Out of the snow-capped mountains, across the plateau, across the canyons, and rushing up to Wan Li, the Yangtze River is full of soup, giving birth to a long-standing Chinese civilization.

　　Since the founding of New China, especially since the reform and opening-up, the economy and society in the Yangtze River Basin have developed rapidly, and the comprehensive strength has improved rapidly, which is the focus and vitality of China’s economy. However, the Yangtze River is overwhelmed by the long-term extensive development: Dongting Lake and Poyang Lake, the "two kidneys" of the Yangtze River, have frequently bottomed out, nearly 30% of the important lakes and reservoirs are still in the state of eutrophication, and the Yangtze River’s biological integrity index has reached the worst "no fish" grade … … General Secretary of the Supreme Leader pointed out: "‘ The Yangtze River is ill ’ And he is still very ill. "

　　"Never allow the ecological environment of the Yangtze River to continue to deteriorate in the hands of our generation, and we must leave a clean and beautiful Yangtze River for future generations!" Since the 18th National Congress of the Communist Party of China, the CPC Central Committee with the Supreme Leader as the core has made overall plans and scientific plans, and deployed and implemented the development strategy of the Yangtze River Economic Belt.

　　"Make great efforts to protect, not to develop" and "explore a new path of ecological priority and green development". In January 2016 and April 2018, General Secretary of the Supreme Leader held two symposiums to promote the development of the Yangtze River Economic Belt in Chongqing in the upper reaches of the Yangtze River and Wuhan in the middle reaches, profoundly expounding the major issues that need to be correctly grasped and making work arrangements.

　　For more than three years, the Office of the Leading Group for Promoting the Development of the Yangtze River Economic Belt, together with the relevant departments of the State Council and 11 provinces and cities along the Yangtze River, has firmly adhered to the principle of "putting the restoration of the ecological environment of the Yangtze River in an overwhelming position", made great efforts to strengthen the top-level design, improve the ecological environment, promote the transformation and development, and explore the reform of the system and mechanism, so as to protect a mighty river.

　　Vitality reappears and "color" is improving.

　　Put the restoration of the ecological environment of the Yangtze River in an overwhelming position, and "great protection" will strike hard

　　With a click, Huang Yuyang pressed the shutter to freeze the finless porpoise at the moment when a plaster white jumped out of the river.

　　In recent years, every summer, Huang Yuyang, a citizen of Yichang, Hubei Province, went to the Yangtze River to photograph the finless porpoise. This year, he even photographed a "three porpoises in the same frame". "The frequent appearance of finless porpoises is a great improvement ‘ Chemical wai Jiang ’ Silent praise for continuing to repair the ecology. "

　　The finless porpoise is an indicator species of the Yangtze River ecosystem. The scientific investigation report of Yangtze finless porpoise released by the Ministry of Agriculture and Rural Affairs in 2018 confirmed Huang Yuyang’s statement: The number of Yangtze finless porpoise is about 1012 in the main stream of Yangtze River from Yichang to Shanghai and in Dongting Lake and Poyang Lake basins. Although the extremely endangered situation has not changed, the sharp decline in population has been curbed.

　　Walking along the Yangtze River, more gratifying improvements in the ecological environment are taking place — —

　　The continuous returning farmland to the lake has increased the storage area of Dongting Lake by 779 square kilometers compared with 1978. More than 200 wetland protection projects have increased the wetland area in the Yangtze River basin by 303,600 mu; The rectification of 1,361 illegal wharves along the Yangtze River trunk line was completed, of which 1,254 were demolished and all of them were greened, so that the banks of the Yangtze River were dressed in green again … …

　　The "mother river", which was seriously overdrawn, finally got a chance to breathe. In the past few decades, the Yangtze River Economic Belt has supported 45% of the country’s total economic output and cultivated over 40% of the population. However, the development mode of pursuing scale and speed in the past led to serious overdraft of the Yangtze River ecological account. According to the information released by the Yangtze River Committee of the Ministry of Water Resources, from 2005 to 2015, the wastewater discharge in the Yangtze River basin increased from 29.64 billion tons to 34.67 billion tons.

　　To promote the development of the Yangtze River Economic Belt, the urgent task is to "stop bleeding" and do a good job in the protection and restoration of the Yangtze River ecological environment. The provinces and cities along the Yangtze River insist on continuously improving the water quality of the Yangtze River, and strike hard to solve outstanding ecological and environmental problems.

　　Solidly promote the control of water pollution, "strong medicine to eliminate furuncle, scraping bones to treat poison."

　　In 2017, Yichang picked up the "scalpel" and waved to the chemical industry, the first local industry with an output value of over 100 billion yuan. By the end of this year, it will complete the goal of "clearing" the installations of 134 chemical enterprises within 1 km of the coastline of the Yangtze River and its tributaries. Anhui has clearly defined the hierarchical control measures for the coastline of 1 km, 5 km and 15 km along the river, and carried out seven major actions of "prohibiting new construction, reducing storage, turning off pollution sources, entering the park, building new green buildings, accepting unified management and strengthening the mechanism".

　　Strive to promote water ecological restoration, "consolidating the foundation and cultivating the yuan, nourishing blood and defending qi".

　　On the banks of Taixing River in Jiangsu Province, small chemicals and shipyards that have been entrenched for decades have disappeared, and they have been replaced by natural ecological coastlines that stretch for 12 kilometers. Riverside ecological wetlands and green corridors have become the first choice for Taixing citizens to take a leisurely stroll. In Hubei, the 10-year-old "Honghu Ecological Defence War" also achieved results: all 1,634 professional fishermen landed, and the 155,000-mu lake purse seine was demolished, and the poetic landscape of "Hong Hushui, beating waves" was reappeared.

　　Treat the disease before it happens, and protect the "mother river" with the strictest system and the strictest measures.

　　Guizhou and Hubei establish a negative list system for industrial access; Hunan has cancelled the per capita GDP assessment for 79 restricted development regions and counties in the province; Jiangsu promotes 22 comprehensive reforms of environmental protection systems; Since the beginning of this year, Yunnan has included 36,000 square kilometers of Jinsha River Basin (Yunnan part) in the red line of ecological protection, accounting for 30.5% of the red line area of ecological protection in the province. Chongqing has fully implemented the river length system and established a three-level "double total river length" structure at city, district, county, street and town levels, covering more than 5,300 rivers and more than 3,000 reservoirs in the city.

　　The "Great Protection" struck hard and solved a number of "long-standing problems", and the color of "Mother River" gradually improved.

　　In January this year, the Ministry of Ecology and Environment issued a bulletin on the quality of water resources. Of the 1,155 water functional zones in the Yangtze River Basin, 1,032 reached the standard, with a compliance rate of 89.4%, an increase of nearly 4 percentage points year-on-year.

　　Strengthen cooperation and integrate organically.

　　Put your own development into the overall situation of coordinated development, play a good game of chess and protect a river together.

　　At the beginning of this year, counties and districts in Yichun City, Jiangxi Province agreed on 14 compensation agreements for cross-county horizontal ecological protection. The water quality of the handover section shall be assessed on a monthly basis, and if it meets the requirements of the agreement, the downstream counties shall compensate the upstream counties; If the agreement is not met, the upstream will compensate the downstream.

　　Water is flowing. In the past, the Yangtze River could not get out of the "strange circle" of pollution control. An important factor was that the upstream and downstream "played their own trumpets and sang their own tunes". Nowadays, "whoever pollutes will be treated" and "whoever benefits will be compensated". Responsibility comes first, benefit sharing is postponed, and responsibilities and rights are tied to each other. The governance situation of inter-provincial and inter-city basins in the main and tributary of the Yangtze River has changed.

　　Anhui and Zhejiang provinces carried out the first pilot project of ecological compensation in inter-provincial river basins in China, and protected an underwater Qiantang River in Qing Jiang for seven years in succession with the "water quality" of Xin ‘anjiang River. Up to now, Huangshan City and Jixi County in Anhui Province, which are located in the upper reaches of Xin ‘anjiang River, have received relevant compensation of nearly 4 billion yuan. In Chishui River in the upper reaches of the Yangtze River, Yunnan, Guizhou and Sichuan provinces jointly set up a compensation fund for horizontal ecological protection in the basin of 200 million yuan to protect this tributary of the Yangtze River, which is known as the "Wine River".

　　The upstream and downstream, the left and right banks and the main tributaries of the Yangtze River Economic Belt are an organic whole, and the key to great protection lies in the word "common", but it is also difficult to do so. Under the pattern of a chess game in the whole basin, both ecological management and industrial development must correctly grasp the relationship between their own development and coordinated development.

　　Only by eliminating "blocking points", breaking regional barriers and accelerating river basin coordination can the "golden waterway" be smooth — —

　　From 1,500 containers a day to 2,500 containers a day, it only took more than a year for Chenglingji Port in Yueyang, Hunan. Deng Longbiao, head of the comprehensive department of Hunan Port Group, introduced that Chenglingji Port cooperated with Shanghai Port Group to set up Hunan Chenglingji Port Group, which opened up the "blocking point" of integrated water transport in the province and strengthened cooperation with upstream and downstream terminals. In the past, "the big ship was not satisfied, and the small boat could not fit". Now, "the small boat went to the tributary, and the big ship entered the Yangtze River, and the size was full".

　　From Taicang Port in Jiangsu to Shuifu Port in Yunnan, the tide of port integration is surging inland along the Yangtze River waterway. Logistics alliances and port alliances have been formed one by one, and the comprehensive three-dimensional transportation corridor has been accelerated. Hot metal combined transport and river-sea combined transport & HELIP; … Under multimodal transport, the gold content of the "golden waterway" with the largest freight volume of the Yangtze River in the world continues to increase.

　　Only by clearing market barriers, promoting the free flow and optimal allocation of labor, capital, technology and other factors across regions, dislocation development and coordinated development can the Yangtze River Economic Belt be built into an organically integrated and efficient economy — —

　　A new energy electric vehicle is designed and developed in Shanghai. The battery materials and battery packs come from Changzhou, Jiangsu, Ganzhou, Jiangxi and other places, and the whole vehicle assembly is in Hubei, Sichuan and Chongqing. Electronic information, equipment manufacturing and other industrial chains are longer, with more flowers in the upper, middle and lower reaches, dislocation competition and gratifying division of labor and cooperation, which has become an important support for the high-quality development of the Yangtze River Economic Belt.

　　At present, the "1+3" inter-provincial consultation and cooperation mechanism of the Yangtze River Economic Belt, led by the Office of the Leading Group for Promoting the Development of the Yangtze River Economic Belt and attended by 11 provinces and cities along the Yangtze River, has been fully established, and four provinces and cities in the lower reaches of the Yangtze River, three provinces in the middle reaches and four provinces and cities in the upper reaches have also established inter-provincial consultation and cooperation mechanisms respectively, and the system and mechanism for coordinated development have been continuously improved.

　　Upstream, the Yangtze River Basin Park Cooperation Alliance, established with the participation of 48 cities and 59 parks, is making great efforts to promote collaborative innovation between intelligent manufacturing and robot industry chain elements. Overlooking the Yangtze River, the regional integration development of the Yangtze River Delta has become a national strategy, and the integration development level of urban agglomerations in the middle reaches of the Yangtze River and Chengdu-Chongqing urban agglomerations has been continuously improved … … Jumping out of the "thinking of three points in one acre", playing a good game of chess and protecting a river together, the endless Yangtze River is scouring out a coordinated development zone.

　　Reform leads and innovation drives.

　　Change and innovate the traditional development mode and path, and promote the transformation of the development power of the Yangtze River Economic Belt

　　Many people didn’t expect that Guizhou, an underdeveloped inland province, had devoted several years to "making something out of nothing" and built a famous "China Valley" at home and abroad.

