The social security rate has dropped again, and all employees of the enterprise have benefited.

  CCTV News:On April 4th, the Comprehensive Plan for Reducing Social Insurance Rate was released. The plan will be implemented on May 1st. It is expected to reduce the burden on enterprises by 300 billion yuan this year. How to reduce the social insurance rate? Who benefits more? If the rate is lowered, the income of the fund will inevitably decrease. How can the pension be paid in full and on time?

  News background:

  According to the plan, the proportion of urban workers’ basic old-age insurance (including enterprises, institutions and institutions) paid by units above 16% will be reduced to 16%. Compared with the current rate of 20% or 19% in most provinces, this rate is reduced by 3— 4 percentage points, equivalent to a reduction of 1/5.

  Zheng Bingwen: All employees of enterprises benefit from reducing the rate and ensuring growth.

  Zheng Bingwen, director of the World Social Security Research Center of China Academy of Social Sciences: Employment is the foundation of people’s livelihood. Stable employment will help the development of enterprises and really reduce the burden on enterprises. This time, measures to reduce the social security tax rate will support enterprises, which will stabilize employment. The threshold for enterprises to participate in insurance has been lowered, which will not only enhance the vitality and development potential of enterprises, but also help improve the enthusiasm of enterprises and employees to participate in insurance, and bring more employees into the old-age insurance system, forming a virtuous circle of enterprise development and old-age insurance system development.

  Crown: To reduce the burden on enterprises is to empower the market.

  Wang Guan, commentator of Yangguang Finance and Economics: To reduce the burden on enterprises is to empower the market. Recently, the value-added tax has been greatly reduced, including the further reduction of social security rates. In this year’s government work report, it is proposed that as long as employment is stable and income increases, there will be confidence. Now, there are about 110 million market players.

  This time, the efforts to reduce the social security rate are unprecedented. For many enterprises, one of the resources saved is to expand production capacity, and after the expansion of production capacity, new jobs will be recruited, which is the increase in employment. At the same time, many enterprises will seize the time to innovate and invest in research and development. This will greatly improve our future wealth growth and creation efficiency.

  News link:

  In response to the increasing pressure on fund income and expenditure after the fee reduction, the financial department and the human and social departments have formulated countermeasures to ensure that pensions are paid in full and on time.

  — Increase financial subsidies at all levels. In 2019, the central government allocated 528.5 billion yuan in subsidies for basic old-age insurance for enterprise employees, a year-on-year increase of 9.4%. Local finance will also arrange corresponding subsidy funds.

  Two, improve the central adjustment fund in solution ratio. This year, the basic pension in upper solution ratio of each province is planned to increase from 3% in 2018 to 3.5%. It is estimated that the scale of the central adjustment fund will reach about 600 billion yuan in 2019, and the benefit scale of the beneficiary provinces will reach about 160 billion yuan.

  Third, compact the main responsibility of the provincial government.

  Zheng Bingwen: The comprehensive management of pension funds has achieved results.

  Zheng Bingwen, Director of the World Social Security Research Center of China Academy of Social Sciences: The World Social Security Research Center of China Academy of Social Sciences will release an actuarial report, covering the 30-year forecast period from now to 2050. I can give you a description of the approximate curve of our estimated results in the next 30 years. From this year until 2027, our annual pension income and expenditure are balanced, and there is a slight balance every year. From this year, the accumulated balance of the basic endowment insurance fund for urban enterprise employees nationwide will increase to about 7 trillion yuan in 2027. Since 2028, the pressure of balance of payments has increased, but it can still be paid for 14 months, and there is no problem in the next decade. Its pressure comes from the long term. In the long term, we need to plan ahead and take various measures to comprehensively manage it, so as to enhance the sustainability of our social security fund.

  Crown: the pension level will not be reduced if more measures are taken at the same time

  Wang Guan, commentator of Yangguang Finance and Economics: This year, the Ministry of Human Resources and Social Security will continue to actively and steadily promote the investment and operation of the endowment insurance fund, and promote the implementation of the implementation plan for transferring some state-owned capital to enrich the social security fund and enhance the support capacity of the social security fund.

  According to estimates, after reducing the rate, the fund can still ensure that the income exceeds the expenditure on the whole, and the accumulated balance of China’s enterprise pension insurance fund is 4.78 trillion yuan. In addition, the national social security fund has a strategic reserve of about 2 trillion yuan, which can ensure the normal payment of pensions on time and in full.

  Zheng Bingwen: China’s social security system should explore the China model

  Zheng Bingwen, director of the World Social Security Research Center of China Academy of Social Sciences: China’s social security system should explore the China model. Why do you say that?

  You Jun, Vice Minister of Ministry of Human Resources and Social Security, said that this round of social security rate reduction is a long-term institutional arrangement. In the future, under the downward pressure of the economy, we should explore a social security system with China characteristics, which is how to keep the level of pension benefits unchanged at a relatively low rate. This is a direction that our reform needs to work hard.

  Crown: the dividend of tax reduction and fee reduction helps the growth of the real economy

  Wang Guan, a commentator of Yangguang Finance and Economics: On the one hand, enterprises are more competitive in the market by reducing taxes and fees, on the other hand, every enterprise and everyone has to set up their sleeves and work hard. With the dividend of tax reduction and fee reduction, the real economy will be further strengthened and new economic vitality will be released.

Volvo XC90 new energy in Linyi area is being discounted, the latest offer 708,900! If you miss it, there is no

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Volvo XC90 New Energy showcases the elegance of Nordic luxury brands with its exquisite exterior design. On the front face, it adopts the family’s iconic straight waterfall air intake grille, and the embellishment of chrome elements enhances the texture while maintaining simple and powerful lines. In overall style, XC90 New Energy combines a sense of power and technology. The streamlined design of the body not only reduces wind resistance, but also highlights its identity as a new energy, highlighting its green commitment to future travel.

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In terms of details, the Volvo XC90 New Energy outlines an elegant body profile with its delicate side lines, highlighting the perfect combination of power and dynamics. The body size is 4953mm * 1958mm * 1772mm, and the wheelbase is 2984mm, giving a spacious interior space. The unique wheel design uses 20-inch rims, and the tire specification is 275/45 R20, which not only enhances the driving stability, but also shows the luxury. Every detail reflects the excellent quality and design concept of this new energy model.

临沂地区沃尔沃XC90新能源正在优惠,最新报价70.89万!错过就没有

The interior design of the Volvo XC90 new energy model adheres to the refined and practical aesthetics of the Nordic brand. The exquisite leather steering wheel provides an excellent grip, and its manual up and down + front and rear adjustment functions ensure driver comfort. The central 9-inch touch screen is equipped with an advanced automatic speech recognition control system, which is convenient for the driver to operate multimedia, navigation and phone functions. As for the seats, the fabric and leather materials are used, which not only pay attention to texture, but also have comfortable heating, ventilation and massage functions. The front seats support electric memory adjustment, and both the driver and the passenger seats have this user-friendly configuration. The passenger seat also supports multi-directional adjustment, and the passenger can adjust the sitting position according to needs. The second row of seats also supports front and rear adjustment, providing flexible space utilization, while the seat reclining function expands the luggage space to meet diverse travel needs. The overall interior design takes into account both luxury and practicality, creating a warm and technological riding environment for passengers.

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For the Volvo XC90 New Energy, it is equipped with a 2.0T turbocharged engine that can output powerful power, with a maximum power of 228 kilowatts and a torque of 400 Nm. This engine is a 310 horsepower L4 design, matched with an 8-speed automatic transmission, to ensure the ride of the vehicle and efficient performance.

