CBN丨Veteran central banker Pan Gongsheng takes over as PBOC head

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

• Pan Gongsheng, longtime banking official, appointed as new governor of China's central bank;

• China maps out priorities for supervision of capital market in H2.

中国经济要闻

China's top legislature on Tuesday appointed Pan Gongsheng, former deputy governor of China's central bank the People's Bank of China (PBOC) and a longtime banking official, as the new governor of the PBOC, at a crucial time as the central bank is expected to take policy steps to boost economic growth amid downward pressure.

Pan, 60, was appointed by the Standing Committee of the National People's Congress yesterday, replacing Yi Gang, who has reached the official retirement age of 65 for minister-level officials, according to state media.

Pan had only been named Party secretary of the central bank earlier in July, putting him in one of the two top slots at the bank. Pan's appointment also makes him the first person to take over both posts since Zhou Xiaochun in 2018, potentially streamlining decision-making at the very top.

Pan, with his extensive experience in the financial sector, has previously worked at various financial institutions, including the Industrial and Commercial Bank of China and the Agricultural Bank of China. He became a deputy governor of the PBOC in June 2012, and later, in December 2015, he assumed the role of the party secretary of the State Administration of Foreign Exchange.

During his tenure as deputy governor of the PBOC, Pan frequently provided authoritative responses on topics of public concern, such as the exchange rate of the Chinese yuan, financial openness, monetary policies, and real estate.

Pan has a doctorate in economics from Renmin University. He was a visiting scholar at Cambridge University from 1997 to 1998, and he studied at the Harvard Kennedy School in 2011.

Some analysts expect that his decade at the forefront of the country’s monetary issues has given him the experience needed to tackle China’s most pressing financial issues.

在履新党委书记25天后，潘功胜正式接任易纲，成为中国人民银行第十三任行长。

7月25日，十四届全国人大常委会第四次会议在北京人民大会堂举行。会议经表决，决定免去易纲的中国人民银行行长职务，任命潘功胜为中国人民银行行长。这意味着，中国人民银行重回党委书记、行长一肩挑的模式。

在此之前的7月1日，中国人民银行发布消息称，当日下午，中国人民银行召开领导干部会议，中央组织部有关负责同志宣布了中央决定：潘功胜同志任中国人民银行党委书记。

现年60岁的潘功胜至今已在金融业工作30年，具有丰富的金融业工作经验。他1993年毕业后即进入银行业，先后在中国工商银行、中国农业银行工作近20年。2012年他调任央行副行长，并于2016年1月接替易纲兼任外汇局局长。在央行工作期间，他主要分管外汇市场、金融市场等相关业务。

潘功胜是中国人民大学经济学博士，研究员，同时是剑桥大学博士后学者及哈佛大学高级研究员。

在担任央行副行长的11年间，潘功胜过外汇、研究局、宏观审慎管理局、金融市场司、金融稳定局、调查统计司以及支付、征信等央行多个关键领域，人们时常看见他在新闻发布会上与媒体沟通，传递权威信号、对外阐释央行货币政策思路。

潘功胜被认为是典型的“学者型官员”。他发表过《国际大型银行成长之路》《上市公司投资者关系管理》《上市银行价值分析》《大行蝶变-中国大型银行复兴之路》等多部专著。

潘功胜此次“双肩挑”接棒，被普遍认为，意味着央行各项工作将无缝衔接。

• The International Monetary Fund on Tuesday raised its 2023 global growth estimates slightly given resilient economic activity in the first quarter, but warned that persistent challenges were dampening the medium-term outlook. The global lender said it now projected global real GDP growth of 3 percent in 2023, up 0.2 percentage point from its April forecast, but left its outlook for 2024 unchanged, also at 3 percent. The 2023-2024 growth forecast remains weak by historical standards, well below the annual average of 3.8 percent seen in 2000-2019, largely due to weaker manufacturing in advanced economies, and it could stay at that level for years, according to the newly released World Economic Outlook (WEO) report. For China, the forecast has remained constant since January: growing at 5.2 percent in 2023, and 4.5 percent next year.

