标签归档 苏州喝茶资源分享

Corolla in Taizhou is being discounted, the latest offer 84,800! Limited time special offer

Welcome to [Autohome Taizhou Promotion Channel], we bring an exciting news! The high-profile models are undergoing an unprecedented promotion in Taizhou. The maximum discount is as high as 35,000 yuan, which means that consumers have the opportunity to buy this classic compact car at a lower price. The starting price has been adjusted to 84,800 yuan, providing consumers with a very attractive choice. To seize this car purchase opportunity, be sure to click the quotation form below to carry out the "Check Car Price" operation, let’s explore more preferential space together.

台州地区卡罗拉正在优惠,最新报价8.48万!限时特惠

The Corolla has won the hearts of consumers around the world with its classic exterior design. The front face features a family-style delicate grille with smooth lines, which complement the LED headlights, showing a simple and powerful style. The body lines are full of movement, and the overall shape is both stylish and stable, in line with the aesthetic needs of modern urban consumers. No matter which angle you look at it, the Corolla conveys an aesthetic concept of refinement and practicality.

台州地区卡罗拉正在优惠,最新报价8.48万!限时特惠

With its streamlined body design, the Corolla presents an elegant profile on the side. The body size is 4635mm*1780mm*1455mm and the wheelbase is up to 2700mm, ensuring a spacious interior and good stability. The front and rear wheelbases are 1527mm and 1526mm respectively, further optimizing the ride performance. The combination of the two-tone 195/65 R15 tires with the rims not only provides good grip, but also gives the vehicle a unique sense of style. Overall, the Corolla’s side design is both functional and beautiful, highlighting its high-quality image as a family sedan.

台州地区卡罗拉正在优惠,最新报价8.48万!限时特惠

Corolla’s interior design is mainly simple and practical, focusing on comfort and functionality. The center console adopts an 8-inch high definition touch screen, which is convenient for the driver to operate and integrates a multimedia system to provide a clear and intuitive interface. The steering wheel is made of plastic material. Although it is not a high-grade material, it ensures a good grip and lightness. The steering wheel supports manual up and down + front and rear adjustment to adapt to the needs of different drivers. There is a USB interface in the car, which is convenient for passengers to charge and entertain. The seats are made of fabric material to provide a good riding experience. The main seat supports front and rear adjustment, backrest adjustment and high and low adjustment (2 directions), ensuring the personalized comfort needs of drivers and passengers. The overall interior design is designed to create a relaxed and practical driving environment.

台州地区卡罗拉正在优惠,最新报价8.48万!限时特惠

The Corolla is powered by a 1.2T turbocharged engine with 116 horsepower output and a maximum torque of 185 N · m. This engine is matched with a CVT continuously variable transmission (analog 10th gear), providing smooth power transmission and fuel economy.

Overall, the Autohome owner’s satisfaction with the Corolla is palpable. He particularly appreciates the vehicle’s fuel economy, which allows him to easily handle daily expenses, which is undoubtedly a huge economic advantage for the working class. The 100-kilometer fuel consumption as low as 4.7L, as well as the vehicle’s excellent exterior design and strong starting performance, all make the Corolla meet the practicality and also show the good driving pleasure. Such a comprehensive experience undoubtedly makes the owner’s evaluation of the Corolla Duo more firm.

The Supreme Court announced a typical case of consumer rights protection on June 15

directory

1. Yin Chongyi v. Wuhan Hanfu Supermarket Co., Ltd. Hanyang Branch Sales Contract Dispute

2. Liu Xin v. Shaanxi Lixin Pharmacy Sales Contract Dispute

3. Wang Xin v. Xiaomi Technology Co., Ltd. Online shopping contract dispute

4. Li Xiaodong v. Jiuxian.com e-commerce joint stock company online shopping contract dispute case

5. Yang Bo v. Bayannaoer Hezhong Yuantong Express Co., Ltd. Wulat Qianqi Branch and Fu Yingchun Online Shopping Contract Dispute

6. Fan Jianwu v. Guangdong Provincial Cultural Relics General Store Sales Contract Dispute

7. Yu Aoyong v. Bi Liping Product Seller Liability Dispute

8. Wang v. Beijing Yiluyou Baby Products Co., Ltd. Service Contract Dispute

9. Wu Junmei v. Zhejiang Pingyun Commercial Trading Co., Ltd. Sale and Purchase Contract Dispute Case

10. Wang Yi v. Tianjin Zhongjin Peixian Automotive Service Co., Ltd. Dispute over the sale contract

I. Yin Chongyi v. Wuhan Hanfu Supermarket Co., Ltd. Hanyang Branch for a dispute over a sales contract

– An operator selling expired food is an act of selling it knowing that the food is unsafe. Consumers have the right to request a refund of the payment and pay ten times the price for compensation.

(1) Basic case

On June 17, 2013, Yin Chongyi paid 251 yuan to Wuhan Hanfu Supermarket Co., Ltd. Hanyang Branch (hereinafter referred to as Hanfu Supermarket) to buy a box of Taohuaji Ejiao cakes. The production date stated on the outer packaging of the food was August 7, 2012, and the shelf life was 10 months. After purchasing, Yin Chongyi found that the food had passed the shelf life, and asked the supermarket to return the goods to no avail. He then sued the People’s Court of Hanyang District, Wuhan City, Hubei Province, requesting Hanfu Supermarket to refund the payment of 251 yuan, compensate 2510 yuan ten times the payment, pay 3,000 yuan for transportation and 3,000 yuan for spiritual comfort.

(2) Referee results

The court of first instance held that the shopping invoice provided by Yin Chongyi could prove that he had established a sales contract relationship with Hanfu Supermarket. It was determined whether the Taohuaji Ejiao cake that Yin Chongyi now held that had expired and based on which he filed a lawsuit was the product sold by Hanfu Supermarket at that time. First of all, Yin Chongyi provided the actual product and the shopping invoice, which completed the burden of proof to prove that consumers shopped, and Yin Chongyi reported the situation to Hanfu Supermarket on the day of purchase and requested a return. The two parties failed to negotiate and appealed to the Hanyang Branch of Wuhan Administration for Industry and Commerce on the same day. Yin Chongyi reported the product quality problem in a timely manner. Although Hanfu Supermarket argued that the expired Peach Blossom Ji Ejiao Cake that Yin Chongyi requested to return was not provided by Hanfu Supermarket, it did not submit to the court the evidence of purchase at the same time to prove that it was not sold by Hanfu Supermarket, and the Peach Blossom Ji Ejiao Cake provided by Yin Chongyi was not a batch of products. Hanfu Supermarket cannot provide complete food purchase inspection records and should bear the burden of proof. Its sale of food beyond the shelf life is prohibited by law. Accordingly, the court of first instance, in accordance with Article 96 of the Food Safety Law, ordered Hanfu Supermarket to refund the payment of 251 yuan, compensate 2510 yuan ten times the payment, and compensate Yin Chongyi 500 yuan for transportation expenses. Hanfu Supermarket appealed on the grounds that the facts found in the original trial and the applicable law were wrong. Wuhan Intermediate People’s Court 2nd-round Moderation held that Hanfu Supermarket’s claim that the goods involved in this case were not sold by it, but it could not provide sufficient evidence to prove it, and it had no objection to the shopping invoice issued by Yin Chongyi, so it did not support its claim. Hanfu Supermarket’s sale of expired food is prohibited by law and should be liable for compensation according to law. The court did not support the claim that it did not deliberately sell expired food and should not be liable for compensation, and the judgment upheld the original judgment.

