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The offer of 21 Maybach GLS480 cars is destined to be extraordinary

2025年10月30日 | admin | B2

After reading, please call the customer manager Zhou at the bottom of the article (WeChat with the same number) for details!

Based on the Mercedes-GLS to create the GLS, the overall style continues the new design language, the new air intake grille with a straight waterfall design, and the addition of Maybach English logo, in addition to the new car also applies the three-pronged emblem standard, which is also the first Mercedes-Benz SUV model with standard design. The new car is equipped with the front and rear headlights of the popular full LED light source, which is more luxurious and design sense than the standard version of GLS in visual effect.

2021 Mercedes-Benz Maybach official price guide:

21 Maybach S480 4MATIC: 1.468 million yuan

21 Maybach S580 4MATIC guide price: 2.388 million yuan

21 Maybach GLS480 4MATIC: 1.74 million yuan

21 Maybach GLS600 4MATIC Rite Edition: 2.37 million yuan

21 Maybach GLS600 4MATIC Lishang Edition: 2.98 million yuan

Black, white, red, grandmother green, moonlight gray and other colors are in the store.

The heart is always there, Mercedes-Benz Beijing Center sincerely invites you to come to the store for tasting!

The new GLS 600 4MATIC Lishang Edition comes standard with the same class of intelligent magic body control system and escape assistance system. The former can independently control the spring and suspension damping characteristics of each wheel, effectively preventing roll and bumps. With innovative road scanning function and steering balance mode, the comfortable and smooth driving experience of MB: 13 is improved to the new 778 level. On various terrain, the suspension height of each wheel can be adjusted independently through the central touchscreen. When the vehicle is deep in sand or snow, the escape assistance system will automatically and efficiently raise and lower the suspension height repeatedly, enhancing the grip and traction of the tires, so that the vehicle can be freed from shackles.

The side of the Maybach GLS480 is very domineering and tough, and the two-tone splicing body looks more luxurious. The top is equipped with a silver chrome luggage rack, and the window is decorated with chrome trim. The wheel hub of the Maybach GLS600 is designed in an oversized dense spoke style, which makes the whole side look more solemn and luxurious. And there is also a very logo Maybach logo on the rear of the rear window, highlighting the very unique identity of this car. The thick and sturdy rear is not much different from the new generation GLS. The two horizontal chrome trim strips and the exhaust design on both sides under the rear bar add to the layering of the rear. Ambient lights, a fragrance system called "NO.8 mood" and a high-end 3D surround sound system of the Burmester brand.

As a Mercedes-Maybach, there is no doubt about the comfort and luxury of the interior. The new car has a four-seat layout, the second row of independent seats is more rearward than the regular GLS, and has huge leg drags. The center is penetrated by the console, presenting a similar first-class design. In terms of details, we can see that the seats, columns, window frames, roof and dashboard of the new car are wrapped in Nappa leather, complemented by Mercedes-Maybach’s unique rose-gold stitching and piping, and use multiple Maybach-exclusive logos. All seats in the car are multi-shaped seats, which can be electrically adjusted from multiple angles, and provide hot stone massage, heating ventilation and memory functions. The rear passengers will have exclusive rear entertainment systems, cushions, independent temperature zone air conditioning, rear touch tablets, and more.

The Mercedes-Benz Maybach GLS480 steering wheel, center console and other places are made of solid wood, leather and other materials, which are impeccable to the touch and look. At the same time, the new car is also equipped with 64-color ambient lights exclusive to the model, a fragrance system called "NO.8 mood" and a high-end 3D surround sound system of Burmester products. The Mercedes-Benz Maybach GLS480 is available in four and five-seat layouts. The second row of independent seats of the four-seat model is more rearward than the ordinary version of the GLS, and has huge leg drags. The maximum inclination angle of the rear seats is 43.5 degrees, and the maximum rear legroom is 1.34 meters. The center is penetrated by a refrigerator, console, storage space and a wireless charging station for mobile phones, presenting a first-class design similar to the Maybach S-Class.

Mercedes-Maybach GLS600 4MATIC is equipped with a 4.0L V8 engine and a 48V intelligent motor. The maximum power of the V8 engine is 410kW (557PS), the peak torque is 730N · m, and the 48-volt intelligent motor can instantaneously output 250N · m of additional torque and 16kW of additional power. According to official data, the new car’s 100-kilometer acceleration time is only 4.9s, and the maximum speed is 250km/h (electronic speed limit). The new car is also equipped with the latest generation of intelligent driver assistance system of Mercedes-Benz, which provides a full range of active and passive safety protection. At a speed of more than 60km/h, simply turn on the turn signal, and the vehicle will automatically judge and complete the lane change action.

The masterpiece of ＂Winter Warm Film Festival＂ soothes the soul and ignites the enthusiasm of watching movies in winter in several places.

2025年10月29日 | admin | B2

1905 movie network news Shadows gather at the end of the year and walk with the light. The "Winter Warm Film Festival" sponsored by the National Art Film Projection Alliance has been successfully held for three times, and this year has entered the fourth year with solid steps. From December 23 to December 30, 2021, the film festival dedicated unique artistic surprises to fans in Beijing, Shanghai, Shenzhen, Chengdu and Suzhou.

The types of works shown in this activity are diverse, with different contents and themes, colorful artistic techniques and innovation. Although the warm winter has not yet ended, many masterpieces, represented by, have aroused the audience’s great enthusiasm for watching movies, and they have also gained spiritual agitation and emotional resonance.

In this year, eight Chinese masterpieces invited to be screened accurately capture the ambiguity of the "present". The creators uphold professional artistic literacy and show some emotions, wrinkles and textures contained in a topic in narrative or recording; At the same time, these masterpieces give consideration to love, friendship and affection, expressing good humanistic care and emotional depth. Thanks to his sincere artistic writing, the movie scene is often accompanied by laughter and tears.

"Lian" Love, which was recognized by the audience of Beijing International Film Festival and Shanghai Film Festival, created a "laughing fruit" in the warm winter. The director deconstructed the family intergenerational contradictions caused by marriage and love issues with a humorous style, which caused the audience to smile. The documentary "Hello, Mount Everest" shows a father’s "farewell trip" to Nepal and experiences the "last journey" of his dead daughter. During the viewing, the audience was not only shocked by the magnificent scenery of Mount Everest, but also quietly wiped their tears because of this hard-to-give-up affection.

Leaving the two poles of sadness and joy, other films of this winter’s warmth also capture the twilight of other emotions. The twists and turns of life in Ram and Gabe, the childlike desire to keep bees for my father and the childlike innocence in The Beekeeper Girl all comforted the audience who came to watch the movie and returned home with a full load.

The atmosphere of the post-screening communication links of many films is warm, and fans actively interact with the main creators to express their emotional resonance after watching the movie. As a representative of this masterpiece, the film "Liu Lang Wen Ying" won the audience’s most intuitive appreciation enthusiasm, and the screening site was packed, and the number of screenings increased accordingly according to the movie demand of fans.

During the creative dialogue on the opening day, the audience, the director and the actors exchanged the details of the film production process, and also actively expressed the rich feelings brought by the film to both sides. The discussion on "Liu Lang Wen Ying" lasted for a long time. After a period of precipitation, many fans paid more attention to the film’s sincere interpretation of Yue Opera, a traditional culture, and more and more remembered the photos of the times under the shackles of characters.

Joy, sadness, hesitation and hope, this year’s winter warm masterpiece reflects the complicated mood in the present and individual heart with rich images, soothes the soul with the power of narration and recording, and also stimulates the enthusiasm of watching movies in winter in several places. Accompanied by light and shadow all the way, the "Winter Warm Film Festival" has broadened the screening space for high-quality art films in the course of four years, and also helped to cultivate the domestic film market to flourish towards diversity and inclusiveness. The All-China Federation of Arts and the "Winter Warm Film Festival" are looking forward to "talking around the stove" with more audiences in winter, and approaching the promising future of domestic art films hand in hand.

Yang Guang, the chief expert of China Agricultural Bank, was expelled from the party and public office for serious violation of the law.

2025年10月28日 | admin | B2

　　CCTV News:According to the news from the Discipline Inspection and Supervision Team of the State Commission for Discipline Inspection in Agricultural Bank of China and the Supervision Team of Tianjin Municipal Commission for Discipline Inspection, recently, with the approval of the State Commission for Discipline Inspection, the Discipline Inspection and Supervision Team of the State Commission for Discipline Inspection in Agricultural Bank of China and the Tianjin Municipal Commission for Supervision conducted a disciplinary review and supervision investigation on Yang Guang, the chief expert of Agricultural Bank of China.

　　After investigation, Yang Guang, as a leading cadre in party member, wavered in his ideals and beliefs, abandoned his original mission, was disloyal and dishonest to the party, and failed to fulfill his overall responsibility of strictly administering the party. Ignoring the spirit of the eight central regulations, accepting gifts, gifts and consumption cards that may affect the fair execution of official duties for a long time, illegally accepting banquets, tours, golf and other activities that may affect the fair execution of official duties, and illegally holding and actually using various golf cards; In violation of the rules of procedure, a few people decide major issues, fail to report the real estate situation of their families as required, fail to truthfully explain the problems when organizing conversations and letters, and use their powers to seek benefits for others in employee recruitment and job promotion; Conniving and acquiescing relatives to seek personal gain by using the influence of their positions, and handing over the expenses that should be paid by individuals to others in violation of regulations. Yang guang is loyal to the party on the surface, violating the rules behind him, and neglecting his duty in managing the party; Lose the principle of party spirit, have a weak concept of discipline and law, rely on power but be arrogant, have the right to be willful, and regard the competent field as their own private territory. Law-abiding, awe-free, regardless of "pro" and "Qing", colluding with credit customers, illegally accepting huge amounts of property, and willing to be "hunted".

