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It is planned to broaden the channels for using insurance funds： stocks, funds, real estate, etc.


　　Perspective on the amendment of insurance law: broadening the channels for the use of insurance funds


　　Xinhuanet Beijing, August 25th (Reporter Mao Xiaomei, Wu Jingjing) China’s current insurance law stipulates that the use of insurance funds is relatively narrow. However, in recent years, with the increasing scale of the insurance market, the rapid accumulation of insurance funds has become a bottleneck for the development of the insurance industry because of the narrow channels of application and the difficulty of maintaining and increasing value.


　　Wu Dingfu, chairman of the China Insurance Regulatory Commission, explained the revised draft of the Insurance Law at the fourth meeting of the 11th the National People’s Congress Standing Committee (NPCSC) on 25th, saying that the revised draft appropriately broadened the channels for the use of insurance funds, considering that the use of insurance funds should not only meet the needs of industry and economic development, but also take into account the principles of safety and stability. For example, the "buying and selling government bonds and financial bonds" stipulated in the current insurance law is revised to "buying and selling bonds, stocks, securities investment funds and other securities"; It is added that insurance funds can be invested in real estate.


　　In order to prevent risks in the use of insurance funds, the revised draft also authorizes the State Council insurance regulatory agencies to formulate management measures for the use of insurance funds in the form of authorization clauses, including stipulating the specific proportion of funds invested by insurance companies in a specific project to their total funds.


　　In fact, the investment of insurance funds in stocks and funds has already been broken through in practice. In recent years, according to the decision of the State Council and the actual needs of the development of the insurance industry, the China Insurance Regulatory Commission (CIRC) combined with the provisions of the current insurance law "other forms of capital utilization stipulated by the State Council", A series of regulations and normative documents, such as Interim Measures for the Administration of Insurance Companies Investing in Securities Investment Funds, Interim Measures for the Administration of Insurance Companies Investing in Corporate Bonds, Interim Provisions for the Administration of Insurance Asset Management Companies, Interim Measures for the Administration of Overseas Use of Insurance Foreign Exchange Funds, and Interim Measures for the Administration of Stock Investment of Insurance Institutional Investors, have been issued successively. While broadening the channels for the utilization of insurance funds and trying to innovate the organizational form of fund utilization, they have achieved a good balance between safety and efficiency and effectively prevented the risk of fund utilization. At present, insurance companies have become one of the most important institutional investors in the domestic capital market.


　　"The revised draft of the Insurance Law is the new investment channel approved by the State Council in recent years." Yang Huabai, director of the regulatory department of the China Insurance Regulatory Commission, told reporters.


　　As for the insurance law’s plan to "open the gate" for the first time to invest in real estate with insurance funds, the relevant person of the China Insurance Regulatory Commission said that the scale of real estate investment is large and the term is long, which is more in line with the characteristics of insurance funds pursuing long-term, valuable and steady investment. Opening this channel can give play to the capital financing function of insurance, support the national economic construction, optimize the insurance asset structure and cultivate a new profit model for the insurance industry. In practice, some insurance companies have tried to invest in developing commercial real estate.


　　Yang Huabai said that for the regulatory authorities, the implementation of any new investment policy must be based on effective prevention and control of risks. "Once the law allows investment in real estate, the CIRC will first limit the proportion of this investment in the company’s total funds in the future and formulate a specific method for real estate investment." Because the insurance industry’s investment in real estate is still unfamiliar and lacks professional experience, it is necessary to adhere to the system first and advance steadily.


　　According to the announcement, there are more than 100 Chinese and foreign insurance companies in China, and the total assets of the insurance industry are about 3 trillion yuan. In 2007, the balance of insurance funds in China reached 2.7 trillion yuan, which was 10.5 times that of 2000.


　　It is understood that in recent years, emerging insurance organizations such as cooperative insurance institutions and mutual insurance institutions have appeared in the insurance market. This revised draft adds provisions that insurance organizations in the form of mutual system and cooperative system shall be stipulated separately by laws and administrative regulations, and the provisions of this law shall apply to their insurance business activities. Thereby giving legal status to insurance organizations such as mutual system and cooperative system.


　　It is also known that the quality of insurance companies directly relates to the interests of the vast number of policyholders, insured and beneficiaries. In order to improve the quality of insurance companies, in this revision, the insurance law intends to make stricter provisions on the conditions for the establishment of insurance companies, and will clearly state the qualifications of company executives.


　　The revision of insurance law intends to improve the management of insurance intermediaries.


　　Xinhuanet Beijing, August 25th (Reporter Wu Jingjing, Mao Xiaomei) With the development of the insurance market, some new types of insurance intermediary service institutions have emerged in China, such as insurance assessment institutions, which need to be regulated by law. The revised draft of the Insurance Law, which was deliberated at the fourth session of the 11th the National People’s Congress Standing Committee (NPCSC) on 25th, further improved the management of insurance intermediaries.


　　When explaining the revised draft, Wu Dingfu, chairman of the China Insurance Regulatory Commission, said that the provisions of the current insurance law on insurance intermediaries are relatively simple, and there are some gaps in both the subject and the code of conduct.


　　According to reports, the revised draft clarifies that part-time insurance agency is an important form of insurance agency to solve the problem of unclear legal status of part-time insurance agency; It is clear that insurance assessment institutions are insurance intermediaries, and the registered capital, employees and business rules of their business scope are stipulated; Considering the characteristics of individual insurance agents, the revised draft deletes the provisions in the current insurance law that individual insurance agents should obtain insurance agency business licenses, handle industrial and commercial registration, obtain business licenses, deposit deposits or take out professional liability insurance, and only stipulates that individual insurance agents should meet the qualifications stipulated by the State Council insurance regulatory authorities and obtain qualification certificates; The legitimate business activities of individual insurance agents shall not be investigated and dealt with without a license.


　　China revises insurance law to crack down on insurance violations


　　Xinhuanet Beijing, August 25th (Reporter Wu Jingjing, Mao Xiaomei) China’s current insurance law is not perfect in terms of penalties for insurance violations, and there is a lack of penalties for some illegal acts, which makes illegal acts unable to get due sanctions. The revised draft of the Insurance Law, which was reviewed at the fourth session of the 11th the National People’s Congress Standing Committee (NPCSC) on 25th, further clarified the legal responsibilities and cracked down on insurance violations.


　　Wu Dingfu, chairman of the China Insurance Regulatory Commission, said that with the continuous development of the insurance market, on the one hand, it is necessary to provide corresponding penalties for some new insurance violations, and on the other hand, it is necessary to improve the penalties in the existing insurance law.


　　The revised draft of the insurance law has increased the punishment for new illegal acts. New illegal acts mainly include illegal appointment of directors, supervisors and senior managers; Insurance companies and their staff make false claims by means of fictitious contracts to defraud insurance money or other illegitimate interests; Lease, lend, alter or transfer the business license; Insurance companies and their staff engage in related party transactions in violation of regulations, fail to disclose information in accordance with regulations, fabricate and spread false facts, etc., which damage the business reputation of competitors and disrupt the order of the insurance market; Insurance companies and their staff misappropriate and occupy insurance premiums and use insurance intermediaries to engage in illegal acts; Insurance intermediaries conceal important information related to insurance contracts, force, induce or restrict the insured to conclude insurance contracts by improper means, and fail to pay insurance money or take out professional liability insurance in accordance with regulations; Foreign insurance institutions set up representative offices in China without approval to engage in insurance business.


　　The revised draft also increases the accountability of those responsible for illegal acts, and stipulates that insurance companies, insurance asset management companies and insurance intermediaries engage in illegal activities. In addition to punishing illegal institutions, insurance regulators can also take measures such as canceling their qualifications and implementing market bans for their directly responsible directors, supervisors and senior managers. Insurance salesmen, personal agents and employees of insurance intermediaries who violate the law can be warned, fined, their qualification certificates revoked and banned from the market.


　　In view of the actual situation of various economic sectors investing in the insurance industry, in order to prevent investors from using insurance companies as financing tools, the revised draft draws lessons from the legislation of other countries and regions, and stipulates that if an insurance company’s assets are insufficient to pay off its debts due to its illegal operation, its directors, supervisors, general manager and deputy general manager responsible for deciding the business shall be jointly and severally liable to the company’s creditors.


