CBN丨China’s central bank supports lowering interest rates for individual housing loans

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's central bank expressed its support for lowering interest rates and down payment ratios for individual housing loans;
• Chinese companies top the list of Fortune Global 500 for the fifth year.

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

中國經濟要聞

The People's Bank of China(PBOC) made clear its stance of favoring downward interest rates and down payment ratio for individual housing loans at a work meeting held Tuesday.

The central bank’s pledge came as various Chinese government departments move swiftly to issue measures to boost development in various aspects of the Chinese economy, including the private sector and consumption, after a tone-setting meeting last week, showing the country’s efficient policy-making and implementation to stabilize economic development amid challenges.

The stance is part of the efforts to implement city-specific and differentiated housing credit policies and to better meet residents' rigid and improved housing demand, according to the meeting jointly held by the central bank and the State Administration of Foreign Exchange(SAFE) on the work for the second half of the year.

The central bank said it would also continue to guide commercial banks to adjust the interest rates for existing personal housing loans in a timely manner according to laws.

To support the steady and sound development of the real estate market, the regulators acknowledged the necessity to keep real estate financing stable and orderly and increase financial support for housing leasing, the renovation of urban villages and the construction of affordable housing.

The meeting also vowed to precisely and forcefully implement macro adjustments and controls, strengthen counter-cyclical adjustment and policy reserves, and solidly promote high-quality economic development, according to a statement posted on the central bank’s website.

It also emphasized the need to coordinate efforts to defuse local debt risks through financial support and to enrich the tools and means for preventing and defusing systemic risks.

In terms of the foreign exchange market, the PBOC and the SAFE vowed to closely monitor the fluctuation of cross-border funds, strengthen macro-prudential management and guidance of expectations, and keep the yuan’s exchange rate basically stable at a reasonable and balanced level.

8月1日，中國人民銀行、國家外彙管理局召開2023年下半年工作會議，總結上半年工作，分析目前形勢，部署下一階段工作。

會上提出了下半年的六大工作重點，涉及貨币政策、外彙市場、房地産、金融風險、對外開放、金融服務與管理等方面。

相比于年初工作會議，下半年工作會議把“外彙市場”“房地産”單獨拎出來，且着墨較多。會議表示，支援房地産市場平穩健康發展。落實好“金融16條”，延長保交樓貸款支援計劃實施期限，保持房地産融資平穩有序，加大對住房租賃、城中村改造、保障性住房建設等金融支援力度。因城施策精準實施差别化住房信貸政策，繼續引導個人住房貸款利率和首付比例下行，更好滿足居民剛性和改善性住房需求。指導商業銀行依法有序調整存量個人住房貸款利率。

今年以來，1年期和5年期LPR均下降10個基點。資料顯示，上半年新發放個人住房貸款權重平均利率為4.18%，比上年同期低107個基點。其中，6月個人住房貸款利率為4.11%，同比下降0.51個百分點。

對于外彙市場，會議指出，加強和改善外彙政策供給，維護外彙市場穩健運作。密切關注跨境資金波動情況，加強宏觀審慎管理和預期引導，保持人民币匯率在合理均衡水準上基本穩定。推動銀行健全匯率風險管理服務長效機制，加強對重點主體匯率避險支援。深入推進貿易外彙便利化等政策措施，進一步完善跨國公司本外币一體化資金池業務管理架構。完善境外機構投資者境内證券期貨投資資金管理。維護外彙市場健康秩序，高壓打擊地下錢莊、跨境賭博等違法違規活動。完善中國特色外匯存底經營管理。

貨币政策依然延續了央行年初工作會議的定調，即精準有力實施穩健的貨币政策。會議指出，持續改善和穩定市場預期，為實體經濟穩定增長營造良好的貨币金融環境。綜合運用多種貨币政策工具，保持流動性合理充裕，發揮總量和結構性貨币政策工具作用，大力支援科技創新、綠色發展和中小微企業發展，着力增強新增長動能。繼續深化利率市場化改革，促進企業綜合融資成本和居民信貸利率穩中有降。堅持“兩個毫不動搖”，切實優化民營企業融資環境。

