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The State Financial Supervision and Administration Bureau answered a reporter’s question on the Measures for the Administration of Consumer Finance Companies (Draft for Comment)

CCTV News:According to the website of the State Financial Supervision Administration, in order to thoroughly implement the spirit of the Central Financial Work Conference, further strengthen the supervision of consumer finance companies, prevent financial risks, optimize financial services, and promote the high-quality development of the industry, the General Financial Supervision Administration revised and formed the Administrative Measures for Consumer Finance Companies (Draft for Comment) (hereinafter referred to as the Draft for Comment). The heads of relevant departments of the General Administration of Financial Supervision answered the reporter’s questions on relevant issues.

1. What is the revision background of the Draft for Comment?

The Measures for the Pilot Management of Consumer Finance Companies (Order No.2 of China Banking Regulatory Commission in 2013) has played an important role in guiding consumer finance companies to adhere to the functional orientation of professional consumer credit and promoting the basic role of consumption in the economy. After years of development, the business model and risk characteristics of consumer finance companies have changed significantly, and the existing methods can no longer meet the high-quality development and regulatory needs of consumer finance companies. At the same time, in recent years, the General Administration of Financial Supervision has issued a series of regulatory systems and regulations on corporate governance, equity management, consumer rights protection, etc. The Draft for Comment further supplements and improves the relevant contents in combination with the actual situation of consumer finance companies, and strengthens the connection with the current regulatory regulations.

2. What are the main revised contents of the Draft for Comment?

The Draft for Comment consists of 10 chapters and 79 articles. The revised contents mainly involve optimizing access policies, highlighting business classification supervision, strengthening corporate governance, strengthening risk management, paying attention to the protection of consumers’ rights and interests, standardizing the management of cooperative institutions, and improving the market exit mechanism.

The first is to improve access standards. Improve the index standards such as assets and operating income of major investors, as well as the minimum shareholding ratio requirements, and promote shareholders to actively play a supporting role and earnestly assume shareholder responsibilities; Increase the shareholding ratio of investors with experience in consumer finance business management and risk control, and give full play to the compliance and risk control role of such investors; Improve the minimum registered capital requirements of consumer finance companies and enhance their ability to resist risks. The second is to strengthen the supervision of business classification. Distinguish between basic business and special business scope, cancel non-main business and non-essential business, and strictly supervise business at different levels. Appropriately broaden financing channels and enhance shareholders’ liquidity support ability. The third is to strengthen corporate governance supervision. Fully implement the regulatory regulations and system requirements on corporate governance, shareholders’ equity, related party transactions and information disclosure issued by the General Administration of Financial Supervision in recent years, and clarify the regulatory requirements on party building, "three meetings and one layer", shareholders’ obligations, salary management, related party transactions and information disclosure in combination with the characteristics of consumer finance companies’ organizational form and equity structure. The fourth is to strengthen risk management. Clarify the regulatory requirements on credit risk, liquidity risk, operational risk, information technology risk and reputation risk management of consumer finance companies, optimize and add some regulatory indicators, and improve the market exit mechanism. The fifth is to strengthen the protection of consumer rights. We will tighten the main responsibility of consumer finance companies in consumer protection, improve the mechanisms of consumer protection work, strengthen the standardized management of cooperative institutions, and practice the political and people-oriented nature of finance.

3. Why does the Exposure Draft raise the minimum shareholding ratio of major investors of consumer finance companies?

The "Draft for Comment" will increase the shareholding ratio of major investors of consumer finance companies from not less than 30% to not less than 50%. The main considerations are as follows: First, from the perspective of regulatory practice in recent years, increasing the shareholding ratio of major investors is conducive to compacting shareholders’ responsibilities, enhancing shareholders’ willingness to participate in the company’s operations, giving full play to shareholders’ resource advantages and promoting shareholders’ active support. Second, it is conducive to improving decision-making efficiency and avoiding the problem of corporate governance failure and imbalance due to the relative dispersion of equity.

4. What adjustments have been made to the business scope of consumer finance companies in the Draft for Comment?

The "Draft for Comment" has optimized and adjusted the business scope of consumer finance companies and paid more attention to the main business. On the one hand, distinguish between basic business and special business. Seven businesses, such as issuing personal consumption loans and issuing non-capital bonds, will be included in the basic business, and four businesses, such as asset securitization business, fixed income securities investment business and consulting services related to consumer finance, will be included in the special business. On the other hand, cancel non-main business and non-essential business. In view of the high professionalism of insurance sales and the many related complaints and disputes involved, consumer finance companies basically did not carry out such business, so the business of "selling insurance products related to consumer loans as agents" was cancelled.

V. What new regulatory indicators have been added to the Draft for Comment?

Based on the demand of risk prevention and control, consumer finance companies cooperate with financing guarantee companies, insurance companies and other institutions as a means of risk mitigation of loans. However, some consumer finance companies have relied too much on this model for a long time, relaxed the substantive examination of the borrower’s credit qualification level, lacked the ability of independent risk control, and also faced the risk that the guarantee company could not compensate. In addition to paying the loan interest, the borrower also needs to pay the guarantee fee, which indirectly pushes up the comprehensive interest rate of the loan. The "Draft for Comment" stipulates that the balance of guarantee and credit enhancement business of consumer finance companies shall not exceed 50% of the total loan balance of the company, and a certain rectification transition period shall be given in the follow-up. In addition, the leverage ratio of consumer finance companies is required to be no less than 4% to limit blind expansion.

