Tibet, China Net News "This is Chema, this is ghee, this is sugar, and this is honey … …” February 5th is the first day of the first month of the Tibetan calendar, which is also the first day of the first month of the lunar calendar. Lauren, a tourist from the United States, is recording a video to share her trip in Tibet. This year’s Lunar New Year and Tibetan New Year met unexpectedly, attracting many tourists to Tibet to feel the rich flavor of the year, and many of them "foreigners" visited Tibet in winter.

　　On the first day of the new year, the reporter met Lauren, a tourist from the United States, and her group members at the Yaowangshan observation deck in Lhasa, Xizang Autonomous Region. This is a delegation of eight foreign guests from seven countries, including the United States and Colombia.

　　Nima, the tour guide, said that this was their first day in Tibet, and in the next few days, they would also go to Yangzhuo Yongcuo, Gyangze, Mount Everest National Park and other places.

　　Bibiana from Colombia is coming to Tibet for the first time. Nima told her in the car that this year’s Lunar New Year and Tibetan New Year are on the same day. Bibiana said happily: "I am very lucky, which is equivalent to experiencing two festivals at once."

　　During the interview, the reporter found that Bibiana was very interested in Tibetan traditional handicrafts. "This is encouraged, right? I also want to buy such clothes. Where can I buy them? " Bibiana couldn’t hide her excitement when she saw tourists wearing clothes with Tibetan ethnic characteristics around her, and asked reporters where she could buy them.

　　Also interested in Tibetan traditional handicrafts is American tourist Lauren. She arrived in Lhasa by train from Xining the day before. "The Qinghai-Tibet line in winter looks bleak, and I don’t like it very much. But after arriving in Lhasa, I feel very good. "

　　After exchanging WeChat with reporters, Lauren was very interested in the pictures of Zizha (butter sculpture) posted by reporters’ circle of friends. "What is this? It’s cool. I want to see it with my own eyes next." Knowing that "Zizha" is one of the necessities for Tibetans during the Tibetan New Year, Lauren immediately thought that these things were also placed in the lobby of the hotel, so she recorded the video and sent it to her family in the United States. "I wish the artists who made butter sculpture were still in Lhasa, so I could buy or see how they made it." Lauren said.

　　After visiting Potala Palace, Jokhang Temple and other places, on February 7, the tour guide Nima took the guests to continue to enjoy the beautiful scenery of Yangzhuo Yongcuo, and then arrived in Jiangzi County, Shigatse City.

　　In Shigatse, Lauren and her group members not only tasted all kinds of delicious food before the Tibetan New Year, but also enjoyed the traditional Tibetan dance with steady steps and smooth drums — — Harmony. This made Lauren and the group members watch intently, and took out their mobile phones to record videos from time to time.

　　During the trip, Nima also told Lauren and the group members along the way what the Tibetan New Year is, what is the difference between it and the Lunar New Year, and what are the customs of the Tibetan New Year. This makes Lauren, who is already interested in China culture, even more fascinated by Tibet.

　　On February 12th, Lauren ended her trip in Tibet. She told reporters through WeChat that Tibet is beautiful. "If there is an opportunity, I still want to walk on this land in Tibet. Go to some places in Tibet and have a look. I also want to see the monks arguing the scriptures. " (Tibet, China Net reporter/Wang Yuanyuan)

CCTV News:　On 14th local time, the Federal Reserve opened a two-day monetary policy meeting, and will announce the resolution of the meeting on 15th. As the United States is facing the worst inflation situation in 40 years, the market’s expectation of the Fed’s aggressive interest rate hike is heating up. Many major banks and investment banks, such as JPMorgan Chase and Wells Fargo, generally expect that the Federal Reserve will announce a 75 basis point interest rate hike to curb inflation soaring again. This may also be the largest rate hike by the Federal Reserve since 1994.

In March this year, the Federal Reserve raised the target range of the federal funds rate by 25 basis points from the level close to zero, which started the tightening cycle to curb inflation. At the beginning of May, the Federal Reserve announced another 50 basis points interest rate hike, and hinted that it might raise interest rates by 50 basis points each time in June, July and September this year.
　　　　　　 More and more economists believe that the Fed takes more radical measures to deal with inflation, and the risk of the US economy falling into recession is rising.

The Fed’s last round of interest rate hikes and contraction caused heavy losses in emerging economies.

It is not alarmist for the Federal Reserve to harvest the world and consolidate American financial hegemony by raising interest rates.

The Federal Reserve started the last round of interest rate hike cycle in December 2015. By the end of 2018, the Federal Reserve raised interest rates nine times. During this period, the Fed also launched a plan to reduce its balance sheet to gradually withdraw from the loose monetary policy introduced after the financial crisis. Under the impact of the Fed’s continuous interest rate hike and table contraction, the liquidity of the US dollar continues to tighten around the world, and many emerging economies and some developing countries have experienced different degrees of local currency depreciation, capital outflows and economic setbacks.

In order to consider the interests of the United States and curb inflation, the Federal Reserve started a new round of interest rate hike cycle in December 2015, and raised interest rates four times in 2018, and the US dollar index rose sharply. At the same time, in October 2017, the Federal Reserve officially launched the table reduction plan to reduce its super-large balance sheet, and the market currency circulation decreased. The dual role of raising interest rates and shrinking the balance sheet has caused emerging market countries with high external financing needs to bear the brunt and suffer heavy losses.

In 2018, the exchange rate of Argentina’s national currency peso against the US dollar fell by 50.56%, and the inflation rate reached 47.6%, the highest in 27 years. In order to curb the devaluation of the peso, the Argentine government had to seek financial assistance from the International Monetary Fund. In June 2018, it finally reached a loan agreement of 50 billion US dollars to make up for the fiscal deficit and stabilize the exchange rate.

The Brazilian currency, the real, also continued to depreciate in 2018. Although the intervention of the Brazilian central bank led to a rapid decline in the exchange rate, it still failed to reverse the reality that the real depreciated by 20% against the US dollar.

Due to the massive outflow of capital and the deterioration of the balance of payments, the expectation of exchange rate depreciation continued to strengthen. In August 2018, there was a currency crisis in Turkey, and the lira exchange rate plummeted by more than 30%, which led to a slowdown in investment and consumption, and the prices of daily consumer goods and energy rose sharply.

Market analysts pointed out that when the quantitative easing monetary policy was implemented in the United States, a large amount of funds flowed to emerging market countries, which fostered local currency and asset bubbles to varying degrees. However, the Fed’s interest rate hike caused a large amount of funds to flow back to the United States, the global monetary tightening, and a large amount of funds from emerging market countries, which triggered exchange rate turmoil and even led to currency crisis or financial crisis. However, the "shrinking table" policy adopted by the United States is to "pump water" from the "reservoir" of the financial market. In the highly leveraged environment of the American financial system, its lethality is even greater, leading to the loss of investor confidence and the bursting of the financial asset bubble. Through these operations, the United States absorbs the high-quality assets of emerging economies, passes on its own crisis, and easily "shears wool".

　　Cctv newsOn October 9th, Hangzhou traffic police WeChat official issued a document entitled "Traffic Guide for the Asian Games: What to do after the Asian Games", which mentioned that from October 10th, Hangzhou will fully resume normal traffic management measures.

　　The full text is as follows:

　　Looking back on this Asian Games, we are delighted to find that all the trips have been successfully completed, the traffic safety of the games is on time, and the urban traffic is stable and orderly. The implementation of every Asian Games traffic organization benefits from everyone’s understanding, support and conscious compliance with the traffic adjustment measures.

　　Here, we would like to express our most sincere thanks to all the traffic participants who have made selfless dedication, enthusiastic care and strong support to help the Asian Games travel!

　　I sincerely thank the citizens for their tolerance and understanding. During this period, Hangzhou citizens worked together to overcome the inconvenience of temporary traffic control, chose public transportation and green and civilized travel with the greatest tolerance, deepest understanding, the most practical and strongest support, and cheered for the Asian Games athletes with practical actions, which became a powerful boost for the smooth operation of roads during the Asian Games.

　　I sincerely thank the volunteers for their persistence and dedication. During this time, volunteers have been busy on the road all day and night. Thousands of volunteers made selfless dedication and fully escorted, hand in hand to build a safety fence and "the most beautiful wall" for the crowd, and tried their best to help us do all the measures to ensure the safety of citizens’ travel.

　　I sincerely thank all sectors of society for their cooperation and support. During this period, many netizens supported the use of digital lanes for the Asian Games with practical actions. Many grassroots workers, journalists and other social parties work together to collect opinions and suggestions for us. They will speak out for positive energy at the first time, protect the city temperature with love, and accumulate traffic energy with tolerance.

　　During the Asian Games, bus and subway travel became the new normal, carpooling became the new trend, and commuting by bike became the new fashion … … In the wave of building the low-carbon life Asian Games, green travel has become a national action of public participation, co-construction and sharing. When the grand event comes to an end and the temporary traffic management measures during the Asian Games are over, we sincerely hope that this green wind will continue to blow all over Hang Cheng and make green travel another golden business card for Hang Cheng’s traffic.

　　From October 10th, Hangzhou will fully resume normal traffic management measures.Let’s review it together.

　　Passenger car traffic measures

　　For local (including Zhejiang A regional number plate) and foreign minibuses, the management measures of off-peak travel before the Asian Games will be continued, that is, the off-peak travel on ground roads will be suspended and the off-peak travel on expressways will remain unchanged, as follows:

　　Zhejiang A number plate restricts the road.

Time limit: 7:00-9:00 and 16:30-18:30 on weekdays.

Restriction rules: according to the way that the last Arabic digit of the number plate (including the temporary number plate) corresponds to the week, the number limit is 1 and 9 on Monday, 2 and 8 on Tuesday, 3 and 7 on Wednesday, 4 and 6 on Thursday and 5 and 0 on Friday.

　　Special reminder: October 10 is Tuesday, and the tail numbers 2 and 8 are restricted; Zhejiang a new energy license plate resumed its original policy.

　　Zhejiang A area number plate restricts roads

Time limit: 7:00-10:00 and 16:00-19:00 on weekdays.

Restriction rule: No traffic is allowed in the whole section.

　　Special reminder: try to choose ground roads during peak hours; The "Emergency Call" function of the Asian Games is closed.

　　Non-Zhejiang A-plate restricted roads

Time limit: 7:00-10:00 and 16:00-19:00 on weekdays.

Restriction rules: including non-Zhejiang A blue brand and new energy minibus, the whole section is forbidden to pass.

　　Special reminder: After 20: 00 on October 9, the "Urgent Call" system will be adjusted and restored before 0: 00 on October 10. The adjusted "Urgent Call" restores its original function: it is used to apply for non-Zhejiang A minibus to enter the restricted area during the morning and evening rush hours due to special circumstances such as medical treatment and work. You can apply in advance through the police uncle APP, Zheli Office and Alipay APP to search for keywords.

