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
Chinese regulators urge financial institutions to take main responsibility in tackling risks;
Eighteen provinces post GDP growth above national 3.0% in first three quarters.
Here』s what you need to know about China in the past 24 hours
中國經濟要聞
China's newly established financial stability fund, its deposit insurance fund and other industry security funds shall not be used as the go-to bailout option while the country is dealing with financial risks, said Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission.
Guo has warned of so-called 「black swan」 events, or unforeseen occurrences that typically have extreme consequences, that can happen during China's economic development. All kinds of "black swan" and "grey rhino" events may occur at any time, he noted. A "grey rhino" event refers to a highly obvious yet ignored threat.
China's development has entered a period in which strategic opportunities, risks, and challenges co-exist, with uncertain and unpredictable factors increasing, Guo wrote in an article in a book titled "A Supplementary Reading of the 20th Communist Party Congress Report."
He said China should expedite the launch of the financial stability law and clarify the criteria to trigger the disposal of financial risks as well as the procedures, mechanisms, sources of funds and legal liabilities during the process of handling risks, adding that financial institutions should set up "living wills," a contingency plan for an orderly resolution in bankruptcy during financial distress, to avoid bigger systemic risks.
銀保監會主席郭樹清日前發表文章《加強和完善現代金融監管》。郭樹清表示，站在新的歷史起點，金融監管改革任務非常艱巨。
郭樹清在文中闡釋了現代金融監管的基本內涵，包括宏觀審慎管理、微觀審慎監管、保護消費權益、打擊金融犯罪、維護市場穩定、處置問題機構。
其中，在處置問題機構方面，郭樹清指出，及早把「爛蘋果」撿出去，對於建設穩健高效的風險處置體系至關重要。一是「生前遺囑」。金融機構必須制定並定期修訂翔實可行的恢復和處置計劃，確保出現問題得到有序處置。二是「自救安排」。落實機構及其主要股東、實際控制人和最終受益人的主體責任，全面做實資本工具吸收損失機制。自救失敗的問題機構必須依法重整或破產關閉。三是「注入基金」。必要時運用存款保險等行業保障基金和金融穩定保障基金，防止擠提、退保事件和單體風險引發系統性區域性風險。四是「及時止損」。為最大限度維護人民群眾根本利益，必須以成本最小為原則，讓經營失敗金融企業退出市場。五是「應急準備」。堅持底線思維、極限思維，制定處置系統性危機的預案。六是「快速啟動」。有些金融機構風險的爆發具有突然性，形勢惡化如同火警，啟動處置機制必須有特殊授權安排。
Yi Gang, governor of People's Bank of China, also said in an article that clarity on both responsibilities and the division of labor is a prerequisite for effective disposal of financial risks.
Yi said financial regulators should shoulder the responsibility of handling risks associated with financial institutions within their respective jurisdictions; the PBOC is responsible for dealing with systemic financial risks; and local governments should improve financial risk disposal mechanisms and implement territorial responsibilities.
He said 「self-help」 should become the main way of dealing with financial risks at present and in the future. Financial institutions and their shareholders that are market players must shoulder the main responsibility of operating independently, being responsible for their own profits and losses, and defusing their own risks.
中國人民銀行行長易綱日前在題為《建設現代中央銀行制度》的署名文章中寫道，建設現代中央銀行制度，要做好四項工作。一是完善貨幣政策體系，維護幣值穩定和經濟增長；二是深化金融體制改革，提升金融服務實體經濟能力；三是落實金融機構及股東的主體責任，提升金融機構的穩健性；四是加強和完善現代金融監管，強化金融穩定保障體系，守住不發生系統性金融風險底線。
其中，在落實金融機構及股東的主體責任，提升金融機構的穩健性方面，易綱認為，「自救」應成為當前和今後應對金融風險的主要方式。他表示，當前，我國社會主義市場經濟體制已經全面確立，金融機構及股東作為市場主體，應當承擔自主經營、自負盈虧、「自救」風險的主體責任。金融機構要建立市場化資本補充機制，按照監管規則計提撥備，加大不良資產處置力度，塑造金融機構健康的資產負債表。健全激勵約束機制，尊重金融機構自主經營權，減少對金融機構經營活動的行政干預。推動資不抵債的機構有序市場化退出，通過股權清零、大額債權打折承擔損失。
The economic growth of 18 Chinese provinces has exceeded the 3-percent national growth rate in the first three quarters, according to the data they released yesterday. Shanxi province reported a 5.3 percent GDP growth in the nine months ended Sept. 30 from a year earlier, ranking first among China』s 31 provincial-level regions, driven by its industry, especially coal and electricity. Fujian ranked second with 5.2 percent as it experienced a rapid increase in fixed asset investments, followed by Jiangxi and Inner Mongolia with 5 percent each. Guangdong, Jiangsu, and Shandong ranked top three by economic volume growth, achieving 9.2 trillion yuan, 8.9 trillion yuan, and 6.4 trillion yuan, respectively. Henan, Sichuan, and Fujian completed the top six.
