2024奥运申办进入“冲刺阶段” 三强争夺

2024奥运申办进入“冲刺阶段” 三强争夺
­  央广网北京2月5日消息(见习记者许睿)据中国之声《央广新闻》报道,洛杉矶、巴黎、布达佩斯3日正式向国际奥委会提交了申办2024年夏季奥运会的最后一部分申办文件,标志着奥运会申办进入“冲刺阶段”。­  洛杉矶、巴黎、布达佩斯三座城市递交的文件内容涉及赛事举办、参赛体验和场馆后期利用三个方面。国际奥委会在一份声明中称,三座城市“正式进入了申办过程的冲刺阶段”。­  先来看美国洛杉矶,近日洛杉矶市议会就确认支持洛杉矶申办2024年奥运会举行了正式投票,同时授权该市官员与国际奥委会签订有关协议。在投票中,市议会的投票以13票支持、0票反对的结果通过了支持洛杉矶申奥的决议。洛杉矶市长埃里克·贾西称,2024年夏季奥运会将为美国带来最多183亿美元的收入。­  再将目光转向法国巴黎,“巴黎2024”奥申委3日递交申请书,就在巴黎的人类博物馆举行新闻发布会,展开其申奥国际宣传攻势。会上,前奥运皮划艇激流回旋冠军埃斯坦盖首先介绍了巴黎申奥理念的关键词——分享,通过分享体育来分享世界。他表示,希望巴黎在百年后再次举办夏季奥运会,让全世界分享体育的热情和奥林匹克的目标。“巴黎2024”奥申委还介绍了巴黎为举办奥运会所做的规划。95%的场馆为现有场馆或临时设施,巴黎市中心著名建筑和景点也将变身奥运场馆。例如,著名的大宫将承办奥运会击剑和跆拳道比赛,荣军院广场将作为射箭场地等。­  而在匈牙利,最新公布的民意调查结果显示,63%的居民支持布达佩斯申办2024年夏季奥运会和残奥会。在过去半年时间里,支持申奥的人数比例提高12%。­  2024奥运会最终花落谁家,将于今年9月在秘鲁首都利马举行的国际奥委会全体大会上见分晓。

Shanghai Market Supervision Bureau received 731 complaints on Qingming Festival, with household items topping the list

Shanghai Market Supervision Bureau received 731 complaints on Qingming Festival, with household items topping the list
On April 6, the Shanghai market supervision WeChat public account disclosed that the market supervision bureau’s 12315 system received a total of 731 complaints and reports and 644 consultations and consultations in the 2020 Qingming holiday.Among them, household items ranked first in the number of complaints and reports, and no complaints and reports related to the Qingming Festival sweeping activities were received.Figure / Screenshot of Shanghai Market Supervision WeChat public account Introduction to Shanghai market supervision, through the accelerated resumption of business resumption of production, market consumption, especially online consumption replenishment and rebound trends have increased, involving 592 online shopping claims during the holiday period, accounting for the total number of complaints reportedThe proportion is 81%, an increase of nearly 20% compared to last year ‘s holiday, mainly reflecting online shopping for household items, clothing, shoes and hats, computer products, household appliances, general food and other disputes, including maintenance and contract compliance issues accounting for more than 60%.However, Shanghai market supervision experts, this year’s Qingming holiday, market supervision complaint reports received and the score of 976 cases with last year’s holiday fell by 25%.At the same time, due to factors such as “new crown pneumonia epidemic prevention and control”, “national mourning activities” and “suspending public entertainment activities” during the holiday period, the demand for rights protection in the consumer sector, especially service-type claims, has cooled down significantly, and service-type claims accounted for 24% of the reduction, The proportion decreased significantly compared with last year (59%).In addition, there were 48 requests for unsubscribe from masks and other anti-epidemic products and services such as tourism during the holiday period, which accounted for less than 10% of the scale of complaints and reports, which significantly decreased from the initial stage of the epidemic.Sauna and Yenet learned that three days before the long holiday of the Spring Festival this year, the Complaint and Report Center of the Shanghai Municipal Market Supervision Bureau received 49 complaints and reports of medical products such as masks.It mainly reflects the “new coronavirus-infected pneumonia epidemic” borrowed by some operators, which raises the attachment of the mask, the label label of the mask is not standardized, the supply of goods is cancelled and the delivery is not timely.Sauna, Ye Jie Zhang Jie editor Peng Yali proofreading Li Shihui

[How to boil the skin?

】 _How to do _ Daquan

[How to boil the skin?
】 _How to do _ Daquan

Peel jelly is a very special kind of food. This dish is made by using pork skin and other ingredients to cook and cool. It looks like jelly, and it tastes endless.

This dish is very popular in the northern region, almost every household will make it. Let ‘s take a look at how to boil the skin.

I hope interested food lovers can find out.

Practice one: 1.

First, shave the meat and wash it.

2.

Cool the pot under water. Put some cooking wine and pepper in the pot to remove the fishy smell.

3.

After boiling for a few minutes, remove the skin and scrape off the fat from it.

4.

After shaving the skin, cut into small cubes.

5,

Add water to the pot. The water is about 4 times that of the diced meat. Then add an appropriate amount of cooking wine, salt, and boil over low heat for an hour and a half.

How to boil the skin.

Practice 2: 1.

First look at the raw materials: pig skin, various spices.

2.

Change the knife: After washing the skin, change it to a strip with a width of 4 cm.

3.

Raw hair removal: the flesh after the knife is changed, before removing the water, use a shaving knife to remove the pig hair again.

By the way, the surface of the skin can be scraped clean.

4.

