Social integration, M2 anchoring target or optimizing money and credit focus on structural strength.

Source: 21st century business herald.

  In 2024, the National People’s Congress will be held soon, and the long-awaited economic expectations and policies will be announced. According to the usual practice, the government work report submitted to the National People’s Congress for deliberation will set the tone and elaborate this year’s monetary policy.

  The market expects that this year’s monetary policy will remain stable, and it is expected to continue the "flexible, moderate, accurate and effective" tone, and support key areas such as "five major articles" through structural monetary policy tools and stock loans. It is worth noting that social integration and M2 anchor the target or optimization, instead of anchoring the nominal GDP growth rate, they are adjusted to "match the expected target of economic growth and price level".

  Social integration, M2 growth target or optimization

  Generally speaking, M2 and the growth rate of social integration, GDP growth rate and deficit ratio are all written as important quantitative indicators in the government work report. According to the reporter, in 2009, M2 began to set quantitative numerical targets, in 2011, social welfare began to write government work reports, and in 2016, quantitative targets were set.

  In 2018, the government work report adjusted the monetary policy to "keep the M2 of broad money and the scale of credit and social financing grow reasonably", and then adjusted it to "the growth rate of M2 and social financing basically matches the nominal economic growth rate" in the following years. In ranking, M2 comes first, while social integration comes last.

  According to the interpretation of the central bank, in the high-speed growth stage in the past, the potential growth rate of China’s economy was relatively high, and the actual growth rate fluctuated around the potential growth rate. Therefore, it is feasible to set a numerical target of M2. However, as China turns to a high-quality development stage, the potential growth rate has a downward trend. If we continue to set the digital target of M2 according to the actual value in the past, it may lead to the deviation between money and credit and economic operation, forming an excessively loose situation, which is not conducive to stabilizing the macro leverage ratio.

  The data shows that from 2016 to 2019, the average growth rates of social integration and M2 were 11.3% and 9.1%, respectively. The former was 1.9 percentage points higher than the nominal economic growth rate, while the latter was 0.3 percentage points lower than the nominal economic growth rate. The growth rates of social integration and M2 basically matched the nominal GDP growth rate. From 2020 to 2022, the average growth rate of social integration and M2 was 11.1% and 10.3%, which were 4 and 3.2 percentage points higher than the nominal economic growth rate respectively. By the end of 2023, the growth rates of social integration and M2 were 9.5% and 9.7%, which were 5.3 and 5.5 percentage points higher than the nominal economic growth rate respectively, mainly because of low prices, and the nominal economic growth rate was rarely lower than the actual growth rate. In this context, if we continue to emphasize that "the growth rate of M2 and social financing scale basically matches the nominal economic growth rate", then the growth rate of social financing and M2 needs to be lowered.

  Last year, the Central Economic Work Conference proposed that the scale of social financing and money supply should match the expected targets of economic growth and price level, and there have been major changes from the previous fixed tone. This new tone means that monetary policy should support both the price recovery and the return of economic growth rate to potential growth rate, especially the price recovery.

  The relevant person in charge of the Central Finance Office said that this expression has two new ideas. First, the scale index of social financing is ranked ahead of the money supply, because this index is more closely related to economic growth; The second is to change the former "nominal economic growth rate" into "expected target of economic growth and price level", which can better coordinate the target requirements of economic growth and price level, and emphasize that price level is an important regulatory goal of monetary policy.

  After the adjustment of the Central Economic Work Conference, the market expects that the growth targets of social finance and M2 in this year’s government work report will be adjusted to "match the expected targets of economic growth and price level". Under the above requirements, the growth rate of social integration and M2 still needs to maintain a relatively high level.

  According to the calculation of research institutions, the potential economic growth rate of China’s economy is about 5.5% during the Tenth Five-Year Plan period. According to a working paper published by the People’s Bank of China in 2021, the growth rate of China’s potential output was between 5% and 5.7% during the Tenth Five-Year Plan period, and the overall growth rate continued to be medium and high. In recent government work reports, the expected target of price level is mainly CPI, which is around 3% in recent years. According to the new anchoring method, the growth rate of social integration and M2 should be maintained at 8.5% or even slightly higher this year.

  According to the data of the central bank, the scale and M2 of social financing at the end of January were 9.5% and 8.7% respectively, which matched the expected targets of economic growth and price level, but still significantly higher than the nominal economic growth rate. People close to the central bank also said that since the epidemic, monetary policy has intensified its countercyclical adjustment, financial data is generally ahead of economic data, and the growth rate of M2 reached a high of nearly 13% in February last year, which was significantly higher than the nominal GDP growth rate. As the economy continues to recover, the growth rate of M2 will decrease steadily, and the gap between economic and financial growth will gradually converge.

  Monetary policy is flexible, moderate, accurate and effective.

  China’s monetary policy has five main categories: loose, moderately loose, steady, moderately tight and tight. In 2009, due to the impact of the global financial crisis, a moderately loose monetary policy was implemented that year. Since 2010, China has been implementing a prudent monetary policy.

  The government work report in 2023 proposed that a prudent monetary policy should be precise and powerful. Keep the growth rate of broad money supply and social financing scale basically matching the growth rate of nominal economy and support the development of real economy. Keep the RMB exchange rate basically stable at a reasonable and balanced level.

  From the practical point of view, the Bank of China cut interest rates by 10BP and 10~15BP in June and August last year, respectively. At the end of 2023, the one-year MLF and seven-day reverse repo rates were 2.5% and 1.8%, respectively, which were 35BP and 20BP lower than those at the end of 2022. In terms of deposit reserve ratio, the central bank lowered the RRR twice in March and September last year. At the end of 2023, the weighted average deposit reserve ratio of financial institutions was 7.4%.

  Based on the recent high-level meetings held by the central government, the market expects that the tone of monetary policy in this year’s government work report will remain stable, but it emphasizes flexibility, moderation, accuracy and effectiveness. The Central Economic Work Conference held at the end of last year proposed that a prudent monetary policy should be flexible, moderate, accurate and effective, and maintain a reasonable and sufficient liquidity.

