


The banks of Huangpu River are full of splendor, which has always been a beautiful business card of Shanghai. At the press conference of 2024 Shanghai Spring Festival series activities, Zhu Xinjun, deputy director of Shanghai Greening and City Appearance Bureau, introduced that during the Spring Festival, Shanghai will continue to create a festive and peaceful holiday atmosphere with landscape lighting.
The lighting time of landscape lighting will be extended appropriately. From February 9 (Friday) to February 17 (Saturday) this year, the city’s landscape lighting will start the holiday mode. In the core areas such as the Bund, the North Bund and the Little Lujiazui area, along the Suzhou Creek, in the municipal business district, in important areas such as "one ring and two elevated roads (inner ring elevated road elevated road and north-south elevated road)", and in important single buildings (structures) such as nanpu bridge, the lighting time is appropriately extended.
Create a festive and warm night scene effect, and use colored light and dynamic light to display colorful and colorful night scene effects in the core areas, important areas and important single buildings (structures) of this city; The main media facades along the Huangpu River, such as the Port Building and the Aurora Building, will broadcast the publicity videos of the Spring Festival theme in cycles. At the same time, temporary landscape lighting will be set up around the waterfront public space, parks and public squares of "one river and one river" to support the orderly display of light and shadow works of art in important business districts and landmark buildings. For example, Xuhui District organized the Spring Festival theme light and shadow show in Xujiahui business circle, Huangpu District in Guanglu Building along Suzhou River, and Jing ‘an District in Nanjing West Road business circle. Specific arrangements can pay attention to the official information released by the greening and city appearance departments of each district.
Outdoor advertisements set off the festive atmosphere. More than 260 temporary outdoor advertisements in municipal business districts and regional commercial centers such as Nanjing East Road, Huaihai Road, Nanjing West Road, Xujiahui and North Bund will highlight the theme of the Year of the Dragon and promote the traditional culture of China through the "Year of the Year" element. In addition, traditional festival decorations such as national flags, lanterns and Chinese knots will be hung on the streets of the city to create an atmosphere of the Spring Festival.
It should be reminded that during the Spring Festival, the city does not organize the Huangpu River theme light and shadow show, so citizens and tourists are requested to make reasonable arrangements for travel.
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Huanglong Scenic Area is located in Songpan County, Aba Tibetan and Qiang Autonomous Prefecture, Sichuan Province. The main scenic spot Huanglonggou is located under Xuebaoding, the main peak of Minshan Mountain. It is famous for its "four wonders" of colorful ponds, snow-capped mountains, canyons and forests. It is the only well-protected plateau wetland in China.
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Huanglong Scenic Area is located in Songpan County, Aba Tibetan and Qiang Autonomous Prefecture, Sichuan Province. The main scenic spot Huanglonggou is located under Xuebaoding, the main peak of Minshan Mountain. It is famous for its "four wonders" of colorful ponds, snow-capped mountains, canyons and forests. It is the only well-protected plateau wetland in China.
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Huanglong Scenic Area is located in Songpan County, Aba Tibetan and Qiang Autonomous Prefecture, Sichuan Province. The main scenic spot Huanglonggou is located under Xuebaoding, the main peak of Minshan Mountain. It is famous for its "four wonders" of colorful ponds, snow-capped mountains, canyons and forests. It is the only well-protected plateau wetland in China.
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Huanglong Scenic Area is located in Songpan County, Aba Tibetan and Qiang Autonomous Prefecture, Sichuan Province. The main scenic spot Huanglonggou is located under Xuebaoding, the main peak of Minshan Mountain. It is famous for its "four wonders" of colorful ponds, snow-capped mountains, canyons and forests. It is the only well-protected plateau wetland in China.
The beautiful scenery of Sichuan before the earthquake, even though the earthquake brought irreparable losses and great sorrow to this lovely place, Sichuan is still beautiful!
Sichuan,China
Sichuan is brimming with exciting things to do.
hat means the breathtaking landscapes, vibrant culture, local food and friendly Chinese are just a wee flight away.
Though it suffered a catastrophe——the earthquake,we belived that it will be more beautiful in the future.
Related links:
At noon yesterday, after the exam, people who took the national civil service exam walked out of the examination room of Beijing Union University. Our reporter Zhang Tao photo
(Reporter Jiang Yanxin) At 9: 00 am yesterday, the national civil service examination was officially opened in 2009. The number of people taking the national civil service examination this year is about 775,000, more than 130,000 last year, and the number of candidates is the highest in the past years. Although the central authorities and their directly affiliated institutions plan to enroll 13,500 civil servants in 2009, which is slightly higher than that in 2008, the admission rate is still only 1.75%.
