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The State Council State-owned Enterprise Reform Leading Group Office promotes the improvement of corporate governance mechanism and improves the quality and efficiency of operation.

On March 30th, the State Council State-owned Enterprise Reform Leading Group Office held a special promotion meeting on improving corporate governance mechanism and improving operation quality and efficiency by video. Weng Jieming, deputy director of the Office of the Leading Group for the Reform of State-owned Enterprises in the State Council, and member and deputy director of the State-owned Assets Supervision and Administration Commission, attended and spoke at the meeting. Peng Huagang, member and secretary general of the State-owned Assets Supervision and Administration Commission, presided over the meeting.
The meeting pointed out that in recent years, central enterprises, local SASAC and local state-owned enterprises have resolutely implemented the spirit of the important instructions of the Supreme Leader General Secretary and improved the corporate governance mechanism and achieved a series of important milestones.
The meeting stressed that in view of the shortcomings and weaknesses in corporate governance, it is necessary to optimize and improve the "pre-list", improve the quality of the construction and operation of the board of directors, actively promote the authorization of the board of directors to managers, strengthen overall communication, improve the meeting mechanism, effectively give play to the roles of party organizations, the board of directors, managers and other governance subjects, and improve the corporate governance mechanism with statutory powers and responsibilities, transparent powers and responsibilities, coordinated operation and effective checks and balances. Group companies should reasonably authorize and decentralize their subsidiaries, leaving enough room for the decision-making of corporate governance and operation of subsidiaries. It is necessary to strengthen the overall leadership of the party and give full play to the role of group companies in guiding and urging, establishing rules and regulations, coordinating services, and authorizing and decentralizing. It is necessary to strengthen policy study and publicity, pay close attention to system implementation, give full play to the leading role of typical demonstration, and promote the modern enterprise system with China characteristics to be more mature and stereotyped.
Five companies, including China Southern Power Grid, china huadian, China Building Materials, Hunan State-owned Assets Supervision and Administration Commission and Jiangxi Copper, exchanged ideas at the meeting. Responsible comrades of the Fifth Bureau of the Central Organization Department, responsible comrades of relevant departments and bureaus of SASAC and directly affiliated units, responsible comrades of central enterprises and local SASAC attended the meeting.

State-owned enterprises improve corporate governance mechanism

What important milestones have been achieved?

How to promote the improvement of corporate governance mechanism in the next step

Take it to a new level?

Xiaoxin gives you a detailed analysis.

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State-owned enterprises have made important achievements in improving corporate governance mechanism.

The party’s leadership has been comprehensively strengthened.

The legal status of party organizations in state-owned enterprises in the corporate governance structure has been clarified and implemented, and the leading role of party committees (party groups) in "guiding the direction, managing the overall situation and promoting implementation" has been effectively brought into play.

The "pre-list" was comprehensively formulated and effective.


All central enterprise group companies, local first-class enterprises, the vast majority of central enterprises and important local subsidiaries.They have formulated a "list of major business management issues for pre-research", and the boundaries of powers and responsibilities between the party organization and the board of directors are clearer and the decision-making procedures are more standardized.

The board of directors has taken substantial steps to achieve all the necessary construction and implement the functions and powers of the board of directors.

  • 12,900 householdsSub-enterprises of central enterprises,26,300Local state-owned enterprises and their subsidiaries have set up boards of directors.
  • 1421 householdsAmong the important subsidiaries of central enterprises,95.2%And formulate a specific implementation plan for implementing that authority of the board of directors.
The majority system of external directors is widely implemented.
  • The proportion of external directors in the subsidiaries of central enterprises and local state-owned enterprises reached respectively.99.5%、96.7%.
  • The State-owned Assets Supervision and Administration Commission of the State Council set up a full-time party committee of external directors of central enterprises, fully implemented the system of convener of external directors, and established a talent pool of external directors.
The mechanism for managers to exercise their rights and perform their duties has been continuously improved.

  • 96.9%The central enterprise group company,98.5%The local level enterprises have established the management system that the board of directors authorizes the managers.

  • The proportion of managers of subsidiaries at all levels of state-owned enterprises who realize tenure system and contractual management exceeds96%.

The internal system based on the company’s articles of association is basically established.
State-owned enterprises comprehensively standardize the formulation and revision of the articles of association, and the internal system of enterprises is improving day by day.
Grasp the key points to fill shortcomings and promote the improvement of corporate governance mechanism to a new level.

one
Optimize and improve the "pre-list" and give full play to the leading role of the party Committee (party group) in "controlling the direction, managing the overall situation and promoting implementation".

The scope of the "pre-list" should be clearly defined.
  • It is necessary to make good use of the relevant list templates, clearly define the scope of "research decision" and "research discussion", especially define the standards of "major" major business management matters, and connect them with the scope and standards of "three majors and one big" matters.
  • This pre-position must not be omitted, and the specific business problems that do not need to be pre-positioned, especially those that should be implemented by managers, should implement the responsibility of the relevant governance subject, and cannot be "pre-positioned" in violation of policy requirements.
The judgment standard of pre-research discussion should focus on "four noes".

  • The "four noes" arewhether or notIn line with the Party’s theory, line, principles and policies,whether or notImplement the decision-making and deployment of the CPC Central Committee and the national development strategy,whether or notIt is conducive to promoting the high-quality development of enterprises, enhancing the competitive strength of enterprises, and realizing the preservation and appreciation of state-owned assets.whether or notIt is conducive to safeguarding the public interests and the legitimate rights and interests of workers and staff.

  • The pre-research and discussion of the party organizations in state-owned enterprises to form opinions is not the same as pre-decision.

  • The responsibilities and decision-making of each governance subject do not substitute for each other, and we must resolutely prevent the excuse of establishing a modern enterprise system to deny and weaken the leadership of the party, and also prevent the party organization from directly becoming the decision-making and command center of enterprise production and operation.

"Pre-list" should fully reflect hierarchical classification.
  • It is necessary to closely combine the characteristics of different industries, different levels and different shareholding structures, and differentiate the contents of the list.

  • It is necessary to encourage exploration and innovation to make the list simple, practical and useful.

two

Improve the quality of the construction and operation of the board of directors, and effectively guarantee the board of directors to "make strategies, make decisions and prevent risks".

It is necessary to improve the performance ability of external directors as soon as possible.


  • It is necessary to speed up the building of a team of external directors with excellent political skills, high quality and reasonable structure.

  • To establish a regular training mechanism.

  • It is necessary to strengthen the performance evaluation and incentive constraints, and smooth the two-way communication channel between full-time external directors and current leaders.

  • Listed companies should learn from the good practices of strict selection and management of external directors of central enterprises and do a good job in the selection and management of independent directors.

It is necessary to clarify two situations in which external directors express their opinions.

  • Under normal circumstances, directors should be based on the overall interests of all shareholders and the company, comprehensively consider various factors, and participate in decision-making according to personal best business judgment;

  • For decision-making matters that need to be studied and put forward by shareholders, external directors shall listen to shareholders’ opinions in advance and vote at the board meeting.

It is necessary to systematically strengthen the support services for external directors to perform their duties.
Strengthen the policy propaganda, work guidance and decision-making information support for sending external directors, create necessary conditions for external directors to perform their duties in accordance with regulations, provide accurate and complete proposal materials in time, and effectively ensure external directors to perform their duties effectively.
It is necessary to implement the functions and powers of the board of directors of subsidiary enterprises in batches and in an orderly manner.