31省市前三季度GDP出爐：截至11月2日，全國31個省（區、市，不含港澳台）經濟三季報已全部公布。31個省份中，25個省份前三季度GDP總量超過萬億元。廣東、江蘇、山東、浙江、河南和四川6個經濟大省依然位居前列，其中，廣東（91723.22億元）、江蘇（88652.7億元）、山東（64409億元）、浙江（55750億元）前三季度GDP超過5萬億元。從GDP增速來看，有18個省前三季度GDP同比增長率高於全國水平（3%），不同於此前，今年中西部省份表現突出，整體表現位居前列，山西省更是延續上半年的勢頭以5.3%的增速領跑，福建、江西、內蒙古、寧夏、湖南、陝西、湖北、甘肅、山東緊隨其後。
Next on industry and company news
產業及公司新聞
Chinese local governments should make better use of state-owned assets, such as houses, land and cars, in order to help plug the gap between fiscal revenue and expenditure, the Ministry of Finance said Tuesday. Local governments should conduct a thorough inventory of the assets that they occupy and use to make sure that they are being used efficiently, such as through the sharing, swapping, leasing or selling of these resources, and that none are lying idle. China had 43.5 trillion yuan worth of administrative and institutional state assets in 2020, according to official data.
財政部指導盤活國有資產：11月1日，財政部要求加快對房屋、土地、車輛等各類國有資產盤活利用，提升資產盤活利用效率，真正落實緊日子要求。要求盤活的行政事業單位國有資產包括低效運轉、閑置的房屋、土地、車輛，還包括辦公設備傢具、大型儀器、軟體等資產。除了實物資產外，還對貨幣形式的行政事業單位國有資產按照預算管理規定予以管理和盤活。盤活手段包括自用、共享、調劑、出租、處置等多種方式。官方數據顯示，2020年，全國行政事業性國有資產總額43.5萬億元、負債總額11.2萬億元、凈資產32.3萬億元。
China's logistics sector was less upbeat in October due to the recent COVID-19 resurgence, as the index tracking the country's logistics market performance stood at 48.8 percent last month, down 1.8 percentage points from September, according to the China Federation of Logistics and Purchasing (CFLP) on Wednesday.
10月中國物流業景氣指數降至48.8%：中國物流與採購聯合會2日公布10月份中國物流業景氣指數。受疫情和季節性因素影響，物流業景氣指數有所回調，物流運行有所波動，但基本保持平穩態勢。10月份中國物流業景氣指數為48.8%，較上月回落1.8個百分點，其中保障民生的郵政快遞業、裝卸搬運、管道運輸業務總量指數處在擴張區間。
A total of 46 Chinese-manufactured wide gauge railway coaches have been loaded in North China』s Tianjin Port and will be shipped to Pakistan on Thursday, marking the first time China will have Exported its technology for constructing railway coaches capable of speeds of 160 kilometers per hour. Another 184 units will be delivered to Pakistan in parts and will be assembled locally.
時速160公里客車技術首次國際輸出：日前，46輛國產寬軌鐵路客車在天津港裝船，即將搭乘貨輪駛往巴基斯坦，這也將成為我國時速160公里鐵路客車技術首次國際輸出。據了解，此次46輛寬軌客車均為國內整車生產完成交付，後續還將有184輛客車在巴基斯坦以散件組裝形式交付，從而實現車輛的本地化製造。
Global electric vehicle battery installations totaled 341.3 gigawatt-hours in the first three quarters this year, rising 75.2 percent from the same period last year, data by global information agency SNE Research showed Tuesday. The growth rate was particularly impressive in China, with CATL ranking first with 119.8 GWh of installed power batteries from January to September, surging 100.3 percent from last year and taking a global market share of 35.1 percent. BYD ranked third with 43.6 GWh, a whopping 177 percent gain, with its market share jumping from 8.1 percent last year to 12.8 percent.
