Love Apartment 5 is the final season, the director promises to give all characters a good ending

“Love Apartment 5” is the final season, the director promises to give all characters a good ending
On January 7, the TV series “Love Apartment 5” was held in Beijing Antiques.Director Wei Zheng, leading the role of Lou Yixiao, Li Jiahang, Sun Yizhou, Li Jinming, starring Zhang Yiduo, all the results were present.It is reported that “Love Apartment 5” will be the final season of the “Love Apartment” series.Facing whether the audience would continue to shoot at the strong request of the audience, Wei Zheng said bluntly, “No.There will be no more sequels.”A few leading actors on the scene shared their most impressive lines again, and at the end of the press conference, they bowed deeply to the fans who supported” Love Apartment “.Lou Yixiao said emotionally, “This is the last press conference of the” Love Apartment “series. Thank you for your company.”It is reported that” Love Apartment 5 “will soon be broadcast on iQiyi.The first season of “Love Apartment” aired in 2009, ten years ago.Talking about why “Love Apartment 5” is the last season, Wei Zheng choked: “I think that everything, life and death, has its life cycle, and the drama is the same.”It is the best choice for everyone to end it at this moment, to freeze the good times in everyone’s memories, instead of becoming something we do not like one day in the future.”Wei Zheng said that he will give all characters a good ending in” Love Apartment 5 “and hope to give a good account to all audiences who love” Love Apartment “.Both the director and the actor cherish the shooting of the last season.Wei Zheng revealed that in the past the actors wanted to finish shooting soon and go back to rest early, “But this time everyone thinks that some scenes they don’t want to shoot because they are gone.”And we also really want to stay at the end of the season. Everyone has a farewell in the apartment.””Among the actors, Li Jiahang is the most advanced group. He laughed at the scene and said he had hesitation, but” the end of your hesitation will not become a factor for you to consider, because your heart has already made up your mind.”After Sun Yizhou’s previous work was killed in Hengdian, he drove himself directly into the group for five hours.In “Love Apartment 5”, after many years of long-distance love, the old guests of the Love Apartment have all achieved positive results.Zeng Xiaoxian (Chen He) and Hu Yifei (Lou Yixiao), who “loved and killed each other,” finally entered the marriage hall.After Lu Ziqiao (Sun Yizhou) and Chen Meijia (Li Jinming) married, “identity upgrade”, Lu Ziqiao turned into a “golden grandfather” to show off her baby everyday.Unlike these old friends, Zhang Wei is still a “mystery.”Li Jinming revealed that in the first four seasons, Chen Meijia and Lu Ziqiao did not have a good relationship, “and after this season, Meijia found that she loved the most is Yi Fei (laughs).”Sun Yizhou shot a week in some toilet-related scenes.”Sun Yizhou found at the scene that the rehearsal lasted only five days, and there was another day of rehearsal with makeup.Wei Zheng also responded to the doubts that may exist after the broadcast of “Love Apartment 5”.He said that at the first moment of making a decision, he knew that the future of this drama would not be calm, and his choice was to face it calmly, “In fact, this drama is like everyone ‘s growth experience to some extent.There are a lot of regrets, but I think it doesn’t matter, we can overcome it.”Love Apartment 5” is the moment when we try to start anew and give everyone a reply again.We put all our love and hard work into this play, and there is no regret when we try our best.”Sauna, Ye Wang Zhang He editor Wu Dongni proofread Chen Diyan

Liu Shijin, member of the National Committee of the Chinese People’s Political Consultative Conference: promote green consumption through fiscal and taxation policies

Liu Shijin, member of the National Committee of the Chinese People’s Political Consultative Conference: promote green consumption through fiscal and taxation policies
The green transformation in the pioneering consumer field is slower than the production field, and has become a shortcoming in green development.How to promote green consumption and lifestyle?Liu Shijin, deputy director of the Economic Committee of the 13th National Committee of the Chinese People’s Political Consultative Conference, suggested in a preliminary plan that in the 14th Five-Year Plan, green consumption and lifestyle issues should be transformed into a more prominent strategic layout, and efforts and targeted policy progress should be adopted.In this regard, Liu Shijin made a number of suggestions, including: through fiscal and taxation policies and other policies to encourage consumers to green consumption willingness and behavior.Establish perfect green consumption incentive policies in construction, transportation, energy, logistics and other fields.  Specifically, for the promotion of green consumption and lifestyle, Liu Shijin made five suggestions: First, in the 14th Five-Year Plan, the goal requirements for promoting green consumption and lifestyle were proposed, which can be expressed as: green consumption in the whole societyAwareness has increased significantly, the supply of green consumer products has increased, green and low-carbon consumption patterns and lifestyles have been initially formed, and a green consumption policy system with incentives and constraints and weightlifting has basically been established to provide important internal outstanding capabilities for improving the ecological environment and achieving sustainable development.By 2030, the sustainable consumption target and the experience of Germany, Sweden and other countries will establish a perfect green consumption indicator system and become an important part of the development index system of the 14th Five-Year Plan.  Second, make clothing, food, housing, transportation and travel a key area for promoting green consumption in the 14th Five-Year Plan.Promote green eating and drinking, carry out anti-food waste actions from the entire chain of warehousing, transportation, retailing, and dining tables, and comprehensively promote green catering takeout; promote green buildings, and guide conditional urban new buildings to fully implement green building standards, and in the transformation of old communitiesPromote green building standards, comprehensively promote green building design, construction, and operation; promote green travel, encourage low-carbon travel methods such as walking, cycling, and public transportation, increase the promotion of new energy vehicles, and encourage transportation, sanitation, rental, and commuting,New and updated vehicles in postal express, logistics and other fields adopt clean energy vehicles; promote green households, encourage consumers to choose energy-saving appliances, high-efficiency lighting products, water-saving appliances, green building materials and other green products, encourage enterprises to provide and allow consumers to chooseReuse, durable and repairable products, promote the greening, reduction and recyclability of express packaging; promote green dressing, carry out “zero discard” activities and “clothing rebirth” activities of old clothes, support and promote textile and garment enterprisesRenovate the green supply chain; promote green tourism, formulate and publish green tourism consumption conventions and consumption guides, encourage tourist hotels and scenic spots to introduce green tourism consumption incentives, and promote the protection of biodiversity as a tourism-related standard.  Third, in accordance with the joint efforts of the supply side and the demand side, with incentives and constraints simultaneously, government enterprises and consumers jointly establish the principle of co-governance and sharing, and establish a green consumption policy system.Through fiscal and taxation policies and other policies, consumers are encouraged to be willing and behavior in green consumption.Establish a sound incentive policy for green consumption in construction, transportation, energy, logistics and other fields.Leading the continuous improvement of product and service levels through the formulation and implementation of technology, product, quality and other standards, especially the “leader” standard.Amend the “Government Procurement Law”, expand the scope of procurement of green products and services, explore the implementation of a mandatory green procurement system, and encourage social groups and enterprises to carry out green procurement.Explore the establishment of a system for government departments, public institutions and large enterprises to take carbon neutral actions in conjunction with large-scale activities.  Fourth, strengthen infrastructure and capacity building to promote green consumption.Establish a green consumption statistics system to promote the monitoring, collection and evaluation of green consumption data.Establish a green consumer information platform, release green product and service information, and improve the transparency of green product production and consumption.Accelerate the construction of standards for green products and services in related fields, form a scientific and transparent certification system for green products and services, and increase the effective supply of green products and services.The digital green low-carbon lifestyle platform with national influence and unified applicable standards built with government support will help maintain the green and low-carbon behavior of consumers and groups.  Fifth, issue green consumption vouchers and promote the promotion of green lifestyles.In the process of responding to the impact of the New Crown epidemic on stimulating consumption, green consumption vouchers that use green products and services can be restored to guide the positive role of green consumption.Guide green consumption into social fashion, and incorporate the concept of green consumption into various types of education, training, and theme publicity and education activities.Establish a green consumption incentive and disciplinary system for the public, strengthen green consumption information disclosure and public participation, oppose extravagance and waste and unreasonable consumption, and advocate a simple, moderate, green and low-carbon lifestyle.Reporter Hou Runfang edited Sun Yong proofreading Li Xiangling