Overall, as an Autohome owner’s personal experience, Volvo XC90 New Energy won him deep admiration for its simple and atmospheric body lines and eye-catching Thor Hammer headlights. The owner thinks the front design is particularly excellent, and the details of the Viking Axe are even more amazing to him. On the road of pursuing individuality and quality, XC90 New Energy is undoubtedly a successful choice.

Xinhua All Media+| Foreign trade maintains stability and improves quality to show economic resilience.

  Stabilizing foreign trade is an important support for steady growth. According to data released by the General Administration of Customs of China recently, in the first seven months of this year, the total import and export value of China’s goods trade was 23.6 trillion yuan, up 10.4% year-on-year.

  Since the beginning of this year, in the face of the severe and complicated external environment and the new challenges brought by the multi-point spread of domestic epidemics, China has continued to expand its high-level opening to the outside world, and a series of policies and measures to stabilize foreign trade have been intensively introduced, helping the majority of foreign trade entities to overcome difficulties and innovate and develop, and injecting a steady stream of kinetic energy into promoting the stability and quality of foreign trade. The "semi-annual report" of foreign trade import and export announced on July 13th conveys a positive signal of China’s sustained economic recovery.

  The growth rate of foreign trade rebounded rapidly, showing strong resilience.

  In the first half of the year, the scale of China’s foreign trade reached 19.8 trillion yuan, which slowed down from 0.1% in April to 9.5% and 14.3% in May and June, respectively. The V-shaped repair curve in the first half of the year showed the strong development resilience of China’s foreign trade.

  This resilience is particularly evident in areas affected by local epidemics in the early stage.

  On July 7, Yangshan customs officers conducted a ship-side supervision inspection on the export excavator. Xinhua News Agency reporter Wu Yushe

  In the first seven months, the total import and export of the three provinces and one city in the Yangtze River Delta region increased by 11.7% year-on-year, 2.5 percentage points faster than the growth rate in the first half of the year; In the month of July, it increased by 25.7% year-on-year, contributing more than 50% to the national foreign trade growth.

  With the implementation of the national package of policies and measures to stabilize the economy, the vitality of foreign trade market players has been effectively stimulated. In the first half of the year, there were 506,000 foreign trade enterprises with import and export performance in China, up 5.5% year-on-year. Among them, the status of private enterprises as the main force has been further consolidated, with import and export of 9.82 trillion yuan, up 13.6%, accounting for 49.6% of China’s total foreign trade import and export value, up 1.9 percentage points year-on-year.

  The export of high-tech and high value-added products maintained rapid growth.

  Data show that in the first half of the year, China’s exports of electrical equipment, integrated circuits, automobiles and other mechanical and electrical products increased by 24.8%, 16.4% and 51.1% respectively. The export of high-tech and high value-added products maintained rapid growth, and the competitiveness of foreign trade export products continued to improve.

  In the first half of the year, FAW, BYD and Tesla’s Shanghai factory frequently exported good news. New energy vehicles have become the "accelerator" of China’s automobile exports.

  On July 28th, the audience was visiting Guangzhou Automobile New Energy Vehicle. Xinhua News Agency reporter Yang Guanyu photo

  China Railway Engineering Equipment Group Co., Ltd., a leading enterprise in roadheader industry, actively explores the international market. In the first half of this year, the amount of newly signed overseas contracts increased by 75% year-on-year, and overseas orders were successively obtained, such as Longren Cable Tunnel in Korea, Hamburg Thermal Energy Project in Germany, and Bangkok Water Supply Project in Thailand.

  On the basis of stabilizing the basic foreign trade market, China’s foreign trade structure has been continuously optimized, and the "quality" gold content is more sufficient.

  Insist on opening wider to the outside world and make positive progress in market diversification.

  A century of change has superimposed the epidemic of the century, and economic globalization has encountered countercurrent. China has persisted in opening wider to the outside world and made positive progress in market diversification, which has also added new impetus to stabilizing foreign trade.

  According to customs statistics, in the first half of this year, China’s imports and exports to ASEAN, the European Union and the United States were 2.95 trillion yuan, 2.71 trillion yuan and 2.47 trillion yuan, up by 10.6%, 7.5% and 11.7% respectively. In the same period, China’s import and export to countries along the Belt and Road and RCEP trading partners increased by 17.8% and 5.6% respectively.

  This is the location of the 2nd China International Consumer Goods Expo (photo taken on July 30th). Xinhua News Agency reporter Guo Chengshe

  The 131st Canton Fair held in April attracted 536,000 overseas buyers from 228 countries and regions to register for the exhibition, with a record number. The second Consumer Expo held in July covered a total area of 100,000 square meters, attracting more than 2,800 brands from more than 60 countries and regions. At the news briefing on the 100-day countdown to the opening of the 5th China International Import Expo, relevant departments indicated that the contracted area of the 5th China International Import Expo(CIIE) Enterprise Exhibition reached 85% of the planned area, and among the contracted exhibitors, there were more than 270 world top 500 and leading enterprises in the industry.

  If you don’t reject the crowd, you will be a river and sea. In the new round of promoting high-level opening-up, China is exploring development opportunities, enhancing development resilience, and making efforts to smooth the domestic and international double cycle and promote the construction of a new development pattern.

What is the significance of the NPC’s heavy deployment of domestic and foreign trade integration? How to get through the key blocking points?

 "Accelerating the integrated development of domestic and foreign trade is an inherent requirement for building a new development pattern and promoting high-quality development."

  According to Xinhua News Agency, the the State Council executive meeting held on December 1st mentioned "accelerating the integration development of domestic and foreign trade", stressing the need to benchmark the international advanced level, speed up the adjustment and improvement of relevant domestic rules, regulations, management and standards, promote the convergence of domestic and foreign trade standards, inspection and certification, and supervision, and promote the homogeneity of domestic and foreign trade products with the same line and standard. It is necessary to focus on enterprise demand and market feedback, optimize policies in a timely manner, effectively break through the key blocking points that hinder the integration of domestic and foreign trade, and help enterprises switch smoothly between domestic and international markets. It is necessary to optimize the development environment of domestic and foreign trade integration, implement relevant financial support policies, and jointly promote the high-quality development of domestic and foreign trade.

  one

  Realization of integration of domestic and foreign trade

  Help to reduce trade barriers and trade costs.

  On December 30, 2021, the Opinions on Promoting the Integration of Domestic and Foreign Trade issued by the General Office of the State Council proposed that promoting the integration of domestic and foreign trade is conducive to the formation of a strong domestic market and the smooth domestic and international double cycle. The regular meeting of the State Council held on December 1 also emphasized that accelerating the integrated development of domestic and foreign trade is an inherent requirement for building a new development pattern and promoting high-quality development.

  So how do you understand the significance of this move to smooth the domestic circulation and accelerate the construction of a unified national market?

  Chen Bo, a researcher at the Free Trade Zone Research Institute of Liaoning University, explained to the reporter of Chengdu Business Daily-Red Star that the integration of domestic and foreign trade can not be simply understood as the export products turning into domestic sales, but the export and domestic sales are the same. In other words, there should be no difference in rules, regulations, standards, supervision and other aspects between domestic and export products, focusing on the cost of the circulation of goods and services of enterprises.

