Research Group of Propaganda Department of Hubei Provincial Committee of CPC 【Abstract: Newspaper literature and art propaganda is an important part of the party’s news propaganda work. Newspaper literature and art propaganda in the new era serves the overall situation of reform and opening-up, dares to explore, constantly develops and keeps pace with the times, and has made positive contributions to the prosperity and progress of the party’s literature and art and news propaganda. Literature and art are not only a reflection of the people’s ideology, but also a spiritual force that affects the people’s ideology. At present, profound changes have taken place in the ideological and cultural fields. Developing advanced socialist culture is an urgent requirement for promoting the coordinated development of socialist material civilization, political civilization and spiritual civilization and building a harmonious socialist society. The purpose of studying and analyzing the laws of newspaper literature and art propaganda is to actively and effectively guide literature and art propaganda public opinion, form and develop positive and healthy mainstream public opinion in the whole society, keenly grasp the trends of literature and art propaganda, improve the pertinence and effectiveness of newspaper literature and art propaganda, and make due contributions to accelerating the pace of building a well-off society in an all-round way and creating a good ideological and public opinion environment. Examining the historical evolution of newspaper literature and art propaganda in the new period for more than 20 years and discussing its advantages and disadvantages will help us grasp the laws of newspaper literature and art propaganda, guide the mainstream consciousness of newspaper literature and art propaganda in the future and improve the level of newspaper literature and art propaganda. 1. Serving the overall political situation: creating an atmosphere for ideological emancipation in the literary and art circles Literature and art in the new period are marked by the downfall of the Gang of Four. The literary and art circles, like other fields, are in a historical stage of bringing order out of chaos and cleaning up the roots. Literature and art, both in creation and theory, have distinct criticism and reflection. The newspaper literature and art propaganda in this period was keen and full of passion, which effectively cooperated with the ideological emancipation movement in the literary and art circles. Shortly after the end of the "Cultural Revolution", newspapers all over the country published a large number of reports and articles, criticizing the "conspiracy literature and art" of the Gang of Four and exposing its counter-revolutionary acts and counter-revolutionary lines of usurping the party and seizing power. Criticizing the theory of "black line dictatorship of literature and art" and denouncing extremely "left" cultural absolutism have rehabilitated many wronged writers and their works. The Gang of Four has always been used to using literature and art as a tool to carry out counter-revolutionary activities, and the literary and art circles have become the hardest hit areas. Therefore, the newspaper literature and art propaganda at this stage has played an important political role in the national struggle to expose and criticize the Gang of Four. The great discussion on the standard of truth in 1978 opened the prelude to the ideological emancipation movement in the new period. During the discussion on the standard of truth in the literary and art circles, the newspaper published a large number of reports and articles that combined literary creation and literary theory work practice to publicize the standard of truth, reflected on the historical and ideological roots of the Gang of Four’s promotion of cultural absolutism, summed up the historical lessons of the literary and art circles, and clarified the theoretical right and wrong. In December 1978, the Third Plenary Session of the Eleventh Central Committee of the Communist Party of China made a major decision to shift the focus of the Party’s work to socialist modernization, clarified the policy of reform and opening up, and pointed out the direction for the development of literature and art in the new period and the propaganda of literature and art in newspapers. In October, 1979, the Fourth National Literary Congress was held in Beijing. On behalf of the Party and the government, Deng Xiaoping declared in his "Congratulation": "The Party’s leadership over literary and artistic work is not to give orders, nor to require literature and art to be subordinate to temporary, concrete and direct political tasks, but to help literary and artistic workers obtain conditions to continuously prosper their literary and artistic undertakings, improve their literary and artistic level, and create outstanding literary and artistic works and performing arts achievements worthy of our great people and great times." Since then, he further pointed out in his speech "Current Situation and Tasks": We "will not continue to mention the slogan that literature and art are subordinate to politics, because this slogan can easily become the theoretical basis for arbitrary interference in literature and art. Long-term practice has proved that it will do more harm than good to the development of literature and art. However, this certainly does not mean that literature and art can be divorced from politics. Literature and art cannot be divorced from politics. " In July 1980, People’s Daily published an editorial "Literature and Art Serve the People and Socialism". The Fourth National Literary Congress and the editorial of People’s Daily established the "two-for-one" direction of "literature and art serve the people and socialism" and the "hundred flowers blossom and a hundred schools of thought contend" policy as the basic direction and policy of the party’s literature and art. The direction of "two for one" and the policy of "letting a hundred flowers blossom" are naturally the guiding principles followed by newspaper literature and art propaganda in the new period. While the literary and art circles are bringing order out of political thoughts and theories, writers and artists, with keen sense and artistic courage, begin to break the ideological shackles and theoretical dogmas that have bound artistic creation for decades, hold high the banner of realism and reflect the changes of the times and the aspirations of the people. During this period, the newspaper’s literary propaganda actively paid attention to the present situation of literary creation, reflected the new face of literary creation, commented on the new achievements of literary creation, and participated in the literary debate. In the debate about scar literature, newspapers published some representative articles on both sides of the debate, which is the embodiment of the "policy of letting a hundred flowers blossom" in literature and art propaganda in newspapers. It is worth mentioning that Lu Xinhua’s short story "Scar", a representative work of "Scar Literature", was published in Wen Wei Po (Shanghai, August 11, 1978), showing the importance of newspaper supplements in literary and artistic creation in the new period. Second, return to the standard: drum and shout for the prosperity of literature and art Newspaper literary propaganda has the functions of publicizing the party’s literary principles and policies, transmitting literary information, and expressing people’s suggestions and opinions on literary creation. Its center and emphasis will inevitably be adjusted and shifted with the shift of the party’s work center and the adjustment of the party’s literary policy. In the early years of the development of literature and art in the new era, the propaganda of newspaper literature and art has a strong political color and played a unique political role in exposing and criticizing the crimes and harmfulness of the Gang of Four’s conspiracy in literature and art, and propagating and promoting the ideological emancipation movement in the literary and art circles. After the Third Plenary Session of the Eleventh Central Committee, the party’s work center gradually shifted to economic construction. After the Fourth National Literary Congress, the Party abandoned the slogan that "literature and art are subordinate to politics", constantly improved the Party’s leadership over literature and art, respected the laws of literary and artistic creation, created a relaxed environment and a harmonious atmosphere for literary and artistic creation, and literary and artistic creation gradually prospered. Since then, the focus of newspaper literature and art propaganda has turned to the normal track of propaganda and promoting the prosperity of literature and art. After the baptism of ideological emancipation, literary and artistic creation in the new era has gradually moved towards an open and diversified prosperity pattern on the basis of returning to realistic creative methods. Writers and artists have updated their literary concepts by learning from the May 4th new literary tradition and western modern literary concepts. New expression techniques and techniques have been applied, the subject areas of literature and art have been expanded, and many new literary and artistic creation trends have been formed. During this period, the newspaper’s literature and art propaganda closely followed the increasingly active and prosperous status quo of literature and art creation, and published a large number of pages about literature and art news, interviews with people and literary criticism, which contributed to the prosperity of literature and art in the new period and left a rich and complete record of the prosperity of literature and art at this stage. But at the same time, it can be seen that in the face of many-hued’s complicated new literary images, newspaper literary propaganda, as a public opinion, generally praised and affirmed the traditional creative style and traditional way of thinking, but maintained a cautious and vigilant attitude and even criticized the works and figures with innovative consciousness, especially drawing lessons from western art. In the late 1980s, the pattern of commodity economy was gradually formed in China. In the 1990s, the socialist market economy developed rapidly, and the mass consumption culture basically developed and formed, which became people’s main cultural needs and basically formed a set of industrial operation modes. With the "economic construction as the center", the publicity of newspapers’ literature and art is generally weaker than that of the previous period, and the number of important pages of literature and art reports is reduced, and the literature and art supplement is shrinking. At the same time, in order to adapt to the new social environment and the changes in readers’ interests, newspaper literary propaganda is constantly changing its concepts, innovating and perfecting its propaganda methods and techniques. Pay more attention to the public’s cultural consumption interest and demand in news reports, and the remarkable change in supplements is to enhance interest, practicality and life. Many newspapers have created various "star periodicals" and "weekend editions" in addition to the traditional literary supplements. The literary supplements that have survived are mainly essays that are close to readers’ daily life and full of life interest. In the pattern of mass consumption culture in the 1990s, the importance of newspaper literature and art has been highlighted, which has had an important impact on literary creation and criticism. The most obvious manifestations are the rise and persistence of the craze for prose essays and the attention paid to "media comments" (that is, the comments on writers and works formed by newspapers through news reports and published comments). Prose is the most popular literary genre among readers in the 1990s. The prosperity of prose creation and the formation of prose fever are important literary phenomena in the 1990s. The innovation and adjustment of the above newspaper supplements obviously played a decisive role in the emergence of this literary phenomenon. In the 1980s,The general readers’ understanding of literary and artistic works mainly depends on the opinions of critics, but in the 1990s, with the absence of (professional) comments and the aphasia of critics, readers’ understanding of writers and works depends on "media comments", and at the same time, more and more writers and artists use media propaganda to increase their market influence. With the deepening of reform and opening up, the press and publication, film and television broadcasting, literary performance market, books and periodicals market and mass cultural activities have gradually become active and prosperous since the mid-1980s, and the government’s cultural system and literary and artistic system reform have gradually begun, and the newspaper’s literary and artistic propaganda has continuously expanded the new field of propaganda, so that the scope of newspaper’s literary and artistic propaganda covers all fields and levels of social culture and literary life. In the open and pluralistic cultural and literary pattern of the 1990s, the newspaper’s literary and artistic propaganda adheres to the correct public opinion orientation, carries forward the main theme, advocates diversity, publicizes literary and artistic creation that goes deep into life, reality, the masses, reflects the requirements of the times and people’s voices, inherits the excellent national cultural tradition, has innovative character and the power to inspire people’s high spirits and optimism, and represents the direction of advanced culture, which has effectively promoted the healthy prosperity of literary and artistic undertakings. Characteristics of current newspaper literary reports Prosperity of literature and art is the need of the people and the needs of the times. The fundamental purpose of developing and prospering literature and art is to meet the people’s growing spiritual and cultural needs and promote people’s all-round development. Newspaper literature and art propaganda not only pays attention to socialist cultural construction, but also is an important content of socialist cultural construction. Therefore, literary propaganda and reporting must firmly grasp the direction of advanced culture, adhere to the direction of serving the people and socialism and the policy of letting a hundred flowers blossom and a hundred schools of thought contend, adhere to the policy of unity, stability, encouragement and positive publicity, sing the main theme of the times, actively advocate advanced culture, strive to transform cultural lag, and resolutely resist decadent culture, thus promoting the coordinated development of material civilization, spiritual civilization and political civilization. Literary and artistic reports should be "smooth and silent", and by creating a healthy cultural environment, they will constantly enrich the cultural life of the people and improve their spiritual realm in a subtle way. First, the opening characteristics of literary reports At present, with the cultural construction being mentioned in such an important position, literary and artistic reports are no longer just the "supporting role" of newspapers as before, but are paid more and more attention. With the increase of newspaper capacity, the major central newspapers, provincial party committee organ newspapers, metropolitan newspapers, etc. have obviously increased the weight of cultural reports while focusing on economic construction. Of the more than 140 evening newspapers in China, the vast majority have "cultural news" pages. In recent years, the importance of cultural construction and cultural function has been increasingly highlighted, and culture has penetrated into all aspects of economic and social life. All walks of life have more and more deeply realized the important position and role of culture in economic and social development, and the society has set off an upsurge of accelerating the development of cultural undertakings and cultural industries. The development of media, publishing, online culture, performance and entertainment industries has ushered in good opportunities for development. On the other hand, in the process of building a well-off society in an all-round way, the market economy provides a broad space for the development of literature and art: as recipients, the people’s spiritual and cultural needs are growing day by day, and their cultural consumption concepts and methods lead the direction of literary and artistic production; A variety of forces have entered the cultural field, and the diversification of creative subjects and input subjects, as well as the intervention of cultural operators, have injected great vitality into literary and artistic production, making literature and art truly present a situation of blooming. At the same time, with the progress of the times and society, new trends of thought and new ideas are coming one after another. The development of contemporary high-tech has also had a far-reaching impact on cultural construction. Many new scientific and technological elements have entered the field of literature and art, and the traditional literary form is undergoing tremendous changes. The unprecedented diversity of literary and artistic forms, the continuous updating of literary and artistic production methods and the widening of cultural horizons have made the field of newspaper literary and artistic propaganda unprecedented rich and broad. The vision of literary and artistic propaganda in this period is more open than ever before. The convenience and modernization of information communication provide unprecedented conditions for this openness, and literary information that occurs anywhere in the world may be published in newspapers in time. The Internet has made a qualitative change in the way of cultural communication, that is, it has broken through the limitations of time and space, and also broken the barriers between nations and races, and has become the most direct source of information for newspapers’ literature and art outside the territory. This reflects the idea of domestic opening to the outside world and the attitude of trying to catch up with the world literary trend, but on the other hand, we can also see the influence or aggression of the world’s powerful culture. This is the companion of global integration in the cultural field. Second, the regional characteristics of literary reports The openness of literary propaganda also determines the selectivity that literary propaganda must have. In the face of massive literary and artistic information, the limited capacity of a newspaper determines that it must choose and give up. Regionalization has become the most possible and reliable way for general newspapers to choose literary and artistic propaganda. The so-called regionalization means that newspapers choose the most acceptable literary information to publish according to the geographical distribution of audiences and the local characteristics of literature and art itself. Localization is determined by the localization of the newspaper itself. Any newspaper audience is a reader in a certain area. Literature and art in this region have many commonalities and cultural homogeneity, so the audience influenced by this homogeneous culture certainly has some common consistency in literary creation and appreciation, such as local operas, which can best explain the regional characteristics of literature and art. Newspaper literature and art propaganda will naturally focus on local literature and art, so Beijing local newspapers focus on "Beijing-style literature and art", Guangdong newspapers focus on "Lingnan culture" and Hubei newspapers focus on "Jingchu culture". Localization is localization. Localization is the inevitable requirement of "three closeness" in newspaper literature and art propaganda, which is close to people’s life and popular with them, and is also the emotional need of local people. The colorful literary and artistic life of the local area has become the protagonist of the newspaper’s literary and artistic propaganda, which can better inspire the people to enhance their national pride as local people and encourage them to participate in the creation and enjoyment of local literature and art. In the process of global integration, how to maintain cultural diversity is something that newspapers must think about in their literary and artistic propaganda. It is the unshirkable responsibility of newspapers to publicize local literature and art, and it is also to maintain the colorful diversity of Chinese culture. The coexistence of openness and regionality in literary and artistic propaganda is actually the blending of culture itself and the publicity of cultural individuality. This is not the melting of one culture into another, which leads to the disappearance of one culture or another, or weakens the local culture; On the contrary, it is in this blending that the local culture is more robust and vibrant by absorbing the beneficial contents of foreign cultures. The development of China culture fully proves this point. In the process of absorbing foreign cultures, China culture has not been replaced by foreign cultures, but has become deeply rooted and created a new and more dynamic China culture. The most fundamental purpose of newspaper literature and art propaganda is also here. Third, innovation has become the basic pursuit of literary reports. The law of history shows that any period of active cultural innovation must be a period of great cultural development and economic and social prosperity, while China’s backwardness in history is a period of closed mind and stagnant innovation. With the deepening of reform, opening up and modernization, innovation is the most real and profound driving force for cultural development in the process of establishing a socialist market economic system. In the report of the 16th National Congress of the Communist Party of China, Comrade Jiang Zemin once again emphasized cultural innovation, pointing out that we must focus on the forefront of world scientific and cultural development, actively carry out cultural innovation, and constantly enhance the attraction and appeal of Socialism with Chinese characteristics culture. Therefore, it is not surprising that innovation is the focus of attention and performance in newspaper literary propaganda in the new period. Generally speaking, although there are differences in expression techniques, language forms and styles, newspapers always capture, speculate and guide new concepts and phenomena in the development of cultural undertakings and cultural industries with a keen sense of smell. Concept innovation. In the past, we only paid attention to the ideological attribute of culture, but we didn’t know enough about the industrial attribute of business culture, which became the main ideological obstacle to the development of culture. Now, this traditional concept is being broken through, giving literary reports a different perspective from the past. Institutional innovation. In order to connect with the socialist market economy system and meet the opportunities and challenges after China’s entry into WTO, it has become an urgent task for cultural development to reform the management system and innovate the operating mechanism. How to straighten out the relationship between the government and cultural units? How do public cultural units realize the transformation from "nurturing people" to "nurturing things"? How do business cultural units cultivate market subjects, face the market and enhance their vitality? At present, the wave of cultural system reform is overwhelming, affecting all fields of culture and producing a series of new things and phenomena, which have become fresh materials for literary and artistic reports. Innovation in content, form and means. With the increasing level of material life and spiritual and cultural life in today’s society, the types of culture and art have greatly increased, showing a new look of vigorous development. At the same time, the combination of cultural development and scientific and technological progress has sprouted new vitality. For example, high-tech industries such as direct broadcast satellite, terrestrial digital TV, high-definition TV and streaming media appear in the radio, film and television industry; The digitalization and networking of editing, publishing, printing and distribution of modern publishing industry have changed the traditional format, and so on. Innovation has become an inexhaustible "news treasure house" for newspaper literature and art propaganda. Fourth, the entertainment characteristics of literary reports Entertainment tendency is another distinctive feature of current literary reports. This trend even gradually spread from citizen newspapers to the mainstream media which used to be famous for its authority and seriousness. The performance of entertainment tendency is that many newspapers have increased the coverage ratio of interesting stories, daily events and even "lace news" of celebrities in the literary and art circles; In the layout, let the masters of Chinese studies, literary giants or famous artists and Hollywood, Hong Kong and Taiwan stars complement each other; Try to "soften" serious news from the reporting form and performance skills, such as emphasizing story and plot, and strengthening the emotional or suspenseful factors of news events. On the one hand, the entertainment of literary reports is due to the increasingly obvious entertainment characteristics of literary activities themselves; On the other hand, literary and art newspapers are also in it. This tendency has its positive side. To some extent, it helps to highlight the different characteristics of literary and artistic reports from other reports, and is closer to life and the masses. The richness of culture and art itself makes the coverage of literary reports very deep and wide, and it is rich in knowledge, interest and aesthetics, which can not only meet readers’ demand for information, but also bring them different levels of aesthetic enjoyment. Moderately entertaining news reports, adding human factors, can narrow the distance with the audience and better play a subtle role. The tendency of entertainment sometimes reflects a humanistic concern for life. In the past, some literary reports were mainly ideological and educational, but now they pay more attention to the aesthetic needs of audiences at different levels, and report literary figures, literary events and literary phenomena from the perspective of fun and entertainment. For example, many times in newspapers, the image of celebrities is no longer high and out of reach, but extends the brush strokes to their inner world and emotional life, showing full and true three-dimensional characters. In the past, archaeological reports on cultural relics were very professional, and now they are becoming popular and interesting, satisfying the curiosity of citizens and their desire to explore human history and culture. This entertainment tendency of literary reports reduces the functions of literature and art in cultivating sentiment and purifying the soul, and dilutes the style difference between elegant literature and popular literature. At present, some citizen newspapers are not interested in regular and healthy literary news, but when they encounter the gossip or privacy of stars, they will make full use of it, which will cause "idolize fever" among readers intentionally or unintentionally, and even the wind of money worship and hedonism. Some newspapers have generously provided pages for promoting western culture, but they are indifferent to excellent national culture and art, making literary and artistic reports unconsciously become promoters and advocates of western values, lifestyles and behaviors. If you blindly cater to the tastes of some audiences, it will not only lead to low-level tastes, kitsch and other phenomena from time to time, but also may