CBN丨China continued steady economic recovery in April

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 economic recovery accelerates in April, fueled by surging consumption and growing industrial output;

Guangdong pushes ahead with investment in Greater Bay Area rail network.

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

中国经济要闻

China's economic recovery gained pace in April, newly released official data showed on Tuesday, as domestic consumption has kept surging in the first four months of the year, while industrial production and fixed asset investment are both rising.

According to data released by the National Bureau of Statistics on Tuesday, the industrial added value of major industrial enterprises in China rose by 5.6 percent in April, accelerating from a 3.9 percent growth in March.

In particular, the output of emerging industries continued to rise on a monthly basis. For example, the output of solar cells products rose by 69.1 percent on a yearly basis in April.

On the demand side, the retail sales of consumer goods jumped 18.4 percent year-on-year during the same period, up from a 10.6 percent rise in March, as domestic consumption ranging from car sales to tourism have kept on rebounding.

China's service production index surged by 13.5 percent year-on-year in April, 4.3 percentage points faster than that of the previous month, with notable improvements in the contact-and-gathering-based service activities.

Fixed-assets investment surged by 4.7 percent year-on-year in the first four months. However, real estate investment continued to slip by 6.2 percent year-on-year, while sales volume went up 8.8 percent in the period.

China's surveyed urban unemployment rate stood at 5.2 percent in April, down 0.1 percentage points from the previous month. According to the NBS, jobless rate in people aging 25 to 29 came down to 4.2 percent, lower than the pre-pandemic 2019 level.

The Chinese economy continues to rebound in April with positive factors on the rise. That said, with the complex and severe international landscape and the insufficient domestic demand, the internal driving force for economic growth remains modest, NBS spokesperson Fu Linghui told a news conference.

Going forward, efforts to bring out the effects of the policies and stimulate the vitality of business entities will be better aligned, and proactive steps will be taken to restore and expand demand, and accelerate the construction of a modern industrial system, to effectively upgrade the quality and appropriately expand the output of Chinese economy, Fu said.

5月16日，国家统计局发布4月经济数据，经济整体延续恢复态势，从各项指标来看服务业和消费恢复进程更快。

总体来看，4月多数经济指标增速在回升，尤其是接触型服务业延续加快恢复态势，不过各项指标回升跟去年同期基数较低有关。

国家统计局新闻发言人、国民经济综合统计司司长付凌晖在国新办发布会上表示，今年以来，我国疫情防控取得了重大决定性胜利，经济社会全面恢复常态化运行，宏观政策靠前协同发力，国民经济回升向好。

4月份，社会消费品零售总额34910亿元，同比增长18.4%，比上月加快7.8个百分点；环比增长0.49%。全国服务业生产指数同比增长13.5%，比上月加快4.3个百分点。分行业看，住宿和餐饮业，批发和零售业，交通运输、仓储和邮政业，信息传输、软件和信息技术服务业生产指数同比分别增长48.7%、18.8%、17.6%、13.2%，比上月分别加快18.8、7.9、5.7、1.2个百分点。服务业商务活动指数为55.1%，业务活动预期指数为62.3%。其中，铁路运输、航空运输、住宿、电信广播电视及卫星传输服务、文化体育娱乐等行业商务活动指数位于60%以上高位景气区间。

付凌晖表示，前期受到压抑的服务需求继续释放，接触型、聚集型服务业回升明显，服务业整体保持较快增长。

服务业的加快恢复，带动整体就业形势的好转。4月份，全国城镇调查失业率为5.2%，比上月下降0.1个百分点。其中，16-24岁、25-59岁劳动力调查失业率分别为20.4%、4.2%。

付凌晖表示，就业形势整体改善，消费和服务业企稳回升，有望成为二季度经济向好的重要支撑力量。今年随着经济运行全面恢复常态化，劳动参与率稳步提升。近期很多劳动力返回就业市场。全国城镇调查失业率呈现下降态势，说明就业趋势在改善向好。尤其是，25到59岁就业主体人群的城镇调查失业率目前已经低于2019年疫情前水平。

投资方面，1-4月份，全国固定资产投资（不含农户）同比增长4.7%，比1-3月份回落0.4个百分点。房地产投资仍在下行通道，全国房地产开发投资35514亿元，同比下降6.2%，较1-3月份降幅扩大0.4个百分点。房地产整体销售整体在好转。1-4月份，商品房销售面积同比下降0.4%，较1-3月份降幅收窄1.4个百分点；商品房销售额增长8.8%，较1-3月份加快4.7个百分点。

