It is understood that Country Garden’s operating conditions are not optimistic and its liabilities are serious. The main reasons are as follows:

First, the overall sales of real estate are difficult, and it is difficult to withdraw funds.Affected by the real estate market environment, the current price increase is not large, and the price in some areas has shown a downward trend. The public’s awareness of buying houses is not strong, and it is in a wait-and-see state, which has affected the sales of faster houses. There are also a large number of existing houses, which makes it difficult for Country Garden to withdraw funds in the real estate development and construction stage.

Second, financing is difficult and it is difficult to continue to invest.Land acquisition, construction, publicity, sales and other aspects of real estate need a lot of capital investment. Country Garden and other real estate enterprises rely more on external financing in the case of slow capital withdrawal, and the government’s special fund investment is limited. However, the overall situation of the real estate industry is sluggish, investors are cautious about the investment in real estate projects, and external financing is difficult, which makes it difficult for Country Garden to continuously promote project investment.

Third, the format layout is wide and the capital chain is tight.Country Garden’s commercial layout is not limited to real estate, but also involved in business fields such as cultural tourism and catering. The expansion of commercial layout also represents a large-scale increase in capital investment, a decrease in internal cash flow, and an increase in operational risks. However, in many formats, once there are problems such as difficult capital return and unexpected recovery of creditor’s rights, it may lead to the tension of the entire capital chain and even the overall thunderstorm.

Facing the debt-ridden Country Garden, as the owner who buys Country Garden, he needs to pay attention to the operation of Country Garden, and the most important thing is to pay attention to the delivery of his own house. For example, whether it can be delivered as scheduled, and what is the quality of the delivered house?

First of all, the most direct thing to do is to go to the site to check the construction situation.Is it normal construction, or has it stopped, or is it a sparse performance construction? Once you encounter the latter two, you need to act immediately to avoid the future money room being empty. In addition, there is a detail to pay attention to when going to the scene. Ask the construction workers or security guards whether their wages are paid normally and whether there is any default in labor fees. If there is a problem of long-term arrears in project payment, it is even more necessary to pay attention.

Secondly, check whether the down payment and bank loan have been paid in advance as soon as possible.sellHow much money is left in the fund supervision account?The pre-sale house payment must be used for the construction of the house, and the relevant house payment is deposited in the pre-sale fund supervision account, which is a strong guarantee for the owner to deliver the house on schedule. Once it is found that the developer has transferred the pre-sale funds, it is necessary to immediately file relevant illegal investigations.

Third, both the owners who buy faster houses and the owners who buy existing houses need to carefully check the quality of the houses when they close the houses.Faced with the high turnover mode in the development and construction of Country Garden, the owners need to pay close attention to the quality problems of the houses. If quality problems are found, the owners can refuse to take over the houses as appropriate, requiring them to carry out maintenance within the time limit agreed in the commercial housing sales contract, and then take over the houses after the maintenance is improved;

Finally, if the delivery of the house is delayed, the first thing to consider is whether to want the house or check out. If the house has been built almost, such as the main body has been capped. At this time, the risk of asking for a house is relatively small, and you can work hard to promote the delivery of the house. At this time, our owners can unite and give full play to the role of strength with strength. However, if the site is still a pit and has been shut down for a long time, it is necessary to consider whether it can be handed over in the future. At this time, if you choose to work hard towards checking out, don’t think that many hands make light work. You know, in such a tight capital situation, how can developers return a house to so many people? Even if there is no thunderstorm, it can’t be realized objectively, let alone the situation of thunderstorm.

1. Whether the purchased house belongs to Baojiaolou project and whether there is any relief fund.

2. Excavate as many illegal points of the developer as possible through legal compliance, and convert these illegal points into the cost of the developer through illegal investigation and application and litigation. Let developers see that if they don’t actively perform the contract, there will be more costs and costs, and try to avoid developers from being ruined.

3. For the owner of the loan, you can try to stop the loan temporarily, that is, stop repaying the bank loan, or lower the mortgage interest rate. This loan suspension does not mean to stop lending rashly, but to negotiate with banks through negotiation and communication, and finally reach a written loan suspension agreement. For example, we once had an uncompleted residential building case in Taihe. We found that the bank had the problem of illegal lending. After the relevant illegal investigation, the bank took the initiative to find us to negotiate the loan suspension, and finally reached an agreement with our owner to temporarily stop repaying the loan. At this time, it will not affect the owner’s credit information, and will not be sued by the bank because of the default. At the same time, the central bank recently explicitly proposed to guide the reduction of the interest rate of individual housing loans, and the owners can also ask the loan banks whether there are relevant local policies and negotiate whether the loan interest rate can be lowered.

