标签: 武汉桑拿论坛
The Deed Tax Law will be implemented from now on: the deed tax will be exempted in six situations, such as the transfer of ownership by husband and wife and the inheritance of real estate by children
This Spring Festival, gold has sold out again! Zodiac transit beads sell thousands of pieces a day. Netizen: Wait until the price is reduced before buying.
Huawu Village, Guizhou Province: Qianshan Mountain has beautiful scenery and rural revitalization road is wider.
Standing on the observation deck, overlooking Wujiangyuan Baili Gallery, among the layers of clouds, there are rows of characteristic houses, picturesque landscapes, cruise ships passing through the blue waves, and tourists coming and going in an endless stream. Here, it is Huawu Village, Xinren Miao Township, Qianxi City, Bijie City, Guizhou Province (the county was withdrawn and the city was established on May 10, 2021).
Huawu Village, formerly known as "Huawuji", means "village under the cliff". It is a small mountain village that was blocked by cliffs in the past and was once a state-level deep poverty village. Since the 18th National Congress of the Communist Party of China, with the continuous and precise efforts of a series of policies to benefit the people, Huawu Village has undergone earth-shaking changes, successfully removing the poverty "hat" and becoming a key village for rural tourism in Guizhou.
Corner of Huawu Village. People’s Network Long Zhangyu photo
Taking the "fast train" of rural tourism development, Huawu Village, under the planning of the government and the development of villagers, relies on a good natural environment to vigorously develop tourism and Miao Xiu industries, and is changing from a single eco-tourism model to a variety of tourism formats. This small village, which used to go over mountains and mountains, has successfully embarked on a road of rural revitalization with rich development characteristics.
Butterfly change: a poor mountain village takes on a new look
Going out of the mountain to "pick rocks by hand", drinking water on the back of the river and living in thatched cottages were once a true portrayal of Huawu Village.
Blocked by mountains, the former Huawu village had a bad environment and blocked information, and the villagers relied on self-sufficiency in food, clothing, housing and transportation. To make matters worse, the Wujiang River once sounded the "alarm" of the water ecological environment due to overfishing and deforestation, and the already fragmented land began to rocky desertification, making people’s lives increasingly difficult.
"Poverty, at that time, there happened to be a reservoir resettlement policy, and many people chose ‘ Escape ’ And those who stay can only stick to it. " Yang Long, a villager in Huawu Village, clearly remembers that before 2012, many people moved out, and when his playmates grew up, he personally gave them away.
Tongzu Road in Huawu Village. People’s Network Long Zhangyu photo
The change of the house originated from the "road". From the initial "Maolu" to the asphalt highway and then to the tourist highway, a road has strung together thousands of households, which has made the villagers see the outside world, broadened their horizons and increased their knowledge. They made up their minds to plant trees and vowed to restore green mountains and rivers.
After a few years of hard work, more than 1,000 acres of fruit trees are lush and fruitful, and new saplings have grown in the crevices between the mountains. The once barren hillside has gradually recovered its greenery. In 2017, Huawu Village successfully removed the hat of deep poverty village; At the end of 2019, the poor population was cleared.
At the same time, the clean-up work of cage culture has also been carried out in Huawu Village. Village cadres went door to door to explain the fishing ban policy and persuade fishermen to go ashore. By the end of 2018, all 32 cages in Huawu Village had been dismantled, and 12 fishermen had switched to production, with a conversion rate of 100%.
"In addition to comprehensively arranging our family situation, the village has also collected many policies on employment, entrepreneurship, skills training and social security for retired fishermen to help everyone change jobs." Yang Qingxin was born and raised as a homebody. In the past few decades, he has been fishing in the six red section of Wujiang River for a living. After the introduction of the no-fishing policy, Yang Qingxin went ashore and became a river guard, earning a steady income of 3,000 yuan per month.
Scenery of Wujiang Baili Gallery beside Huawu Village. People’s Network Long Zhangyu photo
After the improvement of the ecological environment, the housebuilders with green mountains and green waters will naturally not miss it. Many villagers who moved out of the reservoir area chose to move back to the old site and build their homes together. As a result, the people who renovated their houses, skillfully changed their courtyards, and learned to cook, seized the opportunity and made preparations for eating "tourist meals".
