CBN丨China's CPI grows 2.5% in June, fastest in a year

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Hi everyone. I’m Stephanie LI.

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重点提要 

China’s consumer inflation in June came in slightly higher than expected as fuel and pork prices soared;

Anti-monopoly watchdog fines Alibaba and Tencent 500,000 yuan each for failing to report deals.

中国经济要闻

China's consumer price index (CPI), a main gauge of inflation, rose by its fastest annual pace in June amid the volatile global energy costs and low base effect, according to official data released by the National Bureau of Statistics (NBS) on Saturday.

China's June CPI rose 2.5 percent year-on-year, expanding from 2.1 percent in May, but was unchanged month-on-month, NBS data showed. Experts said consumer inflation came in slightly higher than market expectations, warning of pressures from rising pork prices, imported inflation risks and a gradual pickup in demand.

The prevention and control of the epidemic in China were stable, the supply of essential livelihood commodities was sufficient, and the operation of consumer prices was generally stable in June, according to Dong Lijuan, a statistician at the NBS. 

The increase on a year-on-year basis was mainly due to the low base effect. Food prices rose 2.9 percent year-on-year in June, while non-food prices gained 2.5 percent. In particular, gasoline and diesel prices surged 33.4 percent and 36.3 percent from a year earlier. 

Since late June, the trend of the pork retail price curve has been steep, showing a rapid upward trend, according to the monitoring data of the National Development and Reform Commission (NDRC). The  economic planner said last Wednesday that it was studying the launch of the central pork reserve to prevent pork prices from rising too fast.

Meanwhile, the producer price index (PPI), the main gauge of the factory price, continued to moderate in June for six straight months from 2022. The PPI increased 6.1 percent from a year earlier, lower than the 6.4 percent rise in May,  

China's inflation still faces continued upward pressure due to domestic and international factors, which may request the government to take more measures in the future to stabilise prices and ensure supplies, experts noted.  

7月9日，国家统计局发布的6月物价数据显示，在猪肉、汽油、服务价格上涨和上年同期低基数等因素带动下，6月全国居民消费价格（CPI）同比增速创下2020年8月以来新高。

6月份，我国CPI同比上涨2.5%，涨幅较上月回升0.4个百分点，但环比持平。

国家统计局城市司高级统计师董莉娟认为，6月以来，我国疫情防控总体形势向稳趋好，重要民生商品供应充足，居民消费价格运行总体平稳。

从同比看，CPI的上涨主要是去年基数走低所致。其中，食品价格上涨2.9%，影响CPI上涨约0.51个百分点；非食品价格上涨2.5%，影响CPI上涨约2.01个百分点。非食品方面，汽油和柴油价格分别上涨33.4%和36.3%，涨幅均有所扩大。

值得关注的是，据国家发展改革委监测数据显示，6月下旬以来，猪肉零售价曲线走势陡峭，呈现快速上涨的态势。7月6日，国家发展改革委表示正在研究启动投放中央猪肉储备，防范生猪价格过快上涨。

与此同时，6月份，复工复产持续推进，重点产业链供应链逐步畅通稳定，保供稳价政策效果继续显现。

从同比看，全国工业生产者出厂价格（PPI）上涨6.1%，涨幅比上月回落0.3个百分点，主要是去年基数走高的影响，今年以来已连续6个月回落。

从环比看，PPI由上月上涨0.1%转为持平。国际原油价格变动带动国内相关行业价格上涨，其中石油和天然气开采业价格上涨7.0%。

专家指出，未来我国将继续面对结构性通胀压力与外部输入压力并存的局面，保供稳价政策应当继续推进。同时，PPI将继续保持连续回落态势。通胀对货币政策不构成较大压力。

疫情简报

Shares in China and US based Brii Biosciences soared over 27 percent today after its joint venture TSB Therapeutics Beijing announced the roll-out of its first commercial batch of a homegrown COVID-19 neutralising antibody therapy last Friday. The treatment is currently priced at nearly 10,000 yuan per dose. Since March, a number of healthcare security bureaus have added the therapy into medical reimbursement lists. Latest data shows that the therapy is effective against Omicron subvariants BA.4 and BA.5.

首个国产新冠中和抗体联合疗法上市：7月11日，港股腾盛博药开盘大涨，收盘涨超27%。8日，腾盛博药及旗下控股公司腾盛华创宣布，其新冠中和抗体安巴韦单抗和罗米司韦单抗联合疗法在中国商业化上市，首批抗体药物已经实现商业放行。该药也是首个获批的国产新冠中和抗体联合疗法药物，将定价在1万元人民币以内。自今年3月22日起，多个省市医保局陆续将安巴韦单抗和罗米司韦单抗联合疗法纳入本地医保基金支付范围。临床数据显示，该联合疗法对奥密克戎变异株BA.4和BA.5展现了很好的病毒抑制效果。

Shanghai's first nucleic acid industrial park will start construction in the Shanghai Hangzhou Bay Economic & Technological Development Park in the middle of July, with a planned area of 3 square kilometres. A 720-mu of pilot area will be built for the nucleic acid industries during the early phase, media reported yesterday.  

