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China cooking master Dong Jidu died of illness — China News Network Sichuan News

  Zhongxin. com, Sichuan News, January 24th (Reporter He Yuqing) The reporter learned from the Sichuan Historical Society’s Sichuan Oral History Committee on the 24th that Dong Jidu, a master chef of China, former head chef of Jingchengyuan Restaurant of Chengdu Catering Company and co-chairman of the Association’s professional committee, died in Chengdu at 18: 00 on January 23rd, 2023, at the age of 79.

  This culinary master who wrote in the Annals of Sichuan Cuisine is not only proficient in Sichuan cuisine, but also bypasses western food and western pastry technology. His representative dishes include poached squid, dried fish wings, preserved chrysanthemum abalone, dried deer tendon, pigeon eggs with hoof swallows, and young chicken tofu pudding.

Dong Jidu is very supportive of the oral history of Sichuan cuisine.
Dong Jidu is very supportive of the oral history of Sichuan cuisine.

  Dong Jidu went to Chengdu Yaohua Western Food Department as an apprentice in 1961, and studied in Yulong Restaurant Chef Training Class in 1964, under the guidance of famous chef Xie Shaoyun. Later, I worked as a chef in Rong Paradise and Yaohua Restaurant. In 1979, he was admitted to Chengdu Senior Chef Training Course. After graduation in 1981, he was assigned to work in Jingchengyuan as a chef, and studied under the famous teacher Liu Duyun. During this period, he went to Jingchengyuan Restaurant in New Jersey, USA as a chef for two years in 1983. After returning to China, he also served as a professional teacher of Sichuan cuisine training class of the city catering company, and participated in the compilation of several Sichuan cuisine cooking textbooks. He has participated in the evaluation of Chengdu chefs’ titles for many times and was awarded the title of Chinese Senior Cooker Appraiser.

  In recent years, many Sichuan cuisine masters who witnessed the development history of Sichuan cuisine have passed away one after another. In order to carry out the rescue excavation of Sichuan cuisine culture and promote Sichuan cuisine to the world better, the Sichuan Historical Society’s Sichuan Oral History Committee was established in November 2022. Dong Jidu is also one of the co-chairs of the Sichuan Historical Society’s Sichuan Oral History Committee.

  In an interview with Dong Jidu recorded by the Special Committee on Oral History of Sichuan Cuisine of Sichuan Historical Society, this Sichuan cuisine master once revealed "the secret of learning to cook Sichuan cuisine"-"If you want to learn technology, go to the place where the old masters drink morning tea".

  Dong Jidu recalled that there was a Caotangzi tea shop in Dajin Street, Chengdu, where masters such as Liu Duyun, Zhang Songyun, Ceng Guohua and Mao Qicheng loved to drink tea. He used to go to the tea shop with Wang Kaifa and Li Defu in the morning to have tea with the grandfathers, and listen to their dragon gate array of Sichuan cuisine. At that time, Zhang Songyun had a sentence that impressed Dong Jidu-"In any case, we should make the best use of our raw materials and not waste them".

  In 1983, 39-year-old Dong Jidu was sent to Jingchengyuan, New Jersey, USA as a chef. At that time, Wang Development was also working as a chef in the American Paradise. On vacation, Dong Jidu hitchhiked to Rongyuan to discuss cooking with Wang Kaifa, and they often discussed it late into the night.

Dong Jidu (left) works in the American Competition Park.
Dong Jidu (left) works in the American Competition Park.

  "The departure of Master Dong Jidu makes us feel that the oral history of Sichuan cuisine is imminent, and it is necessary to race against time to record and preserve the cooking essence of more Sichuan cuisine masters in time." Li Zuomin, Secretary-General of the Special Committee on Oral History of Sichuan Cuisine, said that Dong Jidu was very supportive of oral history before his death, and donated the Sichuan Cuisine books and used Sichuan Cuisine utensils he participated in, leaving his mark on the development history of Sichuan Cuisine. (End)

Celebrating the 72nd anniversary of the founding of People’s Republic of China (PRC), the State Council held a National Day reception.

  10 high-end shopping malls in Harbin

  Yuanda shopping mall

  Yuanda Shopping Center is a large-scale modern shopping mall built by China Yuanda Group in Harbin, which integrates shopping, leisure, entertainment and catering. It is the largest multi-component modern shopping center in Heilongjiang Province at present, and has become a model in Harbin’s business, and is driving the fashion trend of Harbin’s consumer market with good development momentum.

  Address: No.378, Gogol Street, nangang district

  Lin Qiu Corp.

  Harbin Qiulin Group Co., Ltd. is a time-honored enterprise with a long history and well-known at home and abroad. Founded in 1900, it was successively operated by Russian capitalists, British HSBC, Japanese businessmen and the former Soviet government, and was handed over to China in October 1953. After taking over the operation, Lin Qiu has been expanded and reformed for four times, and now it has developed into a large-scale modern commercial retail enterprise focusing on commerce, and it is the only commercial listed company in Heilongjiang Province.

