General Office of Guangdong Provincial People’s Government on Promoting and Standardizing

Implementation opinions on the application and development of big data in health care

People’s governments at the local level and listed, people’s governments of counties (cities, districts), departments and institutions directly under the provincial government:

　　In order to implement the Guiding Opinions of the General Office of the State Council on Promoting and Standardizing the Application and Development of Big Data in Health Care (Guo Ban Fa [2016] No.47), adapt to the development trend of big data technology, promote and standardize the integration, sharing and open application of big data in health care, improve the medical service capacity and improve the health level of the people, with the consent of the provincial people’s government, we hereby put forward the following implementation opinions.
　　I. General requirements

　　(1) Guiding ideology. We will fully implement the spirit of the 18th CPC National Congress and the Third, Fourth, Fifth and Sixth Plenary Sessions of the 18th CPC Central Committee, thoroughly implement the spirit of the series of important speeches by the Supreme Leader General Secretary and the new ideas, new ideas and new strategies for governing the country, conscientiously implement the decision-making arrangements of the CPC Central Committee, the State Council, the provincial party committee and the provincial government, adhere to the concept of innovation, coordination, green, openness and shared development, take the protection of people’s health as the starting point, adhere to people-oriented, innovation-driven, standardized, orderly, safe and controllable, The principle of open integration, co-construction and sharing, consolidate the grassroots foundation, improve the policy system, innovate the working mechanism, vigorously promote the interconnection, integration and open sharing of government health care information systems and public health care data, fully stimulate the innovation vitality of health care big data, explore new applications of data, innovate new service models, foster and develop new formats, provide strong support for building a strong health province and a healthy Guangdong, and make positive contributions to achieving the goal of "three orientations and two firsts".
　　(2) objectives and tasks.
　　—— By the end of 2017, a provincial-level comprehensive health information management platform with complete functions and unified authority will be initially established to realize interconnection with the national population health information platform. Realize the interconnection between the provincial drug bidding and purchasing business application supervision platform and the national drug supply security comprehensive management information platform.
　　—— By the end of 2018, all the listed and county (city, district) national health information comprehensive management platforms have been built at all levels, and connected with provincial platforms, forming an efficient and unified network covering all kinds of medical and health family planning institutions at all levels, and realizing business application interconnection, information sharing and effective collaboration.
　　—— By the end of 2020, the province’s health care data will be shared with basic data resources such as population, legal person, spatial geography and environment across departments and regions, and the data fusion application in medical care, medicine, medical insurance and health-related fields will achieve remarkable results, and the new format of health care big data application will flourish, initially forming a health care big data industry system. Health care big data application standard system, data security and privacy protection system, relevant policies and regulations have been continuously improved, the quality of health care services has been significantly improved, and the people have received more benefits.
　　Second, accelerate the construction of a shared and open health care big data application infrastructure system.

　　(1) Accelerate the construction of "one network, three platforms and three databases". Strengthen the top-level design and implement the Guangdong "Healthy Cloud" service plan. Integrate and utilize existing facilities and resources such as e-government extranet, network operator network and government cloud resources, and accelerate the construction to form a private network for health care services covering provinces, cities, counties (districts), townships (towns) and villages (residences). We will build a unified and authoritative comprehensive management platform for national health information at the provincial, municipal and county levels, connect all kinds of medical and health institutions at all levels, and strengthen data collection, integrated sharing and business collaboration of application information systems such as public health, family planning, medical services, medical security, drug supply and comprehensive management. Strengthen the maturity evaluation of interconnection of the comprehensive management platform of national health information at city and county levels, and improve the level of interconnection. Establish three unified databases of the whole province, namely, full population, electronic health records of residents and electronic medical records, and build a provincial-level national health big data center with the three databases as the core. (Provincial Health and Family Planning Commission, Development and Reform Commission, the municipal people’s government is responsible for all localities, and the Provincial Economic and Information Commission, the Public Security Department, the Department of Finance, the Department of Human Resources and Social Security, and the Food and Drug Administration cooperate, and the first department is the lead department, the same below)
　　(two) to speed up the upgrading of medical and health institutions information system. Accelerate the transformation and upgrading of the information system of medical and health institutions with electronic medical records as the core, reduce repeated investment and improve the efficiency of information construction. To break the data chimney formed by vertical business information system and the data island formed by isolated business information system, the information systems of medical and health institutions at all levels should all be connected with the comprehensive management platform of national health information of provinces, cities and counties, and realize data fusion within medical and health institutions and data sharing between medical institutions and between medical institutions and public health institutions. Strengthen the maturity of information system interconnection and evaluation of the application level of electronic medical record system in medical and health institutions, and improve the application level of electronic medical record. (Provincial Health and Family Planning Commission, the municipal people’s governments at all levels are responsible, and the Provincial Development and Reform Commission, the Economic and Information Commission, the Finance Department and the Human Resources and Social Security Department cooperate)
　　(3) Establish a mechanism for the collection, sharing and opening of health care data.
　　Promote the interconnection of the government health care information system with the three databases of the whole province’s population, residents’ electronic health records and electronic medical records, share data, and cooperate with business applications efficiently. Effectively collect data on medical services, traditional Chinese medicine, biomedicine, insurance supervision, research and development and management of drugs and medical equipment, inspection and quarantine, public health, population management, education and scientific research, food and agriculture, meteorological environment, physical fitness, etc., support management model innovation and e-government development, and realize the collection of health care data, business matters and health decision-making on the platform. (Provincial Health and Family Planning Commission, Economic and Information Technology Commission are responsible, and all relevant units cooperate)
　　Combined with the needs of the "one-door, one-network" government service model, we will further promote the sharing of government data related to population and health, and smooth the data sharing channel. The establishment of centralized management of health and family planning departments, Chinese medicine, development and reform, education, science and technology, economy and informatization, public security, civil affairs, human resources and social security, environmental protection, agriculture, commerce, safety supervision, inspection and quarantine, food and drug supervision, sports, statistics, tourism, meteorology, insurance supervision, Disabled Persons’ Federation and other departments closely cooperate with the regular exchange and sharing mechanism of health and medical data. (Provincial Health and Family Planning Commission, Economic and Information Technology Commission are responsible, and all relevant units cooperate)
　　Strengthen data quality management, establish and improve the standards of health care data collection, cleaning, warehousing and storage, establish a data quality evaluation mechanism, insist on controlling data quality from the source, and ensure that health care data is legal, authentic, effective and available. Explore the development of desensitization and opening methods for residents’ health care privacy information, build and improve the open platform for health care data, smooth the open channels of data, and steadily promote the opening of health care big data. Explore the establishment of Guangdong health care data resource catalogue system, and make a good connection with the national health care data resource catalogue. (The Provincial Health and Family Planning Commission is responsible, and the Provincial Development and Reform Commission, the Economic and Information Commission and the Legislative Affairs Office cooperate)
　　Third, comprehensively deepen the application of big data in health care

　　(1) Promote the application of governance big data in the health care industry.
　　Establish and improve the monitoring and evaluation index system and evaluation model for deepening the reform of medical and health system, realize real-time monitoring of key indicators such as medical service price, medical insurance financing and payment, control of residents’ medical burden, and drug use, deepen the accurate evaluation of the reform effect of medical and health system, and improve the pertinence and effectiveness of reform decisions. Strengthen the application of evaluation and monitoring results, and promote the formation of a new model of health management decision-making based on data, such as industry supervision, performance evaluation, input compensation and personnel compensation. (Responsible for the Provincial Health and Family Planning Commission, with the cooperation of the Provincial Development and Reform Commission, the Department of Finance and the Department of Human Resources and Social Security)
　　Open the data channel between medical institution management information system and clinical information system, integrate and analyze clinical, operation, cost accounting and quality evaluation data, build an evaluation system of medical institutions with comprehensive information, scientific evaluation, authoritative conclusion and timely update, improve the authority and credibility of evaluation results, and link it with hospital evaluation, fund allocation, performance pay, etc., promote the deepening of public hospital reform, improve modern hospital management system, and promote the improvement of hospital operation management level and medical service quality. (Responsible for the Provincial Health and Family Planning Commission, with the cooperation of the Provincial Development and Reform Commission, the Department of Finance and the Department of Human Resources and Social Security)
　　We will improve the monitoring mechanism for the income composition and changing trend of medical institutions, such as medical care, medicines and medical consumables, and cooperate with business information such as medical service price, medical insurance payment, bidding and purchasing of medicines and medical consumables, drug use and medical expense control, strengthen the monitoring and early warning of anti-fraud of medical insurance, and promote the joint reform of medical care, medical insurance and medicine. Accelerate the integration of comprehensive supervision information on health and family planning, realize the interconnection between comprehensive supervision and law enforcement information and health care related information systems, and improve the level of industry supervision. (The Provincial Health and Family Planning Commission is responsible, with the cooperation of the Provincial Development and Reform Commission, the Economic and Information Commission, the Department of Finance, the Department of Human Resources and Social Security, the Food and Drug Administration and the Bureau of Traditional Chinese Medicine)
　　(2) Promote the application of big data in clinical medical care and scientific research. Make full use of national key clinical specialties, provincial key clinical specialties, national and provincial key laboratories and other advantageous resources, rely on the National Clinical Medical Research Center, the National Traditional Chinese Medicine Data Center and the collaborative research network, base on South China, face Hong Kong, Macao and Taiwan, and radiate to Southeast Asia, and build a number of regional clinical medical data demonstration centers in the directions of cardiovascular and cerebrovascular diseases, tumors, geriatric diseases, respiratory diseases, nephropathy, reproduction, orthopedics, hepatobiliary, pediatrics, maternal and child health care, occupational diseases and traditional Chinese medicine. Strengthen the integration and sharing of clinical medicine and basic medical research data resources, and improve the transformation and application efficiency of medical research. Relying on clinical medical data demonstration center, integrating medical service data, drug research and development evaluation and management data, traditional Chinese medicine data and biomedical data, developing clinical decision support system to support clinicians to improve work efficiency and diagnosis and treatment quality. Promote the application of biomedical technologies such as gene chip and sequencing technology in genetic disease diagnosis, early cancer diagnosis and disease prevention and detection, realize the effective docking of genome information and electronic medical records, and promote the development of precision medical technology. Establish a genome database and a database of specialized subjects and diseases, and promote the research and application of disease markers. Create a number of precision medical specialties and precision medical pilot hospitals. (The Provincial Health and Family Planning Commission and the Chinese Medicine Bureau are responsible, and the Provincial Development and Reform Commission, the Economic and Information Commission, the Science and Technology Department and the Food and Drug Administration cooperate)
　　(3) Promote the application of public health big data. Promote the interconnection between various national special newspaper information systems and the comprehensive management platform of national health information at the provincial, city and county levels. We will improve information systems such as immunization planning, online direct reporting, online first aid, management and treatment of severe mental disorders, prevention and control of occupational diseases, early warning and decision-making of public health risks at ports, and the application functions of mobile emergency business platforms, so as to enhance the ability of public health monitoring, evaluation and decision-making management. Integrate social network public information resources and improve the early warning mechanism of disease-sensitive information. Strengthen cooperation with the World Health Organization, international and public health institutions in Hong Kong, Macao and Taiwan, carry out research on the frontier technology of public health information, early warning and prediction research on the risk of sudden acute infectious diseases of international concern, and timely grasp and dynamically analyze the international public health risks such as the disease occurrence trend of the whole population and the global epidemic information of infectious diseases. Promote the information acquisition and information sharing of entry personnel in countries and regions where the epidemic broke out in advance, strengthen the business cooperation of inspection and quarantine, public health, foreign affairs, commerce, tourism, customs, port border inspection, maritime affairs, medical care, civil aviation, port services, railways and other units, prevent and control the imported epidemic, and improve the early warning and emergency response capabilities of public health emergencies. Promote the sharing of monitoring data of drug use, environmental sanitation, epidemiological factors monitoring, insect vector monitoring, drinking water, health hazard factors, port medical vector biology, nuclear biochemistry, food, meteorology, inspection and quarantine, sports, tourism and other industries, and effectively evaluate social factors affecting residents’ health by relying on residents’ electronic health records and electronic medical record databases.Carry out biological monitoring of key infectious diseases, occupational diseases, imported infectious diseases at ports and medical vectors, integrate multi-source monitoring data of infectious diseases and occupational diseases, establish a rapid identification network system for laboratory pathogen detection results, and improve the ability to prevent and control major diseases. (The Provincial Health and Family Planning Commission is responsible for the cooperation of all members of the joint meeting of the provincial prevention and control of major diseases)
　　(4) Promote the application of big data in traditional Chinese medicine. We will build a provincial platform for the management and utilization of big data resources of traditional Chinese medicine, a cloud platform for health information in TCM diagnosis and treatment areas, and a management information system for chronic diseases with TCM characteristics, health services and prevention of diseases. Improve and perfect the standards related to the analysis and application of big data of traditional Chinese medicine, build a big data center of traditional Chinese medicine and a database of diagnosis and treatment technology of traditional Chinese medicine covering medical treatment, prevention, health care, health preservation, rehabilitation, Chinese herbal pieces, Chinese patent medicines and hospital preparations, promote the application development of semantics of traditional Chinese medicine, data analysis and mining, intelligent diagnosis and treatment, knowledge management, vigorously develop "internet plus Traditional Chinese Medicine", realize diversified collection and in-depth analysis of big data resources of traditional Chinese medicine, and promote the convenience and benefit of smart Chinese medicine. Develop value-added services of TCM data resources and innovative services of TCM, and promote collaborative research on major diseases of TCM. (The Provincial Bureau of Traditional Chinese Medicine is responsible, with the cooperation of the Provincial Health and Family Planning Commission, the Development and Reform Commission, the Economic and Information Commission, the Science and Technology Department, the Civil Affairs Department, the Finance Department, the Culture Department and the Tourism Bureau)
　　(5) Cultivate new formats for the application of big data in health care. Strengthen key technologies such as storage and cleaning of massive data in health care, analysis and mining, and security and privacy protection. Accelerate the integration and innovation of health care data and new generation information and communication technologies such as cloud computing and big data, promote the deep integration of health care business and big data technology, and accelerate the construction of health care big data industry chain. Actively encourage social forces to innovate and develop health care business, and take various measures to support the development of health care service industry. Develop home health information services, standardize services such as online pharmacies and third-party distribution of medical logistics, and continuously promote the coordinated development of health care and health care, pension, housekeeping and other service industries. Promote the development of Chinese medicine, health care, health management, health consultation, health culture, physical fitness, health medical tourism, healthy environment, healthy diet and other industries. (The Provincial Health and Family Planning Commission is responsible, with the cooperation of the Provincial Economic and Information Technology Commission, Science and Technology Department, Civil Affairs Department, Culture Department, Sports Bureau, Tourism Bureau and Chinese Medicine Bureau)
　　(six) the development and promotion of digital health care intelligent equipment. Support the research and development of artificial intelligence technology, biological three-dimensional (3D) printing technology, medical robots, large-scale medical equipment, health and rehabilitation AIDS, wearable devices and related micro-sensor devices related to health care, accelerate the transformation of research and development results, improve the production and manufacturing level of digital medical equipment, Internet of Things equipment, smart health products, Chinese medicine functional status detection and health care instruments and equipment, and promote the upgrading of health care intelligent equipment industry. (The Provincial Economic and Information Technology Commission is responsible, with the cooperation of the Provincial Development and Reform Commission, the Health and Family Planning Commission, the Science and Technology Department, the Quality Supervision Bureau and the Bureau of Traditional Chinese Medicine)
　　Fourth, standardize and promote the development of "internet plus Health Care"

