"Star" hospital preparations were sold on the Internet, and "life-saving" medicines were in short supply, so it was difficult to distinguish the authenticity of traditional Chinese medicine … … In the future, these problems related to people’s "taking medicine" are expected to find a solution. On December 1st this year, the newly revised Drug Administration Law of People’s Republic of China (PRC) will be officially implemented. In the new version of "Drug Administration Law", a series of new policies have been introduced to ensure that people eat drugs more standardized and safely.

　　Change one

　　Online sales of hospital preparations will be illegal.

　　The provisions of the new law: preparations prepared by medical institutions should be inspected for quality in accordance with regulations; Qualified, with a doctor’s prescription in this unit. With the approval of the drug supervision and administration department of the State Council or the drug supervision and administration department of the people’s governments of provinces, autonomous regions and municipalities directly under the Central Government, the preparations prepared by medical institutions can be used among designated medical institutions. Preparations prepared by medical institutions shall not be sold in the market.

　　At present, due to the difficulty in finding a medicine or trying to save trouble, many merchants in Wechat business and Taobao have increased their prices to sell "star" hospital preparations in major hospitals online, and they have repeatedly banned them. In the interview, the reporter found that there are many kinds of in-hospital preparations sold online, such as "Fule Cream" used by the first child to treat eczema in children, diphenhydramine hydrochloride Cream used by Union Medical College Hospital for pruritic skin diseases, and "Chushi Pill" & HELIP; … It can be described as oral and external use, and everything is available.

　　The "popular trauma cream" in the Third Hospital of Beijing Medical University was formerly called trauma massage cream, which is a kind of "star" preparation for external use in the Third Hospital of Beijing Medical University, and is mostly used for sports injuries and rheumatoid arthritis. Because of the good effect, many people rushed to the Third Hospital of Beijing Medical University for this medicine, and some even opened more than a dozen bottles. As a result, the hospital later had to limit the purchase of the drug, and each person could only open 2 bottles at a time. There is also the famous medicine "Brown Ammonium Mixture" made by Union Medical College Hospital, which has always been highly praised by many people: "This cough medicine, although it tastes bad, is more effective than other cough medicines."

　　The new "Drug Administration Law" issued this time is undoubtedly a "prohibition order" for hospital preparations prepared by medical institutions.

　　"The behavior of selling hospital preparations online is terrible and must be severely cracked down." Liu Qingquan, president of Beijing Association of Integrated Traditional Chinese and Western Medicine and president of Beijing Hospital of Traditional Chinese Medicine, said that hospital preparations should not and cannot be sold in the market. Because in-hospital preparations are not over-the-counter drugs, and not everyone can use them at will, they must be used in a standardized, scientific and reasonable way under the guidance of relevant experts in specific hospitals.

　　"It is very likely that patients will blindly use hospital preparations in private." He said, for example, Dingtong Ointment, an in-hospital preparation for treating traumatic injuries in Beijing Hospital of Traditional Chinese Medicine, patients must use this external medicine according to the symptoms and scope of pain under the guidance of medical staff. Under different circumstances, the thickness and duration of application are different. If the patient applies the medicine for too long, it is likely to cover the skin, which will aggravate the condition after infection. Another example is the "Chushi Pill" developed by Zhao Bingnan, a leading dermatologist in Beijing Hospital of Traditional Chinese Medicine. This classic medicine for eczema may cause a series of problems such as diarrhea, abdominal pain and loss of appetite if people with spleen and stomach deficiency and cold take it.

　　Liu Qingquan reminded the general public that hospital preparations can only be used after being diagnosed by doctors. He revealed that in the future, hospital preparations may be gradually converted into prescription drugs after further research, so that they can be circulated among major hospitals and convenient for patients to use.

　　Change 2

　　Take many measures to "ensure supply" of drugs in short supply

　　Provisions of the new law: The state encourages the research and production of drugs in short supply, and gives priority to the review and approval of drugs in short supply urgently needed in clinic and new drugs for preventing and treating major infectious diseases and rare diseases. The State Council may restrict or prohibit the export of medicines in short supply. When necessary, relevant departments in the State Council can take measures such as organizing production, price intervention and expanding imports to ensure drug supply.

　　Recently, it was reported that the commonly used drugs such as nitroglycerin tablets and allopurinol tablets for treating gout were once out of stock in Beijing, and many pharmacies could not find them anywhere. In fact, in recent years, there has been a shortage of drugs, especially cheap drugs.

　　"To solve urgent problems quickly, a long-term mechanism must be established." In this regard, a pharmacist in a top-three hospital in this city said that the reasons for the shortage of drugs are very complicated. Although some drugs are not expensive, they are clinically necessary, but the profit-seeking characteristics of enterprises determine that they lack motivation to produce such cheap drugs; The supply of raw materials for some drugs is greatly affected by the seasons, which may cause shortages in a specific period. He bluntly said that it is very meaningful for the country to write the shortage of drugs into the legal provisions this time, especially the article "restricting or prohibiting the export of shortage drugs", which is very tough and also provides a guarantee for the supply of drugs.

　　He suggested that in the future, a monitoring and early warning platform for the production and supply of short drugs should be established all over the country, and real-time dynamic monitoring of clinically short-lived drugs should be started from the production end and even the raw material end. At the same time, government departments can also require relevant pharmaceutical manufacturers to regularly submit the inventory of drugs, so as to warn the risk of drug shortage in advance and respond in time.

　　Relevant government departments are also actively responding to the "New Drug Administration Law". The National Medical Insurance Bureau has also indicated that it will study the establishment of a record system for the suspension of production of medicines and APIs in short supply, and screen a number of medicines that are urgently needed in clinic and are prone to shortage in market supply to implement normal storage.

　　Change three

　　Ensure the traceability of Chinese herbal medicines

　　The provisions of the new law: Chinese herbal pieces production enterprises fulfill the relevant obligations of drug marketing license holders, implement the whole process management of Chinese herbal pieces production and sales, and establish a traceability system for Chinese herbal pieces to ensure the safety, effectiveness and traceability of Chinese herbal pieces.

　　There is a popular saying in the field of traditional Chinese medicine, "Good medicinal materials make good medicine". Chinese herbal medicine is the source of Chinese medicine, and it is also the foundation of industry development. The primary processing of Chinese herbal medicine is closely related to the processing of Chinese herbal pieces. Nowadays, there are many adulteration methods, such as dyeing, weight gain, sulfur fumigation and shoddy, which are used by some unscrupulous operators in pursuit of economic benefits.

　　This time, "establishing the traceability system of Chinese herbal pieces" was formally written into the new version of the Drug Administration Law.

　　"The same medicinal material, such as different places of origin, will have great differences in medicinal properties." Liu Qingquan said that Zhejiang Fritillaria and Sichuan Fritillaria, although both of them are Fritillaria, have different medicinal properties, which can be said to be completely different. There has been a saying that "one piece is worth one gold" since ancient times in Huazhou, Guangdong Province. The reason why the orange here is good is that the soil contains lapis lazuli, so the orange has a good expectorant effect. The orange in other places, compared with the orange, is much weaker.

　　However, the medicinal materials are similar in appearance. How can ordinary people tell the authenticity of these Chinese medicinal materials?

　　"The traceability system of Chinese herbal pieces is directly related to the quality of Chinese herbal medicines and the safety of people’s medication. This is a huge national project. From local governments, pharmaceutical companies, medical institutions, to the entire Chinese medicine industry, we should pay attention to this matter. " Liu Qingquan bluntly said that in the past, the prescriptions of old doctors all indicated the origin of traditional Chinese medicine, such as "Radix Codonopsis Lu, Sichuan Yalian, Sichuan Brocade Rhubarb" … … In the future, we should strive to realize that every Chinese medicine prescribed by doctors to patients has its own "ID card". In addition, the information codes of Chinese herbal medicines can be found by means of modern science and technology, and the origin of these Chinese herbal medicines can be known by simply scanning the codes, so that the sources of Chinese herbal medicines can be traced back.

　　"At present, our hospital is exploring the traceability system together with relevant Chinese medicine experts." Liu Qingquan said that when Chinese herbal pieces are truly "traceable in source, verifiable in destination and accountable", Chinese herbal pieces will be truly brought into the scientific and standardized management system.

　　Change four

　　Chinese medicine will be more convenient to take.

　　Provisions of the new law: The state encourages the use of modern science and technology and traditional Chinese medicine research methods to carry out scientific and technological research and drug development of Chinese medicine, establish and improve a technical evaluation system that conforms to the characteristics of Chinese medicine, and promote the inheritance and innovation of Chinese medicine.