　　Guided by Gui ‘an New District, Guizhou relies on abundant hydropower resources to cut into the "big data industry". A number of Fortune 500 companies such as Intel, Dell and Apple gathered here, and a number of domestic big data leaders such as CLP, Alibaba and Huawei took root here.

　　Han Shaobo, deputy director of the Big Data Development Administration of Guizhou Province, introduced that Guizhou takes innovation as the engine to accelerate the "stock change" to achieve the "variable breakthrough" of the digital economy. At present, 33.9% of industrial enterprises in the province have fully integrated big data with key business links such as R&D, production, sales and management, and the growth rate of the digital economy has ranked among the best in the country for four consecutive years.

　　The success or failure of ecological environment protection depends on the economic structure and economic development mode in the final analysis. Grasping great protection and not engaging in great development is not to develop, but to force the transformation and innovation of traditional development models and paths, and to seek higher quality development with green and innovation as the keynote.

　　The transformation and upgrading of traditional industries, the cultivation of emerging industries and the optimization and upgrading of manufacturing structure are promoting the transformation of the development momentum of the Yangtze River Economic Belt.

　　Walking into the No.18 Workshop of Sany Heavy Industry in Changsha Economic and Technological Development Zone is like walking into a garden. A traditional production line usually produces only one product, but in this well-known intelligent manufacturing demonstration workshop in Asia, more than 30 kinds of construction machinery and equipment can be assembled, and an excavator can be off the assembly line in 5 minutes.

　　"We must take the initiative to cross the threshold of intelligent and digital transformation!" Liang Wengen, chairman of Sany Heavy Industry, said. Facing the once depressed market, Changsha construction machinery enterprises, including Sany Heavy Industry, have built intelligent manufacturing workshops, laid out intelligent logistics systems and built a big data cloud platform to seize the commanding heights of industrial chain and value chain in the increasingly fierce market competition.

　　Faced with the huge stock of traditional industries, the provinces and cities along the Yangtze River insisted on deepening the structural reform of the supply side. On the one hand, resolutely go to production capacity, the decisive elimination of the elimination, the complete withdrawal of the withdrawal, and the strong man broke his wrist to crack the "chemical encirclement of the river." On the other hand, we will persist in upgrading traditional industries with modern technology and accelerate the "stock change": Hubei has rolled out the "10,000-enterprise trillion-dollar technological transformation project", with an investment of more than 500 billion yuan in industrial technological transformation; In 2018, Guizhou implemented technological transformation for 1,688 industrial enterprises through the "transformation of thousands of enterprises", and made Shangyun enterprises exceed 10,000 through the "integration of all enterprises"; Jiangxi has thoroughly implemented the three-year action plan for technological transformation of industrial enterprises, and strived to increase the investment in technological transformation by 30% in 2019 & hellip; … In 2018, the main business income of industrial enterprises above designated size in the Yangtze River Economic Belt was 46.7 trillion yuan, accounting for 45.7% of the national industry, an increase of 4.1 percentage points compared with 41.6% in 2014.

　　Walking through Zuoling Avenue at the edge of Wuhan Optical Valley, just 8 kilometers, Yangtze River Storage (National Storage Base), Huaxing Optoelectronics, tianma microelectronics and other "new Wuhan-made" are row upon row, and the total investment of emerging industries exceeds 400 billion yuan.

　　Wuhan Optical Valley started from an optical fiber 40 years ago and developed into a national optoelectronic industry base. Only optical fiber occupies 25% of the global market share. Today’s Optics Valley, from network transmission to display, from intelligent terminals to chips, a trillion-dollar industrial cluster with "core screen end network" has taken shape.

　　From "Optical Valley" in Wuhan to "Digital Valley" in Guizhou and "Smart Valley" in Chongqing, from "Huigu" in Wuxi, Jiangsu and "Sound Valley" in Hefei, Anhui to "Power Valley" in Zhuzhou, Hunan, which leads the industry with rail transit equipment, all areas along the Yangtze River insist on innovation-driven and "incremental rise", and new technologies, new formats, new models and new industries are surging, and a number of them are competitive and influential in the country and the world.

　　What is more exciting than the optimization and upgrading of manufacturing structure is that creating an innovative environment and stimulating endogenous power are injecting inexhaustible power into accelerating the transformation of old and new kinetic energy along the Yangtze River.

　　"Elsewhere, parks are built in urban areas, and we are building new cities in parks, changing ‘ Production — City — People ’ The development logic of is ‘ People — City — Production ’ 。” Liu Yang, deputy director of Chengdu Science City Management Committee in Tianfu New District, Sichuan, said that it took only four years for Tianfu New District to develop from a blank sheet of paper to become the core area of innovation and development in Sichuan.

　　Nanjing Jiangbei New District has carried out the pilot reform of "Regional Environmental Assessment+Environmental Standards" in Industrial Technology Research and Innovation Park, put forward the project access standards, and formulated a "negative list" to provide environmental support for building a "city of chips" and a "city of genes". In the first four months of this year, the main business income of integrated circuits and life and health industries in Jiangbei New District increased by 52% and 40.5% respectively.

　　Chongqing Liangjiang New District stipulates that social investment projects that do not involve land and financial subsidy policies only need to be filed and no longer approved; For foreign-invested projects that meet the requirements of industrial layout, the foreign-funded authorities will no longer pre-approve them … … Chongqing Liangjiang New Area Digital Economy Industrial Park, which has been listed for only one year, has attracted investment of 52.9 billion yuan and accepted 3,865 digital economy enterprises.

　　The construction of Shanghai Science and Technology Innovation Center has been launched in an all-round way, and the comprehensive innovation and reform experiments in Anhui, Sichuan and other regions have been further promoted. The pilot reform of Shanghai, Zhejiang, Hubei, Chongqing and Sichuan Pilot Free Trade Zones has accumulated experience & HELIP; … The "Golden Waterway" connects the "Belt and Road", and the reform and innovation and opening up have increased their efforts, anchoring the "innovation drive belt that leads the national transformation and development". The Yangtze River Dragon is taking off with a new attitude. (Reporter He Guanghua, Cheng Yuanzhou, Sun Chao)

China Banking and Insurance Regulatory Commission on printing and distributing financial assets investment companies

Notice of Measures for Capital Management (for Trial Implementation)

Yin Bao Jian Gui [2022] No.12

All banking insurance regulatory bureaus, Industrial and Commercial Bank of China, Agricultural Bank of China, China Bank, China Construction Bank, Bank of Communications, and all financial asset investment companies:

"Measures for Capital Management of Financial Asset Investment Companies (Trial)" has been adopted at the second ministerial meeting in China Banking and Insurance Regulatory Commission in 2022, and is hereby issued to you, please follow it.

China Banking and Insurance Regulatory Commission

June 17, 2022

Measures for capital management of financial asset investment companies (for Trial Implementation)

Chapter I General Principles

the first　In order to strengthen the capital supervision of financial asset investment companies and promote the stable operation of financial asset investment companies, these Measures are formulated in accordance with the Banking Supervision Law of the People’s Republic of China, the Administrative Measures for Financial Asset Investment Companies (Trial) (Order No.4 of the Bank of China Insurance Regulatory Commission in 2018) and other laws and regulations.

the second　These Measures shall apply to groups composed of financial asset investment companies and their subsidiaries.

The term "financial asset investment company" as mentioned in these Measures refers to a non-bank financial institution established within the territory of People’s Republic of China (PRC) with the approval of China Banking and Insurance Regulatory Commission, which is mainly engaged in bank debt-to-equity swap (hereinafter referred to as debt-to-equity swap) and supporting business. The term "affiliated institutions" as mentioned in these Measures refers to institutions that are directly or indirectly held by financial asset investment companies and should be included in the scope of consolidated capital supervision in accordance with the provisions of Section V of Chapter II of these Measures.

Article　A financial asset investment company shall ensure that the capital it holds can withstand the risks it faces, including group risks, individual risks and systemic risks.

Article 4　A financial asset investment company shall continuously meet the regulatory requirements and indicators of capital adequacy as stipulated in these Measures.

Article 5　The term "capital adequacy ratio" as mentioned in these Measures refers to the ratio between capital and risk-weighted assets held by financial asset investment companies that meet the requirements of these Measures.

Tier 1 capital adequacy ratio refers to the ratio between tier 1 capital and risk-weighted assets held by financial asset investment companies that meet the requirements of these Measures.

Core Tier 1 capital adequacy ratio refers to the ratio between core Tier 1 capital and risk-weighted assets held by financial asset investment companies that meet the requirements of these Measures.

Article 6　A financial asset investment company shall calculate the consolidated and non-consolidated capital adequacy ratio in accordance with the provisions of these Measures.

Article 7　The term "net capital" as mentioned in these Measures refers to the capital balance after deduction from all levels of capital held by financial asset investment companies and affiliated institutions that meet the provisions of these Measures.

Article 8　In addition to the above regulatory requirements for capital adequacy ratio, financial asset investment companies should also meet the regulatory requirements for leverage ratio.

The term "leverage ratio" as mentioned in these Measures refers to the ratio between the net Tier 1 capital held by a financial asset investment company and the adjusted balance of assets on the balance sheet and the balance of off-balance sheet items.

Article 9　A financial asset investment company shall establish a comprehensive risk management framework and internal capital adequacy management and evaluation procedures.

Article 10　China Banking and Insurance Regulatory Commission and its dispatched offices shall, in accordance with these Measures, conduct daily supervision and on-site inspection on the capital adequacy and capital management of financial asset investment companies, and may take corresponding supervision measures as appropriate.

Chapter II Capital Supervision Requirements

Section 1 Calculation of Capital Adequacy Ratio and Regulatory Requirements

Article 11　The formula for calculating the capital adequacy ratio of a financial asset investment company is:

Article 12　The total capital of a financial asset investment company includes core tier 1 capital, other tier 1 capital and tier 2 capital. A financial asset investment company shall calculate all levels of capital and deductions in accordance with the provisions of Section II of this chapter.

Article 13　The risk-weighted assets of financial asset investment companies include credit risk-weighted assets, market risk-weighted assets, operational risk-weighted assets and asset management business risk-weighted assets. A financial asset investment company shall separately measure credit risk-weighted assets, market risk-weighted assets, operational risk-weighted assets and asset management business risk-weighted assets in accordance with the provisions of Section III of this chapter.

Article 14　The capital adequacy ratio of financial asset investment companies at all levels shall not be lower than the following requirements:

(1) The core tier-one capital adequacy ratio shall not be less than 5%;

(2) The Tier 1 capital adequacy ratio shall not be less than 6%;

(3) The capital adequacy ratio shall not be less than 8%.

Article 15　Under certain circumstances, a financial asset investment company shall accrue countercyclical capital above the minimum capital requirement. The countercyclical capital requirement is 0-2.5% of risk-weighted assets, which is met by core Tier 1 capital. The countercyclical capital requirement is determined by China Banking and Insurance Regulatory Commission according to the actual situation.

Section 2 Definition of Capital

Article 16　Core Tier 1 capital includes:

(1) Paid-in capital or common stock;

(2) Capital reserve;

(3) Surplus reserve;

(4) General risk preparation;

(5) Undistributed profits;

(6) Other parts that can be included.

Article 17　Other Tier 1 capital includes:

(1) Other Tier 1 capital instruments;

(2) Premium of other Tier 1 capital instruments.

Article 18　Tier 2 capital includes:

(1) Tier 2 capital instruments;

(2) Premium of secondary capital instruments;

(3) Reserve for excess losses.

Financial asset investment companies should use the weight method to measure credit risk-weighted assets, and the excess loss reserve can be included in tier 2 capital, but it shall not exceed 1.25% of credit risk-weighted assets.

