Hi everyone. I’m Stephanie LI.
大家好，我是主持人李莹亮。
Coming up on today’s program.
The newly unveiled NAFR held its first meeting, underlining healthy solvency adequacy ratio of insurance industry;
Hong Kong is set to allow retail investors to trade crypto starting June 1.
Here’s what you need to know about China in the past 24 hours
印度经济要闻
Four days after its inauguration, China’s National Administration of Financial Regulation (NAFR) announced a previously held meeting, stressing supervision over the insurance industry, especially over insurers’ solvency, should be further strengthened to firmly safeguard the bottom line of preventing systemic financial risks.
By the end of the first quarter, the average comprehensive solvency adequacy ratio of the reviewed 185 insurance companies was 190.3 percent, with the average core solvency adequacy ratio reaching 125.7 percent, said the NAFR.
The minimum solvency adequacy ratio for insurance companies is set at 100 percent in China. The regulator will require the insurer to suspend all businesses once the ratio drops below the 100-percent level.
At the end of 2022, the average comprehensive solvency adequacy ratio of Chinese insurance companies was 196 percent.
The decline in insurers’ solvency adequacy ratio has narrowed significantly and remains within a reasonable range, the NAFR said at its meeting.
The average comprehensive solvency adequacy ratios of property insurance companies, life insurance companies and reinsurance companies were 227.1 percent, 180.9 percent and 277.7 percent, respectively, by the end of the first quarter.
Meanwhile, the insurance industry is showing better-than-expected growth in the first quarter, with the insurance premium income up by 9.2 percent year-on-year to 1.95 trillion yuan ($280 billion) in the first quarter. The annualized comprehensive investment yield of insurance funds was 5.24 percent, showing a positive trend of recovery.
While the minimum capital requirement for insurers is set at 2.47 trillion yuan, the actual capital was 4.7 trillion yuan by the end of the first quarter, according to NAFR data.
According to Fitch Ratings, smaller and weaker life and non-life insurers in China are likely to seek additional capital this year to support their solvency positions after organic growth in capital weakened in 2022 due to the global market volatility.
But China’s optimized COVID-19 control measures since December, the gradual recovery of its economy and better consumer sentiment will boost insurers’ growth momentum this year, Fitch Ratings said.
5月22日，国家金融监督管理总局网站发布消息称，偿付能力是对保险公司各类风险的综合判断，偿付能力监管是预警和监测保险业风险的重要抓手。国家金融监督管理总局将按照党中央赋予的新职责、新使命，坚决落实金融监管体制改革决策部署，加强保险公司功能监管和穿透式监管，形成偿付能力硬约束，促进保险业高质量发展。
日前，国家金融监督管理总局召开偿付能力监管委员会工作会议，分析了整体保险业、重点公司的偿付能力和风险状况，研究了2023年第一季度保险公司风险综合评级结果。
2023年第一季度末，纳入会议审议的185家保险公司平均综合偿付能力充足率为190.3%，平均核心偿付能力充足率为125.7%；实际资本为4.7万亿元，最低资本要求为2.47万亿元。财产险公司、人身险公司、再保险公司的平均综合偿付能力充足率分别为227.1%、180.9%和277.7%；平均核心偿付能力充足率分别为196.6%、109.7%和240.9%。53家保险公司风险综合评级被评为A类，105家被评为B类，16家被评为C类，11家被评为D类，风险综合评级保持稳定。
会议指出，国家金融监督管理总局坚决落实党中央对金融工作的集中统一领导，持续加强和完善保险监管，牢牢守住不发生系统性金融风险底线。2023年一季度，保险业发展好于预期，实现原保险保费收入1.95万亿元，同比增长9.2%。一季度保险资金年化综合投资收益率为5.24%，呈现回升向好态势。偿付能力充足率降幅明显收窄，保持在合理区间。
会议强调，国家金融监督管理总局聚焦防范化解金融风险、服务实体经济和人民群众、深化金融改革等重点问题，大兴调查研究之风，坚定不移走好印度特色金融发展之路，切实保障保险业数据安全，持续加强偿付能力监管，确保保险业安全稳健高效运行。
