CBN丨PBOC to provide emergency liquidity support in necessary circumstances

金才经网——专业的财经网站-中国金融财经门户网站　文稿合作 QQ：58061970 电话：18957101161

21世纪经济报道 2023-11-08 19:46:00

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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 central bank governor vows emergency liquidity support to areas with heavy debt burdens;
Ping An says It wasn't asked to take over Country Garden.

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

中国经济要闻

The People's Bank of China, the country's central bank, will provide emergency liquidity support for local governments facing relatively heavy debt burden when necessary, said Pan Gongsheng, governor of the PBOC on Wednesday at the opening ceremony of the Annual Conference of Financial Street Forum 2023 in Beijing.

The overall debt level of the Chinese government is in a middle to lower range by international standards, and the authorities have taken multiple measures this year to actively support local governments dissolve debt risks, Pan said.

These measures include encouraging the transition of local government financing vehicles (LGFVs) into financially independent, sustainable enterprises that do not rely on government credit, urging local governments and LGFVs to use proceeds related to their assets to repay debts, limiting indebted local governments from initiating new investment projects, and facilitating financial institutions engaging in debt resolution through maturity extension, refinancing and debt swaps.

On the property market, Pan noted that loans to the real estate sector account for 23 percent of banks’ total loan balance, and around 80 percent of them are personal housing loans, and the spillover effect of China’s policy adjustments to the real estate market on the financial system is generally controllable.

The PBOC will cooperate with related government agencies and local governments to offer financial support for the stable and healthy development of the real estate sector, reducing risks, and preventing spillover risks, as well as to push financial institutions to keep stable financing channels open to help address real estate weakness.

Citing that the country is well on track to accomplish this year's GDP growth target of around 5 percent, Pan stressed the importance of striking the right balance between the rate of economic growth and the quality and sustainability of growth.

The IMF on Tuesday revised 0.4 percentage points up of its projection of China’s 2023 GDP growth to 5.4 percent, due to a stronger-than-expected Q3 outturn and recent policy announcements.

China will implement counter-cyclical adjustments and keep interest rates at a level in line with the requirements of achieving the potential economic growth rate, Pan said.

In addition, the central bank will keep the yuan basically stable, prevent the formation of one-sided and self-reinforcing market expectations in the yuan, and reduce risks of the currency overshooting, the PBOC governor said.

11月8日，在2023金融街论坛年会上，中国人民银行行长、国家外汇管理局局长潘功胜出席论坛并发言，谈了货币政策、人民币汇率、中小金融机构风险、房地产、地方政府债务风险等多个市场关切的重点。

潘功胜表示，今年前三季度，我国GDP增速5.2%，全年5%的预期目标有望顺利实现。

国际货币基金组织（IMF）7日上调了今明两年中国经济增速预测。IMF预计，中国经济2023年将增长5.4%，反映出疫情后的强劲反弹。然而，由于房地产市场持续疲软、外部需求低迷，预计2024年增速将放缓至4.6%。不过，由于近期中国不断祭出政策刺激措施，上述预测相较10月的预测已分别上调0.4个百分点。

货币政策方面，潘功胜表示，目前，货币信贷总量保持合理增长，信贷结构持续优化，企业贷款利率处于较低水平，为经济恢复发展提供了有力有效的支持。下一阶段，货币政策将更加注重跨周期和逆周期调节，平衡好短期与长期、稳增长与防风险、内部均衡与外部均衡的关系，为稳定物价、促进经济增长、扩大就业、维护国际收支平衡营造良好的货币金融环境。对此，潘功胜具体提出了四个方面的内容：一是保持货币信贷和社会融资规模合理增长；二是持续加大对重大战略、重点领域和薄弱环节的支持力度；三是合理把握利率水平，推动实体经济融资成本稳中有降。

