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28 years later, you must not know the stories of ＂The True Story of Teddy Boy＂!

Special feature of 1905 film network For mainland audience fans, it is undoubtedly another opportunity to satisfy their feelings to really enter the cinema after a lapse of 28 years.

In the past 28 years, no matter Wong Kar-wai’s style, a series of classic movie lines, the excellent acting skills of the actors, the excellent cooperation of the music editing of photography art and even the memory of his brother Leslie Cheung, they are all repeated in the audience’s repeated appreciation and taste of the film.

Until today, its classic status has long been unshakable.

But in addition, what mysteries have been left to the audience by The True Story of Teddy Boy in the past 28 years, or what "unforgettable" memories have been left to the main creator, so here we might as well come one by one:

Where does "I don’t understand" come from?

Today, The True Story of Teddy Boy is recognized as a Chinese film classic, but in that year, it was a "mysterious" work that once made the whole film circle nervous. Let’s see what Wong Kar-wai’s "old enemy" Jing Wong said — —

Everyone is very nervous and constantly wants to know how the True Story of Teddy Boy is made, but everyone comes back with a different version. Even the camera crew who went to the Philippines at last can’t tell what he (Wong Kar-wai) took. It’s really mysterious, except that it overspent terribly … I heard that even my boss Deng Guangrong had never seen the whole movie before the first midnight show, and my boss Xiang Huasheng. But after the midnight show, the mystery remains unsolved, and everyone still doesn’t know the plot, because no one can understand it!

From this moment on, "I can’t understand" has officially become one of Wong Kar-wai’s film symbols in the past 28 years. After all, it was "given" to him by peers and audiences.

But in the past 28 years, this has never prevented "The True Story of Teddy Boy" from becoming a classic in the history of fame!

"Taiwan version" has another mystery?

When the film was released in Taiwan, there was another version. The main changes were concentrated in the last ten minutes. The plot content was basically the same, but the editing changed slightly and some fragments were added.

For example, Leslie Cheung and Andy Lau escaped from the Filipinos, and the Hong Kong version only fled to the roof of two people, while the Taiwan version had two more people jumping off the train:

Two people on the train dialogue, Hong Kong version from Leslie Cheung said "people will die every minute" dialogue, into his positive and negative shots with Andy Lau:

The stage version becomes a long shot of more than 1 minute:

At the back of the jungle empty mirror, Leslie Cheung’s voiceover monologue immediately appeared in the Hong Kong version, but it didn’t appear until the empty mirror was put in the Taiwan version for 30 seconds:

Next, the Hong Kong version is a long shot of Andy Lau, and Leslie Cheung is full of voiceovers. Finally, it is a shot that shows "Xu Zi died":

In the Taiwan version, Andy Lau’s shot becomes the middle shot, followed by Leslie Cheung’s long shot, and Andy Lau is full of voice-over. The Hong Kong version of "Xu Zi dies", while the Taiwan version becomes a dialogue between two people:

The Taiwanese version cut this section and turned it into a picture of two people. Xu Zi is still not dead, and the classic soundtrack is gone, and even the final train vision is different:

Then Carina Lau came to the Philippines, and the Hong Kong version showed her in the room, "inquiring about a person" with the landlord, apparently for Leslie Cheung:

Taiwan version is that she came to the hotel lobby to ask if there is a room, and she also met a girl who had previously accosted Andy Lau:

In a word, there is no essential change in the two editions of Hong Kong and Taiwan, but it reveals the secret of "One Scene and Two Faces" in The True Story of Teddy Boy.

The mystery of Hua zai’s identity

In all the exposed versions, there is no doubt that Andy Lau’s role in The True Story of Teddy Boy is a policeman, but in a trailer, there is a clip of him dressed as a "gangster" smoking and walking through the Kowloon walled city with a knife, which adds to the testimony that he originally played Teddy Boy — — "Huazai is a man from the city village. He was photographed gambling in a big stall. There was a woman wearing only bra underwear, dancing around with a boa constrictor, and he was scraping against the wall with a knife … …”

Later, when Liu Zhenwei filmed Wong Kar-wai’s useless story as Forever, the essence also continued Andy Lau’s "punk" style:

Where is Tony Leung Chiu Wai?

One version of The True Story of Teddy Boy was shown at the beginning, but it was put at the end of the film.

But before that, it almost didn’t fit into the feature film. The reason was that after Wong Kar-wai finished filming, he thought that the role of Tony Leung Chiu Wai was headless and uncapped, so he planned to use this scene as a propaganda picture. But Tan Jiaming, who was in charge of editing, said "put it directly at the end of the play" and specially found a piece of music to match it. Wong Kar-wai shouted "Good Right" to make this classic public.

Regrettably, Tony Leung Chiu Wai will have more emotional scenes with Maggie Cheung in the next episode, especially "bending in a very narrow and cramped space with few words. The two people looked at each other lazily and handed cups. The tension was very good."

But I didn’t expect that Tony Leung Chiu Wai spent three months filming in the city village before and after this story, but it was useless in the end, and the "tension" between him and Maggie Cheung didn’t last until after all, but at that time he was not Zhou Mu Yun, and she was not Su Lizhen when she was young.

Disappeared "sister"

In Wong Kar-wai’s films, characters have been "disappeared" more than once.

Such as Joey Wong, Guan Shuyi, Sun Jiajun, Roy Cheung, etc. Even if the scenes did not all disappear, they all reached the degree of "semi-disappearance". Except for Tony Leung Chiu Wai’s repeated three-month play, it basically disappeared, and later Kimura Takuya and Song Hye Kyo were also doomed. …

However, many people may not know that The True Story of Teddy Boy also has a completely disappeared role, that is, Margaret Lee Din Long, who plays Tony Leung Chiu Wai’s sister, seems to have a quiet reputation and has a great foundation — — Daughter of the great director Li Hanxiang.

According to Tony Leung Chiu Wai, the role itself is a prostitute. When my brother was young, he tricked him into working in a big casino, which made him a gambler. So if all of them were not deleted, it should be another wonderful performance.

Incidentally, it was the script written by Wong Kar-wai that Margaret Lee Din Long nominated for the Academy Award for the first time.

The midnight show of "terror"

In the past, Hong Kong films often had a premiere around 11 pm. After the main creator appeared, the audience would enter the cinema before 12 pm, or before the film was officially released, a group of audiences were randomly invited to the cinema at 12 pm one day (the specific title will not be disclosed in advance) to observe their comments and reactions. This is the legendary "midnight show".

Needless to say, midnight audience, as the first audience, can often accurately predict the future of the film: if the audience cheers and applauds, it will be difficult for the film to sell, otherwise, it will be difficult for the film to sell if it swears, throws popcorn or corn cobs at the screen, scratches the back of the theater, or even greets the director.

Therefore, after the midnight show, the film side often re-cuts the film according to the audience’s reaction, and the result usually makes the "released version" and the "midnight show version" have different degrees of difference.

Seeing this, you can also imagine the midnight scene of The True Story of Teddy Boy: in the middle of the film, the audience stood up and cursed."Who is Wong Kar-wai? ！” After the show, the voices of "returning water (refund)", "er (cheating) money" and "I don’t know what to shoot" came and went, and the audience even rushed to spread "Never go to see The True Story of Teddy Boy!"

