＂Planning for this period＂ property market loosening： challenges and opportunities coexist

　　China xiaokang. com exclusive feature

　　Text | "Xiaokang" China Xiaokang.com reporter Mai Yuhua

　　"Living and living in peace and contentment" has always been a great concern of China people. Recently, the national property market as a whole has shown a trend of falling volume and price. Facing the new situation, the real estate market optimization and adjustment policies are frequent from the central government to the local government to consolidate the sustainable development of the property market.

　　We should adjust and optimize the real estate policy in a timely manner; We will implement policies and measures such as reducing the down payment ratio and loan interest rate for the purchase of the first home, reducing taxes and fees for the purchase of improved housing, and "recognizing the house without repaying the loan" for personal housing loans; Precise implementation of differentiated housing credit policies due to city policies … Recently, the relevant departments of the central government frequently optimize and adjust the real estate market.

　　The central government set the tone, and local governments responded. Many cities in the first, second and third tiers loosened restrictive housing purchase policies and continuously optimized real estate control policies. Among them, Beijing, Shenzhen, Guangzhou, Shanghai and other first-tier cities have voiced their voices, saying that they will support residents’ rigid and improved housing needs in light of their own real estate conditions. Second-and third-tier cities have also introduced policies: more than 10 cities such as Changsha, Qingdao and Hefei have relaxed their loan restrictions; Changzhou, Wuxi and other cities relaxed the price limit; Zhengzhou, Xiamen, Qingdao and other cities have relaxed restrictions on sales …

　　"Living and living in peace and contentment" has always been a part of China people’s concern. The change of the real estate market is the embodiment of the economic and social development on the macro level, and it also affects the value of the just-needed residence of everyone in China on the micro level. Therefore, under the new adjustment cycle, both the central and local governments have actively and continuously introduced various new policies to loosen the property market in order to develop. What impact will these new policies have on the real estate market? What challenges and opportunities do housing enterprises and individuals face?

　　The national property market as a whole shows a trend of falling volume and price.

　　Recently, the National Bureau of Statistics released "Basic Situation of National Real Estate Market from January to July 2023" and "Changes in Sales Price of Commercial Housing in 70 Large and Medium-sized Cities in July 2023". Judging from the completion of real estate development investment, from January to July 2023, the national real estate development investment was 6,771.7 billion yuan, down 8.5% year-on-year; Among them, residential investment was 5,148.5 billion yuan, down 7.6%. It can be seen that the investment in real estate development generally shows a downward trend.

　　Judging from the sales and sale of commercial housing, from January to July 2023, the sales area of commercial housing was 665.63 million square meters, down 6.5% year-on-year, of which the sales area of residential housing decreased by 4.3%. The sales of commercial housing was 7,045 billion yuan, down by 1.5%, of which residential sales increased by 0.7%. Except for the slight increase in residential sales year-on-year, the rest of the data showed a downward trend. Geographically, the increase in residential sales is mainly due to the 3% year-on-year increase in commercial housing sales in the eastern region including Beijing, Tianjin, Hebei, Shanghai, Jiangsu, Zhejiang, Fujian, Shandong, Guangdong and Hainan. However, residential sales in central, western and northeastern regions all decreased year-on-year. Among them, the sales of commercial housing in the central region decreased by 9.5% year-on-year.

　　Judging from the changes in the sales price of commercial housing in 70 large and medium-sized cities released by the National Bureau of Statistics, the sales price of commercial housing fluctuated slightly in July 2023. Sheng Guoqing, chief statistician of the Urban Department of the National Bureau of Statistics, explained that the sales price of commercial housing in 70 large and medium-sized cities has increased, and the number of cities has decreased. The sales price of commercial housing in each city has remained flat or decreased, and it has increased and decreased year-on-year.

　　The data shows that in July 2023, among the 70 large and medium-sized cities, the sales prices of newly-built commercial housing and second-hand housing increased by 20 and 6 respectively, which was 11 and 1 less than that in June 2023.

　　"The sales prices of commercial residential buildings in cities in various lines decreased slightly from the previous month. From the perspective of new commercial housing, in July, the sales price of new commercial housing in first-tier cities was flat for two consecutive months, with Beijing and Shanghai rising by 0.4% and 0.2% respectively, and Guangzhou and Shenzhen dropping by 0.2% and 0.6% respectively. The sales price of new commercial housing in second-tier cities changed from flat last month to a decrease of 0.2%; The sales price of new commercial housing in third-tier cities decreased by 0.3% month-on-month, and the decline rate was 0.2 percentage points higher than that of last month. From the perspective of second-hand housing, in July, the sales price of second-hand housing in first-tier cities decreased by 0.8% month-on-month, and the decline was 0.1 percentage points higher than that of the previous month; The sales price of second-hand residential buildings in second-tier cities decreased by 0.5% month-on-month, and the decline rate was 0.1 percentage points higher than that of last month; The sales price of second-hand residential buildings in third-tier cities decreased by 0.4% month-on-month, the same as last month. " Sheng Guoqing said.

　　The sales prices of commercial housing in cities of all lines have increased and decreased year-on-year. In July 2023, among 70 large and medium-sized cities, the sales prices of newly-built commercial housing and second-hand housing increased year-on-year, with 26 and 5 cities respectively, one less than that in June 2023.

　　According to the interpretation of the National Day, in July 2023, the sales price of new commercial housing in first-and second-tier cities increased by 1.0% and 0.2% respectively year-on-year, and the growth rate dropped by 0.3 percentage points from the previous month; The sales price of new commercial housing in third-tier cities decreased by 1.5% year-on-year, and the decline rate was 0.1 percentage point higher than that of last month. In July 2023, the sales prices of second-hand houses in first-,second-and third-tier cities decreased by 1.4%, 2.7% and 3.5% year-on-year, respectively, and the decline rates increased by 1.0, 0.3 and 0.1 percentage points compared with the previous month.

　　"In my opinion, there are several main reasons for the recent decline in real estate prices." Feng Jianlin, chief economist of Beijing Fushengde Information Consulting Co., Ltd. believes that in the medium and long term, the real estate industry has entered a downward channel, and the relationship between supply and demand and price expectations have changed. Everyone buys up and does not buy down. In the medium term, the economy is still recovering, and the employment and income expectations of residents are weak. In the short term, some large real estate enterprises have financial crisis, which makes all parties have doubts about whether they can get the house or not.

　　"From a policy perspective, everyone expects the policy to be adjusted, and the mortgage down payment and interest rate may be lowered. These policies are slowly coming out, and some people may be waiting. The property market continues to be depressed and the downward pressure is increasing, which has a wide and far-reaching impact. For the country, the overall economic situation has been dragged down, affecting taxation and land transfer, and affecting the construction industry and employment. For developers, the pressure of capital turnover is great, and the operation is more difficult, so it is necessary to promote the payment as much as possible. For an individual, if he is buying a new house, he may choose to wait and see and wait for the house price to go down before buying. For second-hand housing transactions, both buyers and sellers may have price reduction expectations. " Feng Jianlin said.

　　

　　In the future, China will adjust and optimize the real estate policy in a timely manner, and make good use of the relevant policy toolbox to better meet the rigid and improved housing needs of residents and promote the stable and healthy development of the real estate market. Mai yuhua/photo

　　The central government issued effective policies in time to prevent risks.

　　There is an objective relationship between the stable and healthy development of the real estate market and the economic growth of China. Therefore, in the past three years, the real estate industry has continuously implemented the central government’s prevention and resolution of risks in key areas, and at the same time, all localities have effectively responded to the downward pressure on the real estate industry due to urban policies.

　　On July 24th, the Political Bureau of the Communist Party of China (CPC) Central Committee held a meeting. The meeting pointed out that it is necessary to effectively prevent and resolve risks in key areas, adapt to the new situation in which the relationship between supply and demand in China’s real estate market has undergone major changes, adjust and optimize real estate policies in a timely manner, and make good use of the policy toolbox because of the city’s policy to better meet the rigid and improved housing needs of residents and promote the stable and healthy development of the real estate market. The meeting proposed for the first time to adjust and optimize the real estate policy in a timely manner.

　　At the end of July, Ni Hong, Minister of Housing and Urban-Rural Development, said that he strongly supported the demand for rigid and improved housing, and further implemented policies and measures such as reducing the down payment ratio and loan interest rate for the first home purchase, reducing taxes and fees for the purchase of improved housing, and "recognizing housing without repaying loans" for personal housing loans; Continue to do a good job in ensuring the delivery of buildings, speed up the delivery of project construction, and effectively protect the legitimate rights and interests of the people. This is not only the implementation of "timely adjustment and optimization of real estate policy", but also the key guiding significance for local policy adjustment. On July 26, the State Administration of Taxation issued guidelines on relevant preferential tax policies in recent years, involving deed tax and value-added tax on individual house purchases.

　　On August 1st, the People’s Bank of China and the State Administration of Foreign Exchange stated that they should accurately implement differentiated housing credit policies due to the city’s policy and continue to guide the downward trend of individual housing loan interest rates and down payment ratio. Guide commercial banks to adjust the interest rate of existing individual housing loans in an orderly manner according to law. On August 3rd, Pan Gongsheng, Party Secretary and President of China People’s Bank, presided over a symposium on financial support for the development of private enterprises. Pan Gongsheng demanded that differentiated housing credit policies should be accurately implemented to meet the reasonable financing needs of private real estate enterprises and promote the stable and healthy development of the real estate industry.

