From 0: 00 on March 16th, people from low-risk areas in China no longer need to have negative nucleic acid test certificates within 7 days before arriving in Beijing. Affected by this good news, the reporter learned from a number of online travel platforms that the popularity of flights in and out of Beijing has risen rapidly. In fact, since the fourth quarter of last year, the domestic tourism economy has gradually begun to recover in an orderly manner to a comprehensive recovery. China tourism academy had predicted that in 2021, the number of domestic tourists would reach 4.1 billion, and the tourism economy would return to full recovery in consumption and investment.

Small holiday ticket search booking volume is gratifying, and travel demand may be released in advance.

According to the latest data from Ctrip, from 16: 00 to 22: 00 on March 15th, the number of users accessing Ctrip APP increased by 9% compared with the previous day and 14% compared with last week.

Affected by the news that the Beijing area canceled the nucleic acid certification of entering and leaving Beijing, the search and reservation of air tickets and train tickets related to Beijing rose. According to the data from Ctrip platform, in a short time after the announcement of the same day, the instantaneous search volume of Beijing’s originating routes soared, with an increase rate of 100%. Air ticket bookings increased by 60%; Where to go data shows that as of 15: 00 pm on March 12, the booking volume of air tickets and train tickets in and out of Beijing has doubled respectively compared with the same period of the previous day; Within one hour after the news was released, the search volume of air tickets entering and leaving Beijing on March 16 on the same travel platform rose, increasing by 500% compared with the previous hour, among which the search volume of air tickets to Beijing was mostly. The routes with high search volume mainly include Shanghai to Beijing, Chengdu to Beijing, Shenzhen to Beijing, Xiaoshan to Beijing, Guangzhou to Beijing, Beijing to Shanghai, Beijing to Shenzhen and Beijing to Chengdu.

Since the Year of the Ox, with the improvement of domestic epidemic situation, residents’ willingness to travel has increased, and domestic air passenger demand has continued to pick up. According to the latest data from the Civil Aviation Administration, the passenger traffic of civil aviation increased by 187% in February. According to CAPSE data of the tripartite organization, in March, passengers’ willingness to travel quickly recovered, and their willingness to travel for business and tourism was greatly improved. In March 2021, the index of passengers’ willingness to travel increased by 35% from February and 107% year-on-year. At the same time, in March 2021, the proportion of passengers with travel arrangements was 76%, up 4% from February. At present, domestic flights have returned to the level of 85% in the same period before the epidemic. Market institutions have said that in the future, when the epidemic situation can be controlled, it is expected that domestic aviation demand will usher in a small peak during the Qingming and May Day holidays.

It is worth noting that the related searches for the Qingming small holiday and the May Day small holiday have continued to rise since the festival. Where to go data shows that as of now, the booking volume of May 1 air tickets has exceeded 2019. Lan Xiang, dean of Qunar Big Data Research Institute, said that the cancellation of nucleic acid testing certificate in Beijing will greatly stimulate recent travel, and the demand for vacation and visiting relatives suppressed in the local New Year will be gradually released before the small holiday, and rigid travel represented by business travel will also usher in a wave of substantial growth.

Regarding the increase in demand for Qingming and May Day holidays, Lan Xiang said that from March 27 to 28, civil aviation will begin to implement the summer and autumn season. After the season change, airlines will readjust their capacity, and many flights will also have adjustment times. Passengers may wish to wait for the flight to change seasons before planning their holiday trips.

There are obvious signs of recovery, and the tourism fever in more than 100 cities has increased by over 50%

After the holiday, the tourism industry ushered in a recovery, and tourist stores also regained their previous popularity. Since the seventh day of the Lunar New Year, the number of people who went to Ctrip stores to register for tourism has increased significantly. From the seventh day to the end of February, the number of stores in various places was close to 30,000. According to the current booking situation of stores around the country, it is estimated that more than 50,000 people will travel in March. "Clearing the high-risk areas in the country is undoubtedly a big plus for the tourism industry." Zhang Li, CEO of Ctrip’s Tourism Channel Division, said: "From the data point of view, the transaction volume has increased greatly, which is about 10 times higher than that during the Spring Festival. The improvement of tourists’ confidence in traveling is stimulating the accelerated recovery of tourism. "

There are still more than 20 days before the Qingming small holiday, but the hotel reservation has started. Compared with 2019 and 2020, where to go data shows that the average price of Qingming hotel reservations in 2021 is about 15% higher. Holiday hotels and design homestays are popular, especially hotels around large scenic spots have higher bookings. At present, the booking crowd of the hotel is mainly in the post-90 s and post-60 s age groups. The number of hotel reservations after 50 s and 60 s in the current travel group has exceeded the level of last year and the year before.

From the second half of the Spring Festival holiday, the hotel reservation during the May Day holiday has also been quietly opened. The booking mode of "accommodation first and transportation later" has become the choice of many tourists. Where to go data shows that the number of hotel reservations on the day of "May 1" has exceeded the same period in 2019. Many traditional popular tourist destinations even have hotels that are difficult to book, and many hotel rooms in Luoyang, Dali, Suzhou and other places have been reminded of tight inventory.

Lan Xiang pointed out that the demand for tourists’ travel is always huge. During the Spring Festival, many travel demands have been delayed, and the booking mode of "accommodation first and transportation later" is actually the best embodiment of tourists’ travel demands. Tourists book hotels first, and then make supplementary reservations after the travel policies related to air tickets and train tickets are clear. On the one hand, they can avoid peak booking and save costs, on the other hand, they can adjust their travel plans in real time.

According to the big data from Ma Honeycomb Tourism, the spring tourism fever in nearly 100 cities across the country has increased by more than 50%. "After more than a year of normalized epidemic prevention, China tourists have become more accustomed to weekend trips and short-distance trips, and have truly achieved’ say and go’." Feng Rao, head of Ma Honeycomb Tourism Research Center, said that when many tourists shared their travel stories in 2020 on Ma Honeycomb platform, they mentioned that long-term travel plans were often interrupted by sudden changes in the epidemic situation, so many tourists chose to "go and go" when the epidemic prevention and control situation was good. From the end of February to the beginning of March, good news of epidemic prevention and control came frequently, and tourists’ attention to tourism also increased greatly.

Zhang Zhining, deputy director of the Strategic Research Center of Ctrip Research Institute, said that this year is the second May Day holiday after China entered the stage of normalized epidemic prevention and control. Judging from the performance of the "May 1" tourism market in 2020, the domestic tourism market will recover to 53.5% and 36.7% of the same period of last year in terms of the number of visitors and tourism income, respectively. Ctrip Group’s traffic orders during the "May 1" period in 2020 increased by more than 130% compared with April, and car rental orders recovered in full compared with the same period in 2019, and achieved an increase of about 10%. As the domestic epidemic continues to show a steady and positive trend, the "May 1" tourism market in 2021 will also accelerate the pace of recovery. It is predicted that during the May Day holiday this year, the local tourism and Zhou Bianyou market will still maintain a strong growth momentum. Judging from the mode of travel, go on road trip will remain a popular choice for Chinese tourists during the May Day holiday this year. From the perspective of market segments, high-quality products such as private groups and high-star hotels will still be the first choice for users to travel. At present, the China version of the "International Travel Health Certificate" has been officially launched, and the tourism industry is also looking forward to welcoming the resumption of the international travel market under the guidance of relevant state departments.

The popularity of flower viewing has soared, and self-driving travel has become the first choice.

On March 13th, a Weibo of Nanjing traffic police boarded a hot search: by 18: 00 that day, 60,000 people had flocked to Jimingsi Road in Nanjing to enjoy cherry blossoms. In the flower viewing season, the cherry blossoms of Wuhan University, the rape blossoms of Wulingyuan Jiangling, the cherry blossoms of Yuantouzhu and Nianhuawan in Wuxi have opened one after another. With the clearing of high-risk areas in the national epidemic, all localities have ushered in the highlight moment of flower viewing.

