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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.

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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 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

"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

"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

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

The surveillance video of the director ＂reported＂ by the insiders of Fujian Urban Management Bureau disappeared.

　　Disappearing surveillance video leads to false accusation and framed case.

　　A few days ago, the discipline inspection and supervision organs of Fuzhou City, Fujian Province used typical cases of false accusation and frame-up to carry out letters and visits propaganda activities, guided the masses to correctly exercise their right to report, and resolutely resisted false accusation and frame-up behavior. The picture shows that on July 9, the Supervision Committee of Fuqing Municipal Commission for Discipline Inspection, together with relevant functional departments, set up a publicity and consultation point in Jiangyin Town to answer questions for the masses and guide them to make reasonable and legal letters and visits. Photo by Su Deming

　　A few days ago, the Supervision Committee of the Commission for Discipline Inspection of Fuzhou City, Fujian Province publicly reported three typical cases of false accusations against others. Among them, the case of Ping Huang, the former captain of the Urban Management Comprehensive Administrative Law Enforcement Brigade of Taijiang District Urban Management Bureau in Fuzhou, falsely accused and framed others, which aroused public concern.

　　Ping Huang’s problem starts with two reports he sent out at the end of last year.

　　Two "confusing" report materials

　　At the end of 2018, Ma Zhengkun, director of the Taijiang District Urban Management Bureau of Fuzhou City, just took office and was labeled as "taking bribes".

　　In October 2018, the Supervisory Committee of the Taijiang District Commission for Discipline Inspection received two reports in succession. One report letter reflected that Ma Zhengkun was engaged in a "one-word hall" in the unit, and the reporter signed 15 cadres and workers of the unit; Another video material is an image intercepted from the internal monitoring video of the unit, which reflects that Ma Zhengkun illegally accepted gifts from others.

　　"So many cadres and workers report their real names, and there is video evidence. We must find out the problem!" The Supervisory Committee of the District Commission for Discipline Inspection attached great importance to it and immediately set up an investigation team to visit the District Urban Management Bureau. At the same time, the gossip that "the director was reported" also spread like wildfire in the unit, causing a great uproar.

　　In order to find out the truth as soon as possible, the investigation team first started with the real name of the reporter, and talked about it one by one, but the performance of the "reporter" puzzled the investigators.

　　"I didn’t participate in any report. I don’t know why my name is among the informants."

　　"I have no idea. I don’t know what’s going on."

　　"Director Ma is usually very nice. How can I report him?"

　　… …

　　In the investigation, 15 "whistleblowers" all indicated that they did not participate in the report. According to the conversation, the investigators found that Ma Zhengkun, in the eyes of the cadres of the unit, is honest and daring to work, although he has not been in office for a long time.

　　Is someone reporting under an assumed name, or is there something else? With doubts, the investigation team simultaneously transferred the relevant internal monitoring of the Urban Management Bureau to verify the burned CDs and video screenshots attached to the report letter. However, the investigation team found that the monitoring records were missing, and the hard disk of the monitoring equipment was also replaced and disappeared.

　　"There must be ‘ Article ’ ！” With years of experience in handling cases, the investigators realized that this matter was not simple. "It must be the internal staff of the Urban Management Bureau who can tamper with the monitoring." Therefore, the investigation team made a decisive decision and interviewed several coordinators of the urban management brigade.

　　In the face of the serious investigation of the organization, three of the coordinators admitted the fact that they participated in the report and transferred the monitoring equipment and deleted the monitoring records. The real reason for deleting the monitoring record is that the monitoring took pictures of the "behind-the-scenes planner" who instructed them to report the report. In order to cover up the evidence, they tampered with the surveillance video.

　　On the other hand, the investigation team interviewed the reported person Ma Zhengkun to verify his "illegal acceptance of gifts from others". "Yes, I asked my old friend to help me buy some special crops, but I paid him off on the spot that night." In response to Ma Zhengkun’s answer, the investigation team conducted a verification with relevant personnel, and confirmed what Ma Zhengkun said was true through multiple evidence testimonies.

