Exposure to manual welfare

Wang Kai once made headlines with a pair of beautiful hands, and while waiting for the new The Duke Of Mount Deer to start shooting, the net exposed Zray, Andy, Li Qin, Tang Yixin, Rachel Momo, Una, Xu Dongdong, and Bai Xue to hand-control welfare photos. In the lens, Zhang Yishan had a clear joint and a white and slender hand, and the seven beautiful hands were exquisite and beautiful, which became a sharp weapon to circle powder.

Netizens praised this as the hand playing the piano.

It is reported that the new version of The Duke Of Mount Deer is already in preparation, and the main lineup will be announced one after another. At present, Zray will play the leading actor Wei Xiaobao, while Andy will play Ake, Li Qin will play Fang Yi, Tang Yixin will play Mu Jianbing, Rachel Momo will play Zeng Rou, Wu You will play Princess Jianning, Xu Dongdong will play Su Quan and Bai Xue will play Shuanger. Once this lineup is announced, it will be recognized and expected by most netizens.

In the exposed hand-controlled welfare photo, Andy, who plays Ake, covers his face with his hands, blending with his delicate expression and slap face, and his clean, white and lovely little hands are also very beautiful; Li Qin, who plays Fang Yi, is not particularly slender, but her hands are beautiful with ten tips. Such hands are born to create beautiful things. Tang Yixin’s hand, who plays Mujianbing, has long knuckles and beautiful shape, which is simply "his hands are soft and his skin is coagulated". Netizens praised him as a piano player.

I was powdered by Qimei’s bracelet.

Rachel Momo, who plays Ceng Rou, has a very beautiful hand, and her fingers are even and slender, white and tender. It is a fairy’s hand. Many netizens have left messages: Rachel Momo people are good actors who are worth looking forward to; Princess Channing’s actor Una’s hand refers to the root of an onion, which is exquisite and cute. It is also a hand that can be used as a hand model, with a standardized hand shape that is neither long nor short, even and meticulous.

Raquel, who plays Su Quan, has long, white fingers. Her delicate hands are charming and steal the mirror. A pair of beautiful hands is equivalent to a beautiful and brilliant face, so people often say that hands are a woman’s second face. Not to mention the snow hand who plays Shuang’er. It’s white and tender, and it’s really beautiful. Some netizens left a message: It’s not only beautiful with fingers, but also beautiful with fingernails! It’s really powdered by these hands. Which star’s hand do you like best?

April 23, 2014, vaccine storage and transportation place-cold chain construction system-Beijing Sankangdele North District Operation Center. Vision china diagram

On April 13th, Li Keqiang, Premier of the State Council of the People’s Republic of China presided over the the State Council executive meeting, listened to the report on the investigation and handling of a series of cases of illegal operation of vaccines in Jinan, Shandong Province, decided to hold a group of responsible persons accountable first, and discussed and passed in principle the Decision of the State Council on Amending the Regulations on the Administration of Vaccine Circulation and Vaccination (Draft) (hereinafter referred to as the revised draft).

The Paper (www.thepaper.cn) noted that,The revised draft has greatly adjusted the circulation mode of the second type of vaccine, canceled the link of drug wholesale enterprises to operate vaccines, and handed over the second type of vaccine to the provincial disease control department for centralized procurement.

On the evening of April 13th, Mingde Yu, former director of the Finance and Circulation Department of the State Administration of Traditional Chinese Medicine, and now president of China Pharmaceutical Enterprise Management Association and China Pharmaceutical Entrepreneurs Association, told The Paper that canceling the vaccine wholesale business would shorten the circulation chain and reduce the number of monitored objects, which would help to enhance the monitoring effect.

Song Hualin, a professor at Nankai University Law School who has long been concerned about vaccine supervision, said,On the one hand, the revised draft indicates that in the future, the sales price of the second-class vaccine will be more transparent from the factory to the final inoculation, and the space for the disease control department to increase the price and profit will become smaller; On the other hand, in the past, the disease control department had to make money by selling the second-class vaccines. This revised draft included the funds of the disease control department in full in the budget, which increased the public welfare attribute of the disease control department and curbed its profit-seeking motivation.

Reduce circulation links and reduce the difficulty of management and control.

On April 13th, the Legislative Affairs Office of the State Council released a message explaining the revision of the Regulations.

The news pointed out that in view of the long circulation chain and large profit-making space of the second-class vaccine exposed in the case, the draft deleted the provisions of the Regulations that pharmaceutical wholesale enterprises can operate vaccines after approval, and compared the voluntarily vaccinated second-class vaccines with the first-class vaccines used in the national immunization program, all of them were included in the provincial public resource trading platform for centralized procurement, and pharmaceutical wholesale enterprises were no longer allowed to operate vaccines.

In addition, in view of hidden illegal business practices such as "hanging tickets", the draft stipulates that disease prevention and control institutions and vaccination units should establish true and complete records of purchase, storage, distribution, supply and receipt in accordance with regulations, so that tickets, accounts, goods and payments are consistent.

"Ticketing" is a slang word in the vaccine industry, which means that an individual who can find a vaccine is affiliated with a pharmaceutical production or wholesale enterprise and sells vaccines (drugs) to medical institutions by himself. When necessary, the affiliated pharmaceutical production or wholesale enterprises shall provide business licenses, pharmaceutical business licenses, etc., implement public-to-public transfer transactions, and finally divide them into shares.

On the evening of the 13th, Mingde Yu, president of China Pharmaceutical Enterprise Management Association and China Pharmaceutical Entrepreneurs Association, told The Paper: "Pharmaceutical wholesale enterprises are no longer allowed to operate vaccines, the circulation chain of the second-class vaccines is obviously shortened, and the number of monitored objects is reduced, all of which are conducive to enhancing the monitoring effect." Mingde Yu said that the number of pharmaceutical wholesale companies operating vaccines is also very large, and it is very difficult to control them. The revised draft specifies that the second-class vaccines will be directly sent to the disease control department by the production enterprises according to the management of the first-class vaccines. This process is a planned management method, which is convenient for concentrating on strengthening control.

Song Hualin, a professor at Nankai University Law School, also believes that the elimination of drug wholesale enterprises from the vaccine circulation link will reduce the vaccine circulation process and play a certain role in solving the problems of "extracorporeal circulation" of the second-class vaccine.

"In the past, vaccine manufacturers could sell second-class vaccines to wholesale enterprises or directly to disease control departments; Wholesale enterprises can also sell vaccines to other wholesale enterprises or directly to the disease control department; The disease control department can also sell the second-class vaccine to the lower-level disease control departments and vaccination units. " Song Hualin said that the second-class vaccine illegally flowed into the hands of some people who actually had no vaccine business qualifications, which was partly caused by the cumbersome circulation of vaccines.

Increase the public welfare attributes of disease control departments and curb their profit-seeking motives.

"It’s not that the vaccine is removed from the circulation enterprises, and the vaccine will sit back and relax in the future, absolutely not." Mingde Yu said,Driven by interests, even if the circulation mode of vaccines is changed, it is also necessary to prevent some personnel in the disease control department from taking risks to buy and sell vaccines for personal gain. "So the system depends on supervision.No matter how good the system is, some people try to seek personal gain, but when the legal system is sound, there is less room for them to rent and less chance for them to succeed. "

However, during the revision of the Regulations, the National Health and Family Planning Commission also released information that it will ensure the implementation of the staffing of disease control institutions at all levels in accordance with the provisions of the Guiding Opinions of the Central Organizing Committee, the Ministry of Finance and the Health and Family Planning Commission on the Organization Standards for Disease Control and Prevention. The personnel funds, public funds and business funds of disease control institutions should be fully included in the budget, and the part with insufficient financial input should be carefully verified and guaranteed by the finance at the same level. Scientifically verify the total performance salary of disease control institutions and implement dynamic adjustment. Establish a scientific and reasonable performance appraisal and performance salary distribution system. Scientifically check and approve the storage and transportation fees of the second kind of vaccine in county-level disease control institutions and the standards of vaccination service fees for vaccination units.

Song Hualin also believes that reducing the circulation link does not mean that there is no risk, and how to control it will be faced in the future.

Song Hualin said that it is not difficult to see from the information released by the National Health and Family Planning Commission that the norms and constraints on the disease control departments were obviously insufficient in terms of legal provisions and implementation status. Institutions are divided into public welfare category I and public welfare category II. One category is completely public welfare, and all expenses are fully funded by the government, including undertaking compulsory services, compulsory education, basic scientific research, public health, etc. Disease control belongs to public welfare category I..

"On the one hand, vaccine manufacturers should be required to standardize quality management behaviors, and enterprises should ensure that the corresponding sales records are true and complete while self-checking; On the other hand, in order to increase the public welfare nature of the disease control department, in the past, the disease control department had to increase financial support, curb its profit-seeking motivation and standardize its operating procedures in order to make money by selling the second-class vaccine.. Song Hualin said that this is also the reason why the funds of the disease control department should be included in the budget in full in the revised draft, that is, to ensure the funds of the disease control institutions and not to make profits.

Song Hualin said that the approval of the storage and transportation fees of the second type of vaccine and the vaccination service fee standards of vaccination units indicates that the sales price of the second type of vaccine will be more transparent from the factory to the final vaccination.

Original Owen Jarus Silk Road Heritage

During the global influenza pandemic in Spain in 1918, the influenza ward of the US military camp hospital in France. (Photo: Shutterstock)

In the long history, the outbreak of epidemic diseases always threatens mankind, sometimes changing the historical process and even marking the end of the whole civilization. Here, we have summarized the 20 most serious epidemics from prehistoric times to modern society.

1. Prehistoric Plague: Around 3000 BC

A room about 5,000 years ago was found in China, with debris all over it, or a deadly plague happened here. (Image copyright: China Archaeology)

About 5000 years ago, an infectious disease wiped out a prehistoric village in China. The room where the bodies of the deceased were piled up was then burned. The wreckage in the room belongs to teenagers, young people and middle-aged people, indicating that people of all ages have not been spared. This archaeological site, now known as Ha Min Mangha, is one of the best preserved prehistoric sites in Northeast China.

Archaeological and anthropological studies have found that the epidemic occurred very quickly. People don’t even have time to prepare a proper funeral. The site has not been inhabited since then.

Before the discovery of the site of Hamin Mangha, another large prehistoric tomb in Northeast China was unearthed in Miaozigou, which was almost at the same time. Together, these findings show that an epidemic disease once raged in the whole region.

2. Athens plague: 430 BC

Remains of Pantheon in Acropolis complex. The city experienced a plague lasting about five years around 430 BC. (Image copyright: Shutterstock)

Around 430 BC, a battle between Athens and Sparta had just begun, and the plague swept through Athens for five years. Some analysts estimate that the death toll is in the millions. Thucydides (460-400 BC), an ancient Greek historian, described it as follows: "People who are in good health are suddenly hit hard on the head, their eyes are red and swollen, their internal organs such as throat and tongue are congested, and their breathing is unnatural and full of stench." (Translated by Richard Crowley, quoted from the Peloponnesian War, Dent Press, London, 1914. )

The specific disease of this plague has been a controversial topic among scientists. A series of diseases, including typhoid fever and Ebola, are possible. Many scholars believe that the gathering phenomenon caused by the war may have worsened the situation of this plague. Because the Spartan army was stronger, the Athenians gathered in the city’s military protective building called "Long Wall" to seek refuge. The plague did not stop the war from continuing, and Athens was forced to surrender until 404 BC.

3. Anthony plague: 165-180 AD

Roman soldiers are likely to return home with smallpox virus, which will eventually lead to the outbreak of Anthony plague. (Image copyright: Shutterstock)

When the expedition soldiers returned to the Roman Empire, they brought back more than victory. According to the article published by Apropod, a senior professor of Roman history at Manchester Metropolitan University, in the book Ancient Upheavals (routledge Press, 2017), the plague of Anthony was most likely caused by smallpox virus. Since then, it has ravaged the army and killed more than 5 million people in the Roman Empire.

Many historians believe that the plague was brought back to the Roman Empire by soldiers after the war with Parthia. The plague finally led to the end of the peaceful Roman period, which lasted from 27 BC to 180 A.D. and the national strength once reached its peak. After 180 AD, turmoil spread throughout the Roman Empire. Not only did civil war break out, but "barbarians" also invaded from outside. Christianity became more popular after the plague broke out.

4. Plague in Cyprus: 250-271 AD

In Thebes, Egypt, victims of an ancient plague were burned by bonfires. (Image copyright: N Qiyang, ONLUS Egyptian and Sudanese Cultural Research Association)

The Archbishop of Carthage (the city of Tunisia) named Saint Cyprus described the epidemic as "the end of the world" because it killed about 5,000 people in Rome alone. In 2014, archaeologists discovered a large burial place for plague victims in Luxor. The bodies of the victims were covered with a thick layer of lime (used as a disinfectant in history). Archaeologists also found three kiln sites used to make lime, and traces of burning victims with bonfires.

Experts are not sure what disease caused the plague. "A common flu takes away the patient’s body energy after removing the intestinal resistance, and (at the same time) the high fever from the bone marrow leads to a wound in the throat (part of the mouth)", written by Cypriots in a Latin book called Death (Philip Schaff translated from the appendix of The Father of the Third Century: Hippolytos, Cyprus, Caius, Novatian, Christian Classics Library, 1885).

5. Justinian plague: 541-542 AD

Mosaic portraits of Justinian the Great and his supporters. (Image copyright: Shutterstock)

The Byzantine Empire declined under the attack of the Black Death. The plague then occurred intermittently. According to some speculations, more than 10% of the global population died.

The plague was named after the Byzantine monarch Justinian (ruling period: 527-565 AD). Under its rule, the Byzantine Empire reached its peak, controlling a large territory from the Middle East to Western Europe. Justinian ordered the construction of the famous Hagia Sophia (Holy Wisdom) Cathedral in the imperial capital Constanyine (today’s Istanbul). Justinian was also infected with the plague, but survived. However, its empire was constantly losing territory under the attack of the plague.

6. Black Death: 1346-1353 AD

The Chronicle of Nuremberg, Volume I, with illustrations CCLXIIII. Skeletons are rising from the dead and joining the dance of death. (Image copyright: Anton Keberg, 1493/Public Server)

From Asia to Europe, the Black Death brought destruction all the way. Some studies estimate that half of the European population died. The Black Death was caused by an extinct strain of Yersinia pestis, which spread through fleas and infected rats. The bodies of the victims are generally buried together.

This plague profoundly changed the course of European history. Due to the large number of deaths, the labor force plummeted, the wages of workers were raised, and the European serfdom system ended. Research shows that the surviving laborers can get more meat and better quality bread. The shortage of cheap labor may also promote technological innovation.

7. The Great Plague of Coco Rizzitelli: 1545-1548.

Aztec ruins national monument. (Image copyright: USGS US Geological Survey)

The plague in Cocoa Rizzitelli was caused by a combined infection with viral hemorrhage and high fever, which eventually killed 15 million people in Mexico and Central America. As the local population has been hit by extreme drought before, the disease has become particularly deadly. "Coco Rizzitelli" means "pest" in Aztec.

A new study examined the DNA in the remains of the deceased and found that they were infected by a subspecies of Salmonella called Salmonella paratyphi C. This pathogen brings intestinal fever common to common typhoid patients. Intestinal fever causes high fever, dehydration and other gastrointestinal problems, which is a major disease threat even today.

8. American plague: 16th century

Hernan cortese and his army painted by O Graff (1892). After the Spanish invaders captured the Aztec city, they let it suffer from smallpox. (Image copyright: Shutterstock)

Plague in America refers to a series of European pandemics brought to America by European explorers. These epidemics, including smallpox, accelerated the collapse of Inca civilization and Aztec civilization. Some studies estimate that nearly 90% of the indigenous population in the Western Hemisphere died.