塑形:多产融合促发展
作为化屋村较早“吃螃蟹”的人,杨龙因为当过一届村主任,眼光总是比别人看得长远。在化屋村餐饮民宿未兴起前,有游客反映没吃没住,杨龙便动员村民利用自身优势发展旅游,奈何反响平平。
守着绿水青山过穷日子?杨龙不甘心,在2019年将自家房屋打造成集住宿、餐饮于一体的综合空间。尽管吸引了一些游客,但大多村民还是对旅游持观望态度。
转机源自2021年2月3日,习近平总书记到化屋村考察调研,这个名不见经传的小村庄,一下子“火”遍全国。大量游客的涌入,激发了村民的发展信心。
2021年2月3日至5日,中共中央总书记、国家主席、中央军委主席习近平来到贵州考察调研,看望慰问各族干部群众,向全国各族人民致以美好的新春祝福。这是3日下午,习近平在毕节市黔西县新仁苗族乡化屋村文化广场上,向全国各族人民、港澳台同胞和海外侨胞拜年。新华社记者 李学仁摄
一家、两家、三家……化屋村的餐饮民宿有了新变化,农家乐和民宿分别有33家和18家;村民的生活也发生了大转变,人均年收入从2012年的2400元左右提升至2021年的19304元,乡村旅游发展风生水起。
住宿和餐饮快速发展的同时,化屋村也在苦练“内功”,走坚定文化自信之路。“很多游客对苗族服饰、各类装饰品赞不绝口,强烈激发了百姓的文化认同。”毕节市发改委派驻化屋村第一书记常开林告诉记者,瞅准了发展机遇,化屋村通过开办刺绣蜡染扶贫车间等方式,传承和发扬苗族文化,带动百姓增收。
化屋村以苗族为主,是中国民间文化艺术之乡。习近平总书记到化屋考察时,走进扶贫车间,了解发展特色苗绣产业、传承民族传统文化等情况。“苗绣既是传统的也是时尚的,你们一针一线绣出来,何其精彩!”习近平总书记勉励大家,一定要把苗绣发扬光大,这既是产业也是文化,发展好了既能弘扬民族文化、传统文化,同时也能为产业扶贫、为乡村振兴作出贡献。
习近平总书记为苗绣点赞,这让苗族“绣娘”杨文丽激动不已。“刺绣蜡染是苗族传统文化,我要通过自己的努力,帮助更多村民实现在家门口就业,将这一技艺传承好,争取让其成为世界的艺术。”杨文丽是这样说的,也是这样做的。
Miao Xiu products. People’s Network Long Zhangyu photo
In order to make embroidery products more widely used, Yang Wenli’s poverty alleviation workshop was not limited to ethnic costumes, but set up a professional design team to combine tradition and fashion, and integrate embroidery batik into costumes, sachets and other designs, so that products are exported to all parts of the country. In 2021, Yang Wenli sold 1.6 million yuan of embroidered batik products "online and offline" to help more than 60 local embroidered mothers achieve employment.
In addition, Huawu Village also has special food — — Huang ba. In order to let more tourists and consumers taste this traditional food, the "two committees" of Huawu village branch led the cooperative through the village party branch and opened the huang ba processing factory. On May 1, 2022, huang ba Processing Factory in Huawu Village was officially put into operation. At present, it has sold more than 160,000 kilograms of huang ba with a sales volume of 1.66 million yuan, which has driven more than 30 villagers to find jobs nearby.
Huawu Village develops huang ba’s industry and promotes villagers’ employment. People’s Network Long Zhangyu photo
Strengthen the eco-cultural tourism infrastructure of Wujiang Yuanbaili Gallery, build a Miao Xiu workshop for more young people to pick up needlework again, and make good use of the huang ba processing workshop to drive the surrounding villagers to stabilize their employment … … Huawu Village is committed to making a big article on the integration and development of diversified industries. A number of projects, such as Huawu Visitor Center, Ecological Camp, New Energy Cruise, Sightseeing Carriage, Kangyang Residential Accommodation, are being promoted one after another.
Casting Soul: Civilization, Fresh Wind and Moisturizing Home
"The development of tourism, unified standards is the key. The original intention of our association was to regulate the tourism market. " Yang Ye used to be a teacher and an early homestay owner in Huawu Village. His association is Huawuji Catering Homestay Association.
In order to highlight the characteristics of Huawu and prevent uncivilized tourism phenomena such as shoddy goods, bullying customers and slaughtering customers, Huawu Village established Huawuji Catering B&B Association according to the wishes of the people. Many villagers joined the "big family" of the association and standardized from the most basic standards of food and shelter.
An association, but not simple. As far as eating is concerned, Huawu Village has made great efforts in the research and development of special dishes, and established a leading group for the research and development of special dishes in Huawu Village, Qianxi City, headed by the Standing Committee of Qianxi Municipal Committee and the Minister of Propaganda, to create traditional Huawu farm dishes with characteristics and enhance tourists’ rural travel experience.
Huawu Village develops the tourism industry and attracts tourists to "punch in". People’s Network Long Zhangyu photo
In the specific implementation process, the food R&D team made clear the 16 special dishes that must be cooked, and specified the materials used for each dish in detail, so that each farmhouse can accurately grasp the standard and quality of the dishes and satisfy the tourists.
"Although no complaints have been received so far, it is better to standardize etiquette training and evaluate pricing by the association." Now, Yang Ye is the president of Huawuji Catering B&B Association. He said that he hoped that the villagers would take tourism as a long-term career and do a good job in all kinds of services, so that tourists can enjoy high-standard tourism services while enjoying the beautiful scenery, and really start the brand of plastic house tourism.