　　As the investigation gradually approached the truth, the "planners" behind the two reports were also locked at the same time. The initiator of this incident was Ping Huang, the former captain of the Urban Management Comprehensive Administrative Law Enforcement Brigade of the District Urban Management Bureau.

　　The whistleblower maliciously falsely accused for his own selfish interests.

　　It turned out that after Ma Zhengkun took office, he attached great importance to fulfilling the main responsibility of building a clean and honest government. Through investigation, interview and other forms, he analyzed the positions of the unit’s integrity risk, and combined everyone’s opinions, and planned to adjust individual people who have been in the positions of integrity risk for a long time. Ping Huang, on the other hand, thinks that the adjustment plan has not adopted his personal opinions, and "one of our own" has been adjusted again. In the long run, his position in the bureau will certainly be affected.

　　Just for selfish reasons, fearing that the personnel adjustment would move the "cheese" within the scope of his power, Ping Huang was dissatisfied and came up with this "trick" of false accusation and frame-up. He secretly instructed the three coordinators of the brigade to exaggerate and fabricate distorted facts according to hearsay and wrote a report letter. In order to make the tip-off letter more convincing, he even falsely accused 15 cadres and workers of the bureau without telling the parties.

　　After Ping Huang learned that Ma Zhengkun had asked a friend to buy special products, it was be in heaven who collected "evidence" and made it into video material to report it again. In addition, Ping Huang also spread all kinds of negative news about Ma Zhengkun in the company, and distributed the report materials indiscriminately in an attempt to damage Ma Zhengkun’s reputation to the greatest extent.

　　"I shouldn’t be self-interested, psychologically dark, not talking about political rules, having bad political conduct and lacking a moral bottom line. When I know that it is inconsistent with the facts, I make things out of nothing, exaggerate the facts, plan behind the scenes, and deliberately accuse others." After the results of the investigation came out, the Supervisory Committee of the Taijiang District Commission for Discipline Inspection held a system-wide cadre meeting in the urban management bureau where Ma Zhengkun was located, clarifying the facts in time and exonerating Ma Zhengkun. Ping Huang also made a profound review of his wrong behavior at the general party membership meeting of the District Urban Management System and the meeting of cadres and workers, and apologized to Ma Zhengkun.

　　In February 2019, Ping Huang was dismissed from his post in the Party and removed from his post in government affairs, and his rank was reduced from a deputy-level leadership position to a clerk, and he was notified in the whole region.

　　Take measures to create "amulets" for innocent cadres.

　　"Although the Qing dynasty is self-cleaning, once it is reported, others will inevitably think that I really have a problem. Although the cost of rumors is small, it is very lethal. Fortunately, the organization helped me clarify in time and gave me an innocence. " After the matter came to an end, Ma Zhengkun said so frankly.

　　And his concern is precisely the problem that many grassroots cadres are facing.

　　In recent years, in the process of building a "new Fuzhou", a number of party member cadres have emerged who dare to venture and try. However, taking responsibility is sometimes accompanied by risks. Cadres will inevitably touch the "cheese" of some vested interests in the process of starting a business, and then they will be questioned or even framed.

　　This situation has also happened in the process of environmental improvement in Minhou County of this city. "The environmental improvement work in many towns and villages is in full swing, but because the demolition work touches the interests of illegal construction workers, some urban management law enforcement team members and local village Committee leaders who are specifically responsible for implementing relevant work have been falsely reported." A discipline inspection and supervision cadre in Minhou County said, "In the long run, the enthusiasm of cadres will inevitably be affected and the officers will become timid."

　　How to get rid of this "dishwashing effect" of "doing more and making more mistakes, doing less and making fewer mistakes" and solve the worries of some party member cadres who "have a sword in one hand and a shield in the other"?