To some extent, these epidemics helped the army led by Hernan cortese to conquer Diotihuacan, the capital of Aztec, in 1519, and Francisco Pizarro’s army to capture Inca in 1532. The Spanish thus occupied the territory of the two empires. The Aztec and Inca armies were unable to resist Spanish arms because of the disease. Britain, France, Portugal and the Netherlands, in the process of exploring, raiding and settling in the Western Hemisphere, also benefited from the sudden decline of local resistance caused by the epidemic to some extent.

9. Great Plague in London: 1665-1666

London fire model in 1666. The fire happened just after the city suffered a deadly plague. (Image copyright: Shutterstock)

The last outbreak of the Black Death occurred in Great Britain. It then led to a large-scale migration led by Charles II. The plague began in April 1665 and spread rapidly in the hot summer. Infecting fleas on rats is the main channel for spreading the virus. At the end of the plague, about 1 million people died, including 15% of the population in London. But this is not the end of this ordeal. On September 2, 1666, the fire in London spread and burned a large area of the city for four days.

10. Marseilles plague: 1720-1723

Today, France’s St. Jane’s Castle, Meyer Cathedral and Marseilles Old Port. About 30% of the Marseille population died in a plague that lasted for three years in the 1720s. (Image copyright: Shutterstock)

Historical records show that the great plague in Marseilles originated from a ship named Saint Anthony that docked in the harbor. The ship returned with cargo from the eastern Mediterranean. Although the ship was immediately isolated, the plague still entered the city. The most likely reason is fleas carried by infected rats.

The plague spread rapidly, causing about one million deaths in Marseille and its vicinity in the following three years. It is estimated that 30% of the population of Marseille lost their lives.

11. Russian plague: 1770-1772

Portrait of Catherine II painted by Virgilius Erickson (about 1757-1772). Even Queen Catherine could not lead Russia out of the devastating blow caused by the plague in 1770. (Image copyright: Shutterstock)

In Moscow after the plague, the fear of isolated residents turned into violence. Riots spread in the city, which eventually led to the murder of Archbishop Amplo Theseus, who advised parishioners not to gather for prayer.

Empress Catherine II of Russia (also known as Catherine the Great) desperately needed to control the plague and rebuild social order, so she hastily ordered all factories to move to Moscow. When the plague ended, about one million people died. Although the plague is over, the reconstruction process of the queen is in jeopardy. In 1773, Ye Liewan pugachev claimed to be Peter III (the executed husband of yekaterina) and launched a riot, resulting in thousands of deaths.

12. Philadelphia yellow fever: 1793

George Washington’s second inauguration ceremony, Philadelphia Congress, March 4, 1793. A plague of yellow fever swept through Philadelphia in the first half of 1793. (Image copyright: Shutterstock)

When yellow fever swept through Philadelphia, the capital of the United States at that time, abolitionists advocated African-Americans to take part in caring for the patients because of the official misunderstanding that slaves were immune.

The epidemic is spread by mosquitoes. It was hot and humid in Philadelphia that summer, and the number of mosquitoes soared. The epidemic did not end until the mosquitoes disappeared in the winter of the same year. More than 5,000 people were killed.

13. Global influenza pandemic: 1889-1890

Woodcut depicts Paris during the global influenza in 1889-1890. Nurses are taking care of patients. This global epidemic has killed about one million people. (Image copyright: Shutterstock)

In the era of modern industrialization, new traffic links make it easier for influenza virus to cause large-scale chaos. In just a few months, the disease spread all over the world, killing about one million people. In just five weeks, the death rate of epidemic disease reached its peak.

Case reports first appeared in Russia. Although air travel has not yet appeared, the virus spread rapidly in St. Petersburg and then spread throughout Europe and around the world.

14. American polio pandemic: 1916

Washington D.C., Franklin D. Roosevelt Memorial Hall. President Roosevelt was diagnosed with polio in 1921 at the age of 39. By the time Salk vaccine appeared in 1954, the pandemic had killed thousands of people. (Image copyright: Shutterstock)

A polio epidemic that started in new york eventually sickened 27,000 people and killed 6,000 people in the United States. The epidemic mainly affects children, and in some cases, it will lead to lifelong disability of survivors.

Polio occurred from time to time in the United States before Salk vaccine was developed in 1954. After the vaccine was widely vaccinated, the number of cases in the United States declined. The last report of polio in the United States was in 1979. Although it has not been completely eliminated, the effect of vaccine research and development around the world has greatly reduced the occurrence of this disease.

15. Spanish influenza: 1918-1920

Emergency Hospital during Influenza Epidemic, Camp Fenston, Kansas. (Image copyright: Oddis Historical Archives, National Museum of Health and Medicine)

It is estimated that 500 million people from south to NATO have become victims of Spanish flu. One fifth of them were killed, and some indigenous communities were almost extinct. Because the living space of soldiers was constrained during the First World War, ordinary people were malnourished during the war, and this flu was particularly contagious and fatal.

Although it was named Spanish flu, the epidemic did not originate in Spain. Spain was a neutral country during the war, and its press was not strictly censored, so it was free to report the situation in the early stage of the epidemic. As a result, people mistakenly thought that the epidemic mainly occurred in Spain, and the name Spanish flu continued.

16. Asian Influenza: 1957-1958

Chickens are tested for avian influenza. In 1950s, an avian flu killed about one million people. (Image copyright: Shutterstock)

Asian influenza is another global influenza pandemic. The epidemic originated in China and killed more than one million people. What caused the outbreak of the epidemic was an avian influenza virus.

According to CDC records, the disease spread rapidly, and cases appeared in Singapore in February 1957, Hong Kong in April 1957 and coastal cities in the United States in the summer of 1957. There are more than 1.1 million deaths worldwide and 116,000 cases in the United States.

17. Global and regional infectious diseases of AIDS: 1981-present.

AIDS became a global epidemic in 1980s, and then it continued to spread in some parts of the world. (Photo copyright: Mario Suriani/joint report, new york Historical Society)

Since the first confirmed case, AIDS has killed 35 million people around the world. It is very likely that the HIV virus that caused AIDS first spread among chimpanzees and spread to humans in West Africa in the 1920s. The virus spread all over the world, and AIDS developed into a global infectious disease at the end of the 20th century. Today, about 64% of the 40 million people in sub-Saharan Africa carry human immunodeficiency virus (HIV).

For decades, there has been no treatment for this disease. However, drugs developed in the 1990s can enable patients to live a normal life with regular treatment. Even more exciting, two HIV patients were cured in early 2020.

18. Global pandemic of H1N1 swine flu: 2009-2010

On April 30, 2019, at the Sartre Delta Medical Center in Antioch, California, a nurse passed a diversion tent built outside the emergency room. The hospital is preparing for the arrival of a large number of swine flu patients. (Image copyright: Justin Sullivan, Getty Images)

The outbreak of swine flu in 2009 originated from a new H1N1 strain that appeared in Mexico in the spring of 2009. According to the US Centers for Disease Control and Prevention, within one year, the virus infected about 1.4 billion people around the world, killing 151,700 to 575,400 people.

According to the US Centers for Disease Control and Prevention, the influenza pandemic in 2009 mainly targeted at children and young people, and about 80% of the dead people were under 65 years old. This is unusual because the mortality rate of most strains of influenza virus, including seasonal influenza, is mainly aimed at people over 65 years old. In the case of swine flu, the elderly may have developed enough immunity to the virus group to which H1N1 belongs, so they have not received too much influence. The vaccine against the H1N1 virus that causes swine flu has now been included in the annual influenza vaccine.

19. Ebola epidemic in West Africa: 2014-2016

During the Ebola outbreak in 2014, medical workers wore protective clothing before entering the Ebola treatment site in Liberia. (Image copyright: CDC/Sally ezra/Antalya Christie (Public Service))

The Ebola virus ravaged West Africa between 2014 and 2016, resulting in a total of 28,600 reported cases, of which 11,325 were killed. The earliest case was reported in Guinea in December 2013, and then the epidemic spread rapidly to Liberia and Sierra Leone. Cases and deaths mainly occurred in the above three countries. According to the report of the CDC, a few cases occurred in Nigeria, Mali, Senegal, the United States and Europe.

Even though efforts to develop vaccines continue, Ebola has not been effectively treated so far. The earliest known Ebola virus appeared in Sudan and Democratic Republic of Congo in 1976, and the virus may have originated from bats.

20. Zika virus epidemic: 2015 to present

Workers spray mosquitoes carrying Chika virus with pesticides. Chika virus is most common in tropical areas. (Image copyright: Shutterstock)

The impact of the recent Chika virus epidemic in South America and Central America is unknown. Meanwhile, scientists are racing against time to control the virus. Chika virus is generally transmitted by Aedes mosquitoes, but it can also be transmitted among humans through sexual intercourse.

Although Chika virus is generally harmless to adults and children, it can attack babies who are still in the womb and cause birth defects. Mosquito species carrying Chika virus are most likely to multiply in warm and humid climate, so South America, Central America and the southern United States have become the main areas for virus transmission.

Source: livescience

Translation: IICC-X Zhao Jinchao

Original title: "Understanding History: 20 Most Serious Diseases and Global Pandemic"

Read the original text

In order to implement the relevant requirements of the CPC Central Committee on preventing and resolving major risks, according to the "the National People’s Congress Standing Committee (NPCSC) 2019 Annual Supervision Work Plan", this year, a special investigation on the budget management and reform of the basic old-age insurance fund was organized, and the Budget Working Committee of the Standing Committee was responsible for the specific implementation. Since March this year, the special research group composed of the Budget Working Committee has specially listened to the briefings of the Ministry of Finance, Ministry of Human Resources and Social Security, State Taxation Administration of The People’s Republic of China, Audit Office and other relevant departments in the State Council, and has successively conducted field research in Hubei, Liaoning, Jilin and other places, and held special symposiums to listen to the opinions and suggestions of some experts and scholars and some relevant working institutions of the Standing Committee of the Provincial People’s Congress to analyze and compare the endowment insurance system and reform in typical countries. The relevant situation is now reported as follows.

I. Basic information

The basic old-age insurance covers a wide range of people and has a large scale of fund income and expenditure. It is the most important type of social insurance and the most important part of the social security system. In recent years, governments at all levels and their relevant departments have conscientiously implemented the decision-making arrangements of the CPC Central Committee, persisted in promoting the construction of a multi-level social security system with full coverage, basic security and sustainability, constantly improved the fund budget preparation, strengthened the fund budget management, and promoted the deepening of the reform of the basic old-age insurance system, which provided strong support for weaving a social security network covering all people and grasping the basic livelihood bottom line.

(A) the basic old-age insurance system

China’s basic old-age insurance consists of urban workers’ basic old-age insurance (enterprise workers’ basic old-age insurance, government institutions’ basic old-age insurance) and urban and rural residents’ basic old-age insurance (see table 1). According to the statistics of Ministry of Human Resources and Social Security, by the end of 2018, there were 943 million people participating in the basic old-age insurance nationwide. Among them, 419 million urban workers and 524 million urban and rural residents participated in the insurance.

Table 1  Basic situation of basic old-age insurance system

(two) the operation of the basic old-age insurance fund

In 2018, the total income of the national basic endowment insurance fund was 5,483.6 billion yuan, of which the insurance premium income was 3,969.5 billion yuan, accounting for 72.4%; The fiscal subsidy income was 1,215.3 billion yuan, accounting for 22.2%. The total expenditure of the fund was 4,718.7 billion yuan, of which the basic pension expenditure was 4,571.3 billion yuan, accounting for 96.9%. The balance of the fund’s income and expenditure in that year was 764.9 billion yuan, and the accumulated balance of the fund was 5,784.7 billion yuan (see Table 2 for details).

Table 2  Operation of Three Types of Basic Endowment Insurance Funds in 2018

(3) Central financial subsidies

The central government has given subsidies to the basic old-age insurance for enterprise employees, the basic old-age insurance for urban and rural residents and the basic old-age insurance for government agencies and institutions. In 2018, the total subsidy from the central government was 662.8 billion yuan.

Subsidies for basic old-age insurance for enterprise employees.Since 1999, the central government has given subsidies to enterprises with difficulties in some areas in terms of the fund gap of basic old-age insurance, the implementation of personal accounts and the improvement of pension benefits. Among them, 40% of the funds needed to improve the pension payment standard are subsidized to the central and western regions and old industrial bases, and 100% is subsidized to Xinjiang Corps; For the existing pension expenditure, according to the financial resources, fund gap, support rate and work effect of each region, the subsidy funds are allocated by factor method. In 2018, the central government issued a subsidy of 483.1 billion yuan for basic old-age insurance for enterprise employees.

Subsidies for basic old-age insurance for urban and rural residents.The central government gives full subsidies to the central and western regions according to the basic pension standards set by the central government, and 50% subsidies to the eastern regions. In 2018, the central government issued a subsidy of 141.6 billion yuan for basic old-age insurance for urban and rural residents.

Subsidies for the reform of endowment insurance in institutions and institutions.The central government subsidizes 40% of the funds needed to adjust the pension payment standard in the central and western regions and old industrial bases except Beijing and other seven provinces and cities. In 2018, the central government issued a subsidy of 38.1 billion yuan for the reform of endowment insurance for institutions and institutions.

(four) the basic old-age insurance fund budget management

The budget of social insurance fund is one of the "four accounts" of the government stipulated in the Budget Law. In 2010, the State Council decided to establish a standardized and unified social insurance fund budget system nationwide, and began to compile it on a trial basis that year. In 2014, it was officially included in the draft government budget submitted to the National People’s Congress for examination and approval.

The basic old-age insurance fund budget mainly follows the principles of "establishing according to law, standardizing and unifying, making overall plans, defining responsibilities, earmarking special funds, being relatively independent and organically connected, making ends meet, and leaving a balance". The compilation process adheres to the bottom-up and joint review, which is compiled by the social insurance agencies in the areas where the basic old-age insurance fund is co-ordinated. After being summarized by the human resources and social security departments and audited by the financial department, it is jointly reported to the people’s government at the same level and reported to the people’s congress at the same level for examination and approval. The national basic old-age insurance fund budget is compiled by Ministry of Human Resources and Social Security, reviewed and summarized by the Ministry of Finance, and submitted to the State Council for examination and approval by the National People’s Congress. Among them, the budget revenue preparation comprehensively considers the implementation of the fund budget in the previous year, the forecast of the economic and social development level in this year, the social insurance work plan and other factors, including the number of participants, the number of payers, the base of payment wages, etc. Expenditure budgeting comprehensively considers the changes in the number of people enjoying pension insurance benefits in the overall planning area this year, the economic and social development, the adjustment of pension insurance policies and the changes in pension insurance treatment standards.

In recent years, governments at all levels and their relevant departments have continuously improved the budget management system, studied and established an incentive and restraint mechanism, standardized the preparation process and improved the preparation method by means of informationization and big data, effectively enhanced the planning and binding nature of the budget, paid close attention to the budget implementation management, standardized the collection of premiums and the payment of insurance benefits, strived to achieve all the insurance coverage, and resolutely paid it in full and on time, and achieved positive results. In some places, by hiring third-party evaluation agencies to improve the index system of fund budgeting, establish and improve the actuarial index system of fund budgeting, and improve the scientific and accurate budgeting.

(V) Progress of relevant reforms

1. Promote the provincial-level co-ordination of endowment insurance for enterprise employees.Up to now, 13 provinces in China have realized the provincial-level unified collection and expenditure of enterprise employee pension insurance funds. Other provinces have formulated implementation plans according to the actual situation and are steadily advancing the implementation in accordance with the task requirements of the State Council to fully realize the provincial-level unified collection and support of funds by the end of 2020. In some places, the establishment of a unified revenue and expenditure system including pension insurance policy, fund budget, fund revenue and expenditure management, responsibility sharing mechanism, information system, handling management and performance appraisal mechanism has been promoted, which has laid an institutional foundation for ensuring the reform of unified revenue and expenditure.