Zhu Ting came back to take the lead for the Tianjin team, Beijing women’s volleyball team can no longer lose

Zhu Ting came back to take the lead for the Tianjin team, Beijing women’s volleyball team can no longer lose
Zhu Ting returned in time to help Tianjin Women’s Volleyball Team win.Tonight, the Chinese Women’s Volleyball Super League in the 2019-2020 season started the first round of the semi-final contest.Tianjin team ace star Zhu Ting returned 23 points with an injury, led the team to beat the defending champion Beijing Women’s Volleyball 3-0 at home, and was the first to win in the three-match battle.In the World Club Cup on December 5, the Tianjin Women’s Volleyball Team fought 5 innings to defeat the Brazil Bayi Women’s Volleyball Team, but Zhu Ting, the general, suffered a recurrence of an old wrist injury.After 19 days of waiting, Zhu Ting came back tonight.In this campaign, Zhu Ting started with Li Yingying as the main attacker, and vice-presidents Wang Yuanyuan, Li Yanan, respond to Hu Keer, setter Yao Di, double freeman Liu Liwen, Meng Zixuan.The Beijing team’s starting lineup mainly attacked Liu Xiaotong, Budge, deputy offensive Zhang Yu, Dickson, to cater to Zeng Chunlei, setter Cai Yaqian, freeman Wang Lin.Zhu Ting is very aggressive.The Tianjin women’s volleyball team with Zhu Ting is significantly better in offensive performance. The first two innings did not allow the Beijing women’s volleyball team to appear before 20.In the third game, the Beijing team sent Luerke to take the lead, and Jin Ye and Liu Xiaotong partnered to attack.The Beijing women’s volleyball team stopped Zhu Ting’s back attack after breaking into the line, broke through the opponent’s defense, and once took the lead in the score.It is a pity that Cai Yaqian, a Beijing women’s volleyball setter, cannot play because of a sprained toe. He must use 19-year-old teenager setter Lei Hailin.The Beijing Women’s Volleyball attack was blocked, and Tianjin’s offensive base came out. Eventually, Zhu Ting’s strong attack scored.After this campaign, the second round of the semifinals will return to the home of the Beijing Women’s Volleyball Team on December 28.For the Beijing team, it was a game that had to be won.

Netflix’s Male Horse Jack is over, the screenwriter recommends 7 highlight moments for the new audience

Netflix’s “Male Horse Jack” is over, the screenwriter recommends 7 highlight moments for the new audience
Netflix’s high-segmented human animation “Horseman Jack” the sixth season was launched on January 31st and announced that it will no longer produce new episodes.But for many viewers who haven’t watched “Ma Man Bo Jack”, this is still a brand new animation.In an interview with EW (“Entertainment Weekly” Entertainment Weekly), the play creator and executive producer Rafael Bob-Waxberg recently recommended “Ma Nengbo Jack” to the audience of “new entry”7 highlight moments in 6 seasons.1. Season 9, Episode 9: Force Majeure Introduction: Throughout the first season, BoJack was pursuing reporter Diane.In this episode, Diane is engaged to his rival, Mr. Peanut Butter, and BoJack tries his best to mess up their wedding.Reason for recommendation: This episode will give you an overall impression of the series of “Ma Man Bo Jack”.In this episode, BoJack tried to stop Diane’s wedding move and pushed the plot to a climax.But you can also learn about the characteristics of the five main characters, each of them acting in an interesting way.In addition, the two fans’ favorite characters Vincent Adultman, Margo Martindale will also appear in this episode.Second, episode 2 of Season 2: Hank After Dark Introduction: During the touring publicity of the new book, Diane brought charges of sexual harassment against talk show host Hippo, which reflects some of the real-life styles of Bill· Cosby.Reason for recommendation: For the audience of “New Entry”, this episode shows another aspect of the episode and is also an important part: political satire.”Ma Nanbo Jack” hopes to show his society and the film and television industry.One of the main themes of this play is to estimate how power and fame and fortune slipped into depravity and decay.I hope that the plot like “Hank After Dark” will no longer be related to the real world, but in fact, it is Bill Coss that is more related than when brought to justice.Third, Season 2, Episode 8: Let’s Find Out Introduction: After criticizing the reality of “Hank After Dark”, this episode is a light and interesting episode.Pojacke will play against Daniel Radcliffe (playing himself) in a show hosted by Mr. Peanut Butter.Reason for recommendation: Watch it together with the last episode, you will have a deeper understanding of the style of this show.Sometimes we talk seriously about some social double rooms, sometimes we are relaxed and funny.This episode is funny, but it also has serious topics.Especially Mr. Peanut Butter asked BoJack-what do you want?What makes you happy?BoJack’s answer caused the audience to realize who he was, and would question why he was so self-deceiving?And this is exactly what we want to show through the episode, and it is also the core irony of this drama.With this in mind, you will understand the meaning of this season better when you watch it.Regarding Daniel Radcliffe, we hope Pojac meets real celebrities in this episode.When I was collecting information, I saw an interview with him. Someone asked him what script he was watching. He mentioned that he was watching “Ma Nan Bo Jack”.So we knew we could go to him, he really liked the script.He made several jokes in the play, not all about Harry Potter, I think he liked it very much.Fourth, season 3 episode 1: Start to spread news briefing: Most of the second season, BoJack was shooting the biographical film “Secretariat”.After the film is finished, it will start to participate in various activities for the impact award season, and this episode is the starting point.Reason for recommendation: This episode fully demonstrates the essence of “Ma Nan Bo Jack”.It briefly reviewed the content of the previous season, and then opened the third season of its own great story, and raised many new challenges.I think this episode will attract you in a unique way more than the first episode of the first season.Fifth, season 3 episode 4: Fish Out of Water Introduction: The most unique episode in “Ma Nan Bo Jack”.Because of the filming of the Secretariat, BoJack was invited to participate in an underwater film festival.Here he met director Kelsey Jannings, wanted to talk to her and apologize for what happened before, but found it difficult to communicate while underwater.Most of the episodes in this episode are famous silent movies.Reason for recommendation: For most viewers, if you have heard of “Ma Nian Bo Jack”-even if you haven’t seen it-most of the time you heard this episode.I think the reason why this episode was mentioned again is because it is relatively independent. You don’t need to understand the background and the causes and consequences to enter the plot.The story of this episode takes place underwater, without dialogue, and is very experimental.This setting also provides a stage for talent display in visual design and soundtrack. The visual effects and music in this episode are so beautiful and gorgeous.This collection explains the theme of our entire episode well: about isolation, about disconnection, about selfishness and selflessness, and the challenge of building connections.This episode has reason to get so much attention, and I am very proud.Sixth, Season 4, Episode 6: S ‘Stupid Works-Introduction: Episode 4 focuses on the relationship between BoJack and his elderly mother.When the mother moved in and lived with him, the audience could often hear Bo Jack’s inner monologue-not so positive energy.Reason for recommendation: This is an episode where we really heard Bo Jack ‘s inner monologue. You will feel that he has a hard time every day and has undertaken a lot of things.You will follow BoJack to examine BoJack from his perspective, fragmented and chaotic.If you’ve heard someone comment on “Ma Nan Bo Jack” before, “it’s very sad, but it’s also a way to vent”, that’s the episode.This is our more important episode. Even if a light and pleasant B-line story is arranged, it is more like a drama than a funny animation.This episode will let you know the other side of “Ma Nian Bo Jack” and how to discover this story.Seven, Season 5, Episode 6 Introduction to Free Churro: This is also a very unique episode.The main introduction BoJack is paying tribute to a relative who went to his hometown. It looks like a single-play by Will Anenei (BoJack’s voice actor), and he talked about an entire episode.Reason for recommendation: Will Aneney ‘s performance is impeccable, and Po Jack ‘s subtle facial animation expression is also incredible.The animation that everyone usually pays attention to will pay attention to some big character movements, but the 25-minute animation character is only in personality, and the talent of the animator has not yet attracted the attention of the audience.In this episode, we have auditioned the antiques for audiences who do not understand “Male Jack Jack”, and their acceptance of this episode exceeded my expectations.Interestingly, we found that the more the audience understands this drama, the more they can perceive the points of comedy in it, the more familiar they are with this drama, the more profound and heavy the part.The first episode of the “Ma Man Bo Jack” aired in 2014, tells the story of an outgoing star Bo Jack (who is an anthropomorphic horse) who loves whiskey in the 90s and his human friend Todd(Voiced by Aaron Paul) The story of living together.BoJack has been trying to find a way out of self-satisfaction, suffering from the chaos of alcohol and failure.”Ma Male Bo Jack” is also the fastest growing adult animation of Netflix. Its second and third seasons are 100% fresh in Rotten Tomatoes. In the fourth quarter, it won the American Screenwriters Union Award for the best animated script in the TV seriesIn the fifth season of the episode, he won the 9th American Critics’ Choice Television Award.It has 92% freshness in rotten tomatoes and 9.% in Douban.com.3 points rating.The sixth and final seasons of the show will be aired on October 25, 2019 and January 31, 2020.Compilation of sauna, Ye Wang Yang Lianjie editor Tong Na proofreading Li Shihui

