How to prepare for the postgraduate entrance examination

Many college students will face a choice after graduation, whether to get a job or continue their studies. For those students who are interested in further improving their academic level, postgraduate entrance examination has become their first choice. However, it is not an easy task to take the postgraduate entrance examination, which requires full preparation and planning. The following will introduce some suggestions on how to prepare for the postgraduate entrance examination.

1. Understand the relevant information of postgraduate entrance examination.

First of all, students who want to take the postgraduate entrance examination need to take the initiative to understand the relevant information of the postgraduate entrance examination. This includes the conditions, process, subjects, time and scope of postgraduate entrance examination. Only by knowing this information clearly can we make targeted preparations. Students can check the information of postgraduate entrance examination through the internet, or consult seniors and sisters of related majors or go to postgraduate institutions for consultation.

2. Determine the major and target institution.

Secondly, students need to determine the majors and target institutions they want to take the postgraduate entrance examination. There are many majors that can be selected for postgraduate entrance examination, and they don’t have to be related to this major. For students who don’t like this major, they can choose to take an interdisciplinary examination, such as illegally studying for a master’s degree in law. Each major has a corresponding target institution, and students need to determine the major and target institution according to their actual situation and interests.

3. Make a reasonable study plan

Once the majors and target institutions for postgraduate entrance examination are determined, students need to make reasonable study plans. The review time for postgraduate entrance examination is usually about one year, and students need to arrange their daily study time according to their actual situation. A reasonable study plan can help students arrange their time reasonably and improve their study efficiency. When making a study plan, students need to consider their learning ability and time allocation, and arrange their daily study tasks reasonably.

4. Do more real questions and mock exams

When preparing for the postgraduate entrance examination, students need to do more real questions and mock exams. By doing real questions and mock exams, you can understand the exam form and content of the postgraduate entrance examination, and you can test your own learning results. Students can obtain real questions and simulated test papers by purchasing postgraduate counseling books or attending postgraduate training classes.

5. Pay attention to the mastery of basic knowledge

In the process of preparing for the postgraduate entrance examination, students need to pay attention to mastering the basic knowledge. The subjects of postgraduate entrance examination usually include specialized courses and public courses, and specialized courses are often the most important. Students need to focus on the study of specialized courses and master the basic knowledge. Only by mastering the basic knowledge can we better cope with the exam.

6. Attend more lectures and academic activities.

In order to improve their academic level, students can take part in more lectures and academic activities. This can increase your academic knowledge and understand the latest research trends. At the same time, attending lectures and academic activities can also communicate with other students, learn from each other and improve their academic ability.

7. Perseverance, perseverance

Finally, students need to persevere and persevere. Postgraduate entrance examination is a long-term and arduous task, which requires a lot of time and energy. Students should keep a positive attitude, keep working hard and believe that they will be able to achieve good results.

In a word, if you want to take the postgraduate entrance examination, you need to make full preparation and planning. Students need to know the relevant information of postgraduate entrance examination, determine the majors and target institutions, make reasonable study plans, do more real questions and mock exams, pay attention to mastering basic knowledge, participate in more lectures and academic activities, and persevere and persevere. Only in this way can we successfully pass the postgraduate entrance examination, enter the ideal colleges and realize our life goals.

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　　China News Service, Toronto, November 21st (Reporter Yu Ruidong) According to the data updated on November 20th in British Columbia, Canada, severe floods and geological disasters in the province have caused four deaths, and one missing person has not been found yet.

　　The disappearance and death occurred in Lillooet in the Fraser Valley and near Duffy Lake in the inland area of the province. The deceased was a woman and three men.

　　The province’s autopsy service said that law enforcement and search and rescue personnel have been trying to search for people reported missing in extreme rainfall and mudslides in the past five days. Relevant departments will do their best to determine the unfortunate situation, record it, and make suggestions if possible to prevent similar deaths from happening again in the future.

　　Extreme weather, such as continuous heavy rainfall since the 14th of this month, has caused rare severe floods, landslides, mudslides and other disasters in British Columbia, located at the western end of Canada and along the Pacific coast. About 18,000 people were forced to evacuate due to the flood, nearly 10,000 houses were under evacuation orders or evacuation warnings, and a large number of farm animals died in the flood. British Columbia declared a two-week state of emergency on the 17th.

　　In order to ensure disaster relief, British Columbia announced the implementation of temporary fuel restrictions on the 19th. Ordinary people’s vehicles are only allowed to buy 30 liters of fuel at each gas station. This measure is planned to be implemented for about 10 days. This has led to long queues at oil stations in the Greater Vancouver area, and some oil stations have sold out of fuel.

　　At the same time, although some of the affected highway sections have gradually resumed traffic, British Columbia still prohibits vehicles that make "non-essential" trips from entering specific sections. The province also reminded people that drinking wells in flood-affected areas may have been polluted.

　　The meteorological department has issued an alarm, and it is expected that heavy rain, strong winds and low temperature will sweep across the northern coast of British Columbia and move south in recent days.

　　The Canadian federal government has deployed troops to assist British Columbia in flood fighting and disaster relief. The federal government and the province also set up a joint working group on supply chain to promote the full recovery of logistics as soon as possible. (End)

The following article is from China Foreign Languages Bureau, and the author is China Foreign Languages Bureau.

China International Publishing Group (CIPG)

Official account of China Foreign Languages Bureau

In order to serve the practice of translation at home and abroad and help improve the level of national translation capacity building, the Institute of Contemporary China and the World of China Foreign Languages Bureau and the China Translation Research Institute focus on the important speech of the Supreme Leader General Secretary in 2019, the major decision-making arrangements of the central government and the new expressions of new concepts, new categories and important party and government conference documents. More than 420 current political terms in China were selected and compiled from eight aspects: politics, economy, culture, society, ecological civilization, diplomacy and military affairs, poverty alleviation, science and technology. They were translated and approved by the Expert Committee of Major Translation Review in translators association of china and the mechanism of coordinating key translation tasks in China Translation Research Institute, forming a Chinese-English comparison for the reference of the industry and related personnel. Share the second part with you today.

The English Translation Report of Important Political Terms in China (2019) is one of the annual series of achievements of the research on the standardization of foreign translation of China’s characteristic words, aiming at strengthening the standardization and standardization of foreign translation of China’s political terms, providing strong support for the industry in expressing foreign words, helping to tell the story of China and spread the voice of China well, enabling foreign audiences to better understand China’s ideas and China’s thoughts, China’s policies and China’s development path, and further promoting the international spread of the Supreme Leader’s socialist thought with Chinese characteristics in the new era.

Please click on the previous article:

English Translation Report of Important Political Terms in China in 2019 (I)

six

Foreign affairs and military affairs

1. Reform and construction of global governance system

to reform and develop the global governance system

2. Discuss, build and share the global governance concept.

an approach to global governance based on extensive consultation, joint contribution, and shared benefits

3. New international relations

a new form of international relations

a new model of international relations

4.人类命运共同体

a global community of shared future

a global community with a shared future

a community of shared future for humanity

a community of shared future for mankind

5.中国开放的大门只会越开越大

China will only become more and more open.

6.中国市场这么大，欢迎大家都来看看

The Chinese market is such a big one that you should all come and see what it can offer.

