CBN丨China’s inflation up 2% in 2022

Hi everyone. I’m Stephanie LI.

大家好，我是主持人李瑩亮。

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重點提要

• China's CPI rose 2 percent in 2022;
• Shenzhen plans to give families up to 19,000 yuan in child subsidies.

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

中國經濟要聞

China's consumer price index, a main gauge of inflation, grew by 1.8 percent year-on-year in December, up from 1.6 percent in November, the National Bureau of Statistics said on Thursday.

The country's full-year consumer inflation rose by 2 percent year-on-year, the NBS said.

Dong Lijuan, an NBS statistician, attributed China's stable prices to the government's measures to effectively coordinate COVID-19 controls with economic and social development and ensure stable supply and prices.

Compared with a year ago, food prices increased by 4.8 percent in December, up from 3.7 percent in November. Pork, a food staple in China, saw prices surge by 22.2 percent, while that of eggs and fresh fruits rose by 10 percent and 11 percent, respectively. However, fresh vegetable prices fell by 8 percent.

On a month-on-month basis, the December CPI reading was unchanged from November, meaning no price growth was registered. That compares with the 0.2 percent decline in the previous month, the NBS said.

The growth in core CPI, which excludes volatile food and energy prices and is deemed a better gauge of the supply-demand relationship in the economy, rose by 0.7 percent in December, versus a 0.6 percent increase in November.

Meanwhile, China's producer price index, which gauges factory-gate prices, decreased by 0.7 percent year-on-year last month after a 1.3 percent decline in November.

On a month-on-month basis, the PPI declined by 0.5 percent in December after a 0.1 percent increase in the previous month, according to the NBS.

國家統計局12日釋出的資料顯示，2022年12月中國消費者價格指數（CPI）同比上漲1.8%，漲幅較11月擴大0.2個百分點，工業品出廠價格（PPI）同比下降0.7%，降幅較11月收窄0.6個百分點。

2022年全年，全國居民消費價格比上年上漲2.0%，實際增長低于預期目标。專家預計2023年全年CPI同比上漲2.0%，基本處于合理區間。

食品方面，彈性最大的豬肉與鮮菜走出相反行情，其中豬肉價格受疫情影響需求明顯轉弱，前期壓欄惜售行為轉為集中出欄，價格出現急跌。2023年春節較往年提前，導緻鮮菜價格提早出現節日性上漲，2022年12月中下旬鮮菜、鮮果漲幅較大。扣除食品和能源價格的核心CPI略有回升，同比上漲0.7%，漲幅比上月擴大0.1個百分點。

PPI方面，2022年12月，受石油及相關行業價格下降影響，PPI環比由漲轉降；受上年同期對比基數走低影響，同比降幅收窄。

國家發改委價格司司長萬勁松在12日舉行的一場釋出會上指出，2022年中國CPI全年上漲2%，大幅低于美歐等發達經濟體，也明顯低于新興經濟體的漲幅。國際脹、國内穩，對比十分鮮明。

展望2023年，萬勁松說，盡管國際大宗商品價格可能高位波動，輸入性通脹壓力仍然存在，但中國物價保持平穩運作具有堅實基礎。糧食生産連續豐收，生豬産能合理充裕，重要民生商品供應充足，基礎能源保障有力，保供穩價體系進一步健全，完全有信心、有能力繼續保持物價總體穩定。

Moving on to regional highlights

區域觀察

• Guangdong has set a goal of 5 percent of GDP growth rate in 2023, according to the province’s government work report today. In 2023, the province's fixed-asset investment is expected to increase by 8 percent, retail sales of consumer goods by 6 percent, total import and export volume by 3 percent. The CPI increase is expected to be about 3 percent and unemployment rate will be kept below 5.5 percent. The southern manufacturing powerhouse expects its 2022 GDP to reach 12.8 trillion yuan, staying on national top spot for 34 consecutive years.

  廣東2023年GDP預期目标5.5%：1月12日上午，廣東省第十四屆人民代表大會第一次會議開幕。廣東省政府工作報告回顧了過去一年的工作，預計2022年全省地區生産總值達12.8萬億元，五年跨過3個萬億元級台階、年均增長5%，連續34年居全國首位。報告指出，預計2022年全年廣東GDP增長2%左右。同時，報告劃定了今年主要預期目标：地區生産總值增長5%以上；固定資産投資增長8%，社會消費品零售總額增長6%，進出口總額增長3%；規模以上工業增加值增長5.5%以上；地方一般公共預算收入增長5%；居民人均可支配收入增長與經濟增長基本同步，居民消費價格漲幅3%左右；城鎮新增就業110萬人以上，城鎮調查失業率控制在5.5%以内；糧食産量1268萬噸以上。

• Couples having a third child or more in Shenzhen will be eligible for a cash allowance of 19,000 yuan until the child turns three years old, according to a document released by the city’s health commission on Wednesday. Payments for having the first and second child will be 7,500 and 11,000 yuan, respectively, until the child turns three, said the document, which is seeking public opinion. Meanwhile, Jinan in Shandong province said mothers who give birth to a second or third child this year will receive a childcare subsidy of 600 yuan each month for three years, according to a notice released by the local government on Tuesday. The Jinan government also announced preferential policies on housing, healthcare and education for families with multiple kids.