　　In the past, the classic Chinese medicine preparations commonly used by people, such as pills, powders, ointments and Dan, have great advantages, but they also have obvious disadvantages. With the rapid development of society, the soup is bitter and difficult to eat, and the black pill is even more difficult to swallow. There are also some external ointments that are smeared on the body in a dark place, and people can’t even go out after using the medicine … …

　　"Chinese medicine must be integrated with modern science and technology in order to truly move towards a new era." Liu Qingquan said that with the legal basis, in the future, Chinese medicine experts can use modern scientific and technological means to form brand-new Chinese medicine preparations in accordance with the theoretical system of Chinese medicine, making Chinese medicine look good, delicious and easy to use. "Now there are many new dosage forms of traditional Chinese medicine, such as dropping pills, which concentrate the medicine into tiny dropping pills and have good curative effect; Another example is effervescent tablets. After adding corrective, Chinese medicine becomes better and more convenient to take. "

　　"In the future, we can consider applying nano-wrapping technology in traditional Chinese medicine, that is, using different techniques to wrap different pharmaceutical ingredients, and designing the path, time and target of drug release in advance to accurately reach the disease." According to Liu Qingquan, according to the theory of meridian introduction of traditional Chinese medicine, ephedra belongs to the lung meridian, that is to say, drugs will act on the lungs, but affected by various factors, and there are not many drug components that eventually reach the lungs. With the advanced technology of nano-coating, the effective components of ephedra can reach the lungs of patients directly, and the efficacy is more accurate.

　　Liu Qingquan said that the changes in the new version of the Drug Administration Law have brought more opportunities for the development of China’s pharmaceutical industry, but the relevant detailed rules and documents supporting the law should be implemented as soon as possible, otherwise the law may become a dead letter once it fails to land. (Reporter Liu Huan)

1905 movie network news　A few days ago, the animated film of DC superhero first exposed stills. The main characters of the film include Superman’s super dog Krypton (voice), Batman’s bat dog ace (voice), Merton the tortoise (voice), PB the pig (voice) and Chip the squirrel (voice).

The concept of the film originated from the pets in the comic book Adventure Comics in 1962. In the original comic book, each super pet belongs to a different superhero in DC. This film focuses on Superman’s super dog Krypton and Batman’s bat dog ace, and tells the story of DC super pets forming a team to fight crime together in the city.

Screenwriter Jared Stern wrote the script and directed it with wreck-it ralph screenwriter Sam J. Levine. This is their first animated film. Jared Stern expressed the hope that the audience can feel that this movie is not only an animated film, but also a superhero movie, with both action scenes and fun.

At present, DC Super Pet Alliance is scheduled to be released in North America on May 20th, 2022.

In automobile theory, there are a series of indexes to evaluate engine performance, such as power index, economy index, reinforcement index, compactness index, environmental index, reliability index, durability index, manufacturability index, speed characteristics of internal combustion engine and so on.

These performance indicators are used to characterize the performance characteristics of engines and serve as the basis for evaluating the performance of various engines. Let’s talk about the specific meaning of these indicators.

Power performance index is an index to characterize the engine’s working capacity. Generally, the effective power, effective torque, average effective pressure and engine speed of the engine are used as indicators to evaluate the engine’s power performance.

1. Effective power:Effective power refers to the effective work output by the engine in unit time, which is what we often call the power of the engine.

It is the most important index of engine performance, which is directly proportional to the effective torque and engine speed. The engine power on an automobile is marked with total power and net power.

The total power refers to the power generated by the engine without any auxiliary equipment, while the net power refers to the power output from the flywheel with all auxiliary equipment including the generator, water pump, fan, steering booster pump and air conditioning compressor. Obviously, net power is more practical to us.

2. Effective torque:Effective torque refers to the torque output from the flywheel of the engine, which is what we often call the torque of the engine. Generally, the greater the torque of an engine, the stronger its acceleration and climbing ability.

The earlier the maximum torque of the engine appears and the wider the continuous speed range, the better the power performance of the car. Generally, high-torque engines are characterized by large cylinder bore and long stroke, and such engines generally have large displacement, so some old drivers often say that "displacement is king", and the larger the displacement, the more energetic it is. This is the truth.

3. Average effective pressure:The average effective pressure refers to the effective work issued by the working volume of the unit cylinder, that is, the force that pushes the piston downward. Generally, the greater the average effective pressure of the engine, the stronger the working function of the engine, and the greater the maximum power and torque.

4. Engine speed:Engine speed refers to the number of revolutions per minute of the engine crankshaft. The higher the engine speed, the more times the engine does work per unit time, and the greater the engine power.

For example, compared with a diesel engine, the maximum torque of a gasoline engine is not as large as that of a diesel engine, but the maximum power is higher than that of a diesel engine, which is due to the higher rotational speed of the gasoline engine.

In addition, the same kind of engine is also divided into two types: low-speed engine and high-speed engine. Therefore, when explaining the effective power of the engine, the corresponding speed must be indicated at the same time.

It must be noted here that the power of the engine is not equal to the power of the car, and the power of the engine is not equal to the power of the car. The dynamic performance of a car refers to the maximum speed, acceleration time and maximum climbing degree of the car, which is a comprehensive index.

Engine economy index includes two indexes: effective thermal efficiency and effective fuel consumption rate.

1. Effective thermal efficiency:The percentage of heat generated by fuel combustion converted into effective work is called effective thermal efficiency. Obviously, the higher the effective thermal efficiency of an engine, the better its economy.

At present, the thermal efficiency of gasoline engines is generally between 30% and 38%, but the thermal efficiency of diesel engines is higher than that of gasoline engines, which can generally reach 35% to 45%. The efficiency of electric vehicles can be as high as 90% or even 100%. Therefore, many countries are supporting the development and research of new energy vehicles and gradually restricting the production of fuel engines.

2. Effective fuel consumption rate:The amount of fuel consumed per 1kw of effective work output by the engine is called effective fuel consumption rate.

Obviously, the lower the effective fuel consumption rate of an engine, the better its economy. Generally, the effective fuel consumption rate of an engine is about 20g/kW h, that is, when the engine works for one hour and emits one kilowatt of power, it needs to consume about 20g of fuel.

Here, we should also pay attention to distinguish the economy of the engine from the economy of the car. The economy of a car refers to the fuel consumed by a car for a certain mileage, which is related to many factors. Good engine economy is only one of them, which does not mean that a good engine economy is necessarily good.

The reinforcement index refers to the evaluation index of the engine’s ability to withstand thermal load and mechanical load, which generally includes the power rise and reinforcement coefficient.

1. Power rise:The effective power output per unit engine displacement is called rising power when the engine is in calibration condition. The greater the lift power, the greater the effective power per liter of cylinder working volume, and the higher the thermal load and mechanical load of the engine.

Generally, the more advanced the engine, the higher the power. The engine with supercharging technology also has higher power rise than the naturally aspirated engine.

2, strengthening coefficient:The product of the average effective pressure and the average piston speed is called the reinforcement coefficient. The average piston speed refers to the average reciprocating speed of the piston when the engine works at the rated speed.

Obviously, the higher the reinforcement coefficient of the engine, the better its power performance, but the higher the requirements for the mechanical strength of the engine.

Compactness index is an index used to characterize the compactness of the overall structure of the engine, which is usually measured by specific volume and specific mass. Specific volume refers to the ratio of engine profile volume to its rated power, and specific mass refers to the ratio of engine dry mass (dry mass refers to the engine mass without fuel and coolant) to its rated power.

Obviously, the smaller the specific volume and specific mass of the engine, the more compact the engine structure.

Environmental indicators are used to evaluate engine exhaust quality and noise level. Exhaust quality refers to the amount of pollutants in engine exhaust, which is directly related to the living environment and health of human beings. At present, automobile exhaust pollution is an important factor of air pollution, so governments all over the world have formulated strict control laws and regulations to reduce the environmental pollution caused by engine exhaust and noise.

Reliability index is an index to characterize the normal and continuous working ability of the engine under the specified use conditions. The indicators for evaluating reliability include the mileage of first failure, the average mileage between failures, the damage rate of main parts, etc. This indicator is obtained by monitoring the whole life cycle of the engine.

Generally, it is bathtub-shaped, so it is also called "bathtub curve". At the initial stage of use, the failure rate is high, then the failure rate gradually decreases, and then it remains at a low level for a long time, and then the failure rate suddenly rises and remains high. At this time, the car will reach the end of its life.

Durability index refers to the limit time when the main parts of the engine are worn to the point where they cannot continue to work normally. It is usually measured by the mileage of engine overhaul, that is, the mileage traveled by the car between the factory and the first overhaul.

The manufacturability index refers to the index to evaluate the manufacturability and maintenance manufacturability of the engine. The engine structure has good manufacturability and is convenient for manufacturing and maintenance, so the production cost and later maintenance cost can be reduced.

This should be "painful" for many repairmen. Some engines are so compact that even if a small part is changed, many accessories have to be dismantled to do it. This kind of engine can be said to have poor manufacturability.

The relationship between engine performance indexes and adjustment conditions and operating conditions is called engine characteristics. There are speed characteristics, load characteristics and universal characteristics for gasoline engines.

The relationship between the effective power, effective torque and effective fuel consumption rate of the engine and the engine speed is called the speed characteristic of the gasoline engine. When the engine speed is fixed, the relationship between the fuel consumption per hour and the effective fuel consumption rate changes with the load is called the load characteristic of gasoline engine.

