Text |VCPE Reference Li Zixuan Zhou Jianyu

Editor | Li Youran

The tree attracts the wind, and the ecological chain laid out by Xiaomi for many years is controversial.

Recently, there are rumors in the market that the eco-IPO policy represented by Xiaomi has changed significantly. "At present, the projects involving Xiaomi’s industrial chain under review in science and technology innovation board and GEM have been investigated, and the IPO policy concerning Xiaomi’s industrial chain is limited."

In response, the CSRC responded on March 29th, saying, "I will pay attention to some articles about the significant changes in the IPO policy of Xiaomi’s industrial chain from the media. In this regard, we made it clear that we did not introduce IPO restrictive policies for enterprises related to Xiaomi industrial chain, nor did we carry out special investigations. "

Subsequently, Xiaomi also responded to this matter in its official Weibo, saying that "recently, a large number of distorted, fabricated and unfounded false rumors have been published by the media against our eco-chain and related investment business", and said that a lawsuit has been filed against it and a trial will be held in the near future.

Xiaomi has carefully laid out the ecological chain for eight years. Is the IPO of related companies blocked because of Xiaomi? Will the ecological chain layout touch the regulatory red line?

VCPE Reference (ID:vcpecankao) tries to find the answer through Xiaomi’s investment layout, its impact on the invested enterprises and the opinions of professionals.

01　We have invested more than 500 companies in 8 years, and our manufacturing is a good idea.

Xiaomi has been laid out for 8 years, and with the business adjustment in each period, a huge industrial ecological chain has been built.

At the end of 2013, Xiaomi started the "Eco-chain Investment Plan". According to the enterprise investigation, Xiaomi carries out ecological chain layout through three platforms, one of which is direct investment through Xiaomi and its Hanxing Venture Capital Co., Ltd.; The second is indirect investment through two private equity institutions wholly owned by Xiaomi-Tianjin Jinxing Venture Capital Co., Ltd. and Xiaomi Private Equity Fund Management Co., Ltd.; Thirdly, the investment is made through Xiaomi Changjiang Industrial Fund jointly initiated by Xiaomi and Hubei Changjiang Economic Belt Industrial Guidance Fund Partnership (Limited Partnership).

As for Shunwei Capital, which is often mentioned by the outside world, it is more like a financial return-oriented institution established by Lei Jun for his angel investment dream. Only when encountering a project with strategic value, the investment department of Xiaomi Group will join hands with Shun.

It is worth noting that Xiaomi’s different investment platforms have different emphases, which also shows that Xiaomi will adjust the investment layout according to business expansion in different periods.

In the early days, Xiaomi’s strategy focused on using mobile phones as Internet terminals to connect the needs of all parties. From this, we can see that the most invested areas at that time were cultural media, hardware and enterprise services.

Around 2013, Lei Jun saw the popularity of intelligent hardware, and intelligent life products became its more concerned subdivision track, such as Roborock (688169.SH), a sweeping robot manufacturer, and Zimi, an intelligent hardware manufacturer acquired by Xiaomi.

Since then, Xiaomi has invested in companies such as Iqiyi (IQ.US), Fun Headline (QTT.US) and Jinshan Cloud (KC.US) in cultural media and corporate services.

Hundreds of rivers end up in the sea, and several major investment sectors complement each other. Unconsciously, Xiaomi has woven a large and comprehensive investment ecological network.

According to the statistics of business cards, Xiaomi has made a total of 521 investments, involving 17 fields. Among them, the top three investment times were manufacturing, hardware and cultural media, with 94, 76 and 59 investment events respectively, accounting for about 18%, 15% and 11%.

Among them, in addition to the investment department of Xiaomi Group, the Xiaomi Changjiang Industrial Fund has the highest frequency at present, with a total of 123 investments in five years, mainly focusing on semiconductor, hard technology and other related fields, such as Weilan New Energy, a solid-state lithium battery developer, and Zonghui Xinguang, a photoelectric semiconductor developer, Sagitar Juchuang, a multi-line laser radar developer, and Black Sesame Intelligent, an autonomous driving computing chip.

In addition, Xiaomi Private Equity Fund, which was established less than one year ago, contributed 10 investments. With Xiaomi’s ambition to build a car, it invested in automobile-related enterprises such as Zhilu chilye, a new energy vehicle parts provider, Aitek Automotive Electronics, a high-end controller chip developer, Qixin Micro Semiconductor, and Internet of Things technology-related enterprises such as Youzhilian Technology and Jiangyan Intelligent.

However, as an Internet company with mobile phone, intelligent hardware and IoT platform as its core, Xiaomi’s investment field is slightly extensive, but its layout is still perpendicular to its main business field.

In terms of investment rounds, Xiaomi entered the market earlier, mostly in Angel Round, A Round and B Round, with 121, 86 and 61 investment times respectively, accounting for 23%, 17% and 12%. This may be related to "Lei Jun has a hobby of angel investment".

In general, Xiaomi’s seemingly complicated investment ecological chain actually has a clear strategic layout. Xiaomi has its own logic on how to divide the control and investment details in the main line.

02Nearly 30 companies went public, and many companies entered the countdown to listing.

According to incomplete statistics, at least 30 of the eco-chain enterprises invested by Xiaomi have successfully listed, and most of their businesses are distributed in the fields of intelligent hardware and advanced manufacturing, and a few are financial and entertainment companies, which are coordinated with the business layout of Xiaomi’s hardware, finance and Internet.

However, the stock prices of these companies after listing show a picture of ice and fire at home and abroad.

Perhaps influenced by geopolitics, listed companies in US and Hong Kong stocks have experienced different degrees of decline. As of the close of March 31st, the share price of ZEPP.US was 2.87 USD/share. When it was first listed, its issue price was 11 USD/share. VIOT.US also dropped from the issue price of $9/share to $1.85/share; PINTEC titanium (PT.US) even dropped from the issue price of $11.88/share to $0.59/share.

The poor stock price performance of listed companies in the ecological chain has also affected Xiaomi’s finance.

Previously, science and technology innovation board Daily quoted Luo Pan, a teacher in the financial field, as saying, "In recent years, the market value has been sharply adjusted back, which has seriously affected the fair value and further reduced the profit of Xiaomi".

According to Xiaomi’s latest financial report, by the end of 2021, Xiaomi had invested 390 foreign companies, while at the end of 2020, this figure was still 310, and at the end of 2019, it was 290. Despite the increasing number of foreign investments, the fair value of Xiaomi Group’s investment at fair value through profit or loss in 2021 was 8.132 billion yuan, a decrease of 38.3% compared with 13.2 billion yuan in 2020.

