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
The State Council releases a 33-measure plan to stabilise the economy;
China’s factory activity ebb slows in May as COVID-19 wanes.
Here’s what you need to know about China in the past 24 hours
中国经济要闻
China's manufacturing purchasing managers' index (PMI) fell at a slow speed in May due to the effective control of COVID-19 flare-ups combined with supporting policies, although it remained below the 50-point mark that separates growth from contraction for three consecutive months.
The official manufacturing PMI in May stood at 49.6, 2.2 points higher than the previous month, data by the National Bureau of Statistics (NBS) on Tuesday showed.
Zhao Qinghe, a senior NBS statistician, said that the figure showed that the recent epidemic situation and changes in the international community have caused a greater impact on China’s economic operation. However, with the efficient coordination of epidemic prevention and control combined with economic and social development, the country’s economy recovered from its previous ebb.
The PMI of large enterprises recorded 51.0, 2.9 points higher than April, with their production index and new order index both higher than the overall manufacturing industry, while the index of small and medium-sized enterprises remained below the 50-point mark, reaching 49.4 and 46.7 respectively. “This showed that manufacturing production and demand have recovered to varying degrees, but the recovery momentum is still to be enhanced,” Zhao said.
The official non-manufacturing PMI in May rose to 47.8 from 41.9 in April. The activity index in contact-intensive sectors including accommodation, rental and business services continues to stand at a low level below 40.0. The business activity expectations index in May rose to 55.2, up 2.2 points month-on-month, indicating that as the epidemic was effectively controlled, together with the implementation of supporting policies to stabilise economic growth and ensure employment, the service industry's business confidence has increased.
On Tuesday, the State Council, the cabinet, released 33 measures including increasing government procurement support for small and medium-sized enterprises, enhancing the support of financial institutions for infrastructure construction and major projects and promoting bulk consumption such as automobiles and home appliances, vowing to stabilize the national economy during the second quarter.
5月31日，据国家统计局发布，5月份制造业采购经理指数（PMI）为49.6%，虽低于临界点，但比上月上升2.2个百分点，制造业总体景气水平有所改善。
国家统计局服务业调查中心高级统计师赵庆河表示，5月份，制造业采购经理指数、非制造业商务活动指数和综合PMI产出指数同步回升，分别为49.6%、47.8%和48.4%，虽低于临界点，但明显高于上月2.2、5.9和5.7个百分点。表明近期疫情形势和国际局势变化等因素对经济运行造成较大冲击，但随着高效统筹疫情防控和经济社会发展成效显现，我国经济景气水平较4月份有所改善。
受疫情影响较大的地区复工复产逐步推进，制造业PMI在4月份较低基数水平上回升至49.6%。调查的21个行业中，PMI位于扩张区间的行业由上月的9个增加至12个，制造业景气面呈现积极变化。价格指数继续回落，主要原材料购进价格指数为55.8%，低于上月8.4个百分点，继续高于55.0%，制造业原材料采购价格涨幅有所收窄，但仍处于相对较高水平。
数据还显示，小型企业PMI为48.8%，较前值回落2个百分点，再度跌入收缩区间，预示小企业持续增长的动力不足。
另一方面，5月份，非制造业商务活动指数为47.8%，比上月上升5.9个百分点，非制造业景气水平明显改善。5月份，全国疫情整体呈现稳定下降态势，服务业商务活动指数为47.1%，高于上月7.1个百分点，服务业景气度较快修复，但仍低于往年同期水平。
同时，31日国务院发布关于印发扎实稳住经济一揽子政策措施的通知。通知称，今年以来，新冠肺炎疫情和乌克兰危机导致风险挑战增多，我国经济发展环境的复杂性、严峻性、不确定性上升，稳增长、稳就业、稳物价面临新的挑战。通知提出了六个方面33项具体政策措施，其中包括7项财政政策、5项货币金融政策、6项稳投资促消费等政策、5项保粮食能源安全政策、7项保产业链供应链稳定政策，以及3项保基本民生政策。
China's Finance Ministry unveiled a guideline on Monday further leveraging the role of fiscal policies to achieve the country's carbon peaking and carbon neutrality goals. By 2030, a fiscal and taxation system that is conducive to green and low-carbon development will be basically established to achieve the goal of peaking carbon emissions. And the system of fiscal policies to support green and low-carbon development will be mature and complete before 2060 to help realize the carbon neutrality goal.
