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() The business review of the Board of Directors in the first half of 2023 is as follows:

　　First, the overall operating situation analysis

In the first half of 2023, the Group conscientiously implemented various national decision-making arrangements and regulatory requirements, adhered to the market positioning of "serving agriculture, rural areas and farmers", serving small and medium-sized enterprises and serving the county economy ",practiced the strategy of" establishing retail businesses, prospering businesses through science and technology, and forcing talents ",deepened the development system of" integrated four-wheel drive "and made every effort to do a good job of" increasing income, preventing risks, optimizing structure and grasping transformation " The total assets were 1,438.351 billion yuan, up 86.490 billion yuan from the end of last year, the balance of deposits was 902.482 billion yuan, up 77.535 billion yuan from the end of last year, and the balance of loans was 673.736 billion yuan, up 41.059 billion yuan from the end of last year. The scale of assets, deposits and loans ranks first in Chongqing. The profit index grew steadily, achieving a net profit of 7.121 billion yuan, a year-on-year increase of 624 million yuan. The asset quality remained stable, and the non-performing loan ratio was 1.21%, down 0.01 percentage point from the end of last year. The provision coverage ratio is 350.87%, the capital adequacy ratio is 15.30%, and the core tier-one capital adequacy ratio is 12.86%, which has strong risk resistance. Ranked 115th in the list of "Top 1,000 Global Banks in 2023" published by Banker magazine, ranked 22nd among the listed banks in China, and ranked first among the national rural commercial banks and central and western banks.

The level of serving the real economy has been continuously improved. Actively meet major strategic opportunities, provide diversified services such as credit, bonds, investment banking, gold rent, wealth management, and support 141 major projects and municipal key projects in Chengdu-Chongqing area, with a credit amount of 108.421 billion yuan and a loan balance of 21.681 billion yuan. Focus on the construction of new land and sea channels in the west, and use special products such as land and sea new channel loans to support the financing balance of foreign trade enterprises along the line of 10.566 billion yuan. The "two increases and two controls" reached the standard in time, and the balance of inclusive small and micro loans was 125.211 billion yuan, an increase of 12.173 billion yuan over the end of last year. The county market continued to be deeply cultivated, and the balance of agricultural loans was 227.289 billion yuan, an increase of 11.664 billion yuan over the end of last year. Constantly enriching the green financial system, it has been included in the scope of financial institutions supporting carbon emission reduction by the People’s Bank of China, with a green credit balance of 57.642 billion yuan.

The effectiveness of digital transformation is constantly emerging. In-depth implementation of digital Chongqing construction and deployment, start digital transformation strategic planning consultation, actively introduce external data sources, and strengthen financial technology innovation and empowerment. Accelerate the layout of digital villages, build a rural revitalization financial service management platform, strengthen the application of special services such as "dialect bank" and "air counter", and make new highlights in government affairs and people’s livelihood services. Formulate R&D technical specifications, build an independent and controllable unified R&D platform, and the digital risk control system is becoming more and more complete. Iterative optimization of online products, integration to create a digital product system "Chongqing Quick Loan+",the balance of online loans was 145.598 billion yuan, and the number of mobile banking users exceeded 14 million, continuously improving service efficiency and customer experience.

Second, the financial review

(A) Analysis of income statement

In the first half of 2023, the Group achieved operating income of 14.866 billion yuan, a year-on-year decrease of 464 million yuan or 3.03%; The net profit was 7.121 billion yuan, an increase of 624 million yuan or 9.61%. After deducting non-recurring gains and losses, the net profit attributable to shareholders of the Bank was 6.799 billion yuan, an increase of 489 million yuan or 7.75%.

1. Net interest income

In the first half of 2023, the net interest income was 12.044 billion yuan, a year-on-year decrease of 747 million yuan or 5.84%. Among them, loan interest income accounted for 58.31% of interest income, up 0.88 percentage points year-on-year.

(1) Net interest margin and net interest rate of return

In the first half of 2023, the Group’s net profit margin was 1.70%, down 21 basis points year-on-year; The net interest rate of return was 1.79%, down 24 basis points year-on-year. From the asset side, on the one hand, LPR continues to be lowered, and the capital market interest rate is lower; On the other hand, the Group reduced fees and profits, effectively reduced the financing costs of enterprises, and the return on assets declined. From the debt side, the Group strengthened the control of deposit cost and effectively reduced the debt financing cost.

Net interest income decreased by 747 million yuan year-on-year, mainly due to the increase of 985 million yuan driven by the change of average balance of assets and liabilities, and the decrease of 1.731 billion yuan affected by the change of average yield and cost rate.

2. Non-interest net income

In the first half of 2023, the Group’s net non-interest income was 2.822 billion yuan, up by 283 million yuan or 11.16% year-on-year, accounting for 18.98% of its operating income, up by 2.42 percentage points year-on-year.

(1) Net fee and commission income

In the first half of 2023, the Group’s net fee and commission income was 992 million yuan, a year-on-year decrease of 47 million yuan or 4.49%. The net fee and commission income accounted for 6.68% of the operating income.

The commission for agency and entrusted business was RMB426 million, up RMB80 million year-on-year, mainly due to the Group’s better growth in product marketing, consignment insurance and other agency business.

Bank card fee income was RMB286 million, up RMB129 million year-on-year, mainly due to the growth of the Group’s merchant business.

The settlement and clearing fee income was 84 million yuan, up 15 million yuan year-on-year, mainly due to the increase in online channel payment fee income.

Other fees and commission income was 326 million yuan, a year-on-year decrease of 38 million yuan, mainly due to the decrease in the lending rate of market bonds.

(2) Other non-interest net income

In the first half of 2023, the Group realized other non-interest income of 1.830 billion yuan, an increase of 330 million yuan year-on-year, with an increase of 21.99%, mainly due to the increase in income from changes in fair value.

Investment income was 1.073 billion yuan, a year-on-year decrease of 206 million yuan, mainly due to the decrease in investment income of trading financial assets.

The net gain from changes in fair value was RMB430 million, up RMB421 million year-on-year, mainly due to the Group’s enhanced market research and rational allocation of trading assets.

The net exchange income was RMB 41 million, a year-on-year decrease of RMB 13 million, mainly due to the decrease in exchange gains and losses of foreign exchange-related businesses caused by exchange rate fluctuations.

The income from asset disposal was RMB 03 million, a year-on-year decrease of RMB 03 million, mainly due to the decrease in the income from the disposal of fixed assets.

Other income was 243 million yuan, an increase of 125 million yuan year-on-year, mainly due to the increase in incentive funds for enjoying the central bank’s policy of supporting small and micro loans.

The income from other businesses was RMB 40 million, an increase of RMB 05 million year-on-year, which remained basically stable.

3. Taxes and surcharges

Taxes and surcharges are mainly related to loans (interest income), securities transfer and income generated by other financial products and services.

In the first half of 2023, taxes and surcharges were 147 million yuan, an increase of 03 million yuan year-on-year, which remained basically stable.

4. Business and management fees

In the first half of 2023, the Group’s business and management fees amounted to 4.639 billion yuan, an increase of 483 million yuan or 11.63%.

The cost-income ratio was 31.20%, up 4.09 percentage points year-on-year.

(1) Staff cost

In the first half of 2023, the staff cost was 2.911 billion yuan, a year-on-year increase of 208 million yuan, mainly due to the increase in staff costs.

(2) Depreciation and amortization

In the first half of 2023, depreciation and amortization amounted to 387 million yuan, a year-on-year decrease of 07 million yuan, which remained basically stable.

(3) Other general and administrative expenses

In the first half of 2023, other general and administrative expenses were 1.34 billion yuan, an increase of 282 million yuan year-on-year, mainly due to the increase in business promotion fees related to business development.

5. Other business costs

In the first half of 2023, the cost of other businesses of the Group was RMB 21 million, an increase of RMB 04 million year-on-year, mainly due to the increase in the operating lease cost of the Group’s operating lease business.

