CCTV News:Recently, an air defense brigade of the 72nd Group Army moved thousands of miles to a strange area in the northwest, and conducted drills on various dangerous and difficult subjects of air defense operations such as ultra-low-altitude target raid and multi-aircraft saturation attack, so as to comprehensively test the air defense combat capability of the troops under complex extreme conditions.

　　　　　　 After more than 1000 kilometers of long-range maneuvering, each firepower element quickly occupied the shooting position. At the same time, two drones took off, simulating "enemy planes" to attack the Red Army positions.

　　　　　　 The drone is close and the altitude is low, so the missile unit can’t form the conditions of resistance. The anti-aircraft gun unit quickly takes place, loads ammunition, searches for the target, and intercepts the target by fire.

　　　　　　 After the success of the first round of resistance, the position was exposed and the troops needed to be transferred quickly. On the way to the maneuver, the Blue Army once again launched a number of drones to conduct reconnaissance and harassment on the mobile detachment. Command the portable missile unit to fight against the target and cover the transfer of troops.

　　　　　　 After repeated attacks and failures, the Blue Army launched a variety of drone and target bombs at the same time and launched an all-round saturated attack. The Red Army used the command information system to automatically distinguish the nature of the target and assign it to different fire elements, and built a three-dimensional air defense fire network in all airspace to carry out precise fire strikes on incoming targets.

　　The Yangtze finless porpoise is the only surviving cetacean species in the Yangtze River, which plays an important role in reflecting the ecological status of the Yangtze River. Because of its lovely appearance, it is also known as the "smiling angel" in the Yangtze River. On April 6th, the Yangtze finless porpoise investigation team conducted a new round of field investigation in Jingjiang section of the Yangtze River to understand the population quantity and distribution of finless porpoise in Jingjiang section. When the investigation ship reached the section from Jiangyin Bridge to Mucheng Park, a finless porpoise suddenly jumped out of the water and appeared in the Jiang Tao. The investigators were very happy and quickly recorded it. This is not the first time that the Yangtze finless porpoise investigation team has found traces of finless porpoises in this water area. In 2021, Jingjiang City, Taizhou, together with Nanjing Institute of Environmental Science, organized a survey on the population of finless porpoises in Jingjiang section of the Yangtze River. The investigation team concluded that there were 2 finless porpoises in Jingjiang section of the Yangtze River, with 20-32 finless porpoises.

　　Jingjiang has a coastline of 52.3 kilometers along the Yangtze River. Under the principle of "jointly protecting and not developing", 17.35 kilometers of coastline has been designated as undeveloped, accounting for 33% of the total length of Jingjiang coastline. The main habitat of the Yangtze finless porpoise discovered by the Yangtze finless porpoise investigation team is located in the "no development zone" designated by Jingjiang City. With the deepening of the Yangtze River protection and comprehensive fishing ban, there are more and more scenes of finless porpoises playing in the Jingjiang section of the Yangtze River. According to the leader of the Yangtze finless porpoise investigation team, up to 12 finless porpoises have been observed at one time, and there are existing mother and child groups, indicating that there are newborn finless porpoises in this water area.

　　Since 2021, the Yangtze finless porpoise investigation team has carried out 33 ship surveys and crew questionnaires in Jingjiang section of the Yangtze River, and witnessed 30 groups of finless porpoises and 88 times. The return of rare and endangered species, such as finless porpoise, shows that the habitats of various organisms in Jingjiang section of the Yangtze River are increasing, and the effect of ecological protection of the Yangtze River is increasingly apparent.

　　(Headquarters reporter Wu Rui Jingjiang Taiwan)

　　CCTV News:For an 8-day tour around Taiwan Province, the tour fee is only 999 yuan, and for a European tour, the tour fee is only 3,000 yuan or 4,000 yuan. You can also get the same amount of supermarket shopping cards in the early stage, with one condition: you have to pay a deposit of 10,000 yuan in advance for outbound travel, but people also promise that you can return it after 15 days of travel — — Would you believe such a big pie if it fell in front of you? Will you rush up and have a bite? Although the facts always teach people that a pie falling from the sky is often a trap, in the face of hype, people always choose to take risks, and the result can only be injured and cheated.

　　In the report hall of Tiexi Branch of Shenyang Public Security Bureau, there are groups of informants, some of whom have just returned from tourism and should be full of joy, but now they are extremely annoying. The company that collected the informant’s travel deposit to organize outbound travel is called "Shenyang Dream Space Enterprise Management Co., Ltd.", and now it has gone empty, and several responsible persons of the company have suddenly disappeared from into thin air, and the travel deposit paid by consumers is even more unknown.

　　A tourist group owner who knows the case better showed us several of the cases assembled in his mobile phone.Consumer rights groups, the two groups with the largest number of people each have more than 400 people, and the number of people is also more than 100. Most of the deceived consumers are middle-aged and elderly people. Among these deceived consumers, there are also many working-class old people who have worked hard all their lives and want to spend their limited pension in their later years to realize their dream of going abroad. The low quotation, which is more than half cheaper than other travel agencies, is an important reason to attract these grandmothers.

　　Internal personnel start "dream space"

　　After people go to the empty building, let’s talk about the name "dream space"."Dream Space" was once a name that stirred the wind and cloud in Shenyang tourist business circle. In just over a year, it has developed from one store to more than 20 stores. The booming development momentum has also become a distraction that makes it difficult for many consumers to distinguish between true and false.After the disappearance of several senior managers of the company, the grass-roots employees became abandoned children and the target of public criticism. One employee was interviewed by reporters after careful consideration.

　　Liu Yanru, whose net name is Liu Yan, is an old employee of "Shenyang Dream Space Enterprise Management Co., Ltd." and the head of the 20th franchise store of "Dream Space" in Shenyang. She witnessed the rapid expansion of this company and experienced its final crazy collapse.

　　In July 2017, Liu Yanru took over the 20th franchise store of "Dream Space" in Shenyang, and the business volume of this store was soon flush with that of the head office, making it the largest branch of the company. Liu Yanru told us that a magic weapon for the rapid expansion of "Dream Space" is to attract consumers with low prices or even zero tour fees.

　　Liu Yanru said,"Dream Space" is only responsible for upstream tourism sales, that is, collecting money and organizing a group, and then forwarding the money and consumers to the relevant travel agencies in the next home. In the past, most of these sales companies in the tourism market depended on big travel agencies for survival.But in the "dream space" that had no foundation in the tourism industry, it soon expanded its business from South Korea to Southeast Asia, Japan, Taiwan Province, Europe and the United States, etc., relying on only one trick, that is, a large number of low-cost groups that lost money.

　　The secret of the person in charge of the branch revealed an incredible fact — —"Dream Space" will cost thousands of dollars for each tour group: for example, Singapore-Malaysia tourism will collect a tour fee of 1,200 to 1,500 yuan and pay it to a travel agency of 3,100 yuan; The Vietnamese tour fee is 800 yuan to 1000 yuan and 2,680 yuan to the travel agency; The 15-day tour on the east and west coasts of the United States collected a tour fee of 8,500 yuan and paid it to a travel agency of 15,300 yuan; The tour fee in Europe is 4,000 to 6,000 yuan, and the travel agency is 6,900 to 8,800 yuan. According to her memory, when the 20th franchise store registered the largest number of people, it had more than 1,000 people per month, and when the number was small, there were more than 300 people, and the monthly loss ranged from several hundred thousand to millions of yuan.

　　Collecting "going abroad deposit" is only to circle money.

　　On the one hand, it is a huge loss, on the other hand, it is a rapid expansion.The dream woven by "dream space" seems bizarre, but in the final analysis, it is just an old-fashioned money-circling game.. Liu Yanru said that corresponding to the ultra-low-cost tour fee, every time a person is attracted to the company to sign up for a tour, "Dream Space" can receive a deposit far higher than the tour fee.

　　Soon,In the name of tourists leaving the group, "Dream Space" raised the amount of advance deposit from the initial 5,000 yuan to 10,000 yuan. All the guests who participated in the outbound tour, regardless of their qualifications, must pay this "going abroad deposit" to the company.In the early stage of the development of Dream Space, through the low price regardless of cost and spare no effort to expand, the tourism business volume soared, not only the due deposit could be returned in time, but also the company launched some entity business projects, and many dubious consumers gradually let down their vigilance.

　　That’s it,More and more people began to sign up for the low-cost outbound tour of Dream Space, and more and more "abroad deposit" was put into the account of Dream Space, which was used by the company at least for more than a month before and after consumers took part in the tour. Liu Yanru said that in order to speed up the introduction of tourism cash flow, Zhang Yingjie, the legal representative of Dream Space, constantly brainwashed the grassroots salesmen, and on the other hand gave the salesmen a high commission of 300 to 500 yuan per order and 10% of the money received by the store owner.However, with the continuous expansion of the company’s business volume, the hole of loss is getting bigger and bigger, and some staff who know the inside story of the company are beginning to feel nervous and in jeopardy.

　　But in fact, most of these so-called follow-up business projects of "dream space" are painting cakes to satisfy hunger and do not produce actual profits. The loss-making black hole is getting bigger and bigger,Since November 2017, the capital turnover of "Dream Space" has been constantly problematic, and it has begun to delay the repayment of deposits and even delay the delivery of tour fees to travel agencies. In mid-November 2017, the capital chain of "Dream Space" was completely broken. Zhang Yingjie, the legal representative of the company, and several senior executives suddenly disappeared and lost contact, and a large number of deposits were not returned due.Consumers who have not even traveled at all wake up like a dream and come to the public security organ to report the case.

　　The legal representative of Dream Space has been brought to justice.

　　It is understood that the Tiexi District Public Security Bureau of Shenyang City has filed a case on suspicion of fraud after receiving a report from the masses, and Zhang Yingjie, the legal representative of into thin air’s "Dream Space" for nearly a month, was also arrested and brought to justice a few days ago. However, it is still unknown whether the tour fee and the "abroad deposit" handed over to "Dream Space" can be recovered in the end.

Author:[America] Bill • Kilday is currently the vice president of marketing of Niantic Company. He used to be the marketing director of Keyhole, a digital map startup, and later served as the product marketing manager of Google Geography Department, responsible for the promotion of "Google Maps" and "Google Earth".

Publishing house:Citic publishing house

Publication time:June 2019

Titanium media note:According to the book "Google Methods", Yu Sheng, a self-media person, condensed "The Story of Google Maps" into a complete article with nearly 28,000 words. Please read it patiently.

Last year, I finished reading Bill Kilday’s "Never Lost Again" recalling Google Maps past lives, and found this book not inferior to all kinds of "lean entrepreneurship" textbooks, but also more fascinating.

Say it looks good, mainly because it is true.

On the one hand, in the long development history of Google Maps, we can see the process of germination, birth and shaping of various features that we are accustomed to now: one-click location search, multi-layer mixing, and pins representing locations. "I" is a small blue dot on the map … … I deeply know that these characteristics are not jumped out of the cracks in the stone, and innovation is usually a process of slow polishing and full of accidents.

On the other hand, this book makes no secret of the political struggle within the company. After the original small entrepreneurial team Keyhole was acquired by Google, Google Maps was launched and led the development of Google Maps for a long time.

However, how does the "self-contained" Keyhole face the complicated situation inside Google? How to get along with the team that made the map before? How to face the repeated efforts of others for control? These stories are all described directly in the book.

CITIC Publishing House published the Chinese version of Never Lost Again, Google Method. After getting the permission from CITIC Publishing House, I condensed the story of Google Maps into a complete article.

Nowadays, everyone is familiar with electronic maps, and it is even more indispensable if you travel around the world. However, if we want to trace the origin of Google Maps, it will probably surprise many people. It comes not from maps but from a technology –Clipmapping.

Clipmapping can be translated as "fragment mapping", which is a by-product of SGI (Specialized Graphic Inn Innovation). This technology can combine images with different resolutions to provide a "seamless" experience when users zoom. Nowadays, when we use electronic maps, the zoom operation looks so natural and intuitive, and the Clipmapping is behind it.

Traditionally, Clipmapping technology is mainly used in video games, and it is often used to render large maps in games. As for real-world maps, if you remember, traditionally they are set at several fixed scales, and maps and seamless zooming seem to be naturally insulated.

In 1999, Michael Jones, Chris and others of SGI spent a weekend developing the technology of applying Clipmapping to maps (they called it CTFLY, City-Fly), which allowed users to zoom maps of different scales freely. All the people who have seen this Demo are shocked. The original map can be so dazzling! Some people even thought of the popular movie Enemy of the Country at that time.

However, using Clipmapping to make maps is not just for the sake of being cool, but also for engineering consideration: with Clipmapping, users can see the part of the content they are interested in without downloading all the data, and truly realize "weak water for three thousand, only one scoop".

For a project involving massive data such as maps, this technology is no longer suitable. You know, it was 1999, and CTFLY with Clipmapping technology also needed a Dell computer worth $4,000 to run.

Maybe CTFLY is so good that everyone is attracted by the cool interface, but they forget to continue along the direction of "map". SGI also thinks that this technology is so advanced that it can make a lot of money when used to play games, so why do things like maps that don’t pay off? However, Michael and others still spend their spare time polishing CTFLY to make it better and better, and finally the board of directors issued a termination order: "It is really cool, but don’t do it again."

Unwilling Michael and others asked, can CTFLY be taken out to set up a new company, with its own investment, to support itself? The board of directors agreed. After the recommendation of headhunters, they found John Hanke. Both sides were satisfied with CTFLY and hoped to do something on the map, so Keyhole was established.

If you are a military fan, you have probably heard of the US military’s Keyhole reconnaissance satellite. By the end of 1990s, the fifth generation keyhole, model KH-11, had been able to monitor hot spots around the world, providing a resolution of 1.3 meters.

Therefore, John Hanke, the founder of Keyhole, decided to name his company Keyhole, but this is actually only a stopgap measure, because what John really wants is Earth.com. Earth.com, a domain name, was bought by an employee of IBM in 1992. He offered John $1 million, which was certainly unbearable for a startup company in 1999. Therefore, the name Keyhole was used until it was acquired by Google.

But because he couldn’t buy Earth.com, John had to name his product EarthViewer. However, naming is only the first step. More importantly, where is its market?

At that time, there were already monopoly digital map manufacturers on the market, that is, Esri (pronounced ez-ree). Esri was founded in the 1970s. By 2000, it had hundreds of thousands of clients, more than one million maps and revenue of 300 million dollars, making it a well-deserved giant.

In contrast, Keyhole’s Clipmapping technology only provides a better user experience, but it is not a magic weapon to compete with Esri. So what about Keyhole? After careful analysis, Keyhole found several shortcomings of Esri:

The first disadvantage is complexity. Esri is a typical industry software, and it must be operated by professionals who have obtained GIS degrees. Every time they meet new customers, they must be customized by experts.

The second disadvantage is that the data is not uniform. Users often have to import all kinds of data themselves and pray that these data can be read correctly and aligned with each other.

The third disadvantage is that the speed is very slow. If all the data is not loaded into the local hard disk in advance, the response of a large-scale map is very slow and almost unusable.

In view of this, although Keyhole is small, it still defines the strategy of competing with the "Big Mac" Esri: EarthView must be used by ordinary people, must provide complete and unified data, and must provide a smooth operating experience.

Clipmapping technology makes the operation interface more intuitive to ordinary people. At the same time, the rapid development of the Internet makes it possible to save massive data in the central node and read and calculate on demand at the client, thus ensuring data integrity and operation speed at the same time.

John’s vision is really admirable, and his vision is quite clear, that is, to provide map products that ordinary people can use, so he is not afraid of the limitations of objective conditions at all. According to his own statement: we are not developing for the current hardware, but developing in the direction of hardware development. In the future, the computing power of devices will become stronger and stronger, and more and more devices will provide GPS information (although he didn’t expect that mobile phones would also have GPS)… …　

Of course, John will also consider the reality objectively. It has long been suggested to him to adopt BS architecture instead of CS architecture, which is convenient for users to use. However, John did not adopt this suggestion considering the hardware processing ability and front-end technology at that time — — You know, even Firefox didn’t come out at that time, and IE still occupied the largest share of the browser market. More importantly, Ajax was not born, and it was six years later that it became popular.

The tragedy of "the ship was in trouble to turn around" was staged again. After the success of the EarthViewer launched for the pain point of Esri. After that, Esri also tried to make the same product, which provided the same cool effect, and once shocked the people in Keyhole. However, they quickly found that Esri’s products didn’t even have a networking cable or Wifi connection during the demonstration. In an instant, the guys in Keyhole were relieved: Esri’s interface was cool, but it was nothing more than new bottles of old wine.

In this way, Keyhole opened its market, and the first investment from Sony lasted until around 2002. John had to find new investors, and he thought of Nvidia.

At that time, Nvidia had defeated 3dfx (an ancient name) and became the overlord of graphics accelerator cards. The booming game industry put forward a strong demand for graphics accelerator cards. The market value of Nvidia was as high as 10 billion US dollars, and it had the strength to invest. More importantly, what John really wants to do is a full 3D map, and he needs the support of manufacturers like Nvidia.

Keyhole’s conditions are: Keyhole customizes the optimized version exclusively for Nvidia in exchange for Nvidia’s investment, and includes the EarthViewer client in the CD attached to Nvidia’s graphics card. But Nvidia’s team ignored this: compared with Nvidia, which has a big family business, Keyhole is too small to understand what scale is.

John didn’t give up. He managed to get in touch with Huang Renxun, the founder of Nvidia. In the end, Huang Renxun agreed to provide Keyhole with $500,000 to customize Nvidia’s exclusive version of EarthViewer NV. John agreed, because with this $500,000, the company can last another two or three months, and it only takes a few weeks to develop a special version.

During the talks between the two sides, Huang Renxun also mentioned whether EarthViewer had considered providing "real scenes" while displaying street-level maps. John didn’t think about it. "This is equivalent to collecting hundreds of thousands of miles of real-life pictures." He paused for a long time before saying, "It will take about 20 years to do this."

EarthViewer NV was very popular after it was released. People in Keyhole received messages from various users, typically "Oh, my God … Oh, my God … God … " . EarthViewer NV costs $79.95 per copy. According to the previous contract, Robertson, the owner of Airphoto USA, can get 20 dollars … …

In the early days of EarthViewer, important clients were real estate agents. Because of EarthView, they don’t have to run around to see all kinds of houses in person, just click on the software a few times and you can see where the house is and the surrounding environment. This demand exists, but it is still too small.

Since 2002, EarthViewer has begun to tap users in more industries. Its sales Dave Lorenzini belongs to the kind of people that startups like best: they wait until what they want to do, and the less they manage, the better the result.

Dave Lorenzini has opened up users from all walks of life and worked hard to reach many long-term contracts. However, Lorenzini spent a long time talking with CNN, but it didn’t achieve good results. At the beginning of 2003, the contract amount dropped sharply from $400,000 to $75,000, and the possibility of reaching it dropped from 90% to 50%.

At that time, Keyhole’s annual income was about $2 million, but it still could not cover the expenses, and Nvidia’s $500,000 had also been used up. An investment institution contacted by Keyhole at that time was In-Q-Tel, but the speed of this institution was also very slow and it was too late to decide. What people in Keyhole don’t know is that In-Q-Tel is the investment institution of CIA … …

On the morning of March 27th, 2003, CNN finally sent a contract to Keyhole, confirming that the price was $75,000. Although the amount is very low, John achieved a remarkable achievement: CNN agreed to display EarthView.com’s URL on the TV screen when using EarthViewer.

Anyone who has experienced that period of history knows that on March 20, 2003, the United States-led Coalition forces began to attack Iraq, and major TV stations also began to report a lot.

At first, people in Keyhole thought that CNN would only use EarthViewer to record some animations in advance as a supplement to the report. However, this time, CNN reporter Miles O’Brien had a whim. He no longer wanted to use pre-recorded animation, but planned to open the EarthViewer software in the studio, starting from the whole picture of the earth, and gradually positioned himself in Baghdad to "personally" the battlefield. So what TV viewers see is this picture:

"It’s 7:30 am GMT. We look at Baghdad through satellites hundreds of miles above the earth. These photos are more telling than manual reports. We use EarthViewer’s software to enlarge the ground and look at the results of bombing … …”

At this moment, EarthView.com’s text link … …

Probably programmers don’t like watching TV very much, so Keyhole people are still working as usual. However, that afternoon, the burst of traffic poured into EarthViewer’s website, which instantly destroyed all services. Fortunately, there was a group of independent servers dedicated to CNN, so CNN was not affected. Everyone was looking at each other when someone suddenly received a short message from a friend: Hey, man, I saw your company on CNN!