However, most companies listed in China have gratifying market performance. For example, as of the close of March 31st, the share price of No.9 Robot (689009.SH) doubled after its listing in science and technology innovation board, from the issue price of 18.94 yuan/share to 44.10 yuan/share; Lihexing (301013.SZ), listed on the Growth Enterprise Market, had an issue price of 8.72 yuan/share at the time of listing, and now it has risen to 18.9 yuan/share.

In addition, a number of Xiaomi Eco-chain companies are queuing up for IPOs in science and technology innovation board and Growth Enterprise Market, and many of them are only a short walk away from listing.

Weijie Chuangxin (688153.SH) has officially launched science and technology innovation board IPO subscription; The initial inquiry time of Fengxiu Technology (688279.SH) is April 6th.

In addition, Sitway (Shanghai) Electronic Technology Co., Ltd. also entered the countdown to listing. On March 29th, official website, the China Securities Regulatory Commission, approved that it would register the initial public offering of shares with Tewei science and technology innovation board in accordance with legal procedures.

Among the companies that have not yet been listed, there are also many star companies that Weilan New Energy, Weizhao Semiconductor, Aibi Intelligent, and Newlink are betting on.

Among them, Weilan New Energy, a developer of solid-state lithium batteries, has frequently received hundreds of millions of large-scale financing in recent years. The investors behind it include well-known enterprises such as Huawei, Weilai and Geely, and the latest valuation has reached 15 billion yuan. In addition, after the completion of the C round of financing in September last year, the valuation of Black Sesame Intelligence also reached nearly 2 billion US dollars (about 12.7 billion yuan). Newlink, an energy digital open platform, reported the news of listing in Hong Kong at the beginning of the year.

03How to hedge the layout ecological chain?

By combing the IPO situation of enterprises in the Xiaomi ecological chain, VCPE Reference (ID:vcpecankao) found that since 2018, companies have succeeded in IPO almost every year, but there are also cases where the listing is not so smooth.

Fun Sleep Technology passed the IPO review in 2021 and submitted for registration, and was inquired twice by the CSRC at the end of 2021 and the end of January 2022 respectively.

In an inquiry letter, the CSRC asked Fun Sleep Technology to explain "the reason why Xiaomi has always been the main sales channel, and the efforts to expand third-party online platforms and unrelated sales channels are relatively small, and whether there are related obstacles".

Subsequently, the CSRC sent a second inquiry, pointing out that "the company takes Xiaomi e-commerce platform as its main sales channel", asking the issuer to explain "whether there are any special treatment or preferential treatment in Xiaomi platform sales, promotion, rebate, etc." and it is necessary to "compare and analyze whether there are differences in the sales policies of the company on the main e-commerce sales platforms".

Then, is [eco-chain company terminating IPO] really related to [Xiaomi’s large-scale layout of eco-chain]?

Industry insiders told VCPE Reference (ID:vcpecankao), "The core of the’ independence’ problem in this case lies in the’ big customer’, that is, whether the order number of Xiaomi, a big customer, accounts for too much in the total transaction volume of the IPO reporting company. Faced with the question of’ independence’, the company should explain clearly the rationality of excessive customer concentration, the sustainability of the transaction and its own hematopoietic capacity. "

Another senior investment banker, Wang Jiyue, told VCPE Reference (ID:vcpecankao) that "the failure of IPO was caused by Xiaomi" was just the rhetoric of the defendant media.

In this case, under what circumstances will large companies cause the IPO of eco-chain related companies to be blocked?

Wang Jiyue believes that the crux of the problem lies in "whether the business volume brought by industrial linkage is sustainable, whether it is only to help the listing to rush performance, and how much impact it has on the industry." If before the IPO, the enterprise can fully disclose the financial data, put the risk warning in place and sort out the solutions clearly, this will not necessarily become a problem. 」

Song Qinghui, a famous economist, told VCPE Reference (ID:vcpecankao) that at the external public opinion level, as long as there is no major public opinion, it will generally not cause the IPO of Xiaomi Eco-chain related companies to be blocked; If the public opinion is out of control, it will not only affect IPO pricing, meeting and other procedures, but even lead to IPO "abortion."

With the fermentation of public opinion, there are rumors in the market that Xiaomi will touch the red line of antitrust.

In this regard, Wang Jiyue believes that "whether it violates the Anti-Monopoly Law depends on whether the core enterprises that lay out the ecological chain have a dominant market position. Xiaomi’s ecological chain layout is only an investment, not a holding type, and it is not exclusive, so it generally does not involve the Anti-Monopoly Law".

As for the "disorderly expansion" that makes people talk about it, Song Qinghui said: "The disorderly expansion of capital means that capital alienation makes capital deviate from its established track, causing great risks to economic and social levels and even endangering the stability of the overall situation."

Wang Jiyue believes that "the layout of Xiaomi ecological chain belongs to normal industrial linkage".

Finally, Song Qinghui emphasized that "the mass reaction triggered by one incident is actually revealing the hidden truth of society, which is worth pondering. The reason why Xiaomi sued a media for spreading rumors that Xiaomi’s eco-chain enterprises are restricted by IPO policy is mainly because the disorderly expansion of capital in recent years has endangered national security and the bottom of people’s lives. If it is not guided and regulated, it will definitely impact the economic and social development order, such as the development space of small and medium-sized enterprises being compressed and squeezed out.

What do you think of this public opinion event? Welcome to leave a message in the comments section.

　　□ Our reporter Zhang Wei

　　For a long time, due to the weak brand appeal, weak strength, short life cycle and lack of mature talent "selection and retention" system, it has always been the consensus of the industry that SMEs are difficult to recruit.

　　"Since the epidemic, China’s small and medium-sized enterprises have been severely affected, many offline businesses have not been carried out smoothly, and some even have to stop production, and the resulting brain drain and rising costs have caused many small and medium-sized enterprises to face severe challenges." Su Haopeng, a professor at the Law School of the University of International Business and Economics and director of the Consumer Protection Law Research Center, told the reporter of the Rule of Law Daily that under this background, the problems of low recruitment efficiency, high recruitment expenditure cost and low talent retention efficiency of small and medium-sized enterprises are more prominent.

　　Recently, the Survey Report on the Recruitment of Small and Medium-sized Enterprises (hereinafter referred to as "Report") published by Beijing Sunshine Consumer Big Data Research Institute, university of international business and economics Consumer Protection Law Research Center and Consumer Network shows that with the implementation of SME support policies, the development of mobile Internet technology, job seekers’ understanding of small and medium-sized enterprises and the improvement of their own recruitment process, the recruitment difficulty of small and medium-sized enterprises has been alleviated, but long-term systemic problems still exist. Therefore, it is necessary to improve the relevant laws and regulations, improve the multi-party supervision mechanism, and promote the healthy development of industry norms.