Liu Xin v. Shaanxi Lixin Pharmacy Sales Contract Dispute

– The operator sells health food with counterfeit other batches, which is the sale of food that is known to be unsafe. Consumers have the right to request a refund of the payment and pay ten times the price for compensation.

(1) Basic case

On October 19, 2012, Liu Xin paid 280 yuan to Shaanxi Lixin Pharmacy (hereinafter referred to as Lixin Pharmacy) to buy 4 boxes of "Fast Slimming and Weight Loss Capsules". The product packaging indicated that the approval number was Weishijianzi (2003) No. 0129. After Liu Xin purchased it, it was unopened and uneaten. After logging on to the website of the State Food and Drug Administration, he found no relevant information on the product. According to the approval number Weishijianzi (2003) No. 0129 indicated on the product packaging, it was found that the name of the health product under this number approved by the Ministry of Health of the People’s Republic of China was: "Qiaomei Brand Weight Loss Capsules". Liu Xin believed that the health food he purchased was not registered with the State Food and Drug Administration and should be an unqualified counterfeit product. Therefore, he sued the People’s Court of Lianhu District, Xi’an City, Shaanxi Province, requesting Lixin Pharmacy to refund 280 yuan and ten times the purchase price of 2,800 yuan.

(2) Referee results

After trial, the court held that the "fast slimming and weight loss capsules" sold by Lixin Pharmacy were health food, and the approval number marked on the food was inconsistent with the product name "Qiaomei brand weight loss capsules" of the same approval number on the website of the State Food and Drug Administration. Lixin Pharmacy also failed to provide supporting documents for the production of the product. Article 5 of the "Health Food Management Measures" stipulates: "All foods claiming to have health care functions must be reviewed and confirmed by the Ministry of Health"; Article 21, Item 5 of the Measures stipulates: "Health food labels and instructions must comply with relevant national standards and requirements, and indicate the health food approval number". The health food "Quick Slimming and Weight Loss Capsules" sold by Lixin Pharmacy is a product with a fraudulent approval number, and its behavior violates the above provisions. Lixin Pharmacy, as a seller, failed to review the relevant approval certificate when purchasing, so that the product entered the circulation link. Its behavior constitutes the second paragraph of Article 96 of the Food Safety Law "Selling food that is knowingly not in line with food safety standards", and should be returned and refunded according to law and paid compensation. The court then ruled that Lixin Pharmacy should refund Liu Xin 280 yuan for the goods and compensate Liu Xin ten times the shopping price of 2,800 yuan. Lixin Pharmacy did not appeal.

III. Wang Xin v. Xiaomi Technology Co., Ltd. Online shopping contract dispute

– If the seller sells goods online with price fraud and induces consumers to buy the goods, even if the quality of the goods is qualified, the consumer has the right to request the seller to "refund one to three" and guarantee compensation.

(1) Basic case

On April 8, 2014, Xiaomi Technology Co., Ltd. (hereinafter referred to as Xiaomi) published an advertisement on its official website showing: 10400mAh mobile power supply, with a special price of 49 yuan for the "Rice Noodles Festival". On the same day, Wang Xin ordered the following two mobile power supplies on the website: Xiaomi Metal Mobile Power 10400mAh silver 69 yuan, Xiaomi Mobile Power 5200mAh silver 39 yuan. After Wang Xin submitted the order, he paid 108 yuan to Xiaomi through Alipay on the same day. On the 12th of the same month, Wang Xin received the above two mobile power supplies and matching data cables. On the 17th of the same month, Wang Xin found that the original data cable using the 5200mAh mobile power supply could not fully charge the mobile phone, so he contacted Xiaomi’s customer service and asked to exchange the data cable. Xiaomi agreed to exchange and has received the data cable. Afterwards, Wang Xin sued the People’s Court of Haidian District, Beijing, on the grounds that Xiaomi had committed price fraud against him, requesting the cancellation of the online shopping contract. Wang Xin returned two sets of mobile power supplies involved in the case to Xiaomi, and requested Xiaomi to: 1. Compensation for Wang Xin 500 yuan; 2. Refund Wang Xin’s purchase price of 108 yuan; 3. Pay Wang Xin’s courier fee of 15 yuan; 4. Compensation for Wang Xin’s transportation, printing, and copying fees of 100 yuan.

(2) Referee results

The court of first instance held that the online shopping contract involved in the case was valid, Xiaomi’s behavior did not constitute fraud, and Wang Xin’s lawsuit request was insufficient, so the judgment rejected his lawsuit request. Wang Xin refused to accept it and appealed to the Beijing First Intermediate People’s Court, claiming that Xiaomi had advertised the original price of 69 yuan a week in advance for the "Rice Noodles Festival" to sell for 49 yuan, deceiving consumers to queue up to buy. The advertisement was still there on the day of sale, but the goods were sold for 69 yuan. Xiaomi set a regular panic buying for online shopping, and the panic buying time was less than 20 minutes, which constituted price fraud. The 2nd-round Moderation Court held that the online shopping contract involved was valid, and consumers had the right to arm’s length transaction and the right to know about the goods. Due to the particularity of Xiaomi’s online panic buying sales method, the advertisement is directly linked to the panic buying interface of the product and consumers need to express their intention to buy in a short period of time. Wang Xin agreed with Xiaomi’s advertising price of 49 yuan, so the price of panic buying on the day of the "Rice Noodles Festival" should be 49 yuan. However, as can be seen from the order details on Xiaomi’s website, Wang Xin placed an order at 14:30 on April 8, 2014, and the price of the 10400mAh mobile power supply in the order was 69 yuan instead of 49 yuan. Xiaomi now acknowledges that there is an error displayed on the activity interface of Xiaomi Mall, and there is an inconsistency between the advertising price and the actual settlement price, but it is interpreted as an error in the computer background system. Since Xiaomi did not make a statement to consumers on the Internet about the error in its background after the fact, and it had no evidence to prove that its computer background failed on the day of the "Rice Noodles Festival", the 2nd-round Moderation Court found that Xiaomi had deliberately defrauded consumers. Wang Xin’s request for fraudulent request to revoke the contract for the 10400mAh mobile power supply was reasonable. For the other power supply, both parties agreed to terminate the contract, and the 2nd-round Moderation Court granted it. Accordingly, the court ruled that Wang Xin returned the above two mobile power supplies to Xiaomi Company according to law, and Xiaomi Company guaranteed compensation to Wang Xin of 500 yuan, refunded Wang Xin’s payment of 108 yuan, and rejected Wang Xin’s other claims.

Four, Li Xiaodong v. Jiuxian.com e-commerce joint stock company online shopping contract dispute case

– The e-commerce company, as a seller, has fraudulent behavior in the process of using other people’s networks to sell goods. After the transaction, it reaches a compensation agreement with the consumer and fails to fulfill it. The consumer has the right to request the seller to bear compensation liability in accordance with the agreement.