The Austrian match lost to Ito Meicheng, Zhu Yuling surpassed the first goal of Guoping

The Austrian match lost to Ito Meicheng, Zhu Yuling surpassed the first goal of Guoping
Zhu Yuling and Guo Ping’s main position gradually moved away.Figure / Osports ITTF Austria Open ended this morning, Zhu Yuling lost to Japanese player Ito Mitsuki 1-4, and National Table Tennis ended the tour women’s singles 11 consecutive championship record.After losing this game, Zhu Yuling’s main position in Guo Ping has moved away.Over the past year, Zhu Yuling’s condition is not very good.In the quarterfinals and the semi-finals, she only played 7 innings before surpassing her teammates Gu Yuting and Wang Yidi.In the final match against Mito Ito, Zhu Yuling did not have a very good way, and eventually lost 5-11, 18-16, 7-11, 11-13, 10-12 and gave the opponent the first championship.Since the World Cup team game has just ended, the National Table Tennis Extension sent all the main players to participate in the Austrian Open.Zhu Yuling also ushered in a rare opportunity to prove herself, but it is a pity to grasp it.In addition to the women ‘s singles loss to Ms. Ito, Zhu Yuling ‘s partner Lin Gaoyuan lost to the Japanese combination Zhang Benzhi and Wada Hina in the mixed doubles final.Starting this season, Zhu Yuling’s main position is in jeopardy.No matter whether it is the singles of the World Table Tennis Championships in the first half of the year, or the World Cup team competitions that have just ended, there is no Zhu Yuling’s name on the national table tennis big list.Judging from the current situation of women’s table tennis, Liu Shiwen and Ding Ning are the two absolute main forces. Chen Meng, Sun Yingsha and Wang Manyu throw Zhu Yuling away. The three of them will compete for a seat in the Tokyo Olympics.After successive missed opportunities, Zhu Yuling has surpassed the first step of the National Table Tennis and is farther away from the Tokyo Olympics.In the men’s singles final, Fan Zhendong swept his opponent Zhao Zihao 4-0.At this point, the National Table Tennis Team won the men’s singles in the Austrian Open, and the men’s doubles (Liang Jingkun / Lin Gaoyuan) became the champion.The Japanese team won three championships in women’s singles (Ito Misato), mixed doubles (Zhang Benzhi and Wada Hina) and women’s doubles (Kihara Miyu / Nagasaki Miyu).

The courier giant is sniping with a group meal. Does SF want to take out catfish?