The first time you simmer the water to remove the blood foam: put the cold water into the pot, cook it for 5 minutes, remove it, and let it cool naturally. Do not soak in cold water.

5,

Cooked and degreased: After cooling the meat skin with water, scrape off the oil with a knife until a piece of meat skin is exposed. About 2000 grams of meat skin can scrape about 800 grams of fat.

You can see how much fat in the picture!

!!

This kind of meat skin can be beauty to lose weight.

6.

Cooked and depilated: remove the skin of the meat after degreasing and degreasing, and then use a shaver to remove the hair.

7.

Cut into strips: cut the skin into 4 cm long; 0.

5 cm wide strips.

8.

Deodorize for the second time: add hot water to the pan, add an appropriate amount of onion ginger; 20 grams of cooking wine.

Cook for 15 minutes and remove.
9.

The third cooking: adding water is the key for this cooking. You can add the pork skin first, and then pour boiling water, as long as it is 1-2 cm above the skin, as it will consume some water after 2 hoursAt the end, the moisture close to 1: 1 is almost the same. Add the boiled pork into the pot and add the so-called cinnamon; fragrant leaves; star anise;Otherwise, the muddy soup will not be translucent.
10.

Seasoning: After cooking for 2 hours, add 10g of soy sauce and 20g of salt; 10g of MSG and turn off the heat.

11.

Brush the sesame oil in the lunch box, then pour in the pork skin and refrigerate overnight.

[Fried Agar Fungus Slices_Small Fried Black Fungus]

[Fried Agar Fungus Slices_Small Fried Black Fungus]

Meat fungus is a common home-style dish. When choosing fungus, it is best to choose black fungus from the northeast. It has a high nutritional value and has a role in promoting detoxification, especially for pets in the home. Eating some fungus properly can promote hair metabolism.

The more common ones are occasional stir-fried meat slices, ginger and pineapple, fungus meat slices, yam fried fungus, meat slices, etc., which have higher nutritional value.

First, the fungus meat sheet: lean pork, green pepper, black fungus seasoning: salt, water starch, cooking wine, soy sauce, sugar, vinegar, practice 1.

Pork lean meat slices, salt, soy sauce, water starch and mix well.

Cut the green pepper into pieces, tear the black fungus into pieces and simmer for later.

2.

Make cooking wine, soy sauce, sugar, vinegar, and water.

3.

Heat the pan with oil. After the oil is hot, lower the ginger and explode the pan. Stir in the marinated meat pieces until they change color and remove. 4.

Heat the remaining oil again, stir-fry the green peppers until they are broken, add the black fungus over water, stir-fry, and season with some salt.

5,

Add the juice prepared in step 2 and turn it into a pan after mixing well.

Second, ginger and pineapple fungus meat slices: 200g of Matsusaka meat, 100g of pineapple, 50g of black fungus, appropriate amount of ginger, salt 1 / 4tsp, rice wine 1tbsp, white pepper 1 / 4tsp, water 1tsp, taibai 1 / 4tsp.

Large collection of ingredients for step11.

Step 22 Pork slices are salted, rice wine, white pepper powder, water and too white powder.

Step 33 fry the meat first in the oil pan and remove it for future use.

step44 Put the ginger in the original pot and stir fry.

Step 55 Stir fry pineapple and black fungus, add some water, and season with salt.

Step 66 Finally add the meat pieces and stir-fry.

step77 Simple and delicious home-cooked dishes are served immediately. Hot summer days can promote appetite.

Third, the yam fried fungus meat slice material 280 grams of yam, 100 grams of lean pork, black fungus amount.

Starch, cooking wine, ginger, garlic, shallots

Lean meat slices, appropriate amount of starch, cooking wine, mix well for 20 minutes; fungus is soaked in cold water in advance, washed and removed to tear into small flowers 2.

Peeled yam, cut into thin slices after washing, soak in water (to prevent darkening); shred ginger, shred garlic, and cut onions;

Add yam to boiling water and blanch for about 2 minutes, remove and drain for later use; 5.

Drain, put in lean meat, quickly stir-fry until discolored and scoop out for use; 6.

6. Add a small amount of oil to the pan, stir-fry the black fungus and hot yam, and stir fry for 2 minutes; 7.

Add the fried lean meat, add an appropriate amount of salt, add green onion, add water (a little bit), and stir fry evenly.

[How to cook braised small radishes]_How to make_Making method

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Sanqi Mutual Entertainment (002555): Single-quarter revenue and record high cash flow performance are particularly strong

Sanqi Mutual Entertainment (002555): Single-quarter revenue and record high cash flow performance are particularly strong

Event 1, the company released 3Q19 financial report: 1) The first three quarters of 2019 achieved 95 operating income.

60 ppm, a 72-year increase of 72.

7%; attributable net profit of 15.

560,000 yuan, an increase of 27 in ten years.

7%; attributable 杭州桑拿网 non-net profit 14.

17 ppm, an increase of 21 in ten years.

3%.

2) Operating income of 34 in the third quarter of 2019.

890,000 yuan, an increase of 56 in ten years.

2%; attributable net profit 5.

23 ppm, an increase of 25 in ten years.

4%; attributable non-net profit 4.

68 ppm, an increase of 14 per year.

9%.

2. The company expects attributable net profit in 2019 to 20.

5?
twenty one.

50,000 yuan, an increase of 103 in ten years.

3%?
113.

2%.

Brief comment 1. In the third quarter, revenue reached a record high, and operating cash flow performance exceeded expectations.

Relying on the continued solid performance of the two old games, “One Blade” and “Douro Continent”, which were launched late last year and the beginning of this year, and the outstanding performance of the “Elf Festival” 杭州夜生活网 launched in late June this year in Q3, the company’s single-quarter operating revenue in/ QoQ increased by 56.

