Former Xiong’an concept leader Jinghan shares11.6 billion Marry Chinese Olympic Garden

FormerXiong’anconceptleaderJinghanshares11.6billion”Marry”ChineseOlympicGarden
Therealestateindustryhasaddedanother”marriage”,theformerXiong’anconceptleaderJinghan(000615)isaboutto”marry”ChinaAoyuan(03883).OntheeveningofApril7,ChinaAoyuanannouncedthatitssubsidiaryGuangdongAoyuanplannedtomakeapriceof11.600millionshareswereacquiredbyJinghan29.99%equity.Ifthetransferissuccessfullyimplemented,thecontrollingshareholderofJinghanwillbechangedtoGuangdongAoyuan,andtheactualcontrollerofthecompanywillbechangedfromTianHantoGuoZiwen.Atpresent,themarketvalueofJinghansharesisabout34.6.6billionyuan.FoundedinGuangzhou,ChinaAoyuanhastemporarilyexpandedfromaregionalhousingcompanytothewholecountry.ItsbusinessscopecoversSouthChina,EastChina,BohaiRimandotherregions.TheacquisitionofsharesinJinghanthistimemeansthatChinaAoyuanisabouttotakechargeofanA-sharelistedcompany,butChinaAoyuandeniesthe”plantoreturntoA”.TheearliestisthatastheleadingstockoftheXiong’anconcept,Jinghan’sinitialmainbusinessiserraticanddifficulttochange.Itoncetriedtoenterthehealthpensionfield.In2018,itbegantodeploythegreenfiberbusiness,butithasslowlyreplacedproduction.11.600millionUSdollars”marry”ChinaAoyuanJinghansharestheactualcontrollerwillchangeintheafternoonofApril7,Jinghansharesissuedamajoreventsuspensionannouncement,intheannouncement,JinghansharessaidthatthelistedcompanyholdingsharesTokyoHanHoldingsTheGroupCo.,Ltd.isplanningtoallocateequitytransfertargets,andintendstotransferthesharesitholdstothecompany’stotalsharecapitalintherangeof25%-30%(excluding)tothestrategicinvestoragreement.Thismattermayinvolvechangesinthecompany’scontrol.Thewell-knownstrategicinvestorunveiledthatnight-thatis,themomentumhasbeenfierceinrecentyears.Inthe2019performanceconference,hesaidthathewillchoosehigh-qualityprojectsforthemergerandacquisitionofHongKong-listedChineseAoyuanfrom2020to2021.ChinaAoyuanwasestablishedin1996andwaslistedontheHongKongStockExchangein2007.Itsbusinessinvolvesrealestate,commercialrealestate,culturaltourism,healthylivingandothersectors.Ithasbeendeployedin80cities,anditsbusinessscopecoverssouthernChina,easternChina,andcentralandwesterncores.AreaandtheBohaiRimarea.ThedevelopmentmomentumofChina’sAoyuandevelopingcountriesisstrong.StartingfromtheGuangdong-HongKong-MacaoGreaterBayArea,ChinaAoyuanisgraduallyrealizingthefullcoverageofthefirst-tiercitiesinthenorth,north,Guangdong,andShenzhen.Amongthem,mergersandacquisitionshavebeenthecompany’smainwaytoincreaselandreserves.In2019alone,ChinaOlympicGardenaddedatotalof87newprojects,withanewly-developableconstructionareaofapproximately16.09millionsquaremeters,ofwhich79%wereM&Aprojects.Withfullacquisitionproceeds,ChinaAoyuanachievedrapidgrowthandachievedpropertycontractsalesfrom256in2016.2billionyuanroseto1180in2019.600million,rankingamongthetop30nationalsales.Obviously,inthe2019financialreport,ChinaAoyuansaidthatitslayoutinsouthernChina,thecentralandwesterncoreregions,easternChina,theBohaiRimregionandoverseasregionsaccountedfor42%,27%,17%,10%,4%.ItcanbepolishedfromthedatathatChinaAoyuanaccountsforarelativelysmallamountinNorthChina.ForChinaAoyuanwhowantstogrowintoanational-scalehousingcompany,itneedstoincreasethelandreservesinNorthChina,andJinghanholdsatotalof18projectsItismainlylocatedinBeijing,Tianjin,Chongqing,Chengdu,Nanjing,Taiyuan,GuangdongProvince,HebeiProvinceandotherplaces.Thetotalavailablesaleableconstructionareaisabout123.70,000squaremeters.Facedwithmanyspeculationsinthemarket,ChinaAoyuandeniedthe”backtoA”plan.ChinaAoyuansaidthatafterthecompletionofthisacquisition,JinghanwillbecomeasubsidiaryofChinaAoyuan,therebyfurtherenrichingthecompany’slandreservesandincreasingtheproportionoffirst-andsecond-tiercities,whichwillhelpdeepentheareawhereitislocated,increasemarketshareandInfluence.Accordingtopreliminarysources,asa100billion-levelemergingenterprisegroup,ChinaAoyuanhascorecompetitiveadvantagesinthemainrealestateindustry;Jinghanshareshigh-qualitylandstorageresourcesandcangraduallyreplacethehealthindustrytoacceleratestrategictransformation.Obviously,Jinghan’snavyiscontrolledbyXiong’anFushangTianhan.Afterthetransaction,GuoZiwenwillreplaceTianhanastheactualcontrollerofJinghan.AccordingtotheannouncementofChinaAoyuan,priortothisacquisition,JinghanHoldingsandJianshuiTairongeachownedapproximately37sharesofJinghan.04%and3.With88%oftheshares,TianHanCommunistPartycontrolsabout40sharesofJinghan.92%equity.Uponcompletionoftheacquisition,ChinaAoyuanwillindirectlyholdJinghansharesthroughGuangdongAoyuan29.99%equity.Basedonthiscalculation,theproportionofsharesheldbyTianHananditsconcertedpartiesinJinghanwasreplacedbyabout40.92%recognized10.93%,Jinghansharescontrolwillchange.TianHanbecamefamousasthe”richestmaninXiong’an”threeyearsagowiththeXiong’anNewDistrict.AccordingtodatafromDongfangFortune.com,themarketvalueofJinghanis10.8billionyuan,andtheoperatingincomewas42in2016.400millionyuan,netprofit1.0.9billion.The2016annualreportshowsthatTianHanandhiswifehold51sharesofJinghan.77%oftheshareshaveamarketvalueofapproximately5.6billionyuan.In2016,JinghanshareslandedonAsharesthroughbackdooring.ButforJinghanshares,TianHanmayhaveretreatedasearlyaslastyear.ThedatashowsthatfromNovember2019toMarchthisyear,hehasgraduallyreducedhisholdingofJinghansharesthroughJianshuiTairong4.98%oftheshares.ThetransformationofJinghan’sshareswas”unfavorableforyears”,andChinaAoyuanenteredtheBeijing-Hanshares,whichwouldberegardedastheleadingstockoftheXiong’anconceptbytransfusionof500millionbloodtransfusions,toavoid”failureforyears”.Jinghansharesdisclosedthatafterthecompletionofthistransaction,ChinaAoyuanwillinjectliquiditysupportofnotlessthanRMB500millionintoJinghansharesthroughborrowingorfinancingassistance.Repaythetargetcompany’soverduefinancialinstitutiondebtsandpayfortheguaranteeoftheproject’snormaloperationresponsebudget.Choicedatashowsthatasoftheendofthethirdquarterof2019,Jinghan’sassetsandliabilitieshavereplaced78.38%,currentassetsincome88.01%,thecurrentratioisonly1.24.Thequickratioisonly0.34.Intotal104.OfthetotaldebtofUS$7.4billion,currentdebtwas92.1.8billion.Inaddition,asofnow,thecompany’sheadquartersholdingstockTokyoHanHoldingsGroupCo.,Ltd.hasgraduallypledged2.9billionshares,accountingfor37ofthecompany’stotalshares.04%,accountingfor100%ofitsshareholding.Jinghan’s2019performanceforecastshowsthatthecompanylastyearexpectedaprofitof10millionto20millionyuan,ayear-on-yeardeclineof87.29%to93.64%.TheperformanceoftheAirForceandJinghanCompanyhasexperienceda”cliff-style”decline.Thedatashowsthatfrom2016to2018,Jinghan’sattributablenetprofitwas1,respectively.0.9billion,3.0.9billionand1.At57trillionU.S.dollars,asofthethirdquarterof2019,thecompany’sattributablenetprofitwasrecordedaszero.4.3billionyuan.AstheleadingstockoftheXiong’anconceptinthepast,Jinghansharesonceattractedtheattentionofthecapitalmarketbecauseofthislabel.In2017,Jinghansharesroseto26alltheway.85yuan/share,butasofApril9,thereporterissuedareport,Jinghanshareshavefallento4.31yuan/share.Jinghan’sofficialwebsiteshowsthatthecompanywasfoundedin1996andisheadquarteredinBeijing.ItisanA-sharelistedcompanywithanationallayoutanddiversifieddevelopmentinthefieldsofhealthcare,greenfiber,themetowns,healthyhousing,andconstructionengineering.ThereisnodoubtthatJinghansharesareacceleratingstrategictransformationtoreplacerealestate,butrealestateisstillanimportantsourceofrevenueforJinghanshares.Thedatashowsthatin2017,2018andthefirsthalfof2019,Jinghan’srealestatebusinessaccountedfor74%oftheoperatingincome.93%,73.26%and72.77%.Underthesloganofsplittingrealestate,JinghanCo.,Ltd.seekstransformation,andpubliclystatedthatitwillgraduallywithdrawfromthetraditionalrealestatebusinessthereafter,focusingonR&Dandmanufacturingofnewmaterialsandgreenfiberrelatedindustries.However,the2019performanceforecastshowsthatthecompanyhasnotincreaseditsrealestatebusinessrevenueduetostrategictransformation,whilethetransitionalgreenfiberprojectisstillunderconstructionandhasnotyetgeneratedrevenue.Sauna,NightNetEditorZhangZeyanChenLiproofreadingLiXiangling

Liu Shijin: The focus of the rescue should be on low-income people who recommend subsidizing one month ‘s income

LiuShijin:Thefocusoftherescueshouldbeonlow-incomepeoplewhorecommendsubsidizingonemonth’sincome