  Address: No.319 Dongdazhi Street, nangang district

  Parkson Shopping Center

  Parkson Department Store entered the retail market in China in 1994, and opened its first department store in Fuxingmennei Street, targeting at middle and high-end consumer groups. Parkson is one of the first foreign chain enterprises to operate fashion department stores in China. At present, it has developed into one of the largest fashion department store groups in China, with a wide marketing network covering 18 provinces and 27 major cities in China.

  Address: No.220, Central Street, Daoli District

  Harbin Zhuo Zhan Shopping Center

  The building of Harbin Zhuo Zhan Shopping Center, with a scale of 115,000 square meters, is designed by a team of famous Japanese designers, which fully introduces the international advanced commercial design concept and perfectly combines commercial design with business services to the maximum extent. No matter from architectural style to commercial layout, or from functional planning to supporting facilities, it is in sync with the world fashion, which fully embodies the pursuit of humanistic spirit by modern department stores. Zhuo Zhan is the only shopping center in Northeast China that integrates Bulgari, Tiffany and Cartier into one shopping mall.

  Address: No.106 Anlong Street, Daoli District

  Hongbo exhibition shopping plaza

  Hongbo Century Plaza, located in Harbin Development Zone, is an important part of Harbin International Convention and Exhibition Sports Center and an international SHOPPINGMALL integrating shopping, leisure, entertainment, food, tourism and business.

  Address: No.301 Hongqi Street, nangang district

  Xinshijie

  New World Department Store is a subsidiary of Hongkong New World Group and a branch of Zheng Yutong family. Harbin New World Department Store provides customers with a good shopping environment, and mainly deals in middle and high-end brands, including Cartier, Burberry, Ferragamo, Max Mara and so on.

  Address: No.403 Garden Street, nangang district

  Thousands of department Store

  Harbin wanda plaza is located in the top section at the intersection of hengshan road and Ganshui Road, adjacent to Kunlun Mall and Golf Course, with a total construction area of 300,000 square meters. It integrates a super commercial center, a platinum five-star international hotel, a number of commercial office buildings and hardcover white-collar apartments, including indoor pedestrian street, boutique department stores, the world’s top 500 international supermarket chains, digital city, KTV, large-scale video game center, international cinema and other all-round consumption levels.

  Address: No.68 Ganshui Road, Xiangfang District

  Songlei business building

  Harbin Songlei Nangang Store, located in the commercial center of nangang district, is a large-scale modern shopping mall mainly engaged in middle and high-grade clothing, which officially opened on November 9, 1993. With its magnificent architecture, elegant decoration combining Chinese and western styles, business atmosphere with a flood of passengers and sincere and fast service means, the shopping mall has won the reputation of "garden-style shopping mall and shopper’s paradise" among the numerous domestic and foreign guests, and was named "the first large-scale modern shopping mall in Heilongjiang Province" by the State Council Development Center.

  Address: No.329 Dongdazhi Street, nangang district

  Central shopping mall

  Harbin Central Mall is located in the most prosperous street in Harbin-Central Street, with a business area of 26,000 square meters, with seven floors, six floors above ground and one underground. The Central Mall opened on November 26th, 1994. It is a joint-stock retail enterprise integrating retail and catering.

  Address: No.100, Central Street, Daoli District

  Jin’ an oubaluo plaza

  Jin ‘an International Shopping Plaza is a high-quality commercial plaza integrating shopping, leisure, catering, entertainment, tourism and culture, which is dominated by internationally renowned brand goods and drives the consumption of other commodities. Among them, the brand stores include Armani, BOSS, Jiya Gallery, Lalique, ZARA, SEPHORA, Cordiz, PIAGET, Watsons, Hot Air and so on.