  Chen Bo said that accelerating the integration of domestic and foreign trade is a direct manifestation of the double cycle and a basic requirement. For enterprises, the original domestic and foreign trade is a divided market. To promote the integration of domestic and foreign trade, the cost of rules, regulations, standards and design in different markets may be greatly reduced, and the marketing cost will also be greatly reduced, which is conducive to expanding the profit points of enterprises. At the same time, the unification of domestic and foreign trade in terms of standards, rules, regulations and supervision will enable enterprise products to adapt quickly when they encounter international special demand shocks.

  Zhu Keli, executive director of China Information Association and founding dean of the National Research Institute of New Economics, said that from the perspective of stabilizing foreign trade, by promoting the integration of domestic and foreign trade, the risks and uncertainties of enterprises facing the international market have been reduced. The integration of domestic and foreign trade will help to reduce trade barriers and trade costs and improve the competitiveness of enterprises. By optimizing the policy environment and breaking through key blocking points, enterprises can switch between domestic and international markets more smoothly. This will help to stabilize foreign trade orders and market share, and enhance the ability of enterprises to resist risks. Promote the upgrading of foreign trade products and brand building by strengthening the docking with the international market. This will help to enhance the popularity and influence of China Manufacturing and promote the sustainable development of foreign trade.

  From the perspective of expanding domestic demand, Zhu Keli analyzed that by promoting the homogeneity of domestic and foreign trade products, consumers can buy products with the same quality as those in the international market in the domestic market. This will improve the quality and level of domestic consumption and meet consumers’ demand for high-quality and diversified goods. By implementing relevant financial support policies, enterprises can have more resources and motivation to expand the domestic market. This will help to expand the scale of domestic demand and promote consumption upgrading and economic growth. By strengthening the standardization of the domestic market, the fairness and transparency of market competition will be improved. This will provide consumers with more choices and better services and stimulate the release of domestic demand potential.

  2

  Break the small circle of local closure

  Promote the smooth flow of commodity resource elements in a wider range.

  The regular meeting of the National People’s Congress held on December 1 clearly stated that it is necessary to effectively break through the key blocking points that hinder the integration of domestic and foreign trade.

  So, how to understand the blocking point of domestic and foreign trade integration? On December 30, 2021, the Opinions on Promoting the Integrated Development of Domestic and Foreign Trade issued by the General Office of the State Council pointed out that "the existing regulatory system is not perfect enough, the ability to make overall use of two markets and two resources is not strong enough, and the integrated development of domestic and foreign trade is not smooth enough, which can not fully meet the needs of building a new development pattern."

  Chen Bo explained that the actual investigation found that enterprises would encounter some specific obstacles, for example, foreign trade is guaranteed by the Export-Import Bank, and the guarantee problem of domestic trade needs to be solved. There are export tax rebates in foreign trade, but there are no export tax rebates in domestic trade, but can we enjoy some industrial policies? There are many differences between domestic trade and foreign trade in industrial policy, regulatory policy and tax policy, which need to be sorted out. At the same time, domestic and foreign trade are completely different from the implementation of relevant commercial laws and regulations, and this aspect also needs to be investigated, analyzed and reformed to promote the smoothness of domestic and foreign trade rules.

  Wei Wang, director and researcher of Market Economy Research Institute of the State Council Development Research Center, also wrote in Economic Daily that there are still some difficulties in promoting the integration of domestic and foreign trade, especially the gap between foreign trade product standards, settlement methods, circulation channels and business environment and the international advanced level. In this regard, it is necessary to start with institutional mechanisms and promote development through innovation.

  Wei Wang said that it is necessary to integrate the domestic and foreign trade of market players and promote the integration of other aspects. China should not only cultivate large-scale circulation enterprises with international competitiveness, realize the extension of circulation channels from home to abroad, but also promote the transformation and upgrading of foreign trade enterprises, open up and smooth domestic circulation channels, and also cultivate cross-border e-commerce platform enterprises, build bridges between domestic and foreign trade, and help enterprises switch smoothly between domestic and foreign trade businesses. At the same time, we should constantly establish and improve the unified national market system and rules, clean up and abolish all kinds of regulations and practices that hinder unified market and fair competition, break the small local closed cycle, and promote the smooth flow of commodity resources in a wider range. On this basis, we will increase the opening of the domestic market, especially the service market, and promote the smooth flow and efficient allocation of domestic and foreign resource elements. Promote the comprehensive and smooth domestic circulation, connect the domestic and international markets, and create a market-oriented, rule-of-law and international business environment.

The real Buffett: only like cheap stocks? Don’t like to add leverage? Neither!

  For well-known stocks other than Coca-Cola and Xishi Candy, Buffett is not a long-term investor as everyone imagined. Investors have always thought that Buffett’s investment style is very scattered, but on the contrary, Buffett’s top five stock positions in his portfolio can account for more than 70% of his entire portfolio. Decentralization can preserve wealth, but centralization will increase wealth —

  Just after the May Day holiday in 2019, the Warren Buffett shareholders’ meeting held in Omaha, a small American town, attracted many investors to queue up for admission not far from Wan Li. Since the first general meeting of shareholders in 1964, the "stock god" has basically not let investors down. In this year’s six-hour question-and-answer session, the scope of the questions involved investment, science and technology, human nature and so on. Buffett admits that he is no longer the kind of "value" investor in his early days. Many of his investment income comes from some more "expensive" companies. What is the strategic change of the stock god? Or have investors always misunderstood Buffett?

  Why don’t you favor bargains anymore?

  Buffett’s teacher is Benjamin Graham, the author of Securities Analysis. Graham’s most famous investment philosophy is "value investment". One of the most important characteristics of the so-called value investment is to buy a company that you are optimistic about at a cheaper price. Buffett himself described his investment philosophy as such: he likes to buy "cigarette butt" stocks.

  What do you mean by "cigarette butt stock"? For example, investors see a cigarette butt that is about to burn out on the road, and pick it up when no one picks it up. Similarly, buying cheap stocks that no one buys is also called the "cigarette butt stock" strategy. This strategy can be seen everywhere in Buffett’s early investments.

  In the 1980s, when Buffett bought Coca-Cola, the price was horribly low. But since he met his partner Munger in the 1970s, Buffett began to change, not just pursuing low-priced stocks. Xishi Candy is the most representative case of his change in investment philosophy.

  In Munger’s words, if it is a very good bid, it is worthwhile to pay a little more! Therefore, the company Xishi Candy was acquired at a price higher than the book value, and it succeeded.

  Has Buffett’s concept of value investment changed? Xia Chun, chief research officer of Noah Holdings, believes that high-quality stocks contribute the most to Buffett’s investment income, followed by large-cap stocks with little fluctuation, and then the so-called value stocks.

  For well-known stocks other than Coca-Cola and Xishi Candy, Buffett is not a long-term investor as everyone imagined. If the holding period of Buffett’s traded stocks is arranged from short to long, the holding period ranked in the median is actually not long. Many of his transactions are completed in one year, and sometimes the holding period is only three months.

  Buffett’s value investment concept is also called "deep value investment", which is completely different from the way of only looking at the price and buying assets at low prices.

  Xia Chun believes that companies with low profits or even negative profits may be easily sought after by the market because they are cheap and have great potential. However, a truly high-quality company’s share price may not be cheap. As long as the current high-quality company’s share price is not so outrageous, it may bring benefits to investors in the future, which is the essence of Buffett’s stock selection strategy.

  In Buffett’s own words, the "value" in value investment is not an absolute low P/E ratio, but a comprehensive consideration of various indicators of buying stocks. For example, whether it is the business that investors understand, future development potential, existing revenue, market share, tangible assets, cash holdings, market competition, etc.

