魔都英语新闻丨ShanghaiLive

NEWS ON 12/29

1.TENS OF MILLIONS TRALLING FOR NEW YEAR HOLIDAY

数万人元旦假期出行

2. SHANGHAI LIGHTS UP FOR THE NEW YEAR

上海“亮灯”迎新年

3.FOREIGNERS WITH PRP CAN OPEN A-SHARE TRADING ACCOUNTS ONLINE

持新版永久居留证的外国人可在线开A股账户

4.HEADWINDS HOLD BACK A-SHARES WHILE TOKYO STOCKS SURGE IN 2023

2023股市收官：A股受阻低迷东京股市大涨

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

1.TENS OF MILLIONS TRALLING FOR NEW YEAR HOLIDAY

数万人元旦假期出行

Train stations across the country were busier than usual today as tens of millions are traveling for the New Year Day holiday. 63 million passenger trips nationwide are expected to be taken in the next 5 days. The national railway authority estimated that tomorrow will be the busiest with around 15 million travelers. Many will be heading to northeastern China during the holiday as winter scenery has been trending on social media.

由于数千万人在元旦假期出行，今天全国各地的火车站比往常更加繁忙。预计未来 5 天全国将有 6300 万人次出行。国家铁路局预计，明天（12/30）将是最繁忙的一天，将有约 1500 万人次出行。许多人将在假期中前往东北地区，因为冬景成为了社交媒体上的热门话题。

2. SHANGHAI LIGHTS UP FOR THE NEW YEAR

上海“亮灯”迎新年

Downtown areas in Shanghai have a little extra sparkle just in time for 2024. Brighten your New Year holiday in the Xujiahui commercial area with several landscape lighting shows each day between 5 and 10pm until January 1st. Each show will last 7 minutes. On Huaihai Road, a magnolia flower inspired lighting scheme【方案、布局】has been installed and blue lights illuminate【照亮】 the trees along West Nanjing Road. A Shanghai Landscaping & City Appearance Administrative Bureau official said they want to improve the consumer experience and promote spending at night.

2024 年到来之际，上海的市中心又多了几分璀璨。在1月 1 日之前，每天下午5点到晚上10 点，徐家汇商业区都会上演多场景观灯光秀，点亮您的新年假期。每场表演将持续 7 分钟。淮海路上安装了以玉兰花为灵感的节庆灯饰，南京西路沿线的树木也被蓝色灯光照亮。上海市绿化和市容管理局的一位官员说，他们希望改善消费者体验，促进夜间消费。

3.FOREIGNERS WITH PRP CAN OPEN A-SHARE TRADING ACCOUNTS ONLINE

持新版永久居留证的外国人可在线开A股账户

Foreigners holding the new version of China’s permanent residence permit can now open accounts online to trade Chinese mainland-listed shares. And Securities Times reported today that many Chinese brokers have officially launched online account registration services. Previously, foreigners with the new Chinese permanent residence permit could only open A-share accounts in offline brokerage offices, according to the China Securities Regulatory Commission.

持有新版中国永久居留证的外国人现在可以在网上开户交易中国大陆上市的股票。据《证券时报》今天报道，许多中国券商已正式推出网上账户注册服务。据中国证券监督管理委员会称，此前，持有新版中国永久居留证的外国人只能在线下券商处开设 A 股账户。

4.HEADWINDS HOLD BACK A-SHARES WHILE TOKYO STOCKS SURGE IN 2023

2023股市收官：A股受阻低迷东京股市大涨

And now it’s time to take a look at how the Asian stock markets wrapped up - not just the last trading day of the month, but 2023 as a whole....

现在我们来看看亚洲股市的收盘情况--不仅仅是本月最后一个交易日，而是整个 2023 年。

While the Chinese mainland markets ticked higher on their last day of trade for 2023; it was an upbeat end to a difficult year.

在 2023 年的最后一个交易日，中国内地股市走高，为艰难的一年画上了一个圆满的句号。

Both the major Shanghai and Shenzhen indices are ending the year below key psychological levels. The Shanghai Composite below 3,000 points, and the Shenzhen Component below 10 thousand. These are levels the markets have been fighting to maintain in the second half of the year, when China’s post-covid economic recovery started showing signs of being a long, drawn out process. The CSI 300, which tracks China’s blue chip stocks, was one of the worst performing global indexes this year, shedding【去除】11.4 percent over the course of 2023.

沪深两市的主要指数在年底都低于市场关键价。沪综指低于3000点，深成指低于万点。今年下半年，市场一直在努力维持这些水平，当时中国的后伏特经济复苏开始显现出漫长、拖沓的迹象。追踪中国蓝筹股的沪深 300 指数是今年全球表现最差的指数之一，在 2023 年期间下跌了 11.4%。

International investors have been hesitant to buy Chinese A-shares, with net buying on the stock connect links totalling only around 44 billion yuan -- or 6.2 billion US dollars. Sounds like a lot, but it’s the smallest annual inflow since 2015, dented【削弱】by heavy selling in the second half of the year.

国际投资者一直对购买中国A股犹豫不决，股票联通净买入总额只有约440亿元人民币，约合62亿美元。听起来很多，但这是自2015年以来最小的年度流入量，今年下半年的大量抛售削弱了这一流入量。

But that’s not to say there have been no winners among the traditional sectors and the new. Chinese oil giant PetroChina has seen the benefits as turmoil【混乱】in Ukraine and the Middle East pushed crude prices higher. Its stock ends 2023 up more than 40 percent.

但这并不是说传统行业和新兴行业中没有赢家。随着乌克兰和中东地区的动荡局势推动原油价格走高，中国石油行业巨头“中石油”也从中获益。该公司股票在 2023 年底的涨幅超过 40%。

It’s also been a year of tech tension between China and the United States, as Washington has sought to restrict China’s access to high end semiconductors -- particularly those that can be used to develop and train AI. That will leave Chinese chip makers to fill the void, and their stocks have been rising. Shares in China's biggest chip producer - SMIC - are up almost 30 percent this year.

今年也是中美科技关系紧张的一年，因为华盛顿方试图限制中国获得高端半导体，特别是那些可用于开发和训练人工智能的半导体。这使得中国芯片制造商填补空白，而它们的股票一路高涨。中国最大的芯片生产商“中芯国际”的股票今年上涨了近30%。

Hong Kong’s Hang Seng was the world’s worst performing stock index this year, and finished the last trading day flat. It’s followed a similar trajectory【轨道】to the Chinese Mainland markets, and it’s big-name tech listings have suffered due to persistently high inflation and interest rates around the world. Tech stocks and other so-called ‘growth stocks’ tend to be far more interest rate sensitive than traditional sectors ... and if you like low interest rates, this hasn’t been your year.

香港恒生指数是今年全球表现最差的股指，在最后一个交易日以持平收盘。恒生指数的走势与中国内地市场类似，由于全球通胀和利率居高不下，恒生指数中的大牌科技股也受到了影响。科技股和其他所谓的“成长股”对利率的敏感度往往远高于传统行业……如果你喜欢低利率，今年就不适合你。

If you were tracking the Nikkei 225 it definitely was your year. The Japanese markets put on a stellar performance in 2023 with the Nikkei 225 gaining 28.2 percent - its best year in a decade. We saw the index repeatedly hit 33 year highs, as Japan’s long-running problem of low inflation seemed to finally be conquered, and speculation rose about an end to the BOJ’s ultra-loose monetary policy. Japanese markets were also helped along by a fairly weak yen. Many Japanese listed firms make a fair amount of money outside of the country, and need to repatriate【把（资金）调回本国】 that income. If the yen is low, those yen-denominated profits look even better. And there were even some high-profile statements of confidence in Japanese business - most notably Warren Buffet's Berkshire Hathaway moving to increase its stake in Japanese firms.

