CCTV News:On the afternoon of March 1st, the State Council Press Office held a series of press conferences on the theme of "Opening by Authorities", introducing the situation of "accelerating new industrialization, making it stronger and better, and expanding the real economy" and answering reporters’ questions.

　　Jin Zhuanglong, Minister of Industry and Information Technology, said that promoting new industrialization is an inevitable requirement for realizing Chinese modernization, a fundamental support for building a socialist modernization power in an all-round way, an urgent need for building a competitive advantage of a big country, and a strategic choice for achieving high-quality economic development.

　　Since the 18th National Congress of the Communist Party of China, under the strong leadership of the CPC Central Committee with the Supreme Leader as the core, the pace of new industrialization in China has been significantly accelerated. Introduce from five aspects:

　　First, the industrial system is more sound. China has 41 industrial categories, 207 industrial categories and 666 industrial subcategories, and is the only country in the world that has all the industrial categories in the United Nations industrial classification.

　　Second, the industrial scale has further grown. In 2022, the total industrial added value exceeded 40 trillion yuan, accounting for 33.2% of GDP, and industry played a ballast role in the macroeconomic market. Among them, the added value of manufacturing industry accounts for 27.7% of GDP, and the scale of manufacturing industry has ranked first in the world for 13 consecutive years. 65 manufacturing enterprises were shortlisted in the list of the world’s top 500 enterprises in 2022, and the number of specialized and innovative small and medium-sized enterprises reached more than 70,000.

　　Third, the industrial structure continued to be optimized. High-tech manufacturing accounts for 15.5% of the added value of industrial enterprises above designated size, and equipment manufacturing accounts for 31.8% of the added value of industrial enterprises above designated size. The output of new energy vehicles and photovoltaics has remained the first in the world for many years. The transformation and upgrading of traditional industries have been accelerated, and the digital green transformation has achieved remarkable results, and 45 national advanced manufacturing clusters have been cultivated.

　　The fourth aspect is the accelerated development of the digital economy. China’s mobile communication has achieved the leap-forward development of 2G following, 3G breakthrough, 4G synchronization and 5G leading, and built the world’s largest and technologically advanced mobile communication network. By the end of 2022, a total of 2.31 million 5G base stations had been built and opened, achieving "5G access to counties" and "broadband access to villages". There are more than 6.5 million standard racks of data centers in use nationwide, and the total computing power ranks second in the world. The numerical control rate of key processes in key industrial enterprises has reached 58.6%, and the popularization rate of digital R&D design tools has reached 77%. In 2022, the revenue of the software industry exceeded 10 trillion yuan, the industrial Internet was fully integrated into 45 categories of national economy, and the number of influential industrial Internet platforms reached 240.

　　The fifth aspect is that a number of major achievements have been made in innovation in key areas. Good news has been reported frequently in manned space flight, lunar exploration, deep-sea exploration and other fields. The C919 aircraft achieved the first delivery in the world, the first domestic F-class 50 MW heavy gas turbine was successfully ignited, and the "Hualong No.1" nuclear power unit was connected to the grid.

　　In August, the economic recovery trend in Jiangsu Province was significantly enhanced. Compared with last month, the growth rates of industry, service industry, investment and consumption all showed an upward trend. From January to August, the industrial added value, investment in fixed assets and total retail sales of social consumer goods in Jiangxi Province increased by 7.3%, 8.5% and 5.6% respectively, which were higher than the national average … … The economic "transcripts" handed over by many places recently show that the economy continues to recover.

　　However, some places also said that the current external situation is still complicated and severe, domestic economic recovery still faces many difficulties and challenges, and the foundation for sustained economic recovery still needs to be strengthened.

　　How to stabilize the economy? The recent the State Council executive meeting intensively deployed this, emphasizing that "while implementing the package policy of stabilizing the economy, 19 successive policies will be implemented to form a combined effect, so as to promote the economic stabilization and keep the operation in a reasonable range". Streamline administration, delegate power, strengthen regulation and improve services ’ The reform measures will further promote the effectiveness of the package policy of stabilizing the economy, refine the implementation policy, and implement the detailed rules in early September. ""All localities should shoulder the responsibility of stabilizing the economy and protecting people’s livelihood, and provinces with large economies should take the lead and work together to consolidate the foundation of economic stability and promote stability. "

　　From Jiangxi’s promulgation of "Several Successive Measures to Effectively Stabilize Economic Development" to Gansu’s formation of 24 policies and measures to stabilize the economy, and then to Shanghai’s emphasis on implementing a new round of national and municipal policies … … At present, while implementing the national macro-policies, all localities have further enriched the policy toolbox around areas such as expanding effective demand and stabilizing market players to protect people’s livelihood, so as to ensure the sustained release of policy effects.

　　— — Give play to the key role of effective investment

　　On September 22nd, the construction of Huaihong Xinhe Irrigation District in Anhui Province started with a total investment of 10.4 billion yuan. So far, all the six new large-scale irrigation projects promoted by the State Council this year have started. On September 21st, the centralized commencement of major water conservancy projects in Hubei Province was held at the site of the second phase of water resources allocation project in northern Hubei. The total investment of 19 projects started this time is 27.48 billion yuan, which will promote the construction of Hubei as the first batch of provincial water network pilot areas in China.

　　Expanding effective investment is a key link in the policies and measures to stabilize the economy in various places. For example, Henan proposed that, in order to make full use of the economic stabilization package and the dividends from the following policies and measures, seize the key period and fight for the red throughout the year, we will focus on tackling key problems in important economic stabilization projects. Give play to the key role of effective investment in stabilizing the economic market, realize the annual growth of fixed assets investment by more than 10%, complete 2.8 trillion yuan, and strive to achieve an economic growth rate of more than 5.5% in the second half of the year, and the annual economic aggregate exceeds 6.3 trillion yuan.

　　Jiangxi said that it will seize the policy-oriented development financial instruments and special bonds to increase the scale, expand the opportunities in the field, strengthen the project to sort out the reserves, accelerate the preliminary work of the project, win more support from the state, and ensure that the first batch of contracted projects will start construction before the third quarter. According to the principle of "landing, solid support and quick results", we will implement the "four major actions" of urban shantytown renovation, "big traffic" construction, rail transit in Nanchang metropolitan area and infrastructure construction in water conservancy, with a total investment of over 1 trillion yuan.

　　— — Promote the accelerated recovery of the consumer market

　　In Jiujiang City, northern Jiangxi Province, an online launching ceremony was held a few days ago for the Jiujiang Branch of the 2022 Jiangxi "Hundred Cities and Hundred Nights" Cultural and Tourism Consumption Season. During the event, nearly 100 supporting activities such as non-legacy shopping festival, camping music festival and food carnival will be held in counties (cities, districts) of Jiujiang City. According to the relevant staff of Jiujiang Wenguang New Tourism Bureau, the local government takes the creation of a national-level night cultural tourism consumption gathering area and a provincial-level cultural tourism consumption pilot city as the starting point, and actively cultivates a night consumption industrial system integrating night sightseeing and recreation, special catering, fashion shopping, cultural performances, fitness and entertainment, and immersion experience to further tap the consumption potential of domestic demand.

　　In order to further accelerate the recovery of consumption, many places have made great efforts in promoting mass consumption and promoting the recovery of service industry. For example, Jiangxi emphasizes that it will continue to implement the vehicle purchase tax exemption policy for new energy vehicles and encourage new energy vehicles, smart home appliances and green building the countryside. Fully activate the consumption of business travel, continue to implement various policies to promote consumption, and study and introduce policies and measures to support the recovery and development of catering and accommodation industries.