　　On the basis of the current insurance law, the revised draft increases the restrictions on the administrative behavior of insurance supervisors, and stipulates the corresponding legal responsibilities for the illegal acts of supervisors in approving institutions, approving insurance clauses and rates, conducting on-site inspections and taking compulsory measures.


　　China revises insurance law and strengthens self-discipline management of insurance industry.


　　Xinhua News Agency, Beijing, August 25th (Reporter Wu Jingjing, Mao Xiaomei) A chapter "Insurance Industry Association" was added to the revised draft of the Insurance Law, which was deliberated at the fourth session of the 11th the National People’s Congress Standing Committee (NPCSC) on August 25th, and the legal status and main responsibilities of insurance industry associations were stipulated.


　　"In order to promote the transformation of government management functions, improve insurance supervision methods and make effective use of supervision resources, we should give full play to the role of insurance industry associations as a self-regulatory organization." Wu Dingfu, chairman of China Insurance Regulatory Commission, said. The revised draft stipulates that the insurance industry association is a self-regulatory organization of the insurance industry and a social group legal person. An insurance company shall join an insurance industry association. Insurance agents, insurance brokers and insurance assessment institutions may join insurance industry associations.


　　The revised draft also stipulates the responsibilities that insurance industry associations should perform, including safeguarding the legitimate rights and interests of members in accordance with the law and reflecting the suggestions and requirements of members to insurance supervision and management institutions; To mediate disputes between members, members and policyholders, insured and beneficiaries; Members who violate the articles of association of the insurance industry association and the self-discipline rules of the industry shall be given disciplinary sanctions in accordance with the regulations. (End)


　　The amendment of insurance law intends to improve the market exit mechanism of insurance companies


　　Xinhuanet Beijing, August 25th (Reporter Wu Jingjing, Mao Xiaomei) The revised draft of the Insurance Law, which was deliberated at the fourth session of the 11th the National People’s Congress Standing Committee (NPCSC) on the 25th, further improved the market withdrawal mechanism of insurance companies.


　　The current insurance law has made some provisions on the cancellation and bankruptcy of insurance companies. In order to maintain the order of the insurance market and public interests, the revised draft, on the basis of the existing provisions, adds provisions that insurance companies have illegal operations, poor management or solvency lower than the standards set by the State Council insurance regulatory agencies. If the insurance company is not revoked, it will seriously endanger the order of the insurance market and damage the public interests. The insurance regulatory agency of the State Council will revoke it and organize a liquidation team in time to conduct liquidation according to law.


　　According to the relevant provisions of the Enterprise Bankruptcy Law, the revised draft also provides for special matters concerning the bankruptcy of insurance companies, mainly including: stipulating that the State Council insurance regulatory agencies can apply to the people’s court for reorganization or bankruptcy liquidation of insurance companies; The order of debt settlement in bankruptcy liquidation of insurance companies is further clarified.

Editor: Meng Xu

Promote the stable and healthy development of the real estate market (Rui Finance)

A few days ago, the relocated residents in Nantingfang Community, Changqing Street, Baohe District, Hefei City, Anhui Province, welcomed the resettlement houses, and they will start a new life in a modern community with complete facilities. According to reports, the community can accommodate 2533 sets of houses this time. Xinhua News Agency reporter Liu Junxi photo
Reasonably adjust the scope of purchase restriction, increase the amount of provident fund loans, optimize the use of existing real estate land, and revitalize the existing parking spaces of development projects … Since the beginning of this year, many places across the country have continuously optimized and adjusted the property market regulation policies to further support the rigid and improved housing demand and promote the stable and healthy development of the real estate market.
With the long-term mechanism of real estate taking root and the stable operation of the real estate market, the positioning of "the house is for living, not for speculation" has further become a social consensus.
Downward trend needs attention.
The real estate industry is large in scale, long in chain and wide in scope, and plays a decisive role in the national economy. Since the beginning of this year, the national real estate market has been generally stable, but the downward trend also needs great attention. Statistics from the National Bureau of Statistics show that from January to April this year, the national fixed asset investment (excluding farmers) was 15,354.4 billion yuan, up 6.8% year-on-year. Among them, investment in real estate development decreased by 2.7%. From January to April, the sales area of commercial housing nationwide was 397.68 million square meters, down 20.9% year-on-year.
Sheng Guoqing, chief statistician of the Urban Department of the National Bureau of Statistics, said that in April, among 70 large and medium-sized cities, the number of cities where the sales price of commercial housing decreased increased, and the sales price of commercial housing in first, second and third tier cities showed a downward trend on the whole and continued to decline year-on-year.
From the ring comparison, the sales price of commercial housing in first-tier cities increased slightly, while that in second-and third-tier cities decreased. In April, the sales price of new commercial housing in first-tier cities rose by 0.2% month-on-month, and the growth rate dropped by 0.1 percentage point from last month. The sales price of second-hand houses rose by 0.4% month-on-month, the same as last month. From a year-on-year perspective, the year-on-year increase or decrease in the sales price of commercial housing in first, second and third tier cities dropped or expanded. In April, among 70 large and medium-sized cities, the sales prices of newly-built commercial housing and second-hand housing decreased year-on-year, respectively, in 39 and 56 cities, increasing by 10 and 9 respectively from last month.
Relevant experts believe that from the year-on-year changes in house prices, the number of cities with falling house prices has an increasing trend, and the confidence of buyers has yet to be restored.
Since April, the property market regulation policies have been released in many places. Among them are Zhengzhou, Lanzhou, Fuzhou, Changsha, Nanjing, Suzhou and other large and medium-sized cities, as well as many third-and fourth-tier cities. Its control measures mainly focus on supporting rigid and improved housing demand and boosting housing consumption.
Liu Lin, a researcher at China Macroeconomic Research Institute, believes that while keeping the risk bottom line, all localities should make appropriate adjustments to the previous contractive control policies to better support the first set of rigid housing demand and reasonable improvement demand, and encourage new citizens, young people and other groups to make housing consumption.
Actively encourage self-occupation demand
Facing the new situation and new challenges, the central and local departments concerned have taken a series of concrete measures to support the first set of rigid demand for house purchase, reasonable demand for improvement, and demand for rental housing.
On May 15th, the People’s Bank of China and China Banking and Insurance Regulatory Commission issued relevant notices to adjust the differentiated housing credit policy. Among them, for households who purchase ordinary self-occupied housing by loans, the lower limit of the interest rate of the first set of commercial personal housing loans is adjusted to not less than the quoted interest rate of the loan market for the corresponding period minus 20 basis points. On May 20th, the People’s Bank of China authorized the National Inter-bank Funding Center to announce the quoted interest rate (LPR) of loans over five years, which was 4.45%, a decrease of 0.15% compared with the previous one, and it has been lowered again since January 20th this year.
In Shandong, Jinan Housing Provident Fund Center issued a policy. Since May 24, the standard for identifying the first suite has been adjusted from "the family of registered employees in this city has no housing and no housing loans (including provident fund loans and commercial loans)" to "the family of registered employees in this city has no housing in this city". At the same time, the down payment ratio of the first home loan for non-registered families in this city was adjusted from 60% to 30%.
In Jiangsu and Lianyungang, the latest measures were introduced to further optimize the payment mode of bid bond for operating land. On the basis of strictly implementing the supervision system of pre-sale funds of commercial housing, we will explore ways to guarantee and release a certain amount of funds for the construction and operation of real estate projects.
"Judging from the situation in most cities, the lower limit of the first home loan interest rate in May decreased by 35 basis points compared with April, and the lower limit of the second home loan interest rate decreased by 15 basis points. This change, superimposed on the optimization measures taken by various places due to urban policies, will help reduce the cost of buyers and promote the release of just-needed and improved housing demand. " RealData market analyst Liu Lijie said.
The bottom line of "housing and not speculating" is solid.
According to the data of the Ministry of Housing and Urban-Rural Development, China is still in the stage of rapid urbanization, with more than 11 million newly employed people in cities and towns every year, which brings a lot of new housing demand. At the same time, a large number of old houses built before 2000 are small in area, poor in quality and incomplete in supporting facilities, and the demand for residents to improve their living conditions is relatively strong. All these provide favorable conditions for the real estate market to stick to the principle of stability and achieve healthy development.
Zhao Xiuchi, a researcher at the Institute of Economic and Social Development of Megacities of Capital University of Economics and Business, pointed out in an interview with this reporter that the recent fine-tuning and optimization of the credit environment and real estate regulation and control policies is due to the city’s policy of supporting rigid and improved housing demand, which is a necessary move to keep the economy running in a reasonable range, and reflects the positioning that "houses are used for living, not for speculation".
"The optimization of real estate regulation and control policies should continue to adhere to the word’ stable’ and firmly hold the bottom line of’ housing and not speculating’ while meeting reasonable needs." Zhao Xiuchi believes that we should further improve the efficiency of land and housing use and accelerate the development of the housing rental market with the guidance of meeting reasonable and self-occupied housing demand and the balance between occupation and housing as the starting point.
In the view of Feng Jun, president of China Real Estate Association, local governments can’t break away from the orientation and direction of "housing and not speculating", and they can’t use real estate as a tool and means to stimulate the economy in the short term. In the future, the key is to continue to implement a long-term real estate mechanism, maintain the continuity and stability of regulatory policies, and enhance accuracy and coordination.
Reporting/feedback

In the first half of the year, credit bonds defaulted by nearly 100 billion yuan, ranking first in the real estate industry.