  IMF上调今年全球增长预期至3%：7月25日，IMF在最新一期《世界经济展望》报告中预测，今年全球经济增速将达到3.0%，这比三个月前的预测略高0.2个百分点，但仍远低于3.8%的历史（2000年至2019年）年均水平。明年，全球经济增速也将维持在3.0%，这跟三个月前的预测持平。IMF表示，越来越多的迹象表明，全球经济活动正在失去动力。尽管一些不利风险有所缓和，但全球经济面临的风险仍偏下行。发达经济体增速放缓继续成为全球经济增速下行的主要原因。IMF预测，2023年，发达经济体的增速将从2022年的2.7%降至2023年的1.5%，约93%的发达经济体在2023年的经济增速将放缓。2024年，发达经济体增速预计将进一步降至1.4%。IMF维持了对中国经济增速的预测，2023年为5.2%，2024年为4.5%，但增长的构成有所变化。

新使命，大未来

• Hong Kong Aerospace Technology has opened the city's first satellite manufacturing center which would enable the firm to reduce manufacturing costs by more than 20 percent, thanks to the city's low corporate income tax and fast cargo clearance. ASPACE Hong Kong Satellite Manufacturing Center at the Hong Kong Science Park, which covers a site area of approximately 200,000 square feet, is able to produce more than 200 commercial satellites annually for communication, navigation, remote sensing and carbon emissions detection, according to the satellite maker on Tuesday.

  香港首个年产200颗卫星制造中心开幕：7月25日，香港首个卫星制造中心在将军澳科学园开幕。这家名为ASPACE的卫星制造中心隶属于香港航天科技集团有限公司，业务涵盖卫星载荷设计、制造、测试、发射、运行控制以及数据应用等范畴。开幕仪式上，香港航天科技集团有限公司联席主席、行政总裁文壹川介绍，ASPACE占地面积约2万平方米，配备18套分系统和200多套精密设备，实现数字化生产，还具备8颗以上商业小卫星并行总装综测能力。他表示，每颗卫星的生产周期约为12天，预计每年产量可达200颗以上。

• Nine 40-foot refrigerator containers from Guangzhou to Zhanjiang were shipped away from Zhanjiang Port Railway recently and scheduled to arrive in Chongqing before being delivered to Moscow, Russia on Friday, according to the Guangdong transport department on Tuesday. The successful departure of the train marks the opening of a new Guangzhou-Zhanjiang-Chongqing sea-rail intermodal freight line, and a new Zhanjiang-Chongqing-Moscow non-stop China-Europe freight route. So far, Zhanjiang has operated a total of 33 sea-rail intermodal train lines, and opened four China-Europe freight train lines.

  广州-莫斯科海铁联运班列线路开通：广东省交通厅25日消息，近日，从广州海运到湛江的9个40尺电冰箱大柜从湛江港铁路专用线发出，将在重庆团结村站集结后于7月28日发往俄罗斯莫斯科。此次班列的成功发运意味着湛江新增开了一条“广州-湛江-重庆”的海铁联运班列线路，同时也新开通了“湛江-重庆-莫斯科”的“陆海新通道+中欧”接续班列线路。至此，湛江累计运营海铁联运班列线路达到33条，开通中欧接续班列达到4条。

产业及公司新闻

• Investment in non-fossil energy rose 60.9 percent year-on-year during the first half of 2023, accounting for 88.6 percent of total power investment in the country, the China Electricity Council said on Tuesday. Key surveyed enterprises completed investment of 331.9 billion yuan in the power sector during the first six months of the year, an increase of 53.8 percent year-on-year, with that of non-fossil energy power generation reaching 294 billion yuan, up 60.9 percent year-on-year. In 2023, the country's installed capacity is expected to exceed 300 million kW for the first time in history, driven by the rapid development of new energy power generation, the report predicts.

