Hi everyone. I’m Stephanie LI.

大家好，我是主持人李莹亮。

Coming up on today’s program.

(资料图片仅供参考)

重点提要

China will implement more stringent vehicle emission standards in July, while sales period of old car models will be extended until year end;

The average salary of China"s urban employees in 2022 grew 4.6 percent in public sector and 1.7 percent in private firms.

Here’s what you need to know about China in the past 24 hours

中国经济要闻

China will start to implement the China VI-b emission standards for vehicles starting from July 1, banning production, imports and sales of models that don"t comply with the standards, the Ministry of Ecology and Environment said on Tuesday in a joint statement with four other authorities.

The upgraded standards have more stringent emission requirements for pollutants such as carbon monoxide and nitrogen oxides of gas and gasoline-fueled vehicles, compared with the current China VI-a standards.

The new standard will require Real-Driving Emission (RDE) tests of the vehicles while driven on the road, which is not included in the "China VI-a" standard.

As of January 2023, there were more than 1.89 million vehicles in inventory that did not meet the RDE testing requirements, with more than 2 million vehicles in inventory including purchased parts, data from the China Association of Automobile Manufacturers showed on Tuesday.

However, for some light-duty vehicles qualified under the China VI-b standards but with a "monitoring only" testing result, sales will be allowed to continue to December 31, read the statement.

The association said the timing will bring substantial relief to the industry, while assisting the auto market to recover steadily.

Due to a gradual cooling of the heated price war since March and the impact of last year’s low base, wholesale sales in China’s passenger vehicle market reached 1.81 million units in April, jumping 86.5 percent year on year, according to a report released by the China Passenger Car Association on Tuesday.

NEV market’s wholesale sales tallied 607,000 units last month, rising by 115.6 percent annually, with a penetration rate of 33.9 percent. Eleven NEV manufacturers sold more than 10,000 vehicles each in wholesale last month, with BYD, Tesla China and GAC Aion ranking top 3.

Retail sales of China"s passenger vehicles surged 55.5 percent year on year, with a total of 1.63 million passenger vehicles were sold last month, according to the association.

In April, China exported 300,000 passenger cars, a yearly increase of 227 percent, of which NEVs accounted for 30 percent.

日前，生态环境部、工信部等五部门发布关于实施汽车国六排放标准有关事宜的公告。自2023年7月1日起，全国禁止生产、进口、销售不符合国六排放标准6b阶段的汽车，针对部分实际行驶污染物排放试验（即RDE试验）报告结果为“仅监测”等轻型汽车国六b车型，给予半年过渡期。

公告指出，自2023年7月1日起，全国范围全面实施国六排放标准6b阶段，禁止生产、进口、销售不符合国六排放标准6b阶段的汽车。生产日期以机动车合格证的车辆制造日期为准，且合格证电子信息应于2023年7月1日0时前完成上传；进口日期以货物进口证明书签注运抵日期为准；销售日期以机动车销售发票日期为准。

同时，针对部分实际行驶污染物排放试验报告结果为“仅监测”等轻型汽车国六b车型，给予半年销售过渡期，允许销售至2023年12月31日。

所谓“国六”标准，其全称为“国家第六阶段机动车污染物排放标准”，是为防治机动车污染排放、改善环境空气质量制定的国家标准。因其复杂性和标准门槛高于“欧六”标准，因此也被行业内称为“全球最严排放标准”。

根据规定，国六标准的实施分为a、b两个阶段，第一阶段从2020年7月1日起，不能销售、注册、上牌低于国六a标准的汽车。第二阶段从2023年7月1日起，不能销售、注册、上牌低于国六b标准的汽车。

值得关注的是，受疫情、市场等多重因素影响，部分不符合RDE试验要求的国六b车辆库存积压严重。中国汽车工业协会数据显示，截至2023年1月底，不满足RDE试验要求的库存车辆超过189万，含已采购部件的库存超过200万。

乘联会秘书长崔东树认为，国六排放标准6b阶段实施政策的公布，不仅稳定了企业和经销商心态，也进一步提振了市场消费，对5月国内车市的快速恢复将起到促进作用。

5月9日，乘联会举行月度乘用车市场分析发布会。数据显示，4月乘用车市场零售量达163万辆，受低基数影响，同比增幅较大，达55.5%，环比增长2.5%。其中，自主品牌零售79万辆，同比增长63%，环比增长1.5%。

