Regulations of Shenzhen Special Economic Zone on Comprehensive Control of Anti-smuggling

　　On January 20, 2006, the fourth meeting of the Standing Committee of the Fourth Shenzhen Municipal People’s Congress passed the first amendment according to the Decision of the 15th meeting of the Standing Committee of the Fifth Shenzhen Municipal People’s Congress on April 27, 2012 on Amending the Regulations on Comprehensive Anti-smuggling in Shenzhen Special Economic Zone, and the 36th meeting of the Standing Committee of the Sixth Shenzhen Municipal People’s Congress on October 31, 2019 on Amending the Regulations on Human Organ Donation and Transplantation in Shenzhen Special Economic Zone.

Catalogue

　　Chapter I General Principles

　　Chapter II Duties and Responsibilities

　　Chapter III Precaution

　　Chapter iv investigation

　　Chapter V Handling

　　Chapter VI Reward and Punishment

　　Chapter VII Supplementary Provisions

Chapter I General Principles

　　Article 1 In order to effectively prevent and crack down on smuggling and maintain the order of socialist market economy, these Regulations are formulated in accordance with the Customs Law of People’s Republic of China (PRC) and the basic principles of relevant laws and administrative regulations, combined with the reality of Shenzhen Special Economic Zone.

　　Article 2 Anti-smuggling work adheres to the principle of combining crackdown with prevention and giving priority to prevention; Follow the principles of joint anti-smuggling, unified handling and comprehensive management.

　　Article 3 Customs, public security, frontier defense and market supervision departments shall perform their anti-smuggling duties according to law, and other state organs shall provide support and cooperation.

　　Article 4 The municipal and district people’s governments shall, in accordance with these regulations and the relevant provisions of the state, carry out comprehensive anti-smuggling management.

　　City and district anti-smuggling comprehensive management institutions (hereinafter referred to as comprehensive management institutions) are specifically responsible for the organization, guidance, coordination, supervision and inspection of comprehensive anti-smuggling management.

　　City comprehensive management agencies to conduct business guidance and supervision of the work of district comprehensive management agencies.

　　Article 5 The funds needed for the comprehensive control of anti-smuggling shall be included in the financial budget by the municipal and district people’s governments and guaranteed.

　　The special funds allocated by the state and the province for the comprehensive control of anti-smuggling shall be earmarked for special purposes and shall not be used for other purposes.

Chapter II Duties and Responsibilities

　　Article 6 The Customs is the national supervision and administration organ for entry and exit of customs territory, and independently performs the duties of smuggling investigation according to law.

　　The municipal and district people’s governments and their departments shall support the customs in exercising their functions and powers according to law and shall not interfere with the customs’ law enforcement activities.

　　Article 7 Public security organs shall perform the following duties:

　　(1) Investigating and handling non-tax-related smuggling crimes outside the customs supervision area according to law;

　　(2) Stop smuggling activities outside the customs supervision area in time and handle them according to the division of labor under the jurisdiction of the case;

　　(3) When encountering resistance in the performance of anti-smuggling duties by customs, frontier defense, market supervision and other departments, assisting them and handling them according to law;

　　(four) other duties as prescribed by laws and regulations.

　　The public security frontier defense department shall perform the duties of anti-smuggling work in accordance with the relevant provisions of the state.

　　Article 8 The market supervision department shall perform the following duties:

　　(a) to investigate and deal with the behavior of importing goods and articles without legal sources outside the customs supervision area;

　　(two) to cooperate with the relevant functional departments to investigate and deal with suspected smuggling in import and export enterprises and special industries;

　　(three) other duties as prescribed by laws and regulations.