如果你追踪的是日经225指数，那么今年绝对是你的好年份。2023 年，日本市场表现抢眼，日经 225 指数上涨了28.2%，是十年来涨幅最大的一年。随着日本长期存在的低通胀问题似乎终于得到解决，以及对日本央行结束超宽松货币政策的猜测升温，日经 225 指数屡创 33 年新高。日元相对疲软也对日本市场有所帮助。许多日本上市公司在国外赚取了相当多的钱，需要将这些收入汇回国内。如果日元走低，这些以日元计价的利润就会更好。甚至还出现了一些对日本企业充满信心的高调表态，其中最引人注目的是沃伦·巴菲特（Warren Buffet）的伯克希尔·哈撒韦公司（Berkshire Hathaway）开始增持日本公司的股份。

So it’s been a year with some very clear winners and losers. And Chinese and Hong Kong markets are certainly ripe for a rebound in 2024.

因此，这一年的赢家和输家都非常明显。2024 年，中国和香港市场反弹的时机无疑已经成熟。

#热词加油站

scheme/skiːm/【方案、布局】

illuminate/ɪˈluːmɪneɪt/【照亮】

shed/ʃed/【去除】

dent/dent/【削弱】

turmoil/ˈtɜːmɔɪl/【混乱】

trajectory/trəˈdʒektəri/【轨道】

repatriate/ˌriːˈpætrieɪt/【把（资金）调回本国】

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 12/27

1. WORLD'S LARGEST DEADWEIGHT MULTI-PURPOSE HEAVY-LIFT SHIP DELIVERED

世界最大载重吨多用途重吊船命名交付

2. NEW HIGH-SPEED RAILWAY PAVES WAY FOR SEAMLESS TOURISM IN EASTERN CHINA

杭州至南昌高铁全线贯通运营 串起世界级黄金旅游线

3. INDUSTRIAL PROFITS SURGE 29.5% IN NOV

11月规模以上工业企业实现利润同比增长29.5%

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

1. WORLD'S LARGEST DEADWEIGHT MULTI-PURPOSE HEAVY-LIFT SHIP DELIVERED

世界最大载重吨多用途重吊船命名交付

Chinese-Polish Joint Stock Shipping Company accepted delivery today of the world's largest deadweight【重负】multi-purpose heavy-lift ship. Yu An's maiden voyage will be along the Eurasian route. Sun Siqi has more.

中国-波兰联合航运公司今天交付了世界上载重量最大的多用途重吊船。“裕安”轮的首航将沿欧亚航线进行。记者孙思奇带来更多报道。

Yu An has a length of nearly 200 meters, molded beam of more than 32 meters, molded depth of 19.3 meters and a maximum draft of 13.5 meters. The vessel is equipped with 5 cargo holds, as well as 4 heavy lift cranes【起重机】.

“裕安”轮长近200米，型宽32.26米、型深19.3米，满载吃水13.5米。该船配有5个货舱和4台重吊。

It's the fifth multi-purpose heavy lift ship operated by Chinese-Polish Joint Stock Shipping Company. From 2021 to 2022, the other 4 were used to ship wind-power equipment, machines for a vaccine factory in Africa, and train engines.

这是中波联合航运公司运营的第五艘多用途重吊船。从2021年到2022年，其他4艘用于运输风力发电设备、非洲一家疫苗工厂的机器和火车发动机。

But Yu An has more cargo space and a heavier-lift capacity.

但“裕安”轮的载货空间更大，起重能力更强。

Zhu Dezhang, Party Secretary & General Manager

Chinese-Polish Joint Stock Shipping Company

朱德章 中波轮船股份公司党委书记、总经理

“The lifting weight of the vessel has been increased from 80 to 150 tons. It can also carry twice as much container weight.”

“原来这个我们从80吨的吊重##提高到150吨##我们的舱台的面积进一步扩大##特别是我们这个船底##我们也加大了强度##所以从多用途船角度来讲##这条船的集装箱载重量也会增加一倍”

After being delivered, it's first voyage will ship 16 pieces of wind-power equipment from Indonesia to Estonia.

交付后，它的第一个航程将是把16台风力发电设备从印度尼西亚运往爱沙尼亚。

2. NEW HIGH-SPEED RAILWAY PAVES WAY FOR SEAMLESS TOURISM IN EASTERN CHINA

杭州至南昌高铁全线贯通运营 串起世界级黄金旅游线

Full operations began today on a new high-speed railway connecting a series of popular tourist attractions.The 560 kilometer railway runs from Hangzhou to Nanchang and is now fully operational after the section connecting Huangshan黄山 City in Anhui Province and Nanchang南昌 City in Jiangxi Province opened. The Hangzhou-Huangshan section has a designed speed of 250 km per hour, while the Huangshan-Nanchang section boasts a designed speed of 350 km per hour. The railway route passes through a region featuring scenic lakes, mountains, ancient villages, tea plantation and areas known for making fine porcelain【瓷】.

在连接安徽省黄山市和江西省南昌市的黄山至南昌段开通后，这条全长560公里、连接杭州至南昌的新高速铁路已全面投入运营。杭州至黄山段的预计时速为250公里，黄山至南昌段的预计时速为350公里。铁路沿线经过的地区包括风景秀丽的湖泊、山脉、古村落、茶园和著名的瓷器产区。

3. INDUSTRIAL PROFITS SURGE 29.5% IN NOV

11月规模以上工业企业实现利润同比增长29.5%

Industrial profits soared in November due to a raft【大量】of stimulus measures in 2023, the National Bureau of Statistics reported today.

国家统计局今日发布报告称，由于2023年的一系列刺激措施，11月份工业利润大幅增长。

Profits of the country's major industrial firms with annual core business revenue of at least 20 million yuan increased 29.5 percent year-on-year in November. In the first 11 months of the year, the total profits of major industrial firms reached 6.98 trillion yuan, down 4.4 percent year on year, with the pace of decline narrowing from that in the first 10 months. The statistics bureau said more macro policies went into effect and gradually recovering domestic demand has contributed to the rebound in industrial production and improving industrial profits. It also said the central government will continue to prioritize stronger domestic demand and promote new industrialization to accelerate the recovery of the industrial economy.

在11月份，年核心业务收入不低于2000万元的全国重点工业企业利润同比增长29.5%。今年前11个月，主要工业企业实现利润总额6.98万亿元，同比下降4.4%，降幅比前10个月有所收窄。统计局称，更多的宏观政策开始实施，国内需求逐步恢复，促进了工业生产的回升和工业利润的改善。统计局还表示，中央政府将继续把扩大内需和推进新型工业化放在优先位置，以加快工业经济的复苏。

#热词加油站 

deadweight /ˌded'weɪt/【重负】

cranes /kreɪn/【起重机】

porcelain /ˈpɔːsəlɪn/【瓷】

raft /rɑːft/【大量】

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 12/26

1. CENTURY-OLD GUANGZHOU RAILWAY STATION REOPENS AFTER RENOVATIONS

百年历史的广州火车站翻修后重新开放

2. SHANGHAI TO OPEN MORE PUBLIC GREEN SPACES

上海将向公众开放更多绿地

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

CENTURY-OLD GUANGZHOU RAILWAY STATION REOPENS AFTER RENOVATIONS

百年历史的广州火车站翻修后重新开放

Guangzhou Baiyun Railway Station reopened this morning after being closed more than three years for renovations. It will serve as another transportation hub in the Guangdong-Hong Kong-Macao Greater Bay Area. Zhang Hong has more.

广州白云火车站在关闭三年多进行翻修后，于今天上午重新开放。它将成为广东-香港-澳门大湾区的另一个交通枢纽。请张泓带来更多咨询。

The first train departed from Guangzhou Baiyun Station at 8:35am today and arrived more than 2 hours later in Shantou City. The new station is an upgrade and expansion of Tangxi Station, which was built in 1916. The station has been redesigned to resemble a blooming kapok, the city flower of Guangzhou.

