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SASAC: Do a good job in serving the strategic task of building a new development pattern and give full play to the leading, demonstrating and driving role of central enterprises.

Learning deeply, understanding carefully and doing well, contributing to the construction of a strong country to the strength of state-owned central enterprises

The State Council SASAC Party Committee

  In-depth study and implementation of the theme education of the Supreme Leader’s Socialism with Chinese characteristics Thought in the new era in the whole Party is a major deployment made by the CPC Central Committee with the Supreme Leader as the core to comprehensively implement the spirit of the 20th Party Congress and mobilize all Party comrades to unite and struggle to accomplish the central task of the Party. The 20th National Congress of the Communist Party of China defined the objectives and tasks of the development of the cause of the Party and the country in the new era and new journey, and made major strategic arrangements for comprehensively promoting the great rejuvenation of the Chinese nation with Chinese modernization and building a socialist modernization power in an all-round way. State-owned enterprises are the pillars of Socialism with Chinese characteristics’s economy, and they shoulder an important mission in building a modern industrial system, building a new development pattern, promoting high-quality development and promoting Chinese modernization. The State-owned Assets Supervision and Administration Commission of the State Council and the central enterprises should take the opportunity of in-depth theme education, make greater efforts to thoroughly understand and adhere to the supreme leader’s Socialism with Chinese characteristics Thought in the new era, and strive to write a new chapter in the great journey of building a strong country and national rejuvenation.

  First, the Supreme Leader’s Socialism with Chinese characteristics Thought in the New Era is an action guide for doing all the work of state-owned central enterprises in the new era and new journey.

  The CPC Central Committee with the Supreme Leader as the core attaches great importance to the work of state-owned enterprises. Since the 18th National Congress of the Communist Party of China, the General Secretary of the Supreme Leader has delivered a series of important speeches, made a series of important instructions, put forward a series of new ideas, new viewpoints and new conclusions, and formed an important exposition of the General Secretary of the Supreme Leader on the reform and development of state-owned enterprises and party building, which is an action guide for doing all the work of state-owned central enterprises in the new era and new journey.

  Adhere to and develop Socialism with Chinese characteristics, and clarify the status and role of state-owned enterprises in the new era.General Secretary of the Supreme Leader profoundly pointed out that state-owned enterprises are an important material and political foundation of Socialism with Chinese characteristics, which is related to the consolidation of the dominant position of public ownership, the ruling position and ability of our party and the socialist system of our country. The dominant position of public ownership cannot be shaken, and the leading role of state-owned economy cannot be shaken. This is an institutional guarantee to ensure that people of all ethnic groups in China share the fruits of development, and it is also an important guarantee to consolidate the party’s ruling position and adhere to China’s socialist system. State-owned enterprises are important, crucial and irreplaceable, and must be firm, strong, excellent and big.

  Deeply grasp the most essential characteristics of Socialism with Chinese characteristics, and make clear the fundamental political guarantee of state-owned enterprises.On October 10, 2016, General Secretary of the Supreme Leader attended the National Conference on Party Building in State-owned Enterprises and made an important speech, profoundly answering major theoretical and practical questions such as whether state-owned enterprises should strengthen party building, and profoundly pointing out that adhering to the party’s leadership and strengthening party building is the glorious tradition, the "root" and "soul" of state-owned enterprises in China, and the unique advantages of state-owned enterprises in China, emphasizing adherence to the "two consistency".

  Coordinate the two overall situations and clarify the mission and tasks of state-owned enterprises.General Secretary of the Supreme Leader emphasized that state-owned enterprises should be the vanguard of implementing new development concepts, innovation-driven development and major national strategies. State-owned enterprises such as central enterprises should be brave enough to be the "source" of original technology and the "chain length" of modern industrial chain. These important expositions provide a fundamental basis for state-owned central enterprises to closely follow the plan of the party and the country.

  Central enterprises actively implement the general requirements of theme education, and strive to make theme education a process of improving the core competitiveness of enterprises, enhancing core functions, and promoting enterprises to overcome the core technical problems of "sticking their necks". The picture shows that on April 20, 2023, the world’s first variable diameter inclined shaft rock tunnel boring machine "Tianyue" rolled off the assembly line in Changsha No.1 Industrial Park of China Railway Construction Heavy Industry Group. Photo courtesy of the State Council SASAC

  Adhere to overall planning, strategic layout, and overall promotion, and clarify the methods and paths for doing a good job in state-owned enterprises.General Secretary of the Supreme Leader stressed that it is necessary to deepen the reform of state-owned assets and state-owned enterprises, speed up the optimization and structural adjustment of the state-owned economy, and improve the modern enterprise system with China characteristics; Promoting the reform of state-owned enterprises is conducive to maintaining and increasing the value of state-owned capital, improving the competitiveness of state-owned economy and amplifying the functions of state-owned capital. These important expositions provide a scientific action guide for doing a good job in the work of state-owned central enterprises in the new era and new journey.

  General Secretary of the Supreme Leader’s important exposition on the reform and development of state-owned enterprises and Party building is scientific and complete in system and profound in content, which is a chapter of Socialism with Chinese characteristics Thought of the Supreme Leader in the new era. State-owned central enterprises should adhere to the combination of comprehensive learning and key learning, improve the whole chain system of implementing the important exposition of the Supreme Leader General Secretary, develop the habit of working under the premise of thoroughly understanding the spirit of the CPC Central Committee, firmly support the "two establishments" and resolutely achieve the "two maintenances", and be a firm believer and loyal practitioner of the Supreme Leader’s Socialism with Chinese characteristics Thought in the new era.

  Second, the supreme leader Socialism with Chinese characteristics Thought in the new era led the work of state-owned central enterprises in the new era and made great achievements.

  Since the 18th National Congress of the Communist Party of China, Socialism with Chinese characteristics has entered a new era. State-owned central enterprises have thoroughly studied and implemented the spirit of the important speech and important instructions of the Supreme Leader General Secretary, and promoted the work of state-owned central enterprises to undergo major changes and made remarkable achievements.

  In the new era, state-owned central enterprises have made great political achievements, and the political nature of the surname of the party for the people has become more prominent.The party’s leadership over central enterprises has been comprehensively strengthened. Central enterprises constantly improve the systems of "the first issue" and "aligning and benchmarking"; Continue to deepen the study and implementation of the spirit of the important speech delivered by the Supreme Leader General Secretary at the National Conference on Party Building in State-owned Enterprises, and compile and study the "two excerpts" and "one reader" of the important exposition of the Supreme Leader General Secretary on the reform and development of state-owned enterprises and party building; Carry out the assessment of the responsibility system for party building for six consecutive years, and promote the standardization and standardization of party building at the grassroots level. Regularly carry out the implementation of the important instructions of the Supreme Leader General Secretary "looking back", strictly observe political discipline and rules, strengthen political supervision, vigorously correct the "four winds", establish a new style, deepen inspection and rectification, carry out special rectification relying on enterprises to eat enterprises, and continuously increase anti-corruption efforts. The anti-corruption struggle of state-owned central enterprises has won an overwhelming victory and consolidated development.

  In the new era, state-owned central enterprises have achieved significant development results, and the role of the pillar and ballast stone in stabilizing the overall economic and social situation has been fully exerted.The orientation of high-quality development has been clearly established, and the comprehensive strength and operating efficiency of central enterprises have reached a new level, from 2012— In 2022, the total assets increased from 31 trillion yuan to 81 trillion yuan, and the total profits increased from 1.3 trillion yuan to 2.6 trillion yuan; The profit rate of operating income in 2022 was 6.8%, 1.8 percentage points higher than that in 2012; The overall labor productivity was 763,000 yuan/person, an increase of 84.2% over 2012. The kinetic energy of high-quality development has been significantly enhanced, the innovation-driven development strategy has been implemented in depth, the system and mechanism of enterprise scientific and technological innovation have been continuously improved, the deep integration of Industry-University-Research has been promoted, and the problem of "sticking the neck" of key core technologies has been accelerated, and a number of major achievements and landmark projects with world advanced level represented by manned space flight, Beidou navigation, 5G application, domestic aircraft carrier, Hong Kong-Zhuhai-Macao Bridge and Baihetan Hydropower Station have been achieved. The foundation for high-quality development has become more solid, and the layout optimization and structural adjustment of the state-owned economy have been actively promoted. Since the 18th National Congress of the Communist Party of China, a total of 27 groups of 49 central enterprises have implemented strategic reorganization and professional integration, and backward production capacity has been eliminated at an accelerated pace. Non-dominant businesses and inefficient and ineffective assets in the main business have been withdrawn in an orderly manner. The proportion of central enterprises in areas involving national security, the national economy and people’s livelihood has exceeded 70%, and the proportion of investment in the main business and the number of subsidiaries engaged in the main business have both exceeded 90%. In recent five years, the average annual

  In the new era, state-owned central enterprises have made great achievements in reform and successfully built a number of modern new state-owned enterprises full of vitality.The modern enterprise system with China characteristics is more mature and stereotyped, and the "two things are consistent" is fully implemented, and the party’s leadership is strengthened in improving corporate governance. At the level of the central enterprise group and 12,600 important subsidiaries, the list of pre-research items of party committees (party groups) is comprehensively formulated, the board of directors should be fully completed and the majority of external directors should be basically realized, and the modern corporate governance mechanism is accelerated and improved. The restructuring of the corporate system has been completed in an all-round way, and the definition and classification of the functions of enterprises at all levels of central enterprises have been realized for the first time. Stripping off the social functions of enterprises and solving problems left over from history have accelerated the finishing touches and promoted state-owned enterprises to participate in market competition more fairly. The vitality and efficiency of enterprises have been significantly improved, and the three institutional reforms have broken the ice in a large area and at multiple levels. By the end of 2022, 74,000 managers of central enterprises competed for posts, accounting for more than 60%, 38,000 managers of enterprises at all levels were poorly adjusted and incompetent to quit, and 5,750 subsidiaries of central enterprises had been encouraged in the medium and long term, with a cumulative incentive of 368,000 people. A number of old state-owned enterprises have renewed their vitality and a number of modern new state-owned enterprises have accelerated their growth.