To sum up, the external real estate industry environment and internal business expansion are all the reasons that lead to serious debt problems in Country Garden. In the face of debt-ridden Country Garden, the owners must first take legal and reasonable measures to safeguard their rights and interests in purchasing houses and avoid property losses.

　　China Banking and Insurance Regulatory Commission and the Central Bank recently publicly solicited opinions on the Measures for Capital Management of Commercial Banks (Draft for Comment). The new regulation is to implement the regulatory requirements of Basel III issued by the Basel Committee in 2017, with the goal of improving the risk management level of banks. The measures are planned to be formally implemented on January 1, 2024.

　　The impact of this new regulation on the bond market is not small. The data shows that commercial banks hold 69.1 trillion yuan of bonds, accounting for 55.30% of the scale of custody bonds, and are the largest institutions holding bonds in China. According to the reporter’s interview with people in the industry, on the whole, the new regulations adjust the bond risk weight coefficient, which is beneficial to commercial banks to reduce capital consumption, and generally benefits local government general bonds, investment-grade credit bonds, bad bank secondary capital bonds, and interbank deposit certificates of more than three months.

　　The willingness to hold local bonds and high-quality credit bonds may rise.

　　Wang Qiangsong, head of the financial research department of Nanyin, told CBN that the new regulations have the greatest impact on the bond market from several dimensions. First of all, the risk weight of local governments’ general bonds is lowered from 20% to 10%, and special bonds remain unchanged. The general bond revenue and expenditure of local governments are included in the general budget revenue and expenditure. Legally speaking, it is more appropriate to lower the risk weight.

　　By the end of 2022, the general debt of local governments was 1,438.96 billion yuan, and 86% of domestic local debt was held by commercial banks. It is estimated that the reduction of general debt risk weight will save banks 1,237.5 billion yuan (143,896 * 0.86 * 0.1). "Lowering the risk weight of general debt will provide space for commercial banks to increase their holdings of government debt and further support the medium and long-term expansion of government debt." He said.

　　In addition, the risk weight of investment-grade corporate bonds is lowered from 100% to 75%, and investment-grade companies are identified from eight specific indicators, such as operating risk, debt risk and profit level.

　　The agency predicts that most bonds issued by large central enterprises and listed companies will be recognized as investment-grade corporate bonds, but the number of urban investment bonds that can be included in this standard is small. This will help commercial banks to allocate high-quality credit bonds, improve the transaction depth of high-quality credit bonds and reduce financing costs.

　　The allocation of secondary capital bonds may decline.

　　Since the net value of wealth management products fluctuated greatly, the change of tier-2 capital bonds has received great attention. This new regulation has increased the risk weight of tier-2 capital bonds of banks from 100% to 150%, which also has a considerable impact on this asset class.

　　As of the beginning of February 2023, the balance of domestic banks’ tier 2 capital bonds was about 5.3 trillion yuan. "Adjusting the risk weight may cause an impact. It will be more difficult for banks to hold each other when issuing Tier 2 capital bonds, and banks will reduce their allocation and market liquidity will be weakened." Wang Qiangsong said.

　　Liao Zhiming, chief banking analyst of China Merchants Securities, told reporters: "The new regulations have adjusted the risk weight of tier-two capital bonds of banks, insurance and brokers to 150%, and TLAC (total loss absorption capacity) bonds are also 150%, compared with the current 100%. There is a big increase. The risk weight of tier-2 capital bonds increased in line with expectations, and the incremental impact was controllable. However, the key to follow-up depends on the growth of wealth management scale. "

　　Among the bank capital replenishment tools, secondary capital bonds and perpetual bonds are the main components, and the circulation has increased significantly in recent years. Earlier, tier-2 capital bonds were preferred assets held by banking financial subsidiaries. However, at one time, due to the fluctuation of bond market, the net value fluctuated greatly, which led to a sharp drop in prices caused by bond market selling and investor redemption. This also once caused the market to worry about wealth management or continue to reduce its holdings of tier 2 capital bonds.

