At the 77th Venice Film Festival, The New Order directed by Michel Franco won the jury prize. The interview of Ifeng film was very lucky, and I got an exclusive interview with the Mexican director.

There is no film similar to New Order in this world.

The audience thought they had seen everything on the big screen: riots, mutinies, robberies, massacres, rapes, lies, betrayals, money and power transactions … but they didn’t see the hell on earth in Michel Franco’s hands.

This 88-minute Mexican film "New Order" is the shortest film in the main competition unit of this year’s Venice Film Festival, but it is the most intense film looking at the whole film festival and even the film market throughout the year.

Sitting in the cinema, reporters and audiences almost forgot the time-it’s not that they can’t feel the length or short of the film, and they don’t want the film to end, but that time almost doesn’t exist and time is not important.

The film tells the story of the civil riots and military coups in Mexico City in the near future, which have been compressed for several months. But when you watch this film, it’s like being in the Xiuluo field in person, chasing every second, and all the events are happening in real time.

Bergman’s Shame is far away from the island, Kubrick’s clockwork orange is covered by night, the documentary of The Battle of Algiers is accompanied by overflowing passion, and Haneck’s Wolf Time is fabled …

"New Order" is not a work that follows the master’s footsteps.

"New Order" is vigorous, while "The Clown" is simply a romantic oil painting, which is beautiful. The New Order is omnipresent, and Les Miserables is nothing but petty street guerrilla warfare in front of it. Other big productions that smash real money simply don’t come to make a fool of oneself. The New Order is a dystopian narrative that grew up in a more savage place than the jungle, and it is really chilling.

You can’t find any contemporary films that can be used as targets, and you can’t classify them.

The starting point of New Order is small and precise, starting with a wedding of a privileged family.

Father and mother are exquisite in all directions, collecting red envelopes and trading money and power; Once a servant’s life was hanging by a thread, but he was given a cold shoulder at the door of a lively party. In spite of her brother’s objection and the groom’s indifference, the kind bride Marianne decided to go to the slum to help her former servant herself.

Who knows that Marianne went there and never came back.

Rioting people broke into Marianne’s house with murder weapons, burning and looting. Except Marta, the housekeeper, all the servants in the house joined the mob, and the wedding banquet became hell. All the guests who came to the wedding became lambs to be slaughtered.

Marianne’s father was shot and injured, her mother was shot in the head after opening the safe, and her pregnant sister-in-law was killed on the spot, one body and two lives.

Marianne’s family was not the only one who suffered this. At this time, the whole Mexico City was out of control, with corpses everywhere and fanatics all over the street. Even the hospitals were completely occupied and suffered a bloodbath.

Although Marianne escaped by mistake because she went out temporarily, of course, she couldn’t save anyone when the hospital fell, and she was trapped in a slum.

Soldiers patrolling around found her hiding place and tricked her into a prison for the rich in the name of taking her home.

It turns out that the army has also defected and used armed forces to plunder and kill on a larger scale and more efficiently; They also developed a task force to kidnap and imprison rich people and carry out extortion, and Marianne was one of the victims.

At the same time, Marian’s father and brother have got in touch with those in power, and they have been rescued and sheltered, regardless of the chaos and sorrow outside.

But it was not the father and son who first received the kidnapping letter from the army, but Marta, the housekeeper who helped Marianne hide at the beginning of the riot, and his son Christian.

Good people’s hearts, accumulated wealth and the human ties of the army were not worth mentioning in the last days of France, and Marianne’s future was bleak.

"New Order" is a purely fictional work, and the plot is neither unusual nor dramatic. Director Michel Franco has no intention of setting suspense from beginning to end, but the audience will have to wait until the end to understand the shocking truth.

When I just finished watching this film, it was really difficult to summarize what the film was about-the main line was concise, but there were too many elements and the hidden information was overloaded.

If we have to describe what kind of film this is, the answer provided by the director is: New Order is a dystopian film.

But how can there be such a realistic and penetrating dystopian film?

The film written by this director five years ago is so close to our real life today, when the epidemic is raging, globalization is declining, countries’ economies and cultures are embroiled, and social contradictions are intensifying. It makes people wonder whether the script writing is based on the horror valley theory.

But Michel Franco doesn’t think so. He will politely emphasize that this is not reality-because reality is more cruel.

Yes, although watching "New Order" will probably be the scariest experience of many people’s movie-watching career, you can’t say that it is a violent, horrible and cruel movie.