　　(a) the development of smart health care services for the convenience of the people. Integrate online and offline resources, and establish a "internet plus Health Care" service, payment and credit, health management and promotion system. Vigorously promote the application of Internet health consultation, online appointment and triage, mobile payment, intelligent guidance, whole process reminder and inspection results inquiry, follow-up, satisfaction feedback of medical industry and institutions, and form a standardized, shared, mutual trust and convenient health care service process. Develop third-party online health survey, consultation and evaluation, health management, health education and other application services to promote the quality of health care services. Promote the construction mode of new network hospitals such as online hospital, Pocket Hospital and Cloud Hospital, develop Internet hospitals, and promote online registration of birth. Based on residents’ electronic health records, integrate residents’ health management and medical information resources, and carry out electronic health information services covering the whole life cycle of prevention, treatment, rehabilitation and health management. Vigorously promote mobile payment of medical insurance, combine online service hall, mobile APP, WeChat and other means to carry out data integration and information sharing, expand the application of social security cards in the field of medical insurance, and realize medical services such as medical registration, inquiry of electronic medical records and health records, and direct settlement of medical expenses. Promote a healthy lifestyle, encourage residents to activate electronic health records, electronic medical records and other applications, and improve residents’ self-health management ability. (The Provincial Health and Family Planning Commission and the Human Resources and Social Security Department are responsible, and the Provincial Economic and Information Technology Commission and the Bureau of Traditional Chinese Medicine cooperate)
　　(2) Establish a telemedicine application system in an all-round way.
　　Build a telemedicine system connecting the third-class first-class hospitals and county hospitals in eastern, western and northern Guangdong. With county-level hospitals as the hub, a telemedicine network extending to township hospitals, community health service centers and conditional village health stations will be built, and the telemedicine coverage of various medical institutions at all levels will be gradually realized, and telemedicine services such as remote consultation, remote pathological diagnosis, imaging diagnosis, ECG diagnosis, monitoring guidance, surgical guidance and distance education will be carried out. Strengthen the connection of the province’s telemedicine network with other provinces, international academic institutions and well-known foreign medical institutions, and develop inter-provincial and international telemedicine. (Responsible for the Provincial Health and Family Planning Commission, with the cooperation of the Provincial Development and Reform Commission, the Economic and Information Commission, the Department of Finance and the Department of Human Resources and Social Security)
　　Construction of regional pathology, imaging, ECG diagnosis center, further improve the mutual recognition mechanism of inspection results, and realize the interconnection and sharing of inspection results. Formulate telemedicine service prices, medical insurance payment policies and quality management systems to promote the normal operation of telemedicine systems. Promote data resource sharing and business collaboration between high-level hospitals and primary medical and health institutions, general practitioners and specialists. Open up the data channel between health management, disease treatment and rehabilitation, and accelerate the construction of a graded diagnosis and treatment information system based on the Internet and big data technology in accordance with the requirements of "first diagnosis at the grass-roots level, two-way referral, rapid division and treatment, and linkage from top to bottom". (The Provincial Health and Family Planning Commission and the Bureau of Traditional Chinese Medicine are responsible, and the Provincial Development and Reform Commission, the Economic and Information Commission, the Finance Department and the Human Resources and Social Security Department cooperate)
　　(3) Promote the application of health care education and training. Relying on the national health care education and training network, explore the establishment of internet teaching mode and method, and build an open internet health care education system. Integrate online and offline high-quality online education resources, carry out health care popularization education for the public and carry out vocational continuing education for health care practitioners. Encourage higher-level hospitals to establish remote training networks with counterpart hospitals and graded diagnosis and treatment medical institutions, organize remote surgery teaching, and improve the ability of primary medical and health services. Explore the establishment of a general practitioner training model based on the Internet, expand the scale of general practitioner training, and ensure the quality of general practitioner training. Promote the open sharing of health care education resources. (Responsible for the Provincial Health and Family Planning Commission, with the cooperation of the Provincial Development and Reform Commission, the Economic and Information Commission, the Education Department, the Finance Department and the Bureau of Traditional Chinese Medicine)
　　Fifth, improve the health care big data guarantee mechanism

　　(1) Improve laws, regulations and standards. Establish a management system of "graded authorization, classified application and consistent powers and responsibilities", strengthen the standardized management of residents’ health information services, clarify the right to use information, and effectively protect the legitimate rights and interests of all parties. Formulate and improve data management, data and information system security and health data privacy protection systems, and clarify the boundaries, responsible subjects and specific requirements of data collection, transmission, storage, use and opening. Strengthen the protection of information related to national interests, public safety, personal privacy, population genes, etc., and prevent data abuse and privacy disclosure. Follow the national information standards and norms, establish a health care information standards and norms system, and promote the standardization of health care big data products and service processes. Strengthen the evaluation of standard application level and improve the standard application level. (Responsible for the Provincial Health and Family Planning Commission, with the cooperation of the Provincial Development and Reform Commission, the Economic and Information Commission, the Quality Supervision Bureau, the Legislative Affairs Office and the Bureau of Traditional Chinese Medicine)
　　(2) Strengthen the security of health care data. Strengthen the classified management of health care data. The implementation of real-name registration system for residents’ health care services and the use of real-name management for health care data. We will build and improve a unified medical digital identity, electronic real-name authentication and data access control information system for medical and health workers and medical and health institutions in the province, actively promote the application of electronic signatures, and establish a health care data management model with traceable service management, safe operation of diagnosis and treatment data and multi-party cooperation. Adhere to both content security and technical security, and ensure that the regional national health information comprehensive management platform, data exchange network and key information systems are independently controllable, stable and safe. Carry out the reliability, controllability and security evaluation of big data platforms and service providers, as well as the security evaluation and risk assessment of applications, and establish software evaluation and security review systems such as security protection, system interconnection and sharing, and citizen privacy protection. Establish and improve the safety working mechanism of "internet plus Health Care" service, strengthen the safety monitoring and early warning of big data, strengthen the linkage between safety information notification and emergency response, improve the measures to resolve and respond to potential risks, strengthen the protection of important information involving national interests, public safety, patient privacy, business secrets and so on, and strengthen the information security protection of medical schools and scientific research institutions. Strengthen information security protection in cross-border exchanges and cooperation and cooperation between government and social capital. (The Provincial Health and Family Planning Commission is responsible, and the Provincial Development and Reform Commission, the Economic and Information Commission, the Public Security Department, the Human Resources and Social Security Department, the Intellectual Property Office and the Internet Information Office cooperate)
　　(three) to strengthen the construction of health care information compound talent team. Taking "digital doctors" as the training goal, we will formulate the development plan of health care informatization talents and strengthen the discipline construction of medical informatics. Establish and improve the training system of medical informatics talents, focus on cultivating high-level and compound medical information R&D talents and scientific research teams, and cultivate a group of internationally influential medical professionals, academic leaders and industry leaders. Encourage and support institutions of higher learning, health care institutions, industry associations and health care information enterprises to establish educational practice and training bases, closely follow the development needs of the health care big data industry, carry out continuing education and training, and promote the training and team building of health care big data talents. Smooth the career development channel of medical information talents and expand the development space of medical information talents. Orderly promote talent and technology exchanges and cooperation in the development of big data application in health care. (The Provincial Health and Family Planning Commission is responsible, and the Provincial Development and Reform Commission, the Economic and Information Commission, the Education Department, the Finance Department and the Human Resources and Social Security Department cooperate)
　　Sixth, strengthen the organization and implementation

　　(1) Strengthen overall coordination. All localities should establish a working pattern of government leadership, multi-party participation, resource sharing and coordinated promotion. According to the requirements of this implementation opinion, they should put forward the implementation plan of their own regions, clarify specific tasks, and ensure that all measures are implemented. The evaluation results such as the construction of comprehensive management platform for national health information, the maturity of interconnection, the quality of health care data, and the application level of electronic medical records in medical institutions are included in the evaluation of deepening the reform of medical and health system in the province and the evaluation of strong health cities. The Provincial Health and Family Planning Commission should take the lead in establishing a joint conference system to promote and standardize the application and development of big data in health care, strengthen the overall coordination of research and development, new format construction and application promotion of big data technology in health care in the province, and promote the implementation of key tasks. All relevant units should closely cooperate and form a joint force to strengthen support for the development of big data applications in health care. Promote the integrated development of military and civilian health care big data, and promote the standardization, interoperability and collaborative application of military and local health care data. (The municipal people’s government and the provincial health and family planning commission are responsible for all localities, and all relevant units cooperate)
　　(2) Focus on key breakthroughs. All localities should focus on solving the problem of big data application infrastructure construction, accelerate the construction of a comprehensive management platform for national health information at the city and county levels, and accelerate the progress of information system transformation and upgrading of medical and health institutions. Starting from the areas urgently needed by the masses, we will implement the health care big data demonstration project, focusing on promoting the application of big data such as health care, industry governance, clinical medical care and scientific research, public health and traditional Chinese medicine in internet plus. Vigorously support the introduction, digestion, absorption and re-innovation of advanced technologies of health care big data, and focus on developing the health care big data industry chain. Select a number of areas and fields with good basic conditions, high work enthusiasm and guaranteed privacy and security to carry out the pilot application of big data in health care, sum up experience in a timely manner, and make solid and orderly progress. (The Provincial Health and Family Planning Commission and the Finance Department are responsible, and the Provincial Development and Reform Commission, the Economic and Information Commission and the Science and Technology Department cooperate)
　　(3) Increase policy support. Promote the use of government and social capital cooperation (PPP) model to encourage and guide social capital to participate in the infrastructure construction, application development, operation and maintenance services and industrial chain construction of health care big data. Encourage medical and health institutions to cooperate with enterprises, institutions and social institutions, and explore ways to achieve the integration of government applications and social applications in the field of health care big data through government procurement and social crowdsourcing. Encourage innovative diversified investment mechanisms, improve risk prevention and supervision systems, and support the development of health care big data applications. Support qualified health care big data enterprises to go public for financing or issue corporate bonds, connect with multi-level capital markets, and use various financing tools for financing. (The Provincial Health and Family Planning Commission and the Finance Department are responsible, and the Provincial Development and Reform Commission, the Economic and Information Commission, the Science and Technology Department, the Finance Office and the Guangdong Securities Regulatory Bureau cooperate)
　　(4) Strengthen policy propaganda. Strengthen the interpretation of health care big data application development policies, vigorously publicize the significance and application prospects of application development, actively respond to social concerns, and form a good social atmosphere. Actively guide medical and health institutions and social forces to carry out various forms of popular science activities, publicize and popularize the application knowledge of big data in health care, and continuously improve the people’s ability to master relevant applications and health literacy. (The Provincial Health and Family Planning Commission is responsible and all relevant units cooperate)

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General Office of Guangdong Provincial People’s Government

February 8, 2017

Author Liu Yan

Editor Xin Ling

Toutu. com

After a wave of unrest, Gao Wei fell into a storm of public opinion again.

First, it was rumored that the consumer group was "indiscriminately laying off employees". After Gao Yan’s urgent rumor, it was rumored that some of its projects were "frequently looking for buyers", "selling a lot of assets" and "looking for a takeover man" … and then the market conveyed various speculations.

In response to the so-called "selling assets" in the market, Gao Yan responded to the entrepreneurial state and said: "International markets such as Coller Capital and TR Capital are all mature players in the S market. S-transactions are more often about the continuation of assets than the simple sale of assets. In the simplest way, the seller who sells the share is not a VC/PE institution, but a share transfer between LPs. Before and after the asset package transaction, the GP share remains unchanged. That is to say, the so-called’ high-selling assets’, in essence, the share transfer between high-selling LP is not high-selling assets.

At the same time, according to the entrepreneurial state, Gao Yan is also setting up a special S fund team. Gao Wei said: "S trading has two meanings for Gao Wei. On the one hand, it can serve our LP and help the existing LP to better grasp the exit rhythm. At the same time, we are also very optimistic about the investment opportunities in the S market. For the long-term optimistic areas, we can either invest in new shares or intervene in the S fund. We believe that S trading, as a new tool, has great market potential and promotes venture capital. "

Let’s not comment on the deep-seated reasons behind Gao Ling’s trading in S, but from the feedback of the market, do we really know S funds?

The answer may not be.

As far as the incident itself is concerned, "Gao Yi sets up S fund team" has been misunderstood by the market as "Gao Yi sells assets". The so-called "high-selling assets" in the market is actually the share transfer between high-selling "LP", which can make the old LP get liquidity and withdraw early, but high-selling is still the holder of assets, and its share of assets remains unchanged.

When Gao Ying set up the S fund, it appeared as a buyer in the S transaction, and they would buy fund shares, investment portfolios or investment commitments from other investors.

We can see that Gao Ling, as an important weather vane, has begun to focus on the hidden opportunities in S trading.

The fundamental reason why the market has misunderstood Gao Ling’s fund is that many people confuse the concepts of S fund and S trading, and think that S fund is only an exclusive game dominated by LP, and GP with operational problems will passively participate. Even most GPs deliberately stay away from the S fund, which seems to have the label of "disposal of non-performing assets", for the sake of brand protection.

In fact, S trading is a good tool to help GP "make money". More and more foreign GPs take the initiative to use S trading as a tool to solve the problems of raising funds, withdrawing, optimizing LP structure, asset management, adjusting investment strategy and withdrawing cash.

After more than 20 years’ development, this innovative financial instrument has entered a milestone development abroad. The landmark event is that in 2021, the GP-led S transaction exceeded the LP-led transaction scale for the first time, and it showed a sustained growth trend. According to the latest data of Jefferies in the United States, the transaction volume dominated by GP has increased from 35 billion dollars in 2020 to 68 billion dollars in 2021, accounting for more than half of the transaction volume in the S market, among which, the continuation fund (a model in S trading) accounts for the majority. This survey is also verified by Lazard’s data.

Foreign GP-led transactions surpassed LP-led transactions for the first time, accounting for half of the total trading volume in the S market (Source: Lazard).

However, in China, the vast majority of China GPs don’t realize the intrinsic value of S-trading. In most cases, GPs passively participate in S-trading when LP needs to withdraw, and the GP institutions that actively initiate trading are rare. As far as quantity is concerned, there are only a few domestic GP-led trading cases, such as IDG Capital, Kunzhong Capital, Huagai Capital-Shenzhen Venture Capital, Junlian Capital, Xiangfeng Fund and Puzzle Capital.

As a professional buyer, S fund managers generally believe that the risk coefficient of GP-led S trading is higher than that of LP-led S trading, but the return on investment is also significantly higher. This has also become one of the important reasons why the big buyers of foreign mature S funds represented by Kohler Capital actively participate in GP-led transactions.

What is GP-led s trading? When will it become mainstream in China? How can VC/PE managers use it to create more value?

S fund has been known to most GPs. As the market tends to be hot, 2020 is also called the first year of China S Fund. However, many people’s first impression of S fund still stays at the level of "taker" of non-performing assets.

Tracing back to 30 years ago, when S Fund was born abroad, it also had the derogatory color of "disposal of non-performing assets".

"In the beginning, S funds were only used when there were major problems in American funds. At that time, some big GPs would try to avoid having relations with S funds, so as not to be labeled as’ bad’. Now, more and more GPs are actively looking for S funds to cooperate, in order to create more income. At present, the awareness of S funds in the China market in the early stage of development is at most a neutral concept. " Yang Zhan, director of Kohler’s capital investment and general manager of Kohler (Beijing) Private Equity Fund Management Co., Ltd. introduced.

"The fund expires to find the next LP, just as it is common for a girl to find an object when she is older." Executive CEO Li Miao made an image metaphor. She believes that it is absolutely unnecessary for GP to avoid the normal behavior of selling assets or transferring shares.

"Generally, it is very good that 20% of the assets of US dollar funds can be withdrawn through IPO, and a large number of other assets need to be withdrawn through mergers and acquisitions, transfer, repurchase and liquidation." As an early group of S fund practitioners in China, Li Mingming, managing director of Xingnahe Capital, told Entrepreneurship.

"The market has a certain misunderstanding of the S fund. The S fund will not simply buy bad assets, but can look at the underlying assets through cycles and outlets and invest in valuable asset packages. And in general, the return on investment of S funds is higher than that of parent funds, even higher than that of some PE/VC funds, and J curve can be avoided to some extent. " Li Mingming thinks.

"In China, many VC/PE institutions and even the media often confuse the concept of S fund with S transaction, which leads many GPs to wonder whether they should find S fund to receive assets or do S fund, and even narrowly think that only S fund can help GP." Li Miao said.

The main difference between S fund and S transaction is that S fund is one of many participants in S transaction and a part of S market. S fund is a Secondary Fund, which specializes in investing in the private equity secondary market.

For example, there are Kohler Capital and TR Capital abroad, and there are Gefei S Fund, Nuelle S Fund, SIIC Shengshi S Fund (jointly established by Shengshi Investment and SIIC Group) and Shenzhen Venture Capital S Fund in China, which act as buyers in S transactions.

S transaction refers to the Secondary Transaction of private equity, which is commonly divided into two types: LP-led and GP-led.

Among various transaction types, GP and LP have achieved different requirements (source: Executive Middle School).

Most GPs in China are familiar with the LP-dominated trading mode, and most of them are the share transfer between LPs due to liquidity considerations. Because it is difficult to bring increment to the management scale of VC/PE funds, GPs generally have no driving force to actively cooperate with S trading links such as full adjustment and industrial and commercial changes.

What VC/PE in China ignores is that GP-led S transaction usually refers to a transaction in which GP takes the initiative to transfer one or more assets or fund shares to a new fund, and the new fund will continue to be managed by the existing GP or related parties. It is generally divided into various types, such as continuing fund, fund reorganization, late trading and tied trading.

After removing the misunderstanding of S-transaction and S-fund, we further analyze the value of GP-led S-transaction to VC/PE institutional managers.

