CBN丨BRI cooperation brings tangible benefits to participating countries: white paper

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 2023-10-10 20:17:00

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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 issues white paper on past decade of BRI, illustrating path to global connectivity, peace and prosperity;
Local governments start new round of refinancing bond issuance to resolve debts.

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

中国经济要闻

Ten years on, China has yielded tangible and substantial achievements with the participating countries of the Belt and Road Initiative (BRI), Cong Liang, deputy head of the National Development and Reform Commission, told a press conference addressing the publication of a white paper on the BRI on Tuesday.

Cong cited a number of landmark infrastructure connectivity projects that have been completed and entered operation under the BRI in the past 10 years, including the China-Laos Railway, the Jakarta-Bandung High-Speed Railway, the Hungary-Serbia railway and the Piraeus Port.

The China-Europe freight trains have established a new logistics channel between Asia and Europe, an international shipping route network under “Silk Road Shipping” has spread all over the world. Based on a framework comprising "six corridors, six routes, and multiple countries and ports," a multi-tiered and multidimensional infrastructure network is taking shape, Cong noted.

In 2015, China puts forward the vision of building six major international economic cooperation corridors, including the New Eurasia Land Bridge Economic Corridor, the China-Mongolia-Russia Economic Corridor as well as the China-Pakistan Economic Corridor.

In recent years, the construction of these international economic cooperation corridors has achieved remarkable results, especially the efforts to promote the construction of international backbone corridors together with partner countries, and to build an infrastructure network connecting various regions in Asia and between Asia, Europe and Africa, Cong noted.

In terms of the economic and trade cooperation under the BRI, Guo Tingting, vice commerce minister said that from 2013 to 2022, China's total trade with countries along the route reached $19.1 trillion, with an average annual growth rate of 6.4 percent; two-way investment exceeded a cumulative total of $380 billion, with China’s direct investment to those countries exceeding $240 billion.

In the future, China will actively promote accession to the CPTPP and DEPA, and also support Hong Kong and Macao enterprises to participate in the joint construction of the BRI and create an important functional platform. China will deepen cooperation in areas such as the green economy and digitalization, so as to achieve sustainable development together with partner countries, Guo said.

2023年是共建“一带一路”倡议提出10周年。

10月10日，国务院新闻办公室发布《共建“一带一路”：构建人类命运共同体的重大实践》白皮书，全面介绍共建“一带一路”倡议提出10年来的丰硕成果。

发改委副主任丛亮表示，10年来，共建“一带一路”全面实现了从理念到行动、从愿景到现实的转化，形成了物畅其流、政通人和、互利共赢、共同发展的良好局面，已有150多个国家和30多个国际组织加入共建“一带一路”大家庭。

丛亮介绍，共建“一带一路”始终坚持共商共建共享原则，秉持开放、绿色、廉洁理念，以高标准、可持续、惠民生为目标，取得了实打实、沉甸甸的重大历史性成就。

中老铁路、雅万高铁、匈塞铁路、比雷埃夫斯港等一批标志性项目陆续建成并投运，中欧班列开辟了亚欧陆路运输新通道，“丝路海运”国际航线网络遍及全球，“六廊六路多国多港”的互联互通架构基本形成。

在“软联通”方面，中国与共建国家持续深化规则标准等领域合作，《区域全面经济伙伴关系协定》（RCEP）已对15个签署国全面生效，中国与28个国家和地区签署了21份自贸协定，与65个国家标准化机构和国际组织签署了107份标准化合作协议，与112个国家和地区签署了避免双重征税协定。

10年来，我国持续深化与共建国家经贸领域的务实合作。2013年到2022年，我国与共建国家的货物贸易累计规模达到19.1万亿美元，实现年均6.4%的增速，这既高于同期我国外贸整体增速，也高于同期全球贸易增速。

2013年到2022年，我国与共建国家的累计双向投资超过3800亿美元，其中对共建国家的直接投资超过2400亿美元，涵盖经济社会发展的多个领域。我国还与共建国家合作建设了一系列的经贸合作区，截至2022年底累计投资已经超过600亿美元。同时，共建国家也积极投资中国，共享中国的发展机遇，十年来累计对华投资超过1400亿美元，在华新设的企业接近6.7万家。

商务部副部长郭婷婷表示，下一步，我国将重点从四个方面入手，着力推动“一带一路”经贸合作进一步走深走实：一是构建对外开放新格局，二是提升产供链合作新水平，三是培育经济增长新动能，四是开拓经贸发展新空间。