防範化解重點領域金融風險仍然是工作重點。具體看，統籌協調金融支援地方債務風險化解工作。進一步完善金融風險監測、評估與防控體系，繼續推動重點地區和機構風險處置，強化風險早期糾正，豐富防範化解系統性風險的工具和手段，牢牢守住不發生系統性金融風險的底線。

• “Fortune” magazine today unveiled its annual hot list – the 2023 Fortune Global 500, with Walmart remaining the world’s largest company for the 10th year, while Saudi Aramco rose to second place for the first time. In addition, China’s State Grid Corporation continued to rank third, followed by Amazon and PetroChina in fourth and fifth place respectively. Aggregate sales for the Fortune Global 500 hit USD41 trillion, an increase of 8.4 percent, yet the combined net profits was down 6.5 percent to USD2.9 trillion due to a global economic downturn.

  For the fifth consecutive year, China topped the annual list in terms of the number of companies with 142 made it in the latest ranking. Their combined revenue in 2022 reached USD11.7 trillion, up 1.7 percent from the year prior. In terms of improvement in rankings, Chinese auto giant BYD made the highest jump from 436 to 212, and CATL, the world’s biggest maker of electric-vehicle batteries, made its first appearance on the list to place itself at 292.

• 《财富》世界500強的中國力量：8月2日，最新的《财富》世界500強排行榜釋出。今年《财富》世界500強排行榜企業的營業收入總和約為41萬億美元，比上年上漲8.4%。但是，受全球經濟下行影響，今年所有上榜公司的淨利潤總和同比減少6.5%，約為2.9萬億美元。沃爾瑪連續第十年成為全球最大公司。沙特阿美首次上升至第二位。中國的國家電網公司繼續位列第三。排在第四和第五位的分别是亞馬遜和中國石油。

  今年，中國共有142家公司上榜，大公司數量連續第五年位居各國之首。中國142家上榜公司2022年營收總額超11.7萬億美元，相比去年營收總額提升1.7%。值得注意的是，2022年度，比亞迪以其新能源技術優勢，銷售收入達到630億美元，從2021年度排行榜第436位躍升到2022年的第212位，是排名提升最多的中國公司。而甯德時代以其488億美元的銷售收入第一次進入《财富》世界500強排行榜，排名就達到第292位。

Moving on to regional highlights

區域觀察

• The disposable income of residents in Shanghai and Beijing rose to more than 40,000 yuan per person in the first half of the year, official data showed yesterday. Shanghai ranked first among the Chinese mainland’s 31 provincial-level regions with a per capita disposable income of 42,870 yuan in the period, up 9.9 percent from a year earlier, while Beijing ranked second with 41,358 yuan, up 5 percent.

  上半年個人所得上海領跑全國：國家統計局8月1日公布31省份2023年上半年人均可支配收入資料。上半年，上海全市居民人均可支配收入42870元，個人所得位居第一。北京首次突破4萬元關口，以41358元位居第二。從增速看，上海以9.9%的增速領跑，北京為5%。

• The volume of goods handled by Ganqmod Port, the largest highway port on the China-Mongolia border, hit nearly 20 million tonnes in the first seven months of this year, up 172.6 percent year on year. Notably, the port handled more than 19 million tons of imported coal during the period, a surge of 188.6 percent year on year, said the port administration on Tuesday.

  内蒙古甘其毛都口岸貨運量達去年全年通關量：8月1日，内蒙古甘其毛都口岸管委會最新資料顯示，截至7月26日，作為中蒙兩國間過貨量最大公路口岸的甘其毛都口岸累計完成貨運量1920.37萬噸，同比上漲174.56%，提前五個月達到2022年全年通關量。其中，進口煤炭1858.26萬噸，同比上漲191.08%。

Greater Bay Area, Greater future

新使命，大未來

• The Guangzhou municipal government on Wednesday announced a policy package to boost the development of the city’s private economy. The 20 measures encompass four aspects that aim to strengthen confidence in private firms and further improve business environment. They include setting up a compensation mechanism for inclusive loans with an increased annual quota of one billion yuan, compensating half of banks losses in their non-performing loan on intellectual property pledge, subsidizing firms for their efforts in industrial and digital upgrades of up to 30 percent of total input. The southern metropolis will establish a working mechanism to serve enterprise as long as they need help, and fast-track the requests from local quality firms who are included in a “white list”. The city also vows to build a close but clean relation between government and businesses with positive and negative lists, and explore to build a system that allows SMEs to directly report misconducts in the authorities.