  Yang Delong, executive general manager of Qianhai Open Source Fund Management Company, believes that Buffett used to mainly invest in consumer stocks and financial stocks, but rarely invested in technology stocks, which allowed him to avoid the bursting of the American science and technology bubble in 2000, but at the same time missed the great development of technology stocks in recent ten years. Buffett corrected it in time and invested in technology stocks such as IBM, Apple and Amazon.

  Summarize Buffett’s investment philosophy in one sentence: "If I want to buy high-quality stocks, I will definitely buy them when they are discounted." There are two key points in this sentence: first, it must be a good stock, and second, the buying time must be at a discount. It can be seen that Buffett’s value investment philosophy is not simply to choose cheap stocks and poor performance stocks, but to pay attention to those stocks with high quality and good development prospects. The two strategies and two kinds of wisdom of stock selection and timing are contained in it.

  Decentralization or centralization

  Leverage, fund allocation and short-term speculation … … Will these familiar words of domestic A-share market investment be found in Buffett’s dictionary? Buffett once said, "The only way for smart people to die is to add leverage." In the usual thinking, Buffett is a value investor and should disdain to use these speculative strategies, but it is not.

  Xia Chun said that from 1980 to 2006, Buffett’s most common stock holding period was one year, and the second common holding period was three months. The label of "long-term investor" that ordinary investors labeled Buffett was not completely accurate.

  Xia Chun believes that Buffett is very opposed to ordinary families adding leverage, borrowing money for stock trading or allocating funds for stock trading. However, Buffett himself is very good at adding leverage, and Buffett’s leverage is as high as 1.7 times.

  In addition to leverage, another big problem that ordinary investors are struggling with is whether to "put eggs in different baskets". Or concentrate on investment?

  Investors have always thought that Buffett’s investment style is very scattered, but on the contrary, Buffett’s investment is basically concentrated in a few stocks. The top five stock positions in Buffett’s portfolio can account for more than 70% of his entire portfolio. At least, there are only five stocks left in his entire position. Buffett advises everyone to diversify their investments, but he is a master of centralized investment. He believes that extensive diversification is generally used when investors are not fully aware of what they want to do. Decentralization can preserve wealth, but centralization will increase wealth.

  In addition to Coca-Cola and other well-known secondary market stocks, Buffett is actually a master of private equity investment. Over the past 10 years, Buffett has criticized private equity and hedge fund managers on many occasions, so investors generally think that Buffett doesn’t like private equity investment and hedge fund trading. But few people know that Buffett left his legacy to start a business by trading hedge funds, mainly buying and selling stocks and bonds of listed companies.

  Now, most of Buffett’s Berkshire investments are non-listed companies. Buffett is more like a private equity fund manager. In his portfolio, the investment of non-listed companies accounts for about 70%.

  Xia Chun said, "Whether you use speculative strategies such as leverage or enter the field of high-risk non-listed companies’ equity investment, you must have enough key knowledge, and at the same time, you should judge high-quality companies accurately."

  Is Buffett’s strategy suitable for A shares?

  At the Buffett Shareholders’ Meeting in 2018, Buffett maintained a positive and optimistic attitude towards China’s economy and market. At this shareholders’ meeting, Buffett once again said: "China is a big market, and we like big markets. It is very important for China and the United States to get along well. Before China had a new policy of opening wider to the outside world, we were already in contact with China. Berkshire has bought some China stocks before, but the number is not particularly large, and some bigger deployments may be made in the next 15 years. "

  So, is Buffett’s strategy ineffective if he gets A shares? According to the retracement calculation of Li Xunlei, chief economist of Qilu Asset Management under Zhongtai Securities, according to Buffett’s stock selection principle, A-share investment may also get high returns. Buffett stressed that companies with high ROE (return on net assets) must be selected and bought at a low PE (price-earnings ratio), believing that the valuation is relatively reasonable when PE and ROE are similar (for example, PE is 20 times and roe is 20%). According to these indicators, the net value of "high ROE+ low PE" strategy in the A-share market has increased by 246% in the past 10 years, while the Shanghai and Shenzhen 300 index has increased by 66% in the same PEriod. Most of the strategies have achieved positive excess returns, which shows that the stock selection standard of "high ROE+ low pe" is generally effective in the past 10 years.

  Li Xunlei said that some people misunderstand that value investment is not acclimatized in A-shares, perhaps because in the impression of many A-share investors, A-shares are greatly influenced by policies and have a high degree of irrationality, so value investment may not be applicable in A-shares. This may be related to the fact that most people pay too much attention to the "bull stocks" with outstanding short-term performance. If we focus on the annual super bull stocks, we can hardly see the shadow of value stocks, which may be the reason why value investment is not acclimatized in the impression of ordinary investors. In addition, because individual investors pay too much attention to short-term returns, they generally pay attention to the so-called "stock-active" stocks with greater stock price fluctuations, especially those with daily limit, and may not be interested in value stocks with relatively stable performance and stock price.

  At present, many investors believe that Buffett’s success cannot be replicated, but Xia Chun thinks that this is not the case. American regulators require large institutional investors to announce changes in their positions every quarter. Every time Buffett announced the change of his position, not many people followed suit, because everyone thought that the stock price had been reflected in the market. In the future, more and more investors will truly imitate and apply Buffett’s stock selection method. (Economic Daily China Economic Net reporter Zhou Lin)

"The Wild Goose Lake" is released, Hu Ge: The extreme is sharpened into a "rough" brother

  After filming "Langya Bang" and "The Pretender", Hu Ge fell into a period of confusion. He wanted to try some breakthrough roles to give him the urge to create. At this time, he met the director Diao Yinan, and then collaborated on the movie "The Wild Goose Lake". Today, the film was released, fulfilling Hu Ge’s long-standing dream of literary films. He finally shot a transformation work.

  ■ "Reduce the heat and simmer" to find new ways to perform

  Hu Ge remembered meeting the director Diao Yinan at a restaurant in Shanghai. When Diao Yinan found him through friends before, he was surprised. He had been working in the field of TV dramas, and now a famous literary film director found him and said, "I’m a little flattered." When it comes to the director Diao Yinan’s interest in Hu Ge, it is because of the advertisement on the Armani store near his home that Hu Ge’s handsome image shines brightly. Later, when he saw Hu Ge in a magazine with a rough shape, Diao Yinan felt that this actor has different sides.

  Over the years, when Hu Ge was filming TV dramas, he used a rush acting method. Time was tight and the intensity was high, so he couldn’t prepare the role properly. Now that he was filming movies, he could finally immerse himself in the role for six months.

  In the film, Hu Ge plays Zhou Zenong, a wanted criminal who was originally the leader of a car theft gang. He was involved in a turf grab and got involved in a fight. He accidentally killed a police officer and had to flee. During this time, his fate is tied to two women. This is a complex character. In Hu Ge’s mind, Zhou Zenong is a very mature man. His final struggle is to get 300,000 bounty to compensate his wife and children before he is arrested.

  At the beginning of filming, Hu Ge was still a little worried that he would not meet the director’s requirements, but the director Diao Yinan clearly told him, "I will not let him go easily." Because he was responsible for the work and Hu Ge’s performance.