  今年全国新增发电装机有望突破3亿千瓦：7月25日，中国电力企业联合会发布《2023年上半年全国电力供需形势分析预测报告》。报告显示，上半年，电力投资同比增长32.2%，非化石能源发电投资占电源投资比重达到88.6%。上半年，重点调查企业电力完成投资5373亿元，同比增长32.2%。分类型看，电源完成投资3319亿元，同比增长53.8%，其中非化石能源发电投资2940亿元，同比增长60.9%，占电源投资的比重达到88.6%。报告预测，在新能源发电快速发展带动下，预计2023年全年全国新增发电装机规模将有望历史上首次突破3.0亿千瓦，其中新增非化石能源发电装机规模超过2.3亿千瓦。

• Business magazine Fortune released its latest China 500 companies list on Tuesday, with the total revenue and profits of the 500 companies hitting $15 trillion and $717.1 billion in 2022. State Grid received $530 billion in revenue, taking the first spot in the Fortune China 500 list, followed by China National Petroleum and Sinopec Group with the revenue at $483 billion and $471.15 billion. The metal products industry has 56 companies in the ranking thereby claiming the largest number of companies on the list. The top 3 profitable companies are Industrial and Commercial Bank of China (ICBC), China Construction Bank and Agricultural Bank of China, with profits at $53.59 billion, $48.15 billion and $38.52 billion, respectively. Andon Health, a healthcare electronics manufacturer, has the highest net profit rate of 60.92 percent among the 500 companies.

  2023《财富》中国500强出炉：7月25日，2023年《财富》中国500强排行榜揭晓，国家电网有限公司以5300亿美元的营收位居榜首，中国石油和中国石化分列榜单第二位和第三位。据了解，今年500家上榜的中国公司在2022年的总营业收入达到15万亿美元，净利润达到7171亿美元。另外，金属产品行业共有56家公司上榜，是今年上榜公司数量最多的行业，上榜公司收入总额达1.4万亿美元。在盈利能力方面，最赚钱的10家上榜公司中，有5家商业银行和中石油、中海油、中移动等。利润率榜榜首是九安医疗，凭借核酸检测试剂在去年的强劲销量，该公司的利润率超过60%。

• Leading Chinese lithium battery materials supplier Huayou Cobalt unveiled plans to invest a total of $400 million to expand its nickel production capacity in Indonesia. Huayou’s unit Huayou International Mining Hong Kong will spend $200 million to buy assets of Perlux, thus acquiring a 50.1 percent stake in Andalan Metal Industry, an Indonesian nickel ore processing company that operates a plant with an annual output of 150,000 tons of ferronickel materials, the firm announced yesterday. Huayou International Mining will also form a nickel ore deep processing joint venture in Indonesia through a new unit in Singapore with two newly established local companies, Huayou said in a separate statement yesterday. Huayou International Mining will indirectly hold a 49 percent stake in the JV, with aninvestment of $200 million to build a nickel sulfate production plant on Indonesia’s Halmahera Island, with an annual production capacity equal to 50,000 tons of metallic nickel.

  华友投资4亿美元扩大印尼镍产能：7月26日，中国领先的锂电池材料供应商华友钴业公布，拟投资4亿美元扩大印尼镍产能。华友旗下华友国际矿业香港公司将斥资2亿美元收购Perlux资产，从而收购印尼擎天金属工业50.1%的股权。印尼擎天金属工业是一家镍矿加工公司，在IWIP设有年产15万吨的镍铁工厂，含有24000吨镍金属元素。华友国际矿业昨天在另一份声明中表示，华友国际矿业还将通过其在新加坡与两家新成立的当地公司在新加坡设立的新子公司，在印度尼西亚组建镍矿石深加工合资企业。华友国际矿业将间接持有合资公司49%的股权。该公司表示，合资公司计划投资2亿美元，在印尼IWIP建设硫酸镍生产工厂，年产金属镍5万吨。

• China will significantly raise the retail prices of gasoline and diesel starting Thursday, with the price of gasoline and diesel going up by 275 yuan and 260 yuan per ton, respectively, said the NDRC, the country's top economic plannertoday. After a third hike in a row that becomes effective midnight Wednesday, car owners will have to pay an extra 11 yuan to fill up a 50 liter tank.