Ctrip data shows that the search volume of the keyword "flower viewing" on Ctrip platform increased by 280% at the end of February; The number of people who recently booked flower viewing scenic spots in Ctrip increased by 115% compared with 2019; On the Ma Honeycomb tourism platform, the keyword search popularity of "Where to Go in March" rose by 34%. The popularity of "Sakura" tourism search has recently increased by 22%. It’s the cherry blossom season in Wuhan University, and the "cherry blossom viewing tide" staged in Jiangcheng last spring can be described as a wonder of flower viewing. In addition to Wuhan, Wuxi Yuantouzhu, Shanghai Gucun Park and other famous cherry blossom viewing spots in the south have entered the early cherry blossom viewing period one after another, and the 10,000-acre cherry blossom garden in Pingba, Guizhou is also in bud.

Wuyuan, Jiangxi Province, which is famous for its rape blossoms, has become the fastest-growing tourist destination in Mawei, with a weekly increase of 57%. The tulips in Taiziwan Park near the West Lake in Hangzhou have also entered the full bloom stage, with 35 varieties of tulips, daffodils, grape hyacinthus orientalis, etc. Recently, Beijing has launched 12 "Days of Flowers Blooming-Walking in Beijing to Enjoy Spring Flowers and Read Architecture Theme Tour" routes, which are sorted according to the most beautiful and representative twelve kinds of flowers in Beijing in spring, including winter jasmine, magnolia, peach blossom, plum blossom, cherry blossom, clove, begonia, apricot blossom, pear flower, tulip, peony and phoenix tree.

The most popular tourist game in spring is still flower viewing, but people’s travel style, travel experience and destination choice have changed. Self-driving has become the first choice for domestic tourists to start long-distance flower viewing trips this year. Key words such as self-driving on Sichuan-Tibet line and self-driving in Xinjiang have gained high tourism attention from February to March.

According to the data of Ma Honeycomb, among many flower viewing destinations, the spring tourism popularity of Yili in Xinjiang increased by 317% on the platform, making it the city with the highest increase in spring tourism popularity. Every year around Tomb-Sweeping Day, the apricot blossom in Yili, Xinjiang, one of the "Top Ten Scenes of Flower Appreciation" in China, and the apricot blossom festival is also held during the flowering period. In addition, Linzhi, Xizang, which is famous for its peach blossoms, experienced a 298% increase in spring tourism. Turpan, Dalian, Anshun, Kashgar, Kizilsu Kirgiz Autonomous Prefecture, Jiayuguan, Gannan and Bijie also entered the top ten in the national spring tourism heat increase list, and the heat increased by more than 160%. The cherry blossoms in Pingba, Anshun, and the azalea flower sea in Bijie are all popular choices for spring outing. (Wei Xiayi)

　　At the regular press conference of the Ministry of Foreign Affairs on the 10th, a reporter asked that Biden’s government is preparing to announce new tariffs on China for key strategic industries such as electric vehicles as soon as next week (Tuesday).

　　Lin Jian, a spokesman for the Ministry of Foreign Affairs, said that the imposition of 301 tariffs on China by the last US administration seriously interfered with the normal economic and trade exchanges between China and the United States and had been ruled by the World Trade Organization (WTO) as a violation of WTO rules. Instead of correcting the wrong practices, the United States continues to politicize economic and trade issues, abusing the so-called 301 tariff review procedure, and wants to further increase tariffs. This is adding to the mistakes.

　　Lin Jian said, we urge the US to abide by the WTO rules, cancel all tariffs imposed on China, and not to increase tariffs. China will take all necessary measures to defend its own rights and interests.

　　Sun Lei, a senior partner of Beijing Dacheng Law Firm, said in an interview with China Business News that the US action was suspected of violating the WTO agreement.

　　Sun Lei explained that, first of all, if this tariff is only levied on China, this practice violates the most-favored-nation treatment principle of the WTO, and the relevant most-favored-nation treatment principle of the WTO stipulates that all WTO members should be given the same most favorable trade treatment; Secondly, the tariffs that WTO members have negotiated and promised to reduce cannot be increased at will, so this practice also violates the tariff concession commitment made by the United States in the WTO.

　　About to tax

　　According to comprehensive reports, Biden government officials said that it is expected to announce an increase in tariffs on clean energy products from China on the 14 th local time, targeting key minerals from China.Products and.

　　Among them, electric vehicles are particularly concerned, and the tariff rate is expected to increase from the current 25% to about 100%. At the same time, all cars imported into the United States are subject to an additional tariff of 2.5%. This means that China’s overall tariff on electric vehicles exported to the United States will increase from 27.5% to 102.5%.

　　According to sources, the new tariffs on electric vehicles in China are not expected to apply to traditional gasoline-powered vehicles made in China.

　　This decision was made after a year-long review of China’s tariff policy during the Trump administration. Former US President Trump signed a presidential memorandum in 2018, imposing tariffs on about $370 billion of China’s products exported to the United States according to the results of the "301 investigation". After Biden took office, these tariffs were retained on the grounds of security considerations.

　　The Office of the United States Trade Representative (USTR) began a mandatory review in 2022, and the review procedure originally scheduled to end at the end of 2023 will announce the final result as soon as this week.

　　According to sources, tariffs on some industries that are considered to be of strategic significance to the US economy will be greatly increased, while tariffs on other industries that are considered to be less important to national security will remain unchanged or be lowered.

　　It can be seen that the announcement of the review results coincides with the intensification of the US election. AdamHodge, former assistant to Biden’s National Security Council and the Office of the US Trade Representative, told the media that the new tariffs, together with other policies promulgated by the US Treasury Department and the US Department of Commerce, should alleviate some anxiety of American voters.

　　Trump, the Republican candidate, recently responded to Biden’s message that he would impose a 200% tariff on China’s Mexican-made cars.

　　Earlier, on April 17th, the White House website published a message accusing China of unfair practices, and announced plans to take new restrictive measures against China’s steel and aluminum products, including increasing the 301 tariff on China’s steel and aluminum products to three times the current level, and cooperating with neighboring countries to prevent China’s steel and aluminum products from being indirectly exported to the United States.

　　In this regard, a spokesperson for the Ministry of Commerce said that China has noticed relevant news. The US accusation against China has no factual basis, and the relevant measures are typical unilateralism and protectionism, which China firmly opposes.

　　A spokesman for the Ministry of Commerce said, we urge the US to face up to its own problems, stop raising tariffs on Chinese products, and immediately cancel the measures to increase tariffs on China. China will take all necessary measures to defend its own rights and interests.

　　Ding Ru, an associate professor at the School of International Law of China University of Political Science and Law, has been tracking cases in the above fields for a long time. She told the First Financial Reporter that in the relevant cases, the US side has been ruled illegal by the WTO expert group. One reason is that the US side violated MFN treatment, and the other reason is that the US side unilaterally raised tariffs without authorization, which violated Article II of the General Agreement on Tariffs and Trade (GATT).

　　She explained that Article 2 of GATT clarifies the principle of tariff binding, and requires members to submit and abide by the tariff concession table when they join the WTO, and shall not arbitrarily raise the bound tax rate they have promised.

　　According to public information, the United States initiated a 301 investigation into China during the last administration, and then imposed tariffs. On April 4, 2018, the Ministry of Commerce of China filed a consultation request with the WTO dispute settlement mechanism on the taxation proposal under the US 301 investigation into China, and officially launched the WTO dispute settlement procedure.

　　On September 15, 2020, the WTO expert group issued an expert group report on the case of China v. US 301 tariff measures, and found that the US tax measures involved violated WTO obligations.

　　A spokesman for the Ministry of Commerce also said that the US side ignored the international economic and trade order and rules, politicized economic and trade issues, abused the so-called 301 tariff review procedure, and publicly demanded that the tariffs on China products be adjusted at will, thus shifting on contradictions, which was repeated mistakes and did not help solve the problems faced by domestic industries in the United States. American pressure on other countries to restrict China’s products will even undermine the security and stability of the global industrial chain supply chain.