  • It is necessary to learn from the experience of advanced enterprises and localities and guide subsidiaries at all levels to explore and implement the decision-making power of the board of directors for medium and long-term development.Six functions and powersGive priority to the board of directors’ major investment decision-making power, performance appraisal of managers and salary distribution power, so that the board of directors can really play a key role in major investment decision-making and risk prevention, which should be effective for the board of directors to operate.Basic and iconic requirements.

  • Adhere to the combination of the principle of party management of cadres and the market mechanism, and explore specific ways to promote the board of directors to select managers according to procedures.

  • State-owned enterprise corporate governance demonstration enterprises, listed companies, "double hundred enterprises" and "science and technology reform demonstration enterprises" should take the lead in implementing the rights of the board of directors according to law and play a leading and exemplary role.

We should pay close attention to matching and strengthening the external directors of local first-class enterprises.

  • At present, the proportion of external directors in local-level enterprises is79.5%, still relatively lagging behind. The offices of leading groups for the reform of state-owned enterprises in all localities should, in conjunction with relevant departments, take effective measures to ensure that the tasks are basically completed in the first half of this year.

  • It is necessary to enrich and make good use of the talent pool of external directors, further broaden the sources of external directors, and strengthen the sharing of talents of external directors between central enterprises and between central and local governments.

three
Actively promote the authorization of the board of directors to the management level, and support the management level to go all out to "seek business, grasp implementation and strengthen management".

It is necessary to speed up the improvement and practical implementation of the authorization system from the board of directors to the managers.

  • At present, there are sub-enterprises of central enterprises and sub-enterprises of local enterprises.58.2%、52.8%The system of authorization from the board of directors to the management has been formulated, and those that have not been formulated should be formulated in combination with the actual situation.

  • Those that have been formulated but the authorization is not in place should be further implemented.

It is necessary to embody the equality of responsibilities, rights and interests of managers in the contract.

  • It is necessary to constantly improve the specific working mechanism for managers to implement, improve the contract texts related to tenure system and contractualization, and encourage managers to take the initiative to take on greater responsibilities by means of "revealing the list and taking the lead" and "selecting horses in the stadium", so as to give managers more autonomy accordingly.

  • The board of directors should fully listen to the general manager’s opinions and suggestions on matters such as the decomposition, assessment and distribution results of the deputy performance targets of managers, and ensure the transmission of responsibilities and pressures at different levels.

It is necessary to implement the general manager reporting system.

  • Managers should conscientiously implement the pre-research spirit of the party organization and the resolutions of the board of directors. The general manager shall regularly report the exercise of the authority granted by the board of directors to form a closed-loop work.

  • It is necessary to carry out special inspection or evaluation in a timely manner, strengthen supervision over the exercise of power by managers, and adjust or withdraw authorization in a timely manner according to the exercise; Those who exceed their authority or exercise improper power should be corrected in time and dealt with in accordance with relevant regulations.
four
Strengthen overall communication, improve the meeting mechanism, and promote the coordinated operation and effective checks and balances of all governance subjects.
It is necessary to co-ordinate the list of rights and responsibilities of each governance subject.

  • Party organizations, boards of directors and managers should clearly define the boundaries and contents of their respective rights and responsibilities; At the same time, different types of lists should also be effectively connected with each other.

  • Many enterprises integrate multiple related lists into one table to realize "multiple single tables", and the experience is worth popularizing.

It is necessary to strengthen work communication.

  • Active, timely and full communication should be regarded as a "lubricant" in corporate governance among all governance subjects, especially among party secretary, chairman and general manager.

  • Generally speaking, the meeting should be suspended for matters with different communication opinions, especially those with major differences.

It is necessary to improve the meeting mechanism.

At the meetings of different governance bodies, it is encouraged to explore differentiated arrangements in terms of reporters, reporting contents and auditing standards.

  • Party organization meetingGenerally, members of the party organization team report, focus on the overall situation and avoid being caught in general details according to the "four noes" standard;

  • board meetingGenerally, it is reported by members of the management level, which highlights that the management level is responsible to the board of directors;

  • General manager office meetingGenerally, it is reported by the person in charge of the functional department, which is convenient for urging the functional departments to implement it.

Indeed, due to the special needs of the work, the secretary of the Party organization and the chairman of the board may attend the general manager’s office meeting as nonvoting delegates, but it should be ensured that the managers are independently responsible in the implementation process and have enough independent space to perform their duties and exercise their rights.
five
Group companies should reasonably authorize and decentralize their subsidiaries, leaving enough room for the decision-making of corporate governance and operation of subsidiaries.
We should take the initiative to change to governance management and control.
In principle, the group company will no longer directly interfere with the operation and management of the subsidiary, but should rely on the corporate governance of the subsidiary, express the will of shareholders by sending directors, support the board of directors of the subsidiary to perform their duties according to laws and regulations, and safeguard the independent management rights of the subsidiary.
It is necessary to authorize decentralization due to enterprise policy.

  • The decision-making power of subsidiaries should belong to subsidiaries, and differentiated and precise authorization and decentralization should be implemented for subsidiaries in different industries, different levels, different ownership structures and different stages of development.

  • It is necessary to promote the listing of authorization and decentralization, and regularly optimize the list and update the version according to the actual situation.

What needs special emphasis is:

  • For some matters directly related to subsidiaries’ seizing market opportunities, even if the group company really needs approval or filing, it should "handle special matters", clarify the time limit, improve efficiency, and resolutely prevent subsidiaries from delaying the fighter plane due to too long approval or filing time.

  • It is necessary to truly hand over the specific business decision-making power to the board of directors and managers of the first-line enterprises closest to the market.

  • It is necessary to combine the special rectification of the headquarters’ institutionalization, strictly control the examination and approval items of the group, and strengthen who approves and who is responsible.

  • For businesses involving strong scale effect, high overall security requirements, market integration and networking, we should pay attention to the relationship between overall interests and local vitality and make reasonable authorization.

  • The authorization of listed companies shall comply with the relevant policies and rules of listed companies.

It is necessary to dynamically evaluate and adjust the scope of authorization.
It is necessary to ensure the combination of authorization and supervision, the unity of liberalization and management, and regularly evaluate the effect of authorization and exercise. The authorization should be increased in time, and the authorization should be "blown" or cancelled in time for major deviations or serious problems.
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During the month, more than 20 car officials announced the price reduction, and the ＂price war＂ in the auto market intensified.

