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
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China cuts banks』 reserve ratio by 25 bps to boost banking liquidity and the economy;
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Hong Kong implements new registration system today to have investors trade stocks under their real names.
Here’s what you need to know about China in the past 24 hours
中國經濟要聞
China's central bank said on Friday it would cut the amount of cash that banks must hold as reserves for the first time this year to help keep liquidity ample and support a nascent economic recovery.
The People's Bank of China (PBOC) announced to cut the reserve requirement ratio (RRR) for financial institutions by 0.25 percentage points to 7.6 percent, effective March 27. It is expected to release about 530 billion yuan in long-term liquidity into the financial market.
The move is aimed at pushing the reasonable growth of the economic aggregate and effective improvement of economic quality, keeping the banking sector's liquidity at a reasonably sufficient level, and enhancing the level of policies serving the real economy, the PBOC said.
The surprise cut came after latest data showed a gradual recovery in the world's second largest economy in the first months, and stronger-than-expected credit expansion in February. China cut RRR twice in 2022, injecting more than 1 trillion yuan ($145 billion) of long-term liquidity into the markets.
Experts sAId that the central bank increased the scale of open market operations and medium-term lending facility operations since the beginning of this year, leading to net money supply and maintaining overall stable liquidity.
The timely RRR cut will play a positive role in guiding financial institutions to increase support for the real economy and lower financing costs, and help stabilize the property market by replenishing liquidity, meeting the financing needs of property developers and residents.
Meanwhile, China's one-year loan prime rate (LPR), a market-based benchmark lending rate, came in at 3.65 percent Monday, unchanged from the previous month. The over-five-year LPR, on which many lenders base their mortgage rates, also remained the same reading of 4.3 percent.
出人意料，年內首次降准要來了。
3月17日，中國人民銀行發布消息稱，決定於2023年3月27日降低金融機構存款準備金率0.25個百分點（不含已執行5%存款準備金率的金融機構）。本次下調後，金融機構加權平均存款準備金率約為7.6%。據央行相關數據測算，此次降准釋放的流動性規模在5300億元左右。
和以往不一樣，此次央行降准並未同步發布答記者問。但央行公告指出，降準的目的旨在推動經濟實現質的有效提升和量的合理增長，打好宏觀政策組合拳，提高服務實體經濟水平。可見，服務國內宏觀大局仍是考慮是否降準的核心要求，而當前雖然宏觀經濟已企穩回升，但仍需進一步努力。
這是央行第三次僅降准25bp，顯示央行珍惜貨幣政策空間的意圖，後續結構性政策仍將是側重點。當前降准有助於宏觀經濟進一步企穩回升，同時保持市場流動性合理充裕。專家表示，此次降准意味著在當前物價形勢穩定的背景下，宏觀政策的主要目標是推動GDP增速較快反彈。其中，降準是政策組合拳的一部分，其他還包括持續加力促消費、短期內保持基建投資增速處於接近兩位數的較快增長水平等。
國家統計局公布數據3月15日公布的數據顯示，1-2月份，全國規模以上工業增加值同比增長2.4%，固定資產投資（不含農戶）增長5.5%，增速均較去年12月加快；社會消費品零售總額同比增3.5%，由降轉增；房地產開發投資降幅收窄至5.7%。同時，本次降准推出的背景是1、2月新增人民幣貸款6.7萬億，同比多增1.5萬億。
機構分析指出，本次降准，一方面是為銀行間市場釋放流動性。2023年1-2月信貸保持高增長，疊加一季度是政府存款季節性大月，資金流入央行，銀行間流動性環境偏緊。另一方面，有利於助力經濟平穩復甦。2023年1-2月經濟數據出爐，雖有邊際改善，但經濟仍存在修復的不確定性。經濟的恢復性增長還需要政策的配合和寬鬆的貨幣環境。此外，預防金融機構流動性風險。近期美國、歐洲銀行業出現流動性危機，對儲戶信心及全球市場情緒造成了負面影響，金融機構的流動性引起重視，降準是對或有風險的提前防範。
周一公布的LPR按兵不動。20日中國人民銀行授權全國銀行間同業拆借中心公布，2023年3月20日貸款市場報價利率（LPR）為 ：1年期LPR為3.65%，5年期以上LPR為4.3%，即1年期和5年期均維持不變。
Moving on to regional highlights
區域觀察
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A train carrying cargo containers from Regional Comprehensive Economic Partnership (RCEP) member countries, including Laos, Vietnam and Japan, departed from Shenyang, Liaoning Province, on Saturday morning. The train marks the opening of a new international freight route for RCEP member countries through Shenyang to Europe via entrepot trade. With rich rail resources, the Chengtong Trade Port connects different logistics routes, such as China-Europe freight trains and the China-Laos Railway, which facilitates the collection and transportation of general trade goods, cross-border e-commerce goods, transit goods, and bonded goods at the same venue.