6. What considerations does the Exposure Draft have in protecting financial consumers?

Consumer finance companies mainly serve long-tail customers such as low-and middle-income customers. Two special chapters of "Consumer Rights Protection" and "Cooperative Organization Management" have been added to the Draft for Comment, which further highlights the protection of consumer rights. On the one hand, the main responsibility of consumer finance companies is compacted. It is required to incorporate the protection of consumer rights into corporate governance, establish and improve the working mechanism of consumer protection, set up consumer rights protection committees, improve the information disclosure mechanism and personal information protection system of consumer protection, and strengthen the appropriate management of consumers. On the other hand, strengthen the constraint management of cooperative institutions. Require consumer finance companies to strengthen the access management and concentration management of cooperative institutions, conduct continuous management and evaluation of cooperative institutions, clarify the prohibitive provisions of cooperative institutions, and avoid violations of consumers’ legitimate rights and interests due to irregular collection by cooperative institutions, especially collection agencies; Consumer finance companies are required to implement the main responsibility of collection management, formulate the performance appraisal and reward and punishment mechanism of collection agencies, carry out entrusted collection according to laws and regulations, and effectively protect the legitimate rights and interests of financial consumers.

Raising interest rates is slower but the interest rate will be higher! The Federal Reserve raised interest rates by 50 basis points, and raised the peak interest rate expectation to more than 5%.

After four consecutive ultra-aggressive interest rate hikes, the Federal Reserve began to slow down the pace of interest rate hikes as expected by the market, and at the same time raised the expected level of peak interest rates. It is expected that the highest level of interest rates will exceed 5% after interest rate hikes, suggesting that interest rates will continue to rise in the coming months.

On Wednesday, December 14th, US Eastern Time, the FOMC of the Federal Reserve announced after the meeting that it would raise the target range of the policy interest rate federal funds rate from 3.75% to 4.00% to 4.20% to 4.50%, with a rate increase of 50 basis points. Like the previous three meetings in July, September and November, this interest rate increase decision was unanimously approved by FOMC voting members.

This is the first time that the Fed has slowed down the rate hike since it started the current rate hike cycle in March this year, and it is also the first time that the Fed has raised interest rates by 50 basis points since the beginning of May. Before this week’s meeting, from June to November, the Federal Reserve decided to raise interest rates by 75 basis points for four consecutive meetings, maintaining the largest single rate hike since November 1994.

The Fed’s rate hike this time is in line with market expectations.Meeting minutesIt shows that at the monetary policy meeting in early November, most Fed officials attending the meeting thought that it might soon be suitable to slow down the interest rate hike. In the last public statement during the silent period before this week’s meeting,Federal Reserve Chairman Powell reiteratedAfter the November meeting, the interest rate hike will be slowed down as early as December. The day before the Federal Reserve announced this interest rate decision, it was announced on Tuesday.November US CPIFor the second month in a row, the growth slowed down more than expected, which strengthened the market’s expectation that the Federal Reserve will start to slow down interest rate hikes this month.
The bitmap of the expected future interest rate level of Fed officials announced after this meeting shows that compared withThe last bitmap released in September this yearThis time, the annual interest rate expected by the Fed policymakers is higher than that expected in September, indicating that the degree of austerity next year will exceed the Fed’s previous expectations.

Of the 19 officials who provided expectations,Only two people expected this time.2023, that is,The policy interest rate will be below 5.0% next year.,A total of 17 officials, accounting for more than 89%, expect.Next year’s policy interest rateWill exceed 5.0%. Among them, ten people expect the interest rate to be between 5.0% and 5.25% next year, five people expect the interest rate to be between 5.25% and 5.50%, and two people expect the interest rate to be between 5.50% and 5.75%. butLast time, no official predicted that the interest rate would exceed 5.0% next year.

This time, there are 14 officials, accounting for nearly 74%.In 2024, that is,The policy interest rate in the following year will be higher than 4.0%.Among them, seven people expect the interest rate to exceed 4.50% and the other seven expect the interest rate to be between 4.0% and 4.25%. Seven people expect the annual interest rate to be between 3.75% and 4.0%, and two people expect the interest rate to be lower than 3.50%.There were only six people last time.Officials who account for more than 31% predict that the policy interest rate will beMore than 4.0%All 13 officials expect the interest rate to be lower than 4.0%.

with regard toIn 2025Policy ofinterest rateLevel, this timeestimateAlso at that timeThere are four people above 3.75%, three more than last time.One of them expects the interest rate to exceed 5.5%, two expect the interest rate to be between 4.0% and 4.5%, and one expects the interest rate to be between 3.7% and 4.0%. This time, it is estimated that there are seven people whose annual interest rate is lower than 3.0% in 2025, and there are ten people who expected it last time.

The updated economic outlook released after this meeting shows that Fed officials continue to raise interest rate expectations in 2023, that is, next year and 2024.The median value of the highest interest rate in the three years is expected to exceed 5%.The Fed also raised the expected interest rate level in 2025, showing that the median interest rate will far exceed the Fed’s inflation target by 2%, more than 100 basis points higher than the target.

The expected peak interest rate announced by the Federal Reserve is basically in line with Wall Street’s expectations. Earlier this WednesdayWall Street knowledgeIt is mentioned that most analysts believe that the Fed will keep the policy interest rate at around 5.1% next year. Morgan Stanley predicts that the Federal Reserve will raise interest rates by 50 basis points early next year, and the interest rate will stabilize at 4.75-5.00% for the rest of next year, which is in line with the pricing in the money market. Barclays predicts that the Fed will raise interest rates by another 50 basis points in early next year and 25 basis points in March, and then suspend interest rate hikes, keeping interest rates at the peak of 5.0-5.25% until the end of the year.

In this economic outlook, the median values predicted by the Federal Reserve are:

  • The federal funds rate in 2022 remains unchanged, which is the same as the expected value announced in September, both of which are 4.4%.
  • The federal funds rate in 2023 is 5.1%, which is 50 basis points higher than the expected value of 4.6% announced in September.
  • The federal funds rate in 2024 is 4.1%, which is 20 basis points higher than the expected 3.9% in September.
  • The expected value of the federal funds rate in 2025 is 3.1%, which is 20 basis points higher than the expected 2.9% in September.

