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 exports rose by 8.9% in April, while imports shrank at a faster pace;

China strengthens management of real estate brokerage sector.

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

中国经济要闻

China's trade sector grew 8.9 percent in April in yuan's terms, data released by the Chinese customs showed on Tuesday.

In particular, the exports sector reported a double-digit growth rate of 16.8 percent during the month from a year earlier, while imports slipped by 0.8 percent year-on-year, which showed that domestic demands are still in the process of recovery, observers said.

On a month on month basis, April’s exports fell by 6.4 percent, while imports shrank by 9.7 percent.

In the first four months, China's trade has grown by 5.8 percent year on year to about 13 trillion yuan, an acceleration from a 4.8 percent growth in the first quarter, according to the customs data. Exports jumped 10.6 percent over the same period of 2022 to 7.67 trillion yuan, while total imports stayed almost flat at 5.65 trillion yuan.

Analysts noted that the overall trade situation remains grim, with the main pressure coming from falling external demand. In April, the global manufacturing purchasing managers' index (PMI) fell 0.5 percentage points from the previous month to 48.6 percent, falling for the second consecutive month to the lowest level since June 2020, according to the Chinese Federation for Logistics & Purchasing.

Global consumer demand weakened after the US Federal Reserve and central banks in Europe and Asia raised interest rates to cool inflation that was near multi-decade highs by reining in business and consumer activity.

China's trade with Association of Southeast Asian Nations (ASEAN) economies, its biggest trading partner, rose by 13.9 percent to 2.09 trillion yuan in the period from January to April, while trade with the US dropped by 4.2 percent. Trade with the EU, meanwhile, continued to grow by 4.2 percent year on year. Elsewhere, trade with Belt and Road countries maintained momentum by soaring 16 percent year on year.

Automobiles led the jump in China’s overseas shipments in the first four months with the value more than doubling from a year ago. They were followed by a 41 percent rise in refined oil and a 33 percent increase in steel products.

在外部环境复杂严峻的条件下，我国外贸韧性得到彰显。

海关总署9日发布数据显示，今年前4个月我国货物贸易进出口总值13.32万亿元，同比增长5.8%，增速较一季度的4.8%加快1个百分点。 具体来看，前4个月出口7.67万亿元，同比增长10.6%；进口5.65万亿元，增长0.02%。

前4个月，东盟为我国第一大贸易伙伴，进出口总值为2.09万亿元，增长13.9%，占我国外贸总值的15.7%。欧盟为我国第二大贸易伙伴，进出口为1.8万亿元，增长4.2%，增速较一季度加快2.2个百分点。我国对美国和日本进出口则分别下降4.2%和下降2.6%。

此外，同期，我国对“一带一路”沿线国家合计进出口4.61万亿元，同比增长16%。其中，对哈萨克斯坦等中亚五国，沙特阿拉伯等西亚北非国家进出口分别增长37.4%和9.6%，部分弥补了传统市场需求不振带来的影响。

海关总署统计分析司司长吕大良表示，我国外贸稳中向好势头进一步延续。国务院近期出台新的推动外贸稳规模优结构政策措施，有助于提振外贸企业的信心和活力，推动全年外贸促稳提质。

从单月来看，海关总署数据显示，以人民币计价，中国4月进出口3.43万亿元，增长8.9%。其中，出口2.02万亿元，增长16.8%；进口1.41万亿元，下降0.8%；贸易顺差6184.4亿元，扩大96.5%。

分析师表示，去年4月相对较低的基数支撑了本期出口增速，但刨除基数因素，总体外贸形势依然严峻，主要压力还是来自于外需回落。中国物流与采购联合会发布的数据显示，4月，全球制造业采购经理人指数（PMI）较上月下降0.5个百分点至48.6%，连续两个月环比下降，且再次降至2020年6月以来最低水平。

展望后市，分析认为，欧美等经济体需求趋缓势头尚未扭转，在去年外贸出口基数相对较高之下，外贸出口增速仍面临放缓压力，但预计将保持适度增长，主要是新兴经济体整体复苏前景相对乐观，同时，我国外贸出口结构在持续优化，新能源类产品出口势头较好，其中4月份主要出口商品中，汽车（包括底盘）出口金额同比几乎翻倍，船舶出口同比大增近八成。

China's Ministry of Housing and Urban-Rural Development and the State Administration for Market Regulation have jointly released a guideline aimed at standardizing real estate brokerage industry yesterday. Regulatory measures have been released in 10 fields, which include the registration of institutions and brokers, the determination of service charges and the protection of personal information. The guidance emphasizes the protection of the legitimate rights and interests of transaction parties and proposes a reasonable determination of brokerage service fees. Instead of directly regulating fees, the policy encourages negotiations between transaction parties based on factors such as service content, quality, and market supply-demand dynamics. It also urged brokerage institutions to reasonably reduce the costs of housing sales and rental services and to refrain from exploiting a dominant market position to charge high prices for their services.