　　Chen Jia, an independent international strategy researcher, believes that the central government is far-sighted and timely puts forward a scientific judgment of "adapting to the new situation in which the supply and demand relationship in China’s real estate market has undergone major changes". Under the guidance of this judgment, in the future, China will adjust and optimize the real estate policy in a timely manner, and make good use of the relevant policy toolbox to better meet the rigid and improved housing needs of residents and promote the stable and healthy development of the real estate market.

　　"From the perspective of specific grasping, there are currently three main directions. First, the construction and supply of affordable housing; Second, the reconstruction of villages in cities and the construction of public infrastructure for both peacetime and emergency use; The third is the revitalization of all kinds of idle real estate. " Chen Jia said.

　　He also believes that from the analysis of the latest real estate policy spirit of the central government and various parts, the central government has a clear and clear positioning for the economic growth pulling effect of the stable and healthy development of the real estate industry under the new era and new requirements. In particular, under the new situation, there is a clearer and clearer strategic direction on how to adjust and optimize the real estate regulation and control policies, innovate the policy toolbox according to local conditions, promote the real estate industry to speed up the risk clearing, improve the effective investment in real estate, and promote the consumption of related industrial chains such as home decoration.

　　Feng Jianlin said that it is very necessary to lower the mortgage interest rate and down payment. The effectiveness of the policy should still be expected. The main reason is that if the second home down payment and interest rate are lowered, it will help to release the demand for improvement. At present, two-thirds of China’s population are permanent residents in cities and towns, and there are a lot of improvement needs in these populations.

　　"The policy of lowering the second home loan interest rate and down payment should be introduced as soon as possible. At the same time, the strength of this policy should be greater. If we continue to hesitate and squeeze toothpaste, we may miss the opportunity, let the market continue to cool down, and let the industry and the whole economy bear greater pressure and risks. Timely adjust and optimize the real estate policy’. I personally understand that this’ timely’ is now. This’ adjustment and optimization’ requires a certain degree of strength. Only by timely introducing strong policies can we achieve the goal of preventing and resolving risks. " Feng Jianlin said.

　　Different cities boost market confidence because of city policies

　　From the central government to the local government, whether it is first-tier cities or second-and third-tier cities, the real estate market optimization and adjustment policies are frequent everywhere to consolidate the sustainable development of the property market. Fu Linghui, spokesperson of the National Bureau of Statistics and director of the National Economic Statistics Department, pointed out that recently, the first-tier cities in the north, Guangzhou and Shenzhen have voiced their voices intensively, saying that they should support and better meet the demand for rigid and improved housing. Some second-and third-tier cities are also introducing new real estate control policies, and the adjustment and optimization of local real estate policies will help boost market confidence. With the economic recovery improving, residents’ income increasing, and the real estate market adjustment and optimization policy effective, residents’ housing consumption and housing enterprises’ willingness to invest are expected to gradually improve.

　　At present, all kinds of cities are planning to adjust their real estate policies. Among them, first-tier cities quickly voiced their voices after the "timely adjustment and optimization of real estate policies" was put forward. On the evening of July 29th, the Beijing Municipal Commission of Housing and Urban-Rural Development stated that it would adhere to the general tone of striving for progress while maintaining stability, combine with the actual situation of Beijing’s real estate market, and work closely with relevant departments to implement the work, vigorously support and better meet the rigid and improved housing needs of residents, and promote the stable and healthy development of Beijing’s real estate market.

　　On July 30th, Shenzhen Housing and Urban-Rural Development Bureau said that it would work with relevant municipal departments, central institutions stationed in Shenzhen and all districts to better meet the demand of residents for rigid and improved housing, solidly promote the work of guaranteeing the delivery of buildings, effectively maintain the order of the real estate market, and promote the stable and healthy development of the real estate market in Shenzhen.

　　

　　From January to July 2023, the national real estate development investment was 6,771.7 billion yuan, down 8.5% year-on-year; Among them, residential investment was 5,148.5 billion yuan, down 7.6%.

　　Also on July 30th, Guangzhou Housing and Urban-Rural Development Bureau also stated that it would adhere to the general tone of striving for stability, seek truth from facts and step up implementation, and launch relevant policies and measures as soon as possible in light of Guangzhou’s actual situation, vigorously support and better meet the demand for rigid and improved housing, and promote the stable and healthy development of Guangzhou’s real estate market.

　　On July 31, the Shanghai Municipal Commission of Housing and Urban-Rural Development and the Municipal Housing Management Bureau stated that they would adhere to the general tone of striving for stability, implement the new development concept completely, accurately and comprehensively, support the rigid and improved housing demand due to the city’s policy, do a good job in ensuring the delivery of buildings, people’s livelihood and stability, and promote the stable and healthy development of the Shanghai real estate market.

　　This is the first time since 2017 that four first-tier cities have made a centralized statement. Chen Jia believes that the policies of some core first-and second-tier cities are relatively strict, and there is still much room for policy adjustment. Feng Jianlin suggested that first-tier cities can also have more creative practices. For example, zoning policies allow districts to appropriately adjust policies such as purchase restrictions.

　　In addition to the North, Guangzhou and Shenzhen, the provincial level and many cities such as Chongqing, Zhengzhou, Nanjing, Hefei, Shenyang and Xining have introduced policies related to real estate. At the provincial level, the Hunan Provincial Department of Housing and Urban-Rural Development issued the Notice on Further Stabilizing the Real Estate Market in July 2023, and introduced 11 measures such as classified regulation of the property market and regional linkage regulation. Jiangsu allows all localities to take comprehensive measures such as house purchase subsidies, house ticket placement, house purchase group purchase, etc. to better meet the housing demand of residents.

　　The property market policies introduced by several cities have different characteristics. Hefei proposed to boldly and steadily promote the pilot project of "existing home sales" of commercial housing, and actively explore the pricing of commercial housing sales according to the interior area. Zhengzhou implements the policy of "recognizing houses but not loans"; For the purchase of improved housing, the original housing will be suspended from the sale restriction policy.

　　Many cities also encourage the purchase of houses in the form of housing subsidies. For example, Nanjing introduced a housing subsidy policy. Its policy is clear, encouraging the new six districts to continue to purchase new commercial housing within the specified period according to the actual situation of the regional market, and give a certain proportion of housing subsidies according to the contract price. Qixia District and Yuhuatai District will implement subsidies for the purchase of new commercial housing after evaluating the actual market situation within their respective jurisdictions, effectively reducing the burden of rigid and improved housing purchase. In addition, some third-and fourth-tier cities have also introduced housing subsidy policies. For example, Jinhua, Zhejiang, gives 0.8% ~ 1.2% subsidy to residents who buy houses from August to September this year, and Lanxi, Zhejiang gives 1% subsidy to residents who buy new houses from August to September this year.

　　Many places have also given policy support from the housing provident fund system, especially encouraging the withdrawal of provident fund as a down payment trend. On August 4, Hainan Provincial Housing Provident Fund Administration and Hainan Provincial Department of Housing and Urban-Rural Development issued a notice, allowing Hainan to withdraw housing provident fund to pay the down payment for the purchase of new commercial housing and affordable housing in the province. In addition, Chongqing, Qingdao, Shandong, Fuyang, Anhui, Meizhou, Guangdong and other places have clearly proposed to encourage the withdrawal of provident fund for down payment.

　　Regarding the policies at different levels and in different cities, Chen Jia believes that there are great regional differences in urban development, so in the future, all localities must make policies according to local conditions and cities. It is necessary to fully estimate the space and time for the adjustment of local policy toolboxes, and pay close attention to the specific market operation of each city. Judging from the time series data, the current real estate restrictive policies in the second, third and fourth tier cities are in the basic liberalization range.

　　"China’s real estate industry policy adjustment in the future can be considered from four directions. First, adjust and optimize regional policy price limits and stabilize price repair expectations; The second is to optimize the recognition of housing and loans, reduce the down payment, and release the just-needed; The third is to optimize the purchase restriction policy and accelerate destocking due to the city’s policy; The fourth is to open up a blocking point in the second-hand housing sales market and accelerate the capital turnover in the real estate market. " Chen Jia said.

　　

　　From January to July 2023, the sales area of commercial housing was 665.63 million square meters, down 6.5% year-on-year. The sales of commercial housing reached 7,045 billion yuan, down by 1.5%.

　　The exposure of housing enterprises’ debt risks affects market expectations.

　　Recently, the news about Country Garden has been overwhelming. The reason is that Country Garden has two US dollar debt coupons due on August 7, totaling 22.5 million US dollars, but it failed to pay them on time. On August 10th, Country Garden issued a profit warning and insider information announcement. It is mentioned that the company’s management has made a profound reflection. Although it has predicted the current market adjustment cycle, it has underestimated the depth, intensity and persistence of the market downturn, failed to make a more powerful response as early as possible, failed to see that the supply and demand relationship in the real estate market has undergone major changes, and failed to understand the potential risks such as excessive investment ratio in third-and fourth-tier cities and lower-tier cities, insufficient speed of debt ratio drop, and failed to resolve them in time and effectively.