  Hu Ge first made himself close to Zhou Zenong in appearance. He had to dry the lamp to make his skin darker; he had to lose weight to make himself more muscular and powerful; he also had to learn Wuhan dialect; and more importantly, he had to step into Zhou Zenong’s inner world. Once the director asked him on the spot, how did he feel? He told the director honestly, "There are good and bad things, whether it is physical or mental pressure." But Hu Ge would not deliberately avoid these, because these negative emotions or physical feelings are the same as Zhou Zenong’s psychological state during the escape process in the film, which is exactly the inner unease that the characters need.

  At first, Hu Ge thought Zhou Zenong was a slovenly man, but during the fitting, the director told him that Zhou Zenong actually had requirements for himself. His leather shoes were clean, he wore sharp trousers, a nice belt, and his hair was clean. Knowing this made Hu Ge understand the inner world of this character better. He was not a heinous person, and at least he hoped to be responsible for his wife and children.

  After entering the group, the director asked the actors to read the script. After Hu Ge finished reading the script, he looked up at the director and found that Diao Yinan was in tears. He was completely immersed in the story.

  ■ "Reach the limit" has an extra calmness

  In the film, the scene where Zhou Zenong shoots and kills a police officer by mistake is a turning point in the character’s character. Zhou Zenong is chased by an opponent with a gun, rolls down the embankment of the provincial highway, and falls into a puddle. In this scene, Hu Ge is exhausted, and his physical and mental strength have reached the limit. But it is also this scene that becomes a watershed for Hu Ge’s performance in the film. "I think the whole person is opened up, and that state is the closest to Zhou Zenong."

  For Hu Ge, the hardest part was speaking the Wuhan dialect. He was given a language teacher. After a while, he thought he could speak as well as the teacher, but the teacher didn’t think he could. One day, Hu Ge said to the teacher, let me teach you Shanghainese, and he wanted to experience what it was like to be a teacher. After the roles were switched, Hu Ge quickly realized that he had only paid attention to the rhythm, pronunciation and intonation of speaking Wuhan dialect, but ignored the pitch. After finding this trick, he was much more efficient in the process of learning.

  In a topless scene in the film, Zhou Zenong needs to bandage himself after being shot. To make the character look thinner, Hu Ge avoids drinking water long before the performance, so that his abdomen looks a little shriveled. He tries to keep himself in a haggard, exhausted state.

  It was very rare that the film was shot in a smooth manner, and Hu Ge had never encountered such a crew before. This was especially helpful for the actors’ creation. Because from beginning to end, the entire mood of the actors was coherent, and there was no need to disconnect their emotions like in the previous film in order to take over the scene. "Of course, the premise is that there is a strong investor who can allow us to create so willfully."

  As the leader of the car theft gang, Zhou Zenong naturally had a lot of scenes of riding motorcycles, which was not difficult for Hu Ge, because he was a motorcycle enthusiast in life. The first time he went downstairs to the producer Shen Yang’s company to get a paper script, he rode a motorcycle. Shen Yang was shocked when he saw Hu Ge, who joked that he was here to pick up the courier. "I think mastering a skill is still useful for filming. Because many actors have fallen, I didn’t fall."

  The film was shot around Wuhan during the hot weather, and the heat of Wuhan kept Hu Ge in a state of confusion, making him almost unable to distinguish the boundaries between reality and fantasy. "Sometimes I am me, sometimes I am Zhou Zenong," he believes, this story should have taken place in Wuhan, and if you go to other places, you will not be able to shoot such a feeling. After filming the film, everyone said that he had changed. "I found that I seem to be more calm than usual, which is brought to me by the role of Zhou Zenong."

  After six months of filming, Hu Ge felt that he had gained a lot and gained a lot of happiness, "I like performing again!"

  Our reporter, Wang Jinyue, and the picture

The price reduction news of Xingtu Lanyue in Beijing! Special offer 175,900, limited quantity

[Autohome Beijing Promotion Channel] Special report, this high-profile luxury SUV is launching an unprecedented promotion in the Beijing area. At present, buyers of Xingtu Lanyue can enjoy a cash discount of up to 18,000 yuan, which further reduces the original starting price to 175,900 yuan. This attractive price offer provides consumers with a rare opportunity to buy a car. Want to take advantage of this price reduction and get more competitive car purchase conditions? Please click "Check the car price" in the quotation form now, and let’s explore more possible car purchase surprises together.

北京地区星途揽月降价消息!特价17.59万,数量有限

The side line design of Xingtu Lanyue stands out among the heroes, showing a strong sense of power and elegance. Its body size is quite eye-catching, with a length of 4970mm, a width of 1940mm, a height of 1792mm, and a wheelbase of 2900mm, making the interior space spacious and comfortable. The front and rear wheel tracks are 1644mm, ensuring driving stability. The tire size is 245/50 R20, and it is matched with an exquisite wheel rim design, which not only enhances the visual impact of the vehicle, but also brings excellent handling performance to the driver. Overall, the side lines of Xingtu Lanyue not only reflect its luxurious positioning, but also reflect the designer’s careful carving of details.

北京地区星途揽月降价消息!特价17.59万,数量有限

The interior design of Xingtu Lanyue integrates the perfect fusion of luxury and technology. The exquisite leather steering wheel provides a comfortable grip, supports manual up and down + front and rear adjustment, ensuring the best control experience for the driver. On the center console, a large 15.6-inch screen stands in it, integrating multimedia system, navigation, telephone and air conditioning control, which is convenient to operate and clear information display. The car is equipped with USB and Type-C interfaces, with 2 in the front row and 3 in the back row to meet the multimedia needs of passengers. At the same time, it also supports the wireless charging function of mobile phones, providing additional convenience for drivers.

In terms of seats, Xingtu Lanyue uses advanced leather materials. Whether it is the driver’s seat or the passenger seat, it supports front and rear adjustment, backrest adjustment and high and low adjustment to provide excellent comfort. The main driver’s seat is also equipped with heating and ventilation functions, as well as electric memory function, which further enhances the luxury experience of the ride. The second row of seats also supports front and rear adjustment and backrest adjustment to meet the needs of different passengers, and the rear seats can be reclined proportionally, providing high spatial flexibility. The overall interior design is designed to provide users with a luxurious, intelligent and comfortable ride experience.

北京地区星途揽月降价消息!特价17.59万,数量有限

Xingtu Lanyue is equipped with a powerful 2.0T turbocharged engine with a maximum power of 192 kilowatts and a maximum torque of 400 Nm, which can bring a surging power output to the driver. This engine is paired with an 8-speed manual transmission to ensure a smooth shift experience and high-efficiency performance, fully meeting the driver’s expectations for power and handling.

In general, the Starway Lanyue has undoubtedly won the love of many fans with its unique design charm and the domineering front face described by the owner. It not only shows the perfect combination of power and elegance in appearance, but also meets the expectations of consumers for luxury SUVs. For those drivers who pursue individuality and quality, the Starway Lanyue is undoubtedly a reliable choice.

See "Descendants of the Sun" and you get dizzy? There are more handsome officers here.

    Xiaodian knows that all the girls have new husbands recently, and that many people have escaped Lee MinHo, Lee Jong Suk and Kim Soo Hyun, but they still haven’t escaped him.

 

    This is your new husband, Song Joong Ki, the actor of first hero YOO SI JIN, the hit Korean drama Descendants of the Sun.

    He just has a face value, a gas field and a figure ~

    Of course, there will be pick up hot chicks ↓

    Wearing a military uniform is domineering, when you don’t wear a military uniform ↓

    Of course, who is the heroine is also very important. If the female one is not a charming and lovely Song Hye Kyo, then it is estimated that the interaction between the two people is sweet and greasy, and everyone is not so excited.

