Recently, this newspaper has received reports from parents of primary and secondary school students in some places that some middle schools organize examinations and selection through off-campus training institutions in the process of upgrading from primary school to junior high school. The school’s "pinch-top" enrollment forces primary school students to participate in various extracurricular classes in the fourth and fifth grades, and the wind of making up classes outside the school is prevalent. The reporter conducted interviews and surveys in major cities.

　　Xiaoshengchu illegally recruited students, and in some places, less than half of primary school graduates participated in computer allocation.

　　"Since the fifth grade, my son has no weekends, no winter and summer vacations. When the school is on holiday, we are all making up lessons. " Recently, Li Yun of Hohhot, Inner Mongolia, is going to take his son who graduated from primary school to travel. Li Yun told reporters that this is her "reward" for her son. In this year’s junior high school exam, his son was admitted to Qixiu Campus of the Municipal Experimental Education Group.

　　When it comes to junior high school education in Hohhot, the experimental middle school is the most famous, with five campuses, three of which are public and two are private, collectively known as Hohhot Experimental Education Group. In recent years, the state has vigorously promoted the balanced development of compulsory education. The public campus of experimental middle schools mainly relies on computers to recruit students, which makes two private branch schools of experimental middle schools that can enroll students independently increasingly sought after. Li Yun’s children are one of them.

　　Compulsory education is free of entrance examination, so why can the experimental middle school branch organize "pinching the top" recruitment? Qu Huihua, president of the Experimental Education Group, said: "The education department allows them to enroll students, but they are not allowed to take exams. At present, the personnel and finance of these two campuses, including enrollment, are carried out independently. They can enroll students independently and will not communicate with me. I don’t ask how they enroll students, and I don’t know how to operate. "

　　In the investigation, the reporter found that some places turned a deaf ear to the provisions of the Ministry of Education on the simultaneous enrollment of private compulsory education schools and public schools. In many cities, private schools have been the first to recruit students for many years in a row, while public schools have been the last to assign computers.

　　In another provincial capital city, at the end of last year, the Education Bureau issued a notice that public junior high schools are free of examination and allocated to schools nearby or relatively nearby, but private junior high schools adopt the method of "computer random allocation+independent enrollment". The best two or three local junior high schools are run by the local people, and "self-enrollment" is allowed. Many parents can only take their children to various remedial classes for their children’s future.

　　A student’s parents told the reporter: "I learned that there are entrance exams in junior high schools, both public and private, and the exams in private junior high schools are more difficult." Her daughter entered the public middle school because she didn’t pass the entrance examination of the private middle school.

　　The reporter’s investigation in Hohhot found that if the candidates took the private school exam and were admitted, and wanted to participate in the computer allocation of public schools again, they would be deprived of the qualification of the senior high school entrance examination, and they would not have the opportunity to enjoy the relevant preferential policies of high-quality high schools. It is understood that in recent years, there are more than 20,000 junior high school students in Hohhot every year, but only 9,087 primary school graduates participated in the on-site computer allocation this year, less than half of the total.

　　The recruitment is becoming more and more hidden, and the teacher of the training class calls temporarily, and also submits resumes and open days.

　　In recent years, the Ministry of Education has issued a number of documents, requiring all localities to fully implement the policy of free entrance examination for compulsory education. This year, the General Office of the Ministry of Education reiterated in the Notice on Doing a Good Job in Enrollment of Ordinary Primary and Secondary Schools in 2019 that all public and private compulsory education schools must strictly abide by the compulsory education exemption admission regulations. However, under the strict investigation, some schools still secretly recruit students through various means.

　　Parents who have experienced junior high school in Guangzhou, Guangdong Province in recent years, most of them know "MK", a phonetic alphabet with the nature of code. "MK" is the homonym of "secret exam", and there are also "ZA" (believing in the Olympic class), "YS" (cultivating experiment), "YLQ" (pre-admission) and "QY" (signing) … … Parents told reporters that they joined the students’ parents group, teaching auxiliary institutions group and "MK" group through various channels, and inquired about the "secret test" information through this set of "passwords".

　　Different from previous years, this year’s "secret exams" in private schools have been reduced, and they have been replaced by forms such as submitting resumes and "meeting" for a few minutes on the school open day.

　　The reporter came to a junior high school when the enrollment was the most tense. Because the education department did not allow the school to collect students’ resume materials, the school did not set up a resume material collection office, but placed several large wastebaskets on the spot, and the security guards instructed parents to throw the "abandoned" students’ resume materials into the wastebaskets. After the activities were over and the school gate was closed, some parents received calls from social teaching auxiliary institutions one after another.

　　According to the reporter’s investigation, despite the increased efforts to investigate and deal with illegal recruitment at the beginning of Xiaoshengchu, the examination is more and more hidden and has been repeatedly banned.