  Yi Jiao, chief economist of macro research of Huatai Securities, said that monetary policy may continue the requirements of "flexibility, moderation, accuracy and effectiveness". In the medium and long term, there is room for both short-term and long-term interest rates to fall, but the pace of interest rate reduction may refer to macroeconomic and asset price trends. With the further clearing of the real estate cycle, and the overseas interest rate reduction cycle will start, it is not ruled out that there is still room for downward adjustment of long-term and short-term interest rates this year.

  Xie Yunliang, macro chief analyst of Cinda Securities, said that China’s current inflation level is low, and low inflation leads to high real interest rates, so there is room for monetary policy to relax. The tone of monetary policy is expected to continue to be "flexible, moderate, accurate and effective" and attach importance to the efficiency of supporting the real economy.

  From the past, flexibility and moderation mainly refers to the flexible adjustment of monetary policy according to the economic and financial situation and the maintenance of reasonable and sufficient liquidity. On February 5 this year, the central bank lowered the deposit reserve ratio of financial institutions by 0.5 percentage points, releasing long-term liquidity of 1 trillion. This RRR cut will help the macro-economy to further stabilize and rebound, ease the liquidity tension during the Spring Festival, and help stabilize the capital market.

  Accurate and effective, mainly refers to financial support for key areas, and needs to have an effect. After 2020, a number of structural tools have been created one after another, including re-lending for scientific and technological innovation, re-lending for transportation and logistics, special re-lending for supporting clean and efficient use of coal, re-lending for inclusive pension, re-lending for technological innovation and so on. According to central bank data, there were 17 structural monetary policy tools by the end of 2023.

  It is worth noting that the central bank disclosed that in December last year, the amount of supplementary mortgage loan (PSL) was 500 billion yuan, which provided medium-and long-term low-cost financial support for policy development banks to issue loans for "three major projects". In December last year, PSL increased by 350 billion yuan. Together with the new scale in January, the new scale of PSL in February reached 500 billion yuan. Under the requirement of "accuracy and effectiveness", many of the above-mentioned structural monetary policy tools may continue to be used or the quota may be increased this year, and even the possibility that the central bank will continue to create new tools is not ruled out.

  "Structural tools are quantitative tools with the function of credit structure adjustment. They are positioned as a useful supplement to aggregate tools. When creating, continuing or withdrawing, we should not only consider the more prominent structural contradictions in economic operation, but also consider the willingness and ability of financial institutions to improve financial services in specific fields." Lu Lei, deputy governor of the central bank, said at the 2023-2024 China Economic Annual Conference held at the China Center for International Economic Exchanges last December.

  Lu Lei also said that we take focusing on key points, being reasonable and moderate, making progress and retreating as structural tools. As a result, we should effectively cover important and weak areas in the national strategy and national economic development, which not only encourages financial institutions to expand credit supply in related areas, but also promotes the transformation and upgrading of the economic structure in the medium and long term.

  Optimize the credit structure

  The means to achieve accurate delivery of monetary finance include not only structural monetary policy tools, but also the revitalization of existing loans to increase financial support for key areas such as five major articles. The central financial work conference held at the end of October last year pointed out that the inefficient financial resources should be revitalized to improve the efficiency of capital use. Do five major articles on technology and finance, Green Finance, inclusive finance, Pension Finance and Digital Finance.

  The Central Bank’s Monetary Policy Implementation Report for the Fourth Quarter of 2023 explains that not only incremental credit can support the real economy, but also revitalizing inefficient stock loans will contribute to economic growth. At present, the stock of credit funds is much larger than the annual increment, and the enterprise assets and derived monetary funds formed by stock loans continue to play a role in the economic cycle. Revitalizing the inefficient financial resources and improving the efficiency of the use of funds will not be reflected in the increase in loans, but it will also inject new impetus into the high-quality economic development.

  "The stock of money and credit in China is already very large, and the circulation of stock funds also plays a role in economic growth. If the idle and inefficient stock funds are brought into full play, even if new loans are added and the money growth rate is slower, it can strongly support the real economy." The aforementioned people close to the central bank said.

  According to the statement of the central bank, revitalizing existing loans requires an increase or decrease in the credit structure, in which the proportion of real estate loans and financing platform loans will decline, while loans for scientific and technological innovation, manufacturing, green development and universal benefits will tend to increase. Pan Gongsheng, governor of the central bank, said at the press conference of the State Council Office on January 24th that the People’s Bank of China will set up a credit market department to focus on five major articles.

  Lu Lei said that the financial sector is focusing on five major articles, namely, technology and finance, green finance, inclusive finance, pension finance and digital finance, and the credit of real estate and local financing platforms that had been put in before may decline. At the same time, the increment and proportion of loans in key areas such as scientific and technological innovation, manufacturing, green development, and universal benefits are all rising significantly. At the same time, the proportion of direct financing will also increase in the future, which will have a benign substitution effect on loans, and the quality and efficiency of credit services to the real economy are bound to be significantly improved.

  Yi Jiao said that considering that monetary policy is based on stability and "structural adjustment", the central bank may further increase the support of structural credit policies for investment, promote the flow of funds to entities and provide greater preferential interest rate support for key support areas (such as the five major articles emphasized by the Central Financial Work Conference).

  Xie Yunliang believes that the "five major articles" may become an important direction of monetary policy. It is expected that more structural monetary policy tools will be introduced in the future to improve financial support for key areas and improve financing efficiency and quality.

Reporting/feedback

The neglected truth! It puts the indifference and cruelty of campus bullying on the table.


Special feature of 1905 film network I believe many people still remember the video of Keaton Jones, a Tennessee kid, accusing school bullying not long ago.

He cried excitedly to his mother, and he was teased by his classmates because of his appearance. At a young age, he didn’t understand the motives of these behaviors, but he was disappointed with his surroundings and didn’t want to go back to school.

It was not until the video spread on the Internet and attracted the attention of celebrities including Chris Evans, Mark Alan Ruffalo and Justin Bieber that Jones’ experience was alleviated. And his middle school has finally taken it seriously, and plans to appease him with an anti-bullying rally.

In this way, a campus bullying incident that may have happened around you and me was brought to an end by public opinion.

But we still don’t know the whole truth about the details of Jones’ bullying and the motives of those bullies.


If what happened to Jones is just a fragment presentation. Then, in the new film to be released on January 19th, Xiao Dianjun clearly saw the causes and solutions of campus bullying from a complete bullying incident.