　　How do China car companies face it?

　　What needs to be seen is that the potential measures of the Biden administration are not so much to suppress market segments as to prevent the expected import growth: China’s steel, aluminum and automobiles currently account for only a small part of the US supply.

　　Sun Lei also told China Business News that at present, China’s electric vehicles account for a small share of the US market, and the pain of increasing tariffs at this initial stage will be less. The logic of the United States is that if there is no intervention, the market share of China’s electric vehicles in the United States is bound to rise, and the cost of intervention will be higher after it becomes dependent on China’s supply chain.

　　It is noteworthy that many economic advisers of the Biden administration still have differences on whether to adjust the tariffs in the Trump era. US Trade Representative Dai Qi advocated raising tariffs, and the United States should take "early action and decisive action" to protect the American electric vehicle industry from China. Others, such as Finance Minister Yellen, called for lowering tariffs on consumer goods while focusing on strategic sectors.

　　In this regard, Sun Lei said that if it is a fact to impose tariffs on electric vehicles in China, in the short term,Car companies that invest and build factories in China have great influence. For example, if tariffs are imposed, cars currently produced in China will only be sold in China or other markets except the United States, which will lead to an increase in the fixed costs of car companies. However, super factories in Germany and other countries can digest and adjust this change.

　　Sun Lei said that for Chinese enterprises, the pressure to consider transferring investment will be greater, and the pace of decision-making will be accelerated. In addition, this change affects not only the electric vehicle industry. Because the supply chain of automobile products is very long, the migration of automobile assembly and production to other countries may lead to the inclusion of steel and aluminum, engine technology,The entire supply chain, including, is also affected.

　　What we can see is that while targeting China’s clean energy products, the Biden administration is also encouraging the determination of domestic clean energy investment in the United States.

　　At present, the Biden administration has injected more than $2 trillion into American factories and infrastructure in an attempt to strengthen American industry and cope with climate change.

In 2019, the number of PCT international patent applications in China jumped to the first place in the world for the first time.
The "gold content" of China patents is getting higher and higher.

In recent years, China has attached great importance to the cause of intellectual property rights, and has made a series of remarkable achievements-the steady growth of patent-intensive industries, the coming into force of the Beijing Treaty on Audiovisual Performances, the number of PCT international patent applications ranking first in the world for the first time, the basic realization of the objectives of the Outline of National Intellectual Property Strategy, and so on. The implementation of the strategy of strengthening the country with intellectual property rights has also promoted the acceleration of China’s manufacturing towards China’s "intellectual manufacturing".

April 20-26 is the National Intellectual Property Publicity Week. At the press conference of the State Council Office held on April 23, China National Intellectual Property Administration Director Shen Changyu revealed the remarkable achievements made in China’s intellectual property cause-in 2019, the number of PCT international patent applications in China jumped to the first place in the world for the first time; The Beijing Treaty on Audiovisual Performances, the first international intellectual property treaty concluded in China and named after our city since the founding of New China, will soon come into effect. China ranked 14th in the global innovation index in 2019, up three places from 2018, ranking first among middle-income economies.

The year 2020 is the closing year for the implementation of the Outline of the National Intellectual Property Strategy, and the goals set out in the Outline have been basically achieved.

Patent-intensive industries grew steadily.

Not long ago, China first released the added value of patent-intensive industries. The data shows that in 2018, the added value of China’s patent-intensive industries reached 10.7 trillion yuan, accounting for 11.6% of GDP, and the contribution rate to GDP growth reached 15.7%, which became an important support for high-quality economic development.

Relevant reports and data of the World Intellectual Property Organization also show that China’s ranking in the global innovation index in 2019 rose by three places compared with that in 2018, and rose to 14th place, ranking first among middle-income economies.

Patent-intensive industries refer to those industries whose invention patent density and scale reach the prescribed standards, which rely more on intellectual property rights to participate in market competition, conform to the innovation-oriented development, such as information and communication, new equipment manufacturing, new materials, medicine and medical care, environmental protection industries, etc., reflecting the new achievements of innovation-driven development.

Shen Changyu said that in recent years, developed countries and regions such as Europe and the United States have paid more and more attention to the development of patent-intensive industries. In 2019, the EU’s patent-intensive industries accounted for 16.1% of GDP. Compared with European and American countries, China’s proportion is temporarily 4.5 percentage points behind, but Shen Changyu believes that the scale of related industries in China is expected to continue to maintain steady growth in the future and play a greater role in promoting the development of the real economy.

Strengthening the protection of audio-visual performance property rights

On April 28th, the Beijing Treaty on Audiovisual Performances will come into effect. This is the first international intellectual property treaty concluded in our country and named after our city since the founding of New China, which shows the great progress made in intellectual property protection in our country.

This treaty is an international copyright treaty managed by the World Intellectual Property Organization. In 2012, the World Intellectual Property Organization held the Diplomatic Conference on the Protection of Audio-visual Performances in Beijing, China. The successful conclusion of this treaty provided a clear international legal framework for the protection of performers, strengthened their economic rights, and granted the performers the right to permit or prohibit others from using their images, actions, sounds and other performance activities while performing their works, so that the performers could share the benefits of audio-visual products with the producers.

At the same time, the treaty also fully reflects the requirements of the development of new technologies in the network environment, and provides protection for performers in the digital environment for the first time, so that the rights of performers can be further recognized and fully guaranteed.

Gao Rui, Director-General of the World Intellectual Property Organization, said: "The treaty strengthens the rights of audio-visual performers to their performances, which can translate into income growth and enhance the economic sustainability of the audio-visual industry that brings pleasure to all of us."

PCT ranks first in international patent applications.

On April 7, data released by the World Intellectual Property Organization showed that in 2019, China submitted 58,990 patent applications through the Patent Cooperation Treaty (PCT) of the World Intellectual Property Organization, surpassing the United States (57,840) and jumping to the first place, becoming the country with the largest number of international patent applications.

Shen Changyu said that this development achievement is mainly due to China’s vigorous implementation of the innovation-driven development strategy and intellectual property strategy, the innovation ability and awareness of intellectual property protection of the whole society have been continuously improved, and enterprises have paid more attention to the distribution of intellectual property overseas.

PCT is an international cooperation treaty in the patent field. At present, there are more than 150 States parties. One PCT patent application can be protected by many countries, which is an important patent "armor" for enterprises in the process of going to sea.

According to the classification of PCT international patent applicants, the performance of enterprises and universities in China is very eye-catching. In 2019, Huawei Technologies Co., Ltd. in China ranked first with 4,411 PCT international patent applications, and Guangdong, China Opal Mobile Communication Co., Ltd. ranked fifth (1,927). Among the top ten enterprise applicants, there are four enterprises in China. In colleges and universities, the University of California ranked first with 470 international patent applications, followed by Tsinghua University (265), Shenzhen University (247), Massachusetts Institute of Technology (230) and South China University of Technology (164). Among the top 10 universities, 4 are from China.

Shen Changyu said that the intellectual property department of China will strongly support the intellectual property protection of enterprises abroad. China has set up a guidance center to deal with overseas intellectual property disputes, which will help enterprises deal with a series of intellectual property rights protection issues overseas.

The strategy of strengthening the country with intellectual property rights was accelerated.

This year marks the end of the implementation of the Outline of National Intellectual Property Strategy. In 2008, China promulgated and implemented the Outline of National Intellectual Property Strategy, proposing to "build China into a country with a high level of intellectual property creation, application, protection and management" by 2020. Shen Changyu said that this goal has been basically achieved.

At present, China’s intellectual property ownership has increased substantially, and it has become a veritable intellectual property power. From 2007 to 2019, the number of valid invention patents in China (excluding Hong Kong, Macao and Taiwan) increased from 84,000 to 1.862 million, and the total number of valid registered trademarks increased from 2.353 million to 25.219 million. The number of copyright, new plant varieties, geographical indications and layout design of integrated circuits has increased substantially at the same time. Core patents, well-known brands, fine copyright, excellent new plant varieties and so on continue to increase.