　　Freight car traffic measures

　　Non-Zhejiang A trucks, Zhejiang A yellow-card trucks and Zhejiang A blue-brand self-unloading trucks will resume pre-Asian Games management measures.

　　Special reminder: if it is really necessary to pass within the forbidden area, use the "freight navigation system" to report and pass according to the time and route specified by the cargo guide.

　　Know each other far and near, Wan Li is still a neighbor. The Asian Games in Hangzhou is ours, and it is the world’s. In the face of the upcoming Asian Paralympic Games, I hope that every citizen of Hangzhou will continue to maintain their cordial friendship, continue to play the spirit of "ownership", be tolerant and understanding, and cooperate and support them. Let’s light up the shining light, continue the excitement of the Asian Games, and go to a better tomorrow together!

In recent years, Anhui Normal University has conscientiously implemented the General Secretary of the Supreme Leader’sThe Important Thought of Poverty Alleviation and Development, the funding education work as education project, people’s livelihood project, aroundThe fundamental task of "cultivating people by virtue" is to adhere to the working concept of "student-oriented, helping people as much as possible, subsidizing and educating people", and initially form a working mechanism of "unified leadership of schools, overall guidance of departments, and implementation by colleges", and realize the "four highs and four zeros" funding work with high funding coverage, high funding amount, high success rate, high satisfaction, zero complaints, zero mistakes, zero arrears and zero dropout.144”Quality system of subsidizing education.

First, solve the problem and independently develop a smart system.

Relying on the easy-shift platform, the school promoted the informatization construction of funding work, independently developed a smart funding system, and initially realized the following functions:The first is accurate identification.The quantitative index system of poor students identification is developed by using mathematical model, and the quantitative identification system is developed.So as to distinguish students with difficultiesgroup, and canIdentify itThe degree of difficulty has greatly improved the scientific and accurate identification of students with difficulties.The school has been fully implemented"Online identification+class evaluation+field visit verification" is a new identification model for students with financial difficulties.The second isAccurate funding.The school analyzed the data of the demand ratio of financial aid for poor students in three poverty levels and established the evaluation index of demand and financial aid.Carry out classified funding.2018In, all the poor students in the school were assisted.0.510,000 yuan, of which the average poverty level is0.810,000 yuan, the difficulty level is average.0.5Ten thousand yuan, the average difficulty level.0.3Ten thousand yuan,realizeWe should do our best to help.The third is accurate distribution.The subsidy for difficulties does not need to be applied by students, and is directly distributed to students’ campus cards according to the system data. The school also independently developed."wish1+1"module, according to the needs of poor students to buy warm clothes and school supplies, through the entrusted express mail directly to the aided students.The fourth is accurate inquiry.The realization of customized and accurate query of all kinds of information has laid a solid foundation for accurate funding. At present, data information can be quickly connected with national and provincial funding systems.

Second, highlight the humanities and make every effort to promote it."Four Warms Accompanied" Project

According to the season, the special period of study, family accidents and other factors, timely organize and carry out.The "Four Warnings Accompanied" project, to achieve "where the poor students are, where the funding work is".One is"Warm Spring Action".Spring is a special time when students have heavy study tasks, concentrated examination and research, and increased pressure on life.Festival. Before the state grant has been issued, the school will provide students with sudden family changes during the winter vacation.、Orphans and disabled students, martyrs, special care recipients, etc.Special hardship groups issue temporary hardship subsidies to solvetheirLife problems.The second is"Operation Warm Winter".The school is located along the river, in winter.Wet and cold. Before the arrival of winter, the school distributed warm clothes to the poor students to let them spend the cold winter with peace of mind.The third is"Warm Learning Action".On the eve of the final exam and postgraduate entrance examination, subsidies will be given to students from poor families who participate in work-study programs, so that they will no longer participate in work-study programs and review for the exam with peace of mind.The fourth is"Warm Road Action".In the season of employment and postgraduate re-examination, transportation subsidies for job hunting and postgraduate re-examination are provided for difficult graduates.2018In, the school passed.“Four warm companions"Project fundingFamily economic difficultiesgrow9478Person-times, with a total amount of442.69Ten thousand yuan.

Third, grasp the demand and focus on building"40%" education mode

1.　Cultivate and inspire ideas“I want to be a success."Love

According to the growth needs of students from poor families, ideological cultivation is carried out, which effectively stimulates poor students.The feeling of "I want to be a talent"The first is to compile teaching materials for aiding education.The book is divided into seven chapters, including career planning, interpersonal communication, self-improvement, gratitude and dedication, honesty and trustworthiness, mental health, innovation and entrepreneurship, with 170,000 words. According to the reading characteristics of poor students, the question-and-answer writing method is adopted to solve their growth confusion. At present, the teaching materials are being published. It will become the first subsidized education textbook specially written for students from poor families in Anhui Province.The second is to create"Moss Flower" inspirational class.according toBased on the principle of "one classroom, two classrooms", a "menu" and "open" curriculum system with ideals and beliefs, self-motivation, gratitude and dedication, honesty and trustworthiness, career planning, interpersonal communication, mental health and innovation and entrepreneurship as the main contents is constructed, which requires every poor student.It needs to be completed every year28A study task of 10 hours,Realize the full coverage of hierarchical and classified education for poor students in the whole school;depend on"Binghui Scene Simulation Laboratory" opened the "Moss Flower" Theater, and put the story of subsidizing education on the stage, so as to achieve one theme, one tutor, one comment and one experience in each period, so that poor students can receive more vivid and vivid education. This year has been held.sixA special training,Students from poor familiesparticipate in3720People.The third isChoose excellent models of trees.By carrying out“Top Ten Self-improvement Stars”“Top ten volunteers”“Top ten college students"Waiting for the selection activities, looking for inspirational role models around you, Wu Qingshan, winner of the May Fourth Youth Medal in China, has emerged one after another.“China college students’ self-improvement star pacesetter"Guzilinur·Ainiwal et al.190Many poor students are typical. Hold an annual awardThe award ceremony and scholarship awarding ceremony were strengthened by designing mascots, taking photos on the red carpet, reviewing and looking forward to short films, drawing prizes by friends of students, telling stories of peers, and awarding prizes by leading professors.Students from poor familiesThe sense of ritual education, enhance their self-confidence and sense of honor.2018In 2000, the awarding ceremony and awarding ceremony were held at two levels.36Second, do itFamily financial difficultiesStudents participate in full coverage.

2.　Personality guidance, promotionA trip to "I can become a talent"

Through the construction of two-level development counseling stations in schools and colleges, implementPomegranate seedProject, promoteA trip to "I can become a talent".First, there is a platform for guidance.around"Students from poor families need in-depth counseling and personalized counseling", and the school actively promotes the school.Two-level development counseling station construction, and issued management and assessment methods. At present, there are two levels of school and college.17A development counseling station.The second is to guide a team.The school has set up a team of professional development counseling teachers with qualifications such as career planning guidance, employment guidance, entrepreneurship guidance and psychological counseling. At present, there are full-time and part-time development counselors at the school and college levels.126People, including subtropical high or above.32People.Third, there are methods for guidance.explore“one-to-one"The combination of personalized counseling and group counseling helps students analyze their shortcomings and advantages and clarify the direction of success.2018In, the two-level development counseling station was launched.Individualized counseling and group counseling8200Remaining person-times.Fourth, the guidance has characteristics.For Xinjiang nationalityStudents from poor familiesimplement“Granite seed"Engineering,pass“Point-to-Point"Pairing mode, targeted personality guidance.“Granite seed"engineeringObtain the approval of provincial offices and exchange experiences; The school conducts it every year.“Hundreds of scholars visit hundreds of schools."Activities, in-depth understanding of students’ family situation, rightStudents from poor familiesConduct personality guidance.2018Year,138The famous academic staff paid a return visit.632A poor family.

3.　Classified training, propulsion"I can become a talent" move

according toThe principle of "make up for weaknesses and grow talents", implement classified training and promote the move of "I can become a talent".The first is to set up"Double Support" project, focusing on development planning.“Shuangfu"The project is designed for the weak.homeStudents with financial difficulties in courtSet up a platform, set up teams and individuals to plan projects, and let them improve their work by combining pairing assistance or individual independent design.Career planning ability.2018Year,“Shuangfu"project approval and initiation35Item, item30Item, yes356A poor student participated in the project.The second is to implement work-study programs and strengthen self-reliance.The school has built a work-study mode combining internal and external affairs, with weak arrangement ability.homeStudents with financial difficulties in courtParticipate in the school work-study program and arrange for the instructor to carry out it.“one-to-one"Guidance and assistance; Encourage othershomeStudents with financial difficulties in courtTake part in off-campus work-study programs to improve their labor skills.The third is to hold academic competitions to improve professional quality.encouragehomeStudents with financial difficulties in courtJoin robot contest, normal students’ skill competition, innovation and entrepreneurship competition, career planning competition, patent competition, etc. in combination with their majors, so as to enhance their professional learning interest and professionalism.2018Year, yes693namehome

4.　Effectiveness evaluation, realizationThe dream of "I have become a talented person"

Explore and form a set of quantitative evaluation system of subsidized education with five first-level indicators such as gratitude and honesty, self-improvement, study and practice, communication and development achievement as the core. Evaluation haircurrent,2012Since,Family financial difficultiesStudents have made remarkable progress in obtaining scholarships, graduation, employment, further studies, organizational development and voluntary service. such as2018In, the organizational development rate of students from poor families was higher than the average level of the whole school.3.69Percentage points, the employment rate is higher than the school average.4.67Percentage points, the enrollment rate is higher than the school average.6.49Percentage points, the scholarship rate is higher than the school average.14.6The winning rate of competitions at or above the provincial level is higher than the average level of the whole school.0.46Percentage points, volunteer service time is higher than the average level of the whole school.0.5Wait an hour.

studyThe results of the school’s financial aid work deeply touched every poor student, and they spontaneously issued a love relay initiative., established“Love relay"Fund, return to the alma mater. In recent years,studySchool alumni Chen Liqin, Wang Daming and other alumni donated more than0.5100 million yuan, for the school to set up scholarships, strengthen infrastructure, etc., of which the donors are in school.Family financial difficultiesRaw accounts for one third.studyCharacteristics of school-funded educationdoFrance attracts Fudan University and Hefei University.University of Fertilizer Technology, Shanghai University, etc.10Many brotherly colleges and universities in and out of the province came to our school for investigation and exchange, which was reported by official website, the Ministry of Education.

An in-depth survey of science and technology finance every day

Walking into the story behind business

Source: Blizzard China official Weibo

Over 500,000 players call overnight.

Writing/Meng Huiyuan

Editor/Li Jinlin

Typesetting/Annalee

In recent days, the game circle’s "Xi Fei returned to the palace" drama began.

