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 top economic planner expects full-year growth to further accelerate as stimulus measures take effect;Home prices in major cities continued to fall in October.Here’s what you need to know about China in the past 24 hours 中国经济要闻Major provinces and other key areas are showing signs of recovery and stabilization following the implementation of stimulus packages, a spokesperson from China's top economic planner said on Wednesday, expecting whole-year economic growth of the world's second-largest economy to further accelerate.With the accelerated implementation of a series of policies, and measures such as policy-based development financial instruments, special re-loans for equipment renewal and renovation, fiscal discounts, and expansion of mid- and long-term loans for the manufacturing industry, to kick in during the fourth quarter, growth momentum and investment confidence will continue to increase, Meng Wei, the National Development and Reform Commission (NDRC), told a press conference on Wednesday."We will seize the window of opportunity to further stabilize the economy," the official said.The NDRC vowed to actively expand effective investment, promote the development of consumption in key areas, continue to promote the implementation of tax rebates, tax reductions and fee reductions, and increase support for small, medium and micro enterprises and individual industrial and commercial households. The remarks come as China has released its key economic data for October on Tuesday. Industrial output growth slowed from September, while retail sales also dipped 0.5 percent from a year ago.China's economy has managed to exit a V-shaped recovery in the third quarter. GDP of the world's second largest economy grew by 3.9 percent year-on-year in the third quarter. In the first three quarters, China's GDP grew by 3 percent year-on-year to hit a total of 87 trillion yuan.疫情等因素影响之下，10月份主要经济数据出现回落。国家发改委新闻发言人孟玮16日在发改委例行新闻发布会上表示，展望全年，经济增速有望进一步加快，回稳向好基础将不断得到巩固。我们也注意到当前国际环境仍然错综复杂，疫情防控形势依然严峻，特别是最近一段时间，国内新发疫情不断出现，促进四季度经济持续恢复还需付出艰苦努力。10月份我国经济经受住了国内外多重超预期因素的影响，持续保持恢复态势，经济大省等重点地区经济正在加快回稳发展。孟玮认为，随着稳经济一揽子政策和接续措施加快落地见效，以及政策性开发性金融工具、设备更新改造专项再贷款和财政贴息、扩大制造业中长期贷款投放等一系列举措将在四季度集中显效，工业增长动力、投资信心将继续增强。近日，国务院联防联控机制发布优化疫情防控20条措施，指导各地更加科学精准做好疫情防控工作，高效统筹疫情防控和经济社会发展。“这有利于进一步畅通经济循环、促进市场需求恢复。”孟玮说。孟玮表示，下一步，将持续推进稳经济一揽子政策和接续政策落地见效，充分发挥推进有效投资重要项目协调机制作用，进一步加快政策性开发性金融工具资金投放使用和基础设施项目建设，积极扩大有效投资。我们还将促进重点领域消费加快恢复发展，持续推进实施退税减税降费，加大对中小微企业和个体工商户的支持力度，同时，强化粮食、能源和产业链供应链安全保障，落细落实稳就业政策，扎实做好重要民生商品保供稳价。总之就是要抓住时间窗口推动经济进一步回稳向上。