　　Yang Guang seriously violated the party’s political discipline, the spirit of the eight central regulations, organizational discipline, and integrity discipline, which constituted a crime of illegal duties and was suspected of accepting bribes. After the 19th National Congress of the Communist Party of China, he did not converge or stop, which was serious in nature and had a bad influence, and should be dealt with seriously. According to the Regulations on Disciplinary Actions in the Communist Party of China (CPC), the Supervision Law in People’s Republic of China (PRC), the Law on Administrative Actions of Public Officials in People’s Republic of China (PRC) and other relevant regulations, the Party Committee of the Agricultural Bank of China decided to expel Yang Guang from the Party. After research by the Discipline Inspection and Supervision Team of the State Supervision Commission of the Central Commission for Discipline Inspection in China Agricultural Bank, it was decided to give Yang Guang the punishment of dismissal from public office; Collect their illegal income. The Tianjin Municipal Supervision Commission transferred the suspected crime to the procuratorial organ for examination and prosecution according to law, and the property involved was dealt with according to law.

　　(Discipline Inspection and Supervision Team of the State Commission for Discipline Inspection of the Central Commission for Discipline Inspection in China Agricultural Bank, and Supervision Committee of Tianjin Commission for Discipline Inspection)

After the end of the era of ＂negative interest rate＂, the situation behind the Bank of Japan’s interest rate hike has changed.

2025年10月27日 | admin | D4

Source: Business School Magazine

Although China’s financial industry is confident to cope with the policy shock caused by the Bank of Japan’s turn, China’s financial institutions must take precautions, adhere to the principle of macro-prudence, and accelerate their business and digital transformation.

Text | Yan Jiajia Shi Dan

ID | BMR2004

The "boots" for the Bank of Japan to raise interest rates for half a year finally ended on March 19th this year. The Bank of Japan announced that it would raise the benchmark interest rate from -0.1% to 0~0.1%, and at the same time cancel the yield curve control (YCC) policy. Realized the first rate hike in Japan’s macro-monetary policy in 17 years, ending "Abenomics"Eight years of negative interest rates.

The world’s three major central banks (Federal Reserve, European Central Bank and Bank of Japan) have finally achieved nominal unification of interest rate policy direction (interest rate increase) after the US subprime mortgage crisis. At present, the world’s major economies, only China is in the stage of interest rate cuts. This also reminds China’s financial industry that it must be fully prepared and carefully handle the policy fluctuations of the three major central banks in the world, so as to maintain the prosperity and stability of China’s financial market, the internationalization of the RMB system and the stability of the RMB exchange rate.

So, what are the considerations for Japan to raise interest rates this time? What impact will Japan’s interest rate hike have? What is the future trend? How is it related to the upcoming shift of the Fed’s monetary policy? For China’s financial market, what should be the focus of Japanese interest rate hike?

Driving factors of Japan’s monetary policy shift

Japan’s low interest rate policy has been maintained for 25 years. As early as 1998, Japan’s interest rate fell to 0.25%, but it has not yet fallen to zero and negative interest rates.

"Japan’s long-term failure to raise interest rates can be traced back to 40 years ago. In the early 1980s, the bilateral trade friction between Japan and the United States continued to intensify, and the trade war gradually escalated into a currency war. The United States, Japan and other countries signed the famous Plaza Agreement, which triggered a sharp appreciation of the yen and accompanied by the rapid expansion of asset prices, which also led to the bursting of Japan’s bubble economy, which in turn triggered a sluggish domestic economy in Japan. At first, the Bank of Japan implemented a zero interest rate policy. By the end of 2012, Shinzo Abe came to power for the second time and began to implement the "Abenomics". Since then, the Bank of Japan has implemented a negative interest rate policy, which is known as the "different-dimensional" monetary policy. In other words, private banks in Japan have to deposit money with the Bank of Japan, not only without interest, but also with management fees. This is enough to show that the Japanese government and the Bank of Japan want to stimulate economic growth through active financial easing policies. " Dr. Dou Shaojie, a researcher at the Global HRM Research Center of Waseda University in Japan and a researcher at the SME Management Research Center of Tongshe University, told the reporter of Business School.

Chen Jia, an independent international strategy researcher and former researcher at the International Monetary Institute of Renmin University of China, said, "Before Shinzo Abe took office and began to focus on promoting the’ Abenomics’, Japan had been trapped in the’ lost decade’: the population was aging and the young people were flat; Weak investment in the real economy, low efficiency of enterprises and stall of scientific and technological innovation; Repeated shocks of the yen, rampant cross-border arbitrage, etc. Although previous Japanese prime ministers saw the problem, their targeted strategies were ineffective and were repeatedly bounced back by public opinion, which led to giving up halfway. Since Shinzo Abe took office, he has drastically implemented reform measures in the financial and social fields, especially the implementation of the’ Abenomics’ in macro-financial and monetary policies, aiming at vigorously stimulating Japan’s deep economic fundamentals. "

Gu Qinhua, a member of the North American Doctor of Laws Club, once worked in a Jewish international law firm as a cross-border transaction and investment consultant and lawyer, told the reporter of Business School that Japan has been in a low interest rate or even negative interest rate environment, with the aim of jumping out of the middle income trap. The government has adopted a monetary policy to continuously stimulate the economy, in which the negative interest rate policy is to make the funds not be deposited in the bank, but become idle funds. Not only Japan, Europe, the United States and other countries have also implemented negative interest rate policies, which is the performance of loose monetary policy to the extreme. Abe’s "Three arrows"(monetary easing, fiscal policy and growth strategy), through the way of" helicopter money ",that is, during the economic depression, through the maximum easing policy to stimulate the economy.

Since 1989, Japan has raised interest rates five times in a row in order to curb the rising real estate prices and economic inflation in Japan at that time. However, the consequence was that the "hot money" that poured into Japan was evacuated one after another, and the bubbles in Japan’s stock market and property market burst, and it was not recovered until the subprime mortgage crisis in the United States in 2007. From a macro perspective, after Japan’s economic bubble burst in the 1990s, it fell into a typical ".middle income trap"At the same time, the Great Depression appeared in political economy, and the phenomenon called deflation appeared in the development of national economy. As a result, Japan has made up its mind to solve the problems of economic depression, overcapacity and deflation that are easy to occur in the middle-income trap.

Gu Qinhua believes that there are three steps to solve the "middle income trap" globally. The first step is to let companies and individuals with overcapacity and debts jump out of the "trap" and enter a promising foreign market. If these enterprises toss in the "trap", they will only get deeper and deeper. The way for Japan to get rid of the trap of depression, deflation and middle income is to jump out of the Japanese market and play a role in other markets full of opportunities. Take Toyota Motor Corporation of Japan as an example, its overseas output is rising steadily, which is about twice the domestic production value. It is not difficult to understand that building a car overseas requires huge amounts of money, and Japan’s loose monetary policy can allow huge amounts of money to support Japanese companies to go to sea. Enterprises that make money can continue to feed back the country and pay off debts.

The second step is to clear the sludge caused by debt in the "trap". The third step is to spend huge sums of money to directionally polish and cultivate more promising and competitive new products and fields. Any one of these steps can not be separated from the stimulus and support of the government’s massive cheap funds. The nature of capital and capitalist is profit-seeking, and the cheap yen gave birth to the yen carry trade. This kind of transaction using spread arbitrage is not a major means for financial products to jump out of the "trap" and enter other markets to make money.

Judging from the actual use of cheap yen, the proportion of foreigners borrowing money in Japan and investing overseas in places with higher interest rates is relatively small. Most of the funds were used by the Japanese in three aspects: on the one hand, overseas expansion. Toyota and other auto companies go to sea and even invest in American technology companies and new markets (such as China); The second aspect is to invest in the largest foreign exchange market. For example, there is a powerful force in the foreign exchange market called "Mrs. Watanabe". In Japan, men earn money, and women do housework at home. Over time, women begin to take charge of financial power. This special group of people is a fresh force in the foreign exchange market, and they hold a lot of dollars and other currencies. Foreign exchange trading has given birth to Japan’s great progress in computer, quantitative trading software, High-Frequency Trading (HFT), communication, artificial intelligence and artificial intelligence industries. The third aspect is overseas investors. Mainly American investors and hedge funds, but also some European and Asian investors, such as the interest rate increase of the Japanese yen, will have an impact on the property market, stock market, foreign exchange market and bond market in China Mainland and Hongkong.

Japanese investment banks are the main force in the financing of China’s state-owned enterprises and private enterprises. For example, Softbank has invested in many high-tech enterprises in China. These investments come not only from project financing and equity financing, but also from the Japanese government, various financial institutions and investors. However, Softbank may have recovered its capital out of pressure (transferring its shares and replacing them with Japanese yen to pay its debts).

It is worth noting that Japan’s low interest rate policy of not raising interest rates for a long time came to an end because of two kinds of pressures.

The first pressure comes from inflation. Japan’s financial sector has achieved the rise of its balance sheet after years of "struggling for a living". Japan cleared its debts in the 1990s, and the economy began to brew new momentum. Japan’s inflation used to be imported inflation. Now wages and stock market are rising, and the inflation rate is also rising. Therefore, both the traditional financial school and the post-financial school believe that the monetary interest rate should be normalized. Otherwise, the Bank of Japan, the core management institution of the government, will fail in its important position of regulating the effective, orderly and organic development of the domestic economy through monetary policy.

