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How to write undergraduate graduation thesis?

Worried about the thesis near graduation?

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Teachers of our School of Finance and Economics focus on students’ needs

Create a "personal tailor" micro-classroom

Teacher Yu Jian’s thesis writing instruction class is coming!

Writing and Guidance of Undergraduate Graduation Thesis

Speaker: Yu Jian

Ph.D. in Economics, Renmin University of China, currently serving as an associate professor and tutor of master students in School of Economics.

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brief Introduction of the content

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In this WeChat class, Mr. Yu Jian gave guidance to the writing of undergraduate graduation thesis, mainly from the following aspects.

First of all, Mr. Yu Jian provided a variety of options for the topic selection materials and ways of graduation thesis. He suggested that students should study topics with China characteristics from current hot issues, classical theoretical issues and issues of interest to them. When the theme of the paper is decided, everyone should start to find high-quality academic literature. Teacher Yu Jian summed up several characteristics of high-quality literature, namely, standardized economic analysis, high-grade journals published, many articles cited, and original and groundbreaking research issues. You can screen out high-quality papers for reference through these four characteristics.

Next, we should think about how to refine the innovation of the article. Teacher Yu Jian pointed out that some students think that as long as they study problems that others have not studied, it is innovation, which is a misunderstanding of thinking. The real innovation can be new research data, the application of old methods in new fields, a new research perspective and a new analysis of transmission mechanism. In addition, the current economic research is inseparable from the support of data. Teacher Yu Jian classified this according to the characteristics of data, and recommended relevant query sources for macro data and micro data.

When these preliminary works are completed, everyone is faced with the problem of writing a literature review. We need to pay attention to the five principles of writing literature review, namely, quoting classics, avoiding piling up documents, not sticking to details, grasping key points, and increasing literature context and comments. Teacher Yu Jian introduced them in detail. Finally, Mr. Yu Jian raised the question of the choice of research methods and sorted out three methods for everyone to choose.

The above is the main content of this WeChat class. I hope students can gain knowledge about paper writing, enrich themselves, enrich themselves and improve their academic research ability.

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one

Special period, forging special you

Speaker: Chen Yunsen

Professor of Accounting College, doctoral supervisor, Longma scholar-young scholar. Dr. Tsinghua University, a visiting scholar at Washington University in St. Louis and Chinese University of Hong Kong, was selected as the national accounting leading (reserve) talent program of the Ministry of Finance.

Special period, forging special you

Chen yunsen

A sudden COVID-19 epidemic has disrupted the pace of work and study for each of us.

No matter who you are, no matter what you are doing, you are always paying attention to the epidemic situation and being closely touched by this arduous epidemic prevention war.

Real-time data of epidemic situation disclosed by official media, rumors and rumors spread rapidly by social media, and whether there are infection cases in surrounding communities are all coming. The complexity of epidemic situation, the overload of information and the imbalance of mentality all make Chinese people anxious under the haze.

For our graduate students, this state of anxiety is especially serious in the face of the degree thesis to be submitted soon, the long-unfinished scientific research project or the sharp decline in learning efficiency.

What I want to say is that in a special period, forge a special you. Let’s "blame and upgrade" together on a special day. Here are a few Tips waiting for your Pick!

01. Temper your strong will and shape your sunshine mentality.

At present, people all over the country are forced to press the pause button. As time goes by, the incident has had a more or less impact on every student, and the students who are unfortunately in the areas with serious epidemic or whose family and friends are affected by the epidemic, as well as the graduating students who are in the critical period of their dissertations and employment.

However, everything has two sides. We have lost a lot from the "home life", but we can also get a lot. The biggest benefit is that we have a lot of rare time that can be controlled by ourselves. Guo Guangchang, the founder of Fosun, mentioned in a speech at Chaos University: "Are we willing to slow down and do something slow? Sink down, do the right thing, do the difficult thing, invest in the future, and do things that take time to accumulate. "

The greatest wealth in life is to have free time. For everyone, now is a good opportunity to settle down and think, study, settle down and examine yourself in silence, make a good position for your future, and do some solid work for your upcoming academic studies. Give your time a little time and give your hope a little hope.

Recently, I have been rereading Wang Yangming, especially his experience of realizing Taoism in Longchang, and I have a lot of feelings. The more difficult it is, the more time it takes to cultivate my mind. Great things are difficult, look at the responsibility, adversity is prosperous, and look at the mind. Since external objective factors cannot be changed, we should face them optimistically and calmly, and at the same time take this as a good opportunity to temper our will and actively find ways to deal with it. At home, teachers are constantly struggling with their own inertia and trying to maintain a fiery passion in a poor scientific research environment. I hope that graduate students will sort out their mentality and devote themselves to scientific research. By the end of the epidemic, they will be able to go more steadily and lofty.

02. Effectively divide tasks and arrange the schedule reasonably.

When the deadline for dissertation or scientific research project is clear, my general method is to push forward from the "deadline" and make clear what should be done at each time point and step. In the process of applying the "push method before the deadline", you need to leave yourself a buffer time of 1-2 days and a buffer time of 3-5 days for your tutor. For example, the school requires to hand in the first draft of the dissertation on March 15th, so the tutor must be given a full version of the dissertation on March 5th (the tutor’s schedule is very tight, so it is necessary to reserve time for sending it to him immediately), while on March 1st, he must finish the first draft of the dissertation himself (so that he can have time to polish and modify it as a whole and avoid various problems). To achieve this timeline, it means that all research forms and institutional backgrounds must be perfected on February 25th …

There is a classic line in Looking Up, "Life is like archery, and dreams are like an arrow target. If there is no arrow target, your daily bow drawing is meaningless". The same is true for scientific research. If you want to make good use of this method, you must divide the scientific research tasks effectively and reasonably, and find your own arrow target at every time node, instead of "grabbing your beard and eyebrows" every day, so that you are always in an extremely anxious and inefficient state and fall into a vicious circle.

03. Plan the daily timeline and create a sense of scientific research ceremony.

Academic research needs state. I have summed up my "state change curve" in one day. Generally speaking, the scientific research ideas are most active from 4 pm to 6 pm and from 10 pm to 1 am, while the state in the morning is average.

Therefore, my schedule for the day is: doing some routine and trivial work in the morning, such as downloading documents, regularly sorting out data, sorting out some institutional backgrounds involved in academic papers, etc. In the afternoon and evening at the peak of scientific research, the mobile phone and computer are basically disconnected from the internet (or deliberately away from the mobile phone and computer, and less online), and then focus on overcoming the non-programmed things in academic research that take a long time to do. You can also try to find your own "state change curve", and then arrange the time of the day reasonably and do the right thing at the right time.

In addition, the research environment at home is not as good as that at school, so some "special means" are needed to cut off all kinds of "temptation sources". You can set up your own workspace in advance, preferably an isolated space, with only necessary items on the table and clear away things that are easy to distract you in the line of sight. Every morning, when you want to force yourself into scientific research, first make a pot of tea or a cup of coffee, then put on headphones, randomly play some light music or white noise that can make the environment seem quieter, and then say to yourself, "Hey, it’s time for you to start working!

Creating a "sense of ceremony" is actually giving yourself a strong psychological hint. You will find that when you are used to such a "sense of ceremony", whenever you want to start learning, you no longer need to look for an illusory state, but just enter the workspace, and you will follow your own rules in a reflexive way and naturally enter the best state.

04. Supervising and motivating together, internal and external constraints.

If your self-control is not so strong, you may need to establish a reasonable and effective supervision and incentive mechanism to restrain and motivate yourself to the maximum extent. There is a good saying: "There are two indispensable partners in completing important tasks: one is planning, and the other is not enough time."

You can list the scientific research plan that has been effectively divided on paper, clearly mark the deadline of each task, place it in an easy-to-see area in the work area, remind yourself of the urgency of time and the importance of the task at any time, and give yourself an active supervision psychologically.

At the same time, you can also rely on external forces. For example, there are many APPs that learn to punch in, such as Forest and tomato To Do. You can choose an app that suits you and set the corresponding time for yourself, or you can make an agreement with your friends to work at the same time every day, plant a tree with Forest and supervise each other. No matter which method is adopted, you need to set the corresponding conditions and measures of punishment and incentive in advance, and remember to punish yourself if it is not completed! If you have finished, give yourself a reward and affirm your efforts. This sense of celebration ceremony will produce positive feedback and make your self-discipline have a positive cycle. However, we should also pay attention to the form of rewards. For example, playing mobile phones should not be used as a reward after completing a short period of study, because it will make it difficult for you to quickly enter the next stage of work. In addition, you can also actively contact your tutor, report your phased research results to your tutor regularly, and inform your tutor of the next research arrangement, thus giving yourself an external pressure.

People’s self-control is limited. As described in "Great Failure", many talented entrepreneurs are finally defeated by the word "desire". Pythagoras also said, "He who cannot restrain himself cannot be called a free man". After all, external forces are only auxiliary. Overcoming one’s own inertia, reducing one’s colorful desires, and doing subtraction for oneself, Focus on Focus, are the keys to enhancing self-control.

05. Cultivate business sensitivity and enhance social empathy.

The suddenness, unpredictability and great uncertainty of the epidemic have great influence on enterprise management, capital market investment and macro-economy. During this period, the frequent introduction of various national policies, the analysis reports of media analysts, the self-help of enterprises and entrepreneurs, and the professional analysis of scholars and think tanks have provided us with a good scene to test various events.

As a financial background, we have learned a lot of business management, macroeconomics, capital market and other related professional knowledge, but we have been lacking in practical baptism, and we have no idea that this matter should be put into practice. Students can just use this scene of the epidemic to understand the actual impact of an exogenous shock on macroeconomic and microeconomic subjects’ behavior and ask themselves what we can see from the economy and people’s livelihood under the new crown epidemic when the "black swan" flies. This is a good opportunity to improve financial literacy and cultivate Business Sense in the capital market.

In the drastic changes, it is easiest to see people’s nature and self-cultivation. Students should observe the life under the impact of the epidemic, and at the same time, don’t forget to cultivate empathy and social responsibility. "Infinite distance, countless people, all related to me." In the face of this epidemic, we are not outsiders. You know, Adam Smith, the originator of modern economics, not only wrote The Wealth of Nations, which laid the foundation of economics, but also another book, The Theory of Moral Sentiments, which he paid more attention to. All economics and management theories will lose their due role without sociality.

Liang Xiaosheng once said: "Culture can be expressed in four sentences, rooted in inner cultivation, self-consciousness without reminding, freedom with constraints, and kindness for others." I hope that everyone will do their best to help others, do altruistic things without the smell of copper, root kindness in the depths of their souls and be a warm person.

06. Seize the opportunity to read the literature and check the data.

In such a "free period", please seize the opportunity to systematically accumulate a large number of academic documents.

Published Chinese papers can be downloaded from the National Academic Journal Database of Philosophy and Social Sciences (http://www.nssd.org), China HowNet, VIP Information and other websites (you can log in through the school VPN).

Published English papers can be downloaded from WileyonlineLibrary (https://onlinelibrary.wiley.com/), Science Direct (https://www.sciencedirect.com/) and other websites. The latest English working papers can focus on SSRN website (https://www.ssrn.com/index.cfm/en/) and various international and domestic academic conferences or university seminar.

For the specific data collection work, some useful database resources I have compiled are as follows:

1.** National Taian Database (CSMAR)

During the period from February 12, 2020 to February 29, 2020, any number of data products CSMAR be downloaded for free (as long as there are registered users).

Database address: www.gtarsc.com or cn.gtadata.com.

2.** Reiss database (RESSET)

Since January 30, 2020, RESSET database has provided free query and download services for data such as financial research database, macroeconomic database and industry database.

Database address: http://db.resset.com/.

3.** EPS database

Since February 2, 2020, EPS database has been open to all teachers and students free of charge. Database address: http://olap.epsnet.com.cn/.

4.** Wind database

Wonder Database has opened the epidemic database free of charge since February 19, 2020, and provided a variety of epidemic data processing and visualization templates. Address of epidemic database: http://wx.wind.com.cn/unitedweb/cmsapp/sites/sariinfo/message.html? from=timeline&isappinstalled=0

5.** Economic data

Before March 15th, Zhongjing Data will open all the economic statistical data resources in the database to registered users free of charge. Database address: ceidata.cei.cn.

In addition, there are many resources that have been sorted out on the Internet. However, I want to remind everyone that the network resources must be "implemented", instead of being shelved after WeChat "collected" or forwarded to "friends circle", without really clicking to collect them.

The above is my personal experience, for your reference only. Finally, in this special period, I hope you can protect yourself scientifically, and at the same time, systematically upgrade your cognitive level to the world, others and yourself, and don’t forget to write your dissertation and scientific research, so as to forge a special you on the basis of physical and mental health. The spring breeze is coming, let’s wait for the spring flowers to bloom together!

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2

The original paper can be written like this.

Speaker: Shao Lei

Associate Professor, School of Finance and Taxation, graduated from the National University of Singapore, and is a member of the school-level youth scientific research and innovation team.

The original paper can be written like this.

Shao Lei

Dear graduate students, hello! I am Shao Lei, a teacher from the School of Finance and Taxation. In such a special holiday, I believe many students are studying various online courses at home, and for the graduating class, they (or you) have another task, that is, to write their graduation thesis at home. Therefore, I would like to take this opportunity to give some help to the students who are writing or are about to write their graduation thesis.

Frankly speaking, I don’t have much successful experience in scientific research, but I have accumulated a lot of failure lessons, which may not be a blessing for me personally, but it will be of special significance if I can share it with you as a valuable "pit-avoiding guide". In addition, in the process of instructing some students’ graduation thesis in recent years, I often have to answer their questions, such as "Mr. Shao, how to decide my topic", "Mr. Shao, there are too many documents to read" and "Mr. Shao, what should I do if Stata runs out with bad results". In the process of helping them overcome these difficulties, I gradually learned to look at the difficulties in writing papers from the perspective of my classmates, and found some feasible solutions. Therefore, I will share some experiences from these three most common problems: first, the topic selection, second, the literature, and third, the results for your reference.

01. The "big" and "small" of the thesis topic.

Regarding the topic selection of the thesis, my personal suggestion is to be both "big" and "small". What does this mean? First of all, the starting point of the thesis topic should be "small". In this way, we can better grasp this topic and explain a problem clearly within our own ability and the length of the paper.

Let’s give an example to illustrate it better. A classmate once told me that the topic of the paper he wanted to write was "Research on fiscal and taxation policies to promote innovation". I said, "This topic is too big. Can you be more specific?" So, he changed the topic to "the impact of preferential tax policies on enterprise innovation". I said it was still too big, so he further narrowed the topic to "the impact of preferential tax policies on enterprise R&D investment". But I’m still not satisfied, so it’s enough to suggest him to talk about a kind of preferential tax policy, so the topic of the paper has been changed to "the influence of income tax plus deduction on R&D investment of enterprises", so the topic of the paper is more specific. In fact, this story is not over yet. In order to make this student more confident in grasping this topic, I finally suggested that he add an industry restriction to the topic of his thesis. In fact, if necessary, no matter how small the topic is, it can continue to be refined. As I joked with the students, the topic of the paper is "not the smallest, only smaller".

Then, is the topic of the paper just pursuing "small"? No, let’s talk about "big" below. The significance of the paper should be "big", and we should see the big from the small to explore the extensibility and deep meaning of the research conclusion.

It’s just that example. After doing some empirical analysis, the classmate got that the income tax plus deduction has increased the R&D investment of enterprises in this industry by a certain percentage, but he felt that the research conclusion was a bit monotonous and there seemed to be little to discuss. So I reminded him whether it was possible to see whether large enterprises and small and medium-sized enterprises were affected differently, what impact did the increase in R&D investment of enterprises have on the upstream and downstream, what changes have taken place in the salaries of scientific researchers, and what enlightenment these research conclusions can bring to the fiscal and taxation policies that promote enterprise innovation. In fact, these problems are often referred to as heterogeneity analysis, spillover effect, general equilibrium effect and policy suggestions, so that the conclusions of empirical analysis are richer and more meaningful.

I found that a typical work of "seeing the big from the small" is "Fifteen Years of Wanli" that many students have read. Starting from the "plain year" of 1587 (the original text of the book), Mr. Huang Renyu only focused on the experiences of six figures, such as Zhang Juzheng and Hai Rui, around this year, but revealed the "crux of the great events that happened before" and "the opportunity to make waves in the future", showing his thinking on such a big problem as the deep-seated reasons for the decline of the Ming Dynasty.

02. How to "find" and "read" documents

Many students use this method when looking for documents: search the keywords of papers on HowNet, and read them one by one after downloading. However, unless the keyword selection is particularly accurate, we often get hundreds or even thousands of papers, which makes it difficult for us to choose the ones that are most relevant to our topic. Of course, we can narrow the search scope by constantly adjusting keywords. But is there any other way?

I summed up a method of "following the trail" from my personal experience and recommended it to all students. First, find a latest paper or classic paper in this field. If it is the latest paper, we will read its references after reading it, select some of the most relevant and influential articles cited by it, and then "follow the vine" from the references of these articles after reading it, and soon we can sort out the important documents in this field. Its significance lies in that the authors of each paper have spent their energy in sorting out the literature and carefully selected the important literature to quote, so this traceability method connects the thinking achievements of these authors into an interlocking chain, which is both complete and clear. If it is a classic paper, how can we find the follow-up research? There are ways. Careful classmates will find that many literature databases (including HowNet) list all the documents that cited the paper at the bottom of each paper, so we can use this function to "follow the vine".