lead to exaggeration, news distortion and other consequences. In order to prevent these bad signs, newspaper literature and art reports should always adhere to the correct propaganda orientation, not only achieve "three closeness", but also express the literature and art news loved by the people in a vivid, flexible and interesting form, and also be popular but not vulgar, and actively guide the audience to establish a healthy and correct aesthetic taste while meeting their entertainment needs. The present situation of literary supplement Supplement is an important position for newspaper literature and art propaganda. The supplement of China newspaper has a history of more than 100 years. As a unique variety of China newspapers, the supplement shows its strong vitality. Looking back on the history of supplements for more than 100 years, from the publication of Zilin Shanghai Newspaper Leisure Newspaper in 1897 to the end of the Cultural Revolution, the contents of newspaper supplements have naturally changed with the changes of the times, but only in its form, but there has not been much change. In the next twenty years, the content and form of newspaper supplements have changed greatly, so that the definition of "supplement" has been debated at almost every academic seminar of supplement. The various supplements appearing in more than 5,000 kinds of newspapers are far from being summarized by our traditional concept of supplements. Aside from the debate on concepts, we can see a basic phenomenon, that is, no matter how its content and form change, supplements still occupy a place in every newspaper. In this sense, the great changes in supplements after the Cultural Revolution are a subject worthy of study. First, the literary supplement is an indispensable part of the newspaper’s literary propaganda. The original supplements can be said to be literary supplements, because the supplements at that time were places where literati spread chess, piano, calligraphy and painting. The literary supplement mentioned today refers to supplements related to literature and culture, which is different from other supplements and special issues in newspapers, such as theoretical weekly and automobile weekly. Literary supplement is not only the ancestor of supplement, but also the authenticity of supplement. Even when it comes to supplements, people often think of literary supplements. In the History of China Literature and Art Supplement, Feng He said: "The unique social function of the supplement is indeed its enduring internal driving force. Without this driving force, even if there is a bud, it will not grow fast, or at most it will become a real tail. " So what is the "unique social function" of the supplement now? This is the inheritance of advanced culture. From another point of view, the spread of advanced culture needs the unique role of literary supplements. Supplement is relative to the main issue, but generally speaking, the two complement each other, promote each other and are two wings of each other, which can be described as a perfect combination of pearls and milk. Even from the perspective of news dissemination, although the supplement seldom undertakes the task of "reporting the recent facts", it can continue the news facts, expand the news content, deepen the news connotation and analyze the news background through in-depth features, scanning, perspective, comments and other forms, which are difficult for the news edition to bear and carry. In addition, the newspaper supplement has the unique quality of keeping pace with the times, colorful regional characteristics, rich knowledge, thoughtful service, rich artistry, healthy entertainment and elegant interest, which condenses into the attraction and appeal of "moistening things quietly". In particular, the newspaper supplement follows the principle of "close to reality, close to the masses and close to life", permeates social life extensively, participates in, evaluates and guides social hot spots and difficulties in time, and pays close attention to the people’s food, clothing, housing, transportation and even "rice, oil, salt, vinegar, tea, calligraphy, piano, chess and poetry" and the emotional world, which has created her advantages of being able to read, read, endure and read. The competition of newspapers is becoming more and more fierce, but the information is becoming more and more transparent and convenient to spread, which makes it more and more difficult to report new literary news information, and most of them are similar; The characteristics of literary supplement determine that it has a vast world of innovation. The phenomenon that the supplements of more than 5,000 newspapers in China are similar to each other is rare. Every newspaper strives to create the originality of supplements, making it an important means to create the uniqueness of newspapers. Well-known supplements such as Dadi and International Supplement of People’s Daily, Pen Club of Wen Wei Po and Flower Land of Yangcheng Evening News have all become important "identification codes" of their parent newspapers. Second, the characteristics of newspaper literary supplements in the new period 1. Super-stable "Boss Newspaper" supplement. Since the Yan ‘an period, communist party has successively created a number of newspapers, which have gradually grown and matured, and built a contemporary news pattern in China. So far, they are the mainstream newspapers in China. The supplements developed by these "old newspapers" have been familiar to readers for decades. The supplement of "Boss Newspaper" can be divided into two levels. The first level is the supplement of old national newspapers, such as The Earth and International Supplement of People’s Daily, Night Cup of Xinmin Evening News, Pen Club of Wen Wei Po, Flower Land of Yangcheng Evening News and Liberation Daily. These supplements have the highest quality and the greatest influence. The mother newspapers of many supplements are regional, but their supplements are national in terms of their readers and authors. The second level is the supplements of the organ newspapers of provincial and municipal party committees, such as Donghu in Hubei Daily, Jianghua in Changjiang Daily, Huashan in Guangxi Daily, Yalu River in Liaoning Daily, etc. These supplements all have high standards, local characteristics and great regional influence. Of course, after the Cultural Revolution, the contents of the supplements of these long-standing newspapers have changed greatly, but in terms of their forms, they have all maintained a strong stability. The main reasons are: a, the forms of these supplements are quite mature; B, they all put the quality and layout content of the article in the most important position; C, this is also due to the need to keep consistent with the style of the journal. Most importantly, because these supplements have become a part of the uniqueness of their parent newspaper, they can’t change easily. 2. The supplement of "New Newspaper" seeking novelty and novelty. More than 20 years of reform and opening up have witnessed the rapid development of journalism in China, which has produced a large number of new newspapers, among which a few have emerged as major newspapers with national influence. Such as Beijing Youth Daily, Southern Weekend, Southern Metropolis Daily and Chutian Metropolis Daily. The supplements of these "new newspapers" have also played an important role in their success. They have changed greatly from content to form with traditional supplements. The common feature of these "new newspapers" supplements is that they constantly stimulate readers’ reading interest in new forms. Beijing Youth Daily adjusts the layout of its supplement almost every year. At present, there are 16 literary supplements in the newspaper, such as Very Feeling, People Online, Urban Tribe, Green Life, Viewpoint Square, People Detective, and so on. Just the name of its publication gives people a refreshing feeling. The supplement of Southern Weekend appeared in the form of a column, which was obviously influenced by Taiwan, Hong Kong and overseas newspapers. Shen Hongfei opened a column in Southern Weekend for several years, which earned him a lot of popularity. 3. Closeness and readability are enhanced. Whether it is the "old newspaper" or the "new newspaper", there is a common development thread, that is, the closeness and readability of the supplement are constantly increasing. "Fake big sky" has hardly appeared in the supplement, and the emotion and life of ordinary people have become the protagonist of the supplement. Many essays face social life directly, expose darkness, and dispel doubts, which are well received by readers. On the other hand, some negative things have appeared in the literary supplement of newspapers. Some supplements hype vulgar lace news such as "privacy" and "gossip" in pursuit of selling points, and the style is not high; Some unilaterally pursue entertainment and ignore artistry; Some supplements blindly expand the edition, which is full of water and lacks famous brand columns and masterpieces. Third, the reasons for the decline of literary supplements It is worth noting that literary supplements have been declining in recent twenty years. The decline of literary supplements has become a hot topic in many academic seminars of supplements. Feng He pointedly said in the History of China Literary Supplement: "At present, some newspapers’ cut off’ or’ crowded out’ comprehensive literary periodicals and literary supplements, which is not desirable, and it is also an abandonment of the progressive supplement tradition since the May 4th Movement." This decline has three manifestations: first, the "territory" of many literary supplements, especially literary supplements, has decreased; Second, compared with the continuous expansion of the news edition and various special editions in recent years, the status of literary supplements in newspapers has shown a downward trend, and the "literary spirit" of newspapers is weakening; Third, the readers and authors of literary supplements are shrinking and aging. The reason for the decline of literary supplements, we must first see that this is not an isolated phenomenon, but a social phenomenon. Before the reform and opening up, the social status of literature was once raised to an inappropriate height. We attach too much importance to the social value of writers and literary works, and literary publications are often distributed in hundreds of thousands and millions. A work with personality will attract social discussion. After the reform and opening up, with the establishment of "one center" centered on economy, people’s lives gradually diversified and the status of literature began to decline. This decline, we can understand it as a rational regression. The decline of literary supplement is the product and part of this "rational return". It is normal that newspapers should also focus on economic work and naturally increase the layout and weight of the economy. The development of science and technology leads to the development of information. In the past, newspapers were the absolute first media, and the number of newspapers was relatively small. Its great social influence made newspapers the first choice for the first-class cultural people in China to publish their works. With the introduction of television into thousands of households and the rapid rise of the Internet, cultural people have more "choices of expression". This has led to the diversion of writers and readers of newspaper literary supplements, which has had a negative impact on the influence of the newspaper. In this sense, the decline of literary supplements is a manifestation of social progress, and it can even be said that this decline is almost irreversible. For literary supplements, there is no need to lament this decline. What we should see more is that as long as the paper media exists, the supplement will have its place, because the society will always need literature and art. The key is to cultivate this limited garden carefully and make it blossom brilliantly. This "meticulous farming" method should be: individuality, innovation and high quality. Problems and Countermeasures in Current Newspaper Literary Propaganda Every period of newspaper literature and art propaganda has its own characteristics and problems. An objective analysis of the main problems and their causes in the current literary propaganda and an active search for countermeasures to solve the problems will enable us to continue to better grasp the orientation of literary propaganda in the future, represent the direction of advanced culture, and make national scientific popular culture the main theme of newspaper literary propaganda. First, the main problems The unprecedented active cultural ecology brought by the open cultural environment. Faced with such an ecological environment, some of our literary and artistic reports are biased, that is, the weakening of national literary and artistic propaganda reports. Under the label of so-called "cultural integration", they worship the western culture, especially American culture, and lack due vigilance against American cultural hegemonism. In the open literary propaganda, all American cultures seem to represent the world literary trend, and there are few reports on other cultural forms. Under the background of globalization, we must maintain cultural diversity, especially strengthen the propaganda of our excellent culture. This is closely linked to maintaining national independence. The basic feature of culture is nationality, which is the cornerstone of this nation’s foothold in the world’s national forest. National culture is the symbol of national existence. When any culture loses its "nationality", it will cease to exist as an independent culture. Vulgarization tendency is another problem of current literary propaganda. Murdoch said that if the style of the newspaper was lower, the number of readers would be larger. The media going to the market regard the audience as consumers, even as God, and strive to satisfy them. What’s more, in order to attract readers, some newspapers’ entertainment news do not hesitate to violate professional ethics, catch shadows, hearsay and deliberately create false news, which greatly damages the credibility of the media and causes bad social impact. In fact, these media have misjudged the aesthetic taste of the audience, and the masses are extremely disgusted with this vulgar and even vulgar entertainment news. In fact, in today’s increasingly prosperous literary and artistic undertakings, there are a large number of literary and artistic news that can be reported and worthy of great efforts to track and study, and literary and artistic news can also be organically combined with interest and thought. This will be of great benefit to guide the healthy development of literature and art and to enhance the people’s artistic appreciation ability and aesthetic taste. Second, enhance the self-confidence of national culture The Chinese nation has always been full of cultural self-confidence, although our cultural self-confidence has been worn away in the storms of history. Without cultural self-confidence, there will be no consciousness of cultivating national spirit. The national spirit is the national self-consciousness, which is a lasting fundamental spirit that maintains national unity and survival and runs through the long history of national development. It is an inherent and continuous historical tradition in national culture and a spiritual force that promotes national prosperity and continuous progress. Fundamentally speaking, the national spirit is the national humanistic spirit and cultural spirit. Culture is pervasive, and dripping water wears away stones. People’s thoughts, hearts, consciousness and spirit are always occupied by a certain culture. The only difference lies in what kind of culture this culture is and to whom it belongs. In the international environment where various thoughts and cultures are stirring each other, once the national culture is weakened, other cultures will take advantage of it. We need to strengthen the self-confidence of national culture in newspaper literature and art propaganda. On the one hand, our national spirit and socialist ideology are being seriously challenged. On the other hand, we must take corresponding cultural security and cultural protection measures in the face of the infiltration of western culture. This is the need to adhere to the direction of China’s advanced culture, to carry forward and cultivate the national spirit, to compete for comprehensive national strength on a global scale, and to build a well-off society in an all-round way and realize socialist modernization. Only by strengthening the self-confidence of national culture can we keep Chinese culture awake in the process of communication and blending with foreign cultures and make it work for us, so that Chinese culture can constantly gain new motivation in the communication and blending of different cultures, thus making the cultures of all ethnic groups colorful and full of vitality, showing more distinctive cultural diversity and making new contributions to world civilization. Third, improve the means of literary and artistic propaganda Literature and art is an aesthetic grasp of objective life, and life is the only source of literature and art. The richness of objective life determines the diversity of literature and art itself. On the other hand, from the perspective of audience studies, our propaganda objects are very different in terms of cultural level, life experience, hobbies and appreciation ability, which objectively requires our newspaper’s literary and artistic propaganda to be diversified in terms of subject matter, variety and form, or style and mood. Therefore, our literature and art propaganda and reporting should be full of flowers and colorful. But on the other hand, we must have a main theme and a through line in grasping. The main theme requires that all our propaganda content should reflect the national spirit and the times. Without the diversity of the main theme, the whole literary propaganda will become chaotic and even deviate from the correct political direction. The main theme of literary and artistic propaganda is not to limit the scope of material selection for literary and artistic propaganda and reporting, nor to cancel the appreciation and entertainment of literary and artistic propaganda and reporting, and to make all programs a "high-profile door". Theme and diversity are not mutually exclusive and diametrically opposed, but complement each other. Literary news should pay attention to current affairs reporting, reflect news, broaden the field of literary reporting, comprehensively, fairly, objectively and accurately report the overall dynamics of literary and cultural circles, so that the audience can get relevant information in time; With a brand-new concept and unique perspective, we pay attention to and analyze the events and phenomena in the literary and cultural circles, and guide the audience to correctly understand and understand. One problem that can’t be ignored in literary news is entertainment. Entertainment is not vulgarization, but includes four factors: suspense, humor, passion and surprise. What we have suffered once is that we pursue elitism too much and ignore the needs of the public. If the most popular readers are blocked from our reports, then our reports and even newspapers will be blocked by readers. On the premise of grasping the main theme, we must attach importance to enriching people’s spiritual life and satisfying people’s requirements for enjoying entertainment. We must advocate healthy and progressive cultural entertainment and noble artistic taste, and we must never simply talk about entertainment and ignore ideology and tendency. For foreign countries, The literary and artistic programs of Hong Kong and Taiwan must not be blindly praised, not only for their artistry and freshness, but also for their selection according to the principle of putting social effects first. Give necessary guidance and inspiration to the appreciation and entertainment of the masses. Fourth, improve the quality of the literary and art propaganda team Our news propaganda includes literary and artistic propaganda, which conveys the voice of the party and the government, reflects the will and demands of the people and represents the fundamental interests of the people. It is the responsibility of every journalist to publicize scientific theory, spread advanced culture, shape a beautiful mind, advocate scientific spirit and promote social integrity in our reports. Hold high the great banner of Deng Xiaoping Theory, thoroughly publicize and implement Theory of Three Represents, firmly and consciously keep in line with the CPC Central Committee with Comrade Hu Jintao as the general secretary, closely focus on economic construction, serve the overall situation of the whole party and the whole country, thoroughly publicize the party’s basic theory, line, program and experience, safeguard the overall situation of stability and unity, inspire and mobilize the whole party and the people of all ethnic groups throughout the country to keep pace with the times, blaze new trails, and create a new situation in the cause of building Socialism with Chinese characteristics with a promising spirit. This is what we should always do in the news propaganda work. News and public opinion work is the work of the future and destiny of the party and the country. The correct orientation of public opinion is the blessing of the party and the people; The wrong direction of public opinion is a disaster for the party and the people. To firmly grasp the correct direction of public opinion, we must implement the principle of unity, stability, encouragement and positive publicity, vigorously reflect the bright, positive and healthy things in social development, and always adhere to the correct guidance of public opinion. Literary and artistic reports should also help and not add chaos. During the period of social transformation, various literary and artistic trends of thought emerge, and it is easy to produce hot spots. Literary and artistic reports should be well guided by hot spots. News focuses on hot spots and hot spots produce effects, which conforms to the inherent law of news propaganda. The problem is how to guide the hot spots correctly. Treat hot spots with political firmness, clear-headed, correct analysis and proper guidance. What should be hot should be hot, what should be stable should be stable, what should be cold should be cooled down, and what should not be hot should not be heated up. Which should be hot, which should be stable and which should be cold should not be determined by whether there is a sensational effect, but should be determined from the overall situation of the work of the party and the government and the fundamental interests of the broad masses of the people, and never from the interests of small groups or personal feelings. The key work of the party and the government and the major reporting tasks deployed in a unified way should be heated up purposefully, forming a strong public opinion and producing propaganda effects; You can’t speculate and render at will. It is necessary to guide incorrect public opinion with correct public opinion and influence non-mainstream media with mainstream media. It is necessary to control the propaganda style. Style and taste are also oriented, indicating what we advocate and what we oppose. High style and high taste can stimulate people’s fighting spirit, inspire people’s spirit and send people beautiful spiritual food; Low style and taste will distract people’s fighting spirit, paralyze people’s spirit and instill ugly and filthy things in people. It is necessary to achieve ideological, artistic and ornamental unity, and to appeal to both refined and popular tastes. In order to dedicate the best spiritual food to readers, journalists must strive to improve their journalism level and pay attention to propaganda art in order to enhance the propaganda effect. In order for correct public opinion to play a guiding role effectively, it is necessary to make news propaganda attractive and appealing. News propaganda can’t force readers to accept it, and it can’t rely on blunt preaching and indoctrination. Instead, it needs vivid facts and flexible forms to attract readers, so as to guide readers and improve their guidance level. The propaganda and reporting of literary news should combine the correct political direction with superb propaganda art. In order to achieve higher publicity art, journalists and editors engaged in literary news propaganda must improve their professional level in the following aspects: to have a solid foundation of journalism, we must make great efforts to lay a solid foundation of journalism. We should seriously study news theory, news knowledge and news editing skills, strive to improve the level of language and writing, practice the basic skills of news business, and master various news genres and means skillfully, so as to continuously improve the news propaganda effect; Have a good knowledge accomplishment. Journalists and editors of newspapers are involved in a wide range of knowledge when collecting and writing reports and editing manuscripts. If they want to cope with them freely, they must have extensive knowledge. Journalists and editors engaged in literary and artistic news reports should have extensive knowledge of politics, economy, history, society, law, culture, science and so on, and constantly learn all kinds of new knowledge to meet the requirements of journalism. At the same time, if journalists and editors have a high level of knowledge, the manuscripts and edited newspapers will be more knowledgeable and readable, which will arouse readers’ interest and meet their needs, thus enhancing the influence of news propaganda and improving the publicity effect; We must have a strong sense of innovation and quality, and dedicate more excellent news works to readers. Journalists and editors of newspapers must have the spirit of continuous innovation and the awareness of producing more quality products, and have new ideas, new ideas, new pursuits and new features in news propaganda, constantly exploring new reporting forms and constantly adopting new reporting methods.It is more important to constantly explore new themes, constantly write innovative works, and engage in literary news reports. It is more important to create new colors in form, and to reflect colorful literature and art with colorful reports; We must have strong news acumen and news discrimination, and work hard to be innovative, profound and lively, so as to make literary and artistic propaganda and reporting closer to life and readers. At the same time, the overall planning, layout design, column setting and other aspects of the newspaper’s literary news also require novelty, and strive to achieve the perfect unity of content and form, so that the newspaper’s literary news propaganda can be more loved by the readers, and consciously accept the correct literary orientation and entertain and educate. Journalists engaged in literary and artistic propaganda must seriously arm their minds with Deng Xiaoping Theory and Theory of Three Represents, constantly improve their ideological and theoretical level and professional accomplishment, be politically strong, professionally competent and have a correct style, constantly devote themselves to study, boldly explore and be brave in innovation, so that literary and artistic news propaganda can play a greater role in promoting the construction of socialist material civilization, political civilization and spiritual civilization. (Author: Jiang Zuosu Yang Gengyun Xiong Jiaojun Liu Shu ‘e Jing Wong Han Xiaoling) (Editor: Xu Changui)
Changes of Newspaper Literary Propaganda in the New Period
Discussion on the law of newspaper literature and art propaganda in the new period
Changan Automobile： The land and house assets of Yubei factory are planned to be expropriated, and the total compensation is estimated to be 2.558 billion yuan.