(1) Basic case

On August 9, 2012, Li Xiaodong bought 6 bottles of Baijiu sold by Jiuxian.com e-commerce joint stock company (hereinafter referred to as Jiuxian.com) on Taobao. The online product page described it as [Baijiu China Famous Brand 52 Degrees Wuliangye (1618) 500ml Special Price], and the transaction price was 8349 yuan. After the transaction was completed, Li Xiaodong checked the above webpage and found that the Baijiu purchased in Jiuxian.com’s Taobao store won the bidding of the product "special price and original price" equal, so he reported it to the Beijing Price Reporting Center. Afterwards, Li Xiaodong and Jiuxian Company reached a "Understanding Agreement", agreeing that the two parties would complete the return and refund procedures within 5 days after the signing of the agreement. Jiuxian Company compensated Li Xiaodong 8,394 yuan, and if one party breached the contract, it would bear 20% of the total amount of liquidated damages. Because Jiuxian Company failed to fulfill the agreement, Li Xiaodong sued to the People’s Court of Binhai County, Jiangsu Province, requesting Jiuxian Company to compensate 8,394 yuan and bear liquidated damages of 1678.8 yuan.

(2) Referee results

The court under suit held that business operators should follow the principles of voluntary, equal, fair, and good faith when conducting transactions with consumers. In the course of transactions, business operators should provide consumers with true information about the goods and must not make false propaganda. In the course of online transactions in this case, Jiuxian Company misled consumers by selling special goods online. Its behavior constituted fraud and should bear legal responsibility according to law. Li Xiaodong reached an understanding agreement with Jiuxian Company in the process of claiming compensation. Because Jiuxian Company failed to perform its obligations in accordance with the agreement, its behavior constituted a breach of contract and should bear the liability for breach of contract. Therefore, Li Xiaodong’s lawsuit request for Jiuxian Company to perform its compensation obligations in accordance with the agreement complies with the law and should be supported according to law. After being legally summoned by the court of appeal, Jiuxian Company refused to appear in court to participate in the lawsuit without justifiable reasons, which was regarded as giving up its right to defend and should bear the unfavorable legal consequences. The court ordered Jiuxian Company to pay Li Xiaodong 8,394 yuan in compensation and 1,678.8 yuan in liquidated damages, totaling 10,072.8 yuan. Jiuxian Company did not appeal.

V. Yang Bo v. Bayannaoer Hezhong Yuantong Express Co., Ltd. Wulat Qianqi Branch and Fu Yingchun Online Shopping Contract Dispute

– If the goods purchased online by the consumer are falsely claimed by others during the delivery process, and the consumer claims that the seller and the deliveryman jointly bear the liability for compensation, the seller shall bear the liability for compensation according to the principle of relativity of contract.

(1) Basic case

On March 19, 2013, Yang Bo purchased a computer worth 15,123 yuan from Fu Yingchun’s electronic business department in the form of online shopping. After placing the order, the payment and postage of 95 yuan have been paid to Yingchun. On the same day, Fu Yingchun entrusted Wulateqianqi Branch of Bayannaoer Hezhong Yuantong Express Co., Ltd. (hereinafter referred to as the courier company) to deliver the goods. The goods arrived at the delivery place on the 24th of the same month and were falsely claimed by others. To this end, Yang Bo repeatedly asked Fu Yingchun to deliver the goods unsuccessfully, and then sued the People’s Court of Wulateqianqi, Inner Mongolia Autonomous Region, requesting that the courier company and Fu Yingchun compensate 15,123 yuan for the computer payment and 95 yuan for the postage.

(2) Referee results

The court held that Yang Bo purchased goods from Fu Yingchun in the form of online shopping, and paid the payment and postage to Fu Yingchun. Fu Yingchun, as the shipper, entrusted the courier company to deliver the goods to Yang Bo, forming the online shopping contract relationship and the transportation contract relationship respectively. From the perspective of the respective rights and obligations of the parties, in the online shopping contract, Yang Bo has paid the payment and postage through online banking, fulfilled the consumer’s payment obligation, and Fu Yingchun, as the seller, has the obligation to deliver the goods to Yang Bo according to the contract. Although Fu Yingchun has handed over the goods to the courier company for shipment, during the transportation process, the courier company’s staff handed over the goods to others for receipt without verifying the identity information of the other party during delivery. The seller Fu Yingchun has not completed the delivery obligation of the goods, which constitutes a breach of contract. Therefore, Yang Bo’s request for Fu Yingchun to compensate 15,123 yuan for the paid computer payment and 95 yuan for postage should be supported. According to the principle of relativity of the contract, the contract only binds the parties to the contract. The courier company’s wrong delivery of the goods to others belongs to the transportation relationship between Fu Yingchun and the courier company. The courier company should not be liable for compensation in this case, so Yang Bo’s request that the courier company should be liable for compensation is not supported. The court ordered Yingchun to compensate Yang Bo 15,123 yuan for the computer payment and 95 yuan for the postage. None of the parties appealed.

Fan Jianwu v. Guangdong Provincial Cultural Relics General Store over a dispute over a sales contract

– The seller sells the ordinary pomegranate jade bracelet as a jadeite bracelet, which constitutes a fraud to the consumer. The consumer has the right to request a return to the seller, and the seller refunds the money to the consumer and pays three times the price compensation.

(1) Basic case

On April 17, 2014, Fan Jianwu bought a bracelet at the Guangdong Provincial Cultural Relics General Store (hereinafter referred to as the Cultural Relics General Store) for 17,100 yuan. The store issued an invoice to him. The invoice stated that the goods were "yqgda-0765 jade bracelet" and the amount was 17,100 yuan. On the 24th of the same month, Fan Jianwu went to the store again to ask for a replacement invoice. The store then withdrew the original invoice and issued a new invoice for Fan Jianwu. The invoice stated that the goods were "yqgda-0765 jadeite bracelet". The purchased bracelet was identified as "water calcium aluminous garnet bracelet" by the Guangdong Provincial Institute of Geological Sciences. Later, at the request of the store, the parties jointly entrusted the Guangdong Provincial Jewelry, Jade and Precious Metals Testing Center to re-identify the bracelet, and the appraisal result was "garnet jade bracelet". Fan Jianwu believed that the Cultural Relics General Store sold ordinary garnet bracelets as jadeite bracelets as fake ones, which constituted fraud. Therefore, he sued the People’s Court of Yuexiu District, Guangzhou City, Guangdong Province, requesting the Cultural Relics General Store to refund him 17,100 yuan and compensate him 51,300 yuan according to law.

(2) Referee results

After trial, the court of first instance held that the sales invoice issued by the Cultural Heritage Store to Fan Jianwu showed that it was a "jadeite bracelet", but it was identified as a "garnet jade bracelet". Although the store argued that it changed the first invoice item "jade bracelet" to "jadeite bracelet" after repeated pleas by Fan Jianwu, from the audio recording evidence provided by Fan Jianwu, the store claimed that the bracelet it sold to Fan Jianwu was made of jadeite, and clearly informed Fan Jianwu that the jade bracelet purchased was made of jadeite. As the operator of the store, the "garnet jade bracelet" was sold to Fan Jianwu as a "jadeite bracelet", which was fake and could be identified as a fraudulent consumer. In accordance with Article 55 of the Consumer Rights Protection Law, the court of first instance ruled that Fan Jianwu returned the bracelet purchased to the main cultural relics store, and the store refunded Fan Jianwu 17,100 yuan for the goods; the main cultural relics store compensated Fan Jianwu 51,300 yuan for three times the price of the bracelet. The Cultural Relics General Store refused to accept it and appealed on the grounds that the facts found in the original trial and the application of law were wrong. The Intermediate People’s Court of Guangzhou City, Guangdong Province, 2nd-round Moderation held that according to the invoice issued by the Cultural Relics General Store and the recording of the conversation provided by Fan Jianwu, it has been fully confirmed that the "jadeite bracelet" it sold to Fan Jianwu has been determined to be a "garnet jade bracelet" after being jointly commissioned by both parties. There is a significant difference in the quality of the goods claimed by the Cultural Relics General Store during the sales process. Therefore, the original court found that its behavior constituted fraud and was not improper. The Cultural Relics General Store argued that its behavior did not constitute fraud on the grounds that the bracelet in dispute had cultural relic value, and Fan Jianwu did not suffer losses, and the reasons were not established. Accordingly, the court upheld the original judgment.

