今日听力丨六一儿童节到了，青少年视频防沉迷系统上线了

利率“并轨”路径逐渐清晰。近日，央行行长易纲表示，在研究不再公布贷款基准利率，同时暗示将在此后一段时间继续公布存款基准利率。此外，他表示对保持人民币汇率在合理均衡水平基本稳定充满信心，并督促推动债券发行落实投资者保护条款。

China’s central bank is studying whether to scrap official benchmark lending rates, as the country moves into the last lap of its long-running effort to liberalize interest rates.

Speaking at a forum in Beijing earlier this month, central bank governor Yi Gang said, quote, “The lending rate has actually been liberalized, but there is still room to explore further reform such as stopping the release of benchmark lending rates.”

Yi’s comment was published Tuesday in an article by the official Securities Journal.

He also expressed confidence in the stability of the yuan, despite recent downward pressure on the currency.

The central banker’s comment was the latest signal that China is gearing up to make interest rates more market-oriented.

The country has been moving in that direction since 1996, but a two-track system remains.

One track involves interest rates set largely by the market, such as the seven-day interbank pledged repo rate.

The other track refers to benchmark deposit and lending interest rates, which are set by the central bank.

一季度中国经济增速超预期达到6.4%，但研究显示这是以宏观杠杆率再度大幅攀升为代价。国家金融与发展实验室、中国社会科学院经济研究所5月28日发布报告显示，包括居民、非金融企业和政府部门在内的实体经济杠杆率由2018年末的243.7%升至一季度的248.83%，提高5.1个百分点，为1993年末有数据以来的历史最高水平。

There’s no such thing as a free lunch. That’s true for economic growth as well.

A recent study by two Chinese government think tanks says the country’s better-than-expected economic growth in the first quarter came at the cost of surging debt.

China’s ratio of outstanding debt in the real economy to nominal GDP increased to more than 248% at the end of the first quarter, the highest reading since the end of 1993 when the country started to record such data, according to a study released by two Beijing-based think tanks.

This ratio was up 5.1 percentage points from end-2018, largely due to the shift in policy focus towards stabilizing economic growth.

China’s economy grew 6.4% in the first quarter of this year, unchanged from the rate logged in the last three months of 2018 and snapping a slowing streak in the previous three consecutive quarters.

Zhang Xiaojing, deputy director of one of the think tanks, the Institute of Economics, said, quote, “The increase was very fast. If the leverage ratio continues to increase at the speed it did in the first quarter, China might go back to the days when leverage ratios had been growing by double-digits annually.”

周一外资通过深股通净卖出海康威视近3亿元，已经连续第七个交易日净卖出，累计净卖出额37.3亿元。

Overseas investors have been dumping the Shenzhen-listed shares of one of the world’s largest makers of surveillance cameras and security products.

This comes amid speculation the U.S. was considering adding Hangzhou Hikvision Digital Technology to a blacklist that would curb its ability to buy foreign technology.

In the seven trading days through Monday, foreign investors have sold Hikvision shares worth a net 3.7 billion yuan, or 530 million dollars, through the stock connect program between Hong Kong and Shenzhen.

The sell-off began on May 17 and surged to a peak of a net 1.3 billion yuan on Wednesday, the day after the New York Times reported that the Trump administration might limit Hikvision’s ability to buy U.S. technology and require American companies to obtain government approval to sell products to the firm.

But threats to Hikvision aren’t only coming from the U.S.

The company is facing growing competition from new entrants to the surveillance industry, including two of China’s biggest technology groups — Huawei and Alibaba.

国家将在两年内基本取消国内高速公路省界收费站。国务院办公厅日前发布《深化收费公路制度改革取消高速公路省界收费站实施方案》，提出上述目标。这一消息利好ETC系统制造企业。5月22日，即《方案》发布第二天，深圳市金溢科技股份有限公司、北京万集科技股份有限公司股价分别上涨2.18%和2.24%。当日深证综指跌0.51%。

Shares in companies that make electronic tolling systems have soared since the government announced such systems would be put into place at all borders between China’s provincial-level regions.

The systems allow cars to whizz past unmanned toll booths without stopping.

The State Council announced last week China will eliminate all manned toll booths over the next two years.

A cashless system known as electronic toll collection, or ETC, will be implemented in their place.

在美国上市不足一年的蔚来汽车，近期顺利洽谈一笔新融资。5月28日，蔚来汽车在2019财年一季度财报中称，蔚来汽车将在北京经济技术开发区注册设立一家新实体“蔚来中国”，并向后者注入特定的业务和资产。当地国有投资公司将通过特定公司或联合其他投资方，以现金的方式出资人民币100亿元，战略入股蔚来中国。

Chinese electric-car maker Nio announced a new venture with an investment of 10 billion yuan, or 1.45 billion dollars, from a state-backed investor, as the company reported its first-quarter results Tuesday.

New York-listed Nio said it will form a joint venture with Beijing E-Town International Investment and Development in the Beijing Economic-Technological Development Area on the southern edge of the city.

Beijing E-Town will support Nio in building a new manufacturing facility for its next-generation vehicles, which are set to hit the market around 2021.

在六一儿童节到来之际，国家网信办近日指导西瓜视频、好看视频、哔哩哔哩、秒拍等14个短视频平台，以及腾讯视频、爱奇艺、优酷和PP视频等4家网络视频平台，统一上线“青少年防沉迷系统”。加上此前试点的抖音、快手和火山小视频，国内已有21家主要网络视频平台上线了该系统。

The Chinese authorities have launched anti-addiction projects on some online video platforms over concerns that internet obsession is hurting teenagers.

After a March trial on three short video apps – Douyin, Kuaishou and Huoshan – authorities have rolled out similar restrictions on teen viewing time to 18 additional platforms.

The newly targeted platforms include Tencent’s Weishi, anime streaming platform Bilibili, and Alibaba-owned Youku.