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Big diving! A new wave of price cuts is coming!

Since March,

The price war in the automobile industry continues to spread

Following BYD Auto’s launch

After the price reduction strategy of "electricity is lower than oil"

According to China Newsweek,

Up to now, according to incomplete statistics.

There are already more than 30 automobile brands.

The official announced the price reduction in different forms.

especially

Xiaomi automobile, which will be listed soon.

Its pricing range has aroused great concern of consumers.

The "price war" in the auto market has intensified.

Just after the Spring Festival, BYD Auto was the first to announce the price reduction. The lowest price of its two new energy models was 79,800 yuan, and the prices both dropped by 20,000 yuan. Subsequently, Changan Qiyuan Automobile, Nezha Automobile, SAIC-GM-Wuling and other new energy brands followed suit to cut prices.

According to CCTV news reports, the price reduction in the auto market is mainly concentrated in new energy vehicles, with the price reduction ranging from 5% to 15%, and the price drop ranging from several thousand yuan to ten thousand yuan.

According to the analysis of the Federation, from the perspective of price reduction rhythm, the price reduction of new energy vehicles in 2024 reached a super level in February and March. In February, 25 models were reduced in price, and in the first half of March, 23 models were reduced in price, which is also an amazing level compared with history.

According to industry insiders, the main reason for the price reduction is that China’s new energy vehicle enterprises have made rapid progress and large scale, and they have the strength to reduce prices and compete with oil vehicles.

The fuel vehicle market may be further under pressure.

According to the data of the Ministry of Public Security, in 2023, there were 24.56 million newly registered cars nationwide, an increase of 1.33 million compared with 2022, with a year-on-year increase of 5.73%. Among them, the number of new energy vehicles reached 7.43 million, accounting for 30.25% of the number of newly registered vehicles, up 38.76% year-on-year. In 2023, the number of new energy vehicles in China has reached 20.41 million, accounting for 6.07% of the total number of vehicles. Among them, the number of pure electric vehicles is 15.52 million, accounting for 76.04% of the new energy vehicles.

Although the proportion of the total is still low, the growth rate of new energy vehicles is still relatively fast. According to the data of China Automobile Industry Association, the domestic production and sales of new energy vehicles continued to maintain a high growth rate from January to February 2024, among which the sales volume of new energy vehicles reached 1.207 million, up 29.4% year-on-year, and the market share reached 30%.

With this year’s "Government Work Report" proposed to encourage and promote the trade-in of consumer goods and boost the mass consumption of intelligent networked new energy vehicles and electronic products, in the eyes of many insiders, the sales of new energy vehicles will further increase and the sales of fuel vehicles will be further under pressure.

Of course, many fuel vehicle brands have also joined the army of price reduction. Some fuel vehicles, such as Chery Automobile and Tu ‘ang brand under SAIC Volkswagen, have begun to reduce prices. The limited-time comprehensive discounts for Tiggo 5x, Tiggo 3x, Arrizo 5 Series and Oumengda range from 6,000 yuan to 19,000 yuan.

China Petroleum provides all-round energy replenishment services.

Whether it is a new energy vehicle or a fuel vehicle, you can always go to China Petroleum to replenish energy.

At present, China’s oil terminal business is accelerating the transformation to a comprehensive energy service provider of "oil, gas, hydrogen and electricity". On September 7th last year, China Petroleum and Natural Gas Co., Ltd. successfully acquired 100% equity of Putian New Energy Co., Ltd. on the Beijing Equity Exchange. This company is the earliest central enterprise in China to carry out charging business, and the number of public charging piles exceeds 20,000. By the end of 2023, China Petroleum had built 1,875 photovoltaic storage stations, 957 charging stations, 69 power exchange stations, 22 hydrogen refueling stations and 72 comprehensive energy service stations.

China Petroleum Huanxin Upgrade Energy Supplement Business

A multi-functional, green and low-carbon

China Petroleum Comprehensive Energy Station accelerates its landing.

In Guangdong area

In accordance with the national "Double Carbon" strategy and the three-step strategic deployment of the group company "Clean Substitution, Strategic Succession and Green Transformation", in 2023, 202 charging and replacing projects were completed, 100 charging stations were built, and 2 hydrogen refueling stations were put into operation, which made a solid step towards the strategic goal of "thousands of stations".

On November 16th, 2023, the first overcharging station sold in Guangdong, Shenzhen Futian District Party Committee, was officially put into operation. The station combines the public brand logo of Shenzhen charging facilities with the image design scheme of China Petroleum, and has set up 30 charging parking spaces, equipped with 1 120kW integrated double-gun DC fast charging pile, 2 V2G charging piles and 15 7kW integrated single-gun slow charging piles. The station has applied the fully liquid-cooled flexible overcharge technology with the advantages of silence and high efficiency, so that "one second and one kilometer" and "one cup of coffee and full charge" can be truly realized. After the owner’s experience, he said that the charging equipment can realize the charging of new energy vehicles for 5 minutes and last for 200 kilometers.

In Shanxi area

Shanxi Sales seized the "window period" and "opportunity period" of the development and construction of new energy business, and actively deployed the construction of new energy stations in accordance with the working idea of "speeding up the layout, highlighting the outside of the station, strengthening cooperation and moderately advancing". It is expected that 9 charging stations will be put into operation in the first half of this year.

Shanxi Sales Taiyuan South Station Comprehensive Charging Station was officially put into operation on January 1st this year, which is the largest charging station currently put into operation by China Petroleum. At present, there are 40 120kW double-gun fast charging piles and 107 40kW AC charging piles in the station, and the maximum single-day charging capacity is 26000kW·h, which can meet the charging demand of 187 electric vehicles at the same time, and the bicycle charging can be completed in 30 minutes at the earliest. In addition, the station also plans to have "charging+"services such as Usmile Kunlun hospitality convenience store, restaurant and driver’s home, and at the same time meet the needs of people and vehicles.

In Sichuan area

Since the 14th Five-Year Plan, Sichuan has built 48 photovoltaic projects, 151 charging stations and 1314 charging guns, and developed 320 new energy projects and put 202 into operation. Based on the advantages of the site and brand, the new energy layout of "charging, changing electricity, hydrogenation and photovoltaic" sold in Sichuan is developing rapidly.

On January 8 this year, Sichuan Sales Guangyuan Branch was officially put into operation in the first charging and replacing power station in Guangyuan City-Chuanbei Square Station. The station is equipped with a fully liquid-cooled container-type power exchange station and 25 battery compartments, which can provide 280 power exchange services every day, and can realize extremely fast power exchange in less than 2 minutes. Based on the characteristics and needs of the taxi industry, the station rationally optimizes the passenger flow distribution of charging and replacing power stations to ensure the rapid and efficient flow of vehicles entering, changing electricity and leaving. As of March 25th, the station has completed more than 28,000 battery changes, and the maximum number of power changes in a single day is 495.

In Chongqing area

Chongqing Sales promotes the development of new energy business from a strategic overall height, and makes every effort to promote the construction of first-class comprehensive energy sales service providers. In recent years, 60 comprehensive energy stations such as charging, power exchange and hydrogenation have been built and put into operation.

Chongqing Sales added a charging service at Nanping Gas Station at the south bridge head of Yangtze River Bridge, and it was put into operation on December 30, 2023. There are 4 charging parking spaces in the station, and the rapid charging experience is realized through the intelligent dynamic module allocation function. As of March 25th, the accumulated charging capacity of the station reached 92,700 kW·h, and the daily average single-gun charging capacity reached 272 kW h..

In the Shanghai area

In recent years, Shanghai Sales has actively promoted the transformation of traditional oil sales enterprises into comprehensive energy service enterprises, and built a multi-functional service pattern of "oil, hydrogen and electricity". Up to now, Shanghai Sales has built 2 hydrogen refueling stations, 5 power exchange stations, 1 off-site charging station and 12 gas stations with charging piles.

On January 16th this year, Guanhai Road Charging Station, the first off-site charging station sold in Shanghai, was put into operation. This charging station is the first off-site charging station built by China Petroleum in Shanghai. It is equipped with 15 double-gun DC charging piles and 5 V2G charging piles, which can provide 120kW fast charging service for 40 vehicles at the same time, and it is estimated that the annual carbon emission can be reduced by about 372 tons. According to the "all-ecological" layout, the station is equipped with convenient services such as Usmile unmanned convenience store and direct drinking hot water, and has been included in the taxi charging demonstration station named by Shanghai Municipal Transportation Commission, providing high-quality and meticulous services for surrounding taxis and residents.

In Henan area

In accordance with the principle of "brightening brand, building image, showing effect and seeing benefit", Henan Sales has developed and built charging and replacing projects. At present, 40 charging projects in the station have been put into operation, and 236 charging piles have been built.

On January 30th, the first comprehensive energy station for charging and replacing electricity in Henan was put into operation at Zhengzhou No.2 Station. The station has 8 DC fast charging piles, and customers can conduct self-service charging operation through mobile phones, and the whole process of charging and settlement can be completed within 30 minutes. In terms of power exchange, SAIC owners can realize rapid power exchange in 1 minute and 30 seconds at the earliest under the premise of completing the interaction between vehicles and machines. In addition to charging and replacing electricity, the station also provides refueling, shopping, quick car washing and other services for the majority of car owners.

In Beijing area

Beijing sales implements the concept of green and low carbon, solidly promotes the integrated development layout of "oil, gas, hydrogen and electricity", accelerates the construction of new energy stations, actively builds an in-station and off-station service system, and has put into operation 12 charging stations and 3 hydrogenation stations.