A financial asset investment company shall carry out impairment accounting treatment on financial instruments that need impairment accounting treatment in strict accordance with the requirements of accounting standards and confirm the loss reserve. The excess loss reserve mentioned in the preceding paragraph refers to the part of the loss reserve actually withdrawn by a financial asset investment company that exceeds the balance of non-performing assets.

Article 19　When calculating the capital adequacy ratio, a financial asset investment company shall fully deduct the following items from the core Tier 1 capital:

(1) Goodwill;

(2) Other intangible assets (except land use rights);

(3) Net deferred income tax assets caused by operating losses;

(4) The gap of loss provision for credit risk assets.

The gap of loss reserve refers to the part where the loss reserve actually accrued by a financial asset investment company is lower than the balance of non-performing assets.

Article 20　Capital instruments at all levels held by financial asset investment companies and other financial institutions through agreements, or capital investments at all levels identified by China Banking and Insurance Regulatory Commission and its dispatched offices as inflated capital, should be deducted from the corresponding regulatory capital.

Financial asset investment companies directly or indirectly hold capital instruments at all levels issued by the company, which should be deducted from the corresponding regulatory capital. Financial asset investment companies should deduct the capital investment in affiliated institutions from the capital at all levels when calculating the capital adequacy ratio without consolidation.

Corresponding deduction refers to a one-time full deduction from the corresponding capital of the financial asset investment company. If the net capital of a financial asset investment company at a certain level is less than the amount to be deducted, the gap shall be deducted from the net capital at a higher level.

Article 21　The small minority capital investment made by a financial asset investment company to financial institutions that are not included in the scope of capital supervision, which exceeds 30% of the company’s core tier-one net capital, shall be deducted from the supervision capital at all levels.

Small minority capital investment refers to the capital investment (including direct and indirect investment) of a financial asset investment company to all levels of financial institutions, which accounts for less than 10% (excluding) of the paid-in capital (common stock plus common stock premium) of the invested financial institution, and can be excluded from the scope of capital supervision according to the provisions of Section 5 of this chapter.

Article 22　Among the large minority capital investments made by financial asset investment companies to financial institutions that are not included in the scope of capital supervision, the part where the total core tier-one capital investment exceeds 30% of the company’s net core tier-one capital shall be deducted from the company’s core tier-one capital; Other tier-1 capital investments and tier-2 capital investments shall be fully deducted from the corresponding level of capital.

Large minority capital investment refers to the capital investment (including direct and indirect investment) made by a financial asset investment company to all levels of financial institutions, which accounts for more than 10% (inclusive) of the paid-in capital (common stock plus common stock premium) of the invested financial institution, and may not be included in the scope of capital supervision according to the provisions of Section 5 of this chapter.

Article 23　Except for the net deferred income tax assets specified in Article 19 of these Measures, other net deferred income tax assets that depend on the company’s future earnings, which exceed 10% of the company’s net core tier 1 capital, shall be deducted from the core tier 1 capital.

Article 24　According to the provisions of Article 22 and Article 23 of these Measures, the total amount of large minority capital investment in financial institutions and the corresponding net deferred income tax assets not deducted from the core tier 1 capital of a financial asset investment company shall not exceed 35% of the company’s net core tier 1 capital.

Section 3 Measurement of Risk-weighted Assets

Article 25　Financial asset investment companies use the weight method to measure credit risk-weighted assets.

Article 26　When measuring the risk-weighted assets of various on-balance-sheet assets, a financial asset investment company should first deduct the corresponding impairment reserve from the book value of the assets, and then multiply it by the risk weight.

A financial asset investment company shall measure the credit risk-weighted assets of various on-balance-sheet assets in accordance with the provisions of Annex 1 to these Measures.

Article 27　When a financial asset investment company uses the weighting method to measure credit risk-weighted assets, it may consider the risk mitigation effect of the risk mitigation clause in accordance with the provisions in Annex 1 of these Measures, and the calculation method is as follows:

Credit risk weighted assets = (book value of assets-impairment reserve-book value of risk mitigation tools) × risk weight of assets+book value of risk mitigation tools× risk weight of risk mitigation tools.

Article 28　Financial asset investment companies should adopt the standard method to measure the market risk capital requirements.

Article 29　A financial asset investment company shall formulate clear criteria for the division of trading books and bank books, specify the positions of financial instruments included in trading books and the conditions for transfer between trading books and bank books, and ensure the consistency of implementation.

Article 30　The market risk-weighted assets of financial asset investment companies are 12.5 times of the market risk capital requirements, that is, market risk-weighted assets = market risk capital requirements ×12.5.

Article 31　A financial asset investment company shall separately measure the capital requirements of various asset market risks in accordance with the provisions of Annex 2 to these Measures.

Article 32　Financial asset investment companies should adopt the basic index method to measure the operational risk capital requirements.

Article 33　The operational risk-weighted assets of financial asset investment companies are 12.5 times of the operational risk capital requirements, that is, operational risk-weighted assets = operational risk capital requirements ×12.5.

Article 34　A financial asset investment company shall measure the operational risk capital requirements based on the average total income in the last three years.

Total income shall be confirmed in accordance with the provisions of Annex 3 of these Measures, including investment income, net fee and commission income, net interest income, net income from disposal of non-performing assets and other income.

Operational risk capital shall be measured according to the following formula:

Among them:

KBIAIt is the operational risk capital requirement measured by the basic index method;

GI is the positive total income in each of the past three years;

N is the number of years with positive total income in the past three years;

α is 15%.

Article 35　Financial asset investment companies should measure the risk capital requirements of asset management business.

Article 36　The risk-weighted assets of the asset management business of a financial asset investment company are 12.5 times the risk capital requirement of the asset management business, that is, the risk-weighted assets of the asset management business = the risk capital requirement of the asset management business ×12.5.

Article 37　A financial asset investment company shall measure the risk capital requirements of asset management business in accordance with the provisions of Annex 4 of these Measures.

Article 38　A financial asset investment company shall carefully judge the risk situation faced by its asset management business and ensure that the capital can cover the risk of asset management business.

Section 4 Calculation of Leverage Ratio and Regulatory Requirements

Article 39　The formula for calculating the leverage ratio of a financial asset investment company is:

Leverage ratio = net Tier 1 capital/(adjusted balance of on-balance-sheet assets+balance of off-balance-sheet items) ×100%

Article 40　The adjusted balance of on-balance-sheet assets is the balance of on-balance-sheet assets after deducting Tier 1 capital deduction from the total assets in the table.

Article 41　Off-balance sheet items do not include asset management business. The balance of off-balance-sheet items is the risk exposure calculated by the off-balance-sheet business of financial asset investment companies according to the corresponding credit conversion coefficient, and the credit conversion coefficient of various off-balance-sheet items shall be implemented in accordance with Annex 5 of these Measures.

Article 42　The leverage ratio of a financial asset investment company shall not be less than 6%.

Section 5 Calculation Scope of Consolidated Capital Supervision Indicators

Article 43　The calculation scope of consolidated capital supervision indicators shall include financial asset investment companies and institutions that directly or indirectly invest in them in accordance with the provisions of these Measures.

Article 44　A financial asset investment company shall follow the principle of "substance is more important than form", take control as the basis, and take into account the risk correlation, and include the invested institutions that meet one of the following conditions into the consolidated calculation scope:

(1) The investee directly owned by the financial asset investment company or its affiliated institutions, or jointly owned by the financial asset investment company and its affiliated institutions with more than 50% of the voting rights.

(2) An investee whose financial asset investment company has less than 50% of the voting rights, but is under any of the following circumstances:

1. Having more than 50% of the voting rights of the institution through agreements with other investors;

2. According to the articles of association or agreement, have the right to decide the financial and operating policies of the institution;

3. Have the right to appoint or remove most members of the board of directors of the institution or similar authority;

4. Have a majority of voting rights in the board of directors of the institution or similar authority.

When determining the voting right of the invested institution, we should consider the potential voting factors such as the current convertible corporate bonds and current executable warrants held by the financial asset investment company. The potential voting rights that can be realized in the current period shall be included in the voting rights of the financial asset investment company to the invested institution.

(3) There is other evidence that the invested institution is actually controlled by the financial asset investment company.

Control means that the investor has the power over the investee, enjoys variable returns by participating in the related activities of the investee, and has the ability to influence the amount of returns by using the power over the investee.

Article 45　A financial asset investment company does not have the majority voting rights or control rights of the invested institution, and it shall be included in the calculation range of consolidated capital supervision indicators under any of the following circumstances:

(1) Although the asset size of a single institution accounts for a small proportion of the overall asset size of a financial asset investment company, according to the risk correlation, the overall risk of such institutions is enough to have a significant impact on the financial position and risk level of a financial asset investment company;

(2) The harm and loss caused by the compliance risk and reputation risk of the invested institution are sufficient to have a significant impact on the financial asset investment company.

Article 46　The following invested institutions may not be included in the calculation scope of consolidated capital supervision indicators:

(a) closed or declared bankrupt institutions;

(2) Institutions that have entered liquidation procedures due to termination;

(3) Invested institutions that have evidence to prove that they have decided to sell within three years, and the equity capital of financial asset investment companies or affiliated institutions is more than 50%;

(4) A subsidiary non-financial institution that meets any of the following conditions:

1. The proportion of financial assets in total assets is less than 50% (the scope of financial assets shall conform to the relevant provisions of Accounting Standards for Enterprises No.22-Recognition and Measurement of Financial Instruments);

2. The asset-liability ratio is lower than 70%;

3. It is recognized by China Banking and Insurance Regulatory Commission and its agencies that it has no investment and financing function.

The conditions stipulated in this paragraph are mainly judged according to the arithmetic average of the audited year-end financial statements of the affiliated non-financial institution in the last two years. If it is established less than two years, it can be judged according to the audited financial statements from the date of establishment to the latest period.

Article 47　If a financial asset investment company and its affiliated financial institutions provide long-term repayment guarantee to affiliated non-financial institutions, the non-financial institutions shall be included in the scope of capital supervision; If there is no repayment guarantee or the repayment guarantee can be unconditionally revoked, the financial asset investment company shall handle it according to the principle of prudence. Equity investment through structured entities such as asset management plans and funds should be managed according to the penetrating principle.

Article 48　A financial asset investment company shall strengthen the capital management of its subsidiaries, determine the management requirements for the capital adequacy of its subsidiaries at all levels according to its actual situation, and urge the subsidiaries to continuously meet the capital management and supervision requirements.

Article 49　China Banking and Insurance Regulatory Commission and its dispatched offices have the right to determine and adjust the scope of capital supervision according to the changes in equity structure and risk categories of financial asset investment companies and their investment institutions.

Chapter III Internal Capital Adequacy Assessment Procedures

Article 50　A financial asset investment company shall, in accordance with the regulatory requirements, establish a sound risk management framework and a robust internal capital adequacy assessment procedure, clarify the risk governance structure, carefully assess various risks, capital adequacy levels and capital quality, and formulate capital planning and capital management plans to ensure that capital can fully resist the risks it faces and meet the needs of business development.

Article 51　The board of directors of a financial asset investment company bears the primary responsibility for capital management of the company. The board of directors shall perform the following duties:

(1) Set the risk preference and capital adequacy target suitable for the company’s development strategy and external environment, and examine and approve the internal capital adequacy assessment procedures to ensure that the capital fully covers the major risks.

(2) Examining and approving the company’s capital management system, and ensuring that the capital management policies and control measures are effective.

(3) Examining and approving and supervising the implementation of capital planning. Examine and approve the capital management plan at least once a year, review the capital management report and the internal capital adequacy assessment report, and listen to the audit report on the implementation of the capital management and internal capital adequacy assessment procedures.

(4) Examining and approving the policies, procedures and contents of capital information disclosure, and ensuring the truthfulness, accuracy and completeness of the disclosed information.