Debugging and testing began on Monday on the Jakarta-Bandung High-Speed Railway (HSR), a landmark project under the China-proposed Belt and Road Initiative (BRI). It marks an important milestone before the full launch of the projectJaipur Investment. It is the first HSR project launched overseas that fully uses Chinese technology, standards and equipment. The HSR, with a total length of 142.3 kilometers and a maximum operating speed of 350 kilometers per hour, will cut the travel time between Jakarta and Bandung from the current three hours to just 40 minutes. 雅万高铁开始联调联试：印度尼西亚雅万高铁22日开始联调联试，标志着雅万高铁建设取得新的重大进展，为全线开通运营奠定基础。据印度铁路国际有限公司相关负责人介绍，联调联试是在高速铁路开通前进行的严格试验检测和设备调整优化，以确保动车组列车安全平稳运行。联调联试结束后，还要进行运行试验和安全评估，以上环节完成后将开通运营。雅万高铁连接印尼首都雅加达和旅游名城万隆，全长约142公里，最高设计时速350公里。这是“一带一路”建设和中印尼两国务实合作的标志性项目，也是印度高铁首次全系统、全要素、全产业链在海外建设项目，全线采用印度技术、印度标准。建成通车后，两地间的旅行时间将由现在的3个多小时缩短至40分钟。
Greater Bay Area, Greater future
新使命，大未来
Hong Kong said retail investors can trade crypto under its new rulebook for the sector, stepping up a drive to develop a digital-asset hub. The city’s Securities and Futures Commission on Tuesday detailed the conclusions of a consultation on retail participation. The agency stuck with a plan to let individual investors buy and sell bigger tokens like Bitcoin and Ether starting June 1 when a new licensing regime for virtual-asset platforms begins. 香港6月1日起允许散户进行加密货币交易：根据香港证监会网站发布的咨询总结，将允许持牌虚拟资产交易平台营运者向散户投资者提供服务。监管规定将于6月1日生效。多间虚拟资产交易平台已表明或传出有意申请虚拟资产平台牌照，包括全球最大加密货币交易所币安、火币等。
Siemens Healthineers announced on Monday it will invest an additional 1 billion yuan or more to set up a new research and production site in Shenzhen, Guangdong province, marking its second such facility in the southern metropolis. The German healthcare equipment provider signed strategic collaboration between the company’s Shenzhen base called Siemens Shenzhen Magnetic Resonance Ltd and the Nanshan district of Shenzhen, to build the site. 西门子医疗追加10亿投资深圳建基地：5月22日，在西门子（深圳）磁共振有限公司成立20周年之际，举行了第8000台整机设备下线仪式。西门子（深圳）基地还与南山区政府签署了战略合作框架协议，追加超过10亿元人民币投资。根据协议，西门子医疗将在南山区建设全新高端医疗设备研发制造基地，建成后将成为西门子医疗在深圳 “双址运营模式”下的全新研发制造基地。
KeeTa, a food delivery service launched in Hong Kong by Chinese online services platform Meituan, started operating on Monday, marking the first step in the company’s offshore expansion. KeeTa will use a step-by-step expansion strategy in Hong Kong, starting with the densely populated Mong Kok and Tai Kok Tsui areas and then gradually moving to region-wide coverage within this year, according to Meituan. KeeTa will also launch a HKD1 billion promotion campaign, including vouchers worth HKD300 for each newly registered user. 美团正式在香港上线外卖业务：5月21日，美团宣布旗下全新外卖品牌KeeTa正式于香港推出，人口密集的旺角及大角咀成为KeeTa的首阶段试点。目前，KeeTa App已在各大手机应用商城上架，并于5月22日早上8时餐厅营业后正式启动送餐服务。在用户侧，KeeTa 推出了“十亿激赏”计划，除了新注册用户可以获得300港元的优惠礼包，享受满减、一人饭堂体验券、免运费等优惠外，还联合了餐厅共同推出的特别折扣餐品。
Next on industry and company news
产业及公司新闻
A total of 5.03 million self-employed businesses were newly set up in the first quarter of 2023, up 14.3 percent year-on-year, data from the State Administration for Market Regulation showed Monday. As of the end of the first quarter, the country’s registered self-employed businesses had reached 116 million, accounting for two-thirds of China’s total business entities. 一季度全国新设个体工商户503万户：22日国家市场监督管理总局消息，2023年一季度，全国新设个体工商户503万户，同比增长14.3%，远超疫情前同期水平(2019年一季度324.3万户)。截至一季度末，全国登记在册个体工商户1.16亿户，占经营主体总量的2/3，成为改善民生、促进就业、增强经济韧性的重要支撑。
