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　　It is a brand new model. In the MINI family, it is the first member of the MINI family to be more than 4 meters long, 4 doors and 4 seats, and equipped with 4-wheel drive. But no matter from the traceability of the model or the naming, the MINI COUNTRYMAN has a very long and rich history.

　　In fact, according to the traditional naming method in the West, MINI COUNTRYMAN should be called "COUNTRYMAN II". Because COUNTRYMAN is named after an ancestor in the MINI family, it represents a tribute and inheritance. So before we know "COUNTRYMAN II", we should first recount "Countryman I" with reverence.

　　早在1960年，“Countryman一世”就诞生了，由于当时BMC旗下的两个品牌都在销售Mini车型，于是他就有了两个名字：Morris Mini Traveller和Aun Mini Countryman——他们是旅行车型Mini Estate的两个品牌版本，在最早的MINI车型Morris Mini Minor和Austin Seven推出一年后，他们就问世了。

　　Mini Traveller和Mini Countryman在推向市场后的二十年中一直保持着不错的销量，可以从图片中很容易的看出，他具有Mini标志性的“四轮在四角”的设计，还有着厢形车的超大装载能力——至少在那个年代而言。无论对于家庭、小商业者还是追求驾驶乐趣的长途旅行车手，Mini Countryman / Traveller都是不错的选择。事实上现在英国还有不少人开着Austin Mini Countryman行驶在乡间小路上，用一句老爷车车主的话来说“A very fine car that just kept going and going”.

　　后来在Mini Countryman/Traveller的基础上，又衍生出了Mini Clubman Estate等车型，Countryman这个分支血统始终在MINI家族中占有重要地位。“Countryman”的受欢迎程度使这个名字如此响亮而受到追捧，以至于当ROVER入主BMC后，还把这个名字“偷”用在了ROVER的一款旅行车型上，所以历史上还出现过两辆分别挂ROVER和MG标的Countryman。

　　Of course, these two guys should not be included in the MINI family, so the newly born MINI COUNTRYMAN is still "II". However, going from "I" to "II" is not so simple. Let me take a look at another classic MINI model first: the Mini Moke, which is the only off-road model in the classic Mini.

　　The Mini Moke was born in 1964. It was produced at Longbridge in Birmingham for four years before being transferred to Australia. It was born out of a practical need: the British military proposed to design a light military vehicle, similar to the US military at the time, which could be used as a motorized unit and parachute equipment. The Mini Moke was invited by the British military for BMC, but the British military eventually cut the procurement budget.

　　So BMC launched it as a low-cost, low-maintenance civilian vehicle. When it was introduced to the market, it achieved unexpected success, especially among artists and film and television stars, triggering a rush to buy it.

　　In the hit TV series "The Prisoner" and several 007 movies at the time, Mini Moke made frequent appearances.

　　The Mini Moke with off-road crossover functionality was also an uncompromising "outlier" in the MINI family at that time, and some of its characteristics deeply influenced the birth of "COUNTRYMAN II".

　　After BMW rejuvenated the MINI family, it was natural to not forget the classic Mini Countryman/Traveller, which the MINI design team decided to use as a prototype to develop a MINI with a tourer style.

　　At major motor shows between 2005 and 2006, MINI launched four consecutive trips: the sci-fi MINI CONCEPT FRANKFURT, the picnic-tea-themed MINI CONCEPT TOKYO, the ski-themed MINI CONCEPT DETROIT to commemorate Issigonis’ birthday, the rally support theme, and the MINI CONCEPT GENEVA to commemorate the Monte Carlo Rally. They all have some of the distinguishing features of the Mini Countryman/Traveller: lengthened and bodywork on the standard version, an enlarged inner volume in the van structure, and a double rear door opening.

　　Just when people thought the Countryman/Traveller name was about to return, the production version came out in 2007. The name is. Its counterpart is the classic old model, the Mini Clubman Estate, which inherits the Countryman/Traveller lineage.

　　The appearance of MINI CLUBMAN was exciting, and the re-enactment of the classic after opening the door was touching, but the absence of the famous name "Countryman" still made people feel slightly disappointed.

　　In the past year, the launch of another concept car has piqued people’s appetite. The MINI CROSSOVER CONCEPT made its debut at the Paris Motor Show and got up close and personal with Chinese fans at the 2009 Shanghai Auto Show. Its crossover, 4 seats + approximately 4 doors, high vision, and sci-fi-filled central control are full of novelty. It can be said that MINI’s previous cars did not have these outstanding features.

　　At this time, there were rumors in the rivers and lakes that the mass-produced model of MINI CROSSOVER CONCEPT would be MINI’s first crossover compact model, and the name was very likely to be "COUNTRYMAN"! For a time, there was a lot of discussion, and various imaginative images were rampant on the Internet, and everyone’s interest in Countryman "II" was unprecedented.

　

　　When people first saw this big guy codenamed "R60", they were all shocked by its camouflage camouflage… It was later confirmed that this was the "hijab" carefully designed by MINI for COUNTRYMAN.

　　At the end of 2009, at the slightly depressed Detroit Auto Show, the CONCEPT became the biggest highlight. The exaggerated transparent design and more obvious outdoor sports functionality immediately reminded people of the classic predecessor Mini Moke, and some even called the MINI BEACHCOMBER CONCEPT MINI MOKE CONCEPT. At the same time, this concept car also makes people feel that the mass production model is approaching.