2. Implement the central adjustment system of the basic old-age insurance fund for enterprise employees.The central adjustment system mainly includes: first, the adjustment fund raising system. According to 90% of the average wage of employees in each province and the number of employees who should be insured on the job as the base for calculating the amount of the solution, solution ratio started from 3%, and the funds of the provinces were summarized to form the central adjustment fund. The second is the allocation system of swap funds. The central adjustment fund was fully allocated to local governments in that year, and the amount of funds allocated to the provinces was calculated according to the approved number of retirees in each province and the national per capita allocation. At the same time, the central and western provinces with heavy tasks of poverty alleviation will be exempted from their net contribution responsibility by 2020.

The central adjustment system was implemented on July 1, 2018. In that year, the total size of the central adjustment fund was 242.23 billion yuan, and the actual difference was 61.03 billion yuan. There are 7 provinces, including Guangdong, Beijing, Zhejiang, Jiangsu, Shanghai, Fujian and Shandong. 22 central and western regions and old industrial base provinces benefited, including Liaoning, Heilongjiang, Sichuan, Jilin and Hubei. Exempt Guizhou, Yunnan and Tibet from net contribution responsibility. Since the implementation of the central adjustment system, it has played a positive role in alleviating the payment pressure of some local funds and ensuring the timely and full payment of pensions. In 2019, the proportion of central adjustment will increase to 3.5%. It is estimated that the total size of central adjustment funds in the whole year will be 630.3 billion yuan, and the difference will be 151.2 billion yuan.

3. Reduce the burden of social security contributions.From 2015 to 2018, the State Council has reduced the social security rate five times, involving basic old-age insurance, unemployment insurance, industrial injury insurance and maternity insurance for enterprise employees. The overall level of the five social security rates for employees in China has been reduced from 41% to 36.95%, of which the unit contribution rate has been reduced from 30% to 26.45%. By April 30 this year, when the phased rate reduction policy expires, the burden on enterprises will be reduced by nearly 500 billion yuan.

This year, the State Council decided that from May 1st, the unit contribution rate of basic old-age insurance for enterprise employees can be reduced from 20% to 16%, and the policy of reducing unemployment and work-related injury insurance rates by stages will be extended to the end of April 2020. At the same time, it is approved to lower the base of social security contributions, from the past based on the average salary of employees in non-private units in cities and towns to the average salary of full-caliber employees weighted by non-private units and private units in cities and towns. According to the calculation of the relevant departments in the State Council, after the implementation of the new fee reduction measures, it is estimated that the social security payment burden of enterprises will be reduced by more than 400 billion yuan in 2019.

4. Transfer some state-owned capital to enrich the social security fund.Transferring some state-owned capital to enrich the social security fund is an important measure to enhance the sustainability of the basic old-age insurance system. By the end of 2018, the pilot reform of five central enterprises and central financial institutions, including Zhejiang and Yunnan provinces and China Unicom and China Reinsurance, had been basically completed. In December 2018, the second batch of transfer work at the central level was started. The transfer enterprises included 15 central management enterprises such as China Huaneng and 4 central financial institutions such as PICC China. In July 2019, the State Council decided to fully push forward the central and local governments to transfer some state-owned capital to enrich the social security fund. At the central level, qualified enterprises will be basically completed by the end of 2019, enterprises with real difficulties can be completed by the end of 2020, and enterprises run by central administrative institutions will be transferred after the centralized and unified regulatory reform is completed; At the local level, the transfer will be basically completed by the end of 2020. Up to now, the central level has completed the transfer of 67 central enterprises and central financial institutions in three batches, with a total transfer of state-owned capital of about 860.1 billion yuan. The mechanism of state-owned capital to make up for social security fund has been initially established, which has promoted the diversified reform of state-owned equity.

5. Reform of social security collection system.The Plan for Deepening the Reform of Party and State Institutions in 2018 clearly stipulates that since January 1, 2019, all social insurance premiums will be uniformly collected by the tax authorities. The State Council attaches great importance to improving the reform of the social security fee collection system. According to some new situations and problems in the process of reform, it has made new adjustments and arrangements for the transfer of social security fee collection and management responsibilities of enterprises in a timely manner, requiring that in principle, the current collection system should be continued temporarily, and "a mature province should be handed over to a province". Up to now, among the 37 regions (provinces, autonomous regions, municipalities directly under the Central Government, Xinjiang Production and Construction Corps and cities with separate plans), 21 regions were originally collected by the tax authorities, and the tax authorities collected all social security fees; In 16 areas where the social security department originally collected the social security fees of enterprises, the social security fee collection and management responsibilities of enterprises have not been transferred yet, and they will continue to be collected by the social security department, and the social security fee collection and management responsibilities of institutions and urban and rural residents will be transferred to the tax department; The tax authorities in 22 regions are also responsible for collecting occupational annuities.

Second, the main problems and shortcomings

Over the years, China has made great achievements in promoting the construction of a comprehensive, basic and sustainable multi-level social security system, and basically established a social security network covering all people. Judging from the overall situation of the basic old-age insurance in China, the system has been continuously improved, the level of protection has been continuously improved, the fund operation has been generally stable, and the current income and expenditure are still in balance. However, the survey also found that the gap between the fund’s current income and expenditure showed an expanding trend, and the accumulated balance of individual provinces "bottomed out", which further increased the potential risk of the fund; Fund budget management is generally extensive, and some institutional issues are not paid enough attention, and the scientific, refined and modern level of budget management is low; The design of endowment insurance system is not perfect enough to meet the needs of reform and development, which seriously affects the sustainability and credibility of the system. These problems must be solved quickly.

(A) The contradiction between revenue and expenditure has become increasingly prominent, and related risks have begun to emerge.

First, the growth of insurance premium income is relatively weak.Comparing the premium income of the basic old-age insurance for enterprise employees in China with the basic pension expenditure, the income and expenditure gap of 31.9 billion yuan first appeared in 2014, and it has expanded to 77.3 billion yuan in 2018. Many places reflect that due to the accelerated process of population aging, the dependency ratiooneThe sustained and rapid decline has caused the growth of fund income to be lower than the growth of expenditure for a long time, resulting in the widening gap between fund income and expenditure. In recent years, the implementation of tax reduction and fee reduction policy has also reduced the current collection income to some extent. The survey found that Northeast China is still facing the reality of a large outflow of population, especially young and middle-aged people, and it is difficult to reverse the situation of decreasing dependency ratio, and it is increasingly difficult to promote the growth of premium income.

Second, there is a great pressure on financial subsidies.Since 2005, the basic pension treatment standard for enterprise employees has been raised for 15 consecutive years, and the financial departments at all levels have borne the corresponding increased expenditures. The basic old-age insurance for urban and rural residents is to provide old-age insurance for urban and rural residents without income sources. The financial system bears the main responsibility, and some local financial subsidies account for more than 70%. The reform of endowment insurance in institutions has also put forward a lot of expenditure requirements for governments at all levels, and there is still a certain income and expenditure gap in some places under investigation.

Third, problems left over from history bear a heavy burden in some areas.There has been no clear and detailed solution to the transition cost of the old-age insurance system. For the "old people" who have no personal account accumulation and the "middle people" who have insufficient personal account accumulation, the pension benefits enjoyed according to the regulations of deemed payment are paid by the funds collected in the current period. After the implementation of the reform of state-owned enterprises and the diversion of laid-off workers, state-owned enterprises went into battle lightly and developed well. However, the remaining problems of "early retirement" employee pension insurance have not been properly solved, which has brought a huge burden to some places. The reform of transferring some state-owned capital to enrich the social security fund is progressing slowly, some departments and enterprises are resistant, and there are not many local state-owned enterprises worth transferring, so the overall reform effect is not great. In some places, it is reflected that the large-scale collective reform of factories and enterprises, de-capacity, etc. have increased the pressure on the fund’s income and expenditure from two aspects: reducing the arrears of enterprises, ensuring development and increasing expenditures, and need the support of the central government.

Fourth, the sustainability of the fund is under great pressure.The relevant departments in the State Council organized and carried out the long-term actuarial analysis of the basic old-age insurance. Although the results of various departments and institutions are different, the general judgment is that for a long time to come, the degree of population aging in China will become increasingly serious, the dependency ratio within the system will continue to decline, and the sustainability of the old-age insurance fund will face severe challenges.

(B) The budget management is relatively extensive, and the system and mechanism need to be improved urgently.

First, the provisions on budgeting responsibilities are not clear enough.The Opinions of the State Council on Implementing the Budget of Social Insurance Fund issued in 2010 stipulates that the main body of compiling the budget of social insurance fund is the human and social departments, and the financial department only undertakes the audit responsibility. The Budget Law revised in 2014 stipulates that the financial departments of governments at all levels are responsible for the specific preparation of budgets. According to the investigation, the provisions of the State Council’s opinion are still implemented, and there are different understandings about the provisions of the budget law, especially about "preparation" and "the subject of social insurance fund budget preparation". In some places, it is pointed out that the division of responsibilities for fund budgeting is not clear enough, the participation of financial departments is insufficient, and the implementation of responsibilities is not enough.

Second, the budget preparation procedure is not reasonable enough.Restricted by the level of fund overall planning, the current budget adopts the procedure of overall planning, bottom-up and layer-by-layer summary. There are too many compiling subjects, different policy understandings and different interests, which makes it difficult to effectively play the role of overall budget arrangement, resulting in the conservative compilation of income budgets in some areas, and the phenomenon that expenditures exceed the budget sometimes occurs. Especially after putting forward the reform direction of national overall planning, some places have the mentality of "receiving less and spending more". The audit department reported that in some co-ordination areas, artificially depressing the budget revenue and inflating the expenditure budget has become the norm, resulting in a serious deviation from the reality of the fund budget and poor effectiveness of budget management.

Third, the foundation of budget management is relatively weak.Due to the low level of overall planning of the basic old-age insurance fund, the basic data such as the number of insured persons, the actual payment base and rate, and the basis of pension calculation and distribution required for budget management are scattered in various overall planning areas. Some central departments and provincial management departments have indicated that they do not fully grasp accurate information, and some local data indicators are not scientifically collected, so the credibility and transparency are not high. Strengthening budget management has become a passive water without a root. On the other hand, social security agencies are in the front line of fund budgeting, but they lack effective access to relevant economic and social data, especially the information available to grass-roots social security agencies is more limited, and the basic quality of budgeting is not high.

Fourth, the refined level of budget management is not enough.Judging from the draft fund budget submitted to the National People’s Congress, it is mainly a few large numbers such as income, expenditure and balance, lacking detailed data by region, industry and population, and the readability and auditability of the budget are not strong. From the perspective of budget preparation, although there are requirements for the reference factors of fund revenue and expenditure preparation, a unified and standardized index system has not yet been established, and different places have different understanding of policies by industry and population, and their calculation methods are also different. From the perspective of budget implementation, many places and even some places where there is a big contradiction between fund revenue and expenditure only emphasize the hard constraint of budget, and have not taken the initiative to establish a regular analysis system for fund budget implementation. The response to changes in industries and people reflected by the implementation situation is relatively lagging behind, and the fund risk early warning mechanism and response plan have not been effectively established.

Fifth, actuarial analysis is seriously lagging behind.There is a big gap between the actuarial work of the basic old-age insurance fund and the actual demand in the aspects of system construction, talent team construction and the application of actuarial results, and a standardized actuarial analysis mechanism combining long, medium and short term has not been established. As an important part of budget management, fund actuarial has not been brought into the budget management category, resulting in poor predictability and scientificity of budget revenue and expenditure preparation, lack of preparation for possible fund risks and even financial risks, and weak ability to effectively deal with population aging.

Sixth, the informatization construction is weak.The preparation, implementation, audit and supervision of the fund budget involve many departments and institutions such as human society, finance, taxation, auditing and social security agencies. At present, a unified, standardized and dynamically shared information database has not been established, and each department and institution relies on the information system of this system for management. Repeated construction and decentralized maintenance consume a lot of manpower and material resources, and information data cannot be effectively shared, which also affects the accuracy of relevant data and information.

(C) The design of the old-age insurance system is not perfect, and the pace of reform needs to be accelerated.

First, the low level of fund overall planning has become the primary problem to be solved urgently.Judging from the basic endowment insurance fund for enterprise employees, most provincial-level places have not yet achieved real provincial-level overall planning, and many places are still municipal-level and county-level overall planning. The low level of overall planning makes it difficult to fully realize the transfer of funds between different overall planning areas, and the law of large numbers of insurance cannot be fully exerted. At the same time, the fund balance is mainly deposited in the labor inflow areas, but the labor outflow areas have to bear the pressure of issuing a large number of old-age benefits for the returning laborers. This extremely uneven distribution of funds not only makes the labor outflow areas such as the central and western regions dissatisfied, but also makes the interest pattern of low-level overall planning gradually solidify. Some places with fund balances regard the balance as local "own" resources and advantages, and there is resistance to national overall planning and entrusting the National Social Security Fund Council to invest and operate. Lack of awareness that basic old-age insurance is a "national system" makes the reform more and more difficult. Some provinces surveyed reflect that they are not optimistic about realizing the provincial-level unified collection and expenditure of funds in 2020.

Second, the irregular implementation of policies such as payment base, rate and pension benefits has brought many disadvantages.Due to the low level of fund co-ordination, the relevant departments give local governments some autonomy in terms of payment base, rates and pension benefits. In actual implementation, the co-ordination places with large contradiction between fund revenue and expenditure tend to be strict base and high rate, while the co-ordination places with more fund balances tend to be wide base and low rate, which is quite different among regions. In terms of rates, Zhejiang, Guangdong and Xiamen, which have more fund balances, stipulate unit payment rates of 14%, 13% and 12% respectively. In terms of payment base, some places allow enterprises to determine the base according to a certain proportion of total wages. In terms of pension benefits, different places have different definitions of the standard of deemed payment, and some people think it is unfair. The disunity of local policies not only causes the inconsistent foundation and unclear base of fund budget preparation, but also brings difficulties to improve the overall planning level; It also causes unfairness at the institutional level, affects the free flow of resources and intensifies regional differences. It is found that many places have introduced preferential policies to reduce and exempt insurance contributions, which, as an important means of attracting investment, have a great impact on normal investment attraction in other places, especially in areas with large contradictions between fund income and expenditure. Some parts of Northeast China reflect that it has faced a vicious circle of "the contradiction between fund income and expenditure is prominent → the approved payment base and rate are strict → it is in a disadvantageous position of attracting investment → enterprises move out because of the high payment of endowment insurance → the economic development is slow and the employment population is small → the contradiction between fund income and expenditure is more prominent".

Third, the incentive and restraint mechanism is not perfect enough.From the basic old-age insurance for enterprise employees, it is generally reflected in all aspects that the nominal rate of 28% (unit 20%+ individual 8%) is obviously high, and it is still higher than the level of some major western developed countries after reducing the rate this year. In order to reduce costs and maintain operations, many enterprises, especially private enterprises, tend to lower or even falsely report the payment base, and some tax collection management departments also "know without asking", so the seriousness and binding force of the system are poor. Some experts pointed out that the fund implements the mechanism of combining social pooling with individual accounts, but all individual contributions are credited to individual accounts, resulting in no contribution to overall adjustment of individual contributions, and individuals lack a sense of responsibility for the basic endowment insurance system. The minimum payment period of 15 years for receiving pension is not only short, but also the system design is not regarded as the minimum period for fulfilling legal obligations. In addition, the cumulative algorithm is adopted for 15 years calculation, and it is not uncommon to interrupt payment. From the perspective of the basic old-age insurance for urban and rural residents, because the overall planning part is almost entirely borne by the finance, the system is welfare-oriented, plus the basic pension level and the average replacement rate2Low (in some places, the average replacement rate is only about 9%), residents’ enthusiasm for participating in insurance is not high, and the participation rate has declined in some places. Even if they are insured, most people tend to choose the lowest payment grade. In the old-age insurance, the basic pension calculation and payment methods linked to benefits, such as overpayment, long-term payment and late retirement, need to be improved.