　　Yu Jinxin, an analyst at Minsheng Securities, said earlier that all levels of capital of domestic commercial banks have corresponding supplementary tools, among which tier-2 capital bonds and perpetual bonds are significantly ahead, supplementing tier-2 capital and other tier-1 capital of banks respectively. In recent years, the issuance of secondary capital bonds and perpetual bonds has increased significantly. By the end of May 2022, the total stock scale reached 4.98 trillion yuan, of which the issuance scale of state-owned banks was dominant, and the number of urban and rural commercial banks was relatively high. "Although the new asset management regulations have brought new investment constraints to tier-2 capital bonds and perpetual bonds, the asset mismatch may still make these two types of bonds lack alternative assets. Therefore, we believe that the investment demand is still resilient, but there may be two changes. One is that the duration is moderately shortened, and the other is that the transaction attributes are enhanced."

　　Most viewpoints hold that, as far as Tier 2 capital bonds are concerned, although the scale growth of bank wealth management funds is still uncertain, the overall allocation of insurance funds may remain stable under the long-term gap between assets and liabilities and policy support.

　　The impact on bank capital adequacy ratio is limited.

　　Generally speaking, most institutions believe that the implementation of the new regulations has limited impact on the capital adequacy ratio of domestic commercial banks, and it is expected that the capital adequacy ratio of banks will be slightly improved due to the reduction of the credit risk weight of investment-grade enterprises.

　　The bright spot is that the policy supports the growth of consumer loans and mortgage loans. Under the new regulations, the risk weight of banks with a high proportion of mortgage loans and retail business is lowered, and the capital adequacy ratio is expected to increase.

　　Specifically, Wang Qiangsong told reporters that the risk weight of credit cards was lowered, and the risk weight of credit lines (unused lines) below 1 million yuan was adjusted from 50% to 20%, and the definition of qualified traders was proposed, and the risk weight of use lines was adjusted from 75% to 45%; In terms of housing mortgage loan, the repayment source does not depend on the real estate cash flow (that is, the solvency of the purchaser is valued), and the risk weight is lowered — — If the down payment ratio is more than 40%, it will be reduced from 50% to 40%, and if the down payment ratio is 30%, it will be reduced from 50% to 45%, which is beneficial to both the first set and the second set.

　　At the same time, under the new regulations, the risk weight of SMEs is 85%, which is lower than the current 100%. Liao Zhiming believes that this is good for city commercial banks with relatively high credit for SMEs. The risk exposure of small and medium-sized enterprises refers to the creditor’s rights of commercial banks to enterprises whose operating income in the last year does not exceed 300 million yuan and meets the identification standards of medium, small and micro enterprises stipulated by relevant state departments, but does not include the creditor’s rights to small and micro enterprises and investment-grade companies.

CCTV News:The ways and means of extremist organizations to attract recruiters are very tempting and deceptive, and many people are tempted to join the group.

Extreme organization network mapping

According to figures reported by American media, during the period of rapid expansion of extremist organizations, more than 20,000 foreign extremists from more than 90 countries went to Syria and Iraq. This figure is attributed to a systematic and efficient publicity network. With the progress of cracking down on extremist organizations, these foreign extremists either continue to wander around Syria and Iraq or return to their countries of origin. In addition to people like onur who are aware of the true colors of extremist organizations, there are also some stubborn extremists, and their scattered return is still an extremely unstable factor facing all countries in the world.

Massive social media accounts spread brainwashing content

Massive social media accounts spread brainwashing content

According to members of extremist organizations, the usual means of recruiting personnel by extremist organizations is to apply for a large number of accounts on various social media platforms, or develop special media platforms, release bloody videos, instill extreme ideas, or promise false honors. In addition to brainwashing content, extremists will also post life photos such as food and selfies in their personal accounts, trying to convey the illusion of a better life to the outside world to confuse more young people. In view of the great influence of extremist organizations through online propaganda, in recent years, many well-known social media companies have decided to remove terrorist content and close accounts related to extremist organizations.

Private contact fosters intimacy.

Many young women have been tricked into joining extremist organizations.

In addition to putting a huge amount of information on the Internet, extremists will also have one-on-one online and offline contact with the recruits, cultivate feelings and gain trust with the targets, and further encourage young people to go to Iraq or Syria to participate in terrorist activities. There are also members of extremist organizations who even use love as bait to lure young women to extremist organizations.

The pressure of extremists returning to Europe to fight terrorism has increased.

The picture shows that after the terrorist attacks in Barcelona, the Spanish Ministry of the Interior raised the expected level of counter-terrorism.