VII. Yu Aoyong v. Bi Liping Product Seller Liability Dispute

– The operator falsely advertises its health care products and induces consumers to buy them, which constitutes commercial fraud. Consumers have the right to ask the operator to refund the payment and pay three times the compensation.

(1) Basic case

On April 16, 2014, Yu Aoyong purchased two sets of Shuangning brand functional health mattresses at the price of 14,100 yuan in Bi Liping, with a specification of 2 meters × 1.5 meters × 0.12 meters. After use, the mattress did not have the functions of preventing cancer, inhibiting cancer cell growth, treating diseases and preventing diseases as advertised by Bi Liping. To this end, Yu Aoyong sued the People’s Court of Weihai Torch High-tech Industrial Development Zone in Shandong Province, claiming that Bi Liping’s behavior constituted fraud, and requested that Bi Liping be ordered to refund the payment of 28,200 yuan and compensate him 84,600 yuan three times the purchase price.

(2) Referee results

After hearing, the court held that Bi Liping recognized the facts claimed by Yu Aoyong, and his behavior constituted commercial fraud, and admitted that he should return the money and pay three times the compensation as requested by the plaintiff. In accordance with Article 55 of the Consumer Rights Protection Law, the court ruled that Bi Liping returned 28,200 yuan for the goods in Aoyong and compensated 84,600 yuan for three times the price of the goods purchased by Aoyong. Bi Liping did not appeal.

Eight, Wang v. Beijing Yiluyou Baby Products Co., Ltd. Service Contract Dispute

– – During the consumption process of using the prepaid card, the consumer card cannot be used because the operator is not operating at the original address, and he has the right to request to cancel the contract and refund the balance of the prepaid card.

(1) Basic case

On September 3, 2013, the baby Wang experienced a swim at Beijing Yilu Tour Baby Products Co., Ltd. (hereinafter referred to as Yilu Tour Company), and his mother paid the Yilu Tour Company a deposit of 100 yuan for the swimming card. On the 5th of the same month, his mother paid the Yilu Tour Company the balance of 2498 yuan for 40 swimming cards (the period is from September 5, 2013 to September 5, 2014). After applying for the card, Wang swam once, but there was no crying phenomenon. During the third and fourth swims, Yilu Tour Company no longer operates at the original address, and Wang’s swimming card can no longer be used. Wang on the grounds that the services provided by Yilu Tour Company did not meet the contract agreement and Wang could not achieve the purpose of the contract, he requested to terminate the contract with Yilu Tour Company and refund the remaining money, but was rejected, and then sued the People’s Court of Fengtai District, Beijing, requesting Yilu Tour Company to return its deposit of 100 yuan and the balance of the swimming card 2387.55 yuan.

(2) Referee results

The court of first instance held that the service contract signed orally between Wang and Yilu Tour Company was valid. The business scope, address and invoice issues of Yilu Tour Company that Wang complained about were irrelevant to the purpose of the contract; the alleged violation of relevant management regulations and the services provided by Yilu Tour Company did not conform to the agreement, and the evidence was insufficient to prove that the purpose of the contract could not be achieved and the actions of Yilu Tour Company had a causal relationship, so the judgment rejected Wang’s lawsuit. Wang appealed that Yilu Tour Company had breached the contract and the contract should be cancelled. The 2nd-round Moderation of the Second Intermediate People’s Court of Beijing held that during the 2nd-round Moderation of this case, Yilu Tour Company failed to appear in court to respond to the lawsuit after being legally summoned, nor did it operate in its place of business and registration, so that the swimming card purchased by Wang could not continue to be used, and the contract could no longer be performed in fact. Wang’s appeal claim for termination of the contract is in line with the circumstances of termination of the contract stipulated in Article 93 of the Contract Law. Accordingly, the court ruled: revoke the judgment of first instance, terminate the service contract between Wang and Yilu Tour Company, and Yilu Tour Company returns Wang’s swimming card fee of 2262.65 yuan and deposit of 100 yuan.

Nine, Wu Junmei v. Zhejiang Pingyun Commercial Trading Co., Ltd. Dispute over sales contract

– The seller installs the air conditioner he sells according to the contract. During the installation process, due to safety hazards that occur inadvertently and cause losses to consumers, he shall bear corresponding compensation liabilities.

(1) Basic case

On April 30, 2008, Wu Junmei purchased a big gold medal air conditioner from Zhejiang Shuangyun Commercial Trading Co., Ltd. (hereinafter referred to as Shuangshi Company), with a total price of 8,051 yuan. The company issued an installation order to Wu Junmei, and sent someone to install an air conditioner at Wu Junmei’s home on May 11, 2008. In August 2013, the floor and wall of Wu Junmei’s living room and adjacent rooms were eroded by water. After inspection by the after-sales staff of Dajin Air Conditioning, it was confirmed that the wall hole where the drain pipe of the air conditioner passed through was not blocked, and the drain pipe at the hole where the mouse bit the wall hole leaked. Wu Junmei repaired the damaged floor, wall and related areas, and the repair cost was not compensated. Wu Junmei then sued the People’s Court of Xiaoshan District, Hangzhou City, Zhejiang Province, requesting that the company be ordered to compensate 14,104 yuan for its losses and pay 10,000 yuan for mental damage.

(2) Referee results

The court heard that the sales contract relationship between Wu Junmei and Ning Company was established and legal and valid. The air conditioner is a kind of refrigeration equipment with high installation specifications. As the seller, Ning Company should not only provide machinery and equipment that meet the quality requirements, but also provide installation services that meet the requirements of the specifications. Whether the air conditioner purchased by Wu Junmei was actually installed by the manufacturer or by the seller, it cannot be excluded that the seller, as the counterparty to the contract, has the obligation to ensure that the air conditioner is in normal use and does not cause damage to personal property. The company failed to exercise reasonable care and failed to ensure that the wall hole through which the air conditioner drain pipe passes is blocked, so that mice can enter the wall hole and bite off the drain pipe, causing water leakage and causing damage to the walls and floors of the house. There was a causal relationship between his failure to properly perform his contractual obligations and the damage results, and he was responsible for the losses suffered by Wu Junmei. As a consumer, Wu Junmei asked the company to compensate for the cost of repairing the floor and wall, and the court supported it. The missed work fee and mental damage consolation money claimed by Wu Junmei lacked basis, and the court did not support it. The court ruled that the company should compensate Wu Junmei for the actual repair cost of 12,175 yuan. The company did not appeal.

X. Wang Yi v. Tianjin Zhongjin Peixian Automotive Service Co., Ltd. Dispute over the sale contract

– The operator sells the recalled car, which constitutes commercial fraud. Consumers have the right to request the refund of the purchased car, and the operator will refund the purchase price and compensate double the purchase price.

