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Press conference on the 19 th Wenchuan earthquake disaster in Sichuan Province

Special topic: Wenchuan earthquake in Sichuan

  At 5: 30 pm on May 19th, the Information Office of Sichuan Provincial People’s Government held the seventh press conference on the Wenchuan earthquake disaster. The meeting was presided over by Hou Xiongfei, Director of Information Office of Sichuan Provincial Government, and attended by Li Chengyun, Vice Governor of Sichuan Provincial Government, Qu Mushiha, Deputy Director of Provincial Development and Reform Commission, Tan Hongjie, Deputy Secretary of Communist Youth League Committee, Yang Xiuhua, Secretary General of Provincial Charity Federation, Peng Hu, Chairman of Sichuan Construction Building Materials Union, and dozens of domestic and foreign media.


  Vice Governor Li Chengyun briefed the situation.


  As of 16: 00 on the 19th, the Sichuan earthquake disaster caused more than 33,570 deaths and 233,810 injuries.


  Li Chengyun:As of 16: 00 on the 19th, the Sichuan earthquake disaster caused more than 33,570 deaths, 233,810 injuries and 5,260 people buried. More than 60,020 people were rescued from the ruins, and more than 4,850,620 people were temporarily resettled. The disasters in eight counties (cities) that were particularly seriously affected were: more than 2,560 people died and more than 24,000 people were injured in Wenchuan County. More than 8,600 people were killed and 9,690 injured in Beichuan County. More than 6,750 people were killed and 31,560 injured in Mianzhu. More than 3,540 people were killed and 31,970 injured in shifang city. More than 3,060 people were killed and 3,210 injured in Dujiangyan. More than 870 people were killed and 5580 injured in Pengzhou. More than 2,670 people were killed and 12,980 injured in Qingchuan County. More than 350 people were killed and 9,480 injured in jiangyou city.


  According to incomplete statistics, Sichuan Province has received various donations of 1.998 billion yuan.


  Li Chengyun:At present, the finance department of our province has received a total of 2.733 billion yuan of special funds for earthquake relief, of which 1.773 billion yuan was issued by the central government. The provincial and municipal governments allocated 3.077 billion yuan in disaster relief funds, including 1.895 billion yuan from the provincial government and 1.182 billion yuan from the municipal (state) government. According to incomplete statistics, our province has received various donations of 1.998 billion yuan, including 960 million yuan from the provincial finance, 568 million yuan from the Provincial Charity Federation, 371.52 million yuan from the Provincial Red Cross Society, 43.65 million yuan from the Provincial Federation of Trade Unions, 16.72 million yuan from the Sichuan Provincial Committee of the Communist Youth League, 8.11 million yuan from the Provincial Women’s Federation and 30 million yuan from the Provincial Overseas Chinese Affairs Office. According to incomplete statistics, 100,000 tents, 217,000 beds of quilts, 242,000 sets of bedding and cotton-padded clothes, 4,143 carts of food and drinking water, 38,300 tons of grain, 8.348 million medicines (boxes, bottles, branches and bags) and 242,954 pieces of medical equipment (sets, branches and rolls) have been organized. These are being urgently transported to the disaster area.


  Some counties in Chengdu, Deyang, Mianyang and Aba should postpone the college entrance examination separately.


  Li Chengyun:We are now making arrangements for the resumption of classes. We passed the college entrance examination yesterday. Some counties in Chengdu, Deyang, Mianyang and Aba have to postpone and take exams separately. Now, places where conditions permit should prepare for the resumption of classes.


  Qumu Shiha:With regard to post-disaster recovery and reconstruction, with the care and support of the CPC Central Committee and the leaders of the State Council, the Sichuan Provincial Party Committee and the provincial government have started the preliminary work of post-disaster recovery and reconstruction. On the basis of learning from the experience of earthquake relief and reconstruction at home and abroad, we will adjust measures to local conditions in accordance with the people-oriented requirements of Scientific Outlook on Development, scientific planning, resource-saving and environment-friendly social requirements, make overall consideration of classified guidance in planning requirements, and push forward our reconstruction work step by step, so as to fully meet the needs of the people in the disaster areas and social development. Thank you.


  At present, the first task of disaster relief is to save people.


  Li Chengyun:Let’s answer the last question first. Now, according to the requirements of the central authorities, the provincial party committee and the provincial government are still saving people. General Secretary Jin Tao said that as long as there is a glimmer of hope, we should all make a hundred efforts to save survivors. Our current disaster relief task is to save people first, or to save people as the first priority; The second is that there is epidemic prevention, sanitation and epidemic prevention, because it also involves our whole society and the safety of each of us, so epidemic prevention is also the second important; The third is reconstruction, which Comrade Qumu Shiha talked about just now. Now it is under planning and construction has begun.


  Post-disaster reconstruction should be unified in planning and adoption, and the Civil Affairs Department should be unified in management.


  Li Chengyun:There are two problems with the donation of schools mentioned just now. One is that if you want to donate, you can donate to our Civil Affairs Department or to our Finance Department, but the school will contact the Education Department in the end. Because the school has a general layout, how many residential areas will build a primary school and how many residential areas will build a middle school in the future, because our future post-disaster reconstruction should be integrated with urban and rural planning, and urbanization and the construction of a new socialist countryside should be planned in a unified way. The issue of adoption is under the unified management of the Civil Affairs Department, and this method is now being studied. No other department can casually talk about adoption because we have an adoption law.


  The development of Sichuan has nothing to do with the earthquake, and there is no scientific reason to say that excessive development is unfavorable to Sichuan’s earthquake-resistant work.


  Reporter: Hello, I’m a reporter from Radio Television Hong Kong. I’d like to ask the National Development and Reform Commission. Some people say that excessive development is unfavorable to Sichuan’s earthquake-resistant work. Have you heard of this opinion?


  Li Chengyun:I don’t know where this logic comes from. It doesn’t make scientific sense.


  Reporter: because some people say that there are many chemical plants and hydropower stations built in Sichuan, it may be that if these chemical plants explode during the earthquake, there may be more casualties?


  Li Chengyun:You just said that excessive development will induce earthquakes, right?


  Reporter: Yeah. It’s not induced by light. Maybe many industries are in Sichuan. When there is an earthquake, it may explode, causing more casualties?


  Li Chengyun: First, there was no chemical plant explosion and no chemical plant explosion caused death. This is the first earthquake. Second, you just said that over-development induces earthquakes. I don’t know when and to what extent the over-development induces earthquakes. I don’t know where this scientific basis comes from. In addition, the development of Sichuan Province, our per capita GDP is now 25th in the country. I think that the development of Sichuan has nothing to do with earthquakes. We have to speed up development and build a well-off society for all. Our current GDP is 1 trillion, and it will grow to 5 trillion by 2020.


  If there are problems in the classrooms of schools in earthquake-stricken areas, they will be investigated and dealt with according to law.


  Peng Hu:In this catastrophic earthquake, some school teachers collapsed, and some teachers and students were killed or trapped. We are very sad about this. Regarding whether there are quality problems in school classrooms, our construction department has organized experts to conduct safety assessment and appraisal on all houses in the earthquake-stricken areas, and the assessment and appraisal work is underway. We will evaluate and appraise the collapse of school classrooms according to relevant standards and norms. If there are indeed problems that violate the relevant national building standards and regulations, especially mandatory standards, we will investigate and deal with them in conjunction with relevant departments according to law.


  Give full consideration to the children who were injured in the earthquake.


  Reporter: Hello, I’m a reporter from Qiushi Xiaokang magazine in Beijing. Many children were injured in the earthquake. Many of them lost their parents, relatives and classmates. Many children have been disabled for life. I wonder if we have any resettlement measures for them in the future. Thank you!


  Li Chengyun:There are resettlement measures. We have already said this time, for example, if an orphan is admitted to the college entrance examination, all the tuition fees will be borne by the government after the college entrance examination. If he is not admitted to the university, we will let the orphan go to a vocational school, and after finishing the vocational school, we will also be responsible for finding him a job. We have given full consideration to orphans, and the cost of attending vocational schools is also paid by the government, which is for senior high school, primary school and junior high school. In some junior high schools, depending on their age, whether they can take care of themselves or be raised by the civil administration will be carried out according to this method, but the cost will be borne by the government, and we will also subsidize the disabled according to the government.



  


  Press Conference on the 18th Wenchuan Earthquake in Sichuan Province


  Press Conference on the 17th Wenchuan Earthquake in Sichuan Province


  Press Conference on the 16th Wenchuan Earthquake in Sichuan Province


  Press Conference on the 15th Wenchuan Earthquake in Sichuan Province

Editor: Li Xiuwei

Micro-short plays are not good for making money, and they are on Chinese plays again?

Author | Gu Han

Editor | Li Chunhui

 

In 2022, long plays are getting shorter and short plays are getting longer.

 

The former is mainly reflected in the change of set number. There are only 24 episodes of the costume drama "The Wind Rises in Longxi" that the stars joined and landed on CCTV, which was unimaginable in previous years. In pure online drama, the volume of about 20 episodes is becoming more and more mainstream. The story of the thrush was split into two parts: 22 episodes and 20 episodes. Think of those fairy tales with 50 or 60 episodes in the early years. It’s like a lifetime ago.

 

The latter is mainly reflected in the change of the duration of the single episode. At the beginning of 2022, the comedy miniseries "Aunt’s World" attracted attention in a single episode of about 5 minutes, while the recent well-known puppet miniseries "I am in ignorance" and "I haven’t seen my only daughter" doubled on this basis, with a single episode of about 10 minutes.These dramas seem to take a middle between the traditional long drama and the short drama, with a slightly longer single episode and horizontal screen shooting.At present, there is no official unified name, so let’s call it "Chinese opera".