The film not only points out the reasons of school, family and individual involved in "campus bullying", but also gives Xiao Dianjun a warm life guide.(There is a slight spoiler below)


The main character of the film is Augie, a boy who was born with facial deformity and had to undergo 27 operations to breathe normally and recover his hearing.

He was educated at home until he was 10 years old. To this end, his mother did not hesitate to suspend her studies and became a tutor full-time.

Not being in contact with the outside world does not mean that Auggie is ignorant of his "situation". Whenever there are different voices coming, he will wear a helmet to escape.

Staying at home is not a long-term solution. Since his parents decided to let him enter the campus, it means that he must learn to face these different voices and try to reconcile and solve them.

Not surprisingly, Augie was rejected on the first day of school because of her appearance.

However, verbal teasing can still be regarded as a category of pranks. After all, students have no motive to bully him maliciously.

During this period, the clever Augie, with his excellent performance in class, let everyone see his bright spot and gradually brought some friends to him. This makes the students who originally divided their positions into small groups very dissatisfied. The appearance of Ogi means that their forces will be separated and dispersed.

Driven by jealousy, the core members of the small group began to laugh at Auggie by various means without a bottom line, and the intensity has risen from rejection to humiliation.

For example, frequently throwing notes at Auggie and filling Auggie’s cupboard with vulgar paintings.

Even dropped Auggie in the photo, just to see his disappointment. 

This time, Auggie put on his helmet again, just as Jones said at the beginning of the article, "It’s not my fault to grow up like this, I don’t think it has any significance or value."

At this important turning point, the film did not fall into the sensational stereotype to render the tears, but instead presented the preferred solution from the three levels of parents, classmates and schools, and made a textbook-like demonstration.


First of all, parents do this.

Auggie’s parents have always used encouragement instead of traditional suppression education. They don’t have "you should do this and that", and they don’t have "it takes two to clap, you must have problems".

From the aspect of Auggie’s appearance, they chose a caring explanation to tell him that home is a harbor that will always inject strength into you, so as to enhance his self-confidence and save his self-esteem.

For example, my mother will patiently explain to him the scar on her face, "Baby, each of us will have our own mark on our face"; Dad would say, "This is my son’s face, and I love it". At the commendation ceremony, when they see their son’s hard work, they will sincerely say "You are a miracle, Augie".

 

Auggie’s classmates did this.


After Auggie entered school, not many people took the initiative to contact him. One Jack Will didn’t say hello until his parents told him.

Because most students are worried that the group will be regarded as a "traitor" by other members if they act rashly before accepting him. I believe that many children’s shoes have experienced this, but Xiao Dianjun’s view is that the two have not really interfered with each other.

If the original small group takes pleasure in bullying new people and can’t accept this phenomenon, why can’t they make new friends they like? Why can’t you stand up and say no when the newcomer is bullied?

After learning about Augie’s intelligence and kindness, more and more students began to break through the shackles of small groups and even went straight to tell him "I want to make really good friends".

 

And these friends will stand up for Auggie when he is in trouble.


Auggie’s teacher did this.


Of course, the film also shows a typical negative example. Children in the fifth grade can’t tell whether their behavior is a prank or evil, but if their parents cover it up blindly, it will only make the children worse.

The classmate who bullied Auggie in the film was called by the principal to two powerful parents for "tea". However, the two parents blamed Ogi’s appearance and thought that his existence was the real reason that influenced other students.

Such a selfish approach will only make children think that "I made a mistake, but I don’t admit it, and I am not wrong." But the headmaster didn’t flinch because of his parents’ superior social status. He stood firmly on Auggie’s side and defended his dignity.

The most heartwarming thing about the film is Auggie himself, who still has the courage to overcome the difficulties. In the face of bullying by his classmates, he didn’t fight violence with violence, but chose to be soft with kindness. It is precisely because of this persistence that he finally won the love of the whole class and showed the power of being kind to others.

Some people may think that "Miracle Boy" is just a fight between children. But if you don’t control it from childhood, then when you grow up, it’s not as simple as insulting people in the film.


For example, the film directed by Tetsuya Nakashima focused on the terrible incident of bullying death on campus. Two junior high school students in the film have completely lost confidence in life because of the lack of family care. Their indifference and numbness to life led to the death of a young girl.

The murderer in the film is the victim of campus bullying.


In the Palme d ‘Or, the winner of the 56th Cannes Film Festival, two sensitive teenagers who were bullied by their classmates all day chose to buy guns to shoot at the campus in retaliation because they could not change the status quo of campus bullying. However, before this, there was no one around them who had paid attention to campus bullying.

In the popular American drama Thirteen Reasons in 2017, the death of the heroine Hannah was the result of being criticized and treated coldly by countless people after bullying on campus. In essence, the victim’s herd mentality has intensified in the play, and everyone’s indifference is the murderer.

After watching these movies about bullying on campus, do you still think it’s just a fight between children? If children are bullied on campus when they are young and don’t pay attention to it, do they have to wait until they grow up to suffer more serious injuries?

These may cause a lifelong shadow!


The reasons behind these three films are the neglect of the school, the indifference of classmates and the lack of family education.


The appearance of "Miracle Boy", though as sweet and beautiful as candy, provides an excellent demonstration for the audience on how to deal with campus bullying.


It not only lets us see the power of warmth, but also lets us know what schools, parents and classmates should do to help the victims get out of the haze after campus bullying.

Xi’an Corolla is getting discounts, discounts 45,000! not to be missed

Welcome to the Autohome Xi’an Deals promotion channel, bringing you the latest and most eye-catching promotions. At present, the most popular models of consumers are going through an unprecedented promotion in Xi’an. The maximum discount is an amazing 45,000 yuan, which means you can get this classic model at a lower starting price. The minimum starting price has been adjusted to 71,800 yuan, which provides real savings for car buyers. If you are interested in Corolla, don’t miss this once-in-a-lifetime opportunity. Click "Check the car price" in the quotation form to let us explore more possible discounts and bring your car buying dream one step closer.