  Address: No.69 Central Street, Daoli District

  Other large shopping malls

  Songlei shopping center

  1. No.66, Central Street, Daoli District

  2. No.1 Heping Road, Xiangfang District

  Manhattan Shopping Center

  No.71 Zhaolin Street, Daoli District

  Goldsun Xintiandi shopping plaza

  No.158 Zhongyang Street, Daoli District

  Lufthansa Outlets

  No.123, Lot Street, Daoli District

  Makewei shopping center

  No.168 Jingyu Street, Daowai District

  Hart shopping plaza

  No.118 Xidazhi Street, nangang district

  Hexing shopping center

  400 Xidazhi Street, nangang district

  Xinji shopping mall

  No.228 Xuanhua Street, nangang district

  Di Chin shopping mall

  No.45, Central Avenue, Daoli District

  Hualian Mall

  No.122 Shitoudao Street, Daoli District

  Daan shopping center

  No.96, Zhongyang Street, Daoli District

  Millennium sun hongqi shopping plaza

  No.218 Hongqi Street, nangang district

  Dashang Group Harbin Xinyibai

  No.118 Shitou Street, Daoli District

  Mackay

  No.75 Shangzhi Street, Daoli District

  Le Song shopping plaza

  No.8, Sanda Dongli Road, Xiangfang District

  World shopping mall

  No.323 Dongdazhi Street, nangang district

  Taiping Qiao parkson shopping mall

  No.1158 Dongzhi Road, Daowai District

  Large supermarkets in Harbin

  Name and address Wal-Mart supermarket

  1. No.168, Xianfeng Road, nangang district

  2. No.254, Zhongshan Road, nangang district

  3. Floors 2-4 of Wanda Commercial Plaza in Daoli District

  Carrefour supermarket

  1. No.301, Hongqi Street, nangang district

  2. No.8, Sanda Dongli Road, Xiangfang District

  3. Triumph City Shopping Plaza, No.365 Xinyang Road, Daoli District

  4. No.40, Xidazhi Street, nangang district

  RT Mart supermarket

  1. The first floor of wanda plaza, No.37 Ganshui Road, Xiangfang District.

  2. No.402 Xuanhua Street, nangang district.

  Beijing hualianchaoshi Supermarket

  No.57 Zhongshan Road, Xiangfang District

  Central hong supermarket

  Nangang district Xidazhi steet

  Century Lianhua Supermarket

  1. No.93, Lot Street, Daoli District

  2. Guxiang Street, Daoli District

  3. No.564, Xidazhi Street, nangang district

  4. Hanshui Road, nangang district

  Trust-Mart

  1. No.58 Cross Street, nangang district.

  2. No.68 Nanma Road, Daowai District

  3. No.58 Anbu Street, Xiangfang District

[Topic] Where to go for the May Day holiday? Hey, beautiful Longjiang, get up.

Bold! Corrupt officials took bribes of more than 3 million, and their wives spent 7.5 million to "get a husband"

       CCTV News:The fall of corrupt officials makes people happy, but some people are not happy — — That is the relatives of individual stubborn corrupt officials. These people don’t miss any opportunity, as long as they can escape legal sanctions and fish people out, they will do anything desperate. However, the mirage will eventually dissipate, leaving only the cold reality.

       Yan Yongxi, the former deputy head of Mentougou District, Beijing, who was rated as "the most greedy in Beijing" by the media, was double-checked by CPC Central Commission for Discipline Inspection on August 4, 2009 for alleged corruption. Yan Yongxi’s son was introduced and found his classmate’s father, Yin, to help "fish people" and promised to provide Yin with the cost of dredging the relationship. Yin also vowed that he knew people in CPC Central Commission for Discipline Inspection who could get Yan Yongxi out, and promised not to be sentenced. Subsequently, Yan Yongxi’s son provided him with more than 3.28 million yuan from August 2009 to April 2010.

       On January 12, 2011, Yan Yongxi was tried in Beijing No.1 Intermediate People’s Court. On September 16, 2011, Yan Yongxi’s case was pronounced in the first instance and Yan Yongxi was sentenced to life imprisonment. After Yan Yongxi appealed, the Beijing High Court upheld the original judgment.

Yan Yongxi, former deputy head of Mentougou District, Beijing

Yan Yongxi, former deputy head of Mentougou District, Beijing

       Everything is settled, and there is no possibility of change. Where is Yin, who once claimed to be exempted from criminal punishment?

       It turned out that as early as mid-April 2010, after Yin got 3.28 million yuan, Yan Yongxi’s son could no longer contact him. At this point, the fact that Yan Yongxi’s son was defrauded for "fishing" his father finally surfaced.

       After investigation, it was found that Yin was detained for contract fraud in July 2010 and sentenced to five years in December 2011.

       After the "fishing people" scam was exposed, Yin was escorted back to Beijing for trial. Yin, 63, argued that he agreed to "fish for people" because he had a friend who was the director of CPC Central Commission for Discipline Inspection. However, the investigators found that according to the information of this friend provided by Yin, there was no such person in Beijing.

       Compared with the lady below, Yan Yongxi’s son is just "dwarfed". After hearing the verdict of her husband’s case, the wife suddenly realized that she had been cheated, which really made people laugh and cry.

       Li Dingrong took bribes of more than 3 million, and his wife spent 7.5 million "fishing for her husband".

       In 2012, Li Dingrong, the former deputy director of Shajing Sub-district Office in Bao ‘an District, Shenzhen, was arrested for accepting bribes. His wife spent 7.5 million yuan to entrust her husband, but Li Dingrong was still sentenced to 13 years in prison.

       After receiving the verdict, his wife felt cheated and called the police, and Wang Mosheng, whom she entrusted, was arrested. Subsequently, Wang Mosheng was tried for alleged fraud, but he did not plead guilty during the trial, saying that most of the money was transferred to another person who claimed to have the ability to do this.