首班列车于今天上午8时35分从广州白云站开出，2个多小时后抵达汕头市。新站是建于1916年的棠溪站的升级扩建。车站经过重新设计，看起来像盛开的木棉花，广州的市花。

Voice of Liu Jun, Chief Engineer

Baiyun Station Project

Each steel beam weighs 90 tons. The longest one is 28 meters. We used building information modeling and 3D laser scanning technologies to install the steel structures precisely.

刘俊 中铁建工集团白云站项目总工程师

单个花瓣钢结构重量达90吨##最大悬挑长度有28米 弯曲度很高##我们通过运用BIM（建筑信息模型）技术##三维激光扫描技术等一系列##数字化建造技术的运用##成功实现这个花瓣钢结构的精准定位和吊装##

The 7-story railway station has a 40,000-square-meter waiting hall that can accommodate up to 15,000 people. With 24 inbound and outbound lines and 21 passenger platforms, the railway station will handle 18 passenger trains per day during its initial reopening stage. It will serve many major routes including the Beijing-Guangzhou high-speed railway, Beijing-Guangzhou railway, Guangzhou-Meizhou梅州-Shantou railway, and Guangzhou-Maoming railway. 

这座7层楼高的火车站有一个40000平方米的候车大厅，最多可容纳15000人。该火车站有24条进出站线路和21个客运站台，在重新开放初期，每天将处理18列客运列车。它将服务于许多主要路线，包括京广高铁、京广铁路、广州-梅州梅州-汕头铁路和广州茂名

铁路。

SHANGHAI TO OPEN MORE PUBLIC GREEN SPACES

上海将向公众开放更多绿地

A small garden area at 457 North Shaanxi Road is now open to the public after being closed several months for renovations. The green space also has some history to it as the office of the Shanghai Dictionary Publishing House was built here in 1928. It's now classified as an outstanding historical building. Reporter Zhang Yue finds out more.

陕西北路457号的一个小花园区在关闭数月进行翻修后，现已向公众开放。这片绿地也有一些历史，因为1928年上海辞书出版社的办公室就建在这里。它现在被列为上海优秀历史建筑。记者张乐了解更多。

Egyptian expat George has lived in Shanghai for seven years. He loves to take a walk with his family in this area on North Shaanxi Road. It was closed off to the public in the past, but now people are able to see old magnolias trees, plants, a pond, benches, and pergolas. 

埃及的乔治已经在上海生活了七年。他喜欢和家人在陕西北路的这个地区散步。它过去不对公众开放，但现在人们可以看到古老的木兰树、植物、池塘、长椅和凉棚。

George

Expat from Egypt

乔治，埃及人

I didn't expect it to happen this way and it's pretty well done like in the beginning when they started the construction. I didn't know it's going to be open for public and it's going to be done in pretty nice ways such as happening.

我没想到会这样，而且像刚开始施工时一样做得很好。我不知道它会对公众开放，而且会以非常好的方式进行，比如现在发生的这样。

The main building is a neoclassical style garden house designed by Hungarian architect László Hudec. The entire area covers 10,000 square meters, of which nearly a third is a garden.

主楼是一座新古典主义风格的花园住宅，由匈牙利建筑师LászlóHudec设计。整个区域占地10000平方米，其中近三分之一是花园。

I've seen a lot of improvements about that like you can see it in so many places. You can tell that there is a lot of hard work going into that to make it pretty well designed as well.

我已经看到了很多改进，就像你在很多地方看到的那样。你可以看出，要使它设计得很好，还需要付出很多艰苦的工作。

What makes George even happier is that he was named a Citizen Forest Chief. Jing'an District officials introduced the idea last year to encourage more residents to use their free time to participate in voluntary forest patrols and environmental protection activities in nearby parks and green spaces.

让乔治更高兴的是，他被任命为公民市民林长。静安区官员去年提出了这一想法，鼓励更多居民利用空闲时间参加附近公园和绿地的森林义务巡逻和环保活动。

Gong Mingjun, Deputy Director

Jing'an Landscaping & City Appearance Admin. Bureau

The 1,000 square-meter green space along the street is open to the public around the clock. The other 2,000 square meters inside can be adjusted to accommodate various demands. The garden will be available for fashion shows and art performances in the future.

宫明军 静安区绿化和市容管理局副局长

考虑到办公的需求 这个草坪将来还有一些文化演艺 或者走秀的使用功能外面一千平米左右的花园 是24小时全天候对外开放 整个面积三千（平方米） 里面两千（平方米）左右是可开可合的 兼顾各方需求。花园绿地在开放方式上采取分区开放模式，其中沿街的千平绿地花园将向市民全天候开放；艺术文化产业园区运营的花园绿地，按园区活动需求采取可开可闭的模式，既确保文化产业园区的特色，又实现了开放共享的社会价值。

Last year, 21 government and public institutions across Jing'an have piloted the opening and sharing of green spaces, with approximately 190,000 square meters of open green space and 9 pocket parks transformed. By the end of 2025, about 1 million square meters of space is expected to be converted into more than 35 pocket parks.

去年，静安21家政府和公共机构试点开放共享绿地，改造开放绿地约19万平方米，改造口袋公园9个。到2025年底，预计将有约100万平方米的空间改造成35个以上的袖珍公园。

#热词加油站

Expat 外派人员 [ˌeksˈpæt]

Institution 机构 [ˌɪnstɪˈtjuːʃn]

Patrol 巡逻 [pəˈtrəʊl]

Resemble 像 [rɪˈzembl]

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NEWS ON 12/25

1. GANSU MOURNS EARTHQUAKE VICTIMS

甘肃积石山举行地震遇难同胞悼念活动

2. MAINLAND SHARES CLOSE FLAT, WITH GAMING SHARES EXTENDING SLUMP  

内地股市收平，游戏板块延续跌势

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

1. GANSU MOURNS EARTHQUAKE VICTIMS

甘肃积石山举行地震遇难同胞悼念活动

The death toll from the earthquake that jolted parts of northwestern China on December 18th has risen to 117 in Gansu Province and 32 in Qinghai Province. Two people are still listed as missing as search and rescue work continued. A service for the victims was held this morning in Jishishan County, Gansu. According to the local housing and urban-rural development authority, 12,000 prefab【预制建筑】houses will be built by Wednesday. More than 3,500 had already been completed as of Saturday night. The quake destroyed almost 15,000 houses.

12月18日，中国西北部分地区发生地震，已造成甘肃省117人遇难，青海省32人遇难。今天上午，甘肃积石山县举行了遇难同胞悼念活动。据当地住房和城乡建设主管部门称，到本周三，将建成12,000套预制房屋。截至周六晚，已建成3500多套。地震摧毁了近15,000 所房屋。

2. MAINLAND SHARES CLOSE FLAT, WITH GAMING SHARES EXTENDING SLUMP  

内地股市收平，游戏板块延续跌势

Let's take a look at the performance of the Asian stock markets now. 

我们来看看亚洲股市今日的表现。

Things started well for the Chinese mainland markets today. The Shanghai Composite opened higher, but soon lost its early energy and spent most of the day in negative territory, but managed to close 0.14 percent higher. The Shenzhen Component was up 0.38 percent and the ChiNext board closed one-third of a percent higher.

今天，中国内地股市开局良好。上证综指高开，但很快就失去了早盘的活力，全天大部分时间处于下跌，不过收盘时还是上涨了0.14%。深成指上涨0.38%，创业板收盘上涨0.3%。

Online gaming shares extended losses from Friday as China's new rules to curb spending on video games dented sentiment despite regulators' latest efforts to soothe investor concerns. The weak sentiment towards the sector persisted despite a statement fromregulators【监管者】on Saturday that they would make improvements to the proposed rules after "earnestly studying" public views on them. China's CSI Anime Comic Game Index slumped 4.9%, extending a 10% tumble【暴跌】from the previous session. Shares in gaming companies like Giant Network Group and Kingnet Network were down the 10% daily limit. The proposed rules aim at curbing money and time spent on video games. Stocks in the media sector tumbled 2.6%, while defense shares gained 1.6%. 