“接下来，我国将继续加强与共建国家在发展战略和市场需求等方面的对接，激发各方参与共建’一带一路’的积极性，提升贸易投资等各个领域的合作水平，促进消除贫困、增加就业、改善民生，让共建‘一带一路’的成果更多地惠及各国人民。”郭婷婷说。

Representatives from 130 countries as well as 30 international organizations will participate in the upcoming Belt and Road Forum for International Cooperation in Beijing this month, an official with China's Foreign Ministry said at a press briefing on Tuesday. The forum will include an opening ceremony, three high-level sub-forums on connectivity, green development, digital economy, as well as six seminars and an entrepreneur conference, according to the official.
130余国代表将参加第三届“一带一路”国际合作高峰论坛：10日，国务院新闻发布会上介绍，中方将于今年10月在北京举办第三届“一带一路”国际合作高峰论坛，目前已有来自130多个国家、30多个国际组织的代表确认与会。高峰论坛期间的活动包括开幕式，互联互通、绿色发展、数字经济三场高级别论坛，以及关于贸易畅通、民心相通、智库交流、廉洁丝路、地方合作、海洋合作的六场专题论坛，同时还将举办企业家大会。

Moving on to regional highlights

区域观察

Six provinces have or are set to sell special refinancing bonds totaling 320 billion yuan, indicating China's growing efforts to resolve debt risks. Liaoning will issue 87 billion yuan of special refinancing bonds on Thursday, information published on ChinaBond.com showed yesterday. On Oct. 16, Yunnan will sell 53.3 billion yuan and Guangxi 49.8 billion yuan of refinancing bonds, with Chongqing to issue 42.2 billion yuan. Inner Mongolia first issued 66.3 billion yuan of special refinancing bonds yesterday, while Tianjin sold around 21 billion yuan of such bonds today.
多地发行特殊再融资债券：继内蒙古、天津之后，辽宁、重庆、云南、广西等省份也加入特殊再融资债券的发行行列。中国债券信息网公布，10月9日，辽宁、重庆、云南、广西披露发债材料显示，四省份拟发行用于偿还存量债务的再融资债券规模分别为870.42亿、421.9亿、533亿、498亿。市场将这类债券称为特殊再融资债，实际用途为偿还隐性债务。10月9日，内蒙古特殊再融资债（663.2亿，均为一般债）已成功发行。此外，按照发债材料，天津市将于10月10日发行210亿特殊再融资债券，也是一般债。至此，内蒙古、天津、辽宁、重庆、云南、广西六省份发行规模约3200亿。