付凌晖表示，今年以来，房地产市场需求较快释放，商品房销售有所恢复，住宅销售价格环比出现上涨，房地产开发企业资金状况有所改善。进入4月份以来，随着前期积压住房需求释放，部分城市市场热度有所下降、市场预期有所下调。尽管房地产市场需求出现恢复迹象，但房地产投资和开发建设仍在下降，房地产市场整体处于调整期。

工业生产方面，4月份，全国规模以上工业增加值同比增长5.6%，比上月加快1.7个百分点；环比下降0.47%。付凌晖回应21世纪经济报道记者提问表示，4月份，制造业PMI出现小幅回落至临界点以下，是在经济恢复过程中的暂时性现象。从主要原因看，一是前期生产快速修复，需求恢复相对偏慢；二是前期由于工业企业库存增长较快；三是企业生产节奏安排的季节性变化。总的来看，我国经济社会恢复常态化运行以后，制造业PMI这种变化主要是工业生产过程当中的短期波动。从企业预期来看，在制造业PMI中，生产经营活动预期指数4月份是54.7%，保持在景气区间，说明企业生产经营前景预期总体稳定。下阶段，随着经济内生动力增强，推动工业经济平稳增长政策效应显现，企业生产经营好转，制造业PMI逐步改善。

付凌晖表示，下阶段，服务业恢复向好态势有望持续，将发挥对经济回升重要支撑作用。稳增长、稳就业、稳物价政策也会进一步落实落细，有利于经济持续恢复向好。对于经济恢复面临的困难和挑战也要保持清醒认识。下阶段，要着力恢复和扩大需求，加快建设现代化产业体系，推动经济实现质的有效提升和量的合理增长。

The Customs Tariff Commission of the State Council announced on Monday China will implement agreed tariff rates under the Regional Comprehensive Economic Partnership (RCEP) for certain imports from the Philippines starting on June 2, when the trade pact is set to take effect in the Philippines after the ratification process is completed. The move marks another milestone for the RCEP, as it means the world's biggest trade agreement will enter the full implementation stage with all of its 15 members officially implementing it. 6月2日起中国将与菲律宾相互实施RCEP关税减让：国务院关税税则委员会15日发布公告，自2023年6月2日起，对原产于菲律宾的部分进口货物实施RCEP东盟成员国所适用的协定税率，后续年度税率自当年1月1日起实施。RCEP对菲律宾生效后，全部15个成员均完成生效程序，并相互实施关税减让，协定进入全面实施新阶段。

Greater Bay Area, Greater future

新使命，大未来

Guangdong’s investment in railroad building will peak in the five years through 2025, with a focus on high-speed links, rail hubs, and inter-city and freight rail, according to the deputy director of the province’s transport department. Rail lines in use and those under construction in the Greater Bay Area are set to total 4,700 kilometers by 2025, Jia Shaoming noted in a recent online interview with China’s transport ministry. In the 14th five-year plan, Guangdong’s railroads will exceed 5,000 km, with investment of more than 1.6 trillion yuan. There are 37 provincial-level rail projects now being built whose mileage totals 2,190 km, with investment of 782.7 billion yuan. And there will be 11 new projects this year, with mileage of 420 km and investment totaling 232.8 billion yuan. According to Jia, Guangdong aims to speed up the construction of high-speed rail links between the provincial capital of Guangzhou and Zhanjiang, as well as between Shenzhen and Zhaoqing, so as to expand the mileage of inter-city railroads in use in the Greater Bay Area to more than 800 km by 2025. It will also assist with the construction of freight lines connecting Jieyang and Huizhou as well as Shantou, Guangzhou, and the Macao and Hong Kong SARs. Railway hub projects will also be promoted at Guangzhou Railway Station, Guangzhou East Railway Station and Shenzhen’s Xili Railway Station. 广东省“十四五”铁路建设总投资1.6万亿：广东省交通运输厅副厅长贾绍明日前在参加交通运输部在线访谈时表示，“十四五”时期，广东省铁路建设总规模将超过5000公里，项目总投资超过1.6万亿元。到2025年，大湾区铁路网络运营及在建里程将达到4700公里，“轨道上的大湾区”基本建成。贾绍明提到，目前广东在建省管铁路工程项目37项，总里程2190公里，总投资7827亿元；今年计划再新开工省管铁路项目11项，总里程420公里，项目总投资2328亿元。据介绍，“十四五”时期，广东省铁路重点建设任务主要有四项：加快广湛、广汕汕、梅龙、梅武、深江、深汕、深南、珠肇等高铁通道建设；加快粤港澳大湾区、粤东城际等城际铁路建设。争取“十四五”期末，粤港澳大湾区城际铁路运营里程达800公里以上；加快揭惠铁路、汕头广澳港铁路、湛江宝满港等货运铁路及疏港铁路建设；加快广州白云站、广州东站改造及广州东至新塘五六线工程、广州至广州南联络线工程、广州站改造及广州至广州东三四线工程、深圳西丽站及相关工程等铁路枢纽工程建设。

