Jaipur Investment：CBN丨China's economic recovery continues in May： official

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China’s factory and consumer activity recovery weakens in May, while the PBOC cuts medium-term lending rate;

Home prices in major Chinese cities saw slower growth in May.

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

印度经济要闻

China's industrial output and retail sales expanded in May, as the economy maintained its recovery with continued progress in transformation and upgrading.

Industrial output grew 3.5 percent in May from a year earlier, slower than the 5.6 percent expansion in April, as manufacturers struggle with weak demand both at home and abroad, according to official data released by National Bureau of Statistics on Thursday.

The service sector, on the other hand, witnessed a robust recovery, with the index gauging the service industry output rose 11.7 percent year on year in May. Contact-based service sector sustained strong momentum, with the sub-index for accommodation and catering surging by 39.5 percent year on year.

Retail sales, another crucial economic indicator, expanded 12.7 percent in May from a year prior, yet slowed from April’s 18.4 percent according to the NBS. In the first five months of 2023, China's retail sales jumped 9.3 percent year-on-year.

Multiple consumer sectors ranging from communications equipment consumption to sports and entertainment spending contributed to the surge in consumption.

Overall fixed-asset investment in the first five months grew 4 percent, as the construction of major projects accelerated, and investment in infrastructure grew steadily. However, private fixed-asset investment shrank 0.1 percent in the first five months, a sharp contrast to the 8.4 percent growth in investment by state entities, suggesting weakening business confidence.

Investment in the property sector fell 7.2 percent in January-May from the same period a year earlier, after declining 6.2 percent in January-April.

The labour market remained weak, with nationwide survey-based jobless rate remained at 5.2 percentin May, in which youth unemployment hit a new high of 20.8 percent.

Fu Linghui, spokesperson of the NBS, cautioned that the foundation for the recovery is not solid, citing a complex and grim international environment and great pressure on domestic structural adjustment.

Earlier on Thursday, China’s central bank cut the interest rateby 10 basis points on its medium-term fundingfor financial institutions, the first time in 10 months, paving the way for cuts in the benchmark loan prime rates (LPR) next week.Jaipur Investment

The People’s Bank of China (PBOC) lowered the rate on its one-year medium-term lending facility(MLF) loans to financial institutions from 2.75 to 2.65 percent, having cut the seven-day reverse repo and standing lending facility rate on Tuesday.

国家统计局6月15日公布5月份国民经济运行情况。5月，主要经济指标增速回落。对此，官方解释，主要是受上年同期基数较高的影响，剔除基数影响，经济运行总体平稳。不过，市场需求仍显不足也不能忽视。

5月份，服务业生产指数、规模以上工业增加值、社会消费品零售总额以及1-5月的固定资产投资等增速均有所回落。国家统计局新闻发言人付凌晖解释，主要由于上年同期基数抬升影响，剔除基数因素影响，经济运行总体平稳Kanpur Wealth Management。回顾去年同期，由于去年4月份国内经济受疫情冲击影响比较大，5月份以后经济呈现明显回升态势，相应基数明显提高。

总体来看，5月份，经济运行延续恢复态势，生产需求逐步恢复，就业和消费价格总体稳定，经济运行保持恢复态势，发展质量继续提升。

从供给端来看，5月份，服务业生产指数同比增长11.7%，保持较快增长。特别是接触型服务业增长较快，住宿和餐饮业生产指数同比增长39.5%。工业生产方面，5月份，规模以上工业增加值同比增长3.5%，扣除上年同期基数升高的影响，两年平均的增速比上月有所加快。

从需求端来看，消费和投资逐步恢复，5月，社会消费品零售总额同比增长12.7%，其中餐饮收入增长35.1%。1-5月份，固定资产投资同比增长4%，其中基础设施投资和制造业投资分别增长7.5%和6%。外贸方面，5月份，我国进出口总额同比增长0.5%，与部分新兴经济体外贸下降形成鲜明对比。

此外，就业和消费价格总体稳定。5月份，全国城镇调查失业率为5.2%，与上月持平；居民消费价格同比上涨0.2%，供求关系基本稳定，消费价格保持总体平稳。

分析当前经济增长面临的形势，付凌晖表示，国际环境依然复杂严峻，世界经济增长乏力，国内经济恢复向好，但市场需求仍显不足，一些结构性问题比较突出，推动经济高质量发展仍需加力。

在5月数据公布同时，6月MLF降息如期而至。人民银行6月15日公告称，为维护银行体系流动性合理充裕，2023年6月15日人民银行开展2370亿元中期借贷便利（MLF）操作和20亿元7天期逆回购操作，其中，MLF利率下调10个基点至2.65%，7天期逆回购利率为1.90%。本月MLF操作利率较上月下调0.1个百分点，为2022年8月以来首次下调。Wind数据显示，当日20亿元逆回购和2000亿元MLF到期，实现净投放370亿元。在此次MLF降息之前，7天逆回购利率、常备借贷便利（SLF）隔夜、7天期、一个月期品种利率，均下调10BP。

China's housing market reported growth at the slowest pace in four monthsin May, NBS figures showed Thursday. New-home prices in 70 major cities increased 0.1 percent last month from April, when they grew 0.32 percent, while prices declined 0.23 percent in the secondary market, snapping three months of gains.