关于地方政府债务风险，潘功胜表示，总的看，我国政府的债务水平在国际上处于中游偏下水平，中央政府债务负担较轻。地方政府债务有两个特点。一是主要用于基础设施投资，一般有实物资产支持，对当地经济发展产生了较好的正外部性。二是大部分地方政府债务主要集中于经济规模较大、经济增长较快的省份，他们有能力自行化解债务。今年以来，金融部门已会同有关部门采取多项措施，积极支持地方政府稳妥化解债务风险。

关于房地产金融风险，他表示，下一步，中国人民银行将积极配合行业主管部门和地方政府，做好金融支持房地产市场平稳健康发展工作，弱化房地产市场风险水平，防范房地产市场风险外溢。引导金融机构保持房地产信贷、债券等重点融资渠道稳定，一视同仁满足不同所有制房地产企业合理融资需求。为保障性住房等“三大工程”建设提供中长期低成本资金支持，完善住房租赁金融政策体系，推动构建房地产发展新模式。

谈到人民币汇率时，潘功胜表示，国际市场普遍认为美联储此轮加息接近尾声，美元持续升值的动能减弱。我们坚持市场在汇率形成中起决定性作用，有效发挥汇率的宏观经济和国际收支自动稳定器功能。同时，坚决对市场顺周期行为进行纠偏，坚决对扰乱市场秩序行为进行处置，坚决防范汇率超调风险，防止汇率背离基本面，形成单边一致性预期并自我强化。

6th CIIE in focus

聚焦进博会

As the 6th China International Import Expo is underway, more than 60 enterprises and institutions have already secured their booths for the 7th CIIE in advance, with more than 40,000 square meters have already been booked for next year, according to the event’s organizer on Tuesday. The annual event has become an important platform for the debut of new products, new technologies and new services. A total of 49 launching activities for new products were held at the special area, and 42 exhibitors have displayed their new products, technologies and services, with many of them being global debuts, Asian debuts or being exhibited for the first time in China.
60多家企业及机构提前锁定下届展位：第六届中国国际进口博览会展中新闻通气会11月7日下午举行。中国国际进口博览局副局长刘福学透露，截至11月7日，第六届进博会期间，参展商联盟大会顺利召开，60多家企业及机构现场签约，提前锁定第七届进博会展位，签约面积超4万平方米。在配套活动方面，截至11月7日，进博会已举办政策解读、对接签约、投资促进等7大类95场配套活动。72个参展方亮相国家展，融合传统文化、民族风情与现代科技，展示各国优势产业和投资环境。企业展新品发布专区内已开展49场发布活动，42家参展商展示全球首发、亚洲首秀、中国首展的新产品新技术新服务。
Many foreign automakers and their Chinese joint ventures displayed new products and technologies at the ongoing sixth CIIE. Japan's Toyota Motor exhibited the hydrogen cell vehicle Crown Sedan, hydrogen heavy trucks, and a robotaxi concept equipped with Chinese autonomous driving startup Pony.ai's seventh-generation level four self-driving system. Volkswagen Group, BMW, Tesla, and many other carmakers showcased their latest products and technologies at the CIIE, such as Tesla’s humanoid robots, while parts makers such as Robert Bosch, Honeywell International, and Michelin also brought new exhibits.
进博会为跨国车企提供全球亮相舞台：第六届进博会上，包括福特、通用、丰田、本田、日产、现代、奔驰等在内的15家跨国车企争相展示“黑科技”。如氢能方面，丰田这次带来一系列氢能产品的中国首秀，包括刚刚在日本发布的氢燃料电池车CROWN SEDAN，以及能够实现更快加氢、更远续航的更换式氢气瓶集成储存模块等。同时，丰田汽车也亮相了与中国自动驾驶科技公司小马智行联合发布的首款纯电自动驾驶出租车（Robotaxi）概念车，并首发了第七代自动驾驶乘用车软硬件系统的外观造型和传感器迭代理念。宝马展示了首次亮相进博会的BMWiX5氢燃料电池车等五款新能源产品。作为连续六届参展的品牌，特斯拉今年携旗下全系车型、充电和能源产品以及人形机器人一并亮相进博会。
This year’s CIIE has attracted more than 200 U.S. businesses and exhibitors, among which 17 food and agricultural producers are included in the largest-ever U.S. delegation for the first time. U.S. Ambassador to China Nicholas Burns, the first U.S. ambassador to attend the CIIE, said the large-scale U.S. presence at the expo showed America's commitment to the overall bilateral ties and interest in "a more stable and productive" trade and economic relationship with China. Also, U.S. chip manufacturer Qualcomm views the CIIE as an effective channel to better communicate with local governments, industries and other relevant parties, as many local governments take the platform of the CIIE to share local industrial policies and tech development directions, said Frank Meng, chairman of Qualcomm China. At this year’s expo, Qualcomm is exhibiting mobile and personal computer platforms based on its latest Snapdragon chip, which are integrated with AI-based large language models from Chinese vendors.
美国首设进博会官方展馆：11月6日，美国驻华大使伯恩斯和美国农业部代理副部长哈夫梅斯特双双亮相第六届上海进博会。今年，美国政府首次设立官方展馆——美国食品和农业馆，展台面积超440平方米。这也是美国联邦政府首次以官方名义参加进博会。在该馆开幕典礼上，美国驻华大使伯恩斯强调，美国不会与中国经济脱钩，进博会是美国展示产品的重要机会。此外，高通公司中国区董事长孟樸表示，高通非常重视这一开放合作平台所发挥的交流和拓展作用。今年进博会上，高通携手60余位合作伙伴带来超过90项展示，包括多款首次亮相国内线下展会的新发布产品，如首次在国内展示基于最新旗舰骁龙移动平台、采用国内大模型在终端侧运行的多个生成式AI用例。

