CBN丨Politburo focused on economic recovery

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重点提要 

Key Party meeting vowed that ensuring economic stability is now top priority;

Flights and train ticket searches surged after China further eased anti-COVID curbs.

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

中国经济要闻

China will work harder next year to coordinate its pandemic response and socioeconomic development, comprehensively intensify reform and opening-up, boost market confidence and expand domestic demand, according to a key Party meeting on Tuesday.

As they ease coronavirus controls and pivot towards a reopening, China's new leadership line-up is looking to prioritise economic recovery while trying to stabilise employment for 2023.

The policy shift, touched on during Tuesday's tone-setting meeting of China's primary decision-making body, reflects how Beijing is taking a pragmatic approach and allowing due time for its adjustments to pay economic dividends, particularly amid worsening external demand.

"For the next year, we must make economic stability our top priority and pursue progress while ensuring stability," the official Xinhua reported on Wednesday morning, citing a statement following the Politburo meeting.

Policymakers have taken significant steps recently to address the biggest economic headwinds, relaxing some Covid controls and announcing a spate of rescue measures for the struggling property sector. 

Fiscal policy will be kept active next year with a focus on improving its efficiency, according to the Politburo statement, suggesting a ramping up of stimulus. 

On monetary policy, the Politburo stuck to its description that measures will be “prudent,” while adding that it should be “targeted and forceful.” That’s in contrast to the language in the central bank’s report last month, which said monetary policy will be “flexible and appropriate.” 

Consumption and investment should play a key role in expanding domestic demand, the Politburo said. Industrial policy should focus on development and security with supply chain resilience improved. Science and technology policy should focus on enhancing self-reliance. 

The economic analysis meeting of the 24-member Politburo is considered a prelude to the upcoming central economic work conference. Participants will gather to outline economic priorities for next year and discuss the nation’s GDP growth target.

7日，新华社消息，中共中央政治局12月6日召开会议，分析研究2023年经济工作。

明年是全面贯彻落实党的二十大精神的开局之年。会议指出，要大力提振市场信心，实现质的有效提升和量的合理增长，推动经济运行整体好转。

专家分析，明年主基调仍是稳增长，消费和有效投资将会是推动经济复苏的主力。财政政策要加力提效，货币政策要精准有力。明年将更好统筹疫情防控和经济社会发展。减少疫情对经济社会发展的影响，引导经济向好发展，做好防风险工作。

会议提出，明年要突出做好稳增长、稳就业、稳物价工作，有效防范化解重大风险，推动经济运行整体好转，实现质的有效提升和量的合理增长。从表述看，对稳增长的诉求有所增加。近期，多位官方智囊也表达了对经济增速目标的预期，2023年的增速目标预计在5%或以上，这既和当前的潜在增速相符，也符合中长期的发展目标。

关于内需方面，会议指出，要着力扩大国内需求，充分发挥消费的基础作用和投资的关键作用。考虑到明年海外经济衰退等因素，外需继续放缓是大势所趋。内需在疫情防控优化背景下，消费增速预计会有好转，但基建投资继续保持高增长的难度加大。

财政政策方面，会议指出，明年要坚持稳字当头、稳中求进，继续实施积极的财政政策和稳健的货币政策，加强各类政策协调配合，优化疫情防控措施，形成共促高质量发展的合力。其中，积极的财政政策要加力提效。

而结构性货币政策继续发挥作用。会议指出，稳健的货币政策要精准有力。精准意味着结构性货币政策继续发挥作用、支持特定领域，有力意味着货币政策要真正作用于实体经济并见到实效。

关于提振市场信心，会议表示，要更好统筹疫情防控和经济社会发展，更好统筹发展和安全，全面深化改革开放，大力提振市场信心。会议再次强调了“两个毫不动摇”，提出“激发全社会干事创业活力”。需要注意的是，“让干部敢为、地方敢闯、企业敢干、群众敢首创”是新提法。

一般而言，在12月政治局会议结束几天后，中央经济工作会议就会召开，因此12月政治局会议被视为中央经济工作会议的“前奏”。

Moving on to regional highlights

区域观察

The final link in the 5,111-kilometer natural gas pipeline that runs from the gas fields of eastern Siberia to Shanghai was put into operation yesterday, allowing Russian gas to directly reach the developed east coast of China. The Tai'an-Taixing section of the China-Russia East Route Natural Gas Pipeline has been completed and the section running north to south along the east coast of China has been connected to the pipeline which runs west across the country from Taixing in eastern Jiangsu province to Russia, media reports said. The China-Russia East Gas Pipeline is the country’s third major cross-border natural gas pipeline.