西安卡罗拉正在优惠,优惠4.5万!不容错过

As a classic compact car, the Corolla’s exterior design is simple and practical. For the front face, it adopts the design language of the Toyota family, and the air intake grille is moderate in size. With chrome trim, it not only enhances the vehicle’s sense of refinement, but also maintains a stable temperament. In the overall style, the Corolla focuses on streamlined body lines, and the side lines of the body are smooth, giving a feeling of dynamic and stable coexistence, reflecting its balanced aesthetic design.

西安卡罗拉正在优惠,优惠4.5万!不容错过

The Corolla’s body lines are smooth and refined, with length, width and height dimensions of 4635mm x 1780mm x 1455mm and a wheelbase of 2700mm, providing passengers with a spacious interior space. The front and rear track are 1527mm and 1526mm respectively, ensuring good driving stability. The tire size is 195/65 R15, and it is matched with a simple and dynamic wheel design, which not only enhances the visual effect, but also provides a comfortable driving experience.

西安卡罗拉正在优惠,优惠4.5万!不容错过

Corolla’s interior design focuses on practicality and simplicity, using classic craftsmanship combined with modern elements. The steering wheel is made of plastic material, which, although not full of high-end feeling, provides a good grip and comfort. The 8-inch central control screen is located in the driver’s easy-to-operate position, which is convenient for the driver to navigate and entertain during driving. The seat is mainly made of fabric material, which provides good ride comfort and supports front and rear, backrest and high and low adjustment to meet the individual needs of passengers. In addition, the car is also equipped with a USB interface, which is convenient for passengers to connect electronic devices and meet daily use needs.

西安卡罗拉正在优惠,优惠4.5万!不容错过

The Corolla is equipped with a powerful 1.2T engine with a maximum power of 85 kilowatts and a maximum torque of 185 Nm. This 116 horsepower L4 engine can provide abundant power to the vehicle. With the intelligent transmission system of CVT continuously variable (simulated 10th gear), the driving process is smoother and the fuel economy is optimized.

In general, Autohome owners have given credit to Corolla’s exterior design, believing that the stylish design of the front of the car and the chrome-plated rear of the car add to the visual appeal of the vehicle. Although the side shape is more moderate, overall, Corolla’s exterior design not only meets practicality, but also shows a certain sense of fashion, which will undoubtedly meet the personalized needs of different car owners.

The new Weilai ET5 rental battery scheme is 228,000. Do you think these upgrades are worth it?

[car home New Energy] Recently, we learned from Weilai’s official that (|) users who have already paid the ET5 reservation fee of 2,000 yuan can be directly converted into a deposit after the lock-up, and they can enjoy the state subsidy in 2022 as long as they get on the bus before June 30, 2023 (inclusive).

Weilai weilai ET5 2022 75kWh

It is reported that the gold reservation channel of Weilai ET5 was closed at 0:00 on September 9, 2022. Before that, all ET5 subscribers can enjoy the state subsidy in 2022 as long as they get on the bus before June 30, 2023 (inclusive).Among them, the 75kW battery subsidy is 11,340 yuan; The subsidy for 100kW battery is 12,600 yuan.Starting from 0:00 on September 9, 2022, new users of ET5 (who have not booked before) will be added, and the amount of state subsidies they enjoy will be subject to the subsidy policy when picking up the car. The vehicle owner of the order does not support the change (except immediate family members).

Home of the car

Weilai weilai ET5 2022 75kWh

Weilai ET5 delivery arrangement:

Weilai ET5 is expected to be delivered from September 30, 2022, according to the order locking time and booking order:

Orders locked before September 15, 2022 (inclusive) will be roughly in accordance with the pre-.Deposit paymentSequential scheduling and delivery.

Orders for locked configuration from September 16, 2022 will be roughly in accordance withLock orderSchedule delivery.

From September 16, 2022, users who have locked the order can check the estimated delivery time of the vehicle on the "Car" page.

Weilai weilai ET5 2022 75kWh

In terms of exclusive repurchase rights of Weilai ET5, users of Weilai ES8 founding edition purchase Weilai ET5, and they can get 50,000 points red packets after picking up the car; Non-Weilai ES8 founding users buy Weilai ET5, and they can get 30,000 bonus points after picking up the car. In addition, users who purchase Weilai ET5, the first car owner can use the first pile rights of Weilai ET5 to install 7kW DC charging piles for free. Users who re-purchase Weilai ET5 can contact Fellow to use the first pile rights of Weilai ET5 to replace the AC charging pile installed by Weilai with the DC charging pile (the old pile needs to be recycled), and Weilai ET5 can still enjoy free power exchange for 6 times a month. (Editor/car home Jiang Tianshuang)

"Arrogant 2" was released on New Year’s Day, and Xie Miao interpreted chivalrous tenderness.


1905 movie network news During the Spring Festival, the martial arts action movie released a special edition of "Once Born, Twice Cooked", in which the masters appeared to share their creative mental journey and the multi-faceted life of the blind man and the orphan Zhang Xiaoyu in their eyes. While maintaining a series of action styles, the film explores the souls of the characters inward and brings the audience a full-fledged viewing experience. The theme of the special edition, "once born, twice familiar", is not only a portrayal of the relationship between characters in the film, but also extends beyond the play — — An action movie "Old Cannon" and a martial arts "Rookie" gradually got along with each other, and took the heart to interpret the chivalrous tenderness of China’s martial arts.

Meet in troubled times! Zhang Xiaoyu, a blind man, rewrites each other’s fate


In the movie "Arrogant 2", as a knife catcher in Youzhou Prefecture, a blind man completes the killing task day after day in exchange for a reward. If the blind man’s "blindness" in the previous film made him choose fearless and bloody revenge. Then the "blindness" in the second part of this series symbolizes the passive seclusion of the blind, with a deep sense of powerlessness. Because there are too many injustices in troubled times, "blindness" is a painful choice that has to be made. For such a heroic image that is not in the traditional sense, the screenwriter and director of the film bluntly said in the special edition: "This one is a very decadent and sad image." But by chance, a blind man saved Zhang Xiaoyu under the knife. The first thing Zhang Xiaoyu said to him was "Can you kill them?" The gear of fate turns from this, and this time, the instinct of chivalry and justice will also closely link the fate of the two!

Listen to the wind knife and there are countless dead souls! Cold face, hot heart, sincere heart.