　　Mobile network recruitment channel

　　Be favored by small and medium enterprises

　　As the "main force" to absorb employment and promote economic development, the recruitment of small and medium-sized enterprises deserves attention.

　　It is the original intention of this survey to deeply understand the recruitment needs, costs and related situations of SMEs, and to study and analyze how to reduce the recruitment costs, help SMEs to resume work and production, and promote sustained and healthy economic development. According to reports, the survey used methods such as questionnaire survey, interview survey and literature analysis. From May 10, 2022 to June 10, 2022, a total of 1,328 valid questionnaires were collected, and according to the industry scale of the interviewed enterprises and other factors, the business owners or human resources managers of 11 small and medium-sized enterprises were selected for interview survey.

　　Most of the interviewed enterprises said that the main recruitment channels of enterprises at present are: online recruitment platform, headhunting company, school recruitment channel, social network and internal promotion, among which the most important recruitment channel is online recruitment platform, and the usage rate of online recruitment platform on mobile terminal has gradually increased in recent years. When recruiting, we will focus on the mobile network recruitment channel, which has the characteristics of more use by young job seekers, high activity, adaptability to job seekers’ habits and high communication efficiency with job seekers.

　　Among the 1035 respondents, 491 preferred to choose mobile network recruitment and self-media platform, accounting for 47.44%; 411 respondents preferred comprehensive online recruitment, accounting for 39.71%; 37 respondents preferred to choose vertical network recruitment, accounting for 3.57%; 37 respondents preferred to choose enterprise official website, accounting for 3.57%; 59 respondents preferred to choose others, accounting for 5.7%.

　　"When SMEs choose online recruitment channels, they pay more attention to mobile network recruitment channels. On the one hand, they communicate directly with active job seekers through mobile network recruitment platforms, on the other hand, they publish recruitment information through various active self-media platforms to attract potential job seekers." Su Haopeng said.

　　Many interviewed companies said that when choosing a recruitment platform, they will mainly consider the recruitment effect and the recruitment price, hoping that the input and return can be directly proportional to recruit suitable talents in a short time. According to the Report, the annual recruitment expenses of more than half of the SMEs surveyed are between 5,000 yuan and 50,000 yuan. Among the 1035 respondents, 275 respondents’ annual recruitment expenses are 50,000 yuan or more, accounting for 26.57%; The annual recruitment expenses of 524 respondents’ enterprises are 5,000 yuan to 50,000 yuan, accounting for 50.63%; The annual recruitment expenses of 236 respondents’ enterprises are below 5,000 yuan, accounting for 22.8%.

　　Nearly 70% of the SMEs surveyed said that they could recruit a single employee within 30 days. Among the 1035 respondents, 708 respondents’ companies need to recruit a single employee within 30 days, accounting for 68.41%; It takes 30 to 60 days for 239 respondents to recruit a single employee, accounting for 23.09%; It takes more than 60 days for 88 respondents to recruit a single employee, accounting for 8.5%.

　　Lack of employer brand building

　　Resulting in inefficient recruitment.

　　Most enterprises can complete a single job within 30 days, indicating that the problem of recruitment difficulties for small and medium-sized enterprises has eased. At the same time, the main problems faced by small and medium-sized enterprises in recruitment are also reflected through this survey.

　　Many enterprises believe that there are few suitable job seekers, especially high-end technical talents and management talents; The recruitment efficiency is not high, and there are many people communicating on the Internet, but not many people come for interviews. In addition, there is also the problem of low efficiency in the delivery of recruitment information.

　　Among the 1,035 interviewees, 493 interviewees’ companies are facing the most difficult problem in recruitment at present, accounting for 47.63%. The most important problem in the recruitment of 108 respondents’ companies is the lack of employer competitiveness, accounting for 10.43%; At present, the most difficult problem in the recruitment of 263 respondents’ companies is that the salary can’t be discussed with job seekers, accounting for 25.41%; At present, the most difficult problem in the recruitment of 95 respondents is the difficulty in explaining the competitiveness of enterprises, accounting for 9.18%; At present, the most difficult problem in the recruitment of 76 respondents is other problems, accounting for 7.34%.

　　Only about 20% of the SMEs interviewed often carry out employer brand building. Among the 1035 respondents, 221 respondents’ companies often carry out employer brand building, accounting for 21.35%; 437 respondents’ enterprises are generally engaged in employer brand building, accounting for 42.22%; 221 respondents’ enterprises occasionally carry out employer brand building, accounting for 21.35%; 156 respondents’ companies did not build employer brands, accounting for 15.07%.

　　“‘ Maxima ’ Hard to find, ‘ Bole ’ It’s even worse. " Chen Yinjiang, Deputy Secretary-General of china law society Consumer Protection Law Research Association and Executive Dean of Beijing Sunshine Consumer Big Data Research Institute, said that recruitment websites have gathered a large number of resume information of talents, but how to quickly and efficiently screen the information of talents with high matching degree on the basis of screening a large number of resumes, and how to break the Matthew effect and fairly distribute the attention of job seekers to many small and medium-sized enterprises are still obstacles and long.

　　At the same time, Chen Yinjiang reminded that employer brand building and the promotion of recruitment effect are also complementary. A good employer brand can improve the recruitment effect of the company, but at present, many small and medium-sized enterprises still lack understanding of the importance of employer brand building, leading to low recruitment efficiency and brain drain.

　　Representatives of the enterprises interviewed also have experience in this regard. In their view, it is very important to communicate with the employing department before recruitment, make clear the recruitment procedures, formulate the recruitment manual, make a good portrait of the candidates, choose the right recruitment channels, enhance the employer’s brand, and spend more time communicating with job seekers. They also suggested that the online recruitment platform attract more job-seeking users, improve the matching accuracy, and expand the number and level of talents in different industries.

　　Strengthen the responsibility of recruitment platform

　　Vigorously improve service quality

　　It is also very important for SMEs to improve themselves.

　　The Report proposes that small and medium-sized enterprises should innovate human resource management mode and optimize their own brand image. Small and medium-sized enterprises should strengthen the understanding of the richness of potential human resources, innovate the management mode of human resources, optimize their employer’s brand image, analyze the potential human resources demand in combination with the strategic objectives of enterprises and the fluctuating needs of enterprises’ business when formulating talent strategies, send clear information on the demand for post talents to the Internet recruitment platform that provides employment services, establish a talent garrison, effectively respond to the challenges of personnel replenishment and personnel deployment, and also help stimulate organizational vitality and innovation, and respond to changes in market demand more quickly.