7.加大对最不发达国家支持力度

to increase support to least developed countries

8.推进互联互通，挖掘增长新动力

to boost connectivity to explore new sources of growth

9. Strengthen policy docking and build closer partnership.

to strengthen policy coordination and build closer partnerships

10. Global Connectivity Partnership

a global partnership on connectivity

11. "Belt and Road" special loan

the Belt and Road multi-currency special lending

12. Consultation should be based on mutual respect, equality and mutual benefit.

Consultations should be based on mutual respect, equality, and mutual benefit.

13. Consultations should be conducted in the opposite direction and based on good faith.

Consultation involves working toward the same goal in good faith.

14. China will never give in on the issue of principle.

China will not give ground on issues of principle.

15. No challenge can stop the progress of China.

No challenge will hold back China’s development.

16. International system with the United Nations at its core.

the UN-centered international system

17. Unilateralism

unilateralism

18. Protectionism

protectionism

19. Managing the deficit

deficit of governance

20. Development deficit

deficit of development

21. Trust deficit

deficit of trust

22. Create a peaceful and stable security environment.

to foster a security environment of peace and stability

Hegemonism and power politics

hegemonism and power politics

24. Seek the development prospect of openness and innovation.

to pursue greater development prospects through openness and innovation

Multilateralism

multilateralism

26. Multilateral trading system

multilateral trading system

The Paris Agreement

The Paris Agreement (on climate change)

28. Promote people-to-people exchanges of mutual learning and learning.

to promote mutual learning through people-to-people exchanges

29. Discuss, build and share

extensive consultation, joint contribution, and shared benefits

30. World multipolarization, economic globalization, cultural diversity and social informatization.

The world today is moving toward greater multi-polarity, economic globalization, and cultural diversity, and is becoming increasingly information-oriented.

31. Peaceful and tranquil Asia

peace and stability across Asia

32. Asia with common prosperity

common prosperity in Asia

33. Open Asia

an open and better-connected Asia

34. All countries work together to promote open, inclusive, inclusive, balanced and win-win economic globalization.

Countries will work together to promote economic globalization and make it more open, inclusive, balanced, and beneficial to all.

35. Show and spread the beauty of civilization

for the best of Asian civilizations to spread and be better known in the world

36. Open, inclusive and learn from each other.

to stay open and inclusive and draw on each other’s strengths

37. Emerging market countries

emerging markets

38. Seek open and innovative development prospects.

to pursue greater development prospects through openness and innovation

39. The new scientific and technological revolution and industrial transformation are in the ascendant.

A burgeoning round of technological revolution and industrial transformation has taken place.

40. Promote changes in the global economic governance system.

to push for reform of the global economic governance system

41. BRIC+

“BRICS Plus”

42. BRICS New Industrial Revolution Partnership

the BRICS partnership on new industrial revolution

43. Independent foreign policy of peace

the independent foreign policy of peace

44. Community of Destiny in Central Africa

the China-Africa community with a shared future

45. Community of Destiny between China and Latin America

the China-LAC (Latin America and the Caribbean) community with a shared future

46. Asia-Pacific Community of Destiny

the Asia-Pacific community with a shared future

47. Mutually beneficial cooperation among countries in the world.

the mutually beneficial cooperation of countries around the world

48. Deepen exchanges and mutual learning among civilizations.

to enhance exchanges and mutual learning between civilizations

49. A good neighbor who can’t move away and a true partner who can’t be separated.

a good neighbor who won’t move away, and a true partner who can’t be separated

50. Gold never changes after a long time.

to remain unshakable and becoming even firmer as time goes by, and being so valuable that we would not exchange it even for gold

51. Independence and opening to the outside world are unified.

integration of independence and opening up to the outside world

52. Promote the "Belt and Road" innovation cooperation and connect with the people.

to promote innovation cooperation and people-to-people ties along the Belt and Road

53. The Second "Belt and Road" International Cooperation Summit Forum

The Second Belt and Road Forum for International Cooperation

54. China and Italy are located at the two ends of the ancient Silk Road, and it is only natural to carry out the "Belt and Road" cooperation.

Located at both ends of the ancient Silk Road, it is perfectly natural for China and Italy to advance cooperation under the Belt and Road Initiative.

55. Our understanding of time is not based on ten years or a hundred years, but on a hundred years or a thousand years.

In our understanding, time cannot be measured in ten years or a hundred years, but in hundreds of years or thousands of years.

56. We should keep our strength, not go with the flow, adhere to independence and mutual respect.

We should remain committed, stay true to our value, and adhere to independence and mutual respect.

57. China has gone through 40 years of reform and opening up, and the door to opening up will open wider and wider in the future.

China’s reform and opening up have gone through the course of 40 years, and the door of opening up will be even wider in the future.

58. The evaluation of a country should not only look at the area, but also look at the influence of culture and the driving force for the development of human civilization.

When we evaluate a country, we should not just look at its size, but we need to consider its cultural impacts and its impetus in advancing human civilization.

59. Today’s "Belt and Road" has become a "meticulous painting" jointly described by countries along the route.

Today the Belt and Road Initiative has become a “meticulous painting” jointly done by countries along the routes.

60. Knowing the past can serve as a mirror for today, in order to move forward better.

By learning from history, we can draw lessons to guide today’s actions and move forward to a better future.

61.要把中法关系发展好，政治互信是关键，务实合作是必由之路，国民感情是基础

To make the China-France relations strong, mutual political trust is the key, pragmatic cooperation is the inevitable route, and friendship between the two peoples is the foundation.

62.既要畅通政府间合作的“主渠道”，也要丰富民间交往的“涓涓细流”

We should not only smooth the “main channel” of inter-governmental cooperation but also enhance the “trickle” of non-governmental exchanges.

63.携手合作、互利共赢才是解决各种全球性问题的唯一正确选择

Working together for mutual benefit and win-win results is the only correct choice to solve global problems of all kinds.

64. China and Germany are not competitors, let alone rivals. Win-win cooperation is the main thread of the development of Sino-German relations.

China and Germany are not competitors, let alone rivals. And seeking win-win results through cooperation is the major concern in developing China-Germany relations.

65. All countries should have the spirit of taking the world as their own responsibility, and actively act as activists instead of spectators.

All countries should regard taking part in world affairs as their own duty and actively take actions rather than being onlookers.

66. Insist that global affairs should be handled by people of all countries through consultation, and actively promote the democratization of global governance rules.

Upholding the principle that global affairs should be settled by the people of the world through consultation, and actively advancing the democratization of global governance rules.

67. We should put mutual respect and trust at the forefront, make use of dialogue and consultation, and persist in seeking common ground while reserving differences and converging and assimilating differences.

We must put mutual respect and mutual trust in the first place, make good use of dialogue and consultation, and seek common ground while shelving and narrowing differences.

68. We should adhere to the correct concept of justice and benefit, put justice first, give consideration to justice and benefit, and build a global partnership of common destiny.

It is necessary to adhere to the correct concept of justice and interests, put righteousness first, uphold justice while pursuing shared interests, and build a global partnership that shares the common future.

69. Abandon the cold war mentality and the old zero-sum game mentality, abandon the jungle law of the jungle, seek peace through cooperation, promote security through cooperation, and persist in resolving disputes by peaceful means.