  多地“發錢”鼓勵生育：1月11日，深圳市衛健委就《深圳市育兒補貼管理辦法》公開征求意見。《管理辦法》初步拟定深圳市育兒補貼标準：生育第一個子女的，辦理出生入戶後發放一次性生育補貼3000元，另外每年發放1500元育兒補貼，直至該子女滿3周歲，三年累計發放補貼7500元；生育第二個子女的，辦理出生入戶後發放一次性生育補貼5000元，另外每年發放2000元育兒補貼，直至該子女滿3周歲，三年累計發放補貼11000元；生育第三個子女的，辦理出生入戶後發放一次性生育補貼10000元，另外每年發放3000元育兒補貼，直至該子女滿3周歲，三年累計發放補貼19000元。10日，濟南也推出了一攬子舉措鼓勵生育舉措，提出本市戶籍按照生育政策2023年1月1日以後出生的二孩、三孩家庭，每孩每月發放600元育兒補貼，直至孩子3周歲；加強住房保障支援，生育三孩的繳存職工家庭，申請住房公積金貸款購買首套自住住房的，一人繳存住房公積金的職工家庭最高可貸額度提高至60萬元，兩人及以上家庭最高可貸額度提高至100萬元。

Greater Bay Area, Greater future

新使命，大未來

• The Hong Kong SAR government announced on Wednesday evening that the express rail link between Hong Kong and the mainland will resume on January 15. Up to 5,000 tickets each way per day will go on sale from noon on Thursday. At the preliminary stage of resumption, passengers can mainly travel to Shenzhen and Guangzhou, with new stops available at Dongguan, Dongguan South and Guangzhou East, on top of some original ones. People traveling to and from the mainland must obtain a negative PCR test result within 48 hours.

  廣深港高鐵香港段15日恢複通車：因疫情停運近3年的廣深港高鐵福田至香港西九龍段計劃1月15日逐漸恢複營運，香港西九龍站同步恢複辦理客運業務。據了解，廣深港高鐵車票将于1月12日12時進行預售。香港特區政府運輸及物流局局長林世雄12日公布，高鐵複通初期将恢複部分短途服務，每日售票上限為1萬張。港鐵公司随後補充指，高鐵短途複通後新增3個站點，将全面引入票務電子化。複通初期，會恢複往來香港西九龍站至福田、深圳北及廣州南的站點，以及新增往來廣州東的服務。中途站則包括光明城、虎門、慶盛及新增的東莞南和東莞站。防疫要求方面，與其他口岸相同，一般來往兩地的人士須持有48小時内的核酸檢測陰性結果報告。

Next on industry and company news

産業及公司新聞

• The COVID-19 treatment Molnupiravir is expected to hit the Chinese market on Friday, after passing its first import test on Wednesday, according to the president of Sinopharm, the dealer and exclusive agent for the drug in the domestic market. The first batch of Molnupiravir, developed by US pharmaceutical giant Merck, arrived in Shanghai on January 4. The drug was initially priced at 1,500 yuan for a bottle of 40 pills. US pharmaceutical giant Merck on Wednesday revealed that it is in licensing talks with Sinopharm for the latter to produce the drug in China.

  默沙東新冠口服藥拟在華生産：1月11日傍晚，默沙東中國釋出的一則關于默沙東新冠藥物莫諾拉韋膠囊聲明中透露，默沙東集團已與國藥集團展開莫諾拉韋的生産技術許可談判，以便國藥集團未來可以在中國境内生産和供應該藥。11日國藥控股總裁劉勇表示，全球首款獲批口服新冠藥莫諾拉韋膠囊由國藥代理，已于11日通過首次進口的藥品檢驗，預計本周五在國内上市。莫諾拉韋膠囊在中國首發報價出爐，每瓶（40粒）的價格為1500元。

• CNOOC said on Wednesday that it would raise its production target and capital expenditure budget for 2023, with nine new projects expected to come on stream this year. China's biggest offshore oil and gas driller expects its targeted net production this year will reach 650 million to 660 million barrels of oil equivalent and total capital expenditure for 2023 is budgeted at 100 billion yuan to 110 billion yuan.

  中海油2023年産量目标6.5億-6.6億桶油當量：中國海洋石油有限公司1月11日公布了2023年經營政策和發展計劃，上調産量目标和資本支出預算。2023年，中海油淨産量目标為6.5億-6.6億桶油當量；資本支出預算總額為1000-1100億元人民币。同時，年内預計将有9個新項目投産，主要包括中國的渤中19-6凝析氣田I期開發項目、陸豐12-3油田開發項目和恩平18-6油田開發項目，以及海外的蓋亞那Payara項目、巴西Buzios5項目和巴西Mero2項目等。

• Vaccine-maker CanSino Biologics is planning to issue global depositary receipts (GDRs) and float the securities on the SIX Swiss exchange, according to a Tuesday exchange filing. CanSino did not disclose the size of the offering, or how it plans to use the proceeds, but it is looking to “raise sufficient funds and financial resources” for its globalization strategy.