In addition, there is an experience about how to read literature to share with you: reading literature with questions. When reading a paper, we can take a moment to read the summary and conclusion first, and get a general idea of what the paper is saying. Then, we have to ask ourselves, is this paper worth intensive reading? If so, which part is most worth reading carefully? Did the paper sort out the existing literature well? If so, go directly to the literature review section. Do you want to explain the system background clearly, learn the theoretical model or empirical method used, or just quote the research conclusions of the paper? By asking ourselves these questions, we can read the literature more pertinently and try to grasp the essence of each article in a limited time. Moreover, it is best to summarize these essence parts in one or two sentences immediately after reading, and make a note at the title of the paper (paper or electronic version is ok), so that when we look back at this article later, we can immediately grasp the most valuable part.

03. "Good" and "Bad" Results

Finally, let’s talk about a frustrating thing that often happens in the process of research, that is, we find that the results are different from what we expected. According to my own experience and the experience of guiding students, it may be that in 95% cases, it is all because of mistakes in our calculation, derivation or programming. Therefore, the first step is always to go back and carefully check every step in the research process. Many times, these mistakes are deeply hidden but very fatal. Therefore, this requires us to develop the good habit of recording at any time in the process of carrying out research. For example, when deriving the formula, write the process as clearly as possible, and it is best to take a photo of each page of draft paper; When programming, make comments in the code to explain what each line is doing. Detailed and clear records can be convenient for you or your instructor to go back and check at any time and find possible problems in the process.

If after repeated inspections, no problem is found, then the second step is to find a reasonable reason for this result. For example, we expect the effect of X on Y to be positive, but the result obtained by deduction or regression analysis is negative. What may be the reasons? Perhaps we only thought about the substitution effect but ignored the income effect, so the direction of the total effect should have been positive or negative; Perhaps it is the interference of a few deviation values on the results; Or maybe the positive effect of X on Y can only be exerted when a certain condition is met, that is, interactive items must be added, and so on. In this process, we can also talk to the instructor or classmates around us to see if they are surprised by this result, and maybe they can provide a reasonable explanation. In short, when we rule out the possibility that doing something wrong will lead to abnormal results, we should broaden our thinking and try our best to explore a reasonable explanation for this result.

The last step may be the sublimation of the second step: from our speculation and verification of the reasons for the "abnormal" results, we can condense innovative viewpoints, perspectives or discoveries, show the breadth and depth of thinking, and reflect the unique value of a research. In fact, if the results of a study are completely consistent with the expectations before the study, does our study seem too dull? Interesting and valuable results or thoughts are often hidden in places that are a little unexpected, and the exploration process of these "accidents" may just give birth to the unique highlights of the article, just as some literary critics will require a good novel to be both reasonable and unexpected.

The above is the experience of thesis writing shared with all students. Finally, I recommend students to search for an interesting set of schematic diagrams entitled "What is a doctor" on the Internet, which I think can also be understood as "What is scientific research", written by Professor Matt Might. I wish all students peace, health, happiness and enrichment!

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three

Try harder

Speaker: Lin Song

Dean, Professor and Doctoral Supervisor of Business School, Ph.D. in Management, Tsinghua University. His main research interests are entrepreneurship and SME management.

Try harder

Lin Song

Time is the most precious resource, and it is fair to everyone. I quite agree with this sentence: at the level of most people’s efforts, it is simply not enough to fight for talent. The same is true in academic research. The talent of many academic cows may not be surprising, but their diligence is hard for ordinary people to match.

Many students can’t go out during the epidemic, which is the best time to study and write. Many students may complain that there is not enough information to write.

In the information age, these are no longer difficult problems. In fact, the resources we can use now are very rich. Many websites can find documents to download, and many websites provide a large number of open databases. If you need survey data, there are many platforms to provide survey means. Books on research methods can also be found online, and there are many forums to answer statistical problems encountered at the operational level.

All these resources should be used, and we will improve our research ability after the epidemic.

Many students already have a clear research plan, and even have begun to write formal papers for submission. While you are closed at home, carefully revise the recently completed article several times. The article is not afraid to change. The more you change, the more you can grasp the submission. If you don’t understand, hurry to find teachers and classmates online and solve the problem in time. In this respect, I would rather invest more time than call it a day. Have the ambition and preparation of "two sentences for three years".

In addition, management research should always be combined with management practice. This period of time can just observe the impact of the epidemic on individuals, organizations, industries and regions, and write a research design. When the epidemic is over, discuss with the tutors and students to see how to really carry on the research.

Many students may still be at the beginning stage, and it is rare to be quiet during this time, so it is just right to seriously look at the literature, especially the classic literature in the field of organization and management. Looking through the homework assigned in the research courses I have attended in the past, I can see which ones are skipped, and which ones only understand roughly, but I don’t know why. Find another classic model essay in this field and carefully interpret the structure and sentences of the article.

To these classics, we should have the persistent spirit of Wei Bian San Jue. These are all preparations for your career, and the accumulation now determines how far you can go in the academic circle in the future.

Students who still have time may wish to look at the classics in history, literature and philosophy. I am full of poetry and books. After all, the inside information and thoughts of the research come from personal cultivation, not just management literature.

We should also strengthen physical exercise every day. Doing research also depends on the body. Without good health, it is difficult to support the research life in the next few decades.

Reading behind closed doors on a snowy night, trying horses to find flowers in the Ming Dynasty. When winter goes and spring comes, when the grass grows and the warbler flies, we will discuss the research methods on campus and continue our past topics.

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four

Put your mobile phone where you can’t reach it

Speaker: Ouyang Yuanfen

Professor and doctoral supervisor of China Institute of Public Finance and Policy. Doctor of Economics and Master of Mathematics, Claremont Research University, USA.

Put your mobile phone where you can’t reach it

Ouyang yuanfen

The first greeting to graduates in 2020 may be this unprecedented enhanced long standby winter vacation. The sudden freedom may make you miss the warmth of bathing knowledge in school. Don’t panic!

While the whole country is fighting the virus with one heart and one mind, we can write papers efficiently without leaving home! Just put your mobile phone out of your reach and close the bedroom door, and you can sit in front of the computer all day.

A quieter atmosphere than the library, a research experience that you can concentrate on without any interference, you can think and read as much as you want, and when the epidemic clears and spring blossoms, it’s not fast to go back to school with a satisfactory paper!

01. About the topic selection

At this time, I believe everyone has decided their own topics, and a clear and definite topic selection is the premise of writing a good paper. If you are not clear about your topic or research direction, you should first pay attention to the research results published in the top journals in this field, so that your topic can keep up with the forefront. At the same time, you can also find your own research fields in combination with today’s economic hotspots. If necessary, you can also communicate with your tutor. Your tutor’s advice may be of great help to your topic selection. If you write a paper just for the sake of writing a paper, it will not only make the structure of the article messy, but also make the research results lack of contribution. It is best to choose meaningful research topics in combination with your own and your tutor’s majors and research interests.

Tips: I recommend a very useful gadget for everyone. If you want to get the latest information of all the journals in ScienceDirect at the first time, you can set up ScienceDirect Alert and check the journals you are interested in, so that you can receive the latest information on included papers and publications from the mail and keep up with the forefront.

02. About searching literature

Extensive reading of literature is an important part of scientific research, and more importantly, we can have a deeper understanding of the research status of selected topics by reading domestic and foreign literature. When searching for documents, we usually connect directly to the campus network at school and search for documents through the electronic resource library in the official website of the library. Now at home, we can still connect to the campus network through VPN, and then access to various periodical databases. At the same time, there are also some free websites to search for literature. Below, give you a summary of the common ways to search for literature at home:

1. Campus network: Students can log on to their own campus network through VPN, and use HowNet and the periodical literature database purchased by the school as in the library. The specific method is as follows:

http://vpn.cufe.edu.cn/info/1012/1054.htm? from=singlemessage&isappinstalled;

2. Baidu Academic: After logging into the campus network, you can use Baidu Academic to directly search for documents and download papers, which is very convenient. Another advantage of Baidu Academic is that by using its citation function, you can directly get a variety of topic formats summarized in references, so that you don’t have to modify the formats together at last. The website address is as follows:

http://xueshu.baidu.com/

3. SCI-HUB: The foreign language literature of this website is relatively complete, but you need to know the exact title of the literature, and all the literature you can find can be downloaded for free. The website address is as follows:

https://sci-hub.shop/

03. About the writing of introduction and literature review

Every student should strive to be a best-selling "thesis" writer (not an imaginative novelist! ), try to find out the bright spots in the works and sell them to readers. From the perspective of writing, the topic of the paper is very important. If your paper catches the teacher’s heart at the beginning, it will be half the battle! Therefore, several questions should be emphasized in the introduction: What is the research question of this paper? Why is it important? The important research progress of existing literature and the innovation and contribution of this paper.

Secondly, the literature review is not a simple list of several conclusions, but your thinking process when reading the literature, and it is also a summary of your inspiration by connecting these documents in series. Literature review needs logic and content. If we just copy the abstracts and conclusions of the literature, it will not only affect the duplicate checking rate, but also make the article look logical and chaotic. Literature review is mainly aimed at your research direction to introduce the current research status. By systematically describing the research methods, data and conclusions of the existing literature, you can better grasp the basic theoretical assumptions of the research problem, and dig out the contribution of the paper through comparison. A good literature review requires us to pay more attention to English literature and make a summary in time. By reading a large number of documents in related fields, learn to screen the documents that need to be written into the literature review. Generally, we will give priority to the literature of top journals at home and abroad, and then we will be more willing to choose the recently published literature, and we will also screen some classic literature with more references. The screening method of these documents is mainly to make our literature review more quality and more in line with economic hotspots.

Tips: Many students will accidentally involve plagiarism when writing literature review. There are two main reasons: First, they have not cited the literature well. Please find a few regular top Chinese and English journals and refer to how Daniel cited the literature. It is best not to find other students’ papers for reference, and the high probability will be wrong; The second is to pile up papers. Many students like to pile up the abstracts of English papers like bricks after translation, which is definitely not the correct way to write literature review, and it is also prone to duplicate checking. I suggest that you make a draft before writing, think clearly about the theme of each paragraph, and then sort out the literature related to the theme, and sum it up in your heart. Then cover the literature and write it according to your own understanding and words. It is best not to write while reading, so as to avoid piling up and translation plagiarism.

04. About database

Data processing and model design are important tools to verify the story you want to tell. The above has introduced how to use the campus network at home, and you can download all kinds of data you want from the school’s electronic resource library.

Below we simply summarize several commonly used databases in the electronic resource library:

1. China Knowledge Network-China Economic and Social Big Data Research Platform

The website is as follows: http://data.cnki.net/.

2. China Economic Net Statistical Database

http://db.cei.cn/page/Login.aspx

3.RESSET financial research database

The website is as follows: http://db.resset.com/.

4. National Taian Database

The website is as follows: http://www.gtarsc.com/.

There are also some databases available for free download at home and abroad on the Internet:

1. National Bureau of Statistics

The website is as follows: http://data.stats.gov.cn/.

2. China family tracking survey data CFPS

http://www.isss.pku.edu.cn/cfps/

3. China Health and Pension Follow-up Survey (CHARLS)

http://charls.pku.edu.cn/index.html

4. China’s household finance survey data CHFS

https://chfs.swufe.edu.cn/

5. World Bank database

https://data.worldbank.org/

6.IMF International Monetary Fund Database

https://data.imf.org/? sk=388DFA60-1D26-4ADE-B505-A05A558D9A42

7.BIS database

https://www.bis.org/statistics/index.htm

8. United Nations database

http://data.un.org/

05. About empirical analysis and software learning

I believe that most students may also need empirical research related to data analysis, so they may as well calm down and learn some commonly used statistical analysis software at home, such as Stata, Eviews, SAS, R and so on. Every teacher’s commonly used software is different, so it’s best to ask the tutor whether he should learn relevant software knowledge in advance.

For example, in the software learning of Stata, we can combine an introduction to modern economics using Stata (by Christopher F. Baum), Advanced Econometrics and Stata Application (edited by Chen Qiang), Econometrics with Stata (edited by Christopher F. Baum), Introduction to Econometrics (edited by Jeffrey woodridge) and other related econometric books. Through some examples and econometric analysis, we can quickly grasp the common operation steps of Stata analysis.

06. About duplicate checking and format

The repetition rate of the paper = (the number of repeated words/the total number of words) *100%. According to my writing experience, under normal circumstances, if the content of the paper is repeated with the published paper for 13 consecutive words, then this paragraph will be judged as repeated content.

The part with high repetition rate is mostly in literature review. Students should pay attention to the repetition rate of their own articles when completing their papers, and must not copy them. When handing in a paper, you should pay attention to the format of the article and make your article look more rigorous.

These tips are just some small tips. The quality and completion of the paper still depend on strict self-discipline and deep thinking. Do not cheat or disappear. Be sure to keep close contact with the tutor. Everyone should plan their time well at home in this special period, and the first draft of graduation thesis will be handed in in the near future. Students should take the time to improve their graduation thesis. I also hope that everyone can protect themselves in this special period and gain something at the same time!

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five

Graduate students living at home with humble abode

Talk about scientific research "

Speaker: Dai Hongwei

Professor and doctoral supervisor of School of Economics. Doctor of Economics, Renmin University of China; Fulbright Project Visiting Scholar in wharton school, USA; Selected by the Ministry of Education’s "New Century Excellent Talents Support Program".

Talking about scientific research with graduate students who live at home.

Dai Hongwei

My colleagues in the graduate school invited me to write something and talk to my classmates about how to do a good job in scientific research at home during the epidemic. Actually, I didn’t want to take this job, because it’s not easy to do, and it basically belongs to the thankless type. It’s like giving birth to a baby, whether it’s a pregnant woman with a big belly to give birth or a mother with a baby in her arms. If you nag others all day to teach you how to get pregnant, how to protect the baby, how to raise children … and so on, nine times out of ten, it will be annoying to be looked down upon, even if you give birth to a fat boy who is white and fat, it’s fine-what’s more, my "children" are neither so many nor so white nor so fat! However, it’s not easy to arouse the enthusiasm of colleagues in the degree office, and the second is the occupational disease of being a good teacher, so I have the cheek to talk to you. Anyway, I can’t see if you give me the dirty look.

On second thought, let’s talk about having a baby.

01 "pregnancy preparation"

If you want to have a baby when you become a family, of course, you have to communicate with your family. Writing a thesis, the object of intimate communication is of course-literature.

The first important thing is to choose a topic. The so-called "having a good topic is half the battle". So, where did the good questions come from? It didn’t fall from the sky, nor was it smashed by an apple on Newton’s head, but it was thought out. And where does thinking come from? It comes from reading. There are often students who are so anxious that they pull their hair out when they start a topic, and they don’t come up with a good topic. The key reason is that you don’t read enough (I’m not lying to you) or don’t read it thoroughly.

Read more literature that interests you-and the key is to really read it! Read more, and read it in. Seeing those good ideas of predecessors will make you wake up and get a better idea; A bad article will make you feel like a fishbone in your throat, so you must write something to argue with the author; This feeling is coming, and you will feel this kind of feel! Because, the fun of learning is that when you find a question that puzzles you or makes you feel interesting in reading, you will try to find the answer in the book and in previous studies. The so-called "There is a golden house in the book, there is a Yan Ruyu in the book, and there is a thousand bells in the book", which is also called.

The results of your hard work are nothing more than two. One is that you have found the answer, which has enriched your knowledge, and at the same time, you have gained the confidence of "being full of poetry and books" and "I also read several books in that year"; The other is that you haven’t found a good answer, so congratulations, your chance to make a name for yourself in the Jianghu has come, because the feeling of scratching your head and staying awake at night will force you to read the literature again until you find a solution to the problem. And this process is the fun of academic research.

So if you don’t find a good topic, or make do with a topic at the suggestion of the tutor and barely finish it, but you don’t dare to highlight the innovation point in the paper, don’t look for reasons elsewhere, most of them are not read enough and can’t read through.

Another possible source of the topic is the great demand in reality, such as the current epidemic situation and its impact on economy and society, which will definitely be a hot topic now and in the future.

02 "pregnant"

With a good topic, it is equivalent to a baby being conceived, and the next step is how to cultivate this "seed". If you grow vegetables, you have to water them frequently and apply more fertilizer after sowing; If you want to raise your child well in the womb, you must strengthen nutrition; If you want to write a good paper, you have to read more, think more and further demonstrate.

This step involves two important points:

The first is the further determination of the topic. With the general direction of topic selection, the next step is to limit the scope of the topic. Generally speaking, we don’t encourage such big and empty topics as "On China’s economic development" or "Research on China’s automobile industry development", which are difficult to make in-depth and innovative, but it doesn’t mean that this research direction is meaningless. We should read more carefully and dig deeper along this direction, and gradually move closer to "making a mountain out of a molehill", such as "Research on technological innovation and industrial upgrading of China’s automobile industry" or "Research on China’s automobile industry monopoly and government regulation".

Second, we can’t ignore the theoretical review. This link is important because it involves the foothold or innovation of your article. If your topic has been perfectly solved by previous research, or has been overused by many people, then the probability of your paper being "shot" is very high, and your research is meaningless. How do you establish the importance or significance of your article? We still have to look for it in the previous literature, so we should pay attention to the fact that literature review is not a general review of the central ideas of previous articles, but a must (knock on the blackboard! ) Find out the problems that have not been completely solved by predecessors, which is the significance and novelty of your own paper. The common mistake everyone makes in this part is to describe without commenting, but to list in general, without really "describing-commenting". Only by evaluating (finding) the unique contributions of previous studies on the basis of the above, that is, what problems have been solved and what problems have not been solved, can you find out how to fill the gaps and highlight your originality in your article.

03 "miscarriage protection"

Parents, of course, want their children to be beautiful and healthy, loved by everyone and blossoming. If you want your article to be well received, you have to make good corrections on the basis of good writing. Because of this, many "big cows" have said that good articles are all changed.