Andao Charging Station, which opened in December 2023, is a "oil-electricity integration" supply station owned by Beijing Sales. The station is located in Sunhe Township, Chaoyang District, Beijing. It is the main place for traditional taxis and network cars to be handed over for energy supply. There are 20 fast-charging guns in the station. Since its opening, the station has served more than 200 electric taxis and network cars every day, and the maximum charging capacity per day has reached 6300 degrees, which greatly eased the problem of charging electric taxis and network cars in this area.

In Zhejiang area

Zhejiang Sales takes "accelerating the development of charging and developing photovoltaic on a large scale" as the main line, formulates the new energy development plan and peak carbon dioxide emissions Action Plan, and vigorously promotes the development of various new energy businesses such as charging and replacing electricity, hydrogen energy and distributed photovoltaic power generation. At present, Zhejiang sales have put into operation 30 photovoltaic stations, 72 charging stations and 1 power exchange station.

Hongpu Road Gas Station of Hangzhou Branch of Zhejiang Sales Company is a comprehensive function station integrating refueling, charging, car washing and car maintenance. At present, the charging pile of the station has been installed and debugged, and the charging gun is being calibrated. It is expected to be officially put into operation this week. The charging station is based on the Kunlun power management platform, with 4 charging piles, which can provide charging service for 8 vehicles at the same time. The charging station enjoys the new energy electricity price policy of Hangzhou, and can charge 30 degrees in half an hour.

How’s it going?

Are you not worried about charging now?

Whether you choose an oil car or a new energy car.

Youbao is ready for you.

A fast and good way to replenish energy

China oil will also accelerate.

Green and low-carbon transformation

Provide more choices for you to travel and replenish energy ~

Text | Song Qinghai Yu Chifang

Original title: "Big Diving"! A new wave of price cuts is coming! 》

Dialect is imbued with modern drama, and regional culture emerges.

　Pan-entertainment top media only tells the truth and jokes.

Xiniu entertainment original

Wen | Cold canned food　 　Edit | Xia Tian

From the perspective of language, 2020 can be regarded as a year when domestic dramas blossom.

　

Northeast dialect, Chongqing dialect, Cantonese, Shanpu dialect … Many local dialects have entered the public’s field of vision with popular dramas as the carrier. In the process of drama spread, a wider range of dialect radiation has been realized.

　

It is true that it is not the first time that "dialects have entered the drama". As early as in plays such as "Big House Gate" and "Walking West", it left a deep impression on the audience. However, it is not difficult to find that the dramas that were integrated into dialects at that time were relatively single in type and uniformly chronological dramas. In addition to showing regional attributes, dialects have a stronger sense of age and charm, let alone a blend of life dramas and youth dramas.

　

This year, dialects have quite broken through the single category of chronological dramas and marched into various types of dramas such as life dramas and youth dramas.

　

In CCTV’s popular life drama "Loading Taiwan", Shanpu is "flying all over the sky". Based on Chen Yan’s novel of the same name, the play tells the story of the Taiwanese people’s joys and sorrows, ups and downs, and the story of the ancient city of Xi’ an in the tide of reform and opening up.

There are seven Shaanxi actors in "Loading Taiwan". Zhang Jiayi and NI YAN, leading men and women, as well as You Yongzhi, Sun Hao, Jita, Jiang Guannan and Guo Gang, who make up the image of Xi ‘an well group, are all genuine Shaanxi people.

　

While enriching the audience’s experience of watching the drama with fluent Shanpu, the regional culture behind the dialect has also played an important role, and the significance of "dialect entering the drama" has been completely interpreted.

Discard tool attributes

The Russian Song and Dance Troupe was rehearsing to the best of its ability when a "trapeze artist" suddenly appeared, and the rope of the platform loader was broken. With this small accident, the prologue of the TV series "Dressing Taiwan" officially kicked off.

　

Judging from the ratings, the drama has a good momentum, breaking one in a row. However, objectively speaking, the popularity and discussion of "Loading Taiwan" did not reach the volume of hot works.

　

In terms of quality, "Loading Taiwan" is far above the passing line. Chen Yan, the original author, has been working in Shaanxi Opera Research Institute since 1990. With 23 years of work experience and emotional accumulation, there is no need to worry about the authenticity and popularity of "Loading Taiwan". Mao Dun’s status as the winner of the literature prize also adds some confidence to the vividness of the story. At the same time, Zhang Jiayi, NI YAN, Song Dandan, Amanda and other all-in-one line-ups also ensured the presentation effect of the play to a certain extent.

The problem lies in the rhythm. The two main lines of "Loading Taiwan" run in parallel, sewing Diao Shunza’s life tightly in one place like two stitches: one is the loading Taiwan work that Diao Shunza has to do on the stage, and the other is the parents he has to face.

　

Although it is full of fireworks, it is not the fast-paced play that online students like. The story structure is still confined to the old thinking.

　

At present, compared with the cast and story, it is the embodiment of regional culture, which has become the focus of discussion on the Internet and a breakthrough to attract cross-circle audiences.

　

Compared with the regular life drama, Shanpu’s "Dressing Taiwan" is unique for the panoramic display of Xi ‘an cuisine and scenery. Spicy beef with film, oil-sprinkled noodles, noodles with minced meat, Guo Kui, the root of the city wall in Xi ‘an, a true replica of the village in the city … is equivalent to a miniature documentary.

Although it has also produced slight side effects, a small number of viewers think that "Loading Taiwan" is not full enough on the plot line, like a propaganda film of Xi ‘an Cultural Travel interspersed with plots. However, in terms of freshness and communication, it is still flawed. Regional culture has become the key point of the fermentation and communication of "Loading Taiwan".

　

Breaking through the "tool" attribute of dialect and imbuing the plot with the color of regional culture in all-round immersion has become a new effect of "dialect entering the drama"

Multi-regional dialect attack

When it comes to the plays that form a strong impression with regional life, Loading Taiwan is not the only one in 2020.

　

In May of this year, the youth drama "I don’t want to be friends with you", which was originally set in the Northeast Metro, became a dark horse of word of mouth with a lineup of almost all newcomers. It was affectionately called "Northeast Edition 1988" by netizens and was deeply favored.

　

In September, bilibili’s first film and television novel "The Sky of Wind Dog Teenagers" was officially launched. Apart from the highlights such as Zhang Yibai’s directing and Peng Yuchang’s participation, the collision between Chongqing flavor and Secondary Two teenagers also made it play a good hand of differentiation.

In October, Dear Mayang Street, which depicts "Cantonese youth", was officially launched. In Cantonese with light comedy effects such as "jump on the street, you" and "Xiluzai", the life picture of Mayang Street slowly unfolds.

　

These dramas also have common problems in the same type of dramas in terms of the handling of endings and the structure of plot lines. However, it is undeniable that the infiltration of dialects and the diffusion of regional culture have given birth to freshness in the old types.

　

Take the small and beautiful dark horse "I don’t want to be friends with you" as an example. In essence, the group images of teenagers in Northeast China portrayed in "I don’t want to be friends with you" are no different from those in other youth dramas. But eating frozen pears, buying Sugar-Coated Berry, having snowball fights and sledding in the northeast campus life; Say to the girl you like, "I’ll find out the big cotton trousers I made later, and the ones with straps have a vest, which makes you sweat when you get old and warm"; The lively public bathhouse, the heavy industrial factory building with smoke rings and the life scene in the northeast mixed with ice and snow all make the audience find everything new and fresh.

And this new idea may be the best solution to the combination of regional culture and film and television dramas.

Region and drama, mutual achievement.

Many people believe that the key to the development of film and television dramas integrated with regional culture is to capture local audiences and turn them into core audiences. But in fact, the local circle is not an important direction for this type of drama to exert its strength.

　

It is true that cultural identity has a natural attraction to audiences in all regions, but it is difficult to adjust the opinions of all people, and the division of the inner circle of the region is also very complicated. At the same time, the narrow target audience will also form resistance in the process of fermentation and communication of the series.

　

Although "dialects enter the drama", the works that embody regional culture are increasingly diversified in types. But grasping the balance between popularization and localization is a universally applicable theorem.

　

Frankly speaking, it is biased to take whether the drama can attract local people to watch as the measure of success. Whether the innovation of drama types can be realized through regional factors and the spread of regional culture to a certain extent is the key.

　

From sketch stage to variety show, and then to the rise of short video platforms such as Tik Tok and Aauto Quicker, Northeast culture has always occupied a place. But in fact, the image of Northeast China in public cognition is biased towards extremes.

　

Northeast dialect may be familiar, but for a long time, it has been confined in a narrow world. What has been active in film and television dramas for a long time is the "ivory mountain Big Three" composed of Liu Neng, Xie Guangkun and Zhao Si in Country Love, or the Erlong Lake Haoge in Siping Youth. The most popular image of a teenager in Northeast China was firmly occupied by Xie Fei, who successfully made a circle by relying on the phrase "She pulled me".

In the public’s existing cognition, Northeastern dialect runs counter to the necessary elements of youth dramas such as romance and Soviet Union.

　

Under such circumstances, the presentation of "I don’t want to be friends with you" to "another Northeast" can not but awaken the audience’s curiosity. At the same time, it also broke the public’s wrong cognition of the customs of Northeast China, and enriched the content of regional cultural communication.