The courier giant is sniping with a group meal. Does SF want to take out catfish?
Recently, the launch of the “Feng Shi” takeaway platform in the same city of SF Express has attracted the attention of manufacturers.The market is curious about new players, but for SF Express, the small program for trial operation was pushed to the stage before it was fully prepared to roll out.The SF City said that “Feng Shi” was generally launched shortly afterwards. The original intention was to solve the problem of replacing employees within their own companies during the epidemic. Currently, it is only advancing within SF Express.But in fact, ordinary users can also place orders without encountering BUG.Although the product is not yet mature, the house surface of the “Feng Shi” small program can still trim the future “Feng Shi” may be the main group meal. In the face of the “red eye” takeaway giant Meituan and the hungry, SF’s “group meal”The strategy looks more like a side attack.To proceed, Internet analysts said that SF Express’s inherent advantages and foundation are much stronger than other companies. If the group meal market can be successful, SF Express may also cut into personal meal distribution.The response said that internal advancement, the reporter measured that ordinary users can order saunas, and Yewang searched the “Feng Shi” WeChat applet to find that at present, the “Feng Shi” takeaway order service has been opened, and the dine-in order service has not been launched.The main page of the program also displays the promotional copy of the corporate group meal and the entrance to the corporate ordering meal.This means that SF Express is trying to cut into the takeaway market and is focusing on group meals.However, in previous interviews, SF Express City responded to the sauna. Yewang said that “Feng Shi” is now close to the line. The original intention was to solve the problems of its own employees during the epidemic. Currently, it is only carried out within SF Express.However, the sauna and nightnet tests found that at present, ordinary users can also place orders at “Fengshi”.Relative to the launch of the WeChat applet, SF Express said that it is based on the fact that many sibling companies in the SF system are independently managed and do not share internal systems, so it is more convenient to use the public tool WeChat applet.At present, SF insiders revealed that “Feng Shi” is a small group of ten people belonging to SF Express. The main business of SF Express is still SF Express, and the other business is to provide merchants with a SaaS “SF Express One Stop”In the same city of SF Express, “Feng Shi” was hatched at one station, which was not promoted in the near future.However, SF’s entry into takeaways is not “nowhere to be found”. SF Express’s city company started independent operations on March 1, 2019, and officially released the “SF Express City Express” brand on October 24, 2019, striving for instant logistics.In fact, SF Express has been in the same city for a long time.In the end, the SF Express City Express brand was released. The SF Express City business has more than 1 million orders and more than 300,000 knights. It has also deployed in more than 200 cities such as Shanghai, Guangzhou and Shenzhen.According to official information, SF Express delivers food and beverages, supermarket convenience, medical supplies, clothing and auto parts, etc., providing commercial distribution, daily pickup and delivery, and a full range of local life services.But at the same time as it carried out daily delivery, it also won (part of) the takeaway orders from merchants such as McDonald’s, Pizza Hut, Ruixing Coffee, and Xicha.Sun Haijin, CEO of SF Express City, said in an interview with Sauna and Yeewang that the (life services) platform now mainly sells standardized products. For example, when ordering takeout, users want to order a takeout and add another (another brand) Milk tea, fruit, etc., this requires multiple downstairs, but the SF Express City Express service can overlap multiple brands and reverse extension.Listed out delivery platforms such as Meituan or flash delivery, Dada and other errand services. The official launch of SF Express City Express did not have “first chance”. Sun Haijin also bluntly stated that the differentiated play of SF Express City is that “other platforms doIt is a simple and standardized connection, and we can do N kinds of connections offline. This is the difference between us and platforms such as takeout. “The rapid growth of business in the same city, traditional courier ready to eat cake?From 2014 to 2015, multiple instant delivery (same city) platforms emerged, cutting into the real-time logistics market not fully covered by traditional express delivery companies such as three links and one express, in the form of crowdsourcing.After experiencing the reshuffling of the World War II market, some real-time logistics companies that survived that year, such as Dada and Dianda, were collected by JD.com and Alibaba to undertake business flows from the “big brother”; the other part, such as flash delivery, UU runnersWait to focus on making a small platform vertically.In the past, instant logistics was regarded as a market segment where the courier giants actively intervened. Sauna and Yewang learned from the insiders of the three links and one of the insiders that traditional courier companies generally believe that compared with the small cake of instant logistics, Gu HaoHaving business is more important.But shortening the US regiment in recent years, being hungry, and so on, the “Dajia” campaign started, and SF’s own business in the same city continued to grow. As a traditional express company, SF also tried to end and fire the “Dajia” shot.SF City announced its independent operation for the first time last year. Sun Haijin once said that independence means that the first is to have legally independent legal persons, the second is that the brand is established, and the third is that the entire team is ready.The SF Financial Report shows that in the past three years, the SF Express City’s annual express delivery compounded more than 100%. In 2019, the SF Express City Express business revenue reached 19.5.2 billion, an annual increase of 96.12%.Except for SF Express, other traditional express delivery companies have not yet made major moves.In 2017, Yuantong launched the “Timekeeping”; in March 2018, Yunda also launched the instant delivery platform “Cloud Delivery”, but it did not arouse too many waves. Industry insiders weighed, wasted, and filled the tradition.The express delivery company itself has a profitable long-tail market; reorganization, in the face of multiple stable real-time logistics patterns, is difficult to break through.Although, as SF Express said, the original intention of creating “Feng Shi” was to solve the problem of substitution of employees within their own enterprises during the epidemic, but it is undeniable that in the long run, traditional express has cut into the instant logistics market, evenThe upstream life service market.The world of takeout is “two points”. SF Express has to consider changing the popularity of the Internet. Takeaway services have entered the daily life of ordinary people.On April 28, the China Internet Network Information Center (CNNIC) released the 45th “Statistical Report on the Development of China’s Internet”, showing that in March 2020, the number of Internet takeaway users in China reached 3.9.8 billion, accounting for 44% of netizens.0%; the scale of mobile online takeaway users reached 3.9.7 billion, accounting for 44 of mobile Internet users.2%.Nowadays, it is so serious that when the shops received orders from Meituan, Hungry and other take-out platforms, and then arrived at Da and other instant logistics platforms to place orders.Each life service platform has already built its own logistics to consolidate its own moat.In April 2015, Hungry officially launched the Hummingbird system and opened its logistics platform in August of the same year; Meituan takeaways also launched a self-operated Meituan delivery in the country in 2015, and Meituan crowdsourcing was launched in the same year.In the instant logistics industry, the super-flow entrance is still the king of solving problems.Meituan distribution, hummingbirds are ready for delivery, Dada, etc. all undertake super traffic from Meituan, Ali and JD.com.On the other hand, Meituan, Ali, JD.com and other regions continue to create their own new retail layout, continue to launch errands business, etc., continue to grab the logistics cake.According to data from AiMedia Consulting, the competition between Meituan and Hungry in the first- and second-tier cities in 2018 will become more intense, with Meituan’s takeaway share reaching 51.8%, 47 is hungry.4%, the gap between the two has further narrowed.As a giant in the food delivery industry, Meituan’s comments were still excluded before going public, until 2019 began to turn losses into profit.Meituan commented on the release of its 2019 financial report, showing a total revenue of 97.5 billion US dollars, an annual increase of 49.5%; gross profit totaled 32.3 billion US dollars, an increase of 114 per year.0%; adjusted EBITDA and adjusted net profit were 7.3 billion yuan and 4.7 billion yuan respectively, with a conversion rate of 85 in the same period in 2018.1.7 billion.As an old player still has a difficult time climbing, it is difficult for new players to break through.At the end of 2017, Didi Chuxing was exposed to the test water delivery business. In March 2018, Didi announced that it would enter the nine major cities in the country and began a takeaway business war with Meituan in the Yangtze River Delta to reproduce the subsidies for burning money.After about a year of development and exploration, Didi’s food delivery is facing “shutdown and turn around.”In February 2019, Didi Travel’s CEO Cheng Wei announced that Didi 2019 will focus on the latest and most important travel main business, continue to increase security and compliance development, and improve efficiency, so it will “non-main business”Stop and go “.In fact, as a non-primary business of water testing, there is no scale advantage and channel advantage, and it is inevitable that it will be difficult to gain a foothold in the highly competitive domestic take-out market.Regarding SF’s entry into the take-out field, senior Internet analyst Ding Dao believes that SF has accumulated some experience in catering and distribution, including manpower to distribute Ruixing coffee.It is an extension of the primary business, SF’s inherent advantages and foundation is much stronger than other companies.Even so, in the food delivery industry, Meituan and Hungry have burned tens of billions of dollars, and it took many years to achieve today ‘s scale and market. SF Express also needs to bear a considerable cost to enter the market.Business.At present, it is a smarter way for SF Express to take group meals as its entrance.Choose a merchant with a certain brand awareness, the unit price of delivery is higher than that of other small restaurants, the quality is better, and the profit that may be obtained is guaranteed.If the group meal market can be successful, SF may also cut into personal meal delivery.Express expert Zhao Xiaomin analyzed that in 2020, it is expected that there will be 1-2 approved IPO companies in the ready-to-serve field. It is also possible that this field will start a price war, which will be more intense than in the past.Zhao Xiaomin also pointed out that even with more allocations, it is necessary to continue to consolidate the C-end, and at the same time upgrade the system solutions upwards and allocate accurately.Sauna, Ye Wang Cheng Zijiao Chen Weicheng Editor Sun Yong proofreading Wei Zhuo

Peking University Guanghua: Proposed to launch 4.88 trillion package of policies to restart the Chinese economy