Fourth, the construction of a multi-level endowment insurance system lags behind.The target design of the multi-level endowment insurance system in China includes three pillars, the first pillar is basic endowment insurance, the second pillar is enterprise annuity and occupational annuity, and the third pillar is personal savings endowment insurance and commercial endowment insurance. At present, there is no clear plan for the overall protection degree of multi-level pension insurance system and the target level of overall pension replacement rate. Among them, there is also a lack of clear quantitative requirements for the status and role of each pillar. In practice, the basic old-age insurance is a monopoly, the whole society’s old-age responsibility, and the high, middle and low levels of old-age demand are all on the basic old-age insurance; The coverage rate of the second pillar is low, and its development is obviously lagging behind. By the end of 2018, there were 110 million market entities in China, and less than 0.1% of enterprises established enterprise annuities, most of which were large and medium-sized state-owned enterprises, and less than 10% of employees participated in the basic old-age insurance. The third pillar has just begun to be piloted, and there is still a lack of effective encouragement and support policies. Highly dependent on the basic old-age insurance as the first pillar, resulting in a high payment rate, most enterprises are unable to build supplementary old-age insurance for employees, limiting the development of the second and third pillars, forming a situation of "single tree is difficult to support".

Fifth, the relevant reforms are not in place and affect the improvement of the system.Many localities and experts have reported that the implementation of the reform of the collection system of social insurance funds and the unified collection of social insurance premiums by tax authorities will be conducive to realizing the payment base of enterprises and finding out the base, laying a foundation for further improving the fee-based system. Implementing large-scale tax reduction and fee reduction, reducing the social security payment rate of enterprises and reducing the burden on enterprises are also necessary measures to cope with the downward pressure on the economy. If we strengthen overall coordination and require enterprises to make a real payment base while reducing the rate, the overall effect of the policy "combination boxing" should be more obvious. However, due to the lack of coordination in actual implementation and the strong social reaction, the reform of the collection system has basically stagnated, and the goal of standardizing the fee base and realizing the fee base cannot be achieved.

The reform of delayed retirement age has been put forward for many years, but the implementation plan has been delayed, and there are many social discussions. Not only has the window period of reform been continuously shortened, but it has also affected the due effect of reform; It also leads to unclear social expectations and lack of effective guidance of public opinion. It has been pointed out that the provision of early retirement for special jobs has not been adjusted for a long time, which is not in line with the actual situation, which is not conducive to stabilizing the income of the fund, and even some enterprises have compiled false materials for reducing staff and increasing efficiency and for early retirement of employees. From the international experience, delaying retirement age or receiving pension age has become a unanimous choice for major developed economies represented by OECD countries to effectively deal with population aging, and many countries have also adopted different degrees of restrictions on early retirement.

The reform of entrusted investment is progressing slowly, and the balance of funds used for investment and operation is less. According to the statistics of the National Social Security Fund Council, the total amount of contracts entrusted to it for investment at the end of 2018 was about 858 billion yuan, accounting for 14.8% of the total balance of the national endowment insurance fund at the end of 2018. Most of the fund balances were still in bank deposits, and the overall ability of the fund to maintain and increase value was not strong.

Third, relevant suggestions

The problem of providing for the aged is related to people’s happiness and well-being, social harmony and stability, and long-term stability of the country. In the face of new situations and challenges such as the new normal of economic development and the accelerated aging of the population, we must adhere to the guidance of Socialism with Chinese characteristics Thought of the Supreme Leader in the new era, conscientiously implement the major decision-making arrangements of the party and the state on the reform of the old-age insurance system, maintain and enhance the credibility of the social security system, enhance the people’s sense of identity and confidence, and enhance their overall awareness, crisis awareness and responsibility awareness. With greater determination and courage, we will promote the reform of the old-age insurance system, improve the scientific and fair nature of the system, strengthen the income capacity of the old-age insurance fund, strengthen and standardize the budget management of the old-age insurance fund, effectively prevent and resolve risks, and enhance the sustainability of the fund by developing the economy, expanding the coverage, increasing the rate of maintaining and increasing the value of surplus funds, and standardizing financial subsidies.

(1) Effectively enhance the sense of urgency and responsibility, and accelerate the implementation of various reforms.

We should fully understand the significance of the normal operation of the basic old-age insurance fund for safeguarding people’s interests and social stability, fully understand the grim situation faced by the old-age insurance system and the fund operation, fully understand the time pressure of gradually narrowing the reform window, further enhance the sense of crisis, enhance the sense of urgency in promoting the reform of the old-age insurance system, make up our minds to speed up the reform, seize the day and wait for no time, intensify the implementation of the CPC Central Committee’s decision-making and deployment on the reform of the old-age insurance system, and improve the system and mechanism so as to make relevant reform plans as soon as possible. It is necessary to accurately grasp the downward trend of the dependency ratio brought about by the acceleration of the aging population, effectively resolve the risks caused by the increasing income of the basic old-age insurance fund year by year, actively respond to the problem of the sustainability of the fund that the whole society is highly concerned about, and some people are worried that they may not get a pension in the future when they participate in the basic old-age insurance system, and pay attention to and reverse the tendency of some enterprise employees and residents to stop paying their fees after participating in the insurance, and some young people who have just joined the work are unwilling to pay for the insurance. It is necessary to improve the operating efficiency of the fund by improving the system. We should attach great importance to strengthening the management of income and expenditure of the basic old-age insurance fund, regard ensuring the sustainability of the fund as the top priority and the most important responsibility of governments at all levels, and take the fund budget management and actuarial analysis as the important starting points to effectively improve the scientific, refined and modern level of fund management.

(B) to speed up the improvement of the old-age insurance system, improve the scientific and fair system.

The first is to improve the top-level design of the target framework of the multi-level endowment insurance system.Further clarify the overall replacement rate target of the old-age insurance system and the proportion that each pillar should share, and accelerate the construction of a multi-level old-age insurance system. It is suggested to refer to the International Labour Organization’s Convention on the Minimum Standards of Social Security and international experience, and combine the actual situation of China’s economic and social development and residents’ old-age habits to define the overall replacement rate target, ensure that the basic living standards of workers before and after retirement are roughly the same, and improve the mechanism for dynamically adjusting the replacement rate target according to the level of economic and social development and financial affordability. Optimize development goals and policies, make clear that the basic old-age insurance is fully covered and basic, speed up the improvement of relevant fiscal and tax policies, actively guide and promote the healthy development of the second pillar (enterprise annuity and occupational annuity) and the third pillar (personal savings endowment insurance and commercial endowment insurance), and form a three-pillar structure of old-age insurance. Further consolidate the security responsibilities that units and individuals should bear in the field of old-age care, and form a good situation in which the state, units and residents participate and share reasonably and actively respond to the aging population.

The second is to introduce reform measures such as delaying the age of receiving pensions and raising the minimum payment period as soon as possible.In order to study and reform the conditions for receiving pensions, it is suggested that the pension age should no longer be linked to the retirement age, and a gradual reform plan for delaying the age of receiving pensions should be formulated and implemented as soon as possible, and the "small steps and quick steps" should be delayed in stages to effectively guide the expectations of the masses. Adjust the conditions for receiving full pension benefits accordingly, and reduce those who are not old enough and have insufficient payment years in proportion. It is suggested to study and increase the minimum payment period of receiving pension, and set restrictions on the number and interval of interruption of payment.

The third is to accelerate the national overall planning of basic old-age insurance.The relevant departments of the central government should strengthen the planning and design of the national overall planning system, and properly handle the relationship between promoting the reform of overall planning level, mobilizing local enthusiasm, and consolidating local main responsibility. They can learn from the experience and practices of establishing a gap responsibility sharing mechanism in some places to prevent "eating from the same pot" and "whipping the cattle". It is necessary to seriously study and establish an effective linkage mechanism between the realistic differences in pension treatment levels between regions and the implementation of national pension planning, and formulate a transition plan to protect the reasonable rights and interests of the people. It is necessary to strengthen the guidance for local governments to carry out the reform of provincial-level unified revenue and expenditure, ensure that the reform tasks are put in place before the end of 2020, and avoid doing things in their own way, so as to create favorable conditions for promoting national overall planning. On this basis, study and formulate a timetable and road map to achieve national overall planning.

The fourth is to improve the incentive and restraint mechanism.It is necessary to improve the incentive mechanism of overpayment, overpayment for a long time and overpayment for late retirement, improve the relevant systems such as the mechanism of linking treatment with payment, optimize the identification criteria for special types of work, and improve the early retirement policy. For those who choose to retire early or late, the level of pension benefits can be reduced or improved according to the corresponding number of years; For flexible employees, urban and rural residents insured, etc., study and improve the financial subsidy policy for payment, and guide the reasonable increase of payment level. In accordance with the principle of "low fee rate and wide fee base", we will establish a linkage mechanism to reduce the payment rate and make a real payment base, and steadily promote the reform of the collection system of old-age insurance premiums without basically increasing the burden of payment. It is necessary to further implement the relevant legal requirements, strictly review the fund’s participation in insurance and collect fees, strengthen the awareness of participating in insurance and paying fees according to law by strengthening publicity and guidance, and improve the inspection and punishment mechanism to prevent illegal phenomena such as missing payment, underpayment and non-payment, and improve the participation rate and payment rate.

(3) Standardizing fund revenue and expenditure and improving the ability to cope with payment risks.

First, based on economic development, enhance the fund’s income potential.Development is the key to solve many economic and social problems in China. To solve the contradiction between income and expenditure of the basic old-age insurance fund, we must rely on developing the economy, expanding employment, raising the income level and broadening the fee base of the old-age insurance fund. We must adhere to the new development concept, promote high-quality development, persist in promoting reform and opening up, conscientiously implement the decision-making arrangements of the CPC Central Committee, and make overall plans to stabilize growth, promote reform, adjust the structure, benefit people’s livelihood, prevent risks, and ensure stability, promote sustained and healthy economic development, continuously improve people’s income levels, and consolidate the income base of the fund.

The second is to do a good job in expanding the collection and raising the participation rate and payment rate.It is necessary to use modern information technologies such as big data and cloud computing to strengthen the inter-departmental information sharing and coordination linkage mechanism, promote the free connection and transfer of endowment insurance in an orderly manner throughout the country, improve management ability and service level, focus on the participation of employees in non-public economic organizations and flexible employees in cities and towns in endowment insurance, accelerate the adaptation to the new economy and new formats such as webcasting, promote the classification, accurately expand the coverage, and improve the participation rate, so as to ensure that all insurance is guaranteed. It is necessary to actively and steadily carry out historical arrears and payment audits in accordance with the law, improve the financial subsidy policy for insurance payment, and promote the increase of payment rate.

The third is to increase entrusted investment and improve the level of maintaining and increasing the value of surplus funds.It is necessary to further actively and steadily promote the entrusted investment of the surplus funds of the basic old-age insurance fund, strive to increase the proportion of entrusted investment funds under the premise of ensuring the safe payment of pensions, and strive to enhance the ability of the fund to maintain and increase its value. We should adhere to the principle of prudent investment, promote diversification of asset allocation, make good use of financial instruments such as insurance and reinsurance, and strive to achieve a long-term stable and relatively high income level.

The fourth is to standardize the financial subsidy system and give play to the role of financial support.Further clarify the functional orientation of financial subsidies, improve the ways of financial subsidies, establish a scientific mechanism for determining financial subsidies, and effectively play the institutional functions of financial subsidies. We will study and improve the fiscal and taxation policies to support the development of the old-age insurance system, implement tax-free policies for the payment, operation and income of enterprise (occupational) annuities, accelerate the promotion of personal tax deferred old-age insurance, and enhance the attractiveness, stability and sustainability of the old-age insurance system.

The fifth is to reform and standardize the treatment adjustment mechanism and fund expenditure arrangements to improve the matching degree with income.Standardize the adjustment of insurance benefits, combine the target level of replacement rate, and establish a scientific, reasonable and predictable normal insurance benefits adjustment mechanism that is coordinated with economic development indicators and residents’ income growth indicators. In view of the payment difficulties caused by the heavy historical burden in specific areas, we should study and improve the commitment mechanism to realize the shift from "passively filling the gap" to "actively solving the problem". We will further reform the transfer of state-owned capital, improve the operating budget system of state-owned capital, and solve historical problems such as the reform of state-owned enterprises and the reform of large-scale collective factories. Seriously sorting out and studying the stock debt problems caused by the guarantee of pension payment in some places, we should not only face up to the difficulties caused by the defects of the system itself, but also take effective measures to support local governments to solve debt risks in a safe and orderly manner, and also clarify unreasonable violations of laws and regulations in implementation, increase accountability and urge the implementation of rectification.

(four) improve the fund budget system to ensure the sustainability of the fund.

First, improve the legal system related to the pension fund budget.Do a good job in the organic connection between the Budget Law, the State Council’s Opinions on Implementing the Budget of Social Insurance Fund and other relevant laws and regulations, speed up the revision and promulgation of the Regulations on the Implementation of the Budget Law, clarify the rights and obligations of all relevant subjects in the fund budget, and suggest further consolidating the main responsibilities of financial departments at all levels in the preparation, implementation and management of the basic old-age insurance fund budget. Study and formulate a unified national social security fund budget management method, standardize the fund budget preparation, implementation and management, and establish a budget adjustment mechanism that conforms to the characteristics of the social security fund budget.

The second is to establish and improve a budget system that is compatible with national overall planning.It is necessary to speed up the establishment of a unified system for compiling the budget of the basic old-age insurance fund by the central government, give play to the role of overall planning and coordination by the central government, and lay the foundation for realizing the national unified collection and expenditure of the basic old-age insurance fund. Improve the construction of budgeting index system, increase the expected growth rate of full-caliber social average wage, expected rate of return on entrusted investment, life expectancy per capita, population growth rate, aging speed and other expected indicators, carry out scientific and standardized fund revenue and expenditure forecast, and improve the scientificity and accuracy of budgeting. Improve the regular analysis system of fund budget implementation, establish risk early warning mechanism and emergency response mechanism, and enhance the timeliness and effectiveness of fund audit. Establish an administrative supervision system and an audit supervision system for social security funds, strengthen social supervision, intensify the crackdown on corruption, misappropriation and malicious insurance fraud, and ensure the safety of funds.

The third is to establish an analysis system of actuarial balance of funds.It is necessary to strengthen the top-level design, establish a scientific and standardized actuarial balance calculation and analysis system for basic old-age insurance funds, and carry out actuarial analysis regularly. According to the long-term demographic changes and economic and social development trends, based on the important factors such as target replacement rate, payment base, rate, and return on investment, improve the actuarial analysis model. Improve the application mechanism of actuarial analysis results in fund budget preparation and endowment insurance policy formulation, and realize sustainable intergenerational balance by dynamically adjusting the level of payment and payment, improving the government subsidy mechanism, and promoting the reform of endowment insurance system.

The fourth is to strengthen the basic work of budget management and information construction.Improve the basic system of data collection and processing, and establish relevant standardization norms to ensure that the basic data is true, accurate, verifiable and comparable. Integrate the existing information systems of various departments and promote the construction of a unified, standardized and dynamically shared national information database. Strengthen the use of data analysis, with the help of modern information technologies such as big data and cloud computing, support the calculation and analysis of fund actuarial balance, strengthen real-time monitoring and analysis of fund operation, and improve the accuracy and modernization level of fund budget management.