3% / 23.

5% reached 34.

8.9 billion, a record high.

Under the issuance strategy of more advanced third-party purchase volume channels, the company’s gross profit margin continued to rise, and its gross profit margin reached 86 in the first three quarters.

4%, an increase of 9 per year.

9 points.

In terms of period expenses, Q3’s sales expenses increased 101% from the same period last month.

8% / 43.

7%, selling expenses 61.

4%, the main reason is that the promotion of the “elf festival” in the third quarter extended; management costs, financial costs are well controlled; research and development expenses increased by 29 in the first three quarters.

3%, R & D promotion speed continues to increase.

In particular, in terms of cash flow performance, the company’s first three quarters of the company’s operating net cash flow gradually.

970,000 yuan, of which 12 in the third quarter.

The performance was exceptionally strong at US $ 8.1 billion. In addition to the increase in revenue recorded by the law, the company’s bills, accounts payable, and advance funds also increased during the quarter, indicating that while the company’s business scale has grown rapidly, it has negotiated upstream and downstream pricesPower capacity has also been enhanced.

2. The product R & D and traffic operation capabilities were verified in the product year. The Fairy Ceremony returned to the top 10 best-selling list of iOS games.
The company has ushered in a big year of products in 2019, and it has been more than three months since the launch of “One Pass” and “Doulo Continent”. It has consistently ranked at the top of the best-selling list.”Angel Sword” “Eternal Age” still contributes stable performance.

Under the joint development of new and old games, the company ranked third in the revenue ranking of China ‘s App Store publishers in the July, August, and September global mobile game index reports released by AppAnnie, behind Tencent and Netease.
Recently, the market performance of “The Fairy Ceremony” has undergone a deviation after adjusting through version adjustments and buying strategies. At present, the top ranking of iOS games has returned to Top 10. The ranking of free games has stabilized but has not been repaired. From the current product performance,Look at the impact on the performance side or relatively limited.

3. We believe that the company has accumulated high product research and development and traffic operation barriers in its core ARPG field. In the future, it is expected to make more breakthroughs in the development and distribution of multi-category products such as SLG, leisure sports, simulation management and overseas market expansion.
We forecast the company’s attributable net profit of 21 / 2019E.

100 million / 24.

5 trillion, the current market value corresponds to the 2019 / 20E PE ratio of 17.
.

3x / 14.

9x, continue to recommend.

[Risk reminder]The growth of traffic expenses is higher than expected, the existing product flow of head products is less than expected, the performance of new products on the market is lower than expected, and policy supervision is becoming severe.

Depth: Special Study on Local Government Debt (with data on debt burden of 31 provinces and cities)

Depth: Special Study on Local Government Debt (with data on debt burden of 31 provinces and cities)

Local Government Debt Special Study-Attached to the debt burden data of 31 provinces and cities and 382 regions. Author 丨 Ren Tao Sources 丨 Bzzk-research (ID: Bzzk-research) under the pressure of economic downturn, local government’s responsibilities reduced,The role of government debt during the period has become increasingly important.

  1. Regarding the historical retrospection of local government debt, the summary of important policy information and the latest policy developments (1) The historical retrospection of everything has its cause, and when it comes to the gradual issue of local government debt, it must also be traced back a long time.

  1. In the 1990s, the central government ‘s fiscal constraints were severe, accounting for a very small proportion of national budget revenue (less than a quarter). It is in this context that the state introduced tax-sharing reforms in 1994 (such asIn the provincial and sub-provincial tax bureaus, the State Taxation Bureau and the Local Taxation Bureau have been set up) to achieve the goal of increasing financial power and keeping the power of affairs unchanged, and local governments have been facing increasingly serious financial problems since then.One year, the “Budget Law” was formulated and implemented, that is, to supplement local government deficits and raise debt to finance.

  2. In the 1990s, especially after the Asian financial crisis of 1997-1998, local governments were under increasing pressure for infrastructure construction, but due to their limited financing channels (cannot borrow from banks or issue bonds, etc.),It is also restricted by the policy of “allowing deficits”, and local governments are prevented from breaking through the financial difficulties.

In this context, commercial banks (especially major commercial banks) suggest that local governments set up financing platform companies to undertake commercial bank credit.

Local governments have also established financing platform companies through 武汉夜网论坛 land asset transfers and other methods. Since then, financing platform companies have played an increasingly important role in local government debt financing.

  3. After the financial crisis in 2008, the supplement of local government financing platforms became more prominent.

In particular, the No. 92 (“Guiding Opinions on Further Strengthening the Adjustment of Credit Structure to Promote the Stable and Rapid Development of the National Economy” issued by the People’s Bank of China and the China Banking Regulatory Commission, encourage local governments to increase local financial discounts, improve credit compensation mechanisms, and establishGovernment financing platforms and other methods support local governments with conditions to set up financing platforms and issue financing instruments such as corporate bonds and medium-term notes.

In October of the same year, the Ministry of Finance also issued Circular 631, which clarified that supporting funds for local governments can be raised through market mechanisms using government financing platforms.

  4. Under the above-mentioned trend of thought, the number of local financing platform companies has grown rapidly and currently exceeds 10,000.

Since 2009, local financing platform companies have started to borrow on a large scale, and financing methods have not continued to use bank loans. They also include the full use of corporate bonds, project income bonds, short-term financing bonds, medium-term notes, special debt, policy bank loans, and special construction.Funds, bank credit, non-standard, Internet finance, P2P, etc., so the scale of local government debt is getting higher and higher, and the problem is getting worse.