　　Ninth comprehensive management institutions shall perform the following duties:

　　(1) Organizing the publicity of laws, regulations, guidelines and policies related to anti-smuggling;

　　(two) to formulate the comprehensive anti-smuggling control work plan, and organize the implementation after the approval of the people’s government at the same level;

　　(3) Organizing, guiding and coordinating relevant units to carry out the work of preventing smuggling;

　　(four) to organize and coordinate the relevant functional departments to carry out joint operations and special operations of comprehensive anti-smuggling management, coordinate and supervise the investigation of major and complex smuggling cases;

　　(five) to coordinate the relevant functional departments to deal with emergencies such as resisting and obstructing the investigation of smuggling;

　　(six) to supervise, inspect and assess the comprehensive anti-smuggling work of the relevant units;

　　(seven) to coordinate and deal with the relevant matters that need the cooperation of local departments in the customs investigation of smuggling;

　　(eight) to organize and carry out comprehensive anti-smuggling cooperation with the surrounding areas;

　　(nine) other duties as prescribed by laws and regulations.

　　Article 10 The relevant departments or units of industry and information technology, culture, radio, film, television, tourism and sports, marine fisheries, taxation, tobacco monopoly, liquor management, finance, etc. shall promptly notify the customs or comprehensive management agencies when they discover smuggling clues when performing their duties.

Chapter III Precaution

　　Eleventh comprehensive anti-smuggling management to implement the responsibility system. The relevant functional departments or units to carry out comprehensive anti-smuggling work should be included in the scope of performance appraisal.

　　The specific measures for the responsibility system for the comprehensive management of anti-smuggling shall be formulated separately by the Municipal People’s Government.

　　Article 12 The municipal comprehensive management institution shall regularly publish reports on the comprehensive management of anti-smuggling, summarize the comprehensive management of anti-smuggling in the whole city, analyze the characteristics and laws of smuggling activities, and put forward specific measures to prevent smuggling.

　　Article 13 The municipal comprehensive management organization shall guide the trade associations of import and export enterprises to establish an anti-smuggling credit system, and coordinate relevant departments to classify and manage import and export enterprises according to their credit ratings.

　　Fourteenth the establishment of anti smuggling monitoring and early warning mechanism, by the city comprehensive management agencies to coordinate the relevant departments, analysis and prediction of smuggling trends, to guide the relevant units to carry out preventive work.

　　Fifteenth the establishment of anti smuggling emergency response mechanism, by the city comprehensive management agencies to coordinate the relevant departments, formulate emergency response plans, do a good job in emergency preparedness.

　　Sixteenth comprehensive management institutions should strengthen anti-smuggling publicity and education, and relevant state organs, enterprises and institutions and other organizations should give support and cooperation.

　　Seventeenth news media should, according to the needs, strengthen the publicity and reporting of comprehensive anti-smuggling control.

Chapter iv investigation

　　Article 18 A joint meeting system for comprehensive management of anti-smuggling shall be established, and the municipal comprehensive management agency shall convene relevant departments to hold regular meetings to study and deal with the following matters:

　　(a) analysis of smuggling dynamics and situation;

　　(two) put forward specific measures for comprehensive management of anti-smuggling;

　　(3) Deploying joint actions and special actions for comprehensive anti-smuggling management;

　　(four) other matters that need to be coordinated.

　　Article 19 An anti-smuggling information exchange and processing mechanism shall be established, and the municipal comprehensive management agency shall coordinate with relevant departments such as customs, public security, frontier defense and market supervision to exchange information and realize information sharing.

　　Article 20 Comprehensive management institutions shall organize and coordinate relevant departments to carry out special treatment on areas with high smuggling incidence, key smuggling channels and smuggled hot commodities.

　　Twenty-first key areas shall, according to the needs, establish a grass-roots anti-smuggling inspection mechanism, organize patrol teams, and cooperate with relevant departments to strengthen comprehensive anti-smuggling management.

　　Specific measures for grassroots anti-smuggling inspections shall be formulated separately by the municipal comprehensive management agency.

　　Twenty-second to establish an incentive mechanism for anti-smuggling intelligence information, the relevant departments should strengthen the collection of intelligence information, timely handle the obtained intelligence information, and reward the intelligence information providers in accordance with relevant regulations.

　　The specific measures for the reward shall be formulated separately by the municipal comprehensive management institution in conjunction with the relevant departments.

