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 keeps interest rates steady as officials voice faith in a stabilizing economy;

Huawei embraces all-intelligence strategy, said rotating chairwoman.

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

中国经济要闻

China kept benchmark lending rates unchanged at a monthly fixing on Wednesday, in line with expectations, as fresh signs of economic stabilization reduced the need for immediate monetary easing.

The loan prime rate (LPR), the market-based benchmark lending rate set by China's central bank, remained at 3.45 percent in September, while the five-year LPR, on which lenders base their mortgage rates, also remained unchanged at 4.20 percent.

Recent economic data showed the world's second-largest economy was finding its footing after a sharp slowdown, while yuan declines have reduced the urgency for authorities to aggressively lower interest rates to prop up growth.

At a Wednesday press conference, Cong Liang, vice chairman of China’s chief planning agency, the National Development and Reform Commission, said the country’s resilience during past crises was grounds for confidence and that improved factory output and tourism figures show the economy is on the mend.

China will intensify macro-control efforts and focus on expanding domestic demand, boosting confidence, preventing risk and striving to achieve annual economic development goals, Cong said.

He added that commodity prices have still been running at low levels this year and need to be paid attention to. However, judging from factors such as price levels, demand recovery, economic growth, and money supply comprehensively, there is no so-called deflation in the Chinese economy, and there will be no deflation in the future.

The central bank has also reinforced its commitment to firmly forestall any foreign exchange rate overshooting and keep renminbi exchange rates generally stable at a reasonable and balanced level.

More attention should be given to the exchange rate of the yuan against a basket of currencies, Zou Lan, head of the central bank's monetary policy department, said on Wednesday’s news conference.

Zou said China will curb market disruptions, correct one-sided yuan moves and guard against the risk of the currency overshooting.

今日，新一期贷款市场报价利率（LPR）公布，其中1年期LPR为3.45%、5年期以上LPR为4.2%，均与上月持平，符合市场预期。

在业内人士看来，LPR持稳符合市场预期。央行在9月15日开展中期借贷便利（MLF）时，操作利率维持2.5%不变。在MLF操作利率不变的情况下，LPR变化的概率较低。此外，6月和8月LPR已经两次下降，目前企业贷款利率已经处于历史地位。近期连续降息的政策效用正在显现，存量首套房贷利率调整的效果，远远大于5年期以上LPR一次常规的下降。展望后期，业内认为，年底前不能完全排除LPR报价再度下调的可能。

9月20日，国新办举行国务院政策例行吹风会，国家发展改革委副主任丛亮表示，今年以来物价仍然是在低位运行，需要引起重视，但是综合物价水平、需求恢复、经济增长、货币供应量等这些因素一块判断，中国经济不存在所谓的通缩，后期也不会出现通缩。

丛亮表示，展望未来，随着存量政策与增量政策叠加发力，政策效应不断累积，积极因素不断增多，我们完全有理由相信，我国经济将回升向好、长期向好。目前，内外部看空中国、唱衰中国的杂音不少，我想说的是，这种论调过去从来没有实现过，现在和未来也注定不会实现。

中国人民银行货币政策司司长邹澜在新闻发布会上称，人民币对美元汇率非常重要，但并不是人民币汇率的全部，还应该综合全面看待，更加关注人民币对一篮子货币汇率的变化。

邹澜称，人民银行将继续精准有力实施好稳健的货币政策，加强逆周期调节和政策储备，以高质量金融服务助力高质量发展。综合运用多种政策工具，保持流动性合理充裕；发挥国有大行的支柱作用，增强信贷增长的稳定性。

下一阶段，人民银行、外汇局将坚决贯彻落实党中央、国务院决策部署，以保持人民币汇率在合理均衡水平上基本稳定为目标，立足长远、发轫当前、综合施策、校正背离、稳定预期，坚决对单边、顺周期行为予以纠偏，坚决对扰乱市场秩序行为进行处置，坚决防范汇率超调风险。

Imports of Japanese aquatic products by China and South Korea plunged in August as a result of Japan's dumping of nuclear-contaminated wastewater, according to customs data. China's seafood imports from Japan in August dived 67.6 percent from a year earlier to 149.02 million yuan ($20.44 million), after a fall of 28.5 percent in July. China banned imports of all seafood from Japan starting from August 24. South Korea imported seafood worth $7.81 million from Japan in August, down 34.8 percent year-on-year, while volume fell 24.9 percent to 1,622 tons.

