彭博直播转录提及内地税务口径收紧，疑似影响香港保险与内地客户跨境财富资金，但当前仅为一手外溢传闻，缺乏可交易一线口径

【实时直播转录 · Bloomberg TV+】
来源:Bloomberg TV+(bloomberg 直播间 btv_us) · 标题:Bloomberg TV+
时段:2026-08-06 10:00–10:30(Asia/Shanghai),共 164 段
说明:以下为该时段该直播间的连续语音转录(直播 ASR,可能有同音/识别误差)。请从中识别与 AI算力/芯片/服务器/光模块/液冷/数据中心/大模型/机器人·具身智能/自动驾驶 等相关的、**可交易**的公司/产品/订单/产能/需求/合作/高管或官员表态,判断是否构成可交易事件;若通篇无可交易内容,判为不做。识别误差请结合上下文与常识修正,勿据孤立音近词臆断。

--- 转录正文 ---
[10:00] Can momentum come back what does this mean for the Chineseese internet platform names that look like they were making that you state?
[10:00] reboundAnd then today happen biggest drop on the hang s since march in terms of market breadth.
[10:00] Almost everything is down with the exception of your gold place, which we'll show you in a moment, so the likes of some of the mining.
[10:00] Stocks, the jewelry makers, the retail place like Laohu and, Zo Ti F, apart from that group, everything is down across.
[10:00] The tech space across the tech stack, across the region, and as you can see on your screen, despite of course, the usual tailwinds in the form.
[10:00] A softer dollar tier spreads and falling yields right just on the gold story flip the page please and gold ass you can see in spot and precious metals again.
[10:00] I think their're moment in the spotlight today, some of the insurers we talked about this very much in focus big drop in the afternoon yesterday following that.
[10:00] Saaiin report, which we'll get to in a moment continuing to see very sharp drops in the region we' down about 9% on AIA credentials off six.
[10:01] Ping on down to hSBc is also down alongside these names, including stand chart coming up on your screens,icCbC and backup.
[10:01] China, Hong Kong on your screens as well as on top of financials, property names, which is somewhat related, of course, of what's going on here also seeing.
[10:01] Tremendous pressure in the thursday session yeah let's get back as well to the Tson report that Beijingijing is closing a key tax loophole for hong k insurance policy.
[10:01] We're joined by Bbergs, North as chief correspondent stepeven Engel and Boai intelligence banking and fintech senior analyst fcis.
[10:01] So Steveve, we talked through some of these considerations earlier, I mean, what else are we expecting in terms of the clarity of what this is really about?
[10:01] Yeah, I think the markets are a bit spooked like they were in june as well when there was concern that some of the banks here in hong Kong were being asked not to.
[10:01] Open up accounts for mainland visitors that spook the mark a little bit, of course, the crackdown on those brokerages.
[10:02] We're allegedly doing illicit trades and cross border flows so there's been crackdowns on an increased scrutiny on wealth.
[10:02] And wealth being transferred across the border and also essentially tax transparency we do know that chinese authorities are trying to revamp.
[10:02] I've been for quite some time trying to revamp their tax code, what we're hearing from the Tson global news report.
[10:02] sayinging that there are new rules that are already being implemented and enforced, in fact, early enforcement cases in bei.
[10:02] Also Hzhou says tax authorities are already levying a 20% tax on individual pay.
[10:02] Divid payout interest earned as well from offshore policies as Beijingijing is expanding its personal income tax to.
[10:02] Any returns from those insurance policies that main Chineseese have come across the border to buy many insurance companies.
[10:02] IA or Prudential hSBC and the bank side and others have seen a large increase, obviously and have seen.
[10:03] A great boost in that side of the business I can get into HSBC a little bit after fs and some of the numbers were.
[10:03] But those insurance policies have been quite popular now the mainland authorities have been able to tax this by law, but they haven't been.
[10:03] Able to implement it necessarily because of sort of data, visibility has been lacking and just enforcement has been a problem.
[10:03] This is again, sort of spooking the market about how far and deep and how are they going to continue to get this 2.
[10:03] a 20% tax would on personal income from these policies and the dividends and also the returns would essentially.
[10:03] gate any benefit potentially that these policyholders would get by doing it at Hongcoing.
[10:03] And I'm sure the HSBC folks across the street, if not already, are working out the numbers, but Francis, you've run the numbers on potentially.
[10:04] Back HSBC, it's very hard to quantify any impact given the very imminent nature.
[10:04] Of the piece of news, where we know that there has been about half of the new premiums.
[10:04] Okay, cominging from non residents for their Hong Kong insurance business and more than 60%, above 60% of their.
[10:04] Insurance balance coming from non residents, including the mainland residents so that obviously.
[10:04] That could be a piece spooky, but I just want to reiterate the whichSPC has been continuously under.
[10:04] The common reporting standard report to all tax authorities globally, including the mainland Chinese authorities.
[10:04] About the mainland residents is not new. The information is always there.
[10:04] I just want to reiterate, there's no sign, it is a tightening from what we have already seen.
[10:05] The state council or the number x37, which has been effective from early July ons.