In the end, the film was released just two weeks after its release, and the cumulative box office was only 9.75 million Hong Kong dollars! Compared with the film investment of HK$ 20 million, it is no wonder that the boss Deng Guangrong went to the hospital for intravenous drip, and it is even rumored that he burned the rest of the film in a rage!

"Ten Million Box Office" Reached?

The first release of "The True Story of Teddy Boy" is less than 10 million box office, and the loss is a foregone conclusion, but is it still less than 10 million?

That may not be true, because the film won five awards in the 10th Hong Kong Film Awards, and then it was re-screened. As a result, it won more than 2 million Hong Kong dollars at the box office under the topic of awards, and with the original 9 million, it finally reached the "10 million box office". It can be seen that even the basic box office income is confirming the difficulty of "The True Story of Teddy Boy".

Ling Chia "collapsed on the spot"?

For many years, many people have always thought that it was the biggest "legacy" that the winner of the Academy Awards didn’t give it to Carina Lau.

Carina Lau is not modest about this, toThe description of "collapse on the spot" revealed the moment: "I was young at that time, and the whole environment pushed me to the point of’ I must have won it’. I also felt that I didn’t guess correctly when I won the prize, and even all the magazines were on my cover. Didn’t I take it? And I went to the Academy Awards, and three of the four nominees (winners) didn’t come, so they must be afraid of me! Not me yet? Even Brigitte Lin and Chow Yun Fat, who presented the awards, thought it must be me, so I just prepared to come up and give my acceptance speech.…In short, after going to heaven, it turned out that it was not me, and that kind of blow was great. "

"If it is now, I will feel so what? What does it matter? But at that time, I really needed an award to give myself an affirmation, so if I gave it to me at that time, I felt that it would have a great impetus to my career. " I don’t want to. This regret actually made Carina Lau wait for 20 years before winning the prize. Only the parties can really understand how much warmth and sadness there are during the period. …

Xueyou is "worried"

Carina Lau was not the only one who was worried about The True Story of Teddy Boy, and Jacky Cheung, who is still not a singer.

At that time, he took a head-up action. After Wong Kar-wai NG for more than 60 times, he only gave him a "forget it", which made him "very uncomfortable. At least tell me which take is ok?" Not only that, in the first scene after the boot, Wong Kar-wai actually sang Jacky Cheung more than 20 times, completely losing face!

In the end, after ashes of time, Jacky Cheung refused to cooperate with Wong Kar-wai.

Behind this, the essence is Jacky Cheung’s feelings about Wong Kar-wai’s "love and hate": in 1988, Jacky Cheung’s singing career was at a low ebb, and only 20,000 albums were sold, and some films he didn’t like were made. Every day, he either drank or played table tennis, and he had to go on stage in other places because of his unsteady drinking. His inner depression was imaginable.

But this year, through his participation, he changed from being criticized for acting to winning the Hong Kong Academy Award for "Best Supporting Actor" — — In other words, Wong Kar-wai found the confidence to be an actor for him!

The following year, by participating in the legendary swordsman, Jacky Cheung won the Golden Horse Award for Best Supporting Actor. At this time, his singing career has not recovered. Two acting awards once made him want to focus on movies, so he also had the courage to take on such a big production as Bloody Streets (which finally won him the first nomination for Best Actor) & HELIP; …

At this juncture, WoNG Kar-wai ng and a sentence of "forget it" for more than 60 times, what a cold water for him!

Leslie Cheung "for real"?

"The True Story of Teddy Boy" is actually an "abusive" play, and the fate of every character in the play is very abusive. The actors outside the play are either abused by the director, abused by awards or abused by other actors — — It’s not, brother Leslie Cheung staged a "fisticuffs"!

According to Shanzhi Chen, director of the film, in the scene where my brother beat his adoptive mother’s boyfriend, "The other person is a musician, not a professional actor. Before shooting, leslie specifically told me,’ Please tell him that it’s nothing personal, because it’s not me anymore, it’s the role in the play, and I won’t’ just’ fight formally. He is the person I want to fight.’ Jia Wei let him play freely. He picked up a real hammer and broke the whole washing dish, really hitting the man with a bone fracture! "

After the filming, my brother, who was deeply involved in the play, had to stand aside and the whole person trembled for a long time before he calmed down.

But when he gets back to his state, he immediately cares about his opponent’s injury, and even more bluntly, if the film company fails to pay off the medical expenses, he is willing to bear all — — This is my brother, as always kind.

Rene Liu： I don’t want to cry and sing in Chengdu and look forward to food (Figure).

Rene Liu

　　Huaxi Dushi Bao reported on March 31st that Rene Liu’s "Sleepwalking in Chengdu" concert was approaching on April 12th. As soon as Rene Liu finished his press conference in Chengdu recently, he hurried back to Taipei and stepped up his rehearsal. Before leaving, the milk tea specially left a message to the Chengdu audience: "I hope the guests and audience in chengdu railway station will stop stimulating me. I don’t want to cry in front of tens of thousands of people."

　　Rene Liu, who has sleepwalked for three times in Shanghai, Beijing and Nanjing, has the biggest opinion about the three LED high-definition LCD screens on the stage: "The screen is too clear, and the audience can see it clearly, so there are more opportunities for me to lose face on the spot. So I am afraid to cry again in Chengdu, so that everyone can see my ugly appearance. " It is reported that there are many creative ideas in the concert of milk tea. At the first Shanghai concert, in order to create the artistic conception of traveling through time and space, Rene Liu gathered himself from three different periods through computer technology, and sang "Do you know" with his own three high-definition LCD screens on the spot. The mouth shapes of the four people must be exactly the same when singing. Unexpectedly, this idea made Rene Liu fall into a fight. It turned out that because she was too excited, she sang and grabbed the shot, which was completely out of line with the three mouths on the LCD screen. In the middle of singing, she left a few blank words because she couldn’t remember the lyrics: "At that time, I felt particularly embarrassed. I sang and grabbed the shot and the audience could see it clearly through the big screen, but they were quite considerate of me and gave me a chance to sing again when I returned." At the concert in Beijing, Rene Liu cried three times in front of tens of thousands of audiences. Rene Liu said, "It’s a shame, because the beautiful image that the stylist helped me create suddenly disappeared, and it was in front of so many people. So when I come to Chengdu this time, I hope I can sing the whole audience happily. " To this end, Rene Liu also asked her friends in Chengdu to help her inquire about an excellent "fat sausage hot pot" she had when she first came to Chengdu, hoping to improve her "happy energy" with delicious food. Reporter Zhou Shuai

Editor: Yan Wang

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Wang Jianlin, don’t admit defeat

Article | Market Value Observation, Author | Yuntan, Editor | Xiaoshimei

Wang Jianlin, China’s former richest man, continues to fight while some property companies lie flat.

On the evening of June 28, Zhuhai Wanda Commercial Management submitted its Hong Kong IPO application materials for the fourth time, more than 500 days after the first listing application.