(five) to ensure that financial asset investment companies have sufficient resources to independently and effectively carry out capital management.

Article 52　When making a capital plan, a financial asset investment company shall comprehensively consider the results of risk assessment, stress test, future capital demand, capital regulatory requirements and capital availability to ensure that the capital level continuously meets the regulatory requirements. Capital planning should set at least a three-year target of internal capital level.

Article 53　A financial asset investment company shall improve its reporting system, regularly monitor and report the changing trend of the company’s capital level and main influencing factors, and the report shall at least include the following contents:

(1) Assessing the impact of major risks and development trends, strategic objectives and external environment on the capital level;

(2) Assessing whether the capital actually held is sufficient to resist major risks;

(3) Put forward suggestions to ensure that capital can fully cover major risks.

According to the different importance and purpose of the report, a financial asset investment company shall specify the sending scope, contents and details of all kinds of reports, and ensure that the reporting information and frequency meet the needs of the capital management of the financial asset investment company.

A financial asset investment company shall submit a report on capital management and internal capital adequacy assessment to China Banking and Insurance Regulatory Commission within four months after the end of the year.

Chapter IV Supervision and Administration

Article 54　China Banking and Insurance Regulatory Commission and its agencies shall supervise and inspect the capital adequacy of financial asset investment companies to ensure that the capital can fully cover all kinds of risks.

Article 55　China Banking and Insurance Regulatory Commission and its dispatched offices have the right to put forward more prudent additional capital requirements according to the daily supervision and on-site inspection to ensure that the capital fully covers risks, including:

(a) according to the function orientation of a single financial asset investment company, the implementation of development strategy, the operation and development of debt-to-equity swap, etc., the additional capital requirements put forward;

(2) According to the judgment of the risk of a specific asset portfolio and its relevance to the main business, the additional capital requirements for a specific asset portfolio are put forward by adjusting the risk weight and other methods;

(3) According to the fact that a single financial asset investment company has not established an internal capital adequacy assessment procedure, or the internal capital adequacy assessment procedure fails to meet the relevant requirements, combined with the assessment results of the risk situation, the additional capital requirements are put forward for the financial asset investment company;

(4) According to the operational risk management level of a single financial asset investment company and the occurrence of operational risk events, the additional capital requirements for operational risk put forward by the financial asset investment company;

(five) according to the results of supervision and inspection, the additional capital requirements for financial asset investment companies.

Article 56　According to the capital adequacy, China Banking and Insurance Regulatory Commission and its agencies will be divided into three categories of financial asset investment companies:

(1) Class I financial asset investment companies: the capital adequacy ratio, tier 1 capital adequacy ratio and core tier 1 capital adequacy ratio all meet the capital requirements at all levels as stipulated in these Measures.

(2) Type II financial asset investment companies: the capital adequacy ratio, tier 1 capital adequacy ratio and core tier 1 capital adequacy ratio are not lower than the minimum capital requirements and countercyclical capital requirements, but any one of them fails to meet the additional capital requirements.

(3) Category III financial asset investment companies: any one of the capital adequacy ratio, tier 1 capital adequacy ratio and core tier 1 capital adequacy ratio fails to meet the minimum capital requirements and countercyclical capital requirements.

Article 57　For the first type of financial asset investment companies, in order to prevent the rapid decline of their capital adequacy level, China Banking and Insurance Regulatory Commission and its dispatched offices may put forward the following regulatory requirements:

(a) to strengthen the analysis and prediction of the reasons for the decline in the level of capital adequacy;

(2) Formulating a feasible capital adequacy management plan;

(3) Improve risk control capability.

Article 58　For the second kind of financial asset investment companies, in addition to the regulatory measures stipulated in Article 57 of these Measures, China Banking and Insurance Regulatory Commission can also take the following regulatory measures according to law according to different situations:

(1) Prudent talks with the board of directors and senior management of the financial asset investment company.

(2) Issuing supervision opinions, including: problems existing in capital management, corrective measures to be taken, and opinions on meeting the standards within a time limit, etc.

(3) Require financial asset investment companies to formulate feasible capital replenishment plans and plans to meet the standards within a time limit.

(4) Increase the frequency of supervision and inspection on the capital adequacy of financial asset investment companies.

(5) Require financial asset investment companies to take risk mitigation measures in specific risk areas.

Article 59　For the third kind of financial asset investment companies, in addition to the regulatory measures stipulated in Articles 57 and 58 of these Measures, China Banking and Insurance Regulatory Commission can also take the following regulatory measures according to law according to different situations:

(1) Restrict financial asset investment companies from distributing dividends and other income. Dividends and other income include: items that can be used for profit distribution, stock repurchase, independent income from other Tier 1 capital instruments and independent payment to employees.

(2) Restrict financial asset investment companies from offering any form of incentives to directors and senior managers.

(3) Restrict financial asset investment companies from making equity investments or repurchasing capital instruments.

(four) to limit the important capital expenditure of financial asset investment companies.

(5) Require financial asset investment companies to control the growth of risky assets.

When dealing with such financial asset investment companies, China Banking and Insurance Regulatory Commission can also take other necessary measures in consideration of external factors.

Article 60　For financial asset investment companies whose leverage ratio is lower than the minimum regulatory requirements, China Banking and Insurance Regulatory Commission can put forward the following regulatory requirements:

(1) Replenishing Tier 1 capital within a limited period;

(2) Controlling the growth rate of assets on and off the balance sheet;

(3) Reduce the scale of off-balance-sheet assets.

Chapter V Information Disclosure

Article 61　A financial asset investment company shall disclose information related to capital adequacy to investors and the public through open channels to ensure the centralization, accessibility and openness of information disclosure.

Article 62　The frequency of information disclosure of financial asset investment companies is divided into temporary, semi-annual and annual disclosures. Among them, temporary information shall be disclosed in a timely manner, and the semi-annual information disclosure time shall be within the last 60 working days and the annual information disclosure time shall be within four months after the end of the fiscal year. If it cannot be disclosed on time due to special reasons, it shall apply to China Banking and Insurance Regulatory Commission and its dispatched offices for delayed disclosure at least 15 working days in advance.

Article 63　A financial asset investment company shall disclose relevant information at the following frequency:

(1) Changes in paid-in capital or common stock and other capital instruments shall be disclosed in a timely manner.

(2) Important information such as net core tier-one capital, net tier-one capital, net capital, core tier-one capital adequacy ratio, tier-one capital adequacy ratio, capital adequacy ratio and leverage ratio shall be disclosed once every six months.

(3) Relevant important information such as the calculation range of capital adequacy related indicators, total credit risk exposure, total non-performing assets, provision for impairment of credit risk assets, risk exposure balance after slow release of credit risk portfolio, market risk, operational risk, asset management business risk and debt-to-equity swap business risk shall be disclosed once a year.

Article 64　With the consent of China Banking and Insurance Regulatory Commission, the content of information disclosure can be appropriately simplified on the basis of meeting the overall requirements of information disclosure.

Chapter VI Supplementary Provisions

Article 65　China Banking and Insurance Regulatory Commission is responsible for the interpretation of these measures.

Article 66　These Measures shall come into force as of the date of issuance.

Attachment: 1. Assets credit risk weight in the balance sheet and risk mitigation tools for qualified equity investment.

　　　2. Measurement rules of market risk standard method

　　　3. Measurement rules of basic index method of operational risk

　　　4. Risk capital measurement rules for asset management business

　　　5. Credit conversion coefficient of off-balance sheet items

(The above attachment is omitted, please visit the website of China Banking and Insurance Regulatory Commission for details.)

　　CCTV News:according toChina Federation of Logistics and Purchasing website news,The China warehousing index jointly investigated by China Federation of Logistics and Purchasing and China Storage Development Co., Ltd. was 53.5% in September, 2023, up 1.5 percentage points from last month, and remained in the expansion range for eight consecutive months. The increase this month was obvious and reached the high point in the last five months, indicating that the warehousing industry maintained a relatively rapid development level. New orders, business volume, facility utilization rate, business profit, ending inventory, business activity expectation and other indexes have all rebounded, indicating that the demand for warehousing business has increased well, the profitability of enterprises has improved, the enthusiasm for replenishing warehouses has increased, and the expectations for the future are more optimistic. Specifically, this month’s index has the following characteristics:

　　Business demand grew well and the utilization rate of facilities improved significantly.In September, the business volume index was 56.2%, up 3.7 percentage points from the previous month, reaching a high point in the past five months; The new order index was 55.2%, up 1.5 percentage points from last month; The facility utilization index was 56.2%, up 5.3 percentage points from last month, reaching a high point in the past seven months. The three indexes reflecting the business demand are all at a high level in the expansion range, indicating that the warehousing market is running well and the business demand is showing an obvious growth trend. In terms of varieties, affected by the approaching Mid-Autumn Festival and National Day holiday, residents’ willingness to shop has increased, and the business volume of consumer goods and the utilization rate of facilities have greatly improved, especially food, clothing, textiles and daily necessities. Due to the arrival of the peak construction season for bulk commodities, the business volume of steel, building materials, machinery and equipment has also picked up significantly compared with the previous period.

　　Business profits rebounded and business conditions improved.In September, the charge price index was 50.6%, although it dropped by 0.6 percentage point from last month, but it was still in the expansion range, indicating that the charge price of warehousing business continued to increase slightly; The business profit index was 51.9%, up 2.2 percentage points from last month, and returned to the expansion range, indicating that the growth of business demand and charging price has strengthened the supporting role of profits, and the business situation of enterprises has improved to some extent.

　　Turnover remained efficient and inventory levels rebounded.In September, the average inventory turnover index was 53.8%, which was 0.5 percentage points lower than that of last month, but it still maintained a high level of prosperity in the expansion zone, indicating that the commodity turnover efficiency continued to improve and the upstream and downstream of the supply chain were smoothly connected. The ending inventory index was 54.2%, up 3.9 percentage points from the previous month, indicating that the commodity inventory level increased significantly. The holiday season is approaching, which stimulates the rapid growth of consumer demand, and the commodity market is also picking up during the peak season. The enthusiasm of enterprises for stocking has been greatly improved, and the overall inventory has been significantly improved compared with the previous low level.

　　Judging from the quarterly average value of the warehousing index, the overall trend in the first three quarters was on the rise, with the average value reaching 52.6% in the third quarter, and the recovery rate at the end of the quarter was accelerated, and the industry continued to develop well. In the fourth quarter, as the economy maintained a stable recovery trend, both supply and demand rebounded, and the effects of various policies were further manifested. In addition, the warehousing industry is expected to continue to maintain a good development trend.

　　Reform and opening up is the most distinctive feature of contemporary China and the most distinctive banner of the Communist Party of China (CPC) in the new historical period. Since the 18th National Congress of the Communist Party of China, under the strong leadership of the CPC Central Committee with the Supreme Leader as the core, the overall goal of comprehensively deepening reform has been set, and the reform has changed from partial exploration and breaking through the ice to systematic integration and comprehensive deepening, thus creating a new situation for China’s reform and opening up.

　　Deepen reform in an all-round way and stimulate vitality

　　Since the 18th National Congress of the Communist Party of China, China has faced a complicated and severe situation in promoting reform and opening up, but the pace of comprehensively deepening reform is firm.

　　Internationally, the international environment facing China is generally favorable, but positive and negative factors are intertwined. Domestically, the economy is changing from medium-high-speed growth to high-quality growth, and the development faces new tasks of power transformation, mode transformation and structural adjustment. Some deep-seated institutional and institutional problems and barriers to solidification of interests are increasingly emerging, and the reform has entered a critical period and deep-water areas.

　　Hit the water in the middle stream, and those who are eager to advance; When people get halfway up the mountain, only the brave win. The reform has made full efforts and made many breakthroughs, and it has been comprehensively promoted and accumulated.