财政政策助力碳达峰：5月30日，财政部印发《财政支持做好碳达峰碳中和工作的意见》。《意见》指出，2030年前，基本形成有利于绿色低碳发展的财税政策体系，促进绿色低碳发展的长效机制逐步建立，推动碳达峰目标顺利实现；2060年前，财政支持绿色低碳发展政策体系成熟健全，推动碳中和目标顺利实现。
Now to some regional highlights
区域经济新闻
Beijing has released an action plan for the development of its digital economy to stimulate the vitality of the industry. The plan puts forward measures such as improving the supply capacity of digital technology, according to the Beijing Municipal Bureau of Economy and Information Technology on Monday. It focuses on breakthroughs in core technologies in high-end chips, artificial intelligence, privacy computing and other fields. In the first quarter of 2022, the added value of Beijing's digital economy reached 387.36 billion yuan, up 7.2 percent year on year, accounting for 41.2 percent of the city's GDP, official data showed.
北京激发数字经济活力：近日，市经济和信息化局正式发布《北京市数字经济全产业链开放发展行动方案》，提出将构建数字技术创新生态，超前布局6G、类脑智能、量子计算等未来科技前沿领域。北京市经信局的数据显示，2022年一季度，北京市数字经济实现增加值3873.6亿元，同比增长7.2％，占全市GDP的比重达到41.2％。
A train carrying 50 containers full of air-conditioners and lighting products departed from the Nansha Port South Station, in South China's Guangdong Province on Monday. It is expected to arrive in Europe in 15 days, marking the start of a China-Europe freight train line launched in Guangzhou. And from Shanghai’s Minhang Railway Station, a train named “Shanghai” carrying 49 containers left for Rostov Oblast in Russia on Sunday, the first of such since Shanghai’s recent outbreak in March.
上海、广州开启中欧班列：5月30日，搭载50个40尺集装箱满载着空调、液晶显示屏、灯具等“中国制造”商品的中欧班列从南沙港南站缓缓驶出，将经由阿拉山口出境，预计15天后抵达欧洲内陆。该趟中欧班列是南沙港铁路运营以来的首趟中欧班列。而在前一天，搭载着49个集装箱机械设备的“中欧班列-上海号”也从上海闵行站出发，开往俄罗斯的罗斯托夫州。据介绍，这是自3月上海疫情以来第一列出口的“中欧班列-上海号”。
Next on industry and company news
产经消息及公司新闻
China will suspend state subsidies to airline companies from June 4 because of a market recovery, bringing a planned two months of support to an end after just two weeks. The Civil Aviation Administration of China has notified a number of airlines about the impending end of the policy, which was launched on May 21, some carriers said on Monday.
“航班补贴”政策下周暂停：据媒体30日报道，国内航司在航班计划申报网站上收到《关于暂停在航线航班管理系统航班补贴模块申报航班计划的通知》，意味着“4500班保底补贴”政策将在下周（6月4日-6月10日）暂停执行。民航局运输司发布的这一通知指出，做出这一决定是根据市场恢复情况，前两周执行情况及公司意愿。此前，财政部、中国民用航空局联合印发通知，从5月21日至7月20日对国内运输航空公司符合条件的国内客运航班给予补贴政策支持。
Air China will buy a majority stake in struggling Shandong Airlines, which is technically insolvent after its debt-to-asset ratio reached over 100 percent last year, China’s flagship carrier said yesterday. Air China, which already holds a 22.8 percent stake in Shandong Airlines and a 49.4 percent stake in its parent firm Shandong Airlines Group, is likely to take over, the Jinan-based airline said on May 26.
国航拟收购山东航空股份：5月30日晚间，中国国际航空发布公告称，公司正在筹划取得山东航空集团有限公司的控制权，并进而取得山东航空的控制权，目前正处于谈判状态。山东航空股份有限公司是山航集团公司的核心单元业务。截至本公告披露日，中国国航持有山航集团49.4%的股权，山航集团为中国国航的联营企业，中国国航及山航集团分别持有山东航空22.8%及42%的股份。
China’s leading liquor maker Kweichow Moutai has introduced a new ice cream product that is 2 percent infused with its signature fiery Moutai liquor on Sunday, and within the first hour of opening, 40,000 boxes of ice cream were shifted, raking in 2.5 million yuan. The ice cream comes in three flavors, namely regular, vanilla and plum. Prices start at 59 yuan per box for the plum-flavored one and the other two are both priced at 66 yuan.