 

Aiyou Tengmang did this in order to adapt to the viewing habits of long video users. However, just in the past April, Aauto Quicker also launched a "five-minute drama" wing-supporting plan, and put forward new requirements for production specifications in terms of access conditions, such as "shooting on a horizontal screen, with a frame width-height ratio ≥1.3".

 

This is not without warning. In this year’s Spring Festival, Aauto Quicker’s most famous ancient short play "princess royal is on" is the horizontal screen.

 

 

At the 2020 Watermelon PLAY Curiosity Conference, Ren Lifeng, president of Watermelon Video, put forward three characteristics of Chinese video: 1-30 minutes, horizontal screen and PGC production. Therefore, judging by the length of time, the "micro-short drama" that has been called for several years has already been on the road of Chinese video-even the shortest ones can have one and a half minutes in an episode.

 

The trend of horizontal screen and specialization makes this more clear. The micro-short drama that comes out vertically may ultimately rely on "horizontal" to truly adapt to the long-established habit of watching dramas.

 

Long video, an outsider in the video competition?

 

The video industry has had a hard time these two years. Both long and short videos have entered the stage of stock competition. Among Chinese video players, bilibili, the only one who didn’t work hard in vain, didn’t agree with the positioning of Chinese video at all, and stepped into the mire of burning money in content.

 

In this case, breaking the time limit and expanding the content ecology have become their common choice.According to the theory of high emotional intelligence, the boundaries between long, medium and short videos are becoming more and more blurred. To put it mildly, there are more and more behaviors of copying homework from each other:

 

Tik Tok has launched a web version of PC, and now it can publish pictures and texts in addition to videos. Aauto Quicker added barrage function after double speed. This year, bilibili is pushing for short video with vertical screen. The content of immersion, less processing and the way of sliding up and down are all like shaking fast.

 

Chinese video is a concept that gets hot at the first sign. In the first half of 2020, Quibi (bankrupt) Appeared in Hollywood, who wanted to do short plays in Netflix mode. Gong Yu, CEO of iQiyi, made judgments such as "the market potential of YouTube mode app will increase significantly in the next 2-3 years" and revealed that a new medium-long video product "Suike" was being developed.

 

In the second half of 2020, Watermelon Video, which has attracted much attention because of the long video action of bytes, announced that at least 2 billion yuan will be used to subsidize Chinese video creation in the coming year. In just one year, Chinese video has changed from a crowd to a crowd, and WeChat, Zhihu, Baidu … even Betta has followed suit.

 

 

Nominally, middle video is a cross boundary that appears when short video is long and long video is short. But in fact, the recognized Chinese video players are bilibili, Watermelon Video and even Zhihu. After all, short videos can be made into Chinese videos, and it is easier to achieve it by releasing the time limit. Only the long video platforms, although they have qualifications and resources, are always outsiders in the Chinese video competition.

 

Tencent’s short and medium video exploration started very early, and its street products reached double digits. Microvision will survive until now, and it will be integrated into the same business unit with Tencent Video. Iqiyi borrowed the east wind of "Youth has You 2" when it was first launched. However, it never formed a real creative ecology and failed to transform into a second-generation platform for its film and television dramas. After the wave of layoffs at the end of last year, it also merged with other products.

 

The reasons are as follows: First, the forms of entertainment are increasingly subdivided, and "Shake Fast B" have occupied the mountain of PUGC and fragmented entertainment. More importantly, PUGC’s long video is something that was once owned and actively eliminated. Long video has been on the road of professional content and payment mode for a long time, and now users want to go back and pick up PUGC, which users are neither used to nor expected.

 

In this way, the special features of Chinese drama are revealed.You don’t have to rely on ecology in particular, but you can operate it according to the drama series. It may be a rare opportunity for a long video to grab the initiative in the middle video.

 

Is the video still waiting to be defined?

 

It may be due to the fact that YouTube was taken as the control group from the beginning inside and outside the industry, and there is a ready-made bilibili for reference in China. It may also be because it is the byte system that has been keen to define and promote it, and Chinese video seems to have been deeply bound to PUGC mode.

 

When it comes to Chinese video, we will first think of VLOG, pan-knowledge content, film and television commentary/second creation, etc. However, this is not necessarily because of how well these contents fit with the Chinese video, but more likely because of the repeated collisions between Chinese video players, or between long, medium and short videos around these contents (such as wizard financial events), and the impression left over time.

 

How can a long video platform develop its video? In the past, the answer was basically to incorporate film and television commentary/second creation, so that the traffic of short and medium videos can be precipitated around the long video IP, which is typical for example. Instead of creating long-term content in a professional way that is familiar to long videos.

 

In fact, 1-30 minutes is the professional content that most viewers are familiar with: a cross talk or sketch, an animated cartoon, a sitcom, a MV or music scene, a segment cut by a TV station with advertisements …

 

 

In other words, the long video platform has a lot of professional content of medium video length, and even the single episode of many online dramas in the early years is about ten or twenty minutes. Only in a specific period, 40-60 minutes showed a greater advantage, so that this specification was eliminated, or at least marginalized in live-action dramas.

 

However, nowadays, when people’s time is further divided by short videos and patience is further eroded, 40-60 minutes of continuous watching becomes a kind of pressure. The volume of short and medium videos has become more in line with the demands of this audience.

 

 

Compared with the mini-short drama with a single episode of less than 5 minutes, the Chinese drama, which has doubled in duration, has a huge imagination space.

 

First of all, in terms of content, it can make the script more elaborate, no longer ups and downs, and the characterization is more delicate and free from stereotypes. On the whole, longer and more elaborate stories can also make Chinese dramas convey more different emotions and dig deeper themes beyond "cool".

 

On a more practical level, the realization of miniseries has always been a hot topic. Behind the occasional explosions, there are countless projects and teams with cannon fodder. This is the case in the period of "barbaric growth" of each content, except that the miniseries may have a shorter period and pay less.

 

At present, the monetization methods used in micro-short plays include advertisement implantation, brand customization (single episode, non-drama or whole play), leading actor’s delivery after becoming a talent through short play hit (limited to shaking fast), and content payment.

 

For the advertising model, the longer duration of Chinese drama undoubtedly gives more room for implantation. In the payment mode, the longer the duration and the more detailed the story, the better the chance for the audience to "willingly" pay for the Chinese drama.

 

In addition, telling the story well and IP-translating the content creativity instead of the actors may be good for long video platforms and non-MCN film and television companies that can’t adopt the mode of bringing goods by talents. In the barrage of "Oblivity", many netizens have expressed their desire to see this story expanded into a more excellent long drama. At first, the micro-short-drama brand rabbit-rabbit culture, which was invested by bilibili, also hoped to carry out creative testing and IP incubation through micro-short-drama.

 

This world, after all, is horizontal?

 

Hard Sugar Jun once thought that the micro-short plays of each platform may form distinct style barriers according to their respective interface design and audience groups. However, it seems that the specifications of micro-short dramas and Chinese dramas in the future may gradually become unified, or be stable in certain types. At least on the issue of horizontal screen and vertical screen, the trend has been revealed.

 

Yien Data: Insights into the Trend of Video Content in 2021-Micro-Short Plays

 

Why are micro-short plays and Chinese plays slowly falling to the horizontal screen?

 

Vertical screen is the most commonly used specification of short video, and the main body of the screen is often very clear, with little information, which is consistent with the demand of short video to minimize the energy input of users. However, when miniseries want to overcome the commercialization problem, this pursuit cannot be changed, and it is necessary to seek specialization and quality upgrading, so that the audience can adjust their psychological expectations from casual viewing to serious input.

 

Horizontal screen is the most widely used specification in traditional film and television, and it will look more like professional content than short video. Secondly, the format of movies and TV series has evolved many times, but the overall trend is to broaden horizontally, which fully proves the superiority of horizontal screen over vertical screen in storytelling-it can accommodate more information, and can assist narrative through depth of field, scheduling and other skills, making the picture look beautiful and textured.

 

 

More importantly, the same horizontal screen specifications as traditional film and television are more convenient for traditional film and television practitioners to transition to the creation of micro-short dramas and Chinese dramas.Looking back at the early reports of miniseries, there are many film and television practitioners who are unfamiliar with the balance between vertical screen and short video rhythm, and the performance of miniseries is not as good as that of short video MCN.

 

When the long video platform collectively came to an end and pushed the horizontal screen specification, this problem was no longer a problem. Some traditional film and television companies familiar to the audience, such as Huayi Chuangxing, Jiaxing Media and Wuyuan Culture, have all come to an end. Last year, Fang Guoyun Culture, the producer of "Who’s the Murderer" in Fog Theater, was revealed by Ren Xiaofeng, the chairman of the board, at the industry forum that the company currently has as many as 30+ short drama projects.

 

Sitting on the tuyere<念念无明&会成为“昙花一现”吗?丨导演曾庆杰专访》

 

A more realistic situation is: on the connection with traditional film and television companies, on the "distance" from the main force of drama chasing, on the operation and announcement ability of drama series, after all, the long video platform is better.

 

In Q1, 2022, Mango TV’s "Ignorance" achieved a total broadcast volume of 510 million, and Tencent video’s "Please! Don’t spoil me has 450 million plays, both higher than the 420 million in Aauto Quicker’s station TOP1 and the 310 million in Tik Tok’s station TOP1. For the first time in the field of short drama, the long video platform overtakes the short video platform, and the market structure has quietly changed.

 

Back in 2018, Life Began on Me, which was broadcast on iQiyi, provoked the topic of short drama with vertical screen for the first time. However, the long video platform did not match the vertical screen and the length of one minute, and Aauto Quicker and Tik Tok got the first bonus of short drama, which gave the first definition of short drama.

 

Will this situation be reversed in 2022? If one day the long video successfully takes the lead in short drama, will it be a blessing or a curse for short drama?

In the 30th anniversary of Pudong’s development and opening up, good literary works are like tall buildings in Pudong.

This year marks the 30th anniversary of Pudong’s development and opening up.

