[Striving for progress in stability and seeing the beginning] It is difficult to overcome the difficulties. China’s foreign trade started steadily

       CCTV News:Today (April 19th), we will pay attention to foreign trade. In the first quarter, China’s foreign trade increased by 10.7% year-on-year. Since the third quarter of 2020, China’s foreign trade has maintained positive growth year-on-year for seven consecutive quarters. This is a very hard-won achievement.

       Last year, China’s total import and export volume exceeded 5 trillion and 6 trillion US dollars, setting a record high. On the basis of last year’s high base, China’s foreign trade still achieved a "steady start" in the first quarter, which reflected the strong resilience of China’s economy. 

Under the background that the external environment is becoming more complicated and uncertain, how can China’s total foreign trade import and export value achieve "double-digit" growth in the first quarter? Facing the pressure of rising raw materials and freight, how can foreign trade enterprises reduce costs? How do the government and enterprises work together to stabilize orders and production? The reporter conducted a first-line survey in Zhejiang, a major foreign trade province.

The largest foreign trade platform enterprise in Ningbo, Zhejiang, has cooperated with more than 10,000 foreign trade enterprises. On the basis of 40% growth last year, enterprise exports continued to achieve 21% growth in the first quarter of this year. Although the increase is gratifying, Ying Xiuzhen, the person in charge of the enterprise, is staring at the two shipping price lists in his hand and calculating the cost.

Also worried about the increase in freight is the person in charge of this foreign trade production enterprise. He calculated an account for the reporter: every time a garment is produced, the net profit is about $0.6, and once the sea freight is allocated to each garment, the profit will be reduced by at least half.

The increase in freight rates and the decrease in profits are difficult problems faced by many foreign trade enterprises. Zhang Xiaowen, head of the Foreign Trade Department of Zhejiang Provincial Department of Commerce, has held matchmaking meetings with foreign trade enterprises almost every week in recent months to discuss how to reduce costs.

Zhang Xiaowen, Deputy Director of Foreign Trade Development Department of Zhejiang Provincial Department of Commerce:It should be said that the sea freight is still a relatively concentrated problem reflected by enterprises in the first quarter, and it is also a very large piece of corporate profits.

Zhang Xiaowen told reporters that in addition to rising sea freight, foreign trade enterprises are also facing problems such as rising raw material prices and exchange rate fluctuations. Focusing on reducing the burden and relieving the difficulties, Zhejiang has made a policy "combination boxing" this year from the aspects of financing cost, credit insurance rate, exchange rate hedging, payment of handling fees, and improvement of sea-rail combined transport capacity to help enterprises reduce costs.

In Yiwu Small Commodity Market, these clothes, shoes and hats are being packed and will be sent from Zhoushan Port in Ningbo to Poland, Romania and other Central and Eastern European countries. Before the goods arrived in Ningbo, the port and dock procedures such as pre-release and pre-loading were completed online in advance.

Hu Feng, Deputy Section Chief of Logistics Supervision Division II of Daxie Customs under Ningbo Customs:Through the newly-built networking system, we can see that a batch of goods sent from Yiwu commodity market have entered Yiwu Port, and then we can automatically match and release these goods exported from Yiwu Port through Zhoushan Port in Ningbo.

This newly-built networking system is called "the sixth port networking platform", which makes the goods from Yiwu entering the inland port of Yiwu equal to entering Zhoushan Port in Ningbo.

Zhang Yanfeng, General Manager of Zhejiang Shuangsi Supply Chain Management Co., Ltd.:The goods haven’t arrived at Zhoushan Port in Ningbo, and the formalities will be completed. Soon and conveniently, it is equivalent to the seamless connection between these merchants in Yiwu Small Commodity Market and Zhoushan Port in Ningbo.

Yang Jinfeng, sponsored by Yiwu Customs Supervision Division II and Level IV:Save logistics cost and time for our import and export enterprises. It is estimated that the time saved will be more than one day, and the cost will be more than 100 yuan per container.

For foreign trade enterprises that are temporarily trapped due to factors such as rising freight rates, Zhejiang also requires financial institutions not to blindly cherish loans, draw loans, break loans, and suppress loans. With the implementation of various measures, the effectiveness of Zhejiang foreign trade enterprises in reducing costs has gradually emerged. Only the letter insurance policy reduces the rate, and the amount of fee reduction will reach 45 million yuan.

       Zhang Xiaowen, Deputy Director of Foreign Trade Development Department of Zhejiang Provincial Department of Commerce:Do a good job in policy reserve and policy reinforcement in a timely manner to help enterprises solve urgent and dangerous problems. Our ultimate goal is to reduce the cost of enterprises and raise profits, so that foreign trade enterprises can receive orders and make money.

Not only in the eastern coastal provinces, but also in the investigation and interview in Chongqing in the western region, the reporter learned that the three problems of lack of core, lack of cabinets and lack of work since last year and the four-liter problems of freight, raw materials, cost and exchange rate fluctuation have increased the burden on foreign trade enterprises. In this regard, how do local governments and enterprises respond? Continue to look at the reporter’s investigation.

When visiting a number of foreign trade enterprises in Chongqing Science City in the west, the reporter found that some small and medium-sized foreign trade enterprises are struggling to climb the slope due to the sluggish demand in the international market.

Ye Kai, head of enterprise procurement:The generator consists of many copper wires, and the current copper price has risen from 45,000 yuan and 46,000 yuan a ton to 72,000 yuan a ton now.

Qian Xun, head of enterprise logistics:Freight used to account for only a few percent of the total value of goods, but now it has risen to 20%— 30%.

Jing Li, head of the enterprise:We still have three sets of equipment that haven’t been delivered, and the customer has paid a certain amount of advance payment, but up to now, the customer can’t contact us and can’t get the payment. Now I don’t know where people are.

In view of the difficulties and pain points of enterprises, in Chongqing High-tech Zone Free Trade Bureau, a battle map covering more than 30 local key foreign trade enterprises is very eye-catching. On the display board, the current difficulties, solutions, progress and responsible persons of each enterprise can be seen at a glance.

Zhong Yajun, staff member of Chongqing High-tech Zone Reform and Development Bureau:For example, we have just received feedback from the enterprise, and he can’t receive the payment, because the problem has just been received and has not yet started (solved), so we use a red flag to indicate it. What you see in yellow means that we are coordinating relevant departments to solve the difficulties and sticking points, and green means that the problem has been solved satisfactorily.

As the battle map is on the wall, all departments send special work classes to dock according to the specific conditions of enterprises, and "one enterprise, one policy" accurately implements policies and puts responsibilities on people.

Lin Li, Director of Chongqing High-tech Zone Reform and Development Bureau:For those who make rapid progress, we will award flags to praise them, and for those who make slow progress, we will also announce the bright cards.

Through the wall chart operation, all departments actively take effective measures to solve problems for enterprises. In terms of smooth international logistics, we have increased policy support for international logistics channels such as China-Europe trains, new land and sea channels in the west and golden waterways in the Yangtze River.

Qian Xun, head of enterprise logistics:Under the coordination of the government, we transferred some goods that used to be shipped by sea to China Europe. We estimated that the logistics cost could be reduced by about 10%, which eased the pressure of rising costs for enterprises.

In view of the financial difficulties of foreign trade enterprises, the tax authorities have greatly optimized the export tax rebate process, and the average time for export tax rebate has been reduced from 7 working days to 5 working days.

       Lan Tingyi, Director of Export Tax Refund Service and Administration Bureau of Chongqing Taxation Bureau:Our export tax refund declaration form was cut by about one third, and the data items were reduced by about one fifth, and the average declaration efficiency was improved by 30%. In the first quarter of this year, we handled export tax rebates of more than 7 billion yuan for more than 1,800 enterprises, effectively alleviating the financial pressure on market players. 

In the survey, what the reporter felt most was that the "stable start" of China’s foreign trade in the first quarter benefited from the initiative of the majority of foreign trade market players and the opportunity to find opportunities in times of crisis, and also benefited from a series of policies and measures to help enterprises cope with difficulties. On January 1 this year, the regional comprehensive economic partnership agreement, or RCEP, came into effect. RCEP, the world’s largest free trade zone, officially set sail and became an important starting point for stabilizing foreign trade in many places this year. It is worth mentioning that through RCEP, China and Japan reached a free trade arrangement for the first time. Qingdao, Shandong Province, which is geographically close to Japan and economically integrated, seized the opportunity of RCEP, stabilized orders and expanded the market.

In Qingdao, a chemical company, Liu Kun, a foreign trade salesman, is docking new orders with Japanese customers this year. The tax rate table sent by this customer shows that after RCEP came into effect, the tariff of Japanese customers purchasing products such as sodium bicarbonate produced by their own enterprises has been directly reduced from 3.9% last year to zero.

Liu Kun, Business Manager of Qingdao Gulf Group Co., Ltd.:Our annual export value to Japan is about 60 million yuan, and after the implementation of RCEP, we can enjoy a preferential tariff of about 1.2 million yuan.

With the help of RCEP policy dividend, the confidence of enterprises in exploring RCEP member markets has greatly increased. In the first quarter of this year, the order volume of enterprises in RCEP member markets increased by more than 10%. In addition to the direct benefits brought by tax reduction, the RCEP certificate of origin also allows enterprises to enjoy many tariff reductions. In the first quarter of this year, they printed 73 RCEP certificates of origin through customs.