Next on industry and company news

产业及公司新闻

The South Korean presidential office has announced that semiconductor giants Samsung Electronics and SK Hynix will be allowed to supply chips with US technology to Chinese factories without a separate approval. Samsung Electronics said that the uncertainties related to its production lines in China have been mostly solved, thanks to close coordination with relevant authorities. The company will continue to cooperate with all relevant government parties to maintain a stable supply chain for the global semiconductor industry, it added. SK Hynix also welcomed the decision.
美国同意三星电子、SK海力士向华提供设备：10月9日，韩国总统办公室通报，美国同意三星电子和SK海力士向其位于中国的工厂提供设备，无需其它许可。换言之，在无需单独批准的情况下，上述两家半导体公司可以任意向中国工厂供应含美国技术的半导体设备。三星在一份声明中表示：“通过与相关政府的密切协调，与我们在中国的半导体生产线运营相关的不确定性已大大消除。”SK海力士也表示欢迎美国政府延长出口管制法规豁免的决定，相信这一决定将有助于全球半导体供应链的稳定。
Trip.com, Tongcheng, Spring Tour and other Chinese travel agencies have paused tours to Israel due to safety concerns amid the ongoing Palestine-Israel conflict and are offering refunds to those who have booked trips and not yet departed. Given the unprecedented scale of the recent Israeli-Palestinian conflict, the Chinese Foreign Ministry on Monday reminded Chinese nationals not to travel to Palestine or Israel and ask those already there to follow closely the security situation on the ground, take extra precaution, and avoid going outdoors.
多家旅行社取消赴以色列旅游团：据“领事直通车”微信公众号9日消息，近日，以色列同巴勒斯坦加沙地带武装组织冲突持续升级，以色列宣布进入“战争状态”，以色列、巴勒斯坦安全形势严峻。外交部领事司和中国驻以色列使馆、中国驻巴勒斯坦办事处提醒中国公民密切关注当地局势发展，近期暂勿前往以色列、巴勒斯坦，在以、巴的中国公民和机构保持高度警惕，加强安全防范，做好应急准备。如遇紧急情况，请及时报警并向驻以色列使馆、驻巴勒斯坦办事处寻求协助。同程旅行、广之旅等多家旅行社9日表示，近期赴以色列旅行团均已被取消。同程旅行称，该公司目前没有游客滞留在以色列境内。对于计划于10月和11月前往以色列的旅游团队，已进行了无损全额退款处理。
Shares of Country Garden fell after the struggling Chinese real estate developer said it had started restructuring its overseas bonds with a total principal of about $9.3 billion. After completing the rollover of all its domestic bonds, Country Garden will restructure its overseas debt including 15 US dollar bonds, the property developer announced today. Country Garden has yet to pay expiring bonds with a principal of HK$470 million. The company is expected to be unable to repay all its overseas debts, including the US dollar ones.
碧桂园宣告启动境外债重组：10月10日早间，碧桂园发布公告称，截至公告日，公司尚未支付本金金额为4.7亿港币的到期款项，预期无法如期或在相关宽限期内履行所有境外债务款项的偿付义务，包括但不限于美元债券的偿付义务。这意味着，在完成了境内债券的整体展期之后，碧桂园快速启动了境外债务的重整工作。统计数据显示，截至目前，碧桂园处于存续期的公开美元债共有15支，存续本金约93亿美元。
Shares in Chongqing Zhifei Biological Products surged by the exchange-imposed limit yesterday after the Chinese vaccine maker and distributor said it has secured the exclusive right to distribute UK pharmaceutical giant GSK’s recombinant herpes zoster vaccine on the mainland. Zhifei has agreed to buy at least 20 billion yuan worth of vaccine over the next three years, the firm said yesterday. GSK will also be given priority to become an exclusive partner of Zhifei in developing and selling any respiratory syncytial virus vaccines for the elderly within the territories of their partnership.
智飞生物拿下GSK带状疱疹疫苗代理权：10月9日，疫苗龙头公司智飞生物发布公告称，公司与GSK（葛兰素史克）签署独家经销和联合推广协议。具体而言，双方就GSK研发生产的重组带状疱疹疫苗的供应、经销与联合推广达成合作。GSK将指定智飞生物为合作区（中国内地）域内的独家进口商和经销商。此外，GSK将优先在合作区域内任何RSV（呼吸道合胞病毒）老年人疫苗的联合开发和商业化方面成为智飞生物的独家合作伙伴。据公告，这一协议的期限为今年10月8日起至2026年12月31日止。同日，智飞生物涨停。
Alibaba Group Holding's president of strategic planning and of the Chinese online retailer's research institute Luohan Academy has resigned, media reported Monday citing a source. Chen Long, who was the "soul figure" in developing Luohan Academy, left Alibaba at the end of last month but will continue to oversee the Luohan Institute of Digital Economy, the source said. Alibaba rebutted a rumor that it will close the Luohan Academy late yesterday. The team composition and work priorities will be changed, but the academy and its brand will continue to exist, and preparations are being made to launch the reorganization, it added.
阿里巴巴回应罗汉堂关闭传闻：日前，有传闻称阿里巴巴旗下开放式研究机构罗汉堂关闭。10月9日晚间，阿里巴巴公开回应传闻称，罗汉堂的组织关系、团队构成、工作重点有所调整，数字经济研究工作以及罗汉堂研究生态将由罗汉数字经济研究院继续开展，罗汉堂、罗汉堂品牌继续存在。目前，新团队、新工作的启动正在加紧筹备和推进。9日有报道称，罗汉堂总裁、阿里巴巴可持续发展管理委员会主席、阿里巴巴集团战略规划总裁陈龙已于9月底离开阿里巴巴。罗汉堂相关负责人回应称，陈龙已于近期离开阿里巴巴，但仍将继续负责罗汉数字经济研究院的工作。
Arcfox, a Chinese premium EV brand under BAIC Group, said it has partnered with Bin Omeir Holding Group, an investor from the United Arab Emirates, to advance in the UAE and Saudi Arabian markets. Bin Omeir will buy 600 Arcfox cars in the first batch and help the Chinese brand to complete its Gulf region certification, develop a local emergency call system, and verify adaptability to high-temperature environments, the carmaker said today.
极狐汽车将登陆阿联酋：10月10日，极狐汽车发布消息显示，已与来自阿联酋的本奥米尔控股集团有限公司签署合作协议，双方计划联手开拓阿联酋和沙特两大中东市场，极狐汽车车型将成为此次出海的主力产品。根据协议，本奥米尔集团将采购极狐车型完成海湾地区认证、开发海湾紧急呼叫系统和进行高温环境适用适应性验证，为正式引入极狐产品做好前期准备。目前，本奥米尔集团已确定采购600辆极狐作为首批订单。
The China Small and Medium Enterprise Development Index, which gauges the development of China’s SMEs, saw a further increase of 0.2 points in the third quarter after experiencing a decline of 0.3 points in the second quarter, hitting 89.2 to near its highest level in two years, as a range of the government’s pro-growth measures take effect, according to data released by China Association of Small and Medium Enterprises released on Tuesday.
三季度中小企业发展指数回升：中国中小企业协会10日发布，随着一系列稳增长措施落地生效，三季度中国中小企业发展指数重回上升区间，多个分项指数和分行业指数上升明显。三季度中小企业发展指数（SMEDI）为 89.2 ，比上季度上升0.2点，高于2022年同期水平，接近2年来最高点位，但仍处在景气临界值100以下。