网游股延续了上周五的跌势，因为尽管监管机构最近努力缓解投资者的担忧，但中国抑制视频游戏消费的新规定还是打击了市场情绪。尽管监管机构周六发表声明称，他们将在征求公众意见后对拟议规则进行改进，但市场对该行业的疲软情绪依然存在。中证动漫游戏指数下跌4.9%，延续了上一交易日10%的跌幅。巨人网络集团和恺英网络等游戏公司的股价跌幅超过了10%的日幅限制。拟议中的规则旨在限制在网游上消耗的金钱和时间。媒体股下跌2.6%，国防股上涨1.6%。

The Hong Kong market was closed for Christmas. In Japan, the Nikkei share average ended higher, underpinned【巩固】by prospects for U.S. rate cuts, although shipping company shares fell on expectations a resumption in Red Sea shipping would weigh on freight rates. The Nikkei 225 rose 0.26%, while the broader Topix inched up 0.04%. While the markets were mixed, the only obvious trend was the decline in shipping firms. The Japanese shipping shares index fell 6.51% on Monday and was the worst-performing sector among the Tokyo Stock Exchange's 33 industry sub-indexes. Kawasaki Kisen fell 8.6% to become the worst performer on the Nikkei. On the flipside, Fast Retailing rose 0.62%, giving the biggest boost to the Nikkei among individual shares. 

香港市场因圣诞节休市。在日本，日经平均指数收盘上涨，受美国降息前景支撑，不过航运公司股价下跌，因预期红海航运恢复将拖累运费。日经225指数上涨0.26%，东证指数上涨 0.04%。虽然市场涨跌不一，但唯一明显的趋势是航运公司的下跌。 日本航运股指数周一下跌6.51%，是东京证券交易所33个行业分指数中表现最差的板块。川崎汽船下跌8.6%，是日经指数中下跌最多的股票。相反，迅销公司则上涨了0.62%，在个股中对日经指数的提振作用最大。 

#热词加油站 

prefab /ˈpriːfæb/【预制建筑】

 regulators /ˈreɡjuleɪtə(r) /【监管者】

tumble /ˈtʌmbl/【暴跌】

underpinned /ˌʌndəˈpɪn/【巩固】

订阅我们，打卡每日精选英语新闻！

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NEWS ON 12/22

1.     JING’AN LOOKS TO TRANSFORM SUHEWAN A CULTURAL HUB

静安要把苏河湾改造成文化中心

2.     RELIEF SUPPLIES DELIVERED TO QUAKE ZONE IN N.W. CHINA

向中国西北地震灾区运送救援物资

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

JING’AN LOOKS TO TRANSFORM SUHEWAN A CULTURAL HUB

静安要把苏河湾改造成文化中心

Jing'an District said it is trying to create a new cultural center in Shanghai at Suhewan, a 4.2 square kilometer area near Suzhou Creek. Reporter Zhang Yue has more.

静安区表示，他们正试图在苏州河附近4.2平方公里的苏河湾创建一个新的文化中心。记者张乐带来报道。

At the newly opened TBCA Culture and Art Center on Qufu Road, Rafael Kao is displaying one of his latest creations, a three-meter tall painting made of silk and wool fabric. 

在曲阜路新开张的TBCA文化艺术中心，高健维在展出他的最新作品之一，一幅三米高的丝绸和羊毛织物画。

Raphael Kao

Artist

Chinese wood-carving techniques and ink painting was used, as well as some western painting techniques. Shanghai has gradually become the center of design and art in China, with the development of a permanent regional art center.

高健维 艺术家

结合中国木雕的手法，结合西方的绘画技巧，当然也有一些水墨技巧。上海已经慢慢成为中国的艺术和设计中心，汇聚了非常多的能量，打造区域生态是非常重要的，常态性的力量，艺术应该是丰富我们生活，渗透到日常，而不是一个短暂的展览就结束了。

The exhibition is called 'Invisible Form' and was organized by the center and Design Spring, a China based contemporary home decor design fair. Many of the exhibits are being displayed for the first time in China, after being presented at Paris Design Week in September.

该展览名为“看不见的形式”，由该中心和中国当代家居装饰设计博览会Design Spring组织。许多展品在9月的巴黎设计周上展出后，首次在中国展出。

The center will be used for media exhibitions, artistic content creation, and design planning.

该中心将用于媒体展览、艺术内容创作和设计规划。

Wang Ke, Deputy Director

Sino-French School, Central Academy of Fine Arts

A workshop will be set up here at the center for school filled trips for our students, who will make contributions to some urban planning projects, such as renovating old neighborhoods. They'll also have the chance to exhibit their artwork here. 

王可 中央美术学院（中法）艺术与设计管理学院副院长

我们会放一个空间设计研究工作坊，在这个空间，未来会在每周每个月派我们大量的学生，实地过来进行一些考察研究，不仅仅是对老的建筑线条进行一些数据的归纳，也会对一些新项目进行参与和提升。 空间需要更好的内容和专业的支持，我相信我们多方资源的联手，包括静安区政府的加持，这个平台未来会呈现高水准的专业空间展示。

There are 17 historical neighborhoods in the Suhewan area. Some of the heritage buildings have been refit and are now home to some high-end art institutions such as Sotheby's, Fotografiska and UCCA Edge. 

苏河湾地区有17个历史街区。一些遗产建筑已经翻新，现在是一些高端艺术机构的所在地，如苏富比、Fotografiska和UCCA Edge。

Huang Jiancheng, Professor

Central Academy of Fine Arts

The area around Suzhou Creek is ideal to develop the media and art industry. We will have regular activities and permanent exhibitions, which will help to cultivate younger artists. We are also planning to produce a reality show, focusing on urban renewal and rural revitalization.

黄建成 湖南电广文新文化有限公司董事长、中央美术学院二级教授

这一块的整个的氛围调性非常符合我们想做的艺术加传媒加产业这么一个体系，我们要致力于把艺术源头的创意和通过传媒的手段推广到社会服务社会的终端，艺术中心的常设展览和主题的展览的不断推出，致力于推动新乐艺术家，还有生活方式的艺术活动。同时设计中心还要与湖南广电打造"设计新生"的真人秀节目，这个节目就是推动新锐设计师和社会的品牌直接推动城市更新和乡村振兴。第三个我们将来还想打造亚洲潮流艺术节，会联动北京、上海、广州，包括湖南，来推动整个潮流艺术的一种生活方式。

Huang said a fashion design week will be held at the center, attracting artists from Beijing, Guangzhou, and Shanghai.

黄建成说，中心将举办时装设计周，吸引来自北京、广州和上海的艺术家。

RELIEF SUPPLIES DELIVERED TO QUAKE ZONE IN N.W. CHINA

向中国西北地震灾区运送救援物资

As of last night, the recent magnitude 6.2 earthquake in Gansu's Jishishan积石山 County has killed 113 people in Gansu and 22 in Qinghai, while another 12 people were still listed is missing. Sun Siqi has more.

截至昨晚，甘肃积石山最近发生6.2级地震积石山该县已造成甘肃113人死亡，青海22人死亡，另有12人失踪。孙思奇带来更多报道。

Gansu authorities said their focus has shifted to treating injuries, relocating residents and clearing debris and rubble. And for water and electricity, 5 villages in Jishishan have had the services restored. The expressways, side roads and rural highways have generally resumed operation. Several lanes have been closed to traffic on some of Qinghai's expressways to allow for disaster relief to get into the quake zone.

甘肃省有关部门表示，他们的工作重点已转移到救治伤员、安置居民和清理废墟上。在水电方面，积石山的5个村庄已经恢复了供水和供电。高速公路、支路和农村公路已基本恢复运营。青海的一些高速公路已经关闭了几条车道，以便救灾人员进入灾区。

Ma Jianguo, Traffic Police 

Gansu Linxia Public Security Bureau

We have assembled all the police force on the road, for the quake relief materials to arrive smoothly.