The world’s largest offshore liquefied natural gas (LNG) terminal began trial operation on Sunday, which will increase the use of clean energy in Hong Kong and optimize the energy structure of the Greater Bay Area. The LNG project, which includes a dual-berth offshore LNG receiving terminal, an onshore LNG receiving terminal and two submarine pipelines, is the largest offshore energy infrastructure construction project in recent years in Hong Kong. The LNG terminal is equipped with world’s first all-steel offshore dock available for two LNG carriers at same time, according to its operator China National Offshore Oil Corporation (CNOOC) on Monday. 香港试运行世界最大海上LNG接收站：5月14日，世界最大海上液化天然气接收站——香港LNG（液化天然气）项目成功实现首船卸料和管线通气，进入试运行阶段。项目建成后将提高香港清洁能源发电比例，优化粤港澳大湾区能源结构。据介绍，香港液化天然气项目是近年来香港特别行政区规模最大的海上能源基础设施建设项目，主要包括一座导管架形式的双泊位海上LNG接收站码头、一座陆地液化天然气接收站和两条海底管道。LNG运输船在码头卸料后进行储存再气化后，通过海底管道对接香港两座大型发电厂，为香港提供稳定、清洁的发电燃料。

Next on industry and company news

产业及公司新闻

China will cut the retail gas prices starting midnight tonight, benefiting private car owners to save up to 15 yuan in filling up a 50 liter tank. The prices of gasoline and diesel will go down by 380 yuan and 365 yuan per ton, respectively, according to the National Development and Reform Commission on Tuesday. 多地95号汽油将回归“7元时代”：5月16日，国家发改委发布消息称，自24时起，国内汽油价格下调380元/吨，柴油价格下调365元/吨。折合升价，92号汽油、95号汽油和0号柴油分别下调0.3元，0.32元及0.31元。以油箱容量50L的普通私家车计算，车主们加满一箱92号汽油将少花约15元。

WPS, the word processing software owned by Chinese tech company Kingsoft, unveiled its generative AI tool on Tuesday, without giving information of its official launch date. The AI writing assistant, WPS AI, similar to Microsoft Copilot, is able to create charts, reports, articles, presentations in response to prompts, and extracting key points by scanning files. The user-friendly functionality only requires prompts using natural language, Kingsoft said. WPS AI接入四大办公组件：5月16日，金山办公正式对外展示 WPS AI 能力。据介绍，与微软Copilot的能力类似，WPS AI将大模型接入表格、文字、PPT、PDF等日常办公组件，基于阅读理解和问答、人机交互，具备了一键生成PPT演示文稿、自动生成图表和报告、扫描阅读并提炼重点等能力。金山办公副总裁姚冬表示，用户只需自然语言输入，省去复杂操作的消耗，就能轻松满足办公需求。金山办公方面表示，WPS AI正在积极推进合规工作，正式上线时间以官方发布为准。

Midjourney, a popular US artificial intelligence image generator, will start internal testing on Chinese internet giant Tencent Holdings' instant messaging software QQ. The Chinese version of the tool will be found on QQ's entertainment collaboration platform QQ Channel, with users able to join after scanning a QR code, Midjourney said on WeChat late yesterday. The test periods will be open at 6 p.m. on Mondays and Fridays, with entrance closed when user numbers reach a set limit, it added. Midjourney中文版在QQ开启内测申请：5月15日晚间，Midjourney AI在微信发布内测申请的通知，邀请中国创作者加入Midjourney官方中文版内测。需Midjourney官方表示，Midjourney中文版搭载在QQ频道上，用户通过QQ扫描官方二维码，即可申请加入频道，加入QQ频道后，在常规创作频道中输入/想象+生成指令，即可召唤 Midjourney 机器人进行作画。在频道内输入/漫画+生成指令，即可召唤 Niji-journey机器人进行作画。频道每周一、五下午6点统一开放，达到一定人数后会关闭入口。据知情人士透露，本次MJ中文内测属于MJ自主入驻及招募。