From April 9 to 12, a special planning activity named "Dialogue Literature, Love for Pudong" was held on the cloud. Sun Ganlu, a writer and vice chairman of Shanghai Writers Association, Hong Xue, a platinum writer of Reading Group, Teng Xiaolan, a writer and deputy secretary-general of Shanghai Writers Association, and the author of the serial novel "Pujiangdong" from the starting point and the special prize work "Shanghai Prosperity" of the third realistic online literature essay contest shared their stories with readers online.

Pudong is no longer a "cultural desert"

In Sun Ganlu’s view, the 30th anniversary of Pudong’s development and opening-up is not only a microcosm and a symbol of China’s reform and opening-up, but also redefines Shanghai as a city with tradition, history and a sense of the future.

Sun Ganlu

"You will know at a glance in Pudong that its changes are very great. Of course, this change is not only in infrastructure construction, not only in finance and commerce, but also in the spiritual life of China society and ordinary people brought by Pudong’s development and opening up. "

He took the cultural construction in Pudong as an example. Once upon a time, Pudong was dubbed the "cultural desert", and now the construction of the Riverside Cultural Belt is advancing. There will be the Shanghai Museum East Hall, the Shanghai Library East Hall, the Shanghai Grand Opera House, the Pudong Art Museum and the Pudong Group Art Museum, where citizens can enjoy literature, painting and performing arts.

"In recent years, Pudong has also gathered a large number of talents in the art world. In my impression, Pudong is mostly talented people in the financial and scientific fields, but now many literary artists have settled here, and many outstanding writers, poets, painters, calligraphers and photographers have emerged in Pudong. I think this also came into being. At such a moment, Pudong has such a foundation to bring these important literary and artistic talents together and unite. "

As a writer, Sun Ganlu thinks that literary creation is something that needs long-term accumulation and serious treatment. A good literary work is like a tall building in Pudong. It needs a lot of fine work from planning and design to construction and maintenance.

"Literary and artistic creation also takes time. I think writers and artists need to grow up with the city in order to write really good works that can reflect life. "

The writers here wrote down the works here.

Born, raised and worked in Pudong, Teng Xiaolan is a typical local writer in Pudong. Her first novel, Moonlight in the City, was completed in 2008. The protagonist is a young couple in Shanghai. They stumbled and quarreled all the way, and their growth was also integrated into the growth of Pudong.

"The changes in Pudong are changing with each passing day. It is brand new and has great potential. " In the later "A City within a City", Teng Xiaolan also wrote about the financial life in Pudong. In order to finish her work better, she visited major financial institutions before writing, stayed in these institutions, went in and out with financial people, watched how they went to work and listened to how they chatted, thus truly deepening the "financial life" of Pudong.

Teng xiaolan

Teng Xiaolan said with a smile, often at the beginning of his creation, he didn’t think of where to write, but in the end he always fell to Pudong unconsciously. "It is often written that those place names and landmark buildings in Pudong come out. For an author, it is so familiar to be in it, so it sometimes becomes a habit. "

Unlike Teng Xiaolan, the earth windmill is a "Shanghai drift". It has been 14 years since he came to Shanghai in 2006.

"For so many years, I have seen and heard too much, and I have experienced too much personally. I have an impulse to describe the development and changes of Shanghai in detail and write this era with a pen. This is an impulse or a responsibility that every writer should have. "

In 2019, "Prosperity of Shanghai" by the Land Windmill won the special prize of the third realistic online literature essay contest. This work depicts the economic and social life of a certain field in Shanghai from 2005 to 2015 in detail through the 10-year struggle of a migrant farmer’s children. In fact, it was also written by the windmill on its own prototype, and many of the details were personally experienced in Shanghai. "The protagonist of the story is Wang Yiyuan, because when I was in Shanghai, I really had only one dollar in my clothes. I hope these experiences can inspire readers. "

The windmill said, "Why should we commemorate the 30th anniversary of Pudong’s development and opening up? From my personal understanding, commemorating it is to better sum up experience in the future and dig out something more worthy of carrying forward. Making the future better is the greatest significance. "

Dadi windmill

Like the development of Pudong, online literature is also developing.

Blood red came to Pudong in 2003 and began to settle in Pudong in 2004. He recalled: "At that time, there was no reading group that we are familiar with now, only qidian, which had just started. At that time, the online literature was like the grassland next to the second house I rented in Pudong. "

blood-red

He still remembers that once he and other authors and editors went to an Internet cafe to play games online. He opened qidian’s page, and when he clicked on the user name input box, he found a list of user accounts pulled down there.

"It can be seen that many readers have logged in the starting point on that computer, and it is also obvious that it was not easy for them to read our books at that time. At that time, home computers and broadband were not popular, so they had to go to public internet cafes if they wanted to watch them. At that time, it was really the time when online literature started. "

For the authors at that time, it was a great honor to be able to publish a set of physical paper novels. The total subscription of readers on the website accounts for more than 90% of the author’s income. Nowadays, with the development of IP, novels can bring games, movies, cartoons and other peripheral outputs, and online writers are more diversified in terms of income and evaluation mechanism.

"This is our gospel, but it also means that our creation must be better." Blood red said, "In the early days, you can use a simple story mode to fight monsters and upgrade all the way, and have grievances and passions. But now you have to ponder the details of the characters, the details of the story, and the details of the world background. Your whole book should also have humanistic feelings. "

"Like the development of Pudong, online literature is developing, and readers of online literature are also growing. My old book friends are tired of reading a lot of things. You must give them new stories, new touching and new strength. "

Launching theme essay, Pudong glory from the perspective of online articles in the same period

In 2003, qidian, the predecessor of Yuewen Group, went to Zhangjiang to start a business. After nearly 20 years of development, today’s Reading Group has a reserve of 12.2 million works, 8.1 million creators, covering more than 200 content categories, with more than 200 million active users every month, and has successfully exported many well-known popular IP’s at home and abroad, such as Ghost Blowing Lights, Grave Notes, nirvana in fire and Full-time Master Joy of Life.

This Internet cultural and creative enterprise, which has taken root, sprouted and grown in Zhangjiang, is not only one of the beneficiaries of China’s leading high-tech industries, but also a witness and narrator of Pudong’s development in recent years.

Wu Wenhui, CEO of Yuewen Group, said: "Pudong is a fertile ground for entrepreneurship. He not only witnessed the growth of Yuewen Group, but also witnessed the wonderful course of the development and growth of China’s online literature and digital publishing industry. Whether it is the policy support of the new district government or the strong cultural and creative atmosphere in Pudong, it has escorted the Reading Group on the road of entrepreneurial development, which is the reason why Reading is determined to take root in Pudong. "

To commemorate the 30th anniversary of Pudong’s development and opening-up, Reading Group jointly launched a theme essay with Pudong Federation of Literary and Art Circles, encouraging authors to pay attention to social reality, focusing on scientific and technological innovation, culture, education, sports, trade and finance, etc., looking back at history and describing the present.

The essay writing works should be based on materials or focus on all aspects of Pudong’s development. The content can not only look back at history, but also describe the present, and also look forward to the future of high-quality development. It can be fiction or documentary works. The forms of works include novels, essays and poems.

The essay writing time is from now until May 31st this year, and the selection time is June this year. The prize is set as a special prize, with a reward of 10,000 yuan; There are also five winners, each with a reward of 5,000 yuan. In addition, the award-winning works will also be promoted by the platform-wide resources of the Reading Group and the IP adaptation of the works, and the award-winning author will also have the opportunity to become a long-term author.

Wu Wenhui said that it is also the initial intention of Reading Group to launch an essay for short stories commemorating the 30th anniversary of Pudong’s development and opening up to the outside world to dig out excellent works that truly take root in life and carefully polish details. Through diversified development and linkage, these high-quality works will have greater social value and economic benefits, and literature from reality will return to reality and embrace the public.

Original 66-year-old TVB old drama bones teamed up to visit Shenzhen supermarket! I donated bone marrow to save my sister, but my family refused to stay in the mainland for a long time.

In recent years, many artists have returned to the mainland to work. Even if they don’t have to work, they will ask their close friends to work in the north to make money. Many TVB green leaves also strive to operate social networks in the Mainland, increase mainland fans and raise their popularity. TVB Green Leaf King, who once said that he didn’t want to stay in the mainland for his family, also changed according to the trend. He often eats, drinks and has fun in the mainland. Recently, he was even met by netizens in a supermarket in the mainland.

Li Chengchang, a 66-year-old TVB Greenleaf, has excellent acting skills. He often plays villains and Jianghu people in plays. In fact, he is a warm man who loves his family. He used to take time off and donate bone marrow to save his sister who was suffering from cancer. For the time being, he has the support of the top management, so even if he is poached for three times, he is still loyal to TVB. He also doesn’t want to stay in the mainland to work permanently because he misses his wife.

Li Chengchang once said that because his daughter is currently studying in Britain, he is worried that his wife will be left unattended at home. Therefore, even if she goes north to shoot a TVB drama for a month, she will be extremely worried. He won’t be at ease until his wife retires and works with him in the mainland.

In recent years, it has become a trend for Hong Kong people to spend money in the north. Li Chengchang often goes back to the mainland to eat, drink and have fun with other green leaf colleagues. Before, he had a relationship with Shao Zhuoyao and Wei Huiwen, and he would also invite Huang Ziwei and Liang Jiayong to Gudou to play farmhouse music.

A few days ago, some netizens saw Li Chengchang and Wei Huiwen shopping in supermarkets in the mainland wearing clothes next door. They seem to be familiar with this industry. Netizens were surprised to see them and left messages: even those who came to Shenzhen to visit the supermarket came; Li Chengchang and Wei Huiwen are both old drama bones. Without them, the protagonist is no good; TVB actors and colleagues have such a good relationship, is it necessary to go to the supermarket together?