　　Gert Hildebrand, who was the director of MINI designers at the time, said bluntly when accepting the conversation, MINI BEACHCOMBER CONCEPT is to build momentum for R60!

　　Finally, after a full 50 years, "COUNTRYMAN II" officially debuted at the Geneva Motor Show! Remove the "head" and lift the "hat", and MINI FANS all over the world take off their hats to the new MINI COUNTRYMAN who inherits the classic!

　　Upon closer inspection, you can find many traces of inheritance in the MINI COUNTRYMAN, such as the design of the side turn signals, headlights, and air intake grille, which has been continued and evolved from the four concept station wagons, MINI CROSSOVER CONCEPT, and MINI BEACHCOMBER CONCEPT, gradually approaching the current shape of MINI COUNTRYMAN; the 4-wheel drive crossover off-road performance can be traced back to the Mini Moke.

　　Isn’t it exciting to see the designers’ ideas and witness the continuation of the bloodline? MINI COUNTRYMAN is not a "big MINI" that came up with the head, but a classic reproduction of the wisdom of several generations of MINI people.

Text | Li Qing, Tianjin TEDA Hospital

Hypertension is one of the most dangerous factors of cardiovascular disease, and accurate measurement of blood pressure is very important for correct diagnosis of hypertension and monitoring the effect of antihypertensive treatment.

At present, the diagnosis of hypertension is still based on the blood pressure measured by doctors in the clinic. The diagnostic standard of hypertension in the United States is ≥130/80 mmHg, and other countries still use the previous ≥140/90 mmHg.

However, there are also some disadvantages in measuring blood pressure in the clinic, such as doctor’s operation error, inconsistent measurement methods, patients’ nervousness when measuring blood pressure, and the inability to obtain blood pressure values outside the consultation time, which leads to the phenomenon of true and false hypertension: some hypertension may not be found, while some normal people may be mistaken for hypertension.

Ambulatory blood pressure monitoring (ABPM) is a noninvasive and automatic blood pressure measurement technology, which can record blood pressure continuously for 24 hours. ABPM has a history of 40 years. In the past 20 years, big data proved that the blood pressure measured by ABPM has a stronger correlation with the target organ damage of hypertension compared with the blood pressure in the clinic.

The significant benefit of ABPM is that it can collect multiple blood pressure measurements, provide more comprehensive blood pressure information, identify "true and false hypertension" and accurately evaluate the antihypertensive effect. At present, clinical application is becoming more and more popular.

Common special types of hypertension are:

1. White coat hypertension and white coat effect

Because of the influence of environment and nervous factors when seeking medical treatment, the blood pressure measured in most patients’ clinic is often higher than the average blood pressure measured outside the clinic.

Without taking antihypertensive drugs, the blood pressure in the clinic is in the range of hypertension, but the blood pressure outside the clinic is not high, which is called white coat hypertension; In patients taking antihypertensive drugs, the blood pressure in the clinic is higher than that outside the clinic, which is called the white coat effect.

It has been observed that white coat hypertension accounts for 15% ~ 30% of the patients diagnosed with hypertension in the clinic [1]; In patients taking antihypertensive drugs, 30% ~ 40% have white coat effect [2].

Most studies (but not all studies) show that white coat hypertension itself brings little cardiovascular risk [2].

It is not clear whether antihypertensive therapy can reduce the risk of cardiovascular disease in patients with white coat hypertension. However, white coat hypertension may develop into persistent hypertension faster than normal people, so patients with untreated white coat hypertension should be monitored regularly and followed up.

2. Concealed hypertension

Concealed hypertension means that the blood pressure in the clinic is normal, < 140/90 mmHg, but it is indicated as hypertension through ambulatory blood pressure monitoring or home self-test blood pressure (the average blood pressure during the day is ≥135/85 mmHg).

According to statistics, about 15% ~ 30% of the adult population with normal blood pressure (< 140/90 mmHg) in the clinic are artificial occult hypertension [3]. In some groups, such as patients with chronic kidney disease and apnea, the proportion of occult hypertension is higher.

The risk of target organ damage and cardiovascular disease in occult hypertension is 1.5 ~ 3.0 times higher than that in normal people or patients with well-controlled blood pressure, and its risk is equivalent to that in patients with persistent hypertension.

3. Night hypertension

Nocturnal hypertension is characterized by elevated blood pressure during sleep.

Ambulatory blood pressure monitoring is the main method to find this type of hypertension.

It is estimated that 20% of whites and 40% of blacks suffer from nocturnal hypertension, and the prevalence of nocturnal hypertension in patients with diabetes and chronic kidney disease is also high.

Because ambulatory blood pressure monitoring will affect the quality of sleep when the cuff is inflated at night, it is not clear to what extent the ambulatory blood pressure monitoring machine will lead to the increase of blood pressure at night.

A large meta-analysis and several studies show that the increase of blood pressure during sleep is related to the increased risk of cardiovascular events.

4. Spoon blood pressure and non-spoon blood pressure

Most people’s blood pressure gradually rises from 6: 00 in the morning, reaches a peak around 10: 00, and then gradually drops steadily, and the blood pressure at noon is relatively low; From 14: 00, blood pressure gradually increased again, and peaked again from 16: 00 to 18: 00, and then slowly decreased; Blood pressure reached a low point at 0: 00-2: 00 in the morning, and then rose slightly, and maintained until 6: 00 to start the next day’s circulation. The whole day’s blood pressure shows a long-handled spoon-shaped curve with two peaks and one valley, so it is called spoon-shaped blood pressure. See the picture.