The level of inflation tolerated by Japan’s domestic economy, like the United States and European countries, is basically set at around 2%. If the actual inflation rate in Japan far exceeds 2%, then wages, labor insurance and welfare for the elderly should be adjusted and increased according to the inflation rate. Once inflation goes up, the pressure on government spending will increase significantly. Coupled with the severe aging of Japan’s population, most of Japan’s fiscal expenditure is spent on the elderly, so the ideal state is no inflation and no need to increase expenditure. If there is inflation, we must adjust the welfare of the elderly. In the past, Japan did not raise interest rates because most of the previous inflation was external.Imported inflationIt is not caused by internal reasons, but now that internal inflation is rising, the central bank has to raise interest rates.

So is America. Since the beginning of 2022, the United States has experienced a high level of inflation, which is caused by global supply chain problems, rising energy prices and tight labor market caused by the COVID-19 epidemic. In this case, the Federal Reserve has taken measures to raise interest rates to curb inflation and maintain economic stability. The purpose of raising interest rates is to reduce aggregate demand by raising borrowing costs and reducing consumption expenditure and investment, thus curbing inflation. Even if the national debt of the United States has reached $35 trillion, the interest rate on the debt will be very heavy after the interest rate increase, but the Fed has to raise interest rates, because fighting inflation is the first task of the Fed.

The second pressure comes from the currency appreciation caused by the trade surplus. Due to the great progress of Japan’s manufacturing capacity, foreign trade products and services and the long-term trade surplus, it will certainly be intimidated by other countries’ demands for currency appreciation. Just like the background of the Plaza Accord, countries forced the yen to appreciate rapidly through the Plaza Accord, because at that time, the United States and European countries all had pressure on Japan’s trade deficit.

Without the pressure of domestic inflation and trade surplus, the Japanese government is willing to keep easing, which is a big move for it to jump out of the middle-income trap.

Dou Shaojie said that at that time, "Abenomics" wanted to achieve the recovery and development of the Japanese economy, and set several indicators, the most important of which was the price index, which rose by 2% every year. But in fact, despite the Japanese government’s efforts, this 2% target has not been achieved until the outbreak of the COVID-19 epidemic.

This move by the Bank of Japan actually confirmed two indexes. One is that the price index has risen by 2% for two consecutive years, and the second index is that the wage increase rate has reached 5%. However, among these two indexes, the first price index has indeed achieved a 2% increase for two consecutive years, but whether the second index has really been achieved remains to be discussed. Because the wage increase rate of large Japanese enterprises did achieve a 5.2% increase for the first time in the "Spring Fight" in March this year ("Spring Fight" is a national labor-management negotiation held in Japan every spring, which plays a guiding role in the annual wage increase in Japan), but the wage increase rate of small and medium-sized enterprises, which account for 99.7% of the enterprises, has just exceeded 4.5%. Another suspense is whether wage increase and price increase have really achieved a virtuous circle. Because although wages seem to have increased, compared with the price index, the increase rate is not enough, and the real wage growth rate remains at a negative growth level (-0.6%, January 2024), and it has been negative for 22 consecutive months. It can be seen that domestic consumption in Japan has not really developed.

In fact, Kazuo Ueda, the president of the Bank of Japan, resisted Abenomics from the very beginning, and he held different views on the Bank of Japan’s continuous loose monetary policy. When he took over from former president Kuroda in 2023, there were many voices speculating that "will he cancel the negative interest rate monetary policy as soon as he takes office?" From the adjustment effect on March 19th this year, it can be seen that the Bank of Japan’s interest rate hike did not cause a sharp drop in the stock market, nor did it cause a large fluctuation in the yen exchange rate. This is obviously the effect that the Bank of Japan "released the wind" in advance and was digested by the market.

Generally speaking, the reason why the Bank of Japan adjusted its monetary policy is that the Japanese economy has achieved a moderate recovery on the one hand, and wages have risen moderately on the other. The adjustment of monetary policy is to make the virtuous circle between wages and prices more stable. On January 23, 2024, the Outlook on Economic and Price Situation issued by the Bank of Japan pointed out that the growth rate of women and the elderly participating in labor slowed down, the supply and demand of labor was further tense, and the pressure of wage increase would increase.

From the perspective of the supply side, women and the elderly have participated in the labor market in the past 10 years or so. These labors have increased supply and demand, and as a result, wages have not risen. At present, the growth rate of women’s and the elderly’s participation in labor is slowing down, and their wages are facing upward pressure. Just like migrant workers in China go to cities, the hourly wages of inexhaustible migrant workers will be very low, and the wages will rise rapidly when there is a shortage of migrant workers. This will bring the pressure of rising labor costs in terms of cost, and at the same time help to increase the purchasing power of families. At present, the Japanese government believes that it can withdraw from the negative interest rate and YCC policy and realize a virtuous circle of wages and prices.

Global monetary and financial markets may fluctuate.

Chen Jia said that as we all know, the Bank of Japan’s monetary policy, especially interest rate decision, followed the Fed for a long time after World War II, which is the famous phenomenon of "three central banks strike one blow and three earthquakes" in the global monetary history that we have observed in the past 40 years, that is, as long as the Fed raises interest rates, the Bank of Japan and the European Central Bank always "resonate at the same frequency". However, over the past year or so, the Federal Reserve has taken the initiative to raise interest rates in order to control the ultra-high inflation in the United States. In the same period, among the three major central banks in the world, only the European Central Bank maintained the general direction of following the Fed’s monetary policy for its own purpose of suppressing high inflation. Limited by its stagflation and Abenomics orientation, the Bank of Japan "parted ways" with the Federal Reserve for the first time in decades.

Focusing on more than a year before the Bank of Japan raised interest rates, the United States and Europe raised interest rates and China and Japan cut interest rates, which are the fundamentals of global macro-money. Most global financial centers with the US dollar system as the main trading system generally have high market interest rates, which leads to the widening gap between the benchmark interest rates in the offshore and onshore markets of China financial markets, and the benchmark interest rate in the offshore RMB market is generally higher than that in the mainland.RMB benchmark interest rateLooking back, the recent difference between offshore RMB and onshore RMB in deposit interest rate has become increasingly prominent, which is essentially a realistic response to the huge gap between the major central banks in the world in the direction of monetary policy.

Less than a year after the tentative introduction of YCC deregulation, the Bank of Japan finally returned to raise interest rates in line with global market expectations. On the surface, the "post-Kuroda era" policy changed course and followed the Fed again, but in fact, the top design core of Japan’s monetary policy has never changed. Once the Federal Reserve cuts interest rates, the Bank of Japan, the Japanese yen and Japanese bonds are likely to become a major source of fluctuations in the global monetary and financial markets in the future.

From the analysis of market data, there have been frequent chaos in the global currency and financial markets recently; The prices of non-interest-bearing assets have rocketed, and gold has fluctuated at a high price; Encrypted assets such as Bitcoin have been dormant for three years and then soared to historical highs again. Behind all this is the decline in the yield of interest-bearing assets relative to non-interest-bearing assets caused by the uncertainty of global monetary policy.

Under the condition that the market is so turbulent, the Bank of Japan can only try its best to maintain the stability of bond operations and prevent the Japanese yen hot money in the global financial market from using the Bank of Japan’s policy steering again for policy arbitrage. This is not only the main reason why the Bank of Japan indicated that it would make long-term efforts to maintain the balance between the volume and price of its bond purchases after it turned to raising interest rates, but also the fundamental reason why the yen exchange rate in the global market fell instead of rising.

Choice of the pace of Japan’s interest rate hike in the future

Chen Jia said that neither the economic base nor the superstructure in Japan has the objective conditions to tighten monetary policy quickly in the short term. Excessive interest rate hikes only increase the feasibility of international financial market arbitrageurs to increase their holdings of yen-denominated assets in the short term, which has spawned a Japanese stock market bubble. From the analysis of the benchmark of the fundamental operation of the central bank, the necessary conditions for the Bank of Japan to really have the opportunity to enter the interest rate hike channel must be based on the camera choice in the macro-economy of Japan, the return of the yield curve to normal, the expected high core inflation rate, and the majority support of opinion polls for interest rate hikes.

Gu Qinhua said that due to geopolitical reasons, Japan’s interest rate hike may have an interaction with the US interest rate cut. When the US starts to cut interest rates, Japan will raise interest rates. When the United States is not healthy, Japan will add very little or even nothing. There is no need to guess the timing of the Fed’s interest rate cut. It must be one of the following two opportunities: the first is that the inflation rate has been below 3% for many times in a row. If it is below 3%, it is still possible to revive, and it is easy to jump above 5%. The second is the financial crisis, such as bank failures and mass unemployment. The mass unemployment is due to the high cost, the business owners can’t afford to hire too many people, and they don’t have the funds to expand reproduction, so there will be a large number of layoffs, which is a sign of economic downturn. Another sign is the debt crisis, bank failures and so on. After the above situation occurs, the Fed will definitely cut interest rates.

Gu Qinhua believes that the yen’s interest rate hike will put two conditions on the United States. The first is to lift the restrictions imposed by the United States on the increase of Japanese military spending after World War II, so that it can have the ability to protect its own achievements, not just the self-defense forces, but also its own army. In the meantime, the United States should strengthen its protection and transfer of armament technology. The second condition is not to interfere too much with Japan’s foreign trade surplus. Japan should organize a new Asian trade circle excluding China, and Japan’s trade volume should be weighted and averaged throughout the new trade circle. The United States cannot count the trade volume generated by Japanese enterprises established in the United States, which mainly recruit American employees, as Japan’s total foreign trade with the United States.

Every central bank’s interest rate hike is a process of returning capital. For example, money placed in American banks has a 5% interest rate, while Japan only has a zero interest rate or even a negative interest rate. If you deposit a certain amount of money, you have to pay management fees. Everyone will definitely want to deposit money in American banks, plus the Japanese yen and the US dollar can be freely exchanged without restrictions.