　　According to the financial report, by the end of 2022, Country Garden’s contracted sales in third-and fourth-tier cities still accounted for 60%; The land that has been signed or delisted has a building area of 201.5 million square meters, 79% of which are distributed outside Guangdong and are highly scattered all over the country. The profit warning and insider information announcement mentioned that the company’s net loss in the first half of 2023 will be between 45 billion yuan and 55 billion yuan.

　　Subsequently, on August 11th, Country Garden issued an apology letter. Yang Huiyan, chairman of the board of directors of the company, and Mo Bin, president of the company, said in a joint letter that although the company has gone all out to save itself, the overall market has not recovered, the absolute scale of the industry has declined, it will take time to restore confidence in the capital market, and the overall operating pressure of the company has increased, facing the biggest difficulty since its establishment.

　　Regarding the recent Country Garden real estate incident, Fu Linghui said that at present, the real estate market is generally in the adjustment stage, and some housing enterprises have encountered certain difficulties, especially the debt risks of some leading housing enterprises have been exposed, which has affected market expectations. However, we should see that these problems are phased. With the gradual function of the market adjustment mechanism and the adjustment and optimization of the real estate market policies, the risks of housing enterprises are expected to be gradually resolved.

　　Not only Country Garden, but also many real estate enterprises are experiencing "the darkest hour" in recent years. Evergrande, which was the first to have problems, issued a clarification announcement on the market news about "bankruptcy protection" on August 18th. The announcement said that it is currently promoting overseas debt restructuring as planned. "As the US dollar bonds of the Company are governed by the laws of new york, the Company applied to the US court for recognition of the overseas debt restructuring arrangements under the legal systems of Hong Kong and British Virgin Islands (BVI) in accordance with Chapter 15 of Title 11 of the US Code, which is part of the normal overseas restructuring procedure and does not involve bankruptcy application."

　　

　　Buyers expect that the policy will be adjusted, and the mortgage down payment and interest rate may be lowered, so the wait-and-see mood is strong. The picture shows Hu Yan/photo of a real estate sales center in Qingyuan, Guangdong.

　　And Sunac is still saving itself. On August 18th, Sunac announced on the Hong Kong Stock Exchange that it expected a net loss of 15 billion yuan to 16 billion yuan in the first half of the year, compared with 18.76 billion yuan in the same period last year. "The loss was mainly affected by the downturn of the real estate market, and the gross profit margin of the carried-over property projects was low during this period, and the expected net exchange loss was caused by foreign exchange fluctuations."

　　In order to solve the debt repayment problem, Sunac has been selling projects recently. On July 7th, Sunac sold 100% equity of Zhenhuafu Project Company at a price of 200 million yuan. The buyer was Ronglian Road and Bridge Company designated by Rong Feng Company to offset Sunac’s debt of 200 million yuan to Rong Feng Company. On August 10th, Sunac sold the Rongyao City Project in Fuzhou, which was jointly developed with Shoukai. On August 17th, Sunac announced that it would sell three projects, including Zhenhuafu Hotel, Wangjinsha Hotel and Hefei Xiuchang Hotel, with a total amount of about 1.23 billion yuan, in order to solve the debt repayment problem of Rong Feng Company.

　　For many housing enterprises facing the "dark moment", Feng Jianlin believes that on the whole, the entire real estate industry has entered the downward channel, and both private enterprises and state-owned enterprises will face pressure. At present, urbanization has obviously slowed down. Before the epidemic, the urbanization rate increased by 1.3-1.5 percentage points every year, but only by 0.5-0.8 percentage points in the past two years. The population of new cities has dropped by about half, so naturally there is no need to build so many new houses. Therefore, there is a serious overcapacity in the real estate development industry.

　　"Now, to go through a process of de-capacity, a considerable number of housing enterprises will eventually be eliminated. This process will continue for some time, and winter is still very long. Housing enterprises should prepare for the winter as soon as possible, quickly reduce leverage, be flexible in price policies, and do more marketing through various methods. " Feng Jianlin said.

　　Chen Jia believes that no matter how the property tax and other policies are optimized, China’s real estate industry must change the low-quality development model of "high debt, high leverage and high turnover" for many years.

　　"The recent transformation of the real estate industry from light assets to emerging service industries such as property management and business management is an active exploration of accelerating reform, upgrading risk control, digital transformation and business model transformation, and promoting the transformation of the real estate industry to a high-quality development model. In the future, with the continuous deepening of digital technology, financial technology and technological progress in the real estate industry chain in China, the comprehensive digital transformation of the real estate industry will continue to exert its strength. The foundation of destocking and risk reduction in China’s real estate industry is expected to be further consolidated, the central policy is expected to be effectively implemented, and the macro economy is expected to be further supported and pulled by the real estate industry. " Chen Jia said.

　　("Xiaokang" China Xiaokang. com exclusive feature)

　　This article was published in the mid-September 2023 issue of Xiaokang.

　　Author: Mai Wanhua

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The policy is good again and again! Real estate rose for three consecutive days, leading the industry sector today.

China Business Daily (Reporter Wang Tongxu)On January 26th, the three major indexes of A shares were mixed. At the close, the Shanghai Composite Index rose by 0.14%, the Shenzhen Component Index fell by 1.06%, the Growth Enterprise Market Index fell by 2.23%, the Beizheng 50 Index fell by 2.4%, and the turnover of the Shanghai and Shenzhen stock markets was 828.7 billion yuan. More than 3,000 stocks in the two cities fell, with a net purchase of 1.51 billion yuan in northbound funds.
On the theme of the plate, real estate rose for three consecutive days, and today’s increase is ahead of the industry plate; Affected by good news, the concepts of Hainan Free Trade Zone and Free Trade Port were also among the top gainers.
Today, the fever of real estate stocks continues. Real estate services and real estate development sectors were among the top gainers. Special service 20cm daily limit; Hainan Expressway, Shahe Shares and Pudong Jinqiao have a daily limit of over 10cm; China Communications Real Estate, Sunshine, Waigaoqiao, Everbright Jiabao, Cinda Real Estate, Chinese Enterprises and Guangming Real Estate all rose by more than 9%. In addition, SI Development and Shanghai Lingang also have daily limit.
Recently, there have been frequent policies in the real estate sector, which have been beneficial again and again. After yesterday’s close, the press conference of the State Council Office was held. Xiao Yuanqi, deputy director of the State Administration of Financial Supervision, said at the meeting that the coordination mechanism for urban real estate financing will be accelerated and effective, and financial institutions will be guided to implement the management requirements for operating property loans; Support local city governments and housing construction departments, and further optimize individual housing loan policies such as down payment ratio and loan interest rate due to city policies.
Today, another good news was released. In the morning, the Ministry of Housing and Urban-Rural Development held a deployment meeting of the coordination mechanism for urban real estate financing. The meeting emphasized that the orderly development and construction of the project is the basis for the stable and healthy operation of the real estate market and concerns the vital interests of the people. In view of the current financing problems of some real estate projects, all localities should take projects as the object, study and put forward a list of real estate projects that can be given financing support, coordinate the issuance of loans by financial institutions within their respective administrative regions, and accurately and effectively support reasonable financing needs.
Guojin Securities believes that the central government attaches importance to the health of real estate financing, and the financial industry is duty-bound to strongly support the real estate sector. The follow-up will further optimize the down payment ratio and loan interest rate. The support of the financing side can improve the cash flow of housing enterprises to a certain extent, and the key to the stable and healthy development of the industry lies in the stabilization of sales, which still needs the continuous support of comprehensive easing policies at both ends of supply and demand. Or we can focus on the improved central enterprises and state-owned enterprises with the bottom of the current valuation, good operating conditions and benefiting from the optimization of the industry structure.
In addition, the Shanghai Free Trade Zone has not diminished, and the Hainan Free Trade Zone has also "come from behind".
This morning, the volume of Hainan’s free trade sector rose by more than 4%, and the half-day transaction exceeded the whole day yesterday. Kangzhi Pharmaceutical once hit a daily limit of 20%, and then fell back to an increase of about 9%.
In addition, Hainan Ruize, Jingliang Holdings, Hainan Development, Hainan Coconut Island, Hainan Expressway, Haiqi Group, Strait Shares and Huawen Group all had daily limit.
In the news, Dai Zhen, director of the Foreign Affairs Office of Hainan Province, answered a reporter’s question at the "Director’s Channel" of the Third Session of the Seventh National People’s Congress of Hainan Province yesterday, saying that 30 free trade zones around the world have actively responded to the initiative of joining the global free trade zone (Hong Kong) partnership, and Hainan’s international "circle of friends" is growing.
In addition, the three-dimensional and diversified international network of contacts in Hainan Free Trade Port has taken shape. Last year, Hainan added four foreign friendship cities, resumed and opened 50 overseas passenger and cargo routes, and more than 500 batches of foreign dignitaries, heads of international organizations, representatives of diplomatic envoys in China, executives of Fortune 500 companies and media leaders from more than 100 countries visited Qionglai.
According to Haikou Customs data, in 2023, Haikou Customs supervised a total of 43.76 billion yuan of duty-free sales from outlying islands, up 25.4% year-on-year; The number of duty-free shopping was 6.756 million, a year-on-year increase of 59.9%.
Guosen Securities said that the third phase reconstruction and expansion project of Sanya Airport will start at the end of November 2023, which can meet the annual throughput demand of 30 million passengers in the future. From the mid-line, Hainan Airport has core advantages such as the key airport card position of Hainan Free Trade Port and the duty-free benchmark commercial resources of Haikou Riyue Plaza. In the future, the mid-line is expected to directly benefit from the customs clearance construction of Hainan Free Trade Port.
(Note: The picture comes from a straight flush, and this article does not constitute any investment advice.)
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You haven’t watched this game yet, they have got the best result of China team in the Olympic Games.