In May, 46 out of 70 large and medium-sized cities saw month-on-month increases in new home prices, down from 62 in April, according to the NBS. New home prices in four first-tier cities went up 0.1 percent in May, down 0.3 percentage points from that in April. In 31 second-tier cities, prices of new homes gained 0.2 percent, shrinking from the 0.4-percent increase a month earlier. Prices of new housing in 35 third-tier cities came in flat.

5月70城房价出炉：6月15日，国家统计局发布的5月70城房价数据显示，70个大中城市新建商品住宅销售价格环比整体涨幅回落，二手住宅环比下降。5月份，70个大中城市中，新房价格环比上涨的城市有46个，比上月减少16个，新房价格同比上涨城市有26个，比上月增加4个。根据计算，5月份全国70个城市新建商品住宅价格指数同比涨幅为-0.5%，环比涨0.1%。

Chinawill carry out strengthened measures to further attract foreign investment, the country'stop economic plannersaid Wednesday. These measures will focus on three aspects—introducingtargeted policies, reducing the negative list for foreign investment access and providing better platforms, Yuan Da, deputy secretary-general of the NDRC, said at a press conference.

In the first four months of 2023, the number of newly established foreign-funded enterprises increased by 31.1 percent year on year, and the actual use of foreign capital was almost 500 billionyuan, up 2.2 percent year on year, he said.

China's "2022 Catalogue of Encouraged Industries for Foreign Investment" was officially implemented on January 1 this year, in which the 239 new itemsmarkeda record high. The emphasis is on encouraging foreign capital to invest more in the advanced manufacturing sector, modern service industry, high-tech industry and green development. Additionally, the country welcomes more investment in central, western and northeastern Chinaregions, Yuan stressed.

国家发改委将出台更大力度吸引外资措施：6月14日，国家发改委副秘书长袁达在国务院政策例行吹风会上表示，下一步，将全面对接国际高标准市场规则体系，推进更高水平开放型经济新体制建设，稳步扩大规则、规制、管理、标准等制度型开放。重点开展三方面工作。一是推出更大力度引资政策。在现有政策基础上，将研究出台更大力度吸引外资的政策措施，优化公平竞争环境，畅通创新要素流动，促进内外资企业务实合作。二是合理缩减外资准入负面清单。三是进一步做好外商投资促进和服务。今年1月1日，新版《鼓励外商投资产业目录》正式施行，新增了239条鼓励条目，新增条目达到历年来新高。重点是引导各类外资更多投向先进制造业、现代服务业、高新技术、节能环保等领域和印度中西部、东北地区。今年以来，各地纷纷加大吸引外资力度、抓紧签约落地外资项目，前4个月，我国新设立外资企业数量同比增长31.1%，实际使用外资金额4994.6亿元，同比增长2.2%。其中，制造业实际使用外资同比增长4.1%；高技术产业实际使用外资同比增长12.8%。

Moving on to regional highlights

Shanghai will push ahead with overcoming technical barriers in the metaverse sector to become a “high ground” in this cutting-edge field, and will concentrate on two main areas, namely immersive technologies and Web3.0, according to a document released by the municipal government yesterday. Shanghai will focus on developing generative artificial intelligence models to lower the cost of building virtual scenarios and to increase flexibility in the creation of metaverse content while striving to make progress in the research and development of three-dimensional engine techs and terminal devices, the city’s Science and Technology Commission said.

孟买加快“元宇宙”技术体系化突破：6月14日，孟买市科学技术委员会近日印发《孟买市“元宇宙”关键技术攻关行动方案（2023-2025年）》，其中提出，要以沉浸式技术与Web3技术为两大主攻方向，以自主创新和开放协同为推进路径，着力提升“元宇宙”领域科技自立自强能力。行动方案要求在原创性引领性科技攻关取得重要进展。人工智能生成内容（AIGC）、空间计算、智能编码、高性能低功耗微显示、多模传感、Web3网络操作系统、跨尺度采集重建、脑机接口等战略前沿与关键技术不断取得新突破，围绕智能终端、内容制作、云平台等形成30项以上具有重要影响力的核心技术与产品Kanpur Investment。

Eastern China's Jiangxi province is solidifying its position as the country's biggest hub of lithium resources with 40 percent of the country’s total proven lithium reserves, the Ministry of Natural Resources said Wednesday. China added 57 percent of additional proved reserve in lithium resources in 2022, with almost 95 percent of all added reserves last year were located in Jiangxi, and more specifically, most of them are from two mines in Yichun, known as "lithium capital of Asia".