For GP, what other "money-making" opportunities are implied in S trading?

Generally speaking, passive pressure and active interests are enough to drive more and more China GPs to actively participate in the private equity secondary market. This is Li Miao’s view.

As far as income is concerned, she learned that the income of investment institutions participating in S trading is considerable. "The first income from investing in S shares comes from discount income, but more income comes from the later appreciation of assets. We are familiar with S funds and financial institutions that have participated in the S market since 2021. "

For example, a fund restructuring transaction led by Kunzhong Capital, as the seller, created a 25% DPI for RMB funds. In addition, some investors revealed that the investment return performance of individual market-oriented S funds in China is better than that of mature foreign markets, and they are enjoying the early dividends in China’s S market.

However, the market dividend of S fund for LP share discount transfer will not last forever. "After a wave of market dividends in the downturn of the secondary market in 2018, the share of S in COVID-19 will be rapidly ignited in 2020, because the share of S can accelerate the cash return, reduce the risk of blind pools, and the discount rate will increase the return on income." As a parent fund practitioner for many years, Li Mingming, managing director of Xingnahe Capital, said.

After communicating with her peers, she basically reached a general consensus that the small LP share discount transfer has actually entered a relatively fierce level in China, and the "missing" behavior of buying and selling shares at low prices between LPs is difficult to last for a long time. In contrast, the complex S trading led by GP will gradually become a new trend.

"In the past two or three years, foreign GP-led transactions have gradually increased, and now it has accounted for half of S transactions, of which single assets have more transactions. The reason is not only related to the expiration of many foreign funds, but also because S trading has become one of the important exit paths for foreign M&A funds. Through S trading, M&A funds can retain assets for a longer period of time in order to obtain higher returns. " Kohler Capital Yang Zhan analyzes the differences between China and foreign countries.

Many people said that the two core pain points of fund-raising and withdrawal will force China GP to find more exit ways, and S-trading will gradually become an important supplement to various exit channels such as IPO, M&A and liquidation. This trend is basically consistent with the mature American market of private equity.

Although the multi-level capital markets such as Beijing Stock Exchange, Growth Enterprise Market registration system and science and technology innovation board can broaden the exit channels, the pressure of fund exit is still great, and a large number of funds are entering the liquidation period one after another, and the demand for fund late trading is great. "Looking back at the VC/PE industry in China, it experienced rapid development from 2015 to 2017, during which a large number of market-oriented funds were established with a term of 5-7 years. Now many funds have reached the liquidation period, and LP urgently needs liquidity. In addition, there are many funds that take money from the financial funds with a term of 10 years, and they have also come to the exit period one after another, and the enthusiasm of state-owned assets to participate in S-share trading is getting higher and higher. The stock market of domestic S transactions is very large, with a scale of more than 13 trillion yuan. " Huang Zhenlei, deputy general manager of Beijing Equity Exchange Center, told Entrepreneurship.

Why are "second-hand share" trading opportunities more active in the stock market era?

Kohler Capital Yang Zhan made an image metaphor: "The Beijing real estate market has entered the stock market, and the second-hand housing transactions are active, accounting for the vast majority of the total transaction volume, which is a bit like the reason that the private equity secondary market in China will gradually enter the stock market; The real estate market in Xiong’ an is just the opposite. The real estate development time is delayed in Beijing, and it is still in the era of first-hand housing transactions, and there will be no large-scale second-hand housing transactions for the time being. "

Yang Zhan is optimistic about the market potential of a large number of second-hand shares in China market. Kohler Capital, where he works, is the buyer of the private equity secondary market with the largest investment team in the world, and its investment strategy will also focus on the GP-led market.

Huang Zhenlei of Beijing Equity Exchange Center revealed to Entrepreneurship: "As the first pilot of S share transfer in China, the transaction volume of Beijing Equity Exchange Center has shown a substantial growth trend in the last two years. Last year, the transaction volume reached 1 billion, and it is expected to break through 10 billion yuan this year."

Then analyze the pressure of GP fundraising. Factors such as new asset management regulations, tight financial funds, and financial difficulties of listed companies lead to difficulties in LP’s capital contribution. The situation that LP’s subscribed capital contribution is not in place, LP requires DPI, and fund raising increases the pressure on GP to raise funds.

What is the root cause of the difficulty in raising funds for GP?

Li Miao has different perspectives: "Compared with other asset classes, private equity funds have a long cycle and high uncertainty of investment returns. The core reason is a serious shortage of liquidity. An illiquid asset is lifeless, and S trading can just solve the liquidity problem of private equity funds. Money is the smartest and will flow to assets that can generate returns, so now we can see that a larger amount of funds have entered the private equity secondary market. "

"Despite the existence of market demand and GP pain points, on the whole, the enthusiasm of domestic GPs to actively participate in S trading needs to be improved. Although they are interested in S trading, there are not many real participants. Compared with overseas developed markets, S trading in China market is still in the early stage, and the market space is very large. " Huang Zhenlei of Beijing Equity Exchange Center said.

Judging from the proportion of capital contribution, the main sellers in China S market may be finance, central enterprises, state-owned enterprises and financial institutions, but the buyer’s strength needs to be cultivated, the types of intermediary institutions need to be enriched, and the pricing mechanism for financial state-owned shares needs to be further improved. Judging from the transactions completed by Beijing Equity Exchange Center, although there are occasional packaged asset transactions and GP restructuring, the trading mode is relatively simple, and GP-coordinated LP share trading is still the mainstream.

"A core point is that when the assets invested by GP are really poor, it is not S trading that can solve the problems of withdrawal and fundraising, and the cart before the horse cannot be put". Li Miao reminds some players who want to participate in the transaction.

"Foreign fund managers and investors will use S trading as a tool to adjust their existing portfolios, just like buying stocks to adjust positions." Kohler Capital Yang Zhan said that the frequency of domestic players using S tools is obviously not high.

In addition, according to the observation of many domestic people, a new phenomenon has begun to appear in the China market. When some GPs encounter difficulties in fund-raising, they begin to use S trading tools and promise to sell some assets of new LP or past fund shares at low prices in exchange for the possibility of LP contributing to the new fund, so as to achieve the purpose of fund-raising. This practice of "tying up assets" belongs to bundled transactions.

"Although there are similar binding modes abroad, the thinking logic and original intention are different." Kohler Capital Yang Zhan reminds domestic players.

According to Li Miao, some FA will use Mingchi Continuation Fund when raising funds for GP. "this method is more suitable for new funds or GP that has just come out to raise funds and is being institutionalized. S tool can help GP create DPI performance. In addition, a single old stock and asset package transaction can also be used as a value exchange to create DPI for GP. With DPI, GP will make it easier for the new LP to see its historical performance and raise funds more conveniently. "

In fact, continuing fund and fund reorganization have become a new way of playing individual head GP in China in recent two years. "Asset restructuring seeks to withdraw, and generally packages a number of assets to speed up the withdrawal of funds and release more management energy of GP. It can also adjust investment strategies, turn to other track investments, and even actively optimize the LP structure and absorb institutionalized LP. In addition, you can also make a single project fund share transfer. " Huang Zhenlei of Beijing Equity Exchange Center said.

In China, the fund restructuring transaction known as the first RMB-to-US dollar fund in China is dominated by Kunzhong Capital.

In 2020, Kunzhong Capital packaged and sold seven projects to overseas entities set up by TR CAPITAL, creating a 25% DPI for RMB funds, and the transaction involved about 100 million US dollars. Through this S transaction, Kunzhong Capital completed the withdrawal of some RMB assets, and at the same time realized the raising of the first US dollar fund of Kunzhong Capital. Also completed the RMB-to-US-dollar fund restructuring transaction is Unconfused Capital, with the transaction scale exceeding 100 million US dollars. It can be seen that the GP-led S transaction can realize dual-currency conversion and solve the fundraising problem smoothly.

Kunzhong Capital Dollar Fund Reorganization Transaction Chart (Source: Guangchen Consultant "Ten Thousand Folds Must Be East")

Guangchen Consultant stated in "Ten Thousand Folds Must Go East" that Kunzhong Capital achieved a win-win situation among the three parties through this transaction. First of all, the original LP achieved considerable DPI through this transaction, which improved the overall cash performance of the fund in 2016; Secondly, the new LP has obtained the potential appreciation space of assets in the future; Thirdly, RMB LP helped GP upgrade to a dual-currency GP with more brand influence, paving the way for GP to enter the US dollar fund market for future financing.

In September, 2020, IDG led the completion of the S-fund restructuring transaction with NAV (Net Fund Share) exceeding USD 600 million, which became the largest publicly disclosed S-fund transaction in the history of China at that time.

This typical GP-led S-trade has injected a shot in the arm into the S-market. In the transaction, IDG packaged the portfolio of one of its RMB funds that has not been withdrawn into US dollar funds, involving more than 10 projects, and the buyer was a consortium led by Harbour Vest, an international parent fund management agency.

According to the observation of Entrepreneurship, the S transaction led by IDG capital is relatively active. At the beginning of this year, the largest single paid-in "QFLP+S" fund was established in Wuxi, which is also the first cross-border S fund of IDG to complete the payment.

Let’s look at the first publicly available large-scale RMB GP-led fund share restructuring transaction in China, with Huagai Capital as the leading party and Shenzhen Venture Capital S Fund participating as CO-GP.

The scale of this S fund is 800 million yuan. As the first RMB-structured reorganization and continuation fund in China, Huagai Capital has packaged many star projects such as Fuhong Hanlin. Through this continuation fund, Huagai Capital further enlarges the value of the portfolio, prolongs the holding period of star assets, and thus improves the return on investment.

In addition, Junlian Capital also completed a typical GP-led medical continuation fund transaction in 2021, with a transaction scale of US$ 270 million. Among them, one of the important buyers of the transaction is Kohler Capital. Prior to this, in February 2020, Junlian also completed a $200 million continuation fund transaction.

Junlian Capital’s $270 million medical and health continuation fund transaction chart (Source: Zhongzhong)

Vilen, managing director of Xingnahe Capital, suggested that GP should have strong resource control ability, and it is best to find a professional intermediary or professional buyer to cooperate. Generally, GP may find it difficult to copy the existing gameplay of other GPs.

As one of the earliest S-trading practitioners in China, vilen thinks that the current S-market in China may not be as lively as most people feel. After all, the S-market in China is in its early stage, and the professionalism of the buyers and sellers involved in the transaction is extremely high. "S-trading is highly complex, the trading process is complex, the water is deep and there are many pits, so participants need to be cautious, otherwise there will be many potential risks."

Finally, many senior people said that there will be special trading opportunities and market dividends when the secondary market is depressed. 2022 is undoubtedly a good opportunity for S fund buyers to buy excellent assets, but it is not necessarily a good time for GP to sell assets.

If you are right"s trading topic"Interested, welcome to add the author’s WeChat communication (ID: ID：i20130214).

This article is original for the entrepreneurial state and may not be reproduced without authorization, otherwise the entrepreneurial state will reserve the right to pursue legal responsibility against it. If you need to reprint or have any questions, please contact editor@cyzone.cn.

　　The 24-episode large-scale documentary feature film "Dare to Teach the Sun and Moon to Change the Sky" was jointly produced by the Propaganda Department of the CPC Central Committee, the Central Party History and Literature Research Institute, the National Development and Reform Commission, the State Administration of Radio and Television, the China Academy of Social Sciences, the Central Radio and Television Station, the Central Archives and the Political Work Department of the Central Military Commission.

　　Guided by the Supreme Leader’s Socialism with Chinese characteristics Thought in the New Era, the film fully implements the important exposition of the Supreme Leader’s General Secretary on the history of the Party, adheres to a correct view of the history of the Party, seeks truth from facts, and pays attention to the combination of history and theory. It comprehensively shows the great course, brilliant achievements and valuable experience of the Communist Party of China (CPC)’s unremitting struggle in the past 100 years, deeply reflects the vicissitudes and great changes that have taken place in the land of China with the lofty sentiments of "Dare to teach the sun and the moon for a new day", and makes the Chinese nation usher in a great leap from standing up, becoming rich and becoming strong.

　　From June 20th, the film was continuously broadcast at 20: 00 on the CCTV Comprehensive Channel of the Central Radio and Television Station, and the CCTV Record Channel, CCTV News, CCTV Video, CCTV Network, Cloud Listening Client and other new media platforms were launched simultaneously.

　　Episode 11: Flag Raising Orientation

　　In the middle and late 1980s, with the deepening of reform and opening up and the transformation of economic system, many deep-seated contradictions began to emerge in China.

　　Jiang Zemin: "Since the Third Plenary Session of the Eleventh Central Committee of the Party, the line and basic policies have not changed, and we must continue to implement them."

　　It is the common expectation of all people in China that the country is prosperous and the people are safe. Faced with the economic blockade and sanctions imposed by western countries, the Communist Party of China (CPC) people gave a clear answer.

　　Jiang Zemin: "The people of China have never and will never succumb to any external pressure."

　　The 11th Asian Games opened in Beijing.

　　Through efforts, China has effectively responded to external challenges. The sanctions imposed by western countries were finally broken.

　　In 1990, Pudong began to accelerate its development and opening up.

　　The opening of the two exchanges in Shanghai and Shenzhen has sent a strong signal to the world that China’s economic reform will move forward unswervingly.

　　In the early spring of 1992, 88-year-old Deng Xiaoping visited the South and made a series of important talks.

　　Deng Xiaoping: "As long as China does not engage in socialism, reform and opening up, develop the economy, and gradually improve people’s lives, it is a dead end to take any road."

　　Talk in the south is like a strong east wind, which dispels the fog in people’s minds.

　　In October 1992, the 14th National Congress of the Communist Party of China was successfully held.

　　The congress decided that the goal of China’s economic system reform is to establish a socialist market economic system.

　　In September 1997, the 15th National Congress of the Communist Party of China was held ceremoniously.

　　The Congress established Deng Xiaoping Theory as the Party’s guiding ideology, put forward the Party’s basic program in the primary stage of socialism, and made strategic arrangements for China’s cross-century development.

　　Joining the World Trade Organization (WTO) is an important decision made by the CPC Central Committee.

　　The Fourth Ministerial Conference of the World Trade Organization: "The Ministerial Conference unanimously adopted."

　　On December 11th, 2001, China became the 143rd member of the WTO, which opened a new world to the outside world.

　　The people of the Communist Party of China (CPC), with Comrade Jiang Zemin as the main representative, have withstood a series of severe tests from home and abroad and nature, raised and stabilized the great banner of Socialism with Chinese characteristics, and brought a prosperous country into the 21st century.

　　Episode 12: Wandering Home

　　Realizing the reunification of the motherland is always the unswerving pursuit of the Communist Party of China (CPC) people and the common aspiration of all Chinese people.

　　On September 22, 1982, China and Britain formally started the negotiations on the Hong Kong issue.

　　On December 19th, 1984, the Joint Declaration on the Question of Hong Kong was signed. The China government announced that it will resume the exercise of sovereignty over Hong Kong on July 1, 1997.

　　In the late transition period, the CPC Central Committee with Comrade Jiang Zemin at the core shoulders the great trust of all China people and bravely shoulders the historical responsibility of realizing the smooth return of Hong Kong to the motherland.

　　 "On behalf of the Chinese People’s Liberation Army troops stationed in Hong Kong, I took over the military camp. You can be laid off and we will take up our posts. I wish you a safe journey."

　　Hong Kong citizens: "Happy, back! I am Chinese! "

　　Jiang Zemin: "This is a great event for the Chinese nation and a victory for the cause of world peace and justice."

　　After a hundred years of vicissitudes, Hong Kong’s successful return to the embrace of the motherland is a great achievement in the history of the Chinese nation. Hong Kong compatriots have since become the real masters of this land of the motherland.

　　When the process of Hong Kong’s return started, another wanderer of the motherland — — Macao is also on the way home.

　　Jiang Zemin: "The Chinese and Portuguese governments held a solemn handover ceremony of Macao’s political power here, announcing that the China government will resume the exercise of sovereignty over Macao. History will always remember this important moment of world concern. "

　　Macao, which experienced negative economic growth for four consecutive years before the reunification and was worried about public security, has one of the fastest economic growth rates in the world since the reunification.

　　Taiwan Province is an inseparable part of China.

　　In the early 1980s, Deng Xiaoping put forward the concept of "one country, two systems", which opened the door for the development of cross-strait relations.

　　Castle peak is the same, and the wind and rain are the same. No matter how the situation on the island changes, the historical trend of realizing the complete reunification of the motherland is irreversible.

　　Supreme leader: "history can’t be chosen, we can grasp it now, and the future can be created!" As long as we work together and strive together, we will certainly be able to accomplish the great cause of the motherland’s reunification!