Universal characteristic curve is to synthesize multiple performance curves of the engine on a coordinate diagram, and comprehensively describe various performances of the engine. From the universal characteristic curve, we can see the running relationship of the engine at any speed and load, and can make economic analysis.

The speed characteristic of the engine is a very complicated concept. Analyzing it can deeply understand the relationship among engine power, torque and fuel consumption, which is of great guiding significance for us to know the engine and use it better.

The above are the main indicators to evaluate the performance of the engine. In fact, these indicators are a bit too academic. It is impossible for us ordinary consumers to understand all these indicators, and it is impossible for automobile manufacturers to mark all these indicators. So how can we judge the quality of the engine by simple methods when buying a car?

Generally speaking, we can look at the characteristic curve of the engine, which can clearly see the power output characteristics of the engine, see what the speed of the maximum torque of the engine is, how big the continuous speed range is, the economic working range of the engine, and so on.

Another situation is that we buy it. How can we identify the quality of the engine? This requires a wealth of experience, and it is difficult for an ordinary person to identify the advantages and disadvantages of engine performance.

Generally speaking, we can observe from several aspects:

First, whether the engine runs smoothly and whether the acceleration is smooth;

The second is the exhaust emission of the engine and the color of the exhaust gas. For example, if the exhaust gas temperature is too high, it means that the combustion is not good, if the exhaust gas is blue, it means that the engine works irregularly, and so on.

The third is to observe the lower exhaust of the engine. If the lower exhaust is too large, the engine is seriously worn. The fourth is to observe the carbon deposition inside the exhaust tailpipe. It is dry and has no carbon deposition under normal conditions. If there is a large amount of black carbon deposition, the engine will not burn well. If there is oil stain, the engine oil consumption is too large, and so on.(Text/KajiaNo.: Lao Hou Jie Che)

Directed by Gaopeng Tang and starring Wang Xuebing, Ma Yili and Zhu Gengyou, the film will land in the national cinema on September 14th. Yesterday, the film exposed the latest notices and posters of the sentient beings edition. Melodious music combined with poetic lens language highlighted the characteristics of the film, and their different "bad and cowardly" declarations attracted a lot of attention and sparked heated discussions among the audience.

The discussion of character attributes is booming, and the audience spontaneously looks for "bad advice"

The movie "The Road Not Taken" tells a story that takes place in the depths of the Gobi Desert in northwest China, which is both dangerous and full of warmth. In the film, Er Yong (Wang Xuebing) is entrusted by the creditor’s fifth brother, and takes a gloomy and taciturn child, Gawa (Zhu Gengyou), to pursue his wife. On the way, Er Yong meets a lonely truck driver, Xiaomei (Ma Yili), and the three meet many people along the way, and their fate changes quietly. With the announcement of all beings’ edition exposed yesterday, several main characters in the journey have become more stereoscopic, and their different "bad advice" declarations have become hot topics for fans to discuss, and they have begun to spontaneously look for hidden "bad advice".

In the film, Er Yong, Xiao Mei and Jia Wa are three people who connect the whole story in series, and they all seem to bear an unspeakable past. Er Yong has always been labeled as "bad coward", but the slogan "I just want to go back to the past, I am not a bad coward" has given the audience a new understanding of this character and made people more curious about the burden on him; The image of Xiaomei is becoming more and more full. In the new preview, the weak side hidden behind the strength is gradually highlighted, which makes the audience feel very distressed. In addition, the five elder brothers, big ears, general manager Li and other characters who are fascinated by the story line have gradually entered the audience’s field of vision. Many people have set up their own networks and expressed their expectation that the film will be released soon and they will see the complicated life on the road that they have no choice.

The first wave of word-of-mouth seizes the market highland and is praised as a conscience work of domestic road films

The character attributes in the film have caused a lot of discussion on the Internet, and in the roadshow of Beijing Railway Station that ended a few days ago, the audience present spoke highly of the completion of all aspects of the film. As a road movie that focuses on the little people, the film not only has an interpretation of the fate of the characters, a deep exploration of human nature, but also has a lot of black humor, which adds a touch of brightness to the slightly heavy plot development. As the film critics and ordinary audiences who saw the first wave of movies said, "Laughter is frequent in plain, warmth is more than rough" and "a rare road film and conscience work, without too fancy content, simple story and simple relationship between characters." In addition, the audience was deeply impressed by the superb performances of the actors. Wang Xuebing’s image of "bad cowardice" was praised for being online all the time, while Ma Yili’s performance that broke through the image made many audiences bluntly say "I didn’t recognize it", "I was too hard" and "I was very surprised" and "played the little eyebrow on the Gobi Desert".

At present, the film "The Road Not Taken" has been selected as the best new director competition unit of Chicago International Film Festival, the main competition unit of Cape Town International Film Festival and the Discovery unit of Warsaw Film Festival. After winning the best film in the Asian New Prize of the 21st Shanghai Film Festival, it has been recognized in international film circles. The strength of the first wave of high reputation also shows that the film has withstood the test of the audience.

　　Xinhua News Agency, Chengdu, January 15 (Reporter Yu Li) On the 15th, the Giant Panda National Park Administration released the image of the only white giant panda in the world. Since the infrared camera recorded this white giant panda in the wild for the first time in May 2019, by the end of 2020, the infrared camera controlled by Wolong, Sichuan Province photographed this white giant panda twice in February 2020, and the picture was extremely precious.

　　The white giant panda in the picture is either walking in the snow or "meditating". It sat down close to the tree where the infrared camera was installed, with its back to the camera all the time, like a quiet "little girl", and thought thoughtfully for more than 3 minutes. Three days later, the white giant panda passed through the dense forest and the small river ditch, appeared in another infrared camera on the ridge 1 km away, and then it took about 10 minutes to reach the foot of the mountain. The infrared camera at the foot of the mountain recorded its leaving back.

　　According to Tan Yingchun, executive of Sichuan Wolong White Giant Panda Protection Research Project, judging from the images taken by infrared cameras, this white giant panda has grown up a lot from May 2019 to February 2020, with a strong physique. Compared with the whole body white when I was a child, the hair of its limbs in adulthood still shows a faint golden color. In the two records in 2020, this white giant panda was active alone. From this, it is estimated that it is about 3 years old now and has left its mother to "stand on its own feet".

　　According to Li Sheng, a member of IUCN’s bear expert group and a researcher from Peking University College of Life Sciences, the white giant panda in the video has a steady pace, a strong body and a bright coat, so it can be seen that it is a healthy wild giant panda. Albinism is a rare phenomenon, but it exists widely in various groups of vertebrates. "Albinism" is usually caused by gene mutation of animals, which hinders the synthesis of pigments in animals and appears white, golden white or light gold in external form. Simple "albino" mutation does not necessarily affect the survival of individual animals. This white giant panda can grow up to about 3 years old, which shows that it has basically adapted to the living environment and is in good living condition.

　　Li Sheng said: "Judging from the fact that it has not been photographed in this area since then, it may have migrated and spread from its birthplace to its surrounding habitats. Judging from the habit of wild giant panda females spreading out, it is likely to be a female individual, who will leave her mother’s home and look for a new habitat when she becomes an adult. In order to further understand the situation of this individual and the distribution of albino mutant genes in the local wild giant panda population, it is necessary to expand the monitoring scope and use DNA testing and other technologies to find more evidence. "

　　Apart from the change of coat color, it is still inconclusive whether the albino mutation of the white giant panda will have other collateral effects on its physiology and health. Further study on this issue will help to further enhance human understanding of the ancient giant panda species, and scientifically evaluate the impact of albino mutant genes on the genetic diversity of giant panda wild population, which is of great significance to the cause of giant panda protection.

　　It is reported that about 15 people from Sichuan Wolong White Giant Panda Research and Protection Team participated in the project. It took one year to deploy high-density gridded infrared cameras around the 15 square kilometers where the white giant panda was first discovered, in order to further study and evaluate the specific impact of albinism symptoms on the individual’s survival and adaptability through continuous tracking.

　　From December 2019 to November 2020, more than 71,100 wildlife image files were obtained through infrared camera monitoring. In addition to the giant panda, other animal species recorded in the preliminary statistics include: Sichuan golden monkey, Tibetan Emirates monkey, red panda, black bear, leopard cat, pig badger, yellow-throated mink, water deer, hairy-crowned deer, wild boar, Sichuan antelope, Chinese impala, Chinese porcupine, rock squirrel, red-bellied pheasant, red-bellied golden pheasant, etc. Among them, the frequency of giant panda, Sichuan golden monkey, yellow-throated mink, water deer, crested deer, wild boar, Chinese impala, Chinese gazelle, Chinese porcupine and red-bellied pheasant is very high.

　　CCTV News:This is where you care about the progress of epidemic prevention and control on February 13th.

　　Report good news

　　The first batch of cured patients in Huoshenshan Hospital were discharged, including seven people.

　　The first severe child patient in COVID-19 in China was cured.

