CBN丨Veteran central banker Pan Gongsheng takes over as PBOC head

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

• Pan Gongsheng, longtime banking official, appointed as new governor of China's central bank;
• China maps out priorities for supervision of capital market in H2.

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

中國經濟要聞

China's top legislature on Tuesday appointed Pan Gongsheng, former deputy governor of China's central bank the People's Bank of China (PBOC) and a longtime banking official, as the new governor of the PBOC, at a crucial time as the central bank is expected to take policy steps to boost economic growth amid downward pressure.

Pan, 60, was appointed by the Standing Committee of the National People's Congress yesterday, replacing Yi Gang, who has reached the official retirement age of 65 for minister-level officials, according to state media.

Pan had only been named Party secretary of the central bank earlier in July, putting him in one of the two top slots at the bank. Pan's appointment also makes him the first person to take over both posts since Zhou Xiaochun in 2018, potentially streamlining decision-making at the very top.

Pan, with his extensive experience in the financial sector, has previously worked at various financial institutions, including the Industrial and Commercial Bank of China and the Agricultural Bank of China. He became a deputy governor of the PBOC in June 2012, and later, in December 2015, he assumed the role of the party secretary of the State Administration of Foreign Exchange.

During his tenure as deputy governor of the PBOC, Pan frequently provided authoritative responses on topics of public concern, such as the exchange rate of the Chinese yuan, financial openness, monetary policies, and real estate.

Pan has a doctorate in economics from Renmin University. He was a visiting scholar at Cambridge University from 1997 to 1998, and he studied at the Harvard Kennedy School in 2011.

Some analysts expect that his decade at the forefront of the country’s monetary issues has given him the experience needed to tackle China’s most pressing financial issues.

在履新黨委書記25天後，潘功勝正式接任易綱，成為中國人民銀行第十三任行長。

7月25日，十四屆全國人大常委會第四次會議在北京人民大會堂舉行。會議經表決，決定免去易綱的中國人民銀行行長職務，任命潘功勝為中國人民銀行行長。這意味着，中國人民銀行重回黨委書記、行長一肩挑的模式。

在此之前的7月1日，中國人民銀行釋出消息稱，當日下午，中國人民銀行召開上司幹部會議，中央組織部有關負責同志宣布了中央決定：潘功勝同志任中國人民銀行黨委書記。

現年60歲的潘功勝至今已在金融業工作30年，具有豐富的金融業工作經驗。他1993年畢業後即進入銀行業，先後在中國工商銀行、中國農業銀行工作近20年。2012年他調任央行副行長，并于2016年1月接替易綱兼任外彙局局長。在央行工作期間，他主要分管外彙市場、金融市場等相關業務。

潘功勝是中國人民大學經濟學博士，研究員，同時是劍橋大學博士後學者及哈佛大學進階研究員。

在擔任央行副行長的11年間，潘功勝過外彙、研究局、宏觀審慎管理局、金融市場司、金融穩定局、調查統計司以及支付、征信等央行多個關鍵領域，人們時常看見他在新聞釋出會上與媒體溝通，傳遞權威信号、對外闡釋央行貨币政策思路。

潘功勝被認為是典型的“學者型官員”。他發表過《國際大型銀行成長之路》《上市公司投資者關系管理》《上市銀行價值分析》《大行蝶變-中國大型銀行複興之路》等多部專著。

潘功勝此次“雙肩挑”接棒，被普遍認為，意味着央行各項工作将無縫銜接。

• The International Monetary Fund on Tuesday raised its 2023 global growth estimates slightly given resilient economic activity in the first quarter, but warned that persistent challenges were dampening the medium-term outlook. The global lender said it now projected global real GDP growth of 3 percent in 2023, up 0.2 percentage point from its April forecast, but left its outlook for 2024 unchanged, also at 3 percent. The 2023-2024 growth forecast remains weak by historical standards, well below the annual average of 3.8 percent seen in 2000-2019, largely due to weaker manufacturing in advanced economies, and it could stay at that level for years, according to the newly released World Economic Outlook (WEO) report. For China, the forecast has remained constant since January: growing at 5.2 percent in 2023, and 4.5 percent next year.