这边,协会工作开展如火如荼;那边,生态环境保护热火朝天。“听到游客夸化屋的生态好,我们也很自豪。”打鱼近30年的尤荣利从没想过,“舟行碧波上,人在画中游”这样诗意的画面就在家门口,而自己正在为如此美景贡献力量。
2017年,尤荣利响应退捕号召转产上岸,与两兄弟一拍即合,成立了船务公司,从此渔船变游船。2021年,尤家2条船为三兄弟带来80多万元的收入。也正因如此,尤家三兄弟格外爱护这片山水。
“每次河面因涨水产生垃圾,我们都会驾驶河道垃圾清理船义务去清理。”尤荣利说,尽管每次清理垃圾都要花费近千元油费,但他们乐在其中,因为这是环境优美和游客满意的“双赢”。
化屋村“乡村振兴 共同富裕”几个字引人注目。人民网 龙章榆摄
“贵州真是山好水好,一定要保护好这片绿水青山。”贵州之行,习近平总书记来到化屋码头,沿江岸步行察看乌江生态环境和水质情况。他强调,要牢固树立绿水青山就是金山银山的理念,守住发展和生态两条底线,努力走出一条生态优先、绿色发展的新路子。
Adhering to ecological priority and green development, the Youjia three brothers are a microcosm of the villagers’ active participation in rural governance. As rural tourism continues to heat up, the housebuilders who are rich in scenery pay more attention to the protection of ecological environment, forming a good atmosphere of catching up and learning. "When the trash can is full, people who are ready to throw garbage will take their garbage home, and they will not pile it up everywhere. Everyone will also supervise each other and jointly care for the environment of the housebuilder." Chang Kailin is quite proud.
Nowadays, the environment is beautiful, the days are rich, and life is more and more exciting. The villagers are more and more willing to "develop rural industries well, protect the ecological environment well, carry forward national traditional culture well, give full play to the effectiveness of social governance, and build grass-roots party organizations well". A picture of rural revitalization with prosperous industries, livable ecology, civilized rural customs, effective governance and rich life is slowly unfolding in Huawu Village. (Wang Qin, Wang Xiufang)
Huang Lei is looking forward to eating hot pot and instant-boiled mutton in the snow, but the weather is not beautiful.
Huang Leifa Weibo looks forward to eating hot pot in the snow.
1905 movie network news Recently, Huang Leifa, who pays attention to the weather forecast, Weibo heard that it was going to snow, and he was very excited about eating hot pot: "I heard it was snowing, and I was so hungry lying in bed. It is best to eat mutton hotpot in snowy days, and spicy hot pot is also ok … …” Keep the true colors of gourmets.
Huang Lei lamented.: "Why isn’t it snowing … …”
However, it’s not snowing in Beijing at present, so Huang Lei has no choice but to update Weibo, showing a lot of cute photos of her daughter and lamenting: "Why isn’t it snowing … …” It seems that the hot pot will not be eaten again.
SHEIN reshapes the rules of global fashion industry with the innovative model of "SHEIN Chain"
As its name implies, "fruit chain" is the global hardware industry chain led by Apple, which symbolizes large-scale orders, technical support and significant growth opportunities for related enterprises, and its strict supplier screening system is regarded as a strength certification and promotion ladder. In the fashion industry, "SHEIN Chain"/"HI Chain" is an unprecedented value chain.
"SHEIN Chain" is a value chain built by SHEIN, covering upstream and downstream partners such as garment factories, textile and supporting service providers. With the support of digital technology, it cooperates efficiently to jointly design, produce and sell fashion products to the world. "SHEIN Chain", like "Fruit Chain", shows strong integration and growth potential, and innovates the cooperation mode of traditional fashion industry chain in a unique mode.
Being in the position of "chain owner" in the industrial chain, SHEIN’s significance to chain enterprises goes beyond the simple order relationship. Like SHEIN, Apple has a global "fruit chain" as a component supplier and assembler, and it delegates its own product design concept and technological innovation ability to suppliers in the form of supply chain.
The same is true of SHEIN. At the domestic headquarters, the company has mastered a full set of technologies, R&D, flexible manufacturing methodology and product standards. By investing heavily in smart supply chain construction, it has fed back the extremely efficient production mode to the domestic clothing industry chain and transformed it into real productivity through the global sales system.
However, although they are both "chain owners" of the physical manufacturing industry, the values played by SHEIN and Apple in their respective industries have both similarities and differences. What they have in common is that Apple and SHEIN are both physical manufacturing industries, and both need a large number of skilled industrial workers and mature manufacturing production lines. Therefore, every newly opened factory will bring a lot of jobs to the local area. Advanced production technology and mode are also absorbed by every eco-chain enterprise through the form of technology decentralization.
The uniqueness of SHEIN lies in its eco-chain, which actively advocates and promotes the concept of flexible infrastructure, permeates this concept into every eco-chain enterprise that cooperates with it, effectively promotes the continuous progress, upgrading and transformation of these enterprises, and drives the chain enterprises to grow continuously.