　　A small COVID-19 patient under 2 years old in Jingzhou, Hubei Province was discharged smoothly.

　　The Civil Aviation Administration of China has taken back 1,185 China citizens stranded overseas.

　　There are more than 40 designated medical institutions in COVID-19, Wuhan, and the total number of beds has increased to 12,000.

　　Ministry dynamics

　　Rural Agriculture Department: "Point-to-point" in production and marketing to cope with the difficulty of unsalable sales caused by the epidemic.

　　The Ministry of Justice introduced measures to strengthen public legal services for epidemic prevention and control.

　　Ministry of Industry and Information Technology: Promote enterprises to resume work and production in batches, guide enterprises to conscientiously implement the requirements of epidemic prevention and control, and increase assistance to small and medium-sized enterprises.

　　Ministry of Ecology and Environment: Medical wastes involved in epidemic situation basically achieve daily production and daily liquidation.

　　National Development and Reform Commission: The capacity utilization rate of masks in China is 94%, and the daily production of masks in Hubei is 158,000.

　　Health and Health Commission: The role and significance of gastrointestinal (fecal-oral) transmission in all transmission still need further observation and research.

　　The latest everywhere

　　Inner Mongolia implements closed management for all units, communities and Gacha villages.

　　Nanjing tourist attractions are open to medical workers nationwide for one year free of charge.

　　The Hong Kong Education Bureau continues to postpone the resumption of classes: classes will start no earlier than March 16th.

　　Focus on Hubei

　　Comrade Ying Yong was appointed member, standing committee member and secretary of Hubei Provincial Party Committee, while Comrade Jiang Chaoliang no longer served as secretary, standing committee member and member of Hubei Provincial Party Committee.

　　Comrade Wang Zhonglin was appointed member and standing committee member of Hubei Provincial Party Committee and secretary of Wuhan Municipal Party Committee, while Comrade Ma Guoqiang no longer served as deputy secretary, standing committee member and secretary of Wuhan Municipal Party Committee.

　　Hubei included the number of clinically diagnosed cases in the new data for the first time.

　　Notice of the Prevention and Control Command of Pneumonia Infection in novel coronavirus, Hubei Province: Continue to delay the resumption of school.

　　Hankou Bank responded to employees’ "posing in protective clothing": apologizing to the society.

　　Foreign correlation

　　There are 44 new cases of COVID-19 patients on the Japanese cruise ship Princess Diamond, and a total of 218 people have been infected.

　　Vietnamese Ministry of Health confirmed the 16th confirmed case of COVID-19.

　　Russian Foreign Ministry spokesperson Zacharova supported China in fighting the epidemic in Chinese at a regular news conference.

　　Epidemic prevention tips

　　Is it suitable to go out for square dance during the epidemic?

　　Wang Xiaojuan, Chief Physician, General Department, Beijing Chaoyang Hospital: At special times, we don’t recommend people to go out for square dancing. Wearing a mask and dancing in the square dance may cause difficulty breathing. A large amount of gas exhaled during exercise will make the mask wet, and then the mask has no protective value. We can change some sports methods, and it’s harmless to jump at home by ourselves.

　　All parties rushed to help.

　　The army sent 2,600 additional medical staff to support Wuhan in fighting the COVID-19 epidemic.

　　More than 20,000 medical staff have been mobilized to support Hubei.

　　The seventh batch of 700 members of Jiangsu medical aid team in Hubei assembled and set off for Wuhan.

　　Sichuan sent more than 200 medical team members to Wuhan.

　　A medical team of 160 people from Chongqing went to Wuhan to take over the intensive care unit of Wuhan First Hospital.

　　The most beautiful retrograde person

　　Among the seventh batch of medical staff from Jiangsu who rushed to Wuhan, Dr. Shi Ping from jiangsu province hospital worked in the fever clinic of his hospital for 14 days, and then observed it in isolation for 14 days as required. On February 13th, she just finished her medical observation, and on the 14th, she took the initiative to leave for Wuhan with the medical team.

　　make a loud sound when thrown to the ground―(of a speech) powerful and rousing

　　At this difficult time, Russia is with China. Russia sincerely supports the people of China and wishes the people of China final victory!

　　— — Russian Foreign Ministry spokesperson Zacharova supported China in fighting the epidemic in Chinese at a regular news conference.

　　Because of the travel, all the medicines we brought have been used up. We turned to the global consular hotline of the Ministry of Foreign Affairs. Thanks to your efforts and coordination of various departments, all our medicines have been received. Thank you for all your efforts! Thanks to the great motherland!

　　— — Hong Kong compatriots on the cruise ship "Diamond Princess" sent a thank-you letter to the China Embassy in Japan.

　　Seeing is believing

　　At the beginning of spring, Hangzhou West Lake Scenic Area is exceptionally clean. Recently, affected by the epidemic situation in COVID-19, it is hard to find tourists in the West Lake Scenic Area.

　　The Union Medical College Hospital affiliated to Fujian Medical University sent a 139-member medical team consisting of 39 doctors and 100 nurses to help Hubei. Dr. Lin Kai is eating the flat surface prepared by the hospital for the medical team with her daughter in her arms.

　　Daily "epidemic" map

　　Editor: Wang Ruoyi, Dong Shuyun

Soda soda, chemically called sodium carbonate, is a chemical raw material widely used in glass manufacturing, detergent production, pulp and paper industry and other fields. In recent years, the price of soda ash futures has been falling continuously, which has aroused widespread concern in the market. In this paper, the reasons for the price drop of soda ash will be discussed in depth, and the corresponding countermeasures will be put forward.

First of all, the change of supply and demand relationship is one of the main reasons for the decline of soda ash price. In recent years, the global soda production capacity has continued to expand, especially in China, where the newly built and expanded soda production lines have been increasing, resulting in oversupply in the market. At the same time, the demand growth is relatively slow, especially in the main application fields such as glass manufacturing and detergent production, and the demand growth fails to keep pace with the supply growth. This imbalance between supply and demand directly led to the decline in the price of soda ash.

Secondly, the decline of raw material cost is also an important factor in the decline of soda ash price. The main raw materials of soda ash are salt and limestone. In recent years, the prices of these raw materials have generally declined, reducing the production cost of soda ash. The decline in production costs enables manufacturers to sell their products at a lower price level, thus further depressing market prices.

In addition, the intensified competition in the international market has also affected the price of soda ash. With the development of globalization, the supply of soda ash in the international market is increasing, and the competition among manufacturers in various countries is becoming increasingly fierce. In order to compete for market share, some manufacturers have adopted a price reduction strategy, which has further pushed down the price of soda ash.

Faced with the continuous decline in the price of soda ash, manufacturers and investors need to take corresponding countermeasures. First of all, manufacturers can reduce costs by optimizing production technology and improving production efficiency, thus maintaining an advantage in price competition. Secondly, manufacturers can consider developing new application fields, expanding the market demand of soda ash and alleviating the imbalance between supply and demand. In addition, investors can spread risks through diversified investment portfolios and avoid over-reliance on a single product or market.

The following is a brief comparison table of the relationship between supply and demand and price changes of soda ash:

As can be seen from the table, the supply of soda ash is increasing year by year, while the demand is increasing relatively slowly, resulting in the price decreasing year by year. This trend shows that the imbalance between supply and demand is the main driving force for the price drop of soda ash.

In a word, the continuous decline of soda ash price is the result of multiple factors, such as imbalance between supply and demand, falling raw material costs and intensified competition in the international market. Manufacturers and investors should adopt corresponding coping strategies to cope with market changes and maintain competitiveness.

[Disclaimer] This article only represents the author’s own views and has nothing to do with Hexun. Hexun.com is neutral about the statements and opinions in this article, and does not provide any express or implied guarantee for the accuracy, reliability or completeness of the contents. Readers are requested for reference only, and please take full responsibility. Email: news_center@staff.hexun.com.

On June 10th, after 7: 00 a.m. Eastern Time in North America, I woke up uneasily and felt a little hoarse. After drinking a few mouthfuls of water, I quickly opened the curtains and looked at the sky outside the window. Fortunately, the sky is still blue, but I feel a little cloudy, and I can’t see the white clouds in the past. Turn on the weather forecast on the mobile phone, "london, Ohio, AQI air quality index 90", which is in a yellow area and belongs to medium air quality. The prompt is "the air quality is acceptable, but people who are extremely sensitive to PM2.5 particles may have respiratory diseases."

This is the fifth day of the worst air pollution in recent decades in the northeastern United States due to wildfires in Canada. Since June 6, major cities in the eastern United States have been haunted by smoke from wildfires. On June 7th and 8th, new york’s AQI (Air Quality Index) exceeded 300, and sometimes even exceeded 400. According to the data of the Air Quality Index of the US Environmental Protection Agency, on the morning of June 8, the air quality in North American cities was the worst in the world.

At this time, the air quality in new york has returned to a good level, and Philadelphia and Washington are still on the edge of the yellow area; With the drift of smog, Indiana and Ohio in the central United States have become the most polluted areas. Newcastle, Indiana has an AQI index of 156, which is rated as unhealthy and may affect everyone’s health. It is currently the highest pollution index in the United States.