  5. Regarding this, the regulatory authorities have started to control and control local government financing platforms since 2010, including Guofa Circular 19 (“Notice on Strengthening the Management of Local Government Financing Platform Companies”), Banking Regulatory Circular 10 (“Guidance on Strengthening the Loan Risk Supervision of Local Government Financing Platforms in 2013) and so on.

In fact, the issuance mechanism of local government bonds is also constantly being adjusted, from generational repayment to spontaneous repayment, to the current spontaneous repayment.

  6. In 2014, the central government started debt screening for local governments. In September of the same year, the State Council issued Document 43 (“Opinions on Strengthening the Management of Local Government Debts”), which clearly separated government and corporate debt and began to nationwide.Scope to rectify local government debt issues.

  7. The new budget law of 2015 makes it clear that local governments issuing local debt through provincial governments are the only legal government financing channels.

However, in this context, local governments began to use PPP or funds to borrow in disguise.

Various hidden alternatives other than local government debt have sprung up (such as issuing letters of commitment, financial leasing, changing government purchase service agreements, etc.), and the local government’s illegal borrowing activities have again reached a climax.

  8. During 2014-2015, the Development and Reform Commission and the Ministry of Finance successively launched special bonds. In 2015, the local government bond replacement work was gradually started.

So far, the scale of special bonds has reached nearly 10 trillion yuan, and the scale of replacement bonds has also exceeded 14 trillion yuan.

  9. In 2017, in the context of providing horizontal reform, non-standard financing was faced with very strict supervision, and PPP and local construction funds began to face a full inventory. It is also in this context that the growth rate of investment in infrastructure construction began to decline significantly.From the previous 15% to below 5%, the overly stringent regulatory policies and local government debt are facing problems that cannot be continued, and the policy began to consider adjusting some of the previous policies.

  10. Under the pressure of economic downturn, the function of infrastructure support has become prominent again, and subject to the impact of previous financial deleveraging, some local government financing platforms face the risk of capital chain breakage. Under this risk, the State Council and the China Banking Regulatory Commission successively releasedDocuments 101 and 76 clearly stated that financial institutions must meet the reasonable financing needs of financing platforms, and history has entered a new cycle.

  (2) Summary of important policy information As far as China is concerned, policies related to local government debt have almost never ceased, and have always been lingering in the market.

Due to the scale of relevant policy documents, only some of the more important policy information is summarized here.

  (3) Latest policy developments: Financing platforms have regained their lives, CDB intervenes in local government debt resolution work. There are roughly three latest policy developments on local government debt. We summarize them as follows: 1. 2018 State Council No. 101 and Banking Regulatory Commission No. 76No., explicitly requires financial institutions to meet the reasonable financing needs of financing platform companies, and must not blindly draw down loans, cut off loans, or suspend loans. To avoid necessary supply of projects under construction, the supply of funds should be avoided, and the project should run out of business.

  2. The 2019 government work report clearly stated that this year it is planned to arrange special bonds for local governments2.

15 trillion yuan, an increase of 800 billion yuan from last year, providing funding support for key project construction, and also creating conditions for better prevention and resolution of local government debt risks.

Reasonably expand the use of special bonds.

Continue to issue a certain number of local government replacement bonds to reduce the local interest burden.

Encourage a market-oriented approach to properly resolve the debt maturity of financing platforms, and do not engage in “half-later” projects.

  3. Since 2019, Zhenjiang, Jiangsu, and Xiangtan, Hunan, and other places have been dating China Development Bank to resolve local government debts by replacing debts that expired with long-term loans.

  4. The press conference of the two parties ‘finance ministries in 2019. The relevant leaders of the finance ministries stated that they will cancel the supplementary hidden debts and establish a new financing platform company, and adhere to the principle of no central rescue.

  First, monitor local finance, including financing platform companies, and take accountability as soon as the situation is discovered.

  Second, cancel illegal financing activities and raise debt in disguise in the name of government investment, government and social capital cooperation, and government purchase of services.

  Third, financial institutions must not provide financing for projects that do not have a stable operating cash flow as a source of repayment or have no legal compliance resistance to pledged property.

  Fourth, adhere to the principle of non-rescue by the central government, insist on who raises debts and who is responsible, so that “who has children and who holds it”, continue to rectify illegal guarantees, and correct irregularities in government investment funds, PPP, and government procurement services.

  Fifth, the newly established financing platform companies will be cancelled, the market-oriented transformation of financing platform companies will be promoted by classification, and the government financing program of financing platform companies will be transferred, and local governments will be resolutely stopped from turning public welfare institutions into financing platforms.

  It can be trimmed. Under the downward pressure of the economy, the role of local governments is more important. The reasonable financing needs of government financing platforms require the support of financial institutions, but the concept of breaking the rigid payment has not changed. Financial institutions must continue to adhere to the principle of focusing on the first.The idea of promoting the transformation of financing platforms is still ongoing.

  Second, the main categories of local government debt classification To resolve the debt of local government debt should be more clearly classified, we try to classify from the following dimensions: (a) according to the form of expression, divided into major local government debtAnd hidden debt We try to classify local government debt by popular methods, that is, the so-called explicit debt is the direct local government has direct repayment responsibility or guarantee responsibility, and the rest replaces hidden debt.In fact, in classifying debt, World Bank senior economist Hana Palacova Rrixi published articles on “contingent debt” in 1998, 1999, 2000 and 2002,The financial risk matrix is divided into four categories: direct explicit, direct implicit, or explicit and implicit. These two classifications have also been reflected in the gradual category policy.In the file.