On the evening of December 17, Chongqing Changan Automobile Co., Ltd. (Changan Automobile, 000625.SZ) announced that due to the need of public interest, according to the relevant provisions of the Regulations on Expropriation and Compensation of Houses on State-owned Land, the Regulations on Expropriation and Compensation of Houses on State-owned Land in Chongqing and the Detailed Rules for the Implementation of the Regulations on Expropriation and Compensation of Houses on State-owned Land in Chongqing, the People’s Government of Yubei District, Chongqing plans to grant compensation to the company’s land and land located at No.579 Konggang Avenue, Yubei District, Changan Automobile intends to sign the Agreement on Expropriation of Houses on State-owned Land in Yubei District of Chongqing with the Housing Construction Committee of Yubei District. It is estimated that the total compensation for this expropriation is RMB 2.558 billion, and the final compensation amount is subject to the expropriation agreement formally signed by both parties. On December 17th, the company held the 33rd meeting of the 9th Board of Directors, deliberated and passed the Proposal on Disposal of Land and House Assets of Yubei Factory and Signing the Expropriation Agreement, and agreed to sign the above agreement with the Housing Construction Committee of Yubei District.
Jinhua Jaguar XEL is being discounted, and the discount is 110,000! The car is sufficient
On the Autohome Jinhua Promotion Channel, this luxury sedan is launching a high-profile promotion. At present, the model is undergoing a significant price reduction in the Jinhua area, with a maximum discount of an astonishing 110,000 yuan. The Jaguar XEL, which was originally sold in the price range from 209,800, now undoubtedly offers consumers a very attractive car purchase opportunity. If you are interested in this model, be sure to seize this opportunity and click "Chatti Car Price" in the quotation form to get more favorable car purchase conditions.
The Jaguar XEL’s elegant and unique design style brings out the outstanding appearance charm. The front face is sharp and powerful, and the iconic Jaguar front air intake grille features a delicate chrome trim, which is connected to the headlight set to create a broad and deep visual effect. The overall body lines are smooth and sporty, blending classic and modern elements to show the style of a modern urban driver. No matter which angle you look at, the XEL is a very recognizable and attractive sedan.
With its elegant body design, the Jaguar XEL presents a streamlined profile. The body size is 4778mm*1850mm*1429mm and the wheelbase is up to 2935mm, ensuring a spacious interior space and a comfortable ride. The front and rear wheels are 1598mm and 1582mm respectively, providing a solid foundation for body stability. The tire size is 225/45 R18, and it is matched with a delicate wheel design, which not only enhances the dynamic appearance, but also guarantees the performance and comfort of the ride.
The interior design of the Jaguar XEL is known for its exquisite and luxurious, using high-end leather materials to bring a comfortable touch to the driver. The steering wheel is wrapped in leather, which not only enhances the driver’s grip, but also supports manual up, down, and front and rear adjustment to adapt to different driving habits. A 10.2-inch high definition touch screen is equipped on the center console, which integrates multimedia system, navigation and phone functions, making it easy and intelligent to operate. USB and Type-C interfaces are reasonably distributed to facilitate passengers to connect to various electronic devices. At the same time, the front row is also equipped with wireless charging function of mobile phones to meet the needs of modern technology. In terms of seats, both the main driver and the co-pilot are made of imitation leather, providing front and rear, backrest, high and low multi-directional adjustment, and are equipped with heating functions to ensure long-term driving comfort.
The Jaguar XEL is powered by a powerful 2.0T turbocharged engine with a maximum power of 184 kilowatts and a maximum torque of 365 Nm, providing 250 horsepower output. This engine, combined with an 8-speed manual transmission, ensures smooth transitions and efficient performance in the car.
Summarizing the owner’s evaluation, the Jaguar XEL won his heart with its unique design charm and dynamic performance. Its domineering body design not only shows the elegant British style, but also caters to the pursuit of fashion and vitality of young consumers. The owner’s appreciation of the body line is undoubtedly a high affirmation of its sports aesthetics. The charm of the Jaguar XEL obviously goes beyond the simple driving experience and has become an indispensable part of the owner’s life, which is deeply loved.
Jaguar XEL is back! A model for family car appeal
If you don’t consider the later cost of the car when you buy it, you will regret it later. For example, today’s performance in this area is worth mentioning. As for the outstanding performance of this car, please take a look at it together.
First of all, from the appearance point of view, the front face design of Jaguar XEL is very personalized. The middle net uses a black mesh shape, which looks more individual and flamboyant. At the same time, the headlights show a fashionable and generous design style, and the shape is very eye-catching. The car is equipped with LED daytime running lights, automatic opening and closing, adaptive far and near light, delayed closing, etc. To the side of the body, the body size of the car is 4778MM*1850MM*1429MM, the car adopts a flamboyant line, and the side gives a very simple and generous feeling. With large-sized thick-walled tires, it leaves a feeling of very domineering and stylish. At the rear of the car, the rear line of the Jaguar XEL is clean, and the tail lights are very individual and flamboyant. The sense of neatness is in front of
Sitting in the car, the interior of the Jaguar XEL looks very domineering and stylish, and the overall design is very clean. The steering wheel of the car is beautifully designed, and it is made of genuine leather, which looks a little more avant-garde. Let’s take a look at the central control. With the 10.25-inch touch LCD central control screen, the interior design is quite layered and in line with the mainstream aesthetic. The dashboard and seats are also eye-catching. The dashboard design is remarkable, and the sports atmosphere is created in place. The car adopts imitation leather seats, equipped with functions such as electric adjustment of the auxiliary seat and electric adjustment of the seat, and the overall comfort is acceptable.
The Jaguar XEL is matched with a manual integrated (AT) gearbox, with a 100-kilometer acceleration time of 7.3s. The power performance is good, and it meets the needs of daily use.
The rear compartment of the Jaguar XEL performs reasonably well, and if some larger objects need to be installed, the rear seats also support proportional reclining, which is sufficient for household use. In addition, the car is equipped with fatigue reminders, anti-lock brakes (ABS), LED daytime running lights, brake assistance (EBA/BAS, etc.), braking force distribution (EBD) main driver airbags, passenger seat airbags, side air curtains, front side airbags and other safety features.
The Jaguar XEL introduced today is not only eye-catching in terms of space, but also has reached the mainstream level in various configurations. The driving experience and space experience are not picky. I believe this car will definitely give you and your family a good experience.
Guangzhou Beijing BJ60 price reduction information, discount 30,000! Quantity is limited
Welcome to Autohome Guangzhou Promotion Channel, bringing you the latest promotions. At present, the high-profile car purchase promotion in Guangzhou market is not small. Buyers have the opportunity to enjoy a cash profit of up to 30,000 yuan, which brings the starting price of this hardcore SUV down to 209,800 yuan. This undoubtedly brings a very attractive car purchase opportunity to consumers in Guangzhou. If you want to take advantage of this offer and quickly lock in your favorite car friends, please click "Check the car price" in the quotation form, let’s explore more possibilities and get the best car purchase conditions together.
The exterior design of Beijing BJ60 shows the hard-nosed off-road style, the front face adopts the family-style design language, the air intake grille adopts a large area of chrome decoration, and cooperates with the square shape to show a powerful visual effect. The overall style is tough and atmospheric, and the lines are firm, highlighting the off-road characteristics of the BJ series models, bringing the driver a confident and respectful driving experience.
The Beijing BJ60 shows off its extraordinary temperament with its exquisite side design. The body size is 5040mm*1955mm*1925mm, the wheelbase reaches 2820mm, showing a spacious interior space and good stability. The front and rear wheels are 1620mm and 1640mm respectively, ensuring balance and stability in driving. The tire size is 265/65 R18, and the dynamic wheel design not only strengthens the body line, but also provides excellent grip and driving performance. Overall, the side lines of the BJ60 are smooth and powerful, showing a perfect blend of modern urban and off-road spirit.
The interior design of the Beijing BJ60 adheres to the concept of both luxury and practicality. In the cockpit, the steering wheel is wrapped in exquisite leather material, providing a comfortable grip while supporting manual up, down and back adjustments to ensure the driver’s driving experience. The 12.8-inch central control screen stands in the center, which not only displays clearly, but also integrates rich multimedia functions, such as automatic speech recognition control system, for easy user operation.
In terms of seats, the main driver’s seat is equipped with a high-grade imitation leather material, which supports front and rear adjustment, backrest adjustment, high and low adjustment (4 directions), leg rest adjustment and waist support (4 directions), providing passengers with excellent riding comfort. In addition, the driver’s seat is also equipped with a power seat memory function, which brings more convenience to daily driving. The front seat also provides additional heating, ventilation and massage functions, fully considering the individual needs of passengers. The passenger seat can also be adjusted in multiple directions, and the waist support function is also powerful, ensuring the comfort of passengers for long-distance driving. The second row of seats supports backrest adjustment, while the rear seat can be proportionally reclined, making space utilization extremely flexible. The overall interior design not only highlights the sense of luxury, but also focuses on practicality, fully meeting the needs of different users.
The Beijing BJ60 is equipped with a 2.0T turbocharged engine with a maximum power of 120 kilowatts and a maximum torque of 400 Nm, and the output is relatively stable. The engine is equipped with 163 horsepower and an 8-speed automatic transmission to provide a smooth driving experience.
Summarizing the owner’s evaluation, the Beijing BJ60 won his favor with its domineering appearance and unique body design. As a model with a strong aura, it not only meets the owner’s needs for personalized expression, but also makes him feel confident in the driving process. Undoubtedly, the BJ60 is an ideal choice for consumers who pursue unique style and strong presence.
Hua Xizi was awarded the ＂Excellent Case of Scientific Research and Innovation＂ by Xinhuanet.
Comments: Domestic brands compete for "high-quality development" and start a long-term promotion competition.
On December 3rd, on the occasion of the 2023 China Entrepreneur Blogging Forum, the second domestic brand innovation conference hosted by Xinhuanet kicked off. At the forum, the "Looking for Treasures and New Domestic Products" and a series of special plans initiated by Xinhuanet invited experts and representatives of certified enterprises to share their experiences and insights on brand innovation.
Among them, Hua Xizi, a domestic beauty brand, emerged as a typical case of high-quality domestic products with scientific research innovation and unique brand culture positioning. Thanks to the innovation of Yuyang series and its R&D system, Hua Xizi was successfully selected as the "Excellent Case of Scientific Research and Innovation" in the "Looking for Treasures and New Domestic Products" and became the only China cosmetics brand that won the prize.
From the development of large single products to the establishment of the research and development system of oriental beauty cosmetics, Hua Xizi is not only deeply cultivating traditional culture, but also constantly carrying out iterative upgrading of research and development, integrating traditional culture with modern technology. Behind this is a differentiated road guided by long-term doctrine and rooted in oriental aesthetics.
Won the Xinhua News Agency award again, and Hua Xizi’s scientific research and innovation achievements were affirmed.
In the last ten years, from foreign brands to the rise of domestic beauty brands, the beauty consumer market has undergone great changes. The wave of new domestic consumption has created more new opportunities for beauty brands, and also brought an assessment of product strength and scientific research strength. For domestic brands, in addition to adhering to the cultural core, it is more important to think about how to achieve high-quality development.
Based on this consideration, since October, the Second Domestic Brand Innovation Conference has taken the lead in launching the "2023 Plan for Searching for Treasures of Domestic Products" and a series of special plans. Xinhuanet has launched a series of special topics by means of case collection and product evaluation, aiming to actively explore treasures of domestic products and empower domestic brands to develop with high potential.
It is understood that since its establishment in 2016, China Entrepreneur Boao Forum has been successfully held for seven consecutive sessions, which has gathered the strength of the government, experts, enterprises, associations and other parties, focused on hot economic topics, and talked about China’s economic development on the principle of cutting-edge pragmatism. It is professional, targeted and constructive, with rich cross-border integration and exchange scenarios, and has attracted the attention of all sectors of society. It is known as the annual ideological and wisdom feast of China business circles.
As a sub-forum, the second domestic brand innovation conference provided a high-quality communication platform for domestic brands. During the implementation of "Looking for Treasures of Chinese Products in 2023", Xinhuanet linked its all-media matrix and launched the "People’s Vote" campaign to explore the light of Chinese products in an all-round way, and selected benchmark and pioneer brands in the field of Chinese products from the dimensions of product sales, social voice, brand reputation, R&D ability, marketing innovation and industry contribution.
Finally, according to the six dimensions of scientific research and innovation, green manufacturing, creative marketing, annual cutting-edge, sailing out to sea and commercial goodness, the high-quality domestic brands that meet the corresponding standards are selected.
Judging from the selection mechanism, multi-dimensional and all-round comparative screening tests not only the product strength and innovation, but also the value created by the brand in the industry. It is even more difficult to stand out from hundreds of China brands, which is enough to show the weight of the award.
Hua Xizi became the only brand in the beauty industry to be selected as an "excellent case of scientific research and innovation" in this selection activity of "Looking for Treasures in China in 2023". Different from other brands that focus on oriental beauty cosmetics, Hua Xizi has opened up a new path by herself and created a differentiated brand positioning from the perspective of "Oriental beauty cosmetics research and development system". In addition, the development logic of Huaxi Zi Yuyang series products and its oriental beauty makeup research and development system have also been highly recognized by the government, enterprises, experts and other parties.
TOP-level scientific research investment, the research and development system of Huaxi Oriental Beauty Cosmetics has been "effective"
"If consumers tried products with an open attitude a few years ago, now everyone will be more cautious in the process of choosing products."
With the trend of consumption degradation, the beauty market began to show obvious polarization, and the high-end market and the low-end market went their own way, and the determinants of consumer behavior became more complicated — — Public demand gradually extends from a single function to aesthetic, emotional, social and other values.