　　With the main promotion activities as the carrier, key consumption season activities will also appear one after another. Gansu proposed to organize a three-month key consumption season of "Enjoy Consumption and Buy Longyuan" in combination with the consumption promotion activities such as "2022 International Consumption Season", "100-city Linkage Automobile Consumption Season" and "National Household Appliances Consumption Season" organized by the Ministry of Commerce. Hainan proposed to issue 50 million yuan travel vouchers to tourists outside the province and 100 million yuan vouchers to residents in the province.

　　— — Boost the development confidence of market players

　　The key to stabilizing the economy lies in protecting market players. Many places have made great efforts to grasp the important window period and opportunity period of economic recovery, and made every effort to solve outstanding problems such as insufficient demand, weak confidence and weak expectations in the current economic operation, and adopted various measures to stimulate the vitality of market players and enhance market confidence.

　　Shanghai said that it is necessary to implement a new round of policies of the state and the city on the basis of the previous implementation of the policy of helping enterprises to bail out difficulties, increase financial subsidies, tax relief, rent relief and other support, and take out real money to boost corporate confidence. Focus on all kinds of problems that affect economic development, find out the bottlenecks faced by enterprises in time, and study targeted measures in time.

　　Gansu has put forward a series of preferential policies for market players, such as delaying payment, reducing financing costs, reducing taxes and fees, dissolving arrears of debts, increasing incentives and support for scientific and technological innovation, optimizing market supervision, and promoting employment and entrepreneurship, so as to help market players resume development.

　　"From the perspective of local measures to stabilize the economy, the key point is to boost consumer demand, expand effective investment, and support the promotion of infrastructure in the fields of energy, water conservancy and transportation with greater efforts, especially the construction and implementation of major projects such as new energy and new infrastructure. In addition, comprehensively adopt fiscal and taxation financial means such as tax reduction and exemption, increasing financial subsidies and expanding credit supply to solve the pain points and difficulties of industrial development, further increase the efforts to help enterprises bail out, and enhance the vitality and development confidence of market players. " Sun Chuanwang, a professor at the School of Economics of Xiamen University, told the Economic Information Daily.

Geely Automobile Holdings Co., Ltd. (hereinafter referred to as "Geely Automobile") announced that in order to promote the deep integration and efficient coordination of internal resources, put an end to repeated investment and reduce costs, Geely Automobile plans to acquire all the issued shares of Krypton. Geely Automobile currently holds about 65.7% of the shares of Extreme Krypton. If the transaction is completed, Extreme Krypton will be completely merged with Geely Automobile, and Extreme Krypton will become a wholly-owned subsidiary of Geely Automobile, privatize and delist from the NYSE.

Geely Automobile said that Geely Group will create a unified listing platform and fully integrate extremely valuable assets and resources, thus enhancing the competitiveness of the Group’s passenger car business. This will also help the Group to determine the future strategic direction of Krypton to meet the global market and economic challenges. As Krypton is a global luxury electric vehicle technology brand facing the high-end luxury market, it is of great strategic significance for the Group to wholly control Krypton.

CCTV News:Changsha, Hunan, as a city that never sleeps, has a strong consumption of cultural tourism at night and an active market. Changsha’s characteristic night landscape, rich and diverse cultural tourism ecology and fireworks attracted a large number of tourists during the National Day.

Reporter Fu Lei:This is the Fisherman’s Wharf in Xiangjiang New District, Changsha. If midnight snack is the grand finale of Changsha nightlife, it is definitely the most beautiful midnight snack punching place in Changsha. During the National Day, you can come to Fisherman’s Wharf beside Xiangjiang River, where you can not only enjoy delicious food, enjoy the night view of Xiangjiang River, but also experience the pleasant night in Changsha.

The Xiangjiang River is bright and the lights are shining. During the National Day, the banks of a river were used as canvases, and the dazzling theme light show on the edge of Xiangjiang River created a romantic and flexible poetic picture.

Reporter Fu Lei:It’s 11 o’clock in the evening, and this 400-meter-long strip is still brightly lit, with thousands of seats packed. The bright lights and crayfish and beer in the night market constitute the most lively and touching human fireworks. Today, we also prepared a table of delicious food to share with you. Let’s take a look at this famous fried shrimp, with special hot and sour sauce and secret sauce. Two different decorations add different flavors to the original shrimp meat.

During the National Day, I made an appointment with three or five friends here, casually found a table along the river to sit down, rolled a few strings, ordered a crayfish, drank a few glasses of wine, and listened to the musicians singing in the open air. The trivial troubles of life seemed to drift away with the river wind.

During the National Day, the hotels on the Xiangjiang River received thousands of tourists every day. This riverside-style commercial street with only 400 meters attracted more than 70 brand businesses to sign up.

In addition to the well-known food street, more night markets hidden in the streets are gradually discovered by tourists. Sifangping Night Market, located in Kaifu District, Changsha, became one of the most popular places to punch in Changsha’s night economy during the National Day. As night fell, people from afar flocked to the endless stalls and filled the whole street.

Sifangping Night Market has more than 300 stalls, attracting nearly 1,000 employees. During the National Day, the average daily passenger flow exceeded 40,000.

　　Seeing such words as "high interest rate" and "high return", the public should be extra alert and raise their awareness of prevention. Evening News reporter Wei Chi Jianping photo

　　At the end of August, Tianjin Public Security Peace Branch and Binhai New Area Branch successively issued announcements to investigate 11 online lending platforms suspected of illegally absorbing public deposits. So far, illegal online lending platforms in Tianjin have been basically cleaned up. As a hot industry, P2P (person-to-person loan) has attracted a lot of attention and funds since its birth. Many people invest in financial management on the platform, and many people also borrow money on the platform. Now most of the online lending platforms have been cleaned up, and only a very small part is still in operation. These platforms, which are still in operation, stated that they would "quit benign", that is, completely quit the online loan industry.

　　Since June 2018, a large number of P2P platforms have experienced a redemption crisis. Some platform controllers have run away, and it is difficult for fund lenders (wealth managers) to get back the investment principal and interest. After investigation by local public security departments, these P2P platforms have violated the red line of "no fund pool" and are suspected of illegally absorbing public deposits.

　　From the popularity of the past to the ebb tide of today, what has this industry brought to the society and left behind?

　　Someone’s in jail

　　September is the season of school. After three years in the workplace, Xiaolei (pseudonym) stepped into the campus again to study for graduate students. He graduated from an undergraduate college in this city three years ago, and made an appointment with his roommate to study for graduate students three years later. Now, his roommate friend has been detained for violating the criminal law. This student graduated and entered the P2P online loan industry.

　　When Xiao Lei graduated, some students in the class wanted to take the civil service exam, while others wanted to enter the banking and securities industries. However, due to fierce competition, most of Xiaolei’s classmates failed to do so.

　　At that time, the concept of internet finance was in full swing, and a large number of emerging financial companies appeared in the market. They recruited soldiers and promised high salaries to attract college students to join. Gang Lin (a pseudonym), a classmate of Xiaolei, was admitted to Tianjin from rural areas. His family was poor and he wanted to get a high income when he graduated. As it happens, a P2P online lending platform in Beijing recruited externally, and he applied successfully.