Chapter V Handling

　　Article 23 When performing the duties of anti-smuggling work, the market supervision department may exercise the following functions and powers:

　　(a) ask the relevant parties;

　　(2) consulting and copying the contracts, invoices, account books and other materials related to the operation of imported goods and articles without legal sources;

　　(3) Conducting on-site inspection on the places where the parties are suspected of dealing in imported goods and articles without legal sources.

　　Twenty-fourth smuggling cases under the jurisdiction of the customs according to law, the relevant departments shall, in accordance with the relevant provisions of the state, transfer them to the customs anti-smuggling department for handling.

　　In case of smuggling cases with jurisdiction disputes or unclear jurisdiction, the relevant departments shall promptly submit them to the municipal comprehensive management agency for coordination and handling.

　　Twenty-fifth relevant functional departments in the process of law enforcement, seized suspected smuggled goods and articles, but the owner and the illegal facts of smuggling can not be ascertained, it shall hand over the goods and articles to the municipal comprehensive management agency; City comprehensive management institutions shall issue a claim announcement for a period of sixty days. If the announcement expires unclaimed, it shall be transferred to the municipal finance department for handling in accordance with relevant regulations. The specific measures shall be formulated separately by the municipal comprehensive management institution in conjunction with the relevant functional departments.

　　If the dangerous goods in the goods and articles mentioned in the preceding paragraph are fresh, perishable and ineffective, etc., which should not be preserved for a long time, the relevant departments shall hand them over to the municipal finance department within 24 hours after being seized, and the municipal finance department shall handle them in time in accordance with relevant regulations, and the proceeds shall be deposited into the account designated by the municipal finance department; If the announcement expires unclaimed, it shall be turned over to the state treasury.

　　Article 26 The means of transport specially or repeatedly used for smuggling shall be handled by the customs according to law; Other means of transport used for smuggling shall be registered and put on record by the municipal comprehensive management agency, and it is suggested that the relevant departments deal with it according to law.

　　For the means of transport used for smuggling that need to be destroyed centrally, the municipal comprehensive management organization shall organize relevant departments to destroy them in accordance with relevant regulations.

　　Article 27. Anyone who deals in imported goods and articles without legal sources outside the customs supervision area shall be confiscated by the market supervision department and be fined the same amount as the value of the goods and articles. Where laws and regulations provide otherwise, such provisions shall prevail. If a crime is constituted, criminal responsibility shall be investigated according to law.

Chapter VI Reward and Punishment

　　Twenty-eighth units and individuals that meet one of the following conditions shall be commended and rewarded by the municipal and district people’s governments:

　　(a) the implementation of the comprehensive anti-smuggling management responsibility system, with remarkable achievements;

　　(2) Having made outstanding contributions in investigating and handling major and extraordinarily serious smuggling cases;

　　(3) Actively assisting in the seizure of smuggling cases and making outstanding contributions;

　　(four) investigate and deal with reactionary, obscene, intellectual property infringement and other smuggled goods and articles, a large number;

　　(5) The research results or rationalization proposals of comprehensive anti-smuggling management have been adopted and achieved remarkable results;

　　(6) Having made other outstanding contributions to the anti-smuggling work.

　　The specific measures for recognition and reward shall be formulated separately by the municipal comprehensive management organization and implemented after being approved by the Municipal People’s government.

　　Twenty-ninth relevant units in any of the following circumstances, the comprehensive management agency shall order rectification, and shall be informed:

　　(1) Failing to effectively implement the responsibility system for comprehensive management of anti-smuggling, resulting in serious smuggling activities in the region and its jurisdiction or having a bad influence;

　　(2) Failing to properly handle emergencies such as violent resistance to anti-smuggling or obstruction of anti-smuggling in accordance with the emergency response plan;

　　(3) Failing to effectively perform other duties as stipulated in these Regulations.

　　Article 30 If the relevant departments fail to perform their duties in accordance with the provisions of these Regulations, if the circumstances are serious, the directly responsible person in charge and other directly responsible personnel shall be punished by the unit to which they belong or the supervisory organ shall give administrative sanctions to the directly responsible person in charge and other directly responsible personnel according to law.