For example, the main tone of Oriental make-up puts forward multiple requirements: it should not only meet the needs of Asian users, but also have distinctive China characteristics. However, due to the far-reaching influence of the western make-up system on China’s make-up industry, the standards, rules and systems of China’s make-up industry have always been deeply branded with western make-up.
In order to meet the multi-level needs of users, domestic brands must invest a lot of scientific research as soon as possible to explore and build a brand-new brand R&D system.
1. Initiate the research and development system of Oriental Beauty Cosmetics.
In fact, since last year, Hua Xizi announced that he would invest more than 1 billion yuan in the next five years to build a comprehensive and technologically advanced research and development system for oriental beauty cosmetics. Nowadays, through the continuous layout in the fields of product innovation, basic research and applied basic research, the research and development system of oriental beauty cosmetics initiated by Hua Xizi has achieved initial results.
It is reported that the research and development system of oriental beauty cosmetics advocated by Hua Xizi is not a point-like exploration of combining oriental characteristics in formula or raw materials, but includes a whole system of research on the skin color of oriental skin, theoretical system of traditional Chinese medicine, research on oriental raw materials, research on oriental formula, research on oriental technical system, research on oriental color system, oriental materials, oriental crafts and modern applications, so as to realize the inheritance and innovation of China’s excellent traditional culture.
Based on the consideration of building the research and development system of oriental beauty cosmetics, the parent company of Huaxi Zi, Yige Group, has established five research and development modules, including consumer research center, cosmetics science and technology innovation center, human skin and bioelectronics research center, industrial design and CMF research and development center, and oriental aesthetics and space innovation center. Through strong R&D resources integration ability, Hua Xizi is also constantly consolidating the R&D system of Oriental Beauty Cosmetics, and has made remarkable achievements in many innovative fields.
Looking back at Hua Xizi’s performance this year, with excellent product strength and innovative strength, Hua Xizi has won authoritative awards and honors many times, which is enough to show his excellent product strength and value creation ability.
On May 9th, under the guidance of Xinhua News Agency, the first China Brand Global Communication Conference hosted by Xinhua News Agency Brand Studio, Xinhua News Agency News Center and Xinhua News Agency Shanghai Branch was held in Shanghai, and the Research Report on China Brand Global Communication Power (2023) was released at the same time. Simultaneously with this report, there is also a list of "Global Communication Power of China Brands". Among them, Huaxizi, as the only beauty brand, was included in the list of "TOP10 Global Communication Power of China Brands" together with Maotai, Alibaba, Huawei and China Architecture.
In November this year, the final list of the 2023 VOGUE Beauty Awards was officially released, and Huaxizi brand won the color research and development award with the help of Little Daisha lip yarn-Mulan yarn, and made a great contribution on the international stage with "China color".
In the same month, another heavy award in the industry — — The award of "2022 China Cosmetic Industry Brand (Lip Product Category)" selected by China Flavor and Fragrance Cosmetic Industry Association was also awarded to Hua Xizi, which affirmed her product strength, scientific and technological strength and brand influence. Having won numerous awards from industry authorities, Hua Xizi has always been leading the industry and constantly creating new values.
2. Expand the matrix of sensitive muscle makeup products, and forge a good reputation for the jade series.
In the "Looking for Treasures of Chinese Products in 2023", as the main case of scientific research and innovation, Huaxi Zi Yuyang series fully shows the whole link process of the brand from basic research, raw material innovation to integration into oriental beauty makeup culture, and finally transforms its product strength into product reputation.
According to reports, on March 8 this year, Hua Xizi explained the new product value it provided to users — — "Sensitive muscles apply".
From air honey powder and silk honey powder cake to air cushion, makeup liquid foundation and makeup spray, Yuyang series, as the trump card product line of Hua Xizi, firmly adheres to the category development route of makeup demand of users with sensitive muscles and gradually expands the product matrix of "makeup suitable for sensitive muscles".
Thanks to the strong innovation ability of single products, the sales volume of Huaxizi Yuyang series products has always remained stable in the "upper circle" of the industry.
According to statistics, as of November 11th, in Tmall’s beauty sub-category list, Huaxizi air honey powder is not only ranked as TOP1 in Tmall’s hot-selling list/repurchase list/praise list, but also as TOP1 in double 11’s hot-selling list under this category, with more than 112,000 people repurchased each year.
According to the recent list data of Tik Tok Mall, a number of items of Huaxi Zi Yuyang series continue to rank first in the sub-categories. For example, air honey powder is listed on the explosion list TOP2 of non-makeup loose powder, Huaxi Zi Yuyang air cushion liquid foundation is listed on the explosion list TOP1 of makeup air cushion, and Huaxi Zi purple honey powder Yuyang fixed makeup loose powder is listed on the brand light loose powder explosion list TOP1… …
Behind Yuyang series products is Hua Xizi’s exploration and polishing of the research and development and innovation of "China characteristics" cosmetics, which is also the initial achievement of Oriental beauty cosmetics research and development system.
From "quantity" to "quality", research and development needs to slow down.
Li Huiliang, chief scientist of Yige Group, has publicly stated that there is no curve overtaking in cosmetics research and development. The overall level of cosmetics enterprises in China is 15-20 years behind the advanced level in the world, whether in hardware, software or formula research.
In order to realize the transformation from maintaining business to building brand barriers, it is the only way to improve the sense of technology and innovation of products, and it is also the biggest dividend for a long time to come. However, from an innovative point of view, most domestic brands can only keep up with the trend, but can’t really lead the trend. They have "explosive thinking" but it is always difficult to appear classic items that cross the life cycle.
Since Huaxizi was founded in 2017, it has grown into a TOP brand of domestic cosmetics in the past five years. With the brand image of Oriental Beauty Cosmetics, it has been deeply rooted in people’s hearts, and has moved from China to a global layout.
This is inseparable from the long-term adherence of Huaxizi to the product development concept of "slow research and development, fast iteration". According to reports, the average development cycle of Huaxi products is 1 year and 9 months. From the multi-dimensions of formula, raw materials, use experience, user’s touch and weight, Hua Xizi prolongs the product life cycle by polishing the product details.
For example, in the R&D layout, Hua Xizi deeply cultivated innovative patented technologies and raw materials, and took the lead in occupying the leading position in the domestic makeup track.
According to the data of Sky Eye Survey, as of December 5, 2023, Yige Group had 188 patents, including 62 invention patents and 26 utility model patents. The total number of patents and the number of invention patents rank first among the local enterprises dominated by cosmetics brands.
It is reported that at this stage, Hua Xizi is combining ancient wisdom with modern science and technology to carry out basic research and applied basic research on China’s characteristic plants and mineral raw materials.
In addition to "nephrite powder", the parent company of Huaxi Zi, Yige Group, adheres to the basic pursuit of safety, gentleness and effectiveness, and also has a number of research results in plant extracts, research on the formula of effective products aimed at the skin color of China users, etc.
As "Oriental Beauty Makeup", "China Makeup" and "Chinese Aesthetics" gradually become synonymous with uniqueness and individuality, or even become the most important cultural support behind the beauty brand, or lack of sufficient cultural precipitation, in-depth excavation of "Chinese Aesthetics", or excessively stick to brand marketing, ignoring the integration of brand culture and modern scientific research, it will mean the loss of cultural support, and finally become a "general talk" marketing story.
From Hua Xizi’s series of R&D actions, we can see that new product development or raw material innovation is not in a hurry, and only by "slow pace" through the product cycle can we achieve a long-term leap.
Born in the era of awakening, new domestic brands have been endowed with extraordinary significance and high expectations by consumers because of their advantages such as admiration, technology assistance and traffic crowding.
For Hua Xizi, the lever of Oriental beauty makeup research and development system is used to incite greater growth; The promotion of product strength with traditional cultural heritage has been deeply integrated into brand genes. On the young track of Oriental make-up, they have long realized that grasping the trend of new technology is the best way for later brands to surpass the first-time brands.
It can be said that the competition of new domestic brands is a marathon only belonging to the long-term, and Hua Xizi is on the road of continuous acceleration.
Luoma county magistrate wrote three novels in prison, saying that being an official is walking a tightrope.
Core Tip: The former county magistrate of Queshan County, Henan Province was sentenced to 11 years in prison for accepting bribes in 2004. In four years, he wrote three novels and became a writer, once again entering the public eye. When talking about his works, he said that the officialdom in the novel had his shadow when he was in politics; Looking back on his political career, he replied that being an official is like walking a tightrope.
Li Jianhua turned his back on the reporter
On the afternoon of November 20th, Li Jianhua, 48, dressed in prison uniform, appeared to Zhengzhou Customs police who received warning education in the heavily guarded No.1 prison in Henan Province. On the podium, his speech was as cadence as four or five years ago, but he raised his hand and wiped his tears when he said, "How many 11 years can a life have?"
These days, it took more than four years to write three novels and the news that the county magistrate of Luoma became a writer, which made Li Jianhua "walk" out of the high wall and re-enter the public eye. He was sentenced to 11 years in prison for accepting bribes in 2004, and he was the former county magistrate of Queshan County.
In this prison where felons are held, Li Jianhua is deeply rethinking through writing and writing after working and studying.
The reporter conducted an exclusive interview with Li Jianhua based on his works.
The prison leaders are very supportive of writing in their spare time.
Reporter: What are the contents of the three novels you published?
Li Jianhua: The Liberator describes the life experience of an old Red Army from the revolutionary civil war, War of Resistance against Japanese Aggression and the War of Liberation to the founding of New China and its reform and opening up. Mr. Li Weichang, a book reviewer, said that this novel, which spans 65 years, is "a history book for the liberators of China". "Characteristics of China" is about rural reform. "Warm Home" pays attention to AIDS, and the editor wrote on the cover that "China’s first novel describing the first village of AIDS".
Reporter: Did you start writing after you came to prison?
Li Jianhua: It should be said that it was mainly finalized in prison. From May to September, 2004, I was detained in Runan Detention Center, when I was in the stage of investigation and interrogation. I had nothing to do all day, so I began to conceive The Liberator. The story of "The Liberator" was told by my father and his old leaders and comrades-in-arms when I was a child, and it has always been in my mind. The three novels are written in a cross.
Before the Army Day in 2007, when The Liberator was published, I had already sent The Features of China to the publishing house. When I was reviewing the manuscript of "China Features", I started to write "Warm Home". The publication of China Features was originally scheduled for May last year, but it was postponed for some reason. In October this year, the two novels were published simultaneously.
Reporter: Do you need to take part in labor?
Li Jianhua: You don’t have to work in the detention center. You can write all day. In prison, like everyone else, I have to take part in labor, study and education, sewing balls and installing lighters. I spend the rest of my free time or rest and entertainment time writing.
Reporter: What is the biggest difficulty for you to write a book in prison?
Li Jianhua: At the beginning of writing, there was no information, only some newspapers; There’s no complete time, it’s just a blind alley.
Reporter: What’s the situation now?
Li Jianhua: The leaders of the No.1 prison in Henan Province know that after I write a book, they will provide me with the conditions as much as possible. I also subscribed to several newspapers at my own expense. Newspapers mainly play an enlightening role, and some things in them can also be integrated into books.
In the detention center, I lie prone on the bed board or write with my knees on the manuscript paper. Six months after I came to prison, my second draft of Liberator was completed. The prison let me use the computer in the classroom, so I can write directly on the computer.
Sometimes I don’t want to write, and the prison leader, the warden and the police who manage me will encourage me to write. They said that this is to win glory for parents and relatives, and also to hand in a satisfactory answer for their own transformation.
The officialdom in the novel has the shadow of my time in politics.
Reporter: How did you think of writing "Warm Home"?
Li Jianhua: One day, instructor Chen showed me a newspaper with an article about AIDS. I worked as a deputy county magistrate in Shangcai County and Xincai County, and Wenlou Village was also a village I had contracted. After I read it, my thoughts were touched and I felt very guilty, and I began to conceive "Warm Home".
Another reason is that a writer wrote a book about AIDS, and the people in it were miserable and helpless, as if the government had never done anything. I wrote "Warm Home" to correct this statement and write about the care of the government and society for AIDS patients.
The protagonist in the book once served as the secretary of the county party committee in Cai Zhou, and was transferred from Cai Zhou when the AIDS problem was exposed. After retirement, he went deep into aids village to help the farmers in the village to cure diseases and produce, and build a warm home. Finally, even his wife, who had always opposed him to do so, was moved to join the help.
Reporter: All three novels involve leading cadres, especially "China Features" shows the officialdom of a county. How does your experience make your writing about officialdom different from other writers?
Li Jianhua: Both have limitations. Even if you have experience in officialdom, there are limitations. Some writers who write about officialdom have never been cadres in the county, and there are more fictional elements. I have read a book in which the retired party secretary became the boss of the underworld and hired a murderer. In fact, this is unlikely to happen in reality. The most fundamental thing in officialdom is the problem of thinking, inaction and chaos.
I graduated from high school at the age of 16 and went to the countryside as an intellectual youth. At the end of 1977, he participated in the first college entrance examination after the "Cultural Revolution", entered the political and historical professional class, and then was admitted to the graduate school. At the age of 32, he became a deputy county-level cadre, and at the age of 39, he was promoted to a county-level cadre. What he wrote was definitely different from them and more real.
There is a struggle between old and new ideas, between officials and doers in "China Features". Guests, gifts, running projects, the relationship between the county party Committee, the county government and the two houses, are all in the book.
Reporter: The county magistrate Wang in the novel is a doer. He is a county magistrate, and you have been a county magistrate …
Li Jianhua: that’s not me. I can only say that there is a little shadow of me. The characters in the novel are typical, but they can’t sit in the right place in reality because there are many creative elements in it.
Reporter: Is the county magistrate in the novel like what is written in some works? Whoever gives him a gift, he throws it out the door? Are you like this?
Li Jianhua: That county magistrate is quite strict with himself and will not be so ruthless, but everyone has his own bottom line. I just want to create the image of a grassroots county magistrate through literary works. As for me, I’m far from it, and I have many lessons to learn.
(Reporter’s Note: In 2004, the Zhumadian Intermediate People’s Court found that Li Jianhua had received a total of 500,000 yuan in kickbacks from the contractor five times during his tenure as director of Zhumadian Commerce and Trade Bureau from April 2000 to May 2001. )
Look at yourself, besides being an official, what else can you do?
Reporter: Did you ever think that you would write a book one day?
Li Jianhua: I had a writer’s dream when I was a student. Later, I was addicted to officialdom and put it on hold.
Reporter: I heard from the prison leader that your book is going to be made into a TV series?
Li Jianhua: After The Liberator was published, seven film and television companies competed to shoot it. When Changjiang Literature and Art Publishing House rushed to publish this book, it was because its story frame was good and it could be used for TV series in the future. But there are many big war scenes in it, and the film and television company estimates that it can’t do without an investment of 60 million yuan, and has been hesitating.
Beijing Bobang Film and Television Culture Company is going to shoot my "Warm Home". I revised the script and their boss just took it away.
Reporter: How much royalties do you get for publishing books?
Li Jianhua: The royalty is about 15%. According to the number of prints, there is not much money. Adapted into a TV series, shooting an episode can get about 20 thousand yuan. In fact, what I value is not money, but honor. Honor is more important than money.
I turned this corner a little steep, and I was not prepared at all. I was depressed when I first served my sentence, but how many 11 years can a person have? I have to face the reality.
I want to tap my potential and see what I can do besides being an official.
Reporter: How much influence does your imprisonment have on your relatives and friends?
Li Jianhua: I was born in a cadre family, and my parents are old party member. My five sisters, the elder sister is the first postdoctoral fellow in the first postdoctoral mobile station in our province, and now she has been naturalized as a professor in the United States, and my younger brothers are also graduates of famous universities. Five of us were once the pride of our parents, and my father was invited by the school many times to give a well-taught report. How much do you think my imprisonment will affect my relatives?
My daughter is 24 years old. At the age of 14, she went to the United States to study with her aunt. She could have got a master’s degree. Because something happened to me, she once gave up her studies. She comes back to see me every year.
Reporter: What are you going to do after you get out of prison?
Li Jianhua: I can have two choices, one is to be a professional writer, and the other is to do business. It turned out that I was in charge of attracting investment and made some friends. After I went to prison, a friend said, "Come out and work with me, and I’ll give you a company to manage." The boss of the film and television company in Beijing also said that I could go to him to write a script after I came out.
Reporter: What do you think of your political career of more than 20 years?
Li Jianhua: Being an official is like walking a tightrope … (Today’s reporter Lu Zhiou/Wentu) (This article Source: Dahe. com)
Editor: Zhao Xuanxuan
Interpretation of Financial Credit Research The Sixth Financial Work Conference： Promoting High-quality Financial Development and Serving Chinese Modernization
Source:Wencaixin research institute
Wencaixin research institute
Macro team (Wu Chaoming, Hu Wenyan, Li Mo), financial team (Liu Xiaoting, Li Fei)
Core view
I. Review of the first five meetings: from rectifying financial order to preventing and controlling financial risks.The national financial work conference is the highest-level conference in the financial field, which has important guiding significance for the development of the financial industry in the next stage. Looking back at the first five meetings, the tone and emphasis of the meeting are different under different economic environments. From the perspective of development, the first key word is "rebirth", which mainly solves the problem of high non-performing rate in the banking industry and unloads the historical burden; The second key word is "upgrade", which enhances the competitiveness by speeding up the share reform and listing of state-owned banks and responds to financial opening; The third key word is "leak detection", marked by the listing of Agricultural Bank of China, and the share reform of the four major banks has been completed; The fourth key word is "innovation", and the shadow banking system has developed rapidly, opening a wave of financial liberalization; The fifth key word is "strong supervision", which blocks the loopholes in supervision and resolves the risks of shadow banking. The key word of this meeting is "high quality development".