  In the new era, state-owned central enterprises have made great achievements, which has effectively guaranteed the full play of the strategic supporting role of the state-owned economy.State-owned central enterprises actively play a guarantee role in economic and social development. Resolutely help win the battle against poverty, with a total investment and introduction of nearly 100 billion yuan of help funds, and all 248 key poverty alleviation and development counties that have been helped at designated points have lifted their hats. Overcome difficulties, concentrate resources to ensure the supply and price stability of products such as coal, electricity, oil and gas, and effectively safeguard the safety of people’s power supply, gas supply and heating. Since 2013, a total of 18.2 trillion yuan of taxes and fees have been paid, accounting for about 1/7 of the national tax revenue, 1.3 trillion yuan of state-owned capital gains have been paid, and 1.2 trillion yuan of state-owned capital has been transferred to social security funds. State-owned central enterprises actively play a supporting role in implementing major national strategies. Focus on serving major national and regional strategies, actively promote cooperation between the central and local governments, and sign a total of 4478 strategic cooperation project agreements; Actively participate in the "Belt and Road Initiative". At present, there are more than 8,000 overseas institutions and projects of central enterprises with total assets of nearly 8 trillion yuan. A number of landmark projects such as China-Laos Railway and Piraeus Port have successfully landed, and a number of high-quality products such as high-speed rail and nuclear power have gone abroad. State-owned central enterprises actively play a key role in coping with major risk challenges. Central enterprises have stepped forward in fighting the COVID-19 epidemic and responding to major natural disasters. They have made every effort to provide high-quality services in major events such as the centenary of the founding of the Party and the Beijing Winter Olympics, and fully demonstrated the responsibility of big countries at critical moments.

  Historical achievements have been made in the reform and development of state-owned central enterprises in the new era for 10 years, which fully confirms the practical power of Socialism with Chinese characteristics Thought of the Supreme Leader in the new era, and makes us more deeply aware of the great significance of carrying out theme education.

  Third, under the guidance of the supreme leader Socialism with Chinese characteristics Thought Science in the new era, strive to write a new chapter in the new era and new journey of state-owned central enterprises.

  To carry out this theme education in depth, state-owned central enterprises must firmly grasp the general requirements of "learning ideas, strengthening party spirit, emphasizing practice and building new achievements" On April 21st, the first meeting of the 20th Central Committee for Comprehensively Deepening Reform, chaired by General Secretary of the Supreme Leader, deliberated and adopted the Opinions on Strengthening the Subject Position of Enterprise’s Scientific and Technological Innovation and the Opinions on Strengthening and Improving the Management of State-owned Economy to Support Chinese Modernization, which made important arrangements for strengthening and improving the management of state-owned economy, basing on the mission and functional orientation of the state-owned economy in the new era and new journey, serving to build a new development pattern, promoting high-quality development, promoting common prosperity and safeguarding national security. State-owned central enterprises should adhere to the integration of learning and thinking, the unity of knowledge, belief and practice, build their souls by learning, enhance their wisdom by learning, correct their manners by learning, and promote their work by learning, be firm as executors, activists and doers, keep the right direction, keep the right innovation and work hard, and strive to write a new chapter in the reform and development of state-owned central enterprises on the new journey.

  Do a good job in the major political tasks of theme education, and build a soul with the supreme leader Socialism with Chinese characteristics Thought in the new era.State-owned central enterprises should do a good job in theoretical study with a progressive attitude, systematically study important documents such as Selected Readings of the Supreme Leader’s Works and Selected Topics of Socialism with Chinese characteristics Thought of the Supreme Leader in the New Era, adhere to the integration of theory with practice, enhance their creative execution ability, and find a good way to govern enterprises and strengthen enterprises through ideological tempering and deep learning and conviction, so as to unite the strength of forge ahead. Consciously grasp the inspection and rectification with the blade inward, insist on learning, comparing, inspecting and rectifying, strengthen the analysis of party spirit, list the problems, carry out the rectification and rectification with the truth, strictly carry out the education and rectification of the cadre team, seriously educate the pure thoughts and strictly rectify the pure organization, and build a team with excellent politics, skills and integrity. Do a good job in investigation and research with a pragmatic style, vigorously carry out investigation and research, start from the most prominent problems and proceed from the most realistic interests, identify the real problems, really solve the problems, better serve the needs of development and the urgency of reform, respond to the expectations of enterprises and the aspirations of the people, and turn learning results into work motivation and performance.

  Earnestly grasp the primary task of high-quality development and accelerate the construction of world-class enterprises.At present, China’s development is facing new strategic opportunities, new strategic tasks, new strategic stages, new strategic requirements and new strategic environment. The great changes in the world that have never happened in a century have accelerated their evolution, and uncertainties and unpredictable factors have increased. State-owned central enterprises should base themselves on the mission, task and functional orientation of the state-owned economy in the new era and new journey, firmly grasp the general goal of strengthening and improving state-owned capital and state-owned enterprises, firmly grasp the general principle of upholding and strengthening the party’s overall leadership over state-owned enterprises, firmly grasp the general requirement of actively serving the country’s major strategies, and accelerate the promotion of high-quality development. We must maintain our strategic strength, always focus on the "two ways" to improve the core competitiveness and enhance the core functions of enterprises, stick to the foundation of the real economy, stabilize the job of taking charge of the main business, and effectively focus on changing the development mode and improving efficiency and effectiveness, without seeking fame, playing "edge ball" or earning money that should not be earned, speeding up the solution of outstanding problems in science and technology, talents, efficiency and brand, and improving the level of high-quality development ability. It is necessary to ensure strong actions, focus on the "seven sets of combination boxing" of party building guidance, value creation, scientific and technological self-improvement, deepening reform, optimizing layout, improving supervision and keeping the bottom line, accelerate the construction of world-class enterprises, enhance comprehensive national strength with enterprise strength, and firmly become the strategic cornerstone for our party to win the great struggle with many new historical characteristics.

  Central enterprises combine theme education with the implementation of major central decision-making arrangements, and earnestly do a good job in serving and building a new development pattern. Huangmaohai cross-sea passage is another cross-sea passage project in Guangdong-Hong Kong-Macao Greater Bay Area after Hong Kong-Zhuhai-Macao Bridge and Shenzhen-China Passage. The middle tower of Huang Mao Sea Bridge, which was built by Poly, was successfully capped on April 18th, 2023. The picture shows that on April 17th, workers were working on the pier foundation pile construction of Huang Mao Sea Bridge, a cross-sea passage of Huangmaohai.
Xinhua News Agency reporter Deng Hua/photo

  We will earnestly do a good job in serving the strategic task of building a new development pattern and give full play to the leading, demonstrating and driving role of central enterprises.State-owned central enterprises should give full play to the backbone role of scientific and technological innovation, highlight scientific and technological output, scientific and technological achievements, scientific and technological transformation and scientific and technological industries, speed up the construction of a practical-oriented scientific and technological innovation work system, promote scientific and technological innovation, industrial innovation and institutional innovation as a whole, firmly break through confidence in innovation, make efforts from both technical supply and demand traction, keep a close eye on the "bottleneck" problem in the supply chain of key industrial chains, concentrate on the original leading scientific and technological research, form a joint force to the maximum extent, and strive to create a "source of original technology". Give full play to the leading role of industrial development, increase investment in the next generation of information technology, artificial intelligence, new energy, new materials, biotechnology, green environmental protection and other industries, accelerate the complementarity in the fields of integrated circuits and industrial mother machines, enhance the ability to shape standards, brands, business models and industrial ecology, accelerate the high-end intelligent green transformation, optimize the layout of the global industrial chain, and better support the smooth circulation of the industrial chain. Give full play to the role of security support, strengthen the capacity building of national defense science, technology and industry, promote the domestic exploration, storage and production of important energy and mineral resources, improve the ability of seed self-control and grain source control, increase investment in new infrastructure construction such as communications, strengthen the layout of backbone power grid, backbone pipe network and national water network, speed up the construction of key passages and important hubs, and effectively play a supporting role.

  The mission of the new blueprint is on the shoulder, and the new journey is inspiring. State-owned central enterprises should study and implement the important speech and instructions of the Supreme Leader General Secretary on the reform and development of state-owned enterprises and party building throughout the whole process of theme education, touch on spiritualism, always maintain loyalty and strengthen party spirit, keep in mind the mission and practice, work hard and make new achievements, strive to promote the reform and development of state-owned central enterprises in the new era and new journey, and make new progress and achievements in party building, and make new and greater contributions to building a socialist modern country in an all-round way.

Tianjin Hongqi EH7 is on sale, the latest offer 199,800! Discounts wait for no one

Welcome to the Autohome Tianjin Promotion Channel, bringing you the latest and exciting news. Currently, high-profile cars are running an attractive promotion in the Tianjin area. According to official information, car buyers can enjoy a cash discount of up to 30,000 yuan, which brings the minimum starting price of this luxury model down to only 199,800 yuan. This offer is an excellent opportunity not to be missed. If you are interested in Hongqi EH7, be sure to click "Check Car Price" in the quotation form to lock in this rare car purchase benefit and strive for higher discounts.