Peking University Guanghua: Proposed to launch 4.88 trillion package of policies to restart the Chinese economy
Members of Peking University Guanghua School of Management Macro Policy Research Group: Liu Qiao, Xu Xianping, Zhou Li’an, Chen Yuyu, Zhang Zheng, Hue, Tang Yao, Zhang Lin, Gao Qianyun, Zhang Jiahui’s new coronary pneumonia epidemic spread rapidly around the world, directly impacting the real economyA huge disaster on the scale of the global economy and society.Although the epidemic prevention and control and economic restart have been leading the world in recent years, on the contrary, the first quarter economic data shows that the new crown epidemic has had an exogenous impact on the economic and social order once in a hundred years, and a series of monetary policies and fiscalCompared with the post-epidemic economic reconstruction goals in the complex situation and the downward pressure that will be faced in the longer term, the policy is weak and fragmented quickly, and the policy goals are not clear.The 1929 Great Depression was delayed because of insufficient policy strength, which is a lesson from history.The scale of the downward pressure on the economy following the weak economic inertia conference is even more difficult to solve.At present, we must be determined at the next level, with stronger impetus, to introduce economic recovery and reconstruction programs with variable strength, so that the economy can regain vitality.  Recently, the Guanghua School of Management of Peking University has repeatedly organized professors to make suggestions on China’s economic restart after the epidemic. Based on the impact of the epidemic and the changes in the core logic of the Chinese economy, it has put forward a package of policy recommendations: launching a fiscal policy with a scale of 4.A policy package of US $ 88 trillion, establish a special budget and special accounts, strengthen national budget co-ordination and supervision; accumulate a scale of 900 billion yuan in cash coupons and consumer coupons.For low-income people and population cash reserve vouchers in disease-affected areas, the policy objective is to bail out; nationwide issuance of digital consumer vouchers to boost consumption; the establishment of a “Small, Medium, and Micro-Enterprise Stabilization Fund” (1.5 trillion) and “Export Enterprise Stability Fund” (0.5 trillion), directly supporting small and medium-sized enterprises and export enterprises with financial support; increasing new infrastructure investment (300 billion); accelerating the pilot and infrastructure construction of infrastructure real estate investment trust funds; increasing effective investment in key areas, including public healthConstruction (1 trillion)), renovation of old communities (260 billion), rental housing (400 billion), etc .; it is recommended to provide a package of policies by appropriately increasing the deficit rate, issuing special national debt, increasing the size of local special debt, and revitalizing the stock funds.Financial support.  First, strengthen policy coordination and introduce a package of macro policies; establish a special budget system and special accounts for “economic recovery and reconstruction”, strengthen pre-supervision and post-event audits, and a number of fiscal and monetary policies have been introduced.In terms of monetary policy, it has been released for a long time2.2217 trillion medium and long-term long-term, of which through MLF, Pratt & Whitney’s targeted RRR cuts and re-loans respectively released 500 billion, 950 billion US dollars and 1 trillion of funds, while recovering 228.3 billion medium and long-term liquidity through TMLF.If the re-loan amount is not in place after the merger is completed, it is proposed to release a total of medium and long-term funds3.0217 trillion.All of these are the release of the base currency. Considering the average currency multiplier effect of about 5 times per year, the current support for monetary policy has been 15%.About 1 trillion.  It is clear that the central and local governments have intensively issued other burden relief policies.To improve the current state budget, more than 200 policy documents have been issued; more than 800 policies have been introduced by local governments.Our statistics show that local governments ‘expenditures on epidemic prevention and control have reached US $ 145.2 billion, and it is expected to gradually reduce the exemption of social security contributions to more than US $ 500 billion, which translates into a reduction of US $ 80 billion in tax exemptions. In the first quarter, the subsidy funds for people in need reached 1560One hundred million US dollars, coupled with water use, electricity costs, rent reductions and stable returns, the support policies beyond monetary policy are already more than 1 trillion.However, due to the fragmentation of policies, the lack of clarity in policy objectives, the unevenness of specific circumstances, and the unsmooth monetary system and mechanisms, although the current policy scale is not small, the real economy, especially the most severely affected by the epidemicChina ‘s small, medium and micro enterprises and the export sector still generally feel that their scale and intensity are not large enough.  In order to ensure that the policy support for small and medium-sized enterprises, low-income groups, employment, export sectors, etc. can be implemented and achieved results, we recommend strengthening national policy and policy coordination, launching a policy package led by fiscal policy, and clearly supporting theScale and key areas; at the same time, establish a special budget system and a special account to coordinate the source and use of funds, supervise and audit, enhance the credibility and transparency of the policy, so that the policy can really play a role.  Second, consumer coupons featuring “double-tier” consumption incentives suggest that we believe that supporting small, medium and micro enterprises and individual industrial and commercial households in the short term, and providing more jobs, boosting consumption is better and more direct than investment.Large-scale consumer coupon issuance can be used as a fiscal policy option.The consumption vouchers are mostly used during the rapid economic downturn. The government increases the consumption of residents through transfer payments. The increase in consumption drives the production of enterprises, the increase in production provides jobs, and the employment promotes consumption. The whole process is even a virtuous cycle and has a multiplier effect.  Our joint research with Ant Financial Services analyzed the 3.5 million sets delivered by the Hangzhou Municipal Government through the Alipay platform on March 27 and April 3, with a total value of 2.After the implementation of the US $ 500 million consumer voucher, it was found that the implementation of consumer vouchers has a positive effect on driving consumption after the epidemic.A financial subsidy of 1 yuan can drive an average of 3.New consumption of more than 5 yuan; consumption coupon surface quota, the stronger the pulling effect, the pulling effect will not lead to the substitution of future consumption; the consumption stimulus effect on different industries and populations has not been affected by the “digital divide”.  At the same time, through a comparative study of the effects of consumer vouchers across Guangxi, we find that consumer vouchers’ boosting effect on consumption is equally significant in relatively underdeveloped regions, and the multiplier effect is even greater.The introduction of digital consumer coupons that are flexible and in line with people’s psychology can form an accurate “boost” (behavior promotion) effect on people’s behavior, and can use relatively reduced financial expenditure to achieve a multiplier effect.  Therefore, we propose to adopt a “double-layer” consumption incentive plan to public cash coupons for low-income people and diseased areas; at the same time, implement large-scale consumer coupon issuance nationwide.The scale of the plan is 900 billion yuan.  First, for low-income people and the employed population in Hubei, there is a total of 1,000 yuan in cash coupons (that is, consumer coupons with 100% government subsidies).According to data from the Ministry of Human Resources and Social Security, the number of employed people in China reached 7 in December 2019.747.1 billion people, labor participation in competition 55.33% (7.7471/14).If the employment income of less than 3,000 yuan per month is recognized as a low-income group, this group accounts for 31%.Therefore, it is estimated that the number of low-income employed people except Hubei is about 2.2.3 billion people[(14-0.5917) × 55.33% × 31%)], the employed population in Hubei Province is about 3273.880,000 people.Therefore, the cash voucher subsidy amount is: 2627.3.1 billion (amount of subsidies for low-income employed people except Hubei + amount of subsidies for employees in Hubei Province = 22999).180,000 × 1000 yuan +3273.880,000 × 1000 yuan).The Engel’s coefficient of this group is very high, and income is basically spent to maintain daily operations.To accumulate cash coupons for this ethnic group, the main policy objective is to bail out and rescue people’s livelihood.  In terms of specific implementation, the release of cash coupons can explore and eliminate the “digital divide”, thereby dividing more than 200 million low-income people into a mobile Internet-based digital economic system.Through the coordination of telecommunications, third-party payment platforms, civil affairs departments, and financial departments, the beneficiaries are identified and digital cash vouchers are issued accurately.We estimate that the fiscal expenditure on bridging the “digital divide” is about 120-140 billion (purchasing mobile phones and one-year data packages at a cost price of about 600-700 yuan per person).It is worth noting that the long-term expansion of China’s digital economy infrastructure and the large number of innovations in application scenarios have brought more space for the design and implementation of public policies.  Roughly speaking, the nationwide accumulative total of 500 billion US dollars of consumer vouchers will be allocated by the state and allocated by central government funds. Local governments will explore “one city, one policy” based on local conditions. Although the specific conditions vary from place to place and the degree of development of the digital economy is different, the Hangzhou case has great implications for the consumption growth that can be brought about by the implementation of consumer vouchers within a scale.Take Hangzhou 3.Five times of the new consumption pull factor calculation, the cancellation of 500 billion consumer coupons can bring one.The total social retail sales of 75 trillion yuan led to 4.25% of total social retail sales increased.  Third, through the “Small and Medium-Sized Micro Enterprise Stabilization Fund” to alleviate the difficulties for the majority of market players, we propose to establish a “Small and Medium-Sized Micro Enterprise Stability Fund” with a scale of 1.5 trillion yuan, led by the financial sector, to provide supporting credit to small, medium and micro enterprises.In response to the impact and impact of the epidemic, the economic recovery and reconstruction programs issued by several major economies in the world such as the United States, Germany, France, Japan, etc., include measures to provide emergency loans or loan guarantees for enterprises, especially small and medium-sized enterprises.In view of this reality, tamping the bottom line of people ‘s livelihood and stabilizing the economic fundamentals are important foundations for coordinating the smooth progress of other work, and the survival of small and medium-sized enterprises that have contributed more than 80% of urban employment is important to stabilizing employment and protecting people ‘s livelihood.The problem is closely related.For many small, medium, and micro enterprises or individual industrial and commercial households, only 50 trillion US dollars of financial support is needed to survive the end of the world’s major blockade, return to normal operating conditions and cause their own operating capabilities to survive.  Therefore, for specific operations, we recommend issuing 1.Special trillion-dollar bonds are entrusted to commercial banks to issue directly to small, medium and micro enterprises in the form of transitional refinancing.The finance bears 70% of the credit risk, and the commercial bank bears 30% of the risk, which not only directly provides funds to small and medium-sized enterprises, but also avoids the moral hazard of financial institutions.There are two levels of loans, interest-free loans within 500,000, interest payments from 500,000-10 million at the benchmark loan interest rate, and the use of expenditure funds is strictly supervised.  Fourth, through the “Export Enterprise Stability Fund”, to protect the industrial chain and manufacturing industry, we propose to establish an “Export Enterprise Stability Fund” to support the export sector and maintain the industrial chain layout, with a scale of 500 billion.According to our calculations, the added value of the annual export sector’s contribution in 2019 is close to 10% of GDP and close to 30% of manufacturing.According to the forecast issued by the International Monetary Fund, global GDP will grow negatively by 3% in 2020, and global trade volume will fall by 11%. Assuming that exports in that year will fall by 10%, multiplied by the added value of the export sector to account for 10% of GDP, and the export sector willMore than one exception dragged down economic growth.  The export sector has played a benchmark role in promoting gradual technological progress, knowledge diffusion, and organizational development.However, the growth rate of the export sector has always been lower than the growth rate of GDP. It has been under pressure from R & D and costs for a long time. The external spread caused by the global spread of overlapping epidemics and the global supply chain operation are not smooth.The potential for long-term economic growth will also be affected.In addition, the export sector has strong regional aggregation and involves a large number of industrial workers. If there is regional unemployment, the impact is difficult to estimate.  Focusing on the short-term difficulties of the export sector, and considering the long-term important role of the export sector in the Chinese economy, we recommend that fiscal policy give priority to supporting the export sector and protecting market players.In addition, for regions where the export sector is relatively concentrated, it is possible to help enterprises share part of the wage costs of employees according to local conditions.In terms of specific operations, we will make overall planning at the macro scale and inject financial funds. The relevant ministries and commissions will take the lead in setting up a joint budget committee and a supervisory committee. The specific implementation can be handed over to commercial banks.Through short-term and medium-term low-interest loans to help companies overcome temporary difficulties.The selection of aid targets is tilted to key regions and key departments, and priorities are set according to the importance of export enterprises in the industrial chain, pre-epidemic performance and tax performance.  Fifth, use monetary policy tools to fully release liquidity. We recommend a clearer positioning of monetary policy in the economic restart under the epidemic.Monetary policy should further cooperate with fiscal policy to provide sufficient liquidity for economic recovery, and at the same time reduce the benchmark interest rate of deposits in order to guide the loan interest rate down, to reduce corporate financing costs, and through structural monetary policy and strengthen the use of loan supervision to ensure liquidityThe effective use of funds to prevent the emptying of funds and disengagement.  In restarting the economy, the following measures are recommended: (1) Reduce the benchmark interest rate of deposits in due course.The main cost of commercial banks is to pay interest on deposits. When the epidemic hits the economy, reducing the interest rate on the bank ‘s liabilities by adjusting the benchmark interest rate of deposits will release a strong easing signal, which will produce a counter-cyclical adjustment effect.