In addition to writing according to the fixed pattern of "putting forward questions, models and indicators, empirical analysis, conclusions and suggestions", the most important thing in this step is to extract your unique discovery, that is, innovation. Otherwise, even if the idea you came up with at first is very good and original, it has not been implemented in the specific analysis process, and it is of little significance to write the article.

Let’s talk a little more about innovation. After the paper is written, everyone is always afraid to write or can’t write innovation like a little daughter-in-law who is afraid to meet her in-laws. The reason is that the article has no unique findings or new conclusions, except for the lack of reading literature and lack of confidence. It is generally impossible for us to construct any new theories or create any new methods, but we can still integrate our interests and expertise, find new research perspectives, apply new data in analysis, find new findings, draw new conclusions and put forward new viewpoints, which is also the proper meaning of our research topic.

If you don’t do this, you have to go back and step by step according to the above links until you get satisfactory results. This link is very necessary for "protecting the fetus".

04 "production"

Be pregnant in October and give birth once. It is said that "children are their own good" because you have paid too much hard work and affection for them, and it must be pleasing to the eye. But you can’t just like it yourself, and you certainly want others to like it. Therefore, when a child is born, it has to be washed up before it can be held out for people to see.

To achieve this goal, there are finally two links to pay attention to:

First, make a good name, that is, go back and re-examine the topic. Because after your thesis is actually written, you often have to readjust the research time limit or adjust the research angle because of the availability of data and whether the conclusion has passed the test, and the original topic will inevitably need to be revised. At the same time, refining and polishing the title is as important as giving a loud and pleasant name to the newborn child. The title should accurately cover the theme, be straightforward and concise, and attract attention, so the name is a university question. For example, Mo Yan’s "Big Breasts and Fat Buttocks" is eye-catching and exciting enough. At first glance, it seems a bit vulgar and a bit hyped, but after reading this novel, you really feel that only this topic is suitable. This is where the kung fu lies.

The second is to freshen up, that is, make the final changes. Personally, I suggest that you don’t send it to the tutor or editor in a hurry, or you should leave it for a while for "cold treatment". After reading it through again in a few days, you will find many problems and make further revisions. After that, it is strongly recommended to print out a paper manuscript and read it twice. Because the effect of reading on the computer is different from that of reading on the paper version, there will be many problems in the paper version, such as typos, unreasonable sentences and even frame structure and article logic. Revise it again on this basis, and the quality of the article will definitely improve a lot.

After the change, you can submit it to the tutor or editor, and then make further changes after the feedback comes back. In particular, in the process of revision, we must seriously reflect on why the other party will make these suggestions, so as to really improve step by step.

In short, along this path, the academic road will be wider and wider, and I believe you will definitely give birth to a good "child". In the future, it will be said in the Jianghu that you are the father of a certain model or the mother of a certain theory. I believe you still have a great sense of accomplishment!

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six

Preparation before writing economic and financial papers

Speaker: Fang Yi

Associate Professor, School of Finance. Research fields: financial risk and supervision, financial technology.

Preparation before writing economic and financial papers

Fangyi

The writing of economic and financial academic papers is a combination of science and art. Everyone has different writing styles, but there are still some common elements. Here, I would like to write an article about thesis writing for your reference. In fact, the writing of the paper is only the last step of the whole paper creation. Before writing a formal paper, we need to have steps such as topic selection, literature and data.

This article is part of the "Academic Paper Writing" given to the students of the School of Finance. You can go to the superstar platform to learn about how to write papers (there are more dry goods).

About the preparation before writing the thesis. This paper mainly introduces you from five parts: topic selection, literature search, literature reading, data collection and data processing.

01 topic selection

You can consult your tutor on the topic selection. Under the guidance of the tutor, choose a meaningful and operable topic according to your own research interests.

In addition, here are some ideas for you to choose a topic.

(A) search authoritative journals published in recent years to find the topic.

For Chinese papers, please search for financial articles published in recent 3 years, such as Economic Research, Managing the World, Economics (Quarterly), World Economy, Financial Research, China Industrial Economy, Finance and Trade Economy and International Financial Research.

For English papers, please search for articles in international top journals of economics, and please try to choose articles in recent 10 years, as shown in the following table:

Table 1 List of Economic Authoritative Journals (Part)

(2) Search the website of authoritative journals and the conference information held or advertised by WeChat WeChat official account to find the direction of topic selection.

At present, the WeChat official account of Chinese economic periodicals such as Economic Research, Managing the World, Finance and Trade Economy and China Industrial Economy are all active, and will push various articles and conference information.

(3) Search and pay attention to the following meetings and articles.

1. Search the topics and research directions of famous societies such as the annual meeting of economics and the annual meeting of finance. Pay attention to the conference papers of top conferences such as AEA and AFA in the United States. This is also a good place to download papers.

2. Pay attention to some academic papers and push relevant academic information of WeChat WeChat official account. For example, express delivery of frontier papers in finance, Cinnamomum camphora Economic Academic Circle, Paper Stuffy Pot, Haw Hall, Great Financial Thought, etc.

3. Participate in various academic forums and other academic conferences organized by the school to find the direction of topic selection.

4. You can also find topics from financial news and research reports. Economic Observer, Caixin.com, FT Chinese Network, CBN, "Chief Economist Forum" WeChat official account, etc.

5. You can pay attention to Vox(https://voxeu.org/) and voxchina (http://www.voxchina.org/). These websites are the websites where economists write academic Weibo for their academic papers.

So, what kind of topic is an easy topic to do? The following is an idea that is easy to write a paper (but not necessarily very meaningful).

(1) Choose a small topic. Make a mountain out of a molehill. For example, "From the Perspective of Behavioral Finance * * *" and "Research on the Impact of Internet Finance" are not particularly good topics because they are too big.

(2) Select the topic for which data can be obtained. Financial Technology * * *. Whether data can be obtained on this topic needs to be determined first. You cannot make a silk purse out of a sow’s ear.

(3) Select the research topic of the influence of X on Y.. Here, both x and y need to be measurable. For example, "Research on the Impact of Interest Rate Marketization on Commercial Banks" may not be a very good topic. Here, there may be a problem with the measurability of x and y.

The topic can come from financial news or academic papers. So, what’s the difference between the two?

Generally speaking, the topic selection of financial news is often closer to reality and grounded, and the significance of topic selection is often greater. The topic selection of academic papers is more academic, but it is not necessarily happening in reality, and everyone is most concerned about it.

It is very difficult for beginners to choose topics from financial news, and it is difficult to find an accurate academic breakthrough point and choose a suitable academic method. Selecting topics from academic papers is suitable for beginners, and it is easy to produce "results" by simple combination, but it is hard to say how much the meaning of the articles is.

02 find literature

Searching for literature mainly includes the following points.

(A) English papers are suitable for academic search engines-searching for keywords.

You can search by keywords through Baidu Academic, Google Academic, Google Academic (https://gfsoso.99lb.net/) and Bing International Edition.

When searching, you can choose the year and the articles cited from these articles.

Figure 1 Search engines search for documents

You can consult your tutor on the topic selection. Under the guidance of the tutor, choose a meaningful and operable topic according to your own research interests.

(B) Chinese papers from the China Knowledge Network (CNKI) search (http://www.cnki.net/)

Chinese economic journals: Economic Research, World Economy, Economics (Quarterly), Managing the World, etc.

Chinese financial journals: Financial Research, International Financial Research, Financial Supervision Research, etc.

Other Chinese periodicals: journal of management sciences in china, China Industrial Economy, Finance and Trade Economy, Economics Trends, Finance and Economics Research, Nankai Economic Research, etc.

Other periodical papers in the CSSCI periodical catalogue.

You can download papers according to the number of downloads and citations, or download papers in authoritative journals.

(C) English unpublished academic papers website (Working Paper: unpublished frontier papers, generally downloadable)

(1) Social Science Research Network (SSRN) http://www.ssrn.com/en/

(2) Economic Papers: http://econpapers.repec.org/

（3）IDEAS: https://ideas.repec.org/

(4) NBER http://www.nber.org/.

(5) Federal Reserve: http://www.federalreserve.gov/econresdata/default.htm

(6) International Monetary Fund (IMF Working Paper): http://www.imf.org

(7) Bank for International Settlements: http://www.bis.org/list/wpapers/

(8) European Central Bank (ECB working paper)

(4) Just track the homepage of the domain cattle people regularly.

If you stay in a field for a long time, you can know some awesome people. You can track the research of cattle people.

Take Systemic Risk as an example, V.V.Acharya of NYU stern, Tobias Adrian of NYU Vlab Experiment (https://vlab.stern.nyu.edu/). S.S.Shin of BIS and Markus K. Brunnermeier of Claudio Borioprinceton University. Jon Danielsson of LSE and LSE Systemic Risk Centre. Rama Cont of Imperial College London and others can be concerned.

03 reading literature

In such a "free period", please seize the opportunity to systematically accumulate a large number of academic documents.

Literature reading is also skillful. Generally speaking, only those who have written papers can read them better.

(A) the way to read literature depends on the purpose of reading literature.

For the purpose of learning to write, you can read only the international top 5 and the top papers of domestic economics. This research topic has nothing to do with the thesis, because the writing of authoritative journals is often first-class.

For Chinese, you can read the papers of Economic Research, Managing the World, World Economy, Economics (Quarterly) and Financial Research. Don’t focus on the method and theme, see how others express it. At this point, you must be careful when reading the paper. Look at people’s words and sentences, how to organize logical relationships, etc.

For literature reading aimed at finding research topics and methods, don’t just read the top papers. It is necessary to give priority to keyword search and give consideration to periodical grades. To learn how to make a paper and find a research topic, you need to find a paper that suits you. Find the dish that suits you. Here is to introduce the "three-step" reading literature.

(B) "three-step" reading literature to find research ideas

The first step (initial stage): "Hungry for food" (extensive literature search)

Literature review and keyword search are the main methods.

On literature review and search. You can find it in journals that can publish authoritative literature reviews. For example, chinese magazine has Economics Trends and International Financial Studies. English magazines include Journal of Economic Perspective and Journal of Economic Literature.

You can also find the literature by searching for "keyword+Survey(Literature Review)".

The second step (mid-stage): "Looking for him in the crowd" (extensive reading of literature)

Browse literature review, reference list and other related documents and other related documents searched by keywords.

Focus on the introduction and conclusion of these documents. Need to take notes.

Browse the basic model and data table of the article, find out whether you can hold this article, and mark the articles that you can hold. Don’t eat it if it’s not your dish! Focus on the following questions

Theoretical model, can you understand it? Can you change it?

Measurement method, can you program it?

Data, can you find it?

Find articles that often appear in various articles and mark them.

The third step (closing stage): "looking back suddenly" and "stalking and beating" (intensive reading of literature)

Print the marked articles into books and read them repeatedly-read them well.

Find a few closest articles, carefully compare their advantages and disadvantages, and don’t give up every detail-intensive reading.

At this point, either give up the footnote or the Appendix.

Focus on solving the model, where to find the data, and how to deal with the data.

How to realize the measurement method by software? How to generate tables? How to draw graphics?

Take one of these closest articles as a template and ponder it over and over again, so as to replicate the results.

Based on the copied template, relying on the related literature, and according to your own association, these articles are spliced and combined, so as to get your own article template. (the prototype of the self-created article has been made! )

"Three-step method" is not omnipotent, but also has its own advantages and disadvantages.

"Three-step method" is a quick method of writing, which is only suitable for beginners. Beginners need small incentives, especially the first article they have made, which is very motivating. If the motivation is done well, the interest will be there. It is possible to make a big article later.

However, the innovation of articles obtained by "three-step method" is generally not too high. Because the articles found are similar, simple splicing is just a physical reaction. Small marginal contribution in literature research.

In addition, if you have a very deep knowledge of literature in the early stage, chemical reactions will occur for articles in completely different fields after their own deep processing and complex splicing. This is a great marginal contribution in literature.

It should be pointed out that these are all researches from literature to literature. Not necessarily from real problems, not necessarily grounded.

04 collect data

Regarding how to collect data, there are several places to go.

(A) the professional database purchased by the school

Go to the school library to find the database, which is the most effective. Our financial colleges and universities have comparative advantages in this respect, and there are many databases about finance and economics.

The search path is as follows: http://lib.cufe.edu.cn/ → Resources → Chinese database, foreign language database and trial database.

(1) Statistics of China Economic Net

The macro and industry data of this database are complete.

(2)RESSET financial research database

This database contains all the financial market and company financial data.

(3)Wind database

This is the best database for China finance. You can go to the teaching technical service center of the school website to find Caiyun platform and apply for the use time of Wind. Or go to the electronic reading room on the east side of the first floor of the library and use the computer’s Wind terminal to download data.

(4) Guo Taian

This database is suitable for downloading financial statements of listed companies, and it is advantageous to do related research on corporate finance and financial markets.

(5)EIU CountryData Database

This is a global macro database. It is better to be macro.

(6)CEIC database

Make a better database of global macro and international finance.

(7) Global Bank and Financial Institution Analysis Library

This database is a good database for banks and a concentration camp for financial statements of banks and securities companies.

(8) Analysis Database of Global Listed Companies

This database is the place to download the financial statements of listed companies.

(2) Publicly available databases

(1) Juchao Information http://www.cninfo.com.cn/

Where to download the annual reports of listed companies in China.

(2) National Bureau of Statistics

(3) China People’s Bank (Financial Statistics)

(4) Federal Reserve

(5) European Central Bank

(6)CEPII database

(7) China Free Trade Service Network

（8）World Economic Outlook Database

(9)WDI database

（10）UNDATA

（11）UN COMTRADE

I hope that when you do research, you can be a conscientious person and pay more attention to the data sources in some articles.

(C) NBER database of open scholars

Link: https://data.nber.org/data/

Contains the following word banks:

Macro Data

Industry, Productivity, and Digitization Data

International Finance and Trade Data

Individual Data

Healthcare Data — Hospitals, Providers, Drugs, and Devices

Demographic and Vital Statistics

Patent and Scientific Papers Data

Other Data

Figure 2 where NBER downloads data

Figure 3 Macro Database

Figure 4 International Finance and Trade Database

The database of international finance and macroeconomics catalogs of data sources contains the following sub-libraries:

（1）Capital controls and macro-prudential

（2） Exchange rate regimes

（3） Financial crises

（4）Fiscal data

（5）Bank ownership

（6）International price data

（7）International capital flows and interest parity

（8）Financial Development and Central Banking

(four) survey and statistics database, etc.

These are all microscopic databases of China.

(1) Southwestern University of Finance and Economics China Financial Survey Database.

(2) National Balance Sheet Database of National Finance and Development Laboratory.

(3) China Health and Retirement Longitudinal Study (CHARLS) in China, Peking University.

(4) China Household Income Survey of Beijing Normal University (CHIP).

(5) China industrial enterprise database.

(5) Private data

This mainly refers to the private data obtained through their own private channels or partners. Pay attention to data desensitization and avoid breaking the law.

You can use a big data crawler (pay attention to the anti-scraping mechanism and pay attention to breaking the law), or you can manually organize the database.

05 processing data

(A) data cleaning

Data cleaning is the first step to do a good job of research. It is also a very crucial step.

Data cleaning is to sort out the collected data into the data needed for measurement or model simulation.

The data type can be cross section, time series and panel type.

When cleaning the data, try not to eliminate the observed values, and try to save the original data.

When doing data cleaning, it is recommended to use STATA software to do data cleaning. This is the most commonly used command of STATA and its purpose:

Drop (keep)-eliminate (keep) variables or observations.

Gen/replace-generate/modify variables

Rename-Modify the variable name.

Label-Assign a label value to the variable.

Sort/gsort-sort the observed values of variables.

Order-Sort the order of variables in memory.

Merge-Merge different data sources (horizontal integration)

Append-Merge different sub-samples from the same data source (vertical merge).

(2) Statistics

It is very important to know your data. If the data is wrong, the paper must be wrong.

Before doing research, you need to ask yourself a few questions.

What is the data frequency? Is there any missing value? Are there any abnormal values? Where is the range of variables? How big is the data sample size? What is the data unit?

It is suggested to use STATA software for data statistics:

Sum-the most commonly used descriptive statistical table

Tabstat-You can get the quantile of each variable.

Describe-get the information of each variable

Codebook-Check the internal information of variables in detail.

Table-get the frequency table

Two way scatter/two way line-get the scatter plot.

Winsor-remove outliers

Nmissing-Find the number of missing values.

Ipolate-interpolation

Figure 5 sum and tabstat

Figure 6 describe

Figure 7 codebook

Figure 8 table

Sharpening a knife is the first and most important step to write a good paper, so it is necessary to choose a topic, arrange documents and data in the early stage. I hope you will pay attention to the key step before writing your thesis, and wish you all a smooth research.

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seven

"When winter goes and spring comes, it is a good time to accumulate wealth."

Speaker: Travel around

Associate Professor of Law School, Master Supervisor, Executive Director of Asset Management Rule of Law Research Center, and Deputy Director of Commercial Law Teaching and Research Section of Law School; Peking University, doctor of law, visiting scholar at Taiwan Province University and Tohoku University. He is also a director of the China Commercial Law Research Association and an external expert of the Postal Industry Security Center of the State Post Bureau.

"When winter goes and spring comes, it is a good time to accumulate wealth."

travel around

Thanks to the trust of the graduate school, allow me to write some words to encourage my classmates to continue their study and research at home. I have always felt the need to write some words. Two nights ago, the graduate students who received their own guidance sent nearly ten papers to me for approval, and told me that they would submit them to the college at 22 o’clock that night, which made me feel more necessary to write some words.