天津红旗EH7特价出售,最新报价19.98万!优惠不等人

天津红旗EH7特价出售,最新报价19.98万!优惠不等人

As a high-end Hongqi EH7, its side line design is elegant and smooth, highlighting the perfect combination of luxury and power. The body size of this sedan has reached 4980mm*1915mm*1490mm, and the wheelbase has reached 3000mm, ensuring a spacious and comfortable interior space. The front and rear wheelbases are 1645mm and 1655mm respectively, providing good driving stability. The tire size is 245/50 R18, whether it is city driving or long-distance driving, it can provide excellent grip and quiet experience. The combination of tires and rims undoubtedly enhances the appearance of the vehicle and adds more confidence and dignity to the driver.

天津红旗EH7特价出售,最新报价19.98万!优惠不等人

As a luxury business vehicle, the interior design of the Hongqi EH7 is exquisite and attention to detail. The elegant leather steering wheel is handcrafted to provide a good grip and a sense of modern technology. It supports manual up and down + front and rear adjustment, which is convenient for the driver to operate. The 15.5-inch large central control screen is suspended in the center, showing the luxury of technology. It not only has multimedia system, navigation and phone functions, but also is equipped with automatic speech recognition control to make operation more convenient.

In terms of seats, imitation leather and leather/fur materials are mixed and matched for a comfortable sitting and high texture. The main driver’s seat has 4-way adjustment of 4 forward and rear, backrest adjustment and waist support, providing an excellent riding experience. The passenger seat also supports front and rear adjustment and height adjustment to meet the needs of different passengers. The front seat is also equipped with heating and ventilation functions and headrest speakers to enhance the comfort of drivers and passengers. In addition, the driver’s seat is also equipped with a power seat memory function, which is convenient for daily drivers to personalize.

The interior design of the Hongqi EH7 fully reflects the luxury DNA of the Hongqi brand, emphasizing functionality and comfort, and aims to create a noble and practical driving environment.

To sum up, the comments of Autohome owners have injected a unique charm into the Hongqi EH7. He said that although the logo is slightly lacking in design, the overall appearance of the EH7 and the identity of new energy have undoubtedly attracted many eyes. In actual driving, the excellent appearance and unique temperament of the car have won the admiration of the people around it and become a hot topic in the streets. It can be said that the Hongqi EH7 is not only a car, but also a perfect interpretation of the fusion of new luxury and technology, which deserves the exploration and expectation of more owners.

Connecting the World Bank and IMF Annual Meetings, Rising Risk of Global Economic Recession, Calling for Support for Emerging Markets and Developing Economies

Southern Finance All-Media Reporter reports to Xiufang in Washington, USA.

On October 10th, local time, Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), and David Malpass, President of the World Bank, held a one-on-one dialogue entitled "The Way Forward: Coping with Multiple Crises in Turbulent Times" at the IMF headquarters, which kicked off the 2022 annual meeting of the IMF and the World Bank.

At the time of the annual meeting, the world economy is being dragged down by epidemic, inflation, geopolitical conflicts and other factors, and the downside risks are intensifying. In order to curb inflation, developed economies have accelerated the tightening of monetary policy, and the spillover effect has made emerging economies and developing economies "worse". Both the IMF and the World Bank have warned that the risk of global economic recession is rising, and they should unite to support emerging markets and developing economies.

(Source: IMF)

In his speech, Georgieva said that people all over the world are caught in an escalating cost of living crisis due to the impact of multiple factors such as the COVID-19 epidemic, the Russian-Ukrainian conflict and the climate disaster. The world is facing a transition from a relatively predictable environment with low inflation and low interest rates to a more turbulent and fragile world. Developing countries are particularly difficult.

Malpas said that there is a risk of world economic recession next year. The growth of developed economies in Europe is slowing down. The devaluation of the currency has made the debt level of developing countries heavier and heavier, and the rise in interest rates has aggravated the burden. Inflation is still the main problem for everyone, but especially for the poor. According to the relevant data of the World Bank, the number of poor people has increased by 70 million in the past two years. "There is a reversal in development. I call it the crisis facing development. One of the problems is that developed economies are occupying a lot of capital in the world in the form of fiscal deficits, large companies borrow a lot, and the central bank only buys bonds from developed countries. Therefore, this has brought pressure to development from a macro perspective. Personally, we can see the problems of education and energy shortage, fertilizer and food and crops. This is a major issue. " Malpas said.

Georgieva also pointed out that the risk of economic recession is rising. The IMF estimates that countries accounting for about one-third of the world economy will experience economic contraction for at least two consecutive quarters this year and next. From now until 2026, the global output loss caused by the economic slowdown will reach about 4 trillion US dollars, and the GDP equivalent to the size of a German economy will be erased.

"When we see such a picture, we want to know, what are the driving factors? What can I do? " Georgieva pointed out that the epidemic affected the supply chain, and the conflict between Russia and Ukraine led to the rise of prices, especially the prices of energy and food. Inflation remains stubbornly high and financial conditions must be tightened, which are faster than originally expected. As a result, the global economy, including the three major economies, is slowing down.

"In this context, the question we are going to ask this week is, what can be done?" Georgieva said that the IMF advocates taking action in three aspects.

First, control inflation. Inflation must not be allowed to become a runaway train. "If we don’t have strong actions, this may happen to us. But this is a very, very difficult road. Because, if you don’t do it well enough, we will be in trouble. Of course, inflation is a dramatic tax, especially for the poor. But if we are too tight, then the fear of economic recession will be realized on a large scale. We must take into account the strong dollar that has emerged with the tightening of financial conditions and its impact on developing countries. "

Secondly, we must provide necessary policy support, but it must be targeted, because if not, we are adding fuel to the fire of inflation. It is absolutely the top priority to jointly promote this year’s monetary policy and fiscal policy. For any "driver", it is necessary to avoid monetary policy stepping on the brakes and fiscal policy stepping on the accelerator.

Third, jointly support developing economies and emerging markets. These markets are particularly affected by the tightening of financial conditions and lack capital to tide over the difficulties. We must control the risk of debt crisis. Otherwise, "not only the affected countries will be affected, but the whole world will be affected. This will not be a beautiful picture. But if we unite and act together, we can reduce the pain in front of us in 2023. "

Malpas also stressed that this requires global joint efforts. He believes that developed economies have more capital and have the ability to really apply it to various sectors, which will help solve inflation. If there is a coordinated policy to promote supply growth, it will have a rapid effect on alleviating inflation expectations to some extent. This is very important for reducing inflation. "We must face the starting point that the interest rate level may be too low at the beginning of this cycle. Therefore, some parts of the world are still recovering to a level that may be neutral. It is very important to achieve this goal quickly. "

But Malpas said: "When considering capital flows, I do think that developed economies need to rethink some basic issues. One of them is to have a debt limit. It is hard to imagine that in a world growing environment, a small number of countries have unlimited debts and can issue (bonds) even during or outside the crisis. If the government does this, it will occupy the available capital. There is also the question of the central bank buying bonds that I mentioned, which did not exist before the financial crisis in 2009. And this problem is only in developed economies. This has caused a cognitive bias. That is, there is some kind of regulatory and capital bias in the world, which is not good for developing countries. "

Therefore, Georgieva’s policy needs to be targeted, and Malpas agrees. "If you have subsidies, be targeted, because there is so much fiscal space and availability in both developed economies and developing countries. It is impossible to subsidize everyone, because it will soon run out of money. " Malpas said.

From October 10 to October 16, the 2022 annual meeting of IMF and World Bank was held offline at the headquarters of the two institutions in Washington, D.C.. On October 11th, the IMF will release the latest World Economic Outlook Report and Global Financial Stability Report. Georgieva said on the 6th that the IMF would once again cut its global economic growth forecast for next year.

(Author: Xiang Xiufang Editor: Hejia)

Reporting/feedback

Burning ice and snow spell out the future-Hebei: go all out to write two excellent answer sheets

  Organizing for the Beijing 2022 Winter Olympics and Paralympic Winter Games is a national event planned and promoted by the Supreme Leader General Secretary and a major political task entrusted to Hebei by the CPC Central Committee.

  In the six years since the preparations for the Beijing Winter Olympics were officially launched, especially since the 19th National Congress of the Communist Party of China, Hebei Province has resolutely implemented the spirit of the important instructions of the Supreme Leader General Secretary and the decision-making arrangements of the CPC Central Committee, conscientiously implemented the concept of "four Olympics" and the requirements of "simple, safe and wonderful" hosting the games, made every effort to do a good job in various preparations, and strived to hand over two excellent answers on the preparations for the Winter Olympics and local development.

  On December 3rd, the athletes were at the National Ski Platform Center — — "Snow Ruyi" for pre-competition training. On the same day, the "Meet Beijing" series of test events, the 2021/2022 International Snow Federation Intercontinental Cup for Platform Skiing and the 2021/2022 International Snow Federation Intercontinental Cup for nordic combined, were held in the "Snow Ruyi" and the National Cross-country Skiing Center of the Ancient Poplar Stadium Group in Zhangjiakou Division respectively. Hebei Daily reporter Geng Hui photo

  The task of building venues and supporting facilities for the Winter Olympics was completed as scheduled.

  On December 4th and 5th, the National Platform Skiing Center ("Xueruyi") and the National Cross-country Skiing Center held the Intercontinental Cup competition for two consecutive days and two stops. "It’s very beautiful here and left a deep impression on me." After the competition, Karina vogt, the champion of Sochi Winter Olympics and the third runner-up of women’s individual standard platform on the first day of platform skiing, said.