Secondly, the use of intellectual property rights has achieved remarkable results and effectively promoted economic and social development. In addition to the rapid development of patent-intensive industries nationwide, the total box office of national movies reached 64.3 billion yuan in 2019, nearly 20 times that of 2007. The total import and export volume of intellectual property royalties increased from $8.5 billion in 2007 to $41 billion in 2019, an increase of nearly four times.

More importantly, the awareness of intellectual property rights in the whole society has obviously improved. "A comprehensive legal system of intellectual property rights has been basically established in line with internationally accepted rules, administrative protection and judicial protection have been comprehensively strengthened, and the social satisfaction of intellectual property protection has reached 78.98 points, which has entered a good stage as a whole." Shen Changyu said that the public’s awareness rate of intellectual property strategy has increased from 3.7% in 2008 to 86.3% in 2017, and innovation and development, brand consumption and knowledge payment have become people’s habits.

Internationally, with the continuous expansion and deepening of China’s intellectual property cooperation with foreign countries, its international influence has been significantly improved. At present, China has established intellectual property cooperation relations with more than 80 countries and regions around the world and international organizations, and has become an important participant in the formulation of international rules and global governance of intellectual property rights such as the World Intellectual Property Organization and the World Trade Organization. More and more China enterprises are constantly increasing the overseas distribution of intellectual property rights. Not only did PCT international patent applications rank first in the world last year, but the number of international trademark applications submitted through the Madrid system also ranked third in the world.

Shen Changyu also revealed that China is working hard to formulate a strategic outline for strengthening the country with intellectual property rights in 2035. At present, the first draft has been basically formed, and it is planned to be submitted to the central government for deliberation in the second half of this year. (Reporter Yan Ying)

　　CCTV News:Not long ago, a "latest" electronic warfare aircraft rarely made a public appearance in a confrontation exercise of warships in the western Pacific airspace organized by the South China Sea Fleet of our navy.

　　It is "the latest" because it is the first time to play the role of "electronic warfare supporter". But in fact, the age of this fighter has been more than 10 years, and it is H -6G. We can see that the pod hanging under its wing is the electronic countermeasure pod, which can perform electronic jamming, suppression and anti-radiation combat tasks. In the previous air force exercise training, we also saw the picture of the J -7 flying leopard fighter mounting this pod.

　　So, what is an electronic warfare plane? Electronic warfare aircraft is a kind of aircraft that specializes in electronic reconnaissance, interference and attack on enemy radar, electronic guidance system and radio communication equipment. Its main task is to disable the enemy’s air defense system and cover its own aircraft to successfully carry out the attack mission. There are three main means of electronic warfare — —First, electronic interference.Using multi-band clutter to shield the enemy’s electromagnetic signals leads to the paralysis of the other party’s electronic communication system.Second, electronic deception.First, analyze the frequency of the other party’s electronic signal, and then cheat the other party’s electronic system with the same frequency electronic signal.The third is electronic destruction.. Use high-power microwave and electromagnetic pulse or anti-radiation missile to strike the electronic system of the other party soft or hard, especially high-power microwave and electromagnetic pulse can make the circuit generate instantaneous high voltage, thus burning the circuit board and completely paralyzing the electronic system.

　　The latest model of electronic warfare aircraft EA-18G "Growler" in active service of the US military can be said to be a representative model of electronic warfare aircraft, which can take off from the aircraft carrier and perform electronic attack missions. The U.S. military calls it the most powerful electronic warfare aircraft and the fighter with the strongest electronic jamming ability. So what’s extraordinary about this fighter?

　　In 2011, the civil war in Libya has lasted for two years. On March 17, many NATO countries led by the United States began military operations against Libya. The US military deployed dozens of fighter planes in this operation, including a brand-new naval aircraft, EA-18G Growler. Most fighters use missiles and bombs to fight, while growlers’ weapons are electromagnetic waves invisible to the naked eye.

　　Captain Scott Zanda of the United States Navy:"This is the EA-18G Growler. Its main task is to attack with airborne electronic equipment."

　　EA-18G Growler is an important part of air attack squadron. Its main purpose is to disable the opponent’s radar.

　　Captain Scott Zanda of the United States Navy:"The growler’s main job is to delay the time when the other radar detects us, or directly destroy it (radar)."

　　Growlers rely on electromagnetic interference to achieve their goals. The working principle is as follows: each wing tip of the growler has a receiver, which can search the radar signal of the other side’s surface-to-air missile, and these signals are transmitted to the computer in the growler’s cockpit. In a few milliseconds, the computer can analyze and judge whether the signal is safe or threatening.

　　If there is a threat, the growler will activate the jamming pod.

　　Captain Scott Zanda of the United States Navy:"Growler can be equipped with up to three jamming pods, one on each wing. They are all high-band jamming pods, and there is a low-band jamming pod under the belly of the aircraft."

　　Jamming pods suppress each other’s radar detection by sending electronic noise, allowing friendly aircraft to secretly pass through each other’s defense lines.

　　Captain Scott Zanda of the United States Navy:"Our task is to use electromagnetic interference to prevent the other party from finding out where we are."

　　Growlers can not only disturb each other, but also cause physical damage.

　　Captain Scott Zanda of the United States Navy:"Our main mission is jamming, and our second mission is to use the Hamm missile here on the wing."

　　Ham missile (HARM) is a high-speed anti-radiation missile, which is specially used to deal with ground-to-air radar devices.

　　Captain Scott Zanda of the United States Navy:"Hamm missiles will look for each other’s radar and try to destroy it."

　　EA-18G Growler is the most advanced electronic attack aircraft on the earth at present. It can locate jamming and destroy each other’s radar within one minute.

　　 EA-18G Growler electronic warfare aircraft, strictly speaking, is an electronic attack aircraft in electronic warfare aircraft. Its length is 18.3 meters, its wingspan is 13.7 meters, and its maximum flying speed is 1900 kilometers per hour, which is equivalent to 1.6 times the speed of sound. Growler is based on the F/A-18E/F Super Hornet fighter of the US Navy.

　　There are many advantages to doing so. First of all, Growler inherits the excellent maneuverability and air combat capability of Super Hornet. When performing electronic attack missions, it not only does not need the protection of other fighters, but can even provide fire support for other fighters. Moreover, 90% of the parts of Growler are common with Super Hornet, which can undoubtedly greatly reduce the pressure of logistics support. In addition, it is relatively simple for the pilot of Super Bumblebee to fly growler, and it only needs a short period of training, saving time and money.

　　From Super Bumblebee to Growler, the biggest change is, of course, its newly designed electronic system. Corresponding to the surface of the fuselage, there are 66 additional antennas, which greatly enhance the growler’s comprehensive receiving ability of electronic signals and can locate the radiation source more accurately.

　　Let’s look at the growler’s belly and under the wing, which are the core components of the growler. Through them, the growler can effectively jam the radar and other electronic facilities 160 kilometers away, which exceeds the scope of most active air defense firepower. Let’s look at the wing tip of the growler. It’s not a missile, it’s a pod, and the tactical receiver inside is the only system in the world that can conduct electronic monitoring while jamming the other side in all frequency bands. Simply put, it means that the other party can’t hear each other, but the growler can hear their conversation clearly.

　　These new electronic devices on Growler weigh a total of 635 kilograms and need 1.5 million lines of program code to support them. Just speaking so badly, what is the performance of Growler on the battlefield?

　　The U.S. military’s Odyssey Dawn operation in Libya was the growler’s first actual combat.

　　Lieutenant Colonel Jay Mazkau, Vice Captain of the US Navy Electronic Attack Squadron:"In March 2011, the United States decided to establish a mandatory no-fly zone in Libya with the Coalition forces. In order to protect the troops in Libya from the threat of each other’s radar systems and surface-to-air missiles, they need growlers. "

　　When he arrived in Libya, the growler faced a powerful opponent, and the radar of Sam’s surface-to-air missile could find a target 33 kilometers high.