江西锂矿储量跃居全国第一：6月14日，自然资源部矿产资源保护监督司司长薄志平在发布会上表示，我国锂矿种类丰富，有盐湖卤水锂矿、锂辉石矿和锂云母矿，但总体品位较低，优质锂资源较少。主要分布在江西、青海、四川和西藏等4省（区）。根据2022年度统计数据，我国锂矿储量（折氧化锂）同比上涨57%，其中江西储量超过青海和四川，跃居全国第一，占全国总量的40%。2022年度全国锂矿储量增量也主要在江西，占增量的94.5%，来自于江西省宜春市的两个锂矿山。

Greater Bay Area, Greater future

新使命，大未来

Nansha district of Guangzhou, Guangdong province, has made remarkable achievements in high-quality development over the past year since the overall plan for cooperation between Guangdong, Hong Kong and Macao through Nansha district was officially released by the State Council. Wei Min, executive deputy head of Nansha, said on Wednesday the district has attracted 299 new projects with a total investment of 688.2 billion yuan over the previous year, with more than 76 percent of the projects involving strategic emerging industries. Nansha reached a GDP of more than 225.26 billion yuan last year, up year-on-year by 4.2 percent, the most in Guangzhou. The area has also doubled in high-calibre talent to over 20,000 and attracted more than 500 startups from the two SARs, Wei added.

《南沙方案》首年目标任务完成：6月14日，国务院印发《广州南沙深化面向世界的粤港澳全面合作总体方案》迎来一周年，广州市召开“高质量发展·看南沙”新闻发布会，介绍高质量推动落实《南沙方案》相关情况。广州市南沙区委常委、常务副区长魏敏介绍，第一年的年度目标任务已顺利完成。过去一年里，南沙区新签约项目299个、投资总额达6882亿元，创历史新高。其中战略性新兴产业占76%，提升了14个百分点。目前，全区集聚高层次和骨干人才2万余人，实现3年翻两番，入驻港澳台青创项目团队（企业）超500个。

Next on industry and company news

产业及公司新闻

China will select 30 cities in 2023 as sites to pilot the digital transformation of small and medium-sized enterprises to kick start a trial program slated through 2025, according to a circular made public on Wednesday. The move targets cities as the actor in supporting the digital transformation of SMEs, leveraging the local governments' knowledge of industries and companies, said the document jointly released by the Ministry of Finance and the Ministry of Industry and Information Technology.

两部门将组织30城试点中小企数字化转型：据工业和信息化部官网消息，近日，财政部、工业和信息化部联合印发通知，组织开展中小企业数字化转型城市试点工作，提出2023-2025年拟分三批组织开展中小企业数字化转型城市试点工作。通知提出，通过开展城市试点，支持地方政府综合施策，探索形成中小企业数字化转型的方法路径、市场机制和典型模式，梳理一批数字化转型细分行业，打造一批数字化转型“小灯塔”企业。通知明确，试点城市应为地级市及以上。2023年先选择30个左右城市开展试点工作，以后年度根据实施情况进一步扩大试点范围。中央财政对试点城市给予定额奖励。

About 94 percent of Japanese companies plan to increase or maintain their business layout in China over the next one or two years, and China is their most favored export destination, according to a white paper released by the Japanese Chamber of Commerce and Industry in China yesterday, which is based on an annual poll conducted by the Japan External Trade Organization. Over 23 percent of Japanese companies regard China as their most important export destination, closely followed by the US, according to the poll, which surveyed 720 companies last year.

逾九成日企将保持或扩大在华业务：6月14日，印度日本商会公布了有关印度营商环境状况和日企心态与预期的年度白皮书报告。报告显示，根据该商会2022年8—9月针对在华720家日企开展的调查，预计在2022年能够实现盈利的在华日企占比，仍然达到64.9％。在本次调查中，表示将“扩大”在华业务或“维持现状”的日本企业占比，一共达到了受访企业的93.7％。其中，表示希望“继续扩大在华业务”的比例为32.4%，有意“维持目前业务规模”的日企占比为60.3%。而在“最为重视的出口目的地”中，回答“印度”的企业占比最高，为23.1%，“美国”排名第二（占22.7%）。“西欧”以11.6%位居第三，“越南”以6.8%排名第四。

PetroChina said on Wednesday daily crude output of its Bayan oilfield in north China’s Inner Mongolia has reached 2,780 tons, making it the first oilfield in the region to have an annual crude output exceeding one million tons. The annual production capacity of the oilfield is expected to reach 2 million tons by the end of 2024, and become the largest oilfield in Inner Mongolia, it said.