The economic outlook also shows that, unlike the last September outlook, the Fed did not continue to significantly reduce its GDP growth forecast this year, but slightly raised it. However, the Fed has continued to cut its growth forecast for the next two years, with the expected growth rate for next year less than half that expected in September.

At the same time, the Federal Reserve lowered its unemployment rate forecast for this year, and the unemployment rate forecast for the three years from next year to 2025 will be raised, and the personal consumption price index (PCE) inflation forecast for the four years from this year to 2025 and the core PCE inflation forecast for this year to the next year will also be raised. Both PCE inflation and core PCE inflation in 2025 are close to the Fed’s inflation target of 2%.

  • It is estimated that GDP will increase by 0.5% in 2022 and 0.2% in September. The GDP growth rates in 2023 and 2024 are expected to be 0.5% and 1.6% respectively, and 1.2% and 1.7% respectively in September. The growth rate in 2025 is expected to remain unchanged at 1.8%.
  • The unemployment rate is expected to be lowered from 3.8% in September to 3.7% in 2022, from 4.4% to 4.6% in 2023 and 2024, and from 4.3% to 4.5% in 2025.
  • PCE inflation rate is expected to be raised from 5.4% in September to 5.6% in 2022, from 2.8% to 3.1% in 2023, from 2.3% to 2.5% in 2024 and from 2.0% to 2.1% in 2025.
  • The inflation rate of core PCE is expected to be raised from 4.5% in September to 4.8% in 2022, from 3.1% to 3.5% in 2023, from 2.3% to 2.5% in 2024, and remains unchanged at 2.1% in 2025.

In terms of interest rate guidance, in the resolution statement after this meeting, the Federal Reserve reiterated two new sentences added at the last meeting in November this year. The following two sentences admit that the impact of interest rate hikes is lagging behind, which once ignited the Fed’s steering expectations after the November meeting:

"The (FOMC) Committee expects that in order to keep the monetary policy stance restrictive enough and allow inflation to fall back to 2% over time, it is appropriate for the target range (policy interest rate) to continue to rise.

In order to judge the rising pace of the future target range, the Committee will take into account the cumulative tightening of monetary policy, the lag of monetary policy affecting economic activities and inflation, and changes in the economic and financial situation."

In addition, other contents of the interest rate guidelines remain unchanged. The Fed continues to reiterate that FOMC seeks to achieve the dual goals of full employment and long-term inflation of 2%. After expressing its decision to raise interest rates by 75 basis points to support the above two objectives, the Federal Reserve continued to reiterate its statement in March this year: "The (FOMC) Committee expects that it will be appropriate to continue to raise the target interest rate range."

Statement after this meetingContinue to reiterate the new statement in June.This sentence:

"(FOMC) CommitteeStrong commitment, will let the inflation rate fall back to the goal of 2%."

The statement of this meeting continued to reiterate the expression of the impact of the Russian-Ukrainian conflict first mentioned in the March statement: Russia’s actions against Ukraine "caused great" economic difficulties, but slightly changed the statement since July that "related events of the Russian-Ukrainian conflict are creating new upward pressure on inflation and putting pressure on global economic activities" and changed it to "related events are fuelling upward pressure on inflation and putting pressure on global economic activities".

Immediately after the impact of the above-mentioned Russian-Ukrainian conflict, this statementReiterated the sentence added in May that FOMC is "highly concerned about inflation risks".

When evaluating the economy, this statement continued to reiterate what was said in June, "the employment growth has been strong in recent months, and the unemployment rate has remained low", and continued to reiterate the evaluation of inflation in the March statement:

Inflation remains high, reflecting the imbalance between supply and demand related to the COVID-19 epidemic, rising food and energy prices and broader price pressures.

In May this year, the Federal Reserve announced the route of reducing its balance sheet (shrinking the balance sheet), and reduced its bond positions from June 1, initially reducing at most $30 billion in US Treasury bonds and $17.5 billion in institutional mortgage-backed securities (MBS) every month, and doubling the maximum monthly reduction three months later.

Like the previous four meetings, the statement of this meeting did not reiterate the above line, but said that it would continue to reduce its holdings of government bonds, institutional bonds and institutional MBS according to the reduced table route announced in May.

This article is from Wall Street. Welcome to download the APP to see more.

Reporting/feedback

Tesla’s new Model Y will be on sale next year! Give priority to the China market and upgrade the battery capacity.

A few days ago, according to overseas media, Tesla’s modified Model Y model will be officially launched in early 2025, and it will take the lead in mass production and sales in China, and it is expected to be listed and sold in some overseas regions such as North America and Europe in the first half of the same year. The main competitors at the same level include Mustang Mach-E, Hyundai Ioniq 5, Volkswagen ID.4 and Nissan Ariya.

As can be seen from the previously released appearance renderings and spy photos, Tesla has changed the Model Y model, and the head is expected to be equipped with the same LED headlight group of the Model 3 model. For the first time, the rear part is equipped with a penetrating LED taillight group, which is more recognizable than the current models. It is understood that the new car will also launch a three-row six-seat version for consumers to choose from in China, and its body size is more advantageous than that in North America and Europe.

According to previous overseas media reports, Tesla’s modified Model Y model will upgrade the larger-capacity 95kWh battery pack, and simultaneously launch standard battery life, four-wheel drive standard battery life, four-wheel drive long battery life and Performanc high-performance four-wheel drive version for consumers to buy. In the interior part, the new car will also draw on the same design elements of the Model 3 model, equipped with a new multi-function steering wheel, and equipped with a large-size floating LCD central control screen and an 8-inch touch screen in the back row.

Shensong Yangxin Capsule was selected into the list of China family standing cardiovascular and cerebrovascular drugs.