马建国 甘肃省临夏州公安局交警支队高速公路大队副大队长

调集所有的能够调集的一些警力##全部上路执勤##保通保畅##保障社会救援力量顺利到达##

To prevent the possible occurrence of secondary disasters, a comprehensive inspection of the houses in Jishishan's 12 townships in is also underway and it is expected to be completed before the end of the week.

为了防止可能发生的次生灾害，对积石山12个乡镇的房屋进行的全面检查也在进行中，预计本周末前完成。

Relief materials from are currently being delivered to the quake-hit areas. Local authorities have also issued a subsistence allowance for families affected by the disaster.

目前正在向地震灾区运送来自的救援物资。地方当局还为受灾家庭发放了生活津贴。

So far, a total of 784 people were reported as injured in Gansu, the hospitals in the province have been busy treating these victims. 19 medical relief sites and 1 mobile hospital have been set up in Jinshishan. 21 mobile medical teams have also been dispatched, along with more than 100,000 basic medical kits that contain cold and flu medicine, as well as supplies for the treatment of minor wounds.

到目前为止，甘肃共有784人受伤，该省的医院一直在忙于治疗这些受害者。在金石山设立了19个医疗救助点和1个流动医院。还派遣了21个流动医疗队，以及10多万个基本医疗包，其中包括感冒和流感药物，以及治疗轻伤的用品。

Hundreds of aftershocks have been registered in the Jinshishan area since Monday night's magnitude 6.2 quake, the strongest aftershock so far, a magnitude 4.1, occurred at 4AM today.

自从星期一晚上的6.2级地震以来，金石山地区已经记录了数百次余震。今天凌晨4点发生了迄今为止最强的4.1级余震。

#热词加油站

Allowance  [əˈlaʊəns]  津贴

Expressway  [ɪkˈspresweɪ]  高速公路

Contemporary  [kənˈtemprəri]  属同时期的

Renovate  [ˈrenəveɪt]  修复

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 12/15

MARKET EXPECTS MORE ECONOMIC STIMULUS

市场期待更激进的GDP增长目标

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

MARKET EXPECTS MORE ECONOMIC STIMULUS

市场期待更激进的GDP增长目标

The recently-concluded Central EconomicWork Conference also noted that China's economy has achieved a recovery, withsolid progress made in high-quality development in 2023. Our reporters havespoken to 5 economists from leading financial institutions to get their take onthe conference and the signals it's sent. In today's interview, our reporterZhang Shixuan spoke to Wang Dan, the Chief Economist at Hang Seng Bank China.

最近结束的中央经济工作会议也提到，中国经济正在复苏，2023年高质量发展扎实推进。我们的记者采访了来自5家领头金融机构的经济学家，谈一谈他们对会议所传达的信号的解读。在今天的采访中，本报记者张诗旋采访了恒生银行（中国）首席经济学家王丹。

What signal have you received from the justconcluded Central Economic Work Conference? Is stimulus going to be effectivein getting back the country's economic momentum?

刚刚结束的中央经济工作会议，你收到了什么信号？刺激计划能有效地恢复国家的经济势头吗？

The previous meetings, including the politburo meeting has sent out a signal that the government will implement biggerstimulus in 2024 than the past two years. This is quite necessary for many ofthe domestic producers. They're trying to find new markets, not just domesticmarkets, but also overseas market. Their production capacity has exceeded whatChinese mainland market can absorb. So there is a need to find new projects,new market to basically use up their production capacity.

包括政治局会议在内的前几次会议发出了一个信号，即政府将在2024年实施比过去两年更大的刺激措施。这对许多国内生产商来说是非常必要的。他们正在努力寻找新市场，不仅是国内市场，还有海外市场。他们的生产能力已经超过了中国大陆市场的消化能力。所以有必要找到新的项目，新的市场来消化他们的产能。

How important is this year's CentralEconomic Work Conference, given the headwinds faced by the Chineseeconomy at the moment?

考虑到目前中国经济面临的不利因素，今年的中央经济工作会议有多重要？

We're looking to the new GDP target in theCentral Work Economic Conference. It will be quite essential for businesscommunity to make their plan for the next year. Because this year, theinvestment mood is quite tamed. But next year, many people expect a turnaround.The biggest problem for Chinese economy is still a lack of confidence. It's notjust for consumers, but also investors. And that means for the GDP target in2024, it has to be a little bit more ambitious than just based on fundamentals.So we're expecting more government-led projects, especially in the new energyindustry, supply chain and water projects in central and western China, cityrenovation projects. So a lot of the fiscal expansion has to take place. Andfor domestic consumers, they're expecting faster income growth and that dependson the job market security. In order to achieve that, we also need thegovernment to take a more relaxed stance in both monetary policy and fiscalpolicy. So the Central Economic Work Conference is the foundation for business communityand also it can significantly improve the market sentiment.

我们关注中央工作经济工作会议提出新的GDP目标。对于商界来说，制定明年的计划是非常重要的。因为今年，投资情绪相当温和。但明年，许多人预计情况会好转。中国经济面临的最大问题仍然是缺乏信心。这不仅适用于消费者，也适用于投资者。这意味着，对于2024年的GDP目标来说，它必须比仅仅基于基本面的目标更雄心勃勃。因此，我们预计会有更多政府主导的项目，特别是在中国中西部的新能源产业、供应链和水利项目、城市改造项目方面。所以必须进行大量的财政扩张。对于国内消费者来说，他们预计收入增长会更快，这取决于就业市场的安全性。为了实现这一目标，我们还需要政府在货币政策和财政政策方面采取更加宽松的立场。因此，中央经济工作会议是企业界的基础，也可以显著改善市场情绪。

How do you view the economic situation thisyear in China?

你如何看待今年中国的经济形势？

2023 is indeed a year of deep adjustment.And we have seen this real turnaround for consumer market because last year thebase was too low. So just by a natural rebounding consumer market, we have seena 7% to 8% of growth in retail market for most Chinese cities. And when we lookat the GDP growth for different sectors, it is quite uplifting. But there is agap between the macro data and micro perception. The main reason for that isthis year's growth was still mostly driven by government projects and that ismostly turned into stock building, capital formation as well as manufacturinginvestment. Those things don't necessarily turn into people's income and that'swhy on the micro level, a lot of individuals feel that their wage hasn't grownas fast as before. I would say this year the official target will be metwithout a doubt on the 5% GDP target. There's no doubt we can achieve that. Butin the months to come, there has to be more targeted measures trying to improvethe quality of life and that includes income growth as well as job security.

2023年确实是深度调整的一年。我们已经看到了消费市场的真正转变，因为去年的基数太低了。因此，仅凭消费市场的自然反弹，我们就可以看到中国大多数城市的零售市场增长了7%至8%。当我们看到其它产业的GDP增长时，这是非常令人振奋的。但宏观数据和微观感知之间存在差距。主要原因是今年的增长仍然主要由政府项目推动，而这些项目大多转化为建设存量、资本形成和制造业投资。这些东西不一定会转化为人们的收入，这就是为什么在微观层面上，很多人觉得他们的工资没有以前增长得那么快。我想说，今年的官方设定的5%的GDP目标毫无疑问将实现。但在未来几个月里，必须采取更有针对性的措施，努力提高生活质量，其中包括收入增长和工作保障。

#热词加油站

Politburo  [ˈpɒlɪtbjʊərəʊ]  政治局

Adjustment  [əˈdʒʌstmənt]  调整

Fundamental  [ˌfʌndəˈmentl]  基本的

Headwind  [ˈhedwɪnd]  逆风

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 12/20

ECONOMIST PREDICTS STIMULUS MEASURES IN 2024

更多重点领域激励政策有望出台

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

ECONOMIST PREDICTS STIMULUS MEASURES IN 2024

更多重点领域激励政策有望出台

Expectations are high for China's economic recovery to continue in 2024. Our reporter Timothy Pope spoke to Zhou Hao, Chief Economist of Guotai Juan International, to find out his take on the country's economic growth and what we can expect next year.

