CBN丨China’s Oct CPI swings into decline_金才经网—

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CBN丨China’s Oct CPI swings into decline

21世纪经济报道 2023-11-09 20:57:00

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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 consumer prices drop for second time in 2023;
China tightens PPP model to ease local government debt risks.

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

中国经济要闻

China's consumer prices dropped for the second time this year while factory-gate prices declined at a faster pace, data from the National Bureau of Statistics showed on Thursday.

The country's consumer price index, a main gauge of inflation, dipped by 0.2 percent year-on-year in October, the NBS said, after a flat reading in September, marking the second negative growth so far this year following a 0.3 percent drop in July.

The figure was dragged down by faster slumping pork prices, down 30.1 percent after a 22 percent slide in September, driven by an oversupply of pigs and weak demand after the combined Mid-Autumn and National Day holiday.

On a month-on-month basis, the CPI fell by 0.1 percent, versus a 0.2 percent increase in September.

Meanwhile, China's producer price index, which gauges factory-gate prices, dropped by 2.6 percent from a year ago in October, following a 2.5 percent drop in September, the NBS said.

Dong Lijuan, an NBS statistician, said the country's industrial activity continued to expand in October, but international prices of crude oil and nonferrous metal fluctuated while the comparison base rose, leading to a wider PPI decline.

On a month-on-month basis, the PPI registered a flat reading, versus a 0.4 percent rise in September, according to the NBS.

Beijing has been ramping up measures to support the economy, including 1 trillion yuan in sovereign bond issuance and allowing local governments to frontload part of their 2024 bond quotas.

Recent indicators have been mixed. China's imports unexpectedly grew in October while exports contracted at a quicker pace. Meanwhile, the official purchasing managers' index showed factory activity unexpectedly contracting and services activity slowing last month.

11月9日，国家统计局发布10月物价数据。

10月份全国居民消费价格指数（CPI）同比下降0.2%。今年以来月度CPI同比涨幅多数在0%左右徘徊，10月份未能延续前两个月暑期CPI为正的趋势。10月农产品供应充足，加之节后消费需求有所回落，是10月CPI回落且同比转负的主要原因。

10月CPI同比转负背后，食品价格下降是主因。其中，10月食品价格下降4%，非食品价格上涨0.7%；消费品价格下降1.1%，服务价格上涨1.2%。猪肉价格下跌，是影响CPI很重要的因素。当前猪肉价格走弱，既有需求端季节性走弱的原因，也有供应量充足的原因。10月猪肉价格环比下降2%，同比下降30.1%。

需要指出的是，当前消费仍在稳步恢复。随着暑期和国庆价格出行热潮的回落，10月机票和旅游价格较上月有所回落，但是10月旅游和飞机票价格较去年同期分别上涨11.0%和5.1%。另外，生产生活秩序的恢复，出行社交活动恢复常态，当前秋装上市带动服装类价格温和回升，10月服装价格环比上涨0.3%（延续9月环比正增长态势），同比上涨1.1%。

10月份全国工业生产者出厂价格指数（PPI）同比下降2.6%，降幅较上月扩大0.1个百分点，未能延续前三个月降幅持续收窄的趋势。10月PPI环比由涨转平，其中石油、煤炭及相关行业价格上涨，但是下游的钢铁、水泥、电子设备制造业等价格下降，反映终端需求偏弱。

国家统计局城市司首席统计师董莉娟表示，10月份，工业生产经营活动保持扩张，受国际原油、有色金属价格波动及上年同期对比基数走高等因素影响，全国PPI环比由涨转平，同比降幅略有扩大。