Newcastle, Indiana, is where we drove through last night! I suddenly remembered the popular word "running poison" in the circle of American Chinese friends in recent days.

We are on a trip to the East of America at the wrong time. At 11 o’clock last night, when driving through Newcastle, we didn’t know we were in the center of poisonous smoke. I smelled an obvious burning smell in the car and began to cough involuntarily. Street lamps illuminate the air at night, and it seems that you can see smoke and dust repeatedly. Open the weather forecast software, AQI153! We had planned to park next to Newcastle for the night, but we were choked and had to drive for more than 100 miles. It was not until after midnight that we rushed out of the orange pollution area.

The average air quality index of the United States in 2022 is 37, and the average index of Oak Ridge, Ohio, the most polluted city, is 96. By contrast, it is not difficult to understand the panic that the American people feel about this air pollution. Among them, I interviewed L and S, citizens of new york, and Dr. Jacob Bendix, honorary professor of the School of Geography and Environment of Syracuse University, who has been tracking wildfires for a long time, trying to interpret the climate metaphor brought by this sudden wildfire crisis.

On June 7, 2023, a man looked at the George Washington Bridge through the smog and made a phone call. Image source: vision china "I have experienced the worst air quality in new york for three days!"

"There is an obvious burning smell, choking voice, red smoke sky, and everything is full of doomsday." L, who moved to new york from the north of China, recalled his experience a few days ago. "From June 6th to 8th, it was undoubtedly the three days with the worst air quality in new york!"

On June 7th, L went out without wearing a mask, only to find that most new york people in the street were wearing medical masks left over from the COVID-19 epidemic. "Medical masks actually have no effect on PM2.5 The New York City Government issued N95 masks at the subway entrance, and many people went to collect them." L told me that both the New York State Government and the municipal government issued notices to remind sensitive people to stay indoors, and the school cancelled outdoor activities, but did not suspend classes. Urban public services have not been affected, and the number of street people has not decreased significantly.

However, some outdoor public activities were forced to be cancelled. On Broadway, the performances of Hamilton and Camelot were cancelled on June 7th, and Jodie Comer, the star of The Surface, left the matinee 10 minutes later because of breathing difficulties. Shakespeare in the park canceled the performance of Hamlet on Thursday and Friday. Major League Baseball’s new york Yankees and Philadelphia Phillies postponed the game.

On June 8, Washington issued a rare code purple alert-which means that air quality is "very unhealthy" for everyone, not just those with respiratory diseases. The National Zoo of the United States was also forced to close, and animals, including three giant pandas, were taken indoors for refuge. Harmful air stretches all the way to Virginia and Indiana.

On TikTok, the most clicked videos these days include some videos that teach people how to make their own air purifiers with tape. The self-made filter stuck on the air inlet side of box fan with adhesive tape works very well, and the price is only 10 dollars. It is better to stick four filters together.

"Many people who have been living in the United States still have a great reaction to this air pollution. Hiding in the room with the air purifier on is a way of refuge." L said that these days, I have been driving a purifier at home.

Marshall Burke, an associate professor of earth system science at Stanford University, said on Twitter that the scale of smog events in new york this week was bigger than any time in the past two decades, and the PM2.5 value had reached off the charts. Although air pollution in eastern cities such as new york has temporarily eased, as long as Canadian wildfires are still burning, billowing smoke may come back at any time.

Zack Taylor, a meteorologist with the National Weather Service, warned that although air pollution in the northeastern United States may be suspended, smog may come back this summer. "The direct source of all this is obviously the fire in Canada. Until these fires are better controlled, smoke will continue to drift into the atmosphere. Depending on the wind direction and weather patterns-some of them may sometimes fall into the United States. "

The neglected truth: PM2.5 emission from wildfire or superman as the emission source.

How did it happen? The main source of this round of air pollution in the United States comes from wildfires in Canada.

At present, there are more than 400 forest fires burning all over Canada. Since last month, the smoke from the fire in Canada has been spreading to the United States, but it has been aggravated with the recent fire in Quebec. Last week alone, there were 150 wildfires in Quebec, and about 100 fires were considered completely out of control.

Due to climate change, the fire season in Canada came earlier and lasted longer than before. All 10 provinces in Canada are extremely dry or experiencing a total drought, which means that there is a lot of fuel ready to be ignited by the inevitable spark. The area burned by fires all over Canada is 12 times of the 10-year average at this time of year. The United States has sent more than 600 firefighters and equipment to Canada, and other countries are also providing help, but the fire is not decreasing. Canadian officials say this will be the worst wildfire season in the country’s history.

The worst wildfire season in history has also brought the worst air pollution in history. For a long time, people have pointed the finger at industrial pollution and exhaust emissions, ignoring the threat of wildfire to air pollution.

Wildfire, also known as forest fire, jungle fire and wasteland fire, is an unplanned, uncontrolled and unpredictable fire in combustible vegetation region. A lot of combustible materials, drought and high temperature usually cause serious wildfires. Wildfire will release a large amount of carbon dioxide, black carbon and brown carbon particles, as well as ozone precursors such as volatile organic compounds and nitrogen oxides (NOx) into the atmosphere, and these emission areas can cross national boundaries and continental boundaries.

Dr. Nidhi Kumar, a cardiovascular expert, wrote that we are now in a high concentration of pollutants and toxins. The concentration of carbon monoxide in the atmosphere is so high that it will not only cause heart problems of patients, but also cause lung problems and general inflammation of the body.

Wolfgang Knorr, a Swedish scientist, wrote in the paper "The Impact of Climate and Population on the Air Pollution Hazards of Wildfire in the 21st Century", "Wildfire poses great risks to human life and health due to the emission of toxic smoke. At present, in most parts of the world, the emission of PM2.5 from wildfires exceeds that from human sources, while the emission from deforestation or peat fires is a secondary source. This means that controlling man-made emissions will not be enough to achieve the World Health Organization’s air quality goals. "

The United States has always been seriously affected by air pollution caused by wildfires. Jia Coco Liu analyzed the level of fine particulate matter (PM2.5) directly caused by wildfires in 561 counties in the western United States during the fire season from 2004 to 2009 in the paper "Particulate air pollution caused by wildfires in the western United States under climate change". They found that wildfires contributed an average of 71.3% of the total PM2.5 in the days when PM2.5 regulatory standards were exceeded in these six years.

Why did this Canadian mountain fire have such a severe impact on the air in North America? Professor Jacob Bendix told me that, first of all, the unusually hot and dry weather conditions led to unprecedented fire outbreaks, both in quantity and scale. Secondly, we encountered a rare but not unprecedented weather pattern, which gave us a few days of strong north wind and brought the smoke from those fires to the eastern United States. The combination of these events produced an unusually large amount of smog, and most of it was transported to densely populated areas.

Under the global climate change, no one can escape the "smoky sky"

"Welcome to a smoky day!" S had been living and working in the Bay Area before, and moved to new york last year. For a Californian, she is familiar with the weather in new york these days. "Red sky? Do you have black smoke secretion when you blow your nose? We all went through it in California. I moved from the west to the east to avoid smoking. Ironically, it seems that the smoky days have followed me. "

Every summer and autumn, arid California will experience a difficult wildfire season. In 2020, 4.3 million acres of land in California were burned. Researchers at Stanford University estimate that in 2020, smoke inhalation caused 1,200 additional deaths in California. When the same story happened in new york, a global metropolis, people’s attention to wildfire was pushed to a new height.

Since the industrial age, the world has warmed by about 1.2 degrees Celsius, and climate change has increased the probability of hot and dry weather that may contribute to wildfires. A 2021 study supported by the National Oceanic and Atmospheric Association found that climate change has been the main reason for the increase of hot and dry fire weather in the western United States.

A United Nations report last year warned that the intensity of global wildfires is expected to increase by 57% by 2090 due to climate change. Jia Coco Liu estimates that under the future climate change, from 2046 to 2051, the frequency and intensity of more than 82 million people experiencing wildfire smoke will increase by 57% and 31% respectively. Northern California, western Oregon and the Great Plains may suffer the worst fire smoke exposure in the future. In the changing climate, extreme events may have a significant impact on human health.

"This is a good metaphor for how complex and interconnected the global climate system is." Illinois climatologist Trent Ford said. Wildfire smoke can spread hundreds or thousands of miles, and can cross national boundaries and even continents. In the face of mountain fires in other countries and illusory smoke, what people can do seems to be very limited except hope for wind and rain. "Destiny community" and "common powerlessness" came together.

Professor Jacob Bendix told me that some smoke from this wildfire in Canada will even reach Asia. "It is expected that the concentration will be very low at that time and will not cause major problems. However, he mentioned that what is more worrying is that Siberia has also experienced more and more serious wildfires in recent years. As this trend continues in the future, it is likely that enough smog will reach the northeast of China, which will have a significant impact on health.