  Prior to this, the Zhangjiakou Division successfully completed the site inspection of the international winter individual sports organizations, and foreign experts spoke highly of the track, site and organization of the competition venues. In particular, landmark buildings such as "Snow Ruyi" and "Ice Yuhuan" have been highly praised by the International Olympic Committee and the International Winter Individual Sports Federation.

  The construction of venues and supporting facilities is the top priority of the preparations for the Winter Olympics. Adhering to the world vision, international standards, China characteristics and high-point positioning, Hebei Province organized top teams at home and abroad to compile the "10+7" planning system for Zhangjiakou Division, and made every effort to pay attention to construction, quality and supervision, so as to create a high-quality, ecological, humanistic and clean boutique project.

  During the construction process, Hebei Province overcame the unfavorable factors such as cold climate and short construction period, and under the premise of normalized epidemic prevention and control, scientifically arranged the progress plan, reversed the construction period and fought on the wall chart. At the same time, organize the compilation of 76 lists of clean government powers and responsibilities and clean government risk accounts for winter Olympic projects, carry out special inspections on the bidding situation of winter Olympic projects, and strengthen political supervision, fund supervision, follow-up audit and special audit to ensure that the Winter Olympics is as pure and clean as ice and snow.

  All 76 Winter Olympics projects in Hebei Province were completed with high quality ahead of schedule last year, and all supporting facilities and temporary facilities were completed and delivered to the venue operation team of Beijing Winter Olympics Organizing Committee. Among them, four competition venues and Dongao Village in Zhangjiakou have reached the three-star standard of green building.

  Two high-speed railway station stations, Prince City Station and Chongli Station, and Prince City of Taixi Railway have been built in Zhangjiakou Division — The Chongli section is about to open to traffic. At that time, the train running time from Chongli City to the core area of Winter Olympics in Prince Edward City will only take less than 10 minutes.

  Successfully held a series of test competitions in Zhangjiakou Division.

  With the Beijing Winter Olympics approaching, the series of test events and activities of "Meet Beijing" are drawing to a close. At the end of December, the last test activity — — The Biathlon International Training Week will be held at the National Biathlon Center in Zhangjiakou Division, during which the track, shooting range, waxing room and other related facilities will be tested. After this test activity, all four competition venues in Zhangjiakou will complete the test.

  According to the relevant arrangements, Zhangjiakou Division will hold three international test competitions and one international training week from November to December this year. From November 22 nd to November 28 th, the International Snow Federation snowboarding and freestyle skiing obstacle chasing World Cup were held in Genting Ski Park, and a test of audience watching was successfully completed. From December 2nd to December 5th, the International Snowboard Skiing Intercontinental Cup and nordic combined Intercontinental Cup were held in the ancient poplar stadium group.

  More than 260 domestic and foreign athletes participated in these three international test competitions. Zhangjiakou Division coordinated the epidemic prevention and control and the operation of the games, formulated and completed the daily operation plans of various security areas, venues and stations, implemented the work tasks to specific people, specific places and specific times, and promoted various preparatory work with Excellence and high quality. During the test competition, Genting Stadium Group and Ancient Poplar Stadium Group conducted a comprehensive test and inspection on the venue facilities, venue operation mechanism, epidemic prevention and control measures, and service guarantee of the competition in line with the requirements of total factor test.

  Through these three international test competitions, the expected results have been achieved, laying a solid foundation for the Beijing Winter Olympics to be held safely and smoothly as scheduled. The International Olympic Committee, the International Snow Federation and the participating athletes also highly affirmed the venues, event organization and service guarantee of the competition area and gave full praise.

  Next, Hebei Province will conscientiously sum up the experience of the series of test events, do a good job in the post-game resumption, benchmark the winter Olympic Games standards, thoroughly check for leaks and make up for gaps, improve the rectification in time, and continuously improve the level of running the games.

  On December 14th, workers operated machinery and equipment to work in the shooting range of the National Biathlon Center in Zhangjiakou Division of Beijing 2022 Winter Olympics and Winter Paralympics.

  Recently, the track of the National Biathlon Center began to take shape, and a number of preparations for testing activities were also launched in an all-round way to welcome the Biathlon International Training Week to be held from 28th to 31st. Xinhua News Agency reporter Yang Shizhen photo

  Carefully do a good job in all fields of service guarantee for the Games.

  The service guarantee level of the Games affects the image and reputation of the Winter Olympics venue. Adhering to the principle of "three competition areas, one standard" and focusing on the needs of the Games, Hebei Province strives for perfection to make preparations for transportation, security, accommodation, catering, medical care, volunteers and other business areas, so as to comprehensively improve the service guarantee level of the Games.

  The epidemic situation is a major test for hosting the Beijing Winter Olympics and Paralympic Winter Games. Hebei Province adheres to the closed-loop management of zoning and classification, forms the "1+12" winter Olympics epidemic prevention and control scheme system, strictly implements the Epidemic Prevention Manual, refines and implements various preventive measures, prepares enough materials needed for epidemic prevention and control, and sets up epidemic prevention teams and emergency teams to ensure that epidemic prevention and control are foolproof.

  According to the closed-loop management requirements of zoning classification, Hebei Province has optimized and improved the accommodation guarantee scheme; Formulated and improved the special security work plan, and established the Hebei security command center; Established the Beijing-Tianjin-Hebei food inspection and testing technology innovation alliance, and recommended 55 alternative supply bases for the second batch of catering raw materials to the Beijing Winter Olympics Organizing Committee; A medical and health security team of more than 800 people has been set up in the whole province … …

  At the same time, we will continue to improve the overall environment of Zhangjiakou Division, make great efforts to do a good job in lighting, beautification, greening and purification, especially give full consideration to the characteristics of ice and snow sports at night, benchmark the world’s first-class, highlight the beautiful atmosphere, and create a lighting boutique project with local characteristics of Hebei and Zhangjiakou.

  Empowered by wisdom and assisted by science and technology, the weather forecast of Beijing Winter Olympics will be accurate to "100 meters" and "minutes"; Before the end of this year, key areas such as Chongli Winter Olympics core area will achieve full coverage of indoor and outdoor 4G and 5G signals; With the organization of colorful cultural activities in the Winter Olympics, the atmosphere of Yanzhao’s children helping and contributing to the Winter Olympics has become increasingly strong … …

  Continue to push the ice and snow movement to develop in depth.

  Towards the goal of "winning medals for Beijing Winter Olympics and Winter Paralympics", 32 winter athletes and 37 winter paralympic athletes in Hebei Province are racing against time and stepping up preparations in relevant national training teams.

  "The competition is wonderful, and the competition must be brilliant." The winter sports in Hebei Province started from scratch and developed rapidly. In a few years, 18 provincial professional teams were established, ranking third in the country. 32 people were selected into the national training team, and 8 people are expected to qualify for the Beijing Winter Olympics. It took the lead in setting up six Paralympic Winter Games teams in China. In the Winter Games of the 10th Paralympic Winter Games in 2019 and the 11th Paralympic Winter Games in 2021, the total number of gold medals and medals in Hebei Province ranked first in the country. At the same time, we will strive for the support of the State Sports General Administration, and build three national winter training bases in Laiyuan, Baoding, Yudaokou, Chengde and Chongli, Zhangjiakou in just over one year, making them the provinces with the most complete winter training functions in China.

  In order to promote the mass ice and snow movement to develop in depth, Hebei Province successfully held two Hebei Ice and Snow Games, and held a series of mass ice and snow activities of "Healthy Hebei Happy Ice and Snow" every year; Establish 500 Olympic education demonstration schools and 207 characteristic schools of campus ice and snow sports; It has achieved the "five full coverage" of the ice and snow games, indoor skating venues, ice and snow sports associations, ice and snow leagues and ice and snow sports in the province. At present, there are more than 100 ski resorts and more than 200 indoor skating venues in the province, ranking first in the country.

  The opening ceremony of the 3rd Ice and Snow Games in Hebei Province is scheduled to be held in late December at the National Platform Skiing Training and Research Base in Laiyuan County, Baoding. At present, the ice and snow games at the provincial, city and county levels have all started. Guided by the provincial ice and snow games, Hebei Province has achieved full coverage of community ice and snow games. The "ice caravan" roving experience activities will cover more than 10,000 administrative villages, and the "campus ice and snow season" series of activities will cover 13.93 million primary and secondary school students, ensuring that the goal of 30 million people participating in ice and snow sports in the province will be achieved with high quality before the Beijing Winter Olympics.

  On December 1, villagers in Songjiazhuang Village, Yantuan Town, Julu County were experiencing land curling. On the same day, the county’s "ice and snow caravan" entered Songjiazhuang Village, Yantuan Town, allowing people to feel the charm of ice and snow sports at close range. Hebei Daily correspondent Hu Liangchuan photo

  Drive the high-quality development of Zhangbei area to take a new step.

  Chongli District has become the largest high-end skiing gathering area in China. Chongli Forum has become one of the first-class summit economic forums in China. The two major ice and snow industrial parks in Zhangjiakou have become the first ice and snow industrial parks in China … …

  In order to hand over two excellent answers: the preparation for the Winter Olympics and local development, Hebei Province has accelerated the planning and construction of the "two districts" in Zhangjiakou capital, taking the preparation for the Winter Olympics as an opportunity to drive the high-quality development of Zhangbei area to a new step.