At the beginning of the Spring Festival in 2020, the sudden COVID-19 outbreak touched everyone’s heart, and also affected our original step-by-step study and life. During this postponed school term, the routine operation may be eating and sleeping, sleeping and eating, and "Ge You Lie" in thousands of postures. However, in fact, there may be another correct "opening way"-if you consciously "charge" and "burn your brain", now may become a critical period for you to stand out and be different.

Delaying the start of school is not a holiday, it is a "holiday ([ji m]) period" … I hope that after reading this tweet, this sentence will always reverberate in your mind. ^_^

Everyone can be the most beautiful retrograde person on the road to knowledge.

During the epidemic, how many people went to the front line to fight the epidemic, they were all the most beautiful retrograde people. As teachers and students, there are actually positions that you and I need to hold on to. When many people are bored at home, if you can study quietly, you are also the most beautiful retrograde person.

Looking back at history, all successful people have some characteristics of "survival in adversity" more or less. I tend to understand "survival in adversity" from another perspective: this does not mean bravely facing setbacks, but you have to do the opposite when everyone does that. For example, when others are rushing to the frontier issues and have published many articles, we can make some cold thoughts on them based on related traditional propositions. Take my own research as an example. Although commercial law is considered to be one of the disciplines that are most closely related to business practice, in recent years I have also made a hard attempt to do some research on traditional propositions, such as reflecting on the separation of two powers, the enterprise unit system, the nature of equity and the function of company law, etc. Thanks to the periodical editors, I have published some papers one after another. The reason why I made such an attempt is that I gradually discovered that traditional proposition research has three characteristics: constant innovation, alienation and cross-border. The so-called constant novelty refers to the fact that the traditional proposition can be called a traditional proposition and has attracted the attention of academic circles in different periods. It must be because it has the vitality of keeping pace with the times, and even if the situation changes, it will never leave its Sect. The so-called alienation refers to the fact that traditional propositions have a long history and are often misinterpreted by contemporary people, which makes them unable to effectively guide contemporary practice, so it is necessary to dispel the fog and root out the source. The so-called cross-border means that the research of traditional propositions (especially in the field of law) often needs the help of excellent achievements in other disciplines, so that it may achieve more remarkable results in research methods.

However, this is by no means advocating that you should do some abstract theoretical research. The study of basic theory can not only be from theory to theory, but also try to examine the current practical problems from a longer-term perspective and pattern. Therefore, cold thinking requires not only courage, but also confidence-reading more, writing more, diving more, accumulating more, and consciously practicing highly recognizable research methods, etc., all of which are the sources of confidence.

02 reading pleasure: different aspects of reading.

Su Shi said, read widely and take about it, and accumulate it with little hair. I often joke that "thick accumulation and thin hair" is a true portrayal of academic work: a lot of papers have been written, but a few papers have been published. However, this does not go against the truth-more and more articles have been rejected, and in fact, the closer they are to successful publication. The starting point of all good papers, without exception, is the massive reading from the heart with a passion.

Reading from the heart is for pleasure. Generally speaking, there are three kinds of understandings about reading: technical reading, intensive reading and enjoyable reading-those who have achieved academic success are technical reading, mainly textbooks for exams; There are specialized books for study, mainly for getting a degree; Those who are interested in everything are happy to read, casual and free. Of course, studying with the curiosity of not solving puzzles is undoubtedly enjoyable. The main problem of many students is that they feel sleepy when they open books, and they are not happy. The phrase "learning from the sea is endless and making a boat" has delayed many young people’s journey of reading. The root of the pain may lie in utilitarian reading-what this book can give itself.

Why study? Nietzsche said that the study of utilitarian purpose is bound to have no real interest. Havel said, we insist on one thing, not because it will have results, but because we firmly believe that it is right. In fact, it can be said that it is simpler, that is, not why. Reading is nothing more than a pleasure. Hu Shi said it well, fearing that the truth is endless, and there is an inch of joy in every inch.

You may say that you have no time to read because of the short school period and various chores. Excuses are excuses. No matter how busy we are, we still eat, sleep and fall in love. As long as you get used to it, you will like it. How to form a habit? Here are some immature suggestions:

(1) Use events instead of time as reading trigger. Many students are used to making reading plans like this: reading for 1 hour at 9 pm; The reality is: the community dinner is at 10 o’clock; Result: Reading is ruined. You know, time is uncontrollable, but some events are inevitable. Try to change the way you plan: read for 20 minutes after lunch or before going to bed. Look, you can’t escape unless you fast all night.

(2) Make full use of corner time. Many students are used to spending a whole block of prime time reading. In fact, this practice is not recommended unless they are reviewing exams or professional books that they have to read. Following the previous point, we can try to read after meals, before going to bed or in our leisure time, and each reading time does not need to be too long unless we have the will to continue reading.

(3) Don’t set the reading task too heavy. Many students are used to setting up some impossible flag on impulse, such as reading a book in two days, or forcing themselves to challenge an extremely difficult book, which will reduce their interest in reading. Especially in the early stage of cultivating habits, it is best to start with simple tasks, such as reading 5 pages a day; Then, every day you may be overwhelmed by overfulfilling your tasks, and then slowly increase your reading tasks.

(4) Take notes, especially electronic notes that can be "reproduced". Many students are used to taking notes by hand, which may make you spend a whole day rummaging through everything in order to find a record. Taking notes by mobile phone or computer, you can quickly find the notes you need through the search function, take notes in crowded places such as subway, and synchronize your notes.

All right, stop dawdling and start. To paraphrase: The best time to start reading is ten years ago, followed by now.

Writing: There are countless rules and regulations, and the Tao is natural.

Of course, even if you love reading, writing is still a painful job for most people. A few years ago, I wrote in the postscript of my doctoral thesis: "Those so-called big things are often small. When we choose to love a small thing, we are doomed to enjoy envy in a small part of the time and have to endure loneliness in most of the time." It takes a lot of determination to make steel. Every time you write an article that satisfies you, you will definitely feel that all the hard work before is worth it.

It is true that writing needs to pay attention to methods. But it may be more accurate to say that every article written by everyone may need to use the corresponding methods. At the beginning of writing a thesis, try as many different methods as possible to explore one or more of them that you are best at. In the same article, it is suggested to use one method to run through the whole article, which can be supplemented by other methods to analyze some details. In the final analysis, the use of writing methods is closely related to everyone’s reading surface and reading volume-many awe-inspiring scholars have distinctive personal characteristics in their articles and writings, and such recognition is often the perfect fit between reading and writing. At this point, it doesn’t matter what method is used.

In the process of writing, you must communicate with your tutor more. According to my own experience, even a cold teacher will be softened when he meets persistent students. After all, it is the right way to contact teachers frequently because of academics. Of course, according to my own lessons, it is best to pay attention to the following points when discussing paper writing with my tutor:

(1) The "deadline" is for you, not for your mentor. If today is the deadline, you must send the paper to the tutor more than one week in advance. After all, you only have one tutor or doctoral tutor, but you are not the only tutor.

(2) With the framework, the tutor can communicate with you peacefully. Every time I meet a student asking what topic to write in a paper, or how to write a certain topic, I feel a little angry. There is no topic you can’t write, whether it is cutting-edge or traditional. The key lies in your preliminary opinion on the topic itself. Therefore, it is best to discuss the paper with the tutor by reading the corresponding literature, drafting the general framework of the article (it is suggested to make full use of mindmanager, as shown below), and attaching the corresponding materials, so that the tutor can give constructive suggestions.

(3) Pay attention to the formality, and check the format, words and punctuation more so that there is no dead angle in 360 degrees.

Teachers read a lot of literature, and even if the line spacing of different paragraphs in the article is only 0.01 times different, it will be dazzling, so don’t take any chances. Before submitting any article (even the first draft) to the tutor, it is best to stylize it, which is actually an important stage to improve your own paper.

In this special period, in fact, tutors are really idle at home except for being tortured by online classes for a while. Take this opportunity to contact them by email and other means to talk about their papers and future.

Finally, return to the original.

Whether reading or writing, the purest is often the most valuable and attractive. So, how to improve the "purity" of your own research? Limited by space, here are a few words.

First of all, pay attention to the native land and don’t love the other side. Whether it is a theoretical or practical problem, since it is China’s problem, we need to pay more attention to the local elements to solve the problem. Extraterritorial resources should be fully used for reference, but it is a means rather than an end. What exactly is China’s contribution-both we and you need to reflect on it.

Secondly, reading and writing can try to pay more attention to the historical perspective. This is closely related to the previous point, and all current problems are nothing more than the repetition of history. A civilization with a long history is sometimes an advantage and sometimes a fetter, but it will never be able to get rid of it. Resource endowment is contained in the long river of history and is an important treasure for our study and research.

Once again, present the truest self. Don’t follow suit, don’t follow the fashion, whether reading or writing, always confirm what topics you are interested in. Especially when writing a thesis, try to show your strengths as much as possible. For example, students who are illegal in this field should combine their undergraduate studies as much as possible, and strive to study the breadth; It is best for a master of French or a master of learning to determine his own research direction as soon as possible, and constantly dig deep into some details to strive for the depth of research.

In a word, it is to return to the original.

It’s February in the lunar calendar. Winter goes and spring comes, which makes us all better ourselves. The so-called "good" must not have a unique paradigm. We just need to improve our recognition as much as possible and reduce our substitutability. Whether it’s "the mountains and rivers are different, the moon and the sky are the same" or a simple "come on", it’s good to have a heart.

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eight

Scientific research is a lifelong event

Speaker: Li Xiaorong

Professor, Doctoral Supervisor, Vice President of School of Finance and Taxation, Head of Asset Appraisal Institute, winner of Fok Ying Tung Fund of Ministry of Education, the first batch of "Dragon Horse Scholars" young scholars of Central University of Finance and Economics, Ph.D. in Management (Finance) of Business School of Renmin University of China, visiting scholar of Columbia University in the United States, concurrently serving as Deputy Secretary-General of Graduate Education Steering Committee of National Asset Appraisal Professional Degree, member of National Asset Management Standardization Technical Committee, member of Education and Training Committee of Beijing Asset Appraisal Association, etc. He once worked as a research assistant at the Chinese University of Hong Kong.

Scientific research is a lifelong event

Li xiaorong

At this time in previous years, graduate students should be busy with classes, internships, academic activities, writing papers or looking for jobs at school, and proceed in an orderly manner under the arrangement of the school. However, the sudden epidemic has forced students to stay at home. In order not to affect the development of students, the school has made various thoughtful arrangements to make the disorderly life orderly. Nevertheless, the changes in space and mentality brought about by the epidemic will inevitably have adverse effects. In the previous issues, teachers put forward many effective suggestions on how to write papers at home, which are very comprehensive and specific. Therefore, I will not talk about how to write papers any more, but just want to put forward a point of view: scientific research is a lifelong event, hoping to change some students’ views. If more students can pay attention to scientific research, it will be considered as the contribution of writing this essay. Around the viewpoint that "scientific research is a lifelong event", I mainly talk about three aspects: the common problems existing in postgraduate stage, the value of scientific research and the methodology of scientific research.

01 Frequently Asked Questions

According to many years of experience in teaching and guiding graduate students, I personally find that some graduate students have the following common misunderstandings or problems:

(A) learning knowledge is a bounden duty.

Before the first class for graduate students, I often ask my classmates what they want from the class. Most of the answers are to learn more knowledge. Learning knowledge is important, but the main task of graduate students is not to learn knowledge, but to create knowledge. If the postgraduate stage still focuses on learning, it will enter the post-undergraduate stage, not a real postgraduate. In order to create knowledge better, we should not neglect the cultivation of critical thinking and innovative thinking. In the undergraduate stage, we may accept all the knowledge taught, but in the postgraduate stage, we should learn to question, criticize and innovate. Even if the documents posted in Top Journal are re-anonymously reviewed, there are still 10,000 reasons to refuse, and Mr. Daniel will make mistakes sometimes. Therefore, we should learn to think independently, to question and criticize. Failure to find a problem actually reflects the limitations of your thinking. Criticism is the way to find a problem, and in fact, criticism is also the beginning of innovation. Regarding the cultivation of innovative thinking, I encourage students to think more, even if it is irrelevant, it is better than repeating other people’s views.

(2) Internship and textual research are king.

At present, a serious problem for graduate students is that they attach too much importance to internship and textual research. They start internship and textual research as soon as they enter school. Even if people are in class, they are absent-minded, and their soul and body are separated, let alone scientific research, and they even sneer at academics. In this case, I think they are not graduate students, but at most they are "on-the-job graduate students" (work is the main business, and classes and scientific research are sideline businesses). One of the problems caused by this phenomenon is to deal with the course papers and graduation papers, and the quality of the papers is getting worse. Personal experience in guiding graduate students for many years shows that the internship time is negatively correlated with the quality of papers. The more internship time, the more time you occupy for scientific research and the less energy you spend on papers. I’m not against internship and textual research. Internship and textual research are really beneficial to finding a job, but we can’t ignore the cultivation of research ability in graduate stage. The certificate can be tested after work, but it’s hard to cultivate research ability without the platform of the school. How can there be such a strong scientific research atmosphere and high-quality resources in the future? This epidemic deprives students of internship opportunities, but it is a good opportunity to improve the quality of scientific research. I hope that students can use their time at home to read more documents, do more scientific research and write high-quality papers. When you are old, will it be a good memory to recall that you have published papers in a well-known journal? Or there is a high-quality paper published on your resume, no matter what career you are engaged in in in the future, people will look up to you.

(C) the paper lacks innovation

Whether it is a course thesis or a graduation thesis, it is difficult to find any papers that shine at the moment. Most of them are repeating other people’s stories, or adding a situational variable, or changing the sample period, or simply copying foreign papers, which reflects the lack of innovative thinking and does not know how to find research problems. Professor Chen Xiaoping of Washington University put forward four methods to find research problems: phenomenon-driven method, method-driven method, inspiration-driven method and literature-driven method. I quite agree with him. Phenomenon-driven method refers to finding research problems according to the phenomena that appear in reality; Method-driven method is to use new research methods to study problems; Inspiration-driven method refers to the research problem of inspiration selection based on sudden; Literature-driven method refers to finding missing variables from previous literature, thus raising research questions. Personally, I think that no matter what kind of research problem you choose, it can give people new knowledge and change readers’ view of the world, which is considered innovative.

(D) Chose the wrong "giant’s shoulder"

Standing on the shoulders of giants is particularly important for academic research. However, some graduate students have the problem of choosing the wrong "shoulders of giants" and treating their graduated seniors and sisters as "giants". I often wonder why students often make the same mistakes in their graduation thesis every year, and even I repeatedly emphasize the problems that can’t appear in class, and I still make the same mistakes when writing my graduation thesis. I think about it carefully, and perhaps the main reason is that the common way for students to write their graduation thesis is to look at how their seniors write their graduation thesis, thinking that they can pass the defense if they write it according to their thesis paradigm, but I don’t know that your seniors’ graduation thesis has many problems, and some of them even pass by luck. So what is a "giant"? Papers published in top journals are "giants", and they have undergone strict peer anonymous review. The better the journal, the more demanding the reviewers are, and the quality of the papers is guaranteed after anonymous review. The anonymous reviewers of top journals are also top, and the papers that can be published represent the research taste of top scholars. Therefore, we should read more, learn more and quote more papers from top journals.

The value of scientific research

Personally, I think that scientific research is not only for obtaining graduate degrees or publishing papers, but also for thinking training. The skills or thinking training obtained in scientific research can help you take every step of life and help you succeed. It is the methodology of any career, so it should be treated as a lifelong event.

(A) the source of ideas

The slogan of Guanghua School of Management, Peking University is "Brilliant because of thoughts". On the basis of this expression, President Liu Qiao added six words "Thinking because of academics". My feelings are the same. Academics produce thoughts, and scientific research is an important source of thoughts. Looking at many successful people, they are very thoughtful. They change the world because of their thoughts and get respect because of their thoughts. Scientific research teaches us to be different (innovative). This difference allows us to find more ways to solve problems or more efficient ways to do things. Therefore, it is suggested that students take scientific research seriously and temper their thoughts with scientific research methods, which will benefit you for life. The scientific research here does not mean writing papers chivalrously, but looking at and thinking about problems with scientific research methods.

(B) affect life and work.

As a man, your attitude towards scientific research can reflect your attitude towards being a man. Those who are meticulous in academic research will also be meticulous in what others have told them, and they will be strict with their research and their own lives. They will be eager for quick success in scientific research and eager for quick success in life. Scientific research affects life and work in at least three aspects: First, the rigor of scientific research makes people more rigorous. Xu Shuying, a famous professor of management, thinks that the key to the success of paper publication lies in the rigor of the scientific research process itself. If you go through systematic scientific research and training, it can help you to be more rigorous, and rigor is a good quality, which can help you gain trust and improve the quality of work. Academician Zhong Nanshan mentioned in an interview that "when you look at a thing or do a research, you should have a factual basis and don’t jump to conclusions easily", indicating that scientific research and doing things are the same. Second, scientific research attaches importance to logic to help you speak, write or do things more logically. Whether it is logical or not is an important aspect to judge the quality of a thesis, especially for graduation thesis. In the process of instructing students to graduate thesis or giving students a defense, logic is mentioned the most. Many students have the problem that they don’t know how to lay out their essays. The whole thesis seems to be logically chaotic and doesn’t revolve around the center of the article. I think after the guidance of teachers and the training of scientific research, it will be more logical to speak and do things in the future. Third, scientific research helps to improve the level of writing and expression. There are a large number of course papers in the postgraduate stage. If you take each one seriously, the level of writing and expression will be greatly improved.A practical expert once mentioned why they want graduate students, because graduate students have at least tens of thousands of words of writing training. In fact, employers recruit graduate students instead of undergraduates. What they value is the research ability of graduate students. Graduate students have high human capital, and their future goal is to move towards management positions. Writing and expression skills are essential. If you want to start a business after graduation, scientific research will also help you. Scientific research needs to choose a good project. In order to land this good project, it is necessary to manage this project, invite like-minded collaborators, do a good job in research, and then market it. This is the same as the logic of starting a business.