Wang Quan, Deputy General Manager of Qingdao Gulf Group Co., Ltd. Trade Branch:This is South Korea’s, this is Japan’s and this is Indonesia’s. Including tax rate reduction and tariff reduction, we enjoyed a total tariff preference of 603,800 yuan in the first quarter, which provided a good opportunity for the company’s development.

In the interview, the reporter also learned that after the implementation of RCEP, China’s previous free trade agreements with ASEAN, South Korea and other economies are still valid, and enterprises can choose the most favorable treatment independently. In a foreign trade enterprise engaged in the processing of corn products in Qingdao, the customs staff are explaining the preferential tariff rate to the person in charge of the enterprise in detail.

Zhao Guangying, Chief of Origin Management Section of Qingdao Customs Customs:For example, according to the RCEP agreement, the current tax rate of this lysine hydrochloride exported to South Korea is 6.1%, while according to the free trade agreement signed between China and South Korea, the tax rate is 1.3%. In this case, we will not use the RCEP rules. This yellow dextrin is exported to South Korea, and the RCEP agreement tax rate is currently 0%, while the China-South Korea FTA tax rate is 8%. It is more appropriate for us to choose RCEP for this product.

       According to customs data, in the first quarter of the implementation of RCEP, Chinese export enterprises applied for RCEP certificate of origin and issued 109,000 copies of declaration of origin, with a value of 37.13 billion yuan, and enjoyed a tariff reduction of 250 million yuan from the importing country. Under RCEP, the value of imported goods was 6.72 billion yuan, and the tariff reduction was 130 million yuan.

The effective implementation of RCEP has reduced the cost of foreign trade enterprises and opened up a larger market. Affected by the global COVID-19 epidemic, in recent years, cross-border e-commerce has become one of the important graspers of "buying the world and selling it". As an important overseas node of cross-border e-commerce and a new foreign trade infrastructure, the construction of overseas warehouses is also accelerating. At present, China has built more than 2,000 overseas warehouses around the world, with a total area of more than 16 million square meters, and its business scope radiates all over the world. Let’s look at China’s overseas warehouses through a vlog.

This is Los Angeles, California, USA. Behind me is China’s largest overseas warehouse in the United States — — Warehouse 1 in California, this is Esther, the manager here. Warehouse 1 in California covers an area of about 26 basketball courts, which can accommodate about 1 million items. Today, let’s see what Warehouse 1 in California looks like.

The product around me was sent from Guangdong, China. Next, let me show you how this product reached the hands of American consumers.

There are many products in Warehouse 1 in California that are very popular explosions. Just like this outdoor beach lounge chair, the sales volume in the past month has increased by 70% compared with the same period last year.

       We hope that more and more China-made products will be sent from here in the future and delivered to American consumers as quickly as possible.

Since the beginning of this year, a series of measures have been actively introduced from the central government to the local government to solve the difficulties in the supply chain of the foreign trade industry chain and help small and medium-sized foreign trade enterprises to prevent risks, reduce costs and increase vitality. The hard-won foreign trade report card once again shows that the fundamentals of China’s strong economic resilience and long-term improvement have not changed, and the development trend of foreign trade has not changed. At the same time, it also strongly demonstrated the great achievements China has made in coordinating epidemic prevention and control and economic and social development.

Of course, it should also be noted that China’s foreign trade still faces many difficulties and pressures while achieving a smooth start. From an international perspective, the bottleneck of global supply chain has not been alleviated, inflationary pressure has risen, monetary policies in major economies have tightened, and the growth rate of global economy and trade has declined. From the domestic point of view, local epidemics have occurred frequently recently, and the production and operation of some foreign trade enterprises have been affected. Faced with these difficulties and challenges, how can China’s foreign trade maintain stability and improve quality? Under the background of high base last year and frequent outbreaks at present, how to look at the achievements of foreign trade in the first quarter? In the future, what should we do to ensure the steady growth of foreign trade throughout the year?

Special commentator Yang Wei:It is no accident that China’s foreign trade increased by 10.7% in the first quarter. The performance of foreign trade in any quarter or year does not exist in isolation, nor is it accomplished by cramming, but thanks to China’s adherence to the general trend of opening to the outside world. For example, an important reason why ASEAN returned to China’s largest trading partner in the first quarter was that RCEP came into effect this year, and the import and export scale between China and ASEAN accounted for nearly half of the total foreign trade scale with RCEP trading partners. Tianjin Port and Qingdao Port are welcoming more cargo throughput and more tax rate options, all of which are sharing the latest dividends brought by RCEP. In recent years, economic globalization has encountered counter-current. The more counter-current strikes, the more valuable it is to adhere to the correct trend of open cooperation. When the COVID-19 epidemic began to spread around the world the year before last, there was even an international argument that globalization would end. In June of that year, China announced the overall plan for building Hainan Free Trade Port. As the Supreme Leader General Secretary said, China is firmly on the right side of history.

Yang Wei:Capacity building is embodied in many aspects. Last week, General Secretary of the Supreme Leader visited Hainan and went to see Yangpu Port. The port of registry of China Yangpu Port is being built there, and the route has achieved full coverage of Southeast Asian countries and major coastal ports in China. The overseas warehouse mentioned in the report belongs to the capacity building of new foreign trade infrastructure. In recent years, China’s foreign trade enterprises generally attach importance to their own capacity building, including production capacity, the ability to build and maintain upstream and downstream industrial chains, and the ability to digitally transform. Behind capacity building is system building. The relevant departments in Chongqing, which are involved in the wall chart operation mentioned in the report, have set up a platform to serve foreign trade enterprises based on the system construction of the Pilot Free Trade Zone. There are many requirements for system construction in the top-level design documents involving foreign trade and foreign investment adopted by the Central Committee for Deep Reform in recent years.

Yang Wei:There are effective systems and conscientious teams. Team building in the field of foreign trade includes entrepreneurs, as well as teams providing services to foreign trade enterprises. Openness is also reflected in the team building. For example, the team building of Yangpu Port is based on Hainan, facing the whole country and the world. The chief shipping officer there is from Shanghai, the chief development officer is from Shenzhen Qianhai, and the chief planner is from Singapore. The general secretary said there that more international talents are welcome to Hainan.

Yang Wei:The development of foreign trade needs partners. Since entering the new era, we have more and more deeply realized that the "circle of friends" that has withstood the test of wind and rain is stronger. In the first quarter of this year, China’s imports and exports with its major trading partners all increased, including ASEAN, the European Union, the United States, South Korea and Japan. There are several key reasons why China’s "friend circle" of foreign trade is getting stronger and stronger: First, China has more and more powerful production capacity and consumption capacity, which all parties can’t ignore; Second, China has always adhered to a high level of opening to the outside world, which has formed stable expectations for trading partners; Third, China is always willing to share the market, opportunities and development dividends with its partners. Therefore, this "friend circle" of foreign trade is getting bigger and stronger.

(CCTV reporter Zhang Qin Yue Qun Liu Ying Zhang Daofeng Sun Qiang Fa Qi Zhang Hao Zhejiang Taiwan Ningbo Taiwan Shandong Taiwan Qingdao Taiwan)

Sasac is heavy! There are 30 "should", 11 "not" and 1 "forbidden" new regulations for derivatives trading in central enterprises.