　　Focusing on further liberating and developing social productive forces, liberating and enhancing social vitality, China’s "streamline administration, delegate power, strengthen regulation and improve services" reform has been further promoted, reforms in key areas have been accelerated, an international business environment based on marketization and rule of law has been accelerated, and the endogenous power of the market has been optimized and improved.

　　— — Stimulate the vitality of market players and achieve new results in reform.

　　The potential of micro-subjects is further released. In November 2018, a private enterprise symposium was held in Beijing, and a series of policy measures were put forward to support the development and growth of the private economy, which created a better development environment for the private economy.

　　By the end of 2021, there were 154 million registered market entities in China, including 48.42 million enterprises and 103 million individual industrial and commercial households, with private enterprises and small and medium-sized enterprises accounting for over 90%. The rapid growth of newly established market players has played an important role in promoting high-quality economic development and stabilizing employment. At the same time, the burden of market players was reduced by more than 2.6 trillion yuan in the whole year, and the new tax reduction and fee reduction exceeded 1 trillion yuan. The balance of small and micro loans in the country increased by 27.3% year-on-year, which played a huge role in "staying green and winning the future".

　　— — Press the "fast forward button" in the reform of state-owned enterprises.

　　In June 2020, the 14th meeting of the Central Committee for Comprehensively Deepening Reform deliberated and adopted the Three-year Action Plan for State-owned Enterprise Reform (2020— 2022), which is a programmatic document for deepening the reform of state-owned enterprises in China in the new stage of development.

　　In 2021, with a series of major strategic reorganization and professional integration, such as China Star Network, China Logistics and China Rare Earth Group, the state-owned economy will further move towards strategic emerging industries. The reform of mixed ownership of state-owned enterprises continued to deepen. In 2021, central enterprises implemented more than 890 mixed ownership reforms and introduced more than 380 billion yuan of social capital. The three-year reform of state-owned enterprises has achieved 70% of the target tasks.

　　— — New steps have been taken in building a high-standard market system.

　　Market system is the carrier of market economy. Since the 18th National Congress of the Communist Party of China, the CPC Central Committee has attached great importance to the construction of a high-standard market system, and the decisive role of the market in resource allocation has been increasingly enhanced.

　　In February 2021, with the release of the Action Plan for Building a High-standard Market System, another powerful measure to speed up the improvement of the socialist market economic system began to be implemented. At the end of the same year, the Central Committee comprehensively deepened the 23rd meeting of the Reform Commission, deliberated and adopted the Opinions on Accelerating the Construction of a National Unified Market, and pointed out that to build a new development pattern, it is urgent to speed up the construction of an efficient, standardized, fair competition and fully open national unified market, establish a national unified market system and rules, and promote the smooth flow of commodity elements and resources in a wider range.

　　With the great progress in the construction of the market system, the market scale and volume are constantly increasing, the market structure is continuously optimized, and the market development environment is continuously improved, and the external attraction of the domestic market is obviously enhanced.

　　Implement a more proactive opening-up strategy

　　In September, 2021, China International Fair for Trade in Services, Beijing, in the first digital service area, virtual reality glasses, unmanned vehicles and drones showed a picture of future digital life … … In this year, China’s supply-side structural reform has achieved new results, and the trend of industrial structure upgrading is more obvious. The high-tech manufacturing industry and equipment industry have developed rapidly, and new products, new formats and new models have emerged in the fields of sharing economy and digital economy, which has become the latest footnote for building a new development pattern.

　　General Secretary of the Supreme Leader pointed out that opening to the outside world is China’s basic national policy; Taking the domestic macro-cycle as the main body is by no means a closed operation behind closed doors, but by exerting the potential of domestic demand, the domestic market and the international market can be better connected, and the international and domestic markets and resources can be better utilized to achieve stronger and sustainable development.

　　Accelerate the promotion of better connectivity between the domestic market and the international market. In 2013, China became the world’s largest commodity trading country, with the total import and export volume reaching 4.16 trillion US dollars. In 2021, China’s import and export scale reached 6.05 trillion US dollars, a record high. Meanwhile, the trade structure continued to improve. In 2021, the import and export volume of general trade accounted for 61.6% of the total import and export volume, and the export volume of mechanical and electrical products accounted for 59.0% of the total export volume. Structural optimization enhanced the stamina of foreign trade; The import and export volume of cross-border e-commerce reached 1.98 trillion yuan, an increase of 15.0% over the previous year, and the number of overseas warehouses exceeded 2,000. The new model has become an important support for foreign trade development.

　　Actively expand imports, release the potential of domestic demand, and make a strong domestic market the main engine of its own development and the accelerator of common development. In 2018, the first China International Import Expo was held in Shanghai, which was the first national-level exhibition with the theme of import in the world. In 2021, the 4th China International Import Expo(CIIE) held an unprecedented grand occasion. More than 2,900 enterprises from 127 countries and regions participated in the exhibition, and China International Import Expo(CIIE) became a "demonstration window" to build a new development pattern.

　　Promote the joint construction of the "Belt and Road" and make new progress. In recent years, more than 200 cooperation documents have been signed with 147 countries and 32 international organizations to jointly build the "Belt and Road". Over the years, China-Europe trains have broken through 50,000 trains and transported more than 4.55 million TEUs. Building the "Belt and Road" has become a popular platform for international public goods and international cooperation in the world today.

　　The construction of Pilot Free Trade Zone and Hainan Free Trade Port promotes institutional opening. On September 29, 2013, China (Shanghai) Pilot Free Trade Zone was put into operation, and a national experiment to explore new ways and accumulate new experiences for comprehensively deepening reform and opening up set sail here. At present, China has set up 21 pilot free trade zones in batches, covering the east, west, north and south, and gradually growing into an important pole to stimulate China’s economic growth.

　　… …

　　Opening up will not stop, and reform will not stop. The CPC Central Committee with the Supreme Leader as the core made a scientific judgment on the economic situation, made timely adjustments to the development concepts and ideas, and guided the steady and healthy development of China’s economy and society. The open China injected strong kinetic energy and warmth into the recovery of the world economy.

　　Focus on establishing a basic institutional framework in various fields.

　　Since the 18th National Congress of the Communist Party of China, under the guidance of Socialism with Chinese characteristics Thought of the Supreme Leader in the New Era, Socialism with Chinese characteristics’s market economy system has been continuously improved. The basic institutional framework in various fields has been basically established, and many fields have achieved historic changes, systematic remodeling and overall reconstruction.

　　Through the comprehensive deepening of reform and opening up, we have formed a strong domestic economic cycle system and a solid basic disk, and continuously increased the attractiveness of global factor resources, competitiveness in fierce international competition, and driving force in global resource allocation.

　　In 2022, the General Office of the State Council issued the "Overall Plan for Comprehensive Reform of Factor Marketization Allocation" to promote the further development of factor marketization allocation reform. We will carry out pilot projects for comprehensive reform of market-oriented allocation of factors, strive to break down institutional and institutional obstacles that hinder the independent and orderly flow of factors, and comprehensively improve the efficiency of coordinated allocation of factors. According to the plan, by 2025, the pilot tasks will be basically completed, and the market-oriented allocation reform of factors will achieve landmark results, making an important demonstration for improving the national factor market system.

　　The Guiding Opinions on Accelerating the Construction of a Unified National Electricity Market System was published in February this year, which started a new round of power system reform. According to the Guiding Opinions, by 2030, the national unified power market system will be basically completed, and the sharing and mutual assistance of power resources and optimal allocation will be promoted on a larger scale throughout the country, laying the foundation for economic development.

　　The new open economic system at a higher level has reached a new level. We are accelerating the construction of new international economic and trade relations, promoting coordination and cooperation among major powers, deepening economic and trade relations with neighboring countries, strengthening solidarity and cooperation with developing countries, expanding mutual benefit and win-win results, and actively creating a good external environment.

　　The negative list of foreign investment access in the 2021 edition of the National Pilot Free Trade Zone was further reduced. After the implementation in early 2022, the manufacturing items on the negative list of the Pilot Free Trade Zone were cleared.

　　On January 1, 2022, the Regional Comprehensive Economic Partnership Agreement (RCEP) came into effect. Building a new open economic system at a higher level ushered in a new opportunity. The RCEP origin accumulation rule will strongly promote the minimization of production costs and the optimization of trade efficiency in the region, which is conducive to strengthening the cooperation of industrial chain and supply chain in the region. At the same time, it will enhance the mutual investment growth among member States.

　　Up to now, China has signed 19 free trade agreements with 26 countries and regions, with free trade partners covering Asia, Oceania, Latin America, Europe and Africa. The trade volume between China and its free trade partners accounts for about 35% of the total foreign trade.

　　Facing the future, the closer we get to national rejuvenation, the more full of risks and challenges. However, we firmly believe that with the strong leadership of the Communist Party of China (CPC) and the United struggle of hundreds of millions of people, there will be overwhelming power. "Today, the Chinese nation is showing the world a thriving atmosphere and is moving towards a great rejuvenation at an unstoppable pace." The sonorous words of the General Secretary of the Supreme Leader show firm confidence and winning strength. (Economic Daily reporter Feng Qiyu)

　　synopsis

　　Socialist core values are the concentrated expression of contemporary China spirit, which embodies the common value pursuit of all China people and is a powerful force to unite people’s hearts and gather people’s strength. In the new era, the construction of socialist core values has been further promoted and achieved remarkable results. We should adhere to the guidance of Socialism with Chinese characteristics Thought of the Supreme Leader in the New Era, thoroughly study and implement the cultural thought of the Supreme Leader, focus on cultivating and practicing socialist core values, and better inspire China’s strength with the spirit of China.

　　Core values are an important stabilizer of a country. Whether we can build core values with strong appeal is related to social harmony and stability and the long-term stability of the country. General Secretary of the Supreme Leader made important instructions on propaganda and ideological and cultural work, emphasizing "focusing on cultivating and practicing socialist core values". Cultivating and practicing the socialist core values is the basic project to gather the spirit and strengthen the foundation. Since the 18th National Congress of the Communist Party of China, the CPC Central Committee with the Supreme Leader as the core has attached great importance to ideological work and incorporated upholding the socialist core value system into the basic strategy of upholding and developing Socialism with Chinese characteristics in the new era. In the new era and new journey, propaganda and ideological and cultural work is facing new situations and new tasks. We should adhere to the guidance of the Supreme Leader’s Socialism with Chinese characteristics Thought in the new era, thoroughly study and implement the cultural thought of the Supreme Leader, focus on cultivating and practicing socialist core values, further promote the construction of socialist spiritual civilization, and gather the majestic strength of unity and struggle for the great rejuvenation of the Chinese nation.

　　Cultivating and practicing the socialist core values is the basic project to gather the spirit and strengthen the foundation.

　　The socialist core values are the concentrated expression of contemporary China spirit, which embodies the common value pursuit of all China people. Cultivating and practicing the socialist core values is an important task to uphold and develop Socialism with Chinese characteristics in the new era, and it is also an inevitable requirement to unite social consensus and enhance people’s spiritual strength. It is necessary to cultivate and practice the socialist core values, so that all the people can closely unite in ideals, beliefs, values and moral concepts, and constantly consolidate and develop the common ideological foundation for the United struggle of all the people.

　　An important way to unite social consensus. General Secretary of the Supreme Leader pointed out: "There are various values and orientations in any society. To unite the will and strength of the whole society, we must have a set of core values that are compatible with the economic foundation and political system and can form a broad social consensus." People’s heart is the biggest politics, and consensus is the driving force for forging ahead. Human society is in a period of great development, great change and great adjustment. All kinds of ideas and cultures around the world are stirring with each other, and our social ideas and concepts have undergone profound changes. Cultivating and practicing socialist core values and adhering to the guidance of socialist core values are conducive to correctly handling the relationship between main melody melody and diversity, consistency and diversity, effectively integrating social consciousness, striving for the greatest common denominator, drawing the greatest concentric circle, mobilizing all positive factors to the maximum extent, uniting all those who can unite, and maximizing the consensus and joint efforts of the whole society.