Since March, the price war in the automobile industry has continued to spread.
On March 14th, Dongfeng eπ007, a medium-sized and large B-class car, announced a price reduction of 30,000 yuan as soon as it was listed, and the entry price dropped to 129,600 yuan. In fact, this is just a microcosm of the price war in the automobile market since March 1.
"China Business News" reporter noted that the current price war in the automobile market is still fierce, and the "follow-up" price reduction similar to Dongfeng eπ appears frequently. Take LI as an example. On March 12th, LI announced that the prices of L7 Air and L8 Air, which were listed in February this year, would be lowered by 18,000 yuan.
New energy vehicles, which have become "price butchers", have brought a lot of pressure to fuel vehicles invisibly, and fuel vehicles have followed the pace and started to cut prices. Geely announced the launch of the Spring Car Festival in 2024 a few days ago, and its fuel vehicles such as Xingyue L, Xingrui and Emgrand all reduced their prices, ranging from 3,000 yuan to 14,000 yuan.
With the gradual decline of new energy prices, the fuel vehicle market with relatively slow upgrading and low product intelligence is under serious pressure. In this regard, many people in the industry said in an interview that in 2024, the "scissors difference" between the sales of fuel vehicles and new energy vehicles will be further expanded. Under the background of the gradual increase in the penetration rate of new energy vehicles and the decline in the cost of new energy vehicles, "the same price of oil and electricity" began to appear, and the market share of fuel vehicles may be further reduced.
More than 20 models announced price cuts
In this regard, Cui Dongshu, Secretary-General of the Association, issued an analysis, saying that as of March 15th, the price reduction scale of the automobile market in 2024 was half that of the whole year in 2023, and the price reduction models were mainly pure electric vehicles, plug-in hybrid vehicles and other new energy vehicles, while the price reduction of fuel vehicles was less.
The reporter noted that since March 7, Yantu has launched a replacement subsidy policy of 1 billion yuan, covering all its models of Lantu FREE, New Lantu Dreamer and Lantu Chasing Light, and can enjoy a cash discount of up to 50,000 yuan when buying a car.
Similarly, Chery Automobile also announced that its four major brands Chery, Xingtu, Jietu and iCAR have launched subsidy activities. Tiggo 9, Tiggo 7 Series, Arrizo 8 Series, Exploration 06, Fengyun A8 and other models can trade in up to 30,000 yuan.
It is worth noting that some fuel models of Chery Automobile have also joined the ranks of price reduction. The limited-time comprehensive discounts of Tiggo 5x, Tiggo 3x, Arrizo 5 Series and Oumengda range from 6,000 yuan to 19,000 yuan. At the same time, the Touran brand of SAIC Volkswagen also started a limited-time discount on March 1, and the price of the 2024 Touran four-wheel drive luxury and Touran X four-wheel drive luxury designated models was reduced to 279,900 yuan and 265,000 yuan. In addition, the 2.0T model of Touran family enjoys 2,000 yuan in cash or 3 years of worry-free maintenance.
According to Zhou Wenyu, deputy director of Huiyu Bohua Industrial and Commercial Enterprise Department, some mainstream car companies set aggressive annual sales targets at the beginning of the year. Under the expectation of low sales growth in the industry, "exchanging price for quantity" and seizing the market as soon as possible will still be one of the strategic choices of car companies. "The fast-growing car companies intend to pursue victory and expand market share, while the slow-selling manufacturers are unwilling to lag behind and intend to catch up. At the same time, the downward cost of upstream general raw materials and power battery materials, as well as the economies of scale brought about by the expansion of sales of independent brands, have also provided some car companies with greater room for profit. "
The fuel vehicle market may be further under pressure.
According to the data of the Ministry of Public Security, in 2023, there were 24.56 million newly registered cars nationwide, an increase of 1.33 million compared with 2022, with a year-on-year increase of 5.73%. Among them, the number of new energy vehicles reached 7.43 million, accounting for 30.25% of the number of newly registered vehicles, up 38.76% year-on-year. In 2023, the number of new energy vehicles in China has reached 20.41 million, accounting for 6.07% of the total number of vehicles. Among them, the number of pure electric vehicles is 15.52 million, accounting for 76.04% of the new energy vehicles.
Although the proportion of the total is still low, the growth rate of new energy vehicles is still relatively fast. According to the data of China Automobile Industry Association, the domestic production and sales of new energy vehicles continued to maintain a high growth rate in January and February 2024, among which the sales volume of new energy vehicles reached 1.207 million, up 29.4% year-on-year, and the market share reached 30%.
With this year’s "Government Work Report" proposing to encourage and promote the trade-in of consumer goods and boost the mass consumption of intelligent networked new energy vehicles and electronic products, in the eyes of many insiders, the sales of new energy vehicles will further increase, and the sales of fuel vehicles will be further under pressure.
"With the improvement of new energy penetration rate, as well as in the context of policy support and consumer awareness, the market share of new energy vehicles will continue to grow. Fuel vehicle manufacturers may face increasing challenges and need to maintain competitiveness through technological innovation and cost control. " Jiang Han, a senior researcher at Pangu think tank, told reporters that the development trend of fuel vehicles and new energy vehicles may be divided this year. "Overall, new energy vehicles will continue to maintain a strong growth momentum, while the market share of fuel vehicles will gradually shrink.".
Zhou Wenyu also told reporters that the performance of the automobile market in January 2024 was affected by factors such as season and sales overdraft in December last year. In the long run, as the penetration rate of new energy vehicles continues to rise, the cost goes down, and the level of intelligence continues to improve, the market share of fuel vehicles will be squeezed at an accelerated pace, and the main engine manufacturers with fuel vehicles as their mainstream products will also face the risk of accelerating transformation or being eliminated by the market.
"It is expected that in 2024, various regions will still introduce consumption promotion policies such as trade-in and new energy vehicle consumption subsidies." Zhou Wenyu said that Shanghai, Chongqing and other regions took the lead in opening a new round of automobile consumption subsidies. With the sustained economic recovery and increased consumer confidence, the excess savings accumulated by residents will gradually be converted into related consumption and investment, which is conducive to the growth of automobile sales. "
According to previous analysis, with the rapid increase in the penetration rate of new energy vehicles, the market size of traditional fuel vehicles has gradually shrunk, and the contradiction between huge traditional production capacity and shrinking fuel vehicle market has brought more intense price wars. The scale determines the cost and the survival state of the enterprise, and most manufacturers give priority to keeping their share, which will inevitably lead to further intensification of price competition.
The price war will continue
According to the analysis of the Federation, 2024 is a crucial year for new energy vehicle companies to gain a foothold. The downward exploration of new energy costs and the "same price of oil and electricity" have brought tremendous pressure to fuel vehicle manufacturers. "The upgrading of fuel vehicle products is relatively slow, and the degree of product intelligence is not too high, and it relies more on preferential prices to continuously attract customers."
"With the decline in the price of lithium carbonate, the cost of batteries has decreased, and the cost of building new energy vehicles has decreased; And with the rapid development of the new energy market, the scale effect will be formed, and the products will have more profit space. " The Federation further stated.
Cui Dongshu said that the new characteristics of new energy consumption have brought about obvious brand fission of automobile enterprises. With the gradual maturity of the market segments of various technical lines of new energy vehicles, new models have greatly enriched consumption choices, and the homogenization brought about by the increase of product supply will also intensify competition. This year’s price war is likely to be carried out in a mixed mode of price reduction promotion and positioning exploration, and new energy manufacturers will package more rights and interests to stabilize product prices.
At present, major car companies are accelerating competition on intelligent tracks. According to the White Paper on the Internet of Vehicles in China released by China ICT Institute, by 2025, the smart car market in China will be close to one trillion yuan, reaching 960 billion yuan, accounting for 56.5% of the global market. From 2020 to 2025, the smart car market in China will grow at a compound annual growth rate of 36.9%.
In the face of the trillion-dollar blue ocean, there have been a lot of R&D and investment by car companies in the field of intelligent driving. Take extreme krypton cars as an example. Recently, extreme krypton cars said that in 2024, the personnel size of the extreme krypton intelligent driving department will be expanded to more than 2,000 people, and the extreme krypton intelligent cockpit will also accelerate the iteration. "In 2024, Krypton will continue to invest and lay out the big model, and will develop the self-research ability of seamless combination of traditional voice and big model, with better understanding ability and application based on big model."
Compared with new energy vehicles, due to hardware constraints, fuel vehicles are making slow progress on intelligent tracks. How can fuel vehicles as a traditional industry boost consumption? It may be a good solution to start with optimizing management.
Cui Dongshu recently issued a document suggesting that cities with less than 4 million vehicles should gradually liberalize the purchase restriction of fuel vehicles. "At present, the car ownership in some cities with restricted purchases has lagged far behind other cities without restricted purchases. In the future, there is still huge room for growth in domestic automobile consumption. Among them, the growth potential of small and medium-sized cities and county and township markets is huge, and megacities also have room for improvement in automobile consumption. "
Cui Dongshu further stated that fuel vehicles have to pay trillions of yuan in fuel tax every year, which is not only restricted but also restricted. "In the case that the sales volume of new energy vehicles has reached 35%, we should consider the same car and the same power, stabilize the normal consumption of fuel vehicle users, and achieve comprehensive and sustainable growth of automobile consumption."
In fact, despite several rounds of price wars, the current competition pattern in the automobile market is still unclear. Zhou Wenyu told reporters that under the background of high base, new energy car companies are gradually facing the dual pressures of overcapacity and slowing demand growth. Enterprises in the industry will still experience brutal competition, and tail car companies are at risk of going out.
"At the same time, the continuous expansion of the’ Huawei’ series of cooperative brands highlights the changing pattern of the automobile industry chain." Zhou Wenyu said that the current cross-border automobile industry of science and technology enterprises indicates that the automobile industry chain is moving from a closed network to an open one. Traditional automobile host manufacturers and suppliers are facing challenges from new players, and the competition pattern is far from clear.
Source: China Business Network
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What about food poisoning？ Teach you common ways to detoxify