　　"Serious investigation is the key, and the discipline inspection and supervision organs must first take responsibility." The main person in charge of the Supervision Committee of the Fuzhou Municipal Commission for Discipline Inspection said, "For the officers in charge, we must support and encourage them in a clear-cut manner; Those who falsely accuse and frame should be dealt with seriously according to the rules and regulations, so that those who falsely accuse and frame will pay the price. " The relevant person in charge of the Supervision Committee of the Fuzhou Municipal Commission for Discipline Inspection said.

　　In 2017, the Fuzhou Municipal Commission for Discipline Inspection informed the society of the case of false accusation for the first time, and seriously investigated and dealt with the false accusers, supporting the cadres in Shanglian Township, Minqing County who were in the front line of flood control and disaster relief, but were falsely accused of leaving their posts. Later, the Commission for Discipline Inspection of Minhou County clarified the facts for Liu, the mayor of a town who was falsely accused, and the Supervision Committee of the Commission for Discipline Inspection of Changle District promptly clarified the name of the village cadres who were falsely reflected during the change of village-level organizations … … In May 2019, the Supervision Committee of the Fuzhou Municipal Commission for Discipline Inspection promptly forwarded the "Implementation Measures for the Investigation and Punishment of False Accusations and Frames by the Discipline Inspection and Supervision Organs of Fujian Province (Trial)" issued by the Supervision Committee of the Fujian Provincial Commission for Discipline Inspection, strictly investigated false accusations and frames, and clarified false reports as "routine actions".

　　In addition to serious investigation, source prevention is the key. To this end, the Supervision Committee of the Fuzhou Municipal Commission for Discipline Inspection insists on "diligent guidance", goes deep into villages and towns to carry out next-visit activities, guides the masses to correctly exercise their reporting rights, encourages real-name reporting and provides necessary investigation clues or evidence, and reduces the possibility of false accusation and frame-up because there is no evidence.

　　In addition, all counties and districts in Fuzhou also organized party member cadres to attend the trial activities of related cases punished for false accusation and frame-up. Starting with ideological education, they stopped the wind of false accusation and created "amulets" for cadres who were innocent.

　　Regulations of the Communist Party of China (CPC) Municipality on Disciplinary Actions

　　Article 52 Whoever creates, spreads or disseminates political rumors and undermines the unity and unity of the Party shall be given a warning or severe warning; If the circumstances are serious, he shall be dismissed from his post within the party or be placed on probation; If the circumstances are serious, he shall be expelled from the party.

　　Those who have bad political conduct, make anonymous false accusations, intentionally frame or create other rumors and cause damage or adverse effects shall be dealt with in accordance with the provisions of the preceding paragraph. (Reporter Yang Xinyi correspondent Xie Ping Cai Xinping)

[Interpretation of a picture] What can South Korea and the United States do if they insist on deploying the ＂Sade＂ anti-missile system in South Korea？

On July 8, 2016, the United States and South Korea announced that they had reached an agreement to deploy the advanced missile defense system "Sade" in South Korea, which is expected to be put into use at the end of next year.

Ministry of Foreign Affairs of China: "Strong dissatisfaction and resolute opposition!"

In this regard, China’s Foreign Ministry issued a statement today, expressing strong dissatisfaction and resolute opposition to the announcement by the United States that it will deploy the "Sade" anti-missile system in South Korea.

The deployment of the "Sade" anti-missile system by the United States and South Korea will not help to achieve the goal of denuclearization of the peninsula, and will not be conducive to maintaining peace and stability on the peninsula. It runs counter to the efforts of all parties to solve the problem through dialogue and consultation, and will seriously damage the strategic security interests and regional strategic balance of countries in the region, including China.

China strongly urges the United States and South China to stop the deployment process of the "Sade" anti-missile system, not to take actions that complicate the regional situation, and not to do anything that harms South’s strategic security interests.