China’s home prices in 70 major cities continued to ease in October, with more cities seeing a decline, the National Bureau of Statistics said Wednesday. In October, 58 out of the 70 cities saw a month-on-month drop in new home sales prices, four more than the month before. A total of 62 cities witnessed a drop in pre-owned home prices, up from 61 in September. New-home prices in 70 cities slid 0.37 percent last month from September, a 14th straight decline, while existing-home market dropped 0.47 percent, the steepest since 2014.New home prices in four first-tier cities saw a month-on-month decline of 0.1 percent in October. Prices in 31 second-tier and 35 third-tier cities edged down 0.3 percent and 0.4 percent, respectively. Resale home prices in first-tier cities decreased 0.3 percent on a monthly basis, and are down 0.5 percent in both second- and third-tier cities.10月70城房价出炉：11月16日，国家统计局发布《2022年10月70个大中城市商品住宅销售价格变动情况》，10月中国主要城市房价跌势加深。统计数据中显示，10月，70个大中城市中，新建商品住宅价格环比下跌的城市有58个，上涨的城市有10个，持平的城市有2个。其中新建商品住宅价格下跌的城市较上月增加4个。据官方数据测算，10月全国70个城市新建商品住宅价格指数环比跌幅为0.4%，较9月扩大0.1个百分点；同比下跌2.4%。当前70城新房价格平均指数环比下跌已持续14个月。当月，一二三线城市新房价格环比均处于下跌区间。10月，一线城市新建商品住宅销售价格环比下降0.1%，降幅与9月相同。二线城市新建商品住宅销售价格环比下降0.3%，降幅比9月扩大0.1个百分点。三线城市新建商品住宅销售价格环比下降0.4%，降幅与9月相同。Greater Bay Area, Greater future新使命，大未来Shenzhen on Wednesday released a draft plan to further promote the high-quality development of local listed firms, aiming to have 600 domestic and foreign listed companies in the city by the end of 2025, while newly raised funds should exceed 300 billion yuan. Technological innovation and industry-leading capabilities should be significantly enhanced in listed firms, with nationally leading numbers in R&D speeding and patents. The southern tech hub also plans to add up to five enterprises each with 100 billion yuan in market cap and 20 firms valuing 10 billion yuan within the next three years. 2025年末深圳上市公司超600家：11月16日，深圳市工业和信息化局发布发布《深圳市关于进一步推动企业上市高质量发展的若干措施（征求意见稿）》。到2025年末，全市境内外上市公司数量超600家，新增首发募集和再融资资金超3000亿元，上市后备企业累计超3000家；上市公司科技创新和产业引领能力显著增强，研发投入、专利数等指标全国领先，新增千亿市值企业3-5家、百亿市值企业10-20家，新增上市公司中专精特新企业占比超50%。Next on industry and company news产业及公司新闻The prices of pork, a staple meat in China, are expected to stay relatively stable and unlikely to see hikes in the near future, NDRC said Wednesday, as pork supplies are on the increase thanks to the growing number of hogs in stock and those ready to enter the market. The NDRC said it will continue to release pork reserves, and increase pork releases if necessary.猪肉价格不会大幅上涨：11月16日国家发改委新闻发言人孟玮表示，总体判断，今后一段时间生猪猪肉市场供应有保障，价格有望保持相对平稳态势，难以出现大幅上涨的情形。国家发改委将密切关注生猪市场动态，继续择机投放中央猪肉储备，必要时还会进一步加大投放力度，并指导各地同步投放地方储备。 Shares of multiple tourism firms traded higher on Wednesday, after China's Ministry of Culture and Tourism vowed to lift the limits for cross-province tour group on Tuesday. The announcement stated that the operation of commercial cross-provincial travel tours will not be linked to the management of COVID risk regions, and stressed any one-size-fits-all policies will be dealt with by regulators. A negative nucleic acid test result valid within 48 hours will still be required for cross-province tour.跨省跟团游熔断机制取消：今日旅游板块开盘走高，11月15日，文化和旅游部发布《关于进一步优化新冠肺炎疫情防控措施科学精准做好文化和旅游行业防控工作的通知》，提出6条优化防控措施的具体做法。