According to the decrease rate of blood pressure at night (22: 00 ~ 8: 00) compared with that at daytime (8: 00 ~ 22: 00), the circadian rhythm of blood pressure can be divided into:

Spoon blood pressure: the rate of blood pressure drop at night is 10% ~ 20%;

Non-spoon blood pressure: the rate of blood pressure drop at night is less than 10%;

Super spoon blood pressure: the rate of blood pressure drop at night is > 20%;

Reverse spoon blood pressure: blood pressure at night is higher than blood pressure during the day.

Compared with spoon-type blood pressure, the cardiovascular risk of target organ damage such as left ventricular hypertrophy and carotid intima thickening in non-spoon-type and anti-spoon-type blood pressure is significantly increased, while the extra-spoon-type blood pressure may not be related to the increase of cardiovascular risk.

5. Peak blood pressure in the morning

No matter whether the blood pressure is normal or hypertensive, the blood pressure will rise rapidly after waking up in the morning and returning to the upright position, and reach a higher level in a short time (2 ~ 4 hours). This phenomenon is called morning peak blood pressure.

Generally, the average systolic blood pressure of 2 hours after waking up is used, and the average blood pressure of 1 hour including the lowest systolic blood pressure at night (that is, the average of the lowest blood pressure and its two blood pressures before and after) is subtracted. If it is ≥35mmHg, it can be diagnosed as morning peak hypertension.

In recent years, more and more clinical studies have confirmed that there is a close relationship between blood pressure fluctuation and cardiovascular complications. It is found that the high incidence of cardiovascular events such as angina pectoris, myocardial infarction, sudden cardiac death and cerebrovascular accident is from 6: 00 to 10: 00 every morning, accounting for about 35% to 40% of the whole day, and the morning peak of blood pressure plays an extremely important role.

Note:

[1]Franklin　SS,　Thijs　L,　Hansen　TW,　et　al.　Whitecoat　hypertension:　　new　insights　from　recent　studies.　Hypertension.　2013; 62:　982–987.　doi:　10.1161/HYPERTENSIONAHA.113.01275

[2]　Muntner　P,　Booth　JN　3rd,　Shimbo　D,　et　al.　Is　white-coat　hypertension　associated　with　increased　cardiovascular　and　mortality　risk? 　　J　Hypertens.　2016; 34:1655–1658.　doi:　　10.1097/HJH.0000000000000983

[3]　Peacock　J,　Diaz　KM,　Viera　AJ,　et　al.　Unmasking　masked　hypertension:　prevalence,　clinical　implications,　diagnosis,　correlates　and　future　directions.　J　Hum　Hypertens.　2014; 28:　521–528.　doi:　　10.1038/jhh.2014.9

Feng Ming zhi ku mu mu

Netease cloud music seems to have fallen into the "Tacitus trap".

Recently, information such as "uninstalling and reloading Netease Cloud Music’s members", "Netease Cloud Music secretly deleted users’ local files" and "Netease Cloud Music is dead" has been rampant. In response to this phenomenon, Netease Cloud Music officially came forward to rumor that the recent false news is a malicious rumor against Netease Cloud Music, and Netease Cloud Music will also investigate the corresponding legal responsibility for those who spread online rumors.

From the time Netease Cloud Music was quietly removed from the shelves, to the time when Netease Cloud Music raised doubts among users and then vigorously refuted rumors, we can see the hidden problems in copyright and user services of online music platforms, and there is a difficult balance between copyright content and user services.

Netease Cloud Music Trapped in "Member Puzzle"

The membership mechanism of Netease Cloud Music has developed from "ordinary members and SVIP luxury members" to the membership privilege of "vinyl VIP and music bag", and "vinyl VIP" has become the mainstream membership mode of Netease Cloud Music.

Compared with members of other head music platforms such as QQ Music, Cool Me Music and Cool Dog Music, members of Netease Cloud Music still have certain advantages in terms of membership fees. The membership fee of 15 yuan per month is the same as that of other music platforms, but the membership fee of "vinyl VIP" of Netease Cloud Music is more favorable in the first three months, and users can enjoy three-month membership rights only by paying 40 yuan, which can attract many users to choose to open it.

After users open the "vinyl VIP", they can enjoy ten privileges, including "membership music library, lossless sound quality, free download, no advertisement, audio-visual theme, avatar pendant, personalized skin, mall discount, ticketing privilege and welfare coupon", among which "membership music library" is the most attractive membership right.

However, when users who use Netease Cloud Music choose to open "vinyl VIP", when they use Netease Cloud Music Platform, the voice of "Netease Cloud Music secretly deletes users’ local files" appears one after another, and doubts continue to appear around the core rights and interests of members of this platform.

On the one hand, the ingenious changes in the song list have attracted the attention of some members. Some members have found that the songs in the song list have disappeared inexplicably, which has aroused the dissatisfaction of many Netease cloud music users. Some users said that "some songs in the song list will turn gray", and some users said that this behavior of showing no song copyright is understandable.

On the other hand, this time, it is also the user dispute that Netease Cloud Music is suspected of deleting the songs in the user’s song list, and even deleting the songs stored locally, which undoubtedly pokes the pain points of many users.

However, Netease Cloud Music firmly denied this kind of behavior. Under the question of Zhihu’s "How to treat Netease Cloud Music’s statement denying that Netease Cloud Music secretly deleted users’ local files" and offering a reward of 100,000 for collecting clues, Netease Cloud Music Development Group gave several reasons why the song could not be recognized.