Switching gears to financial news

金融市场消息

China's banks saw a net forex settlement surplus of approximately USD5.5 billion in April, the country's forex regulator said on Monday. Forex purchases by banks totaled 186.9 billion dollars last month, and sales reached 181.5 billion dollars, data from the State Administration of Foreign Exchange (SAFE) shows. 4月银行结售汇顺差：国家外汇管理局5月15日公布的最新数据显示，按美元计值，2023年4月，银行结汇1869亿美元，售汇1815亿美元，银行结售汇顺差55亿美元。

China's economy is not witnessing deflation, the central bank said on Monday in its first-quarter monetary policy report. The PBOC said the recent moderation in price increases is mainly due to the faster recovery in supply than demand and last year's high comparison base. In contrast with deflation, which refers to a sustained decrease in prices and a downtrend in money supply, China is experiencing a moderate increase in prices with the core consumer price index rising about 0.7 percent year-on-year and a relatively fast growth in broad money supply and social financing, the PBOC said. The country's CPI reading may rise mildly in the second half of the year and reach the average level seen in recent years by the end of the year as the gap between supply and demand narrows, the central bank added. 央行称当前我国经济没有出现通缩：5月15日，央行发布一季度中国货币政策执行报告，其中提到，当前我国经济没有出现通缩。通缩主要指价格持续负增长，货币供应量也具有下降趋势，且通常伴随经济衰退。我国物价仍在温和上涨，特别是核心CPI同比稳定在0.7%左右，M2和社融增长相对较快，经济运行持续好转，不符合通缩的特征。中长期看，我国经济总供求基本平衡，货币条件合理适度，居民预期稳定，不存在长期通缩或通胀的基础。

HHLR Advisors, the investment management firm of Asia private equity firm Hillhouse Capital focusing on secondary markets, hiked its stake in New York listed Chinese stocks such as Alibaba and Pingduoduo, and bought into internet giant Baidu and electric car startup Li Auto, among others, for the first time, according to data published by the US Securities and Exchange Commission on Tuesday. Meanwhile, Michael Burry, the money manager made famous in “The Big Short,” boosted his bullish bets on JD.com and Alibaba, which have become the largest holdings of his Scion Asset Management, accounting for 20 percent of his stock portfolio. 高瓴等加码中概股：北京时间5月16日，高瓴旗下专注于二级市场投资的基金管理平台HHLR向美国证券交易委员会提交的13F报告显示，2023年一季度，HHLR围绕中概股和科技公司进行集中配置，对阿里巴巴、华住等9只中概股进行了增持、新进买入等加仓操作。前十大重仓股中，中概股占据7个席位，与上季度持平。此外，大空头Burry一季度则大手笔增持京东和阿里，其中增持了676.3万份京东ADR和581.4万份阿里ADR，成为前两大重仓股，占其股票投资组合的20%。

Wrapping up with a quick look at the stock market

股市收盘情况

Chinese stocks retreated on Tuesday after April activity data misses forecasts. The benchmark Shanghai Composite lost 0.6 percent and the Shenzhen Component slid 0.7 percent. Hong Kong’s Hang Seng index ended almost flat, while the TECH index added 0.8 percent. A股震荡港股微涨：周二A股大盘全天震荡调整，三大指数均小幅下跌，沪指再度失守3300点。截至收盘，沪指跌0.6%，深成指跌0.71%，创业板指跌0.25%。沪深两市全天成交额合计8663亿元，较上一交易日缩量720亿元。北向资金全天净卖出34亿元。港股高开低走，截至收盘，恒生指数涨0.04%，恒生科技指数涨0.83%。

Biz Word of the Day

财经词汇划重点

Deflation is a general decline in prices for goods and services, typically associated with a contraction in the supply of money and credit in the economy. During deflation, the purchasing power of currency rises over time. 通货紧缩是指在现行价格条件下，由于货币供应量的减少，以致商品和劳务的供给超过需求，于是市场银根趋紧，货币流通速度转慢，货币价值高估，物价水平下跌。

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.

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策划、编辑：李艳霞

播音：李莹亮

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