  In recent years, Zhangjiakou has made great efforts to develop and expand six industries, namely, sports and cultural tourism, ice and snow, big data, renewable energy, modern manufacturing and green agriculture and animal husbandry. "The City of Winter Olympics", "Zhangjiakou with Hydrogen Energy" and "Several Dams in China" have become new business cards for development.

  The city’s forest coverage rate has increased to 50%, and the forest coverage rate in the core area of Winter Olympics has reached more than 80%; From 2018 to 2020, the groundwater level in Bashang area will be "three consecutive rises"; Construction of 8 national wetland parks and 8 provincial wetland parks … … Focusing on the construction of the "two districts" in the capital, Zhangjiakou City adheres to the source control, comprehensive control and systematic control of grass and sand in the mountains, rivers, fields and lakes, and the implementation of key construction tasks has gradually increased, and the quality and level of ecological environment construction have been significantly improved.

  In order to speed up the construction of the Beijing-Zhangjiakou Sports and Cultural Tourism Belt, Zhangjiakou City has compiled a high-level proposal draft of the Beijing-Zhangjiakou Sports and Cultural Tourism Belt (Zhangjiakou), which closely links the national spatial planning, economic and social development planning and industrial development planning, and accelerates the benign interactive development between urban and rural areas.

  The ecological environment is greener, the industrial structure is lighter and people’s lives are more beautiful. In 2020, the per capita disposable income of rural residents in Chongli District reached 13,296 yuan, almost double that before the success of Shen Dongao.

  The tenth provincial party congress proposed to make Zhangbei area a new engine for Hebei’s development. Next, Zhangjiakou will fully implement the sustainable plan of the Winter Olympics heritage, develop the Olympic economy according to the situation, focus on the post-game utilization of the Winter Olympics venues, build a high-quality renewable energy demonstration zone, and vigorously develop new formats such as event economy, exhibition economy and forum economy, so as to build Zhangjiakou into a benchmark city for mutual promotion and interaction between the Olympic Games and regional development. (Hebei Daily reporter Ye Juanjuan)

"Webmark" forces online dramas to improve quality.

  The picture shows the first poster of "Net Mark" and "Leaves on Jinshan". Information picture

  On the occasion of the centenary of the establishment of the Communist Youth League in China, the "Webmark Film" No.003 "In the Name of Youth" was launched. Information picture

    With a folk music playing, the seal engraved with the words "network audio-visual" is now on the vermilion background. This 5-second "logo" will become the same opening scenery when online dramas, online mini-dramas, online movies, online cartoons and other domestic key online dramas are broadcast online. Since June 1st this year, the State Administration of Radio and Television has implemented a licensing system for the distribution of domestic online dramas, which means that the "licensing era" of more standardized and stricter online audiovisual has arrived.

    In recent years, the influence of the online audio-visual industry has been increasingly prominent. While online dramas have brought colorful content, rich and diverse aesthetic pursuits and positive value guidance to the audience, industry chaos such as nonstandard program production and broadcasting, vulgar and vulgar content, piracy and plagiarism still occur from time to time, and the call for "the same standard online and offline" and "the development of online dramas to quality products" has always existed. With the development of the online audiovisual industry, the relevant state departments are constantly formulating, adjusting and optimizing the management system and auditing standards for online audiovisual works, so as to promote the benign development of the industry and the fine creation of online dramas from top to bottom. The online issuance license for online dramas is a new milestone in this process. The establishment of the "Webmark" system will promote the producers of online platform programs to have a stronger sense of quality production, a stronger sense of social responsibility and a stronger sense of cultural mission, and make cyberspace have a better ecology and a stronger cultural atmosphere.

  The New Deal took effect, and the works of "net signs" were born everywhere.

    In May, after the State Administration of Radio, Film and Television (SARFT) issued the "Webmark" trial operation and obtained good social feedback, the "Network Drama Distribution License" began to be issued in various provinces one after another on June 1.

    Looking back at the initial stage of the development of the network audio-visual industry, the management mode of self-examination and self-broadcasting system exposed many problems. Many online dramas earn gimmicks and traffic by playing "edge ball". Shanzhai, rubbing heat, rubbing IP, and even shoddy work are endless, and some works with empty content and mental calcium deficiency have brought adverse effects to society. However, judging from the works that have recently obtained the "Network Drama Distribution License", both the policy supervision and the industry creation trend are encouraging the production of fine content, and the trend of fine creation is becoming more and more obvious.

    The work that won the "Net Mark No.1" in Shandong Province is the key online movie "Broken Card Storm" with public security theme directed by Shandong Radio and Television Bureau. Li Guangchang, director of the Network Audio-visual Program Management Office of Shandong Radio and Television Bureau, said: "This online movie combines the current situation of the country’s anti-network telecom fraud. At the same time, the online movie is a work that spreads positive energy and promotes the main theme, so it obtained the license number 001." Shaanxi Radio and Television Bureau issued licenses to the online movies Moon is Full, Secretary online celebrity and the online drama Sticky Club. Among them, "Moon Circle" is the first online movie in Shaanxi Province that won the "net mark". By telling the story of the old artist Qin Baogen and his little grandson, it promoted the unyielding non-genetic inheritance spirit of the shadow puppeteer. On the same day, the online drama "Xing Han Brilliant" obtained the license issued by Shanghai Radio and Television Bureau, numbered "(Shanghai) Online Drama Shenzi (2022) No.001".

    You Haiyang, director of the Radio, Television and Internet Audio-visual Program Management Office of Shanghai Radio and Television Bureau, said: "We actively support the inclusion of online film and television works in administrative examination and approval, and earnestly do a good job in unifying online and offline standards. ‘ Logo ’ The introduction of the policy is in line with the development of online film and television content. Whether it is to improve quality or strengthen management, this policy is needed. "

    With the change of content supervision mode, the strengthening of supervision, and the transformation, adjustment and exploration and upgrading of the industry itself, the network audio-visual field has gradually achieved a leap from "barbaric growth" to "virtuous circle". Different from the previous enthusiasm and advocacy of "data-only theory" and "market-only theory", today’s online audio-visual works have embarked on a rational stage of discussing "heroes" with quality, taste and taste: innovative perspective incision, refined production level, internal social value and ideological connotation have become important evaluation criteria. Under this change, a number of outstanding works have appeared one after another, such as Action to Break the Ice, The Longest Day In Chang’an’s Blood Without a Name, Agreement, On the Field of Hope, Sailing: When the Wind Rises, Our New Life, Flash China and Climbing the Tree with Donkeys. These works strive to present the changes of the times, reflect the real life, describe the human world, express the taste of life, and convey the human nature.

  A stone stirs up a thousand waves, and the industry has more confidence in quality creation.

    From long video to short video, from drama to micro-short drama, online audio-visual content is making great efforts, trying to achieve high-quality development of content and industrial innovation and upgrading with new content narration and new expression patterns. The launch of "Network Drama Distribution License" not only expresses the recognition and affirmation of the ingenuity of the vast number of network audio-visual practitioners for many years, but also puts forward higher requirements for the self-regulation awareness and quality creation awareness of network culture practitioners.

    After experiencing the "painful period" of the development of online dramas, many creators have now jumped out of the suspension of "little joys and sorrows around them", abandoned the impetuous creation of following the trend, took root at the grassroots level, sought the source from the fiery real life and advanced culture, and strived to write the classics of the new era. The first online drama Duet, which won the License for the Distribution of Online Drama, focuses on reality and tells the story of young policemen working together to explore cases, fighting against evil forces and restoring people’s purity and peace. Its ideological height, artistic quality and production level are high. As the first "Webmark", "Leaves on Jinshan" focuses on Huangdu Village, Xilong Township, Anji County, Zhejiang Province, and donates "Baiye No.1" tea seedlings to three provinces and five counties across the country, realizing the true story of common prosperity, releasing a distinctive flavor of the times, with lively narrative rhythm and remarkable comedy effect. On the occasion of the centenary of the establishment of the Communist Youth League in China, the "Webmark Film" No.003 "In the Name of Youth" was launched, telling five youth stories spanning a hundred years, leading the audience to look back on the lush years that were burning with passion, and setting off a wave of praise for "Chinese youth" on the whole network.

    “‘ Logo ’ It is the industrialization standard and value standard of online audio-visual products, which can make the quality of online film and television works more secure and avoid some shoddy products. " Tian Yu, one of the producers of the online movie "In the Name of Youth", said, "‘ Logo ’ Does not mean stress, in ‘ Logo ’ Before it appeared, the creative market was originally a situation of survival of the fittest. Only excellent and high-quality products can survive in the market. The quality of the audience can be seen at a glance, and the pressure has always existed. "

    Shi Xuexian, the producer of Leaves on the Jinshan Mountain and the general manager of Hangzhou Jingcai Culture Media Co., Ltd., shared his views. "The implementation of the online drama distribution license system is a milestone. The online movie Leaves on the Jinshan Mountain can be a witness and participant in this historical moment, with a glorious mission and great responsibility. We will continue to go deep into life, take root in the people and create more outstanding works worthy of the times and the people. "

    With the rapid development of mobile Internet, the rapid popularization of smart terminals and the wide application of mobile 5G technology, online audio-visual works have become an indispensable part of people’s spiritual and cultural life, and also become an important way to spread the story of China and show the national spirit and the spirit of the times in the new era. From the perspective of the whole network audio-visual industry, under the impetus of "holding a certificate", online dramas will better play the role of inheriting culture and spreading to the outside world. More network audio-visual products will go overseas, so that China’s story will be "out of the circle", showing the world a credible, lovely and respectable image of China and highlighting the cultural soft power of the Chinese nation.

  The curtain has been opened, and online dramas are moving towards the future with high-quality development.