It said that some users filtered some folders when scanning local music in their mobile phones, or there were problems in recognition accuracy, or problems in reading and writing permissions of Android applications, which would lead to the failure to display songs. Netease Cloud Music said that it would optimize this function in the future.

At the same time, in response to the problem that many members said that the songs in the song list could not be played, Netease Cloud Music said in the answer that "some songs downloaded during the membership period will not be played offline when the membership expires or at the request of the copyright owner", which means that users can continue to play songs offline when they resume their membership.

In the "song deletion gate" where Netease cloud music is hard to distinguish between true and false, the debate about whether the music platform has the right to delete the user’s songs has also arisen. If this incident is true, a lawyer of China Consumers Association once said that "if the deleted song is downloaded from other paid software, the downloader has the right to use the song, and the music platform deletes it without the user’s permission, which infringes on the legitimate rights and interests of the downloader".

Music copyright and membership service are difficult to match, and online music platforms are in constant dispute.

For users who use online music software, music library and sound effects are important reasons for many users to choose different music platforms and recharge their members, and they are also important factors for these users to finally decide whether to stay on this platform.

Judging from the music library measurement of major music platforms, it is difficult to leave the music copyright in the music platform. In the early days, the online music platform has been in a state of incompatibility among the major platforms in terms of copyright, and the zero-sum game and mutual separation of different music platforms in terms of copyright also made the music copyright market finally fall into a state of smog.

Since 2015, the National Copyright Administration has been attacking music copyright, interviewing many domestic and foreign music companies and several major online music service providers in China, and proposing that "online music service providers snatch exclusive copyright and drive up the authorized price, which is not conducive to the wide spread of music works, the use of music by netizens and listeners, and the innovation and creation of local music". This move undoubtedly makes the online music market gradually break the monopoly of copyright, and makes music companies start to move towards a certain degree of copyright.

Under this circumstance, the copyright dispute of different factions’ head music companies seems to have entered the intermission. In 2018, Tencent Music, Netease Cloud Music and Ali Music successively reached a copyright agreement. First, Tencent Music and Netease Cloud Music granted 99% music copyright to each other, and then Netease Cloud Music and Ali Music also reached a copyright mutual grant agreement. The three giants in the online music market seemed to be in harmony in terms of music copyright.

However, under the overall stability and prosperity of the online music market in terms of copyright, the music platforms under the three major factions are still undercurrent, and copyright is still the limit when providing services to members in the platform.

Users who have purchased a number of music platform members concluded: "When using Netease Cloud Music, they found that the song list gradually turned gray by 50%, and then turned to QQ music, and the song list also turned gray by 15%." It is not difficult to find that the music copyright in the platform is still the limiting factor for many users to use the platform, and it is also the key point that affects users’ experience.

Although from now on, the music companies of the three factions have carved up the share of the online music market, there are still some omissions in the copyright of different music platforms, but from another perspective, seizing the "gray area" of the song list will also become the key for future music platforms to break through from many music platforms and gain greater market share.

How to balance the membership balance?

"The song can’t be played temporarily due to copyright reasons" seems to be an unavoidable curse for users of every music platform, and this is also the fuse that many music platforms eventually lead to the loss of platform users.

From the 2018 cmnet Online Music Industry Report, it can be seen that the number of duplicates between Tencent Music Platform and Netease Cloud Music has increased from 2017 to 2018. From now on, using multiple music platforms at the same time has become the status quo of the online music industry. Relying on only one music platform has become increasingly difficult to meet the needs of users, and the coordinated development of many companies has become an industry trend.

2018 cmnet Online Music Industry Report

In this case, the balance of members in different platforms is also increasingly difficult to balance.

On the one hand, whether the copyright content in the platform and the promised membership rights can maintain a dynamic balance is an important issue that exists in the music platform now. When members buy platform members, they will inevitably enjoy the corresponding music package privileges. However, when members find that song lists are frequently "grayed out", their song lists are constantly invalid, which means that the rights and interests of users who buy music platform VIP are damaged.

At present, QQ music still occupies a leading position in music copyright, but other platforms are still in a weak position in copyright, so from the perspective of music platforms, they need to consider the rights and interests that they can ultimately provide to users.

On the other hand, for users who use the music platform, in addition to listening to songs in the music library of the platform, accumulating their favorite song lists in the platform has become the focus of many users. If the "graying" of the song list only allows users to get songs through other platforms while using the platform, then the "disappearance" of songs in the user’s song list will eventually make users choose to leave the platform, which will eventually make users form a rejection psychology to the platform.

The graying of songs, the deletion of songs, and the inexplicable disappearance of songs are all hurting the psychology of the members of the music platform, which should also alert the online music industry. Music copyright is the basis for attracting the public to their own platforms, but real "membership service" is the key to keeping members on the platform and improving their penetration rate. Clarifying the needs of members will undoubtedly be crucial for the development of the platform.

1905 movie network news 　Up to now, the cumulative box office of movies has exceeded 2.7 billion, surpassing it and becoming the third box office in mainland film history. As the word-of-mouth at the box office climbed all the way, the audience’s speculation about the plot and brain holes were also completely detonated. There are no fewer than seven or eight versions of the topic "Who is Q".

