Over the past 40 years of reform and opening up, the living consumption level of Chinese people has been greatly improved, and a historic leap has been achieved from insufficient food and clothing to a well-off society in general and then to a well-off society in an all-round way. With the change of development stage, people’s yearning for a better life is stronger, and the demand for upgrading the stock of consumer goods is constantly improving. Adapting to the new stage, new changes and new requirements, and promoting a new round of trade-in of consumer goods is not only beneficial to the present, but also beneficial to the long term, which is of great significance and role in promoting high-quality economic development.

First, the significance of implementing a new round of consumer goods trade-in.

(1) It is conducive to adapting to the changes in the development stage and promoting the continuous expansion of consumption.

Since the reform and opening up, China’s economy has grown rapidly, durable consumer goods have been fully popularized, and the problem of "whether there is" has been basically solved. By the end of 2022, the number of cars with 1,000 people in China had reached 226, and the average number of air conditioners, refrigerators, washing machines and color TVs per 100 households reached 133.9, 104.2, 99 and 118.9 respectively. In the context of the rapid growth and popularization of durable consumer goods, policies such as trade-in in the early stage put more emphasis on stimulating incremental consumption and stabilizing economic growth. With the change of development stage, the demand for upgrading the stock of consumer goods is constantly increasing, and China’s consumer market is generally entering an era of paying equal attention to both increment and stock. Trade-in of consumer goods is conducive to accelerating the transformation of the consumer market from "whether there is" to "whether it is good" and forming a domestic cycle with consumption as the leading force.

(2) It is conducive to consolidating the economic recovery and improving the quality and level of the national economic cycle.

Consumption is the "stabilizer" and "ballast stone" of economic growth, and promoting consumption is the inherent requirement of promoting a virtuous circle of economy. At present, a large number of potential consumption in China still needs to be stimulated, and a virtuous circle of mutual promotion between consumption and investment is accelerating, and the chain of "consumption-employment-income" needs to be further unblocked. Activating the consumer market by exchanging the old for the new, releasing potential consumption and cultivating new consumption will help to provide stronger market demand support for enterprise management, thus stabilizing enterprise production and investment expectations, improving market participants’ confidence, promoting the smooth realization of production cycle and promoting China’s sustained economic recovery.

(3) It is conducive to promoting the change of development momentum and cultivating new quality productivity.

China’s consumer market continues to emerge a series of new consumption different from the past, which has become a new kinetic energy and new growth point to promote high-quality development. By expanding the renewal of existing consumer goods, the scale effect of innovation and development of new consumption and new formats will be formed, which in turn will have a strong innovation leading and pulling effect on upstream manufacturing and guide the upgrading of upstream manufacturing industrial structure to adapt to the changes in demand structure. The demand potential released by trade-in will help guide and support enterprises to increase scientific and technological innovation and new product research and development, promote technological upgrading and progress in related industries, foster the formation of new quality productivity, and achieve more quality and efficient growth. Trade-in of old products will push the economy to a higher level of dynamic balance in which demand pulls supply and supply creates demand, which is conducive to the dual promotion of domestic and global product competitiveness in the new era.

(4) It is conducive to meeting people’s needs for a better life and enhancing people’s well-being.

Owning and enjoying higher quality durable consumer goods is an important embodiment of people’s yearning for a better life. Trade-in is not a simple replacement of similar products, but a higher-end, smarter, more environmentally friendly and more personalized demand trend. With the increase of the service life of consumer goods in stock, the performance of a large number of cars and household appliances is getting worse, the emissions are getting higher, and even there are security risks. By exchanging old products for new ones to support the transformation and upgrading of residents’ consumption, high-quality products that are energy-saving, environmentally friendly and intelligent will enter residents’ lives, which will help improve people’s quality of life and enhance their sense of acquisition, happiness and security.

Second, the focus and focus of effectively starting and continuously promoting the trade-in of consumer goods

First, vigorously stimulate and fully mobilize the enthusiasm of all parties. Adhere to the linkage between the central and local governments, coordinate and support all links in the whole chain, and realize the coordinated linkage and comprehensive policy of production, supply and marketing, upstream and downstream, government, enterprises and people, online and offline, benefiting more consumers. Strengthen the central government’s policy support, arrange special funds from the central government, improve tax support policies and optimize financial support, and give better play to the guiding role of local governments and business entities. Optimize the design of policy mechanism, fully stimulate the enthusiasm of production enterprises, platform enterprises, recycling enterprises, dismantling enterprises and consumers, and implement the original intention of good policies.

The second is systematic planning to get through the key blocking points of the supply and demand cycle. In the past, fiscal policy was more biased towards infrastructure investment and upstream manufacturing. From the current point of view, it is necessary to pay more attention to the leading and leading role of consumers. In policy implementation, it is necessary to respect consumers’ choices, enhance consumers’ ability to pay, give play to consumers’ subjective initiative, and focus more on how to lead and drive consumers to upgrade, indirectly forming a virtuous circle of mutual promotion between supply and demand. Promote the circulation of commodities through the trade-in action, enhance the transaction value of commodities in all links, and create a reasonable profit space for market players. Solve the outstanding shortcomings in the whole cycle of production, circulation, consumption and recycling of products, and fundamentally form a systematic policy effect.

The third is to promote flexibly and continuously release the consumption potential. Focus on organizing and carrying out trade-in activities by stages and product categories, so as to create a consumer market atmosphere with continuous vitality in generate and avoid the fatigue of consumers caused by concentrated activities. Guided by convenience and material benefits, we will comprehensively use various policy tools such as consumer subsidies, consumer coupons, and interest subsidies for consumer loans, actively give play to the advantages of Internet platforms, and simplify the policy application process, especially taking care of the needs of the elderly and rural residents. Strengthen the safety publicity of durable consumer goods, actively organize theme activities, and gradually improve consumers’ awareness of safety precautions in the use of old household appliances. Through the way of regional pilot, we will innovate, promote, evaluate and improve, and properly solve the new problems in the implementation of this round of trade-in policy.

Fourth, give consideration to both length and weakness, and strengthen the construction of systems and standards. Take a new round of trade-in as an opportunity to promote the improvement of the basic system of consumer market governance, accelerate the construction of a high-standard market system, and create a good institutional environment for consumer innovation. Gradually strengthen the construction of recycling industry system, guide recycling enterprises and individual operators to gradually integrate into unified management, and continuously improve the quality of circulation services. Adhere to the guidance of standards and orderly promotion, and further improve the management system and industry standards of product life cycle. Support industry associations, individual enterprises, experts and scholars to actively participate in the formulation of standards, strengthen the convergence of international and domestic standards in key areas, and let more high-quality durable consumer goods enter residents’ lives.

Fifth, strengthen support and constantly improve the consumption supporting system. Overall planning and construction of a number of urban comprehensive logistics centers, professional distribution centers and e-commerce logistics nodes, and improvement of urban logistics distribution facilities such as docking, loading and unloading. Improve the logistics infrastructure network and sales service system in rural areas, promote the construction of regional commercial logistics distribution centers and terminal distribution outlets, and promote the innovation of consumption formats. We will improve the resource recycling system for scrapped cars and used household appliances and furniture, improve the network layout of household appliances and furniture recycling, promote the construction of recycling outlets and centralized storage and transportation points as a whole, and encourage the establishment of recycling bins in qualified communities to facilitate residents to handle small household appliances.

(the State CouncilWang Qing, deputy director and researcher of Market Economy Research Institute of Development Research Center; Wang Nian, deputy director and associate researcher of the Research Office of Market Economy Research Institute of the State Council Development Research Center)

In terms of appearance, it is not cheap at all from the appearance. The appearance of the car body continues the family design concept, and the design of the front face is rich. The headlights on both sides are heavy and the internal lights are patchy, and they are bright when lit. Looking at the body lines from the side that rises sideways creates a sense of readiness, which looks very sporty, with advanced rim modeling and acceptable visual effects. The design of the rear of the car is still relatively simple, and the design of lighting the blackened taillights is also more interesting, which shows great personality after lighting.

Emgrand puts the details into practice and extends the high quality from the appearance to the interior of the whole vehicle. The car uses a relatively sporty steering wheel, which instantly improves the grade of the whole car. In the central control room and the door handle, a lot of plastic and leather materials are used to cover and wrap it. The touch is double-layered, and the 8.0-inch central control screen is simple in screen design, but fully functional. The front row is also equipped with a manual air conditioning control system to freely debug the most comfortable space atmosphere. The black seat is spacious and the seating space is acceptable, which is suitable for daily use.

The length, width and height are 4638×1820×1460mm respectively, and the wheelbase has reached 2650 mm. In the same class, the wheelbase of Emgrand ranks 21st. This size exceeds most models in its class. The actual interior space performance is also very good. From the actual ride experience, the front and rear rows are relatively spacious. The design of skylight also increases the subjective space feeling of front and rear passengers. Among the models of the same price and class, Emgrand’s trunk volume ranks ninth. The space is relatively regular, without obvious protrusions, and the overall loading capacity is good.

Geely Emgrand is equipped with a combination of 1.5 naturally aspirated engine (direct injection) and continuously variable transmission (CVT). 1.5 The power performance of the engine on Emgrand is quite satisfactory, the low torque is weak and the hysteresis can be felt. Ranked 9 th among compact car models with more than 800,000.