On April 10th, Blizzard officially announced that it had reached an agreement with Netease to return to the China market, and vividly interpreted what it meant to be "divorced for nearly a year and a half, and it was better to return home".

At the beginning, when "wrangling" happened, Blizzard and Netease blamed each other, and the scene was once very ugly. Now, with Hershey, Blizzard and Netease can sit together again and discuss the compensation benefits for players. Of course, judging from various signs, the combination of game manufacturers is not only the need of their own development, but also the entanglement of interest exchange.

But no matter what kind of consideration, the behavior of the game company, only the players are finally injured.

Abandoned veteran player: I can’t stop cursing and can’t let go.

After Blizzard officially announced that its games will begin to return to the domestic market in the summer of 2024, netizens were excited for a while, and the excitement was comparable to that of the New Year.

Some people recall the past and want to relive the beauty of the game time: "I miss the vegetable garden on my mid-mountain, I miss whether my sunflower has eaten well, whether the song can be sung, and whether it will only be sung to me. I miss my hearthstone Tianma, which is healthy and unhealthy, and I will ride it to soar in the sky and travel all over Azeroth."

Some people care about the gains and losses, urging the players to pay compensation during the suspension period: "It is a good thing to return, but there are also some concerns to be raised here. For example, during the suspension of service, the store tokens and the monthly and annual rewards of the store; Rewards, prestige, illusion, etc. that are often missing in various activities (holiday activities) and weeks during the period of stopping taking medicine; The pvp season rewards that were missing during the suspension period, etc. The catch-up mechanism after the new service. If the above content is not handled well, the reopening of the national service is also the carnival of the studio. "

Others scolded from the beginning to the end, claiming that the most innocent players were gamers: "At that time, one person acted as if he didn’t need China players at all, and the other person said that the other party wanted our information to touch the bottom line. What does it mean to make up now? What is not the bottom line is not as important as money. "

Game players are all in phase.

Qin Zhen, a veteran Warcraft player, thinks that all the seemingly opposing voices on the Internet are understandable. "For example, the game World of Warcraft is basically a lot of youthful memories of the post-80s and post-90s. For this typical emotional game, the more people scold it, the more they love it. Moreover, scolding it is also afraid that it will abandon domestic players again. It’s a fatal blow that memories of youth, who has spent so many years, said no, no, no,no. "

"Imagine that one day Jay Chou collapsed and all the songs could not be heard. Can you accept it as an iron powder?" Qin Zhen told Zinc Scale that one of the most popular sayings among players now is: "Don’t forget that players are just victims of Microsoft and mobile violence". The point that makes everyone unhappy is that "the game company acts to let the players pay the bill. But the problem is that the player is innocent! " .

Obviously, at the beginning, Blizzard and Netease suddenly got divorced, which caught the players off guard. However, it seems sincere to see all kinds of promises and actions made by Blizzard officials after their return.

The discovery of zinc scale has been clearly mentioned in "Try to heal, then recover excessively-a letter to the national service Blizzard gamers", "When the server is turned on, we will ensure that your account data is completely preserved", directly feeding the players who are willing to return. A reassurance.

In addition, when Netease is recruiting for Blizzard Games, the released job requirements can also be seen as additional requirements such as "arranging sincere compensation content when the server restarts" and "fully understanding the game content during the suspension period, and arranging appropriate operational content to help players regain the opportunity to obtain these contents as much as possible".

These actions have made many Blizzard players who are "outspoken" consciously wait for the specific opening time. By the time the zinc scale was published, 525,000 people had reserved World of Warcraft. "Anyway, I have already made an appointment. The new’ cake’ drawn by the game company is delicious. Wait until I taste it first." Qin Zhen said so.

Looking at the market, Blizzard can’t let go of millions of players.

From November 2022, Blizzard announced that it would break up with Netease, and on April 10, 2024, Blizzard officially announced that it would return to cooperate with Netease again. Blizzard, which had made a high-profile announcement to withdraw from the China market, also chose a high-profile return after nearly a year and a half of absence (Blizzard’s Battle.net server in China was officially closed on January 24, 2023).

In fact, looking back, the reason why Blizzard and Netease "divorced" has been inconclusive.

At that time, it was rumored that the cooperation conditions proposed by Blizzard were harsh, requiring Netease to develop other IP mobile games for global distribution, but Netease was not allowed to share the proceeds except China, and Netease was required to provide a deposit and two-year advance payment. In addition, Blizzard also wants to control all intellectual property rights and data control for China players.

The statement issued by Blizzard said, "Because Netease has not reached a renewal agreement that conforms to Blizzard’s operating principles and promises to players and employees". In this regard, Netease said, "The conditions put forward by Blizzard are harsh, and it is impossible to reach an agreement on some key terms involving sustainable operation and the core interests of China players."

In other words, the core interests of the two companies are inconsistent, and cooperation will naturally not continue.

Although we can’t cooperate for the time being, the China market really smells good. After all, Activision Blizzard mentioned in the financial report of the third quarter of 2022 that the blizzard works jointly launched with Netease in Chinese mainland contributed about 3% of Activision Blizzard’s total revenue. According to the report of the new knowledge of the game, if the blizzard part is taken out independently, the "3%" here is equivalent to 13.5% of the revenue in 2022, equivalent to about 1.603 billion yuan.

Mike Ybarra, president of Blizzard, also said in an interview with the media: "There are millions of players in Chinese mainland who love Blizzard games, and everyone in Blizzard wants to make sure that they can play our games. We are a global company, and I hope Blizzard games will spread all over the world, including Chinese mainland. Therefore, when we make progress, we will evaluate this and see what will happen. "

The opportunity of "remarriage" appeared in October 2023, but this time the main body of cooperation with Netease changed from Blizzard to Microsoft.

According to a number of media reports, shortly after Microsoft officially acquired Activision Blizzard, the parent company of Blizzard Entertainment, for about 68.7 billion US dollars, it began to renegotiate the return of Blizzard’s national service with Netease, and it was basically finalized in December last year that it would re-cooperate. One of the clear clues is that on December 20, 2023, Netease Great God platform re-launched the World of Warcraft community.

Blizzard officially announces return

Anyway, now the boots have finally landed successfully. Even though we broke up with Netease, on the basis of cooperation for more than fifteen years in the past, this wonderful drama of reconciliation after breaking up always gives people an unexpected but reasonable feeling.

On the one hand, it is the version number problem. Blizzard’s whole family has a total of 12 version numbers registered under Netease’s name. If Blizzard changes its agent, it is necessary to reapply for the version number after the game stops serving, and the number of imported version numbers is more scarce than that of domestic games. On the other hand, it is a physical server. Even if the agent is changed, Blizzard has to get back the historical user data, which is now in Netease’s hands.

Therefore, in the eyes of many people in the industry, Netease has almost become a necessary option for Blizzard’s return, and the release of cooperation news only confirms their judgment.

Netease, the "pick-up man", laughed?

From Netease’s perspective, it was very ugly when we broke up with Blizzard.

Netease once fiercely countered in an official statement, "Blizzard’s proposal is outrageous, inappropriate and not in line with business logic", calling it "overconfident" and "take whatever you want, ride a donkey to find a horse, and get divorced". Netease canteen has also launched new dishes "Blizzard Green Tea Rape" and "Blizzard Green Tea Small Pacai", directly playing with stalks to insinuate Blizzard.

But once again, Netease is willing to actively strive for it.

Thanks to the help of mobile games such as Egg Party and Going Against the Water, and the stable performance of Fantasy Westward Journey, Netease’s game business revenue reached 81.6 billion yuan in 2023, up 9.4% year-on-year, accounting for 78.8% of the total revenue. This achievement made Netease offset the impact of its breakup with Blizzard in early 2023, and also drove the annual revenue to pass the 100 billion mark in one fell swoop.

However, the competition in the game industry in the domestic market is fierce. Take the Egg Party, which Netease values most, as an example. Although it has brought it a lot of revenue, the Egg Party is often caught in the whirlpool of negative public opinion of "inducing recharge" and "minors paying a large amount". At the same time, the same type of game "Yuan Meng Xing" created by Tencent’s late arrival has performed well, which has also brought a lot of pressure on the business performance of "Egg Party".

However, with the World of Warcraft, Hearthstone, Warcraft, Watching Pioneer, Diablo and StarCraft, and other games under Blizzard, they began to return to the Chinese mainland market one after another this summer. Netease can not only gather the hearts of a wave of old players, but also continue to rely on these classic games to increase their profitability, and can look forward to transforming these online games IP into mobile games IP later (Netease and Blizzard jointly produced the mobile game Diablo: Immortality before the "breakup", and the game performed well).

Blizzard game family barrels will return one after another.

In this way, after the second cooperation, Blizzard may make a small profit, but Netease will definitely not lose money. According to the latest report released by JPMorgan Chase, the re-cooperation between Netease and Blizzard is expected to bring 3% to 4% of the online game revenue of Netease.

What’s more, Microsoft also reached an agreement with Netease to try to bring new Netease games to Xbox and other platforms.

In this regard, Zhang Yi, CEO and chief analyst of Ai Media Consulting, said in an interview with Securities Daily that Netease also needs to increase its overseas revenue share. Microsoft promotes Netease games to log on to Xbox, which can give overseas players more opportunities to understand Netease’s game products. It is very important to enhance Netease’s brand influence and market share in overseas markets, and it is also an easy shortcut for Netease.

Generally speaking, the re-cooperation between Netease and Blizzard is not only the best choice made by them from their own personal perspectives, but also a win-win "commercial marriage".

END

Menghuiyuan

Email: coopert@163.com.

Introduction: You can talk about poetry and distance, and you can also talk about tea and streamer.

Focus areas: streaming media, Internet medical care.

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A few days ago, Jiang Ge learned from the official that the pre-sale was officially opened. The pre-sale price started at 169,800 yuan, and the new car will be officially listed on September 23. Shangjie H5 is a combination of Huawei’s leading intelligent technology and SAIC’s profound car-making heritage. Its appearance is simple and atmospheric, its space is spacious and practical, its battery life meets the needs of the whole scene, and it is equipped with HUAWEI ADS 4 auxiliary driving system. According to the latest official data, Shangjie H5 opened a one-hour pre-sale order and exceeded 25,000 units.

In terms of appearance, the new car adopts the closed front face of new energy vehicles, and the latest brand logo is hung in the center of the front face. The roof is equipped with a laser radar, and the new car is also equipped with a luminous logo and a smart blue light. The overall appearance is full of technology.

From the side of the car body, the overall lines of the new car are relatively smooth, and the traditional door handle is adopted instead of the popular hidden door handle design. In terms of body size, the length, width and height of the new car are 4780/1910/1657 (1664) mm.

When we arrive at the rear of the car, we can see that the design of the rear of the new car also adopts simple design techniques. At present, the popular through-type taillight group, and the central part of the taillight is also equipped with the Shangjie brand logo.

