CBN丨China to implement more stringent vehicle emission standards on July 1

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 will implement more stringent vehicle emission standards in July, while sales period of old car models will be extended until year end;
• The average salary of China's urban employees in 2022 grew 4.6 percent in public sector and 1.7 percent in private firms.

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

中國經濟要聞

China will start to implement the China VI-b emission standards for vehicles starting from July 1, banning production, imports and sales of models that don't comply with the standards, the Ministry of Ecology and Environment said on Tuesday in a joint statement with four other authorities.

The upgraded standards have more stringent emission requirements for pollutants such as carbon monoxide and nitrogen oxides of gas and gasoline-fueled vehicles, compared with the current China VI-a standards.

The new standard will require Real-Driving Emission (RDE) tests of the vehicles while driven on the road, which is not included in the "China VI-a" standard.

As of January 2023, there were more than 1.89 million vehicles in inventory that did not meet the RDE testing requirements, with more than 2 million vehicles in inventory including purchased parts, data from the China Association of Automobile Manufacturers showed on Tuesday.

However, for some light-duty vehicles qualified under the China VI-b standards but with a "monitoring only" testing result, sales will be allowed to continue to December 31, read the statement.

The association said the timing will bring substantial relief to the industry, while assisting the auto market to recover steadily.

Due to a gradual cooling of the heated price war since March and the impact of last year’s low base, wholesale sales in China’s passenger vehicle market reached 1.81 million units in April, jumping 86.5 percent year on year, according to a report released by the China Passenger Car Association on Tuesday.

NEV market’s wholesale sales tallied 607,000 units last month, rising by 115.6 percent annually, with a penetration rate of 33.9 percent. Eleven NEV manufacturers sold more than 10,000 vehicles each in wholesale last month, with BYD, Tesla China and GAC Aion ranking top 3.

Retail sales of China's passenger vehicles surged 55.5 percent year on year, with a total of 1.63 million passenger vehicles were sold last month, according to the association.

In April, China exported 300,000 passenger cars, a yearly increase of 227 percent, of which NEVs accounted for 30 percent.

日前，生态環境部、工信部等五部門釋出關于實施汽車國六排放标準有關事宜的公告。自2023年7月1日起，全國禁止生産、進口、銷售不符合國六排放标準6b階段的汽車，針對部分實際行駛污染物排放試驗（即RDE試驗）報告結果為“僅監測”等輕型汽車國六b車型，給予半年過渡期。

公告指出，自2023年7月1日起，全國範圍全面實施國六排放标準6b階段，禁止生産、進口、銷售不符合國六排放标準6b階段的汽車。生産日期以機動車合格證的車輛制造日期為準，且合格證電子資訊應于2023年7月1日0時前完成上傳；進口日期以貨物進口證明書簽注運抵日期為準；銷售日期以機動車銷售發票日期為準。

同時，針對部分實際行駛污染物排放試驗報告結果為“僅監測”等輕型汽車國六b車型，給予半年銷售過渡期，允許銷售至2023年12月31日。

所謂“國六”标準，其全稱為“國家第六階段機動車污染物排放标準”，是為防治機動車污染排放、改善環境空氣品質制定的國家标準。因其複雜性和标準門檻高于“歐六”标準，是以也被行業内稱為“全球最嚴排放标準”。

根據規定，國六标準的實施分為a、b兩個階段，第一階段從2020年7月1日起，不能銷售、注冊、上牌低于國六a标準的汽車。第二階段從2023年7月1日起，不能銷售、注冊、上牌低于國六b标準的汽車。

值得關注的是，受疫情、市場等多重因素影響，部分不符合RDE試驗要求的國六b車輛庫存積壓嚴重。中國汽車工業協會資料顯示，截至2023年1月底，不滿足RDE試驗要求的庫存車輛超過189萬，含已采購部件的庫存超過200萬。

乘聯會秘書長崔東樹認為，國六排放标準6b階段實施政策的公布，不僅穩定了企業和經銷商心态，也進一步提振了市場消費，對5月國内車市的快速恢複将起到促進作用。

5月9日，乘聯會舉行月度乘用車市場分析釋出會。資料顯示，4月乘用車市場零售量達163萬輛，受低基數影響，同比增幅較大，達55.5%，環比增長2.5%。其中，自主品牌零售79萬輛，同比增長63%，環比增長1.5%。

