CBN丨China’s 618 shopping festival shows rebound of consumpti

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Hi everyone. I’m Stephanie LI.

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重点提要 

618 promotion mirrors rebound of China's consumption after curbing Omicron wave;

China’s State Council appoints principal officials of sixth-term HKSAR government.

中国经济要闻

Major Chinese e-commerce platforms have reported record sales during this year's just-ended “618” shopping festival, which ran for the past 18 days and concluded Sunday, shrugging off concerns that consumer demand is "faltering" amid the continuous impact of the epidemic and a decline in retail trade for three months.

On Sunday, JD.com reported a total transaction volume of 379.3 billion yuan ($56.47 billion) for the shopping bonanza this year, increasing by 10.3 percent from last year, as of Saturday. 

Shanghai and Beijing, the two largest Chinese cities in terms of gross domestic product, have picked up momentum for recovery after Omicron hit. Data from JD.com showed Beijing and Shanghai respectively ranked first and second among Chinese cities during the platform's 618 festival in spending power as of Saturday, while Guangdong province remained on top in terms of provincial consumption.

Other major e-commerce platforms also reported improved sales performances. Sales of Suning.com’s offline stores surged 182 percent year-on-year. Orders worth more than 70,000 yuan saw a 103-percent year-on-year increase, the company said.

Sales data released by Pinduoduo over the weekend showed that the sales of home appliances on the platform had doubled from a year earlier. New innovative players such as livestreaming platform giant Douyin have also entered the new business arena. Data from Douyin showed that from June 1 to 18,  the number of merchants participating in the sales festival increased 159 percent year-on-year, with total livestreaming of more than 40 million hours, contributing to production resumption.

In addition, many overseas brands are also enjoying record sales during this year's 618 event. More than 29,000 overseas brands from 87 countries and regions joined the shopping spree on Alibaba's Tmall, including more than 3,000 new overseas brands, according to a statement by Tmall. Prada's sales in the first hour on Tmall since this year's festival kicked off on May 31 grew by triple digits from last year.

Chinese economic activities remained weak in most of May, while the pace of decline slowed. During May, China's retail sales of consumer goods plunged by 6.7 percent on a yearly basis to end at 3.35 trillion yuan, followed by a decline in retail by more than 11 percent in April and fall of 3.5 percent in March.

To stimulate the economy, China's State Council, the country's cabinet, in May held what was seen as an unprecedented national video teleconference on stabilizing the economy, stressing the need to better implement measures to safeguard the economy operating in a reasonable range as well as to further boost consumption.

被电商平台及大小商家寄予厚望的618，终于在周日收官。和往年相比，今年“618”更多了一层不寻常的意义，除了是消费者久违的购物节，也被业内视为拉动内需的“关键战役”、提振消费的重要抓手，更是对消费复苏和经济韧性的一次检验。

京东数据显示，2022年京东618总成交额创下历史新高，为3793亿元，同比增长10.3%。5月31日晚8点京东618开场后，Apple及小米品牌手机成交额1秒钟破亿；vivo、华为、荣耀、OPPO、一加等手机成交额同比增长200%。根据京东最新数据，今年“618”期间，在京东平台全国31个省份购买力排名中，广东继续雄踞榜首，北京位居全国第2位。按城市排名，北京消费力位居第1位，客单价全国排名第1位，上海城市消费力排名第2位。

其他电商平台的销售业绩也有所改善。苏宁网线下门店销售额同比增长182%，万元以上高端家电销售同比增长103%。

拼多多周末发布的销售数据显示，该平台上的家电销量同比增长了一倍。像直播平台巨头抖音这样的创新玩家也进入了新的商业领域。抖音数据显示，6月1日至18日，参加销售活动的商家数量同比增长159%，总直播时间超过4000万小时。

此外，许多海外品牌的销售额在今年的618活动期间也创下了佳绩。天猫的一份声明显示，来自87个国家和地区的29000多个海外品牌加入了天猫的购物狂欢，其中包括3000多个新的海外品牌。自今年5月31日天猫节启动以来，普拉达在天猫商城第一个小时的销售额就比去年同期增长了三位数。

5月25日，国务院召开全国稳住经济大盘电视电话会议，就贯彻落实一揽子政策措施作出全面部署，其目的是推动经济回归正常轨道、确保经济能够运行在合理区间。6月15日，国家统计局数据显示，5月份，市场销售有所恢复，基本生活类商品销售和网上零售持续增长。5月社会消费品零售总额33547亿元，同比下降6.7%，降幅比上月收窄4.4个百分点。

新使命，大未来

China's State Council on Sunday appointed principal officials of the sixth-term government of the HKSAR based on the nominations put forward by the incoming chief executive John Lee. The officials will assume office on July 1, 2022. 