　　If the staff of the relevant departments abuse their powers, neglect their duties or engage in malpractices for selfish ends, the unit to which they belong shall be punished according to law or the supervisory organ shall give administrative sanctions according to law; If a crime is constituted, criminal responsibility shall be investigated according to law.

Chapter VII Supplementary Provisions

　　Article 31 The term "imported goods and articles without legal sources" as mentioned in these Regulations refers to imported goods and articles that cannot provide proof of legal sources such as import procedures, invoices from legal distribution units or legal and effective administrative punishment decisions within ten working days from the date of investigation.

　　Article 32 These Regulations shall come into force as of March 1, 2006.

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.)

　　　 The mystery of the mystery thriller films directed by the famous Hong Kong director Chen Desen and starring Chinese and foreign stars such as Ada, Christy Chung, Li Cansen and Jun Kunimura is being unveiled one after another. This domestic film was shot abroad with a record investment scale. Jun Kunimura, an old Japanese actor who starred in "Kill Bill" and other films, played the villain in the play. This is also his first time to work for a China film. Recently, the film exposed a group of Ada’s stills. In the vast sea of cherry blossoms, Liu Yan is a virgin and beautiful. With the falling of cherry blossoms, the picture is extremely beautiful, as if it also indicates the ultimate fate of the film starring.

Into thin air stopped work for half a month waiting for cherry blossoms to fall.

　　　 It is reported that into thin air was filmed in the spring of 2012, and most of the scenes in the film were taken in downtown Tokyo and Wenquan Villa in Mount Fuji. The film tells the story of a China girl who mysteriously disappeared while traveling to Japan, and her good sister went to Japan alone to rescue her friends. It can be said that it is a China version. The director of this film is Tak-Sam Leong, a Hong Kong director who has been studying in Japan for many years. Director Tak-Sam Leong once studied under Shohei Imamura, movie master, and was a proud disciple of Shohei Imamura. He once directed the very commercial films "Forbidden Room for Sexual Desire" and "Old Corpse in Mountain Village", and there have been such films with both commercial selling points and artistic pursuits. The director has very high requirements for shooting, which is also the reason why this film invested in creating a domestic reasoning thriller record. It is reported that in order to shoot the film’s finale, the crew stopped working in Japan for half a month, waiting for the sad feeling created by the falling cherry blossoms. During the shutdown, the actors and creators were very happy and enjoyed the world-famous beauty one after another, but they were bitter for the producer of this film and had a cold war with the director every day. But in the end, the director waited for the magnificent scenery of cherry blossoms falling and achieved his artistic pursuit.

The flowers in Ada are as beautiful as a fairy.

　　　 This is also the first time that Ada came to work in Tokyo during the cherry blossom season. In addition to physical suffering during filming, Ada was in high spirits. She said that living and working in the sea of flowers will not get bored even if she is tired. After filming, she will pick up the camera and assistant to record the moving moments every day. When shooting the most important ending scene, the blue long skirt provided by the crew was very beautiful, and it was accompanied by an overwhelming sea of pink cherry blossoms. Charming Ada feels like a fairy. But it is not difficult to see from the stills that with the falling of cherry blossoms, this beauty is a kind of sadness. The final shot of this group of dramas also seems to indicate that the ending of the whole film is not sunny and family reunion. What is the specific outcome? Ada also refused to disclose it to reporters, only stressing that everyone should wait patiently. No one can guess the result.

　　Zhongxin. com, Guangzhou, June 6 (Fang Weibin, Jiang Xiaobo, Wang Xisong) Guangdong Marine Police Bureau reported on the 6 th that recently, it seized a batch of suspected smuggled frozen products in the waters of Zhanjiang Port, Guangdong Province, seized an iron-clad transport ship on the spot, and arrested three suspects. The frozen products were about 485 tons, and the case value was about 40 million yuan.