《通知》优化了跨省旅游管理政策，提出根据最新风险区划定管理办法，跨省旅游经营活动不再与风险区实施联动管理；跨省游客需凭48小时内核酸检测阴性证明乘坐跨省交通工具。GreatStar Industrial, a hand tool maker, has become the ninth Chinese company to issue global depositary receipts in Europe this year while over 30 firms have announced similar plans. GreatStar finished its secondary listing on the Six Swiss Exchange on Tuesday, raising about $155 million, the Hangzhou-based firm said in a statement today. 巨星科技发行GDR正式上市：巨星科技16日公布，公司发行的全球存托凭证于瑞士时间11月15日在瑞士证券交易所上市。此次发行的GDR共计1181.27万份，对应的基础证券为5906.35万股公司A股股票。此前，巨星科技披露，本次发行价格区间已确定为每份GDR13.08美元至13.50美元，拟募集资金的总额约为1.5-2.5亿美元。Chinese electric carmaker BYD announced late Tuesday it has terminated the plan to list its unit BYD Semiconductor on Shenzhen’s startup board. The spin-off of BYD on the ChiNext board will be canceled as the chip supply shortage caused by the rapid growth of the new energy vehicle industry and the domestic bottleneck of chips call for large-scale investments to hike production capacity, BYD said, adding that it will increase investment besides its previous Jinan project.比亚迪半导体撤回创业板上市计划：11月15日晚，比亚迪突发公告称，终止推进比亚迪半导体分拆上市事宜。待条件成熟时，公司将择机再次启动分拆上市工作。比亚迪方面表示，在比亚迪半导体分拆上市期间，我国新能源汽车行业需求呈现爆发式增长，这也使得晶圆产能成为车规级功率半导体模块产能瓶颈。为尽快提升产能供给能力和自主可控能力，比亚迪半导体拟开展大规模晶圆产能投资建设。在济南项目基础上，进一步增加大额投资，预计对比亚迪半导体未来资产和业务结构产生较大影响。Earnings reports express财报速递Tencent Holdings on Wednesday said it would distribute more than 958 million Class B stock that worth $20.3 billion in food delivery firm Meituan to its shareholders in the form of a dividend, as it posted a second straight quarterly revenue drop. Tencent said revenue fell 2 percent to 140 billion yuan for the three months ended Sept. 30. The world's largest video game developer said its net profit edged up 1.1 percent to 39.9 billion yuan, driven by better cost efficiency despite lower revenue.腾讯将派9.58亿股美团股份为特别股息：11月16日下午消息，腾讯控股发布公告称，董事会决议将按合资格股东持有每10股股份获发1股美团B类普通股的基准，以实物分派的方式宣派约958,121,562股美团B类普通股的特别中期股息。腾讯控股16日公告称，第三季度营收1401亿元人民币，去年同期为1423.68亿元，同比下滑2%，环比上升5%。第三季度净利润399亿元人民币，同比上升1%，环比上升115%；第三季度调整后净利润323亿元人民币，同比上升2%，环比上升15%。Shares of Tencent Music Entertainment Group(TME) skyrocketed after China's biggest online music group reported a nearly 40 percent jump in net profit in the third quarter of the year. Net profit was 1.1 billion yuan in the period, up 39 percent from a year earlier and 23 percent from the previous quarter, buoyed by an 18 percent growth in online music subscription revenue, TME announced yesterday. 腾讯音乐Q3净利增近四成：11月15日，腾讯音乐（TME）发布2022年第三季度财报。财报显示，公司总收入人民币73.7亿元，同比下降5.6%，环比增长6.7%；净利润人民币10.9亿元，同比增长38.7%，环比增长22.5%。本季营收环比上升，主要来自在线音乐业务收入增加。三季度在线音乐订阅收入人民币34.3亿。其中，在线音乐订阅收入达人民币22.5亿，同比增长18.3%。在线音乐付费用户数达到8530万，比上一季度增加260万。截至美股周二收盘，腾讯音乐涨超30%。Switching gears to financial news金融市场消息China had cut or deferred taxes and administrative fees by more than 3.7 trillion yuan so far in 2022, amid the government's efforts to incentivize business and economic growth, the State Taxation Administration said Wednesday. Among the tax relief, 2.3 trillion yuan of value added tax (VAT) credit refund have been returned to taxpayers' accounts, 3.5 times more than last year's sum. Newly reduced taxes and fees stood at 789.6 billion yuan, with the amount deferred coming in at 679.7 billion yuan. 