In the past three years, Wang Jianlin’s life is not easy. The impact of the epidemic, the strictest supervision in the history of real estate, a group of once-famous real estate giants have collapsed.

Considering that the betting agreement with investors will take effect at the end of the year, if Zhuhai Wanda fails to list, then Wanda will face up to 40 billion share repurchase pressure.

For Lao Wang, going public is no longer the "icing on the cake". There are only 6 months left. Wang Jianlin, who does not admit defeat, must fight to the back.

"Wanda Commercial Management is Wanda’s core enterprise. I can lose any enterprise, but this cannot be lost."

But this "lifeblood" continued to be undervalued after it went public in 2014, so in 2016, Wang Jianlin decided to delist Wanda Commercial Management.

In the seven years since, the real estate industry has undergone a sudden change, and Wang Jianlin has always adhered to the "three major tasks" – reducing debt, light asset transformation and promoting re-listing.

During this period, Wanda Commercial Management introduced a number of investors, but also buried the risk of gambling.

In 2017, Wanda shares and debt double-kill, Wang Jianlin bite after the teeth, at the expense of borrowing to Sunac, let Sun Hongbin and R & F tension to 63.75 billion yuan to pick up 13 Wanda cultural tourism city and 77 hotels.

At the Wanda annual meeting in January the following year, Wang Jianlin was in tears:In 2017, Wanda experienced too many storms and hardships.

But the wave has not subsided, and another wave has come to attack.

There is no such thing as a free lunch in the world. The nine investors who helped Wanda privatize previously agreed with Wang Jianlin to go public at the end of 2018, otherwise Wanda would have to pay interest and buy back shares.

However, the road to listing of real estate companies is basically locked, Wang Jianlin can only ask for help from old friends, Pony Ma, Zhang Jindong, Sun Hongbin, Liu Jintao opened the purse generously, jointly funded 34 billion, to solve the urgent needs of Lao Wang.

Since then, Wang Jianlin has switched to H shares again, and the listed entity has been changed to Zhuhai Wanda Commercial Management.

On the eve of its listing in Hong Kong, Zhuhai Wanda Commercial Management launched a Pre-IPO financing, transferring 21.17% of its shares to multiple investors such as Country Garden, CITIC Capital, Ant Group, Tencent, PAG Pacific Alliance Investment Group, etc. A total of about 6 billion US dollars (43.50 billion yuan).

The price Wanda needs to pay is that it must complete the listing by the end of 2023, otherwise it needs to buy back investors’ shares. That is to say, if the listing cannot be completed by the end of this year, Wanda needs to use 40 billion funds to buy back the equity.

The same script played out again, but this time, the friends were already cash-strapped, and some of them could not even protect themselves, so there was no money to help others.

For Wanda, which is currently not well-off, the expenditure of tens of billions of dollars is undoubtedly adding to the woes.

The end of the bet is approaching, and the iron man Wang Jianlin must speed up his pace.

In the history of H-share listings, it is rare for such a large number of IPOs to be repeatedly tossed.

Due to the delay in obtaining the "big road" of the China Securities Supervision Commission, some analysts said that,Zhuhai Wanda Commercial Management has set a "record" for the slowest overseas listing of a private company.

As early as October 11, 2021, Zhuhai Wanda obtained the acceptance letter from the Securities Supervision Commission and submitted its first listing prospectus to the Hong Kong Stock Exchange ten days later. But to this day, Wang Jianlin has not yet received the "pass" he has been longing for.

According to past experience, it only takes 3 to 6 months to get from "small road" to "big road", but Wang Jianlin waited 627 days. In addition, several Wanda IPO applications have also stepped on the implementation node of the "Pilot Measures" for overseas listing, and the road to listing can be described as a difficult buff.

Under the pilot scheme, domestic companies seeking to list overseas or in H-shares must obtain, in addition to an acceptance letter from the Securities Supervision Commission, known as a "small road", "H-share issuance approval" issued by the Securities Supervision Commission, known as a "big road". Only after having the "big road" will the Hong Kong Stock Exchange conduct a listing hearing for the company and start the issuance, roadshow and listing work.

In addition to the two "tickets", it also needs to be filed with the Securities Supervision Commission and approved. In other words, Zhuhai Wanda Commercial Management has an additional hurdle of approval.

Previously, Wanda’s listing information had expired three times, and the fundamental reason was that the "big road" had not been approved. On June 2, the China Securities Regulatory Commission raised six major questions to Zhuhai Wanda and asked for supplementary materials. Compared with the ease of listing in 2014, Wang Jianlin’s IPO can be described as even more difficult.

Therefore, in response to the supplementary material requirements of the Securities Supervision Commission, whether Wanda’s reply can pass the customs will be the key to the sprint listing.

Looking at the requirements of the Securities Supervision Commission, it can be seen that the problem mainly focuses on compliance, including corporate governance, capital exchanges with major shareholders, the authenticity of rental rate data, share repurchase, debt repayment arrangements, and high proportion of dividends.

According to the requirements, the issuer should supplement the materials within 30 working days. That means Wanda has about two weeks to prepare this response.

However, it is better to receive a reply than no news. Wanda also pointed out that "requesting supplementary materials is a normal process, and the listing is still in progress."

Just leave Wang Jianlin time is not much, in the face of the Securities Supervision Commission questions, Wanda iron also need their own hard.

If the "big road" is successfully obtained, coupled with the current policy atmosphere to support the real estate market, it is not impossible for Wanda to accelerate its listing.

Wang Jianlin is a man who refuses to admit defeat.

16 years of military experience have created his character of integrity, perseverance, and perseverance.

At the beginning of his business, he ran supermarkets, factories, elevator factories, substations, and eventually waded into the field of real estate development. But real estate is a capital-intensive industry. Due to his lack of experience, he has walked to the edge of the cliff many times due to capital chain problems.

At first in order to obtain a 20 million loan, he has more than 50 times hope to meet the leader of a bank, sometimes in the bank gate a stand is a whole day, but at that time Wanda is still a little-known small business, the bank is not willing to take risks, the final loan or not down.

On the one hand, he was exhausted for loans, and on the other hand, he was unable to start the project for a long time. Wang Jianlin didn’t sleep for nine days and nights at that time, and on the tenth day, he was directly unconscious in the company and was rushed to the hospital.

"You can’t be afraid of humiliation, you can’t be afraid of setbacks. The living can’t be suffocated to death by urine, and the bank can’t find it, so think of other ways." Wang Jianlin finally rescued Wanda, which was on the verge of bankruptcy, by issuing bonds.

In 2000, Wang Jianlin decided to switch to commercial real estate, but Wanda’s troubles still did not stop. In the first three years, Wanda mainly sold, and the merchants who purchased the shops directly sued Wanda in court for poor management.

In just three years, Wanda has fought 222 lawsuits. Although it has lost only two, the company is struggling to cope. Many people left Wanda at that time to find other ways.

Wang Jianlin did not flinch. In the face of difficulties, he believed in the thinking of "actual combat" and explored innovation and solved problems in practice. "When you reach the Yellow River, you will not die, and if you hit the south wall, you will not look back. When you reach the Yellow River, you will build a bridge and pass, and if you hit the south wall, you will turn over with a ladder."