This special edition shows more touching details in and out of the play: in a fighting scene, Zhang Xiaoyu replaced the blind man’s eyes and told him the enemy’s position. And the scenes of two people talking in the wild and riding horses together. In the interview, Xie Miao also said with deep feelings: "They are two poor people who warm each other in troubled times." But for the knife-catcher played by Xie Miao, the deepest fetter in troubled times is also the biggest weakness. What price will it cost to become blind? How will he punish evil when his anger is rekindled inside? Full of watching makes the audience look forward to the official release of the film.


Why does South Korea’s GDP fall out of the top ten global trade canaries?

  According to the gross domestic product (GDP), Korea, known as the "canary" of global trade, is no longer the top ten economies in the world.

  According to the data released by the Bank of Korea (BOK) recently, the nominal GDP of South Korea in 2022 was about 1.67 trillion US dollars, ranking first in the United States, with a nominal GDP of about 25.46 trillion US dollars. China ranks second, with $17.88 trillion; The third place is Japan, about 4.23 trillion US dollars.

  According to this data, South Korea’s nominal GDP fell out of the top ten in the world last year, ranking thirteenth, not as good as Italy ($2.01 trillion), Brazil ($1.87 trillion) and Australia ($1.70 trillion).

  In this regard, the Korean media exclaimed: South Korea is no longer the top ten economic powers in the world.

  "The decline in the ranking of (South Korea) is due to the weak won and poor export performance. This is inhibiting economic development. " Sung Tae-Yoon, a professor of economics at Yonsei University, said, "Now we must pay attention to industries other than semiconductors and industries that can find the impetus to revive the long-term economic growth."

  Blame the strength of the dollar?

  Nominal GDP is the total value of all goods and services produced in a specific period, which can be used to measure the economic scale of a country. According to this statistical caliber, South Korea ranked among the top ten in the world for the first time in 2005, but it fell out of the "Top Ten Club" several times before 2019, and returned to the tenth place in 2020 and 2021.

  If calculated in won, the nominal GDP of South Korea in 2022 was 2,161 trillion won, a year-on-year increase of 3.9%. However, due to the depreciation of the won, it decreased by 7.9% in dollar terms. An official of the Bank of Korea said: "Due to the strength of the US dollar last year, most exchange rate conversion indicators (in South Korea) showed poor performance."

  Under the strong dollar, the preliminary statistics released by the Bank of Korea in March showed that the exchange rate of the Korean won against the US dollar dropped by 12.9% annually last year. Therefore, in addition to nominal GDP, South Korea’s per capita gross national income (GNI) fell to $32,600 last year, a year-on-year decrease of 7.7%.

  In fact, South Korea, an export-oriented economy, also suffered an unprecedented trade deficit last year. The report "Import and Export Trends in December 2022 and the whole year" released by the Ministry of Industry, Trade and Resources of Korea at the beginning of this year shows that the trade deficit of Korea in 2022 was US$ 47.2 billion, a record high. Specific statistics show that in 2022, South Korea’s exports amounted to US$ 683.9 billion, a year-on-year increase of 6.1%; Imports amounted to US$ 731.2 billion, up 18.9% year-on-year. The trade deficit of $47.2 billion is the first time that South Korea has experienced a trade deficit after 14 years since the global financial crisis in 2008, and its scale is twice that of 1996 ($20.62 billion) before the financial crisis, setting a new record.

  Since last year, the shrinking global demand, coupled with the sluggish storage semiconductor industry, has seriously dragged down the performance of South Korea’s exports. Since October, 2022, South Korea’s foreign exports have been negative year-on-year for nine consecutive months, and exports continued to decline year-on-year in the first 10 days of July (-14.8%). In terms of the breakdown of South Korea’s trade export structure, semiconductors account for about 20%. Since August 2022, the export volume of South Korea’s semiconductor industry has declined for 11 consecutive months year-on-year, with the decline exceeding 40% for many times.

  As Korea’s largest export market, the trade structure between China and South Korea has also undergone tremendous changes. According to Korean media reports, the long-standing trade surplus between South Korea and China has turned. In 2022, South Korea’s exports to China reached US$ 155.81 billion, a decrease of 4.4% compared with US$ 162.91 billion in the previous year. Since October 2022, South Korea’s trade with China has experienced a rare continuous deficit, and its scale has continued to expand.

  Huang Fei, a professor in charge of the Seoul Graduate School of Science, told the First Financial Reporter: "The commodities traded between China and South Korea are mainly light industrial and heavy chemical commodities such as steel plates and fibers, and have changed into high value-added intermediate materials led by semiconductors. This means that the cutting-edge manufacturing industry in China has intensified the export competition between the two countries in the middle and high-tech industries. "

  In Huang Fei’s view, China enterprises can be found in the fields of LCD panels, smart phones, electric vehicles and new energy batteries, which used to have comparative competitive advantages in Korea.

  New changes in trade structure

  Since the global epidemic broke out this year, can the Korean economy get out of the shadows? The Bank of Korea gave a less optimistic expectation. The Bank of Korea said that it is expected that the actual economic growth rate of South Korea may hover around 1.5% this year. "It is unlikely that the total economic scale will return to the top ten."

  The Update Report on Economic Outlook released by the Bank of Korea on May 25th thinks that the domestic economic growth in Korea continues to be weak, and the economic growth forecast of Korea in 2023 is lowered from the original 1.6% to 1.4%, which is lower than the growth forecast of 1.5% recently put forward by the International Monetary Fund (IMF), Asian Development Bank (ADB) and Korea Development Research Institute (KDI).

  As far as South Korea’s most dependent semiconductor exports are concerned, the situation in the first half of this year has not improved. According to the latest data from Korean Customs, in the first 10 days of July 2023, Korean semiconductor exports fell by 36.8% year-on-year. However, it is worth noting that while South Korea’s semiconductor exports are declining, South Korea’s automobile exports are catching up. According to the statistics of South Korea, South Korea’s automobile trade balance has jumped to the top in terms of monthly and quarterly since the fourth quarter of last year, far ahead of semiconductors. In the first 10 days of July, the export growth rate of Korean passenger cars has reached 25%.