       After arriving at the case, Li confessed that the middleman tried to hook up with Zhu Mingguo, then secretary of the Political and Legal Committee of Guangdong Provincial Committee. However, Li Dingrong’s case is more complicated. He and Zhu Mingguo are just old colleagues many years ago, and they dare not find Zhu Mingguo on this matter.

       It is reported that Li Dingrong was found to have accepted bribes of 3.738 million yuan.

Li Dingrong, former deputy director of Shenzhen Shajing Street Office

Li Dingrong, former deputy director of Shenzhen Shajing Street Office

       Compared with Li Dingrong’s wife who was defrauded of 7.5 million for "fishing for people", another person was cheated for "fishing for people", and the amount of fraud was staggering.

       The son of "2 billion village officials" in Shenzhen was cheated of 27 million yuan for spending money to get his father.

       On November 25, 2012, netizens posted that Zhou Weisi, a village cadre of Shenzhen Nanlian Community, was sitting on huge assets, claiming that he owned more than 80 private houses, villas, factories and buildings, and more than 20 luxury cars, with estimated assets exceeding 2 billion yuan.

       Since then, the survey shows that there are as many as 76 houses declared by Zhou Weisi’s family, which is not much different from the net posts.

       On February 26, 2014, Zhou Weisi was charged with three counts of suspected bribery, non-state staff bribery and unit bribery, involving a total amount of over 50 million yuan.

Zhou Weisi was tried (middle)

Zhou Weisi was tried (middle)

       According to informed sources, after Zhou Weisi was controlled, a relative found Zhou Weisi’s son and said that he knew Luo, who worked in a "secret department", and could release Zhou Weisi on bail pending trial. In January 2013, this relative arranged for Zhou Weisi’s son to meet with Luo. Because the time between Zhou Weisi’s being reported by netizens and being controlled is very short, the incident happened suddenly, and his family members were very flustered, and they didn’t know what to do. In addition, the introducer is a relative, so Zhou Weisi’s son did not doubt Luo’s identity. At the same time, Luo boasted about Haikou, claiming that he had excellent relations with senior officials and would certainly get things done. Subsequently, the two sides hit it off, and Zhou Weisi’s son invested 30 million yuan, paying 20 million yuan first to help Luo "fish people".

       However, the huge efforts have not been rewarded. Zhou Weisi’s bail pending trial was delayed, while Luo Mou frequently shirked and lied that he was still mediating. In April 2013, Luo claimed to have found a "confidential department VIP" Xu, who could complete the task of "fishing for people". The son of Zhou Weisi, who was in an urgent mood, did not think deeply at all, and then handed over 7 million yuan to Luo.

       In February 2013, Zhou Weisi was arrested on suspicion of accepting bribes and bribery. The case lasted until September 2013, and comprehensive information showed that Zhou Weisi was not released on bail pending trial. In the same month, Zhou Weisi’s son, who was aware of being cheated, reported the case to the police. According to the police involved in the investigation, Luo and Xu were suspected of fictional identity fraud.

Zhou Weisi's son was cheated.

Zhou Weisi’s son was cheated.

       Through the above three cases, we will find that the liar’s technique is not clever, but it is precisely by grasping the victim’s psychology that the liar is unscrupulous and commits fraud. In addition, the victims only wake up after things have not been done and find themselves cheated.

       The hidden rules of "fishing for people" in officialdom, courts and public security bureaus have been severely attacked.

       Why are some relatives convinced that they can successfully "fish for people" by finding relationships and asking for help after corrupt officials fall? That’s because there are such people who have no king’s law and take money to "fish for people" without authorization.

       For example, Cao Jianliao, the former deputy mayor of Guangzhou, abused his power to collect money crazily during his tenure in Tianhe, Haizhu and Zengcheng districts of Guangzhou, and was suspected of taking bribes of nearly 80 million yuan. In the case of Cao Jianliao, Wu Bingqian, a businessman, was investigated by relevant departments in Haizhu District of Guangzhou for bribing others. With the help of Cao Jianliao, then secretary of Haizhu District Party Committee, Wu Bingqian was not only exonerated from criminal responsibility, but also became a representative of Guangzhou Municipal People’s Congress and got the land he wanted.

In 2016, Cao Jianliao, former deputy mayor of Guangzhou, was tried in the criminal trial area of Shenzhen Intermediate People's Court.

In 2016, Cao Jianliao, former vice mayor of Guangzhou, was tried in the criminal trial area of Shenzhen Intermediate People’s Court.

       Huang Changrong, Deputy Secretary and Vice President of the former Party Group of Shenzhen Longgang District People’s Court. When investigated in 2014, investigators found that Huang Changrong directly instructed the judge to sentence a person involved in the case to probation after receiving the money from the person in charge of the law firm.