Emgrand’s active/passive safety configuration is complete, includingAutomatic parking、Zero tire pressure endurance tire、Automatic parking、Steep slope descent、hill start assist control、knee airbag、HUD head-up display、Anti-lock braking (ABS)、Braking force distribution (EBD/CBC, etc.)、Brake assist (EBA/BAS, etc.)、Traction control (ASR/TCS, etc.)、Active noise reduction、Engine start and stop、Side safety air curtain、Wireless charging of mobile phone、night vision system、LED daytime running lights、Forward reversing radar、Tire pressure monitoring、Steering wheel heating、Body stability control (ESP/DSC, etc.)、Rear reversing radar、Fatigue reminder、Remote parking、Child seat interface、Lane keeping (LKAS)Equal configuration.

Among them,Automatic parkingYou can avoid stepping on the brakes for a long time or needing to pull frequently;Steep slope descentCan safely pass through steep slope road conditions at low speed;knee airbagReduce the injury of the car interior to the occupant’s knees in the secondary collision.

If the above data and participation can’t fully understand Emgrand, then we can give you a more comprehensive reference based on the word-of-mouth information of users who have purchased Emgrand in history. It can be seen that what everyone is most satisfied with Emgrand is that its side looks good. In addition, it is very comfortable in the car and stable at high speed, which is also what everyone likes about it.

Another year of Dragon Boat Festival.

As one of the four traditional festivals in China,

Dragon Boat Festival became in 2009.

China’s first festival selected as a world intangible cultural heritage.

How much do you know about the Dragon Boat Festival?

Watch it with sister cranberry ~

The origin of the Dragon Boat Festival

1. Originated from commemorating Qu Yuan.

Legend has it that after Qu Yuan’s death, the people of Chu were so sad that they flocked to the Miluo River to pay their respects to Qu Yuan. Fishermen rowed boats and fished for his real body back and forth on the river. A fisherman took out rice balls, eggs and other foods prepared for Qu Yuan and threw them into the river "plop, plop", saying that the ichthyosaurs, shrimps and crabs were full and would not bite the doctor’s body. People followed suit after seeing it. An old doctor took an altar of realgar wine and poured it into the river, saying that it was necessary to stun the dragon water beast with medicine so as not to hurt Dr. Qu. Later, for fear that rice balls would be eaten by dragons, people came up with the idea of wrapping rice with neem leaves and wrapping them with colored silk to develop them into brown seeds. After that, on the fifth day of May every year, there was the custom of dragon boat racing, eating zongzi and drinking realgar wine. In memory of the patriotic poet Qu Yuan.

2, in memory of Wu Zixu said.

The second legend of the Dragon Boat Festival, which is widely spread in Jiangsu and Zhejiang, commemorates Wu Zixu in the Spring and Autumn Period (770- 476 BC). Wu Zixu, a famous member of the State of Chu, and his father and brother were all killed by the King of Chu. Later, Zixu abandoned the dark and went to the State of Wu to help Wu cut Chu, and entered the city of Ying, the capital of Chu, in the Five Wars. At that time, King Chu Ping was dead, and Zixu dug a grave and whipped 300 corpses to avenge the killing of his father and brother. After the death of Prince Helu of Wu, his son Fu Cha succeeded to the throne. Wu Jun’s morale was high, and he was defeated by the state of Yue. The king of Yue Gou Jian asked for peace, and Fu Cha promised it. Zi Xu suggested that the state of Yue should be completely destroyed, but Fu Cha refused to listen. The state of Wu slaughtered it and was bribed by the state of Yue. Zi Xu was framed by slanderers, and Fu Cha believed it. Zi Xu died because of this. Later, Fu Cha ordered Zi Xu’s body to be put into the great river in leather on May 5, so it is said that the Dragon Boat Festival is also a day to commemorate Wu Zixu.

3, in memory of the filial daughter Cao E said

The third legend of the Dragon Boat Festival is to commemorate the Eastern Han Dynasty (AD 23-220) when Cao E, a filial daughter, saved her father from drowning in the river. Cao E was a native of Shangyu in the Eastern Han Dynasty. Her father drowned in the river and didn’t see her body for several days. At that time, Cao E, the filial daughter, was only fourteen years old and was crying along the river day and night. Seventeen days later, he also threw himself into the river on May 5, and took out his father’s body five days later. This was passed down as a myth, and then passed on to the governor of the county government, who made it a monument and let his disciple Han Danchun make a eulogy. Therefore, it is said that the Dragon Boat Festival is also a day to commemorate the filial daughter Cao E.

Dragon boat festival custom

Today, the Dragon Boat Festival is still a very popular grand festival among Chinese people. It has been a traditional custom in Chinese for more than 2,000 years to celebrate the Dragon Boat Festival. Due to the vast territory, numerous nationalities and many stories and legends, not only many different festival names have been produced, but also different customs exist in different places.

Originally, it was a season to drive away the plague in summer. From this day, the indispensable epidemic prevention activities gradually evolved into eating zongzi, racing dragon boats, hanging calamus, wormwood and wormwood leaves, fumigating Atractylodes lancea and Angelica dahurica, and drinking realgar wine. Since the Spring and Autumn Period and the Warring States Period, the Dragon Boat Festival has been passed down among the people for more than two thousand years. There are many theories about the origin of the Dragon Boat Festival. Although the customs vary from place to place, it is a common custom to wrap zongzi and row dragon boats.

1. Rowing the Dragon Boat Festival

The word "dragon boat" was first found in the pre-Qin ancient book "Biography of Mu Tianzi", Volume 5: "Tianzi rides a bird boat and the dragon boat floats in the marsh." In "Nine Songs Xiang Jun", scholars also think that "flying dragon" means dragon boat.

Before the dragon boat race, please invite dragons and offer sacrifices to the gods. For example, the Guangdong Dragon Boat Festival, before the Dragon Boat Festival, has to get out of the water, worship the South China Sea God in the South China Sea Temple, install the dragon head and the dragon tail, and then prepare for the race. And buy a pair of paper cocks and put them on the dragon boat, thinking that they can protect the boat safely (vaguely corresponding to the ancient bird boat). Fujian and Taiwan went to Mazu Tempel to worship. All kinds of sacrificial ceremonies and commemorative ceremonies are nothing more than burning incense sticks and paper money for chicken, rice, meat, fruit offerings, zongzi and so on. Nowadays, these superstitious rituals are rare, but in the past, when people sacrificed to the Dragon Temple, the atmosphere was very serious, and they prayed for a bumper harvest in agriculture, good weather, evil spirits, and all the best, and also blessed boating safety. In people’s words, "to be auspicious" expresses people’s inner good wishes. In Zigui, Qu Yuan’s hometown in Hubei, there are also ceremonies to worship Qu Yuan.

When rowing dragon boats, there are many dragon boat songs that sing for fun. For example, when rowing a dragon boat in Zigui, Hubei Province, there was a complete singing, and the songs and songs were based on the fusion of local folk songs and songs. The singing voice was magnificent and exciting, that is, the legacy of "praising and reconciling". Another example is the Dragon Boat Song in Nanxiong County, Shaoguan City, Guangdong Province, which was sung after the dragon boat was launched in April until the Dragon Boat Festival, and its performance was very extensive.

2. Hanging wormwood on the Dragon Boat Festival

Dragon Boat Festival is the first festival after summer, and the temperature is rising, which is the period of frequent diseases. Therefore, many years ago, people often hung several plants of wormwood in front of their homes. Because of its special fragrance, people used it to ward off diseases, prevent mosquitoes and ward off evil spirits.

There are reasons for hanging wormwood, calamus (Pujian) or pomegranate and garlic at the door of the Dragon Boat Festival. Usually, Artemisia argyi, Ficus microcarpa and Acorus calamus are tied into a bundle with red paper and then inserted or hung on the door. Because Acorus calamus is the first of the five Rui in the sky, it symbolizes the evil sword, because the growing season and shape are regarded as "the breath of a hundred yin", and the leaves are sword-shaped, which can be inserted at the door to ward off evil spirits. Therefore, alchemists called it "water sword", and later customs extended it to "Pujian", which can cut thousands of evils. In Qing Dynasty, Gu Tieqing recorded in Qing Jia Lu that "cutting Pu as a sword, cutting Peng as a whip, and hanging garlic with peach stalks on the bed, all of which were used to exorcise ghosts".

3. Eat zongzi on Dragon Boat Festival.

At the beginning of May every year, every family in China has to soak glutinous rice, wash zongzi leaves and wrap zongzi, with more varieties of colors. From the perspective of stuffing, there are many Beijing jujube dumplings with small dates in the north; In the south, there are many kinds of fillings, such as bean paste, fresh meat, ham and egg yolk, among which Zhejiang Jiaxing Zongzi is the representative. The custom of eating zongzi has been popular in China for thousands of years, and spread to Korea, Japan and Southeast Asian countries.

Special reminder: Although Zongzi is delicious, you can’t eat more, because Zongzi is made of glutinous rice, which is not easy to digest. Children’s digestive ability is poor, and it is easy to hurt their spleen and stomach if they eat it carelessly.

4, is a colorful line

Five-color silk thread, commonly known as five-color silk and multicolored silk. The ancient and popular names are Zhusuo, Zhusuo, etc. Those tied to mosquito nets and cradles are also called wanzhuan ropes and health ropes. Ying Shao’s "Custom Pass" said: "On May 5th, the colorful silk was tied to the arm, which was named Long Life, One Life-sustaining, One Soldiers, One Five Colors, One Zhu Suo, Soldiers and Ghosts, so that people would not get sick." In ancient China, five colors were revered and regarded as auspicious colors. Therefore, in the early morning of the festival, the first important thing for adults after getting up is to tie five-color lines around their children’s wrists, ankles and necks. When tying the thread, it is forbidden for children to speak. Traditionally, red, green, yellow, white and black thick silk threads were twisted into colored ropes and tied around children’s arms or necks. Since May 5th, it was not until the birthday of "Qi Nian Ma" on Tanabata that they were untied and burned together with Jin Jun.. There is also a saying that on the first rainy day after the Dragon Boat Festival, cutting off colorful threads and throwing them in the rain means that the river will wash away the plague and diseases, which means that it can get rid of evil spirits and stir up disasters, which will bring good luck for a year.