We must discard Cold-War and zero-sum mentalities, reject the Law of the Jungle, seek peace and promote safety through cooperation, and insist on settling disputes through peaceful means.

70. We must adhere to the drive of innovation and create a dynamic growth model; Adhere to synergy and create an open and win-win cooperation model; develop a balanced, equitable and inclusive development model

We should pursue a model of dynamic growth driven by innovation, a model of cooperation featuring coordination and connectivity, open and win-win, and a model of development based on fairness, inclusiveness, balance and benefits for all.

71. The development of history, the prosperity of civilization and the progress of mankind have never been separated from ideological guidance.

The development of history, the prosperity of civilization, and the progress of mankind can never be separated from the guidance of thought.

72. Adhere to mutual respect, adhere to the concept of win-win cooperation, openness and tolerance, and gradually eliminate differences by making a big cooperation cake.

We should adhere to mutual respect, the concept of win-win cooperation, openness and inclusiveness, and gradually eliminate differences by baking a bigger cake of cooperation.

73. Chairman of the Military Commission is responsible for the system.

the principle of ultimate responsibility resting with the chairman of the Central Military Commission

74. Defence and army reform.

reform on national defense and the military

75. Reform of military policy system

reform on military policies and institutions

76. Strengthening the military strategy

the strategy of strengthening the military

77. The "Thirteenth Five-Year Plan" for Army Construction and Development

the 13th Five-Year Plan for the development of the military

78. Strive to be a good soldier in the new era.

to be good soldiers of the new era

seven

Poverty Alleviation and poverty alleviation

1. Establish a long-term mechanism to solve relative poverty.

to establish long-term mechanisms for eradicating relative poverty

2. Counterpart assistance, help the rich first and then get rich.

paired-up assistance, and those who have become better-off help those still lagging behind

3. Give play to the role of grassroots party organizations in leading the masses to get rid of poverty and become rich.

Local Party organizations should play a crucial role in leading the residents out of poverty and toward prosperity.

4. Deepen the special governance of corruption and work style in poverty alleviation.

to make greater efforts in the fight against corruption and misconduct in poverty alleviation

5. Take off the hat and don’t take off the policy

to continue poverty alleviation policy support for counties that have been removed from the poverty list

6. "Helping the poor and helping the poor"

to help those in need and deliver genuine assistance

7. "Four Questions" ("Who will help, who will help, how to help, how to retreat")

four key issues in poverty alleviation – who needs help, who provides help, how to help, and how to be removed from the poverty list

8. Solve regional overall poverty

to eliminate regional poverty

9. "Five-level secretaries" focus on poverty alleviation

CPC secretaries at five levels are all responsible for poverty alleviation.

10. Develop production to get rid of poverty

to eliminate poverty through developing the local economy

11. Relocation out of poverty

relocation of rural poor for poverty alleviation

12. Ecological compensation for poverty alleviation

to compensate impoverished residents for eco-environmental protection

13. Develop education to get rid of poverty

poverty elimination through education

14. Social security

to provide subsistence allowances to the poor to meet their basic needs

15. Poverty alleviation work is pragmatic, the process of poverty alleviation is solid, and the results of poverty alleviation are true.

to make concrete and solid efforts in poverty alleviation for practical results

16. Don’t pick responsibility, don’t pick policies, don’t pick help, don’t pick supervision.

Poverty alleviation duties, policies, assistance, and oversight will continue after poor counties are removed from the poverty list.

17. East-West Poverty Alleviation Cooperation

paired-up assistance between the east and the west

18. Implement the decisions on reducing burdens at the grass-roots level.

to implement policy decisions designed to ease the burdens at the community level

19.深度贫困地区三区三州

the most impoverished three regions and three prefectures: The “three regions” are Tibet, the Tibetan ethnic areas of Sichuan, Yunnan, Gansu and Qinghai provinces, and the four prefectures in southern Xinjiang (Hotan, Aksu, Kashi and Kizilsu Kirgiz Autonomous Prefecture); the “three prefectures” are the Liangshan Yi Autonomous Prefecture in Sichuan, Nujiang Lisu Autonomous Prefecture in Yunnan and Linxia Hui Autonomous Prefecture in Gansu.

20. Do a good job in poverty alleviation in the old revolutionary base areas and the Central Soviet Area.

to help old revolutionary base areas and former central Soviet areas eliminate poverty and achieve moderate prosperity

21. Carry forward the spirit of dripping water wears away the stone

to carry forward the spirit of “constant dripping water wearing away a stone”

to work with patience and perseverance

22. Take the road of rural revitalization.

to take solid steps in rural vitalization

23. Continue to consolidate the achievements of poverty alleviation and actively build a beautiful home.

to consolidate the progress in poverty alleviation and build a better home

eight

Science and Technology science and technology

1. Leading by scientific and technological innovation

scientific and technological innovation as the driving force

2. National strategic scientific and technological strength

to build up China’s strategic capacity in science and technology

3. Ethical governance system of science and technology

a regulatory system for ethics in science and technology

4. A new round of scientific and technological revolution and industrial transformation led by artificial intelligence.

a new round of scientific and technological revolutions and industrial transformations led by artificial intelligence

5. Promote the healthy development of a new generation of artificial intelligence.

to boost healthy development of the new generation of artificial intelligence

6. Brain science

brain science

7. Sensor network

sensor network

8. World Intelligence Congress

World Intelligence Congress (WIC)

9. Reorganize the State Key Laboratory System

to restructure the system of key national laboratories

10. Building major innovation bases and platforms.

to build major innovation bases and platforms

11. Improve the collaborative innovation mechanism in Industry-University-Research.

to improve the mechanism for collaborative innovation among enterprises, universities and research institutions

12. Strengthen strategic judgment and forward-looking deployment in major innovation areas.

to strengthen strategic research and forward-looking deployment concerning major innovation

13. Make a systematic strategic layout of science and technology.

to make a systematic strategic layout of science and technology

14. Improve the technology market

to improve the technology market

15. Give play to the leading role of innovation of scientific and technological private enterprises.

to give full play to private sci-tech enterprises in innovation

16 to carry out the project funds use "contract system" reform pilot.

to launch a pilot scheme of lump-sum project-funding

15 -17 September

2020 Online China International Intelligent Industry Expo

Will be held in Chongqing.

In order to thoroughly implement the action plan of rejuvenating the city through science and education and strengthening the city through talents, make the brand of "Chongqing Talents" perfect, vigorously carry forward the spirit of patriotic struggle, and encourage the vast number of talents to participate in the construction of the twin-city economic circle in Chengdu-Chongqing area, it is decided to carry out the first "Chongqing Outstanding Talents Award" for selection and commendation. View the details of the stamp map ↓↓↓↓

Prevention and control tips

Take the initiative to do a good job in personal and family health monitoring. It is recommended to measure the body temperature once in the morning and once in the evening. If suspicious symptoms appear, seek medical advice in time.

Everyone is watching.

Source: China Foreign Languages Bureau

Original title: Report on English Translation of Important Political Terms in China in 2019 (Part II)

Read the original text

[Original Truck House] A green passage for the transportation of fresh agricultural products canEnjoy the "green traffic" policy of free passage, which not only reduces the circulation cost, but alsoIt is a great thing to make it easier for farmers and card friends.