He came up with an "urban complex" model. "Make a commercial center, build office buildings and apartments next to it. Sell apartments, office buildings, get cash flow, and the shops will run themselves."

This "combination of rental and sale" has allowed Wanda to rapidly expand its territory across the country and gradually grow into the country’s leading commercial real estate enterprise.

From an operational perspective,Wanda Commercial Management is China’s largest and most profitable business operations service provider.

According to the prospectus, Zhuhai Wanda achieved 17.196 billion yuan, 23.481 billion yuan and 27.12 billion yuan respectively in 2020, 2021 and 2022; its net profit during the same period reached 1.112 billion yuan, 3.512 billion yuan and 7.534 billion yuan respectively.

It can be seen that after the epidemic was released, Wanda bottomed out and rebounded, successfully achieved a V-shaped reversal, and its profitability increased significantly. Moreover, the profitability level from 2021 (adjusted by a specific algorithm) to 2022 has exceeded the gambling requirements. Considering the signs of consumption recovery, it will also be a high probability event to complete the betting profit requirement of 9.46 billion yuan in 2023.

The parent company Dalian Wanda Business Management Group is even larger, in 2022, Dalian Wanda Business Management revenue 49.314 billion yuan, net profit 12.301 billion yuan.

Taking Zhuhai Wanda as a reference, its revenue is 3 times and 6 times that of Xincheng Holdings and China Resources Vientiane Life Business Management, and 3.4 times that of the entire China Resources Vientiane Life Profit (2.206 billion yuan).

As of the end of 2022, Zhuhai Wanda had 472 projects under management, covering an area of 65.60 million square meters, making it the world’s largest business operations service provider and the only service provider in China to export large-scale management to third parties.

This asset-light model is not only what Wang Jianlin hopes to achieve, but also favored by capital markets. In Hong Kong stocks, the price-to-earnings ratio of China Resources Vientiane Life is nearly 5 times that of China Resources Land. The market value of Country Garden Services once exceeded that of Country Garden, which is mainly engaged in real estate development. Vanke also split All Things Cloud and listed it in Hong Kong.

The "limit for betting" has been reduced, and the listing battle of Zhuhai Wanda will most likely determine the fate of the real estate kingdom. But Wang Jianlin, a soldier, will not easily admit defeat. For now, this big gamble continues.

In April last year, Wang Jianlin took over the 10-year operation rights of the commercial project owned by Hu Baosen, "the first brother of Henan Real Estate"; five months later, two Wanda workshops in Zhengzhou opened at the same time.

In addition, Wang Jianlin also worked with Xinyuan Zhang Yong and Shanxi Tian Sen Du Yinwu, and took over the operation rights of Beijing Blue Harbor and Wukesong Zhuozhan Shopping Center. In 2022 alone, Wanda Commercial Management was involved in more than a dozen transactions.

Taking advantage of the recovery in consumption after the epidemic, Wanda is back on the road. The latest data shows that Wanda Commercial Management Group opened 12 Wanda Plaza in the first half of 2023, with a total of 484 openings. Total rental income in the first half reached 26.32 billion yuan, an increase of 4.5% year-on-year;

In addition, compared with other business management service providers, Wanda is more efficient, with a rental rate of 98.2% in the first half of the year and a 100% rent collection.

In addition to the core sector of business management, Wang Jianlin also pointed out at the annual meeting that in 2023, in addition to promoting the listing of Zhuhai Wanda Business Management, there will be cultural tourism "starting again".

After selling a number of cultural tourism assets to collect funds, Wanda Cultural Tourism "came back" in 2023. After the Lunar New Year, the once-quiet Wang Jianlin made frequent appearances, appearing in Luoyang White Horse Temple, Luoyi Ancient City, Guizhou Danzhai and other places, and immediately signed a number of cultural tourism projects.

Not only that, Wanda also issued a recruitment announcement called "Return to the Goose Plan", which is intended to bring back people who have worked at Wanda Hotels. More than 100 Wanda hotels are said to have participated in the campaign.

Residential real estate has also begun to return to the public eye. Wanda Real Estate (residential sector) focuses on Wanda’s commercial development and has been located in Wuhan, Guiyang and other places.

"In China’s real estate industry, Wang Jianlin deserves to be ranked first in terms of strategic execution and tactical discipline." Hu Baosen said of Wang Jianlin.

From surviving with a broken arm in 2017 to today’s massive counteroffensive, Wang Jianlin has taken precautions and acted countercyclically, which is the key to Wanda’s long-term survival.

Wang Jianlin once said: "Wanda’s difficulties are only temporary and phased, and Wanda will never lie flat." However, since the beginning of the year, the negative news lingering on Wanda has continued to ferment, causing Wanda, who originally "went ashore early", to once again fall into doubt.

However, these negative news are not completely real, and there are still many controversies. For example, the previously frozen equity of Dalian Wanda Commercial Management 1.90 billion, which Wanda said was worth far more than 1 billion yuan in property disputes. Wanda is using legal channels to safeguard the legitimate rights and interests of the company.

Previously, Dalian Wanda suspended the small public debt of 6 billion yuan, taking into account the current market conditions and voluntarily giving up the issuance, and will not have a direct impact on the listing of Zhuhai Wanda.

In fact, after the crisis in 2017, after Wanda repaid more than 200 billion in debt, the "debt nuclear bomb" has been dismantled. The decisive transformation to light assets has also made Wanda lighter.

Moreover, compared with the crazy leveraging companies such as Sunac and Evergrande, Wang Jianlin has a more forward-looking strategic vision. He often takes precautions before the storm, even at the risk of breaking his wrists, ultimately escaping disaster.

At another crucial crossroads, the former richest man in China is facing a crucial battle.

As his favorite song sings: "I want to go from south to north, and I want to go from white to black." At the age of 69, he chose to stubbornly continue to fight.

Why the dispute between BYD and DMI／DMP is so big, the in-depth analysis is mainly as follows.

Hello, everyone. Welcome to today’s talk about cars by Da Li. I’m your old driver Da Li, and it’s time for Da Li to talk about cars with everyone. I believe everyone has seen the news about BYD DMI/DMP recently. I find that there is a lot of controversy. Some people are optimistic, while others are pessimistic. So what about BYD’s new car? Today, let’s have a brief talk. By the way, let’s talk about my personal views. First of all, I’m not a navy. I express my views objectively.Fasten your seat belt, let’s start ~

Before we talk about our opinions, let’s take a brief look at some basic data of BYD DMI/DMP. We won’t say much about the appearance. We can’t grasp everyone’s preferences. Let’s talk about the internal aspects. In terms of configuration, the whole system comes standard with the main and co-pilot airbags, front and rear side airbags, front and rear head air curtains, knee airbags, active braking, pedestrian protection, fatigue driving tips and HUD display, which can be said to be very safe. Of course, the high-profile models also have Dana stereo, 12 speakers, seat ventilation and heating, eight-way adjustment of the main driver’s seat, six-way adjustment of the co-pilot seat, atmosphere lights, etc. Of course, there is a 15.6-inch eight nuclear adaptive. Of course, although the DMP of 320,000 yuan is more expensive, the luxurious performance configurations such as 3.7 seconds and zero acceleration, top-class braking system, brand-new aluminum alloy sports chassis, 80kw fast charging, electronically controlled active suspension, and wide temperature range heat pump air conditioner are still very valuable.