乘联会表示，4月价格战热度逐渐消退，经销商心态逐步稳定，消费者恢复理性消费，观望情绪得以缓解，前期压抑的需求有所释放；叠加“五一”小长假出行用车需求增长，带动4月购车消费前置，整体车市延续3月底的态势，企稳修复。

自主品牌在新能源市场和出口市场获得明显增量，头部传统车企转型升级表现优异，比亚迪、长安、奇瑞、上汽等传统车企品牌份额提升明显。4月新能源乘用车市场零售量为52.7万辆，同比增长85.6%，环比下降3.6%。

今年汽车出口延续去年年末强势增长特征。乘联会统计口径下的4月乘用车出口量达30万辆，同比增长227%，环比增长3%。其中，新能源车出口9.1万辆，同比增长1028.5%，环比增长29.4%，占乘用车出口总量的31%。

The average salary of China"s urban employees saw steady growth in 2022, data from the National Bureau of Statistics showed on Tuesday. The average salary in the non-private sector reached 114,029 yuan, up 6.7 percent in nominal terms and 4.6 percent after adjusted for inflation. In the private sector, the annual average salary stood at 65,237 yuan, up 1.7 percent in real term.

Jobs in the information transmission, software and information technology service industries were China’s highest-paid last year, as employees received an average annual salary of 220,418 yuan from public units and 123,894 yuan from private companies last year, up 9.4 percent and 8.1 percent, respectively, from the previous year. The lowest wages from urban non-private units were in the household service, repair, and other services, as workers received 47,760 yuan annually, while in the private sector, jobs in accommodation and catering were paid the lowest with 53,995 yuan a year.

2022年各行业年平均工资公布：5月9日，国家统计局网站发布2022年各行业领域平均工资情况。2022年全国规模以上企业就业人员年平均工资为92492元，比上年名义增长5.0%。非私营单位就业人员年平均工资为114029元，比上年增加7192元，名义增长6.7%。扣除价格因素，2022年全国城镇非私营单位就业人员年平均工资实际增长4.6%。私营单位就业人员年平均工资为65237元，比上年增加2353元，名义增长3.7%。扣除价格因素，2022年全国城镇私营单位就业人员年平均工资实际增长1.7%。

在19个行业门类中，有18个行业的就业人员平均工资保持增长，其中采矿业，信息传输、软件和信息技术服务业、金融业等行业城镇非私营单位和私营单位平均工资增速均相对较高；房地产行业平均工资水平下降，部分人员密集型或接触型服务业平均工资增速较低。2022年，无论是在城镇非私营单位还是在私营单位中，就业人员年平均工资水平排在前三位的行业均为技术含量较高的信息传输、软件和信息技术服务业，金融业，科学研究和技术服务业。工资水平排在后三位的行业略有不同，在城镇非私营单位中为住宿和餐饮业，农林牧渔业，居民服务、修理和其他服务业；在私营单位中为农林牧渔业，水利、环境和公共设施管理业以及住宿和餐饮业。

Moving on to regional highlights

区域观察

East China"s Jiangsu Province recently released a plan for a pilot program to promote usage of the digital yuan in the local education sector. The plan proposed easing the digital yuan payment channel for all types of schools in Jiangsu including kindergartens, while setting up additional payment methods to improve the online and offline payment environment for digital yuan. It will also encourage local schools to expand the coverage for use of digital yuan on campus and to connect the digital yuan with current school systems, aiming to continuously enrich the application scenarios.

江苏推进教育领域数字人民币试点：5月9日消息，江苏省教育厅近日印发《江苏省教育领域数字人民币试点实施方案》，提出至2023年底，每所省属学校至少推进一个数字人民币应用项目。方案指出，畅通江苏各级各类学校（幼儿园）保育教育费、学费、住宿费、代办费、服务性收费、各类考试报名费等数字人民币支付渠道，在现有收费模式基础上，新增数字人民币缴款方式，完善数字人民币线上线下受理环境。方案还明确，鼓励学校在校园消费、身份识别、生活服务等方面扩大数字人民币应用覆盖面；推动数字人民币与现有校园平台系统对接，探索校园“一卡通”叠加硬钱包功能；鼓励学生食堂、生活超市、菜鸟驿站及校园各类商户全面配置数字人民币支付环境，不断丰富应用场景，构建校园内部数字人民币应用生态。

The world"s first experimental ultrahigh-speed maglev train with a maximum speed of over 1,000 kilometers per hour will be built in Harbin, Northeast China"s Heilongjiang Province. Construction of associated products related to the route will also be launched as part of the project. A transportation tube of partial vacuum status for ultrahigh-speed maglev line, the major part of the program, can help the vehicle to accelerate to the speed of over 1,000 kilometers per hour at a relatively low cost and high level of safety, according to World Artery, one of the firms behind the project.