  廣州重磅釋出”民營經濟20條”：據廣州市人民政府8月2日消息，近日，廣州市印發實施《廣州市促進民營經濟發展壯大的若幹措施》，聚焦破解民營經濟發展中的痛點難點堵點問題，加大民營經濟政策支援力度，強化民營經濟發展法治保障，持續優化民營經濟發展環境，全力推動民營經濟實作高品質發展。《若幹措施》共提出20條措施，包括“政府+銀行”普惠貸款風險補償機制額度每年提高至10億元；發揮市科技型中小企業信貸風險損失補償資金池作用，對合作銀行向符合科技型中小企業入庫條件的民營企業提供貸款所産生的本金損失進行一定補償；加強知識産權質押融資力度，對符合條件的合作銀行每筆知識産權質押不良貸款本金損失給予50%的補償；推進民營企業“四化”轉型提升，支援“四化”改造實施，最高按照項目投入總額的30%給予補助；建立“無事不擾、有求必應”企業服務工作機制，建立本地優質合規民營企業“白名單”并動态更新，對“白名單”内企業合理的政策訴求，予以優先辦理；制定親清政商關系“正面清單”“負面清單”，探索建立民營中小微企業直報直查直追機制等。

• Macau's gross gaming revenue surged more than 4,000 percent from a year earlier to 16.7 billion patacas last month, the highest monthly takings since January 2020, though it only reached about 68 percent of the pre-pandemic levels, according to data released by the Gaming Inspection and Coordination Bureau on Tuesday. Performance was boosted by the summer holiday travel season in the Chinese Mainland, the largest source of tourists to Macau. In July last year, Macau saw casinos shut for almost two weeks.

  澳門7月博彩收入按年大增41倍：8月1日，澳門博彩監察協調局釋出7月份博彩收入資料。資料顯示，澳門7月份幸運博彩毛收入166.62億澳門元，同比上升4082.9%，已恢複到了2019年同期的68%的水準。這是澳門博彩業連續第七個月實作同比增長，顯示出疫情後的強勁反彈。去年7月，澳門暴發疫情要求賭場停業近兩周，令當月博彩收入不足4億元。

Next on industry and company news

産業及公司新聞

• Spurred by government incentives, several Chinese automakers saw their sales more than double last month as motorists switched to electric vehicles. EV giant BYD sold 262,161 NEVs last month, 89 percent higher than the year before. Though posting slower growth, BYD's sales was still far higher than its followers. Li Auto delivered 34,134 vehicles in July, increasing 228 percent from one year ago, setting a new record for the company after the 30,000 mark was last passed in June for the first time. Li Auto also sold its 400,000th NEV last month, the first emerging EV maker to achieve that in China. Its peer Nio came second with 20,462 deliveries in July, up by 103.6 percent year-on-year. The latest delivery volume also hit a record high. XPeng, the last of the emerging trio, saw its monthly deliveries grow for the sixth consecutive month in July to 11,008. Though up by 28 percent from June, the July figure was lower than last year's 11,524 vehicles. Meanwhile, Zeekr under Geely Automobile delivered 12,039 vehicles in July, representing a 140 percent leap year-on-year.