Free passageFresh agricultural products“Lvtong",I believe that card friends have a better understanding. Today, the author will take stock of some" pseudo-Green Pass "agricultural products that are easily mistaken for fresh agricultural products, and talk to you about the situation of free mixed loading and overload in the transportation of Green Pass.

● 　Easily mistaken "Pseudogreen pass"Agricultural products

Liveness is the element, and an agricultural product that is easily confused by some card friends does not belong to the toll-free "Lvtong”。 In the future, when encountering the following items, card friends should not mistake them for fresh agricultural products. They negotiated the freight rate with the owner according to the "Green Pass". After loading the car and driving to the toll booth, they found that they could not enjoy free passage and suffered a dumb loss on the freight rate.

Ginger, fungi Such as: dried fungus, dried mushrooms and other non-fresh fungi;

Nuts Such as: walnut, hickory, chestnut, ginkgo, torreya grandis, etc.;

Ornamental fish Such as: goldfish and tropical fish raised at home;

Non-livestock Such as scorpions, silkworms, frogs, etc.

Grain category Such as: rice, barley, wheat, millet, corn, peanuts, soybeans, red beans, sugar cane, etc.

Nonmeat Such as: animal viscera;

Seasoning Such as: pepper, aniseed, etc.

Cold (Tibetan) frozen species Including: all kinds of frozen, refrigerated, chilled and frozen products.

● 　Keep in mind "Legal loading of whole vehicle20% and 5%

If the agricultural products of the whole vehicle are mixed, what should I do if there may be overloading? The country also has clear regulations on "legal loading of whole vehicles", and card users must keep in mind the two thresholds of 20% and 5%:

Mixed loading cannot exceed 20% If the free fresh agricultural products are mixed with other agricultural products, and the mixed other agricultural products do not exceed 20% of the vehicle’s approved load mass or compartment volume, it can be regarded as a vehicle loaded with fresh agricultural products and enjoy free "green pass". Those who mix more than 20% will no longer enjoy the free "Green Pass".

Overload cannot exceed 5% Taking into account the possible reasonable error of vehicle weighing equipment, the fresh agricultural products transport vehicles whose overload range does not exceed 5% shall be carried out according to the legally loaded vehicles. More than 5%, as illegal loading, no longer enjoy free "green pass".

For more information about Lutong Logistics, please continue to pay attention to the follow-up reports of Truck House. (Text/Figure Xie Chun)

　　Now when receiving a call from the insurance company, Mr. Zhu has a firm attitude: No consideration! He no longer trusts the bank as before, and even considers canceling the bank’s credit card.

　　Recalling that he bought an insurance five years ago, Mr. Zhu still regrets it very much, and this regret will accompany him for five years until the payment expires in 10 years. Since he bought insurance, the insurance company has called him every now and then to promote other insurance products, and he feels overwhelmed.

　　He said: "This insurance is in the name of the bank credit card center. I bought it out of trust in the bank, but after carefully studying the contract, I think this insurance is not suitable for me. I want to surrender, but I can only negotiate with the insurance company!"

　　Should I add insurance if my credit record is good?

　　"When they called me, they first exchanged pleasantries with you and told you that from your credit card consumption record, your credit is very good. Soon, they will tell you that your current insurance coverage is low, and there are more suitable ones for you, so let me continue to add insurance. The 10-year payment period should be recalculated from the date of adding insurance. In this case, I can only resolutely refuse. " Mr. Zhu told reporters.

　　"This doesn’t mean that if I accept their advice again, the payment for the first five years will not count, so it won’t be a bottomless pit?" Mr. Zhu was very excited when he talked about it.

　　After the mood calmed down a little, Mr. Zhu recalled to the reporter the situation when he bought this insurance.

　　At that time, during the Beijing Olympic Games, Mr. Zhu just got off the bus when he returned to Beijing on vacation from other places, and he received a phone call from his credit card issuer recommending him to buy an insurance from a foreign insurance company. "Buying an insurance policy means an extra guarantee, which is a good thing. At the same time, I trust this bank, so I readily accept the products they recommend." Mr. Zhu said.

　　However, in fact, Mr. Zhu, then 25, knew so little about insurance that he had never even heard of the name of the company that recommended buying insurance.

　　"At that time, people who claimed to be the bank credit card center only briefly introduced the function of this insurance on the phone and told me that if they suffered from serious diseases during the 20-year insurance period, they could get compensation from the insurance company, but they didn’t even tell me how much they could pay at that time." Mr. Zhu told reporters.

　　Because Mr. Zhu was outdoors when he received the phone call, he didn’t calm down and think carefully about what major diseases were included. If he felt that it was inappropriate to surrender, he would have any losses, and he agreed to buy insurance.

　　Credit card transfer is silent.

　　According to Mr. Zhu’s insurance contract, the main insurance he purchased is the endowment assurance of Happy Life (2008 edition), and the monthly insurance premium is 442.80 yuan, and the long-term critical illness insurance (2008 edition) is paid in advance with Happy Life, and the monthly insurance premium is 44.30 yuan. The payment period is 10 years and the insurance period is 20 years.

　　"I remember calling me on Friday afternoon, and they sent the insurance policy on Monday morning, only one weekend apart." Mr. Zhu said. At that time, the insurance policy was sent to the unit by express delivery. "When I arrived, the courier asked me to sign it. Without telling me any information, I didn’t think much, so I signed it." Mr. Zhu said.

　　These seemingly ordinary things have quietly buried hidden dangers for Mr. Zhu. Because the monthly payment of this insurance product is 487.10 yuan, the amount is not large, and this fee is directly transferred from the credit card, and Mr. Zhu does not have to go to the bank to pay in person. In addition, he has just come back from vacation and is busy with work, so at first, buying insurance did not attract his high attention.

　　When he was free, Mr. Zhu began to carefully consider whether it was appropriate to buy this insurance, and at this time it was three months since the policy came into effect.

　　Looking at this contract, Mr. Zhu felt more and more wrong, so he searched online. This search doesn’t matter. Some comments on the Internet made Mr. Zhu gasp.

　　"I found that this insurance is very poor in the evaluation of netizens, and I think it is not suitable. I want to surrender." Mr. Zhu told reporters, however, after communication, Mr. Zhu learned that if he surrendered, his losses would be great. "If the payment is less than one year, I will not get any premium when I surrender, which is equivalent to three months of premium payment. My monthly salary was not high at that time, and the three-month premium was definitely not a small amount for myself. " Mr. Zhu said.

　　Faced with such an outcome, Mr. Zhu felt very helpless and could only continue to pay the premium. The reporter saw in the insurance contract that his main insurance period was less than one year without cash value, and the cash value at the end of the first year was 8.82 (calculated by the amount of insurance in 1000 yuan). Then, even if he surrendered his insurance at the end of the first year, he could only get 1,764 yuan, while the premium paid in one year was 5,845.2 yuan.

　　In an interview with reporters, Mr. Zhu admitted that he was ill-considered in purchasing this insurance at that time and made a hasty decision.

　　Are deep cooperation advantages and disadvantages?

　　In the cooperation between insurance companies and banks, in addition to borrowing bank outlets for sales, more cooperation has gone deep into credit card centers. Because credit card customers generally have good credibility, strong economic strength and high insurance awareness, insurance companies attach great importance to it.