Source: Securities Times Network
Author: Jiang Yong
After extensive consultation, the revised central enterprise financial derivative business supervision notice was officially issued recently. This is the first revision of the system since its implementation ten years ago. Financial derivative business has become a common means for large enterprises to manage price risk. This revision further compacts the responsibilities of various entities such as the board of directors of the Group, the management and functional departments of the Group, and subsidiaries of financial derivative business (hereinafter referred to as operating entities), increases the "dual control" requirements for the total amount and time scale of hedging transactions, and refines the dynamic tracking requirements for risk control.
The reporter noted that the full text of the Notice on Effectively Strengthening the Management of Financial Derivatives Business (hereinafter referred to as the Notice) contains 30 "should", 11 "not" and 1 "forbidden", which demarcates a new boundary for central enterprises to participate in financial derivatives trading.
Let’s quickly understand the main points of the document first:
1. The 30 "Should’s" include: in terms of implementing regulatory responsibilities, the items approved by the board of directors of the Group shall specify the trading place, varieties, tools and other contents; When the approved items are changed, they shall be re-approved by the board of directors of the group; The risk management committee under the board of directors or the professional committee responsible for risk management shall put forward clear audit opinions on the approval of business qualifications; The business qualification approved by the board of directors of the Group shall be reported to the SASAC for the record in a timely manner; The Group shall specify the person in charge of the financial derivative business and designate the centralized management department.
2. In terms of strictly observing the principle of hedging, the variety of transactions should be closely related to the main business operation; Trading tools should have simple structure, strong liquidity and recognizable risks; The establishment, adjustment and cancellation of hedging correspondence should meet the actual needs of production and operation and avoid frequent short-term transactions; The scale and duration of currency derivative business should be within the scope of capital demand contract, and in principle, it should correspond to the capital demand contract one by one; Enterprises that have started new business or suffered heavy losses due to illegal operations in previous years should carefully set the business scale and appropriately compress and control it;
3. In terms of effective risk control, the Group shall formulate a financial derivative business management system, and specify the responsibilities of relevant departments, business approval procedures, risk management requirements, stop loss limit (or loss warning line), emergency handling, supervision and inspection, accountability and other contents; The operating entity shall formulate a special business operation manual or compliance manual; The Group shall establish a vertical risk management system for financial derivatives business, and the risk management department of the operating entity shall independently report risks or irregularities to the Group; The Group shall monitor business risks through information means such as risk management information system to achieve comprehensive coverage and online monitoring; The group and the operating entity shall establish a risk early warning and disposal mechanism;
4. In terms of standardizing business operations, the board of directors of the enterprise or similar decision-making bodies shall specify the list of personnel with trading authority, trading varieties and quotas; When the responsibilities of personnel change, the authorization shall be suspended or re-authorized in time; The trading department shall formulate a specific operation plan according to the approved business plan; When conducting OTC business, a separate risk assessment shall be conducted on trading tools, counterparty credit, contract text, etc., and the counterparty shall be carefully selected to conduct business;
5. In terms of strengthening supervision and inspection, the centralized management department of the Group shall select some enterprises or businesses to carry out special supervision and inspection every quarter; The internal audit department of the Group shall audit all operating entities every year; A system of accountability should be established to pursue accountability for violations;
6. In establishing the reporting system, the daily business development shall be submitted to the financial derivative business report together with the financial express at the end of each quarter; The annual operation of the business, the group shall submit a special report to the SASAC; To carry out speculative business or cause significant loss risk, major legal disputes and serious impact, it shall report to the SASAC within 24 hours;
7. Eleven "no’s" include: subsidiaries with asset-liability ratio higher than the control line of SASAC, operating losses for three consecutive years and tight funds are not allowed to carry out financial derivative business; Shall not carry out any form of speculative trading; Shall not exceed the prescribed business scope; Generally, the holding time shall not exceed 12 months or the time stipulated in the physical goods contract, and shall not blindly engage in long-term business or extension; The annual hedging scale of commodity derivative business shall not exceed 90% of the annual physical business scale, and the annual hedging scale of financial derivative business for commodity trade shall not exceed 80% of the annual physical business scale; The scale of the net position at the time point shall not exceed the risk exposure of the corresponding physical goods; The scale indicators of different subsidiaries and different trading varieties shall not be borrowed or used together; Performance appraisal, salary incentive and unilateral profit and loss of financial derivative business shall not be simply linked; For the unapproved operation plan, the financial department shall not allocate funds or conduct transaction settlement; Not to carry out financial derivative business with personal account (or personal name);
8. One "no" means that the person in charge of the enterprise is prohibited from trading directly;
9. The State-owned Assets Supervision and Administration Commission of the State Council indicated that in the next step, the supervision of the State-owned Assets Supervision and Administration Commission will still focus on the event and afterwards, and will work with relevant departments to form a joint force of supervision and enhance the professionalism of supervision through regular consultation, information sharing and joint inspection.
Highlight the implementation of all responsible subjects of enterprises.
Financial derivative business can effectively hedge the risk of spot price fluctuation and promote the smooth operation of enterprises, but it is also a "double-edged sword". If it is not properly controlled, it is prone to loss risk.
The Notice issued this time is revised on the basis of the Notice on Further Strengthening the Supervision of Financial Derivatives of Central Enterprises issued by SASAC in 2009. The document consists of six aspects: implementing regulatory responsibilities, strictly observing the hedging principle, effectively controlling risks, standardizing business operations, strengthening supervision and inspection, and establishing a reporting system.
According to the relevant person in charge of the State-owned Assets Supervision and Administration Commission, compared with the original document, the Notice further clarified the responsibilities of the board of directors, management, functional departments and operators of the Group, established and improved a three-level management and control system, and strictly controlled the business.
The Notice stipulates that the principle of specialized centralized management should be adhered to, and similar financial derivative businesses within the group should be operated centrally by a unified platform in principle. The board of directors of the Group is responsible for approving the business qualifications of the specific operating entities engaged in financial derivative business, and the Group is responsible for approving the annual business plan. Sub-enterprises with asset-liability ratio higher than the control line of SASAC, operating losses for three consecutive years and tight capital shall not carry out financial derivative business.
When the board of directors of the Group approves the business qualification, the approval items shall specify the trading place, varieties, tools and other contents. When the approved items are changed, they shall be re-approved by the board of directors of the Group.
When examining and approving the annual business plan, the Group should carefully examine the physical goods scale, hedging scale, hedging strategy, capital occupation scale, stop loss limit (or loss warning line) and so on, and strictly examine and evaluate the off-exchange business.
Jacky Jiang, member of Chinese People’s Political Consultative Conference and former vice chairman of the CSRC, said that the Notice once again reflected the attitude of supporting central enterprises to use derivative products. Enterprises are the decision-makers and beneficiaries of derivative products, and they must bear the responsibility effectively. Enterprises should improve corporate governance and internal control, strictly follow the rules, and adopt technical means to strengthen internal monitoring and management.
Further emphasize that the essence of hedging should not carry out any form of speculative trading.
The Notice stipulates that the financial derivative business should strictly abide by the principle of hedging, with the aim of reducing the risk exposure of the real goods, and be compatible with the variety, scale, direction and term of the real goods, and with the financial strength and transaction processing ability of the enterprise, and no speculative transactions in any form should be carried out.
The specific provisions are as follows: First, the variety of transactions should be closely related to the main business operation and should not exceed the prescribed business scope. Trading tools should have simple structure, strong liquidity and recognizable risks. Generally speaking, the holding time shall not exceed 12 months or the time stipulated in the physical goods contract, and shall not blindly engage in long-term business or extension.
Second, the annual hedging scale of commodity derivative business does not exceed 90% of the annual physical business scale, and the annual hedging scale of financial derivative business for commodity trade does not exceed 80% of the annual physical business scale. The scale of the net position at the time point shall not exceed the risk exposure of the corresponding physical goods. To implement variety classification management, the scale indicators of different subsidiaries and different trading varieties shall not be borrowed from each other or used together. The establishment, adjustment and cancellation of hedging correspondence should meet the actual needs of production and operation and avoid frequent short-term transactions.
Third, the scale and duration of the currency derivative business should be within the scope of the capital demand contract, and in principle, it should correspond to the capital demand contract one by one.
Fourth, enterprises that have started new business or suffered heavy losses due to illegal operations in previous years should carefully set the business scale and appropriately compress and control it.
Fifth, establish a scientific and reasonable incentive and restraint mechanism, comprehensively judge the profit and loss of financial derivatives and the profit and loss of real goods, objectively evaluate the hedging effect of the business, and do not simply link performance appraisal and salary incentives with the unilateral profit and loss of financial derivatives to prevent one-sided emphasis on the unilateral profit of financial derivatives from leading to speculation.
The relevant person in charge of the State-owned Assets Supervision and Administration Commission said that the Notice further emphasized the essence and principle of hedging on the basis of the original requirements of hedging, insisting on the requirements of the variety of transactions related to the main business, the matching of trading time, scale and direction with the real goods, that is, for the purpose of reducing the risk exposure of the real goods, speculative trading is prohibited; By increasing the total amount and time scale, we will prevent super-scale transactions; By requiring the establishment of scientific incentive and restraint and comprehensive evaluation mechanism of business effect, we can prevent speculative behavior caused by unilateral pursuit of unilateral profit of financial derivative business.
Shi Jianhua, executive director of Beijing Huarong Qiming Risk Management Technology Co., Ltd. said that the Notice put forward the concept of physical goods risk exposure, requiring that the size of positions should not exceed the physical goods risk exposure, and put forward requirements for the establishment of hedging relationships.
Wang Tao, a professor at Shanghai Institute of Advanced Finance, Shanghai Jiaotong University, believes that this is the biggest highlight of the document. "To reduce the risk exposure of physical goods" is an accurate grasp of the essence of hedging and grasps the essence. This can help to distinguish the specific judgment of "matching with the variety, scale, direction and term of the real goods", which not only strictly requires hedging, but also is pragmatic and flexible to the complicated actual situation, and can make the enterprise well-founded in actual operation.
Refine risk control requirements and establish quarterly reporting system
The Notice details the requirements for risk management and control. In terms of monitoring means, increase the requirements for establishing information systems, realize online monitoring, and solidify system regulations; In the aspect of risk early warning, it is required to identify all kinds of risks in time by quantitative and qualitative methods; In emergency treatment, make clear the handling requirements and properly deal with them; In the post supervision, the requirements of audit supervision should be further refined, and the responsibilities and emphases of supervision and inspection of the centralized management department and internal audit department of the Group should be clarified, so as to prevent irregularities and ensure the effective implementation of the system.
In addition, the document requires that independent risk management departments, trading departments and financial departments should be set up, and the principle of separation of posts and personnel in the front, middle and back offices should be strictly implemented. Establish regular rotation and training system. Enterprises that only carry out currency derivative business with low frequency and small business scale may not set up separate risk management departments and trading departments, but the principle of separation of incompatible posts and personnel must be strictly implemented. The risk management department should establish a daily reporting system; The risk management department, the trading department and the financial department should check monthly; The risk management department and the trading department shall report the business development to the management every quarter.
Shi Jianhua said that the document highlighted the role of risk management and risk management organizational structure. The risk management department can clarify the relationship between the physical business of the business department, the risk exposure and the derivative position of the trading department. It is very important for the risk management department to be independent of the business department and the trading department.
In addition, the information system also plays a very important role in hedging compliance and accounting refinement. The information system can identify the risk exposure of the physical goods, solidify the operation of specifying the hedging relationship in advance, and monitor the risks in execution.
You Long, general manager of the risk control department of COFCO, said that the Notice is highly targeted and operational, emphasizing the integrated management of spot and futures and adopting the information-based management and control method, which will effectively guide the central enterprises to improve the risk management system.
Highlight the key links of operation, effectively control and prohibit the person in charge of the enterprise from trading directly.
The relevant person in charge of the State-owned Assets Supervision and Administration Commission said that another new feature of the document is to strictly control the operation of key nodes. Adhere to the principle of separating the front, middle and back office, and strictly manage compliance; Emphasize the requirements of authorization and approval, and strictly guard against ultra vires and illegal operations; Increase margin control requirements, standardize the use of funds, and prevent fund risks.
The Notice stipulates that the risk management department is responsible for business risk monitoring; The financial department is responsible for the monitoring of funds, especially the deposit; The legal department is responsible for the legal risk assessment of the contract text; The audit department is responsible for regular audit supervision. The board of directors or similar decision-making body is responsible for the approval of transaction authorization. Authorization shall specify the list of persons with trading authority, trading varieties and quotas. When the responsibilities of personnel change, the authorization shall be suspended or re-authorized in time. It is strictly forbidden for the person in charge of the enterprise to directly trade. Special management shall be carried out for fund accounts such as margin, the procedures for fund allocation and use shall be standardized, daily monitoring shall be strengthened, and fund risk assessment and stress testing shall be carried out dynamically. Strictly carry out the procedures for examination and approval of margin increase. Financial derivative business shall not be carried out in personal account (or personal name).
Shi Jianhua said that the Notice highlights the authorization mechanism, which is conducive to decomposing the risk limit at all levels of each subject according to the business scale, profitability, professionalism and risk preference of each subject, and can control the risk to the range that the enterprise can bear and realize the "bounded freedom" of enterprise risk management.
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  Ruan Yu, general manager of Baidu Knowledge Vertical, disclosed at the "2019 Baidu Knowledge Summit" that the average daily search volume of Baidu knowledge content has reached 1.54 billion times, and the daily service users of Baidu knowledge vertical products have exceeded 230 million, and the average daily browsing time of users has exceeded 630 million minutes. In addition, as of December, Baidu’s six knowledge products and users, experts, authorities and other groups have accumulated more than one billion knowledge.