6. Impairment loss

The impairment loss of loans and advances from customers decreased by RMB2.661 billion year-on-year, mainly due to the steady improvement of the Group’s asset quality, and at the same time, the collection and disposal of written-off assets were intensified. In the first half of the year, 1.525 billion yuan of loans written off in the previous period were recovered, which led to the write-back of impairment reserves, so the credit impairment loss in the current period decreased significantly year-on-year. The impairment loss of financial investment increased by RMB694 million year-on-year, and other impairment losses increased by RMB192 million year-on-year, mainly because the Group made forward-looking provision for impairment based on the principle of prudence.

7. Net non-operating income and expenditure

In the first half of 2023, the Group’s net non-operating income and expenditure was RMB 04 million, mainly due to the decrease of the Group’s public welfare donation expenditure.

8. Income tax expenses

In the first half of 2023, the income tax expense was 1.097 billion yuan, a year-on-year increase of 231 million yuan. The actual income tax rate was 13.35%, which was lower than the statutory tax rate of 25%, mainly because the Group continued to optimize its business investment structure on the basis of balancing risks and benefits, and held some statutory tax-free government bonds and local government bonds, thus reducing the actual income tax rate.

(B) Balance sheet analysis

1. Assets

By the end of June 2023, the Group’s total assets were 1,438.351 billion yuan, an increase of 86.490 billion yuan or 6.40% compared with the end of last year.

The book balance of customer loans and advances was 673.736 billion yuan, an increase of 41.059 billion yuan or 6.49% compared with the end of last year. It accounted for 46.84% of the total assets, up 0.04 percentage points from the end of last year. Focusing on the strategic orientation of "establishing a retail bank", the Group increased the credit supply of consumer loans. Help rural revitalization and deepen the practice of inclusive finance. Serve major strategies such as the twin-city economic circle in Chengdu and Chongqing, build a green financial system, and increase support for advanced manufacturing and people’s livelihood.

Financial investment was 614.143 billion yuan, an increase of 41.160 billion yuan or 7.18% compared with the end of last year. The Group continued to increase investment in standardized products, at the same time, continuously enriched the variety of investable products and continuously optimized the allocation strategy. Trading financial assets amounted to 104.147 billion yuan, an increase of 38.311 billion yuan or 58.19% compared with the end of last year, mainly due to the increase in interbank deposit receipt investment. Debt investment was 376.326 billion yuan, a decrease of 24.816 billion yuan or 6.19% compared with the end of last year. Investment in other creditor’s rights was 132.517 billion yuan, an increase of 27.144 billion yuan or 25.76% compared with the end of last year. Investment in other equity instruments was RMB1.154 billion, an increase of RMB521 million or 82.41% compared with the end of last year, mainly due to the increase in investment in other equity instruments received by the Group.

The total amount of cash and deposits with the central bank was 56.968 billion yuan, an increase of 4.074 billion yuan or 7.70% compared with the end of last year, mainly due to the large growth of the Group’s deposits and the corresponding increase in the reserves deposited with the central bank.

The amount of interbank deposits and loans was RMB100.873 billion, an increase of RMB6.206 billion or 6.56% compared with the end of last year, mainly due to the Group’s increased scale of interbank deposits and loans.

Financial assets bought and resold amounted to RMB2.537 billion, a decrease of RMB5.920 billion or 70.00% compared with the end of last year, mainly because the Group reduced the scale of financial assets bought and resold in consideration of liquidity management needs.

(1) Customer loans and advances

As of the end of June 2023, the book balance of the Group’s customer loans and advances was RMB673.736 billion, an increase of RMB41.059 billion or 6.49% compared with the end of last year.

The company’s loans and advances totaled 326.383 billion yuan, an increase of 27.696 billion yuan or 9.27% compared with the end of last year. Among them, short-term loans increased by 635 million yuan and medium-and long-term loans increased by 27.061 billion yuan. The Group helped rural revitalization and increased support in rural tourism, grain industry chain and other fields; Optimize the credit scheme, promote the construction of green finance, and increase the credit supply of emerging industries such as new energy and advanced materials.

Retail loans and advances totaled 295.107 billion yuan, an increase of 12.337 billion yuan or 4.36% over the end of last year. The Group continued to vigorously develop the retail loan business of inclusive finance and consumer finance.

Among them, the total amount of personal mortgage loans was 94.847 billion yuan, a decrease of 2.119 billion yuan or 2.18% from the end of last year.

On the premise of meeting the regulatory requirements, the Group focuses on supporting the reasonable financing needs of residents’ self-occupied houses.

The loans for individual business and re-employment totaled 112.384 billion yuan, an increase of 10.504 billion yuan or 10.31% compared with the end of last year. The Group built a one-stop online financing platform, integrated the advantages of offline channels, boosted the development of personal loan business, and continuously enhanced the advantages of inclusive finance.

Other loans totaled 87.876 billion yuan, an increase of 3.952 billion yuan or 4.71% over the end of last year. The Group optimized its marketing model, improved product adaptability and promoted the development of consumer finance.

The discounted bills were 52.246 billion yuan, an increase of 1.026 billion yuan or 2.00% over the end of last year. The Group increased its support for the short-term financing needs of enterprises.

In the first half of 2023, the Group closely followed the major national and local strategic plans, and made great efforts to serve local economic development and help infrastructure construction projects. By the end of June, 2023, the loan balances of the top three corporate loans of the Group (namely, leasing and business services, water conservancy, environment and public facilities management and manufacturing) were 82.685 billion yuan, 76.465 billion yuan and 64.432 billion yuan respectively, accounting for 12.27%, 11.35% and 9.56% of the total loans and advances of the Group respectively.

(2) Financial investment

By the end of June 2023, the total financial investment was 614.143 billion yuan, an increase of 41.160 billion yuan or 7.18% compared with the end of last year. The Group continued to strengthen market research and actively optimized its investment structure according to market changes.

In the first half of 2023, the Group continued to optimize its financial investment structure, with a total bond investment of 484.295 billion yuan, an increase of 15.606 billion yuan or 3.33% compared with the end of last year.

Step 2 Liabilities

By the end of June 2023, the Group’s total liabilities amounted to RMB1,318.618 billion, an increase of RMB81.773 billion or 6.61% over the end of last year. Customer deposits are the core source of liabilities of the Group, with an increase of 77.535 billion yuan or 9.40% compared with the end of last year; Inter-bank deposits and loans increased by 9.533 billion yuan or 10.19% compared with the end of last year; Issued debt securities decreased by 25.763 billion yuan or 15.06% compared with the end of last year; The amount of financial assets sold and repurchased increased by 11.526 billion yuan, or 27.14%, compared with the end of last year, mainly because the Group adjusted its debt structure according to market conditions; Borrowing from the central bank increased by 7.354 billion yuan, or 8.51%, compared with the end of last year, mainly by actively using the central bank’s monetary instruments and increasing the central bank’s special funds such as supporting agriculture and supporting small loans.

(1) Customer deposits

In the first half of 2023, the Group relied on its channel and retail advantages, and its customer deposits grew steadily. By the end of June 2023, the total customer deposits were 902.482 billion yuan, an increase of 77.535 billion yuan or 9.40% over the end of last year.

From the perspective of customer structure, the company’s deposits were 151.318 billion yuan, an increase of 10.236 billion yuan or 7.26% compared with the end of last year; Personal deposits amounted to 741.462 billion yuan, an increase of 64.111 billion yuan or 9.46% compared with the end of last year, and its proportion in total customer deposits further increased by 0.05 percentage point compared with the end of last year.

From the perspective of term structure, demand deposits were 235.927 billion yuan, a decrease of 14.824 billion yuan or 5.91% compared with the end of last year, accounting for 26.14% of the total customer deposits; Time deposits amounted to 656.853 billion yuan, an increase of 89.171 billion yuan or 15.71% compared with the end of last year, accounting for 72.79% of the total customer deposits.

4. Off-balance sheet items

By the end of June 2023, the off-balance sheet items of the Group mainly included unused credit card lines, acceptance bills, letters of guarantee and letters of credit, with balances of 26.381 billion yuan, 13.059 billion yuan, 1.498 billion yuan and 2.676 billion yuan respectively; The capital expenditure commitments that have been approved but not yet shown on the balance sheet are all approved contracts that have not been signed or fulfilled, amounting to 505 million yuan; Operating lease commitments not included in the measurement of lease liabilities are not significant.