5. Order realgar wine

Realgar is also a kind of medicinal material, which is said to kill all kinds of poisons. Therefore, during the Dragon Boat Festival, Shaanxi people will soak realgar in wine and put realgar wine on children’s ears, nose, forehead, wrists and ankles. It is said that this practice can keep mosquitoes, snakes, scorpions, centipedes, geckos and spiders off their bodies.

As a traditional festival of the Chinese nation, Dragon Boat Festival bears a heavy historical culture and rich humanistic spirit. In this festival, we can deeply feel the long history and profoundness of Chinese culture. Since ancient times, people have been singing and dancing to express their blessings at this time. When the Dragon Boat Festival comes, we should also express our blessings and respects in various ways, praying for the prosperity of the motherland, social harmony and stability, and people’s living and working in peace and contentment.

erect

noon

safe

healthy

I wish everyone.

Not afraid of the midsummer sun, find a cool side.

Original title: "Do you know the custom and origin of Dragon Boat Festival?"

Read the original text

dragon boat raceDragon boat race is one of the most distinctive activities of the Dragon Boat Festival to commemorate Qu Yuan’s drowning and prevent fish and shrimp from eating his body. The original intention is to imitate the dragon king in the river and pray for the blessing and exorcism of the water god.

eat ZongziThe main traditional food of the Dragon Boat Festival is Zongzi, which is made by wrapping glutinous rice and various fillings such as meat and bean paste with Zongzi leaves. Eating Zongzi during the Dragon Boat Festival means to ward off evil spirits and plague and pray for health and peace.

Hanging wormwood and calamusPeople will hang wormwood and calamus at the door or at home, thinking that they have the function of exorcising evil spirits, and sometimes they will fumigate their rooms with wormwood leaves to drive away mosquitoes and epidemics and prevent the spread of diseases.

DaixiangnangIn some areas, people put herbs and wormwood into sachets, tie them on their bodies or hang them on doors to ward off evil spirits and pray for blessings. The sachets contain cinnabar, realgar and fragrant medicine, which are fragrant and exquisite after wearing.

Wear colorful ropeIn the traditional culture of China, the five colors "blue, red, white, black and yellow" symbolizing the five elements are regarded as auspicious colors, and multicolored ropes are woven from silk threads of five colors, representing auspiciousness and blessings.

Drink realgar wineDuring the Dragon Boat Festival, people in some places will drink realgar wine as a custom, thinking that drinking realgar wine can protect their health and pray for peace and well-being on this special day of Dragon Boat Festival.

spring outingThe Dragon Boat Festival is in May, the weather is pleasant, and everything in nature is flourishing. People often take this opportunity to go to the countryside to play, fly kites, enjoy lotus flowers, enjoy flowers and grass, soak mugwort, etc., so as to cheer up their mood and relieve their pressure.

Worship the gods and ancestorsWorship to God and ancestors is one of the important customs of Dragon Boat Festival, and ancestor worship is a custom of inheriting filial piety. We pray for and repay their shelter and blessing through sacrifice, hoping that ancestors will bless the family’s peace, health and happiness.

Editor: Qi Yongtao

Editor: Han Wei

　　On January 15th, Guangzhou Beijing Road Pedestrian Street was crowded with tourists. Photo by Zhong Yong (People’s Vision)

　　Chaoyang, Beijing — —

　　Shangchao sales and stocking are busy.

　　On January 14, I walked into the sweet water garden store of Jingkelong Supermarket in Chaoyang District, Beijing, and the strong flavor of the year came on me. On the glass curtain wall, huge window stickers focus on the theme of the Year of the Rabbit, and red lanterns are hung high on both sides of the door. On the shelves in the supermarket, "candied melon sticks", peanuts and melon seeds are piled up into hills, and Daoxiang Village dim sum box, old Beijing roast duck gift box and New Year’s Eve gift box are renewed in turn.

　　Many kinds of fish are very popular in the fresh aquatic products area. "From the opening of the door in the morning to the present, the hairtail on the shelf is sold short, and it can sell about 400 kilograms every day." Chen Song, the clerk in charge of selling hairtail, said while busy.

　　Mr. Liu, a citizen who came to buy the new year’s goods, carefully selected the dried fruits, and soon the harvest was full: "This Spring Festival, the children will come home, so they came to buy all kinds of dried fruits and leisure snacks early. The supermarket has a complete range of goods and everything they want to buy."

　　"This is only the beginning of the sales of new year’s goods, and it will usher in a peak period in the next few days." Guo Dongnian, manager of Jingkelong Sweet Water Garden Store, said, "In the past, everyone’s shopping carts were piled with rice flour, grain and oil, as well as easy-to-store dishes such as Chinese cabbage, potatoes and onions; Now, most of them are leafy vegetables, fresh fish, fresh shrimp and fresh fruit, many of which are high-net-worth goods. "

　　In response to customers’ diversified and quality needs, supermarkets have also opened pre-sale channels while actively stocking up. Customers can order light snow strawberries, Maoshanwang durian, cherries, red pine mushrooms and other commodities, and receive them at home on time, which is both fresh and convenient.

　　There should be a new atmosphere in the new year. Looking forward to the new year, Guo Dongnian told reporters: "In 2023, the store will usher in an overall transformation and upgrading, from the ground and ceiling to the shelves and promotional activities. We are full of confidence in welcoming the Spring Festival. "

　　Chengdu, Sichuan — —

　　Characteristic business circle is full of vitality

　　At noon on January 17, the reporter came to a commercial complex in Jiaozi Financial Business Circle, Chengdu High-tech Zone, Sichuan Province, and saw an endless stream of citizens and tourists, talking and laughing in and out of the mall, and a scene of jubilation.

　　"I will go back to my hometown in Shaanxi tomorrow, and I will come shopping as soon as the mall opens today." Mr. Wu, who is on a business trip to Chengdu, holds the special ingredients such as the bottom of a wok and beef in one hand and a panda doll souvenir in the other. He smiled and told the reporter, "If you eat, you can send your relatives, and the panda doll will be given to your daughter."

　　Walking into the shopping mall, the annual flavor is full, lanterns, zodiac rabbits and other Chinese New Year elements can be seen everywhere, and many counters put up posters with full discounts and points redemption in eye-catching positions. "In the past few days, we have specially extended the business hours and increased the security to ensure that citizens and tourists have a good time in shopping malls and buy with confidence." The person in charge of the mall told the reporter.

　　The Spring Festival is approaching, and the warming trend of Chengdu consumer market is obviously enhanced. As a large-scale commercial complex in Jiaozi Financial Business Circle, Chengdu Youfang Shopping Center will continue to launch exhibitions such as trend art exhibitions, as well as promotional activities such as redemption of points and over-value discounts during the Spring Festival holiday, creating a rich consumption scene that integrates eating, drinking and shopping, so that citizens and tourists can experience the traditional taste of the year and multiple pleasures. The Mofang Shopping Center adjacent to Youfang Shopping Center will also launch special packages during the Spring Festival holiday to open a new experience of food fashion consumption.

　　The data shows that in the fourth quarter of last year, the daily average number of visitors to Chengdu Jiaozi Financial Business Circle reached 148,000, an increase of 47.7% compared with the third quarter, and it has maintained a steady upward trend. During the New Year’s Day holiday this year, the retail and catering enterprises under key monitoring in Sichuan Province achieved a cumulative sales of 2.26 billion yuan, up 6.7% year-on-year. In order to meet the diversified consumption needs of citizens to a greater extent, help market players gather popularity and increase confidence, Chengdu High-tech Zone also launched the first Jiaozi International Consumer Festival and other theme activities to bring more fresh and diverse high-quality consumption experiences to citizens and continuously stimulate consumption potential.

　　Guangzhou, Guangdong — —

　　Restaurant reservations are booming.

　　On January 15th, Huifu Food Flower Street in Guangzhou, Guangdong Province, was bustling and bustling in the twilight. Citizens enjoy flowers for dinner, and their faces are filled with the happiness of the Spring Festival.

　　"I specially brought my family here today, ate an authentic Cantonese food, and bought some flowers to decorate the house." Mr. Gao, a family of six, booked a table in advance before the rush hour and sat in the almost full Guangzhou restaurant.

　　"The recent passenger flow has increased by nearly 20% compared with the same period of last year." The person in charge of Yuehua Store of Guangzhou Restaurant said that the demand for dining was very strong during this period. The private rooms and the first round hall of the store during the Spring Festival holiday were basically fully booked, and more than half of the second round had been booked.

　　Huifu Food Flower Street is one of the first batch of Cantonese food streets in Guangdong Province, and it is also an important part of Guangzhou Beijing Road National Demonstration Pedestrian Street, with a total length of nearly 400 meters and more than 120 restaurants.

　　It is understood that the recent turnover rate of Guangzhou Restaurant, Big Pigeon Rice and other Cantonese food brand stores in Huifu Food Flower Street has exceeded 6%, and the booking rate of small and medium-sized private rooms such as Lucky House and Yuepin House is close to full, and there are long queues at the gates of Zhuangchen Food Store, Big Head Shrimp and Wentong Ice Room. During the Spring Festival holiday this year, many food and beverage outlets in Guangzhou will carry out profit promotion activities, offer multiple discounts for new year products such as potted vegetables and rice cakes, and develop a number of special dishes for the Spring Festival.