　　In a certain place, Linlin, who just graduated from primary school, took nearly 10 junior high school exams organized by training institutions in the first half of this year. Apart from some private schools, there are also several "rocket classes" exams in public schools, most of which are in remote temporary examination rooms.

　　The reporter came to a training institution in Linlin where she attended the Olympic Mathematics tutorial and organized her to take the exam, and asked the staff whether she could participate in the junior high school entrance examination. A staff member said that "the situation changes every year, and not every school can participate in the recruitment." The staff member next to him immediately took out his mobile phone and typed a few words, whispering to the staff member: "That’s what he meant." The staff member immediately changed his statement: "We never organize junior high school exams for schools, but only conduct ordinary extracurricular training."

　　"Don’t say they won’t tell you, our parents can’t ask!" Linlin’s mother, Ms. Zhao, told the reporter that every time she took the exam, she received a phone call from the teacher of the training class, informing her when and where there was a very important exam. "But which school exam didn’t tell us."

　　A staff member of a training institution said: "This year, the Education Bureau conducted a strict investigation. In previous years, each school organized at least two or three exams, but this year, each school basically only took one exam. It turns out that we have even moved our office this year, and we are afraid to put up a sign now … …”

　　Training institutions are crowded, and some say that they are closely related to popular schools, and super-class teaching is more common.

　　"Among the students I came into contact with in Xiaoshengchu, 80% of the children will go to tutoring institutions." Teacher Li of a training institution said that due to the scarcity of high-quality educational resources and the continuous intensification of academic competition, various counseling institutions have sprung up.

　　As parents of students, the reporter made unannounced visits to several off-campus training institutions in several cities, and found that the teaching contents of many training institutions seriously exceeded the prescribed scope of the syllabus. At the same time, in the face of parents who come to consult, most institutions will introduce the close relationship with popular schools, as well as the high quality of education and stable transportation of students.

　　According to the reporter’s investigation, the state’s repeated requests for strict prohibition of the Olympiad, which is the basis for entering the compulsory education stage, has become an unavoidable threshold for students taking the junior high school selection examination in some places. Chinese and English have greatly improved the investigation of primary school students’ ancient prose and vocabulary. "In order to recruit top-notch young talents, if you only test the knowledge in the textbook, you can’t open the grade at all. Therefore, if you want to pass the exam and enter a good school, you must learn the Olympics, and the difficulty of Chinese and English will also increase. " A staff member of a training institution somewhere said.

　　"I got Pythagorean Theorem in my junior high school exam. This is what I learned in junior high school. I won’t do it without attending junior high school training!" A parent said that some counseling institutions have private contact with the school, and some students said after the exam that "the exam is not difficult at all, I have done it all". It is said that the enrollment rate of this counseling institution has reached 80%— 90%。

　　In Guangzhou, some parents told reporters that some junior high school "secret exams" were entrusted to teaching auxiliary institutions in the society, which were true and false and could not be identified. "Many exams fall from the sky without meaning, charging hundreds of yuan and thousands of yuan. After answering the questions and handing in the papers, there is no news." Sometimes parents also suspect that some "secret exams" are scams, but they are afraid that this is an "opportunity" and would rather be deceived than let go once.

　　A parent in Chengdu, Sichuan said: "Schools want students, but dare not organize exams. Training institutions have students, but they don’t ‘ Exit ’ , both ‘ In and out ’ , hit it off. " The parent told reporters that the tuition fees of these training institutions are expensive, often tens of thousands or even tens of thousands of yuan.

　　"On one side is the solemn statement of the school ‘ Never entrusted any organization to organize the junior high school entrance examination ’ On the one hand, it is organized by various institutions ‘ Xiaoshengchu ’ Exam. Report the problem to the Education Bureau, and the Education Bureau will reply ‘ Upon inquiry, the school did not organize the examination ’ 。” In this regard, some parents are puzzled: "Since it is strictly forbidden to take the junior high school entrance examination and choose a school based on the examination results ‘ Pinch the tip ’ Why not thoroughly investigate the organizers of the exam? If the exam has nothing to do with the school, it is cheating. "

　　The reporter’s investigation found that in recent years, the measures to rectify the problem of "pinching the top" recruitment should be said to be severe, but for schools, there are still many countermeasures. Some schools have joined hands with teaching auxiliary institutions to avoid punishment. It is an open secret in some areas that parents can’t get exam information without enrolling in various cram schools at high prices. At the beginning of Xiaoshengchu, the problem of "pinching the top" recruitment and the chaos of teaching auxiliary institutions should be highly valued by the competent authorities.

　　(The names of students and parents in the article are all pseudonyms.)