In the movie, Q is not only the first in the list of world famous detectives, but also the murderer who has achieved a perfect crime. The open ending of the film also makes the debate on "Is Song Yi Q" overwhelming on the Internet. Many people agree with "Qin Feng" Haoran Liu’s reasoning, and some viewers set their eyes on other characters in the Tang Detective series. "Seven uncle’s initials are Q, and he is the one who needs to cultivate immortality most. The one-week period is just to catch up with the cultivation time." "Isn’t Qin Feng’s father the biggest doubt? He who is most interested in Qin Feng and knows how to use Tang Ren to trick Qin Feng into coming to new york must be the one who knows them best "&hellip; &hellip;

The biggest guess in the brain hole is "Tang Ren" played by Wang Baoqiang. "Tang Ren is clearly not on the list, why was he invited by his seventh uncle?" "At the end, Tsumabuki Satoshi met a problem and called Tang Ren instead of Qin Feng?" These problems make Wang Baoqiang, who seems to be "innocent", look suspicious.

There is also another "problem-solving idea" given by folk detectives. Q is translated as "queen" in the movie, so it is likely to be a female role in the movie. The most suspect is Kiko, the "hacker detective" played by Shang Yuxian. "Only she can hide IP in the movie." "If it is Like u immediately, then Kiko will read it together as Q!" Song Qian, Song Yi’s sister, who never appeared in the film, was also shot. "Qian’s initials are also Q. Kiko said that IP is not in the United States or Canada. If IP is in South America, it makes sense."

Among many speculations, Zifeng Zhang, who plays Sinuo in Tang Detective 1, has the highest voice. Many netizens said that "Sinuo is the only genius who has achieved the perfect crime, and the director said that her Tang Detective 3 will return, which means that Zifeng Zhang has not run away". Zifeng Zhang also posted Weibo @ himself after the release and asked, "Well, are you Q?" I wonder if I plan to claim this identity in person?

　　Cctv newsAccording to China National Railway Group Co., Ltd., since mid-August, the national railway summer vacation has ushered in the peak of return passenger flow, and on August 12, 15.326 million passengers were sent, setting a record high for the number of passengers sent on the summer waybill. From July 1st to August 15th, the National Railway Summer Games has sent a total of 614 million passengers.

According to reports, since mid-August, with the continuous increase of tourist flow, the demand for railway passengers is very strong. On the premise of ensuring the safety of passenger trains in flood season, railway departments actively adapt to market demand, give full play to the advantages of high-speed rail network operation, make overall use of new lines and new equipment and other transport resources, carefully formulate train operation plans, improve passenger service quality, and ensure passengers’ safe and orderly travel.

According to the railway department, at present, there are still some tickets left for the general-speed and high-speed trains from Xi ‘an to Chengdu, Beijing to Chengdu, Beijing-Guangzhou high-speed trains from Beijing to Wuhan, and Beijing-Shanghai high-speed trains from Beijing to Shanghai. Passengers can inquire and purchase through official channels such as the Railway 12306 website (including mobile phone client). When the railway passenger flow enters the peak period in summer, please arrange the trip reasonably, try to travel at the wrong peak, reserve enough time to enter the station, strengthen their own health protection during the journey, make civilized travel and jointly maintain a good travel environment.

In 2023, the overall performance of emerging market stock markets was good. The MSCI Emerging Markets Index rose by 7% in 2023 and fell by 18% in 2022. In terms of major stock indexes in various countries, Brazil’s IBOV index rose by 22%, Argentina’s MERVAL index rose by 360%, Mexico’s composite index rose by 18%, India’s Nifty index rose by 20%, and South Korea’s KOSPI index rose by 19%.

Some emerging market stocks fell. Among them, KLSE in Kuala Lumpur, Malaysia fell by 2.97%, SETI in Thailand by 14.1%, FTSE Abu Dhabi by 6.2% and Manila by 1.8%. In China stock market, as of the close of December 29th, 2023, the Shanghai Composite Index reported 2,974.93 points, down 3.70% for the whole year, and the Shenzhen Component Index fell 13.54% for the whole year. The Beizheng 50 Index achieved an annual contrarian increase of 14.92%.

Wang Youxin, a senior researcher at China Banking Research Institute, said in an interview with 21st century business herald that in 2023, the stock markets in emerging markets mainly benefited from the following factors: on the one hand, the interest rate hike cycle of European and American central banks gradually came to an end, especially in the fourth quarter of 2023, European and American central banks gradually suspended interest rate hikes, the international liquidity environment gradually eased, and cross-border capital flowed into emerging markets again. On the other hand, in 2023, the trend of developed and emerging market economies gradually diverged, and the GDP growth rate of developed economies dropped significantly, while the overall growth rate of emerging economies remained relatively stable, attracting cross-border capital inflows.

From the perspective of countries, the stock markets of India, Brazil and Mexico performed relatively well. Wang Youxin said that this is mainly related to the relatively good economic recovery situation in various countries. Specifically, India’s economy has maintained a relatively high growth, and it is gradually becoming a hot spot for the transfer of industrial chains in Europe and the United States. Cross-border capital inflows have increased, pushing the stock market up. The Brazilian government actively promotes economic reform and strengthens international trade and cooperation in emerging markets. Under the background of global economic downturn, its economic growth is higher than expected. Driven by the US-Mexico Free Trade Agreement, Mexico has gradually become an important springboard for the return of the US industrial chain and the entry of enterprises in the Asia-Pacific region into the American market, attracting increasing international investment, while maintaining a high economic growth rate and improving the stock market return rate.