　　The inherent requirement of strengthening people’s spiritual strength. General Secretary of the Supreme Leader pointed out: "Socialist core values and Chinese excellent traditional culture are powerful forces to unite people’s hearts and gather people’s strength." To realize the great rejuvenation of the Chinese nation requires not only strong material strength, but also strong spiritual strength. Socialist core values are formed in the great practice of leading hundreds of millions of people to struggle for a long time. They have profound historical background and solid realistic foundation, profound nationality, distinctive times, inherent advancement and extensive inclusiveness. Cultivating and practicing the socialist core values will help us hold high the banner of ideals and beliefs, carry forward the national spirit and the spirit of the times, improve the ideological realm of the people, enrich the spiritual world of the people, unite the national will with common ideals and beliefs, and inspire China’s strength with the spirit of China.

　　An important support for maintaining the independence of national spirit. General Secretary of the Supreme Leader pointed out: "Cultivating and carrying forward the socialist core values and enhancing Socialism with Chinese characteristics’s road confidence, theoretical confidence, institutional confidence and cultural confidence are important supports for maintaining the independence of the national spirit." Core values are the spiritual ties that a nation depends on and carry the spiritual pursuit of a country and a nation. Only by standing up and standing firmly in spirit can a nation stand firm in the tide of history. In today’s world, exchanges and exchanges between different civilizations are more frequent. We must speed up the construction of a value system that fully reflects China’s characteristics, national characteristics and characteristics of the times, and strive to seize the commanding heights of the value system. Cultivating and practicing the socialist core values is conducive to strengthening our faith and confidence in our own value pursuit, consolidating cultural subjectivity, constantly strengthening the "four self-confidences" and standing among the nations of the world with a high degree of national pride and self-confidence.

　　Significant achievements have been made in cultivating and practicing socialist core values in the new era.

　　Thought is the forerunner of action, and theory is the guide of practice. General Secretary of the Supreme Leader pointed out: "It is necessary to strengthen the construction of the socialist core value system, actively cultivate and practice the socialist core values, comprehensively improve the moral quality of citizens, and cultivate a good fashion of knowing honor and disgrace, stressing righteousness, making contributions and promoting harmony." A series of important expositions by the Supreme Leader General Secretary provide a scientific action guide for cultivating and practicing socialist core values. Under the scientific guidance of the Supreme Leader’s Socialism with Chinese characteristics Thought in the new era, the construction of China’s socialist core values has been further promoted and achieved remarkable results.

　　The CPC Central Committee with the Supreme Leader as the core has taken a series of major measures to cultivate and practice the socialist core values. Give full play to the policy-oriented role, and successively formulate and issue a series of guiding policy documents such as Opinions on Cultivating and Practicing Socialist Core Values and Guiding Opinions on Further Integrating Socialist Core Values into the Construction of the Rule of Law. The socialist core values run through the daily situation propaganda, achievement propaganda, theme propaganda, typical propaganda, hot spot guidance and public opinion supervision, and run through the cultural activities and literary works that the people love, and actively promote the online promotion of socialist core values. Insist on cultivating people with socialist core values, promote socialist core values into textbooks, classrooms and minds, and strive to cultivate new people of the times who are responsible for national rejuvenation. Promote the integration of socialist core values into various spiritual civilization creation activities, and strive to draw rich nutrition from Chinese excellent traditional culture, so as to better cultivate the spiritual world of contemporary Chinese. Closely link the promotion of socialist core values with people’s daily lives, make efforts to implement them in detail, and strive to transform socialist core values into people’s emotional identity and behavior habits. We will continue to strengthen institutional guarantees, improve the codes of conduct such as citizens’ conventions, village rules and regulations, and student codes, integrate socialist core values into the rule of law, and promote the normalization and long-term promotion of cultivating and practicing socialist core values.

　　From advocacy to practice, from concept to action, the core values of socialism have been widely promoted, and the people’s ideological consciousness, moral standards and civilized accomplishment have been significantly improved. In the process of cultivating and practicing socialist core values, the exemplary role of advanced models has been fully exerted, the activities of mass spiritual civilization have been deepened, the construction of social morality, professional ethics, family virtues and personal morality has achieved fruitful results, the soft power of national culture and the influence of Chinese culture have been significantly improved, and the socialist core values have been internalized, externalized and educated to the public, giving full play to the important role of rallying social consensus and enhancing people’s spiritual strength. By cultivating and practicing the socialist core values, and constantly strengthening the spiritual calcium of the Chinese nation and the soul of rejuvenating the country in contemporary China, the "four self-confidences" of the whole party and people of all ethnic groups have been significantly enhanced and their mental outlook has become more energetic.

　　Give further play to the leading role of socialist core values

　　In the new era and new journey, there must be new weather and new actions. To build a socialist modern country in an all-round way and promote the great rejuvenation of the Chinese nation in an all-round way, we need to further play the leading role of socialist core values and let the people of all ethnic groups in the country think in one place and work hard in one place. We should adhere to the guidance of Socialism with Chinese characteristics Thought of the Supreme Leader in the new era, thoroughly study and implement the cultural thought of the Supreme Leader, focus on cultivating and practicing socialist core values, and gather stronger spiritual strength for the great rejuvenation of the Chinese nation.

　　Promote the normalization and institutionalization of ideal and belief education and build a common ideological foundation for the United struggle of people of all ethnic groups throughout the country. Vigorously carry forward the spiritual pedigree of the Communist Party of China (CPC) people with the great spirit of party building as the source, carry out publicity and education on the history of the Party, the history of New China, the history of reform and opening up, the history of socialist development and the history of the development of the Chinese nation, deepen the education of patriotism, collectivism and socialism, guide people to strengthen the "four self-confidences", and enhance their confidence and determination to stick to their common ideals and realize their common dreams. Strengthen the protection and utilization of red sites, revolutionary cultural relics and memorial facilities, make good use of communist party Historical Exhibition Hall and patriotism education base, and play the role of red tourism education. Make good use of the "fresh values" of advanced models, persistently publicize the revolutionary heroes, the model of the times, the moral model, the most beautiful figures, etc., and publicize the typical figures from all walks of life who study hard and dedicate themselves, and carry forward the power of example.

　　Grasp the key groups of young people and cultivate new people of the times who can shoulder the heavy responsibility of national rejuvenation. Guided by socialist core values, we should cultivate talents who can shoulder the heavy responsibility of the times, run socialist core values through basic education, higher education, vocational education and continuing education, innovate working methods, promote the integration of ideological and political education in universities, primary and secondary schools, and guide young people to buckle their first buttons and take the first step in life. Adhere to moral education and moral education as the first priority, cultivate innovative consciousness, encourage young people to be brave in hardships and dangers, unite and struggle, shoulder the heavy responsibility of the times to realize the great rejuvenation of the Chinese nation, and ensure that the party’s cause and the construction of a socialist modernization power will be followed by others.

　　Adhere to the rule of virtue and law, and integrate socialist core values into the whole process of rule of law construction and social governance. Constantly improve the legal and policy system to carry forward the socialist core values, improve the people’s awareness of the rule of law and moral consciousness, integrate the mandatory provisions of laws and regulations with the internal spirit of the socialist core values, and cultivate people’s legal beliefs and concepts of the rule of law. Strengthen the supporting role of morality in the rule of law, implement the civic morality construction project, lead the construction of social morality, professional ethics, family virtues and personal morality with socialist core values, improve the long-term mechanism of honesty construction, and create a social trend of advocating morality and doing good.

　　Promote the construction of socialist spiritual civilization and make socialist core values become people’s emotional identity and behavior habits. Insist on breaking and breaking at the same time, be guided by trees and establish rules, and resolutely resist, confuse and clarify the words and deeds of advocating money worship, hedonism and extreme individualism, and the phenomena of breaking through the bottom line of value, subverting moral cognition and violating public order and good customs. Adhere to the people as the center, optimize the selection and commendation activities of civilized cities, civilized villages and towns, civilized units, civilized families and civilized campuses, and improve the effectiveness of work. Innovate ways and means of spiritual civilization construction, enrich people’s spiritual and cultural life, and constantly satisfy people’s yearning for a better life. Integrating the socialist core values into all aspects of social development and social life has become people’s emotional identity and behavior habits. Let the socialist core values be as ubiquitous and ubiquitous as the air, become the common value pursuit of all the people, and become the code of conduct that the people use every day without knowing it.

　　(Written by: Xu Zhong Wang Qingjie)

Held in the Great Hall of the People today

China Prize for Journalism, Yangtze River Taofen Award

At the awards presentation

From People’s Navy Newspaper and Workers’ Daily

People’s Daily, Xinhua News Agency, Central Radio and Television Station

Representatives of Zhejiang Radio and Television Group and Harbin Daily

Speak successively

Let’s take a look together

What did they say?

　　Cai Nianchi, newspaper office of People’s Navy

　　How great the times are, how touching the stories are.

　　Good story, always on the scene. How shocking the scene is, how touching the story is.

　　The scene gave me rich nourishment. It was Wan Li, a thousand miles away, who walked into the military camps in Haijiang, which made me practice my eyesight. It is not afraid, more than 50 times near the major training site, so that I have strengthened my mental and written skills.

　　On the new journey, as a military journalist and a veteran of the news front, I will go to the most remote corner to pick the most fragrant flowers and report the latest achievements of Chinese modernization.

　　I want to go further to the ocean, chase higher waves and feel the surging passion of the stormtroopers with my body! With the most beautiful stories, pay tribute to the people who have accelerated the construction of a world-class army and show the new achievements of achieving the goal of building the army for a hundred years as scheduled.

　　The story is the epitome of the times. How great the times are, how touching the story is.

　　The story of China in the new era will surely be more exciting and moving. I will still be the one who is always ready to write stories.

　　Lan Haiyan, domestic news department of Workers Daily

　　Take his heart as my heart

　　During the two sessions of the National People’s Congress in 2010, the reporter and I interviewed more than 20 NPC deputies from the production line. While telling their stories of hard work and dedication, they also reported their expectations for a better wage level.

　　In the report, the detail that "a bus driver wore socks with holes to attend the two sessions" caused concern. Many deputies called for increasing the income of ordinary workers and establishing the universal value of respecting labor. This makes me realize that it is the responsibility of journalists to pay attention to the urgent difficulties and worries of ordinary employees.

　　Taking others as my heart and paying attention to the concerns of employees are the direction of our report.

　　Don’t regret dedicating news, life begins at sixty. Journalism is a career worth loving all my life. I will take this award as a starting point, shoulder the responsibility, hang the workers in my heart, continue to work together with my colleagues, and pass on the care and warmth of the party to my friends.

　　People’s Daily Review Department Guicong Road

　　Let grand narrative connect with individual feelings

　　How to make the party’s voice spread wider, wider and deeper, and give better play to its guiding, banner and leading role in public opinion?

　　Through Ren Zhongping’s writing, we really realize that the key is to make efforts to deepen the internalization and transformation of the propaganda and interpretation of Socialism with Chinese characteristics Thought in the new era of the supreme leader. First, focus on "deepening" and consolidate the ideological foundation. The second is to adhere to "internalization" and build a good value coordinate. The third is to promote "transformation" and play the strong voice of the times.

　　We strengthen the audience’s awareness, let the grand narrative connect with individual feelings, show the changes around the masses, use more expressions that the masses can understand, want to see and remember, bring emotional increment and ideological enlightenment to readers, promote layered and differentiated communication, and explore and innovate the "1+N" communication mode.