(C) improve emotional intelligence

There are ups and downs in scientific research. The experience of each paper creation is actually a life story. Most of the time, it is boring and lonely. If you can stand the loneliness of scientific research, you can also achieve great things. We have written many papers, of which only a few can be published in well-known journals. Even Daniel has rejected many papers. In life, we rarely hear others accuse you of your shortcomings, unless you are very close, which makes you lose many opportunities to correct your shortcomings. When you encounter setbacks, you may be at a loss. However, scientific research is different. Many people find fault with you, especially in anonymous evaluation, and the reviewers don’t know your identity, so you don’t have to worry about your face. You may criticize the shortcomings of your paper without reservation or even "pick bones with eggs". You may not be able to stand this kind of "spite" when you first do scientific research, but after many submissions, you will develop the ability to resist setbacks. This kind of belittling criticism and facing negative opinions.

03 scientific research methodology

Since scientific research is a lifelong event, how to better handle and complete the lifelong event? When writing this article, I thought of a few points, but it is definitely not comprehensive. I hope it will help.

(A) to master the method

First of all, we need to master the technical methods of scientific research. For example, doing empirical research requires econometric knowledge and skilled statistical software operation, so we need to spend a lot of energy learning measurement and statistical software in the early stage of research; Secondly, the experience and methods of predecessors’ research. Many websites or WeChat WeChat official account will publish the research methods of well-known scholars, and the school will also invite well-known scholars or periodical editors to talk about their research methods or contribution experiences. The series "Teach you to write papers at home" invited by the graduate school is good learning materials. These materials are valuable experience accumulated by them all the year round, which can save you a lot of detours. It is recommended that students use a folder to collect the introduction of successful experiences of some well-known scholars and study hard.

(2) Find topics of interest

A classmate once asked me how to keep my enthusiasm for scientific research. My opinion is to find a topic of interest. Some students will say that I fall asleep when I look at the literature. I think the literature is vast, and there is always a field that you are interested in. When you read a literature that you are very excited and want to continue reading, delimit the topic or field of this article. This field is the topic that you can study. One of my motivations for engaging in academic research is that I can choose any topic I am interested in to study, get happiness in my research, and get some recognition at the same time. Einstein believed that the ultimate goal of science was to "improve the lives of ordinary people". I think scientific research should first make myself happy, and then take into account the pursuit of this ultimate goal.

(3) Diligence

"One minute on the stage, ten years off the stage", to become an expert in a field, it is bound to take several years of hard work, especially academic research. Many well-known scholars have paid a lot of hardships behind their brilliant publications. In fact, scientific research does not need too high IQ. As long as you are diligent enough, you can finally get a place in academic circles. In the future, academic competition will be more intense. In the early days, there were only a handful of papers published by China in top international journals, and it was great to be able to publish articles in international journals. However, with the academic development, if you don’t publish a top international journal in the future, it is estimated that it will be difficult to get recognition in the academic market.

(4) Cooperation

In scientific research, students often "fight alone", which is not conducive to academic progress. Looking up the papers published in top international journals, you will find that most of them are co-published, and there are very few articles by independent authors. Cooperation has many advantages: cooperation is an opportunity for learning, especially for students who have just started scientific research. They should look for opportunities for cooperation, cooperate with teachers or classmates, or cooperate with other well-known scholars. After cooperation, their academic level will improve; Cooperation can improve efficiency, and an empirical article takes a long time. If several people can work together, it will greatly improve the efficiency and output of scientific research. Cooperation can inspire generate, the research perspective is more unique, the research is more rigorous, everyone’s experience is different, and the way of looking at problems is different. Through discussion, new inspiration can often be inspired; Cooperation can also encourage each other and maintain enthusiasm for scientific research. It often takes several years to publish papers in international journals, and revising opinions will often make you "peel off a layer of skin". If a person is quite depressed, you can encourage each other when you have collaborators, stick to the topic of "fun" until the end, and you may be tired of it after several years of revision. At this time, it is necessary to encourage and urge the collaborators. Many students may ask, how can we cooperate when we can only stay at home during the epidemic? In fact, cooperation doesn’t have to be met. Modern technology is so developed that we can communicate by email, WeChat, etc. Several of my collaborators have never met.

That’s the end of it. I hope students will take scientific research as a lifelong event and pay attention to it. Don’t be affected by the epidemic, and their efforts will eventually pay off!

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nine

The initial intention and problem consciousness of academic research

Speaker: Cao Tangzhe

Associate Professor, School of Government Administration, Deputy Director, Department of Administration. Visiting scholar at the University of Texas at Austin (2015-2016), whose main research areas are government budget performance management and public management theory and method.

The initial intention and problem consciousness of academic research

Cao tangzhe

In the 14th century, the Black Death swept through Europe, when Newton was studying at Trinity College, Cambridge University, and spent 18 months in isolation in Woolsop’s country estate. This period became the starting point of his later research and innovation in calculus, gravity and optics.

01 the initial intention and internal skill of academic research

How can we make our academic research innovative, make contributions and move towards Excellence? Just as the road to success is only "diligence"; There is only one road to outstanding academic achievements, and that is "innovation". As Schumpeter said, "innovation" of "establishing a new production function" is the soul of market economy. Then the academic "innovation" that contributes to the marginal improvement of human knowledge is the soul of academic research and the "initial heart" of academic research.

If we say that there are eighteen internal mental methods for the eighteen palms of the dragon, there are not so many internal mental methods for academic research, and there are three types: one is to ask questions; The second is to use scientific methods to solve problems. The third is to condense knowledge into theory; Today, we will talk about one of the internal psychological methods of academic research and ask questions.

02 the starting point of ronald coase’s "deification"

Let’s first look at how a sophomore can use this "three styles". This sophomore was born in 1910 in Willesden, a suburb of London, England, with ronald coase. When he was a sophomore, he raised an interesting question. The exploration and solution of this question became the "initial heart" and starting point for him to win the Nobel Prize in his later years and "worship the gods" as the father of new institutional economics.

Ronald coase’s The Nature of Enterprises, written when he was 27 years old (1937), is recognized as the foundation work of new institutional economics. So how did Coase form the analytical paradigm of new institutional economics in this paper, thus expanding the scope of traditional economics on the basis of inheriting the analytical methods of traditional economics?

1. the question is raised. Coase was a sophomore at the London School of Economics in 1931. At the age of 21, he attended a seminar in Pratt, from which Coase learned some basic contents of price theory. His core view is that the "invisible hand", that is, the market price mechanism organizes and regulates production, is the only and most efficient way to allocate resources. However, in reality, Coase found that there is also a way of organizing resources to produce in the market. Although enterprises are active in the market, their internal organization, management and production activities do not need market price mechanism. In addition, economists in the Soviet Union at that time thought that the Soviet Union could run like a huge factory. The contradiction between the theoretical background and the actual phenomenon urges Coase to think about such a question: since the traditional view holds that the market price mechanism is the most effective and only way to allocate resources, why do enterprises exist? Why do enterprises replace the price mechanism? How to determine the scope of enterprise alternative price mechanism?

So how did Coase demonstrate it concretely? ……

The new institutional economics is widely used in public management. Interested students can read The Nature of Enterprises, which will certainly inspire them.

Scientific research begins with problems and ends with problems.

Everything is difficult at the beginning. What is the starting point of academic research? Einstein also pointed out: "It is often more important to ask a question than to solve it. Because solving problems may be just a mathematical or experimental skill, it requires creative imagination to put forward new problems, new possibilities and look at old problems from a new perspective, and it marks the real progress of science. "

In academic research, almost every academic theory is put forward and developed from a specific problem. For example, "Making Democracy Work" written by Italian political scientist Robert D. Putnam starts with the question of whether the regional system determines political practice, and goes further into why there are differences in system performance. Why are there differences in the public spirit of citizen communities? Why are the differences in historical decisions stable? And so on, completed this book on the theoretical origin of social capital.

Ways to doubt and ask questions in an orderly way

K. R. Merton, a famous historian and sociologist of science in the 20th century, thinks that "organized scepticism" is an important temperament of modern science. How to doubt in an organized way? I summed up a few things to communicate with you.

(A) ask questions from the gap between theory and experience.

The so-called "experience" is the phenomenon and fact that we can observe and test. When new experience conflicts with existing theories, and existing theories cannot explain the new reality, problems arise. After raising this kind of question, we need to revise the existing theory or give a new theoretical explanation to the new experience, so as to put forward a new theory. In natural science, there are many cases that ask questions because of the contradiction between new experience and old theory. For example, the discovery of photoelectric effect led to Einstein’s "light quantum" hypothesis in 1905. In social science research, including public management, it is also common to ask questions from the conflict between experience and theory. As mentioned earlier, Coase’s book The Nature of Enterprises is an example.

Asking questions from the gap between theory and reality is an important way to localize western theory. By finding out the contradiction between western theory and China’s reality and seeking a new explanation, it provides an opportunity to build a theoretical academic discourse system with China characteristics, China style and China style. Lin Yifu’s papers such as "Self-growth Ability, Economic Transformation and Reflection on Neoclassical Economics" are based on many western frontier theories. Why can’t he predict and explain the predicament brought by the implementation of "shock therapy", and why can’t he be optimistic about China’s economic transformation? Based on this problem, the theory of autogenous ability is constructed.

(B) ask questions from the gap between subjective needs and reality.

Subjective demand is the goal that individuals, organizations and society hope to achieve and achieve. When there is a gap between the subjective demand and the actual situation, problems arise. In the research of public management, the proposal of new public administration, new public management and the whole government can all be regarded as a system and tool design to meet specific management needs. The analytical method and development of Ostrom system is a typical example of this approach. In The Governance of Public Affairs: The Evolution of Collective Action System, she found through literature review that neither privatization nor government control can solve the problem of public pond resources well, and "the problem of how to best manage the natural resources shared by many individuals has not been well solved in the academic hall or in the political world". What is the collective action of the best governance of public pond resources? Ostrom used the system analysis method of real scene and the "second generation rational choice model" as the research framework to analyze more than 5,000 transnational public pond resources. The description and analysis found that "the framework of autonomous governance system with the best governance of natural resources shared by many individuals". That is to say, "essential elements or conditions are found, which help to explain the reasons for the success of these systems in maintaining public pond resources and ensuring that occupiers abide by the rules used from generation to generation."

(C) Problems arising from seeking the connection between empirical facts and making a unified explanation.

Seeking the relationship between empirical facts and making a unified explanation is the most basic way to ask scientific questions and construct theories. This approach requires scientific research to pursue the universality of theory and the simplicity of logic as much as possible. Examples of such questions abound in natural science, such as the discovery of the periodic law of elements. In the field of public management, it is also a way to ask questions in the development of public management to seek a unified explanation of phenomena in a certain range, then gradually expand the scope and seek a unified understanding and explanation in a wider range. For example, the discussion of the "big problem" of public management is an effort to seek a unified explanation of public management theory.

(D) to ask questions from the contradictions within the theoretical system.

A theory or concept, if logical contradiction can be deduced from it, shows that there are problems that need further discussion. Contradictions within the theoretical system have many manifestations, including: contradictions between the premises and assumptions of the theoretical system, contradictions between the theoretical contents of the theoretical system, contradictions between theoretical inferences and so on.

In the research of public management, Herbert Simon, who won the Nobel Prize in Economics for his background in management, put forward the management decision-making theory from the paradox of "management range and management span" in the traditional public administration motto in Administrative Motto.

(5) Asking questions from different theories and assumptions that compete with each other or even contradict each other.

In the process of scientific research, people often put forward different theories and assumptions for the same problem. If there are competing theoretical hypotheses about the same objective phenomenon, then this is an opportunity to ask questions and promote scientific development. For example, the contradiction between the laws of thermodynamics in the field of physics and the theory of biological evolution has promoted the development of system science and led to the establishment of Prigogine’s dissipative structure theory. In social science and public management research, this is also a frequently used way to ask questions. For example, in Capitalism and the 21st Century, Huang Renyu put forward his own view of "great history" and the theory of managing capitalism by numbers, starting with the theoretical debate between different schools of thought on what capitalism really is.

(six) from the concept, theory and method of a subject to other fields.

Learning from each other among discipline concepts, theories and methods forms new research fields and approaches, which is an important way to raise research questions and develop scientific theories. For example, an American columnist commented on Qian Xuesen’s "Engineering Cybernetics": "Engineers focus on practice and solve specific problems, and are not good at rising to the theoretical level; Mathematicians are good at theoretical analysis, but not at solving practical problems from general to individual. Qian Xuesen, on the other hand, concentrated on two advantages, skillfully loaded two wheels on a chariot, and rolled out a new way of engineering cybernetics research … "

Pass to ask questions: a literature review

If you want to make valuable research instead of "inventing the wheel a hundred times", you must read the professional frontier literature and make a literature review. Find out the top ten journals in this field, as basic magazines, and keep tracking for a period of time, and you will definitely find problems and corresponding research directions. For example, we can focus on the five core areas of public management for English periodicals of public management discipline. That is, public administration (PA), public policy (PP), public budget and finance (PB&F), public personnel administration (PPA) and public organization study (POS). Find out the top ten journals in these five core areas and carry out follow-up reading, such as: Administration & Society, American Review of Public Administration, Canadian Public Administration and Evaluation Review.(Evaluation Review), Financial Accountability and Management, Human Relations, International Journal of Public Administration, Journal of Management Studies, etc.

Let’s get back to the present:

When you are confused about code words, running data and modifying models, have you ever returned to the "initial heart" of academic research and asked yourself: What questions have you raised and what contribution have you made to the marginal improvement of knowledge?

When you are preparing the topic, does the relationship between the change of public opinion in COVID-19 and the setting of government agenda conform to the hypothesis of discontinuous equilibrium theory? Is it a problem that can be studied? …….

Problems are the beginning of research, and finding them often takes up more than 50% of our research time. As for how to solve the problem? How to condense the solved problems into propositions, assumptions and theories to form the expansion of knowledge? Those are the other two methods of academic research. That’s all for this time.

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WeChat official account, the graduate school of finance, launched it.

"Teach you how to stay at home and engage in academics" column

To be continued!

Welcome to continue to pay attention

"Central University of Finance and Economics Graduate School" WeChat WeChat official account

This unforgettable semester

Teachers put down the chalk.

Exerting "Eighteen Martial Arts" in Micro-course

Whether online or offline.

No matter how or where.

The classroom is always cufer’s DreamWorks.

Special period, forging special you.

Try harder.

Put your mobile phone where you can’t reach it.

Winter goes and spring comes, engaging in scientific research.

It’s a good time to accumulate wealth and thin hair.

Source: School of Economics, Graduate School

Planning: the National Day contains Run Lin.

Original title: "Dry goods! These online micro-courses can teach you to be academic at home! 》

CCTV News:At this year’s two sessions, delegates and members from various fields brought a lot of new news. Dong Baotong, deputy to the National People’s Congress and deputy director of the National Atomic Energy Agency, said that China has mastered the fourth generation of advanced nuclear power technology, and its first demonstration project — — The world’s first pebble bed modular high temperature gas cooled reactor nuclear power plant has been connected to the grid for power generation.

The fourth generation nuclear power technology independently developed by China — — High-temperature gas-cooled reactor, the localization rate of equipment is as high as 93.4%, and the first demonstration project has been completed for grid-connected power generation. The heat generated by high-temperature gas-cooled reactor can meet most of the heat source requirements in ethanol purification, petrochemical industry, hydrogen production and other fields.

Dong Baotong, NPC deputy:The biggest advantage of high temperature reactor is actually its inherent safety, and it doesn’t need a big factory building and a thick containment like other nuclear reactors. At the same time, it has also promoted the whole industrial chain (development), and it can be expanded with the application in the future.

At the same time, China’s independent research and development of three generations of nuclear power technology — — The construction of Hualong No.1 unit is also progressing steadily. At present, there are four units connected to the grid at home and abroad, which have been recognized by users.

In addition to power generation, nuclear energy technology will gradually be applied to major projects in the aerospace field to provide power support for spacecraft carrying out deep space exploration missions.

Dong Baotong, NPC deputy:We "the Goddess Chang’e flying to the moon", we can use solar energy, because it is still in the solar system, now including going to Mars, and solar energy can also play a role. But if our future spacecraft or probes go into deep space and there is no solar energy, nuclear energy becomes almost the only choice.

　　CCTV News:Smuggled goods are commonly called parallel imports by consumers. Customs anti-smuggling personnel said that the purchase of smuggled watches has the risk of safeguarding rights, and if the amount involved is large, it will also bear corresponding legal responsibilities.

　　In recent years, with the increase of people leaving the country, some people will also buy watches for their own use or bring them to relatives and friends abroad. If you buy watches abroad, you should declare them to the customs in accordance with state regulations when you enter the country. Watches with a price below 5,000 yuan are not subject to tax, and those with a price between 5,000 yuan and 10,000 yuan should pay 30% postal tax, and the tax rate above 10,000 yuan is 60%.

　　Zhou Peng, Chief of Anti-smuggling Section of Post Office of Nanjing Customs Anti-smuggling Bureau Jinling Branch.: "If you don’t declare, if you bring one or two watches and evade taxes of less than 100,000 yuan, you will be subject to administrative punishment by the customs. Once you bring more watches and evade taxes of more than 100,000 yuan, you will be suspected of smuggling ordinary goods and articles and a fine of 1 to 5 times of tax evasion."

　　Then, if domestic consumers buy watches for the sake of being cheap and knowing that they are smuggled, do they also have to bear corresponding legal responsibilities?

