CBN丨Chinese economy has passed most challenging period: senior official

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

• China's economy has survived its worst moment and expects to pick up in 2023, senior officials said;

• Shanghai subsidizes couriers over busy holiday periods.

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

中國經濟要聞

China's economy has survived the most difficult phase and the country's optimized COVID-19 response measures will have a positive effect on the economic recovery, according to officials and experts on Saturday.

They said that China will gradually shake off the impact of COVID-19 and post a notable economic rebound in 2023, given the further implementation of optimized measures and the more pro-growth focus of policymakers.

Yin Yanlin, deputy director of the office of the Central Committee for Financial and Economic Affairs, said the optimization of the COVID-19 containment measures will create favorable conditions for economic recovery.

"The worst moment is over," Yin said on Saturday at an annual meeting on China's high-quality development held by the China Wealth Management 50 Forum. "With the implementation of the optimized COVID containment measures, (China will see) smoother flow of people and logistics, and accelerated recovery in business and social activities."

"The downturn in recent years is only a short-term disturbance caused by the pandemic, which is not enough to change the long-term trend of China's economic development," he said. "The fundamentals of the Chinese economy — its long-term sustainability, strong resilience, enormous potential and vast room for maneuvers — remain unchanged."

However, Yin warned of difficulties and challenges ahead, including a more complicated external environment and slowing global demand, saying that further steps should be taken to rebalance growth with a key focus on boosting market confidence, spurring consumption, expanding effective investment and promoting healthy development in the property market.

His views were echoed by Zhu Guangyao, former vice-minister of finance, who said China's economy will likely improve as a whole in 2023, given the more pro-growth focus of policymakers for next year. "China's economy will return to its potential growth rate of between 5 and 6 percent in 2023 to post a healthy development," Zhu said during the meeting.

Wang Yiming, former deputy director of the Development Research Center of the State Council, said the recently held Central Economic Work Conference has sent clear and positive signals of stabilizing growth, boosting domestic demand, supporting the development of private sector economy and stabilizing the property market, which strongly improved the expectations and bolstered market confidence.

12月24日，在以“經濟高質量發展與中國特色金融發展之路”為主題的中國財富管理50人論壇2022年會上，中央財經委員會辦公室副主任尹艷林表示，疫情是當前影響經濟運行的關鍵變量，可以說我國經濟已挺過了最困難時刻。隨着優化調整疫情防控政策的落實，人流、物流將更加順暢，經濟社會生活各領域都有望加快恢復，經濟活力將得到有效釋放。

展望明年，尹艷林表示，經濟發展面臨的困難挑戰很多，外部環境仍動蕩不安，世界經濟可能面臨滯脹風險，外需收縮等給我國經濟帶來的影響加大、加深。從國內看，經濟恢復的基礎尚不牢固，“三重壓力”仍然較大，但發展的有利因素增多，經濟運行有望整體好轉。這既是中央經濟工作會議提出的目標要求，也是明年我國經濟將大概率呈現的發展趨勢。

從更長周期看，近年來的經濟下行，只不過是疫情帶來的短期擾動，尚不足以改變我國經濟發展的長期趨勢，經濟快速恢復的曙光就在前頭，對此，要有十分的信心。

尹艷林表示，大力提振市場信心，這是明年經濟工作的頭等大事。眼下，又到了信心比黃金更重要的時候。中央經濟工作會議明確要求，從戰略全局出發，從改善社會心理預期、提振發展信心入手，綱舉目張做好工作。其中，一項至關重要的任務就是切實落實“兩個毫不動搖”。

財政部原副部長朱光耀指出，2023年，外部環境風高浪急。新的一年，要堅定不移地貫徹中央經濟工作會議的重要部署。其中，朱光耀特彆強調，要重視對實體經濟的支持。“中國經濟在2023年一定能夠實現好轉，迅速地回到潛在經濟增長率，也就是5%-6%水平，持續健康地向前發展。”朱光耀表示。

國務院發展研究中心原副主任王一鳴表示，2023年，隨着優化疫情防控措施積極效應逐步顯現，中國經濟有望明顯回升。王一鳴指出，改善預期，提振信心，關鍵是提振企業和企業家信心。同時，消費的持續恢復有待居民家庭資產負債表的修復，要通過擴大公共服務支出，提高受疫情影響較大的中低收入群體的消費能力，支持居民剛性和改善性住房需求，鬆綁房地產限購限貸政策，鼓勵金融機構降低按揭貸款利率，積極恢復旅遊等服務消費，釋放出行消費的巨大潛力。