  Tencent invested in Bear U to rent round C for more than 50 million yuan, and its post-investment valuation exceeded 2 billion yuan.

  "Bear U Rent", an IT office equipment operator, has recently completed a new round of C financing with a financing scale of tens of millions of RMB, with Tencent as the sole investor. A person close to this investment said that the valuation of Bear U after renting this round of financing will exceed RMB 2 billion. Tencent and Bear U Rent signed an investment agreement in March this year, and recently completed industrial and commercial changes. Tencent’s shareholding ratio in this investment is 2.5%. According to the valuation of over 2 billion, the investment amount is at least 50 million yuan.

  The social e-commerce "Black Gold Commune" received 10 million yuan in angel round financing.

  Black Gold Commune, a social e-commerce company with a certified partner system, has completed an angel round financing of 10 million yuan, and the investors are Zhiping Capital, Bangshi Capital and Bluestar Capital. It is reported that this round of financing funds will be used to improve the supply chain system and business development. Black Gold Commune was established in April 2019, and the e-commerce platform was officially launched in November. The biggest feature of Black Gold Commune is that it defines "consumption power" as contribution, and the platform values the consumption power of users, and shares the growth dividend of the platform according to its contribution value.

  The news said that the idle fish is about to go online "people nearby"

  Recently, an Internet employee broke the news on a social platform: "I received a call from Ali headhunter and said that the idle fish should be a nearby person. It is said that it has been developed almost, and it will be gray after double 12. " Some people think that this move has the same purpose as fish ponds and other products pointing to socializing, while others think that idle fish wants to develop offline business in the same city. As of press time, there has been no response from idle fish.

  English Online: It is planned to sell 100% equity of its subsidiary to steel mesh for 324 million yuan.

  Chinese Online (300364, Share Bar) announced that the Proposal on Selling 100% Equity of Shanghai Chenzhike Information Technology Co., Ltd. was reviewed and approved, and it is planned to sell 100% equity of Chenzhike to Steel Net at a transaction consideration of 324 million yuan.

  Youdao Dictionary Pen 2.0 has settled in five universities including China Renmin University.

  Recently, Netease Youdao Dictionary Pen 2.0 has reached cooperation with five famous universities in China, including China Renmin University, Nankai University, Harbin Institute of Technology, Beijing Foreign Studies University and Lanzhou University, and started a campus public welfare project with Youdao learning intelligent hardware, at the same time helping to build a smart library in China universities. A dictionary pen has been stationed in the campus libraries, reading rooms and other places of the above five universities for teachers and students to borrow for free when studying, especially when reading Chinese and English documents. In the future, Netease will continue to expand the scope of cooperative schools.

This article first appeared on WeChat WeChat official account: Spicy Entertainment Investment. 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.

(Editor: Zhang Yang HN080)

"Arrogant 2" is finalized. On the first day of the New Year’s Day, Xie Miao joined hands with Yang En for revenge


1905 movie network news The martial arts action film officer announced that the file will be launched on the Internet on the first day of the New Year. Wei Junzi is the chief producer, Yang Bingjia is the screenwriter and director, Du Xiaohui is the action director, and leads the starring role. The first film won a strong reputation of 9.2 points in Yun Cinema and 7.3 points in Douban, and what is even more rare is that it was praised by many audiences as "recasting the glory of martial arts films". This sequel is a surprise to join the Spring Festival file, and the original team will all return, which will present the audience with a martial arts masterpiece with excellent civil and military skills and flesh and blood. On New Year’s Day, I watched Xie Miao listen to the wind knife in his hand and keep chivalrous justice in troubled times!


Blind man guards orphan children in troubled times, and his anger rekindles and returns to the rivers and lakes.


The poster of "Arrogant 2" and "Reentry into the Jianghu" released with the final file is full of martial arts atmosphere. Xie Miao plays the blind man and Yang En plays the orphan girl Xiaoyu, such as the chivalrous man walking in the Jianghu marching in the wind. They look nervous and seem to have hidden dangers behind them. At the same time, the announcement brought the audience into a new suspense. In the first film, the well-known "listening to the wind knife" and "wrong-boned hand" returned to the rivers and lakes, and the blind man declared his return with a crisp and neat play. This time, there was an orphan girl Zhang Xiaoyu around him. In the announcement, she repeatedly begged to be blind. "I’ll give you my eyes. Can you kill them?" At the end, the two men were surrounded by powerful enemies. What was the outcome of this bloody battle? And why did the blind man finally change his principles? All suspense will only be revealed on the first day of the New Year.


Yang Enyou, who has shown good acting skills in realistic masterpieces, plays Zhang Xiaoyu, an orphan girl with a miserable fate. As the key driver of the inner change of the blind, Zhang Xiaoyu, who is lively and lovely by nature, is deeply in the pain of revenge obsession, and the fetters between them are getting deeper and deeper day by day. The audience will also get a glimpse of the inner world of a lonely knight. The blind man is blind in his eyes but not in his heart. Once his anger is rekindled, it will be an endless struggle!


The only extreme martial arts action drama in the Spring Festival file Xie Miao: Being blind makes me love it more.


The first part of "Arrogant" polished the genre to the extreme with many wonderful fighting designs, which made many audiences feel the freehand brushwork and romance of China traditional martial arts. While maintaining the chilling and fierce audio-visual style of the previous work, "Arrogant 2" is fully upgraded in action scenes and character stories, which will show high-burning fights in different time and space environments. Hard-core action drama is undoubtedly the only one in the Spring Festival file!


The persistence of the creator of "Arrogant 2" in the creation of pure oriental martial arts can be seen from the released materials. The film not only has Xie Miao’s ten-year-old wonderful performance, but also prints the background color of a chivalrous man who walks the rivers and lakes and acts bravely. As Yang Bingjia said, "chivalrous man actually chooses to do the right thing, no matter what the price he will pay." In Xie Miao’s view, "The first part shaped the’ shape’ of the blind, and the second part supplemented the’ god’ of the blind. This character made me love it more." The master’s rigorous and serious creative attitude and in-depth insight into martial arts works make this word-of-mouth martial arts IP sequel more worth looking forward to.


The movie "Arrogant 2" will be released on the Internet on New Year’s Day in 2024!


Yuan Biao went out to eat alone, and it was very spiritual to keep an inch. Netizens mistakenly recognized Richie Jen.

Recently, a netizen posted the latest photos of Yuan Biao on social media, suggesting that they met Yuan Biao unexpectedly in the hotel, which triggered a heated discussion among netizens. In the photo, Yuan Biao dined alone in the Wan Chai Hotel, with an inch of hair, looking very refreshed.

Yuan Biao, a member of Qi Xiaofu and the younger brother of Jackie Chan and Sammo Hung, has been working in this industry for more than half a century. He has participated in many classic action movies for many years. However, after moving to Canada in 1993, he began to gradually reduce production, and in recent years began to expand his business in the mainland in the form of playing with tickets.