Wen | Yang Weige

Rugby is not popular in China, and there are not many fans, so the rugby match in the Olympic Games has not attracted much attention from domestic audiences.
However, this project you haven’t seen yet,China rugby girls have finished seventh in the women’s rugby sevens in the 2020 Tokyo Olympic Games, winning China’s best performance in this Olympic event and creating the highest ranking of Asian women’s rugby teams in the Olympic Games.
As the first seven-a-side China rugby women’s team to enter the Olympic Games, their breakthrough has been recorded in the history of sports in China.
Two rugby girls are from Shanghai.
Liu Xiaoqian and Gu Yaoyao are both from Shanghai Institute of Physical Education.
Liu xiaoqian
In July, 2007, 11-year-old Liu Xiaoqian was selected by the teacher and entered the track and field training point of Ma Yinchu junior middle school, and began to carry out systematic basic track and field training. Won the first place in women’s 100 meters in provincial and municipal track and field competitions for many times.,Liu Xiaoqian’s talent in speed, strength and agility in the competition was favored by the coach of the women’s football team. After many times of communication, she joined the China women’s football reserve echelon.
In 2012, Liu Xiaoqian joined the Shanghai Rugby Team. She won the second place in the Asian Youth Championship and the Asian Rugby Championship on behalf of the China team. After less than two years of rugby training, she won the athlete level. In September, 2018, in the women’s rugby sevens final of the 18th Asian Games, China won a precious silver medal, and Liu Xiaoqian participated as the main force.
In 2019, during the training before the Asian rugby sevens qualifiers of the Tokyo Olympic Games,Liu Xiaoqian suffered many serious injuries and underwent many operations. In the end, she overcame the injury with tenacious perseverance and high self-disciplineAnd break throughSelf, as the main player, won the laurel and qualified for the Olympic Games.
The training of rugby events is very hard, with fierce collision and wind and sun. Liu Xiaoqian once said: "Since you chose it at the beginning, you must persist. You know the hardships of training, as long as you get used to it!"
Gu Yaoyao
Gu Yaoyao showed great athletic talent since she was a child. In 2009, she won the championship of women’s triple jump in city and county sports games. In 2011, with the recommendation of her coach, Gu Yaoyao came to the competitive school affiliated to Shanghai Institute of Physical Education and joined the school’s women’s football team. With her athletic talent and hard training, Gu Yaoyao’s technical level finally improved by leaps and bounds, and she was successfully selected for the national women’s football team in 2015.
As the captain of the Shanghai Women’s Rugby Team and the main player of the National Women’s Rugby Team, Gu Yaoyao won the fourth place in the women’s rugby competition in the 13th National Games in 2017, the ninth place in the Dubai World Rugby Series in 2018 and the second place in the Asian series in 2019.
Gu Yaoyao, who plays with the national team all the year round, doesn’t have all kinds of holidays like other students. She trains with the team every winter and summer vacation and on weekends. Talking about training, Gu Yaoyao once bluntly said: "Every training is very tired, and clothes are always soaked with sweat."
All graduate students.Excellent cultural achievements.
On August 4th, the author interviewed Xu Hui, the head coach of Shanghai rugby team, Wu Jianhong, the assistant coach, and their school sisters in Shanghai Institute of Physical Education. Listen to them talk about the training routine of Olympic athletes.
From left to right: head coach Xu Hui, assistant coach Wu Jianhong, junior sister Xiaochen and Zheng Wenyan Photography: Wang Fei.
Liu Xiaoqian and Gu Yaoyao have been in the national team for many years and have rich experience. The head coach Xu Hui is very proud to be able to play for the country in the Olympic Games. He believes that the two players have their own specialties, and Gu Yaoyao has strong organizational mobilization ability and excellent defense, which can create scoring opportunities for everyone. Liu Xiaoqian is mainly aggressive and easy to score.
Xu Dao said that he also communicated with two athletes after the game, and Gu Yaoyao was in good shape. Liu Xiaoqian was not able to play the last game for the national team because of her elbow injury during the war with the United States. She was aggrieved and was actively receiving treatment and trying to adjust her mentality. After the Olympic Games, they are preparing for the war in isolation in Tianjin, and then the national team will join forces to compete in the Xi ‘an National Games.
Talking about the impression of the two players when they entered the school, Xu Dao said that Gu Yaoyao was originally engaged in long jump track and field events, and Liu Xiaoqian also practiced track and field. They have been working hard since they joined the Shanghai rugby team. In particular, Liu Xiaoqian impressed him very deeply. In preparation for the international competition, Liu Xiaoqian was injured from knee to shoulder to elbow. So far, four operations have been performed. Pain is a test for athletes’ physical and psychological state. However, Liu Xiaoqian overcame physical pain and difficulties every time, and quickly returned to the stadium to continue training every time.
Rugby training ground
Asked if there is any good way to avoid injury, Xu Dao said:Competitive sports must go beyond the limits of human beings, so as to live up to the Olympic spirit of "higher, faster, stronger and more United".They also constantly teach players some skills and means in training, hoping to avoid injuries as much as possible.
Xu Hui, head coach of the Shanghai rugby team, and Wu Jianhong, assistant coach
Wu Jianhong, an assistant coach, accompanied the football team for training before they rushed to Tokyo. He is the unsung hero behind the Olympic athletes. Asked if the training of rugby is bitter, she said: She has been practicing rugby for ten years, and the longer she has been in contact with it, the more she likes it.
Talking about the two athletes, Wu Jianhong said: "Liu Xiaoqian has experienced many setbacks and has great courage. This spirit is worth learning. She is a very strong and dedicated girl. On the day before a shoulder surgery, she still insisted on training and came step by step to overcome difficulties in the process of injury. " Speaking of this, coach Wu’s voice has choked.
Speaking of the characteristics of the players of the Shanghai rugby team, Xu Dao particularly pointed out the combination of study and practice.
"Gu Yaoyao and Liu Xiaoqian have excellent cultural achievements and have always been an example for the younger generation to learn. They are graduate students in 2018 and 2019 respectively. Gu Yaoyao has obtained the teacher qualification certificate, and Liu Xiaoqian has been practicing oral English and improving her English. As a student athlete, learning is for more scientific training, and a deeper summary can be made after training. "
Xu Dao said that in addition to regular daily training, young players will be organized to watch every game during the Olympic Games to cheer for the national team and the teachers and sisters. Young players are growing up in competition and exercise. I believe that I will be able to make a name for myself in various competitions soon.
Reporting/feedback

Look at Chinese football! The film channel broadcasts the national theme film ＂Grab the Fireworks＂


Special feature of 1905 film network Speed, bravery and fierceness … … This is a contest between strength and wisdom! It is the favorite of the brave! Fireworks grabbing is a sport for the brave, and it is known as "Eastern Rugby". It is popular among Zhuang and other ethnic minorities, and it is a traditional folk sports activity with strong national characteristics. It has a history of more than 500 years.


Every year, on the third day of the third lunar month, the Zhuang compatriots will hold a "fireworks grab" on this day.



Those who grab the fireworks indicate that the next year will be rich, prosperous and prosperous, and winning the first fireworks is a symbol of a beautiful year, representing the glory and blessing of the new year.At 20: 15 pm on April 28th, the minority sports film produced by the film channel., will be the story of Zhuang youth in Yunling Town, northern Guangdong Province, participating in the city’s minority games.Xu ZhanOpen.


The life of Zhuang people in remote mountainous areas exudes a strong local flavor, which we are not familiar with at ordinary times. This film can let more audiences know about the national sport of "Fireworks Grab" and feel the new atmosphere of beautiful countryside from a small perspective.


In order to renew the store for his girlfriend, earn money to buy a house and get married, the land flying (decoration) volunteered with the simplest utilitarian motive and teamed up to represent the town in the fireworks competition.He gathered a group of idle and confused Zhuang youths together, raised the team flag in the training ground and built the Yunling Flying Leopard Team.



On the land, I flew to find some young Zhuang people with special talents, such as Iron Head Kung Ah Quan, Scud Monkey, Hercules Down Brothers, Invincible Straw Pack Four Seas, Singer Shisanlang and Orchid Finger Long Hair.These young people have their own characteristics, but they all have their own difficulties. They are not perfect and even have many shortcomings, and the fireworks competition has rekindled their hopes.



"Yunling teenagers have high ambitions, and Qi Xin works together to win fireworks."In order to prove their value, this group of "teenagers" shed sweat and enthusiasm on the training ground. In the arena, they violently robbed, hid or threw, and the atmosphere was tense, warm and exciting.


During the training and competition of fireworks, the lives of these young people have changed dramatically.Sports competition inspired their high morale and courage to work hard. They bid farewell to their past selves, and the original Yunling Flying Leopard team became a brave champion.