人们高度期待中国经济在2024年继续复苏。本台记者Timothy Pope采访了国泰君安国际的首席经济学家周浩，分享对中国明年经济增长的看法以及我们能期待哪些。

Zhou Hao, thanks for making the time to talk to us today. 

周浩，感谢你今天抽空接受我们的采访。

Hi. 

你好。

How important is the Central Economic Work Conference this year, given the headwinds【逆风】that are currently facing the Chinese economy?

鉴于中国经济目前面临的不利因素，今年的中央经济工作会议有多重要？

Well, I think it's very clear that the market has been expecting a kind of very big stimulus package from China for long. And also, in the meantime, we have seen that the property market has been slowing down. Overall speaking, the economy has been somehow a bit kind of battling or even kind of struggling with this kind of headwinds. The Central Economic Work Conference is definitely one of the most important policy meetings in China, and it will set the policy agenda and terms for next year. From this kind of perspective, the market definitely wants to know more and gets more insights about the policy framework for the coming year.

我认为很明显的一点是市场长期以来一直在期待中国出台非常大的经济刺激计划。同时，我们也看到房地产市场已经放缓。总体而言，经济在某种程度上一直在与这种不利因素作斗争。中央经济工作会议无疑是中国最重要的政策会议之一，它将确定明年的政策议程和条款。从这个角度来看，市场肯定希望对来年的政策框架有更多的了解和认识。

There have been some pretty clear signals that the Chinese government is not gonna turn on the fiscal【财政】fire hose next year and really pump money into the economy. But might we see some more targeted measures, perhaps special bonds, for example, similar to those that we saw issued back in 2020?

已经有一些非常明确的信号表明，中国政府明年不会打开财政“水龙头”，真正地向经济注入资金。但是，我们是否会看到一些更有针对性的措施，比如2020年发行的特别国债？

We have to acknowledge that the overall policy stimulus will be still kind of targeted, or even moderated in the next few quarters. But the targeted policy also means that the sectors that will be supported by the physical policy will get more kind of support or boost from the policy and also all kind of get more kind of attention from the investors.

我们必须承认，未来几个季度的整体政策刺激仍将是有针对性和适度的。但有针对性的政策也意味着，受实体政策支持的行业将从政策中获得更多的支持或推动，同时也会得到投资者更多的关注。

So I think for China, there are two different kinds of perspectives when we look at the policy support for next year. One is that the government will continue to provide support to boost the potential or kind of productivity. And in the meantime, the government will provide support to improve the people's livelihood【生计】.

因此，对中国而言，明年的政策支持有两种不同的角度。一是政府将继续提供支持，以提高生产潜力或生产率。与此同时，政府还将为改善民生提供支持。

What do you expect from the Chinese economy in 2024? What's your outlook?

您对2024年中国经济有何预期？前景如何？

Overall speaking, if you look at the growth projection for 2024, basically we're looking around like 5%. This is there's no little doubt that China was to deliver a decent growth for next year. But on the other hand, first half of the year, we're still have to be kind of patient to see the economic momentum sentiment【情绪】and also the confidence to gradually build up. I think the hope will be that the overall economic kind of a growth will be consolidated in the first half of next year. And for the second half of next year, overall speaking, the risk will be can somehow contained, especially in both the property sector and also the local government debt related staff. And basically, that will pave ways for good kind of returns in both the bond market as well as the stock market for next year. And first half of the year, we're looking at so called the risk management. And for the second half of the year, I think there will be kind of a good returns or decent returns from a specific sector as well.

总的来说，关于2024年的增长预测，我们的基本预期是5%左右。毫无疑问，中国明年会有不错的增长。但另一方面，明年上半年，我们仍需耐心等待经济势头和信心的逐步增强。我认为，整体经济增长的希望能在明年上半年得到巩固。明年下半年，总体而言，风险将在某种程度上得到控制，尤其是在房地产行业和地方政府债务相关方面。基本上，这将为明年债券市场和股票市场的良好回报铺平道路。明年上半年，我们将关注所谓的风险管理。至于下半年，我认为某些行业也会有不错的回报。

So there's going to be a lot to watch in 2024. Thanks for sharing your insights, Zhouhao.

所以，2024年将有很多事情值得关注。感谢您分享的见解，周浩。

Thank you very much.

非常感谢。

#热词加油站 

headwinds /ˈhedwɪnd/【逆风】

fiscal /ˈfɪskl/【财政】

livelihood /ˈlaɪvlihʊd/【生计】

sentiment /ˈsentɪmənt/【情绪】

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NEWS ON 12/19

1. CHINA CAN SURMOUNT THE

CURRENT ECONOMIC CHALLENGES

中国经济内外部可控

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

CHINA CAN SURMOUNT THE

CURRENT ECONOMIC CHALLENGES

中国经济内外部可控

After a bumpy 2023, there are high expectations for China's economic recovery in 2024. In the wake of the agenda-setting Central Economic Work Conference, our reporter Timothy Pope sat down with Bruce Pang, Chief Economist at the global real estate services company JLL Greater China, to get his take on how the country's challenges can be met.

中国经济经历了持续承压的2023后，人们对2024年中国经济复苏寄予厚望。在定基调的中央经济工作会议之后，我们的记者Timothy Pope与全球知名房地产咨询机构仲量联行大中华区首席经济学家庞溟交谈，了解中国如何应对挑战。

How important is this year's Central Economic Work Conference in really setting the tone for 2024?

今年的中央经济工作会议在为2024年定下基调方面有多重要？

Yes, in term of the external environment, actually a recent data shows the potential risk of slowdown in global economy as well as in many macro economies. The softening external demand actually isn't completely favorable has posed challenges for China's growth momentum and is worthy to be addressed and responded to in the top-level meeting. And domestic wise, the market expected some progress policies to complement and bear fruits, which have not yet been effectively translated into near term growth due to the constrained policy transmission and business confidence. 

是的，就外部环境而言，实际上最近的数据显示了全球经济以及许多宏观经济体放缓的潜在风险。外部需求的疲软实际上并不完全有利，这对中国的增长势头构成了挑战，值得在高层会议上加以解决和回应。就国内而言，市场预计一些鼓励政策将相辅相成并取得成果，但由于政策传导和商业信心受到限制，这些政策尚未在短期内有效转化为增长。

And economy’s indeed facing some structural issues together with local governments’ debt risk, distress in the housing market, etc. So a fairly supportive measures have proven mostly beneficial, raising some pressures on authorities to roll out more stimulus. My opinion is that work conference reaffirms the importance and lays a concrete foundations of stabilizing the expectations and setting up confidence.

经济确实面临着一些结构性问题，以及地方政府的债务风险、房地产市场的困境等。因此，政府主导刺激措施大多数被证明是有益的，市场期待政府能推出更多刺激措施。我的看法是，工作会议重申了这一重要性，并为稳定预期和奠定信心奠定了基础。

You talked about effective transmission of policy. How much new policy and how much new stimulus is the economy going to need?

你谈到了政策的有效传递。中国经济需要多少新政策和新刺激？

First, there will be supportive measures at all front and pragmatic strategies to revive recovery and to reengine grows for China together with solid progress in high quality development. The second step, the policymakers pledge to boost domestic demands and store the business confidence to take steps to reorient the economy towards household consumptions and market oriented allocation of resources. And the third one is that the central governments not only recognize the achievement and momentum of China's economy, also identify some specific issues and a few factors and challenges to tackle.

首先，政府需要在各个方面采取支持措施，制定务实战略，重振复苏，同时在高质量发展方面取得坚实进展。第二步，政策制定者承诺提高国内需求，并储备商业信心，以采取措施将经济动力转向家庭消费和市场导向的资源配置。第三，中央政府不仅认识到中国经济的成就和势头，还确定了一些具体方面以及一些需要解决的因素和挑战。

The property sector is obviously a major area of concern and has been for a while. What can be done there both to promote the sector as a whole, but also just to bring home buyers back to the market. Is this an issue of confidence, one of affordability or is it a combination of factors?