Candidates with low admission rate laugh at themselves as "cannon fodder"
Yesterday’s exam was arranged for administrative professional ability test (9: 00 am to 11: 00 am) and application (2: 00 pm to 4: 30 pm). Located in Muxidi, Xicheng District, the test center of Beijing No.8 Middle School Branch, the red banner indicates that the civil service exam will be held here. Although the entrance was prompted at 8: 40 on the blackboard at the school gate, from 8: 00 onwards, candidates came one after another and lined up naturally in order.
It is understood that in this year’s civil service examination, there are 95,000 candidates in Beijing, an increase of 15,000 over last year. Beijing has set up 132 test sites and 3,186 examination rooms in the city this year. This year, the proportion of the national civil service examination is 57: 1, which is more competitive than last year’s 46: 1. Many candidates who take the examination jokingly call themselves "cannon fodder".
Paying attention to the world food crisis by applying for the exam
In yesterday afternoon’s application examination, the theme of the examination questions was the food crisis. The reading materials provided by the examination paper amount to more than 9400 words. The question and answer includes seven aspects, which require candidates to summarize the causes of the world food crisis and the grain production situation in China from complicated materials. At the same time, candidates are also required to draft the Opinions on the Development of Grain Production as a functional department of the provincial government.
Zhong Jun, director of the Application Teaching and Research Section of Huatu Civil Servant Examination Research Center, said that this test closely follows social hotspots and focuses on the analysis ability of candidates and the ability to judge the effectiveness of some countermeasures in combination with the international and domestic situation.
Regarding why this topic was chosen, Zhong Jun said that food security is now a threat facing the whole world; At present, the financial crisis, oil shortage and other issues that everyone is generally concerned about are not particularly obvious around September when the exam questions are given.
The written test results will be announced in January next year.
It is understood that after the written examination of public subjects, the relevant departments will organize personnel to mark the papers, and it is expected that the written examination results will be announced in early January 2009. In order to avoid the problem of network congestion last year, this year’s candidates can also query by SMS. In addition, the interview and professional examination of the national civil service examination will be held before March 15, 2009, and the whole recruitment work will be completed before June next year.
-Related news
The exam is a serious violation of discipline for 5 years and cannot be re-tested.
(Reporter Jiang Yanxin) According to the relevant person of the National Civil Service Bureau, in order to purify the examination room environment and ensure fairness and justice, any candidate who is found by the relevant departments to be seriously violating discipline and discipline in the examination will be scored as zero, and will not be allowed to apply for civil servants again within five years. Many high-tech means have been used this year to investigate and deal with violations in the examination room. According to the relevant person in charge of the Beijing Municipal Personnel Bureau, radio signal shielding devices and radio signal monitoring vehicles have been set up in key test sites in Beijing. These devices can quickly find and accurately locate radio signals suspected of cheating, and at the same time investigate and block unknown signals and suspected cheating radio signals in time. In addition, the public security department will also strengthen the security patrol around the examination room to ensure the safety and fairness of the civil service recruitment examination.
-Key words of national examination
The examination questions are closely related to social hotspots and life.
Li Weiming, director of the quantitative relationship and data analysis teaching and research section of Huatu Civil Service Examination Research Center, said that the overall difficulty of this year’s administrative professional ability test is equivalent to last year, but the order of questions has changed. It is understood that this exam is closely related to social hotspots. The impact of the 2008 Beijing Olympic Games, the launch of the Shenzhou VII rocket, the subprime mortgage crisis and the significance of CPI are all reflected in this exam. At the same time, in the topic setting, many topics are more innovative, reflecting the timeliness and flexibility, and are closely related to life. For example, "Sima Qian and the rule of Wenjing, who was earlier"; For example, "what is the secondary meaning of the subprime mortgage crisis"; For example, "What school of thought of China was used in the’ harmony’ of the Olympic Games"; For example, "When did China’s 30-year economic system reform begin?" and so on.
Most candidates have not finished answering the questions.
There are 140 questions in the test, and some candidates report that some of the questions are too long and have too much reading. At 11 o’clock in the morning, the candidate Xiao Xia was a little depressed when he walked out of the test center of the Eighth Middle School: "The difficulty of the test questions is average, but the number of questions is too large. I only answered more than 90 questions. Other math problems can’t be solved by themselves, but they can only be blinded. It is estimated that they will be tested. " Xiao Xia said that he spent a lot of time reading books for this purpose, but unfortunately the effect was not good.