全国新增减税降费及退税缓税缓费已超3.7万亿元：11月16日国家税务总局表示，截至11月10日，全国税务系统合计办理新增减税降费及退税缓税缓费超3.7万亿元。其中：已退到纳税人账户的增值税留抵退税款达23097亿元，超过去年全年退税规模的3.5倍；新增减税降费7896亿元；累计办理缓税缓费6797亿元。 China's cross-border capital flows remained within a reasonable range in October, as trade in goods and foreign direct investment have kept stabilizing capital inflows, the State Administration of Foreign Exchange (SAFE) said Tuesday. Cross-border capital under the current account recorded a net inflow in October, up 43 percent year-on-year. Merchandise trade saw a net cross-border capital inflow of $32.9 billion, up 19 percent year-on-year.10月我国跨境资金流动保持在合理区间：国家外汇管理局副局长、新闻发言人王春英15日表示，10月我国跨境资金流动保持在合理区间，货物贸易、外商直接投资等项目继续发挥稳定资金流入的基础性作用。10月份，经常账户相关跨境资金呈现一定规模净流入，同比增长43%。其中货物贸易项下跨境资金净流入329亿美元，同比增长19%；外商直接投资资本金保持净流入，外资在境内债券市场的投资延续恢复态势，体现了我国涉外经济发展的韧性，显示境外投资者在我国长期投资兴业以及配置人民币资产的意愿总体稳定。 The non-performing loan ratio of China's commercial banks fell to 1.66 percent by the end of the third quarter with strengthened risk-resistance, data from the China Banking and Insurance Regulatory Commission showed Tuesday. The figure edged down 0.01 percentage point from the ratio seen at the end of the second quarter, the banking regulator said. By the end of September, the banks' outstanding bad loans amounted to 3 trillion yuan.三季度末商业银行不良率降0.01%：15日，银保监会公布2022年三季度银行业保险业主要监管指标数据情况。数据显示，商业银行信贷资产质量总体稳定。2022年三季度末，商业银行不良贷款余额3万亿元，较上季末增加373亿元；商业银行不良贷款率1.66%，较上季末下降0.01个百分点。Wrapping up with a quick look at the stock market股市收盘情况Chinese shares closed lower on Wednesday, with the benchmark Shanghai Composite down 0.45 percent, while the Shenzhen Component closed 1.02 percent lower. Hong Kong shares fell after a three-day surge. The Hang Seng index lost 0.47 percent, as the tech and Chinese property shares declined.A股缩量下跌港股走低：周三A股两市缩量下跌，截至收盘，沪指跌0.45%，深成指跌1.02%，创业板指跌1.19%，沪深两市全天成交额9427亿元。港股方面，港股低开后震荡，午后回暖，恒生指数收跌0.47％，恒生科技指数跌0.23％，汽车股走弱，内房股下挫。Biz Word of the Day财经词汇划重点The non-performing loan ratio, better known as the NPL ratio, is the ratio of the amount of nonperforming loans in a bank's loan portfolio to the total amount of outstanding loans the bank holds. The NPL ratio measures the effectiveness of a bank in receiving repayments on its loans. When a borrower has not made regular payments for at least 90 days, the loan is considered a nonperforming loan, or NPL.不良贷款率指金融机构不良贷款占总贷款余额的比重。不良贷款是指出现违约的贷款。一般而言，借款人若拖延还本付息达三个月之久，贷款即会被视为不良贷款。不良贷款分为逾期贷款、呆滞贷款和呆账贷款。把不良贷款减少到最低限度，是商业银行风险管理的首要目标。Executive Editor: Sonia YUEditor: LI YanxiaHost: Stephanie LIWriter: Stephanie LI Sound Editor: Stephanie LIGraphic Designer: ZHENG Wenjing, LIAO YuanniProduced 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