Second, the background of the sixth meeting: external turmoil and change, domestic transformation and upgrading. First, from the external environment,The world has entered a new period of turbulence and change, and the global economic recovery is weak. High inflation, high interest rates and high debt have increased financial fragility, while the risk of geo-economic fragmentation has intensified.Second, from the domestic environment,China is in a critical period of economic recovery and industrial upgrading. The weakening of traditional kinetic energy leads to increasing pressure for steady growth. It will take time for new kinetic energy to grow and develop, and it is necessary to promote economic growth to return to potential growth rate to prevent short-term demand shortage from turning into long-term contradiction after the epidemic.Third, from the perspective of domestic risks,At present and in the future, the risks of local government debt, real estate and small and medium-sized banks in China need to be resolved urgently to avoid mutual infection and keep the bottom line of systemic risks.Fourth, high-quality development has become a long-term strategy to actively respond to environmental changes at home and abroad and enhance development initiative.
Third, the main points of the sixth meeting: high-quality financial development serves Chinese modernization.
(1) Orientation and goal: to promote high-quality financial development and accelerate the construction of a financial power.The primary task of building a socialist modern country in an all-round way is high-quality development. Because finance is the blood of the national economy, high-quality economic development cannot be separated from high-quality financial services. This meeting set the goal of high-quality financial development as "accelerating the construction of a financial power", which was put forward for the first time in history, highlighting the importance of high-quality financial development in the process of modernization in the future.
(II) Priority 1: Providing high-quality financial services. First, in terms of monetary policy,It is expected that in the next few years, we will maintain a stable overall tone, and at the same time grasp the new characteristics that the peak of traditional credit demand such as real estate has passed, and structurally "break slowly and establish quickly" to meet the reasonable financing needs of old fields and accelerate the cultivation of new credit demand points.Second, in terms of capital supply,Give full play to the positive role of structural monetary policy and multi-level capital market, constantly optimize the financing structure and capital investment, and do five major articles on technology and finance, green finance, inclusive finance, pension finance and digital finance.Third, in terms of stock resources,Accelerate the revitalization of the stock financial resources occupied by the government and state-owned departments, invest more stock funds in new kinetic energy areas, and improve the efficiency of capital use.Fourth, in terms of financing structure,Give full play to the function of the capital market hub and increase the proportion of direct financing.Fifth, in terms of financial openness,Pay equal attention to both "bringing in" and "going out", increase institutional opening in the financial sector, strengthen and consolidate the status of Shanghai and international finance centre, and accelerate the internationalization of RMB.
(3) Work focus 2: Strengthen supervision and reduce risks.In terms of strong supervision,Under the new regulatory pattern, future functional supervision, behavioral supervision and coordinated supervision between the central and local governments are expected to be strengthened.In terms of risks of small and medium-sized institutions,This time, "timely handling risks of small and medium-sized financial institutions" is highlighted, and it is expected that the follow-up disposal process will be accelerated.In terms of local government debt risk,Focus on establishing a long-term mechanism for debt conversion, continue to resolve local debt risks in the short term, accelerate the reform of institutional mechanisms in the medium and long term, and clarify the relationship between the government and the market, and the central and local governments; At the same time, establish a government debt management mechanism that is compatible with high-quality development, standardize the relationship between borrowing and development, and give consideration to debt conversion and high-quality goals; In the future, the central government’s leverage is expected to become a new starting point and new feature of the proactive fiscal policy.In terms of real estate risks,Emphasis is placed on promoting a virtuous circle between finance and real estate. It is expected that improving the supervision system of real estate enterprises at the regulatory end will help curb the risk spread of real estate enterprises in the short term, and the macro-prudential management direction of real estate may turn to "moderate support" in the future; The reasonable financing needs of private housing enterprises on the supply side are expected to be met; Restrictive policies in demand-side core cities are expected to be further liberalized, and at the same time, finance and finance will work together to promote the construction of the "three major projects" to be significantly accelerated.In terms of financial market risks,Domestic stock market, bond market, foreign exchange market and the probability of mutual contagion of monetary policy spillover effect and market fluctuation risk in major overseas economies increase, so it is necessary to prevent cross-regional, cross-market and cross-border transmission resonance of risks and ensure the stable operation of financial markets.
Fourth,Industry influence: localization and specialization are the ways to break the situation for small and medium-sized institutions. In terms of industry comparison,Since the Fifth National Financial Work Conference, the banking industry has been faster than the insurance industry and the securities industry in terms of net assets growth by virtue of its high leverage advantage. However, looking forward to the future, the development of the banking industry may be limited by the need to "broaden the channels for replenishing capital", while the development of the insurance industry can supplement internal capital by optimizing its business structure without resorting to external capital, and the securities industry will benefit from policies such as "giving full play to the hub function of the capital market". It is expected that the development of the insurance industry and the securities industry will be marginal in the future.In terms of industry structure,The Matthew effect of the strong will be intensified, and small and medium-sized financial institutions should be based on localization and characteristic strategies to break the game;In terms of business priorities,The "five great articles" have made clear the directional guidance for the next stage of financial exhibition industry;In terms of regulatory orientation,Under the situation of strong supervision and strict supervision, financial institutions need to improve the level of compliance risk management and firmly take the road of returning to the source.
main body
Event:The Central Financial Work Conference was held in Beijing from October 30 to 31, summarizing the financial work since the 18th National Congress of the Communist Party of China, analyzing the situation faced by high-quality financial development, and deploying the financial work at present and in the future.
I. Review of the first five meetings: from rectifying financial order to preventing and controlling financial risks.
The national financial work conference is the highest-level conference in the financial field, usually once every five years, and has been held five times since the first meeting in 1997. While summing up the achievements of financial work in the past, the meeting will provide guidance for major financial policies and financial reforms in the next stage, which is of great guiding significance for the development of the financial industry in the next five years. Looking back at the first five meetings, due to the different internal and external environments, the general tone of the meetings is also different, but they are basically centered on three themes: financial supervision reform, financial system reform and prevention of financial risks (see Table 1).
Specifically, the relevant background and key contents of the first five financial work conferences:
(1) The first time (November 1997): rectifying financial order and resolving financial risks are the core.
Internal and external pressures are intertwined, and it is extremely urgent to resolve financial hidden dangers.In terms of external environment, 1997 coincided with the outbreak of the Asian financial crisis, and the financial systems of some Asian countries suffered severe shocks. Whether China’s financial system can withstand external shocks has become the focus of global attention. In terms of internal environment, the non-performing loan ratio of state-owned banks is high, and their ability to resist risks is weak. In addition, the problems such as weak financial supervision and chaotic financial order at that time are outstanding. In this context, the first national financial work conference was held in November 1997, with the theme of rectifying financial order and resolving financial risks, and proposed to "strive to establish a suitable financial institution and supervision system in about three years".
Around the two main lines of financial supervision and state-owned bank reform.In terms of financial supervision, the central government accelerated institutional reform after the meeting, and established the Central Financial Working Committee in 1998 to strengthen the party’s vertical leadership over financial institutions; The People’s Bank of China abolished the original provincial branches and changed them into nine regional branches to enhance the independence of the central bank’s monetary policy and supervision; The Securities Regulatory Commission and the China Insurance Regulatory Commission shall be established to be responsible for the supervision of the securities industry and the insurance industry respectively, while the People’s Bank of China shall be responsible for the supervision of the banking industry and the trust industry, and strengthen the separate supervision. The reform of state-owned banks focuses on removing bad debts. On the one hand, it draws lessons from international experience and establishes four AMCs to receive the non-performing assets stripped by state-owned banks; On the other hand, the central government issued 270 billion special treasury bonds to supplement the capital of state-owned banks. In addition, state-owned banks have also accelerated the pace of commercialization, canceled the control of their loan limits, and implemented asset-liability ratio management and risk management.
(2) The second time (February 2002): Strengthening financial supervision and promoting the reform of state-owned banks are the key points.
It is imperative to enhance the competitiveness of the financial industry after China’s entry into WTO.In December 2001, China formally joined the World Trade Organization (WTO). For the financial industry, opportunities and challenges coexist. Although China financial institutions have the opportunity to strengthen cooperation with international financial institutions in the process of opening to the outside world, the pressure of "promising to fully open the financial services industry in stages in the next five years" forces China financial institutions to enhance their competitiveness as soon as possible. Under this background, the second national financial work conference was held in February, 2002. The conference was set as "strengthening financial supervision and promoting the reform of state-owned banks", emphasizing that "strengthening supervision is the top priority of financial work" and proposing that "banks must be turned into modern financial enterprises".
Continuing the direction of the first meeting, improving financial supervision and accelerating the reform of state-owned banks are still the main lines.In terms of financial supervision, in 2003, the Central Financial Working Committee was abolished and the China Banking Regulatory Commission was established, and the separate supervision framework of "one line, three meetings" in China was initially formed. At the same time, the reform process of the state-owned bank has been accelerated, and a leading group for the reform of the state-owned bank has been established to make overall arrangements for the reform plan; Central Huijin Company was established in 2003 to inject capital into state-owned banks and create conditions for share reform and listing; In 2005-2006, Bank of Communications, China Construction Bank, Bank of China and ICBC successively completed share reform and listing. In addition, the reform of rural credit cooperatives began, and some provinces and cities actively piloted it under the policy of adapting to local conditions and classifying guidance.
(C) The third time (January 2007): comprehensively deepening financial reform is the keynote.
The internal and external environment is relatively friendly, and the necessity of "checking and filling gaps" is strengthened.Compared with the previous two meetings, the internal and external environment of the third meeting is relatively friendly. Externally, the global economy is in an overheated period, and the subprime mortgage crisis in the United States has not yet erupted. Internally, China’s economy is in a period of rapid growth, and the financial industry is growing rapidly. However, there are still many problems in the financial field, such as the imperfect financial system and unreasonable financial structure. Therefore, the third financial work conference was set to "push the financial reform and development to a new stage and comprehensively deepen the financial reform", with the focus on "checking leaks and filling gaps" to further improve the financial reform.
Continuing to deepen the reform of financial institutions and building a financial market system are the main lines.After the second meeting, only the Agricultural Bank of China (ABC) of the four major banks has not completed the share reform. This meeting gave the final answer to the share reform model of ABC and promoted the listing of ABC in 2010. Policy banks promote reform in accordance with the principle of "one line, one policy", first of all, open the commercial operation of CDB; The construction of rural financial system was accelerated, and microfinance organizations were cultivated. In terms of financial system construction, under the guidance of "vigorously developing the capital market", the establishment of the Growth Enterprise Market in 2009 opened the first step in the construction of a multi-level capital market system; At the same time, the bond market has achieved rapid development, and the variety of bonds has expanded, and winning the bid, short-term financing and corporate bonds have emerged as the times require. In addition, in the face of the rapidly rising foreign exchange reserves, CIC was established in September 2007, specializing in the investment management of foreign exchange reserves.
(IV) The fourth time (January 2012): Emphasis was placed on the coordination of innovation and supervision to start the process of financial liberalization.
First, it proposes to resolve local debts and emphasizes the requirements of financial service entities.After the introduction of the "4 trillion" stimulus plan, hidden risks were left behind, and local debt problems began to arise. After the global financial crisis, the phenomenon of loose liquidity and the withdrawal of funds from reality to emptiness gradually appeared. In this context, the fourth meeting was held in January, 2012. For the first time, financial services to the real economy were discussed more, emphasizing the need to "adhere to the essential requirements of financial services to the real economy", effectively solving the problems of financing difficulties and expensive financing in the real economy, and resolutely curbing the social capital from reality to reality. At the same time, it first mentioned the resolution of local debts, focusing on "properly handling existing debts". Since 2014, the budget management of local governments has been gradually standardized. In 2015, with the implementation of the new budget law, local governments opened the bond swap to replace the existing debts in the form of non-government bonds by issuing local bonds.
But the financial industry as a whole is still in a good development environment.Under the guidance of "adhering to the reform orientation of market allocation of financial resources" and "adhering to the development concept of coordinating innovation and supervision", financial supervision, financial system and financial system have been further deepened and improved. In terms of financial supervision, a macro-prudential evaluation system was initially established, and a regulatory framework for systemically important financial institutions was constructed. In terms of financial system, the central bank improved the RMB exchange rate formation mechanism, promoted the interest rate marketization reform, and formally introduced the deposit insurance system. In terms of financial system, under the keynote of "encouraging, guiding and regulating private capital to enter the field of financial services", the first batch of five private banks began to pilot in 2014, and private capital began to show its strength; At the same time, under the concept of supporting financial innovation, starting from the 2012 Securities Innovation Conference, China started a round of financial liberalization. On the one hand, the mixed operation of licensed institutions, mainly banks, securities, insurance and trusts, has intensified, and the shadow banking system has expanded rapidly; On the other hand, the development of Internet technology has promoted the emergence of new Internet finance formats such as third-party payment, P2P and Internet financing, which further boosted the expansion of the financial system.
(V) The fifth time (July 2017): The importance of risk prevention has been strengthened and it has entered the era of strong supervision.
With the change of macro and financial environment, the importance of risk prevention and strict supervision has been strengthened.Compared with previous meetings, the macro and financial environment faced by the fifth meeting has changed greatly. China’s economy is in the period of increasing speed and shifting gears, and the supply-side reform of "de-capacity, de-inventory and de-leverage" has been steadily promoted, and the economy has gradually entered the "new normal" from "high growth". After several years of rapid expansion, the financial industry has accumulated certain risks, the problem of "shadow banking" has become increasingly prominent, and the contradiction between financial innovation and financial supervision has become prominent. In this context, the fifth meeting was set as "serving the real economy, preventing and controlling financial risks, and deepening financial reform", emphasizing "returning to the origin" and "strengthening supervision", which opened an era of strong supervision and strict supervision of the financial industry.
Filling the short board of supervision and resolving financial risks are the main tasks.In view of the loopholes in separate supervision in financial innovation, the meeting clearly stated that "it is necessary to strengthen the coordination of financial supervision and fill the shortcomings of supervision". After the meeting, the Financial Stability and Development Committee was established, the Bank and the China Insurance Regulatory Commission were merged, and the former local government coordination agency was upgraded to a substantive regulatory agency (local financial supervision bureau), forming a new financial supervision pattern of "one committee, one line, two meetings+local supervision bureau". In view of the increased risks in the shadow banking system, new regulations on asset management were issued in April 2018, which unified the regulatory standards for asset management products and eliminated regulatory arbitrage. At the same time, the shadow banking risks were dismantled by means of breaking the rigid exchange, prohibiting mismatches, removing nesting and deleveraging.
Serving the real economy emphasizes the development of direct financing.After the indirect financing in the early stage was vigorously developed, the meeting clearly put "developing direct financing in an important position" and proposed to form a multi-level capital market system with complete financing functions and solid basic systems. After the meeting, the capital market reform was obviously accelerated. In November 2018, science and technology innovation board established and piloted a registration system; In September 2021, the North Exchange was established, and direct financing showed an accelerated development trend.
To sum up, from the perspective of development, the first key word is "rebirth", which mainly solves the problem of high non-performing rate in the banking industry and unloads the historical burden; The second key word is "upgrade", which enhances the competitiveness by speeding up the share reform and listing of state-owned banks and responds to financial opening; The third key word is "leak detection", marked by the listing of Agricultural Bank of China, and the share reform of the four major banks has been completed; The fourth key word is "innovation", and the shadow banking system has developed rapidly, opening a wave of financial liberalization; The fifth key word is "strong supervision", which blocks the loopholes in supervision and resolves the risks of shadow banking.
Second, the background of the sixth meeting: external turmoil and change, domestic transformation and upgrading
The great changes in the world in the past century have accelerated the evolution. The changes in the world, the times and the history are unfolding in an unprecedented way. China is in the critical period of building a socialist modern country in an all-round way. High-quality development has become a long-term strategy to actively respond to environmental changes at home and abroad and enhance development initiative. It is urgent for the financial system to make corresponding adaptive adjustments, so as to help the great cause of national rejuvenation and the goal of high-quality economic development with high-quality financial development. The Sixth Central Financial Work Conference is an important meeting held under this background.
(A) From the external environment, the world has entered a new period of turbulence and change.
First, the epidemic in the century has a far-reaching impact and the recovery of the world economy is weak.According to the data of the International Monetary Fund (IMF), the global GDP grew by an average of 2.3% in 2020-2022 after the epidemic, and it is expected to increase by 3.0% and 2.9% in 2023 and 2024 respectively, which are far lower than the average annual growth rate of 3.8% in the past 20 years (2000-2019), and the global economic momentum is weakening (see Figure 1).
Second, high inflation, high interest rates and high debt have greatly increased global financial fragility.Affected by frequent geopolitical conflicts, anti-globalization, aging, slowing technological progress and other medium and long-term factors, it is inevitable that the global inflation center will rise, and the duration of high interest rates may exceed expectations. The superimposed world is at the peak of the fourth debt wave, and the risk of global debt default has increased significantly, and the risk of financial market turmoil has intensified.
Third, the risk of geo-economic fragmentation has intensified. On the one hand,With the profound adjustment of the international power balance of "East Rising and West Falling", the United States is vigorously promoting the world political camp, "weaponizing" chips, high-tech, swift financial institutions, and splitting the world’s market-based industrial chain and supply chain through extreme pressure methods such as decoupling and chain breaking, which in turn leads to an increase in the operating cost of the world economy and a decline in efficiency, dragging down global trade and economic growth.On the other hand,In the face of intensified competition among big countries, the global governance deficit has increased significantly, and international chaos has emerged one after another. The Russian-Ukrainian war, the Palestinian-Israeli conflict and other local turmoil have frequently occurred, and the stability of global food, energy and other important resources has declined, further aggravating the turmoil in the global environment.
(B) From the domestic environment, China is in a critical period of economic recovery and industrial upgrading.
First, the traditional kinetic energy is weakening, and the pressure of steady growth is increasing.At present and in the future, China’s economic development is faced with hard constraints such as aging population structure, increasing resource and environment constraints, high macro leverage ratio and slowing urbanization pace. Traditional growth kinetic energy such as real estate and infrastructure, which are highly dependent on labor, capital, land and other factors, may have downward pressure. Under the background of rapid development of new kinetic energy but limited volume, the pressure of steady growth is increasing.