Wei Huiwen’s representative works are not as many as Li Chengchang’s, but his roles as an old man and a bad gambler in "Heroes in the Castle" are impressive. Wei Huiwen graduated from the Drama Department of the Academy of Performing Arts in 1990. His classmates included Li Wanhua, Rain, Chen Jinhong, Gu Minghua, Liang Rongzhong, Wei Junjie, Guan Baohui and Zhen Yongbei.

He didn’t join TVB until 1996, and his role in The Gambler was due to the resignation of Li Chengchang and others, so he had to wait for two rounds of selection to get the role.

Like Li Chengchang, Wei Huiwen also cares about his family. A few years ago, Wei Huiwen’s mother suffered from mild brain degeneration due to a stroke. Wei mother didn’t recognize him, but he still served her filial piety. In addition to his work as an actor, Wei Huiwen is also a voice actor. She was a guest judge on The Voice of America and appeared on The King of Circus.

Eating rabbits is risky! What deadly viruses are hidden in the "game" on the table?

  According to the latest epidemic situation of pneumonia in novel coronavirus, as of 24: 00 on January 28th, the National Health and Wellness Commission had received a total of 5,974 confirmed cases from 31 provinces (autonomous regions and municipalities), including 1,239 severe cases, 132 cumulative deaths and 103 cumulative cured and discharged cases. There are 9239 suspected cases.

  The menacing epidemic has kept everyone in a state of panic. With the expansion of the epidemic, "wild animals" and "game" have once again become the focus of public attention. Earlier, on January 20th, in view of the current pneumonia epidemic in novel coronavirus, Zhong Nanshan, the leader of National Health Commission high-level expert group and academician of China Academy of Engineering, once pointed out that novel coronavirus is likely to come from a wild animal, and it is more likely to be wild animals like bamboo rats and badgers.

  On January 28th, Academician Zhong Nanshan accepted an exclusive interview with Xinhua News Agency, saying that in 2019, novel coronavirus first appeared on a bat, and scientists were looking for an intermediate storage owner in novel coronavirus.

  What is certain is that this epidemic has a great relationship with wild animals.

  Some researchers have done statistics. At present, 70% of new infectious diseases come from wild animals.

  SARS virus: The source of SARS has been proved to come from the Chinese bat, civet cats contact and infect them, and then transmit the virus to humans. If humans did not catch and eat civet cats, which were originally wild animals, the transmission chain of the virus from bats to civet cats and then to people would not have formed, and SARS would not have broken out that year.

  Ebola virus: The source of Ebola virus is wild animals such as orangutans, monkeys and bats. It is precisely because in Africa, people prey on these wild animals that Ebola virus has been transmitted from animals to people many times, and then it has caused outbreaks in human society.

  Nipah virus: Nipah virus also comes from bats, because humans built pig farms next to bat habitats, and the fruits bitten by bats and infected with the virus fell into the pigsty, and pigs were infected with the virus after eating them, and then infected people with the virus.

  Middle East Respiratory Syndrome (MERS) virus: In 2012, doctors in Saudi Arabia discovered a strange disease, which was later named "Middle East Respiratory Syndrome". The MERS virus that causes this disease was originally found in an African bat. Some dromedaries in North Africa accidentally contacted bats with viruses and were infected with MERS virus. With the trade from North Africa to the Middle East, dromedary caravans brought the virus to the Middle East, and the sick dromedaries infected more camels through nasal secretions, eventually infecting humans and spreading among humans.

  one-humped camel

  Influenza virus: almost everyone has had the flu, but the flu disease has nothing to do with humans. They come from birds. Moreover, the flu virus infects the digestive tract of birds, not the respiratory tract. The virus will "mutate", and the bird flu virus will mutate into a new virus that infects humans. However, the surface receptors of human respiratory cells are very close to those of birds’ digestive tract cells. When these new viruses mutated from birds are transmitted to humans, they cause respiratory diseases in humans, that is, "flu".

  HIV: There are two kinds of HIV: one is called HIV-1, and the other is called HIV-2. After research, scientists found that HIV-2 virus came from "mangabey with white top" in West Africa. This monkey carried a SIV virus and independently evolved into HIV-2 AIDS virus. Hunters in West Africa often kill this kind of monkey. When the monkey bites the hunter, or the butcher disposes of the monkey’s corpse, the monkey’s blood containing the virus enters the human body and will be infected with the virus. These viruses replicate themselves and gradually adapt to new hosts &mdash; &mdash; That is, humans. The HIV-1 virus has a completely different source. They come from another animal: chimpanzees.

  Baiding mangabey

  In addition, Hendra virus, Zika virus and so on, the sources of these deadly infectious diseases are all related to wild animals.

  The following small series is for everyone to learn about the bacteria or viruses that are at risk of infectious diseases carried by these common "game players" who have been repeatedly harassed.

  The greatest protection for wild animals is to stay away from them and leave their homes to them. Don’t go near them, don’t occupy them, and don’t overfish or eat.

  Protecting them means protecting us. I hope everyone can introspect, stop being willful and let the tragedy repeat itself.

  Finally, I hope Wuhan can tide over the difficulties and control the epidemic.

Rulu: the legendary road from a new star on the screen to the "fearless queen" in the entertainment circle

In China’s entertainment circle, there is an actress constantly, and she is Rulu. Today, she is 41 years old. With her outstanding acting skills and tough personality, she stands out among many stars and becomes an attractive existence. In the media reports, Rulu is called "nobody dares to provoke", not only because of her diversified roles in front of the screen, but also because of her determination and courage to stick to herself in the stormy entertainment circle.

Early experience: the nourishment of talent

Rulu was born in 1983 and grew up in an ordinary family. Her father is a doctor and her mother is a teacher. Such a family background has given Rulu a good educational foundation. From an early age, Rulu showed a keen interest in performance, participated in various literary and artistic activities in the school, and actively participated in extracurricular drama performances. She once mentioned in an interview: "I like standing on the stage since I was a child and being able to impress others with my performance, which makes me feel extremely happy."

Rulu was admitted to an art high school when he was in middle school, which laid a solid foundation for performance. After that, she was admitted to Xinhua College with excellent results and became a student majoring in drama and film and television performance. During her college years, Rulu was deeply inspired. She constantly participated in various performances and tried to hone her acting skills. After several years of unremitting efforts, she officially stepped into the entertainment circle in 2004, and made her mark in the TV series "The Seven Fairies", which won the favor of the audience.

Career: the display of tenacity and talent

In the early stage of performing arts, Rulu faced many challenges. Although her early works were frequent, she didn’t become an instant hit. In 2006, she played the heroine in the TV series "Flying Fairy". Although the role setting was not outstanding, Rulu attracted more and more attention with her vivid interpretation. She clearly realized that if she wanted to gain a foothold in this competitive environment, only by constantly honing her acting skills. In order to improve her performance ability, Rulu chose to take part in various roles, ranging from sweet girls to complex female images, which she can handle with ease.

In 2015, Rulu’s role as "Qiu Yingying" in the TV series Ode to Joy brought her career to a new peak. The complexity and realism of this role let the audience see the depth of her acting skills, and the female friendship and growth discussed in the play also aroused great social repercussions. Rulu’s performance in this play not only won her praise from many audiences, but also further consolidated her position in the entertainment circle.

With the rising of her career, Rulu began to expand into other fields. She participated in the production of many TV dramas and actively shared her views on performing arts on social platforms. She once mentioned in an interview: "I hope to be more involved in the creation of works, which is not only a challenge to myself, but also a promotion to the whole industry."

Social Relations: Friendship and Competition

In the entertainment circle, Rulu has established deep friendship with many colleagues. She had frequent interactions with actors such as Huang Xiaoming and Zhao Liying, and maintained good cooperation and friendship with them. At a festival party, Rulu said humorously, "It’s a blessing to meet like-minded people in this circle."

At the same time, Rulu is also facing competition from peers. At an award ceremony, her confrontation with another popular young Hua Dan became a hot topic in the media. Both the atmosphere at the scene and the judges’ scores are quite tense. Rulu said in an interview: "Competition is healthy, and it can make me make continuous progress." This mentality and mature handling method make her comfortable in the face of all kinds of pressures.

External evaluation: the demeanor of the strong

With its success in the entertainment industry, Rulu has gradually become the focus of media attention. Every appearance of her and every change of her role will lead to a heated discussion. Even when criticized, Rulu always faces it with a positive attitude. Once, when she responded to a query from a netizen on Weibo, she wrote: "I will continue to work hard, thank you for your support and encouragement! This gives me the motivation to do better. " Her attitude made her fans more firmly support her.

Rulu is not only an excellent actress, but also a female representative with a strong heart. She is well aware of her influence and often transmits positive energy by participating in charitable activities. In a number of public welfare projects, she actively promoted and personally participated in the activities, explaining the role of a responsible public figure with actions.

Personal summary: fearless.

Today’s Rulu is not only an actress who is adept in the entertainment circle, but also a symbol representing women’s strength. She told the world with her own practical actions: in the face of storms and doubts, be brave to be yourself. As she confidently said, "I am who I am, and there is nothing to be afraid of." Her story has inspired countless young people to pursue their dreams and firmly believe that they can meet their own glory as long as they work hard.

In Rulu, we see the virtue of persistence and struggle, and also feel the difficulty and truth behind the entertainment circle. As an actress who "nobody dares to provoke", she is undoubtedly a symbol of women’s strength in this era. It is this persistence that has kept her radiant throughout her many years of acting career, showing her unique personal charm and profound humanistic care.

Editor in charge:

Reflections on the disposal scheme of contractor’s bank’s creditor’s rights-solving negative macro spillover with TLAC

  The securities research information involved in this subscription number is compiled by the fixed-income research team of Everbright Securities (601788), which is only for the professional investors and customers of Everbright Securities, and is used for the communication of research information and research opinions under the new media situation. Customers who are not professional investors of Everbright Securities, please do not subscribe, receive or use any information in this subscription number. It is difficult to set access rights for this subscription number. Please forgive me if it causes you any inconvenience. Everbright Securities Research Institute will not regard relevant personnel as customers of Everbright Securities because they pay attention to, receive or read the content pushed by this subscription number.