What’s even more amazing is that EarthViewer can continuously obtain the latest data because of purchasing the service of Digital Globe before, so during the live broadcast, guests can easily compare the historical pictures of Iraq and find the latest progress. In the history of live TV broadcast, in the history of war reporting, such a thing has never happened.

Even the military has been affected. From top to bottom, countless commanders in the US military are asking: What exactly is this thing used by CNN? Why can’t I use this damn thing? Even many American soldiers have subscribed to EarthViewer at their own expense, so that they can be more sure when performing their tasks.

It’s not hard to understand what happened later. Newsweek, Time, The New York Times and other media followed up and reported EarthView. Keyhole became famous in an instant, and major news organizations signed contracts one after another, and the long-delayed investment in In-Q-Tel followed … …

By 2004, Keyhole was in contact with Menlo Ventures, a veteran investment institution in Silicon Valley. Just then, an interesting thing happened inside Google.

At that time, the executive layer of Google was holding a product review meeting together, and the theme of the meeting was Picasa, which had just been acquired. As usual, sergey brin opened his notebook and joined the meeting. The product manager of Picasa was giving a presentation. Suddenly, he found that Brin’s mind seemed to be completely absent from his presentation, so Eric Shmidt(CEO) suspended the meeting and asked Brin: Is there anything important that you want to let everyone know?

Brin connected the projector to his notebook, and it turned out that he was watching EarthViewer. Many people are meeting EarthViewer for the first time, but they are all attracted by this software, and hope that Brin can enter his address — — "Show me, show me" … … .

Brin stopped and said directly without even considering the business prospects, "We have to buy this company."

Google offered Keyhole $30 million. But this is not the crux of the problem. What John is most concerned about is that Google didn’t have a map business before. What can it do if it buys Keyhole? He is also worried about his dream of building a high-resolution 3D model for the whole planet. Is there any chance to realize it? So, Google organized another special meeting.

"What do you think about making 3D models for the whole planet?" John asked.

"We think this will be the core of Google," Larry Page replied. "There are too many kinds of information that can be organized around maps and geographic information." Eric Shmidt added: "I guarantee that Google will provide you with enough image data, more than all the images you have processed before."

The guarantee of the founder and CEO is not enough. In order to show enough sincerity to finalize the acquisition, Google, which had not completed the IPO at that time, even made an exception and showed John the financial data of the past three years. According to John, God, I never thought private companies could make so much money!

The next day, John made a difficult call to the people in Menlo Ventures: "We are not signing this contract, we have changed direction".

On the other hand, it is precisely because of John Hanke’s insistence that Google can’t "pick and choose" Keyhole’s team and take in all 29 people. However, everyone needs to attend the interview. The name "interview" is actually just to determine the level.

Bill Kilday, the author of Never Lost Again, also participated in the interview. He was interviewed by Bret Taylor, an old employee and product manager of Google. At the end of the interview, Bret asked him, "Do you want to be PM(Product Manager) or PMM(Product Marketing Manager) after entering Google?"　

Because he didn’t understand the difference between PM and PMM at all, Bill could only answer, "I did both before". Bret said, "Do both? I can’t decide whether I can wear two hats, but personally, I think it’s unlikely. Of course, you can try it. "

Bill didn’t think much at first, but John Hanke immediately became alert when he heard about it: "Beware of Bret. I know someone at the top who is interested in maps, and Bret is her favorite guy. I don’t want all of us to take the reporting line of Bret. "

John thinks that since there are others who want to get their hands on the map, Keyhole can’t expose all his family. Finally, John suggested that Bill should not take the technical line, but "hang a sheep’s head and sell dog meat", which is nominally PMM, not in the reporting system of the technical line, but actually still works as both PM and PMM.

In addition to the conversation that needs to be "carefully faced", Keyhole joined Google and had many fresh experiences that impressed them.

On the first day of joining Google, they can go to the company’s parts station and freely choose the IT equipment they want. If you want to access the office network at home, you can ask IT support staff to provide a special router, and Google will pay for employees’ home Internet access. In addition, the campus shuttle buses provided by Google have their own Wi-Fi— — Come to think of it, it was 2004.

After the Keyhole team joined, Google organized a meeting to let everyone speak freely, and Brin and Page also attended. However, this meeting is more like asking Brin and Page to ask questions like a barrage:

"A large proportion of your data has reached the meter resolution?"

"Where does the data source come from?"

"What’s with the satellite?"

"Are these satellites geostationary satellites?"

"How big is the photosensitive element?"

"How fast does the satellite fly?"

… …

Another question that Brin is concerned about is: "How much space would it take to save a photo of the whole earth’s surface with a resolution of meters?"　

Although people in Keyhole have been doing this work before, they have never thought about it. So, Michael Jones, the engineer in charge of storage, replied: It takes about 1PB. — — "I think you are wrong, it should be 5TB", Brin gave his answer. Then the two men began to entangle the number. Michael invited Brin to work out on the whiteboard outside, so they started to walk outside. At this time, Bill caught up and threw out his own questions.

"Revenue of $10 million or development of 10 million users, which goal do you prefer?"

"I don’t understand what you are saying."

"For the Keyhole team, after one year, do you want us to achieve 10 million US dollars in revenue or develop 10 million users?"

"I think you guys should consider much bigger problems than this."

With that, Brin and Page left.

A few months later, during the development of Google Maps, Keyhole people gave Brin and Page a product demonstration. Two people’s reaction is still the same, what they want is a much bigger goal:

"How can I get such data?"

"Too few? We have spent $3 million on maps. You know, Keyhole has only bought a total of $1 million in the past four years. "

"Is this all the data of Digital Globe?"

"How big is the entire map database?"

"You mean, the map data of the whole earth? You know, the Sahara Desert, uninhabited islands, the Arctic Ocean and Antarctica are all included, and those data are useless to us. "

"Why don’t you buy the whole database?"

As a result, the budget for purchasing maps increased from the previous $3 million to $80 million. "It seems that we really should consider much bigger problems," John said.

At that time, Keyhole team work was divided into two parts. Part of it is reserved land, that is, the previous EarthViewer, and the original sales and services should be preserved; Part of it is a new job, that is, developing Google Maps, a web-based and free map product.

According to Google’s requirements, after being acquired, Keyhole should add the logo of Powered by Google to EarthViewer. The common Google logo includes five letters O with different colors, but Bill wants to change the blue one to Earth to highlight the characteristics of Keyhole.

Usually, this is very easy, Keyhole’s own webmaster can do it, but in Google, even such a small modification must be nodded by one person, and this person is Marissa Mayer.

Today, everyone is familiar with Marissa Mayer, who is the famous "Sister Mei" who appeared repeatedly in later reports. However, the Keyhole team who just joined Google doesn’t know who Sister Mei is. It took a long time to find out that she is the 20th employee of Google and the first female engineer, who is in charge of all searches. "It can be said that she is the most powerful woman in this industry, and more than half of Google people report to her."

In order to make a small change to the Google logo, Bill sent several emails and made several phone calls in the past few weeks, but never got a response from Sister Mei. All the other links have been settled, but everyone said, "Without Mei Jie’s nod, we dare not confirm". Seeing that the online date was approaching day by day, Bill had to rush directly to Sister Mei’s office and ask for an answer in person. He did get the answer: any changes must be released at the weekly UI meeting hosted by Sister Mei, waiting for her confirmation.

Finally, it was the meeting’s turn. After waiting patiently for 45 minutes, Bill finally got a chance to introduce the changes he wanted to make for 1 minute. Mei Jie’s evaluation is only one sentence: "Well, this is quite interesting. You can do it with confidence."　

Sister Mei’s idea has always been simple: all searches are under my control, and maps are inseparable from searches, so they should also report to me. However, John has long been aware of this, so he is very alert.

Keyhole’s team also found that the previous thought that "Google has no map business" is actually wrong. Google has tried it on the map, but outsiders don’t know it.

Google has previously acquired a company called Where2 Tech, and the main developers are two Danish brothers: Jens Rasmussen and Lars Rasmussen. The two brothers have been working hard to start a business, but the financing is always not smooth.

After 2001, the. com bubble burst, and Where2 Tech was basically finished. Originally, they were in contact with Sequoia Capital, but after Yahoo updated the Yahoo map and connected the Yahoo Yellow Pages with the map, Sequoia retreated. However, Sequoia arranged for them to meet Larry Page of Google.

Page is very interested in this team, but he also puts forward requirements for them. Where2 products, like all map products at that time, are desktop clients. However, Page believes that the Web is the future direction, and maps should run in browsers and get background data through the Internet.

At that time, there was another team inside Google that was also studying this technology of "getting data without refreshing the page", that is Gmail. However, the Gmail team and the Where2 team don’t know each other, but in the end, their technical solutions are the same, that is, Ajax can be seen everywhere today.

At that time, Lars and Jens were already struggling on the verge of bankruptcy. Because of the visa problem, they had moved their office from the United States to Australia, and there were only four people left in the team. After talking to Page, they found that it was an irresistible choice to change the technical scheme and join Google. They worked day and night for three weeks, took out a Web map and got tickets to join Google.

Compared with Keyhole, the team of Where2 has accumulated in front-end technology, but they have never had their own map data. So after the merger, Keyhole’s team also needs to be divided into two ways, all the way to maintain Keyhole’s original business, all the way to merge with Google’s existing map team, import the data before Keyhole into Google, and make Google’s "own" map.

It seems that Google Maps is a brand-new product for both Keyhole and Where2 Tech, and it is related to their previous work. So, who got on whose boat? Who will lead the whole team?

Where2 Tech reported to Bret Taylor before, and Bret is Sister Mei’s favorite. Both Bret and Sister Mei have many ideas about the map business and are full of expectations for the future. However, no matter who leads the team, the main force of this team is Keyhole. Keyhole’s people are different from Google. Not all of them graduated from prestigious schools majoring in computer science, and not everyone is extremely smart, but Keyhole’s team fighting capacity cannot be ignored.

Finally, Google gave a plan: John’s title is "General Manager of Keyhole", the original Keyhole team still reports to John, and John reports to Jonathan Rosenberg, vice president of product strategy of Google. At the same time, Bret and Google’s original map team still report to Sister Mei. This may not be the best plan, but at least it is a clear plan, avoiding unnecessary entanglement.

The reporting relationship is clear, but the working relationship is not that simple. Google assigned a large office to Keyhole’s team in Building 41. The original 29 people in Keyhole, plus 4 people in Where2 Tech who were making maps before Google, worked together.

The previous four guys have adapted to their jobs, but now they have to get up and make room for 29 new guys. This feeling can be imagined. What’s more, no one knows or explains how everyone should work together and how to cooperate. The final game

　　Inscription: Quantitative investment has been developed and practiced in China for almost ten years. Even a simple review of this industry is not an easy task. This paper briefly expounds the quantitative evolution of private placement in China from five aspects: influencing factors, strategic evolution, investment-client change, business environment and future prospect.

　　One: Influencing factors

　　Quantitative investment or hedge funds are imported in concept, so it is difficult to give a complete definition. The development of domestic quantitative industry is related to many factors, including market environment, regulatory policies, technical factors and external influences. These elements, like vitamins to maintain human growth, are intertwined and jointly affect the development and changes of the industry.

　　1. Market environment

　　The development of quantification is mainly closely related to the development of the market environment. Before the introduction of stock index futures, quantification mainly focused on long-term stock selection on the stock side, while futures mainly focused on commodity futures. On April 16th, 2010, CICC launched the Shanghai and Shenzhen 300 index futures, which opened a new era for quantitative investment. On the one hand, stock index futures provide hedging tools for stock strategies, on the other hand, they provide active trading varieties for CTA strategies, and on the third hand, they derive strategies such as spot arbitrage combined with ETF.

　　Subsequently, a number of new targets and tools appeared, such as treasury bonds futures, 50ETF options, IC/IH two major stock index futures, margin financing and securities lending, graded funds, convertible bonds and so on, which enriched the quantitative investment tools and strategies. Without the stock market crash in mid-2015, the launch of innovative tools should be accelerated, and the above-mentioned varieties and tools will play a greater role. Due to the impact of the stock market crash, many new varieties were "untimely" and were affected by stricter regulatory policies after their launch.

　　The rise and popularity of quantitative investment also has a lot to do with the stock market downturn in 2013-2014. There is no harm without comparison. Quantitative absolute return products are sought after, and the first batch of relatively large-scale quantitative private placements all rose at this stage, whether focusing on stock neutrality or CTA investment in stock index futures. In 2018-2019, quantitative products have once again become the sought-after objects of various employers, which is also related to the fact that there are not many alternative assets in the stock market downturn to some extent.

　　2. Regulatory policies

　　For quantitative investment, supervision can be divided into micro level and macro level. The micro level is mainly aimed at trading varieties and trading rules, while the macro level is more about industry policies (association policies, new asset management regulations and product structure, etc.).

　　In 2014-2015, the "leveraged bull" spawned by structured capital allocation ended in a stock market crash in a series of policy games, and stock index futures became a "back-pot man". The liquidity of IF stock index futures also shrinks instantly, just as a person’s heart rate suddenly freezes from 100 beats/minute to single digits, and directly becomes a vegetable. The latter tinkering policy is like giving cardiopulmonary resuscitation to a vegetative state, which brings greater disappointment after each hope. The subsequent regular discount of stock index futures is like the complications of vegetarians, sometimes good and sometimes bad.

　　After the supervision of stock index futures, some funds entered the commodity futures field, and then some policies were issued from time to time to guide the commodity futures field. Fortunately, the market was relatively small and everyone didn’t care too much. On May 1, 2017, the "Guidelines for the Management of Graded Fund Business" was officially implemented, excluding most retail investors, and the liquidity of graded funds, a leveraged tool, also shrank. In addition to the higher trading threshold of options, the programmatic interface of the latter trading is also stopped, and basically the wolf is fighting inside.

　　From the macro level, the new asset management regulations were released in 2018, which broke the rigid redemption and triple nesting, removed the priority and inferior structure, and the products should gradually move towards net worth management. Net management puts forward higher requirements for active management ability. In 2019, bank wealth management subsidiaries were established one after another, reshaping the financial management pattern, which had a far-reaching impact on the source of funds for private equity investment.

　　3. Technical factors

　　The quantitative investment industry is more like a technology-like industry, which often strives for technical strength and also considers the technical iteration cycle. Technology includes not only hardware, but also software, which is why many practitioners in the quantitative industry have computer backgrounds. The technology (or IT) factor here mainly includes two aspects: one is the improvement of the effective computing power of the quantitative company (the pain point), and the other is the access to the trading system (the itch point).

　　Everyone knows that technology costs money. Whether IT is buying hardware equipment or recruiting IT talents, quantitative companies are not willing to give up or have a lot of money to invest at the beginning, but have gone through a gradual process. At the beginning, there are many market opportunities, and you may be able to make money without such a great IT investment. For example, in 2013-2014, the low-frequency alpha strategy has a low transaction frequency, so you can place an order with a simple algorithm. Now that there are too many porridge, it is more and more difficult to earn money, and everyone has to fight for technology. At this stage, many investors try their best to tune high-frequency alpha companies, and they also like to ask questions such as effective computing power and servers. Efficient operation allows you to obtain (useful) information more efficiently than your opponent, thus turning it into a trading signal to obtain income. Some people may ask, if technology is so important, is IT possible for people in IT companies such as BAT to switch to quantification? Not exactly. It should be said that technical strength is one of the necessary but not sufficient conditions for quantifying private equity competition.

　　The above is more about quantifying the internal technical factors of the company, and most of the quantitative transactions are automated transactions, which involve docking with external trading systems. It is easier for external systems to access futures than stocks, and the supervision of futures is relatively small. After docking the exchange API, all futures companies can basically use it. The stock interface is much more complicated. Before the stock market crash in 2015, the programmatic interface of stocks was open. Private placement basically packaged several mainstream APIs and then docked different brokerage counter systems, which was more convenient. After the stock market crash and illegal allocation of funds by HOMES and other systems, the regulatory authorities stopped all programmatic interfaces. There are also alternative ways. Some quantitative private placements are traded through the securities firm’s purchasing private placement trading system (PB system), but not all quantitative private placements can be conducted in this way. Many of them are conducted through the PB system or text scanning mode within the securities firm.

　　The influence of the execution efficiency of the trading system on the quantitative trading results is direct and quantifiable. The competition of futures is fierce, and both market acceleration, trading system and physical distance have reached a certain ceiling. In the stock market, in addition to looking forward to the easing of policies, many brokers have also begun to exert their strength at the market acceleration end.

　　4. Outsiders

　　The outsiders here mainly refer to foreign participants. After the introduction of Shanghai and Shenzhen 300 stock index futures, many foreign companies entered China through trading companies as vests because of their active trading and good liquidity. When foreign companies first entered China, they were relatively low-key and mysterious. The domestic staff were mainly middle-and back-office personnel, and the strategy research and development were all abroad. The transaction execution could be realized through remote login deployment. The first batch of foreign-funded companies engaged in high-frequency transactions, which also let domestic practitioners know the strong technical strength and earning ability of foreign-funded teams from one side. I heard that at that time, a securities firm used a foreign trading system to save the market in order to avoid blocking orders.

　　The "Easton Incident", which was investigated during the stock market crash, also affected the direction of supervision to a certain extent. After the stock market crash in 2015, many regulatory and rescue measures were introduced in China, but I didn’t expect the stock market crash 2.0/3.0 to follow.

　　On June 30, 2016, Answers to Questions Related to the Registration and Filing of Private Equity Funds (X) was officially released, allowing qualified wholly foreign-owned and joint ventures to apply for registration as private equity fund management institutions, and to carry out private equity fund management business including securities trading in the secondary market. The Association is responsible for the registration of foreign private equity institutions. Up to now, more than 20 wholly foreign-owned private equity managers (WFOE) have registered with the Association. Among these companies, some are engaged in asset allocation, and some are engaged in absolute returns or relative returns.

　　Two: strategic evolution

　　The generation of strategy is not isolated, but closely related to the market environment. Asset categories and strategy types are different in different environments, and the risk factors implied by different strategy types are also different. This part simply tells the development path of different strategies from the perspective of asset categories.

　　1. Stock strategy

　　Stock quantification strategy is one of the mainstream strategies, which is directly related to market capacity. At the beginning, the domestic stock strategy was mainly based on absolute return strategy, and stock index futures were mainly used for hedging (short selling is rare). It just happened to meet the market of small-cap stocks, and you can make money by exposing your style a little. In 2013-2014, many stock quantitative private placements liked to operate with leverage. In December 2014, when the styles of large and small stocks were switched, many stock quantitative products were collectively retraced, and those with higher leverage also exploded, which was the first "black swan" encountered by stock quantitative products. After the mid-term stock market crash in 2015, the market liquidity declined, the stock index futures were seriously discounted, and the neutral strategy suffered a cold winter. Many stock quantitative investments were forced to transform, and some investors turned to index enhancement in order to avoid the deep discount of stock index, but the latter index "kept falling" too much, and the products made investors less money. After exploration, another group of investors began to turn to a high-frequency strategy based on volume and price in 2017, leading a wave of trends until now.

　　At this stage, stock strategies are mostly concentrated on high-frequency strategies such as volume and price alpha and T0, and the previous low-and medium-frequency fundamentals alpha have been difficult to do in the past two years. Stock products are mainly market neutral (absolute return) products and index enhanced (relative return) products. Market-neutral products based on stock high-frequency strategy often gain income by exposing style or factor exposure, which is not strictly neutral. Because of the high turnover of hands every day, relatively speaking, the (time) risk brought by exposure is more controllable than that of medium and low frequency. Index-enhanced products only select some indexes as benchmarks, and the selection range of trading targets may be far more than index constituent stocks. I have also seen that the basic trend of 300 and 500 enhanced products of a private equity company is the same.

　　Market learning has evolved rapidly. After 2019, a large number of stock high-frequency strategy products entered the market. Coupled with the liquidity and volatility of the market, the stock index continued to discount, and the stock high-frequency strategy also entered a "sideways period". The high-frequency strategic trading of stocks is crowded, which also makes some investors pay attention to the lower-frequency fundamental quantification again.

　　In order to cooperate with the smooth launch of science and technology innovation board and standardize Public Offering of Fund’s participation in refinancing securities lending business, on June 21st, the CSRC issued "Guidelines for Public Offering of Securities Investment Funds to Participate in Refinancing Securities Lending Business (Trial)", which provided a new way for stock strategy hedging (the scale before the securities lending business was very small). Whether the long/short double alpha era can really be started or not, and the specific effect will need time to be tested (the marketization of borrowing costs and the asymmetry of positive and negative alpha distribution are all worthy of attention).