Before cooperating with SHEIN, these factories basically had no systematic and intelligent operation mode, and mainly relied on manual operation, using traditional tools such as Excel and mail to arrange production, which was inefficient and weak in competitiveness in the industry. Since joining hands with SHEIN, these factories have undergone earth-shaking changes, successfully transformed from traditional to digital, and become modern digital factories. This not only significantly reduces the waste of materials, but also greatly shortens the waiting time of workers and improves the overall production efficiency.
Specifically, the production standards and quality requirements of each style of SHEIN brand will be synchronized to all suppliers in real time through online digital tools, and suppliers will make production scheduling, production management, find problems in time and make adjustments through online digital management tools. After completing this set of standardized operating procedures formulated by SHEIN, these chain enterprises seem to have undergone a profound digital and intelligent transformation baptism, transformed themselves from the traditional manufacturing mode, and became a typical representative of modern production in the industry, which also promoted the garment industry cluster to move towards a more resilient, efficient and flexible new industrial chain structure as a whole.
To sum up, as the world’s four major brands, SHEIN has successfully subverted the cooperation mode of the traditional fashion industry supply chain with its innovative "SHEIN Chain" model, and effectively promoted the continuous progress and industrial upgrading of garment manufacturing enterprises in China and even around the world. In the future, as SHEIN continues to deepen the construction of smart supply chain, increase investment in technology research and development, and further expand and optimize the global sales network. We have reason to believe that "SHEIN Chain" will play a greater leading role in the global fashion industry and create a more agile, sustainable and competitive new generation of industrial clusters.
Cancel the restrictions on the movement of used cars nationwide, interpreted by the relevant person in charge of the Ministry of Commerce-accelerating the release of consumption potential in the used
Core reading
Recently, the Ministry of Commerce, together with the Development and Reform Commission, the Ministry of Industry and Information Technology and other 16 departments, issued the "Several Measures on Invigorating Automobile Circulation and Expanding Automobile Consumption", proposing "supporting the large-scale development of used car circulation, and strictly implementing the policy of completely canceling the restrictions on the movement of used cars in all regions". In this regard, the relevant person in charge of the Ministry of Commerce said in an interview with this reporter that after the removal restriction policy is completely abolished, used cars will further realize free circulation throughout the country, and the supply of automobile products in various places will be more abundant, which will enhance the adaptability between supply and demand and better meet the demand for automobile consumption.
Recently, the Ministry of Commerce, together with the Development and Reform Commission, the Ministry of Industry and Information Technology and other 16 departments, issued the "Several Measures on Invigorating Automobile Circulation and Expanding Automobile Consumption" (hereinafter referred to as "Several Measures"), proposing "supporting the large-scale development of used car circulation, and strictly implementing the policy of completely canceling the restrictions on the movement of used cars in various regions". What is the background for the "Several Measures" to cancel the policy of restricting the movement of used cars? What new measures are there to accelerate the active second-hand car market? The reporter interviewed the relevant person in charge of the Ministry of Commerce.
Second-hand cars will further realize free circulation throughout the country.
Restricting the removal of used cars has always been a prominent problem that restricts the construction of a unified national automobile market. In the past few years, the State Council has deployed many times, and relevant departments and localities have conscientiously implemented it, and continued to promote the cancellation of the policy of restricting the movement of used cars, and achieved positive results.
According to the relevant person in charge of the Ministry of Commerce, some enterprises and the masses have reported that since the implementation of the national sixth emission standard for new cars nationwide, a few places have "added policy" to used cars, requiring foreign countries to transfer used cars to meet the national sixth emission standard, and vehicles with national fifth emission standards are not allowed to move in. At the same time, there are still some places that violate the existing regulations of the state and restrict the movement of used cars that meet the emission standards of in-use cars, which hinders the free circulation of used cars across regions, restricts the operation of enterprises and inhibits the automobile consumption demand of the masses, which has been strongly reflected by all parties.
In order to solve these problems, in May, the State Council issued a "package of policies and measures to stabilize the economy", which clearly required that the policy of restricting the movement of used cars be completely abolished. The "Several Measures" have further refined and implemented this to ensure that this measure will be effective as soon as possible. The first is to clarify the scope requirements. That is to say, it is required to implement this policy nationwide, including key areas for air pollution prevention and control, and promote the free circulation of used cars that meet the national five emission standards. The second is to clarify the time requirements. In a few areas, the policy of lifting the restriction on relocation has made slow progress. In order to ensure that this measure will be effective as soon as possible, it is further clarified that this measure will be fully implemented from August 1 this year.
According to the relevant person in charge of the Ministry of Commerce, according to the analysis of relevant institutions, at present, the flow of used cars in China generally presents a regional feature from first-and second-tier cities to third-and fourth-tier cities. After the removal restriction policy is completely abolished, used cars will further realize the free circulation throughout the country, promote the rich supply of automobile products in various places, enhance the adaptability between supply and demand, better meet the demand for automobile consumption, satisfy people’s yearning for a better life, and achieve good economic and social benefits.