两部门发文助推房产中介探索新模式：5月8日，住房和城乡建设部官网消息显示，住建部和市场监管总局近日发布《关于规范房地产经纪服务的意见》。《意见》坚持问题导向，突出保护交易当事人合法权益，明确了10个方面的监管措施，其中包括鼓励按成交价格越高、服务费率越低原则分档定价，不得混合标价和捆绑收费等。《意见》提出，房地产经纪机构要合理降低住房买卖和租赁经纪服务费用，鼓励按照成交价格越高、服务费率越低的原则实行分档定价；引导由交易双方共同承担经纪服务费用；严格实行明码标价，房地产经纪机构应当在经营门店、网站、客户端等场所或渠道，公示服务项目、服务内容和收费标准，不得混合标价和捆绑收费，其所提供的基本服务和延伸服务，应当分别明确服务项目和收费标准，并且收费前应当向交易当事人出具收费清单，列明收费标准、收费金额，由当事人签字确认。《意见》还强调，严禁操纵经纪服务收费，具有市场支配地位的房地产经纪机构，不得滥用市场支配地位以不公平高价收取经纪服务费用。

Moving on to regional highlights

区域观察

Guangdong Province has outlined targets for clean production toward 2025, including reduced energy consumption per unit and expanded electrification and use of clean energy, such as solar and hydrogen power. By 2025, Guangdong will have basically established a system for promoting cleaner production, according to an announcement released by the province's top economic planner on Monday. The province also aims to improve the efficiency of energy and resource utilization during 2023-2025. By 2025, energy consumption per unit of GDP and energy consumption per unit of added value of major industrial enterprises will both be reduced by 14 percent compared with 2020. Among the targets, Guangdong will also promote the use of energy-efficient and low-carbon means of transport, as it will develop hydrogen fuel cell vehicles and promote the use of vessels powered by liquefied natural gas and pure electric vessels. By 2025, service areas of expressways will be fully equipped with high-speed charging stations and piles, and shore power coverage for ships in ports will reach more than 70 percent.

广东全面推行清洁生产：5月8日，广东省发展改革委等部门印发《广东省全面推行清洁生产实施方案(2023-2025年)》，确立工作目标为到2025年实现全省单位地区生产总值能耗和规模以上工业单位增加值能耗均比2020年下降14%，高速公路服务区快充站全覆盖，港口码头泊位岸电覆盖率达70%以上。《方案》提到，要大力推广节能及新能源汽车，推动城市公共服务及货运配送车辆电动化替代，提高城市公交、出租车、城市配送、邮政快递、机场转运、铁路货场等电动新能源运输工具的比例。到2025年，实现高速公路服务区快充站全覆盖，港口码头泊位岸电覆盖率达70%以上。有序发展氢燃料电池汽车，稳步推动电力、氢燃料车辆对燃油商用、专用等车辆的替代。全面实施重型柴油车国六排放标准和非道路移动柴油机械国四排放标准，基本淘汰国三及以下排放标准的柴油和燃气汽车。推广使用LNG动力船舶、纯电动船舶，加快推进码头岸电设施建设，推动船舶靠港使用岸电应接尽接。

Shanghai ranked first among Chinese mainland cities in terms of number of newly opened first stores by domestic and international brands last year and in the first four months of this year, the Shanghai Municipal Commission of Commerce said on Sunday. Altogether 1,073 newly opened first stores of various categories were added in Shanghai in 2022, while another 375 first stores were opened from January to April this year, and nearly one in six were deemed as high-level first stores, the commission said.

上海前四个月新增各类首店375家：5月7日，2023“上海全球新品首发季”在上海张园正式启动。上海市商务委表示，今年1—4月，上海新增各类首店375家，数量规模持续领跑全国。活动期间，预计有逾150家首店旗舰店将抢滩上海消费市场，近300个国内外品牌举办首发活动。上海市商务委还发布了上海“首店地图”，并揭晓2022年度上海市首发经济活跃指数。据了解，上海已经连续三年发布上海年度首发经济活跃指数。

Zibo, an industrial city in Shandong Province that has gone viral across the nation for its unique barbecue industry, recorded 105.77 billion yuan of GDP in the first quarter of 2023, up 4.7 percent year-on-year. The added value of the city's tertiary industry reached 52.52 billion yuan, up 4.7 percent, the Zibo Bureau of Statistics said on Sunday. First-quarter retail sales rose by 8.3 percent year-on-year. Sales in the accommodation sector surged 16 percent and sales in catering were up 25.2 percent.