　　A year later, Xiao Lei learned from his classmates that Gang Lin was "developed", with a monthly salary of more than 50,000 yuan, and had achieved the position of deputy director of marketing on this platform. At a class reunion, Gang Lin was in high spirits and told her classmates that she would be able to buy a house in Beijing in two months. This made the students very envious, and all the students felt that Gang Lin was really "turned over", and he was no longer the thrifty and wussy person at school.

　　Xiaolei was not admitted to the civil service, but worked in the financial department of a private enterprise with a monthly salary of more than 6,000 yuan. He learned through some news that some P2P online lending platforms are not matching personal transactions at all, but publishing false targets, attracting investors with super high interest rates and putting investors’ money in their own controlled accounts. These platforms, which are engaged in fund pool business, are suspected of illegally absorbing public deposits, and their behavior is to be convicted and sentenced to jail.

　　On a weekend, Xiao Lei found Gang Lin, and after asking questions, he carefully asked his classmates, is your platform compliant? Is the mark on it true? Gang Lin said casually that most platforms are fake, and what they do is to pool funds. Hearing this, Xiao Lei was shocked: "We all know the law, and this kind of behavior is punishable. Don’t you know?"

　　Gang Lin pondered for a while, then slowly began to say that it was not easy for him to get a foothold in the city when he came out of the countryside. Plus going to college before, I spent more than 100 thousand yuan at home, and many of them were borrowed. Doing an ordinary job in the city of Beijing, after deducting rent and living expenses, there is little left, not to mention borrowing money from home. If you resign, you will lose a lot of income.

　　Xiaolei was angry with his good friend Gang Lin’s explanation, but Gang Lin said that there are thousands of platforms all over the country doing this, and there is nothing wrong with it.

　　Since June, 2018, Gang Lin’s platform has absorbed less and less funds, but has to pay more and more interest to customers in the early stage, which has gradually led to a financial crisis. The platform controller used to misappropriate customers’ funds, bought several properties in Beijing, Shanghai and Shenzhen, and quickly sold them. However, the market was not good and it was difficult to sell them. The company’s capital chain was completely broken, and some investors reported to the Beijing police.

　　In November 2018, Gang Lin’s platform was put on file for investigation. Xiaolei tried to contact Gang Lin, but found that no one answered the phone and found Gang Lin’s family. Only then did she know that Gang Lin was criminally detained because he was an executive on this platform and mastered the flow of some funds.

　　Xiaolei urged Gang Lin’s family to let Gang Lin tell the whereabouts of the funds as soon as possible, and actively compensate the investors, so as to get a reduced sentence. However, he found that Gang Lin’s family was not interested in paying back the money and had no hope of reducing the sentence. One of his relatives told Xiaolei that since 2018, the funds absorbed by Gang Lin through its subordinates have not been handed over to the platform, but many properties have been purchased in foreign countries in the name of others. "Now even if he is sentenced to a maximum of 10 years in prison, Gang Lin will be less than 35 years old after he is released from prison, which will not affect him to get married and have children abroad."

　　Seeing this family doing this, Xiao Lei felt that they were really stubborn.

　　Someone No Country for Old Men.

　　According to a survey, the majority of people who invest in financial management on the Internet are middle-aged and elderly people. After more than 15 years of hard work, they have no pressure to mortgage and raise children, and they have some savings in their hands, so they are potential customers of high-interest financial management. As it happens, a large number of P2P online loan financing platforms have emerged on the Internet, which can provide three times higher interest than bank deposits, and let these middle-aged and elderly people fall into the trap.

　　Wei Dong (pseudonym), a resident of Hedong District, is 48 years old. He was dismissed from a furniture factory two years ago and it is difficult to find a job. Through the Internet, he knows that some P2P online lending platforms can earn 12% to 15% annual interest by investing in them. This kind of return on investment is much higher than that of banks, and it pays interest on a monthly basis.

　　With the attitude of giving it a try, he took out 200,000 yuan from his home for many years and transferred it to the financial platform through online banking. A month later, he received interest of nearly 3000 yuan. He thinks that if this continues, it will be equivalent to a stable job income. Besides, when I go out to find a job at my age, my income is similar to this interest.

　　Wei Dong wants more in return. At that time, his parents left him a house of more than 50 square meters. He sold this small house and collected some money to buy a bigger house for his children as a wedding room. However, the child just started working and didn’t want to get married for a short time, so he rented out the house at a rent of 1800 yuan a month.

　　In the market, his house is worth more than 1.3 million yuan. Wei Dong calculated that if this house is converted into cash and invested in the P2P online lending platform, it will receive interest of more than 10,000 yuan a month! So, he listed the house in the intermediary and sold it at a price lower than the market price of 100,000 yuan, and soon got 1.2 million yuan in cash.

　　Wei Dong invested all 1.2 million yuan in cash in a certain platform, and recovered 15,000 yuan in interest in the first month, which was several times higher than the rental of the house. He was so excited that he couldn’t sleep. For four consecutive months, he received interest on time. He once felt that his old age was really happy.

　　Wei Dong’s wife also knows about selling the house. However, the wife is more inclined to deposit a large deposit certificate in the bank or buy a fund for financial management, with an annual income of about 5%. Wei Dong’s wife said, what kind of business do these online platforms make so much money that they can give investors more than 12% interest? Are they better than banks? Wei Dong was speechless, just saying that his wife couldn’t keep up with the times.

　　The good times didn’t last long. When he invested in the sixth month, Wei Dong didn’t receive the interest on time. He called the customer service number left by the website and no one answered. At the investor forum, it was revealed that this P2P online lending platform had a redemption crisis, the capital chain was broken, and the actual controller and several executives had run away. Wei Dong panicked and rushed to the city where the platform was located to find the company’s registered address. As a result, it was found that the company’s office was sealed up and the door was surrounded by investors from all over the country.

　　Since then, Wei Dong has been bent on recovering the investment of 1.2 million yuan, and he no longer wants interest, just thinking that the principal can come back. In the rights exchange group, he learned that some people invested more than 5 million yuan in compensation for demolition, and some people, like him, sold their houses to invest.

　　The family is completely chaotic, and my wife has no mind to dance square dance anymore. My son’s wedding room has no landing, and he dare not talk about the object. Wei Dong lost 15 pounds a month, and he dared not think about his old age in the future.

　　"benign exit" becomes a common expectation

　　On August 29th, Dai Mokang, the legal representative of Shanghai Zendai University, a well-known listed company, and others surrendered themselves to the police, claiming that there were illegal acts such as setting up a fund pool and misappropriating funds during the company’s operation, and it was no longer possible to pay them. The Shanghai police said in the circular that Zendai Company illegally absorbed deposits from unspecified public through its online wealth management platform (Shanghai Zendai Aite Financial Information Service Co., Ltd.), and the case is currently under further investigation.

　　This is just a microcosm. At the heyday of P2P online lending platform, all kinds of business entities and capitals have entered this industry. According to incomplete statistics, in 2017, more than 40 listed companies in China set foot in P2P, and one listed company directly changed its name to "Pipaopi". However, the tide will eventually recede. By the end of August 2019, of the more than 6,900 P2P online lending platforms that once existed in China, more than 6,000 have closed down.

　　In a few years, investors, platforms and lenders seemed to get together and enjoy an unprecedented feast, but in the end, every participant paid the bill. Many investors have lost their money and are the biggest victims. Some platform controllers and executives have been jailed with criminal records. Most of the netizens who borrowed money from the platform bear super-high interest rates, and now many of them are harassed by the collection calls of "routine loans".