After introducing the configuration, let me talk about why everyone’s controversy is so great, because it is so excellent that it brings together three groups of users who should not intersect. These three groups are like Confucianism, Buddhism and Taoism, that is, they speak their own words and have certain origins.
The first category is to pay attention to saving fuel and money.
The second category values high configuration.
The third category focuses on the acceleration performance.

The concerns and budget expectations of the three groups of people are different, and it is inevitable that they will say their own words. I think some people predict that this car will definitely be finished, because the pricing failure will lead to the inability to sell. But let’s put it this way, the 15 models of Tang Dynasty were priced at 279,800 yuan six years ago. At that time, there were subsidies in all regions. If they were won, it would be about 210,000 yuan, with a monthly sales volume of 3,000 yuan. I can say for sure that many of them are now priced at the same high price as those of Tang Dynasty. Why do you have a domestic SUV that exceeds 200,000 yuan? However, the configuration and performance of Tang Dynasty at that time can directly compete with a million-class SUV. Moreover, BYD has also launched a limited edition of 500,000 4.3 or 4.1-second sports versions, all of which are bought for senior Difen to play.

Therefore, the value of this car is different in your eyes with different concerns. I value acceleration performance, and 3.7 seconds is worth 500,000 yuan. You value fuel economy, but of course you ignore the value of 500,000 yuan. So although there are many arguments, don’t you see the sales of Han? Because some people in these three groups will choose this car after rational analysis, even if half of them give up, the three halves are also 1.5 times.

Finally, Da Li talks about the epoch-making significance of this car: that is, raising the pure electric mileage to 202/242 has made the vehicle qualitatively changed. Under the condition that it can go home to charge every day, it will be a pure tram. When you need go on road trip or go back to your hometown for long-distance use, he won’t have any anxiety. Even when you are in the high-speed service area, you can recharge it during your break. I believe many consumers have thought about these usage scenarios, which can really greatly reduce the cost of car use. At present, there are thousands of pieces of DC fast charge provided by the third party in the market, but the power is also very low. The key is that the battery itself is not big enough, and it can’t run far after charging with pure electricity. But now I have given it all to you. The use cost will be greatly reduced with a bigger battery and faster DC charging power. I think many tram owners should cast envious eyes on these consumers who choose BYD Han DM (parameter picture) I/DMP.

What do you think of BYD Han DMI/DMP?Welcome to share different opinions.Well, that’s all for Da Li today. Thank you for your patience. Friends who like it can pay attention and praise. Your support is my greatest motivation. Let’s continue to talk about cars later.

The retired village party secretary took in a ＂dumb brother＂, and his children and grandchildren regarded him as their family. A special reunion dinner witnessed the love between the host and the gues

Extremely popular journalist liu junhua.

Video clip liu junhua

Correspondent Hu Mengxiao Tan Xuejiao

00:29

At noon on the 26th day of the twelfth lunar month, a special reunion dinner in Gaojiadian Village, Huya Street, Xiaoting District, Yichang City added a lot of warmth and celebration to the village covered by Ruixue.

Sun Changqing and Liu Guobao, two old people sitting in the main seat, are a pair of brothers who have forged a special relationship. Twenty-one years ago, Sun Changqing invited Liu Guobao, a disabled person in the same village, to live in his home. For many years, his children and grandchildren regarded Liu Guobao as their elders, and the family respected the young and respected them happily, which became a beautiful talk in the local ten miles and eight townships.

Three generations send blessings to invite the protagonist of the reunion dinner.

In the early morning of the 26th of the twelfth lunar month, it was snowing in Gaojiadian village, and the rural fields were full of ink and wash styles. There are red lanterns hanging on the trees on the roadside in the village, and the strong flavor of the year is coming.

Sun Changqing’s three sons are posting Spring Festival couplets at their doorsteps. Sun Xiying, the eldest, is 53 years old and works in Zhijiang. The second child, Sun Yibo, is 50 years old and works in Xiaoting City. The third son, Sun Yihua, is 47 years old and works in Shenzhen. They all came back specially to celebrate the New Year with Liu Guobao, the "fourth dad", because the "fourth dad" who has lived in their home for 21 years has just got a new residence this year and no longer spends New Year’s Eve with his family as in previous years.

The wives of the three brothers are planning a reunion dinner in the kitchen. Sun Changqing greets his son, Yihua and his granddaughter to write the word "Fu" for Liu Guobao and send it to his new room for posting.

At 10: 30 in the morning, Sun Changqing walked to Liu Guobao’s new residence more than 300 meters away from their home with rice and oil. Xi Ying and Yi Bo solemnly posted the word "Fu" on Liu Guobao’s door, and Liu Guobao, who was nearby, quickly greeted him, saying "Wow, Wow" happily with his relatives. Although everyone can’t hear what Liu Guobao is saying, they all know that "Fourth Dad" misses them very much.

The family surrounded Liu Guobao and returned to the Sun family’s old house. The steaming dishes were full of tables. Sun Changqing took Liu Guobao to the main seat, and his wife, Wang Bangying, sat around with his son, daughter-in-law and grandchildren. The whole family poured drinks and raised their glasses to wish each other a happy reunion.

Liu Guobao was not formal. He looked at these younger generations with a small glass of wine and a smile on his face. As an outsider for more than 20 years, he watched his family grow up day by day …

Retired old township party secretary takes back a dumb brother

Sun Changqing is 76 years old. He joined the army at the age of 17. He worked as a signal soldier in a certain unit of the People’s Liberation Army in Lanzhou for six years. He retired in 1968 and returned to his hometown. He worked as a group secretary, a battalion chief and a village party secretary in Gaojiadian Village. He retired in 1997 and transferred to Huya Street Office to engage in logistics work.

Liu Guobao is 11 years younger than Sun Changqing. He is a farmer in Gaojiadian Village. Since he was a child, he could not speak because of language barriers. His family was very poor and he never got married. He followed his old father to farm. After his father’s death, his old residence was dilapidated and gradually became uninhabitable, and life was very difficult.

In 2000, when Sun Changqing came home, he learned about Liu Guobao’s situation. He discussed with his wife and wanted to take Liu Guobao to live at home. Wang Bangying, also an old party member, used to be the village women’s director and was very supportive of her husband’s idea.

In this way, 44-year-old Liu Guobao was invited to Sun Changqing’s home and became a long-term guest in a room on the second floor. Sun Changqing has only one stove at home. Every meal is cooked by Liu Guobao on the stove first, and then Wang Bangying cooks for the whole family.

On weekdays, Liu Guobao works in his own several acres of responsibility fields and does odd jobs during the slack season. Sun Changqing found that although Liu Guobao didn’t communicate well with others, he was ingenious, able to weave baskets and baskets, and also able to repair bicycles. He was particularly diligent and economical. A plastic basin was broken and mended, and it was used for more than 10 years.