(1) Basic case

On September 28, 2013, Wang Yi purchased a small off-road bus of Outlander JE3A2693 from Tianjin Zhongjin Pei Xian Automobile Service Co., Ltd. (hereinafter referred to as Zhongjin Automobile Company) at a price of 249,800 yuan. Zhongjin Automobile Company paid 22,700 yuan for vehicle purchase tax, 225 yuan for vehicle and vessel tax, 1,100 yuan for compulsory motor vehicle traffic accident insurance, and 10,752 yuan for comprehensive motor vehicle insurance, totaling 34,777 yuan. A license fee of 900 yuan was charged. On October 15, 2013, Zhongjin Automobile Company delivered the vehicle to Wang Yi. On February 7, 2014, Zhongjin Automobile Company informed Wang Yi that the vehicle should be recalled. On June 4, 2013, Mitsubishi Motors Sales (China) Co., Ltd. issued a recall notice for some imported Outlander vehicles. The recall period is from June 5, 2013 to June 4, 2014. The scope of the recalled vehicles includes the vehicles purchased by Wang Yi. The defect is caused by the supplier’s manufacturing reasons, resulting in the failure of the components that monitor the internal microcomputer power supply of the electric power steering cgroup parts. There may be consequences such as wrong start of the power monitoring circuit, and there are potential safety hazards. The maintenance measures are to replace the electric power steering cgroup parts (EPS-ECU). Wang Yi then sued the People’s Court of Tianjin Binhai New Area, requesting the return of the car. Zhongjin Automobile Company returned the purchase price of 285,477 yuan and tripled the compensation of 749,400 yuan.

(2) Referee results

The court of first instance held that in this case, the producer had informed the public of the fact that some imported Outlander cars had product defects that should be recalled and the scope of the recall by means of a media announcement. Therefore, the fact that the vehicles in dispute belonged to the vehicles that should be recalled was a matter that had been informed to the public, and there was no concealment. In addition, according to the recall announcement issued by the producer, the defects of the vehicles in dispute could be eliminated by replacing the electric power steering cgroup unit (EPS-ECU) with an improved process, and afterward, Zhongjin Automobile Company took the initiative to inform Wang Yi that the defects of the vehicles in dispute had not been eliminated and that components needed to be replaced, so Zhongjin Automobile Company did not have the intention to conceal this. In summary, Zhongjin Automobile Company’s behavior did not constitute fraud, so the judgment rejected Wang Yi’s lawsuit. Wang Yi appealed on the grounds that the facts of the original judgment were unclear and the application of law was wrong. 2nd-round Moderation of Tianjin Second Intermediate People’s Court held that Zhongjin Automobile Company, as an operator, should know whether the vehicle was within the scope of the recall, and its defense could not be established because it was unaware of the recall of the vehicle involved. Zhongjin Automobile Company concealed the defects of the vehicle and sold it, which constituted commercial fraud. The vehicle sales in this case took place before the amendment of the Consumer Rights Protection Law, so Zhongjin Automobile Company should bear the legal responsibility of "one refund and one compensation". The court’s 2nd-round Moderation judgment: Revoking the first-instance judgment in this case, Wang Yi returned the car to Zhongjin Automobile Company, Zhongjin Automobile Company refunded Wang Yi 249,800 yuan for the purchase of the car, doubled the compensation to Wang Yi 249,800 yuan, and compensated Wang Yi for vehicle purchase tax, etc. A total of 35,677 yuan.

The 10,000th production car is off the assembly line. Why did Geely Galaxy L7 become a hit?

  In the new energy track, every brand aspires to become the market leader, although this road is a bit difficult. However, in recent years, with the unremitting efforts of its own brands, the ceiling is being pierced, and some high-quality models are gradually beginning to reap the fruits of success.

  The latest representative model is the Geely Galaxy L7.

The 10,000th production car off the assembly line, what makes Geely Galaxy L7 a hit? _fororder_image001

  On July 3, Geely Automobile announced that the 10,000th unit of Geely Galaxy L7, the first smart electric hybrid product of the "Geely Galaxy" series, was officially rolled off the production line at the Baoji factory. At present, the order of Geely Galaxy L7 has exceeded 10,000. Since the launch of Geely Galaxy L7 on May 31, it has quickly opened the market in 33 days, from "0" to "10,000". Geely Galaxy L7 represents the new force of Geely’s new energy transformation, and staged a new "Galaxy Speed" on the smart electric hybrid SUV track. It also fully demonstrates Geely’s world-leading intelligent manufacturing system, the technical strength of the whole system, and the ability to change channels that resonate with products.

  What makes Geely Galaxy L7 a hit?

  Geely Galaxy L7 is the first product after the launch of the Galaxy product series. Now the market order is very hot. In such a market, how can it become an instant hit?

  "Geely Galaxy L7 has won the hearts of users with higher value product experience + more sincere product prices." Lin Jie, senior vice president of Geely Automobile Group, said that Geely Galaxy L7 specializes in user pain points.

  The ultimate quality is Geely Galaxy’s practice of "only making high-value new energy vehicles". As an important symbol of Geely Automobile’s comprehensive new energy transformation and the most critical card to promote Geely Automobile’s rapid realization of new energy transformation, Geely adopted the strategy of technology ALL IN at the beginning of the birth of Geely Galaxy L7. Raytheon Hybrid 8848, SHIELD Battery Safety System, Xingrui Smart Computing Center, the new car operating system Galaxy N OS, e-CMA Global Modular Architecture and many other cutting-edge new energy technologies developed by Geely with huge R & D costs have all empowered Geely Galaxy L7. With the support of Geely’s entire system of technical strength, Geely Galaxy L7 has achieved the fastest 6.9s zero-hundred acceleration in the same class, the lowest 5.23L/100km power loss fuel consumption in the WLTC class (NEDC 4.4L/100km), the longest 1370km comprehensive battery life in the same class, and a series of industry-leading safety, technology and comfort standards, establishing a benchmark image in the market as "a new generation of technology electric hybrid SUV safety leader".

The 10,000th production car off the assembly line, what makes Geely Galaxy L7 a hit? _fororder_image002

  Geely Galaxy L7, which is committed to creating a new generation of quality travel experience, is allowing more people to enjoy the quality and strength of the new generation of electric hybrid SUVs. But this high value does not need users to look up to. Priced in the range of 138,700 yuan to 173,700 yuan, Geely Galaxy L7, with the sincerity of "high value popularizer", leads users into the era of electric hybrid that does not need to be settled.

  "Product + Channel" Resonance creates a new service experience

  In addition to product innovation, fully meeting the needs of users, and achieving one step in place, Geely also realized that the resonance between channels and products can accelerate the surge. In early June this year, Geely Galaxy opened 225 exclusive stores at the same time, bringing users a more textured and warmer car buying and use experience with a new channel ecosystem and new service standards. It is expected that this year, Geely Galaxy will achieve a channel scale of 650-700 exclusive stores nationwide. 

The 10,000th production car off the assembly line, what makes Geely Galaxy L7 a hit? _fororder_image003

  Every Geely Galaxy store is a "third living space" that brings together trendy technology and fun of life, making it more convenient for users to buy cars, the service experience exceeds expectations, and is smarter and more user-friendly.

  Users don’t have to go out of town or compare prices when looking at and buying a car. They can not only drive the new car home after eating and shopping, but also bring friends to the store for a break. From a geographical perspective, the new stores are fully close to the core business district and life circle of the user’s living radius, and the car buying experience has achieved a more transparent process and a more unified service standard.

  "In order to serve and support our users with real money, Geely Galaxy must make user satisfaction a standard." Lin Jie said that delivery is only the starting point, and user satisfaction throughout the whole cycle of car use is the ultimate goal of Geely Galaxy L7. At the first batch of car owners’ delivery conference in June, Geely released the "Geely Galaxy Five Service Commitments". Geely Galaxy will work with all Geely Galaxy authorized dealer partners across the country to achieve honest management, professional reception, price transparency, sincere service, and quality assurance, so that every user can get a service experience that exceeds expectations in Geely Galaxy stores.

