Hi everyone. I’m Stephanie LI.

大家好，我是主持人李莹亮。

Coming up on today’s program.

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重点提要

Chinese cities with 1 trillion yuan GDP in 2022 set this year"s growth targets at up to 7%;

China announced new tax relief for small businesses.

中国经济要闻

Local governments in China are setting annual growth targets of above 5 percent this year, mapping out their economic blueprints amid expectations of a notable rebound.

Of the 24 cities with GDP of more than 1 trillion yuan last year, eleven had released GDP targets for 2023 as of yesterday, aiming at increases of between 5 percent and 7 percent.

Guangzhou, capital of Guangdong province, aims for a 6 percent jump in GDP, up from last year’s 5.5 percent goal. The city plans to invest over 1 trillion yuan in the next 12 months, promote the construction of commercial complexes, support housing development, the new energy vehicle sector, and elderly care services, and expand its cruise industry, its annual work report showed.

Amid expectations of a rebound, many second- and third-tier cities have also set their annual growth targets at above 5.5 percent.

Suzhou expected to expand its GDP by 5 percent this year, the lowest target among the 11 cities, the local government said in a work report released on Jan. 7. To maintain rapid growth, the city in Jiangsu province will accelerate its upgrading and transformation and hike investment in research and development and high-tech companies, it noted.

Wuhan said in its 2023 work report that GDP will likely increase by 6.5 percent. The capital of Hubei province will make efforts to expand demand and steady economic growth, it noted.

Hefei, capital of Anhui province, set its GDP growth target at 6.5 percent. The city said it would strive to improve effective investments and spend a total of 450 billion yuan on 2,000 key projects worth 100 million yuan each this year.

Changsha and Zhengzhou said they aim for GDP to climb by 7 percent, while Fuzhou targets a 6.5 percent increase.

Strong policy support and low comparison base spur optimism among governments for a robust 2023, while the national growth targets is expected to be modest this year, experts said.

随着各地陆续进入“两会”时间，一些万亿GDP城市2022年经济“成绩单”和2023年经济社会发展主要目标出炉。

近日来，跻身“万亿GDP俱乐部”的24城中，已有广州、苏州、济南、青岛、长沙、合肥、郑州、福州等公布了2023年GDP增速目标。其中，郑州、长沙分别是7%、7%左右，合肥、福州分别是6.5%以上、6.5%左右，广州提出增长6%以上，济南、青岛分别是5.5%以上、5.5%左右，苏州的目标是5%左右。

总体来看，多个GDP万亿级城市提及的2023年经济增长目标在5%~7%之间，GDP增速目标大多较2022年目标有所下调，但都高于2022年实际GDP增速；同时，扩内需、促消费成为多地政府2023年首要任务。

分析指出，2022年的经济增速较低，基数低，因此在疫情防控措施优化后，2023年各地的经济增速肯定都会显著高于2022年。另一方面，2023年，扩内需稳增长成为各地的重点，增加公共设施投资等有效投资非常重要。

在今年的广州市政府工作报告中，“坚持扩大需求、畅通循环，全力以赴稳定经济增长”单独成章。为稳定经济增长，今年，广州提出大抓有效投资潜力释放，并具体提到力争全年投资总量突破1万亿元。

根据武汉市政府工作报告，2023年，武汉市将着力扩大内需，持续增强稳增长内生动力，坚持供需两端协同发力，以高质量供给创造有效需求，以提振有效需求稳定经济增长。

合肥市提出，合肥市将全力扩大有效投资，实施2000个亿元以上重点项目，实现投资4500亿元，谋划储备一批“两新一重”、城市更新、综合交通等领域重大项目。

The Ministry of Finance on Monday announced that small businesses with monthly sales of less than 100,000 yuan would be exempt from value-added tax (VAT) from Jan. 1 to Dec. 31, 2023, another move to ease the burden for firms amid the nation’s stronger efforts in bolstering growth. Levy rate of VAT for small businesses which are currently levied at 3 percent will be reduced to 1 percent, the ministry said.