　　At the end of August, when attending the 2019 China International Intelligent Industry Expo, Ma Yun said that P2P was not Internet finance from the first day, but an illegal fund-raising product with a webpage.

　　At present, there are more than 700 P2P online lending platforms, many of which declare that they "don’t run away", actively pay off investors, and finally quit. But in fact, many platforms have transferred funds, so promising to the public is only a plan to slow down the troops, and soon the actual controller will surrender or run away. Even if some platforms have the willingness to refund investors, the recovered funds may not be able to make up the hole, and investors can only recover part of the principal.

　　Why did so many people rush into the P2P online lending platform? Xiao Lei was thinking. When he got together with his classmates to discuss Gang Lin’s case, he was puzzled by Gang Lin’s reluctance to actively refund the investors. Someone asked him, given 10 years, can you earn enough money to buy a house abroad? Xiao Lei said, I can’t. His classmates told him that’s right. Some people are willing to exchange 10 years’ imprisonment for 10 million yuan of assets. Even if you work hard, you can’t earn so much money. In this respect, people actually made a profit from this transaction.

　　Hearing this, Xiao Lei seems to understand something.

　　However, in the end, Gang Lin couldn’t stand the torture of conscience. He suddenly repented and decided to sell overseas properties and actively compensate investors in order to get leniency.

　　Why do ordinary citizens always can’t stand the temptation of high-interest financial management and frequently become "takers" and "reapers", while those "game makers" and "reapers" face obviously insufficient punishment? These hidden problems are worth pondering. Similarly, college graduates blindly pursue high salaries when seeking jobs, ignoring whether the industries they are engaged in are legal and compliant, thus forming wrong values and wealth views, which is more worthy of attention. (Reporter Li Jisen)

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-DRAGON BOAT FESTIVAL-

Dragon boat festival

middle

country

pass

unite

festival

sun

The Dragon Boat Festival is in mid-summer, and it grows longer when it is clear.

Summer colors lean on green wormwood, and the dumplings are fragrant and fragrant.

Reading all over the world, "Zongzi" loves lakes and mountains.

Boating in the mountains and seas, zongqing is natural.

Zongye Piaoxiang May 5

Deep affection for the Dragon Boat Festival and common well-being

Dragon Boat Festival Ankang by Banzhou Lake

-DRAGON BOAT FESTIVAL

The origin of the Dragon Boat Festival

"The Dragon Boat Festival originated from the totem sacrifice held by the tribes who worshipped the dragon totem in ancient times. It was a festival founded by the ancestors to worship the dragon ancestors and pray for evil spirits. During the Warring States Period, the patriotic poet Qu Yuan threw himself into the Miluo River with a boulder on the Dragon Boat Festival, so later generations also took the Dragon Boat Festival as a festival to commemorate Qu Yuan."

Dragon boat festival custom

First, dragon boat race

Dragon boat race is the main custom of Dragon Boat Festival. According to legend, in ancient times, Chu people were reluctant to let Qu Yuan, a sage, die in the river. Many people rowed boats to catch up with the rescue, and then rowed dragon boats every May 5 to commemorate Qu Yuan.

Nowadays, dragon boat race has become one of the most important folk activities in China Dragon Boat Festival. Dragon boat rowing has a long history. It is a traditional folk water sports and entertainment project in China since ancient times. It is mostly held on festive festivals and is a multi-person collective rowing competition.

Second, eat zongzi

Legend has it that after Qu Yuan’s death, people put rice in bamboo tubes and threw it into the river in order not to damage his body. From then on, in order to show respect and memory for Qu Yuan, on this day, people put rice in bamboo tubes and threw it into the river to pay homage. This is the origin of the earliest zongzi "tube zongzi" in China.

Eating zongzi at the Dragon Boat Festival is a traditional custom of the Chinese nation since ancient times. It has a long history and various patterns. Zongzi was originally used to worship ancestors and gods. The custom of eating zongzi on the Dragon Boat Festival is popular in China, and spread to Korea, Japan and Southeast Asian countries.

Third, hang sachets

Dragon Boat Festival sachets, also known as sachets, sachets, purses, etc., are made of five-color silk thread and filled with Chinese herbal medicines and spices. Its manufacturing process has become a national intangible cultural heritage. Now it has become a unique folk art of the Dragon Boat Festival.

Fourth, tie colorful ropes

On the Dragon Boat Festival, when children wake up, their wrists and ankles have been tied with "five-colored ropes" woven with colorful silk threads. Adults say that if they are tied, they will not be invaded by all diseases. After the first rain after the Dragon Boat Festival, cut off the five-color rope and let the rain wash away, and the disaster will be taken away with it.

With regard to the five-color line, the customs in different places are similar. Some of them are tied with five-color silk, or hung at the door, or worn by children’s necks, or tied by children’s arms, or hung in bed curtains, cradles, etc., which is said to avoid disasters, protect health and prolong life.

Five, hanging mugwort leaves

A folk proverb says, "Willows are inserted in Qingming Festival, and Ai is inserted in Dragon Boat Festival". People think that May is a poisonous month, and the fifth day is a poisonous day. Every May, it is the time when Artemisia argyi is mature and has the best medicinal properties, so people have to pick Artemisia argyi in the wild during the Dragon Boat Festival. Acorus calamus and Artemisia argyi leaves are hung in front of the door and eaves to prevent plague and avoid disaster, and hung on the door and bedside to avoid evil spirits.

Six, eat duck eggs

In addition to commemorating Qu Yuan, the Dragon Boat Festival is to avoid five poisons, namely snakes, centipedes, spiders, geckos and scorpions. People use five kinds of red dishes to symbolize the blood of the five poisons. When eating these dishes, they are roast duck, amaranth, duck eggs with red oil, lobster and realgar wine. Therefore, eating duck eggs on the Dragon Boat Festival has a certain color to ward off evil spirits. From a scientific point of view, eating duck eggs is to preserve health and dispel summer heat.

Seven, drink realgar wine

It is said that drinking realgar wine can ward off the five poisons. The custom of drinking Pu wine and realgar wine has been circulating for a long time. After soaking in wine, people use Acorus calamus and Aipeng to dip in the corners of walls, doors and windows, under the bed, etc., and then use wine to coat the ears, nose and navel of children to ward off poisonous insects. From the health point of view, realgar can be disinfected by adding water and wine indoors, and drinking Pu wine is also quite beneficial.

Original title: "Do you know the origin and customs of the Dragon Boat Festival? 》

Read the original text

　　China Banking and Insurance Regulatory Commission recently reported the complaints about insurance consumption in 2019 in official website.

　　According to the circular, in 2019, China Banking and Insurance Regulatory Commission and its dispatched offices received a total of 93,719 complaints about insurance consumption involving insurance companies, up 5.95% year-on-year. Among them, there were 88,745 complaints about insurance contract disputes, up 2.61% year-on-year, accounting for 94.69% of the total complaints; There were 4,974 complaints suspected of violating laws and regulations, up 153.39% year-on-year, accounting for 5.31% of the total complaints.

　　The largest number of complaints about contract disputes of property insurance companies are: 9,674 PICC P&C insurance, up 4.25% year-on-year; 6,396 Ping An property insurance, down 6.80% year-on-year; 3728 pieces of Zhongan Online, up 74.61% year-on-year; 2,730 Pacific property insurance, a year-on-year decrease of 9.21%; There were 2,528 property insurance in Dadi, a year-on-year increase of 39.13%.