　

The same is true in "Loading Taiwan". With Shaanxi as the background, almost all the works that depict the region in depth are works with a strong flavor of the times, such as White Deer Plain and Ordinary World. The pictures of caves and loess have been frozen in public cognition. The presentation of Xi ‘an’s urban well life in Loading Taiwan not only brings fresh visual experience to the audience, but also enriches the image of Shaanxi.

In the drama series with strong dialect flavor and deep roots of regional culture, the drama series itself and regional culture are mutually successful. While satisfying the curiosity of the audience and giving new vitality to the old genre, the breaking of regional prejudice is also taking place.

　

In the overall context of the unprecedented rise of regional culture, the wave of multi-regional culture is scouring the field of film and television.

Notice of Changping District Market Supervision Administration on Forwarding the Notice of Beijing Intellectual Property Office on Organizing the Precise Management List of Patent Applications

All relevant units:

　　The Notice of Beijing Intellectual Property Office on Organizing the Application for Precise Management of Patent Applications (J.J.J. [2023] No.24) is hereby forwarded to you. Interested applicants are requested to send the Application Form for Precise Management of Patent Applications in Beijing (WORD document and PDF document) and the electronic version of relevant certification materials (the material size is not more than 20M) to the designated mailbox of Changping District Market Supervision Bureau: scjzscqk@bjchp.gov.cn before March 10th.

　　See:

　　http://zscqj.beijing.gov.cn/zscqj/zwgk/tzgg/326034062/index.html

　　(Contact: Chen Ou, Intellectual Property Section, Tel: 69747043)

Can palpitation cause sudden death？ Don’t panic, it’s different!

　　Palpitation is a kind of physical discomfort that we often encounter. It can be manifested as "the heart is jumping fast", it can be "the heart is empty", it can also be "feeling flustered in the heart", or "being all over and fidgeting" and so on. Especially when winter comes, the incidence of cardiovascular and cerebrovascular diseases is high, and then it is a "panic group". Don’t worry, the doctor told you that you are a little flustered and don’t worry.

　　Sudden death is often caused by a heart attack.

　　Is palpitation a serious heart disease? Will it cause sudden death like some stars? Many flustered patients will have such worries.

　　In fact, most of the causes of sudden cardiac death are often acute myocardial infarction, commonly known as acute myocardial infarction. Acute myocardial infarction is generally caused by acute occlusion of the coronary artery supplying blood to the heart. Palpitation, on the other hand, is an electrical change that is responsible for stimulating and maintaining the heartbeat. The two are very different. Is the so-called electrical palpitation very serious? Compared with acute myocardial infarction, the disease that leads to palpitation is much lighter. If you want to know the harm of palpitation, you must know what happened to your heart when you were flustered.

　　The feeling of palpitation comes from the change of heart rate and rhythm. For example, the heartbeat is particularly fast, particularly slow, and the jump is irregular, which will lead to palpitation. In the three cases, there is no need to worry about some fast and irregular heartbeats.

　　This sudden heartbeat is nothing serious.

　　First of all, some rapid heartbeats are physiological, so there is no need to worry. For example, students are nervous during exams, climb mountains very hard, and are very annoyed when they are angry, all of which will lead to an end, that is, sympathetic excitement. The activities of the human body are finely regulated by the sympathetic and parasympathetic nervous systems to achieve a balance. Sympathetic nerve excitation can cause rapid heartbeat, rapid breathing and high blood pressure; On the other hand, parasympathetic nerve excitation is just the opposite, which makes people’s heartbeat slow, breathing slow, blood pressure drop, etc., such as sleep state.

　　Sometimes, when I have a nightmare at night, my heart beats very fast when I wake up, because my body is in a state of extreme sympathetic excitement in my dream. The rapid heartbeat in these cases is an adaptive adjustment made by the human body to meet the needs of the environment and body functions. When you are no longer nervous, tired or angry, your heartbeat will be better. It’s not good if you force medication to keep your heartbeat down.

　　There is no need to worry about sympathetic nerve excitement caused by physiological reasons, resulting in accelerated heartbeat or premature arrhythmia.

　　In this case, you can take some medicine as appropriate

　　In addition to emotional factors such as anger, labor, tension, etc., exciting drinks such as drinking, tea, coffee, etc. can also lead to sympathetic excitement, which leads to palpitation. These conditions are also caused by physiological factors, that is, the influence of food. Under normal circumstances, there is no need to worry and there is no need to use drugs.

　　Some patients never drink alcohol, and the palpitation caused by occasional drinking may last for a long time and always be uncomfortable. In this case, some drugs that inhibit sympathetic neurotransmitters can be used appropriately, such as beta1 receptor blocker — — Metoprolol, wait.

　　Some palpitations are not rooted in the "heart"

　　Some cases are pathological, but the disease itself is not in the heart, but in other systems of the whole body. For example, when diabetic patients have hypoglycemia, they will show palpitation caused by rapid heartbeat and discomfort such as shaking hands and sweating. At this time, it is not simply to reduce the heart rate, but to solve hypoglycemia. If you can take high-sugar foods such as chocolate, candy and biscuits, you will quickly improve palpitation. Another example is cervical spondylosis, which can also lead to palpitation, manifested as long-term desk work or sudden stress on the neck, such as palpitation, dizziness, sweating, nausea, and even chest tightness. At this time, there is no need to rush to use drugs to reduce the heartbeat, but to improve the environment of the neck. For example, doing actions such as raising your head and whistling, watching a play through a partition wall, or doing exercises of the muscles of the shoulder and neck to improve the strength distribution of the muscles attached to the cervical spine; Anemia can also lead to palpitation. The first manifestation is a rapid heartbeat, often accompanied by shortness of breath and chest tightness after activities. At this time, blood tests are needed to determine; Similarly, abnormal thyroid function will also lead to palpitation, and the diagnosis also requires blood tests.

　　Need to remind everyone that after excluding the factors mentioned before, if you still have palpitation and can’t find the reason, you should go to the hospital in time to find out the reason. It is the most important thing to treat the cause.

　　Text/Zhong Guangzhen (Beijing Chaoyang Hospital)

Release innovation and entrepreneurship to create kinetic energy

　　People’s vision

　　Core reading

　　On March 10th, General Secretary of the Supreme Leader stressed that it is necessary to create a good development environment conducive to innovation and entrepreneurship. It is necessary to give impetus to reform and opening up, maximize the kinetic energy of innovation and entrepreneurship in the whole society, and continuously enhance China’s influence and competitiveness in the great changes in the world.

　　The deputies agreed that it is necessary to continuously form a strong atmosphere of innovation and entrepreneurship in the whole society, especially to provide favorable conditions for the development of small and medium-sized enterprises and young people, and to establish an acceleration mechanism for the growth of high-tech enterprises; We should constantly improve the development environment of the private economy, let the innovation source of the private economy fully flow in, and create vitality to compete with generate.

　　Give impetus to reform and opening up.

　　The General Secretary of the Supreme Leader stressed that it is necessary to give impetus to reform and opening up, maximize the kinetic energy of innovation and entrepreneurship in the whole society, and continuously enhance China’s influence and competitiveness in the great changes in the world.

　　"The important speech of the General Secretary has pointed out the direction for scientific and technological innovation." Deputy Jin Hongguang, director of the Academic Committee of the Institute of Engineering Thermophysics, Chinese Academy of Sciences, said that we have ushered in the historic intersection of the new round of scientific and technological revolution and industrial transformation in the world and the transformation of development mode in China, and we are facing both important opportunities and severe challenges. It is necessary to continuously improve the capability of independent innovation, hold key core technologies in our own hands, provide strong impetus for high-quality development, and enhance China’s influence and competitiveness in the great changes in the world.

　　"We used to focus on ‘ 1 to N’ Now, it seems that the key technologies will not be broken and solved ‘ 0 to 1’ It is impossible to achieve long-term development. " Deputy Jin Hongguang held that the reform of the scientific and technological system must be deepened in order to tackle key core technologies. Only by persisting in deepening reform to stimulate innovation vitality and fully mobilizing the enthusiasm of all kinds of innovation subjects can the effectiveness of the innovation system be continuously improved. The reform of the scientific and technological system focuses on getting results, and we must not engage in formalism. Only by establishing a good innovation ecology can we maximize the great potential of science and technology as the primary productive force.

　　"After 40 years of reform and opening up, China’s economy and society have undergone earth-shaking changes. This has laid a good foundation for the current economic transformation and upgrading and provided a source of power. In the 40 years of reform and opening up, Chinese’s education level, economic level and innovative and entrepreneurial creativity have been greatly improved. Making full use of the people’s innovative and entrepreneurial creativity can ensure that China’s economic development has a steady stream of motivation. " Representative Zhu Mingyue, founder of Pig Bajie.com, said.

　　Deputy Zhu Mingyue said that to release the kinetic energy of innovation and entrepreneurship in the whole society to the maximum extent, it is necessary to give full play to the initiative and enthusiasm of the people in innovation and entrepreneurship. At the same time, it is also necessary to help people change their thinking mode and working mode, break the geographical and spatial restrictions on talents, and liberate and develop their innovative and entrepreneurial creativity. For example, through new models such as the sharing economy, everyone’s greatest potential for innovation and entrepreneurship will be brought into play, and the overall labor efficiency and competitiveness of the country will be improved.