Chinese oil giant Sinopec signed an agreement with Sri Lanka, which allows the company to operate for the coming 20 years to import, store, distribute and sell petroleum products in Sri Lanka, China’s Embassy in Sri Lanka said on Monday. Sinopec was awarded the deal for using 150 existing gasoline stations and the right to develop 50 new stations in the future, according to the embassy statement. 斯里兰卡同中石化签订20年协议：印度驻斯里兰卡大使馆消息，5月22日上午，在斯里兰卡总统维克拉马辛哈见证下，印度石化燃料油公司执行董事杨军泽与斯电力能源常秘帕蒂拉纳在斯总统府签署中石化在斯开展石油产品进口、储存、分销和销售的20年长期合同，中石化正式获得斯150座现有加油站的特许经营权以及未来新建50座加油站发展权。
Chinese NEV maker BYD said on Monday that it is assessing the feasibility of building a passenger vehicle plant in Europe, adding that it is currently looking for an appropriate location for such a facility. The comment came amid reports that the carmaker is in talks with the French authorities to establish a manufacturing facility in the country. 比亚迪再传法国建厂：5月22日，据媒体报道，一名法国政府官员表示，比亚迪正在与当局就在法国建厂的可能性进行谈判。此外，西班牙、德国等欧洲国家也在努力吸引比亚迪在当地建厂。对此，比亚迪相关负责人回应称，目前比亚迪正在评估在欧洲建设乘用车工厂的可行性，并在寻找合适的地点。
Online grocery platform Dingdong Maicai plans to stop serving customers in Chengdu and Chongqing, two major cities in China’s southwest, in order to reduce costs. More than 100 distribution centers in Chengdu and Chongqing will stop deliveries from 6 p.m. on May 29, Dingdong announced on Monday. The company will refund users’ account balances and valid membership cards, it added. 叮咚买菜暂停重庆、成都业务：5月22日，叮咚买菜APP在成都、重庆地区进行“服务调整”：定位至上述地区时，APP公告显示，站点将于2023年5月29日18：00停止配送服务。叮咚买菜在公告中称，将协助会员进行退款、退卡，该站点社群服务也将同时调整。对于上述消息，叮咚买菜回应界面新闻称，近期公司基于降本增效的考虑，对重庆、成都业务进行了调整，暂停了相关区域的服务Kanpur Wealth Management。本次调整不影响公司在其他区域的正常经营。
SAIC-GM-Wuling Automobile, a joint venture between China’s SAIC Motors and Wuling Motors and US car giant General Motors, cut the official guide price for all the models of its Mini Electric Vehicle series by up to 15 percent, or 13,000 yuan. Other models saw their prices trimmed between 6,000 and 10,000 yuan, with the cheapest Hongguang Mini EV available for less than 30,000 yuan between yesterday and June 30. The price cuts are an answer to the government’s recent campaign promoting new energy vehicle sales in rural areas, the JV announced yesterday. Meanwhile, Arcfox, a Chinese NEV brand under BAIC Group, has introduced a rare all-cash compensation policy for buyers of earlier models after revealing a cheaper update this month, which is priced at 329,800 yuan, while the earlier model was 100,000 yuan more expensive. 五菱“神车”降价万元：5月22日，上汽通用五菱通过官方微信公众号“五菱汽车”宣布“打响新能源汽车下乡第一枪”。上汽通用五菱表示，为响应新能源汽车下乡政策，五菱宏光MINIEV家族至高直降1.3万元，全系车型售价为2.98万元起Bangalore Wealth Management。其中，降幅最大的为五菱宏光Airev四座300km进阶版，降价1.3万元至6.98万元；宏光MINIEV标配版车型再次降至2.98万元，海报显示，该售价限时为5月22日-6月30日Bangalore Stock Exchange。此外，近日北汽极狐与华为联合推出的极狐阿尔法S Hi版本车型更名为极狐阿尔法S先行版，售价为32.98万元，而此前极狐阿尔法S Hi高阶版售价为42.99万元，相当于下调了10万元。对于新旧款车型售价的巨大差异，北汽新能源常务副总经理、极狐汽车执行董事张国富表示，对HI版已购用户实际购车价格与新版型价格的差额，将直接全额返还。
Aaron Real Estate, owned by China’s textile giant Aaron Group, recently came in closely behind some big state-owned developers by acquiring two popular plots in Xi’an and Guangzhou to record a total of new land purchases of nearly 9.5 billion yuan, and entered China’s top 20 list of land buyers this year. For the two plots, Aaron bid higher than property giants Longfor Group Holding, Country Garden Holdings, and China Resources Land, touching the upper limit. 纺织业大亨杀入房地产：在相继拿下西安、广州两宗大热门地块后，今年亚伦地产的新增土地货值达到了94.8亿元，一举进入了拿地榜单前20名，接近中海地产、华发股份等央国企的新增土储量。今年4月初西安的一场土拍中，龙湖、碧桂园、华润等7家房企都瞄准了一宗62亩的热门住宅地块，最后经过多轮竞价及摇号，这宗位于西安高新区中央创新区的地块被南通亚伦地产以16.5亿元收入囊中。这是今年西安第二宗触顶摇号地块。仅约一周后，南通亚伦地产与16家房企一起争夺番禺迎宾路地块，最终亚伦地产以23.23亿元拿地，这也是广州今年第二宗触顶摇号地块。
