CBN丨China's manufacturing PMI improves in August

Hi everyone. I’m Stephanie LI.

大家好，我是主持人李莹亮。

Coming up on today’s program.

重点提要?

• China’s manufacturing activity keeps accelerating, with August PMI coming in at 49.7;
• China will host the Belt and Road forum in October.

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

中国经济要闻

China's official manufacturing purchasing managers' index (PMI) continued to improve in August, marking the third consecutive monthly increase though the index remains in contraction.

With strong growth-reinforcing signals from the country's top policymakers and a stimulus package being implemented now, it is expected that the index will return to expansion territory in September and maintain the pace through the fourth quarter of the year, experts said.

The official PMI came in at 49.7 in August, up 0.4 from the previous month, data from the National Bureau of Statistics (NBS) showed on Thursday.?

Among the 21 surveyed industrial lines, 12 sectors reported month-on-month expansion in August, up from 10 in July.

Sub-indexes including production index and new orders index recorded 51.9 and 50.2 each, up 1.7 and 0.7 points from July, respectively, both hitting highs in the past five months. In particular, the new orders index rose to the expansion range for the first time since April, indicating improvement in production demand.

Driven by accelerating activity in manufacturing and market demand, corporate purchasing activities have also improved, pushing the purchasing volume index to 50.5 in August, 1.0 points higher than July.

In terms of industrial scale, the PMI of large industrial enterprises, mid-sized and small firms all recorded improvements on a month-on-month basis.

Following the recent concentrated roll-out of economic stimulus measures, enterprises have further reinforced their confidence in investment and market sales.?The index reflecting expectations for production and business activities came in at 55.6 in August, an increase of 0.5 points from the previous month, holding at a relatively high range for the second consecutive month.?

The indexes of expectations across all major sectors except for textiles remained positive. Sectors such as agriculture and food processing and automobile manufacturing showed the most movement with their index reading hitting more than 60, signaling that the enterprises are relatively optimistic about the near-term outlook, NBS statistician Zhao Qinghe said Thursday.

Meanwhile, the NBS data showed China’s non-manufacturing PMI came in at 51 in August, down from 51.5 a month earlier.

国家统计局31日发布2023年8月中国采购经理指数运行情况显示，8月份，制造业采购经理指数(PMI)为49.7%，比上月上升0.4个百分点，制造业景气水平进一步改善。

展望未来，专家表示，从趋势看，国内经济恢复常态是大趋势，需求逐步回暖，宏观政策继续为制造业纾困等，预计制造业修复态势有望延续。

制造业生产供给和市场需求均在回暖。具体来看，8月生产需求同步回升，生产指数和新订单指数分别为51.9%和50.2%，比上月上升1.7和0.7个百分点，均为近5个月以来的高点，特别是新订单指数4月以来首次升至扩张区间，制造业生产活动加快，市场需求有所改善。

从行业看，农副食品加工、化学原料及化学制品、汽车等行业生产指数和新订单指数均高于53.0%，产需两端较为活跃。

其次，企业采购意愿增强。在制造业生产和市场需求改善的带动下，近期企业采购活动有所加快，采购量指数升至扩张区间，为50.5%，高于上月1.0个百分点。

从行业看，化学原料及化学制品、汽车等行业采购量指数和反映原材料进口变化情况的进口指数环比均有所上升，且位于53.5%以上的较高运行水平。

最后，大中小型企业PMI均有所回升，各类型制造业企业经营状况在逐步改善。大型企业PMI为50.8%，比上月上升0.5个百分点，连续3个月位于扩张区间，大型企业景气水平稳中有升。中、小型企业PMI分别为49.6%和47.7%，比上月上升0.6和0.3个百分点，景气水平继续改善。

从产需看，大、中型企业生产指数和新订单指数均位于扩张区间，产需两端同步增长；小型企业两个指数虽低于临界点，但环比回升较为明显。

从行业来看，除纺织业外，其他行业生产经营活动预期指数均位于景气区间，尤其是农副食品加工、汽车等行业位于60.0%以上高位景气区间，企业对行业发展前景较为乐观。

国家统计局服务业调查中心高级统计师赵庆河称，“这表明随着近期一系列宏观调控政策措施密集出台，企业对市场发展信心进一步增强。”