国务院任命香港第六届政府官员：6月19日，依照香港特别行政区基本法的有关规定，根据香港特别行政区第六任行政长官李家超的提名，国务院任命了香港特别行政区第六届政府主要官员，已任命主要官员将于2022年7月1日就职。

The economic development of the Hong Kong SAR has been steadily progressing in the past 25 years, thanks to the firm support of the central government and the country's stable development, the city's Finance Secretary Paul Chan Mo-po said on Sunday. Hong Kong has doubled its GDP to HK$2.86 trillion ($356.69 billion) in 2021 from HK$1.37 trillion in 1997, while total merchandise trade has tripled to over HK$10 trillion, ranking sixth in the world.

回归25年香港经济稳步发展：周日，陈茂波被任命继续担任香港特区政府财政司司长。陈茂波表示，在中央政府的坚定支持和市民的努力拼搏下，香港在过去25年间稳步发展，香港的生产总值翻了一番，达到逾2.8万亿港元；商品贸易总额增加逾两倍，破纪录超过10万亿港元，全球排名第六。

产经消息及公司新闻

China's domestic box office during the summer film season, which runs from June 1 to August 31, crossed the 1 billion yuan mark, including pre-sales, on Saturday, according to Chinese ticketing platform Maoyan. The June box office also exceeded 1 billion yuan, hitting this threshold for the first time in the past four months.

6月总票房已破10亿：据猫眼专业版6月18日消息，截至6月18日，2022年暑期档总票房（含预售）破10亿元，是时隔3个月中国电影市场再度迎来的单月票房破十亿元。

Tianqi Lithium advanced the listing hearing of the Hong Kong Stock Exchange, according to the bourse’s website late Sunday. The company proposed to raise up to $1.2 billion from the IPO, making it the biggest-size IPO of Hong Kong this year, market sources suggested.

天齐锂业或成港股年内最大IPO：6月19日晚间，据港交所官网披露文件显示，天齐锂业通过港交所上市聆讯。今年6月2日，天齐锂业发布公告称，经中国证监会批复，核准其发行不超过4.25亿股境外上市外资股。有消息称，天齐锂业此次IPO募集10亿至12亿美元，有望成港股年内最大IPO。

Shares in Sinopec Shanghai Petrochemical were trading down as much as 6 percent on Monday morning, after a huge fire erupted at a chemical refinery plant run by the unit of Chinese oil major Sinopec Group over the weekend, killing one person and injuring another. An investigation into the cause of the accident is ongoing.

上海石化开盘跌6%：上海石化周一开盘跌近6%，收盘跌2.4%。6月18日4时左右，中石化上海石化化工部乙二醇装置区域发生火情。经初步了解，火灾已造成一人死亡，一人受伤。目前，现场火势已经得到控制。

SAIC Motor, one of the largest Chinese automakers based in Shanghai, said Sunday that all of its three major plants in Shanghai have returned to pre-epidemic production levels, and the daily output has reached 13,000 units. China's automobile sector has been restored to normal, with both output and sales in May increasing more than 50 percent from April, the Ministry of Industry and Information Technology (MIIT) said on Friday. 

上汽三大车厂产量恢复正常：6月19日, 据上汽集团介绍，目前上汽乘用车、上汽大众、上汽通用三大在沪整车厂单日产量达到1.3万辆，基本恢复到疫情前的正常水平。工业和信息化部（MIIT）上周五表示，中国汽车行业已恢复正常，5月份的产销量比4月份增长了50%以上。

ByteDance disbanded a game development studio 101 Studio in Shanghai last week, letting about half of the 300-plus staffers go and offering internal transfers to the rest, which is a major setback for its quest to challenge Tencent Holdings in mobile gaming, media reported Friday.

字节解散上海游戏工作室：6月17日，媒体报道称，字节跳动解散了上海101游戏工作室，本周300多名员工已有一半离开。

金融市场要闻

The People's Bank of China on Monday authorised the National Interbank Funding Center to announce that the one-year loan prime rate (LPR) was kept at 3.70 percent, and the five-year LPR was unchanged at 4.45 percent. The data shows that in the current critical period of steady growth, China's financial industry has stepped up efforts to rescue the real economy, boost effective demand and stabilise economic growth.

6月LPR报价不变：6月20日，中国人民银行授权全国银行间同业拆借中心公布，2022年6月20日贷款市场报价利率（LPR）为：1年期LPR为3.7%，5年期以上LPR为4.45%。此次LPR数据体现了在当前稳增长的关键时期，我国金融行业加大力度为实体经济纾困，提振有效需求，稳定经济增速。

After some rural banks in Central China's Henan Province cut off online services to their clients, the provincial banking and insurance industry regulator and the province's financial affairs supervision bureau said late on Saturday that the case is under police investigation. Henan New Wealth Group was found to have manipulated and utilized the online trading systems of Yuzhou Xin Minsheng Village Bank and three other rural lenders after an initial probe, the provincial banking and insurance regulator said, adding that the diverted funds are being investigated. 

河南回应个别村镇银行取现难：6月18日，河南银保监局、河南省地方金融监管局就个别村镇银行有关问题作出回应称，针对近期个别村镇银行线上服务渠道关闭问题，各级金融管理部门密切配合公安机关开展调查，禹州新民生等村镇银行线上交易系统被河南新财富集团操控和利用的犯罪事实已初步查明，相关资金情况正在排查。