In terms of interior, the new car adopts the popular minimalist design style, creating a fashionable and warm interior atmosphere. In terms of specific configuration, the front row of the new car is equipped with a liquid crystal instrument and a large-size floating central control panel. In addition, it is equipped with three flat-bottomed steering wheels, a wireless charging panel for mobile phones and a panoramic canopy.

The rear space looks extremely spacious and the seats look very comfortable. In addition, we also see that the rear row of the new car is not only equipped with a central armrest, but also provides an entertainment screen.

?

In terms of power, the new car offers two options: pure electricity and extended range. The pure electric version is equipped with a battery pack with a capacity of 80kWh. The CLTC has a pure battery life of 655 kilometers and a comprehensive power consumption of 13.4kWh per 100 kilometers. The extended-range version has a pure battery life of 235 kilometers, a comprehensive battery life of 1360 kilometers and a comprehensive fuel consumption of 4.44L per 100 kilometers.

　　BEIJING, Beijing, September 14 (Reporter Zhang Ni) In recent years, with the promotion of burden reduction in primary and secondary schools, the school hours of primary schools in many areas have advanced to around 3: 30. However, children leave school early and parents leave work late, which makes many parents feel embarrassed — — It is unrealistic to ask for leave, and there are many concerns about the custodian. How should we solve the "3: 30 problem"?

　　Parents are worried about picking up their baby after school at 3: 30.

　　"When I get to school, I have a headache. My wife and I both go to work. The off-duty time is five or six o’clock, but children usually leave school at three or four o’clock, and picking up children has become a problem." Mr. Wang, a citizen who lives in Haidian District, Beijing, said that every time he started school, he began to worry about picking up the baby.

　　Mr. Wang’s son is in the fourth grade. Before that, Mr. Wang’s mother helped to pick him up, but in the past two years, because his mother was in poor health, he had to pick him up with his wife.

　　"Now the school has after-school activities three days a week, and the school time is relatively late. I will rotate with my wife for the remaining two days. Whoever is not busy will pick up the children in advance." Mr. Wang said that because the school is close to home, he and his wife planned to let the children go to school by themselves after they entered the fifth and sixth grades, but he was still a little worried.

　　Mr. Wang’s experience is also a portrayal of the real life of many young parents. In order to solve the problem, many elderly people took the initiative to take over the heavy responsibility of receiving the baby. Ms. Shen, 66, is one of them.

　　Ms. Shen lives in Haidian District. Her grandson is in the first grade of primary school this year. Because both her son and daughter-in-law have to work, the job of picking up and dropping off the children is given to her.

　　"I have to go back and forth between home and school several times a day, and I have to walk on the road for nearly an hour a day." Ms. Shen said that because she is in good health, she can accept it, but I am afraid that the elderly who are in poor health will be a little overwhelmed.

　　"Last year, my son asked for a second child, and I hired a nanny to take the second child at home. I can still be busy when I send the boss. When the second child starts to go to kindergarten, I have to pick up two. Without a nanny, I will definitely be too busy." Ms. Shen said.

　　Market demand gives birth to trusteeship fever

　　The problem of parents picking up their children has also left business opportunities for off-campus hosting institutions, and the fees of such institutions are expensive.

　　A few days ago, the reporter consulted a primary school care institution in Zhongguancun, Beijing, and learned that the cost of hosting a primary school student in this institution is 1,480 yuan per month, while the student’s meal fee is calculated separately, which is the charging standard for each meal in 20 yuan. In this way, if a primary school student has dinner once a day in a custody institution, the monthly expenses add up to nearly 2,000 yuan, which is not a small expense for many parents.

　　Even so, because of the large demand, the number of custody places of custody institutions is also very popular.

　　"The number of students we can accept is limited, so we usually start to register in mid-August, and there will be very few places left when the school starts." A staff member of the agency told reporters.

　　For such a custodian, parents also have their own concerns.

　　"One depends on whether the price charge is acceptable. In addition, if we really want to send our children to such a custody institution, we must also check the qualifications, safety facilities, the level of teachers, the quality of food, etc. We are all concerned." Mr. Wang expressed his concern.

　　The teacher vomited: it is very tiring to organize after-school activities.

　　In the first half of this year, the Ministry of Education issued the Guiding Opinions on Doing a Good Job in After-school Services for Primary and Secondary School Students. Among them, it is clear that we should give full play to the role of the main channel of after-school service in primary and secondary schools. The majority of primary and secondary schools should make full use of their advantages in management, personnel, venues and resources, and take the initiative to assume the responsibility of students’ after-school service.

　　The reporter learned that after-school expansion activities have been carried out in primary schools in many areas, including Beijing. However, in the process of school implementation, there are also many practical problems.

　　Lin Lin (pseudonym), who works as an English teacher in a primary school in Chaoyang District, Beijing, said in an interview that her primary school will hold community activities three days a week, but because of the limited resources of teachers in the school, some interest activities need to be outsourced to hire teachers.

　　"Schools should also increase their funding, not only paying the class fees of external teachers, but also paying some remuneration to the class teachers." Lin Lin said.

　　"Community activities usually disrupt classes, and it is difficult for teachers to manage classroom discipline. Therefore, each class should be equipped with a class supervisor. Once the class is over, children like to have classes in disorder, so the class supervisor must always be nervous to prevent danger." Lin Lin told reporters that he will arrive at school at seven o’clock every day, and his usual workload is already very heavy. Coupled with the arrangement of extracurricular activities, he is very tired at the end of the day.

　　After school at 3: 30, did the students reduce their burden?

　　On the one hand, the school leaves school early, on the other hand, the students’ schoolwork burden has not really been alleviated. Many primary school students hurried to the off-campus cram school after leaving the school gate. Xiaoding, who is in the sixth grade this year, is one of them.

　　"I don’t have cram schools now except Monday and Sunday, and I have extracurricular classes the rest of the time." Xiaoding told reporters.

　　Xiaoding’s school is a key primary school in Beijing. It will finish school before three o’clock every Tuesday and Friday, but he still has cram schools to attend. Usually, Xiaoding goes to cram school by bike every time he comes home from school to pack his things, and many students in the class have similar situations.

　　"We are under great pressure as parents. Some of our children’s classmates were recruited by key middle schools in the fourth and fifth grades. If they can’t be recruited, they can only participate in computer allocation, which is quite anxious." Mr. Zhu, who lives in Haidian District, expressed emotion in an interview.

　　Mr. Zhu also has a daughter who has just entered the sixth grade. Because he is worried that his child will be sent to a bad middle school, he began to take his child to take some key middle school exams very early.

　　"In fact, children have very little homework in school and can finish it soon, but we also reported three or four extracurricular classes to our children, so it is not easy." Mr. Zhu said that as long as the child’s junior high school is not solved one day, his heart will always be hanging.

　　How to solve the problem?

　　On the one hand, the state advocates reducing the burden and letting students leave school early. On the other hand, schools and parents are faced with various implementation problems. How to solve the contradictions?

　　In fact, in recent years, many local governments have introduced relevant policies to solve the problem.

　　For example, Beijing, Chengdu and other places have established a financial guarantee mechanism. Public primary schools in Shanghai generally provide free after-school care services to students who have difficulties in family care. Qingdao and other places "take the school family Committee as the leading factor and the school participates in cooperation" and rely on the school’s premises and equipment to carry out after-school service.

　　"Solve ‘ 3: 30 problem ’ It is still necessary to let the school play an active role and carry out more extracurricular activities, but this requires a policy tilt, focusing on giving teachers subsidies and improving teachers’ enthusiasm. " Gu Mingyuan, honorary president of China Education Association, stressed in an interview with Zhongxin. com.

　　Gu Mingyuan analyzed that while the government gives financial support to schools, it should also give them autonomy in running schools. "Education should also be shared, so that schools can fully tap and utilize all social resources, even including inviting parents with special skills to participate in after-school activities. Children should not be pushed to training institutions because of school."

　　Chu Zhaohui, a researcher at the China Academy of Educational Sciences, believes that students should also be given some time for independent activities, rather than just "going to school — — Going home is a two-point and one-line life, and the part that is in contact with society is missing.

　　"In the process of children’s growth, it is not only the school that has an educational role, but also the society. Education should return to a normal state, so that children can participate in social activities independently and find their own interests." Chu Zhaohui said.

　　In addition, Chu Zhaohui emphasized that if the disguised junior high school entrance examination still exists, then the children are still tied to the examination and academic performance, so it is difficult to really reduce the burden. (End)

　　BEIJING, July 30 (Xinhua)-Recently, the website of the State Railway Administration released an announcement on the investigation and handling of the K596 passenger train collision with the operator on the "6.4" Lanzhou-Xinjiang line, which pointed out the suggestions for handling the units and personnel responsible for the accident: 21 people were given disciplinary sanctions, and the judicial organs have taken compulsory measures against 3 people.

　　The details are announced as follows:

　　I. Basic information of the accident

　　1. Overview of the accident

　　At 5: 18 on June 4th, 2021, Jinchang Workshop of Wuwei Works Section of China Railway Lanzhou Bureau Group Co., Ltd. carried out line mechanical maintenance work on the down line between Yushi and Jinchang Station of Lanzhou-Xinjiang Railway. Due to the temporary failure of tamping the stabilizing car, when the person in charge of the operation organized the workers to transfer to cross the railway line, the cross-line personnel collided with K596 passenger train, resulting in 9 deaths.

　　2. Overview of the accident unit

　　China Railway Lanzhou Bureau Group Co., Ltd. has 16 trunk lines including Baolan High-speed Railway, Lanxin Passenger Dedicated Line, Yinxi High-speed Railway, Longhai High-speed Railway and Lanxin High-speed Railway, and 4 other branch lines, with a business mileage of 6,052 kilometers and 41 transport stations. Wuwei Works Section is its subordinate transportation station, and the line in the accident zone is maintained by Jinchang Line Workshop, a workshop under Wuwei Works Section.

　　3. The accident happened

　　According to the maintenance plan, there are two tamping stabilization vehicles working together in this maintenance operation, and the mechanical maintenance operation is carried out from east to west from K361+850 and K364+500 respectively.

　　At 2: 54 on June 4th, Zhang, deputy director of Jinchang Line Workshop in Wuwei Works Section, as the operation leader, organized the workshop participants to hold a preparatory meeting for maintenance operation, and deployed the maintenance operation organization plan and division of labor. A total of 5 employees and 18 laborers from Wuwei Works Section participated in the mechanical maintenance operation at K361+850, and Zhou was appointed as the shift leader. Because the operation area is in the curve and poor communication area, the protector responsible for the protection of the operators is adjusted to the middle protector, and the protector responsible for the emergency group is adjusted to the protector responsible for the protection of the operators.