Sun Changqing gave Liu Guobao a key to the gate, and every room in the house was open to him. In addition to living in a room, Liu Guobao insisted on not taking advantage of anything else, and even Sun Changqing’s hot water would not be borrowed casually.

After getting along for a long time, Sun Changqing respected Liu Guobao more and more. Every time he went home, he would sit and chat with Liu Guobao. Although I can’t hear what he said clearly, I can understand his meaning roughly. When there is something to discuss, two people will communicate with each other with pen and paper.

Liu Guobao also trusted Sun Changqing very much, and the two men gradually became brothers.

Because Liu Guobao is the fourth in his family, Sun Changqing asked his three sons to call him "the fourth father". Although the three sons are not often at home, as long as they come back, they will bring some alcohol and tobacco to honor the "fourth father" and invite him to eat at the same table.

At that time, Sun Changqing’s three grandchildren were still young. Liu Guobao loved children very much, helped them bathe and took them to play.

Wenfeng, a 23-year-old grandson, worked as an intern in Nanjing after leaving the army. He was closest to Grandpa Four since he was a child: "When I was a child, I didn’t like to eat grandma’s cooking, but I liked to squeeze into Grandpa Four’s arms to cook a small stove."

At the reunion dinner, he and his sister raised a glass to wish grandpa four good health, and the old man held the cup happily from ear to ear.

Twenty years of friendship between gentlemen set an example of harmony and family style.

Zhao Xirong, secretary of the general branch of Gaojiadian Village, told Jimu journalists that it is not possible for everyone to invite an outsider to stay at home unconditionally. What is more difficult is to live kindly and affectionately. Therefore, the special brotherhood between Sun Changqing and Liu Guobao made the whole village pay tribute. Liu Guobao has gout, and sometimes the pain is unbearable in the middle of the night. Sun Changqing will ride a motorcycle and take him to the clinic for an injection.

At first, some people suspected that Sun Changqing took Liu Guobao in order to help him work and earn money for his work. In fact, over the years, Sun Changqing has never received Liu Guobao’s rent, utilities, and often sent him some vegetables, meat, clothes and shoes.

Sun Changqing never asked about the money saved by Liu Guobao for farming and odd jobs.

What moved Sun Changqing was that Liu Guobao himself was poor and thrifty, and when his little grandson Wenfeng joined the army, he gave 50 yuan a red envelope; On Sun Changqing’s 70th birthday, Liu Guobao gave 100 yuan a red envelope. Sun Changqing didn’t refuse too much. He cherished his brother’s friendship.

Zhao Xirong said that Xiaoting is a land of the cultures of the Three Kingdoms and has always advocated friendship. A friend of a gentleman like Sun Changqing and Liu Guobao is really admirable.

Recalling the initial intention of accepting Liu Guobao 21 years ago, Sun Changqing said: "I am a retired soldier, a Communist party member, and a village party secretary. How can I turn a blind eye to the difficulties of the villagers?"

In fact, the brotherly love between Sun Changqing and Liu Guobao is also a good example of their harmonious family style. The three generations of the Sun family are affectionate brothers, friendly sisters-in-law, and orderly, which makes the neighbors very envious.

In October last year, Liu Guobao’s younger brother rebuilt his new house and took his brother back to live with him. Considering that he is old, Sun Changqing has limited care for Liu Guobao. After consulting him, he agreed to move back to live with his younger brother.

It is precisely because of the first separation of the Chinese New Year in 21 years that this early reunion dinner was held. On the table, Sun Changqing specifically told the younger generation: "If I am a hundred years old, you should continue to take good care of my fourth father."

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Love is no small matter! Why are we moved by these romantic films？

Special feature of 1905 film network I don’t know when, out of the pursuit of daily ritual, people began to create their own festivals by homophonic methods. As a result, on May 20, when the Civil Affairs Bureau was full, the flash brother also became a busy "escort".

Shopping, eating and watching movies have become a trilogy of people’s daily love. When couples began to miss the cinema, what impressions did the classic domestic films with love elements on the big screen leave on the audience in those years?

According to public statistics, the cumulative box office of this kind of domestic film TOP10 reached 15.604 billion. From "33 days of lovelorn love" to (hereinafter referred to as "predecessor 3"), the combination of comedy and love seems to be more in line with the audience’s appetite. The National Day file has become a box office blessing for such films, and many stars have become "bringing goods".

Laughing with tears is easier to achieve box office.

Since the birth of the film, love has become one of the enduring themes on the big screen. From the silent film era Chaplin’s "City Lights" to the audio film era, from Stephen Chow’s "A Chinese Odyssey" series to "Former 3", this kind of classic films can always set off a movie fever.

According to statistics, there are as many as seven films with love and comedy elements in the TOP10 box office of this kind of films, and the audience seems to prefer this type of combination that can make people laugh and cry. Perhaps it is because people can not only find emotional resonance for love from this kind of movies, but also laugh and release the pressure of life.

On the basis of audience, love and comedy are more extensive. Whether it is the degree of topic discussion in first-and second-tier cities or the decline of word-of-mouth in third-and fourth-tier cities, the two types of elements can complement each other to some extent.

In the time division of story background, these ten films mainly focus on contemporary love. Except for Fanghua, the other nine films mainly reflect the marriage and love life of young people. What needs to be preserved in this era is not only love, but also people’s views on marriage and love. Therefore, the love story that happened at the moment can arouse the emotional feedback of the audience, and then lead to discussion and even spread in circles.

In addition, in recent years, this kind of films mostly impress the audience with emotional cards. By poking at the pain points in people’s hearts, the topic spreads and attracts more viewers to watch. Some people in the industry summarized this as emotional marketing. For example, "Ex 3" magnified the propaganda point of "brokenhearted and crying" and poked many young men and women who had ex-husbands, reaching the emotional resonance of the audience.

This marketing method is also reflected in other films. For example, on December 31, 2018, by creating the audience’s emotional requirements for the sense of ceremony, the "one kiss for the New Year" was used to attract the audience into the cinema. However, if the content of the film is less than expected or the goods are not in the right version, the market will also have a very obvious anti-bite effect.　

In the marketing channel, these films began to spread by making materials that are more suitable for young people’s fragmented reading habits with popular short video platforms as carriers. Because the short video platform is highly overlapped with the crowd portrait of the mainstream audience, the conversion threshold of diversion is low.

"We have mobilized a lot of short video marketing that is close to the tears of" Former 3 "and the way of breaking up." A staff member who has participated in the marketing of the film said so. After the box office hit, films such as, and so on followed suit. Later, short video marketing gradually became one of the standard of film marketing.

Who is the box office "with goods" talent?

Head movies usually correspond to the head creative team, company, etc., and so do such movies with love elements. In those movies that make the audience laugh and cry, which box office "goods" talents are hidden?

In terms of actors, Deng Chao and Zhou Dongyu became the "first brother" and "first sister" of the cumulative box office of such films respectively. The total box office with Deng Chao as the leading role reached 4.199 billion yuan, and Zhou Dongyu scored 2.919 billion yuan with The Later Us and Better Days.