　　The largest number of complaints about contract disputes in life insurance companies are: 8,476 in Ping An Life Insurance Company of China, up 70.03% year-on-year; 4,685 China Life Insurance, a year-on-year decrease of 34.33%; 4,349 pieces of Pacific Life Insurance, up 15.60% year-on-year; 3,017 pieces of Xinhua Life Insurance, down 17.18% year-on-year; There were 2,958 Taikang Life Insurance, down 0.80% year-on-year.

　　In 2019, the median number of complaints about 100 million yuan premium of property insurance companies was 5.86 pieces/100 million yuan. Among them, the top 100 million premium complaints are: Yi ‘an Property Insurance 119.51 pieces/100 million yuan; Anxin Property Insurance is 60.61 pieces/100 million yuan; Sunshine Xinbao 55.87 pieces/100 million yuan; Taikang Online 27.72 pieces/100 million yuan; Zhongan Online has 25.59 pieces/100 million yuan.

　　In 2019, the median number of complaints about 100 million yuan premium of life insurance companies was 1.41 pieces/100 million yuan. Among them, the top 100 million premium complaints are: harmony and health 22.93 pieces/100 million yuan; Hua Hui Life Insurance 16.45 pieces/100 million yuan; People’s health is 6.46 pieces/100 million yuan; Fosun United Health 6.19 pieces/100 million yuan; Peking University Founder 5.48 pieces/100 million yuan.

　　Among the complaints involving property insurance companies, there are 37,392 claims disputes, accounting for 75.14% of the total complaints of property insurance companies. The types of insurance involved are mainly motor vehicle insurance, which mainly reflects the disputes over the amount of compensation and compensation, the slow limitation of claims and the disputes over the determination of responsibility.

　　Among the complaints involving life insurance companies, there are 9054 claims disputes, accounting for 20.60% of the total complaints of life insurance companies. The main types of insurance involved are sickness insurance, accidental injury insurance and medical insurance, which mainly reflect the problems of slow time limit for claims, disputed claims amount and complicated claims data. (CCTV reporter Wang Shantao)

　　Xinhua News Agency, Tianjin, February 2 (Reporter Zhou Runjian) beginning of spring is the first of the 24 solar terms in the lunar calendar. In many people’s impression, February 4th is usually the right day in beginning of spring, but this year it is February 3rd in beginning of spring. Astronomical experts said that the 3rd beginning of spring is rare, the last time happened in 1897, 120 years ago, and the next time happened in 2021.

　　It is understood that 24 solar terms is divided according to the position of the sun on the ecliptic (that is, the earth’s orbit around the sun). Depending on the sun starting from vernal equinox (longitude zero, at this moment the sun shines vertically on the equator), every 15 degrees forward is a solar term; After running for a week, I returned to vernal equinox, which is a tropical year, which is 360 degrees, so it is divided into 24 solar terms.

　　Shi Zhicheng, a member of Chinese Astronomical Society and director of Tianjin Astronomical Society, said that the length of a tropical year is 365.2422 days, so the average time period of each solar term in the Gregorian calendar year is about 15.25 days, and its starting date is generally fixed. However, the annual apparent motion of the sun is not uniform, and the length of the calendar year is also different, with 365 days in a normal year and 366 days in a leap year, so the specific time of solar terms will change slightly.

　　For the same solar term, every year is 6 hours or 5 hours behind the previous year, and in leap years, it is 24 hours ahead of schedule. In this way, the reflection on the date is that the same solar term remains unchanged or lags behind by one day in the normal year and the previous year; In leap year, it remains the same as the previous year or one day earlier. In this way, the starting point of the same solar term has three different Gregorian calendar dates. Take beginning of spring as an example, there are three situations: 3 February, 4 February and 5 February.

　　Shi Zhicheng said that the statistics from 1900 to 2000 showed that there were only February 4th and February 5th in beginning of spring, but there was no February 3rd, while the statistics from this century showed that there were only February 3rd and February 4th, but there was no February 5th in beginning of spring.

　　"According to the astronomical almanac, beginning of spring is the most common on the 4th. Although beginning of spring on the 3 rd or 5 th is rare, it is also a normal calendar phenomenon, and the public should face it with a normal heart. " Shi Zhicheng stressed.

In the past two months, Xia Yiping has personally tested his own products for many times, and successively conducted a series of "violence tests" on the new car Extreme Yue 07, such as the unlocking test of the frozen electric door at MINUS 18℃, the collision challenge of the damaged car and the extreme rollover test, which showed the powerful safety performance of the automobile robot in the most intuitive way. During this period, Xia Yiping said frankly: "What netizens care about is what I want to test personally, focusing on the truth."

It is precisely because of the full self-confidence in our own products and the ultimate pursuit of user experience that on September 12th, Xia Yiping, CEO of Extreme Yue, launched the challenge of live intelligent driving across the river in Xuzhou, with the protagonist still being Extreme Yue 07, known as the "strongest smart car". You know, it’s only been two days since the official listing of Extreme Yue 07 on September 10, and a new round of challenges has been put on the agenda, with high frequency and great intensity. At the same time, the order of Extreme Yue 07 exceeded 5,000 units in only 48 hours, of which the 880km long battery life version accounted for 75%, and the ASD high-end intelligent driving option rate was as high as 76%.

Speed up the pontoon bridge, and you will be fearless of the "Hell Class" test.

This time, a floating bridge with a total length of 200m, a width of 3.2m and a distance of only 0.5m from the water surface was set up. The bridge is a temporary structure and does not exist on the map. The test was conducted many times during the day and night, during which Xia Yiping, CEO of Extreme Yue, conducted a live broadcast of the whole test. Because it is an unconventional road with no obvious lane lines, and there are three cone-barrel bypass areas on the pontoon bridge, the narrowest part only supports vehicles to barely pass, even if the old driver drives through manually, there are certain risks, so this test is a pure "hell-level" test for the pure visual high-order intelligent driving ability of Extreme Yue 07.

The scene is soul-stirring, but the performance of Extreme Vietnam 07 is inspiring. A total of 5 times, I drove across the bridge, and I successfully challenged the 07 in succession.

Especially in the dim light environment at night, the edge of the pontoon bridge can hardly be seen by human eyes, and Extreme Yue 07 is still very clever even without obvious lane lines. With pure vision and high-order intelligent driving, it has always kept the vehicle in the middle position, and successively slipped through the most difficult cone-barrel bypass area, and arrived safely at the other side with a car full of people at a constant speed.

Xia Yiping said excitedly: "One safety is accidental, and five safety passes are inevitable. We are full of confidence in our intelligent driving, so it is the same to challenge 100 times again."

More reliable than the old human driver, the purer the vision, the more you can drive.

2024 is a breakthrough year for intelligent driving technology. The intelligent driving scheme of "lidar+high-precision map+rule algorithm" with high price, imperfect cloud point information and relatively low reliability is about to become a thing of the past, and the "pure vision+end-to-end big model" with faster iteration speed, higher algorithm upper limit, more information and the most human-like perception mode is gradually becoming the mainstream.

As the only pure visual high-level intelligent driving brand in China/the only one in the world, Extreme Yue is undoubtedly at the forefront of AI intelligent driving and continues to lead the breakthrough of high-level intelligent driving.

Thanks to the homologous technology of Baidu Apollo L4 autopilot, the "pure vision+end-to-end big model" is based on Baidu’s data accumulation for many years, and the trained perceptual end-to-end model has obvious advantages in both rainstorm scenes and ultra-long-distance recognition. The ASD intelligent driving recognition distance of Extreme Yue 07 is up to 250m, even the mineral water bottle within 200m can be accurately recognized, and the perception ability exceeds the mainstream lidar scheme.