中俄东线天然气管道泰安至泰兴段正式投产：12月8日，国家管网集团中俄东线江苏工程项目部表示，中俄东线天然气管道泰安至泰兴段已于12月7日正式投产，这不仅标志着中国东部能源通道全面贯通，来自西伯利亚的清洁能源全面供应长三角地区，同时由北向南的中俄东线天然气管道与由西向东的“西气东输”管道系统也在江苏泰兴正式联通，这将大幅提升我国东部沿海地区天然气供应量，为东部地区能源保障注入强劲动力。

Greater Bay Area, Greater future

新使命，大未来

The Ministry of Finance on Wednesday issued 5 billion yuan ($716.32 million) worth of treasury bonds in Hong Kong, the fourth round of treasury bond sales in the SAR this year. The issuance, which included two-year bonds worth 4 billion yuan and 10-year bonds worth 1 billion yuan, was well received by institutional investors with the total bid amount reaching 17.68 billion yuan, 3.54 times the amount in circulation, according to the Hong Kong Monetary Authority.

财政部在港发行50亿元人民币国债：据财政部网站消息，12月7日，中华人民共和国财政部在香港特别行政区，面向机构投资者招标发行2022年第四期50亿元人民币国债，机构投资者积极参与，认购总额176.8亿元，认购倍数3.54倍。其中，增发2年期40亿元，发行价格99.99元，相当于发行利率2.45%；增发10年期10亿元，发行价格98.95元，相当于发行利率2.95%。

Guangzhou has unveiled a three-year plan to make the south China’s metropolis a leading domestic hub for the production and use of hydrogen-powered vehicles. The capital of Guangdong province aims to have a fuel cell vehicle (FCV) industry worth 10 billion yuan by 2025, according to the plan the local government released Tuesday. Guangzhou should also have no fewer than 2,500 FCVs in use by 2025. Regarding infrastructure, the plan shows the city is looking to have a stable supply capacity of 40,000 metric tons of hydrogen before 2026, with three-quarters of that produced locally. Guangzhou also aims to build a wide network of 50 hydrogen refueling stations by 2025.

广州力争2025年氢能产业规模超百亿：12月6日，广州市发展改革委官网发布《广州市燃料电池汽车示范应用工作方案（2022-2025年）》，提出到2025年，广州燃料电池汽车达到规模化推广应用，全产业链实现补链强链，初步建成具有国际影响力的氢能枢纽。方案提出，到2025年，广州力争全市燃料电池汽车产业规模超过100亿元，培育不少于5家在产业链核心零部件领域排名全国前五的头部企业，打造覆盖全产业链、技术先进的燃料电池汽车核心零部件和整车研发制造基地。在基础设施方面，到2025年，形成市内年产约3万吨、市外年供应1万吨车用氢气的稳定保障体系，力争建成加氢站50座以上，形成与燃料电池汽车推广应用相匹配的车用供氢网络。

Next on industry and company news

产业及公司新闻

Searches and bookings for flights and train tickets skyrocketed on Wednesday after China’s further easing on anti-COVID curbs. On domestic online travel platforms Tongcheng Travel and Trip.com, the number of ticket searches for trips in the first week of the 2023 Spring Festival travel season reached the highest level for the first week of the travel rush in the past three years. The number of instant searches for airline tickets rose 438 percent compared with recent days, and the number of searches for train tickets rose 276 percent, according to statistics shared by Tongcheng Travel.

火车机票瞬时搜索量暴增：12月7日，优化防疫“新十条”发布后，携程平台机票瞬时搜索量猛增160%，其中春节前夕（腊月二十五至除夕）的机票搜索量暴涨至三年以来最高点。同程旅行平台机票瞬时搜索量较前日同一时段上涨438%，火车票瞬时搜索量上涨276%。

Jack Ma, founder of e-commerce giant Alibaba, resigned as president of the General Association of Zhejiang Entrepreneurs, a position he held since 2015. The Chinese billionaire was the first president of the nonprofit organization formed by Zhejiang businesspeople in 2015. Nan Cunhui, chairman of electrical components manufacturer Chint Group, was elected as the new president Wednesday, the association said.

马云卸任浙商总会会长：据@浙商杂志官方微博12月7日消息，在今日结束的浙商总会第二届理事大会上，马云卸任浙商总会会长，正泰集团董事长南存辉当选新一届浙商总会会长。浙商总会是以浙商会主体、自愿组成的非营利性、联合性社会团体，总部位于浙江杭州，成立于2015年10月24日。

Tesla is offering further incentives to Chinese customers who buy and take delivery of new cars this month in the latest move to boost sales in the world’s biggest electric vehicle market. The pioneering EV company will subsidize purchases by 6,000 yuan for Model 3 sedans and Model Y sport utility vehicles. The Model 3 currently starts at 265,900 yuan and the Model Y at 288,900 yuan after government subsidies, a company representative said Wednesday.

特斯拉现车限时补贴6000元：国家新能源汽车财政补贴政策退坡在即，特斯拉再度推出6000元限时优惠。12月7日，特斯拉开启新一轮降价方案，这一轮降价从12月7日开始，到12月31日结束。具体方案为现车提车直接减免6000元，并叠加此前4000元保险补贴，2万积分赠送的方案。今年10月，特斯拉宣布下调中国大陆地区在售的Model 3与Model Y车型售价，降价区间1.4万元至3.7万元。

Switching gears to financial news

金融市场消息