(C) Analysis of cash flow statement

The net cash inflow from operating activities was 20.041 billion yuan. Among them, the cash inflow was 127.686 billion yuan, an increase of 7.764 billion yuan year-on-year, mainly due to the net increase in customer deposits and interbank deposits; The cash outflow was 107.644 billion yuan, a year-on-year increase of 52.215 billion yuan, mainly due to the year-on-year increase in the net increase in financial assets held for trading purposes.

The net cash inflow from investment activities was 6.697 billion yuan. Among them, the cash inflow was 172.348 billion yuan, an increase of 22.682 billion yuan year-on-year, mainly due to the increase in cash received from investment recovery; The cash outflow was 165.651 billion yuan, an increase of 6.842 billion yuan year-on-year, mainly due to the increase in cash paid for investment.

The net cash outflow from fund-raising activities was 30.858 billion yuan. Among them, the cash inflow was RMB113.627 billion, up RMB5.941 billion year-on-year, mainly due to the increase in cash received by the Group in issuing bonds; The cash outflow was 144.486 billion yuan, a year-on-year decrease of 16.673 billion yuan, mainly due to the decrease in cash paid to repay bonds.

(D) Analysis of loan quality

1. Five-level classification of loans

In the first half of 2023, the Group adhered to the bottom line thinking, strictly controlled substantive risks, implemented dynamic classified management, timely collected and disposed non-performing assets, and comprehensively consolidated asset quality. By the end of June, 2023, the balance of non-performing loans of the Group was 8.144 billion yuan, an increase of 427 million yuan compared with the end of last year; The non-performing loan ratio was 1.21%, down 0.01 percentage point from the end of last year, of which the balance of non-performing loans in the main city accounted for 54.70% and that in the county accounted for 45.30%.

2. Loan concentration

(1) Industry concentration and distribution of non-performing loans

In the first half of 2023, the Group fully studied the regulatory policies, strictly implemented the credit investment guidelines, strictly controlled the credit access, and strengthened the monitoring of customers in key areas and key industries. With the gradual economic recovery in the first half of 2023, the balance and non-performing rate of corporate non-performing loans of the Group continued to show a "double decline" trend, and the asset quality continued to improve; The balance of retail non-performing loans has increased, mainly because the operating income of some individual industrial and commercial households and other customers has not been effectively restored, and the solvency is insufficient. The Group classified management according to material risks, and the growth rate of retail non-performing loans decreased year-on-year, and the asset quality remained stable.

(2) borrower concentration

At the end of June 2023, the total loans of the largest single borrower of the Group accounted for 3.83% of the net capital, and the total loans of the top ten customers accounted for 23.28% of the net capital. By the end of June 2023, the loans of the top ten single borrowers of the Group were all non-performing loans.

Third, the main business discussion and analysis

(1) Retail business

Adhering to the development concept of "customer-centered", the Bank strengthened product innovation, built a customer value-added rights and interests system and enriched customer rights and interests around "customer acquisition and drainage, customer viscosity, and excellent customer efficiency". Efforts will be made to promote the promotion of merchant business, optimize the card environment, and accelerate the construction of the BBC financial ecosystem. Maintain the determination of transformation and upgrading, further deepen the retail market, and steadily push the retail business to a new level.

1. Personal deposit and loan business

The increase in personal deposits has reached a new high. We will continue to build a classified management system of "functional, characteristic and scene-based" products, optimize the deposit structure, tap the deposit potential and contribution of key customer groups, create characteristic deposit products and activities, enhance the sense of customer exclusivity, and inject strong momentum into precision marketing. By the end of June 2023, the balance of personal deposits of the Group was 741.462 billion yuan, an increase of 64.111 billion yuan or 9.46% compared with the end of last year, and the total amount of personal deposits and incremental market share remained the first in Chongqing.

The scale of consumer loans has steadily increased. Focusing on the strategic orientation of "establishing a retail bank", we continued to increase retail credit. The balance of retail consumer loans (excluding mortgages and third-party joint loans) was 36.205 billion yuan, a net increase of 5.804 billion yuan compared with the end of last year, ranking first in the city in terms of balance and increment. We launched "Chongqing Express Loan and New Citizen Lease Loan", and the acceptance of "transfer with mortgage" business ranked first in the city, which led to an increase of 1.263 billion yuan in mortgage investment year-on-year. By the end of June, 2023, the loan balance of "billion-level" fist product "Chongqing Express Loan" reached a new high, reaching 16.596 billion yuan, an increase of 5.466 billion yuan compared with the end of last year and an increase of 2.910 billion yuan year-on-year, keeping the balance and increment of similar products first in the city.

2. Bank card business

Debit card business continues to grow. Constantly improve the "Jiangyu" branded debit card product system and continuously improve product functions. By the end of June 2023, the total number of debit cards issued by the Group reached 28,648,900. Among them, there were 12,836,800 rural debit cards with the function of subsidizing remittance fees from different places, and the remittance funds from different places were 31.638 billion yuan that year. The social security card business grew rapidly, with the cumulative social security card issuance exceeding 6 million, and 1,257,900 new cards were issued in the first half of the year, ranking first in the city in terms of card issuance increment.

The credit card business has developed steadily. Vigorously develop installment business, strengthen the construction of merchant scenes, constantly consolidate internal management, effectively control development risks, and maintain rapid growth of credit card business. By the end of June 2023, there were 81,400 new credit card customers, and the credit balance increased by 1.249 billion yuan or 10.06% compared with the end of last year. The transaction amount of merchants was 97.698 billion yuan, up 30.63% year-on-year, and the balance of merchants’ AUM was 68.170 billion yuan, up 16.42% from the end of last year. The LUM balance of merchants was 42.912 billion yuan, an increase of 9.44% over the end of last year.

3. Wealth management business

The quality and efficiency of wealth management business have improved. Strict access standards, optimizing cooperative institutions around the customer’s characteristic rights and interests system; Intensified guest

By the end of June 2023, the sales of agency insurance products reached 1.335 billion yuan, up 21.14% year-on-year, and the commission income of insurance agency business reached 159 million yuan, up 74.73% year-on-year.

4. Customer management

Build a precise marketing service system. Using digital technology to promote the deep mining, labeling management and value re-promotion of customer data, and basically build a multi-dimensional customer labeling system of "subject, behavior and contribution", laying a good foundation for realizing "creating products for customers and finding customers for products". By the end of June 2023, there were nearly 29 million retail customers and 15,370,600 active customers, an increase of 361,100. The number of VIP customers increased by 170,400, with an increase of 6.33%, and the balance of financial assets of VIP customers increased by 50.900 billion yuan, with an increase of 8.48%, realizing the "double increase" of target customers and customers’ contributions.

5. Electronic distribution channels

Promote intelligent and digital marketing. Vigorously expand outbound marketing business and focus on improving service quality and efficiency. During the reporting period, the customer service volume of telephone banking was 3,502,900 tons, and the customer satisfaction rate was 99.21%. Robot intelligent outbound calls were 1,709,100 times, accounting for 90.70% of the total outbound calls; The output value of loan marketing was 635 million yuan, a year-on-year increase of 153.78%.

Transformation and upgrading of mobile banking. Continue to carry out aging transformation, enrich the non-financial functions of helping agriculture, expand the application scenarios of interactive platforms, and improve online payment and financial interactive services. By the end of June 2023, the Group had 14,037,300 mobile banking users, a net increase of 512,500 or 3.79% compared with the end of last year. This year, the transaction amount was 762.624 billion yuan, and there were 44,877,500 financial transactions, with a year-on-year increase of 7.05%.

Transformation and development of corporate online banking. Continue to optimize and upgrade the corporate online banking 4.0 system, and complete the online functions such as loan collection, APP cloud signing, and wealth management signing management to help the company’s financial digital transformation and development. By the end of June, 2023, there were 154,400 corporate online banking customers, with a net increase of 6,500, or 4.24%, compared with the end of last year. The transaction amount in this year was 626.372 billion yuan, and 6,035,000 financial transactions occurred, up by 11.66% year-on-year.