Is there anything else we can do? In the United States, the latest "less sparks, less wildfires" action is obviously still in force, but it has not yet reached its goal. Studies have shown that 80% of wildfires in the United States are caused by human carelessness. "Less sparks, less wildfires" calls on people to put out campfires, tighten trailer chains to prevent them from sparking on asphalt pavement, cut grass as soon as possible, do not cut grass where blades can hit rocks, prepare fire-fighting tools to deal with debris burning, and shoot at safe targets.

In the long run, we must make greater efforts to mitigate climate change. Jacob Bendix said that although there are many factors leading to wildfire disaster, including past and present forest management methods, where people live and the way they build houses and other buildings, natural or man-made fire sources and so on. However, there is one factor that will lead to the increase of disasters in various environments, and that is climate change. So far, the most important thing we can do is to reduce greenhouse gas emissions.

Jacob Bendix told me that because climate change is increasing the frequency and severity of heat waves and droughts, it is almost certain that the number and scale of wildfires in most parts of the world will increase in the coming decades.

"We have seen this growth trend and have every reason to believe that it will continue. These fires will directly harm human society by destroying houses and infrastructure, destroying wood resources, generating smoke that restricts human activities and endangers human health, and occasionally killing people who cannot escape from the flames. There will also be collateral damage, because the fire itself will release carbon into the atmosphere, which will lead to climate change. In addition, the smoke from North American fires may darken Greenland’s glaciers, making them absorb more sunlight and melt faster. Melting glaciers cause sea levels to rise, thus creating additional problems. "

Professor Jacob Bendix said that all these impacts remind us of the urgency of mitigating climate change. Although it may be too late to stop some of these effects, our actions can at least prevent the situation from getting worse. At least, it’s never too late to try to reduce the damage.

1905 movie network news Recently, a talk show actor Yang Li’s performance on the program caused a hot discussion among netizens. In the program, Yang Li said, "There is a bottom line for men." "You feel that I am the most hateful old witch in the world, and all the sufferings in his life are due to my saying, why do you look so ordinary but so confident?"

Netizens also hold different views on Yang Li’s remarks. One side expressed strong support for Yang Li’s views, while the other side expressed dislike. Some netizens even reported Yang Li that what she said was "suspected of gender discrimination".

In this regard, many actor stars expressed their views on the Internet. Chi, who is also a talk show actor, sent two Weibo in succession. He said: "Someone always asks me what a talk show should look like. I think it is probably like Luo Xiang, but it is definitely not like Yang Li." Then he said, "Actually, I know myself as a woman." Chizi’s remarks have been denounced by many netizens, who think that this kind of strange tone is very undesirable.

On the evening of December 27th, actor Yao Chen voiced his support for Yang Li on his personal social platform. Yao Chen wrote: "Whenever such an offense is slowly accepted, our world will have more possibilities about life and humanity."

Some netizens said that Yao Chen had to get involved in everything to shut her up. Yao Chen wrote back: "A woman is full of such malice towards a female star she is completely unfamiliar with, so I can only wish you a happier life." Yao Chen, who was not understood, revealed some helplessness in her words.

Some netizens think that Yang Li’s point of view may not be to stir up opposition, but the report and the marketing number add fuel to the fire, which makes the situation become like this, saying that "Yao Chen’s vocal support is an arch fire", while Yao Chen replied: "There is no arch fire, just support. Opinions vary. "

Not only Yao Chen, but also Wu Zhenyu posted on social platforms, which was suspected to support Yang Li. He said, "It is difficult for a person to have a sense of humor, and it is even more difficult for a person to appreciate it! It’s about someone sitting in the right place, and they will turn the joke into a knife and plunge it into themselves, and then they will cry out in blood and be hurt! No wonder crosstalk talks about partners on stage! Obviously, this number is the gentleman next to it, so everyone will not rush to sit in this number! May the world be more humorous and happy. "

Finance is the core of modern economy, and capital market plays an important role in financial operation. How to give full play to the function of the capital market and serve the high-quality development of the economy is an important subject that must be answered well in China’s modernization drive. At present, China has entered a new development stage of building a socialist modern country in an all-round way and marching towards the goal of the second century. We must uphold and strengthen the leadership of the Party, implement the new development concept completely, accurately and comprehensively, strive to build a modern capital market with China characteristics, and promote high-quality economic development.

First, China’s capital market has undergone profound structural changes in the new era.

Since the 18th National Congress of the Communist Party of China, the CPC Central Committee with the Supreme Leader as the core has attached great importance to the capital market work, strengthened centralized and unified leadership over the capital market, made a series of major decision-making arrangements, and clearly proposed to build a standardized, transparent, open, dynamic and resilient capital market through deepening reform. General Secretary of the Supreme Leader profoundly pointed out that it is necessary to put the development of direct financing in an important position and form a multi-level capital market system with complete financing functions, solid basic system, effective market supervision and effective protection of investors’ legitimate rights and interests; It is necessary to take the initiative to prevent and resolve systemic financial risks in a more important position, scientifically prevent, identify, warn, discover and dispose of them early, focus on preventing and resolving risks in key areas, and focus on improving financial security defense lines and risk emergency response mechanisms; Wait a minute. These important expositions have pointed out the direction for the reform and development of the capital market in the new era. Especially since the National Financial Work Conference in 2017, under the strong leadership of the CPC Central Committee with the Supreme Leader as the core, China has closely followed the main line of structural reform on the financial supply side, persisted in using reform ideas and methods to break the institutional obstacles of the capital market, resolutely promoted comprehensive and deepening capital market reform, promoted profound structural changes in the capital market, and served economic development to achieve a quantitative and qualitative Shuang Sheng.

Equity bond financing has grown steadily.From 2017 to 2021, the initial public offering (IPO) and refinancing amount totaled 5.2 trillion yuan, and the exchange bond market issued 33.9 trillion yuan. Among them, in 2021, the total amount of IPO and refinancing was about 1.5 trillion yuan, and the total amount of financing in the stock and exchange bond markets exceeded 10 trillion yuan, both hitting record highs.

The market structure is obviously optimized.By the end of June 2022, there were more than 2,200 listed companies in A-share strategic emerging industries, and the market value of high-tech industries such as information technology and biomedicine increased from about 20% at the beginning of 2017 to about 37%. The R&D investment of listed companies accounted for more than half of the national R&D expenditure, and the role of listed companies as the "basic disk" of the real economy and the "leader" of transformation and development was more prominent. The investor structure has gradually improved, and the proportion of domestic professional institutional investors and foreign positions in the circulation market value has increased from 15.8% at the beginning of 2017 to 23.5%.

The multi-level market system has been continuously improved.The pilot registration systems in science and technology innovation board and Growth Enterprise Market have been successfully implemented one after another, greatly enhancing the attractiveness of the capital market to high-quality enterprises. It is a key step to deepen the reform of the New Third Board, set up the Beijing Stock Exchange, and build the main position of service-oriented SMEs. The People’s Republic of China (PRC) Futures and Derivatives Law was reviewed and passed, which effectively filled the blank of "Basic Law" in the field of futures and derivatives. By the end of June, 2022, there were 94 kinds of futures options, which basically covered the main areas of the national economy and people’s livelihood. In the context of the sharp rise in international commodity prices since 2021, the prices and increases of major futures varieties such as thermal coal and iron ore in China were less than the spot and less than those overseas, which contributed to the overall situation of ensuring supply and stabilizing prices.

The function of optimizing resource allocation is further exerted.The adaptability and inclusiveness of the basic system of the capital market have been significantly improved, and the market-oriented incentive and restraint mechanism has been continuously improved. The role of the main channel of capital market mergers and acquisitions has been continuously strengthened. In the past five years, the transaction amount of mergers and acquisitions was about 10 trillion yuan, which stimulated the vitality of market players. The delisting system has been further improved. This year, 42 companies have been forced to withdraw from the market, and the market ecology of orderly advance and retreat and survival of the fittest is accelerating.

High-level institutional opening has been steadily advanced.Coordinate openness and security, and promote the all-round opening of markets, products and institutions. The ratio of foreign shares in the securities fund futures industry has been fully liberalized. Interconnection has been deepened, the institutional arrangements of Shanghai-Shenzhen-Hong Kong Stock Connect have been continuously optimized, transactional open-end funds (ETFs) have been incorporated into the Shanghai-Shenzhen-Hong Kong Stock Connect, and the Shanghai-Luntong mechanism has been extended to Shenzhen Stock Exchange internally and Germany and Switzerland externally. A-shares have been included in internationally renowned indexes and their proportion has been continuously increased, and A-share index futures have been launched in Hong Kong. The net inflow of foreign capital has been maintained for many years, and the international attraction and competitiveness of China’s capital market have been significantly enhanced.

Second, the modern capital market has an important function of serving the high-quality development of the economy.

As China’s economy enters the stage of high-quality development, providing efficient financial support for strategic emerging industries, small and medium-sized enterprises, promoting cross-cycle, cross-industry and cross-group risk dispersion, and meeting people’s growing demand for wealth management have put forward new and higher requirements for the financial system. The capital market has unique and important functions in resource allocation, risk mitigation, policy transmission, expectation management, etc. It is the key to deepening the structural reform of the financial supply side and can play a greater role in high-quality development.