　　At the same time, because of the natural trust in banks, it is easier for insurance companies to sell insurance in the name of bank credit card centers. However, insiders pointed out that it is understandable for insurance companies and banks to carry out in-depth cooperation. If the sales behavior norms will make customers more convenient, it will be good for everyone. However, if the sales behavior of bancassurance is not more standardized, there will be misleading sales or telephone nuisance, and even insurance disputes, which will make consumers feel rebellious towards insurance companies and banks, and banks may lose some of their customers.

　　"No matter when the bank credit card center sold it to me on the phone or when the insurance policy was sent to me by courier and asked me to sign it, they didn’t emphasize the risk of surrender, nor did they prompt what should be determined before signing. I think they avoided the weight and misled me. I made a decision too quickly." Mr. Zhu said.

　　After this incident, Mr. Zhu’s attitude towards insurance changed from accepting to refusing. He said: "If insurance companies are dishonest when selling insurance, even if they have insurance, they may not be guaranteed."

　　Five years later, Mr. Zhu still pays the premium every month, but he has long ignored the significance of this policy. He said: "It’s time to deposit a current deposit and take it out when the insurance expires. But who knows what will happen in 20 years? Maybe insurance still has some effect. " In his speech, Mr. Zhu has both helplessness to insurance and a little affirmation of the significance of insurance. (Securities Daily Leng Cuihua)

　　　　　　 CCTV News:Today (March 22nd) is the 31st World Water Day, and the United Nations has determined that the theme of World Water Day in 2023 is "accelerating change". From March 22nd to 28th, the 36th China Water Week was held, with the theme of "Strengthening water control according to law and working together to protect the mother river".

　　　　　　 Water is the source of all things and the foundation of all things. First of all, let’s learn about the familiar "water" in our daily life through a word. Now displayed on the big screen is the earliest word "water" in China. It appeared in Oracle Bone Inscriptions in Shang Dynasty, and it looks like water flowing along water veins, but its original meaning is river.

　　　　　　 Early human civilization originated from both sides of the river, and our mother river, the Yellow River, gave birth to an uninterrupted Chinese civilization for more than 5,000 years. "The Yellow River is peaceful and the world is peaceful". How to better protect the mother river has become an important topic in modern water conservancy construction.

Legislation to protect the mother river, the ancient Yellow River, rejuvenated.

The Yellow River is the mother river of the Chinese nation, and its protection is a great plan for the great rejuvenation of the Chinese nation. On April 1st, the Yellow River Protection Law will be implemented soon, and there will be laws to protect the Yellow River.

In Shandong Yellow River Delta National Nature Reserve, the oriental stork, a national first-class protected bird, entered the breeding period. After a long incubation period, recently, the first chick hatched this year.

Thanks to the start of the Yellow River ecological water supply and wetland restoration project, the Yellow River Delta National Nature Reserve has become the most important breeding ground for oriental storks in the world, and millions of birds migrate and winter here every year. It has also become the most complete, extensive and youngest wetland ecosystem in the warm temperate zone of China.

In the Yellow River Protection Law, which will be implemented on April 1, specific measures such as ecological water replenishment and silt dam construction in the Yellow River Delta have been written into the legal provisions.

Gui Fan, Deputy Director of Policy and Regulation Bureau of Yellow River Conservancy Commission:The Yellow River Protection Law is a summary of many years’ experience in harnessing the Yellow River, which has raised an effective experience in harnessing water and sediment loss in the Yellow River basin to a legal level, which was not found in any previous law.

The Law on the Protection of the Yellow River clearly states that the state strengthens the ecological protection and restoration of the Yellow River basin, adheres to integrated protection and restoration, and implements systematic management with natural restoration as the mainstay and natural restoration combined with artificial restoration. The state implements a rigid restraint system for water resources in the Yellow River Basin, and insists on setting cities, land, people and production by water.

　　　　　　 Li Xiaojing, Deputy Director of Policy and Regulation Department of Ministry of Water Resources:On the basis of fully performing their statutory duties, the nine provinces and regions in the Yellow River Basin should focus on the key points in combination with the actual situation. The upstream provinces should strengthen the protection and restoration of water conservation areas, the middle provinces should strengthen the soil and water conservation on the Loess Plateau, and the downstream provinces should strengthen the economical and intensive use of water resources, jointly do a good job in great protection and promote great governance, and create a new situation of ecological protection and high-quality development in the Yellow River Basin.

This year, China will further promote the recovery of the Mother River.

Just now, we saw that the measures for the protection and management of the Yellow River are constantly being iteratively updated. In addition, this year, China will further promote the recovery of the mother river, make the river flow, restore the lake, and build a harmonious symbiotic system of people and water.

Bi Shouhai, Director of Water Resources Protection Division, Water Resources Management Department, Ministry of Water Resources:This year, the Ministry of Water Resources will select 88 mother rivers (lakes), formulate the mother river recovery action, "one river, one policy" and "one lake, one policy" programs, strengthen the unified regulation of water resources, promote river regulation, water system connection, ecological water replenishment, groundwater overexploitation control, and gradually return the occupied ecological water, so as to restore the life of rivers and the vitality of basins.

At the same time, this year, the state will focus on the Beijing-Hangzhou Grand Canal and rivers and lakes in North China to continue to promote centralized and normalized water replenishment, so as to realize the 707-kilometer-long connection of the Beijing-Hangzhou Grand Canal to the north of the Yellow River, and the water surface area of Baiyangdian Lake will be stable at more than 250 square kilometers throughout the year.

Recently, the Ministry of Water Resources has formulated and issued the "Key Points of River and Lake Management in 2023", which will comprehensively start the health evaluation of rivers and lakes and gradually establish a national river and lake health archive; Strictly control the shoreline space and sand mining management in rivers and lakes, and further promote the normalization and standardization of the "four chaos" in rivers and lakes.

Li Xiaojing, Deputy Director of Policy and Regulation Department of Ministry of Water Resources:(River and lake management) Pay more attention to the basin as a unit, strengthen the unified planning, unified management, unified dispatching and unified management of the basin, and plan the overall situation of basin protection and management as a whole.

　　According to the website of the Central Meteorological Observatory on September 25th, Typhoon Olu, the 16th this year, was formed in the east of the Philippines on the afternoon of September 23rd, and rapidly strengthened from a strong tropical storm to a super typhoon from the evening of the 24th to the night. At 17: 00 on the 25th, its center (super typhoon level) was located on the northwest Pacific Ocean about 135km north-east of Manila, Philippines, and the maximum wind force near the center was 16 (55m/s).

　　It is estimated that Olu will move to the north-north direction at a speed of about 25 kilometers per hour. It will land on the eastern coast of Luzon Island in the Philippines this evening (48-55 meters/second, with a magnitude of 15-16, strong typhoon or super typhoon), and it will pass through Luzon Island at night, with a weakened intensity. It will enter the central and eastern South China Sea from the morning of 26th, then move to the west, and gradually approach the eastern coast of Vietnam. The Central Meteorological Observatory issued a typhoon blue warning on the morning of September 25th.

