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

Hi everyone. I’m Stephanie LI.

大家好，我是主持人李莹亮。

Coming up on today’s program.

重点提要

• 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

中国经济要闻

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，中国人民银行、国家外汇管理局召开2023年下半年工作会议，总结上半年工作，分析当前形势，部署下一阶段工作。

会上提出了下半年的六大工作重点，涉及货币政策、外汇市场、房地产、金融风险、对外开放、金融服务与管理等方面。

相比于年初工作会议，下半年工作会议把“外汇市场”“房地产”单独拎出来，且着墨较多。会议表示，支持房地产市场平稳健康发展。落实好“金融16条”，延长保交楼贷款支持计划实施期限，保持房地产融资平稳有序，加大对住房租赁、城中村改造、保障性住房建设等金融支持力度。因城施策精准实施差别化住房信贷政策，继续引导个人住房贷款利率和首付比例下行，更好满足居民刚性和改善性住房需求。指导商业银行依法有序调整存量个人住房贷款利率。

今年以来，1年期和5年期LPR均下降10个基点。数据显示，上半年新发放个人住房贷款加权平均利率为4.18%，比上年同期低107个基点。其中，6月个人住房贷款利率为4.11%，同比下降0.51个百分点。

对于外汇市场，会议指出，加强和改善外汇政策供给，维护外汇市场稳健运行。密切关注跨境资金波动情况，加强宏观审慎管理和预期引导，保持人民币汇率在合理均衡水平上基本稳定。推动银行健全汇率风险管理服务长效机制，加强对重点主体汇率避险支持。深入推进贸易外汇便利化等政策措施，进一步完善跨国公司本外币一体化资金池业务管理框架。完善境外机构投资者境内证券期货投资资金管理。维护外汇市场健康秩序，高压打击地下钱庄、跨境赌博等违法违规活动。完善中国特色外汇储备经营管理。

货币政策依然延续了央行年初工作会议的定调，即精准有力实施稳健的货币政策。会议指出，持续改善和稳定市场预期，为实体经济稳定增长营造良好的货币金融环境。综合运用多种货币政策工具，保持流动性合理充裕，发挥总量和结构性货币政策工具作用，大力支持科技创新、绿色发展和中小微企业发展，着力增强新增长动能。继续深化利率市场化改革，促进企业综合融资成本和居民信贷利率稳中有降。坚持“两个毫不动摇”，切实优化民营企业融资环境。

防范化解重点领域金融风险仍然是工作重点。具体看，统筹协调金融支持地方债务风险化解工作。进一步完善金融风险监测、评估与防控体系，继续推动重点地区和机构风险处置，强化风险早期纠正，丰富防范化解系统性风险的工具和手段，牢牢守住不发生系统性金融风险的底线。

• “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强的中国力量：8月2日，最新的《财富》世界500强排行榜发布。今年《财富》世界500强排行榜企业的营业收入总和约为41万亿美元，比上年上涨8.4%。但是，受全球经济下行影响，今年所有上榜公司的净利润总和同比减少6.5%，约为2.9万亿美元。沃尔玛连续第十年成为全球最大公司。沙特阿美首次上升至第二位。中国的国家电网公司继续位列第三。排在第四和第五位的分别是亚马逊和中国石油。

  今年，中国共有142家公司上榜，大公司数量连续第五年位居各国之首。中国142家上榜公司2022年营收总额超11.7万亿美元，相比去年营收总额提升1.7%。值得注意的是，2022年度，比亚迪以其新能源技术优势，销售收入达到630亿美元，从2021年度排行榜第436位跃升到2022年的第212位，是排名提升最多的中国公司。而宁德时代以其488亿美元的销售收入第一次进入《财富》世界500强排行榜，排名就达到第292位。

Moving on to regional highlights

区域观察

• 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.

  上半年人均收入上海领跑全国：国家统计局8月1日公布31省份2023年上半年人均可支配收入数据。上半年，上海全市居民人均可支配收入42870元，人均收入位居第一。北京首次突破4万元关口，以41358元位居第二。从增速看，上海以9.9%的增速领跑，北京为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货运量达去年全年通关量：8月1日，内蒙古甘其毛都口岸管委会最新数据显示，截至7月26日，作为中蒙两国间过货量最大公路口岸的甘其毛都口岸累计完成货运量1920.37万吨，同比上涨174.56%，提前五个月达到2022年全年通关量。其中，进口煤炭1858.26万吨，同比上涨191.08%。

Greater Bay Area, Greater future

新使命，大未来

• 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.

  广州重磅发布”民营经济20条”：据广州市人民政府8月2日消息，近日，广州市印发实施《广州市促进民营经济发展壮大的若干措施》，聚焦破解民营经济发展中的痛点难点堵点问题，加大民营经济政策支持力度，强化民营经济发展法治保障，持续优化民营经济发展环境，全力推动民营经济实现高质量发展。《若干措施》共提出20条措施，包括“政府+银行”普惠贷款风险补偿机制额度每年提高至10亿元；发挥市科技型中小企业信贷风险损失补偿资金池作用，对合作银行向符合科技型中小企业入库条件的民营企业提供贷款所产生的本金损失进行一定补偿；加强知识产权质押融资力度，对符合条件的合作银行每笔知识产权质押不良贷款本金损失给予50%的补偿；推进民营企业“四化”转型提升，支持“四化”改造实施，最高按照项目投入总额的30%给予补助；建立“无事不扰、有求必应”企业服务工作机制，建立本地优质合规民营企业“白名单”并动态更新，对“白名单”内企业合理的政策诉求，予以优先办理；制定亲清政商关系“正面清单”“负面清单”，探索建立民营中小微企业直报直查直追机制等。

• 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.