　　Close the distance between great changes and daily life, close to the hearts of hundreds of millions of people, let comments approach the broad audience, and let the party’s policy propositions be deeply rooted in the hearts of the people.

　　Thirty years, a book. It has been 30 years since Ren Zhongping was born in 1993, and the Party’s innovative theory has always been the root of argument and context. Theoretical study never stops, and writing good comments is always on the road. We will continue to work hard to show the new achievements of the party newspaper in the new journey.

　　Rao Liwen, editor-in-chief of Xinhua News Agency

　　The majestic power of writing thoughts

　　A year ago, the special plan "Creative Micro-politics Film | Light of Truth" was produced to welcome the 20 th National Congress. This short film takes "light" as the core image and gives an intuitive and vivid visual interpretation of the Supreme Leader’s Socialism with Chinese characteristics Thought in the new era, with more than 450 million views on the whole network.

　　I think there are three main reasons why this communication effect has been achieved.

　　First, abstract ideas are concretized, and artistic presentation is the crowning touch of media innovation. Comparing ideas with light can make the audience have a visual effect of "seeing light as seeing ideas".

　　Second, details reflect the temperature of truth, and telling good stories is the source of life for theme propaganda.

　　Third, the new technology carries high ideas, and the depth of thought is the foundation of the strength of news products.

　　Only by persisting in strengthening the study, comprehension, research and interpretation of Socialism with Chinese characteristics Thought of the Supreme Leader in the new era, especially the cultural thought of the Supreme Leader, and consciously implementing it in all aspects and the whole process of propaganda and ideological and cultural work, can we produce more good works that record, write and eulogize the new era.

　　Yan Dong, Social Education Program Center of Central Radio and Television General Station

　　Take the lens as a pen and light and shadow as ink.

　　The TV feature film "Pilot" won the first prize of the 33rd China News Award. Looking back on the creative road of Pilotage, I think it can be summarized by three words.

　　The first "essence" is careful planning. The second "essence" is exquisite production. The third "essence" is accurate communication.

　　Facing the new situation and new tasks, propaganda and ideological and cultural work must have a new atmosphere and new achievements. At the important time of the development of the party and the country, it is the mission and responsibility of journalists to do a good job in propaganda and ideological and cultural work in the new era with the lens as the pen and the light and shadow as the ink.

　　"Pilot" is a well-planned exploration, an innovation of exquisite production, and a representative of accurate communication. Its success makes our radio and television journalists full of confidence in their mission on this new journey full of glory and dreams!

　　Zhejiang Radio & TV Group Rong Media News Center Yang Chuanyuan

　　Let the reform report have sharpness and temperature.

　　When receiving the task of squatting, Zhejiang is in the crucial period of accelerating the landing of digital applications. "Penetration" and "tearing down the wall" have become hot words for a while, but many grass-roots units also have some fear of difficulties, and it is urgent to reach a consensus and form a joint force.

　　When I got a big stack of charts and faced with a lot of abstract nouns, I felt that this was a hot potato. In order to make the report of reform sharper and more temperature-sensitive, we must take the word "change" as the first step and start from ourselves.

　　Change the perspective, enlarge the details and reduce the "granularity" of reform. Let the digital reform respond to social concerns, check the problem blocking points, and the urgency and necessity of source governance jump to the fore.

　　Change the method and generate a "right seat" reform resonance. Reformers are never just one person, we focus on sketching the group image of reformers. Reform is around, and the group image is you and me. If we find resonance, we can send the "tickets" of "corresponding seats" to the hearts of the audience.

　　Change the pattern and "run" to be valuable. Let cold numbers become warm services, and simple phenomena sublimate into common values.

　　As provincial-level all-media reporters in the new era, we can only hear the voice of the times, the call of reform and the belief of development if we put our roots in the grassroots.

　　Harbin daily newspaper Xin media studio Niu Yuqi

　　Recording warm fire refracts dazzling light.

　　This year’s Journalists’ Day, China Journalists’ Association launched a reporter’s song "My Name". The song sings: "You ask me why I stand here, with the mud on my soles, the frost on my shoulders and the pen in my hand;" You ask me, why don’t you stop, to pursue truth, record the times, and watch justice. " This song is loved by journalists and sings our hearts.

　　"How to be a good reporter in the all-media era?" This question has kept me thinking and exploring.

　　In August this year, the typhoon struck Heilongjiang, and I went to the front line of flood control for the first time for an interview, which gave me a new understanding of this issue. Typhoon brought heavy rain and floods, and many people’s homes were soaked in water, making life difficult.

　　Boarding the levee to stop the flood, I saw a soldier of the People’s Liberation Army, ordinary cadres, masses and volunteers who fought selflessly … … Before I went to the front line to fight floods, some news predecessors specially told me that it is the role of news to give people strength in the face of difficulties and make people rational in the face of joy.

　　Correct public opinion orientation is the "ballast stone" of mainstream media in the all-media era. After coming back from the flood fighting, I understand that every reporter is a crystal that constitutes this "ballast stone". As a journalist, only by taking root at the grassroots level can we gather strength; Only by recording the warm fire can we reflect the dazzling light.

　　"I can’t do it, teacher. I retracted it several times when I jumped off the building." On October 30th, a 10-year-old boy named Jun Jun (pseudonym) from a class in Grade Five of Chengdu Normal Primary School in Sichuan Province left this last word in a Chinese textbook and jumped from a 30-story building. Before the incident, the Chinese teacher criticized him for not obeying the discipline of the venue. This tragedy brought pain to everyone. Yesterday morning, the Chinese teacher fainted after seeing the child’s body. "

　　Delayed waiting for the child not to come home

　　On October 30th, a 10-year-old boy from a class of Grade 5 in Chengdu Normal Primary School in Sichuan jumped from a 30-storey building. The crying of the military father and the introduction of the incident by the school roughly outline the process of the incident.

　　At noon on October 30th, the school held a recitation contest in the amphitheatre. When the class of Junjun was watching the competition of other classes, Junjun and several other students didn’t abide by the discipline of the venue. After the competition, the students returned to their classes for normal classes. After school at 4: 40 p.m., Mr. Chen, the class teacher, sent several unruly children to the office to educate them and asked them to go home and reflect in writing. At about 5: 20 pm, the teacher sent these children to the stairs, and the army left school with these students. Then the class teacher got in touch with the parents of the army.

　　The teacher called Ms. Wen, the stepmother of the army. According to Mr. Li, the father of the army, the teacher said that the army did not abide by discipline, hoping to talk to parents about the children and also mentioned that the children should write the examination. But parents didn’t wait for the army. After parents couldn’t wait for their children, they went downstairs and found a man lying in a pool of blood, which was the army.

　　The teacher once asked the writing to be checked.

　　"If only I had gone home, this wouldn’t have happened." Mr. Li, the father of Junjun, couldn’t help crying on the phone. He told the reporter of Beiqing Daily that his home was on the fifth floor, but the army took the elevator directly to the 30th floor. "I can’t do it, teacher. I retracted it several times when I jumped off the building." This last word written in the Chinese textbook may reflect the child’s inner struggle and fear.

　　"The teacher has admitted that he said that he would write a 1,000-word examination," Mr. Li said. The Chinese teacher asked the children to write a 1,000-word examination or made them stand for an hour. There is another unconfirmed statement that the teacher once said that he would "jump off the building if he could not write 1,000 words".

　　In addition to introducing the incident, the school also said, "We are very sad to get the news that the army fell to the building and died. All the teachers and students are in grief. We feel the fragility of life and call on all sectors of society to give more care and love to the healthy growth of minors. "

　　According to reports, at 6 o’clock in the evening, the class teacher received a call from the military mother, saying that the child had an accident and immediately rushed to the incident site and immediately reported it to the school. The school called the police at the first time, and set up a corresponding working group to deal with the aftermath, and reported to the relevant departments at the higher level.

　　The father of Junjun told the reporter of Beiqing Daily that at 9 o’clock in the morning yesterday, Mr. Chen, the Chinese teacher of Junjun, came to the funeral home to see Junjun, along with her family, the Education Bureau and the school staff. Teacher Chen cried a few times after seeing the body, and then fainted. "I stayed here for a few minutes, and I didn’t say anything to our families during this period." Jun Jun’s father said. The headmaster of the school told them that if the school has the responsibility, it will definitely bear it, and let them communicate with the school at any time. What did Mr. Chen say before the incident? The police are investigating. "A conclusion may be drawn next week."

　　conversation

　　Boy’s father: Children were seldom criticized in the class before.

　　Beiqing Daily: Before the military accident, did parents find his abnormal performance?

　　Junjun Dad: No. This child is still excellent, and he was rarely criticized in the class before. If I had been criticized often before, it would be great and I might have been able to bear it.

　　Beiqing Daily: Is it rarely criticized at home?

　　Military dad: We made some agreements with him. If he made a mistake, he would punish himself after admitting his mistake, for example, doing 20 or 30 squats. Generally, he would laugh when he finished squatting. He will criticize and educate him at ordinary times and reason with him. He is a very sensible child. Let him bear it, not suppress it.

　　Beiqing Daily: What did the students of the army say?

　　Junjun Dad: The children are in class together, and now something has happened. The whole class is very sad, fearing that the children will not have a positive understanding. What I learned from other parents is that I criticized it more than once that day, but many times.

　　The teacher asked me to write a 1000-word check.

　　Beiqing Daily: The teacher said to write a 1000-word check?

　　Military dad: The teacher admitted that let the children write 1000 words for inspection or stand for one hour. Today (November 1) afternoon at the school gate, a child in their class said that the teacher said he would jump off the building if he couldn’t write 1000 words. But we are not the parties, and there is no way to prove it.

　　The army didn’t go home after leaving school.

　　Beiqing Daily: Did the army go home alone after leaving school?

　　Junjun Dad: He never came home. If only he had, this would not have happened. We lived on the fifth floor, and he took the elevator directly to the 30th floor. There is a window more than 1 meter high on the 30th floor, and it is very difficult to climb it, and it is also very difficult to climb it and then jump. The children wrote it themselves, and they all shrank back several times, and finally chose this way.

　　Beiqing Daily: Did you see the words written by the children?

　　Junjun Dad: Those words were written by children, and the police evidence collection is completely consistent with the child’s handwriting.

　　The teacher of the child went to the funeral parlour yesterday.

　　Beiqing Daily: Did the Chinese teacher go to see the children?

　　Junjun Dad: I went at 9: 00 this morning (November 1st). The Education Bureau, the school and her family went to the funeral home with her. She fainted when she saw the child cry a few times and didn’t tell us anything.

　　Beiqing Daily: Parents give special hope to their children when they are in Weibo?

　　Junjun Dad: No, you can verify this. My request to him is to let nature take its course and be happy. There is no pressure on the child himself, and his grades are good. He is not stressed because of poor grades.

　　Beiqing Daily: Is the child’s personality lively or quiet?

　　Junjun Dad: More lively. It is because it is more lively that it is always unstable in the collective. That’s what the teacher called us at 5 o’clock in the afternoon, saying that the child could not stand in the team. Do you think if he is a quiet child, he will be unstable?

　　Beiqing Daily: What does it mean to communicate with parents?

　　Junjun Dad: It is said that children are a little untenable in the queue. I hope everyone can talk to the children about this together.

　　The benchmark interest rate for provident fund loans is 3.25%, which is a better choice.

　　The mortgage interest rate is lowered, and the cost of buying a house is reduced.

　　On May 20th, the central bank lowered the quoted market interest rate (LPR) of loans over five years by 15 basis points to 4.45%, which is the largest adjustment of LPR over five years since the establishment of the LPR mechanism in 2019. The data shows that, as far as the current mainland interest rate level is concerned, it is currently at a relatively low historical level. The adjustment of mortgage interest rate means that the monthly supply amount is reduced and the cost of buying a house is reduced. According to industry insiders, there are many things to pay attention to in the downward stage of interest rates, whether to buy a home or not, and how to apply for a more favorable mortgage interest rate.