       Wu Zhengyang, former member of the Standing Committee of the County Committee of Jiujiang, Jiangxi Province, secretary of the Political and Legal Committee and director of the public security bureau, once served as member of the Standing Committee of Lushan District Committee of Jiujiang City and director of the district public security bureau. In March 2013, Jiujiang Intermediate People’s Court made a judgment, and the defendant Wu Zhengyang ignored the national laws and relevant regulations, and committed crimes such as corruption, bribery and bending the law. He was sentenced to 13 years in prison for several crimes. During the investigation, the investigators found that during his tenure as the director of Lushan District Public Security Bureau and Jiujiang County Public Security Bureau, Wu Zhengyang accepted bribes and "fished for people" in 22 cases, involving 28 people. Yan, who has a good personal relationship with Wu Zhengyang, asked Wu Zhengyang for help for 23 times in several years in order to reduce the punishment imposed on himself and his friends by relevant law enforcement agencies and departments, and gave Wu Zhengyang a total of more than 1 million yuan.

       According to the report of the 19th National Congress of the Communist Party of China, the people hate corruption most, and corruption is the biggest threat to the Communist Party of China (CPC). Only with the tenacity and persistence of anti-corruption on the road forever, deepening the treatment of both the symptoms and the root causes, ensuring the integrity of cadres, the clean government and the clear politics, can we jump out of the historical cycle rate and ensure the long-term stability of the party and the country. At present, the situation of the anti-corruption struggle is still severe and complicated, and the determination to consolidate the overwhelming situation and win the overwhelming victory must be rock-solid.We must adhere to no-forbidden zone, full coverage and zero tolerance, insist on heavy containment, strong pressure and long-term shock, insist on bribery and bribery together, and resolutely prevent the formation of interest groups within the party.Establish an inspection system in city and county party committees and intensify efforts to rectify corruption around the masses. No matter where the corrupt elements flee, they must be arrested and brought to justice. Promote anti-corruption national legislation and build a reporting platform covering the discipline inspection and supervision system. Strengthen the shock of not daring to rot, fasten the cage that can’t rot, enhance the consciousness of not wanting to rot, and exchange Haiyan Heqing and Langlang Gankun through unremitting efforts. (Text/Liu Shan)

Suspected 2025 Mazda 3 debut, 2.5T with four-wheel drive, would you choose it?

Compared with the past, the sales of the three major Japanese car companies in 2024 can be said to have plummeted, and even car companies like Toyota have not been spared. However, compared with these three major car companies, Japan’s "Mazda" is a brand that is too small to be ignored! Recently, however, foreign media have released photos of the 2025 model, and the new shape has really surprised many people.

From the appearance point of view, this Mazda takes a very sporty route. The wide body makes it look more calm, and its front face is also very simple. The net is polygonal, and the stars inside make it look both sporty and artistic. LED headlights, plus enclosed ones, are not inferior to Audi models in the light. The overall design of the front enclosure also ensures the integrity of the new car.

As can be seen from the side, the front suspension and rear suspension of Mazda 3 are very long, which looks more like a sports car. Although it enhances its sportiness, it also makes its back seat more crowded! In addition, the pure carbon black wheel hub is also a guarantee of movement. At the rear of the car, it is a continuation of the current style. The taillights are replaced by two muzzles. The wide body and the front bumper are perfectly integrated, and the exhaust on both sides is a small hole.

Compared with the appearance of the explosion, the interior of the car is full of vitality. The three steering wheels are still the same, but the central LCD screen and the central screen have been replaced with new designs, which increases the sense of science and technology. At the bottom of the screen, there are two rows of solid buttons covered with a wooden cover, giving people an antique feeling. At the same time, the door of this car is inlaid with many diamond-shaped decorations, giving people a luxurious feeling.

In terms of power, overseas models have been released.2.5 L and 2.5 T two different power systems. The powertrain standard is a 6-speed automatic transmission, and there are two 2.5 T optional front wheels and four-wheel drive. Because of its excellent power system, many people say, "This car needs at least 300 thousand." What do you think?

In general, the 2025 Mazda 3 shows Mazda’s determination to change. However, whether it can reverse Mazda’s decline depends on the market reaction. Finally, I want to ask you, what do you think of this car? Welcome to leave a message in the comment area for discussion!

Scientifically grasp the attributes of emerging Internet platforms.

  The new generation of network information technologies such as Internet, big data, cloud computing and artificial intelligence are booming, and a number of emerging Internet platform enterprises are growing rapidly, which has profoundly changed the production and lifestyle in various fields of economy and society. The platform has increasingly become an important organizational model in the digital economy era, and its attributes are directly related to the governance rules and responsibilities of the platform, as well as the policy orientation of government supervision. A profound analysis of the attributes and characteristics of emerging Internet platforms is of great practical significance for implementing the requirements of inclusive and prudent supervision and building a new regulatory framework that adapts to the development of platform economy.

  How to understand the emerging Internet platform

  Driven by the new generation of information technology, all kinds of new services and applications are developing vigorously, and the platform organization mode is adopted to attract different user groups to settle in the platform, and by providing information services, the interaction or transaction between various users is promoted. It can be said that the emerging Internet platform is the organizer and important carrier of online market transactions.