  In practice, the hidden debt channels are diverse, including local governments through financing platforms, purchasing services, PPP, various development funds and guidance funds, characteristic towns, financing leases, gold exchanges, etc., and the source of funds also includes financial institutionsOn-balance-sheet loans, off-balance-sheet loans, factoring, bills, guarantees, gold exchanges, asset management plans, etc., and more often involve unlawful methods such as real debt, quotation agreements, and commitments to buy back.

  The “local government hidden debt” was first mentioned in the July 2017 Central Political Bureau meeting. In the subsequent policy documents, the controlled local government debt also mostly refers to hidden debt.

On April 18, 2018, the National Audit Office issued the “Announcement on the Results of Auditing the Tracking of the Implementation of Major National Policies and Measures in the Fourth Quarter of 2017”, saying that it was issued by six cities and counties in five provinces through violations of regulations.In lieu of borrowing in disguise, such as substituting engineering government purchase service agreements, and forming hidden government debt 154.

2.2 billion.

This is the first time that a specific number of government hidden debts has been released by a national auditing agency, but it is only the tip of the iceberg that reveals the large scale government hidden debts.

  The hidden debts are mainly concentrated at the city and county levels, mainly because these local governments cannot finance by issuing local debts, so they can only raise funds through urban investment bonds and hidden debts.

The China Financial Stability Report (2018) also confirms our indicator.

  (2) According to the sources of debt repayment funds, significant debts can be increased and further divided into general bonds and special bonds. According to 2014 No. 43 (that is, the “Opinions on Strengthening the Management of Local Government Debts”), local government debt is divided into generalDebts and special debts, of which the size of general debts and special debts are replaced by restricted management and full-caliber budget management, determined by the State Council and reported to the NPC Standing Committee for approval, and subregional reductions are approved by the Ministry of Finance at the first standing committee of the NPCThe scale of local government debt is measured and reported to the State Council for approval based on factors such as debt risks and financial conditions in various regions.

The so-called local government special bonds refer specifically to bonds issued by local governments according to specific projects and using government funds or special income corresponding to the projects as the source of principal and interest repayment.

  The difference between general bonds and special bonds is that local government general bonds mainly use general public budget revenue as the source of principal and interest payments, while local government special bond bonds are mainly government funds for specific projects or special income as the source of principal and interest payments.

Along with this, general debt revenue and expenditure require general public budget management, and special debt revenue and expenditure require government fund budget management.

  At this stage, the size of general bonds has reached nearly 11 trillion yuan, with maturities of 1 year, 3 years, 5 years, 7 years, 10 years, 15 years, and 20 years.

The special bonds have maturities of 1 year, 2 years, 3 years, 5 years, 7 years, 10 years, 15 years, and 20 years, and their scale has reached nearly 10 trillion yuan.

At present, there are mainly three types of special bonds: ordinary special bonds, special bonds issued by the Ministry of Finance beginning in 2014, and special bonds issued by the Development and Reform Commission from 2015.

Among them, the local government special bonds of the Ministry of Finance include the existing land reserve special bonds, toll highway special bonds, rail transit special bonds, shantytown reconstruction special bonds, education project special bonds, public college special bonds, scale allocation engineering special bonds, and ruralThere are 8 major categories, including the revitalization of special bonds, with a total of 669 bonds, and the scale has also reached 1.

About 7 trillion.

  The special bonds of the Development and Reform Commission currently include special bonds for the elderly industry, special bonds for strategic emerging industries, special bonds for the construction of urban parking lots, special bonds for the construction of urban underground comprehensive corridors, special bonds for the construction and transformation of distribution networks, and special bonds for incubation and incubation.A total of 281 bonds with a scale of 300.1 billion yuan.

  (3) Explicit debt is further divided into supplementary bonds and substitute bonds according to the purpose of the raised funds. If divided according to the purpose of the raised funds, the explicit debts of local governments can also be divided into supplementary bonds and substitute bonds. The supplementary bonds are mainly used forFor new project investment, replacement bonds are mainly used to replace the existing debt, and the replacement special bonds are even further divided into directional replacement and non-directional replacement, the so-called refinancing special debt (in popular terms, borrowing new and old).

  The replacement of local bonds was officially launched in early 2015, and the size of the replacement bonds was issued that year3.

2 trillion, after nearly 4 years of development, the size of the replacement bonds has now exceeded 14 trillion.

In particular, on May 12, 2015, the Ministry of Finance, Expansion, and the CBRC jointly issued a document (“Notice on Matters Concerning the Issuance of Local Government Bonds by Using Targeted Underwriting in 2015”), clarifying the replacement of stocks issued by the local government in 2015 by the Ministry of Finance.The bond restrictions internally used local underwriting to issue a certain amount of local debt. On May 18, Jiangsu Province took the lead in issuing 52.2 billion local bonds (30.8 billion for replacement bonds), which officially opened the prelude to local government replacement bonds.

  Third, the issue of local government special bonds: the issue of a large-scale increase in the issue of special bonds can also replace the function of existing debt, to a certain extent and the targeted downgrade in monetary policy to replace similar functions.

  (1) The summary of relevant policy documents issued by the State Council in 2014 issued Document No. 43, which proposed that local governments use government bonds to raise debt. The development of non-profit public welfare undertakings should be financed by the issuance of general bonds by the local government.Financing.
Eight policy documents have so far regulated the special bonds for local governments, and successively introduced eight types of special income bonds for projects.

  (II) Main motivations and shortcomings of special bonds for local governments1. Main motivations: Make local government debts significantly and market-oriented, and standardize local government debt financing mechanisms. We believe that there are the following main motivations and reasons: First, comparisonThe official statement is conducive to alleviating local fiscal tensions, strengthening government investment and financing capabilities through special government bonds, and enhancing local governments’ ability to promote economic growth.