Because the director doesn’t bother to show plasma, knives and guns, and he doesn’t feature the process of killing, rape or abuse at all-that is the low-level violence that "nipple entertainment" will rely on.

The horror of "New Order" permeates every frame of the film, lurks in the unpredictable fate and state of affairs, and is hidden in the dismantling and tracing of violence-the terrible thing is not the violence itself, but the reason why it will happen, and the reason why it will happen.

Mexico City, in the midst of riots and political changes, is in complete disorder and rage; But this kind of terror is not beyond understanding. It is a huge entity that all people who have the least understanding of the opposition between the state machine and personal destiny can be immediately frightened.

From the perspective of pure film production and technology, New Order is also very amazing, which was realized only after leaving the cinema: the audience did not feel the manipulation of audio-visual language at all, in fact, they did not pay attention to the existence of audio-visual language at all.

There is no hand-held lens shaking to form an off-site personality in "New Order", and there is no show-off skill in editing.

Its lens language is so calm and objective, but this calm and objective is absolutely different from documentary films, and it also draws a clear line with those fake records of posing, which is a pure and unbiased follow-up and observation.

When watching the movie, the author always thought that apart from the brief prologue of Shostakovich’s No.11 symphony at the beginning of the film, the film didn’t use the soundtrack, because there was almost no sound other than the natural environment sound during the whole process, and there was no unnecessary sound to distract attention, so the gunshots were enough to make people feel deaf.

However, when watching the credits carefully, I found that the director used a lot of soundtracks and was completely shocked. The audience and the characters in the film are present at the same time; The characters are running around, holding their breath or crying, while the audience is firmly pressed in the chair, unable to be distracted, and the world outside the screen is gone. Every minute, they feel that they are in great danger like the characters on the screen.

If we must describe the audio-visual style of this film, people will not notice any invisible style of audio-visual design.

It is hard to imagine that "New Order" is such a restrained and precise work in both core and skill, which is almost great.

Horrible, sensational, extraordinary, truly powerful images should be like this, without any part being too prominent, without any shortcomings, and without any fancy skills. All the criteria for judging art are pale, because the soul of its story is too powerful, which is something more real than reality.

Probably the film festival exists for films like New Order. People risked their lives to go to a celebration by the tide, just to witness the appearance of a film like New Order.

After watching "New Order" twice in one day with excitement, Ifeng film interviewed the film director Michel Franco at the first time.

Ifeng Movie: Why is this movie called "New Order"? The whole movie is almost a bloody conflict. The most terrible thing is that there is no order at all, and it feels more like a "new riot" …

Michel Franco:Because calling it a "new order" can attract more investment! I’m worried that this film can’t be seen by more audiences.

I don’t want everyone to think that this is a Mexican movie, a movie about a certain region. Called "New Order", it can attract more audiences, or make the audience realize that what this film wants to express is beyond what is shown on the screen.

The choice of "new order" is probably a bit cynical. After all, at the beginning of the film, it seems that everything is in "order", and then things change suddenly.

Is this change good? New is not necessarily good, not necessarily necessary. But from the experience of Mexico, it can change the reality, and I’m afraid it’s not civilized and peaceful.

At the end of the film, I really hinted that some new order was above all this chaos. Only when "New Order" is seen by a wider public can the existence of this film be meaningful and my message can be passed on.

Ifeng movie: Many viewers were frightened when they watched New Order.

Michel Franco:Exactly what I want! My film discusses very serious and heavy topics, which will not make the audience feel relaxed.

But I am very careful when I show violence. I don’t want to film the scenes of those soldiers abusing Marianne. I think that’s beyond the line. Once you cross the line, you are abusing the role and the audience with images, and you will lose the trust of the audience. What I want to film is the achievement of violence, so it is not the violence itself.

New Order is not a film that stimulates the senses. For example, 120 Days in Sodoma belongs to this kind of film that stimulates the senses. It is just to make you feel uncomfortable. Another example is clockwork orange, which is much more wild and violent than my movies.

Violence is abused in contemporary movies.But I’m actually very restrained. If riots or mutinies happen in reality, it’s definitely much more terrible than what I showed in my movies. The audience was threatened and provoked by the events themselves in New Order.

Ifeng movie: Is "New Order" to provoke the audience?

