Hi everyone. I’m Stephanie LI.

大家好，我是主持人李莹亮。

Coming up on today’s program.

重点提要 

• PPI in September soared by a historic high of 10.7%, driven by the relentless rise in coal prices;

• Oversubscription of two municipal government bonds issues in HK and Macau.

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

中国经济要闻

China’s factory-gate prices in September rose at their fastest pace in more than two decades amid power crisis. The reading is the highest since the start of the National Bureau of Statistics (NBS) database in October 1996 after the index hit 10.1 in August 2008.

The producer price index (PPI), which reflects the prices factories charge wholesalers for their products, rose by 10.7 percent in September from a year earlier, up from a gain of 9.5 percent in August, the NBS said.

Rising commodity prices have been blamed for the sharp rise in PPI this year after the index rose by just 0.3 percent in January this year. The increase was largely driven by a 75 percent year-on-year rise in the coal mining and dressing sector in September, up from a rise of 57 percent in August. Among 40 industrial sectors surveyed, 36 saw price hikes, said an NBS official.

The consumer price index (CPI), meanwhile, rose by only 0.7 percent in September from a year earlier, dragged mainly by a lower cost of food. Yet economists warned that the energy crisis that may not ease until the end of this year could weigh on China’s inflation. 

The National Development and Reform Commission announced on Tuesday that the market-based electricity prices will be allowed to rise by as much as 20 percent against the benchmark. Economists estimated that the move would impact CPI and PPI, and the effect on PPI could be bigger given higher costs for energy-intensive industries. 

9月PPI上涨10.7%，破历史纪录！PPI与CPI剪刀差持续扩大。

国家统计局14日发布了2021年9月份全国CPI(居民消费价格指数)和PPI(工业生产者出厂价格指数)数据，其中PPI同比上涨10.7%，高于8月份的9.5%，创下国家统计局有记录以来的新高。此次PPI上涨，主要受煤炭开采和洗选业价格上涨74.9%影响。

此外，PPI和CPI的剪刀差则进一步扩大。9月CPI同比上涨0.7%，涨幅比上月回落0.1个百分点，食品价格下降是拉低CPI同比涨幅的主要原因。统计局表示，消费市场供需基本平稳，价格总体稳定。

国家发展改革委周二发布了关于进一步深化燃煤发电上网电价市场化改革的通知，将燃煤发电市场交易价格上浮范围扩大到了20%。经济学家预测，电价上涨将带动CPI及PPI继续上涨，其中，由于对高耗能企业市场交易电价上涨范围更大，对PPI的影响将更为显著。

Greater Bay Area, Greater Future

新使命，大未来

• The first municipal government bond issued offshore, the 5 billion Shenzhen government yuan bonds listed in Hong Kong, which was completed on Monday, had been oversubscribed by 2.48 times and attracted subscriptions worth 17.4 billion yuan. Also, the Guangdong provincial government issued 2.2 billion offshore bonds to the Macao market on Tuesday, marking another milestone that a mainland provincial government bond issued in Macao. The bond offering had been oversubscribed by 3.4 times.

  深圳市在香港簿记建档发行50亿元地方政府债券，已在周一完成。债券接获的总认购金额为174亿元，超额认购2.48倍，是我国地方政府首次发行离岸人民币政府债。次日即10月12日，广东省政府在澳门特别行政区成功发行22亿元离岸人民币地方政府债券，这是首笔在澳门本地簿记发行、登记托管并上市交易的地方政府债券。全球投资者踊跃认购，订单总额74.5亿元，认购倍数3.4倍。

Next on industry and company news

产经消息及公司新闻

• Chip giant Taiwan Semiconductor Manufacturing Company (TSMC) posted a 13.8 percent jump in third quarter profit on Thursday on the back of booming demand for semiconductors amid a chip supply crunch. Third quarter revenue for the world's largest contract chipmaker and a key supplier to Apple, climbed 22.6 percent year-on-year to $14.88 billion, with a net profit came in at $5.56 billion. 

