Hi everyone. I’m Stephanie LI.

大家好，我是主持人李瑩亮。

Coming up on today’s program.

重點提要

• China#39;s August new bank loans exceed expectations as financial support for real economy increases;

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

中國經濟要聞

New bank loans in China almost quadrupled in August from July to an all-time record of 1.36 trillion yuan, the central bank announced on Monday, signaling improvement in market expectations and sentiment, and showed the effects of the country#39;s increased financial support for the real economy.

The outstanding yuan loans expanded by 17.44 trillion yuan in the first eight months of the year, compared with 15.68 trillion yuan recorded a year earlier, according to data that the People#39;s Bank of China released on Monday.

As of August, the cumulative total social financing , a broad measure of credit and liquidity in the economy that includes bank loans, rose 9 percent year-on-year, primarily driven by the accelerated issuance of local government bonds and a recovery in bond market financing.

The M2, a broad measure of money supply that covers cash in circulation and all deposits, climbed 10.6 percent year-on-year to 286.93 trillion yuan at the end of August, the data showed.

The pace of growth eased from a rise of 10.7 percent seen at the end of July, and also moderated from an increase of 12.2 percent registered at the end of August 2022.

The M1, which covers cash in circulation plus demand deposits, stood at 67.96 trillion yuan at the end of August, up 2.2 percent year-on-year. The M0, the amount of cash in circulation, went up 9.5 percent from a year ago to 10.65 trillion yuan at the end of last month.

Newly added social financing, a measurement of funds that individuals and non-financial firms receive from the financial system, came in at 3.12 trillion yuan in August, up from 528.2 billion yuan in July and 631.6 billion yuan more than the same period last year.

Monday#39;s data offers further proof that China#39;s economic operation remains in a reasonable range, and with the effects of supportive policies gradually filtering through, financing demand of the real economy was enhanced, leading to the strong growth of August#39;s financial data, experts said, adding that the central bank might further cut the reserve requirement ratio in the last quarter of the year, and enhance the use of structural and policy-based financial instruments to spur investment and boost consumption.

8月金融數據超季節性反彈。

央行9月11日公布的數據顯示，前8個月人民幣貸款增加17.44萬億元，同比多增1.76萬億元。8月份人民幣貸款增加1.36萬億元，同比多增868億元，環比新增更是高達近1萬億。前8個月社會融資規模增量累計為25.21萬億元，比上年同期多8420億元。8月份社會融資規模增量為3.12萬億元，比上年同期多6316億元，環比多增約2.6萬億。較好的金融數據和外匯市場自律機制專題會議發聲共同提振了人民幣匯率。

專家表示，在8月份政策性降息落地、穩增長政策持續發力背景下，當月新增信貸、社融大幅反彈，而且都出現同比多增，顯示當前寬信用進程再度提速，這將為接下來經濟復蘇動能轉強積蓄力量。展望未來，政策面將繼續支持寬信用進程，9月份新增信貸、社融規模有望進一步擴大，同比也都將實現多增。

央行數據顯示，8月份人民幣貸款增加1.36萬億元，同比多增868億元。分部門看，住戶貸款增加3922億元，其中，短期貸款增加2320億元，中長期貸款增加1602億元；企業單位貸款增加9488億元，其中，短期貸款減少401億元，中長期貸款增加6444億元，票據融資增加3472億元；非銀行業金融機構貸款減少358億元。

分析認為，8月份新增人民幣貸款較上月大幅增加超過1萬億元，明顯強于季節規律，且在去年8月已經達到歷史同期峰值的基礎上，同比仍多增868億元，實屬不易。這既有政策支持的因素,也顯示市場預期和市場情緒已經出現好轉。

8月份，社會融資規模增量為3.12萬億元，比上年同期多6316億元。其中，對實體經濟發放的人民幣貸款增加1.34萬億元，同比少增102億元；對實體經濟發放的外幣貸款折合人民幣減少201億元，同比少減625億元；委托貸款增加97億元，同比少增1658億元；信托貸款減少221億元，同比少減251億元；未貼現的銀行承兌匯票增加1129億元，同比少增2357億元；企業債券凈融資2698億元，同比多1186億元；政府債券凈融資1.18萬億元，同比多8714億元；非金融企業境內股票融資1036億元，同比少215億元。

分析稱，社融數據超季節性反彈，主要受地方政府債券發行加快和債券市場融資回暖帶動。8月份實體經濟發放貸款持穩，同時，國內積極財政推動地方政府債券加快發行節奏，以支持重點項目加快落地見效、增強有效投資，債券凈融資同比明顯多增。