　　Wu Weimin, Director of Investigation Department of Anti-smuggling Bureau of Hangzhou Customs.: "If consumers know that they are smuggling watches, it also constitutes the crime of smuggling. If tax-related individuals buy more than 100,000 and units buy more than 200,000, they must be investigated for criminal responsibility."

　　Si Bo, Chief of Investigation Department of Tianjin Customs Anti-smuggling Bureau: "The purchase of smuggled watches has a great impact on consumers, such as the warranty and later maintenance of watches."

　　Therefore, customs officers suggest that consumers must buy imported high-end watches from regular shops and channels in order to protect their legitimate rights and interests.

　　CCTV News:According to @ Shandong Emergency Management Weibo, according to the official measurement by China Seismological Network (Shandong Seismological Network), an earthquake of magnitude 5.5 occurred in Pingyuan County, Dezhou City, Shandong Province (37.16 degrees north latitude and 116.34 degrees east longitude) at 2: 33: 59 Beijing time on August 6, 2023, with a focal depth of 10 kilometers. The epicenter was located near Wangdagua Village, Wangdagua Town, Pingyuan County, Dezhou City. At present, the earthquake relief work is in full swing.

　　At 3: 40 on August 6, Shandong Earthquake Relief Headquarters launched a three-level emergency response to earthquake relief. The Shandong Earthquake Relief Headquarters sent a steering group led by the responsible comrades of the Provincial Emergency Department and the Provincial Seismological Bureau to the scene. Provincial earthquake disaster rescue teams, medical rescue teams, etc. have assembled for standby, and coordinated local garrison troops, armed police forces and fire rescue teams to participate in earthquake relief nearby. The Seismological Bureau of Shandong Province held a joint video conference with China Seismological Network Center, and analyzed that it is unlikely that a bigger earthquake will occur in the original epicenter after the earthquake.

　　According to the China Seismological Network Express, as of 6: 00 on the 6th, 56 aftershocks were recorded, including 1 aftershock of magnitude 3.0 and above and 55 aftershocks of magnitude 3.0 and below.

　　As of 8: 00 on the 6th, a total of 126 houses were damaged to varying degrees and 21 people were injured (20 in Dezhou and 1 in Liaocheng). At present, the infrastructure such as hydropower and communication in the earthquake zone is normal, and other relevant information is still under investigation.

Poster of the Chinese version of the movie Fireworks

　

Special feature of 1905 film network Summer, swimming pool, bathrobe, fireworks, secret admirer … … All the beautiful things in the world seem to have stayed on that day.

　

On December 1st, an animated film adapted from Shunji Iwai’s work of the same name was opened in the mainland, and it only took 27.9619 million box office in one day. Although it still lags behind the one produced by Dongbao, it is still the best among Japanese animated films released this year compared with "Sword of God".

　

Story | Start with fireworks and end with fireworks.

　

This story begins with a question of teenagers: When viewed from the side, are fireworks round or flat? The two sides with different views argued, and finally they decided to go to the lighthouse at the fireworks meeting that night to find out.

　

Girls with different growth rates always have different worries from boys. Disgusted by her mother’s remarriage and about to transfer to another school, Cai Jinnai lay by the pool with her eyes closed.

　

Come to the swimming pool to be the official on duty. You Jie decided to compete in swimming and asked her to be the referee. Unexpectedly, Dian Dao hurt his foot in the game and lost the game. What he didn’t know was that his unrequited love for Cai Jinnai invited the winner Suksuke to watch the fireworks together in the evening.

　

However, you Jie, who is proud and shy, stood Cai Jinnai up for an agreement with his friends. Disappointed Cai Jinnai admitted that she had made up her mind to invite the winner of the two to watch the fireworks together. It’s just that Cai Jinnai thought Canon would win, and originally wanted to invite Canon. Her elopement plan also fell through in her mother’s obstruction.

　

The Taoist priest who witnessed all this suddenly thought: If he had won at that time, would the outcome be different? So, Canon road back to before the game.

　

This time he won, and Cai Jinnai invited him naturally, and then the boy and the girl embarked on an "elopement" trip with the ultimate goal of watching fireworks.

　

Theme | Why "Fireworks"?

　

Japanese writer Kotaro Isaka wrote in the book: "The primitive carefree feeling brought by fireworks washed away the fatigue and meaningless persistence of people in the place, and made everyone return to the most innocent childhood."

　

Stills of the movie "Golden Dream"

　

Fireworks are of special significance to the Japanese, but for young boys and girls, it is definitely the most important event at that age to meet with the people you like to watch fireworks together. At the moment when the fireworks are lit, time is like solidification. You can only see the dazzling fireworks overhead, and you can only think about the person around you at this moment.

　

Animated version of "Fireworks" Cai Jinnai and Diandao watch fireworks together.

　

Jinnai, a Chinese dish in the animated version, achieved something that was never done in the live-action version: watching fireworks with Canon Road. Then she said, "It doesn’t matter whether the fireworks are round or flat, as long as they are with Dian Daojun." Although the two versions have their own treatment on whether they watched the fireworks together, doesn’t this sentence in the animated version echo the "wherever you like" said by Cai Jinnai, who chose not to watch the fireworks in the live-action version?

　

The live-action version of "Fireworks" dish Jinnai doesn’t care about watching fireworks, just wants to be with Canon Road.

　

As Cai Jinnai said, whether the fireworks are round or flat is no longer important, nor is it important to watch the fireworks, because the fireworks themselves are just a cover. Through this cover, the teenagers frankly shouted out the names of the people they secretly loved, and the ignorant teenagers and precocious girls finally reached a spiritual interweaving and resonance.

　

You Jie, who has a crush on you, feels depressed after seeing Diandao "escape" with the girl, and expresses his feelings to the sky. The infected boys shout out the names of the people they like.

　

Creation | Shunji Iwai and the Tragic Aesthetics in Fireworks

　

The animated version of Fireworks is directed by animation director Akiyuki Shinbo (Story Series, Lion in March) and directed by Hitoshi Ohne (), and is based on Shunji Iwai’s original work.

　

The film can be said to be the ultimate work of Shunji Iwai’s tragic aesthetic view.

　

If you were to talk about the style of Shunji Iwai’s works, how would you describe it? Beautiful, pure, cruel and sad … … Then these are summed up in Japanese traditional aesthetics, which is probably "the beauty of mourning." Shunji Iwai’s aesthetic feeling of mourning for things first appeared in the TV short film Fireworks, and it was continued in the animated version.

　

The film has always been Shunji Iwai’s gentle and delicate.

See food jin nai was taken away, Canon heart very regret.

　

A slow motion used to depict the inner emotional changes of boys,

The silhouette of teenagers reflects Cai Jinnai’s concern for canon.

　

The profile shows that the girl secretly observes the reflection and silhouette of the boy in the water.

　

The train bound for the seaside gives a sense of unreality.

　

Explain the scene change, render the empty shot of the atmosphere,

　

Canon peeks at food, Jinnai.

　

The close-up of the subtle expressions of the protagonists, these shooting techniques together constitute the inner world of the protagonists, which also depicts the youthful and ignorant love between boys and girls.

　

Canon changed the past four times, creating parallel time and space.

　

In the story, Akiyuki Shinbo expanded the two endings in Shunji Iwai’s original work, which were divided into "winning or losing the swimming competition", and the regretful hero changed the past four times. The director painted the textured pictures and the strange shapes of fireworks with pencils, so that the audience and the hero and heroine in the story can know that their world is not the real world, but the parallel time and space created by boys.

　

Parallel worlds, like fireworks, will eventually turn into nothingness after a short period of beauty. In reality, Canon Road and Caijinnai have never had such an intersection, and will soon separate the two places, but their hearts will be filled with such a common memory.

　

Fireworks will fade away, youth will grow old, and when everything is gone, only the memory of you by my side will last forever.

Today, many old operators want to switch to more favorable packages, but they can’t. Today, Wen Ku, Director of the Information and Communication Development Department of the Ministry of Industry and Information Technology, responded that the Ministry of Industry and Information Technology has interviewed the three major operators on this matter, and the Ministry of Industry and Information Technology requires enterprises to take measures. Unless otherwise agreed in the contract between the two parties, users should not be restricted in their tariff options..

The three major operators have indicated that they will strictly implement the relevant regulations issued by the Ministry of Industry and Information Technology and properly handle the problem of restricting the choice of packages by old users. The Ministry of Industry and Information Technology will pay close attention to the progress of this situation and effectively protect the rights and interests of users.

Recently, many netizens revealed on social platforms that China Unicom will open the old package to self-service package, which can be freely upgraded to Internet packages such as Tencent Dawang Card and Ant Bao Card. China Unicom responded to the reporter of national business daily that Unicom’s existing online and physical channel business processing system has no business processing entrance related to Internet packages, which means that old users have not been supported to switch to Internet packages at will.

However, judging from the reaction of some netizens, some Unicom business halls have taken the lead in supporting old users to freely transfer to Internet packages, but they need to go to the business hall in person. I believe that online self-service should not be far away from us.

The following is the full text of Wen Ku, Director of the Information and Communication Development Department:

China national radio reporter:

Recently, many users have reported that they hope to get access to the Internet package from an economical point of view, because the Internet package can automatically upgrade old users to more favorable new packages, but on the contrary, the operator’s traffic package can’t do this, and automatic product iteration can’t be carried out. Is there any further policy to promote ordinary people to enjoy more new benefits, or is it possible to introduce some policies that allow users to switch between the operator’s package and the Internet package independently?

Wen Ku:

Thanks for asking. We have also noticed the problem you have just reflected in our work, and we have also seen many users report this problem to us. After receiving these feedback from users, we immediately interviewed three enterprises and asked them to take measures to limit users’ tariff options unless otherwise agreed in the contract between the two parties. Here we put forward clear requirements for the three enterprises:

First, enterprises are required to strictly follow the document No.630 issued by the former Ministry in 2006, which is a notice on guaranteeing the option of mobile phone users’ tariff plans, and there is a notice document behind it, which is a notice on the implementation of market-adjusted tariffs for telecommunications services. These two documents have a clear description of this issue. We hope that the three enterprises will strictly follow this document, and will not introduce schemes that restrict old users’ choice of tariffs, and require enterprises to sort out the existing tariff schemes, and rectify them immediately if there is any behavior that restricts users’ choice of tariffs.

Second, enterprises are required to properly handle user-related complaints, and actively communicate and solve the package change requirements put forward by users. For some packages launched in cooperation with third-party Internet companies, enterprises say that they need system transformation, and at present, old users can not directly handle them online. We require basic telecommunications enterprises to provide convenience for users and handle the package change related procedures for users through manual processing.

Third, enterprises are required to make it clear that there is a timetable for the transformation plan of the Internet-related package system, which should be announced to the public in time to realize direct online handling for old users as soon as possible.

After our interview and communication, the three basic telecommunications companies all indicated that they would strictly implement the relevant regulations we have issued and properly handle the problem of restricting the choice of packages for old users. We will pay close attention to the progress of this situation in the future to effectively protect the rights and interests of users.

Thank you.

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【peakDear journalists and friends, good morning. Welcome to the regular press conference of the Ministry of Commerce. Today, I first have four pieces of information that I need to take the initiative to inform you.

I. Development of China’s foreign trade from January to May this year.

Since the beginning of this year, China’s foreign trade development has continued to maintain a steady and positive trend, and its quality and efficiency have been further improved.

It mainly has the following characteristics: from the international market, China’s import and export to traditional markets such as the United States, the European Union, Japan and Hong Kong increased by 5.3%, 7.3%, 4.5% and 6.8% respectively. Imports and exports to countries along the "Belt and Road" increased by 11.1%, which was 2.3 percentage points higher than the overall growth rate; Imports and exports to ASEAN increased by 11.9%, which was 3.1 percentage points higher than the overall growth rate. The country markets with rapid growth are Russia, Indonesia, Vietnam, etc., with growth rates of 18%, 16.5% and 24.4% respectively.

From the perspective of commodity structure, the structure of export products has been continuously optimized. The export of mechanical and electrical products was 3.61 trillion yuan, up 7.9%, 2.4 percentage points higher than the overall growth rate, and the proportion increased by 1.3 percentage points to 58.8%. Some imported commodities achieved rapid growth, and the total import value of 10 categories of bulk commodities such as natural gas, crude oil and coal increased by 10.9%.

From the perspective of business entities, foreign-funded enterprises are still an important force in China’s foreign trade development, with the proportion of private enterprises growing steadily and the import and export of state-owned enterprises developing healthily. The import and export of private enterprises was 4.52 trillion yuan, an increase of 11.7%, accounting for 1 percentage point higher than that of the previous year to 38.9%, and it continued to maintain its position as the largest export business entity; The import and export of state-owned enterprises was 2.11 trillion yuan, up by 13.8%, accounting for 18.1% of China’s total foreign trade. The import and export of foreign-funded enterprises was 4.95 trillion yuan, up 4.3%, accounting for 42.6%.

In terms of trade patterns, the proportion of general trade continued to increase, processing trade increased slightly, and border trade developed rapidly. In the first five months of this year, the import and export of general trade was 6.84 trillion yuan, up by 12.7%, and the proportion increased by 2 percentage points to 58.8%. The import and export of processing trade was 3.09 trillion yuan, up by 1.7%, accounting for 26.5%. Small-scale border trade developed rapidly, with the import and export reaching 104.29 billion yuan, an increase of 15.2%.

From the perspective of domestic regions, the eastern region continues to grow steadily, and the proportion of the central and western regions continues to increase. In the first five months of this year, the import and export of the central and western regions reached 1.81 trillion yuan, an increase of 16.7%, and the proportion increased by 1.1 percentage points to 15.6%. The import and export of the eastern region was 9.82 trillion yuan, an increase of 7.4%, accounting for 84.4%.

Two, about China’s foreign investment cooperation in the first five months.

From January to May 2018, domestic investors in China made non-financial direct investments in 2,987 overseas enterprises in 149 countries and regions around the world, with a cumulative investment of 47.89 billion US dollars, up 38.5% year-on-year, and maintained growth for seven consecutive months. The turnover of foreign contracted projects was US$ 56.88 billion, up 12.9% year-on-year; The amount of newly signed contracts was US$ 85.49 billion, up 13.4% year-on-year. Foreign labor cooperation sent 178,000 laborers of various types, and at the end of May, there were 998,000 laborers abroad, an increase of 69,000 over the same period last year.

In the first five months of this year, China’s foreign investment cooperation maintained a steady and healthy development, mainly with the following characteristics:

First, investment cooperation with countries along the Belt and Road has been steadily advanced. From January to May, Chinese enterprises made new investments in 54 countries along the Belt and Road, totaling 5.93 billion US dollars, up 8.2% year-on-year. The newly signed foreign contracted projects in countries along the "Belt and Road" amounted to 36.22 billion US dollars, accounting for 42.4% of the total in the same period; The completed turnover was USD 30.74 billion, accounting for 54% of the total amount in the same period.

Second, the industrial structure of foreign investment has been continuously optimized, and irrational investment has been effectively curbed. From January to May, foreign investment mainly flowed to leasing and business services, manufacturing, mining, wholesale and retail, accounting for 29.9%, 15%, 12.3% and 7.6% respectively. There are no new projects for foreign investment in real estate, sports and entertainment.

Third, the eastern region is still the main force of foreign investment, and enterprises in the three northeastern provinces are increasingly active. From January to May, the total foreign investment of 10 provinces and cities in the eastern region was US$ 27.72 billion, up 75.4% year-on-year, accounting for 78.1% of local foreign investment. The foreign investment of the three northeastern provinces was US$ 1.43 billion, an increase of 88.2% over the same period of last year.

Fourth, there are many newly signed large-scale projects for foreign contracted projects, which plays an obvious role in promoting exports. From January to May, there were 274 projects with newly signed contracts worth more than 50 million US dollars, totaling 73.08 billion US dollars, accounting for 85.5% of the total newly signed contracts. Foreign contracted projects drove the export of goods to 7.54 billion US dollars, a year-on-year increase of 25.7%.

In the first five months of this year, 3,373 foreign-invested enterprises were put on record or approved by the relevant authorities, with an agreed investment of US$ 45.503 billion from China. Among them, 3,356 non-financial foreign investment enterprises have been registered or approved, and the Chinese agreed investment is 42.015 billion US dollars; 17 financial foreign investment enterprises have been put on record or approved, with an agreed investment of US$ 3.489 billion.

Iii. About the situation of absorbing foreign capital in the first five months of this year.

From January to May 2018, the national absorption of foreign capital mainly has the following characteristics:

First, newly-established enterprises continued to grow rapidly, and the actual use of foreign capital rose slightly. From January to May, 24,026 foreign-invested enterprises were newly established nationwide, with a year-on-year increase of 97.6%. The actually utilized foreign capital was 345.59 billion yuan, up 1.3% year-on-year (equivalent to 52.66 billion US dollars, up 3.6% year-on-year).

In May, 5,024 foreign-invested enterprises were newly established nationwide, up by 106.5% year-on-year; The actual use of foreign capital was 58.81 billion yuan, up 7.6% year-on-year, equivalent to 9.06 billion dollars, up 11.7% year-on-year.

Second, the high-tech manufacturing industry maintained a rapid growth momentum. The actual utilization of foreign capital in manufacturing industry was 100.42 billion yuan, up 12.3% year-on-year, accounting for 29.1%. The actual use of foreign capital in high-tech industries increased by 9.8% year-on-year, accounting for 20.5%. The actual use of foreign capital in high-tech manufacturing industry was 33.69 billion yuan, a year-on-year increase of 61.9%. Among them, pharmaceutical manufacturing, electronic and communication equipment manufacturing, medical equipment and instrumentation manufacturing increased by 12.3%, 56.4% and 442.3% respectively. The actual utilization of foreign capital in high-tech service industry was 37.24 billion yuan, of which the transformation service of scientific and technological achievements increased by 4.1% year-on-year.