Since the beginning of this year, in the context of the continuous strengthening of anti-terrorism in European countries, the momentum of terrorism in Europe has not diminished, and terrorist attacks have even shown a high incidence. Britain, France, Belgium and even the relatively calm northern and southern Europe have not been spared. Almost all major attacks have extremist organizations behind them. At present, the living space of extremist organizations has been greatly suppressed, and extremists who went to Syria and Iraq have "returned" one after another, which has made many European countries feel tremendous pressure on counter-terrorism. Some experts said that to combat terrorism, European policymakers need to deploy more anti-terrorism forces to prevent the Internet from becoming a tool for spreading extreme ideas, and to prevent the breeding of terrorism through the joint efforts of the government and social institutions.

On July 30th, the Political Bureau of the Communist Party of China (CPC) Central Committee held a meeting to analyze and study the current economic situation and plan economic work in the second half of the year. What is the current economic situation in China? How to do economic work in the second half of the year? How to push the reform in related fields? On August 1st, the National Development and Reform Commission held a press conference and invited relevant responsible comrades to interpret some hot economic issues.

Facing external pressure, how was the economy in the first half of the year?

Better than expected, high-quality development achieved new results.

"In the first half of the year, China’s economy made steady progress and was better than expected while withstanding external pressure and digesting accumulated risks. New achievements were made in high-quality development and the gold content of development continued to increase." Zhou Chen, director of the National Economic Comprehensive Department of the National Development and Reform Commission, analyzed the characteristics of economic operation in the first half of the year from three aspects.

The main macro indicators performed well. In the first half of the year, the gross domestic product (GDP) increased by 5.3% year-on-year, which was better than the market expectation at the beginning of the year and increased by 0.3 percentage points over the same period last year.

In July, the expected index of production and business activities was 52.6%, which continued to expand on the line of prosperity and decline, indicating that the market confidence of manufacturing enterprises was relatively stable and optimistic. In addition, employment, prices and residents’ income are generally stable. In the first half of the year, the national urban survey unemployment rate averaged 5.2%, down 0.1 percentage point from the first quarter, and 6.95 million new jobs were created in cities and towns, achieving the annual target of 58%.

Economic operation shows strong resilience. In the first half of the year, domestic demand continued to play the main role of growth, contributing 68.8% to economic growth; Foreign trade has shown great resilience, with the scale of import and export standing at 20 trillion yuan, and exports increasing by 7.2%; The role of "ballast stone" in equipment manufacturing continued to play, and the added value of equipment manufacturing increased by 10.2%; The development of modern service industry was accelerated, and the services of information transmission, software and information technology increased by 11.1%.

New kinetic energy accelerates development and growth. Innovative achievements such as open source models of artificial intelligence and innovative drugs are constantly emerging, and emerging industries such as intelligent unmanned aerial vehicle manufacturing and intelligent vehicle equipment manufacturing are thriving. In the first half of the year, the added value of high-tech manufacturing increased by 9.5%, which was 3.1 percentage points faster than that of industries above designated size.

"The economic performance has not come easily this year, which has laid a good foundation for achieving the goals and tasks of economic and social development throughout the year and enhanced our confidence." Chen Zhou introduced the priorities of the National Development and Reform Commission in the next step:

We will continue to exert our efforts and make timely efforts to implement the deployed policy initiatives. Unswervingly implement the strategy of expanding domestic demand, unswervingly promote high-level scientific and technological self-reliance, deepen reform and opening up, and make efforts to build a unified national market. In particular, a number of measures to continue to promote stable employment and stabilize the economy have been introduced and implemented one after another, turning external pressure into endogenous power and stabilizing the economic market.

Strengthen economic monitoring, forecasting and early warning, constantly improve the toolbox of policies to stabilize employment and expand domestic demand, launch it in time according to changes in the external environment, focus on stabilizing employment, enterprises, markets and expectations, and strive to achieve a reasonable rebound in price levels, overall social employment stability and economic growth.

The economy is progressing steadily. What have we done?

Deepen the construction of a unified national market and strengthen the domestic circulation.

At present, external shocks and uncertainties are increasing, and strengthening the domestic cycle has become a strategic move to promote economic stability and long-term success. "It will speed up the cracking of blocking points that restrict the domestic big cycle and consolidate and expand the economic recovery to a good momentum." Chen Zhou said.

-expanding domestic demand in all directions and enhancing the resilience of the domestic macro-cycle.