Michel Franco:Right. I am the kind of audience who likes to be provoked, challenged and shocked. Movies should not be just an entertainment product. You have to discuss those difficult and even painful things with the audience.

I know I gave a cruel ending to New Order, which may be uncomfortable, but since the topic I want to discuss is cruel, it would be hypocritical to arrange a bright ending full of hope.

Ifeng movie: I think you have done all this. The audience was scared when they watched New Order, and it was also because the completion of the film was so high that it was almost impossible to tell the difference between reality and reality.

Michel Franco:I want people to feel real, and I think my films are also real, especially the behavior and motivation of the characters in the films, which are close to life and can make people highly empathetic.

I certainly hope that what happened in New Order is not true. But if we look back at history, it is not uncommon for dictators to take power and the military to take charge in South America, Chile, Colombia or many other places in the world.

This story is set in the near future in Mexico, so it is very close to reality … but I hope Mexico won’t come to this.

There is no light and hope in the movie, and my hope lies in real life; If the audience is deeply shocked by this fictional film and decides to change the bad reality-social inequality and class gap-with behavior, then this is the real hope brought by this film.

Ifeng movie: "New Order" severely ridiculed the upper class and the rich. In this riot that almost destroyed everything, money and power do not mean that absolute security can be obtained.

Michel Franco:Exactly. I often see rich and powerful people in Mexico say, "Is the country going to die? It doesn’t matter, let’s hire more bodyguards. "

I find it absurd and irritating. Where did this belief in money and power come from? Can you buy loyalty? Can you buy personal safety if the country is finished? How do you know that these people armed with your money will unswervingly protect you in the turmoil, instead of pointing a gun at your head and asking you to hand over all your money?

Look at Felipe, the head security officer of the protagonist’s house in New Order. The shot he turned on was the key moment of the whole situation change.

Ifeng movie: You have been kidnapped yourself, haven’t you?

Michel Franco:Yes, when I was about twenty years old. My friends and I will joke now and call that kidnapping "highway kidnapping" At that time, I was stuck in a strange car, which kept speeding at high speed and didn’t stop all night.

There were many moments when I really thought I might have died that night. But there’s nothing to make a fuss about. I know many people who have been kidnapped.

Have you ever had a gun to your head? I have, many times. I know a lot of people who have been put a gun to their heads many times. This is very common in Mexico.

Did they shoot? No. If you are not dead, you can only get used to these things. Now we will say: threatened by a gun? Kidnapped? Life is like this.

It’s ridiculous to think about it, but there’s nothing you can do. After a long time, you get used to taking the worst as the normal state of life.

Ifeng Movie: What kind of family and class do you come from?

Michel Franco:I live in a very high-end neighborhood, and I am one of those privileged classes who live in illusion. But just like in the movie, the heroine’s home is only 20 minutes’ drive from the servant’s home; My home is ten minutes’ drive from the slum.

Mexico is a place where there is a big gap between the rich and the poor, but everyone lives together. Unless I am blind, I can’t see how hard the bottom people live. I have a conscience and I care about reality. If I were from the bottom, I would resort to violence, because there is no way out.

This is also the reason why I criticize the privileged class. I am one of them, and each of us is part of the problem. People with money or other resources should be able to make changes. But we haven’t done anything now. So I made this movie.

Ifeng movie: From this point of view, I really want to praise the design of the opening wedding scene: when a privileged family celebrates the wedding, a low-level person and their former servant come to seek emergency assistance. This contrast is really too intuitive.

Michel Franco:Well, if Roland came on another day, things might not be so interesting; A wedding is a perfect occasion to expose contradictions organically.

But it’s also ridiculous, isn’t it? Roland’s wife’s life hangs by a thread, but these rich people say, Oh, I’m too busy today, and the time is not right. Come another day.

However, the role of the wedding is not limited to these. The protagonist’s family used their daughter’s wedding as a cover for their collusion and dirty business dealings. They used the wedding to show off their wealth, while using the wedding to collect money.

I am actually a very patriotic person. I know many people don’t think so, but I don’t care what they think. I really am. Patriots will feel very painful when there is a problem in the country, and ta has the responsibility to discuss these things that no one wants to mention.

Ifeng movies: As an art film director, most of your previous works are medium and small budget movies. This time, I directed a relatively large-scale film. Are there any different feelings?

