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Chairman Aauto Quicker quit.

Original Guo Ruyi’s business figure

Author: Guo Ruyi

In another week, 41-year-old Su Hua will no longer be the chairman of Aauto Quicker.

On the evening of 20th, according to the announcement issued by Aauto Quicker, from October 29th, Suhua will step down as chairman and be replaced by another founder, Cheng Yixiao. Cheng Yixiao also served as CEO of Aauto Quicker.

However, Su Hua is not completely out of Aauto Quicker. He continues to be an executive director and a member of the remuneration committee. More importantly, his different voting rights will not change.

This is another handover of Aauto Quicker’s top leadership power after Su Hua resigned as CEO two years ago. A week later, Cheng Yixiao will become the undisputed number one in company management.

Aauto Quicker, where Hong Kong stocks are listed, implements the arrangement that each share has different rights. Each class A share can cast ten votes, and each class B share can cast one vote. At present, Suhua’s shareholding ratio is nearly 10%, slightly higher than that of Cheng Yixiao, and it is the largest individual shareholder in Aauto Quicker. Su Hua also has more voting rights than Cheng Yixiao.

Aauto Quicker’s announcement specially emphasized that their voting rights have not changed, which still continues the current pattern of shareholders’ rights. But even so, in terms of internal governance, the influence of Suhua will undoubtedly be further diluted. According to Aauto Quicker’s official statement, he "has to focus on other affairs".

Ten years ago, Su Hua, who had been tossing and turning repeatedly between starting a business and a big factory, met Cheng Yixiao through the introduction of Aauto Quicker investors. At that time, Aauto Quicker had just started, and it was still a product for users to make and share GIF animation. The first meeting between the two touched Cheng Yixiao, and he decided to introduce Suhua, so he did not hesitate to give up his considerable shares.

Since then, Su Hua has served as CEO, Cheng Yixiao as Chief Product Officer, and Aauto Quicker has started to move towards running all the way as a short video giant.

Aauto Quicker’s entrepreneurial myth is one of the most eye-catching cases in the golden age of Internet in the past years. In February 2021, Aauto Quicker landed on the Hong Kong Stock Exchange and became the "first short video". Now, its active users have reached hundreds of millions.

Su Hua also earned hundreds of millions of net worth by this. According to the 2023 Hurun Global Rich List, its wealth reached 31 billion yuan, ranking 668th. It took only ten years from obscurity to becoming a man of the hour in business.

In January this year, Suhua reduced its holdings in Aauto Quicker and cashed in about HK$ 3.8 billion. At that time, it was announced that it would "invest in charitable donations, cutting-edge scientific and technological exploration and infrastructure investment". Nowadays, there are fixed templates for the reasons of retiring or cashing out in the internet circle, that is, charity and cutting-edge technology. Suhua also used this trick, but the market didn’t seem to buy it, and Aauto Quicker’s share price plummeted by 6% the next day.

Su Hua’s resignation as chairman is the latest move of Aauto Quicker’s frequent personnel adjustment in recent years. Since the second half of 2021, the internal structure of Aauto Quicker has been adjusted many times, and it is not surprising that the authority of senior executives has changed and whether they will stay or not. Also in January this year, Aauto Quicker CTO Chen Dingjia resigned on the grounds that "more time should be devoted to family and personal affairs."

Corporate governance in Aauto Quicker once had a very distinctive feature, that is, the relatively rare dual-core governance. Similarly, R&F Property, a real estate industry, has been jointly run by Li Silian and Zhang Li for a long time, which is known as the dual boss system. In Aauto Quicker, two parallel hills are Suhua and Cheng Yixiao.

The predecessor of Aauto Quicker was led by Cheng Yixiao, and Suhua played a significant role in the process of growing into a short video social platform. This is a subtle entrepreneurial combination. The two people’s equity and voting rights are close. Ideally, they will share the same share, especially in the early stage. In fact, this model did have a honeymoon period of several years. Generally speaking, Suhua was responsible for investment and financing, commercialization, internationalization and functional departments, while Cheng Yixiao focused on product and technology business. However, if it is not handled properly, dual-core governance will easily lead to internal friction.

Before Aauto Quicker went public, there was some overlap in terms of authority between Su Cheng and Su Cheng. According to comprehensive media reports, it was once common to select sides and divide factions within Aauto Quicker. This has become a major problem criticized by the outside world in Aauto Quicker. It was not until Suhua stepped down as CEO and retreated from the front line of management to the position of chairman that this dual-core governance pattern changed.

In the past two years, Cheng Yixiao, who became the CEO of Aauto Quicker, gradually got used to this role. Before that, he was always considered to be inarticulate and not good at making public appearances. However, under the circumstance that Suhua made less and less public appearances, he assumed more responsibilities in this respect. And more like a comprehensive CEO.

In terms of performance, Cheng Yixiao’s leadership performance in the past two years has also been recognized. Aauto Quicker’s domestic business has been profitable for four consecutive quarters, and it achieved overall profitability at the group level for the first time in the first quarter of this year. Of course, there are also challenges, such as the pressure of growth and the pressure of stock price. When Aauto Quicker was first listed, its scenery was infinite and its market value was high, but now its total market value has shrunk by nearly 80%.

It is in this situation that Aauto Quicker’s "key person" changed from two to one, and the power was finally unified into Cheng Yixiao’s hands.

What awaits Suhua next may be a more leisurely life like a wild crane. After retiring, the Internet tycoons with financial freedom are usually less known to the outside world. Boss Ma is an exception. In April this year, Suhua registered and established a software information company, and maybe there will be other actions in the future. The cutting-edge technology that big bosses especially admire, I wonder if Suhua will make substantial progress.

Aauto Quicker, which belongs to him, has stirred up years, and many of them will become the past.

Original title: "Chairman Aauto Quicker quit"

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Game Working Committee of China Music and Digital Association： Don’t treat games as a scourge.

　　The topic of protecting minors has once again become the focus of social attention.

　　On August 3rd, the Economic Information Daily published "Online Games Grow into Hundreds of Billions of Industries". The article points out that Internet addiction among minors is widespread at present, and online games have an inestimable impact on the healthy growth of minors.