• China will hold the third Belt and Road Forum for International Cooperation in Beijing in October, the foreign ministry said on Thursday. With connectivity as the priority, the Belt and Road Initiative (BRI) aims to provide a new platform for international economic cooperation and inject new impetus into the development of all countries as well as global economic growth, said Foreign Ministry spokesperson Wang Wenbin. Over the past decade, the initiative has become both a global public good and a cooperation platform that has been welcomed by the international community, Wang said.
• 第三届“一带一路”国际合作高峰论坛10月举办：外交部发言人汪文斌8月31日主持例行记者会上表示，中方将于今年10月在北京举办第三届“一带一路”国际合作高峰论坛，这不仅是纪念“一带一路”倡议提出10周年最隆重的活动，也是各方共商高质量共建“一带一路”合作的重要平台。“一带一路”倡议以互联互通为主线，旨在为国际经济合作提供新平台，为各国发展和世界经济增长提供新动力。10年来，“一带一路”已成为深受欢迎的全球公共产品和国际合作平台。
• China and Nicaragua inked a free trade agreement (FTA) on Thursday after more than a year of negotiations, demonstrating the two countries' resolve to promote free trade and investment and deepen economic integration, according to China's Ministry of Commerce. Containing 22 chapters and 15 annexes, the China-Nicaragua FTA covers trade in goods, cross-border services, investment, rules and other fields, the ministry said in a statement. Under the agreement, the final zero-tariff products between the two countries accounts for more than 95 percent of the total tax items.?
• 中国与尼加拉瓜正式签署自贸协定：8月31日，中国与尼加拉瓜正式签署自贸协定。中尼两国于2022年7月启动自贸协定谈判，双方工作团队高速度、高标准推进谈判，在一年时间内完成了谈判。中尼自贸协定涵盖货物贸易、规则等领域，包括序言和22个章节，以及关税承诺表、进出口限制、仲裁程序规则等15个附件。双方在高水平基础上达成了互利共赢的结果。中尼双方最终零关税产品占总体税目比例均超过95%。双方将以此为契机，提升双边贸易便利化水平，推动双边贸易进一步发展。

Moving on to regional highlights

区域观察

• Over 300 well-known Chinese and foreign companies have registered for the Nov 28-Dec 2 inaugural China International Supply Chain Expo in Beijing, the country's top foreign trade and investment promotion agency said on Wednesday. A spokesman for the China Council for the Promotion of International Trade, host of the event, said foreign exhibitors constitute over 20 percent of the total, representing a diverse spectrum of 50 countries and regions. The council predicted that the number of professional buyers and attendees will exceed 100,000.
• 300多家中外企业确认参展首届链博会：8月30日，中国贸促会新闻发言人孙晓在8月例行新闻发布会上表示，距首届链博会开幕还有90天，目前，招展工作进展顺利，300多家中外知名企业确认参展，国际参展商占20%以上，涉及50个国家和地区，彰显首届链博会和中国市场的强大吸引力。中国贸促会逐步建立全球招商工作网络，在国内外组织采购团，预计届时专业采购商和观众人数将超过10万人次。在内容方面，链博会聚焦“链接世界，共创未来”主题，将举办开幕式暨全球供应链创新发展峰会、6场专题论坛、1场智库论坛暨报告发布会，以及形式多样的供需对接会、行业研讨会、新品发布会等系列配套活动，构成“1+6+1+N”的论坛活动格局。?

