Hi everyone. I’m Stephanie LI.
Coming up on today’s program.
- China's new national financial regulatory administration held its opening ceremony today;
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- Tencent posts sound revenue growth in Q1.
Here’s what you need to know about China in the past 24 hours?
China’s National Financial Regulatory Administration (NFRA) was inaugurated?on Thursday in Beijing, taking the place of the China Banking and Insurance Regulatory Commission(CBIRC) after five years in operation, an important step for China’s new round of institutional reform in the field of financial supervision.
Vice-Premier He Lifeng, central bank governor Yi Gang, China Securities Regulatory Commission Chairman Yi Huiman, and the Party chief of the new financial regulator, Li Yunze, attended the opening ceremony.
"We will do our utmost to tackle three major tasks - serving the real economy, managing financial risks and deepening financial reform," Li said at the body's inauguration ceremony. Li added that the NFRA would be resolute in its duty to avoid systemic risks.
The official website of the administration was also launched this morning.
The NFRA is a new government body under the State Council tasked with consolidating supervision over China's 400 trillion yuan banking and insurance industry. It will replace the CBIRC and absorb some supervisory functions from the central bank and the securities regulator.
Li, the new top financial regulatory official, is a banking veteran who held key positions in state-own banks for 20-odd years before moving into politics in 2018 as vice governor of Sichuan province. Previously, the 52-year-old worked at China Construction Bank for more than two decades before moving to Industrial and Commercial Bank of China as vice president in July 2016.
Li said at the ceremony that the government will comprehensively strengthen financial organizations’ institutional supervision, behavioral supervision and functional supervision, providing strong support and strong guarantee for building a new development pattern and promoting the country’s high-quality development.?
In accordance with the law, the NFRA will bring all types of financial activities under supervision and strive to eliminate regulatory gaps and blind spots, actively creating a good financial legal environment and safeguarding the legitimate rights and interests of the people, in a bid to ensure the country's financial security, Li noted.
5月18日，国家金融监督管理总局在北京正式挂牌，标志着新组建的国家金融监督管理总局正式运行。至此，中国银行保险监督管理委员会正式告别历史舞台。随着“一行两会”时代落幕，我国金融监管体系正式迈入“一行一总局一会”新格局。
值得注意的是，5月17日晚间，“中国银保监会”官方微信公众号更名为“国家金融监督管理总局”。与此同时，“国家金融监督管理总局”官方网站也正式启用。中国银行保险监督管理委员会的官方网站更名为国家金融监督管理总局。
今天上午9点50分左右，国家金融监督管理总局揭牌仪式正式开始，国家金融监督管理总局党委书记李云泽致辞，国务院副总理何立峰，国务院副秘书长丁学东，中央金融办分管金融工作副主任王江，人民银行行长易纲，人民银行党委书记郭树清，证监会主席易会满，外汇局局长潘功胜，中央金融办筹备组办公室、国务院研究室等有关同志出席揭牌仪式。整个揭牌仪式于10点03分结束。
在揭牌仪式上，李云泽发表了任职国家金融监督管理总局党委书记以来的首次发言。他明确提出，将全面落实服务实体经济、管控金融风险、深化金融改革三大任务，依法将各类金融活动全部纳入监管，努力消除监管空白和盲区，大力推进央地监管协同，牢牢守住不发生系统性金融风险底线。积极营造良好的金融法治环境，坚决维护人民群众的合法权益，筑牢守卫国家金融安全的“钢铁长城”。
在上任国家金融监督管理总局党委书记前，李云泽为四川省委常委，省政府副省长、党组副书记，是外界所称的中国各地“金融副省长”之一。从其履历可以看出，李云泽长期工作于银行系统，在担任四川省副省长期间还负责组建四川省级银行。
根据今年3月发布的国务院机构改革方案，国家金融监督管理总局在中国银保监会基础上组建。统一负责除证券业之外的金融业监管，强化机构监管、行为监管、功能监管、穿透式监管、持续监管，统筹负责金融消费者权益保护，加强风险管理和防范处置，依法查处违法违规行为，作为国务院直属机构。
市场分析认为，国家金融监督管理总局将统筹行使微观审慎监管和行为监管的职能，与海外国家“双峰监管”模式相似。面对风险事件可解决监管空白等问题，守住不发生系统性金融风险的底线，为中国金融事业承担起相应的使命和责任。
Moving on to regional highlights
- Shanghai has issued 28 measures to promote small and medium enterprises’ innovative, transitional, and integrated development?through financial empowerment, bailout support, and targeted services. Shanghai will distribute artificial intelligence coupons to SMEs renting local intelligent computing facilities.?This year, the Chinese eastern city plans to cultivate at least 300 small and medium data companies, support 250,000 SMEs to use online platforms and cloud services,?and promote the use of online meeting platforms, industrial software, and other digital solutions and products among small and medium companies.