　　■ after editing

　　Cut off the interest chain of illegal recruitment

　　Judging from the letters from the masses and the investigation by reporters, the phenomenon of illegal recruitment and crazy make-up classes is worth noting.

　　At the beginning of Xiaoshengchu, it was like "one is willing to fight and the other is willing to suffer". However, illegal recruitment disrupts the order of enrollment and destroys the educational ecology; Rushing to the top of the class disrupts the progress of education and teaching and increases the burden on students; If you don’t give lectures in class, it will damage the teaching order and the atmosphere of teachers. To control illegal recruitment and make up classes, we must resolutely cut off the interest chain. Imagine, if the training institutions are decoupled from further studies, will business still be so hot? If the school strictly implements the admission to the nearest school, will students still rush to get away?

　　Not long ago, the national basic education work conference was held, which put forward new requirements for the reform and development of basic education. In order to cool down the school selection fever from the root, in addition to drumming, it is necessary to further expand quality education resources and make more and more good schools at home; It is even more necessary to focus on solving the "baton" problem fundamentally, not only evaluating schools by enrollment rate, but also evaluating students by scores, resolutely overcoming and correcting the tendency of exam-oriented education, and making great efforts to cultivate and develop students in an all-round way.

Cctv newsAccording to the website of the Ministry of Education, the Ministry of Education recently issued the "Regulations on the Administration of National Postgraduate Enrollment in 2022" (hereinafter referred to as the "Regulations"), and deployed all enrollment units in various places to co-ordinate the enrollment of postgraduate examinations under the condition of normalization of epidemic prevention and control. The initial test of the 2022 national postgraduate entrance examination is scheduled for December 25-26, 2021, and a few examination subjects that take more than 3 hours or have special requirements such as using sketchpad are scheduled for December 27.

　　The "Regulations" clarify that the registration of the national postgraduate entrance examination includes two stages: online registration and online confirmation (on-site confirmation). Online registration will be arranged from October 5 to October 25 (9:00— 22:00), the work of forecasting names is arranged from September 24 to September 27 (9:00— 22:00）。 All candidates who take part in the national postgraduate entrance examination shall go through the online registration and online confirmation (on-site confirmation) procedures at their designated entry points in accordance with the provisions of the relevant provincial education entrance examination institutions.

　　The "Regulations" require further strengthening the standardized management of adjustment work. The basic requirements for the adjustment of candidates are the same as last year. In view of the fact that the preliminary examination subjects of seven majors, such as business administration, public administration, accounting, tourism management, library and information science, engineering management and auditing, are completely consistent, in order to ensure fairness and justice, it is further clarified this year that when candidates transfer between seven majors, on the basis of meeting other transfer conditions, the preliminary examination results must meet the basic requirements of the national preliminary examination results of both transferred majors and transferred majors in the transferred areas.

　　The "Regulations" emphasize further serious examination of discipline. The majority of candidates are required to consciously establish the awareness of obeying rules and disciplines and honest examinations. During the initial examination, candidates should consciously abide by the "National Postgraduate Entrance Examination Examination Rules" and the examination room discipline of each test center; During the re-examination, candidates should consciously abide by the rules of the examination room of the admissions unit and the "Commitment Letter of Integrity Re-examination" signed by the candidates, and shall not disclose or disseminate the contents of the re-examination questions before the re-examination of the admissions unit is over.

　　In order to help the majority of candidates fully and accurately understand the postgraduate enrollment policy, the relevant departments of the Ministry of Education will launch the "2022 National Postgraduate Enrollment Publicity and Consultation" activity on the "China Postgraduate Enrollment Information Network" (https://yz.chsi.com.cn, https://yz.chsi.cn) from September 22 to 26, when all postgraduate enrollment units will answer candidates’ questions online.

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Text/Yangcheng Evening News All Media Reporter Liang Zeming

In the last month, have you been bored by the frequent "dragon boat water"? The good news is that this year’s "Dragon Boat Water" in Guangdong has been "withdrawn".

Although "Dragon Boat Water" has ended, sunny heat has become the protagonist, but it does not mean that there is no rain at all. Thunderstorms will still come from time to time to grab the show, especially in eastern Guangdong. Thunderstorm+high temperature, does it feel like a "sauna"? Standing outside for a while during a thunderstorm is comparable to being in a sauna. Try it?

It is estimated that on June 29, due to the fluctuation of the east wind, there will be heavy rain to heavy rain and local heavy rain in the cities and counties of eastern Guangdong, and there will be moderate thunderstorms and local heavy rain in the southern cities and counties of the Pearl River Delta and Meizhou. From June 29th to July 1st, there was a high temperature of about 35℃ and local 37℃ in cities and counties in the north-central region.