  According to Kim Yun-lin, a Korean scholar, it is only a matter of time before automobile exports replace semiconductors to return to the top of Korean exports. Relevant persons of the Korea Trade Association predict that, considering the sharp decrease of semiconductor exports and the trend that automobile exports continue to be firm, the positions of the two export products are about to change: automobiles are expected to return to the top of the export list after 12 years, replacing semiconductors as the strongest pillar of Korean exports.

  At the same time, South Korea’s trade with China continued in the first half of this year. Among them, the increase in imports of products that are highly dependent on China’s imports, such as batteries, industrial raw materials for storage batteries and computers and electrical appliances, is the main source of the deficit. In the first 10 days of July, South Korea’s exports to China still showed a year-on-year decline trend, with a reduction rate of 20.6%, which has been reduced for 13 consecutive months. At the same time, South Korea’s exports to the United States (-9%), Vietnam (-32.5%), Japan (-20.8%) and other places have also decreased, while exports to the European Union (22.4%) and India (11.1%) have increased.

  However, Jin Yunlin told the First Financial Reporter that South Korea’s trade deficit has gradually narrowed this year, and it remains to be seen whether the Korean economy will recover in a V-shape or an L-shape. Relevant persons from the Ministry of Industry, Trade and Resources of Korea are more optimistic, and it is expected that Korean semiconductor exports will partially recover from the second half of the year. However, Jin Yunlin believes that as the semiconductor industry is dragged down by various external factors, it is still difficult to predict the recovery time of the industry and the pulling effect on South Korea’s exports.

Too scary, thousands of mobile phones brush traffic at the same time!

Too scary, thousands of mobile phones brush traffic at the same time!

  "Popular" in the e-commerce live broadcast room

  The actual order quantity is very small.

  "rave reviews" in the online message area

  Realistic arrival is a big surprise

  The film and television drama has not been released yet.

  The audience comments are online first.

  On the internet, behind many "strange things"

  Perhaps they are all "network water army"

  Recently, Guizhou public security organs successfully destroyed a "network water army" criminal gang, involving more than 4.7 million yuan.

  The picture on the spot is shocking. Netizen: In the humble room, more than a thousand mobile phones are arranged neatly and are working hard.

  This is an activity site that provides false popularity for the live broadcast room. ▼

Too scary, thousands of mobile phones brush traffic at the same time!

Too scary, thousands of mobile phones brush traffic at the same time!

Too scary, thousands of mobile phones brush traffic at the same time!

  Some time ago, the public security organs in Qixingguan, Bijie, Guizhou received clues in their work-some people provided paid forwarding, comments, likes and other "network water army" marketing services for merchants through the Internet sales platform.

  After visiting and investigating, the police found that Zhang, a member of the jurisdiction, used to run an online media company and has been committed to the operation and maintenance of new online media platforms such as short videos and live broadcasts. Recently, he and his wife bought a large number of old mobile phones and hired others to work.

Too scary, thousands of mobile phones brush traffic at the same time!

  After receiving this clue, the local public security organs attached great importance to it and immediately dispatched elite police to set up a task force to conduct an investigation.

  After analysis and judgment, for a long time, Zhang hired many people and built multiple website platforms to receive orders, providing data growth services for the number of fans, broadcasts, likes and comments of online social platforms, so as to seek illegal benefits.

  After mastering the relevant criminal facts, the police of the task force launched a unified network-receiving operation. On October 30, in the jurisdiction of Guanyinqiao Street and Mayuan Street in Qixingguan District, two criminal dens were destroyed in one fell swoop and 10 suspects including Zhang and Ge were arrested.

Too scary, thousands of mobile phones brush traffic at the same time!

  After investigation, the criminal suspects Ge and Zhang were husband and wife. They had previously worked in self-media operations, met many advertising companies, and came into contact with some brushing platforms.

  When they found that "comments and praises", "taking the list" and "complaints and reports" could easily make a profit, they came up with the idea of "brushing and controlling comments" on behalf of customers.

Too scary, thousands of mobile phones brush traffic at the same time!

Too scary, thousands of mobile phones brush traffic at the same time!

  As a result, they jointly invested in the purchase of equipment, set up an online company, obtained a large number of accounts through illegal channels, solicited marketing task lists such as "turning to praise and comment" on the internet social platform, and used the brush platform to provide false trading volume, attention volume, page views and evaluation volume for businesses in need, so as to gain illegal benefits.

  Since 2022, the "network water army" gang has used more than 2,000 accounts to post false comments, likes and forwards more than 80 million times on the short video platform, involving more than 4.7 million yuan.

Too scary, thousands of mobile phones brush traffic at the same time!

  At present, the criminal suspects Zhang and Ge have been taken criminal compulsory measures according to law, and the case is being further processed.

  In recent years, due to the huge economic benefits brought by the "realization" of traffic, it is not uncommon for the "network water army" to create false enthusiasm for merchants through "brush quantity control and evaluation".

  This kind of behavior not only damages the market order of fair competition, but also misleads consumers and damages the legitimate rights and interests of consumers and other operators.

  Seeing this, someone may want to ask.

  What impact does the "network water army" have on us?

  Let’s follow Xiaobian.

  Let’s understand the social harm of the "network water army"

  01

  Impairment of fairness and justice

  The "network water army" publishes false information through false accounts and controls online public opinion, which leads to the inundation of real information and affects the evaluation of social justice.

  02

  Affect social stability

  By creating rumors and inciting emotions, the "network water army" has intensified social contradictions and even triggered social events, seriously affecting social harmony and stability.

  03

  Destroy the network ecology

  The "network water army" disrupts the network order and affects the healthy development of the network environment through a large number of false information and malicious attacks.

  04

  Invasion of privacy

  The "network water army" has done great harm to personal privacy and personal psychology through human flesh search and malicious attacks.

  05

  Destroy network security

  The attack behavior of "network water army" is often accompanied by a large number of malicious codes and viruses, which will pose a great threat to network security, destroy and attack the network, and seriously threaten network security.

  Police tips

  "disinformation and drainage", "blackmail by public opinion", "paid deletion of posts", "brushing and controlling comments" and "cyber violence" are all suspected illegal and criminal acts, and netizens should not try their own laws.

  The network security department of the public security organ will continue to crack down on the illegal and criminal activities of the "network water army", further reduce the living space of the "network water army" and strive to create a fair, just, clear and orderly cyberspace environment.