Russian Foreign Ministry: "This move makes us very worried."

The Russian Foreign Ministry announced on July 8 that it was "very worried" about this move. The Russian Foreign Ministry also said: "In this way, the United States will continue to increase the potential of the Asia-Pacific region of the global anti-missile system while supporting its allies, which will undermine the strategic balance that has been formed in the Asia-Pacific region and other regions."

The two countries also indicated that the deployment location of the "Sade" system is expected to be released in mid-July at the earliest. At present, candidate locations include Pyeongtaek, Gyeonggi Province, Wonju, South gangwon, Yincheng, Chungcheongbuk Province and Qigu, Gyeongsangbuk Province in South Korea. It is expected that the "Sade" system will be deployed in central South Korea or Gyeonggi area.

What exactly is the "Sade" system? How does it work? Let’s take a look at — —

What is the power of "Sade", which will attract many concerns?

Concerned about the deployment of the "Sade" missile system by the United States in South Korea, relevant countries including China are not only worried that it can intercept several missiles, but more importantly, once the United States and South Korea deploy the "Sade" missile system in South Korea,It is equivalent to installing "peeping" eyes and "eavesdropping" ears at your doorstep — —

Thus, although the United States and South Korea say that this move is not aimed at any third country, "Si Mazhao’s heart is well known"! The intention of the United States and South Korea is now not only to deal with North Korea’s nuclear and missile threats — —

The deployment of the "Sade" system is not a defense but an attack.

The X-band radar used in the "Sade" system has a detection radius of over 1,200 kilometers. If deployed in South Korea, the range of this radar will go deep into the hinterland of the Asian continent, posing a threat to neighboring countries including China and Russia. From this perspective, the deployment of the "Sade" anti-missile system in South Korea is not only aimed at North Korea. As the saying goes, "Xiang Zhuang’s sword dance is intended to be repeatedly used." From the perspective of international relations, the deployment of the "Sade" system is by no means a defense, but an attack, or an attack with a very sharp spear.

The deployment of "Sade" damages the strategic balance of the region and is not conducive to the denuclearization of the peninsula.

Peace on the peninsula is inherently fragile. In the case of a serious lack of mutual trust, the deployment of the "Sade" system will undoubtedly make the regional situation more complicated and run counter to the efforts of all parties to solve problems through dialogue and consultation. Not only does it not help to achieve the goal of denuclearization of the peninsula, it is not conducive to maintaining peace and stability on the peninsula, but it will also seriously damage the strategic security interests and regional strategic balance of countries in the region, including China. In this case, other countries in the region will naturally express strong dissatisfaction and will take effective countermeasures.

Source/Special Support of the People’s Liberation Army Daily/Teng Jianqun

Producer/Editor-in-Chief Tang Yi/Li Zhe　

Editor/Wang Shuo Wen Ya yaoyao

Trial of the ＂314＂ incident in Lhasa： the defendant was fully defended.

Topic: Exposing the separatist and sabotage activities of the Dalai clique.

　　On April 29th, the Intermediate People’s Court of Lhasa City, Xizang Autonomous Region held a sentencing meeting, giving a verdict on Lhasa’s "3? 14 "Some criminal cases in serious violent incidents of beating, smashing, looting and burning were publicly pronounced according to law. Xinhua News Agency reporter Jue Guo photo

　　Xinhuanet Lhasa, May 1 ST (Reporter Sun Wen, Jia Lijun) The Intermediate People’s Court of Lhasa City, Xizang Autonomous Region, on April 29 th, took part in Lhasa’s "3? 14 "Some defendants in the series of serious violent crimes of beating, smashing, looting and burning were publicly pronounced. There are 30 defendants prosecuted by the prosecution, who constitute arson, robbery, provocation, gathering people to attack state organs, obstruction of official duties, theft, etc. They were sentenced to fixed-term imprisonment ranging from 3 to 20 years and life imprisonment in the first instance. The reporter learned that the trial procedure was conducted in strict accordance with the Criminal Law of People’s Republic of China (PRC), the Criminal Procedure Law of People’s Republic of China (PRC) and other legal provisions and procedures, fully safeguarding the legal dignity and the legitimate rights of the defendant.