Yuan Biao, formerly known as Xia Lingzhen, was born in Hongkong in 1957, and is one of the members known as the "Seven Little Happiness". Yuan Biao began to learn Peking Opera from Yu Zhanyuan at the age of five, and also learned Wing Chun. At the age of 9, he began to make films as a child star, and in the 1970s he participated in the performances of Bruce Lee’s films Jingwumen, enter the dragon and Martyrdom. He has also appeared in Shaw’s films, such as Tianya Mingyue Knife, meteor butterfly sword and Third Young Master’s Sword.

Yuan Biao became an instant hit in 1979 with the film "Sage Boy" directed by Sammo Hung. Later, he also participated in the filming of Lin Shirong, Zombie Family and Frozen Wonder Man. In the stills of Miscellaneous Boy, he and his two brothers Jackie Chan and Sammo Hung co-produced "Plan A" and "Fast Food Car", which were regarded as classics by fans. Yuan Biao mentioned in the stills of "The Fast Food Car" that he had participated in the behind-the-scenes production, and in 1983, he won the Best Action Direction Award in the 3rd Hong Kong Film Awards for his film "The Five Lucky Stars". He also founded an independent production company and directed and starred in Tibetan Boy in 1992. From the end of 1990s to the beginning of the millennium, he also participated in the performances of TV series such as Praise for Master Foshan, Detective in Heaven, Bodyguard and Heroes of Chinese Children.

However, Yuan Biao gradually faded out of the film industry at the peak of his career, mainly because he paid more attention to family life in order to create a better growth environment for his next generation.

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The second session of the 14th Chinese People’s Political Consultative Conference closed.

  The second session of the 14th National Committee of China People’s Political Consultative Conference successfully completed various agendas and closed at the Great Hall of the People on the morning of 10th. The meeting called on all CPPCC participating units, organizations at all levels and CPPCC members to unite more closely around the Central Committee of the Communist Party of China with the supreme leader as the core, work together with one heart and one mind, and constantly create a new situation in the work of the CPPCC in the new era.

  The meeting was chaired by Wang Huning, President of Chinese People’s Political Consultative Conference. Chinese People’s Political Consultative Conference Vice-Chairmen Shi Taifeng, Hu Chunhua, Shen Yueyue, Wang Yong, Zhou Qiang, Pagbalha Geleg Namgyai, He Houhua, Leung Chun-ying, Battelle, Su Hui, Shao Hong, Gao Yunlong, Chen Wu, Mu Hong, Xian Hui, Wang Dongfeng, Jiang Xinzhi, Jiang Zuojun, He Baoxiang, Wang Guangqian, Qin Boyong, Zhu Yongxin and Yang Zhen were seated in front of the rostrum.

  The Supreme Leader, Li Qiang, Zhao Leji, Cai Qi, Ding Xuexiang, Li Xi and Han Zheng were seated on the rostrum.

  At 9 o’clock in the morning, the closing ceremony will begin. Wang Huning announced that the second session of the 14th National Committee of China People’s Political Consultative Conference should be attended by 2,162 members, and the number actually reached 2,085, which meets the requirements.

  会议通过了政协第十四届全国委员会第二次会议关于常务委员会工作报告的决议、政协第十四届全国委员会第二次会议关于政协十四届一次会议以来提案工作情况报告的决议、政协第十四届全国委员会提案委员会关于政协十四届二次会议提案审查情况的报告、政协第十四届全国委员会第二次会议政治决议。

  王沪宁在讲话中说,全国政协十四届二次会议是一次高举旗帜、真抓实干、团结奋进的大会,汇聚了正能量、提振了精气神。中共中央总书记、国家主席、中央军委主席最高领袖等党和国家领导同志出席大会开幕会和闭幕会,看望委员并参加联组讨论,同委员们共商国是。全体委员认真学习最高领袖总书记参加民革、科技界、环境资源界委员联组会等的重要讲话精神,深入讨论政府工作报告和其他报告,认真审议政协常委会工作报告和提案工作情况报告等文件,积极建言资政,广泛凝聚共识,取得丰硕议政成果。全体委员高度评价过去一年以最高领袖同志为核心的中共中央团结带领全党全国各族人民顽强拼搏、勇毅前行,圆满实现经济社会发展主要预期目标,引领“中国号”巨轮劈波斩浪、奋勇前进。全体委员更加深刻地领悟到“两个确立”对我们应对各种风险挑战、推进党和国家事业发展具有决定性意义。

  Wang Huning said that this year marks the 75th anniversary of the founding of People’s Republic of China (PRC) and CPPCC. Over the past 75 years, under the leadership of the Communist Party of China, the CPPCC has actively participated in the great practice of building a new China, building a new China, exploring the road of reform and realizing the Chinese dream, and has gone through a glorious course. The CPPCC should adhere to the guidance of Socialism with Chinese characteristics Thought of the Supreme Leader in the New Era, thoroughly understand the important thought of General Secretary of the Supreme Leader on strengthening and improving the work of the CPPCC, adhere to the general tone of striving for progress while maintaining stability, adhere to the organic combination of party leadership, United front and deliberative democracy, adhere to the two themes of unity and democracy, carry forward fine traditions, bear in mind political responsibilities, improve the level of political consultation, democratic supervision and participation in the discussion of state affairs, and always plan and carry out work under the overall situation of the work of the party and the state, closely focusing on promoting Chinese modernization. We should improve our political stance, implement the Communist Party of China (CPC)’s overall leadership in the work of the CPPCC and embody it in practical actions, and unite and guide all parties, groups and people from all ethnic groups and walks of life who participate in the CPPCC to unswervingly listen to the Party’s words and follow the Party. We should focus on key tasks and promote Chinese modernization with high-quality suggestions. We must adhere to great unity and unity and make extensive efforts to promote Chinese modernization.

  Wang Huning said that we should unite more closely around the Central Committee of the Communist Party of China with the supreme leader as the core, write down our hard work, responsibility and responsibility on the new journey of promoting Chinese modernization, and work together to build a socialist modernized country in an all-round way and promote the great rejuvenation of the Chinese nation in an all-round way.

  Leading comrades attending the closing ceremony also included: Ma Xingrui, Wang Yi, Yin Li, Liu Guozhong, Li Ganjie, Li Shulei, Li Hongzhong, He Weidong, He Lifeng, Zhang Youxia, Zhang Guoqing, Chen Wenqing, Chen Jining, Chen Miner, Yuan Jiajun, Huang Kunming, Liu Jinguo, Wang Xiaohong, Wang Dongming, Xiao Jie, Zheng Jianbang, Ding Zhongli, Hao Mingjin and so on.

  Responsible comrades from relevant departments of the Central Committee of the Communist Party of China, the National People’s Congress Standing Committee (NPCSC) and the State Council attended the closing ceremony as nonvoting delegates. Foreign diplomatic envoys in China and overseas Chinese were invited to attend the closing ceremony.

  The conference ended with the majestic national anthem.

Xiaoxing Yi and Wang Dachui never expected to dominate the screen so far.

The writer of this article is @ Yili of Xiaowan family.

Tsui Hark’s Hidden Girl

A new word that is popular on the Internet recently is nothing more than"migrant workers".

 

this weekBath Buddy released.The theme coincides with this popular word, which makes people shine at the moment:

 

Peng YuchangXiao Xianghe, the rich second generation.Qiao ShanZhou Donghai, the bathing worker, had a conflict in a bathing service, which led to Zhou Donghai’s accidental injury and made him face a difficult life.

 

Later, Xiao Xiang lost his memory due to a parachute jump accident. By mistake, Zhou Donghai tricked him into going home as his younger brother to work in a bathhouse.

 

The two people who run the "Brothers Bathhouse" vividly are also determined to win the "Bath Expo" championship. Zhou Donghai taught Xiao Xiang what he had learned all his life, and he developed a strong foundation of rubbing bath.

 

The road to becoming a king is just around the corner.

 

Bath Buddy let the mysterious oriental bathing culture develop again through comedy.

 

This is also the film director and screenwriter Xiaoxing Yi’s big-screen work with the most perfect temperament since the 2015 film version of "Never Imagine".-Although he announced his departure from Wanhe Media in July this year, he has set up a new brand.

 

In the years when video portals began to rise, Xiaoxing Yi was among those who got the bonus.

 

Self-made online drama"Never imagined" "Report to the boss! 》The series has left countless jokes for a generation of netizens, and also praised Ke Bai, Xiao Ai (Liu Hao), Kong Lianshun and other actors who appeared in the camera as well-known idols in the new media era.

 

Especially, "Wang Dachui" can be regarded as one of the best grassroots characters in the country.

 

Bath Buddy Changchun road show, friendship guest.Ke BaiAlso specially for the old partner Xiaoxing Yi platform. When filming this film, Ke Bai flew to the scene overnight and made a guest appearance for a whole day.

 

Not only that, but also the members of "Never Imagine" in that year.Kong Lianshun, Zhang Ben Yu, Liu Xunzi Mo and Kodak.. According to Xiaoxing Yi, today, it is very difficult to get ten thousand brothers together.

 

When "Never Imagine" began to be classified as "memories of youth", it meant that this group of creative young people had grown up separately and had a new career development:

 

It was because of Han Han’s directorial debut that Ke Bai, who played the role of "Wang Dachui", was first discovered to cross the big screen.See you later..