　　Lieutenant Colonel Jay Mazkao:"We know that we have a large number of opponents who are specially trained to shoot down planes with surface-to-air missiles."

　　Although he has served for two years, the growler still needs to be tested on the battlefield.

　　Lieutenant Colonel Jay Mazkao:In the United States, many people are paying attention to the performance of growler in actual combat, and have high expectations and great pressure on its first deployment. "

　　On March 18, 2011, Mazkau, the vice captain of the electronic attack squadron, and his wingman patrolled the Libyan coastline, and their radio station began to call.

　　Lieutenant Colonel Jay Mazkao:"We received a call, the other party has a Sam missile system may be running, which is a threat to our bombers and fighters. After getting the coordinates, we started flying towards it. "

　　Moments later, the Growler arrived in the airspace where the Coalition planes were located. They were all on standby, and no one wanted to test the skills of Libyan radar operators.

　　Lieutenant Colonel Jay Mazkao:"These operators are very well trained. This is something that no one can do. Like us, they are constantly training."

　　Sam’s surface-to-air missile is located very close to the target of the Coalition forces, an ammunition depot.

　　Lieutenant Colonel Jay Mazkao:"The other side knows that these targets are of high value and they want to stop us from destroying them, so they deploy Sam missiles around important targets."

　　Attack aircraft have firepower, but they need growler’s electronic attack to disable surface-to-air missiles.

　　Lieutenant Colonel Jay Mazkao:"My wingman and I were called, first to interfere with it, and then to destroy it with missiles."

　　The growler’s first challenge is to identify the radar signal, which depends on the electronic countermeasure officer to distinguish the noise.

　　Lieutenant Colonel Jay Mazkao:"A lot of things will make waves messy, radio signals, TV signals, ship radar, something you don’t want to look for. You must be meticulous, concentrate, eliminate false signals very quickly and find what you are looking for. "

　　Mazko has only one target, while Sam missile has many options.

　　Lieutenant Colonel Jay Mazkao:"We have F-15, F-18 and Harrier fighters of the Allied and American forces, all of which are concentrated in a very small area. It may take only 10 to 20 seconds for the Sam missile to be launched. This is very fast and everyone is very alert. "

　　Chaotic radio waves, crowded sky, below 3 kilometers, Libyan air defense missiles are ready to go. Whether Mazkau and the growler he is driving can screen the noise and destroy Sam’s missiles on the ground is related to the safety of dozens of Coalition aircraft.

　　Lieutenant Colonel Jay Mazkao:"They rely on us to shield each other’s radar. If a missile attacks them, they will be hit soon."

　　Mazko’s wingman looked for the radar signal and began to jam it. Beside it, Mazko is ready to launch the Hamm missile.

　　Lieutenant Colonel Jay Mazkao:"The first thing you feel when launching the Hamm missile is that the plane vibrates. It flies so fast that you can only see a tail smoke flying far away and then disappearing."

　　The smoke of Hamm missile disappeared, and so did the radar signal of the other side.

　　Lieutenant Colonel Jay Mazkao:"The other side’s Sam system stopped sending signals, and we knew that the target had been hit."

　　The threat was destroyed, and the Coalition forces began to air raid the ammunition depot and completed the task safely.

　　In the Odyssey Dawn operation, none of the allied fighters were shot down by Libyan fighters or anti-aircraft fire, and the escort of growlers undoubtedly played an important role. Growler has collected many latest scientific and technological achievements in the 21st century, but in fact, all these latest technologies originated from a technology developed 80 years ago, radar.

　　The principle of radar is no stranger to everyone, that is, it emits electromagnetic waves to illuminate the target, and then receives the echo to determine the height, direction and speed of the target. A few years before the start of World War II, Britain began to develop military radar in order to prevent German warplanes from attacking, and put this secret weapon into use in World War II. But soon Germany also developed a radar device. Both sides began to try their best to cheat each other’s radar, which is the embryonic form of electronic warfare. A typical example is that on June 5, 1944, the night before the Normandy landing, 10 bombers of the Allies flew back and forth along the English Channel, dropping a large number of metal chaffs, which reflected radar waves and caused echoes similar to those of airplanes. So these 10 Allied bombers created a nonexistent fleet on the German radar screen, which successfully attracted the attention of the Germans and covered the Allied landing in Normandy.

　　World War II made people see the role of electronic warfare, but it was only in its infancy. When more powerful weapons appeared, the technology of electronic warfare had to develop rapidly to meet new challenges.

　　During the cold war in 1960, in order to avoid the detection of Soviet radar and the attack of anti-aircraft guns, the United States developed a fighter plane that flew higher.

　　Roger Connor, Head of Aviation Department of National Air and Space Museum:"With the advent of the Cold War, jets began to dominate. They flew higher and faster, and it was much more difficult to lay them down than in World War II."

　　But the Soviet Union also came up with a new countermeasure, that is, using radar-guided missiles to attack them on the ground and in the air.

　　Roger Connor, Head of Aviation Department, National Air and Space Museum;"The way to deal with high-speed jets flying in the sky is to use radar to guide missiles."

　　Both sides are secretly developing weapons, and it will soon be found out who is better in actual combat.

　　Roger Connor:"The Soviet Union used surface-to-air missiles to shoot down the U-2 reconnaissance plane piloted by pilot francis powers for the first time, which was a famous event in 1960."

　　It was Sam II air defense missile system that won this record. Its radar can detect planes 112 kilometers away, and American high-altitude fighters and pilots suddenly became targets.

　　Roger Connor:"The U-2 driven by Bowles was shot down, and any military action since then will be affected by this new combat power."

　　In 1965, Sam II air defense missile systems that shot down the U-2 reconnaissance plane were deployed to Vietnam, and there were hundreds of them. American pilots had never faced such a deadly threat.

　　Colonel T.J. Williams, an expert in electronic warfare and attack weapons:"The height and speed of our plane can’t surpass the Sam II missile, so we can only rely on electronic technology."

　　A large number of aircraft in the United States have been upgraded and can jam radar by themselves, such as A-6 invaders, A-3 air fighters, and a variety of fighter planes that perform the task of suppressing each other’s air defense operations. Now they need a special electronic attack aircraft to interfere with other planes, so that bombers can only focus on their own tasks.

　　Colonel T. J. Williams:"Most aircraft have so-called self-protection interference, and what is lacking is the interference ability to protect multiple aircraft at the same time."

　　The U.S. military turned to Grumman Aerospace for help. Their solution was to transform an aircraft already on the assembly line, the A-6 intruder.

　　Colonel T. J. Williams:"A-6 is a new attack aircraft built for the navy. It is still in an early development period and can facilitate the accommodation of a large number of electronic devices in the design."

　　Three years later, the modified A-6 invader EA-6B appeared for the first time, and its more famous name was Wanderer. Wanderer has been in service for more than 40 years, and it is the first aircraft dedicated to electronic warfare. Wanderer was very advanced at that time and needed four crew members to operate it.

　　Major General Mark Weinrich of the United States Marine Corps:"The EA-6B prowler has four crew members, a pilot and three electronic countermeasures officers. The pilot is obviously in charge of the flight. He sits on the left in the front row to control the flight and complete all the things that the pilot needs to do."

　　The electronic countermeasure officer in the front seat is responsible for navigation, and the two in the back seat are responsible for interference. There are computer screens and keyboards in front of them.

　　Back in Vietnam, the rover crew knew that the first thing they wanted to interfere with was the deadly Sam II air defense missile system.

　　Roger Connor, Head of Aviation Department of National Air and Space Museum:"From the beginning, they knew that the ability of electronic interference was absolutely needed to complete the task in Vietnam."

　　The us navy can’t wait to bring the new plane into the battlefield. In 1972, four years after the first flight, EA-6B Rangers entered the war in the last months of the Vietnam War. Wanderers set out with hundreds of naval bombers to interfere with Sam II missiles trying to shoot them down.