    Standing in the new historical development stage and facing the greater expectations of the people, the network audio-visual industry needs to open up a new situation of creation in a higher standard. From this point of view, the new regulation of replacing the "record number" with "license" not only further promotes the iterative upgrade of network audio-visual from the management level, but also reflects the progress of the industry from the side and responds to the call of the people.

    In fact, regardless of webcasting or TV broadcasting, the communication platforms are indeed different, but the requirement for content quality is a permanent law. From "the same standard and the same scale" of online audio-visual programs and radio and television programs to the introduction of the "license" system, the online audio-visual field is gradually establishing higher industry standards, constantly improving its specialization and standardization level, and promoting the creation of fine products.

    "In recent years, the breadth, intensity and accuracy of supervision in the field of online audiovisual have been continuously strengthened, and the same orientation, standard and scale have been continuously emphasized online and offline, which has played a powerful role in regulating and supporting all aspects of the production, production and dissemination of online audiovisual content." Zhu Chuanxin, a researcher at the Institute of Network Audiovisual Research of Communication University of China, said, "The issuance of the License for the Distribution of Network Drama is another solid measure to secure the network audiovisual industry. The licensing system is conducive to catalyzing more online audio-visual content to upgrade along the track of standardization, scale and industrialization, and is of great significance to optimizing the industrial structure of online dramas, improving the level of online audio-visual production, and building a comprehensive network management system. "

    The launch of "Network Drama Distribution License" has clarified the direction of the next stage of network audio-visual content. Lv Fan, deputy director of Peking University Television Research Center, said: "The new policy environment has put forward higher requirements for online literary and artistic creation, and it is even more necessary for creators to adhere to the people-centered value orientation, focus on the epic great practice of the new era, establish a biography for the times, and be famous for the times. With more masterpieces that profoundly reflect the changes of the times and depict the people’s spiritual map, the online film and television garden will be more colorful and full of business." At present, network audio-visual has become an indispensable part of people’s spiritual and cultural life and an important part of the strategy of strengthening the country through culture. The creation of online audio-visual content should continue to give full play to the advantages of online dramas and achieve high-quality development while boosting confidence. With the full implementation of the Network Drama Distribution License, the production of high-quality network audio-visual content has been more institutionalized. We look forward to more high-quality network dramas and traditional film and television dramas going hand in hand in the future, jointly promoting the upgrading of the film and television industry and further promoting the prosperity and development of socialist literature and art.  (Niu Mengdi)

The CSRC answered the 30 questions of refinancing: fundraising cannot be invested in restricted elimination projects.

  On the evening of July 5, there was another heavy news in the securities industry. The issuance supervision department of the CSRC issued the "Answers to Some Questions about Refinancing Business", which clarified the details of the auditing standards, legal and accounting issues of refinancing business.

  The CSRC said that the "Answer" was issued to further promote the market-oriented and rule-based reform of securities issuance, enhance the transparency of audit work, guide and standardize the financing behavior of listed companies, facilitate intermediaries to perform their duties, and better play the role of refinancing in supporting the real economy.

  From the content point of view, there are 30 questions and answers published this time, including horizontal competition, related party transactions, major illegal acts, litigation or arbitration matters, share pledge,

  Previously, there were rumors in the market that the regulatory authorities planned to substantially relax the refinancing policy, including relaxing the validity period of the CSRC approval from 6 months to 12 months; The size limit of the issued share capital will be raised from 20% of the total share capital before this issuance to 50%. However, these rumors have not been reflected in this Answer.

  Reporter The Paper sorted out the 10 questions and answers that the market is more concerned about in the Answer as follows.

  1, how to identify horizontal competition?

  "Horizontal competition" means that competitors engage in the same or similar business as the issuer’s main business. When verifying and identifying "competition", it should be combined with the historical evolution, assets, personnel, main business and other aspects of the relationship with the issuer, as well as whether the business is substitutive, competitive, whether there is a conflict of interest, etc., to judge whether it constitutes competition for the issuer.

  We can’t simply say that it doesn’t constitute "horizontal competition" just because the products are sold in different regions and the grades of products are different.

  In the process of judging that relatives are involved in horizontal competition, the CSRC has drawn up three types of situations divided according to the degree of closeness.

  If the controlling shareholder or actual controller of the issuer is a natural person, and the enterprise controlled by the immediate family members of both husband and wife (including spouse, parents and children) has a competitive relationship with the issuer, it shall be deemed to constitute horizontal competition. Other close relatives (that is, brothers and sisters, grandparents, grandparents, grandchildren, grandchildren) are recognized as constituting horizontal competition in principle. Other relatives are generally not considered as constituting horizontal competition.

  2. What are the information disclosure requirements for related party transactions?

  In the case of public offering of securities, the issuer shall disclose related parties and related relationships in the prospectus, and disclose related transactions in the last three years and the first period according to regular related transactions and occasional related transactions, the impact of related transactions on the company’s main business, and measures to reduce and standardize related transactions.

  3. If the issuer and its controlling shareholder or actual controller have issued public commitments, what precautions should be taken when applying for refinancing?

  The issuer and its controlling shareholder or actual controller have failed to fulfill their public commitments to investors in the last 12 months, which constitutes a legal obstacle for the issuer of the main board (small and medium-sized board) to publicly issue shares (convertible bonds) and the issuer to publicly issue preferred shares.

  Growth enterprise market (gem) is a legal obstacle to the issuance of gem if the issuer fails to fulfill its public commitments to investors in the last 12 months; If it is the controlling shareholder or actual controller of the issuer, it shall not participate in the subscription of securities issued by the listed company.

  If the matter causes serious damage to the rights and interests of listed companies by controlling shareholders or actual controllers, or seriously damages the legitimate rights and interests of investors, it also constitutes a legal obstacle for the issuer of the main board (small and medium-sized board) to issue shares privately and the issuer to issue preferred shares privately.

  4. In the process of refinancing, how should information disclosure or verification be carried out on the litigation or arbitration matters of the issuer?

  Where securities are publicly issued or preferred shares are issued, the issuer shall disclose the litigation or arbitration matters that have a great impact on the production and operation, financial status and future development, including the acceptance and basic facts of the case, the request for litigation or arbitration, the results and implementation of judgments and rulings, and the impact of litigation or arbitration matters on the issuer, such as the impact of the issuer’s loss or unfavorable arbitration on the issuer.

  It is worth mentioning that even if it is a lawsuit that occurs outside the reporting period, the CSRC also requires brokers to pay attention.

  It is stipulated in the document that the sponsor institution and the issuer’s lawyer should comprehensively check the relevant situation of litigation or arbitration that occurred during the reporting period or occurred outside the reporting period but still had a great impact on the issuer.

  5. Does the use of raised funds conform to the national industrial policy, and what precautions do issuers and intermediaries have?

  On the one hand, in principle, it is not allowed to add excess capacity or invest in restricted or eliminated projects. The identification of industries with excess capacity shall be subject to the regulations of the competent department of the State Council, while the restricted and eliminated industries are stipulated in the Guidance Catalogue for Industrial Structure Adjustment.

  On the other hand, if foreign investment is involved, it should be noted that overseas investments such as real estate, hotels, cinemas, entertainment and sports clubs, the establishment of equity investment funds or investment platforms without specific industrial projects abroad, the use of backward production equipment that does not meet the technical standards of the investment destination countries, gambling, pornography and other overseas investments are restricted or prohibited.

  6. How should issuers and intermediaries disclose or verify information about the sources of subscription funds for each subscriber in non-public offering of shares?

  The CSRC requires that if the board of directors decides to subscribe for the non-public offering of shares, the issuer shall disclose the source of subscription funds for each subscription object, and it is necessary to specify three "yes or no".

  Namely: Is it self-owned? Is there any external offering, agency holding, structured arrangement or direct or indirect use of the funds of the issuer and its related parties for this subscription? Is there any situation where the issuer and its controlling shareholder or actual controller provide financial assistance, compensation, promised income or other agreement arrangements to the subscription object directly or through its stakeholders?

  7. If there is a situation that the controlling shareholder and actual controller pledge the issuer’s shares in proportion, how should the issuer and intermediary institutions disclose or verify the information?

  Where securities are publicly issued, the issuer shall disclose the pledge of the issuer’s shares held by the controlling shareholder or actual controller in the prospectus.

  If there is a large proportion of pledge, it should be combined with the specific circumstances to disclose whether there is a greater risk of liquidation, whether it may lead to changes in the controlling shareholder and actual controller, and the relevant measures for the controlling shareholder and actual controller to maintain the stability of control rights.

  If it is true that the control right is difficult to maintain stability, the time limit for possible changes in the control right and possible disposal schemes should be fully disclosed.

  8. In February 2017, the CSRC issued the Question and Answer on Issuance Supervision — Regulatory Requirements on Guiding and Regulating the Financing Behavior of Listed Companies, it is clear that when a listed company applies for refinancing, except for financial enterprises, in principle, there should be no trading financial assets with large holding amount and long term, financial assets available for sale, loans to others, entrusted financing and other financial investments in the latest period. How to understand this?

  Firstly, it is clearly defined that financial investment includes but is not limited to: establishing or investing in industrial funds and M&A funds; Borrowing funds; Entrusted loan; Capital contribution or capital increase to the group finance company in excess of the shareholding ratio of the group; Buying financial products with large fluctuations in income and high risks; Non-financial enterprises invest in financial business.

  The issuer establishes or invests in industrial funds and M&A funds related to its main business for the purpose of strategic integration or acquisition; Entrusted loans for developing main business or expanding customers and channels, as well as investments formed for policy reasons and historical reasons that are difficult to be repaid in the short term, are not financial investments.