[10:05] It could be an enforcement of existing rules instead of some new set of tightening.
[10:05] And.
[10:06] Inmateri impact to the account opening and new fund flows at least towards the end of the second quarter.
[10:06] So far what they have seen in the third quarter, so this is a very critical piece of information HSPC in particular, they have been very response.
[10:06] both Harvard citizens and.
[10:06] But so far, at least, from the management, we didn't see any signs of stress.
[10:06] At leasta over the last news from the data back may in Junene.
[10:06] But some of those numbers and Franciss.
[10:07] You can maybe corrorate I mean, life insurance was among hSBc's fastest growing wealth business with fee income up 21%.
[10:07] In the second quarter, Hong Kong annual new premiums for hSBC was up 26%.
[10:07] Reaction is to this report that says authorities in bei.
[10:07] AndHangzhou are already implementing this 20% tax on personal income because as you said, perhaps mainland authorities already.
[10:07] Getting the records of who's buying those policies and that tax.
[10:07] Right, and that's essentially what we're seeing now, right.
[10:08] That is really sort of spooking the market again after what we saw, the spook that lasted didn't last very long in early june.
[10:08] Toally agree, in fact, there has been some market views overnight talking about the focus could be on the ultra high network.
[10:08] Individuals, family office like the tightening on the trust income of course.
[10:08] The same market view is talk about maybe it doesn't affect the mass market as much.
[10:09] Constantly having dialogues all the authorities.
[10:10] Biness will be.
[10:10] I also do my market chatter and some.
[10:10] T opening has has slowed down not for the two banks we just talked about at same time base.
[10:10] Enough we have investment return and we still have the local new fund flows coming in and the fund flows from elsewhere.
[10:10] Fland table has not been shut down. They may still be a good portion of those coming to Hong Kong.
[10:10] Compli ones, so for the investors, I think that's my shortcom for the wealthy individuals.
[10:10] They have many costs in the leavess too yeah I just won't want to go into that topic.
[10:11] And a Ferrari in the garage, right I worry about the Camry, okay, guys, thank you so much, Jent, fantastic, thank you so much.
[10:11] We got into that almost got to derailed there, Stephen Engel, and of course Francis Chan there on many sides of the story.
[10:11] We were just having the fairly lively conversation, deepse is out and this conversation on pricing.
[10:11] It's looking to raise some overall pricing here for a services, so it looks like it can set prices pricing power.
[10:11] Yeah, this is exactly what investors want to see among the AI models developers right and whether it's for tokens.
[10:11] something to step in the right direction when it comes to monetization and of course, I think we'll continue this conversation with the AI.
[10:11] I read through in terms of what this means for maybe data center investments as well, so coming up we'll be speaking with JLLs, Pala and B.
[10:11] On the firm's latest Asia Pacific capital tracker and what it reveals about invest appetite for commercial real estate across the region.
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[10:14] Context changes everything.
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[10:14] Seek news that they are raising prices for a right the pricing power and that's really what we want to see.
[10:14] Coming through, I guess in the market reaction, you're seeing the double digit gain on minim as well, but perhaps this is also the other layer.
[10:14] Southbound inclusion when it comes to this AI developer drupu, of course, the other one on the other side of the screen, you're seeing those.
[10:14] Loud and clear on a day where if you look at the Hang Seng tech, the Chinese Internet platform names are' not doing terribly well.
[10:15] The likes of barba tencent, the old names, those are the ones that are coming under pressure, so it might take a while for them to do that rebound.
[10:15] So when it comes to two sides of a coin, I opposed, there's been this online debate on the value of appreciating the.
[10:15] YuanIn a to fix global trade imbal former IMF chief economist said the Chinese.
[10:15] is undervalue calling for a revaluation would only get quote the diagnosis and the cure role.
[10:15] And she along with former IMF colleague Pierre Olivia Gorenchas and London Business School Prosor Helenne Ray.😊
[10:15] Have argued in the economists that China's surplus reflects weak household consumption. currency appreciation could worsen deflation.
[10:15] Without rebalancing trade and on the other side of that argument, in case you miss it, it's gone it's gone proper long.
[10:15] On X and Twitter, Michael petetts disagrees, while they both agree on the valuation of the currency.
[10:16] What will realuing it solve is, I think their sticking point and he thinks that if he appreciate the currency that remains.
[10:16] One of the most direct ways to reversing some of the imbalances like domestic income that then generates the trade surplus, and I think this goes to the crux of the issue is,
[10:16] When you have efforts to rebalance the economy towards consumption and you have this resurgent export machine, and it's not just the Chinese side of the Congress.
[10:16] You've seen that in many parts of the region, Taiwan exports, Taiwan, GDP, you look at South Korea.
[10:16] And you look at ton high precision and the sales that we're seeing that you look at the end, for example, so this really gets us into a lot of very topical.
[10:16] , and let's bring in another voice on this so it's just the two of us right also in red Joanna off.
[10:16] economiccons as citytigroup global markets so jona we've just kind of run through the two sides of this debate when it comes to the yuen.