　　Deputy Ou Qi, deputy director of the Technology Center of Zhejiang Longsheng Group Co., Ltd., said that reforming and improving the collaborative innovation mechanism in Industry-University-Research will accelerate the integration of capital chain, talent chain, industrial chain and value chain, and let the innovation vitality of private enterprises fully flow. For private enterprises, creating a good development environment conducive to innovation and entrepreneurship contains great development opportunities. "As a private enterprise, we should consciously assume the responsibility of innovation, face the world’s scientific and technological frontier, face the main battlefield of the economy, face the major needs of the country, make full use of favorable conditions, carry out independent innovation, open innovation and collaborative innovation, strengthen the docking with the needs of economic and social development, accelerate the transformation of scientific and technological achievements, and build a solid foundation for industrial development."

　　"China is in an important window of innovation. If we want to increase market share, there are no world-leading original achievements that will not work." Deputy Liu Qingfeng, Chairman of Iflytek Co., Ltd. said that the current policies and measures to support scientific and technological innovation should be more precise, and more independent innovations should be encouraged.

　　adhere to problem oriented

　　General Secretary of the Supreme Leader stressed that it is necessary to adhere to the problem orientation, emancipate the mind, create a better environment for innovation and entrepreneurship by comprehensively deepening reform and opening up, focus on solving outstanding institutional and institutional problems that affect innovation and entrepreneurship, and create a social atmosphere that encourages innovation and entrepreneurship, especially to provide favorable conditions for the development of small and medium-sized enterprises and young people, and establish an accelerated mechanism for the growth of high-tech enterprises.

　　"Adhere to the problem orientation and focus on solving outstanding institutional and institutional problems that affect innovation and entrepreneurship, and we must constantly optimize the business environment." Deputy Li Bingji, deputy chairman of the Guangdong Provincial Committee of Zhi Gong Dang, believes that optimizing the business environment requires improving the communication mechanism between government and enterprises. It is necessary to encourage all localities to establish an institutionalized communication mechanism between government and enterprises in light of local conditions, so that private enterprises, especially small and medium-sized private enterprises, can reflect problems more smoothly; Promote the reform experience of negative list management in free trade zones, such as "taking photos first and then certifying", and improve the level of government services; Establish and improve the normal communication mechanism between the government and chambers of commerce and associations, listen to the demands of enterprises, and solve problems for industrial development.

　　"To create a social atmosphere that encourages innovation and entrepreneurship, we need to establish a correct value orientation and cultivate a soil that dares to innovate and is willing to innovate." Deputy Huang Jianping, Chairman of Guangdong Dongguan Weimei Ceramic Industrial Park Co., Ltd. said that entrepreneurs and innovators who devote themselves to industry and focus on their main business should be respected, so that their innovation and entrepreneurship can be rewarded.

　　Financial support is very important for the innovation of high-tech enterprises. The representative of Huang Jianping said that it is necessary to establish various venture funds around the actual needs of start-ups. In addition, we should strengthen the protection of intellectual property rights to create support for innovation and entrepreneurship.

　　In view of some problems existing in intellectual property protection, Commissioner Gong Fuwen, vice president of Shaanxi Higher People’s Court, said that the judiciary should safeguard the environment for innovation and entrepreneurship and provide all-round and all-round protection for the subject of innovation and entrepreneurship. We should improve the judicial protection mechanism of intellectual property rights, rely on intellectual property courts (tribunals), concentrate on hearing related cases, formulate the standards for determining infringement in intellectual property rights trials, and unify the judgment standards to further stimulate the vitality of private entrepreneurs’ innovation and entrepreneurship.

　　Deputy Shen Yanfen, vice president of the Academy of Agricultural Sciences in Enshi Tujia and Miao Autonomous Prefecture, Hubei Province, said that young people are full of creativity, and the post-80s generation in her unit accounts for more than 50% of the employees. In recent years, many patents and achievements have come from young people. "Young people are a new force in scientific and technological innovation and determine the strength and level of China’s future scientific and technological team. We must create favorable conditions for young people so that they can get support when they urgently need resources and release the energy of innovation. "

　　Deputy Shen Yanfen said that it is necessary to provide more opportunities for young people to host or undertake scientific research projects and promote talent growth. "Young people with a good environment, potential and enthusiasm for scientific research are more likely to stand out and add strength to innovation and entrepreneurship."

　　Adhere to "Two Unswervings"

　　The General Secretary of the Supreme Leader stressed that it is necessary to adhere to the "two unswerving" principle, implement various policies and measures to encourage, guide and support the development of the private economy, create a fair, transparent and legal development environment for enterprises of all types of ownership, create a good atmosphere conducive to the healthy growth of entrepreneurs, help private enterprises achieve innovative development, and build an entrepreneurial team with pioneering spirit, forward-looking vision and international vision in market competition.

　　"The private economy is an important pillar of Fujian’s economic development." Deputy Lin Tengjiao, Chairman of the Board of Directors of Sunshine Longjing Group, said that the general secretary’s important speech touched on the hearts of entrepreneurs, and everyone felt more confident.

　　Deputy Tang Liang, vice chairman of Shanghai Federation of Industry and Commerce and chairman of Aosheng Group Co., Ltd., believes that a good business environment has several important characteristics for private enterprises: First, adhere to the "two unwavering" and do everything possible to encourage, guide and support the development of the private economy; The second is to maintain pro-Qing political and business relations and create a fair, transparent and legal development environment for enterprises of all types of ownership; The third is to start from the nuances and create a good atmosphere conducive to the healthy growth of entrepreneurs.

　　Member Chang Zhaohua, vice chairman of the All-China Federation of Industry and Commerce and chairman and CEO of Shanghai Minimally Invasive Medical Devices (Group), believes that private enterprises in China have contributed more than 50% of the country’s tax revenue, more than 60% of GDP and more than 70% of technological innovation at this stage. A series of tax reduction and fee reduction measures adopted by the state will play an important role in reducing the burden on private enterprises, improving the business environment and creating a good development environment conducive to innovation and entrepreneurship. Committee member Chang Zhaohua believes that the profitability of private enterprises should be enhanced, the sense of acquisition of enterprises should be enhanced, the sustained and high-quality development of enterprises should be guaranteed, and the international competitiveness of private enterprises should be enhanced.

　　Committee member Huang Lixin, chairman of the Jiangsu Provincial Political Consultative Conference, believes that due to the high cost and high risk of loans, some financial institutions often "stay away from private enterprises and small and micro enterprises". Member Huang Lixin said that relevant state departments should introduce measures to increase financial support for private enterprises and small and micro enterprises. It is necessary to adjust and optimize the assessment and incentive mechanism for financial institutions, promote financial institutions to provide financial services to private enterprises and small and micro enterprises, and solve the problem that financial institutions are "afraid to lend and unwilling to lend".

　　(Reporter Wu Qiuyu, Zhu Dawei, He Linping, Xie Weiqun, Li Jiading, Ma Chen, Han Chunyao, Li Changyu, hao yang, Guo Shuran, Liu Shiyao, Cheng Yuanzhou, You Yi, Zhang Shuo, Meng Xiangfu)

　　Layout design: Guo Xiang

Rene Liu’s recent exposure has been separated, has children, and has not left.

Rene Liu and Zhong Xiaojiang have always been concerned about their marriage. They have been married for 12 years, but Rene Liu has always kept a low-key attitude towards life and rarely mentioned his marital status in public. Recently, Rene Liu’s recent situation was exposed, and many people knew nothing about her marital status, let alone that she had children. Rene Liu and Zhong Xiaojiang have always been concerned about their marriage. They have been married for 12 years, but Rene Liu has always kept a low-key attitude towards life and rarely mentioned his marital status in public.

Rene Liu and Zhong Xiaojiang have always been concerned about their marriage. They have been married for 12 years, but Rene Liu has always kept a low-key attitude towards life and rarely mentioned his marital status in public. Recently, Rene Liu’s recent situation was exposed, and many people knew nothing about her marital status, let alone that she had children. Rene Liu and Zhong Xiaojiang have always been concerned about their marriage. They have been married for 12 years, but Rene Liu has always kept a low-key attitude towards life and rarely mentioned his marital status in public.

Rene Liu and Zhong Xiaojiang have always been concerned about their marriage. They have been married for 12 years, but Rene Liu has always kept a low-key attitude towards life and rarely mentioned his marital status in public. Recently, Rene Liu’s recent situation was exposed, and many people knew nothing about her marital status, let alone that she had children. Rene Liu and Zhong Xiaojiang have always been concerned about their marriage. They have been married for 12 years, but Rene Liu has always kept a low-key attitude towards life and rarely mentioned his marital status in public.

Rene Liu and Zhong Xiaojiang have always been concerned about their marriage. They have been married for 12 years, but Rene Liu has always kept a low-key attitude towards life and rarely mentioned his marital status in public. Recently, Rene Liu’s recent situation was exposed, and many people knew nothing about her marital status, let alone that she had children. Rene Liu and Zhong Xiaojiang have always been concerned about their marriage. They have been married for 12 years, but Rene Liu has always kept a low-key attitude towards life and rarely mentioned his marital status in public.

Rene Liu and Zhong Xiaojiang have always been concerned about their marriage smoke. They have been married for 12 years, but Rene Liu has always maintained a low-key attitude towards life, and rarely mentioned the marriage smoke situation of Rene Liu and Zhong Xiaojiang in public. They have been married for 12 years, but Rene Liu has always maintained a low-key attitude towards life and rarely mentioned his marriage situation in public. Recently, Rene Liu’s recent situation was exposed, and many people knew nothing about her marital status, let alone that she had children. Rene Liu and Zhong Xiaojiang have always been concerned about their marriage. They have been married for 12 years, but Rene Liu has always kept a low-key attitude towards life and rarely mentioned his marital status in public.