　　The default situation of credit bonds continues unabated. According to Wind statistics, as of June 30, the default scale of credit bonds this year has reached 98.573 billion yuan, far exceeding the level of the same period last year. Among them, the overdue principal of bonds is 91.338 billion yuan and the overdue interest is 7.235 billion yuan.

　　Insiders interviewed by reporters said that the deterioration of default data in the first half of this year was mainly due to the risk exposure of several major entities such as HNA Group and Huaxia Happiness, which can be said to be the result of the accumulation of default risks in the previous period. Looking forward to the second half of the year, the default situation may continue, and the credit differentiation will further intensify.

　　At the same time, with the gradual normalization of bond market default, the redemption rate of bonds after default has also decreased year by year. Although private enterprises are still the main force of default, the scale of default of state-owned enterprises has increased rapidly. According to statistics, in the first half of 2021, the balance of default bonds of local state-owned enterprises totaled 36.411 billion yuan, accounting for 79% of the default amount of local state-owned enterprises’ bonds last year, which continued to impact the "belief in state-owned enterprises". Some analysts said that there have been two major trends in the default of credit bonds. First, state-owned enterprises with weak qualifications will become a breakthrough to break the just exchange; Second, the tail real estate company will accelerate the market clearing.

　　The scale of credit debt default has expanded.

　　Since the beginning of the year, credit bond defaults have occurred frequently. According to statistics, there were 13 new issuers who defaulted for the first time in the first half of the year, including 7 issuers in the first quarter and 6 issuers in the second quarter. However, this figure is down from 19 in the first half of 2020.

　　According to the analysis of CICC’s collection team, in contrast, the cumulative number of issuers who defaulted in the first half of this year and in the two quarters showed a downward trend year-on-year. The decrease in the number of issuers who defaulted was related to the greater efforts of supervision and local governments to maintain stability, and repeatedly stated that they had zero tolerance for malicious "evasion of debts", actively guaranteed bond payment and restored market confidence.

　　Although the number of new defaulting subjects has decreased, the scale of default has not decreased. According to the reporter’s statistics, as of June 30th, the number of defaults on credit bonds reached 120 this year, with a scale of 98.573 billion yuan, compared with 94 and 72.995 billion yuan in the same period last year. Among them, the overdue principal of bonds this year is 91.338 billion yuan, and the overdue interest is 7.235 billion yuan.

　　"This is mainly due to the risk exposure of several major defaulting entities, such as HNA Group and Huaxia Happiness, which is the result of the accumulation of risks in the early stage." A director of fixed income of a fund company told reporters. For example, in the first half of the year, a number of issuers of Hainan Airlines were ruled by the court to accept bankruptcy and reorganization applications, and all the surviving bonds were deemed to be due to breach of contract, which in turn pushed up the number and amount of defaulted bonds in the first half of the year.

　　Ming Ming, deputy director of CITIC Securities Research Institute, also told CBN: "The scale of default under the conventional caliber includes the subjects that have defaulted over the years. If their surviving bonds expire in the first half of 2021, they will also be included in this year’s default, resulting in large data. In particular, the defaults in the first half of this year included large bond entities such as Kangmei, Huaxia Happiness, Huaxin and Taihe, which led to a higher amount than the same period last year. "

　　Mingming also said that considering the risk of default in the first half of this year, it is usually compared with the first default of enterprises. In the first half of this year, the new default was 8.65 billion yuan, which was lower than 13.38 billion yuan in the same period last year.

　　Real estate default accounts for a large proportion

　　From the perspective of industry distribution, in the first half of this year, bond defaults were mainly concentrated in comprehensive, real estate, air transport, construction and engineering industries. Among them, the default scale of the real estate industry was 19.192 billion yuan, ranking first. Some insiders predict that the market-oriented clearing will be accelerated in the future under the background that the real estate regulation is not relaxed.

　　CICC’s collection team believes that this is because real estate development enterprises have the problems of large cash inflow and outflow, frequent policy regulation and tight refinancing as a whole, and naturally have the characteristics of high credit risk.

　　In fact, since 2018, with the marginal tightening of real estate financing and the arrival of the peak of real estate corporate bonds maturity, the default of real estate bonds has gradually been exposed. Especially since May last year, local regulatory policies have been tightened again, and the continuous financing shortage has stretched the capital chain of some real estate industries.

　　After the default of three real estate enterprises in the first half of this year, the institutions intensified their risk investigation on the real estate sector, and their attitudes tended to be cautious. "Some small and medium-sized housing enterprises have relatively high debt ratios, and the financing channels faced by the industry have narrowed, so they are prone to default." Macro analyst Zhou Maohua told reporters.

　　It is also worth mentioning that on July 12, Sichuan 100 billion-level housing enterprise Blu-ray Development Co., Ltd. also defaulted. The announcement shows that as of the end of the due date, the issuer failed to raise the full repayment funds as agreed, and "19 Blu-ray MTN001" failed to repay the principal and interest in full on schedule, which constituted a material breach of contract.

　　It is reported that the issuance scale of "19 Blu-ray MTN001" is 900 million yuan, with a term of 2 years. The interest rate of the bonds in this interest period is 7.5%, and the amount of principal and interest payable is 967.5 million yuan. The redemption date is July 11, 2021 (the actual redemption date is July 12, 2021).

　　Looking forward to the future credit bond market, many people in the industry expressed optimism. The aforementioned fixed income director of the fund company told reporters that it is expected that the credit default situation will continue in the second half of the year. After all, the credit financing environment has not been relaxed, and the policy has been tightening the review of urban investment bonds and real estate bonds. The performance of the credit market will be more differentiated, and the sinking of qualifications will be more cautious.

　　Zhou Maohua said that from the trend, domestic defaults will not rise sharply, mainly because the overall domestic monetary and credit environment remains reasonable and moderate, and accurately supports short-term weaknesses. At the same time, the economy and domestic demand are recovering steadily, the overall profit of enterprises tends to improve, and the market financing function is sound.

　　"We should treat the domestic bond market default rationally. A certain amount of bond default will help to find the market price, force enterprises to operate steadily, reasonably debt, and continuously improve operating efficiency; It also helps the market mechanism to play its role and promote the efficiency of market resource allocation. " Zhou Maohua also mentioned.

　　Decreasing the redemption rate of default bonds

　　As the default of credit bonds tends to be normalized, there is also a phenomenon that the payment ratio of default bonds is also decreasing.

　　According to the statistics of Zhongtai Securities, the proportion of the accumulated principal paid by default bonds to the accumulated balance of default bonds has dropped from 79.37% at the end of 2014 to 6.87% at the end of the first half of 2021; The proportion of fully paid bonds to default bonds decreased from 20% to 7.16%. This means that once the bond defaults, investors will face greater losses.

　　Generally speaking, after the bond defaults, enterprises mainly have five ways to deal with the default, namely litigation arbitration, bankruptcy litigation, self-financing repayment, debt restructuring and collateral disposal/guarantor compensation. In general, self-raised funds, debt restructuring and bankruptcy litigation are three common disposal methods, among which debt restructuring and self-raised funds have shorter redemption period and higher recovery rate than bankruptcy restructuring.

　　In addition, there are differences in default payment of different types of bonds. For example, from the perspective of the nature of enterprises, Zhongtai Securities analyzed that by the end of June 2021, 40 of the 135 private enterprises that had defaulted on bonds had partially or fully paid the defaulted bonds, with a redemption probability of 29.63%; However, local state-owned enterprises and central state-owned enterprises have higher redemption probabilities, which are 38.46% and 36.36% respectively.