Michel Franco:This is not a very expensive movie. Does it look expensive? I can tell you that "Chronic" filmed in Los Angeles is much more expensive than this movie, because Los Angeles is a very expensive place, and everything costs a lot.

I made my own production for New Order. I’ve always wanted to get more investment, and I’ve been waiting for more money, but the money has never been enough. Not without investment, but very little.

Those who invested in me told me that we didn’t give you money because we thought it was a good story, but because we believed you.

I kept lobbying investors, but no one understood the script, and no one could understand what I really wanted to shoot. I told them that I would seal off the important streets and famous buildings in Mexico City and shoot some scenes of dead bodies everywhere. I want the helicopter to take some overhead shots; I plan to shoot a grand wedding at the beginning. It’s very expensive, you know-they all think I’m crazy, or I’m just a poseur director cheating money everywhere.

If I make a positive film, it will probably be easy to find investment, but who wants to make that kind of thing?

I know New Order will be a great movie. This is my longest project, because I have been waiting for the money to arrive. But then I decided to accept the reality that money would not be enough. If you don’t have enough money, you have to shoot a big scene and hire more than 3 thousand extras.

But I’m glad you think my movie looks expensive (laughs).

Ifeng movie: Now everyone knows that New Order is a good story and a good movie.

Michel Franco:Yes, but you can’t know until you see the movie. I have been talking to other filmmakers about my project before I made it, and they don’t believe that the money is not enough to make a good movie. But my investment has never reached my ideal number, and I am used to it.

Ifeng Movie: Will New Order be released in Mexico soon?

Michel Franco:If the epidemic situation can improve and the cinema can open. Now my investors love this movie. They just gave me so little money. As a result, now they say that this is a very good commercial film, and we feel that at least more than 2,000 screens should be given to it to improve the film arrangement rate.

I don’t understand the business of this movie at all, but I’m glad they think so!

The purpose of making this film is to let more people see it.

The mission of this film is to arouse discussion about social inequality, tyranny and violence, and make people pay attention to these things again. To do this, the first step is to find my audience and let them see this film. Otherwise, making this film will be an academic act, and I’m not interested in things on paper.

1905 movie network news Because of the obscurity, the sweet love drama in ancient costume starring Yukee Chen’ is being broadcasted exclusively by iQiyi. Since its launch on February 21, it has been in the forefront of the major rankings inside and outside the station. Last Friday to Sunday, the fourth week’s update was ushered in. The enjoyable drama of "Ayuan is hard and Wang Zesheng" was well received by the audience, and the porcelain bowl couple’s sadomasochism escalated.

On March 20th, "Two Worlds of Happiness" is about to close its membership. The "two generations" bumpy porcelain bowl couple will also accept new challenges. In addition, Qi Xin punishes the evil King Yeh, knowing how the feud between Aunt Xia and Ayuan will develop, and whether the couple with sweet and abusive porcelain bowls can have a happy ending as the audience wishes?

In the fourth week, the topic of heat continued to go high, and the porcelain bowl couple abused their hearts.

Since the broadcast of "Two Worlds of Happiness", the results of each list have been rising. The highest heat in the iQiyi station is as high as 8032, ranking among the best in the total list of TV dramas. In addition, it has been in the forefront of the list of cat’s eye, Detawen, Guduo, Yunhe and other industries. It has been on the hot search for four weeks since its launch, and the discussion on tap water topics on non-update days has been heated. Last week, the couple in porcelain bowls cried tears with high energy, and # Jingci vomited blood again # soared to the hot search list in Weibo, showing the netizens’ concern about the plot.

In addition, updating the interaction of artists on the same day, Yukee Chen’ and Ayuan released an expression pack of "good spirit" in Lanyue Lake: "Ignore me tonight, and I will …" Subsequently, Zhang Sifan, Ma Yue, Wang Gongliang and other actors forwarded it one after another to "feel aggrieved" for Ayuan. Netizens spontaneously changed their names to Ayuan’s support: "Today he ignores you, tomorrow you will abuse him", "The Qinhe team is standing in Ayuan, and the scene is so miserable" and "Ayuan really has personality" …… The scene is very lively.