  油价“三连涨”来了：据国家发改委26日消息，根据近期国际市场油价变化情况，按照现行成品油价格形成机制，自2023年7月26日24时起，国内汽、柴油价格（标准品）每吨分别提高275元、260元，届时92号汽油将上调0.21元，95号上调0.23元。调整后，车出加满一箱50L油箱将多花11元左右。

财报速递

• Chinese battery giant CATL on Tuesday reported a 154-percent growth in net profit for first half of the year. Net profit came in at 20.72 billion yuan, versus a revised profit of 8.17 billion yuan from a year earlier, according to the company's filing. Revenue grew by 68 percent year on year to 189.2 billion yuan, as its overseas business underwent fast expansion. CATL's battery revenue in markets outside China increased by nearly 2 folds to 65.7 billion yuan, faster than the 46-percent growth seen in domestic market. The battery giant also extended its lead in the global EV battery market as its share increased to 36.3 percent in the first five months compared with 34.6 percent a year ago, according to data from SNE Research.

  宁德时代半年大赚200多亿：7月25日晚间，宁德时代披露半年报，公司营收、净利润指标同比继续保持大幅度增长，其中上半年净利润同比增长约154%。宁德时代上半年整体实现营业收入1892.46亿元，同比增长约68%；净利润207.17亿元，调整后同比增长约154%。基本每股收益4.72元，同比增长141%。在锂电池领域全球范围内的市占率领跑，仍然是宁德时代最明显的核心优势。在动力电池领域，宁德时代援引SNE Research数据显示，2023年1-5月公司动力电池使用量全球市占率为36.3%，较去年同期提升1.7个百分点，仍排名全球第一。宁德时代在海外市场的快速扩展，成为公司在上半年最大的经营亮点。财报显示，2023年上半年，公司境外电池业务营业收入规模656.84亿元，同比增长195%，明显高于国内电池业务46%的增长速度。境外业务在宁德时代的营收占比已经达到35%，而上年同期尚不足20%。

• Twenty-seven A-share listed chip makers have predicted losses or decline in profit for the first six months among the 34 firms that have released their first-half earning forecasts as of Tuesday, mainly due to weak global demand. Among the eight manufacturers to predict a loss for the first time, Tongfu Microelectronics estimated a loss between 170 million and 198 million yuan during the period, while Silan Micro predicted 50.4 million yuan in the red. Leading semiconductor assembly company HT tech suffered the biggest slide in profit, down as much as 90 percent to only 50 million yuan, and a couple of other leading manufacturers also saw their first-half earnings drop by over 50 percent.

  A股半导体中报业绩持续低迷：截至7月25日，A股半导体板块中有34家公司披露了上半年业绩预告，具体来看，仅有7家公司实现业绩预增，其余17家预减、8家首亏、2家续亏。多家公司解释业绩下行时均提到了“全球终端市场需求疲软、半导体行业处于下行周期”。在预告业绩首亏的企业中，通富微电预计上半年净利润亏损1.7亿元-1.98亿元，士兰微预计净利润亏损5037万元。从净利润下滑幅度来看，半导体封测龙头华天科技预计上半年下滑幅度达到86.38%-90.27%，预计实现净利润为5000万元-7000万元。此外，卓胜微、三安光电、兆易创新等细分行业龙头均出现业绩下滑，且下滑幅度均在50%以上。

金融市场消息

• China's top securities regulator held a symposium from Monday to Tuesday, mapping out priorities for supervision of the capital market in the second half of the year. It concluded that it will implement comprehensive measures from the investment, financing, and trading perspectives to further stimulate the vitality of the capital market. The priorities of the China Securities Regulatory Commission in the second half will be keeping the normalization of initial public offerings and refinancing reasonable, improving the capital market's institutional system for risk prevention, warning, and handling, maintaining the smooth operation of the capital market, and supporting private firms to achieve high-quality development through the capital market, the CSRC said in a statement released late yesterday. Moreover, efforts will be made to improve the institutional mechanism supporting premium tech companies and to advance the implementation of publicly-offered real estate investment trust projects for the consumption of infrastructure and others, the CSRC noted.