(2) Small and micro businesses

The Bank adhered to the main business of serving the real economy, followed the pace of Chongqing’s economic and social development, seized policy opportunities, further promoted digital transformation and upgrading, and continued to promote the high-quality development of small and micro businesses. By the end of June, 2023, the Bank had 193,100 inclusive loans to small and micro enterprises, an increase of 17,100 compared with the end of last year. The loan balance was 125.211 billion yuan, an increase of 12.173 billion yuan compared with the end of last year, and the growth rate was 4.80 percentage points higher than the growth rate of various loans of the Bank, thus achieving the goal of "two increases". The loan increment and stock of Pratt & Whitney small and micro enterprises continued to rank first in the city, winning the title of "Advanced Unit of Financial Services for Small and Micro Enterprises in 2022", and the supervision and evaluation of financial services for small and micro enterprises continued to maintain the highest level.

Broaden the channels for obtaining customers. Relying on big data, cloud computing, artificial intelligence technology, and taking electronic channels such as micro-banking and mobile banking as carriers, we will build an intelligent working platform for integrated financing services, providing small and micro enterprises and individual industrial and commercial households with one-stop financing services of "scanning code application, product matching, automatic billing and intelligent loan handling" and opening up online customer acquisition channels; Give full play to the advantages of the Bank in many aspects, and further promote the "global marketing of all employees" to help microfinance services reach deeper and cover wider.

Deepen transformation and upgrading. Adhere to the market demand and customer experience as the guide, further promote digital transformation, and create differentiated competitive advantages. In terms of products, we will continue to deepen the multi-party cooperation between the government and banks, build a batch business incubation platform, promote system interconnection and data sharing, and newly launch businesses such as "Qingfeng Loan", "Chongqing Fast Mining Loan" and "Commercial Value Credit Loan", and diversify the customer base through multi-dimensional products. In terms of process, we strengthened technology empowerment, launched mobile survey and image acquisition tools, optimized the functions of "cloud signing", "self-service lending" and "self-service loan renewal", continued to promote the online and intelligent transformation of the loan process, and improved the convenience and experience of micro-financing. In the first half of 2023, small and micro businesses lent over 60 billion yuan through online channels, an increase of over 15 billion yuan year-on-year.

Deepen the market of individual industrial and commercial households. Focus on the characteristics of individual industrial and commercial households, create a platform of "Chongqing Express Revitalization Loan", establish a differentiated model, and create a series of exclusive products such as "Chongqing Express Catering Loan", "Chongqing Express Business Super Loan" and "Chongqing Express Merchant Loan" to enhance product adaptability; Go deep into the concentrated areas of individual industrial and commercial households to carry out policy announcements and visits, strengthen the docking of financing needs, and increase credit supply through intelligent loan channels. By the end of June 2023, loans to individual industrial and commercial households had increased by 16,800 households and 10.583 billion yuan compared with the end of last year.

(III) Business of the Company

Focusing on key areas such as the twin-city economic circle in Chengdu-Chongqing region, the new land and sea corridor in the west, and the construction of key municipal projects in Chongqing, the Bank actively carried out the construction of a green financial system, focused on advanced manufacturing, helped the real economy to become better and stronger, continuously increased its support for rural revitalization, water and electricity supply and other areas that benefit people’s livelihood, gradually improved its international settlement and cross-border service capabilities, and steadily promoted the high-quality development of the company’s business.

1. The company’s deposit and loan business

By the end of June 2023, the balance of deposits of the Group’s companies was RMB151.318 billion, an increase of RMB10.236 billion over the end of last year; The company’s loan balance was 326.383 billion yuan, an increase of 27.696 billion yuan over the end of last year.

Strengthen financial support and serve major strategies. Focusing on the twin-city economic circle in Chengdu-Chongqing area, the new land and sea passage in the west and the key projects at the municipal level, we will establish a joint marketing mechanism between the general branch and the branch in accordance with the requirements of "project, inventory and responsibility", implement the classified management of the list, and enhance the service for major strategic projects. By the end of June 2023, Chongqing’s major projects in 2023 had been fully covered and docked, and 141 major projects in Chengdu-Chongqing Shuangcheng Economic Circle and municipal key projects were supported. The approved credit amount was 108.421 billion yuan, and the loan balance was 21.681 billion yuan.

Implement three "optimizations" to support advanced manufacturing. Optimize industry investment and promote credit resources to tilt towards Chongqing’s "33618" modern manufacturing cluster system industry. Optimize the customer structure and increase the marketing efforts of "specialized and innovative" enterprises. The proportion of financial services in Chongqing specialized and innovative enterprises reached 67.35%. Optimize the credit plan, focusing on promoting the implementation of the "excellent customer promotion plan" for manufacturing enterprises. The total amount of new manufacturing loans accounted for nearly 30% of the total amount of accumulated corporate loans in the first half of the year.

Increase investment in agriculture-related loans to help rural revitalization. Landing the first affordable rental housing project of the whole bank. Promote the integration of agriculture and tourism, further improve the financial services of rural tourism resources, and focus on supporting related projects in rural revitalization demonstration zones. Ensure food security, increase financial support for the grain industry chain, and increase investment in agriculture-related loans to key grain and oil enterprises.

Make good use of policy tools to promote green development. The Bank actively participated in the construction of Chongqing Green Finance Reform and Innovation Experimental Zone. Since 2023, the Bank has been included in the scope of financial institutions supporting carbon emission reduction by the Head Office of the People’s Bank of China, successfully launched the first green bill discount business in the Bank, and received special support from the People’s Bank of China for "Green Ticket Pass" rediscount. By the end of June 2023, the balance of green credit was 57.642 billion yuan, an increase of 8.927 billion yuan or 18.32% over the end of last year.

Scientifically plan transformation and optimize marketing scenarios. Formulate the standard of financing data system, realize the online management of FPA financing total index of corporate customers, and lay the foundation for coordinating the development of total assets business; Further optimize the efficiency of service tools, complete the transformation of online credit application system, and improve credit efficiency; Further optimize the customer structure of the company and promote the effective expansion of key customer groups such as VIP, comprehensive, full-product and active customers; The customer acquisition capacity of the scene was further optimized, the retail lines were linked, and the standardized process of scene marketing was established, achieving 6,628 corporate customers and 810,000 individual customers, with a cumulative payment of over 6.7 billion yuan.

2. Institutional business

Broaden business channels and promote the return of funds. Actively participated in the bidding for cash management of the central treasury, and won the bid for 3 times in total, bringing in 15 billion yuan of foreign funds for Chongqing; Adjust the target customer base, take the initiative to attack and actively market, and make every effort to maintain stability.

The account and deposit marketing of body economic organizations, and the account opening of rural economic organizations accounted for 70.50% of the city.

3. International business

In the first half of 2023, the Bank achieved international settlement volume of US$ 2.35 billion, and settlement and sale of foreign exchange on behalf of customers amounted to US$ 730 million. The transaction volume of foreign exchange funds ranks first among local corporate banks in Chongqing, including inter-bank spot foreign exchange transactions of US$ 2.653 billion and inter-bank far swap settlement and sale transactions of US$ 3.281 billion.

Achieve new breakthroughs in cross-border financing. Innovate the green financial service model and land the first cross-border carbon emission quota pledge financing business in the city. We implemented the facilitation policy of cross-border financing for financial foreign exchange service enterprises, continued to promote the incremental expansion of cross-border loans for science and technology, and provided cross-border financing for five science and technology enterprises with a cumulative amount of 8.28 million US dollars.

Construct dual channels of international settlement. It is the first local corporate bank to directly connect CIPS standard transceiver with API mode to realize the automation, digitization and paperless of cross-border RMB settlement messages, and form a dual-channel settlement system of SWIFT and CIPS.

Help the construction of new land and sea passages in the west. We continued to use financing products such as "land and sea new channel loan" to provide financing support for channel enterprises, and issued a total of 11.4 million yuan of "land and sea new channel loan" for four manufacturing small and micro enterprises. Continue to promote the expansion and increment of "land-sea chain integration", and use the "one-single-system" digital bill of lading of the new land-sea channel and the information interaction function between banks to issue financing of 12,465,000 US dollars.