  Secondly, the detailed requirements are clarified. The so-called "large amount" means that the amount of financial investment that the company has held and intends to hold exceeds 30% of the net assets attributable to the parent company in the consolidated statement of the company. "Long term" means that the investment period (or expected investment period) exceeds one year, and it has been accumulated for a long time although it has not exceeded one year.

  9. What are the specific regulatory requirements for the estimated benefits of fundraising projects?

  The CSRC said that the disclosure of expected benefits should be based on a reasonable basis.

  What is a reasonable basis?

  First of all, listed companies should disclose the assumptions, calculation basis and calculation process of benefit prediction in combination with the contents of feasibility study report, internal decision-making documents or other similar documents.

  Secondly, if the benefit indicators disclosed by the issuer are internal rate of return or payback period of investment, the calculation process of internal rate of return or payback period of investment and the income data used should be clarified, and the expected impact on the company’s operation after the implementation of the fundraising project should be explained.

  In addition, listed companies should make a vertical comparison with the operating conditions of existing businesses on the basis of the estimated benefits, so as to explain the rationality of income indicators such as growth rate, gross profit margin and predicted net interest rate, or make a horizontal comparison with the operating conditions of comparable companies in the same industry, so as to explain the rationality of income indicators such as growth rate and gross profit margin. Sponsoring brokers also need to check.

  10. What is the impact of the issuer’s recent performance decline in the refinancing audit?

  In the audit, the situation of declining performance should be classified and handled.

  For the issuance application with profit requirements, if the performance of the latest issue declines, but the relevant profit indicators and profit forecast data still meet the basic issuance conditions, it will be promoted after fulfilling the full information disclosure procedures.

  For the issuance application with profit requirements, if the recent decline in performance may affect the issuance conditions, the sponsor institution shall carefully express its opinions on whether the issuance conditions are met after the decline in performance.

  When there is no profit requirement for the issuance application and the business performance drops sharply, it shall be promoted after the listed companies and intermediaries update the declaration documents or submit the post-meeting documents and fulfill the information disclosure procedures.

  The above-mentioned "sharp decline" means that the company’s net profit has fallen by more than 30% year-on-year, which is higher than the decline ratio of net profit attributable to the parent company before and after deduction in the consolidated statements.

  The Paper reporter Liu Yuyu

New arrangements have been made for the evaluation reform of scientific and technological talents with "breaking the four standards" and "setting new standards"

  The evaluation of scientific and technological talents once again ushered in heavy news! On November 9, the Ministry of Science and Technology, together with the Ministry of Education and other seven departments, jointly held a kick-off meeting for the pilot reform of scientific and technological personnel evaluation, and deployed and promoted the Work Plan on Carrying out the Pilot Reform of Scientific and Technological Personnel Evaluation (hereinafter referred to as the Plan). Focusing on making good use of living talents in national scientific and technological tasks, the Plan focuses on "what to evaluate, who will evaluate, how to evaluate and how to use", breaks through "breaking the four standards" and "setting new standards", ensures deepening reform and policy coordination, and builds an evaluation system of scientific and technological talents oriented to innovative value, ability and contribution according to the types of innovative activities, so as to provide strong talent support for realizing high-level scientific and technological self-reliance and building a world-class scientific and technological power.

  The "Proposal" is clear, insisting on problem orientation, classified promotion, use of traction and coordinated implementation. "Promote the reform of talent evaluation in major national innovation activities such as major scientific and technological tasks and major innovation base construction, and strive to overcome ‘ Only papers, titles, academic qualifications and awards ’ Tendency. " The relevant person in charge of the Department of Science and Technology Talents and Science Popularization of the Ministry of Science and Technology said that the reform highlights the national goal and mission orientation, and insists on who uses who to evaluate, so as to use the evaluation and evaluation appropriately and use the evaluation results scientifically.

  The reporter of Science and Technology Daily learned that the two-year pilot reform of evaluation of scientific and technological talents will be carried out in 12 research institutes including Shanghai Institute of Microsystems and Information Technology, Institute of Computing Technology of Chinese Academy of Sciences and China Academy of Water Resources and Hydropower Research, 9 universities including Tsinghua University, Peking University and Zhejiang University, and 6 places including Shanghai and Shandong Province.

  Facing the difficulty of implementing talent evaluation reform

  The CPC Central Committee and the State Council attached great importance to the evaluation of scientific and technological talents. In 2018, the Central Office and the State Council issued "Guiding Opinions on Promoting the Reform of Talent Evaluation Mechanism by Classification" and "Opinions on Deepening the Reform of Project Evaluation, Talent Evaluation and Institutional Evaluation", and made systematic arrangements for improving the evaluation standards by classification and promoting the reform of "three evaluations".

  "All localities and relevant departments have conscientiously implemented the requirements of the central authorities and issued ‘ Break the four virtues ’ And a series of reform measures, the reform of scientific and technological talent evaluation has made positive progress. " However, the person in charge admits that compared with the demands of the majority of scientific researchers and the realization of high-level scientific and technological self-reliance, there are still problems in the implementation of the evaluation reform of scientific and technological talents, and the "sense of acquisition" of scientific and technological talents is not strong.

  In view of the outstanding problems such as "setting a new standard" after the talent evaluation "breaking the four standards", the innovation of evaluation methods and the inadequate construction of the evaluation system of employers, the "Plan" clarified the road map for the pilot reform of scientific and technological talent evaluation, and systematically deployed it from both the internal and external environment of the unit.

  Explore new evaluation indicators, methods, cycles and internal systems according to different types of scientific and technological innovation activities and design the system; The external environment mainly deploys tasks from the aspects of promoting the reform linkage of "Three Evaluations" by relevant departments and building a talent evaluation system with industry characteristics. Through internal and external collaborative linkage, it explores the formation of an evaluation system for scientific and technological talents that is conducive to concentrated research.

  "Through the two-year pilot, we will explore the formation of classified evaluation indicators and evaluation methods for scientific and technological talents of different types of innovative activities, and the evaluation mechanism for the discovery, training, use and encouragement of scientific and technological talents will be more perfect, forming an operational, replicable and scalable experience." The person in charge said.

  Focus on the classification of national missions and carry out pilot projects

  It is worth noting that this pilot insists on having both ability and political integrity. On the basis of strengthening the evaluation of scientific spirit and academic ethics of scientific and technological talents, the pilot tasks are deployed according to four types of innovative activities: undertaking major national research tasks, basic research, applied research and technology development, and social welfare research.

  Specifically, the evaluation of scientific and technological talents who undertake major national research tasks is guided by supporting and serving the country’s major strategic needs, and an evaluation index that reflects the actual contribution and innovation value of supporting national security, breaking through key core technologies and solving major problems in economic and social development is established; The evaluation of basic research talents is guided by academic contribution and innovative value, which breaks the quantitative tendency of "only papers" and explores the low-frequency and long-term assessment mechanism; The evaluation of applied research and technology development talents is guided by technological breakthroughs and industrial contributions, focusing on the evaluation of representative achievements such as technical standards, technical solutions, high-quality patents, industrialization of achievements transformation, and deep integration effects in Industry-University-Research; The evaluation of social welfare research talents focuses on the ability and effect of serving public management, responding to emergencies, safeguarding people’s livelihood and social security, and other common key technology development and services, and no hard economic benefit evaluation index may be established.

  Moreover, the "Program" also puts forward clear requirements for local governments to carry out comprehensive pilot reform of scientific and technological talent evaluation, highlight the characteristics of regional scientific and technological innovation and talent development, strengthen institutional mechanism reform, policy innovation and resource integration, systematically design local talent evaluation reform, and promote comprehensive reform experiments.

  "The evaluation reform of scientific and technological talents is a systematic project with high complexity and difficulty, which is related to the vital interests of scientific researchers. The smooth development and effectiveness of the pilot work cannot be separated from the guidance, supervision and service guarantee of relevant departments and localities, and it is also inseparable from the initiative and implementation of the pilot units." The relevant person in charge said.

  To this end, the "Program" puts forward requirements for relevant departments, pilot places and units respectively. For example, six departments, including the Ministry of Education and the Ministry of Industry and Information Technology, as the competent departments of the pilot units, should improve the industry talent evaluation mechanism and give employers the right to evaluate independently.

  As the main responsible department, the Ministry of Science and Technology will shoulder the responsibility of organizing and promoting and take the lead in reform, such as breaking the "four talents" in the evaluation of scientific and technological plan projects, performance evaluation of scientific research institutions and selection of scientific and technological talent plans, highlighting innovation value, ability and contribution orientation, and summarizing concise and solidified results in time.

  (Science and Technology Daily, Beijing, November 9 th)

The new smart LS6 is strong in driving control, smart driving and humanization. This dark horse is in good condition

On September 26, a new listing positioned as "Super City Smart SUV" was launched, and the listing equity price was 216,900 yuan – 279,900 yuan.

The new Wisdom LS6 brings seven king fried configurations, including the Lizard digital chassis, smart four-wheel steering system, ultra-long-range high-precision lidar + NVIDIA Orin X chip, Qualcomm Snapdragon 8295 chip + IMOS future smart cabin, co-pilot 121 ° comfortable zero-gravity seat, smart lighting system and ISC smart lamp system.

The blessing of the Lizard digital chassis is undoubtedly a bright upgrade point for the new Zhiji LS6. With the Lizard digital chassis, the new Zhiji LS6 can bring more flexible, comfortable and safe dynamic performance, and the whole vehicle has a more stable posture in bad road conditions, which is what the official said "drives like a car".