  10月14日，台积电发布了截至9月30日的2021财年第三季度财报，财报显示，2021年第三季度，台积电净利润达1563亿新台币，远高于市场预期的1494.73亿，同比增长13.8%；营收为4146.71亿新台币，高于预期的4135.6亿，同比增长16.3%。

• Salt Lake Energy was suspected by the police of illegal coal mining in Qinghai province as it had not obtained the necessary exploration and mining licenses, its parent company said in a statement on Tuesday. Salt Lake Energy will return the income from the mining to public security organs. That is expected to reduce Qinghai Salt Lake’s annual net profit by 357 million yuan this year. 

  10月12日，盐湖股份公告，子公司盐湖能源涉嫌非法采矿罪。根据初步测算，盐湖能源非法采矿产生的非法所得及收入为3.57亿元，前述退缴预计会减少公司2021年度利润3.57亿元，具体金额以有关机构认定为准。

• Shares of the New York-listed OneSmart International Education Group has plummeted 18.4 percent on Tuesday before being held for trading. The Chinese edtech firm said it is suspending all of its teaching programs and learning centres in China amid the country’s crackdown on for-profit tutoring. Its total market value has dropped to less than $65 million.   

  10月12日，美股上市公司精锐教育，正式对外发布了公告，称因公司面临巨大的经营困难，无法维持正常运营，公司董事会批准暂停其在中国的所有教育项目和学习中心运营，随后其股价大跌18.36%，目前已停牌，总市值仅约4亿人民币。

Switching gears to the financial sector

金融市场要闻

• China's new yuan-denominated loans increased to 1.66 trillion yuan last month, down by 232.7 billion yuan from a year ago, central bank data showed on Wednesday. The broad money supply, or M2, increased 8.3 percent year-on-year by the end of last month and the outstanding amount reached 234.28 trillion yuan. The M2 growth rate was up 0.1 percentage points compared with the August reading, while it was down 2.6 percent from the same period in 2020.  

  央行10月13日公布的9月金融数据显示，9月人民币贷款增加1.66万亿元，同比少增2327亿元。9月末，广义货币(M2)余额234.28万亿元，同比增长8.3%，增速比上月末高0.1个百分点，比上年同期低2.6个百分点。

Wrapping up with a quick look at the stock market

最后来看股市收盘情况

• Chinese stocks closed lower on Thursday with the benchmark Shanghai Composite Index down 0.1 percent, at 3558 points. The Shenzhen Component Index closed 0.08 percent lower at 14341 points. Tradings on the Hong Kong bourse was canceled today due to public holiday.

  周四A股股市集体收跌，截至收盘，沪指跌0.1%，报收3558点；深成指跌0.08%，报收14341点。因重阳节假期，港交所今日休市。

Biz Word of the Day

财经词汇划重点

• M2 is a calculation of themoney supply that includes all elements of M1 as well as "near money." M1 includes cash and checking deposits, while near money refers to savings deposits, money market securities, mutual funds, and other time deposits.

  广义货币（M2）是狭义货币（M1）及定期存款、储蓄存款等的总和。狭义货币包括现金及支票存款，在中国，M2还包括居民储蓄存款、单位定期存款、单位其他存款及证券公司客户保证金。

（欢迎大家提供意见和反馈，请联系主播李莹亮：liyl@21jingji.com）

Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI, ZHANG Ran, TIAN Chang

Producer: XIANG Xiufang

Sound Editor: ZHANG Ran, Andy YUAN

Graphic Designer: ZHENG Wenjing, LIAO Wanni

Co-produced by 21st Century Business Herald Dept. of Overseas News & SFC Audio/Video Dept.

Presented by SFC

编委:  于晓娜

策划、编辑：李艳霞 

播音：李莹亮

撰稿：李莹亮、张然、田畅

监制：向秀芳 

音频制作：张然、袁思杰 

设计：郑文静、廖苑妮

21世纪经济报道海外部南财音视频部  联合制作

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