Third, the absorption of foreign capital in the central and western regions continued to grow, and the growth rate of foreign capital in the Pilot Free Trade Zone was ahead of the whole country. The actual utilization of foreign capital in the central region was 24.19 billion yuan, up 40.1% year-on-year, and that in the western region was 22.77 billion yuan, up 11.9% year-on-year. There are 3,358 foreign-invested enterprises newly established in 11 pilot free trade zones, up 10% year-on-year. The actual utilization of foreign capital was 40.78 billion yuan, up 14.1% year-on-year, accounting for 11.8% of the whole country.

Fourth, among the main sources of investment, investment in Singapore, South Korea, Japan, the United States, the United Kingdom, and Macao increased significantly. The actual investment increased by 33.9%, 66.9%, 5.1%, 16.3%, 56.9% and 72% respectively.

The actual amount of foreign investment in ASEAN increased by 38.9% year-on-year; Investment in countries along the Belt and Road increased by 38.8% year-on-year.

Four, about the situation of China’s cultural trade in the first four months of this year.

From January to April 2018, China’s cultural trade and investment grew steadily, and the total import and export of cultural products and services reached US$ 36.96 billion, a year-on-year increase of 13.5%. Among them, the total import and export of cultural products was US$ 25.51 billion, a year-on-year increase of 9%; The total import and export of cultural services was US$ 11.45 billion, up 25.1% year-on-year. The foreign investment of culture, sports and entertainment industry was 730 million US dollars, a year-on-year increase of 7 times, accounting for 2% of China’s total foreign investment. Mainly has the following characteristics:

First, the scale has steadily increased. From January to April, the export of cultural products reached US$ 22.43 billion, a year-on-year increase of 7.3%; Imports reached US$ 3.08 billion, up by 23.7% year-on-year; the trade surplus of cultural products reached US$ 19.35 billion; the export of cultural services reached US$ 2.41 billion, up by 9.4% year-on-year; imports reached US$ 9.04 billion, up by 30% year-on-year; and the trade deficit of cultural services reached US$ 6.63 billion.

Second, the structure tends to be optimized. The import and export of cultural services accounted for 31% of the total cultural trade, an increase of 3 percentage points over the same period last year. In the export of cultural services, license fees for audio-visual and related products, cultural and entertainment services and advertising services increased by 44.1%, 32.3% and 24.6% respectively, accounting for 85% of the export of cultural services, accounting for an increase of 11 percentage points. In the export of cultural products, the export of cultural special equipment and publications with high added value increased by 13.6% and 6% respectively.

Third, the market is more diversified. China exported 4.57 billion US dollars of cultural products to countries along the "Belt and Road", up 10.7% year-on-year, accounting for 20.4% of the total export of cultural products, accounting for an increase of 0.7 percentage points. The export of cultural products to "BRIC countries" such as Brazil, Russia, India and South Africa reached 1.34 billion US dollars, up 35.2% year-on-year.

The above is the information I need to inform you on my own initiative, and I would like to answer the questions raised by journalists and friends below. Please ask questions below.

【CCTV journalistPlease tell us what consensus, achievements and highlights the SCO Qingdao Summit has reached in economic and trade cooperation.

【peakThe Qingdao Summit of the SCO has achieved many achievements in the economic and trade field, which has injected new impetus into regional economic cooperation. Mainly reflected in the following three aspects:

First, continue to promote trade facilitation in the region. During the summit, the heads of member countries jointly issued the Joint Statement on Trade Facilitation, which will promote the process of trade facilitation among member countries and promote the growth of trade by simplifying customs procedures, reducing import and export procedures and improving transparency. The SCO countries actively participate in and support the China International Import Expo to be held in Shanghai in November this year, which will build a strong cooperation platform for expanding inter-regional trade.

The second is to increase efforts to support the cooperation of SMEs. All parties stressed the importance of strengthening cooperation in e-commerce, developing service industry and service trade, and supporting the development of small and medium-sized enterprises, and jointly signed a memorandum of understanding to promote cooperation among small and medium-sized enterprises. By supporting exhibition forums and organizing seminars and training, they will promote cooperation among small and medium-sized enterprises in various countries in e-commerce, innovative research and development, and stimulate the potential of regional economic cooperation.

The third is to issue a common voice in support of the multilateral trading system. In the Qingdao Declaration, the heads of member states emphasized their support for improving the global economic governance system, consolidating the multilateral trading system and safeguarding the authority and effectiveness of the World Trade Organization, and issued a unanimous voice against the fragmentation of international trade relations and trade protectionism. Thank you.

【Central Radio and Television General Station Yang Guang reporterOn the issue of the Qingdao Summit of the SCO, we have noticed that the Chairman of the Supreme Leader mentioned that he supports the construction of a demonstration zone for local economic and trade cooperation of the Shanghai, China Cooperation Organization in Qingdao. What specific functions will this demonstration zone undertake? What’s the goal? What are the main areas of cooperation with SCO member States?

【peakEconomic and trade cooperation is an important engine for the development of the SCO. Building a demonstration zone of China-SCO local economic and trade cooperation in Qingdao is to give full play to Qingdao’s geographical advantages and the functional advantages of land-sea combined transport, and to build a new platform for economic and trade cooperation between China and SCO countries. At present, Qingdao is working with relevant departments to further improve the work plan of the demonstration zone, initially considering exploring the mode of two-way interaction at home and abroad, focusing on developing modern service industries such as trade logistics and cross-border e-commerce, and promoting trade and investment cooperation among SCO countries and regions. At the same time, through the demonstration construction of local economic and trade cooperation, China enterprises are encouraged to actively participate in the construction of overseas economic and trade cooperation parks in other SCO countries, carry out cooperation in processing and assembly, agriculture, logistics and other fields, explore convenient customs clearance modes, and build a service platform for two-way trade and investment.

We will actively support the construction of Qingdao Demonstration Zone and promote the pragmatic economic and trade cooperation among SCO countries to achieve new results. Thank you.

【Guoguang reporter from Central Radio and Television General StationPresident Supreme Leader and President Putin held the first meeting between the two heads of state this year in Beijing on the 8 th. What achievements have the two sides made in the economic and trade field during the meeting? What role will it play in promoting bilateral economic and trade relations in the future?

【peakDuring the meeting between the heads of state of China and Russia, China and Russia reached a number of important consensuses on pragmatic economic and trade cooperation, signed a series of pragmatic cooperation documents and achieved fruitful results.

With regard to the connection between the Belt and Road Initiative and the Eurasian Economic Union, the two sides signed the Joint Statement on Completing the Joint Feasibility Study of the Eurasian Economic Partnership Agreement, and will hold consultations on issues related to service trade, investment, e-commerce, economic and technological cooperation, small and medium-sized enterprises and trade in goods in the future negotiations of the Eurasian Economic Partnership Agreement. This will help to promote the establishment of a comprehensive, high-level trade and investment liberalization arrangement in Europe and Asia that will be open to other economies in the future.

In terms of trade and investment, the two sides signed the Memorandum of Understanding on Cooperation in the Field of E-commerce, and agreed to set up an e-commerce cooperation working group to strengthen cooperation in policies and regulations, information exchange, local cooperation, joint research and e-commerce platforms. It will create favorable conditions for the development of cross-border e-commerce trade between the two countries. In addition, the two sides also signed the Memorandum of Understanding on Strengthening Investment Cooperation, agreeing to promote the implementation of key investment cooperation projects and support small and medium-sized enterprises to strengthen investment cooperation.

In terms of strategic large-scale projects, the two sides signed seven documents on four projects in the nuclear field, and decided to cooperate on major projects such as demonstration fast reactors. This is by far the largest cooperation project in the nuclear field between the two countries, which will strongly promote bilateral trade and industrial cooperation. In the space field, the two sides signed the Memorandum of Understanding on Cooperation in the Field of Moon and Deep Space Exploration. In the field of transportation, the two sides signed an intergovernmental agreement on international road transport, which will further promote the facilitation of international road transport.

Generally speaking, the economic and trade achievements reached during the meeting between the heads of state of China and Russia are fruitful, which fully reflects the close economic and trade relations between the two countries and lays a solid foundation for the level of economic and trade cooperation between the two countries to reach a new level in the new era. Thank you.

【Economic information daily reporter】 At the beginning of June, the the State Council executive meeting decided to substantially reduce the tariffs on imported goods, including washing machines and refrigerators. I would like to ask the Ministry of Commerce, this year is 40 years of reform and opening up. What will be the next step in increasing exports?

【peakWhile actively expanding imports, we will also strive to promote exports, promote superior import and export of foreign trade, and achieve balanced development.

As we all know, export has been an important driving force of the national economy for 40 years since the reform and opening up, and it is known as one of the "Troika" and plays an irreplaceable role in China’s economic development and industrial upgrading. Since 2009, China has become the world’s largest exporter of goods.

In the new era, China’s economy has entered a stage of high-quality development, and exports are also facing the problem of high-quality development. In the next step, China’s export development will not simply pursue scale and speed, but pay more attention to quality and efficiency. In terms of endogenous motivation, we will focus on cultivating new advantages in export competition, no longer at the expense of resources and environment, nor simply relying on low-cost human resources, but highlighting new core competitiveness such as technology, brand and service. In terms of export market, we will continue to promote market diversification, increase the development of emerging markets, and meet the diversified needs of different markets.

In short, we will strive to promote the transformation of China’s exports from scale and speed to quality and efficiency, and continue to play a role in promoting the high-quality development of the national economy. Thank you.

【Shanghai securities news reporterLast Friday, the customs released the import and export data for May, which showed that the trade surplus of goods in the first five months reached 99.67 billion US dollars, and the data released earlier by the Ministry of Commerce showed that the deficit of service trade in the first four months had reached 88.24 billion US dollars. Therefore, some analysts say that the deficit of service trade may exceed the surplus of goods trade from January to May, and the deficit of service trade in the whole year may exceed $300 billion. May I ask the spokesman, what do you think of the expanding trend of the current service trade deficit? What specific measures will the Ministry of Commerce take to promote the development of service trade?

【peakThe trade situation is closely related to a country’s industrial development level and market demand. At present, the development of China’s service trade conforms to the universal law of international economic and trade development, and also reflects the level and stage of China’s economic development.

From the international experience, it is a universal law that there is a service trade deficit in the process of transformation of manufacturing powers. I have a set of figures here: since statistics were available in 1980, the service trade between Japan and Germany has been in deficit for 36 consecutive years. In 1999, Germany’s service trade deficit reached a peak of $60 billion, accounting for 27% of that year’s service trade. In 1990, Japan’s service trade deficit accounted for 34% of service trade. It is predicted that in the next few years, China’s service trade deficit will still expand, and it may develop to a certain extent before it gradually narrows.

Domestically, the service trade deficit is the result of the dual needs of China’s industrial transformation and upgrading and residents’ consumption upgrading. As China’s economy enters the stage of high-quality development, the demand for high-quality service trade products is also increasing. For example, in certain industries such as intellectual property, the demand is increasing rapidly, and the trade deficit is also expanding. On the one hand, it shows that China’s market potential is huge; on the other hand, it should be noted that the overall competitiveness of China’s service industry is still far behind that of developed countries.

In the next step, we will take promoting the healthy development of service trade as an important part of building a trade power, better promote the overall development of the national economy in the new era, and meet consumers’ demand for high-quality services.

First, actively promote pilot demonstrations from point to area. On the basis of summing up the pilot experience, we will promote the relevant experience to the whole country as soon as possible. The second is to cultivate new formats and models and accelerate the digitalization of service trade. Third, build the national brand of "China Service" and cultivate China’s own comprehensive service providers. We hope that through efforts, China’s service trade will be upgraded in scale, its structure will be continuously optimized, and its competitiveness will be continuously enhanced, thus forming a new competitive advantage of China’s open economy in the new era. Thank you.

【China news service reporterWe noticed that China’s foreign trade continued to grow at a high level in May. Some analysts believe that the effect of export preemption before the United States imposed tariffs on China was obvious. What do you think of this issue?

【peakIn the first five months of this year, China’s foreign trade continued to maintain a stable and positive trend and achieved steady and rapid development, which was the result of the joint action of many factors. First, the demand in the international market is picking up. Since the beginning of this year, the international economy has continued on the track of recovery. According to the forecast of the World Trade Organization, the growth of global trade volume will reach 4.4% in 2018, exceeding the growth rate of the global economy for two consecutive years. Secondly, the core competitiveness of China’s foreign trade is constantly increasing. Despite the pressure of rising factor costs, the transfer of some industries and the competition from other economies, China’s foreign trade is still actively transformed and upgraded under the impetus of the market, and its competitiveness is constantly improved in many aspects such as product quality, grade, brand and service. Third, the rapid growth of imports has also driven the overall growth of foreign trade. With the release of consumption potential in the domestic market and the rising prices of some commodities, China’s imports increased by 12.6% in the first five months of this year, driving the growth of overall foreign trade.

As for the phenomenon of grabbing exports due to your concern about changes in the trade environment, according to our understanding, there are such cases, and some enterprises have increased the number of short orders to avoid risks. But this is not the mainstream and will not affect the steady and healthy development of China’s foreign trade. We will continue to work hard to create a trade environment conducive to transformation and high-quality development for enterprises. Thank you. Here’s the last question.

【Macao Australia Asia TV reporterForeign media reported that the French Prime Minister will visit China at the end of the month. Would you please tell us about the current economic and trade situation between China and France? I’d also like to ask you to introduce the consultation plan on WTO reform submitted by France to China. How will China and France jointly speak out against trade protectionism?

【peakWith regard to Sino-French economic and trade cooperation, since the establishment of diplomatic relations between China and France, bilateral economic and trade cooperation has developed steadily. In March 2014, the Chairman of the Supreme Leader paid a successful state visit to France, which ushered in a new era of close and lasting comprehensive strategic partnership between the two countries. Bilateral economic and trade relations accelerated in an all-round way and gradually formed an all-round, wide-ranging and multi-level cooperation pattern. At present, France is China’s fourth largest trading partner, the fourth largest source of actual investment, the third largest investment destination and the second largest technology importer in the EU. China is the largest trading partner of France in Asia. In 2017, the bilateral trade volume between China and France reached US$ 54.46 billion, up 15.4% year-on-year, of which China exported US$ 27.67 billion, up 12.1% year-on-year and imported US$ 26.79 billion, up 19.1% year-on-year. In the first four months of this year, the bilateral trade volume between China and France reached US$ 18.64 billion, up 22.5% year-on-year, of which China exported US$ 9.34 billion, up 16.9% year-on-year. China imported 9.3 billion US dollars, a year-on-year increase of 28.7%. The cooperation between the two sides in energy, aviation, pension, environmental protection, finance and other fields is increasingly close.

At present, China has not received the French consultation plan on the reform of the World Trade Organization. As an important member of the European Union, France has always actively supported free trade and opposed trade protectionism. China is willing to make joint efforts with France to safeguard the multilateral trading system, oppose trade protectionism and promote the sustained and healthy development of trade liberalization and economic globalization.

Today’s press conference is over, thank you.

　　There are 19 liquor stocks in A shares, with a total market value of over 1 trillion as of May 5 this year. Who would have thought that after 26 trading days, the market value of only four leading stocks has exceeded one trillion. Yesterday, the market value of Kweichow Moutai was 594.2 billion, once again exceeding the market value of China Life Insurance of 593 billion.

　　Yesterday, the growth rate of the wine-making sector slowed down, only rising by 0.4%, ranking fourth from the bottom in the industry sector, but the market value of its four leading stocks has exceeded one trillion. Beijing Youth Daily reporter noted that as of yesterday’s close, the market values of Kweichow Moutai, Wuliangye, Yanghe and LU ZHOU LAO JIAO CO.,LTD were 594.232 billion, 207.601 billion, 136.91 billion and 71.347 billion respectively, with a total market value of 1,010.09 billion, approaching the total market value of China Agricultural Bank of China of 1,026.2 billion yuan.

　　There are 19 liquor stocks in A shares, with a total market value of over 1 trillion as of May 5 this year. Who would have thought that after 26 trading days, the market value of only four leading stocks has exceeded one trillion. It is also known that the total output of A-share liquor companies in 2016 was 1,354,800 tons, accounting for 10% of the national output; The total revenue related to liquor of these 19 listed liquor enterprises was 120.2 billion, and the net profit was 36.455 billion, with an average liquor gross profit margin of 67.07% and an average net profit margin of 18.57%.

　　It is worth mentioning that the share price of Kweichow Moutai hit a new closing high yesterday, reaching 473.04 yuan, and its market value not only surpassed Sinopec, but also surpassed China Life again. Yesterday, the market value of China Life was 593 billion yuan. This is the second time that the market value of Kweichow Moutai has surpassed that of China Life Insurance. As early as April 18th this year, the intraday share price of Kweichow Moutai broke through 400 yuan and reached a record high. At the close, Maotai closed at 404.65 yuan, with a stock increase of 2.24%. Its market value reached 508.3 billion yuan, surpassing China Life Insurance, and its A shares ranked sixth. Based on the closing price on April 18th, the market value of China Life was 500.806 billion yuan, while that of Maotai was 508.320 billion yuan, surpassing that of China Life.

　　On June 10th, Sinopec, which refined hundreds of millions of tons of oil, was defeated by Maotai, which brewed tens of thousands of tons of wine. As of the close of the day, Kweichow Moutai, with a market value of 585.062 billion yuan, surpassed China Petrochemical’s A-share market value of 583.858 billion yuan, ranking sixth in the total A-share market value.