Moving on to regional highlights

區域觀察

• Shanghai announced measures encouraging enterprises to retain workers for normal operations, including handing out allowances and stepping up the supply of anti-COVID medical products, according to a circular on the local government's website. The city encourages e-commerce platforms and express firms to continue their services, and will issue allowances of 60 yuan per worker per day for frontline workers starting from Sunday and ending on January 27, 2023. A subsidy of 150 yuan per worker per day will be handed out during the upcoming New Year holiday and the Spring Festival holiday.

  上海為快遞員、外賣小哥發放穩崗補貼：上海12月24日印發關於支持本市相關行業和企業穩崗留工有序運行若干政策措施的通知，通知明確，將階段性發放穩崗補貼。為鼓勵電商平台和郵政快遞企業持續提供快遞、外賣服務，2022年12月25日至2023年1月27日期間，對重點監測的電商平台和郵政快遞企業，給予上崗工作的一線人員每人每天60元補貼；其中，對元旦期間（2022年12月31日至2023年1月2日）和春節期間（2023年1月21日至1月27日）上崗工作的一線人員，給予每人每天150元補貼。

• Ticket reservations for scenic spots in Beijing during the week from December 19 to 23 rose by 177 percent compared with the previous week, data from online travel platform Trip.com showed on Sunday, while during the Christmas weekend, Beijing residents have booked tickets for local tourist attractions twice as much than the previous weekend.

  北京本地游迎復蘇：攜程平台12月25日發布的數據顯示，近一周（12月19日至23日）北京景區門票的預訂量相比上周增加177%。周末，平台上北京景區門票的預訂量相比上周末增長超2倍。

• Dongguan in South China’s Guangdong Province has officially lifted restrictions on home purchases in all 32 districts, including its downtown and the Songshan Lake area where headquarters of high-tech firms including Huawei are located, effective immediately. Both new and pre-owned homes, of which transaction have been done for over three years or having obtained real estate ownership certificate for at least two years, can now be listed for sales, local housing bureau of the manufacturing hub announced Monday.

  東莞全域放開住房限購：12月26日，東莞市住房和城鄉建設局官網發布《關於進一步優化房地產調控政策的通知》稱，東莞莞城街道、東城街道、南城街道、萬江街道、松山湖高新技術產業開發區的新建商品住房和二手商品住房，須自商品房買賣合同（或房地產買賣合同）網簽備案之日起滿3年或取得不動產權證滿2年方可上市交易，上述區域暫停實行商品住房限購政策。這也意味着，即日起東莞全域放開住房限購。

Greater Bay Area, Greater future

新使命，大未來

• Hong Kong is gearing up for the gradual resumption of normal travel, as Chief Executive John Lee said on Monday that quarantine-free travel will resume very soon in a gradual, orderly and safe manner. The target is to resume normal travel by mid-January next year, Lee revealed after a four-day duty visit to Beijing, with the Coordination Group on Resumption of Normal Travel having convened its first meeting on Sunday with the Chinese mainland. Meantime, Shenzhen will increase the daily quota for reservations of hotel quarantine rooms via Shenzhen Bay to 3,500 from 2,800 from Sunday, in anticipation of a possible surge in the run-up to the Lunar New Year.

  香港力爭下月中旬與內地通關：香港特區行政長官李家超日前宣布，中央已同意香港和內地逐步、有序、全面通關。為全面推進有關工作，特區政府成立通關事務協調組，由政務司司長帶領，成員涵蓋全數15個政策局。12月26日，通關事務協調組25日召開首次會議，商討與內地逐步、有序、全面通關的方案，以儘快與中央相關部委、廣東省政府、深圳市政府達成共識，將方案提交中央審批，目標在2023年1月中旬之前予以落實。此外，深圳市政府再次增加“健康驛站”名額至每日3500個，這是自上周增加300個名額後，相隔不足一周再加碼。

Next on industry and company news

產業及公司新聞

• China National Petroleum Corp said on Monday that its oil and gas production equivalent has hit a record high in 2022, a result of its consistent efforts in oil and gas exploration and development in recent years. China's largest oil and gas producer said its crude production has witnessed a steady growth this year while the natural gas production has also gained momentum, accounting for 52.4 percent of its oil and gas production in 2022.