(2) Further lower policy interest rates such as MLF and OMO, thereby guiding loan interest rates downward and reducing corporate financing costs in the real economy.(3) Gradually continue to introduce structural monetary policy, and fiscal policy to “precise drip irrigation” to export enterprises, small and medium-sized enterprises and other specific types of enterprises, by increasing the re-loan of small and medium-sized enterprises, and then re-discounting the amount, giving sufficient loan amountTo release more liquidity and stabilize more basic market players.(4) In conjunction with the China Banking and Insurance Regulatory Commission, the supervision of loan use should be strengthened to ensure that capital flows to small, medium and micro enterprises and the real economy, and to prevent funds from idling or excessively flowing into the real estate market.(5) It can provide more liquidity to policy banks through mortgage supplementary loans (PSL) and other methods, better play the “quasi-fiscal” function of policy banks, and improve their ability to release low-interest long-term loansAnd scale.Sixth, vigorously promote new infrastructure construction and real estate investment trust fund financing pilots. We propose to increase investment in new infrastructure. In 2020, the scale of new infrastructure will be about 315.5 billion.At the same time, it is recommended that on the basis of the pilot projects of public real estate investment trust funds for infrastructure construction, the pilot steps in key regions, key industries and high-quality assets with higher yields be accelerated and scale support policies be actively introduced.  (1) The new infrastructure investment proposal has recently become a hot spot for new-type infrastructure construction, which is based on grasping the new trend of world scientific and technological development, and scientific decision-making based on its own new development support point is also a driving force for development.New infrastructure is closely connected with new industries, new formats, new business models and new products, and new services. It directly affects and serves vertical industries such as industry, agriculture, transportation, and energy. It focuses on market-oriented and enterprise-oriented operations. InvestmentThe main body, the investment model is diversified, and the application of the industry, market cultivation requires a process, it is necessary to play the role of the market and the government, and increase the intensity of comprehensive implementation.  According to the latest data from the Ministry of Industry and Information Technology and our new infrastructure charter, it is estimated that 500,000 5G base stations will be built in 2020, with an investment of 250 billion US dollars, and 4.25 million 5G base stations will be built during the 14th Five-Year Plan period, with an investment of 1.7 trillion, driving the market scale of related industries about 9 trillion.It is expected that the AI chip and AI server investment in the field of artificial intelligence will be US $ 65.5 billion in 2020, with an investment of 1 during the 14th Five-Year Plan period.9 trillion, driving the market scale of related industries about 6 trillion.  During the period when the economic recovery is in desperate need of momentum, increasing investment in new infrastructure can drive the recovery of the demand side and get its market players out of the predicament.For new infrastructure investment, we have the following nine suggestions.(1) It is recommended to strengthen planning guidance and implementation of supporting policies, clarify the principles, objectives, tasks and policy reforms of the new infrastructure, reorganize major engineering projects, provide supporting work guidance or guiding opinions, and implement and improve through planning.(2) It is recommended to use good development and policy financial instruments to encourage and guide financial institutions to support new infrastructure through various channels and methods, such as the issuance of new infrastructure special bonds and the establishment of new infrastructure special loans; gradually release more long-term low interest ratesLoans; resume development of bank soft loan products as equity investment tools or project supporting capital, etc.(3) Existing financial special funds for science and technology, the National Venture Capital Fund should focus on supporting projects related to new infrastructure; establish a national new type of infrastructure investment fund to guide and attract social capital participation, expand diversified, market-oriented special funds.(4) Innovative use of infrastructure trust and investment funds (REITs).At present, the infrastructure REITs have been opened for pilot, and new infrastructure investment should focus on the use of equity financing tools to achieve a true multi-level market-based investment and financing system.REITs can become the last link in the new infrastructure investment chain, helping to form a circular and sustainable investment and financing ecosystem.(5) Budget efforts to promote open sharing of government data.Relevant laws and regulations should be promulgated as soon as possible, expand the data sharing responsibility list, set out a data sharing management list, establish data opening, exchange, protection and transaction mechanisms to promote the legal, fair and orderly circulation and transaction of data.(6) Strengthen the responsibility of state-owned enterprises in scientific and technological research, effectively increase the R & D scale and investment of key enterprises in the proportion of main business income, and strengthen the incentives for innovation achievements.(7) Support private enterprises to develop application scenarios.It is possible to further increase the proportion of R & D budget pre-tax plus substitution, open up the creation of market access thresholds, create a level playing field, strengthen financial services, protect legal property rights, and stimulate the innovation of private enterprises.(8) Adjust and optimize energy-related policies. First, only control the total fossil energy consumption and exclude the consumption of renewable energy.The second is the power grid planning, and the construction should consider the characteristics and needs of the new infrastructure; the third is to support the application of 5G construction to divide electricity market transactions and other aspects, and implement targeted and precise support policies.(9) For construction, the land management department opens up green channels.5G construction requires a lot of land, and the government needs to open up green channels, strengthen overall coordination, help related companies solve resource sharing, improve social resource utilization, and form synergy to create conditions for opening up indoor application scenarios.  (2) Relevant suggestions for the pilot work of infrastructure real estate investment trust funds The opening of the pilot projects of infrastructure real estate investment trust funds has become a major positive news for the economic restart after the epidemic, which can revitalize China ‘s huge infrastructure stock assets, recover early investment, reduceThe leverage ratio between enterprises and local governments allows more social capital to participate.  Existing REITs can give priority support to infrastructure projects including railways, toll roads, trunk airports, utilities, and other infrastructure projects such as pollution control, warehousing and logistics, and high-tech industrial parks and special industrial parks.Infrastructure real estate investment trust funds can gather key regions, key industries and high-quality assets with higher yields.We recommend that the regulatory authorities give targeted supplementary supporting policies in terms of asset transfer and asset operation based on the characteristics of infrastructure REITs “public ownership, public use, and public benefit”.  7. Increase effective investment in key areas Increase effective investment in key areas can inject momentum into the economic recovery under the epidemic, including: (1) Expanding investment in the public health system, the scale of 1 trillion during the epidemicThere is a high level of weakness in the public health system.In 2018, domestic medical expenditure accounted for 6 of GDP.4%, this ratio was 17 in the US in the same year.2%, Japan 10.7%.At present, the total investment in this field can still increase space.We propose to provide capital of 1 trillion yuan for investment in infrastructure such as the public health system, to promote the improvement of social public security capabilities and to provide impetus for post-epidemic economic recovery.  (2) Investment in old communities, housing leasing, affordable housing, and infrastructure construction in central cities / urban circles. The scale of 660 billion old communities, leased housing, affordable housing, and central cities / urban circles is huge.Drive multiple considerable investments.According to our statistics, there are 170,000 residential areas in need of renovation across the country, involving a construction area of 4 billion square meters.It is understood that the current capital investment in the renovation of old communities in various pilot cities shows that the average capital required for the renovation of each community is about 8.5 million yuan, and the required capital for renovation is 280 yuan per square meter.On average, the two calculation methods can get that the renovation of old communities will boost investment by about 1.3 trillion, if promoted in five years, 260 billion new investment can be made every year.  There are now 13 million new citizens every year, 2.For 900 million migrant workers, their housing problem requires a lot of rental housing and affordable housing investment to solve this problem.Rental housing and affordable housing are investment directions that are really related to people ‘s livelihood, thoroughly solving the housing problem of low-income families, promoting the formation of a multi-subject supply, multi-channel guarantee, and rent-purchase housing system, which can also accelerate the construction of a substantial long-term mechanism.The policy positioning of “no housing, no speculation”.  We recommend an additional investment of US $ 400 billion in rental housing and affordable housing. You can consider providing capital from the fiscal or housing provident fund, establishing a “development and construction guidance fund”, and the participation of market institutions and financing provided by financial institutions to directly participate in security.Construction of leased housing, or purchase of operating assets of the government and domestic enterprises, and the assets will be updated to guarantee rental housing.After cultivating and maturing, it will exit through publicly-funded REITs, forming a closed investment-financing loop of “development → cultivation → exit → development”.Investment at this stage and in the future budget can greatly promote the recovery of the economy in the epidemic, and at the same time ensure the safety of funds through mechanism design.  Through the construction of central cities / urban circles, promote the integration of infrastructure and equalization of basic services, expand the effect of urban agglomeration and the optimal population size that cities can accommodate, promote the formation of a unified large market, and involve more people in the “market”To achieve the growth of per capita income through agglomeration, realize the complementary development of the difference between the central city and the surrounding towns, and finally narrow the development gap.This part of the investment budget is already planned and does not include our statistical scope.  Eight, the funding of the policy package guarantees the scale of the economic restart policy package under the epidemic.88 trillion, in order to ensure the implementation of the policy, we recommend that we start with the following aspects and provide active funding guarantees: increase the issuance of special debt. Special debt can become the main source of fiscal power.Our recommendation: Expand the issuance of special bonds to 3 in 2020.5 trillion yuan, about 1 more than last year.4 trillion or so.  Under the impact of the current epidemic situation, the issuance of special national bonds has potential uncertainties in economic growth, and it is necessary to increase counter-cyclical adjustment to stabilize the economy.In order to cope with the fiscal gap of declining government revenues and increased expenditures, especially the national debt index, the long cycle is characterized by a variety of ideal ways of financing the fiscal revenue and expenditure gap.We recommend issuing 2 trillion special government bonds in a timely manner without causing a gradual increase in housing prices.For specific implementation, special national bonds can be purchased through commercial banks, and the funds obtained are financed by financial intervention to support small and medium-sized enterprises, export enterprises, people in need or consumer bonds.Currency derived from this process can be controlled by adjusting the deposit reserve.At this stage, the liquidity released by monetary policy has intensified to support the issuance of special government bonds, and we do not recommend the direct purchase of special government bonds.  Increasing the deficit rate The implantation of deficits in 20192.8%, if increased to 3.6%, according to the GDP of about 100 trillion budget, you can use about 8 trillion of funds.  Give full play to the housing provident fund balance. At the end of 2018, the balance of the individual housing loan balance of the housing provident fund payment still has a balance of about 800 billion. We believe that the plan for the reform of the provident fund system can be formulated as soon as possible to guide the provident fund to participate in the supply-side construction.According to our research, the efficiency of the use of provident fund funds is generally higher, but there are differences between different regions.In addition to new first-tier cities and first-tier cities, many regions have excess provident fund liquidity, there is a phenomenon of idle funds, and there is room for further improvement in the rate of capital utilization.A large amount of deposited funds is difficult to obtain the ideal operating income, which has an adverse effect on the preservation of housing provident funds, appreciation, and even the long-term development of policy housing finance.  By the end of 2018, the housing provident fund had delivered 872 to 373 affordable housing construction pilot projects.1.4 billion loans.We believe that in 2020, some of the idle funds of the provident fund can be appropriately revitalized, and the balance of about 400 billion yuan can be used to issue loans for pilot projects to support the public health system, the renovation of old and old communities, house leasing, affordable housing and urban infrastructure construction.  Infrastructure real estate investment trust fund financing as of 2017, the long-term infrastructure real estate investment amount is 113.68 trillion, public infrastructure REITs have entered the pilot stage, and the securitization rate of 1% can reach a trillion-scale market scale.  Appropriate transfer of equity of listed state-owned enterprises is currently 3,799 A-share listed companies, of which 1,104 are central and local state-owned enterprises, with a total market value of 27.5 trillion, accounting for 40% of the total market value of A shares.6%, the annual progressive dividend always accounts for the market value.2%.In 2019, the State Council has fully promoted the transfer of some domestic capital to enrich the entity’s social security fund. The transfer rate is unified to 10% of the company’s conventional equity. During the implementation process, it has accumulated transfer experience and achieved benefits.We suggest that consideration may be given to appropriate transfer of equity of listed domestic companies and equity dividends to supplement the budget to ease pressure.If a unified transfer of about 10% of the equity of a state-owned enterprise, the market value is 2.75 trillion yuan, 60 billion yuan in dividends can be distributed every year.Sun Night Editor Sun Yong proofreads Wei Zhuo