With the collective efforts, they gained friendship, self-esteem, love and dreams, and completed their self-growth.Sharpen a sword every ten years.　The film has gone through 12 years from planning and preparation to release, and the creative team has put a lot of effort into it.　


The director of the film said: "We strive to make" Fireworks Grab "a masterpiece with ideological, artistic and commercial features."


In order to make this film well, the director is very strict in the choice of actors.In order to select the fireworks team actors with good physical quality, he requires professional actors who have played the habit and physical strength of the whole basketball game or half-court football game every week to be eligible to run for the role.


Before shooting, the director dragged all the actors to the shooting location to live and train with the local real fireworks players. After more than half a month’s study, almost all the actors were exposed to the sun. During the training, these actors gradually became real fireworks players.


In the process of shooting, all the actions of training and competition must be completed by the actors themselves. Because of the fierceness of sports competition, actors are constantly injured to varying degrees, but no one has backed out because of this, but the more they fight, the braver they become.



As we all know, sports plays are not easy to shoot, and it is even more difficult to shoot well, which is especially difficult for small-budget films.


In order to enhance the visibility of the film, the director used some skills of China Wushu for reference, designed many difficult movements with acrobatic performances, and incorporated them into the fireworks competition, which showed us the new expansion and new realm of sports-themed films.　



As an intangible cultural heritage, the fireworks grab is a folk cultural symbol and a carrier of national memory inheritance.　


The film "Fireworks Grab" not only presents the traditional custom and sports of Fireworks Grab to the audience more vividly and truly, but also promotes the inheritance and promotion of China’s national tradition and folk sports culture through the film.This era needs this kind of good film full of positive energy and giving people spiritual baptism.


For example, Tang Ke, director of the film channel creation department, said: "The biggest feature of this film is that it has achieved a mix of genres, and it is a film with real low cost, positive energy and great feelings."


Therefore, this film, which was filmed in Lianshan, Qingyuan, Guangdong Province, integrates love, sports, intangible cultural heritage, ethnic minorities and positive energy, and pays attention to the life and destiny of ordinary Zhuang people in remote mountainous areas. From the shooting to the completion of production, it has received attention and appreciation from all walks of life.


Tan Zheng, editor-in-chief of Film Art, said: "This film has fully recorded and presented the folk custom of’ fireworks grabbing’ with vivid and rich images, which is a powerful fulcrum for the development and inheritance of folk culture. In addition, it is also related to the development and protection of minority cultures, which can attract everyone’s attention and attention. "



It is reported that the creative team has donated the film copy to China Film Archive for permanent preservation, so that more people can learn about China folk sports and protect and inherit the intangible culture.


"Flying leopards in Yunling, who dare to grab fireworks, are all heroes.""Fireworks" inherits not only the sport of fireworks, but also the spirit of endless and tenacious struggle!


At 20:15 on April 28th, the movie "Grab the Fireworks" produced by the movie channel will meet with you for the first time. Let us appreciate the cultural value and spiritual charm of folk sports together!


Why alpine skiing？

　　Why do delegations with few people prefer alpine skiing? Is the threshold of this project low?

　　Haiti, Philippines, Ghana, Ecuador … … At the opening ceremony of the Beijing Winter Olympics on the evening of the 4th, people found that some countries or regions with hot impressions also sent delegations to participate. Most of these delegations have only one or two athletes, and almost all of them participate in alpine skiing. Some netizens laughed and said: Alpine skiing is the biggest "winner" of the opening ceremony.

On the evening of February 4th, the opening ceremony of the 24th Winter Olympic Games was held in Beijing National Stadium. Sarah Escobar (middle), the flag bearer of the Ecuadorian delegation and alpine skier, is the first female athlete in the history of Ecuador. Xinhua News Agency reporter Huang Zongzhi photo

　　The question is: Why do delegations with few people prefer alpine skiing? Does this project that sounds very imposing have a low threshold?

　　Snow sports with the largest number of registered people in Winter Olympics.

　　If we give an imprecise definition, alpine skiing is faster than the one who slides down the mountain. Without somersaults and obstacles, we just need to turn, and whoever gets to the end of the mountain first wins.

　　Kang Hua, the international referee of the International Skiing and Mountaineering Federation, said that skiing started as a mode of travel in snowy areas such as Northern Europe, China and Xinjiang, which was highly practical but hardly entertaining. At the end of the 19th century and the beginning of the 20th century, the center of skiing shifted from Northern Europe to the Alps, and modern alpine skiing technology was developed in the cross-country skiing prevailing in Northern Europe. Later, all the patterns and variants of snowboarding can be said to be branches of alpine skiing. The snowboarding that beginners learn in the snow field is also the basic skill of alpine skiing.

　　Therefore, in skiing, this project and cross-country skiing are well-deserved basic projects, but they are more interesting than cross-country skiing, and the mass base is easier to develop and consolidate.

　　In this Winter Olympics, there are 307 athletes registered successfully in alpine skiing, which is the largest number in snow sports and second only to ice hockey in 15 disciplines. Athletes cover more than 80 countries and regions.

On February 3rd, the first training of men’s downhill skiing in Beijing Winter Olympics was held at Yanqing National Alpine Ski Center in Beijing. The picture shows Italian player matteo Marsaglia in training. Xinhua News Agency reporter Chen Yizhen photo

　　This is largely due to the IOC’s intention to improve the participation and coverage of winter sports through this project, and its quota allocation rules are relatively loose. All delegations have two basic places, one man and one woman. As long as someone meets the requirements for Olympic points, delegations can get these two places. After the allocation of basic places, the rest will be produced from the world’s high-level athletes according to a series of rules.

　　Speed events are still high threshold.

　　Then the question comes again: If I come from a tropical country, the Winter Olympics is coming, I urgently find a ski resort to train hard, get points for participating in the global competition, and finally get the basic quota allocated by the International Olympic Committee, then can I participate in all the events?

　　Can’t. There is a high probability that you are only qualified for slalom and giant slalom. Gliding and super slalom are almost impossible.

　　In this Winter Olympics, there are 10 events for individual alpine skiing. Men and women are divided into downhill, super giant slalom, giant slalom, slalom and all-around. The all-around ratio is still downhill and slewing, so the four events, such as downhill, are the basis of the alpine skiing Winter Olympics.

　　Among them, downhill and super slalom are called "speed events", and slalom and slewing are called "technical events". The International Snow Federation has higher requirements for the venue of speed events, with long track and large drop. In the men’s downhill, which can be called the "Flying Man Wars" in the snow, the track gap should reach at least 800 meters and the length should be at least three kilometers. The top speed of athletes can even reach more than 140 kilometers per hour.

　　This leads to: first, it is difficult to find such a standard snow trail. The speed track of the National Alpine Ski Center in Yanqing Division is the first track in China that meets the standards of the Winter Olympics. In some areas where mountain resources are not abundant, even if it is cold enough, if the mountain is not high enough and the mountain is not big enough, there is no way. Second, people who are engaged in the project are difficult and dangerous, and have no training conditions, and they can’t meet the winter Olympic competition standards for speed projects in a short time.

On February 1st, the National Alpine Ski Center in Yanqing District of Beijing Winter Olympics held an all-factor drill. The picture shows a skater trying to skate on the track. Xinhua News Agency reporter Lian Zhenshe

　　"The International Snow Federation requires higher points for the speed events of the Winter Olympics than the technical events, just for safety." Didier Defogo, the designer of the men’s downhill track in this Winter Olympics and the champion of men’s downhill in 2010 Winter Olympics, said. Jamaican alpine skier Benjamin Alexander also said: "Even if there is an indoor ski resort, it is impossible to build a ski trail that can support downhill training."

　　In this Winter Olympics, there is only one athlete, and 15 delegations of this athlete participated in alpine skiing events. Without exception, they all participated in slalom and giant slalom. In addition, the experience of British player Dave Reading seems to prove that the flexibility of training in technical projects can be higher. He has been training in the indoor snow field, but at the age of 35, he still won his first men’s slalom World Cup sub-championship, and he is a strong contender for the medal in this Winter Olympics.

At the end of National Highway 318： the reunion dinner for guardians and builders.