　　"The business of catering stores is booming and the consumption momentum is improving. On January 15, the total passenger flow on Beijing Road will exceed 600,000, an increase of 7% over the same period of last year. " The person in charge of the Management Committee of Beijing Road Cultural Core Area in Guangzhou said that since the New Year’s Eve, Beijing Road Pedestrian Street has held the "Welcome New Year to Buy New Year’s Goods" to promote consumption, which will continue to attract passengers and stimulate consumption.

　　"Money is spent today, and tomorrow’s things will be discussed tomorrow?" For this statement, most of Chinese (79.03%) disapproved, but compared with two years ago, the preference for delayed consumption declined slightly. A few days ago, the "Summary Report on Consumer Financial Literacy Survey in 2019" released by the central bank aroused social concern. There is also another set of data that attracts people’s attention: last year, the per capita holding of credit cards and debit-credit cards in China increased by nearly 20%; In the first quarter of this year, the total outstanding credit of credit cards overdue for half a year reached 79.743 billion yuan, nearly 10 times that of nine years ago.

　　Some people think that the decline in delayed consumption preference and the sharp increase in outstanding credit of credit cards mean that Chinese doesn’t like saving money and loves spending money.

　　Experts said that this summary should not be simply made. Compared with other countries, China’s savings rate is still in the forefront. The change of people’s attitude towards saving shows that China’s domestic demand-oriented economic system is gradually being established. However, some people, especially young people, should realize the transformation from "card slave" to "card owner", avoid excessive consumption, and establish correct values and consumption concepts.

　　With sufficient policy support and a good mentality, young people naturally dare to "buy in buy buy"

　　"I don’t save money when I have no income, and I don’t deliberately save money after I have income." Lou Yun, 24, has been working for two years, and every month she puts her salary in Alipay. After paying back the money that should have been paid last month, she will buy regular financial management or fund fixed investment for the rest of the money. In her opinion, if you want to increase your money, you can only earn more, not save more.

　　Nowadays, the number of people who hold similar ideas with Lou Yun is increasing. The "Summary Report on Consumer Financial Literacy Survey in 2019" released by the People’s Bank of China recently shows that when asked about their attitudes towards consumption and savings, although most people (79.03%) hold the view of "not agreeing" or "not agreeing at all" to "spend money today, and talk about things tomorrow", compared with 2017, consumers’ preference for delayed consumption has declined slightly.

　　Delaying consumption means storing some of your belongings and then arranging for consumption at multiple points in the future. Delaying the decline of consumption preference means that some people no longer save money, but spend it immediately. Relevant statistics also show that the savings rate of China residents reached 37.3% at its peak (in 2008), and has declined in recent years.

　　What do you think of this phenomenon? Yang Jun, a professor in the Department of Trade at the School of International Business and Economics of the University of International Business and Economics, said that generally speaking, there are two main reasons for delaying consumption: one is to cope with future expenditures and various uncertainties, and the other is to obtain higher financial benefits. At present, the new generation of consumers in China has gradually become the main body of the labor market, with more emphasis on the individual’s current quality of life. At the same time, with the improvement of living standards and the improvement of social security system, the dividend of tax reduction and fee reduction policy is continuously released, the uncertainty of employment, education and health care in the future is reduced, and people’s overall spending power is improved. In addition, the rapid development of modern finance makes it easier for individuals and families to obtain short-term and medium-and long-term funds to cope with all kinds of urgent expenses, and the cost has dropped significantly.

　　To put it simply, today’s consumers, especially the younger generation, are in a good mood and confident, and naturally dare to "buy in buy buy". Data show that in the first half of this year, the total retail sales of social consumer goods in China reached 19.5 trillion yuan, up 8.4% year-on-year. Among them, young people are becoming the main force of consumption. Ant Financial and Fidelity International released the "2018 China Pension Prospect Survey Report", showing that 18— The average monthly savings of 34-year-old young people is 1339 yuan.

　　Liu Ye, who is studying in a university in Beijing, has been saving money since primary school and likes to spend money. She said that on the one hand, saving money is for emergencies, on the other hand, it is to satisfy some small wishes, such as buying something that you are usually reluctant to buy to reward yourself. However, when buying some high-priced products, even if she has the ability to pay directly, she will choose to use Internet consumer credit products for installment payment, which is becoming fashionable among young people. "Consumption is impulsive, so control yourself." Liu Ye has set a consumption red line for this purpose — — It can’t exceed 4,000 yuan per month, because "owing too much money will lead to pressure".

　　“‘ After 95 ’ And ‘ 00 ’ Growing up in the era of affluence and mobile Internet, it is logical to delay the decline of consumption preference when they gradually become the main consumer. " Wang Jun, a member of the Academic Committee of China Center for International Economic Exchanges, said that this phenomenon will increase further in the future as more children grow up.

　　It should be pointed out that the rising house prices for many years, the improvement of residents’ living conditions, and the increase in rigid expenditures such as pension and medical care are also important reasons for delaying the decline in consumption preferences and reducing the household savings rate in recent years. Wang Jun believes that delaying the decline of consumption preference and the decrease of savings rate are two sides of the same coin, because the pursuit of a better life will inevitably lead to the promotion of immediate consumption power and the decrease of savings rate.

　　At the same time, he pointed out that compared with developed countries and developing countries, China’s household savings rate has always been in the forefront of the world, and there has been no cliff-like decline. Of course, due to the gap between China and developed countries in terms of the soundness of social security system, the perfection of financial market and the income level of residents, especially the change of residents’ consumption habits will take a long time, so it is necessary to prepare for risk prevention and relevant policy adjustment.

　　Zhou Xiaochuan, former governor of the People’s Bank of China, believes that the decline in the savings rate has certain benefits, indicating that domestic demand has increased, but we also need to pay attention to the change of the savings rate between generations. Under the background of the development of financial technology, the rapid development of consumer credit will induce the younger generation to spend in advance and borrow money. "This is not only an economic and financial phenomenon, but also a cultural and demographic phenomenon, which may have an important impact."

　　Will "spend tomorrow’s money and buy today’s things" become a consumption trap?

　　Among many forms of consumption, it is worthy of attention to swipe credit cards or use online consumer credit products such as Alipay "Flower Blossom" for early consumption and borrowing consumption. This consumption form of "spending tomorrow’s money and buying today’s things" is very common among some young people.

　　Ren Huan, who is studying for a master’s degree in a university in Beijing, recently made up his mind to shut down an Internet consumer credit product. It turned out that under the induction of this product, he spent up to 45 thousand yuan a month. He said: "It always gives me a credit limit, and when I pay, I use this product by default, which makes me spend money like water."

　　There are more and more credit cards and internet consumer credit products, which leads to a substantial increase in the amount of outstanding credit and pushes up financial risks. According to the "General Situation of Payment System Operation in the First Quarter of 2019" issued by the central bank, as of the end of the first quarter of this year, the total outstanding credit of credit cards overdue for half a year was 79.743 billion yuan. In 2010, nine years ago, this figure was only 8.804 billion yuan. According to statistics, among the nearly 170 million "post-90s", more than 45 million people have opened "flower beds". The phenomenon of credit card "card slave" and "flower slave" began to appear.

　　Wang Jun believes that the rapid growth of credit card issuance by commercial banks and the rapid development of financial technology have also led to a sharp rise in multi-head co-debt and related risks of credit consumer loans such as credit cards, Internet-based credit products, consumer finance loans and cash loans, resulting in an increase in the overdue amount of credit cards. Especially under the macro background of increasing economic downward pressure in recent years, the personal financial situation of some credit card holders has changed greatly, while some commercial banks have excessively pursued commercial interests and failed to grasp these changes in time, resulting in more prominent related problems and risks.

　　The improper marketing methods of some businesses are also adding fuel to the fire. Some advertisements link consumption with status, class, taste, IQ, love, affection and so on, and induce people to over-consume.

　　Generally speaking, reasonable consumption in advance is conducive to changing the traditional phenomenon that the elders accumulate capital and wealth, and the descendants get something for nothing, and it can also effectively expand market demand and promote economic growth. However, unreasonable consumption in advance may go to the opposite side, which will increase economic pressure for individuals and affect their mental health and life stability; For the country and society, it will induce a destructive hedonism and unrealistic waste culture, cause a social "credit crisis" and increase the possibility of economic crisis. Great Depression in the 1930s, 2007— The "subprime mortgage crisis" in 2008 is a lesson from the past.

　　So, will this advanced consumption pattern become a "consumption trap" in China? Many experts and interviewees believe that the key to preventing risks lies in cultivating people to develop good and healthy consumption habits.

　　"In the next 10 years, the total amount of outstanding credit of Chinese residents will increase, but it will remain within a reasonable range." Yang Jun believes that this is because the overall knowledge level of young people is improving and their ability to obtain higher income is increasing; At the same time, the means of risk control in the financial sector will be more advanced.

　　In Ren Huan’s view, marriage will become the threshold for him to save money. He said that saving money after marriage is not simply for enjoying consumption, but for family illness, pension and other expenses. "This reflects the continuation of Chinese’s traditional home-based culture, and there is a kind of cultural resilience behind it."