In addition, the speed recognition accuracy of ASD intelligent driver for moving obstacles can also be controlled within the error range of 0.1m/s, railings, guardrails and construction obstacle lights on or around the road can be recognized, and obstacles can be avoided by actions such as slowing down, stopping or bypassing, leaving more safe distance, and the degree of slipping around obstacles is as intuitive as that of an old driver.

Thanks to the joint decision of ASD, Extreme Yue 07 can accurately identify the static cone-bucket obstacles on the pontoon bridge, and the detour is smoother, with a calm, safe and steady driving performance throughout.

With the official listing of Extreme Yue 07, consumers can already buy the world’s preferred AI smart car with an investment of over 100 billion yuan at a "real fragrance" price of less than 20w.

In addition to the stunning AI aesthetic design and immersive luxury intelligent cabin, the entry-level version of Extreme Yue 07 comes standard with lane keeping, parking assistance, high-speed elevated navigation assistance and 16 active safety functions, which opens the navigation assistance of high-speed elevated domain to all users free of charge, truly realizing the equal rights of intelligent driving.

　　CCTV News:According to the website of the People’s Bank of China, recently, the People’s Bank of China issued the Measures for the Administration of Reports on Large Transactions and Suspicious Transactions of Financial Institutions (Order No.3 [2016] of the People’s Bank of China, hereinafter referred to as the Measures), which will be implemented on July 1, 2017. A few days ago, the relevant person in charge of the People’s Bank of China answered a reporter’s question about the Administrative Measures.

　　1. What is the background and main significance of the Administrative Measures?

　　The Administrative Measures, in combination with domestic work practice and international standards, revised and integrated the existing two regulations, namely, the Administrative Measures for Reporting Large Transactions and Suspicious Transactions of Financial Institutions (Order No.2 of the People’s Bank of China [2006]) and the Administrative Measures for Reporting Suspicious Transactions of Financial Institutions Suspected of Terrorist Financing (Order No.1 of the People’s Bank of China [2007]).

　　Since the implementation of the above two regulations in 2007, in the initial stage of China’s anti-money laundering work, they have played a positive role in guiding financial institutions to effectively fulfill their suspicious transaction reporting obligations. However, with the development and changes of the domestic and international situation and the deepening of anti-money laundering work, problems such as excessive defensive reports and insufficient effective reports have gradually emerged, which have affected the effectiveness of anti-money laundering work. To this end, the People’s Bank of China has successively issued the Notice on Further Strengthening the Anti-Money Laundering Work of Financial Institutions (Yinfa [2008] No.391) and the Notice on Defining the Relevant Implementation Issues of the Suspicious Transaction Reporting System (Yinfa [2010] No.48) and other normative documents to regulate how financial institutions can effectively fulfill their obligations of reporting suspicious transactions and avoid simply grabbing and submitting transactions that meet the suspicious transaction reporting standards through the system. In 2012, the People’s Bank of China selected 37 corporate financial institutions across the country to carry out comprehensive pilot projects on suspicious transaction reports, requiring the pilot institutions to independently define transaction monitoring standards in light of their own conditions, and submit suspicious transaction reports on the basis of reasonable suspicion in combination with manual analysis. These efforts have laid a solid foundation for the revision of the existing two regulations and the promulgation of the Administrative Measures. At the same time, the current reporting standards for large transactions can no longer fully meet the actual needs of anti-money laundering and combating and curbing related upstream crimes, so it is necessary to make appropriate adjustments to the reporting standards for large transactions.

　　In 2014, the People’s Bank of China officially launched the revision of regulations, repeatedly studied and demonstrated, and twice organized nationwide to solicit opinions and suggestions from financial institutions to ensure the scientificity and feasibility of the Administrative Measures. The Administrative Measures clarify the new requirements for financial institutions to effectively fulfill the obligation of reporting suspicious transactions at the regulatory level, which is helpful for financial institutions to improve the effectiveness of reporting suspicious transactions, to prevent and curb criminal activities such as money laundering and terrorist financing, to maintain the security and stability of China’s financial system, and to further integrate with international standards.

　　2. What are the main considerations for requiring financial institutions to report large-value transactions and suspicious transactions?

　　According to the Anti-Money Laundering Law of People’s Republic of China (PRC), reporting large transactions and suspicious transactions is one of the three core anti-money laundering obligations that financial institutions should perform, and it also lays a solid data foundation for the People’s Bank of China to carry out monitoring and analysis of anti-money laundering funds transactions according to law. In practice, financial institutions automatically capture and submit large transactions through the system, and discover and submit suspicious transaction reports through customer identification, keeping customer identity data and transaction records, and conducting transaction monitoring and analysis. Based on the reports of large-value transactions and suspicious transactions submitted by financial institutions, the People’s Bank of China conducts active analysis, investigation analysis and international mutual investigation, transfers case clues to law enforcement departments according to law, and works with relevant departments to prevent and curb money laundering and terrorist financing and maintain financial security.

　　Three, compared with the current regulations, what are the main changes in the "management measures"?

　　The changes in the Administrative Measures mainly include the following four aspects: First, the requirements for reporting suspicious transactions based on "reasonable suspicion" are clarified, and the requirements for establishing and improving transaction monitoring standards, transaction analysis and identification, monitoring of terrorism-related lists, establishment of monitoring systems and record keeping are added, while the reporting standards for suspicious transactions in banking, securities and futures industries and insurance industries that are no longer in line with the development of the situation are deleted from the original regulations. Second, the RMB reporting standard for large cash transactions was adjusted from "200,000 yuan" to "50,000 yuan", and the statistical methods of large transfer transactions of financial institutions and the reporting time limit of suspicious transactions were adjusted. Third, the scope of application of the new regulations and the reporting standards for large-scale cross-border transactions in RMB are added. The reporting standard for large cross-border transactions denominated in RMB is "RMB 200,000". Fourthly, the contents of transaction report elements are adjusted, such as "Payee Matching Number" and "Equipment Code for Off-Counter Transaction" are added, and the elements such as "Report Date", "Filler" and "Name of Financial Institution" are deleted, and a more streamlined General Suspicious Transaction Report Element is designed.

　　4. What is the scope of application of the Administrative Measures? When will it take effect?

　　The Administrative Measures are applicable to institutions legally established in People’s Republic of China (PRC) that should perform anti-money laundering obligations according to the Anti-Money Laundering Law of People’s Republic of China (PRC) and other laws and regulations, mainly including policy banks, commercial banks, rural cooperative banks, rural credit cooperatives, village banks, securities companies, futures companies, fund management companies, insurance companies, insurance asset management companies, insurance professional agencies and insurance brokerage companies. Trust companies, financial asset management companies, enterprise group finance companies, financial leasing companies, auto finance companies, consumer finance companies, money brokerage companies, loan companies and non-bank payment institutions. Among them, "insurance professional agency company", "insurance brokerage company", "consumer finance company" and "loan company" are the newly added scope of application of the Administrative Measures.

　　The Administrative Measures came into effect on July 1, 2017. Considering that it will take some time for financial institutions to revise their systems, build their own trading monitoring standards and transform their systems. Therefore, the "Administrative Measures" gave financial institutions a transition period of half a year after their promulgation and before their implementation.

　　V. What are the specific requirements of the Administrative Measures for reporting large transactions? Is it necessary to submit a large transaction report for cross-border capital transactions?

