CBN丨Shanghai “reboots” as production and life fully resume n

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Hi everyone. I’m Stephanie LI.

大家好，我是主持人李莹亮。

重点提要 

Shanghai resumes normal production and life today; 

A closer look at the details of China’s 33-measure stimulus package announced on Tuesday.

中国经济要闻

China has mounted a full-fledged battle to stabilise its economy, as all levels of governments - from the State Council, the cabinet to ministries to local governments - raced to implement a sweeping set of 33 measures aimed at tackling specific challenges and keep economic operations within in reasonable range, according to an official notice on Tuesday.

The intensifying efforts from Chinese authorities to boost economic growth come as the COVID-19 epidemic situations in Beijing and Shanghai continued to improve, reflecting officials' confidence in keeping the virus under effective control, while shifting focus on economic stabilisation.

The new policy includes six areas, including fiscal support, investment, consumption, food and energy security, and supply chain stability in an effort to stabilise the economy while maintaining effective epidemic control. Small and medium-sized enterprises (SMEs), a prime contributor to the economy, are the focus of the government's supportive policies.

In terms of fiscal policy, China will speed up the issuance and use of the 3.45 trillion yuan special bond quota issued this year. It has targeted to complete the issuance by the end of June, and work to complete use of the fund by the end of August. 

Apart from the nine sectors included on the support list, new infrastructure and new energy projects should be given priority to be supported, the State Council said. In an apparent answer to the calls, the Shanghai and Shenzhen stock exchanges published rules on Tuesday to allow listed real estate investment trusts (REITs) to raise fresh money to fund acquisition of infrastructure projects.

In terms of monetary and financial policies, China will boost financing efficiency via capital markets, by supporting domestic firms to list in Hong Kong, and promote offshore listings by qualified platform companies.

To boost investment and consumption, China will support the healthy development of the platform economy and utilise the development of platform enterprises to drive relief for small, medium and micro-enterprises. The State Council also acknowledged the role of the sector in stabilising employment. 

In a bit to boost car sales, the circular said no new vehicle purchase restrictions shall be issued, and the Ministry of Finance also said on Tuesday that it would halve the purchase tax for small-engined cars.  

5月31日，国务院对外印发《扎实稳住经济一揽子政策措施》，提出财政政策、货币金融政策、稳投资促消费等政策、保粮食能源安全政策、保产业链供应链稳定政策和保基本民生政策等六方面33项具体措施，要求加快构建新发展格局，推动高质量发展，高效统筹疫情防控和经济社会发展，最大程度保护人民生命安全和身体健康，最大限度减少疫情对经济社会发展的影响，统筹发展和安全，努力实现全年经济社会发展预期目标等。

国务院通知明确指出，要推动一揽子政策措施尽快落地见效，确保及时落实到位，尽早对稳住经济和助企纾困等产生更大政策效应。需要出台配套实施细则的，应于5月底前全部完成。

其中，财政政策包括进一步加大增值税留抵退税政策力度、加快财政支出进度、加快地方政府专项债券发行使用并扩大支持范围、用好政府性融资担保等政策、加大政府采购支持中小企业力度、扩大实施社保费缓缴政策、加大稳岗支持力度等具体举措。而货币金融政策方面，提出提高资本市场融资效率。科学合理把握首次公开发行股票并上市（IPO）和再融资常态化。支持内地企业在香港上市，依法依规推进符合条件的平台企业赴境外上市。

值得关注的是，基础设施投资成为此次稳投资的重要抓手。文件指出，加快推进一批论证成熟的水利工程项目、加快推动交通基础设施投资等。31日，证监会指导证券交易所制定发布了《新购入基础设施项目(试行)》，支持上市REITs通过扩募等方式收购资产，加大REITs市场建设力度。

此外，一揽子政策中还包含多条关于增加汽车消费的措施。除了对一定排量以下乘用车减征购置税之外，还包括放宽车辆限购、全面取消二手车限迁、支持汽车平行进口业务、取消皮卡进城限制等。

疫情简报

Shanghai fully restores the normal order of production and living across the city starting today. Shopping malls, convenience stores, pharmacies and other commercial outlets are resuming offline business in an orderly manner, with the total visitor flow capped at 75 percent of the maximum capacity. The same requirements also being implemented at cultural and tourism venues, stadiums and A-level tourist attractions.

Besides, the entire rail transit network, ferry services and domestic flights are resuming operations. Private cars and corporate vehicles can ply normally except in areas designated as medium and high-risk for COVID-19. The Hongqiao and Pudong international airports are allowing airlines to resume flights with a gradual increase in passenger loads. 