Last week, the porcelain bowl couple entered Heart Abuse 2.0, and the plot was full of high-energy tears. Aunt Zhixia got in the way, and Ayuan didn’t receive the letter left by Jingci before leaving Qinhe, which led to the misunderstanding between the couple, and Ayuan was chilling. Jingci clearly knew everything, but he didn’t tell Ayuan, and even "resigned" to accept Ayuan’s marriage with Mu Beiyan. In particular, Ayuan was framed by Wang Zesheng in Lanyuehu, and Jing Ci stood on Wang Zesheng’s side to protect Ayuan. This move broke Ayuan’s heart and proved his innocence. Ayuan chopped his purse and wanted to "past lives, make a clean break".This episode made netizens cry their hearts out, leaving messages: "I’ll forget about the abuse", "My eyes are swollen and I feel sorry for the porcelain bowl couple" and "Please explain the scene quickly".

Later, Ayuan learned the mystery of his life experience, and was framed and imprisoned by the king of Ye. Even the closest deer died tragically in prison. For a time, Ayuan suffered multiple blows, and the story of heart abuse attracted hot discussion from netizens: "The name of Ershi Huan was changed to Ershi Abuse, and every episode was crying."

Apart from the story of the heart abuse of the porcelain bowl couple, Wang Zesheng designed to frame Ayuan, and Ayuan, a strong woman, went online, which not only made Wang Zesheng mad, but also proved that Wang Zesheng deliberately framed the "Moon Lake Incident". Then, she threw away the medicine that Wang Zesheng gave her to restore her memory, and angered Wang Zesheng: "I won’t let you bully me again." Ayuan’s "revenge" plot made netizens applaud.

The MV of "No Regret" shows Mu Beiyan’s infatuation, and the ending of "Two Worlds" this week triggered expectations.

Recently, Ershihuan released the episode "No Regret" MV, in which Zhang Sifan, the actor of Mu Beiyan, was specially invited to sing, and "Xiao He Wang Ye" used a low voice to tell Mu Beiyan’s infatuation with Yuan Qingyi: Yuan Qingyi, a childhood friend, ruined his reputation for love, but he was desperate to protect this girl; Later, Feng Mian started his "Second" life as the original Qing Li, and Qinhe lived together day and night, which made him hopelessly fall in love with Ayuan, who was more independent, and stayed with her. ……

The sad melody sings Xiao He Wang Ye’s infatuation to protect the heart of "Two Worlds": "Planting two words in your heart is called not regretting". Ruthless infatuation, infatuation and ruthlessness, Prince Xiaohe’s infatuation and devotion can only bless the two sisters of the original family to find happiness. This contrast is even more cruel than the sadomasochism of the porcelain bowl couple.

This week, VIP members are about to close, and the finale is multi-line, with continuous reversal and continuous high-energy plot. Along the way, the porcelain bowl couple experienced a tortuous process of sweetness, heart abuse and heart abuse 2.0. The roller coaster-style love hung the appetite of the audience. Can the porcelain bowl couple who have been thinking about it for a month reap the "two-world joy" ending?

In addition, the suspense line of the series "brain burning" will also be uncovered one by one. When did King Ye, who dressed as a pig and ate a tiger, start planning everything, and what was his purpose? In addition, there is a high-energy tear point — — The two sisters of the original family, who were separated from the original Qing Dynasty on a windy night, finally reunited after 20 years. More "Two Worlds of Happiness" was finally declassified, so please look forward to the final update of iQiyi this weekend.

"Two Worlds of Happiness" is adapted from the novel of the same name "Lonely Moon and Bright Moon", which is produced by iQiyi and produced by iQiyi Artist Studio. Every Friday to Sunday at 8: 00 pm, 2 episodes will be updated, and members will watch one week (6 episodes) first.

The fuel of the main torch of Hangzhou Asian Games is "green" methanol, which is called "green" because the preparation process of methanol is "zero carburetion", that is, the amount of carbon dioxide produced and consumed is completely neutralized from methanol production to methanol combustion. This is also the first time that zero-carbon methanol has been used as torch fuel in large-scale events. When the main torch was lit, the bright and elegant flame posture added a lot of color to the opening ceremony. Under normal circumstances, the combustion of methanol is light blue, which is not easy to see. In order to make the flame look more beautiful, the research team added a small amount of special "salt" into methanol, and the flame reaction of calcium ions and sodium ions in the salt ensured the flame to produce bright yellow and reddish colors, making the ignition ceremony more ornamental. (Science and Technology Daily reporter Liang He, Photography/Science and Technology Daily reporter Zhou Weihai)

　　CCTV News:Today, the Supreme People’s Court held a press conference to issue the Opinions on Giving Full Play to the Judicial Function and Strengthening the Judicial Protection of Property Rights, which put forward clear requirements for the relevant judicial execution from three aspects: the basic principles of strengthening the judicial protection of property rights, judicial policies and mechanism construction.