乘聯會表示，4月價格戰熱度逐漸消退，經銷商心态逐漸穩定，消費者恢複理性消費，觀望情緒得以緩解，前期壓抑的需求有所釋放；疊加“五一”小長假出行用車需求增長，帶動4月購車消費前置，整體車市延續3月底的态勢，企穩修複。

自主品牌在新能源市場和出口市場獲得明顯增量，頭部傳統車企轉型更新表現優異，比亞迪、長安、奇瑞、上汽等傳統車企品牌份額提升明顯。4月新能源乘用車市場零售量為52.7萬輛，同比增長85.6%，環比下降3.6%。

今年汽車出口延續去年年末強勢增長特征。乘聯會統計口徑下的4月乘用車出口量達30萬輛，同比增長227%，環比增長3%。其中，新能源車出口9.1萬輛，同比增長1028.5%，環比增長29.4%，占乘用車出口總量的31%。

• The average salary of China's urban employees saw steady growth in 2022, data from the National Bureau of Statistics showed on Tuesday. The average salary in the non-private sector reached 114,029 yuan, up 6.7 percent in nominal terms and 4.6 percent after adjusted for inflation. In the private sector, the annual average salary stood at 65,237 yuan, up 1.7 percent in real term.

  Jobs in the information transmission, software and information technology service industries were China’s highest-paid last year, as employees received an average annual salary of 220,418 yuan from public units and 123,894 yuan from private companies last year, up 9.4 percent and 8.1 percent, respectively, from the previous year. The lowest wages from urban non-private units were in the household service, repair, and other services, as workers received 47,760 yuan annually, while in the private sector, jobs in accommodation and catering were paid the lowest with 53,995 yuan a year.

• 2022年各行業年平均工資公布：5月9日，國家統計局網站釋出2022年各行業領域平均工資情況。2022年全國規模以上企業就業人員年平均工資為92492元，比上年名義增長5.0%。非私營機關就業人員年平均工資為114029元，比上年增加7192元，名義增長6.7%。扣除價格因素，2022年全國城鎮非私營機關就業人員年平均工資實際增長4.6%。私營機關就業人員年平均工資為65237元，比上年增加2353元，名義增長3.7%。扣除價格因素，2022年全國城鎮私營機關就業人員年平均工資實際增長1.7%。

  在19個行業門類中，有18個行業的就業人員平均工資保持增長，其中采礦業，資訊傳輸、軟體和資訊技術服務業、金融業等行業城鎮非私營機關和私營機關平均工資增速均相對較高；房地産行業平均工資水準下降，部分人員密集型或接觸型服務業平均工資增速較低。2022年，無論是在城鎮非私營機關還是在私營機關中，就業人員年平均工資水準排在前三位的行業均為技術含量較高的資訊傳輸、軟體和資訊技術服務業，金融業，科學研究和技術服務業。工資水準排在後三位的行業略有不同，在城鎮非私營機關中為住宿和餐飲業，農林牧漁業，居民服務、修理和其他服務業；在私營機關中為農林牧漁業，水利、環境和公共設施管理業以及住宿和餐飲業。

Moving on to regional highlights

區域觀察

• East China's Jiangsu Province recently released a plan for a pilot program to promote usage of the digital yuan in the local education sector. The plan proposed easing the digital yuan payment channel for all types of schools in Jiangsu including kindergartens, while setting up additional payment methods to improve the online and offline payment environment for digital yuan. It will also encourage local schools to expand the coverage for use of digital yuan on campus and to connect the digital yuan with current school systems, aiming to continuously enrich the application scenarios.

  江蘇推進教育領域數字人民币試點：5月9日消息，江蘇省教育廳近日印發《江蘇省教育領域數字人民币試點實施方案》，提出至2023年底，每所省屬學校至少推進一個數字人民币應用項目。方案指出，暢通江蘇各級各類學校（幼稚園）保育教育費、學費、住宿費、代辦費、服務性收費、各類考試報名費等數字人民币支付管道，在現有收費模式基礎上，新增數字人民币繳款方式，完善數字人民币線上線下受理環境。方案還明确，鼓勵學校在校園消費、身份識别、生活服務等方面擴大數字人民币應用覆寫面；推動數字人民币與現有校園平台系統對接，探索校園“一卡通”疊加硬錢包功能；鼓勵學生食堂、生活超市、菜鳥驿站及校園各類商戶全面配置數字人民币支付環境，不斷豐富應用場景，建構校園内部數字人民币應用生态。

• The world's first experimental ultrahigh-speed maglev train with a maximum speed of over 1,000 kilometers per hour will be built in Harbin, Northeast China's Heilongjiang Province. Construction of associated products related to the route will also be launched as part of the project. A transportation tube of partial vacuum status for ultrahigh-speed maglev line, the major part of the program, can help the vehicle to accelerate to the speed of over 1,000 kilometers per hour at a relatively low cost and high level of safety, according to World Artery, one of the firms behind the project.