 

On September 19th, 2021-2022, the "Listed Brand of Family Standing Drugs in China" was announced, and Shensong Yangxin Capsule developed and produced by Yiling Pharmaceutical for the treatment of arrhythmia was selected as the "Listed Brand of Family Standing Drugs in China-Cardiovascular and Cerebrovascular Drugs", which showed the brand strength and consumer popularity.

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It is understood that since the brand activity of China Family Standing Drugs was first held in 2016, it has been deeply concerned and expected by the drug consumption market, and has been praised as "the vane of family standing drugs" by the industry. Based on in-depth consumer surveys, online voting results, multi-dimensional expert evaluation, etc., this activity will create a more complete and scientific guide for ordinary families to know, buy and keep good medicines.

Nourishing heart, regulating rhythm, treating arrhythmia and caring for people’s mental health

In life, many people often have symptoms such as palpitation, shortness of breath, fatigue, chest tightness, blackness, syncope, etc., but they don’t care and think it’s just a minor problem. As everyone knows, these are all "signals" of arrhythmia. If we don’t pay attention to them, it is likely to induce a series of diseases such as heart failure and even sudden death.

The data shows that one in every four people suffers from arrhythmia, which is not alarmist! We should know that our heartbeat is regular (60-100 beats /min), whether it is too fast or too slow, it belongs to arrhythmia, and we should never think that we can "sit back and relax" at a young age. Most sudden deaths of young people are caused by ventricular arrhythmia. Almost everyone will have arrhythmia in his life. Arrhythmia is also closely related to age and work pressure. The older he is, the higher his work intensity and the more nervous he is, and the incidence will increase accordingly.

Arrhythmia can be effectively prevented and controlled by self-management. As a "rhythm-regulating" drug, Shensong Yangxin Capsule has been recognized by doctors and patients. According to a large number of clinical studies, Shensong Yangxin Capsule has a unique curative effect of treating arrhythmia, which can regulate sodium, calcium and potassium cardiac ion channels that cause tachyarrhythmia, regulate cardiac autonomic nerve function, effectively treat ventricular premature beats and reduce the frequency of ventricular premature beats. Moreover, the drug can also regulate pacing current related to bradyarrhythmia, improve cardiac conduction, thus effectively raising the heart rate and filling the gap in drug treatment of bradyarrhythmia.

Evidence-based medicine is the "international gold standard" for testing efficacy.

As a family medicine, we should also pay attention to scientific basis and clinical value in order to fully care for public health and safety. Evidence-based medicine research has confirmed that Shensong Yangxin Capsule can effectively treat rapid arrhythmia such as premature beats and paroxysmal atrial fibrillation. Improve slow heart rate and treat slow arrhythmia; At the same time, it can effectively treat heart failure with premature beats, sinus bradycardia with ventricular premature beats and other complex arrhythmia, fill the gap of drugs for treating both fast and slow arrhythmia at home and abroad, and obviously relieve clinical symptoms such as palpitation, shortness of breath, fatigue, insomnia and dreaminess.

Shensong Yangxin Capsule has also carried out a number of randomized, double-blind, multi-center clinical evidence-based studies on the treatment of various arrhythmia. Its unique theoretical formula and exact clinical research results have won many national awards. The application research of Shensong Yangxin capsule in treating arrhythmia won the second prize of national scientific and technological progress in 2009, and the evidence-based research of Shensong Yangxin capsule in treating sinus bradycardia with ventricular premature beats and heart failure with ventricular premature beats won the first prize of national scientific and technological progress in 2019, which is the only highest prize in the medical and health field as an important part of the project of "Construction of Chinese medicine vein theory and its guidance for the prevention and treatment of microangiopathy".

Based on conclusive evidence and good curative effect, Shensong Yangxin Capsule was listed in National Health Commission’s Guide to Rational Use of Arrhythmia, China Expert Consensus on Ventricular Arrhythmia (2016 and 2020), Atrial Fibrillation: Current Understanding and Treatment Suggestions (2015, 2018 and 2021) and China Expert Consensus on Ventricular Arrhythmia (Basic Edition).

Pay attention to drug safety and be a reassuring drug in the hearts of the people

From "experience" to "evidence", evidence-based medicine promotes the inheritance and innovation of traditional Chinese medicine. Over the years, Shensong Yangxin Capsule has always adhered to the evidence-based approach. In the long-term clinical application process, its effectiveness and safety have been widely recognized, and a large number of clinical evidence-based evidence and practical application experience have been accumulated. Shensong Yangxin Capsule is an innovative patented Chinese medicine for arrhythmia developed under the guidance of collateral disease theory of traditional Chinese medicine. As a pure Chinese medicine preparation, it belongs to the national list of essential drugs and a class of medical insurance, and is also the first Chinese patent medicine to carry out evidence-based medicine research on arrhythmia in China.

With the improvement of living standards and the aging of the population, the incidence of arrhythmia in China is also increasing year by year. In addition to common symptoms, more than 60% patients with arrhythmia are accompanied by insomnia and dreaminess. Traditional drugs mainly treat arrhythmia by "resistance", which can’t solve the fundamental problem, and can’t improve the symptoms of palpitation, chest tightness, shortness of breath and poor sleep at the same time. Shensong Yangxin Capsule has the unique advantage of "nourishing the heart and regulating the rhythm", which breaks through the bottleneck of drug treatment, can treat arrhythmia comprehensively, effectively and safely, can block the occurrence of arrhythmia in multiple ways, links and targets, is suitable for the prevention and treatment of various arrhythmias, and is more beneficial if taken for a long time.

Since the establishment of Yiling Pharmaceutical for 30 years, it has inherited the essence, kept the integrity and innovated, systematically constructed the collateral disease theory system, and promoted the research and development of innovative drugs under the guidance of collateral disease theory. At the same time, it verified the efficacy of Shensong Yangxin Capsule and other series of drugs with modern evidence-based research, and devoted itself to explaining the efficacy of traditional Chinese medicine clearly in modern medical language, which was recognized by the public and even the world. (Kong Xinjie Yixuan)

Extended reading

    Let the county commerce catch fire： by 2025, the county will basically have chain stores and logistics distribution centers.

