'Involution' and  'vicious competition'  have been cited by the Chinese Government for the first time as threat to the country's high tech and new energy export sectors. What does this mean? And why should we care?


Timothy Pope has been a journalist for more than 15 years, and has spent the last decade in China's financial capital, Shanghai. In that time he's been a business reporter and anchor for International Channel Shanghai (ICS) and is now Financal Correspondent for SMG International and CGTN.


During that time he's covered the major stories which have shaped the Chinese economy and business landscape. He's interviewed local and global business leaders, regulators, officials and analysts to try and explain how these complex issues affect us all.


Tim has interests beyond the stock markets and the latest GDP data. He's an avid walker, hiker, sportsman and video gamer, and a keen reader of history and science fiction. 

Tim explores how the world's been discussing the issue of China's electric vehicle dominance. How fair is the reporting, and what does the data tell us about how effective the EU's tariffs will be? The EU move seems less driven by ideology, while the US tariffs seem designed to send a specific signal, one that doesn't have much to do with preventing catastrophic climate change, or even protecting industry.


Timothy Pope has been a journalist for more than 15 years, and has spent the last decade in China's financial capital, Shanghai. In that time he's been a business reporter and anchor for International Channel Shanghai (ICS) and is now Financal Correspondent for SMG International and CGTN.


During that time he's covered the major stories which have shaped the Chinese economy and business landscape. He's interviewed local and global business leaders, regulators, officials and analysts to try and explain how these complex issues affect us all.


Tim has interests beyond the stock markets and the latest GDP data. He's an avid walker, hiker, sportsman and video gamer, and a keen reader of history and science fiction. 

imothy Pope explores how the world sees and talks about China. This time we look at an insightful new podcast called Face-Off: The U.S. vs China.


Timothy Pope has been a journalist for more than 15 years, and has spent the last decade in China's financial capital, Shanghai. In that time he's been a business reporter and anchor for International Channel Shanghai (ICS) and is now Financal Correspondent for SMG International and CGTN.


During that time he's covered the major stories which have shaped the Chinese economy and business landscape. He's interviewed local and global business leaders, regulators, officials and analysts to try and explain how these complex issues affect us all.


Tim has interests beyond the stock markets and the latest GDP data. He's an avid walker, hiker, sportsman and video gamer, and a keen reader of history and science fiction. 

NEWS ON 01/17

CHINESE PREMIER LI QIANG TALKS ECONOMY AND AI AT DAVOS 2024

李强在达沃斯世界经济论坛发表特别致辞

-----------------记得点亮右下角的爱心哦------------

CHINESE PREMIER LI QIANG TALKS ECONOMY AND AI AT DAVOS 2024

李强在达沃斯世界经济论坛发表特别致辞

Hi - I'm Tim Pope. This is China Buzzwords. Continuing our look at the 2024 World Economic Forum in Davos - which attracts the rich and powerful from around the world.

嗨，我是蒂姆·波普。这里是中国流行语。继续和我们一起关注2024年达沃斯世界经济论坛，该论坛吸引了来自世界各地的有钱有势的人。

China's Premier Li Qiang is there this year leading a pretty big delegation. He's the most high profile Chinese leader to visit the WEF since President Xi Jinping went in 2017. And a lot of people are keen to talk to and hear from Li Qiang this year because China's economic recovery is on the ropes, and also because China is seen as key to helping facilitate an end to the current major conflicts.

中国总理李强今年率领了庞大的代表团出席了会议。今年，很多人都渴望与李强交谈并听取他的意见，因为中国的经济复苏面临挑战，也因为中国被视为帮助结束当前重大冲突的关键。

In his speech to the forum today, Li touched on the Chinese economy, saying GDP growth for 2023 is expected to be 5.2 percent -- a little above the government's target. And he got a little poetic.

在今天的论坛演讲中，李强谈到了中国经济，他说2023年的国内生产总值增长率预计为5.2%，略高于政府的目标。他有些诗意。

Li Qiang, Chinese Premier 

中国总理李强

A European friend once told me that to appreciate the grandeur of the Alps, one must broaden their perspective and look into the distance. Similarly, understanding the Chinese economy requires a panoramic view and in-depth observation. Only by opening up a comprehensive perspective can one achieve objectivity, comprehend the entirety and the overall picture, and truly understand the current state and long-term trends of the Chinese economy.

阿尔卑斯山群峰巍峨，连绵不绝。有欧洲朋友告诉我，想要领略阿尔卑斯山雄浑壮阔之美，一定要把视野放宽、把目光投远一些。看待中国经济也同样如此，只有打开视野的纵深，进行全景式观察，才能做到客观和全面，看到整体和全貌，真正了解中国经济的当下之形与长远之势。

China's also going to be key to determining global attitudes to AI governance. Making sure AI is a force for good. Li said the technology should not be used to contain countries; and that it's important to make sure it's being used ethically. 