　　Text: Ren Zeping Xiong Chai Zhou Zhe of Evergrande Research Institute.

　　Intern Zhou Xinyi and others contributed to this article.

　　guide reading

　　In July 2018, Politburo meeting of the Chinese Communist Party put forward the requirement of "six stabilities" to do a good job in economic work, putting "stable employment" in the first place. In 2019, the Government Work Report put the employment priority policy at the macro-policy level for the first time, and asked higher vocational colleges to expand enrollment by 1 million. In May, the the State Council Employment Leading Group was established for the first time, which showed that the central government attached great importance to employment. What is the current employment situation in China?

　　abstract

　　There are limitations or distortions in judging the employment situation only by official unemployment rate and other data. 1) The registered unemployment rate in cities and towns depends on the unemployed taking the initiative to register with the social and social departments, and it is only for the non-agricultural population. The data fluctuates slightly, and it fell to 3.61% at the end of the second quarter of 2019, which is not related to the economic trend. 2) The urban survey unemployment rate was officially announced from the beginning of 2018, and it continued to be higher than 5% in 2019 and 5.1% in June. However, the survey sample of 85,000 urban households only accounts for 0.03% of the urban employment in China, and the sampling rate is only half of 0.07% in the United States. Moreover, it is not representative of migrant workers and the sampling frame is aging. 3) The recruitment rate depends on the fact that job seekers and employers voluntarily register with local public employment service agencies, and the data shows a long-term upward trend, with limited reference value. In the second quarter of 2019, it was 1.22, both year-on-year and quarter-on-quarter. 4) To judge the employment situation, we need not only employment quantity indicators such as unemployment rate, but also employment quality indicators such as average working hours, salary growth rate and part-time job ratio, but there are limited indicators to measure employment quality at present.

　　Other employment data reflect the current real employment pressure. 1) The number of new jobs in cities and towns decreased by 2% year-on-year in the first half of this year, and the growth rate of the number of people receiving unemployment benefits and re-employment was not optimistic. In the first half of 2019, there were only 7.47 million new jobs in cities and towns, a year-on-year decrease of 2.0%, and the target completion rate dropped to 67.0%, a decrease of 1.4 percentage points compared with the first half of last year. In the first quarter of 2019, the year-on-year growth rate of the number of people receiving unemployment insurance benefits has increased for five consecutive quarters. From January to May 2019, the number of unemployed people in cities and towns re-employed decreased by 9.1%, and the number of people with employment difficulties decreased by 4.2%. 2) Both manufacturing and non-manufacturing PMI employee indices tend to decline. In June 2019, the manufacturing PMI employee index fell to 46.9%, the lowest since March 2009; Non-manufacturing PMI employees index fell to 48.2%, falling for two consecutive months. 3) The CIER index of Renmin University and Zhilian recruitment is still at a low level in the second quarter. The CIER index is the ratio of recruitment demand to the number of applicants on the Zhaopin recruitment website, which was 1.89 in the second quarter of 2019, although it rose slightly year-on-year, it was still at a low level. In terms of regions, the CIER indices in the eastern, central, western and northeastern regions in the second quarter of 2019 were 1.18, 1.14, 0.92 and 0.66, respectively, which all declined year-on-year, and the eastern region experienced the largest decline; In terms of cities, the CIER indices of first-tier, new-tier, second-tier and third-tier cities are 0.60, 0.94, 1.18 and 1.25 respectively.Second-and third-tier cities saw the biggest decline. 4) In the first half of 2019, the search volume of job-related keywords in Baidu Index surged. The search volume of Baidu for keywords such as "looking for a job", "recruitment", "recruitment information" and "unemployment benefits" in the past 90 days increased by 482%, 492%, 80% and 122% respectively.

　　The economic downturn will further put pressure on the job market. 1) The current economic and financial situation is grim. In the second quarter of 2019, the GDP growth rate dropped to a new low of 6.2%, 0.2 percentage points lower than that in the first quarter. Moreover, the impact of the escalation of trade friction in May and the intensive introduction of real estate financing tightening policies has not yet appeared. Recently, leading economic indicators have declined, such as real estate sales, land purchase and funding sources, PMI orders and PMI export orders. Moreover, the economic and financial structure is deteriorating. For example, the proportion of medium and long-term loans of enterprises has declined, while the proportion of short-term loans and short-term financing has increased; PPI goes down, and corporate profits decline. Although the continuous reduction of labor supply will alleviate the employment pressure, the economic slowdown will lead to a further slowdown in labor demand and further pressure on the job market, although large-scale unemployment is unlikely. 2) From the perspective of industry, the employment in manufacturing industry is mainly affected by the downturn in exports and the decline in profits of PPI-declining enterprises. The construction industry is affected by the limited space for infrastructure recovery and the decline in real estate investment, and the follow-up is not optimistic; According to Zhaopin’s recruitment data, the recruitment demand in the financial industry decreased by 39.7% and 37.0% in the first and second quarters respectively, and the Internet/e-commerce decreased by 22.5% and 13.6% respectively. From the perspective of key groups, the scale of college graduates continues to hit a new high, the growth rate of migrant workers slows down but their age is aging, the scale of "4050" personnel rises, and the employment pressure is greater. 3) Policy suggestions. First, further vigorously optimize the business environment, promote the implementation of tax reduction and fee reduction, and smooth financing channels.Give full play to the role of enterprises as the main body of stable employment, especially private and small and medium-sized enterprises. Private and small and medium-sized enterprises are the main body to attract employment, but the business environment has deteriorated in the past few years, including being injured to some extent in the past deleveraging, capacity reduction and environmental protection storms, and the continued downturn in exports has increased their survival pressure, coupled with poor financing channels and liquidity stratification. Although the government has issued a number of policies to bail out private and small and medium-sized enterprises, the effect of the policies remains to be seen. Second, increase the opening up of the service industry, especially the financial, educational, medical and telecommunications industries; Accelerate the construction of metropolitan areas and urban agglomerations with big cities as the core, increase the density and frequency of economically active population to promote agglomeration, and give full play to the role of service industry in absorbing employment. The third is to promote the stable and healthy development of the real estate market, not only to prevent excessive financial bubble, but also to prevent active puncture from causing major financial risks. Fourth, solidly promote the large-scale enrollment expansion of higher vocational colleges, implement large-scale vocational skills training, and promote the transformation of labor skills to meet the needs of industrial transformation and upgrading.

　　Risk warning: the official unemployment rate is limited or distorted, and the policy fluctuates greatly.

　　catalogue

　　1 there are limitations in judging the employment situation simply by official unemployment rate and other data.

　　2 Other employment data reflect the current employment pressure.

　　2.1 New jobs in cities and towns decreased by 2% year-on-year in the first half of the year, and the growth rate of unemployment benefits and re-employment was not optimistic.

　　2.2 manufacturing and non-manufacturing PMI employees’ indices are trending downward.

　　2.3 Renmin University and Zhilian recruitment CIER index is still at a low level in the second quarter.

　　2.4 Baidu Index job search related keywords surged in the first half of the year.

　　The economic downturn will further put pressure on the job market, but the possibility of mass unemployment is very low.

　　3.1 The current economic and financial situation is grim, and the labor market will be further under pressure.

　　3.2 The employment pressure of some industries and key groups will be further highlighted.

　　3.3 Policy recommendations

　　main body

　　1 there are limitations in judging the employment situation simply by official unemployment rate and other data.

　　What is employment? According to the definition of the International Labour Organization, people who have worked for at least one hour in order to obtain labor remuneration or business income during the reference week of the survey, as well as people who are on vacation or temporarily suspended from work but are not working, are regarded as employed persons. Therefore, to judge the employment situation, we need to observe not only the overall unemployment rate, the unemployment rate by age, but also the ratio of job vacancies and job seekers, the average working time of employed people, the salary growth rate and the part-time employment ratio. Although China has improved its employment statistics, there are still obvious problems, which are difficult to fully reflect the real employment situation.

　　1) The registered unemployment rate in cities and towns depends on the unemployed taking the initiative to register with the social and social departments, and it is only for the non-agricultural population. The data fluctuates slightly, and it fell to 3.61% in the second quarter of 2019, which is not related to the economic trend. In the early 1980s, China began to establish a registered unemployment system, which was called "unemployment statistics" at that time, and it was changed to "registered unemployment" in 1994. Urban registered unemployment rate = urban registered unemployed/(urban employees+urban registered unemployed). Registered unemployed people in cities and towns are unemployed people who are non-agricultural registered permanent residence, aged over 16 to retirement age, have the ability to work, are unemployed and ask for employment, and voluntarily register with public employment service agencies. Obviously, the registered unemployed do not include migrant workers and other permanent residents, so it is difficult to reflect the real unemployment situation. According to the data, the registered unemployment rate in cities and towns remained stable between 4.0% and 4.3% for a long time from 2002 to 2016, and continued to drop to 3.61% in June 2019 from 2017, which is obviously inconsistent with the economic growth trend.

　　2) The survey unemployment rate has been officially announced since the beginning of 2018, but the survey sample of 85,000 urban families only accounts for about 0.03% of the urban employment in China, and the sampling rate is only half of 0.07% in the United States, and the sample rotation problem leads to insufficient representation of migrant workers. In view of the above-mentioned problems of registered unemployment rate in cities and towns, the National Bureau of Statistics officially implemented the national labor force sampling survey twice a year in 2005, established the monthly labor force sampling survey system in 31 big cities in 2009, and expanded it to 65 cities in 2013. In 2016, the monthly labor force survey covered all prefecture-level cities (prefectures and leagues) and sampled 120,000 families in China, and began to publish the unemployment rate data of urban surveys continuously in early 2018. Obviously different from the registered unemployment rate in cities and towns, the survey unemployment rate in cities and towns in China is based on the statistics of permanent residents, and adopts the unemployment standard of the International Labour Organization, that is, people aged 16 or above who have no job but have been actively looking for a job in the past three months.

　　From the trend point of view, the survey unemployment rate in China and 31 big cities are weakly related to the trend of GDP, and the unemployment rate and GDP growth rate in 31 big cities with relatively long data period basically keep changing in the same direction. Judging from the urban survey unemployment rate, it has been fluctuating in the range of 4.8%-5.3% since January 2018, and it has been higher than 5% since January 2019 and 5.1% in June 2019. Because the urban survey unemployment rate is close to the natural unemployment rate of about 5%, the official believes that there is no periodic unemployment. From a year-on-year perspective, the urban survey unemployment rate basically continued to rise from -0.2 percentage points in January 2018 to 0.3 percentage points in June 2019.

　　There are still three problems in China’s urban survey unemployment rate statistics: First, the sample is insufficient. Among the 120,000 households in the monthly labor force survey, there are about 85,000 households (household units) in cities and towns, accounting for only 0.03% of the urban employment in China. In the United States, the survey sample in the unemployment rate statistics is 60,000 households, accounting for about 0.07% of the non-agricultural employment in the United States. Second, the representativeness of the foreign resident population may be insufficient. In the survey, in order to avoid sample aging, the National Bureau of Statistics adopts sample rotation, that is, it withdraws from the survey after completing four surveys within two years, which means that investigators must find relatively stable families, and permanent migrants with strong mobility may be excluded. Moreover, when the employment situation is not good, some migrant workers return to the countryside, which makes the urban unemployment rate lower in data. Third, the sampling frame is aging. According to the local statistics department, the data of the sixth population census in 2010 is used as the primary sampling frame. Although it is updated every year, it is only a simple expansion in practice, and the newly-built community still cannot enter the sampling frame, which leads to the serious aging of the existing survey samples and poor sample representativeness.

　　3) The recruitment rate depends on job seekers and employers voluntarily going to local public employment service agencies to register, and the data shows a long-term upward trend, with limited reference value. Multiplication ratio = job vacancy/number of job seekers. The data comes from public employment service agencies in 100 cities in Ministry of Human Resources and Social Security. Urban and rural workers who are of working age, have the ability to work and have employment requirements can apply for public employment services in the public employment service institutions of their permanent residence with relevant documents such as resident identity cards; Employers can consult with public employment service agencies and apply for employment services. Since the fourth quarter of 2010, the recruitment ratio has exceeded 1 and basically increased, and it has dropped to 1.22 in the second quarter of 2019, down by 0.05 and 0.01 percentage points respectively from the previous quarter and the same period last year. The relationship between the recruitment ratio and GDP change is weak, mainly because it relies on public employment service agencies at all levels to collect data by registration, and does not include new job-seeking channels such as campus recruitment, online recruitment and employment agency, which has narrow coverage and limited reference significance. As a reference, the US Department of Labor released JOLTS job vacancy data, which comes from the monthly survey of job vacancies and labor turnover rate, which surveys employers about the employment situation of enterprises, the number of vacant positions, recruitment and dismissal, etc. The survey sample covers about 16,000 American enterprises, covering most areas of the American economy. JOLT job vacancies in the United States have a wider coverage, which can better reflect the employment situation and positively change with the year-on-year growth rate of GDP.

　　4) Judging the employment situation requires not only employment quantity indicators such as unemployment rate, but also employment quality indicators such as average working hours, salary growth rate and part-time job ratio. However, there are limited indicators to measure employment quality at present, and there are also sampling problems. Enterprises rarely lay off employees immediately at the beginning of the bad economic situation, but generally choose to reduce wages and working hours first. In this case, the unemployment rate in urban surveys will not rise, but the quality of employment has begun to deteriorate. According to the monthly labor force survey of the National Bureau of Statistics, in June 2019, the average weekly working hours of employed people nationwide were 45.7 hours, 0.6 hours lower than that of the previous month and 0.2 hours lower than that of the same period of last year. However, there is also the problem of insufficient representation of migrant workers due to insufficient samples and sampling deviation, and there are no more employment indicators for reference. In contrast, the US Department of Labor publishes monthly indicators such as average weekly working hours, average weekly salary, full-time and part-time employment, which are comprehensive and can comprehensively reflect the quality of employment.

　　2 Other employment data reflect the current employment pressure.

　　Considering the limitations of the aforementioned employment indicators, we try to infer the current employment situation from other official and unofficial data.

　　2.1 New jobs in cities and towns decreased by 2% year-on-year in the first half of the year, and the growth rate of unemployment benefits and re-employment was not optimistic.

　　In the first half of 2019, the number of newly employed people in cities and towns was only 7.47 million, down 2.0% year-on-year, and the target completion rate dropped to 67.0%, down 1.4 percentage points from the first half of last year. In 2003, a statistical system was established for new employment in cities and towns, and the number of new employees in cities and towns = the cumulative number of new employees in cities and towns during the reporting period-the number of natural attrition. The statistics of new employment in cities and towns are not restricted by household registration, and include various forms of employment with a wide caliber, but it cannot be ruled out that someone frequently changes jobs many times in a year. In July 2018, the cumulative year-on-year growth rate of the number of newly employed urban workers reached a stage high of 2.9%, and then the trend declined. At the beginning of 2019, the cumulative number of newly employed urban workers began to grow negatively, reaching 7.47 million in June, a year-on-year decrease of 2.0%. The target completion rate was 67.0%, which was 1.4 percentage points lower than the 68.4% in January-June 2018.

　　In the first quarter of 2019, the year-on-year growth rate of the number of people receiving unemployment insurance increased for five consecutive quarters. The number of unemployed people in cities and towns re-employed decreased by 9.1% from January to May 2019, and the number of people with employment difficulties decreased by 4.2%. The recipients of unemployment insurance benefits are employees of urban enterprises and institutions. In the first quarter of 2019, the number of people receiving unemployment insurance benefits was 2.27 million, up 1.8% from the previous month and the same period of last year. Among them, the growth rate of the previous month turned from negative to positive, and the year-on-year growth rate increased for five consecutive quarters. The number of unemployed people re-employed in cities and towns was 2.09 million from January to May 2019, a sharp decrease of 9.1% year-on-year, and the year-on-year growth rate dropped sharply for two consecutive months. In September 2018, the year-on-year growth rate of people with employment difficulties reached a high of 16.2% in recent years, and then began to decline rapidly. In February 2019, the year-on-year growth rate began to turn negative. From January to May 2019, the number of people with employment difficulties was 690,000, a year-on-year decrease of 4.2%.

　　2.2 manufacturing and non-manufacturing PMI employees’ indices are trending downward.

　　The PMI employee index reflects the views of enterprises on the scale of current employees compared with the previous period. In June 2019, the manufacturing PMI employee index fell to 46.9%, the lowest since March 2009; Non-manufacturing PMI employees index fell to 48.2%. PMI employee index is one of five sub-indices of PMI, among which manufacturing PMI started to be counted in 2005, with a sample of 3,000 enterprises; Non-manufacturing PMI began to be counted in 2007, targeting 4,000 sample enterprises. 50% is the critical point of expansion and contraction, and a PMI employee index of less than 50% means that more business leaders believe that the number of production and operation personnel is lower than that of a month ago.