　　At 4: 20 on June 4, according to the registration request of the station liaison officer of Wuwei Works Section, station attendant of Jade Station applied to the train dispatcher, who issued a dispatching order, blocked the downlink between Jinchang Station and Jade Station from the time of receiving the order, and allowed Wuwei Works Section to carry out line mechanical maintenance at K360+000 to K368+000, and the maintenance was completed at 7: 22.

　　At 4: 38 on June 4th, Zhang, the person in charge of the operation, led the workers to enter the protective net from the operation door on the side of K361+900 uplink, crossed the uplink and downlink, and walked along the shoulder to the K361+850 operation site.

　　At 4: 48 on June 4th, the tamping stabilizing car was moved from Jade Station to K361+850 according to the operation plan.

　　At 5: 04 on June 4, the tamping stabilized vehicle failed to continue its operation due to the oil leakage of the accumulator.

　　At 05: 09 on June 4th, the resident liaison officer informed the on-site guard that the passenger train K596 was predicted to pass the Jade Station at 05: 10.

　　At 5: 15 on June 4th, Wang, the site protector of tamping stabilizing vehicle, confirmed that he had received the approaching information of passenger train K596 twice.

　　At 5: 16 on June 4th, it was confirmed that the fault of the tamping stabilization vehicle could not be repaired and the operation could not be continued. The person in charge of the operation, Zhang, issued an instruction for the operators to transfer to the operation site K364+500, arranged for the shift leader, Zhou, to lead 15 operators to cross the uplink and downlink lines, and went out of the protective net from the operation gate K361+900 to take a bus to K364+500 to participate in the operation. Wang, the protector who originally followed the tamping stabilization vehicle for mobile protection, was appointed to be responsible for the transfer and crossover After that, the protector Wang and the shift leader Zhou led 15 workers to the shoulder of the road at the 5-meter position (K361+820) on the east side of the faulty tamping stabilization vehicle. During the preparation for crossing the line, the person in charge of the operation, Zhang, urged the crossing line three times.

　　At 5: 18 on June 4, Wang, who was in charge of the protection of the operators, was still jointly controlling the position of the K596 passenger train with the middle protector. In the case that the middle protector did not answer, he did not issue an order prohibiting crossing the line and did not stop the personnel from crossing the line. Zhou, the shift leader, blindly organized the cross-line personnel to cross the line without confirming whether the train passed. Because the lookout line was blocked by the faulty tamping and stabilizing vehicle, the crossing personnel did not see the approaching K596 passenger train before crossing the line. During crossing the uplink, they collided with the passing K596 passenger train, and nine workers died on the spot. Three workers have crossed the uplink, and the other three workers were blocked by the shift leader Zhou.

　　Second, the emergency response

　　After the accident, the co-driver of K596 passenger train, the vehicle attendant and the police immediately got off the train to check the scene of the accident. The driver immediately reported to Jinchang Station and called 120 and 110 for rescue and alarm. After receiving the report, the station immediately organized the police officers of Jinchang station police station and other relevant personnel to rush to the scene of the accident to carry out rescue work for the collision personnel. Confirmed by 120 medical staff, 9 people were killed and others were not injured. After on-site disposal, K596 passenger train started at 6: 43.

　　After receiving the accident report, China Railway Lanzhou Bureau Group Co., Ltd., the main person in charge led the relevant personnel to the scene of the accident for emergency and after-treatment work.

　　After receiving the accident report, China National Railway Group Co., Ltd. immediately rushed to the emergency command center to direct emergency rescue, and assigned a deputy general manager to lead a team to rush to the scene of the accident to guide Lanzhou Bureau Group Co., Ltd. to carry out emergency rescue, after-care treatment, safety and stability, and cooperate with accident investigation.

　　The main person in charge of Lanzhou Railway Public Security Bureau rushed to the scene of the accident, organized and dispatched 120 police officers, set up 8 working groups, and devoted themselves to on-site maintenance, exploration and after-treatment work.

　　After receiving the accident report, Lanzhou Railway Supervision and Administration Bureau immediately launched the emergency plan, and the main person in charge led the relevant personnel to the scene of the accident to guide the accident rescue, and set up an accident investigation team to carry out the accident investigation.

　　The Gansu Provincial Party Committee and the provincial government attached great importance to it, and assigned provincial government leaders to rush to the scene to guide Jinchang Municipal Party Committee and Wuwei Municipal Party Committee and Municipal Government to fully cooperate with the railway department to carry out the aftermath and family comfort and condolences.

　　The emergency management department sent personnel to the scene of the accident to guide the emergency treatment and accident investigation.

　　Iii. Casualties caused by the accident

　　Nine workers were killed and no one was injured in the accident.

　　Four, the cause and nature of the accident, responsibility identification

　　1. The direct cause of the accident

　　During the maintenance operation, the tamping stabilizing car broke down, and the direct causes of the accident were blind command, incomplete joint control, field protection failure and illegal crossing of the line during the transition and crossing of the line.

　　(1) The foremen violate Article 54 of the Law of People’s Republic of China (PRC) on Work Safety, Article 5 of the Regulations on Railway Safety Management and Article 3.2.2 of the Rules for the Safety Management of Railway Works (TZY [2014] No.272) "When crossing a bridge, crossing or crossing a line, they should ‘ Hand-to-hand, eye-to-eye, mouth-to-mouth ’ , do ‘ One stop, two looks, three passes ’ , it is forbidden to cross the line ",Article 6 of Labor Safety Card Control Measures for General Speed Railway of Public Works Department of Lanzhou Bureau Group Company (Gong ‘an Letter [2020] No.66):" It is forbidden to cross the line blindly without confirming the arrival of cars on this line or adjacent lines ",and Article 68:" Before the operators get on the road and cross the line, they should choose a place with good lookout conditions to cross the line ".When leading the operators to cross the line, there are no regulations.

　　(2) On-site guards violated Article 54 of the Law of People’s Republic of China (PRC) on Work Safety, Article 5 of the Regulations on Railway Safety Management and Article 24 of the Labor Safety Card Control Measures for General-speed Railways in the Public Works Department of Lanzhou Bureau Group Corporation (Gong ‘an Letter [2020] No.66): "The guards should concentrate on their work, look carefully, correctly display and use signal spare parts, and accurately grasp the train operation. Timely and clearly inform all the operation leaders and foremen of the advance notice of each train heading for the operation site, supervise the operators (machines and tools) to get off the train in time when starting, and so on. When knowing that the K596 train is approaching and the joint control has not been answered and confirmed to be safe, it has not issued an instruction to prohibit crossing the line and has not prevented the crossing personnel from crossing the line.

　　(3) The person in charge of the operation violates Article 54 of the Law of People’s Republic of China (PRC) on Safety in Production, Article 5 of the Regulations on Railway Safety Management and Article 19 of the Measures for the Safety Management of Railway Business Lines (Tieyun [2012] No.280): "The main duties of the person in charge of the construction are: to be responsible for organizing and directing the construction site, directing the on-site construction, arranging construction protection and confirming the conditions for releasing the train; Responsible for summarizing and analyzing the construction organization, progress and safety, and being responsible for the safety of the construction site ",etc., did not arrange safety precautions for crossing the line, did not comply with the on-site protection regulations, and blindly urged the transition personnel to cross the line.

　　2. Identification of the nature and responsibility of the accident

　　According to Article 11 of the Regulations on Emergency Rescue and Investigation and Handling of Railway Traffic Accidents (Order No.501 of the State Council) and Articles 10 and 49 of the Rules on Investigation and Handling of Railway Traffic Accidents (Order No.30 of the Ministry of Railways), this accident is a serious accident of railway traffic, and China Railway Lanzhou Bureau Group Co., Ltd. takes full responsibility.

　　V. Suggestions on handling the units and personnel responsible for the accident

　　1. Persons whose judicial organs have taken compulsory measures (3 persons)

　　Three people, including Zhou, the operator, Wang, the site protector, and Zhang, the person in charge of the operation, have been arrested according to law.

　　2. Give disciplinary action personnel (21 people)

　　(1) The secretary of the Party Committee and the chairman of China Railway Lanzhou Bureau Group Co., Ltd. were given administrative demerits.

　　(2) The deputy secretary of the Party Committee and the general manager of China Railway Lanzhou Bureau Group Co., Ltd. were given administrative demerits.

　　(3) The deputy general manager in charge of public works of China Railway Lanzhou Bureau Group Co., Ltd. was severely warned by the party.

　　(4) The deputy director in charge of overall work of the Public Works Department of China Railway Lanzhou Bureau Group Co., Ltd. was ordered to resign, and the administrative record was severely punished.

　　(5) The director of China Railway Lanzhou Bureau Group Co., Ltd., who is in charge of this maintenance operation, was removed from office and the administrative record was severely punished.

　　(6) The chief of the Safety and Quality Section of the Ministry of Works of China Railway Lanzhou Bureau Group Co., Ltd. was dismissed and the administrative record was greater than the punishment.

　　(7) The deputy chief of the Safety and Quality Section of the Ministry of Works of China Railway Lanzhou Bureau Group Co., Ltd., who is in charge of labor safety and protection, was dismissed and the administrative record was given greater punishment.

　　(8) The chief of the line section of the Ministry of Works of China Railway Lanzhou Bureau Group Co., Ltd. was dismissed, the probation period was terminated, and the administrative record was severely punished.

　　(9) The deputy secretary and section chief of the Party Committee of Wuwei Works Section of China Railway Lanzhou Bureau Group Co., Ltd. were removed from office, and the administrative record was severely punished.

　　(10) The party secretary and deputy section chief of Wuwei Works Section of China Railway Lanzhou Bureau Group Co., Ltd. were removed from office, and the administrative record was severely punished.

　　(11) The deputy section chief in charge of line maintenance in Wuwei Works Section of China Railway Lanzhou Bureau Group Co., Ltd. terminated the probation period and was severely warned by the party.

　　(12) The administrative record of the deputy section chief in charge of labor safety and protection in Wuwei Works Section of China Railway Lanzhou Bureau Group Co., Ltd. was severely punished.

　　(13) The chief of the security section of Wuwei Works Section of China Railway Lanzhou Bureau Group Co., Ltd. was dismissed from his post.

　　(14) The administrative record of the assistant engineer in charge of the safety section of Wuwei Works Section of China Railway Lanzhou Bureau Group Co., Ltd. was severely punished.

　　(15) The head of the line section of Wuwei Works Section of China Railway Lanzhou Bureau Group Co., Ltd. was dismissed.

　　(16) The administrative record of the deputy section chief of the line section of Wuwei Works Section of China Railway Lanzhou Bureau Group Co., Ltd. was severely punished.

　　(17) The line section of Wuwei Works Section of China Railway Lanzhou Bureau Group Co., Ltd. is responsible for the administrative demerit of the line maintenance engineer.

　　(18) The director of Jinchang Line Workshop in Wuwei Works Section of China Railway Lanzhou Bureau Group Co., Ltd. was dismissed.

