hi everyone. I’m Stephanie LI.

大家好，我是主持人李瑩亮。

Coming up on today’s program.

重點提要

• China unveils plan to boost domestic demand to ensure long-term growth;
• Factory output growth slowed and retail sales extended declines in November.

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

中國經濟要聞

China has released a guideline on expanding domestic demand and fostering a sound domestic demand system to promote its long-term development.

The long-term goals extending to 2035 include seeing the scale of consumption and investment hit new levels and fully establishing a sound domestic demand system, said the guideline, jointly issued by the Communist Party of China Central Committee and the State Council.

Looking to 2035, new industrialization, informatization, urbanization and agricultural modernization will be basically achieved, people's livelihoods will be improved, the underpinning role of reform in propelling the development of domestic demand will be boosted and China's advantages in terms of engaging in global economic cooperation and competition will be enhanced, according to the guideline.

To accomplish the long-term goals, the country aims to boost investment in consumption, optimize the distribution pattern, bolster the quality of supply, improve the market system and smoothen economic circulation during the 14th Five-Year Plan period (2021-2025).

Efforts will be made to facilitate consumption on all fronts and accelerate the upgrading of consumption quality, optimize the investment structure and expand the scope of investment, while promoting the coordinated development of urban and rural areas to release the potential of domestic demand, according to the guideline.

擴内需重磅檔案出爐。

中共中央、國務院近日印發《擴大内需戰略規劃綱要（2022－2035年）》，圍繞11個方面出台38條舉措，以2萬多字的篇幅提出了擴大内需的總體要求和具體方案，要求加快培育完整内需體系，促進形成強大國内市場，使擴大内需成為建構新發展格局的重要支撐，促進供需在更高水準上實作動态平衡。

《綱要》提出，按照全面建設社會主義現代化國家的戰略安排，展望2035年，實施擴大内需戰略的遠景目标為消費和投資規模再上新台階，完整内需體系全面建立；人民生活更加美好，城鄉居民個人所得再邁上新的大台階，中等收入群體顯著擴大，基本公共服務實作均等化，城鄉區域發展差距和居民生活水準差距顯著縮小，全體人民共同富裕取得更為明顯的實質性進展等。

為實作2035年遠景目标，《綱要》明确了“十四五”時期實施擴大内需戰略的5個主要目标。包括：促進消費投資，内需規模實作新突破；完善配置設定格局，内需潛能不斷釋放；提升供給品質，國内需求得到更好滿足；完善市場體系，激發内需取得明顯成效；暢通經濟循環，内需發展效率持續提升。

在加快消費提質更新、優化投資結構方面，《綱要》要求，順應消費更新趨勢，提升傳統消費，培育新型消費，擴大服務消費，适當增加公共消費，着力滿足個性化、多樣化、高品質消費需求。努力增加制造業投資，加大重點領域補短闆力度，系統布局新型基礎設施，着力提高投資效率，促進投資規模合理增長、結構不斷優化，增強投資增長後勁。

China on Thursday posted slower growth in factory output in November due to the impact of COVID-19 resurgence, but has maintained overall stability over the first 11 months of the year.

The value-added industrial output, an important economic indicator, went up 2.2 percent year-on-year in November after a 5 percent growth in the previous month. In the first 11 months, the total value added of those enterprises grew by 3.8 percent year-on-year, according to the National Bureau of Statistics. Total retail sales of consumer goods came in at 3.86 trillion yuan in November, down 5.9 percent year-on-year. During the January-November period, fixed assets investment reached 52 trillion yuan, up 5.3 percent year-on-year.

Meanwhile, China's home prices in 70 major cities continued to ease. In November, 51 out of the 70 cities saw a month-on-month drop in new home sales prices, compared with 58 in October. A total of 62 cities witnessed a decrease in resale home prices, flat with the previous month.

11月經濟資料出爐：國家統計局15日釋出資料顯示，11月份，國民經濟保持恢複态勢，投資規模繼續擴大，市場價格總體平穩，新動能持續成長，民生保障有力有效，經濟社會大局穩定。11月，全國規模以上工業增加值同比實際增長2.2%；社會消費品零售總額38615億元，同比下降5.9%，環比增長0.15%。1-11月，全國規模以上工業增加值同比增長3.8%；社會消費品零售總額399190億元，同比下降0.1%；全國固定資産投資同比增長5.3%，基礎設施投資同比增長8.9%，增速比1-10月加快0.2個百分點，連續七個月回升。

此外，國家統計局資料顯示，11月70城房價繼續回落，各線城市商品住宅銷售價格環比下降，一線城市同比漲幅回落、二三線城市同比降勢趨緩。11月份，70個大中城市中，建立商品住宅銷售價格環比下降城市有51個，比上月減少7個；二手住宅銷售價格環比下降城市有62個，個數與上月相同。

Next on industry and company news

産業及公司新聞

• The production capacity for key medical supplies such as antigen detection reagents, vaccines and masks is sufficient in China, the Ministry of Industry and Information Technology (MIIT) told a press conference on Wednesday. The MIIT said a temporary shortage of antigen test kits in some places is mainly due to low market demand and low stock, which will be addressed with increased production capacity. According to the ministry, the nation's drug administration has so far approved 42 antigen detection reagent products. Meanwhile efforts will be taken to solve problems in the purchasing and reserve of auxiliary materials, to ensure the smooth functioning of the supply chain.