Shengnong Development’s net profit increased by 1 last year.7 times, white feather broiler business will develop rapidly

Shengnong Development’s net profit increased by 1 last year.7 times, white feather broiler business will develop rapidly
On the evening of March 27, Fujian Sunnong Development Co., Ltd. (hereinafter referred to as “Sunnong Development”) released its 2019 annual report.The report is significant, and Shengnong Development achieved a total operating income of 145.5.8 billion, an annual increase of 26.08%; achieved a net profit of 40.9.3 billion, an increase of 171 per year.85%.Among them, the cooked food sector achieved operating income of 42.68ppm, the compound strength of operating income for 8 consecutive years reached 29.38%.In terms of regions, the top 3 regions for Shengnong Development’s revenue are East China, Fujian and Guangdong.According to the number of reports, the annual sales of Shengnong Food in the national poultry meat conditioning market share exceeded 5%.Shengnong Development pointed out that in 2019, the overall white feather broiler industry will develop well.The epidemic situation has been superimposed to overcome the frozen and meat products of live poultry. The white feather broiler industry may have entered an upward trajectory and will continue to develop rapidly in the future.In terms of sales channels, Sunnong Foods has expanded its export channels to South Korea, and its overall export revenue has grown against the trend32.53%; Supermarket, convenience store and e-commerce channel revenue increased by 29 per year.49%, of which, revenue from convenience stores and e-commerce channels increased by 88 per year.53%; catering revenue increases by 40 each year.64%, of which, Chinese food has grown by about 300% in ten years.In the past year, Shengnong Development has reserved a total of 107 Chinese food products, 13 of which have annual sales of more than 50 million yuan, and two of them have sales of more than 100 million yuan.While profits are improving, Shengnong Development continues to complete scale expansion.In 2019, Shengnong Development completed the acquisition of Ousheng Agriculture and Animal Husbandry and Ousheng Industry, realized the minority shareholders’ equity of 30 million pigeons became 100% owned, and increased investment and construction of political and production bases.After the project is completed, Zhenghe’s production scale will double, with an annual output of over 70 million pigeons.In addition, Sunnong Development has also established industrial mergers and acquisitions fund Decheng Agriculture and Animal Husbandry with Sunnong Group, Fujian Rongcheng Derun Equity Investment Management Co., Ltd. and other parties, and acquired Gansu Zhongsheng Agriculture and Animal Husbandry to further realize the capacity expansion strategy.Sauna, Yewang Wang Siyang Editor Zhu Fenglan proofreading He Yan