　　In response to the topic of protecting minors in this report, 21st century business herald interviewed the relevant person in charge of the Game Working Committee of China Audio-visual and Digital Publishing Association. The person in charge told 21 reporters that at present, the work related to the protection of minors is continuing to advance, and game companies are actively implementing various anti-addiction work, and they should treat the role played by games in society with an objective and rational attitude.

　　The person in charge also revealed exclusively that the Game Working Committee has recently convened some key game companies and organized a closed-door seminar on online game addiction prevention. At the meeting, it was once again explicitly requested that all game companies should cover the standard on products in accordance with the planning schedule and in accordance with the requirements of quality and quantity.

　　Talking about online games:

　　Adhere to the healthy and reasonable consumption of content, and don’t regard the game as a scourge.

　　21st Century: What do you think of some metaphors about online games?

　　Head of Game Working Committee:We believe that we should treat it objectively. Over the years, the management of online games has been mainly carried out in two aspects, one is the healthy content, and the other is the reasonable consumption. Under the premise of strict management, the competent authorities also advocate the diversification of online games, emphasizing the most basic principle that online game works should follow — — Convey the correct orientation, pay attention to the cultural connotation, and spread the positive energy of upward goodness.

　　For example, we advocate the development of functional games and promote the combination of games with medical care, education, tourism and cultural creation, so that society and consumers can benefit from them and help people establish correct values.

　　"21st Century": It is mentioned in the report that in 1929 questionnaires about students’ playing time, 26.23% students play online games once every two or three days, and 11.66% students play online games almost every day. 53.91% play games for 1-2 hours every day, and 2.28% play games for more than 5 hours every day. What do you think of this survey?

　　Head of Game Working Committee:In some surveys of students playing online games, whether in provincial, prefecture-level cities or towns, from first-tier to fourth-tier cities, there will inevitably be deviations in statistical dimensions or data interfaces.

　　According to the data released by the Ministry of Civil Affairs, by the end of the 13th Five-Year Plan, there were 6.436 million left-behind children in rural areas. Left-behind children in rural areas may have more opportunities and time to get in touch with online games because of the lack of guardian’s companionship and supervision, so the proportion of playing games may be higher.

　　From the management point of view, the competent authorities have clear requirements on the management measures and intensity of game publishing. Both the newly revised Law on the Protection of Minors, which was implemented on June 1 this year, and the provisions put forward in the Notice on Preventing Minors from Addicting to Online Games, which was issued by the State Press and Publication Administration in 2019, have clearly defined the length of play, in-game recharge behavior and curfew time for minors. Game enterprises should follow the principles, fulfill their duties and conscientiously implement various laws and regulations.

　　In fact, under the background that the protection of minors has been strengthened year by year, most domestic game companies can strictly implement various requirements, and the effect is still very obvious. For example, head enterprises have strict in-game screening systems, and once illegal users are found, they will take immediate measures. At the same time, the competent authorities are constantly strengthening the mechanism of beforehand, during and in post supervision.

　　Talking about not being insured:

　　A closed meeting has been held to implement the game anti-addiction work.

　　21st Century: During the summer vacation, did the Game Working Committee carry out any actions to urge game companies to protect minors?

　　Head of Game Working Committee:The Game Working Committee has been continuously promoting all kinds of work related to the protection of minors. With the official implementation of the newly revised Law on the Protection of Minors, we are also making efforts with all parties in the industry to protect minors. During this year’s ChinaJoy, the Game Working Committee convened some key game companies to hold closed-door seminars on online game addiction prevention.

　　At the beginning of the year, the Game Working Committee launched the promotion of the group standard of "Age Tips for Online Games", which has been deployed in Beijing, Shanghai, Hangzhou, Shaoxing and Xiamen. The so-called age prompt is mainly based on China’s national conditions, according to the growth characteristics of minors of different ages, to evaluate the types, content and functions of the game works and other factors, to prompt the age of the minors who are suitable for use, and to make a clear mark on the relevant interface of the game works. At present, more than 361 products of many key enterprises have been on-line for age tips, and more products will be on-line in the near future.

　　The Game Working Committee also cooperated with the head enterprises and social welfare organizations to launch the "Network Literacy Course", focusing on minors and people who lack network literacy knowledge, continuously paying attention to the education of minors in green grid, and exporting high-quality network literacy courses. In addition, the Game Working Committee and scientific research institutions organize and hold ideological and political literacy classes for game practitioners, and guide game enterprises and practitioners to insist on putting social benefits first through learning, firmly grasp the correct orientation, keep innovation, vigorously carry forward and cultivate socialist core values, and strive to achieve the organic unity of social benefits and economic benefits to ensure the sustained and healthy development of the industry.

　　21st Century: Will the Game Working Committee have any normal activities to protect minors?

　　Head of Game Working Committee:In the organization of activities, the Game Working Committee cooperated with People’s Daily to hold a social responsibility forum, and held a forum for the protection of minors with some game companies. In the form of case sharing, round-table forum and initiative release, it conveyed voices to all parties in the industry and actively promoted the efficient development of the "uninsured" work.

　　In the future work, we will closely cooperate with the industry authorities and local authorities, and add more activities with the theme of protecting minors and practicing corporate social responsibility in China Game Industry Annual Meeting, ChinaJoy and other brand activities, and invite more industry experts, game companies and mainstream media to participate, so as to send a strong voice to the society and promote the high-quality development of the industry.

　　"21st Century": It is understood that the Game Working Committee recently held a closed-door meeting to implement the game anti-addiction work. What new arrangements have been made for the game anti-addiction work at this closed-door meeting?

　　Head of Game Working Committee:In this closed meeting, the Game Working Committee invited some units and enterprises that participated in the formulation of standards to make a centralized summary of the progress of the previous group standards such as "Age Tips for Online Games", to understand and collect the problems encountered by enterprises in actual work, and also to inform enterprises of the problems and situations found by the Game Working Committee. From the overall direction, the social responsibility of game companies is constantly strengthening, and the work of preventing addiction in games is becoming more and more detailed.