    This drama is about the love story between YOO SI JIN, a peacekeeping soldier, and Mu-Yeon Kang, a doctor. Without the coy process in Korean dramas, the first two episodes have already completed the scenes of falling in love at first sight, hooking up with each other, falling in love, breaking up and reuniting. All kinds of love words and small romances between the two people in front of the screen are to abuse the whole world.

    However, if you like to watch the love between handsome officers and beautiful women, it’s not just Descendants of the Sun. There are also many combinations of male gods and goddesses in military uniforms on the big screen.

Pearl harbor

    In 2001, Hollywood blockbusters were shown in the mainland. In addition to the shocking war scenes, the love story between male one, male two and the heroine is remembered by more people today.

    Ben Affleck, who was only 28 years old at that time, played Rafe, a soldier of the US Air Force. The way he wore a uniform can make people forgive him now.

    Female No.1 was kate beckinsale, who was at the peak of her beauty at that time, and she was gorgeous. She plays Evelyn, a female nurse in a military hospital.

    Two people standing together is really "picturesque".

    The love story of three people is tangled, and Danny (josh hartnett), the second male, is also infatuated with the first female.

    Rafe and Evelyn fell in love. In a war, it was reported that the plane he was driving was shot down by the Germans and killed in the battlefield. His good brothers Danny and Evelyn fell in love with each other in comfort, and Evelyn was pregnant with their own flesh and blood. Who knows that Rafe didn’t die, but after he returned, he faced the situation that his lover and friends fell in love … and in the end, Danny died in the battlefield, and Rafe lived with Evelyn and her son.

    The love in this movie is very tragic. Evelyn, the No.1 female, has experienced the pain of losing her lover twice. Although she can finally get together with her original lover, the film’s reflection on the war is also very obvious.

    When it comes to the love between soldiers and beautiful women, this film is definitely one of the classics.

Waterloo Bridge



    When it comes to the classic love movie of an officer and a beauty, how can you forget this "Broken Blue Bridge" that has been said for decades?

    Lieutenant Roy, played by robert taylor, and Mara, played by Vivien Leigh, are one of the most well-matched screen couples so far. The goddess of goddess in Hollywood’s golden age contributed a screen image that can never be surpassed in the most beautiful years.


    Broken Blue Bridge is a heartbreaking tragedy. Dancer Mara fell in love with Lieutenant Roy, who was returning home for vacation, but learned that Roy was killed after he was recalled to the camp. Mara, who was fired after missing the performance of the troupe, lost everything in her life and was forced to become a prostitute in order to make a living. However, she met Roy who survived … Finally Mara chose to commit suicide on the bridge where they met.

    Decades later, this is still the love of the most beautiful officer and beauty.

Fury

    In Fury, Captain Don Collier played by Brad Pitt is absolutely first hero. Although his face is always dirty, any stop is a big gesture.

    Pete is not the only man in uniform in this film. logan lerman, a former fresh meat, plays Norman, a recruit.

    And Shia La Beouf, the hero of Transformers.

    There are not many love scenes in this film, only between the recruits played by logan lerman and the innocent German girls.

    Although the American and German troops are still at war, there is only a short stay and isolation between Norman, an American soldier, and a German girl. 

    Just after this brief warmth, German artillery shells were fired at their own people at random, and the house where the girl lived was razed to the ground. Norman completed his transformation in the war after experiencing such stimulation again and again.

Human poisoning

    The military romance in this play can be said to be a forbidden love. The Vietnam War hero officer Jin Zhenping (Song Seung Heon) falls in love with Jia Xin (Ji-yeon Im), the wife of a subordinate in the army. Because of its large scale, the film is listed as "19 Banned" in South Korea.

    Song Seung Heon Ouba’s uniform shape is also handsome in the sky ↓

    We dare not show you the forbidden love in the military camp and the larger picture.

    This play is called "the Korean version of Lust, Caution", and its scale can be imagined. However, despite the erotic coat, the officer played by Song Seung Heon was also under great mental pressure after the Vietnam War, so he indulged in an affair with the heroine. Therefore, in addition to the large-scale performance of male gods, the film’s reflection on war can not be ignored.

Wolf Warrior

    Last year, Jason Wu directed and starred in the military film "Wolf Warriors" which won a high box office. In the film, he played the special forces sniper cold front, which can be described as a "iron man". Jason Wu, who is good at kung fu himself, puts on a military uniform, and has a tough temperament of off the charts, thus becoming a uniformed male god with unique personality.

    Although the film is full of blood, there is still some love embellishment. Yu Nan plays the female boss Long Xiaoyun of Lengfeng in the film, and the sexy Yu Nan becomes a heroic female officer here.

    In the film, the brave but rebellious cold front caught the attention of the boss Long Xiaoyun, and there was a faint spark between them.

    After these movies, finally, let’s show the welfare at one time and have a look at the military uniform photos of your Obamas during their service.

Your new husband, Song Joong Ki



Hyun Bin



Rain


Song Seung Heon


Kang Ta


Gong Yoo


Joon-gi Lee


Dong-won Kang


Zo In Sung

Pupils "saved" masks when traveling abroad and bought nearly a thousand masks to give to doctors.

  Affected by the COVID-19 epidemic, the winter vacation in 2020 is unforgettable for Gu Jiayue, who is 8 years old.

  "During the winter vacation, my parents and I traveled to Australia. The first thing to do every morning is to pay attention to the epidemic situation in China. When I saw the medical staff lying in their seats and others lying on the ground and falling asleep, I was very touched." Gu Jiayue decided to take out all his lucky money and give up his original travel plan to buy masks and other materials that are in short supply in China.

  As a result, a family of three began a journey of "saving" masks in a foreign country.

  Gu Jiayue and the mask she brought back from abroad. Photo courtesy of respondents

  On January 27th in Perth, a family of three first went to several pharmacies and supermarkets near the hotel to purchase. Because it is located in the city center, there are many domestic tourists, and only a small amount of masks and disinfection supplies were bought that day.

  On January 28th, a family of three went to Manzella, a remote town in Western Australia with few tourists. As soon as they arrived in Manzella, they searched everywhere for pharmacies. Fortunately, they found the masks they needed in a small pharmacy in BangBlier market, and the stock was quite large, but each person was limited to one box. When the clerk heard that a family of three came from China and bought masks to take back to the frontline medical staff, the clerk was very moved and sold all the stocks to them. A total of 150 masks were bought that day, and the whole family was very happy.

  On January 29th, a family of three went on to Geraldton. They met Jerry, an enthusiastic fellow villager from Shanghai. He went to Australia when he was a college student. It has been 16 years since then. When he learned that the family was not purchasing and wanted to donate masks and other items to the hospital, Jerry was very enthusiastic. He accompanied them to a shop opened by local Australians to buy them, and the shopkeeper gave them a 10% discount when checking out. On this day, he bought 200 masks.

  On January 30th, Gu Jiayue’s family of three returned to Perth, and continued to drive around pharmacies and supermarkets that they had never been to. Some stores were out of stock, while others were limited in purchases. But after all, everything pays off. They ran from store to store, bought a few, and bought more than 100 masks sporadically.

  On January 31st, I was ready to return to China. I started packing the night before. After counting the number, I found that through the mobilization of the whole family, the whole family bought more than 400 N95 masks, plus medical disposable masks and other materials, totaling nearly 1,000.

  "Although I am very tired, I have spent all my lucky money, but my parents and I feel very gratified. We must send these masks to the places where we need them as soon as possible." Gu Jiayue said.