  康希諾拟赴瑞士上市：康希諾10日晚間釋出公告稱，籌劃境外發行全球存托憑證（GDR）并在瑞士證券交易所上市。康希諾表示，此次境外發行将與境外資本市場實作直接對接，提升公司海外品牌知名度和多管道融資能力，為公司國際化戰略發展提供充足的資金和金融資源保障。

• Hotel bookings in Thailand have surged almost 12 times during the week Jan. 21 to Jan. 27 from the same period last year, according to online travel agent Trip.com. And so far this month, Thai hotel bookings on the platform have soared nearly six-fold year on year, a third of which were made by people on the mainland.

  泰國酒店春節再迎“中國熱” ：12日，攜程資料顯示，1月以來，目的地為泰國的酒店預訂量同比增長480%，其中來自中國内地遊客的預訂占比超過三成。今年春節假期，内地旅客赴泰酒店的預訂量同比增長近12倍。

Switching gears to financial news

金融市場消息

• China's Ministry of Commerce and the central bank on Tuesday asked banks to provide more convenient and efficient settlement services, extend overseas yuan lending and encourage innovation in cross-border yuan settlement to better meet the needs of cross-border yuan investment and financing. The regulators will continue to support yuan pricing and settlement of bulk commodities, encourage overseas investors to invest in China using the yuan, and promote yuan settlements in trade and investment. Efforts should be made to promote cross-border use of the yuan, leveraging on the construction of pilot zones for free trade, the notice said.

  鼓勵銀行開展境外人民币貸款：11日央行官網消息，商務部和中國人民銀行近日聯合印發《關于進一步支援外經貿企業擴大人民币跨境使用 促進貿易投資便利化的通知》。通知要求，便利各類跨境貿易投資使用人民币計價結算，推動銀行提供更加便捷、高效的結算服務；鼓勵銀行開展境外人民币貸款，積極創新産品服務，更好滿足企業跨境人民币投融資需求；因企施策，增強優質企業、首辦戶、中小微企業等主體獲得感，支援供應鍊核心企業等發揮帶動作用；依托自貿試驗區、海南自由貿易港、境外經貿合作區等各類開放平台，促進人民币跨境使用；結合企業需求提供交易撮合、财務規劃、風險管理等業務支援，強化保險保障，完善跨境人民币綜合金融服務；發揮相關資金、基金等引導作用；開展多樣化宣傳教育訓練，促進銀企對接，擴大政策受益面。

• China has added a new function to its digital yuan payment app so that mobile phone can still be used to make payments without internet connection or power. The Tap to Pay function can be used to complete payments even when mobile phones are powered off. The system is now available with Android-based mobile phones, and will be available on other handsets in the future. Users can find the payment-without-internet-or-power function in the payment settings of the e-yuan app.

  數字人民币無網無電支付功能上線：11日媒體獲悉，數字人民币無網無電支付功能已在數字人民币APP上線。在部分安卓手機使用者中，數字人民币APP硬錢包的“支付設定”子產品，新增“無網無電支付”入口。所謂數字人民币手機終端無網無電支付是指使用者在手機關機的情況下，仍然可以使用手機“碰一碰”收款終端完成支付。無網無電支付功能可解決使用者在手機無電關機下不能支付，同時未随身攜帶實物現金應急的痛點，保障使用者在極端情況下可繼續使用數字人民币支付業務。

Wrapping up with a quick look at the stock market

股市收盤情況

• Chinese stocks closed higher on Thursday with the benchmark Shanghai Composite inching up 0.05 percent, and the Shenzhen Component gained 0.23 percent. Hong Kong’s Hang Seng index ended 0.36 percent higher, while the TECH index dropped 1.32 percent.

  A股震蕩港股收漲：周四A股全天大幅震蕩，截至收盤，滬指漲0.05%，深成指漲0.23%，創業闆指漲0.51%，兩市全天成交額6815億元。港股高開低走，午後翻紅，恒生指數收漲0.36%，恒生科技指數跌1.32%。

Biz Word of the Day

财經詞彙劃重點

• A barrel of oil equivalent (BOE)is a term used to summarize the amount of energy that is equivalent to the amount of energy found in a barrel of crude oil. By encompassing different types of energy resources into one figure, analysts, investors, and management can assess the total amount of energy the firm can access.

  桶油當量是按标準油的熱值計算各種能源量的換算名額，即1桶原油所含有的能量。1桶油當量約為6.1 GJ（5.8 MBtu），相當于1700kWh。

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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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

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