  Transferred from | guizhou public security

[Editor in charge:

]

Turning into a tough guy and harvesting famous directors is the golden age of Huang Xuan.

Special feature of 1905 film network Among the new generation of actors, there are many people with high popularity and strength. However, Huang Xuan, who is very advanced in acting among the new generation of actors, is definitely one of them.

Among this generation of actors, Huang Xuan is also the actor who has cooperated with the most famous directors. Previously, he worked with Lou Ye, a frequent visitor to three major European film festivals, as a blind masseur. He collaborated with Xu Anhua, the best director of the Hong Kong Academy Awards, and played the writer Luo Binji. Last year, he collaborated with director Zhang Yimou in the film The Great Wall, playing General Deng, the general of the shadowless imperial army.

In addition to the film field, even in the field of television, he also cooperated with very famous directors. Working with director Zheng Xiaolong, he plays Junjie, a man from Jiu-Er’s childhood. After that, he cooperated with director Zheng Xiaolong for the second time. In legend of miyue, he played Mi Yue’s first love Huang Xie.

Among these film and television works, the most impressive fear of Huang Xuan is the literary niche. Graduated from Beijing Dance Academy, he once showed a passage in a literary film directed by Cui Jian. Nowadays, he is gradually known as a big hit in the film and television circle, and his films are constantly about to cooperate with big-name directors in the circle again. This year alone, three movies and a TV series will meet the audience.

Extraordinary mission.

Director: Siu Fai Mak/Anthony Pun

Screenwriter: Zhuang Wenqiang

Starring: Huang Xuan/Duan Long/Lang Yueting/Zu Feng/Xing Jiadong/David Wang

Release date: March 31, 2017

"Maizhuang Group" has created many classic Hong Kong films. From the beginning to the end, Siu Fai Mak and Zhuang Wenqiang, whether they are division directors or screenwriters, have their own styles. This time, Siu Fai Mak co-directed with photographer Anthony Pun, and Zhuang Wenqiang acted as a screenwriter, creating a unique anti-drug film again.

Huang Xuan has made new changes by cooperating with Maizhuang Group this time. This is his first time to play the role of tough guy in an action movie, in which he plays Lin Kai, an undercover drug policeman. Duan Long plays "Eagle", the leader behind the villain who confronts him. This is the first time that Duan Long plays the villain.

Huang Xuan has also made a lot of preparations for this action play, and has been trained in gun posture and marksmanship for a long time, and the training of close combat has not fallen behind. However, he was injured on the set when he appeared in an action movie for the first time, because the motorcycle was too fast to brake well and his foot was injured. But in the end, I still endured the pain and finished the filming.

There are many passages in this film in which Duan Long and Huang Xuan confront each other head-on. Duan Long is recognized as an acting school, and his contest with Huang Xuan is very exciting.

Fanghua

Director: Xiaogang Feng

Screenwriter: Yan Geling

Starring: Huang Xuan/Vivi/Elaine Zhong/Yang Caiyu/Li Xiaofeng/Wang Tianchen/Wang Keru/Sui Junzhuoma.

Release date: October, 2017

Xiaogang Feng is another famous director harvested by Huang Xuan. The film co-produced by them is the first work of Mira Media, a Xiaogang Feng company. The film focuses on the experience of the art troupe that Xiaogang Feng wants to shoot most.

Fanghua tells the story of the love and fate of the young people of the army art troupe in their prime. Huang Xuan plays Liu Feng, the only leading actor in this film. Liu Feng is called Living Lei Feng in the Art Troupe, simple and kind. His emotional entanglement with several other girls in the Art Troupe, such as He Xiaoping, Xiao Suizi, Lin Dingding, Hao Shuwen and Chen Can, reflects his personal destiny under the background of the great era.

The screenwriter of this film is Yan Geling, and both she and Xiaogang Feng have a story complex in this era. The prototype of Xiao Suizi in this film is Yan Geling himself. Xiaogang Feng denied that the man in the film reflected himself. What Fanghua wants to express is the commemoration of youth and the praise of life. The film started shooting in January this year and is expected to be finished in mid-April.

Liu Feng, played by Huang Xuan, also has many dance performances in the film. After resuming relevant training, he has recovered the feeling of dancing that year. In this cruel story of youth in the 1970s, Huang Xuan was not only the leading actor, but also the leading dancer made him a bright spot in the dance.

Legend of the Demon Cat

Director: Chen Kaige

Screenwriter: Hui-Ling Wang

Starring: Huang Xuan/Shōta Sometani/Yuqi Zhang/Qin Hao/Sandrine Pinna/Haoran Liu/Oho Ou/Edward Zhang/Abe.

Release date: December 22, 2017

Chen Kaige is another great director in cooperation with Huang Xuan. It started shooting in August 2016 and was announced on December 29. The film was filmed after Huang Xuan cooperated with Zhang Yimou and before Xiaogang Feng cooperated.

The Legend of the Demon Cat is adapted from Baku Yumemakura, a famous Japanese writer. It mainly tells the story that a demon cat makes the atmosphere in Chang ‘an very strange, and Konghai and Bai Juyi explore the real secrets behind it.

Huang Xuan plays Bai Juyi, one of the leading men in this film, and his word Lotte is used in the film. We are familiar with the poet played by Huang Xuan. His Pipa Trip is a household name. In The Legend of the Demon Cat, he and Shōta Sometani, the monk Kong Hai, will become "detectives" and face a fantastic story.

Huang Xuan is very serious in acting. In The Legend of the Demon Cat, he tried to experience the feeling of collapse without sleeping for three days. He himself also said in the dialogue that he would read Bai Juyi’s poem during the filming period, and often read it until the early hours of the morning and kept crying.

Huang Xuan has cooperated with a number of great directors in the past two years, which can be described as a "famous guide harvester". His works have become more and more, but you know, Huang Xuan, who just stepped into the entertainment industry, was not so lucky.

Originally chosen to play the role of director Zhang Yimou, he missed the role of the little prince because of his younger age. Lou Ye’s early works were finally cut to the back. He has been repeatedly changed corners and cut plays, and he has always insisted on playing a role in the film and finally made his official debut. In recent years, Huang Xuan has changed from a literary niche to a popular actor, and his popularity and influence have been constantly improved. He has also accumulated his own wealth. Turning into a tough guy and harvesting a famous director, his attitude and charm are very attractive.