  工信部回應抗原檢測暫時性短缺：12月14日，工業和資訊化部消費品工業司副司長周健表示，二十條優化措施和新十條措施出台後，工信部又進一步加強了對抗原檢測試劑、疫苗和防護用品等重點醫療物資的生産排程。總體看，抗原檢測試劑、疫苗、口罩等重點醫療物資産能是充足的，抗原檢測試劑在一些地方出現了暫時性短缺，主要是因為前期市場需求較少，終端藥店庫存較低。随着産能不斷釋放，産量會迅速提升，能夠滿足群衆的需要。周健表示，目前國家藥監局已經準許42個新冠病毒抗原檢測試劑産品，工業和資訊化部已将所有抗原檢測試劑生産企業納入白名單，給予重點保障。每日排程生産供應情況，會同各地工信部門采取有力措施，幫助這些企業解決生産運作中存在的問題，做好生産要素保障。

• More than 1,000 JD.Com couriers from 16 provincial-level areas arrived in Beijing on Wednesday and began to work today, after the State Post Bureau called on express delivery firms to boost manpower amid a backlog. The delivery staff, some from as far afield as Guangdong province in the south, reached Beijing in 24 hours, according to JD Logistics. JD’s online supermarket has been stocking up vital daily supplies in the capital, in coordination with more than 3,000 brands and vendors, which should be able to provide for Beijing residents for a month, JD said.

  京東千名快遞員抵京增援：據交通運輸部，京東物流1010名京外調派的快遞員已陸續抵京，預計15日京東物流将在北京投入的外地支援人員達到2000人，定向增援北京市内的快遞末端配送等工作。據了解，此次調派的快遞員通過自願報名方式，主要來自上海、廣東、陝西等全國16個省市，在24小時内集合并陸續抵京。連日來，京東超市持續加大北京地區民生商品備貨，關聯超3000家品牌及商家籌備近32000款食品、母嬰、消殺用品等民生商品，并上線價穩貨穩會場。目前，京東超市在北京地區的食品、母嬰、消殺用品等民生商品備貨充足，可保證消費者32天的日常平價購買所需。

• Chinese battery giant CATL said late yesterday it had signed deals to supply Huawei Technologies’ smart car project and Chery Automobile, a major private Chinese carmaker. CATL will be the first preferred partner for Huawei’s smart car project and provide market-competitive and high-quality power batteries for its vehicles to reach the market quicker. In a separate statement yesterday, CATL said it will supply batteries for Chery’s vehicles and ships, and the two agreed to cooperate on technologies and explore battery swap new energy vehicle models and battery swap services.

  甯德時代與華為、奇瑞達成戰略合作：12月14日晚，甯德時代宣布與華為終端簽署合作備忘錄。據悉，華為終端将推薦甯德時代作為華為智選車合作夥伴汽車動力電池的第一優選合作夥伴。甯德時代将為華為智選車項目提供汽車動力電池産品，以支援華為智選車産品更快地面向市場。當天，甯德時代還與奇瑞集團簽署戰略合作架構協定。根據協定，甯德時代與奇瑞集團将在産品、商務、市場推廣、商業資訊資源等領域展開全方面的合作。除乘用車電池供應及技術合作外，雙方還将在大巴、物流車、重卡、電動船舶等領域對公共交通、新能源三電融合和換電等業務開展聯合探索。

• Shares of Gome Retails rose today after the controlling shareholder of the cash-strapped Chinese electric appliance retailer offered the company the second interest-free loan this month. Huang Guangyu’s wholly-owned firm Sinning Crown will offer a HK$200 million loan with no interest to Gome, the Beijing-based company announced late yesterday. Gome secured a HK$150 million interest-free loan from Huang on Dec. 8.

  黃光裕再向國美追加2億港元無息貸款：12月14日晚，國美零售釋出公告稱，控股股東黃光裕全資公司Shinning Crown與公司簽訂貸款協定，Shinning Crown同意向公司提供2億港元貸款。根據公告，該筆貸款為免息且無抵押貸款。此前的12月8日晚，國美零售公告了Shinning Crown提供1.5億港元貸款的消息，貸款同樣免息且無抵押。

• US healthcare giant Abbott Laboratories will stop selling baby formula in the Chinese mainland by next year amid stiff competition, shifting its focus to medical nutrition instead. Abbott will gradually stop making and selling baby formula under the Eleva, PediaSure, and Similac brands as well as two sub-brands by 2023, Abbott said yesterday. In February, Abbott recalled batches of baby formula produced by its plant in Michigan due to contamination.