The person in charge said that the Ministry of Commerce will closely follow the progress of the implementation of local policies with relevant departments, do a good job of supervision and inspection, and ensure that the policies are fully implemented and effective as soon as possible.
Thoroughly get through the difficulties in the circulation of used cars.
Used cars are an important link in the whole life cycle of automobiles. Invigorating the circulation of used cars can revitalize the stock of cars and increase the consumption of new cars, which plays a very important role in promoting the consumption of cars.
China’s car ownership has exceeded 300 million, ranking first in the world. After the car ownership reaches a certain level, the second-hand car market begins to increase in volume, which is the universal law of automobile consumption in the world. In 2021, China’s second-hand car trading volume reached 17.59 million, less than 6% of the car ownership, far below the proportion of the international mature car market. The problems of cross-regional restrictions on the movement of second-hand cars, unclear commodity attributes, and limited distribution business have seriously hindered the development of the second-hand car market.
According to the relevant person in charge of the Ministry of Commerce, on the basis of systematic combing and extensive investigation, the Ministry of Commerce has put forward a series of measures to comprehensively develop the circulation of used cars, hoping to completely break through the difficulties in the circulation of used cars, so that used cars can gradually standardize transactions, circulate freely and consume with confidence like new cars. These measures cover almost all aspects and fields of second-hand car circulation, from the registration of market entities to filing, to the accounting treatment and invoice issuance of second-hand cars, and then to the cross-regional circulation and transfer registration of vehicles. In addition to the total cancellation of the relocation restriction policy, the "Several Measures" also includes the following aspects — —
Support the development of distribution business and promote scale development. Enterprise distribution mode is the main circulation channel of the mature international used car market, accounting for about 70%. China’s used car market is dominated by the "broker+individual" model, and the problem of "small and weak" in the industry is prominent. To this end, the "Several Measures" require the abolition of unreasonable restrictions on the development of second-hand car distribution, and it is clear that enterprises with registered residences and business premises outside the second-hand car trading market can carry out second-hand car sales business. At the same time, because natural persons can’t issue sales invoices to the purchasing enterprises as sellers when selling used cars, in order to facilitate the people to sell cars and business operations, used car enterprises are allowed to issue invoices as buyers, that is, "reverse invoicing", and handle the transfer registration procedures accordingly.
Optimize transaction registration management and promote efficient circulation. The "Several Measures" clarify that the second-hand cars distributed by enterprises should be accounted for as "inventory goods" like new cars, and a separate endorsement should be made when the vehicles are transferred and registered, and a temporary number plate should be issued, which greatly optimizes the transaction registration process; For cities where automobile purchases are restricted, it is clear that the second-hand cars purchased by automobile sales enterprises and used for sales do not occupy the number plate index, further reducing the operating costs of enterprises and facilitating the circulation of second-hand car transactions.
Promote the professional, large-scale and standardized development of used car circulation
The "Several Measures" proposes to restrict natural persons from selling three or more used cars that have been held for less than one year in a natural year. In this regard, the relevant person in charge of the Ministry of Commerce said that this measure is more specific, but it plays an important role in promoting the professional, large-scale and standardized development of used car circulation.
This policy meets the needs of the development of used car circulation and the demands of the industry. According to the current regulations, individuals do not have to pay value-added tax when selling used cars, and they are tax-free. However, the distribution enterprises should levy value-added tax according to a certain proportion of sales when selling used cars. For this reason, some second-hand car distribution enterprises carry out second-hand car distribution business in the name of brokers, and trade the vehicles under the name of individuals, resulting in the phenomenon of individual "backtracking". At present, the circulation of second-hand cars in China is dominated by "brokers+individuals", which leads to the "small and weak" industry, and has a negative impact on society, resulting in unfair competition, as well as many transaction disputes, which has dampened consumer confidence and become a drawback of the industry. The industry calls for effective policies to effectively regulate this phenomenon.
This measure also draws lessons from the experience of the mature international automobile market. The Ministry of Commerce has fully investigated the management of second-hand car circulation in developed countries. The circulation of second-hand car transactions in developed countries is very common and there are many mature experiences and practices. For example, if an individual sells a certain number of used cars within a certain period of time, he is recognized as a used car dealer. At this time, he can no longer trade in his own name, and must pay taxes according to law. He must express his car condition information to the next distribution enterprise and consumers, and he must also bear the responsibility of quality assurance. The Ministry of Commerce also draws lessons from these international advanced practices.
This measure will not affect the normal car sales behavior of the majority of car owners. The starting point of this measure is to eliminate the phenomenon of individual "back-selling" and will not affect individual car sales. The number of cars in China has exceeded 300 million, and the number of individual owners is 215 million. Among the 215 million car owners, there are about 2 million car owners who own more than three or more cars. The Ministry of Commerce has conducted in-depth research. Among these 2 million car owners, it is rare to sell more than three cars that have been held for less than one year in one year. Therefore, this measure will not affect the normal car sales behavior of individuals. At the same time, this measure also reserved a half-year transition period, which also reserved sufficient time for reasonably guiding market expectations and ensuring a smooth transition of policies.