　　In the next step, the Working Committee plans to let more game companies participate in the protection of minors, and explicitly requested at the meeting that all game companies should cover all products with good quality and quantity according to the planning schedule. Besides,We plan to launch age tips on the whole platform. The existing age tips are mainly designed for client games and mobile games. Next, we will plan to promote this standard on the host platform to achieve all-round protection for minors.

　　21st Century: How will the anti-addiction mechanism in China’s online games evolve in the future? From which aspects will it be further improved? What efforts should the Game Working Committee and all sectors of society make in this regard?

　　Head of Game Working Committee:In the future, the anti-addiction mechanism of online games in China will be more systematic, strict and perfect, and all the work carried out will be more specific and in-depth.The real-name authentication platform under the management of the State Press and Publication Administration has been completed, and the follow-up work will focus on this platform, complete the docking between game enterprises and this platform, and use this platform to set up the first "firewall" to prevent game addiction.

　　On July 29th, at the China International Digital Entertainment Industry Conference held in Shanghai, the competent authorities said that the national anti-addiction real-name authentication platform has been built, with more than 5,000 access enterprises and more than 10,000 games, and the game enterprises have moved from heteronomy to self-discipline, which has initially achieved the basic goal of anti-addiction work.

　　In addition, the work of age-appropriate tips needs to be further improved and strengthened. The Game Working Committee will speed up the promotion of age-appropriate tips in all game products, and take age-appropriate tips as one of the evaluation criteria, urging enterprises to set the content of games more carefully. At the same time, it will also help minors and their guardians to choose games that are more suitable for their age groups. After the age-appropriate prompt pilot work is mature, it will also be included in the version number audit system.

　　Judging from the specific requirements in the newly revised Law on the Protection of Minors, the prevention of addiction to minors’ games will be a long-term systematic project, which requires the joint efforts of the whole society and the support from the government, associations, parents, enterprises, media, schools and other aspects, and will continue to develop and improve over time to jointly build a healthy ecology to protect the growth of minors.

　　As an important bridge and channel, the Game Working Committee will promote enterprises to do a good job in the protection of minors, and advocate game enterprises to unswervingly become practical and responsible practitioners.

　　Author: Cai Shuyue, Zhu Weijing Editor: Cao Jinliang

A city with a hundred flavors ｜ See Chongqing at the New Year’s Eve party. VIPs should ＂sit first＂

This article is transferred from: Yang Guangwang
Chongqing, January 27 th, the news of the Golden Bull puts its tail, and the tiger is blessed with wind. The New Year’s Eve is approaching, and the taste of the year is coming to the nose. As the capital of food, Chongqing is best suited to the rich group annual banquet. The dishes are fragrant, and the taste buds dance gracefully between the teeth and on the tip of the tongue. This is the first time for aesthetic food. Chongqing Channel of Yangguang. com will publish value food information from time to time in the column of "One City with Hundreds of Flavors" to explore Chongqing’s food highland and share the delicious food with the "delicious dogs". In this issue, I followed the footsteps of Chongqing Channel Food Xiaobian of Yangguang. com and entered the "First Sitting Mansion".
Creative Chinese-style door head (photo courtesy of Yang Guangwang’s first sitting in the mansion)
Xian ting Cang mo ke teahouse Hou Jiayin
"I have no intention of staying or staying, watching the flowers bloom and fall before the court; Don’t be surprised by yourself, and follow the clouds in the sky. "Regardless of ancient and modern times, literati are always looking for a good place to put their bodies and souls. For educated and picky diners, the dining environment is the first element that bears the brunt.
The flute is melodious, the harp and the sound are harmonious (Photo courtesy of the first residence of Yangguang. com)
Just "sit first"! Shouzuo Mansion is located at the foot of Zhaomushan Forest Park, a natural oxygen bar. Under the infiltration of rich negative oxygen ions, it opens a pleasant afternoon tea mode and steals a half-day leisure. First, brew a pot of green bamboo leaves before the Ming Dynasty, or a cup of precious Tieguanyin, which is warm and sweet and beautiful. Either the old monk is calm, quiet and safe, or he is full of ideas and high spirits, splashing his pen and ink on the Chinese chapter.
The cultural performance of the first sitting mansion "changed face" (Photo courtesy of Yangguang. com)
Chinese-style courtyard, unique and exquisite, antique, exquisite kung fu tea performance is eye-catching, and the sound of folk music is fresh and pleasant, which can pick up elegance and interest everywhere.
The eaves are drooping and the tea is fragrant (Photo courtesy of Yangguang. com)
As soft as breathing, the eaves lights turn green and moss. The moist and silent blue slate seems to be impregnated with tea fragrance. At every moment of moving forward or stopping, the fragrance spreads all over the body. The sunny patio seems to hide the mystery of time, and the calligraphy and painting furniture are brilliant and sharp-edged. Let the family "sit first" and have a drink with friends, so let the tea smell warm and moist for this long time and interpret the password of time.
Good mood begins with afternoon tea (photo courtesy of Yang Guangwang’s first sitting in the mansion)
Cups and plates are poems and paintings of paper and pen dishes.
"Good-looking bodies are the same, and interesting souls are one in a million." For food, to be the ultimate, color, flavor and shape are indispensable.
Recommended dishes: Sanchahu Qiaoke Wang (Photo courtesy of Yangguang. com)
The dishes in the first residence, from the utensils to the color, flavor and shape of the dishes, are all fine and unique.
Recommended dishes: roasted sea cucumber with tofu (photo courtesy of the first residence of Yangguang. com)
Color matching, shape adjustment, the position where the main course should be placed in the plate, the lovely small ornaments in the blank space, and amazing poems, every detail is just right, just like a perfect match made in heaven.
Recommended dishes: Skillful vegetable rolls (Photo courtesy of Shouzuo Mansion issued by Yangguang. com)
These key points are controlled by beauty of chongqing, who was the youngest flight attendant of Southwest Airlines, and Huang Can, the chairman of Caixiangyuan Catering Culture Company. Shouzuo Mansion is a high-end brand of its chain business, and its fine service management, innovative Chinese design and strong cultural genes all stem from her artistic temperament of liking art and music.
Antique private rooms (Photo courtesy of the first residence of Yangguang. com)
Shouzuo Mansion is a black pearl restaurant that has been appraised for many years, and is committed to spreading healthy food and traditional culture. In Shouzuo Mansion, there are countless signature dishes, such as "Longjing shrimp balls, braised roast chicken with turmeric, cherry foie gras, yak meat with milk wine, dried roast chicken in this period, dried roasted elegant fish, shredded roasted rabbit with agarwood, preserved okra with sesame sauce, pickled fish head with tortillas, swan crisp, and Tricholoma matsutake chicken bean curd …", which makes people unable to stop.
Recommended dishes: Tricholoma matsutake chicken tofu pudding (photo courtesy of the first residence of Yangguang. com)
Beautiful scenery, delicious food, fine wine, and a beautiful table of delicacies can’t help themselves in the taste of the year. In the interesting food, release the interesting soul, which is worth it! (Text/Wei Ge)
Recommended drink: custom-made red wine (photo courtesy of Yangguang. com)
[group annual banquet hotline]
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How does finance help the new development pattern

