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 cuts banks’ reserve ratio by 25 bps to boost banking liquidity and the economy;

Hong Kong implements new registration system today to have investors trade stocks under their real names.

中国经济要闻

China's central bank said on Friday it would cut the amount of cash that banks must hold as reserves for the first time this year to help keep liquidity ample and support a nascent economic recovery.

The People's Bank of China (PBOC) announced to cut the reserve requirement ratio (RRR) for financial institutions by 0.25 percentage points to 7.6 percent, effective March 27. It is expected to release about 530 billion yuan in long-term liquidity into the financial market.

The move is aimed at pushing the reasonable growth of the economic aggregate and effective improvement of economic quality, keeping the banking sector's liquidity at a reasonably sufficient level, and enhancing the level of policies serving the real economy, the PBOC said. 

The surprise cut came after latest data showed a gradual recovery in the world's second largest economy in the first months, and stronger-than-expected credit expansion in February. China cut RRR twice in 2022, injecting more than 1 trillion yuan ($145 billion) of long-term liquidity into the markets. 

Experts said that the central bank increased the scale of open market operations and medium-term lending facility operations since the beginning of this year, leading to net money supply and maintaining overall stable liquidity. 

The timely RRR cut will play a positive role in guiding financial institutions to increase support for the real economy and lower financing costs, and help stabilize the property market by replenishing liquidity, meeting the financing needs of property developers and residents.

Meanwhile, China's one-year loan prime rate (LPR), a market-based benchmark lending rate, came in at 3.65 percent Monday, unchanged from the previous month. The over-five-year LPR, on which many lenders base their mortgage rates, also remained the same reading of 4.3 percent.

出人意料，年内首次降准要来了。

3月17日，中国人民银行发布消息称，决定于2023年3月27日降低金融机构存款准备金率0.25个百分点（不含已执行5%存款准备金率的金融机构）。本次下调后，金融机构加权平均存款准备金率约为7.6%。据央行相关数据测算，此次降准释放的流动性规模在5300亿元左右。

和以往不一样，此次央行降准并未同步发布答记者问。但央行公告指出，降准的目的旨在推动经济实现质的有效提升和量的合理增长，打好宏观政策组合拳，提高服务实体经济水平。可见，服务国内宏观大局仍是考虑是否降准的核心要求，而当前虽然宏观经济已企稳回升，但仍需进一步努力。

这是央行第三次仅降准25bp，显示央行珍惜货币政策空间的意图，后续结构性政策仍将是侧重点。当前降准有助于宏观经济进一步企稳回升，同时保持市场流动性合理充裕。专家表示，此次降准意味着在当前物价形势稳定的背景下，宏观政策的主要目标是推动GDP增速较快反弹。其中，降准是政策组合拳的一部分，其他还包括持续加力促消费、短期内保持基建投资增速处于接近两位数的较快增长水平等。

国家统计局公布数据3月15日公布的数据显示，1-2月份，全国规模以上工业增加值同比增长2.4%，固定资产投资（不含农户）增长5.5%，增速均较去年12月加快；社会消费品零售总额同比增3.5%，由降转增；房地产开发投资降幅收窄至5.7%。同时，本次降准推出的背景是1、2月新增人民币贷款6.7万亿，同比多增1.5万亿。

机构分析指出，本次降准，一方面是为银行间市场释放流动性。2023年1-2月信贷保持高增长，叠加一季度是政府存款季节性大月，资金流入央行，银行间流动性环境偏紧。另一方面，有利于助力经济平稳复苏。2023年1-2月经济数据出炉，虽有边际改善，但经济仍存在修复的不确定性。经济的恢复性增长还需要政策的配合和宽松的货币环境。此外，预防金融机构流动性风险。近期美国、欧洲银行业出现流动性危机，对储户信心及全球市场情绪造成了负面影响，金融机构的流动性引起重视，降准是对或有风险的提前防范。

周一公布的LPR按兵不动。20日中国人民银行授权全国银行间同业拆借中心公布，2023年3月20日贷款市场报价利率（LPR）为 ：1年期LPR为3.65%，5年期以上LPR为4.3%，即1年期和5年期均维持不变。

区域观察

A train carrying cargo containers from Regional Comprehensive Economic Partnership (RCEP) member countries, including Laos, Vietnam and Japan, departed from Shenyang, Liaoning Province, on Saturday morning. The train marks the opening of a new international freight route for RCEP member countries through Shenyang to Europe via entrepot trade. With rich rail resources, the Chengtong Trade Port connects different logistics routes, such as China-Europe freight trains and the China-Laos Railway, which facilitates the collection and transportation of general trade goods, cross-border e-commerce goods, transit goods, and bonded goods at the same venue.

