親愛的觀眾朋友大家好，今天是2016年2月27日，星期六，歡迎大家收聽今天的財經早餐。
Hello, ladies and gentlemen! Today is Saturday February 27th, 2016. Welcome to today's Femorning.
1、央行行長周小川在G20財長和央行行長會議上發表講話稱，中國經濟已進入新常態，經濟結構和質量正在改善；中國經濟能夠保持中高速增長，貨幣政策仍有空間以及工具；經濟仍然強勁，人民幣不存在進一步貶值的基礎。
The Central bank governor Zhou Xiaochuan made a speech in the G20 finance ministers and central bank governors meeting, saying that the Chinese economy has entered a new normal, economic structure and the quality is improving; the Chinese economy will maintain a high growth. There is still room and tools for monetary policy; the economy remains strong, the basis for a further devaluation of RMB does not exist.
2、央行表示，當前央行的貨幣政策處於穩健略偏寬鬆的狀態，將繼續實施靈活適度的穩健貨幣政策。現在外匯佔款已經不是對資本流動的真實反映。對於可能的經濟下行風險，中國仍有一定的貨幣政策空間和多種貨幣政策工具。
The central bank said the central bank's current monetary policy remains steady and in a slightly relaxed state. The prudent, moderate and flexible monetary policy will continue to be implemented. The foreign exchange is no longer a true reflection of capital flows. China still has some room for monetary policy and various monetary policy tools for possible downside risks of the economy.
3、財政部部長樓繼偉稱，中國推進供給側結構性改革要特別關注改革順序和配套政策。在經濟比較蕭條階段，如果有空間，要先選擇帶有擴張性、見效快的措施，如簡化行政審批、針對性減稅、增強勞動力市場靈活性、推進農民工市民化等。中國目前還有財政空間，今年赤字率會進一步擴大。
Finance Minister Lou Jiwei said that China needs to pay special attention on the reform and supporting policies while promoting supply-side structural reforms. During a relatively depressed economic phase, the first selection needs to go for expansionary and efficient measures if there is space, such as the simplification of administrative approval, the pertinence of tax cuts, the enhancement of labor market flexibility, and the promotion of farmer-worker's acquiring citizenship and so on. Currently China still has fiscal space, the deficit rate will be further expanded this year.
4、央行行長周小川表示，中國有強烈的願望讓股本市場有很好的發展。中國股本融資市場還不夠成熟，雖有強烈發展願望，但是不能拔苗助長。如果國家股本融資市場成熟，很多資金可以通過股市轉化為企業股本資金，中國目前有強烈發展該市場的願望，也下了很大的力量，但是不能拔苗助長。
The central bank governor Zhou Xiaochuan said China has a strong desire to make the equity market have a good development. Chinese equity financing market is not mature enough. Although it has a strong desire to develop, spoiling it by excessive enthusiasm should be avoided. If the state equity financing market matures, many funds can be converted into enterprise equity capital through the stock market funds. China currently has a strong desire to develop the market with great effort, but spoiling it by excessive enthusiasm should be avoided.
5、中國央行新聞稿稱，自2016年1月起「金融機構信貸收支表」不再公布「外匯買賣」科目（即金融機構外匯佔款數據）是對報表科目的優化，避免市場誤讀。外匯佔款不是對資本流動的真實反映，商業銀行自營的外匯交易不必然影響央行外匯佔款。
China's central bank press release said that since January 2016, "Credit Funds of Financial Institutions" are no longer publishing "foreign exchange trading" subjects (ie, the foreign exchange data of financial institutions), which is optimized for the subject of report to avoid misreading the market. The foreign exchange is not a true reflection of capital flows. The foreign exchange transaction of self-employed commercial banks does not necessarily affect the central bank foreign exchange.
6、有市場傳言稱，自3月1日起創業板將全面停止審核，後續按註冊制實施，主板和中小板暫時未定擇期再做安排。證監會發言人鄧舸對此表示，我會從未單獨研究過創業板註冊制，根本不存在3月1日創業板全面停止審核的安排，也不存在主板、中小板擇期再做安排的問題。
There are market rumors that the growth enterprise market (GEM) is to stop the audit starting from March 1st. The follow-up implementation will follow the registration system. The MainBoard and small and medium enterprises board are pending, another arrangement will be needed. A China Securities Regulatory Commission spokesman Deng Ge expressed, I have never studied the GEM registration system separately, so the full stop auditing arrangement of GEM on March 1st does not exist at all, the same for the arrangement problems of the MainBoard and small and medium enterprises board.