RCEP國家與歐洲國家轉口貿易（瀋陽）中歐班列首發：3月18日，RCEP國家與歐洲國家轉口貿易（瀋陽）中歐班列在瀋陽市瀋北新區誠通貿易港首發。這是遼寧省首次依託保稅物流中心，以轉口貿易的方式，在瀋陽集結越南、緬甸、寮國以及日本、韓國等RCEP國家的貨物，通過中歐班列運輸至歐洲國家。遼寧省商務廳廳長潘爽表示，這次轉口貿易開闢了東協國家經瀋陽到歐洲的國際貨運新通道，實現了中老鐵路和中歐班列的有效對接，必將為推動遼寧省對外貿易高質量發展提供新動力。
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The first batch of 1,780-kilogram oranges originated in Iran was imported to China by air via Shanghai Pudong International Airport on Saturday, Shanghai Customs said, and will soon be put on shelves for Chinese consumers while ensuring biosafety and food safety. China's General Administration of Customs (GAC) signed the first fruit import agreement with the Iranian authorities last year on allowing the import of Iranian oranges to China.
伊朗首批1780公斤臍橙上海入境：19日上海海關消息，日前，1780公斤臍橙由伊朗空運至上海浦東國際機場，標誌著伊朗鮮食柑橘輸華通道開啟。去年8月，海關總署發布公告，正式允許符合相關要求的伊朗鮮食柑橘進口，包括橙、桔和甜檸檬。
Greater Bay Area, Greater future
新使命，大未來
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The investor identification regime system, commonly known as the "real-name system for Hong Kong stock market," comes into effect today. Investors who have not completed the registration of authorization can only sell, but not buy stocks from now on. Financial institutions are required to submit proof of their clients』 identity to the Hong Kong Stock Exchange to place, buy or sell orders, the Securities and Futures Commission (SFC) said earlier, adding that the implementation of the regimes will significantly enhance Hong Kong’s surveillance against market misconduct. Local brokerage firms said about 92 percent of customers have completed the real-name registration system, media reported Monday.
「港股實名制」正式落地：3月20日，香港投資者識別碼制度正式推出。根據安排，投資者若未及時回復開戶券商同意其轉交個人身份信息的要求，後續其交易行為將受到限制，只能賣出而不能買入股票。在新制度下，相關券商須逐一為現有參與港交所上市證券場內外交易的客戶編配唯一的券商客戶編碼。每個券商客戶編碼應與其客戶的識別信息配對。機構表示，港股實名制落地後，過去「一人多戶打新」的漏洞將被堵上，從而進一步加強香港金融資本市場投資者權益的保護。
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HSBC, Hong Kong’s biggest bank, will keep three branches open on weekends in hotspots frequented by tourists from Chinese mainland to attract more new account openings following a tourism influx after the border between the city and the mainland reopened in January, the bank announced Monday.
滙豐香港三家分行將試行一周七天營業：3月20日，據香港媒體報導，滙豐香港宣布，自2月初香港全面撤銷新冠疫情相關入境防控措施後，訪港旅客人數持續增加，使用滙豐分行服務的海外港人或非本地居民大增。為配合新增需求，滙豐三家分行將試行在三家分行一星期七日營業。
Next on industry and company news
產業及公司新聞
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The seventh China Grand Awards for Industry were announced on Sunday, with 19 Chinese enterprises and 19 projects named as winners. The honored enterprises and projects have played leading roles in promoting innovation, transformation and low-carbon development in the industrial sector, according to the China Federation of Industrial Economics, the organizer of the event. Among this year's winers are battery producer CATL, home appliance giant Midea Group, and the Shanghai Academy of Spaceflight Technology.
第七屆中國工業大獎評選揭曉：被譽為中國工業領域最高獎項的「中國工業大獎「獲獎名單19日公布，19家企業、19個項目獲得中國工業大獎。兗礦能源集團股份有限公司、美的集團、寧德時代等19家企業，以及超深水大氣田「深海一號」工程等19個項目獲中國工業大獎。據介紹，相較往屆，本屆獲獎企業和項目主要在科技創新、綠色低碳、鄉村振興三方面取得突破和創新成果，彰顯了我國企業在強鏈、補鏈、固鏈，增強產業鏈供給鏈的韌性和安全水平方面的最新成效。
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Kai-Fu Lee, chairman and chief executive of renowned Chinese venture capital firm Sinovation Ventures, intends to set up a new AI company called Project AI 2.0 to leapfrog the accumulated innovation that formed ChatGPT in the United States. Capital and computing power are getting gradually aligned for Project AI 2.0 and that includes global recruitment of top-notch talents in areas such as large language models, multimodal natural language processing, AI engineering and research, as well as distributed computing, and infrastructure, Lee said yesterday.