  On the one hand, the emerging Internet platform is a market organization that mediates and links multiple groups to promote their interaction. Their common feature is to provide physical or virtual places for the interaction between different customer groups, provide intermediary services and maintain the order of the platform. Internet has broken the geographical and time-space restrictions, and enterprises can integrate multi-party resources on a global scale by building various innovative business application platforms. These emerging Internet platforms, as a new market organization, reduce the transaction cost between customers and maintain the order of transactions within the platform by setting up platform rules.

  On the other hand, emerging Internet platforms are online licensed platforms that provide information services or content services based on data and algorithms. In order to solve the problem that it is difficult to accurately match the cross-regional supply and demand information, the emerging Internet platform technically collects various data such as subject information, product or service information, user comment information, etc., and provides search, bidding, scheduling, payment, credit and other services with the help of software algorithms to match the supply and demand sides, improve transaction efficiency, and also need to obtain permission from relevant regulatory authorities.

  We should also see that the emerging Internet platform is gradually becoming a key link in the digital economy ecosystem. With the help of the advantages of network economy and relying on its advantages in the core business market, emerging Internet platforms penetrate into other fields, and finally build a digital economy ecological chain based on their respective core businesses. In the eco-chain, by publishing platform rules, platform enterprises clearly define subject access, behavior norms, content review, service quality, user protection, dispute resolution, illegal information prevention, etc., and set up corresponding incentive and restraint measures such as user evaluation and credit system. In fact, relying on the advantages of technology, computing, data and user scale, the emerging Internet platform has become the maker of platform operation rules, the maintainer of platform operation order and the carrier of platform digital ecosystem.

  How to Understand the "Facilities" Attribute of Emerging Internet Platforms

  With the increasing scale of users, market share and influence of emerging Internet platforms, some people think that emerging Internet platforms have become infrastructure or public utilities, others think that they are key information infrastructure, and others think that they are necessary facilities. The key to these different views is that the basic concepts of different "facilities" have not been clarified.

  Emerging Internet platforms are different from traditional infrastructure or utilities. Traditionally, infrastructure or public utilities usually refer to physical facilities, assets and networks, such as power grids, oil and gas pipelines, etc., and also include new infrastructure such as industrial Internet and Internet of Things. These physical facilities have high replication costs and low substitutability. The emerging Internet platforms are mostly composed of remote server clusters or data centers, application program interfaces (API) for third-party merchants, application programs (APP) for user terminals or websites, which have the characteristics of light asset scale, rapid business change and many alternative products. Its key assets are big data resources and algorithm libraries, and its competitive advantages come from technological innovation, network effects and economies of scale. Therefore, they are quite different from each other in terms of business access, competitiveness, market barriers, economic and social influence and supervision orientation.

  Whether emerging Internet platforms can be included in the scope of key information infrastructure remains to be clarified by national laws and regulations. Critical information infrastructure refers to network facilities or information systems that may seriously endanger national security, national economy and people’s livelihood and public interests once they are destroyed or lose their functions and data are leaked. At present, the scale of large-scale platform users in China is generally above 100 million, and the business volume and income reach more than several trillion yuan. Once it is destroyed, it will affect a wide range. At present, to bring emerging Internet platforms into the scope of key information infrastructure, it needs to be formally defined by relevant national legislation, and it needs to be considered from the perspectives of network security and data security.

  Whether the emerging Internet platform is a necessary facility needs to be defined according to its commercial behavior and market competition conditions. Necessary facilities is a term in the field of anti-monopoly, which is closely related to monopoly position and market competition. The principle of necessary facilities derived from this means that monopoly enterprises with necessary facilities have the obligation to open their facilities for the use of third parties, including competitors. In practice, the identification of necessary facilities must meet a series of conditions, such as the necessity and feasibility of providing facilities access, the reproducibility of facilities, and the rationality of refusing to open. Whether the emerging Internet platform has a large number of users and participates in the competition on a global scale constitutes a necessary facility in the sense of anti-monopoly still needs to be judged in accordance with the anti-monopoly law and the competition constraints of its related markets, and it cannot be easily determined that it is a necessary facility.

  How to supervise emerging Internet platforms and their competitive behaviors?

  Compared with ordinary market competitors, emerging Internet platform enterprises need to bear corresponding responsibilities and obligations no matter what facilities they are identified as. In this regard, the regulatory authorities can adopt relevant strategies to promote healthy competition in the platform market and maintain fair competition market order.

  First, scientifically define the boundary and scope of "facilities". At present, the society generally has mixed concepts and misunderstandings about whether the emerging Internet platform belongs to infrastructure or necessary facilities. In this regard, we should first scientifically define the connotation and extension of infrastructure or necessary facilities, as well as their scope and boundaries, and avoid the definition of infrastructure being too wide and too broad. For emerging Internet platforms, we should scientifically define and identify their specific categories according to national laws and regulations, combined with the technical and economic characteristics and identification standards of these Internet platforms.