7、1月全國70個大中城市新建商品住宅價格環比綜合平均漲幅比上月擴大0.4個百分點，二手住宅擴大0.6個百分點。無論是新建商品住宅還是二手住宅，一線城市同比平均漲幅都高於20%，遠高於二線城市1%左右的同比平均漲幅，絕大多數三線城市同比仍在下降。
The compressive average rise of new commercial housing prices in 70 large and medium-sized cities expanded 0.4 percentage points higher than those of in the previous month. The secondary residential expanded 0.6 percentage points. Whether it is new or second-hand commercial residential housing, first-tier cities have an average increase of more than 20%, much higher than that of 1% in the second-tier cities. A vast majority of third-tier cities continue to decline year on year.
8、央行行長周小川認為，個人住房加槓桿邏輯是對的。住房貸款應該有大力發展的階段。房地產市場時冷時熱，所以要進行逆周期調節。今後可能會考慮給銀行更多自主權，讓他們來制定首付比、利率。
The Central bank governor Zhou Xiaochuan believes that the logic behind individual housing additional leverage is right. Housing loans should have a stage of vigorous development. The real estate market is good and bad by fits and starts, so the counter-cyclical adjustment needs to be carried out. In the future the bank may consider giving more autonomy to enable them to develop the down payment ratio, interest rates.
9、多位專家認為，今年可能持續保持適度寬鬆的貨幣政策，年內仍有若干次降準和一次降息的可能。財政政策方面，結構性減稅無疑是重點，間接稅和流轉稅是減稅的重要方面，但個稅和房地產稅等直接稅的調整同樣重要，而且難度更大。
Many experts believe that it is likely a moderately loose monetary policy will be continued and maintained for this year. There are still possibilities for several occasions to lower the reserve requirement ratio and a rate cut within the year. As for fiscal policy, structural tax cuts are undoubtedly the focus. The indirect taxes and turnover tax are an important aspect of tax cuts, but the direct taxes adjustment of individual tax revenue and real estate taxes as well as other taxes are equally important, yet more difficult.
10、以日本為鑑，申萬宏源認為，中國要儘量避免殭屍企業復活帶來通縮；淘汰殭屍企業短期加劇地方政府收支矛盾，長遠看有利，地方要下決心推進改革和殭屍企業退出；若再有風吹草動，鋼鐵等「重災區」行業冒進企業將很難再得到及時輸血。
Taking Japan as an example, Shenwan Hongyuan Securities believes that China should try to avoid the resurrection of zombie companies bringing out deflation; the elimination of zombie enterprises will exacerbate contradiction of the local government expenditures in the short term. From a long-term perspective, the local governments need to resolutely advance the reform and the elimination of zombie companies; when there are signs of trouble, the aggressive actions of steel and iron with other "disaster area" industries will lead to a hard time for enterprises to develop.
11、中登公司公布數據顯示，1月末，持有市值在100萬元以上的投資者數量從上月的149萬人銳減至不足105萬人，縮水接近三成。持股市值1萬元以下的增加了近237萬人，散戶大軍「逆市壯大」。
The CSDCL published data shows that the number of investors with a market value of over 100 million yuan dropped to less than 105 million from last month’s 149 million by the end of January, a 30% depreciation. The holding of market value less than $10,000 increased by nearly 237 million people. The size of private investors are in the process of "contradicting market growth."
12、據胡潤財富榜，北京超越紐約，中國超越美國成為全球億萬富翁最多的城市和國家。創始人胡潤稱，去年中國富豪激增是在6月股票牛市中產生，公司上市成為財富累積的一大渠道。由於離岸資產難以追蹤，相信實際遠超統計。
According to the Hurun Rich List, Beijing surpassed New York, China surpassed the US in having the world most billionaires in cities and countries. Founder of the Hurun Rich List said that the surge of China's billionaires was generated in the bull market of June last year. The listed company becomes a major channel for wealth accumulation. Due to the offshore assets being difficult to track, it is believed that the actuality is far more than that of what the statistics show.
13、國家稅務總局表示，從3月1日起將對納稅信用A級納稅人取消增值稅發票認證，此舉將進一步減輕A級納稅人的辦稅負擔，激勵依法誠信納稅。2015年4月，稅務部門對全國符合條件的854萬戶企業進行了納稅信用評價，評價出A級納稅人65.3萬戶。
The State Administration of Taxation said that A-class taxpayers of tax credit will cancel the VAT invoice certification from March 1st, which will further reduce the tax burden on A-class taxpayers and encourage the integrity of the tax incentive law. On April 2015, the tax authorities of the country operated tax credit evaluations for 8.54 million qualified enterprises, the A-class taxpayers were at 653,000.
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