  Author of this article

  Zhang Xu/Wei Weixiao

  abstract

  The disposal of creditor’s rights of Baoshang Bank has caused us to think: Can the financial supervision department put forward higher supervision requirements for banks, so that they can reserve enough internal bail-out funds to absorb losses in the process of risk disposal?

  TLAC is the abbreviation of Total Loss-Absorbing Capacity, which refers to the sum of various capital or debt instruments that can absorb bank losses through write-down or share conversion when G-SIBs enters the disposal procedure, that is, the ability of "internal bail-out".

  How can we replenish TLAC capital as soon as possible? We believe that regulatory capital can be supplemented and debt instruments that are not included in regulatory capital but meet the requirements of TLAC can be issued.

  Perpetual bonds of commercial banks can be a breakthrough to supplement tier-one capital. Today (July 26th), ICBC is issuing 80 billion yuan of open-ended bonds.

  Since the beginning of this year, in order to issue perpetual bonds smoothly, the People’s Bank of China and China Banking and Insurance Regulatory Commission have also provided relevant policies. For example, the People’s Bank of China has created CBS, and primary dealers can use the qualified perpetual bonds they hold to exchange them for central bank bills.

  In addition to using existing tools to supplement regulatory capital, TLAC can also be supplemented by some innovative capital tools.

  Most banks in the United States meet the regulatory requirements of TLAC by issuing senior bonds by holding companies, while banks in EU countries tend to use senior non-priority bonds to supplement TLAC capital.

  1. Thoughts on the disposal scheme of creditor’s rights of contractor bank.

  The capital of commercial banks plays a role in absorbing losses before ordinary creditors. For example, in the process of disposing the creditor’s rights of contractor banks, the losses are first absorbed by the original shareholders and the holders of secondary capital bonds. Due to the credit crisis of Baoshang Bank, even if the equity is cleared 100%, it still can’t absorb all the losses, so some subsequent losses need to be absorbed by the deposit insurance fund management company and some creditors.

  How much loss should the deposit insurance fund bear? In order to avoid risks, the Deposit Insurance Fund fully guarantees the principal and interest of all personal savings deposits, corporate deposits of less than 50 million yuan and interbank liabilities through debt acquisition, corresponding to 5.2 million depositors, 25,000 enterprises and interbank institutions respectively. Obviously, the part undertaken by the deposit insurance fund far exceeds the limit of 500,000 yuan stipulated in the Deposit Insurance Ordinance, and its initiative to bear losses is mainly to protect the interests of ordinary creditors as much as possible.

  However, this has also triggered our new thinking: the failure of commercial banks has negative macro-spillover, and in order to prevent systemic risks, the government has to use public funds to provide assistance. Then, is it possible to put forward higher regulatory requirements for banks, so that they can reserve enough internal bail-out funds to absorb losses during the disposal process, instead of relying on external public funds for assistance?

  In fact, the problem of "negative macro spillover" is not unique to China, and the more important the bank, the greater its spillover, which is called "too big to fail". During the international financial crisis in 2008, the American and British governments were worried that the bankruptcy of Citibank and Royal Bank of Scotland would lead to systemic risks, so they injected 45 billion dollars and 45.5 billion pounds into the two banks respectively.

  Such external assistance with public funds will not only increase the burden on taxpayers, but also lead to moral hazard of banks. In order to solve this problem, the FSB (Financial Stability Board) issued the Key Elements of Effective Disposal Mechanism of Financial Institutions at the G20 Cannes Summit in 2011, and put forward the goal of "internal bail-out" instead of "external assistance" of public funds in times of crisis. In November, 2015, FSB issued the Principles and Clauses of Loss Absorption and Capital Reorganization Ability in the Disposal of G-SIBs (referred to as TLAC Clause), which put forward higher requirements for the loss absorption ability of G-SIBs (global systemically important bank) than Basel III.

  2. What is TLAC?

  "TLAC" in the above-mentioned TLAC Clause is the abbreviation of Total Loss-Absorbing Capacity, which refers to the sum of various capital or debt instruments that can absorb bank losses through write-down or share conversion when G-SIBs enters the disposal procedure, that is, the ability of "internal bail-out". A higher TLAC ensures that banks have sufficient capacity to absorb losses when they enter the disposal procedure, thus reducing the probability that "too big to fail" banks will "fail" in a crisis and cause systemic risks. In addition, the "internal bail-out" model helps to encourage bank shareholders and management to increase risk management and reduce the possibility of excessive risk taking and falling into crisis.

  According to the TLAC Clause, qualified TLAC tools need to meet the following criteria at the same time: 1. Paid-in; 2. Unsecured; 3. The ability to absorb losses in the process of disposal will not be weakened by the right of offset and net liquidation; 4. The remaining term of the contract is not less than one year or perpetual (no expiration date); 5. There is no investor’s right to sell back in the coming year; 6. No funds shall be provided directly or indirectly by the disposal entity or its related parties, unless approved by the regulatory authorities of the home country and the host country.

  At the same time, qualified TLAC instruments cannot be excluded liabilities, that is, they cannot be any of the following liabilities: 1. Deposits protected by deposit insurance; 2. Demand deposits and deposits with an original term of less than one year; 3. Liabilities arising from derivatives; 4. Debt instruments with derivative linkage characteristics, such as capital preservation bills; 5. Liabilities arising outside the contract, such as tax obligations; 6. Liabilities (such as secured liabilities) stipulated in the bankruptcy law that are paid before senior unsecured creditors; 7. Liabilities excluded from internal bail-out by law or unable to be written down or converted into shares by relevant disposal authorities.

  Qualified TLAC tools must absorb losses before being excluded from liabilities, so as to ensure the disposal ability of G-SIBs. In fact, the other side of loss absorption preposition is the secondary in compensation, and the secondary attribute can be realized in the following three ways:

  1. contractual subordination: it is agreed in the form of contract that the TLAC instrument is subordinated to the excluded liabilities in the disposal entity table.

  2. statutory subordination: In the statutory creditor hierarchy, the TLAC instrument is lower than the excluded liabilities in the disposal entity table.

  3. structural subordination: TLAC instruments are issued by a disposal entity (such as a holding company) with no excluded liabilities on the balance sheet.

  For example, in the terms of the bond, it is agreed that "the repayment order of the principal of the current bond and the interest payment order are after the depositor and the general creditor", which is the secondary agreement mentioned above, and banks in EU countries tend to use this method. The mode of issuing bonds by non-operating holding companies in the United States is the secondary structure mentioned above. In this mode of secondary structure, the excluded liabilities of subsidiaries are paid off first, and the bonds of holding companies play the role of loss absorption.

  3. Applicable objects of TLAC

  Basel III applies to all banks, while TLAC applies to G-SIBs. The list of G-SIBs is published by FSB every November. In November 2018, there were 29 banks in groups 1-4, corresponding to 1%-2.5% additional capital. At present, the Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China and China Construction Bank are on the list, among which Agricultural Bank of China and China Construction Bank are in the first group, which are applicable to 1.0% additional capital, while Bank of China and ICBC are in the second group, which are applicable to 1.5% additional capital.

  According to FSB rules and practical experience, those with a total score of 130 are more likely to be selected for G-SIBs. (Among the 29 G-SIBs selected in November, 2018, the lowest total score was BPCE, and its score was 130. The Bank of Communications is very close to the above standards. In the results disclosed in November 2018, the total score of the bank was 118, ranking 31 ST.

  The results disclosed by FSB in November 18 correspond to 17 years’ data, and the results to be disclosed in November 19 correspond to 18 years’ data. We find that the data of most subjects of Bank of Communications have improved to varying degrees in the past 18 years. Among them, the highest increase rate is the third-tier assets, with the data of 910 million yuan in 17 years and 2.55 billion yuan in 18 years, an increase of 1.8 times. In addition, assets between financial institutions, payments settled through payment systems or correspondent banks, and cross-border liabilities have also increased by more than 15% respectively. Obviously, according to the current growth rate, it is a high probability that Bank of Communications will be included in G-SIBs in the next few years.

  The score and ranking of Industrial Bank (601166) are not far from those of Bank of Communications, with 96 ranking 36. Next, the rankings of Shanghai Pudong Development Bank (600,000), China CITIC Bank (601,998) and China Merchants Bank (600,036) are relatively close, ranking 40th, 43rd and 44th respectively. The scores of Minsheng Bank (600016), China Everbright Bank (601818), Ping An Bank (00001), Guangfa Bank, Bank of Beijing (601169) and Huaxia Bank (600015) are all below 50% of the threshold of G-SIBs 130, so it is less likely to be recognized as G-SIBs in a short time.

  The minimum TLAC requirements apply to every disposal entity in every G-SIB. The disposal entity here refers to the entity to which the disposal tool is applied in the G-SIB disposal strategy. According to different disposal strategies, the disposal entity can be the parent company, the intermediate or final holding company and the operating subsidiary. Moreover, a G-SIB can own one or more disposal entities.

  A disposal entity and all entities owned and controlled by this disposal entity are regarded as a disposal group. It should be noted here that the above-mentioned entity owned or controlled should not be a disposal entity, and each disposal entity and the entity owned or controlled by it can only belong to one disposal group.

  In addition, within a disposal entity, the direct or indirect subsidiaries that meet the requirements form an important disposal subgroup. In order to facilitate the cooperation between the authorities of the home country and the host country and realize the effective cross-border disposal strategy, FSB requires the appropriate allocation of loss absorption and capital reorganization capabilities within the disposal group. In view of this, FSB puts forward the requirements of internal TLAC for the important sub-groups of G-SIB. The minimum internal TLAC standard is 75%-90% of the minimum external TLAC standard.