李開復宣布籌組中文版ChatGPT公司：3月19日下午4點半，創新工場董事長兼CEO李開復在朋友圈宣布，正在親自籌組Project AI 2.0，這是創新工場塔尖孵化的第7家公司。李開復表示，Project AI 2.0將以中文版ChatGPT為核心技術，結合多模態、NLP、AI算法工程與研究、分布式計算等領域的優秀人才和資源，打造一個能夠與人對話互動、回答問題、協助創作、提高效率和智能化水平的大語言模型平台。李開復還透露，Project AI 2.0已經獲得了創新工場和其他知名投資機構的支持，並已經擁有了足夠的資金和算力。
Earnings reports express
財報速遞
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China Huarong Asset Management Co. Ltd. expects to post a net loss of about 27.6 billion yuan for 2022. The bad-debt manager cited factors including volatility in the capital market leading to declines in the value of some assets as contributing to the loss, according to a statement to the Hong Kong exchange Sunday. Huarong trimmed its losses by around 10.1 billion yuan in the second half of 2022, marking 「positive momentum」 compared to the first half, it said.
中國華融預虧276億元：3月19日，中國華融在港交所發布公告稱，經初步測算，集團2022年度歸屬於公司普通股股東的淨虧損預計為人民幣276億元左右。公告還顯示，2022年下半年較上半年實現減虧101億元左右，形成了整體向好趨勢。對於虧損原因，中國華融在公告中給出了三大原因：一是受資本市場波動影響，部分權益類金融資產公允價值估值下降形成較大浮虧。二是優化調整業務布局，收購重組類不良債權資產規模及收入階段性減少。三是受宏觀經濟形勢及房地產行業下行影響，信用減值損失計提增加。
Switching gears to financial news
金融市場消息
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China's fiscal revenue dropped 1.2 percent year-on-year in the first two months of 2023, while its fiscal spending expanded 7 percent year-on-year, according to the Ministry of Finance. Of the total fiscal revenue, the central government collected about 2.18 trillion yuan in revenue, down 4.5 percent year-on-year, while local governments collected 2.39 trillion yuan, up 2 percent year-on-year. Tax revenue in the first two months went down 3.4 percent to stand at 3.94 trillion yuan, while non-tax revenue climbed 15.6 percent to reach 623 billion yuan. Meanwhile, spending on social security and employment climbed 9.8 percent year-on-year, while science and technology spending also rose 3.9 percent.
今年前兩個月全國財政收入同比下降1.2%：3月17日財政部數據顯示，今年前兩個月，全國一般公共預算收入同比下降1.2%，全國政府性基金收入同比下降24%。扣除高基數等特殊因素影響後，今年前兩個月全國一般公共預算收入增長2%左右，財政收入開局總體平穩。全國稅收收入39412億元，同比下降3.4%；非稅收入6230億元，同比增長15.6%。今年前兩個月，全國一般公共預算支出40898億元，同比增長7%。支出增速明顯高於收入增速，體現了積極財政政策發力。其中民生支出得到有力保障。
Wrapping up with a quick look at the stock market
股市收盤情況
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Chinese stocks edged slightly lower as Friday’s monetary-easing measures were partly offset by fears of a global banking crisis remained. The benchmark Shanghai Composite fell 0.5 percent and the Shenzhen Component slid 0.3 percent. Hong Kong stocks sank even sharper with the benchmark Hang Seng index down 2.7 percent, while the TECH index lost 2.8 percent.
A股沖高回落港股走低：周一A股三大指數沖高回落，創業板指早盤一度漲超1%，午後指數集體翻綠。截至收盤，上證指數跌0.48%，深證成指跌0.27%，創業板指跌0.08%。兩市成交額10575億，較上個交易日放量844億，為2月17日以來首次重回萬億水平上方。北向資金全天淨買入16.02億元。港股低開低走，香港恒生指數收跌2.65%；恒生科技指數收跌2.75%。
Biz Word of the Day
財經詞彙劃重點
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Reserve requirementsare central bank regulations that set the minimum amount that a commercial bank must hold in liquid assets. The rate is commonly referred to as thereserve ratio. The reserve ratio is sometimes used by a country’s monetary authority as a tool in monetary policy, to influence the country's money supply by limiting or expanding the amount of lending by the banks.
存款準備金，是指金融機構為保證客戶提取存款和資金清算需要而準備的在中央銀行的存款，中央銀行要求的存款準備金占其存款總額的比例就是存款準備金率。存款準備金制度對金融宏觀調控有幾個方面的作用：一是調節和控制信貸規模；二是增強中央銀行信貸資金宏觀調控能力。
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.
Presented by SFC
編委: 於曉娜
策劃、編輯：李艷霞
播音：李瑩亮
撰稿：李瑩亮
音頻製作：李瑩亮
設計：鄭文靜、廖苑妮
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