Looking ahead, Ricardo Adrogue, head of global sovereign debt and currency group of Bahrain LLC, said that anti-inflation, economic growth and US monetary policy will remain the key themes affecting emerging markets in 2024.

According to Wu Zhaoyin, director of macro strategy of AVIC Trust Co., Ltd., the current inflation level in the United States and the world is still very high, and there is little room for the Federal Reserve to cut interest rates in 2024. The United States has a high probability of maintaining high interest rates for a long time, which has a greater lethality to the global economy. He told 21st century business herald that the global economy will go down in 2024, which is not friendly to the global stock market. Especially in emerging market countries (such as India, Mexico and other countries), the economic fluctuations are relatively large, and the economic growth rate in 2024 will be under greater pressure of correction, and their stock markets will also face certain risks.

Jason Xavier, head of capital markets of Franklin Templeton)EMEA ETF, predicted that the Indian stock market would perform well in 2023, citing its "demographic advantage". Xavier is also optimistic about Taiwan, China, South Korea and other emerging markets with technological industry advantages, believing that these markets have the ability to benefit from the global artificial intelligence boom.

Wang Xinjie, chief investment strategist of Standard Chartered China Wealth Management Department, told 21st century business herald: "Judging from the historical performance of major European and American central banks after suspending interest rate hikes in the past, the average performance of emerging markets is good. We are optimistic about global stocks and expect the performance of emerging markets, but the risk points are also very clear. If the interest rate cuts in European and American markets are expected to cool down, it will greatly affect the performance of emerging markets."

Performance differentiation of emerging market stock markets in 2023

In 2023, only 19 of the 100 common stock market indexes in the world fell, with a median return of 13%.

According to Liu Xinyu, a macro analyst of Guosheng Securities, the basic feature of global stock market in 2023 is a general increase, and emerging markets are not "outstanding". By horizontal comparison, the overall stock market performance of emerging markets has not outperformed developed markets such as US stocks and European stocks. He told 21st century business herald that there are three main reasons for supporting the global stock market: First, developed economies such as the United States and Europe have not experienced economic recession as expected by the market at the end of 2022, and economic resilience supports the stock market’s profitability; Second, the world’s major central banks have slowed down the pace of raising interest rates and gradually stopped raising interest rates, and global liquidity began to turn marginal to easing; Third, the AI investment boom has driven the market in developed markets to rise, and formed a risk preference resonance on a global scale.

Wang Xinjie told 21st century business herald that emerging markets performed brilliantly in 2023, mainly because inflation peaked in major countries such as Europe and America and the change of monetary policy caliber. Especially in November 2023, after the European and American central banks suspended interest rate hikes and the caliber was biased, it caused a surge in emerging markets.

It should be noted that the stock market performance in different emerging markets is obviously differentiated. Among them, Brazil, Argentina, South Korea, Taiwan, China, India and other emerging markets have increased greatly, while the emerging markets with small or even falling stock markets are mainly concentrated in Southeast Asian countries.

In this regard, Liu Xinyu analyzed that the industrial structures of India, South Korea and Taiwan, China are more in line with the current AI technology revolution. India’s strong economic performance has also attracted a large number of foreign capital inflows, while Brazil and Argentina are more due to a series of reforms and economic stimulus policies implemented by their governments. The economies of Vietnam, Thailand, Indonesia, the Philippines and other countries are highly dependent on exports. In 2023, the global economic slowdown led to a significant decline in exports of these countries, which put pressure on stock market earnings.

Prospect of emerging market stock market in 2024

In 2024, whether the Federal Reserve will cut interest rates sharply as investors currently expect is one of the main factors affecting global stock markets. The Fed has signaled that its monetary policy rate hike cycle may end. In essence, lower interest rates attract less capital, which means less demand for dollars, which leads to potential weakness.

Liu Xinyu told 21st century business herald that considering the global economy, the monetary policy prospects of major global central banks and the downward trend of the US dollar index, it is expected that most emerging market stock markets will continue to rise in 2024.

Wang Youxin also pointed out that emerging market stock markets are expected to maintain good performance in 2024. On the one hand, from the perspective of the international liquidity environment, European and American central banks may enter the interest rate cut cycle again, and the global liquidity tightening situation will be significantly eased, which will promote the global and emerging market stock markets to rebound further. On the other hand, with the trade of export-oriented economies in the Asia-Pacific region stabilizing, the BRICS mechanism formally expanding, South-South cooperation continuing to deepen, economic diversification and investment in new energy in the Middle East increasing, the GDP growth rate of emerging economies will increase in 2024, which will attract accelerated inflows of cross-border capital. In particular, Brazil, Mexico, Asia-Pacific emerging economies, the Middle East, Central and Eastern Europe and other regions will become key areas for cross-border capital inflows.

Wang Xinjie holds a neutral view on Asian (excluding Japan) stocks. He pointed out that on the positive side, Asia (excluding Japan) has the highest 12-month forward earnings per share growth among major markets. The differences in monetary policy between emerging markets and developed markets, coupled with the possible weakness of the US dollar next year, may be conducive to capital inflows. However, there are also some unfavorable factors, including global economic slowdown and depressed investor sentiment, which may put pressure on the market in 2024.

In Asia (excluding Japan), Wang Xinjie suggested over-matching Korean stocks. "This reflects our expectation that the improvement of the semiconductor industry will lead to a rebound in profit growth next year. Since the second quarter of 2023, the valuation of the Korean stock market has fallen sharply, providing investors with a more attractive entry point. " He said.