　　Gale forecast: Affected by cold air and Olu, there will be 6-8 gale in the western coast of Taiwan Province Island, Fujian coast, Guangdong coast, Hainan island coast, Taiwan Province Strait, bashi channel, most of the South China Sea, Beibu Gulf, Qiongzhou Strait and Sansha Islands from the night of 25th to 14: 00 on 28th, with gusts of 9-10, among which the winds in the central South China Sea, Xisha Islands and the waters near zhongsha islands.

　　Rainfall forecast: From 26th to 28th, there will be heavy rain in Hainan Island and Sansha Islands, and local heavy rain; The accumulated precipitation in the above areas can reach 80 ~ 120 mm, and the local area is more than 200 mm; The maximum hourly rainfall is 30 ~ 50 mm.

　　Meteorological disaster risk forecast: From 26th to 28th, flash floods and geological disasters occurred in eastern Hainan Island, and some small and medium-sized rivers had meteorological risks close to the warning water level.

　　Typhoon Olu has a fast moving speed and strong intensity. When it affects the South China Sea and South China coast, the strongest typhoon level or super typhoon level can be reached, and the wind is strong. Ships and personnel sailing in the central South China Sea, Xisha Islands and waters near zhongsha islands need to be evacuated in time, and ships near the South China coast need to return to Hong Kong in time to take shelter from the wind.

　　In addition, there has been continuous rainfall in Hainan Island since September 20, especially in the eastern part of Hainan Island. Due to the superposition of typhoon heavy rainfall, the risk of mountain torrents, geological disasters and floods in small and medium-sized rivers is high, so it is necessary to strengthen prevention, and low-lying farmland should be dredged in advance to prevent waterlogging disasters.

Pray for the renewal of everything.

beginning of a new year

Guoan neng frontline staff

Stick to your post and pay silently.

A number of key projects have been connected to the grid, connected and poured.

They bid farewell to the old and welcome the new in a unique way for engineers.

　　01

Zhala Hydropower Station successfully realized diversion and closure.

　　Recently, the diversion tunnel project of Zhala Hydropower Station in Yuquan River, Xizang, China’s Datang, which was built by Chengdu Branch of the Third National Security Bureau, ushered in an important node-the diversion tunnel project officially overflowed, laying a solid foundation for the interception task of Zhala Hydropower Station.

　　Zhala Hydropower Station is located in Zhalang Village, Bitu Township, Zuogong County, Changdu City, Xizang Autonomous Region, with a total installed capacity of 1.015 million kilowatts. The construction of this project will play an important leading and demonstrating role in realizing the complete localization of intellectual property rights in the whole industrial chain of impulse turbines and the independent control of key core technologies of hydropower equipment.(Contributed by: Zhang Yonghu Wang Hongjiang)

The whole county roof distributed photovoltaic project in Guiping realizes full capacity grid-connected power generation.

　　On December 30, 2023, the distributed photovoltaic (Phase I) power generation project in Guiping County, Guangxi Province, which was built by Nanning Branch of the First National Security Bureau, realized full-capacity grid-connected power generation. The completion of this important node lays a good foundation for the next step of power generation, and is of great significance to promoting the development of green energy, improving ecology and promoting rural revitalization in Guigang City.

　　The distributed photovoltaic project in the whole county of Guiping is mainly based on 27 local campuses in Guiping City, with a total construction scale of 4.65 MW, a total investment of about 17.3 million yuan, and an average annual power generation of about 4.81 million kWh. It is connected to the grid-connected rooftop distributed photovoltaic project with a voltage level of 380 volts. The project adopts the mode of "spontaneous self-use and surplus electricity connected to the grid" to generate electricity, which can save about 173 tons of standard coal every year and reduce the emission of 480 tons of carbon dioxide, effectively realizing the green, low-carbon, energy-saving and renewable utilization of energy.(Contributed by: Jiang Jianming)

The first batch of power generation units of Yuxi Yimendini photovoltaic project were successfully connected to the grid.

　　On December 31, 2023, the first batch of power generation units of Yunnan Yuxi Yimendini photovoltaic power generation project, which was built by Yunnan Company of the First National Security Bureau, were successfully connected to the grid, injecting new vitality into the local green energy field.

　　The project is located in Tongchang Township, Yimen County, Yuxi City, Yunnan Province, with a total area of 696.45 mu and an installed capacity of 25 MW. The construction contents of the project include photovoltaic field, switching station, collecting line and sending line, etc.(Contributed by: Li Wei)

The ventilation and safety tunnel of Ningguo Pumped Storage Power Station was excavated to the powerhouse in advance.

　　On December 30, 2023, the ventilation and safety tunnel of Anhui Ningguo Pumped Storage Power Station, which was built by Nanchang Branch of the Second National Security Bureau, was successfully excavated to the factory building, and the node goal was completed five months ahead of schedule.

　　The ventilation and safety tunnel has a total length of 885 meters, and the excavation section is 7.2 meters *7 meters. The full-face blasting method is adopted for excavation.Ventilation and safety tunnel is the key work of the whole power station construction, which determines the construction period of the power station and lays a solid foundation for the underground powerhouse construction of the power station to be delivered to the working face in advance.(Contributed by Zhou Zhaoxiang)

The pilot tunnel on the first floor of the main (auxiliary) powerhouse of Songyang Pumped Storage Power Station was successfully connected ahead of schedule.

　　On December 30, 2023, the pilot tunnel on the first floor of the main (auxiliary) powerhouse of Zhejiang Songyang Pumped Storage Power Station project, which was built by Changzhou Branch of the Second National Security Bureau, was successfully completed ahead of schedule, which marked the important construction progress of the project and created favorable construction conditions for the expansion and excavation of the upstream and downstream side walls of the main (auxiliary) powerhouse.

　　The underground powerhouse is composed of a main engine section, an auxiliary engine section and an installation room, which are arranged in a "I" shape, and the installation field and the auxiliary engine section are arranged at the left and right ends of the main engine section respectively. The total excavation size is 185.2m * 25m * 56.8m (length * width * height), and the elevation is 313.5-370.3m. The stonework cave is excavated in 7 layers, with the maximum excavation height of 10.6m..(Contributed by Li Jiaan)

The foundation of the first turbine of Huludao Wind Power Project was successfully poured.

　　On December 30, 2023, the foundation of No.45 wind turbine in Bid A of Lianshan 250 MW wind power project in Huludao, Datang, Liaoning Province, which was built by Xiamen Branch of the Second National Security Bureau, successfully completed concrete pouring, which sounded the clarion call for comprehensive engineering construction.

　　The project is located in Lianshan District, Huludao City, Liaoning Province. The total installed capacity of the project is 110 MW, and 22 5.0 MW wind turbines are installed. The tower is designed as a steel tower with a hub height of 120 meters and an impeller diameter of 193 meters. After the completion of the project, it will provide a cleaner and more reliable power supply for Huludao City and its surrounding areas, effectively promote energy conservation and emission reduction, protect the ecological environment to adapt to sustainable development, promote the high-quality development of regional economy, and achieve a double harvest of environmental and economic benefits.(Liu Yisheng)

　　Editor in Charge: Gao Huijun

　　Proofreading: Zhang Dongjun

　　Comparison of Medical Insurance Negotiations from 2017 to 2020

　　Source: National Medical Insurance Bureau and Essence Securities Research Center.

　　After enterprise declaration, formal review and expert review, the national medical insurance drug list adjustment entered the negotiation stage in 2021. The reporter learned that the on-site negotiation of the medical insurance catalogue is about to begin.