The 1905 Film Network and China Film Report recently launched a series of programs called "As an idol, I would like to have virtue and art", and Huang Xuan will be a guest program on March 16th to talk about his view of virtue and art.. Remember to pay attention!

What is the quality of palm oil? What should be paid attention to in the use of this quality?

Palm oil, as one of the most important vegetable oils in the world, its quality characteristics directly affect its application in many fields such as food processing, biofuels and cosmetics. The quality of palm oil is mainly determined by its fatty acid composition, free fatty acid (FFA) content, oxidation stability and color.

Firstly, the fatty acid composition of palm oil is the core index of its quality. Palm oil is rich in saturated fatty acids and unsaturated fatty acids, among which palmitic acid and oleic acid are the most important components. This balance of fatty acids makes palm oil have good stability at high temperature and is suitable for cooking and food processing. However, the composition of fatty acids will also affect the melting point and curing characteristics of palm oil, which needs special attention in the use process.

Secondly, the content of free fatty acids (FFA) is an important index to measure the freshness of palm oil. The higher the FFA content, the higher the oxidation degree of palm oil and the worse the quality. Palm oil with high FFA content will not only affect the taste and color of food, but also shorten the shelf life of food. Therefore, when using palm oil, products with low FFA content should be selected as far as possible to ensure the quality and safety of food.

Oxidation stability is another key factor of palm oil quality. Palm oil is easily affected by oxidation during storage and use, leading to rancidity and odor. In order to improve the oxidation stability of palm oil, measures such as adding antioxidants, controlling storage temperature and avoiding light can be taken. These measures can not only prolong the shelf life of palm oil, but also keep its quality stable during use.

In addition, the color of palm oil is also an important embodiment of its quality. High-quality palm oil usually has a bright red or orange color, which is due to its rich carotenoids. However, in the process of food processing, too deep color may affect the appearance of products. Therefore, when palm oil is used, it may be necessary to adjust its color through decoloration to meet the needs of different products.

When using palm oil, it is also necessary to pay attention to its compatibility with other ingredients. The fatty acid composition and physical properties of palm oil may affect its performance in the mixture. For example, when making margarine or shortening, the solidification characteristics of palm oil need to match other oils to ensure the texture and taste of the product.

Quality index influencing factor matters need attention Fatty acid composition Ratio of saturated to unsaturated fatty acids High temperature stability, melting point and curing characteristics Free fatty acid (FFA) content degree of oxidation Food taste and shelf life Oxidation stability Storage conditions and antioxidants Prevent rancidity and odor colour and lustre Carotenoid content Food Appearance and Decolorization Treatment

In a word, the quality characteristics of palm oil affect its use effect in many aspects. Understanding these characteristics and taking corresponding measures can ensure the best performance of palm oil in various applications. Whether in food processing or other fields, the selection and use of high-quality palm oil is the key to ensure the quality of the final product.

(Editor: He Xian)

[Disclaimer] This article only represents the author’s own views and has nothing to do with Hexun. Hexun.com is neutral about the statements and opinions in this article, and does not provide any express or implied guarantee for the accuracy, reliability or completeness of the contents. Readers are requested for reference only, and please take full responsibility. Email: news_center@staff.hexun.com.

The price of BMW i4 in Huai ‘an is coming down, and the latest offer is 303,100! Not to be missed

[car home Huai ‘an Preferential Promotion Channel] Recently, there was a car buying craze in Huai ‘an market. At present, this model is in a vigorous preferential period, with the highest preferential amount reaching an astonishing 159,500 yuan, and the lowest starting price has dropped to 303,100 yuan. If you are planning to buy this electric car, you might as well seize this rare opportunity and click "Check the price of the car" in the quotation form to get a higher discount.

淮安宝马i4降价来袭,最新报价30.31万!不容错过

The exterior design of BMW i4 shows its unique charm as a luxury electric vehicle. The front face adopts a brand-new closed kidney-shaped air intake grille, with sharp LED headlights and unique daytime running lights design, creating a strong futuristic and sporty atmosphere. The body lines are smooth and dynamic, and the waistline of the car side extends from the front fender to the rear of the car, outlining an elegant and dynamic outline. On the whole, the design of BMW i4 has both a sense of technology and luxury, which shows its unique identity as an electric luxury car.

淮安宝马i4降价来袭,最新报价30.31万!不容错过

The body size of BMW i4 is 4785*1852*1455mm and the wheelbase is 2856mm. The side lines of the car body are smooth and dynamic, with a front track of 1601mm and a rear track of 1630 mm.. With 18-inch rims, the front tyre size is 245/45 R18, and the rear tyre size is 255/45 R18, which shows the sporty rim design and adds a lot of fashion sense to the vehicle.

淮安宝马i4降价来袭,最新报价30.31万!不容错过

The interior design of BMW i4 embodies the combination of modernity and luxury. The center console is equipped with a 14.9-inch touch screen, which provides drivers with rich multimedia and navigation information. The steering wheel is made of leather, which supports manual adjustment up and down and back and forth, providing a comfortable and accurate driving experience. The car is also equipped with multiple USB and Type-C interfaces, which is convenient for passengers to connect equipment and charge. In terms of seats, BMW i4 offers a variety of material options, including imitation leather, genuine leather and leather /Alcantara mix, to meet the needs of different consumers. The front seat supports heating, front and rear adjustment, backrest adjustment, height adjustment (4-way), leg rest adjustment and lumbar support (4-way), providing excellent comfort and support. In addition, the car is also equipped with a mobile phone wireless charging function to make driving more convenient.

淮安宝马i4降价来袭,最新报价30.31万!不容错过

The BMW i4 is equipped with an excellent motor with a maximum power of 210 kW and a maximum torque of 400 Nm, which provides the vehicle with strong power output and excellent acceleration performance.

The owner of car home said: "The configuration parameters of Series I’s 3, 5 and X3 are almost the same, except that the shell has been changed. I want to buy the I4 for more than 100,000 yuan. Of course, it is still imported, so there is no need to do such a thing as buying it home and deducting the label. At first glance, the big nostrils are not mediocre. When I drive out, people are guessing at 600,000. I am sorry. "