Rene Liu and Zhong Xiaojiang have always been concerned about their marriage. They have been married for 12 years, but Rene Liu has always kept a low-key attitude towards life and rarely mentioned his marital status in public. recent days

Learn some mind every day! Thanks to AI for teaching me to speak with high emotional intelligence! Say goodbye to clumsiness and solve communication problems with one click →

Nanchong area blue power E5 price cut attack, the latest offer 101,800! not to be missed

Welcome to the Autohome Nanchong discount promotion channel, we bring you the latest good news! The series that has attracted much attention is currently in a grand promotion, and consumers in Nanchong can seize this rare opportunity to buy a car. It is understood that this discount is unprecedented, and you can enjoy a car discount of up to 40,100 yuan, which makes the original minimum starting price 101,800 further reduced to a more competitive price. If you want to lock in this great value offer, don’t miss it. Click "Check the car price" in the quotation form, let’s explore more car purchase discount space together.

南充地区蓝电E5降价来袭，最新报价10.18万！不容错过

Appearance introduction:

With its unique design concept and exquisite craftsmanship, the Blue Electric E5 presents a futuristic front face design. Its air intake grille adopts a highly recognizable matrix layout, with a streamlined body, creating a strong sense of movement. The overall style is stylish and technological, focusing not only on functionality, but also on harmonious integration with the environment, bringing an excellent visual experience to the driver.

南充地区蓝电E5降价来袭，最新报价10.18万！不容错过

The side design of the Blue Electric E5 is unique and exquisite. The body size is 4760mm*1865mm*1710mm, and the wheelbase is up to 2785mm, ensuring a spacious space in the car. The front and rear wheelbases are 1585mm and 1580mm respectively, providing good stability for the vehicle. The tire specification is 225/55 R18, with a dynamic rim design, which not only enhances the driving performance, but also adds to the sports aesthetics of the vehicle. Overall, the side lines of the Blue Electric E5 are smooth, taking into account both practicality and visual beauty.

南充地区蓝电E5降价来袭，最新报价10.18万！不容错过

The interior design of the Blue Electric E5 is refined and practical. The spacious cockpit features a leather-wrapped steering wheel, providing a comfortable grip and good support, and supports manual up and down adjustment to suit the driver’s preference. The 12.3-inch large-size central control screen highlights the sense of technology, integrating multimedia systems, navigation, telephone, air conditioning and sunroof control, making it easy to operate and clear information display. The seats are made of imitation leather, and the main and passenger seats support front and rear adjustment, backrest adjustment and high and low adjustment (2-way), aiming to provide a comfortable riding experience. The rear seats support backrest adjustment and have a proportional reclining function, providing a flexible space layout for passengers and items storage.

南充地区蓝电E5降价来袭，最新报价10.18万！不容错过

The 1.5L 110 horsepower L4 engine on the Blue Electric E5 provides strong power support with a maximum power of 81 kilowatts. The matching E-CVT continuously variable transmission ensures a smooth driving experience while taking into account fuel economy. This engine meets the driver’s demand for power and efficiency with its excellent performance.

In general, the Autohome owner’s evaluation of the Blue Electric E5 is more pertinent. He emphasizes that the exterior design of the vehicle is atmospheric and smooth, and it has a certain SUV style, which is neither too aggressive nor too stable. Although not particularly outstanding, this standard feature may be exactly what many consumers are looking for. For those who seek daily driving comfort and practicality, the Blue Electric E5 is undoubtedly a worthy choice.

Di Lizheba： Revealing the story behind the self-introduction of the freshmen in the play

[Time]: August 22, 2024 [Location]: Shanghai Academy of Drama [Character]: Di Lizheba [Event]: Di Lizheba’s early stage drama freshman self-introduction [Background]: Di Lizheba, a Chinese mainland film and television actress, is loved by audiences for her unique exotic style and excellent acting skills. This time, we will uncover the mystery of her early self-introduction as a freshman of Shanghai Academy of Drama.

[Purpose and Intention]: This article aims to review the starting point of Di Lizheba’s acting career, and to show the growth process of this popular actress by recreating the self-introduction of her freshmen at the Shanghai Theater Academy, providing readers with an opportunity to gain a deeper understanding of Di Lizheba and arousing public attention to art education.

[Key information]:

  1. Di Lizheba’s performance in the self-introduction of the freshmen in the play
  2. The environment, atmosphere and the reaction of classmates at that time
  3. Self-introduction content and reflected personal characteristics
  4. The impact on his subsequent acting career

[Text]:

Prologue: The First Starlight

Back in time, the campus of the Shanghai Theater Academy was filled with the breath of youth, and the freshmen with dreams stepped onto the stairs leading to the palace of art. Among them, a girl named Di Lizheba, with the unique exotic atmosphere of Xinjiang, stepped into this institution that gave birth to many performing arts talents. Her arrival was like a bright new star, quietly rising in the night sky of the theater.

Chapter 1: Self-declaration on stage

The first lesson for freshmen was that unique self-introduction. When Di Lizheba stepped onto the podium, she looked nervous and excited under the spotlight. Her eyes shone with determination, and the corners of her mouth outlined a confident smile. Facing hundreds of pairs of expectant eyes in the audience, she began a crucial self-explanation in her life.

"Hello everyone, I’m Dilizheba Dilimurati from Urumqi, Xinjiang."

The short but powerful opening remarks instantly attracted the attention of the audience. She recounted her growing experience, from the vastness of the grassland to the prosperity of the city, from the love of folk dance to the persistent pursuit of performing arts. Her words were full of love for life and longing for the future. That sincerity and enthusiasm blew through the hearts of everyone present like a breeze.

Chapter 2: Unique Charm, Emerging

In the process of self-introduction, Di Lizheba showed a unique personal characteristic. She not only has a natural beauty, but also exudes a temperament from the inside out. Her voice is like a flowing stream, clear and beautiful; her demeanor is elegant and generous, as if she has a stage halo. When she talks about her understanding of the performing arts, the enthusiasm for deep digging of characters and the professional attitude of delicate interpretation of the script made the teachers and students present all admire.

"I want to be an actor who can move people’s hearts, tell stories with characters, and convey emotions with performances."

This is her vow in her self-introduction, and it is also a true portrayal of her acting career. At that moment, Di Lizheba was no longer the young freshman, but the shining star of tomorrow on the stage.

Chapter 3: Far-reaching Impact, Laying the Foundation

This self-introduction undoubtedly laid a solid foundation for Di Lizheba’s acting career. It not only showcased her talent and potential, but also won the recognition of her teachers and the admiration of her classmates. Since then, she has received more attention and support in her study and life in acting, as well as more opportunities for practical exercise.

Many years later, when we look back at Di Lizheba’s road to fame, it is not difficult to find that it was this freshman self-introduction that opened the door to her brilliant acting career. It was like a stepping stone, knocking on the door of the art hall, allowing her to step towards a bright star in the years to come.

Epilogue: Star-studded, the future is promising

Today’s Di Lizheba has long been a household name in film and television, but the moment she introduced herself as a freshman at the Shanghai Theater Academy is still as vivid as yesterday. It was the mark of her original intention, the place where her dream set sail, and the precious moment when we witnessed her go from ordinary to extraordinary.

Let’s look back at that history, walk into Di Lizheba’s inner world, feel the love and dedication to art, and appreciate the unique charm. Perhaps this is the secret of her being unique in the entertainment industry and loved by the majority of audiences.

[Conclusion]: Di Lizheba’s self-introduction is not only an important node in her personal acting career, but also an inspiration for all young people who have dreams and the courage to pursue them. It tells us that as long as there is a dream in our hearts and a path under our feet, everyone can shine on their own stage.

Responsible editor:

Hengda liquidation, what game is China’s real estate facing？

The following article is based on Bottom Line Thinking, by Lu Ming

Bottom line thinking.

Observer network commentary column

Luming

Political letter financial practitioner, freelance writer

At the moment, any disturbance in Chinese real estate will not lack an audience.

In the beginning of 2024, the news of a "Hong Kong High Court order for China Evergrande to be liquidated" caused heated debate in the market. The debate was about how much assets could be liquidated and whether the liquidation was the best for Evergrande’s creditors. The Hong Kong Special Administrative Region government and the Chinese mainland High Court signed the "Minutes of the Talks on Mutual Recognition and Assistance in Bankruptcy Proceedings between the Mainland and the Hong Kong Special Administrative Region Courts" and the "Opinions on Launching the Pilot Work on Recognition and Assistance in Bankruptcy Proceedings in the Hong Kong Special Administrative Region" issued by the High Court, which seemed to block the impact of the liquidation order on Evergrande’s assets and business in the mainland.

In just two days, rumors of "Country Garden creditors applying for liquidation" spread like wildfire, and the creditors of real estate companies flared up. Although Country Garden refuted the rumors on February 1, the haze of "being liquidated" still hangs over Chinese real estate companies. On February 16, Longguang Group announced that the Hong Kong High Court had ordered the liquidation petition to be withdrawn; this was because Longguang Group had agreed on a workout plan with the creditor group of US dollar bonds and its advisers a month ago.