  哈爾濱将建世界首條超高速磁浮旅遊試驗線：哈爾濱工業投資集團9日消息，該集團8日與北京九州動脈隧道技術有限公司舉行戰略合作協定簽約，雙方将聯手在哈爾濱共同打造低真空超高速磁浮飛行巴士旅遊試驗線及制造産業化項目。該試驗線時速将達1000公裡以上。據介紹，超高速管道交通是繼公路交通、軌道交通、航空交通、水路交通之後的第五種交通方式，具有超高速、低建設成本、低營運能耗、安全性高等諸多優勢，是整合現有成熟技術的內建創新，是唯一一種能實作時速達1000公裡以上的大衆交通方式。

• A total of 113 projects with a combined investment of about 75 billion yuan were signed during a Regional Comprehensive Economic Partnership (RCEP) economic and trade expo held in central China's Hunan Province. The four-day expo attracted over 600 renowned enterprises and more than 1,000 purchasers from home and abroad, including 112 companies from 14 other RCEP member countries, according to the organizer.

  首屆湖南RCEP經貿博覽會簽約項目總投資750多億元：首屆湖南（懷化）RCEP經貿博覽會4日至7日在中國湖南懷化舉辦。會上簽約合作項目113個、總投資約750億元，為中國西部陸海新通道沿線省份與RCEP成員國的交流合作搭建起優勢互補新平台。此次博覽會采用線上線下結合的形式辦展，吸引來自中國、寮國、泰國、澳洲等RCEP成員國的600多家企業、1000多名采購商參展。其中，線下實體展展區面積2萬平方米，設有RCEP成員國綜合形象展區、市州形象展區等6大展區。

Greater Bay Area, Greater future

新使命，大未來

• Hong Kong is well positioned to serve as a regional hub for impact investing, the Financial Services Development Council told a conference yesterday. The global market for impact investment - which generates social and environmental impact as well as financial returns - is estimated to worth US$1 trillion, according to the Global Impact Investing Network which co-hosted the event in the city with the FSDC. The Hong Kong government in March announced a slew of financial and other measures to try and attract at least 200 wealthy families to set up their wealth management offices, for overseeing their investment and philanthropic activities, in the city by the end of 2025.

  香港全面擁抱萬億級影響力投資： 5月9日，在全球影響力投資網絡（GIIN，The Global Impact Investment Network）與香港金融發展局共同舉辦的“亞洲影響力投資的未來”論壇上，香港特區政府财政司司長陳茂波表示，香港作為全球領先的國際金融中心之一，将充分發揮自身優勢，積極擁抱影響力投資。陳茂波表示，去年全球影響力投資市場規模已超過1萬億美元。全球39個經濟體的170家機構簽署了承諾，會在投資的全生命周期将影響力因素納入考量。陳茂波表示，香港影響力投資的參與者衆多，大量跨國公司、高水準人才、基金公司及持續增加的家族辦公室，為影響力投資的蓬勃發展提供了優厚的生态環境。

Next on industry and company news

産業及公司新聞

• Fixed-asset investment in China's railways went up 6.3 percent year on year in the first four months to reach 167.4 billion yuan, data from China State Railway Group showed Tuesday. The company said it has mainly focused on railway-related items in the country's 102 major projects introduced for the 14th Five-Year Plan period (2021-2025). In particular, track laying for the railway line between Tianjin and Beijing Daxing International Airport has been completed, the company said.

  前4個月全國鐵路完成固定資産投資1674億元：5月9日國鐵集團消息，今年1月至4月，全國鐵路完成固定資産投資1674億元、同比增長6.3%，現代化鐵路基礎設施體系加快建構。今年以來，國鐵集團以“十四五”規劃綱要102項重大工程涉鐵項目為重點，突出聯網、補網、強鍊，高标準推進鐵路建設，努力在全力完成建設投資和實物工作量上下功夫，南昌至景德鎮至黃山高鐵、天津至北京大興國際機場鐵路全線鋪軌完成。

• Three Chinese airlines, including China Eastern Airlines, Air China and Xiamen Airlines, are applying for newly added routes from China to the US, after the US decided last week to allow Chinese carriers to increase flights to the US. On May 3, the US Department of Transportation issued an order allowing Chinese airlines to operate 12 round-trip flights between China and the US every week, up from the current eight.