Since 2019, China’s science and technology innovation board and Growth Enterprise Market pilot registration systems have been successfully launched, greatly enhancing the attractiveness of the capital market to high-quality enterprises. The picture shows that on August 24, 2020, at the listing ceremony of the first batch of enterprises in the GEM reform and pilot registration system held in Shenzhen Stock Exchange, listed enterprises received securities registration certificates. Xinhua News Agency reporter Mao Siqian/photo

Stimulate the innovation vitality of market players and help consolidate the micro-foundation of high-quality economic development.Innovation is the first driving force for high-quality development, and cultivating a number of innovative enterprises with core competitiveness is the micro-foundation that high-quality economic development must have. The mechanism of risk sharing and benefit sharing in the capital market can not only provide financing support, but also play an important role in improving corporate governance and encouraging entrepreneurship. From the history of economic and financial development, scientific and technological innovation, property rights protection, market expansion and financial support are all key forces to promote the continuous occurrence of "creative destruction", and the positive role of capital market is becoming increasingly prominent. The development of the stock exchange has further smoothed the circulation of the company’s shares, improved the efficiency of financing and pricing, and provided more convenient conditions for the implementation of innovative mechanisms such as equity incentives. Without the sustained development of the capital market, enterprise innovation and scientific and technological progress could not change with each passing day.

Promote the benign interaction between industry and finance and help smooth the national economic cycle.Economic activity is a dynamic cycle process, and realizing a virtuous cycle of savings and investment is the most basic and important part. All along, China’s savings are mainly converted into investment through credit, and indirect financing is dominant. With the development of industrialization and urbanization in China to a certain stage, there has also been a situation in which overcapacity in traditional industries and insufficient investment in emerging industries coexist. Microscopically, the return on investment of enterprises has declined, while macroscopically, the demand for effective investment has been sluggish. In recent years, China has maintained a reasonable and abundant liquidity, the market interest rate has generally declined, and the growth rate of social financing scale has basically matched the nominal growth rate of GDP. On the whole, however, the problem of China’s lack of capital, especially innovative capital, is more prominent. This structural contradiction is even more prominent when the downward pressure on investment growth in traditional industries increases. The capital market can promote the accumulation of savings in innovative industries by decentralized decision-making and taking risks at its own risk. At the important juncture of current economic restructuring, it is even more necessary to give full play to the role of the capital market, promote the coordinated development of direct financing and indirect financing, guide more savings to gather in emerging industries, simultaneously promote the transformation and upgrading of traditional industries, form a more efficient and high-quality input-output relationship, and realize the dynamic balance of the economy at a high level.

Help improve macroeconomic governance and promote the smooth operation of the economy.The shift period of economic growth is also a period of high incidence of financial risks, and maintaining macroeconomic stability is a necessary prerequisite for successfully turning to high-quality development. The experience of some economies shows that high leverage is an important source of systemic risks. After the economic growth rate declines, financial risks, especially debt risks, are exposed at an accelerated pace, and the economy will experience a difficult process of passive deleveraging. At present, China’s macro leverage ratio is relatively high. By expanding the scale of equity financing and enriching risk management tools, the capital market can alleviate the high leverage risk and smooth the transmission of monetary policy, which is of great practical significance to improving the stability of economic operation.

Promote the fruits of economic development to benefit the people more and help achieve shared development.To take the road of high-quality development, we must adhere to the people-centered development thought. Capital market is an important channel for residents to increase their property income and meet the growing demand for wealth management, and it is also an important support for improving the multi-level and multi-pillar endowment insurance system. In recent years, the CSRC has made great efforts to deepen the reform of the investment side, strengthen all kinds of medium-and long-term investment forces, promote the introduction of Public Offering of Fund policy for personal pension investment, vigorously advocate professional investment, value investment and long-term investment, and guide listed companies to enhance their returns to investors through cash dividends and share repurchase. At the same time, we will continue to optimize the ecology of the capital market, crack down on securities violations with "zero tolerance", promote the litigation system for special representatives of securities disputes, and better protect the legitimate rights and interests of investors, especially small and medium-sized investors. From 2017 to 2021, the cash dividends of listed companies in China exceeded 6 trillion yuan; The annualized rate of return of partial stock funds is 11.7%, and Public Offering of Fund is entrusted to manage all kinds of pensions over 4 trillion yuan, which has created a good return. In the next step of deepening the capital market reform, it is still necessary to further enhance the value creation ability of listed companies, enhance the professional ability of industry institutions, and realize the benign mutual promotion of the development of the real economy, the improvement of the quality of listed companies and the growth of investors’ returns.

Third, firmly grasp the correct direction of building a modern capital market with China characteristics

After more than 30 years of reform and development, especially since the 18th CPC National Congress, China’s capital market has entered a new stage of building a modern capital market with China characteristics. We should implement the new development concept completely, accurately and comprehensively, constantly deepen our understanding and practical grasp of the laws of modern capital markets, and strive to build a standardized, transparent, open, dynamic and resilient capital market.

Adhere to the party’s overall leadership over the capital market work and ensure that the development direction is always correct.The leadership of the Party is the most essential feature of Socialism with Chinese characteristics and the fundamental guarantee for building a modern capital market with China characteristics. We must firmly grasp the correct political direction, faithfully implement the spirit of the important instructions of the Supreme Leader General Secretary and the decision-making arrangements of the CPC Central Committee, better combine the political and organizational advantages of the party’s leadership with the general laws of the development of the capital market, adhere to the people’s position of capital market supervision, and truly embody the persistence and strengthening of the party’s leadership in serving the real economy, preventing and controlling financial risks, and deepening financial reform, and effectively promote the high-level cycle of science and technology, capital and industry. Accelerate the formation of an atmosphere in which the CSRC system comprehensively and strictly manages the party, adhere to the strict main tone, promote the whole process of supervision and control over the operation of public power, strengthen the supervision of industry integrity, and create a clean and upright capital market ecology.

The capital market has unique and important functions in resource allocation, risk mitigation, policy transmission and expected management, and can play a greater role in high-quality development. On November 15, 2021, the Beijing Stock Exchange ushered in the opening of the market, and the ability of the capital market to serve the innovation and development of small and medium-sized enterprises was further improved. The picture shows the logo display wall of 81 enterprises listed in the first batch of Beijing Stock Exchange. Xinhua News Agency reporter Li Xin/photo

Insist on seeking truth from facts and firmly take the road of developing China’s characteristic capital market.After hundreds of years of development, the capital markets in western countries have formed some relatively mature experiences, and we should actively learn from them with an open and pragmatic attitude. At the same time, we should also see that China is building a capital market under the conditions of a socialist market economy. The development orientation, functions and responsibilities of the market must be adapted to the basic socialist system, and we must fully consider the current market foundation, investor structure and legal integrity environment in China. In recent years, the CSRC has adhered to the three principles of respecting the basic connotation of the registration system, learning from international best practices, and embodying the characteristics of China and its development stage, and successively promoted the pilot registration systems of science and technology innovation board, Growth Enterprise Market and Beijing Stock Exchange. While adhering to international common practices such as focusing on information disclosure, strengthening the responsibility of intermediary agencies, and promoting market-oriented pricing, it has made a series of distinctive institutional arrangements in the aspects of primary and secondary market balance, misplaced development of sectors, and investor protection. We should always persist in seeking truth from facts, boldly explore and carefully verify, take the reform of registration system as an opportunity, continue to deepen the reform of capital market in an all-round way, and strive to embark on a road of capital market development in line with China’s national conditions.

Adhere to marketization and rule of law, and create a stable, transparent and predictable development environment.The capital market is extremely demanding. We must adhere to the principle of "building a system, non-intervention, and zero tolerance", respect the laws of the market, abide by the spirit of contract, further promote the "streamline administration, delegate power, strengthen regulation and improve services" reform, give full play to the decisive role of the market in resource allocation, and better play the role of the government. In particular, we should correctly understand and grasp the characteristics and behavior laws of capital and guide the healthy development of capital norms. On the one hand, we should grasp the political and people-oriented nature of capital market supervision, guard the entrance, establish and improve the system and mechanism to prevent the disorderly expansion of capital with relevant parties, and maintain a fair market environment. On the other hand, to strengthen the coordination between securities supervision and industry supervision, we should not only shine a "red light" but also set a "green light", implement the "two unwavering", promote the common development of diversified ownership economies, protect property rights and intellectual property rights according to law, stimulate entrepreneurship and market innovation to create vitality, and better guide capital to serve the socialist market economy.