China Tibet Net News February 11th is the 30th day of the twelfth lunar month (New Year’s Eve), which is also the 30th day of the Tibetan calendar. At the end of National Highway 318, two people with different identities have spent a different year together.
It is reported that the workers who built National Highway 318 at Zhangmu Port in nyalam county, Shigatse City, Tibet Autonomous Region actively responded to the call of the country to celebrate the New Year on the spot and decided to celebrate the New Year at Zhangmu Port. After learning this news, the police at Nyalam Entry-Exit Frontier Inspection Station offered them Chinese New Year materials and invited them to celebrate the New Year together.
The picture shows the police at Nyalam Entry-Exit Frontier Inspection Station preparing Spring Festival pendants for the construction workers of National Highway 318 at Zhangmu Port.
The picture shows the police at Nyalam Entry-Exit Frontier Inspection Station sending Spring Festival pendants to the construction workers of National Highway 318 at Zhangmu Port.
The picture shows the police at Nyalam Entry-Exit Frontier Inspection Station and the construction workers of National Highway 318 at Zhangmu Port posting Spring Festival couplets together.
"This is the happiest New Year we have spent in Tibet. The police at the border checkpoint are like our neighbors. We feel the taste of home in their big family." The construction workers of National Highway 318 at Zhangmu Port told reporters.
The picture shows that on the New Year’s Eve of February 11th, the police at Nyalam Entry-Exit Frontier Inspection Station invited the construction workers of National Highway 318 at Zhangmu Port to celebrate the New Year together.
The picture shows that on the New Year’s Eve of February 11th, the police at Nyalam Entry-Exit Frontier Inspection Station had a reunion dinner with the construction workers of National Highway 318 at Zhangmu Port.
The picture shows the police at Nyalam entry-exit frontier inspection station playing games with the construction workers of National Highway 318 at Zhangmu Port at the reunion dinner.
The picture shows that after a short gathering, the police at Nyalam entry-exit frontier inspection station waved goodbye to the construction workers of National Highway 318 at Zhangmu Port.
One is the guardian of the sacred land, and the other is the builder of a happy home. They are all using their own practical actions to write a touching patriotic chapter in this lonely border town, and jointly contribute silently to the construction of Zhangmu Port. (China Tibet Network Correspondent/ho yuhang)
Reporting/feedback

China will further improve the monitoring and early warning of disastrous weather.

　　Xinhua News Agency, Beijing, January 10 (Reporter Huang Yao) In 2024, China will further enhance its ability to monitor and warn severe weather and do its best to prevent and reduce meteorological disasters.

　　This is what the reporter learned at the 2024 National Meteorological Work Conference, which opened on the 10th. Chen Zhenlin, director of the China Meteorological Bureau, introduced at the meeting that in 2023, the 24-hour average path prediction error of typhoons in China was 62 kilometers, the best in history; The accuracy of 24-hour rainstorm forecast has reached a new high; The warning signal of severe convective weather was released 43 minutes in advance.

　　Under the background of climate warming, extreme weather and climate events occur frequently and violently. Chen Zhenlin said that meteorological departments should strengthen meteorological disaster risk prediction and response, pay close attention to monitoring, forecasting and early warning services, further improve the linkage mechanism of disaster prevention and mitigation led by meteorological early warning, and build the first line of defense for meteorological disaster prevention and mitigation.

　　According to reports, in 2024, the meteorological department will further enhance the monitoring and early warning capability of severe weather by strengthening the monitoring and early warning of short-term approaching weather, doing a good job in point-to-point accurate forecasting and rolling update, strengthening the construction of national and provincial short-term monitoring and early warning platforms, and promoting the adjustment of rainstorm early warning signals.

　　At the same time, the meteorological department will also improve the emergency response and linkage mechanism for disaster prevention and mitigation, including promoting the full integration of meteorological services into the local comprehensive disaster prevention and mitigation command and dispatch work system, improving the "calling" mechanism and process of high-level meteorological disaster early warning, fully implementing the progressive meteorological service mechanism, encouraging chief forecasters to interpret weather trends and disaster impacts online, and enhancing the prevention capability of meteorological disasters in the whole society.

Reporting/feedback

The cold air caused the temperature in the north to dive and ushered in the first snowfall in the second half of the year.

　　BEIJING, Beijing, Oct. 10 (Xinhua)-The 9th is the first working day at the end of the Eleventh Golden Week. Beijing, Tianjin, Hebei and other places have experienced heavy rainfall, and Qinghai, Inner Mongolia and other places even ushered in the first snowfall this autumn. The cooling wind made it difficult for many office workers returning to work to adapt for a while, shouting "I want to wear long pants".

　　According to the latest weather forecast, the temperature in Northeast China, North China, Shaanxi, Sichuan, Chongqing and other places will drop by 6-10℃ today and tomorrow, and the local temperature drop can reach 12℃. There is strong precipitation in the southeast of northwest China and North China, and moderate to heavy snow in parts of Ningxia and Gansu.

　　On October 9, the temperature dropped sharply in many places in Inner Mongolia. On the streets of Hohhot, pedestrians riding electric cars put on "cotton-padded clothes" to travel. China News Service reporter Liu Wenhua photo

　　Just entering October, I "want to wear long pants"

　　— —Rainfall in many places in the north has cooled down, and the local temperature drop has exceeded 10℃

　　In October, after enjoying the Golden Week holiday, office workers need to overcome not only the "holiday syndrome", but also the windy and cool weather. With the arrival of cold air, there has been a sharp cooling in many places in the north in recent days. On social platforms, many netizens shouted "to wear long pants" in their circle of friends.

　　According to the report of the Central Meteorological Observatory on the evening of the 9th, due to the influence of cold air, at 14: 00 on the 9th, compared with 14: 00 on the previous day, the central and eastern Jilin, Liaoning, central Inner Mongolia, northern Hebei, western Shanxi, central and northern Shaanxi, Ningxia, central and southern Gansu and other places experienced a temperature drop of 6-8 C, and the local temperature drop reached 10-12 C.

　　In addition, heavy rainfall, fog and other weather in many places have also added traffic pressure to the first working day after the Golden Week. Among them, Weibo Meteorological Beijing, the official of Beijing Meteorological Bureau, reported that the average precipitation in Beijing reached 29.8 mm from 4: 00 to 16: 00 on the 9th.

　　According to media reports, on the morning of the 9 th, the rainy and foggy weather in Beijing continued, and several high-speed sections of Jingha, Beijing-Tianjin and Jingping were closed; Rain and fog also affected flights at the Capital Airport. As of 11: 00 on the 9th, more than 100 inbound and outbound flights were delayed and more than 50 flights were cancelled.

　　Cold air comes with snow

　　— — Many places welcomed the first snowfall in the second half of the year, and the temperature hit a new low in the second half of the year.

　　In addition to strong winds and rainfall, snowfall occurred in some places in the north. According to a report from the Central Meteorological Observatory on the evening of the 9th, 1-7mm snowfall or sleet occurred in central Gansu, eastern Qinghai and central Inner Mongolia during the daytime on the 9th.

　　According to media reports, due to the influence of cold air, Xining, Qinghai Province ushered in the first snowfall since autumn on the 9th. The daily minimum temperature dropped to 0.9℃, and the temperature hit a new low since the second half of this year. The meteorological department of Qinghai Province issued several yellow warnings for cold waves.

　　The staff of Qinghai Meteorological Bureau told the media that the first snow in Xining this year was 20 days earlier than last year, and the low temperature weather will continue. It is understood that at present, Xining has not yet entered the heating season, but due to the obvious drop in temperature, citizens have put on winter cotton clothes and masks.

　　Some areas in Inner Mongolia also ushered in the first working day after a long holiday in the wet and cold. According to media reports, the first snowfall occurred in many places in Inner Mongolia since the second half of the year, with obvious snowfall in Alxa League, Bayannaoer, Baotou, Wulanchabu and Hulunbeier. The snowfall time in central and western Inner Mongolia was the earliest in recent 10 years, and the maximum snow depth in Hulunbeier boketu has reached 13 cm.

　　Zhang Fanghua, chief forecaster of the Central Meteorological Observatory, said that the cold air process affected a wide range and lasted for a long time, with a large cooling range, long precipitation duration and large accumulated precipitation in the northern region.

　　Zhang Fanghua suggested that the cold air process not only brought about obvious cooling, but also accompanied by a wide range of precipitation weather, and the body temperature will be very low, and the temperature in most areas in the next 10 days will be lower than that in the same period of the year. At present, most areas have not been centrally heated, and the public needs to take cold-proof and warm-keeping measures.

　　National gale cooling forecast map (from 20: 00 on October 9 to 20: 00 on October 11). Image source: Central Meteorological Observatory official website

　　Cold air will continue to go south.

　　— — The cumulative cooling range in Wuhan and Chongqing can reach 15℃

　　As the saying goes, an autumn rain is cold, and ten autumn rains put on cotton. In the next few days, the cooling weather will continue.

　　According to the official website news of the Central Meteorological Observatory, it is estimated that there will be a temperature drop of 6-10℃ in the central and eastern parts of Northeast China, most of North China, southwestern Shaanxi, northeastern Sichuan, Chongqing, Huanghuai, Jianghan, Jianghuai and northern Jiangnan from 20: 00 on the 9th to 20: 00 on the 11th, and the local temperature drop can reach 12℃. There are 4-6 winds in most of these areas.

　　For example, under the influence of rain and cold air, the temperature in Beijing will continue to drop. According to media reports, the highest temperature in Beijing during the day on the 10th was only 11℃, and the lowest temperature in the morning on the 11th will drop to 7℃, both of which will hit new lows since the second half of this year.

　　In addition, the cold air continues to go south. According to media reports, Hubei will usher in a "roller coaster" decline in temperature from the 10th, and the highest temperature in northwest Hubei will be the first to drop to 18-21 C; On the 11th, the temperature will drop further, and the highest temperature in Wuhan will drop to 16℃, and the cumulative cooling rate can reach 15℃.

　　According to local media reports in Chongqing, a cooling and rainy weather process began in Chongqing on the evening of the 9 th, which lasted until the 12 th, and the daily average temperature will drop by 6-9 C. From the perspective of the whole city, the highest temperature will drop from 33℃ to 18℃, and the cooling rate will be as high as 15℃.