　　However, in recent years, with the substantial increase in the default scale of local state-owned enterprises and the successive default of bonds issued by some central enterprise groups, "the redemption ratio of local state-owned enterprises and central enterprises according to the amount of redemption and the number of fully redeemed bonds has been lower than that of private enterprises." Zhou Yue, chief analyst of Zhongtai Securities Solid Revenue, said.

　　Specifically, in the first half of 2021, the cumulative redemption amount of local state-owned enterprises accounted for 5.03% of the bond default scale, compared with 13.95% at the end of 2018; The proportion of central enterprises is 4.20%, and it was 17.26% at the end of 2018. Zhou Yue further believes that at present, there are two tendentious problems in the default of credit bonds. First, weak state-owned enterprises will become a breakthrough to break the just-redeemed; Second, the tail real estate company will accelerate the market clearing.

Reunion dinner for Tujia boys in Hunan： the menu is ＂confidential＂, and it is dawn when eating.

My hometown is Sangzhi County, Zhangjiajie City, and I am a Tujia boy. Different from the general New Year’s Eve dinner, we usually have a reunion dinner in the early morning of the New Year’s Eve, almost as early as possible, and families will start preparing from dawn.

Therefore, every year at the reunion dinner, the family will experience the moment when the sky is bright after eating. If we are lucky, we can also hear the sound of fireworks and firecrackers set off by nearby residents during the reunion dinner. On this day, people will look forward to the good weather in the coming year, just like farmers, and they all hope that all their wishes will come true and everything will go well in the new year.

Family members have been preparing dishes for the reunion dinner since early in the morning.

When I was a child, I heard from the older generation that Tujia people have the custom of catching up with the New Year, usually having a reunion dinner on the night of the 29th of the twelfth lunar month. But as a Tujia, I have had a reunion dinner on the morning of New Year’s Eve since I was a child. Yes, this is our morning New Year’s Eve dinner.

This year is the same. Our family chose to have a reunion dinner at our third aunt’s house. It is said that three aunts and three uncles have been buying food since the beginning of the twelfth lunar month, including killing pigs from the countryside, and then finding people to smoke them into bacon and sausages. Smoked bacon can be steamed, fried and cooked, and each method is delicious.

Except for bacon, the menu of the annual reunion dinner is "confidential", and people who come to eat don’t know what to eat until the food is served on the table. This year, I asked my third aunt for a menu in advance, including: steak, steamed sausage, fried bacon, pig’s head meat, chicken hotpot, tasty fish, bacon trotters and so on.

I got up early, set out from home and walked.13I came to my third aunt’s house in minutes, and it was early morning.sixHalf past ten. Three aunts and three uncles are already busy. "Honey, thaw the pig’s trotters first, then wash them. I’ll wash those small dishes first. After you finish, then cut the sausage." Third aunt shouted.

At this time, it was just dawn outside. In the words of my composition when I was a child, it was "the sky turned into a fish-belly white". The preparation of the two people’s dishes lasted for almost an hour, and I would help them from time to time. After washing the vegetables, it was already bright outside.

It was dawn after eating, and fireworks sounded outside the house.

At this time, I came to the most important link.——Cooking. My uncle used to work in the cookhouse squad of the army, so he naturally cooked the reunion dinner. Ignite, take out the pot, burn oil and hot dishes. One by one, the ingredients change from raw to cooked in the pot, and the hot air and aroma are intertwined. Third Aunt can’t help but say, "The dishes smell good!"

fromeightAt half past ten, relatives at home knocked at the door one after another, and my brother and nephews scrambled to open the door. "Happy New Year!" Every guest who comes in will say such a sentence. In a short time, the house was full of people.

The dishes were brought to the table and the table was quickly filled. People who were sitting around the fire table smelled the fragrance and came to the table automatically. There is a special program of Spring Festival on the news channel on TV. Overseas Chinese all live the same festival belonging to China people in different places.

Our whole family picked up cups and raised their glasses to wish a happy New Year. It was cloudy that day. Although the sun didn’t come out, there were bursts of fireworks and firecrackers outside the house.——People have a reunion dinner on the morning of New Year’s Eve, saying goodbye to the old and welcoming the new, hoping for a better year.

Xiaoxiang morning herald reporter Man Yankun

News clue breaking channel: the application market downloads the "Morning Video" client and enters the topic of "Morning Help"; Or call the morning video news hotline 0731-85571188.

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Photos： exquisite photo of ice dancing beauty, youthful beauty is full of beautiful style

　　　　CCTV News: Huang Xintong is a flower skater in China. He once won the national championship in 2006-07 season, the fifth place among university students in the world, the second place in the Asian Winter Games, the eighth place in the four continents flower skating championships, the 21st place in the 2007 World Championships and the final champion of the 11th Winter Games. The picture shows Huang Xinyi’s exquisite and beautiful photo.







　　　　Exquisite photo of ice dancing beauty, youthful beauty is full of beautiful style.







　　　　Exquisite photo of ice dancing beauty, youthful beauty is full of beautiful style.

Important reminder │ It is related to New Year’s Day travel!

Goodbye 2023

Hello 2024

New Year’s Day holiday travel "craze"

I’m rushing here.

Here is a travel tip.

Please check

↓↓↓

New Year’s Day in 2024 is coming, and there will be more short-distance trips to go on road trip, friends’ gatherings and home visits, which will also increase the road traffic pressure. Here, we remind the traffic participants to know the road conditions in advance, choose the travel time, route and mode reasonably, avoid the rush hour and traffic jam-prone sections, drive carefully and travel safely.

Holiday arrangement

HAPPY NEW YEAR

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sun

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Christmas

26

fourteen

27

fifteen

28

sixteen

29

seventeen

30

have a holiday/vacation

31

have a holiday/vacation

one

New Year’s Day

2

Twenty one

three

Twenty two

four

Twenty three

five

Niansi

six

Minor Cold

seven

Twenty six

Holiday time: from December 30, 2023 to January 1, 2024, a total of 3 days. In addition, highway traffic is not free during New Year’s Day, please note, no! Free! Fee!

Weather conditions

HAPPY NEW YEAR

When driving in winter, pay attention to the weather information, freeze the foggy weather, do a good job of anti-skid in advance, slow down and keep a safe distance, do not overspeed, overload or overload, and it is strictly forbidden to drive without a license and fatigue.

Traffic flow prediction

HAPPY NEW YEAR

1. The traffic congestion pressure in the business circle will increase. At present, the theme activities of major supermarkets and entertainment venues for New Year’s Day are being vigorously carried out, and shopping, catering, entertainment and other activities are further increased during the holiday period. During the lunch and evening meals, there will be a phenomenon of slow traffic around some business districts.

2. The risk of rural road traffic safety has increased. During the New Year’s Day, it is winter, and rural areas enter the winter break and leisure time. With the approach of the New Year’s Day, people’s activities of purchasing new year’s goods are increasing day by day, and the road markets of provincial highways and counties in some countries are more prosperous, so traffic accidents are prone to occur when vehicles pass through the relevant sections of the market.

Driving tips for New Year’s Day holiday

HAPPY NEW YEAR

1. During the New Year’s Day, please try to take public transport and take the vehicle at the regular passenger station. Do not intercept the vehicle outside the station or beside the expressway, and refuse to take illegally operated and overcrowded vehicles.

2. Please pay close attention to the traffic information and traffic safety tips, understand the road conditions, easy-to-block sections and bypass routes along the way, plan the travel time and routes in advance, and try to avoid the travel peak. In case of heavy road traffic and traffic congestion, please wait patiently and queue up in turn.

3. Fatigue driving will lead to poor judgment and slow response, and increase the risk of operational errors. Please arrange the rest time reasonably to ensure adequate sleep, drive continuously for no more than 4 hours, and stop for no less than 20 minutes. If you feel sleepy and in poor condition, please choose a safe place to stop and rest.

4. When you return to your hometown on New Year’s Day, your family will be reunited and you should drink moderately. Drinking alcohol leads to slow response and slow action, and the driver’s ability to control the vehicle decreases. For the safety of you and others, don’t drink and drive!

5. When the vehicle has a minor property traffic accident, please move the vehicle to the side of the road after taking photos to fix the evidence, set a warning sign 150 meters away from the incoming direction, turn on the danger warning light, and call the police in time. Drivers and passengers should leave the vehicle and the road to avoid secondary accidents.