In the past few decades, China’s economic development has made great achievements, but now it is at a very critical turning point-from the first century’s goal of "building a well-off society in an all-round way" to the second century’s goal of "building a socialist modern power".
Compared with the early 40 years of reform and opening up, there will be three major changes in China’s economy in the next 30 years:
First, the cost advantage is no longer. China’s economic development once benefited from the low cost advantage for a long time, but now the cost has obviously increased. The economic growth mode will have to move from extensive and factor-input growth to innovation-driven growth.
Second, the demographic dividend has disappeared. In the past, China benefited from the increasing proportion of the labor force in the total population, but now it is an aging society, and the labor force population begins to decline, which will eventually affect the economic growth pattern.
Third, the trend of "anti-globalization" has emerged. The wave of globalization has obviously promoted China’s economic development in the past. China has been able to participate in the global division of labor, and its exports have increased substantially. A large number of foreign direct investments have enhanced the activity of the domestic economy. Nowadays, globalization is experiencing fluctuations, and the size of China’s economy has also increased significantly, so the growth momentum has to focus more on the domestic market. Therefore, the central government proposes to build a new development pattern with "double circulation"-with domestic big circulation as the main body and domestic and international double circulation promoting each other.
Finance should give more support to the real economy.
Under the new development pattern, how does finance act?
In the past four decades, finance has contributed greatly to economic growth, effectively supporting the average annual GDP growth rate of more than 9%, and the financial system is relatively stable. Although many scholars believe that the reform can be further deepened and the distortions in the system can be eliminated, on the whole, China’s financial system has effectively supported the rapid and relatively stable economic development.
In recent years, complaints against the financial industry have increased, especially "the strength of financial support for the real economy is weakening". In this regard, the most intuitive reflection is the decline in the "marginal capital output rate". The so-called marginal capital output rate refers to the amount of capital that needs to be increased when one unit of output is increased. Before the global financial crisis in 2007, China’s marginal capital output rate was about 3.5, but it has almost doubled at present, indicating that our financial efficiency has been discounted. If the financial efficiency continues to decline, even if the financial resources invested in economic construction continue to increase, the economic output will not be high or even decline, which will ultimately affect the sustainability of economic growth.
In the past, China’s financial system was relatively stable, but in recent years, risks in many financial fields began to emerge. We have two "magic weapons" to maintain financial stability. One is to resolve risks through sustained high growth; Second, the government should do everything to ensure the confidence of investors, consumers and other markets. However, the effectiveness of these two magic weapons is obviously declining, and the next step must be to make great efforts to build a financial safety network, which should not only have a market-oriented regulatory framework, but also involve the central bank and the financial sector.
There is a lot of work that finance can do to support the real economy more effectively, especially based on the new development pattern of "double cycle". Finance should strive to promote the domestic big cycle, and the practice can be linked from "supply" and "demand".
China’s economic growth in the past benefited from "two ends in the outside"-raw materials, technology and capital were introduced from abroad, products were produced and processed at home, and then bought back abroad. But this model will become increasingly difficult in the future. On the one hand, China’s economy is getting bigger and bigger. As some market participants have said, China enterprises "buy what is expensive;" What to sell, what is cheap. " On the other hand, large size also has obvious advantages. In the future, it is possible for the domestic market to continuously reduce the pressure of "two heads are outside", and both "supply" and "demand" are solved in the domestic market. Therefore, the key question is how finance can link "supply" and "demand" to support economic innovation and growth.
Supply side: Finance should strongly support economic innovation.
From the supply side, the core issue is to change the growth model and make innovation the main driving force for growth. Innovation is becoming more and more important to enhance the competitiveness of our economy in the domestic and international markets. Although the domestic market will be the main market in the future, we should remain open to the international market, and the industry must have international competitiveness in order to develop sustainably.
Our financial system used to effectively support extensive and factor-input economic growth. The economic activities under this growth model face relatively little uncertainty, and the products may have been abroad for decades or even hundreds of years. The uncertainties we face in many aspects such as technology, market, management and marketing channels are very low, and financial services are relatively easy to do, especially the pressure of risk management is not great.
If the financial future wants to strongly support economic innovation, the difficulty of managing risks will surge. Because innovation is bound to face many uncertainties, uncertainty will definitely increase the requirements for financial services.
If the economic growth model is to change, the financial development model must also change accordingly. To support economic innovation, finance should do two things: financial innovation and market-oriented reform.
Financial innovation includes three aspects:
First, develop the capital market and increase the proportion of direct financing. The prominent feature of China’s financial system is that banks are dominant. The biggest market participant in the financial system is commercial banks. Commercial banks have previously provided funds for large-scale manufacturing expansion, effectively supporting rapid economic growth. Generally speaking, the capital market has inherent advantages in supporting innovation, such as being better at identifying risks and patiently accompanying entrepreneurs to grow up. Therefore, the primary task of financial innovation is to develop the capital market and increase the proportion of direct financing. From the international experience, the leading financial systems in the United States, Britain and other countries are dominated by the capital market. We are already doing this kind of work, and we need to continue and increase our efforts in the future.
Second, innovate the business model of commercial banks. In the foreseeable future, commercial banks will remain our main financial channel, so it is necessary to innovate the business model of commercial banks in order to undertake the task of supporting economic innovation. There are also many successful examples of bank-led financial system innovation in the world. Germany and Japan are both bank-led financial systems, which have effectively helped enterprises master the international frontier economic technology. At present, the road of banking business model innovation in China has a long way to go.
Third, develop digital finance. With the help of digital technology, finance can better serve the financing needs of small and medium-sized enterprises, private enterprises, especially "specialized and innovative" enterprises. For these enterprises, traditional financial institutions usually lack effective means of risk control, but now big data can help solve some problems. At present, some successful examples are some new Internet banks-Weizhong Bank, Online Merchant Bank, Xinwang Bank, etc. These institutions mainly look at data, not collateral, and can successfully control the average non-performing rate at a low level. If we popularize this method to traditional banks and help them do risk analysis on direct financing of listed companies, it means that we may explore a new way in this respect. In fact, China’s use of big data for credit risk management has been at the forefront of the international level.
In addition to financial innovation, financial support for economic innovation is inseparable from market-oriented reforms, one of which is market-oriented risk pricing.
China government has made great efforts to reduce the financing costs of SMEs, but the risks and costs must be matched to be sustainable. It is very important to support the financing of small and medium-sized enterprises and help them obtain loans, but at the same time, we should also pay attention to market-based risk pricing. Only in this way can commercial banks continue to carry out their business.
From the supply side, only by carrying out a series of reforms can finance better support economic innovation.
Demand side: Finance should strongly support consumption.
From the demand side, the so-called "troika"-investment, consumption and export, investment and export have been very strong, and consumption is relatively weak. After the global financial crisis, consumption has rebounded, but it is still dragging its feet, especially during the epidemic period, the economic recovery is weak, and key consumption can not get up, which seriously restricts the domestic macro-cycle.
Consumption is sluggish, and even if you invest a lot, it will easily become overcapacity. At the same time, the sluggish consumption is also contrary to the goal of the second century. The fundamental purpose of economic construction is to continuously meet the people’s needs for a better life, and only by increasing the consumption of ordinary people can we meet the standards.
At present, China’s consumption accounts for about 55% of GDP, which is about 20 percentage points lower than the world average and 25-30 percentage points lower than that of Britain and the United States.
Why is consumption sluggish or less than expected? There are three reasons:
First of all, the proportion of our residents’ income to GDP is not high, and the people are too dependent on labor income and lack asset income;
Secondly, the inequality of social income distribution is high, and the rich have a low propensity to consume, and most of them have bought what they should buy; The poor tend to spend more, but they have no money to spend. Therefore, the inequality of income distribution suppresses the total demand of social consumption;
Finally, the social security system needs to be further improved. Without social security, residents’ confidence in the future is insufficient, and everyone is afraid to spend more if they have money.
If these problems are solved, China’s future consumption can still be expected. At present, the total social retail sales in China is very impressive from a global perspective. If the consumption potential of 1.4 billion people can be further released and sustainable economic growth can be maintained in the future, China is expected to become the most desirable consumption market in the world.
At present, there is a lot of work to be done in consumption. We not only need the government to improve income distribution and improve the social security system, but also have huge room for finance. For example, the financial system can improve efficiency, thereby increasing the total social income, so that ordinary people can get asset income other than labor wages, so that more money can be used for consumption; For another example, we can vigorously develop inclusive finance, so that small and medium-sized enterprises, low-income families and agricultural workers in a weak position can obtain corresponding financial services and make the income distribution of the whole society more equal; Also, we can develop the financial industry, especially the insurance industry, and make the social security system more perfect.
To sum up, whether from the supply side or the demand side, finance has great potential to support the development of the real economy, innovative growth, consumption upgrading and a better life. As long as we have a good grasp of the direction of financial development, improve the efficiency of the financial system, and successfully control risks, finance will play a greater role in the new development pattern of "double cycle", thus helping us achieve the second century goal smoothly.
(The author is Professor, Vice President and Director of Digital Finance Research Center of National Development Institute of Peking University)
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Various localities have introduced night economic development policies to further promote consumption growth.