  IMF上調今年全球增長預期至3%：7月25日，IMF在最新一期《世界經濟展望》報告中預測，今年全球經濟增速将達到3.0%，這比三個月前的預測略高0.2個百分點，但仍遠低于3.8%的曆史（2000年至2019年）年均水準。明年，全球經濟增速也将維持在3.0%，這跟三個月前的預測持平。IMF表示，越來越多的迹象表明，全球經濟活動正在失去動力。盡管一些不利風險有所緩和，但全球經濟面臨的風險仍偏下行。發達經濟體增速放緩繼續成為全球經濟增速下行的主要原因。IMF預測，2023年，發達經濟體的增速将從2022年的2.7%降至2023年的1.5%，約93%的發達經濟體在2023年的經濟增速将放緩。2024年，發達經濟體增速預計将進一步降至1.4%。IMF維持了對中國經濟增速的預測，2023年為5.2%，2024年為4.5%，但增長的構成有所變化。

Greater Bay Area, Greater future

新使命，大未來

• Hong Kong Aerospace Technology has opened the city's first satellite manufacturing center which would enable the firm to reduce manufacturing costs by more than 20 percent, thanks to the city's low corporate income tax and fast cargo clearance. ASPACE Hong Kong Satellite Manufacturing Center at the Hong Kong Science Park, which covers a site area of approximately 200,000 square feet, is able to produce more than 200 commercial satellites annually for communication, navigation, remote sensing and carbon emissions detection, according to the satellite maker on Tuesday.

  香港首個年産200顆衛星制造中心開幕：7月25日，香港首個衛星制造中心在将軍澳科學園開幕。這家名為ASPACE的衛星制造中心隸屬于香港航天科技集團有限公司，業務涵蓋衛星載荷設計、制造、測試、發射、運作控制以及資料應用等範疇。開幕儀式上，香港航天科技集團有限公司聯席主席、行政總裁文壹川介紹，ASPACE占地面積約2萬平方米，配備18套分系統和200多套精密裝置，實作數字化生産，還具備8顆以上商業小衛星并行總裝綜測能力。他表示，每顆衛星的生産周期約為12天，預計每年産量可達200顆以上。

• Nine 40-foot refrigerator containers from Guangzhou to Zhanjiang were shipped away from Zhanjiang Port Railway recently and scheduled to arrive in Chongqing before being delivered to Moscow, Russia on Friday, according to the Guangdong transport department on Tuesday. The successful departure of the train marks the opening of a new Guangzhou-Zhanjiang-Chongqing sea-rail intermodal freight line, and a new Zhanjiang-Chongqing-Moscow non-stop China-Europe freight route. So far, Zhanjiang has operated a total of 33 sea-rail intermodal train lines, and opened four China-Europe freight train lines.

  廣州-莫斯科海鐵聯運班列線路開通：廣東省交通廳25日消息，近日，從廣州海運到湛江的9個40尺電冰箱大櫃從湛江港鐵路專用線發出，将在重慶團結村站集結後于7月28日發往俄羅斯莫斯科。此次班列的成功發運意味着湛江新增開了一條“廣州-湛江-重慶”的海鐵聯運班列線路，同時也新開通了“湛江-重慶-莫斯科”的“陸海新通道+中歐”接續班列線路。至此，湛江累計營運海鐵聯運班列線路達到33條，開通中歐接續班列達到4條。

Next on industry and company news

産業及公司新聞

• Investment in non-fossil energy rose 60.9 percent year-on-year during the first half of 2023, accounting for 88.6 percent of total power investment in the country, the China Electricity Council said on Tuesday. Key surveyed enterprises completed investment of 331.9 billion yuan in the power sector during the first six months of the year, an increase of 53.8 percent year-on-year, with that of non-fossil energy power generation reaching 294 billion yuan, up 60.9 percent year-on-year. In 2023, the country's installed capacity is expected to exceed 300 million kW for the first time in history, driven by the rapid development of new energy power generation, the report predicts.

