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!

Early Indian films:

"Caravan" warms a generation in China. The episode of "Wanderer" is widely sung.　

　 　 Indian films have a long history with China audiences. In 1955, The Wanderer directed by Raj Kapoor was translated by changchun film studio and premiered in China, becoming the first film to introduce China. The film was re-released in China in 1978 and swept the country. The episodes "Song of Raz" and "Song of Rita" were widely sung. Since the reform and opening up, a large number of Indian song and dance love movies such as Caravan, Nuli and Cinnabar Love have entered China, especially Caravan, which has a far-reaching influence. aruna irani’s dance and Lata’s singing have warmed the hearts of a generation. After entering the new century, Hollywood movies are coming on a large scale, and Indian movies, together with movies from other countries, are gradually pushed to the edge, which leads to the China audience’s impression of it not being updated in time. All this will be improved with the signing of the China-India film cooperation agreement in 2014.

　 　　At the beginning of its birth, Indian films were dominated by myths and ancient themes, such as King Harish Chandra, Salandri and Light of Asia. In 1931, India’s first sound film "Aram Allah" appeared, interspersed with 10 songs and several dance scenes, which was a great success, and then set off a wave of musical production. Because Indians have a special liking for song and dance performances since ancient times (classical Sanskrit dramas and various folk dramas carry a large number of song and dance performances), and singing and dancing are also a part of their daily life, song and dance passages have since become an indispensable element of Indian films, and the films with wide influence include Wanderer, Caravan, Warm and Warm People, Bollywood Love for Life and Death and so on.

　 　　Nevertheless, there are still many different kinds of films in the history of Indian film. In 1930s, Indian filmmakers studied western artistic techniques and made many films to explore social problems. After the victory of World War II, films such as Doctor Kodi Hua by Sendaram and Son of the Earth by K·A· Abbas represented the rise of Indian national films. In the 1950s and 1960s, satya Kit Rey, BimalRoy and others started the Indian "New Film" movement, focusing on subjects closely related to the people, and won international prizes one after another. This tradition was inherited by "neo-realism" and "social school" writers and lasted until the 1980s and 1990s. Later, historical films and action films with high entertainment value, such as Ashoka and Terrorists, caused great waves in India.

　 　 We often refer to Indian movies as Bollywood movies, but this is not an accurate name. The word "Bollywood" is a combination of "Hollywood" and the first letter of Mumbai’s old English name "Bombay". At first, it refers to the film production base in Mumbai, while "Bollywood film" refers to Hindi films produced here. Indian film industry is composed of Hindi films, Tamil films, Bengali films and other production bases. After the rise in the 1920s and 1930s, the short-lived crisis during World War II, the post-war prosperity, the depression in the 1980s and the resurgence in the 1990s, it has exerted great influence on the culture of the Middle East, Africa, Southeast Asia and even the whole world.

Baidu "Cambodia Bar" is involved in gambling recruitment information.

With "spinach" and "Xiaobai" as code words, Baidu’s post bars are accused of spreading overseas casino recruitment information, recruiting casino promoters, and tricking Chinese people into participating in online gambling in Cambodia and other countries.

A few days ago, some netizens reported to www.thepaper.cn/consumersComplaint.jsp, a complaint platform of The Paper Quality Report, that there were a lot of casino recruitment information in the "Cambodian Bar" of Baidu Post Bar.

According to the investigation in www.thepaper.cn, The Paper, there are a lot of gambling information in Baidu Post Bar, such as Phnom Penh Bar, West Port Bar and Work Bar in Cambodia, with the code words of "recruit push, white", "new handicap, interested private chat", "coordinate west port and Bobei".

The Paper reporters made unannounced visits as applicants. Some posters claiming to work in Cambodian gambling companies said that the personnel they recruited in Baidu Post Bar were mainly engaged in "promotion" work, that is, chatting online, mostly in the name of talking about male and female friends, to trick domestic people into participating in online gambling.