[10:17] It might be with appreciation helping to deal with some of these trade imbalances, whether you sit on that look there' no no.
[10:17] That y is undervalued question of is it undervalued, is it a cost and effect, is it the main of the undervalation the.
[10:17] Ca of the global imbalances and therefore appreciating it would solve all the problem. Or is it partly a consequence, because part of the reason why it's so undervalued is.
[10:17] Because inflation is so inflation differential in China relative to the rest of the world is much lower, obviously we've got much more subdued inflation.
[10:17] Further exacerbating the undervaluation, and that may be a symptom of structural policies, the fact that you're having policies too skewed towards supply.
[10:17] an industrial policy and investment rather than supporting consumption. So it's a question of what's the best way to solve this.
[10:17] I have a little bit of sympathy with some of the arguments that Gita said, it's like discussing about the Redmin being and saying that's a solution. It's almost like it's dead on the wall.
[10:17] It's not like the Chinese authorities are going to respond and say, okay, I'm going to revalue the currency and that will solve it. We can debate all we want.
[10:18] policyThere's more progress that could be made by convincing China that really the structural imbalances in the policy.
[10:18] See of both too much investment V consumption, it's in their best interest. if you go about it addressing the imbalances in the economy.
[10:18] Consumption and investment, which by the way think.
[10:19] The solution to a consumption story is not.
[10:19] sting household income and I think Reminby appreciation a longer story about policies. and unfortunately, I mean, we just had the midyear Pol Buau of UB.
[10:19] And that was kind of a non event, right, we had sorry not a few weeks back.
[10:20] ers, this whole hook system, I mean, they're already trying to do that making more proactive policies of providing more consumption transfers, including benefits.
[10:21] Like you know unemployment for you, aging, social welfare health, but again, it's not un easy.
[10:21] It's hard to imagine that will happen.
[10:21] Because we're still in a strategic competition with the US and China is still putting a lot of priority on achieving some of this technology self sufficiency.
[10:21] And in that essence, there's still this bias towards more supply side industrial policy and household savings are.
[10:21] Conveient tool to provide cheap access to credit and liquidity to fund those incentives Y, it's a matter of priority, I guess, at this point in time.
[10:22] Yen is it's really the incentive that affects what the objective. The objective was to preserve stability in the US.
[10:22] market then really specifically on an Fx objective. Of course, the reality is, I mean, you know, I cover emerging markets.
[10:22] macrocro policy adjustment and of course, one of the big fundamental adjustment is we need to have probably faster pace of monetary tiing in the BJ.😊
[10:22] The market is interpreting BO.
[10:22] Tools that Japan can use so maybe expanding the FEMA facility we don't know.
[10:23] But in the end, I do think, in our view, and this is our rate strategist in Japan had written about this, the view is this intervention by the U..
[10:23] This is really about treasuryies. one of the points that the IMF and coal are making is that developed economies need to fix their fiscal deficit.
[10:23] Jory to draw head of emerging market economics at Citigroup global Market, let's take a look at how Asian markets.😊
[10:24] Are doing as well as we head to break to, it's really the tech sector that's getting hit whether you're looking at the cost.
[10:24] Or even in Japan as a memory trade face that continued pressure, even the Chinese internet stocks are not getting spareed today.
[10:24] Model developers, those are going in the other direction, willll continue tracking that this is Bloomberg.
[10:25] Today's CFOs are reshaping the C.
[10:25] Bloomberg's chief future officer shines a spotlight on these dynamic leaders what's the skill set that you would advise every aspiring?
[10:25] I think I know skills are important obviously, you need to like that numbers if you don't like numbers, then don't go into finance.
[10:25] You know, it' is sort of like a recipe for disasters, you know, like numbers, not only for the CFO, but also the company's management.
[10:25] That's a communication and the collaboration I spent a lot of time figuring out how to take the complex and make it.
[10:25] And then finding a way to be able to communicate that both internally and externally. I think it's relationships, whether it's working with investors.
[10:25] Bankers with the senior management team, with the board, having your head down is one thing as a finance person, but keeping your ears open is super important.
[10:26] As well and I think that all of that is what kind of builds out being a successful CF what chief future officer only on?
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[10:26] Right, the long memory trade is appealing off.
[10:26] Even further today, and I think what's interesting too is he had the likes of CXMT also joining in on that move lower on the back of the news we had overnight.
[10:26] From Sandisk and Western digital and the reports there, property stocks are also seeing.
[10:27] Pressure right now, as you can see on your screens and of course the other bit is these new inclusions in the Stockcon, Loveshare, CTCC and mini Maxax.
[10:27] All feeling is perhaps more with mini Max, we have lots more head, this is Woberg.
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[10:28] 🎼Yeah.
[10:28] 🎼Yeah.
[10:28] At a time when policy in washington is driving.
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[10:29] From my understanding, it was a truly significant initiative.
[10:29] 🎼yearsIn terms of the currency, it could buy some time, but it could end up being just that unless the fundamental.
[10:29] 🎼the such a landmark action has been taken.
[10:29] 🎼And monetary policies need to be implemented. I believe that is what is most important.