Second, the economic recovery after the epidemic is lower than the potential level, and the short-term demand shortage may evolve into a long-term contradiction.2023 is the first year for China to start economic recovery after three years of epidemic impact. It is estimated that GDP will increase by about 5.3% year-on-year. Since the growth rate was only 3.0% last year, the average growth rate in two years is about 4.1% after deducting the influence of low base, which is still below the potential growth rate. Among them, the unstable expectation and lack of confidence of micro-subjects lead to insufficient domestic demand. At present, it is necessary to prevent weak expectations from leading to weak effects, further strengthen the formation of negative feedback cycle of weak expectations, avoid the problem of short-term insufficient demand for a long time, and maintain sustained and stable macroeconomic growth, which is the key to break the above cycle.
Third, the new kinetic energy faces the double constraints of decoupling and breaking the chain and the weak independent innovation ability, and it will take time to cultivate and grow.In terms of stock, the added value of China’s "three new" economies (new industries, new formats and new business models) has been increasing in recent years, reaching 17.4% in 2022 (see Figure 2), but the absolute scale of new kinetic energy is still low, and it is difficult to make up for the impact brought by the decline of traditional kinetic energy in the short term. From the incremental point of view, in the face of external technology suppression and containment, it may be upgraded at any time. Under the condition that China’s independent innovation ability is not strong, it is difficult to cultivate and grow new kinetic energy overnight, which takes time and trial and error process.
(C) From the perspective of domestic risks, China’s financial risks are still in a period of high incidence.
First, the local government debt risk needs to be resolved urgently.According to estimates, at the end of 2022, the scale of generalized local government debt, including interest-bearing debt of financing platform, reached about 90 trillion yuan, accounting for 318% of local comprehensive financial resources, which was significantly higher than the international warning of 120% (see Figure 3), and the local government debt burden was obviously biased. At the same time, due to the economic downturn, the downturn in the real estate market, and the peak of debt maturity, the pressure on local government debt repayment has increased, and it is necessary to localize debt.
Second, the pressure on real estate risk resolution has increased.Real estate has great influence on economic growth, employment, fiscal revenue, residents’ wealth and financial stability. In the first three quarters of 2023, the domestic real estate sales area decreased by nearly 40% compared with the high point in the same period. The continuous downturn in the real estate market led to the three cash flow channels of real estate enterprises-sales repayment, advance payment by upstream and downstream construction enterprises and corporate financing-being in a tense or even broken state (see Figure 4). The default risk of real estate enterprises may be further exposed, and it is easy to transform into financial risk and financial institution risk, so it is necessary to keep the bottom line of systemic risk.
Third, the hidden risks of small and medium-sized financial institutions have increased.On the one hand, under the background that the downward pressure of macro-economy still exists, the default risk of housing enterprises increases, and the debt repayment burden of urban investment increases, small and medium-sized financial institutions are limited by their business areas and their own business positioning, and the risk of asset quality deterioration increases. On the other hand, due to factors such as the sinking of state-owned big banks’ business and the sharp narrowing of banks’ net interest margin, the hematopoietic capacity of small and medium-sized banks has declined, and their ability to digest the losses of non-performing assets through profits has weakened.
(D) Finance urgently needs to achieve high-quality development and provide assistance for high-quality economic development.
In the face of profound changes in the domestic and international environment, it is necessary to unswervingly promote high-quality development in order to win the advantage and initiative in the future competition and realize the goal of building a socialist modern power in an all-round way. The construction of an economic power can not be separated from the support and assistance of a financial power, and it needs the high-quality development of finance. However, at present, various contradictions and problems in the domestic financial field are intertwined and affect each other, which are mainly reflected in four aspects: first, there are still many hidden dangers in economic and financial risks; second, the quality and efficiency of financial services to the real economy are not high; third, financial chaos and corruption have been repeatedly banned; and fourth, the ability of financial supervision and governance is weak. Therefore, this meeting closely followed the four major issues and formulated prescriptions for high-quality financial development, with three paths of "strengthening the overall unified leadership of the party, providing high-quality financial services, comprehensively strengthening financial supervision and preventing and resolving financial risks" to help build a strong country and rejuvenate the nation.
Third, the main points of the sixth meeting: high-quality financial development serves Chinese modernization
(1) Orientation and goal: to promote high-quality financial development and accelerate the construction of a financial power.
The primary task of building a socialist modern country in an all-round way is high-quality development, and "finance is the blood of the national economy and an important part of the country’s core competitiveness", so the high-quality development of the economy is naturally inseparable from the high-quality service of finance. However, at present, the quality and efficiency of financial services to the real economy in China are not high, so "promoting the high-quality development of China’s finance" has naturally become a new task and mission on the new journey of "building a strong country and rejuvenating the nation" in the new era. “"High-quality financial development" not only became the key word of the Sixth Central Financial Work Conference, but also provided accurate and forward-looking positioning for future financial work.
High-quality economic development can not be separated from high-quality financial services. Similarly, a modern power can not be separated from the support and assistance of financial powers. This meeting put forward the goal of "accelerating the construction of a financial power" for the first time in history, highlighting the importance and status of finance in the process of modernization. In order to achieve the goal of becoming a financial power, the meeting made clear and definite arrangements for the current and future financial work: First, adhere to and strengthen the overall leadership of the Party; The second is to promote high-quality financial development as the theme; The third is to deepen the structural reform of the financial supply side; Fourth, it is supported by the purity, professionalism and combat effectiveness of the financial team; Fifth, focus on comprehensively strengthening supervision and preventing and resolving risks.
(2) Priority 1: Providing high-quality financial services.
1. Monetary policy: always keep steady and grasp the new characteristics of credit supply and demand.
To provide high-quality financial services, we must first "create a good monetary and financial environment". According to the contents of the meeting, at present and in the future, the key to monetary policy should grasp the following two points:
First, in terms of general tone, monetary policy will remain stable in the next few years, showing the characteristics of "stable quantity and falling price".The meeting clearly put forward that "the stability of monetary policy should always be maintained", indicating that the probability of monetary policy will not fluctuate greatly in the next few years, and the focus is on providing a suitable monetary and financial environment for stable economic growth and transformation and upgrading. In the context of economic restructuring and structural contradictions, monetary policy should not only meet the effective financing needs of the real economy, but also avoid excessive easing, increase financial risks, solidify structural distortions, and hinder the process of transformation and upgrading. Specifically, in terms of quantity, it is expected that liquidity will continue to be reasonable and abundant, and the growth rate of money supply and social financing scale will basically match the nominal economic growth rate; In terms of price, in the face of the macro-environment of increasing economic growth pressure, the meeting clearly put forward that "the financing cost will continue to decline", which means that there is still room for lowering the policy interest rate in the future, which will drive the central level of loan interest rate and deposit interest rate to continue to decline (see Figure 5).
Second, in terms of structural adjustment, we should adhere to the principle of "breaking slowly and establishing quickly" and grasp the new characteristics of weakening demand for traditional credit such as real estate.With the marginal slowdown of urbanization process and the evolution of the long-term trend of real estate, the most prominent feature of domestic credit supply and demand at present is that the demand for traditional loans such as infrastructure and real estate, which used to be large in magnitude, tends to weaken, while the volume of new kinetic energy loans is relatively small, which makes it difficult to make up for the shortage of total credit demand. Therefore, the meeting proposed "accurately grasp the law and new characteristics of supply and demand of money and credit, and strengthen the dual adjustment of total money supply and structure". It is expected that in the future, the money supply will grasp the new characteristics of the changes in credit demand of traditional kinetic energy and new kinetic energy, and adhere to the principle of "breaking simultaneously and breaking quickly". On the one hand, it will meet the reasonable financing demand of traditional kinetic energy and avoid its rapid decline (see Figure 6), which will affect the stability of total credit and economic growth; On the other hand, we should seize the favorable time window and make rational use of structural monetary policy tools to guide more resources into major strategies, key areas and weak links, and promote the cultivation and growth of new kinetic energy.
2. Fund supply: Optimize the investment of funds and make five major articles.
In order to improve the quality and efficiency of financial services to the real economy and promote high-quality economic development, the meeting repeatedly emphasized the investment of funds, and made it clear that five major articles on technology and finance, green finance, inclusive finance, pension finance and digital finance should be done well. To this, there are two understandings:
First, the five major articles are consistent with the logic and direction of high-quality economic development.The meeting put forward five major articles on "Optimizing the structure of capital supply", "Doing a good job in technology and finance, green finance, inclusive finance, pension finance and digital finance", which are consistent with the connotation requirements of "innovation is the first driving force, coordination is the endogenous feature, green is the universal form, openness is the only way, and sharing is the fundamental purpose" for high-quality economic development, reflecting that the inclination of financial resources to high-quality development areas is the proper meaning of high-quality financial development.
Second, it is necessary to play the positive role of structural monetary policy and multi-level capital market to do five major articles well. On the one hand,At present, China’s financial supply is still dominated by bank credit. It is necessary to give full play to the role of "precise drip irrigation" as a structural monetary policy tool, guide more funds to flow to five high-quality development areas, and continuously optimize the credit structure. Therefore, the meeting put forward a "toolbox for enriching monetary policy", and it is expected that the structural monetary policy will increase or decrease, focusing on the rational and moderate use of key areas.On the other hand,Direct financing is more suitable for the financing needs in the field of new kinetic energy. International experience shows that economies dominated by direct financing can often seize the opportunity in the transformation and upgrading of industrial structure, and the transformation process is more smooth and smooth. Therefore, it is inseparable from the vigorous development of multi-level capital market construction and direct financing to do five major articles well. It is expected that the financial business focusing on five major articles is expected to usher in rapid growth (see Figure 6), especially in the fields of pension and digital finance, which were less emphasized before, and financial institutions will increase their business layout in these fields.
3. Stock resources: accelerate the revitalization of financial resources that are occupied inefficiently, and promote increment by stock.
For the first time, the meeting specifically proposed "revitalizing the financial resources occupied by inefficiency and improving the efficiency of capital use", reflecting that optimizing the capital supply structure should not only make efforts to guide the investment of incremental funds, but also vigorously revitalize the stock financial resources occupied by inefficiency to expand effective investment in new kinetic energy fields.
There are two directions: First, there are a large number of "sleeping assets" in government departments, which need to be revitalized urgently to improve the efficiency of capital use.By the end of September 2023, the balance of government deposits (fiscal deposits and institutional group deposits) was as high as 41.3 trillion yuan, accounting for about 61% of the total government debt balance (see Figure 7), indicating that the stock assets of government departments are seriously silted up and a large number of financial resources are inefficiently occupied.Second, the state-owned sector occupies more financial resources, crowding out the private sector, which needs to be optimized and adjusted urgently.According to the data of the General Administration of Financial Supervision and Management and Wonder, the loan balance of private enterprises accounted for about 43.5% of the loan balance of enterprises (institutions) at the end of September 2022 (see Figure 8), while the bond financing balance of private enterprises still accounted for less than 10% of the bond financing balance of non-financial enterprises, both of which were significantly lower than the contribution rate of private economy to GDP of more than 60%, indicating that the financial resources occupied by state-owned enterprises were far greater than their contribution to economic and social development, and the efficiency of fund use was low. It is expected that in the future, the inefficient assets of the government and the state-owned sector are expected to accelerate the revitalization, guide more funds to flow to efficient sectors such as private enterprises and high-tech emerging industries, and cultivate new kinetic energy.
4. Financing structure: Give full play to the function of capital market hub and cultivate first-class investment banks and institutions.
Since the Fifth National Financial Work Conference put forward that "the development of direct financing should be placed in an important position", the proportion of direct financing in the stock of social financing has continued to increase. However, since 2022, the proportion of direct financing has not decreased due to the continuous increase of corporate bond financing (see Figure 9), and it is still low compared with the recognized "financial power"-the United States, which is dominated by direct financing. Therefore, this central financial work conference proposed "optimizing the financing structure, giving full play to the function of the capital market hub" and increasing the proportion of direct financing. To this end, the meeting put forward two important measures:
First, "give full play to the function of the capital market hub" and build an active capital market.On July 24th, Politburo meeting of the Chinese Communist Party made it clear that "the capital market should be activated to boost investors’ confidence", and the regulatory authorities issued a package of policies and measures from the trading side, investment side and financing side (see Table 2). In order to play the role of the capital market hub, optimize the financing structure and increase the proportion of direct financing, it is expected that in the future, the regulatory authorities will also promote the opening of pain points, vigorously promote the reform of the investment side, attract medium and long-term funds to enter the market, and guide various funds such as social security, insurance and annuity to allocate A shares.
The second is to cultivate "first-class investment banks and institutions" and build a financial power.First-class investment banks and institutions have global distribution and influence, and have strong pricing power over global financial assets and commodities, so they are also one of the important symbols of "financial power". At present, there is still a big gap between China’s head investment banks and investment institutions and internationally recognized "first-class investment banks and investment institutions" (see Figure 10-11), such as the obviously low scale of revenue and net profit. In order to be a better and stronger head investment bank, the previous regulatory authorities have put forward favorable policies such as "appropriately relaxing the capital constraints on high-quality securities companies". It is expected that the subsequent implementation of the policies will push China’s head investment banks and investment institutions to the road of "first-class investment banks and investment institutions".
5. financial opening: promoting high-level two-way opening is an inherent requirement of financial powers.
Promoting high-level financial opening to the outside world is, on the one hand, the inherent requirement of economic laws and high-quality development, and on the other hand, it is a two-way opening with equal emphasis on "bringing in" and "going out", rather than a one-way opening.
First of all,Financial opening is an important part of China’s opening to the outside world, and it is also the proper meaning of building a new development pattern and deepening the structural reform of the financial supply side;Secondly,A modern economic power needs the support and assistance of a financial power, and the construction of a financial power, besides having a modern financial institution and market system, is inseparable from the high-level opening of finance, including further improving the management mode of national treatment plus negative list before entry, expanding the institutional opening of rules, regulations, management and standards in the financial field, building an influential and competitive international financial center, and promoting the internationalization of RMB, so as to "enhance the convenience of cross-border investment and financing and attract more foreign financial institutions."Again,The high-level two-way opening of finance requires the construction of a corresponding regulatory system and the improvement of the regulatory level to control the high-level opening up, which is of course an important "talent infrastructure" and "core software" for becoming a financial power;Finally,China has become the world’s second largest economy, the world’s largest banking market and the second largest insurance market, and has the ability to "go global". It should adhere to the principle of multilateralism, actively participate in international financial cooperation and governance, and serve national strategies such as the "Belt and Road".
Because financial activities have the nature of risk, the opening-up of the financial sector will inevitably bring about the cross-border transmission of financial risks, and the risks of overseas financial markets and financial institutions may spill over to China. Therefore, the opening-up process should also "ensure the national financial and economic security" under the premise of security control.
In promoting the internationalization of RMB, according to the RMB Internationalization Report 2023 released by the central bank in October this year, the RMB accounted for 3.91% of global trade financing at the end of 2022, up 1.9 percentage points year-on-year, ranking third; In September 2023, the proportion rose to 5.8%, and the ranking also rose to second place. In terms of international payment, the share of RMB in the global market reached 3.7% in September this year, 1.5 percentage points higher than that at the end of last year (see Figure 12), but compared with China’s economic GDP accounting for more than 18% of the world, the asymmetry is obvious; From the horizontal comparison, the global market share is also at a low level (see Figure 13). These phenomena show that China still has a long way to go to become a financial power, and there is also a lot of room for two-way financial opening. There is still great potential for high-quality financial development to serve Chinese modernization.
(C) Focus 2: Strengthen supervision and reduce risks.
1. Strong supervision: Functional supervision, behavioral supervision and coordinated supervision between central and local governments are expected to be strengthened.
Continuing the theme of the fifth meeting, "strong supervision" is still the main tone of this meeting.However, different from the last meeting, this meeting put strong supervision and risk prevention together, which means that strengthening financial supervision and improving the supervision system are the premise and foundation for effectively preventing financial risks. In terms of specific formulation,One isReport to the 20th CPC National Congress, who continued the Party, mentioned that "all financial activities should be regulated according to law", indicating that in the future, financial activities must be licensed, illegal financial activities will be severely cracked down, and financial supervision will achieve "full coverage without exception".The second isRe-emphasize "comprehensively strengthen institutional supervision, behavioral supervision, functional supervision, penetrating supervision and continuous supervision", which is related to the background that the comprehensive operation of the financial industry continues to deepen and the complexity and concealment of financial risks continue to increase, aiming at comprehensively strengthening supervision and eliminating regulatory gaps and blind spots.
In order to meet the needs of the new situation, this round of supervision system reform was started in March this year, the Financial Stability Board was abolished, and the General Administration of Financial Supervision was established, forming a new supervision pattern of "one line, one bureau, one meeting" (see Figure 14).Under the new system, we can focus on three aspects:
The first is to highlight "functional supervision".In recent years, with the trend of mixed operation strengthening, the former mode of "institutional supervision" under separate operation can no longer adapt to the new financial market, but it is necessary to realize "functional supervision" across products, institutions and markets according to the functions realized by financial products. In this round of reform, the General Administration of Financial Supervision will be responsible for the supervision of the financial industry except the securities industry, which will contribute to the comprehensive unification of institutional supervision and functional supervision.
The second is to pay more attention to "behavior supervision".From the international experience, after the financial crisis in 2008, it has become an international trend to establish a "double-peak model" that separates prudential supervision from behavioral supervision, and behavioral supervision has received more attention. This reform brings the consumer protection responsibility of the central bank and the investor protection responsibility of the CSRC into the General Administration of Financial Supervision, and strengthens the concept of behavior supervision while unifying management. It is expected that the relevant supervision mechanism will be further implemented in the future.
The third is to strengthen the supervision and coordination between the central and local governments.One of the reasons for the inefficiency of China’s financial supervision is that the central and local supervisory responsibilities are unclear and their positions are contradictory. On the one hand, this reform of supervision system emphasizes the centralization of financial supervision authority to the central government and rationalizes the relationship between central and local financial supervision responsibilities; On the other hand, this meeting clearly pointed out that it is necessary to establish the financial committees and financial working committees of local party committees, implement territorial responsibilities, and achieve seamless coordination between the central and local governments in vertical supervision.