房地产行业显然是人们关注的一个主要领域，而且已经有一段时间了。对于房地产领域可以做些什么，既能促进整个行业的发展，又能让购房者重返市场。这是信心问题、负担能力问题还是多种因素的结合？

I think the top priority would be to break to potential virtuous cycle in and downward cycle. And some argue that ensuring the delivery of residential buildings is one of top priorities but I don't agree because it's not only priority. The language of housing for the central economical conference was a little change from previous statements. So the key would be to better implementations, executions of existing policies for the property sector to break the potential virtuous cycle, not introducing the new remedies.

我认为当务之急是促进房地产业良性循环。一些人认为，确保住宅楼的交付是首要任务之一，但我不同意，因为这不是唯一的优先事项。中央经济会议的住房措辞与之前的声明略有不同。因此，关键是更好地实施和执行房地产行业的现有政策，以促进良性循环，而不是引入新的补救措施。

And what's your outlook for the Chinese economy in 2024? 

你对2024年中国经济的展望是什么？

There will be two major growth drivers for 2024. First will be making good use of policy room. And second will be a synergy between consumption and investment as mentioned by the Work Conference so that there will be better collaborations and strong synergy across different policies include physical monetary size, technology, industrial policies, etc. Among others, the strengthen innovations and coordinations policy tools could also be seen which are positive stabilize expectation sentiment to promote to transition of growth model and structural adjustments. And demand, especially as a domestic demand is the key. So consumption and investments two wings of China's growth. And I think the virtuous cycle, the positive effect from both investments and consumptions, could also be a very important catalyst to further boost China's growth and development next year.

2024年将有两大增长动力。首先是充分利用政策空间。第二，正如工作会议所提到的，消费和投资之间的协同作用，从而使不同政策（包括实物货币规模、技术、产业政策等）之间有更好的合作和强大的协同作用，强化创新与协调政策工具对稳定预期情绪，促进增长模式转型和结构调整也有积极作用。而需求，尤其是国内需求是关键。因此，消费和投资是中国经济增长的两翼。我认为，这种良性循环，即投资和消费的积极影响，也可能是明年进一步推动中国增长和发展的一个非常重要的催化剂。

Fascinating insights! Bruce Pang, thank you so much for joining us. Thank you.

引人入胜的见解！庞溟，非常感谢你的加入。谢谢你。

#热词加油站

Coordinations [kəʊˌɔːdɪˈneɪʃn]协调

Monetary [ˈmʌnɪtri]货币的

Residential [ˌrezɪˈdenʃl]住宅的

Momentum [məˈmentəm]势头

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NEWS ON 12/18

CHINA’S ECONOMIC RECOVERY RELIES ON INNOVATION

科技创新正成为中国经济增长新引擎

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

CHINA’S ECONOMIC RECOVERY RELIES ON INNOVATION

科技创新正成为中国经济增长新引擎

Zhang Shixuan Reporter

张诗旋 记者

The Central Economic Work Conference had a couple of highlights. One of them is a new term in Chinese we call it “xianlihoupo”, which literally means we fix it and then break it. How do you interpret these new terms?

中央经济工作会议有几个亮点。其中有个新词是“先立后破”，字面意思是先打破旧有的固定模式，才能创造出新的。您如何理解这些新词？

Hong Hao chief economist of GROW Investment Group

洪灏 思睿集团首席经济学家

It is a new term. Normally in Chinese we say we break it first and then fix it, right? So we break the existing model first and then we'll fix it and re-jig it. This time around, we're talking about steady the shift first and then develop. So I think stability is the key. I think the management is trying to keep a stable, steady domestic environment for the economic re-engineering processing.

这是一个新词。在中文里，我们通常说先破后立，对吧？先打破现有的模式，再重新调整它。这次，我们说的是先稳后变，再发展。所以稳定是关键。管理层正在努力为国内经济再造过程保持一个稳定、平稳的环境。

Zhang Shixuan Reporter

张诗旋 记者

How important is this year’s Central Economic Work Conference? Have you seen any progress made from the conference?

您认为今年的中央经济工作会议有多重要？会议取得了哪些进展？

Hong Hao chief economist of GROW Investment Group

洪灏 思睿集团首席经济学家

This year, we’ve seen new messages coming out of this meeting. For example, we're gonna use a new technology development to develop new types of productivity and to propel【推进】 economic growth going forward. And back then, I think last year, for example, we're emphasizing on boosting domestic demand to help the economy to recover. But I think going forward, that is still important because that is also being discussed in the conferences as well. But the role of technologically development is becoming increasingly more important. And I think it's the first time that we're putting science and technology development in the center of economic growth model going forward.

我们从今年这次会议中看到了新的信息。比如说，我们要利用新技术来发展新型生产力，推动经济向前发展。而去年，比如说，我们强调要促进内需，帮助经济复苏。在未来，这一点仍然很重要，因为会议上也讨论了这个问题。不过技术发展的作用正变得越来越重要。我认为这是我们第一次把科技发展放在未来经济增长模式的中心位置。

Zhang Shixuan Reporter

张诗旋 记者

What do you think is the dominant trend for the overall economic growth in China this year? 

您认为今年中国整体经济增长的主要趋势是什么？

Hong Hao chief economist of GROW Investment Group

洪灏 思睿集团首席经济学家

The Chinese economy is going into a new phase, is trying to switch away from growth model that is driven by property investment growth and going into a high tech manufacturing driven growth. Property sector is important, but it shouldn't be one and only sector that matters to the Chinese economy. And also in a new environment where rivalry【竞争】between countries assign the heating up in terms of who gets to take the lead or even dominate the tech sector. That is probably the crucial success, the crucial battle that China has to (face).

中国经济正进入一个新阶段，试图从以房地产投资增长为驱动力的增长模式转向以高科技制造业为驱动力的增长模式。房地产业固然重要，但它不应是中国经济的唯一支柱产业。同时，在新的环境下，国家之间的竞争日趋白热化，谁能在科技领域占据领先甚至是主导地位，这可能是中国必须（面对）的成功关键和关键挑战。

Obviously this year, we've seen some initial attempts and end results already. The GDP coming from the property sector in terms of percentage has decreased substantially. But at the same time, investment in other areas and also some new and emerging industries are developing substantially faster than the traditional industries. I would say that this year people are starting see and feel the change of the development model. I'm just hoping that going forward, more and more people come around to this camp and see property as part of the necessary that the consumer discretionary【自由决定的】sector that is helping consumption while the investment that used to be set assign invested in the property center and it will be being used to develop the high tech sector in the manufacturing sector of the Chinese economy.

今年我们已经明显看到了一些初步尝试和结果。房地产行业的GDP占比大幅下降。但与此同时，其他领域的投资以及一些新兴产业的发展速度大大快于传统产业。今年人们开始看到并感受到发展模式的变化。希望在未来，越来越多的人能够加入，把房地产看成是帮助消费的可支配消费领域的必要组成部分，而过去分配给房地产中心的投资，将被用来发展中国经济制造业中的高科技领域。

Zhang Shixuan Reporter

张诗旋 记者

Well, this trend, which you refer to as a restructuring process continue in the year to come? Will be able to see some effects from the change?

您所说的这种重组趋势在来年是否会继续？这种变化是否会产生某些影响？

Hong Hao chief economist of GROW Investment Group

洪灏 思睿集团首席经济学家

As time goes by, you're seeing the embryo of the new development structure clearer and clearer, while the old development model is sort of receding into the background. Nothing that is probably more likely that we're gonna see an experience in the next couple of years. And China is developing a very substantial comparative advantage relative to the other nations, for example, the EV sectors. I think China now is the largest EV exporter of the world, etc. So things are gradually changing. It's an emerging process that we need to manage well. But obviously we're feeling more and more palpable【明显的】. The change is coming our way. 