　　[Economic Interface]

　　Under the night, the city is brightly lit. The bustling pedestrian street, the people coming and going are not tired; The theater and theater of the night show, the audience is in high spirits; Bar party, friends dinner … … With the enrichment of people’s nightlife, the fiery "night economy" began to release its great potential.

　　At present, China’s nighttime economy is on the rise, and all localities have seized the opportunity to launch policies to encourage nighttime economic development and further promote urban consumption growth. In this process, how to highlight the cultural characteristics of the city, improve the supporting management level of the city, and innovate the diversified night economic formats has become a "proposition" worth thinking about.

　　1. Rich "nightlife" releases residents’ consumption potential.

　　Today, the traditional way of life of sunrise and sunset has gradually gone away, and night shopping, catering, tourism, leisure and entertainment, cultural consumption and so on constitute a prosperous and growing night economy.

　　The change of young people’s lifestyle makes them the "main force" of night consumption. China tourism academy’s research data shows that "post-80s" and "post-90s" account for 40.0% and 19.8% of night tourism consumption respectively. For young people, after a busy day’s work, night is the best time to relieve stress and relax — — Midnight shows of hot movies are often particularly popular; Musicals and theater performances are mostly arranged at night; More and more midnight snack demand has caused many restaurants to adjust their business hours; Theme parks have opened night shows one after another, extending entertainment activities to the night … … These lifestyle changes make night a "golden age" to stimulate economic consumption.

　　According to statistics, in first-tier cities such as Beijing, Guangzhou and Shenzhen, the proportion of night consumption has already accounted for more than 50% of all-day consumption. According to the relevant report of the Ministry of Commerce, 60% of the consumption occurs at night, and the consumption of large shopping malls accounts for more than half of the whole day from 18: 00 to 22: 00 every night. This situation is more obvious on the e-commerce platform that is open 24 hours a day. According to the data from Lexin’s installment mall, the amount of orders placed on this platform from 7: 00 am to 6: 00 am the next day accounts for 36% of the total order amount. Orders are mainly concentrated from 7: 00 pm to 11: 00 pm, but even at the lowest peak of trading at 5: 00 am, 0.3% of users are placing orders, and the average customer unit price at night is about 30% higher than during the day.