　　What was the effect of the first application of Wanderer in Vietnam? It is difficult to give a clear answer to this question. Because electromagnetic waves are invisible and intangible, it is difficult for people to understand the role of electronic warfare without seeing objects destroyed or exploded. After all, even if all the planes involved in the war came back safely, it doesn’t mean whether the electronic warfare planes played a role or were lucky. For the U.S. Navy, the prowler whose equipment costs as much as $20 million is a gamble. In the subsequent Gulf War, Kosovo War and Iraq War, EA-6B participated in the operation.

　　During the 30 years from Vietnam War to Iraq War, the means of electronic warfare have changed greatly, the battlefield situation has become more and more complicated, and air defense weapons have been upgraded. How can EA-6B wanderers meet the new challenges? How does it cooperate with the ground forces to carry out unprecedented tasks? We will continue to tell the story of electronic warfare aircraft next week.

1905 movie network news After the animated film was released nationwide on July 21st, it achieved remarkable results at the box office in the first week, and stood out in the large-scale summer file. It was supported by well-known film critics such as Taotao film, poison tongue film and boss film, and was praised by many audiences as "a good movie really suitable for taking children to watch together".

　

Old and young Xian Yi family fun theme supplementary file summer vacation

Every summer in July and August, the film market will stage fierce competition. This summer, there are also commercial blockbusters with various themes, such as movies, movies, movies, movies, movies, movies, movies, movies, movies, movies, movies, movies, movies, movies, movies, movies, movies, movies, movies, movies, movies, movies, and so on. But Magic Circus is the only one that is really suitable for the elderly and children to watch together. After watching the film, many viewers thought, "This animation not only attracted the audience’s attention with colorful circus characters and small animals, but also truly integrated the love and affection of ordinary people into the story, so that adults and children can gain a different touch and surprise."

"Magic Circus" mainly revolves around the protagonist Owen’s family’s circus to revive his uncle. A box of "absolutely inedible" animal biscuits triggered a series of animal transformations. Different from many animations that try to figure out children’s mood from the perspective of adults, the vivid and lovely cute pet image, colorful circus scenes and relaxed and interesting funny plots in the film all present their imaginary happy world from the perspective of children.

In the story of "Magic Circus", children are not only weak beings who can only be protected, but also powerful and intelligent. The little girl in the movie turns into a little monkey to fight the bad guys to protect everyone in times of crisis. This belief and courage to protect family and friends has moved many adults. As the well-known film critic Poison sir said, "This film rubs innocence into it, and the animated film we see reveals miracles every second and every frame."

　

Ingenious love and guardian theme detonated praise

In order to achieve an excellent film, the production team behind it will play a decisive role. The Magic Circus was directed by Mulan director Tony Bancroft, designed by Carter goodrich, the image designer of classic films, and the dubbing team assembled international superstars such as Gandalf Ian McKellen , Emily Blunt, john krasinski and Sylvester Stallone. Such a top Hollywood superstar lineup provides a strong guarantee for the high quality of the film.

In addition to the strong team, the film is also dazzling in many details — — The images of the protagonist and many animals, even the luster of each hair, are very detailed, and the exquisiteness of visual effects can satisfy the critical eye of detail control. In addition to the visual effects, the feelings of love and protection in the movie story run through the main line. Many viewers have said that "the expression of affection, love and friendship in the movie is simple and warm, without losing depth and full positive energy" and "this story tells us to always be grateful to our family and friends around us".

"Two in a Row" is a unique cooperative platform adventure game produced by Hazelight Studio and released by EA. It needs to control two characters to take risks in a wonderful world, help Cody and May, who have become dolls because of the spell, return to human form and constantly repair the broken relationship between them.

As a game with 95% favorable comments on STEAM and more than 15,000 favorable comments, it represents that this game has conquered the hearts of almost all players. This is not a simple independent decryption game. What attracts players most in the game is the unexpected fusion of various ways of playing. Almost every different scene has a brand-new way of playing. You will be transported to the ice and snow to have an exciting skiing competition, and you will also have a naval battle with your partner in the sea of Wang Yang, and there will be more interesting interactions and cooperation, the leader battle. The game experience that never repeats makes players enjoy it.

Hazelight Studio is a studio specializing in two-person cooperative games. At the TGA in 2018, the studio producer openly erected indecent gestures in front of the screen. Perhaps only such a rebellious and frivolous producer can make such an emotional game.

In the studio, "Escape from Life" is also a two-person cooperative game, which is about "friendship". And this one is about "love and affection". In the game, the estranged husband and wife, in dozens of hours of wonderful adventure stories, slowly recovered their relationship, regained the feeling of the year, and emphasized the theme of cooperation between the two.

In the process of a cooperative game, on the basis of interesting gameplay, only close cooperation with peers can pass the level more correctly, and one person’s strength cannot solve all problems. You and your partner can cooperate seamlessly and enjoy the experience of movie-like pictures together, which can bring about the improvement of the relationship between the two sides. The "two-person" game may not be just a game, but a wonderful experience for two people to enjoy happiness together.

The optimization of the two-person trip on the PC side is very good. The recommended configuration only needs GTX980 graphics card to play, but the movie-level screen is as distinct as the fairy tale world. Of course, you need a powerful computer to experience the game screen of 2K or even 4K home theater.

The first is the graphics card that is difficult to obtain at present. We recommend iGame GeForce RTX 3060 Ultra W OC. 12GB of large memory is born for high resolution. It can ensure that users can enjoy the game at the high resolution of 4K level, and the memory resources are rich. The appearance of steam wave style allows users to obtain satisfactory results whether for their own use or for housewives.

In addition to the top game graphics card, CPU certainly can’t be delayed. The new Intel XI CPU opens a new generation of games. Intel I5 11600K six-core twelve-thread CPU with colorful CVN Z590M GAMING PRO motherboard. The brand-new 500 series motherboard uses the outstanding frost condensation and heat dissipation design of the previous generation. On the basis of the previous generation, the volume of the heat sink is greatly increased, the circuit part that needs heat dissipation is protected to a greater extent, and the power supply part is greatly strengthened. At the same time, it supports the brand-new PCIE4.0 channel technology, which not only has many black technologies that can increase the performance of graphics cards, but also supports PCIE4.0 high-speed solid-state drive, which is twice as fast as 3.0 solid-state drive, and enjoys the high-speed loading speed of games without waiting.

Colorful CVN Z590M GAMING PRO motherboard still maintains the brand appearance style of steel matte Leng Yan. The silver-black motherboard appearance matches the simplicity and naturalness of home. If the player likes the white theme, he can also choose the CVN Z590M GAMING FROZEN motherboard with pure white appearance. In the same configuration contact, he also has a WIFI 6 wireless module.

On the chassis, we recommend the use of Xingu LUX Youth Edition. The high-quality MATX chassis can be perfectly equipped with all the above accessories. The small and exquisite shape can be perfectly matched anywhere in the house, and the side-through shape can clearly display the accessories inside, so that DIY enthusiasts can happily comment on the accessories.

In all the configurations recommended above, whether it is the graphics card iGAME GeForce RTX 3060TI Ultra, the motherboard CVN Z590M GAMING series and the Xingu lux Youth series chassis, users can choose from black and white themes. Users can assemble a black theme computer for themselves, which represents men’s composure and perseverance, and a white theme represents women’s gentleness and liveliness.

Nowadays, when games have become an important part of family leisure activities, I hope that the above-mentioned colorful theme computers can also become a part of furniture life, so that people can "walk together" and laugh and laugh all the way, no matter on the road of games or life.

The price range of Hongqi Guoya is inBetween 1.08 million and 2.08 million.

Specifically, Hongqi Guoya’s 3.0T model is expected to sell atBetween 1.1 million and 1.2 million, the entry-level model is priced at about1.08 million, the high-end version is priced at about1.18 million; The estimated price of the 4.0T model isBetween 1.3 million and 1.46 million, of which the five-seat version is priced at about1.3 million, the four-seat version is priced at about1.46 million.