　　2. Futures strategy

　　Before the introduction of the stock index, there was no CTA fund product in the strict sense in China, which was also related to the product distribution system. After the launch of the Shanghai and Shenzhen 300 index futures on April 16th, 2010, CTA funds gradually attracted the attention of investors, which belonged to the market cultivation stage, and individuals and institutions were involved in programmatic trading. In 2012-2013, the stock market was in a downturn, and absolute return products were sought after. During this period, CTA funds mainly traded stock index futures, and the intraday strategy was the main one, which lasted until mid-2015 and belonged to the golden development stage. After the stock market crash in June 2015, stock index futures were restricted, and many CTA funds were transferred to commodity futures, but they were faced with problems such as "acclimatization", because the volatility, liquidity, minimum change unit and delivery system of commodity futures market were different from those of stock index futures market, and stock index futures strategy, especially intraday strategy, could not be simply "transplanted". Subject to factors such as the supervision of stock index futures and the weakening of commodity market volatility, from mid-2015 to 2017, the development of CTA funds entered a period of downturn, which was a difficult transition stage. In 2018, with the deepening understanding of the commodity market, the optimization and adjustment of the strategy, and the further loosening of stock index futures driven by Apple, "peerless double focus" and crude oil, the CTA strategy performed well in 2018. From 2015 to 2018, the investment that can survive is all magical, and there are many places that are remarkable.

　　CTA strategy can be divided into trend tracking, statistical arbitrage and market-making strategy, etc. Now, the learning ability of investment and investment is relatively fast. From the perspective of net worth management and investor expectation management, many of them are mainly compound strategies.

　　In the field of futures, a force that cannot be ignored is the high-frequency team, which includes both domestic and foreign teams. This force earned the first pot of gold before the stock index futures were restricted, and more funds were transferred to the commodity futures field after the stock index futures were restricted. Because the commodity futures market is a stock game market, the capacity and income can not be compared with the past. After a period of exploration, some teams began to move to the T0 stock market.

　　3. Option strategy

　　On February 9th, 2015, Shanghai Stock Exchange launched 50ETF options, and several commodity exchanges also launched some commodity options, but the trading volume and influence were not as big as 50ETF options. The introduction of 50ETF options can be regarded as a tool to manage nonlinear risks for the market. However, due to strict account opening conditions and limited programmatic interface, the overall quantitative scale is not large.

　　With the improvement of liquidity, many investment strategies have been derived around 50ETF options. After communicating with market peers, it is found that the options trading strategies at this stage mainly focus on risk-free arbitrage (parity formula), volatility surface arbitrage, directional trading of actual volatility and implied volatility, event-driven strategy, etc. (The strategy classification varies from person to person, and some people analyze it from the perspectives of trading γ, gamma scaling, trading Vega, trading θ, (statistical) arbitrage, etc.).

　　4. Other strategies

　　In addition to the above-mentioned strategies classified according to asset categories, in the past quantitative development process, many staged quantitative strategies have been derived, such as spot arbitrage, ETF discount premium arbitrage since 2010, tiered fund arbitrage that was popular in 2015, and convertible bond arbitrage that was popular in 2018.

　　Quantitative strategy is sometimes combined with some institutional arbitrage or event-driven, such as quantitative and private placement in 2014-15 and quantitative and innovative in 2016.

　　Three: change of investment and care

　　A single quantitative investment can come smoothly from beginning to end, and it has gone through many stages. The different development stages of quantitative investment are not only influenced by the market environment and strategic cycle, but also by the factors of company management.

　　1, the development process

　　Before the implementation of the private placement registration and filing system on February 7, 2014, private placement products had to rely on channels, including trusts, publicly funded subsidiaries or securities firms. After the implementation of the private placement registration and filing system, private placement managers can independently discover products, which is a major innovation for the development of the private placement industry.

　　Borrowing channels to send products, the risk control and compliance systems are relatively strict, and the docking of trading systems is not very powerful. The implementation of registration and the simplification of product establishment process have spawned a large number of new quantitative private placements, some of whom came back from overseas and others came from institutions within the system.

　　Quantitative private equity firms have a large flow of talents, especially a batch of private equity firms established in the early days, from which many new companies have been split.

　　2. Business model

　　Companies need cash flow and make money, especially in the quantitative industry at the top of the talent tower. Without continuous cash flow, talents are easily lost. Through that mode to obtain cash flow or profit, different quantitative companies have different business and path arrangements.

　　From a strategic point of view, some companies focus on a certain segment at the beginning, and some companies do all kinds of strategies. Understood, more paths are to expand from a certain subdivision to other fields, such as CTA to stocks, from stocks to bonds, etc., and move towards a comprehensive strategy. On the one hand, this model can improve the original strategy with limited space or capacity reaching the ceiling, and on the other hand, it follows the principle of moving forward in the direction of least resistance.

　　From the management point of view, some domestic companies refer to the Worldquant model, unify the database, back-testing platform and evaluation criteria, and then recruit a large number of employees who have just graduated or have less work experience to mine factors or develop strategies, while more experienced PM will decide whether to adopt and weight them. There are also some companies that refer to the Millennium model. The company is divided into different strategy groups, and then a team leader takes several soldiers. This is a platform company, and different strategy groups may do the same type of strategy or different types of strategies.

　　Whether it is internal factor MOM or strategic MOM, there are not many companies that can achieve a relatively standardized model. Any model requires a large amount of resources, and it can only be done if the company develops to a certain scale or the shareholders are strong.

　　3. Company genes

　　Every company has its own path dependence and its own capability boundary. Quantifying the company’s genes is related to the academic qualifications, majors and working experience of the company’s core figures. According to statistics, the graduation schools of the core figures are very concentrated, basically from the top few prestigious schools. Professionally speaking, computer, physics and mathematics are among the top. The quantification industry has gathered a group of the smartest people, and the school logo is very obvious.

　　Quantifying industry experience is also very important. Many domestic quantitative tycoons have worked in Goldman Sachs, Millennium, BGI/ BlackRock, Citadel and Worldquant before, bringing back many foreign ideas and methods. There are also many quantitative bosses in China, who have grown up in the domestic market and are very familiar with domestic systems and trading rules.

　　4. Geographical distribution

　　Due to the restriction of industrial and commercial registration, the registered address of private placement may be scattered, but the office space is mainly concentrated in Beijing, Shanghai, Hangzhou, Shenzhen and Guangzhou. Statistically, the relatively large private placements are mainly in Beijing, Shanghai and Hangzhou, which are related to the rich educational resources in several places besides the relatively smooth information in the deep financial centers. Quantification industry needs a large number of interns for data processing or strategy research and development, and the background of science and engineering is preferred. There are many quantitative private placements near Zhongguancun (000931) in Beijing. It is convenient to recruit interns or employees, and many interns have become the main force of the company.

　　There is still a shortage of educational resources in Shenzhen, and it is difficult to find interns in quantitative companies, which is also a shortcoming that restricts the development of quantitative private placement in Shenzhen. There are also quantitative private placements in Guangzhou, and the scale is relatively small, basically near the international financial center.

　　5. Industry concentration

　　The quantitative private placement industry is an industry with economies of scale, and it is easy to form a winner-take-all situation.

　　Before the stock market crash in 2015, except for a few futures high-frequency companies with relatively large hardware investment, many private equity hardware investments were not high. In addition, at that time, it was possible to make a structured fund-raising scale, so the industry concentration was not so obvious.

　　With the rise of stock high-frequency alpha, hardware investment and labor cost investment are a very large fixed expenditure, and the entry threshold is getting higher and higher. On the other hand, with the de-channelization and net worth management, good assets become "hot cakes", and funds are more concentrated at the head, which is easy to form the "Matthew effect". Judging from the current trend of quantitative private placement of stocks, the gap between the first echelon and the second echelon and other companies is widening.

　　Compared with stocks, the quantitative investment concentration of low-frequency futures is not so high, on the one hand, it is related to the market size, on the other hand, it is also related to the lack of standardized process of futures strategy, and most of the time it depends on the weather. However, due to the high threshold (IT, strategy), the high concentration of futures is very high, and there are only a handful of good teams.

　　Iv. Business environment

　　Around the development of quantitative private placement industry, a unique ecosystem has been formed. This ecosystem is a complete industrial chain, including different market participants, the docking of funds and assets, and the interaction of information flow.

　　1. Market participants

　　Around the quantitative private placement, in addition to the exchanges and system providers we know, the main participants are brokers, futures companies, customers (banks, third parties, FOF, direct sales, etc.) and information providers.

　　As a stock broker, the support for quantitative private placement is mainly trading and financial support. For stock strategy, a friendly trading system can not only reduce the transaction cost, but also save a lot of communication time. Some domestic brokers made great efforts in the docking and service of trading systems, taking this as a breakthrough, and gathered a group of excellent quantitative investment in the early days. In addition to systematic or purchasing quantitative private placement PB system, it is more important for brokers to understand this business and respond to the service. More than once, I heard friends from the brokerage business department and the compliance risk control department complain about the conflict of ideas about system access. In addition, brokers also need a technical service team that can quickly respond to the demand of private placement, and can answer and solve the problems in the docking and subsequent transactions of quantitative private placement in time. This experience is very critical for quantitative private placement.

　　Another piece of support for brokers is to help private placements to connect funds. Whether it is recommended to banks or other employers, or consignment in the system, it can improve the stickiness with private placements and land the business to brokers. Some brokers have also made more efforts in this area, setting up private equity centers or wealth centers, and introducing a number of high-quality quantitative private equity consignment sales, so that high-net-worth customers can also make money, which improves the probability of multiple marketing of private equity and the stickiness of customers.

　　At present, many brokers also hold many competitions or launch seed funds, which may not be effective in the short term due to the long cycle, limited proportion of foreign investment and multi-objective assessment constraints.

　　Futures companies are brokers, similar to brokers. Compared with brokers, there is not much advantage in the docking of funds. The docking system of futures companies is not as complicated as that of brokers in terms of procedures and processes, but more in terms of speed, computer room, servers and other aspects of support for private placement. This piece of competition is also fierce, especially in the high-frequency field.

　　The above is mainly about brokers, and the other side is the source of funds. The sources of funds are not only brokers and futures companies, but also bank asset management (subsidiary) outsourcing, private bank consignment, third-party consignment, direct sales customers, and FOF funds.

　　There are also some data service providers around private placement, including the service providers of private placement data itself, which will not be discussed in detail here. We expect that there will be a relatively complete and better quality quantitative private placement database in the market in the future.

　　2. Fund side VS asset side

　　Throughout the past years, the capital side has been at the upstream of this industrial chain. After all, quantifying private placement generally requires management scale. For a quantitative private placement, it is very important to establish corresponding channels according to product characteristics. With the spread of the Internet age, the situation of "the wine smells like the deep alley" has greatly improved, and the information asymmetry is declining. However, effective channel maintenance and investor expectation management are crucial for the long-term development of private placement.

　　Being in the whole asset management industry, it is difficult to match the term between the capital side and the asset side. Different sources of funds have different characteristics in terms of attributes, duration, risk and return, and the domestic capital assessment cycle is generally short, so it is as difficult to find a balance between them as walking a balance beam.

　　The preference of the capital side for quantitative private placement is often when the secondary market is relatively depressed. When the cost of capital in the market is relatively cheap and there are not many alternative assets, quantitative products are more popular. Generally, when quantification sells well, there will be asset shortage, and good quantitative products become very scarce. The capital side will chase the quantitative products with good performance, and the head effect is very obvious, which can also be clearly felt from the recent trend.

　　In the balance between scale and capacity, head private placement has strong pricing power. By designing relatively harsh investment thresholds or business terms, investors who meet the requirements are screened. When the head private placement forms a brand premium, you can basically use your own channels to be direct customers.

　　3. Industry promotion

　　For investors, quantitative investment or hedge funds are relatively new concepts. Domestic propaganda about quantitative investment or hedge funds, often for marketing purposes, inevitably exists excessive publicity stunt. Either you have to quantify Simmons, or you have to make a steady profit or have a quick shortcut.

　　Quantitative investment, as an investment method, is not all-encompassing. It can make absolute returns, relative returns and asset allocation. Pursuing absolute income does not necessarily make money. Different types of strategies adapt to different market environments, and all strategies have adaptive periodicity. In many publicity materials, we can’t talk about benefits without considering scale and risk.

　　With the increase of quantitative investment and products, there are more and more awards about the quantification of private placement. The rating organizers mainly come from third parties, brokers, futures, media and so on. Some awards are consistent and have great influence on the market, while others may be closed after a year or two according to the leadership’s intention. Because there are too many award-winning units and various award criteria, investors need to check the gold content of the award-winning items.

　　The fund industry association has introduced many measures in private placement publicity, and investors can’t publicize their achievements at will, which has promoted the long-term development of the industry.

　　Wu: Future prospect.

　　Some time ago, many articles discussed the quantification of 2.5, 3.0 and 4.0. Aside from these figures, quantitative investment should now be in a good position. The development of the industry, most of the time depends on the weather (market opportunities, tuyere), geographical location (schools, information exchange), people and (talents, team, management).

　　1. Stones from Other Mountains

　　Looking at the ranking of some foreign hedge fund companies, it is more from the scale, and many foreign hedge funds do allocation or relative income, and some do business similar to domestic Public Offering of Fund. On the whole, foreign markets are more efficient than domestic markets, and it is more difficult to obtain excess alpha than domestic markets, especially if the scale factor is taken into account. Large-scale hedge fund companies now adopt multiple strategies.

　　There are also some companies that take the profit route. They mostly manage their own funds or the funds are not open for subscription. Many high-frequency companies mostly manage their own funds.

　　No matter the scale or the income route, the head effect of foreign companies is very obvious. In addition, foreign hedge fund companies generally have flagship products, with long historical traceability.

　　2. Self-operated VS asset management

　　From the experience of foreign countries, many hedge funds that aim at absolute returns finally manage a lot of self-operated funds, which is related to the capacity of specific quantitative strategies. After reading a lot of publicity materials, it is found that people are used to comparing Buffett’s rate of return with Simmons’ rate of return, which may not be of great reference significance, because the scale of the two is not in the same comparison dimension. China will also face this problem, and investors prefer to leave good strategies to self-operated funds, especially those with limited capacity. If there is a relatively stable strategy, investors are eager to leverage themselves and gain greater operating leverage effect.

　　Asset management products are more about the pursuit of scale. To meet the needs of scale, if the withdrawal control is strict, it can only reduce the income; If the income should be flexible, more products will be made with relative income.

　　Looking at the stock market in the long run, investors are more willing to manage their own funds or leverage themselves, and more are index-enhanced products. For the futures market, high-frequency or arbitrage strategies are more reserved for themselves, and increasing the scale depends more on medium and long-term CTA strategies.

　　3. Competition pattern

　　It will become more and more obvious that the quantitative competition pattern will move towards the ninth, and the long tail distribution will make the head brand premium ability stronger and stronger. The head effect in the field of stock quantification is obviously higher than that in the field of futures, which is related to market capacity and technical path. At present, the domestic pattern has not reached an oligopoly stage, and there are still many variables in the process of moving towards this stage.

　　Will the entry of foreign private placement managers (WFOE) into China have an impact on the domestic quantitative pattern? Take the stock high-frequency strategy as an example. If we rely solely on effective computing power and data mining, the reserves of many foreign private placements in this area should not be bad. It is worth observing whether there is the possibility of the latter catching up. In the field of high-frequency futures, because the stock index futures have not been loosened for a long time, the competition is now in a very fierce stage (Jump, Tower, Optiver, etc. have already started business in China). Will the new entrants reshape the pattern?

　　It turns out that many teams doing high-frequency futures have turned to the field of stock T0, but pure stock T0 relies heavily on liquidity and volatility, and it is worth looking forward to whether it can continue its glory. As the scale of high-frequency private placement of stocks has exceeded 10 billion, the crowded trading will make them reduce the trading frequency or join the fundamental alpha. Does it have an impact on the original fundamental alpha investment? Technically speaking, it is relatively easy for futures to turn into stocks at high frequency, and stocks to cut into fundamental alpha at high frequency. The technology is a blow to dimensionality reduction, and it remains to be seen whether there can be a breakthrough in strategic thinking and logic.

　　4. Risk management

　　Hedge Fund, in English, should be a hedge fund. One of the characteristics of quantitative investment is that it is more advantageous to manage investment risks. If risk management is not done well, there may be an oolong finger or a black swan event.

　　The source of quantitative strategy income is nothing more than the short-term market failure and then arbitrage opportunities or the corresponding risk premium. Risk arbitrage opportunities are always rare, and more often they are exposed to corresponding risks. No strategy can adapt to all market environments, and the strategy itself will have cyclical characteristics, and the potential risk of relying too much on exposure to gain income is also great. After all, the strategy of "trampling" or collective retreat is nothing new at home and abroad.

　　In addition to strategic risks, there are operational risks or compliance risks, and it is not difficult to achieve the integration of knowledge and practice in quantitative investment. In addition, the consistency of product performance is difficult to evaluate quantitatively because of the asymmetry of information. Therefore, not only private managers should pay attention to risk management, but also investors need risk management to avoid the best cause becoming the worst result.

　　From the perspective of the whole industry, any party’s risk management can reduce regulatory intervention, which is also good for the development of the industry. We can’t forget that in the past financial development of China, "barefoot people are not afraid of wearing shoes" often appeared, and finally the whole industry was held responsible.

　　Source: FICC and asset allocation

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

　　Xinhua News Agency, Beijing, December 14th-Recently, the Central Committee of the Communist Party of China and the State Council issued the Outline of the Strategic Plan for Expanding Domestic Demand (2022-2035), and issued a notice asking all localities and departments to conscientiously implement it in light of the actual situation.

　　The main contents of the Outline of the Strategic Plan for Expanding Domestic Demand (2022-2035) are as follows.

　　Firmly implementing the strategy of expanding domestic demand and cultivating a complete domestic demand system is an inevitable choice to accelerate the construction of a new development pattern with the domestic macro-cycle as the main body and the domestic and international dual-cycle promoting each other, and is a strategic decision to promote China’s long-term development and long-term stability. In order to promote the implementation of the strategy of expanding domestic demand, this planning outline is formulated in accordance with the 14th Five-Year Plan for National Economic and Social Development of People’s Republic of China (PRC) and the Outline of Long-term Goals in 2035.

　　I. Planning background

　　(A) China has achieved remarkable results in expanding domestic demand.

　　Since the reform and opening up, especially since the 18th National Congress of the Communist Party of China, while deeply participating in the international industrial division of labor, China has continuously improved the quality of domestic supply, focused on releasing domestic market demand, and promoted the formation of a strong domestic market. The supporting role of domestic demand for economic development has been significantly enhanced.

　　The basic role of consumption has been continuously strengthened. The proportion of final consumption expenditure to GDP has remained above 50% for 11 consecutive years. Traditional consumption such as housing, transportation and consumption has increased significantly, and the per capita housing construction area of urban residents has increased steadily. The sales of new cars have ranked first in the world for 13 consecutive years. The new consumption format and new mode have developed rapidly. In 2021, the online retail sales of physical goods accounted for 24.5% of the total retail sales of social consumer goods, and the per capita service consumption expenditure accounted for 44.2% of the per capita consumption expenditure.

　　The key role of investment is better played. China’s total capital formation accounts for a reasonable proportion of GDP, which provides a strong support for optimizing the supply structure and promoting the steady economic development. The level of infrastructure construction has been comprehensively improved, the national comprehensive transportation corridor has been accelerated, and a number of major water conservancy facilities have been completed and put into use. The construction of new infrastructure such as 5G was accelerated, significant achievements were made in the construction of major scientific and technological projects, and investment in high-tech industries continued to grow rapidly. Shortcomings and weaknesses in the fields of health care, eco-environmental protection, agriculture and rural areas, and education have been accelerated.

　　The operating mechanism of the domestic market has been continuously improved. The construction of a high-standard market system has been accelerated, the "streamline administration, delegate power, strengthen regulation and improve services" reform has continued to deepen, the business environment has been continuously optimized, key reforms such as market-oriented allocation of factors and property rights system have been steadily promoted, the circulation system has been accelerated and improved, the social security system has been gradually improved, and the basic public service system for coordinating urban and rural areas has been accelerated, and the market vitality has been effectively stimulated.

　　The international and domestic markets are more closely linked. China’s gross domestic product exceeds 110 trillion yuan, and it has become the second largest commodity consumption market in the world, driving the continuous expansion of import scale and continuous optimization of structure. International economic and trade cooperation has been solidly promoted, and remarkable progress has been made in opening up to the outside world. China has become one of the most attractive foreign capital inflow countries, and the quality of foreign capital utilization has been continuously improved. China’s market and the global market have further coordinated development and mutual benefit.