  The second is to play the role of the market and strengthen platform self-discipline. The Internet platform market presents a high degree of dynamic competitiveness, with a series of characteristics such as cross-border competition, subversive innovation, and multi-user ownership, which has strong constraints on the business behavior and governance rules of the Internet platform. We should fully respect the business rules and competitive logic of the Internet platform market, and realize that demand-side network effect and supply-side economies of scale will not only drive the market to present a winner-takes-all situation, but also stimulate potential competitors to focus on market segments and participate in market competition through technological innovation, network effect and service improvement. We should ensure the normal functioning of the market mechanism, reasonably define the responsibilities of platform enterprises, and provide self-discipline constraints for Internet platform enterprises.

  The third is to innovate the anti-monopoly policy of emerging Internet platforms. The original intention of the anti-monopoly policy is to protect fair competition in the market. Monopoly status itself is not illegal, but monopolistic behavior is illegal. When the market share of traditional market or infrastructure industry is highly concentrated, anti-monopoly institutions should be vigilant when enterprises adopt behaviors such as pricing below cost, bundling, market blockade, vertical restraint and discriminatory pricing. In contrast, when Internet platform enterprises adopt the above business strategies, in some cases, they will improve the efficiency of resource allocation and enhance the welfare of consumers. However, the international community has begun to pay close attention to their merger and acquisition of start-ups and then exclude potential competition. Therefore, we should follow the principle of reasonable inference, dialectically treat the commercial behavior and competitive strategy of the Internet platform, encourage benign fair competition, and promptly investigate and deal with the behavior of restricting or crowding out competition on the platform.

  Fourth, it is necessary to be cautious in supervising emerging Internet platforms. Considering that the platform economy, as a new thing, is still in the stage of rapid growth, we should adhere to the concepts of tolerance and prudence, neutral supervision and mild supervision, balance the relationship between supervision and innovation, innovate the traditional supervision framework in time, and create access rules in line with its operating characteristics. We should combine the characteristics of the bilateral market of the Internet market, dynamic innovation, platform competition, technological change and the costs and benefits of government supervision, constantly enrich the technologies and means of supervision and governance, innovate the collaborative governance mechanism with platform enterprises, and build a new type of supervision and governance system that adapts to the development characteristics of platform economy, participates in many parties and is compatible with incentives. (Ma Yuan, Chloe Wang, Institute of Market and Price, China Macroeconomic Research Institute, Enterprise Research Institute, the State Council Development Research Center)

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)

QQ Music X Pepsi Campus’s strongest voice sings the desire to witness the birth of the next music star!

On July 14th, Pepsi-Cola and QQ Music, the head music platform of the young trend, successfully held the strongest sound on the 2024 Pepsi campus. With the blessing and influence of QQ music of the leading young audience, the strongest sound on the 2024 Pepsi campus is also regarded as a new starting point for the next ten-year journey of the Pepsi campus brand IP.

There is no limit to music, but desire is possible! The strongest voice of this year’s Pepsi campus is composed of 20 groups of campus singers from 26 competition areas across the country, which successfully entered the finals stage. Among them, powerful artists Ronghao Li, Dylan, Wan Nida, Shan Yichun and Che Che Che presented wonderful interactions and performances for the audience. QQ Music, as the joint producer of the strongest sound in this year’s Pepsi campus, provides all-round resource support and fully empowers young campus musicians to provide a stage to realize their dreams.

When you are young, you must sing your desire loudly, and 20 groups of players will compete at the peak to witness the birth of the strongest voice champion on campus!

The strongest voice of Pepsi campus has been committed to providing a multicultural youth stage for young people, tapping the creativity and possibility of music, and bringing courage and strength to the new generation to challenge themselves. This competition is divided into three parts: releasing the desire for new voices, singing the desire attitude, and dreaming for the peak. The contestants on the scene also showed their wonderful performances. On-site judges gave wonderful comments through the comprehensive performance of the contestants’ stage and typhoon. This time, the top three contestants with the strongest voice in Pepsi campus in 2024 were finally decided, namely champion Zhao Binbin, runner-up Yu Peishan and runner-up Zhang Mai.

Always love, always keep longing! The strongest sound of Pepsi Campus, which has arrived on schedule every year for eleven years, not only creates a stage with different energy and value for young musicians, but also enables countless musical talents to be realized. QQ Music and Pepsi have been working hard to find, excavate, respect and encourage young musicians, release their aspirations, and strive for their own high-light stage in life and realize their own dreams!

Release the young and eager attitude, and the annual music carnival is at this moment!

After the national finals of the strongest sound on Pepsi campus, the music carnival officially started! The singers present this time: Ronghao Li, Wan Nida, Shan Yichun, all made the top charts of QQ music for many times with their hit singles. More importantly, Dylan, the spokesperson of Pepsi, came to the scene to share his eager attitude, and brought surprise interaction with Che Che, the content partner of Pepsi’s strongest original club and one of the judges of this finals.