　　But the root of solving the problem is not limited to the strength of SMEs themselves. The Report proposes to improve the relevant laws and regulations on Internet recruitment platforms. Chen Yinjiang analyzed that the legal norms of Internet recruitment in China are mainly scattered in relevant laws and regulations, which are fragmented and not practical. Only according to the specific situation of Internet recruitment, specific legislation is issued to standardize business practices and clarify legal responsibilities, can the recruitment platform be forced to play the role of "gatekeeper" and "firewall" and provide real and legal recruitment services for the general public.

　　The Report suggests that management departments should strengthen their supervisory responsibilities, human resources and social security departments and relevant industry associations should establish a credit system, adopt disciplinary measures to encourage trustworthiness and dishonesty, and encourage the Internet recruitment industry to strengthen self-discipline.

　　Su Haopeng said that the Market Supervision Administration should give full play to the positive role of the enterprise annual report publicity system in rectifying false information on Internet recruitment, regularly publish the general situation of recruitment information services, and conduct regular and irregular spot checks on the platform to ensure the compliance and legality of platform operation. The public actively participated in the supervision and urged the Internet recruitment platform to effectively fulfill the responsibility of strict review.

　　The "Report" believes that the responsibility of Internet recruitment platforms should be further strengthened to improve service quality. Internet recruitment platform should strengthen the audit of enterprises, ensure the authenticity and legitimacy of enterprises, and establish a data flow tracking and detection mechanism. Once any abnormal situation is found, it should be reported to the public security department and government supervision department as soon as possible. In terms of application scope, the Internet recruitment platform should rely on big data to screen and accurately match talents, improve matching efficiency, take the initiative to set foot in new fields, establish in-depth cooperation with new industries, accurately grasp the talent needs of enterprises, and formulate special insurance and salary mechanisms to better motivate employees to improve their work performance.

　　Su Haopeng added, "While ensuring security, the Internet recruitment platform should consider the specific characteristics of small and medium-sized enterprises with little fame and resources, and provide more accurate and fixed-point talent recommendation support. At the same time, provide more affordable recruitment service packages to support the development of SMEs. "

　　Job seekers can’t stay out of it. Chen Yinjiang said that job seekers should also constantly update their knowledge structure and enhance their own strength and value. "Job seekers should look at the employment situation rationally, grasp the trend of social development, correctly face the gap between employment expectations and real jobs, and establish phased career goals. We should constantly update our knowledge structure, including professional skills related to competent jobs and new skills required by new technological changes, and improve our ‘ Soft ability ’ For example, communication skills, leadership, etc., continuously improve their comprehensive strength and shape differentiated competitive advantages by participating in various vocational skills training. "

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Editor: Ma Lei

Editor: Meng Pengbo

For most people, convenient travel is not only an important guarantee for work, but also can improve the quality of daily life. Besides buses, subways and taxis, people are more and more inclined to choose electric cars in recent years. The labels of flexible parking, strong mobility, convenience and worry-free, energy-saving and environmental protection have become important reasons for people to choose it.

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The design of the headlights is very distinctive. The No.9 electric E100 headlight adopts 6-bead matrix LED headlights, which not only brings good illumination brightness and light range, but also has intelligent light sensing technology, which can automatically turn on or off the headlights according to the ambient brightness.

The taillights also maintain a similar style to the headlights, and adopt an integrated embracing design, which can automatically return after the turn signal is turned on, which is very convenient.

The dashboard is usually the "face" of a car. No.9 electric E100 has designed a very worry-free interface, without all kinds of complicated data, only key information such as speed, power and time, and lights are added on both sides of the dial to remind you of the current state of the electric car intuitively and conspicuously through different colors such as red, orange and blue. When the electric car is unoccupied and the temple is confiscated (not unready), the light strip is orange. When people sit in the car and put away the temple (ready state), the color of the light strip is blue. When you slow down and brake during riding, the light belt will be green, which means that the energy recovery braking system is working.

By designing the battery compartment under the pedal, the No.9 electric E100 has created a golden weight ratio of 50: 50 between the front and rear bodies, which helps to improve the stability of daily riding. In addition, the self-developed motorcycle shock absorber can filter out the slight vibration caused by pebbles and improve the driving stability.

When it comes to stability, I have to say the braking performance of this car. No.9 electric E100 adopts large-size front and rear double disc brakes. The large brake discs with 220mm front wheel and 180mm rear wheel bring good braking performance, and it also has an energy recovery braking system (EABS). In all cases, such braking is safer.

Cushion and bucket are another surprising place. Through a lot of riding data reference, the cushion design of this car is very good, which is not only highly suitable, but also very comfortable in the overall experience. After opening it, you can also have a large bucket with a capacity of 22L. After the practical test of the geek’s choice, it is no problem to install a full helmet, and it is very convenient to carry things in daily travel. In addition, the hidden foot supports designed on both sides of the car also facilitate daily manned travel.

On the whole, the No.9 electric E100 electric car gives a good first impression in design and product details, and it is also full of fashion and dynamic. For those young people who want to pursue fashion personality, No.9 electric E series also provides special color customization service, just like Nike’s custom shoe color, which allows you to customize your own unique electric car, which is also a major feature in today’s market.

For users who choose electric cars to travel, a good electric car experience should be all-round. It is not only excellent in speed, endurance and braking performance, but also should be considered in more details such as convenience and safety when riding. In these respects, the No.9 electric E100 evaluated this time has left us a good impression.

Let’s take a look at the configuration parameters first. No.9 electric E100 belongs to the mid-to high-end version of No.9 electric E series. This car is equipped with a customized 18650 lithium battery with a battery capacity of 1440Wh and a cruising range of 60-100km. Through intelligent multi-battery parallel technology (battery expansion), its maximum cruising range can reach 200km. Its rated power is 1.8kw, the maximum power is 2.4kw, the maximum daily driving speed is 60km/h, the wheel torque is 150N?m, the front and rear hydraulic springs are used for shock absorption, the front and rear disc brakes are used for energy recovery braking system (EABS), and IPX5-level waterproof for the whole vehicle and IPX7-level waterproof for the battery, so it can be used for commuting to work and short trips in different weather. Therefore, it can be said that this machine has strong comprehensive functions.

After practical experience, this car not only feels very comfortable in daily driving, but also has the functions of cruise control and automatic return turn signal. At the first attempt, we found that its sidebars are related to P gear, and the normal driving of P gear can only be released when putting away the sidebars and sitting on the car seat. This design avoids the "speeding" caused by misoperation and makes driving safer. Of course, if you need to get off the cart, you can use the power-assisted option on your mobile phone.