"The more he (the gambler) recharges, the higher your commission. If this thing doesn’t win, it will only lose. If you come, you will be trapped." The poster said.

On the afternoon of May 10th, a staff member of Baidu’s docking domestic media told The Paper that he needed to give feedback to the relevant departments about posting gambling information on the Post Bar, and make a clear investigation before replying.

Before the press release, The Paper checked Baidu’s "Cambodian Bar" again, and there were still a large number of recruitment information released by gaming companies; Baidu has not yet responded to this.

Xing Xin, a lawyer, believes that Baidu Post Bar, as a network operator, should immediately stop transmitting such information, prevent information from spreading, and keep records and report to the relevant authorities.

In addition, lawyer Lou Jing said that if Chinese citizens gather to gamble and open casinos in the surrounding areas outside our country to attract domestic citizens as the main source of tourists, which constitutes a crime of gambling, they can be investigated for criminal responsibility in accordance with the provisions of the Criminal Law.

Baidu "Cambodia Bar" is involved in gambling recruitment information.

Baidu "Cambodia Bar" has become the hardest hit area of "spinach"

On May 8, a netizen in Guangdong reported to The Paper that Baidu’s "Cambodia Bar" published a large number of recruitment information of gaming companies, and this kind of recruitment lured Chinese personnel to Cambodia to engage in gambling-related work by means of "selling heads and getting commissions".

The netizen reported that most of the gambling companies in Cambodia are run by Chinese, and he is currently detained by the company and cannot return to China. However, The Paper contacted the netizen many times, and his phone has been unable to get through.

The Paper noted that Baidu’s "Cambodia Bar" has more than 280,000 followers, and at present there are more than 4 million posts in the post bar. Most of the published contents are "A large number of recruitment and promotion", "Welcome to consult, solve all problems and concerns for all of you, and hope to help all of you who come to Cambodia", "Coordinate Westport, which is developing into a big company, and welcomes all kinds of suspected gambling recruitment information such as Xiaobai and job-hopping personnel".

At the same time, in this post bar, posters often use argots such as "spinach" to replace words such as "gambling". A similar situation exists in Baidu Post Bar, such as Phnom Penh Bar in Cambodia, West Port Bar in Cambodia and Work Bar in Cambodia.

The ID address of the poster in the post bar involved shows that most of them come from domestic provinces and cities. Some posters claim that they are already employees of Cambodian gaming companies. They mainly publish content including recruitment information and working experience in Cambodia.

On May 9th, The Paper released job information as a "job seeker", and received nearly 100 replies in one day, mainly including "Add me to know", "How to contact you", "Group mode, resources provided by the company" and so on.

Through the micro-signal left in the post, a self-proclaimed "Baisha" who works for a gaming company in Cambodia told The Paper that his company holds a legal gaming license from the local government in Cambodia, and the gaming games are all lottery tickets that can be seen in China, such as "Fucai 3D, 11-choice 5, Chongqing Time Lottery", and players can make bets through the website platform.

According to the company recruitment brochure provided by Baisha, the company is now recruiting a large number of talents who can "skillfully operate computers and type more than 45 words per minute" in front desk, online customer service, promotion, personnel and other positions, with the basic salary and job requirements of each position.

In the next few days, according to posters such as "Baisha", in fact, they released such recruitment information, mainly by recruiting "promoters" to lure Chinese people to participate in online gambling in Cambodia. The more gamblers lose, the higher the commission of promoters.

Baidu "Cambodia Bar" is involved in gambling recruitment information.

"Promoters" lure people to gamble in the name of talking about boyfriends and girlfriends.

Another poster, "Meng Jie", also claimed to work for a gaming company in the western port area of Cambodia. He told The Paper that his main job is to "attract people and recruit people", and other positions in the company, such as "promotion", "just sit there and chat every day and fool others into gambling".