  三家國内航司已送出中美增班申請：民用航空網微信公号9日消息，5月3日，美國交通部允許7家中國航司（中國國航、中國東航、南方航空、海南航空、廈門航空、首都航空、四川航空）每周營運12個中美往返航班，即刻生效。目前，東航、國航、廈航均已送出了新增航班申請。

• Alibaba Group Holdings’ supermarket chain Hema Fresh has stepped into China’s fast-growing premade food market. Hema Fresh announced yesterday that it initiated a premade food ecology alliance in Shanghai and upgraded its premade food strategy. Hema Fresh plans to open a new store featuring premade dishes in October, covering an area of 5,000 square meters, said Hou Yi, CEO of the supermarket.

  盒馬牽頭成立預制菜生态聯盟：5月9日，總部位于上海浦東的生鮮企業盒馬在上海發起預制菜生态聯盟，首批共13家食品企業、3所高校、1家電器企業加入這一聯盟。盒馬鮮生CEO侯毅透露，今年10月份将開出以預制菜為核心的全新品類結構的盒馬鮮生門店，預計5000平方左右。今年初，自有品牌、大進口和預制菜在盒馬内部分别被列為一級部門。

• Chinese electric vehicle titan BYD has been given the greenlight to acquire a 100 percent stake in bankrupt Yi’an Property and Casualty Insurance, making it the first automaker to own an insurance firm in China. The one billion shares held in Yi’an P&C Insurance by the seven original shareholders, which include software developer Shenzhen Infogem Technologies, will be transferred to unit BYD Auto Industry, the China Banking and Insurance Regulatory Commission said yesterday.

  比亞迪收購易安财險獲批複：5月9日，中國銀保監會官網釋出了關于易安财産保險股份有限公司變更股東的批複，批複内容顯示，同意比亞迪汽車工業有限公司受讓易安财險10億股股份，持股比例為100%。批複内容還顯示，比亞迪在變更為易安财險股東後，易安财險原股東深圳市銀之傑科技股份有限公司等7家公司将不再持有易安财險股份。

• Shares of Eve Energy rose after the major Chinese power battery maker said it has made a deal with local government to buy a piece of land in Hungary to build a factory. The operating entity Eve Energy set up in Hungary will buy 450,000 square meters of land in Debrecen for 12.9 million euros to build a cylindrical battery plant, the company announced yesterday.

  億緯锂能匈牙利電池工廠成功購地：5月9日晚間，惠州億緯锂能股份有限公司釋出公告表示，公司全資孫公司億緯匈牙利已與賣方簽署購地協定，購買賣方位于匈牙利德布勒森西北工業區的土地，用于生産圓柱形動力電池。根據雙方聲明，該土地已在土地登記處登記，面積為45公頃。雙方同意的土地購買價格為22.5歐元/平方米+增值稅，根據土地總面積計算，購買價格為1285.88萬歐元。

• China Film Group’s shares jumped by their daily trading limit after the movie distributor and producer of hit science fiction series The Wandering Earthreportedly said it will build a Chinese sci-fi movie theme park in Beijing.The Wandering Earth II, mainly produced by China Film, broke 32 records on its premiere and became one of China's top-10 highest-grossing movies, earning over 4 billion yuan.

  中國電影宣布籌建中國科幻電影樂園：5月9日，中國電影股價高開并迅速封闆。中國電影8日在業績說明會上宣布，正在北京市懷柔區籌建中國科幻電影樂園，将以系列科幻電影IP為核心，打造具有奇幻和冒險性、體驗性、互動性的旅遊娛樂園區。

Switching gears to financial news

金融市場消息

• China appointed Li Yunze as Party Secretary of the new national financial regulatory administration on Wednesday. Li was vice-governor of Sichuan province. Prior to that position, he was vice-president of the Industrial and Commercial Bank of China, the country's largest state-owned commercial lender.