  4. TLAC regulatory requirements

  FSB formulates the most basic requirements for G-SIBs, including TLAC requirements based on risk-weighted assets and TLAC requirements based on total assets exposed to risk (i.e. leverage ratio). In addition to the requirements of FSB, the regulatory authorities of various countries or regions may put forward additional requirements for banks according to local actual conditions, and the specific standards shall be decided by the local regulatory authorities themselves.

  The TLAC Clause requires that for banks that become G-SIBs before the end of 2015, the TLAC shall account for no less than 16% of risk-weighted assets and the leverage ratio shall be no less than 6% from January 1, 2019; From January 1, 2022, the above two proportions will be increased to 18% and 6.75% respectively. In addition, G-SIBs also needs to meet the requirements of buffer capital, including reserve capital (2.5%), countercyclical capital (0-2.5%) and additional capital of G-SIBs (1-3.5%). For banks that become G-SIBs between 2016 and the end of 2018, they need to meet the above requirements from January 1, 2022; For banks that become G-SIBs after the end of 2018, they need to meet the requirements within 36 months after becoming G-SIBS.

  Considering the actual situation of emerging market countries, FSB gives them a grace period of six years, that is, the time to meet the standards is extended from 2019 and 2022 to 2025 and 2028. (Note: In fact, up to now, only China’s banks have been selected as G-SIBs among emerging market countries. However, there is an accelerated condition for this grace period: if the balance of financial and non-financial corporate bonds (excluding policy banks) in emerging market countries accounts for more than 55% of the country’s GDP within five years after the publication of the TLAC Clause, the grace period will be shortened by three years and advanced to 2022 and 2025 respectively.

  The TLAC clause of FSB was published in November 2015, so the final judgment of the accelerated clause will be in November 2020, and the data at the end of 2019 will be used for this judgment. By the end of 2018, the ratio of the balance of financial bonds and non-financial bonds excluding political bonds to GDP in China was close to 50%. If we extrapolate linearly at the current growth rate, the above ratio was very close to the threshold of 55% at the end of 2019.

  In addition to the above-mentioned mandatory provisions, FSB also put forward the regulatory expectation in the TLAC Clause, that is, it is expected that the standard TLAC debt instruments will account for no less than 33% of the total capital of TLAC. This regulatory expectation is to ensure that G-SIBs has sufficient capital absorption losses when it enters the disposal procedure. According to the RAW standard of 16%, FSB expects the debt instruments in TLAC capital to account for no less than 5.28% of RAW.

  At the same time, the TLAC Clause stipulates that if the relevant government departments promise in advance to reorganize the capital, bear the cost of the disposal fund or provide temporary disposal funds during the disposal of G-SIBs, the minimum requirements of TLAC can be reduced to some extent. For example, due to the commitment of deposit insurance system in Japan, the minimum TLAC requirement can be exempted: when the minimum TLAC requirement is 16%, it can be exempted from 2.5% (reduced to 13.5%); When the minimum requirement of TLAC is 18%, 3.5% can be exempted (reduced to 14.5%).

  In addition, in order to reduce the cross-infection of risks in the banking system, the TLAC Clause also puts forward the deduction requirements for holding TLAC tools. Since then, it has been further clarified in the Basel III framework that the bank’s investment in non-capital TLAC tools issued by G-SIBs should be deducted from its own tier 2 capital.

  The regulatory authorities in various countries and regions may put forward additional requirements for banks on the basis of FSB requirements according to local actual conditions. At present, there are some differences in the regulatory requirements of the United States, Japan and the European Union, which we will elaborate in the next part.

  5. Implementation of TLAC in USA, Japan and EU

  5.1. Implementation of TLAC in the United States

  In December 2016, the Federal Reserve finalized the American version of the TLAC rules, which are applicable to the global systemically important bank holding companies (covered BHCs) in the United States and the important intermediate holding companies (covered IHCs) of foreign banks in the United States. The US TLAC rules formulated by the Federal Reserve are obviously stricter than the requirements of the FSB. For external TLAC, the difference between the minimum requirements of the Federal Reserve and the FSB is mainly reflected in the following three points: the transition period is cancelled, the leverage ratio is higher, and the hard requirements for long-term debt are increased.

  1. Cancel the transition period: In the requirements of FSB, the period from 2019 to 2022 is a transition period. From 2022, the ratio of TLAC to risk-weighted assets and total risk exposure is not less than 18% and 6.75%, while only 16% and 6% are required during the transition period. TLAC in the United States canceled the transition period arrangement, requiring that it should not be lower than the final level required by FSB from 2019. (Note: The requirement of the Federal Reserve for leverage ratio is higher than that of the FSB’s TLAC. )

  2. Increase the leverage ratio: FSB requires the leverage ratio to be greater than 6%, while in the Federal Reserve version of TLAC, it is obviously more stringent to require the leverage ratio to be greater than 7.5% plus 2% capital buffer.

  3. Put forward the requirements of Ltd.: FSB only puts forward the regulatory expectations for the proportion of debt instruments, while the Federal Reserve puts forward mandatory regulatory requirements for the scale of long-term debt instruments. According to the requirements of the Federal Reserve, from 2019, the ratio of LTD/RWA (that is, the ratio of long-term debt instruments to risk-weighted assets) should be greater than 6% (in addition, G-SIBs has additional capital buffer requirements), and the total assets of LTD/ risk exposure should be greater than 4.5%.

  For internal TLAC, the Federal Reserve has put forward different requirements according to the nature of intermediate holding companies and different implementation strategies:

  1. The intermediate holding company is the disposal entity, and the MPOE strategy (multi-point disposal entity strategy) is applicable: the Federal Reserve requires that the ratio of TLAC to risk-weighted assets and total risk exposure should be no less than 18% and 6.75%, which is consistent with the external TLAC of the corresponding banks in the United States (the internal TLAC requires lower leverage ratio), and the ratio of TLAC to average total assets should be no less than 9% (that is, Tier 1 capital leverage ratio). The requirements of the Federal Reserve for LTD are not less than 6%, 2.5% and 3.5% of risk-weighted assets, total risk exposure and average total assets.

  2. The intermediate holding company is not a disposal entity, and the SPOE strategy (single disposal entity strategy) applies: the Federal Reserve requires that the ratio of TLAC to risk-weighted assets and total risk exposure should be no less than 16% and 6%, and the ratio of TLAC to average total assets should be no less than 8%. The requirements of the Federal Reserve for LTD are not less than 6%, 2.5% and 3.5% of risk-weighted assets, total risk exposure and average total assets.

  5.2. TLAC implementation in Japan

  In the TLAC requirements formulated by the Financial Services Agency of Japan (FSA), it is considered to extend the scope of supervision to some D-SIBs, such as Nomura Holdings, Daiwa Securities, Japan Central Agriculture and Forestry Treasury, and Sumitomo Mitsui Trust Holding Company. Other regulated banks are called "Covered SIBs" together with G-SIBs in Japan. At present, there are four Covered SIBs in Japan, namely Mitsubishi UFJ Financial Group, Mizuho Financial Group, Sumitomo Mitsui Financial Group and Nomura Holdings. The first three are G-SIBs recognized as of November 2018, and these three banks need to meet FSB standards from March 1, 2019. Nomura Holdings, as a domestic D-SIB in Japan, needs to meet the corresponding standards in two years (2021 and 2024). In addition, Japan’s TLAC rules have been implemented since March 31, 2019, which is slightly different from January 1, 2019 stipulated by FSB.

  5.3. Implementation of TLAC in EU

  Similar to the TLAC of FSB, the European Union has put forward the Minimum Requirements for Self-owned Funds and Qualified Liabilities (MREL), which was implemented on January 1, 2016. The difference between MREL and FSB minimum TLAC requirements is mainly reflected in the following six points:

  1. Different startup time: MREL requirements were implemented on January 1, 2016; The requirements of TLAC were implemented on January 1, 2019.

  2. Different coverage: TLAC is only for G-SIBS; MREL covers all credit institutions and investment companies in the EU.

  3. The denominators of the indicators are different: the denominators of the two indicators in TLAC are risk-weighted assets and total risk exposure assets respectively; MERL contains all liabilities and self-owned funds.

  4. The criteria for identifying qualified debt instruments are different: when the debt instruments in MREL are converted into shares or written down during self-rescue, they must conform to the principle of "no credit or worse off (NCWO)", so the qualification identification is stricter than the TLAC standard of FSB.

  5. The uniformity of standards is different: FSB has uniform minimum TLAC requirements for all G-SIBs; MREL determines the specific requirements of each bank on a case-by-case basis.

  6. Different deductions: under the framework of TLAC, it is necessary to deduct the TLAC qualified tools held by other G-SIIs from Tier 2 capital; The current version of MREL framework does not involve deduction for the time being.

  6. TLAC gap of G-SIBs

  6.1. Current global TLAC compliance of G-SIBs.

  Up to now (note: July 26, 2019), six countries or regions, including the United States, Britain, Japan, Canada, Switzerland and China, have met the external TLAC requirements. Among them, TLAC supervision in Japan began on March 31, 2019, which is slightly different from January 1, 2019 required by FSB. The EU MREL framework has been put into operation, which covers not only G-SIBs, but also D-SIBs and other banks.

  At present, some G-SIBs have disclosed their TLAC ratio and leverage ratio in their 2018 annual reports, such as JPMorgan Chase, Credit Suisse Group and UBS Group AG. These three banks have met the minimum TLAC requirements stipulated by FSB, while JPMorgan Chase has also met the stricter TLAC rules formulated by the United States.