According to Meng Jie, the objects of "fudge" are divided into two categories. One is that Cambodian gambling companies directly give employees "resources". These "resources" are generally domestic gambling addicts; "Resources" means that gambling companies spend money to buy information from China and then "wash it out".

For some gambling companies without "resources", "promoters" are needed to attract people.

"To put it bluntly, the girl just wants to fool the man. You are his girlfriend, so that he is willing to register with us and gamble. The more he recharges, the higher your commission. If you don’t win this thing, you will only lose." Meng Jie said.

"Male promotion" usually pretends to be a woman to "attract people" and "entice people by sending some messages, and finally make them willing to gamble." Meng Jie said that these gambling companies in Cambodia all require employees not to participate in gambling, and once they are found, they will be fired.

Meng Jie said that he worked in a gambling company in Cambodia for half a year and pulled more than 30 people from China. Usually, the recruitment information is mainly posted on the Internet. The air tickets and accommodation expenses of candidates are paid by Cambodian gaming companies, and there are also special people to pick them up after arriving in Cambodia.

However, as soon as new applicants arrive in Cambodia, their passports will be taken away. "Because the company is afraid that you won’t be able to do it for a long time, the air tickets and accommodation fees paid in the early stage hit Shui Piao."

Bai Sha said that three months ago, he saw the recruitment information in Baidu Cambodia Bar. Because he "had debts at home, there was no way to decide to go to Cambodia". He said that he was caught in a trap. "Work is not as good as expected. You are caught in a trap. People who come to work here are forced to do it. Most of them are Chinese. After all, the boss is also Chinese, doing domestic business."

Baisha said that there are many small companies under his gaming company group, and a small company is called a handicap. There are more than a dozen handicaps under the group. There are 200 to 300 people in his handicap, and the employees are basically Chinese. Now the group’s handicap is still expanding, and they need to recruit a large number of people from China for the company.

Lawyer: Opening a casino abroad to attract Chinese citizens also constitutes a gambling crime.

On the afternoon of May 10th, a staff member of Baidu Company docking domestic media told The Paper that it was not clear about the gambling recruitment posted by Post Bar, and he needed to give feedback to relevant departments first, and then reply after investigation.

The Paper learned that opening a casino in Cambodia requires an application from the local government, and only after obtaining a business license issued by the Cambodian government can the casino legally exist.

Xing Xin, a lawyer of Hunan Jinzhou Law Firm, believes that according to the relevant provisions of China’s Cyber Security Law, Baidu Post Bar, as a network operator, should strengthen the management of information released by its users. If it finds information prohibited by laws and administrative regulations from being released or transmitted, it should immediately stop transmitting the information, take measures such as elimination, prevent information from spreading, save relevant records, and report to the relevant competent authorities.

In addition, regarding the casinos opened by Chinese people in Cambodia, Xing Xin believes that according to the Interpretation of the Supreme People’s Court and the Supreme People’s Procuratorate on Several Issues Concerning the Specific Application of Laws in Handling Gambling Criminal Cases, if Chinese citizens gather to gamble and open casinos in the surrounding areas outside our country in order to attract Chinese citizens as the main source of tourists, which constitutes a gambling crime, they can be investigated for criminal responsibility in accordance with the provisions of the Criminal Law and be sentenced to fixed-term imprisonment of not more than three years, criminal detention control or fines.

Lou Jing, a lawyer of Beijing Yingke Law Firm, said that such casinos were set up abroad to avoid the criminal accountability of China public security organs and the application of China’s criminal laws, but China citizens can still commit crimes if they commit acts prohibited by China’s criminal law abroad.

Lou Jing believes that according to the first paragraph of Article 7 of the Criminal Law, "People’s Republic of China (PRC) citizens who commit crimes stipulated in this law outside the territory of People’s Republic of China (PRC) shall be subject to this law, but if the maximum penalty stipulated in this law is fixed-term imprisonment of not more than three years, they may not be investigated."