　　According to the report, at 0: 20 on May 30, the Guangdong Marine Police received a report from the masses that there were smuggling activities in the waters near Zhanjiang Port in Zhanjiang City. The bureau immediately assigned the law enforcement boat of Zhanjiang Marine Police Bureau of Guangdong Province to the target sea area for investigation.

　　At about 1 o’clock, the law enforcement boat arrived at the target sea area. After searching the sea, it was found that a ship was very suspicious. Law enforcement officers quickly locked the suspected ship, shouted a warning to it and stopped the ship for inspection. However, the suspected ship refused to cooperate with the inspection in an attempt to speed up the escape. Law enforcement officers immediately pursued it and intercepted the suspected ship in the waters off Zhanjiang Seaside Shipyard, and controlled three suspects on the spot.

　　After investigation, it was found that the suspected ship was an iron transport ship, with a cargo hold behind the bridge. The cargo hold was filled with white and black plastic woven bags, which contained about 485 tons of frozen products such as beef, brisket, tripe, beef tendon and donkey offal of unknown origin, with a case value of about 40 million yuan. The crew on board failed to provide proof of the relevant legal origin of the goods loaded on board, and law enforcement officers detained the ship and frozen products according to law.

　　At present, the case is under further investigation.

　　
The People’s Liberation Army (PLA) has accumulated rich operational experience after a year and a half of fighting, especially since it turned to a strategic offensive. Mao Zedong made a systematic and scientific summary of these experiences. From December 25th to 28th, 1947, the Central Committee of the Communist Party of China held an enlarged meeting in Yangjiagou, Mizhi County, northern Shaanxi, at which Mao Zedong made a report on "Current Situation and Our Tasks". In this report, the famous "Ten Military Principles" were put forward. The main contents are: fight scattered and isolated enemies first, and then fight concentrated and powerful enemies; Take small cities, medium-sized cities and vast villages first, and then take big cities; The main goal is to annihilate the enemy’s effective forces, not to preserve or seize cities and places; Concentrate absolute superior forces in each battle, surround the enemy on all sides, and strive to wipe out the enemy, so as not to escape the net; Don’t fight unprepared battles, don’t fight uncertain battles; Carry forward the style of fighting bravely, not afraid of sacrifice, not afraid of fatigue and continuous fighting; Strive to annihilate the enemy in the movement, while paying attention to position attack tactics; On the issue of siege, all enemy strongholds and cities with weak defenses are firmly seized, all enemy strongholds and city cameras with medium defenses are seized, and all enemy strongholds and cities with strong defenses are seized when conditions are ripe; Replenish ourselves by capturing all the enemy’s weapons and most of their personnel. The source of our army’s manpower and material resources is mainly at the front. Be good at using the gap between the two campaigns to rest and train troops.
The full text of the top ten military principles is 593 words. In incisive language, Mao Zedong made the strategic and tactical principles of the People’s Liberation Army clear, which is both easy to understand and easy to remember. It is completely different from his opponent Chiang Kai-shek’s long speech. In the later stage of strategic decisive battle and strategic pursuit, the People’s Liberation Army flexibly applied ten military principles, further enriched and developed this theoretical treasure, and finally relied on this treasure to completely defeat eight million Kuomintang troops.
From the sixteen-character formula to the ten military principles, it marks the improvement of the strategic and tactical theory of the people’s army, and marks that Mao Zedong’s military thought reached an unprecedented height during the War of Liberation. Therefore, it is not difficult for people to understand why Chiang Kai-shek, who was an excellent cadet studying in the Japanese military academy and the president of the Whampoa Military Academy, was finally defeated by Mao Zedong, who had never been to a military academy for a day. Batman, a British military expert, commented: "Mao Zedong is an era figure who holds all the keys to unlock the military mysteries of this era." (Xinhua News Agency)

Editor: Cao Jin

Since the Eighth Five-Year Plan, the Tobacco Monopoly Bureau of Hanshou County, Changde has actively explored and innovated the ways, contents and forms of popularizing the law, carried out in-depth publicity for consumers, retailers and minors, and promoted the effectiveness of tobacco publicity and education under the rule of law.