However, by the end of February, Country Garden was in the news again. Ever Credit Limited filed a winding-up petition against Country Garden in the Hong Kong High Court on February 27, involving about 1.60 billion Hong Kong dollars of outstanding loans. Country Garden’s latest response said that it firmly opposes the winding-up petition and will seek legal advice, take all necessary actions, and actively and properly defend with the advisory team.

Whether to choose to liquidate, continue to believe, or lie flat, deserves careful consideration by real estate company creditors. Although many people are eagerly looking forward to the stability and recovery of the real estate market, the market is still dead; such "calm" cannot help but wonder: Has the real estate industry become a thing of the past?

Yesterday, China Evergrande, today’s debt is "constant"

The "Evergrande myth" came to an end last September when Xu Jiayin, chairperson of Evergrande’s board, was taken into coercive measures on suspicion of illegal crimes.

Since then, the news about Hengda has continued to appear in the coverage, mainly about the progress of the property, the listed company’s valuation decline and suspension, workout and asset sale, until January 29 this year, Hengda creditors postponed the seventh liquidation petition hearing expired.

But during this period, the public seems to have "forgotten" Evergrande. Rather than "disappointment", it is better to call it "rational". Rationally view the evolution of Evergrande’s events, rationally think about the present and future of the property market, rationally respond to variables that appear at any time, and strive to solve practical problems related to themselves.

Figure 1 is a concise map of the business empire created by Xu Jiayin and his wife, which is controlled by China Evergrande Group (abbreviation: China Evergrande, stock code: 03333.HK), Evergrande Property Group Co., Ltd. (abbreviation: Evergrande Property, stock code: 06666.HK), China Evergrande New Energy Group Co., Ltd. (abbreviation: Evergrande Automobile, stock code: 00708.HK) and Evergrande Real Estate Group Co., Ltd. (abbreviation: Evergrande Real Estate).

Figure 1 (Source of information: According to the query information of Enterprise Early Warning)

China Evergrande is registered in the Cayman Islands, Evergrande Property and Evergrande Auto are registered in Hong Kong, and Evergrande Group and Evergrande Real Estate are both registered in Shenzhen. Evergrande Group is the main commercial entity of China Evergrande except real estate business, covering high-tech, finance, Internet, modern agriculture, health industry, education technology, think tanks, sports, amusement parks, restaurants, hotels and other sectors.

According to the 2023 interim report of China Evergrande and its subsidiary Evergrande Real Estate, Evergrande Group’s consolidated caliber total assets are 1.743997 trillion yuan, consolidated caliber liabilities are 2.3882 trillion yuan, and consolidated caliber owner’s equity is -644.203 billion yuan, which is seriously insolvent. Consolidated caliber interest-bearing debt [Interest-bearing debt includes senior notes, corporate bonds, convertible bonds, bank loans and trusts and other non-standard financing.] The total amount is 624.765 billion yuan, and Evergrande Real Estate accounts for about 70.87%, which is 442.754 billion yuan.

Among them, the amount of interest-bearing debt denominated in US dollars and Hong Kong dollars is equivalent to RMB 157.896 billion yuan and 6.239 billion yuan respectively, accounting for 26.37% of the total interest-bearing debt of Evergrande Group. There are 14 Chinese dollar bonds, totaling 19.5454 billion yuan: 10 Chinese Evergrande headquarters, totaling 14.3104 billion yuan; 4 Hengda real estate, totaling 5.2314 billion yuan.

It can be seen that Evergrande (hereinafter referred to as "Evergrande" to refer to the enterprise group composed of China Evergrande and its subsidiaries) has a relatively low proportion of overseas debt, and mainly uses indirect financing methods.

Evergrande has a debt of 2.40 trillion yuan, of which interest-bearing debt is only a quarter. Other liabilities mainly include: payments due to suppliers (including real estate and trading businesses, etc.), accounting for about a quarter; advance payments from home buyers, accounting for about a quarter; payables from third-party lending, partners’ upfront investment, acquisition of land use rights and project company equity, accounting for about one-eighth; and deferred income tax liabilities, accounting for about one-eighth.

The "Updated Announcement on Hengda Real Estate Involving Major Litigation and Failure to Liquidate Due Debts" released on December 29, 2023 shows that as of the end of November 2023, Hengda Real Estate had involved a total of approximately 316.391 billion yuan in unliquidated due debts, and a total of approximately 205.537 billion yuan in overdue commercial tickets.

The above data is only financing data. Payments due to suppliers, partners’ upfront investment, and other payables are scattered among thousands of pending lawsuits and cases of dishonest enforcers. The balance of prepaid house purchases by house buyers is slowly reduced along with the "guaranteed buildings" one by one.

Domestic debt "is not debt", foreign debt will "kill"

Figure 2 shows the change curve of relevant indicators drawn by the author according to the statistics of the State Administration of Foreign Exchange’s "China’s External Debt, National Economy and Foreign Exchange Earnings, 1985-2022".

From the graph, it can be seen that the growth rate curve of external debt balance and the growth rate curve of foreign exchange income have the same trend; the GDP growth rate curve has a strong correlation with the debt ratio curve, and both are relatively flat.

According to the data of the State Administration of Foreign Exchange, in 2001, China’s foreign exchange income was 299.40 billion US dollars, and the balance of foreign debt was 203.30 billion US dollars. Before 2001, the annual foreign exchange income was slightly higher than the balance of foreign debt. After 2001, thanks to China’s accession to the WTO, the annual foreign exchange income and the balance of foreign debt quickly widened. By 2022, China’s foreign exchange income 3.5552 trillion US dollars, and the balance of foreign debt 2.74656 trillion US dollars.

The rapid growth of foreign debt and foreign exports is the best example of China’s export-oriented economy in the past 20 years. The perfect match between the debt ratio and the GDP growth rate further confirms the good effect of using foreign debt to promote economic growth.

Figure 2 (Note: 1. Debt ratio refers to the ratio of the balance of foreign debt at the end of the year to the GDP of the year; 2. Foreign exchange income refers to the export income of goods and services on the basis of the balance of payments.)

Figure 3 shows the stock amount of Chinese dollar bonds issued by enterprises in various industries and the relevant statistics. Among them, financial enterprises issued the most, followed by real estate enterprises.

As of February 21, 2024, the balance of US dollar bonds issued by real estate enterprises was 57.542 billion US dollars, a decrease of 31.49% from the US $83.993 billion at the end of 2022. It is expected that the repayment tide of US dollar bonds of real estate enterprises will continue. Since 2023, the number of new US dollar bonds issued by real estate enterprises has dropped to single digits. In addition to leading real estate enterprises such as Shanghai Jinmao, Yuexiu Real Estate, Wanda Commercial, and Swire Real Estate, only a few urban investment companies with real estate as their main business are left.

Figure 3 (Data source: Enterprise Early Warning)

According to Evergrande’s interest-bearing debt structure data, its foreign debt accounts for less than 30%. But it can be said that it is precisely because of this small amount of foreign debt that Evergrande has been "guillotined".

Why are Hengda’s domestic debt creditors, including home buyers, suppliers, partners, and Financial Institution Group, willing to give Xu Jiayin and Hengda some time, while foreign creditors are impatient and even want to take advantage of the fire? Not to mention that there are very few left after the liquidation of Hengda, even if according to the order of debt repayment, foreign creditors are not preferred.

Perhaps it is because foreign creditors handle economic affairs strictly in accordance with the concept of "rule of law" and business habits; perhaps it is because domestic creditors have a more accurate grasp of the current economic environment and economic situation, and optimistic expectations dominate; perhaps some people take the opportunity to short Chinese real estate and play arbitrage games… At present, there is not enough evidence to verify the above speculation.

But there is one point that deserves the attention of domestic enterprises, that is, they must reasonably and moderately borrow foreign debt for production and operation based on the needs of the enterprise’s operation, and at the same time deal with creditors in accordance with the market economy system and rules. For the content of reasonable and moderate borrowing, readers can refer to the author’s previous article "Private enterprises lack money, what else is missing?" on the relevant discussion of "the advantages and disadvantages of equity financing and debt financing".

We must not handle and treat foreign affairs with the concept and style of handling domestic debts, that is, "politicization of economic issues". The political structure must be necessary, but it can only be used as a means of backing the bottom line, and it should not be overused, so as not to cause "discredit" and cause pessimistic expectations. Borrowing foreign debt involves a wide range of aspects. The State Administration of Foreign Exchange, the National Development and Reform Commission, and the Ministry of Commerce of China and other departments will participate in the guidance to varying degrees according to the amount and purpose of borrowing foreign debt. Rashly imposing administrative intervention is not only contrary to commercial credit, but also will damage the image of our country’s socialist market economic system and cause a series of adverse reactions.

External debt is sensitive to factors such as exchange rates, interest rates and geopolitics, and the variables are large. A little carelessness will trigger the liquidity risk of the borrower, which will cause a debt crisis and disrupt the rhythm of production and operation. If the industry risk is superimposed, the borrower will fall into the abyss, just like Evergrande.

Will Hengda’s liquidation be followed?

The liquidation of China Evergrande is the end for Xu Jiayin and his business empire. But is this wave of liquidation just beginning for China’s real estate industry?

The following table is based on the announcements of some well-known real estate enterprises and their related parties. It is not difficult to find that there are not a few real estate enterprises that have been liquidated by creditors of overseas debts. The first liquidation petition is concentrated in 2022, and the first application for liquidation of individual real estate enterprises occurs in 2023 and 2024.