　　Today, the Supreme People’s Court also issued the Implementation Opinions on Properly Handling Historical Property Rights Cases in accordance with the Law. The Implementation Opinions require adhering to the principles of seeking truth from facts, equal protection, correcting mistakes according to law and combining correction with prevention, providing equal judicial protection for all types of property rights subjects, unblocking the filing channels of property rights complaint cases, and standardizing the application of retrial procedures.

　　Equal protection of economic property rights of all forms of ownership

　　The "Opinions" require that the litigation status and legal application of all kinds of property rights subjects be treated equally, pay attention to equal protection of non-public property rights, and equally protect the litigation rights and substantive rights of Chinese and foreign parties.

　　Punish all kinds of crimes against property rights according to law, and equally protect economic property rights of all forms of ownership.

　　Yan Maokun, Director of the Supreme People’s Court Research Office:It is emphasized that crimes against state-owned and collective assets should be punished according to law, and criminal law protection for non-public property should be strengthened, and crimes against the property rights of non-public enterprises and investors, managers and employees in the non-public economy should be punished according to law.

　　The "Opinions" require an objective view of the irregularities in business operations, and acquit those who have insufficient conviction basis according to law.

　　Yan Maokun, Director of the Supreme People’s Court Research Office:It is emphasized that we should treat it objectively from the perspective of history and development, strictly follow the principles of a legally prescribed punishment for a crime, never suspecting a crime, and handling related cases fairly according to law. All kinds of economic activities, except those explicitly prohibited by laws and administrative regulations, shall not be treated as crimes; Those who violate laws and regulations but do not constitute a crime, or whose crimes and non-crimes are unclear, shall be declared innocent according to law.

　　Resolutely prevent economic disputes from being treated as crimes

　　The Opinions call for a strict distinction between economic disputes and criminal offences, and resolutely prevent economic disputes from being treated as crimes. Emphasis is placed on giving full consideration to the characteristics of the non-public economy, strictly grasping the criteria for identifying criminal offences, and resolutely preventing economic disputes from being identified as criminal offences. For all kinds of economic disputes, regardless of the actual losses, we must always adhere to handling cases according to law and fair trials.

　　Use coercive measures and seizure and freezing measures with caution according to law.

　　In the past, in some places, there were some irregular problems in sealing up, distraining and freezing measures, such as mistakes, exceeding the standard, sealing up, distraining and freezing the property of outsiders, resulting in property damage and loss, and some enterprises that still have the ability to produce and operate could not produce and operate normally. The "Opinions" clearly stated that compulsory measures and seizure, seizure and freezing measures should be used with caution in accordance with the law to minimize the adverse impact on the normal production and operation activities of enterprises.

　　Yan Maokun, Director of the Supreme People’s Court Research Office:If it is required that in criminal trial, the defendant who has been arrested meets the conditions of obtaining a guarantor pending trial and monitoring his residence, the compulsory measures shall be changed; In criminal, civil and administrative trials, if it is really necessary to take measures of seizure, seizure and freezing, except for enterprises that need to be ordered to close down according to law, necessary working capital and current accounts may be reserved for enterprises as appropriate.

　　Strictly regulate the disposal of property involved.

　　The "Opinions" require strict regulation of the disposal of the property involved, and safeguard the legitimate rights and interests of enterprises and personnel involved in the case according to law.

　　Yan Maokun, Director of the Supreme People’s Court Research Office:It is required to strictly distinguish between illegal income and legal property, strictly distinguish between personal property and corporate property, and strictly distinguish between personal property and family members’ property. In accordance with the requirements of openness, fairness, standardization and efficiency, strictly implement and constantly improve the system of custody and disposal of property involved.

　　Fair trial of administrative agreement cases according to law

　　The "Opinions" require fair trial of administrative agreement cases according to law, and promote the construction of a government ruled by law and government integrity.

　　Yan Maokun, Director of the Supreme People’s Court Research Office:It is emphasized that for disputes caused by investment promotion, cooperation between government and social capital, we should carefully examine the reasons why the agreement cannot be fulfilled and the liability for breach of contract.If the government violates its commitments, especially for reasons such as the change of government and the replacement of leaders, it will resolutely support the reasonable demands of the administrative counterpart according to law.