Moving on to regional highlights

区域观察

Southwestern China’s Guizhou province has taken the top spot since last month among regional governments revealing plans to issue special refinancing bonds to help urban investment companies stay afloat. On Nov. 13, Guizhou will issue 144.7 billion yuan of special notes, per a document released on the website of China Central Depository & Clearing yesterday. On Oct. 20, the province already completed a similar issuance of 88.2 billion yuan.
贵州成为特殊再融资债第一大省：11月6日，贵州省再披露了565亿的特殊再融资债发行计划，加上此前发行的882.38亿，贵州省发行和拟发行合计金额为1447.56亿，越过云南成为特殊再融资债发行规模最大的省。债券招标时间为11月13日下午两点开始。

Greater Bay Area, Greater future

新使命，大未来

The Global Investment Promotion Conference for the GBA, co-hosted by Guangdong, Hong Kong, and Macao for the second time, kicks off today. With the theme"Investing in GBA for a better future," the conference will be held online and offline in Guangzhou, Hong Kong, and Macao. It will introduce the GBA's business environment and investment opportunities. Preferential policies and incentives will be presented to the global community, especially to promote the major cooperation platforms, including Hengqin, Qianhai, Nansha and Hetao, said Zhang Jinsong, Director-General of the Department of Commerce of Guangdong. The event has attracted more than 120 overseas companies for participation, including well-known companies like BASF, ExxonMobil, Hyundai Motor, Siemens, P&G.
2023粤港澳大湾区全球招商大会8日开幕：今天，广东省政府与香港、澳门特别行政区政府在广州联合举办2023粤港澳大湾区全球招商大会。这是三地第二次携手举办全球性招商大会。本次大会将延续“投资大湾区，共创美好未来”的主题，全面展现大湾区的经济活力、创新动力、区域魅力和投资潜力，宣介横琴、前海、南沙、河套等重大合作平台的开放创新举措和重大政策利好。本届大会已吸引超120家来自二十多个国家及地区的境外企业报名参会，包括巴斯夫、埃克森美孚、现代汽车、西门子、三菱电机、宝洁、辉瑞、强生等世界知名企业，大中华区副总裁以上级别代表超80位。
Hong Kong Financial Secretary Paul Chan said on Wednesday that innovation and technology are the core engines of the city's economic growth. In his keynote speech at the Global Financial Leaders' Investment Summit, he said the SAR continues to attract talent and nurture startups to drive innovation and technology, as the SAR government has been investing over HK$200 billion to build, consolidate, and enrich the innovation and technology ecosystem in recent years. Chan also noted that with the respective strengths of Hong Kong and cities in the Greater Bay Area, the SAR will rise as an international green tech and green finance centre, creating a complete financial and industry chain that will drive global green transition.
陈茂波称创科是香港经济增长的核心推动力：8日，香港财政司司长陈茂波在出席国际金融领袖投资峰会时表示，创新科技是香港经济增长的核心推动力，去年12月已发表创新科技发展蓝图，政府是最大的投资者，投入了超过2000亿元。陈茂波还表示，向低碳经济过渡的全球大势不可逆转，香港的绿色科技行业朝气蓬勃，现已有数百家绿色科技企业，部分已在世界各地提供解决方案。得益于香港和粤港澳大湾区其他城市各自优势，相信大湾区可崛起成为国际绿色科技和绿色金融中心，并推动全球绿色转型。