AccordingtothelateststatisticsreleasedbyJohnsHopkinsUniversityintheUnitedStates,thenumberofnewlydiagnosedcasesofnewcoronarypneumoniaintheworldisapproaching2million,andtheWHOrecentlyfoundthattheepidemichasnotyetreacheditspeak.Theoverseasepidemiccontinuestospread,andtheChineseeconomycontinuestobeunderpressureduetothis.HowtotreattheimpactofthissecondwaveofoverseasepidemiconChina’seconomy?WhatistheexpectedgrowthofChina’seconomyin2020?LiuShijin,formerdeputydirectoroftheDevelopmentResearchCenteroftheStateCouncil,believesthatthesecondwaveofshockswillbemuchlongerthanthefirstwaveofshocks,andtheprobabilityofgrowthimpairmentwillexceedthatoftheformer.China’seconomywillhavetoshiftfromaconventionalgrowthmodelThe”warepidemicgrowthmodel”oftheperiod.”Mostcanachieveagrowthofabout3%,whichisabigvictory.””LiuShijinalsosaidthatinthecaseofchangesinthegrowthbackground,theassessmentofgrowthtargetsshouldalsobeadjustedaccordingly.Itisrecommendedtoadopta”relativelyrelative”assessmentmethod,whichistousetheratioordifferencebetweenChina’sgrowthrateandtheworld’saveragegrowthrate.”Iftheworldgrowthrateis-2in2020.5%,3%inChina,and5inrelativeterms.5%ishigherthanlastyear.”Inthefaceofcomplexdomesticandforeigneconomicindicators,howtopositionthepolicy?LiuShijinsuggestedthatshort-termpoliciesshouldfocuson”recovery”,”rescue”and”risk-avoidance”,andthefocusoftherescueassistanceisonsmallandmedium-sizedenterprisesandlow-incomepeople,thusrelyingonfiscalpolicytoexertforce.Thefocusofhedgingistopreventthefinancialsystemfrombeingshutdownandchaoticduetoliquiditytensions.Chinashouldhavetheabilitytokeepmonetarypolicynormalwithouthavingtofollownegativeinterestrates.LiuShijindidnotexpectthatatthisstagetoachievesteadyeconomicgrowth,firstandforemostissteadyconsumption,especiallyresidents’consumption,whileinfrastructureinvestmentcannotstabilizetheoverallsituationofChina’seconomy.Sohowtopromoteconsumption?Hesuggesteddirectsubsidiesforlow-incomegroups.”(Subsidies)cannottaketheform,drizzle,andhavealargeenoughamounttoreachthemonthlyincomeorconsumptionleveloflow-incomepeople.”Inthemediumandlongterm,howcanreformbeusedtostimulateeconomicgrowthmomentum?LiuShijinbelievesthatsubstantialdeepeningofreformisthebeststimuluspolicy.TheaccelerateddevelopmentofmetropolitanareasandurbanagglomerationsisthelargeststructuralpotentialofChina’seconomicgrowth.Itisnecessarytopromotetheconstructionofmetropolitanareasthroughthereformoffactormarkets.”Theoutstandingproblemofinfrastructureinvestmentisthewrongplaceandmechanismofinvestment.Inthemetropolitanarea,thereislittlechanceoferror.””Transitionfromaconventionalgrowthmodeltoa”warepidemicgrowthmodel”foralongperiodoftime”SaunaNightNet:Theimpactofoverseasepidemics,asoneofChina’seconomictroika’sexportpressure.HowdoyouviewtheimpactofoverseasepidemicsontheChineseeconomy?LiuShijin:First,thesecondwaveofimpactcannotbeunderestimated.Atthebeginningofthisyear,China’seconomywasfirsthitbytheepidemic.Theeconomyalmoststoppedformorethanamonth,anditisnowgraduallyrecovering.However,theoverseasepidemicsituationisinastateofrisinganxiety,andingeneralthereisnoturningpoint.AccordingtothelatestestimatebytheWTO,theimpactofglobaleconomicgrowthonthetiltofthegroundin2020willbereducedby-2.5%to-8.8%,exportgrowthrateis-17.1%to-40.9%,theimportgrowthrateis-14.5%to-33.8%.China’sexportsfell11quartersinthefirstquarter.4%,importsfellby0.7%.Afterthesecondquarter,itisexpectedthattheimpactofoverseasepidemicsonChina’simportsandexportswillintensifyandwillbecomethesecondwaveofimpactontheChineseeconomy.Relevantresearchconclusions,China’simportsandexportsareexpectedtoappear15%-20%substitution,ofwhichthedeclineinservicetrade.ThereisaviewthatbecausenetexportsaccountforarelativelylowshareofGDP,aslongasnetexportsdonotexhibitlargenegativegrowth,theimpactondomesticgrowthislimited.Thisistrueundernormalgrowth,butiftheshort-terminternalreductionofexportsistoolarge,resultinginthesuspensionofalargenumberofexportenterprisesandproduction,itwilldirectlyaffectdomesticconsumption,investmentandemployment.Byexpandingthebudgetanalysiscanbepolished,adeclineinexportsandamergerwillaffect0.2nominalGDP.Accordingtorecentinformation,therehasbeenasteepdeclineinordersfromforeigntradecompanies.Theimpactofthe2008internationalfinancialcrisisontheChineseeconomyalsoconfirmedthis.Atthattime,exportsfellby30digitsfromahighpoint,drivingGDPdownby7subdivisions.Whenthesecondwaveofshocksalleviatesdirectlydeterminesthetrendoftheinternationalepidemic,andtherearethreegreatuncertaintiesintheinternationalepidemic.First,theUnitedStates,Europe,Japanandothercountrieshaveshowninflectionpointsafterthereduction,butunderthecurrentcontrolmode,itmaybedifficulttocleartheminashortperiodoftimelikeChina,andtherewillbeafairlylongtail;Third,whethertheepidemicwillexistacrossyearsorevenforalongtime.Inthiscontext,thesecondwaveofshockswillbemuchlongerthanthefirstwaveofshocks,andthegrowthandimpairmentwillalsoexceedtheformer.Iagreewiththestatementthattheendoftheglobalepidemicdoesnotmeanthecountrywheretheepidemicended,buttheworstcountrybecauseweareonthesameinterconnectedearth.Becauseofthis,wewillhavetofaceandadapttotherealitythatwehaveshiftedfromtheconventionalgrowthmodeltothe”warepidemicgrowthmodel”foralongperiodoftime.Thesalientfeatureofthisgrowthmodelistheneedtopaya”warepidemicdiscountcost”,whichmeansthatsomeresourcesmustalwaysbeallocatedtointernalanti-rebound,externalanti-input,andtheeconomyisdifficulttooperateatfullhorsepowertoachievepotentialadvantages.”China’seconomicstrengthcanachieveagrowthofabout3%isagreatvictory.”SaunaNightNet:Afterswitchingtothewarepidemicgrowthmodel,howisChina’seconomicperformanceexpectedin2020?LiuShijin:Aftershiftingfromtheconventionalgrowthmodeltothe”warepidemicgrowthmodel”foralongperiodoftime,itmeansthatthebackgroundofChina’seconomicgrowthin2020willchangealot.Acontractionof-5%isexpectedinthefirstquarterandreturnstoacertainpositivegrowthrateinthesecondquarter.Withoutconsideringthesecondwaveofshocks,assumingthatthethirdandfourthquartersaresupportedbyreboundsandstimulusfactors,itmaybehigherthantheprevioustwo.Inthisrespect,ithasreachedagrowthofabout8%.However,iftheimpactofthesecondwaveofshockistakenintoaccount,ifthereare2-3exchangeimpairments,thegrowthofabout3%canbeachieved,whichisabigvictory.Inthecontextofadeepglobaleconomicrecession,suchagrowthrateisveryrare.Itcanbesaidthattheexpansionof3%underthe”warepidemicgrowthmodel”willgreatlyexceedthegoldcontentof6%undertheconventionalgrowthmodel.Theassessmentofgrowthtargetsshouldalsobeadjustedaccordingly.Itisrecommendedtoadopta“relativelyrelative”assessmentmethod,whichistousetheratioordifferencebetweenChina’sgrowthrateandtheworld’saveragegrowthratetoassessthegrowthoftheChineseeconomy.ThebasicbackgroundofadoptingthismethodisthattheChineseeconomyhasbeensubdividingandintegratingtheglobaleconomy,andtheimpactoftheepidemicisalsoglobal.Comparedwithpreviousbenchmarks,ifthisratioisstableorrising,itindicatesthatChina’seconomicperformanceisgood,otherwiseitispoor.Takingthedifferenceasanexample,theaveragegrowthrateoftheworldeconomyin20192.9%,Chinais6.1%,therelativeintensityis3.2%;iftheworldgrowthrateis-2in2020.5%,3%inChina,and5inrelativeterms.5%ishigherthanlastyear.Oneadvantageofthisassessmentmethodisthatitdoesnothavetobetooconfinedtopreviousgrowthtargets,especiallytoavoidusingexcessivestimulationmethodstoachievethegoalssetundertheconventionalgrowthmodel.Inthecontextofthewarepidemicgrowthmodel,scientificallyandpracticallyformulateandImplementgrowthgoals.”Chinahastheabilitytokeepitsmonetarypolicynormalwithouthavingtofollowanegativeinterestratepolicy.”SaiYewang:Withchangesinthecontextofeconomicgrowth,howtopositionshort-termmacroeconomicpolicies?LiuShijin:Theshort-termpolicyshouldbeadaptedtothecharacteristicsofthiseconomicshock.Thislarge-scaleeconomicgrowthwasanunexpectedsuperexternalshock,notaproblemwithintheeconomy,suchasseriousshortageofdemandandexcessiveleverage.Thisisdifferentfromthepreviousfinancialoreconomiccrisis.Thereareabsolutelytwofactorsineconomicrecovery,oneisthedurationoftheepidemic,andtheotheristhedegreeofimpairedproductioncapacity.Ifthedurationoftheepidemicisnotlongandtheproductioncapacityislimited,aV-shapedreboundmayoccuraftertheepidemic;ifthedurationoftheepidemicisprolongedortheproductioncapacityisseriouslydamaged,thereboundwillnotbesoeasy.Inadditiontocontrollingtheepidemicsituationasquicklyaspossible,recoveringdamagedproductioncapacityandimprovingprotectionarethefocusofshort-termpolicies.Theshort-termpolicyshouldfocuson“recovery”,“rescue”and“riskavoidance”.Recoveryistoreconnecttheinterruptedsupplyanddemand.Somepeopleexpandthedemand.Infact,thetoppriorityistorestorethedemand.Theassistancehelpscompaniesandindividualswhoareinadifficultsituation,andevencannotsurviveforafewdays.Thefocusisonsmallandmedium-sizedenterprisesandlow-incomepeople.Riskavoidanceistopreventandcontroltherisksthatmaybecausedbyexistingstructuralconflictsintheeconomy,topreventoldconflictsfromcausingnewproblems,andthefocusistopreventthefinancialsystemfrombeingshutdownandchaoticduetoliquiditytensions.Fromthisperspective,thefocusoffiscalpolicyisbailout.Thestatehasdecidedtoissuespecialnationalbonds,andthefundsraisedshouldbemainlyusedforbailouts.Thefocusofmonetarypolicyisriskaversion.ItshouldbesaidthatthistimetheFedrespondedfairlyquickly,byprovidingsufficientliquiditytostabilizeexpectationsandpreventchaosorevencollapseofthefinancialsystem.Ofcourse,thepriceisalsohigh.Chinahasadoptedaproactiveandeffectivepolicy.ThefinancialdataforMarchhascomeout,andwecanseethatthesocialfinanceindexhasrisensignificantly.Whentherealeconomydeceleratessuddenlyandalmostshutsdown,onlyincreasingtheinjectionliquiditycanguaranteethecontinuousoperationoftheeconomy.However,thedifferencebetweentheChineseeconomyanddevelopedeconomiesisthatthetwoareatdifferentstagesofdevelopment.Chinastillhasconsiderablestructuralgrowthpotential.Thestimulustotheeconomymainlydependsonstructuralpotentialratherthanmacro-policy.Therefore,ChinashouldalsobeabletomakeMonetarypolicyremainsnormal,withouthavingtofollowtogetnegativeinterestrates.”InfrastructureinvestmentcannotstabilizetheoverallsituationofChina’seconomy.Thefocusofsteadygrowthissteadyconsumption.”SaunaYewang:Specifically,whatshouldbethefocusanddirectionofshort-termpolicies?LiuShijin:Therearethreeissuesthatneedattentioninshort-termpolicies.First,steadygrowthisthefirstandthefocusistostabilizeconsumption.Theeconomicgrowthrateweencounteredbefore,thefirstthingwethoughtofwastospendmoneyoninvestment,especiallyoninfrastructureinvestment,whichwasrelatedtothegrowthstageandeconomicstructureatthattime.In2008,inresponsetotheimpactoftheinternationalfinancialcrisis,afourtrillionstimulusplanwasimplemented.Investmentaccountedfor62%oftheGDPincreaseintheexpendituremethodthatyear.8%,theproportionofconsumptionis42.5%.By2019,theproportionofinvestmentintheGDPincreaseintheexpendituremethodhasdroppedto17.2%,theproportionofconsumptionroseto66.9%,theproportionofresidents’consumptionis49.5%.Thissetofdatashowsthatatthisstageofsteadygrowth,firstandforemostistostabilizeconsumption,especiallyhouseholdconsumption.Ifthisbigheadisnotstable,thewholeeconomywillnotbestable.Investment,especiallyinfrastructureinvestment,hasturnedintoasmallhead,andthesmallheadcannotholdtheoverallpicture.Second,directlysubsidizelow-incomegroups.Thisisadoubleroomdirectlyderivedfromsteadyconsumption.Whethertodirectlyissuemonetarysubsidiesoraccumulateconsumptioncouponswithouttoomanyrestrictionscanalsobediscussed.Thegeneralpracticeofsummingupisdirectmonetarysubsidies,whicharesentdirectlytotheresidentaccount.Ourweaknessisthattheinfrastructureforidentifyingandsupplementinglow-incomepeoplehasnotbeengenerallyestablished.Withthedevelopmentofdigitaltechnologytothecurrentlevel,itshouldnotbedifficulttoengageinthis”newinfrastructure”.Thecurrentdemandalsoprovidesashortcoming.Intheshortterm,youcanuseexistingchannelinformation,suchaspoorpeopleinpoorareas,low-incomepeopleintheurbansocialsecuritysystem,andindividualtaxdeclarationsystems.Atleastthreepointsshouldbepaidattentiontothissupplement:itreallysupplementsthelow-incomepeople;itshouldbeconsumedmore;itshouldnottaketheform,drizzle,andhaveanappropriatelargeamounttoreachtheincomeorconsumptionlevelofthelow-incomepeopleasmuchaspossible.Arelatedissueofcognitionshouldalsobediscussed.Wecannotsimplythinkthatthedirectsubsidytolow-incomepeopleistogivebenefitsandraiselazypeople.Seendirectly,subsidiescanstabilizeconsumptionandincreasegrowth,andpartofthecompensationwillbeconvertedintocorporateincomeandgovernmentrevenue.Fromtheperspectiveoftheeconomiccycleprocess,thecompensationforthelow-incomegroupisreduced,theincomegapisreduced,protectionisimproved,andhumancapitalisimproved,becausethelow-incomegroupisbothaconsumerandaproducer,andistheproducerwiththelargestroomforhumancapital.Third,itisnecessarytoleaveenoughammunitiontotheforeigntradetrappedenterprisesunderthesecondwaveofimpact.Theresourcesoftherescueenterpriseshouldbeusedinabalancedmanner,andthebulletscannotbefinishedatonce.Thesecondwaveofshockhasjustbegun,anditisunclearwherethefrontandthetailare.ExportenterprisesareoneofthemostdynamicandcompetitivepartsoftheChineseeconomy.Iftheseenterprisesfall,thedamagetotheChineseeconomyisdifficulttoestimate.Itisnecessarytoplacethebulkofaidresourcesinthisarea.Directsubsidiesforlow-incomepeoplecanalsobecombinedwithassistancetoforeigntradecompanies.Foremployeesundercertainincomelevelsinforeigntrade-strickenenterprises,thegovernmentsupplementsacertainamountofsupplementstohelpenterprisesstabilizetheirworkforce,sothattheycansimultaneouslyincreaseconsumption,reducecosts,stabilizeemployment,andmakepoliciesworkbetter.”Substantiallydeepeningreformisthebeststimuluspolicy”SaunaYewang:YouhavebeenworkinghardtotapthepotentialoftheChineseeconomythroughreform.Inthemediumandlongterm,howcanreformbeusedtostimulateeconomicgrowthmomentum?LiuShijin:Eveniftheeconomyrecoversbetter,ahardgrowthgapwillremain.Theaforementioned”warepidemiccostdiscounts”mustalsobecoveredbynewdemand.Howtostimulatenewgrowthmomentumisaproblemtobesolvedbythemedium-andlong-termpoliciesthatcomplementtheshort-termpolicies.Inthenextfivetotenyears,therapiddevelopmentofmetropolitanareasandurbanagglomerationsisChina’slargeststructuralpotentialforeconomicgrowth.Inafashionablesaying,itisa”newoutlet”forChina’seconomicgrowth.Itisnecessarytopromotetheconstructionofthemetropolitanareawiththereformofthefactormarket.Theso-calledmetropolitanarea,intermsofspatialform,isaone-hourcommutercircle,orwithin50-70kilometersaroundtheexistingcorecity(differentgeographicalenvironmentshavetheflexibilitytointerfere),andthedevelopmentofsmalltownsorseveralsmallcitiesisconnectedtoeachother.Afterwards,anewurbannetworksystemwasformed.Ingeneral,thedevelopmentofthemetropolitanareafocusesonthedevelopmentofthe”circle”.Byresolvingthestructuralcontradictionsofcorecities,expandingurbanizationspace,smalldecentralization,andlargeconcentration,thetransformationandupgradingofmegacitiesinlargecitiesarerealized.Specifically,itisconducivetotheadjustmentofindustrialstructure,especiallythemanufacturingindustrytoincreasethelevelofspecializationonthebasisofcostreduction;itisconducivetotheadjustmentofthepopulationstructureandgreatlyimprovesthelivingenvironmentandqualityoflife;itisconducivetothebalanceofworkandresidence,slowingdowncongestion,pollutionandCommutingpressure;conducivetomigrantworkersandotherimmigrantsinthecitytoimprovelivingconditionsandaccesstoduebasicpublicservices;conducivetodrivinginnovationandgreendevelopment,andpromotingthetransformationofproductionandliving,feasibleandnecessarynewdevelopmentmethods.Fromtheperspectiveofgrowthmomentum,smalltownsneedtobuildalargenumberofresidentialbuildings,publicinfrastructure,andsmalltownsneedtobeconnectedbyrailtransportation.Thesmalltownswithindustrialclustersmustalsohavenewindustrialinvestment,whichcanalmostdriveConsumptioncanalsobringalotofinvestment.Accordingtopreliminaryestimates,inthenexttenyears,theconstructionyearofthemetropolitanareawillprovideatleastzeroforthenationaleconomicgrowth.5to1individualgrowthmomentum,inadditiontorespondingtotheimpactoftheepidemic,hasalsoprovidedstrongsupportforthemoderateandgradualdevelopmentofalongperiodbefore.Recently,theconceptof”newinfrastructure”hasbeenhotlyspeculated.Intermsofvolume,themainbodyofinfrastructureinvestmentisstilltheso-calledoldinfrastructure.Infact,regardlessoftheoldinfrastructureorthenewinfrastructure,itisagoodinfrastructuretoinvestintherightplace.Theoutstandingproblemofinfrastructureinvestmentisthewrongplaceandmechanismofinvestment.Inthemetropolitanarea,thereislittlechanceoferror.Returningtoreality,theconstructionofthemetropolitanareafacestoomanyideas,constraintsandconstraintsintermsofsystems,mechanismsandpolicies.Recently,theCentralCommitteeoftheCommunistPartyofChinaandtheStateCouncilissued”OpinionsonFurtherImprovingtheSystemandMechanismofFactor-BasedAllocationofFactors”.Thecoreistopromotethefreeflowandmarket-basedallocationofproductionfactorssuchasland,labor,capital,technology,anddata.Afterthereleaseofthedocument,thesocialresponsewaspositiveandenthusiastic.Itcanbesaidthatitwastherighttimetotacklethevariousinstitutionalmechanismsandpoliciesfacingtheconstructionofthemetropolitanarea.Thisagainshowsthatsubstantivedeepeningofreformsisthebeststimuluspolicy.ItisrecommendedtousetheFederalCentralDocumentasanopportunitytolaunchapackageofreformanddevelopmentplanstopromotetheconstructionofthemetropolitanareawithelementarymarketreforms,includingrelatedcities,focusingoncontinuouspopulationinflows,developinglargecitiesorurbanagglomerationswithhighpotential,andacceleratingthereconstructionorrevisionofthemetropolitanareaConstructionplan,andannounceitassoonaspossible,theconstructionboostsconfidenceandstabilizestheexpectedrole;starttheconstructionofthemetropolitanarearailtransit,communicationengineeringandotherinfrastructureconstructionprojectswithsufficientpreparationsattheearlystageoftheconstructionscale;preparetheplan,andproceedwiththephasedconstructionmainlyforthemigrantpopulation,especiallyHousingprojectsforruralpopulationenteringthecity;promotingagriculturallandtothecity,transferofhomesteads,selectingsomesmalltowns,andcarryingoutpilotprojectsfortheconstructionofelderlycommunitiesinthecorecitiestogotothecountryside;adjustinghouseholdregistrationpoliciesandotherpopulationmobilitymanagementpoliciesformigrantsinurbanareasThesmalltownsintheneighbouringtownsliveandworkinafavorableenvironmentforemploymentandentrepreneurship;theyhavereplacedtheGuangdong-HongKong-MacaoGreaterBayAreaandsomeprovincialcapitalcitieswithgreatdevelopmentpotentialascomprehensiveexperimentalzonesforthereformanddevelopmentofthemetropolitanarea,takingtheleadinmakingbreakthroughsandobtainingreproducibleandscalableexperiences.Sauna,YeWangHouRunfangEditorWangJinyuproofreadLiMing

Gong Lijiao returned with a good reputation this morning and will stand on the highest podium next year

GongLijiaoreturnedwithagoodreputationthismorningandwillstandonthehighestpodiumnextyear
IntheearlymorningofOctober7,includingGongLijiao,LiuShiying,LuHuihuiandotherfamousgenerals,nearly30athletesoftheChinesetrackandfieldteamflewfromDoha,QatartotheCapitalAirport.Inthisyear’sWorldChampionshipsinDoha,theChinesetrackandfieldteamhasmadegreatachievementsinwomen’sthrowing,women’swalkingandotherevents.Theyhavealsobeenwarmlywelcomedbythestaff.Around1am,theteammembersappearedoneafteranotherattheinternationalarrivalgateofTerminal3oftheCapitalAirport.Afternearly8hoursoflong-distanceflight,thetwoofthemwerenottootired.Seeingthestaffholdingtheflowers,GongLijiaoimmediatelygreetedandhuggedher.ThenshehandedtheflowerstoherteacherLiMeisuandtookagroupphotowitheveryone.GongLijiao(right)andteacherLiMeisu(center),teammateZhangLinrutookagroupphotoattheairport.Sauna,nightnetXuBangyin”cangetagoldmedalonbehalfoftheChineseteam,theendingisquiteperfect.”InaninterviewwithSaunaandYewang,GongLijiaoadmittedthatalthoughthefinalresultwasnotverysatisfactory,hedidnotcastmorethan20meters,buthewasabletosuccessfullydefendhistitleundersuchcircumstances,whichwasalsoveryvaluableexperience.”GongLijiaorevealedtoreportersthatafterthelongseason,shewillmakeshortadjustmentsnext,”Takearestfortendaysandahalfmonths.”However,inpreparationfornextyear’sindoorWorldChampionshipsandtheTokyoOlympics,GongLijiaowillstartwintertrainingearlierthisyear.”Athletes’wintertrainingisthemostimportant.Aslongasthewintertrainingisgoodandpractical,thenextyear’sresultswilldefinitelybegood.”SomemembersoftheChinesetrackandfieldteamreturnedwithlaurels.Sauna,YeWang.Accordingtotheschedule,the2020indoorworldchampionshipswillbeheldinNanjinginMarch.GongLijiaohopestogetanothergoldmedalfortheChineseteam.”Thefeelingofraisingthenationalflagandplayingthenationalanthematthattimewillbeverydifferent.”Bythe2020TokyoOlympics,forthe4thtimesheparticipatedintheOlympics,shehopedtoreplacetheregretoftactics.GongLijiaohasparticipatedintheOlympicGamesinBeijing,London,andRio,andtheprevioustwoOlympicgameshavebeenmoredramatic.Becausehisopponents’resultshavebeencancelledoneafteranother,GongLijiaowonthebronzeandsilvermedalsintheBeijingOlympicGames,buthasneverstoodonthepodium.Atthe2016RioOlympics,GongLijiaowonthefourthplaceandmissedthepodiumagain.GongLijiaosaid:”AlthoughIhavepassedthesecond,thirdandfourth,IhavenotyetstoodontheOlympicpodium.Therefore,IhopetomakeupfortheregretinTokyoandstandonthehighestpodium.”ItisunderstoodthatafterfinishingallthetasksoftheWorldChampionships,SuBingtian,XieZhenye,WeiYongliandothershort-spanprojectteammembersandtheirotherstaffmembersinvestedinthefinalflighttoBeijingontheafternoonofOctober8.