The digital chassis allows the new Smart LS6 to have an active rear wheel steering function, which is unique in new energy vehicles under 300,000 yuan.

The turning radius is 5.09m, which means that an SUV such as the new Zhiji LS6 with a length of nearly 5 meters can achieve a U-turn in two-way four-lane conditions. With the assistance of active rear wheel steering, the new Zhiji LS6 can realize functions such as crab travel mode and in-situ U-turn. In the face of urban road sections with tight parking spaces, these black technologies can solve travel problems very well.

When encountering special vehicle scenarios, such as wading in water, sediment, high-speed emergency avoidance, and ice and snow road conditions, the single-wheel escape, active anti-rollover, and body stability control functions of the Spirit Lizard digital chassis can also come in handy. Taking the wading section as an example, the new Zhiji LS6 will detect the stagnant road in front of the road in rainy night mode in advance, and actively raise the suspension height in advance.

Another major advantage of the new Smart LS6 is the upgraded IMAD 3.0.

This is an end-to-end large-scale model for mass production, and it is a map-free city NOA, which can be used without futures waiting.

In addition, the new Zhiji LS6 also launched "AVP one-click valet parking", which can achieve full coverage of various road conditions including roundabout/U-turn/ETC toll stations, and can be stopped when you have time.

Besides, the Falcon intelligent lighting system is equipped with a 165 ° illumination range, which can support "ghost probe" crossing warning, steering follow-up fill light, intelligent fill light at intersections, parking full scene auxiliary lighting, rainy night mode fill light, etc. At the same time, an external speaker is specially added to play theme music and pedestrian warnings.

The new Smart LS6 is very user-friendly. Upgraded to 8295, and has 24G + 256G memory, while also adding CarLink and HiCar mobile phone connections.

The new Wisdom LS6 is strong in driving control, smart driving technology, as well as leapfrog space size and driving experience. I believe that the new Wisdom LS6, which has been selected for listing in the Equestrian Center, will be in perfect condition.

Three elements of social products: relationship chain, interaction and content.

No matter what kind of social product it is, its ultimate goal is to help users build links. Since the development of social products, the form has matured. Among them, relationship chain, interaction and content are the core elements of social products. This paper analyzes these three key elements, hoping to bring you some inspiration.

After working in an outsourcing company for more than two years, I joined a startup company and started my own exploration in the social field as the head of its overseas social application. In the following time, I will summarize my exploration experience in writing regularly and share it with you.

I’m not very knowledgeable. I hope everyone can learn something from it.

If we want to make a good social product, there is no doubt that the first thing we need to know is: What is social?

According to the definition of Baidu Encyclopedia, socialization (that is, social communication) refers to the social activities in which individuals communicate with each other for material and spiritual exchanges under certain historical conditions.Because the essence of animal society is the sum of all social relations formed on the basis of material production and labor, social communication is the inherent requirement of animal nature to a certain extent.

In the past, people’s social activities included offline salons, blind dates and even chatting among friends, and the Internet brought new social ways, and social products such as WeChat, Soup and soul emerged one after another. People have met their needs for material, information and spiritual communication in various ways.

However, just as a successful person owns a house and a car, we cannot define that success equals a house and a car.Whether it is the exchange of materials or the exchange of information and spirit, it is only the appearance of social interaction to a certain extent. I think the essence of social interaction is linking.. Based on the link, one person, a group of people, established contact with each other, thus having the possibility of exchange.

At the same time,The formation of links is limited and influenced by time and space. Based on different link subjects, media and forms, various types of social products that we are familiar with have emerged.

For example, distinguished by the main body of the link, it links the social application WeChat of acquaintances of relatives and friends, and links the social product soul; of strangers who have no contact with strangers; Differentiated by link media, there are interest-based social applications and LBS social products based on geographical location. In terms of form, there are audio social products Hertz, video social products HOLLA, cat call and so on.

butNo matter what kind of social product it is, its ultimate goal is to help users build links.

Relationship chain is one of the core elements of social products, which refers to the connection between people. The network formed by the combination of multiple relationship chains is what people often call relationship network.What is human nature? Marx concluded that "the essence of human beings is not an abstract thing inherent in a single person, but in reality, it is the sum of all social relations". In our daily life, no one can get rid of "relationships". Relatives, friends, classmates and partners have various relationships, strong and weak.

Different types of social products often have different entry points for the relationship chain.

Cut in with a strong relationshipWechat, which everyone is very familiar with, is a social product based on strong acquaintances, not only WeChat, but also most IM products such as WeChat and QQ. The key to acquaintances’ socialization lies in whether they can successfully transfer the offline relationship chain of users to online, thus making the communication between acquaintances more convenient. Once the relationship chain is successfully migrated online,The strong relationship between acquaintances is itself a very powerful moat for acquaintances’ social products.In my opinion, this is why it is difficult for new acquaintance social products such as Duoshan to shake the dominance of WeChat in the social field of acquaintances.

At present, there are still new social products coming into the market, such as soda and other products that I brushed recently when I brushed Tik Tok. Most of them areCut in from the perspective of weak relationshipSocial networking products for strangers. At present, the more successful social products for strangers in the market include Momo based on LBS, soul with three views matching as the selling point, Hertz with the main voice socialization, Douban with interest dimension, Post Bar and so on.Weak relationship is the starting point of strong relationship. Compared with strong relationship, the establishment cost and migration cost of weak relationship are much lower.This is why it is difficult for a monopoly giant like WeChat to appear in the field of strangers’ social interaction, and why there are always new products coming into the track of strangers’ social interaction.

butDue to the low credibility of weak relationships, most social products of strangers have to improve their credibility through various channels to realize the core value of the products.For example, social products with heavy value such as Momo and exploration will require users to authenticate with real people, while soul, which focuses on soul socialization, provides users with psychological test questions.

The strength of all relationship chains may fluctuate with time. For the same relationship, such as partnership, the feelings of couples who stay together every day may continue to heat up, and couples who have been separated from each other for a long time may become unfamiliar. The fluctuation of relationship strength is inseparable from the interaction between them.

Interaction is also the core element of social products.

Interaction refers to the process of interdependent behavior between individuals, groups and groups in society through language or other means to spread information.It takes two hands to clap, and one person can’t interact.

Users who establish relationships can interact, and the interaction between users in turn affects the stability and strength of the relationship chain. The key is thatInteractive mode, intensity, frequency and value..

Taking the common Internet social products as an example, in most products,Common interactive behaviors include chatting, liking, commenting and forwarding.And different interaction modes correspond to different interaction intensities. For example, the interactive intensity of comments is greater than that of likes. And the same is chat, the interactive intensity of video chat is generally greater than that of text chat.Under normal circumstances, the greater the intensity of interactive behavior, the easier it is to enhance the closeness of the relationship between users.

For the same kind of interaction, the higher the interaction frequency, the closer the general relationship. But this is not absolute, because whether user interaction is effective or not, there is also a very important key point, that is, the value of interaction.

There are a thousand cups of wine for every bosom friend, and more than half a sentence for lovers. In our daily life, we may encounter such a situation. For example, at work, some colleagues have worked with you for a long time, and you are still familiar strangers after work for a long time, while some people have become friends through a few supper after work, even though they have not known each other for a long time.The reason for this difference lies in the difference of interactive value.The communication with old colleagues may stop at work. These exchanges are conducive to the smooth development of work, but they can’t make you know each other better. However, chatting in different places during the string talks makes you have a basic understanding of each other’s hobbies and values, thus becoming friends.

Interaction is the key to the generation and change of the relationship chain between users, but a good interaction can’t happen out of thin air.When posting a comment, there must always be someone to comment on and chat with others. The key is to talk about what won’t lead to embarrassing chat.The key auxiliary information is the content.

Content is auxiliary information to help users interact, which refers to the information that users disclose to others.In the early days of the Internet, limited by the network technology and network speed, the content display among users was mainly in words, resulting in pure text social products such as BBS, blogs and IM tools. With the maturity of the processing technology of pictures and audio and video, various types of content such as pictures, audio and video began to participate in social activities in a richer form.

For any social product, the content supply chain is basically composed of three main links: content production, content distribution and content consumption, and how to optimize the content supply chain is particularly important for all social products.

To guide users to output valuable content, we can refer to the concept of value proposition in economics and encourage users to output content with internal or external value, which can be in the form of spatial dynamics, photo wall and so on.For products with sliding pairs such as tinder or Explore, they encourage users to upload more personal photos and update more real personal information, which belongs to the content produced by users. Of course, how to recommend suitable users to each other is what tinder and explorers need to consider in the content distribution. For products such as Tik Tok, Yikan and Weibo, which focus more on content socialization, besides personal data, they will try their best to let users publish more dynamic content, such as providing them with tools for editing pictures and videos, lowering the threshold for dynamic publishing, and providing material or spiritual incentives for high-quality content, thus encouraging users to produce content. With sufficient content sources, content distribution has become a top priority. For example, Tik Tok is famous in the Internet circle for its extremely powerful content recommendation algorithm.

Of course, we can’t be anticlimactic. On the consumption side of content, how to help users consume content better and encourage users to interact with content producers based on content is the key ending to complete the whole social closed loop.

In subsequent articles, I will further discuss the content supply chain, so I won’t expand it here for the time being.

This is the end of the article, hoping to play a role in attracting jade.

Aaron, WeChat official account: In Aaron’s cabin, everyone is a product manager columnist. Head of social products at sea, an internet observer who is keen on sharing.

This article was originally published in everyone is a product manager. Reprinting is prohibited without permission.

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