中国也将成为决定全球对人工智能治理态度的关键。确保人工智能是一股向善的力量。李强说，这项技术不应该被用来遏制国家；确保它被合乎道德地使用是很重要的。

Li Qiang, Chinese Premier 

中国总理李强

The World AI Conference has set up two expert committees, one is focusing on the strategic planning, and the other is for AI ethics, which means that on the one hand, it is important to focus on development, and on the other hand, it is important to focus on governance, and it is necessary to use it well, but also to manage it well.

世界人工智能大会还成立了两个专家委员会，一个是战略规划专家委员会，另外一个就是人工智能伦理专家委员会，也就是说一边抓发展，另外一边就是要抓治理，既要用好它，更要管好它。

And Li issued an open invitation to the Davos participants to come to Shanghai's World AI Conference in July, to see how China does things.

李强还向达沃斯论坛的与会者发出公开邀请，邀请他们参加7月在上海举行的世界人工智能大会，看看中国在做些什么。

And the stakes for getting AI governance right are high. The International Monetary Fund released a report on Tuesday - timed to coincide with Davos. It concludes that 40 percent of jobs around the world will be impacted by AI ... in some cases jobs will change, but some jobs will be entirely replaced. Emerging markets low-income economies meanwhile, will struggle to reap the benefits of the new technology, potentially widening the global equality gap.

人工智能治理的正确性事关重大。国际货币基金组织周二发布了一份报告，时间恰逢达沃斯。它得出的结论是，全球40%的工作岗位将受到人工智能的影响。在某些情况下，工作岗位会发生变化，但有些工作岗位会被完全取代。与此同时，新兴市场作为低收入经济体，将难以从新技术中获益，这可能会扩大全球平等差距。

We'll be continuing our coverage of the World Economic Forum for the rest of the week. My colleagues in Davos have got some great interviews and perspectives on the ground in snowy Switzerland - so make sure you check those out too. See you next time.

本周，我们将继续报道世界经济论坛。参与达沃斯的同事们在白雪皑皑的瑞士也有很棒的采访和观点，请一定要看看。下次见。

#热词加油站

Buzzword 流行语

Delegation 代表团

Ethic 伦理

Coverage 报道

订阅我们，打卡每日精选英语新闻！

不定期投放“精品大师访谈”

喜欢生肉贴的小伙伴，可以常来逛逛哟~

NEWS ON 01/15

DAVOS: China's Premier to deliver aspecial address as world leaders and big business seek to rebuild trust

破解时代之问 引领发展之路——习近平主席在达沃斯论坛的演讲和致辞深刻启迪世界

-----------------记得点亮右下角的爱心哦-----------------

DAVOS: China's Premier to deliver aspecial address as world leaders and big business seek to rebuild trust

破解时代之问 引领发展之路——习近平主席在达沃斯论坛的演讲和致辞深刻启迪世界

Hi andwelcome to another China Buzzwords - I'm Timothy Pope.

嗨，欢迎收看China Buzzwords，我是Timothy Pope

The 54thWorld Economic Forum is getting under way in the luxurious Swiss ski resort ofDavos. And we're going to bring you a couple of videos this week examining thisannual event.

第 54 届世界经济论坛正在瑞士滑雪胜地达沃斯举行。本周，我们将为您带来几段视频，探讨这一年度盛事。

The themeof this year's WEF is 'Rebuilding Trust'. It's an interesting theme since manyof those attending are the ones whose trust rating among ordinary people hasplunged so sharply in recent years. Trust in leaders who have presided overslowing global growth. Trust in billionaires perceived as exploiting andexpanding global inequality. Trust that both these groups can work together tomake the future better for everyone.

今年世界经济论坛的主题是 "重建信任"。这是个有趣的主题，因为许多与会者都是近年来在民众中信任度急剧下降的人，那些导致全球经济增长放缓的领导人的信任，被认为利用和扩大全球不平等的亿万富翁的信任。相信他们能够携手合作，为每个人创造更美好的未来。

Buildingthat kind of trust is a tall order.

建立这种信任是一项艰巨的任务。

Securingeconomic growth has always been one of the WEF's aims, but it says it'slaunching a campaign to balance growth with social and environmental prioritiestoo. One of the forum's recent studies of 107 global economies found that mostof them are not growing in socially inclusive or environmentally sustainableways. It's also identified misinformation and disinformation【虚假信息】as the most severe global risk in the shortterm as it's been the most significant factor in the erosion of public trust.