　　The rise of "Midnight Food Store" has formed a landscape of the city at night, and merchants in special dining areas are open until late at night to meet people’s catering consumption needs for supper and night parties. Bars, KTV, clubs and other places with night activities as their main business have also flourished and become more social leisure and entertainment methods. Tourists have also started "night activities" in addition to traveling during the day — — Embark on the waterfront landscape trail and feel the life culture of the city; Climb the landmark building and enjoy the night lighting of the city; Come to Wenhua Street and Pedestrian Street and feel the local specialties.

　　In response to the "night tour" needs of tourists, more and more night tour projects have been launched. The starry summer activities in Gubei Water Town in Beijing, the night tour of Huangpu River in Shanghai, the night tour of the two rivers in Chongqing, the "Datang City that Never Sleeps" in Xi ‘an and the "Lancang River Mekong River Night" in Xishuangbanna are all particularly popular. In recent years, the well-received landscape real-life performance project perfectly combines real-life and lighting, making it a good choice for tourists’ night activities. In 2018, the number of orders for products with the label "Night Tour" increased by 9.0% year-on-year.

　　Night economy is becoming an important indicator to measure urban vitality and residents’ quality of life. Fu Yifu, a senior researcher at Suning Financial Research Institute, pointed out that people’s enthusiasm for consumption at night is high, which helps to expand domestic demand and release the consumption potential of residents. At the same time, the night economy has also provided more jobs for urban residents, promoted the growth of related industries, and prompted the city to continuously improve infrastructure, transportation and public services.

　　2. Deep integration of night economy and urban culture.

　　Night economy is also a window of city life culture. Sanlitun in Beijing, Xintiandi in Shanghai, Qinhuai River in Nanjing and Chunxi Road &hellip in Chengdu; … The bustling nights in these places have become a beautiful business card of a city. Whether it’s the brightly lit "Night Shanghai", the Qinhuai River with a unique classical style, or the Tianjin Quyi with full charm, the nightlife with local cultural characteristics makes people appreciate different urban charm.

　　However, people who have traveled through many cities will find that the night economy in most cities in China has not yet formed its own characteristics. Many cities have night markets, but most of them sell similar snacks and souvenirs with similar formats, and there is a problem of homogenization development.

　　Dai Bin, president of china tourism academy, pointed out that to develop the night economy, we should fully tap the local night leisure resources and combine our own cultural characteristics to create leisure and entertainment projects, such as cross talk and folk art culture in Tianjin and pingtan culture in Suzhou. The night economy should be deeply integrated with the city’s history and culture, reflect the city’s cultural heritage, build a city’s characteristic brand, and provide differentiated and diversified nightlife for residents and tourists. In the survey of china tourism academy’s demand for tourists’ night tour experience, cultural festivals, visits to cultural sites and other activities are in the forefront, which also shows that the night economy has great room for development in enhancing the advantages of characteristic culture.

　　At present, many cities are exploring ways to enhance the economic and cultural connotation at night and shape night experience projects with urban cultural characteristics. In Harbin, colorful ice lanterns make night ice and snow tourism projects become city signs; Guangzhou combines its own night tea culture to promote the development of night leisure catering; In Tianjin, which is near the Haihe River, diversified night consumer brands such as "Night Tour of Haihe River", "Night Appreciation of Tianjin Music" and "Night Purchase of Tianjin Goods" are becoming increasingly popular. In Chengdu, activities such as night tour of Wuhou Temple, Jinsha Sun Festival and night tour of Caotang combine history and life culture. Jinan takes the "old streets and lanes" as an attractive element, and develops "punch-in" attractions such as night folk art performances, cultural museums and workshops for non-genetic inheritors.

　　More rich formats of night economy are coming: late-night cinemas, late-night theaters, late-night bookstores, and night shows in music clubs, art galleries and museums, which can meet the spiritual and cultural consumption needs of residents. For example, the "Sleepover Museum" activities launched in Beijing, Changsha, Hangzhou and other places combine summer camps with parent-child tours and are deeply loved by children; Sanlian Taofen Bookstore, which is brightly lit at night, has also become a phenomenal "urban landscape". The development of fun run, fitness, sports and other projects can guide residents to take part in sports activities outside their homes. fun run around the city wall of Xi ‘an has become the best choice for a large number of fun run fans to "warm up".

　　3. To be stronger and better is inseparable from standardized development.

　　Although the development of night economy in some cities has been quite distinctive, on the whole, the development of night economy in China is still in its infancy. Compared with the growing demand, most areas do not have the conditions and ability to develop the night economy, the consumption scene is relatively scarce, and the night economy format is not rich.

　　"At present, the night economy in China’s cities is mainly catering and shopping, and there is still a big gap between enterprises’ related investment and the supply of products and services during the day, which requires guidance and support from relevant policies." Dai Bin pointed out. Zhao Ping, director of the International Trade Research Department of the China Council for the Promotion of International Trade, believes that China’s nighttime consumption structure needs to be further optimized and gradually upgraded from commodity consumption to service consumption.

　　In recent years, seeing the great potential of night economy, various places have launched policy documents to support the development of night economy. Since the end of 2017, Nanjing, Tianjin, Shanghai, Jinan and other cities have successively issued implementation plans to promote the development of night economy, actively laid out functional areas for the development of night economy in cities, and promoted the development of various consumer formats. At the same time, they also introduced measures such as environmental transformation, lighting projects, increasing leisure facilities, and strengthening public service facilities.

　　Compared with the booming economy, some local residents are worried about the negative impact of the night economy. For example, in noisy bar streets and other places, noise and light pollution may affect the rest of the surrounding citizens; Whether the management of garbage disposal and food hygiene in the night market can be put in place; There are still many citizens who are worried about hidden dangers in safety and fire protection; People who travel at night may encounter problems such as "difficulty in taking a taxi" and "parking chaos" … … These factors undoubtedly put forward higher requirements for urban management. According to the survey in china tourism academy, among the factors that limit tourists’ night experience, 49.4% respondents are worried about safety and 25.8% are worried about inconvenient traffic at night.