The fifth is to strengthen the review and supervision of the budget of the endowment insurance fund by the National People’s Congress.Standardize and improve the preparation of the basic old-age insurance fund budget, further improve and refine the draft budget of the basic old-age insurance fund, increase the sub-regional budget table, and provide the basis, parameter description and performance objectives of the basic old-age insurance fund budget as annexes to the draft budget to improve the readability and auditability of the budget. Give full play to the audit role, deepen the substantive review of the pension fund budget with the help of modern information means such as budget networking supervision system, improve the ability of the National People’s Congress and provincial people’s congresses to review and supervise the pension fund budget, ensure the sustainability and fairness of the pension fund, and enhance the credibility, attraction and cohesion of the pension insurance system.

1  Dependence ratio = working-age population: non-working-age population.

2  Pension replacement rate refers to the ratio between the level of pension collection and the level of wage income before retirement, which is used to measure the difference of living security level between workers before and after retirement.

                         The National People’s Congress Standing Committee (NPCSC) social basic endowment insuranceSpecial research group on fund budget management and reform

Schedule 1  

Average contribution rate of compulsory pensions for employees in some OECD countries in 2016

fillPublic pension: a compulsory pension plan initiated and managed by the public sector of the government, and the government bears direct financial responsibility for the public pension plan. Generally speaking, public pension is equivalent to the "first pillar" of old-age insurance.

Private pension: The organizers include private entities such as individual enterprises, enterprise alliances, trade unions and financial intermediaries approved by the government. All kinds of occupational pensions, enterprise annuities and personal pensions belong to the category of private pensions. The government usually does not bear the direct or final financial responsibility for private pensions, but it has the responsibility of supervision. Private pensions are divided into compulsory and voluntary types. Generally speaking, compulsory private pension is equivalent to the "second pillar" of old-age insurance, and voluntary pension is equivalent to the "third pillar".

Source: OECDPensionsOutlook2018

Schedule II

Pension age in some countries in 2016

Source: OECDPensionsataglance2017

Schedule III  

Overall situation of pension replacement rate in OECD member countries in 2016

Source: OECDPensionsOutlook2018

Schedule IV

Base and proportion of endowment insurance payment in some places in China in 2019

Data source: according to the websites of local human and social departments.

Reform measures of endowment insurance system in some countries

I. Germany

In order to effectively cope with the aging population and resolve the crisis of pension payment, the general idea of German pension insurance system reform is to control the contribution and subsidy growth of statutory pension insurance on the one hand and reduce the pension obtained by retirees from the first pillar (statutory pension insurance) on the premise of not reducing the overall pension level of pensioners (maintaining the replacement rate of about 70%); On the other hand, support the development of the second and third pillars of pension insurance through subsidies and tax incentives, balance the impact caused by the reduction of statutory pension, and shift the burden of statutory pension insurance and the bottleneck of global competition to enterprises and private pension insurance that are flexible and can adapt to the challenges of globalization. The main measures include:The first is to promote the "compensation conversion" enterprise pension insurance reform.German enterprise pension insurance is a pension formed by voluntary contract between employees and employers. In the past, enterprise pension insurance was only paid by employers. Since 2002, employees have the right to invest part of their gross wages in enterprise pension insurance by means of "compensation conversion" (but since 2019, employers will pay at least 15% of the amount of "compensation conversion"). This part of the salary is tax-free and exempt from social insurance contributions, up to 4% of the statutory pension premium calculation limit.The second is to promote the establishment of a private pension insurance system, including the Rister pension system and the Rukup pension system.In 2002, Germany formally established the Rist pension system. This is a state-funded and personal savings pension insurance system. All employees in Germany can participate, but it is not compulsory. The premium is tax-free, and the insured can only withdraw and use the accumulated insurance money after 60 years old. If employees pay a certain percentage of pre-tax income or give birth to children, they can get state subsidies. Rist pension is operated and managed by financial institutions certified by the state, and the state uses the financial "bottom" to guarantee the payment of this pension in the retirement stage. The Rukup pension, which was launched in 2005, is a commercial pension insurance plan that can be voluntarily insured by individuals who can enjoy a large amount of tax refund from the government. The products are provided by insurance companies, and the pension should be collected after reaching the age of 62.The third is to actively increase the birth rate.Increase investment in family policy, affirm the contribution of raising children, convert the time women spend raising children into the payment period of old-age insurance according to the average wage in various places, encourage the birth of children and improve the fertility rate through indirect social welfare policies and family policies.The fourth is to extend the retirement age.Extend the retirement age in a continuous and slow way: from 2012 to 2022, postpone retirement for one month every year; From 2023 to 2029, retirement will be delayed for two months every year, and finally the retirement age will be extended from 65 years before the reform to 67 years.

Second, France

With the pension insurance system with high welfare becoming more and more difficult to maintain and the pension deficit increasing sharply, France has taken many measures to adjust the pension insurance system.The first is to indirectly reduce the level of protection.Extend the pension calculation and payment base of the public and private sectors from the 10-year average monthly salary with the highest salary level in the career to the highest 25 years. Decoupling the adjustment of basic pension benefits from wages and linking it to the price index.The second is to extend the retirement age.Extend the retirement age from 60 to 62, and extend the retirement age of receiving full basic pension from 65 to 67. Since 2019, those who meet the statutory retirement age and the minimum payment period for receiving a full supplementary pension will not be able to receive a full supplementary pension unless they work more and pay for one year; If retirement is delayed until the age of 64 and above, you will enjoy rewards.The third is to extend the minimum payment period for receiving full basic pension.From the original 37.5 years to 43 years.The fourth is to pay attention to vulnerable groups.We will provide a minimum living guarantee for the poor elderly who have no right to receive pensions, include maternity leave subsidies for women in the pension calculation and payment base, extend the pension exemption time for the unemployed, and stipulate that workers who have worked too long or engaged in heavy labor can retire early.Fifth, adjust the structure of the endowment insurance system.Establish two kinds of fund accumulation pension insurance, namely "enterprise collective retirement savings plan" and "individual retirement pension savings plan", and encourage enterprises and individuals to participate by reducing and exempting enterprise social security contributions and personal income tax, so as to improve the "three pillars" insurance system.

III. Austria

In order to effectively cope with the aging population, Austria actively promotes the reform of the old-age insurance system. Measures taken include:The first is to raise the retirement age of women.Gradually increase the retirement age of women from 60 to 65, which is consistent with the retirement age of men.The second is to implement incentive and restraint policies.Establish an old-age insurance account system for people born after 1955, and implement the "45/65/80" scheme, that is, those who retire at the age of 65 and pay 45 years’ premium will ensure that their pension will reach 80% of their pre-retirement income. At the same time, early retirement is restricted, and it is allowed to retire up to three years in advance (women are prohibited from retiring early), and the treatment level is reduced by 4.5% for every one year in advance; Delayed retirement is encouraged, and the salary level is increased by 4.2% for every one year of delayed retirement.The third is to unify pension accounts.Since 2014, all different types of personal pensions have been unified into a single account, and the annual report system has been implemented. It is expected that the longer you work, the higher your salary will be by reporting the status of pension accounts and the expected salary level after retirement every year.The fourth is to cancel the disability pension and establish a disability rehabilitation center.This will help more disabled people to return to the job market instead of directly retiring.

IV. Norway

The third round of pension reform in Norway since 2011 focuses on promoting the employment of the elderly and expanding the labor participation of the whole society, which has the following characteristics:The first is to establish a "selective" retirement system.Before the reform, Norway’s legal retirement age was 67, and people who had worked for 40 years could receive a pension. After the reform, employees can voluntarily apply for retirement from the age of 62, but the total present value of pensions is expected to remain unchanged. The earlier they retire voluntarily, the less they will receive annual pensions. At the same time, the New Deal allows employees to continue to work full-time while receiving pensions, which is very flexible and the rights and interests are guaranteed.The second is to establish corresponding supporting institutional arrangements.We will implement the active employment policy for the elderly, set up a special policy center for the elderly, actively promote various activities aimed at encouraging the employment of the elderly, and promote the formation of joint forces among the government, enterprises, trade unions and social organizations. We will improve laws and regulations that encourage the elderly to take active jobs, prohibit employers from dismissing employees under 70 just because they have reached the statutory retirement age, and consider raising the age limit to 75.The third is to improve the fiscal and taxation policies that support the extension.Preferential tax policies such as tax reduction and exemption and deferred taxation are adopted to encourage the elderly to delay retirement, work longer hours and make more contributions. Through the reform of retirement system and structural policy arrangements, a virtuous circle of "delaying retirement-increasing labor supply-improving productivity-expanding tax base-improving the sustainability of pension expenditure" has been formed.

CCTV News:Everyone is familiar with sanitation workers. They are unknown devotees, guarding the beauty of the city in their ordinary posts. Recently, a sanitation worker caught fire in Shenyang, Liaoning Province. Because of his special shape, he was called "the most handsome" sanitation uncle by netizens.

Just before dawn, 63-year-old sanitation worker Yang Junshan came to the Palace Museum in Shenyang, Liaoning Province for cleaning. With an enviable flowing long hair, a silver-gray beard of the same color and big sunglasses, Yang Junshan shouldered a broom and walked outside the palace wall. Against the backdrop of the Shenyang Forbidden City with upturned eaves and yellow tiles, he thought he had strayed into the shooting set of an outdoor fashion blockbuster. Not long ago, netizens posted a video of Yang Junshan’s cleaning and sanitation on the Internet, which was all over the network for a time. Some netizens said that a good attitude is the focus everywhere; Others say that "this mentality is as fashionable as hairstyle", which is really a hidden "sweeping monk".

Yang Junshan:Some people say that you don’t look like a sanitation worker. I said, what is the image of the sanitation worker? He said that you are not an artist in this shape. What kind of artist am I talking about? I just sweep the floor. Working has nothing to do with dressing up.

Yang Junshan said that when he was a child, his family was in a bad condition. At the age of 20, he learned a carpenter’s craft with his father. Since then, he has traveled all over the country to seek a living. Since then, he has liked to grow a beard and long hair.

Yang Junshan:No matter what others think, people can live their own lives and your own character. This is called living method.

A few years ago, Yang Junshan, who had been wandering outside for half his life, wanted to go home. After all, nothing was as good as home. He returned to Shenyang, which is his home. Naturally, his home will be clean and bright, so he didn’t want to be idle, so he applied to be a sanitation worker.

Yang Junshan:I am very pleased to see the changes in my hometown of Shenyang. People are also very close and enthusiastic, and really feel a feeling of home. As I grow older, I feel I should do something for my hometown, and finally I choose to do sanitation to make my hometown environment better and more beautiful, which is my reward and wish for my hometown.

The heart is in an art, and its art must work; If you have your heart in one position, you must do your duty. Nowadays, Yang Junshan enjoys working early every day, and has the right to exercise. He also likes sanitation more and more, and he is gradually accepted and loved by everyone.

Surrounding businesses:We came to work in the morning, and before we opened the door, my uncle swept this area with a broom. We didn’t have time to clear the door when there was snow or something, so my uncle cleared it for us. Great.

　　　　　　 Yang Junshan:The sanitation industry is a great industry, and it is impossible for any city to be beautiful and clean without the vast number of sanitation workers working in the dark and getting up early. During this time, some people paid attention to me and said that I was the most handsome sanitation grandfather. I said that it was not me who was handsome, but our vast number of sanitation workers. They were the most handsome, and they were the business cards of a city.

Yang Junshan, a sanitation worker with silver hair, not only handsome the elegant hairstyle art, but also handsome the transparent and open-minded life art to a new height.

These days, Aunt Tsinghua, who plays the piano piece "My China Heart", and Uncle Nanchang Normal College, who plays My People，My Country’s violin solo, have all screened. In the new era, such people have appeared in every position, breaking the inherent label and realizing a diversified lifestyle. Dreams, regardless of age, wish them to continue to live themselves and bloom to their fullest.

　　CCTV News:According to "Qingdao Health" WeChat official account, the Office of the Leading Group (Headquarters) of Qingdao Municipal Committee for Coordinating Epidemic Prevention and Control and Economic Operation issued a notice on October 13th. At present, the situation of epidemic prevention and control is still severe and complicated, with frequent personnel turnover and increased imported risks. In order to effectively do a good job in the work of "external defense input and internal defense rebound" in Qingdao, and better protect the health and safety of the general public, the frequency of nucleic acid detection in the normalized areas of Qingdao has been adjusted from October 15, 2022 to October 31, 2022, as decided by the municipal finger prevention research. The relevant matters are notified as follows:　

　　First, the frequency of nucleic acid detection in the normalized area of the city was adjusted to "one check every two days", which was carried out every single day, and the first detection was carried out on October 15th. Participants are all residents within the jurisdiction (including permanent residents and foreigners).　

　　Two, all kinds of key population detection frequency is lower than the "two-day inspection" should be carried out in accordance with the "two-day inspection", other key population in accordance with the original provisions and frequency to carry out nucleic acid testing.　

　　Three, during the implementation of the policy, all kinds of public places and public transport in the city must check the negative records of nucleic acid detection for 72 hours. If there is no negative record of nucleic acid detection for more than 72 hours, the "place code" nucleic acid detection sign will change from blue to yellow, that is, "bright yellow card".　

　　Four, who did not participate in nucleic acid testing as required to cause the spread of the epidemic or cause the risk of transmission, shall be investigated for legal responsibility according to the law.　

　　CCTV News:Recently, the Ministry of Commerce proposed to innovate consumption scenes, appropriately relax the restrictions on temporary display, and use night markets and theme markets that consumers love to see to create consumption scenes that meet the needs of different consumer groups. When interviewed in Huarong County, Hunan Province, the reporter saw that the standardized night stall market made the night consumption lively and orderly.

　　In the evening, the night stalls in Huarong County, Hunan Province are also lively. Looking up, although there are many stalls, they are miscellaneous but not chaotic. The stall owners are lined up in an orderly manner according to the designated area designated by the urban management.

　　In March this year, after Huarong Urban Management Brigade Regional Squadron opened the night stall for approval, Huang Feng immediately signed up and set up this stall near his own store.

　　That night, all the 14 tables in Huang Fengjia’s booth were full of guests, and there were many guests to take out. Due to the unique taste and reasonable price, the ice flower and pot-stewed taste of Huangfeng booth sell well every day, and now the daily income exceeds 1,000 yuan.

　　In Huarong County, there are more than 300 stall owners like Huang Feng’s family who use their free time to set up night stalls. In order to further standardize the night stall market and increase the market vitality, Huarong County has specially introduced the night stall declaration and management system to simplify the work flow.

The article was transferred from WeChat WeChat official account’s "Semiconductor Industry Watch" (ID: ICBank)

First, let’s take a look.Classification of chips:

Pictures fromWechat WeChat official account "semiconductor industry observation"

In daily life, we can find the types of chips, such as communication chips, artificial intelligence chips, LED chips, computer chips and so on.

Industrial chain of chipsHere’s the thing:

According to the industrial chain division, the core link of the chip from design to factory mainly includes six parts:

(1) Design softwareChip design software is a key tool for chip companies to design chip structures. At present, the structural design of chips mainly depends on EDA (Electronic Design Automation) software.

(2) instruction set systemFrom a technical point of view, the CPU is only a high collection of millions of small switches, without an efficient instruction set system, the chip can not run the operating system and software;

(3) Chip design, mainly connected to the interface of electronic products and services;

(4) Manufacturing equipment, that is, the equipment for producing chips;

(5) Round crystal OEMThe wafer foundry is the production workshop of chips from drawings to products, which determines the performance indexes such as nano-technology adopted by chips;

(6) Packaging test, which is the last link before the chip is sold, is mainly aimed at ensuring the quality of the product and has relatively low technical requirements.

Overall, inIn most industries such as instruction set and design, the status of China chip industry is very weak.There is a big gap between China and European and American chip industry enterprises. However, in the sectors with relatively low technical requirements, such as wafer foundry, packaging and testing, is expected to take the lead in rising and become a field that is expected to catch up with the world average.