　　Fair trial of cases of property expropriation and requisition according to law

　　The Opinions emphasize that cases of property expropriation and requisition should be tried fairly according to law and the legitimate rights and interests of administrative counterparts should be safeguarded. It is required to reasonably grasp the scope of public interests applicable to expropriation and requisition, and resolutely prevent the expansion of public interests. Follow the principle of timely and reasonable compensation, and fully protect the legitimate rights and interests of the expropriated.

　　The "Opinions" call for punishing intellectual property crimes according to law and strengthening judicial protection of intellectual property rights. Deal with historical property rights complaint cases according to law, and resolutely implement the requirement that mistakes must be corrected. It is required to establish a special working mechanism and pay close attention to screening and correcting a number of complaints about property rights disputes that have been strongly reflected by the society. If the facts are unclear, the evidence is insufficient, and the applicable law is wrong after examination, the party concerned shall be corrected and compensated in time according to law.

　　Properly handle historical property rights cases according to law.

　　The "Implementation Opinions on Properly Handling Historical Property Rights Cases in accordance with the Law" requires adhering to the principles of seeking truth from facts, equal protection, correcting errors according to law and combining correction with prevention, providing equal judicial protection for all types of property rights subjects, unblocking the filing channels of property rights appeal cases, and standardizing the application of retrial procedures.

　　The "Implementation Opinions" clearly put forward that the people’s courts should promptly review and carefully screen the effective judgments on property disputes involving major property disposal and illegal crimes committed by private enterprises and investors since the reform and opening up, and if the parties or outsiders lodge complaints; If there are mistakes, they should be resolutely corrected according to law. Focus on the screening, correction and publicity of major typical cases.

Screening and retrial of property rights complaint cases caused by government actions according to law

　　The "Implementation Opinions" stipulates that when screening and retrial property rights cases, the people’s court shall retry and revise the legal rights and interests of the investors for all kinds of contracts signed with the investors according to law in activities such as attracting investment, cooperation between the government and social capital, etc. because of the change of government and the replacement of leaders, or because of legal reasons, the government promises and contract agreements are changed, and the property losses suffered by the investors are not compensated according to law.

　　Teng Wei, Vice President of the Supreme People’s Court Trial Supervision Court:In the process of expropriation and requisition of land, houses and other property, the people’s court shall review the wrong judgment that the government failed to give fair and reasonable compensation to the expropriated person in accordance with the scope, form and standard of compensation, and initiate a retrial.In the retrial review and trial, we should pay attention to the use of administrative reconciliation coordination mechanism and civil mediation to properly resolve property disputes.

　　Carefully grasp the screening and correct the judicial policy

　　The "Implementation Opinions" also emphasizes the need to carefully grasp the judicial policy of screening and correcting, accurately identify the nature of economic disputes and economic crimes, and resolutely correct the wrong effective judgments that treat economic disputes as crimes.

　　Accurately grasp the legal boundary between crime and non-crime

　　The "Implementation Opinions" emphasizes that the boundary between economic disputes and economic crimes, especially contract disputes and contract fraud, the boundary between legitimate financing and illegal fund-raising of enterprises, the boundary between economic disputes involved in the merger and reorganization of state-owned enterprises by private enterprises and malicious occupation of state-owned assets should be strictly distinguished, and the legal boundary between crime and non-crime should be accurately grasped.

　　Teng Wei, Vice President of the Supreme People’s Court Trial Supervision Court:For economic activities in production, management, financing, etc., those that were not explicitly prohibited by laws and administrative regulations at that time and were punished as crimes, or those that were illegal but did not constitute crimes should be corrected according to law.

　　Resolutely correct the wrong judgment caused by criminal law enforcement intervening in civil disputes.

　　The "Implementation Opinions" stipulates that if the parties are forced to express their will by criminal means, which leads to the mistakes in the effective civil judgment, they must be resolutely corrected. Investors in private enterprises involved in crimes shall be guaranteed to exercise their property rights and other civil rights in accordance with the law during the period when the parties are subjected to compulsory measures or serving their sentences.

　　Teng Wei, Vice President of the Supreme People’s Court Trial Supervision Court:The people’s court shall investigate and verify the private enterprise investors’ exercise of civil litigation rights seriously affected by the restriction of personal freedom, and after the restriction of personal freedom is lifted, they provide new evidence for the facts of the civil case, which may overturn the effective judgment. Those who meet the conditions for retrial shall start retrial according to law.