　　Judging from the manufacturing PMI employee index, the manufacturing PMI employee index has been below 50% for 27 consecutive months since March 2017; In June 2019, it fell to 46.9%, falling for three consecutive months, down 0.1 percentage points from the previous month and 2.1 percentage points from the same period last year. Among them, the PMI employee index of large, medium and small enterprises in manufacturing industry began to decline in the second half of 2018, and it was 47.0%, 45.9% and 48.3% respectively in June 2019, down 2.0, 2.4 and 1.9 percentage points respectively year-on-year. Medium-sized enterprises not only had a lower absolute level, but also had a larger decline.

　　Judging from the non-manufacturing PMI employee index, the non-manufacturing PMI employee index began to remain below 50% in September 2018, and fell to 48.2% in June 2019, falling for two consecutive months, down 0.1 and 0.7 percentage points respectively from the previous month and the same period last year. Among them, the construction industry PMI employee index began to decline rapidly from 54.1% in March 2019, and fell to 50.4% in June 2019. The service industry PMI employee index continued to be below 50% after July 2014, and began to decline rapidly from 49.7% in August 2018, and fell to 47.9% in June 2019.

　　Similarly, in the questionnaire survey of urban depositors of the central bank, the employment perception index and employment expectation index in the second quarter of 2019 were 44.2% and 52.3%, respectively, down 1.6 and 1.5 percentage points from the previous month. The questionnaire survey of urban depositors is a quarterly survey system established by the People’s Bank of China since 1999. Every quarter, 20,000 depositors are selected from 50 cities (large, medium and small) in China as the survey objects, and the employment feeling index and employment expectation index reflect the views of depositors on employment. From the first quarter to the second quarter of 2018, both the employment feeling index and the employment expectation index stopped rising and declined in fluctuations. In the second quarter of 2019, the employment experience index was 44.2%, down 1.6 and 0.8 percentage points respectively from the previous quarter and the same period of last year; The employment expectation index was 52.3%, down 1.5 percentage points from the previous month and flat year-on-year. In the second quarter of 2019, the proportion of people who chose "good situation and easy employment" in the employment experience index was 15.5%, down 0.8 percentage points from the previous month and flat year-on-year.

　　2.3 Renmin University and Zhilian recruitment CIER index is still at a low level in the second quarter.

　　The CIER index is the ratio of recruitment demand to the number of applicants on the Zhaopin recruitment website, which was 1.89 in the second quarter of 2019, although it rose slightly year-on-year, it was still at a low level. CIER index is a China employment market prosperity index jointly launched by the Employment Research Institute of Renmin University of China and Zhaopin. It is obtained by analyzing the data of Zhaopin, and it is a good quality and long-term data in the current unofficial employment statistics. CIER index = total recruitment demand/total number of applicants, with 1 as the watershed. When it is greater than 1, it indicates that the demand for labor in the job market is more than the supply of labor in the market, the competition in the job market tends to ease, and the job market is prosperous. In the second quarter of 2019, the CIER index was 1.89, up 0.21 and 0.01 respectively from the previous quarter and the same period last year. From the perspective of the chain, the increase was mainly due to seasonal factors. After entering the second quarter, the demand for employment increased significantly, and the number of people in need increased by 15.7%. After the peak of rework and job-hopping in the Spring Festival, the growth of job-seeking supply slowed down, and the number of job applicants increased by 2.7%. From a year-on-year perspective, the CIER index in the second quarter of 2019 remained at a low level since the second quarter of 2015.

　　In terms of regions, the CIER indices in the eastern, central, western and northeastern regions in the second quarter of 2019 were 1.18, 1.14, 0.92 and 0.66, respectively, which all declined year-on-year, and the eastern region experienced the largest decline; In terms of cities, the CIER indices of first-tier, new-tier, second-tier and third-tier cities are 0.60, 0.94, 1.18 and 1.25, respectively, and the second-tier and third-tier cities have the largest decline; In terms of the nature of enterprises, the CIER index of private enterprises and state-owned enterprises in the second quarter of 2019 was 0.94 and 0.52, respectively, showing a downward trend year-on-year. According to the explanation of the Employment Research Institute of Renmin University of China, the average value of the subentry CIER index is not equal to the overall CIER index, mainly because there may be multiple deliveries by job seekers, and the sum of the subentry job seekers is greater than the overall number of job seekers. In the second quarter of 2019, the CIER indices of the eastern, central, western and northeastern regions were 1.18, 1.14, 0.92 and 0.66, respectively, with the highest employment boom in the eastern region and the lowest in the northeastern region; Compared with the same period of last year, it decreased by 0.28, 0.19, 0.19 and 0.07 respectively, and the employment situation in the east deteriorated the fastest. In the second quarter of 2019, the CIER indices of first-tier, new-tier, second-tier and third-tier cities were 0.60, 0.94, 1.18 and 1.25, respectively, down by 0.11, 0.03, 0.34 and 0.31 percentage points year-on-year, with the second-tier and third-tier cities having the largest decline.In the second quarter of 2019, the CIER indexes of private enterprises, joint ventures, joint-stock enterprises, state-owned enterprises, listed companies and wholly foreign-owned enterprises were 0.94, 0.82, 0.70, 0.52, 0.73 and 0.69, respectively, down by 0.04, 0.05, 0.15, 0.35, 0.29 and 0.23 respectively.

　　2.4 Baidu Index job search related keywords surged in the first half of the year.

　　Baidu index can reflect the active search demand of netizens, and the search volume of keywords such as "looking for a job", "recruitment", "recruitment information" and "unemployment benefits" increased by 482%, 492%, 80% and 122? %, the employment pressure is prominent, and the employment situation is more severe than in previous years. Baidu Index takes the search volume of netizens in Baidu as the data base and keywords as the statistical object, and calculates the weighted sum of the search frequency of each keyword in Baidu web search, which can reflect the active search demand of netizens. 1) "Looking for a job": The Baidu search index of "looking for a job" keywords in 2015-2018 all rose to the peak of around 40,000 after the Spring Festival, with obvious periodicity. In February, April and June, 2019, the search index of "looking for a job" reached the peak of 274,000, 314,000 and 114,000 respectively, which fluctuated violently. As of July 27, 2019, the overall daily average increased by 482% year-on-year. 2) "Recruitment": The Baidu search index of the word "recruitment" largely represents the search will of job seekers. The index has soared since May 2019, rising from less than 10,000 to the current peak of 161,000, up 492% year-on-year in the past 90 days, reflecting the increased difficulty in finding a job and the prominent employment pressure. 3) "Recruitment Information": "Recruitment Information" can be used to represent the job-seeking needs of blue-collar workers. The peak after the Spring Festival in 2019 is nearly 30 times that of 2015-2018, and the unemployment problem of blue-collar and migrant workers is stronger than in previous years. Since July,The index experienced the second small peak in the year, and the daily average in the past 90 days increased by 80% year-on-year. 4) "Conditions for receiving unemployment benefits": The search volume of "Conditions for receiving unemployment benefits" has soared since March 2019, and the daily average value of the search index from March to July is about 2.3 times that of the same period of last year, with a year-on-year increase of 122% in the past 90 days, which means that the number of unemployed people has increased and the employment situation has deteriorated. Therefore, the current employment situation is more severe than in previous years, and the number of job seekers seeking unemployment protection and switching to various recruitment and recruitment websites has increased significantly.

　　The economic downturn will further put pressure on the job market, but the possibility of mass unemployment is very low.

　　3.1 The current economic and financial situation is grim, and the labor market will be further under pressure.

　　The current economic and financial situation is grim. In the second quarter of 2019, the GDP growth rate dropped to a new low of 6.2%, down 0.2 percentage points from the first quarter. Moreover, the impact of the trade war escalated again in May and the intensive introduction of real estate financing tightening policies has not yet appeared. Recently, leading economic indicators have declined, such as real estate sales, land purchase and funding sources, PMI orders and PMI export orders. Moreover, the economic and financial structure is deteriorating. For example, the proportion of medium and long-term loans of enterprises has declined, while the proportion of short-term loans and short-term financing has increased; PPI goes down, and corporate profits decline. In the second quarter of 2019, the real growth rate of GDP was 6.2%. After a short period of stabilization in the first quarter, it was 0.2 percentage points lower than that in the fourth quarter of last year and the first quarter of this year, the lowest point since the quarterly accounting of GDP was implemented in 1992, and it will go down again. The main reasons for the economic downturn are: the short-term inventory recovery is suppressed by the second half of the financial leverage cycle, the export effect of Sino-US trade friction appears, and the real estate investment inflection point appears due to the continuous tightening of real estate regulation. Although the issuance of special bonds has made great efforts, the land revenue has declined, and it is expected that the rebound of infrastructure will be limited, making it difficult to hedge the downward trend of the economy. From the data in June, although economic indicators such as consumption and investment have stabilized, they are still in a downturn, and leading indicators have declined. Among them, the PMI new order index was 49.6% in June, down 0.2 percentage points from the previous month; Real estate sales in June was -2.2% year-on-year, a decrease of 3.3 percentage points from the previous month, but it was still negative.And recently, China Banking and Insurance Regulatory Commission, the National Development and Reform Commission and other departments have comprehensively tightened major financing channels such as bank loans, trusts and overseas debts, and the real estate financing situation in the second half of the year is grim; The medium-and long-term loans of newly-increased enterprises were 375.3 billion yuan in June, a year-on-year decrease of 24.8 billion yuan. The proportion of medium-and long-term loans of enterprises fluctuated at a low level, the loan structure deteriorated, and financial institutions’ distrust of enterprises increased. (See the report of Evergrande Research Institute in July, Born in Worry-Macro Outlook in 2019, Fully Estimating the Severity of the Current Economic and Financial Situation-Fully Interpreting the Economic and Financial Data in June).

　　Although the continuous reduction of labor supply will alleviate the employment pressure, the economic slowdown will lead to a further slowdown in labor demand and further pressure on the job market, but it is unlikely that large-scale unemployment will occur. The working-age population aged 15-59 in China reached a peak of 940 million in 2011, and decreased by 4.29 million annually from 2012 to 2018, with a total decrease of 30.06 million. The labor participation rate (economically active population/population aged 15 -64) gradually decreased to 76.2% in 2018, and the scale of labor supply continued to decrease. The economically active population in China reached a peak of 806.94 million in 2016, and the total number of employed people reached a peak of 776.4 million in 2017. From the perspective of the relationship between economic growth and employment, due to the larger economy and the transformation of economic structure to service industry, although the number of new urban jobs created by unit GDP growth has increased significantly, the downward economic growth has led to a significant slowdown in the growth rate of urban employees and non-agricultural employees. In 2011-2018, the number of newly created urban jobs increased from 1.29 million to 2.06 million, and the number of newly created urban jobs increased from 1.29 million to 1.49 million, which was basically stable in the last three years. The number of newly created non-agricultural jobs decreased from 1.74 million to 960,000, the growth rate of urban employees decreased from 3.54% to 2.25%, and the growth rate of non-agricultural employees decreased from 3.43% to 1.11%. However, as long as the policy is properly handled and no major systemic risks occur, the downside of subsequent economic growth is relatively limited.The possibility of mass unemployment is very low.

　　3.2 The employment pressure of some industries and key groups will be further highlighted.

　　In terms of industries, the employment in manufacturing industry is mainly affected by the downturn in exports and the decline in profits of PPI companies. The construction industry is affected by the limited space for infrastructure recovery and the decline in real estate investment, and the follow-up is not optimistic; According to Zhaopin’s recruitment data, the recruitment demand in the financial industry decreased by 39.7% and 37.0% in the first and second quarters respectively, and the Internet/e-commerce decreased by 22.5% and 13.6% respectively. 1) manufacturing industry. In 2017, the employment of manufacturing industry accounted for 26.3% of the employment of urban non-private units. Affected by the global economic downturn and Sino-US economic and trade frictions, exports continued to be sluggish. In the first half of 2019, exports were 0.1% year-on-year, down 9.8 percentage points from 2018; Among them, exports to the United States were -8.1% year-on-year, down 19.4 percentage points from the whole year of 2018. According to estimates, a 25% tariff on $250 billion of goods will affect the employment of 1.99 million people; If a 25% tariff is imposed on $550 billion of goods, it will affect the employment of 4.2 million people, especially the employment of manufacturing industries such as electromechanical and machinery, and the industrial chain is shifting from China to Viet Nam and other places. From the perspective of corporate profits, the profits of industrial enterprises above designated size decreased by -2.4% year-on-year from January to June 2019, down by 19.6 percentage points compared with the same period of last year. The decline in corporate profits will suppress manufacturing employment. 2) Construction industry. In 2017, the employment in construction industry accounted for 15.0% and 18.9% of the employees in urban non-private units and the number of migrant workers respectively.From January to June, the investment in infrastructure (including water, electricity and gas) was 3.0% year-on-year, and it is expected to continue to rise with the support of the new regulations on special debts; However, the land revenue has fallen sharply, tax reduction and fee reduction have made local governments’ finances tight, and the continuation of local hidden debts has been strictly controlled, and there is limited room for infrastructure investment to rebound. From January to June, the growth rate of investment in real estate development dropped to 10.8%. Weak sales, negative growth in land purchase, and constrained financing of housing enterprises mean that real estate investment will continue to decline slowly in the future. 3) Financial industry and IT industry. According to Zhaopin’s recruitment data, the recruitment demand in the financial industry decreased by 39.7% and 37.0% respectively in the first and second quarters of 2019, especially in the situation of strict financial supervision. Internet/e-commerce recruitment demand decreased by 22.5% and 13.6% respectively. In addition, the demand for real estate/construction/building materials/engineering and computer software in the second quarter decreased by 15.9% and 13.9% respectively.

　　From the perspective of key groups, the scale of college graduates continues to hit a new high, the growth rate of migrant workers slows down but their age is aging, the scale of "4050" personnel rises, and the employment pressure is greater. In terms of college graduates, the number of college graduates (including graduate students) climbed from 880,000 in 1999 to 8.34 million in 2019. Considering that the enrollment of ordinary colleges and universities (including graduate students) increased from 8.03 million to 8.77 million in 2015-2018, the scale of college graduates will continue to reach a new high in the next few years. Because some students’ skills are difficult to adapt to the employment requirements, the pressure of "difficult employment" continues to rise. In terms of migrant workers, the scale of migrant workers increased from 240 million in 2010 to 290 million in 2018, and the growth rate slowed down from 5.4% to 0.6%. However, migrant workers with junior high school education or below are more aging and face greater unemployment risks in the economic downturn. From 2008 to 2018, the proportion of migrant workers over 50 years old rose from 11.4% to 22.4%, and the proportion of 41-50 years old rose from 18.6% to 25.5%. In terms of "4050" personnel, the scale and proportion of "4050" personnel have basically continued to rise, and they are old, with low academic qualifications and single skills, and are prone to long-term unemployment. Among them, from 2003 to 2018, the proportion of women aged 40-59 to women aged 15-59 increased from 38.0% to 47.5%, and the proportion of men aged 50-59 to men aged 15-59 increased from 16.4% to 22.3%.Together, the proportion of the working-age population aged 15-59 rose from 27.1% to 34.6%.

　　3.3 Policy recommendations

　　Generally speaking, in the face of the complicated and severe internal and external situations such as Sino-US trade friction, high macro leverage ratio, increasing downward pressure on the economy, and the critical period of reform and opening up, it is necessary to strengthen countercyclical adjustment through fiscal and monetary policies, and also to maintain strategic strength to prevent flooding. The most important thing is to unswervingly promote reform and opening up, further liberalize market access, restore entrepreneurial confidence, stimulate new growth points such as new economy and service industry, and promote a virtuous circle of economic growth and employment increase. Specifically:

　　First, further vigorously optimize the business environment, promote the implementation of tax reduction and fee reduction, and smooth financing channels, so as to give full play to the role of enterprises as the main body of stable employment, especially private and small and medium-sized enterprises. Private and small and medium-sized enterprises are the main body to attract employment, but the business environment has deteriorated in the past few years, including being injured to some extent in the past deleveraging, capacity reduction and environmental protection storms, and the continued downturn in exports has increased their survival pressure, coupled with poor financing channels and liquidity stratification. Although the government has issued a number of policies to bail out private and small and medium-sized enterprises, the effect of the policies remains to be seen. Therefore, the proactive fiscal policy should continue to promote the implementation of tax reduction and fee reduction, and the more profitable enterprises are, the more they should "release water to raise fish". Monetary policy should continue to unblock the transmission mechanism from wide money to wide credit, increase the structural reform of financial supply side, and intensify efforts to solve the problems of financing difficulties and high financing for private and small and medium-sized enterprises. In addition, we should continue to vigorously promote innovation and entrepreneurship, increase entrepreneurial support, and promote employment through entrepreneurship.