　　(2) of great significance

　　Implementing the strategy of expanding domestic demand is to meet the realistic needs of people’s yearning for a better life. China’s economy has changed from a high-speed growth stage to a high-quality development stage, and its development requirements and conditions have shown new features. In particular, people’s yearning for a better life has generally changed from "whether there is" to "whether it is good", showing diversified, multi-level and multi-faceted characteristics. To solve the contradiction between the people’s growing need for a better life and the unbalanced development, we must firmly implement the strategy of expanding domestic demand, consolidate the foundation, promote the advantages, supplement the shortcomings and strong and weak items, meet the needs of the people by increasing the supply of high-quality products and services, promote the all-round development of people and the all-round progress of society, and promote the virtuous circle of supply and demand at a higher level.

　　Implementing the strategy of expanding domestic demand is an active choice to give full play to the advantages of super-large-scale market. The economy of a big country is characterized by domestic demand. The domestic demand market is connected with economic development at one end and people’s livelihood at the other, which is the main support of economic development. After more than 40 years of reform and opening up, China’s economy has developed continuously and rapidly, and gradually formed a super-large-scale market advantage in terms of market demand, industrial system, human resources, soft and hard infrastructure, and laid the foundation for cultivating a complete domestic demand system. To give full play to the advantages of super-large-scale market, we must firmly implement the strategy of expanding domestic demand, expand household consumption and effective investment, enhance the resilience of economic development, and promote sustained and healthy economic development.

　　Implementing the strategy of expanding domestic demand is an inevitable requirement to cope with the profound changes in the international environment. The great changes in the world that have never happened in a century have accelerated the evolution, the international power has been adjusted profoundly, the COVID-19 epidemic has a far-reaching impact, and the uncertainty of unbalanced world economic growth has increased. Unilateralism, protectionism and hegemonism pose a threat to world peace and development. Facing the complicated and severe external environment, we must firmly implement the strategy of expanding domestic demand and effectively deal with external risk challenges with our own stable development.

　　Implementing the strategy of expanding domestic demand is the key support to promote economic cycle more efficiently. The key to building a new development pattern lies in the unimpeded economic cycle. To promote the smooth domestic circulation, we must firmly implement the strategy of expanding domestic demand, open up the blocking point of economic circulation and consolidate the domestic basic disk; To realize the mutual promotion of domestic and international double circulation, we must also firmly implement the strategy of expanding domestic demand, better rely on the domestic big market, effectively use global factors and market resources, achieve more efficient connection between domestic and foreign markets, and promote the development of a higher level of domestic big circulation.

　　(3) Opportunities and challenges

　　Entering the new stage of development, China’s domestic market foundation has become more solid, and the environmental conditions for implementing the strategy of expanding domestic demand have changed profoundly. Looking forward to the future, the characteristics of domestic market leading the national economic cycle will be more obvious, consumption has become the main driving force of China’s economic growth, and the optimization and upgrading of residents’ consumption will be combined with modern technology and production methods, and China, the most potential consumer market in the world, will continue to grow and develop. China is in the stage of rapid development of new industrialization, informationization, urbanization and agricultural modernization. Compared with developed countries, there is still much room for investment in many aspects, and the investment demand potential is huge. At the same time, Socialism with Chinese characteristics’s institutional advantages are remarkable, its macro-economic governance capacity has been continuously improved, reform and innovation have constantly nurtured new development momentum, the construction of a unified national market has been accelerated, the institutional environment for the circulation of goods and factors has been continuously improved, the quality and allocation level of production factors in China have been significantly improved, and the domestic market space has become broader.

　　At the same time, we must see that China still faces many constraints in expanding domestic demand. The tightening of labor, land, environment and other factors restricts investment growth, innovation ability can not fully meet the requirements of high-quality development, and it is difficult to effectively meet the personalized and diversified consumer needs of the masses; There is a big gap between urban and rural regional development and income distribution, there are shortcomings in people’s livelihood security, hidden risks in financial and other fields can not be ignored, and there are still many institutional mechanisms that restrict the release of domestic demand potential; With the increasingly fierce international competition, it is a long way to go to turn China into a "gravitational field" of international high-end factor resources.

　　On the whole, there are new developments and changes in the opportunities and challenges of expanding domestic demand in China, and the opportunities outweigh the challenges on the whole. We must firmly implement the strategy of expanding domestic demand, accurately grasp the development law of the domestic market, take precautions, seek advantages and avoid disadvantages, foster opportunities in the crisis, open up new opportunities in the changing situation, constantly release the potential of domestic demand, give full play to its pulling role, build a stronger domestic market, and promote the stable, healthy and sustainable development of China’s economy.

　　Second, the overall requirements

　　(4) Guiding ideology

　　Guided by the Supreme Leader’s Socialism with Chinese characteristics Thought in the new era, adhere to the general tone of striving for progress while maintaining stability, base on the new stage of development, implement the new development concept completely, accurately and comprehensively, build a new development pattern, take promoting high-quality development as the theme, deepen supply-side structural reform as the main line, take reform and innovation as the fundamental driving force, take meeting the people’s growing needs for a better life as the fundamental purpose, adhere to the system concept, and better coordinate development and safety. Firmly grasp the strategic basis of expanding domestic demand, accelerate the cultivation of a complete domestic demand system, strengthen demand-side management, promote the formation of a strong domestic market, focus on unblocking the domestic economic cycle, promote the benign interaction between domestic and international double cycles, promote China’s economic stability and social stability and harmony, and lay a solid foundation for building a socialist modern country in an all-round way.

　　(5) Working principles

　　— — Adhere to the party’s leadership and give full play to the institutional advantages. Give full play to the Party’s core role of commanding the overall situation and coordinating all parties, implement the Party’s requirements of directing, seeking the overall situation, formulating policies and promoting reform, implement the Party’s leadership throughout the implementation of the strategy of expanding domestic demand, give full play to the remarkable advantages of China’s national system and national governance system in many aspects, and provide a fundamental guarantee for the implementation of the strategy of expanding domestic demand.

　　— — Adhere to the people’s position and enhance people’s livelihood and well-being. Adhere to the people as the center, take meeting the people’s growing needs for a better life as the starting point and the end result of expanding domestic demand, always achieve development for the people, development depends on the people, and development results are shared by the people, solidly promote common prosperity, and continuously enhance the people’s sense of acquisition, happiness and security.

　　— — Adhere to the top-level design and serve the overall strategy. Adhere to the strategic starting point of expanding domestic demand, lead and create new demand with innovation-driven and high-quality supply, make expanding domestic demand an important support for building a new development pattern, promote quality change, efficiency change and power change, and promote the dynamic balance between supply and demand at a higher level.

　　— — Adhere to reform and opening up and enhance endogenous motivation. Unswervingly release and stimulate market potential by means of reform, combine effective market with promising government, give full play to the decisive role of market in resource allocation, better play the role of government, break down the institutional and institutional obstacles that restrict the growth of domestic demand, continuously improve the efficiency of factor allocation and product circulation, and at the same time implement a higher level of opening up, make full use of international high-end factor resources, and continuously enhance the vitality of the domestic market.

　　— — Adhere to the system concept and strengthen synergy and efficiency. Strengthen forward-looking thinking, overall planning, strategic layout and overall promotion, speed up the cultivation of a complete domestic demand system, coordinate the major relationships between supply and demand, consumption and investment, domestic demand and external demand, quantity and quality, domestic and international, speed and benefit, efficiency and fairness, development and security, and do our best to achieve the unity of development quality, structure, scale, speed, benefit and security, so as to expand domestic demand.

　　(VI) Development goals

　　According to the strategic arrangement of building a socialist modern country in an all-round way, looking forward to 2035, the long-term goals of implementing the strategy of expanding domestic demand are: the scale of consumption and investment will reach a new level, and a complete domestic demand system will be established in an all-round way; New industrialization, informationization, urbanization and agricultural modernization have been basically realized, greater achievements have been made in the construction of a strong domestic market, major breakthroughs have been made in key core technologies, and the domestic cycle driven by innovation and domestic demand has become more efficient and smooth; People’s lives are better, the per capita income of urban and rural residents has reached a new level, middle-income groups have expanded significantly, basic public services have been equalized, the gap between urban and rural regional development and the gap between residents’ living standards has narrowed significantly, and all people have made more obvious substantive progress in common prosperity; The supporting role of reform in the development of domestic demand has been greatly improved, the high-standard market system has been improved, and the modern circulation system has been fully established; China’s new advantages in participating in global economic cooperation and competition have been continuously enhanced, and the international influence of the domestic market has been greatly enhanced.

　　Anchoring the long-term goal in 2035 and considering the development environment and conditions comprehensively, the main objectives of implementing the strategy of expanding domestic demand during the 14 th Five-Year Plan period are:

　　— — Promote consumption investment and achieve new breakthroughs in the scale of domestic demand. The basic role of consumption and the key role of investment have been further enhanced. Domestic demand has continued to develop healthily, quality and efficiency have been significantly improved, the advantages of ultra-large-scale market have been fully exerted, the domestic market has become stronger, and remarkable progress has been made in cultivating a complete domestic demand system.

　　— — Improve the distribution pattern and continuously release the potential of domestic demand. The distribution structure has improved significantly, the gap between urban and rural regional development and the gap between residents’ living standards has gradually narrowed, and the actual growth of per capita disposable income of residents is basically in sync with economic growth. The level of equalization of basic public services has been continuously improved, the multi-level social security system has been improved, and social undertakings have been accelerated.

　　— — Improve the quality of supply and better meet domestic demand. Significant progress has been made in structural reform on the supply side, the agricultural foundation has become more stable, the proportion of manufacturing industry has been basically stable, the construction of modern service industry has been accelerated, the development foundation of the real economy has been further consolidated, the transformation and upgrading of traditional industries have been accelerated, the development of new industries and new formats has been accelerated, the innovation capability has been significantly improved, the industrial base has been upgraded, the level of industrial chain modernization has been significantly improved, and the adaptability of the supply system to domestic demand has been continuously enhanced.

　　— — Improve the market system, stimulate domestic demand and achieve remarkable results. A high-standard market system with unified opening, orderly competition, complete system and perfect governance has been basically established, goods and factors have flowed more smoothly between urban and rural areas, significant progress has been made in the reform of property rights system and market-oriented allocation of factors, the business environment has been continuously optimized, the fair competition system has been improved, and the modern circulation system has been established and improved.

　　— — Smooth economic cycle, the efficiency of domestic demand development continues to improve. A new open economic system with a higher level has basically taken shape, and the degree of economic cooperation between China and neighboring regions has further deepened, which has continuously enhanced the driving role for the development of neighboring and global economies.

　　(7) Key tasks

　　Adhere to the problem orientation, focus on promoting high-quality development, and deploy and implement the key tasks of expanding domestic demand strategy in view of the main problems faced by China in expanding domestic demand in the medium and long term, especially the difficulties such as insufficient effective supply capacity, large distribution gap, low modernization of circulation system, imperfect consumption system and mechanism, and still need to optimize investment structure.

　　Accelerate the cultivation of a complete domestic demand system. We should organically combine the implementation of the strategy of expanding domestic demand with deepening the structural reform on the supply side, expand the domestic demand system according to the whole chain of production, distribution, circulation, consumption and investment reproduction, and cultivate a complete domestic demand system composed of improving supply quality, optimizing distribution pattern, perfecting circulation system, comprehensively promoting consumption and expanding investment space.

　　Promote the formation of a strong domestic market. Efforts will be made to tap the potential of domestic demand, especially to promote new urbanization and coordinated development between urban and rural areas to release the potential of domestic demand and further expand the domestic market. By optimizing the market structure, improving the market mechanism, stimulating market vitality and enhancing market resilience, we will further strengthen the domestic market and promote the stable development of the domestic market and the continuous improvement of international influence.

　　Support the smooth domestic economic cycle. Further promote the organic connection and circular circulation of various elements, and form a benign domestic economic cycle of increasing products and services, accumulating social wealth, improving people’s well-being and enhancing national strength. Supported by a strong domestic economic cycle, we will strive to promote high-level opening up to the outside world, create a "gravitational field" of international high-end factor resources, make domestic and international markets better connected, enhance the efficiency and level of domestic large-scale circulation with international circulation, and realize mutual promotion and common progress of domestic and international double circulation.

　　Third, comprehensively promote consumption and accelerate the upgrading of consumption.

　　Final consumption is the lasting driving force of economic growth. Comply with the trend of consumption upgrading, promote traditional consumption, cultivate new consumption, expand service consumption, appropriately increase public consumption, and strive to meet personalized, diversified and high-quality consumer demand.

　　(eight) continue to enhance traditional consumption.

　　Improve basic consumption quality such as food and clothing. Strengthen guidance, strengthen supervision, support innovation, promote the supply of high-quality basic consumer goods, and promote the homogeneity of domestic and foreign products with the same line and standard. Advocate a healthy diet structure, increase the supply of healthy and nutritious agricultural products and food, and promote the healthy development of the catering industry. Persevere in stopping food and beverage waste.

　　Release the potential of travel consumption. Optimize the layout of urban transportation network and vigorously develop smart transportation. Promote the transformation of automobile consumption from purchase management to use management. Promote the electrification, networking and intelligence of automobiles, and strengthen the construction of supporting facilities such as parking lots, charging piles, power exchange stations and hydrogen refueling stations. Facilitate second-hand car trading.

　　Promote the healthy development of residential consumption. Adhere to the positioning of "houses are used for living, not for speculation", strengthen the guidance of real estate market expectations, explore new development models, accelerate the establishment of a housing system with multi-subject supply, multi-channel guarantee and simultaneous rent and purchase, and steadily implement a long-term mechanism for the stable and healthy development of the real estate market, support residents’ reasonable demand for self-occupation, curb speculative demand for investment, and stabilize land prices, prices and expectations. We will improve the basic system of housing security and support policies, focus on big cities with net population inflow, and expand the supply of affordable rental housing. Develop shared property housing according to local conditions. Improve the long-term rental policy, and gradually make the rental housing have the same rights in enjoying public services. Improve the housing provident fund system. Promote the construction of barrier-free facilities, promote the consumption of home decoration, increase the consumption of smart home appliances, and promote the development of digital homes.

　　Better meet the consumption demand of high-end consumer goods. Promote the healthy and orderly development of the tax-free industry. Promote the integration of national brands with international standards, fully meet domestic consumer demand, and increase the domestic supply of high-end consumer goods. Cultivate and build an international consumption center city and create a number of regional consumption centers. Further promote the construction of Hainan international tourism consumption center.

　　(9) Actively develop service consumption.

　　Expand cultural and tourism consumption. Improve the modern cultural industry system and cultural market system, promote the development of high-quality cultural resources, and promote the creative transformation and innovative development of Chinese excellent traditional culture. Encourage cultural relics units to rely on the cultural resources in their collections to develop all kinds of cultural and creative products and expand the supply of high-quality cultural products and services. Vigorously develop holiday and leisure tourism. Expand diversified, personalized and customized tourism products and services. Accelerate the cultivation of tourism formats such as islands, cruise ships, low altitude and deserts. Release the consumption potential of general aviation.

　　Increase the consumption of services for the aged and children. Adapt to the aging process of the population, promote the coordinated development of the old-age care cause and the old-age care industry, and speed up the improvement of the old-age care service system with the coordination of home community institutions and the combination of medical care and health care. Develop the silver-haired economy, promote the aging transformation of public facilities, and develop aging technologies and products. We will promote the connection between the birth policy and the economic and social policies, reduce the burden of family birth, parenting and education, improve the whole process of prenatal and postnatal care, and release the potential of the birth policy. Increase the supply of inclusive childcare and develop community childcare services with centralized management and operation.

　　Provide multi-level medical and health services. Comprehensively promote the construction of a healthy China, deepen the reform of the medical and health system, improve the public health system, and promote the high-quality development of public hospitals. Support social forces to provide multi-level and diversified medical services, encourage the development of general medical services, and increase the effective supply of specialized medical services. Actively develop the cause of Chinese medicine, and strive to increase high-quality services such as Chinese medicine, health care, rehabilitation and healthy tourism. Actively develop personalized medical services. Strengthen occupational health protection. Improve the prevention and control measures of normalized epidemic situation. Optimize the types of vaccines in the national immunization program in a timely manner, and gradually incorporate safe, effective and financially affordable vaccines into the national immunization program.

　　Improve the quality of education services. Improve the national education system and promote educational equity. Improve the guarantee mechanism for inclusive preschool education, special education and special education. Promote the balanced development of compulsory education and the integration of urban and rural areas. Consolidate and improve the popularization level of high school education. Focus on building world-class universities and first-class scientific research institutes, and strengthen the construction of science and education infrastructure and platform for integration of production and education. Improve the vocational and technical education and training system and enhance the adaptability of vocational and technical education. Encourage social forces to provide diversified educational services, support and standardize the development of private education, comprehensively standardize off-campus education and training behavior, steadily promote the reform of classified management of private education, and carry out high-level Chinese-foreign cooperation in running schools.

　　Promote mass sports consumption. We will further implement the national fitness strategy, build a national trail system, and promote the construction of sports parks. Taking professional sports such as football and basketball as the starting point, we will improve the quality of sports events and the perception and experience of consumers, and promote the expansion and upgrading of the competition performance industry. Develop new formats such as online fitness and online competitions. Promote the ice and snow movement "spreading in the south and expanding in the west and advancing in the east", and drive the masses to "like ice and snow".

　　Promote the upgrading and expansion of domestic service. Promote the professional, large-scale, networked and standardized development of domestic service industry, improve the standard system of domestic service, and develop employee-based domestic enterprises. Deepen the "leader" action of upgrading and expanding the domestic service industry. Improve the quality of domestic service and training, promote the identification of socialized vocational skills, and strengthen the occupational risk protection of domestic workers. Promote housekeeping into the community and build a 24-hour life chain service system. Encourage the development of high-end domestic services such as housekeepers.

　　Improve the level of community public services. Build a community service system that combines public service, convenience service and voluntary mutual assistance service, enhance the function of community service, guide social forces to participate in the supply of community service, continuously improve the quality of community service, and improve the intelligent level of community service. Support the integration and innovation of home economics, pension, child care, property and other formats. Improve the ability and level of community epidemic prevention and control.

　　(10) Accelerate the cultivation of new consumption.

　　Support the integrated development of online and offline commodity consumption. Accelerate the digital transformation and transformation and upgrading of traditional offline formats. Enrich the application scenarios of 5G networks and Gigabit optical networks. Accelerate the research and development of intelligent products and support technical applications such as autonomous driving and unmanned distribution. Develop new retail formats such as smart supermarkets, smart stores and smart restaurants. We will improve the standard system of technologies and services in new consumption areas, standardize the development of platform economy according to law, and enhance the regulatory capacity of new formats.

　　Cultivate a new model of "social service in internet plus". Strengthen and improve online learning services, and promote the co-construction and sharing of various digital education resources. Actively develop the "Internet+medical health" service, improve the charging policy for Internet diagnosis and treatment, and include eligible Internet medical services into the scope of medical insurance payment according to procedures. In-depth development of online entertainment, encourage traditional offline cultural and entertainment formats to be online, and support the creation of digital boutique content and emerging digital resource communication platforms. Encourage the development of smart tourism, smart radio and television and smart sports. Support the development of convenient online office and contactless transaction services.

　　Promote the development of new consumption formats such as sharing economy. Expand the new space of shared life, encourage intelligent product upgrading and business model innovation in the fields of shared travel, shared accommodation and shared tourism, and improve the relevant standards of shared products with public service attributes. Create a new driving force for shared production, encourage enterprises to open platform resources, and fully tap the application potential of idle stock resources. Encourage manufacturing enterprises to explore Sharing Manufacturing’s business model and applicable scenarios. Comply with the trend of technological progress such as network and information, and support and guide the healthy development of new ways of life and consumption.

　　Develop a new individual economy. Support diversified business models such as social e-commerce and webcasting, and encourage the development of innovative platforms based on knowledge dissemination and experience sharing. Support online diversified socialization, standardized and orderly development of short video platforms, and encourage innovations such as micro-applications, micro-products and micro-movies.

　　(eleven) vigorously advocate green and low-carbon consumption.

　　Actively develop the green and low-carbon consumer market. Improve the production and promotion mechanism of green and low-carbon products. Promote the green renewal and quality upgrade of durable consumer goods. Vigorously develop energy-saving and low-carbon buildings. Improve the green procurement system and increase the government’s procurement of low-carbon products. Establish and improve the standard, labeling and certification system of green products and the mechanism for realizing the value of ecological products. Accelerate the construction of a recycling system for waste materials and standardize the development of recycling industries for automobiles, power batteries, household appliances and electronic products.