RCEP国家与欧洲国家转口贸易（沈阳）中欧班列首发：3月18日，RCEP国家与欧洲国家转口贸易（沈阳）中欧班列在沈阳市沈北新区诚通贸易港首发。这是辽宁省首次依托保税物流中心，以转口贸易的方式，在沈阳集结越南、缅甸、老挝以及日本、韩国等RCEP国家的货物，通过中欧班列运输至欧洲国家。辽宁省商务厅厅长潘爽表示，这次转口贸易开辟了东盟国家经沈阳到欧洲的国际货运新通道，实现了中老铁路和中欧班列的有效对接，必将为推动辽宁省对外贸易高质量发展提供新动力。

The first batch of 1,780-kilogram oranges originated in Iran was imported to China by air via Shanghai Pudong International Airport on Saturday, Shanghai Customs said, and will soon be put on shelves for Chinese consumers while ensuring biosafety and food safety. China's General Administration of Customs (GAC) signed the first fruit import agreement with the Iranian authorities last year on allowing the import of Iranian oranges to China. 

伊朗首批1780公斤脐橙上海入境：19日上海海关消息，日前，1780公斤脐橙由伊朗空运至上海浦东国际机场，标志着伊朗鲜食柑橘输华通道开启。去年8月，海关总署发布公告，正式允许符合相关要求的伊朗鲜食柑橘进口，包括橙、桔和甜柠檬。

新使命，大未来

The investor identification regime system, commonly known as the "real-name system for Hong Kong stock market," comes into effect today. Investors who have not completed the registration of authorization can only sell, but not buy stocks from now on. Financial institutions are required to submit proof of their clients’ identity to the Hong Kong Stock Exchange to place, buy or sell orders, the Securities and Futures Commission (SFC) said earlier, adding that the implementation of the regimes will significantly enhance Hong Kong’s surveillance against market misconduct. Local brokerage firms said about 92 percent of customers have completed the real-name registration system, media reported Monday.

“港股实名制”正式落地：3月20日，香港投资者识别码制度正式推出。根据安排，投资者若未及时回复开户券商同意其转交个人身份信息的要求，后续其交易行为将受到限制，只能卖出而不能买入股票。在新制度下，相关券商须逐一为现有参与港交所上市证券场内外交易的客户编配唯一的券商客户编码。每个券商客户编码应与其客户的识别信息配对。机构表示，港股实名制落地后，过去“一人多户打新”的漏洞将被堵上，从而进一步加强香港金融资本市场投资者权益的保护。 

HSBC, Hong Kong’s biggest bank, will keep three branches open on weekends in hotspots frequented by tourists from Chinese mainland to attract more new account openings following a tourism influx after the border between the city and the mainland reopened in January, the bank announced Monday.

汇丰香港三家分行将试行一周七天营业：3月20日，据香港媒体报道，汇丰香港宣布，自2月初香港全面撤销新冠疫情相关入境防控措施后，访港旅客人数持续增加，使用汇丰分行服务的海外港人或非本地居民大增。为配合新增需求，汇丰三家分行将试行在三家分行一星期七日营业。

产业及公司新闻

The seventh China Grand Awards for Industry were announced on Sunday, with 19 Chinese enterprises and 19 projects named as winners. The honored enterprises and projects have played leading roles in promoting innovation, transformation and low-carbon development in the industrial sector, according to the China Federation of Industrial Economics, the organizer of the event. Among this year's winers are battery producer CATL, home appliance giant Midea Group, and the Shanghai Academy of Spaceflight Technology.

第七届中国工业大奖评选揭晓：被誉为中国工业领域最高奖项的“中国工业大奖“获奖名单19日公布，19家企业、19个项目获得中国工业大奖。兖矿能源集团股份有限公司、美的集团、宁德时代等19家企业，以及超深水大气田“深海一号”工程等19个项目获中国工业大奖。据介绍，相较往届，本届获奖企业和项目主要在科技创新、绿色低碳、乡村振兴三方面取得突破和创新成果，彰显了我国企业在强链、补链、固链，增强产业链供给链的韧性和安全水平方面的最新成效。

Kai-Fu Lee, chairman and chief executive of renowned Chinese venture capital firm Sinovation Ventures, intends to set up a new AI company called Project AI 2.0 to leapfrog the accumulated innovation that formed ChatGPT in the United States. Capital and computing power are getting gradually aligned for Project AI 2.0 and that includes global recruitment of top-notch talents in areas such as large language models, multimodal natural language processing, AI engineering and research, as well as distributed computing, and infrastructure, Lee said yesterday.