    By 2025, there will basically be chain stores and logistics distribution centers in counties and counties-
    Let the county business fire up.

    County commerce will usher in rapid development. On May 19th, the State Council Press Office held a routine briefing on the State Council policy. Wang Bingnan, Vice Minister of Commerce, pointed out at the meeting that during the Tenth Five-Year Plan period, the county-level commercial construction will be implemented, and efforts will be made to establish and improve a rural commercial system with the county as the center, towns as the focus and villages as the foundation, and strive to basically realize the double promotion of farmers’ income and rural consumption in qualified areas by 2025.

    Promote the construction of rural commercial system

    During the "14th Five-Year Plan" period, the rural circulation work will present "four outstanding"-

    Highlight the county as the starting point of work. There are 21,000 towns in China. At present, farmers’ consumption is mainly concentrated in towns. During the "Fourteenth Five-Year Plan" period, the county was regarded as the entry point of rural commerce, including not only the traditional rural areas, but also the towns, in order to adapt to the actual situation of rural circulation and rural consumption, strengthen the central position of the county and give play to the important node function of the towns.

    Highlight the two key points of sinking and ascending. Sinking means guiding urban production and circulation enterprises to the countryside, driving new products, new services, new technologies and new ideas to the countryside, and gradually narrowing the consumption gap between urban and rural areas, so that farmers can achieve the same level of consumption environment, the same quality of goods and the same standard of services as cities at their doorsteps. Upward, it is to promote agricultural products to enter the city, establish a closer connection between production and marketing, reduce circulation links, improve circulation efficiency, reduce circulation loss, cultivate agricultural products brands, increase farmers’ income, and let urban consumers obtain agricultural products with better quality and more reasonable prices.

    Highlight the modern circulation system. To build a rural commercial system, we should put the quality of development in a prominent position and take the modern rural circulation system as the direction. By promoting informationization, standardization, intensification and standardization, coordinating the construction of software and hardware, filling the shortcomings of rural commerce, changing the backward face of rural commerce, improving the development level of rural commerce, and never engaging in low-level redundant construction and disorderly and unfair competition in rural commerce.

    Highlight the double promotion of farmers’ income and rural consumption. Wang Bingnan pointed out that rural circulation connects production and consumption, and the consumption market at the township and village levels accounts for 38% of the total consumption market in China, which has great consumption potential. To improve the modern commercial system in rural areas, it is necessary to increase farmers’ income at the individual level, enhance farmers’ sense of acquisition and happiness, and expand rural consumption at the macro level to form a strong domestic market.

    Improve farmers’ consumption ability

    In recent years, with the steady improvement of farmers’ income level, the scale of rural consumption has been driven. In 2020, the retail sales of rural consumer goods reached 5.3 trillion yuan, an increase of 26.1% over 2015, which was faster than that of cities and towns for eight consecutive years. The trend of rural consumption upgrading is obvious. In 2020, the per capita consumption expenditure of education, culture, entertainment, transportation, communication and medical security of rural residents will increase by 35.1%, 58.3% and 67.6% respectively compared with 2015.

    Liu Decheng, director of the Department of Circulation Development of the Ministry of Commerce, said that in the future, it will continue to increase farmers’ income, improve farmers’ spending power, and give farmers more sense of acquisition and happiness.

    Improve the backbone network of agricultural products circulation. Based on the main producing areas, distribution centers and sales areas of agricultural products, we will improve the level of facilities construction and service functions in the primary processing, wholesale and retail of producing areas, promote the effective connection of circulation nodes, and improve the cross-regional production and marketing chain. Identify a number of national backbone agricultural products wholesale markets and backbone circulation enterprises to promote information interconnection and facilities sharing in all aspects of agricultural products production, transportation, warehousing and consumption, and enhance the level of agricultural products circulation serving agriculture.

    Expand the coverage of e-commerce in rural areas. Strengthen the overall planning ability of county-level e-commerce public service centers, provide market development, resource docking and other services for e-commerce enterprises, family farms, farmers’ cooperatives and other subjects, and enhance the upward ability of e-commerce services for agricultural products. Reduce rural logistics costs, support postal services, express delivery, logistics, trade and circulation enterprises to carry out market-oriented cooperation, realize unified warehousing, sorting, transportation, distribution and collection, and actively develop unified warehousing and distribution.

    Improve the commercialization processing capacity of agricultural products. Accelerate the filling of shortcomings in cold chain facilities of agricultural products, strengthen the cultivation of agricultural products brands, expand and extend the industrial chain, upgrade the value chain, and better promote the effective docking between small farmers and the big market.

    Strengthen the long-term mechanism of production and marketing docking. Guide agricultural products circulation enterprises and new agricultural business entities to achieve accurate docking through the development of order agriculture, integration of production and marketing, equity cooperation and other modes. Organize various forms of production and marketing docking activities, encourage all localities to play the role of cooperation between the east and the west, counterpart support, county-enterprise cooperation and other mechanisms, and promote docking resources to focus on helping counties and poverty-stricken areas in rural revitalization.

    Improve the rural consumption environment

    Wang Bingnan introduced that there is an imbalance between urban and rural development in the current rural commercial field, which is manifested in the low level of rural commercial facilities, low quality of goods and services and poor market order. There are not only market reasons such as low willingness of market participants to enter rural areas, but also institutional factors such as weak supervision. In the next step, we will focus on upgrading in four aspects to greatly improve the rural consumption environment.

    Facilities upgrade. In the county, we will focus on upgrading a number of comprehensive business service centers and logistics distribution centers to strengthen the county’s comprehensive business service capabilities. In towns and villages, we will focus on upgrading a number of business centers in towns and villages, increase life service functions, and promote the integration of shopping, entertainment and leisure. In the village, a number of "husband and wife shops" will be transformed and upgraded into new chain convenience stores, and businesses such as express delivery and distribution of agricultural products will be encouraged to be enriched according to local conditions.