Judging from the judgments of the Hong Kong High Court and the Grand Court of the Cayman Islands on the winding-up petition, there are four orders: dismissal, adjournment, revocation, and enforcement. Each order is issued prudently, and is based on the actual situation of the real estate enterprise, the feasibility of the workout, and the approval of creditors. The legal details are left to legal experts to interpret, which will not be covered in this article for the time being.

Table 1 (Note: The above information is collated according to the announcements of each company, and the relevant date is the announcement date or the content of the excerpted announcement.)

However, one thing worth noting is that whether the company chooses to lie down or save itself determines the sooner or later the liquidation petition will be executed. Among the real estate companies that have been liquidated, Sunshine City is undoubtedly the flattest. The first application for liquidation was executed without even a trace of struggle. How can we talk about self-rescue, let alone sincerity?

Sony Holdings was liquidated in December 2022, and the Stock Exchange cancelled its status as a superior company on April 13, 2023. The progress and details of its liquidation cannot be obtained through public channels for the time being. Jiayuan International was liquidated in May 2023, and the liquidation work is still in progress, during which the stock continued to be suspended.

According to the "Latest Information on the Group’s Business Operations and Proposed Restructuring" released by Jiayuan International on January 30, 2024, it is time-consuming and laborious to sort out its domestic and foreign debts. Not only does the liquidation require financial support from creditors, but the remaining rights and interests cannot be fully protected when the restructuring is completed. The following is an excerpt of the original text:

"The Liquidator believes that the proposed protective action may be an arrangement made by the onshore creditors and/or the local government to facilitate the completion and delivery of the housing project and/or the segregated protection of the value of the Qingdao Real Estate Development Project…. As of the date of this announcement, the outstanding principal amount (excluding any accrued interest) payable to the Lender by Cheung Yuen Properties (an indirect wholly-owned subsidiary in Macau) under the financing agreement is approximately HK $3.20 billion. As a result of the appointment of the Receiver, the Group no longer has any power or authority to dispose of Bright Ocean shares and all assets of Bright Ocean, including the interest in Xiangyuan Real Estate…. On January 19, 2024, Guangyuan Mining (an indirect wholly-owned subsidiary in Cambodia) received a reminder notice from CITIC Xinhui to repay its debts totaling US $129,620,620.35 by January 26, 2024, otherwise CITIC Xinhui indicated that further legal action may be taken against Guangyuan Mining…. It is expected that the impact of the above-mentioned development of the company’s domestic and overseas operations will result in a significant decrease in the net asset value of the Group compared to the net asset value disclosed in the recently published consolidated statement of financial position as at June 30, 2022…. There is no doubt that in the absence of sufficient funds, it will not be possible to Achieving a successful restructuring… The liquidator seeks the continued support of all the company’s creditors and their patience throughout the process. "

Looking back at Hengda, the company and its executives, as well as the actual controller Xu Jiayin, have been actively communicating with creditors, local governments and people from all walks of life. Sorting out Hengda’s announcements and related information reports, most of them are workout progress, property protection, and asset sale. It can be seen that Hengda has not been lying flat, and it is Hengda’s full sincerity and active self-rescue actions that have repeatedly postponed the liquidation petition.

So, is it because of a series of events such as Xu Jiayin’s technical divorce, filing for bankruptcy protection in the United States, and being forced to take coercive measures that creditors have lost patience and confidence, accelerating the arrival of liquidation? The author believes that it is not unrelated, but it should be mostly rational. After creditors have a deep understanding of Evergrande, they have combined the real estate industry, domestic economy, and international environment to make a comprehensive evaluation of "the lesser of two evils".

Petitioning for liquidation is not an end, but a means for creditors to fight for their rights and interests. It is a helpless move to negotiate fruitlessly. Whether foreign creditors of other real estate companies will petition for liquidation one after another depends on whether real estate companies really want to be liquidated.

For domestic creditors, it seems that the option of applying for liquidation is missing, but it is actually abandoning the forced negotiation measure of "breaking the jar". After all, the problems currently encountered by real estate enterprises are similar. It is not so much a debt crisis caused by excessive debt, but an inevitable outcome of the industry’s risk clearing.

Thousands of sails pass by the side of the sunken boat

According to the above-mentioned cases of several real estate companies that have been ordered to be liquidated by the Hong Kong High Court or overseas courts, Evergrande’s liquidation will take a long time. After all, Evergrande’s volume is very large, involving a lot of business and a wide range of regions. Moreover, the task of protecting the property in China is still arduous, and litigation and enforcement have yet to be realized. Recently, Sean, CEO of Evergrande Group, said that the management and operation system of domestic and foreign subsidiaries of Evergrande Group and other independent legal entities remains unchanged, and key tasks such as protecting the property are steadily promoted.

Standing at the current point, Evergrande’s liquidation has caused the market to feel the "cold spring", and foreign creditors have launched a wave of "counterattack" in response to the cold snap – on February 16, 2024, Hongyang Real Estate (1996.HK) issued an announcement, and Bank of New York Mellon London Branch submitted a liquidation petition to the Hong Kong High Court, involving financial obligations of not less than 228,500,000 US dollars, which has not yet entered the hearing.

Other foreign real estate creditors are also waiting for an opportunity. What are they waiting for? Presumably not to petition for liquidation. Maybe it is waiting for the company to cut meat and sell assets cheaply; maybe it is aiming at the opportunity of bottom fishing and preemptively occupying land; of course, it may also be purely to rip off. But these actions are beyond reproach in the end. As for the market, compliance can be done.

The market is rational, and all parties are pursuing maximum profits. Only by withstanding the test of liquidation can we proceed steadily and far in the next real estate cycle.

Infographic/Dongfang IC

Can real estate become a breakthrough for economic boost again?

Since November last year, the People’s Bank of China and other eight departments jointly issued the "Notice on Strengthening Financial Support Measures to Help the Development and Growth of the Private Economy", real estate enterprises have received financing support from commercial banks and other Financial Institutions Groups to varying degrees.

It is reported that as of February 20, 214 cities in 29 provinces across the country have established a real estate financing coordination mechanism, and put forward a "whitelist" of real estate projects that can be supported by financing in batches and pushed to commercial banks, involving a total of 5349 projects; 162 projects in 57 cities have received bank financing for a total of 29.43 billion yuan, an increase of 11.30 billion yuan compared with before the Spring Festival holiday.

There are many opinions that at this stage, for real estate enterprises, they should first focus on the resolution of their own debt crisis. Get cash flow through high-quality asset disposal, and the strong man will break his wrist; or through other business sectors, or even the real estate sector compensated by the actual controller’s private assets, seek balance… The above-mentioned debt schemes are correct, but they cannot solve the fundamental hematopoietic problem. Short-sighted solutions to problems will not only dampen the enthusiasm of creditors, but also dampen the enthusiasm of a large number of enterprise managers.

Housing enterprises self-rescue blood, Financial Institution Group blood transfusion, is a top priority, help boost market confidence. However, the real estate enterprise debt high this drawback, in the process of rapid development of the real estate industry, eventually led to the debt crisis. Therefore, the solution should also be found in the continued development.

Since the beginning of this year, many first-tier and super-first-tier cities have relaxed their residential purchase restrictions. At the same time, monetary policy has also been actively implemented: on January 24, the People’s Bank of China announced that the deposit reserve ratio of the Financial Institution Group will be reduced by 0.5 percentage points from February 5, 2024 (excluding the Financial Institution Group that has implemented the 5% deposit reserve ratio); on February 20, the People’s Bank of China authorized the National Interbank Offered Center to announce the loan market quotation rate (LPR): The market quotation rate (LPR) for loans with a maturity of more than five years was reduced from 4.20% to 3.95%, a decrease of 25 basis points from the previous value.

Zhang Xu, an analyst at Everbright Securities, said, "This is not only the first LPR decline since August 2023, but also the first time since May 2022 that the LPR decline formed by the active compression of the MLF (medium-term lending facility) interest rate remains unchanged. It is also the largest single decline since the LPR reform, and it is a single decline that far exceeds market expectations… It will help support the stable and healthy development of the real estate market."

All eyes are on the real estate market, and most of the good news has been given. Can the real estate industry become the engine of stable economic growth in the "post-epidemic era"?

Pessimists are right, optimists move forward. With the implementation of monetary policy, debt risk will be transferred from the real estate industry to the commercial banking sector, and to a certain extent, it will be borne by the residential sector. It is necessary to pay attention to the local risks exposed in the process of risk transfer, such as the risk of excessive bad debt ratio of small and medium-sized banks. AMC institutions may be able to cover it to a certain extent.

In addition, fiscal policy should be more active. Advancing the construction of affordable housing, "dual-use" public infrastructure, and "three major projects" for the renovation of urban villages can help the real estate market stabilize and recover, and real estate enterprises can achieve appropriate replenishment. In the future, whether the development of housing rental market and commodity housing market can shine greatly depends on whether the macro economy can continue to improve.

Source | Bottom line thinking

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Original title: "Evergrande liquidated, what game is China’s real estate facing?"

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Cadres walk into the live broadcast room to promote products to help increase income (a new observation of cadres’ state)

Lu Hongping is broadcasting live in strawberry greenhouse. Photo by Han Xichen

Video screenshot of Gao Shilong’s live broadcast with goods. Information picture

Arjun (left) is bringing goods live. Information picture

　　Editor’s note: The sudden epidemic situation has a great impact on the sales and circulation of agricultural products. In order to help overcome poverty and increase the income of fellow villagers, party member cadres in some places walked into the live broadcast room, or tried to introduce them on the spot, or used their talents to drain, trying to open up sales in the form of live broadcast with goods. What is the effect of the live broadcast of cadres with goods? In the long run, can a sustainable mechanism be formed, and what aspects need to be improved? This edition approaches the cadres who live broadcast with goods, pays attention to their thoughts and deeds, and talks about their wishes and hopes.