　　Under the background of the rapid development of biotechnology and the accelerated rise of innovative drug industry in China, more domestic innovative drugs are accelerating to the medical insurance catalogue. According to institutional data, about 20 domestic innovative drugs will be negotiated for the first time, and the new indications that have been included in the varieties will be superimposed. In this round of medical insurance negotiations, investors have paid a lot of attention.

　　About 20 domestic innovative drugs were negotiated for the first time.

　　According to the previously published Work Plan for National Medical Insurance Drug List Adjustment in 2021 (referred to as the "Plan") and the medical insurance negotiation process in previous years, it is widely expected in the industry that this year’s medical insurance catalogue negotiation will start soon. The National Medical Insurance Bureau has previously made it clear that if the progress is smooth, this catalogue adjustment work will be completed before the end of this year, and efforts will be made to start implementation in January next year.

　　According to many brokerage research institutions, it is estimated that about 20 domestic innovative drugs will be negotiated for the first time this year, including PARP inhibitors, BTK inhibitors, ALK inhibitors, ADC drugs (antibody conjugated drugs), CAR-T therapy (chimeric antigen receptor T cell immunotherapy), etc., involving many listed pharmaceutical companies such as Beida Pharmaceutical, Baekje Shenzhou, Hengrui Pharma and Zejing Pharmaceutical. Among them, the CAR-T therapy, which is priced at 1.2 million yuan by Fosun Kate, has attracted much attention from the market. Some institutions pointed out that as a representative of expensive new technology, the negotiation result of this variety will closely affect the pricing of new technology products.

　　In addition, the anti-tumor drug PD-1 monoclonal antibody is still the focus. In the medical insurance negotiations in 2019 and 2020, the price reduction of PD-1 monoclonal antibody was remarkable. At present, the competition in the domestic PD-1 market is fierce. Ten PD-1/L1 have been approved for marketing, and new indications have been continuously approved, and the listing of new drugs has continued to accelerate. Ma Shuai, an analyst at Essence Securities, said that among the domestic varieties, the enterprises and varieties that are eligible to participate in the medical insurance negotiation in 2021 are still the four varieties that participated in the medical insurance negotiation last year, and the competition pattern of domestic varieties is relatively relaxed. It is expected that the PD-1/L1 monoclonal antibody will face fierce competition in the medical insurance negotiation in 2022.

　　Regarding the issue of price cuts that the public and investors are concerned about, Industrial Securities said that the current negotiation system for innovative medicine and medical insurance has gradually matured and improved, and it is expected that the future negotiation results will probably continue the overall price cuts in the past few rounds. Although the price reduction is not small, innovative drugs are successfully included in the negotiation list after the game of quantity and price, which will still bring incremental contributions to the corresponding varieties. Rapidly promoting R&D, seizing the first-Mover advantage and reasonable pricing strategy will become important factors in the market competition of innovative drugs.

　　Listed pharmaceutical companies are actively preparing for the war in order to increase the volume.

　　At present, many pharmaceutical companies are actively preparing for medical insurance negotiations. The third quarterly report disclosed by Baekje Shenzhou on November 5 shows that the company is preparing for the upcoming national medical insurance drug list negotiation for qualified products, including adding first-line treatment for non-squamous non-small cell lung cancer, first-line treatment for squamous non-small cell lung cancer and second-line or third-line treatment for hepatocellular carcinoma indications. On the 4th, Rongchang Bio disclosed the prospectus, saying that the company’s core products, Taitacip for the treatment of systemic lupus erythematosus and Videcituzumab for the treatment of gastric cancer, were approved for listing in China with conditions in March 2021 and June 2021 respectively, and the company is actively preparing relevant materials for participating in medical insurance negotiations, with a view to rapidly expanding the sales channels of products in a short time and effectively and rapidly promoting product sales. In the record of investor relations activities disclosed on the 2nd, Beida Pharmaceutical said that at the moment of a new round of medical insurance negotiations, the company is also actively docking the access of Kemena and Bemena.

　　Inclusion in the medical insurance catalogue has undoubtedly become an important catalyst for innovative drug volume. In July this year, the National Medical Insurance Bureau said in its reply to Recommendation No.9562 of the Fourth Session of the 13th National People’s Congress that after three years of continuous adjustment, a total of 233 drugs were successfully included in the medical insurance catalogue through negotiation, and the accessibility of patients to drugs was greatly improved, and the enterprise also reached the market sales expectation. Finally, the goal of "market for price" was realized. According to the data of Medicine Rubik’s Cube, a drug data platform, in 2017, 2018 and 2019, the sales of drugs that were included in the medical insurance catalogue through medical insurance negotiation increased by 128%, 337% and 39% respectively in 2020.

　　The Blue Book on the Progress and Effectiveness of Medical Insurance Drug Management Reform published by China Pharmaceutical Association and China Medical Insurance Research Association shows that among the 34 innovative drugs listed from 2016 to 2020, 26 drugs have entered the medical insurance catalogue, accounting for 76.5%. The time from listing to medical insurance for innovative drugs has also been greatly shortened. In 2017, it will take 4 to 9 years for new drugs to enter medical insurance, shortened to 1 to 8 years in 2019, and further compressed to 0.5 to 5 years in 2020.

　　Huachuang Securities believes that from the perspective of sales amount, except for some products with expired patents, most innovative drugs have achieved price-for-quantity exchange, and the amount has rapidly increased after entering medical insurance.

　　"Innovative drugs are expected to improve the difficulty of access after entering medical insurance, and achieve rapid penetration of hospitals and pharmacies." Ma Shuai analyzed that, on the one hand, after the drug enters medical insurance, it will be less difficult to obtain the recommendation application from clinicians, pass the preliminary selection of departments and finally pass the drug selection meeting in the hospital, which greatly reduces the difficulty of drug entering the hospital and lays a good foundation for the future drug in the hospital; On the other hand, in May this year, the National Medical Insurance Bureau and National Health Commission issued the Guiding Opinions on Establishing and Perfecting the "Dual-channel" Management Mechanism for National Medical Insurance Negotiation Drugs. After the drugs enter the medical insurance catalogue, it is expected that the "dual-channel" mechanism will accelerate the volume of products at the pharmacy side.

　　BEIJING, July 9 (Li Zhanghong) On the 9th, this new regulation of the central bank was officially implemented, involving the wallets of hundreds of millions of users of many payment institutions such as WeChat Pay and Alipay, making it safer for you to spend money in buy buy.

　　That is to say, the payment institution will gradually increase the centralized deposit ratio of customers’ reserve funds every month from July 9, and realize 100% centralized deposit to the central bank by January 14, 2019.

　　What is customer reserve?

　　The money you have in the account of the payment institution, such as Alipay balance, WeChat change, prepaid card balance, etc., all belong to the customer reserve. They are not deposits, but prepaid value in essence.

　　It should be pointed out that the funds in the accounts of wealth management products such as Yu ‘ebao are monetary funds, not customer reserves, and are subject to different supervision.

　　According to the definition of the central bank, customer reserve is the monetary fund to be paid by the payment institution in advance from its customers.

　　Specifically, when we buy goods or services on the e-commerce platform, we first transfer the money to the virtual account of the payment institution. After you get the confirmation of the goods, the payment institution will transfer the payment to the merchant, and when the payment is retained in the account of the payment institution, the deposited funds formed belong to the reserve fund.