　　In addition, it is expected that there will be heavy rain and local heavy rain in parts of Sichuan, Shaanxi, North China, Liaoning and Jilin from 20: 00 on the 9 th to 20: 00 on the 10 th; In Inner Mongolia, Hebei, Shaanxi, Ningxia, Gansu, Qinghai and other places, rain will turn to sleet or snowfall. Among them, there are moderate to heavy snow in parts of southern Ningxia and central Gansu, and there are heavy snow in mountainous areas.

　　It is understood that on October 12, the cold air force will weaken and the cooling will end. At that time, only Jiangnan and northern South China will have a temperature drop of 2 C to 4 C.

Cold air strikes again on the 26th! Need to pay attention to temperature changes in time

　　With the end of the cold wave weather

　　this morning

　　Northeast of Northwest China, Inner Mongolia

　　North China, Huanghuai and other places

　　The temperature has obviously risen.

　　The local temperature rise range is 8-12℃

　　Starting tomorrow

　　There will be cold air affecting our country again

　　Estimated 26th to 28th.

　　Cold air affects the middle and lower reaches of the Yangtze River and most of its northern areas.

　　The temperature in most areas will drop by 4 to 6℃

　　Central Inner Mongolia and parts of the eastern part of Northeast China

　　Up to 8 to 12℃

　　Southeastern Inner Mongolia, eastern Heilongjiang, central and eastern Jilin

　　There is moderate to heavy snow in parts of eastern Liaoning and other places.

　　In addition, attention should be paid to the influence of strong winds.

　　The Central Meteorological Observatory continued to release this morning.

　　Gale blue warning

　　It is expected that today

　　Central Inner Mongolia, northern Xinjiang and western Gansu

　　There will be 5 to 6 grades in central and eastern Qinghai.

　　A gale of magnitude 7.

　　The southwestern part of the East China Sea, the Taiwan Province Strait, and the east of Taiwan Province.

　　Bashi channel, northern and central South China Sea.

　　There will be 7 to 8 grades in the southwestern part of the South China Sea.

　　A gust of 9 winds.

　　Meteorologists reminded

　　Next ten days

　　The cold air that affects our country is frequent.

　　Around 30 days

　　There will also be cold air affecting central and eastern China from north to south.

　　Need to pay attention to temperature changes in time

　　Add clothes in time

　　Beware of high incidence of diseases in different seasons

　　meanwhile

　　Be alert to the adverse effects of windy weather on traffic travel.

　　Stay away from temporary structures, billboards, etc.

　　Pay attention to travel safety

(Central Meteorological Observatory)

Attention financial holding company! The central bank zoomed in, and super-strict supervision is coming! (20 points)

　　On the afternoon of July 26th, the central bank and relevant departments drafted the Trial Measures for the Supervision and Management of Financial Holding Companies (Draft for Comment) (hereinafter referred to as the Measures). A few days ago, it officially solicited opinions from the public.

　　The central bank publicly solicited opinions on the pilot measures for supervision and management of financial holding companies.

　　In order to promote the standardized development of financial holding companies, effectively prevent and control financial risks, and better serve the real economy, the People’s Bank of China, together with relevant departments, drafted the Trial Measures for the Supervision and Management of Financial Holding Companies (Draft for Comment) (hereinafter referred to as the Measures). A few days ago, it officially solicited opinions from the public.

　　According to the central bank, financial holding companies invested by non-financial enterprises blindly expand into the financial industry and regard financial institutions as "cash machines". There is a regulatory vacuum and risks are constantly accumulating and exposed. In order to rectify and restrain the risks of financial holding groups that have actually formed in an orderly manner, and at the same time effectively regulate the increment and prevent the cross-industry and cross-market transmission of financial risks, the Measures, in accordance with the decision-making arrangements of the CPC Central Committee and the State Council, fill in the shortcomings of the supervision system, follow the concept of macro-prudential management, and conduct comprehensive, sustained and penetrating supervision on the capital, behavior and risks of financial holding companies on the basis of consolidated supervision.

　　There are 7 chapters and 56 articles in the exposure draft, the main contents of which include:

　　The first is to clarify the scope of supervision.That is, financial holding companies that meet certain conditions and whose actual controllers are domestic non-financial enterprises and natural persons shall be supervised by the People’s Bank of China.

　　For integrated financial groups formed by financial institutions investing in other types of financial institutions across industries, the relevant financial supervision departments shall implement supervision according to the Measures and be responsible for formulating specific implementation rules.

　　The second is to take market access as the first threshold for risk prevention and control., clear the qualifications of directors, supervisors and senior management personnel, and implement continuous supervision of financial holding companies during and after the event. The administrative licensing matters involved will be decided by the State Council according to law.

　　Third, strict shareholder qualification supervision., through the positive list and negative list, stipulate the conditions and prohibited acts of becoming a shareholder of a financial holding company. The major shareholder, controlling shareholder or actual controller of a financial holding company shall have prominent core business, standardized corporate governance, clear ownership structure and good financial status.

　　The fourth is to strengthen the supervision of the authenticity of capital sources and the compliance of capital utilization.. The source of funds shall be true and reliable, and non-owned funds such as entrusted funds shall not be used to invest in financial holding companies. A financial holding company shall not inject capital falsely or circularly into financial institutions.

　　Fifth, strengthen corporate governance and related party transaction supervision.. A financial holding company should have a concise, clear and penetrating shareholding structure, participate in the corporate governance of the financial institutions it controls according to law, and must not abuse its substantive control rights. Shall not conceal related party transactions and the true whereabouts of funds.

　　Sixth, improve the risk "firewall" system. Financial holding companies should establish a unified comprehensive risk management system to reasonably isolate internal cross-employment and information sharing.

　　Seventh, set a reasonable transition period.. Allow existing enterprise groups that do not meet the requirements of the Measures to carry out rectification within a certain period of time to promote a smooth transition.

　　After the public consultation, the People’s Bank of China will further revise and improve the Measures in conjunction with relevant departments according to feedback from all walks of life.

　　Here come the 20 main points.

　　From the central bank’s answer to reporters’ questions and the full text of the draft for comments, the following 20 points can be sorted out.

　　1. Why is this method formulated?

　　Financial holding companies invested by non-financial enterprises blindly expand into the financial industry, and there is a regulatory vacuum, and risks are constantly accumulating and exposed.

　　The main manifestations are as follows: First, the risk isolation mechanism is missing, and financial risks and industrial risks are cross-transmitted.

　　Second, some enterprises have complex control or benefit relationships and strong hidden risks.

　　Third, there is a lack of overall capital constraints, and some groups as a whole lack real capital that can resist risks.

　　Fourth, some enterprises improperly interfere in the operation of financial institutions, and use related party transactions to conceal their interests and harm the rights and interests of financial institutions and investors.

　　2. Penetrating supervision

　　In view of the complex structure of financial holding companies, it emphasizes the thorough supervision of equity and funds, accurately identifies the actual controller and the ultimate beneficiary, and prevents the real control relationship from being hidden.

　　Through the verification of the authenticity of the sources of funds, including the sources of funds for investment in financial holding companies and the sources of funds for investment in financial institutions, to prevent false capital injection and circulating capital injection.

　　3. The central bank implements supervision.

　　The People’s Bank of China shall supervise the financial holding companies that meet the conditions for the establishment of the Measures, and the financial supervision department shall supervise the financial institutions controlled by the financial holding companies.

　　Financial supervision departments supervise financial groups formed by cross-industry investment and holding of financial institutions. When the risk occurs, according to the principle of "who supervises, who is responsible", the corresponding regulatory body will take the lead in risk disposal. Strengthen supervision cooperation and information sharing among various departments to jointly guard against the risks of financial holding groups and financial groups.

　　4. What are the financial holding companies?

　　A financial holding company is defined as a limited liability company or a joint stock limited company that is established according to law, has substantial control over two or more different types of financial institutions, and only conducts equity investment management and does not directly engage in commercial business activities.

　　The Measures apply to financial holding companies whose actual controllers are domestic non-financial enterprises and natural persons. For financial groups formed by cross-industry investment and holding of financial institutions, the financial supervision department shall implement supervision according to the Measures and formulate specific implementation rules.

　　5. Financial institutions include the following six types:

　　Commercial banks (excluding village banks), financial leasing companies, trust companies, financial asset management companies, securities companies, fund management companies, futures companies, life insurance companies, property insurance companies, reinsurance companies, insurance asset management companies, and other financial institutions recognized by the financial management department.

　　6, to apply to the central bank in advance to set up a financial holding company.

　　Non-financial enterprises and natural persons who meet the conditions stipulated in Article 6 of the Measures shall apply to the People’s Bank of China for the establishment of a financial holding company or for the parent company of the group as a financial holding company. Among them, those who have met the requirements of Article 6 before the implementation of the Measures shall apply to the People’s Bank of China within 6 months from the date of implementation of the Measures. After the implementation of the Measures, if it intends to substantially control two or more different types of financial institutions, and it has the circumstances stipulated in Article 6 of the Measures, it shall also apply to the People’s Bank of China. Relevant implementation rules will be formulated separately.