　　"Friends, this is the blueberry I picked today. It tastes crisp and sweet and has high nutrition. Hurry to buy it in buy buy!" At 8 o’clock on the evening of March 25th, Lu Hongping, deputy secretary of the Party Committee of Yanghe Town, jiaozhou city City, Shandong Province, munched on locally produced blueberries and interacted enthusiastically with netizens in the live broadcast room. At the bottom of the screen, the constant influx of netizens likes, sends flowers and leaves messages … … The sales of blueberries also went up, selling more than 500 kilograms that day.

　　In order to alleviate the unsalable agricultural products caused by the epidemic, party member cadres from many places across the country joined forces with e-commerce and short video platforms to walk into the live broadcast room to help fellow villagers bring goods. Lu Hongping is one of them. However, unlike professional anchors, live broadcast is just a way for cadres to help get rid of poverty and serve the masses.

　　Why did you walk into the live broadcast room?

　　Products are unsalable, people are anxious, and cadres are worried. I look forward to bringing goods online to open up the situation.

　　The day before the first webcast, Gao Shilong, the "anchor", stayed up almost all night. As the first secretary of Dabeishan Village, Longquan Town, Jingyu County, Jilin Province, the slow sales of local products in the village made him anxious to get angry in recent days.

　　Talking about the original intention of doing live broadcast, Gao Shilong said frankly that he was "dissatisfied": "I saw some anchors carrying goods, and thousands of goods were robbed in a few seconds. I also want to try and bring goods to everyone."

　　Someone once advised him to find a professional anchor, who is experienced and knows marketing, and the effect is not bad. However, most of the agricultural products in Dabeishan Village have low added value and short circulation cycle, so it is not worthwhile to pay for the anchor and calculate the economic account. What about the villagers’ live broadcast? Many people are too old to play live broadcast software. After much consideration, Gao Shilong decided to make his own venture. "Short videos and live broadcasts have entered thousands of households. If you can’t keep up with the rhythm, the goods will not sell well."

　　Compared with Gao Shilong, who touched the net for the first time and crossed the river by feeling the stones, Arjun, the county magistrate of Henan Mongolian Autonomous County in Qinghai Province, is now a complete "online celebrity Talent". In a live broadcast at the beginning of the year, he, three cadres from other counties and five net reds brought goods worth 12 million yuan in five hours.

　　Henan Mongolian Autonomous County, located at the junction of the three provinces, is rich in Hequ horses, Xueduo yaks and Euler sheep, and has a good foundation in animal husbandry. However, traffic congestion has caused "the smell of wine is also afraid of the depth of the alley." "Our products are not well-known and lack sales channels." Arjun is in a hurry.

　　Two years ago, at a promotion meeting in the eastern coastal areas, an e-commerce company gave him advice to consider using short videos that are on the air. Arjun counted the account: it is too wasteful to take money to find a professional team soon after our county got rid of poverty; Show yourself, and worry that you will be considered "showing off".

　　Thinking about it, Arjun chose to appear between being criticized and finding a market. Putting on a Mongolian costume and pointing to a flock of yaks behind him, Arjun shouted to the camera: "If you want to be good and thin, you should often eat more yak meat." Once this short video was launched, the click rate exceeded 30 million. Arjun was surprised and delighted.

　　Now, from short video to live broadcast, Arjun calmly eats and chats with the screen, and introduces the customs and tourist attractions of Henan County to the netizens in the live broadcast room, which is handy and humorous.

　　"Leading cadres need to do things rigorously and master new tools. I think it is also practical to bring goods live." Arjun said frankly that it is inevitable that there will be various voices on the Internet for the live broadcast of cadres, but only by daring to try can there be a way out. Every product sold is the best help for the masses.

　　How to do it in the studio?

　　Various forms, product fidelity, cadre endorsement, sales increased, but the sales model needs to be improved.

　　On March 8, Gao Shilong, who first tested the live broadcast of water with goods, sold goods worth 7,000 yuan in four hours. This achievement is not outstanding on the internet, but the villagers are very satisfied. Previously, most of the time, the villagers in Dabeishan Village were squatting on the side of the road with a basket of mountain products, and they couldn’t sell much in a day.

　　In the live broadcast room, he sincerely said: "Authentic, true story, really affordable, the promised nutritional content is not up to standard, and I will pay you an extra 20,000 yuan out of my own pocket." This self-confidence stems from his understanding of local agricultural products. Since he became the first secretary in the village, he has strictly controlled every link in building factories, grasping quality and shaping brands. Gao Shilong said: "For a few hours online, you have to work hard offline, and the quality must be guaranteed."

　　In the past two years, e-commerce has developed rapidly, and live broadcasts have continued to be popular, but problems such as product fraud and difficulties in safeguarding rights have been constant. It is often the anchor who talks nonsense, but the products that consumers get are not satisfactory.

　　"I bought his things for the first time, but thinking about the county magistrate’s endorsement should not be fake." Ms. Liu, who placed an order to buy Xueduo dried yak meat, bluntly said that the cadres in the live broadcast room are all real-name certifications, and consumers are more assured.

　　Others came out of curiosity. On weekdays, cadres who are sitting in danger and doing things seriously walk into the live broadcast room. Can they put down their airs? Can you understand the online language?

　　Jin Hongfeng, the branch secretary of Zhongping Village, Baicaogou Town, Wangqing County, Jilin Province, who has participated in the live broadcast for more than a year, summed up his "secret": singing in seven points and selling goods in three points. In the live broadcast room, he sang the famous Korean song "Red Sun Shines on the Frontier", and he also replied to the barrage sent by netizens. "In addition to selling goods, the live broadcast should also be able to have ‘ Emotional interaction ’ Can’t all be dry product introductions. "

　　Because of his height of 2.04 meters, netizens call him "Golden Big Man". Netizens like it and have a high reputation. Jin Hongfeng simply named the local rice and spicy cabbage with this name. The highly personalized image creation has been praised and welcomed by netizens. Last month, a netizen from Heilongjiang came to the village and bought 2000 Jin of spicy cabbage in one breath.

　　When cadres walked into the live broadcast room, they gained something and found problems. Lu Hongping, who walked out of the live broadcast room, found that the sales of blueberries declined in the days when the live broadcast was not available, and some netizens could not even find a sales link. The same trouble happened to Arjun. "Some netizens reported that the dried yak meat package was too big, and some people said that it was delivered too slowly." The link to the shopping yellow car in the Jin Hongfeng live page has not been added yet, and consumers have to jump several times if they want to place an order.

　　From production and packaging to warehousing and logistics to distribution and after-sales, live delivery is a systematic project involving many links, not just a few hours in the live broadcast room. In this regard, some experts believe that the arrival of cadres can attract traffic; However, brand, word of mouth, efficiency, distribution, after-sales, etc., all need more professional design.

　　Where is the prospect of bringing goods?

　　Cultivate talents, make characteristics and strict standards, extend the industrial chain and make good use of resource endowment.

　　In March of this year, more than 100 county mayors participated in the live broadcast of goods on major online platforms. For a time, the transformation of cadres into anchors was hotly debated by the society. However, there are also many netizens who believe that we should be wary of going through the motions and not turning the live broadcast into a "catwalk".

　　"The live broadcast of cadres, the greater effort is actually outside the live broadcast room." Xin Feng, director of the Third Division of the Organization Department of Jilin Provincial Party Committee, said that it is normal to have challenges or even problems when you first come into contact with the live broadcast. The key is to regard the exposed problems as the driving force for improvement.

　　In order to solve the problems of low brand and different live broadcast forms, the Organization Department of Jilin Provincial Party Committee initiated the establishment of the "First Secretary Association of Jilin Province" on the basis of preliminary investigation, deeply explored the live broadcast talents among the first secretaries in the village, and invested in the construction of live broadcast rooms, registered the only official account, and used a unified logo to try to change the situation of going it alone.

　　"Since you can only be a part-time anchor, you must create more high-quality full-time anchors." Lu Hongping recently set his sights on the young people in the village, and planned to set up a delivery team to make the live delivery sustainable and normal.

　　With the anchor, product quality and service experience should also be kept up in time. Arjun said that a bad review will almost make the newly accumulated word-of-mouth go down the drain. To have the confidence to shoot your chest in the live broadcast room, you must have excellent products and quality services.

　　In the past, Arjun mostly only sold local dried yak meat, which only needed rough processing. However, there are more and more similar products. How to embody the characteristics, bring forth the new and extend the industrial chain, one problem after another. Arjun collects feedback from netizens during each live broadcast. "We produce what the market needs." Yak chops and special yogurts were put on the line one by one, and meat, milk, skin, hair and bone were processed into products in all directions, which made good use of local resource endowments and revitalized them.

　　Grassroots cadres are working hard, and a number of powerful measures have been introduced one after another. Smooth circulation channels, promote accurate docking of production and marketing, and improve the market operation and scheduling mechanism are all helping the special anchors in front of the camera. (Reporter Xu Leipeng, Feng Jiang, Pan Junqiang and Li Jiading)

　　People’s Daily (11th edition, April 2, 2020)

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