Li Nan coached the men’s basketball team this year: from winning the Asian Games to the World Cup

LiNancoachedthemen’sbasketballteamthisyear:fromwinningtheAsianGamestotheWorldCup
WhiletheChineseBasketballAssociationofficialXuanDufengbecamethenewChinesemen’sbasketballcoach,healsosaidinthestatement,”ThankstoLiNan’sdedicationanddedicationtothepositionofChinesemen’sbasketballcoach,theChineseBasketballAssociationwillcontinuetoprovidehimwithlearningopportunities.IhopethathewillmakenewcontributionstotheChinesebasketballcareerinthefuture.”ThisalsomeansthatLiNanofficiallyendstheclass.LiNanresignedastheChinesemen’sbasketballcoach.Sauna,nightnetWuJiangsheAsearlyastheendofthe2019BasketballWorldCup,therewasnewsthat“themen’sbasketballcoachhasdeliveredaletterofresignation”,buttheChineseBasketballAssociationsoonopenedarumoronSeptember18,“thecurrentChineseBasketballAssociationandthecountryThemen’sbasketballteamisstillinthesummarystage.Whetherthecoachingstaffwilladjustandotherfurtherinformationwillbereleasedafterthesummary.”Morethanamonthlater,attheopeningofthe2019-2020seasonCBAleagueextension,theofficialoftheChineseBasketballAssociationannouncedthechangeinthepositionofthemen’sbasketballcoach.Atthe2019BasketballWorldCup,whichendedinmid-September,LiNanledtheChinesemen’sbasketballteamthroughthegroupstage,17-32qualifying,won2winsand3losses,andfinallywonthe24thplace,creatingtheworstrecordinthehistoryoftheteamWorldCup,ChinaThemen’sbasketballteammissedtheTokyoOlympics,andthechanceofbeingshortlistedfortheOlympicsisalsoverysmall.AftertheWorldCupdefeat,LiNanwasquestionedbymany.Sauna,NightnetWuJiangshe,especiallyduringtheWorldCup,LiNan’son-the-spotcommandandplatoonformationwerechallengedbymanyoutsiders.OntheeveningofSeptember8,aftertheChinesemen’sbasketballteamendedtheWorldCuptour,theChineseBasketballAssociationChairmanYaoMingsaidinaninterviewthathewasresponsibleforthedefeatofthenationalteam.Astheteamcoach,LiNandidnotmakeapost-matchpressconference.Similarposition.Itwasn’tuntilthe”BasketballAD”sectionbroadcastonCCTVSportsChannelthatLiNanpubliclyexpressedhisapologiesandself-blameforthefirsttime.Asforwherehisheadcoach’srolewouldgointhefuture,LiNanexpressedhisside,”IhavedonebadthingsinsomeplacesWelldone,theplacetherecanbebetter,thisismypersonalneedtosumup,Igraduallytakeresponsibilityforthis.Theteamlosttheball,theheadcoachescaped,ithasnothingtodowiththisgame,Ithinkitcannotbedone,thisisnotrealistic,thisisnotme.”AstheChinesemen’sbasketballteam,theBayimen’sbasketballteam,LiNanofficiallyretiredin2009.”In2010,LiNanofficiallyjoinedtheChinesemen’sbasketballcoachingteamledbyDengHuade.DuringthetwocoachesofYannakisandGongLuming,LiNanhasalsobeenanassistantcoachoftheChinesemen’sbasketballteam.InApril2017,theChinesemen’sbasketballteambegantoimplementadualnationalteamsystem,LiNanbecametheChinesemen’sbasketballteam’sredcoach.InSeptember2018,LiNanledtheChinesemen’sbasketballteamtowinthemen’sbasketballgoldmedalattheAsianGamesinJakarta.WiththeperformanceattheAsianGames,LiNanpressedDuFengandwaselectedastheChinesemen’sbasketballcoach.Hebegantoleadtheteamtothe2019BasketballWorldCup.Onlyoneyearlater,LiNanofficiallybidfarewelltothepostofheadcoachoftheChinesemen’sbasketballteam.EditorZhangYunfengproofreadingLiXiangling