In addition to good design and power, what really makes the No.9 electric E series different is its intelligent experience. Through the sensors and matching algorithm in the car, the vehicle can realize the perception of the surrounding environment. The first thing we experienced after getting started was the new function officially called Ninebot RideyGo intelligent system. This system includes Ninebot AirLock inductive unlocking technology, intelligent faucet lock, vehicle data bus, ride induction, iBeacon and intelligent VCU technology, which can let you get on the bus and leave without inserting or pulling out the key.

Car keys are indispensable for many people to ride. Although the No.9 electric E100 comes standard with car keys, it is more recommended to use the Ninebot AirLock induction unlocking function, that is, the electric car can sense the user at any time through the induction between the vehicle and the mobile phone. When you approach as the owner, you don’t need to take out your keys, just press the green AUTO button on the right to unlock and start. This experience not only greatly facilitates the daily travel experience, but also saves picking up when it is cold.

Similarly, the No.9 electric E100 also has Ninebot RideyGo when locking the car! With the support of the intelligent system, when you park the car, you can quickly lock the car by pressing and holding the AUTO button to turn it off, and then turning the handlebar to the left. This operation also does not need to take out the key, even if you want to open the back seat to store or take things, you only need to press the AUTO button twice, which greatly facilitates the daily use experience.

The experience without keys is convenient for users, but some people may be curious. Is this safe enough? In the anti-theft part, the No.9 electric E100 not only adds AHRS attitude sensing system to realize the alarm and notification of changes, but also has triple positioning protection of GPS+ Beidou+base station. After practical testing, its positioning on the mobile phone is more accurate and it is easier to find a car.

Before the No.9 electric E-series, there was no electric car on the market that could really drive at any time without a key. This car made a bold attempt on the premise of ensuring safety, and it also brought a convenient experience that people could not go back after using it. In the opinion of geeks, intelligent electric cars should bring such changes, and the matching mobile phone App can also bring more practical and interesting new functions through the subsequent OTA upgrade, which changed the experience of electric cars and surprised people.

With the implementation of the "Technical Specification for Electric Bicycle Safety" (the new national standard), the reshuffle of the electric vehicle industry has accelerated this year, and the market structure that was mixed before has become more standardized. Strictly speaking, there are only two options for people to buy electric cars nowadays: one is two-wheeled electric bicycles with limited weight and speed, which can legally go on the road without a driver’s license (but they should be licensed according to local standards); The second is the motor vehicles with higher speed and weight, which enter the motorcycle catalogue (also need to be licensed according to local standards). These products can bring stronger performance, but at the same time they must have a motorcycle driver’s license to use on the road.

In view of these two situations, Robot No.9 launched two series of No.9 electric C and No.9 electric E at the new product launch conference held in December. No.9 electric C belongs to the former, and now the No.9 electric E100 we evaluated belongs to the latter. From this hands-on experience, we can feel that although it is the first time to enter this field, the No.9 electric E100 does make the operation easier through intelligent technology on the basis of good face value and strong performance. This innovation is rarely seen in traditional electric vehicle brands.

Whether it’s Ninebot AirLock inductive unlocking technology that can unlock without a key, intelligent faucet lock function, or anti-theft by adding AHRS attitude sensing function, the No.9 electric E100 has brought a convenient experience that people can’t go back after using it on the premise of ensuring safety. This kind of feeling is very similar to the feeling when we first tried to unlock the fingerprint and pay for the face on the mobile phone, which is novel but convenient. In the geek’s choice, this upgrade is a breakthrough in the past.

Of course, being able to detect such potential demand is inseparable from the rich experience accumulated by Robot No.9 in balancing cars, robots and other products over the past years. These new technologies can not only bring more vitality to the electric vehicle industry, but also greatly facilitate our travel experience. The No.9 electric E series with a starting price of 4,999 yuan is the new beginning of the No.9 robot, and may also bring new surprises to more people’s travel.

[car home Fuxin Preferential Promotion Channel] is currently carrying out preferential promotion activities in Fuxin area, with the highest discount reaching 15,000 yuan and the lowest starting price of only 132,700 yuan. If you are interested in this model, you may wish to click "Check the car price" in the quotation form to get a higher discount.

The front face design of Xingyue L adopts family-style design language, which is stylish and stylish. The air intake grille adopts large-size straight waterfall design with chrome-plated decorative strips, which highlights the sense of luxury. The overall style is simple and elegant, and the lines are smooth. The waistline on the side of the car body extends from the front wheel arch to the rear of the car, showing the sense of output and sportsmanship. The proportion of the car body is coordinated, the rear design is simple, the taillights are fashionable, echoing the front face, and the overall style is atmospheric and steady.

The body size of Xingyue L is 4770*1895*1689mm, the wheelbase is 2845mm, and the front and rear wheel tracks are 1610mm, showing ample internal space and excellent stability. The side lines of the car body are smooth, with the tyre size of 245/45 R20 and the dynamic rim design, which enhances the overall sense of movement and fashion.

The interior of Xingyue L is mainly simple and atmospheric, equipped with a 12.3-inch central control screen, which provides rich multimedia system, navigation and voice recognition control functions for drivers and passengers, greatly improving the driving experience. The steering wheel is made of leather material, which feels comfortable and supports manual adjustment up and down and back and forth. The car is equipped with multiple USB and Type-C interfaces to meet the charging needs of different passengers. The seat is made of imitation leather. The driver’s seat has the functions of heating, ventilation, massage and headrest speaker, while the co-pilot seat supports front and rear adjustment and backrest adjustment. In addition, Xingyue L is also equipped with an electric seat memory function, which can store and recall the seat settings of the driver’s seat and the co-pilot seat, making every driving more comfortable. The second row of seats supports backrest adjustment and proportional reclining, which is convenient for passengers to adjust their sitting posture or expand their luggage space.

Xingyue L is equipped with a 2.0T engine, with a maximum power of 175kW and a maximum torque of 350 N m. With an 8-speed automatic manual transmission, it provides abundant power and excellent performance for the vehicle.

He spoke highly of the appearance of Yun Qi version of Xingyue L. He said: "The appearance design of Xingyue L. Yun Qi version is fashionable and atmospheric, and the streamlined design and beautiful lines give people a sense of movement and strength."

[Autohome Zhenjiang Promotion Channel] specially reports that a generous car purchase promotion is currently underway in the Zhenjiang area. Buyers can enjoy a cash discount of up to 219,600 yuan, bringing the minimum starting price of this luxury sedan to 219,900 yuan. This is an opportunity not to be missed. If you want to experience the charm of Jaguar XFL and strive for higher discounts, please be sure to click "Chatty Car Price" in the quotation form, act now and seize the limited-time offer!