  With the gradual implementation of Geely Galaxy’s new technologies, new products, new channels and new services, the new generation of quality travel experience led by Geely Galaxy will satisfy more users’ beautiful imagination about future travel. (Geely Galaxy, photo provided)

Take the low-end comfort test Volvo S40 2.0 dual clutch version.

  Having finished the "weakness" of 2.0, let’s take a look at its "strength". If you just drive casually, it’s actually quite comfortable! The steering is not very heavy, and the correction force is also small, which saves a lot of unnecessary fatigue during driving, and female users should like it very much! At the same time, the steering wheel is comfortable to hold, so it would be better if you could add a wooden steering wheel like XC60 or S80L!

Car home Changan Volvo Volvo S40 2.0 Automatic Zia Edition

  Speaking of long events, Powershift is absolutely the most important thing! Fast gear shifting and good ride comfort; Different from the 7-speed, the Powershift of S40 is wet, and the G 7 speed is dry (the 6-speed is wet), and the two have their own advantages!

  The transmission of the wet clutch needs oil as the medium. When shifting gears, the clutch plate will generate friction and heat up. The biggest advantage of the wet clutch is that it helps to control the temperature of the gearbox. For this reason, the wet gearbox will bear more torque. However, because there is oil as the medium in the middle, the power transmission is not as direct as dry.

  The advantage of dry clutch is stronger friction! Torque transmission is direct! The efficiency is also relatively high, but in the face of fierce driving, the heat generated by dry clutch is larger than that of wet clutch, which is not conducive to "squeezing" the vehicle performance for a long time.

Car home Changan Volvo Volvo S40 2.0 Automatic Zia Edition

  So, S40 is a little far from the so-called aggressive driving style, and it has also changed back to a more stable and stable output mode. Indeed, during daily driving, the Powershift dual-clutch gearbox shifts gears very quickly! To put it mildly, drivers sometimes have to rely on hearing to perceive gear shifting.

  Since it is a comfortable positioning, S40 will not have any outstanding performance in driving, which is often "loud voice, little rain". For example, when accelerating sharply, the vehicle will not show any sensitive response. The downshift of the gearbox is very clean, but it is 2.0L that drags the hind legs.

Car home Changan Volvo Volvo S40 2.0 Automatic Zia Edition

  Because the S mode is not designed for the gear, you have to switch to the manual mode if you want to make the S40 dynamic, but if you try, you will know that it must be self-defeating, the gear shift is slow, and the throttle response is weak. Unless the speed is raised, you are worried that the noise will affect the comfort, so just give up …

Car home Changan Volvo Volvo S40 2.0 Automatic Zia Edition

  The performance of the 2.0L engine can only be regarded as sufficient, and the low torque is still true. The power of about 1800rpm can meet the driving in the city, which is also the driving speed given by the Powershift 6-speed gearbox in general. Step on the accelerator a little deeply and increase the speed to about 2300rpm. The feedback of power is a little more sensitive. Within the affordable range of economy, I think this speed range can meet my demand for S40 2.0.

Car home Changan Volvo Volvo S40 2.0 Automatic Zia Edition

  There is a problem that I really don’t understand. When driving at high speed, the driving speed of S40 2.0 Powershift is on the high side (it is very high compared with the general 6-speed gearbox)! Especially at 120km/h, the speed reached 3200rpm! It is not conducive to economy and the interior environment! Since it is 6-speed, why not design the 6th gear as "high-speed advantage"? Frankly speaking, the 1-6 gear ratio of Powershift is designed to be relatively close to ensure the comfort and economy in the city to the greatest extent, but is this too one-sided? I still have reservations …

  Noise:S40 has excellent noise performance. Among them, the rotating speeds of 60km/h and 80km/h are around 2000rpm, which is within the standard range. As we said just now, the rotating speed of S40 2.0 Powershift at 120km/h is somewhat exaggerated. It really takes some skill to control the noise well under the premise of 3200rpm, which is entirely due to the sound insulation and sealing effect of S40, otherwise the rotating speed will definitely exceed the standard!

  Some people buy cars for brands, some people buy cars to save face, some people like comfort, and some people are obsessed with sports. In short, the starting point of choosing and buying is different. Take 320i and S40 2.0 for example, no matter how good the motivation is, as long as they are famous there, they can provide better sports or comfort.

Car home Changan Volvo Volvo S40 2.0 Automatic Zia Edition

  Maybe some people will say that it is better to buy S40 2.0! It’s cheaper and the same platform, and there’s nothing special about power. I don’t think I would be so extravagant, but the person who thinks like this doesn’t fit the description at the beginning of the last paragraph, and it doesn’t belong to the potential users of S40, because you and I are still too practical. (Text/Photo/Photography Meng Qingjia Zuo Xu)

1℃→22℃! Warm and humid air carries rain, so pay attention when you go out on Monday. ……

The weather in Zhejiang is good for two days on weekends.

All kinds of flowers are in bloom.

Travel to enjoy flowers and wash clothes to dry.

Everything can be arranged ~

But the sun shines

The temperature at 11 o’clock will reach above 10℃ in the whole province.

The cold and rainy weather some time ago

It’s completely over.

Temperature difference between morning and evening increases

Friends can use "onion dressing method"

Beware of catching a cold

1℃→22℃,

The temperature rose steadily and reached its peak this day!

But the good weather only lasts until ……

Because Yu Yujun is going to work with us on Monday, it turned to rain in western Zhejiang this evening and spread to the whole province in the middle of the night. On Monday (11th), the whole province will be soaked in rain during the day. Remember to wear rain gear on Monday and go out early in the morning.

The rain will rest temporarily on the 12th-13th, and the temperature in some areas of our province will be above 20℃ on the 12th! The pace of spring is getting closer and closer, the weather changes are more unpredictable, and the rain will come to stay on the 14th to 17th. Friends cherish the sunshine these days.

Zhejiang weather forecast

Today: the western part of Zhejiang is cloudy, and there are showers in the cloudy part in the evening; Other areas are sunny to cloudy, and there are showers in the cloudy part after midnight.

Tomorrow: There will be light rain and some moderate rain in the whole province.

The lowest temperature this morning:

Northern Zhejiang: 1-3 degrees, with frost;

Other areas: 4-6 degrees.

Maximum temperature during the day today:

Coastal areas: 13-15 degrees;

Other areas: 16-18 degrees.

Warm and humid airflow entrains rainwater.

Be careful when you go out next Monday ……

Specific to the weather in Hangzhou, warm and humid air flows have quietly joined the battle. Under the influence of high-level wet areas, there are more clouds over Hangzhou, and the weather will be slightly cooler than yesterday.

March is also the season for the expansion and development of warm and humid air currents.

Although Hangzhou has not yet entered the meteorological spring, don’t worry, spring will always come, and maybe you will hear good news next Monday.

And you see, the charm of spring has gradually emerged, and the next weather process will focus on "short, flat and fast". Warm and humid air currents will bring rain in and out in a hurry, and frequently "send spring waves in secret" to the south of China, and the weather will also quietly bid farewell to winter under the constant attack of warm and humid air currents.

It is expected that there will be a light rain from tonight to tomorrow morning. Although the rainfall duration is not long and the rainfall is not large, it may collide with Monday morning peak.

