Hi everyone. I’m Stephanie LI. Coming up on today’s program China’s net PSL reaches 350 billion yuan in first month after PBOC reintroduced the tool; BYD overtakes Tesla in quarterly EV sales for the first time. Here’s what you need to know about China in the past 24 hours  The net pledge supplemental lending value of China’s three policy banks reached 350 billion yuan in December, the first month after the People’s Bank of China reintroduced PSLs. The net PSL value of China Development Bank, Export-Import Bank of China, and Agricultural Development Bank of China totaled 350 billion yuan last month, the third-highest monthly value ever recorded, according to data released by the PBOC on Tuesday. The PBOC did not disclose the specific sectors to which the newly added PSL will be allocated, but market analysts said the proceeds from the PSL will likely be used to invest in government-subsidized houses, reconstruct villages in urban areas, and build disaster-resilient public infrastructures. According to previous cases, the release of one PSL fund can generate around 2.5 times the project investment, experts said. If the PBOC issues 500 billion PSLs this round, they are expected to contribute 0.5 to 0.7 percentage point to the country’s total fixed asset investment growth and boost market sentiment. Established in 2014, the PSL is one of the central bank's monetary policy tools. Its primary role is to provide financial institutions with longer-term and low-cost financing, specifically aimed at supporting the national economy's key sectors and weak areas and fostering the development of social initiatives. The last time the PBOC used the PSL program was in February 2023, with an infusion of 1.7 billion yuan, according to media reports. With a monthly addition of 350 billion yuan, this marks the third-highest monthly injection in the history of the PSL program.  Given that PSL funds have historically been mainly invested in real estate-related sectors, there is significant market attention as to what fields the loans will be directed, the report said.  The "Three Major Projects" under the new development model for the real estate sector - the construction of affordable housing, the development of "dual use" public infrastructure and urban renewal projects -- will need a substantial amount of medium- to long-term low-cost funding. At this pivotal stage of China's economic recovery, the PBOC is properly intensifying the use of the PSL facility, which is expected to alleviate financial pressure in specific sectors, stimulate effective investment, and promote employment and overall consumption, experts noted. China-Laos Railway has cumulatively transported 4.22 million tons of freight in 2023, an increase of 94.9 percent year-on-year, reflecting strong momentum since it entered commercial operation two years ago, according to data from Kumming customs. China Railway Express’ China-Europe freight trains are booked up for January and prices are now between 10 percent and 20 percent higher than in December, media reported yesterday, as international traders seek alternative modes of transport after many global shipping giants suspended transport through the Red Sea following a number of attacks on their ships.  Greater Bay Area, Greater future The economic vitality of waterborne transport along the Pearl River revealed an overall recovery and growth trend last year, said a senior official on Wednesday in Guangzhou. Freight volume on the Pearl River is projected to have hit a record of over 1.5 billion metric tons in 2023, up 7.9 percent year-on-year. Port throughput along the Pearl River and its estuaries and tributaries is expected to have reached 1.95 billion tons, a year-on-year growth of 7.3 percent. Among the total, throughput of foreign trade commodities hit 529 million tons while throughput of containers stood at 69.82 million TEUs (twenty-foot equivalent units), year-on-year increases of 6.9 percent and 2.