2. Risks of small and medium-sized financial institutions: the disposal process may be accelerated.
The meeting once again mentioned the risks of small and medium-sized financial institutions.In recent years, serious credit risk incidents have occurred in Baoshang Bank and Jinzhou Bank, and institutions such as Sichuan Trust and Zhongrong Trust have successively exploded, which has caused great negative impact on society. The risks of small and medium-sized financial institutions have aroused great concern. According to the rating results of financial institutions in the fourth quarter of 2022 announced by the central bank, among the 346 high-risk banks, city commercial banks, rural cooperative institutions and rural banks accounted for more than 95%. From the perspective of risk causes, the risks of small and medium-sized institutions come from many aspects: First, the macro-economic growth shift and the downward trend of the real estate industry have exerted great pressure on the operation of small and medium-sized institutions, which are facing problems such as deteriorating asset quality and declining risk compensation ability. Take the NPL ratio as an example. By the end of June this year, the NPL ratios of city commercial banks and rural commercial banks were 1.90% and 3.25% respectively, which were significantly higher than the average level of commercial banks (1.62%) (see Figure 15-16). Second, the corporate governance structure is not perfect, the ownership structure of some small and medium-sized institutions is complex, and corporate governance is flawed, which may easily lead to large shareholders occupying funds and infringing on the rights and interests of small and medium-sized shareholders, such as Baoshang Bank and Henan Rural Bank. Third, the positioning of serving the local economy makes small and medium-sized institutions have high regional concentration and weak risk diversification ability, and are vulnerable to the impact of local economic or industrial changes.
Emphasis is placed on "timely disposal" and it is expected that the follow-up process will be accelerated.At the end of April this year, Politburo meeting of the Chinese Communist Party proposed that "the reform of small and medium-sized banks, insurance and trust institutions should be done as a whole". In July this year, Politburo meeting of the Chinese Communist Party once again mentioned "steadily promoting the reform of high-risk small and medium-sized financial institutions". Compared with the two Politburo meetings, this statement highlights "timely disposal" and requires timeliness. This is because the risks of financial institutions are diffuse and contagious, which easily leads to regional or systemic risks. This formulation may indicate that the disposal process of subsequent high-risk institutions will be accelerated. In terms of disposal methods, under the premise of adhering to the classified policy of accurately defusing bombs and compacting the responsibilities of all parties, according to the "Report on Financial Work in the State Council" in October this year, it is mentioned that "promoting mergers and acquisitions, clearing out the clearing out safely", we believe that the follow-up disposal ideas: First, increase institutional integration and equity restructuring, such as the reform of provincial associations that have been piloted in Liaoning, Henan and Shanxi provinces since this year; Second, it is safe and clear. In recent years, the first trust company (Xinhua Trust), the first auto finance institution (Huatai Auto Finance) and the first financial leasing company (Tianjin Guotai Financial Leasing) have declared bankruptcy.
3. Local debt risk: accelerate the establishment of a long-term mechanism for debt conversion, and the central government may increase the leverage.
In terms of preventing and resolving local government debt risks, the formulation of the three financial work conferences in 2012, 2017 and 2023 showed important changes such as "properly handling the existing debt" → "strictly controlling the increment of local government debt" → "establishing a long-term mechanism for preventing and resolving local government debt", which reflected that the focus of local government debt in China gradually shifted from stock and increment to establishing a long-term mechanism. This is a long-term systematic project, which will standardize the government’s borrowing behavior, handle the relationship between borrowing and development, and realize the sustainability of local finance. Specifically, this meeting revealed three major debt clues.
First, combine short-term, medium-term and long-term measures to establish a long-term mechanism for debt conversion. In the short term,Affected by factors such as the heavy local government debt burden, the decline in fiscal revenue due to real estate, and the peak of debt maturity, the default risk of some weak-qualified regional urban investment is prominent, and it is necessary to accelerate the resolution of local government debt risk in the short term. According to statistics, since October, the issuance scale of special refinancing bonds has exceeded one trillion yuan, and the issuance speed, scale and scope have exceeded market expectations. However, special refinancing bonds are mainly used to borrow new and repay old, and will not reduce the local debt balance, and subsequent issuance is restricted by regional debt limits (the balance of local debt limits is about 2.6 trillion yuan in 2022). It is estimated that in the future, there will be a maximum of 1.5 trillion yuan of new space for special refinancing bonds, and the role of resolving local implicit debts exceeding 50 trillion yuan is still limited. It is expected that the next step is to set up emergency liquidity financial instruments (SPV) by the central bank, add new policy financial instruments, and revitalize existing assets in various places to help resolve local debts.In the medium and long term,The key to establishing a long-term mechanism for debt conversion lies in promoting the reform of the mechanism system and clarifying the relationship between the government and the market, and between the central and local governments. On the one hand, speed up the divestiture of the government financing function of the city investment platform, promote its market-oriented transformation, and form a clear boundary between the government and the city investment platform; On the other hand, we will promote the reform of the tax system and the financial relationship between the central and local governments, and balance the administrative and financial rights of the central and local governments.
The second is to improve the government debt management mechanism, taking into account the goal of debt conversion and high quality.The meeting proposed "establishing a government debt management mechanism suitable for high-quality development". On the one hand, it reflects that local governments will not be restricted from borrowing across the board in the future. At the critical stage of economic restructuring and upgrading, it is necessary and necessary for the government to appropriately increase debt to support high-quality economic development. The key lies in standardizing the use and management of new debts, using them more in major strategies, key areas and weak links, and giving full play to the important role of finance in economic structural reform. On the other hand, a reasonable debt management mechanism is also an important guarantee for the long-term mechanism of debt conversion. While dissolving the existing debt, the effective management of incremental debt can avoid the problem of "dissolving one batch and adding another" and truly realize the long-term sustainability of debt.
Third, the central government’s leverage is expected to become a new starting point and new feature of the proactive fiscal policy.The meeting clearly put forward "optimizing the debt structure of central and local governments", indicating that under the background of tight fiscal balance of local governments and high pressure of debt resolution, the high probability of central leverage is a new starting point and new feature of active fiscal policy in the future. On the one hand, the central leverage space is larger and the cost is lower. For example, by the end of the third quarter of 2023, the leverage ratio of China’s central government was only 22.6%, while the leverage ratio of local governments’ explicit debts was 31.2%. If the implicit debts of 50-60 trillion were added, the generalized leverage ratio of local governments might be as high as 70% or more (see Figure 17). In addition, from the perspective of financing cost, national debt < local debt < urban investment debt, and central government bond issuance are also conducive to reducing the government’s debt service burden. On the other hand, the central government plus leverage is more direct and effective in stimulating demand. Compared with monetary policy easing, the central government’s leverage can not only avoid the risk of policy effect decline or even failure due to insufficient demand from micro-subjects (for example, the central bank has continuously lowered the RRR and cut interest rates since the second half of 2021, but the improvement in the growth rate of social integration and M2 is limited), but also increase the income of the private sector by expanding demand, repair its balance sheet, and truly stimulate the endogenous effective demand of the real economy.
4. Real estate risk: improve the supervision of housing enterprises and promote a virtuous circle of finance and real estate.
Affected by the resonance of multiple factors such as structure and periodicity, the real estate market continued to decline beyond expectations in the past two years, which not only greatly dragged down the macro economy, but also gradually spread its risks to the fiscal and financial fields, challenging the bottom line of systemic financial risks. Therefore, this meeting put real estate in the framework of preventing and resolving financial risks for the first time, and emphasized "promoting a virtuous circle between finance and real estate", mainly focusing on three aspects:
First, in terms of supervision, improve the supervision system of housing enterprises and optimize the macro-prudential management of real estate.On the one hand, in the face of the current situation that the three main sources of funds of real estate enterprises are in a tight balance or even broken state, and the risks of a large number of real estate enterprises are exposed at an accelerated pace, the meeting proposed for the first time to "improve the main supervision system and fund supervision of real estate enterprises", indicating that the regulatory authorities will increase supervision over the capital flow of head or high-risk real estate enterprises in the future, which will help curb the spread of risks of real estate enterprises in the short term, standardize the management of pre-sale funds and leverage levels of real estate enterprises in the long term, and identify, warn and dispose of risks early. On the other hand, the meeting proposed "improving macro-prudential management of real estate finance", indicating that under the background of major changes in the supply and demand pattern of the real estate market and short-term excessive adjustment of the real estate market, it is expected that the macro-prudential management direction of real estate will shift from "overheating prevention" to "moderate support" in the future, and the relevant rules such as "three red lines" of financing rules for housing enterprises and "two red lines" of bank real estate loans are expected to usher in adjustment and moderate relaxation.
Second, on the supply side, the financing support for private housing enterprises is expected to increase.The meeting put forward the idea of "meeting the reasonable financing needs of real estate enterprises with different ownership equally" and continued the formulation of "Article 16 on Finance" last year, indicating that the financing difficulties of private housing enterprises are still outstanding (see Figure 18). In the next step, the policy of supporting the financing of private real estate enterprises will be further implemented, and the financing of private real estate enterprises may usher in marginal improvement and support the repair of the supply side of the real estate market.
Third, the demand side, the real estate restrictive policy is expected to be further liberalized, and the "three major projects" take into account the dual functions of underpinning and transformation.On the one hand, the meeting put forward "making good use of the policy toolbox because of the city’s policy", indicating that the package of real estate stimulus policies introduced at the end of August is expected to be further implemented in various places, and the restrictive policies introduced during the overheated market in the past are expected to be gradually withdrawn or optimized. For example, according to the data of the Central Finger Research Institute, there are still 10 core cities with certain real estate restrictive policies. It is worth looking forward to further liberalizing the restrictions on purchases and loans, reducing the down payment ratio and lowering the mortgage interest rate in the future. On the other hand, the meeting emphasized "accelerating the construction of’ three major projects’ such as affordable housing and building a new model of real estate development", which is in line with the proposal of "increasing the construction and supply of affordable housing, actively promoting the transformation of villages in cities and the construction of’ public infrastructure for emergency and peace’" at the Politburo meeting in July. It is expected that the construction of the three major projects will be accelerated and the financial support will be further increased. The three major projects are conducive to stable growth and stable expectations in the short term, especially for stable investment next year; The medium and long term is an important breakthrough direction to build a new development model, which is conducive to eliminating the disadvantages of the old model of "high debt, high leverage and high turnover" and promoting the smooth transition of the real estate industry to the new development model.
5. Financial market risks: prevent risks from transmitting resonance across regions, markets and borders.
In terms of financial market risk prevention, the meeting proposed to "maintain the stable operation of the financial market" and "strengthen the management of the foreign exchange market". According to "the State Council’s Report on Financial Work" made by the leaders of the central bank at the sixth meeting of the 14th the NPC Standing Committee on October 21st, it is proposed to "guard against risk contagion in the stock market, bond market and foreign exchange market", and this financial work conference also emphasized "guard against cross-regional, cross-market and cross-border transmission resonance of risks", which is essentially the same strain.
In recent years, the downward pressure on China’s economy has increased, the external environment is complicated, and financial risks have shown some new characteristics. First, real estate adjustment leads to an increase in the risk of bond default of real estate enterprises, especially the default of overseas bonds of real estate enterprises, which not only affects the expectations of the domestic bond market, but also affects the domestic foreign exchange market and the stock market across the market, affecting the RMB exchange rate and stock price fluctuations; The second is the repayment risk of urban investment bonds under the influence of economic downturn and real estate problems. Because of the particularity of urban investment bonds, there is a risk of cross-regional transmission, which affects the operation of the bond market; Third, the risk of exchange rate instability and overshoot under the influence of multiple factors will also be transmitted to domestic capital markets and entities; Fourth, the spillover effect of monetary policy and financial market fluctuation in major overseas developed economies will have a ripple effect on domestic stock market, bond market and foreign exchange market under the background of global financial opening, and even resonate risks. Based on this, the meeting proposed to reasonably guide expectations and stabilize the operation of financial markets and exchange rate markets.
Fourth, industry impact: localization and specialization are the ways to break the situation for small and medium-sized institutions.
(1) Industry comparison: The future development of insurance industry and securities industry is expected to be marginal.
From the perspective of net assets, the development of insurance industry and securities industry has been slower than that of banking industry since the Fifth National Financial Work Conference.From the end of 2016 before the Fifth National Financial Work Conference to the end of the first half of this year, except in 2019 and 2020 (because the proportion of equity assets held by the insurance industry and the securities industry is higher than that of the banking industry, and the fluctuation of equity assets will affect the net assets, the ratio of net assets of the insurance industry and the securities industry to the net assets of the banking industry will be higher than that of the bear market), the ratio of net assets of the insurance industry and the securities industry to the net assets of the banking industry has declined as a whole (see Figure 19), mainly because the leverage of the banking industry is always higher than that of the insurance industry and the securities industry (
From the perspective of policy orientation to increase the proportion of direct financing and supplement capital to support future business development, the insurance industry and the securities industry are expected to be marginalized in the future changes in the financial structure.The development of the financial industry faces strict capital constraints. The deposit and loan business of the banking industry, the self-operated and credit business of the securities industry, and the asset and liability business of the insurance industry all need to continuously replenish capital to meet the needs of business development. In the banking sector, because the insurance industry, as the main buyer of bank capital supplementary bonds, is under pressure from its own capital, the demand for bank capital supplementary bonds is reduced, so the banking industry needs to "broaden the channels for capital replenishment", and its future development speed is limited by the capital replenishment; In the insurance industry, because insurance companies can count the future surplus of unexpired policies into actual capital, that is, insurance companies can supplement internal capital by optimizing business structure, balancing scale and value without resorting to external capital, so the future development speed of insurance industry is less affected by capital replenishment; In the securities industry, it is expected that with the supervision of "optimizing the calculation standard of risk control indicators of securities companies and appropriately relaxing the capital constraints on high-quality securities companies", the efficiency of capital use in the securities industry will be improved, self-operated and credit businesses will benefit, while investment banks and brokerage businesses will benefit from the better function of the capital market hub and the entry of medium and long-term funds into the market.
(2)Industry structure: concentration will be enhanced, and localization and specialization are the ways to break the situation for small and medium-sized institutions.
The concentration of the financial industry will be further enhanced.According to the experience of mature markets, as the economy enters the stage of stock reorganization and incremental optimization from incremental development, the cases of large financial institutions merging and reorganizing small and medium-sized financial institutions will increase significantly. It is expected that the decision-makers will judge this future development trend and superimpose the actual situation of high risk of small and medium-sized financial institutions. Therefore, they will make "perfecting the institutional positioning, supporting large state-owned financial institutions to become better and stronger, being the main force to serve the real economy and the ballast stone to maintain financial stability, strictly enforcing the access standards and regulatory requirements of small and medium-sized financial institutions, and carrying out distinctive operations based on local conditions". It is expected that with the continuous evolution of "supporting the big and limiting the small", "supporting the superior and limiting the inferior" and "deepening the structural reform of the financial supply side", the concentration of the financial industry will be further enhanced.
Small and medium-sized financial institutions need to realize localization and characteristic operation.The further increase in the concentration of the financial industry means that large financial institutions will realize the nationalization or even internationalization of their business areas and the comprehensive operation of their businesses. Only by taking advantage of their local advantages, small and medium-sized financial institutions can achieve distinctive operations in businesses that have certain comparative advantages compared with the comprehensive business layout of large financial institutions according to their own resource endowments, can they achieve the breakthrough under the improvement of industry concentration.
(C) Business Focus: "Five Great Articles" provide directional guidance for the next stage of financial exhibition industry.
The five articles "technology and finance, Green Finance, inclusive finance, Pension Finance and Digital Finance" mentioned at the meeting contain rich and broad business space, which provides clear guidance for financial institutions in the next stage. On the one hand, all kinds of financial institutions can focus on the five major articles, conduct in-depth research and planning, strengthen innovation based on their respective institutional characteristics and license advantages, continuously improve product supply and enrich service types; On the other hand, financial control group can strengthen business collaboration, promote subsidiaries to play complementary roles in differentiated operations, and cooperate with each other in business promotion to form a unique style of play.
Taking pension finance as an example, trust and insurance companies each have room for innovation in products and services. Trust companies can combine family trust, family trust and pension service, and also innovate pension service trust (such as guardianship support service trust) based on various scenarios of pension. In addition to the traditional commercial endowment insurance products, insurance companies have large exhibition space for personal tax deferred commercial endowment insurance and exclusive commercial endowment insurance. At the same time, trust and insurance institutions also have many opportunities for cross-cooperation. For example, their pension products need to be embedded with the rights and interests of pension services, which involves the screening and cooperation of pension institutions; Another example is the field of pension real estate, where insurance has a long-term financial advantage and trusts have accumulated experience in real estate business.
(IV) Regulatory orientation: firmly take the road of returning to the source and improve compliance risk management.
From comprehensively strengthening financial supervision to preventing and resolving financial risks, the meeting released a signal of strong supervision and strict supervision, which laid the tone for the exhibition industry of financial institutions in the next stage. We believe that the exhibition industry of financial institutions in the future:First, the importance of compliance risk control has increased.At present, the downward pressure on the economy is increasing, and financial risks are gradually exposed. In the past few years, some financial institutions have been affected by risk events, and the development of the whole institution has been in trouble. Therefore, it is particularly important to comply with the exhibition industry and prevent risks in advance in the current environment. Financial institutions should strengthen the awareness of compliance, improve the level of risk control, and keep the bottom line of no major risks.
The second is to firmly take the road of returning to the source.The rapid growth of the financial industry into a high-quality development stage means that the extensive development mode led by scale expansion will become a thing of the past, and financial institutions should shift from "scale" first to "quality" first, enhance their professional ability and attach importance to refined management; This also means that financial institutions should get rid of all kinds of "false innovation" and "false innovation", return to the origin of serving the real economy, and find their own position.
This article comes from: Selected research reports of securities firms.
Plant a football seed.
"Go to Beijing to play football." Xu Jiajia fulfilled a dream of her own.