Domestic chip industry chain and main manufacturers;

Image from: Southwest Securities Research Report

What are the leading players in each subdivision of the chip??

The leading memory chip design in China is Zhaoyi innovation;

The domestic GPU leader is Jing Jiawei;

Yangjie technology is the leader of semiconductor discrete devices in China;

SMIC is the leader of wafer foundry in mainland China;

Sanan Optoelectronics is the global leader in LED chips;

Silanwei is a domestic IDM quality enterprise;

North Huachuang is the leader of domestic semiconductor equipment;

Zhichun Technology is the only A-share high-purity process system integration supplier;

Jingrui Co., Ltd. is a leading enterprise in microelectronics chemicals in China;

Zhongke Shuguang is a leading enterprise in high performance computing in China;

Ziguang Guoxin is a listed company in the semiconductor industry under Ziguang Group, and is currently the leading supplier of integrated circuit chip design and system integration solutions in China.

Beijing Jun is the leading enterprise of embedded processor chips;

Zhongying electronics is a domestic high-quality IC design company;

Huiding Technology is a global leader in biometric chips;

Changdian technology is a domestic semiconductor packaging and testing leader;

In addition to the above leading sub-sectors worthy of further study, we can also pay attention to the investment targets of the National Integrated Circuit Industry Fund (referred to as the "Big Fund") in recent years. Please add WeChat WeChat official account: robotinfo Ma Yun is paying attention.

Everbright Securities summarized the investment targets of "big funds". As of January 19, 2018, big funds have become shareholders of more than 50 companies, involving 18 A-share companies and 3 Hong Kong stock companies. At present, the stock market value of big funds exceeds 20 billion yuan.

Here are some good A-share chip companies.

Zhaoyi innovation: domestic storage faucet

As a domestic storage leader, Zhaoyi Innovation ranks among the top three in the global Nor flash market, and with the withdrawal of Japanese and American companies, its market share continues to increase; The storage price keeps rising, and the company’s profitability is bright.

The company builds IDM storage industry chain. In October 2017, the company and Hefei Industrial Investment Holdings (Group) Co., Ltd. signed a cooperation agreement on memory research and development, and jointly carried out the research and development project of 12-inch wafer memory (including DRAM, etc.) with a process of 19nm memory, namely Hefei Changxin. At present, the research and development is progressing smoothly.

Jiangfeng Electronics: Domestic Target Tap

Ultra-high purity metal and sputtering target are one of the key materials in the production of VLSI. The company’s ultra-high purity metal sputtering target products have been applied to the cutting-edge manufacturing technology of world-renowned semiconductor manufacturers, achieving mass supply at the 16-nanometer technology node, successfully breaking the monopoly pattern of multinational companies in the United States and Japan, and also meeting the mass production demand of domestic manufacturers at the 28-nanometer technology node, filling the gap in China’s electronic materials industry.

The company cooperated with Garber in the CMP project in the United States, and won the first order for domestic CMP polishing pads in November 2017.

North Huachuang: the leader of domestic equipment

As the equipment leader, North Huachuang has benefited deeply from the current wave of wafer factory expansion. The company’s business covers integrated circuits, LEDs, photovoltaics and other fields, and many equipments have entered the 14-nanometer process.

The company’s product line covers seven core categories such as etcher, PVD, CVD, oxidation furnace, cleaning machine, diffusion furnace and MFC, and its downstream customers are mainly domestic first-tier fabs such as SMIC, Changjiang Storage and Huali Microelectronics.

Ziguang Guoxin: storage design+FPGA

The company is a leading memory chip design company in China. The layout of the company includes the acquisition of 51% equity of Xi ‘an Huaxin held by Shandong Huaxin, and the total shareholding has increased to 76%, achieving the goal of becoming the first echelon of domestic memory design. At present, the company’s newly developed DDR4 products are being verified and optimized. Recently, the company started to make efforts on FPGA.

Gaode infrared: infrared chip faucet

As the only manufacturer in China who has mastered the second-class superlattice focal plane detector technology, Gaode Infrared has successfully developed engineering products, which means that new breakthroughs have been achieved in blank areas such as photoelectric "anti-missile" and "anti-satellite". At the same time, the popularization and application of mass and low-cost core devices in the civil field has also established the competitive position of infrared chips made in China in the domestic and even international infrared industry.

SSE Information learned that in 2017, the company’s military orders were partially postponed due to the military reform, and the latest news is that the postponed orders will be resumed without affecting the new procurement plan for 2018.

Huatai Securities believes that vertical division of labor has become the development direction of the business model of the semiconductor industry. It is mainly composed of the following three parts: design, manufacture and sealing test. Revenue accounts for about 27%, 51% and 22% of the total sales revenue of the industrial chain respectively.

Chip design company

The top ten in China are Huawei Hisilicon, thunis Zhanrui, ZTE Microelectronics, Huada Semiconductor, Zhixin Microelectronics, Huiding Technology, Silanwei, Datang Semiconductor, Duntai Technology and Zhongxing Microelectronics.

Important companies:

First place: Haisi

There are a lot of HiSilicon processors and HiSilicon baseband chips in the Huawei mobile phones you use, and HiSilicon chips are also available in the smart TV and security system you bought. HiSilicon will be the largest chip design company in China for a long time, and will rise with the growth of Huawei Group in the future. Qualcomm, the world’s number one, earned $15.4 billion in 2016, 3.5 times that of Haisi.

Second place: Ziguang Zhanrui

Spreadtrum, founded after the merger of Rideco, is currently the largest supplier of Samsung mobile phone processors and baseband chips except its own products. The Samsung mobile phones you bought are mainly low-end series, and the chips inside are Ziguang Zhanrui.

Third place: ZTE Microelectronics

Mainly some chips used in our own communication equipment, and mobile phone chips are still purchased.

Fourth place: Huada Semiconductor

China Electronics and Information Industry Group Co., Ltd. (CEC) is a group company formed by integrating its integrated circuit enterprises. It has a large share in smart cards and security chips, smart card applications, analog circuits, new displays and other fields. At present, Huada Semiconductor has three listed companies, including A-share Shanghai Belling and Hong Kong stock company CLP Holdings and Jingmen Technology.

Fifth place: Zhixin Microelectronics

It is a wholly-owned subsidiary of State Grid Information Industry Group, covering three business directions: chip sensing, communication control and energy saving, and is committed to becoming a provider of high-end products, technologies, services and overall solutions with smart chips as the core.

Sixth place: Huiding Technology

Is a listed company, the company has achieved the second place in the field of fingerprint identification chips in the world, second only to AuthenTec, which provides fingerprint identification chips for Apple.

Seventh place: Silan Microelectronics

LED lighting driving IC is one of its main business income, and it also provides variable frequency motor control chips for home appliance enterprises.

Eighth place: Datang Semiconductor

Industrial layout with smart terminal chips, smart security chips and automotive electronic chips as the core.

Ninth place: Duntai Technology

Founded in the United States in 2005, it is committed to the research and development of man-machine interface solutions, providing the most competitive capacitive screen touch chip, TFT LCD display driver chip, touch display integrated single chip (IDC supporting embedded panel), fingerprint identification chip and pressure touch chip for mobile electronic devices.

Tenth place: Zhongxing Microelectronics

Occupy more than 60% of the global market share of computer image input chips. In 2005, Zhongxing Microelectronics was successfully listed on the NASDAQ stock market in the United States. At the beginning of 2016, Zhongxing Microelectronics launched the world’s first SVAC video codec SoC with integrated neural network processor (NPU), which enabled intelligent analysis results to be encoded with video data at the same time to form a structured video stream. This technology is widely used in video surveillance cameras, which opens a new era of intelligent security monitoring.

The key listed companies are: Ziguang Guoxin, Zhaoyi Innovation (Memory), Huiding Technology, Shilanwei (IDM), Datang Telecom, Quanzhi Technology, Zhongying Electronics (household appliances MCU, lithium battery, etc.), Beijing Junzheng, Apex, Fuhanwei, etc.

Chip manufacturing field

Similar to the panel industry, the manufacturing of semiconductor industry is an asset and technology-intensive industry, with large equipment demand, high technology content and high added value. The investment of a single factory is in the order of tens of billions. According to the data, a state-of-the-art 12-inch wafer production line needs to invest about 45 billion yuan, and TSMC’s 3-nanometer factory investment is expected to be 20 billion US dollars. Key listed companies are: SMIC, Hua Hong Semiconductor, etc.

Memory chip field

At present, the three major memory manufacturers in China are in the intensive construction stage. It is expected that they will enter the equipment installation stage in the first half of 2018, and a new round of equipment commissioning and installation drama will be staged soon.

Yangtze river storage:In March 2016, the national memory base with a total investment of about 160 billion yuan was launched in Wuhan. Four months later, Changjiang Storage Group was formally established, and Ziguang Group participated in the second phase of Changjiang Storage. According to Wuhan Xinxin, the registered capital of Changjiang Storage is invested in two phases. The first phase was jointly funded by the National IC Industry Investment Fund, Hubei Guoxin Industry Investment Fund and Hubei Science and Technology Investment Group, the shareholder of Wuhan Xinxin, and the Yangtze River Storage was established on the basis of Wuhan Xinxin IC Manufacturing Co., Ltd. (namely "Wuhan Xinxin"). The second phase will be jointly funded by Ziguang Group and the National Integrated Circuit Industry Investment Fund. Changjiang Storage will take chip manufacturing as a breakthrough, integrating memory product design, technology research and development, wafer production and testing, and sales. It is estimated that the monthly production capacity will be 300,000 pieces by 2020, and the monthly production capacity will be 1 million pieces by 2030.

Jinhua memory integrated circuit production project is located in the integrated circuit industrial park in Jinjiang, Quanzhou. It is jointly invested by Fujian Electronic Information Group and Quanzhou and Jinjiang governments. The total planned area is 594 mu, and the first phase investment is 37 billion yuan. The construction content includes wafer manufacturing and industrial chain support. It is estimated that the production scale of 60,000 12-inch advanced process memory wafers will be formed in September 2018. After the project is completed, it will fill the gap in the mainstream memory field in China. It is reported that as a key DRAM memory production project supported by the state, Jinhua Project has been included in the list of major projects in the national "Thirteenth Five-Year Plan" for major integrated circuit productivity layout planning, and has been supported by the national special construction fund.

Hefei changxinIs a memory project jointly developed by Beijing GigaDevice and Hefei Municipal Government. Invested 7.2 billion US dollars (about NT$ 216.646 billion) to build a 12-inch wafer factory to develop DRAM products. After completion in the future, it is estimated that the maximum monthly production will be as high as 125,000 chips.

Sealing and testing field

Key listed companies include: Changdian Technology (leading company), Huatian Technology (excellent financial indicators), Tongfu Microelectronics, Taiji Industry (DRAM sealing and testing, clean room), Shenzhen Technology, etc.

Integrated circuit equipment

There are only four wafer manufacturing equipment suppliers above designated size in China, accounting for 7%: according to the report of global wafer manufacturing equipment suppliers above designated size released by Gartner, there are 58 equipment companies in its statistical range, and China only holds 4 seats, namely North Huachuang, Zhongwei Semiconductor, Shengmei Semiconductor and Mattson (acquired by Yizhuang Guotou in 2016), and the others are located in Japan, 13 in the European Union, 10 in the United States, 7 in South Korea.

The key listed companies are: North Huachuang, a leader in high-end IC process equipment, Changchuan Technology, a leader in testing equipment (covering the whole field of manufacturing and packaging), and high-purity process leader to pure technology (lithography, etching, etc.), all of which use chemicals and special gases and have high requirements on purity. Pure technology is to control the purity of gas) and single crystal equipment leader Jingsheng electromechanical, etc.

semiconductor material

China’s semiconductor manufacturing materials industry maintained a sustained growth trend. In 2016, the sales revenue of semiconductor materials enterprises in China was 25.6 billion yuan. It is estimated that China will become the third largest market in the world after 2018. The localization of material supply chain is not only conducive to the control of manufacturing cost, rapid and timely response of service, safe and controllable technology, but also brings more industrial synergy benefits.

The key listed companies are: with the continuous breakthrough of reagent purification and transportation technology, the amount of wet electronic chemicals is relatively certain in a short period of time, and it is suggested to focus on domestic leading Jingrui Co., Ltd. and Jianghuawei; At present, the target material is the first sub-industry of semiconductor core industry chain in China, so it is suggested to focus on Jiangfeng Electronics, the domestic target leader. Large-size silicon wafer is also a relatively certain field in the future. It is suggested to pay attention to Shanghai Xinyang, a pioneer company that is already in the trial production certification stage. In addition, Nanda Optoelectronics in the field of photoresist and Dinglong shares in the field of CMP polishing pad are expected to take the lead in technological breakthroughs and realize import substitution at an early date.

　　Zhangzhou, China, April 15 (Reporter Bai Jiege) According to the Voice of China report, people who have played real CS are no strangers to simulation guns. However, a Fujian teenager never imagined that an online shopping brought him jail. Two years ago, 18-year-old Xiao Liu bought 24 "simulation guns" online from a seller in Taiwan Province, but they were seized by the customs. After identification, 20 of them turned out to be guns.

　　In August 2014, he was sentenced to life imprisonment for the crime of smuggling weapons. The court held that buying and selling simulation guns was prohibited by law, and the smuggled simulation guns were identified as guns, which constituted the crime of smuggling weapons, and the circumstances were particularly serious.

　　Although it is final, lawyers believe that the details of the purchase link are still controversial. This week, the Higher People’s Court of Fujian Province has filed a case for review. So, how did the simulation gun become a real gun?

　　The last time Ms. Hu saw her son Xiao Liu was on March 20th this year. She visited Zhangzhou Prison in Fujian once a month. Ms. Hu said that he was very pessimistic. He always feels that he has been sentenced to life imprisonment, and no matter how good his performance is, he will be about our age.

　　In 2014, at the age of 18, Xiao Liu bought 24 "BB guns for survival games" from a seller in Taiwan Province through the Internet in his hometown in Sichuan, with a total price of 30,540 yuan.

　　Ms. Hu said that she knew that he had discussed with herself, "He likes to play this game. We also told him at that time, so just buy one or two, not so many. He told us that if one or two were delivered in Taiwan Province, it would take 30,000 yuan to deliver the goods."

　　Xiao Liu didn’t get these guns, but waited for the customs staff at home: "The money was later returned. I heard that the seller told my son that this thing was detained by the customs and I will return the money to you." Ms. Hu said that it took more than a month from buying things to returning money, and it took more than half a month for people who came to the customs to go home.

　　Ms. Hu said that at first they didn’t realize the seriousness of the problem: "Because they didn’t receive anything, they didn’t see anything. We think it may be closed at most and will be released in a few months. "

　　On September 29th, 2014, Xiao Liu was arrested on suspicion of smuggling weapons. On April 30 last year, he was sentenced to life imprisonment by the Intermediate People’s Court of Quanzhou City, Fujian Province for smuggling weapons. On August 25, the Higher People’s Court of Fujian Province rejected the appeal and upheld the original judgment.

　　Lawyer Xu Xin, a professor at Beijing Institute of Technology Law School, became Xiao Liu’s defender after this. Last November, he met with Xiao Liu: "His state is very bad, and he feels very wronged and incomprehensible. He said that he just had such a hobby, and he was suddenly sentenced, and it was life imprisonment. He felt that life was hopeless and desperate. "

　　Combined with the materials written by Xiao Liu, Xu Xin filed a plea of innocence with the Higher People’s Court of Fujian Province: the main reason for making a plea of innocence is very sufficient, because one of the biggest problems found in the process of studying this case is that it is very likely that his simulation gun was not bought by the party concerned.