Explain the law to consumers and improve the awareness of consumer rights protection.

(The staff of Hanshou County Bureau introduces the identification skills of true and false cigarettes to consumers)

"This is a fake cigarette? What do you think is no different from real cigarettes? How can you tell? "

As soon as the publicity booth of Hanshou Tobacco Monopoly Bureau was set up, enthusiastic people gathered around to ask questions. The staff of the county bureau gave patient answers to the preaching, while making detailed comparisons with the real and fake cigarette exhibits, and carefully answered the knowledge points of identification of real and fake cigarettes for the onlookers by means of "you ask me and answer me".

Over the years, Hanshou County Bureau has taken various effective forms to carry out regular publicity on legal popularization. In 2024 alone, it has held similar legal popularization activities for more than 10 times, distributed more than 300 tobacco monopoly legal popularization brochures printed by the county bureau, such as "Quick Identification of True and False Cigarettes", "How much do you know about the harm of fake cigarettes? Stay away from new disguised drugs-"E-cigarettes on the top ",and printed QR codes on brochures and exhibition boards to realize the popularization and dissemination of legal popularization audiences.

Send it to French retailers to improve the standard operation level.

(The staff of Hanshou County Bureau gives publicity to retailers)

"Grandma Liu, you are going to be demolished here. I have prepared some materials to facilitate your application!" Xiao Xie, a monopoly worker of the county bureau, walked into Grandma Liu’s shop and said enthusiastically.

Hanshou County Bureau earnestly implements the responsibility system of "whoever enforces the law will popularize it", integrates the popularization of law into market inspection and daily visits, turns static popularization of law into dynamic popularization of law, and turns the law on paper into a sensible law. The county bureau integrates law enforcement with service, and inspectors and city managers walk into cigarette retailers’ shops to carry out face-to-face publicity and one-on-one explanation on the legal issues involved in the standardized operation of retailers, so as to popularize the law in real time and accurately. To explain the case, publicize the tobacco monopoly law and its implementation regulations, help retailers to calculate the "legal account" and "economic account", warn retailers with real cases in their jurisdictions, and advise retailers to operate in good faith and abide by the law, and not to sell cigarettes and e-cigarettes to minors. Using online forms such as WeChat group and Tencent conference live class, the common illegal acts of tobacco monopoly law are interpreted for retailers in easy-to-understand language, so that retailers can understand the law and know awe, keep the "high-voltage line" of standardized cigarette operation, enhance the pertinence and effectiveness of law popularization, and maintain the market order of standardized cigarette operation.

Popularize law into campus and care for students’ healthy growth

(Hanshou County Bureau staff carry out activities of popularizing law into campus)

Hanshou Tobacco Monopoly Bureau strengthens the propaganda of tobacco hazards, makes great efforts to build a smoke-free campus environment, and forms the joint efforts of the whole society to protect the healthy growth of minors. Union County Education Bureau and Market Supervision Administration went into primary and secondary schools to carry out legal publicity activities with the theme of "protecting the future with children". By playing warning videos and explaining in kind, the staff preached to primary and secondary school students the dangers of traditional tobacco products, e-cigarettes and new illegal e-cigarettes such as "milk tea cups" and "coke cans", and resolutely resisted the temptation of tobacco. Combined with the recent popular "cigarette card" game among primary school students, the potential harm of "cigarette card" is emphasized, and students are warned not to be curious, not to follow the trend, not to be contaminated with tobacco, to stay away from Internet cafes, bars, KTV and other entertainment places that are not suitable for minors to enter, and to resolutely say "no" to cigarettes, e-cigarettes, etc. Widely publicize and publish the telephone number of complaints about selling cigarettes to minors, encourage teachers and students to actively report relevant information clues, and guide all sectors of society to protect the physical and mental health of minors.

In the next step, Hanshou County Bureau will normalize, institutionalize and carry out long-term publicity of law popularization, promote the effectiveness of the eighth five-year plan, and hand over socially satisfactory answers.