People’s Daily (August 18, 2022, 07 edition)
CCTV.com
[内容速览]面对来势凶猛的金融风暴,香港特区政府使出杀手锏,在与索罗斯数度交锋中究竟发生了哪些惊心动魄的纠纷故事,当时的财政司司长曾荫权为什么会偷偷落泪?最后的大决战又暗藏着哪些玄机? |
News from CCTV.com (broadcast through Hongkong on May 29th): > > > > Click to watch the video. ….
In the face of the fierce financial turmoil, the Hong Kong SAR Government used its magic weapon. What thrilling dispute stories happened in several confrontations with Soros? Why did the then Financial Secretary Donald Tsang secretly cry? What are the mysteries hidden in the final Armageddon? "Through to Hong Kong" today broadcasts a special program "Ten Years of Memories of Financial Defence (Part II)".
That financial storm was threatening in those days.
How does the Hong Kong authorities resolve the financial crisis?
Why did Donald Tsang secretly shed tears during the financial turmoil?
The financial storm that started to make waves in July 1997 swept across Asia like a volcanic eruption, and then stirred the whole world. Those countries that fell in the storm were mired in the quagmire of economic collapse and could only be slaughtered by others. However, Hong Kong, which is still standing in the storm, has already suffered from black and blue wounds in its financial market. At this time, the SAR Government has realized that although the impact of international speculators has been defused several times, a more violent storm has not yet arrived, and the SAR Government must meet the challenge with tougher measures and a more active attitude. It is also at this time that Soros, who has been waiting for the best opportunity, is constantly accumulating energy and preparing to launch a final blow to Hong Kong. The decisive battle of Hong Kong’s financial defense finally kicked off in August 1998.
Details:
Welcome to the special program on the 10th anniversary of Hong Kong’s return to China, which was produced by "Through Hong Kong".
The financial storm that started to make waves in July 1997 quickly swept through Asia like a volcanic eruption and then stirred the whole world. Those countries that fell in the storm were trapped in the quagmire of economic collapse and could only be slaughtered. However, Hong Kong, which is still standing in the storm, has also suffered from black and blue financial markets. At this time, the SAR Government has realized that although the impact of international speculators has been defused several times, a more violent storm has not yet arrived, and the SAR Government must meet the challenge with tougher measures and a more active attitude. It is also at this time that Soros, who has been waiting for the best opportunity, is constantly accumulating energy and preparing to launch a final blow to Hong Kong. The Armageddon of Hong Kong’s financial defense finally kicked off in August 1998.
On August 5, 1998, international speculators sold more than 20 billion Hong Kong dollars in one day. The Hong Kong Monetary Authority changed its passive approach in the past, and absorbed all of Hong Kong’s fiscal reserves to stabilize the foreign exchange market at the level of HK$ 7.75 to US$ 1, and the interbank market borrowing interest only increased slightly.
On August 6th, speculators sold more than HK$ 20 billion, and the Monetary Authority made a new move, not only accepting all the Hong Kong dollars according to the order, but also depositing them into the Hong Kong banking system, which played a role in stabilizing interbank lending interest and prevented the stock market from falling due to the increase in interest rate.
On August 7th, the Hang Seng Index fell by 212 points, or 3%, due to the poor performance of some blue-chip stocks that have announced interim results. In the following trading days, from 7th to 13th, the Hong Kong government continued to adopt the method of absorbing Hong Kong dollars to stabilize the interbank interest rate and thus achieve the goal of stabilizing the stock market. However, due to speculators’ short selling in the stock market, the Hang Seng Index finally fell to a low around 6,600 points, almost 10,000 points lower than a year ago, and the total market value evaporated by HK$ 2 trillion in one year. .
On August 13th, after the Hang Seng Index was suppressed to 6,660 points, the Hong Kong government organized Hong Kong capital and mainland capital to enter the market, and launched a battle with rivals for the August stock index futures contract. Speculators want to suppress the index, while the Hong Kong Government wants to hold the index, forcing speculators to fail to cash out their contracts in full before the end of August. After entering the market, the Hong Kong Government bought a large number of August stock index futures contracts shorted by international speculators, pushing the futures index up from 6,610 points before entering the market to 7,820 points on the 24th, which was higher than the average opening price of 7,500 points by investment speculators, and achieved initial victory. After the market closed that day, the Hong Kong Government announced that it had used the Exchange Fund to intervene in the stock market and futures market.