  6.2. TLAC gaps of four G-SIBs in China.

  The TLAC Clause requires G-SIBs to meet the corresponding regulatory requirements from January 1, 2019, but gives emerging market countries a grace period of six years, so China has not yet implemented TLAC regulation. Because China’s G-SIBs has not issued corresponding TLAC debt instruments for TLAC rules, the TLAC ratio is close to the capital adequacy ratio after deducting the capital buffer. By the end of 2018, the average capital adequacy ratio of the four major banks of industry, agriculture, China and construction was 15.67%, and the capital adequacy ratio after deducting the capital buffer was 11.92%, which was still far from the regulatory ratio of 16%.

  In terms of leverage ratio, by the end of 2018, the leverage ratios of ICBC, Agricultural Bank, Bank of China and China Construction Bank were 7.8%, 6.8%, 6.9% and 8.1% respectively, all of which were higher than 6%, and the leverage ratio pressure was relatively small.

  Based on the calculation results of leverage ratio and TLAC ratio, the total TLAC financing gap of four G-SIBs in China at the end of 2018 was 2.35 trillion yuan. According to the current capital and operation of the four banks, if we want to meet the minimum TLAC requirements in 2025, we need to increase the TLAC by 392.4 billion yuan annually in the next six years.

  The regulatory expectation is that TLAC debt instruments that meet the standards account for no less than 33% of the total capital of TLAC. According to the minimum external TLAC requirement of 16%, debt instruments such as convertible bonds, perpetual bonds, subordinated bonds, mixed capital bonds and tier 2 capital instruments are not less than 5.28% of RWA’s. By the end of 2018, the above-mentioned debt instruments issued by the four major banks accounted for an average of 1.75% of RWA, which was significantly lower than the above-mentioned regulatory expectation of 5.28%. It is necessary to continue to promote the issuance of debt instruments.

  7. Ways to promote TLAC standards

  There is not much time for the TLAC of four G-SIBs in China to reach the standard. In terms of the time limit for TLAC to reach the standard, although China has been granted a grace period of six years, there is a big TLAC capital gap among the four G-SIBs, so the replenishment pressure of TLAC capital is enormous. How can we supplement TLAC as soon as possible to meet the requirements in the TLAC Clause? We believe that existing capital replenishment tools can be used to supplement regulatory capital, and debt instruments that are not included in regulatory capital but meet the requirements of TLAC can be issued.

  7.1. Supplementary regulatory capital within the framework of Basel III

  The TLAC of commercial banks consists of two parts: one part is the regulatory capital of Basel III, and the other part is the TLAC debt instruments that meet the requirements outside the regulatory capital. Obviously, supplementing the regulatory capital of Basel III can not only improve the capital adequacy ratio, but also improve the TLAC, thus killing two birds with one stone.

  Compared with tier-one capital, tier-two capital is more convenient to replenish. In 2017 and 2018, China’s commercial banks issued 482.4 billion yuan and 493.7 billion yuan of tier-two debt respectively, which effectively supplemented tier-two capital. For Tier-1 capital, the traditional supplementary methods are mainly to issue common shares, preferred shares and convertible bonds into shares. However, the approval process of these options is long, involving many departments, and may disturb the capital market, so they will be restricted by the regulatory authorities in the issuance process.

  Perhaps, the perpetual bonds of commercial banks can be a breakthrough to supplement tier-one capital. At the end of January this year, China Bank successfully issued 40 billion yuan of write-down bonds with no fixed term, which is the first issuance of perpetual bonds of Chinese commercial banks in the interbank market. Up to now (July 26th), among the four G-SIBs in China, BOC and ICBC have issued 120 billion yuan of write-down perpetual bonds, and a total of 200 billion yuan of perpetual bonds of BOC, ABC and CCB have passed the shareholders’ meeting and can be issued after obtaining the approval from China Banking and Insurance Regulatory Commission and the People’s Bank of China.

  In order to issue perpetual bonds smoothly, the People’s Bank of China and China Banking and Insurance Regulatory Commission have also formulated relevant policies. On January 24, the People’s Bank of China decided to create CBS, so that primary dealers in the open market can use the perpetual bonds issued by qualified banks held by them to exchange them for central bank bills. Since then, the People’s Bank of China has launched CBS operation three times on February 20th, June 27th and the end of July to support banks to issue perpetual bonds to replenish capital. In addition, the People’s Bank of China will include the perpetual bank bonds with the subject rating of not less than AA into the eligible collateral of MLF, TMLF, SLF and refinancing. In essence, these two policies use the liquidity creation function of the People’s Bank of China to improve the potential financing ability of perpetual bonds investors, provide liquidity support for the issuance of perpetual bonds and reduce the issuance cost of perpetual bonds. It is worth mentioning that the above two policies introduce positive incentives, which are more sustainable than the traditional negative incentives of administrative orders.

  7.2. Explore the issuance of bonds to improve TLAC.

  In addition to using existing tools to supplement regulatory capital, TLAC can also be supplemented by some innovative capital tools. On January 18, 2018, the former China Banking Regulatory Commission, the People’s Bank of China, the China Securities Regulatory Commission, the former China Insurance Regulatory Commission and the Foreign Exchange Bureau jointly issued the Opinions on Further Supporting the Innovation of Capital Instruments of Commercial Banks (Y.J.F. [2018] No.5), proposing to "summarize the practical experience of commercial banks in issuing preferred stocks and write-down tier 2 capital bonds, promote the revision of relevant laws and regulations, study and improve supporting rules, and issue open-ended capital bonds and write-down tier 2 capital bonds for commercial banks. On February 28th, 2018, the People’s Bank of China issued Announcement [2018] No.3 of the People’s Bank of China, encouraging banking financial institutions to issue new capital supplementary bonds with innovative loss absorption mechanisms or triggering events, and clarifying that "banking financial institutions can explore issuing bonds to improve their total loss absorption capacity".

  In the innovation of TLAC qualified tools, other countries have a lot of experience to learn from. Most banks in the United States meet the regulatory requirements of TLAC by issuing senior bonds by holding companies. For example, JPMorgan disclosed in its annual report that the company has a large number of long-term unsecured debts issued by the parent company to provide maximum flexibility to support the financing needs of banks and non-bank subsidiaries. JPMorgan, the mode of supplementing TLAC by issuing bonds from non-operating holding companies, is the secondary structure mentioned above. In this mode of secondary structure, the excluded liabilities of subsidiaries are paid off first, and the bonds of holding companies play the role of loss absorption.

  Banks in EU countries tend to use "senior non-priority bonds" to supplement TLAC capital. In order to coordinate the EU’s regulations on the hierarchy of bank creditors and promote the formation of a disposal plan for cross-border institutions, the European Commission finally decided to choose the "French model" as the EU standard in November 2017. The "French model" adds the bond varieties of "Non-Preferred Senior Debts" as qualified TLAC tools in the traditional creditor rank sequence by agreeing on the secondary.

  The repayment order of senior non-priority bonds is between subordinated debt and senior unsecured debt, which is superior to subordinated debt in grade, but inferior to senior unsecured debt, that is, a new interlayer is added on the basis of the existing debt structure. When issuing senior non-priority bonds, banks in the European Union need to meet the following agreements:

  1) The original contract term is at least one year;

  2) Bills cannot be derivatives and cannot contain embedded derivatives;

  3) The relevant contract documents must clearly stipulate that the repayment order of debts is between subordinated debts and senior unsecured debts.

  8. Summary

  The disposal of the contractor bank has also triggered our new thinking: the failure of commercial banks has negative macro-spillover, and in order to prevent systemic risks, the government has to use public funds to provide assistance. Then, is it possible to put forward higher regulatory requirements for banks, so that they can reserve enough internal bail-out funds to absorb losses during the disposal process, instead of relying on external public funds for assistance?

  In fact, in order to solve the problem of "negative macro spillover", the FSB (Financial Stability Board) has released "Key Elements of Effective Disposal Mechanism of Financial Institutions" at the G20 Cannes Summit in 2011, proposing the goal of "internal bail-out" instead of "external assistance" of public funds when in crisis. In November, 2015, FSB issued the Principles and Clauses of Loss Absorption and Capital Reorganization Ability in the Disposal of G-SIBs (referred to as TLAC Clause), which put forward higher requirements for the loss absorption ability of G-SIBs (global systemically important bank) than Basel III.

  The above-mentioned "TLAC" is the abbreviation of Total Loss-Absorbing Capacity, which refers to the sum of various capital or debt instruments that can absorb bank losses through write-down or share conversion when G-SIBs enters the disposal procedure, that is, the ability of "internal bail-out". A higher TLAC ensures that banks have sufficient capacity to absorb losses when they enter the disposal procedure, thus reducing the probability that "too big to fail" banks will "fail" in a crisis and cause systemic risks. In addition, the "internal bail-out" model helps to encourage bank shareholders and management to increase risk management and reduce the possibility of excessive risk taking and falling into crisis.

  Basel III applies to all banks, while the minimum TLAC requirements of FSB apply to G-SIBs. The minimum TLAC requirements include TLAC requirements based on risk-weighted assets and TLAC requirements based on risk-exposed total assets (i.e. leverage ratio). In addition to the above-mentioned mandatory provisions, FSB also put forward the regulatory expectation in the TLAC Clause, that is, it is expected that the standard TLAC debt instruments will account for no less than 33% of the total capital of TLAC. In addition to the requirements of FSB, the regulatory authorities of various countries or regions may put forward additional requirements for banks according to local actual conditions, and the specific standards shall be decided by the local regulatory authorities themselves.

  The TLAC Clause requires that for banks that become G-SIBs before the end of 2015, the TLAC shall account for no less than 16% of risk-weighted assets and the leverage ratio shall be no less than 6% from January 1, 2019; From January 1, 2022, the above two proportions will be increased to 18% and 6.75% respectively. Considering the actual situation of emerging market countries, FSB gives them a grace period of six years, that is, the time to meet the standards is extended from 2019 and 2022 to 2025 and 2028. However, there is an accelerated condition for this grace period: if the balance of financial and non-financial corporate bonds (excluding policy banks) in emerging market countries accounts for more than 55% of the country’s GDP within five years after the publication of the TLAC Clause, the grace period will be shortened by three years and advanced to 2022 and 2025 respectively.