淄博一季度GDP超千亿元：淄博市统计局8日发布数据显示，一季度全市实现生产总值1057.70亿元，按不变价格计算，同比增长4.7%。其中，第一产业增加值25.04亿元，增长4.4%；第二产业增加值507.43亿元，增长4.6%；第三产业增加值525.23亿元，增长4.7%。一季度，淄博市实现社会消费品零售总额313.6亿元，同比增长8.3%，分别高于全省、全国2.7个、2.5个百分点。其中，实现限额以上社会消费品零售额111亿元，增长11.1%，增速较1-2月份提高13.3个百分点。限额以上批发、零售、住宿、餐饮业销售额（营业额）分别增长9.5%、15%、16%、25.2%，分别比1-2月份提高4.7个、14.9个、7.2个、19.8个百分点。

Kunming in southwestern Yunnan province has been given the greenlight by the Chinese aviation authority to enhance the size of its international airport at a cost of 20.7 billion yuan, making it the latest airport in the region to be transformed into a major aviation hub. The Kunming Changshui International Airport plans to add two new runways and boost its passenger throughout to 95 million people a year, up from 48 million in 2019, according to the China Aviation Administration of China. It will be able to handle one million metric tons of cargo a year and 633,000 take-offs and landings.

昆明机场迎207亿扩建工程：近日，中国民航局网站发布消息称，昆明长水国际机场改扩建工程飞行区工程初步设计及概算正式获批，主要包括新建东二和西三跑道及相应的滑行道系统、助航灯光等设施，核定工程费用为207.21亿元。该批复标志着昆明长水国际机场改扩建工程飞行区工程即将进入全面建设阶段。根据上述中国民航局发布的消息，此次昆明机场改扩建工程按照年旅客吞吐量9500万人次，货邮吞吐量100万吨，年起降架次63.3万架次设计，并将在现有基础上，按照F类标准新建东二跑道，长4000米、宽45米；按照E类标准新建西三跑道，长4000米、宽45米。

Next on industry and company news

产业及公司新闻

Xiaodu Technology will launch its first AI-driven mobile phone later this month, the AI arm of Chinese internet giant Baidu said today, confirming the announcement made on social media by Chief Executive Officer Jing Kun yesterday. Called Xiaodu Qinghe, the company said the device will integrate its capacities in AI-related technologies, calling it "a new species" in the smartphone segment, and more product details will be announced next week.

小度将发布新品牌小度青禾：5月9日消息，日前突然有消息称，百度旗下智能科技品牌小度将进军手机市场，并计划发布首款智能手机产品。对此，小度科技CEO景鲲在朋友圈证实正式确认“小度手机来了”，同时还确认新品牌命名为“小度青禾”，更多产品信息会在下周公布。据透露，该款手机整合小度 AI 技术能力，是智能手机市场“新物种”。

Douyu’s shares sank after China’s cybersecurity watchdog said late Monday that it has dispatched a team of officials to Douyu to oversee a month-long rectification effort to address serious problems such as pornographic and vulgar content. The Cyberspace Administration of China sent a working group to Douyu yesterday to help the game-centric livestreaming giant rectify issues. Douyu said it will actively cooperate with inspection and guidance offered by officials from the local cyberspace administration and carry out in-depth content rectification in accordance with regulatory requirements.

网信部门进驻斗鱼：8日斗鱼美股盘前一度跌幅近15%，5月8日晚间，网信中国发布消息称，网信部门工作组进驻斗鱼平台。网信中国表示，针对斗鱼平台存在的色情、低俗等严重生态问题，5月8日，国家互联网信息办公室指导湖北省互联网信息办公室派出工作组，进驻斗鱼平台开展为期1个月的集中整改督导。斗鱼方面回应，将积极配合湖北省互联网信息办公室工作组的检查和指导，认真按照监管要求深入开展内容整改等工作。

Shares of Dajin Heavy Industry surged nearly 4 percent after China's biggest private maker of foundations for wind power parks said it has won its largest offshore monopile order of EUR547 million from a European consortium. A unit of the wind power equipment giant has been chosen by a Germany-registered consortium of three project companies as its preferred supplier and to provide it with monopile foundations for its offshore wind farms in Europe, the company said in a statement yesterday.