In particular, the special bonds for project income can enable local governments to achieve the purpose of special funds while borrowing, which is conducive to standardizing local government financing mechanisms and making it easier to monitor local government debt and risk levels.

  Second, in order to make local government debt significantly and market-oriented, strengthen local government debt management.

It is now clear that the scale of the policy encourages local government bonds as a significant financing method, while the hidden debts are strictly controlled, and the policy constraints on local government financing platforms also show obvious importance.

  Third, local government special bonds are at least significant debts and still belong to interest rate debts. Investors ‘interest income can be exempted from income and replacement, and their issuance costs are usually replaced by local governments’ traditional financing methods, plus policies.The existence of sexual interest margin space has led to a significant increase in the investment value of local government special bonds and a serious decline in issuance.

  Fourth, although the special bonds of local governments are for special purposes and self-balancing of financing projects, they are actually the function of the government, especially for project income claims, which are not profitable during the conversion stage. Generally,Local government special bonds only solve a certain percentage of the funding sources (for example, the second single rail transit special bond issue of 1.8 billion is only 60% of the funding of Wuhan Metro Group).

  2. The main disadvantage: The degree of marketization is not enough. Because special bonds can correspond to specific projects one by one, there will be corresponding assets, income, cash flow and other information, so the pricing will be fairer.

Although policies and regulations have been preliminarily guided, special debt and general debt have continued to improve, and the specific projects of special debt have been mixed.

  Second, investors are not rich enough, and liquidity is lacking, that is, the secondary market has not really developed, nor has it been able to give full play to the incentives and constraints of market mechanisms such as credit ratings, information disclosure, and market-based pricing.Special investment relies more on the support of so-called policy spreads.

  At the same time, in addition to the above two shortcomings, the local government special bonds still have unclear positioning (such as the issuance of special bonds that takes the provincial government as the main body and cannot distinguish the credit status of the provincial and other city and county main bodies).

Taking into account that the main investment entities are mainly commercial banks, it means equivalent to providing financing to local governments through bank credit in disguise. If the subsequent risks are released, they will be further transferred to commercial banks, putting commercial banks under certain pressure.

  However, no matter what the local government’s special bonds currently lack, we should still see that the local government’s subsequent financing through special bonds is the trend. After all, for the government, this is the most transparent and explicit financing method.

Although it was just created in 2015, the subsequent annual issuance quotas have almost all increased by leaps and bounds, and the four-year issuance quotas in 2015-2019 are 0.

10 trillion yuan, 0.

40 trillion, 0.80 trillion yuan, 1.

35 trillion and 2.

The $ 15 trillion fracture shows the high-level recognition of local government bonds.

Especially in the context of the continuous economic downturn and the extremely complicated surrounding environment, special government bond preparations are expected.

  Fourth, local government financing platforms: At this stage, to meet reasonable financing needs, there are a total of 11,567 local government financing platform companies. Local financing platforms have been responsible for replacing local government financing for a long period of time.Can obtain loans from banks, non-standard financing from financial institutions, etc., and the main body of the local government financing platform is also located at the provincial, prefecture-level, county-level or below.

  (1) A total of 1,002 companies were classified and found, and only 2264 companies were found to be provincial credits (including provincial capitals and single-ranked cities), accounting for less than 1/5.

There are 6,175 credits at the prefecture level, accounting for about 56%, and more than 20% at the county level.

  (2) Zhejiang Province ranked first with 1,490 local financing platforms, Sichuan Province ranked second only to 780, Jiangsu Province ranked third and fourth and 710 Guangdong Province respectively.

  (3) It should be said that the local government financing platform of more than $ 1 trillion at this stage is a bit like the facts of the trust industry in the past, and will inevitably face relatively severe rectification. With reference to trust companies and local financial asset management companies, through mergers and reorganizations, etc.Ways to reduce the number of financing platforms in various provinces and cities and so on.

  (4) As the financing platform is also an existing enterprise to a certain extent, the financing platform is promoted through third-party guarantees and mortgages, “debt-loan portfolios”, the establishment of financing guarantee funds, and other means to increase debt financing and date social capital through the PPP model.Providing funds for financing platforms is also the main way to promote the transformation of financing platforms.

  V. Explanation of local government debt burden (1) The amount of bonds to be redeemed in 31 provinces, cities, and regions in the next three years: Partial local debt repayment pressure to resist We counted the government bonds and cities that need to be redeemed in 31 provinces and cities during the period of 2019-2021.The amount of bonds invested (excluding other hidden debts), and the ratio of corresponding fiscal revenue.

From the national average level, the amount of bonds repayable in 2019 accounts for the ratio of public financial revenue, and the ratio of bonds repayable in public funds in 2019-2021 and the ratio of public financial revenue to GDP are 28.

69%, 101.

06% and 12.

13%.

Among them, the amount of bonds (including local government bonds and urban investment bonds) to be repaid by 31 provinces and cities in the country in 2019, 2020 and 2021 will be 3 respectively.

18 trillion, 3.

45 trillion and 4.

57 trillion.

Considering that implicit debt is not divided here, the actual pressure may be much greater.

  1. The provinces and municipalities with a debt repayment ratio of more than 40% of public financial revenue in 2019 are Hunan (62.

58%), Jiangsu (59.

12%), Shaanxi (58.

45%), Yunnan (54.

97%), Qinghai (52.

13%), Chongqing (51.

55%), Guizhou (46.

27%), Guangxi (44.

39%), Tianjin (43.

28%), Sichuan (40.

21%) Wait for ten.