　　31 lawyers defended 30 defendants.

　　The reporter carefully studied all the judgments pronounced this time, from which we can see that during the trial, 31 lawyers appeared in court for 33 times to defend 30 defendants. Among them, three defendants, Yixi, Raba Tsering (Da) and Lausanne Sangdan, have two appointed defense lawyers respectively ―― Yixi’s appointed defense lawyers are Sun Wenge and Zhu Xiangkun from Beijing Beidou Dingming Law Firm; Raba Tsering (formerly known as Raba Tsering) is appointed defense lawyers Zhao Weiqi and Cai Renji from Xizang Autonomous Region Legal Aid Center; Lausanne Sangdan’s appointed defense lawyers are Mima Zhuoga and Dan Zengjiu from Xizang Autonomous Region Legal Aid Center.

　　Gesandoji, vice president of the Criminal Trial Chamber of the Intermediate People’s Court of Lhasa, introduced that according to the provisions of the Criminal Procedure Law of People’s Republic of China (PRC), "The defendant has not entrusted a defender, the case has a significant social impact, I really have no financial resources, and the people’s court believes that the prosecution opinions and the transferred case evidence materials may affect the correct conviction and sentencing", "You can" or "you should" appoint a defender by the court, and the court has appointed defense lawyers for all 30 defendants, using their own national languages for trial, and at the same time, according to some laws.

　　Gesandoji said that the court appointed two defense lawyers for the defendants Yixi, Raba Tsering (Da) and Lausanne Sandan, and specially appointed Tibetan lawyers among them, because the defendants were basically illiterate, and multiple lawyers could collect and present more evidence in favor of the defendants separately.

　　According to the Criminal Procedure Law, the people’s courts, people’s procuratorates and public security organs should translate for the participants who are not familiar with the local spoken and written languages. Accordingly, nine of the 14 court sessions were held in Tibetan, and the remaining five were arranged for the defendants to translate in Tibetan.

　　Gesandoji said: "For Lhasa’ 3? In the trial of a series of violent crimes, the court previously demanded that the defendant’s litigation rights must be guaranteed according to law. The lawyer’s defense opinions were fully respected during the trial, and the lighter circumstances they proposed for the defendant were all adopted by the court after verification. "

　　Cao Qing ‘an, vice president of Lhasa Intermediate People’s Court, said: "The defendant’s right to obtain and use his own national language in litigation is the basic right given to the parties by our laws. We require all collegiate panels to strictly abide by the legal provisions and provide strong guarantee and support for defense lawyers in marking papers and meeting defendants.

　　Cao Qing ‘an said: "For the defendant’s right to defense, when we appointed a defense lawyer this time, the scope of’ can’ and’ should’ stipulated in the Criminal Procedure Law was even wider. At the same time, a legal representative was also arranged for a minor defendant to appear in court to safeguard his legitimate rights and interests. "

　　Cao Qing’ an said that in the future, other "3? In the trial of the suspects in the "14" incident, legal aid will also be provided to the defendants who are unable to pay their lawyers, and lawyers will be appointed to defend them. The defendants can also hire lawyers to defend themselves in court.

　　Lawyer Sun Wenge: "The court’s sentencing is slightly lighter than I estimated."

　　Sun Wenge, the defense lawyer of the defendant Yixi, told reporters about his meeting with the parties.

　　On April 19th, when lawyer Sun Wenge met Yixi in Lhasa Detention Center, Xizang Autonomous Region Legal Aid Center specially sent a Tibetan interpreter to accompany him. "When I met him, they were gathering for lunch. When the guards led him out of the queue, he looked in good spirits." Sun Wenge said.