  新能源車企7月成績單出爐：8月1日，國内多家新能源車企陸續公布7月的新車傳遞資料。整體來看，多數車企的“成績單”表現都還不錯，傳遞量同比增長态勢明顯。傳統車企中，比亞迪7月新能源汽車銷量26.21萬輛，同比增長61.3%，1-7月累計銷量達151.78萬輛，同比增長88.81%，“銷冠”實至名歸；而廣汽埃安銷量4.5萬輛，同比增長80%。造車新勢力中，理想汽車當月共計傳遞新車34134輛，同比增長227.5%，并已連續兩個月傳遞量突破三萬。理想汽車于7月完成了第40萬輛使用者傳遞。蔚來當月傳遞新車20462台，同比增長103.6%，環比增長91.1%。小鵬汽車7月共傳遞11008 輛新車，環比增長28%，連續六個月實作正增長，重新邁入萬輛傳遞新裡程。吉利汽車8月1日釋出公告，集團旗下高端智能電動汽車公司極氪于2023年7月傳遞汽車共12039部，同比增加約140%。

• The size of China’s information and communications technology market will exceed USD720 billion by 2027 and account for 11.7 percent of the world's market, as the country enters a critical period of digital transformation, according to a recent report. China's ICT market is expanding at a compound annual rate of 6.2 percent between 2022 and 2027, 0.5 percentage point faster than the global compound annual growth rate for the same period, US market research firm International Data Corporation said in a report released on Tuesday. Last year, China’s ICT market was worth USD530 billion, compared with USD4.7 trillion globally.

  中國ICT市場支出持續向好：8月1日IDC釋出的《全球ICT支出指南企業規模和行業》指出，2022年大陸ICT市場支出規模超過5,300億美元，随着數字化轉型和數字經濟的持續發展，預計2027年中國ICT市場總支出規模将超過7200億美元，全球占比約為11.7%，五年CAGR約為6.2%。2022年全球ICT市場總支出規模約為4.7萬億美元，并有望在2027年增至6.2萬億美元，五年複合增長率(CAGR)為5.7%。

• China's major internet companies saw notable profit increases in the first half of the year, data from the Ministry of Industry and Information Technology showed. Major internet companies saw their cumulative profits rise 27.6 percent year on year to total 63.96 billion yuan during the period. Their combined business revenues came in at 643.3 billion yuan, up 2.6 percent.

  上半年網際網路企業利潤總額增長28%：據工信部7月31日消息，上半年，網際網路業務收入保持小幅增長，利潤總額增幅維持較高水準。資料顯示，上半年，大陸規模以上網際網路和相關服務企業完成網際網路業務收入6433億元，同比增長2.6%；上半年，大陸規模以上網際網路企業實作利潤總額639.6億元，同比增長27.6%。

• China, reportedly, will launch its first 28-nanometer homegrown lithography machine at the year-end, representing a great leapfrog for the nation's chip industry. Shanghai Micro Electronics Equipment Group (SMEE) has been committed to developing a 28-nm immersion lithography machine, and it's expected the first domestically produced SSA/800-10W lithography machine will be delivered to the market by the end of 2023, media reported yesterday.

  28納米國産光刻機有望年底傳遞：8月1日有消息稱，上海微電子正緻力于研發28納米浸沒式光刻機，預計在今年年底向市場傳遞國産第一台SSA/800-10W光刻機裝置。業内人士普遍表示，大陸企業加快核心領域自主研發，光刻機産業鍊上下遊正不斷湧現出新進展、新成果，國産化加速向前。

• Shares in Yahua Industrial Group surged as much as 5 percent today after the Chinese civil explosives maker and owner of lithium salts assets said it has penned a long-term supply deal for the raw materials used in electric car batteries with US new energy vehicle giant Tesla that could be worth as much as 81.7 billion yuan based on current market prices. Unit Yahua Lithium Ya’an will supply between 207,000 tons and 301,000 tons of battery-grade lithium hydroxide to Tesla from Aug. 1, 2023 to Dec. 31, 2030, Yahua said yesterday.