随着时间的推移，你会看到新发展结构的雏形越来越清晰，而旧的发展模式则逐渐隐退。在未来几年里，我们更有可能看到这样的情况。与其他国家相比，中国正在形成非常大的优势，例如在电动汽车领域。中国现在是世界上最大的电动汽车出口国，等等。因此，情况正在逐渐发生变化。这是一个新兴的过程，我们需要好好把握。我们的感觉越来越明显，变化正在向我们走来。

Now we're at about 300% to GDP-debt leverage ratio and that has to be change. I think this year we're probably gonna see for example, restructuring of local government debt, also more assistance for real estate developers who may have short term cash flow problems. There are many things to do but one has to keep in mind that solving the real estate challenge and also solving the local government bond issues, it's a long term issue. We probably took more than a decade to get to where we're now, and probably take at least a couple of years to clean it up.

现在，我们的债务杠杆率约为国内生产总值的300%，这必须改变。今年我们可能会看到地方政府债务的重组，以及对可能有短期现金流问题的房地产开发商的更多援助。要做的事情有很多，但我们必须牢记，解决房地产挑战和解决地方政府债券问题是一个长期问题。我们花了十多年的时间才走到今天这一步，可能至少还需要几年的时间来收拾残局。

#热词加油站

propel /prəˈpel/【推进】

rivalry /ˈraɪvlri/【竞争】

discretionary /dɪˈskreʃənəri/【自由决定的】

palpable /ˈpælpəbl/【明显的】

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NEWS ON 12/15

FITCHRATINGSRAISEDCHINA 2023 GROWTHFORECASTTO 5.3%

惠誉上调2023年中国经济增速预期至5.3%

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

FITCHRATINGSRAISEDCHINA 2023 GROWTHFORECASTTO 5.3%

惠誉上调2023年中国经济增速预期至5.3%

Fitch Ratings last Friday raised its 2023 economic growth forecast for China by 0.5 percentage points to 5.3%. Our reporter Zhang Shixuan spoke to Jeremy Zook, Director of Asia-Pacific Sovereign Ratings at Fitch Ratings to learnmore about his take on economic health in China.

国际知名评级公司惠誉上周五将2023年中国经济增长预测上调0.5个百分点至5.3%。本台记者张诗旋采访了惠誉评级亚太区主权评级董事杰瑞米·祖克（Jeremy Zook），了解他对中国经济状况的看法。

Zhang Shixuan, reporter

张诗旋 本台记者

The Central Economic Work Conference has assessed this year’s achievements and set a tone for economic development for next year. Which statements from the conference may have a big impact on growth in 2024?

中央经济工作会议总结了今年的成就，为明年的经济发展奠定了基调。会议的哪些声明可能会对2024年的经济增长产生重大影响？

Jeremy Zook, Director of Asia-Pacific Sovereign Ratings, Fitch Ratings

杰瑞米·祖克 惠誉评级亚太区主权评级董事

The statement from the conference about using progress to promote stability, we think implies that some of these efforts that the government has made so far this year will be stepped up into next year. So, on the monetary policy side, we think that this kind of signals that there will be a bit more in the way of modest monetary policy easing. But I think the more interesting takeaway is on the fiscal【财政的】side, where the discussion of proactive【积极主动的】fiscal policy being intensified. But I think in terms of the overall message, it’s still not one of a large degree of stimulus. It’s more about keeping growth stable and by sort of managing some of the downside risks in the economy rather than giving a major boost to the growth outlook.

我们认为，会议关于“以进促稳”的声明意味着，政府今年迄今所做的一些努力将在明年得到加强。因此，在货币政策方面，我们认为这是一种信号，表明将有更多适度宽松的货币政策。但我认为更有趣的是财政方面，关于积极财政政策的讨论正在加强。但我认为，就总体信息而言，这仍然不是一个大规模的刺激政策。它更多地是为了保持经济增长的稳定，并通过管理经济中的一些下行风险，而不是对经济增长前景进行大幅提振。

Zhang Shixuan, reporter

张诗旋 本台记者

What’s your take on the economic situation this year in China?

您如何看待今年中国的经济形势？

Jeremy Zook, Director of Asia-Pacific Sovereign Ratings, Fitch Ratings

杰瑞米·祖克 惠誉评级亚太区主权评级董事

In terms of our outlook for this year, we actually just revised【修改】up on Friday our growth forecast for 2023 from 4.8% to 5.3%. So, I think, what is influencing this upward revision and growth is that the third quarter came out a bit more stable and a bit stronger than what we had and anticipated.

关于今年的展望，实际上我们刚刚在周五将2023年的增长预测从4.8%上调至5.3%。因此，我认为，影响此次上调和增长的原因是，第三季度的情况比我们的预期更稳定、更强劲一些。

In comparison, though, China’s economy is still growing at a relatively strong pace compared to the rest of the world, but emerging markets this year have come under a bit of pressure as well, and advanced economies have also seen quite a lot of economic challenges given higher interest and rising interest rates.

相比之下，中国经济的增长速度与世界其他国家相比仍然相对强劲，但新兴市场今年也面临着一些压力，而发达经济体由于较高且不断上升的利率，也面临着不少经济挑战。

It’s very clear that the government wants to move the driver of growth away from the property sector to what it views as a more sustainable model, relying on new manufacturing sector, such as electric vehicles, batteries, renewable energy, as well as more reliance on consumption growth rather than in investment.

很明显，政府希望把经济增长的驱动力从房地产行业转移到它认为更可持续的模式上，依靠新的制造业，如电动汽车、电池、可再生能源，以及更多地依靠消费拉动经济增长而不是投资。

Zhang Shixuan, reporter

张诗旋 本台记者

You mentioned that a country is now shifting its driving force for economic growth from property sector while also battling other headwinds【逆风】. Do you think now is the right time to make the transition? And what happens if we don’t do it?

您提到，中国目前正在将经济增长的驱动力从房地产行业转向其他行业，同时也在与其他不利因素作斗争。您认为现在是转型的合适时机吗？如果不转型会发生什么？

Jeremy Zook, Director of Asia-Pacific Sovereign Ratings, Fitch Ratings

杰瑞米·祖克 惠誉评级亚太区主权评级董事

This is certainly a policy priority. And we did see quite a lot of imbalances built up in the property sector. There were questions about how sort of sustainable and desirable such credit driven growth where for the Chinese economy. So certainly, reducing the risk coming from property itself, it does help to promote stability. But the question is managing this transition between the property sector driven growth and this new growth model. How does the government sort of manage that? And I think that’s the challenge that we’re facing, that China is facing right now.

这当然是政策重点。我们确实看到房地产行业出现了很多失衡现象。有人质疑这种信贷驱动的增长对中国经济的可持续性和可取性。因此，降低来自房地产本身的风险，确实有助于促进稳定。但问题是如何管理房地产行业驱动的增长与这种新增长模式之间的过渡。政府该如何管理？我认为这是我们面临的挑战，也是中国目前面临的挑战。

We do think that a lot of the trends that we saw in 2023 will continue. So we see a bit more downside in the property sector, especially in the first half of the year. On the external demand front, we do see a bit of recovery in exports for next year, although we think it will be only a very gradual recovery because growth in advanced economies and the global growth just is a bit weaker in our forecast going into 2024. And this is where the degree of policy support will come into play, we do think and underlying our forecasts is an assumption that the government will utilize again, monetary policy and more significantly fiscal policy to help support more stable growth next year.

我们确实认为，在 2023 年看到的许多趋势将继续下去。因此，我们认为房地产行业的下行空间会更大一些，尤其是在明年上半年。在外部需求方面，我们认为明年的出口会有所复苏，尽管我们认为这只是一个非常平缓的复苏，因为在我们的预测中，发达经济体和全球经济增长在2024年会略显疲软。这就是政策支持的作用所在，我们确实认为，我们预测的基础是政府将再次利用货币政策和更重要的财政政策来帮助支持明年更稳定的增长。

#热词加油站

fiscal/ˈfɪsk(ə)l/【财政的】

proactive/ˌprəʊˈæktɪv/【积极主动的】

revise/rɪˈvaɪz/【修改】

headwind/ˈhedwɪnd/【逆风】

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