　　Balance the relationship between savings and consumption from the perspective of life cycle

　　In order to accelerate the transformation of consumption to green, the National Development and Reform Commission and other ten departments issued the Guiding Opinions on Promoting Green Consumption three years ago. The opinion puts forward that we should resolutely resist unhealthy trends such as extravagance and pleasure-seeking, vigorously get rid of bad habits such as ostentation and extravagance, resist excessive consumption, change the wrong concept of "paying for yourself and being rich and frugal", and form a social atmosphere of "saving glory and wasting shame". The opinions also put forward specific measures from the aspects of laws and regulations, standard system, identification certification system, economic policy and financial support.

　　Nowadays, more young people are conscious of balancing savings and consumption. "I will decide to spend according to a stable income." For the future consumption view, Liu Ye answered with certainty. She said that she would definitely save money after work, and she felt insecure if she didn’t save money, because Chinese often said, "When money is used, she hates less".

　　However, with the increasing availability of financial services, it is urgent to improve people’s financial literacy. The Summary Report on the Survey of Consumers’ Financial Literacy in 2019 issued by the Central Bank suggests that we should pay attention to the financial literacy of low-income, low-educated, non-employed, old and young groups, carry out appropriate financial education activities in combination with group characteristics, focus on improving consumers’ financial knowledge and skills, and improve consumers’ financial behavior. At the same time, actively respond to the challenges brought by digital technology. For some consumers, digital technology has a lagging effect in promoting financial literacy, so more financial education tools should be developed to adapt to the digital age and demographic changes.

　　"The cultivation of good financial literacy and consumption concept needs to start with school education and start with dolls. This should be the basic quality that every citizen should have." Wang Jun believes that residents should be guided to establish a sustainable consumption concept, live within their means, consume moderately, and arrange and balance the relationship between savings and consumption from the perspective of the whole life cycle.

　　Yang Jun believes that for individuals, it is still necessary to advocate the concept of thrift and reasonable arrangement of various consumption expenditures. For large loans, it is necessary to balance the relationship between future income and current loans, and try to keep the current loan amount within the current discounted value of future reasonable income expectations. The government should promote the integration of financial knowledge into the national education system and improve the financial investment literacy of the people; At the same time, improve the financial supervision system, promote the efficiency of the financial sector, and control social and financial risks.

　　(At the request of the interviewee, fei chang, Zaler Xu, Lou Yun, Liu Ye and Ren Huan mentioned in this article are all pseudonyms. )

　　Consumer said

　　"If you have income, you will definitely save money."

　　Zhang Fei college student female is 23 years old.

　　I can’t save money at present because there is no extra income; However, it will not be consumed in advance. Even if you use Alipay’s "flower garden" loan or make installment payment, you must ensure that you can pay it back now.

　　I will definitely save money when I have income in the future. I haven’t thought about how much to save, but I certainly won’t spend money lavishly. For example, if I earn 20,000 yuan a month, I must save at least 10,000 yuan, regardless of the necessary expenses.

　　What do you save money for? Of course, it is to buy a house, a car, or an emergency. I think saving money is a great source of security, which means stronger risk coping ability and more future choices. Anyway, I dare not be a "moonlight family".

　　"Consumption is better than saving money"

　　Xu Lang graduated for one year, unemployed male, 26 years old.

　　I don’t make money now, and I can’t save money. After making money, you shouldn’t save money at first, so it’s estimated that it’s not enough to spend, but if there is any surplus after spending, won’t the money be saved automatically?

　　I think consumption is still very important. It is better to spend for your own interests than to save money. What do you save money for? I haven’t thought about it, so I’ll save it first.

　　I usually use Alipay "Flower Garden", and I can only use it to advance when I have no money. Now my parents help me repay the loan, so I haven’t thought about the credit limit and repayment ability.

　　(Peng Xunwen, Li Hejun)

　　On December 16th, China Banking and Insurance Regulatory Commission, China issued a public consultation announcement on the Notice on Further Promoting the Standardized and Healthy Development of Credit Card Business (Draft for Comment). The opinion draft pointed out that banking financial institutions should take effective measures to monitor and control the actual use of credit card funds in a timely and accurate manner. Credit card funds shall not be used for repayment of loans, investment and other fields, and it is strictly forbidden to flow into areas restricted or prohibited by policies. The number of long-term sleep credit cards that have not been actively traded by customers for more than 18 consecutive months and the current overdraft balance and overpayment are zero shall not exceed 20% of the total number of cards issued by the institution at any time, except for credit cards with additional policy functions issued by banking financial institutions as required by policies and regulations. Banking financial institutions exceeding this ratio may not issue new cards.

　　Attached to the original:

　　Notice on Further Promoting the Standardized and Healthy Development of Credit Card Business (Draft for Comment)

　　This circular is formulated to standardize the credit card business, implement the management responsibilities of banking financial institutions and their cooperative institutions, improve the quality and efficiency of credit card services, protect the legitimate rights and interests of financial consumers, adhere to the people-centered development idea, and promote the credit card industry to develop with high quality to better support scientific and rational consumption.

　　First, strengthen the management of credit card business

　　(1) [Strategic Management] A banking financial institution shall formulate a prudent and steady credit card development strategy, which shall be reviewed and approved by the board of directors or senior management of the institution, and shall be continuously and effectively implemented and regularly evaluated and improved. Banking financial institutions shall reasonably formulate the annual management objectives and plans of credit cards in strict accordance with the development strategy.

　　(II) [Performance Appraisal] Banking financial institutions shall establish a scientific and reasonable credit card business performance appraisal index system and salary payment mechanism. The weight of compliance management indicators and risk management indicators should be significantly higher than other indicators. Banking financial institutions shall regularly assess and determine the positions and personnel scope that have an important impact on the credit card business risks, and implement strict management of deferred payment, delayed recourse and deduction of performance pay.

　　(III) [Asset Quality Management] Banking financial institutions shall strictly implement the credit card asset quality classification standards and identification procedures, and comprehensively, accurately and timely reflect the asset risk status. Strengthen the analysis of asset quality migration trend, set risk early warning indicators, continuously and effectively identify, measure, monitor, warn, prevent and dispose of risks, accurately grasp the scale and structure of non-performing assets, and write them off in time according to procedures.

　　(IV) [Behavior Management] Banking financial institutions shall strictly implement the employee behavior management of credit card business, carry out continuous supervision and regular investigation, implement the whole process supervision of the business behaviors of important positions and key personnel, and establish and improve the accountability and recording mechanism for violations.

　　(V) [Staff Training] Banking financial institutions shall strengthen compliance training and consumer rights protection training for their employees engaged in credit card business, and the training time for each person shall not be less than 30 hours per year.

　　Second, strictly regulate the marketing behavior of issuing cards.

　　(VI) [Card Issuance Management] Banking financial institutions shall not directly or indirectly take the number of cards issued, the number of customers, market share or market ranking as single or main assessment indicators.

　　Banking financial institutions should continue to take effective measures to prevent risks such as fraudulent card handling and excessive card handling. Set the maximum number of cards issued for a single customer. Strengthen the dynamic monitoring and management of sleep credit cards and strictly control the proportion. The number of long-term sleep credit cards that have not been actively traded by customers for more than 18 consecutive months and the current overdraft balance and overpayment are zero shall not exceed 20% of the total number of cards issued by the institution at any time, except for credit cards with additional policy functions issued by banking financial institutions as required by policies and regulations. Banking financial institutions exceeding this ratio may not issue new cards. The Bank of China Insurance Regulatory Commission (hereinafter referred to as China Banking and Insurance Regulatory Commission) can dynamically reduce the proportion limit standard of long-term sleep credit cards according to regulatory needs.

　　Banking financial institutions should respect the true wishes of customers when binding payment accounts and other accounts for credit cards, and provide unbinding services with the same convenience. If a customer applies for card cancellation, it shall complete the processing in time after confirming that there is no outstanding payment.

　　(VII) [Information Disclosure] Banking financial institutions should effectively strengthen marketing publicity and management when conducting credit card business. When concluding a credit card contract with a customer, we should strictly fulfill the obligation to prompt or explain the terms of interest, compound interest, fees, liquidated damages, and risk disclosure, show the annualized interest rate level to the customer in an obvious way, ensure that the customer pays attention to and understands the terms, and actively inform the customer of the consultation and complaint acceptance channels. When opening the online payment function of credit card for customers, we should fully fulfill the obligation of informing in advance, reach an agreement with customers on the terms of online payment, and obtain the customer’s confirmation and consent on the opening.

　　(VIII) [Sales Backtracking] Banking financial institutions shall actively take audio and video recording and other measures to completely and objectively record and save important sales link information such as credit card issuance, risk disclosure and information disclosure, so as to ensure that the recorded information is comprehensive, accurate, tamper-proof and traceable, and continuously meet the requirements of supervision and inspection by financial regulatory authorities and investigation and evidence collection by judicial organs in China. The recorded information should at least include: the valid identification materials of the credit card applicant, the financial status related to the credit card application, credit records, publicity and sales texts, signed credit card articles of association and contract (agreement), important tips and confirmation information, etc. The recorded information should be kept for at least 2 years after the end of the business duration with customers.

　　(IX) [Management of Marketing Personnel] No person may engage in the credit card issuance marketing activities of a banking financial institution without internal unified qualification certification. Banking financial institutions shall provide information inquiry methods for credit card marketers at their business outlets and electronic channels. Credit card marketers should present their work certificates containing the identity of the card issuer and personal work information to customers in advance, and inform customers of the information inquiry methods of credit card marketers.