　　Some food poisoning happens accidentally in daily life, and how to detoxify those who are mild? Today, the following methods are provided for your reference, so choose according to the situation.

　　First aid methods for food poisoning:

　　When eating contaminated, spoiled or expired food by mistake, or drinking too much, and food poisoning symptoms such as vomiting, diarrhea, abdominal pain and dizziness appear, don’t panic, calmly analyze the causes of the disease, and take emergency measures in time according to the food that causes poisoning and the length of eating:

　　1. Drink plenty of water

　　Drink plenty of clean water immediately to dilute the toxin.

　　2. vomit

　　If you have not eaten for more than 2 hours, you can use the method of inducing vomiting. Stimulate the throat with your fingers (dig your throat) and spit out the food in your stomach as much as possible. You can also take it with ginger juice mixed with warm water.

　　3. Diarrhea

　　If you have been eating for more than 2-3 hours, but you are still in good spirits, you can take laxatives to urge the contaminated food to be excreted as soon as possible. Generally, 30 grams of rhubarb is decocted once, and 10 grams of senna leaves can be used for the elderly to drink tea with boiling water.

　　4. Vinegar

　　If food poisoning is caused by eating spoiled fish, shrimp, crabs, etc., 100 ml of vinegar and 200 ml of water can be taken at a time after dilution.

　　In addition, 30 grams of perilla and 10 grams of raw licorice can be decocted at one time.

　　Common poisoning emergency methods:

　　1. Cassava poisoning: 1,200g of fresh cabbage and 1,200g of raw radish, washed with cold boiled water, chopped and mashed juice, added with appropriate amount of brown sugar, and served in fractions.

　　2, bitter almond poisoning, raw mung beans can be mashed, add a large bowl of water, filter and take juice after boiling, add 50 grams of sugar, and drink it after warming.

　　3, ginkgo (ginkgo) poisoning, 50 grams of sesame oil can be taken, and chicken feathers are used to sweep the throat to induce vomiting and detoxification.

　　4, eating cereal poisoning, 100 grams of raw licorice and 100 grams of mung beans can be taken, boiled with clear water, filtered and drunk, once a day, until the poisoning is cured.

　　5, fish, shrimp, poultry poisoning: ginger juice, a small amount of vinegar, together with a cup of warm water, slowly drink.

　　If the symptoms are serious, they should be sent to the hospital for treatment in time. Remember to seal the food you have eaten, so as to avoid more victims and help to find out the specific poisons. Be careful not to take antidiarrheal drugs easily, so as not to delay the illness. Let the toxins out of your body before consulting your doctor.

　　If you want to vomit, spit it out, and go to the hospital for medical treatment when you have symptoms of dehydration. Keep vomit or stool in a plastic bag and take it to the hospital for examination, which is helpful for diagnosis.

　　Methods to prevent food poisoning:

　　Step 1: Select

　　Pay attention to the selection and identification of food, do not buy and eat toxic food, such as puffer fish, poisonous mushrooms, sprouted potatoes, etc.

　　Don’t eat raw aquatic products such as Scapharca subcrenata, Scapharca subcrenata, Scapharca subcrenata, etc.

　　Don’t buy food from unlicensed vendors. Do not buy canned foods and other packaged foods without trademarks or factory date, production unit and shelf life.

　　Do not pick and prey on unfamiliar and unknown animals and plants (wild mushrooms, wild fruits, wild vegetables, etc.) at will.

　　2. Cooking

　　Cooked food should be thoroughly heated, cooked food should be eaten immediately, the temperature of stored cooked food should be lower than 7℃, and the stored cooked food should be thoroughly heated before eating.

　　Meat food should be cooked to prevent external cooking and internal production.

　　3, pay attention to raw and cooked

　　Avoid contact between raw food and cooked food, and do not use knives and chopping boards to cut cooked food. Raw and cooked food should be stored separately.

　　Fruits and vegetables should be washed and disinfected when eaten raw.

　　4, refused to poisoning way

　　Do not eat spoiled food, spoiled food often contains a variety of viruses, which is the most prone to food poisoning.

　　Store food according to the requirements of low temperature refrigeration and control the reproduction of microorganisms.

　　Avoid insects, rats and other animals from touching food.

　　5. Personal hygiene

　　Wash your hands before and after meals, and the prevention of food poisoning should start with good personal hygiene.

　　To prevent food poisoning, you should pay more attention to it in your daily diet.

Zhengzhou FAW-Volkswagen CC price reduction news! The discount is 62,000, and the car is sufficient.

[car home Zhengzhou Preferential Promotion Channel] Recently, the preferential efforts in Zhengzhou area have been continuously increased, with the highest preferential amount reaching 62,000 yuan, making the minimum starting price as low as 184,900 yuan. This preferential activity is in progress, interested consumers may wish to pay attention to it and click "Check the car price" in the quotation form to strive for higher discounts.

郑州一汽-大众CC降价消息！优惠6.2万，现车充足

The design of FAW-Volkswagen CC is elegant and dynamic, the front face adopts family-style design language, the air intake grille is decorated with chrome, and with sharp LED headlights, the overall style presents a luxurious and sporty atmosphere. The body lines are smooth, with low body posture and large wheels, creating a strong sense of movement. On the whole, the design of FAW-Volkswagen CC not only conforms to the aesthetics of young people, but also takes into account the dual needs of luxury and sports.

郑州一汽-大众CC降价消息！优惠6.2万，现车充足

FAW-Volkswagen CC, with its length, width and height of 4,865 * 1,870 * 1,459 mm and wheelbase of 2841mm, shows smooth body lines. With 18-inch rims, it adopts 245/45 R18 tyre size, which highlights its sporty and elegant style.