　　Advocate an economical and intensive green lifestyle. In-depth development of green life creation. Promote the construction of green communities. Planning and building urban and rural infrastructure according to the concept of green and low-carbon cycle. Advocate green and low-carbon travel, develop urban public transportation, and improve the urban slow traffic system. Improve urban ecology and ventilation corridors, and improve the level of urban greening. In-depth implementation of the national water-saving action. Continue to promote the management of excessive packaging, advocate rational consumption of consumers, and promote the formation of a social atmosphere of "saving glory and wasting shame".

　　Fourth, optimize the investment structure and expand the investment space

　　Be good at grasping the investment direction, remove investment obstacles, focus on key areas and weak links, strive to increase investment in manufacturing industry, intensify efforts to make up for shortcomings in key areas, systematically lay out new infrastructure, focus on improving investment efficiency, promote reasonable investment scale growth, continuously optimize the structure, and enhance the stamina of investment growth.

　　(12) Increase investment support in manufacturing industry.

　　Focusing on promoting the high-quality development of manufacturing industry and building a manufacturing power, we will guide all kinds of high-quality resource elements to gather in manufacturing industry. Increase investment in the optimization and upgrading of traditional manufacturing industries, expand investment in advanced manufacturing fields, and improve the quality and efficiency of the manufacturing supply system. Strengthen the technological transformation of manufacturing industry, and support enterprises to apply innovative technologies and products to implement technological transformation. Improve the policy system to promote the development of manufacturing industry, reduce the production and operation costs of enterprises, and enhance the profitability of manufacturing industry. Strengthen the protection of factors such as land use and energy consumption for manufacturing investment. Innovate and improve the equity and bond financing tools of manufacturing enterprises.

　　(13) Continue to promote short-term investment in key areas.

　　Accelerate the construction of transportation infrastructure. We will improve the national comprehensive three-dimensional transportation network with railways as the backbone and highways as the foundation, and give full play to the comparative advantages of water transport and civil aviation, promote the construction of the main skeleton of "6 axes, 7 corridors and 8 channels", and strengthen the transportation links between regions, urban agglomerations and provinces. Strengthen the construction of strategic backbone channels in the central and western regions and coastal areas along the Yangtze River, promote the upgrading and expansion of channels with tight capacity in an orderly manner, and strengthen interconnection with neighboring countries. Accelerate the construction of the national railway network, run through the main channels of "eight vertical and eight horizontal" high-speed railways, promote the construction of regional connecting lines in an orderly manner, and accelerate the construction of ordinary-speed railways and the transformation and upgrading of existing railways. Support key urban agglomerations to take the lead in building intercity railway networks, promote the development of urban (suburban) railways and urban rail transit in key metropolitan areas, and integrate them with trunk railways. Improve the backbone lines of the highway network, improve the quality of the national highway network, speed up the construction of inter-provincial highways, and promote the upgrading of bottleneck sections of ordinary national highways. Continue to promote the construction of "four good rural roads". Strengthen the construction of aviation network, speed up the construction of international and regional hub airports, actively promote the construction of regional airports and general airports, and promote the construction of world-class airports in Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macao Greater Bay Area and Chengdu-Chongqing. Enhance the comprehensive advantages of water transport, promote the construction of world-class port groups in the coastal areas of Tianjin and Hebei, the Yangtze River Delta and Guangdong-Hong Kong-Macao Greater Bay Area, support the construction of international shipping centers, and accelerate the construction of high-grade inland waterway networks such as the Yangtze River. Construct a multi-level and integrated comprehensive transportation hub system.

　　Strengthen the construction of energy infrastructure. Improve the safety and intelligence level of power grid, optimize the layout of power production and transmission channels, improve the layout and structure of power grid main grid, build key projects of trans-provincial and trans-regional transmission channels in an orderly manner, actively promote the transformation of distribution network and rural power grid construction, and enhance the power transmission and distribution capacity to remote areas. Optimize the coal production and transportation structure, promote the intelligent and green development of coal mines, optimize the construction of five coal supply guarantee bases in Mengxi, Mengdong, Northern Shaanxi, Shanxi and Xinjiang, and improve the coal railway transportation capacity. Accelerate the construction of national trunk oil and gas pipelines, intensively arrange and orderly promote the planning and construction of lng terminal and liquefied natural gas filling stations for vehicles and vessels. Greatly improve the utilization level of clean energy, build a multi-energy complementary clean energy base, and accelerate the construction of large-scale wind power and photovoltaic bases with emphasis on deserts, Gobi and desert areas. Coordinate the promotion of ultra-low emission and energy-saving transformation of active coal-fired power units, and improve the clean and efficient development level of coal-fired power. Promote the construction of a new power system and improve the consumption and storage capacity of clean energy.

　　Accelerate the construction of water conservancy infrastructure. Accelerate the construction of a comprehensive water network integrating flood control and disaster reduction, water resources allocation, water ecological protection and other functions, and enhance the national water security guarantee capacity. Promote the construction of comprehensive water control projects and regulation and storage projects, accelerate the construction of cross-basin and cross-regional water resources allocation projects based on the overall basin and spatial balanced allocation of water resources, implement water diversion projects that play an important role in regional development, and enhance the ability of optimal allocation of water resources. Strengthen the construction of water-saving infrastructure. Improve the ability to prevent floods and droughts, speed up the completion of flood control shortcomings in large rivers and lakes, promote the construction of dike reinforcement, river regulation, control projects, flood storage and detention areas, and strengthen the management of small and medium-sized rivers, the prevention and control of mountain torrents and the reinforcement of dangerous reservoirs. Promote the construction of water supply, irrigation and water source projects, and strengthen the joint dispatch of water supply areas. Conditional areas can bring villages around towns into urban water supply system. Strengthen the construction of small and medium-sized water source projects in rural areas and the protection of drinking water sources, and promote the construction and modernization of large and medium-sized irrigation areas. Promote the construction of large-scale seawater desalination facilities in coastal water-deficient cities.

　　Improve the logistics infrastructure network. Coordinate the layout construction of national logistics hub, national backbone cold chain logistics base and demonstration logistics park, optimize the backbone logistics infrastructure network at the national level, improve the cross-regional logistics service capacity, and support the construction of a modern logistics operation system of "channel+hub+network". Optimize the network of business logistics facilities supported by comprehensive logistics parks, professional distribution centers and terminal distribution outlets. Accelerate the construction of cold chain logistics facilities for storage and preservation of agricultural products, improve the network coverage of urban and rural cold chain facilities, and promote the full coverage of cold chain for food production and marketing.

　　Strengthen the construction of ecological and environmental protection facilities. Improve the level of eco-environmental infrastructure in an all-round way, build an environmental infrastructure system integrating sewage, garbage, solid waste, hazardous waste, medical waste treatment and disposal facilities and monitoring and supervision capabilities, and form an environmental infrastructure network extending from cities to towns and villages. Implement major projects for the protection and restoration of important ecosystems. Promote the establishment of an ecological protection compensation system. We will comprehensively promote the efficient use of resources and build ecological and environmental protection facilities that promote the improvement of clean energy utilization and reduce carbon dioxide emissions.

　　Improve social and livelihood infrastructure. Fill in the shortcomings in the medical field, improve the urban infectious disease treatment network, comprehensively improve the treatment capacity of county-level hospitals, continuously improve the facilities of county-level hospitals, fill in the basic medical equipment such as township hospitals and village clinics, comprehensively improve the facilities and equipment of disease control institutions, improve the port public health prevention and control system, and improve the public health prevention and control capacity. Accelerate the filling of shortcomings in educational resources, strengthen the construction of educational infrastructure, and improve the conditions for running schools at all levels. Increase the service facilities of inclusive old-age care and medical care. Improve maternal and child health service facilities, and actively plan and build infant care and minor protection service institutions and facilities. Improve the level of county-level public cultural facilities and strengthen the construction of facilities such as radio and television transmission coverage. Accelerate the construction of high-quality and distinctive tourist attractions, resorts and leisure blocks. Improve the level of sports facilities and continuously improve the fitness facilities around the masses.

　　(XIV) New infrastructure for system layout

　　Accelerate the construction of information infrastructure. Build a high-speed ubiquitous, integrated, interconnected, safe and efficient information infrastructure to enhance data perception, transmission, storage and calculation capabilities. Accelerate the construction of Internet of Things, industrial Internet, satellite Internet and Gigabit optical network, build a national integrated big data center system, lay out and build national hub nodes of big data centers, promote the extensive and in-depth application of artificial intelligence and cloud computing, and promote the mutual integration and intelligent configuration of "cloud, network and terminal" resource elements. Demand-oriented, enhance the service capacity of the national wide-area quantum secure communication backbone network.

　　Comprehensively develop integrated infrastructure. Promote the deep integration of technologies such as 5G, artificial intelligence and big data with transportation and logistics, energy, ecological protection, water conservancy, emergency response and public services, and help improve the governance capacity of related industries. Support the use of 5G technology to upgrade the cable TV network. Actively and steadily develop the Internet of Vehicles.

　　Forward-looking layout and innovative infrastructure. Support qualified places to build regional innovative highlands, and moderately advance the layout and construction of major scientific and technological infrastructure. Optimize and upgrade industrial innovation infrastructure such as National Industrial Innovation Center, National Manufacturing Innovation Center, National Engineering Research Center and National Technology Innovation Center, and strengthen the supply of common basic technologies.

　　Fifth, promote the coordinated development of urban and rural areas and release the potential of domestic demand.

　　Urbanization is an important support for expanding domestic demand, and the strategy of expanding domestic demand and the new urbanization strategy are connected in an orderly manner, making it an important driving force for economic development. Promoting the coordinated development of urban and rural areas is an important measure to release the potential of domestic demand and promote industrial upgrading. We should adhere to the national chess game, fully implement the strategy of rural revitalization, adhere to the major regional strategies and regional coordinated development strategies, enhance the integrity and coordination of development, and fully release the potential energy of domestic demand.

　　(15) Promote new urbanization with people as the core.

　　Promote the urbanization of agricultural transfer population. We will deepen the reform of the household registration system, establish and improve the system of providing basic public services in permanent residences, promote the full integration of agricultural transfer population into cities, and improve the quality of citizenization. Improve the relevant policies of linking financial transfer payment with the urbanization of agricultural transfer population. According to the law, we will guarantee the rural land contracting right, homestead use right and collective income distribution right of farmers who have settled in cities, establish a market system for rural property rights transfer, and improve the market-oriented exit mechanism and supporting policies for farmers’ "three rights".

　　Cultivate urban agglomerations and metropolitan areas. We will promote the construction of urban agglomerations such as the twin-city economic circle in Chengdu and Chongqing, improve the system and mechanism for the integrated development of urban agglomerations, and make overall plans to promote the coordinated layout of infrastructure, industrial division of labor and cooperation, public service sharing, ecological co-construction and environmental governance. Relying on the central cities with strong radiation-driven ability, we will improve the level of coordinated development of commuter circles and cultivate and develop a modern metropolitan area with a high degree of urbanization. We will promote the slimming and fitness of mega-cities and strictly control the disorderly expansion of central cities. Improve the functions of large and medium-sized cities that are livable and suitable for business, and support the cultivation of new small and medium-sized cities. We will improve the urban system, strengthen urban ecological restoration and function improvement according to laws and regulations, and reasonably determine the city scale, population density and spatial structure.

　　Promote urbanization with county towns as an important carrier. Promote the upgrading and capacity expansion of county public services, environmental sanitation, municipal utilities, industrial facilities and other facilities, and enhance the comprehensive carrying capacity and governance capacity. Encourage the rapid development of counties in the eastern urbanization areas, support the construction of counties in the central and western urbanization areas and northeast urbanization areas, and reasonably guide the construction of counties in major agricultural products producing areas and key ecological function areas. According to the location conditions, resource endowment and development foundation, the development of small towns is guided by classification. Promote the standardized and healthy development of characteristic towns.

　　Promote the planning and construction of urban facilities and urban renewal. Strengthen the systematic construction of municipal water, electricity, gas, roads, heat and communication, promote the construction of underground utility tunnel and other facilities and sponge cities, strengthen urban waterlogging control, strengthen the construction of urban sewage and garbage collection and treatment system, and build a livable, innovative, intelligent, green, humanistic and resilient city. Strengthen the renovation of old urban communities and community construction, fill the shortcomings of residential community facilities, and improve the community living environment. Accelerate the seismic reinforcement and reconstruction of housing facilities in earthquake-prone areas and strengthen urban safety monitoring. Strengthen historical and cultural protection, shape the city’s style, and continue the historical context of the city.

　　(sixteen) actively promote rural modernization.

　　Implement rural construction actions. Considering the evolution law, agglomeration characteristics and current situation distribution of villages, and combining the radius of farmers’ production and life, the layout and scale of villages are reasonably determined. Improve rural infrastructure and comprehensive service facilities, improve the quality of rural houses, and strictly build safety standards. Strengthen the construction of rural ecological civilization and the improvement of rural human settlements. Promote rural customs and traditions. Strengthen the protection of cultural heritage in rural areas, protect traditional villages, ethnic villages and rural features, so that residents can see mountains, water and remember to live in homesickness.

　　Improve the rural market system. Improve the circulation network of agricultural products, strengthen the construction of rural trade system, and smooth the two-way circulation channels of industrial products going to the countryside and agricultural products entering the city. Improve the county-level logistics node facilities system with county-level logistics nodes as the core, township service stations as the skeleton and village-level terminal outlets as the extension, and improve rural e-commerce supporting services. Cultivate the network brand of agricultural products. Promote the upgrading of rural residents’ consumption of automobiles, household appliances, furniture and home improvement. Guide counties to introduce new modes of urban consumption, and fully meet the personalized, diversified and high-end consumption needs of county and township residents. We will continue to crack down on counterfeit and shoddy products according to law and standardize the rural market order.

　　Enrich the rural economic form. We will further implement the strategy of rejuvenating agriculture through quality, promote the integrated development of rural primary, secondary and tertiary industries, develop modern agricultural product processing industry with high quality, and extend the agricultural industrial chain. We will develop modern rural industries with different characteristics to enrich the people, and expand characteristic industries such as leisure agriculture, rural tourism, homestay economy and rural culture. Improve the interest linkage mechanism, so that farmers can share more industrial value-added benefits. Develop a new rural collective economy, support all kinds of new agricultural management entities, and improve agricultural management efficiency and farmers’ occupational appeal. Promote the revitalization of rural talents, optimize the environment for rural innovation and entrepreneurship, and stimulate the vitality of rural innovation and entrepreneurship.

　　Improve the system and mechanism of urban-rural integration development. Strengthen industry to supplement agriculture, and promote the formation of a new type of relationship between workers, peasants and urban areas with mutual promotion, urban-rural complementarity, coordinated development and common prosperity. Coordinate the promotion of urban and rural planning layout and construction management, so that urban and rural areas have their own beauty and beauty. Promote the integration and coordinated development of urban and rural areas in terms of factor allocation, industrial development, safety standards, public services, ecological protection, etc., promote the equal exchange of urban and rural production factors, two-way free flow and rational allocation of public resources, and gradually narrow the gap between urban and rural development and the living standards of residents.

　　(seventeen) optimize the regional economic layout.

　　Relying on major regional strategies to create a new growth pole of domestic demand. Taking the function of relieving Beijing’s non-capital as the "bull nose", we will continue to promote the coordinated development of Beijing, Tianjin and Hebei. Adhere to ecological priority, green development and joint protection, do not engage in large-scale development, and comprehensively promote the high-quality development of the Yangtze River Economic Belt. We will support Hong Kong and Macao to better integrate into the overall situation of national development and actively and steadily promote the construction of Guangdong-Hong Kong-Macao Greater Bay Area. Closely adhere to "integration" and "high quality" to improve the integration development level of the Yangtze River Delta. Coordinate the upper, middle and lower reaches to achieve great protection and solidly promote the ecological protection and high-quality development of the Yellow River Basin. Support areas with advantages in economic development to enhance the carrying capacity of economy and population, enhance the capacity of innovation strategy and global resource allocation, promote inter-regional integration and interaction, foster new growth poles, and promote the overall improvement of national economic efficiency.

　　Promote regional coordinated development and improve the spatial pattern of domestic demand growth. Give full play to the comparative advantages of various regions under the framework of the unified national market, strive to achieve differential competition and dislocation development, and release the huge domestic demand potential of regional coordinated development. We will further promote the development of the western region, the overall revitalization of the Northeast, the rise of the central region, and the development of the eastern region, support the underdeveloped areas, old revolutionary areas and other special types of areas to accelerate development, and increase support for the development of ethnic areas. We will promote the effective connection between consolidating and expanding the achievements of poverty alleviation and rural revitalization, and improve the assistance mechanism for rural low-income people and underdeveloped areas. Improve the inter-regional interest compensation and other mechanisms to promote regional coordinated development. Actively expand the development space of marine economy.

　　Sixth, improve the quality of supply and drive the demand to be better realized.

　　Effective and smooth supply side can open up circulation blocking points, eliminate bottlenecks, meet existing demand and further lead the creation of new demand. It is necessary to face the change of demand structure and supply revolution, conform to the new round of scientific and technological revolution and industrial transformation trend, strengthen self-reliance and self-reliance in science and technology, lead and create new demand with innovation-driven and high-quality supply, and promote a virtuous circle of supply and demand at a higher level.

　　(eighteen) accelerate the development of new industries and new products.

　　Achieve a high level of science and technology, self-reliance and self-improvement. Optimize the overall layout of the national innovation system with the national strategic demand as the guide, and strengthen the strategic scientific and technological strength led by the national laboratory. Promote the optimal allocation and resource sharing of scientific research forces in scientific research institutes, universities and enterprises. Improve the new national system, determine the direction and focus of scientific and technological innovation, and improve the organization and management of scientific research projects. We will implement a number of forward-looking and strategic national major scientific and technological projects in frontier fields such as artificial intelligence, quantum information and brain science. Focus on core basic parts and components, key basic materials, key basic software, advanced basic technology and industrial technology foundation, and guide the upstream and downstream of the industrial chain to jointly tackle key problems. Persevere in strengthening basic research, give full play to the role of the national team of important institutions and universities, and focus on the layout of a number of basic discipline research centers. Strengthen the effective connection between scientific research and market application, support the coordination of Industry-University-Research, and promote the development of industrial chain, innovation chain and ecological chain. Strengthen the main role of scientific and technological innovation in enterprises.

　　Expand strategic emerging industries. Further promote the development of national strategic emerging industrial clusters and build national strategic emerging industrial bases. Improve the core competitiveness of the information technology industry in an all-round way, and promote technological innovations and applications such as artificial intelligence, advanced communications, integrated circuits, new displays, and advanced computing. Accelerate the industrialization development of biomedicine, bio-agriculture, bio-manufacturing and gene technology application services. Develop and expand the new energy industry. Promote the development and application of cutting-edge new materials. Promote the application and industrialization of major equipment engineering, accelerate the research and development of large aircraft, aero-engines and airborne equipment, and promote the construction of satellite and application infrastructure. Develop digital creative industries. In the field of cutting-edge science and technology and industrial transformation, organize the implementation of future industry incubation and acceleration plans, and plan future industries in a forward-looking way. Promote the development of advanced manufacturing clusters, build a national demonstration base for new industrialized industries, and cultivate world-class advanced manufacturing clusters.

　　Strengthen the application of innovative products. Relying on China’s super-large-scale market and complete industrial system, we will create unique advantages that are conducive to the rapid and large-scale application and iterative upgrading of new technologies and accelerate the transformation of scientific and technological achievements into real productive forces. Improve the incentive and risk compensation mechanism, and promote the demonstration application of the first set of equipment and the first batch of sub-materials. Establish a rapid review and approval mechanism for important products.

　　Accelerate the promotion of digital industrialization and industrial digitalization. Strengthen the construction of digital society and digital government, develop inclusive "using numbers to empower wisdom", and continuously improve the level of digital governance. Establish and improve the cross-departmental and cross-regional data resource circulation application mechanism, strengthen the ability of data security, and optimize the circulation environment of data elements. Accelerate the development and utilization of data resources and the construction of its system norms, build an internationally competitive digital industrial cluster, and increase the digital empowerment of SMEs, especially manufacturing SMEs. Actively participate in the formulation of international rules and standards in the digital field.

　　Stimulate the innovative vitality of talents. Follow the law of talent growth and scientific research activities, and cultivate more world-class leading talents. Strengthen the cultivation of innovative, applied and skilled talents, and expand the team of high-level engineers and skilled talents. Encourage large enterprises and scientific research institutes to jointly cultivate scientific and technological talents. Improve the evaluation system of scientific and technological talents oriented to innovation ability, quality, effectiveness and contribution, and improve the evaluation system of skilled talents. Carry forward the scientific spirit and craftsman spirit, and improve the scientific quality of the whole people.