Adhere to the concept of system, and strive to build a new pattern of governance in which all parties build, govern and share.The capital market is an ecosystem with complex mechanism. Only by coordinating the relationship between the present and the long-term, the overall situation and the local situation, and constantly strengthening its own functions through reforming and perfecting the system, optimizing the structure and improving the ecology, can we better serve the real economy in a way of "moistening things quietly". This requires firmly establishing the overall concept, not only doing well the capital market’s own affairs, but also actively strengthening coordination with fiscal, taxation, monetary and industrial policies, giving full play to the enthusiasm of the central and local governments, and enhancing joint efforts in promoting medium and long-term capital to enter the market, improving the quality of listed companies, expanding the high-level opening up to the outside world, and cracking down on securities violations, so as to jointly create a good market ecology.

Adhere to the overall planning of reform, development and stability, and promote the stability of the capital market.The stable operation of the capital market is the basis for maintaining its normal function, and it is also the basic prerequisite for promoting reform and better serving the real economy. It is a law that the stock market goes up and down. The government should not and should not intervene in normal fluctuations and cannot spend money to buy indexes. However, non-intervention is not laissez-faire. We must always adhere to the bottom line thinking and resolutely prevent abnormal fluctuations caused by "market failure". This requires keeping the bottom line of risk and grasping the degree. At the same time, we must also realize that the stability of the capital market is not maintained, but changed. We must maintain our strength, persist in stimulating market vitality through reform, and enhance the endogenous motivation of market resilience and high-quality development.

Fourth, continuously improve the ability of the capital market to serve the high-quality development of the economy in the process of comprehensively deepening reforms.

At present, the great changes in the world that have not happened in a hundred years have accelerated their evolution, and the characteristics of changes in the world, times and history are more obvious. At the same time, China’s development is still in an important period of strategic opportunities, and the development of China’s capital market is still in an important period of great potential. We must adhere to the general tone of striving for progress through stability, resolutely implement the requirements of "preventing the epidemic, stabilizing the economy, and ensuring safe development", put risk prevention, steady growth, and promoting reform in a more prominent position, actively strengthen policy coordination with relevant departments, increase financial support for epidemic prevention and control and economic recovery and development, and strive to achieve market stability, policy stability, and expected stability.

Maintain the smooth operation of the market and strengthen the market function.The capital market is a "barometer" of the national economy, which reflects expectations and reflects confidence. Under the complicated and severe situation, it is of special significance to maintain the stable and healthy development of the capital market. Since the beginning of this year, due to the superposition of factors such as the Ukrainian crisis and repeated domestic epidemics, the market has experienced great fluctuations. Under the strong leadership of the CPC Central Committee, all parties concerned have made joint efforts, and the market has gradually stabilized and is expected to improve significantly. The CSRC will continue to take maintaining the smooth operation of the market as its top priority, strengthen macro-judgment, continue to exert efforts around stabilizing expectations, listed companies, funds and market behavior, strengthen the monitoring and analysis of marginal changes such as market capital flow, investor behavior and performance of listed companies, improve the endogenous stability mechanism of the capital market, and improve the risk response plan in extreme cases. At the same time, actively strengthen communication and coordination with macroeconomic management departments and industry authorities, maintain the stability and consistency of policy expectations, help effectively resolve the risks of real estate enterprises, promote the healthy development of platform economy norms, and strive to promote market stability and economic stability with expectations.

Fully implement the stock issuance and registration system to promote the optimal allocation of resources.The registration system is a "bull’s nose" project to comprehensively deepen the reform of the capital market, a key measure to develop direct financing, especially equity financing, and a major reform to improve the market-oriented allocation system and mechanism of factors. The 14th Five-Year Plan, the Central Economic Work Conference in 2021 and this year’s "Government Work Report" all made clear arrangements for the full implementation of stock issuance registration. Generally speaking, after nearly three years of pilot exploration, the registration system structure with information disclosure as the core has withstood the market test initially, the supporting system and the supply of the rule of law have been continuously improved, and the conditions for fully implementing the stock issuance registration system have basically been met. In the next step, the CSRC will firmly grasp the correct direction of reform, scientifically grasp the issues such as the audit and registration mechanism, the positioning of various sectors, and guide the healthy development of capital norms, and make preparations for rules, business and technology with "embroidery" to ensure the smooth landing of this major reform. At the same time, accelerate the reform of intermediary and investment, improve the judicial system and mechanism of securities law enforcement and the investor protection system, promote the innovation of key systems, and create a good institutional and ecological environment for the healthy development of the capital market.

Improve the multi-level capital market system and help stabilize the macro-economic market.Focus on macro-stabilizing leverage and micro-increasing vitality, further enhance the coverage and inclusiveness of capital market services, and better meet the differentiated development needs of enterprises of different types and stages. Grasp the key of supporting innovation, stick to science and technology innovation board’s "hard technology" positioning, speed up the improvement of the evaluation criteria for growth-oriented innovative start-up enterprises on the Growth Enterprise Market, highlight the blue-chip characteristics of the main board, strengthen the positioning of innovative small and medium-sized enterprises served by the North Exchange, and strive to form a pattern of dislocation development and moderate competition in various market sectors. Give full play to the role of "leading" and "feedback" of the North Stock Exchange, make overall plans to promote institutional innovation at the basic and innovative levels of the New Third Board, steadily expand the pilot scope of regional equity market innovation, improve the market interconnection mechanism at all levels, improve the basic system that is more suitable for the characteristics of SMEs, and create the main position of service-oriented innovative SMEs. Give full play to the strategic and basic role of private equity and venture capital funds in supporting innovation, further improve regulatory transparency and service efficiency, and smooth all links of fundraising, investment, management and withdrawal. The exchange bond market is an important part of the multi-level capital market system. By the end of June 2022, the size of this market in China had exceeded 19 trillion yuan, accounting for about 14% of the total domestic bond market, of which non-financial corporate bonds accounted for 43%. The CSRC will further improve the bond financing support mechanism for private enterprises, and strive to improve the availability and convenience of bond financing for private economy and small and medium-sized enterprises; Further promote the expansion of real estate investment trust funds in infrastructure and broaden the scope of pilot projects.Pay close attention to promoting the landing of affordable rental housing and private enterprise pilot projects, and help accelerate the formation of a virtuous circle of existing assets and new investment; Together with relevant parties, we will deepen the interconnection of the infrastructure of the bond market, improve the market-based legal bond default disposal mechanism, and accelerate the construction of a sound, orderly, transparent and open bond market system. At the same time, we will further improve the variety system of the futures market, promote more entities to participate in the futures market, and strengthen the joint supervision of futures and cash, so as to better help the overall situation of ensuring supply and stabilizing prices.

China Securities Regulatory Commission has continuously strengthened pragmatic cooperation between the mainland and Hong Kong markets and supported Hong Kong in consolidating its position as an international financial center. On October 18th, 2021, morgan stanley capital international (MSCI) China A50 Interconnection (USD) Index Futures was officially listed and traded on the Hong Kong Stock Exchange. The picture shows the advertisement of MSCI China A50 interconnection (USD) index futures on the big screen of Hong Kong Exchange Square. China News Service reporter Zhang Wei/photo

Improve the quality of listed companies and give full play to the "barometer" function of the capital market.Listed companies are an important micro-foundation for high-quality economic development. In recent years, the CSRC has thoroughly implemented the Opinions of the State Council on Further Improving the Quality of Listed Companies and the Implementation Plan for Improving the Delisting Mechanism of Listed Companies, which was deliberated and adopted by the Central Committee for Deep Reform, to promote the steady improvement of the quality of listed companies. The CSRC will continue to take improving the quality of listed companies as an important part of comprehensively deepening the reform of the capital market, insist on paying equal attention to good entrance clearance and smooth multiple exit channels, and insist on focusing on the two-wheel drive of information disclosure and corporate governance, further resolve outstanding problems such as false information disclosure and illegal occupation of guarantees by major shareholders, and guide listed companies to standardize governance, focus on their main businesses, and become better and stronger. At the same time, give full play to the role of the main channel of capital market mergers and acquisitions, support industry-leading listed companies to promote the coordinated development of small and medium-sized enterprises, and promote the integration of industrial chain supply chain and economic transformation and upgrading.

Coordinate openness and security, and expand high-level two-way opening.China’s capital market has grown in the process of opening up, and it will certainly grow in the process of further opening up. Facing the complicated international environment, the CSRC will resolutely implement the decision-making and deployment of the CPC Central Committee, make overall plans for opening up and security, and unswervingly promote the all-round institutional opening of markets, institutions and products. Accelerate the implementation of the overseas listing filing system for enterprises, keep the overseas listing channels open, support all kinds of enterprises to go overseas for listing according to laws and regulations, and make good use of the two markets and resources. We will continue to strengthen the construction of regulatory capacity under the conditions of opening up, and further improve the monitoring and supervision mechanism and risk response plan for cross-border funds. At the same time, strengthen pragmatic cooperation with the Hong Kong market, deepen the Shanghai-Shenzhen-Hong Kong Stock Connect mechanism, further promote the Hong Kong market’s ability to undertake the listing of domestic enterprises, support Hong Kong to consolidate its position as an international financial center, and promote the coordinated development of the two markets.

(The author is Party Secretary and Chairman of China Securities Regulatory Commission)