  今年全國新增發電裝機有望突破3億千瓦：7月25日，中國電力企業聯合會釋出《2023年上半年全國電力供需形勢分析預測報告》。報告顯示，上半年，電力投資同比增長32.2%，非化石能源發電投資占電源投資比重達到88.6%。上半年，重點調查企業電力完成投資5373億元，同比增長32.2%。分類型看，電源完成投資3319億元，同比增長53.8%，其中非化石能源發電投資2940億元，同比增長60.9%，占電源投資的比重達到88.6%。報告預測，在新能源發電快速發展帶動下，預計2023年全年全國新增發電裝機規模将有望曆史上首次突破3.0億千瓦，其中新增非化石能源發電裝機規模超過2.3億千瓦。

• Business magazine Fortune released its latest China 500 companies list on Tuesday, with the total revenue and profits of the 500 companies hitting $15 trillion and $717.1 billion in 2022. State Grid received $530 billion in revenue, taking the first spot in the Fortune China 500 list, followed by China National Petroleum and Sinopec Group with the revenue at $483 billion and $471.15 billion. The metal products industry has 56 companies in the ranking thereby claiming the largest number of companies on the list. The top 3 profitable companies are Industrial and Commercial Bank of China (ICBC), China Construction Bank and Agricultural Bank of China, with profits at $53.59 billion, $48.15 billion and $38.52 billion, respectively. Andon Health, a healthcare electronics manufacturer, has the highest net profit rate of 60.92 percent among the 500 companies.

  2023《财富》中國500強出爐：7月25日，2023年《财富》中國500強排行榜揭曉，國家電網有限公司以5300億美元的營收位居榜首，中國石油和中國石化分列榜單第二位和第三位。據了解，今年500家上榜的中國公司在2022年的總營業收入達到15萬億美元，淨利潤達到7171億美元。另外，金屬産品行業共有56家公司上榜，是今年上榜公司數量最多的行業，上榜公司收入總額達1.4萬億美元。在盈利能力方面，最賺錢的10家上榜公司中，有5家商業銀行和中石油、中海油、中移動等。利潤率榜榜首是九安醫療，憑借核酸檢測試劑在去年的強勁銷量，該公司的利潤率超過60%。

• Leading Chinese lithium battery materials supplier Huayou Cobalt unveiled plans to invest a total of $400 million to expand its nickel production capacity in Indonesia. Huayou’s unit Huayou International Mining Hong Kong will spend $200 million to buy assets of Perlux, thus acquiring a 50.1 percent stake in Andalan Metal Industry, an Indonesian nickel ore processing company that operates a plant with an annual output of 150,000 tons of ferronickel materials, the firm announced yesterday. Huayou International Mining will also form a nickel ore deep processing joint venture in Indonesia through a new unit in Singapore with two newly established local companies, Huayou said in a separate statement yesterday. Huayou International Mining will indirectly hold a 49 percent stake in the JV, with an investment of $200 million to build a nickel sulfate production plant on Indonesia’s Halmahera Island, with an annual production capacity equal to 50,000 tons of metallic nickel.

  華友投資4億美元擴大印尼鎳産能：7月26日，中國領先的锂電池材料供應商華友钴業公布，拟投資4億美元擴大印尼鎳産能。華友旗下華友國際礦業香港公司将斥資2億美元收購Perlux資産，進而收購印尼擎天金屬工業50.1%的股權。印尼擎天金屬工業是一家鎳礦加工公司，在IWIP設有年産15萬噸的鎳鐵工廠，含有24000噸鎳金屬元素。華友國際礦業昨天在另一份聲明中表示，華友國際礦業還将通過其在新加坡與兩家新成立的當地公司在新加坡設立的新子公司，在印度尼西亞組建鎳礦石深加工合資企業。華友國際礦業将間接持有合資公司49%的股權。該公司表示，合資公司計劃投資2億美元，在印尼IWIP建設硫酸鎳生産工廠，年産金屬鎳5萬噸。

• China will significantly raise the retail prices of gasoline and diesel starting Thursday, with the price of gasoline and diesel going up by 275 yuan and 260 yuan per ton, respectively, said the NDRC, the country's top economic planner today. After a third hike in a row that becomes effective midnight Wednesday, car owners will have to pay an extra 11 yuan to fill up a 50 liter tank.