Greater Bay Area, Greater future

新使命，大未来

• South China's tech hub of Shenzhen issued a notice late Wednesday saying it would let people take preferential loans for first-home purchases regardless of their credit record from Aug. 31, the second major city to ease mortgage rules following Guangzhou's move earlier in the day. Prior to the relaxation, the down-payment ratio for first home buyers in Guangzhou was 30 percent of the property value whereas the amount for the second or further homes could be up to 70 percent. Following Shenzhen’s decision, some second- and third- tier cities including Guangdong’s Zhongshan, Fujian’s Xiamen, and Wuhan in Hubei province announce similar moves today.
• 深圳紧随广州宣布“认房不认贷”：8月30日晚，深圳市住房和建设局网站发布消息：居民家庭（包括借款人、配偶及未成年子女）申请贷款购买商品住房时，家庭成员在我市名下无成套住房的，不论是否已利用贷款购买过住房，银行业金融机构均按首套住房执行住房信贷政策。通知自2023年8月31日起施行。在“认房又认贷”条件下，北京、上海、广州、深圳普通住宅二套房首付比例分别为80%、70%、70%、70%，比首套首付高出40%~45%。随后，8月31日，广东中山、福建厦门、湖北武汉陆续宣布执行或拟实施认房不认贷政策。
• Insurance sales in Hong Kong to mainland Chinese visitors surged 59-fold in the first half, according to data from the city's Insurance Authority on Thursday. Sales of policies to mainlanders hit HK$31.9 billion in the six months to June, compared with HK$540 million a year earlier, representing 31 percent of the total in Hong Kong during the period, which also surpassed the corresponding figures of HK$26.3 billion yuan recorded in 2019. This rebound is led by demand for whole life and critical illness protection that accounted for 89 percent of the total number of policies issued.
• 上半年内地客赴港投保同比激增59倍：香港保监会8月31日公布2023年上半年香港保险业的临时统计数字。数据显示，持续受惠于去年同期基数偏低，2023年上半年内地访客的新造业务保费上涨至319亿港元，相等于个人业务总额31%，是2022年上半年录得的5.39亿港元保费的59倍，同时超越了2019年同期分别录得263亿港元。这反弹由终身寿险和危疾保障需求带动，占已发出保单份额89%。
• China issued the highest typhoon warning on Thursday as Typhoon Saola crawled closer to the southeastern coastline, threatening Guangdong and Fujian provinces. Saola will make landfall along the coast somewhere from Huilai County in Guangdong to Hong Kong on the afternoon to the night of Sept. 1, the National Meteorological Center said. China Railway has suspended several major train lines and Shanghai halted trains heading to Guangdong, according to local media. Several cities including Dongguan, Huizhou and Shantou have announced to postpone the autumn semester starting Friday until next Monday.
• “苏拉”逼近广东多地延迟开学、铁路停运：8月31日10时，中央气象台发布台风红色预警，“苏拉”逼近东南部海岸线。将于9月1日下午至夜间在广东惠来到香港一带沿海登陆（强台风级或超强台风级)，也不完全排除在广东东部近岸海面向西偏南方向移动的可能。受“苏拉”影响，铁路部门计划对杭深线、京港高铁、广深城际、京九线等线路运行的部分列车采取停运措施。为防范台风天气可能带来的恶劣影响，广东东莞、汕头、惠州、揭阳等多地已陆续发布通知，宣布调整中小学校（幼儿园）2023年秋季学期开学时间。
• Hong Kong SAR government on Wednesday signed a comprehensive avoidance of double taxation agreement (CDTA) with Bangladesh, a move conducive to economic and trade development for both sides. Under the CDTA, Hong Kong companies can enjoy double taxation relief and multiple preferential tax arrangements in Bangladesh.
• 香港与孟加拉国签订税务协定：香港特区政府与孟加拉国30日在香港签署全面性避免双重课税协定。根据该协定，香港公司按照该协定在孟加拉国所缴付的税项，不论直接或以扣除方式缴付，将可根据香港税例抵免香港就同一笔收入所征收的税项，从而获双重课税宽免。全面性协定的签署有助减低港商在孟加拉国投资的税务成本，进一步促进香港与孟加拉国的经济贸易联系，为双方业界进行商务或投资提供有利条件。