Liu Xinyu believes that the global economy is expected to stabilize in 2024, which means that the exports of Southeast Asian countries such as Vietnam are also expected to stabilize. Considering the poor performance of their stock markets in 2023, there will be more room for subsequent rebound.

Wu Zhaoyin pointed out that in 2024, China’s stock market has a strong ability to resist risks. "Relatively speaking, the valuation of China’s stock market is relatively low, and the securitization rate of China is only 60%. It is in a low valuation depression in the global capital market, and there is much room for improvement. Moreover, the RMB exchange rate and the inflation level in China are relatively stable and are less affected by the international market. "

Indian stock market is highly valued.

Indian stock market is a bright spot in emerging markets. The MSCI India Index has increased by 46.01% (in US dollars) in the past three years. In the same period, in terms of weight, India is the best performing country among the seven emerging markets of MSCI.

Looking forward to the market outlook, Liu Xinyu believes that under the background of global liquidity turning loose, the growth style is likely to continue to dominate, the AI concept will still maintain a high investment enthusiasm, and India’s industrial structure determines that its stock market will benefit.

Wang Xinjie holds a neutral view on Indian stocks, preferring large-cap stocks to small and medium-sized stocks. However, in both absolute and relative terms, its valuation (12-month forward price-earnings ratio is 21.3 times) is still high.

Wu Zhaoyin told the 21st century business herald that the Indian stock index has increased greatly in the past few years, and the market value of the stock market has also increased a lot in dollar terms, which implies that there is a certain bubble in the Indian stock market. At present, the securitization rate of India’s stock market (stock market value /GDP) has exceeded 100%, which indicates that the country’s stock market has certain risks.

On May 19th, some netizens took photos of Lei Jiayin and his wife walking in a park in Yangzhou.

Lei Jiayin and his wife, Zhai Xufei, were traveling without makeup in sportswear and taking a leisurely walk in the park with coffee in their hands.

Although Zhai Xufei didn’t dress up specially, she has outstanding temperament and good posture.

The two were very low-key, and there was no communication during the walk.

Zhai Xufei and Lei Jiayin used to be classmates in the drama. She looks sweet and gentle, and Lei Jiayin, who grew up in the northeast, didn’t get along very well at first. But fate is always wonderful, and the two of them became partners in practice together under the arrangement of the teacher. Because they always play lovers on the stage, even the instructors in the play wear CP filters when they look at them, and Lei Jiayin and Zhai Xufei naturally come together.

Zhai Xufei is a low-key person. Since Lei Jiayin became popular, she gradually faded out of the entertainment circle and took care of her family wholeheartedly, becoming the "woman behind" Lei Jiayin.

　　One year after the standardization of administrative examination and approval was fully promoted to the whole province, the provincial government will hold a video conference today to promote the reform of "Internet+government services" in the whole province. According to the information disclosed by the provincial editorial office, as the first move in the reform of "Internet+government services", Guangdong’s standardization of administrative examination and approval has achieved initial results, and will strive to complete the compilation, filing review and departmental confirmation of provincial administrative examination and approval standards in the first half of this year, and basically complete the compilation of provincial administrative licensing and public service standards before the end of the year.

　　The central government attaches great importance to accelerating the transformation of government functions. At the Third Plenary Session of the 18th CPC Central Committee, it was proposed that we must effectively transform government functions, deepen administrative system reform, innovate administrative management methods, enhance government credibility and execution, and build a government ruled by law and a service-oriented government. At this year’s National People’s Congress, The Politburo Standing Committee (PSC) and Li Keqiang, Premier of the State Council of the People’s Republic of China of the Communist Party of China emphasized in their government work reports that "Internet+government services" should be vigorously promoted, so that residents and enterprises can run less errands, handle affairs well and avoid congestion.

　　In recent years, Guangdong has vigorously promoted the standardization of administrative examination and approval. Hu Chunhua, secretary of the provincial party committee, attached great importance to it. Zhu Xiaodan, the governor, personally deployed the work at several meetings. Xu Shaohua, member of the Standing Committee of the provincial party committee and executive vice governor, personally implemented the work, and the leaders in charge of the province also gave strong support.

　　It is understood that at present, the standards for administrative licensing matters of provincial departments have been successfully completed, and the standard templates for administrative licensing and public service matters at Foshan and Nanhai have also been completed, and the online and offline integration applications of standards have been steadily advanced.

　　Reengineering approval process

　　Create a transparent "cage" for the standardized operation of administrative examination and approval power

　　"All the working conditions and application materials that are not based on laws, regulations and rules shall be cut off; All certificates that are not necessary or repeatedly required to be submitted shall be cancelled; All vague clauses, bottom clauses, additional clauses, etc. involved in the work process should be eliminated. " The relevant person in charge of the provincial editorial office said that promoting the standardization of administrative examination and approval and compiling the standards of administrative examination and approval items are by no means "new bottled old wine" and "changing the soup without changing the medicine", but to promote the reengineering of the examination and approval process, unify the administrative examination and approval standards and standardize the examination and approval behavior.