As a luxury sedan, the exterior design of the Jaguar XFL shows the perfect combination of elegance and power. The front face design features Jaguar’s classic double kidney air intake grille, which is combined with streamlined body lines to give the vehicle a dynamic sense of movement. The smooth lines on the side of the body show Jaguar’s attention to detail and precise grasp of aerodynamics. Overall, the XFL adheres to Jaguar’s usual British design aesthetic, elegant without losing power, highlighting the perfect combination of luxury and modernity.

With its elegant body design and exquisite side lines, the Jaguar XFL shows an extraordinary aura. The body size is 5102mm*1890mm*1456mm, and the wheelbase reaches 3100mm, providing passengers with a spacious and comfortable interior space. The reasonable layout of the front wheelbase of 1605mm and the rear wheelbase of 1609mm ensures the stability and handling of the vehicle. The tire specification adopts 255/35 R20, whether it is visual effect or actual performance, it shows that Jaguar pays attention to detail and pursues the pursuit of detail, while the wheel rim style continues the elegance and dynamic of Jaguar.

The interior design of the Jaguar XFL is luxurious and refined, and its spacious cabin interior is made of high-end leather materials to create a warm and comfortable touch. The steering wheel is wrapped in leather, which not only provides an excellent grip, but also supports electric up and down + front and rear adjustment, ensuring that the driver can always maintain the best operating angle. The 11.4-inch central control screen is not only large in size, but also equipped with an advanced automatic speech recognition control system, which can easily control multimedia, navigation and phone functions, enhancing the convenience of the driver.

In terms of seats, the Jaguar XFL provides passengers with the ultimate comfort experience. The main and passenger seats support front and rear adjustment, backrest adjustment and 4-way waist support, and even leg rest adjustment function to meet the needs of different drivers. The front seats are also equipped with heating, ventilation and massage functions, as well as power seat memory function to ensure passengers can stay comfortable on long-distance drives. The second row of seats also pays attention to detail, with waist adjustment, reflecting all-round care for passengers.

The Jaguar XFL is equipped with a powerful 2.0T engine that can output a maximum power of 300 horsepower, giving the driver a surging power. The maximum torque of this engine reaches 400 N · m, and the 8-speed automatic transmission ensures a smooth and efficient driving experience.

Summarizing the views of the owner of Autohome, the Jaguar XFL has won his favor with its eye-catching appearance and excellent price/performance ratio. He stressed that this model is not only unique in design, but also shows exclusive luxury beyond the same class of vehicles in configuration. For those who pursue individuality and practicality, the Jaguar XFL is undoubtedly a good choice worth considering. As the owner said: "The configuration can meet almost all needs, the price is quite close to the people, and I really feel that it is a value for money."

　　Xinhua News Agency, Beijing, October 26 (Reporter Han Jie, Liu Yangyang) On October 26, Tuozhen, spokesman of the 19th National Congress of the Communist Party of China, held a special press conference at the press center of the conference, inviting Xiao Pei, deputy secretary of the Central Commission for Discipline Inspection, Wang Xiaohui, executive deputy director of the Central Policy Research Office and vice minister of Publicity Department of the Communist Party of China, Lengrong, director of the Central Literature Research Office, Yuan Shuhong, party secretary and deputy director of the Legislative Affairs Office of the State Council, Yang Weimin, deputy director of the Office of the Central Financial and Economic Leading Group, and Ji of the State-owned Assets Supervision

　　十九大报告指出：“十八大以来的五年，是党和国家发展进程中极不平凡的五年。”袁曙宏说，“极不平凡”四个字，说出了全党8900多万党员、全国13亿多人民深刻的感悟、无限的感慨和无比的自豪。从国内来看，这五年是以习近平同志为核心的党中央举旗定向、力挽狂澜，淬火成钢、攻坚克难，砥砺奋进、成就辉煌的五年。在短短五年的时间里，我们党、国家和军队凤凰涅槃、浴火重生，比任何时候都更加强大、更有力量；从世界范围来看，这五年世界经济复苏乏力、局部冲突和动荡频发、全球性问题加剧，而中国则经济发展、政治稳定、社会安定、人民幸福、百业兴盛。正如报告所强调：“五年来的成就是全方位的、开创性的，五年来的变革是深层次的、根本性的。”五年来我们党之所以能推进历史性重大变革、取得历史性重大成就，最根本的就在于我们有以习近平同志为核心的党中央的坚强领导，有习近平新时代中国特色社会主义思想的科学指引，有习近平总书记作为我们党的核心、人民的领袖、军队的统帅。我们坚信，在以习近平同志为核心的党中央英明领导下，中华民族伟大复兴的中国梦一定能够实现。

　　The report of the 19th National Congress pointed out: "After long-term efforts, Socialism with Chinese characteristics has entered a new era, which is a new historical orientation for China’s development." Leng Rong said that this major political assertion is a highlight of the report and runs through the whole report. The new era started from the 18th National Congress of the Communist Party of China. The 19th National Congress of the Communist Party of China established the guiding ideology of the new era, put forward the historical mission of the Party in the new era, described the grand blueprint of the new era, made strategic arrangements for the new era, and made clear the new requirements for Party building in the new era. Socialism with Chinese characteristics has entered a new era, and the main social contradictions in our country have also changed, "which has been transformed into the contradiction between the people’s growing needs for a better life and the unbalanced development". This major assertion has sufficient basis. From "material and cultural needs" to "needs for a better life", from solving the problem of "backward social production" to solving the problem of "unbalanced and insufficient development", it reflects the great progress of China’s social development, the phased requirements of development, and the key requirements of the development of the party and the state. Economic construction is still the central task, but in the new era, we should pay more attention to all-round development. The change of the principal contradiction in our society has not changed our judgment on the basic national condition that China is still in the primary stage of socialism.