Next on industry and company news

产业及公司新闻

• China, the first among major economies to put AI guidelines into law, approved several AI-powered large language models including? Ernie Bot?and SenseChat to be open to the public on Thursday. The first batch of Chinese companies and research institutions includes tech heavyweight Baidu Inc and ByteDance; AI firms Baichuan Intelligent Technology, SenseTime, Zhipu AI, MiniMax; as well as research institutes the Chinese Academy of Sciences and Shanghai Artificial intelligence Laboratory. ?In addition, other tech giants including Tencent, Huawei and iFlytek also reportedly have obtained approval to offer access to the general public.
• 首批大模型今起向公众开放：8月31日，首批通过《生成式人工智能服务管理暂行办法》备案的大模型百度文心一言、百川智能、商汤商量SenseChat宣布今日起面向全社会开放服务。除了上述三家企业外，抖音（云雀大模型）、智谱AI（GLM大模型）、中科院（紫东太初大模型），上海的MiniMax（ABAB大模型）、上海人工智能实验室（书生通用大模型）等8家企业和机构的大模型位列第一批名单。据悉，国内将有11家大模型陆续通过《生成式人工智能服务管理暂行办法》备案，首批将在8月31日起将陆续向全社会公众开放服务。其中北京5家，上海3家率先上线，广东省2家和其他省市1家（华为、腾讯，科大讯飞）也将陆续开放。
• Chinese electric batteries giant CATL refuted rumors that the European Commission is investigating its battery plant in Hungary. The project in Hungary has passed all local government environmental evaluations, and is progressing well, the company told media on Thursday. A Hungarian politician said earlier that the European Commission has launched an investigation into the license held by CATL's factory in Hungary.
• 宁德时代否认匈牙利工厂被调查：8月30日晚，就公司匈牙利电池工厂遭欧盟委员会调查的传闻，宁德时代有关人士回应称，公司匈牙利项目通过了匈牙利政府的环评许可，目前项目正顺利推进中。有关公司被欧盟委员会调查的传闻不属实。此前当地时间8月26日，据匈牙利当地媒体报道，匈牙利反对党—对话党的政治人士雅沃尔·贝内德克（Jávor Benedek）在社交媒体上表示欧盟委员会将对宁德时代位于匈牙利德布勒森市的电池工厂展开调查。
• China logged more than 82.41 million entry-exit trips between July 1 and August 29, said immigration authorities today. Among them, 41.19 million trips were made by mainland residents, 32.47 million were made by residents in Hong Kong, Macao and Taiwan, and 5.06 million by foreigners.
• 暑期超8200万人次出入境：8月31日国家移民管理局统计显示，自7月1日至8月29日，全国边检机关共查验出入境人员8241.3万人次，其中，内地居民4119万人次，环比增长26.24%；港澳台居民3246.6万人次，环比增长12.82%；外国公民506万人次，环比增长22.31%。