确保经济增长一直是世界经济论坛的目标之一，不过该论坛也表示，它正在发起一场运动，以平衡经济增长与社会和环境优先事项之间的关系。世界经济论坛最近对全球107个经济体进行的一项研究发现，大多数经济体并没有以社会包容或环境可持续的方式实现增长。该论坛还将错误信息和虚假信息确定为短期内最严重的全球风险，因为这是导致公众信任度下降的最重要因素。

The WEF-- the people at the top of global society -- seems to be acknowledging thatthey need to rebuild the public's trust that they're still a force willing andcapable of making the world a better place.

世界经济论坛--全球社会的顶尖人士--似乎承认，他们需要重建公众对他们的信任，相信他们仍然是愿意并有能力让世界变得更美好的力量。

Anotherthing that's going to be up for plenty of discussion is economic and monetarypolicy. Financial markets remain completely obsessed with interest rates, andwhen major central banks like the US Fed and the ECB might start to bring themdown. Many consider this a key step towards shifting back to global growth.

另一个将引起广泛讨论的问题是经济和货币政策。金融市场仍然完全沉迷于利率，以及美国联邦储备委员会和欧洲央行等主要央行何时可能开始降低利率，许多人认为这是转向全球增长的关键一步。

Therewill also be sideline meetings trying to deal with issues ranging from the conflicts in Gazaand Ukraine. With high-level delegations【代表团】 from China, the United States, Ukraine, Israel and several MiddleEastern countries, discussions on these wars are going to loom large over thewhole forum.

此外，还将举行会外会议，试图解决加沙和乌克兰冲突等问题。来自中国、美国、乌克兰、以色列和几个中东国家的高级代表团将出席会议，有关这些战争的讨论将成为整个论坛的重中之重。

But noteverything that happens at Davos is high-minded and idealistic. There are fancydinners and lavish【奢华的】parties that most people can't getinto. And a lot of people are there to make money and do deals. Either fortheir company or their country. Government representatives want to attractinvestment, businesses want opportunities to grow and boost their profits; andwe will see many deals inked this week.

但是，达沃斯论坛上并非都是高谈阔论和理想主义。这里有大多数人进不去的豪华晚宴和奢华派对。很多人在那里是为了赚钱和做交易。要么是为了自己的公司，要么是为了自己的国家。政府代表希望吸引投资，企业希望获得增长和提高利润的机会；因此，本周我们将看到许多交易签约。

Staytuned as the World Economic Forum continues this week. We'll break down andexplain it for you here, and do check out coverage by other SMG Internationalreporters who are in Davos for the conference - they're going to have somegreat stories and interviews for you too.

世界经济论坛本周将继续举行，敬请关注。我们将在这里为您进行分析和解释，同时请关注在达沃斯参加会议的其他SMG国际记者的报道--他们也将为您提供精彩的报道和采访。

#热词加油站

disinformation /ˌdɪs.ɪn.fəˈmeɪ.ʃən/【虚假信息】

delegations /ˌdel.ɪˈɡeɪ.ʃən/【代表团】

lavish /ˈlæv.ɪʃ/【奢华的】

订阅我们，打卡每日精选英语新闻！

不定期投放“精品大咖访谈”

喜欢生肉贴的小伙伴，可以常来逛逛哟~

NEWS ON 01/10

BYD BECOMES TOP SELLING EV MAKER, TAKING TESLA'S CROWN

比亚迪夺得全球新能源车销冠

-----------------记得点亮右下角的爱心哦-----------------

BYD BECOMES TOP SELLING EV MAKER, TAKING TESLA'S CROWN

比亚迪夺得全球新能源车销冠

BYD has claimed the title of World's Best-Selling EV maker in a hard-fought battle with Tesla.

比亚迪在与特斯拉的激烈竞争中夺得了全球最畅销电动汽车制造商的称号。

Now that 2023 results are in for both companies we can see just how fierce a race it was. Both companies beat analyst estimates for the numbers of EVs they sold in the final three months of last year, and both benefitted from cutting prices on their vehicles in a bid to grab market share.

如今，两家公司2023年的业绩已经出炉，我们可以看到这场竞争有多么激烈。去年最后三个月，两家公司的电动汽车销量都超过了分析师的预期，而且两家公司都通过降低汽车价格来抢占市场份额。

Let's look at the numbers first. BYD sold a little over 3 million vehicles last year -- mostly in China. More than half were pure electric, and the rest were plug-in hybrid EVs. That puts annual sales up by 62 percent compared to 2022.