On July 8, Beijing Workers Stadium, like many famous players who play football here, photos of Xu Jiajia and a group of small teammates were hung in the players’ locker room. On this day, the U13 youth football team in Southwest Guizhou Province and the U12 echelon in Beijing Guoan mixed the competition.
Four years ago, with the help of poverty alleviation cadres, Xu Jiajia entered Luguan Primary School in Xingren City with more than 1,200 students from a rural school in Southwest Guizhou Province. There, she met a teaching policeman from Beijing, was selected for the football team, played well, and was promoted to a key middle school in Southwest Guizhou under the leadership of a "police coach". Last week, she flew to Beijing for the first time and kicked the football into the Beijing Workers Stadium.
On July 8th, the youth football team in Southwest Guizhou took a group photo with the players from beijing guoan football club. Beijing News reporter Wang Fei photo
This is a story about a girl’s dream in an ordinary mountain village, but behind it is a story about a group of people helping another group to ignite hope.
In March 2021 and September 2022, the Beijing Municipal Public Security Bureau sent two groups of 40 policemen with professional expertise to Xingren City and Pu ‘an County in Southwest Guizhou Province to teach football and English for three years. Among them, two groups of 24 football teaching policemen (four remained) continued to popularize campus football, and a total of 22 campus football teams were formed, which led the campus football teams to achieve excellent results in competitions held in the country, Guizhou Province and their counties and cities.
Driven by the planning of the teaching team, the government of Southwest Guizhou established a youth football training base in Xingyi, the capital, and established a "full chain" promotion channel of "primary school-junior high school-high school-university-employment" for outstanding football talents in Southwest Guizhou.
Thirteen-year-old Xu Jiajia has a bigger dream, "Go out of the mountains and go to a better place to study." The teaching police planted a seed in the hearts of children.
On July 5, in the friendly match between the youth football team in Southwest Guizhou Province and the Beijing youth team, Xu Jiajia and his teammates embraced and cheered after the goal. Beijing News reporter Wang Ying photo
"I’m going to play football in Beijing."
In June in Guizhou, honey plums are in full season, and the branches and leaves of plum trees are pressed by fruits. When the wind blows, they sway gently with the rustling sound.
"I’m going to play football in Beijing." Children’s cheers came from the distance. Xu Jiajia, with neat short hair and a tanned face, ran home, followed by two "police coaches" from Beijing.
The yard was lively in an instant. Mother Lin Yi-fen rubbed her hands nervously, and her feet were busy, bringing washed plums for a while, touching eggs in the chicken coop, picking bacon from the beams, and then diving into the kitchen to get busy; Father Xu Shenggui told the two coaches that he had a strong accent and a fast speech, and repeatedly said, "Jia Jia has bothered you."
The 13-year-old Xu Jiajia is the only child in the village who went to Xingyi, the capital of Southwest Guizhou Province, to attend a public junior high school. She got good grades and was selected for the U13 women’s football team in Southwest Guizhou Province, and will soon go to Beijing to participate in the youth football summer camp. More than two years ago, she often skipped classes, was the "big sister" among children of the same age, and was also a "problem student" that made teachers have a headache.
In those days when she felt ashamed and regretted in retrospect, Jia Jia met Song Xiaochuan, a policeman who came to teach. He is like a light, shining into Jiajia’s life.
In 2021, the children who have just been elected to the football team are training. The former one in the picture is Xu Jiajia. Photo courtesy of respondents
On March 18th, 2021, the first batch of 18 teaching policemen from Beijing Public Security Bureau went to 6 schools (3 primary schools and 3 junior and senior high schools) in Xingren City and Pu ‘an County, Southwest Guizhou Province, and started the fixed-point assistance and teaching work. Song Xiaochuan and his partner set up a football team in Luguan Primary School in Xingren City.
Song Xiaochuan found that Jia Jia is a good prospect. In the fifth grade, she runs fast, has good physical fitness, is smart and has a strong understanding. She was not only selected for the team, but also selected as the captain.
After more than a year, these children, who didn’t even know what football was at first, sweated day after day on the training ground and learned to pass, dribble and shoot a little bit … They represented Luguan Primary School in Xingren Campus Football League and won many championships.
Xu Jiajia was selected for the training team in Southwest Guizhou, together with 15 male players and 11 female players brought by the teaching police. They can go to Xingyi, the capital of Southwest Guizhou, to attend junior high school.
The opportunity is just around the corner, but Jia Jia’s father is in trouble. When he received a phone call from his daughter, Xu Shenggui was blinded. He was working in a rubber factory in Taizhou, Zhejiang Province, and he needed to do a good job.
The Xu family had five children, and Jia Jia was the youngest. Including her, three children were studying at that time. Reading needs money. His wife Lin Yifen has liver disease, and seeing a doctor needs more money. A family of seven lives by farming, raising pigs and Xu Shenggui doing odd jobs. And to go to Xingyi City to study, you have to spend an extra sum of money every month.
On July 1, Xu Jiajia’s mother Lin Yifen (first from the right) talked about Jiajia’s going to Beijing, smiling. Beijing News reporter He Junyi photo
Without hesitation for too long, Xu Shenggui quickly called Jia Jia back. "Go, you have to endure it at home no matter how difficult it is." In the depths of this mountain, reading is a top priority for ordinary farmers. Xu Shenggui has always regretted that she couldn’t go to junior high school because she couldn’t afford the tuition in 90 yuan, and felt even more sorry for her eldest daughter who was admitted to the university but voluntarily gave up choosing to work.
Xu Jiajia is very lucky. She met many "distinguished people" on her way to school. In the third grade, the resident poverty alleviation cadre and Xu Shenggui proposed to send Jiajia and her brother to Xingren City to study, and helped them contact the school. The two brothers and sisters just entered the city, and Jia Jia also had the opportunity to become a student of Song Xiaochuan.
"Go to a better place to study." It is the hope that the children of this family will walk out of the mountains. Jia Jia has gone further and further, and can go to Beijing to play football. Her parents are not at ease and keep telling her, "Listen to the coach and don’t get hurt during the game."
"Show them the outside world"
After teaching for more than two years, the "police coaches" from Beijing have established a football team from scratch in their respective schools, and they have also gained good results.
The police promoted the establishment of a football association in Pu ‘an County, achieving the goal of having a football association in the whole state of southwest Guizhou. Xingren Phoenix Middle School established the first high school women’s state-level team in Southwest Guizhou. At the 11th Sports Meeting of Guizhou Province held in August, 2022, it won the sixth place in women’s group A, which is the best result in Southwest Guizhou since the resumption of the provincial sports meeting in Guizhou Province. In the 2022 Youth Football Invitational Tournament in Central and Western China, two U12 football teams led by teaching police won all four games, and stood out among 20 teams from 9 provinces and won the first prize …
Walter WANG and Zhang Jinan led the women’s football team of Phoenix Middle School to participate in the competition on behalf of Southwest Guizhou. Photo courtesy of respondents
At the beginning, it was difficult to find a few children who had been exposed to football in the school. The brand-new playground, the newly-sodded standard football field and the shiny metal goal were just places to run and climbing tools in the eyes of children.
In order to set up the first high school women’s state-level team in Southwest Guizhou, Walter WANG, a policeman who teaches teaching, and his colleagues drove from place to place to find someone, and accumulated more than 5,000 kilometers of mountain roads. Finally, 28 junior high school graduates were selected in Xingyi, Xingren, Anlong, Zhenfeng, Wangmo and other counties (cities) and arranged for them to go to Phoenix Middle School for study and training.
Most of these children’s academic performance is not excellent, their family conditions are also very difficult, there are many brothers and sisters, their parents work outside the home all the year round, and even some children have taken on the burden of raising their brothers and sisters. Bellome is one of them. After being elected, her family didn’t allow her to play football.
"What’s the use of playing football?" Teaching police have been questioned more or less like this. They patiently explained, "There are many different paths in life, and football may open a window for children." When they have time, they will also visit their homes to persuade parents who are worried. With the joint efforts of the coach, the Wangmo county government and the staff of the Education Bureau, Bellome finally appeared in the training ground.
Walter WANG on the training ground is strict and unsmiling. Beijing News reporter He Junyi photo
Being a teacher is a big challenge for the police. Cai Shuo, a policeman who teaches at Longxi Shiyan School in Pu ‘an County, has a "headache" student named Chen Jinfang. The little girl is a versatile player with good physical fitness and strong explosive power, but she is too introverted and shy.
For a long time, Jin Fang never looked up, didn’t talk and didn’t respond to the coach during training. Cai Shuo was anxious to ask a few words, and she cried. Cai Shuo, who was less than 30 years old, was helpless in the face of such a small child.
When he first arrived at Longxi Shiyan School in Pu ‘an County in 2021, Cai Shuo was guiding the children to train. Photo courtesy of respondents
A year and a half later, Cai Shuo learned about her psychological state at that time in Chen Jinfang’s letter to him. "I don’t know anything about football, I don’t know how to play, how to stop the ball, and how to defend, just like a baby facing a fresh world …"
In this brand-new football world, coaches teach children the rules and skills of football hand in hand and take them into a broader world.
Walter WANG and his colleagues tried their best to "beg for alms", helping the children with clothes, football, backpacks and other subsidies, adding meals to them by stewing beef and chicken legs on weekends, and also raising various expenses such as transportation, accommodation and so on when going out for competitions. "Take them to see the outside world."
"I can do it!"
Football training is a hard job, and the ultimate pull of body and perseverance can be exchanged for progress.
Every training, Xu Jiajia tried her best to run on the court. "She dares to fight and rob," Song Xiaochuan said, which is Jia Jia’s advantage.
Xu Jiajia (right) and her teammates strengthened their training in order to welcome the friendly match of Beijing Summer Camp on July 4th. Beijing News reporter He Junyi photo
She still has an indomitable spirit. When she first entered junior high school, Jia Jia underwent two operations on gastroenteritis and appendicitis, and her training and study fell behind a lot. The former captain of Luguan Primary School was no longer conspicuous in the "master as a cloud" state team. Shi Miao, who is the physical fitness coach and life coach of this team, can see that Jia Jia is a little frustrated, but she is still trying to catch up.
On June 29th, in a training on the eve of going to Beijing for a youth football summer camp, Jia Jia started a low-grade fever, and her face was red and sweaty, but she still didn’t want to take time off. "I can’t delay any longer." After biting her teeth for two hours, she was still exhausted and almost fainted in the turn-back running event at the end of the training. When Miao forced her to have a rest, she sat on the sidelines and drank water to cool down. Jia Jia gasped and watched her teammates training, and her brow twisted tightly.
Xu Jiajia once said that since joining the football team, life has become more specific. "Fight hard and win."
Every time after training, Walter WANG is often hoarse and exhausted. Beijing News reporter He Junyi photo
But "winning" is by no means the only thing that the coach wants to pass on to the children. In addition, there are self-confidence, persistence and faith.
No team is sure to win or lose, especially for the newly formed team, losing is inevitable. Falling down and conceding goals again and again are all regarded by Bellome as a ditch on the road to success. If you get up and cross over, you will always make progress.
In the 2021 Guizhou Football Association Cup Youth Football League, the Phoenix Middle School Women’s Football Team won the eighth place, and seven players won the national second-class athletes’ places, including Bellome, which is a great help for her to get into a sports professional college in the future.
After Chen Jinfang was selected as the goalkeeper of the state team in Southwest Guizhou, it was like a different person. Cai Shuo was sure at that time that Jin Fang’s past performances came from his lack of self-confidence. "Until she participated in the selection in the state, she found that she was still the best, and she really never cried again. In the past, I made a detour, but now I dare to’ provoke’ me.’ Coach, you can’t run, so you’re not as fast as me.’ "
In the summer of 2022, Chen Jinfang (3 from the right in the back row) was selected to the Southwest Guizhou Women’s U12 Training Team, and the team members took a group photo with coach Tang Yongxin. Photo courtesy of respondents
The little girl crying on the football field is gone. Chen Jinfang is very hard-working in training, which she attributes to her childhood exercise. She has three sisters and a younger brother, who is born dumb. His parents take him everywhere for medical consultation. Young Chen Jinfang has to walk alone for more than an hour to go to school every day, from dawn to dawn. Since the third grade, she has to wash and cook, feed pigs and chickens when she comes home, until now.
In the past, Xu Jiajia would cry when she cut off her shoulder-length hair. Now, in order to facilitate running, she severely cut her ear’s short hair again, exposing her ears and forehead.
"I can bounce more than 500 balls in a row." "I got the seventh place in my class in this exam." Xu Jiajia constantly reported good news to Song Xiaochuan. "When she first started training, she couldn’t jump a ball. She had to practice for three or five consecutive times for a long time." Song Xiaochuan didn’t ask Jia Jia how she worked hard to reach this level, and Jia Jia wouldn’t pull him to complain and be tired.
"Look, I can do it!" The children proved themselves with solid achievements.
The baton of dreams
In July 2022, 14 of the first batch of 18 policemen returned to Beijing after teaching. Song Xiaochuan left, too. Before he left, he handed Xu Jiajia over to the remaining Walter WANG, Wang Haonan and the second batch of Shi Miao and Tong Jixiang who came to teach.
The coach was catching the bat, but the training never stopped. Walter WANG on the football field is a "tough character". He is uncompromising. He starts training at six o’clock in the morning, but the thunder can’t move. It rains in winter and turns into ice, and it is humid and sultry in summer. But he insists on "being late will be punished", and girls will be more demanding when they complain that they are tired. It seems that he will never be satisfied with their performance.
At 6 o’clock every morning, it is still dawn, and the girls have appeared on the playground of Xingyi No.5 Middle School. Beijing News reporter He Junyi photo
In Chen Jinfang’s eyes, Cai Shuo, her first coach, belongs to the type of "keeping things quiet", Walter WANG, the coach of "King", is like a strict "old father", and Wang Haonan, the coach of "Xiao Wang", can understand her without saying much, and always speaks a word in her heart at critical times … She sets the funny photos of the coaches as her own mobile phone screensaver.
Many of the concerns of "old fathers" are in places where children can’t see them. In private, Walter WANG talked about the difficulty of children when everyone met. "I learned to wash and cook when I was very young. I didn’t have parents to take care of me. My family’s conditions were not good, and my nutrition couldn’t keep up. Look at this calf muscle. Going out to compete is a lot worse than others."
After leaving southwest Guizhou, Song Xiaochuan was entrusted by his friend to deposit 300 yuan money in Walter WANG every month as a living allowance for Jia Jia. He repeatedly told Jia Jia, "Just rest assured, study hard, and don’t fall behind in football and culture classes."
Jia Jia couldn’t bear to part with him. She watched the video produced by Song Xiaochuan when he left after teaching. Every frame in it was a memory of training and competition together in the past. She buried herself in tears and made an agreement with her coach: "I’m going to Beijing to go to college, and we’ll see you there."
I didn’t expect to meet you so soon. On July 6th, just after the friendly match with the Beijing team, Xu Jiajia saw the coaches who were hiding off the court and wanted to surprise them. She rushed to Song Xiaochuan and asked him repeatedly, "Did you see that we won the game?"
July 6, Beijing,Song Xiaochuan (left), Tang Yongxin (middle) and Zhang Jinan watched the children nervously outside the stadium. Beijing News reporter Zhang Jingyu photo
Song Xiaochuan doesn’t talk much on weekdays, unlike children who express their emotions so enthusiastically, but he will still "break the defense" for such a moment. He looked at the child in front of him, who hadn’t been eager to "take credit" for him for a year, and saw that she had grown taller and made progress, which was very comforting.
On the title page of the English book for Xu Jiajia, Song Xiaochuan wrote the following sentence: "I hope you will stick to your dream and make efforts to realize our agreement. See you in Beijing in the future! "
He knows that the seeds of hope have been sown, and these seedlings are stubbornly absorbing nutrition and striving for progress.
From March 2021 to now, with the relay help of two groups of teaching policemen from Beijing Public Security Bureau, and with the strong support of physical education and public security departments in Guizhou Province and Southwest Guizhou, two players have been rated as national first-class athletes, 38 players have been rated as national second-class athletes, 6 players have been selected into Guizhou Youth Training Team and studied in Guiyang Experimental School, and 45 players have been selected into Southwest Guizhou Youth Training Team and studied in Xingyi No.5 Middle School.
Children’s dreams have taken on a more concrete shape. Cai Shuo’s students said to him, "Coach, my life has never been so wonderful before you came. I will go to college like you, be a policeman and teach football."
年轻的支教民警佟吉享记得，初来时，他问孩子们的梦想是什么，一个女孩当时说，“想在我们村开小卖部。”一年后，她的梦想变成了——“我要考军校，做一名军人。”
7月10日，夏令营临近结束，孩子们在天安门广场观看了升旗仪式。仪式结束后，一个女孩张开双臂迎接朝阳。新京报记者 王嘉宁 摄
采访中，陈进芳端着一张娃娃脸像个小大人一样说，“我真幸运，你说这不就是命运被改变吗？”
机会抓住就不想放开。在学校时，每天早起训练，放假在家，一样不懈怠。清晨5点半，陈进芳准时起床，绕着村里的山路跑半个小时，风雨无阻。“我有梦想，这是我自己的事。”
“你的梦想是什么？”
“进国足。”陈进芳脱口而出。
足球就像一束光，照亮了孩子们的前路。王钢说，他愿意做那个领路人，“不论孩子们是否会走上职业球员的道路，他们对足球的热爱，对体育精神的理解，对自己命运的改变，都会传递给下一代。队员的希望像种子一样落在大地上，整个地区才会发展得越来越好，这才是真正的‘志智双扶’。”
新京报记者 张静姝 编辑 刘倩 校对 张彦君
Epic deal, the Lakers offer Harden 5 for 1.
5 for 1, Harden will join the Los Angeles Lakers. Recently, according to American media reports, the Los Angeles Lakers made a deal negotiation with the management of the 76ers. They are willing to offer Hakimura, Vincent, Vanderbilt and Russell, as well as the second round of draft picks to get Harden, and the 76ers are also evaluating the deal, and it is expected that a consensus will be reached soon.