上海今起全面恢复正常生产生活秩序：自6月1日起，上海将在确保风险可控的前提下，全面恢复全市正常生产生活秩序。在复商复市方面，购物中心、便利店、药店等商业网点有序恢复线下营业，客流总量不超过最大承载量的75%，室外类型的A级旅游景区逐步有序开放，客流总量要求同商市一致。在交通组织方面，6月1日起，市内地面公交、轨道交通全网、对外交通全网恢复基本运行，对江轮渡有序恢复运行。市域内公共交通方面，除中高风险地区和封控区、管控区外，私家车和单位用车正常出行。对外交通方面，浦东、虹桥两大机场逐步增加国内航班，适当提升国际航班客座率。

产经消息及公司新闻

China’s real estate market rebounded in May thanks to cities’ easing in policies, according to China Real Estate Information Corp. yesterday. Property transactions at the country’s top 100 developers advanced 5.6 percent in May from April to 454.7 billion yuan, much improved from  April’s 16 percent month-on-month slide, but is still a drop of 59.4 percent from the same period a year earlier. 

5月百强房企业绩环比回升：5月31日，CRIC研究中心发布2022年1-5月中国房地产企业销售TOP100排行榜。百强房企5月单月业绩环比增长5.6%，同比降低59.4%，单月业绩同比降幅仍保持在较高水平。

Chinese clothing brand JNBY was fined 800,000 yuan by the market supervisor for using an incorrect national map on its official website, according to an administrative penalty record shown on a business information site on Tuesday. Local authorities conducted an on-site inspection on the brand and ordered it to take down over 500 controversial products from its children clothing line, on which customers complained about improper English words and poppy-liked patterns, said another official statement on Tuesday. 

江南布衣被罚、童装下架：5月31日，江南布衣服饰有限公司因官网页面展示不完整地图、发布损害国家尊严的广告，被杭州市西湖区市监局罚款80万元。此外，近日还有网友反映江南布衣的童装再现“不当设计”。江南布衣在其部分童装上，印有不恰当的英文句子，出现了疑似罂粟果实的图案。31日，杭州市、区两级市场监管部门对江南布衣服饰有限公司有关问题童装图案进行现场检查，现已责令该公司对相关问题童装509件做下架处理，下一步将会同有关部门进一步侦查并依法严肃处理。

Chinese conglomerate Fosun International has sold its entire remaining stake in the maker of Tsingtao beer for HK$4.1 billion. Three Fosun affiliates entered a deal priced at HK$62 per share with UBS Hong Kong to sell the 66.8 million Hong Kong-listed shares they held in Tsingtao Brewery to the Swiss investment bank, Shanghai-based Fosun said in a bourse filing on Tuesday. 

复星国际清仓青岛啤酒：5月31日，复星国际发布通告称，附属公司复星产控与代理人瑞士银行香港分行签订复星产控配售协议，同意以每股62港元出售所持青岛啤酒6677.67万股H股股份，出售所得款项总额约为41.4亿港元。上述出售事项完成后，复星将不再持有任何青岛啤酒H股。

财报速递

Weibo Corporation, a leading social media in China, today announced its unaudited financial results for first quarter ended March 31, 2022. Net revenues stood at $484.6 million, an increase of 6 percent year-over-year. Advertising and marketing revenues were $427.1 million, up 10 percent year-over-year. The firm reported a net loss of $67.5 million, and the adjusted net income was $133 million. And Weibo added 51 million MAU in March to 583 million. 

微博Q1营收4.85亿美元：6月1日，微博发布2022年第一季度财报。财报显示，该季度微博营收4.846亿美元，同比增长6%。其中广告和营销收入为4.271亿美元，同比增长10%；增值服务收入为5750万美元，同比下降17%。微博第一季度净亏损6750万美元，上年同期净利润4890万美元；调整后净利润1.33亿美元，上年同期调整后净利润为1.3亿美元。2022年3月的月活跃用户数为5.82亿，元宇宙之家，同比净增约5100万用户。

Beike, a leading integrated online and offline platform for housing transactions and services, announced on Tuesday its unaudited financial results for the first quarter. Net revenues were 12.5 billion yuan, a decrease of 39.4 percent year-over-year. The company’s net loss, on the other hand, stood at 620 million yuan, while adjusted net income came in at 28 million yuan. Besides, Beike recorded gross transaction value at 586 billion yuan, a drop of 45.2 percent year-over-year, as total amount of stores shrank 6 percent to 45,777 in the period.

贝壳Q1营收125亿元：5月31日，贝壳控股公司发布2022年第一季度财务业绩。贝壳第一季度净收入为125亿元，同比下降39.4%；第一季度净亏损为6.2亿元，经调整后净利润为2800万元。此外，贝壳一季度成交额为5860亿元，同比下降45.2%。门店数量方面，截至2022年3月31日门店数量为45,777家，较上年减少6.0%；活跃门店数量为42,994家，较上年减少4.3%。

金融市场要闻

China’s A-share listed firms proposed cash dividends in 2021 of over 1.5 trillion yuan, up 1.4 percent and 13.6 percent compared with actual dividends paid in 2020 and 2019, respectively, the China Association for Public Companies said Wednesday. So far, a total of 3,170 firms listed on the Shanghai and Shenzhen bourses have disclosed their 2021 plans for dividend payouts to stock investors, rising 4.9 percent year on year, data from the association showed.