我们先来看看数据。比亚迪去年的汽车销量略高于300万辆，主要集中在中国。其中一半以上为纯电动汽车，其余为插电式混合动力电动汽车。与2022年相比，年销量增长了62%。

Tesla sold 1.8 million vehicles -- falling just short of CEO Elon Musk's target of 2 million, but still beating analyst estimates.

特斯拉售出了180万辆汽车--略低于首席执行官埃隆-马斯克的200万辆目标，但仍超过了分析师的预期。

And in the most recent quarter? ... Tesla delivered 484,507 pure EVs between October and December, while BYD sold 526,409. 

最近一个季度呢？…特斯拉在10月至12月间交付了484,507辆纯电动汽车，而比亚迪则售出了526,409辆。

So how did BYD overtake Tesla before the year-end finish line?

那么，比亚迪是如何在年底前超越特斯拉的呢？

Partly it's the price war which has been going on in the EV sector -- particularly here in China -- for the last 12 months. Tesla started it last January by slashing【大量削减】prices on several models and every other automaker followed suit.

部分原因是过去12个月电动车行业，尤其在中国的价格战。去年1月，特斯拉率先对多款车型降价，其他汽车制造商纷纷效仿。

But it quickly became obvious that Tesla wasn't going to win that price war. Even with generous discounts, its cars are just more expensive. Each model is a premium product. And while BYD has high-end models of its own, it also has cheaper ones. And with most of the world dealing with high interest rates, a cheaper car, which requires a smaller loan from the bank, can look at lot more attractive. And some analysts have said that tax credits in the US may have pushed some Tesla-buyers to get their cars in 2023 instead of 2024.

但很快，特斯拉显然无法赢得这场价格战。即使有丰厚的折扣，特斯拉汽车的价格还是更贵。每款车型都是高端产品。比亚迪虽然也有自己的高端车型，但它有更便宜的车型。在全球大多数国家都面临高利率的情况下，一辆需要向银行申请较少贷款的廉价汽车看起来更有吸引力。一些分析师表示，美国的税收减免政策可能促使一些特斯拉买家在2023年而非2024年购买汽车。

BYD is also just a generally better recognised brand these days. Tesla might still be a by-word for pure electric cars, but all over the world, more and more BYDs are popping up on the roads. For big chunks of last year BYD models were the best-selling EVs in Thailand, Israel, New Zealand and Singapore. During a trip back to Australia recently, I was shocked when my family started discussing the brand over Christmas dinner.

比亚迪如今也是知名度普遍较高的品牌。特斯拉可能仍然是纯电动汽车的代名词，但在世界各地，越来越多的比亚迪汽车出现在道路上。去年，在泰国、以色列、新西兰和新加坡，比亚迪的大部分车型都是最畅销的电动汽车。最近一次回澳大利亚，当我的家人在圣诞节晚餐上讨论这个品牌时，我感到非常震惊。

That aside, BYD's position on top of the EV market right now is still due to sales here in China. Roughly 90 percent of its cars are made and sold here where its market share jumped from 21 to 27 percent this year. According to the China Passenger Car Association, Tesla's market share in China is 12 percent.

撇开这一点不谈，比亚迪目前在电动车市场上的领先地位仍然要归功于中国国内的销量。比亚迪约90%的汽车都在中国生产和销售，今年的市场份额从21%跃升至27%。根据中国汽车协会的数据，特斯拉在中国的市场份额为12%。

The two also have very different sales strategies. BYD is quite traditional: selling through dealerships【经销公司】. In fact BYD has said it's going to be paying out a total of 2 billion yuan in bonuses to Chinese dealerships this year for meeting their sales targets.

两者的销售策略也大相径庭。比亚迪非常传统：通过经销商销售。比亚迪已经表示，今年将向完成销售目标的中国经销商支付总计20亿元人民币的奖金。

Tesla does things differently. If you want to buy one, you can only buy it from Tesla. And their staff seem to do a much better job of selling the product. According to data from China Merchants Bank, in China, Tesla sells more than twice as many cars per store as BYD does. BYD just has considerably more stores.

特斯拉则不同。如果你想买特斯拉，只能从专卖店购买。而且他们的员工似乎在销售产品方面做得更好。根据招商银行的数据，在中国，特斯拉每家店的汽车销量是比亚迪的两倍多。比亚迪只是拥有更多的门店。

BYD's China-centered dominance【主导地位】could start to shift once the company gets planned European factories up and running. There's also the risk the EU could raise the currently low tariffs on imported Chinese EVs. 

一旦比亚迪计划在欧洲建厂并投入运营，该公司以中国为中心的主导地位可能会开始转变。欧盟也有可能提高目前对进口中国电动车的低关税。

But the electric vehicle industry is still a growing one -- one in which both BYD and Tesla have left traditional automakers far behind......