　　Xu Xin said that the judgments in the first and second instance only proved that Xiao Liu was shopping with a seller named "Blue Sea and Blue Sky" and that a couple from Taiwan Province delivered goods to Xiao Liu, but it could not prove that the couple from Taiwan Province were "Blue Sea and Blue Sky": "The key problem is that the guns he bought are different from the guns he was detained at last. The biggest difference is that the four long guns he bought are all rechargeable, but all the detained guns are inflatable."

　　Xu Xin also questioned some evidence in the judgments of the first and second instance. He said that Xiao Liu only bought a toy gun, and there was no subjective intention and no harm: he bought a gun for his own fun and collection, and subjectively there was no criminal intention. And objectively, he didn’t commit a crime. He didn’t get the gun at all, and objectively, he didn’t receive it.

　　For a non-standard gun that can’t fire standard ammunition, it also looks like a gun. Is it a real gun or a simulation gun in law? In the "Regulations on Performance Appraisal of Firearms and Ammunition Involved by Public Security Organs" issued by the Ministry of Public Security of China in 2001, the judgment standard is to shoot with a dry pine board with a thickness of 25.4mm, and the muzzle is 1 meter away from the board. If the warhead penetrates this pine board, it is judged that this gun is enough to cause death; The bullet or shrapnel stuck on the pine board, which proves that the gun is enough to hurt people. The above two cases are identified as guns, that is, real guns. In 2010, the Ministry of Public Security revised the "Work Regulations", which did not mention the identification method of this experiment, but clearly stated that the muzzle specific kinetic energy of the projectile fired was greater than or equal to 1.8 Joule/cm2, and it was all recognized as a gun. In 2007, the related Standards for Identification of Simulation Guns and Criteria for Forensic Scientific Appraisal of Guns’ Injuries have already mentioned the demarcation value of 1.8 Joules/cm2, which is based on the fact that it can affect the most vulnerable part of human body — — Bare eyes cause minor injuries, but they cannot penetrate the skin.

　　The change of this standard has caused controversy. Xiao Liu’s defense lawyer Xu Xin said: "His case involves the biggest problem, and it is also the biggest motivation for me to pay attention to this case because it involves more and more ordinary people. Because of the current identification of China simulation gun, the standard for identifying it as a real gun is very low, that is, the muzzle specific kinetic energy is 1.8 Joule/cm2, which is equivalent to one-ninth of the standard in 2001, which is much lower than the old standard. Only one red dot can appear at close range, and the skin can’t be injured. "

　　According to the inquiry of Zhu Zhengfu, a member of Chinese People’s Political Consultative Conference, the standard for determining the lethality of firearms in Japan and Taiwan Province is 20 Joules/cm2, which is 11 times that of the current standard of China Ministry of Public Security. Therefore, guns that are legal toys in neighboring countries and regions will be identified as "guns with China characteristics" as soon as they enter the country, and the punishment for the relevant parties will be the same as the real gun case. Therefore, in the proposal of the National People’s Congress this year, Zhu Zhengfu proposed to re-examine the relevant gun identification standards.

　　In order to visit his son and complain about his case, Xiao Liu’s parents left their hometown in Sichuan and went to work in Fujian. Xiao Liu’s mother, Ms. Hu, said that they had been unable to contact the sellers in Taiwan Province after the incident. She learned this week that the Fujian Provincial High Court has filed a case review of Xiao Liu’s case.

　　Some media also quoted the relevant person in charge of the Fujian Provincial High Court to confirm this statement.

　　The key materials of liquid crystal industry include liquid crystal molecules, alignment agents, spacers, polarizers, etc., which are important components of flat panel display industry. With the popularity of consumer electronic products such as smart phones, tablet computers and televisions, the demand for LCD panels continues to grow, which has led to the prosperity of the upstream material market. China has become the world’s largest LCD panel production base, and the localization rate of key materials is constantly improving.

　　In the future, the key materials of LCD industry will face more intense market competition and technological innovation. With the rise of new display technologies such as OLED and Micro LED, suppliers of liquid crystal materials need to innovate constantly and develop a new generation of materials with higher performance and lower cost to maintain their market position. At the same time, stricter environmental regulations will also promote the development of materials in a greener and more sustainable direction.

　　Based on years of industry monitoring data, the Report on Investigation and Development Prospect of Key Materials Industry in China LCD Industry (2025-2031) systematically analyzes the market demand, market scale, industrial chain structure, price mechanism and market segment characteristics of key materials industry in LCD industry. The report objectively evaluates the market prospect of key materials in the LCD industry, predicts the development trend of key materials in the LCD industry, and explains the brand competition pattern, market concentration and the operation performance of key enterprises in detail. In addition, the report identified the opportunities and potential risks of the key materials industry in the LCD industry through SWOT analysis, provided scientific and standardized strategic suggestions for investors and decision makers, and helped to grasp the investment direction and development opportunities of the key materials industry in the LCD industry.

　　　　First, the global LCD industry pattern presents a monopoly situation

　　　　Second, the dynamic analysis of the key materials market in the world LCD industry

　　　　Third, investment in the global LCD industry continues to increase.

　　　　Four, the world’s major led display new technology progress

　　　　V. Global market share of large-size tft-lcd panels

　　　　First, the United States has developed new liquid crystal materials.

　　　　Second, Japan’s major LCD material manufacturers are competing to expand production

　　　　Third, South Korea’s LCD industry dominates the world

　　　　First, analysis of the policy of expanding domestic demand and maintaining growth

　　　　Second, China gdp analysis

　　　　Third, China exchange rate adjustment analysis

　　　　Fourth, China cpi index analysis

　　　　Five, China urban households per capita disposable income analysis.

　　　　I. Specification for mainstream dimensions of LCD screens for color TV sets

　　　　Second, the national tax exemption policy favors LCD.

　　　　Three, the state should introduce industrial policies to support the development of small and medium-sized LCD.

　　　　Fourth, the national policy of going to the countryside supports LCD TV to start the rural popularization war

　　　　Fifth, the China market raised the starting gun and the government pushed the LCD high-generation line.

　　　　First, a variety of new led technologies have made progress. ccfl will be replaced by led.

　　　　Second, the new technology of fpga makes LCD enter hdtv market.

　　　　1. BOE invested an additional 700 million yuan in the 6th generation LCD line in Hefei.

　　　　Second, tcl LCD flat-panel TV Chengdu project signed.

　　　　Third, Konka LCD module started to build the China version of the flat aircraft carrier.

　　　　Fourth, Samsung seamless LCD splicing ut series officially mass-produced

　　　　First, the rapid development of the LCD industry needs to be improved.

　　　　Second, the LCD industry in China ushered in a leap-forward development.

　　　　Third, cross-strait LCD industry cooperation heats up

　　　　Four, rainbow glass substrate "out of the oven" liquid crystal industry accelerated upgrading

　　　　Five, the LCD industry into the era of low profits.

　　　　First, the mass production of lgd eighth-generation LCD panel production line affects the industrial pattern

　　　　Second, Konka joined the Module Corps to extend the LCD industry chain

　　　　Third, the primary and secondary LCD market has entered a mature stage.

　　　　4. The annual output of tcl’s first LCD module will reach 2.33 million pieces.

　　　　First, the market share of foreign brands will continue to rise.

　　　　Second, local brands will usher in a new round of reshuffle.

　　　　Third, the channel analysis of domestic brands in first-and second-tier cities due to the strong expansion of large chains

　　　　First, the global LCD panel overproduction

　　　　Second, the current situation of LCD panel industry

　　　　Third, the LCD panel industry investment accelerated to gather in the Yangtze River Delta region

　　　　Fourth, the new impulse of China LCD panel industry

　　　　I. Introduction of LCD TV panels of various brands

　　　　Second, the reasons for the general price increase of LCD panels

　　　　Three, LCD TV panel technology classification

　　　　First, Sony Samsung invested $1.9 billion to build a new LCD panel production line.

　　　　Second, South China will have the first large-size LCD panel production line.

　　　　1. tcl raised 900 million yuan to upgrade LCD modules.

　　　　Second, the pace of finished LCD backlight technology has accelerated.

　　　　First, the advantages of led as LCD backlight

　　　　Second, the demand for large-size backlight modules has surged

　　　　Third, supply and demand analysis of small and medium-sized backlight modules

　　　　Fourth, the temperature rise of lcd TV leads to the rapid growth of large-size LCD backlight module

　　　　I. Jingmen Technology

　　　　Second, SMIC

　　　　Third, Shanghai TSMC

　　　　Fourth, Wuxi Huajing

　　　　I. Specifications of each generation line of lcd glass substrate

　　　　Two, Rainbow three 5th generation glass substrate lines are scheduled to be completed next year.

　　　　Third, China Building Materials Group broke through the LCD glass substrate project.

　　　　Four, Zhengzhou will build three LCD glass substrate lines.

　　　　Fifth, the demand for glass substrates above the 6th generation reaches 54%.

　　　　VI. Prospect of Liquid Crystal Glass Substrate

　　　　I. tft-lcd color filter

　　　　Second, cstn color filter

　　　　Iii. Investigation of color filter manufacturers for cstn/tft

　　　　I. Introduction of Polarizer

　　　　Second, the global polarizer output value analysis

　　　　Iii. Analysis of the market demand for polarizers

　　　　Third, research and analysis of key manufacturers

　　　　I. Overview of ito glass

　　　　Second, the supply and demand analysis of ito glass market

　　　　Three, Bengbu City has become the base of glass and glass deep processing in Anhui Province.

　　　　Iii. Introduction of major tn/stn-ito conductive glass manufacturers in Chinese mainland.

　　　　I. Photoresist

　　　　Second, the color photoresist glue

　　　　III. Mask/Mask Plate

　　　　Iv. pi oriented film

　　　　V. Pad powder

　　　　Sixth, ito target material

　　　　Seven, diluent

　　　　Eight, high purity chemical excipients

　　　　Nine, electronic special gas

　　　　X. Auxiliary materials for lcm

　　　　First, the competition in the LCD market is fierce, and foreign capital and domestic strong pk

　　　　Second, China LCD game Japan and South Korea

　　　　First, the abacus of "China Picture Tube" covets the middle and upper reaches of the LCD industry chain

　　　　Second, five cities in the Pearl River Delta "compete" for the LCD panel 7.5 generation line

　　　　Third, the LCD panel "Beijing-Shanghai dispute" is deduced against the market

　　　　Fourth, the LCD boss Sharp plans to transfer the production line to China.

　　　　Five, x9 pilot LCD industry value war

　　　　I. Basic information of the company

　　　　Second, the main economic indicators of enterprises

　　　　I. Basic information of the company

　　　　Second, the main economic indicators of enterprises

　　　　I. Basic information of the company

　　　　Second, the main economic indicators of enterprises

　　　　I. Basic information of the company

　　　　Second, the main economic indicators of enterprises

　　　　I. Basic information of the company

　　　　Second, the main economic indicators of enterprises

　　　　I. Basic information of the company

　　　　Second, the main economic indicators of enterprises

　　　　I. Basic information of the company

　　　　Second, the main economic indicators of enterprises

　　　　I. Basic information of the company

　　　　Second, the main economic indicators of enterprises

　　　　I. Basic information of the company

　　　　Second, the main economic indicators of enterprises

　　　　I. Basic information of the company

　　　　Second, the main economic indicators of enterprises

　　　　I. Basic information of the company

　　　　Second, the main economic indicators of enterprises

　　　　I. Basic information of the company

　　　　Second, the main economic indicators of enterprises

　　　　I. Basic information of the company

　　　　Second, the main economic indicators of enterprises

　　　　I. Basic information of the company

　　　　Second, the main economic indicators of enterprises

　　　　I. Basic information of the company

　　　　Second, the main economic indicators of enterprises

　　　　I. Basic information of the company

　　　　Second, the main economic indicators of enterprises

　　　　I. Basic information of the company

　　　　Second, the main economic indicators of enterprises

　　　　I. Basic information of the company

　　　　Second, the main economic indicators of enterprises

　　　　I. Basic information of the company

　　　　Second, the main economic indicators of enterprises

　　　　First, ccfl price analysis

　　　　Second, the situation of local enterprises in Chinese mainland entering ccfl industry

　　　　Third, the analysis of the opportunities for various lamp source technologies to compete for lcd-tv in the future

　　　　1. Global/Chinese mainland light guide plate market analysis and future trend

　　　　Second, the classification of light guide plate

　　　　Third, the diffusion membrane

　　　　Fourth, the diffusion membrane market analysis

　　　　V. Forecast of future trend of diffusion membrane materials market

　　　　First, the diffusion plate market analysis

　　　　Second, the reflectsheet.

　　　　3. Brightening/Anti-Brightening Film (bef/dbef)

　　　　Fourth, the prism market size analysis

　　　　V. Process and technology development of prism sheet entrants

　　　　1. Prospect of LCD industry in China

　　　　Second, the LCD panel industry in China has broad prospects.

　　　　Third, the market prospect of tft liquid crystal materials is huge.

　　　　First, the three development trends of LCD TV in China

　　　　Second, the future development direction of LCD TV

　　　　Third, the development trend of led backlight module

　　　　I. Forecast and Analysis of the Supply and Demand Situation of the Unproduced Liquid Crystal Materials Market

　　　　Second, the future LCD market forecast and analysis

　　　　Three, the future LCD TV production forecast and analysis

　　　　First, the EU intends to ban the sale of plasma TV opportunities.

　　　　Second, investment opportunities for liquid crystal display devices

　　　　Third, the characteristics of LCD panel industry highlight the opportunities of China enterprises

　　　　First, macro-control policy risks

　　　　Second, the market competition risk

　　　　Third, raw material supply risk

　　　　Fourth, the risk of market operation mechanism

　　　　First, the impact of the COVID-19 epidemic on the industry

　　　　Second, the impact period forecast analysis

Chart catalogue

　　Chart 1 Global Large-size TFTLCD Panel Capacity Change and Forecast Analysis from 2020 to 2025

　　Chart 2 The change and forecast analysis of the global large-size TFTLCD panel’s production capacity in different geographical regions from 2020 to 2025.

　　Chart 3 Preliminary accounting data of GDP in 2014

　　Chart 42014 GDP ring-on-ring and year-on-year growth rate

　　Chart 5 Preliminary accounting data of GDP in the first four quarters of 2015

　　Chart 6 GDP growth rate in the fourth quarter of 2015 compared with the same period last year

　　Chart 7 National Consumer Price Rise and Fall from 2020 to 2025

　　Chart 8 Price Changes of Pork, Beef and Mutton from 2020 to 2025

　　Chart 9 Price Changes of Fresh Vegetables and Fruits from 2020 to 2025

　　Chart 11 December 2015 Consumer price categories rose and fell month on month.

　　Chart 12 Main data of consumer price in December 2015

　　Chart 13 Distribution of Global Major Driver IC Manufacturers

　　Chart 14 Analysis of global polarizer output value from 2020 to 2025

　　Chart 15 Analysis of Key Materials Cost Composition of 15lcd

　　Table 16 Changes of asset-liability ratio of LG Philips LCD (Nanjing) Co., Ltd. in recent 4 years

　　Chart 17 Changes of asset-liability ratio of LG Philips Liquid Crystal Display (Nanjing) Co., Ltd. in recent 3 years

　　Table 18 Changes of property rights ratio of LG Philips Liquid Crystal Display (Nanjing) Co., Ltd. in recent 4 years

　　Chart 19 Changes of property rights ratio of LG Philips Liquid Crystal Display (Nanjing) Co., Ltd. in recent 3 years

　　Table 20 Turnover Times of Fixed Assets of LG Philips Liquid Crystal Display (Nanjing) Co., Ltd. in Recent 4 years

　　Chart 21 Turnover times of fixed assets of LG Philips Liquid Crystal Display (Nanjing) Co., Ltd. in recent 3 years.