Monday+morning rush hour+rainy day, friends who have a long commute may have to shake their heads again. Please continue to pay attention to the weather changes and get ready to go out early.

On the afternoon of the 11th, the weather will gradually improve, and it will be sunny again in the afternoon, and the temperature will obviously rise, reaching above 20℃ on the 12th. The next 13-14 days will be dominated by fine weather, and there will be a short shower around the 15th.

Generally speaking, the next week will be sunny and rainy, and the temperature will rise, which is conducive to spring ploughing, spring sowing and spring vegetable picking.

Hangzhou weather forecast

10th (Sunday): cloudy during the day, cloudy with light rain at night, 4 ~ 16℃, easterly wind 3 ~ 4;

11th (Monday): It was cloudy with light rain in the morning, and it stopped raining in the afternoon, with 8 ~ 14℃ and southerly winds of 3 ~ 4;

12th (Tuesday): sunny to cloudy, 7 ~ 21℃, northerly winds 3 ~ 4 and gusts 5;

13th (Wednesday): cloudy, 6 ~ 17℃, easterly wind 3 ~ 4;

14th (Thursday): cloudy to cloudy, 8 ~ 16℃, with a level 3 easterly wind;

15th (Friday): Cloudy to cloudy with occasional showers, 8 ~ 18℃, easterly winds of 3 ~ 4.

Hangzhou Meteorological Observatory released at 11: 00 on March 9.

It is said that "the face of a child in March" changes when it changes. In fact, a major feature of the weather in March is that the pace of weather change has obviously accelerated. After entering the spring in the meteorological sense, the characteristics will be more distinct.

Mao Yanjun, a senior engineer at Zhejiang Climate Center, said that spring is the transitional season between winter and summer. Especially in early spring, winter has just passed, and the cold air force is still very strong, and it erupts southward every few days. In spring, the influence of warm air in the south is increasing day by day. As long as the cold air is slightly weakened, warm air will take advantage of it and the weather will get warmer. This frequent intersection of cold and warm air often makes the weather show the characteristics of hot and cold, rainy and sunny.

The changeable weather is often easy to cause colds. In this season, everyone should add or subtract clothes according to the weather forecast in time.

Original title: "1 C → 22 C! Warm and humid air carries rain, so pay attention when you go out on Monday … "

Read the original text

Zhongyin Fashion: It is estimated that the annual net profit in 2023 will be 17 million to 23 million yuan, down 68.82% to 76.95% year-on-year.

Every AI newsletter,Zhongyin Fashion (SZ 300901, closing price: 8.71 yuan) released its performance forecast on the evening of January 29th, and it is estimated that the net profit attributable to shareholders of listed companies will be 17 million to 23 million yuan in 2023, down 68.82% to 76.95% year-on-year. The main reason for the change in performance was that due to the fluctuation of exchange rate, the company’s exchange income decreased significantly during the reporting period compared with the same period of last year. During the reporting period, the company actively explored the development channels of new retail and new business models in the industrial chain, and added related businesses in the field of e-commerce. Because related businesses are in the initial stage, there are certain losses. At the same time, the company leased two new industrial development bases for the development of new business formats. At present, most of the places are still in the decoration stage, and the rental amortization expenditure is large. During the reporting period, the company launched the employee stock ownership plan, and confirmed the share payment fee in this period.

From January to December, 2022, Zhongyin Fashion’s operating income consisted of: professional technical service industry accounted for 100.0%.

The chairman and general manager of Zhongyin Fashion are Ni Xiuhua, female, 48 years old, with a bachelor’s degree background.

As of press time, Zhongyu Fashion has a market value of 2.1 billion yuan.

1. In the past 30 days, no organization has conducted research on Zhongyin Fashion.

Every headline (nbdtoutiao)-In the face of a maximum sentence of 45 years, well-known rich people pleaded guilty! He’s worth over 54 billion …

(Reporter Zeng Jianhui)

Disclaimer: The contents and data in this article are for reference only, and do not constitute investment advice. Please check before use. Operate accordingly at your own risk.

national business daily

Reporting/feedback

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.

Reporting/feedback

The three cheapest tourist destinations in China, 800 per capita, easy to play, hurry to collect!

The three cheapest tourist destinations in China, with a per capita income of less than 800, can be easily played. Here are the introduction of the Raiders, and collect them quickly!

It takes about 40 minutes to drive from downtown Hangzhou to Qiandao Lake. Starting from the bus station or railway station in the center of Hangzhou, you can take a long-distance bus or train to Qiandao Lake, which takes about 1 hour, and the fare is about 20-30 yuan.

Qiandao Lake is one of the main tourist attractions in Hangzhou, which consists of many islands and clear lakes. It is a paradise for photography and hiking, and there are also many outdoor activities such as rafting and rock climbing. The ticket price of Qiandao Lake is 90 yuan/person, including tickets for cruise ships and islands.

In Qiandao Lake, visitors can visit various natural and cultural landscapes. For example, the beautiful mountain scenery of Range Rover in Mei Feng, the white wall tiles of Longshan Island, the romantic atmosphere of Moonlight Island, the fishermen’s culture of Yule Island, the ascent of Huangshan Peak and the karst landform of Xianshan Peninsula.

In the process of playing, tourists can also experience various tourism activities. Among them, rafting and cable cars are the most popular. Drifting usually takes from 50 yuan to 100 yuan, and cable car sightseeing may take from 30 yuan to 50 yuan. These prices may also change according to seasons and travel companies.

In addition, hangingbridgeOutdoor activities such as rock climbing are also popular, allowing tourists to challenge themselves and release pressure while enjoying the beautiful lakes and mountains.

While enjoying the beautiful scenery and activities, tourists can also taste all kinds of delicious food. Due to the excellent water quality of Qiandao Lake, the local area is rich in all kinds of fresh aquatic products, so the food is mainly fish flavor. Whether steamed, braised or made into soup, the fish in Qiandao Lake are memorable.

In addition, the local chickens, ducks and various green vegetables here are also delicious foods that can’t be missed. Visitors can taste these delicious dishes in local restaurants or night markets.

Shaxi ancient town: Free, located in Jianchuan County, near Dali City. The environment here is comfortable and suitable for experiencing a slow-paced life. The infrastructure in the ancient town is relatively complete, including a book bar, a pub, a coffee shop, etc. You can feel the life of the aborigines.

DaliFree of charge, with a strong historical and cultural background, you can feel the local lively morning market in Nanmen vegetable market or the local people’s life in Beimen vegetable market. There are many food stalls in the ancient city, where you can taste all kinds of special foods.

YunheyiFree, this is the best place to eat, walk and have afternoon tea in Dali in the past year, with green grass, children’s play area and so on, and you can play with your children all day.

ErhaiFree, well worth visiting. You can try cycling or carpooling around Erhai Lake to enjoy the natural scenery along the way. You can also go for a walk in Haishu Park and feel the beauty of nature.

Silent Zhao’ anFree, a beautiful fleshy temple with a beautiful environment. You can experience the quiet environment and beautiful succulents here.

GyejoksanAdult 50 yuan/person, parking fee is 5 yuan/car; If you like to be close to nature, you can go to Jizu Mountain, a famous Buddhist mountain, where you can experience the charm of Buddhist culture in natural scenery.

Emei Mountain is one of the famous Buddhist mountains in China, which is famous for its steep mountain, long history and rich cultural background. Many Buddhist buildings and cultural relics are preserved here, which is a good place for worship and sightseeing.