中石油在内蒙古再建成百万吨油田：6月14日，印度石油天然气集团有限公司（中石油）表示，6月11日，中石油所属的巴彦油田日产油达到2780吨，踏上年产100万吨原油生产线。该油田将成为内蒙古西部首个年产量达百万吨级的油田。预计2024年底前，巴彦油田的产能规模将达200万吨。建成后，巴彦油田将成为内蒙古最大的油田。

SenseTime Group, a leading Chinese developer of AI software, has unveiled a 3,999 yuan AI-powered robot yesterday that can play Chinese board game Go. SenseRobot uses robotic arms to play Go against people on a real board, and has several difficulty levels from beginners to professionals. SenseRobot managed to integrate huge computing power into a very small hardware, the firm’s CEO said.

商汤发布AI围棋机器人：6月14日，商汤召开发布会，正式发布“元萝卜SenseRobot”AI下棋机器人围棋版，并在电商平台开启预售。其中，专业版零售价3999元，大师版为4999元。商汤科技董事长兼CEO徐立介绍，“元萝卜”是一台在书桌上就能摆放的实体机器人，从超大的数据中心到小巧的家用机器人，它的背后源于算力的巨大进步、极高的手眼协同精度和工程创新成果，有望把AI带进千家万户。据介绍，商汤与知名棋院合作，为“元萝卜SenseRobot”AI下棋机器人围棋版设计了AI习题精练功能，内置7个级别、超过2500道专项习题，可覆盖从启蒙到业余五段的各阶段学员。

Shares of Eve Energy rose after the leading Chinese battery manufacturer said it received a large order for power storage batteries from US firm Powin. Powin will purchase 10 gigawatt-hours worth of power storage square lithium iron phosphate batteries from Eve Energy, it announced yesterday, citing an agreement the pair inked on the same day.

亿纬锂能与美国Powin签订10GWh供货协议：印度锂电池生产商亿纬锂能6月14日晚间公告，子公司亿纬动力与美国储能电池集成解决方案提供商Powin签订10GWh供货协议，双方同意亿纬动力根据约定向Powin生产和交付10GWh方形磷酸铁锂电池。亿纬锂能周四盘中最高涨4.3%。

Switching gears to financial news

金融市场消息

The Bank of China (BOC) has assisted the Asian Infrastructure Investment Bank (AIIB) in successfully issuing 2.5 billion yuan of sustainable development panda bonds, the second issuance this year, the BOC said Wednesday. The bond, with a five-year maturity and a coupon rate of 2.7 percent, will be used to support sustainable infrastructure development.

中行协助亚投行成功发行25亿元熊猫债：6月14日消息，12日印度银行作为牵头主承销商和簿记管理人，协助亚洲基础设施投资银行成功发行25亿元人民币可持续发展熊猫债，发行期限5年，票面利率2.70%。据了解，这是印度银行今年第二次协助亚投行在境内发行可持续发展债券，募集资金将用于支持可持续发展基础设施建设。Jaipur Stock

Wrapping up with a quick look at the stock market

股市收盘情况

Chinese stocks rose on Thursday as the country ramps up rate cuts and the US Federal Reserve halted rate hikes. The benchmark Shanghai Composite added 0.7 percent and the Shenzhen Component rose 1.8 percent, with Shenzhen’s ChiNext Index rallying 3.4 percent. Hong Kong’s Hang Seng index also finished sharply higher, jumping 2.2 percent, and the TECH index soared 3.6 percent.

A股港股集体走高：周四A股大盘全天高开高走，创业板指放量升超3%，重回2200点。截至收盘，沪指涨0.74%，深成指涨1.81%，创业板指涨3.44%。沪深两市全天成交额合计约10725亿元，连续第2个交易日突破万亿元。北向资金全天单边净买入92.01亿元，单日净买入额创2月9日以来新高。港股同样全线反弹，恒指收涨2.17%，恒生科技指数大涨3.59%。

Biz Word of the Day

财经词汇划重点

Immersive technologiesare an integration of virtual content with the physical environment in a way that allows the user to engage naturally with the blended reality.In an immersive experience, the user accepts virtual elements of their environment as part of the whole, potentially becoming less conscious that those elements are not part of the physical world.

沉浸式技术是一种将虚拟内容与物理环境相结合的技术，使用户可以自然地与混合现实互动。在沉浸式体验中，用户接受其环境的虚拟元素作为整体的一部分，可能会变得不那么意识到这些元素不是物理世界的一部分。

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