Original title: "Important reminder │ related to New Year’s Day travel! 》

Read the original text

Liberation of Yixian： The First Shot of Liaoshen Campaign





　　In the spring of 1948, under the strong offensive of our army, the Kuomintang troops in Northeast China retreated to three isolated areas: Changchun, Shenyang and Jinzhou. On September 20th of the same year, the Third Column, the Fifth Division of the Second Column and the First Division of the Artillery Corps of the Northeast People’s Liberation Army quickly and covertly attacked Yixian from Liaoyuan, Dongfeng and Siping areas, unexpectedly compressed and surrounded more than 12,000 enemy troops on the defensive, including the 20th Division of the Kuomintang 93rd Army, local teams and landlord armed forces, and cut off their retreat to Jinzhou, thus opening the prelude to the Liaoshen campaign. Recently, the reporter interviewed several veterans who participated in the first shot of this magnificent war.


　　There is only one goal for the army and the people.


　　Yixiang County is the hub leading to the railway intersection of Jinzhou, Chengde and Shenyang. Nearly 6 square kilometers of the county seat has an ancient city wall with a height of 10 meters and a width of 3.5 meters. There is a moat with a width of 4 meters and a depth of 22 meters outside the wall. Since ancient times, it has been the throat of entering and leaving the customs, and it is a battleground for military strategists.


　　At that time, Liu Yongzhi was the operational staff of the Northeast People’s Liberation Army (later served as the head of a artillery regiment stationed in Jinzhou). Although he is now an octogenarian, he still remembers the experience at that time. He said that the provisional 20th Division of the 93rd Army of the Kuomintang (KMT) defending the enemy in Yixian was a semi-American mechanical equipment unit trained by an American advisory group, with a total strength of more than 7,000 people, three quarters of whom were veterans, and had never been hit hard in the past. Major General Wang Shigao and Deputy Major General Runzhen Han are quite conceited about their troops. In addition, there are more than 5,000 local teams and landlords in the city. The enemy troops on the defensive are not only strong in Ma Zhuang, with excellent weapons and sufficient ammunition, but also build a large number of light machine gun positions with single bunkers on the periphery of Chengguan, build bunker groups and minefields by using independent villages and cemeteries on the periphery, transform Chengguan buildings into hidden castles, set up a large number of barbed wire, plum blossom piles, tripping ropes, etc., and dig out moats with a depth of 3 meters and a large number of light and dark shelters based on the ancient city wall, forming a vast and deep three-dimensional defense.


　　After the Northeast People’s Liberation Army completed the siege of Yixian with superior forces, in order to find out the enemy’s defense situation, it sent a small number of troops to spy on the enemy’s troops, weapons and deployment. At the same time, various departments of our army launched a powerful political offensive against the enemy on the defensive, such as shouting, distributing leaflets and sending publicity materials through various channels. "Luo Youkun, the platoon leader of the 6th Company and 3rd platoon of the 2nd Battalion, 1st Battalion on the defensive, is a young man with a sense of justice. He is extremely dissatisfied with the Kuomintang army’s rampage and oppression of the people in the county town. After carefully reading the propaganda materials of our army, he secretly got in touch with our army in the frontier position. Just a few days before the siege, he led the infantry platoon and the heavy machine gun platoon to surrender, and our army took over his position, which provided convenient conditions for liberating the county town." Liu Yongzhi said.


　　According to the information we have, our generals have made a comprehensive analysis of the war situation. Everyone agrees that there is a natural barrier of Daling River in the northwest, and the terrain in the northeast is too narrow to deploy troops. The terrain in the south of the city is open and blocked by a moat, but the terrain in the southwest is high, which is easy to observe. Although the southwest is the defense area with the strongest defensive firepower, our army can rely on the railway subgrade as a position, exert the powerful power of various artillery, and hit the defensive enemy with lightning speed. So, on September 26th, the generals decided to strengthen pre-war training and preparation while besieging and harassing the enemy on the defensive. On October 1st, they concentrated their fire on breaking through the enemy’s defense from the southwest of the city!


　　At this time, Comrade Mao Zedong issued the "Operational Policy on Liaoshen Campaign" by electrifying the whole army, which greatly boosted the morale of the commanders and fighters. While carrying out actual combat drills in specific division of labor, various units began to dig trenches one after another. The 2nd vertical and 5th divisions dug all the way from the east of Songjiatun in the west of the city to the Yugoslav capital, with a total length of more than 7,300 meters. The 3rd vertical and 8th divisions and the 9th divisions dug all the way from the enemy’s southernmost bunker group to the wall, which provided a reliable guarantee for the troops to transfer, contact and break through in combat.


　　In the pre-war preparations, the people also took active actions. In the PLA station, people steamed dry food and sent military shoes everywhere. Ma Zhancai, an old veteran of Liulonggou Township in Yixian who participated in this campaign, recalled: "At that time, more than 3,000 peasant children signed up to join the army in five days in four mountainous areas in the west of Yixian, and a new corps was formed, which could be added to the army at any time. Liulonggou donated 1.2 million Jin of rations overnight, and organized more than 3,000 stretchers to be transported with the army. Li Jingxin and other poor people in the south of the city actively took the initiative to be guides and draw maps for the siege troops … "The deep affection of the military and civilians, fish and water, flooded the land filled with smoke, and the military and civilians were united in one mind, with only one goal: to liberate Yi County and capture Wang Shigao alive!


　　Nearly 100 officers and men were left with only 17 people, and the "steel company" was born.


　　After the enemy on the defensive was surrounded, Wang Shigao, the enemy commander, was like a cat on hot bricks, and he was in a state of panic. He repeatedly asked his boss in Jinzhou for reinforcements. On September 24th, Fan Hanjie, the leader of enemy troops on the defensive in Jinzhou and the deputy commander of the Kuomintang Northeast "Suppression General", mobilized more than 4,000 troops of the 93rd Army to help Yixian in the north, only to find that he was surrounded and annihilated by my 8th and 9th columns near Qilihe River, and the surviving remnants fled back to Jinzhou.


　　Jinzhou had no choice but to send planes to bomb Yixian every day to cheer for the enemy. However, according to the command of the headquarters, our army sent a large number of small units to use the trench as a cover to attack enemy strongholds and bunkers day and night, scaring the enemy not to light up or sleep, and shooting at random at the slightest sign of trouble. Before the siege of our army started, the defensive troops were exhausted and the ammunition was running out.


　　Yang Haitian, then the platoon leader and later the division commander of a certain department in shenyang military area command, recalled: "At 10 o’clock on the 28th, Fan Hanjie sent eight planes to airdrop ammunition for defending the enemy in Yixian, which was severely bombarded by our anti-aircraft artillery group. The planes did not dare to fly low, but only threw it blindly at high altitude. Most of the ammunition fell on our positions and few floated into the city."


　　The "generosity" of the "Transport Battalion Chief" and the enemy’s defensive forces gave us all the support, which further inspired the morale of our army. The enemy’s peripheral positions were recovered inch by inch by our army, and Yixiang County was like an island, which was just around the corner. According to the general attack plan, our army must clear all the defensive positions on the periphery on the 29th and 30th. On the morning of 29th, a gap was opened in the main position south of the city by our army. A battalion commander on the defensive was killed, and the enemy was even more flustered, and it was a mess up and down …


　　At the same time, our army’s battle to conquer the outlying strongholds is going on fiercely. Wujiaxiao Temple is an important stronghold of the enemy’s western Yugoslav capital. Here, there is a reinforced battalion for defending the enemy, equipped with heavy firepower such as heavy machine guns and 60 guns, and five big bunkers, 21 small bunkers and four shelters have been built in Fiona Fang, 50 meters away from the stronghold, which are connected by criss-crossing traffic trenches, and there are back channels leading to the city.