上海首个核酸产业园开工：上海杭州湾经济技术开发区全力打造“东方美谷·生命信使”核酸产业生态圈，上海市首个核酸产业园将于本月中旬在开发区正式开工。据悉，核酸产业特色园区占地3平方公里，先期将打造720亩核酸产业首发地、先行区。 

区域观察

Beijing and other Chinese cities are distributing tens of millions of US dollars’ worth of coupons and subsidies in the catering, auto, tourism and other sectors to get people spending again after the fallout from a resurgence of Covid-19. Hangzhou on Friday launched a third round digital consumption coupon worth 80 million yuan. Chengdu also launched a second round of offline consumption coupons that day. Beijing will issue 100 million yuan in food and beverage coupons starting this month, and will offer accommodation vouchers worth up to 1,000 yuan per customer, to a maximum value of 30 million yuan, through tourism platforms over the next three months.  

多地发放消费券：近日，中国多地先后发放消费券以刺激零售经济的发展。7月10日起，北京市文化和旅游局总额不超过3000万元的京郊住宿消费券正式发放，近万家京郊酒店、乡村民宿可享受5折优惠，最高补贴达1000元。5月17日、7月1日，成都市通过云闪付分别发放了两批线下消费券，财政资金规模近2亿元。杭州于8日17时开始发放2022年第三期数字消费券，发放总额为8000万元，共160万个券包。此前，四川与北京分别于前几日发放了第二批线下消费券和餐饮债券。 

产业及公司新闻

Tesla's sales in China stood at 78,906 units in June, up 138 percent year-on-year. Deliveries from its Shanghai Gigafactory came to 77,938 units, up 177 percent year-on-year. Both sales and deliveries hit record highs, according to data from Tesla China on Friday. 

特斯拉中国6月交付量创新高：乘联会数据显示，特斯拉中国6月份共计交付7.89万辆。今年上半年，特斯拉中国共交付29.5万辆汽车。具体来看，6月出口968辆，国内销售77938辆。 

Shares of Chinese technology firms Alibaba and Tencent sank on Monday, a day after Chinese regulators fined their subsidiaries for not disclosing transactions and failing to comply with anti-monopoly rules. The State Administration for Market Regulation (SAMR) imposed a fine of 500,000 yuan each on companies including Alibaba Group, Tencent Holdings and SoftBank Corp for violating the Anti-Monopoly Law. The SAMR said these companies were found to have not declared the concentration of business operators as per legal requirements, which may lead to a monopoly.  

阿里腾讯因垄断再遭处罚：7月10日，市场监管总局公开了包括阿里巴巴、腾讯等知名企业在内的28起未依法申报违法实施经营者集中案件的行政处罚书。根据《反垄断法》，此次公开的多数案件均构成未依法申报违法实施的经营者集中，各处以罚款50万元的行政处罚。今天阿里巴巴股价重挫5.8%，腾讯跌2.9%。 

Shares of Guangdong Rising Holdings Group soared by the exchange-imposed limit after announcing one of its units has won the mining rights to a rare earth mine in Guangdong province, which will increase the Chinese developer of rare earth resources by eight times. Xinfeng Guangdong Rising Rare Earth Development secured the license to rare earth mining in Xinfeng County for 25 years, the Guangzhou-based parent company announced late Sunday.

广晟有色股价创今年新高：广晟有色11日开盘封上涨停，创今年股价新高。7月10日晚间，广晟有色发布公告称控股子公司新丰广晟稀土开发有限公司于7月8日取得国家自然资源部颁发的《中华人民共和国采矿许可证》，核准开采矿“新丰广晟稀土开发有限公司左坑稀土矿”，开采许可时间为2022年5月12日至2047年5月12日。

金融市场消息

Chinese non-financial institutions raised net financing through debt financing instruments reached about 1.1 trillion yuan in the first half of 2022, an increase of 500 billion yuan from the same period last year, data from the National Association of Financial Market Institutional Investors showed Friday. In the first half, non-financial institutions issued 4.73 trillion yuan of debt financing instruments in the interbank bond market, up 6 percent year on year.  

银行上半年净融资超万亿：今年上半年，银行间市场债务融资工具发行金额为4.73万亿元，同比上升6%；合计净融资规模约1.1万亿元，同比增加约5000亿元。

Central China’s Henan Province banking and insurance industry regulator and the province's financial affairs supervision bureau said on Sunday that they will announce a plan in the near future to deal with the clients of four local banks who previously denounced they had problems withdrawing money from local banks. The authorities said they were ramping up the verification of the information of the clients and laying out a plan to protect the people’s legal rights.