郑州一汽-大众CC降价消息！优惠6.2万，现车充足

The interior style of FAW-Volkswagen CC is fashionable and exquisite. The center console uses a 9.2-inch central control screen to provide drivers with rich multimedia entertainment functions and navigation information. Support speech recognition control system, and can easily operate multimedia system, navigation, telephone and air conditioning functions. The steering wheel is made of leather, with manual up-and-down and forward-and-backward adjustment functions, which improves the driver’s comfort. The seat is made of leather /Alcantara mixed material, which provides good touch and support. The main and auxiliary seats have the functions of front and rear adjustment, backrest adjustment, height adjustment and lumbar support, and the front seats are also equipped with heating function, which brings a comfortable riding experience to drivers. In addition, the car is equipped with multiple USB and Type-C interfaces to facilitate passengers to charge electronic devices. The rear seats can be laid down in proportion, which increases the storage space in the car.

郑州一汽-大众CC降价消息！优惠6.2万，现车充足

FAW-Volkswagen CC is equipped with a 2.0T engine with a maximum power of 137kW and a maximum torque of 320N·m, which has a strong power output. This L4 engine with 7-speed wet dual-clutch gearbox provides excellent driving experience and fuel economy for the vehicle.

Car home car owners said that the main reason why they chose Volkswagen CC instead of Magotan or Passat was their face value. He is also the most satisfied with Yan value. No matter whether you look up or down, look left or right, Volkswagen CC is different, unique and sporty, which is in line with his aesthetics. For the coupe model, he didn’t choose A7 and A5 because Volkswagen CC is more cost-effective.

The People’s Bank of China simultaneously implemented the RRR cut and interest rate cut on the 27th.

CCTV News (news broadcast): On September 27th, the People’s Bank of China decided to reduce the deposit reserve ratio of financial institutions by 0.5 percentage points from September 27th to provide long-term liquidity to the financial market of about 1 trillion yuan. After this reduction, the weighted average deposit reserve ratio of financial institutions is about 6.6%.

At the same time, the People’s Bank of China also announced that the policy interest rate will be lowered, and the 7-day reverse repurchase operating rate in the open market will be lowered by 0.2 percentage points, from the previous 1.70% to 1.50%. The policy interest rate reduction is the largest in the past four years, which will reduce the comprehensive financing cost of the real economy through transmission and support stable economic growth.

The People’s Bank of China said that the simultaneous implementation of the RRR cut and interest rate cut today is an important measure to implement the spirit of the the Political Bureau of the Communist Party of China (CPC) Central Committee Conference and intensify the countercyclical adjustment of monetary policy, further consolidate the consensus on high-quality development, provide sufficient impetus for the healthy and upward development of the market, and effectively promote the sustained economic recovery.

Reporting/feedback

This autumn, the number of persimmons consumed by Hangzhou citizens ranks first in the country.

This autumn, persimmon theme package sales TOP10 cities, and southern cities accounted for seven seats.

A barbecue restaurant in Hangzhou is baking persimmons.

In a cake shop in Hangzhou, Ms. Wang, a citizen, and her companions are taking photos with persimmon cupcakes. Fresh persimmon jelly is topped with a whole persimmon, which is as festive as a red lantern. "I didn’t have the habit of eating persimmons in the past, but this persimmon dessert has a high value, moderate sweetness and its own homophonic stalk. The purchase is also for a good color."

"After eating this juicy persimmon cake, I immediately entered the autumn with 5 g." Persimmon, a common fruit in northern autumn and winter, has become the "big online celebrity" on the southern dining table this autumn. According to the public comment data, the search volume of "persimmon" keywords in China has doubled compared with last year. Among the TOP10 cities in persimmon theme package sales, southern cities occupy seven seats, and Jiangsu, Zhejiang and Shanghai have become major provinces and cities for eating persimmons. Persimmons baked with charcoal fire, shaved ice, made cakes, and jumped out of the traditional way of eating, but also collided with unique eating habits in various places to create new ways of eating and new experiences.

Persimmons are "red" all over the country, and the consumption heat in the south exceeds that in the north.

Near first frost, persimmons in Guangxi, Shaanxi, Hebei and other places are listed in a concentrated harvest, which further drives the consumption boom. According to the data of Meituan, since October, the sales volume of the national persimmon theme online package has increased by 226% from the previous month.

From the perspective of regional distribution of consumption, sales in southern cities such as Hangzhou and Shanghai are far ahead, surpassing northern cities with the custom of "nagging persimmons in autumn and winter". Among them, the online sales of related packages in Hangzhou increased by 298% from September.

From the branches to the dining table, persimmons have to undergo a sweet transformation. In the view of Huanniu Cake House in Hangzhou, fire crystal persimmon’s colorful, paper-thin, delicate and slightly astringent color is most suitable for blending with western dessert.

Since the year before last, nearly 40 stores in Huanniu Cake House have started to combine persimmons with the signature product Snow Fatty, and promoted it through online platforms, which can sell more than 4,000 persimmons every day. "This year, the store has increased its online investment, not only launching the persimmon series package, but also decorating the store head map and business novelty on the public comment into a persimmon theme, which is convenient for old customers and new friends to find us in the first time and continue to achieve steady growth."

Unlocking the new way to eat, the search volume of "baked persimmons" in Jiangsu, Zhejiang and Shanghai has increased by more than 3 times.

In terms of taste, many diners have opened up new ways to eat persimmons. According to the public comment search data, people all over the country generally favor persimmon desserts, and the search volume of persimmon cakes and persimmon Dafu (Japanese glutinous rice balls) is higher than other eating methods. At the same time, charcoal-baked persimmons have become a new popular choice in Jiangsu, Zhejiang and Shanghai, and the search volume of "baked persimmons" in this region has increased by more than three times from the previous month.

Under the strong consumer demand, creative persimmon dishes are in short supply. Maofu Roast Meat in Hangzhou Creative Japanese Food Store roasts persimmons with chestnuts, pineapples and even rice cakes: the pineapple is the base, the whole persimmon is roasted on the grill, the persimmon skin is cracked, and Huang Chengcheng’s flesh is ready to come out, which is very beautiful. It is warm and sweet to bite. "80% of customers come to our store for baked persimmons." Mr. Wu, the person in charge, told the reporter.

Black Pearl One Diamond Restaurant Mushou Xixi Xiyin Restaurant takes "persimmon" as a feast every autumn. It not only makes the pulp into cold cuts and desserts, but also puts persimmon leaves and branches into dishes and cooks them into persimmon leaves, persimmon vinegar, Xixi fish, persimmon fruit and wood roasted lamb chops and other delicacies. In this way, persimmon is transformed into different food categories, so that diners can enjoy the creative dishes of persimmon from cold cuts, main courses to desserts.

According to the data of Meituan, the number of persimmon-related restaurants in Hangzhou on the platform has increased by 1.5 times since October. According to industry insiders, the same fruit, origin and taste, because the retail platform uses digital capabilities to reorganize resources of upstream, logistics, terminals and other parties, provides opportunities for diversified innovation of offline consumption, making seemingly ordinary fruits turn red and popular. In addition, as the terminal of the "persimmon economy" industrial chain, catering physical stores are continuing to promote the popularization of persimmon consumption, and enrich the consumption supply through the cooperation of online platforms, helping persimmons to gain certain operating returns while enhancing the added value of the market.

Chongqing taxation： focusing on special groups to meet personalized tax-related needs

This year’s "I do practical things for taxpayers and facilitate tax collection" proposes to pay attention to individual needs and strengthen service guarantee for special groups. Chongqing tax authorities focus on special groups such as retired soldiers, college graduates, poverty-stricken households with established files, the disabled and the elderly, implement relevant preferential tax and fee policies, provide refined and personalized services, and promote the sharing of tax reform and development achievements among the whole people.