The ticket price of Emei Mountain is 185 yuan/person, including Jinding, Wannian Temple, Xixiangchi Scenic Resort and other scenic spots. If you choose to take the ropeway, you have to pay the ropeway fee.

SheshenyaThis place is very suitable for encountering the wonders of Buddha’s light. Buddha’s light has existed in Emei Mountain for more than 1900 years. When people stand on the Jinding with their backs to the sun, and there are clouds in front of them, sometimes they will see a colorful halo with red outside and purple inside on the front and bottom canopy, which is very magical.

Jiu Lao Xian Fu: This is the collective name of Xianfeng Temple and Jiulao Cavern. The cave is 4 meters high and 1,500 meters long, and it is a karst cave. Bats are swarming in the cave, and the swarms of swallows are noisy. You can enjoy the natural carved karst shapes on the cave wall and ceiling, dazzling stalagmites, stone pillars and stone flowers, etc. It is one of the ideal destinations for tourists to explore.

HongchunpingHongchunping is located at the foot of Tianfengchi, with an altitude of 1,120 meters. It is named after three ancient trees of Toona sinensis outside the temple.

Emei monkey areaHere, you can take photos with the monkey.

These tourist destinations are rich in natural and cultural landscapes, and are good places for photography, hiking, worship, study and sightseeing. With a budget of 800, you can find your favorite travel methods and activities here. Collect it quickly and arrange a relaxing trip!

Does life lie in exercise or rest? Investigated 100,000 people, and the research gave the answer.

Lao Li is 65 years old this year. Since his retirement, his life has been very comfortable and his diet is healthy. But in his wife’s view, he has a very bad habit-that is, he doesn’t like sports.

Every time my wife wants to drag him to do morning exercises, she will be pushed off by him in every way. One minute, she says, "Life lies in rest. What if I get injured in sports?" Another minute, she says, "Look at the tortoise crawling so slowly, but its life span is so long." My wife is very helpless about this.

Is the exercise for the elderly good or not? Does life lie in exercise or rest?

A new study published by the School of Public Health of Harvard University in the United States in the American Heart Association analyzes two large-scale prospective studies, involving the mortality poems and medical records of 100,000 adults, and has been followed up for 30 years. The final result found that:

  • Do 2-4 times the recommended amount of exercise per week, with the lowest risk of death.;
  • 15-300 minutes of strenuous exercise every week can reduce the risk of death by 21%-23%;
  • 300-600 minutes of moderate-intensity exercise per week can reduce the risk of death by 26-31%.

Besides, persisting in exercise can not only reduce the risk of death and prolong life, but also play an anti-cancer role.

A study published in the National Journal of Cancer in 2022 found that when individuals persist in moderate-intensity aerobic exercise several times a week, more anticancer molecules can be released in the body, which can inhibit abnormal cells, promote DNA repair and have a positive effect on inhibiting the occurrence of cancer.

Recently, the video of an 80-year-old teacher on the Internet who is still playing basketball flexibly in colleges and universities was praised. Many netizens said that it would be nice if they were still so flexible when they were 80 …

When people are old, there is always a feeling that they are unable to do their job. Their athletic ability will weaken with age, and it may even be related to the speed of life decline.

A research team led by French scholar Benjamin Landray, published in the British Medical Journal, shows that,Once a person is over 65 years old, his athletic ability will get worse and worse.Subsequently, the risk of death has also increased, and from the first 10 years of death, there will be signs of decline in sports ability.

Judging whether a person is aging generally includes four sports indicators, namely:

Walking speedIf the walking speed of the elderly is lower than 0.6 m/s, the risk of death will increase;

Grip strengthThe risk of death from cardiovascular disease will increase by 17% for every 5 kg drop in grip strength;

Standing ability: The elderly have difficulty in standing, which indicates that the muscle decline is serious;

daily life: daily activities such as dressing, cooking and going to the toilet are limited, indicating that muscle mass is decreasing sharply.

Some middle-aged and elderly people may think that "rest is better than exercise" when they get old. Is this really the case? Many studies have found that after the age of 60, the elderly who insist on exercising can reap the following benefits:

1. Reduce the risk of dementia

A team of Ding Qian, a neurologist at Huashan Hospital of Fudan University, has conducted a study on the relationship between physical exercise and dementia risk in conjunction with multi-country and multi-research teams.

The results show that people who exercise for 3.1-6.0 hours/week have a 38% lower risk of dementia than those who don’t exercise.

2. Prevention of cardiovascular diseases

A large-scale study of more than 1 million people in South Korea found that with the increase of age, the risk of cardiovascular disease decreased by 11%. That is, maintaining moderate exercise can effectively prevent the occurrence of cardiovascular diseases.

3. Increase bone density

According to some surveys, elderly people who play Tai Chi for a long time have a lower risk of suffering from spinal osteoporosis than those who don’t exercise much.

Regular exercise can improve bone blood circulation, enhance substance metabolism, prevent muscle atrophy, and help the elderly to prevent arthritis.

4, improve the digestion and absorption function

The digestive function of the elderly is weakened, and if the exercise is insufficient, the appetite will become very little, leading to a vicious circle of difficulty in digestion and absorption.

Moderate exercise can consume excess calories, stimulate the body to "get hungry", and at the same time promote gastrointestinal peristalsis and improve digestion and absorption function.

The benefits of exercise are self-evident, but not all exercises are suitable for the elderly. Some excessive and intense exercises will damage the cardiovascular system or joints. So what kind of exercise is most suitable for middle-aged and elderly people?

  • "The best sport in the world": walking

Academician Zhong Nanshan once said that walking is the best sport in the world. A set of data from the World Health Organization is also, that is,Walking for more than 4 hours a week for the elderly can reduce the incidence of cardiovascular diseases by 69%..

For the elderly, various functions of the body decline, and walking exercise is suitable for most people. China Dietary Guidelines also recommend that it is more appropriate to walk more than 6,000 steps a day.

Don’t walk too much for patients with obesity and arthritis and weak physical fitness.Keep proper walking exercise.

matters need attentionThe elderly should not exercise for more than one hour. Because of the weakening of body balance, it is best to avoid walking sideways, backwards and slopes during exercise.

  • "the most life-prolonging sport": playing ball

A study published by the National Cancer Institute in the Journal of Aging and Physical Activity found that,The sport that can help middle-aged and elderly people live longer is playing ball..

When playing ball, it is not only a simple swing, but also mobilizes the muscles of the whole body; When chasing the ball, you need strength such as legs and cervical vertebrae; When watching the ball, you will also exercise your eyesight, and running and jumping will also help you lose fat, and whether it is singles or doubles, it will give people a sense of participation and enhance communication.

matters need attentionBefore playing ball, you should be prepared to exercise and stretch the heel, ankle and other easily injured parts. Playing ball for too little time is easy to cause arthritis. Therefore, pay attention to controlling time and stretching and relaxing joints after exercise.

No matter what kind of exercise, as long as you move, it is better than lying and sitting. For middle-aged and elderly people, it is necessary to pay more attention to weekly exercise and choose appropriate, moderate and timely exercise to prolong life.

References:

[1] "Harvard University found that the best time for sports to" continue life ",this amount per week, the lowest risk of death". Medical Novi.2022-10-06

[2] "After 65 years old, your life depends on this" ability ",and there are four ways to test your strength". Life Times .2021-08-24

[3] "I studied 270,000 people in 12 years: See which sports can best help middle-aged and elderly people live longer! Health Times. 2022-09-07

Reprinting is prohibited without the permission and authorization of the author.