The specific forecast is as follows:

On June 29, there were heavy rains to heavy rains and local heavy rains in cities and counties in eastern Guangdong. The southern cities and counties in the Pearl River Delta and Meizhou were cloudy with moderate thunderstorms and local heavy rains, while the rest cities and counties were sunny to cloudy with local thunderstorms. Maximum temperature: 29℃ ~ 33℃ in eastern Guangdong, southern coastal cities and counties and Meizhou, and 34℃ ~ 36℃ in most other cities and counties.

From June 30th to July 1st, most cities and counties were sunny to cloudy with some thunderstorms, among which the southern coastal cities and counties were cloudy with scattered thunderstorms. Maximum temperature: 31℃ ~ 34℃ in southern coastal cities and counties, 35℃ ~ 36℃ in most other cities and counties, and 37℃ in some cities and counties.

In Guangzhou, the sunshine will be accompanied by thunderstorms in the next few days, and it will still be hot and sunny during the day, and local thunderstorms will sneak up. When it’s time to leave air conditioning, WiFi and watermelon, everyone should pay attention to heatstroke prevention and take an umbrella with them to keep out the rain and shade.

Every summer, "sauna days" are the most difficult. In this weather, high temperature and high humidity are combined, which makes it difficult to breathe. Why is the "sauna day" so difficult? Wang Weiyue, a meteorologist of China Weather Network, said that in general, people cool down by sweating in hot weather, and sweat can take away the heat generated by the human body in time. However, in the "sauna day", due to the high humidity and low wind speed, the evaporation rate of sweat is greatly slowed down, and the clothes can be soaked after going out for a few minutes, feeling sticky all over.

Due to the imbalance between heat production and heat dissipation, people are prone to heatstroke in sauna days, especially the following categories of people, which need special care. For example, people who drink less water and have underdeveloped sweat glands are not easy to sweat and suffer from heatstroke in sauna days; For people who are stressed and irritable, hot and humid weather will easily affect their hypothalamic ability to regulate emotions, leading to palpitation and chest tightness; People with poor cardiopulmonary function are prone to cardiovascular diseases in high temperature and high humidity environment.

Source | Yangcheng Evening News Yangcheng School Comprehensive @ Guangdong Weather @ Guangzhou Weather @ China Weather, etc
Editor | Zheng Zongmin

In winter, it is often difficult to start a car. If you encounter this situation, you can try to press the accelerator while turning the key to light the fire. This method is very effective, but when the car starts, you should pay attention to loosen the throttle properly, because excessive stepping on the throttle will cause damage to the car. If this method still fails to solve the problem, there may be the following reasons:

1. The battery is short of electricityIt is the most common reason that makes it difficult to start a car in cold weather. The lower the temperature, the lower the battery capacity. Generally speaking, the life of a battery is about 3 years. When the engine is difficult to start, the headlights are dim or the horn sound is unclear, you should check whether the battery is short of electricity.

2. The exhaust pipe is frozen

It is also a common problem. If the car is used less frequently and the route is shorter, the water vapor after engine combustion will freeze in the exhaust pipe, and short-distance driving is not enough to melt it. After a night, there will be more ice, which will affect the starting and exhaust of the vehicle.

3. Poor performance of engine oil or incorrect selection.

It may also lead to difficulties in starting the car. In winter, the viscosity of engine oil increases greatly, which leads to the increase of internal resistance of engine. Therefore, low viscosity engine oil should be used to cope with the cold weather in winter.

Note that the above method is only applicable to the situation that the car is difficult to start. If the problem still exists, please contact professional car maintenance personnel for inspection and maintenance.

CCTV News:According to the website of the People’s Bank of China, on July 28th, the central bank released a statistical report on the loan investment of financial institutions in the second quarter of 2023.

According to the statistics of the People’s Bank of China, at the end of the second quarter of 2023, the balance of RMB loans of financial institutions was 230.58 trillion yuan, up 11.3% year-on-year; In the first half of the year, RMB loans increased by 15.73 trillion yuan, an increase of 2.06 trillion yuan over the same period of last year.

First, loans from enterprises and institutions grew steadily, and the growth rate of medium and long-term loans increased more.

At the end of the second quarter of 2023, the loan balance of local and foreign currency enterprises and institutions was 152.21 trillion yuan, a year-on-year increase of 13.5%, and the growth rate was 0.1 percentage point lower than that at the end of last year; In the first half of the year, it increased by 12.86 trillion yuan, an increase of 1.3 trillion yuan year-on-year.

In terms of terms, the balance of short-term loans and bill financing was 52.8 trillion yuan, up 6.8% year-on-year, and the growth rate was 6.2 percentage points lower than that at the end of last year. In the first half of the year, it increased by 3.01 trillion yuan, a year-on-year decrease of 2.24 trillion yuan. The balance of medium and long-term loans was 95.96 trillion yuan, up 17.9% year-on-year, and the growth rate was 3.4 percentage points higher than the end of last year. In the first half of the year, it increased by 9.68 trillion yuan, an increase of 3.45 trillion yuan year-on-year.