　　In this regard, experts pointed out that in addition to the corresponding extension of business hours by merchants, basic supporting facilities and public services also need to be in place, and the joint promotion of various departments such as transportation, fire protection, public security and market supervision is needed. For example, open more night traffic bus lines or extend the bus operation time, appropriately extend the garbage removal time, increase security patrols, strictly supervise food safety and commodity prices, and protect the legitimate rights and interests of consumers.

　　Drawing on the international experience, the policy documents issued by Jinan and Shanghai both put forward the system of establishing "night district chief" and "night life chief executive officer", with district heads in charge and people with relevant industry management experience as the posts respectively to co-ordinate and manage the development of night economy. At the same time, all localities also require scientific planning of urban functional areas, creating nightlife gathering areas, forming landmark brand areas, and trying not to disturb the people.

　　With the continuous attempts to create a new format of multi-form night consumption in various places, the night in the city is no longer a quiet "sleeping city", and the colorful night makes the city glow with new vitality.

　　 (Reporter Lu Yuanzhen)

Time magazine’s top ten best games in 2022 are announced! The first place is it.

[CNMO News] Near the end of the year, various "annual lists" have been screened. Recently, CNMO found that, looking back at the development of the game industry in 2022, the foreign media Time Magazine selected the top ten best games in 2022, half of which were exclusive games on PS consoles. Let’s take a look at which games are selected!

Judging from the list, Ares: Twilight of the Gods and Horizon: Desperate West won the top two respectively, among which Ares: Twilight of the Gods is an action adventure video game developed by Santa Monica Studio and released by Sony Interactive Entertainment. It was officially released on November 9, 2022, and its first week sales reached 5.1 million copies, making it the fastest-selling first-party game in Sony PlayStation history.

In addition, the interactive game "Cry in the Quarry" won the third place, and the open world role-playing action game "Elden Ring" ranked fourth.

The complete list is as follows:

1. God of War: Twilight of the Gods

2. Horizon: Desperate West

3. Cry in the Quarry

4. The Eldon Method Ring

5. Wandering

6. The Last Survivor: Part One

7. Master

8. "Resident Evil 8" Rose Phantom DLC

9. Lego Star Wars: The Legend of Skywalker

10. Teenage Mutant Ninja Turtles: Revenge of Schleede

Generally speaking, several popular games that players are familiar with are on the list, and some slightly unpopular games appear. Do you like any of these games?

The finals of the 4th Cross-Strait Student Baseball League started, and 32 teams of 840 players learned baseball skills and made great friends.

Shenzhen Business Daily Reading Creation Client Reporter Wu Wei

On November 11th, the finals of the 4th Cross-Strait Student Baseball League kicked off in 8 stadiums in Nanshan District, Shenzhen. The tournament will last until 18th. There are four groups: University Group, U18 Group, U15 Group and U12 Group, and 32 teams (20 from mainland China and 12 from Taiwan Province) will play 80 games. During the games, various exchange activities will be held, such as "Players’ Night", visits and exchanges, and watching drone performances.

A total of 840 players participated in this year’s finals. For the first time, exchange activities and competitions were interspersed, and the time for communication outside the competition was greatly increased. Players from universities, primary and secondary schools on both sides of the strait exchange skills, make great friends, appreciate the pulse of development, enhance emotional harmony, and promote "a family on both sides of the strait" through baseball exchanges.

After six years’ efforts, many schools in Shenzhen have started baseball, and more and more student baseball clubs have emerged. Baseball has become one of the favorite sports for students. Before the finals, the "2023 Shenzhen Training Camp for Little League Baseball Across the Taiwan Straits" was launched, and Taiwan Province’s outstanding hard ball was invited for in-depth training, guidance and exchange, so as to jointly improve the baseball level across the Taiwan Straits.

For this competition, Xu Yong, CEO of the Cross-Strait Baseball Exchange and Cooperation Committee, is full of expectations. He said: "The Fourth Cross-Strait Student Baseball League Finals is of great significance for students from both sides of the strait to get together and build a better platform for students from both sides of the strait. I hope they will become good golfers, good partners and good brothers through this competition."

On the first day of the competition, despite the continuous rain, Qiu Guanbo of Taiwan Province Xinbei Chongyi Senior High School found it "very exciting and fun". He said: "It was a special experience. The weather was bad, but the atmosphere was warm. Everyone was warm and friendly and felt very happy." He also said that the competition opportunity is rare, and he wants to feel the charm of Shenzhen city, gain novel experiences and discover different scenery from different perspectives.

Some things you must know about shooting.

Hello, everyone, today we share some things you must know about shooting, I hope you like it!

front cover

There are no rules for shooting. The purpose of shooting is not to be beautiful, but to score. If you hear shooting, you think that shooting is limited to your feet. That’s because we have a preconceived concept of shooting. In the past, some strikers that everyone liked, Mueller, Inzaghi and Raul, didn’t shoot well, but they just scored.

Figure 1- Prejudice

This doesn’t mean that we don’t have to pursue technical perfection, we must do it well, because if we really want to shoot, we must score, exert ourselves, turn the corner and shoot the ball where we want to shoot.

Figure 2- Shooting Score

However, we have said the perfect technique countless times. Put our supporting feet next to the ball, head down, tighten the core, pay attention to follow the ball, lock our ankles, and then kick the ball and land, like this.

Figure 3- Perfect Technology

But if we look up like this, or lean back, we will send the ball directly to the moon, which is definitely not what we want.

Figure 4- Don’t lean back

So what’s so special about these strikers mentioned above? They know where the ball is going, which is another form and part of shooting, because in essence, it is why we shoot, and we shoot to score.

Figure 5- What’s so special?

Think about it, if we know where the ball is going, we can shoot it in. Sun Tzu, a great thinker and author of Sun Tzu’s Art of War, said, "If you defeat the enemy without fighting, the good will be good."