　　In addition, the "Implementation Opinions" also provides for issues that are strongly reflected by the society, such as the trial of cases, the disposal of property involved in execution procedures, and state compensation. (CCTV reporter Zhang Sai)

　　Cctv newsAccording to "Sanya Released" WeChat WeChat official account News, at about 11: 22 on January 17th, Haitang Branch of Sanya Public Security Bureau received instructions from the command center of the Municipal Bureau, and people smashed mass vehicles at the east-west Sanya Tengqiao Interchange of G98 Expressway. After receiving the report, the police immediately intervened in the investigation, and on the morning of January 18, they arrested the illegal personnel Li (male, 40 years old) and Li Mouyuan (female, 42 years old) suspected of causing trouble.

　　After investigation, on the same day, when a car driven by the masses Zhuang was slowly passing through the Tengqiao Interchange section of the G98 Expressway in the east to the west of Sanya, Li drove a blue car without a motor vehicle number plate to the emergency lane on the right side of his vehicle, trying to overtake, which caused Li and his fellow driver Li Mouyuan to be unhappy, and took the opportunity to overtake from the emergency lane into the driveway and park the vehicle in front of the car driven by Zhuang. Subsequently, Li got off the bus and knocked on the door and window of a vehicle in Zhuang. Li Mouyuan smashed the door, window and left and right side mirrors of a vehicle in Zhuang and fled.

　　At present, Haitang Branch of Sanya Public Security Bureau has imposed administrative detention on Li and Li Mouyuan for 15 days and imposed a fine of 1,000 yuan. The traffic police detachment of Sanya Public Security Bureau punished Li for three traffic violations, namely, failing to hang the motor vehicle number plate (pro), driving in the emergency lane in non-emergency situations and illegally parking in the expressway lane.

　　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.)

In the economic field, debt economy is a common and complicated economic model. Simply put, debt economy is to obtain funds by borrowing and issuing bonds to promote economic development. This economic model is very common in the modern economic system, and many countries, enterprises and even individuals will use this method to meet their own capital needs.

At the national level, the government may issue treasury bonds to raise funds for infrastructure construction and social welfare. For example, some countries will build highways, railways and other transportation facilities on a large scale, and these projects need a lot of capital investment. The government will attract investors to buy them by issuing government bonds, thus obtaining funds to support the development of the projects. For enterprises, in order to expand production scale and carry out technological innovation, they will also borrow money from banks or issue corporate bonds. Like some emerging science and technology enterprises, in the process of developing new products, they need a lot of money for scientific research investment and equipment purchase, so they will choose debt financing to solve the funding problem.

Triangular debt is a special and thorny phenomenon in debt economy. Triangular debt refers to the debt chain formed by mutual arrears of payment between enterprises. In this case, enterprise A owes money to enterprise B, enterprise B owes money to enterprise C, and enterprise C may owe money to enterprise A, forming a complex debt cycle.

The influence of triangular debt is various. For enterprises, it will seriously affect the capital turnover of enterprises. When an enterprise’s payment is in arrears by other enterprises, its own funds cannot be withdrawn in time, which leads to the enterprise’s failure to pay the payment of raw material suppliers and the wages of employees on time, thus affecting the normal production and operation of the enterprise. In the long run, it may also lead to the reduction of the production scale of enterprises and even face the risk of bankruptcy.

From the macro-economic perspective, triangular debt will affect the operational efficiency of the whole economy. A large number of enterprises fall into the dilemma of triangular debt, which will make the capital flow in the market not smooth and hinder the rational allocation of resources. Debt disputes between enterprises may also trigger a series of legal proceedings and increase the transaction cost of society.

In order to understand the debt economy and triangular debt more intuitively, the following table is used for comparison:

In short, debt economy and triangular debt are both important issues that need to be paid attention to in economic operation. Correctly understanding and handling them is of great significance for maintaining economic stability and healthy development.

[Disclaimer] This article only represents the author’s own views and has nothing to do with Hexun. Hexun.com is neutral about the statements and opinions in this article, and does not provide any express or implied guarantee for the accuracy, reliability or completeness of the contents. Readers are requested for reference only, and please take full responsibility. Email: news_center@staff.hexun.com.

　　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)