In terms of purposes, the balance of fixed assets loans was 63.7 trillion yuan, up 14.2% year-on-year, and the growth rate was 2.8 percentage points higher than that at the end of last year. The balance of operating loans was 62.87 trillion yuan, a year-on-year increase of 15%, and the growth rate was 2.3 percentage points higher than that at the end of last year.

Second, the growth rate of medium and long-term loans in industry, service industry and infrastructure industry continued to increase.

At the end of the second quarter of 2023, the balance of medium and long-term loans in local and foreign currency industries was 20.2 trillion yuan, up 32.4% year-on-year, and the growth rate was 21.8 percentage points higher than that of various loans and 5.9 percentage points higher than that at the end of last year. In the first half of the year, it increased by 3.19 trillion yuan, an increase of 1.39 trillion yuan year-on-year. Among them, the balance of medium and long-term loans for heavy industry was 17.24 trillion yuan, a year-on-year increase of 32.2%, and the growth rate was 6.7 percentage points higher than that at the end of last year; The balance of medium and long-term loans for light industry was 2.96 trillion yuan, up 33.6% year-on-year, and the growth rate was 1.1 percentage points higher than that at the end of last year.

At the end of the second quarter of 2023, the balance of medium and long-term loans in local and foreign currency service industries was 60.75 trillion yuan, up 14% year-on-year, and the growth rate was 2.8 percentage points higher than that at the end of last year. In the first half of the year, it increased by 5.05 trillion yuan, an increase of 1.67 trillion yuan year-on-year. The balance of medium and long-term loans in the real estate industry increased by 7.1% year-on-year, and the growth rate was 3.1 percentage points higher than that at the end of last year.

At the end of the second quarter of 2023, the balance of medium and long-term loans in local and foreign currency infrastructure industry was 35.93 trillion yuan, up 15.8% year-on-year, and the growth rate was 2.8 percentage points higher than that at the end of last year. In the first half of the year, it increased by 3.25 trillion yuan, an increase of 1.1 trillion yuan year-on-year.

Third, loans in various fields in inclusive finance maintained a relatively high growth rate.

At the end of the second quarter of 2023, the balance of Pratt & Whitney small and micro loans was 27.69 trillion yuan, up 26.1% year-on-year, the growth rate was 2.3 percentage points higher than the end of last year, and it increased by 3.9 trillion yuan in the first half of the year, up 1.16 trillion yuan year-on-year; The balance of loans for farmers’ production and operation was 8.86 trillion yuan, up 18.3% year-on-year; The balance of business guarantee loans was 298.1 billion yuan, up 14.6% year-on-year; The balance of student loans was 169.6 billion yuan, a year-on-year increase of 21.6%.

At the end of the second quarter of 2023, the balance of loans for people out of poverty nationwide was 1.11 trillion yuan, up 13.2% year-on-year, and 485.3 billion yuan was distributed in the first half of the year.

Fourth, the rapid growth of green loans

At the end of the second quarter of 2023, the balance of green loans in local and foreign currencies was 27.05 trillion yuan, up 38.4% year-on-year, 0.1 percentage point lower than the end of last year, 27.8 percentage points higher than the growth rate of various loans, and 5.45 trillion yuan higher than the beginning of the year. Among them, loans to projects with direct and indirect carbon emission reduction benefits were 9.6 and 8.44 trillion yuan respectively, accounting for 66.7% of the total green loans.

In terms of purposes, the loan balances of green infrastructure upgrading industry, clean energy industry and energy conservation and environmental protection industry were 11.85 trillion yuan, 6.8 trillion yuan and 3.93 trillion yuan respectively, up by 34.3%, 35% and 49.2% respectively, up by 2.14 trillion yuan, 1.26 trillion yuan and 954.9 billion yuan respectively from the beginning of the year. In terms of industries, the balance of green loans in power, heat, gas and water production and supply industries was 6.43 trillion yuan, up 26.6% year-on-year, up 926.4 billion yuan from the beginning of the year; The balance of green loans in transportation, warehousing and postal services was 5 trillion yuan, up 13.9% year-on-year, up 465.5 billion yuan from the beginning of the year.

V. The growth rate of agricultural loans continued to grow.

At the end of the second quarter of 2023, the balance of agricultural loans in local and foreign currencies was 54.64 trillion yuan, up 16% year-on-year, and the growth rate was 2 percentage points higher than that at the end of last year. In the first half of the year, it increased by 5.47 trillion yuan, an increase of 1.4 trillion yuan year-on-year.