　　The person in charge said that this reform has three remarkable characteristics. The first is to standardize and clarify the examination and approval elements. The second is to simplify and optimize the approval process. Greatly simplify and optimize the general approval process, greatly reduce the red tape of approval links, materials, time limit, licenses, intermediary services, etc., integrate and reduce, standardize and optimize the cross-level and inter-departmental approval procedures, and truly lower the threshold for handling affairs. The third is to refine and quantify the discretionary benchmark. It is required to strictly control the examination and approval conditions, refine the examination standards, clarify the procedures, contents, requirements and methods of the examination, quantify the criteria of approval, rectification, failure, etc., and list the rectification and failure in detail according to the requirement of "denial must be based". If there are no detailed standards and procedures for laws and regulations, the department is required to formulate relevant documents to be clearly regulated.

　　Guangdong regards the preparation of standards for each administrative examination and approval item as the core content of the standardization of administrative examination and approval, and urges all relevant departments at the provincial level to prepare work guides and business manuals for each administrative examination and approval item and its sub-items in accordance with the Code for the Preparation of Business Manuals for Administrative Examination and Approval Items and the Code for the Preparation of Work Guides for Administrative Examination and Approval Items. At present, the standards of 1173 administrative licensing items (including sub-items) in 45 provincial departments have all been compiled and passed the compliance filing review. Among them, there are 160 items in provinces, cities and counties, 192 items in provinces and cities, 12 items in provinces and counties, and 809 items independently exercised by provinces. 1930 standard templates for administrative licensing and public service matters in 58 departments at Foshan and Nanhai levels have also been compiled.

　　It is understood that each administrative examination and approval standard includes 13 examination and approval elements, including acceptance scope, handling basis, implementing agency, examination and approval conditions, application materials, examination and approval time limit, examination and approval documents, examination and approval fees, examination and approval personnel, examination and approval services and forms and documents. It covers 8 general approval processes, including appointment, application, acceptance, review, decision, certificate making and delivery, decision disclosure, supervision and inspection, and 11 other approval processes, including change, continuation, correction, cancellation, transfer, revocation, withdrawal, suspension and termination; At the same time, it also refines the post responsibilities, examination and approval authority, examination content, examination methods and other discretionary standards in each link.

　　In order to facilitate the departments to understand and write the standards for entering administrative examination and approval items, the provincial editorial office decomposed the specific requirements for standardization of administrative examination and approval into 315 information fields, which were embedded in the standard entry module of administrative examination and approval items, so as to realize the proceduralization and informatization of the standard requirements. After the department enters the standards of administrative examination and approval items into the module as required, it automatically presents them as a service guide for administrative counterparts, and automatically generates a business manual for examination and approval personnel internally, which makes detailed and clear provisions on the whole process of administrative examination and approval implementation, creating a transparent "cage" for the standardized operation of administrative examination and approval power.

　　The relevant person in charge of the provincial editorial office said that since the standardization of administrative examination and approval has been fully implemented, all relevant units directly under the provincial government and Foshan City and Nanhai District, which are pilot cities and counties, have attached great importance to it, and the main leaders of various localities and departments have personally asked questions, and the leaders in charge have grasped it to the end. After more than a year of joint efforts, the standards for administrative licensing matters of various departments directly under the provincial government have been successfully completed, and the templates for administrative licensing and public service matters at Foshan City and Nanhai District have also been compiled, and the online and offline integration applications of standards have been steadily advanced.

　　The rules of handling affairs are more "transparent"

　　Realized the real power of the department in the sun.

　　"Through the implementation of standardization of administrative examination and approval, all kinds of hidden powers of various localities and departments have been comprehensively and without dead ends &lsquo; Big bottom &rsquo; Every detail of the operation of power has been standardized and clarified one by one. " The relevant person in charge of the provincial editorial office said that the standardization of administrative examination and approval promoted by Guangdong since 2013 has been welcomed and supported by the vast number of enterprises and the people, and has also been affirmed by the central government and recognized by brother provinces and cities, and achieved initial results.

　　He said that administrative power should be standardized and operated transparently. Standardization of administrative examination and approval standardizes and clarifies every detail of power operation one by one, clearly and clearly tells the masses where a power comes from, who to find, how to do it, how long it will take, how to complain, etc., and exposes the power of the department to the sun, so that the masses can do things according to the map, and the examination and approval personnel also fully follow the administrative examination and approval standards for examination and approval.

　　Standardization of administrative examination and approval is an important foundation for the construction of e-government. By embedding administrative examination and approval standards into the examination and approval system of online service hall, Guangdong implements automation and information control over the whole process of administrative examination and approval, achieving standardized examination and approval, leaving traces on nodes, plastic process, correctable mistakes and traceable responsibilities, providing important business support for the whole process of online service, and gradually realizing online application, online acceptance, online approval and online consultation. It is understood that in 2015, there were 95,009 administrative examination and approval and public service items from all levels and departments in the provincial online service hall, and a total of 49.87 million transactions were handled throughout the year, with an online whole-process handling rate of 75.7%, an online handling rate of 77.6% and an online settlement rate of 72.2%, and the standardization of administrative examination and approval and service items across levels, departments and regions was gradually realized.

　　In addition, through the implementation of standardization of administrative examination and approval, the discretionary space is greatly reduced, and the standards, processes and results of administrative examination and approval items are made public on the Internet, so as to minimize the influence of subjective factors in the examination and approval process, and strive for the masses to do things without looking for specific people, but to provide relevant materials directly according to the requirements of the service guide and complete the prescribed procedures, so as not to be different from place to place and from time to time, and gradually realize the same examination and approval items under the same conditions, and improve the transparency and fairness of examination and approval and services.