Earnings reports express

财报速递

Wanda Film Holding said yesterday it expects to have swung into the black in the first three quarters thanks to a rebound in consumption in the industry. Net profit of China's biggest cinema chain was likely between 1.1 billion and 1.2 billion yuan in the first nine months, versus a net loss of 533 million yuan a year ago, with that of the third quarter estimated at 630 million to 730 million yuan. The domestic cinema box office of Wanda Film soared 68 percent to 6.2 billion yuan in the first three quarters, with the number of moviegoers surging 69 percent to 150 million, it noted. The figures rose 5.2 percent and 3.7 percent, respectively, from the level of 2019, it added.
万达电影前三季预盈最多11.5亿：万达电影10月9日晚间发布业绩预告，2023年前三季度，随着电影行业全面回暖，公司票房收入和非票房收入均实现较快增长。万达电影预计2023年前三季度归属于上市公司股东的净利润约10.53亿元~11.53亿元，同比扭亏为盈。其中，第三季度实现归母净利润约6.3-7.3亿元，去年同期盈利为4803.6万元。1-9月，该公司国内影院实现票房62.2亿元，同比增长67.6%，较2019年同期增长5.2%；观影人次1.5亿，同比增长68.7%，较2019年同期增长3.7%。
China Tourism Group Duty Free Corp said net profit rose 12.3 percent to nearly 5.2 billion yuan in the first nine months amid a recovery in domestic consumption. Operating income came in at 50.8 billion yuan, a significant year-on-year growth of 29.1 percent. In the third quarter specifically, operating income amounted to nearly 15 billion yuan, representing a year-on-year growth of 27.9 percent. Net profit surged by 93.2 percent, reaching 1.33 billion yuan.
中国中免三季度净利增93%：伴随着旅游行业复苏和扩大消费的政策机遇，中国中免业绩加速增长。10月8日晚间，中国中免发布2023年前三季度业绩快报，第三季度，中国中免实现营业收入149.79亿元，同比增长27.87%，实现净利润13.33亿元，同比增长93.19%，增速较上半年显著提升。前三季度，中国中免实现营业收入508.37亿元，同比增长29.14%，实现净利润51.99亿元，同比增长12.33%。

Wrapping up with a quick look at the stock market

股市收盘情况

Chinese stocks fell on Tuesday with the benchmark Shanghai Composite down 0.7 percent and the Shenzhen Component falling 0.6 percent, while Hong Kong’s Hang Seng index ticked up 0.8 percent and the TECH index gained 1.3 percent.
A股冲高回落港股收涨：周二A股大盘全天高开后冲高回落，三大指数均收跌。截至收盘，沪指跌0.7%，深成指跌0.56%，创业板指跌0.53%。沪深两市今日成交额7747亿。北向资金先扬后抑，全天净卖出54.71亿元，连续3个交易日减仓。港股集体收涨，恒指涨0.84%，恒生科技指数涨1.29%。

Biz Word of the Day

财经词汇划重点

Refinancing bonds means replacing an existing debt obligation with another debt obligation under a different term and interest rate. Refinancing bonds can help a business or a municipality to reduce funding cost by taking advantage of the new interest scheme. The new bonds that are issued to replace the old bonds are called refinancing bonds, refunding bonds, or pre-refunding bonds.
再融资债券是指发行募集资金用于偿还部分到期地方政府债券本金的债券。其本质可看作是财政部对于地方债务预算的一种管理方式。再融资债券通过发行地方政府债券偿还到期的一般债券和专项债券本金，资金只能用于偿债而不能直接用于项目建设；进而达到化债的目的；简单来说就是为“借新还旧”。