6th CIIE in focus

聚焦进博会

A record-high number of businesspeople from Yiwu, known as the world capital of small commodities, are attending the CIIE in search of new global opportunities and partnerships. Some 4,000 buyers from more than 2,200 Yiwu-based enterprises signed up for this year’s CIIE, Yiwu Deputy Mayor Li Rui said during a promotion event held at the trade fair yesterday. Yiwu companies penned 21 agreements worth over USD2 billion on Tuesday alone. In addition to procurement deals, they also included CIIE exhibitors going to Yiwu to take part in import expos as well as investment deals on consumer goods, medicine and health care, technical equipment, food and farm produce.
义乌扫货团展消费实力：11月7日，在进博会现场举行的“义乌千名采购商进博行”活动发布暨义乌进口贸易推介会上，义乌市副市长李睿表示，通过前期大力发动进口市场、副食市场经营户，进口企业、贸易公司、商超综合体等主体，今年义乌共有超2200家企业、4000名采购商报名注册本届进博会。进博会开幕以来，义乌共有20余批次2800余人集体赴沪，人员规模创下历史新高。单在7日的义乌推介会现场，就有3批共计21个项目集中签约，意向签约额超过20亿美元，其中进博会采购项目8个，进博会企业参加义乌进口展项目7个，2024年义乌进口招商项目6个，涵盖消费品、医药保健、技术设备、食品及农产品等领域。
Interactions at the CIIE help the Port of Hamburg, Germany's biggest seaport, expand its business via cooperation with Chinese trade partners, according to Inga Gurries, head of Asia at Port of Hamburg Marketing. In the first six months of this year, the port's container throughput totaled 3.8 million twenty-foot equivalent units, down 12 percent year on year, per interim results. China is "very important" to the port's development, and Germany and China are key trade partners. The Port of Hamburg connects sellers and buyers at major Chinese ports via 15 shipping routes, and about one-third of all the containers the port handles come from or will be shipped to China, Gurries said.
德国汉堡港视进博会为拓展合作的理想平台：中国国际进口博览会是展示汉堡港及其产品服务、增进与新老合作伙伴对话沟通的理想平台，我们当然不能错过。”德国汉堡港营销协会亚洲市场开拓主管顾英格日前在采访时表示，进博会为汉堡港在华拓展合作关系发挥了关键作用。汉堡港是欧洲第三大通用港口，也是全球最大的海铁联运港之一，在中欧和东欧的物流运输中发挥着核心枢纽作用，也是中国对欧洲货物进出口的重要港口。汉堡港已连续六次参展进博会。顾英格表示，2022年，中国以约250万标准箱运输量再次成为汉堡港最大贸易伙伴国。“我们希望保持并继续深化双方贸易往来，参加进博会是着力点之一。”
The CIIE is a great opportunity for U.S. companies looking to enter the Chinese market to showcase their technologies and products, and more U.S. firms hope to participate in the expo next year, said Eric Zheng, president of the American Chamber of Commerce in Shanghai. As the world's first import-themed national exhibition, the CIIE offers a platform for U.S. exhibitors to garner orders every year, Zheng said, adding that two U.S. exhibitors signing USD5 million of orders on the day the U.S. food and agriculture pavilion opened. As of Wednesday morning, three of the 17 exhibitors had received orders totaling more than USD500 million, according to the AmCham Shanghai.
美国食品与农业进博展馆“效果超预期”：在展览面积和参展企业数量创新高的第六届中国国际进口博览会上，美国农业部与上海美国商会共同设立的美国食品与农业展馆成为焦点之一。上海美国商会会长郑艺表示，“效果超预期，有的参展商首日就签下了百万美元的订单。还有很多美国企业想来中国，明年我们将继续打造美国企业馆参加进博会。”来自上海美国商会的信息显示，截至8日上午，此次美国食品与农业展馆的17家参展商中，有3家已经在进博会期间拿到了订单，总金额超过5亿美元。

Greater Bay Area, Greater future

新使命，大未来

A total of 859 investment and trade deals worth about 2.24 trillion yuan have been signed at the 2023 Global Investment Conference for the GBA, the event organizer said Wednesday. The secured projects, spanning new-generation electronics, renewable energy, advanced materials, green petrochemicals, and artificial intelligence, are set to bolster the region's modern industrial framework and high-quality growth, according to the event organizer. Also at the event, Zhang Jinsong, Director General of the Department of Commerce of Guangdong Province, introduced that Guangdong aims to develop a high-level headquarters economy by attracting more multinationals to set up global, regional, and functional headquarters in Guangdong. Also, the province has set plans to improve and expand the existing eight trillion yuan-level industrial clusters and ten hundred billion yuan-level industrial clusters, further enhancing the utilization of foreign investment in Guangdong's manufacturing industry.
粤港澳大湾区全球招商大会签约总金额2.24万亿元：11月8日，备受关注的2023粤港澳大湾区全球招商大会在广州召开，共达成投资贸易项目859个，总金额2.24万亿元中，大会遴选了26个重大投资项目现场签约，投资金额803亿元。广东省商务厅厅长张劲松指出，去年首届全球招商大会，签订了853个项目，总投资2.5万亿元，截至十月底，开工率超过78%，从侧面说明投资大湾区有机会、有项目也有动力。广东的投资政策，广东的招商引资政策概括来说就是“1+2+1”。张劲松介绍，第一个“1”，就是实行招商引资“一把手”工程；“2”，就是两个招商重点，制造业招商和总部招商；第三个“1”，就是一套组合政策。
The People's Bank of China (PBOC), the Hong Kong Monetary Authority (HKMA) and the Monetary Authority of Macao (AMCM) jointly announced on Thursday that they have signed the Memorandum of Understanding (MOU) on Fintech Innovation Supervisory Cooperation in the GBA. By signing the MOU, they have agreed to link up the PBOC's Fintech Innovation Regulatory Facility with the HKMA's Fintech Supervisory Sandbox and the supervision requirements of AMCM’s trial operations of fintech projects. The move aims to deepen cooperation on fintech innovation, improve the quality and efficiency of financial services in the GBA and increase financial support for its development, said the PBOC.
人民银行与港澳两地金管局签署金融科技监管备忘录：据央行网站9日消息，近日，中国人民银行、香港金融管理局、澳门金融管理局共同签署《关于在粤港澳大湾区深化金融科技创新监管合作的谅解备忘录》，将中国人民银行金融科技创新监管工具、香港金融管理局金融科技监管沙盒、澳门金融管理局创新金融科技试行项目的监管要求进行联网对接，依法合规持续深化金融科技创新交流合作，促进粤港澳数字金融发展，加快提升粤港澳大湾区金融服务质效，加大金融支持粤港澳大湾区建设力度。