    Upgrade of goods and services. It is necessary to guide urban production and circulation enterprises to enter the rural market, extend the marketing network to the countryside, develop goods and services suitable for the rural market, and promote the upgrading. At the same time, we will develop rural tourism, folk customs, characteristic culture, leisure agriculture and other services to promote the integrated development of rural business travel, entertainment and sports.

    Mode upgrading, namely "transformation" and "integration". Transformation is digital and intelligent transformation. On the one hand, we should vigorously develop rural e-commerce, further expand the coverage of rural e-commerce, focus on solving the "last mile" problem of rural online shopping, and strive to achieve full coverage of express outlets in all administrative villages in 3-5 years. On the other hand, it is necessary to promote traditional rural commercial enterprises to apply modern information technology on a large scale and upgrade their software and hardware. Convergence, that is, to promote the development of cross-border integration in function, and to superimpose functions such as "business+life service" to realize multi-function and multi-purpose in one network.

    Regulatory upgrade. During the "Fourteenth Five-Year Plan" period, we will give priority to standardizing the rural market order and strengthening market supervision, improve the linkage mechanism between urban and rural areas, strengthen source management, and severely crack down on illegal business practices such as the production and operation of fake and shoddy goods in rural areas. (Reporter Xu Peiyu)

    Chinese modernization fully demonstrates theoretical and practical value (international forum, reading China and reading the Communist Party of China (CPC))

    　　It is expected that China will continue to make new achievements on the road of promoting Chinese modernization, which will not only successfully achieve its own development goals, but also provide more development opportunities for all countries in the world.

    　　Realizing modernization is the common pursuit of people all over the world. There is no one-size-fits-all modernization standard in the world, and every country needs to explore a modernization road suitable for its own national conditions. China has continuously promoted and expanded Chinese modernization, made great achievements, and fully demonstrated its theoretical and practical value.

    　　Achieving high-quality development is one of the essential requirements of Chinese modernization. In recent years, China’s economic development plan has paid more and more attention to improving the quality of development. The continuous improvement of China’s scientific and technological innovation ability is an important achievement of China’s efforts to promote high-quality development. Today, China can independently explore space and deep sea, build the world’s largest high-speed railway network and 5G network, and make breakthroughs in frontier fields such as biomedicine and quantum science. China’s high-quality development continues to bear fruit, which is not only beneficial to China, but also beneficial to the world, providing a successful example for other countries.

    　　China has always adhered to the people-centered development thought in the process of promoting modernization. The China Municipal Government has taken effective measures to narrow the gap between the rich and the poor, continuously improved the social security system, and continuously strengthened the construction of ecological civilization, which has achieved important results and made Chinese modernization take on a different look from western modernization. China put forward the concept of people’s democracy in the whole process, enriched democratic forms, unblocked democratic channels, and expanded people’s orderly political participation from all levels and fields. China’s idea and practice of whole-process people’s democracy can provide reference for countries with different social systems in the world to develop democracy.

    　　Chinese-style modernization is a modernization that takes the road of peaceful development. China has always pursued to better safeguard world peace and promote common development through its own development. In Serbia, China has brought a lot of development opportunities. The railways, bridges and other infrastructure built by China enterprises have laid a good foundation for the development of many Serbian regions, and the factories invested by China have become the pillars of industrial development in their regions. After Smederevo Steel Plant was acquired by Hegang Group, China invested a lot of money to transform the plant in environmental protection and other aspects, which provided a lot of job opportunities for local residents and became the second largest export enterprise in Serbia. Serbia has established a comprehensive strategic partnership with China and actively participated in Central and Eastern Europe — China’s cooperation mechanism and the "One Belt, One Road" cooperation have learned a lot from the successful practice of Chinese modernization.

    　　Chinese modernization has made important contributions to enriching the theory and practice of global development. It is expected that China will continue to make new achievements on the road of Chinese modernization, which will not only successfully achieve its own development goals, but also provide more development opportunities for all countries in the world.

    　　(The author is the chairman of the Serbia-China Friendship Group of the Serbian Parliament)

    Bo Huang： Gorgeous Transformation from Ordinary to Excellent

    In the Chinese film industry, when the actor Bo Huang is mentioned, many people will immediately associate him with his recognizable smiling face and infectious acting skills. Whether it is the funny role in Crazy Stone or the profound interpretation in many literary films, he has become a powerful film winner in the eyes of the audience. However, little known is that behind this glamorous appearance, there is a story of constant pursuit and struggle.

    Early experience: an ordinary boy of all beings

    Bo Huang was born in 1974, and his hometown is picturesque Qingdao. His parents live quietly in this intellectual family, and the ideal education and blueprint for the future seem to be somewhat incompatible with the future of Bo Huang. Although his parents had high hopes for his studies, young Bo Huang was always absent-minded in class until the notes of music awakened his passion. For him, the boring classroom can’t dispel his desire for the stage, and music has become a ray of brilliance in his life.

    When he was in kindergarten, he won the first small award in his life for a nursery rhyme. With the New Year’s Day party in junior high school, he made a sensation with a song "Looking Back", and his love for music became more intense. Although he chose to stay in the karaoke bars in a deviant way, this "devious" hat laid the foundation for his later artistic career.

    Exploration and struggle of career

    After graduating from high school, Bo Huang didn’t choose to go to college, but devoted all his energy to music and joined a band called "Blue Sandstorm". At the best moment, they could even perform eleven performances a day. But just as his life seems to be about to usher in a gorgeous turn, fate has pushed him to the harsh reality.