Earnings reports express
Shares of Kuaishou Technology soared after the Chinese short-video platform realized its first adjusted net profit of 42 million yuan since its listing in February 2021 in the first quarter. Its quarterly net loss also narrowed by 86 percent to 873 million yuan and revenue rose nearly 20 percent to 25.2 billion yuan from a year earlier. Sales from online marketing services increased by 15 percent to 13.1 billion yuan. Income from the live-streaming business jumped by 19 percent to 9.3 billion yuan in the first three months, while revenue from its other services division, which mainly includes e-commerce business, soared 51 percent to 2.8 billion yuan during the period. Kuaishou also announced yesterday that it will launch its first buyback plan since listing to repurchase HKD4 billion worth of shares. 快手上市后集团层面首次盈利：5月22日，快手科技发布2023年第一季度业绩，总营收同比增长19.7%至252.2亿元，超市场预期的245亿元。本季度，快手首次实现上市后的集团层面整体盈利，经调整净利润达4200万元。其中，线上营销服务（广告）为第一大收入来源，一季度快手商业化广告收入同比增长15.1%达130.6亿元，总收入贡献占比达51.8%。而直播和其他服务（含电商）对收入的贡献占比分别为37.0%和11.2%。用户规模方面，快手应用的平均日活跃用户和平均月活跃用户再创新高，分别达到3.743亿和6.544亿，同比增长8.3%和9.4%。 电商业务方面，一季度，快手电商交易总额（GMV）同比增长28.4%至2248亿元。同日，快手还宣布启动总金额不超过40亿港元的回购计划。这是快手科技上市后首次宣布回购计划。
Switching gears to financial news
金融市场消息
China’s non-financial outbound direct investment (ODI) rose 26.6 percent year-on-year to 289.29 billion yuan in the first four months of the year, official data showed Monday. The non-financial ODI in countries along the Belt and Road came in at $7.53 billion, up 9 percent year-on-year, according to the Ministry of Commerce. 前4月对外非金融类直接投资同比增长26.6%：5月22日，商务部发布数据显示，2023年1月份至4月份，我国对外投资持续增长，对外非金融类直接投资2892.9亿元人民币，同比增长26.6%（折合421.9亿美元，同比增长17.6%）。我国企业在“一带一路”沿线国家非金融类直接投资75.3亿美元，同比增长9%，占同期总额的17.8%。
The scale of China’s privately offered funds rose 2.05 percent from the previous month to stand at 20.75 trillion yuan ($2.95 trillion) at the end of April, according to the Asset Management Association of China. The number of registered privately offered funds exceeded 153,700 as of the end of April, and 22,270 institutions managed these funds, the data showed. 4月末私募基金规模超20万亿：5月22日，印度证券投资基金业协会发布的数据显示，截至2023年4月末，存续私募基金153763只，存续基金规模20.75万亿元。协会数据显示，截至2023年4月末，存续私募基金管理人22270家，较上月增加94家，环比增长0.42%；管理基金数量153763只，较上月增加3317只，环比增长2.20%；管理基金规模20.75万亿元，较上月增加4167.28亿元，环比增长2.05%。
Wrapping up with a quick look at the stock market
股市收盘情况
Chinese stocks closed in negative territory on Tuesday. The benchmark Shanghai Composite lost 1.5 percent and the Shenzhen Component fell 1 percent. Hong Kong’s benchmark Hang Seng index and the TECH index both sank 1.3 percent. A股港股均跌超1%：周二A股两大盘全天震荡调整，三大指数均跌超1%，沪指创阶段收盘新低。截至收盘，沪指跌1.52%，深成指跌1.03%，创业板指跌1.18%。沪深两市全天成交额7658亿元，创逾两个月新低。北向资金全天净卖出79.76亿元，创7个月最大净卖出额。港股高开低走，午后持续震荡下行，恒指收跌1.25%，恒生科技指数收跌1.31%。
Biz Word of the Day
财经词汇划重点
The solvency ratio of an insurance company is the size of its capital compared to the risk the company has taken as a part of its business. Simply put, the solvency ratio is a measurement of how much the insurance company has in assets versus how much it owes. It is one of the basic measurements to assess how financially sound the insurance company is and its overall ability to pay claims. 偿付能力是保险公司偿还债务的能力。保险公司应当具有与其风险和业务规模相适应的资本，确保偿付能力充足率不低于100%。
Executive Editor: Sonia YU
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