Earnings reports express

财报速递

• Chinese telecom giant Huawei Technologies reported a slight rise in first half revenue compared with the same period last year, but its net profit more than doubled. The company said that it generated revenue of 308.29 billion yuan, up 3.2 percent year-on-year. Its net profit reached 46.52 billion yuan, surging by 218 percent year-on-year, according to the company's half year report released on Wednesday. R&D spending reached 82.6 billion yuan, an increase of 4.4 percent year-on-year during the period. Huawei on Tuesday surprisingly launched its latest premium smartphone, Mate 60 pro, which came as a celebration of a milestone that the total shipment of its Mate series mobile phones has reached 100 million units.
• 华为上半年净利激增两倍至465亿元：8月30日，华为投资控股有限公司半年报正式出炉。数据显示，华为上半年实现营收3082.90亿元，上年同期为2986.80亿元，同比增长3.2%；净利润为465.23亿元，上年同期为146.29亿元，同比增长218%。今年上半年华为研发费用为826.04亿元，同比增长4.4%，上年同期为790.63亿元。华为Mate系列手机累计发货达到一亿台，为此推出了“HUAWEI Mate 60 Pro 先锋计划”，有望带动华为手机产业链相关企业的投资机会。
• The Industrial and Commercial Bank of China and Bank of China saw slower growth in their interim profit, which rose 1.2 percent and 0.8 percent, respectively, from a year ago. ICBC, the country's biggest lender, posted a net profit of 173.74 billion yuan in the first half of the year as its net interest income dropped nearly 4 percent to 337 billion yuan from a year earlier. The lender's net interest margin shrank 31 basis points to 1.72 percent during the period. BOC, the country's fourth-largest bank by assets, reported a first-half profit of 120.1 billion yuan, with its net interest margin declining 9 basis points to 1.67 percent. BOC said in a briefing yesterday that it expects continuing downward pressure on the margin in the second half of the year. However, both lenders saw their NPL ratios improve, with ICBC's coming at 1.36 percent at the end of June, compared with 1.38 percent by the end of December last year and BOC's falling to 1.28 percent as of June from 1.32 percent at the end of last year. Meanwhile, Postal Savings Bank of China said yesterday that its first-half profit advanced 5.2 percent to 49.6 billion yuan from the previous year. Its net interest margin dropped 19 basis points to 2.08 percent during the period although its NPL ratio also improved.
• 六大行半年报出齐：8月30日，国有六大银行2023年半年报全部出炉。经营业绩方面，工商银行净利润1747.20亿元，同比增长1.1%。建设银行净利润1672.95亿元，同比增长3.12%。农业银行实现净利润1338.31亿元，同比增长3.9%，中国银行实现净利润1276.88亿元，同比增长3.35%。邮储银行净利润496.38亿元，同比增长5.23%。交通银行净利润465.66亿元，同比增长5.47%。中期业绩显示，今年上半年，多家银行净息差有不同程度下降。工商银行年化净利息收益率为1.72%，同比下降31个基点；农行净利息收益率为1.66%，同比下降36个基点；中行净息差为1.67%，较去年同期下降9个基点；交通银行净息差同比下降22个基点。
• Chinese real estate developer China Vanke released its first-half financial results yesterday, with revenue standing at 200.9 billion yuan, down 2.9 percent from a year earlier. Net profit fell 19 percent to 9.9 billion yuan. Vanke sold properties with a total area of 12.97 million square meters in the first six months, up 0.5 percent from a year earlier, with a sales volume of 203.9 billion yuan, down 5.3 percent. Vanke’s consolidated gross profit margin fell to nearly 19 percent in the first half of the year from about 36 percent in the same period in 2019. Vanke chairman Yu?Liang said at today’s press conference that China’s property market is in a state of anxiety where prices have clearly overshot. Vanke also decided to terminate its 15 billion yuan private placement plan because its Chinese mainland-listed stock price is too low, it announced late yesterday. ?
• 万科上半年净利近百亿：万科8月30日晚间披露中报数据，今年上半年，万科实现营收2008.9亿元，同比下降2.9%；而归母净利润为98.7亿元，同比下降19.4%。其毛利率也从去年的20.46%降至18.87%。上半年，万科开发业务实现合同销售面积1297万平方米，销售金额2039.4亿元。万科董事会主席郁亮在在8月31日的中期业绩会上表示，“目前市场处在焦灼状态，目前显然已经跌过头了。” 此外，30日晚间，万科公告终止向特定对象发行A股股票事项，并向深交所申请撤回相关申请文件。万科2月抛出150亿元A股再融资计划。万科方面对此解释称，系基于当前公司A股股价显著低于每股净资产，因此经审慎分析、研究与沟通后作出决定。
• Country Garden, one of China’s largest private property developers, reported a record net loss for the first half in 2023, its first slip into the red since publicly listing in 2007. The builder reported a net loss attributable to owners of the company of 48.9 billion yuan, compared with a gain of 612 million yuan a year earlier, according to a filing late Wednesday. It is the second semi-annual net loss for the embattled developer in a row, as it posted 6.7 billion yuan net loss in the second half of 2022. Its cash balance shrank by 21 percent to 101.12 billion yuan from 123.48 billion yuan a year ago as the company grapples with missed coupon payments and seeks an extension of an onshore bond repayment.
• 碧桂园中期净亏损达489亿元：8月30日晚间，碧桂园在港交所公布上半年业绩。实现总收入约为人民币2263.1亿元，实现归属于公司股东的亏损为约489.32亿元。而2022年同期归属于公司股东的利润约人民币6.12亿元，2022年下半年净亏损67亿元。现金流方面，截至6月底，碧桂园的总现金余额约1305.7亿元，其中现金及现金等价物约1011.2亿元，受限制现金约294.5亿元。对比2022年底，上半年该公司的有息负债规模下降了134亿元至2579亿元。对于应对阶段性流动性压力，碧桂园已经采取措施。截至目前，碧桂园已就若干境内公司债券与其债券持有人开始谈判，以征求其同意将相应的到期日延长。
• Beijing-Shanghai High Speed Railway Co. Ltd. swung to a profit in the first half of 2023 thanks to surging post-Covid travel demand. The railway operator reported revenue of 19.3 billion yuan, a 143 percent increase from the same period a year earlier, and a profit of 5.1 billion yuan following a net loss of 1 billion yuan in the 2022 periods. The half-year profit was nearly in line with full-year earnings in 2019 before the pandemic.
• 京沪高铁上半年同比扭亏：8月30日晚间，京沪高速铁路股份有限公司发布2023年半年报。我国经济运行呈现出回升向好的积极态势，带动交通运输行业快速恢复。今年上半年实现营业收入192.79亿元，同比增长143.19%；净利润51.36亿元，去年同期亏损10.28亿元，实现扭亏为盈。今年上半年京沪高铁营收、净利润创2020年上市后历史新高，半年度业绩均已恢复至疫情前水平。
• China’s three largest airline companies reported significantly narrower losses for the first half of 2023 as the country lifted Covid-19 restrictions late last year. China Southern Airlines said its net loss fell 75 percent to 2.88 billion yuan in the six months, compared with the same period a year earlier. First-half losses at flag carrier Air China shrank to 3.45 billion yuan from 19.4 billion yuan. At Shanghai-based China Eastern Airlines, they fell by around two-thirds to 6.3 billion yuan. The three state-owned airlines had a combined loss of around 200 billion yuan since 2020.
• 三大航司上半年大幅减亏：截至8月30日，国航、东航、南航均发布2023年半年度报告，随着疫后市场回暖的需求爆发，三家航司上半年净亏损总额为125.75亿元，相比2022年同期的496.59亿元亏损总额，大幅减亏370.84亿元。根据三大航司的半年报，国航上半年净亏损34.51亿元，上年同期净亏损194.35亿元。东航上半年净亏损62.49亿元，上年同期净亏损187.36亿元。南航上半年净亏损28.75亿元，上年同期净亏损114.88亿元，同比减亏74.97%。