明确增值税小规模纳税人减免增值税：9日，财政部、税务总局发布增值税小规模纳税人减免增值税等政策的公告：自2023年1月1日至2023年12月31日，对月销售额10万元以下（含本数）的增值税小规模纳税人，免征增值税。自2023年1月1日至2023年12月31日，增值税小规模纳税人适用3%征收率的应税销售收入，减按1%征收率征收增值税；适用3%预征率的预缴增值税项目，减按1%预征率预缴增值税。

China created 12.06 million new urban jobs in 2022, achieving the government"s annual target despite the Covid hit to economic growth, the minister of human resources said in an interview on Monday. That exceeded the 11 million target set for the year. The authorities will focus on lifting employment for graduates or assisting with starting their own businesses in 2023, as a record high of 11.58 million graduates streaming out of colleges to enter the workforce this year in China, the minister said.

今年全力确保就业局势总体稳定：新华社9日消息，人力资源和社会保障部部长王晓萍表示，2022年全国城镇新增就业1206万人，提前超额完成1100万人的全年目标任务。2023年高校毕业生将达到1158万人的历史新高，促进就业任务更重。人社部将把高校毕业生就业作为重中之重，以离校前公共就业服务进校园、离校后就业服务攻坚为牵引，多渠道促进就业创业。

产业及公司新闻

Shares of Huahai Pharmaceutical fell despite the Chinese drugmaker said it is cooperating with Pfizer to accelerate the localized production of the US biomedical giant’s oral Covid-19 drug Paxlovid. The pair will speed up various works regarding the localized production of Paxlovid to ensure a sufficient supply of the medicine in the Chinese market, media reported today citing sources from Huahai, yet refused to disclose details due to confidentiality. Pfizer CEO Albert Bourla said Monday that it is working with partners in China to begin offering Paxlovid in the first half of this year.

华海药业回应Paxlovid业务进展：1月9日，辉瑞公司首席执行官Albert Bourla在JP摩根医疗健康大会上表示，正与中国的合作伙伴携手，预备从今年上半年开始在中国提供新冠口服药Paxlovid。Bourla透露，该合作伙伴尚未开始生产，但很快就会启动。据了解，Paxlovid是“奈玛特韦片/利托那韦片”组合包装，华海药业负责奈玛特韦制剂生产，并完成组合包装；歌礼药业为辉瑞中国在中国大陆生产和供应利托那韦片。媒体10日从华海药业获悉，其正在推进辉瑞产品本地化生产的各项工作，以保障产品在中国市场的供应，但因为签订了保密协议，具体细节无法透露。

Shares of Bilibili dropped after the Chinese video site said it is mulling a US$410 million private placement to raise funds to repurchase convertible bonds. Bilibili plans to issue 15.3 million American depository shares at a price of US$26.65 apiece, a discount of about 7 percent to the closing price on Jan. 6, the company announced late Monday. Bilibili’s revenue rose 15.8 percent to 15.8 billion yuan in the first three quarters of 2022 from the same period a year earlier, the firm’s latest earnings report said yesterday. Net loss widened 27.5 percent to 6 billion yuan in the period.

B站增发新股募资4.1亿美元：1月9日，哔哩哔哩在港交所发布公告，公司2022年前9个月净营业额约157.57亿元，同比增加15.8%；毛利润约26亿元，同比缩窄11.7%；净亏损约60.11亿元，同比扩大27.5%。同时，B站宣布以26.65美元/ADS的价格，发行约1534万股美国存托股(ADS)，募集总款项约4.1亿美元。本次发行ADS所得款项中，部分用于回购公司2026年12月到期的可转债，回购票面价值总额3.85亿美元，剩余所得款项将用于为公司2022年第四季度进行的可转债回购再融资，以及充盈公司的营运资金。周二B站港股收跌4.3%。

Kweichow Moutai has exceeded last year’s annual revenue growth target of 15 percent, according to the vice president of the leading Chinese liquor maker. Revenue likely grew 16 percent to 127.2 billion yuan in 2022 from the previous year, while net profit is expected to have soared 20 percent to about 62.2 billion yuan.

