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
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
中国经济要闻
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.
银保监会主席郭树清日前发表文章《加强和完善现代金融监管》。郭树清表示，站在新的历史起点，金融监管改革任务非常艰巨。
郭树清在文中阐释了现代金融监管的基本内涵，包括宏观审慎管理、微观审慎监管、保护消费权益、打击金融犯罪、维护市场稳定、处置问题机构。
其中，在处置问题机构方面，郭树清指出，及早把“烂苹果”捡出去，对于建设稳健高效的风险处置体系至关重要。一是“生前遗嘱”。金融机构必须制定并定期修订翔实可行的恢复和处置计划，确保出现问题得到有序处置。二是“自救安排”。落实机构及其主要股东、实际控制人和最终受益人的主体责任，全面做实资本工具吸收损失机制。自救失败的问题机构必须依法重整或破产关闭。三是“注入基金”。必要时运用存款保险等行业保障基金和金融稳定保障基金，防止挤提、退保事件和单体风险引发系统性区域性风险。四是“及时止损”。为最大限度维护人民群众根本利益，必须以成本最小为原则，让经营失败金融企业退出市场。五是“应急准备”。坚持底线思维、极限思维，制定处置系统性危机的预案。六是“快速启动”。有些金融机构风险的爆发具有突然性，形势恶化如同火警，启动处置机制必须有特殊授权安排。
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.
中国人民银行行长易纲日前在题为《建设现代中央银行制度》的署名文章中写道，建设现代中央银行制度，要做好四项工作。一是完善货币政策体系，维护币值稳定和经济增长；二是深化金融体制改革，提升金融服务实体经济能力；三是落实金融机构及股东的主体责任，提升金融机构的稳健性；四是加强和完善现代金融监管，强化金融稳定保障体系，守住不发生系统性金融风险底线。
其中，在落实金融机构及股东的主体责任，提升金融机构的稳健性方面，易纲认为，“自救”应成为当前和今后应对金融风险的主要方式。他表示，当前，我国社会主义市场经济体制已经全面确立，金融机构及股东作为市场主体，应当承担自主经营、自负盈亏、“自救”风险的主体责任。金融机构要建立市场化资本补充机制，按照监管规则计提拨备，加大不良资产处置力度，塑造金融机构健康的资产负债表。健全激励约束机制，尊重金融机构自主经营权，减少对金融机构经营活动的行政干预。推动资不抵债的机构有序市场化退出，通过股权清零、大额债权打折承担损失。
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出炉：截至11月2日，全国31个省（区、市，不含港澳台）经济三季报已全部公布。31个省份中，25个省份前三季度GDP总量超过万亿元。广东、江苏、山东、浙江、河南和四川6个经济大省依然位居前列，其中，广东（91723.22亿元）、江苏（88652.7亿元）、山东（64409亿元）、浙江（55750亿元）前三季度GDP超过5万亿元。从GDP增速来看，有18个省前三季度GDP同比增长率高于全国水平（3%），不同于此前，今年中西部省份表现突出，整体表现位居前列，山西省更是延续上半年的势头以5.3%的增速领跑，福建、江西、内蒙古、宁夏、湖南、陕西、湖北、甘肃、山东紧随其后。
Next on industry and company news
产业及公司新闻
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.
财政部指导盘活国有资产：11月1日，财政部要求加快对房屋、土地、车辆等各类国有资产盘活利用，提升资产盘活利用效率，真正落实紧日子要求。要求盘活的行政事业单位国有资产包括低效运转、闲置的房屋、土地、车辆，还包括办公设备家具、大型仪器、软件等资产。除了实物资产外，还对货币形式的行政事业单位国有资产按照预算管理规定予以管理和盘活。盘活手段包括自用、共享、调剂、出租、处置等多种方式。官方数据显示，2020年，全国行政事业性国有资产总额43.5万亿元、负债总额11.2万亿元、净资产32.3万亿元。
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月中国物流业景气指数降至48.8%：中国物流与采购联合会2日公布10月份中国物流业景气指数。受疫情和季节性因素影响，物流业景气指数有所回调，物流运行有所波动，但基本保持平稳态势。10月份中国物流业景气指数为48.8%，较上月回落1.8个百分点，其中保障民生的邮政快递业、装卸搬运、管道运输业务总量指数处在扩张区间。
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.
时速160公里客车技术首次国际输出：日前，46辆国产宽轨铁路客车在天津港装船，即将搭乘货轮驶往巴基斯坦，这也将成为我国时速160公里铁路客车技术首次国际输出。据了解，此次46辆宽轨客车均为国内整车生产完成交付，后续还将有184辆客车在巴基斯坦以散件组装形式交付，从而实现车辆的本地化制造。
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.
宁德时代领衔全球动力电池装车榜：11月1日，全球资讯机构SNE Research公布数据显示，全球电动汽车电池装车总量达341.3GWh，同比增长75.2%。宁德时代、LG新能源位居全球动力电池装车量前两位，比亚迪位居第三。其中，宁德时代的动力电池装车量为119.8GWh，同比增长100.3%，全球市场份额为35.1%，较去年同期的30.7%增长4.4%。比亚迪以43.6GWh的装车量居第三，同比增幅达到177.0%，市场份额从去年的8.1%增长至12.8%。
Switching gears to financial news
金融市场消息
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月新增地方政府债券4.24万亿：11月3日，财政部网站公布2022年9月地方政府债券发行和债务余额情况。9月，全国发行新增地方政府债券322亿元，其中一般债券81亿元、专项债券241亿元。今年1-9月，全国发行新增地方政府债券42422亿元，其中一般债券6990亿元、专项债券35432亿元。全国发行地方政府债券合计63485亿元，其中一般债券19368亿元、专项债券44117亿元。
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币清算安排：据中国人民银行网站11月2日消息，近日，中国人民银行与巴基斯坦国家银行签署了在巴建立人民币清算安排的合作备忘录。巴基斯坦人民币清算安排的建立，将有利于中巴两国企业和金融机构使用人民币进行跨境交易，进一步促进双边贸易、投资便利化。
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.
进出口银行设2000亿元RCEP进口专项额度：为助力放大进博会溢出效应，持续激发进口潜力，中国进出口银行日前宣布，设立2000亿元支持从RCEP成员国进口专项额度，聚焦外贸、制造业等重点领域，全力满足相关企业的资金需求。截至今年10月末，进出口银行进口信贷余额7200亿元；今年1月至10月，累计投放支持进口信贷超3100亿元。
Wrapping up with a quick look at the stock market
股市收盘情况
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股震荡港股下挫：周四A股三大指数午后震荡回升。截至收盘，沪指跌0.19%，深成指跌0.34%，创业板指涨0.01%，沪深两市全天成交额8865亿元。港股恒生指数跌3.08%，恒生科技指数跌3.84%。
Biz Word of the Day
财经词汇划重点
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.
合作备忘录一般指的是外交实践中国家间或外交代表机关之间使用的外交文书，实际上是一种口头通知或谈话记录。用于说明某一问题在事实上或法律方面的细节，或明确外交会谈中的谈话内容；陈述、补充自己的观点、或反驳对方的观点。
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
编委: 于晓娜
策划、编辑：李艳霞
播音：李莹亮
撰稿：李莹亮
音频制作：李莹亮
设计：郑文静、廖苑妮
21世纪经济报道海外部 制作
南方财经全媒体集团 出品
更多内容请下载21财经APP