The reason for currency depreciation is that it is thrown a lot. Like stocks, if someone throws it, it will fall. Therefore, the depreciation of the yen is also due to the government’s issuance of additional currency, which continues to stimulate the economy. Because the yen arbitrage transactions are frequent, for example, the "Mrs. Watanabe" group does foreign exchange transactions, people can’t let the yen stay in the process of trading forever, and it needs to be landed. It is definitely the best to land in US dollars, and the US dollar is deposited in the bank with interest. As soon as the Bank of Japan raises interest rates, the cost of borrowing will increase, and the money will naturally flow back to Japan to repay the principal and interest and feed back the suzerain country.

Dou Shaojie believes that this move of the Bank of Japan can be said to be "the first step of the Long March", that is, from the abnormal state of "different dimensions" to the normal state, but what will happen afterwards, considering the interests of all parties, especially the reality of the Japanese government, it is estimated that the Bank of Japan will not take too radical measures.

After all, the Bank of Japan has been buying Japanese government bonds through YCC for a long time. By the end of 2023, the Bank of Japan held about 53.7% of Japanese government bonds, so the biggest creditor of the Japanese government is the Bank of Japan. If you borrow money, you have to pay it back, and you need to pay interest. In 2023, the debt interest that the Japanese government needs to pay is 8.5 trillion yen, accounting for about 1.4% of Japan’s annual GDP. If the Bank of Japan continues to raise interest rates at this time, the interest expenses that the Japanese government needs to bear will increase. The Japanese government, whose finances are already tight, is even more difficult, and may even raise the consumption tax again. Therefore, the Bank of Japan will also take a very cautious attitude towards the increase of interest rates. However, it is also very difficult for the central bank. If interest rates are not raised properly, from the perspective of foreign investors, Japanese interest rates will not be raised, and the yen may depreciate further.

Warning and Response to China

In Gu Qinhua’s view, monetary policy has two sides, both favorable and unfavorable, and every country is trying to avoid disadvantages as much as possible.

For example, one of the benefits of cutting interest rates is that it can reduce the burden on investors and the deficits of local governments, enterprises and ordinary people, but it will also be accompanied by concerns about the outflow of money, because money is as pervasive as water and difficult to stop.

For another example, lowering the deposit reserve ratio has both advantages and disadvantages. The advantage is to release liquidity and reduce it by 0.5 percentage point, which may create the effect of 1 trillion cash. Because banks have more money, they can support more repeated loans. However, the first disadvantage is that it creates an illusion of abundant funds and rising deposit interest rates. Although it seems to improve liquidity on the surface, it makes the amount of social financing and the deposits of ordinary people rise. In fact, the money is just idling inside the bank. When idling, there will be a problem. Assets that do not create assets are liabilities. This is also a very important point in monetary finance: no matter how big or abundant an asset is, it is defined as a liability if it cannot bring benefits.

The second disadvantage of interest rate cuts is that there are many "thunderbolts" now. The deposit reserve was originally one of the important tools for the central bank to cope with the "thunderbolts" of banks. When banks fail to meet their debts, they are used to subsidize depositors. However, if the deposit reserve ratio is low, the scope of protection will be reduced. In addition, it will also make depositors worry. For example, once a large real estate company goes bankrupt, depositors of the bank with the most loans will calculate the risks and may transfer their deposits to other banks, which is also a kind of idling of funds.

The third disadvantage of interest rate reduction is that it falsely creates an increase in social financing and deposits, making it difficult for decision makers to accurately determine the market capital situation.

It is difficult to explain whether banks should raise interest rates or cut interest rates in this complex market situation. Any policy has its internal and external causes, advantages and disadvantages, and needs to be judged and selected. In Gu Qinhua’s view, foreign investors should be gathered at this time, and interest rates should not be cut sharply. Some targeted subsidies can be taken to stabilize foreign funds.

In addition, we should learn from the successful strategies of Japan, South Korea, the United States and other countries to get out of the middle-income trap and seek development in overseas markets with real opportunities. Because the middle-income trap is a hurdle that all economies have to pass in the development process. When the economy develops, people tend to expand, get into debt, artificially push up assets and create some bubbles. These bubbles are not transferred by human will, and eventually there will be a low tide "trap".

Chen Jia said that since the exchange rate reform in 2015, China’s financial system has been optimizing the governance structure of the macro-prudential supervision system, especially in the governance of cross-border financial arbitrage. Although China’s financial industry is confident to cope with the policy shock caused by the Bank of Japan’s turn, China’s financial institutions must take precautions, adhere to the principle of macro-prudence, and accelerate their business and digital transformation. Taking the Bank of Japan as a mirror, it is the advanced realm of macro-prudential supervision system to do all the concrete work to prevent and resolve systemic risks and eliminate major risks invisibly.

Source | Business School Magazine, May 2024

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Toyota corolla sharp dual-engine version measured： a household SUV with a monthly fuel saving of nearly 1,000 yuan

2025年10月26日 | admin | C3

Under the background of the rapid development of new energy vehicles, traditional fuel vehicle manufacturers are also actively transforming and launching various hybrid vehicles. As a pioneer of hybrid power technology, its "double engine" series has always attracted much attention. Today, we will discuss Toyota’s compact SUV-version in depth to see how it stands out in the home SUV market in 2024.

With the consumption upgrade of the domestic automobile market, consumers’ requirements for vehicles are no longer limited to transportation, but also pursue high cost performance, low fuel consumption and intelligent configuration. Toyota Corolla Sharp is aiming at this market segment. As a compact SUV, it competes on the same stage as Nissan Hacker and Honda Binzhi.

According to the latest data, in the first quarter of 2024, the sales volume of compact SUV market increased by 15% year-on-year, of which hybrid vehicles accounted for more than 30%. This trend reflects that consumers’ demand for more environmentally friendly and economical cars is increasing.

The design of corolla sharp release fully embodies Toyota’s latest design concept. The front face adopts a family-style trapezoidal air intake grille, and with the sharp LED headlight group, it creates a young and dynamic image without losing stability. It is worth mentioning that the details of the 2024 model have been fine-tuned, such as the addition of matte black decorative strips to the front surround, which further enhances the three-dimensional sense and sporty temperament of the vehicle.

In terms of body size, the length, width and height are 4460/1825/1620mm and the wheelbase is 2640mm respectively. This size belongs to the upper-middle level in the same class, which not only ensures a good internal space, but also does not bring too much trouble to daily parking.

Stepping into the car, the 12.3-inch full LCD instrument panel and the 8-inch floating central control screen first came into view, creating a strong sense of science and technology. It is commendable that while retaining the physical buttons, Toyota also incorporates touch elements. This design not only takes care of the usage habits of users of different ages, but also ensures the convenience of operation during driving. The seat is made of imitation leather with good texture, and the front seat supports electric adjustment. The rear row space is quite satisfactory. For passengers with a height of about 175cm, there is plenty of head and leg space. In addition, the design of the rear center armrest box and the air outlet of the independent air conditioner also reflects Toyota’s emphasis on passenger comfort.

The Corolla sharp-release dual-engine version is equipped with a 2.0L naturally aspirated engine and motor hybrid power system, in which the maximum power of the engine is 112kW(152Ps) and the maximum power of the motor is 83kW(113Ps). This system, called "Double Engine E+", not only provides good power performance, but also achieves excellent fuel economy.

According to official data, the WLTC comprehensive fuel consumption of this model is only 4.59L/100km. In the actual test, we easily achieved the fuel consumption performance of 5.2L/100km under urban working conditions, which is undoubtedly quite eye-catching in the same class SUV.

It is worth mentioning that the endurance of Toyota’s latest upgraded hybrid system in electric mode has been significantly improved. In the congested urban road conditions, the use frequency of pure electric mode increases obviously, which not only brings better fuel economy, but also improves driving comfort.

After a week’s practical driving experience, I was deeply impressed by the Corolla Rapunzel. First of all, its starting acceleration is smooth and there is no obvious sense of frustration, which is due to the instantaneous torque output of the motor. When driving in urban areas, the acceleration response is rapid in the speed range of 40-60km/h, and it can be handled calmly when overtaking or merging.

The suspension system performed equally well. Using the combination of front McPherson independent suspension and rear multi-link independent suspension, the vibration of vehicles passing through speed bumps or potholes is well suppressed. Even if driving for a long time, the passengers will not feel obvious fatigue.

In addition, the new Corolla amplifier has also upgraded NVH performance, and effectively reduced wind noise and road noise by optimizing engine compartment sound insulation materials and body structure. When cruising at 80km/h, the noise inside the car is maintained at about 65 decibels, creating a comfortable and quiet driving environment.

In terms of intelligent driving assistance, Corolla Sharp is equipped with Toyota’s latest TSS Zhixing safety system. The system includes full-speed adaptive cruise control, lane departure warning, automatic emergency braking and other functions. It is worth mentioning that the 2024 model has also added an intersection steering assist function, which can effectively reduce the risk of collision with pedestrians or bicycles when turning.

The official guide price of the Corolla sharp dual-engine version is 148,800-189,800 yuan. However, according to the latest market feedback, most 4S stores have different degrees of discount at present. Taking Beijing as an example, the preferential margin of the top edition can reach about 35 thousand yuan, and the actual landing price is around 160 thousand yuan.

Considering its excellent fuel economy, rich configuration and Toyota’s reliable quality reputation, the price-performance ratio of Corolla Sharp is very competitive in the same class. Especially for those family users who pay attention to the cost of long-term car use, this is undoubtedly a good choice.