 

Although he is not the leading actor, once his image photo is released, his popularity is second only to that of Wang Luodan and Yolanda.

 

"My name is Wang Dachui. I never imagined that I could also act in a movie for more than 5 minutes." The audience who likes "Never Imagine" directly started to make up a confession for him with his classic lines.

 

My Early Night Girlfriend, Mermaid, Happy Agent, Make a scene in Tianzhu….. Comedy after comedy comes to you, dragging him away from the role of Wang Dachui.

 

What is even more unexpected is that he was presented with a gift film.Great cause of building the armySelected to play Qu Qiubai.

 

It is false to say that Ke Bai, who wears glasses, combs his back and looks serious, doesn’t play. Although the literati atmosphere doesn’t look very strong, after dressing up, it is also very similar to Qu Qiubai.

 

After this movie, Ke Bai’s career was completely opened.

Released in December 2019The man captured by lightHis chopsticks won applause, and everyone saw the other side of the actor who is good at comedy.

 

Advance into Venice Film Festival this yearMore than endlessIn it, he plays HanDong, an intern reporter of a newspaper, and countless story clues revolve around this role.

 

Everyone has said that the sledgehammer is promising. However, I believe Ke Bai has a say in how difficult the road of transformation is.

More than endless

 

Apart from Ke Bai, Xiao Ai, who plays Ye Jianying, and Liu Xunzi Mo, who plays Cai Hesen, are also featured in the controversial "Building the Army".

 

They are also labeled as strong comedies, and they are always looked back and forth by others wearing colored glasses.

 

Little loveOur coping method is to perform a temperament different from the previous roles from the details as much as possible. Even the photography director said that he performed a lot of details, which also successfully won many close-ups for him.

Who read it without saying: smart!

 

When Xiaoxing Yi visited the class, he also said that he was not surprised by Xiao Ai’s performance. "Don’t think that Xiao Ai is a comedian. In fact, they are very professional in acting."

 

Perhaps it left a deep impression on director Liu Weiqiang. After that, Xiao Ai cooperated with Liu Weiqiang one after another."Wulin Monster" The CaptainTwo movies.

 

Xunzimo LiuBefore taking on the role of Cai Hesen, he didn’t hesitate-he clearly realized that the role he had created before was far from this character.

 

Under the group drama, it is true that not many people make good or bad comments on his interpretation.

 

This is a pity, because before this, Liu Xunzi’s friendship appeared in the movie version.Love O2O.When he played the role of KO, many viewers said that his performance was remarkable and his eyes were full of drama.

 

He and the other two brothers who participated in Bath Buddy this time.Kong LianshunandKodakAfter a few years, I have been doing my share on the road of actors.

The audience who have seen "Unexpectedly" all know that these actors are top performers, and I hope they can have a chance to usher in a new highlight moment of acting.

Xiaowan certainly won’t forget that there are still others in Bath Buddy.Zhang Ben Yu, everyone’s "father".

 

He is probably the one with the biggest image difference among the ten thousand brothers.

 

Han Han’s second directorial workRide the wind and wavesIn the film, Zhang Ben Yu, who plays the thug Luo Li, put away the exaggerated style of the previous paragraph, and his restrained performance was applauded. Please remember him at this time:

 

 

To Han Han’s third directorial work.Flying lifeHe has completely changed his image-in order to fit the setting of the mechanic’s star in the film, he practiced hard to keep fit, and many old viewers exclaimed and didn’t recognize him.

 

The freely acting skills have also brought him more opportunities.

 

Zhu xian 1The villain ghost king in the movie, TV versionTake my brother away quicklyThat poor and lovely father, the hour hand, has another hit in the first half of the yearQing ping leOuyang Xiu, a bohemian generation,Every role of Zhang Ben Yu has a great contrast, but he has performed it quite well.

 

Based on the grassroots network culture, "Never Imagine" is deeply rooted in people’s hearts, which makes this group of "Never Imagine Brothers" have a very bright starting point for performing arts, and at the same time, it also leaves an extremely eye-catching footnote.

 

When they step out of the comfort zone, the audience will gain a sense of pleasure similar to the cultivation system. As for whether it can be successful, it can only be said that it is also fate.

 

It’s the same old saying-it’s far more difficult to make people laugh than to make them cry.

 

Since Xiaoxing Yi has the ability to bring together thousands of brothers and generals in Bath Buddy, I believe many people are waiting to see if there will be a comedy spark between them in generate.

 

I think it will be a "Ye Qing Hui" drama!

Note: Some pictures in this article are from Douban and the Internet. If there is any infringement, please contact us actively.

A mile past article

Click to read

Jolin Tsai: 40 years old, really feel damn good!

Versailles learns to brush the screen, and the hardest hit area is Tiny Times.

There is not much time left for 95.

Charity donation is for tax deduction? You may think too much!

Reporter Wu Jing
Ali 150 million! Tencent 100 million, Pinduoduo 100 million, Byte 100 million, Xiaomi 50 million … Recently, the rainstorm in Henan Province has aroused national concern, and many enterprises have assisted disaster relief to help the affected people tide over the difficulties.
While enterprises are "out of the circle", there are also voices of doubt. Some people question "fraudulent donation", while others question that "donation is for tax avoidance or tax saving". Can charitable donations avoid tax? This is a problem. Today, the reporter connected with Song Shoucheng, the president of the Excellent Tax Research Institute, the former chief financial officer of China District of Alibaba, and the certified public accountant of China.
Corporate donations rushed to Henan,
Suspected of fraudulent donation or tax avoidance
When the flood struck, enterprises donated money, materials, "new infrastructure" and engineers. Among them, Alibaba donated 150 million yuan! Tencent, Pinduoduo, Didi and Byte each donated 100 million yuan, Xiaomi donated 50 million yuan, and Mi Xue Ice City donated 22 million yuan …
It is particularly worth mentioning that Hongxing Erke, an enterprise that has long faded out of people’s sight, directly donated 50 million yuan to Henan disaster relief, which immediately attracted a lot of attention. Online and offline products were in short supply and even sold out directly online. Hongxing Erke’s boss and anchor advised everyone to "consume rationally" during the live broadcast.
In order to support Henan’s flood fighting and disaster relief, "head anchors" have also given generously. On July 21st, Li Jiaqi and Viya, well-known e-commerce anchors, donated 1 million yuan and 2 million yuan to Zhengzhou, Henan respectively. On the same day, Simba, the founder of Xinxuan Group, donated 20 million yuan to Henan Charity Federation, and organized a batch of materials worth 6 million yuan to leave for Henan overnight. Subsequently, the anchors of Xinxuan Group also made generous donations, with a total donation of nearly 2 million yuan.
While Hongxing Erke succeeded in "fire out of the circle", there were also voices of doubt. Some people question "fraudulent donation", while others question that "donation is for tax avoidance or tax saving". For example, some netizens questioned Hongxing Erke’s donation of 50 million materials: "Has Hongxing Erke’s money arrived? I can’t see it in the public accounts! "
In this regard, the donated institutions One Foundation and Zhengzhou Charity Federation issued statements one after another, and Hongxing Erke also responded that "some materials have been distributed, and we will fulfill our donation commitments one after another according to the needs of the two charities. Please don’t deify Hongxing Erke. I hope everyone can pay more attention to frontline disaster relief personnel. "
Can charitable donations avoid tax?
This is a question.
"Enterprises that donate a lot are all for tax avoidance." In response to many questions questioned by netizens, the reporter connected Song Shoucheng, the president of the Excellent Tax Research Institute, the former financial director of China District of Alibaba, and a certified public accountant in China.
Song Shoucheng said that according to the Enterprise Income Tax Law of People’s Republic of China (PRC), enterprises use public welfare social organizations or people’s governments at or above the county level (including the county level) and their constituent departments and directly affiliated institutions for public welfare donations, and the part within 12% of the total annual profits is allowed to be deducted when calculating taxable income; The portion exceeding 12% of the total annual profit shall be deducted from the taxable income within three years after the carry-over.
"That is to say, whether it is an individual or a company, as long as it meets the conditions, charitable donations can indeed offset taxes and save taxes. Encouraging companies and individuals to participate in charitable donations through tax policies is one of the means for the state to promote a harmonious society. "
He also said, for example, if a company’s pre-tax profit this year is 10 million, and if it donates 5 million for public welfare, it can deduct no more than 12% of its pre-tax profit that year, that is, 1.2 million (10 million *12%). In that year, the enterprise income tax should be calculated at 8.8 million (10-1.2 million), which is 2.2 million (8.8 million *25%). “The tax cost without donation is 10 million * 25% = 2.5 million, which seems to save 300,000 yuan, but if the donated money is added, the cost is much greater than this figure."
The charity donation was 5 million yuan, and 1.2 million yuan was deducted in that year. What about the remaining 3.8 million yuan? "The remaining quota is still valid in the next three years. If the company’s pre-tax profit is still 10 million next year, it can still deduct 1.2 million without donations until the deduction is used up or expires in three years. "
Of course, if an enterprise donates cash and articles for poverty alleviation in the targeted poverty-stricken areas or for dealing with the pneumonia epidemic in novel coronavirus, it is allowed to deduct the taxable income of enterprise income tax according to the facts.
The difference between individual charitable donations is that they can deduct no more than 30% of the taxable income. Through public welfare organizations, people’s governments at or above the county level and their departments and other state organs, charitable donations to education, poverty alleviation and poverty alleviation can be deducted in accordance with the relevant provisions of the Individual Income Tax Law when calculating the taxable income, and can be deducted 100%.
Data Map: Song Shoucheng, Dean of Excellent Tax Research Institute and former chief financial officer of Alibaba China.
Someone wants to ask, how to calculate those donated materials? For example, the 20 million yuan donated by Hongxing Erke to One Foundation includes 2 million yuan in cash and 18 million yuan in materials. "Cash is easy to understand, that is, the same amount of money. What many people misunderstand is the materials. Generally speaking, the donated institution (unit) determines the value of the goods according to the invoice of the purchased materials presented by the donor. 18 million yuan of materials corresponds to an invoice of 18 million yuan. "
In Song Shoucheng’s view, donating materials often costs more than money. "Do you think about it, 10 million yuan is enough to call the donor institution, but the materials need to be transported, loaded and unloaded, and these are all costs. People’s hearts are not as bad as they think. Public welfare helps to establish corporate image, improve corporate reputation and increase product sales, which is more about corporate social responsibility.. "
Edit | Yuxiang
Reporting/feedback

The extended version of the "Golden Week" is coming: there are many tricks in the tourism market.