　　(19) The General Party Branch Secretary of Jinchang Line Workshop in Wuwei Works Section of China Railway Lanzhou Bureau Group Co., Ltd. was dismissed.

　　(20) The deputy director in charge of Jinchang Line Workshop in Wuwei Works Section of China Railway Lanzhou Bureau Group Co., Ltd. was dismissed.

　　(21) The deputy section chief in charge of equipment of Lanzhou Works Machinery Section of China Railway Lanzhou Bureau Group Co., Ltd. was given an administrative demerit.

　　3. Suggestions on the handling of the unit

　　Instructed China Railway Lanzhou Bureau Group Co., Ltd. to make an in-depth inspection to China National Railway Group Co., Ltd.

　　Six, the problems exposed by the accident

　　1. The field operation standards are not implemented in place.The basic operation system of Wuwei Works Section is not implemented. First, the on-site protection personnel and foremen have a weak sense of safety, fail to implement the operating standards thoroughly, and fail to perform their duties as required. Second, the person in charge of the operation did not direct the operation according to the existing plan, and illegally changed the plan temporarily and changed the protection and shift personnel. Third, the abnormal emergency response was not in place. When the tamping stabilizing vehicle broke down and organized the transition and cross-line operation, the emergency response plan and safety precautions were not formulated.

　　2. On-site operation safety risk control is not in place.Wuwei Works Section did not carry out safety risk prediction in combination with the actual situation of the job site. First, no targeted measures have been formulated for the need to cross the uplink without working doors in the downlink. Second, the card control measures are not formulated in combination with the problem that the construction site is in a continuous curve section and the line of sight of safety protection is limited. Third, there are loopholes in the construction protection scheme, the joint control link is too complicated, the information transmission is lengthy, the intercom channel is busy, there are key traffic information missing, and the transmission chain is unstable.

　　3. Maintenance operation management is not in place.The relevant departments of China Railway Lanzhou Bureau Group Co., Ltd. and Wuwei Works Section failed to implement the maintenance operation standards of the business line organized by the workshop, and the on-site control was not in place, and the business guidance, supervision and inspection were not in place. Wuwei Works Section failed to organize safety education and training for laborers involved in the operation as required.

　　Seven, accident prevention and rectification measures.

　　In order to draw a profound lesson from the accident, draw inferences from others, effectively prevent and resolutely curb similar accidents, the following rectification measures and suggestions are put forward for China Railway Lanzhou Bureau Group Co., Ltd.:

　　1. Firmly establish the safety concept of safety first and life first.

　　We must conscientiously implement the spirit of the important exposition and instructions of the Supreme Leader General Secretary on safety production, adhere to the people first and life first, adhere to the red line consciousness and bottom line thinking, firmly establish the concept of safe development, effectively improve the political position, deeply understand the grim situation facing the current railway safety work, implement the main responsibility of safety production, strengthen risk judgment and hidden danger investigation and management, quickly reverse the passive situation of safety production, and resolutely curb the occurrence of similar accidents.

　　2. Deeply draw lessons from the accident and immediately carry out special rectification of business line construction.

　　It is necessary to draw a profound lesson from the accident, immediately organize the special rectification of the construction safety of business lines, benchmark the regulations in the whole process from the aspects of construction organization and leadership, construction scheme review, construction plan preparation and approval, safety agreement signing, personnel training, etc., comprehensively investigate the problems such as non-implementation of on-site operation standards, irregular organization, non-implementation of protective measures, illegal entry and exit during operation, strengthen the on-site supervision and control of cadres, give play to the role of scientific and technological means such as remote monitoring, increase supervision and assessment, and compact safety responsibilities.

　　3. Strengthen the construction safety infrastructure and improve the construction safety prevention ability.

　　In view of the problems exposed by the accident, scientifically analyze and judge the weak links in railway safety management, and make up for the shortcomings of on-site safety management by strengthening the means of "civil air defense, physical defense and technical defense" to improve the ability of on-site safety management and control. It is necessary to strictly carry out training for construction workers and management personnel in business lines in different levels and grades, strengthen the management and training of labor and employment, establish and improve the responsibility system of "self-control, mutual control and other control" for operation safety, and strengthen the safety monitoring and control of construction operations in key time periods, key lots and key links to ensure traffic, personal and construction safety.

　　4. Strengthen the daily management of business line construction and improve the rules and regulations.

　　It is necessary to improve the construction safety management system of business lines, implement the professional management responsibility of business line construction, improve the construction safety risk prevention and pre-judgment mechanism and abnormal emergency response mechanism, analyze and judge potential risks according to different construction characteristics, formulate emergency response plans, improve emergency response and risk prevention capabilities, and ensure safety.

　　[New Ideas and Practice of Governing the Country]

　　Since the 18th National Congress of the Communist Party of China, remarkable achievements have been made in strictly administering the Party in an all-round way, but the building of a clean and honest party style and the struggle against corruption still have a long way to go. In his speech at the Seventh Plenary Session of the 18th Central Commission for Discipline Inspection, the Supreme Leader pointed out that to further promote the comprehensive and strict administration of the Party, we must treat both the symptoms and the root causes. The key to cure the problem is to innovate institutional mechanisms, improve laws and regulations, strengthen inner-party supervision, establish and improve institutionalized and legal governance mechanisms, comprehensively promote the rule of law, and strictly manage the party and power according to law.

　　The essence of strictly administering the party is to strictly govern power and rule power according to law.

　　The Communist Party of China (CPC) is the ruling party. To ensure our party’s long-term governance, we must adhere to the principle of strictly administering the party and governing power according to law. The key to strictly administering the Party lies in strictness and governance, which requires strengthening the awareness of the rule of law and rules, standardizing the operation of power according to law, and strengthening the supervision of power. The Sixth Plenary Session of the Eighteenth Central Committee of the Communist Party of China pointed out that it is necessary to improve the restriction and supervision mechanism of power operation, and form an institutional arrangement in which the right must be responsible, the use of power must be responsible, and the abuse of power must be held accountable. This is actually the concrete embodiment of the thought and important concept of the supreme leader comrade about putting power into the system cage. Montesquieu once pointed out that "all people with power are prone to abuse their power, which is an eternal experience". If the dam of laws and party rules is broken, the abuse of power will be like a flood. Strictly administering the party in an all-round way and strengthening power supervision means institutionalizing and legalizing supervision. Specifically, we should do the following two things.

　　Power should be bound by the Constitution and laws. Article 5 of the Constitution stipulates: "All state organs and armed forces, political parties, social organizations, enterprises and institutions must abide by the Constitution and laws. All violations of the Constitution and laws must be investigated. No organization or individual may have privileges beyond the Constitution and laws. " Constitution of the Communist Party of China also emphasized in the general program: "The Party must act within the scope of the Constitution and laws." Our party is the ruling party. Whether we can adhere to the rule of law, correctly lead legislation, take the lead in abiding by the law and ensure law enforcement is of great significance to comprehensively promote the rule of law. Therefore, governing according to law is the key to governing the country according to law. The implementation of ruling by law first requires the party to govern the country according to the constitution and laws. Adhering to the rule of law means that the supervision of power must be ruled by law and form a long-term mechanism of supervision, which will not change with the passage of time and personnel changes.

　　Power should be bound by the laws and regulations of the party. In order to manage a big party with more than 88 million party member, the traditional management method has many unsuitable places. In the new historical period, the internal and external environment faced by the Party is becoming more and more complicated, and the task of self-construction is becoming more and more serious. These changes have put forward higher requirements for the Communist Party of China (CPC)’s leadership style and ruling style, and objectively it is necessary to govern the Party according to the internal laws and regulations of the Party. State-owned laws, the party has party rules, and governing the country according to law requires the party to govern the country according to the Constitution and laws, and also requires the party to govern the party according to the internal laws and regulations of the party. Comrade Supreme Leader pointed out that it is necessary to "respect party constitution and strictly implement norms and regulations". Inner-party laws and regulations require the behavior standards of all party member and Party organizations, while laws require the behavior standards of all social members, and the behavior standards required by inner-party laws and regulations are stricter than laws. The Communist Party of China (CPC)’s Code of Integrity and Self-discipline and the Communist Party of China (CPC)’s Regulations on Disciplinary Actions, which came into effect in January 2016, have clearly defined party member’s high standards and the discipline of managing the Party. The Constitution and laws are the basis for ensuring the Party to be in power according to law, while the internal laws and regulations of the Party are the rule basis for managing and administering the Party. Only by organically combining laws and party rules can we provide institutional guarantee for the comprehensive and strict administration of the party and lay a solid foundation for comprehensively promoting the rule of law.

　　The core of strictly administering the party and governing power according to law is to safeguard the central authority according to law and ensure the smooth flow of central government decrees.

　　The leadership of the Party is the most essential feature of Socialism with Chinese characteristics and the greatest advantage of the Socialism with Chinese characteristics system. To strictly manage the party and power according to law, we must adhere to, improve and implement democratic centralism, and organically combine centralism on the basis of democracy with democracy under centralized guidance. To establish a normal order of inner-party life and ensure the unity of will and actions of the whole party, we must adhere to the fundamental principles that individuals obey the party organization, the minority obeys the majority, the lower organizations obey the higher organizations, and the whole party obeys the central government. The basis of this fundamental principle is that the minority obeys the majority, and the core is that the whole party obeys the Central Committee.

　　To uphold the party’s leadership, we must safeguard the authority of the central government, ensure the centralization and unity of the party, ensure the smooth implementation of the party’s central government decrees and orders, and prevent and overcome acts that are unorganized and undisciplined, have orders that are impossible, have prohibitions, and go their own way. We must resolutely put an end to the phenomenon that there are policies at the top and countermeasures at the bottom. We can’t "you have your closing plan and I have my jumping over the wall". If the party wants to be in power according to law, it must ensure that the central government decrees are smooth and the decision-making takes root by legal means. This is to be good at making the party’s ideas become the will of the state through legal procedures, formulating laws and regulations, and ensuring their strict implementation. In our country, the constitution is the concentrated expression of the will of the party and the people, and it is the fundamental law formed through scientific and democratic procedures. The party leads the people and formulates laws and regulations through legal procedures in accordance with the Constitution, which is to implement democratic centralism, safeguard the authority of the central government and ensure the smooth implementation of government decrees. Because in a society ruled by law, the law is supreme, the law has the highest status, and the rule of law includes equality before the law, and its rules have universal applicability. Compared with the rule of man, it is more certain and predictable. The ancient legalists in China compared the law to the size, rope ink, rules, balance stones, bucket hoops, angular measurement, etc., which was intended to emphasize the unity, fairness and universal applicability of the law. Therefore, to ensure the smooth flow of central government decrees, we should establish and improve the guarantee mechanism of rule of law. At present, in order to maintain the authority of the central government and keep the government decrees unblocked, we must improve the construction of relevant systems with the rule of law, and establish a linkage system between the deployment and implementation of policies at the higher and lower levels.Ensure that the lower-level policy suggestions can be fed back to the higher level in time, and enable the higher-level policy deployment to be effectively communicated to the lower level. At the same time, it is necessary to establish an assessment and inspection system for policy implementation, and evaluate and inspect the policy communication in all links. Organizations and individuals that hinder policy communication should be held accountable according to law.