但电动汽车行业仍在不断发展壮大，比亚迪和特斯拉已经把传统汽车制造商远远甩在了后面......

Oh.. and in case you're wondering, there's one number that Tesla didn't give us yet... sales numbers for its new Cybertruck. The design of this truck might politely be described as "unique" ... so the silence on those sales numbers probably tells us all we need to know.

哦......如果你想知道，其实特斯拉还有一个数据没有告诉我们......那就是其新型车Cybertruck 的销售数据。这款卡车的设计可以不客气地形容为 "独一无二"......而对于销售数据的沉默可能已经告诉了我们一切。

#热词加油站 

slash /slæʃ/【大量削减】

dealerships /ˈdiː.lə.ʃɪp/【经销公司】

dominance /ˈdɒm.ɪ.nəns/【主导地位】

订阅我们，打卡每日精选英语新闻！

不定期投放“精品大咖访谈”

喜欢生肉贴的小伙伴，可以常来逛逛哟~

NEWS ON 01/05

1.       2024 STILL FEELS LIKE2023 WITH LOW INVESTOR SENTIMENT

2024年仍然像2023年，投资者情绪低迷

-----------------记得点亮右下角的爱心哦------------

2024 STILL FEELS LIKE 2023 WITH LOWINVESTOR SENTIMENT

2024年仍然像2023年，投资者情绪低迷

The first trading week of the new yearhasn't exactly been great. Chinese Mainland markets continued to trade lower asinvestors wait for sentiment to recover. But even the better looking data wesaw this week for China's services sector wasn't enough to get things moving.The Shanghai Composite Index was down 0.9 percent on Friday and theShenzhen Component was off more than 1 percent.

新年的第一个交易周并不太好。中国大陆股市继续走低，投资者等待市场情绪回升。但即使我们本周看到的中国服务业的数据看起来更好，也不足以推动事态发展。上周五，上证综指下跌0.9%，深证成分股跌幅超过1%。

The vast bulk of sectors were downtoday led by losses for tech, healthcare and industrials; while financialstocks just about broke even.

今天绝大多数板块下跌，科技、医疗保健和工业板块领跌；而金融股几乎实现盈亏平衡。

Investors are also still waiting to see anyserious payoff from the launch of the new CSI A50 index on Tuesday. This is asmaller, more select index of blue chip stocks than the CSI 300, but it's alsofar more diverse in terms of the kinds of sectors it covers. And whilethere's been strong early interest from funds looking to set up ETFs trackingthe A50, that's going to take a while to translate into gains, and the index isending its maiden week down more than 3 percent.

投资者仍在等待周二推出的新中证A50指数带来的任何重大回报。与沪深300相比，这是一个规模更小、更具选择性的蓝筹股指数，但它所涵盖的行业种类也要多样化得多。尽管希望建立跟踪A50的ETF的基金早期有强烈的兴趣，但这需要一段时间才能转化为收益，该指数在首周结束时下跌了3%以上。

There was a bit of gloom on other regionalmarkets today now that investors feel sharp and quick US Fed rate cuts are lesslikely. That obsession with when rate cuts will begin also makes the release ofUS jobs data tonight a big event for the markets. But on the whole, fewertraders now think there'll be cuts by March, and that dented growth stocksaround the region. The Hang Seng was 0.7 percent lower at the close.

今天，其他地区市场出现了一些悲观情绪，因为投资者认为美联储大幅快速降息的可能性较小。对何时开始降息的痴迷也使今晚美国就业数据的发布成为市场的一件大事。但总的来说，现在认为到3月会减产的交易员越来越少，这削弱了该地区的增长股。恒生指数收盘时下跌0.7%。

Alibaba, Lenovo, chip maker SMIC ... alltraded down in Hong Kong. Energy stocks provided a little relief as oil pricesclimbed, with CNOOC and PetroChina among the leading gainers.

阿里巴巴、联想、芯片制造商中芯国际。。。香港股市全部下跌。随着油价攀升，能源股略有缓解，中海油和中石油涨幅居前。

Japan provided a bit of a contrast today asthe Nikkei 225 rose a quarter of one percent. That was due almost entirely to aweaker yen boosting exporter stocks. As usual that means gains forJapanese automakers - Toyota rose 2.5 percent, but there were gains for banksand brokerages as well.

今天，日本日经225指数上涨了四分之一，形成了鲜明对比。这几乎完全是由于日元走弱提振了出口股。和往常一样，这意味着日本汽车制造商的涨幅——丰田上涨了2.5%，但银行和券商也有所上涨。

So at the end of the first week of 2024,the new year still feels much like the old one.