  2. In the next three years, Guizhou (249.

13%), Hunan (202.

39%), Yunnan (197%), Qinghai (187.

47%), Chongqing (185.

10%), Jiangsu (177.

81%), Shaanxi (160.

19%), Guangxi (159.

52%), Tianjin (153.

27%), Sichuan (146.19%), Gansu (134.

41%), Inner Mongolia (132.

42%), Hubei (128.

56%) and so on.

  3. The provinces and municipalities whose public fiscal revenue accounts for more than 10% of their GDP are mainly Jiangsu, Hunan, Shaanxi, Hubei, Henan, Hebei, Fujian, Guangxi and Qinghai.

  4. At present, the overall significant debt scale is close to 27 trillion yuan, and even according to 1: 1, the hidden scale of local government debt is also nearly 30 trillion yuan. Therefore, it should not be a problem for the local government debt scale to exceed 50 trillion yuan.But considering that 90 trillion yuan in GDP is currently only 11 trillion yuan in public financial revenue, the debt burden rate of local governments can be imagined.

  (II) Current stock bond balances and fiscal revenue in 382 regions: debts can only be repaid by borrowing new or replaced ones. Although fiscal revenue in many regions can cover bond fund expenditures in the next three years,Looking at the ratio of bond balance to its fiscal revenue, the pressure is very obvious.

Because only the provinces, provincial capitals, and planned cities have the qualifications to issue local government bonds, most of the financing in the other regions can only be issued through the urban investment platform. This also results in a large proportion of bond balances in fiscal revenue in many regions at this stage.Most can only be repaid by borrowing new or replacing them.

Therefore, from this perspective, it is necessary to keep financing costs low to solve the problem of local government debt.

  As of now, there are 117 provinces, municipalities, and regions with outstanding bond balances that exceed their fiscal revenue, and 14 regions have outstanding bond balances that exceed 10 times their fiscal revenue.

Dongcai Fund affiliated Dongcai Fund declares the first public offering of the Shanghai Stock Exchange 50 Index

Dongcai Fund affiliated Dongcai Fund declares the first public offering of the Shanghai Stock Exchange 50 Index

Dongcai Fund reports SSE 50 Index Fund Source: Investment Fund. Dongcai Fund reports SSE 50 Index Fund. 北京桑拿体验网 This should be regarded as the first fund of a fund company owned by Oriental Fortune. It also marks the initial completion of the closed loop of Oriental Fortune Finance.The fierce battle of index funds has gradually intensified, which has partially changed the structure of fund companies, and investors’ fund investment may also be changed to a certain scale.

  Dongcai’s first fund was introduced by the public, and the SSE 50 Index initiated fund.

  Unexpectedly, it makes sense.

  It is reasonable to say that when I announced the approval of the establishment of a fund company of Oriental Fortune last year, the index fund was the first choice of Oriental Wealth Fund.

  It was unexpected, but I did not expect to choose the Shanghai Stock Exchange 50 as a breakthrough point: 1. The Shanghai Stock Exchange 50 already has a super big brother, which has run more than 40 billion Huaxia Shanghai Stock Exchange 50 ETFs for more than ten years.The SSE 50ETF budget also exists.

Other fund companies also have multiple SSE 50 index funds, and sometimes E Fund’s SSE 50 ETF fee rate is zero management fee.

15%, hosting fee 0.

05% of the “20BP” fund.

  2. Although the SSE 50 acceptance is considered a super index, the acceptance is not as good as the CSI 300 Index and the CSI 500 Index.

  Fortunately, Dongcai directly issued OTC index funds, and ETFs will not be launched at 1:30.

  Changes: 1. The follow-up products impacted Oriental Fortune to establish a fund company and won the license of the fund company. It will definitely not issue only one bird index fund, and then it will definitely issue multiple index funds.

  If only one fund is issued, there is nothing to worry about. I estimate that other index funds such as CSI 300 and CSI 500 will be issued in the future, exacerbating the already fierce index fund battle.

  2. The financial closed loop Oriental Fortune now has Dongcai website, Tiantian Fund, Dongcai Futures, Dongcai International, Dongcai choose financial terminal, stock bar fund and many other businesses. Last year the fund company was officially approved, and now it is reported to the fundBasically, the financial industry chain has been opened, and the financial and economic closed loop has been achieved. I personally estimate that it is also a good thing for Dongcai.

  3. Tiantian Fund Tiantian Fund is an important fund Internet sales channel. If there are brothers’ index fund sales, do other fund companies have to consider how to face the shock?

Can other sales platforms try their best?

  4. Subsequent competitors are now becoming increasingly fierce in the index fund war. The original CSI dividend index without an ETF for more than a decade. The CSI 800 index is facing competition from three major companies. After Oriental Fortune joined the battle, such competition will become more intense.Will some small and medium fund companies be forced to withdraw from the competition of index funds?

  Now look at the competitors of the index fund. In addition to the existing large and medium-sized companies, Dongcai Fund has reported the fund. The National ETF of Tianhong Fund has begun. The Tianhong GEM ETF has just completed its fundraising.On the way, the drama of index funds may have just begun.

  5. Investors’ new choices Before, they bought funds in Tiantian Fund. Now Tiantian Fund’s brother company, Dongcai Fund, has released an index fund. Do investors have new options?

[Sea cucumber grilled trotters]_ stewed trotters _ how to make

[Sea cucumber grilled trotters]_ stewed trotters _ how to make

Seafood is rich in protein and other nutrients needed by the human body.

The trotters are delicious at all, and eating more trotters has the effect of beauty and moisturizing.

The dishes made with pork trotters and seafood together are naturally nutritious and healthy.