　　(X) [Prohibited Behavior] Banking financial institutions shall implement strict management of credit card marketing behavior. Do not promise to issue cards or promise to give high credit; No fraud or false propaganda; Credit cards shall not be marketed by default check or forced bundling.

　　Third, strict credit management and risk control

　　(eleven) [credit audit] banking financial institutions should strengthen the credit audit of credit card customers, understand and analyze the credit status of customers through legal channels such as the basic database of financial credit information, implement necessary multi-dimensional cross-verification, independently audit and judge the identity of customers and identify the authenticity, integrity and timeliness of application materials. Customers who have multiple debt records in different institutions after investigation should be strictly examined to strictly guard against the risk of multi-head lending.

　　(XII) [Credit Management] A banking financial institution shall reasonably set the upper limit of the total credit line of a single customer according to the credit status, income status and financial status of the customer, and include the customer in all credit lines of the institution for unified management. Within the total credit line of credit card, the credit line of cash advance business shall not exceed the credit line of non-cash advance business.

　　Banking financial institutions shall conduct full due diligence on a single customer and conduct consolidated management on all credit card credit lines of the customer in other institutions. In the process of credit approval and credit line increase (including temporary credit line increase), the accumulated credit lines obtained from other institutions should be deducted from the total credit line of the customer’s own credit card, and the situation of new card issuing customers applying for credit cards from other institutions at the same time should be monitored and the corresponding credit line reduction should be implemented.

　　(XIII) Banking financial institutions shall implement strict and prudent dynamic management of credit line of credit card, and re-evaluate, calculate and determine the credit line of credit card customers at least once a year. For customers whose risk situation has obviously deteriorated, measures such as reducing the credit line should be taken in time. The customer who raises the credit line shall be re-approved for credit, and the credit line shall not be raised without the consent of the customer. Banking financial institutions shall strictly set the approval authority for raising the credit line, and reasonably set the range, frequency, time interval and validity period of the temporary increase of the credit line.

　　(XIV) [Risk Model] Banking financial institutions shall establish and improve the whole process management mechanism of credit card risk model development, testing, evaluation, application, monitoring, correction, optimization and withdrawal, ensure that the risk model development and evaluation links are independent of each other, and re-evaluate the risk model at least once a year and update and optimize it in time. When using the risk model provided by the cooperative organization, the principles of interpretability, verifiability, transparency and fairness shall be followed, and the responsibility of risk model management shall not be outsourced. The board of directors and senior management of banking financial institutions should understand the role and limitations of credit card-related risk models.

　　Fourth, strictly control the flow of funds

　　(XV) Banking financial institutions shall take effective measures to timely and accurately monitor and control the actual use of credit card funds. Credit card funds shall not be used for repayment of loans, investment and other fields, and it is strictly forbidden to flow into areas restricted or prohibited by policies.

　　(XVI) Banking financial institutions shall strengthen the monitoring and analysis of abnormal card use behaviors such as cashing and swiping, continuously optimize transaction monitoring rules, enhance early warning capabilities, and continuously and effectively prevent and control all kinds of fraud risks. Record and save credit card transactions and other information completely according to law, and continuously meet the requirements of supervision and inspection by financial regulatory authorities and investigation and evidence collection by judicial organs in China. If the transaction information that the acquiring institution should send is not received, it shall promptly inform the bank card clearing institution, the online payment clearing platform of non-bank payment institutions and other relevant institutions. For customers who confirm the existence of cash withdrawal, banking financial institutions should immediately take effective restrictive measures to control the risk of credit card funds.

　　Five, comprehensively strengthen the standardized management of credit card installment business.

　　(XVII) Banking financial institutions shall strictly regulate the management of credit card installment business. To handle installment business for customers, we should set up independent application, approval and other links in advance, fully disclose the nature of installment business, handling procedures, potential risks and liability for breach of contract in a concise and easy-to-understand way, and confirm the knowledge by customers in a legally effective way. A separate contract (agreement) shall be signed with the customer for each installment business, and it shall not be confused with or bundled with other credit card business contracts (agreements). If the credit card installment funds need to be transferred to the customer’s own account, it shall be transferred to his own bank settlement account except the credit card, and the amount and term shall be managed according to the cash advance business.

　　(XVIII) [Prohibitive Provisions] Banking financial institutions shall not re-stage the fund balance that has been staged, except for the personalized installment repayment agreement stipulated in the Measures for the Supervision and Administration of Credit Card Business of Commercial Banks. No minimum repayment service shall be provided for installment business. Do not only provide or check the option of charging full installment interest at one time by default.

　　(XIX) [Amount and Term] Banking financial institutions shall carefully set the amount and term of credit card overdraft by installment, and specify the minimum starting amount and the maximum amount of installment business. The term of installment business shall not exceed 5 years. If the customer really needs to apply for installment repayment for the cash advance business, the amount shall not exceed RMB 50,000 or the equivalent in a freely convertible currency, and the term shall not exceed 2 years.

　　(20) [Disclosure Form of Interest and Fee] A banking financial institution shall clearly display all interest and fee items, annualized interest rate levels and interest and fee calculation methods that may be generated by installment business on the first page of the installment business contract (agreement). When showing customers the use cost of funds collected by installment business, interest shall be used uniformly, and handling fees shall not be used, unless otherwise stipulated by laws and regulations.

　　(21) If the customer settles the credit card installment business in advance, the banking financial institution shall charge interest according to the actual amount of funds occupied and the term.

　　Sixth, strict management of cooperative institutions

　　(22) [Management of Cooperative Institutions] When conducting credit card business cooperation, banking financial institutions should earnestly implement the main responsibility of business compliance review and strengthen cooperation with cooperative institutions in employee compliance and consumer protection training. The credit card business management department of the head office or the headquarters of the credit card franchise institution shall formulate clear entry and exit standards and management approval procedures for the cooperative institutions, and implement list management. A written cooperation contract shall be signed with the cooperative institution to clearly stipulate the rights and responsibilities of both parties. If it is found that the cooperative institution provides unfair and unreasonable cooperation conditions or services, it shall refuse to cooperate or terminate the cooperation according to the contract. The cooperative institutions mentioned in this Notice include, but are not limited to, various institutions that cooperate in credit card advertising promotion, payment and settlement, information technology, value-added services and collection.

　　(23) [Cooperative Management] Banking financial institutions shall accept business links such as credit card application, customer information collection, identity verification, card issuance review, contract (agreement) signing, credit card transaction, bill information inquiry, repayment, etc. through self-operated network platforms, pages or other electronic channels managed and controlled by cooperative institutions, so as to ensure clear and accurate creditor-debtor relationship. For consumers who transfer to the self-operated network platform of their own institutions through the channels of other cooperative institutions, the cooperative institutions shall be required to make special tips on the difference between the ownership subjects of the channels and places.

　　(24) [Concentration Management] The total number of credit cards issued by a banking financial institution through a single cooperative institution or a number of cooperative institutions with related relationships shall not exceed 25% of the total number of credit cards issued by the institution, and the total credit balance shall not exceed 15% of the total credit balance of the institution.

　　(25) [Co-branded card management — Main responsibility] Banking financial institutions shall assume the main responsibility for the operation and management of their co-branded cards, ensure that both parties to the co-branded cards present their own brands equally in all credit card-related business links, and shall not directly or in disguised form exercise banking duties on behalf of the co-branded units or substitute the brand of the co-branded units for the bank brand. We should continue to strengthen the analysis and monitoring of the business risk, reputation risk and other adverse effects of the joint venture, and strictly prevent the risk from being transmitted to this institution. Except for obtaining separate authorization from customers through the self-operated channels of the institution, information unrelated to its rights and services shall not be returned to the joint venture. It is not allowed to carry out business beyond the business area restrictions by issuing joint-name cards or through the channels of joint-name units. Strengthen cooperation with bank card clearing institutions, and establish and improve the business rules for issuing co-branded cards.

　　(XXVI) [Co-branded card management — Joint unit] Banking financial institutions shall carefully and fully evaluate the matching degree between joint units and credit card product positioning. A joint entity shall be a non-financial institution that provides value-added services to credit card customers in its main business field. Banking financial institutions shall not cooperate with financial institutions, financial holding companies and their subordinate financial institutions, non-bank payment institutions and local financial organizations to issue co-branded cards, except as otherwise provided by China Banking and Insurance Regulatory Commission.

　　(XXVII) [Co-branded card management — Service restrictions] The business scope of joint-name card cooperation of banking financial institutions shall be limited to the advertising promotion of joint-name units and the rights and interests services related to their main business. Where a joint venture provides data analysis, technical support, collection and other services, it shall sign a special contract separately, and stipulate the rights and responsibilities of both parties according to the principle of matching income and risk, and different cooperation content categories shall not be confused and cross-bound.

　　(XXVIII) [Co-branded card management — Service charge] If a joint unit participates in the credit card revenue or profit sharing directly or in disguised form in the joint card business cooperation, or improperly links the charging standard with the credit card overdraft amount and other indicators, the banking financial institution shall stop the joint card cooperation with it.

　　(29) [Collection Management] Banking financial institutions shall implement the main responsibility of collection management, strictly formulate and implement management systems such as audit inspection and complaint handling of collection business, standardize collection behavior, and shall not provide or disclose customer arrears information in violation of laws and regulations, and shall not collect debts from third parties unrelated to debts. Continuously strengthen the collection capacity building of this institution and reduce the dependence on outsourcing collection.

　　Vii. strengthening the protection of consumers’ legitimate rights and interests

　　(30) [Consumer Protection Review] Banking financial institutions shall establish a review system and working mechanism for the protection of consumers’ rights and interests, and incorporate them into the credit card business risk management and internal control system. Regularly and strictly review credit card format contracts to avoid clauses and contents that infringe on consumers’ legitimate rights and interests.