Switching gears to financial news

金融市场消息

• China is set to further increase financial support for private enterprises by introducing measures to lift the proportion of loans to private enterprises, according to the People's Bank of China (PBOC), the country's central bank. The guideline will focus on the difficulties of private companies, and highlight that financial institutions should eliminate ownership discriminations in providing financial services, Ma Jianyang, a deputy head of the financial market department at the PBOC, said on Wednesday. The central bank will smooth financial channels including stocks, bonds and loans, and it will also guide financial institutions to increase loans and support more bond issues. In terms of monetary policy, more financial resources will be directed to private enterprises and small and micro-sized enterprises, central bank governor Pan Gongsheng said at the meeting.
• 多部门表态金融支持民营企业发展：8月30日金融支持民营企业发展工作推进会在中国人民银行召开。会上，全国工商联、人民银行、国家金融监督管理总局、证监会、深交所、上交所等相关单位负责人出席了此次会议，参会的还有工商银行、建设银行、中信银行、北京银行、中国信宝等金融机构相关负责人。人民银行党委书记、行长潘功胜在会上表示，从人民银行角度看，在当前和今后一段时间后，会保持市场流动性充裕，通过结构性货币政策和信贷政策引导金融资源更多流向民企和小微企业。中国人民银行金融市场司副司长马贱阳介绍，金融部门正在研究制定进一步支持民营企业的政策，主要从加大金融资源要素投入、发挥多层次资本市场作用、便利跨境融资、强化政策激励和融资配套等方面，对金融支持民营经济发展壮大提出了若干针对性政策举措。

Wrapping up with a quick look at the stock market

股市收盘情况

• Chinese stocks dropped on Thursday with the benchmark Shanghai Composite down 0.55 percent, and the Shenzhen Component lost 0.6 percent. Hong Kong’s Hang Seng index closed down 0.6 percent, and the TECH index dipped 0.4 percent.
• A股港股震荡收跌：周四大盘全天震荡调整，三大指数均小幅下跌。截至收盘，沪指跌0.55%，深成指跌0.61%，创业板指跌0.69%。沪深两市全天成交额8292亿元，较上个交易日缩量1551亿。北向资金全天净卖出42.97亿元。港股恒生指数收跌0.55%，恒生科技指数收跌0.38%。

Biz Word of the Day

财经词汇划重点

• A comprehensive avoidance of double taxation agreement (CDTA)?helps minimize double taxation?by setting out the allocation of taxing rights between two jurisdictions and providing relief on tax rates on different types of income. Double taxation generally refers to the imposition of comparable taxes by more than one jurisdiction in respect of the same source of income.?
• 全面性避免双重课税协定透过划分两个税务管辖区的征税权和订明各类收入的税率宽免，有助减低双重征税。全面性协定有助投资者更准确地评估其经济活动所产生的税务负担，并提供额外的诱因，吸引海外投资者在香港投资。双重课税泛指同一项收入被多于一个税务管辖区征收类似的税项。