　　After we were seated in the interview room, the first question I asked him was whether he was tortured during detention and interrogation and how he ate in the detention center. "Yixi told me that I was not tortured, and I ate well here."

　　"When I told him that I would check the charges against him one by one in the indictment, he rushed to tell me that he didn’t set fire." Lawyer Sun Wenge said, "I checked the indictment, and when I told him that there was no charge of arson, he looked very happy."

　　"Yixi said that on March 15th, he ran to the county seat under the instigation of a nun in Xiasi, Linzhou County, and took the lead in impacting the county public security bureau. Later, he learned from the news that’ 3? The truth of the 14′ incident, together with other villagers involved, surrendered. " Sun Wenge said.

　　Since Yixi had no objection to the circumstances of the crime accused by the public prosecution agency, Sun Wenge made a defense opinion to the presiding judge on the circumstances of Yixi’s surrender during the court hearing.

　　The criminal judgment of the court wrote: "For the defense opinion of the defendant Yixi’s defender that Yixi has surrendered himself, the court partially adopted it."

　　The verdict pointed out that the defendant Yi Xi was convicted of gathering people to attack state organs, sentenced to 7 years in prison and deprived of political rights for 1 year; He was convicted of stirring up trouble and sentenced to 5 years in prison. Decided to execute fixed-term imprisonment of 12 years and deprivation of political rights for 1 year.

　　"The court’s judgment on Yixi is slightly lighter than I expected." Lawyer Sun Wenge said, "The maximum sentence for the crime of gathering people to attack state organs is 10 years. Yixi is the principal offender and can be sentenced to 10 years. If five years are added to the crime of stirring up trouble, it is enough to be sentenced to 15 years in prison. However, because the court partially adopted our defense opinions, Yixi was able to make a lighter judgment. "

　　"It can be said that the defense of Yixi is successful, and I am very happy as a defender." Lawyer Sun Wenge said.

Thoroughly grasp the party’s basic strategy

　　[Guangming Forum]

　　The report of the 19th National Congress of the Communist Party of China systematically expounded "the basic strategy of upholding and developing Socialism with Chinese characteristics in the new era" with "fourteen adherences". The Party’s basic strategy is to adhere to and develop Socialism with Chinese characteristics’s program of action in the new era, which has strong practical pertinence and guidance. A profound understanding and accurate grasp of the party’s basic strategy can be understood from the following three dimensions.

　　First, understand from the relationship between the basic strategy and the guiding ideology. Socialism with Chinese characteristics Thought in the new era is the expression of guiding ideology, and the expression of action program is called the basic strategy of upholding and developing Socialism with Chinese characteristics in the new era. Comrade Shi Zhihong, a member of the Central Propaganda Group to study and implement the spirit of the 19th National Congress of the Communist Party of China and deputy director of the Social and Legal Committee of Chinese People’s Political Consultative Conference, gave a concrete explanation: "Together, they have their own emphases on the main line of upholding and developing Socialism with Chinese characteristics in the new era. The former is more about the combination of theory and practice, systematically answering what kind of Socialism with Chinese characteristics the new era adheres to and develops; The latter is more about the implementation of theory and practice, and systematically answers how to uphold and develop Socialism with Chinese characteristics in the new era. "

　　If we compare "eight definiteness" with "fourteen persistence", we will find that they are different expressions of the same thought. It can be said that adhering to and developing Socialism with Chinese characteristics’s basic strategy in the new era is not only an important part of the Supreme Leader’s Socialism with Chinese characteristics Thought in the new era, but also a practical requirement for implementing the Supreme Leader’s Socialism with Chinese characteristics Thought in the new era.