- 上海28条措施进一步助力中小微企业：5月17日，《上海市助力中小微企业稳增长调结构强能力若干措施?》正式印发。据上海市经信委主任吴金城介绍，此次发布的《若干措施》聚焦中小微企业创新发展、转型发展、融通发展、金融赋能、纾困支持和精准服务等六个方面，提出28条具体措施。措施包括上海将实施科技成果赋智中小企业专项行动，对首次成为“四上”企业的有效期内高新技术企业，市区联动给予企业上一年度研发投入5%、最高50万元的一次性奖励；上海将发放“AI算力券”，重点支持租用上海智能算力且用于核心算法创新、模型研发的企业，最高按合同费用20%进行支持；安排5000万市级资金，鼓励各区进行政策配套，支持企业采购智能制造成熟度能力评估诊断服务；2023年培育不少于300家中小数商企业；推动25万家中小企业上平台上云等。
- The 7th World Intelligence Congress kicked off in Tianjin on Thursday with a theme of "Intelligence: Extensive Development Space, Sustainable Growth Driver.” The 4-day event focuses on empowering economic and social development with smart technologies and building a global platform for exchange, cooperation, win-win outcomes and sharing in the field of intelligent technology. Covering an exhibition area of 120,000 square meters, the intelligent technology exhibition set up 10 themed exhibition areas, including information technology application innovation, AI and 5G+ industrial Internet, and two smart experience areas focusing on the likes of 5G and smart cars.
- 第七届世界智能大会天津开幕：第七届世界智能大会5月18日在天津开幕。本届大会以“智行天下、能动未来”为主题，举办主论坛及48场平行论坛，包括院士、诺贝尔奖获得者等在内的千余位专家学者和企业负责人，将深入探讨AI与经济、社会、人文等领域的热点话题。大会智能科技展共有来自全球492家企业参展，其中包括80多家世界及国内500强企业、270家智能科技代表性企业以及国家超级计算天津中心、北京大学、南开大学、天津大学等51家研究机构和高校院所。展区扩大为12万平方米，设置信息技术应用创新、人工智能、5G+工业互联网、智能交通、智能制造、智慧生活、数字金融、数字健康等10个主题展示区和5G、智能网联车2个智能体验区。
Next on industry and company news
- China will double down on efforts to stabilize and expand investment in the manufacturing sector, according to Meng Wei, spokesperson for the National Development and Reform Commission (NDRC), at a press conference on Wednesday. These efforts will include making use of central investments, local government special bonds, and structural monetary policy, to increase investment in medium- and long-term loans for the manufacturing sector, expand investment in industrial and technological transformation, and promote equipment upgrading and technology transformations in manufacturing enterprises.
- 国家发改委将持续发力稳定和扩大制造业投资：5月17日，国家发展改革委召开5月份新闻发布会，国家发改委政策研究室副主任、新闻发言人孟玮表示，国家发展改革委将在稳定和扩大制造业投资方面持续发力，统筹用好中央预算内投资、地方政府专项债券、结构性货币政策工具等，继续加大制造业中长期贷款投放力度，扩大工业和技术改造投资，推动企业技术改造和设备更新。
- Xiaodu Technology on Wednesday launched its education-oriented AI-powered mobile phone for teenagers, as the AI arm of Chinese internet giant Baidu extends its footprint in the education hardware sector. Called Xiaodu Qinghe, the cellphone is equipped with a large language learning model that acts as an image-based exercise solver, a tutor of essay writing in Chinese and English and a conversational partner. It also comes installed with free learning resources. Pre-sales will start on e-commerce platform JD.com from May 22.