　　The key to strictly administering the party and governing power according to law is the leading cadres in party member.

　　Our party is the ruling party, and some leading cadres not only hold positions within the party, but also take charge of public power. In order to ensure their exercise of power according to law, public power must be restrained by law, which is also the proper content of regulating public power with the rule of law. The key point of strictly administering the party and governing the power according to law is "the key minority", which requires leading cadres in party member to firmly establish the awareness of the rule of law, cultivate the ideas and habits of advocating, respecting and acting in strict accordance with the law, always have awe of the law, bear in mind that the legal red line cannot be crossed and the legal bottom line cannot be touched, strictly exercise their functions and powers within the scope of the Constitution and laws, and no one can enjoy privileges other than those stipulated by the Constitution and laws. Must adhere to the administration according to law, the law does not authorize, and the statutory authority must be. Leading cadres in party member should take the lead in abiding by the law, set an example in obeying the law, and play an exemplary role in the whole society. Strictly administering the party and governing power according to law also needs to solve the problem of supervision by the top leaders. The top leaders in leading bodies at all levels are the "key minority". The more important the responsibilities and positions of leading cadres are, the more important it is to strengthen supervision. China’s revised Administrative Procedure Law stipulates that "the person in charge of the accused administrative organ should appear in court to respond to the lawsuit", which strengthens the supervision of the chief executive from the legal point of view. In order to ensure the leading cadres in party member to exercise their functions and powers according to law, we must also improve the accountability mechanism, and insist that the responsibility must be asked and the accountability must be strict.Without clear responsibility, implementation and accountability, it will be difficult to truly manage the party strictly.

　　At present, China is in the stage of social transformation, with profound changes in economic system, social structure, interest pattern, ideas and concepts, and various social contradictions constantly emerging. The basic function of law is to settle disputes and stop disputes, and the law will program the schemes and ways to solve various disputes, providing the most stable and effective solutions for the settlement of social contradictions and disputes. Resolving social contradictions and disputes through law can avoid arbitrariness and differences in dispute resolution and ensure fairness. In practice, some leading cadres are indifferent to the law and lack the consciousness of exercising their functions and powers according to law, which is not only not conducive to resolving contradictions, but may lead to further intensification of contradictions. In this context, it is more important for leading cadres in party member to establish the rule of law thinking and be good at using the rule of law.

　　Strictly administering the party and governing power according to law must guarantee party member’s democratic supervision rights according to law and regulations.

　　Strengthening inner-party supervision focuses on daily life and perseverance. Strengthening party member’s democratic supervision right is an important measure to effectively prevent decision-making mistakes and abuse of power. In reality, some party member cadres, bending the law, constantly touch the legal bottom line, the most fundamental reason is the lack of supervision. Therefore, it is necessary to unblock the channels for party member to participate in the discussion of inner-party affairs, broaden the channels for party member to express his opinions, and create a political atmosphere for democratic discussion within the party. Comrade Supreme Leader pointed out that some party organizations and party member lacked the courage to use the weapon of criticism and self-criticism, which ultimately hurt the party’s cause. Making good use of criticism and self-criticism to safeguard party member’s democratic supervision right is an important way to improve inner-party supervision.

　　To strengthen inner-party supervision, we must establish and improve the effective mechanism of inner-party democratic supervision, and effectively protect the rights of democratic supervision in party member according to law. According to the provisions of the Constitution of the Communist Party of China, every party member enjoys the right to criticize, report and demand recall. In recent years, our party has attached great importance to the construction of the inner-party supervision system and established a series of specific democratic systems, such as the democratic life meeting system, the democratic appraisal of party member system, the inner-party reporting and accusation system, and the rights protection system in party member. The two inner-party laws and regulations that came into effect in January this year are both the guarantee and the basis for institutionalizing democratic supervision. On the one hand, supervision must be carried out in accordance with laws and regulations, which requires the full protection of party member’s democratic supervision rights through party rules, so as to realize the institutionalization and legalization of democratic supervision in party member. At the same time, practical measures should be taken to ensure that party member’s democratic rights, such as democratic participation, democratic election, democratic decision-making and democratic supervision, stipulated by party constitution, are fully exercised. On the other hand, in order to further play the role of democratic supervision in party member, it is necessary to institutionalize supervision and establish comprehensive, systematic and operable procedures and rules. We should constantly broaden and improve the channels of inner-party democracy, so as to realize party member’s extensive participation, effective management and effective supervision of inner-party affairs. In addition, we should broaden the channels of reporting, exposing, appealing, accusing and petitioning in party member, formulate a specific and strict system with strong operability, and expand the scope of party member’s participation in the management and supervision of cadres.

　　The key to strictly administering the party and governing power according to law is to punish corruption according to law and ensure equality before the law.

　　Strictly administering the party in an all-round way and punishing corruption must be firmly grasped. Comrade Supreme Leader pointed out that anti-corruption should be carried out with no forbidden zone, full coverage and zero tolerance, and efforts should be made to curb the spread of corruption and punish unhealthy practices and corruption around the masses. To punish corruption, we must insist on investigating every case and correcting every mistake. Since the 18th National Congress of the Communist Party of China (CPC), the anti-corruption campaign has been "fighting tigers" and "swatting flies" simultaneously, severely punishing corruption, promoting the implementation of responsibilities with serious accountability, showing a new atmosphere in the political life within the Party, winning the hearts and minds of the Party and providing an important guarantee for creating a new situation in the cause of the Party and the country. Judging from the anti-corruption cases that have been disclosed, it has truly achieved "no forbidden zone against corruption" and "zero tolerance" for corruption. This shows that there is no special citizen in our country, and there is no special party member in our party, which truly implements equality before the law and party rules. However, it must be noted that the anti-corruption situation is still grim, and we must always maintain a high-pressure situation against corruption. We must prevent corruption fundamentally by strictly administering the party and the country according to law and relying on the system. In accordance with the requirements of comprehensively administering the country according to law and strictly administering the party in an all-round way, accountability and investigation of cases of violation of law and discipline should be carried out in strict accordance with the law and regulations. Dare to investigate and handle cases, dare to be disciplined and accountable, and dare to touch the truth. At the same time, it is necessary to carry out organizational and institutional innovation, promote the reform of the national supervision system, comprehensively integrate anti-corruption resources, expand the scope of supervision, and establish a centralized, unified, authoritative and efficient supervision system and mechanism.

　　Comrade Supreme Leader pointed out that "popular support is the greatest politics, and justice is the strongest force". Governing the country must first govern the party, and the party must be strict. To strictly manage the party in an all-round way, we must govern power according to law and comprehensively promote the rule of law, which can provide long-term and effective institutional guarantee for strictly administering the party in an all-round way.

　　 (Wang Liming is the executive vice president of China Renmin University)

　　Recently, the COVID-19 epidemic has spread in many countries around the world, causing market concerns about corporate performance and economic growth. The Federal Reserve announced that it would cut the federal funds rate by 50 basis points to 1% & mdash; 1.25% range, this is the first time the Fed has cut interest rates this year. China’s central bank did not follow suit and suspended the open market operation. Experts believe that China has guided the interest rate reduction in advance, and there is still room for monetary policy.

　　At 23: 00 Beijing time on March 3, the Federal Reserve suddenly lowered its benchmark interest rate by 50 basis points to 1.00%— 1.25%, while reducing the excess reserve ratio (IOER) by 50 basis points to 1.1%.　

　　Although the Fed cut interest rates three times last year, the relevant decisions were made by the interest rate meeting. The sudden announcement of interest rate cuts exceeded market expectations. Subsequently, the UAE and Saudi Arabia announced a 50 basis point interest rate cut; On the morning of March 4th, Beijing time, the HKMA in Hong Kong and Macau also announced a 50 basis point interest rate cut.

　　On March 4th, the People’s Bank of China suspended its open market operation. Experts in the industry believe that in response to the COVID-19 epidemic, China has guided the interest rate reduction ahead of schedule, and there is still room for monetary policy.

　　Multinational central banks start to cut interest rates.

　　The United States is not the first country to start cutting interest rates.

　　Before the Fed cut interest rates, central banks in Australia, Malaysia and other countries announced interest rate cuts.　

　　Earlier, the Fed’s interest rate cut expectations have already appeared, but the market expects the Fed to announce this decision at the interest rate meeting in March. The sudden announcement of interest rate cuts outside the interest rate meeting exceeded market expectations.　

　　It is not uncommon for the Federal Reserve to cut interest rates since last year. Although this is the first interest rate cut by the Federal Reserve in 2020, it is also the fourth interest rate cut operation since last year. The previous three interest rate cuts occurred in July, September and October of 2019.

　　Judging from the operation in the history of the Federal Reserve, it is rare to cut interest rates urgently. Ming Ming, chief researcher of fixed income of CITIC Securities, said that the Fed chose to cut interest rates urgently, usually when it encountered a major risk event. Since 1994, there have been nine emergency interest rate cuts in the history of the Federal Reserve. The latest emergency interest rate cut by the Federal Reserve dates back to October 8, 2008, because the collapse of Lehman Brothers triggered concerns about economic recession. In the 11 years since then, the Fed has not taken similar actions. Therefore, it is clearly believed that the announcement of the emergency interest rate cut by the Federal Reserve this time may mean that the assessment of the current risk state within the Federal Reserve has reached a certain level.

　　Loose expectations have been warming up around the world. Recently, the Bank of Japan purchased a record 101.4 billion yen ETF on March 2, and said that it would provide sufficient liquidity to the market through appropriate market operations and asset acquisition to ensure the stability of the financial market; The European Central Bank also expressed its readiness to take appropriate and targeted measures and take corresponding actions against potential risks if necessary.

　　Monetary policy is based on me.

　　After the Federal Reserve cut interest rates, China’s central bank did not follow suit and suspended open market operations.　

　　On March 4th, the central bank announced that the total amount of liquidity in the banking system is at a reasonable and sufficient level, and no reverse repurchase operation will be carried out today.

　　Color, chief economist of Founder Securities, believes that the COVID-19 epidemic appeared earlier in China, and the China government has taken effective measures to prevent and control the epidemic, such as medium-term lending facility (MLF) "interest rate reduction", reverse repurchase operation, refinancing rediscount, special refinancing, etc., to maintain a reasonable and sufficient liquidity. The interest rate cut by the Federal Reserve and other central banks is a lagging policy after the epidemic. China’s central bank is already a pioneer and does not have to follow.