On August 14th, the Hong Kong government officially participated in the stock market and futures market transactions. In order to safeguard the Hong Kong dollar, the Hong Kong Government brought huge amounts of exchange funds into the stock market and futures market to directly confront speculators. The Hong Kong Government issued instructions to a number of securities firms in Hong Kong, such as Bank of China, Dodoli and Hesheng, to absorb a large number of blue-chip stocks in the Hang Seng Index, saying that it must raise the stock index in August by 600 points at all costs. The Hong Kong government’s reversal of the previous policy of "positive non-intervention" has dealt an unexpected heavy blow to speculators.
On August 24th, in order to break the speculators’ arbitrage plan, the Hong Kong Government took the initiative again and intervened in the market with HK$ 5 billion. On that day, the Hang Seng Index fluctuated violently, with a short-term plunge of 300 points, and then it was quickly pulled back. At the close, the Hang Seng Index rose by 318 points.
For the snipers and defenders of Hong Kong’s financial market, this is definitely a thrilling August. The curtain of the decisive battle has been opened, and the last moment of the decisive battle is coming. August 28th, 1998 is the settlement date of August contract of Hong Kong Hang Seng Index Futures. International speculators have a large number of futures orders that must be sold when they expire. If the stock market and foreign exchange market can stabilize at a high level or continue to break through, speculators will lose hundreds of millions or even more than one billion dollars. On the contrary, the tens of billions of Hong Kong dollars invested by the Hong Kong Government before will be thrown into the sea. Two rivals who have been fighting in the financial market for a whole year have finally waited for the final battle to decide life and death.
On August 27th, 1998, bad news kept coming from the global financial field. The US Dow Jones stock index fell by 217 points, and the European and Latin American stock markets fell by 3% ~ 8%. The Hong Kong stock market is facing a severe test. Under the command of Donald Tsang, the then Financial Secretary of the SAR, the Hong Kong Government injected about HK$ 20 billion a day, which steadily boosted the Hang Seng Index by 88 points, laying the foundation for the final decisive battle. On the same day, Soros’s Quantum Fund publicly declared that the Hong Kong Government would fail. This kind of public challenge to a government in the name of a company or individual, threatening to defeat a government, is unprecedented. Of course, there is intimidation in this, but it also shows Soros’s ambition and confidence. For this decisive battle, both sides are prepared, and no one can afford to lose.
August 28th may be the longest day in Hong Kong since there was a stock market.
At 10 o’clock in the morning, the transaction officially began. Only five minutes after the market opened, the turnover of the stock market exceeded HK$ 3.9 billion. Half an hour later, the turnover exceeded HK$ 10 billion, and by the close of the morning, the turnover had reached HK$ 40 billion, which was close to the record of HK$ 46 billion daily turnover set on August 29, 1997.
After the market opened in the afternoon, the selling continued unabated, and the Hong Kong government accepted all the orders, and the turnover climbed all the way, while the Hang Seng Index and the Futures Index remained above 7,800 points. As the bell rang at 4 o’clock in the afternoon, the constantly beating Hang Seng Index, Futures Index and transaction amount on the display screen were finally locked at 7829, 7851 and 79 billion respectively.
The Financial Secretary of the Hong Kong Special Administrative Region immediately announced that the Hong Kong Government had won the battle against international speculators and defending the Hong Kong stock market and the Hong Kong dollar.
If we leave aside the tragic war on this day, then the closing point of the Hang Seng Index in Hong Kong on the 28th is really a very dull number, which is even 93 points lower than that of the previous day. However, the significance of this figure to Hong Kong’s financial market is immeasurable. It has made Hong Kong’s stock market stand firm, leaving international speculators with no room for profit, and because their contracts have expired, they will inevitably suffer huge losses. This enter the dragon was later written into the financial textbooks of many countries all over the world, and it also became an important plot in many film and television dramas. However, no matter how it was deduced in actual combat in class or how it was performed in movies, it was not as wonderful as that day.
August 28th, 1998 is a heartbreaking day for many speculators. They came with the results of sweeping Southeast Asia and the ambition of sweeping Hong Kong, and their battle plan was not careless. Perhaps their only failure was to underestimate the determination of the Hong Kong SAR government. The Hong Kong government, which has always pursued a zero-intervention economic policy, actually carried 98 billion US dollars of foreign exchange reserves and entered the stock market and the foreign exchange market for a large-scale defense.
On the 28th, international speculative funds almost rushed out in an attempt to completely suppress the stock index, while the Hong Kong government took all the sales orders and held them to the stock market. The transaction amount on this day reached HK$ 79 billion, setting a record for a single day in the Hong Kong market.
After the decisive battle on the 28th, international speculators also made a fight against the trapped animals. They believe that neither financial pressure nor public opinion pressure can sustain the SAR Government for a long time, so they decided to transfer the contract from August to September, hoping to fight a protracted war with the Hong Kong Government. The SAR government immediately made a decision to continue to push up the price of stock index futures, forcing speculative capital losses to leave. On September 7, the Hong Kong Monetary Authority promulgated new regulations on foreign exchange, securities trading and settlement, which greatly restricted speculators’ speculation. On that day, the Hang Seng Index soared 588 points and stood at the 8,000-point mark. The losses of international speculators further intensified and eventually they had to retreat from Hong Kong.