Figure 6- Know where the ball is going

This means that we must find a way to achieve our goal instead of struggling like ants on hot bricks.

So whether you like him or not, Ronaldo can always score goals. He doesn’t care about those comments. If we want to win and score goals, look at what these players are doing.

Figure 7- Always scoring goals

Harland has many chances to shoot. He knows how to score goals. What else can we do?

Next, the most important thing is that we should take risks. In some leagues, the goal rate of shooting rebound is as high as 20-25%.

Figure 8- Dare to take risks

This means that if we shoot, although it doesn’t look the best, as long as the ball can pass the first defender, who knows what will happen?

Figure 9- Passing the defender

Rebound ball is difficult for the goalkeeper to predict and react in time. Maybe the ball will bounce in from the knee, back and face. Anyway, we will never know until we try.

Figure 10- Dare to shoot.

Remember, as a striker, we should dare to take risks, and as a defender, we should also dare to take risks, but we should take risks wisely, especially when we are in and around the restricted area, and don’t hesitate to shoot decisively.

Figure 11- Decisive shooting

That’s all for today. Please continue to pay attention to the road of football for more exciting football teaching!

Great news! Guo Ailun has recovered well, and the Asian Games is expected to show its grace again.

Great news! Guo Ailun has recovered well, and the Asian Games is expected to show its grace again.

The fans ushered in great news! Guo Ailun is recovering well, and he is expected to show his outstanding strength again in the Asian Games. The resolution of the injury problem has cheered the fans, and his return will add a lot of strength and confidence to the China men’s basketball team. I expect him to shine again in the Asian Games and win honor for the China men’s basketball team. In the past few years, Guo Ailun has played an important role in the men’s basketball team in China. His outstanding performance and leadership style have made him an idol in the hearts of fans at home and abroad. However, injuries have been plaguing his career, which not only separated him from the team for a long time, but also worried the fans. Countless fans are looking forward to his recovery, hoping to enjoy his excellent performance again in the Asian Games.

In the process of recovery, Guo Ailun made great efforts and perseverance. He actively cooperated with the professional rehabilitation team to carry out rehabilitation training and constantly broke through himself in order to return to the stadium as soon as possible. And his firm will and unyielding fighting spirit also deeply infected the people around him. His teammates are full of expectations for his return, and the coaching staff is full of confidence in him. They believe that under the leadership of Guo Ailun, the China men’s basketball team will make some gains in the Asian Games. As the highest comprehensive sports meeting in Asia, the Asian Games is of great significance to the China men’s basketball team. This is not only a competitive game, but also an opportunity to show our strength. For Guo Ailun personally, the Asian Games is also a stage to prove himself again. He is eager to win honor for his country and bring joy to the fans with his own strength.

Therefore, he attaches no less importance to the Asian Games than other important competitions. Guo Ailun’s return will have a positive impact on the China men’s basketball team. As a leader, his play on the court and his influence off the court are irreplaceable. His excellent organizational skills and calm judgment made him the soul of the team. In addition, his personal ability is also quite outstanding. With superb skills and decisive attack, he can score key points for the team at critical moments. The fans expressed full expectations and appeals for Guo Ailun’s return. Numerous messages and comments have sprung up on social media, expecting him to shine again in the Asian Games.

Someone said: "I look forward to seeing Guo Ailun show his excellent state in the Asian Games, so that the whole world can know the strength of the China men’s basketball team!" Others wrote: "I wish Guo Ailun a smooth recovery and look forward to seeing him bring more victories to the China men’s basketball team!" The voice of the fans is undoubtedly the greatest support and encouragement for Guo Ailun. With the Asian Games coming, the news that Guo Ailun has recovered well is exciting. His return will add a lot of strength and confidence to the China men’s basketball team. I believe he will shine again in the Asian Games and win more honors for the China men’s basketball team! No matter how the game results, Guo Ailun will always be a hero in the hearts of fans, and his persistence and fighting spirit will inspire more young people to pursue their basketball dreams.

May he achieve excellent performance in the Asian Games and continue to make greater contributions to the basketball cause in China!

Even the medium pressure whistle three points! Fang Shuo is more suitable to play in the World Cup than Zhao Rui, and one person has definitely been eliminated.

On the other hand, another defender, Zhao Rui, looked very unhappy after he made a mistake or was substituted for Cape Verde. Obviously, his attitude towards the game was far less than that of the top.

In a warm-up match that ended in the early morning of August 5th, Beijing time, China men’s basketball team beat Cape Verde team from Africa by 20 points. In this match, besides Cui Yongxi, another player who surprised the fans was Fang Shuo.

In this game, Fang Shuo showed his superior handling and shooting ability after matching Zhao Jiwei, and hit the buzzer for three consecutive points before the end of the second and third quarters, which greatly boosted the team’s morale.

You know, China men’s basketball team hasn’t produced a player who can hit a long shot stably in international competitions, even in warm-up matches.

Four years ago, Fang Shuo was also selected for the national team coached by Li Nan, and played in the basketball World Cup. His performance can only be regarded as quite satisfactory. At this moment, Fang Shuo is completely rejuvenated under the system of Djordevich.

In addition to his good three-pointers, Fang Shuo has also made remarkable progress in passing the ball for his teammates. In the game, he once sent a very hidden pass for Wang Zhelin, which allowed the king to dunk and score.

More importantly, Fang Shuo showed a very positive attitude on the court. At first glance, he was ready for the game, because he knew that he had no advantage in the competition of various defenders, and even he was at a disadvantage in age, so Fang Shuo worked hard and dared to make moves as soon as he played.

On the other hand, another defender, Zhao Rui, looked very unhappy after he made a mistake or was substituted for Cape Verde. Obviously, his attitude towards the game was far less than that of the top.

As for Sun Minghui, who played a superstar performance in the CBA playoffs last season, he didn’t play in this campaign, and he didn’t get the reuse of Djorjevic in the previous warm-up match, even though he didn’t play well in the game.

Therefore, in the competition of several big defenders, Fang Shuo has already taken the lead by half a position except Zhao Jiwei, who is definitely the starting player. If he continues to play so well in the following games, it is very likely that he will stay in the 12-man list for the World Cup.