哈尔滨将建世界首条超高速磁浮旅游试验线：哈尔滨工业投资集团9日消息，该集团8日与北京九州动脉隧道技术有限公司举行战略合作协议签约，双方将联手在哈尔滨共同打造低真空超高速磁浮飞行巴士旅游试验线及制造产业化项目。该试验线时速将达1000公里以上。据介绍，超高速管道交通是继公路交通、轨道交通、航空交通、水路交通之后的第五种交通方式，具有超高速、低建设成本、低运营能耗、安全性高等诸多优势，是整合现有成熟技术的集成创新，是唯一一种能实现时速达1000公里以上的大众交通方式。

A total of 113 projects with a combined investment of about 75 billion yuan were signed during a Regional Comprehensive Economic Partnership (RCEP) economic and trade expo held in central China"s Hunan Province. The four-day expo attracted over 600 renowned enterprises and more than 1,000 purchasers from home and abroad, including 112 companies from 14 other RCEP member countries, according to the organizer.

首届湖南RCEP经贸博览会签约项目总投资750多亿元：首届湖南（怀化）RCEP经贸博览会4日至7日在中国湖南怀化举办。会上签约合作项目113个、总投资约750亿元，为中国西部陆海新通道沿线省份与RCEP成员国的交流合作搭建起优势互补新平台。此次博览会采用线上线下结合的形式办展，吸引来自中国、老挝、泰国、澳大利亚等RCEP成员国的600多家企业、1000多名采购商参展。其中，线下实体展展区面积2万平方米，设有RCEP成员国综合形象展区、市州形象展区等6大展区。

Greater Bay Area, Greater future

新使命，大未来

Hong Kong is well positioned to serve as a regional hub for impact investing, the Financial Services Development Council told a conference yesterday. The global market for impact investment - which generates social and environmental impact as well as financial returns - is estimated to worth US$1 trillion, according to the Global Impact Investing Network which co-hosted the event in the city with the FSDC. The Hong Kong government in March announced a slew of financial and other measures to try and attract at least 200 wealthy families to set up their wealth management offices, for overseeing their investment and philanthropic activities, in the city by the end of 2025.

香港全面拥抱万亿级影响力投资： 5月9日，在全球影响力投资网络（GIIN，The Global Impact Investment Network）与香港金融发展局共同举办的“亚洲影响力投资的未来”论坛上，香港特区政府财政司司长陈茂波表示，香港作为全球领先的国际金融中心之一，将充分发挥自身优势，积极拥抱影响力投资。陈茂波表示，去年全球影响力投资市场规模已超过1万亿美元。全球39个经济体的170家机构签署了承诺，会在投资的全生命周期将影响力因素纳入考量。陈茂波表示，香港影响力投资的参与者众多，大量跨国公司、高水平人才、基金公司及持续增加的家族办公室，为影响力投资的蓬勃发展提供了优厚的生态环境。

Next on industry and company news

产业及公司新闻

Fixed-asset investment in China"s railways went up 6.3 percent year on year in the first four months to reach 167.4 billion yuan, data from China State Railway Group showed Tuesday. The company said it has mainly focused on railway-related items in the country"s 102 major projects introduced for the 14th Five-Year Plan period (2021-2025). In particular, track laying for the railway line between Tianjin and Beijing Daxing International Airport has been completed, the company said.