  油價“三連漲”來了：據國家發改委26日消息，根據近期國際市場油價變化情況，按照現行成品油價格形成機制，自2023年7月26日24時起，國内汽、柴油價格（标準品）每噸分别提高275元、260元，屆時92号汽油将上調0.21元，95号上調0.23元。調整後，車出加滿一箱50L油箱将多花11元左右。

Earnings reports express

财報速遞

• Chinese battery giant CATL on Tuesday reported a 154-percent growth in net profit for first half of the year. Net profit came in at 20.72 billion yuan, versus a revised profit of 8.17 billion yuan from a year earlier, according to the company's filing. Revenue grew by 68 percent year on year to 189.2 billion yuan, as its overseas business underwent fast expansion. CATL's battery revenue in markets outside China increased by nearly 2 folds to 65.7 billion yuan, faster than the 46-percent growth seen in domestic market. The battery giant also extended its lead in the global EV battery market as its share increased to 36.3 percent in the first five months compared with 34.6 percent a year ago, according to data from SNE Research.

  甯德時代半年大賺200多億：7月25日晚間，甯德時代披露半年報，公司營收、淨利潤名額同比繼續保持大幅度增長，其中上半年淨利潤同比增長約154%。甯德時代上半年整體實作營業收入1892.46億元，同比增長約68%；淨利潤207.17億元，調整後同比增長約154%。基本每股收益4.72元，同比增長141%。在锂電池領域全球範圍内的市占率領跑，仍然是甯德時代最明顯的核心優勢。在動力電池領域，甯德時代援引SNE Research資料顯示，2023年1-5月公司動力電池使用量全球市占率為36.3%，較去年同期提升1.7個百分點，仍排名全球第一。 甯德時代在海外市場的快速擴充，成為公司在上半年最大的經營亮點。财報顯示，2023年上半年，公司境外電池業務營業收入規模656.84億元，同比增長195%，明顯高于國内電池業務46%的增長速度。境外業務在甯德時代的營收占比已經達到35%，而上年同期尚不足20%。

• Twenty-seven A-share listed chip makers have predicted losses or decline in profit for the first six months among the 34 firms that have released their first-half earning forecasts as of Tuesday, mainly due to weak global demand. Among the eight manufacturers to predict a loss for the first time, Tongfu Microelectronics estimated a loss between 170 million and 198 million yuan during the period, while Silan Micro predicted 50.4 million yuan in the red. Leading semiconductor assembly company HT tech suffered the biggest slide in profit, down as much as 90 percent to only 50 million yuan, and a couple of other leading manufacturers also saw their first-half earnings drop by over 50 percent.

  A股半導體中報業績持續低迷：截至7月25日，A股半導體闆塊中有34家公司披露了上半年業績預告，具體來看，僅有7家公司實作業績預增，其餘17家預減、8家首虧、2家續虧。多家公司解釋業績下行時均提到了“全球終端市場需求疲軟、半導體行業處于下行周期”。在預告業績首虧的企業中，通富微電預計上半年淨利潤虧損1.7億元-1.98億元，士蘭微預計淨利潤虧損5037萬元。從淨利潤下滑幅度來看，半導體封測龍頭華天科技預計上半年下滑幅度達到86.38%-90.27%，預計實作淨利潤為5000萬元-7000萬元。此外，卓勝微、三安光電、兆易創新等細分行業龍頭均出現業績下滑，且下滑幅度均在50%以上。

Switching gears to financial news

金融市場消息

• China's top securities regulator held a symposium from Monday to Tuesday, mapping out priorities for supervision of the capital market in the second half of the year. It concluded that it will implement comprehensive measures from the investment, financing, and trading perspectives to further stimulate the vitality of the capital market. The priorities of the China Securities Regulatory Commission in the second half will be keeping the normalization of initial public offerings and refinancing reasonable, improving the capital market's institutional system for risk prevention, warning, and handling, maintaining the smooth operation of the capital market, and supporting private firms to achieve high-quality development through the capital market, the CSRC said in a statement released late yesterday. Moreover, efforts will be made to improve the institutional mechanism supporting premium tech companies and to advance the implementation of publicly-offered real estate investment trust projects for the consumption of infrastructure and others, the CSRC noted.