Policy care for employment is more stable.

Employment is one of the core demands of special groups. The implementation of a series of preferential tax and fee policies to support and promote entrepreneurship and employment of special groups has helped special groups to open a "new world".

Tax officials of Chongqing Wansheng Economic Development Zone publicized and counseled the financial personnel of Qingping Landun Security Service Co., Ltd. to recruit preferential tax policies for retired soldiers' entrepreneurship and employment. Wang Qiao photo

Tax officials of Chongqing Wansheng Economic Development Zone publicized and counseled the financial personnel of Qingping Landun Security Service Co., Ltd. to recruit preferential tax policies for retired soldiers’ entrepreneurship and employment. Wang Qiao photo

"Tax incentives make companies more willing to extend an’ olive branch’ to retired soldiers when recruiting." Zhang Lili, the financial controller of Chongqing Kaizhou Landun Security Service Co., Ltd. said that the company recruited 170 retired soldiers, and according to the regulations, the tax can be reduced by 9,000 yuan per person per year, and the tax was reduced by 368,000 yuan from January to August this year.

Mr. Li, a retired soldier who works for the company, is very satisfied with his current job: "After returning from the army, he not only left his job at home, but also earned a good income."

In December 2021, Chongqing explicitly postponed the implementation of preferential tax policies for entrepreneurship and employment of key groups until December 31, 2025. In March of this year, the preferential tax policy for entrepreneurship and employment of retired soldiers was postponed until December 31, 2023. Data show that from January to August this year, more than 600 enterprises and individual industrial and commercial households in Chongqing enjoyed preferential tax policies for key groups’ entrepreneurship and employment, with a cumulative tax reduction and exemption of 33.406 million yuan. From January to July, nearly 500,000 new jobs were created in cities and towns.

"The extension of the policy implementation period is conducive to stabilizing the entrepreneurial employment expectations of special groups." Deng Huaping, deputy director of the Policy and Regulation Department of Chongqing Municipal Taxation Bureau, said that the city’s tax authorities actively docked with human society, market supervision and other departments, used tax big data to sort out the list of entrepreneurial employment of special groups, and carried out policy propaganda through tax enterprise interactive platforms, text messages, telephone calls, home visits, etc., to ensure that policy dividends are accurate and fast to enjoy.

It is more convenient to serve the warm heart and do things.

In the tax service hall of the Taxation Bureau of Shapingba District, Chongqing, the staff counseled the elderly to use their mobile phones to handle tax-related business. Photo by Gu Tingting

In the tax service hall of the Taxation Bureau of Shapingba District, Chongqing, the staff counseled the elderly to use their mobile phones to handle tax-related business. Photo by Gu Tingting

"Disabled people are a group with special difficulties and need special care and attention." At the end of 2021, State Taxation Administration of The People’s Republic of China issued the Notice on Caring for the Elderly and the Disabled and Doing a Good Job in Paying Taxes. Chongqing tax authorities focused on 12 measures in four aspects: optimizing on-site services, responding to specific needs, providing intelligent services and strengthening service guarantees, and doing a good job in serving the elderly and the disabled and other special personnel.

In June this year, in the tax service hall of Rongchang District, a citizen expressed his gratitude in sign language and gave a thumbs-up to the staff. It turned out that the citizen surnamed Luo was a person with hearing disabilities and came to handle personal income tax business that day. "Please teach me to operate the system. I can’t hear you. Please communicate with me in words. Thank you." When he wrote his own situation to the tax guide, the tax guide immediately took him to the personal income tax settlement area, and found sign language tax volunteers stationed in the tax service hall for translation and business counseling. With the help of volunteers, Mr. Luo quickly completed the tax settlement business.

Focusing on facilitating special groups such as the elderly and the disabled to pay taxes, Chongqing tax authorities have made special groups worry-free by opening a "green channel", providing agency services, taking the initiative to come to the door, and retaining cash payment methods.

The staff of the Tax Service Department of jiangjin district Taxation Bureau of Chongqing Municipality counseled the elderly to handle business, and provided reading glasses and other auxiliary tools. Ye Yunli

The staff of the Tax Service Department of jiangjin district Taxation Bureau of Chongqing Municipality counseled the elderly to handle business, and provided reading glasses and other auxiliary tools. Ye Yunli

"I didn’t expect you to come home to help me with the transfer. Thank you very much." Recently, 91-year-old Grandpa Li in Nan ‘an District needs to transfer the property, but due to physical reasons, it is inconvenient to travel. Knowing this situation, two local tax officials came to Grandpa Li’s home to check the real estate license, Grandpa Li and his client’s identity information, and then helped his client to complete the house transfer procedures in the house transaction hall.

Up to now, more than 90% of the daily tax and fee business in Chongqing has been "online", and 223 tax and fee matters can be handled "non-contact". The tax departments of all districts and counties in the city have opened green service channels for special people, and have carried out aging transformation on tax offices and calling system.

In the "special window for the elderly" of the tax service hall of Fengdu County Taxation Bureau, the tax officers help the elderly to handle the endowment insurance business for urban and rural residents. Photo by Yu Qin

In the "special window for the elderly" of the tax service hall of Fengdu County Taxation Bureau, the tax officers help the elderly to handle the endowment insurance business for urban and rural residents. Photo by Yu Qin

On the morning of September 27th, 60-year-old Liu Surong came to the tax service hall of Youyang County Taxation Bureau to handle the supplementary business of endowment insurance for urban and rural residents. After understanding the needs of the elderly, the tax guide took him to the "tax window for the elderly". "Don’t wait in line, it will be done in five minutes, which is very warm." Liu Surong said.

"To care for special groups, we need to think more and go further." The relevant person in charge of the Chongqing Municipal Taxation Bureau said that the tax authorities will continue to release policy dividends, optimize services for special groups, and further enhance the convenience and satisfaction of tax payment for special groups. (Zou Chang, Mou Hansu)

Source: Chongqing Municipal Taxation Bureau

＂June 1＂ came to Guangzhou Zoo to spend the Children’s Day with the new student Mengbao.

Text/Yangcheng Evening News All-Media Reporter Sun Mu Intern Hou Declaration Correspondent Wang Yi

Figure/provided by correspondent

The number of "children" who celebrated Children’s Day in Guangzhou Zoo this year has increased again! It is understood that Guangzhou Zoo has a good animal breeding situation in recent years. Since January 2023, it has bred more than 60 kinds of 410 baby animals, including Sichuan golden monkey, white-cheeked gibbon, Hainan deer, Malai bear, jackal and other national first-class protected animals.

From June 1st to 2nd, Guangzhou Zoo will hold a series of "June 1st" activities. In addition to "settling in" the zoo for newborn Mengbao, there will also be colorful activities such as guided tours for baby animals, special stamps for Children’s Day, and interactive games for baby animals, so that "friends of all ages" can enjoy the innocence and joy of June 1st.

The primate area of Guangzhou Zoo is particularly lively. Since last year, it has welcomed the birth of new life such as northern white-cheeked gibbon, golden monkey and eastern black-and-white colobus monkey. When the northern white-cheeked gibbon "Ape Bao" was born, its facial skin was pink. At present, its whole body is golden and its face turns black, so it can move for a short distance without its mother. Tomorrow, a two-month-old golden monkey, has just begun to try to act independently. At first, it could only see a looming head in its mother’s arms. Recently, it has often been seen exploring and climbing around.