Lou Jing said that if most of the gamblers who bet on the websites of Cambodian gambling companies are Chinese, and the settlement and circulation of gambling funds also occur in China, and some criminal acts are committed in China, they can be regarded as criminal acts according to China’s criminal law.

On the afternoon of May 15th, The Paper browsed the Baidu Post Bar again and found that there were still a lot of gambling-related recruitment information. Before the deadline for publication, The Paper repeatedly called the switchboard of Baidu Company, but the line was busy. Baidu has not yet responded to this.

Case: Opening a casino overseas to attract Chinese people to gamble was sentenced to three years and six months.

On May 15th, The Paper searched the non-litigation network with the keywords of "opening a casino overseas" and "online gambling", and found that there were five related criminal proceedings, including four judgments in the first instance and one ruling in the second instance.

In the five judgments, all the defendants were sentenced to fixed-term imprisonment ranging from one year to three years and six months, and fined a certain amount for opening a casino abroad for the purpose of making profits, soliciting and organizing China citizens to the scene or conducting online gambling.

A judgment of the People’s Court of pinghu city, Zhejiang Province on September 19, 2018 shows that the defendant Liu and others organized domestic people to gamble abroad and settle their gambling funds in China by opening casinos in Laos and other places, or used the Internet and mobile communication terminals to transmit gambling videos and data and organize gambling activities. The accumulated gambling funds were more than 67 million yuan, which is a serious case. His behavior has constituted the crime of opening casinos. The court of first instance made a ruling after trial and sentenced Liu to three years in prison.

In addition, a judgment of the People’s Court of Taoshan District, qitaihe city, Heilongjiang Province on December 29, 2016 also shows that when the public security organs investigated the Maizayang Maida Company in Myanmar in handling the mega-cross-border online gambling case, they found that Chen Mou and Liang Moumou from Maoming, Guangdong Province had successively opened new Asian and new international casinos in Maizayang, Myanmar.

After trial, the court held that the defendant Liu and others opened casinos abroad mainly to attract People’s Republic of China (PRC) citizens as the main customers, and used the Internet and mobile communication terminals to transmit gambling videos, organized domestic citizens to make dividends in online gambling casinos or serve as managers, or helped casinos collect and turnover gambling funds, or accepted bets from mainly domestic gamblers to earn illegal profits.

The Taoshan District Court of qitaihe city made a ruling in accordance with the relevant provisions of the Criminal Law. The defendants Chen Mou, Liang Moumou and Liu Moumou were convicted of opening a casino, sentenced to fixed-term imprisonment ranging from three years to one year, and fined RMB 100,000 to 3 million, with suspended execution.

Director:

Screenwriter: Chris Fedak/Laurits Munch-Peterson/

Pedersen, Las Andreas

Starring:/Yahya Abdul-Maidin/

Type: Action/Crime

Release date: April 8, 2022

Special feature of 1905 film network This week’s excellent film "Ambulance on the run" is directed by michael bay, a series of film directors. The film is a collection of scenes that make adrenaline soar, such as explosion, collision and chase, and presents many shocking high-energy action scenes for the audience.

Michael bay’s Ultimate Artistic Pursuit

Michael bay, the director of the film Ambulance, is affectionately called "Explosion Shell" by fans because of the spectacular explosion scenes in his films.

In 1996, the film directed by michael bay showed the audience that an action film can also have the delicacy of an art film. Later, he filmed five films in the Transformers series over 10 years, in which the image of a flesh-and-blood autobot successfully captured the hearts of countless fans.

This week’s excellent film "The Ambulance" was adapted from the Danish film of the same name in 2005. However, michael bay, the director, has an extreme artistic pursuit of his own creation, and basically did not refer to the original film during the filming process. He hopes to continue to stick to his own style in the film and integrate his own personal label creation.

In fact, as early as 2001, in the film directed by director michael bay, he spent seven months preparing with the whole crew to restore the real historical scene, creating a Guinness World Record of 350 explosions in seven seconds.