- 小度青禾官宣推学习手机搭载AI大模型：17日，小度正式官宣教育品牌小度青禾，并宣布旗下首款产品小度青禾学习手机将在5月22日发布。据官方介绍，该款手机具有青少年专属定制系统，搭载了小度AI学习大模型，可提供互动式AI讲题、多学科AI作业助手、AI口语练习、AI精准学等全链路辅导。
- Chinese tea house chain Heytea and Italian luxury fashion house Fendi’s new healthy fruit tea is already out of stock in some cities after debuting across the country yesterday. Selling for 19 yuan a cup, the passion fruit, orange and mango-flavored tea was sold out in many stores in downtown Shanghai, Heytea’s WeChat mini program showed yesterday.
- 19元一杯喜茶FENDI联名款“爆单”：17日，喜茶凭借与LVMH旗下奢侈品牌FENDI(芬迪)联名再度出圈。采用芒果、橙丁、百香果与绿妍茶汤制作的“FENDI喜悦黄”特调正式上线，单杯定价19元，一次下单两杯即可获得FENDI hand in hand主题周边一个。喜茶FENDI联名周边一经上线便掀起市场抢购热潮，10:00正式开售时小程序因访问量激增需要多次手动刷新，开卖后不到20分钟，多家门店的联名周边已售罄。
- German luxury carmaker BMW will begin the production of next-generation battery electric vehicles and power batteries in Shenyang, Liaoning province, where its Chinese joint venture BMW Brilliance is based, in 2026. BMW will invest 10 billion yuan to build a sixth-generation power battery plant of 240,000 square meters, five times bigger than its existing one, BMW Brilliance’s Director Nord Kovach said, according to the statement the German firm released today.
- 2026年国产宝马新世代纯电车型投产：5月18日，宝马集团宣布，将于2026年起在沈阳投产纯电动宝马新世代车型。同时，与之配套的宝马第六代动力电池项目全面动工，总投资100亿元人民币，规划面积24万平方米，是现有动力电池生产面积的5倍，将创造2000个新的工作岗位。此外，宝马沈阳研发中心二期扩建项目也正式启用。
Earnings reports express
- Chinese internet heavyweight Tencent Holdings saw its net profit for the first quarter jump by 10 percent to 25.8 billion yuan, driven by a rebound in China's domestic consumption. Revenue rose a faster-than-expected 11 percent to almost 150 billion yuan for the three months ended March. Tencent said on Wednesday its online advertising grew by 17 percent year-on-year in the period, driven by the addition of video accounts as a new advertising revenue stream, growth in advertising activities with WeChat Mini Programs, and the recovery of the mobile ad network. Tencent’s to-business segment was the company’s main growth engine, as revenue from fintech and enterprise services climbed 14 percent to 48.7 billion yuan in the period, accounting for over 30 percent of the total for the eighth consecutive quarter. Also, the firm’s gaming business returned to growth in the first quarter. Revenue from the domestic and international gaming businesses rose 6 percent and 25 percent to 35.1 billion yuan and 13.2 billion yuan, respectively, in the first quarter from the same period last year.?
- 腾讯Q1营收同比增11％：腾讯控股5月17日发布的一季报显示，营业收入1499.86亿元，同比增长11%，净利润(Non-IFRS)325.38亿元，同比增长27%，归母净利258.38亿元，同比增长10.36%。2023年一季度，数实经济、广告和游戏三大核心业务集体发力下，腾讯重回增长曲线。其中，公司核心业务数实经济板块一季度营收487亿元，同比增长14%，重返快车道。视频号、腾讯云、微信支付等数字化工具表现活跃，促进生态繁荣，积极助力实体经济。企业服务收入同比增速转正，毛利率显著提升，部分得益于云服务的销售额增加。腾讯游戏方面，国际市场的收入增速高于本土市场。海外游戏一季度强劲增长25%，实现营收132亿元，海外收入已达本土市场游戏收入的38%。国内游戏继续坚守未成年保护底线，本土游戏市场未成年用户时长和流水占比分别降至0.4%和0.7%，较3年前同期大幅下降96%和90%。?