　　The task of conquering and sticking to this strongest fortress fell on the shoulders of the officers and men of the 14 th regiment and the 10 th company of the second column of our army. This heroic company, which was awarded the title of "invincible", all the commanders and fighters were ready to go. Wang Qiang, an old veteran of Jinzhou who participated in this battle, recalled: "On the afternoon of September 30, under the cover of our army’s artillery fire, the 10th company’s blasting group blew up eight enemy bunkers in succession and controlled a large section of the wall in the southwest corner of the city. However, the enemy in the southeast corner of the bunker violently counterattacked our army, and the roaring artillery fire made people unable to look up. The deputy company commander immediately ordered Zhang Zuopei, a second class soldier and an expert in blasting, to’ blow it up!’" Zhang Zuopei, with two explosive barrels, rolled a few on the spot, detoured to the right side of the bunker’s fire port, and sounded the explosive barrel … The smoke that blew up the bunker had not been cleared, and the enemy suddenly began shelling. I lost more than half of my ten officers and soldiers, and all the platoon cadres died. In the case of losing the command of the platoon leader, the squad leader Wang Fengjiang bravely took responsibility and directed the soldiers to beat back the enemy’s six counterattacks with grenades and submachine guns. When the enemy came back for the seventh time, Wang Fengjiang and his comrades-in-arms had run out of bullets. At a critical moment, the cook Lao Gao climbed into the position with a box of 60 shells on his back. As soon as Wang Fengjiang saw it, he immediately opened the shell box, grabbed the shell and unscrewed the safety cap. He threw the shell at the enemy group, and his comrades-in-arms followed suit. The enemy left a body and fled back to the county seat. "In this battle, I even nearly 100 officers and men, only 17 people. After the war, eight people, including Wang Fengjiang, were each credited with great achievements, and the tenth company was named "Steel Company" by the column.


　　At the same time, our army’s attack on the outlying strongholds such as Nanguan, Dongguan and the railway station has also been quite fierce. In the battle against the railway station, Wang Shigao, the enemy commander, personally supervised the battle, but the stubborn enemy defenders failed to escape the fate of failure. In just over two hours, our army wiped out more than 400 people on the defensive at the station and killed the chief of staff of the first defensive regiment.


　　On the 30th, the fierce battle to wipe out the peripheral enemy troops on the defensive lasted more than 4 hours and ended successfully. Enemy at the Gates, an army of all stripes, has become a turtle on the defensive.


　　At 11 o’clock this evening, the enemy commander Wang Shigao called a meeting of all officers at or above the regimental level, and finally decided to lead the remnants to break through in the Chaoyang direction after dark on October 1, then turned to Suizhong and Xingcheng, and then moved closer to Jinzhou …


　　After more than five hours of fierce fighting, the ancient city of Yixian was conquered.


　　On the morning of October 1, 1948, in the general headquarters of the Northeast People’s Liberation Army on the mound south of Yixian County, the artillery commander Zhu Rui, the commander of the third column Han Xianchu and the political commissar of the column Luo Shunchu all waited quietly for the arrival of the general attack.


　　Liu Yongzhi, then the staff officer of the three vertical operations, recalled that at 9 o’clock sharp, Han Xianchu raised his telescope and observed the uneven ground for a while, took out his pocket watch and turned his head to say to Zhu Rui, "Time is up." At Zhu Rui’s command, cannons of various calibers roared, and 100,000 rounds of artillery shells exploded in enemy positions, fortifications, artillery towers and city walls with revenge anger. In an instant, the city wall in the southwest of the city was "torn" to open a gap more than 40 meters wide. General Zhu Rui was very excited to see this scene in the telescope and ordered the artillery to extend and shoot. At this time, the troops ambushing in the west, south and east of the city stormed the city like tigers coming down the mountain. With the cover of the corner, streets and planes, the enemy concentrated all their firepower and fought fiercely with the enemy. The eighth company of the ninth division and the seventh company of the fifth division, in order for the troops to pass through the moat smoothly, the second class of the eighth company took the initiative to undertake the task of bridging the bridge. When the bridge was just about to be completed several times, it was destroyed by the enemy, but the soldiers became more and more brave and did not flinch. The soldier Wu Xi Road was shot 13 times, and he still insisted on fighting and loudly encouraged his comrades. The soldier Liu Manchang was shot in the abdomen and his small intestine was exposed. He still threw the last Grenade in his hand at the enemy group. Xie Laitang, a soldier, was stabbed by the enemy when climbing the city. He grabbed the bloody bayonet and climbed the city wall, and put a red flag on the top of the city … In the east of the city, the soldiers of the first battalion of our army went straight to the Hujia compound where the enemy’s third regiment command post was stationed, and beat back the enemy armored vehicles several times.


　　At 12 noon, our army attacked the vicinity of the Bell and Drum Tower, and was resisted by more than 200 remnants of the enemy’s division command post. Zhang Feng, head of the 13th regiment of the Fifth Division (later commander of Lanzhou Military Region), ordered the Fourth Company and the Sixth Company to detour from both sides. The two companies threw smoke bombs and grenades into the courtyard of the enemy command post to blast the courtyard wall, and the soldiers rushed into the hospital at the same time, all of them annihilated the enemy.


　　However, among more than 1,000 prisoners of war, Wang Shigao, the enemy commander, was not seen. Zhang Tuanchang ordered the search. Finally, Wang Shigao and Runzhen Han, the deputy commander, were taken out of a hidden bomb shelter by five soldiers. Wang Shigao, who has always been arrogant and arrogant, was unkempt, dusty and disheartened …


　　At about 1: 30 pm, after fierce street fighting and hand-to-hand combat, our army captured the enemy county government, the last stronghold in the city. After more than five hours of fierce fighting, the whole battle in Yixian County finally ended successfully.


　　In the tough battle in Yixian, more than 1,100 warriors of our army left their lives on this land forever. General Zhu Rui was one of the generals who died in this battle. He was the highest-ranking general of our army who died in the war of liberation.


　　Liu Yongzhi recalled: "On October 1, the general attack on Yixian began. General Zhu Rui was very excited to see that the artillery he had created was playing so well in this tough battle. He said to commander Han Xianchu and political commissar Luo Shunchu,’ I’ll go to the front and have a look.’ Korea’s commander, luo commissar with one voice don’t let go. Zhu Rui said:’ I want to see how thick the city wall is, how many shells can be used to blast it, how to beat this ancient city wall better, and how many problems still exist at the impact point.’ The two leaders reluctantly acquiesced, but repeatedly told to pay attention to safety. When other generals of the artillery headquarters saw that Commander Zhu was going to the front, they all followed him. At this time, most of the siege troops entered the city, and the street fighting was in full swing. They came out from the headquarters and walked along a ditch. At this time, there was a remnant enemy shooting at them at the Laoye Temple in Nanguan. To prevent accidents, they went down to the bottom of the ditch and walked along both sides of the carriage road. General Zhu Rui unfortunately stepped on the mines buried by the enemy and died at the age of 43 … "

Editor: Li Yongchao

Messi’s eight golden balls will be dominated by enjoying football. Who will open a new chapter in world football in the future？

In the early morning of October 31, 36-year-old Messi won the Golden Globe Award in 2023, which was the eighth time in his career, setting a new record for the number of awards held by himself.

Messi’s 8-seat golden ball plus body according to IC photo

There is no doubt that Messi won this year’s Golden Globe Award. After all, the performance reference time of this Golden Globe Award is from August 2022 to July 2023, and FIFA World Cup Qatar 2022 is in the selection range. After leading Argentina to win the World Cup at the end of last year, Messi, who won the Golden Globe Award in the World Cup, was considered as the only winner of this year’s Golden Globe Award, not to mention that he also won the Ligue 1 and French Super Cup titles last season, and the Golden Globe Award was well deserved.

After Messi set a record of eight Golden Globe Awards, which is unprecedented and highly probable, there are two topics that the outside world is more concerned about-is this Messi’s last Golden Globe Award? Who is the next person to win the Golden Globe Award?

For the first question, Messi’s close friend Dosetti gave a positive answer on social media, saying:"The eighth and last one."Messi also said in an interview after winning the prize: "It’s incredible to win eight Golden Globes, and the rest of the time will enjoy the happiness brought by football with peace of mind." Indeed, for Messi, awards, honors and goals are no longer the goals pursued by the 36-year-old himself. He has written a legend in the history of football, and the name "Messi" has even become synonymous with football, inspiring countless young people to follow his example and bravely pursue their dreams.

For Messi, who entered the end of his career, the last player time should be to fully enjoy the game. It is for this reason that he chose to play in Miami International of the American Professional League, instead of going to Saudi Arabia for gold like Cristiano Ronaldo and Neymar. It is precisely because he is far away from the international mainstream football field of vision that it is extremely difficult for Messi to win the Golden Globe Award again in the future, unless he can lead the Argentine team to successfully defend the title in the 2026 World Cup at the age of 39. It is extremely unlikely that Messi will win the Golden Globe Award again with the performance of the AFL-he is the first Mr. Golden Globe in the 27-year history of the AFL, but he won the Golden Globe Award this year but it has nothing to do with the AFL.