　　Second, increase the opening up of the service industry, especially the financial, educational, medical and telecommunications industries; Accelerate the construction of metropolitan areas and urban agglomerations with big cities as the core, increase the density and frequency of economically active population to promote agglomeration, and give full play to the role of service industry in absorbing employment. In 2012, the number of employees in the secondary industry in China reached its peak, and then it completely relied on the tertiary industry to absorb the labor transferred from the primary industry and the secondary industry. In 2018, the proportion of employment in the primary, secondary and tertiary industries in China was 26.1%, 27.6% and 46.3% respectively. The proportion of employment in the tertiary industry was far from the average level of 74.5% in high-income economies, and there was a broad space for employment. On the one hand, it is necessary to increase the opening-up of the service industry at home and abroad, and vigorously deregulate it. At present, China’s manufacturing industry is basically open to the outside world, while its service industry is relatively low. There is still a lot of room for opening to the outside world in the fields of automobile, finance, high-end clothing, energy, architectural design, medical care, education, telecommunications, internet, press and publication, radio and television, express delivery and so on. On the other hand, the development of most service industries needs agglomeration more than industrial development. We should accelerate the construction of metropolitan areas and urban agglomerations with big cities as the core, promote the further agglomeration of industries and population, and form an industrial division system in which core cities develop high-end service industries, small and medium-sized cities develop manufacturing industries and some service industries.

　　The third is to promote the stable and healthy development of the real estate market, not only to prevent excessive financial bubble, but also to prevent active puncture from causing major financial risks. Recently, a series of tightening policies for real estate financing have been introduced intensively, from overseas debt, trust and credit to comprehensive tightening. At present, on the one hand, it is necessary to prevent money from releasing water to stimulate the real estate bubble, on the other hand, it is also necessary to prevent active puncture from causing major financial risks. If it is punctured actively, the Sino-US trade friction will not continue. Ten crises and nine real estates, the housing market value in China is about 300 trillion yuan, the stock market is about 60 trillion yuan, and the bond market is about 70 trillion yuan. Old-fashioned seeks the country to exchange time for space, stabilize land prices and stabilize expectations, and use the time window to promote housing system reform and long-term mechanism. At the same time, normal business should be allowed to develop, and irregular business should be carried out step by step, with the front door open and the back door closed, rather than across the board. At present, it is especially necessary to support M&A financing. The merger of unfavorable assets or problematic projects between enterprises is the main force to resolve bad and financial risks, and it is impossible to rely on the state to resolve them.

　　Fourth, solidly promote the large-scale enrollment expansion of higher vocational colleges, implement large-scale vocational skills training, and promote the transformation of labor skills to meet the needs of industrial transformation and upgrading. According to the requirements of the Government Work Report of 2019 on the large-scale enrollment expansion of 1 million people in higher vocational colleges, in May, the Ministry of Education and other six departments jointly issued the Implementation Plan for the Special Work of Enrollment Expansion in Higher Vocational Colleges, emphasizing that "developing higher vocational education is a strategic move to alleviate the current employment pressure and solve the shortage of highly skilled talents", which is mainly aimed at fresh high school graduates, secondary vocational graduates, retired soldiers, laid-off workers and migrant workers. In the same month, the General Office of the State Council issued the Action Plan for Vocational Skills Upgrading (2019-2021), which further emphasized that "vocational skills training is a key measure to maintain employment stability and alleviate structural employment contradictions", and required that more than 50 million subsidized vocational skills trainings be conducted in three years, including more than 15 million in 2019.

This article first appeared on WeChat WeChat official account: Zeping Macro. The content of the article belongs to the author’s personal opinion and does not represent Hexun.com’s position. Investors should operate accordingly, at their own risk.

Special feature of 1905 film network 　 The film that will land in the Lunar New Year archives on December 29th recently held its first press conference in Beijing. Chen Kexin and Wu Junru appeared as producer and director respectively, and with the blessing of Mahua FunAge, the national expectation value of this film increased greatly.

　

I just suddenly felt something was wrong, huh? Isn’t Ceng Guoxiang the director of this film? How did it become Wu Junru’s directorial debut? Isn’t she the producer+starring? In addition, it has been rumored that the starring papi sauce is also a screenwriter of the film. How did this suddenly change people?

Papi sauce’s real name is Jiang Yilei

　

Of course, at that time, the film was also called "Sister Ling made a scene in your house", but no matter from the main lineup or the previous promotional film, it was definitely the same movie as "YaoYaoYaoLing".

　

We all have good memories. Don’t think that if we change our names, we won’t know you!

　

Here, Brother Dao just wants to ask the film side, who made this film and who made it up? After all, "YaoYaoYaoLing" is about to be released in the mainland, but the audience has to spend real money to buy tickets, so how can they have the right to know?

　

So, when did this Rashomon begin? Come on, draw a key point:

　

Some netizens found out that the words "New Works Produced by Chen Kexin and Directed by Ceng Guoxiang" were left in the synopsis column on the Douban platform of "YaoYaoling".

　

The screenshot of the watercress information of the earliest "Sister Ling makes a scene in your house" was not intercepted, but when some netizens took a screenshot the day before yesterday, the name of "Sister Ling makes a scene in your house" has changed to another name of "Yaoyaoling", and the director of the film has turned into Wu Junru, but in the synopsis, it still says "the new work directed by Ceng Guoxiang", and the screenwriter column is still papi sauce (real name is Jiang Yilei).

　

The previous Douban entry of YaoYaoLing

　

The latest entry of YaoYaoLing

　

Of course, the synopsis of Douban has been updated to the latest version, and the writers have been replaced by Zhou Yunhai, Muchun Zha and Wang Yixing.

　

Ceng Guoxiang’s studio photos exposed by various actors were always there from the beginning of filming to the end of filming.

　

Boot photo

　

Studio photo

　

Killing photos

　

Zhang Yi, the leading actor, once wrote an article in his WeChat WeChat official account, mentioning that Ceng Guoxiang was the film director. At that time, the title of Chen Kexin and Wu Junru were more clearly defined, so how could it not arouse the speculation of us "people who eat melons"?

　

On January 27th, 2017, actor Zhang Yi made it clear in his New Year message that he had devoted himself to the filming of "Sister Ling makes a scene in your house", which was produced by Chen Kexin and Wu Junru and directed by Ceng Guoxiang.

　

As the star of the film, it is impossible for Zhang Yi to sign a contract. He has been filming on the set. I still don’t know who the director is, right?

　

Love Zhang Yi, this "real hammer" has not been deleted.

　

If all this is not enough to prove that Ceng Guoxiang is the director of this film, then look at the photo carefully, and you will find the words [Director: Ceng Guoxiang] impressively in the photo.

　

Then how did Ceng Guoxiang get out?

　

Conjecture 1

　

The film style can’t be discussed properly, the director loses the dominant position in the film, and Ceng Guoxiang is forced or takes the initiative to out.

　

In April this year, before the screening of the feature film, there was a propaganda film "Sister Ling made a scene in Meng Gui Fang". At that time, the name of the director did not appear, and the positions of Chen Kexin and Wu Junru were only producer. It seems that at that time, the film has decided to abandon Ceng Guoxiang, but as for who will take over, it has not been decided yet. Of course, this is also a wild guess by Brother Dao. If it is right, it is purely a coincidence.

　

This earlier version of the promo is quite different from the first trailer recently exposed by YaoYaoYaoLing. "Ling Jie makes a scene in Meng Gui Fang" is full of Hong Kong flavor, full of Hong Kong retro style. YaoYaoLing is closer to the aesthetic habits of mainland audiences.

　

In fact, as early as April 9th this year, Ceng Guoxiang accepted a question from the 1905 Film Network at the Hong Kong Celebration. At that time, he clarified that "Sister Ling made a scene in Meng Gui Fang" was not his work, and this collaboration with Chen Kexin was just to help. Ceng Guoxiang also said that as a creator, it is most important to find the story he wants to shoot, and he prefers to shoot the story he wants to express.

　

From this point of view, it is also possible that Ceng Guoxiang lost the leading role of "Sister Ling makes a scene in your house", which led to the final style and direction of the film, which was quite different from Ceng Guoxiang’s expectation. In the end, Ceng Guoxiang could only give up the film voluntarily.

　

Conjecture 2

　

There was a help agreement before, saying, "we are logging tired", and the director changed people?

　

Two days ago, at the press conference of YaoYaoLing, Chen Kexin and Wu Junru kept silent about the beginning and end of Ceng Guoxiang out, and they shared the interesting story of shooting YaoYaoLing — — Wu Junru laughed and said that the couple had quarreled for an hour in the bathroom on the set because of the film, while Chen Kexin admitted that during the process of "supervising the work", parents often felt like protecting their children.

As for Ceng Guoxiang, in addition to publicly thanking her husband Chen Kexin for his advice, Wu Junru singled out another person who gave him a lot of help, that is, Ceng Guoxiang, a new Hong Kong director.

　

Most mainland audiences are familiar with the name Ceng Guoxiang, which should begin with the painful youth love film July and An Sheng, which was a great success in 2016. This work also helped Zhou Dongyu and Sandra win the Golden Horse Award for Best Actress, and director Ceng Guoxiang also won many awards and nominations. Chen Kexin is one of the producers of July and An Sheng. At that time, there were various reports praising Chen Kexin for taking the new director.

　

When YaoYaoLing was also called "Sister Ling made a scene in Meng Gui Fang", many media reported that Chen Kexin once again escorted the new film directed by Ceng Guoxiang.

Now, the play is finished and will be released, but Ceng Guoxiang has changed from a director to a friend to help!

　

In Ceng Guoxiang’s Weibo message, many fans who eat melons also raised the same question. Ceng Guoxiang also responded to this matter in Weibo: "We are all a family, please call me whenever you have something". When we later asked the film propagandist for proof, the other party also gave the answer of "family".

　

In the film industry, especially in Hong Kong, there are still many stories about "one family" helping each other. Take Chen Kexin, the producer of this film, as an example. When he created the film, he personally certified the Hong Kong director Liu Weiqiang to help him a lot. In the "Golden Harvest Prosperity" in the 1980s, Sammo Hung, as the eldest brother, also gave Jackie Chan and others similar assistance in the early creative stage. It can be said that the friendship of "family" can be regarded as a special "culture" passed down in this circle.

　

Only this time "YaoYaoYaoLing" is different. After all, at the beginning of shooting, the starring role of this film has been sealed, and Ceng Guoxiang is the director. However, on the eve of the release, the director changed the controlling person from the film to a passerby who helped, which is not the same as the so-called clear help between the two sides. However, it is obviously unreasonable for the film side to explain it with only one sentence: "we are logging tired".

　

The director was changed, which is nothing new in the film circle. In the early years, there were media reports that Chen Kexin replaced the original director Chen Desen, and Liu Weiqiang was the top one. However, rumors are always difficult to get a positive response from the parties, but time has proved everything. No matter what is right or wrong, the director of guillotines is Liu Weiqiang.

　

"Family" is a good word, and "family" seems to be kind to direct a movie. But today, when we pay more and more attention to intellectual property rights, even a "family" wants to know how everyone divides their work in the movie and doesn’t want to bury anyone’s talent.

　

For what reason did Ceng Guoxiang, who has been following the "Sister Ling" crew to the final stage, quit this project? Since he helped a lot, why didn’t the director Wu Junru+Ceng Guoxiang? How much did Wu Junru shoot and how much did Ceng Guoxiang help?

　

Brother Dao thinks that the film has an obligation to explain to the public that, after all, the audience is the one who ultimately spends money, and the director is also an important indicator for the audience to enter the cinema.

　

Finally, I also wish the YaoYaoLing, which will be released in the mainland on December 29th, a big sale.

Today I’m bringing you a domestic car. As for the outstanding performance of the car, please read it together.

Let’s take a look at the appearance of the tank 300 first. The whole front of the tank 300 looks very individual and sporty. Coupled with concise headlights, the shape is very young. The car is equipped with LED daytime running lights, front fog lights, automatic opening and closing, adaptive far and near light, delayed closing and so on. Come to the side of the car, the car body size is 4760MM*1930MM*1903MM, the car uses domineering lines, the car body looks very cold, with large-sized thick-walled tires, it looks full of movement. In the rear part, the overall shape of the rear part echoes the front face, and the taillights are very angular. Coupled with the unique exhaust pipe, it is still relatively soft overall.

Coming into the car, the interior design of Tank 300 is very young and has a good visual effect. The steering wheel of the car is well designed, equipped with the functions of manual steering wheel up and down+front and rear adjustment, steering wheel heating and so on, which looks a little more atmospheric. Take a look at the central control, with a 12.3-inch touch-sensitive LCD central control screen, which makes the interior style impressive and the details are still in place. The dashboard and seats also give people a good feeling. Let’s take a look. The car is equipped with a domineering dashboard, and the sports atmosphere is relatively in place. The car uses leather seats, which are wrapped in place and the overall comfort is acceptable.

The car is equipped with car networking, driving mode selection, remote control key, Bluetooth key, rear wiper, interior atmosphere light and other configurations, and the configuration performance is relatively good, which improves the convenience of drivers to some extent.

This car has been introduced almost before, and I believe many users who buy a car have taken a fancy to its comfort and practicality. If you are excited, you may wish to go offline and actually feel it.

Recently, we learned that Xingtu brand will soon launch a brand-new model, Xingjiyuan ET. Based on Chery’s new E0X platform, this car is positioned as a medium and large SUV, offering two power options: pure electric and extended range. The design of Xingjiyuan ET is fashionable and atmospheric, showing the unique charm of the brand. The front of the car adopts a simple and avant-garde design, and the LED penetrating light strip is combined with the light language below to create a scientific and technological visual effect. The side of the car body adopts streamlined roof curve and waistline, with large rims, showing movement and momentum. The shape of the rear is round and full, and the penetrating taillight group contains a large number of LED beads, which makes the effect exquisite and moving when lit.

Entering the car, Star Age ET adopted the design concept of "Welcome Home" super comfortable home to create a livable interior environment. High-end environmental protection materials such as marble slate, real wood decoration and Microfiber are used in interior design. The center console is equipped with a 15.6-inch 2.5K central control large screen, which is very eye-catching. In addition, the car is also equipped with a smart home voice system, including a variety of smart home scenes such as car home interconnection, baby mode, pet mode and karaoke mode, which brings more convenience and comfort to passengers. The center console is also equipped with an electric sliding instrument console and a "star bar", which increases the flexibility of the interior space.

Star Era ET provides pure electric and extended range power systems. The pure electric version is equipped with single motor or double motor, which has excellent maximum power and torque performance and outstanding acceleration performance. The extended-range model is equipped with a 1.5T turbocharged engine and a plug-in hybrid system, which takes into account both power and endurance. Whether it is pure electric or extended-range version, Star Era ET can meet consumers’ demand for power and battery life.

For Xingtu brand, the launch of Star Era ET will further enrich the brand’s product line and meet the needs of different consumers. As a medium and large SUV, Xingjiyuan ET has performed well in design, interior configuration and power system, showing the innovation and strength of Xingtu brand. The launch of this model will further enhance the competitiveness of Xingtu brand in the market and bring more attention and recognition to the brand.

Generally speaking, as a brand-new model of Xingtu brand, Xingjiyuan ET will have a positive impact on the brand with its stylish appearance, comfortable and livable interior and excellent dynamic performance. It will further consolidate the position of Xingtu brand in the market and attract more consumers’ attention and choice. The launch of Star Era ET will inject new vitality into the development of Star Way brand and lay a solid foundation for its future development.

　　Modern industrial system is an important part of modern economic system, and building a modern industrial system is an inevitable requirement for building a new development pattern and promoting high-quality development. General Secretary of the Supreme Leader attaches great importance to the construction of modern industrial system, and clearly requires "building a modern industrial system that is self-controllable, safe, reliable and competitive". The first meeting of the 20th Central Financial and Economic Committee put forward that "accelerating the construction of a modern industrial system supported by the real economy is related to our strategic initiative in future development and international competition" and "promoting industrial intelligence, greening and integration, and building a modern industrial system with integrity, advancement and safety". In the new era and new journey, we must profoundly study and understand the relevant important expositions of the Supreme Leader General Secretary, actively promote the construction of a modern industrial system, and comprehensively promote the great rejuvenation of the Chinese nation with Chinese modernization.