　　(nineteen) actively promote the transformation and upgrading of traditional industries.

　　Vigorously develop modern agriculture. We will continue to strengthen the basic position of agriculture, accelerate the establishment of modern agricultural industrial systems, production systems and management systems, and develop specialized and socialized agricultural services. We will improve the agricultural support and protection system, optimize the regional distribution of agricultural production, and strengthen the construction of grain production functional areas, important agricultural product production protection areas, and characteristic agricultural product advantage areas. Optimize the agricultural production structure and expand the production of agricultural products in short supply. Strengthen the construction of high-standard farmland, strengthen the protection of black land in Northeast China and restore soil fertility, and enhance the comprehensive grain production capacity. Promote the transformation and upgrading of animal husbandry, develop standardized scale farming, strengthen the prevention and control of animal disease risks, and promote the resource utilization of livestock and poultry breeding waste. Promote green and healthy aquaculture of aquatic products and develop marine fisheries in a standardized and orderly manner. Strengthen the support of agricultural science and technology and equipment, and promote agricultural mechanization and intelligent agricultural machinery and equipment. Promote the development of smart agriculture.

　　Promote high-end, intelligent and green manufacturing. In-depth implementation of the industrial Internet innovation and development strategy. Promote the convergence of production factors such as data, talents and technology in traditional industries and accelerate the digital transformation of enterprises. Develop intelligent manufacturing and green manufacturing, and promote the transformation of production methods to flexibility, intelligence and refinement. Build a multi-level resource efficient recycling system, promote the comprehensive utilization of bulk solid waste, and standardize the development of remanufacturing industry.

　　Optimize the layout of regional industrial capacity. Give full play to the comparative advantages of various regions and optimize the pattern of regional division of labor and cooperation. Optimize the planning and layout of petrochemical, steel and other important basic industries, and strictly control the construction of projects with high energy consumption and high emissions. We will continue to improve the guidance catalogue for industrial restructuring and the catalogue of encouraged industries in the western region, support and guide the central, western and northeastern regions to undertake the gradient transfer of domestic industries on the basis of fully considering the carrying capacity of resources and environment. Promote the reconstruction of the competitive advantage of manufacturing industry in the old industrial base. Strengthen unified planning and macro guidance on the layout of major productive forces to prevent blind investment and redundant construction.

　　Continue to promote the extension of producer services to the high end. Develop service-oriented manufacturing, encourage manufacturing enterprises to develop producer services, expand value-added services such as R&D design, supply chain collaboration, system solutions, flexible customization, and life cycle management, and promote the transformation of manufacturing enterprises from providing "products" to providing "products+services" and upgrade the value chain. Promote the integrated development of modern service industry and advanced manufacturing industry. Actively develop science and technology service industry. Support the development of new specialized service organizations in the fields of intelligent manufacturing and process reengineering. Develop outsourcing of productive services such as R&D, design and testing, and encourage service enterprises such as e-commerce to expand into manufacturing. Guide embedded cooperation between R&D and design enterprises and manufacturing enterprises. Cultivate professional and international intellectual property service brand institutions. Focus on improving the efficiency of factor allocation and promoting the innovative development of services such as supply chain finance, information data and human resources.

　　(twenty) efforts to strengthen the standard quality brand building.

　　Improve the product and service standard system. Establish and improve a unified and compulsory national standard system. Establish a standard system for the whole industrial chain of modern agriculture, improve the high-end standard system of manufacturing industry, dynamically adjust the safety standards of consumer goods, and improve the standard system of service industries such as tourism, pension, trade and circulation. Optimize the "leader" system of enterprise standards. Vigorously develop advanced group standards. Accelerate the construction of national modern advanced measurement system. Strengthen the construction of inspection and testing system.

　　Continuously improve the quality of products and services. Strengthen quality and safety supervision, promote quality classification, and steadily improve the quality and safety level of consumer goods. Improve the quality certification system and improve the quality certification acceptance mechanism. Accelerate the construction of an important product traceability system covering online and offline, implement a quality service identification management system, and promote quality consumption.

　　In-depth implementation of trademark brand strategy. Create China brand, cultivate and develop Chinese time-honored brands and characteristic traditional cultural brands. We will continue to organize China Brand Day activities, publicize and promote domestic products, enhance the awareness of brand development in the whole society, and cultivate more world-renowned China brands in fair market competition and consumers’ independent choice.

　　Seven, improve the modern market and circulation system, and promote the organic connection between production and demand.

　　A perfect market system can promote the allocation of resources to maximize benefits and optimize efficiency, and an efficient circulation system can organically link production and consumption in a wider range and deeper degree. It is necessary to promote the formation of a unified national market, accelerate the improvement of the basic system of the market system, build a modern circulation system, optimize the allocation of production factors, effectively improve the efficiency of market operation and circulation, and promote the close integration of production and demand.

　　(twenty-one) to improve the level of market-oriented allocation of factors.

　　Promote the orderly flow of labor factors. Create a fair employment environment and ensure that urban and rural workers enjoy equal employment rights. Establish a coordinated labor and talent flow policy system and exchange and cooperation mechanism, improve a unified and standardized human resources market system, improve a unified national public service platform for human resources and social security, and promote the transformation of public resources from being mainly allocated according to urban administrative levels to managing population size mainly according to actual services.

　　Promote the market-oriented allocation of operational land elements. Improve the unified urban and rural construction land market and rationally adjust the land value-added income. Explore the establishment of a nationwide cross-regional trading mechanism for construction land indicators and supplementary cultivated land indicators. Accelerate the cultivation and development of the secondary market for construction land, promote the market-oriented allocation of industrial land, promote the rational conversion of different types of industrial land, and explore ways to increase the supply of mixed industrial land. We will improve the formulation and release system of urban and rural benchmark land prices and calibrated land prices, and gradually form a dynamic adjustment mechanism linked to market prices. Make full use of market mechanism to revitalize existing land and inefficient land use.

　　Improve the allocation mechanism of knowledge, technology and data elements. Deepen the reform of the right to use, dispose of and benefit from scientific and technological achievements, and improve the incentive mechanism for the transformation of post scientific and technological achievements. Intensify the reform of scientific research institutions and support scientific research institutions to try out more flexible management systems such as posts and salaries. Establish and improve the free and orderly flow mechanism of innovative resources among universities, scientific research institutions and enterprises. Construction of national intellectual property rights and scientific and technological achievements property rights trading institutions. Improve the market-oriented allocation mechanism of data elements, and establish basic systems and standards for data resource property rights, transaction circulation, cross-border transmission and security protection.

　　(twenty-two) accelerate the establishment of a fair and unified market.

　　Improve the market order of fair competition. Enterprises of all types of ownership are treated equally in terms of factor acquisition, access permit, operation and operation, standard formulation, bidding and government procurement. Establish fair, open and transparent competition rules, build a competition policy implementation mechanism covering all aspects before and after the event, improve the fair competition review mechanism, and strengthen the rigid constraints of fair competition review. Strengthen and improve anti-monopoly and anti-unfair competition law enforcement and improve laws and regulations. Improve the evaluation system of market competition.

　　Accelerate the construction of a unified national market. Get rid of local protection and market segmentation, build an efficient, standardized and fair domestic unified market, get rid of institutional and institutional obstacles that hinder the market-oriented allocation of production factors and the circulation of goods and services, and reduce the transaction costs of the whole society. Improve the negative list system of market access and comprehensively improve the efficiency of market access. Promote the market-oriented reform of competitive links in energy, railways, telecommunications, public utilities and other industries. Deepen the integration and sharing of public resources trading platforms. Reasonably divide the market supervision powers of different levels of government, and build a cross-regional market supervision mechanism to effectively prevent abuse of administrative power to restrict competition.

　　(twenty-three) to build a modern circulation system

　　Optimize the modern business system. Improve the city’s commercial level, develop smart business circles, build a hierarchical and classified urban commercial pattern, and create a "quarter-hour" convenient life circle. Strengthen the construction of county commerce and establish and improve the rural commercial system. Accelerate the integration and innovation of technologies such as the Internet of Things and artificial intelligence with commercial circulation formats, while paying attention to preventing monopoly and security risks.

　　Develop modern logistics system. Focusing on improving the service chain, strengthening the service function, and coordinating the supply chain, we will improve the intensive and efficient modern logistics service system. Promote the integration and development of modern logistics industry with agriculture, manufacturing and commerce. Actively develop public iron and water combined transport, river-sea combined transport and railway express. Explore the establishment of an overall logistics coordination mechanism for urban agglomerations and cultivate organically coordinated logistics clusters. Optimize international shipping routes, strengthen international air freight network, consolidate and upgrade international railway transportation organizations such as China-Europe trains, promote the development of cross-border road transportation, support the optimization of the global layout of overseas warehouses, accelerate the construction of efficient and smooth diversified international logistics trunk routes, and form a safe and efficient logistics network with internal and external connectivity.

　　Eight, deepen reform and opening up, enhance the development momentum of domestic demand.

　　Making full use of the key measure of reform and opening to the outside world at a higher level can provide a powerful impetus for deepening the potential of domestic demand and expanding the final demand. It is necessary to focus on key issues in key areas, strengthen the systematic integration, coordination and efficiency of reform and opening-up measures, improve the institutional arrangements for promoting consumption and expanding investment, and provide a steady stream of motivation and vitality for the development of the domestic market.

　　(twenty-four) improve the system and mechanism to promote consumption.

　　Continue to release the service consumption potential. We will implement lenient entry and strict management, and lift access restrictions in service consumption areas that can rely on full market competition to improve supply quality. For the service fields with natural monopoly properties in industries such as electric power and oil and gas, the network and transportation should be separated according to the characteristics of different industries, and the entry threshold for services with relatively full upstream and downstream competition should be relaxed. In accordance with the requirements of separating government affairs, enterprises and management, we will continue to promote the reform of public institutions in the fields of education, science and technology, culture, health and sports.

　　Strengthen the protection of consumer rights and interests. Establish and improve a new regulatory mechanism that adapts to the development characteristics of new consumption formats and new models. Establish a punitive huge compensation system for counterfeit and shoddy products. We will improve the systems of defective product recall, product injury monitoring and product quality assurance, and improve the diversified consumer rights protection mechanism and dispute resolution mechanism. Strict food and drug supervision to ensure safety. Strengthen price supervision in key commodities and services and maintain market price order.

　　(twenty-five) to promote the reform of investment and financing system.

　　Increase support and guidance for private investment. We will unswervingly consolidate and develop the public sector of the economy, unswervingly encourage, support and guide the development of the non-public sector of the economy, and promote the complementary advantages and common development of the public sector and the non-public sector of the economy. We will improve support policies, give play to the guiding role of government funds, and guide private capital to participate in major projects such as new infrastructure, new urbanization, transportation and water conservancy, and make up for shortcomings. Encourage private enterprises to increase investment in research and development, promote equipment renewal and technological transformation, expand investment in strategic emerging industries, improve their independent innovation capability, and master core technologies with independent intellectual property rights. Encourage and guide non-state-owned capital investors to participate in the restructuring and reorganization of state-owned enterprises through various forms such as shareholding and asset acquisition. Effectively protect the legitimate rights and interests of private enterprises and cultivate and maintain a fair and competitive investment environment. Strengthen the service, guidance and standardized management of private enterprises.

　　Continuously improve the investment management model. We will work together to promote the reform of the investment approval system, standardize and orderly promote innovative experiences in investment approval such as enterprise investment project commitment system, regional evaluation and standard land reform, and strengthen the institutional connection between investment decision-making and planning, land use and environmental assessment. Improve investment laws and regulations and law enforcement mechanisms, and improve the local supporting system. Strengthen post-event supervision of investment projects, especially record-keeping projects. Establish and improve the inter-departmental sharing mechanism of investment approval data, and promote the "one list" of investment approval rights and responsibilities, "integrated sharing" of approval data, and "one network for approval matters".

　　Improve the financing mechanism of investment projects. Continue to optimize the structure of government investment and increase support for short-board areas. Promote the healthy development of real estate investment trusts in infrastructure in an orderly manner. Revitalize the existing assets in various ways to form a virtuous circle of existing assets and new investment. Standardize and orderly promote the cooperation between government and social capital. Encourage financial institutions to provide more financial products and services that directly reach the real economy in accordance with laws and regulations. Improve the government financing guarantee system. Strengthen the financing function of the capital market to the real economy and increase the proportion of direct financing, especially equity financing. Expand the scale of bond financing and promote the interconnection of bond markets.

　　(26) Optimize the business environment and stimulate market vitality.

　　Deepen the "streamline administration, delegate power, strengthen regulation and improve services" reform. We will continue to deepen the reform of the administrative examination and approval system and the commercial system, reduce and optimize the business licensing matters involving enterprises, reform and improve the production licensing system, and simplify the examination and approval procedures for industrial products production licenses. Accelerate the establishment of an all-round, multi-level and three-dimensional supervision system, and realize the supervision of the whole chain and all fields before and after the event. Improve the standardization, standardization and facilitation of enterprise start-up, simplify the ordinary cancellation procedures, and establish and improve the bankruptcy system of enterprises and natural persons. Accelerate the sharing of market data across departments and standardize the public use and release of data of commercial institutions. Improve the business environment evaluation system.

　　Improve the modern property right system. Strengthen property rights protection and incentives, improve the property rights protection system based on the principle of fairness, improve the judicial protection system for property rights enforcement, and comprehensively and equally protect all kinds of property rights according to law. Strengthen the whole chain protection of intellectual property rights, enhance the ability of intellectual property rights review, and establish and improve mechanisms such as rapid response and punitive damages for intellectual property rights infringement. Strengthen the construction of property rights system in the fields of data, knowledge and environment, and improve the property rights system and laws and regulations of natural resources assets. We will improve the transaction system of state-owned property rights and the system of confirming and protecting rural collective property rights.

　　Improve the social credit system. Promote the construction of credit rule by law and improve the social credit laws, regulations and policy system. Strengthen the collection, sharing, publicity and application of credit information in accordance with the law and regulations, and establish an integration mechanism for sharing public credit information and financial information. Establish and improve a new supervision mechanism based on credit, strengthen the comprehensive evaluation of enterprise credit status, promote the credit commitment and notification commitment system, and improve the incentive mechanism of trustworthiness and disciplinary mechanism of dishonesty according to laws and regulations. Strengthen the construction of consumer credit system. Strengthen the construction of honesty culture and publicity and education, and create a fair and honest market environment and social environment.

　　(twenty-seven) to play the role of opening up to the outside world in promoting domestic demand.

　　Build the "Belt and Road" with high quality. Promote infrastructure interconnection and expand third-party market cooperation. Build a mutually beneficial industrial chain and supply chain cooperation system, deepen international capacity cooperation, expand two-way trade and investment, and improve a diversified investment and financing system. Accelerate the high-quality development of the new land and sea corridor in the west, improve the quality of China-Europe trains, and promote the formulation of international land transport trade rules. Support all localities to deepen and jointly build the "Belt and Road" countries’ exchanges and cooperation.

　　Continuously improve the level of utilizing foreign capital. Promote investment facilitation, steadily promote institutional opening of rules, regulations, management and standards, improve the management system of national treatment plus negative list before foreign investment access, comprehensively and thoroughly implement national treatment after access, and promote fair competition between domestic and foreign-funded enterprises. Encourage foreign investors to invest in high-end manufacturing, high-tech and modern service industries. Strengthen the protection of the legitimate rights and interests of foreign investment. Promote a better combination of attracting foreign investment and attracting talents, and encourage foreign-funded enterprises to further integrate into China’s innovation system.

　　Create a high-level, wide-scale and deep-seated open highland. Adhere to the combination of promoting a higher level of opening up and coordinated regional development, and jointly promote the expansion of inland opening up, accelerate the opening up along the border, and upgrade the level of coastal opening up. We will build various platforms and carriers for development and opening up, and accelerate the cultivation of more inland open highlands. Give full play to the pilot demonstration effect of Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macao Greater Bay Area and other regions, and build an open border cooperation portal for Northeast Asia, Central Asia, South Asia and Southeast Asia. Give the free trade pilot zone greater autonomy in reform. We will steadily push forward the construction of Hainan Free Trade Port, and establish the policy and institutional system of free trade port with China characteristics.

　　Steadily promote multi-bilateral trade cooperation. We will implement the strategy of upgrading the free trade zone, do a good job in the implementation of the regional comprehensive economic partnership agreement after it takes effect, and promote the negotiation and signing of more high-standard free trade agreements and regional trade agreements. Promote the deepening of cooperation between China and neighboring countries and regions in agriculture, energy, service trade, high-tech and other fields. Promote the construction of a new channel for international land and sea trade. Optimize the fiscal and taxation policies to promote the development of foreign trade, and constantly improve the tariff system suited to China’s economic development level.

　　Expand the import of important commodities and services. Broaden the import channels of high-quality consumer goods, advanced technologies, important equipment, key components and important energy resources. Support the import of technologies, equipment and spare parts needed for domestic industrial transformation and upgrading, and encourage the import of productive services such as R&D and design, energy conservation and environmental protection, and environmental services. Expand the import of high-quality commodities, pharmaceutical products and rehabilitation services closely related to people’s lives. Support the innovative development of border trade. We will continue to run China International Import Expo, China Import and Export Fair, China International Fair for Trade in Services and China International Consumer Goods Expositions, and promote the expansion of import scale, structural optimization and diversification of sources.

　　Nine, solidly promote common prosperity and cultivate the development potential of domestic demand.

　　Common prosperity is the essential requirement of socialism and an important feature of Chinese modernization. Adhere to the people-centered development idea, promote common prosperity in high-quality development, correctly handle the relationship between efficiency and fairness, improve the income distribution pattern, build basic institutional arrangements for the coordination of primary distribution, redistribution and tertiary distribution, increase the adjustment of taxation, social security and transfer payment, increase the proportion of middle-income groups, increase the income of low-income groups, rationally adjust high income, ban illegal income, promote social fairness and justice, and promote people’s all-round development.

　　(twenty-eight) continue to optimize the initial distribution pattern.

　　Improve the quality of employment and increase the labor income of workers. Continue to implement the employment priority strategy, adhere to the employment orientation of economic development, expand employment capacity, improve employment quality and promote full employment. Pay attention to alleviating structural employment contradictions, accelerate the improvement of workers’ skills and quality, develop modern vocational education, and improve the lifelong vocational skills training system. Accelerate the deep integration of the new generation of information technology and manufacturing industry, tap new industries, new formats and new models to drive employment potential, and create more jobs with higher quality and higher income. We will improve the employment public service system and the coordination mechanism of labor relations, and improve the employment support system for key groups. Accelerate the revitalization of rural industries, actively promote the employment of migrant workers, and increase the wage income of rural residents.

　　Increase the proportion of labor remuneration in the initial distribution. Adhere to the basic synchronization of residents’ income growth and economic growth, and the improvement of labor remuneration and labor productivity, and increase the labor remuneration of workers, especially front-line workers. Improve the system of enterprise salary survey and information release, improve the mechanism of wage determination, reasonable growth and payment guarantee for workers, and improve the mechanism of minimum wage adjustment. Reform and improve the wage distribution system of public institutions and state-owned enterprises. Actively promote the collective wage negotiation system. Implement a gradual delay in the statutory retirement age.

　　Improve the distribution mechanism of various production factors. We will build a mechanism for innovative elements such as knowledge, technology and data to participate in income distribution, strengthen the distribution policy oriented to increasing knowledge value, and give play to the role of wage incentive and guarantee. Improve the salary incentive policy for scientific and technological talents in state-owned enterprises. Improve the dividend system of joint-stock enterprises, especially listed companies. Improve the system of stock issuance and information disclosure, and promote the standardized and healthy development of the capital market. Innovate more financial products that meet the needs of family wealth management and increase the investment income of residents. Explore ways to increase the factor income of low-and middle-income groups through the use rights and income rights of land, capital and other factors.

　　Expand the scale of middle-income groups. Through the construction of demonstration areas, we will explore effective ways to solidly promote common prosperity. We will promote the steady increase of income of graduates from institutions of higher learning and vocational colleges, skilled workers, migrant workers and other groups, cultivate high-quality farmers, improve the support policies for small and micro entrepreneurs, and support groups such as individual industrial and commercial households and flexible employees to get rich through hard work, so that more ordinary workers can enter middle-income groups through their own efforts. Improve the public service system and reasonably reduce the burden on middle-income groups.

　　(twenty-nine) gradually improve the redistribution mechanism

　　Increase the adjustment of fiscal and taxation system to income distribution. We will improve the direct tax system, improve the personal income tax system that combines comprehensiveness and classification, and strengthen tax regulation and supervision of high-income earners. We will improve the division of financial powers and expenditure responsibilities between the central and local governments, and promote the equalization of basic public services such as education, pension, medical care and housing security. Improve the transfer payment system, focusing on increasing the transfer payment to areas with relatively backward development level. We will increase capital investment in social and people’s livelihood areas in an orderly manner and optimize the structure of education expenditure.

　　Improve the social security system. We will promote the full coverage of basic old-age insurance from the system to the legal population, and improve the participation of flexible employees in the social insurance system for employees. Develop enterprise annuities and occupational annuities, and standardize the development of the third pillar endowment insurance. Improve the basic medical insurance system, improve the medical insurance and assistance system for serious and serious diseases, and support the development of commercial health insurance. Realize the national overall planning of basic endowment insurance for enterprise employees, promote the provincial overall planning of basic medical insurance and unemployment insurance, and consolidate and improve the provincial overall planning of industrial injury insurance. Improve the adjustment mechanism of social security benefits. Improve the bottom function of the social assistance system. Improve the social welfare system to help the disabled and orphans. Improve the work system and security system for retired military personnel.

　　(30) Pay attention to the role of the third distribution.

　　Develop charity. Establish and improve the system and mechanism of charity development, and standardize the cultivation and development of charitable organizations. Improve the charity reward system, guide and support willing and capable enterprises and social groups to actively participate in charitable causes.

　　Improve the voluntary service system. Develop social work service institutions and volunteer service organizations, expand the volunteer team, build more volunteer service platforms, and comprehensively improve the level of volunteer service. We will extensively carry out voluntary service and care actions. Explore the establishment of a civilized practice points bank, and incorporate volunteer service activities and civilized behavior into point management to promote the formation of a good social atmosphere for volunteer service.

　　Ten, improve the ability of security, solid foundation for the development of domestic demand.

　　We will make safe development run through all fields and the whole process of expanding domestic demand, focus on improving the supply guarantee capacity in the fields of grain, energy and strategic mineral resources, effectively maintain the stability of the supply chain of the industrial chain, continuously improve the ability to respond to unexpected emergencies, and provide strong security for the stable development of the domestic market.

　　(31) Ensuring food security.

　　Promote stable grain production and increase production. We will thoroughly implement the strategy of storing grain in the land and storing grain in technology, adhere to the strictest farmland protection system, strictly observe the red line of 1.8 billion mu of cultivated land, resolutely curb the "non-agricultural" of cultivated land and strictly control the "non-grain". Promote rational distribution, the main producing areas, the main selling areas and the production and marketing balance areas should ensure the area and output, increase the support of grain production policies, and ensure the absolute safety of rations and the basic self-sufficiency of grains. Implement the strategy of ensuring important agricultural products, realize the basic self-sufficiency of pigs and sufficient supply of other important agricultural and sideline products.

　　Improve the system of grain production, purchase, storage and marketing. Implement the requirements of the same responsibility of the party and government for food security. Deepen the reform of the purchasing and storage system of important agricultural products such as grain, speed up the cultivation of multi-market buyers and sellers, scientifically determine the scale, structure and layout of grain reserves, and improve the management system and operation mechanism of grain reserves. Strengthen the construction of storage and logistics facilities for important agricultural products such as grain, cotton and sugar. Strengthen the construction of local reserve system and improve the agricultural product reserve system with clear hierarchy and efficient operation. We will further promote the high-quality grain project and accelerate the construction of a modern grain industry system. Continue to advocate grain saving and loss reduction.

　　Strengthen seed safety. Establish and improve the modern seed industry system, strengthen the protection and utilization of germplasm resources and the construction of seed bank, improve the ability of resource protection, breeding innovation, variety testing and improved seed breeding, and implement major scientific and technological projects of agricultural biological breeding. On the premise of respecting science and strict supervision, the industrialized application of biological breeding will be promoted in an orderly manner.

　　(thirty-two) to strengthen the security of energy resources.

　　Enhance domestic production and supply capacity. Promote domestic oil and gas reserves and production, and strengthen land and sea oil and gas development. Promote stable shale gas production and increase shale oil development scale. Guide and encourage social capital to enter the field of oil and gas exploration and production. We will steadily promote coal-to-oil gas and plan to build a strategic base for coal-to-oil gas. In-depth implementation of the strategic action of prospecting breakthrough, investigation and potential evaluation of strategic mineral resources, active prospecting in deep and peripheral areas of existing mines, and extension of mine service life. Continue to promote the intelligent and green construction of mines.

　　(thirty-three) to enhance the safety and security capabilities of the industrial chain supply chain.

　　Promote the manufacturing industry to supplement the chain and strengthen the chain. Implement the industrial base reconstruction project, improve the industrial base support system, and strengthen the construction of industrial technology standard system. Consolidate and expand cooperation with neighboring countries’ industrial chain supply chains, and jointly safeguard the stable operation of international industrial chain supply chains. Implement the upgrading project of manufacturing supply chain and build the ecosystem of manufacturing supply chain. Focus on key raw materials, technologies and products in the supply chain of key industries to enhance the flexibility and reliability of the supply chain.

　　Ensure the safe and stable operation of basic industries related to the national economy and people’s livelihood. Focus on ensuring the safe and stable operation of coal, electricity, oil and gas transportation, strengthen the stable supply of key instruments and equipment, key basic software, large-scale industrial software, industrial application software, industrial control system and important parts, and ensure the safe operation of core systems. Ensure the safety of the industrial chain of residents’ basic necessities, and realize that the basic life of the people is not greatly affected under extreme circumstances.

　　(thirty-four) to promote emergency management capacity building.

　　Enhance the emergency response capability of major emergencies. Strengthen the construction of emergency materials and equipment support system, strengthen emergency materials support in public health, disasters and accidents, and improve the five-level emergency materials reserve network at the central, provincial, municipal, county and township levels. We will build a national emergency material reserve, upgrade local emergency material reserves and rescue equipment warehouses, and tilt the central emergency material reserve to the central and western regions and disaster-prone areas. Optimize the regional layout of the production capacity of important emergency materials, implement the production capacity reserve project of emergency products, guide enterprises to actively fulfill their social responsibilities, establish necessary production capacity reserves, build regional emergency materials production guarantee bases, and improve the national emergency resource management platform. Improve the emergency decision-making support system and build an emergency technical equipment research and development laboratory. Accelerate the improvement of emergency logistics delivery and rapid response capabilities and improve the emergency broadcasting system.

　　Strengthen the construction of emergency rescue forces. Improve the aviation emergency rescue system, and promote the research and development of new intelligent equipment, aviation fire-fighting aircraft, special rescue equipment and special engineering machinery and equipment. Strengthen the construction of comprehensive fire rescue teams, professional rescue teams and social rescue teams, and promote the modernization of rescue teams. Promote the construction of public fire control facilities in urban and rural areas, and promote the transformation of fire control systems in key places. Strengthen life protection in key areas such as dangerous chemicals, mines and road traffic, and improve the ability to prevent and control major risks in production safety.

　　Promote the capacity building of disaster accident prevention and control. Support the construction of urban and rural disaster prevention infrastructure, and improve the backbone facilities such as flood control and drought relief, earthquake prevention and disaster reduction, wind and tide resistance, forest and grassland fire prevention and control, and earthquake and geological disaster prevention. Improve the ability of urban flood control and drainage, and gradually establish and improve the flood control and drainage system. Optimize the layout of disaster prevention, mitigation and relief facilities in national space, promote the safety and reinforcement of public infrastructure, and accelerate the construction of urban and rural emergency shelter system. Strengthen the ability to support disaster prevention, mitigation and relief, and scientific and technological informatization of production safety, and accelerate the construction of an integrated disaster monitoring and early warning system and emergency communication system. Develop catastrophe insurance.

　　XI. Implementing safeguards

　　(35) Strengthen the overall leadership of the Party.

　　All localities and departments should thoroughly study and implement the Supreme Leader’s Socialism with Chinese characteristics Thought in the new era, strengthen the "four consciousnesses", strengthen the "four self-confidences" and achieve the "two safeguards", constantly improve their political judgment, political understanding and political execution, and constantly improve their political ability, strategic vision and professional level to grasp the new development stage, implement the new development concept and build a new development pattern, and do a good job in implementing major tasks and policies. Fully mobilize the enthusiasm, initiative and creativity of all parties concerned in implementing the strategy of expanding domestic demand, and provide strong organizational guarantee for realizing the main goals set in the planning outline.

　　(36) Improve the organization and coordination mechanism.

　　All relevant departments should strengthen inter-ministerial coordination in implementing the strategy of expanding domestic demand, give play to the role of overall coordination, and promote the implementation of various tasks of expanding domestic demand; Regularly prepare the implementation plan of the strategy of expanding domestic demand, and further refine the major tasks and major policies defined in the practical planning outline. Local governments at all levels should act positively according to local conditions, incorporate the strategy of expanding domestic demand into economic and social development plans, formulate local strategic policies and measures to expand domestic demand in light of actual conditions, compact local strategic responsibilities for expanding domestic demand, innovate the implementation methods of planning outlines, give full play to all aspects, and resolutely put an end to formalism and bureaucracy.

　　(37) Strengthen policy coordination.

　　Improve macroeconomic governance, constantly innovate and improve macroeconomic regulation and control, and strengthen the overall support of macroeconomic policies for the implementation of the strategy of expanding domestic demand. Give full play to the guiding role of the planning outline, strengthen the coordination of fiscal, monetary, employment, industry, investment, consumption, environmental protection and regional policies, and promote the formation of policy synergy to expand domestic demand. Closely track and analyze the implementation of policies and changes in domestic demand situation, strengthen the expansion of domestic demand policy research reserves, improve policy formulation and implementation mechanisms, strengthen policy effectiveness evaluation, and ensure the smooth realization of strategic objectives.

　　(thirty-eight) to increase publicity and guidance.

　　All relevant departments in various regions should strengthen the publicity and guidance of the strategy of expanding domestic demand, comprehensively use various media, and deeply interpret the new measures and requirements of the strategy of expanding domestic demand in a form that is popular with the public, so as to further create a strong social atmosphere. Summarize the effectiveness of the implementation of the planning outline in time, fully tap the successful cases of expanding domestic demand in various regions and different industries and enterprises, and timely summarize and popularize good experiences and practices through various forms.

　　In the evening, residents of Shenmu County watch basketball games around the underground shopping mall of People’s Square. In the distance, the county government building is already lit up. Our reporter Zhuang Qinghong photo

　　editorial comment/note

　　Before this year, Shenmu county had a beautiful growth diary: in the spring of 2008, 12 years of free education in urban and rural areas was implemented, and "zero fees" were realized from primary school to high school; In March 2009, the free medical care system for all was implemented, becoming the first "new inland special zone" county in China with public medical care; In September 2011, kindergarten education was included in the free education system, and the free education was extended to 15 years. However, since 2013, Gong Aiai, the "house sister", first appeared, and then Liu Xuming, the "Prince Charming" in the coal industry, was suspected of raising funds to defraud hundreds of millions of yuan, and the image of Shenmu suddenly changed. The last time Shenmu was brought into public view, it was a group gathering event triggered by the rumor that "the policy of free medical care and free education will be terminated". China Youth Daily reporter arrived in Shenmu County, Shaanxi Province to visit Shenmu’s "myth" today.

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　　Shenmu County, Shaanxi Province, is a star county famous for its "free medical education for all". On July 15th, thousands of Shenmu people surrounded the gate of the county government and looked excited.

　　Because they heard a rumor: "the county party secretary is going to be transferred! Shenmu has no money Free medical education will be cancelled! "

　　On July 16th, the police took control of four suspects suspected of spreading online rumors, and the official rumoured that Lei Zhengxi would still serve as the secretary of Shenmu County Party Committee after he was promoted to the Standing Committee of Yulin Municipal Committee.

　　However, ten days after the rumor was dismissed, Lei Zhengxi was transferred from his post on July 26th, and Wei Jundong, deputy secretary of Yulin Municipal Committee of the Communist Party of China, held the post of member, standing committee member and secretary of Shenmu County Committee.

　　The sudden change of leadership has made the future of Shenmu even more confusing.

　　Why do rumors arise? Will Shenmu’s myth of "free medical education for all" come to an end? China Youth Daily reporter recently walked into Shenmu to restore the small county behind this "myth".

　　"Shenmu people, who have always been simple, have done something’ out of line’"

　　People’s Square, with two football fields, is the center of Shenmu County. The county government building, built in 1996, is located on the east side of the square.

　　Every day when the sun sets, the square begins to be crowded, bearing the laughter of thousands of people. Shenmu people either stand or sit, enjoying the cool and chatting. Children who play roller skating wear fluorescent pink protective gear, just like their peers in big cities.

　　Children in vests and shorts shouted and rushed to the open fountain in the center of the square. Many boys were soaked through in the water mist. Several grandfathers, with big brushes dipped in water, slowly wrote calligraphy on the brick floor, which attracted the blue security guards to watch.

　　On the west side of the square, a huge LED screen plays the Shenmu News of the local TV station. The white-coated doctor and the tanned patient’s aunt spoke to the camera, but the music in the square was so loud that no one could hear them at all.

　　As soon as the camera turned, the four blue words "free medical care" were posted on the glass window of the hospital, flashing on everyone’s face. Only this reminds us of the unusual in the square more than 10 days ago.

　　The mass gathering on July 15th happened in front of the square. They are here to contain Lei Zhengxi, the county party secretary who is about to be transferred from the network, "to ask him for an explanation".

　　Before and after the mass gathering, a rumor spread rapidly on the Internet: "The former county party secretary left 60 billion yuan, and now Shenmu County has a deficit of 30 billion yuan, and the policy of free medical care and free education will be terminated due to financial deficit."

　　At the time of the incident, Chen Ming (pseudonym), who lived in Shenmu since childhood, "failed to catch up". A friend who went to "join in the fun" described it to him: "It was really noisy that day. Shenmu people who have always been simple finally did something’ out of line’."

　　The propaganda department of Shenmu County Committee of the Communist Party of China said that the rumors were "completely out of thin air". However, netizens found that in 2012 alone, Shenmu County achieved a fiscal revenue of 21.1 billion yuan, so it continued to question.

　　Liu Shengqiang, deputy director of the Propaganda Department of Shenmu County Committee of the Communist Party of China, responded online: "In 2012, Shenmu’s total fiscal revenue and local fiscal revenue reached 22.07 billion yuan and 5.36 billion yuan respectively, and local fiscal revenue was the available funds of the government at the same level."

　　After the incident, the media swarmed in. The county finance bureau, which has rumors of "borrowing money to pay wages", bears the brunt. The staff told reporters that they received at most seven media outlets a day. "There are too many to work normally."

　　Finally, they specially issued a statement to the Propaganda Department of the County Party Committee: "Shenmu Finance has been in debt for nearly ten years, and announced the wages, subsidies and performance pay of employees, which are implemented in accordance with the relevant regulations of the higher authorities. They can be paid on time from the 10 th to the 15 th of each month, and wages, subsidies and performance pay will not be reduced or delayed."

　　Strangely, July 15th is the last day when wages have been paid. Why do Shenmu people have the panic of "wages can’t be sent out"?

　　Some Shenmu county government cadres analyzed the China Youth Daily reporter. Since the second half of last year, the capital chain of Shenmu folk credit has been broken, and some of the people who gathered were "trapped". At the same time, because the incident occurred in the central area of the county, many residents also came to "watch the excitement".

　　The hole behind the luxury car

　　It has been more than 10 days since the mass gathering happened on July 15th. The people’s square has resumed its lively scene. If asked about that day, Chen Ming would wave his hand: "Don’t mention it, it’s all over, everything will be fine."

　　However, is the anxiety really over?

　　In the People’s Square at night, there are at least hundreds of Shenmu people dancing aerobics and ballroom dancing. The songs of "The Most Dazzling National Style" and "running with the bulls" are mixed together, which often leads to the end of the white-haired old man and the child who cuts the head of the Fuwa.

　　At 8 o’clock in the evening, 43-year-old Liu Jianying (a pseudonym) came to the square alone and found a seat in the shade. Several women standing by were discussing something enthusiastically, but her lips were tight and she didn’t mean to join.

　　After looking for a while, she hooked her waist to beat her calf. She is particularly thin, wearing a dark red shirt, which is a bit big. When she bends down, the clothes outline the protrusions of the bones on her back. When she was tired, she would look up again and stare at the noisy crowd in the distance of the square.

　　If you don’t say it, no one can see that she is a woman with a debt of 13 million yuan.

　　In the summer of 2007, Liu Jianying’s son got a college diploma and went back to his hometown to find a job.

　　In many other places, taking the civil service examination is something that young people are eager for. But in Shenmu, it is not the most enviable.

　　China Youth Daily reporter learned from Shenmu County Development and Reform Bureau that at present, Shenmu County mainly has six pillar industries: coal, charcoal, electric power, energy carrying, chemicals and building materials. Among them, the share of coal industry accounts for more than 70%, which is the main source of Shenmu’s fiscal revenue.

　　Before 2012, the price of coal soared in the domestic energy market. People who invest money in coal mines can get dividends from coal mines every year, "ranging from hundreds of thousands of yuan to millions of yuan."

　　"With coal mine dividends and land acquisition, many people get rich almost overnight. Because it’s not hard-earned money, they don’t feel distressed at all when they spend it. Isn’t that just throwing money at cars and houses? " Master Liu, who has been driving a taxi for more than ten years in Shenmu County, said. He loves cars so much that he can quote the model and price of the car at a glance.

　　"Shenmu people save face. If you buy a BMW 3 Series, my family will have to buy a BMW 5 Series, which can’t be worse than people. Bentley, Rolls Royce, Ferrari, Land Rover, BMW, Jaguar, Porsche, Maserati … I have seen these good cars in Shenmu. " Master Liu said.

　　According to media reports, in Shenmu County, a large number of residents participated in folk credit. Many people invest in coal mines and real estate through "underground money houses" even if they don’t save money in pawn shops on the surface, and eat high interest.

　　The once proud purchasing power of Shenmu people attracted a large number of gold shops, jewelry shops and brand-name clothing stores. The house price in this county once soared to 15,000 yuan per square meter, which left the provincial capital Xi ‘an behind.

　　China Youth Daily reporter found that there are at least four Apple mobile phone and computer experience stores in Shenmu County.

　　"Our family was opened two years ago. When the business was good, iPhone 4S and iPhone 5 sold dozens of units each month." An Apple store clerk told reporters.

　　The asphalt road in this county is wide and flat, and the corridors and green belts of Binhe Avenue are not inferior to those of southeast coastal cities. In fact, in contact, many Shenmu people, including government cadres, called their hometown "my city" without thinking.

　　Even today, when the economy is hit hard, there are many luxury cars on the streets of Shenmu. At night, many luxury cars have nowhere to park. The west, south and north roads centered on People’s Square are packed to the brim.

　　According to the statistics of China Youth Daily reporter, there are 113 private cars parked on one side of the road just a few hundred meters west of the square, most of which cost more than 200,000 yuan, including 7 Land Rover, 34 BMW and 37 Audi.

　　At that time, Liu Jianying’s son was eyeing this business opportunity, asking his parents for loans to raise money, and opened a high-end car dealership in the county. "When the store first opened, the business was not bad, and the family was suddenly rich."

　　Liu Jianying was not happy for two years. In 2012, the price of coal plummeted, which also affected his son’s garage.

　　"Coal mines have closed down one after another, rich people have also run away, and many people’s money has been put in pawn shops. Who has spare money to buy these high-end cars?" Speaking of this, she lowered her head and her voice became weaker. "I owe a debt."

　　Since the second half of 2012, there has been a blowout in the dispute case of folk credit in Shenmu County.

　　Liu Jianying now owes a bank loan of 3 million yuan and a personal loan of 10 million yuan. "I dare not eat or wear." The life that was originally quite rich suddenly lost its rhythm.

　　From two or three months ago, every day, "as soon as it is polished", the door of her house will be ringing.

　　All the people who come to the door lend money to Liu’s relatives and friends. It is said that it is a "guest", but in fact it is to collect debts. It is a day to sit down. At first, Liu Jianying was able to greet each other with a smile, and after the other party would exchange a few commonplaces, he tried to ask, "Is there money to pay back?"

　　Later, the greetings between normal friends disappeared. Every time she opened the door, she saw her former friend sitting on the sofa with a straight face and asking, "Do you have money? Bring the money! "

　　Once, Liu Jianying couldn’t help it. He shouted at his friend, "If you want money, it’s fatal. Take it!"