  澳门7月博彩收入按年大增41倍：8月1日，澳门博彩监察协调局发布7月份博彩收入数据。数据显示，澳门7月份幸运博彩毛收入166.62亿澳门元，同比上升4082.9%，已恢复到了2019年同期的68%的水平。这是澳门博彩业连续第七个月实现同比增长，显示出疫情后的强劲反弹。去年7月，澳门暴发疫情要求赌场停业近两周，令当月博彩收入不足4亿元。

Next on industry and company news

产业及公司新闻

• 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.

  新能源车企7月成绩单出炉：8月1日，国内多家新能源车企陆续公布7月的新车交付数据。整体来看，多数车企的“成绩单”表现都还不错，交付量同比增长态势明显。传统车企中，比亚迪7月新能源汽车销量26.21万辆，同比增长61.3%，1-7月累计销量达151.78万辆，同比增长88.81%，“销冠”实至名归；而广汽埃安销量4.5万辆，同比增长80%。造车新势力中，理想汽车当月共计交付新车34134辆，同比增长227.5%，并已连续两个月交付量突破三万。理想汽车于7月完成了第40万辆用户交付。蔚来当月交付新车20462台，同比增长103.6%，环比增长91.1%。小鹏汽车7月共交付11008 辆新车，环比增长28%，连续六个月实现正增长，重新迈入万辆交付新里程。吉利汽车8月1日发布公告，集团旗下高端智能电动汽车公司极氪于2023年7月交付汽车共12039部，同比增加约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.

  中国ICT市场支出持续向好：8月1日IDC发布的《全球ICT支出指南企业规模和行业》指出，2022年大陆ICT市场支出规模超过5,300亿美元，随着数字化转型和数字经济的持续发展，预计2027年中国ICT市场总支出规模将超过7200亿美元，全球占比约为11.7%，五年CAGR约为6.2%。2022年全球ICT市场总支出规模约为4.7万亿美元，并有望在2027年增至6.2万亿美元，五年复合增长率(CAGR)为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.

  上半年互联网企业利润总额增长28%：据工信部7月31日消息，上半年，互联网业务收入保持小幅增长，利润总额增幅维持较高水平。数据显示，上半年，大陆规模以上互联网和相关服务企业完成互联网业务收入6433亿元，同比增长2.6%；上半年，大陆规模以上互联网企业实现利润总额639.6亿元，同比增长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纳米国产光刻机有望年底交付：8月1日有消息称，上海微电子正致力于研发28纳米浸没式光刻机，预计在今年年底向市场交付国产第一台SSA/800-10W光刻机设备。业内人士普遍表示，大陆企业加快核心领域自主研发，光刻机产业链上下游正不断涌现出新进展、新成果，国产化加速向前。

• 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.

  雅化集团拿下特斯拉大单：8月1日晚间，雅化集团公告，2020年下属全资子公司雅安锂业与美国特斯拉公司签订电池级氢氧化锂供货协议。双方拟在原协议的基础上进行延长，协议有效期为即日起至2030年12月31日。2023年至2030年交易数量合计约20.7万吨-30.1万吨。以现行价格计算，八年交易金额在560亿元至810亿元区间，平均每年或为雅化集团贡献70亿元至100亿元左右的营收。

Switching gears to financial news

金融市场消息

• 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.

  阿根廷首用人民币偿付外债：当地时间7月31日，阿根廷经济部长马萨宣布，该国政府将向国际货币基金组织（IMF）偿还即将到期的27亿美元债务。其中17亿美元将动用中国与阿根廷货币互换协议下的等值人民币支付，另外10亿美元为拉美开发银行提供的过渡性贷款。讲话中，马萨代表阿根廷政府特别向中国政府表示感谢，称中方做出同意授权的决定，此举将确保阿根廷在履行对IMF组织付款义务的同时，仍有能力继续保持出口。

A quick look at the stock market

股市收盘情况

• 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股港股震荡收跌：周三A股三大指数震荡调整，沪指午后一度跌超1%。截至收盘，沪指跌0.89%，深成指跌0.35%，创业板指跌0.24%。沪深两市全天成交额8361亿元。北向资金全天净卖出50.19亿元。港股恒生指数跌2.47%，恒生科技指数跌3.29%。

Chengdu FISU World University Games

成都大运会速报

• 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.

  大运会中国队继续领跑：截至8月2日17时，中国大学生体育代表团在成都大运会赛场以30金10银10铜的成绩排名继续位列成都大运会金牌榜首位。今天截至目前，张文澳获得男子3米跳板金牌；张绮、胡凯获10米气手枪混合团体金牌；宋布寒、张雨获10米气布枪混合团体金牌。

Biz Word of the Day

财经词汇划重点

• 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.

  光刻机是制造芯片的核心装备。它采用类似照片冲印的技术，把掩膜版上的精细图形通过光线的曝光印制到硅片上。生产集成电路，首先利用模版去除晶圆表面的保护膜，再将晶圆浸泡在腐化剂中，最后失去保护膜的部分被腐蚀掉后形成电路。其中曝光机就是利用紫外线通过模版去除晶圆表面的保护膜的设备。

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

编委: 于晓娜

策划、编辑：李艳霞、和佳

播音：李莹亮

撰稿：李莹亮，实习生黄青衣

音频制作：黄青衣

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