Sea cucumber is one of many seafood. After going through some necessary steps, sea cucumber and pork trotters can make delicious sea cucumber and pork trotters. Here are some specific methods.

Ingredients: trotters, water and sea cucumber ingredients: onion section, red pepper section, green pepper section, seasoning salt, monosodium glutamate, cooking wine, sugar, starch method 1. Cut the trotters into pieces with a knife and cook with water for use.

The sea cucumber is changed into sections with a knife and removed with water. 2. Fry the spoon into the base oil, use the onion section to shabu, add the processed trotters and sea cucumber, the red pepper section, the green pepper section, add water and boil.Then add salt, monosodium glutamate, sugar, and cooking wine, and simmer over low heat until taste and starch are thickened.

Ingredients trotters, sea cucumber.

Ingredients shallot segment, red pepper segment, green pepper segment.

Seasoning salt, MSG, cooking wine, sugar, starch.

Chop the trotters into pieces with a knife and cook with water for later use.

The sea cucumber is changed into a segment with a knife, and it is removed with water. The frying spoon is added to the base oil. The onion segment is used for the wok. Add the processed trotters and sea cucumber, the red pepper segment and the green pepper segment., Monosodium glutamate, sugar, cooking wine, use low heat to taste, starch thicken, point in the oil and spoon.

Ingredients: 500 grams of trotters, 200 grams of sea cucumber, 25 grams of soybean sprouts, onion segments, 10 grams of ginger slices, 10 grams of cooking wine, 3 grams of salt, 1 gram of MSG, and 0 pepper.

5 grams, 1000 grams of clear soup, 5 grams of sesame oil, 2 grams each of cloves, peppercorns, 5 grams each of star anise, cinnamon, 8 grams of tangerine peel.

Practice 1, cure sea cucumber.

The trotters are cleaned, split from the middle bone along the seam, chopped from the joints, cut into pieces, and drained in a boiling water pot.

Cloves, peppercorns, star anise, cinnamon, and rind are boiled in a broth and boiled for about 10 minutes.

Put the shallots, ginger slices, cooking wine, pork trotters and boil until simmered.

2. Pick out the shallot segments, and ginger slices are not used.

Add soy sprouts, boil the salt and simmer slightly.

3, boil the sea cucumber, stew until the sea cucumber soft waxy, add monosodium glutamate, pepper, out of the pot into the soup bowl, drizzle with sesame oil to serve.

Tips Features bright color, soft and waxy taste, mellow soup, nutritious.

Efficacy Pig trotters contain a type of collagen, which is the main component of the tendons and ligaments of the human body, and also an important component of the skeletal framework.

When the human body lacks collagen, it will cause atrophy of senile organs, reduce elasticity, and make the human body aging.

Soy is rich in protein, calcium, iron, etc.

Sea cucumber is rich in nutrients, and is a nourishing product, beneficial to essence and blood, nourishing kidney qi, and moistening intestines.

This section may have kidney and impotence, moisturize the tendon and spleen, improve the essence and fill the medullary body. It has a therapeutic effect on those with deficiency of essence and blood, weakness of limbs, weakness of the waist and knees, loss of appetite, and kidney deficiency and impotence.

Operation Tips After seasoning such as cloves into the pot, boil over high heat, cook over low heat, and remove the residue.

The trotters must be shaved off the fat on the skin, otherwise there will be a strange smell after cooking.

Slowly simmer over low heat.

[Is there a difference between Beijing onions and green onions]

[Is there a difference between Beijing onions and green onions]

Both the spring onion and spring onion contain a pungent flavor, so the spring onion and spring onion can play a significant role in removing fishy taste.

Eating more shallots is actually very beneficial to the human body. The shallots contain some special ingredients that can penetrate and sterilize and promote the effect of human appetite.

But the extra people will feel confused. Will the two varieties of Beijing spring onions and green spring onions be the same type?

The scallion is the scallion in daily life.

Jing Scallion (Green Onion) contains protein, sugars, trace amounts, glucose, carotene, but also malic acid, phosphate sugar, vitamin B1, vitamin B2, vitamin C, iron, calcium, magnesium and at least a part.

The picture of Beijing spring onion is as follows: In terms of taste, Beijing spring onion is also continuous green onion, and the edible effect is very good.

The regular consumption of Beijing spring onions has the effect of nourishing yin and yang, so there is a saying in the folk that eating one spring onion and one winter.

Of course, the onion is not just as simple as the effect of nourishing yin and aphrodisiac. Onion can inhibit bacteria and promote appetite, reduce cholesterol, prevent cancer and dilate blood vessels.

And the spiciness of Beijing spring onions (scallions) is far more than that of green onions.

Extended information: The original introduction of the green onion species can be traced back to the record in the famous book “Guanzi” of the Warring States Period: “Yonggong five years, the northern expedition of the mountain, the winter onions and pepper, the world of cloth”, Qi Qi five years, Roughly equivalent to 681 BC, this time is also the start of green onion cultivation in Zhangqiu area.

It can be inferred that green onions have been planted in Zhangqiu area for nearly three thousand years, and were originally introduced from the northwestern integration area.

In the Ming Dynasty Jiajing 9th year (1530), “Zhangqiu County Chronicle” also recorded the cultivation of green onions, and recorded four poems handed down from the farmers at the time: “Daming Jiajing Ninth Anniversary, the girl fairy spring onion in Longting, Long liveThe praise is sweet and crisp, the king of the onion is imperial seal “, which shows that in the Ming Dynasty, Zhangqiu green onions were crowned as the king of green onions. Green onions have been commonly planted in the Zhangqiu area and used as tribute.