  李雲澤任國家金融監督管理總局黨委書記：5月10日，中國銀保監會官微釋出消息稱，國家金融監督管理總局召開上司幹部會議，中央組織部有關負責同志宣布了中央決定：李雲澤同志任國家金融監督管理總局黨委書記。李雲澤于2018年9月出任四川省副省長，并于2021年5月任四川省委常委、四川省副省長，主要分管金融工作。自1993年起，李雲澤就在建設銀行工作，直到2016年7月出任工商銀行黨委委員，同年10月正式出任工商銀行副行長。

• China Merchants Fund Management and two other Chinese fund managers will each issue an exchange-traded fund based on China Securities Index’s Guoxin Central-SOEs Shareholder Return Index next week to raise as much as 2 billion yuan each. The funds received the go-ahead from the China Securities Regulatory Commission on April 27, which are the first to include both dividend and buybacks.

  首批央企股東回報ETF開售在即：5月9日，彙添富基金、廣發基金、招商基金旗下的中證國新央企股東回報ETF産品釋出募集公告。公告顯示，三隻産品的發行期均為5月15日至5月19日，募集規模上限均為20億元人民币。據悉，這三隻産品跟蹤的中證國新央企股東回報指數由國新投資和中證指數公司聯合開發，是全市場首隻同時納入了分紅和回購的高股息政策指數。

• China's investment in Europe fell to a 10-year low last year, a new report showed. Chinese foreign direct investment (FDI) in Europe was 7.9 billion euros in 2022, down 22 percent year-on-year, according to the report jointly released by US research provider Rhodium Group and European research institute MERICS on Tuesday. Tencent's purchase of British video game developer Sumo Digital was the only deal that exceeded 1 billion euros. However, driven by electric vehicle battery factories, Chinese greenfield investment in Europe overtook M&A transactions for the first time in 20 years, reaching 4.5 billion euros, or 57 percent of the total, according to the report. Last year, Chinese battery giants - including CATL, Envision AESC and SVOLT - invested in building battery plants in Germany, Hungary, the UK and France.

  中企對歐投資方式轉向綠地投資：5月9日，全球資訊機構榮鼎集團（Rhodium Group）和獨立研究機構MERICS聯合釋出了2022年中國對歐洲直接投資（FDI）報告。報告顯示，2022年，中國在歐洲的外國直接投資降到了十年來的最低水準，僅為79億歐元，與2021年相比下降了22%。騰訊收購英國視訊遊戲開發商Sumo digital是唯一一筆價值超過10億歐元(11億美元)的交易，其他大多數重大投資都是由電池企業甯德時代、遠景動力和蜂巢能源等完成。報告還指出，中國對歐洲的直接投資方式正從并購轉向綠地投資（即跨國企業在投資目的地國家設立子公司，從零開始建設項目設施），其中電動汽車電池投資扮演了關鍵角色。2022年，中國對歐洲的綠地投資增長了53%，占中國對歐直接投資總額的57%，自2008年以來首次超過并購（M&A）。中國在歐洲近90%的投資流向了四個國家：英國、法國、德國和匈牙利。四國都獲得了中國電池制造商的大量綠地投資，預計這些中國企業将主導歐洲的電池行業。

Wrapping up with a quick look at the stock market

股市收盤情況

• Chinese stocks extended declines on Wednesday. The benchmark Shanghai Composite lost 1.15 percent, while the Shenzhen Component edged up 0.1 percent. Hong Kong stocks also closed mixed with the Hang Seng index down 0.4 percent, while the TECH index gained 0.3 percent.

  A股港股震蕩分化：周三A股大盤全天震蕩分化，滬指繼續調整跌超1%，創業闆指在創年内新低後觸底反彈。截至收盤，滬指跌1.15%，深成指漲0.14%，創業闆指漲0.73%。滬深兩市成交額連續第24個交易日突破1萬億元，北向資金全天淨買入55.71億元。港股指數漲跌不一，香港恒生指數收跌0.43%，恒生科技指數收漲0.34%。

Biz Word of the Day

财經詞彙劃重點

• The concept of impact investingwas coined by US-based The Rockefeller Foundation around two decades ago. It spearheaded the formation of GIIN by rallying like-minded private investment houses and social enterprises, which aimed to use profit-seeking investment to generate positive social and environmental impact.

  根據全球影響力投資網絡（GIIN）定義，影響力投資的主要投資對象包括公司、組織和基金。除了追求金錢回報之外，投資者的目标還包括實作社會和環境影響力。

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.

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策劃、編輯：李豔霞

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撰稿：李瑩亮

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設計：鄭文靜、廖苑妮

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