The youngest animal baby in the primate area is Oreo, an eastern black-and-white colobus monkey. Unlike the black-and-white adult with a long white tail like a big brush, Oreo, born on April 19 this year, is all white, with soft hair and natural curls, and is quietly being held by his mother.

The chimpanzee "Xiaozongzi" born during the Dragon Boat Festival last year is no stranger to tourists. The playground outside the orangutan museum records the growth traces of "Xiaozongzi": climbing the stone for the first time, enjoying a big meal with the mother "Sui Sui" and mischievously picking the blooming wild flowers … When you come to Guangzhou Zoo on June 1, you can learn about the chimpanzee family and discover the new changes of "Xiaozongzi".

Newborn babies "drag" are full of curiosity, strolling around the venue every day, bouncing and observing the surrounding environment. Visiting Tuye may also be looked up and down by its sparkling eyes, making you feel the full vitality of the "natural hunter".

According to the nurse, the eight sisters and the fifteen uncles of hippos are two new members of the huge hippo family in Guangzhou Zoo. Although the eight sisters were born first, they ranked behind the fifteen uncles in seniority. Now the two hippo babies live together and have fun with each other. The scene is very warm.

There are also baby animals in the exhibition areas such as ring-tailed lemurs, peacocks, wart-nosed swans and giraffes. If you come to the park for patient observation, you can find their lovely figures one by one.

According to Xu Jianlin, deputy director of the Science Education Department of Guangzhou Zoo, the names of the northern white-cheeked gibbon "Ape Treasure", the golden monkey "Tomorrow", the eastern black-and-white colobus monkey "Oreo" and the jackal "Tutow" all came from the previous official name-seeking activities of Guangzhou Zoo, which entrusted the general public and tourists with their love and wishes for newborns. On June 1st, from 10: 00 to 12: 00, Guangzhou Zoo will open an online "account registration" activity, which will lead tourists to know about animal babies in the form of live broadcast of official accounts, and "settle in" the zoo for Mengbao to witness the important moment together.

During Children’s Day on June 1st, Guangzhou Zoo will also launch a guided tour route for baby animals, where the guide will take tourists to find baby animals, introduce their living habits and interesting things at ordinary times, and open the correct way to visit the zoo by popular science.

During the period from June 1st to 2nd, Guangzhou Zoo will hold an animal fun and fun gathering, and prepare rich activities such as children’s day stamps, animal baby interactive games, hand-painted volunteers and puppet theater for citizens to create a unique June 1st experience.

In addition, the theme post office of Xiaoji Elephant in the zoo will hold a stamp exhibition of "childlike fun between squares" during Children’s Day to show the innocent world of children and let "big friends" return to their happy childhood.

Stumbling at the historical turning point： the prospect of emerging market economy in 2020-the truth

　"I would cross the Yellow River, but ice chokes the ferry, the Taihang Mountain will be covered with snow." Looking back, ten years is a cycle. According to IMF (International Monetary Fund) forecast, the economic growth rate of emerging markets will fall to the lowest level since 2009 in 2019, and the historical logic of mean regression has ignited the market’s longing for its bottoming out. Looking forward, ten years is a turning point. Although the short-term impact may dissipate, the long-term qualitative change has been formed, and it is doomed that history will not simply repeat itself.

Looking forward to 2020, there are three historical turning points on the road of recovery in emerging markets.

First, the main engine entered a period of fatigue.While China’s economy insists on "slowing down and improving quality", the Indian economy still lacks the steady power to take over, and the weakness of "BRICS" will restrain the rebound of emerging markets.

Second, the main mode hit the ceiling.As the debt cycle enters the second half, the debt-driven growth that emerging markets rely on is unsustainable, while the narrow policy space and rising populist risks are increasing the threat of debt deflation.

Third, the old dividend has become a new weakness.As the external pillar of emerging markets, economic globalization is easy to retreat but difficult to advance, and emerging markets will face multiple risk shocks.

Stumbling on the three historical turning points, the growth rate of emerging markets is expected to continue to fall near the low level of the ten-year cycle in 2020. The sharp contrast between the cold growth rate and the hot expectation will constitute the biggest risk of investment in emerging markets in 2020. However, conservatism is still the most important value factor, which will give China economy a comparative advantage and capital favor.

One of the inflection points: As the main engine of emerging markets, the BRICS countries have entered a period of weakness.

Different from the European Union, North America and other regions, the so-called "emerging market" has always been a loose concept, with neither close external geographical connection nor strong internal organizational coordination. Thus, since the beginning of this century, the growth path of emerging markets has been dominated by the BRICS countries relatively independently. Although there are a large number of other emerging market economies, it is difficult to have an important impact. From 2000 to 2018, the contribution rate of BRICS countries to the added value of GDP in emerging markets was about 59%. During this period, the correlation coefficient between the GDP growth rate of BRICS countries and the overall growth rate of emerging markets was as high as 0.93. In 2002, 2008, 2011, 2016 and other years, although the growth rate of other emerging economies has experienced ups and downs, the overall performance of emerging markets is still similar to that of the BRICS countries. Therefore, the trend of BRICS countries directly determines the ups and downs of emerging markets, and the collective weakness of BRICS countries will also constitute the growth turning point of emerging markets.

Looking forward to 2020, this turning point is coming. As the old engine of emerging markets, the current trend of "slowing down and improving quality" of China’s economy continues, and the desired economic growth rate in the future is expected to be steadily lowered, and the demand for other emerging economies will also be weakened.

As a new engine of emerging markets, the Indian economy may not be able to take over smoothly in the short term. On the economic level, since the second quarter of 2018, India’s economic growth rate has declined quarter by quarter, and the unemployment rate has risen to an all-time high, and it is difficult to find signs of improvement in many leading indicators in the near future. This phenomenon shows that in the case of weak structural reform and slow growth of labor productivity, it is difficult to sustain the consumption growth achieved by consuming household savings too quickly, and the demand-side stimulus of Modi government failed to enhance the long-term motivation of India’s economy. On the financial level, among the major emerging market economies, the deterioration of Indian government debt and fiscal deficit is second only to Brazil. At the same time, since the second quarter of this year, the expansion of the trade deficit, the withdrawal of international capital and the fluctuation of the local currency value are jointly weakening India’s foreign debt solvency, so the debt risk is rising.

Except India, due to low investment, high unemployment, high policy uncertainty and geopolitical conflicts, the economic growth rates of South Africa, Brazil and Russia may be slightly restored in 2020, but the rebound space is narrow. Generally speaking, 2020 will be a year in which the BRICS countries continue to be tired. In this context, it is unrealistic to hope that other emerging economies will drive the strong recovery of emerging markets, and the future growth rate of emerging markets may be weaker than market expectations.

The second turning point: as the main mode of emerging markets, debt-driven hit the ceiling.

Looking back over the past decade, the subprime mortgage crisis and the European debt crisis forced the debt risks of developed economies to be partially cleared. In contrast, since 2008, emerging markets have become increasingly dependent on the debt-driven growth model, and the debt intensity of economic growth has increased significantly. According to the statistics of BIS (Bank for International Settlements) and IMF, from the first quarter of 2008 to the first quarter of 2019, the proportion of non-financial sector liabilities in GDP in emerging markets increased by more than 72 percentage points, which was 57 percentage points higher than that in developed economies. From 2008 to 2019, the median external debt/export of emerging markets also rose from 100% to 160%. While the macro leverage level is high, by 2020, the duration of this round of debt expansion in emerging markets will also approach the historical average of the debt cycle length (15 years). As a result, in the future, emerging markets will move towards the downward stage of the debt cycle with a high probability, actively or passively, and the debt-driven growth they rely on is expected to hit the ceiling of the economic level. Under this trend, due to the limited room for "leverage" in the non-financial sector, although emerging markets will increase monetary easing with the global interest rate cut tide, the materials used to boost the real economy will be marginally attenuated, making it difficult to independently support the steady rebound of the economy.