Hongqi Guoya is positioned in the high-end market, and its price range may even target the S-class of Mercedes-Benz, and may even target the price position of Bentley or Rolls-Royce. This shows the ambition of Hongqi Guoya in the high-end market.

In addition, the price of Hongqi Guoya also reflects its luxurious configuration and exquisite craftsmanship. It is equipped with a number of advanced functions and luxurious interiors to provide users with a top-level driving experience.

Generally speaking, the price range of Hongqi Guoya is between 1.08 million and 2.08 million, which shows its position as a high-end luxury model.

　　After "one city, one policy", the influence of local governments on the property market has increased, but the big logic of "staying and not speculating" has not changed, and only the demand of a few cities can support the rise in housing prices.

　　Caijing reporter Wang Bo Intern Qin Xinyu Hvenmark Editor

　　At the end of the year and the beginning of the year, the central government’s wide currency and local loose purchase restrictions have taken a two-pronged approach, so that developers who have been suppressed for a year have seen the hope of bottoming out. "Of course, the biggest concern is where is the next deregulated city?" A number of regional real estate executives told Caijing (blog, Weibo) reporter frankly.

　　At the end of 2018, Shandong Heze first issued a signal of loosening the regulation of the property market and canceled the restriction on the sale of new residential houses. Subsequently, many cities relaxed their purchase restrictions, and Guangzhou (real estate), Zhuhai (real estate), Hangzhou (real estate), Qingdao (real estate) high-tech zone and other places used supplementary social security, talent introduction, settlement and other means to regulate the market. The general direction was to stimulate purchasing power and improve the efficiency of buying houses and transferring ownership.

　　The local government has quietly relaxed the regulation of the property market, but there are traces to follow. On December 19, 2018, the Central Economic Work Conference put forward the general direction of strengthening the main responsibility of the city government and improving the housing market system and housing security system under the background of not speculating in housing. Among them, the policy of the city is to decentralize the power to the local government.

　　With the loosening of local property market regulation, the financial system continued to release water. At the beginning of 2019, official website, the central bank, announced that it would reduce the RRR by 1 percentage point and release 800 billion yuan of long-term funds. In 2018, the central bank has visited targeted cuts to required reserve ratios four times, releasing about 3.5 trillion yuan of base money. Zhang Ming, chief economist of Ping An Securities, predicted that monetary policy relaxation will continue in 2019, and the central bank should have four RRR cuts.

　　The last large-scale money release was ten years ago. In November 2008, in order to resist the international financial crisis and stabilize economic growth, the government launched a "4 trillion" investment plan. After that, China real estate experienced two rounds of skyrocketing, and the average house price in first-tier cities rose by 6 -8 times.

　　After the wide currency, the wide credit followed. According to data from Rong 360, in December 2018, the average interest rate of the first home loan in China was 5.68%, down 0.03 percentage points from the previous month, which was the first time that the first average interest rate in China fell in 23 months.

　　Under the multiple benefits, the market is hotly discussing whether the turning point of the property market is approaching. On December 24th, 2018, Wang Menghui, Minister of Housing and Urban-Rural Development, said that the goal of 2019 will be to stabilize land prices, house prices and expectations. But what about the word "stable"? Opinions vary from party to party.

　　Wide currency developers have limited benefits.

　　Since 2018, the central bank has lowered the RRR five times, and the general tone of macro-control with wide currency and wide credit has eased the financing difficulties of good developers.

　　In November 2018, the financing amount of housing enterprises exceeded 100 billion, and in December it reached 160 billion. In the first ten days of January 2019, the financing amount was as high as 70 billion. Financing housing enterprises include R&F, Longguang, Sunac, Midea Real Estate, etc. Among them, Sunac and Longguang, which have higher financing costs, account for about 6%, while others are between 45%. This set of data is much lower than the financing cost of housing enterprises in the previous two years. In 2017, the average domestic financing cost of housing enterprises was about 8%-9%.

　　In 2018, targeted cuts to required reserve ratios, the central bank, brought 3.5 trillion yuan to banks and increased the liquidity of the whole society. Concerns also follow: whether a large amount of hot money will flow to real estate, leading developers to continue to buy land with high leverage, thus speculating on land prices and housing prices.

　　Zhang Ming believes that the five RRR cuts have brought some changes to the financing environment of developers, but at present, small and medium-sized developers are not in the bank’s field of vision, and many banks still only lend to the top 20 housing enterprises in the country. The central bank’s recent four RRR cuts are all targeted. It is hoped that banks will lend money to small and medium-sized enterprises, private enterprises and innovative enterprises to support debt-to-equity swaps and manufacturing industries, rather than flowing to real estate.

　　However, before that, there did appear the situation of "left-handed" and "yin-yang contract". After the SMEs borrowed from the bank, they lent the money to the developers, and the SMEs became a channel for real estate developers to raise funds. Xiang Songzuo, former chief economist of Agricultural Bank of China, told Caijing that according to the requirements of the central bank, commercial banks have clear provisions on the use of loans for small and micro enterprises. The central bank has also brought the support effect of commercial banks on small and medium-sized enterprises into the macro-prudential assessment (MPA) system. "Of course, there will be regulatory loopholes in the operation process, but it will not form a universal phenomenon."

　　Dong Ximiao, deputy dean of Chongyang Financial Research Institute of Renmin University of China, believes that the 4 trillion package plan in 2008 was directly invested by the main government, many of which were in the field of infrastructure, and more funds directly or indirectly flowed into real estate.

　　In this round of monetary policy adjustment, the central bank’s goal is to inject liquidity into key areas and weak links more efficiently, rather than the real estate market.

　　At the end of July, 2018, the meeting held in the Political Bureau of the Communist Party of China (CPC) Central Committee also set the tone for macro adjustment, and put forward six stabilities (stable employment, stable finance, stable foreign trade, stable foreign investment and stable expectations), among which stable employment ranked first, and only small and medium-sized enterprises and private enterprises can bring stable employment.

　　Since the beginning of 2019, UBS Securities has conducted research on dozens of head real estate companies, financial institutions and industry experts, and believes that the central government has not yet released large-scale water to real estate at the credit level. "In 2019, investors generally expect the GDP growth rate to be in the range of 66.5%. If the downside risk of the economy is too large, such as less than 6, then there will be more macro-stimulus measures." Ge Ge, a real estate analyst at UBS Securities, told Caijing reporter.

　　One city, one policy, the property market opens precise regulation.

　　At the Central Economic Work Conference held on December 19, 2018, in addition to insisting on housing and not speculating, the central government also put forward requirements such as city policy, classified guidance and consolidating the main responsibility of the city government. At the recent local two conferences held in various places, "one city, one policy" has become a hot word.

　　In the past two months, the regulation of the property market in some areas has been loosened, which is also a test of one city and one policy. For example, Heze cancels the restrictions on the transfer of new houses and reduces the supervision of funds for pre-sale buildings in urban areas; Guangzhou’s commercial housing can be sold to individuals, and the purchase of the first suite in neighboring cities can apply for provident fund withdrawal; Hangzhou allows social security to be paid three times; Hengyang (real estate) has cancelled the price limit.

　　Zhang Dawei, chief analyst of Zhongyuan Real Estate, believes that the expectation of the property market has changed, the most stringent period of real estate regulation and control policies has passed, and fine-tuning will be inevitable. In 2019, the property market policies of more than 30 cities will be fine-tuned. As long as the housing prices do not rise, the real estate policies are likely to be loose.

　　Whether house prices will rise sharply in 2019, the regulation of local governments is an uncertain factor.

　　In 2018, the national sales of commercial housing was nearly 15 trillion. Usually, developers will take 50% to 60% of their income to acquire land, which is equivalent to about 8 trillion yuan flowing to local governments every year. Only when house prices rise can land be sold, and local governments are of course happy to see house prices rise.