　　十九大报告和十九大通过的党章修正案，把习近平新时代中国特色社会主义思想确立为党的行动指南。王晓晖认为，这是十九大的突出亮点和重大历史贡献。中国特色社会主义进入新时代，是我国发展新的历史方位，也是习近平新时代中国特色社会主义思想产生的时代背景。习近平新时代中国特色社会主义思想，创造性地回答了实践和时代提出的重要课题。坚持和发展中国特色社会主义，是改革开放以来我们党全部理论和实践探索的主题，也是习近平新时代中国特色社会主义思想的主题。十九大报告提出的“八个明确”和“十四个坚持”，构成了习近平新时代中国特色社会主义思想的主要内容。习近平新时代中国特色社会主义思想，是党和人民实践经验和集体智慧的结晶，但它的主要创立者是习近平同志。用他的名字命名这一科学理论名副其实、当之无愧，这也体现了我们党理论上的成熟和自信。习近平新时代中国特色社会主义思想，开辟了马克思主义新境界，开辟了中国特色社会主义新境界，开辟了治国理政新境界，开辟了管党治党新境界。

　　The 19th National Congress to the 20th National Congress is the historical intersection of the goal of "two hundred years". Yang Weimin said that the 19th National Congress made clear the key points for building a moderately prosperous society in an all-round way. In the next three years, we will build a well-off society in an all-round way, especially the "three major battles" to prevent and resolve major risks, accurately get rid of poverty and prevent pollution. This is the bottom line for building a well-off society in an all-round way. The 19th National Congress of the Communist Party of China also clarified the comprehensive construction of a socialist modern country and its "two-step" strategic arrangement. After 2020, the practical theme of Socialism with Chinese characteristics in the new era will shift to building a socialist modern country in an all-round way, and the first of the "four comprehensiveness" will become building a socialist modern country in an all-round way, maintaining the continuity of the strategic layout of the "four comprehensiveness". At the same time, the strategic arrangement of "two steps" for building a socialist modernized country in an all-round way was made clear, and the timetable and road map of China’s socialist modernization were completely outlined, which advanced the goal of basically realizing socialist modernization by 15 years and made the expression of the second century goal more complete. The goal of doubling GDP is no longer mentioned in order to better implement the new development concept and promote the all-round development of the cause of the party and the state.

　　谈到新时代党的建设，江金权说，十九大报告一个重大贡献，就是根据新时代新要求，深化对党的建设规律性认识，提出了新时代党的建设总要求：原则是坚持和加强党的全面领导；方针是坚持党要管党、全面从严治党；主线是加强党的长期执政能力建设、先进性和纯洁性建设；布局是以党的政治建设为统领，全面推进党的政治建设、思想建设、组织建设、作风建设、纪律建设，把制度建设贯穿其中，深入推进反腐败斗争；要求是提高党建工作质量；目标是把党建设成为始终走在时代前列、人民衷心拥护、勇于自我革命、经得起各种风浪考验、朝气蓬勃的马克思主义执政党。这为新时代党的建设提供了一个立体“坐标系”和精准“定位仪”。报告第一次把党的政治建设纳入党的建设总体布局，强调以党的政治建设为统领。这是马克思主义党建理论的重大创新。报告还着眼于推动全面从严治党向纵深发展，确定了把党的政治建设摆在首位、用习近平新时代中国特色社会主义思想武装全党、建设高素质专业化干部队伍、加强基层组织建设、持之以恒正风肃纪、夺取反腐败斗争压倒性胜利、健全党和国家监督体系、全面增强执政本领等八项重点工作。

　　关于全面从严治党，肖培说，十九大报告3.2万字，这部分内容就占了4100字，是报告的八分之一多，可见分量之重。这部分1个序言、8项任务，条条都是我们党对人民的庄严承诺，句句都是全面从严治党的坚定宣示。推动全面从严治党向纵深发展，一是紧紧围绕维护以习近平同志为核心的党中央权威和集中统一领导，加强党的政治建设；二是把中央八项规定精神化作自觉行动，驰而不息抓好作风建设；三是全面加强纪律建设，持之以恒正风肃纪；四是以坚如磐石的决心，夺取反腐败斗争压倒性胜利；五是完善党和国家监督体系，不断增强自我净化能力。全面从严治党的根本目的，就是探索出一条党长期执政条件下实现自我净化的有效途径。此外，要落实十九大决策部署，将国家监察体制改革试点在全国推开，实现巡视监督、派驻监督、国家监察三个全覆盖，进一步完善党和国家监督体系，推进治理体系和治理能力现代化。

　　有关方面负责人还回答了中外记者的提问。350多名中外记者参加了新闻发布会。

Photographers are creating around the long street banquet.

　　At noon, the rain stopped, and after the traditional sacrifice and blessing activities, the New Year’s dinner was officially opened in the sound of firecrackers for 20 minutes. 260 tables filled with dishes and thousands of tourists crowded the 1,132-meter-long old street. More than 10 ancient town specialties such as sesame balls, three-in-one mixed incense and smoked tofu have opened thousands of tourists’ eyes. Laughter, cheers, shouts of punching and drinking … turned the ancient town upside down.

　　In yesterday’s old street, visitors with bowls and chopsticks could be seen everywhere. They shuttled between the tables, with a piece of pig’s head meat on this table and a piece of fish on that table. Yan Han, a photographer who rushed from the main city, simply put a pair of chopsticks in his camera bag, and when he met his favorite dish, he took out his chopsticks and took a bite. The residents of the old street are extremely hospitable. Whenever anyone passes by, they will warmly greet them: "Come, look at what you eat." They also invite guests to sit down, drink wine and chat at home. Diao Shukun, a 77-year-old resident of the ancient town, specially asked someone to write a couplet and stick it on the door, with the first couplet saying that "tea is not cold when people walk" and the second couplet saying that "the host and guest are always hot" and the second couplet saying "fragrant tea is good for water".

CCTV News:Preventing and resolving financial risks is the top priority of China’s financial supervision in recent years. Some city commercial banks, which are based in cities and mainly provide loan support for small and medium-sized enterprises, once experienced a situation of high non-performing loan ratio and unsustainable operation due to insufficient financial strength and low market risk tolerance. Local governments and financial supervision departments took a series of innovative measures in time, which successfully resolved the risks.

Liangshan Yi Autonomous Prefecture, located in the southwest of Sichuan Province, is rich in local mineral resources and has nearly 1,000 large and small mining enterprises. In 2014, in the last round of market volatility, the price of iron ore once dropped by 50%, and local mining enterprises were in trouble, and this risk was also transmitted to the financial system.

Lu Ningyuan, head of Liangshan Branch of Sichuan Bank and former vice president of Liangshan Commercial Bank:The vast majority of mining-related enterprises are in trouble, the interest on bank loans cannot be paid, the loans due cannot be repaid, and a large number of non-performing loans (loans) have also appeared in the loans of mining-related enterprises of the former Liangshan Commercial Bank.

Established in 2007, Liangshan Commercial Bank covers 17 local counties and cities. Among its total loans, loans from mining-related enterprises account for a relatively high proportion. This kind of loan structure is in western Sichuan, not only Liangshan Commercial Bank. Almost at the same time, Panzhihua Commercial Bank also experienced a crisis. As a shareholder of Panzhihua Commercial Bank, Luo Yangyong keenly felt that there were problems in bank operation.

Luo Yangyong, Chairman of Anning Iron and Titanium Co., Ltd.:When dividends were gone, bad debts and bad debts gradually increased. Other indicators have also deteriorated seriously, and we feel that the investment will fail, and it is estimated that we will lose all our money. All the shareholders are worried, but they are helpless and don’t know how to do it.