  "The wonderful trip has become an unforgettable trip to find a mask, and there is a deep feeling behind each mask!" When Zhou Wei, the head teacher of Class Two (2) of Shanghai Private Foreign Language Primary School, heard of Gu Jiayue’s voluntary action, she persuaded low-key parents to give gratitude and responsibility education in the class group. The students all gave thumbs up and said that they also wanted to do their part.

  As a result, 39 families in the class took action one after another. Many parents contacted pharmacies in 26 countries with the help of their colleagues. After accumulating, they bought a batch of medical N95 masks.

  In Zhou Wei’s eyes, Gu Jiayue is an enthusiastic person in the class, and her partner has difficulties. She habitually helps and has many good friends in the group.

  Gu Jiayue, a student from Class Two (2) of Shanghai Private Foreign Language Primary School, presented masks bought from abroad to doctors in Changhai Hospital. Photo courtesy of respondents

  After returning to Shanghai from Australia on January 31, Gu Jiayue’s parents began to contact major hospitals in Shanghai to express their willingness to donate to doctors. After many contacts, the donation points were set in Changhai Hospital and Ruijin Hospital.

  After a week’s self-isolation, a family of three drove to Changhai Hospital on February 7th. In Magnolia Square of Changhai Hospital, Dr. Dai, who had been appointed in advance, waited here. Gu Jiayue and his parents quickly handed over more than 400 N95 masks and some medical materials to him.

  "Uncle kept thanking us, and we kept thanking uncle, and everyone was warm in each other’s hearts. At this moment, I also want to grow up to be a good doctor like my uncle. When my country needs me, I can also fight in the front line. " Gu Jiayue made up his mind.

  Another 500 masks and a batch of materials will be donated to Ruijin Hospital in the name of the class. Gu Jiayue’s family and classmates are waiting for the notice from the hospital and are ready to deliver them to your door at any time.

  Doctors at Changhai Hospital praised Gu Jiayue. Photo courtesy of respondents

Policy efforts to expand space for effective investment.

  Figure ①: Workers are busy at the construction site of Huada Intelligent Manufacturing R&D Base in Donghu High-tech Zone, Wuhan, Hubei Province. Our reporter Fan Yutian photo

  Fig. ②: Technicians are installing and debugging in the rod drawing workshop of Central 50GW(G12) solar-grade monocrystalline silicon material smart factory in Yinchuan Economic Development Zone, Ningxia. Our reporter Liu Feng photo

  Source: National Bureau of Statistics, etc.

  Panorama of the second phase of Pingshan Biomedical Accelerator, a national bio-industrial base in Pingshan High-tech Zone, Shenzhen, Guangdong. Shenke photo

  General Secretary of the Supreme Leader emphasized that we should improve the investment expansion mechanism, expand effective investment space, deploy new infrastructure construction ahead of schedule, expand investment in high-tech industries and strategic emerging industries, and continue to stimulate the vitality of private investment.

  Investment is an important means to expand domestic demand. Since the beginning of the year, various regions and departments have taken concrete measures to speed up the construction of a number of major projects that stabilize investment and benefit people’s livelihood. How to strengthen the synergy mechanism of fiscal, financial and other policy instruments? How to improve the efficiency of financial investment in major projects? How to improve the enthusiasm of private investment by optimizing the business environment? The reporter conducted an interview.

  Improve and expand the investment mechanism, and continue to exert efforts in policy-oriented development financial instruments.

  With a "start-up" order, engineering vehicles and cranes roared and started, and more than 500 construction workers quickly put into civil construction. Recently, 419 major projects with a total investment of 240.7 billion yuan rushed to the first quarter of 2023 in Yinchuan, Ningxia.

  Among them, the smart factory with an annual output of 35 GW of high-purity solar ultra-thin monocrystalline silicon wafer is the second major project invested by TCL Zhonghuan New Energy Technology Co., Ltd. in Yinchuan Economic and Technological Development Zone.

  "Policy-oriented development financial support has solved the financial problem for us and given enterprises the confidence to continue to invest." Zhang Rufeng, general manager of Ningxia Zhonghuan Asset Management Company, said.

  Perfecting the investment management model and opening up the blocking points in the field of investment and construction are important contents to promote the supply-side structural reform. In recent years, with the increasing investment and policy support of new energy industry, the photovoltaic industry has developed rapidly. However, because of the large amount of investment, enterprises are relatively cautious in expanding production. At the beginning of 2021, TCL Zhonghuan, a photovoltaic enterprise, plans to invest 12 billion yuan. When landing photovoltaic projects in the northwest, it pays attention to the new investment mechanism of Yinchuan Economic Development Zone.

  In order to attract the project, the Management Committee of Yinchuan Economic Development Zone joined hands with enterprises to adopt the operation mode of "agent construction+lease+repurchase". "Enterprises can carry their bags and settle in the built factories, and only need to pay the rental fee at the beginning. After the production capacity and benefits of enterprises have formed a certain scale, they will gradually buy back the factories on schedule, reducing the investment burden and operating costs of enterprises and helping the manufacturing industry to go into battle lightly." Mai Xinyu, deputy mayor of Yinchuan and director of the Economic Development Zone Management Committee, introduced.

  Broadening financing channels and improving the financing mechanism of investment projects can effectively reduce the capital cost of business entities and disperse the risks of the financial system. Yinchuan Economic Development Zone and TCL Zhonghuan jointly set up a project company, and the financial institutions led by China Development Bank issued syndicated loans to the project company, which ensured a large amount of reliable financial support for the project in the construction process.

  "Good mechanisms and good policies have enabled enterprises to take firm confidence and take root. This time, we invested 4.1 billion yuan to build a new project, and we bought land and built our own factory. " Zhang Rufeng said.

  Organizing and guiding financial institutions to provide flexible financial services for enterprises under their jurisdiction is one of the "magic weapons" to attract investment in Yinchuan Economic Development Zone in recent years. The "Yinchuan Economic Development Zone Innovation and Development Guidance Fund" with a total scale of 2 billion yuan will help enterprises solve the financing of key projects of 22.635 billion yuan in 2022 alone.

  According to the data of the National Development and Reform Commission, by the end of November 2022, two batches of funds for policy development financial instruments had been put into use, and more than 2,700 supported projects were all started, which effectively supplemented the capital for major projects. With the joint efforts of all parties, the policy-oriented development financial instruments established in 2022 have become an important force to support infrastructure construction and help stabilize the macroeconomic market.

  Recently, the People’s Bank of China issued the Report on the Implementation of Monetary Policy in China in the Fourth Quarter of 2022, which clearly stated that in the next stage, it will continue to play the role of policy-oriented development financial instruments to better incite effective investment.

  "Policy-oriented development financial instruments play an important role in ensuring the financing of key projects, accelerating the formation of physical workload, expanding effective investment and stabilizing the economic market." Zhou Maohua, a macro researcher in the financial market department of China Everbright Bank, said that policy-oriented development financial instruments will further support infrastructure construction to incite effective investment and give full play to the key role of effective investment in stabilizing the economic market.

  Optimize investment structure, strengthen project management, and make financial investment "value for money"

  On the project site of Huada Intelligent Manufacturing R&D Base in Donghu High-tech Zone, Wuhan, Hubei Province, welding sparks splashed, and the crane arm transported bundles of fabricated steel bars to the construction site … … Hundreds of construction workers performed their duties and worked hard to speed up the project construction.