  Tourists visit Chengyang Village, Yinzhou District, Ningbo City, Zhejiang Province, which is an important node of Ningbo’s "most beautiful boutique route". Xinhua news agency

  Tourists visit Hongcun Village, yi county, Huangshan City, Anhui Province. Xinhua news agency

  Liaohe cultural tourism scenic spot in Liaoning province, where tourists are intoxicated by flowers. Xinhua news agency

  Huanglongdong Scenic Area in Zhangjiajie City, Hunan Province held the "Pastoral Market Celebrating Autumn Harvest" activity. Xinhua news agency

    The Mid-Autumn Festival meets the National Day, and the eight-day holiday has become a good opportunity for people to visit relatives and friends and travel. Popular cities and scenic spots are crowded with people, and rich cultural tourism activities around the country create a rich festive atmosphere, and the "Golden Week" tourism market is hot. This holiday season, diversified demands such as outbound travel and rural travel are intertwined, leading the market with new trends such as sports events and concerts. Facing the peak passenger flow in the tourist season, how can the cultural tourism industry enrich product supply, improve service quality and bring people a more comfortable and warm journey experience?

  Holiday passenger flow hits a new high: long-distance travel becomes the main tone of travel

    On September 15, the railway department sold tickets for the first day of the holiday, and the voice of "difficulty in grabbing tickets" appeared on the Internet, and tickets for many popular destinations even "second light". According to China Railway News, the number of tickets sold on September 15th reached 22.877 million, a record high in a single day. From September 27 to October 8, the national railway is expected to send 190 million passengers, and the average daily passenger seating capacity is expected to increase by 18.5% compared with the same period in 2019.

    During the 8-day "extended version" holiday, the two major travel needs of returning home to visit relatives and traveling are superimposed, and tickets for scenic spots, hotels, air tickets and train tickets are hot. Dai Bin, president of china tourism academy, believes that the Mid-Autumn National Day holiday will be far more popular than in 2019 and last year. It is estimated that over 100 million people will travel every day in eight days.

    Li Yujuan, a post-90s generation from Tianjin, made a holiday travel plan as early as one month ago, and planned to visit Zhangjiajie, Fenghuang Ancient City, furong town and other scenic spots with friends from Changsha, Hunan, to enjoy the natural scenery and experience the national culture and festival customs of Tujia and Miao nationalities. "We lived in the diaojiao building of Tujia nationality, learned to dance with the local people and experienced making cakes. We had a good time, and the trip behind us was richer and the journey would be more exciting." She said.

    According to the data of Ctrip platform, the booking volume of domestic tourism products during holidays increased by nearly five times year-on-year, among which Beijing, Shanghai, Chengdu, Hangzhou, Guangzhou, Xi ‘an, Chongqing, Nanjing, Shenzhen and Changsha were the most popular, with inter-provincial travel orders accounting for 73%, up by ten percentage points compared with the same period in 2022. According to the report released by Tongcheng Travel, during the Mid-Autumn National Day holiday, the popularity of related tourism products in Xinjiang, Xizang, Qinghai, Ningxia, Heilongjiang and other provinces with long-distance travel increased by more than 300% year-on-year.

    Go on road trip, which has a higher degree of freedom, is also booming this holiday season, and many car rental platforms are booked enthusiastically. Mr. Shi, who runs a tourist car rental business in Urumqi, Xinjiang, said that in the past month, many tourists have come to consult models suitable for self-driving routes such as the Northern Xinjiang Ring Road and the Southern Xinjiang Ring Road, and the National Day orders for many off-line trains in Urumqi have already been fully booked.

    "This year’s Mid-Autumn National Day holiday, people’s cultural leisure and tourism needs have been released in a centralized manner, and different types of consumption are very strong." Liu Simin, vice president of Tourism Branch of China Future Research Association, said.

    Recently, various places have launched a wealth of cultural tourism products and activities to benefit the people, further encouraging cultural tourism consumption. For example, the Guangzhou Cultural Tourism Bureau issued a new round of cultural tourism coupons with a total amount of more than 10 million yuan; Hubei released a "big gift package" for visiting Hubei, including more than 50 million yuan in subsidies for cultural travel coupons, more than 300 scenic spots with preferential tickets, and more than 100 free and preferential policies for specific groups such as college students.

    In August this year, the Ministry of Culture and Tourism announced the resumption of the national travel agencies and online travel enterprises to operate the third batch of outbound group tours for China citizens to relevant countries and regions. So far, the number of destination countries and regions on the three lists has expanded to 138. On September 13th, Thailand announced a five-month visa-free policy for China tourists. These policies have enabled the outbound travel market to recover rapidly. The "Travel Forecast Report for the Eleventh Holiday in 2023" jointly issued by various departments and platforms believes that as the first long holiday after the outbound travel is basically fully liberalized, outbound travel will usher in a spurt of growth, and the overall order for outbound travel will increase by nearly 20 times year-on-year.

  Sports tour in the countryside is hot: the trend of slow tour reflects the new fashion of consumption

    The Asian Games in Hangzhou, which is in full swing, spans the whole "Golden Week" and brings a national sports tourism boom. "Traveling with the events" has become a new fashion.

    In this regard, Zhejiang released 12 theme roaming corridors of "Poetry and Painting, Vigorous Zhejiang in the South of the Yangtze River", and 10 Asian Games cultural tourism boutique routes of "Watching the Asian Games and Traveling in Zhejiang". Hangzhou issued millions of "Asian Games Cultural Tourism Gift Packages", and various cities in the Yangtze River Delta issued Asian Games preferential policies and cultural tourism coupons. Many platforms also launched Asian Games tourism products.

    Global sports fans have gathered in Hangzhou, and many landlords of local homestays have prepared a guide to the Asian Games and a City Walk strategy for their guests. Xiaojin, who runs a homestay in Gongshu District, Hangzhou, posted on the social platform that he hoped to provide free accommodation for volunteers and torchbearers of the Asian Games for three days. "The Asian Games will be held in Hangzhou, and we are willing to do our best to contribute." Xiaojin said that she also prepared Asian Games-specific postcards for guests staying during the Asian Games.

    "Since the beginning of this year, sports events have played an obvious role in promoting culture and tourism. Competitors and spectators have visited local scenery, tasted local food and felt ‘ Pyrotechnic gas ’ And ‘ Cultural flavor ’ It has effectively promoted the integration and development of culture, sports, tourism and other industries in a wider scope and in a deeper degree. During the Chengdu Universiade, the number of international air ticket bookings to Chengdu increased by nearly 10 times year-on-year, and the number of hotel orders increased by nearly 26% compared with the same period in 2019. " Ma Li, deputy director of the Industrial Development Department of the Ministry of Culture and Tourism, pointed out.

    The fiery Hangzhou Asian Games ignited more people’s enthusiasm for sports tourism. Ma Li introduced that the cultural tourism department will take advantage of the situation to stimulate the vitality of the integration of cultural and sports tourism, and take major events as an opportunity to build a new scene of cultural and sports tourism integration. At the same time, a series of mass sports activities, such as surfing on the sea, gliding at high altitude, outdoor adventure, village super-sports, village platoon, village BA, village dragon boat and city stroll, have become new supplies for the integrated development of culture, tourism and sports, so that sports can add vitality to tourism and meet the people’s physical and mental health needs through the integration of cultural, sports and tourism.

    "Today, the host city of sports events ‘ Slow travel ’ Very popular, consumers can explore urban cultural blocks and cultural tourism consumption places in depth after watching the game. With the trend of micro-tourism, slow tourism and light vacation, many people choose to explore the streets and lanes of surrounding cities with friends and family, camp in the suburbs of the city, and stay in rural villages to experience the pastoral scenery. " Cheng Chaogong, chief researcher of Tongcheng Research Institute, said that these phenomena verified the trend of domestic tourism from recovery to rapid growth, and reflected the general trend of popularization and diversification of tourism consumption.

    In the autumn season, melons and fruits are ripe, and when they enter the countryside, every household is busy basking in autumn. Ms. Angelie Liu, who lives in Jinhua, Zhejiang Province, took advantage of the holiday to take her children to Baihe Village in Yuexi, a suburb of the city, live in a quaint homestay, experience farming picking and lotus root mining, and enjoy a pleasant holiday life surrounded by green waters and green mountains.