不少学生反映,两小时内要做完140道选择题,还要涂机读卡,实在没办法完成。据搜狐教育的调查显示,截至昨天中午12:00,超过5成网友认为试题难度中等,54.89%网友表示没有做完行政能力测验试题。
李委明主任表示,虽然今年依然有多数考生未答完全部题目,但和往年相比,答完的人相对较多。
专家 重考察考生分析能力
万学金路公务员研究中心专家表示,在行测考试中,今年的常识题从去年的完全考察法律常识,过渡到以国策考察为主的模式,让许多法律专业的考生显得有些“措手不及”。其中,只有6道法律常识题,而社会、经济、历史、时事题目则较大幅度增加。考试内容全面体现了考察考生知识面的广泛性,突出了对多种思维方式的考察和运用,特别是考生的分析能力成为考察重点。
同时,今年的题型保持稳定,但是给出的题干内容比往年有明显增加。总体阅读量继续增长。
本报记者 蒋彦鑫
责编:赵旋璇
On January 29th, Ministry of Human Resources and Social Security Personnel Testing Center issued "Important Tips for Professional and Technical Personnel Qualification Examination in 2024", which announced the general process of professional and technical personnel qualification examination, and predicted the registration time of some professional and technical personnel in 2024. Among them, the first-class construction engineer predicted that the registration entrance would be open from June 7th to June 28th, and the survey and design registered engineer predicted that the registration entrance would be open from August 25th to September 6th, with the first and second grades.
The original text is as follows
Important Tips for Professional and Technical Personnel’s Professional Qualification Examination in 2024
In order to help candidates successfully apply for the professional qualification examination for professional and technical personnel and provide better examination services, we are now giving tips on relevant matters for your reference.
Ministry of Human Resources and Social Security Personnel Testing Center
● Understand the general process of professional qualification examination for professional and technical personnel.
Low related information query mode
Source: China Personnel Examination Network
Shanghai Central Meteorological Observatory issued a yellow warning signal of high temperature at 08: 20 on July 8, 2022: Due to the influence of subtropical high, the temperature in this city is rising rapidly at present. It is estimated that the highest temperature in this city will exceed 35℃ today. Please do a good job in heatstroke prevention and cooling.
Current temperature
High temperature warning
—— Pay attention to heatstroke during the hot summer—
"Mid-summer"
Heatstroke is the thermal damage of the body caused by the accumulation of heat in the body when the individual exposed to the high temperature and high humidity environment (or the environment temperature is not high but there are heat dissipation obstacles) produces more heat than heat dissipation. The heat dissipation modes of the machine body include conduction, convection, radiation and evaporation. When the way of heat production and heat dissipation is balanced, the body temperature can be kept normal and stable; When heat production is greater than heat dissipation, the accumulation of heat in the body leads to the increase of core temperature and excessive sweat loss, which can lead to heatstroke. Core temperature change = body heat generation-(conduction heat dissipation+radiation heat dissipation+convection heat dissipation+evaporation heat dissipation) What kind of heat dissipation form the human body takes mainly depends on environmental conditions. Conduction, radiation and convection require a temperature difference between the skin and the environment. When the ambient temperature approaches or exceeds the skin temperature, evaporation is the only way to dissipate heat, and the amount of sweating increases obviously, which is prone to heatstroke. High humidity environment affects sweat evaporation and heat dissipation, which is also one of the reasons for heat accumulation in the body. When all four heat dissipation methods are affected, heatstroke is easy to occur.
one
Dear teammates, do you know anything about heatstroke?
Heatstroke is usually divided into premonitory heatstroke, mild heatstroke and severe heatstroke, among which severe heatstroke can be divided into heat spasm, heat exhaustion and heatstroke.
According to the diagnostic criteria of heatstroke, it was graded from three aspects: core temperature, consciousness change and clinical manifestations.
Mild heatstroke: that is, threatened heatstroke in the previous definition. Only the above symptoms of heatstroke, normal or slightly increased core temperature (< 38℃), no new disturbance of consciousness, no organ damage.
Moderate heatstroke: heat exhaustion. There is decompensation of organ dysfunction, and it can not meet the diagnostic criteria of heat stroke. It is often characterized by manifestations of insufficient blood volume, such as cold and wet skin, pale face, obviously increased heart rate, decreased blood pressure, oliguria, etc. You may have syncope, but you will regain consciousness within a few minutes without obvious neurological damage (GCS score = 15). Core body temperature increased (≥38℃, < 40℃).
Severe heatstroke: that is, heatstroke. After exposure to high temperature (high humidity) environment and/or strenuous exercise for a certain period of time, any of the following clinical manifestations appears, which cannot be explained by other reasons: ① central nervous system damage (such as coma, general convulsion, delirium, abnormal behavior, etc., GCS score ≤ 14); ② Core temperature ≥ 40℃; (3) multiple organ (≥2) dysfunction (liver, kidney, rhabdomyosis, gastrointestinal, circulatory and respiratory dysfunction, etc.); ④ Severe coagulation dysfunction or disseminated intravascular coagulation (DIC).
2
How should we deal with heatstroke?