    From the soul of the orchestra to the lost transition period, Bo Huang gradually realized that the road to music was not the broad road he imagined. In order to pursue his dream, he decided to give up music and turn to acting. This choice brought a series of challenges. At the beginning of the performance, he encountered many doubts and difficulties. There is no film that can display its talents. Almost no one cares about Bo Huang in the circle, and the roles played are mostly insignificant small roles.

    Struggling on the edge of the film industry until 2006, the opportunity of "Crazy Stone" appeared in front of him. As a low-cost, low-paid crew, many actors refused, but director Ning Hao took a fancy to him. Bo Huang’s hard work and dedication on the set can be called desperate. Besides, this role makes him a household name. As he said, when he crossed the dark tunnel and everyone was expecting disappointment, he made a shocking choice and eventually became a shining star.

    Brilliant moment of career

    As soon as Crazy Stone came out, Bo Huang ushered in the biggest turning point in his acting career. After that, his films such as Bullfighting and Killing Life were highly praised. Especially in Bullfighting, his role as a farmer deeply touched the audience. With this role, he also won many awards such as the Golden Horse Award for Best Actor, which inspired the whole Chinese film industry.

    Bo Huang’s success is not accidental, but the result of hard work. He never stopped, honed his acting skills in his tepid career, and when the opportunity came, he proved his value with his strength. For those days when he lost his way in music, he seemed to cherish it.

    Private life and life values

    After becoming famous, Bo Huang was welcomed by actresses. However, he always cared about his beloved Xiao Ou, the ordinary girl who struggled together on his music path. In the face of fame and temptation, Bo Huang chose to stick to his original heart and be willing to protect the truth in the ordinary. He once said, "An ordinary wife is the treasure of my palm. If I abandon my spoiled wife after becoming famous, is that still a person?" This sentence not only reflects his emphasis on his family, but also expresses his life values.

    Although he is in the noisy entertainment circle, Bo Huang always faces the scrutiny of public opinion and public with his extremely gentle attitude and inclusive and optimistic lifestyle, which makes him remain true and clear in the noisy environment.

    External evaluation and social influence

    Bo Huang’s evaluation was highly praised by the media and the public. In some interviews, he responded to the public’s praise for his efforts behind him with humorous words, and his experience inspired countless young people to pursue their dreams. The media once described his road to fame as "the harder he works, the luckier he is", which also made many people on the road of chasing dreams feel a lot.

    Conclusion: Face the challenge of life bravely.

    No matter in the initial stage of the difficult music career or in the ups and downs of the film industry, Bo Huang has demonstrated his perseverance and determination to pursue Excellence. He is not only a successful actor, but also a perfect family role. His story proves to us that a happy life is not smooth sailing, but to face every challenge bravely and embrace every ray of life. Through continuous efforts and pursuit, he set an example for contemporary people, encouraging successors to stick to their dreams, face every turning point bravely, and discover the beauty and hope in life. Bo Huang, once an "ugly duckling", has transformed into an attractive "swan" on the stage. This gorgeous transformation is also enlightening more dream catchers. Only by working hard can the colorful movement of life become more moving.

    Editor in charge:

    Bao Beier smiled and questioned： I will shoot if there is a play, and I cherish it.

    In the colorful entertainment circle, every artist is fighting for his dream and life. Some people became a hit with a masterpiece, while others were controversial because of several works with poor evaluation in succession. Recently, Bao Beier, a powerful actor, responded to the questions of netizens with a humorous and sincere attitude in the face of "the query of bad movies", which aroused widespread concern and discussion.

    In an open interview, Bao Beier calmly responded to outside criticism with a self-deprecating frankness. He said humorously, "Yes, there is no other play for me, so shoot whatever you want. I am very satisfied to have the opportunity to film. Will I still be picky? " This remark not only made the reporters and audience on the scene laugh, but also quickly caused a heated discussion on the Internet. Bao Beier’s remarks not only reflect his true and humble personality, but also reflect the reality of the existence of entertainment actors. In this big dye vat, actors often have to face all kinds of temptations and challenges, and it is particularly precious to be able to keep their initial heart and stick to their beliefs and principles.

    For Bao Beier, it is a kind of luck to get the script and have the opportunity to show his acting skills in front of the camera. He understands that in this industry, only a few actors can choose their own roles. Therefore, he chose to treat every performance opportunity with a peaceful attitude and cherish every performance. This mentality allows him to remain optimistic and positive in the face of doubts. Bao Beier’s answer also inspired netizens to think deeply. In the process of chasing box office and fame, how actors should grasp the quality of their works and how to balance the balance between business and art has become a topic worth pondering.

    Bao Beier’s acting career is also full of twists and turns. He has also experienced the low point of his career, and some of his works have been questioned. But these experiences made him cherish every performance opportunity more and work harder to improve his acting skills and comprehensive quality. He knows very well that as an actor, only by constantly challenging himself and exceeding the limit can he gain a firm foothold in the entertainment industry and continue to grow and develop.

    Looking forward to the future, we expect Bao Beier to keep this humble and diligent attitude, dare to challenge himself and bring more wonderful works to the audience. At the same time, we also hope that the whole entertainment circle can pay more attention to the quality and connotation of the works and offer more artistic masterpieces with depth and temperature to the audience. In this era of rapid consumption, the works that really touch the heart are the most precious.

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    Editor in charge:

    Hongqi EH7 listed, priced 229,800, can redefine high-end new energy？

    Driven by market transformation, the new energy vehicle industry is experiencing rapid growth.

    Relying on the advantages of early layout and technological evolution, Chinese brands are at the forefront of the automotive industry. In addition to entry-level cars and family cars, Chinese brands are making rapid efforts in the high-end new energy field and gradually widening the gap with overseas brands.

    In this market context, many Chinese brands have taken advantage of the wind and embarked on their own path of new energy transformation.