(4) Financial market business

1. Financial interbank business

During the reporting period, the Bank steadily enhanced its market influence and expanded its brand awareness: it was re-elected as the first-class dealer in open market business in 2023, and it was the only legal entity in Chongqing that was granted the qualification; In the evaluation of the inter-bank local currency market, it has been awarded the honorary award of monthly innovative active traders for many times. In terms of asset-liability allocation, we should give consideration to liquidity and profitability on the premise of ensuring safety, reasonably arrange the speed of opening positions according to the trend of interest rates, make a good multi-level asset portfolio, make good use of the policy advantages of various business varieties, continuously optimize the account book allocation strategy, and explore investment opportunities in different markets; Improve the utilization efficiency of debt resource indicators, step on the rhythm of debt absorption, optimize debt maturity and product portfolio management, and broaden financing channels; Continuously improve the diversification of customer types and continuously reduce the cost of debt. In terms of trading, we will continue to improve research methods and research systems, build professional investment and research teams, focus on fundamentals, policies and technologies, enhance the forward-looking and autonomy of investment and research analysis, select appropriate trading strategies, continuously enrich trading varieties, and continuously increase asset returns.

By the end of June 2023, the balance of the Group’s bond investment was 484.295 billion yuan, including 340.744 billion yuan of government bonds, public institutions and quasi-government bonds, an increase of 13.349 billion yuan compared with the end of last year. The scale of other bonds increased slightly as a whole, including 102.186 billion yuan of AAA1-rated bonds, an increase of 3.720 billion yuan compared with the end of last year, and 2.7 billion yuan of AA+-rated bonds among other bonds.

By the end of June 2023, the book value of the Group’s financial institution bonds was 219.366 billion yuan, including 129.948 billion yuan of policy bank bonds, 54.463 billion yuan of asset securitization products, 32.731 billion yuan of commercial bank bonds and 2.225 billion yuan of bonds issued by other financial institutions.

2. Asset management business

Based on the group’s position, the financial subsidiary devotes itself to serving the national strategy, adhering to the development concept of "keeping integrity, innovating and striving for Excellence", constantly forging core competitiveness, actively responding to market changes and promoting steady development.

Focusing on the three product systems of "Heng, Yi and Xing", the product attributes are dynamically monitored to reach the standard, and a "3+5+N" product matrix is formed, which can more effectively identify customers’ risk preferences and accurately match customers’ investment needs. We will continue to improve the driving mechanism of investment and research, build an investment and research system covering macro, industry, strategy, assets and other multi-dimensional perspectives, implement dividend strategy, create a mixed fixed income and special account for stocks and bonds, deeply participate in the investment of REITs assets, and actively explore the allocation of equity assets on the basis of building a risk bottom line, and drive development with innovation. Strengthen the empowerment of science and technology, build a framework system centered on the three core systems of "asset management system, distribution system and valuation system" and cover 14 types of systems, and innovatively launch a direct selling system to provide customers with more convenient financial services.

3. Investment banking business

Lead underwriting of 11 debt financing instruments for non-financial enterprises, with a total underwriting share of 4.552 billion yuan; The total amount of bonds underwritten by the participating delegations was 69.542 billion yuan; Successfully completed the issuance of the Bank’s 2 billion yuan special financial bonds for agriculture, rural areas and farmers.

4. Asset custody business

In the first half of 2023, the Bank’s asset custody business closely followed the direction of digital transformation, increased investment in system technology, and helped the custody business develop steadily.

(5) Financial technology

Give full play to the effectiveness of organizational structure and promote the overall management of financial technology. Continue to give full play to the effectiveness of the Bank’s "one meeting, one center and one department" 1 financial science and technology organizational structure, give priority to ensuring the talent allocation and resource supply of science and technology lines, maintain steady growth in science and technology investment in the first half of 2023, continue to develop towards the goal of "digital rural commercial bank", and complete 46 project approval projects; A one-stop business demand review meeting mechanism was established, and more than ten online self-operated products were launched, serving over 10 million customers. By the end of June 2023, there were 533 financial science and technology personnel in the Bank, accounting for 3.69%, including 5 doctors, forming an echelon of talents with independent and controllable financial capabilities.

Consolidate the foundation of data center and expand the ability of data value discovery. Promote the application of regulatory data, and develop a one-stop enterprise information fusion query tool. The external data service interfaces have visited more than 100 million times. Promote the construction of data standardization, improve the efficiency and value of data analysis through self-help analysis platform, continuously expand the coverage of data service platform, and continuously improve the accuracy and timeliness of data interaction. Improve the application ability of data analysis, establish various precise marketing models and operational analysis models, and effectively improve the marketing effect and refined management level. Optimize the intelligent data decision-making platform, and continuously improve the professionalism and efficiency of decision-making, with an average of 1.22 million daily decisions and a success rate of 99.90%.

Comprehensively promote the construction of information systems and improve the level of operation and maintenance. Deepen the emergency capacity of Wanzhou Disaster Recovery Center, promote the construction of distributed credit card core system, and complete the second-stage business development. Establish a work order management system for production environment problems and build a rapid response mechanism for production problems. Formulate standardized early warning processing flow, make full use of intelligent operation and maintenance capabilities formed by automatic operation and maintenance platform, application intelligent early warning platform and unified log management platform, and gradually upgrade operation and maintenance means. Carry out Internet penetration testing and strengthen network security risk management.

Create a characteristic "patent pool" and "standard library" to build the core competitiveness of financial technology. In the first half of 2023, a total of 7 invention patent applications were submitted, and 8 invention patents were authorized, with a total of 17 invention patents and 8 software copyrights. Focusing on the application of financial technology, he has participated in the formulation of 7 financial industry standards, 4 of which have been published, participated in the formulation of 19 group standards, 8 of which have been published, and completed the formulation of 11 enterprise standards. Actively participate in the "Leader" activities of enterprise standards, and three enterprise standards were selected into the "Leader" list of enterprise standards in the financial sector in 2022.

(6) County financial business

The county is the main position for the Group to carry out financial services, and the county financial business is the strategic focus of the Group for a long time, and it is also one of the main sources of income. The Group actively exerts its unique advantages such as "being familiar with many aspects, people, places and regions", promotes the application of new technologies such as cloud computing, big data and artificial intelligence, optimizes institutional mechanisms, deepens financial products, strengthens financial services, and takes the advantage of "online+offline" omni-channel services to increase county financial supply and meet the diversified and multi-level financial products and services needs of rural market players. By the end of June 2023, the Group’s loan balance at county level was RMB335.766 billion, accounting for 49.84% of the Group’s loan balance; The balance of deposits in county areas was 647.874 billion yuan, accounting for 71.79% of the Group’s balance of deposits; The balance of the Group’s agricultural loans was RMB227.289 billion, an increase of RMB11.664 billion compared with the end of last year.

1. Channel construction

By the end of June 2023, the Group had set up 5 branches, 26 first-class branches, 122 second-class branches, 1,295 branch offices, 1 community branch and 12 rural banks in the county area, and set up 2,570 deposit and withdrawal machines, 375 self-service cash machines, 59 multimedia inquiry machines and 1,835 intelligent comprehensive counters in the county area, which were completed and put into operation. At the same time, the cooperative outlets of people’s social services will be continuously extended to the county, and the social bank will actively build a "nearby" service circle, set up 104 "nearby" outlets, and deploy 258 business card printing equipment. It launched the first "Social Security Service Matters Entering the Bank" in the city, and connected 20 social security high-frequency services to the intelligent comprehensive counter, so as to facilitate the people to handle social security services nearby and conveniently.

The Bank intensified the construction of county electronic channels and actively marketed Jiangyu Card, Funong Card and Rural Revitalization Card. By the end of June 2023, 22,535,100 debit cards had been issued in counties, accounting for 78.66% of the total debit cards issued by the Bank, including 470,700 rural revitalization cards; There were 11,162,300 mobile banking users, accounting for 79.52% of the bank’s mobile banking accounts, an increase of 414,000 from the end of last year.