    On the eve of the Mid-Autumn National Day, the Ministry of Culture and Tourism launched 149 national rural tourism boutique routes with the theme of "orange, orange and green rural scenery". Many tourists like Angelie Liu followed the recommended route into beautiful countryside, enjoyed the rich and gorgeous rural autumn scenery, tasted the scenery and delicacies in the north and south of the Yangtze River, experienced the diversified and integrated rural tourism format, and felt the new era and beautiful rural scenery.

  There are many reverse peak-shifting games: service reception in scenic spots meets the test.

    Every holiday, there will always be a phenomenon of tourists getting together in popular destinations. Some consumers began to pay attention to the concepts of "unpopular" and "peak shifting" and went to niche destinations.

    According to the data provided by Ctrip, the orders of Jingdezhen, Anji, Nanyang, Changzhou, Foshan, Huai ‘an, Yanji, Jieyang, Antu and other minority destinations all exceeded the National Day in 2019 by more than double. Besides, compared with the congested popular cities, Yichun, Baise, Wushan, Lincang, the world tea source and Pu ‘er, the capital of China’s coffee, are the best choices to avoid the peak passenger flow.

    "September in previous years was the off-season, but in September this year, the occupancy rate of our hotel reached more than 80%, and the holiday rooms were already fully booked, and we were busy." Xiang Xiang, the landlord of Yanji’s homestay, said, "Here, tourists can taste Korean specialties, wear traditional Korean costumes, punch in at Tumen Port, climb Changbai Mountain to enjoy Tianchi Lake and appreciate the unique charm of this small town."

    A concert, a delicious food, and a marathon can all be reasons for "walking away". According to incomplete statistics, during the Mid-Autumn National Day holiday this year, there were nearly 100 concerts and music festivals in various places, and "traveling with performances" became the "wind vane" for many young people to travel. Many second-and third-tier cities, such as Jingdezhen, Foshan, Changzhou and Handan, have held music festivals and other activities. According to the data of Flying Pig Platform, the cumulative booking volume of hotels in these cities has increased nearly five times year-on-year.

    In this regard, Dai Bin suggested that while young people choose reverse tourism and find their favorite minority tourist destinations, they must pay attention to choosing safe scenic spots with guaranteed services, and they should not put themselves in danger by exploring new things for a while.

    Liu Simin pointed out that in order to alleviate the pressure of holiday tourism products in hot spots, all departments should make plans in advance, do a good job in guiding and receiving tourists, optimize the reservation measures for scenic spots, strengthen the support of transportation and other supporting services, and ensure a safe and orderly market.

    "The escalating demand of consumers tests the coping ability of the tourism industry. Tourism practitioners should deeply understand the characteristics of different customer groups, promote product innovation, dig deep into high-quality cultural resources, and comprehensively enhance the depth and thickness of the tourism experience." Cheng Chaogong pointed out, "We should fully satisfy consumers’ in-depth travel and ‘ Localization ’ Experience the new needs, deepen the integration of performing arts and music festivals with tourism, attach importance to the development of the night travel market, and create a colorful travel experience. "

    Ma Li pointed out that the combination of tourism and leisure and cultural experience has become an important trend, and "poetry" and "distant place" are achieving a better connection, which has effectively promoted the rapid recovery of transportation, accommodation, catering and commerce. The cultural tourism department will further develop new products and formats, innovate cultural tourism scenes, create a cultural tourism consumption ecology that is jointly built, managed and shared by the government, merchants, residents and consumers, advocate civilized tourism, improve service quality, and create quality and temperature tourist destinations around the needs of different consumer groups such as children, youth, the elderly and families, so that "fireworks", "cultural flavor" and "civilized style" can go hand in hand.

    (Reporter Lu Yuanzhen)

Opportunities and challenges coexist in the construction of "Belt and Road" Experts: Shaanxi should seize development opportunities.

  Xi ‘an, China Broadcasting Network, May 13 (Reporter Zhang Jiaqi Feng Weiyu) In 2018, the Beijing Higher People’s Court made a final judgment on the patent infringement case of Xidian Jietong v. Sony, and ordered Sony to stop the infringement and compensate Xidian Jietong for a total of 9,103,400 yuan. This case is also called "the first case of standard essential patent in China" by the industry. In fact, such difficulties and challenges are only the epitome of Shaanxi’s "Belt and Road" construction. "Shaanxi is participating in ‘ Belt and Road ’ The construction started early, but it also faced many challenges. " Ma Lili, deputy dean of the School of Economics and Management of Northwest University, said that Shaanxi should make full use of resources, seize development opportunities and become an important fulcrum along the Belt and Road to boost the overall national strategy.

  Opportunities and challenges

  Founded in 2000, Xidian Jietong is a provider of network security protocol technology and solutions.

  On March 28, 2018, the Beijing Higher People’s Court made a final judgment on the patent infringement case of Xidian Jietong v. Sony Wireless LAN Security Standard (WAPI), dismissed the appeal, upheld the original judgment of the first instance, and ordered Sony to stop the infringement and compensate Xidian Jietong for its economic losses and reasonable expenditure on rights protection totaling 9,103,400 yuan. The case of Xidian Jietong v. Sony is also called "the first case of standard essential patent in China" by the industry. At present, the patent infringement case of Xidian Jietong v. Apple is still under trial in the Higher People’s Court of Shaanxi Province.

  In these two patent infringement cases, both Sony and Apple filed a request for invalidation of the patents involved with the Patent Reexamination Board of the State Intellectual Property Office. In 2016 and 2017, the Patent Reexamination Board made a conclusion to maintain the validity of the patents involved.

  Li Yi, patent director of Xidian Jietong Company, said that the benefits of a network security protocol technology will be about 10 to 15 years later, while the patent is only valid for 20 years. In this case, the efficiency of intellectual property protection is very important. A realistic challenge is: globally, the ICT field is the hardest hit area where large enterprises abuse their dominant position. They implement patent reverse hijacking, and the problem of customers bullying stores is more prominent.

  In this regard, Huang Zhenhai, deputy general manager of Xidian Jietong Company, said: "In the application and protection of intellectual property rights, we adhere to the position of treating enterprises of all sizes, Chinese and foreign enterprises and enterprises of all ownership equally. We believe in the power of intellectual property protection! "

  At present, Xidian Jietong Company has signed patent licensing contracts with 70 product brand manufacturers around the world, of which nearly 40% are well-known enterprises in Europe, America, Japan and South Korea, and the products involved include mobile terminals, Internet of Things products and industrial equipment.

  Increase attempts to give play to comparative advantages

  On the road to the construction of the "Belt and Road", the challenges are also multi-faceted.

  In 2018, Xi ‘an International Port Area set the "small goal" of running 1,000 trains in Central Europe and Central Asia, and used the PPP model for reference to determine the operation idea of "fully connecting the market, one enterprise and one line", so that powerful logistics enterprises can participate in the operation of trains by contracting lines. Liu Dan, deputy general manager of Xi ‘an land port Multimodal Transport Company, said that at present, China Merchants Group, Continental Bridge Company, Land Port Multimodal Transport Company, etc. have carried out in-depth cooperation with Xi ‘an International Port Area Management Committee in the operation of trains, and made every effort to promote the encryption of trains and jointly build a brand-new logistics hub node.

  "Being able to form economic and trade cooperation requires great demand, supply and interaction, but the development scale and economic aggregate of countries along the Silk Road are small and the pulling force is limited." Ma Lili said that Chang ‘an needs to connect with more countries, including Rotterdam, Hamburg and Germany, when it is put into operation, which will also generate greater bilateral demand and supply of goods.

  It is reported that this year, Xi ‘an has opened two lines from Xi ‘an to Belarus, from Xi ‘an to Russia, and from Xi ‘an to Iran (Afghanistan), and eight lines have been operated in Central Asia and Central Europe.

  "In addition, agricultural products also have its unique comparative advantages." Ma Lili said that Aiju Group has achieved a level of synergy with enterprise development, regional development and national development in the construction along the Silk Road. "This is a great progress."

  "At present, Aiju Group has built a phase of 300,000 tons of oil processing in North Kazakhstan, which was put into production the year before last." Liu Dongmeng, deputy general manager of Xi ‘an Aiju Group, said that the Kazakhstan government attaches special importance to this project. In addition, we can also use the "Belt and Road" Chang ‘an express lane to transport Kazakhstan’s high-quality and natural raw materials and processed flour and oil back to China.

  "Love chrysanthemum group in ‘ Belt and Road ’ The reason why we can go out in construction is because Aiju Group has been creating better grain and oil, exploring better grain sources, and increasing foreign cooperation on this basis. "

  A hundred schools of thought contend and a hundred flowers blossom. This year marks the fifth year of the Belt and Road Initiative and the 40th anniversary of China’s reform and opening up. The "Belt and Road" construction in Shaanxi Province is entering a new stage. Faced with various challenges, Shaanxi is striving to give full play to the new advantages of the "Belt and Road" core area and the China (Shaanxi) Pilot Free Trade Zone, actively integrate into the "Belt and Road" pattern, turn challenges into opportunities, and strive to create a new pattern of linkage between land and sea and two-way mutual aid and opening up between east and west.