Hi everyone. I’m Stephanie LI.
大家好，我是主持人李莹亮。Coming up on today’s program.
The NEA vowed not to cut power during the summer peak season as heat wave persists;
HKMA raises interest rate by 75 basis points after Fed hike.Here’s what you need to know about China in the past 24 hours
China’s energy regulator vowed on Wednesday to ensure power supply and said it would not cut power during peak usage periods in summer.
The National Energy Administration (NEA) will firmly hold the bottom line of not cutting power, and will resolutely ensure electricity for people's livelihoods, He Yang, an official from the NEA said on Wednesday.
Despite the recent heatwave and the power requirements reaching new highs, the national power supply and demand is still stable, He said.
Amid the rebound in China's economy and the high temperatures seen globally in recent weeks, China's electricity consumption has been growing rapidly. From July 12 to 15, power use across the country repeatedly hit new highs. On July 15, the highest power load reached 1.26 billion kilowatts, and the daily power generation reached 28.5 billion kilowatt-hours, according to the NEA.
The NEA expected China’s power consumption to climb further, as a sustained heat wave lingered across most parts of the country since the start of July. From July 11, one-third of the country has been hit with readings above 35 degrees C, including North China, the majority of Northwest China, eastern parts of Southwest China, and East and Central China.
The energy regulator is promoting the construction of major power projects, and new power sources with a total capacity of 70 million kilowatts were put into production nationwide in the first half of this year. Since summer last year, 180 million kilowatts of new power sources have been put into production nationwide.
Meanwhile, green energy’s share of the total consumed in China will increase at an average annual rate of 1 percentage point over the next eight years, the NEA said, helping the country reach its targets for carbon neutrality by 2060.
Non-fossil energy’s share of China’s overall energy use rose 0.7 point to 16.6 percent last year, Zhang Jianhua, director of the NEA, said at a press conference on Wednesday.
Annual power production from green energy sources reached 2.5 trillion kilowatt-hours, accounting for about 30 percent of all electricity used in the country, Zhang said.
China’s Ministry of Public Security has dismantled 15 dens of swindlers and made over 170 arrests in eight provinces during a recently launched campaign to crackdown on two criminal gangs committing fraud targeting the elderly, according to the ministry on Thursday. The money involved in these cases is estimated to reach over 100 million yuan.
公安部打击涉养老诈骗收网：7月28日公安部消息，为深入推进夏季治安打击整治“百日行动”，公安部近日组织指挥湖北、四川、河北、湖南、海南、云南、陕西、江西8省公安机关协同作战，对2个针对老年人实施诈骗的违法犯罪团伙开展集中收网行动，成功捣毁诈骗窝点15个，抓获违法犯罪嫌疑人170余名，初步核破涉及全国数百起案件，涉案金额逾亿元。Moving on to regional highlights
Shenzhen’s economy shows a stable and positive growth in the first half of 2022 with total GDP standing at 1.5 trillion yuan, up 3 percent from the same period last year, according to data released by the southern manufacturing hub on Tuesday. Notably, the manufacturing and retail sales of high-tech products are booming, among which the output of new energy vehicles and charging piles jumped by 174 percent and 164 percent, respectively. As the city rolled out a 30-measure consumption stimulus package recently, retail sales in June hit a yearly new high by increasing 13 percent year-on-year, with car sales up by 36.2 percent.
Some 85 percent of exhibition areas has been reserved for the fifth China International Import Expo, kicking off in Shanghai in just 100 days, according to the organiser on Wednesday. The expo in Shanghai has attracted many Fortune Global 500 companies to join for the first time, more than 270 of them are industry leaders.
上海进博会倒数100日：7月27日，第五届中国国际进口博览会迎来开幕倒计时100天。目前，签约面积约占规划面积的85%，签约参展企业中，世界500强和行业龙头企业达270多家。Next on industry and company news
Zhengzhou in Henan Province, held a meeting with seven major real estate enterprises to help address their current difficulties, further ensuring house delivery, normal production as well as legal rights of home buyers, media learned from an involved firm on Wednesday. The enterprise said that during the meeting, the city’s housing security and real estate administration gave preferential support for the seven property companies, including mergers and acquisitions, bankruptcy reorganization as well as secured housing leasing.
Pony.ai and Chinese engineering giant Sany Heavy Truck are joining forces to produce driverless heavy-duty trucks and first deliveries should be ready before the end of the year, the Chinese self-driving tech startup said today. The pair will set up a joint venture for the research and development, production and sales of Level-4 unmanned heavy-duty trucks, which small-scale deliveries will begin this year and mass production in 2024, Pony.ai said.