寧德時代領銜全球動力電池裝車榜：11月1日，全球資訊機構SNE Research公布數據顯示，全球電動汽車電池裝車總量達341.3GWh，同比增長75.2%。寧德時代、LG新能源位居全球動力電池裝車量前兩位，比亞迪位居第三。其中，寧德時代的動力電池裝車量為119.8GWh，同比增長100.3%，全球市場份額為35.1%，較去年同期的30.7%增長4.4%。比亞迪以43.6GWh的裝車量居第三，同比增幅達到177.0%，市場份額從去年的8.1%增長至12.8%。
Switching gears to financial news
金融市場消息
China's local government bond issuance reached 32.2 trillion yuan in September with a net 24.1 billion yuan in special bonds, data from the Ministry of Finance showed on Thursday. The figure took the total local government bond issuance for the year to 6.3 trillion yuan by the end of September, among which new sales amounted to 4.2 trillion yuan.
1-9月新增地方政府債券4.24萬億：11月3日，財政部網站公布2022年9月地方政府債券發行和債務餘額情況。9月，全國發行新增地方政府債券322億元，其中一般債券81億元、專項債券241億元。今年1-9月，全國發行新增地方政府債券42422億元，其中一般債券6990億元、專項債券35432億元。全國發行地方政府債券合計63485億元，其中一般債券19368億元、專項債券44117億元。
The central banks of China and Pakistan recently signed a memorandum of cooperation (MOC) on establishing yuan clearing arrangements in Pakistan, the People's Bank of China announced on Wednesday.
中巴建立巴基斯坦人民幣清算安排：據中國人民銀行網站11月2日消息，近日，中國人民銀行與巴基斯坦國家銀行簽署了在巴建立人民幣清算安排的合作備忘錄。巴基斯坦人民幣清算安排的建立，將有利於中巴兩國企業和金融機構使用人民幣進行跨境交易，進一步促進雙邊貿易、投資便利化。
China's policy bank responsible for facilitating the country's foreign trade has rolled out specific credit support worth 200 billion yuan for imports from countries that are members of the Regional Comprehensive Economic Partnership (RCEP), according to the Export-Import Bank of China on Wednesday. In the first 10 months of 2022, the policy bank has offered over 310 billion yuan in total credit to support imports.
進出口銀行設2000億元RCEP進口專項額度：為助力放大進博會溢出效應，持續激發進口潛力，中國進出口銀行日前宣布，設立2000億元支持從RCEP成員國進口專項額度，聚焦外貿、製造業等重點領域，全力滿足相關企業的資金需求。截至今年10月末，進出口銀行進口信貸餘額7200億元；今年1月至10月，累計投放支持進口信貸超3100億元。
Wrapping up with a quick look at the stock market
股市收盤情況
Chinese shares fell on Thursday, as a two-day rally lost steam after fresh U.S. rate hike and rising COVID-19 cases in China hit confidence. The benchmark Shanghai Composite ended down 0.19 percent while the Shenzhen Component dipped 0.34 percent. Hong Kong stocks closed sharply lower, as the Hang Seng ended down 3.08 percent and the TECH index sank 3.84 percent.
A股震蕩港股下挫：周四A股三大指數午後震蕩回升。截至收盤，滬指跌0.19%，深成指跌0.34%，創業板指漲0.01%，滬深兩市全天成交額8865億元。港股恒生指數跌3.08%，恒生科技指數跌3.84%。
Biz Word of the Day
財經辭彙劃重點
A Memorandum of Cooperation (MOC)is defined as an agreement between countries or diplomatic parties. The MOC expresses the factual or legal details of a certain issue in question or depicts the details of the diplomatic dialogues the parties had.
合作備忘錄一般指的是外交實踐中國家間或外交代表機關之間使用的外交文書，實際上是一種口頭通知或談話記錄。用於說明某一問題在事實上或法律方面的細節，或明確外交會談中的談話內容；陳述、補充自己的觀點、或反駁對方的觀點。
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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