茅台冰淇淋上线一小时售罄：5月29日，贵阳万象汇茅台冰淇淋旗舰店正式揭幕。当天，茅台与蒙牛联名出品的青梅煮酒味、经典原味、香草口味三款预包装茅台冰淇淋在贵阳首发上市，并在i茅台app上线售卖。青梅煮酒味售价为59元/盒，经典原味与香草口味售价为66元/盒。开业一小时内，线上平台冰淇淋全部售罄，销售数量逾4万个，销售金额逾250万元。
Douyin will increase its fees for providers of life services from June as more and more companies offer their services on the Chinese short video platform. Different services have different commissions, Douyin said yesterday. Wedding services has the highest rate of 8 percent, the rate of parent-child educational services is set at 4.5 percent and that for food delivery is one of the lowest at 2.5 percent.
抖音六月起对生活商家抽佣：5月30日，抖音明确6月1日起将对生活服务业务收取服务费。在各个类目中，结婚类以8%的费率位居榜首。亲子、教育培训以4.5%的费率位居第二位，美食的费率为2.5%，处于费率较低的类目。
Switching gears to financial news
金融市场要闻
China's state planner is exploring adding new energy projects to its pilot scheme on real estate investment trusts for infrastructure (REITs) projects. The National Development & Reform Commission and National Energy Administration said in a joint statement that regulators will also support eligible new energy projects to earn certified emission reduction credits and to be included in the national carbon trading market.
探索新能源项目纳入REITs试点：5月30日消息，国家发展改革委、国家能源局日前发布《关于促进新时代新能源高质量发展实施方案》。方案提出，丰富绿色金融产品服务。合理界定新能源绿色金融项目的信用评级标准和评估准入条件。加大绿色债券、绿色信贷对新能源项目的支持力度。研究探索将新能源项目纳入基础设施不动产投资信托基金（REITs）试点支持范围。支持将符合条件的新能源项目温室气体核证减排量纳入全国碳排放权交易市场进行配额清缴抵销。
Jinke Property Group, which has long maintained the policy of ‘zero default, no extension,’ has become the latest Chinese developer to be ensnared by the sector’s growing debt crisis and has said it will not be able to repay a bond of 1.25 billion yuan that matured earlier this week. The principal and additional interest on the bond, which was due on May 28, will be paid off in regular installments over the next 12 months, Jinke said yesterday, after it reached a consensus with bondholders on May 27.
金科股份12.5亿债务展期：5月30日，金科股份公告，“20金科03”公司债券2022年第一次债券持有人会议审议通过了展期方案。方案显示，金科股份计划在2022年5月28日回售日以现金一次性支付利息，此后在6月份付本金10%，7月份和8月份各付5%，11月份付5%，2023年2月底付5%，2023年5月份付70%。至此，金科股份债券市场维持的“零违约、无展期”被打破。
Wrapping up with a quick look at the stock market
最后来看股市收盘情况
Chinese stocks rose for a fifth day after the financial hub of Shanghai further eased virus-related curbs and data showed a gradual improvement in the nation’s factory activity. The benchmark Shanghai Composite gained 1.19 percent, while the Shenzhen Component rose 1.92 percent. Hong Kong shares finished on the front foot again, as the Hang Seng ended up 1.4 percent and TECH Index rallied over 3 percent.
A股三大指数周二集体走高。截至收盘，沪指涨1.19%，深成指涨1.92%，创业板指涨2.33%。沪深两市全天成交额9350亿元。种植业与林业板块全天强势，大消费股全线拉升。港股低开高走，截至收盘，恒指涨1.38%，恒生科技指数涨3.02%，科网股、回港中概股走高。
Biz Word of the Day
财经词汇划重点
Real estate investment trusts (REITs) pool the capital of numerous investors, therefore it allows individuals to invest in large-scale, income-producing real estate. A REIT is a company that owns and typically operates income-producing real estate or related assets.
房地产投资信托基金是房地产证券化的重要手段，是一种以发行收益凭证的方式汇集特定多数投资者的资金，由专门投资机构进行房地产投资经营管理，并将投资综合收益按比例分配给投资者的一种信托基金。
Executive Editor: Sonia YU
Editor: LI Yanxia
Host: Stephanie LI
Writer: Stephanie LI, XIE Kaishan
Sound Editor: XIE Kaishan
Graphic Designer: ZHENG Wenjing, LIAO Yuanni
Co-produced by 21st Century Business Herald Dept. of Overseas News & SFC Audio/Video Dept.
Presented by SFC
编委: 于晓娜
策划、编辑：李艳霞
播音：李莹亮
撰稿：李莹亮、谢凯珊
音频制作：谢凯珊
设计：郑文静、廖苑妮
21世纪经济报道海外部 南财音视频部 联合制作