　　In 2018, the national land purchase volume and price both fell. For the regulation of the property market, local governments and the central government have been in a game, but one city and one policy does not mean that local governments can let go of their hands and feet to develop land finance. Take the cities that have been deregulated in the past two months as an example, they are all fine-tuning based on destocking, partial release of just-needed, and improving the efficiency of housing transactions.

　　Yang Xianling, president of RealData, believes that "one city, one policy" gives local governments the flexibility to regulate the property market, but it cannot be divorced from the central logic of "housing and not speculating", and at the same time, local governments will also bear the responsibility of responding.

　　Many people pay attention to the policy of the city, but ignore the following sentence: "Consolidate the main responsibility of the city government". Zhang Ming believes that this sentence means that if the house price rises too high or too fast, it will directly affect the promotion of relevant officials.

　　Many economists predicted to Caijing that in 2019, the RRR cut is still expected, but it is unlikely that the property market will skyrocket and plummet. The tone of the real estate market in 2019 is obvious-a stable and long-term mechanism.

　　Zhang Ming’s team once estimated that about half of the total loans of China Bank (601988) were related to house prices and land prices. According to a report issued by Guangfa Bank and Southwest University of Finance and Economics, 80% of China households’ assets are houses. If the property market plummets and the downward pressure on the economy increases, it will lead to systemic financial risks and social risks. At the same time, due to the limited overseas investment, the property market is still the most important target in the allocation of household assets in China. If the property market soars, the leverage ratio of residents and housing enterprises will increase, which will make the previous deleveraging achievements fall short.

　　At the Winter Davos Forum on January 24th, Fang Xinghai, vice chairman of the China Securities Regulatory Commission, said that the leverage ratio of China’s household sector has exceeded 110%, which is higher than that of the United States. This is a terrible figure, and if it is not controlled, the debt problem may break out. He believes that now that the economy is stimulated, the leverage of enterprises can no longer be increased, and the leverage of residents can no longer rise. The only thing that can be improved is government debt, so we have seen that local debt is gradually loosening.

　　Which cities have room for rising house prices?

　　In cities that are deregulated, there is actually no obvious fluctuation in house prices. In the data published on the website of China Real Estate Association, Caijing reporter found that the house price in Heze rose in December when the news was announced, and fell again in January. The house prices in Hangzhou and Hengyang remained unchanged, while the house price in Guangzhou rose slightly.

　　Wen Bin, chief researcher of Minsheng Bank (600016), believes that the supply and demand of the real estate market are generally balanced from the national perspective, but different cities have different structural characteristics due to factors such as industry, population and land. At present, housing prices in first-tier and some second-tier cities still have upward momentum due to the suppression of demand in the early stage, and housing prices in third-and fourth-tier cities are facing downward pressure.

　　"Buying a house now is a high-level takeover, and it is impossible to make money. The local government thinks that after the price limit and purchase restriction are liberalized, investors will come to speculate. In fact, it is probably wishful thinking. Even if all the real estate control policies are liberalized, where will the demand come from for most third-and fourth-tier cities? " Say to Matsuzaka.

　　He believes that the net inflow and outflow of population will be the main indicators to judge the next round of housing price fluctuations.

　　At the end of 2018, the Report on the Development of Floating Population in China (2018) released by National Health Commission showed that the number of floating population in China declined for three consecutive years. Judging from the development trend of floating population in urban agglomerations, the long-term resident floating population is on the rise, and the five major urban agglomerations represented by the Pearl River Delta, the Yangtze River Delta, Beijing-Tianjin-Hebei, the middle reaches of the Yangtze River and Chengdu-Chongqing urban agglomerations will remain the main gathering places of floating population in the future.

　　According to a set of data released by China Index Academy, in 2018, housing enterprises focused on the Yangtze River Delta and the central and western regions. Vanke and Country Garden, the top two land buyers, have heavy positions in these two areas, accounting for 19.86 million square meters and 37.66 million square meters respectively. According to the statistics of Caijing reporters, among the second-tier cities in the Yangtze River Delta and the central and western regions since 2017, the cities with a net population inflow of more than one million are Ningbo (real estate), Jiaxing (real estate), Hangzhou, Wuhan (real estate) and Zhengzhou (real estate).

　　In 2018, housing prices in third-and fourth-tier cities experienced an irrational rise due to the monetization policy of shed reform, while first-and second-tier cities such as Chengdu, Xiamen (real estate), Shanghai (real estate), Hangzhou and Beijing (real estate) rose too fast in 2017, and all of them were adjusted back in 2018.

　　The Joint Laboratory of Housing Big Data released a report after investigating 142 sample cities. In 2018, the top five cities with rising house prices were Xianyang (real estate), Haikou, Nanyang (real estate), Xi ‘an (real estate) and Guiyang, all of which were third-and fourth-tier cities, with increases of 36.94%, 35.43%, 31.62% and 29.01 respectively. The top five cities with falling house prices in 2018 are Chengdu, Xiamen, Langfang, Shanghai and Zhangjiakou (real estate). Among them, Zhangjiakou is irrational because of the concept of speculation in the Winter Olympics, while the other four cities are either first-tier or second-tier cities around the first line.

　　Zhang Ming believes that quasi-first-tier cities around first-tier cities, or cities in second-tier cities where house prices have risen relatively slowly in the past few years, may have rising potential in the future. For example, the housing prices in Guangdong-Hong Kong-Macao Greater Bay Area and Shenzhen are already very expensive, while those in Guangzhou are cheaper than those in Shenzhen, while those in Foshan and Dongguan are cheaper than those in Guangzhou. In the Yangtze River Delta, the housing prices in Shanghai and Hangzhou are very expensive, but the housing prices in Nanjing are OK. Beijing’s purchase restriction is very strict, but its surrounding cities such as Tianjin (real estate) still have room for growth.

　　According to the Monitoring Report of China Real Estate Enterprises in 2018 by China Index Academy, the top ten real estate enterprises will all take land in second-tier cities in 2018. Take Vanke as an example, its land acquisition area in second-tier cities accounts for 63.9% of the annual land acquisition area, and the land acquisition amount also accounts for 60.9% of its total amount. (The top ten real estate enterprises are Vanke, Longhu, Poly, China Shipping, Country Garden, Evergrande, Jindi, Shimao, Greentown and R&F)

　　Head developers have strong financial strength, and they are quick to harvest the first and second lines, and small and medium-sized developers settle for second best. In recent contacts with developers, Mr. Ge of UBS Securities found that many small and medium-sized developers no longer mention the third and fourth lines. The boat is easy to turn around, and they have also targeted the second-tier cities.

　　The new round of property market regulation began in the fourth quarter of 2016, when the first-tier cities began the purchase restriction policy. In the second and third quarters of 2017, the purchase restriction spread to second-tier cities, and the purchase restriction in many second-tier cities changed from three years to five years. However, after two years of regulation, the buyers who had just needed social security for three years already had the qualification to buy a house.

　　On March 17, 2017, Guangzhou released the latest purchase restriction policy, and the qualification for foreign buyers to purchase houses changed from three years to five years; In the same month, Hangzhou also implemented a purchase restriction, requiring foreign buyers to pay social security for two consecutive years. In 2019, the just-needed purchasing power restricted by social security in these two cities will be released.

　　Just-needed and improved demand is still the focus of bank mortgage support. Zhang Ming believes that with the market liquidity brought about by the RRR cut and the decline of bank capital cost, the interest rate of the first home loan will fall. However, the central government’s determination to curb speculative real estate speculation has not been relaxed. In addition to the purchase restriction, the loan restriction is also more severe. Zhang Ming revealed that the mortgage loans of many commercial banks have not exceeded 1 million yuan recently.

　　　 This article was first published on WeChat WeChat official account: Caijing Magazine. The content of the article belongs to the author’s personal opinion and does not represent Hexun.com’s position. Investors should operate accordingly, at their own risk.