　　As early as February 1, the central bank made it clear that it would set up a special refinancing loan of 300 billion yuan to provide financial institutions with low-cost funds and support financial institutions to provide credit support at preferential interest rates for enterprises. Before the financial market opened on February 3, the central bank predicted the timing and scale of liquidity in advance. Subsequently, on February 3 and 4, the central bank put sufficient supply liquidity into the market, and the accumulated liquidity in the two days reached 1.7 trillion yuan, which exceeded market expectations.

　　At the same time, China took the lead in "cutting interest rates", but different from the Fed’s interest rate cut, China guided the open market operating interest rate, MLF interest rate and LPR quotation to be lowered in a "relay" manner. On February 3rd, while carrying out a record 1.2 trillion yuan reverse repurchase operation, the interest rates of the current 7-day and 14-day reverse repurchase operations both dropped by 10 basis points, which exceeded market expectations. On February 17th, the winning bid rate of the 200 billion MLF operation carried out by the People’s Bank of China was lowered by 10 basis points; On February 20th, the one-year LPR decreased by 10 basis points to 4.05%, and the one-year LPR decreased by 5 basis points to 4.75%.

　　For example, at the end of July last year, when the Federal Reserve announced a rate cut, China did not follow suit, and also suspended the open market operation on the same day.

　　There is room for countercyclical regulation

　　Recently, Liu Guoqiang, deputy governor of the People’s Bank of China, said in an interview with the media that as one of the few countries in the major economies to implement normalized monetary policy, China still has sufficient monetary policy space and sufficient reserves in the toolbox, so it is confident and capable of hedging the impact of the epidemic.

　　Under this premise, the expectation of lowering the benchmark deposit interest rate has also increased, but the market is still controversial.

　　Liu Guoqiang said that the benchmark deposit interest rate is the "ballast stone" of China’s interest rate system, and it will be kept for a long time. In the future, it will be adjusted in a timely and appropriate manner according to the deployment of the State Council, taking into account the fundamental conditions such as economic growth and price level.

　　However, it has been pointed out recently that lowering MLF and other methods should be used to drive down the financing cost of the real economy. At this time, lowering the benchmark deposit interest rate is a "turning back" in the interest rate marketization process. Many economists also believe that the effect of lowering the benchmark deposit interest rate may be limited.

　　In this regard, Wen Bin believes that it is residents and corporate deposits that really affect bank costs, accounting for more than 60% of bank liabilities. The change of MLF interest rate is more to convey the intention of monetary policy, which has limited effect on reducing the overall debt cost of banks, not to mention the frequent change of MLF interest rate. The high capital cost of banks also restricts the downward trend of LPR. Therefore, it is very necessary and urgent to lower the deposit interest rate, and we can’t think that lowering the deposit interest rate is the retrogression of interest rate marketization. On the contrary, the central bank’s "anchoring" of the deposit benchmark interest rate is still the core element and proper meaning of monetary policy.　

　　Liu Guoqiang said that next, targeted cuts to required reserve ratios will be selected for the banks that meet the service standards in inclusive finance in 2019 to release long-term liquidity. Recently, the COVID-19 epidemic has spread in many countries around the world, causing market concerns about corporate performance and economic growth. The Federal Reserve announced that it would cut the federal funds rate by 50 basis points to 1% & mdash; 1.25% range, this is the first time the Fed has cut interest rates this year. China’s central bank did not follow suit and suspended the open market operation. Experts believe that China has guided the interest rate reduction in advance, and there is still room for monetary policy.

　　At 23: 00 Beijing time on March 3, the Federal Reserve suddenly lowered its benchmark interest rate by 50 basis points to 1.00%— 1.25%, while reducing the excess reserve ratio (IOER) by 50 basis points to 1.1%.

　　Although the Fed cut interest rates three times last year, the relevant decisions were made by the interest rate meeting. The sudden announcement of interest rate cuts exceeded market expectations. Subsequently, the UAE and Saudi Arabia announced a 50 basis point interest rate cut; On the morning of March 4th, Beijing time, the HKMA in Hong Kong and Macau also announced a 50 basis point interest rate cut.

　　On March 4th, the People’s Bank of China suspended its open market operation. Experts in the industry believe that in response to the COVID-19 epidemic, China has guided the interest rate reduction ahead of schedule, and there is still room for monetary policy.

　　The United States is not the first country to start cutting interest rates.

　　Before the Fed cut interest rates, central banks in Australia, Malaysia and other countries announced interest rate cuts.

　　Earlier, the Fed’s interest rate cut expectations have already appeared, but the market expects the Fed to announce this decision at the interest rate meeting in March. The sudden announcement of interest rate cuts outside the interest rate meeting exceeded market expectations.

　　It is not uncommon for the Federal Reserve to cut interest rates since last year. Although this is the first interest rate cut by the Federal Reserve in 2020, it is also the fourth interest rate cut operation since last year. The previous three interest rate cuts occurred in July, September and October of 2019.

　　Judging from the operation in the history of the Federal Reserve, it is rare to cut interest rates urgently. Ming Ming, chief researcher of fixed income of CITIC Securities, said that the Fed chose to cut interest rates urgently, usually when it encountered a major risk event. Since 1994, there have been nine emergency interest rate cuts in the history of the Federal Reserve. The latest emergency interest rate cut by the Federal Reserve dates back to October 8, 2008, because the collapse of Lehman Brothers triggered concerns about economic recession. In the 11 years since then, the Fed has not taken similar actions. Therefore, it is clearly believed that the announcement of the emergency interest rate cut by the Federal Reserve this time may mean that the assessment of the current risk state within the Federal Reserve has reached a certain level.

　　The Fed’s interest rate cut quickly triggered a wave of "following" interest rate cuts. The United Arab Emirates and Saudi Arabia immediately announced a 50 basis point interest rate cut. China’s Hong Kong and Macao Special Administrative Regions adopted the linked exchange rate system, so they also announced interest rate cuts soon. On March 4th, the Hong Kong Monetary Authority announced that it would cut its benchmark interest rate by 50 basis points to 1.50%, and said that it would continue to pay attention to market conditions, maintain the orderly operation of Hong Kong’s currency and foreign exchange markets, and ensure the stability of Hong Kong’s currency according to the linked exchange rate system. The Macao Monetary Authority also announced on March 4th that it would lower the basic interest rate of the discount window by 50 basis points to 1.50%. The Macao Monetary Authority said that since the Macao pataca is linked to the Hong Kong dollar, in order to maintain the effective operation of the linked exchange rate system between Hong Kong and Macao, the policy interest rate changes of the two places must be basically the same. Therefore, the Macao Monetary Authority followed the Hong Kong Monetary Authority to adjust its basic interest rate synchronously.

　　Loose expectations have been warming up around the world. Recently, the Bank of Japan purchased a record 101.4 billion yen ETF on March 2, and said that it would provide sufficient liquidity to the market through appropriate market operations and asset acquisition to ensure the stability of the financial market; The European Central Bank also expressed its readiness to take appropriate and targeted measures and take corresponding actions against potential risks if necessary.

　　Monetary policy is based on me.

　　After the Federal Reserve cut interest rates, China’s central bank did not follow suit and suspended open market operations.

　　On March 4th, the central bank announced that the total amount of liquidity in the banking system is at a reasonable and sufficient level, and no reverse repurchase operation will be carried out today.　

　　Color, chief economist of Founder Securities, believes that the COVID-19 epidemic appeared earlier in China, and the China government has taken effective measures to prevent and control the epidemic, such as medium-term lending facility (MLF) "interest rate reduction", reverse repurchase operation, refinancing rediscount, special refinancing, etc., to maintain a reasonable and sufficient liquidity. The interest rate cut by the Federal Reserve and other central banks is a lagging policy after the epidemic. China’s central bank is already a pioneer and does not have to follow.

　　As early as February 1, the central bank made it clear that it would set up a special refinancing loan of 300 billion yuan to provide financial institutions with low-cost funds and support financial institutions to provide credit support at preferential interest rates for enterprises. Before the financial market opened on February 3, the central bank predicted the timing and scale of liquidity in advance. Subsequently, on February 3 and 4, the central bank put sufficient supply liquidity into the market, and the accumulated liquidity in the two days reached 1.7 trillion yuan, which exceeded market expectations.

　　At the same time, China took the lead in "cutting interest rates", but different from the Fed’s interest rate cut, China guided the open market operating interest rate, MLF interest rate and LPR quotation to be lowered in a "relay" manner. On February 3rd, while carrying out a record 1.2 trillion yuan reverse repurchase operation, the interest rates of the current 7-day and 14-day reverse repurchase operations both dropped by 10 basis points, which exceeded market expectations. On February 17th, the winning bid rate of the 200 billion MLF operation carried out by the People’s Bank of China was lowered by 10 basis points; On February 20th, the one-year LPR decreased by 10 basis points to 4.05%, and the one-year LPR decreased by 5 basis points to 4.75%.　

　　For example, at the end of July last year, when the Federal Reserve announced a rate cut, China did not follow suit, and also suspended the open market operation on the same day.

　　There is room for countercyclical regulation

　　Obviously, the further easing of global monetary policy has opened up space for domestic monetary policy. Compared with Europe and America, the Bank of China has more room for conventional monetary policy easing.　

　　Recently, Liu Guoqiang, deputy governor of the People’s Bank of China, said in an interview with the media that as one of the few countries in the major economies to implement normalized monetary policy, China still has sufficient monetary policy space and sufficient reserves in the toolbox, so it is confident and capable of hedging the impact of the epidemic.　

　　Under this premise, the expectation of lowering the benchmark deposit interest rate has also increased, but the market is still controversial.

　　Liu Guoqiang said that the benchmark deposit interest rate is the "ballast stone" of China’s interest rate system, and it will be kept for a long time. In the future, it will be adjusted in a timely and appropriate manner according to the deployment of the State Council, taking into account the fundamental conditions such as economic growth and price level.　

　　However, it has been pointed out recently that lowering MLF and other methods should be used to drive down the financing cost of the real economy. At this time, lowering the benchmark deposit interest rate is a "turning back" in the interest rate marketization process. Many economists also believe that the effect of lowering the benchmark deposit interest rate may be limited.

　　In this regard, Wen Bin believes that it is residents and corporate deposits that really affect bank costs, accounting for more than 60% of bank liabilities. The change of MLF interest rate is more to convey the intention of monetary policy, which has limited effect on reducing the overall debt cost of banks, not to mention the frequent change of MLF interest rate. The high capital cost of banks also restricts the downward trend of LPR. Therefore, it is very necessary and urgent to lower the deposit interest rate, and we can’t think that lowering the deposit interest rate is the retrogression of interest rate marketization. On the contrary, the central bank’s "anchoring" of the deposit benchmark interest rate is still the core element and proper meaning of monetary policy.　

　　Liu Guoqiang said that next, targeted cuts to required reserve ratios will be selected for the banks that meet the service standards in inclusive finance in 2019 to release long-term liquidity.