(Image courtesy of Cao Libin Guan)

The above contents are promotional information, and the contents involved do not represent the views of this website, and do not constitute investment suggestions or consumption suggestions.

　　Cctv newsOn the evening of 25th local time, a snowstorm started from southern Wyoming and headed for central Colorado. At present, the snowfall has exceeded 30cm, and the gust speed has reached 72km/h.. Up to now, this winter storm has caused hundreds of flights to be cancelled at Denver International Airport in Colorado, and more than 1,000 passengers stayed overnight at the airport. Another interstate highway was closed due to snowstorm.

　　According to the National Weather Service, the storm will then cross Nebraska and Kansas eastward, bringing 15.2~30.5 cm of snowfall to the areas along the way. At the same time, the National Weather Service also said that another snowstorm, which started on the night of 26th local time, is expected to bring heavy snow to parts of the northwest Pacific coast and reach the snowstorm level in Oregon and northern California. As two snowstorms occurred during Thanksgiving, it is expected to disrupt the plans of tens of millions of Americans to travel during the Thanksgiving holiday. (CCTV reporter Xu Wei)

　　Socialism with Chinese characteristics system has many obvious advantages, among which the Communist Party of China (CPC)’s leadership is the greatest advantage and the fundamental guarantee for other advantages to exist and play their roles.

　　Strengthening the party’s leadership over all work is not empty and abstract, but should be implemented and embodied in all aspects and links.

　　"Without communist party, there would be no new China, communist party worked hard for the nation, and communist party devoted himself to saving China … …” Looking back on the past, generations of Chinese sons and daughters sang this song from the bottom of their hearts, ushered in a new China, and entered a new era. The party and the people struggled for a hundred years and wrote the most magnificent epic in the history of the Chinese nation for thousands of years. Passing through the historical situation, a truth shows the future: without the Communist Party of China (CPC), there would be no new China and no great rejuvenation of the Chinese nation.

　　The Sixth Plenary Session of the 19th CPC Central Committee deliberated and adopted the Central Committee of the Communist Party of China’s Resolution on the Great Achievements and Historical Experience of the Party’s Hundred Years’ Struggle, which systematically summed up the core connotation of the Supreme Leader’s Socialism with Chinese characteristics Thought in the new era with "Ten Definitions", among which the leadership of the Party was the first. "The most essential feature of Socialism with Chinese characteristics is the Communist Party of China (CPC)’s leadership. The biggest advantage of Socialism with Chinese characteristics system is the Communist Party of China (CPC)’s leadership, and the Communist Party of China (CPC) is the highest political leadership. The whole party must strengthen ‘ Four consciousnesses ’ , firm ‘ Four self-confidences ’ , do ‘ Two maintenance ’ " This important conclusion profoundly reveals the relationship between the Party’s leadership and Socialism with Chinese characteristics, and marks that our Party’s understanding of the Marxist theory of party building and the law of socialist development has reached a new height.

　　Socialism with Chinese characteristics system has obvious advantages in many aspects, among which the Communist Party of China (CPC)’s leadership is the greatest advantage and the fundamental guarantee for other advantages to exist and play their roles. General Secretary of the Supreme Leader profoundly pointed out: "Upholding and strengthening the overall leadership of the Party is related to the future and destiny of the Party and the country. All our undertakings are based on this foundation and are rooted in this most essential feature and greatest advantage." Looking back at the history of the party, we can see that when the party’s overall leadership is adhered to, the cause of the party and the people will develop healthily; When the overall leadership of the Party is weakened or even abandoned, the cause of the Party and the people will be frustrated or even failed.

　　Quenched into steel, party flag holds high. In response to the acute and complicated "four tests" and "four dangers", we have promoted the building of a clean and honest party style and the anti-corruption struggle with unprecedented courage and determination, and the loose and soft situation of managing the party has been fundamentally reversed; Face up to the world problem of getting rid of poverty, lead the masses to overcome poverty after poverty, and create a miracle on earth that no political force in the world can create; In the face of the sudden COVID-19 epidemic, adhering to the concept of people first and life first, we led the people of the whole country to quickly launch a people’s war, a total war and a blocking war … … Looking back on this decade’s endeavor, people feel more deeply that the Communist Party of China (CPC) has incomparable strong leadership and is the most reliable backbone of the people of China when the storm strikes.