  雅培宣布将退出中國嬰幼兒營養品市場：12月14日，雅培宣布，該公司營養品宣布業務調整，未來将逐漸停止中國大陸市場的嬰幼兒和兒童營養品的營運和銷售。據了解，所涉及品牌包括菁摯，恩美力，親護，喜康寶以及小安素等。退出将在未來一年内逐漸完成。今年2月，雅培曾因存在阪崎克羅諾杆菌等污染風險，在全球範圍内召回多批次由美國密歇根州斯特吉斯工廠生産的嬰幼兒配方奶粉。

• China’s BeiDou Navigation Satellite System (BDS) has become the top guidance service provider for domestic Gaode Map, according to a statement released by the Beijing Institute of Space Science and Technology Information on Wednesday. Based on the average number of satellites called by domestic navigation apps for each positioning, BeiDou satellites have been called the most, 30 percent more than the second-ranked GPS.

  國内導航定位已全面實作北鬥主導：近日，高德地圖公布了基于北鬥衛星導航系統的應用相關資料。截至2022年11月，高德地圖調用北鬥衛星日定位量已超過2100億次，且在定位時北鬥的調用率已超越了GPS等其他衛星導航系統。此外，北鬥系統還在平均單次定位調用衛星數量、民用定位精度等多個次元超越GPS系統，正式實作了對于國内導航應用定位的全面主導，在導航出行這一民用領域已廣泛普及。

• Chinese smartphone maker OPPO unveiled its second self-developed microchip called MariSilicon Y on Wednesday during the OPPO Inno Day 2022 event. It is a flagship Bluetooth audio System-on-a-Chip (SOC) that significantly improves the audio quality and digital devices' intelligence, according to OPPO.

  OPPO釋出第二顆自研晶片“馬裡亞納Y”：12月14日，OPPO釋出馬裡亞納Y藍牙音頻SoC（系統級晶片），采用台積電6納米射頻工藝，目前已流片成功。OPPO晶片産品進階總監姜波表示，馬裡亞納Y作為一顆技術超前的旗艦晶片，我們期待這顆晶片的關鍵技術，能夠解決使用者音頻體驗中“音質”與“智能”的關鍵問題，為下一代旗艦藍牙音頻裝置，提供晶片動力。

Switching gears to financial news

金融市場消息

• Overseas financial infrastructure that provides domestic institutions or individuals with cross-border supply services would require access granted by financial management departments under the State Council, according to new draft rules released on Wednesday. The draft rules are intended to strengthen financial infrastructure coordination and oversight, as well as building and planning, so as to ensure effective operation of the financial system and push for the creation of a modern central banking system, the PBOC said in a statement. The rules would cover institutions involved in the clearing and settlement system, trading facilities, important payment systems and other areas of financial infrastructure.

  央行拟明确金融基礎設施監管總體制度架構：12月14日，中國人民銀行釋出《金融基礎設施監督管理辦法（征求意見稿）》，旨在明确金融基礎設施監督管理總體制度架構，健全金融基礎設施準入管理，推動建構國内國際“雙循環”的新發展格局，促進金融更好服務實體經濟。《辦法》對在境内設立金融基礎設施的條件，包括股東及“董監高”資質、資本要求、系統建設等作出規定。涉及或可能涉及對金融體系産生重大影響或相關國務院金融管理部門認為确有必要的金融基礎設施，應當報經國務院同意後準許。未經準許，任何機關或者個人不得設立或者以任何形式營運金融基礎設施，不得使用“金融”“交易所”、“交易中心”、“登記結算”、“清算”、“交易報告”等涉及金融基礎設施服務或近似的名稱。

Wrapping up with a quick look at the stock market

股市收盤情況

• Chinese stocks fell on Thursday after the country reported worse-than-expected factory output and retail sales data for November. The benchmark Shanghai Composite shed 0.25 percent, while the Shenzhen Component added 0.32 percent. Hong Kong stocks finished sharply lower, with the Hang Seng index falling 1.55 percent and the TECH index dropped 2.39 percent.

  A股分化港股收跌：周四A股三大指數漲跌互現，截至收盤，滬指跌0.25%，深證成指漲0.32%，創業闆指漲1.31%，滬深兩市全天成交額7662億元。港股全天震蕩走低，恒指收跌1.55%，恒生科技指數收跌2.39%。

Biz Word of the Day

财經詞彙劃重點

• The financial infrastructureis the core in the financial system and is a precondition of its functioning. The financial infrastructure is made up of technical systems through which payments are made and transactions with financial instruments are handled. The term financial infrastructure signifies financial assets (primary securities as well as secondary securities), financial markets (money market and capital market) and financial intermediaries (banks and non-bank financial institutions).

  金融基礎設施是指金融運作的硬體設施和制度安排，主要包括支付體系、法律環境、公司治理、會計準則、信用環境、反洗錢以及由金融監管、中央銀行最後貸款人職能、投資者保護制度組成的金融安全網等。

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

編委: 于曉娜

策劃、編輯：李豔霞

播音：李瑩亮

撰稿：李瑩亮

音頻制作：李瑩亮

設計：鄭文靜、廖苑妮

21世紀經濟報道海外部 制作

南方财經全媒體集團 出品

更多内容請下載下傳21财經APP