And in the film Ambulance, he used the new technology for the first time — — The first angle of view was used to shoot through the machine, and Alex Vanoff, the world champion of the 19-year-old drone racing alliance, was boldly used to capture the unique angle and lens with more impact, which brought a unique visual feast to the audience.

reach out to each other

In addition to bringing personal labels into film creation, michael bay also completed a "two-way trip" with two leading actors, Jake Gyllenhaal and Yahya Abdul-Maidin.

Before participating in Ambulance, Jake Gyllenhaal always appeared in various films as the leading actor in literary films full of melancholy temperament.

In the 2004 movie, he was a qualified boyfriend who rescued the heroine alone.

In 2010, he was also a salesman who bravely pursued love in the film.

However, in the film Ambulance, Jake Gyllenhaal’s image has undergone a great reversal, and he plays the role of a vicious villain. Jake Gyllenhaal said that it was for michael bay that he was willing to subvert the image and appear in this film.

Compared with Jack Gyllenhaal, the actor Yahya Abdul-Maidin is much lower-key. In the movie, he is the villain David Hyde. In the movie "Matrix Restart", he is the new player of the classic character Memphis.

In addition, Jake Gyllenhaal also worked as a photographer in the film. Due to the small and crowded space in the ambulance, photographers can’t get on the bus to shoot. Therefore, Yahya said that if everyone saw a charming and mysterious him, it must have come from Jake Gyllenhaal.

Let’s walk into this week’s excellent film "Desperate Ambulance" to feel this thrilling desperate chase.

This program is live.

In this issue of CCTV-6 movie channel ""on Saturday, the actor will take you into the movie "Desperate Ambulance" as a recommender. In the Sunday film review edition, Tian Long, the film review host, invited director Lin Tao, film scholar Fan Xiaoqing and actor Wan Guopeng to interpret the highlights of this action film.

[Welcome to this program]

CCTV-6 movie channel "Good film has a date"

Saturday, July 15th

Saturday Promotion Edition 22:22

Ambulance at 22:31

Sunday, July 16th

Ambulance at 13:29

　Sunday Film Review Edition 15:41

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.

Welcome to [car home Shenzhen Special Promotion Channel], which brings you an exciting news: At present, high-profile models are on sale in Shenzhen with limited time discount. This highly acclaimed car is in the process of preferential treatment, with a maximum subsidy of 26,000 yuan, further lowering the original starting price to 99,800 yuan. This is an opportunity not to be missed to buy a car. If you want to experience the excellent performance of Roewe D7 and enjoy more attractive prices, you must click the "Check Car Price" button in the quotation form to get the latest preferential policies and the best car purchase scheme.

The exterior design of Roewe D7 shows a unique sense of modernity and exquisite craftsmanship. The front face adopts the family’s iconic inverted trapezoidal air intake grille with streamlined LED headlights, creating a strong visual impact. The body lines are smooth, and the overall style is stable, showing the luxury business atmosphere. The handling of details highlights Roewe’s pursuit of quality, and both the body proportion and the detail design reflect the designer’s ingenuity.

The side design of Roewe D7 presents an elegant streamlined outline, with a body size of 4890mm*1890mm*1510mm and a wheelbase of 2810mm, which provides spacious interior space for passengers. The front and rear wheel tracks are 1600mm, which ensures good driving stability. Tyre size chooses 225/50 R18 with dynamic rim design, which not only enhances the visual impact of the vehicle, but also ensures the comfort and performance during driving. On the whole, the lateral lines of Roewe D7 are smooth and exquisite, giving consideration to the sense of strength and movement, showing its unique design aesthetics.