　　Text/Figure Guangzhou Daily All-Media Reporter Liu Liqin

　　Pay attention to the agreed time line for handling loans when waiting for preferential interest rates.

　　Recently, with the downward adjustment of mortgage interest rate, the market is also undergoing subtle changes.

　　Miss Zhao recently bought a house to improve her residence. After paying the down payment, she negotiated with the sales department to apply for a mortgage. She found that there were many banks on site to provide consultation. One bank said that she could apply for a mortgage interest rate of 5.0%, while the other bank said that according to her stable work and strong income and repayment ability, she and her husband were confirmed as high-quality customers of the bank and could apply for a loan of 4.8%, that is, LPR plus 20 basis points.

　　Miss Zhao immediately decided to choose a bank offering a more favorable interest rate to handle the mortgage loan, but in the process of handling it, the LPR for more than five years was lowered to 4.45%, so the mortgage interest rate of Miss Zhao was finally set at 4.65%.

　　In fact, since the mortgage was loosened in November 2021, in the past six months, the national mortgage interest rate has dropped by more than 50 basis points, and some cities have dropped by 100 basis points.

　　The mortgage interest rate changed quite rapidly in May. As of May 28th, the average interest rate of the first home loan and the second home loan in 32 key first-and second-tier cities monitored by Kerui was 4.5% and 5.2%, respectively.

　　[suggestion]

　　Faced with the downward trend of mortgage interest rate, industry insiders said that buyers often communicate with several banks to choose banks that offer more favorable interest rates according to their own work income and repayment ability.

　　It should be noted that there is a certain time lag between the mortgage interest rate policy and the bank’s implementation, which also has an impact on some ongoing transactions. Recently, some property buyers have chosen to suspend the loan approval process and re-apply for more favorable interest rates in the face of lowered interest rates. Need to be reminded that buyers need to pay attention to the mortgage processing time agreed in the purchase contract. If the application time is too long to obtain interest rate concessions, there may be a breach of contract and losses. Therefore, it is best to confirm the approval time with the bank.

　　How many times can the couple borrow the provident fund?

　　Compared with commercial loans, the benchmark interest rate of provident fund loans is 3.25%, which is naturally a better choice. It is the third time for Mr. Li’s family to buy a house. Both of the two properties purchased in the early years used provident fund loans, one of which has been sold and the remaining one has been settled. Hearing that the provident fund can be used twice, Mr. Li was very surprised. Using the provident fund loan to buy a house again can save a lot of interest.

　　According to "Guangzhou Provident Fund Personal Housing Loan Measures", each paid employee can use provident fund loans twice, and the number of family housing units is "recognized" and "recognized", and differentiated down payment and interest rate policies are implemented. Then both husband and wife have paid the provident fund, how many times can they borrow it?

　　Mr. Li told reporters that they only knew through inquiry that one of the two previously purchased suites used his wife’s name to apply for provident fund loans, and the other was jointly applied by the two. After paying off the loan, Mr. Li still has a place to use the provident fund loan. This time, Mr. Li applied for a provident fund loan of 600,000 yuan.

　　The reporter consulted the Guangzhou Housing Provident Fund Management Center and learned that the husband and wife can theoretically borrow up to four times, but from the specific situation, some families do not need to borrow many times. Mainly depends on the family’s real estate and loan situation at the time of application.

　　If the husband has bought two suites, but he and his wife have never used the provident fund, he can still apply for provident fund loans twice as long as he sells both suites and has no real estate in the family name. If the loans of the two suites are paid off and sold, he can borrow again in the name of his wife.

　　The single-person provident fund loan amount is 600,000 yuan, and the double-person loan amount is 1 million yuan. In actual application, many people apply together in the name of husband and wife, so they can’t have four chances.

　　[suggestion]

　　Property buyers who have used provident fund loans can check the quota of provident fund loans through banks or provident fund management centers when applying for loans. If there are still quotas, they can use them as much as possible.

　　Whether it is cost-effective to repay the mortgage in advance needs comprehensive consideration.

　　Due to the downward trend of mortgage interest rate, the mortgage interest rate approved by some property buyers has been high. Even if the LPR is lowered, the plus point is unchanged. How to deal with it? Some people will choose to repay the loan in advance.

　　According to the social financing data released by the People’s Bank of China in February and April, the newly-increased medium-and long-term loans of residents are negative, which shows that some people are actively choosing to reduce their liabilities. At the same time, at the end of April, many banks lowered their deposit interest rates. Taking the four major state-owned banks as examples, they lowered the interest rate of three-year fixed deposits from 3.25% to 3.15%, and the interest rate of three-year certificates of deposit from 3.25% to 3.15%. Savings have increased, while the rate of return on low-risk assets has gradually declined, which has increased residents’ willingness to repay their mortgages in advance.

　　In the case that the approved mortgage interest rate is higher than the current mainstream interest rate, can I choose to repay the loan in advance?

　　According to the test case of Founder Securities Research Institute, in the upward cycle of real estate, if you buy a house in 2018 with a relatively high mortgage interest rate, you apply for a commercial loan of 1 million yuan, the loan period is 30 years, and the mortgage interest rate is 5.7%, and the first repayment is made in October 2018. If you choose to pay it off in one lump sum in October 2022 after four years of repayment, you will finally pay 949,400 yuan in the form of equal principal and interest.

　　If this 949,400 yuan is used for financial management, the annual income can reach 28,500 ~ 38,000 yuan with a yield of 3% ~ 4%. In contrast, the financial return rate is above 3.5%, so it is not cost-effective to repay in advance, and it is even more difficult to ensure that it is cost-effective at other times.

　　[suggestion]

　　According to insiders, due to different interest-bearing methods, it is not possible to simply compare the financial yield with the mortgage interest rate to measure whether it is cost-effective for residents to repay loans in advance, but to analyze specific problems. In addition to the mortgage interest rate and financial yield, it also needs to be evaluated by many factors such as repayment time, repayment method and repayment period.

The fresh news morning call is all in the morning paper.

　

In the past two days, the news of Stephen Chow’s new film "killing" was overwhelming, which surprised the younger sister. The news of Crystal and Bo Huang singing for the film swept through again ~ What big things did they do? The new material in the film circle and the expected girl get together to solve it ~

Preview to see Crystal’s voice goddess turn into Spider-Man.

　

Spider-Man: Into the Spider-Verse, a superhero animated film jointly produced by Marvel Comics and Sony, is believed to be a must-see film that many people want to see. The film will make the concept of parallel universe in Spider-Man series film and television, and gather six Spider-Man in parallel space to resist evil forces together. Among them, the female Spider-Man Gwen Stacy is particularly eye-catching, and her China dubbing is "the goddess of change" Crystal ~

This is Crystal’s first animated film dubbing work. Her cheerful and independent personality coincides with that of the female Spider-Man in the original work. It is said that in order to better perform this role, Crystal, who is not a professional, has developed the habit of reading a poem every night before going to bed, so as to improve her lines. Everything comes to him who waits, Crystal’s final effect is amazing, which makes people exclaim, "Yes! She is Gwen! " If you want to better "identify" Crystal’s dubbing skills, don’t go to the cinema to support it ~

What about the star? Bo Huang is singing again! Sing the theme song for the documentary for the first time

　

Recently ~, some girls feel that there are many melons to eat, and the entertainment circle is not peaceful! Emmm~ What I’m going to talk about next is a hot spot worth mentioning, as all the fat friends who are concerned about Bo Huang must know, that is, Bo Huang sang the theme song for the documentary for the first time! Some girls watched the MV for the first time, and Bo Huang sang so beautifully! "It’s a little cold this winter. May this song give you some warmth and courage." Yes, everyone who has seen it will feel something! "The stones of life sometimes hurt your feet, so count how much pride there is in the wound." The lyrics in the theme song, through Bo Huang’s warm singing, become both story-telling and powerful.

Documentary film is the third documentary film directed by Han Xiao. This time, director Han Xiao focused on the ordinary little people whose fate and craft are intertwined. The film tells the life story and life choices faced by Huang Zhongjian, a young man who studied Cai Lifo Boxing in Foshan and was obsessed with lion dancing, and Aht, the old man who made a saddle in Xinjiang Kazak. The film will be released nationwide on December 1, 2018. Director Han Xiao said, "It is a very lucky thing for us to be invited to Bo Huang. At first, our team was very uneasy when communicating. After all, this is a very small movie. But what moved us particularly was that Bo Huang agreed to sing for our film after watching our 4-minute trailer. " Touched and voiced for ordinary people, and praised Bo Huang!

Overseas telescope "classic return" special transformers return to the original generation

　

The action sci-fi movie "Bumblebee" has wonderful flowers and clips! The first rumored film in this series, created by American Paramount Film Company, released a special production of "Classic Return" yesterday. The director Taravis Knight, starring hailee steinfeld, john cena and the behind-the-scenes creator shared their unforgettable memories when they first saw Transformers, and also introduced the design concept of Transformers in the movie "Bumblebee" — — Return to the original classic style.

Director Taravis Knight has always been a big fan of Transformers, and he also praised the film for highly restoring the G1 image, saying that it brought him back to the time when he first fell in love with Transformers. I believe that as soon as this special edition is exposed, the old TF fans will fly in place! Full of G1 animation style, square brother Optimus Prime ~ The film will be released in North America on December 21st. Now, let’s pay tribute to the classic era of autobots with the expected girl and ignite the deep memories!

Industry Broadcast "Cairo China Film Night" Film Festival opens in Egypt and four China films are shown.

　

At the invitation of the 40th Cairo International Film Festival, the 3-day "Cairo China Film Night" film exhibition kicked off in Cairo on 26th, and four outstanding contemporary China films will be shown, among which "Dong Song" is the opening film of this film exhibition ~

The film exhibition, sponsored by the Chinese Film Association, aims to make more Egyptian audiences and filmmakers know and like China films, and then know and like China better. I believe that this exchange and cooperation between China and Egypt in the field of film will certainly make positive contributions to enhancing understanding between nations and deepening friendship between countries ~

The movie Calendar was born in Lin Chi-ling.

(The specific broadcast content is subject to TV)

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On December 28th, some bloggers exposed more spy photos of M8, a brand-new model in the world, mainly showing the tail shape of the new car. According to the picture, the tail of the M8 is designed with a penetrating taillight, and the light strip forms a linear effect after lighting. After careful observation, we can find the overall outline of the taillight module, which is similar to the taillight shape of Jiejie M9. It is expected that Jiejie M8 will adopt the same design of Xinghe headlight as M9.

Later this month, the spy photos of the front face of the M8 were also exposed. This model uses a dark red body color scheme, with a rounded front face and split headlights, which continues the family-style design style. Although the pictures of the side and back of the vehicle are not clear, it can be seen that the design of the door handle is relatively flat, and it is expected to adopt a semi-hidden design.

According to previous reports, HarmonyOS Zhixing plans to sell more than 10 models next year, including the M5, M7, M8 and M9. Enjoy the extended range power version of S9, and the models are divided into extended version and travel version; Wisdom S7, r7; Zunjie S800 and the second model of Zunjie. According to the report, as a brand-new model, the Wenjie M8 will be launched in the first half of 2025, and one of its benchmarking roles is the ideal L9.

The exposure of spy photos of the M8 in the world of inquiry not only attracted great attention from the industry and consumers, but also indicated the further expansion of the brand of inquiry in vehicle layout. With the launch of M8, the product line of the brand will be more abundant, providing consumers with more choices. At the same time, the listing of the M8 will also intensify the competition in the medium and large SUV market, especially the competition with the ideal L9 equivalent model.