因此，在2024年的第一周结束时，新的一年感觉仍然很像旧的一年。

#热词加油站

Index 指数

Sector 部门

Diverse 多种多样的

Exporter 出口商

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NEWS ON 01/03

1. CHINA’S NEW STOCK INDEX CAUSES ETF EXCITEMENT

中国新股指数引发ETF热议

-----------------记得点亮右下角的爱心哦------------

CHINA’S NEW STOCK INDEX CAUSES ETF EXCITEMENT

中国新股指数引发ETF热议

The Shanghai Composite Index was one of the few Asian markets to inch higher today as a general sense of gloom persists among equity investors. It managed to climb a bit less than a fifth of one percent, while the Shenzhen Component declined three quarters of a percent. Investors are still waiting for signs of a solid economic recovery, according to market watchers.

由于股票投资者普遍感到悲观，上海综合指数是今天为数不多的小幅上涨的亚洲市场之一。它设法攀升了不到1%的五分之一，而深圳板块下跌了四分之三。市场观察人士表示，投资者仍在等待经济稳步复苏的迹象。

One thing getting a lot of interest was the new index launched yesterday for Chinese A-shares -- the CSI A50 Index. This tracks some of the most well-known companies on the mainland markets, but unlike the CSI 300, doesn't include so many from traditional industries. It's being billed as better representing the modern Chinese economy, and the sectors the government wants to focus on. We have some expected big names on the index including China's most expensive stock - the liquor maker Kweichow Moutai. There's also the electric vehicle battery maker CATL, security system maker Hikvision, Ping'An Insurance, and the drug maker Wuxi Apptec. 

有一件事引起了很多人的兴趣，那就是昨天为中国a股推出的新指数——中证A50指数。这追踪了大陆市场上一些最知名的公司，但与沪深300不同的是，它不包括那么多传统行业的公司。它被宣传为更能代表现代中国经济，以及政府希望关注的行业。我们预计该指数上会有一些大人物，包括中国最昂贵的股票——白酒制造商贵州茅台。还有电动汽车电池制造商CATL、安全系统制造商海康威视、平安保险和药品制造商无锡药明康德。

According to the regulators, they've received applications from at least seven mutual funds wanting to create ETFs tracking the A50 in the first 24 hours after its launch.... the A50 itself closed today a little lower however.

据监管机构称，他们已经收到了至少七家共同基金的申请，希望在A50推出后的前24小时内创建跟踪其的ETF… 然而，A50今天收盘时略有下跌。

Automaker BYD -- also on the A50 by the way -- edged higher after being confirmed as the top selling maker of pure electric vehicles in the world - knocking Tesla off its pedestal. BYD shares rose a third of one percent, and financial journal Yicai has reported the company is planning big cash bonuses to Chinese car dealerships for hitting sales targets... bonuses that are expected to total 2 billion yuan.

汽车制造商比亚迪（BYD）——顺便说一句，也在A50上——在被确认为世界上最畅销的纯电动汽车制造商后小幅走高，将特斯拉（Tesla）推下了巅峰。比亚迪股价上涨了三分之一，金融杂志《第一财经》报道称，该公司正计划向达到销售目标的中国汽车经销商发放巨额现金奖金。。。奖金总额预计为20亿元。

More broadly, Asian stock markets were pretty grim on Wednesday as hopes faded of deep and early cuts to interest rates by the US Federal Reserve. The markets are waiting on both the latest Fed minutes and US jobs data. But that prompted a slide in tech stocks, which left the Hang Seng 0.9 percent lower. PC maker Lenovo was down 4.5 percent.

更广泛地说，亚洲股市周三相当严峻，因为对美联储提前大幅降息的希望消退。市场正在等待美联储最新会议纪要和美国就业数据。但这促使科技股下跌，导致恒生指数下跌0.9%。个人电脑制造商联想股价下跌4.5%。

But there was some reprieve for Chinese video game stocks after reported personnel changes at the Chinese gaming regulator. New proposed rules designed to reduce spending on video games had sent the sector into a bit of a spin, but gaming giant Tencent rose 1.3 percent while rival Netease was up almost 1 percent.

但在中国游戏监管机构公布人事变动后，中国电子游戏股出现了一些喘息之机。旨在减少电子游戏支出的新规则使该行业出现了一些混乱，但游戏巨头腾讯上涨了1.3%，而竞争对手网易上涨了近1%。

The tech-inspired market slide today was felt heavily in South Korea too, where the KOSPI 200 shed 2.6 percent -- the biggest fall for that index since late October. Shares in Samsung Electronic were down 3.3 percent.

韩国股市今天也感受到了科技股的暴跌，韩国综合股价指数200下跌2.6%，这是该指数自10月下旬以来的最大跌幅。三星电子股价下跌3.3%。

Japanese markets will be back from their new year holiday tomorrow.