　　On November 14, 2017, after the "Double Eleven" online shopping, the express delivery peak in the campus of a university in Nanjing. Photo by Luo Bo

　　What is the scale of customer reserve?

　　According to Analysys data, in the third quarter of 2017, the overall transaction scale of comprehensive payment services of non-financial payment institutions in China has reached 42 trillion yuan. This means that the customer’s reserve fund is not decimal.

　　According to the relevant person in charge of the central bank, it took only three years for the stock balance of customer reserve funds of payment institutions to rise from 126.6 billion in 2013 to more than 460 billion at the end of the third quarter of 2016. According to the calculation of market institutions, the scale of customer reserve of payment institutions is likely to have exceeded one trillion.

　　By the end of May 2018, the deposits of non-financial institutions in the balance sheet of the central bank’s monetary authorities were 500.923 billion yuan, a fourfold increase compared with January. If calculated according to the 50% deposit ratio implemented before July 9, the scale of customer reserve of payment institutions has exceeded one trillion.

　　"Non-financial institution deposit" refers to the customer reserve deposit deposited by the payment institution with the People’s Bank of China.

　　Without effective supervision, is this money safe?

　　The ownership of the customer’s reserve fund belongs to the customer of the payment institution, but unlike the customer’s bank deposit, it is not protected by the Deposit Insurance Regulations, nor is it deposited in the bank in the name of the customer. Previously, it was deposited in the bank in the name of the payment institution, and the payment institution initiated the fund transfer instruction to the bank.

　　In other words, the reserve fund originally belongs to the customer, but it is actually dominated and controlled by the payment institution.

　　Before the centralized depository system was implemented, the deposit method of customers’ reserves of payment institutions was mainly to open accounts in several banks in their own names for decentralized deposit. According to the data of the central bank, on average, each payment institution opens 13 customer reserve accounts, and the largest number of customer reserve accounts is 70.

　　Therefore, the debate and discussion on the safety of user’s reserve funds and whether there is any misappropriation has been going on.

　　What are the specific risks of our money?

　　First, there is a risk that the customer’s reserve fund will be misappropriated by the payment institution.

　　The reporter found out that the phenomenon of payment institutions misappropriating customers’ reserve funds has occurred from time to time across the country. Shanghai Changbu Company, whose payment business license was cancelled by the central bank in 2016, maliciously misappropriated the reserve fund, resulting in a capital risk exposure of 780 million yuan, involving 51,400 cardholders, and the rights and interests of customers were seriously infringed. Since 2018, payment institutions in Hangzhou, Qingdao and other places have been punished for misappropriating customer reserve funds.

　　Second, some payment institutions illegally occupy customers’ reserve funds for purchasing wealth management products or other high-risk investments.

　　Zhao Xijun, deputy dean of the School of Finance and Finance of China Renmin University, said in an interview with Zhongxin.com that if the payment institution invests in projects with high risks, there may be risks and losses. Once there is liquidity problem during payment, it will affect the normal operation of the whole payment business.

　　Third, payment institutions may provide channels for criminal activities such as money laundering.

　　Payment institutions handle inter-bank capital settlement through reserve accounts opened in various commercial banks, operate beyond the scope, and exercise the inter-bank clearing function of the central bank or clearing organizations in disguise. What’s more, some payment institutions take this opportunity to provide channels for criminal activities such as money laundering, which also increases the hidden dangers of cross-system transmission of financial risks.

　　Fourth, the decentralized storage of customer reserves is not conducive to the overall fund management of payment institutions, and there is liquidity risk.

　　So, the central bank shot!

　　That is to implement "centralized depository".

　　Centralized deposit of customer reserve funds means that the payment institution deposits the customer reserve funds into the special deposit account of the designated institution according to a certain proportion.

　　At the beginning of 2017, the central bank issued a document requiring the payment institution to deposit the customer’s reserve funds into the designated institution’s special deposit account according to a certain proportion, with the highest proportion of 20%. At the beginning of 2018, the central bank gradually increased the deposit ratio of reserve funds to 50%, and from February to April 2018, the centralized deposit ratio was increased by 10% every month.

　　On June 29, the central bank issued a new notice, clarifying that from July 9, 2018, the proportion of centralized deposit of customer reserve funds of payment institutions will be gradually increased on a monthly basis, and 100% centralized deposit will be realized by January 14, 2019.

　　The central bank also requested thatThe depository bank of reserve funds has been changed from a qualified commercial bank to a branch of the People’s Bank of China where the legal person is located (that is, the customer reserve funds of payment institutions will be directly supervised by the central bank, and the customer reserve funds accounts will no longer be scattered in various commercial banks).. At the same time, the deposit time of the reserve fund is also the second Monday of each month instead of the original quarterly deposit, and the deposit base is the daily average balance of the customer’s reserve fund in the previous month.

　　Zhao Xijun believes that centralized depository eliminates the phenomenon that payment institutions can misappropriate customers’ reserve funds, makes the management of reserve funds more standardized and safe, reduces the risk of reserve fund management, and also reduces the risk of liquidity of payment institutions.

　　Will it affect the shopping experience of users?

　　Some users are worried that the centralized deposit of customers’ reserve funds by payment institutions will affect the shopping experience during the payment process. The relevant person in charge of Tencent Tenpay said that it will not have a direct impact on users.

　　In fact, after the centralized deposit of customers’ reserve funds, the phenomenon of illegal misappropriation of reserve funds by payment institutions will be curbed, and it will be safer to spend money on third-party payment platforms such as Alipay and WeChat. Moreover, the balance of consumers in various prepaid cards will also be more effectively guaranteed.

　　The relevant person in charge of Alipay and Tencent Tenpay told the reporter of Zhongxin.com that the central bank’s move is conducive to the healthy, stable and sustainable development of the industry.

　　The latest report released by Ipsos shows that the number of mobile payment users in China is about 890 million. Among them, there are 820 million Tenpay users and 650 million Alipay users related to WeChat payment, and their user penetration rates are 85.4% and 68.7% respectively.

　　In the past, payment institutions deposited customers’ reserves in commercial banks in the form of deposits and charged interest, which was called "lying down to make money". According to the relevant regulations, the customer’s reserve funds deposited by the payment institution will not be subject to interest. On the surface, the payment institution will lose part of its profit source, resulting in losses.

　　In fact, many payment institutions earn interest income by expanding the scale of customers’ reserves, which deviates from the main business of providing payment services, causing disorder and confusion in the payment service market to a certain extent and destroying the market environment of fair competition.

　　The Notice of the General Office of the State Council on Printing and Distributing the Implementation Plan for Special Remediation of Internet Financial Risks clearly puts forward that payment institutions should be prevented from taking "eating spreads" as the main profit model, the incentive mechanism for business development of payment institutions should be rationalized, and non-bank payment institutions should be guided to return to the purpose of providing small, fast and convenient micro-payment services.

　　The relevant person in charge of the central bank said that the centralized deposit and management of customer reserves of payment institutions is conducive to restoring the business origin of payment institutions, protecting the legitimate rights and interests of consumers, maintaining financial stability and market order, and better promoting the sustained and healthy development of the payment service market.