  雅化集團拿下特斯拉大單：8月1日晚間，雅化集團公告，2020年下屬全資子公司雅安锂業與美國特斯拉公司簽訂電池級氫氧化锂供貨協定。雙方拟在原協定的基礎上進行延長，協定有效期為即日起至2030年12月31日。2023年至2030年交易數量合計約20.7萬噸-30.1萬噸。以現行價格計算，八年交易金額在560億元至810億元區間，平均每年或為雅化集團貢獻70億元至100億元左右的營收。

Switching gears to financial news

金融市場消息

• Argentina will make part of its debt payments to the IMF in yuan through the extension of its currency swap with China, Argentine Economy Minister Sergio Massa said in a video speech on Monday, expressing his thanks to the Chinese government "for making the decision to authorize the disbursement." According to Massa, the Argentine government will repay USD2.7 billion in debt to the IMF as it comes due, of which USD1 billion is to be financed by the Development Bank of Latin America, and the other USD1.7 billion will be paid using the equivalent in yuan under the China-Argentina currency swap agreement.

  阿根廷首用人民币償付外債：當地時間7月31日，阿根廷經濟部長馬薩宣布，該國政府将向國際貨币基金組織（IMF）償還即将到期的27億美元債務。其中17億美元将動用中國與阿根廷貨币互換協定下的等值人民币支付，另外10億美元為拉美開發銀行提供的過渡性貸款。講話中，馬薩代表阿根廷政府特别向中國政府表示感謝，稱中方做出同意授權的決定，此舉将確定阿根廷在履行對IMF組織付款義務的同時，仍有能力繼續保持出口。

A quick look at the stock market

股市收盤情況

• Chinese stocks fell on Wednesday with the benchmark Shanghai Composite down 0.9 percent, and the Shenzhen Component shed 0.4 percent. Hong Kong’s Hang Seng index also dropped 2.5 percent, while the TECH index plunged 3.3 percent.

  A股港股震蕩收跌：周三A股三大指數震蕩調整，滬指午後一度跌超1%。截至收盤，滬指跌0.89%，深成指跌0.35%，創業闆指跌0.24%。滬深兩市全天成交額8361億元。北向資金全天淨賣出50.19億元。港股恒生指數跌2.47%，恒生科技指數跌3.29%。

Chengdu FISU World University Games

成都大運會速報

• China added 3 more gold medals so far on Wednesday to its collection at the Chengdu Universiade after bagging 10 golds yesterday. Team China continues to top the medal table with 30 golds, 10 silvers and 10 bronzes as of 5 pm. Today, Zhang Wen’ao claimed the men's 3m springboard title. Zhang Qi and Hu Kai won gold medal in the 10 meter air pistol team, while Song Buhan and Zhang Yu claimed victory in the 10m air rifle team.

  大運會中國隊繼續領跑：截至8月2日17時，中國大學生體育代表團在成都大運會賽場以30金10銀10銅的成績排名繼續位列成都大運會金牌榜首位。今天截至目前，張文澳獲得男子3米跳闆金牌；張绮、胡凱獲10米氣手槍混合團體金牌；宋布寒、張雨獲10米氣布槍混合團體金牌。

Biz Word of the Day

财經詞彙劃重點

• A lithography machinetransmits the light beam through a mask with a circuit diagram through a series of light source energy and shape control methods, and compensates for various optical errors through the objective lens. The circuit diagram is scaled down and then mapped onto the wafer. It is then developed using chemical methods, resulting in a circuit diagram (ie, a chip) etched on the wafer.

  光刻機是制造晶片的核心裝備。它采用類似照片沖印的技術，把掩膜版上的精細圖形通過光線的曝光印制到矽片上。生産內建電路，首先利用模版去除晶圓表面的保護膜，再将晶圓浸泡在腐化劑中，最後失去保護膜的部分被腐蝕掉後形成電路。其中曝光機就是利用紫外線通過模版去除晶圓表面的保護膜的裝置。

Executive Editor: Sonia YU

Editor: LI Yanxia, HE Jia

Host: Stephanie LI

Writer: Stephanie LI

Sound Editor: HUANG Qingyi

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、和佳

播音：李瑩亮

撰稿：李瑩亮，實習生黃青衣

音頻制作：黃青衣

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