李开复宣布筹组中文版ChatGPT公司：3月19日下午4点半，创新工场董事长兼CEO李开复在朋友圈宣布，正在亲自筹组Project AI 2.0，这是创新工场塔尖孵化的第7家公司。李开复表示，Project AI 2.0将以中文版ChatGPT为核心技术，结合多模态、NLP、AI算法工程与研究、分布式计算等领域的优秀人才和资源，打造一个能够与人对话互动、回答问题、协助创作、提高效率和智能化水平的大语言模型平台。李开复还透露，Project AI 2.0已经获得了创新工场和其他知名投资机构的支持，并已经拥有了足够的资金和算力。

财报速递

China Huarong Asset Management Co. Ltd. expects to post a net loss of about 27.6 billion yuan for 2022. The bad-debt manager cited factors including volatility in the capital market leading to declines in the value of some assets as contributing to the loss, according to a statement to the Hong Kong exchange Sunday.  Huarong trimmed its losses by around 10.1 billion yuan in the second half of 2022, marking “positive momentum” compared to the first half, it said. 

中国华融预亏276亿元：3月19日，中国华融在港交所发布公告称，经初步测算，集团2022年度归属于公司普通股股东的净亏损预计为人民币276亿元左右。公告还显示，2022年下半年较上半年实现减亏101亿元左右，形成了整体向好趋势。对于亏损原因，中国华融在公告中给出了三大原因：一是受资本市场波动影响，部分权益类金融资产公允价值估值下降形成较大浮亏。二是优化调整业务布局，收购重组类不良债权资产规模及收入阶段性减少。三是受宏观经济形势及房地产行业下行影响，信用减值损失计提增加。

金融市场消息

China's fiscal revenue dropped 1.2 percent year-on-year in the first two months of 2023, while its fiscal spending expanded 7 percent year-on-year, according to the Ministry of Finance. Of the total fiscal revenue, the central government collected about 2.18 trillion yuan in revenue, down 4.5 percent year-on-year, while local governments collected 2.39 trillion yuan, up 2 percent year-on-year. Tax revenue in the first two months went down 3.4 percent to stand at 3.94 trillion yuan, while non-tax revenue climbed 15.6 percent to reach 623 billion yuan. Meanwhile, spending on social security and employment climbed 9.8 percent year-on-year, while science and technology spending also rose 3.9 percent.

今年前两个月全国财政收入同比下降1.2%：3月17日财政部数据显示，今年前两个月，全国一般公共预算收入同比下降1.2%，全国政府性基金收入同比下降24%。扣除高基数等特殊因素影响后，今年前两个月全国一般公共预算收入增长2%左右，财政收入开局总体平稳。全国税收收入39412亿元，同比下降3.4%；非税收入6230亿元，同比增长15.6%。今年前两个月，全国一般公共预算支出40898亿元，同比增长7%。支出增速明显高于收入增速，体现了积极财政政策发力。其中民生支出得到有力保障。

股市收盘情况

Chinese stocks edged slightly lower as Friday’s monetary-easing measures were partly offset by fears of a global banking crisis remained. The benchmark Shanghai Composite fell 0.5 percent and the Shenzhen Component slid 0.3 percent. Hong Kong stocks sank even sharper with the benchmark Hang Seng index down 2.7 percent, while the TECH index lost 2.8 percent.

A股冲高回落港股走低：周一A股三大指数冲高回落，创业板指早盘一度涨超1%，午后指数集体翻绿。截至收盘，上证指数跌0.48%，深证成指跌0.27%，创业板指跌0.08%。两市成交额10575亿，较上个交易日放量844亿，为2月17日以来首次重回万亿水平上方。北向资金全天净买入16.02亿元。港股低开低走，香港恒生指数收跌2.65%；恒生科技指数收跌2.75%。

Biz Word of the Day

财经词汇划重点

Reserve requirements are central bank regulations that set the minimum amount that a commercial bank must hold in liquid assets. The rate is commonly referred to as the reserve ratio. The reserve ratio is sometimes used by a country’s monetary authority as a tool in monetary policy, to influence the country's money supply by limiting or expanding the amount of lending by the banks.

存款准备金，是指金融机构为保证客户提取存款和资金清算需要而准备的在中央银行的存款，中央银行要求的存款准备金占其存款总额的比例就是存款准备金率。存款准备金制度对金融宏观调控有几个方面的作用：一是调节和控制信贷规模；二是增强中央银行信贷资金宏观调控能力。

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.

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

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