日本股市明天将结束新年假期。

#热词加油站

Component

Vehicle

Slide

Electronic

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NEWS ON 01/02

MARKETSSTART 2024 LOWER AFTER MIXED DATA

2024年股市开局走低，数据好坏参半

-----------------记得点亮右下角的爱心哦-----------------

MARKETSSTART 2024 LOWER AFTER MIXED DATA

2024年股市开局走低，数据好坏参半

The markets came back to trade for 2024with a couple of conflicting sets of data to digest【消化】. The first was the official manufacturing sector PMI, which wasreleased at the weekend, and Caixin's private survey of the sector which cameout this morning. Both focus on different portions of the industry - theofficial figures look at larger state-owned firms and the Caixin PMI coversmedium and smaller sized private firms. The official PMI showed the sectorshrinking at a faster pace in December, while the Caixin numbers pointed tomore orders and a faster expansion for the private sector. But with businessconfidence still lacking the markets fell today. The Shanghai Composite Indexshed 0.4 percent while the Shenzhen Component was 1.3 percent lower.

2024年股市恢复交易，要消化几组相互矛盾的数据。首先是周末公布的官方制造业采购经理人指数（PMI），以及今天上午公布的财新中国制造业PMI。二者关注的都是该行业的不同部分--官方数据关注的是大型国有企业，而财新的PMI则涵盖了中小型私营企业。官方PMI指数显示，中国制造业12月份萎缩速度加快，而财新的数据则显示，私营企业的订单增加，扩张速度加快。由于商业信心仍然不足，今天股市下跌。上证综指下跌0.4%，深证成指下跌 1.3%。

There were losses for tech, consumer, real estate,healthcare and financial stocks.

科技股、消费股、房地产股、医疗保健股和金融股均下跌。

Automaker BYD also declined despite thelatest sales numbers that show it likely to overtake Tesla as the world'sbiggest seller of pure electric vehicles. BYD posted a 62 percent jump in 2023sales -- with a record 526 thousand pure EVs sold in the fourth quarter of theyear alone. If Tesla wants to keep the crown【王冠】, it's going toneed similarly strong sales in the fourth quarter... well ahead of whatanalysts are expecting.

汽车制造商比亚迪的股票同样下跌，尽管最新的销售数据显示它有可能超过特斯拉成为全球最大的纯电动汽车销售商。比亚迪2023年的销量猛增了62%--仅今年第四季度就售出了创纪录的52.6万辆纯电动汽车。如果特斯拉想保住桂冠，它需要在第四季度获得同样强劲的销量......远超分析师的预期。

For the Hong Kong markets, it's a new year,but not much has changed. The Hang Seng was off 1.5 percent today.

对于港股而言，新的一年到来了，但变化并不大。恒生指数今天下跌了1.5%。

Real estate stocks continue to be a serious drag【拖累】as sentiment remains weak. An index trackingmainland developers listed in Hong Kong was down more than 4.5 percent. LongforGroup was one of the biggest decliners, shedding 7 percent.

由于市场情绪依然疲软，房地产股继续严重拖累股市。追踪在香港上市的内地开发商的指数下跌超过 4.5%。龙湖集团跌幅最大，下跌了7%。

Japanese markets are closed today andtomorrow for a market holiday. But other Asian markets were doing ok today.Australia's ASX 200 advanced half of one percent and South Korea's KOSPI 200was up 0.7 percent.

日本股市今明两天因假期休市。其他亚洲市场今天表现尚可。澳大利亚ASX 200 指数上涨了半个百分点，韩国KOSPI 200 指数上涨了0.7%。

#热词加油站

digest /daɪˈdʒest/【消化】

crown /kraʊn/【王冠】

drag /dræɡ/【拖累】

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NEWS ON 12/28

1. 1.56 MLN DAILY CROSS-BORDER TRIPSEXPECTED DURING NEW YEAR HOLIDAY

元旦假期预计每日跨境旅行156万人次

2. ORANGE ALERT FOR THICK FOG

大雾橙色预警

-----------------记得点亮右下角的爱心哦------------

1.56 MLN DAILY CROSS-BORDER TRIPSEXPECTED DURING NEW YEAR HOLIDAY

元旦假期预计每日跨境旅行156万人次

The National Immigration Administrationestimated that an average of 1.56 million trips will be made in and out of theChinese mainland each day over the 2024 New Year holiday, five times more thanlast year. Zhang Hong tells us more.