中韩两国8月日本水产品进口额大幅下滑：根据中国海关总署9月18日发布的数据，中国8月日本水产品进口额为1亿4902万元，较去年8月减少67.6%，较今年7月减少28.5%。岸田政府8月24日启动福岛核污染水排海，中国海关总署宣布全面暂停进口日本水产品。同时，据韩国关税厅(海关)9月18日发布的贸易统计数据显示，韩国自日本进口鱼贝类规模同比下降24.9%，为1622吨。进口额同比下滑34.8%，为781万美元。

Moving on to regional highlights

区域观察

Wuhan, the capital of central China’s Hubei province, scrapped home purchase limits across the city late Tuesday, joining a slew of second-tier cities and following measures by the four biggest cities to lower down payment and mortgage rates for more homebuyers. Since the beginning of September, 11 cities including Shenyang, Nanjing and Zhengzhou have lifted home-buying curbs, leaving less than 20 cities across China that still have such policy in place.

武汉全面取消住房限购：9月19日晚间，核心二线城市武汉发布《关于进一步促进我市房地产市场平稳健康发展的通知》提到，取消二环线以内住房限购政策，自此，武汉持续近七年的住房限购政策全域取消。在“认房不认贷”等组合政策陆续落地后，不少城市自9月起陆续全面取消限购或缩小限购范围。9月1日至19日，已有沈阳、南京、郑州等11个城市全面取消限购。据统计，目前仍存在限购的城市不足20个。

The China Coffee Innovation Park (CIP) of US coffee chain Starbucks has officially begun operation in Kunshan, Jiangsu province. With a total investment of 1.5 billion yuan, the 80,000-square-meters CIP is Starbucks' biggest investment in any coffee manufacturing and distribution center outside the US, the Seattle-based company announced yesterday. The park is also Starbucks' most energy-efficient and sustainable coffee manufacturing and distribution center in the world.

星巴克中国昆山咖啡创新产业园投用：9月19日，星巴克在美国市场以外最大的生产性战略投资——星巴克中国咖啡创新产业园在江苏昆山举行开园仪式并正式投入使用。这也标志着星巴克在全球范围内首次以单一区域市场实现“从生豆到咖啡”的垂直产业链规模化整合。星巴克中国咖啡创新产业园占地面积约8万平方米，总投资额达15亿元人民币，是星巴克在中国最大的智能化咖啡生产和物流基地，也是星巴克在全球首屈一指的绿色节能生产基地。

Greater Bay Area, Greater future

新使命，大未来

Several Hongkongers have made it through to the final selection round to join the nation's space program, Hong Kong Innovation and Technology Secretary Sun Dong revealed on Wednesday. Sun said over a hundred Hongkongers originally signed up, and several are still in the running. For the first time, central authorities invited applications from Hong Kong and Macao residents last year for roles as payload specialists in future space missions.

香港候选人进入国家载人航天工程载荷专家选拔定选阶段：香港特区政府创新科技及工业局局长孙东9月20日在港表示，有不止一位香港候选人进入国家载人航天工程载荷专家选拔定选阶段。2022年，中国载人航天工程办公室宣布启动第四批预备航天员选拔工作，并首次在香港特区选拔载荷专家。孙东表示，香港社会对此非常关注，最初收到120人的申请参与选拔。

Cathay Pacific said its passenger numbers rose sharply in August, supported by the traditional peak summer season. The SAR's flagship airline announced on Wednesday that it carried a total of almost 1.8 million passengers in August, up 603 percent from a year earlier. However, the figure is still significantly lower than the three million passengers it carried in August 2019. The airline is also seeing a pick-up in its cargo business, saying it carried almost 116,919 metric tons of cargo last month – up 11.5 percent from a year ago.