Shan Yichun set off a chorus with a song "When I miss you, the wind rises" and ignited the atmosphere. Wan Nida’s "MoJiaDai Mogadai" was sung in his hometown Fuzhou dialect, and the unique melody brought everyone to the free world that belongs only to her. Ronghao Li not only sang The Composer this time, but also performed a new song "One Hundred" specially created for Pepsi-Cola brand. He said that he not only wanted to do his best, but also wrote it in the summer, which was a good blessing to all graduates. He hoped that the new generation of musicians could keep their love for music in Do not forget your initiative mind forever.

As a spokesperson for Pepsi, Dylan also came to the scene wearing his own brand D.desirable and Pepsi’s co-branded money. His understanding of "Desire is possible" is that you should be bold when you are young, play bravely, desire comes from love, and as long as you are eager for the future, you can create infinite possibilities. The strongest sound of QQ Music X Pepsi Campus links young people with music, and pours music genes into Pepsi brand culture. The strongest sound of this year’s Pepsi Campus combines the cultural attributes of the young trend of QQ music to jointly help young people release their musical talents and young blood creativity, and resonate with the times.

With music as the carrier, we can ignite our dreams, so that every eager young person can draw a blueprint of their dreams and let their love and creativity continue. Just like the spirit conveyed by Pepsi brand, young people are encouraged to express themselves bravely and find the real meaning and value in their lives.

As the domestic head music platform, QQ Music represents the choice and authority of the music market. Apart from this cooperation with Pepsi, QQ Music also has deep interaction with many partners such as Heineken, Watsons, JD.COM, Mentholatum and Super IP. QQ Music links to more audiences through innovative content experience, conveys more profound cultural connotation and higher social value in music, and helps young people to grow up from growth to fame. At the same time, in the future, QQ Music will join hands with more brands to create more innovative marketing cases.

Disclaimer:


China Entertainment reprints this article for the purpose of transmitting more information, and does not represent the views and positions of this website.


The content of the article is for reference only and does not constitute investment advice. Investors operate accordingly at their own risk.

Oil leakage from the valve cover is harmful, so don’t ignore it.

As we all know, the valve cover is usually located at the top of the engine, and the oil filler, ignition coil and other components are installed with it. With the increasing integration of the engine, the responsibilities of the valve cover are increasing.

Therefore, if the valve cover fails, it will seriously affect the running state of the engine.

01

Fault case: air conditioning odor caused by aging of valve cover

A limousine entered the repair shop, and the owner complained that the air from the air conditioner smelled burnt. Maintenance personnel try air conditioning, and they can smell obvious odor during external circulation, but there is almost no odor during internal circulation. Open the engine compartment and look carefully. It is found that the oil drips on the high-temperature engine parts, releasing the burnt smell, and then being sucked into the car from the air inlet of the air conditioner.

Air conditioning outlet smells bad.

Following the trace of oil leakage, the source of oil leakage was found, which was that the valve cover was aging and cracked, resulting in oil leakage. Replace the valve cover assembly, clean up the leaked oil, and after replacing the air conditioner filter, the air conditioner odor disappears and the fault is eliminated.

Aging valve cover

The source of the above faults is the aging of valve cover and oil leakage. However, the consequence of aging of this part is not only the phenomenon of air conditioning odor.

02

The valve cover is abnormal, and there are various problems.

The engine is developing in the direction of light weight and miniaturization, and many independent components in the past have begun to merge with each other and integrate into one. For this reason, in the valve cover of today’s mainstream models, seals, valves, oil mist separators, etc. are generally integrated to form an assembly.

Obviously, when the valve cover fails, its impact will be various. The following are some common phenomena:

Seal failure: Oil leaks out of the engine, resulting in oil consumption.

Increase of sludge: oil leaks into the cylinder head, camshaft and valve contact with too much oil, and sludge increases, which affects the action.

Carbon deposit in the cylinder: the oil enters the spark plug hole, which affects the spark plug flashover and forms carbon deposit in the cylinder.

Harness damage: oozing oil will flow along the harness and cause poor contact of the connector.

03

Possible causes of valve cover damage

Natural aging is one of the reasons, and the failure of some other systems on the engine will also lead to the damage or performance degradation of the valve cover.

The first is the temperature. There are many engineering plastics and rubber products in the valve cover. If the engine runs at high temperature for a long time, these parts will age rapidly.

Seal on valve cover

The second is stress. If the crankcase is not well ventilated, the internal pressure of the engine will increase, which will bring additional load to the seal and make it more prone to fatigue.

In addition, human factors can not be ignored. When installing the valve cover, the bolts must be tightened in strict accordance with the order indicated by the technical data of the main engine factory, otherwise the sealing may be lax and repair may be brought.

Article source: Mahler after-sales

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.