  中石油油氣產量創歷史新高：12月26日消息，2022年，中國石油油氣勘探開發捷報頻傳，全年油氣產量當量創歷史新高，原油產量穩中有升，創“十三五”以來最大增幅；天然氣加快上產，在油氣產量當量中佔比達52.4%。

• The world's first C919, newly received by China Eastern Airlines, started a total of 100 hours of verification flights on Monday, laying the foundation for future commercial flights which are expected to begin in spring next year. The first flight departed from Shanghai Hongqiao International Airport bound for Beijing Capital International Airport on Monday. The 100-hour required flight time will last until mid-February 2023 covering 10 airports in nine provinces and cities.

  東航全球首架C919開啟驗證飛行：12月26日，中國東航最新接收的全球首架C919開始進行9條航線、總計100小時的驗證飛行。此次驗證飛行將持續到2023年2月中旬，起降的機場涉及9省市、10座機場。當天，首班驗證飛行的航班號為MU7801，已於13:25分順利從上海虹橋國際機場起飛，預計15:16分抵達北京首都國際機場。這也是東航塗裝的C919首架交付機首次抵達北京。

• The launching ceremony of the strategic restructuring of Sinosteel Group Corporation Limited and China Baowu Steel Group Corporation was held in Beijing on Friday. After the process is completed, Beijing-based Sinosteel will become a wholly owned subsidiary of China Baowu, which will be no longer under the State-owned Assets Supervision and Administration Commission of the State Council.

  “鋼鐵航母”再擴容：12月23日，中國寶武與中鋼集團重組啟動大會23日在北京和上海舉行。日前，國務院國有資產監督管理委員會官網消息稱，經報國務院批准，中國寶武鋼鐵集團有限公司與中國中鋼集團有限公司實施重組，中國中鋼集團有限公司整體劃入中國寶武鋼鐵集團有限公司，不再作為國資委直接監管企業。

Switching gears to financial news

金融市場消息

• China’s digital yuan payment app has introduced a “red packet” function that allows users to send and receive money gifts also on other payment platforms such as Tencent’s WeChat Pay and Ant Group’s Alipay. The app has a new “Cash Red Packet” option directly connected to users’ digital wallets. There are two kinds of red packets, those that can be sent to mobile phone contacts and those that can be sent through WeChat, Alipay, and QQ.

  數字人民幣上線“紅包”功能：日前，數字人民幣App迎來一次重要更新，增加了“專屬頭像”和“個人紅包”功能。與微信、支付寶紅包有所不同，數字人民幣紅包可在微信、QQ、支付寶等多個平台發放領取。數字人民幣App的“服務”頁新增“現金紅包”選項，分為“群紅包”和“專屬紅包”兩類。現金紅包領取後沒有使用限制，可用於支付或存回賬戶。

Wrapping up with a quick look at the stock market

股市收盤情況

• Chinese stocks rose on Monday as investors looked past surging COVID-19 infections in the country and bet on a likely recovery in consumption trends. The benchmark Shanghai Composite gained 0.65 percent, while the Shenzhen Component rose 1.19 percent with its tech-heavy ChiNext Index jumping nearly 2 percent. Hong Kong markets are closed on Monday though Tuesday for Christmas break.

  A股震蕩上行港股休市：周一，A股三大指數高開高走，震蕩上行。截止收盤，滬指收漲0.65%，停止7連跌，深成指收漲1.19%，創業板指收漲1.98%，兩市成交額約6243億元。港股聖誕節期間（周一、周二）休市。

Biz Word of the Day

財經詞彙劃重點

• House purchase restriction orderrefers to the policy issued by local governments in China ’s major cities, including Beijing, Shanghai and Guangzhou, to curb the overheating real estate market by imposing restrictions on purchasing power. Beijing was the first city to carry out the purchase restriction order.

  “住房限購令”是指政府出台的房屋限購政策，出自2010年北京出台的“國十條實施細則”，細則規定北京家庭只能新購一套商品房，這是全國首次提出的家庭購房套數“限購令”。此後，包括上海、廣州在內，相繼有49個地級以上城市實施“限購令”。

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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