　　The friend is also angry: "If you don’t have money to pay back, you shouldn’t have borrowed it at the beginning. What kind of money do you have?" Say that finish, he slammed the door with a bang and left swearing.

　　"I really panicked. That is to say, I have made friends for many years, so I have torn my face. " Liu Jianying was sad, took out a piece of paper and blew his nose.

　　Tragedy like hers has intensified in Shenmu since 2012.

　　According to the data released by Shenmu County People’s Court, since 2012, the court has accepted 4,786 cases of private lending disputes, involving 3.217 billion yuan and 7,658 people. Seven loan cases were filed for investigation in the county public security bureau, involving 4.31 billion yuan and 1,247 people.

　　In 2011, Shenmu Court accepted only 679 private lending cases, less than a quarter of the second year. Previously, it was reported that pawnshops and guarantee companies could be found everywhere on Dongxing Street, the main road of Shenmu, but now, it is difficult to find their traces on Dongxing Street.

　　"The owners of debt collection are staring at it. How many dare to open pawn shops?" Master Liu said.

　　"tighten your belt and live", the soil where rumors grow.

　　Walking through the scenery of "coal boss" and "king of gold", Shenmu County took the lead in implementing high-standard free medical care for all and 15 years of free education in the country. It is believed that strong financial strength is Shenmu’s confidence in doing so.

　　In 2013, Shenmu County became famous because it had no money.

　　"Now Shenmu is not the Shenmu a few years ago!" Since the second half of 2012, when Shenmu people talked about their hometown to foreigners again, this sentence became a mantra.

　　"Well, the coal recession. Many luxury cars are afraid to drive out, for fear of being chased by debt. " Master Liu said.

　　Huimin Road, the most concentrated entertainment venue in Shenmu County, is called "Little Hong Kong". A few years ago, various leisure clubs and bathing centers began to blossom everywhere in this street. Now, the glitz of Huimin Road is no longer there. Instead, broken billboards and dusty glass doors. Entertainment places bear the brunt, basically the iron general closes the door, with large and small advertisements of "this house is for rent" and "store transfer" posted on it.

　　The most exaggerated one, played the slogan "the whole transfer of this building". The red backboard, which is more than two meters high, still bears the pride of the past, proclaiming: "The business area from the first floor to the third floor is more than 3,000 square meters, which can be used as a shopping mall, a high-grade monopoly and a private club …"

　　But in front of the clubhouse behind it, there are already broken bricks and tiles. The advertisement has also been torn.

　　Master Liu recalled that the phenomenon of "collective closure" of Huimin Road began to appear at the end of last year, and his business was also affected a lot. "In the past, we always solicited customers on Huimin Road, and more than two people had to collect two dollars. But now I can’t. I won’t talk about it when I see people, and I have to bargain. "

　　The starting price of taxis in Shenmu County is 6 yuan, which "often doesn’t hit the meter, so it’s near 6 yuan and far away from 10 yuan". Last year, Master Liu was able to work in 600 yuan every day. "Now it’s good to have 300 yuan.".

　　The business also suffered heavy losses, as did Li Yuan (a pseudonym) and his wife.

　　Two years ago, in order to take care of their son, the young couple closed the restaurant they had run for many years and started a shop instead. When the business was good two years ago, I could earn more than 7000 yuan a month, and my family’s life was booming.

　　"I can’t do it this year. I can only earn more than 2,000 yuan a month, and I have to pay 1,500 yuan for tutoring my children. The rest of the money is not enough to live." Li Yuan was worried and thought about moving the shop out to do something else. However, after three or four months, no one cares.

　　China Youth Daily reporter visited many shopping malls and shopping centers and saw the same depression.

　　Even the owner of a clothing store in a shopping mall immediately expressed his willingness to transfer it to reporters. "I can transfer all the goods to you. Business is so bad that many people who make clothes are clearing their stocks. Those who sell home and bedding upstairs can’t see guests at all! "

　　"Now everyone knows that business is difficult. I just heard that two big supermarkets have closed down a while ago, not to mention our small shop. Who dares to take over at this time?" Li Yuan said.

　　In front of her, it is a difficult multiple-choice question: "If you close the door, you can’t find a way to make money for a while, and your life can’t be maintained; If you don’t close the door, you can only watch the business get worse day by day, and even stick to the old book. "

　　She was so anxious that a lot of pimples broke out on her face. "People in their 40 s still have acne, that is, they get angry in their hearts."

　　On the main roads of Shenmu County, such as Dongxing Street and Linzhou Street, well-known brands such as Erdos, Belle, Bird of Good News, Zhuang Ji and so on have put out huge advertisements such as "buy one get one free" and "clearance treatment", but there are still only salespeople in the shops.

　　The scene of depression is more obvious in shopping malls. At three or four o’clock in the afternoon on weekends, there are still only a handful of customers in Wanqian Fashion Shopping Center.

　　"The rents of shops have all been reduced." The manager of an ONLY clothing store told the China Youth Daily that in the past, the store in 280 yuan had to be rented per square meter, but now it can be rented as long as it is in 150 yuan.

　　"The money has been trapped by pawnshops and coal mines, and everyone has tightened their belts to live!" Master Liu said.

　　"Free" is not interrupted, and the worry is still there.

　　It was when the big shops were in a depression that the worries caused by rumors staged.

　　There is a rumor on the Internet that the hospital in Shenmu can’t support free medical care, so it can only "write a white note".

　　However, the China Youth Daily reporter saw in the free medical hospitalization reimbursement window of Shenmu County Hospital that all four people who came for reimbursement were not "IOUs" in one afternoon.

　　A mother ran upstairs and downstairs to go through the formalities, and she was so tired that she was sweating. When she received the reimbursement from the reimbursement window, she finally breathed a sigh of relief and was all smiles. In Daxing Hospital, the reporter also saw a similar situation.

　　"There is no IOUs, those are outside speculation. Our current reimbursement work is working normally, and patients can receive reimbursement on the same day as long as they prepare the procedures. " The staff of Shenmu County Hospital Co-therapy Office said.

　　China Youth Daily reporter learned from the Co-therapy Office of Shenmu County Hospital that as of June, the county hospital had provided reimbursement for 5,560 people in the first half of the year, with expenditure reimbursement of 22,061,170 yuan and per capita reimbursement of 3,967.84 yuan.

　　"The outside world always regards Shenmu free medical care as news. In fact, for us, it is old news in old news. We have been running smoothly." Guo Yongtian, deputy director of Shenmu County Health Bureau, told China Youth Daily reporter.

　　"At present, there are 21 medical points in the county, 14 of which are designated hospitals for free medical treatment. Beds and medical staff have basically met the needs of the masses, and there is even a surplus. "

　　Shenmu County Hospital is one of the largest designated hospitals for free medical treatment in Shenmu.

　　Since the implementation of the free medical care policy in 2009, taking county hospitals as an example, the cumulative number of reimbursements has increased year by year, with 7,212 in 2009, 9,054 in 2010, 9,234 in 2011 and 10,373 in 2012. The total annual reimbursement is 28,723,414 yuan, 38,975,529 yuan, 36,135,083 yuan and 37,598,197 yuan respectively.

　　"If Shenmu’s economy continues to be weak, will the existing free medical policy be discounted or even cancelled?" China Youth Daily reporter asked.

　　Guo Yongtian denied this concern. "On the one hand, raising the standard now will exceed the economic development level of Shenmu. On the other hand, we will not lower the standard. Shenmu’s weak economy this year is also affected by the national economic downturn, but it is impossible to stop doing it because of the economy, medical care and education? " He gave the data of free medical reimbursement for the whole people. "The total amount of reimbursement in the county last year was only 200 million yuan, and this year’s budget is also 200 million yuan. This figure is always available to the county finance. "

　　He admits: "The economic situation is not good, but the part that the county finance should bear has not changed. The state will not pay more for Shenmu, and we will not increase the self-raised part of individuals. "

　　Although the government has denied rumors, the "stamina" of panic has not been eliminated.

　　In the lobby of Shenmu County Hospital, Aunt Wang, an "old patient" for decades, was worried about money while infusion.

　　She is a typical left-behind old man, with only his wife and 10-year-old granddaughter at home. Because of her poor family, she has never been willing to go to the hospital. When the back pain is the worst, she can’t stand up straight, so she can only lie down and rest.

　　In order not to let the children who work in other places miss her, she has been hiding her illness. "If it is diagnosed as a big problem, the family will have to raise money everywhere to treat me. I can’t afford that crime!"

　　After the implementation of the national free medical care policy, Aunt Wang came to the hospital for the first time with peace of mind. "The policy says that it is very convenient to take the list and report it when you leave the hospital."

　　But now, always listen to patients say "financial money", "may have to wait", her heart pulled up again.

　　"Today, I spent more than 1,000 yuan on infusion and physical therapy, and I haven’t reimbursed it yet." Aunt Wang rubbed a little sore waist. "Slow reporting (reimbursement for chronic diseases-reporter’s note) will wait until the end of the year, and I don’t know if it will still be a policy at that time?" According to Shenmu County’s free medical policy, in addition to hospitalization expenses, the reimbursement of her chronic diseases is accumulated until the end of each year.

　　"I heard that there is no money in finance, and it is really hard to say whether it can be reported or not." The patient next to him also speculated.

　　Wang Lan, who was sitting in the waiting area on the right side of the dermatology department, also heard about the situation of "waiting".

　　"When I saw a doctor in the morning, I listened to the doctor and said that I should put away the list first. Now I can’t report it for the time being. I don’t know if I can report it in the second half of the year. " Wang Lan said.

　　"I heard that I can’t reimburse for the time being, and the number of people who see a doctor is obviously much less." Wang Lan even suspected that in order to save money, the medicine prescribed for her was "shrunk". "It used to cost more than 200 yuan to match a pair of Chinese medicine, but now it will become more than 100 yuan."

　　Caixin. com reported on August 1 that Shenmu’s universal medical insurance was in arrears, and the joint treatment office owed more than 9 million yuan to the hospital and more than 4 million yuan to the designated pharmacies.

　　"At present, the situation we know is not like this." Guo Yongtian told the reporter of China Youth Daily that the Co-therapy Office adopts the method of "advance payment first, then reimbursement" for hospitals and designated pharmacies, and reviews the reimbursement of the previous month every month before reimbursement.

　　Guo Yongtian told reporters that because the audit takes about one month, there will be a seemingly "owed" situation.

　　The second hospital of Shenmu County mentioned in Caixin. com’s report, at present, the advance payment in June is about to be reviewed.

　　"About 3 million yuan, after the audit, it will be allocated to Shenmu County Second Hospital. The designated pharmacies also operate in this way. " Guo Yongtian said that since the implementation of the free medical care policy, hospitals and designated pharmacies have been using the method of advance payment for reimbursement, and there has never been a case of reimbursement in arrears.

　　Where does Shenmu, who can’t "eat coal by coal", go?

　　The conflict has temporarily subsided, but the anxiety of Shenmu people has not been eliminated. To a great extent, this is because Shenmu County has not got rid of the "tight spell" brought by the coal industry and the folk credit crisis.

　　Aunt Wang’s question is simple: "In the past, coal trucks lined up on the expressway, but now none of them can be seen. Where does finance generate money? "

　　"In the eyes of our people, the development of Shenmu County is closely tied to the coal industry. The decline of coal industry means the decline of finance. What does the county government guarantee that medical care and education can always be free? " Li Yuan also asked.

　　The report "Shenmu Development Trends" published by Shenmu County Development and Reform Bureau on July 23 this year seems to "prove" the concerns of ordinary people.

　　According to the report, according to the development trend in the first half of 2013, the fiscal revenue planning task can hardly be completed.

　　"This is a wake-up call for Shenmu’s resource-based development model. We are also considering the issue of sustainable development. " Gao Haixiong, deputy director of the Shenmu County Development and Reform Bureau, said.

　　He told the China Youth Daily reporter that as early as more than ten years ago, Shenmu County put forward the question of "what to do when the coal is dug up", hoping to explore a road of transformation.

　　Since 2011, Shenmu County has gradually established the strategy of "focusing on coal, extending coal and surpassing coal", trying to get rid of the fate of "building-developing-shrinking-scrapping" faced by resource-based cities. According to Gao Haixiong, Shenmu County will further extend downstream around the six pillar industries and develop new industries such as characteristic agriculture, modern service industry, financial industry, tourism culture industry and equipment manufacturing industry.

　　However, the road to transformation has just begun, and Shenmu County has encountered the cold winter brought by the economic downturn and the cold coal industry.

　　"So we must speed up the pace, get rid of the old road of relying solely on coal resources to develop the economy as soon as possible and fight a turnaround." Gao Haixiong said.

　　However, Gao Haixiong also said that Shenmu County, which suffers from "dependence" on coal resources, will not be able to adjust its industrial structure overnight. "This is a problem that no economist or ordinary people can solve at once."

　　Shenmu is trapped, and the development of small private enterprises is even more difficult.

　　"After folk credit faces the crisis, the people’s’ investment’ behavior will be more cautious." Gao Haixiong said that it was difficult to get loans from banks. Now, without the capital invested by folk credit, most private enterprises are facing the doom of being unable to survive.

　　According to Gao Haixiong, 70% of Shenmu County’s fiscal revenue comes from local small and medium-sized private enterprises, and at the same time, it has created more employment opportunities for the local area. However, most of the coal resources in Shenmu County are obtained by large enterprises such as Shenhua, and the share of small and medium-sized private enterprises is less than 10%. "Without raw coal, it is also very difficult to do the next resource transformation." Gao Haixiong hopes to get more support in the process of rescuing small and medium-sized private enterprises.

　　On the other hand, China Youth Daily reporter observed that the prosperity of high consumption faded, and Shenmu economy was not completely depressed.

　　Around the People’s Square, the bustle of roadside clothing, groceries and snack vendors continues until 12 o’clock every night. This is unusual for a county town.

　　The prices of diet, fruits and vegetables in the county are also relatively stable, and there is no abnormal high or low. According to the statistics of China Youth Daily reporter, there are as many as five vendors asking for mobile phone film from 10 yuan to 35 yuan on the 100m roadside closest to People’s Square.

　　Separated by a layer of window, it is yesterday and today of "Shenmu purchasing power".

　　In the store, there are summer women’s dresses with the same price of 599 yuan and 999 yuan as Beijing, and shoes and bags with more than 300 yuan. But now, in the bright window, only the shopping guide is alone.

　　Outside the window, Shenmu people are busy bargaining around rows of hangers on the roadside. The peddler shouted, "A 45 yuan! Two 70 yuan! "

　　Among the Shenmu population, the hometown is still called "the city where I live".

　　On the night of July 15th, the young netizen of Shenmu "Bud Smiles" was neither angry nor desperate.

　　"The bustling Shenmu may really be a flash in the pan, which is worrying and even more worrying. Once, the city gave too many people wealth, but when it was going to be lonely, too many people had to avoid it. I silently pray for myself and a group of people like me, and wish our city to tide over the difficulties quickly. We don’t want wealth, just peace! " She said this just one year after graduation.

　　The dog days have begun, and the temperatures in various places are also "striving for a new high". In the face of such high temperature, the best thing that can save our lives is air conditioning.

　　So how many degrees should the air conditioner be turned on?

　　Some people can drive as low as possible in order to cool down, some people believe that 26℃ is the most comfortable and energy-saving, and some people say that 28℃ is the most suitable, so which statement is correct?

　　Let’s start with the conclusion:

　　The most suitable temperature for air conditioning is not necessarily 26℃ or 28℃, but it is indeed more energy-saving to set the temperature higher.

　　Let’s talk about it in detail.

　　01

　　Adjust it once. What happened?

　　We all know that air conditioning is an electric tiger, which consumes a lot of electricity, and the lower the temperature is set, the more electricity is consumed. But how much has the power consumption changed? According to the measured research of air conditioner in a room in Maoming, Guangdong Province in 2015, it is found that if the set temperature of air conditioner is reduced from 26℃ to 25℃, the power consumption will increase by 47.89%, and if the set temperature of air conditioner is reduced from 27℃ to 25℃, the power consumption will increase by 134.35%, that is, the power consumption will be multiplied by two. Therefore, don’t underestimate this small degree, the impact is really not small.

　　Of course, the power consumption of air conditioners is affected by many parameters, which are related to the meteorological conditions such as temperature, humidity and wind speed in the region, the energy efficiency level of air conditioners, the refrigerants used, and the structure of air conditioners, etc. The set temperature rises by one degree, and the impact is not necessarily the same.However, many experiments have shown that the general trend is still "raise it by one degree and save electricity".

　　So what about putting it on a macro scale?

　　According to the Annual Development Research Report on Building Energy Efficiency in China in 2013, even in 2011, the power consumption of air conditioners in urban houses in China reached 52 billion kWh, accounting for 16.03 million tons of coal, accounting for 10.4% of the total energy consumption of houses. Based on this,If everyone can raise the air conditioner by 1℃, how much electricity can be saved.

　　Having said that, it is necessary to correct a misunderstanding, that is, some friends adjust the temperature of the air conditioner to a particularly low temperature in the hope of making the air conditioner cool quickly, but this method is not reliable. Because the working mode of the air conditioner is to "cool the air circulation in the room as soon as possible, and keep it after the room temperature reaches the set temperature", instead of "directly blowing out the cold air at the set temperature", the set temperature actually does not affect the temperature of the wind blown out by the air conditioner, and in case you forget to adjust it back … … That is, the cold wind is swishing and the electricity bill is rushing … …

　　02

　　Is there really an optimal temperature for air conditioning?

　　In fact, if you want to study it carefully, how many degrees the air conditioner is turned on is a very complicated matter, because people’s feeling of "cool" is subjective, and if you want to optimize it to the extreme, you need to consider the temperature, humidity, wall heat conduction, sunlight exposure and indoor dynamic changes of the indoor and outdoor environment.

　　In fact, this is also an important topic for engineers. They need to predict the temperature change curve of a day according to meteorological data and models, model and calculate various conditions in the building, and measure people’s comfort, so that the set temperature of air conditioners can be dynamically adjusted with specific conditions to achieve the purpose of energy saving and emission reduction. Therefore, I am afraid it cannot be simply said that there is a most suitable set temperature for air conditioners.

　　Of course, such fine control is often used in large office buildings, and it is not necessary for us to be so precise in our own homes. If we can make ourselves more comfortable, we can just raise the temperature a little.26℃ to 30℃ can be considered.During the day, when the family is active, you can turn it down a little, and when people want to sleep at night, just turn up the temperature and set a time.

　　03

　　Turning on the air conditioner like this saves electricity and is healthy.

　　Many friends who like to blow air conditioners may be a little wronged. Although setting the temperature higher can save energy, it is really hot. This kind of mood is of course understandable. Let’s talk about how to turn on the air conditioner better.

　　First of all, we should know that low temperature will make us cool, but there is more than one way to cool down if we want to feel cool. For example, we can use a small fan such as an air circulation fan at home to circulate the air in the room, which helps to make the temperature distribution in the room more uniform and the breeze can help us feel cool. Let the air-conditioning tuyere face the roof, which also helps to cool the whole house. In addition, it is necessary to ensure that the air conditioner is not blocked, so as to prevent the air conditioner from misjudging the indoor temperature. And air humidity will also greatly affect our feeling of "heat", so remember to turn on dehumidification when the humidity is too high, and don’t just turn down the temperature.

　　As for the friend who has a low air conditioner and a quilt … … Why don’t we remove the quilt first?

　　When it comes to air conditioning, there are two groups of people who need special attention. First of all, the baby, who has a strong metabolism, is prone to sweating in summer, and it is easy to cause skin problems such as prickly heat for a long time, which makes the baby itchy and painful and even affects sleep. Therefore, it is necessary to turn on the air conditioner to cool down. It should be noted that the tuyere should be adjusted and not blown directly.

　　Then there are the elderly, whose metabolism slows down and they feel cold easily, and many of them have cardiovascular and cerebrovascular diseases. In this case, the temperature of the air conditioner should not be set too low, especially the temperature difference between the air conditioner and the outdoor air conditioner should not be too large, so as not to cause sudden cooling and sudden heat when entering or leaving the door, and induce cardiovascular and cerebrovascular diseases. Therefore, many doctors will recommend that the air conditioner for the elderly be set to 28℃.

　　Finally, to sum up, we actually don’t have to worry too much about what is the most suitable temperature for air conditioning, and it is ok between 26℃ and 30℃. But we should also remember that if we feel cool enough, press the remote control to turn up the air conditioner by one degree, and we will not only participate in energy conservation and emission reduction, but also save electricity bills. Besides, don’t forget to ventilate the room regularly.