2. Business support

The Group pays attention to tapping regional value, taking customers as the center and taking the market as the guide, which effectively contributes to the development of county economy. By the end of June, 2023, personal deposits in county areas were RMB580.043 billion, a net increase of RMB55.589 billion compared with the end of last year, accounting for 78.23% of the Group’s personal deposits. Take various measures to promote the "national debt going to the countryside". The branch where the county area is located underwrites the national debt with a net value of 795 million yuan, accounting for 87.73% of the net sales of the whole bank. Innovate the consumption assistance mode, strengthen the cooperation between banks and governments, and continue to organize the live broadcast of "There are good things in the countryside, and help the revitalization quickly", which has driven the sales of characteristic agricultural and sideline products in county areas by about 2.44 million yuan, effectively empowering rural revitalization.

Focusing on key areas such as helping urban-rural integration and development, agricultural and rural modernization, we will give full play to the role of finance in supporting rural revitalization. Increase rural infrastructure loans, and actively meet the needs of rural transportation, water supply, power supply and other fields of construction funds. Sort out regional characteristics, determine the direction of industrial development, gradually promote the landing of "one county and one loan", and continue to support infrastructure, public service facilities and other projects that consolidate and expand the achievements of poverty alleviation.

The wealth management subsidiary took the lead in launching a series of wealth management products of "rural revitalization", creating a new model of "wealth management+rural revitalization", and providing intimate services of "investing wealth management in leisure time and helping farmers to be busy" for the vast number of rural customers. The cumulative issuance of the series of products exceeded 10 billion yuan, and the survival scale exceeded 8 billion yuan. Golden Leasing Company focuses on supporting cultural tourism ecological engineering, rural revitalization and modern agriculture projects, innovating products and business models, and accurately connecting small and medium-sized micro-entities with customers of agriculture, rural areas and farmers. The balance of leased assets in Chongqing is 16.831 billion yuan, of which counties account for 82.05%. In 2023, the amount of newly leased projects in Chongqing is 3.891 billion yuan, of which counties account for 91.90%.

(seven) the main holding companies.

1. Holding subsidiaries

(1) Rural banks

Chongqing Rural Commercial Bank is the general name of all rural banks initiated and established by the Bank as the main initiating bank. Initiating the establishment of village banks is of great significance for the Bank to implement the rural revitalization strategy, earnestly fulfill its social responsibilities, further enhance the breadth and depth of serving the new rural construction, expand the business development space and build a sustainable profit growth model. By the end of the reporting period, the Bank had established 12 rural banks in 12 counties (autonomous regions and municipalities) in 5 provinces, with a shareholding ratio of not less than 51%, with a total registered capital of 1.662 billion yuan, total assets of 5.096 billion yuan, net assets of 1.876 billion yuan, deposit balance of 2.272 billion yuan, loan balance of 4.255 billion yuan, non-performing loan ratio of 1.19% and provision coverage ratio of 36.19.

(2) Yunongshang Financial Leasing Co., Ltd.

Chongqing Rural Commercial Financial Leasing is a holding subsidiary of the Bank, which was established in December 2014 with a registered capital of 2.5 billion yuan. Mainly engaged in financial leasing business, transfer and transferee of financial leasing assets, fixed-income securities investment business, interbank lending, borrowing from financial institutions, selling and disposing of leased property, brokerage consulting, setting up project companies in bonded areas in China to carry out leasing business, etc. The Bank holds 80% of the shares of Chongqing Rural Commercial Financial Leasing. By the end of the reporting period, the total assets and net assets of Yunong Commercial Finance Leasing were 60.809 billion yuan and 6.621 billion yuan respectively, and the net profit during the reporting period was 634 million yuan.

(3) Yunong Commercial Finance Co., Ltd.

Chongqing Rural Commercial Finance is a wholly-owned subsidiary of the Bank. Founded in June 2020, it is the first financial subsidiary of the national rural commercial bank and the western corporate bank with a registered capital of 2 billion yuan. Mainly engaged in the public offering of wealth management products to the unspecified public, and investing and managing the entrusted investors’ property; Non-public issuance of wealth management products for qualified investors, and investment and management of entrusted investors’ property; Financial advisory and consulting services; Other businesses approved by the State Council Banking Regulatory Authority. By the end of the reporting period, the total assets and net assets of Chongqing Rural Commercial Finance were 2.864 billion yuan and 2.809 billion yuan respectively, and the net profit during the reporting period was 76 million yuan.

2. Major shareholding companies

Chongqing Xiaomi Consumer Finance Co., Ltd. is the second licensed consumer finance company in Chongqing. Founded in May 2020, it is mainly engaged in issuing personal consumption loans with a registered capital of 1.5 billion yuan, and the Bank holds 30% of its shares. By the end of the reporting period, Chongqing Xiaomi Consumer Finance Co., Ltd. had total assets of 16.189 billion yuan and net assets of 1.459 billion yuan.

Four, the key issues of concern in the operation

(1) About the profitability

During the reporting period, the Group achieved operating income of 14.866 billion yuan, mainly due to the decline in net interest margin. The revenue decreased year-on-year, but the decline was narrower than that in the first quarter, achieving a net profit of 7.121 billion yuan, an increase of 624 million yuan and a year-on-year growth rate of 9.61%.

In the first half of the year, the Group adhered to high-quality development as the core, and maintained a good momentum of "three stabilities" in business development. First, the business scale grew steadily. The Group’s assets exceeded 1.4 trillion yuan, an increase of 86.49 billion yuan or 6.40% compared with the end of last year. The loan scale exceeded 670 billion yuan, an increase of 41.059 billion yuan or 6.49% compared with the end of last year. The scale of deposits exceeded 900 billion yuan, an increase of 77.535 billion yuan compared with the end of last year, with a growth rate of 9.40%, and the increment reached a new high. Second, the business structure is "stable and good". The proportion of loans and deposits continued to increase. Loans accounted for 46.84% of total assets, up 0.04 percentage points from the end of last year, and deposits accounted for 68.44% of total liabilities, up 1.74 percentage points from the end of last year. Third, non-interest income "steadily increased". The Group achieved non-interest income of RMB2.822 billion, up RMB283 million year-on-year, with an increase rate of 11.16%, of which financial investment gains and valuation changes increased RMB216 million year-on-year, with an increase rate of 16.76%, mainly due to the Group’s strengthening of interest rate trend judgment, grasping market opportunities, flexibly adjusting trading strategies, strengthening band operation and increasing asset returns.

Looking forward to the second half of the year, the Group will focus on consolidating its customer base and scale advantages, actively seize major strategic development opportunities, continue to promote the process of digital transformation, improve the sinking ability and efficiency of financial services, highlight its own characteristics, build its core advantages and stabilize its performance growth.

First, tap the source of "increment", focusing on tapping the market space of major strategies, rural revitalization, small and micro private enterprises and consumer credit, while strengthening the marketing of scene services, continuously expanding the scale of high-quality assets and liabilities, and stabilizing the leading edge in the deposit and loan market. Second, grasp the key of "increasing income", increase the proportion of deposits and loans, further strengthen pricing management, and enhance the comprehensive return of customers. Improve the service ability of traditional intermediary business, improve the customer product system, optimize the investment layout and trading strategy, and drive the steady growth of non-interest income. Third, lay a solid foundation for "efficiency improvement", strengthen the refined management of financial resources, improve the evaluation mechanism of resource utilization efficiency, increase the inclination of resources in terms of comprehensive contribution to customers and management efficiency improvement, give full play to the leverage of financial resources, and realize the digitalization and intelligence of the whole life cycle of marketing, customer management, pricing management and post-loan management, so as to empower the development of front-line businesses. The fourth is to emphasize the core of "increasing profits", build a management system for non-performing assets, and insist on asking for benefits from non-performing assets. Strengthen the forward-looking asset quality monitoring and control, continuously increase the potential risk assessment, and constantly consolidate the asset quality.