国泰航空8月载客量同比大增6倍：国泰航空9月20日公布2023年8月份客、货运量数据，公司在2023年前八个月总载客量突破一千万人次。国泰航空于8月份载客1784980人次，较2022年同月增加603%。国泰航空于8月份运载116919公吨货物，较去年同月增加11.5%。

Next on industry and company news

产业及公司新闻

Chinese tech giant Huawei said on Wednesday that it is committed to building a solid computing base for China and building a second choice for the world, as it embraces an all-intelligence strategy. Meng Wanzhou, rotating chairwoman and CFO of Huawei, said at Huawei Connect 2023 in Shanghai that computing power is the core driving force for the development of artificial intelligence. Separately, Huawei has obtained more than 120,000 authorized patents worldwide, the company said at an intellectual property forum on Tuesday. Over the past 10 years, its accumulated R&D expenditure has reached 977.3 billion yuan, according to the company.

华为提出全面智能化战略：9月20日，华为全联接大会2023在上海举行。华为副董事长、轮值董事长、CFO孟晚舟在大会上发表主题演讲表示，当前，人类社会正加速迈向智能世界，数据正在爆炸式增长，智能技术也在突飞猛进，以强大算力为基础的各种模型和算法不断涌现，应用场景日益丰富，创新的“矢量效应”更加凸显，未来超越想象，华为将从过去十年从All IP到All Cloud，正式启动全面智能化（All Intelligence）战略，持续打造坚实的算力底座，满足各行各业多样性的AI算力需求，做厚“黑土地”，为世界构建第二选择。此前，华为首席法务官宋柳平在“2023创新和知识产权论坛”上表示，截止2022年底，华为在全球共持有有效授权专利超过12万件。十年累计投入的研发费用超过9773亿人民币。

China's installed capacity of wind and solar power surged in the first eight months of the year, data from the National Energy Administration (NEA) showed Tuesday. By the end of August, the installed capacity of solar power in the country expanded 44.4 percent year-on-year to 510 million kilowatts, while that of wind power stood at about 400 million kilowatts, representing a yearly increase of 14.8 percent, the data showed. Newly installed capacity of solar power reached 113 million kilowatts in the period, a year on year increase of 150 percent. The country's installed power generation capacity totaled about 2.76 billion kilowatts by the end of last month, rising 11.9 percent year-on-year, the NEA said.

中国光伏年新增装机首次超1亿千瓦：9月19日，国家能源局公布1-8月份全国电力工业统计数据。截至8月底，全国累计发电装机容量约27.6亿千瓦，同比增长11.9%。其中，风电累计装机容量约4亿千瓦，同比增长14.8%；太阳能发电累计装机容量约5.1亿千瓦，同比增长44.4%，在所有品类中同比增速最快。今年1-8月，太阳能新增发电装机容量达到1.13亿千瓦，同比增长约1.5倍，占全部电力新增装机的约57%。这也是中国光伏年新增装机首次超过1亿千瓦。

Boeing is forecasting that China will need 8,560 new commercial airplanes through 2042, driven by economic growth well above the global average and increasing public demand for air travel. China's commercial airliner fleet will more than double to nearly 9,600 jets over the next 20 years, according to Boeing's Commercial Market Outlook. In light of the ongoing recovery of air travel, China will account for one fifth of the world's airplane hand-overs in the next two decades. China's domestic aviation market also will be the largest in the world by the end of the forecast period, helping power demand for 6,470 single-aisle airplanes such as the Boeing 737 MAX family, the outlook said.

波音预测中国未来20年需8560架飞机：9月20日，据波音消息，波音预测，在远高于全球平均水平的经济发展和国内航空旅行增长的推动下，中国在未来20年将需要8560架新飞机。根据波音发布的《当前民用航空市场展望》，在2042年前，中国的民航机队规模将增长一倍以上，达到近9600架飞机。随着航空旅行的恢复，波音预测，中国在未来20年接收的飞机将占到全球交付量的五分之一。波音表示，中国国内航市场的规模将在预测期的后期发展到全球之冠，从而驱动对6470架以波音737 MAX家族为代表的单通道飞机的需求。

Shares in Li Auto dropped after one of its directors and CEO of Chinese on-demand services giant Meituan trimmed his stake for four days running following previous reductions earlier this year. Wang Xing sold 1.948 million shares in Li Auto between Sept. 12 and 15 at an average price of HKD160 apiece, cashing in HKD311 million, according to the Hong Kong Stock Exchange website. This has diluted Wang’s equity to 384 million shares.