　　(31) [Reasonable Pricing] Under the premise of complying with laws and effectively covering risks, banking financial institutions should scientifically determine the level of credit card interest fees, improve the quality and efficiency of services, continue to take effective measures, and resolutely promote the reasonable decline of credit card interest fees. Except for cash withdrawal business, the total amount of interest charged by banking financial institutions to customers who default or fail to repay overdue shall not exceed the corresponding overdraft principal.

　　(32) [Data Security] Banking financial institutions shall strictly implement data security and other relevant laws and regulations and relevant provisions on credit management, follow the principle of "legality, justness and necessity", and clearly stipulate in the cooperation contract the purpose, manner and scope of the use of customer information by both parties, customer information confidentiality responsibilities and obligations, and effective measures to prevent and control the risk of customer information disclosure. It is not allowed to cooperate with institutions that conduct data processing in violation of laws and regulations.

　　Eight, strengthen the supervision and management of credit card business.

　　(33) [Daily Supervision] China Banking and Insurance Regulatory Commission and its dispatched offices shall strengthen the risk identification, monitoring, early warning, prevention and control and disposal of credit card business of banking financial institutions, and continuously strengthen the extended monitoring and regulation of various business activities related to credit card business. In violation of the provisions of this notice, it shall be ordered to make corrections within a time limit, and relevant regulatory measures or administrative penalties may be taken according to the Banking Supervision Law of the People’s Republic of China and other laws, administrative regulations and relevant provisions.

　　(XXXIV) [Online Credit Card Business] In accordance with the principles of controllable risks, safety and order, China Banking and Insurance Regulatory Commission has promoted the innovation of the credit card industry and explored innovative modes such as online credit card business through pilot projects.

　　(35) [Strengthening Industry Self-discipline] The China Banking Association shall give full play to the industry self-discipline function, continuously improve the self-discipline rules and risk evaluation system of credit card business, and strengthen self-discipline punishment and notification.

　　(36) This notice shall come into force as of the date of promulgation. Banking financial institutions shall, within one month from the date of implementation of this notice, formulate and submit a rectification plan to the regulatory authorities, and clarify the rectification objectives and time schedule. If the credit card business that has been started does not conform to the provisions of this notice, the rectification shall be completed within 24 months.

　　(37) [Other Arrangements] If the relevant provisions before the issuance of this notice are inconsistent with this notice, this notice shall prevail. China Banking and Insurance Regulatory Commission is responsible for the interpretation of this notice.

　　[Feng Yaren, special correspondent of Global Times in the United States] Recently, the relevant departments in China announced that the products sold by Micron in China failed the network security review, and the operators of key information infrastructure in China should stop purchasing Micron’s products. In response, some American politicians played with "double standards", attacked the China administration for "economic coercion", and even asked the US government to take revenge. Experts interviewed by the Global Times reporter on the 24th believe that China’s cyber security review was carried out in accordance with the law. The U.S. side tried to use this case as an excuse to hold high the "big stick" to China semiconductor enterprises again, which can only cause greater harm to American enterprises and even the global industrial chain.

　　Jean-Pierre, White House press secretary, claimed on 23rd local time that the China government’s ban on purchasing Meguiar’s products was "not based on facts". On the same day, Gallagher, Chairman of the US-China Special Committee on Strategic Competition of the US Federal House of Representatives, issued a statement urging Washington to take a tougher stance on China, and called on the US Department of Commerce to impose trade restrictions on China memory chip manufacturers such as Changxin Storage and Changjiang Storage. Schumer, the Democratic Senate Majority Leader, issued a statement on 23rd, saying that he and Biden’s government are in contact with allies and enterprises to solve the problem of China’s ban on purchasing memory chips produced by Micron. Schumer also played up the so-called "China economic coercion" and declared that China’s action against Micron was "unacceptable".

　　In response to the remarks made by American politicians, Foreign Ministry spokeswoman Mao Ning said at a regular press conference held by the Ministry of Foreign Affairs on the 24th that the relevant Chinese authorities conducted the cyber security review of Meguiar’s products sold in China in accordance with the law, and the decision was made on the basis of facts. China’s network security review does not target specific countries and regions, and does not exclude technologies and products from any country. On the other hand, under the pretext of "national security", the United States has put more than 1,200 China enterprises and individuals on various lists and imposed various restrictions without any factual basis. This is economic coercion and this is unacceptable.

　　While frequently imposing unilateral sanctions on China and other countries, it is "unacceptable" to censor China’s cyber security according to law, which makes many foreign media and netizens see clearly the "double standards" of the United States. At the same time, some analysts also mentioned that the revenge behavior clamored by individual American politicians will only harm others and themselves. The British website Unherd reported that the United States hopes to persuade other major economies to join the ranks of restrictions on China, but this kind of confrontation will only destroy those companies that are deeply involved, and countries such as South Korea have no interest in participating. The report said that the past year has brought a series of lessons to the United States and its allies, that is, in a rapidly changing world, their strength is limited. It is almost impossible to try to isolate China economically and diplomatically, and it is likely to isolate countries that try to implement this measure in the end. On 23rd, the US CNBC website also quoted giuliano Nocci, Vice President of China Affairs in Politecnico di Milano, as warning that it is "impossible" and "dangerous" to isolate Beijing.

　　The United States frequently wields the "big stick" of sanctions, which may damage not only its own enterprises, but even its own government agencies. Hong Kong’s "South China Morning Post" reported on the 24th that the Bureau of Industry and Security under the US Department of Commerce, which is in the front line of sanctions against China and Russia and often restricts the export of high-tech products, is facing the dilemma that people and money are not enough because the White House continues to expand the scope of export restrictions.

　　Wei Song, a professor at the School of International Studies at Beijing Foreign Studies University, told the Global Times reporter on the 24th that for a long time, the United States has constantly generalized the concept of "national security" and suppressed China’s information technology enterprises in an attempt to set obstacles for China’s scientific and technological development and industrial upgrading, which not only destroyed the global market rules, but also blocked the global value chain. "If the U.S. still wants to hold high China by micron ‘ Big stick ’ It will only cause greater losses to American companies. " Wei Song said, "The United States must face up to China’s development demands. Economic and political bullying will only aggravate global instability and there will be no winners."

　　Gu Wenjun, chief analyst of semiconductor research institute Core Research, told the Global Times reporter on 24th that Meguiar’s products are not irreplaceable for the China market, especially now that the industry is in a downward cycle, and companies have more stocks. Moreover, the report jointly written by the United States and Germany shows that in the next decade, China may account for about half of the global mature semiconductor production capacity. Gu Wenjun emphasized that Micron is only a case. China has always welcomed foreign companies that abide by the law, and the China market is still open. Bloomberg quoted John Neuffer, president and CEO of Semiconductor Industry Association of America, as saying that American semiconductor companies still want to enter the China market, "this is our biggest market".

WeChat official account, Nov. 10, 2021: The new Patent Law, which came into effect on June 1, 2021, added a dispute resolution mechanism for patents related to drugs applied for registration. In this regard, National Medical Products Administration and China National Intellectual Property Administration issued the Measures for the Implementation of the Early Resolution Mechanism of Drug Patent Disputes (Trial). The Supreme People’s Court also issued the Provisions of the Supreme People’s Court on Several Issues Concerning the Application of Laws in the Trial of Civil Cases of Patent Disputes Related to Drugs Applying for Registration, which stipulated the specific contents of the dispute settlement mechanism and determined that the Beijing Intellectual Property Court had centralized jurisdiction over such cases. The civil cases of patent disputes related to drugs applied for registration are commonly referred to as "drug patent link" cases in the industry.

Recently, Beijing Intellectual Property Court accepted the first case of this type after the implementation of the new patent law.

The plaintiff of the case, Sino-foreign Pharmaceutical Co., Ltd., claimed that it was the holder of the marketing license of the patented drug "Aidit calcitol soft capsule" and the patentee of the China invention patent with the patent number of 2005800098777.6 and the name of "ED-71 preparation" involved in this drug. The plaintiff found that Wenzhou Haihe Pharmaceutical Co., Ltd., the defendant, applied to the State Drug Administration for the listing license of generic drugs named "Aidit Calcineol Soft Capsule". The public information of China listed drug patent information registration platform shows that the defendant made a Class 4.2 statement about the generic drug. Therefore, the plaintiff filed a drug patent linking lawsuit with the Beijing Intellectual Property Court in accordance with Article 76 of the new Patent Law, requesting the court to confirm that the generic drug "Aidit calcitol soft capsule" applied for registration by the defendant falls within the patent protection scope of the invention patent No.2005800098777.6 enjoyed by the plaintiff. The Beijing Intellectual Property Court considered that the plaintiff’s lawsuit met the requirements of the prosecution conditions of drug patent link litigation and registered it according to law.

At present, the case is under further investigation.

　　﹁

　　start

　　﹂

　　At 0: 30 on April 20th.

　　Four 20-story uncompleted residential buildings that stood on Zhenbei Road in Shanghai for nearly 20 years were demolished by blasting at the same time. A flaw in Shanghai’s "West Lobby" finally became history, and Zhenbei business circle ushered in a brand-new pattern.

　　At 0: 41 on April 20th.

　　After the first clarification by the Shanghai Seismological Bureau, the "Central Center Reconstruction Project" successfully went out of the circle and entered the people’s field of vision of the whole country;

　　April 22, 2020

　　Xu Guoliang, the original owner of the Central Center Project, reported that the receiver had embezzled assets, which immediately attracted many concerns. The renovation project of Zhenbei Business Circle in Putuo, Shanghai once again became a hot spot of public concern.