It is worth mentioning that Zhou Dongyu won the Best Actress at the 39th Hong Kong Film Awards in China and became a double winner. In addition to showing the elements of love, Better Days’s discussion on campus bullying has certain social significance.

Behind-the-scenes companies, Light Media participated in the production of four films, ranking first among major companies. As we all know, the theme of youth has always been the field that light media is good at. The stories and production modes of youth films and romantic films often overlap more. In addition, the film channel program production center and Wanda Film and Television also participated in the production of some works.

According to statistics, in the TOP10 box office of this kind of movies, there are 4 National Day movies, 2 New Year movies and 1 Spring Festival movie respectively. This kind of films released in prime time are more likely to take advantage of the schedule bonus and get better box office, especially the National Day file.

However, in recent years, there are few such films released in more movie-watching periods such as Tanabata and Valentine’s Day. In addition to the competition of films in the same period, the homogeneous dog blood plot and the emotional expression of moaning without illness made the audience feel tired and unloved. While domestic sci-fi films and cartoons are constantly creating new box office and word-of-mouth highs, such films seem to have made limited progress as a whole.

In terms of douban score, 6 of the TOP10 films are above the passing line. The latest film, Better Days, scored 8.3 points in Douban. In addition to the love element, the audience can have a more sense of substitution and desire to watch movies by injecting more thoughts about current life and phenomena. The content is the era of the king, and we look forward to more domestic love-themed films with both word-of-mouth and box office harvest in the future.

How does finance help the new development pattern

In the past few decades, China’s economic development has made great achievements, but now it is at a very critical turning point-from the first century’s goal of "building a well-off society in an all-round way" to the second century’s goal of "building a socialist modern power".

Compared with the early 40 years of reform and opening up, there will be three major changes in China’s economy in the next 30 years:

First, the cost advantage is no longer. China’s economic development once benefited from the low cost advantage for a long time, but now the cost has obviously increased. The economic growth mode will have to move from extensive and factor-input growth to innovation-driven growth.

Second, the demographic dividend has disappeared. In the past, China benefited from the increasing proportion of the labor force in the total population, but now it is an aging society, and the labor force population begins to decline, which will eventually affect the economic growth pattern.

Third, the trend of "anti-globalization" has emerged. The wave of globalization has obviously promoted China’s economic development in the past. China has been able to participate in the global division of labor, and its exports have increased substantially. A large number of foreign direct investments have enhanced the activity of the domestic economy. Nowadays, globalization is experiencing fluctuations, and the size of China’s economy has also increased significantly, so the growth momentum has to focus more on the domestic market. Therefore, the central government proposes to build a new development pattern with "double circulation"-with domestic big circulation as the main body and domestic and international double circulation promoting each other.

Finance should give more support to the real economy.

Under the new development pattern, how does finance act?

In the past four decades, finance has contributed greatly to economic growth, effectively supporting the average annual GDP growth rate of more than 9%, and the financial system is relatively stable. Although many scholars believe that the reform can be further deepened and the distortions in the system can be eliminated, on the whole, China’s financial system has effectively supported the rapid and relatively stable economic development.

In recent years, complaints against the financial industry have increased, especially "the strength of financial support for the real economy is weakening". In this regard, the most intuitive reflection is the decline in the "marginal capital output rate". The so-called marginal capital output rate refers to the amount of capital that needs to be increased when one unit of output is increased. Before the global financial crisis in 2007, China’s marginal capital output rate was about 3.5, but it has almost doubled at present, indicating that our financial efficiency has been discounted. If the financial efficiency continues to decline, even if the financial resources invested in economic construction continue to increase, the economic output will not be high or even decline, which will ultimately affect the sustainability of economic growth.

In the past, China’s financial system was relatively stable, but in recent years, risks in many financial fields began to emerge. We have two "magic weapons" to maintain financial stability. One is to resolve risks through sustained high growth; Second, the government should do everything to ensure the confidence of investors, consumers and other markets. However, the effectiveness of these two magic weapons is obviously declining, and the next step must be to make great efforts to build a financial safety network, which should not only have a market-oriented regulatory framework, but also involve the central bank and the financial sector.

There is a lot of work that finance can do to support the real economy more effectively, especially based on the new development pattern of "double cycle". Finance should strive to promote the domestic big cycle, and the practice can be linked from "supply" and "demand".

China’s economic growth in the past benefited from "two ends in the outside"-raw materials, technology and capital were introduced from abroad, products were produced and processed at home, and then bought back abroad. But this model will become increasingly difficult in the future. On the one hand, China’s economy is getting bigger and bigger. As some market participants have said, China enterprises "buy what is expensive;" What to sell, what is cheap. " On the other hand, large size also has obvious advantages. In the future, it is possible for the domestic market to continuously reduce the pressure of "two heads are outside", and both "supply" and "demand" are solved in the domestic market. Therefore, the key question is how finance can link "supply" and "demand" to support economic innovation and growth.

Supply side: Finance should strongly support economic innovation.

From the supply side, the core issue is to change the growth model and make innovation the main driving force for growth. Innovation is becoming more and more important to enhance the competitiveness of our economy in the domestic and international markets. Although the domestic market will be the main market in the future, we should remain open to the international market, and the industry must have international competitiveness in order to develop sustainably.

Our financial system used to effectively support extensive and factor-input economic growth. The economic activities under this growth model face relatively little uncertainty, and the products may have been abroad for decades or even hundreds of years. The uncertainties we face in many aspects such as technology, market, management and marketing channels are very low, and financial services are relatively easy to do, especially the pressure of risk management is not great.

If the financial future wants to strongly support economic innovation, the difficulty of managing risks will surge. Because innovation is bound to face many uncertainties, uncertainty will definitely increase the requirements for financial services.

If the economic growth model is to change, the financial development model must also change accordingly. To support economic innovation, finance should do two things: financial innovation and market-oriented reform.

Financial innovation includes three aspects:

First, develop the capital market and increase the proportion of direct financing. The prominent feature of China’s financial system is that banks are dominant. The biggest market participant in the financial system is commercial banks. Commercial banks have previously provided funds for large-scale manufacturing expansion, effectively supporting rapid economic growth. Generally speaking, the capital market has inherent advantages in supporting innovation, such as being better at identifying risks and patiently accompanying entrepreneurs to grow up. Therefore, the primary task of financial innovation is to develop the capital market and increase the proportion of direct financing. From the international experience, the leading financial systems in the United States, Britain and other countries are dominated by the capital market. We are already doing this kind of work, and we need to continue and increase our efforts in the future.

Second, innovate the business model of commercial banks. In the foreseeable future, commercial banks will remain our main financial channel, so it is necessary to innovate the business model of commercial banks in order to undertake the task of supporting economic innovation. There are also many successful examples of bank-led financial system innovation in the world. Germany and Japan are both bank-led financial systems, which have effectively helped enterprises master the international frontier economic technology. At present, the road of banking business model innovation in China has a long way to go.