贵州茅台超额完成年度增长目标：1月9日晚间，贵州茅台酒股份有限公司举行2022年第三季度及近期生产经营情况业绩说明会，副总经理、财务总监、董事会秘书蒋焰表示，经公司初步核算，2022年度，公司预计实现营业总收入1272亿元左右，同比增长16.2%左右；预计实现归属于上市公司股东的净利润626亿元左右，同比增长19.33%左右，已超额完成了15%的年度增长目标。

Warren Buffett"s Berkshire Hathaway has continued to trim its stake in BYD. The investment firm sold 1.06 million shares for HK$202.5 million on Jan. 3, according to aHong Kong stock exchangefiling on Monday. The sale reduced its holding to 13.97 percent from 14.06 percent. The latest sale is the seventh cutback totaling almost one-third of its long-held 225 million shares in the world"s biggest EV maker.

巴菲特第七次减持比亚迪H股：据港交所披露易数据，巴菲特旗下伯克希尔2023年1月3日减持105.8万股比亚迪H股，持股比例由2022年12月8日的14.95%降至13.97%，持股数由约1.641亿股减至约1.533亿股，近一个月减持了约1076万股。这是港交所第七次披露巴菲特减持比亚迪H股。

金融市场消息

The initial public offerings (IPOs) of 150 newly listed companies on ChiNext, China"s Nasdaq-style board of growth enterprises, raised 179.64 billion yuan in 2022, data from the Shenzhen Stock Exchange showed. By Jan. 9, the number of listed companies on the ChiNext board reached 1,232, with the total market capitalization exceeding 11 trillion yuan, the data showed.

去年创业板IPO融资近1800亿元：深圳证券交易所发布的数据显示，2022年，创业板注册制改革成效持续巩固，新增上市公司150家，IPO融资1796.37亿元。截至2023年1月9日，创业板上市公司达到1232家，总市值超11万亿元，九大战略新兴产业公司合计市值占比超过70%。

Ten Chinese mainland-listed companies issued global depository receipts in Europe and the UK last year, raising more than US$3.8 billion, after China expanded its London stock connect program to include Switzerland and Germany. Nine of them went public on the SIX Swiss Exchange, while one floated on the London Stock Exchange. More than 30 other companies are lining up to do the same.

10家A股公司赴欧发行GDR募资38亿美元：随着“沪伦通”扩容为“中欧通”，赴欧发行GDR成为去年的热点。统计显示，目前已有42家A股上市公司官宣赴欧发行GDR，其中，10家A股上市公司成功完成了GDR发行，募集资金超38亿美元，平均耗时仅4个月。

股市收盘情况

Chinese stocks snapped a six-session winning streak on Tuesday to close mixed as some investors booked profits. The benchmark Shanghai Composite lost 0.21 percent, while the Shenzhen Component rose 0.49 percent. Hong Kong’s Hang Seng index and the TECH index both closed 0.27 percent lower.

A股分化港股震荡：周二A股三大指数全天走势分化，截至收盘，沪指跌0.21%，止步六连阳，深成指涨0.49%，创业板指涨1.38%。沪深两市全天成交额7472亿元。港股震荡走低，恒生指数跌0.27%，恒生科技指数跌0.27%。

Biz Word of the Day

财经词汇划重点

American Depositary Shares(ADS)refer to shares in foreign companies that are held by U.S. depositary banks and can be traded in the U.S., including on major exchanges. The terms American Depositary Shares and American Depositary Receipts are often used interchangeably.

美国存托股份(ADS)，或美国存托凭证(ADRs)，允许外国的股票在美国股票交易所交易。事实上，大多数的外国公司股票以这种方式在美国股票交易所交易。美国存托凭证由美国的存托银行发行，每个ADR代表了一个或者多个外国的股票，或者一小部分股票。

Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI

Sound Editor: Stephanie LI

Graphic Designer: ZHENG Wenjing, LIAO Yuanni

Produced by 21st Century Business Herald Dept. of Overseas News.

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

音频制作：李莹亮

设计：郑文静、廖苑妮

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