　　On the occasion of the second anniversary of the stock market crash in 2015, the market value of Maotai was only in the early 200 billion. Since then, it has started the "runaway" mode: in 2016, there were only three negative lines on the monthly line, and in 2017, the monthly line was all positive. In July 2016, the stock price broke through 300 yuan with a market value of 394.5 billion yuan; After a small finishing, Kweichow Moutai continued to move upwards, driving the wine-making sector to attack across the board. On April 20th this year, Kweichow Moutai’s share price rose to the top of 400 yuan in one fell swoop, becoming the highest-priced A-share stock, with a market value of about half of Guizhou’s GDP, surpassing Diageo, the world’s veteran champion of spirits, with a market value of 509.68 billion yuan, and becoming the world’s most valuable winery.

　　The market believes that the recent surge in the market value of Maotai is not unrelated to its large-scale operation of Maotai College. Maotai College, sponsored by Guizhou, China Maotai Distillery (Group) Co., Ltd., is a non-profit private college at the undergraduate level, which is positioned as an application-oriented college. The number of full-time students is tentatively set at 5,000, and the first five undergraduate majors are brewing engineering, grape and wine engineering, food quality and safety, resource recycling science and engineering and marketing.

　　Although Kweichow Moutai has hit record highs, brokers still give it a higher target price and rating. Pacific Securities’ neutral expectation gives Maotai 25 times PE, with a corresponding market value of 860 billion and a corresponding stock price of 685 yuan. TF Securities gave Maotai a 27-fold valuation in 2018 and raised its 12-month target price to 615 yuan; China Merchants Securities maintains its target price of 500 yuan according to 22 times PE in 2018 and continues to strongly recommend it; On the other hand, Shen Wanhongyuan slightly raised its profit forecast based on Maotai’s first quarterly report exceeding expectations, with a one-year target price of 520 yuan, which is 24 times the performance of the 2018 report.

　　Text/reporter Liu Shenliang

　　At present, the real estate market is experiencing a series of positive changes. On the one hand, the interest rate and down payment ratio of the first home loan in many places have declined, and the decline in market sales has narrowed significantly; On the other hand, the financing environment of real estate enterprises continued to improve, and the decline in real estate development investment narrowed.

　　Further release demand

　　Releasing rigid and improved housing demand is a key measure to promote the healthy and sustainable development of real estate. Reducing the mortgage interest rate and the down payment ratio will help to further release market demand.

　　The data shows that in March this year, the interest rate of the first mainstream mortgage in Shell Baicheng averaged 4.02%, a slight decrease of 2 basis points from last month; The average interest rate of the second mainstream mortgage was 4.91%, which was the same as last month. From the perspective of interest rate reduction, the mortgage interest rates in third-and fourth-tier cities dropped the most year-on-year, with the first and second mortgage interest rates dropping by 140 basis points and 75 basis points respectively.

　　"As of the end of December 2022, the average interest rate of newly issued personal housing loans dropped by about 140 basis points compared with the end of last year. Except for a few hot cities, the lower limit of the down payment ratio policy in most cities has reached the national bottom line. " Pan Gongsheng, deputy governor of the People’s Bank of China, said that from the demand side, the implementation of differentiated housing credit policies and continuous guidance of the real interest rate and down payment ratio will better support the rigid and improved housing demand.

　　At the same time, the speed of bank lending has also increased. The data shows that the average lending period of Shell Baicheng Bank in March was 21 days, which was 7 days shorter than last month. "For banks, housing mortgage loans are still high-quality assets." Ceng Gang, director of the Shanghai Finance and Development Laboratory, said that the credit scale of commercial banks was relatively abundant in the first quarter, which also improved the lending speed to some extent.

　　"Driven by a series of policies, there have been some positive changes in the real estate market, mainly in the obvious narrowing of the decline in market sales." Fu Linghui, director of the National Statistics Department of the National Bureau of Statistics, said that in the first two months of this year, the sales area of commercial housing decreased by 3.6% year-on-year, and the decline narrowed by 20.7 percentage points.

　　Repair supply-side expectation

　　In addition to the demand side, there have also been many positive changes in the supply side. The data shows that the investment in real estate development in the first two months decreased by 5.7% year-on-year, which was 4.3 percentage points narrower than that in 2022. The funds in place of real estate development enterprises decreased by 15.2%, and the decline narrowed by 10.7 percentage points; The prosperity index of real estate development in February was 94.67, which was higher than that in January.

　　"At present, China’s economy is stabilizing and picking up, and it is expected to improve, which will help narrow the decline in real estate investment." Lou Feipeng, a researcher at China Postal Savings Bank, said that the financial management department has introduced a number of policies and measures to improve the financing of real estate enterprises, and the financing of credit, bonds and equity has been "three arrows in one go" to continuously alleviate the financial pressure of real estate enterprises.

　　Since last year, the financial management department has issued 16 policies and measures to support the stable and healthy development of the real estate market, and has continued to promote the refinement and implementation of the policies. At present, the financial management department is carrying out four actions of "asset activation", "debt continuation", "equity supplement" and "expected promotion" to fully implement the plan to improve the balance sheet of high-quality housing enterprises. At the same time, we will slow down the excessive risk aversion of financial institutions and guide them to provide normal financing. Data show that in January this year, real estate development loans increased by more than 370 billion yuan, an increase of 220 billion yuan year-on-year.

　　In addition to improving the financing environment, the credit risk of the real estate industry has also converged. "We believe that in the past, the risk spread trend of housing enterprises has been curbed and the liquidity of housing enterprises has been significantly improved." Hu Gang, vice president of CITIC Bank, said. The 2022 annual report recently released by CITIC Bank shows that by the end of December 2022, the asset quality of the bank’s real estate industry and construction industry continued to show an improvement trend, and the balance of non-performing loans in the two industries decreased by 1.789 billion yuan and 1.251 billion yuan respectively compared with the end of last year.

　　"Although the financing environment has improved, the willingness of housing enterprises, especially private housing enterprises, to start new construction is still insufficient." Wen Bin, chief economist of China Minsheng Bank, said that it is expected that the growth rate of real estate development investment will still fluctuate in the process of recovery. Lou Feipeng believes that the main reason for this phenomenon is that the expectations of housing enterprises are still poor, so it is necessary to comprehensively stabilize and improve expectations.

　　Increasing confidence remains the key.

　　In February this year, the sales price of new commercial housing in first-tier cities rose by 0.2% month-on-month, the same as last month; The sales price of second-hand houses rose by 0.7% month-on-month, with an increase of 0.3 percentage points over the previous month.

　　"At present, the rebound of the second-hand housing market and the market heat are slightly higher than those of the new housing market." Wen Bin said that on the whole, the sustainability of the market recovery remains to be seen.

　　"The uncertainty of second-hand housing is low, and its demand depends on the expectations of buyers and rigid demand. In contrast, there is uncertainty in new houses, and the failure to deliver some houses on time has affected the willingness of buyers. " Ceng Gang said.

　　Luo Yifei, chief statistician of the Investment Department of the National Bureau of Statistics, said that it is necessary to continuously release the rigidity of the real estate market and the demand for improved housing, promote the construction of the "Baojiaolou" project, and gradually boost market confidence. "Last year, ‘ Baojiaolou ’ Policies have played an important role in ensuring people’s livelihood. " Fu Linghui said. At present, the regulatory authorities have launched a special loan of 350 billion yuan for Baojiaolou, set up a loan support plan of 200 billion yuan for Baojiaolou and a loan support plan of 100 billion yuan for rental housing, and guided financial institutions to promote industry restructuring and mergers and acquisitions to speed up the marketization of risks.

　　"The most important thing now is to look at the changes in market confidence and demand side, mainly the changes in first-hand housing sales." Hu Wei said. The sale of first-hand houses means that housing enterprises sell new houses directly to individual customers. Its warming means that the funds of housing enterprises are returning to the good, which helps to alleviate the financial pressure of housing enterprises and resolve risks. "In real estate transactions, although the situation varies from place to place, on the whole, the transaction volume of first-hand houses is large, and the recovery of sales represents a rebound in demand, which has certain guiding significance for the judgment of the real estate market trend." Yan Feipeng said.

　　"The recent RRR cut implemented by the central bank can increase the medium and long-term loanable funds, which will help enhance the enthusiasm of financial institutions to support the financing of housing enterprises and meet the reasonable financing needs of housing enterprises." Wen Bin said that the RRR cut will release low-cost funds and help support rigid and improved housing demand through differentiated loan interest rates.

　　"At present, it is necessary to further stabilize the income growth expectations of residents." Ceng Gang said that for residents, mortgage is a long-term debt, and their willingness to spend and ability to pay debts depend on their stable employment and income growth. Therefore, it is necessary to increase the income of urban and rural residents through multiple channels and maintain the overall stability of the price situation.

　　Cctv news: The State Financial Supervision and Administration Bureau issued a notice on matters related to the connection between individual tax deferred commercial endowment insurance pilot and individual pension. The full text is as follows:

　　Shanghai, Jiangsu, Fujian and Xiamen Supervision Bureaus of the State Financial Supervision and Administration Bureau, China Bank Insurance Information Technology Management Co., Ltd., a pilot company of personal tax deferred commercial endowment insurance:

　　In order to implement the Opinions of the General Office of the State Council on Promoting the Development of Individual Pensions (No.7 [2022] of the State Council), the Measures for the Implementation of Individual Pensions (No.70 [2022] of the Ministry of Human Resources and Social Security), and the Notice of China Banking and Insurance Regulatory Commission, China on Relevant Matters Concerning Insurance Companies’ Personal Pensions (No.17 [2022] of the Banking Insurance Regulatory Commission), and promote the healthy and orderly development of individual pension businesses, In consultation with the Ministry of Finance, the Ministry of Human Resources and Social Security and the State Administration of Taxation, the General Administration of Financial Supervision decided to carry out the pilot project of individual tax deferred commercial endowment insurance (hereinafter referred to as individual tax deferred endowment insurance) and the convergence of individual pensions. The relevant matters are hereby notified as follows:

　　1. The pilot company of individual tax deferred pension insurance (hereinafter referred to as the pilot company) shall adhere to the principles of compliance, initiative and convenient operation, do a good job in policy propaganda, optimize the handling process, safeguard the legitimate rights and interests of customers, carry out the pilot business of individual tax deferred pension insurance in an orderly manner, and in principle complete all the work before the end of 2023.

　　Second, China Bank Insurance Information Technology Management Co., Ltd. (hereinafter referred to as Yinbaoxin Company) shall strengthen the construction and operation management of the information platform of individual tax deferred pension insurance and the information platform of individual pension in the banking insurance industry (hereinafter referred to as the platform of bancassurance industry), and support the connection between the pilot of individual tax deferred pension insurance and individual pension.

　　III. Yinbaoxin Co., Ltd. shall co-ordinate the confirmation of the policy information of individual tax deferred pension insurance. Within three working days from the date of issuance of this notice, Yinbaoxin Co., Ltd. shall provide its individual tax deferred pension insurance policy information, including basic information of the insured and payment information, to all pilot companies according to the information of the individual tax deferred pension insurance information platform. Since September 1st, 2023, Yinbaoxin Company has closed the new interface of insurance contract of tax deferred pension insurance information platform, stopped the new account opening function of tax deferred pension insurance policyholders (hereinafter referred to as policyholders), and stopped issuing tax deduction vouchers for tax deferred pension insurance to policyholders.

　　Four, the pilot company will check the information provided by the bank insurance company with the relevant information of the company, and the inconsistent information shall be confirmed with the bank insurance company one by one. Within 15 working days from the date of issuance of this notice, the pilot company shall determine the policy information of individual tax deferred endowment insurance and feed it back to the bancassurance company. Since September 1, 2023, the pilot company stopped selling tax deferred pension insurance products to new customers, and supported the change of tax deferred pension insurance policy to personal pension tax deferred pension insurance policy.

　　5. After the pilot company completes the docking with the platform system of the bancassurance industry, it shall submit a description of the docking to the General Administration of Financial Supervision, and the General Administration of Financial Supervision shall include the individual tax deferred pension insurance products it has conducted in the list of individual pension insurance products. Individual tax deferred pension insurance products of pilot companies that have not carried out individual tax deferred pension insurance business shall not be included in the list of individual pension insurance products.

　　If a pilot company applies for filing other personal pension insurance products, it shall meet the requirements for the insurance company to carry out personal pension business.

　　Six, the pilot company shall support the insured who has not yet entered the stage of receiving the pension annuity, and after completing the opening of the personal pension account and the opening or designation of the personal pension fund account, the application for changing the tax deferred pension insurance policy to the personal pension tax deferred pension insurance policy is put forward.

　　Seven, after receiving the applicant’s application for policy change, the pilot company shall prompt it to check the tax deferred old-age insurance payment and personal pension fund account payment in 2022 and 2023. If the above two payments totaled more than 12,000 yuan in that year, the applicant can apply for a refund of the excess premium of tax deferred old-age insurance with the relevant payment certificate. The pilot company shall obtain the confirmation of the insured whether it is necessary to refund part of the premium to it.

　　If the applicant applies for refund of the premium, the pilot company shall verify the relevant certificates within 10 working days, refund the excess premium and obtain the confirmation of the applicant.

　　Eight, the pilot company in accordance with the provisions of article seventh of this notice to obtain the confirmation of the insured, in accordance with the following procedures for policy changes:

　　(1) Preserve the individual tax deferred endowment insurance policy by changing the bank account information of the applicant, and notify the applicant of the processing result;

　　(two) the preservation information submitted to the tax deferred pension insurance information platform;

　　(three) to stop the business operation of the insured’s tax deferred pension insurance policy;

　　(4) Check the basic information of the tax deferred pension insurance policy, the premium information of the tax deferred pension insurance paid and the account value information with the bancassurance company and submit them to the bancassurance industry platform.

　　Nine, after the completion of the policy change, the pilot company shall make a prompt to the insured on the following matters, and obtain the confirmation of the insured:

　　The tax deferred pension insurance policy has been changed into a personal pension tax deferred pension insurance policy, and the insured subsequently pays the premium through the personal pension fund account; The insured needs to check the total amount paid by the individual tax deferred pension insurance policy and the individual pension fund account, and make reasonable arrangements for the subsequent individual pension fund account payment in the remaining time of 2023 according to the annual payment ceiling of 12,000 yuan. The payment beyond the limit cannot be deducted before personal income tax.

　　According to the Announcement of the Ministry of Finance and the State Administration of Taxation on Individual Income Tax Policies for Individual Pensions (Announcement No.34 of the Ministry of Finance and the State Administration of Taxation, 2022), Shanghai, Fujian, Suzhou Industrial Park and other areas that have implemented the pilot project of individual tax deferred old-age insurance will be implemented in accordance with the relevant provisions of the announcement from January 1, 2022, that is, the total expenditure of individuals purchasing individual tax deferred old-age insurance and the payment to individual pension fund accounts can be within the limit of 12,000 yuan per year.

　　Ten, such as the applicant’s application, the pilot company can through the policy approval way, the individual pension tax deferred pension insurance policy for the following treatment:

　　(a) add a one-time collection method to the contract, and the collection amount is the value of the product account at the time of collection;

　　(2) Add a clause in the contract that allows the insured to surrender, but in the case of new surrender, the cash value of the first three policy years shall not be less than 97%, 98% and 99% of the account value.

　　Personal pension tax deferred pension insurance policy surrender and receive related funds should meet the requirements of closed management of personal pension fund accounts.

　　Eleven, in the process of connecting the pilot business of individual tax deferred pension insurance with personal pension, the bank insurance company shall submit relevant information to the tax authorities as required.

　　The pilot company shall submit information to the bancassurance industry platform in accordance with the provisions when carrying out the business related to individual pension tax deferred pension insurance policies. The bancassurance company shall submit relevant information to the personal pension information management service platform in accordance with the regulations.

　　Twelve, the pilot company shall not support the application for policy change put forward by the insured who has begun to receive the pension annuity.

　　Thirteen, for the insured who has started to receive the pension annuity, the pilot company can add a one-time payment method to the tax deferred pension insurance contract through policy approval according to their application, and the amount received is the difference between the personal account value at the end of the accumulation period of the tax deferred pension insurance product and the amount received. When an individual receives it according to the regulations, the pilot company shall withhold and remit the personal income tax payable.

　　Fourteen, since the date of issuance of this notice, the pilot company shall make a three-month announcement through its official website, and take one of three ways in turn, namely telephone, text message and writing, to give tips on the following contents:

　　(a) the time schedule for the pilot company to carry out the pilot business of individual tax deferred pension insurance and personal pension;

　　(two) the requirements and procedures for the policy change and refund of the insured who has not yet entered the stage of receiving the pension annuity;

　　(three) the requirements and procedures for the applicant who has started to receive the pension annuity to apply for a one-time payment;

　　(four) the requirements and procedures for the change of individual pension tax deferred pension insurance policy;

　　(five) the service situation of the tax deferred pension insurance information platform;

　　(6) Requirements for the closed management of individual pension fund accounts;

　　(7) Preferential tax policies for individual pensions;

　　(eight) other matters related to the protection of the rights and interests of the insured.

　　Fifteen, since January 1, 2024, the tax deferred pension insurance information platform stopped providing account management, renewal payment, information inquiry and other services for the insured. After the pilot project of individual tax deferred pension insurance and personal pension are fully completed, the information platform of individual tax deferred pension insurance stops serving. The pilot company shall do a good job in the policy management of the insured who has not joined the individual pension system.

　　16. From now until December 31, 2023, the pilot company shall submit the progress of the connection between the pilot business of individual tax deferred pension insurance and individual pension to Yinbaoxin Company within 5 working days after the end of each month. The bancassurance company shall, within 10 working days after the end of each month, summarize the situation of the pilot companies and submit a report to the General Administration of Financial Supervision.