　　The reporting standards for large-value transactions stipulated in the Administrative Measures are as follows: First, large-value cash transactions of natural persons and non-natural persons, with domestic and cross-border reporting standards of RMB 50,000 or more and foreign currency equivalent of USD 10,000 or more. Second, it is a large transfer transaction in a non-natural person’s bank account. The domestic and cross-border reporting standards are more than RMB 2 million and the foreign currency equivalent is more than USD 200,000. Third, large-sum transfer transactions in natural person’s bank accounts, with domestic reporting standards of RMB 500,000 or more and foreign currency equivalent of USD 100,000 or more, and cross-border reporting standards of RMB 200,000 or more and foreign currency equivalent of USD 10,000 or more.

　　For cross-border capital transactions, financial institutions shall submit large transaction reports. For example, if a natural person remits $10,000 overseas by cash or transfer through a banking institution, the banking institution that handles the business needs to report this transaction as a large transaction. The reporting standard for large-value cross-border transfer transactions of natural person customers "more than RMB 200,000" is a new standard in the Administrative Measures. The main considerations are as follows: First, with the gradual promotion of Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, the cross-border business of domestic residents will be gradually liberalized, and the cross-border RMB business of individual residents will be more frequent. Special RMB reporting standards will be designed to facilitate the regulatory authorities to grasp the cross-border RMB transaction data in time and carry out risk monitoring. Second, according to the existing system, the daily limit of cross-border RMB remittance between Hong Kong residents’ individual accounts with the same name and Taiwan Province residents’ individual accounts is 50,000 yuan, and cross-border RMB business under personal trade of residents is subject to unlimited management. The Notice on Optimizing the Information Submission Process of RMB Cross-border Receipt and Payment Information Management System (Yin Ban Fa [2013] No.188) stipulates that banks can submit individual RMB cross-border receipts and payments with a single amount of less than 200,000 yuan (inclusive), but they need to keep the detailed information one by one. On the whole, the reporting standard of large-scale cross-border transfer transactions of natural person customers in the Administrative Measures is determined as "more than RMB 200,000", which can strengthen the statistical monitoring of cross-border RMB transactions and better prevent risks related to cross-border RMB transactions.

　　It should be noted that according to the Administrative Measures, the People’s Bank of China can adjust the reporting standards for large transactions according to the needs of work.

　　Six, the "Administrative Measures" will report large cash transactions as "RMB 50,000" and "foreign currency equivalent of 10,000 US dollars". What are the main considerations?

　　The Administrative Measures stipulate that financial institutions shall submit large-value transaction reports for cash deposits, cash withdrawals, cash settlement and sale, cash exchange, cash remittance, cash bill payment and other forms of cash receipts and payments with a single or cumulative transaction of more than RMB 50,000 (including RMB 50,000) and a foreign currency equivalent of more than US$ 10,000 (including US$ 10,000) on that day. For example, if a natural person purchases US dollar cash with RMB cash through a banking institution, and the single or cumulative transaction on the same day is more than RMB 50,000 (including RMB 50,000), the banking institution handling the business needs to report this transaction as a large transaction.

　　The "Administrative Measures" will adjust the reporting standard for large cash transactions from the current RMB 200,000 to RMB 50,000. The main considerations are:

　　First of all, strengthening cash management is an important part of anti-money laundering work. The international anti-money laundering supervision standards in the cash field are mostly strict. For example, the starting point for reporting large cash transactions in the United States, Canada and Australia is US$ 10,000 (or equivalent foreign currency), and the regulatory authorities can further lower the reporting standards for cash transactions in order to crack down on illegal and criminal activities in specific fields according to legal authorization. Secondly, the popularity, development and innovation of non-cash payment tools facilitate non-cash transactions, and residents’ preference for cash use is gradually changing. Normal payment needs can be met more quickly and safely through non-cash payment tools, which provides favorable conditions for strengthening cash management. Finally, the development of China’s anti-corruption, taxation, balance of payments and other fields also requires strengthening cash management to prevent the risk of using large cash transactions to engage in corruption, tax evasion, evasion of foreign exchange management and other illegal activities.

　　7. Does the Administrative Measures require non-bank payment institutions to submit large transaction reports?

　　The relevant provisions of the Administrative Measures apply to non-bank payment institutions. At present, the People’s Bank of China has more specific requirements on the anti-money laundering obligations that non-bank payment institutions should perform, such as the Administrative Measures on Anti-Money Laundering and Anti-Terrorist Financing of Payment Institutions (Yinfa [2012] No.54). After the "Administrative Measures" come into effect, the People’s Bank of China will revise and improve the reporting requirements for large transactions and suspicious transactions of non-bank payment institutions in a timely manner according to the actual situation.

　　Eight, "management measures" whether there are provisions on large transactions without reporting?

　　There are relevant regulations. According to the Administrative Measures, the types of large-value transactions exempted from reporting by financial institutions mainly include fixed-activity mutual transfer transactions under the name of the same customer of the same financial institution, transactions in which one party is the party, government and military organs, inter-bank transactions of financial institutions, taxation handled by banking institutions, correction of wrong accounts, interest payment, etc.

　　9. What are the specific requirements of the Administrative Measures for suspicious transaction reports?

　　The Administrative Measures stipulate that financial institutions shall submit suspicious transaction reports when they find or have reasonable reasons to suspect that customers, customers’ funds or other assets, customers’ transactions or attempted transactions are related to criminal activities such as money laundering and terrorist financing, regardless of the amount of funds involved or the value of assets. That is, to report suspicious transactions on the basis of "reasonable suspicion". Specific requirements mainly include:

　　First, financial institutions should monitor suspicious transactions throughout all aspects of financial business. Financial institutions should not only take reasonable measures to identify suspicious transaction clues in the process of customer identification, but also find out whether customers, funds or other assets and transactions are related to illegal and criminal activities such as money laundering and terrorist financing through screening, reviewing and analyzing transaction data. For ongoing transactions or transactions that customers try to carry out, financial institutions should also submit suspicious transaction reports if they find or have reasonable reasons to suspect that they are involved in money laundering and terrorist financing.

　　Second, financial institutions should also pay attention to whether customers’ funds or assets are related to criminal activities such as money laundering and terrorist financing. Assets include but are not limited to bank deposits, remittances, traveler’s checks, postal orders, insurance policies, bills of lading, warehouse receipts, stocks, bonds, bills of exchange and letters of credit, houses, vehicles, ships, goods, and other legal documents and certificates that prove the ownership and other rights and interests of assets in electronic or digital form.

　　Third, financial institutions submit suspicious transaction reports, and there is no requirement for the starting amount of funds or assets. If the amount of fund transactions suspected of terrorist financing activities may be small, financial institutions should still submit suspicious transaction reports according to the Administrative Measures.

　　Fourth, financial institutions should submit suspicious transaction reports within the prescribed time. The Administrative Measures stipulate that a financial institution shall "submit a suspicious transaction report in a timely manner within 5 working days at the latest after it is confirmed as suspicious transaction according to its internal operating procedures for suspicious transaction reporting".

　　In order to implement these requirements, financial institutions should, in accordance with the Administrative Measures, formulate suspicious transaction reporting systems and operating procedures, provide sufficient human resources and support for suspicious transaction reporting, establish and improve self-defined transaction monitoring standards, establish a fully functional and well-functioning monitoring system, do a good job in monitoring terrorist lists, strengthen manual analysis and identification of abnormal transactions with early warning by the system, keep relevant work records, and abide by confidentiality requirements.