  "After the project got the construction permit in September last year, the construction party continued to fight and is expected to put into production ahead of schedule this year." Li Hao, the project leader of Huada Intelligent Manufacturing R&D Base, said that the project is a key project in Hubei Province and will further promote the development of China’s high-end life science instrument manufacturing industry.

  Key projects are the "ballast stone" of economic development, effective investment is the "engine" of economic growth, and investment in new infrastructure, high-tech industries and strategic emerging industries is the "new impetus".

  "To create effective demand with high-quality supply, it is necessary to better play the key role of project investment in optimizing the supply structure." The relevant person in charge of the Wuhan Municipal Development and Reform Commission said that in terms of project selection, Wuhan insisted on making up for shortcomings and strong kinetic energy. Recently, the list of 1,154 major projects with a total investment of more than 1 billion yuan in 2023 was published in the city, covering industries, technological innovation, infrastructure and social livelihood. Among them, the number of advanced manufacturing and modern service industries continued to increase; The function of the project highlights the shortcomings of traditional infrastructure and the expansion of new infrastructure, and a number of key and nodal major urban functional projects and industrial projects are accelerated.

  The fourth phase of Zhongchuang Xinhang Power Battery and Energy Storage Battery Wuhan Base, located in Wuhan Economic Development Zone, has a total investment of 10 billion yuan, covering the research, development, manufacture and sales of new energy batteries. After completion, it is estimated that the annual output of new energy batteries for power and energy storage will be 25 GWh. The direct line project of Wuhan hub has a total investment of 50.87 billion yuan, and the total length of the project line is about 107 kilometers, realizing the interconnection between the high-speed railway along the river and the three stations … … The "new engine" has many bright spots, and "new kinetic energy" has stepped up its energy storage.

  To optimize the investment structure and ensure accurate investment, we should further focus on the shortcomings in economic and social development and the weak links in transformation and upgrading. Yang Yinkai, deputy director of the National Development and Reform Commission, said recently that it is planned to allocate 680 billion yuan in the central budget this year, which will further optimize the investment structure and concentrate on handling major, difficult and urgent matters at the national level.

  Local government special bonds are an important means to promote the expansion of effective investment. In 2023, China plans to arrange 3.8 trillion yuan of local government special bonds. According to the statistics of Huaan Securities, as of mid-March, the issuance scale of new special bonds in 2023 has reached 1.02 trillion yuan. Infrastructure construction of municipal and industrial parks, people’s livelihood services and social undertakings, and transportation infrastructure construction are the top three uses of new special debts, aiming at supplementing shortcomings, tamping foundations and increasing stamina.

  To speed up the project construction, we should not blindly pave the way, but also strengthen the project compliance management and improve the financial investment efficiency. The relevant departments of Wuhan conduct closed-loop management on the approval, commencement, construction and completion of major projects, and follow up the whole process, strengthen the evaluation and assessment of project performance and the application of results, ensure the efficiency and efficiency of financial resources allocation, and minimize potential risks.

  "Investment demand has a reasonable return, and investment can continue." Wang Zhigang, a researcher at the Chinese Academy of Fiscal Science, believes that to optimize the investment structure, the government should try to take into account multiple economic goals: First, stabilize growth and maintain a reasonable investment scale, especially for those industries with strong driving effects. The traditional infrastructure industry has a wide radiation area and a strong supporting role for growth, but it is necessary to avoid repeated investment and waste of funds; The second is to make up for shortcomings and strong and weak items. For some weak links in the fields of people’s livelihood such as education, medical care and social security, it is necessary to strengthen infrastructure investment in these fields and promote the formation of human capital and social capital; Third, increase kinetic energy and direct or indirect investment in strategic emerging industries and new infrastructure industries, which is conducive to creating a good external environment for innovation, stimulating the innovation vitality of business entities and promoting high-quality economic development.

  Continuously improve the business environment and stimulate the vitality of private investment.

  Walking into the construction site of the second phase of Pingshan Biomedical Accelerator, located in the national bio-industrial base of Pingshan High-tech Zone, Shenzhen, Guangdong Province, high-rise factories came into view, and large-scale green landscape systems dotted it, making the park full of vitality.

  Recently, the Shenzhen Municipal Development and Reform Commission publicized the list of major public service platforms and key technology research projects to be funded by Shenzhen Biomedical Industry, and the enterprises in the "Accelerator Phase II" — — Shenzhen Puruijin Bio-pharmaceutical Co., Ltd. was selected as the key technology research project to be funded.

  "A good business environment is the greatest strength for enterprise development, and we have chosen the right one!" Zhang Jishuai, co-founder and chief technology officer of Purin, said that in recent years, Pingshan District has continuously focused on the needs of enterprises, improved industrial support and introduced innovative platforms to help enterprises save a lot of R&D costs, which is very beneficial to the gathering of resources and talents. "The supporting services in the park are perfect, and the fiscal and taxation support policies are strong. This year, the company will continue to increase investment in equipment and scientific research to further enhance its efficiency."

  Purin is a microcosm of many enterprises in Shenzhen. "The business environment is good, the business confidence is strong, and the investment motivation is sufficient. Shenzhen has always insisted on optimizing the business environment." Wang Jun, deputy director of Shenzhen Development and Reform Commission, said.

  In recent years, Shenzhen has strengthened legislation in key and frontier areas such as social credit and anti-unfair competition; Innovate the supervision mode of "artificial intelligence+internet plus credit+double randomness" to reduce the interference of administrative law enforcement on the normal production and operation of enterprises; Piloting the protection of intellectual property rights in new industries and new formats, and protecting the legitimate rights and interests of business entities according to law; In the face of emerging enterprises, give them an "inclusive period" of one to two years, and help the healthy development of new industries and new formats … … The data shows that up to now, the number of registered business entities in Shenzhen has reached 3.911 million, and the total amount and entrepreneurial density continue to rank first in the country; There are more than 3,800 specialized and innovative enterprises at all levels, including 442 national "Little Giants", the number of which ranks among the best in large and medium-sized cities in China.

  "The business environment is not the best, only better." On February 6th, Shenzhen issued "Several Measures on Further Supporting Small and Medium-sized Enterprises’ Bailout and High-quality Development", in order to reduce the production cost of enterprises, effectively expand investment and better stimulate the vitality of business entities. On February 9th, Shenzhen’s first "enterprise opens a window for government, banking and communication" was unveiled. Citizens can successfully register a new company in just three hours, and print out the business license of the new company … …

  "The key to stimulating the vitality of private investment is to make entrepreneurs have stable expectations and full confidence. This requires continuing to promote the construction of a market-oriented, rule-of-law and international first-class business environment, reducing institutional transaction costs and improving public services through the government’s own continuous reforms, and stimulating the vitality of private investment with high-quality and efficient public services." Wang Zhigang believes that the improvement of the investment environment and the level of investment facilitation are conducive to promoting economic restructuring and the growth of emerging industries, broadening the sources of funds for investment projects and optimizing the supply of public services, promoting consumption upgrading and creating stable employment, and adding lasting momentum to economic development.

  This year is the first year to fully implement the spirit of the 20th National Congress of the Communist Party of China. All localities and departments are making greater efforts to promote supply-side structural reform, improve the investment expansion mechanism, expand the effective investment space, further play the key role of investment, promote the overall improvement of economic operation, achieve effective improvement in quality and reasonable growth in quantity, and make new contributions to building a new development pattern and making efforts to promote high-quality development.

  People’s Daily (18th edition, March 27th, 2023)