另外，8月末，M2余額286.93萬億元，同比增長10.6%，增速分別比上月末和上年同期低0.1個和1.6個百分點，下行幅度明顯收斂。狹義貨幣余額67.96萬億元，同比增長2.2%，增速分別比上月末和上年同期低0.1個和3.9個百分點。流通中貨幣(M0)余額10.65萬億元，同比增長9.5%。當月凈投放現金386億元。

Moving on to regional highlights

區域觀察

• China’s capital city took another step to bolster the ailing housing market by easing price controls on pre-owned homes that were introduced to rein in the once white-hot market. Authorities in Beijing’s Haidian district, known for its prestigious schools, scrapped guidelines on the price range for pre-owned homes, affecting properties in 29 neighborhoods, media reported today citing multiple sources.

  北京海淀區放松二手房指導價:9月12日，有媒體報道稱，北京二手房指導價限制自9月8日起取消，目前海淀區29個熱點學區超出指導價的房源已可展示，而此前這些房源均不能掛牌。對此，媒體向多位北京房產中介門店人士求證，得到的回復均是海淀區29個試點小區二手房指導價確實取消了，單價18萬以下的房源現在都能展示。

• Agreements on 638 projects were inked during the 23rd China International Fair for Investment and Trade , which concluded on Monday in Xiamen, east China#39;s Fujian Province. The deals involved a total investment of 484.57 billion yuan, a five-year high, preliminary data showed on Monday.

  投洽會簽約638個項目:第二十三屆中國國際投資貿易洽談會于11日在福建廈門落幕。據投洽會組委會初步統計，638個項目在大會期間達成合作協議，計劃總投資額4845.7億元，參會機構數量和協議總投資額均創下5年來新高。

Next on industry and company news

產業及公司新聞

• 2023年中國民營企業500強出爐:9月12日，全國工商聯發布“2023中國民營企業500強”榜單和《2023中國民營企業500強調研分析報告》。京東集團、阿里巴巴有限公司、恒力集團有限公司位居榜單前三位。廣東共有50家企業上榜，位列全國第四，正威國際、騰訊、萬科、比亞迪分別位列第四、第六、第八和第十。而華為今年未參評。根據調研分析報告，2022年，民營企業500強入圍門檻為275.78億元，較上年增加12.11億元。其中，2022年營業收入總額超過1000億元(含)的企業有95家。

• Alibaba Group Holdingwill sharpen its strategic focuses on two main themes – “user first” and “AI-driven” – as the Chinese tech giant grapples with growing competition and a shifting internet landscape, new group CEO Eddie Wu Yongming said. Wu, who assumed his new role on Sunday, wrote in an internal letter sent to employees on Tuesday morning, saying that “as traditional internet models become increasingly homogeneous and face the competitive pressures of saturation, new technologies such as AI are emerging as the new engine of global business growth.” As part of its business transformation, Alibaba would strengthen its strategic investments in three areas: technology-driven internet platforms, AI-driven tech businesses and global commerce networks, Wu said.

  阿里新CEO宣布兩大戰略重心:12日，阿里新任CEO吳泳銘在全員信中指出，傳統互聯網模式嚴重同質化已走向存量競爭，人工智能為代表的新技術正成為全球商業發展的新動能。為此，吳泳銘指出，阿里巴巴將根據用戶為先和AI驅動這兩大戰略重心，重新塑造業務戰略的優先級?；谶@兩個重點，阿里巴巴將加大對三類業務的戰略性投入:技術驅動的互聯網平臺業務，AI驅動的科技業務，以及全球化的商業網絡。

• AITO, a brand co-developed by Huawei and Seres, launched the new M7 SUV on Tuesday, which boasts a slew of cutting-edge technological features. Yu Chengdong, head of Huawei#39;s smart vehicle solution business unit, said the expense on the new model exceeded 500 million yuan. The model, available in five variants, sports Huawei#39;s ADS 2.0 system, which enables high-level autonomous driving in both urban areas and on expressways without reliance on high-definition maps. The outstanding performance is attributed also to the combination of 27 sensors, including one piece of rooftop lidar and 11 high-definition cameras. The new M7 also features the Harmony operating system, which enables a smooth connection with the Huawei mobile phones.