　　X. The Administrative Measures defines the time limit for reporting suspicious transactions as "to submit the suspicious transaction report in a timely manner within 5 working days at the latest after it is confirmed as suspicious transaction according to the internal operating rules of this institution". What are the main considerations?

　　The original Administrative Measures on Large-value Transactions and Suspicious Transaction Reports of Financial Institutions (Order No.2 of the People’s Bank of China [2006]) required financial institutions to submit suspicious transaction reports within 10 working days after suspicious transactions occurred. However, under the new mode of reporting suspicious transactions based on "reasonable suspicion" in the Administrative Measures, there may be a big difference between the time when suspicious transactions occur and the time when suspicious transactions are identified and confirmed, which makes the original reporting time limit difficult to operate. The international common practice is to require financial institutions to submit suspicious transaction reports in time after confirming suspicious transactions. Therefore, the "Administrative Measures" defines the time limit for suspicious transaction reporting as "to submit the suspicious transaction report in time, no later than 5 working days, after it is confirmed as suspicious transaction according to the internal operating rules of the institution for suspicious transaction reporting".

　　It should be noted that "five working days" does not mean that financial institutions must complete all links from abnormal transaction warning to manual analysis and judgment within five working days, and submit suspicious transaction reports to China Anti-Money Laundering Monitoring and Analysis Center, but that financial institutions should submit suspicious transaction reports within five working days after being confirmed as suspicious transactions through internal early warning and analysis.

　　XI. What are the specific requirements of the Administrative Measures for financial institutions to monitor terrorism-related lists?

　　According to the Administrative Measures, financial institutions should follow the following requirements when monitoring the terrorism-related list: First, financial institutions should ensure the completeness and accuracy of the terrorism-related list and update it in time. Second, the scope of monitoring the terrorism-related list of financial institutions should cover all customers and their counterparties, funds or other assets. Third, financial institutions should conduct real-time monitoring of the terrorism-related list. Fourth, financial institutions should immediately conduct retrospective investigations on all their customers or their counterparties after the adjustment of the terrorism-related list. Fifth, if financial institutions have reasonable reasons to suspect that customers or their counterparties, funds or other assets are related to the terrorism-related list, they should immediately report them as key suspicious transactions and take freezing measures in accordance with the Measures for the Administration of Assets Freezing Related to Terrorist Activities (Order No.1 of the Ministry of Public Security of the People’s Bank of China [2014]).

　　It should be noted that financial institutions are obligated to perform the monitoring of terrorism-related lists, and they have the responsibility to actively obtain and master the list of terrorist organizations and terrorist personnel released and updated by the competent departments of the state. In order to facilitate financial institutions to grasp relevant information in a timely manner, the People’s Bank of China publishes the list of terrorism-related information under the anti-money laundering column of the official website, and the relevant supervision and management departments will also forward the list that needs to be implemented and concerned to the regulated institutions.

　　Twelve, the "Management Measures" require financial institutions to be equipped with full-time personnel to be responsible for reporting large transactions and suspicious transactions. What are the main considerations?

　　In practice, whether financial institutions conduct timely and effective analysis and treatment of abnormal transactions with early warning system, or pay close attention to the adjustment of terrorism-related lists at home and abroad at any time, and conduct retrospective investigation in time, they all put forward higher requirements for the professionalism and sufficient number of institutional personnel. Therefore, the board of directors and senior management of financial institutions should attach great importance to the reporting of large-value transactions and suspicious transactions, and allocate enough full-time personnel to take charge of related work. By optimizing the workflow of reporting large-value transactions and suspicious transactions, they should do basic work such as customer identification, identity data and transaction record preservation, improve the setting of transaction monitoring indicators and related system functions and other supporting measures to ensure that full-time personnel can effectively carry out monitoring and analysis work.

　　Thirteen, in recent years, what measures has the People’s Bank of China taken to improve the suspicious transaction reporting system?

　　Since the promulgation of the Administrative Measures on Large-value Transactions and Suspicious Transaction Reports of Financial Institutions (Order No.2 of the People’s Bank of China [2006]), the People’s Bank of China has been actively taking measures to improve the suspicious transaction reporting system and promote the effective implementation of the suspicious transaction reporting system. For example, the People’s Bank of China has successively issued a series of normative documents, such as the Notice on Further Strengthening the Anti-Money Laundering Work of Financial Institutions (Yinfa [2008] No.391) and the Notice on Defining the Implementation Issues of the Suspicious Transaction Reporting System (Yinfa [2010] No.48), to clearly distinguish the different regulatory requirements for abnormal transaction reports from suspicious transaction reports, so as to reduce the defensive reporting behavior of financial institutions. In 2012, the People’s Bank of China launched a comprehensive pilot project of suspicious transaction reporting with independent definition of abnormal transaction monitoring indicators in 37 corporate financial institutions to test the effectiveness and feasibility of the new model of independent definition of monitoring indicators. Since 2013, the People’s Bank of China has successively issued suspicious transaction types and identification points for upstream crimes of money laundering, such as illegal fund-raising, underground money houses, terrorist financing, etc., issued multiple risk warnings, and issued a notice to strengthen the monitoring of terrorism-related lists and fugitives lists, guiding financial institutions to do a good job in monitoring and analyzing suspicious transactions and monitoring lists. At the same time, through law enforcement inspection, supervision visits, classification and rating and other regulatory measures, financial institutions are urged to continuously improve suspicious transaction reporting and improve the quality of suspicious transaction reporting.

　　XIV. What progress has financial institutions made in suspicious transaction reporting in recent years?

　　Financial institutions have been strengthening and improving the monitoring and analysis of suspicious transactions and list monitoring in accordance with the requirements of the People’s Bank of China, and the effectiveness of suspicious transaction reporting has been continuously improved. At present, financial institutions have generally strengthened the manual analysis and identification of abnormal transactions. Financial institutions have participated in the comprehensive pilot work of suspicious transaction reports with independent definition of abnormal transaction monitoring standards as the core, and implemented the requirements of suspicious transaction types, identification points, risk warnings and list monitoring issued by the People’s Bank of China. The ability of financial institutions to define abnormal transaction monitoring standards has been verified and strengthened, and the professionalism and intelligence of monitoring and analysis have been continuously improved. While the overall number of suspicious transaction reports has dropped significantly, the quality of reports has improved significantly, and the number of clues transformed into cases has increased significantly, which has provided strong support for the country to prevent and combat money laundering and related crimes.

　　15. What will the People’s Bank of China do to guide financial institutions to effectively implement the relevant requirements of the Administrative Measures?

　　In order to guide financial institutions to effectively implement the Administrative Measures, the People’s Bank of China will fully listen to the opinions and suggestions of financial institutions, issue supporting normative documents as soon as possible, clarify specific work requirements such as suspicious transaction continuation report and suspicious transaction analysis report process, and issue relevant guidelines for financial institutions to formulate transaction monitoring standards in combination with industry best practices, guide financial institutions to establish and improve transaction monitoring standards and improve transaction monitoring systems, and strengthen guidance and training for small and medium-sized financial institutions. At the same time, the People’s Bank of China will issue specific reporting formats and reporting requirements for reporting elements of large-value transactions and suspicious transactions, and guide financial institutions to do a good job in the development of transaction reporting data interfaces and related systems. The People’s Bank of China is also stepping up the construction of the second-generation anti-money laundering monitoring and analysis system to provide more powerful system support for the monitoring and analysis of large and suspicious transaction reports.