Summary:

On the whole, Toyota Corolla sharp-release dual-engine version has shown good competitiveness in the home SUV market in 2024. It not only retains Toyota’s consistent reliability and durability, but also significantly improves its power system and intelligent configuration. Although it may not be as brilliant as some "online celebrity" models in some details, its balanced overall performance is exactly what many home users value.

For consumers who have a budget of 150,000-200,000 yuan, pursue low fuel consumption and high reliability, and at the same time do not want to give up the practicality of SUV, Corolla Sharp Release is definitely worth a try. It may not be the most amazing one, but it is probably the one that has been with you for the longest time. In this rapidly changing automobile market, such a "reliable" car will undoubtedly add a sureness and calmness to your life.

The new 2024 Mercedes-Benz G500 has been officially launched at the new car price

2025年10月25日 | admin | B2

　　Before the appearance of the 2.0T Mercedes-Benz G 350, the Mercedes-Benz G 500 is the most basic model of the big G, and it is also the one chosen by the most bosses. On the other hand, the 2024 new G500 is officially listed, and the new car price is 1.899 million yuan.

　　However, the new G500 is no different in design from the previously sold G 350 and G 500 Blazing Special Edition, but in the configuration has increased, the new car is equipped with adaptive adjustment suspension, standard geometric multi-beam of light LED headlights and 19-inch black wheels, while providing the premium version of the interior components optional.

　　It is said that Audi is a lamp factory, but the intelligent degree of Mercedes-Benz’s geometric multi-beam of light LED headlights is the top level of the industry, but the price of the new G500 is more expensive than the old one, I don’t know if it is still necessary to increase the price to buy.

　　The new car is still equipped with a 4.0T twin-turbocharged V8 engine, with a maximum horsepower of 422 horsepower, a maximum torque of 610 Nm, and a curb weight of more than 2.5 tons. However, the zero-hundred acceleration can be completed in only 5.9 seconds, and it continues to be equipped with a 9AT gearbox and a four-wheel drive system with three differential locks.

　　Mercedes-Benz G500 2024 1,899,000

　　Quote:

　　Mercedes-Benz G63 AMG 2,554,000

　　Beijing Benz 4S Store | Beijing Benz AMG4S Store

　　Beijing 4S Store, Mercedes Sales Center

　　Mercedes-Benz, Maybach AMG Authorized Dealer

　　Beijing Benz 4S Shop Tel: 010-8178 5588

　　Key Account Manager of Beijing Mercedes-Benz Maybach 4S Store: 138-1190-6687 Sales nationwide

　　Address: Beijing Chaoyang District East Third Ring Road Shilihe Bridge 500 meters south 010-8166 1600.

　　Disclaimer: The above car purchase discount information is provided by the comprehensive dealer on this website. Due to market factors, the price fluctuates greatly, and it is only for car purchase reference. Its authenticity, accuracy and legality are the responsibility of the dealer. This website does not provide any guarantee and does not assume any legal responsibility.

Zhangjiakou Beijing BJ60 price reduction news, the reserve price 209,800! act quickly

2025年10月24日 | admin | B2

Welcome to Autohome Zhangjiakou promotion channel, we bring you an exciting news! This much-talked-about SUV model is going through an unprecedented promotion in the local area. At present, consumers in Zhangjiakou area have the opportunity to enjoy a car purchase discount of up to 30,000 yuan, making the already very cost-effective Beijing BJ60 even more attractive in price. The starting price is already as low as 209,800 yuan, so this offer is not to be missed by car buyers. If you are interested in the Beijing BJ60, it is highly recommended to click "Check Car Price" in the quotation form to lock in the best car purchase conditions and strive for higher discounts. Don’t let this rare opportunity slip away from your fingertips!

张家口北京BJ60降价消息，底价20.98万！赶快行动

The Beijing BJ60 stands out for its tough and atmospheric exterior design. The front face adopts a family-style design language, the large air intake grille presents a powerful shield-shaped layout, and the chrome decorative strips add a sense of luxury. The body lines are smooth and tough, and the overall style has both off-road and urban charm, showing the extraordinary temperament of the BJ60 as an urban SUV.

张家口北京BJ60降价消息，底价20.98万！赶快行动

Beijing BJ60 with its exquisite body size of 5040mm x 1955mm x 1925mm, showing the mighty body proportions. The wheelbase reaches 2820mm, ensuring a spacious interior space and good driving stability. The side lines are smooth and powerful, highlighting the perfect fusion of classic and modern design. The front and rear tire specifications are 265/65 R18. The choice of tire size not only provides good grip, but also complements the wheel rim style, showing the unique sporty feeling of the vehicle.

张家口北京BJ60降价消息，底价20.98万！赶快行动

The interior design of the Beijing BJ60 draws on the essence of luxury and practicality to create a spacious and comfortable driving environment. The leather-wrapped steering wheel is used, which feels delicate and supports manual up and down + front and rear adjustment to ensure the driver’s comfortable grip under various needs. The 12.8-inch central control screen stands on the dashboard, which is clear and easy to operate. It is equipped with an advanced automatic speech recognition control system, which is convenient for the driver to easily control during driving. In terms of seats, imitation leather is used, and the main and passenger seats are equipped with multi-directional adjustment functions, including front and rear, backrest, high and low and waist support, providing excellent ergonomic support. The driver’s seat also has a power memory function, and the front seat is also equipped with heating, ventilation and massage functions to meet the needs of different seasons and long-distance driving. The second row of seats also supports backrest adjustment, while the seat reclines to support proportional reclining, providing more flexibility for storage or loading.

张家口北京BJ60降价消息，底价20.98万！赶快行动

The Beijing BJ60 is equipped with a 2.0T engine with a maximum power of 120kW and a strong output of 163 horsepower. This engine has a peak torque of 400N · m, and with an 8-speed automatic transmission, it ensures smooth gear changes and efficient performance during driving.

Summarizing the evaluation of the owners, the Beijing BJ60 has won praise for its spacious size, comprehensive functions, attractive appearance and excellent handling. Owners particularly like the design style of the Beijing car and are full of confidence in it. In this way, the Beijing BJ60 is undoubtedly an attractive car choice that can meet various needs.

Xu Shu, a playwright of Sichuan Opera who won the Lifetime Achievement Award at the age of 90： It is a kind of happiness to be bitter after a lifetime of drama.

2025年10月23日 | admin | D4

　　On the evening of November 27th, at the closing ceremony of the 18th China Theatre Festival, 90-year-old famous Sichuan Opera playwright Xu Shu won the Lifetime Achievement Award (Drama) of the 2023 China Federation of Literary and Art Circles. This is the first female playwright in the history of Sichuan Opera, and she has also become another senior artist in Sichuan Opera after the famous playwright Wei Minglun.

　　afield

　　Feel the charm of Sichuan opera

　　Xu Shu was born in Chongqing in 1933. Her childhood was full of war, and Chongqing, as the rear area of the Anti-Japanese War at that time, accepted many compatriots from the enemy-occupied areas. Xu Zhuo remembers that most mainlanders near her home came from Hubei. "We call them ‘ Xiajiang people ’ In fact, it is from the enemy-occupied area. After they came, especially after the northerners came, Peking Opera flourished in Chongqing. "

　　The shadow of war and the difficulties of daily life have not obliterated people’s demand for spiritual and cultural life. At that time, there was a "wounded soldier management office" in the courtyard of Xu Zhuo’s house, where people had to appear in BLACKPINK and sing a Peking Opera almost every month. "They let us children go to be girls, Gonge, colorful girls and so on. I just got in touch with Beijing opera and then learned to sing it. So my earliest drama enlightenment was actually Peking Opera. " Xu Wei said.

　　In addition, because Xu Shu’s eldest brother loves drama, it also opens a door to the world of drama for Xu Shu as a child. In junior and senior high school, Xu Shu watched a lot of dramas and became a famous "little actor" in the school.

　　Before he graduated from high school, his family declined because of his father’s death, and his eldest brother’s drama club burned a lot of money. In order to ensure his younger brother graduated from junior high school, Xu Shu ended his studies ahead of schedule, but he never gave up studying. For half a year, she spent all her time in a friend’s study — — This friend’s brother has a rich collection of books, so Xu Shu has read almost all the books in that room: from Lu Xun and Ba Jin to Dumas and Tolstoy, he has been involved in all ages, at home and abroad.

　　She especially likes Lu Xun.

　　After spending half a "Gap Year" reading crazily, Xu Zhuo joined the army and became a member of the Art Troupe, and went to the front line of the War to Resist US Aggression and Aid Korea to cheer for the soldiers and perform various "rap" — — "I learned to sing Henan pendant, Beijing Dan Xian, Jingyun Drum, Shandong Express Book, Anhui Fengyang Flower Drum, etc. I couldn’t perform drama on the battlefield, so I performed some opera sketches."

　　It never occurred to her that the first time she came into contact with Sichuan Opera and was captured by its charm, it was actually on the battlefield. In a condolence performance, there is the Jade Crab by Liu Jinlong, a famous Sichuan opera, and Qiu Jiang, a high-pitched opera by a famous young Dan.

　　"Remember it was night, Jing Yan was singing, and the enemy plane came. Suddenly, the red and black curtains and door curtains were tightened at the performance site. " Xu Shu recalled, "I had been chatting with others under the stage and didn’t pay attention to go to the opera, but when the enemy plane came, everyone was holding their breath, and I suddenly heard the singing of Jing Yan. For an instant, it seemed like the sound of nature poured into my ears, which was wonderful and beautiful, and completely conquered me."

　　In 1954, after changing jobs from the army, Xu Zhuo was admitted to the journalism department of Peking University. At that time, the Culture Department of Peking University Student Union established a local opera club. "When they saw in the file that I was a member of the art troupe, they called me to be the president of the local opera society, and I acted with my classmates."