Chuanyin’s net profit last year was nearly 18 billion in research and development, with a share of only 3.18%

Chuanyin’s net profit last year was nearly 18 billion in research and development, with a share of only 3.18%
On April 27, the domestic mobile phone manufacturer Chuanyin Holdings, which focuses on emerging markets such as Africa and South Asia, announced its 2019 results.The annual report shows that Chuanyin Holdings achieved revenue of 253 last year.46 trillion US dollars, an annual increase of 11.92%; the net profit attributable to the owner of the parent company.9.3 billion, an annual increase of 172.8%; after excluding non-recurring gains and losses, the net profit is 15.5.3 billion, an annual increase of 26.84%.The title of Chuanyin Holdings. The main reason for the net profit surpassing the increase last year was that the company continued to maintain profitability in the African market. At the same time, the Indian market reduced the impact of tariffs by optimizing product structure and increasing the proportion of local procurement and manufacturing.In addition, Chuanyin Holdings purchased foreign exchange forward contract products in 2018 to form 7.79 trillion US dollars, the factors affecting the net profit in 2018, so expect non-recurring gains and losses, Chuanyin’s net profit growth rate and revenue growth rate are more in line.Chuanyin said that the company plans to distribute a cash dividend of RMB 6 for every 10 shares to all shareholders.8 yuan (including tax), this profit distribution will not convert capital reserve into share capital, and will not send bonus shares.The vast majority of Chuanyin’s revenue comes from mobile phone sales. Last year, mobile phone sales accounted for 93%.21%, revenue increased by 10 in ten years.25% to 236.2.6 billion; and other revenues such as advertising and Internet services amounted to 97.6.3 billion, an annual increase of 31.39%.In the mobile phone business, Chuanyin said that the company produced a total of 1 last year.400 million mobile phones with a budget of 1.3.7 billion, this figure is even higher than Xiaomi (1.25 billion units).According to IDC statistics, Transsion Holdings had a global market share of 8 last year.1%, ranking fourth; of which the African market share is 52.5%, ranking first; Indian market share 6.8%, ranking fifth; Bangladesh’s market share 15.6%, ranking second.Transsion Holdings, known as the “King of Africa”, also had revenues in the African market last year. The company’s revenue in the African region reached 190.05 trillion, an increase of 10 in ten years.88%; Asia and other regions have revenues of 55.$ 9.7 billion, an annual increase of 11.twenty three%.However, most of the sales of Transsion Holdings in emerging markets such as Africa are non-smart phones, and the market share of smart phones has decreased.According to IDC data, Transac Holdings’ share of the global smartphone market increased by 3 last year.1%, ranking seventh.In addition, the research and development investment of Chuanyin Holdings last year was only 8.0.5 billion yuan, accounting for 3% of the company’s revenue.18%, lower than Xiaomi, Huawei and other mobile phone manufacturers.Judging from the disclosure of the research project, Chuanyin Holdings is currently studying folding screen mobile phones (investment scale of 30 million), lifting cameras (investment scale of 18 million), 5G mobile phone radio frequency technology (investment scale of 42 million), etc.In the annual report, Chuanyin Holdings stated that it is the company’s long-term strategy to deepen the African market. At the same time, it will increase its efforts to accelerate the development of new African businesses, especially mobile internet business, and actively expand the peripheral products of smart terminals including home appliances and accessories.Sauna, Ye Wang Lu Yifu editor Zhao Ze proofreading Jia Ning

Vieira scored two goals in the comeback and will join the National Security Council in winter training in Spain

Vieira scored two goals in the comeback and will join the National Security Council in winter training in Spain
In the 19th round of the West Division B, which ended in the early morning of Beijing time, Las Palmas beat Numancia 3 to 1 at home and scored a three-game winning streak.Biella once again became the team’s key man. He scored two goals for the team in the 27th and 73rd minutes.In early November, Vieira, who was loaned from Beijing Zhonghe Guoan to Las Palmas, ceased due to muscle discomfort. After two breaks, Vieira announced his comeback.Coupled with today’s two goals against Numancia, the Spaniard has already scored 5 goals in 3 rounds and is in a hot state after the comeback.Although Las Palmas hopes that Vieira can finish the West B season and return to Guoan, but Guoan also urgently needs a core return to participate in the team’s winter training preparations.It is understood that Vieira ‘s return time will not change, Las Palmas coach Mel revealed that Vieira will play until December 22-that is the final round of the 2019 Western Division B, Las PalmasWill play against Vallecano at home.On December 31, Biella ‘s lease contract will expire.According to the plan, the national security team will be re-focused on January 3 next year, and then go to Spain for winter training.After the Spring Festival, the team will go to Hainan, Suzhou for the final preparations for the new season.Vieira will meet with the team in Spain to restart their national security journey.