It never rains but pours. The guarantee company, which should have provided guarantee for the mine-related enterprises in the loan process, has not played its due role.

Today, many parties admit that in this process, banks themselves also had problems such as inadequate risk management and control. When the risks were exposed, even though Liangshan Commercial Bank and Panzhihua Commercial Bank, two city commercial banks, took various measures to deal with non-performing assets to resolve the risks, the non-performing assets continued to climb. By 2019, the total balance of non-performing assets of the two banks will be nearly 30 billion yuan. Among them, the non-performing loan ratio of Panzhihua Commercial Bank was as high as 53.4%, while the average non-performing loan ratio of 134 city commercial banks nationwide was only 2.3% in the same period.

Nearly 30 billion yuan of non-performing assets and more than 50% of non-performing loan ratio, once not properly disposed of, the consequences are unimaginable. Faced with such a huge challenge, the Sichuan provincial government and financial supervision departments decisively intervened, merged two high-risk municipal city commercial banks and established a new provincial bank.

As the chairman of Sichuan Bank, Lin Gang participated in the risk resolution of Liangshan Prefecture Commercial Bank and Panzhihua Commercial Bank and the establishment of Sichuan Bank. He told reporters that the working group faced many difficulties as soon as it was established in 2019.

Chairman of Sichuan Bank Lin Gang, former director of Sichuan Bank’s preliminary work promotion group office:The first is the problem of how to resolve and digest the bad assets of these institutions on such a large scale.

After a thorough investigation of non-performing assets, in February, 2020, the Working Group launched a 60-day battle to clear and close non-performing assets in Panzhihua, Chengdu and Liangshan.

Zheng Ye, President of Sichuan Bank and former Deputy Director of the Office of the Pre-work Promotion Group of Sichuan Bank:It is very, very difficult to collect interest from one household, collect the bad loans they owe, and increase the collateral of loans from one household to another.

While collecting and transforming some non-performing assets, the working group adopted the strategy of digesting part of the old shareholders’ equity at a discount, keeping part of the books, packaging and stripping part, and the new shareholders taking part. With the decrease of non-performing assets, a more intractable problem has surfaced.

Zheng Ye, President of Sichuan Bank and former Deputy Director of the Office of the Pre-work Promotion Group of Sichuan Bank:In the bank, the shareholder himself has a record of breaking the law and needs to be cleaned up. If the shareholders have non-performing loans in the bank, you can either pay off the principal and interest of your non-performing loans or pay off your shares to repay the non-performing loans. There is another problem: the shareholder’s loan exceeds the requirement of regulatory concentration, and he should also bear the responsibility and correct it.

With the vigorous promotion of local government departments, the two banks cleaned up and rectified 258 old shareholders. In order to prevent the same problem from appearing again, the supervision of the new shareholder team must also keep up. The working group hired external professional institutions to formulate strict plans for the bank’s internal processes and governance structure.

Wu Weijun, Vice Chairman of Deloitte China:As a shareholder of a bank, I have a responsibility, not to say that this bank is mine, so I can trade at will. Any shareholder’s transaction with the commercial bank he has invested in is a related party transaction from the perspective of our accounting, and it should be disclosed. In this risk prevention, we signed an agreement with shareholders to follow the regulatory requirements.

The newly established Sichuan Bank has a registered capital of 30 billion yuan, and the share price is 1.3 yuan/share, of which 1 yuan/share is the share capital and 0.3 yuan/share is the premium fund, and the premium part is specially used for the disposal of non-performing assets. At that time, the valuation P/B ratio of listed banks in China was around 0.8, and the P/B ratio of Sichuan Bank was 1.3. It was a great challenge for the working group to raise enough funds.

Chairman of Sichuan Bank Lin Gang, former director of Sichuan Bank’s preliminary work promotion group office:At that time, to be honest, we were all worried about the uneven fundraising. In the end, the capital raised was about 34.8 billion yuan, and 4.8 billion yuan was returned. Some shareholders did not come in. Sichuan Financial Holdings, as the main sponsor, holds a lot of 20%, a few percent and a few percent. Therefore, from the perspective of the market dispersion of shareholders, it should be said that it is more reasonable.

On November 7, 2020, Sichuan Bank opened its doors for business. After two years of risk mitigation, it achieved initial results.

Chairman of Sichuan Bank Lin Gang, former director of Sichuan Bank’s preliminary work promotion group office:From the quality of its assets, the non-performing (loan ratio) has dropped from the original high to about 2.08% at the end of April, and our goal is to drop below 2%, so I think this is a very, very good thing.

The establishment and steady operation of Sichuan Bank has explored a new path for the regulatory authorities and local governments to resolve the operational risks of city commercial banks, and Shanxi and other places are also resolving the risks of city commercial banks through similar models.

On April 28th this year, Shanxi Bank officially opened to the public. Shanxi Bank was formed by the merger of five original city commercial banks: Datong Bank, Changzhi Bank, Jincheng Bank, Jinzhong Bank and Yangquan City Commercial Bank.

Ceng Gang, Deputy Director of National Finance and Development Laboratory:It is not a simple merger. During the merger process, it has a lot of institutional mechanism optimization to enhance its long-term development ability. In fact, it is not only capital injection, but also wisdom injection, so as to improve the management ability and management concept.

According to industry insiders, there are currently three main modes for risk resolution of city commercial banks — — Bankruptcy, short-term rescue and merger and reorganization have indeed played a role in stabilizing local economic development and maintaining the stable operation of the financial system.

Xing Guijun, Director of China Banking and Insurance Regulatory Commission City Banking Department:After more than three years of efforts, the risk preference of city commercial banks has been gradually revised, the extensive business model has been gradually reversed, the business behavior has become increasingly standardized, the risk level has continued to converge, and it has gradually changed to high-quality development.

In addition to resolving risks of city commercial banks, rural commercial banks and high-risk trust institutions, China Banking and Insurance Regulatory Commission has made positive progress in dismantling high-risk shadow banks and strengthening credit risk prevention and control. From 2017 to 2020, the cumulative disposal of non-performing loans was 8.8 trillion yuan, exceeding the sum of the previous 12 years, and the scale of shadow banking dropped by about 20 trillion yuan compared with the historical peak.

Liang Tao, Vice Chairman of China Banking and Insurance Regulatory Commission:A number of city commercial banks and rural commercial banks have made positive progress in risk resolution. At the end of the first quarter (2021), the balance of non-performing loans in the banking industry was 3.6 trillion yuan, and the non-performing loan ratio was 1.89%, down 0.02 percentage points from the beginning of the year.