At the end of the second quarter of 2023, the balance of rural (county and below) loans was 45.6 trillion yuan, a year-on-year increase of 16.1%, and the growth rate was 2.6 percentage points higher than that at the end of last year; In the first half of the year, it increased by 4.66 trillion yuan, an increase of 1.38 trillion yuan year-on-year. The balance of farmers’ loans was 16.31 trillion yuan, a year-on-year increase of 13.4%, and the growth rate was 2.2 percentage points higher than that at the end of last year; In the first half of the year, it increased by 1.32 trillion yuan, an increase of 359 billion yuan. The balance of agricultural loans was 5.67 trillion yuan, a year-on-year increase of 14.7%, and the growth rate was 4 percentage points higher than that at the end of last year; In the first half of the year, it increased by 583.8 billion yuan, an increase of 196.6 billion yuan.

Sixth, the growth rate of real estate loans declined.

At the end of the second quarter of 2023, the balance of RMB real estate loans was 53.37 trillion yuan, a year-on-year increase of 0.5%, which was 1 percentage point lower than the growth rate at the end of last year; In the first half of the year, it increased by 154.9 billion yuan, accounting for 1% of the increase in various loans during the same period.

At the end of the second quarter of 2023, the balance of real estate development loans was 13.1 trillion yuan, a year-on-year increase of 5.3%, and the growth rate was 1.6 percentage points higher than that at the end of last year. The balance of individual housing loans was 38.6 trillion yuan, down 0.7% year-on-year, and the growth rate was 1.9 percentage points lower than that at the end of last year.

Seven, loans to support science and technology enterprises.

By the end of the second quarter of 2023, there were 211,900 small and medium-sized science and technology enterprises supported by loans, with a loan rate of 46.7%, 2.1 percentage points higher than the end of last year. The balance of local and foreign currency loans of small and medium-sized science and technology enterprises was 2.4 trillion yuan, up 25.1% year-on-year, 0.8 percentage points higher than the end of last year.

Eight, the growth rate of household consumption loans rebounded, and operating loans maintained a relatively fast growth rate.

At the end of the second quarter of 2023, the balance of household loans in local and foreign currencies was 78.57 trillion yuan, up 6.1% year-on-year, and the growth rate was 0.7 percentage points higher than that at the end of last year. In the first half of the year, it increased by 2.8 trillion yuan, an increase of 611.6 billion yuan year-on-year.

At the end of the second quarter of 2023, the balance of household consumer loans (excluding personal housing loans) in local and foreign currencies was 18.75 trillion yuan, up 12.4% year-on-year, and the growth rate was 8.3 percentage points higher than that at the end of last year. In the first half of the year, it increased by 717.1 billion yuan, an increase of 607.6 billion yuan. The balance of household operating loans was 21.22 trillion yuan, up 19.5% year-on-year, and the growth rate was 3 percentage points higher than the end of last year; In the first half of the year, it increased by 2.3 trillion yuan, an increase of 759.1 billion yuan.

　　The large-scale fire fighting/water rescue amphibious aircraft AG600 was assembled and rolled off in Zhuhai a few days ago. This is another major achievement made by China in the field of large aircraft. Every breakthrough of "Made in China" is a powerful annotation of China’s economy. Xinhua news agency

　　[Economic Interface, Building a Modern Economic System]

　　Manufacturing is the main body of the real economy and the foundation of the construction of a modern economic system. How to allocate more financial resources to the key areas and weak links of manufacturing development in accordance with the spirit of the 19th National Congress of the Communist Party of China, promote the transformation from China manufacturing to China creation, from China speed to China quality, and from a manufacturing power to a manufacturing power, are major issues facing China’s high-quality economic development in the new era.

　　Finance is the lifeblood of modern economy, and smooth finance leads to substantial prosperity. Finance supports the construction of manufacturing power, on the one hand, it needs finance to return to its origin and enhance the ability to serve the development of manufacturing industry; On the other hand, it is also necessary to actively create conditions to provide guarantee support for financial reform and innovation.

　　1. What is the root cause?

　　Financing is difficult and expensive for manufacturing industry.

　　[status quo]

　　Data show that from 2006— In the decade of 2016, the proportion of loans in China’s manufacturing industry dropped from 25% to 16.2%. Affected by this, the growth rate of China’s manufacturing investment continued to decline from 2012 to 4.2% in 2016, and it decreased by 27.4 percentage points in five years, which lasted for a long time and the decline was unprecedented. Although it stopped falling and rebounded in 2017, it was only 4.8%.

　　Financing is difficult and expensive, which is a prominent problem in the development of China’s manufacturing industry in recent years.