理想汽车最大外部股东王兴再减持：9月19日消息，港交所披露信息显示，美团首席执行官兼理想汽车非执行董事王兴，上周连续4天减持理想汽车。王兴在9月12日至15日期间，累计减持了194.8万股，平均价在157.8～160.5港元，合计套现3.1亿港元。减持后，王兴持有3.8亿股理想汽车股票，持股比例降至21.79%。

Switching gears to financial news

金融市场消息

Cash-starved Country Garden won approval from creditors to extend repayment on another onshore bond worth about 15 billion yuan, the last in the batch of eight bonds it has been seeking extensions for, two sources familiar with the matter said on Tuesday. The repayment date of the bonds will be postponed for three years and the principal will be paid in six or seven installments, with a low payment ratio in the first two years and a higher one in the third, they added.

碧桂园150亿境内债成功展期：9月19日消息，碧桂园旗下“16腾越02”债券展期方案已获表决通过，这意味着碧桂园旗下9只计划展期的境内债目前已全部成功展期，涉及金额约为150亿。碧桂园给出的9只债券的展期方案大致相同，均是展期三年，发行人提供增信措施。具体而言，发行人给出的方案为债务到期偿付利息，本金展期三年；到期后的第1、2、3个月分别支付2%的本金，第12个月支付10%的本金，第24个月支付15%的本金，30个月支付25%本金，第36个月支付剩余44%的本金。

Emerging Chinese electric vehicle maker Nio plans to issue up to US$1 billion worth of convertible bonds, only two months after obtaining investments from an Abu Dhabi-backed firm CYVN Holdings. According to Nio's statement, the EV maker will issue US$500 million in convertible senior notes due 2029 and another batch of the same value due 2030. Nio will use the net proceeds to repurchase some existing debt securities, with the rest mainly to strengthen its balance sheet.

蔚来拟发行10亿美元可转换债：9月19日，蔚来汽车在港交所发布公告称，拟发行10亿美元可转换优先债券。其中，这10亿美元将分为2029年到期的5亿美元可转换优先债券和2023年到期的5亿美元可转换优先债券，一经发行，债券将为蔚来的优先、无抵押债务。据悉，6月20日，蔚来汽车宣布与阿布扎比投资机构CYVN Holdings签订股份认购协议。蔚来汽车获得阿布扎比的资金支持，可以增加现金储备，强化资产负债表。

Wrapping up with a quick look at the stock market

股市收盘情况

Chinese stocks sank further on Wednesday with total turnover of the A-share market hitting a fresh yearly bottom of less than 600 billion yuan. The benchmark Shanghai Composite and the Shenzhen Component both shed 0.5 percent. Hong Kong’s Hang Seng index ended 0.6 percent lower, while the TECH index lost 1.6 percent.

A股港股震荡收跌：周三大盘全天震荡调整，三大指数均小幅下跌，创业板指再创调整新低。截至收盘，沪指跌0.52%，深成指跌0.53%，创业板指跌0.77%。沪深两市全天成交额5733亿元，较上个交易日缩量617亿，成交额跌破6000亿续创年内新低。北向资金全天净卖出35.40亿元。港股恒生指数收跌0.62%，恒生科技指数收跌1.58%。

Biz Word of the Day

财经词汇划重点

Payload specialistsare scientists whose only reason for going on a space flight is to carry out some specific research in their own field of expertise. Though they are considered to be members of the crew, they are not trained for and do not need to know how to operate the shuttle, nor do they need to pass the stringent physical examinations required for career astronauts.

载荷专家，一般是科学家或有特殊专长的工程技术人员。载荷专家在长期飞行的空间站或航天飞机上从事某项科学研究和实验工作，只负责有效载荷的管理和操作。

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.

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编委: 于晓娜

策划、编辑：李艳霞

播音：李莹亮

撰稿：李莹亮，实习生黄青衣

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