Beckham presented Messi with the 8 th Golden Globe Award according to IC photo.

There are many speculations about the next Golden Globe winner. In the top three of the Golden Globe Awards, Harland and Mbappé ranked behind Messi. In his acceptance speech, Messi also mentioned two competitors, saying, "Harland and Mbappé will win the Golden Globe in the future. As I said, Harland also deserves this prize. He won the Premier League and the Champions League, and he is also the top scorer. Today, this award may be yours in the future, and I believe you will win it in the next few years! "

Of course, we can’t forget the hot Real Madrid midfielder Bellingham recently. His superb performance in Real Madrid this season has made many people regard the 20-year-old English midfielder as the next Golden Globe winner. But on the whole, Mbappé should be the biggest candidate for the "new king" of football after Messi, and besides its own strength, there is also the bonus of the French team. Now, Mbappé’s biggest shortcoming is that Paris Saint-Germain has dragged down his club data. If Mbappé can join Real Madrid in the future, it should not be surprising that he will win the Golden Globe Award in the future with the help of Real Madrid and French teams and his personal ability.

2024 is the European Cup year, and next year’s Golden Globe Awards will definitely refer more to the players’ performance in the European Cup and the Champions League. From this point of view, both Bellingham and Mbappé have great opportunities. Harland’s biggest disadvantage is that the Norwegian team has already decided to miss the European Cup in 2024. Even if it kills all sides in the club competition, it can’t appear in the European Cup, which will make Harland lose a lot of points. In the past 2022/2023 season, Harland’s performance was outstanding. He won the Champions League, the Premier League and the FA Cup with Manchester City, personally won the European Golden Boot, the Champions League Golden Boot and the Premier League Golden Boot, and was elected as the best player and the best young player in the Premier League. However, due to Messi’s performance in the World Cup, he still beat Harland.

The national team is undoubtedly the biggest shortcoming of Harland’s future "king-sealing". The overall strength of the Norwegian team is limited, and it is difficult to achieve a historic breakthrough by relying on a few world-class players such as Harland and Ed. Therefore, the biggest possibility for Harland in the future is to hit the Golden Globe Award by virtue of its performance in the League and the Champions League in the "small football year" where there is neither the World Cup nor the European Cup.

With Messi and Cristiano Ronaldo away from the mainstream league, the "Mero era" has come to an end. Even after Messi won the World Cup and eight Golden Globes, even Cristiano Ronaldo is hard to stand side by side with him in historical positioning. Next, someone is bound to open a new chapter in world football. At that time, whether it is "brilliant" or "outstanding", it is worthy of fans’ expectation.

Red Star journalist Jison

Editor Ou Peng

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A brief history of music ｜ Regretful death, the glory of future generations! Bizet never witnessed it with his own eyes.

Carmen, the composer Bicai’s opera, is one of the highest achievements of French opera in the 19th century. Strong dramatic conflicts and touching music make Carmen popular all over the world, and it is still one of the masterpieces with the highest performance rate in the contemporary opera stage.

In the second half of 19th century, a kind of "lyric opera" between "grand opera" and "comic opera" gradually replaced the dominant position of French grand opera. Most lyric operas choose touching stories, and some familiar love stories have become opera themes. Bicai’s Carmen is the work of this period.

Carmen is adapted from French realist writer Merimee’s novella Garman, which tells the love story of Carmen and officer Don Hauser in gypsy woman.

On March 3, 1875, "Carmen" ushered in the opening night at the Opera House in Paris, but the effect was not satisfactory. At that time, some critics thought that the music of Carmen was dull and boring, and stories such as gypsies and soldiers should not be put on the stage, especially the independent and uninhibited character of the heroine Carmen ran counter to the mainstream thought at that time. Facing the criticism, Bicai, a composer, was so frustrated that he even called the opera Carmen a "100% desperate failure", so he lingered painfully in the streets of Paris all night.

Surprisingly, however, the opera Carmen was highly praised by contemporary Saint-Sang, Tchaikovsky and Debussy. Saint-Sang and Tchaikovsky predicted that "in ten years, it will become the most popular opera in the world".

However, Bicai failed to wait until this day. After the failure of the premiere of Carmen, Bicai became ill from then on. Only three months later, he died of illness at the age of 37. It was once said that Bicai died of depression because of excessive grief, but serious music historians have repeatedly corrected those sentimental statements, and they gave more objective reasons: heavy smoking made Bicai’s health poor for a long time, and he was diagnosed with throat disease and suffered from it very early. When writing Carmen, Bicai was already very weak. After many heart attacks, heart failure finally took his life.

Only one year after Bizet’s death, the performance of Carmen has gradually improved, and the meticulous description of the characters’ psychology, criticism of social reality and exotic life scenes in the drama have been loved by people. With the passage of time, the artistic value of Carmen has gradually become prominent and has become a long-lasting classic.

Source: CCTV Variety Show

Reconstruction of Local History in China Ancient History

Author: Lan Yong (Professor, School of History and Culture, Southwest University)

In ancient China, there were two kinds of history, one as science and the other as culture. The former is carried out under the basic norms of traditional history for the purpose of restoring objective history. As a culture, history mainly comes from cultural demands. Under the background of the principle of "big things are not empty, small things are not limited", we should enrich and reconstruct some historical details according to our own subjective imagination. In the history of China, the reconstruction of local history played a great role in the historical gestation of culture.

The concept of "reconstruction of local history"

The recording of historical documents is often a process of "historical reconstruction", and the author records history according to his own identification of historical facts and evaluation of its nature, which is itself a reconstruction of history. In the traditional period, historical research mainly focused on grand historical narrative, and the reconstruction content of the main narrative of traditional historical research was mostly the merits and demerits of emperors and generals far away from the bottom of society and the right and wrong of upper-level institutional policies, which appeared through the face of official history and official history books. Official history and official history books often only provide a grand historical narrative or historical space construction, without paying attention to the historical details of local China. Therefore, the study of local China needs to supplement and enrich the grand historical narrative and historical space construction in the local history. In this process, the local China not only supplements and enriches the main narrative with objective historical facts, but also often realizes this reconstruction by fiction and speculation. In other words, the "reconstruction" here is also a kind of "fiction" and "fabrication". This is the connotation of "reconstruction of local history" discussed in this paper.

The author finds that "reconstruction of local history" is the most important in the historical manufacturing process as a culture, and it often becomes a cultural event in local China. In 2019, the author first put forward the discourse of "reconstruction of local history" in the article "Elegance of place names or Miscall of place names —— Reflections on the evolution of the names of two pieces of river stones in Chongqing in history", and later, through the two articles "Reconstruction of China’s traditional local history from the perspective of Jinniu Road", "The phenomenon of sages everywhere in China history" and the reconstruction of traditional local history, Here, we can further analyze the types, paths, reasons and influences of China’s "reconstruction of local history" in history, which is not only the need of historical research cognition, but also the need of cognitive reality of "reconstruction of local history".

Types of "Reconstruction of Local History"

"Reconstruction of local history" can be divided into four types: reconstruction of deeds of former sages, refinement of historical events and systems, attachment of historical place names and repositioning of mountains and rivers.

The reconstruction of the deeds of former sages is often to refine the deeds of former sages in their native land or in their native land, especially through the evolution of "landscape manufacturing" and "regional generalization", so that details become an important part of local history. For example, there are many dishes named "Dongpo" and "Zhuge" and a lot of food stories about the stories and relics of the sages such as Dayu, Zhuge Liang, Guan Yu and Su Dongpo, which are not credible, but they exist as cultural history. Similarly, the story of Zhuge Liang preparing a post is a typical case of "landscape making" in the belief of the sages in the Tang and Song Dynasties. In the fourth year of Song Jiayou (1059), Su Dongpo and Huang Tingjian met in Sibo Township, Yibin, which is a typical case of "Guan Gong fighting Qin Qiong". There are similar cases in Guizhou. In history, there are many relics of Yelang Wang in Guizhou, but most of them are attached by later generations. For example, the Yelang King Town in Changshun County is actually a wasteland site in the Ming Dynasty, which is not directly related to Yelang King.