    Among them, Hongqi also officially announced the strategy of "striving for transformation to new energy vehicles" before, and as a hero of FAW Group, Liu Yigong is also personally at the helm of the brand’s new energy transformation process. At present, the Hongqi brand has not only released the "flag" high-end electric intelligent super architecture FMEs, but also uses the "flag wonderful wings" as the logo to show the pioneering characteristics of the Hongqi new energy sub-brand.

    On the evening of March 20, the first new car of Hongqi New Energy sub-brand was also the first model released after Liu Yigong took the helm of Hongqi, and the Hongqi EH7 medium and large pure electric sedan was officially launched.

    And this new car priced in the range of 229,800 yuan – 309,800 yuan has a new goal, that is to redefine the high-end pure electric market. Of course, in the product dimension, Hongqi EH7 also brings a lot of freshness.

    Design technology is comprehensively new, and the "new red flag" is emerging

    Unlike the traditional Hongqi luxury sedan, the new Hongqi EH7 does not have a sedate and solemn design.

    Based on the new "natural and smart aesthetics" design concept of the Hongqi new energy sub-brand, the Hongqi EH7, a medium and large pure electric car, will be aimed at household consumer groups and young groups in a more lively and fresh style.

    Specifically, the Hongqi EH7 adopts the One Box integrated body shape, which has a smooth body posture and presents a more agile and smooth beauty. At the same time, with details such as the smiling front face, hidden door handle, and wing rear, it also presents a youthful look while constructing a delicate and advanced sense.

    However, while the Hongqi EH7 further exhibits a youthful and dynamic design, the size of the vehicle remains significant.

    Its length, width and height measurements can reach 4982 * 1914 * 1490mm respectively, and the wheelbase can also reach 3000mm. In terms of space, it rivals mainstream C-class cars such as Audi A6L and Mercedes-Benz E-Class.

    It is worth mentioning that, in addition to the new design, the Hongqi EH7 continues to make great efforts in technology.

    On the center console of the new car, we can see a display system composed of two sets of LCD screens. The new smart car system, in addition to providing a rich network configuration, also innovatively designed the detail of "smart fun corner" to bring richer playability to the smart car.

    When it comes to the intelligent driving configuration of vehicles, the new car provides consumers with an L2-level intelligent driving assistance system, which is sufficient to meet consumers’ driving needs for safety and convenience.

    Constructed driving performance, Hongqi EH7 goes mainstream

    For traditional car companies and traditional luxury brands, the difficulty in building new energy vehicles lies in the "core advancement" of the vehicle. Looking at the same price models of BBA’s three traditional luxury brands, it is almost difficult to see high-quality Sandian performance, and it is also difficult to obtain excellent driving control experience.

    Under the leadership of Liu Yigong and other "Hongqi people", FAW Hongqi has successively completed the design and manufacturing of pure electric exclusive vehicle manufacturing platforms and self-developed systems. And Hongqi EH7 is the intuitive embodiment of these technical achievements.

    Based on the Hongqi self-developed battery system, the CLTC mileage of the Hongqi EH7 long-life version can reach up to 820Km, ranking among the top in the same level. At the same time, the Hongqi self-developed battery system can achieve multi-scene safety without heat diffusion through physical protection and three-power management system two-way optimization. High battery life, high safety and high reliability, such a pure electric vehicle travel experience can be said to be relatively well built, which also brings the first-mover advantage to the Hongqi EH7 in the same market.

    In addition, based on insights into the high-end pure electric market, Hongqi EH7 also has the strength of high performance and high handling performance. Its four-wheel drive version, with the blessing of front and rear motors, has a 3.5-second breaking capacity. And in terms of chassis, Hongqi EH7 is equipped with a front virtual kingpin double wishbone + rear five-bar suspension structure, and professional configurations such as Brembo brake calipers and iDCS autonomous continuous damping adjustable shock absorbers, bringing a heavy chassis texture and silky and precise control experience.

    From the perspective of the core qualities of Sandian and chassis, the new car Hongqi EH7 is based on the system strength of FAW Hongqi and works at the root to construct product advantages that are difficult to be replicated by new forces and ordinary brands. It is also relying on the solid and reliable core qualities that Hongqi EH7 is also expected to redefine the medium and large luxury pure electric car, thus gaining new development opportunities in the market.

    Write at the end:

    Entering the second half of the competition in the new energy era, FAW Hongqi is competing with quality, technology and system strength under the leadership of Liu Yigong.

    Through the new car of Hongqi EH7, we can see that the competitive thinking of Hongqi, a luxury brand in the field of new energy, is to achieve quality optimization and improvement with "long-term", and to create products with "high-quality experience" and "safe, reliable and solid". And this steady development thinking is exactly what is needed in this slightly impulsive "new car era".

    Geely Xingrui, Xingyue L · Dongfang Yao models will be listed on October 23, with pre-sale prices starting from 100,000 yuan

    On September 13, it was reported that the new Geely Xingrui and Xingyue L models will be launched on October 23, respectively named Xingrui · Oriental Yao and Xingyue L · Oriental Yao. At present, the series of models have been pre-sold.

    The length, width and height of the new Geely Xingrui are 4785/1869/1469 mm respectively, and the wheelbase reaches 2800 mm, which is consistent with the models on sale.

    Xingrui Dongfang Yao includes 5 models, namely 1.5TD + 7DCT (Jinghong Edition, Kunlun Edition, Rotary Edition), 2.0TD High Power + 8AT (Mochizuki Edition, Lanxing Edition). The declared model is equipped with a 2.0TD four-cylinder engine with a maximum power of 175 kW, 35 kW higher than the models on sale.

    According to IT Home, Xingyue L · Dongfang Yao will offer two models, including 2.0TD high power + 8AT two-wheel drive (Star version) and 2.0TD high power + 8AT four-wheel drive (Mochizuki version).

    This model adopts a new interior and exterior design language, and is equipped with luxury and comfortable configurations such as CDC variable damping suspension, audio, seat massage, and two-row seat electric adjustment.