- Meanwhile, Tencent Music Entertainment Group, China's biggest online music platform operator, reported a 89 percent surge in first-quarter net profit at 1.16 billion yuan, its financial report showed. Revenue rose 5.4 percent to 7 billion yuan. Income from online music services jumped 30 percent to 2.6 billion yuan, as the number of paying users of its online music services jumped 17.7 percent to 94.4 million in the period, it noted. The average monthly income per paying user rose 10.8 percent to 9.20 yuan. However, the firm witnessed a lost in the number of its monthly active users for a sixth consecutive quarter, falling 6.9 percent to 592 million.
- 腾讯音乐Q1月活量持续下滑：腾讯音乐娱乐集团最新发布的一季报显示，2023年第一季度，腾讯音乐娱乐集团总收入约为70亿元，同比增长5.4%，结束此前同比五连降的颓势。净利润(Non-IFRS)为14.1亿元，同比增长57.0%；公司权益持有人应占净利润为11.5亿元，同比大增88.5%。一季度末，其在线音乐付费用户数达到9440万，同比增长17.7%，在线音乐订阅收入同比增长30.4%至26亿元，并驱动在线音乐服务收入在一季度首次追平社交娱乐服务收入。数据显示，腾讯音乐单个付费用户月均收入已连续四个季度实现增长，达到9.2元。然而，2023年Q1腾讯音乐在线音乐月活用户分别为5.92亿和1.36亿，其中在线音乐月活已经连续六个季度同比下滑。
Switching gears to financial news
- China's fiscal revenue from January to April increased by 11.9 percent compared to the same period last year, reaching 8.32 trillion yuan, according to official data. Fiscal expenditure during the four-month period rose by 6.8 percent, reaching 8.64 trillion yuan, the Ministry of Finance announced in a statement on Thursday. In April alone, fiscal revenue jumped approximately 70 percent year-on-year to reach 2.08 trillion yuan, mainly due to a massive tax rebate and reduction last April, as well as the recovery of economic growth.
- 1-4月财政收入同比增11.9%：5月18日，财政部公布了今年4月份财政收支情况。根据财政部数据，今年4月份全国一般公共预算收入为20830亿元，比去年4月份增加了8574亿元，增长约70%，主要受去年大规模退减缓税费、收入错峰入库等特殊因素影响，以及跟经济恢复性增长有关。1-4月累计，全国一般公共预算收入83171亿元，同比增长11.9%；全国一般公共预算支出86418亿元，同比增长6.8%。?
Wrapping up with a quick look at the stock market
- Chinese stocks ended mixed on Thursday with the benchmark Shanghai Composite gaining 0.4 percent, while the Shenzhen Component slid 0.1 percent. Hong Kong stocks close with healthy gains, as the Hang Seng index climbed 0.9 percent and the TECH index added 1.2 percent.
- A股涨跌不一、港股收涨：周四三大指数涨跌互现，上证指数收涨0.40%，深证成指收跌0.12%，创业板指收跌0.68%。两市成交额8799亿元，较上一交易日增量985亿元。北向资金净卖出超18亿元。港股午后下探回升，恒指收涨0.85%，恒生科技指数涨1.21%。
- A?large language model?(LLM)?is a?language model?consisting of a?neural network?with many parameters (typically billions of weights or more), trained on large quantities of unlabeled text using deep learning algorithms to process and understand natural language. These models are capable of generating human-like text and performing various natural language processing tasks.
- 大语言模型是一种人工智能模型，旨在理解和生成人类语言。它们在大量的文本数据上进行训练，可以执行广泛的任务，包括文本总结、翻译、情感分析等等。其特点是规模庞大，包含数十亿的参数，帮助它们学习语言数据中的复杂模式。这些模型通常基于深度学习架构，如转化器，这有助于它们在各种自然语言处理任务上取得令人印象深刻的表现。
Executive Editor: Sonia YU
Sound Editor: Stephanie LI
Graphic Designer: ZHENG Wenjing, LIAO Yuanni
Produced by 21st Century Business Herald Dept. of Overseas News.