Next on industry and company news

产业及公司新闻

Ping An Insurance Group said today that it categorically denies a news report that the company was asked by authorities to take over Country Garden Holdings and its debts. "The company hereby solemnly declares that the report is untrue, and that it has not received such requests from any relevant government departments or agencies," Ping An said in a statement on Wednesday, adding that the group no longer held any share in Country Garden since the end of September. The report said that Chinese authorities asked Ping An to take a controlling stake in the embattled developer, citing people familiar with the matter. Shares of both companies reacted to the news. Ping An closed 1.5 percent lower today, while the property developer soared 12.2 percent in Hong Kong.
中国平安声明否认“被要求收购碧桂园”：11月8日，中国平安发表声明表示，注意到外媒发布的一篇关于“被有关政府部门/机构要求收购碧桂园控股有限公司并承继其债务”的新闻报道。对此，中国平安严正声明，该报道与事实完全不符，中国平安从未收到任何有关政府部门/机构的相关要求。同时，中国平安表示，此前在收到相关问讯时，已书面向该媒体作出澄清，但其仍执意发布相关的不实报道，中国平安对此深表遗憾。此外，中国平安回复媒体，“截至三季度末，公司已经不再持有碧桂园的股份。”

Switching gears to financial news

金融市场消息

China's official gold reserves reached 71.2 million ounces at the end of October, up from 70.46 million ounces a month earlier, marking the 12th consecutive month of increases, the State Administration of Foreign Exchange said on Tuesday. During the past year through October, China added 8.56 million ounces in gold reserves, bringing the country's official gold reserves to a new record high, data compiled by market tracker Wind Info showed.
中国连续12个月增加黄金储备：据央行数据，中国10月末黄金储备报7120万盎司（约2214.57吨），环比增加74万盎司（约23.02吨），连续第十二个月增加黄金储备。从2022年10月底（6264万盎司）至2023年10月底（7120万盎司），中国央行累计增持黄金856万盎司。

Wrapping up with a quick look at the stock market

股市收盘情况

Chinese stocks ended mixed on Wednesday with the total turnover crossing the trillion-yuan threshold for a second time this week. The benchmark Shanghai Composite shed 0.2 percent, while the Shenzhen Component closed nearly flat. Hong Kong’s Hang Seng index lost 0.6 percent, and the TECH index fell 0.9 percent.
A股震荡港股收跌：周三A股三大指数涨跌不一，沪指跌0.16%，深成指跌0.04%，创业板指涨0.02%，沪深两市成交额10366亿元。北向资金全天净卖出37.1亿元。港股恒指收跌0.58%，恒生科技指数收跌0.86%。

Biz Word of the Day

财经词汇划重点

In economics, countercyclical refers to any economic quantity that is negatively correlated with the overall state of the economy. For example, a "countercyclical fiscal policy” takes approach such as reducing spending and raising taxes during a boom period, and increasing spending and cutting taxes during a recession.
逆周期调节是一种宏观审慎政策，指使用货币政策和财政政策等稳定政策（或称为总需求管理政策），平抑短期经济波动，从而实现经济的短期平稳运行。