  证监会明确下半年资本市场监管着力点：证监会25日晚间消息称，7月24日至25日，证监会召开2023年系统年中工作座谈会，明确了下半年资本市场监管工作重点。证监会表示，将科学合理保持IPO、再融资常态化，统筹好一二级市场动态平衡。健全资本市场风险预防预警处置问责制度体系。支持民营企业通过资本市场实现高质量发展，提升平台企业常态化监管水平，推动平台企业规范健康持续发展。围绕进一步提升服务国家重大战略质效，着力健全支持优质科技型企业的制度机制，坚守科创板、创业板定位，进一步提升服务的精准性。推动公司债和企业债协同发展，做优做强科创债，抓紧推动消费基础设施等新类型公募REITs项目落地。

• The Guangzhou Branch of Industrial Bank is reportedly giving one-year interest rate coupons for customers with existing home mortgages, in response to a recent proposal of China’s central bank that lenders can renegotiate the terms on housing loans with customers. Commercial banks and other kinds of lenders are encouraged to amend contracts with borrowers through voluntary negotiations, or to replace the existing loans with new ones of lower rates, Zou Lan, head of the department of monetary policy at the PBOC, said on July 14. However, most banks in Guangdong Province, including six largest state-owned lenders and a dozen of major joint stock banks in the region have yet to respond to the PBOC’s suggestion of rate adjustments, per media report late yesterday.

  广州有股份制银行为存量按揭客户发放利率优惠券：7月25日媒体报道称，兴业银行广州分行针对存量按揭客户给予1年期的利率优惠券，但六大国有银行、全国性股份制银行，以及广州银行、广州农商行等10多家广东地区主流银行，仍表示尚未有具体方案和细则，存量房利率调整尚未有落地案例。近日，央行表态支持和鼓励商业银行与借款人自主协商变更合同约定，或者是新发放贷款置换原来的存量贷款。

股市收盘情况

• Chinese stocks retreated on Wednesday, the day after a broad rally, as investors turned their attention to the US's interest rate decision later in the day. The benchmark Shanghai Composite slid 0.3 percent and the Shenzhen Component fell 0.5 percent. Hong Kong’s Hang Seng index also dipped 0.4 percent, while the TECH index lost 0.9 percent.

  A股港股缩量调整：周三A股大盘全天震荡调整，三大指数均小幅下跌。截至收盘，沪指跌0.26%，深成指跌0.47%，创业板指跌0.08%。沪深两市全天成交额7922亿元。北向资金尾盘回流，全天小幅买入5.15亿元。港股恒生指数跌0.36%，恒生科技指数跌0.91%。

Biz Word of the Day

财经词汇划重点

• Fortuneis an American business magazine headquartered inNew York City, founded byHenry Lucein 1929. The magazine competes withForbesandBloomberg Businessweekin the national business magazine category and distinguishes itself with long, in-depth feature articles. The magazine regularly publishes ranked lists including ranking companies byrevenuesuch as in theFortune500that it has published annually since 1955, and in theFortuneGlobal 500.The magazine is also known for its annualFortune Investor's Guide.

  《财富》是一本美国商业杂志，由亨利·路思义创办于1929年，拥有专业财经分析和报道，是世界上有影响力的商业杂志之一。现属财富媒体集团控股 。 《财富》杂志自1954年推出世界500强排行榜，历来都成为经济界关注的焦点，影响巨大。《财富》杂志举办了一系列引人注目的财经论坛，如开始于1995年、著名的“财富全球论坛”便是其中之一。

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