Third, develop digital finance. With the help of digital technology, finance can better serve the financing needs of small and medium-sized enterprises, private enterprises, especially "specialized and innovative" enterprises. For these enterprises, traditional financial institutions usually lack effective means of risk control, but now big data can help solve some problems. At present, some successful examples are some new Internet banks-Weizhong Bank, Online Merchant Bank, Xinwang Bank, etc. These institutions mainly look at data, not collateral, and can successfully control the average non-performing rate at a low level. If we popularize this method to traditional banks and help them do risk analysis on direct financing of listed companies, it means that we may explore a new way in this respect. In fact, China’s use of big data for credit risk management has been at the forefront of the international level.

In addition to financial innovation, financial support for economic innovation is inseparable from market-oriented reforms, one of which is market-oriented risk pricing.

China government has made great efforts to reduce the financing costs of SMEs, but the risks and costs must be matched to be sustainable. It is very important to support the financing of small and medium-sized enterprises and help them obtain loans, but at the same time, we should also pay attention to market-based risk pricing. Only in this way can commercial banks continue to carry out their business.

From the supply side, only by carrying out a series of reforms can finance better support economic innovation.

Demand side: Finance should strongly support consumption.

From the demand side, the so-called "troika"-investment, consumption and export, investment and export have been very strong, and consumption is relatively weak. After the global financial crisis, consumption has rebounded, but it is still dragging its feet, especially during the epidemic period, the economic recovery is weak, and key consumption can not get up, which seriously restricts the domestic macro-cycle.

Consumption is sluggish, and even if you invest a lot, it will easily become overcapacity. At the same time, the sluggish consumption is also contrary to the goal of the second century. The fundamental purpose of economic construction is to continuously meet the people’s needs for a better life, and only by increasing the consumption of ordinary people can we meet the standards.

At present, China’s consumption accounts for about 55% of GDP, which is about 20 percentage points lower than the world average and 25-30 percentage points lower than that of Britain and the United States.

Why is consumption sluggish or less than expected? There are three reasons:

First of all, the proportion of our residents’ income to GDP is not high, and the people are too dependent on labor income and lack asset income;

Secondly, the inequality of social income distribution is high, and the rich have a low propensity to consume, and most of them have bought what they should buy; The poor tend to spend more, but they have no money to spend. Therefore, the inequality of income distribution suppresses the total demand of social consumption;

Finally, the social security system needs to be further improved. Without social security, residents’ confidence in the future is insufficient, and everyone is afraid to spend more if they have money.

If these problems are solved, China’s future consumption can still be expected. At present, the total social retail sales in China is very impressive from a global perspective. If the consumption potential of 1.4 billion people can be further released and sustainable economic growth can be maintained in the future, China is expected to become the most desirable consumption market in the world.

At present, there is a lot of work to be done in consumption. We not only need the government to improve income distribution and improve the social security system, but also have huge room for finance. For example, the financial system can improve efficiency, thereby increasing the total social income, so that ordinary people can get asset income other than labor wages, so that more money can be used for consumption; For another example, we can vigorously develop inclusive finance, so that small and medium-sized enterprises, low-income families and agricultural workers in a weak position can obtain corresponding financial services and make the income distribution of the whole society more equal; Also, we can develop the financial industry, especially the insurance industry, and make the social security system more perfect.

To sum up, whether from the supply side or the demand side, finance has great potential to support the development of the real economy, innovative growth, consumption upgrading and a better life. As long as we have a good grasp of the direction of financial development, improve the efficiency of the financial system, and successfully control risks, finance will play a greater role in the new development pattern of "double cycle", thus helping us achieve the second century goal smoothly.

(The author is Professor, Vice President and Director of Digital Finance Research Center of National Development Institute of Peking University)

Reporting/feedback

Why do people say that badminton players are ＂heptathlon＂

Do you know that?/You know what? Why do more and more people choose badminton as their daily exercise?

Because badminton players are all-around fighters!

The advantages of as many as seven sports are gathered in badminton!

Want to know which seven kinds of sports? Come and have a look with Xiao Yu!

one

Explosiveness and speed of sprinters

Badminton has almost no chance to wait for the opponent to return the ball and catch his breath. Almost the whole game is in a sprint state. It requires quick start and quick return. This series of "quickness" requires muscles to contract or relax quickly, which is the explosive power of quick strength.

Endurance of long-distance runners

Speed endurance quality plays an extremely important role in badminton, with the characteristics of high intensity and short interval.

three

Flexibility of gymnasts

Badminton requires players’ high flexibility, and we can often see players splitting to save a ball on TV, which is beyond the reach of ordinary athletes. Not only that, such as changing hands, hitting the ball on the back, and heading the ball in the backcourt, all these actions need to fully stretch the ligament.

four

Coordination of javelin athletes

A complete hitting action is like a spring, which is put away and bounced off, starting from the foot and going to the legs, hips, crotch, waist, back, chest, shoulders, arms and hands. Although a person’s coordination is largely determined by innate factors, it can be improved and promoted through badminton training.

five

Sensitive reaction of table tennis players

Badminton, known as the "king of speed", needs players’ quick reaction ability, which also requires players to have a good sense of space and coordination, judge the direction of the ball and decide the way to play the ball in a very short time, which requires comprehensive training in five aspects: psychology, technology, physical fitness, tactics and intelligence to help everyone establish conditioned reflex.

six

Global insight of Go players

Just as in Weiqi, "predict the opponent’s intention in advance and grasp the opponent’s weakness", because badminton is too fast and the venue is small, it is impossible to follow up visually, so almost all incoming balls must be predicted. Only by understanding each other’s weaknesses and finding each other’s mistakes in time, will you have full confidence to defeat each other.

seven

Strength of fitness athletes

In badminton, jumping to kill the ball is to use all the limited strength of the whole body in the moment of killing the ball, so that the speed of the ball reaches the extreme. As a transit station, the pectoral muscle plays a vital role, so as a male player, it is the most important prerequisite to practice the pectoral muscle well. At present, the highest killing speed of badminton is 343km/h maintained by Fu Haifeng. In doubles, it takes 15 strokes in 20 seconds. In a 45-minute match, the total number of strokes by two players is about 2025.

Jumping to kill the ball is to use the whole body’s strength in the moment of killing the ball, so that the speed of the ball reaches the extreme. As a transit station, the pectoral muscles play a vital role.

Do you know that?/You know what?

The heart rate of high-intensity badminton players can reach 160-180 beats/min, and that of low-intensity badminton players can reach 100-130 beats/min. In a 45-minute competition, the players have to make more than 300 movements with the body position adjusted by more than 90 degrees.

Do you know that?/You know what?

Badminton requires quick start and return, and this series of "quickness" requires muscles to contract or relax quickly.

Do you know that?/You know what?

Badminton requires high flexibility, and playing regularly is good for the flexibility of shoulders and hips. In a singles match, athletes need to swing their arms more than 100 times to hit the ball.

Do you know that?/You know what?

In badminton competition, athletes frequently do variable-speed movements and jumping, and the structural characteristics of lower limb bouncing are as follows: the range of knee joint force is relatively small, but the requirement for quick explosive force of ankle joint is high. The average running distance of Chinese Super League players is about 7000 meters per game, while the average running distance of badminton players is more than 6000 meters.

Facts tell you how great badminton players are! King of sports! Badminton is well deserved! Come and join this happy national movement! Almighty warrior, so can you!