1. Immediately terminate the training;
2. Move to a ventilated and cool place to rest;
3. Help heatstroke comrades to take off their equipment and coats, fan and sprinkle water for him to promote heat dissipation;
4. Drink 500-1000ml; of light salt water;
5. In the wild, you can use the surrounding trees and terrain to shade the sun, use your own kettle to get water, and even help your teammates immerse themselves in the water to cool down (avoid immersing your head in the water to avoid respiratory obstruction);
6. When the symptoms of heatstroke are still not improved after rest and drinking water, you should immediately ask the health personnel for help.
three
How to effectively prevent heatstroke in summer training?
Before training: half an hour before training, 200 -500ml; of boiled water or mineral water can be taken orally;
Training: In case of high temperature weather, sweating more, thirst, less urine and dark urine, light salt water should be replenished in time. Especially when there is weakness, numbness of hands and feet, dizziness, muscle spasm of limbs, etc., normal saline should be added immediately, or water and pickles should be added;
After training: add brackish water, pickles and slightly salty soup in time.
four
"Hot acclimatization" training, find out.
Thermal acclimatization is a special training to adapt to high temperature and high humidity environment based on physical training, which should be carried out every year before entering summer (mid-April), especially when the local temperature suddenly rises.
The temperature of thermal acclimation environment should be higher than 30℃. If the temperature is not enough, local high temperature environment can be created by increasing clothes. Thermal acclimatization requires continuous training for 10-15 days, 1.5-2 hours a day, and the exercise time can be reached in several times, but each time it should not be less than 50 minutes.
Training can be carried out through various forms of aerobic exercise, such as long-distance running, basketball, football and other ball games, with or without load training, etc. Training must reach a certain intensity, such as heart rate reaching 130-150 beats/min, sweating, etc.
After heat acclimatization training, the body’s body temperature regulation and organ protection ability can be greatly enhanced.
five
Choose a scientific and reasonable training opportunity
Personal factors: Know your physical condition before training and do what you can. Especially for those who are not systematic in early training, have fever, diarrhea, stay up late, etc., we must scientifically allocate physical fitness and make a reasonable plan.
Environmental factors: evaluate the environment before training. The meteorological threshold of heatstroke is daily average temperature > 30℃ or relative humidity > 73%. When the conditions of temperature and humidity coexist or one of them increases obviously, the incidence of heatstroke increases. When the daily maximum temperature is ≥37℃, the number of people suffering from heatstroke increases sharply.
Training factors: When the environment is hot and humid, when the probability of heatstroke increases, the training intensity should be adjusted reasonably, and comfortable and breathable clothes should be worn during training, and the rest time should be arranged reasonably before and after training. When arranging training, we should pay attention to strengthening medical support, carrying heatstroke prevention and cooling drugs, oral rehydration salts, commonly used injections and drugs, and carrying ice packs, thermometers and pulse oximeters for monitoring.
six
Tips of "Cool" for heatstroke prevention and cooling in summer.
Heatstroke is very common in the training of fire fighting in summer. It looks like a minor illness, but it also hides a big hidden danger. You must not take it lightly. In addition to the series of related knowledge mentioned above, I have a little hint:
Teammates can’t simply drink a lot of mineral water or pure water after training, so they must pay attention to the supplement of electrolytes.
Because a lot of sweating will cause a lot of electrolyte loss, simple hydration will cause low potassium and sodium, which will cause weakness, numbness of hands and feet, and in severe cases, heat spasm, coma, and even cardiac arrest, so timely supplementation of light salt water is the best choice.
Original title: "Today’s Shanghainese collective" sauna "mode, how far are you from heatstroke? 》
Century Park is one of the top ten bird-watching places in Shanghai, with more than 100 species of birds observed throughout the year. Although it is a gloomy winter, you can see many birds when you look closely.
Black-headed wax-billed finches come to Shanghai for winter every year, and this winter is a year with a large number. Many parks have records of black-headed wax-billed finches. Black-tailed wax-billed finches can be seen near Bird Island in Century Park. They have a taupe overall color scheme and a waxy yellow beak. Although they are only small songbirds with a body length of about 18 cm, they are full of vitality. Despite their small size, they are full of endurance, and they will always be vigilant even when resting in the wild.
At the beginning of the month, birdwatchers once saw an ordinary crake near Jingtian Lake in the park. Since then, news has spread like wildfire, and almost every day, people wait patiently in that area to see its face.
One day, a bird-watching enthusiast saw the ordinary crake slowly coming out of the gap between the reeds, stopped for a while, and then got into the dense reeds and disappeared.
Listening to the chirping of birds’ branches and watching them fly, Century Park has attracted many birdwatchers to watch and photograph birds in the park. Bird watching in Buddhism is not only a relaxing enjoyment, but also an unexpected gain and the joy of looking back suddenly.
Century Park is a place where birds are singing and flowers are fragrant. Because of its good ecological environment, it attracts all kinds of birds to settle down or spend the winter in Century Park every year. As more and more birds are willing to choose to rest in Century Park, birds and human beings live in harmony and become a beautiful landscape.
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.