　　2006— In the decade of 2016, the proportion of loans in China’s manufacturing industry dropped from 25% to 16.2%. Affected by this, the growth rate of China’s manufacturing investment has continued to decline since 2012. Investment is not only related to the current economic growth, but also to the cultivation and generation of new kinetic energy, which plays a key role in optimizing the supply structure. The weak investment has seriously restricted the optimization and upgrading of China’s manufacturing industry.

　　The formation of this problem is first related to the inadaptability of China’s manufacturing development under the new normal, and also reflects the inadaptability of China’s financial structure. For a long time, the development of China’s manufacturing industry has a remarkable "speed-benefit" feature, with economic growth reaching more than 10%, and all industries, trades and enterprises will make profits; Once the economic growth is lower than 8%, many industries will suffer industry-wide losses. With China’s economic development entering a new normal, the growth rate has shifted from high-speed growth of about 10% to medium-high-speed growth of about 7%, and the efficiency of enterprises has begun to decline continuously. The research shows that the average return on equity of China’s A-share non-financial listed companies has been declining since 2010, from 12.9% to 6.8% in 2015, while the weighted average asset-liability ratio has increased from 58.2% in 2010 to 60.1% in 2015. In 2016, the leverage ratio of the enterprise sector was still as high as 165%, far higher than the international warning line of 90%.

　　From the perspective of financial structure, bank loans, bonds and stocks currently account for more than 80% of the financing amount of the real economy. These three financing methods all have typical procyclical characteristics. When the economic situation is good, the benefits of enterprises are good, banks are willing to lend, and it is easier to issue bonds and stocks; The economic situation is not good, and the efficiency of enterprises is declining. For the sake of risk prevention and control, banks will be reluctant to lend, suppress loans or even cut off loans, and it is difficult to issue bonds and stocks. Before 2012, this financing method will not have much problem for the investment development of enterprises, because the economic growth rate has decreased, but it is a short-term fluctuation in high-speed growth, and it will soon resume high-speed growth. In other words, China’s financial structure based on bank loans is more suitable for the previous high-speed growth stage. Facing the requirements of high-quality development in the new era, it also needs reform, optimization and innovative development.

　　Revitalizing manufacturing industry, especially advanced manufacturing industry, is the key to realize a virtuous circle of economy in the short term and the lifeline of national economy in the long term. Finance is the lifeblood of modern economy, and smooth finance leads to substantial prosperity. Facing the inevitable requirement of China’s economic development in the new era and the fierce competition in the world, we must focus on eliminating the financing constraints of manufacturing development, guide and promote finance to improve the efficiency and level of service manufacturing development, and accelerate the construction of a manufacturing power.

　　2. How to support it

　　Create new demands of powerful countries for financial development.

　　[trend]

　　The development of China’s manufacturing industry in the new era requires not only effective financing support from finance, but also a series of service solutions including consulting, investment and financial management, so as to realize the transformation from "financing" to "integrating wisdom".

　　At present, the scale of China’s manufacturing industry has been ranked first in the world for seven consecutive years, but the problems of insufficient development imbalance such as key core technologies being controlled by people and lack of world-renowned brands are still very prominent. We must implement the innovation-driven development strategy with greater efforts, accelerate the development of advanced manufacturing industries, support the optimization and upgrading of traditional industries, and promote quality change, efficiency change and power change.

　　Different development needs different financial support. First, we should vigorously implement differentiated credit policies. At present, bank credit funds account for more than 2/3 of China’s real economy financing. In accordance with the requirements of supply-side structural reform, we should improve and optimize credit conditions, support the manufacturing industry to increase varieties, improve quality and create brands, actively resolve excess production capacity, eliminate backward production capacity, and give full play to the role of finance in promoting the optimization and upgrading of industrial structure. At the same time, we should vigorously develop small and medium-sized banks and private financial institutions. It is strictly forbidden for bank funds to enter the stock market and real estate market for speculation and so-called innovation that is divorced from the real economy. In fact, after World War II, Germany and Japan also experienced a situation similar to today’s China. In order to accelerate the upgrading and development of manufacturing industry, both governments have adopted structural credit support policies.

　　Second, vigorously develop industrial chain finance, financial leasing and other financial services that are directly integrated with the industry. Industrial chain finance is a service model that financial institutions rely on the core enterprises in the industrial chain to provide comprehensive solutions for all enterprises in the industrial chain. Compared with bank loans, it is more service-oriented and targeted. However, financial leasing integrates financing and material integration, and reduces the pressure of one-time payment of funds, which provides an effective way for enterprises to upgrade their technical equipment. In 1950s and 1960s, the United States upgraded its technical equipment in this way. At present, the penetration rate of financial leasing in developed countries such as the United States and Britain remains above 50%, while China has not yet reached 5%, and there is still much room for improvement.