　　At that time, Peking University Student Union had a special Peking Opera Club, so Xu Shu’s local opera club did not perform Peking Opera, but mostly performed Pingju Opera, Yue Opera, Sichuan Opera, Huangmei Opera, Hunan Huagu Opera and Errenzhuan. These comprehensive performance experiences made Xu Shu’s opera skills more solid. Outstanding performance, she was also like a "corner" of Peking University. Many people knew her, and even the guards greeted her warmly when they entered and left the school gate: "Come back!" "Going to town to play?"

　　She and her husband, Zhang Yujun, also met in a local opera club. Because the two often play together, and most of them are husband and wife roles, one after another, the two young people gradually become attached to each other for life because of the play.

　　Compared with the story of their acquaintance and love, the day they got married was more dramatic — — In 1956, Xu Shu and Zhang Yujun set a wedding date and invited some old comrades to celebrate. Unexpectedly, the day coincided with the Beijing Cultural Performance, and the "Liu Hai Chopping firewood" performed by the two people also happened to be on that day.

　　Several comrades who came to congratulate her waited at home, but Xu Zhuo and Zhang Yujun acted on the stage, still playing husband and wife. "Because there is also a scene of paying homage to the church in the drama" Liu Hai Chops firewood ",we first became married on the stage and then went home to get married. My fate with the drama is so deep." Xu Wei said.

　　Why can’t my Yanyan resist?

　　After entering Peking University, Xu Shu came into contact with systematic literature courses, including the development history of zaju and Yuanqu in Yuan Dynasty. The drama of Guan Hanqing, the founder of Yuan Dynasty zaju, is naturally the content of her in-depth study. For this ancient playwright who lived more than 700 years ago, his social values are certainly different from those of modern times, especially in the status and ideology of women.

　　Xu Zhuo’s "opinion" is particularly great about Guan Hanqing’s famous drama "Tune the Wind and Moon". Yan Yan, the heroine in the original play, is a handmaid of a large family. She is clever and strong-minded, and is favored by her host family. One day, Hanazono Sakura, a relative of the master, came to visit, and Yan Yan, the old lady, went to serve. A handsome young Hanazono Sakura household tricked Yan Yan into being sincere, but then abandoned her and married Yingying, a noble lady.

　　Yan Yan, who was extremely indignant, made a big wedding reception on the day when Hanazono Sakura households got married, and publicly pointed out what Hanazono Sakura households had done to themselves. Finally, she "won" — — You can marry Hanazono Sakura as a concubine.

　　In Guan Hanqing’s original script, Yan Yan was very satisfied with the ending, because her identity was defined as being a little lady. "I have to dance with my husband in one place, and Yan Yan is full of peanuts." Therefore, many drama critics think that this is a comedy, and Yan Yan dares to fight for her rights and interests, and has worked hard enough.

　　However, Xu Zhuo was very angry after reading it: "I studied Balzac, Lu Xun and Ba Jin since I was a child. How can I accept this so-called ‘ Success ’ ？” She rewrote the story and let Yan Yan choose to fight in the most extreme way — — Expose the hero’s fickleness and disloyalty, hang him on the wedding bed of the ungrateful man and Yingying, and curse them with their own lives for "white murder and bad luck".

　　Melinda Gates once said: "If a girl’s life is arranged, then this arrangement will be beneficial to everyone except herself." In Xu Zhuo’s Yan Yan, as long as Yan Yan obeys the arrangement, the Yingying couple and the old lady are kind to her, and once Yan Yan doesn’t get what she wants and fights step by step, the three of them work together to suppress and persecute her.

　　"Cao Xueqin’s mandarin ducks can commit suicide by hanging themselves. Why can’t my swallow resist?" Xu Zhuo let Yan Yan resist to the end in her story.

　　In 1961, Xu Shu was transferred to Chengdu Sichuan Theatre and became a professional screenwriter of Sichuan Opera. On May 13th, 1963, Sichuan Theatre in Chengdu performed Yan Yan in Shanghai, and Ba Jin also watched it and praised it. What impressed Xu Zhuo deeply was that she knew that Ba Jin usually said "not bad" when he praised people, but that time he praised Yan Yan as "very good".

　　Yan Yan was an instant hit and its performances in various places were a great success. "Some people saw the class struggle, some people saw the traditional morality, some people saw the liberation of personality, human dignity and so on. This ambiguity of Yan Yan was rare in the opera repertoire at that time." Xu Shu later concluded that the innovation of this play was mainly based on the drama she was familiar with.

　　It’s not an old Sichuan opera, but it must be a Sichuan opera

　　This comprehensive creative technique has become a distinctive feature of Xu Zhuo’s Sichuan opera creation. In addition to Yan Yan, Biography of Scholar and Wang Xifeng are also representative plays of her early works. "At that time, my requirements for myself were: independent thinking, unique conception, unique approach and uniqueness. But at that time, I just started from my own aesthetic needs, and I was not satisfied with the relatively simple and outdated state of the opera. I was eager to transform and enrich it, and wanted to make the opera more in line with the aesthetic taste of modern and contemporary people. "

　　In the period of "exploratory drama" in 1980s, Xu Shu began to change from spontaneity to self-consciousness. She published many articles on drama, reflecting and summarizing not only the past of drama, but also the future of drama.

　　When this kind of exploration was put into practice in his own works, Tian Jie and Zhuang Zhou, Dream in the Red Chamber and Craving for the Sea appeared. Xu Zhuo pursues the perfect combination of inheriting tradition and developing tradition, the perfect combination of classical beauty and modern beauty, and the perfect combination of ideological content and artistic form.

　　In addition to learning from drama, she also actively absorbs nutrition from film art — — Montage, the fading in and out of the picture, the use of close-ups and lighting technology. "I can use lighting to make the transition of time and space on the stage as smooth as flowing water, which can save a lot of unnecessary scenes and actions and increase the capacity of the opera." At the same time, Xu Zhuo also unceremoniously "took" and used the techniques that are connected with traditional Chinese opera, such as virtuality, symbolism, symbolism, expressiveness, absurdity and stream of consciousness.

　　At the same time, she always demands that her Sichuan Opera cannot be divorced from its original essence. "It’s not an old Sichuan opera, but it must be a Sichuan opera!" Chen Yan, a former party secretary of the Chinese Drama Association, once praised Xu Shu, saying that her plays are "almost everywhere, creative and novel, but everywhere, the freehand brushwork of the drama is brought into full play and the aesthetic characteristics of the essence of the drama are adhered to. At the same time, Xu Zhuo’s works have great humanistic care and life compassion. Respecting life, respecting the weak and even the losers is a truly modern consciousness. "

　　Perhaps many people don’t know that in addition to rich and wonderful Sichuan opera creation, Xu Zhuo has also written two long historical novels. According to her introduction, the Xinhai Tide of Chengdu was written after she wrote the drama Xinhai Tide. "After this novel came out, I wanted to write it again when I saw that everyone liked it." Su Dongpo and His Great Song Dynasty is actually a continuation of "drama". "I have created 20 episodes of TV series" Su Dongpo ",which is also wanting more, and then I wrote a novel. I didn’t expect the novel to come out, and everyone liked it. You see, I can’t write a novel without a play. "

　　Although the remuneration for writing TV plays is much higher than that for writing Sichuan plays, Xu Zhuo still gave up the former. "TV dramas are too commercialized, the weight of art is squeezed out a lot, and the author has no right to speak." She said that if it is only for money, it will lose the value of self. I have been engaged in drama since I was seven or eight years old, and I have been engaged in it all my life. "Drama has become my second life, and it is a pleasure for me to engage in drama no matter how hard it is!"

　　For her career, Xu Shu feels full enough, and the only and biggest regret is that although her plays have won many famous roles in Sichuan Opera, she has never found an apprentice who can take over the mantle of screenwriter. To this end, she specially wrote "Records of Sorrow and Joy on the Stage — — Xu Shu talks about the book "Screenplay", "I hope that my 70 years of experience and lessons will not be wasted, and I can give some help to later drama workers, especially drama workers."

　　In October this year, the Sichuan Opera "Flowers Drift and Water Drift", which was written and directed by her, appeared at the Chang ‘an Grand Theatre in Beijing. This is a new story of Qingyun Palace, a traditional Sichuan opera. Xu Shu recalled that more than 60 years ago, after watching traditional dramas such as Celebrating the Palace, Going to a Different Palace, and Three Bottles of Vinegar in Qingyun Palace, she was very disgusted. She never saw women bow their heads voluntarily under the weight of male power. Even if their feelings were trampled and their dignity was trampled, they still only cared about and dared to attack other women.

　　More than 60 years ago, it was the time when the young Xu Zhuo began to adapt Yan Yan. From the early stage to the late stage of her creative career, the women in Xu Shu’s works are always brave, beautiful, full of vitality and never give in.

Nanjing university of technology comprehensive evaluation enrollment brochure in 2021

2025年10月22日 | admin | C3

Beijing, April 28 (Reporter An Hongli, intern reporter Ma Yue) The college entrance examination in 2021 is just around the corner. In order to help the majority of candidates’ families build an authoritative platform for preparing for the college entrance examination and recruiting, Yang Guangwang Education sorts out the key issues of preparing for the college entrance examination and recruiting before 2021, aiming at "How can senior three candidates review and prepare for the exam efficiently?" "How to accurately grasp the new recruitment policy?" "How to do a good job of volunteering?" , "choose a university to choose a major" and other issues, especially invite a group of key universities, experienced admissions directors, college entrance examination experts, college entrance examination tutors and so on to answer questions, and provide authoritative reference for students to review preparation, fill in their volunteers, choose a career, choose a university and choose a major.