　　After many twists and turns, I entered the true north

　　Unfinished residential building?

　　The uncompleted residential buildings in this blasting are located in the Central Commercial Complex in the west of Shanghai and the main road of the Central Ring Road. They have changed owners several times in the past 20 years, but now they have been collected by Baoneng Group. The project name is tentatively "Baoneng Central Center", which will be built into an urban complex integrating office, commerce, hotels, entertainment and finance.

　　Photo: renderings of Baoneng Central Center

　　In 1997, No.1531 Zhenbei, where Baoneng Central Center is located, was the wife Aite of New Huangpu (600638, Guba), the largest super-large storage building materials distribution center in Shanghai. It covers an area of 270 mu, with a total construction area of 100,000 square meters and a total investment of 400 million yuan. The first phase of the project was completed in 1998, and it was sought after by many consumers at ultra-low prices through direct sales channels.

　　Then in 2002, Sichuan Xinglida Group took over the project development, but it was not completed due to the shortage of capital chain. In 2005, Bailian Group, Shanghai Dehong Investment and Shanghai Dade Investment Company jointly acquired Xinglida Group, and immediately launched the Bailian Central Plaza project, and completed the first phase of Bailian Central Plaza construction in 2006. The project entered the public’s field of vision as a multi-format business image such as shopping, catering, leisure, culture and entertainment.

　　Photo: Shanghai Bailian Zhonghuan Shopping Plaza

　　In the following eight years, the second phase of Bailian Central has been silent. Until 2014, 100% equity and creditor’s rights of Shanghai Xinglida Commercial Plaza Co., Ltd., which is wholly controlled by Bailian Group, were publicly listed and sold on the Shanghai United Assets and Equity Exchange. In May of the following year, Shanghai Hengyuan Real Estate will receive 8.91 billion yuan together with three projects including Shanghai Xinglida Project.

　　After Shanghai Hengyuan took over the project, it was originally planned to introduce multiple functions and formats such as office, heavy space, apartment, hotel, business and finance, and build it into an ecological circle integrating work, life and leisure, but it was not implemented until it was acquired by Baoneng Group. The project has been "unfinished" for nearly 20 years. Baoneng decided to demolish it by blasting because of its old building structure and potential safety hazards. With the blasting sound of nearly 15 seconds, Putuo Zhenbei business circle ushered in a new era.

　　After 20 years of unfinished business, once it is exhausted, the future of Central Center can be expected.

　　The curtain call of uncompleted residential flats

　　Rashomon?

　　On April 20th, the shock of Shanghai Putuo Zhenru attracted people’s attention. The disadvantages of Zhenbei business circle for more than ten years were blown up once, but there was a storm behind the aftermath. On April 22, Xu Guoliang, the original owner of the project, left the country with his lawyer, causing another storm. The saliva war with Baoneng and Shanghai Bank has once again sparked heated discussions.

　　Tracing back to the source of the war of words, in January this year, Xu Guoliang reported that the Bank of Shanghai "colluded" with Baoneng Group through the official micro-name of the enterprise, embezzled 20 billion excellent assets owned by Shanghai Hengyuan, and illegally obtained 26.5 billion yuan of loans from state-owned banks. On the same day, Shanghai Bank issued a statement, pointing out that the company under Xu Guoliang’s name owed huge debts and was seriously untrustworthy. It was sued to the court according to law, and Shanghai Bank reported the case as soon as possible for its use of the media to spread serious untrue statements.

　　The subsequent results are unknown, but with the demolition of Putuo’s "uncompleted residential flats" by blasting, this war of words has escalated again, each with its own basis and reason, and it seems to have evolved into a "Rashomon" for a while.

　　Hengyuan

　　Guo-Liang Xu

　　In September 2018, Shanghai Hengyuan made a deal with Shenzhen Fang Rui Investment and Shenzhen Langyun Investment and Hengyuan, which were introduced by Shanghai Bank. After signing an agreement and paying Hengyuan 300 million yuan, they changed their equity. The latter two companies failed to perform their duties as scheduled, and they occupied the construction site privately, falsely reported the loss of the company’s seal license, obtained the asset safe without consent, and went through the formalities of equity pledge.

　　Hengyuan believes that the two companies that signed the contract with it are shell companies of Baoneng, with their registered capital of only 10 million yuan, social security employee information of zero, no operating performance and basically zero performance ability, and there are serious violations in obtaining a loan of 12 billion yuan from Shanghai Bank, thus accusing Shanghai Bank of "colluding" with Baoneng Group to embezzle tens of billions of assets under its name.

　　Baoneng Company and Fang Rui Langyun have a close business cooperation relationship, such as investment, but there is no shareholding relationship and related relationship, and the personnel structure is not the same. It is not in line with the objective situation that Hengyuan Enterprise turned Fang Rui and Langyun into shell companies of Baoneng and their subordinate nominal acquirers.

　　Baoneng

　　group

　　In order to cover up the truth, confuse the audience and seek illegal benefits, Hengyuan has spread false statements from the media, and all the credit business granted by the bank to Baoneng Group is approved in the whole process according to the company’s approval authorization. The relevant credit does not belong to the approval authority of the vice president, and there is no illegal lending behavior.

　　Shanghai

　　bank

　　Baoneng, Shanghai Bank United Front, and Hengyuan hold their own words, each with its own reasons, and how to wait for the final judgment of the court.

　　After several leaps and bounds, no matter what the capital market says, No.1531 Zhenbei Road has been included in the bag of Baoneng Group. In the future, I only hope that Baoneng can make the hard-won Baoneng Central Center bloom with a brand-new style and become a new landmark in Putuo business circle that can assume the functions of the city.

　　Actively prepare for the layout listing.

　　Real estate dream?

　　On April 26th, Yao Zhenhua, the chairman of Baoneng Department, adjusted the structure of Baoneng Chengfa, and divided it into five regions, namely Guangdong-Hong Kong-Macao Greater Bay Area region, East China region, North China region, Southwest China region and Central China region, which laid the foundation for the later large-scale development. At the same time, the original listing plan for 2020-2021 was slightly delayed, and it is expected that Baoneng Real Estate will submit an IPO in Hong Kong in 2022.

　　For the layout of the real estate field, Baoneng has always had a special insistence.

　　Since 2012, Baoneng Real Estate began to expand rapidly for the whole country, covering 20 cities across the country in two years. However, because its layout area is mostly in the suburbs of second-and third-tier cities, the scale of real estate revenue growth is slow. In 2015, Baoneng Real Estate was merged into Baoneng Holdings, trying to expand its real estate business through equity acquisition. At the end of 2016, Baoneng Chengfa, which focuses on industrial real estate, was established in Shenzhen.

　　In 2017, the "Wanbao dispute" was settled, but Baoneng’s real estate dream continued.

　　In 2018, the listing plan of Baoneng Real Estate was exposed. According to its plan, Baoneng Real Estate will be listed in 2020-2021. It is estimated that by the end of 2022, the scale will reach the top eight in the industry, the profit will exceed 40 billion, and the company’s valuation will reach 500-700 billion. Vanke, the real estate company with the highest market value, has a market value of 363.7 billion yuan and a net profit of 38.87 billion yuan at the end of 2019. I have to say that the listing plan of Baoneng Real Estate is "grand".

　　For the listing of the real estate sector, Baoneng has been actively preparing to expand its scale. In the sales performance list of typical real estate enterprises in China from January to December, 2019 released by Yihan think tank, Baoneng Holdings ranked 149th, and the sales amount of full-caliber commercial housing was 7.07 billion yuan, up 98.04% year-on-year, ranking 33rd.

　　Figure: The trend of sales amount of Baoneng Holdings in 2017-2019

　　Source: Yihan think tank

　　In recent years, Baoneng’s investment in real estate has been increasing. In 2019, Baoneng’s real estate business became clear again. The real estate development business was invested in Baoxin Land, and the industrial real estate business was dominated by Baoneng Chengfa. Recently, Yao Zhenhua has adjusted the structure of Baoneng Chengfa, actively set up a regional company of Baoneng Chengfa, and has made a preliminary construction of regional division. It is expected that three levels of control can be achieved in 2021-2022.

　　Figure: Business composition of Baoneng Real Estate Platform

　　Image source: real estate assets reference

　　The layout of industrial real estate and the establishment of Baoneng Chengfa are the practice of Yao Zhenhua’s concept of "prospering the city through industry". Under its vigorous promotion, the development model of "cultural tourism plus industry" has gradually formed. At present, many cultural tourism products recognized by the industry have been built, such as Yuan Wen Lion City in Qiandao Lake, Eighteen Ladders Traditional Scenic Area in Chongqing, and Baoneng Danxia Cultural Tourism City in Shaoguan, Guangdong.

　　With the endorsement of Baoneng Group, Baoneng Chengfa continued to innovate in industrial integration, integrating its multiple resources such as hotels, businesses, recreation and performing arts, and striving to build a blueprint for industrial real estate. By December 2019, Baoneng Chengfa had a management area of over 40 million square meters. On the road of large-scale development in the real estate field, Baoneng will be more active, and will continue to move towards listing in the future, and Baoneng’s real estate dream will be complete.

This article first appeared on WeChat WeChat official account: Real Estate Management Reference. The content of the article belongs to the author’s personal opinion and does not represent Hexun.com’s position. Investors should operate accordingly, at their own risk.