　　Third, actively develop venture capital (VC), private equity funds (PE) and other financing products, and explore service modes such as equity pledge loans and investment-loan linkage to provide long-term and stable financial support for the innovation and development of manufacturing industry. VC is future-oriented, and values the potential and benefits of the future development of enterprises. It does not require the past operating conditions, nor does it require enterprises to provide financing mortgages. PE is a combination of financing and financing, which not only provides capital support for enterprise development, but also provides all-round value-added services for enterprises, such as coordinating the relationship between enterprises and other enterprises in the industry, expanding procurement or sales channels, improving governance structure, etc. It is a capital that can span the economic cycle and is intellectual capital. VC and PE still have great development potential in China.

　　Fourth, efforts should be made to provide specialized comprehensive financial services for enterprises to "go global". The "Belt and Road" construction is an important measure for China to implement all-round opening up in the new era. As an important part and implementer of this strategy, it is inevitable for the manufacturing industry to "go global". However, the economic development level of the 65 countries along the "Belt and Road" is uneven, and the social system is very different. Relevant research shows that in 33 countries, the proportion of stock transactions to GDP is less than 10%, and direct financing is almost lacking; There are 24 countries with higher real interest rates than China, and the credit supply is seriously insufficient. Faced with this situation, we must coordinate financial support methods such as policy banks and commercial banks, banks and non-banks, financial innovation and institutional mechanism reform, and strive to provide professional, personalized and diversified financial support for the manufacturing industry to "go global".

　　3. Explore practice

　　Realize the benign interaction between finance and manufacturing industry

　　[deployment]

　　In order to promote the benign interaction and coordinated development between finance and manufacturing, the Ministry of Industry and Information Technology, the Ministry of Finance, the People’s Bank of China, the China Banking Regulatory Commission, the China Securities Regulatory Commission and the China Insurance Regulatory Commission have jointly issued and implemented a series of policies and measures since 2016, and conducted exploration and practice of industrial and financial cooperation.

　　Finance is related to the overall economic and social development and has its own development laws and requirements. Finance supports the construction of manufacturing power, on the one hand, it needs finance to return to its origin and enhance the ability to serve the development of manufacturing industry; On the other hand, it is also necessary to actively create conditions to provide guarantee support for financial reform and innovation.

　　The General Office of the State Council clearly stated in the Notice on Establishing the Made in China 2025 National Demonstration Zone (Guo Ban Fa [2017] No.90) that it is necessary to "actively promote the integration of industry and finance, establish an industry-finance information docking platform, innovate financial support methods, and enhance the ability and efficiency of financial support for manufacturing development". The so-called integration of production and operation refers to the institutional innovation practice carried out by government departments, financial institutions and industrial enterprises to improve the efficiency and level of financial service manufacturing. Among them, government departments mainly build platforms and mechanisms for the interaction and cooperation between financial institutions and industrial enterprises, and at the same time, make necessary improvements and reforms to relevant policies and regulations and institutional mechanisms, support the market to play a leading role in the allocation of financial resources, and do not interfere in the business decisions of financial institutions and manufacturing enterprises.

　　The integration of production and operation has been highly recognized and actively participated by all parties concerned for more than a year, and remarkable results have been achieved. Taking the docking between banks and enterprises as an example, according to incomplete statistics, as of December 2017, more than 5,000 banking institutions involved in the integration of production and operation have actually issued loans of more than 3 trillion yuan to more than 95,000 enterprises. The root of this achievement lies in the fact that the integration of industry and finance has realized the communication and interaction between financial institutions and industrial enterprises at the macro and micro levels by establishing the coordination mechanism of industrial and financial information docking and direct docking between banks and enterprises, and solved the information asymmetry problem of all parties; By means of financial discount, reward, compensation and shareholding, the problem that financial departments are unwilling to invest and enterprises cannot afford to invest has been solved; It provides an effective way to actively and steadily promote financial reform through pilot projects and gradual advancement.

　　At present, the integration of industry and production is just the beginning. In the next step, we will focus on the following six aspects: First, make full use of big data, cloud computing and other information technology means to establish more convenient, fast and efficient information communication channels; The second is to expand the field of production-integration, support enterprises to effectively use the capital market to optimize the industrial organization structure and industry layout, encourage financial institutions to innovate services and support enterprises to "go global"; Third, give full play to the leverage guiding role of financial funds and drive financial capital to support the development of strategic, basic and leading industries; Fourth, encourage financial innovation products and services, and support the construction of the Made in China 2025 National Demonstration Zone; Fifth, evaluate and summarize the situation of industrial integration in pilot cities, put forward reform suggestions, and promote the reform of financial system and mechanism; The sixth is to promote enterprises to incorporate the content of production integration into strategic planning and management process reengineering, build industrial culture in the new period and enhance the soft power of enterprises.

　　 (Author: Wang Xinzhe, chief economist of the Ministry of Industry and Information Technology)