The interior design of Roewe D7 is famous for its exquisiteness and sense of science and technology, which shows the luxurious atmosphere. The cockpit is equipped with a steering wheel wrapped in leather, which not only feels comfortable, but also supports manual up and down+front and rear adjustment to meet the needs of different drivers. 12.3-inch central control screen, high definition, integrated multimedia system, navigation, telephone, air conditioning and many intelligent functions, providing convenient operation experience. In terms of seats, the leather and suede materials are mixed and designed, which not only ensures the texture, but also takes into account the ride comfort. The main and co-pilot seats support multi-directional adjustment, including front and rear, backrest, height and lumbar support, equipped with heating and ventilation functions, and the driver’s seat also has electric seat memory function. The rear seats support proportional tilting, which provides flexibility for storage or passenger space expansion. On the whole, the interior of Roewe D7 is both practical and luxurious, providing drivers and passengers with a high-quality driving experience.

Roewe D7 is equipped with a 1.5L L4 engine with 112 horsepower, which provides a maximum power output of 82kW, and is matched with a first-speed DHT transmission to ensure the smooth operation and fuel economy of the vehicle. This engine not only meets the daily driving needs, but also takes into account the balance between performance and efficiency.

Summing up the owner’s comments, he praised the exterior design of Roewe D7, especially the car paint of Yuguanglan, although there was a slight episode, but the overall value was well received. The inductive design of the front face and the integrated headlights, together with the slender body and the small duck wing tailgate, create a unique aesthetic effect. He said that the car purchase process was pleasant and the car experience was satisfactory, and he looked forward to the exchange and sharing of other car owners.

[car home Shanghai Preferential Promotion Channel] brings you the latest news, and the high-profile models are currently undergoing an unprecedented promotion activity in Shanghai. It is understood that the discount rate reached an astonishing 107,100 yuan, which enabled the original high-end BMW i5 model to reach a wider range of car buyers. The starting price has been adjusted to an attractive 338,800 yuan, providing consumers with a rare opportunity to buy a car. If you are interested in BMW i5, don’t miss this once-in-a-lifetime opportunity. Click "Check the car price" in the quotation form to get higher preferential treatment!

As an innovative luxury electric car, BMW i5 fully integrates the elegance and dynamism of BMW brand. In the front part, the exquisite kidney-shaped air intake grille and LED headlights are adopted, showing the perfect combination of technology and strength. The streamlined body lines are smooth, and the overall style not only retains the classic elements of BMW, but also incorporates the futuristic sense of modern electric vehicles, making the vehicles visually recognizable. This design aims to provide an excellent driving experience while leading the fashion trend of electric travel.

The body lines of BMW i5 are smooth and dynamic. Its length, width and height are 5175mm * 1900mm * 1520mm respectively, and its wheelbase reaches 3105mm, which provides a solid foundation for the interior space. The precise design of the front and rear wheel tracks ensures the driving stability, which are 1621mm and 1658mm respectively. In tyre size, the BMW i5 is equipped with 245/45 R19 tires, which not only ensures the driving grip, but also complements the rim style, and jointly shapes the dynamic appearance of the vehicle.

The interior design of BMW i5 adheres to BMW’s consistent sense of luxury and technology, and the spacious and exquisite interior space presents a very high sense of quality. A 14.9-inch large central control screen is equipped in front of the driver’s seat, which not only displays clearly and operates smoothly, but also supports voice recognition control, which is convenient for drivers to operate multimedia, navigation, telephone and air conditioning. The steering wheel is made of high-grade leather material, which provides a comfortable grip and supports electric up and down+front and rear adjustment to meet the needs of different drivers. The seat is made of imitation leather, and the main and passenger seats have four-way adjustment functions, including front and rear, backrest, height and waist support, to ensure the comfort of long-term driving. In addition, the front seats also have heating function, so drivers can enjoy warmth in cold seasons. The driver’s seat also has an electric memory function, which further enhances the convenience and personalized experience. The car is also equipped with USB/Type-C interface and wireless charging function in the front and rear rows to meet the needs of modern technological life.