　　Table 22 Changes of turnover times of current assets of LG Philips Liquid Crystal Display (Nanjing) Co., Ltd. in recent 4 years

　　Chart 23 Changes of turnover times of current assets of LG Philips Liquid Crystal Display (Nanjing) Co., Ltd. in recent 3 years

　　Table 24 Changes of total assets turnover times of LG Philips Liquid Crystal Display (Nanjing) Co., Ltd. in recent 4 years

　　Chart 25 Changes of total assets turnover times of LG Philips Liquid Crystal Display (Nanjing) Co., Ltd. in recent 3 years

　　Table 26 Changes of sales gross profit margin of LG Philips Liquid Crystal Display (Nanjing) Co., Ltd. in recent 4 years

　　Chart 27 Changes of sales gross profit margin of LG Philips LCD (Nanjing) Co., Ltd. in recent 3 years.

　　Table 28 Changes of asset-liability ratio of Dongguan Samsung Vision Co., Ltd. in recent 4 years

　　Chart 29 Changes of asset-liability ratio of Dongguan Samsung Vision Co., Ltd. in recent 3 years

　　Table 30 Changes of property rights ratio of Dongguan Samsung Vision Co., Ltd. in recent 4 years

　　Chart 31 Changes of property rights ratio of Dongguan Samsung Vision Co., Ltd. in recent 3 years

　　Table 32 Turnover Times of Fixed Assets of Dongguan Samsung Vision Co., Ltd. in Recent 4 years

　　Chart 33 Turnover times of fixed assets of Dongguan Samsung Vision Co., Ltd. in recent 3 years

　　Table 34 Changes of turnover times of current assets of Dongguan Samsung Vision Co., Ltd. in recent 4 years

　　Chart 35 Changes of turnover times of current assets of Dongguan Samsung Vision Co., Ltd. in recent 3 years

　　Table 36 Changes of total assets turnover times of Dongguan Samsung Vision Co., Ltd. in recent 4 years

　　Chart 37 Changes of total assets turnover times of Dongguan Samsung Vision Co., Ltd. in recent 3 years

　　Table 38 Changes of gross sales margin of Dongguan Samsung Vision Co., Ltd. in recent 4 years

　　Chart 39 Changes of gross sales margin of Dongguan Samsung Vision Co., Ltd. in recent 3 years

　　Table 40 Changes of asset-liability ratio of Nanjing Sharp Electronics Co., Ltd. in recent 4 years

　　Chart 41 Changes of asset-liability ratio of Nanjing Sharp Electronics Co., Ltd. in recent 3 years

　　Table 42 Changes of property rights ratio of Nanjing Sharp Electronics Co., Ltd. in recent 4 years

　　Chart 43 Changes of property rights ratio of Nanjing Sharp Electronics Co., Ltd. in recent 3 years

　　Table 44 turnover times of fixed assets of Nanjing Sharp Electronics Co., Ltd. in recent 4 years

　　Chart 45 turnover times of fixed assets of Nanjing Sharp Electronics Co., Ltd. in recent 3 years

　　Table 46 Changes of turnover times of current assets of Nanjing Sharp Electronics Co., Ltd. in recent 4 years

　　Chart 47 Changes of turnover times of current assets of Nanjing Sharp Electronics Co., Ltd. in recent 3 years

　　Table 48 Changes of turnover times of total assets of Nanjing Sharp Electronics Co., Ltd. in recent 4 years

　　Chart 49 Changes of total assets turnover times of Nanjing Sharp Electronics Co., Ltd. in recent 3 years

　　Table 50 Changes of sales gross profit margin of Nanjing Sharp Electronics Co., Ltd. in recent 4 years

　　Chart 51 Changes of sales gross profit margin of Nanjing Sharp Electronics Co., Ltd. in recent 3 years

　　Table 52 Changes of asset-liability ratio of Ningbo Chimei Electronics Co., Ltd. in recent 4 years

　　Chart 53 Changes of asset-liability ratio of Ningbo Chimei Electronics Co., Ltd. in recent 3 years

　　Table 54 Changes of property rights ratio of Ningbo Chimei Electronics Co., Ltd. in recent 4 years

　　Chart 55 Changes of property rights ratio of Ningbo Chimei Electronics Co., Ltd. in recent 3 years

　　Table 56 Turnover Times of Fixed Assets of Ningbo Chimei Electronics Co., Ltd. in Recent 4 years

　　Chart 57 Turnover Times of Fixed Assets of Ningbo Chimei Electronics Co., Ltd. in Recent 3 years

　　Table 58 Changes of turnover times of current assets of Ningbo Chimei Electronics Co., Ltd. in recent 4 years

　　Chart 59 Changes of turnover times of current assets of Ningbo Chimei Electronics Co., Ltd. in recent 3 years

　　Table 60 Changes of total assets turnover times of Ningbo Chimei Electronics Co., Ltd. in recent 4 years

　　Chart 61 Changes of total assets turnover times of Ningbo Chimei Electronics Co., Ltd. in recent 3 years

　　Table 62 Changes of sales gross profit margin of Ningbo Chimei Electronics Co., Ltd. in recent 4 years

　　Chart 63 Changes of sales gross profit margin of Ningbo Chimei Electronics Co., Ltd. in recent 3 years

　　Table 64 Changes of asset-liability ratio of Xinli Semiconductor Co., Ltd. in recent 4 years

　　Chart 65 Changes of asset-liability ratio of Xinli Semiconductor Co., Ltd. in recent 3 years

　　Table 66 Changes of property rights ratio of Xinli Semiconductor Co., Ltd. in recent 4 years

　　Chart 67 Changes of property rights ratio of Xinli Semiconductor Co., Ltd. in recent 3 years

　　Table 68 Turnover Times of Fixed Assets of Xinli Semiconductor Co., Ltd. in Recent 4 years

　　Chart 69 Turnover times of fixed assets of Xinli Semiconductor Co., Ltd. in recent 3 years

　　Table 70 Changes of turnover times of current assets of Xinli Semiconductor Co., Ltd. in recent 4 years

　　Chart 71 Changes of turnover times of current assets of Xinli Semiconductor Co., Ltd. in recent 3 years

　　Table 72 Changes of turnover times of total assets of Xinli Semiconductor Co., Ltd. in recent 4 years

　　Chart 73 Changes of total assets turnover times of Xinli Semiconductor Co., Ltd. in recent 3 years

　　Table 74 Changes of gross sales margin of Xinli Semiconductor Co., Ltd. in recent 4 years

　　Chart 75 Changes of gross sales margin of Xinli Semiconductor Co., Ltd. in recent 3 years

　　Table 76 Changes of asset-liability ratio of Dongguan Wanshida LCD Co., Ltd. in recent 4 years

　　Chart 77 Changes of asset-liability ratio of Dongguan Wanshida LCD Co., Ltd. in recent 3 years

　　Table 78 Changes of property rights ratio of Dongguan Wanshida LCD Co., Ltd. in recent 4 years

　　Chart 79 Changes of property rights ratio of Dongguan Wanshida LCD Co., Ltd. in recent 3 years

　　Table 80 Turnover Times of Fixed Assets of Dongguan Wanshida Liquid Crystal Display Co., Ltd. in Recent 4 years

　　Chart 81 Turnover times of fixed assets of Dongguan Wanshida LCD Co., Ltd. in recent 3 years

　　Table 82 Changes of turnover times of current assets of Dongguan Wanshida LCD Co., Ltd. in recent 4 years

　　Chart 83 Changes of turnover times of current assets of Dongguan Wanshida LCD Co., Ltd. in recent 3 years

　　Table 84 Changes of total assets turnover times of Dongguan Wanshida Liquid Crystal Display Co., Ltd. in recent 4 years

　　Chart 85 Changes of total assets turnover times of Dongguan Wanshida LCD Co., Ltd. in recent 3 years

　　Table 86 Changes of gross sales margin of Dongguan Wanshida LCD Display Co., Ltd. in recent 4 years

　　Chart 87 Changes of gross sales margin of Dongguan Wanshida LCD Display Co., Ltd. in recent 3 years

　　Table 88 Changes of asset-liability ratio of Tongbao Photoelectric Display System (Shanghai) Co., Ltd. in recent 4 years

　　Chart 89 Changes of asset-liability ratio of Tongbao Photoelectric Display System (Shanghai) Co., Ltd. in recent 3 years

　　Table 90 Changes of property rights ratio of Tongbao Photoelectric Display System (Shanghai) Co., Ltd. in recent 4 years

　　Chart 91 Changes of property rights ratio of Tongbao Photoelectric Display System (Shanghai) Co., Ltd. in recent 3 years

　　Table 92 Turnover Times of Fixed Assets of Tongbao Photoelectric Display System (Shanghai) Co., Ltd. in Recent 4 years

　　Chart 93 Turnover Times of Fixed Assets of Tongbao Photoelectric Display System (Shanghai) Co., Ltd. in Recent 3 years

　　Table 94 Changes of turnover times of current assets of Tongbao Photoelectric Display System (Shanghai) Co., Ltd. in recent 4 years

　　Chart 95 Changes of turnover times of current assets of Tongbao Photoelectric Display System (Shanghai) Co., Ltd. in recent 3 years

　　Table 96 Changes of total assets turnover times of Tongbao Photoelectric Display System (Shanghai) Co., Ltd. in recent 4 years

　　Chart 97 Changes of total assets turnover times of Tongbao Photoelectric Display System (Shanghai) Co., Ltd. in recent 3 years

　　Table 98 Changes of gross sales margin of Tongbao Photoelectric Display System (Shanghai) Co., Ltd. in recent 4 years

　　Chart 99 Changes of gross sales margin of Tongbao Photoelectric Display System (Shanghai) Co., Ltd. in recent 3 years

　　Table 100 Changes of assets-liability ratio of Shenzhen tianma microelectronics Co., Ltd. in recent 4 years

　　Chart 101 The change of asset-liability ratio of Shenzhen tianma microelectronics Co., Ltd. in recent 3 years.

　　Table 102 Changes of property rights ratio of Shenzhen tianma microelectronics Co., Ltd. in recent 4 years

　　Chart 103 Changes of property rights ratio of Shenzhen tianma microelectronics Co., Ltd. in recent 3 years

　　Table 104 Turnover Times of Fixed Assets of Shenzhen tianma microelectronics Co., Ltd. in Recent 4 years

　　Chart 105 The turnover times of fixed assets of Shenzhen tianma microelectronics Co., Ltd. in recent 3 years.

　　Table 106 Changes of turnover times of current assets of Shenzhen tianma microelectronics Co., Ltd. in recent 4 years

　　Chart 107 Changes of turnover times of current assets of Shenzhen tianma microelectronics Co., Ltd. in recent 3 years.

　　Table 108 Changes of total assets turnover times of Shenzhen tianma microelectronics Co., Ltd. in recent 4 years

　　Chart 109 Changes of total assets turnover times of Shenzhen tianma microelectronics Co., Ltd. in recent 3 years.

　　Table 110 Changes of gross sales margin of Shenzhen tianma microelectronics Co., Ltd. in recent 4 years

　　Chart 111 Changes of gross sales margin of Shenzhen tianma microelectronics Co., Ltd. in recent 3 years

　　Table 112 Changes of asset-liability ratio of Liqi Optoelectronic Technology (Yangzhou) Co., Ltd. in recent 4 years

　　Chart 113 Changes of asset-liability ratio of Liqi Optoelectronic Technology (Yangzhou) Co., Ltd. in recent 3 years

　　Table 114 Changes of property rights ratio of Liqi Optoelectronic Technology (Yangzhou) Co., Ltd. in recent 4 years

　　Chart 115 Changes of property rights ratio of Liqi Optoelectronic Technology (Yangzhou) Co., Ltd. in recent 3 years

　　Table 116 Turnover Times of Fixed Assets of Liqi Optoelectronic Technology (Yangzhou) Co., Ltd. in Recent 4 Years

　　Chart 117 Turnover times of fixed assets of Liqi Optoelectronic Technology (Yangzhou) Co., Ltd. in recent 3 years

　　Table 118 Changes of turnover times of current assets of Liqi Optoelectronic Technology (Yangzhou) Co., Ltd. in recent 4 years

　　Chart 119 Changes in turnover times of current assets of Liqi Optoelectronic Technology (Yangzhou) Co., Ltd. in recent 3 years

　　Table 120 Changes of total assets turnover times of Liqi Optoelectronic Technology (Yangzhou) Co., Ltd. in recent 4 years

　　Chart 121 Changes of total assets turnover times of Liqi Optoelectronic Technology (Yangzhou) Co., Ltd. in recent 3 years

　　Table 122 Changes of sales gross profit margin of Liqi Optoelectronic Technology (Yangzhou) Co., Ltd. in recent 4 years

　　Chart 123 Changes of sales gross profit margin of Liqi Optoelectronic Technology (Yangzhou) Co., Ltd. in recent 3 years

　　Table 124 Changes of asset-liability ratio of Shanghai Chenxing Electronic Technology Co., Ltd. in recent 4 years

　　Chart 125 Changes of asset-liability ratio of Shanghai Chenxing Electronic Technology Co., Ltd. in recent 3 years

　　Table 126 Changes of property rights ratio of Shanghai Chenxing Electronic Technology Co., Ltd. in recent 4 years

　　Chart 127 Changes of property rights ratio of Shanghai Chenxing Electronic Technology Co., Ltd. in recent 3 years

　　Table 128 Turnover Times of Fixed Assets of Shanghai Chenxing Electronic Technology Co., Ltd. in Recent 4 years

　　Chart 129 fixed assets turnover times of Shanghai Chenxing Electronic Technology Co., Ltd. in recent 3 years

　　Table 130 Changes of turnover times of current assets of Shanghai Chenxing Electronic Technology Co., Ltd. in recent 4 years

　　Chart 131 Changes of turnover times of current assets of Shanghai Chenxing Electronic Technology Co., Ltd. in recent 3 years

　　Table 132 Changes of total assets turnover times of Shanghai Chenxing Electronic Technology Co., Ltd. in recent 4 years

　　Chart 133 Changes of total assets turnover times of Shanghai Chenxing Electronic Technology Co., Ltd. in recent 3 years

　　Table 134 Changes of sales gross profit margin of Shanghai Chenxing Electronic Technology Co., Ltd. in recent 4 years

　　Chart 135 Changes of sales gross profit margin of Shanghai Chenxing Electronic Technology Co., Ltd. in recent 3 years

　　Table 136 Changes of asset-liability ratio of Lingguan Electronic Wuzhou Co., Ltd. in recent 4 years

　　Chart 137 Changes of asset-liability ratio of Lingguan Electronic Wuzhou Co., Ltd. in recent 3 years

　　Table 138 Changes of property rights ratio of Lingguan Electronic Wuzhou Co., Ltd. in recent 4 years

　　Chart 139 Changes of property rights ratio of Lingguan Electronic Wuzhou Co., Ltd. in recent 3 years

　　Table 140 Turnover Times of Fixed Assets of Lingguan Electronic Wuzhou Co., Ltd. in Recent 4 years

　　Chart 141 Turnover times of fixed assets of Lingguan Electronic Wuzhou Co., Ltd. in recent 3 years

　　Table 142 Changes of turnover times of current assets of Lingguan Electronic Wuzhou Co., Ltd. in recent 4 years

　　Chart 143 Changes of turnover times of current assets of Lingguan Electronic Wuzhou Co., Ltd. in recent three years

　　Table 144 Changes of total assets turnover times of Lingguan Electronic Wuzhou Co., Ltd. in recent 4 years

　　Chart 145 Changes of total assets turnover times of Lingguan Electronic Wuzhou Co., Ltd. in recent 3 years

　　Table 146 Changes of sales gross profit margin of Lingguan Electronic Wuzhou Co., Ltd. in recent 4 years

　　Chart 147 Changes of sales gross profit margin of Lingguan Electronic Wuzhou Co., Ltd. in recent 3 years

　　Chart 1.48 million Run shares main financial indicators analysis

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