　　7. These cases are not registered.

　　If an institution that meets the requirements for the establishment of a financial holding company fails to apply to the People’s Bank of China in accordance with the Measures, or the People’s Bank of China may, in conjunction with the relevant financial regulatory authorities, order it to make corrections. If it fails to make corrections within the time limit, it shall be ordered to transfer the equity of the financial institution it holds. Without the approval of the People’s Bank of China, a financial holding company shall not be registered as a financial holding company, and the words "financial holding", "financial control" and "financial group" shall not be used in its name.

　　8. What are the business scopes of financial holding companies?

　　The main business of a financial holding company is equity management of the financial institutions it invests in. In addition, in order to urge financial holding companies to strengthen the overall liquidity management and risk management and control of the group, so that they can provide liquidity support to the financial institutions they hold, or play a self-help role to the financial institutions they hold in case of risks, the Measures allow financial holding companies to carry out other financial businesses except equity management on the premise of obtaining approval from the People’s Bank of China.

　　9. Strictly isolate the financial sector from the industrial sector.Block, a financial holding company shall not engage in non-financial business.

　　From the perspective of based on the main business and risk prevention, financial holding companies are enterprises specializing in equity investment and management of financial institutions, and are not allowed to engage in non-financial business, so as to strictly isolate the financial sector from the industrial sector and effectively prevent cross-infection of risks.

　　Under the premise of strictly isolating risks, financial holding companies established by enterprise groups are allowed to invest in institutions related to financial business identified by financial management departments, but the book value of total investment shall not exceed 15% of the net assets of financial holding companies in principle.

　　For existing enterprises that do not meet the requirements, they are allowed to gradually adjust the proportion of investment in non-financial enterprises during the transition period. If the enterprise group as a whole is recognized as a financial holding group, its non-financial total assets shall not be higher than 15% of the total assets of the group.

　　10, positive list and negative list, clear financial holding company shareholders’ conditions.

　　Some enterprises are not strong in strength, impure in investment motives, weak in risk management and control ability and compliance management concept. They set up or become shareholders in financial holding companies only to obtain more financial licenses, or even use financial holding companies to carry out improper related party transactions and extract funds from financial institutions, which brings greater risks to financial institutions and financial holding companies.

　　The Measures clarify the conditions for becoming a shareholder of a financial holding company through a positive list and a negative list.

　　From the positive list, the major shareholders, controlling shareholders or actual controllers of financial holding companies should highlight their core business, have pure investment motives, formulate reasonable financial investment business plans, not blindly expand into the financial industry, and have perfect corporate governance structure, clear ownership structure and organizational structure, transparent shareholder and beneficial owner structure, strong management ability, effective risk management and internal control mechanism, and good financial status.

　　From the negative list, it is clear that the controlling shareholder of a financial holding company is prohibited from engaging in acts, and that it is not allowed to become a major shareholder, controlling shareholder or actual controller of a financial holding company. For example, it has made false investments and injected capital into financial institutions in a circulating way, and it has been responsible for the failure or major violations of financial holding companies or financial institutions.

　　11, strengthen the supervision of financial holding companies’ sources of funds.

　　Some enterprises, through controlling financial institutions at different levels and cross-holding financial institutions, contributed with debt funds, which pushed up the overall leverage ratio and manipulated shell companies to make false capital injection and circulating capital injection, resulting in the whole group not having much real capital to resist risks.

　　To this end, the supervision of financial holding companies’ sources of funds emphasizes authenticity:

　　First, the source of funds is true and reliable. Shareholders of a financial holding company shall invest in the financial holding company with legally owned funds, and shall not invest in the financial holding company with non-owned funds such as entrusted funds, debt funds and investment funds, and shall not entrust others or accept others’ entrustment to hold the equity of the financial holding company.

　　Second, a financial holding company shall invest in holding financial institutions with its own legal funds, and shall not make false capital injection or circulating capital injection into financial institutions, and shall not withdraw funds from financial institutions.

　　The third is to carry out penetrating management on the capital compliance of financial holding companies, check the source of funds of investment holding financial holding companies upwards, and check the source of funds of investment holding financial institutions downwards.

　　The fourth is to establish a capital adequacy supervision system.

　　12. Concise, clear and penetrating ownership structure

　　Some enterprise groups have complex ownership structure, cross-shareholding, multi-level shareholding, insufficient information disclosure, unclear beneficial owners, and nested groups within the group.

　　The Measures stipulate that a financial holding company should have a concise, clear and penetrable shareholding structure, which can be identified by the actual controller and the ultimate beneficiary, and the legal person level is reasonable, which is suitable for its own capital scale, operation and management ability and risk management and control level. The financial institution it controls shall not hold shares in reverse or cross-shareholding.

　　13, the ownership structure does not meet the need for timely rectification.

　　An enterprise group that should apply for the establishment of a financial holding company from the date of implementation of the Measures, but its shareholding structure does not meet the requirements, shall formulate a plan for the rectification of its shareholding, and after being approved by the financial management department, reduce the complexity of its organizational structure and simplify the legal person level during the transition period. In the process of equity transfer, if the assets involved in equity integration, transfer and transfer within an enterprise group are in compliance with the provisions of tax policies, they can enjoy corresponding preferential tax policies; Where the approval of shareholder qualification is involved, the financial management department shall apply the shareholder qualification conditions suitable for the financial holding company.

　　14, shall not exceed level 3.

　　After the implementation of the Measures, the newly-added financial holding companies, shareholders of financial holding companies, financial holding companies and financial institutions controlled by them shall not exceed level 3 in principle.

　　15. A financial holding company shall not abuse its substantive control rights.

　　A financial holding company shall not abuse its substantive control right, interfere with the independent operation of its controlled institutions, and damage the legitimate rights and interests of its controlled institutions and their related stakeholders.

　　16. Strengthen related party transaction management.

　　Strengthening the management of related party transactions is an important measure of strict risk isolation. In practice, some enterprises use the hidden ownership structure to transfer benefits through improper related party transactions, and regard financial institutions as "cash machines", which seriously damages the legitimate rights and interests of financial institutions and investors.

　　17. Establish a negative list of prohibited related party transactions.

　　First, financial holding companies should strengthen the management of related party transactions, and their intra-group transactions with controlled financial institutions, between controlled financial institutions and between controlled financial institutions and other institutions in the group, as well as related party transactions with other related parties, should be in compliance with the law.

　　Second, a financial holding company and its financial institutions and other related parties shall not conceal related party transactions and the true whereabouts of funds, and shall not transfer interests, evade supervision or regulatory arbitrage, damage the legitimate rights and interests of others, or damage the stability of the financial holding company through related party transactions.

　　Third, except for financial companies, financial institutions controlled by financial holding companies are prohibited from providing financing to financial holding companies or providing unsecured financing to other related parties. The financing or guarantee provided to related parties shall not exceed 10% of the registered capital of the financial institution or 20% of the registered capital of the related party. Financial institutions and non-financial institutions controlled by financial holding companies are prohibited from accepting the equity of financial holding companies as pledge targets, and the guarantee balance of financial holding companies outside financial holding groups shall not exceed 10% of the net assets of financial holding companies.

　　18. The central bank has these regulatory means and measures.

　　First, establish a unified supervision information platform for financial holding companies, and require financial holding companies to report and disclose information according to regulations.

　　The second is to establish and improve the risk assessment system of financial holding groups, and comprehensively use macro-prudential policies, financial institution ratings and other policy tools to assess the management and risk status of financial holding groups.

　　Third, according to the needs of performing their duties, conduct supervision talks with relevant responsible persons, conduct on-site inspections of financial holding companies, and conduct on-site inspections of financial institutions controlled by financial holding companies with the approval of the State Council when necessary, on the basis of supervision and cooperation.

　　Fourth, the financial holding company is required to formulate the overall recovery and disposal plan of the financial holding group.

　　Fifth, when a financial holding company violates the Measures or has a major risk, it will take regulatory measures such as restricting its business activities, restricting dividends or related rights, ordering it to replenish capital within a time limit, and ordering it to transfer its equity, and give it warnings, fines and other penalties.

　　Sixth, if it is difficult for financial holding companies to operate continuously, which will seriously endanger the financial order and harm the public interest, they should withdraw from the market according to law. Relevant implementation rules shall be formulated separately by the People’s Bank of China in conjunction with relevant departments.

　　19. Transition period

　　If an enterprise group that existed before the implementation of the Measures and meets the conditions for the establishment of a financial holding company fails to meet the regulatory requirements stipulated in the Measures in terms of the ownership structure, the proportion of institutions related to investment and financial business, and the part-time jobs of senior managers, it will be rectified within a certain period of time with the consent of the financial management department, and the specific period will be determined by the financial management department according to the actual situation of the enterprise group. At the end of the transition period, these enterprises should meet the regulatory requirements of the Measures and be accepted by the financial management department. For the increment, it will be implemented in strict accordance with the requirements of the Measures.

　　20. What is the impact on the financial market?

　　The impact on financial institutions, non-financial enterprises and financial markets is positive and the risks are controllable.

　　Some enterprise groups that do not meet the requirements need to carry out equity integration, but the equity transfer is carried out within the group and the actual controller has not changed, so the impact on financial institutions is limited.

　　In the long run, the "Measures" are conducive to controlling financial chaos, rectifying financial order, and ultimately preventing systemic financial risks.