前4个月全国铁路完成固定资产投资1674亿元：5月9日国铁集团消息，今年1月至4月，全国铁路完成固定资产投资1674亿元、同比增长6.3%，现代化铁路基础设施体系加快构建。今年以来，国铁集团以“十四五”规划纲要102项重大工程涉铁项目为重点，突出联网、补网、强链，高标准推进铁路建设，努力在全力完成建设投资和实物工作量上下功夫，南昌至景德镇至黄山高铁、天津至北京大兴国际机场铁路全线铺轨完成。

Three Chinese airlines, including China Eastern Airlines, Air China and Xiamen Airlines, are applying for newly added routes from China to the US, after the US decided last week to allow Chinese carriers to increase flights to the US. On May 3, the US Department of Transportation issued an order allowing Chinese airlines to operate 12 round-trip flights between China and the US every week, up from the current eight.

三家国内航司已提交中美增班申请：民用航空网微信公号9日消息，5月3日，美国交通部允许7家中国航司（中国国航、中国东航、南方航空、海南航空、厦门航空、首都航空、四川航空）每周运营12个中美往返航班，即刻生效。目前，东航、国航、厦航均已提交了新增航班申请。

Alibaba Group Holdings’ supermarket chain Hema Fresh has stepped into China’s fast-growing premade food market. Hema Fresh announced yesterday that it initiated a premade food ecology alliance in Shanghai and upgraded its premade food strategy. Hema Fresh plans to open a new store featuring premade dishes in October, covering an area of 5,000 square meters, said Hou Yi, CEO of the supermarket.

盒马牵头成立预制菜生态联盟：5月9日，总部位于上海浦东的生鲜企业盒马在上海发起预制菜生态联盟，首批共13家食品企业、3所高校、1家电器企业加入这一联盟。盒马鲜生CEO侯毅透露，今年10月份将开出以预制菜为核心的全新品类结构的盒马鲜生门店，预计5000平方左右。今年初，自有品牌、大进口和预制菜在盒马内部分别被列为一级部门。

Chinese electric vehicle titan BYD has been given the greenlight to acquire a 100 percent stake in bankrupt Yi’an Property and Casualty Insurance, making it the first automaker to own an insurance firm in China. The one billion shares held in Yi’an P&C Insurance by the seven original shareholders, which include software developer Shenzhen Infogem Technologies, will be transferred to unit BYD Auto Industry, the China Banking and Insurance Regulatory Commission said yesterday.

比亚迪收购易安财险获批复：5月9日，中国银保监会官网发布了关于易安财产保险股份有限公司变更股东的批复，批复内容显示，同意比亚迪汽车工业有限公司受让易安财险10亿股股份，持股比例为100%。批复内容还显示，比亚迪在变更为易安财险股东后，易安财险原股东深圳市银之杰科技股份有限公司等7家公司将不再持有易安财险股份。

Shares of Eve Energy rose after the major Chinese power battery maker said it has made a deal with local government to buya piece of land in Hungary to build a factory. The operating entity Eve Energy set up in Hungary will buy 450,000 square meters of land in Debrecen for 12.9 million euros to build a cylindrical battery plant, the company announced yesterday.

亿纬锂能匈牙利电池工厂成功购地：5月9日晚间，惠州亿纬锂能股份有限公司发布公告表示，公司全资孙公司亿纬匈牙利已与卖方签署购地协议，购买卖方位于匈牙利德布勒森西北工业区的土地，用于生产圆柱形动力电池。根据双方声明，该土地已在土地登记处登记，面积为45公顷。双方同意的土地购买价格为22.5欧元/平方米+增值税，根据土地总面积计算，购买价格为1285.88万欧元。

China Film Group’s shares jumped by their daily trading limit after the movie distributor and producer of hit science fiction series The Wandering Earthreportedly said it will build a Chinese sci-fi movie theme park in Beijing. The Wandering Earth II, mainly produced by China Film, broke 32 records on its premiere and became one of China"s top-10 highest-grossing movies, earning over 4 billion yuan.

中国电影宣布筹建中国科幻电影乐园：5月9日，中国电影股价高开并迅速封板。中国电影8日在业绩说明会上宣布，正在北京市怀柔区筹建中国科幻电影乐园，将以系列科幻电影IP为核心，打造具有奇幻和冒险性、体验性、互动性的旅游娱乐园区。

Switching gears to financial news

金融市场消息

China appointed Li Yunze as Party Secretary of the new national financial regulatory administration on Wednesday. Li was vice-governor of Sichuan province. Prior to that position, he was vice-president of the Industrial and Commercial Bank of China, the country"s largest state-owned commercial lender.