　　Modern industrial system is an industrial system composed of various modern industries including modern agriculture, modern industry and modern service industry, and it is a modern industrial system that meets the needs of Chinese modernization. To build a modern industrial system, we should not only follow the general law of modern industrial development, vigorously develop modern agriculture, modern industry and modern service industry, cultivate modern industrial chains and industrial clusters, and continuously promote industrial upgrading and structural optimization along the direction of intelligence, greening and integration, but also meet the essential requirements of Chinese modernization. To build a modern industrial system, we need to fully understand the basic characteristics that a modern industrial system should have, and promote effective construction practice on the basis of scientific understanding, which can be grasped from five aspects: integrity, advancement, security, coordination and inclusiveness.

　　integrity

　　The integrity of modern industrial system refers to the basic characteristics of complete categories of various industries, complete industrial chain, rich and complete product varieties and strong matching ability of parts. After the founding of New China, an independent and relatively complete industrial system and national economic system were established, which laid a material foundation for modernization. Since the reform and opening-up, China has spent decades completing the industrialization process that western developed countries have gone through for hundreds of years, creating a miracle of rapid economic development and long-term social stability, and forming the most complete and largest industrial system in the world. China has 41 industrial categories, 207 industrial categories and 666 industrial subcategories, making it the only country in the world with all the industrial categories in the United Nations industrial classification, and its manufacturing scale ranks first in the world for 13 consecutive years.

　　Large-scale industry, complete system and strong supporting capacity are conducive to the formation of economies of scale, agglomeration and scope, which is a great advantage of China’s industrial system and reflects the resilience and vitality of China’s economy. Building a modern industrial system with integrity is conducive to enhancing the security and initiative of development. At the same time, the modern industrial system with integrity is also an open system. To speed up the construction of a modern industrial system supported by the real economy, we must adhere to open cooperation and not build a car behind closed doors, which is not only in line with China’s basic national policy of opening to the outside world, but also an inevitable requirement for building an open industrial system. It is necessary to build a complete modern industrial system in the process of mutual promotion of domestic and international double circulation and high-level opening to the outside world. At present, around the construction of a modern industrial system with integrity, efforts should be made in the following aspects.

　　The first is to speed up the short board. Integrity is to maintain and enhance the advantages of complete industrial system and strong supporting ability. At present, there are still some shortcomings in some high-tech sub-industries, and there is still a gap between China and the international advanced industrial level in core basic parts and components, advanced basic technology and key basic materials. Some key links in the industrial chain supply chain are still subject to people. While consolidating traditional advantages, we should speed up the completion of these shortcomings and continuously improve the integrity of the industrial system.

　　Second, relying on the advantages of China’s super-large-scale market, we will deepen international cooperation in the industrial chain and supply chain. The low-cost comparative advantage of China’s labor force has gradually weakened, and some enterprises have begun to move to Southeast Asia and other regions, which has risks such as the relocation of industrial chain and the damage of supporting capacity of manufacturing industry. Enterprises should be encouraged to "go global", and at the same time, modern core factories should be built in China, leaving their core manufacturing capabilities at home.

　　The third is to further optimize the development environment of manufacturing industry, adhere to the real economy as the priority and build a modern industrial system supported by the real economy. Under the impact of digitalization and intellectualization, some traditional industries are facing great pressure of transformation and upgrading, and some places simply eliminate traditional industries as low-end industries through the "one size fits all" policy, which affects the completeness of China’s industrial system to some extent. While consolidating traditional advantageous fields, we should actively promote the transformation and upgrading of traditional industries through modern technological transformation, and we should not simply equate traditional industries with low-end industries and backward industries and ask them to withdraw.

　　Fourth, further improve the modern infrastructure, especially pay attention to the construction of industrial parks and industrial clusters. Constantly improve the development environment of industrial parks and industrial clusters, strengthen the technical and economic ties of various enterprises, improve the supporting capacity of industrial cooperation, and consolidate and strengthen the completeness of China’s industrial system.

　　advancement

　　The advanced nature of modern industrial system refers to the basic characteristics that the technical level of various industries in the industrial system is at the forefront, which requires the industry to adopt a large number of advanced technologies, processes, equipment and management methods, conforms to the new round of scientific and technological revolution and industrial transformation trend, and generally presents the characteristics of high-end, digital, intelligent and green modern emerging technologies. To build a modern industrial system, it is necessary to continuously improve the technological advancement of the industry and ensure that the industry maintains a leading position in technology and market. We must insist that science and technology are the primary productive forces, talents are the primary resources and innovation is the primary driving force, and that innovation is the core position in the overall situation of China’s modernization. Realize high-level scientific and technological self-reliance, become the world’s major scientific center and technological innovation highland, and let innovation take root in the soil of industrial development. Focus on building a number of new growth engines and constantly shaping new development momentum and new advantages. Accelerate the construction of manufacturing power, quality power, aerospace power, transportation power, network power and digital China.

　　Since the new era, China’s scientific and technological innovation capability and the technological advanced level of industrial system have been continuously improved, basic research and original innovation have been continuously strengthened, some key core technologies have been broken through, strategic emerging industries have been continuously developed and expanded, and great achievements have been made in manned spaceflight, lunar exploration, deep-sea exploration, supercomputers, satellite navigation, quantum information, nuclear power technology, large aircraft manufacturing, artificial intelligence and biomedicine, and they have entered the ranks of innovative countries.

　　We should also see that the advanced nature of China’s overall technical level needs to be improved. From the perspective of innovation investment, although R&D investment has increased substantially in recent years, compared with developed countries, China’s cumulative R&D investment scale is still insufficient, among which basic research investment accounts for a relatively low proportion. From the perspective of R&D output, there is still a big gap in the number of patents, the coverage of technical direction and the balance in the field. Some key core technologies are subject to people and have a high degree of external dependence. On the whole, China’s original innovation ability and underlying technology development ability are still lacking, and some enterprises are in the formation stage of imitation innovation and forward design ability. Compared with the requirements of new industrialization, there is still a certain gap between the quality and efficiency of China’s manufacturing industry and the world’s manufacturing powers, and the innovation efficiency still needs to be improved. We should vigorously promote the optimization and upgrading of manufacturing industry, and constantly promote the upgrading of industrial base and the modernization of industrial chain. At present, around the construction of advanced modern industrial system, efforts should be made from the following aspects.

　　The first is to deepen the reform of the scientific research system. Constantly increase the investment in R&D funds in China, strengthen the dominant position of enterprises in scientific and technological innovation, vigorously promote entrepreneurship, comprehensively enhance the innovation ability of enterprises, cultivate more world-class enterprises with excellent products, outstanding brands, leading innovation and modern governance, and continuously expand the group of specialized and innovative enterprises. Give full play to the advantages of the new national system, strengthen basic research, increase investment in basic research, strengthen the supply of high-level independent technical elements, promote the deep integration of innovation chain’s industrial chain capital chain talent chain, strengthen demand and scene traction, build a number of national manufacturing innovation centers and pilot and application verification platforms with high quality, and build an open, collaborative and efficient common technology research and development platform. Enhance the innovation ability of key core technologies, promote key core technology research projects in the fields of new generation information technology, biotechnology, new energy and new materials, break through key common technologies and cutting-edge leading technologies, and plan brain-like intelligence, quantum information, genetic technology, future network, deep-sea aerospace development, hydrogen energy and energy storage in a forward-looking way.

　　The second is to actively explore effective investment mechanisms. Appropriately increase investment in new infrastructure construction such as information infrastructure, integration infrastructure and innovation infrastructure, especially promote the construction of major scientific and technological infrastructure, science and education infrastructure and industrial technology innovation infrastructure, and build a major scientific and technological infrastructure system with complete layout, advanced technology, efficient operation and strong support as soon as possible.

　　The third is to establish and improve the evaluation system of industrial basic capacity. Accelerate the implementation of industrial base reengineering projects for core basic components and components, advanced basic technologies and key basic materials. Focusing on the fields of large aircraft, aero-engines, gas turbines, electric energy equipment, marine and offshore equipment, industrial machinery, high-end medical equipment and modern agricultural machinery equipment, we will actively promote key technical equipment research projects and strive to break through a number of innovative and iconic equipment in key areas.

　　Fourth, vigorously develop digital technology and digital economy. Empower the transformation and upgrading of traditional industries through digital technology, take intelligent manufacturing as the main direction, and promote industrial digitalization. Through digital technology, new industries, new formats and new models will be born, and the healthy development of platform economy and sharing economy will be promoted, and digital industrialization will be promoted. In-depth implementation of intelligent manufacturing projects and special actions for digital empowerment of small and medium-sized enterprises, promoting the innovative application of artificial intelligence, accelerating the large-scale application of industrial Internet, improving network security capabilities, and building a number of internationally competitive digital industrial clusters.

　　The fifth is to accelerate the green transformation of development mode. Taking promoting carbon neutrality in peak carbon dioxide emissions as the starting point, we will build a resource-saving and environment-friendly green industrialization system. Build a green manufacturing system and service system, and increase the proportion of green and low-carbon industries in the total economic output. We will make great efforts to promote the optimization and upgrading of traditional industries such as steel, nonferrous metals, petrochemicals, chemicals and building materials, and accelerate the innovation and digital transformation of low-carbon processes in the industrial field. Cooperate to promote carbon reduction, pollution reduction, greening and growth, and promote ecological priority, economical and intensive, green and low-carbon development. Pay close attention to tackling key problems of green and low-carbon technologies, develop green and low-carbon industries, and build a modern green and low-carbon energy system with new energy as the main body and a modern industrial system with green manufacturing as the main body with the energy revolution and green manufacturing as the breakthrough.

　　security

　　The security of modern industrial system is the basic characteristic of ensuring the independent control, safety and reliability of industrial system under the premise of coordinating industrial development and industrial safety, coordinating open development and economic security. To build a safe modern industrial system, we should strengthen our sense of hardship, adhere to the bottom line thinking, and achieve the goal of "controllability" and "industrial safety" through "autonomy". From the perspective of industrial chain, the independent control of industrial system means that it has strong control over the key links of industrial chain supply chain, and has control and influence over all links, subjects and elements in the chain to ensure the smooth operation of industrial chain supply chain and ensure basic security in special periods. This involves not only the supply of physical assets such as raw materials, spare parts, production equipment and mechanical equipment, but also the supply of intangible assets such as technology, software and intellectual property rights.

　　In the past few decades, the global layout of the industrial chain has been based on the basic logic of improving efficiency and reducing costs, looking for the best production plan all over the world. At present, the world’s great changes in the past century have accelerated its evolution, a new round of scientific and technological revolution and industrial transformation has developed in depth, international forces have been profoundly adjusted, anti-globalization trends have risen, unilateralism and protectionism have risen markedly, world economic recovery has been weak, local conflicts have continued to ferment, global problems have intensified, and the world has entered a new period of turmoil and change. In the future, the supply chain pattern of global manufacturing industry and industrial chain will be adjusted and reshaped in the direction of regionalization, localization and digitalization. The rising industrial safety risk has become an important issue, and all countries have begun to seek to establish an independent, safe and controllable industrial system.

　　In this context, China is faced with the great challenge of how to ensure industrial safety and enhance the initiative of development. Building a modern industrial system requires coordinating development and safety, and actively exploring effective ways to effectively improve the national industrial safety level and improve the toughness of the industrial chain supply chain under the open economic system.

　　On the one hand, it is necessary to promote high-level opening to the outside world and steadily expand institutional opening such as rules, regulations, management and standards. Benchmark the international high-standard economic and trade rules such as the Comprehensive and Progressive Trans-Pacific Partnership Agreement and the Digital Economy Partnership Agreement, oppose protectionism, adhere to the combination of "going out" and "bringing in", and form a strong attraction to global factor resources, a strong competitiveness in fierce international competition and a strong driving force in global resource allocation through domestic circulation, and cultivate more world-class enterprises with outstanding products, outstanding brands, leading innovation and modern governance.

　　On the other hand, we must adhere to the bottom line thinking and extreme thinking, identify the weak links of key core technologies and parts, and carry out in-depth industrial base reconstruction projects and major technical equipment research projects. Efforts will be made to tackle key core technologies in the fields of next-generation information technology, biotechnology and artificial intelligence, to achieve the first breakthrough in core technologies such as high-end chips, operating systems, new materials and major equipment, to comprehensively upgrade the industrial base and modernize the industrial chain, and to effectively promote strong chain reinforcement and chain stabilization. Actively carry out industrial competitiveness survey and industrial safety assessment in key areas, improve the industrial safety management system, especially establish an industrial chain supply chain safety management system with clear rights and responsibilities and close cooperation among multiple departments. Strengthen the guidance and coordination of industrial safety policies on the formulation and implementation of economic policies such as China’s manufacturing development planning, major science and technology projects, and anti-monopoly.

　　harmony

　　The industrial system itself is a complex economic system. This system is composed of technology, capital, labor, natural resources and other elements, and under the interaction of spatial combination and time connection, it develops into an ecological system with complex structure. The coordination of modern industrial system refers to the operating state characteristics of industrial system in the process of industrial structure evolution, such as organic combination of various production factors, high cooperation of various enterprises, effective cooperation among industries, orderly transfer of all links in industrial chain, and rational regional layout. To build a modern industrial system, we must build an institutional mechanism of efficient allocation of factors and organic coordination of industries, and then promote a high degree of collaborative coupling among industrial categories, regions, upstream and downstream links, large and medium-sized enterprises, and capital, technology and labor, so as to realize the coordinated development of the real economy, scientific and technological innovation, modern finance and human resources, and make the industrial structure show a trend of advanced and rational evolution.

　　Improving the coordination of industrial system is an important means to solve the imbalance between regional and industrial development, and it is also an important content to build a new development pattern. Without a coordinated industrial system, all links of production, distribution, circulation and consumption cannot be connected in an orderly manner, supply and demand cannot be efficiently and dynamically balanced, the domestic grand cycle cannot be unimpeded, and the domestic and international double cycles cannot effectively promote each other. Since the new era, China has promoted the simultaneous development of new industrialization, informationization, urbanization and agricultural modernization, which shows that China’s industrial structure is constantly developing to an advanced and rational level, no matter from the relationship between the output value of the three industries and the proportion of employment, the upgrading and transformation of traditional industries and the rapid development of strategic emerging industries, or from the perspective of regional coordinated development and enterprise growth process.

　　What needs to be seen is that there are still some problems in the coordination of China’s industrial system: the market-oriented docking and integration mechanism and service system of innovation chain and the industrial chain are still not perfect, and the elements and achievements of scientific and technological innovation can not serve the development of the real economy well; The supporting role of the real economy in the modern industrial system is not strong enough. The development of the real economy industry and the virtual economy industry is unbalanced, and there is a trend that the economy is "divorced from reality". The financial industry is not strong enough to serve the real economy, and there are blocking points and silting points in the capital circulation between the financial industry and the real economy industry. The construction of a unified domestic market needs to be promoted, and the problems of high trade cost and high factor flow cost are obvious. The pattern of industrial division of labor based on the functional orientation and comparative advantages of regional subjects needs to be improved, and the gap between urban and rural regional economic development is still significant. The level of industrial integration needs to be improved, the deep integration of digital technology and real economy is not enough, and the integration of modern service industry with advanced manufacturing industry and modern agriculture needs to be deepened. In order to solve these problems, it is necessary to promote the coordinated development of real economy, scientific and technological innovation, modern finance and human resources, promote the virtuous circle of science and technology, industry and finance, and improve the coordination of modern industrial system.

　　First, deepen the reform of science and technology and industrial innovation system, and constantly strengthen and improve the construction of science and technology innovation system. Innovate the transformation mechanism of scientific and technological achievements, form a complete innovation system from basic research to applied research, strive to repair the chain between technology research and industrialization, and improve the transformation rate of scientific and technological achievements.

　　The second is to deepen the reform of the education system and attach importance to cultivating knowledge-based, skilled and innovative industrial workers. Intensify efforts to cultivate compound talents in the fields of STEM (science, technology, engineering and mathematics) and form an institutional mechanism for the real economy to attract these high-quality talents.

　　The third is to focus on the real economy and accelerate the construction of a modern industrial system supported by the real economy. Deepen the structural reform of the financial supply side, improve the financial support innovation system, smooth the cycle of finance and the real economy, improve the institutional arrangement of medium and long-term capital supply in the real economy, innovate financial products and services that go directly to the real economy, and enhance the financing function of multi-level capital markets.

　　The fourth is to promote the deep integration of digital technology and the real economy, cultivate and expand emerging digital industries such as artificial intelligence, big data, blockchain, cloud computing and network security, and build a number of advanced manufacturing clusters with international competitiveness. Further grasp the direction of digitalization, networking and intelligence, use digital technology to carry out all-round, multi-angle and full-chain transformation of manufacturing, service and agriculture, vigorously explore the scene of digital transformation, and constantly cultivate and develop new industries, new formats and new models.