Next on industry and company news

产业及公司新闻

The National Development and Reform Commission (NDRC), China's top economic planner, and the Ministry of Finance on Wednesday released a guideline for the new cooperation mechanism between government agencies and social capital. A total of 18 measures under four aspects are included in the guideline. The guideline vowed to fully utilize market mechanisms and broaden the space for private investment, while resolutely curbing the new hidden debt of local governments and improve the construction and operation of infrastructure and public utility projects. The guideline noted that the PPP projects should focus on user-pay projects with clear charging channels and methods, while the project operating revenues should cover construction and operating costs without adding additional liability for future fiscal expenditures. It also noted that the focus should be on key projects such as infrastructure construction projects for transportation, while prioritizing the participation of private enterprises.
PPP模式迎来全新重大变革：11月8日，国家发改委、财政部发布《关于规范实施政府和社会资本合作新机制的指导意见》，宣告了自2014年PPP模式实施以来，政策层面上力度最大的一次调整，对中国推广应用PPP模式影响深远。《意见》明确，PPP项目应全部采取特许经营模式实施。PPP项目应聚焦使用者付费项目，明确收费渠道和方式，项目经营收入能够覆盖建设投资和运营成本、具备一定投资回报，不因采用政府和社会资本合作模式额外新增地方财政未来支出责任。《意见》明确，此后PPP回报机制聚焦使用者付费，并不强调不因PPP模式而新增地方财政未来支出责任。《意见》还明确，政府可在严防新增地方政府隐性债务、符合法律法规和有关政策规定要求的前提下，按照一视同仁的原则，在项目建设期对使用者付费项目给予政府投资支持；政府付费只能按规定补贴运营、不能补贴建设成本。
China ranks second in the world on the Global Internet Development Index, which was released on Wednesday at the 2023 World Internet Conference (WIC) Wuzhen Summit. The index showed that China and the US are in the leading positions worldwide, with China following the US as second on the list. Countries including Singapore, the Netherlands, Finland and Sweden are also top-tier in terms of internet development.
中国居世界互联网发展指数排名第二：11月8日，2023年世界互联网大会乌镇峰会开幕。当天下午，中国网络空间研究院发布了《世界互联网发展报告2023》，综合指数显示，美国和中国的互联网发展水平仍处于领先地位，位列世界第一、第二；新加坡、荷兰、芬兰、瑞典等国家排名靠前；欧洲国家互联网发展实力普遍较强；中亚和非洲地区仍有较大提升空间。
Regular direct passenger flights between China and the United States are expected to increase from the current 48 flights per week to 70 flights per week in the 2023 to 2024 winter and spring seasons, with each of the two countries' airlines operating 35 flights per week, the Civil Aviation Administration of China said on Thursday. Domestic airlines including Air China, China Eastern Airlines, China Southern Airlines, Hainan Airlines, and Sichuan Airlines are increasing their flights.
今起中美直飞航班增至每周70班：11月9日中国民航局表示，从今天起，中美间定期直飞客运航班再次增班，2023/2024冬春航季，有望从目前每周48班增至每周70班，双方航空公司每周各运营35班。国内航司中，国航、东航、南航、海航、川航，多家航司均有增班。

Wrapping up with a quick look at the stock market

股市收盘情况

Chinese stocks dipped on Thursday with the benchmark Shanghai Composite ended nearly flat and the Shenzhen Component slid 0.2 percent. Hong Kong’s Hang Seng index slipped 0.3 percent while the TECH index inched up 0.1 percent.
A股震荡港股分化：周四A股大盘全天窄幅震荡，三大指数涨跌不一。截至收盘，沪指缩量震荡涨0.03%，深成指跌0.2%，创业板指涨0.23%。沪深两市今日成交额9625亿，较上个交易日缩量741亿。北向资金全天小幅净卖出0.63亿元，连续3日净卖出。港股涨跌不一，截至收盘，恒生指数跌0.33%，恒生科技指数涨0.08%。

Biz Word of the Day

财经词汇划重点

Public-private partnerships involve collaboration between a government agency and a private-sector company that can be used to finance, build, and operate projects, such as public transportation networks, parks, and convention centers. Financing a project through a public-private partnership can allow a project to be completed sooner or make it a possibility in the first place.
政府和社会资本合作（PPP），是指政府为增强公共产品和服务供给能力、提高供给效率，通过特许经营、购买服务、股权合作等方式，与社会资本建立的利益共享、风险分担及长期合作关系。在实现公共建设功能的同时，也为私营部门带来利益。不同于传统由公共部门自食其力提供公共服务，由于私营部门分担了公共部门的初期投入，PPP可以减少政府提供公共服务的成本。