The BMW i5 series is equipped with a powerful engine with a maximum power of 210kW and a torque output of 410Nm. The efficient performance of this engine not only provides a smooth driving experience, but also shows BMW’s pursuit of power and efficiency.

Generally speaking, BMW i5 has won high recognition from car home car owners for its excellent endurance performance. His practical experience confirmed the accuracy of the official endurance configuration. Low power consumption not only improved the convenience of driving, but also met his daily needs. This once again confirms BMW’s technical strength and commitment in the field of new energy vehicles, making BMW i5 a green travel partner trusted by consumers.

　　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)

Third, the historical review of the ITY car system

● The first generation of CITY(1996 -2002)

　　As mentioned earlier, in 1996, Honda named the successor model of the second generation of CITY as Logo, and at the same time gave the name of CITY to a brand-new model put into production by Honda in Thailand. The internal code of the first generation Honda CITY is SX8, which is a car based on the old fourth generation Civic platform (the fourth generation Civic production year: 1987 -1991, the fifth generation Civic production year: 1991 -1995, and the sixth generation Civic production year: 1995 -2000).

　　Although the first generation of CITY comes from Honda’s old vehicle platform, it has the advantages of mature technology and low cost, which is in line with its positioning as a national car of developing countries in Asia. The first generation Honda CITY was first put into production in Thailand in April 1996, and 70% of its parts were purchased locally. By February 1997, CITY had sold 14,352 vehicles, accounting for 66% of the market share of Thailand’s vehicles under 450,000 baht (about 80,000 RMB). Following Thailand, the first generation of CITY was put into production in Philippine, Malaysian, Pakistani, Indian and other countries, but the car was not introduced to China.

　　The first generation Honda CITY has only one sedan, so its body size is almost the same as the sedan version of the fourth generation Civic, with a length, width and height of 4270mm×1690mm×1395mm and a height of 2500 mm.. However, the shape of the first generation Honda CITY has been redesigned, which is more in line with people’s aesthetic standards for cars in the 1990s. Its overall shape is simple and generous, and its body proportion is coordinated.

　　The most obvious feature of the previous version is that the fog lamp is located at the lower air inlet, and the body rubbing strip, exterior rearview mirror and door handle are all black. At the same time, the front and rear bumpers are made up of three sections. According to the introduction, this is mainly to facilitate the parts to be transported from Japan to Thailand, Malaysia, the Philippines and other sub-countries by shipping, and then assembled and produced after reaching the destination. The first generation of CITY was redesigned in the middle of 2000, and the later version was called CITY type Z in some countries. The front face and taillights of the new car were redesigned, and the integrated front and rear bumpers were replaced.

　　The design of the interior part is mainly to reflect practicality. The center console is dark gray in overall, and the layout is simple and regular. The steering wheel adopts a two-spoke shape with spokes at 4 o’clock and 8 o’clock. The asymmetric instrument panel is unique. Two small dials, the fuel gauge and the water temperature gauge, form the left semicircle, and only one speedometer dial is arranged in the right semicircle. The central control panel in the T-shaped area is designed as an inverted trapezoid, which is horizontally divided into four layers. The top layer is a set of square air outlets, the second layer is a storage compartment, and the lower two layers are the operation panels of the harmony sound system.

　　In terms of power, the first generation Honda CITY was originally equipped with a 1.3-liter inline four-cylinder Honda D13B, with a maximum of 95 horsepower. The transmission system was matched with 5-speed manual or 4-speed, with an acceleration time of 11.3 seconds from 0 to 100 km/h and a top speed of 171 km/h. Subsequently, a version equipped with Honda D15B 1.5-liter inline four-cylinder engine was added, with a maximum power of 103 HP. In 2001, Honda CITY launched a version equipped with a 1.5-liter VTEC engine with a maximum power of 115 HP. In the chassis part, the first generation of CITY originally adopted the independent front+McPherson independent rear suspension. However, Honda found that the competitors of the first generation of CITY were hardly equipped with independent rear suspension, so for cost reasons, CITY also cancelled the independent rear suspension.