  In December 2016, the Federal Reserve finalized the American version of the TLAC rules, which are applicable to the global systemically important bank holding companies (covered BHCs) in the United States and the important intermediate holding companies (covered IHCs) of foreign banks in the United States. The US TLAC rules formulated by the Federal Reserve are obviously stricter than the requirements of the FSB.

  In the TLAC requirements formulated by the Financial Services Agency of Japan (FSA), it is considered to extend the scope of supervision to some D-SIBs, such as Nomura Holdings, Daiwa Securities, Japan Central Agriculture and Forestry Treasury, and Sumitomo Mitsui Trust Holding Company. In addition, Japan’s TLAC rules have been implemented since March 31, 2019, which is slightly different from January 1, 2019 stipulated by FSB.

  Similar to the TLAC of FSB, the European Union has put forward the Minimum Requirements for Self-owned Funds and Qualified Liabilities (MREL), which was implemented on January 1, 2016. The difference between MREL and FSB’s minimum TLAC requirements is mainly reflected in the following six points: start-up time, coverage, denominator of indicators, identification standard of qualified debt instruments, unity of standards and deduction items.

  There is not much time for the TLAC of four G-SIBs in China to reach the standard. In terms of the time limit for TLAC to reach the standard, although China has been granted a grace period of six years, there is a big TLAC capital gap among the four G-SIBs, so the replenishment pressure of TLAC capital is enormous. How can we replenish TLAC capital as soon as possible to meet the requirements in the TLAC Clause? We believe that existing capital replenishment tools can be used to supplement regulatory capital, and innovative debt instruments that are not included in regulatory capital but meet the requirements of TLAC can be issued.

  The TLAC of commercial banks consists of two parts: one part is the regulatory capital of Basel III, and the other part is the TLAC debt instruments that meet the requirements outside the regulatory capital. Obviously, supplementing the regulatory capital of Basel III can not only improve the capital adequacy ratio, but also improve the TLAC, thus killing two birds with one stone. Perhaps, the perpetual bonds of commercial banks can be a breakthrough to supplement tier-one capital. At the end of January this year, China Bank successfully issued 40 billion yuan of write-down open-ended bonds, and Industrial and Commercial Bank of China also issued 80 billion yuan of open-ended bonds. In order to issue perpetual bonds smoothly, the People’s Bank of China and China Banking and Insurance Regulatory Commission have also formulated relevant policies. For example, the People’s Bank of China has created CBS, and primary dealers can use the perpetual bonds issued by qualified banks held by them to exchange them for central bank bills.

  In addition to using existing tools to supplement regulatory capital, TLAC can also be supplemented by some innovative capital tools. In the innovation of TLAC qualified tools, other countries have a lot of experience to learn from. Most banks in the United States meet the regulatory requirements of TLAC by issuing senior bonds by holding companies, while banks in EU countries tend to use "senior non-priority bonds" to supplement TLAC capital.

  9. Risk warning

  If the standard of qualified TLAC debt instruments applicable to China is not clear for a long time, it will not be conducive to the four G-SIBs to supplement TLAC, and ultimately have a negative impact on the ability of finance to support the real economy. In addition, the centralized issuance of TLAC tools will also test the affordability of the bond market to some extent.

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

(Editor: Li Jiajia HN153)

Nantong FAW-Volkswagen CC price reduction news, a discount of 36,000! limited in number

[car home Nantong Preferential Promotion Channel] Recently, a large-scale preferential activity is being carried out in Nantong market, with the highest preferential amount reaching 36,000 yuan and the lowest starting price dropping to 188,900 yuan. This preferential activity provides consumers with a rare opportunity to buy a car. Consumers who are interested in buying FAW-Volkswagen CC may wish to click "Check the car price" in the quotation form to strive for higher discounts.

南通地区一汽-大众CC降价消息,优惠3.6万!数量有限

FAW-Volkswagen CC has attracted the attention of many consumers with its dynamic and elegant design. The front face adopts fashionable family-style design, the air intake grille is decorated with chrome, and with sharp LED headlights, it shows a strong visual impact. The overall body lines are smooth and dynamic, showing a luxurious and dynamic style.

南通地区一汽-大众CC降价消息,优惠3.6万!数量有限

The body size of FAW-Volkswagen CC is 4865mm*1870mm*1459mm, the wheelbase is 2841mm, the front tread is 1586mm and the rear tread is 1572 mm.. The body lines are smooth and dynamic. Equipped with 18-inch rims, tyre size is 245/45 R18, which shows the style of coexistence of sports and elegance.

南通地区一汽-大众CC降价消息,优惠3.6万!数量有限

The interior style of FAW-Volkswagen CC is simple and full of science and technology, showing high-end and fashion. The steering wheel is made of genuine leather, which is comfortable to hold. It also supports manual adjustment up and down and back and forth, so that the driver can adjust to the most comfortable position according to his own needs. The central control area is equipped with a 9.2-inch central control panel, and the operation interface is simple and intuitive, which supports the voice recognition control of multimedia system, navigation, telephone and air conditioner, greatly improving the driving pleasure and convenience. The seat material is made of leather /Alcantara, which not only has the comfort and durability of leather seat, but also adds Alcantara material, which increases the wrapping and friction of the seat and improves the driver’s experience. The front seats are also equipped with heating function, which provides comfort for cold weather. The rear seats support the proportional tilting, which increases the flexibility and practicability of the trunk.

南通地区一汽-大众CC降价消息,优惠3.6万!数量有限

FAW-Volkswagen CC is equipped with a 2.0T turbocharged engine with a maximum power of 137kW and a maximum torque of 320 N m. This engine provides a strong power output, and with a 7-speed wet dual-clutch gearbox, the vehicle can accelerate and shift gears more smoothly.

The owner of car home said that he had bought four hatchbacks, each of which he deeply liked, especially the appearance of hatchbacks. He mentioned that "I just like the appearance of the hatchback …", which not only expressed his love for design, but also reflected his unique views on FAW-Volkswagen CC.

MG is crazy. How is the price-performance ratio of MG6?

Domestic cars have high cost performance, and high configuration is also a major feature of China brand cars, which makes domestic cars have the strength to compete with other cars in these aspects. Today, Xiaobian picked a car and introduced it to everyone. It is. Let’s get to know each other.

Let’s take a look at the appearance of the MG6 first. The front of the MG6 shows a unique design style, which is very recognizable with a three-piece air intake grille. At the same time, the headlights present a sharp design style and exquisite details. The car is equipped with LED daytime running lights, automatic opening and closing, delayed closing and so on. Coming to the side of the car body, the size of the car body is 4738 mm * 1848 mm * 1456 mm. The car uses full lines, and the side circumference gives people a very fashionable and generous feeling. With large-sized thick-walled tires, the shape is eye-catching. In terms of the rear end, the rear end looks very fashionable, and the taillight style is simple and generous, which is very individual.

Sitting in the car, the interior adopts a personalized design, which is consistent with the positioning of the car. The steering wheel of the car is very in line with the interior style, and it is made of Alcantara/ suede material, which has a good feel. Take a look at the central control. The car is decorated with a sharp touch-sensitive LCD central control screen, which makes the interior design quite layered and the details are still in place. Finally, let’s look at the dashboard and seats. The car is equipped with a sharp dashboard and the design is more domineering and stylish. The car uses a leather-like seat, which is wrapped in place and comfortable.

MG6 is matched with a wet dual clutch (DCT) gearbox, with a maximum power of 133KW and a maximum torque of 285N.m, and its power performance is good.

MG6 trunk is quite satisfactory in conventional space performance, and there is no problem in daily use. At the same time, the car is equipped with anti-lock braking (ABS), LED daytime running lights, brake assist (EBA/BAS, etc.), braking force distribution (EBD), traction control (ASR/TCS, etc.), main driving airbag, co-pilot airbag, side airbag curtain, front side airbag and other safety configurations.

This class of cars can often give consideration to both cost performance and practicality, and is often considered by most consumers as the first choice when buying a car. If you are concerned, you might as well experience it.

Israeli Prime Minister-designate calls on Netanyahu to "let go"

  On the 2nd of this month, Lapid, the leader of Israel’s center-left party "Have the Future", announced the successful formation of a new government. The new government will include eight political parties, including the "Have the Future" party and the United Right Alliance. The post of Prime Minister will be held by Bennett, the leader of the United Right Alliance. However, the new government still needs to be voted by the parliament. On the 6th local time, Bennett, who is preparing to replace Netanyahu as the new Israeli Prime Minister, delivered a speech in Jerusalem, calling on Netanyahu to "let go".

  Bennett, leader of the United Right Alliance:I call on Netanyahu to let go and let the country move forward. People have the right to vote for a new government. Although this government is no longer led by you, Netanyahu.

  Bennett said that he hoped Netanyahu would not leave a mess for the country. Bennett also expressed the hope that the Knesset could vote of confidence in the new government on the 9th.

  Netanyahu calls for preventing opposition Coalition from coming to power

  If the new government formation plan can be approved by parliament, Netanyahu, the current prime minister and leader of the right-wing Likud party, will come to an end for 12 consecutive years. Netanyahu threatened on the 6th that even if the opposition ruling coalition came to power, it would be overthrown soon. Netanyahu said that the opposition is trying to form a new left-wing government, but this left-wing government is very weak, unable to guarantee Israel’s national security, unable to deal with the complicated Palestinian-Israeli contradiction and the ownership of Jerusalem.

  Israeli Prime Minister Benjamin Netanyahu:It’s a little late now, but it’s not too late. I call on you to do the right thing, that is, vote against the establishment of the left-wing government. I guarantee that my colleagues in Likud Group and I will strongly oppose it. Establish a government full of risks of fraud. Even if this government is formed, we will overthrow it soon. (Headquarters reporter Tang Xiangwei)