Nanjing University of Technology, with a history of one hundred years, is one of the first 14 universities selected into the national "Innovation Ability Improvement Plan of Colleges and Universities (2011 Plan)", and is a key supporting university for the construction of high-level universities in Jiangsu Province, the first batch of demonstration universities for deepening the reform of innovation and entrepreneurship education in China, the national innovation and entrepreneurship base for practical education in colleges and universities, and the first batch of pilot universities for the training plan of outstanding engineers of the Ministry of Education. In order to thoroughly implement the spirit of the relevant documents of the Ministry of Education, the Provincial Department of Education and the Provincial Education Examinations Institute, and further promote the reform of the college entrance examination enrollment system, in 2021, Nanjing University of Technology will continue to carry out comprehensive evaluation enrollment, comprehensively consider the scores of candidates’ college entrance examination, college assessment results, high school level examination results, comprehensive quality evaluation and the characteristics of colleges and universities’ own training, establish and improve a comprehensive evaluation system for talent selection, and select students with excellent comprehensive quality and outstanding innovation potential.

I. Leading bodies

The comprehensive evaluation enrollment of Nanjing University of Technology is the responsibility of the leading group for undergraduate enrollment, and is organized and implemented by the Admissions Office.

Second, the enrollment plan

The enrollment plan shall not exceed 5% of the total undergraduate enrollment plan of Nanjing University of Technology in 2021, which shall be subject to the total enrollment plan of Nanjing University of Technology determined by the education administrative department.

Third, the enrollment major

Candidates apply for related majors (categories) according to the elective examination subjects of the college entrance examination and their own academic specialties, innovation potential and hobbies. According to the advantages and characteristics of the school’s disciplines, as well as the requirements of the development of representative disciplines and personnel training, the national first-class undergraduate majors and other advantageous majors are specially opened to candidates. Among them, the discipline of chemical engineering and technology (chemical engineering and technology specialty) ranks A (2%~5% nationwide) in the fourth round of national discipline evaluation of the degree center of the Ministry of Education, and ranks third in the national ranking of the best disciplines in China in 2020; The disciplines of materials science and engineering (material class) and safety science and engineering (safety engineering) ranked B+ (10%~20% nationwide) in the fourth round of national discipline evaluation of the degree center of the Ministry of Education, while chemical engineering and technology and materials science and engineering ranked first in Jiangsu. Chemistry, materials science, engineering, biology and biochemistry are among the top 1% of ESI in the world, and chemistry is among the top 1‰ of ESI in the world.

The school divides the enrollment majors (classes) into three groups according to the requirements of the elective subjects. See the table below for the specific professional groups, professional (class) names and elective subjects.

Table 1 Catalogue of Enrollment Majors (Classes)

Fourth, the registration conditions

Ordinary high school graduates in Jiangsu Province who are qualified to take the 2021 national unified entrance examination for ordinary colleges and universities. Candidates who meet one of the following four conditions choose one type to apply for the exam, and the physical conditions of candidates are implemented in accordance with the relevant provisions of the Guiding Opinions on Enrollment and Physical Examination in Ordinary Colleges and Universities.

(1) Academic Excellence. Students who meet the standards of excellent students in Nanjing University of Technology.

To apply for Professional Group 1 or Professional Group 2, one of the following conditions shall be met:

(1) Four-star middle school students, who have three or more semesters in high school, are ranked in the top 20% (inclusive) of subjects such as grade history or physics;

(2) Middle school students who have promoted quality education and cooperated with Nanjing University of Technology in talent training, and have three or more semesters in high school, are ranked in the top 30% of students in subjects such as grade history or physics (inclusive);

(3) Three-star middle school students, who have three or more semesters in high school, are ranked in the top 5% (inclusive) of students in subjects such as grade history or physics.

To apply for professional group 3, one of the following conditions is required:

(1) Four-star middle school students, who have three or more semesters in high school, rank among the top 25% (inclusive) of students in physics and other subjects;

(2) Middle school students who have promoted quality education and cooperated with Nanjing University of Technology in talent training, the comprehensive ranking of final grades of three or more semesters in high school ranks among the top 35% (inclusive) of students in physics and other subjects; (3) Three-star middle school students, who have three or more semesters in high school, rank among the top 5% (inclusive) of students in physics and other subjects.

(2) discipline expertise. Students who meet the training needs of talents in the dominant disciplines of Nanjing University of Technology: They are required to win the third prize and above at the provincial level in any discipline competition in the Olympic Games of Mathematics, Physics, Chemistry, Biology and Informatics in senior high school.

Table 2 List of disciplines and specialties competitions

Remarks: Candidates who have won the national prizes in the above-mentioned disciplines and specialties competitions must be on the public list of "Sunshine College Entrance Examination Platform" of the Ministry of Education.

(3) Special talents. Students who meet the training needs of special talents in Nanjing University of Technology: According to the list of national competitions for primary and secondary school students in the 2020-2021 school year published by the Ministry of Education, senior high school students are required to win the national third prize and above in natural science literacy (except Olympic competition), humanities comprehensive literacy and art and sports competitions; Or those who have special talents in a certain subject field after examination and approval by Nanjing University of Technology (with detailed materials).

(4) Excellent moral character. Students who meet the training needs of compound talents in Nanjing University of Technology: they are required to obtain the honorary title of outstanding student cadres and three excellent students at or above the municipal level (districts and cities) in high school; Or outstanding performance in charity, voluntary service, ideological and moral aspects and won awards at or above the municipal level (districts and cities); Or have outstanding deeds in other aspects (with detailed materials).

V. Registration method

From now until May 10th, candidates will log in to the registration system of the Sunshine College Entrance Examination Platform of the Ministry of Education and register according to the process. (Website: http://bm.chsi.com.cn) Please upload the electronic scanned copies or pictures of the following application materials according to the prompt of the registration system:

1. The front and back of the original ID card: the online uploading path is "Fill in the volunteers-additional materials-ID card";

2. Personal statement, the candidates hand-written their own comprehensive quality and innovation potential, and the number of words is about 1000 words: the online upload path is "Fill in the volunteers-additional materials-personal statement";

3. Comprehensive quality evaluation form: the online uploading path is "Fill in the volunteer-additional materials-comprehensive quality evaluation form"; 4. Download and print the "Application Form for Comprehensive Evaluation of Nanjing University of Technology in 2021" from the registration system, please upload it in the order of page number from small to large.

According to the Notice of Jiangsu Provincial Price Bureau, Jiangsu Provincial Department of Finance and Jiangsu Provincial Department of Education on Further Clarifying the Relevant Issues of College Fees Policy in our province (Su Jiafei [2007] No.423, Su Caizong [2007] No.92 and Su Jiaocai [2007] No.89), the standard of the test fee is 60 yuan/Student, and the payment method is online.

Note: 1. Candidates’ application materials should be obtained before the registration time specified by Nanjing University of Technology, and no supplementary report is allowed afterwards.

2. The part of all application materials that requires the candidate’s signature must be signed by himself. If you entrust someone else to sign my name, it will be deemed as my signature. Material 4 and the copy of relevant certification materials uploaded in the registration system must be signed by the person in charge of the middle school and stamped with the official seal of the middle school. All uploaded materials must be true, accurate, clear and complete. 3. This year’s registration is all based on online information and uploaded materials. Candidates do not need to send paper application forms and other materials, but they must bring the original paper application forms and other materials for verification on the day of interview.

VI. Selection Procedures

(A) material audit

After the registration deadline, the school will review the candidates’ application materials (those with incomplete materials will not be reviewed), and the candidates’ situation will be converted into "candidates’ conditional score" (maximum 60 points), as shown in the following table:

Table 3 Candidates’ Conditions by Item and Score

Remarks: Candidate’s condition score = bonus points for winning the discipline expertise competition+bonus points for winning the special talent competition.

The award-winning bonus of the discipline expertise competition is only the national middle school students’ Olympic (mathematics, physics, chemistry, biology, informatics) competition. Only the highest prize is awarded to the same student in the same discipline Olympic competition, and no extra points are accumulated.

For the bonus points of the special talent competition, please refer to the attachment "List of National Competition Activities for Primary and Secondary School Students in the 2020-2021 School Year". Only the highest prize is awarded to the same student in the same competition, and no accumulated points are added.

The school confirms the qualified list of the preliminary examination according to the examination of the candidates’ registration materials, and announces the candidates’ qualification scores. The first-instance qualified list will be announced before May 25th.

(2) Confirmation of the examination

Candidates who have passed the preliminary examination must confirm their participation in the online registration system before June 5. Those who fail to confirm within the time limit will be regarded as giving up taking the exam.

(3) Print the admission ticket

Candidates who have passed the preliminary examination and successfully confirmed the examination can print the admission ticket by themselves through the online registration system (the specific time will be notified separately), and the admission ticket will not take effect until it is stamped by the middle school.

(4) School assessment

Candidates who have passed the preliminary examination and successfully confirmed the examination will report to Nanjing University of Technology on June 13th with their ID card, admission ticket and the original relevant certification materials with registration conditions, and participate in the interview assessment (specific arrangements will be notified separately). Nanjing University of Technology obtains the examinee’s "school evaluation score" according to the interview evaluation and the examinee’s conditions, and the calculation method is: school evaluation score = interview evaluation score (out of 140)+examinee’s condition score (up to 60).

(5) Determine the shortlist.

According to the ranking of "school evaluation scores", Nanjing University of Technology determines the list of candidates selected by professional groups according to four times the number of comprehensive evaluation enrollment plans. At the same time, the list of selected candidates (including information such as professional groups that can be reported) will be publicized on the website of the Provincial Education Examinations Institute and the undergraduate enrollment network of Nanjing University of Technology.