● Second generation Honda CITY(2002 -2008)

　　In November 2002, the second generation Honda CITY made its debut at the Thailand International Automobile Expo. The new car no longer adopted the Honda Civic platform, but changed to the same Honda global platform as the first generation Fit, but its positioning has not changed, and it is still Honda’s entry-level sedan.

　　The second-generation Honda CITY also has only a sedan body structure, but the driving mode is not only the front drive, but also an additional version. In terms of body size, the length, width and height of the previous version are 4310mm×1690mm×1485mm, and the wheelbase is 2450mm；; In September, 2005, the second generation of CITY was redesigned in the mid-term, and the length of the car in the later version was increased, with the front part lengthened by 65mm and the rear part lengthened by 15 mm..

　　The second-generation CITY adopts the same MM design as the first-generation Fit, that is, Man Max (Maximizing Passenger Space) and Mechanism Mini (Minimizing Machine Occupancy), and its stylish appearance has many similarities with the first-generation Fit, especially the front contour is easy to connect the two cars. The interior design is exactly the same, and the overall layout of the center console of the two cars is exactly the same, with only minor differences in the details. The later version mainly redesigned the front and rear of the car to make the car look more dynamic.

　　In terms of power, the second-generation CITY was originally equipped with Honda L series 1.3-liter and 1.5-liter inline four-cylinder engines. i-I (Intelligent Double Sequential Ignition) technology was adopted, and each cylinder was equipped with two spark plugs. The ignition timing was adjusted according to the engine speed, load and other factors, and the intake vortex was used to realize rapid and sufficient lean combustion, thus improving the engine power and reducing the fuel consumption of the whole vehicle. Subsequently, a version equipped with a 1.5-liter VTEC engine was introduced, and the transmission system was matched with a 5-speed manual gearbox or gearbox. In the chassis part, the second-generation CITY is equipped with the same McPherson independent front suspension+torsion beam semi-independent rear suspension as the first-generation Fit, and adopts a unique fuel tank center structure.

　　The second generation Honda CITY is no longer just an exclusive model for the Southeast Asian market. The car has also been put into production in the Japanese Honda saitama narrow mountain factory and the Guangzhou Honda (renamed Guangqi Honda in 2009) Huangpu factory in China. Honda launched the second generation CITY in Japan in December 2002, but the name of the car changed to Fit Aria. Aria translated into aria is usually a lyrical and dramatic solo passage in drama. This name is mainly used to continue Honda’s tradition of naming cars with music. For example, Honda’s Prelude, Accord, Ballade, Quintet and Concerto also have car names related to music.

☆ The second generation Honda CITY is in China.

　　In the China market, the second generation Honda CITY was first launched in 2003, and the domestic version was originally named (Fit Saloon, which China car owners used to call the Fit). On September 16 of the same year, it was rolled off the assembly line in Guangzhou Honda (renamed Guangqi Honda in 2009) and listed in the whole country on September 28. The first to be put on the market is the Fit Saloon)1.3-liter 5-speed manual version, which costs 99,800 yuan. Subsequently, the sedan Fit introduced 1.3-liter CVT version, 1.5-liter 5-speed manual version and 1.5-liter CVT version with a price of 10.98-119,800 yuan.

　　The mid-term modified model was rolled off the assembly line in Guangzhou Honda on March 29th, 2006 (renamed Guangqi Honda in 2009) and listed on April 8th of the same year, with the price of 96,800-124,800 yuan. The new car no longer uses the name of the Fit sedan, but is renamed as Sidi, a transliteration of CITY, which stands for Creative (Creative Leading), Intelligent (Outstanding Wisdom), True (True Personality) and Youth (Young Vitality). In August 2008, Sidi launched a small modified model. The new Sidi has the only skylight developed by Honda for the China market in the world. The new car was launched in September of the same year, with a price of 938-124,800 yuan.