李云泽任国家金融监督管理总局党委书记：5月10日，中国银保监会官微发布消息称，国家金融监督管理总局召开领导干部会议，中央组织部有关负责同志宣布了中央决定：李云泽同志任国家金融监督管理总局党委书记。李云泽于2018年9月出任四川省副省长，并于2021年5月任四川省委常委、四川省副省长，主要分管金融工作。自1993年起，李云泽就在建设银行工作，直到2016年7月出任工商银行党委委员，同年10月正式出任工商银行副行长。

China Merchants Fund Management and two other Chinese fund managers will each issue an exchange-traded fund based on China Securities Index’s Guoxin Central-SOEs Shareholder Return Index next week to raise as much as 2 billion yuan each. The funds received the go-ahead from the China Securities Regulatory Commission on April 27, which are the first to include both dividend and buybacks.

首批央企股东回报ETF开售在即：5月9日，汇添富基金、广发基金、招商基金旗下的中证国新央企股东回报ETF产品发布募集公告。公告显示，三只产品的发行期均为5月15日至5月19日，募集规模上限均为20亿元人民币。据悉，这三只产品跟踪的中证国新央企股东回报指数由国新投资和中证指数公司联合开发，是全市场首只同时纳入了分红和回购的高股息策略指数。

China"s investment in Europe fell to a 10-year low last year, a new report showed. Chinese foreign direct investment (FDI) in Europe was 7.9 billion euros in 2022, down 22 percent year-on-year, according to the report jointly released by US research provider Rhodium Group and European research institute MERICS on Tuesday. Tencent"s purchase of British video game developer Sumo Digital was the only deal that exceeded 1 billion euros. However, driven by electric vehicle battery factories, Chinese greenfield investment in Europe overtook M&A transactions for the first time in 20 years, reaching 4.5 billion euros, or 57 percent of the total, according to the report. Last year, Chinese battery giants - including CATL, Envision AESC and SVOLT - invested in building battery plants in Germany, Hungary, the UK and France.

中企对欧投资方式转向绿地投资：5月9日，全球资讯机构荣鼎集团（Rhodium Group）和独立研究机构MERICS联合发布了2022年中国对欧洲直接投资（FDI）报告。报告显示，2022年，中国在欧洲的外国直接投资降到了十年来的最低水平，仅为79亿欧元，与2021年相比下降了22%。腾讯收购英国视频游戏开发商Sumo digital是唯一一笔价值超过10亿欧元(11亿美元)的交易，其他大多数重大投资都是由电池企业宁德时代、远景动力和蜂巢能源等完成。报告还指出，中国对欧洲的直接投资方式正从并购转向绿地投资（即跨国企业在投资目的地国家设立子公司，从零开始建设项目设施），其中电动汽车电池投资扮演了关键角色。2022年，中国对欧洲的绿地投资增长了53%，占中国对欧直接投资总额的57%，自2008年以来首次超过并购（M&A）。中国在欧洲近90%的投资流向了四个国家：英国、法国、德国和匈牙利。四国都获得了中国电池制造商的大量绿地投资，预计这些中国企业将主导欧洲的电池行业。

Wrapping up with a quick look at the stock market

股市收盘情况

Chinese stocks extended declines on Wednesday. The benchmark Shanghai Composite lost 1.15 percent, while the Shenzhen Component edged up 0.1 percent. Hong Kong stocks also closed mixed with the Hang Seng index down 0.4 percent, while the TECH index gained 0.3 percent.

A股港股震荡分化：周三A股大盘全天震荡分化，沪指继续调整跌超1%，创业板指在创年内新低后触底反弹。截至收盘，沪指跌1.15%，深成指涨0.14%，创业板指涨0.73%。沪深两市成交额连续第24个交易日突破1万亿元，北向资金全天净买入55.71亿元。港股指数涨跌不一，香港恒生指数收跌0.43%，恒生科技指数收涨0.34%。

Biz Word of the Day

财经词汇划重点

The concept of impact investingwas coined by US-based The Rockefeller Foundation around two decades ago. It spearheaded the formation of GIIN by rallying like-minded private investment houses and social enterprises, which aimed to use profit-seeking investment to generate positive social and environmental impact.

根据全球影响力投资网络（GIIN）定义，影响力投资的主要投资对象包括公司、组织和基金。除了追求金钱回报之外，投资者的目标还包括实现社会和环境影响力。

Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI

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

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