Facing the limitation of economic ceiling, it will be an inevitable choice to deal with the downward pressure of the economy by taking active fiscal measures to ease the currency. However, the ceiling of policy and politics will be highlighted, which will constrain the active finance. From the perspective of policy space, according to IMF data, from 2009 to 2019, the average value of general government debt /GDP in major emerging market economies has climbed from about 39% to over 46%; On this basis, compared with 2009-2018, the average fiscal deficit ratio of major emerging market economies is expected to rise by 1.8 percentage points in 2019-2024, which is expected to accelerate the accumulation of public debt. As a result, the extra space available in fiscal policy to stimulate the economy is relatively limited, and the endogenous contradiction between government budget balance and economic growth may be further aggravated.

Judging from the political situation, populist forces have become a real risk in emerging markets. Since Brexit in 2016 and Trump was elected president of the United States, the rise of populism in developed economies has attracted attention, but in fact, the rising tide of populism in emerging markets has quietly surpassed the former in depth and intensity.

At the deeper level, taking Europe with more internal comparability as an example, in the second quarter of 2019, among the top ten European populist parties, emerging economies occupied eight seats. Among them, Hungary, Poland and Czech Republic, which are regarded as the recovery engines of Central and Eastern Europe by the market, rank first, second and third respectively. The developed economies only have two seats (Italy and France).

On the strength level, in emerging markets in Latin America, such as Brazil, Chile and Venezuela, populism has shown an extreme trend. Based on this, following the developed economies from 2016 to 2019, the long-accumulated populist risks will break out in emerging markets such as Central and Eastern Europe and Latin America in 2020. This risk will disturb the internal policy rationality and resonate with the external geopolitical game, which is expected to increase the sovereign credit risk of emerging markets and the financing cost of financial institutions, thus amplifying the possibility of triggering "debt deflation".

The third turning point: located in the era of global chaos, the old dividend is becoming a new weakness.

Based on a longer-term historical perspective, in the 30 years since the end of the Cold War, the relatively stable international order and the continuous promotion of global economic integration have built a long-term fast lane for the development of emerging markets. However, due to the drastic changes in the international environment in 2018-2019, the external dependence of emerging markets has degenerated from dividends to weaknesses, and will be manifested from three levels in 2020.

First, the peak of trade friction impact is approaching.Although the global trade game has shown signs of easing since September, the cost accumulated by the previous friction still needs to be cleared. In this round of shocks, the pressure on emerging markets is expected to be higher than that on developed economies. According to the latest forecast of IMF, the negative impact of trade friction on global economic growth in 2020 will rise to the peak in 2018-2023. Moreover, taking G20 members as an example, the negative impact of trade friction on the economic growth of emerging markets in different scenarios is stronger than that of developed countries; The worse the game situation, the wider the impact channels, and the more obvious the difference in intensity. Even if the trade friction measures announced after August 2019 are removed, the above-mentioned difference in impact intensity is expected to reach about 0.24 percentage points.

Second, commodities continued to slump.Against the background of weak global aggregate demand and slowing industrial production, it is difficult for the price centers of energy commodities such as oil, coal and natural gas to rise in 2020. Although short-term supply and price fluctuations may occur due to geographical conflicts, meteorological disasters and other factors, it lacks continuous assistance to the income of energy exporting countries. At the same time, base metal commodities will return to weakness. According to the IMF’s forecast, the global base metal price index will end the rebound in 2019 and turn to a marginal decline of 6.2 percentage points in 2020. Considering that 67% of developing countries’ economies are dependent on commodity exports, the international market downturn in 2020 is expected to drag down the recovery of emerging economies.

Third, the shadow of currency risk is hard to disperse.Although the loose stance of the Federal Reserve in 2020 is expected to lead the US dollar index to decline gradually, it does not mean that emerging market currencies can sit back and relax. The experience in 2019 shows that geopolitical conflicts have a higher influence on the currency trend of emerging markets in the short term than the Fed’s interest rate cut process. With the long-term global trade game and geopolitical conflict, emerging market currencies may encounter staged and structural risk shocks in 2020, and thus move towards performance differentiation. According to our calculation, if the above shocks occur, the ten most dangerous currencies in emerging markets are: Venezuelan Bolivarian, Argentine peso, Indian Rupee, Brazilian real, Turkish lira, South African rand, Indonesian rupiah, Malaysian ringgit, Belarusian rouble and Vietnamese dong.

There is no shortcut to crossing the turning point, and the emerging rebound may be late.

Facing the three historic turning points, emerging markets need to accelerate structural reforms internally; In order to adapt to the new global trade system of intra-industry trade regionalization and inter-industry trade globalization, it is necessary to expand its opening to the United States and actively build regional trade agreements with other manufacturing powers. There are no shortcuts to these countermeasures, let alone a year’s work.

Based on the above analysis, we can draw the following three inferences.

First, the strong rebound in emerging markets is expected to be late.In 2020, emerging markets will still be in the long-term process of crossing the historical turning point, and the growth rate is expected to continue to fall near the low level of the ten-year cycle. As a whole, it is difficult to see a sustained and strong growth rebound.

Second, expected reversal will be the biggest risk.In 2020, under the pressure of low interest rates and asset shortage in developed economies, international capital will be forced to seek high returns from emerging markets, thus enhancing its imagination of bottoming out in emerging markets. However, once this expectation seriously deviates from the weak growth of emerging markets, the hard facts will eventually shatter the illusion. Fast forward and fast out of capital will touch the debt risk and exchange rate risk, and the roles of "honey" and "arsenic" will switch more frequently.

Third, robustness will be the most important value factor.Under the threat of expected reversal, "steady low growth" is more valuable than "fragile high growth" As analyzed above, from the perspectives of debt risk, exchange rate risk and populist risk, compared with other emerging markets such as India, Central and Eastern Europe and Latin China,’s economy "slowing down and improving quality" still has a high stability, which is expected to gain value advantages and capital favor.

(Cheng Shi is chief economist, managing director and head of research department of ICBC International, and Qian Zhijun is senior economist of ICBC International)

What is the body size of Chery Jetway X95？

Chery Jetway X95 has an impressive body size, whichThe length, width and height are 4875mm, 1925mm and 1780mm respectively.The wheelbase reaches 2855 mm. As a medium-sized SUV, Jetway X95 provides spacious and comfortable seating space. The car is equipped with two turbocharged engines with different displacements, 1.5 liters and 1.6 liters respectively, which meet the needs of different consumers.

Jietu X95 is fashionable and dynamic in design, and adopts family-style design language. The front face is equipped with a large-size lattice air intake grille, which is connected with the headlights with open eyes, stretching the visual width of the front of the car. There is also a four-point LED daytime running light strip in the lower bumper fog light area, which not only enhances the aesthetics of the vehicle, but also improves the safety of driving at night.

Generally speaking, Jetway X95′ s body size and design are excellent, providing both spacious and comfortable seating space for drivers and passengers.

奇瑞捷途X95