　　Second, from the relationship between the basic strategy and the basic theory, basic line to understand. Our party is a political party that attaches great importance to theory and is good at summarizing it. Since the reform and opening-up, our Party has continuously expanded its new horizons and made new generalizations around the theme of Socialism with Chinese characteristics. These new generalizations are embodied in the "Five Basics" gradually formed from the 12th to 18th National Congress of the Communist Party of China and the "Three Basics" emphasized by the 19th National Congress. From the proposition of "building socialism with China characteristics" put forward by Comrade Deng Xiaoping at the 12th Party Congress to "the primary stage of socialism and the basic line of the Party" put forward at the 13th Party Congress; From the 14th National Congress to the 15th National Congress, the Party’s basic program in the primary stage of socialism was put forward. From "the basic experience that the Party must adhere to when leading the people to build Socialism with Chinese characteristics" put forward at the 16th National Congress to "upholding and enriching the Party’s basic theory, basic line, basic program and basic experience" at the 17th National Congress, the basic experience was newly summarized. Then the 18th National Congress put forward the basic requirements that must be firmly grasped in order to win new victories in Socialism with Chinese characteristics under the new historical conditions. At this point, the "five basics" of basic theory, basic line, basic program, basic experience and basic requirements have been formed. “"Five Basics" originates from practice and is a scientific summary of Socialism with Chinese characteristics’s great practice. At the same time, it guides new practice and leads the cause of the party and the people to develop continuously.

　　There is no end to practical development and theoretical innovation. Since the 18th National Congress of the Communist Party of China, the Communist Party of China (CPC) people, with the Supreme Leader as the main representative, have followed the development of the times, systematically answered the important issues of what kind of Socialism with Chinese characteristics and how to uphold and develop Socialism with Chinese characteristics in the new era from the combination of theory and practice, and founded the Supreme Leader’s Socialism with Chinese characteristics Thought in the new era. The 19th National Congress of the Communist Party of China established the historical position of the supreme leader Socialism with Chinese characteristics Thought in the new era, systematically expounded the basic strategy of adhering to and developing Socialism with Chinese characteristics in the new era, and called on all party comrades to fully implement the party’s basic theory, line and strategy, thus forming the latest summary of the party’s basic theory, line and strategy.

　　Third, from the relationship between the basic strategy and the basic program, basic experience and basic requirements. Simply put, the basic strategy is the integration and refinement of the basic program, basic experience and basic requirements. Why do you want to make such a generalization? This is because Socialism with Chinese characteristics has entered a new era. The new experience, new ideas, new ideas and new strategies created since the 18th National Congress of the Communist Party of China have gone beyond the connotation of the basic program, basic experience and basic requirements, and must be summarized on the basis of inheritance.

　　The fourteen basic strategies are highly concise and rich in connotation, which is the latest summary of the major principles and principles of the CPC Central Committee governing the country with the supreme leader as the core since the 18th National Congress of the Communist Party of China. If we compare this with the basic program put forward by the 15th National Congress of the Communist Party of China and used until the 18th National Congress, with the ten basic experiences put forward by the 16th National Congress and the basic experience of "ten combinations" put forward by the 17th National Congress, and with the basic requirements of "eight musts" put forward by the 18th National Congress, we can find that some of these 14 basic strategies have integrated the contents of the basic program, basic experience and basic requirements, while others have made new summaries according to the new practice. It can be said that the relationship between basic strategy and basic program, basic experience and basic requirements is the relationship between inheritance and development.

　　Looking at the history of the Communist Party of China (CPC) since the reform and opening up, from putting forward the proposition of "building socialism with China characteristics" to establishing the basic line of "one center and two basic points", to gradually forming "five basics", from "five basics" to "three basics", from simplicity to complexity, and from complexity to simplicity, it reflects that the party’s theoretical innovation is a historical process of continuous advancement and spiral rise. We should actively respond to the call of the Supreme Leader General Secretary, fully implement the Party’s basic theory, line and strategy, and better promote the development of the Party and the people.

　　 (Author: Yao Meiping, director of the Political Editorial Department of Qiushi Magazine, representative of the 19th National Congress)