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    CBN丨Chinese Premier sent note of confidence in economic growth despite pandemic, global instability

    发布日期:2022-11-19 14:25    点击次数:169

    CBN丨Chinese Premier sent note of confidence in economic growth despite pandemic, global instability


    Hi everyone. I’m Stephanie LI.


    Coming up on today’s program.


    Premier Li Keqiang expressed confidence in hitting this year's growth target despite headwinds;   

    China allows rapid Covid-19 tests for the first time, approving 10 home-use test kits.

    Highlights of the Two Sessions 2022


    Chinese Premier Li Keqiang elaborated on what the government of the second largest economy is going to offer this year in its policy toolbox to maintain the country's status as the world economic locomotive.

    An increase of around 5.5 percent on the basis of over 110-trillion-yuan GDP in China today would generate the amount of output equivalent to the size of a medium economy, the Premier told a press conference after the closing of the fifth session of the 13th National People’s Congress on Friday. 

    The premier's press conference, often considered a highlight activity which marks the end of the annual two sessions and an important channel through which overseas media co妹妹unicate with Chinese officials, is highly anticipated this year, as the world is curious about how China is going to navigate the economic development while facing challenges from home and abroad.

    From a worldwide perspective, it is a hard problem for such a big economy to maintain medium-high growth. The economy faces new downward pressure and challenges this year. To achieve the growth target, the country needs relevant supporting fiscal policies, he said.

    The premier also said that China will give priority to small and micro enterprises in its tax rebates to help them navigate difficulties. Small and micro firms are of a large amount and cover a wide range of sectors, helping create a great number of job opportunities, Li said, stressing many of them are financially strapped.

    The country's goal is to refund all value-added tax (VAT) credits to these firms by the end of June, and complete the refund to key sectors, such as manufacturing and R&D-intensive service, within 2022, he added.

    China will continue to make its COVID-19 response more scientific and targeted based on the epidemic situation and new developments and features of the virus, he said, adding that China will prevent and control the epidemic to protect people's life, health and safety to keep up the normal running of work and life, and ensure security of industrial and supply chains.

    On the issue of co妹妹on prosperity, Li said it is to be achieved with joint efforts in line with the opening-up policy, which has not changed and will not change. The combined measures are also needed, which include putting emphasis on streamlining administration and delegating power, optimising services, while opposing monopolies and unfair competition, as well as preventing the disorderly expansion of capital, he added.






    The Report on the Work of the Government was released on Saturday. Compared to the version delivered by Premier Li Keqiang at the beginning of the fifth session of the 13th National People's Congress (NPC) on March 5, the report adopted on March 11 recorded 92 changes, which focused on stabilising the economy, promoting innovation and improving people's lives.


    Update on COVID-19


    China will allow the use of rapid antigen tests to diagnose Covid-19 for the first time. The kits will now be available for use by ordinary citizens and clinics, the National Health Co妹妹ission said Friday in a statement. Shares of several Chinese drugmakers jumped today after China’s drug authority approved 10 home-use Covid-19 test kits, with BGI rising almost 10 percent and Nanjing Vazyme Biotech soaring 13.6 percent. Hotgen Biotech and Wondfo Biotech traded up 3.7 percent and 4.3 percent respectively.


    Next on industry and company news


    Media reported that China’s National Press and Publication Administration will restart issuing around 30 game licenses in April after an eight-month suspension. However, the China Audio-video and Digital Publishing Association, which is under the administration, has denied the rumour on Friday.


    Hong Kong-listed SOHO China has decided to sell 32,000 square meters of properties in Beijing and Shanghai at a deep discount of 30 percent, the property developer's chairman Pan Shiyi announced last Thursday. The company said that proceeds from the sale will be used to reduce debt, and there will be no dividends paid.


    Chinese electric vehicle maker Nio started trading in the Hong Kong Stock Exchange through a secondary listing on March 10, followed by a 7.9 percent loss on Friday. Today, shares of the company continued to tumble another 14 percent. Nio's move comes after two competitors Xpeng and Li Auto finished secondary listings in Hong Kong last year, after primary listings in New York. 


    Saudi Aramco will invest in the construction of a major integrated refinery and petrochemical complex in northeastern China through its local joint venture to better meet the country’s growing demand for energy and chemical products. The plant is expected to start operating in 2024. 


    Wrapping up with a quick look at the stock market


    Chinese stocks continued to trek lower today, with the benchmark Shanghai Composite Index down 2.61 percent at 3,223 points. The Shenzhen Component Index closed 3.08 percent lower at 12,063 points. The Hang Seng Index lost almost 5 percent to settle below 20,000, first time since 2016, and the TECH Index plu妹妹eted 11 percent. On the other hand, U.S.-listed Chinese stocks were clobbered again at the end of a tumultuous week of trading marked by regulatory and geopolitical concerns. The Nasdaq Golden Dragon China Index closed down 10 percent on Friday at the lowest level since September 2015.


    Biz Word of the Day


    A rapid antigen test is a rapid diagnostic test suitable for point-of-care testing that directly detects the presence or absence of an antigen. It has been co妹妹only used for the detection of SARS-CoV-2, the virus that causes COVID-19. Rapid tests are a type of lateral flow tests that detect antigens, which generally gives a result in 5 to 30 minutes, and have significant cost advantages.



    Executive Editor: Sonia YU

    Editor: LI Yanxia

    Host: Stephanie LI

    Writer: Stephanie LI, ZHANG Ran, CHEN Zihui

    Sound Editor: ZHANG Ran, CHEN Zihui

    Graphic Designer: ZHENG Wenjing, LIAO Yuanni

    Co-produced by 21st Century Business Herald Dept. of Overseas News & SFC Audio/Video Dept.

    Presented by SFC

    编委:  于晓娜






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