Promote the "double" construction with high quality. Actively expand effective investment. Study and steadily continue the "two new" policies. Enhance consumption capacity and cultivate new growth points of service consumption.

"It will be submitted for approval to speed up the establishment and launch of new policy financial instruments and promote private enterprises to participate more in the construction of major national projects. At the same time, it will also improve the price formation mechanism in the fields of transportation and energy, and improve the return on investment. " Zhou Chen said.

-Optimize the supply structure and improve the domestic macro-cycle benefits.

Three sets of data show the effectiveness of the unified big market construction: from January to April this year, the national inter-provincial trade sales accounted for 40.4% of the total sales revenue, an increase of 0.6 percentage points over the same period of last year; In the first half of the year, the ratio of total social logistics cost to GDP decreased by 0.1 and 0.2 percentage points respectively compared with the first quarter and the same period of last year, achieving the lowest level since the statistics, saving more than 130 billion yuan in social logistics cost; In the first half of the year, the nationwide inter-provincial transaction power increased by 18.2% year-on-year, accounting for 2.6 percentage points of the market-oriented transaction power … "These data reflect the reduction of market transaction costs and the optimal allocation of factor resources in a wider range." Wang Renfei, director of the Comprehensive Department of System Reform of the National Development and Reform Commission, said.

Chen Zhou said that it is necessary to further promote the construction of a unified national market, and "make efforts to promote the deep integration of scientific and technological innovation and industrial innovation. Revitalize the stock and promote the capacity management of key industries. At the same time, adhere to the principle of moderate advancement and not excessive advancement, build and use infrastructure, and give full play to multiple benefits. "

-Strengthen safety capacity building in key areas and enhance the reliability of domestic large-scale circulation.

Consolidate the foundation of food security in an all-round way and implement a new round of 100 billion Jin of grain production capacity improvement action and seed industry revitalization action; Vigorously improve the ability of energy resources security, accelerate the construction of a new energy system, and comprehensively promote the construction of bulk commodity storage and transportation bases; Make every effort to ensure the safety of the supply chain of important industrial chains.

Consolidate the positive momentum, what should we do next?

Standardize the government’s investment behavior and rectify the disorderly competition of enterprises.

Politburo meeting of the Chinese Communist Party stressed that "we must unswervingly deepen reform". Wang Renfei said that in the next step, the National Development and Reform Commission will accelerate the implementation of some landmark reform measures.

-Closely expand domestic demand, stabilize the economy and deepen reform.

Dig deep into the potential to boost consumption, improve the policy system for promoting consumption, and promote the implementation of measures such as promoting service consumption, starting economy and digital consumption. Expand effective investment, improve the system and mechanism of government investment to effectively promote social investment, and amplify the investment multiplier effect. To deepen reform, shape and guide expectations, stimulate the vitality of business entities, and enhance the core competitiveness of state-owned enterprises. Study the policy measures to promote the development of private investment, sum up the experience of introducing private capital in the field of nuclear power, increase the promotion of private capital in the fields of transportation, energy and water conservancy, and promote the development and growth of private economy.

-Deepen reform by closely cracking the outstanding contradictions in economic operation.

Some industries and fields have problems such as "involution", disorderly competition and market disorder. In the next step, we should unify the scale of government behavior, clarify the specific behaviors that are encouraged and prohibited by attracting investment, control and prevent all kinds of behaviors and practices that hinder the unified market and fair competition, and rectify the disorderly competition of enterprises according to laws and regulations.

Jiang Yi, director and spokesperson of the Policy Research Office of the National Development and Reform Commission, told the reporter that the National Development and Reform Commission is working with relevant parties to accelerate the revision of the price law, select industries with more prominent "involution" competition, conduct targeted cost surveys, and urge enterprises to consciously regulate price behavior.

-Deepen reform by closely cultivating new kinetic energy for development.

Optimize the market access environment for new formats and new fields, speed up the formulation of a number of special measures to relax market access, and introduce policy measures to cultivate and open new scenes, so as to promote scientific and technological innovation and industrial innovation with scene innovation. At the same time, we will promote the innovative allocation of production factors, promote the comprehensive reform pilot of factor market allocation, deeply explore the realization path of new factors such as data confirmation and participation in distribution, and promote the smooth flow and efficient allocation of various production factors.

Original title: "Stabilizing the economy and promoting reform, and constantly improving the policy toolbox"

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