　　Fifth, vigorously promote the effective coordination of future industries, strategic emerging industries, pillar industries and traditional industries, and vigorously develop modern service industries. Promote the producer service industry to extend to specialization and high-end value chain, and strive to promote the deep integration of modern service industry with advanced manufacturing industry and modern agriculture.

　　Sixth, accelerate the construction of a unified domestic market and promote the effective flow and allocation of various industrial factors. Optimize the layout of major productive forces based on the orientation of main functional areas, promote regional coordinated development, and constantly improve the functions and layout of high-tech parks and industrial parks.

　　inclusiveness

　　The inclusiveness of modern industrial system means that the achievements of modern industrial development within the industrial system benefit all the people more fairly.

　　Technological innovation not only promotes industrial modernization, economic growth and the improvement of per capita income level, but also affects the income distribution pattern. Since 1980s, with the development of digitalization and economic globalization, the income gap in most developed countries has been widening year by year. The development of digital economy abroad has shown that the wide application of digital technology will bring impact on employment and income distribution: star enterprises occupy most of profits, data and market share; The share of labor income relative to capital factors continues to decline; The substitution of digital technology for operational skilled workers leads to the polarization trend of income distribution. In the construction of China’s modern industrial system, we should vigorously promote digital industrialization and industrial digitalization. Promote the upgrading of industrial base and the modernization of industrial chain, and promote industrial intelligence, greening and integration. Guide scientific and technological personnel to carry out responsible research and innovation and promote shared development. Specifically, we should more actively eliminate the digital divide between urban and rural areas and between different social groups, more actively promote the application of digital technology in different industries, different regions and different groups, establish a vocational skills training model suitable for new employment forms, improve the digital skills of workers, and make the digital economy dividend better benefit the public. At the same time, we must constantly improve the distribution system, adhere to the principle of distribution according to work and coexistence of various distribution methods, build a coordinated system of primary distribution, redistribution and third distribution, improve the inclusiveness of the modern industrial system through the improvement of the distribution system, and realize the modernization of common prosperity for all people.

　　(This article Source: Economic Daily Author: Huang Qunhui Ni Hongfu Author is a special researcher at the New Era Socialism with Chinese characteristics Thought Research Center, the supreme leader of China Academy of Social Sciences)

Wen | Yi Qing

Editor | Chen Meixi

Halfway through the summer vacation, the national total box office has exceeded 8 billion.

The film industry has not been so lively for a long time. In the first half, "Disappeared She" constantly attracted the audience into the cinema in the marketing of marriage and love anxiety, creating a box office score of over 3.5 billion, breaking the cumulative box office record of China film history crime films; In the second half, Wu Ershan appeared in the cinema with the epic masterpiece Feng Shen, the pink world created by Barbie made efforts to break through in the summer file, and YiBo continued to expand his box office appeal with Passion.

In addition, "In an octagonal cage" and "Three Wan Li in Chang ‘an" are the objects of public discussion. Myths, women, dancing, crime, reality, animation, adventure and other stories are all gathered in this summer, and the topics, discussions and box office trends are snowballing.

Megalodon 2: Abyss, as a deep-sea adventure monster blockbuster controlled by China producers, will also become a unique existence, and is expected to drive the market in the second half of the summer file.

On the one hand, as a series, what kind of collision Meg 2 can bring after the actor’s upgrade makes the audience curious.

On the other hand, Jason Wu, the box office leader, undoubtedly raised the audience’s expectations for this film-what kind of box office miracle can Jason Wu bring to Meg 2 after Wolf Warriors 2 and Wandering Earth 2?

On the morning of July 28th, with these questions, Hedgehog Commune met two producers in Meg 2, Lorenzo di Bonaventura and Belle Avery, and discussed with them their views on Jason Wu, the difficulties in co-producing projects at home and abroad, and the changes in genre films.

Bella output a lot of information at the scene, and sincerely said: "I believe that filmmakers in the world will pay more and more attention to the China market, and I have been working on other projects. If they can all perform well in the China market, it will be a very good thing for me."

Jason Wu, first choice.

In 2018, The Meg was released in the cinema, and Li Bingbing, a China actress, became one of the highlights of the film in the China market, and finally accumulated a box office of 1.053 billion.

After a lapse of five years, in order to realize the cast of tough guys, the focus shifted to Jason Wu. The producer chose Jason Wu without hesitation, even willing to wait for him for two years.

In the live conversation with the producer, "Jason Wu" was frequently mentioned, and it is not difficult to see that the production team attached importance to Jason Wu from the whole production process. Meg 2 always revolves around the role of "Nine styles" played by Jason Wu in the aspects of script, role creation and cultural differences.

Bella mentioned, "Scripts (in Hollywood) usually take eight months to a year, but the role played by Jason Wu is very crucial. As a new character, we need to consider what is the relationship between him and every character in the first film. In order to better present the role and integrate China culture, the script has been polished for a long time. "

Lorenzo already has the production experience of Bumblebee, Transformers: The Rise of the Super Warrior and other works. In a large number of reading films, he has also seen the Wolf Warriors series starring Jason Wu. Wolf Warriors 2’s box office achievement of 5.694 billion in China market is the first time to reach the top 100 box offices in the world, leaving a deep impression on the international market. "If any filmmaker doesn’t know about Jason Wu, they haven’t done their duty."

Since then, Lorenzo has been paying attention to Jason Wu’s career. His relaxed performance in front of the screen, sometimes humorous and sometimes tough, has also become the reason why Meg 2 chose him. After the first film, the second film needs a China role to lead the show, and it forms a sharp collision with another Hollywood starring Jason Statham. Jason Wu, who is good at action movies and always surprises the audience, is the only choice.

The producer knew that Jason Wu couldn’t make an appointment, so he took the script to fight for it first. Bella still remembers seeing Jason Wu for the first time in England. At that time, in a small room, they sat on the sofa with a script and exchanged roles with him. Jason Wu left a deep impression on her.

In front of the screen, his action plays always attract people’s attention. In reality, Jason Wu is cheerful and enthusiastic, treats everyone to eat hot pot in a very authentic China way, and easily handles this role invitation at the dinner table.

Even though it was difficult to make an appointment in Jason Wu, the team still waited for two years. The film has not been officially released, but what the two producers saw and heard during the filming made them feel that the wait was extremely worthwhile.

As a Chinese-foreign co-production project, Meg 2 has gathered actors from all continents, which is a unique cross-cultural communication exhibition. Recalling the first meeting scene, Bella strengthened her choice of Jason Wu-he can bring more elements that China audiences like.

Indeed, Meg 2’s Chinese, the crowning touch, has become a joke that is more acceptable to China audiences in the film. At the scene, as long as Jason Wu speaks Chinese, there will be laughter all around.

The lines such as "Shut your mouth" and "Dare you slow down a bit?" were improvisations by Jason Wu. Foreign staff couldn’t understand them, so he explained to everyone, "He said you have to believe me, and the China audience will understand this point." Bella finally respected Jason Wu’s decision, "because he knew the China audience."

On the occasion of the strike of foreign actors’ unions, China hosted the only world premiere of Meg 2, and "Jason Wu" became the biggest "killer" for the film to seek high box office.

China’s Narration in the Deep Sea Monster Film

As a series of films, if we want to continue to meet the audience’s expectations of the film, we should not only keep the wonderful part of the first film, but also give the second film a sense of freshness.

Lorenzo thought about this problem from the beginning. If we continue to use the interaction of "male and female collocation", it will be difficult to distinguish it from the first film and give the audience a refreshing feeling. Therefore, telling stories from a different perspective, increasing the number of megalodon sharks and developing monster species seem to be the simplest and straightforward choices.

Based on the first film, Meg 2 is more complete in deep-sea thriller, character relationship and story line, and is close to China culture.

Megalodon 1 has the cool feeling of a monster film, but the character line is relatively simple, and human exploration of the underwater world is limited, which has been improved in the second part. "The relationship between the positive protagonist teams is closer than before." Lorenzo said.

Taking the character "Jiuao" as an example, Yu Baimei revealed during the road show that Jiuao’s original name was "Zhang Jian", but it was changed to "Jiuao" because of his father’s dream and based on China culture. The relationship between Jiuao and his father and his family was fully explained in the second part.

In western films, the creators usually ignore the oriental proposition of "Where do the characters come from?", while Meg 2 makes full connections according to the thinking logic of China people.

In the film, Jonas Taylor, played by Jason Statham, is a western father, while Jiuao, played by Jason Wu, is a typical uncle from the East. The relationship between them and their younger generation Mei Ying is ostensibly due to their personality, but in fact it is a collision between the East and the West in intergenerational relations.

"Jonas, Jiuao and Meiying get along very subtly. All foreign masters can understand the interaction between Jonas and Meiying, but not everyone can understand the interaction between Jiuao and Meiying. If we don’t have a partner from China, there is no way to express this subtlety accurately." Lorenzo said.

Bella told Hedgehog Commune with some excitement that the visual effects department had produced more special effects of creatures and sharks. This international cooperation has also made her know more about China culture. "With this relationship, we can understand Jiuao. For me, this is an attempt in the relationship between people. People in different cultural backgrounds have different reactions to death and dreams, which is more touching to me. “

The creative team tried to start with the relationship between the characters, which not only made the team more capable of fighting, but also made the audience in the cinema more empathetic with the characters in the monster film, and even increased the appeal to the female audience. "I think women should be excited when they see the interesting scene of two men with babies!" Bella said with emotion.

Lorenzo hopes that in this deep-sea monster film, the roles of different countries can establish different ways of connection, but it can also convey the unified emotional value and heroic narrative of human beings. "This is the preference of the global audience."

Although cultural differences always exist, which once became a challenge in the filming process, Meg 2 prefers to find commonalities in the differences, just like Lorenzo’s original intention of making a film: we want to emphasize in this film how people from different cultures and ethnic groups can establish better ties.

How to go further with genre films?

Lorenzo and Bella prefer to call the "difficulties" they encounter "challenges". Therefore, in the filming process of Meg 2, the difficulties are not mentioned, but the challenges are always there.

The number of teams is huge, and different teams in different countries have different understandings of the same problem. In the process of discussion, Lorenzo found that everyone’s contradiction lies in the degree of application of film elements. "For example, how many times do octopus appear in the film, how to present their appearance, is it the tip of the iceberg or unveiling the mysterious veil? Everyone’s starting point is good. This is not so much a difficulty as a challenge of teamwork. "

Bella was more worried about the scene when shooting. Meg 2’s underwater shooting is almost composed of special effects. The actors wear heavy costumes to perform without real scenes. She is worried about the state of the actors and the effect of filming. "We want to create a new species of octopus and make different productions for each Megalodon shark to distinguish it. These details are complicated."

But in the end, when all the elements were added, Bella did get what she wanted: the megalodon shark of the top predator was bigger, each shark had its own personality, some were ferocious, and some could coexist with human beings; Jason Wu, an actress, did stunts on the helicopter again, which shocked the staff at the scene. She described the scene as "crazy".

The crew often encounters the problem of cultural barriers, and the solution is simple and direct. If the thinking mode of foreigners in the play is concerned, the creators will mainly listen to the opinions of Warner Bros., the producer. If the thinking mode of China people is involved, the opinions of the Chinese culture of the other producer will become crucial.

As a filmmaker, Bella’s understanding of China culture mostly comes from movies. Facing the question "Which China movies do you like", she got up and took out a printed list from a side table, which recorded her favorite China directors and works. She put on her glasses and read the director’s name in unskilled Chinese. The list includes internationally renowned directors and rookie directors.

Bella appreciates Zhang Yimou and Jiang Wen the most, and also looks for the success logic of China’s commercial films in Dying to Survive’s Lost Her.

For Bella, only when she has seen enough movies can she appreciate the charm of culture. As a producer of a Chinese-foreign co-production, she should not only look for ways from past studies and make judgments on the production process, but also continue to learn from experience in the existing environment.

In her view, there is still a lot of room for improvement in monster films, and the audience’s highlights continue to be explored: "The visual effects of monster films are getting better and better, but in terms of story content, we can look at these deep-sea monsters in different ways. Just like everyone is different, there are differences between monsters, and it is not necessary to confront humans. There are various possibilities between monsters and monsters, monsters and people. "

Like any type of film, the progress of monster films requires the main creator to bring different content every time. Fortunately, there are still many possibilities to be created for the genre of deep-sea monsters in this track unfamiliar to China audiences.

On September 20th, Wuling Automobile announced the official launch of the five-seat SUV. The new car is available in three configurations: 330km, 401km and 510km. The official guide prices are 75,800 yuan, 84,800 yuan and 95,800 yuan respectively. The whole vehicle is upgraded in terms of space, power, safety and comfort, which can provide users with a multi-scene adaptive travel experience.

At the same time, in order to give back to the majority of users, Wuling introduced five colorful gifts, including: colorful rejuvenation gifts: the replacement subsidy is as high as 22,000 yuan, including the replacement subsidy of as high as 2,000 yuan/set, and the national trade-in subsidy can be superimposed as high as 20,000 yuan (before December 31, 2024); Colorful financial gift: 24 installments with 0 interest, up to 2000 yuan/set of financial discount; Colorful inductance gift: the first non-operating car owner’s lifetime warranty; Colorful salute: 3M solar film (excluding installation) will be presented to all departments; Colorful energy-supplementing ceremony: giving away AC charging piles (excluding installation).

In terms of appearance, the overall body shape of the new car is sharp and comfortable, with four body colors of milk coffee white, glass red, storm grey and aurora green, and a suspended color separation roof design. At the same time, the wind resistance of the vehicle is optimized by 13% and the cruising range is increased by about 20km through the detailed design of large inclination windshield, front air curtain with wind blade, 15-inch aluminum alloy wind-breaking wheel hub and anti-tilting tail.

The new car is built on the platform of Tianyu Architecture -M developed by Wuling, with a body size of 4090mm*1720mm*1575mm and a wheelbase of 2610mm, which is considered as a model with a long wheelbase in its class.

In terms of interior, the new car offers two color schemes: empty green and warm sand white, and the cockpit adopts 360 skin-friendly soft bag design, which has improved the visual and tactile sense. The main driver’s seat supports electric 6-way adjustment, and the rear seat can be laid down independently in 4/6 minutes and equipped with independent headrest, which can meet the driving habits of different users and improve cabin comfort.

The vehicle has a lateral space utilization rate of 78.4%, and the distance between two rows of seats is 882 mm. In the case of full capacity, the space is still spacious and comfortable. At the same time, there are as many as 23 humanized storage spaces in the car. If you need to carry large items, just put down the rear seat as a whole, and the trunk capacity can be increased to 1450L L.

In terms of power, the five-seat version of Wuling Binguo SUV adopts a 75kW high-efficiency three-in-one water-cooled flat wire motor, with a maximum torque of 180N·m, which can complete an accelerated start of 0-50km/h in 3.7s s. The switch of the whole power system has faster response, more efficient dynamic release and stronger dynamic performance. It is not an exaggeration to say that it is a pure electric "small steel gun".

In terms of battery life, the new car is available in three versions: 330km, 401km and 510km. The power consumption per 100 km is as low as 10.1kW·h, and the operating cost per kilometer is only 6 cents. The whole new car supports the combination of three charging modes: DC charging pile, AC charging pile and household socket, so as to realize high-efficiency full-scene quick charging. It only takes 30-35 minutes for DC fast charging SOC to reach 30%-80%, and it can also be adapted to household 220V/10A socket. All the new cars are equipped with magic batteries to ensure that the batteries are not short-circuited, leaked, lithium-separated or caught fire as much as possible.

The five-ring high-strength steel body structure adopted in the new car accounts for 74.8% of the whole vehicle’s high-strength steel, of which 22 parts are made of high-strength thermoformed steel with tensile strength exceeding 1500Mpa, and the "carrier-grade" material standard is adopted to build a safety fortress for users. Four airbags are standard in the car, as well as ESC electronic vehicle stability system, Autohold automatic parking system, reversing radar and other configurations to provide users with more comprehensive safety configuration.

The chassis of the new car has been carefully adjusted and depth tested, and the anti-roll ability has been improved when cornering, taking into account the comfort without neglecting the handling of the vehicle. In addition, on the NVH of the whole vehicle, 31 acoustic package parts cover the main noise sources in the car, and the quietness in the car is improved. The new car is also equipped with keyless entry and start-up, mobile phone remote control function, four-door window with one-button lifting anti-pinch and electronic pocket, which brings practical sense of intelligence and technology.

The launch of the five-seat version of Wuling Bingo SUV has improved the product strength of the vehicle in terms of space, power, safety and comfort, and provided users with more choices.