It is estimated by Hong Kong market participants that the Hong Kong government invested more than HK$ 100 billion in the two-week stock market support operation, and concentrated on acquiring the shares of several major blue-chip companies in Hong Kong, becoming the major shareholders of several blue-chip companies in Hong Kong. After that, everyone knows the story. The Hong Kong market gradually recovered its vitality. In 1999, the Hang Seng Index returned to more than 10,000 points, and the Hong Kong government completely withdrew from the stock market, earning billions of dollars.
At that time, there were loud voices for and against the government’s abandonment of the "zero intervention policy" and the use of foreign exchange reserves to intervene in the stock market and futures market. Today, conservative economists still believe that this move has damaged the international image of Hong Kong as a free economy. Soros even launched world public opinion and attacked the Hong Kong government for "administrative intervention in the market", which violated the rules of the market economy. However, supporters believe that the economy manipulated by speculative capital is not a free economy, and the Hong Kong government entered the market precisely to break this manipulation. Donald Tsang, the Financial Secretary of Hong Kong who personally directed the market entry operation at that time, was even more deeply impressed.
Tsang Pau Siu-Mei, the wife of Donald Tsang, never asked about her husband’s official business. Even if Donald Tsang attacked an "international financial tycoon" in the financial turmoil, she knew nothing beforehand.
"That summer (1998), I went to Jiuzhaigou with him (Donald Tsang). At that time, he had been calling back to Hong Kong. When he and I went to Istanbul later, I only felt that he had been preparing something urgent. Halfway through the trip, he suddenly said that something important had come back to Hong Kong, leaving me alone in Istanbul, having no idea what had happened. After returning to Hong Kong, I realized that he had made a decision to enter the market. "
In a letter to his younger brother, Donald Tsang explained why he was in favor of entering the market.
"Why should I make this intervention decision? ….. If the government does not take action again, the stock market will fall to an unreasonable level because of manipulation, interest will continue to be high, the Link will continue to be under pressure, and economic recovery will only be in the foreseeable future. "
"You may ask, why doesn’t the government just announce the abandonment of the linked exchange rate? ….. Decoupling at this time will only make Hong Kong people lose their confidence in the Hong Kong dollar overnight. Hong Kong is an economy that relies heavily on exports. Once the linked exchange rate is lost, the stability of Hong Kong’s foreign trade will be immediately reduced, and the stock market and property market will plunge again, interest rates will soar, and the economic environment will further deteriorate. Even in the long run, it may not be the blessing of Hong Kong people. "
Donald Tsang later said that he shed tears the night before the government decided to intervene in the market. But as he said in his letter: government participation in the market is a dilemma. Now that I have made this decision, I must stick to my principles and accept criticism. ….. I will never take it lightly, and I will redouble my efforts to account to the people of Hong Kong. ….. Our life is very difficult. But I don’t believe that we Hong Kong people will lose.
At that time, Soros, who sang against Donald Tsang, gave people the impression that he was a very mysterious figure. Even the specific figure of his losses in Hong Kong has never been known, so there will always be some deductive elements when talking about him. At that time, there was a widely circulated saying that some people even mentioned in the article that in 1998, when Soros directed speculative funds to attack Hong Kong in turn, an incident that happened in the mainland of China surprised him.
In March 1998, Zhu, who just became the Prime Minister of the State Council, China? Ji held his first press conference in the Great Hall of the People in Beijing.
"If Hong Kong needs it, the central government will defend Hong Kong at all costs!"
This is the sentence that surprised Soros. It is said that Soros was drinking tea at that time, and when he heard this sentence, the cup in his hand fell to the ground. Although the truth of this statement cannot be verified, the firm support of the China government is a great encouragement to Hong Kong compatriots and a shock to international speculators.
In fact, in 1998, China’s economy also encountered many difficulties, such as declining export growth rate, sluggish domestic demand, and catastrophic floods. At that time, the whole world almost unanimously declared that China’s economy would struggle if the RMB did not depreciate. However, in a highly responsible attitude, the China government has made a solemn commitment not to devalue the RMB from the overall situation of maintaining stability and development in the region. To show sincerity, the China government also narrowed the floating range of the RMB against the US dollar.
While insisting that the RMB will not depreciate, the China government has adopted the policy of expanding domestic demand and stimulating economic growth, which has maintained the healthy and stable growth of the domestic economy and played an important role in easing the economic tension in Asia and promoting the economic recovery in Asia.
The financial defense war in Hong Kong, which happened at the end of last century, is still talked about by people, although there is no sword and shadow, and there is no smoke. When many economies collapsed in the face of the storm, the young Hong Kong Special Administrative Region withstood Soros’s indiscriminate bombing and kept the development achievements of Hong Kong for decades. If one day, we can read Soros’s autobiography, I wonder how he will describe the Waterloo in Hong Kong.
Editor: Liu Di