The refinement of historical events and systems is often reconstructed under the principle of "big things are not empty, small things are not limited". "No matter what the big events are, no matter what the small ones are" is the principle of historical novel creation, but it often becomes the principle of "reconstruction of local history". For example, regarding Zhuge Liang’s expedition to the south of China, The Romance of the Three Kingdoms reconstructs Meng Huo, the most famous Han Chinese in the south of China, and not only reshapes Meng Huo into a leader of ethnic minorities, but also makes the story of Meng Huo’s seven escapes and seven runs widely circulated among the people. Up to now, there are many Menghuo City and Menghuo Temple in Southwest China. During the Xianfeng period of Qing Dynasty, the uprisings of Li Yonghe and Lan Chaoding had a great influence on Sichuan, with many records in historical documents and vivid folk stories, but most of them lacked historical science. For example, it is said that after Li Yonghe arrived in Niuzhai from Tunshang, he immediately made an alliance by burning incense in Niuzhai and chose 10 concubines. This may not be true history, but many local people believe in it.

The attachment of historical place names is also an important part of the reconstruction of local history. In the history of China, place names not only have the basic function of orientation, but also have powerful cultural functions. Speculation in the textual research of place names often reflects traditional cultural demands. Looking at the naming hypothesis of Chongqing for 500 years, we can see that the process of "reconstruction of local history" continued until modern times. Imagination and speculation are often mixed with scientific history. Fictional local history not only appears in some traditional "rustic Confucianism", but also some literary and historical experts have become practitioners of speculation on the meaning of place names in "reconstruction of local history". For example, the elegant evolution of geographical names from Wugui Stone, Tortoise Stone to Fugui Stone, Marble Stone to Birthday Stone in history is also the result of the reconstruction of many local literati in past dynasties.

In the reconstruction of local history, the repositioning of mountains and rivers is also an important type. In ancient China, the cognition of geographical space was mostly a kind of "virtual space cognition", such as the positioning expression "How many miles is a certain mountain (river) in the north (east, west, north and south)" in the traditional geographical cognition of China. If the mountains and rivers do not have obvious and special humanistic and natural signs, it is often difficult for future generations and outsiders to re-use this positioning expression to accurately recognize specific geographical points. In the period of social unrest, there is often a "geographical name inheritance fault", which leads to more cognitive errors if there is no guidance from predecessors who can locate it, and many passes, mountains and post stations in the previous generation are relocated, but their previous positions are forgotten by history and cannot be found. The author calls this phenomenon of collective displacement of place names "geographical cognitive translocation", which can also be called "overall drift of place names" From the methodological point of view, it can also be called "the reconstruction of mountains and rivers". For example, through the study of some important place names in southwest China in recent years, the author found that Shimen, Wupanguan, Tandu Mountain (Guan), Big and Small Mantianling, Chubiyi, Chijiashan, Baiyanshan, Twelve Peaks of Wushan, Guyunshan and Liangjiao Mountain all lost their location in the Tang and Song Dynasties, and the reconstructed location was completely different from that in the Tang and Song Dynasties.

The Path of "Reconstruction of Local History"

In the "reconstruction of local history" in China’s ancient history, the general principle is "big things are not empty, small things are not limited", and the reconstructed history is often supported by a grand real historical background, but the specific path can be divided into three levels: oral legend manufacturing, oral legend text, oral legend and text legend landscape.

The first level is oral legend making, which is the lowest level of historical reconstruction. Historically, almost all the historical narratives of the early subjects were passed down orally. For example, the descriptions of the Three Emperors and Five Emperors in the early days were mostly passed down from generation to generation orally. In rural areas, there are many oral histories, and there are still a lot of oral historical legends. For example, in history, there was an oral legend of Zhuge Liang who captured Meng Huo seven times, but later in Yunnan, there was an oral legend of Zhuge Liang who captured Meng Huo seven times, and none of them were recorded in the text. In the research on the acquisition of imperial wood in Ming and Qing Dynasties, the author found that the history of the Ye family’s wood acquisition was only spread among the local people, and it was not recorded in the text.

The second level is the textual legend, which is more common in the later period of traditional society. Many local histories that have been passed down for a long time are often recorded in local chronicles, genealogy, documents and inscriptions. In people’s general cognition, records in black and white are often more likely to convince people of their authenticity. For example, since the Qing Dynasty, the folk song "Shi Niu vs. Shigu", which is related to the legend of Zhang Xianzhong Jiangkou’s sinking silver, has been circulated in the oral records of Chengdu, Zigong, Jianyang, Pengshan, Nanchong, Hejiang, Dianjiang, Zhongjiang and Yibin, and has entered various texts. The phenomenon of "Xiaogan in Macheng" everywhere in the migration movement of "Huguang filling Sichuan" was originally a phenomenon of "impersonation", and many of them were recorded in genealogical texts.

The third level is the landscape of oral legends and text legends. The landscape of historical memory is the most important path in the reconstruction of local history, but it is also the most deceptive path. In people’s cognition, landscape testimony is often more convincing than written records, especially after historical precipitation of landscape manufacturing, people are more convinced of its authenticity. Therefore, all kinds of landscape relics such as Zhuge Tai, Dongpo Well and Valley Slope, as well as the names of places and things containing historical allusions (such as Zhuge Cai and Dongpo Meat) in the reconstruction of local history have an empirical effect like historical evidence for the general public.

Discrimination of "Reconstruction of Local History"

In the ancient history of China, the reasons that influenced the "reconstruction of local history" were quite complicated, which made the authenticity and scientificity of "reconstruction of local history" different. Generally speaking, fiction in "reconstruction of local history" can be divided into two categories: objective speculation reconstruction and subjective fiction reconstruction. In terms of subdivision, the objective speculative reconstruction in the "reconstruction of local history" mainly means that the reconstructor is subjectively unaware of his own cognitive deviation or error due to the limitation of knowledge background and technical conditions, such as the location reconstruction of many historical place names. However, the reconstruction of subjective fiction in "reconstruction of local history" is often subjectively made up for the political demands of ancient countries, the Chinese identity of local society and the utilitarian achievements of the people.

From the perspective of political demands of ancient countries, for the purpose of maintaining the order of the country, the rulers abolished many local "obscenities" and conferred a large number of officially recognized idols of worship, such as Guan Gong, Zhuge Liang, Jiang Shui, Minshan Mountain and Mount Tai, which were conferred by the government in history. The most important cultural orientation of native China is to integrate into China. Therefore, the fictional reconstruction of many native sages’ deeds in history is an important way to bring Chinese historical celebrities into their hometown to seek Chinese identity. Therefore, the ancient local literati in China often enjoyed the reconstruction of local history.

However, in the history of China, many legends and stories handed down from generation to generation are often true historical scenes. Due to the lack of historical documents, they can only be circulated in the form of legends and stories, which are often mixed with many fictions and speculations of "reconstruction of local history", making it difficult for people to distinguish them. For example, the legend of sinking silver in the mouth of Zhang Xianzhong River, the legend of logging by the Ye family in Hanyuan, etc., although no documentary records have been found, they have been proved to be true scenes in history through on-the-spot excavation.

Then, how to distinguish the fictional scene in the "reconstruction of local history" from the real scene spread in the form of legends and stories because of the lack of historical documents has become a great responsibility of historians. In China’s "reconstruction of local history", once the oral fictional legend has the process of "landscape manufacturing", especially after two stages of "regional generalization" and "time precipitation", the fictional legend will often gradually become "faithful history", that is to say, after hundreds of years of precipitation, the fictional historical scene will make the history as a culture and the history as a science intertwined and difficult to distinguish between true and false, thus affecting the current social and historical cognition and misleading people. In today’s rural society, many fictional legends, especially those supported by historical landscapes, are often not marked by "legend" or "legend" in language expression, but are already convinced from the subconscious mind.

As a historian, we first shoulder the responsibility of distinguishing the nature of history as a science and historical remains as a culture in the reconstruction of local history, and then improve the reliability of historical research as a science. Therefore, first of all, it is necessary to strip those parts of the reconstruction of local history from the chaotic historical phenomena and find the original and true historical scenes as much as possible. Secondly, in the real society, historians can’t completely ignore the historical remains that have been precipitated by history as culture, because such remains are often historical witnesses of various cultural backgrounds in historical periods and important historical and cultural resources, which need to be respected. Finally, historians also need to guide and standardize all kinds of practitioners who are carrying out "reconstruction of local history" and mark many fictions and fabrications, so that history as a culture and history as a science are naturally different.

Source: China Social Sciences Network-China Social Sciences News