(B) About the net interest margin

In the first half of 2023, the Group’s net interest margin was 1.79%, a year-on-year decrease of 24 basis points and a year-on-year decrease of 18 basis points. Affected by the repricing of floating interest rate loans and the downward trend of market interest rates, the asset-side yield continued to be under pressure. First, the competition for asset placement has intensified, and the superimposed and stable economic policies have continued to exert their strength, driving down the yield of various loans. Second, the real estate market continues to be sluggish, and the superimposed residents’ willingness to consume is weak, and the growth of housing mortgage loans and consumer loans with relatively high returns has slowed down. Third, the market interest rate fluctuated at a low level, and the income level of capital business also declined. Consolidate the advantage of debt volume and price, and the cost of debt has decreased steadily. First, we actively expanded the scale of core deposits, with the proportion of deposits increasing by 1.74 percentage points compared with the end of last year. At the same time, we strengthened the control of high interest-bearing deposit limits and implemented the market-oriented adjustment mechanism of interest rates, and the interest-bearing rate of deposits decreased by 9 basis points year-on-year. Second, according to the trend of market interest rate, flexibly arrange interbank funds and rationally optimize the structure and term of active liabilities. By the end of June, the Group’s debt cost ratio was 2.05%, down 16 basis points year-on-year.

Looking forward to the second half of the year, the Group will continue to optimize the asset-liability structure, strengthen interest rate pricing management, enhance the advantages of core liabilities such as deposits, and strive to stabilize the net interest margin at a reasonable level. On the asset side, relying on multi-scenarios and multi-channels to accurately reach customers, emphasizing the use of featured products, grasping the opportunity of expanding domestic demand to promote consumption, increasing credit supply and stabilizing loan income. At the same time, strengthen the forward-looking judgment of market interest rate, seize market opportunities, enrich trading strategies, do a good job of "product structure and term structure" and stabilize the investment income of financial assets. On the debt side, we should focus on the growth of low-cost core deposits, seize the opportunity of market-oriented adjustment of deposit interest rates, strengthen the control of the volume and price of high-interest deposits, and guide the downward trend of deposit interest-bearing costs. At the same time, combined with the needs of business development, we will expand diversified liabilities and actively use the central bank’s monetary policy tools to keep the debt cost stable and declining.

(3) On the quality of assets

In the first half of 2023, the Group continued to increase its support for local economic development, at the same time, strengthened credit risk monitoring, strictly grasped substantive risks, prudently carried out risk classification management, and made forward-looking provision for impairment, with stable and positive asset quality.

Asset quality maintained a good trend. By the end of June 2023, the latter four types of loans accounted for 2.35%, down 0.16 percentage points from the end of last year. Among them: the non-performing loan ratio was 1.21%, down 0.01 percentage point from the end of last year; Interest-related loans accounted for 1.14%, down 0.15 percentage points from the end of last year. All indicators maintain a good level in the industry.

The quality of corporate loans continued to improve. By the end of June 2023, the balance and NPL ratio of corporate non-performing loans of the Group decreased by 213 million yuan and 0.19 percentage points respectively compared with the end of last year, and the asset quality maintained a good trend.

The growth rate of retail non-performing loans slowed down. In the first half of the year, the growth rate of retail non-performing loans of the Group decreased by 46.92 percentage points year-on-year, and the rate of non-performing loans also showed a year-on-year downward trend. By the end of June, 2023, secured loans accounted for 88.93% of retail non-performing loans, among which mortgage loans and pledge loans accounted for 83.39%, and the coverage ratio of collateral value to loan principal was 1.66 times, which had good risk mitigation ability.

The control of overdue loans is effective. By the end of June 2023, the overdue rate had decreased by 0.02 percentage points year-on-year, and the growth rate of overdue loans in the first half of the year had decreased by 14.84 percentage points year-on-year. Among overdue loans, secured loans account for 86.64%, of which mortgage and pledge loans account for 71.30%, and the coverage ratio of collateral value to loan principal is 1.79 times, which has good risk mitigation ability.

Continue to promote the implementation of the new classification regulations. In accordance with the Measures for Risk Classification of Financial Assets, the Group actively promoted the internalization of external regulations and continuously arranged financial assets. Generally speaking, the potential risk loans have been cleared in an orderly manner in the early stage, and the impact of the new classification rules on the Group’s asset quality is controllable, and the follow-up will be carried out step by step with a smooth transition.

Looking forward to the second half of the year, the Group will continuously optimize the credit structure, continuously strengthen the monitoring and evaluation of financial asset risks in combination with the new classification regulations, and dynamically implement classification management; Accelerate the application of intelligent risk control and improve the level of credit risk management and control; Continue to collect and dispose of non-performing assets. Generally speaking, it is expected that the asset quality will continue to be stable in the second half of the year, and relevant indicators will continue to be controllable and maintain a good level.

(4) About the provision for impairment

The Group has always adhered to the business philosophy of paying equal attention to efficiency and scale, quality and speed, internal control and development, adhering to compliance, prudence and steady operation, strictly implementing the relevant requirements of the Administrative Measures for the Implementation of Anticipated Credit Loss Law of Commercial Banks, following the comprehensiveness, authenticity, prudence, dynamics and matching of impairment provision, maintaining the continuity of provision provision provision provision method, and no major changes have taken place in the provision provision provision provision method. By the end of June 2023, the balance of the Group’s credit risk loss reserve was 31.695 billion yuan, up 1.463 billion yuan from the end of last year, of which the balance of credit asset impairment reserve was 28.573 billion yuan. The provision coverage ratio was 350.87%, and the loan-to-appropriation ratio was 4.24%, which remained at a high level and remained at the forefront of listed banks. The provision coverage ratio of loans overdue for more than 90 days was 483.88%, and the provision coverage ratio of loans overdue for more than 60 days was 434.13%, and it continued to maintain sufficient risk compensation ability.

In the first half of 2023, the Group accrued a credit impairment loss of 1.845 billion yuan, a decrease of 1.774 billion yuan and a decrease of 49.02%. First, the Group’s asset quality improved steadily, corporate non-performing loans continued to "double decline", the credit impairment loss of corporate lines decreased by RMB2.254 billion year-on-year, down by 84.35%, the growth rate of non-performing retail loans slowed down and the rate of non-performing loans decreased year-on-year. Second, the Group intensified the collection and disposal of written-off assets, demanding benefits from non-performing assets. In the first half of the year, the write-off loans in the previous period were recovered, which led to a significant decrease in credit impairment losses in the current period.

V. Risk management

During the reporting period, in the face of changes in the risk situation due to the stabilization and recovery of the domestic economy, the Group strengthened its judgment and proactive response, made great efforts to improve the ability of target control, forward-looking identification, quantitative analysis, monitoring report and efficient disposal of risks, and adhered to the bottom line of preventing and resolving financial risks.

Judge the risk situation and actively strengthen monitoring and analysis. Strengthen asset quality monitoring and index calculation at key time points, carry out dynamic investigation of loans affected by new financial asset classification regulations, formulate step-by-step plans, and effectively link risk classification, impairment provision and bad disposal, so as to clear risks in an orderly manner and achieve a sustained improvement in asset quality and a high level of risk compensation.

Improve the mechanism and measures, and constantly consolidate the management foundation. Formulate annual risk preferences, issue annual risk management opinions, and focus on promoting the implementation of new regulatory regulations such as the Measures for the Risk Classification of Financial Assets of Commercial Banks, the Measures for the Implementation of the Expected Credit Loss Law of Commercial Banks, and the Measures for the Risk Management of Off-balance-sheet Business of Commercial Banks, improving internal regulations and optimizing the system; Continue to increase the authorization of branches, retail, agriculture, rural areas and farmers, and small and micro-benefits; Continue to carry out key supervision and monitoring of business indicators, analyze and summarize risk events of overseas banks and carry out special stress tests; Strengthen the risk assessment of online credit products and establish a closed-loop management mechanism from product innovation, model strategy review to post-operation evaluation.

Strengthen overall planning, and steadily advance digital risk control. The internal evaluation system and model were continuously upgraded, and six peer rating models including banks, securities and insurance companies were optimized; The risk data mart includes information such as customer early warning and risk disposal, further improves the customer risk view, establishes an online risk data analysis center, and realizes visual customization of reports; The large risk exposure system is continuously optimized to provide strong support for the control of credit concentration; Model risk management initially completed the system design, and continued to implement the risk control model management of digital credit products with assessment as the starting point.