Alibaba-backed fintech giant Ant Group established a new committee under its board to oversee risk management and consumer protection, the company said in a report Wednesday. The creation of the panel is a key step to enhancing corporate governance and strengthening the functioning of the board, Ant said.
Chinese steelmakers’ profits continued to drop in June to 2.41 billion yuan, down 93.8 percent from the same month last year, data from the National Bureau of Statistics showed Wednesday. In the first six months, steelmakers’ profit declined 68.7 percent from the same period a year ago, and revenue dropped 3.6 percent, the data showed.
China Fangda Group is not withdrawing from struggling Hainan Airlines Holding, which the Chinese chemicals and steel manufacturer took over in December last year, Fang Wei, its chairman said recently in response to rumours that it is planning to pull out soon. “We hope to solve Hainan Airlines' debt issues by bringing in more capital,” Fang said, and start renting and purchasing planes in the second half.
方威回应方大退出海航传言：据媒体28日报道，在海航航空集团2022年中工作会议上，方大集团董事局主席方威对近日“方大要退出海航”的传言进行了直接的回应，表示不会退出海航。对于海航航空的高负债率如何解决，方威称希望通过引进资金、注入资金的方式，同时希望下半年可以陆续开始引进飞机。Earnings reports express
New Oriental Education & Technology Group Inc. on Wednesday reported a wider loss of $189 million in its fiscal fourth quarter, the Beijing-based company said late Wednesday. The educational services provider posted revenue of $524 million in the period, mainly due to the cessation of K-9 academic after-school tutoring services in compliance with the government policies in China. For the fiscal year 2022, New Oriental reported net revenues of $3.1 billion, representing a 27.4 percent decrease year over year, while net loss attributable stood at $1.18 billion.
新东方四季度营收跌超五成：27日晚间，新东方披露截至2022年5月31日第四季度及年度的未经审核财务业绩。财报显示，第四季度新东方净收入同比下降56.8%至5.24亿美元，归属于新东方的净亏损为1.89亿美元，同比扩大316.4%。2022财年净收入31.05亿美元，同比减少27.4%，净亏损约为11.88亿美元。由于终止了K-9学科课后辅导业务，新东方第四季度净营收同比下跌56.8%至5.24亿美元。Switching gears to financial news
The Hong Kong Monetary Authority on Thursday raised its base rate by 75 basis points to 2.75 percent, hours after the US Federal Reserve delivered a rate hike of the same margin. Speaking after the HKMA's rate hike, Financial Secretary Paul Chan Mo-po said as the United States begins its rate hiking cycle, interest rates in Hong Kong are expected to rise, increasing the financial burden for homebuyers. Hong Kong’s interbank liquidity have halved to HK$165 billion in the past two months, as the city’s de-facto central bank has bought a total HK$172 billion of local currency since May 11 to defend its currency.
Country Garden slumped 15 percent on Wednesday after the firm revealed plans to sell shares at a discount of 12.6 percent to Tuesday's closing price to raise a total of HK$2.83 billion. China's top developer by sales said some of the proceeds will be used to repay offshore debt, helping spur gains in the company's dollar bonds.
碧桂园拟配股融资28亿港元：7月27日凌晨，销售额居行业第一的碧桂园公告，拟配股8.7亿股，配股价3.25港元/股，融资约28.27亿港元。消息一出，该股全天放量大跌15%，报收于3.16港元，跌破了配售价。对于配售，碧桂园表示，募资可支持公司优化债务结构和资本结构，增加股权比例，在行业普遍受到挑战的时候继续降低自身的负债率；同时，可支持公司于境内外公开市场的债券回购，继续减少公司境内外的债务规模。Wrapping up with a quick look at the stock market
Chinese stocks rose on Thursday, buoyed by low market rates in the country amid tightening monetary policies worldwide. By the market close, the Shanghai Composite edged up 0.21 percent and the Shenzhen Component closed 0.23 percent higher, with total turnover reaching 1 trillion yuan. Hong Kong stocks ended with losses as the benchmark Hang Seng fell 0.23 percent, while the TECH index added 0.35 percent.
Biz Word of the Day
Interbank liquidity refers to the availability of funding for borrowing (to meet short-term payment obligations) or lending (to temporarily dispose of surplus funds productively) in the interbank market.
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Editor: LI Yanxia
Host: Stephanie LI
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