  問界新M7正式上市:“我們在AITO問界新M7系列上重金投入5個億，用了扎實的材料、最好的技術。”9月12日，華為終端BG CEO、智能汽車解決方案BU CEO余承東宣布AITO問界新M7系列正式上市，售價24.98萬-32.98萬元。問界新M7搭載了HUAWEI ADS 2.0高階智能駕駛系統，實現了不依賴于高精地圖的高速、城區高階智能駕駛。此外，問界新M7配備1個頂置激光雷達、3個毫米波雷達、11個高清視覺感知攝像頭及12個超聲波雷達等27個感知硬件，配合高性能計算平臺和華為自研擬人化算法，實現了對動靜態目標的感知。余承東還表示，通過鴻蒙系統，華為將手機所有的應用都流轉到了汽車上面。

• Prices of domestic flight tickets during this year’s National Day holiday, which spans from the Mid-autumn Festival on Sept.29 until Oct.6, jumped 13 percent on average as of Tuesday, according to online travel and ticketing platform Tongcheng. Beijing, Xi’an, Chengdu, Chongqing, Shanghai, Changsha, Guangzhou, Nanjing, Hangzhou and Wuhan rank as the most popular destinations for domestic tourists. Meanwhile, searches of long-distance locations such as Xinjiang and Xizang surged over 3-folds compared to the same period last year, the data showed.

  中秋國慶假期機票均價較“五一”假期上漲13%:9月12日，同程旅行發布的數據顯示，截至當日，中秋國慶假期出行的機票均價較“五一”假期上漲13%。北京、西安、成都、重慶、上海、長沙、廣州、南京、杭州、武漢是中秋國慶假期熱度最高的國內旅游目的地城市。此外，中秋國慶假期出行的長線游市場增長迅速，其中新疆、西藏、青海、寧夏、黑龍江等以長線游為主的省份相關旅游產品熱度同比漲幅均超過300%。

• Chinese makeup and beauty influencer Li Jiaqi, known as the quot;King of Lipstick,quot; sobbed while apologizing again on Monday evening, after his quot;inappropriate remarksquot; made against a viewer who complained that a home-made eyebrow pencil was quot;too expensive”a day before triggered heated discussions. Li said during the livestream that the price has remained unchanged over the years, and that “people need to find the reasons why they haven#39;t received a pay rise after working so many years”. As of Tuesday morning, more than 1 millionfans had stopped following Li on Weibo, as his total number of fans dropped from 30.43 million to 29.27 million.

  李佳琦眉筆風波后掉粉100萬:9月11日晚，“口紅一哥”李佳琦再次現身直播間落淚道歉。10日，李佳琦在直播間介紹一款79元的某品牌眉筆，看到彈幕說該品牌越來越貴了，他當即不悅地反駁:“哪里貴了？這么多年都是這個價格。”“有的時候找找自己的原因，這么多年了工資漲沒漲，有沒有認真工作？”言論一出引來網友熱議。受眉筆風波影響，李佳琦Austin 微博粉絲大量流失，從3043.5萬掉至2947.7萬，一天之間近100萬粉絲取消關注。

Wrapping up with a quick look at the stock market

股市收盤情況

• Chinese stocks edged lower on Tuesday as the benchmark Shanghai Composite slid 0.2 percent and the Shenzhen Component skid 0.1 percent. Hong Kong’s Hang Seng index also lost 0.4 percent, and the TECH index fell 0.5 percent.

  A股港股收跌:周二A股A股三大指數集體收跌，截至收盤，滬指跌0.18%，深成指跌0.08%，創業板指跌0.59%。滬深兩市全天成交額7083億元。兩市超2900只個股下跌，北向資金凈賣出19.8億元。港股恒指收跌0.39%，恒生科技指數跌0.47%。

Biz Word of the Day

財經詞匯劃重點

• Anadvanced driver-assistance system includes technologies that assist drivers with the safe operation of a vehicle. Through a human-machine interface, ADAS increases car and road safety. ADAS uses automated technology, such as sensors and cameras, to detect nearby obstacles or driver errors, and respond accordingly.

  高級駕駛輔助系統是利用安裝在車上的各式各樣傳感器，在汽車行駛過程中隨時來感應周圍的環境，收集數據，進行靜態、動態物體的辨識、偵測與追蹤，并結合導航地圖數據，進行系統的運算與分析，從而預先讓駕駛者察覺到可能發生的危險，有效增加汽車駕駛的舒適性和安全性。

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

編委: 于曉娜

策劃、編輯:李艷霞

播音:李瑩亮

撰稿:李瑩亮

音頻制作:李瑩亮

設計:鄭文靜、廖苑妮

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