(6) Voluntary reporting

Candidates who have been interviewed and assessed by Nanjing University of Technology must log in to the college entrance examination volunteer reporting system of the Provincial Education Examinations Institute within the specified time, and fill in the comprehensive evaluation enrollment volunteer in the column of "Comprehensive Evaluation Enrollment". Their professional volunteers must be selected from the publicized professional groups, otherwise they will be regarded as invalid volunteers. If the candidate fails to fill in the comprehensive evaluation enrollment volunteer within the specified time, it will be regarded as giving up the corresponding comprehensive evaluation enrollment qualification.

Seven, admission rules

For the selected candidates who have no objection after publicity and fill in the comprehensive evaluation enrollment volunteers of Nanjing University of Technology, the scores of the college entrance examination must not be lower than the corresponding special type enrollment control line of the province. After entering the file, Nanjing University of Technology ranks from high to low according to the "comprehensive score" and selects the best candidates according to the enrollment plan, until the prescribed plan is filled. The comprehensive score is 750, and the specific calculation method is: comprehensive score = [(college entrance examination score-full score) ×0.6+ (school evaluation score-full score) ×0.4]×750.

Note: The college entrance examination score is 750, and the school evaluation score is 200. The comprehensive score shall be reserved with 2 decimal places. When the comprehensive scores are the same, the students will be enrolled in order from high to low according to the scores of college entrance examination, the sum of Chinese and mathematics subjects, the highest score of Chinese or mathematics subjects, the highest score of foreign language subjects, the highest score of preferred subjects and re-selected subjects. If it is still the same, comprehensively measure the comprehensive quality evaluation files of candidates and select the best candidates.

VIII. Supervisory Mechanism

1. Under the leadership of the Provincial Department of Education and the Provincial Education Examinations Institute, the school earnestly implements relevant policy requirements. The assessment process follows the principle of "five randomness", that is, "the examiner is randomly determined, the examination room is randomly assigned, the examination questions are randomly selected, the students are randomly diverted, and the examiner takes turns randomly", and the whole process is recorded and videotaped.

2. The middle school shall be responsible for the authenticity of all the candidates’ materials for comprehensive evaluation of enrollment, review the candidates’ scores and related materials (competition award certificates, etc.) that reflect their comprehensive quality, and publicize them in detail on the school website. Middle schools are not allowed to issue candidates’ recommendation materials and certification materials that are inconsistent with the facts.

3. To verify the students who provide false application materials, they shall be deemed as cheating in the national education examination, cancel the registration, examination and admission qualifications of their relevant types of enrollment, and notify the Provincial Education Examinations Institute to cancel their registration, examination and admission qualifications for the college entrance examination in that year, and depending on the seriousness of the case, suspend their participation in various national education examinations for three years.

4. Candidates who violate the rules will be dealt with severely in strict accordance with the procedures and regulations determined in the Criminal Law of People’s Republic of China (PRC), the Education Law of the People’s Republic of China, the Measures for Handling Violations of National Education Examinations and the Interim Measures for Handling Violations of Enrollment in Colleges and Universities, and the parties concerned and relevant personnel will be held accountable according to the law and regulations. Those suspected of committing crimes will be transferred to judicial organs for legal responsibility.

IX. Consultation methods

Tel: 025-58139090

Address: No.30 Puzhu South Road, Jiangbei New District, Nanjing

Postal code: 211816

Email: zhaosheng@njtech.edu.cn.

Website: http://zhaosheng.njtech.edu.cn

Wechat: Nangong Zhaoban

X. Others

The interpretation of this chapter belongs to the leading group for undergraduate enrollment of Nanjing University of Technology. If the Ministry of Education, the Provincial Department of Education and the Provincial Education Examinations Institute have new regulations, they shall be implemented according to the new regulations.

The enrollment process is subject to social supervision. Contact information of discipline inspection and supervision department of Nanjing University of Technology: 025-58139070, jiwei@njtech.edu.cn. Nanjing University of Technology has not entrusted any unit or individual to undertake the comprehensive evaluation of enrollment, so please don’t trust any intermediary information.

CITIC Think Tank： Prospect of Eight Consumption Trends in China in 2025

2025年10月21日 | admin | D4

On April 13th, 2025, the 5th China International Consumer Goods Expo (hereinafter referred to as Consumer Expo) was held in Hainan International Convention and Exhibition Center. period, CITIC think tank released the report "Eight Trends of China’s Consumption in 2025".

Jiang Ya, an expert of CITIC think tank and chief analyst of consumer industry of CITIC Securities Research Institute, and Yu Xiang, chief analyst of policy research, combined with macro-economy, policy orientation and technological changes, interpreted the consumption trend of China market around the supply and demand ends of consumer industry.

Trend 1:

Return to rationality, quality upgrading and consumption equalization go hand in hand

At present, consumer spending is rational, and in the long run, the internal upgrading trend of consumption will not change. Consumers pay more attention to "cost performance" in clothing and household items. This phenomenon is similar to the trend of clothing de-branding and beer degradation during the period of pressure on foreign consumption power. However, consumers are not limited to balancing the price when measuring the cost performance, but also pay attention to the additional added value brought by the products, such as mood and health. This trend shows that the pursuit of high-quality life by different groups of consumers is the common underlying logic. Under the same design and quality, more consumers choose domestic brands with obvious price advantages.

Trend 2:

Happy life, spiritual appeal drives experience consumption.

After the per capita GDP of developed countries exceeded 10,000 US dollars, the proportion of service consumption increased significantly, and the transformation of residents from material satisfaction consumption to high-end consumption, improved consumption and personalized consumption accelerated. China is also experiencing this transformation. About 260 million generation Z (born in 1995-2009), as the core promoters, have the characteristics of self-satisfaction and strong consumption power, and their consumption power is improving. At the same time, after 70 years of retirement age, compared with the previous generation of silver-haired people, their consumption concept is stronger and their emotional demands are richer. We expect that the consumption of fragrance, jewelry, beauty cosmetics, luxury goods, IP goods at the commodity end, and spiritual satisfaction such as leisure, entertainment and health care at the service end will show a clear upward trend.

Trend 3:

Consumption is new, and technology iteration promotes new directions.

Digital economy and biotechnology are giving birth to a new direction of consumption and challenging the traditional consumption pattern. Digital economy is the key word in China government’s policies to stimulate consumption, which will push technologies such as artificial intelligence, virtual reality, augmented reality and metauniverse into the consumption scene. In the field of biotechnology, the application of synthetic biology in agriculture, food and beauty cosmetics deserves attention.

Trend 4:

The cycle is open, and China’s consumption is at the right time

Following the traditional advantageous industries such as home appliances, automobiles and consumer electronics, the Internet and local consumer brand enterprises have also entered the stage of seeking increment at sea. In addition to the export-oriented industries, "water sellers" who provide supporting services for overseas enterprises, such as cross-border platforms, logistics, payment, marketing and exhibition services, will be the first to benefit. At the destination, Europe and America are still the main markets, but emerging markets such as the Middle East and Southeast Asia are emerging.

Trend 5:

Trade-in the old for the new, strengthen the expansion, improve quality and increase efficiency

In 2025, the trade-in policy will be more effective. In terms of funds, the amount of subsidy funds this year is 300 billion yuan, a substantial increase over last year; In terms of strength, the amount of subsidies for new energy buses and power batteries has increased from 60,000 yuan to 80,000 yuan, which is also significantly higher than last year; In terms of scope, three types of digital products, such as mobile phones, tablets and smart watch bracelets, have been added. It is estimated that in 2025, the amount of 300 billion yuan of old-for-new subsidies will incite 630 billion yuan of incremental sales, driving the total retail sales of consumer goods to increase by 1.3 percentage points.

Trend 6:

Increase income and reduce burdens, and improve residents’ spending power.

The policy layer pays more attention to the improvement of residents’ consumption power and promotes residents’ income increase and burden reduction. In the short term, measures such as raising the minimum wage standard, residents’ pension standard and the salary of financial support personnel are expected to be introduced. In the medium and long term, improving residents’ income should not only improve the wage growth mechanism of workers, but also further cultivate and expand more high value-added industries.

Trend 7:

Maternity allowance was extended from the pilot to the whole country.

In 2025, the National People’s Congress and the National People’s Congress clearly put forward the idea of "formulating fertility promotion policies and granting childcare subsidies". It is expected that the maternity subsidy policies in various places will gradually shift from pilot to full-scale, and at the same time accelerate the construction of all-round "fertility support" policy system covering the fields of nursing care, nursery services and educational support. In March, Hohhot released the detailed rules of local maternity allowance, in which the maximum single-child allowance can reach 100,000 yuan, which is significantly higher than the current pilot policy. Extrapolating the whole country according to the subsidy standard of Hohhot, it is estimated that the financial expenditure of maternity subsidy will be 287 billion yuan by 2030, accounting for only 0.2% of GDP, which is still far from other countries.

Trend 8:

Stock market, property market and asset price attach importance to upgrading.

Stabilizing the stock market and the property market was first written into the government work report in 2025. Real estate accounts for about 60% of China residents’ asset structure, which plays an important role in residents’ balance sheet. It is estimated that for every 1% increase in housing prices in China, household consumption will increase by 0.09%; For every 1% increase in share price, household consumption will increase by 0.02%. Subsequent house prices and stock prices have gradually stabilized under a package of policies, further promoting the stabilization of household consumption.

CITIC Think Tank is researched by subsidiaries of CITIC Financial Holdings Convergence Group, and is committed to building a platform for wisdom sharing and actual combat links, and creating a "practical" think tank.

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