大金重工签约42亿海外海风项目：5月9日，大金重工股份有限公司发布公告称，全资子公司蓬莱大金与某欧洲能源开发企业签署合同，将向某海上风电集群项目提供单桩。大金重工介绍，该合同总金额约5.47亿欧元（折合人民币约42亿元），约占公司2022年度经审计营业收入的80%。大金重工表示，该项目是公司截至目前获取的体量最大的海上风电单桩基础订单，预计会对公司未来经营业绩产生积极影响。

Douyin, the Chinese version of TikTok, is calling for content creators to be transparent about the use of artificial intelligence tools on the platform. Content creators, live streamers, users, and advertisers on Douyin should mark AI-generated content with an appropriate label provided by the platform, the short-video application operated by ByteDance announced today. Moreover, Douyin will ask owners of avatars to register with a real name from today to protect such virtual identities, it added.

抖音出手规范AI生成内容：抖音官微5月9日发布关于人工智能生成内容的平台规范暨行业倡议。其中提到，发布者应对人工智能生成内容进行显著标识，帮助其他用户区分虚拟与现实，特别是易混淆场景。发布者需对人工智能生成内容产生的相应后果负责，无论内容是如何生成的。发布者应对人工智能生成内容进行显著标识，禁止利用生成式人工智能技术创作、发布侵权内容等。

US professional networking platform LinkedIn will discontinue its Chinese app in August and downsize its Chinese team because of the fierce domestic competition and a challenging macroeconomic climate. InCareer will shut down on Aug. 9, the firm announced today. LinkedIn will continue to have a presence in China and will focus on providing other services, including assisting Chinese companies to hire foreign talents and build international brands, it added.

领英中国宣布8月停服：5月9日，领英发布公告，表示领英中国本土化求职平台“领英职场”将于8月9日停止服务。对于关停理由，领英透露“领英职场”始终面临着日趋激烈的市场竞争和宏观经济环境带来的挑战，这使他们最终做出了停止服务的决定。领英提出，会“竭尽全力”为用户在过渡期间提供支持，包括提供如何下载“领英职场”个人账号数据等帮助信息。

Berkshire Hathaway, the investment company owned by Warren Buffett, has further cut its stake in electric vehicle maker BYD to less than 10 percent after cashing in HK$462.1 million. It sold 1.96 million shares on May 2, after which, Berkshire's holdings in BYD's issued H-shares were lowered to 9.87 percent, a filing to the Hong Kong stock exchange yesterday showed.

巴菲特减持比亚迪至不足10%：8日港交所披露文件显示，5月2日伯克希尔.哈撒韦公司再次出售了比亚迪港股股票。本次伯克希尔公司以平均每股235.64港元的价格出手了196.1万股比亚迪港股，套现约4.62亿港元。自2022年8月，伯克希尔公司已对比亚迪港股进行了11次减持操作。

Switching gears to financial news

金融市场消息

The Chinese arm of London-headquartered banking giant HSBC Holdings has launched a 30 billion yuan green credit fund to support Chinese firms' efforts in low-carbon development. The new fund is based on the insight of Chinese companies going abroad and going green, Jim Ma, head of commercial banking at the HSBC Bank China, said yesterday. Besides consulting services, HSBC China will provide a dedicated loan review channel and preferential interest rates to eligible loan applicants.

汇丰中国推出300亿绿色信贷基金：汇丰银行（中国）有限公司5月8日宣布推出一项总额达300亿元人民币的绿色信贷基金，并通过专属信贷审批通道和利率优惠等举措，为企业的低碳转型和绿色发展提供金融支持。据介绍，该绿色信贷基金将在未来18个月内进行投放，通过两个子基金分别支持国内企业的境内业务和跨境业务。

Wrapping up with a quick look at the stock market

股市收盘情况

Chinese stocks fell on Tuesday, as investors digested soft trade data. The benchmark Shanghai Composite sank 1.1 percent and the Shenzhen Component lost 0.9 percent. Hong Kong stocks suffered heavy losses as well, with the Hang Seng index diving 2.1 percent, and the TECH index tumbled 3 percent.

A股港股大跌：周二A股大盘午后跳水，沪指、创业板指均跌超1%。截至收盘，沪指跌1.1%，深成指跌0.9%，创业板指跌1.21%。两市成交额12218亿元，连续第23个交易日成交额突破1万亿元。北向资金净买入9.8亿元。港股恒指收跌1.15%，恒生科技指数收跌2.20%。恒指低开低走，失守2万点大关。恒指收跌2.12%，恒生科技指数跌2.95%。

Biz Word of the Day

财经词汇划重点

Green credit refers to the practice of banks taking into account not only economic benefit indicators, but also environmental factors in the credit issuance process, and then making appropriate loan decisions.

绿色信贷指的是银行业更具国家环保政策和产业经济政策，采用利率补贴的优惠利率和其他扶持政策来引导商业银行将信贷业务偏向于环保企业，而对双高企业进行贷款额度限制和高利率惩罚，限制其发展，从而引导银行业的资金从高污染环境破坏型企业向国家支持的产业流动，实现资金的“绿色配置”。

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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