　　Upholding and strengthening the overall leadership of the Party is one of the most important achievements since the 18th National Congress of the Communist Party of China, and it is also the most fundamental guarantee for the historic achievements and changes in the cause of the Party and the country. From ensuring the unity and unity of the party, strengthening and maintaining the centralized and unified leadership of the CPC Central Committee to serious political life within the party and strict political discipline and rules of the party; From perfecting the party’s leadership system, ensuring that the party plays a leading role in various organizations, to adhering to democratic centralism and improving the mechanism for promoting the implementation of major decisions of the CPC Central Committee … … Since the 18th National Congress of the Communist Party of China, the Party Central Committee with the Supreme Leader as the core has made a series of major decisions and arrangements around upholding the overall leadership of the Party. The authority and centralized and unified leadership of the Party Central Committee have been strongly guaranteed, the leadership system of the Party has been continuously improved, the leadership style of the Party has become more scientific, the whole Party has become more unified in thought, more United in politics and more consistent in action, and the party’s political leadership, ideological leadership, mass organization and social appeal have been significantly enhanced.

　　Every mountain is majestic, and there must be a main peak. To uphold the leadership of the Party, the first thing is to uphold the authority of the CPC Central Committee and centralized and unified leadership. This is the highest principle of the leadership of the Party, and it cannot be vague or shaken at any time and under any circumstances. The Sixth Plenary Session of the 19th CPC Central Committee pointed out: "The Party’s establishment of the core position of the Party Central Committee and the whole Party, and the guiding position of the Supreme Leader’s Socialism with Chinese characteristics Thought in the new era reflect the common aspiration of the whole party, the whole army and the people of all ethnic groups throughout the country, which is of decisive significance to the development of the cause of the Party and the state in the new era and the historical process of promoting the great rejuvenation of the Chinese nation." To embark on the new road of catching up for the exam to achieve the goal of the second century, we must uphold the party’s leadership, strengthen the "four consciousnesses", strengthen the "four self-confidences" and achieve the "two safeguards", bear in mind that "the country is the greatest", resolutely safeguard the authority of the Party Central Committee and centralize and unify leadership, and implement and embody the party’s leadership in various fields such as reform, development and stability, internal affairs, foreign affairs and national defense, and running the party, state and army; We must constantly improve the party’s leadership, constantly improve the party’s scientific, democratic and legal governance, and make the party’s leadership more suitable for the requirements of practice, the times and the people.

　　"Everything comes from its source, and everything comes from its way." In the big chess game of the national governance system, the CPC Central Committee is the "handsome" who sits in the military account, and the chariots, horses and guns show their strengths, and the overall situation of a chess game is clear. Strengthening the Party’s leadership over all work is not empty and abstract, but should be implemented and embodied in all aspects and links. Especially in Socialism with Chinese characteristics system, a strict and complete scientific system, the fundamental system, basic system and important system play an important role, among which the leading system of the party is the leading system. On the way forward, as long as we persist in the party’s overall leadership, resolutely safeguard the party’s core and the authority of the CPC Central Committee, give full play to the political advantages of the party’s leadership, and implement the party’s leadership in all fields and all aspects of the party and state undertakings, we will certainly be able to ensure that the whole party, the whole army and the people of all nationalities in the country will move forward in unity.

　　Today, with more than 95 million party member people and more than 4.8 million grass-roots party organizations, the Communist Party of China (CPC), under the strong leadership of the CPC Central Committee, is United as a "hard steel" and marching forward in unison. On the new great journey, unite more closely around the CPC Central Committee with the Supreme Leader as the core, uphold and strengthen the overall leadership of the Party, and build the Party stronger and stronger. We will certainly overcome difficulties and forge ahead bravely, and constantly create new historical achievements.

　　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.

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.