  證監會明确下半年資本市場監管着力點：證監會25日晚間消息稱，7月24日至25日，證監會召開2023年系統年中工作座談會，明确了下半年資本市場監管工作重點。證監會表示，将科學合理保持IPO、再融資常态化，統籌好一二級市場動态平衡。健全資本市場風險預防預警處置問責制度體系。支援民營企業通過資本市場實作高品質發展，提升平台企業常态化監管水準，推動平台企業規範健康持續發展。圍繞進一步提升服務國家重大戰略質效，着力健全支援優質科技型企業的制度機制，堅守科創闆、創業闆定位，進一步提升服務的精準性。推動公司債和企業債協同發展，做優做強科創債，抓緊推動消費基礎設施等新類型公募REITs項目落地。

• The Guangzhou Branch of Industrial Bank is reportedly giving one-year interest rate coupons for customers with existing home mortgages, in response to a recent proposal of China’s central bank that lenders can renegotiate the terms on housing loans with customers. Commercial banks and other kinds of lenders are encouraged to amend contracts with borrowers through voluntary negotiations, or to replace the existing loans with new ones of lower rates, Zou Lan, head of the department of monetary policy at the PBOC, said on July 14. However, most banks in Guangdong Province, including six largest state-owned lenders and a dozen of major joint stock banks in the region have yet to respond to the PBOC’s suggestion of rate adjustments, per media report late yesterday.

  廣州有股份制銀行為存量按揭客戶發放利率優惠券：7月25日媒體報道稱，興業銀行廣州分行針對存量按揭客戶給予1年期的利率優惠券，但六大國有銀行、全國性股份制銀行，以及廣州銀行、廣州農商行等10多家廣東地區主流銀行，仍表示尚未有具體方案和細則，存量房利率調整尚未有落地案例。近日，央行表态支援和鼓勵商業銀行與借款人自主協商變更合同約定，或者是新發放貸款置換原來的存量貸款。

Wrapping up with a quick look at the stock market

股市收盤情況

• Chinese stocks retreated on Wednesday, the day after a broad rally, as investors turned their attention to the US's interest rate decision later in the day. The benchmark Shanghai Composite slid 0.3 percent and the Shenzhen Component fell 0.5 percent. Hong Kong’s Hang Seng index also dipped 0.4 percent, while the TECH index lost 0.9 percent.

  A股港股縮量調整：周三A股大盤全天震蕩調整，三大指數均小幅下跌。截至收盤，滬指跌0.26%，深成指跌0.47%，創業闆指跌0.08%。滬深兩市全天成交額7922億元。北向資金尾盤回流，全天小幅買入5.15億元。港股恒生指數跌0.36%，恒生科技指數跌0.91%。

Biz Word of the Day

财經詞彙劃重點

• Fortune is an American business magazine headquartered in New York City, founded by Henry Luce in 1929. The magazine competes with Forbes and Bloomberg Businessweek in the national business magazine category and distinguishes itself with long, in-depth feature articles. The magazine regularly publishes ranked lists including ranking companies by revenue such as in the Fortune 500 that it has published annually since 1955, and in the Fortune Global 500. The magazine is also known for its annual Fortune Investor's Guide.

  《财富》是一本美國商業雜志，由亨利·路思義創辦于1929年，擁有專業财經分析和報道，是世界上有影響力的商業雜志之一。現屬财富媒體集團控股 。 《财富》雜志自1954年推出世界500強排行榜，曆來都成為經濟界關注的焦點，影響巨大。《财富》雜志舉辦了一系列引人注目的财經論壇，如開始于1995年、著名的“财富全球論壇”便是其中之一。

Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI

Sound Editor: Stephanie LI

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Produced by 21st Century Business Herald Dept. of Overseas News.

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策劃、編輯：李豔霞

播音：李瑩亮

撰稿：李瑩亮，實習生黃青衣

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

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