国家移民管理局估计，2024年元旦假期，平均每天将有156万人次进出中国大陆，是去年的五倍。记者张泓带来更多报道。

According to travel agency websiteQunar.com, popular destinations include Harbin, Koktokay geopark in Xinjiang,and Hulunbuir, Inner Mongolia. B&B bookings in Harbin are 27 times higherthan the same period last year, when COVID-19 was sweeping across the country.Inbound trips have also increased. Data from Ctrip.com shows that bookings byinbound tourists increased more than 200% compared to the same period in2019.       

据旅行社网站去哪儿网报道，热门目的地包括哈尔滨、新疆可可托凯地质公园和内蒙古呼伦贝尔。哈尔滨的民宿预订量是去年同期的27倍，当时新冠肺炎正在席卷全国。入境旅行也有所增加。携程网的数据显示，与2019年同期相比，入境游客的预订量增长了200%以上。

Some travelers started their trip today atBeijing Capital International Airport.

一些旅客今天在北京首都国际机场开始了他们的旅行。

Passenger

I'm going to Xinjiang. I want to take atrip there during the holiday.

旅客1

我准备要去新疆##//趁现在（即将）放假##所以我就去那边旅游一下##///】

Passenger

I'm heading for Chongqing. I want to getaround as I came back to China during the holiday.

旅客2

我要去重庆。放假回国，我想溜达溜达。

An airport employee said they will bebusiest tomorrow and on January 1st.

一名机场员工表示，明天和1月1日将是机场最繁忙的时候。

Hou Yuze, Operation Manager

Beijing Capital International Airport

There will be 169,000 in-bound andout-bound passenger trips on December 29th. On January 1st, there will be156,000 trips through the airport.

侯羽泽 首都机场运行控制中心运行管理业务经理

节前旅客高峰和航班高峰均出现12月29日##当日首都机场预计进出港旅客16.9万人次##////1月1日元旦当天首都机场##进出港旅客人数达到15.6万人次##//】

The National Immigration Administration said the average daily number of people passing through customs at both BeijingCapital International Airport and Guangzhou Baiyun International Airport isexpected to reach 33,000, while they predict it will be 68,000 at ShanghaiPudong International Airport. People can call 12367 if they encounter anyproblems while clearing customs.

国家移民局表示，北京首都国际机场和广州白云国际机场的日均通关人数预计将达到3.3万人，而上海浦东国际机场预计将达到6.8万人。如果人们在清关时遇到任何问题，可以拨打12367。

ORANGE ALERT FOR THICK FOG

大雾橙色预警

The national weather observatory today renewed an orange alert for thick fog in some parts of the country,including the provinces of Anhui and Jiangsu. In Shanghai, visibility wasreduced to less than 200 meters this morning. Zhang Yue has the story.

国家气象台今天再次发布包括安徽省和江苏省在内的部分地区大雾橙色预警。今天早上，上海的能见度降至200米以下。记者张乐带来更多报道。

Shanghai's Meteorological Bureauissued a yellow alert for heavy fog at 8:30pm yesterday. The city's emergencymanagement bureau reminded local departments to prepare response teams for thefoggy weather.

昨天晚上8点30分，上海市气象局发布大雾黄色预警。该市应急管理局提醒当地部门为大雾天气准备应急小组。

Drivers on the Outer Ring Road were seendriving at slower speeds during this morning's rush hours. On sections ofhighway bordering Zhejiang, police from both jurisdictions ensured trafficsafety.

在今天早上的高峰时段，人们看到外环路上的司机以较慢的速度行驶。在与浙江接壤的高速公路路段，两地警方确保了交通安全。

Pan Guoqiang

Jinshan Traffic Police

We had about a third more traffic policeofficers on duty today during the foggy weather. We reduced the speed limit onthe expressway according to visibility.

潘国强 金山交警支队高速大队 大队长

根据今天迷雾天气黄色预警 我们外勤大队都提前上岗 增加了三分之一的警力 \\ 根据道路能见度的具体情况我们对高速公路进行了限速

About 60 flights were delayed at ShanghaiHongqiao International Airport this morning due to poor visibility amid thefog. Arrivals and departures were not affected at Shanghai Pudong InternationalAirport. The orange alert for thick fog remains in effect for Baoshan District,while a yellow alert continues for Chongming Island.

今天上午，由于大雾中能见度低，上海虹桥国际机场约有60架次航班延误。抵达和离开上海浦东国际机场的航班没有受到影响。宝山区的大雾橙色预警仍然有效，而崇明岛的黄色预警仍在继续。

Heavy fog is forecast in parts ofShandong, Jiangsu and Anhui until Saturday.

据预测，山东、江苏和安徽的部分地区将有大雾，直至周六。

#热词加油站

Administration

Meteorological

Observatory

Forecast

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