In the next step, the Group will take concrete measures from the aspects of "continuously optimizing risk management mechanism tools, actively strengthening various risk monitoring and identification, giving full play to the effect of risk assessment mechanism, and focusing on improving the ability of risk quantitative analysis" to continuously improve the overall risk management level.

(1) Risk management framework

The Bank’s risk management structure consists of the Board of Directors, the Board of Supervisors, the senior management and its authorized relevant special committees, the Risk Management Department of the Head Office, other relevant functional departments, the Audit Department, branches and subsidiaries. The board of directors bears the ultimate responsibility for comprehensive risk management, and a risk management committee is set up to perform the relevant duties of comprehensive risk management according to the authorization of the board of directors. The senior management is responsible for the implementation of comprehensive risk management, implements the resolutions of the board of directors, and sets up a risk management committee to make collective decisions on matters related to risk management. The Board of Supervisors undertakes the supervisory responsibility of comprehensive risk management, and is responsible for supervising and inspecting the performance of the Board of Directors and senior management in risk management and urging rectification.

The Risk Management Department of the Head Office takes the lead in the daily management of comprehensive risks, is responsible for leading the implementation of the comprehensive risk management system, and promptly reports the Group’s comprehensive risks and all kinds of important risks to the senior management. The functional departments of the Head Office bear the direct responsibility for the risk management of their own lines and departments, and are responsible for the specific management of various risks such as credit risk, market risk, liquidity risk and operational risk of the whole bank according to the division of responsibilities. The Audit Department of the Head Office is responsible for internal audit of relevant performance. Each branch undertakes the daily management responsibilities of the overall risk of the bank at the corresponding level. Under the framework of the Bank’s overall risk preference and risk management policy, each subsidiary has established a comprehensive risk management system that is suitable for its own business nature, scale and complexity.

(II) Credit Risk Management Credit risk refers to the failure of the borrower or counterparty of a bank to fulfill its relevant obligations as agreed in the contract for various reasons, which leads to the banking industry.

Risk of loss.

In the first half of 2023, the Group actively implemented government and regulatory policies and guidelines, continuously strengthened support for major projects related to local economic development, and continuously strengthened credit risk management and control. Continuously improve the credit risk management system, issue annual credit investment guidelines, promote the optimization of credit asset structure, promote the digitalization of credit management in an orderly manner, improve the post-lending management mechanism, improve the monitoring dimension and data source of early warning signals, optimize the intelligent post-lending function, and judge credit risks in advance; Do real risk assessment, comprehensively sort out and assess the financial assets in combination with the management requirements of the new risk classification regulations, strictly manage the real risks dynamically, and make adequate provision for impairment. Strengthen the technical support of risk measurement, carry out credit risk stress test, and quantitatively evaluate the risk tolerance level of the Group under various stress scenarios; Strictly control the concentration risk, carry out large-scale risk exposure management, continuously optimize the functions of the large-scale risk exposure system, and promote the application of various functions. By the end of June 2023, the relevant indicators of the Group’s large-scale risk exposure were better than the regulatory standards.

(3) Market risk management

Market risk refers to the risk that the Group’s on-balance sheet and off-balance sheet business will suffer losses due to adverse changes in market prices (interest rate, exchange rate, stock price and commodity price, etc.). The market risks faced by the Group include interest rate risk and exchange rate risk. The purpose of market risk management is to maintain the potential market risk losses within the tolerable range of the Group and maximize the risk-adjusted income through monitoring and other measures.

The Group actively manages the interest rate risk and exchange rate risk of the Group in accordance with the regulatory requirements and with reference to the relevant requirements of the New Basel Capital Accord, and has established a market risk management system through measures such as authorization, credit granting, risk limit regulation, monitoring and reporting.

In the first half of 2023, the Group continuously improved its ability to actively manage market risks: First, it formulated the annual market risk limit plan, according to

Rate and exchange rate judgment, regularly carry out business analysis on economic fundamentals, financial data and market risks, and report to the senior management and the board of directors to provide a basis for decision-making; Fourth, promote the construction of market risk management system as planned, and constantly improve the digital and refined level of market risk management.

1. Interest rate risk analysis

Interest rate risk is the main market risk faced by the Group. In terms of bank books, the Group regularly measures the interest rate sensitivity gap, evaluates the interest rate risk through gap analysis, and further evaluates the impact of interest rate changes on economic value and net interest income under different interest rate scenarios. The stress test results show that the interest rate risk of bank books is controllable. In terms of trading books, the Group monitored the valuation and quota implementation of bond business on a daily basis, and there was no trigger limit in the first half of 2023.

In the first half of 2023, liquidity in the banking system maintained a reasonable and abundant overall, superimposed on the weak repair of endogenous kinetic energy in the domestic economy, and the 10-year national debt interest rate broke through 2.635%; Monetary policy remained flexible and moderate. In the first half of the year, the central bank successively lowered the RRR and cut interest rates, and the shibor interest rate of each term showed a large downward trend. It is expected that the domestic economic recovery will continue to pick up in the second half of the year. The Group will pay close attention to the recovery of macroeconomic policies and economic fundamentals, improve the forward-looking interest rate risk management, strengthen the differentiation and refined pricing of internal and external interest rates, and ensure the continuous improvement of the Group’s income and market value.

3. Analysis of exchange rate risk Exchange rate risk mainly comes from currency mismatch between assets and liabilities of the Group and capital and currency head caused by foreign exchange transactions.

Inch mismatch. The Group mainly uses foreign exchange exposure analysis and sensitivity analysis to measure exchange rate risk. The Group is mainly engaged in RMB business, with specific transactions involving USD and EUR, with few transactions in other currencies. Foreign currency transactions are mainly the Group’s self-operated and valet spot business, self-operated and valet swap business and valet forward business.

In the first half of 2023, the exchange rate of US dollar against RMB rose sharply, mainly due to the different economic cycles and opposite monetary policies of China and the United States, and the slowdown of domestic economic recovery, which deepened the upside-down spread between China and the United States. By the end of June, the spot exchange rate of USD against RMB in the inter-bank foreign exchange market had closed at 7.226, up by 3.75% compared with the end of last year. With the appreciation of USD, the Bank appropriately increased its USD exposure compared with the end of last year, with a total foreign exchange exposure of 620 million yuan, and the overall foreign exchange risk was controllable. The Group will continue to pay attention to the global economic situation, strengthen the research and judgment on the exchange rate trend, rationally allocate local and foreign currency assets, improve the foreign exchange exposure risk management ability and foreign exchange assets and liabilities management level by strengthening the dynamic management of foreign exchange deposit and loan scale and rationally arranging the use of foreign exchange funds, and actively explore the use of exchange rate derivative financial instruments to hedge exchange rate risks.

(4) Liquidity risk management

Liquidity risk refers to the risk that sufficient funds cannot be obtained in time at a reasonable cost to pay off debts due, fulfill other payment obligations and meet other capital requirements for normal business development. The objective of the Group’s liquidity risk management is to ensure that the Group can meet the liquidity demand and fulfill its external payment obligations caused by assets, liabilities and off-balance sheet business in a timely manner, maintain the overall safe and steady operation, protect depositors’ interests and effectively balance the efficiency and safety of funds under normal operating environment or stress.

The Board of Directors of the Group bears the ultimate responsibility for liquidity risk management. The Asset-Liability Management Committee and the Risk Management Committee under the senior management are responsible for formulating policies and strategies related to the overall management of the Group’s liquidity risk. The Asset-Liability Management Department, the Risk Management Department, the Fund Operation Department, the International Business Department and other relevant departments and offices cooperate with each other to form an organizational structure of liquidity risk management with division of labor, clear responsibilities and efficient operation.

The Group ensures payment through continuous monitoring and management of bank-wide positions. Strengthen the monitoring of liquidity risk, and combine the use of FTP internal fund transfer pricing system to improve the management level of fund scheduling within the system. The Group updated the liquidity risk stress test scenario annually and conducted the liquidity risk stress test quarterly to test the Group’s risk tolerance under extreme pressure. The results showed that the difficulty of liquidity risk management under the stress scenario increased, but it was still within the controllable range.

Adhering to the prudent and compliant business philosophy, the Group continued to optimize the asset-liability structure, formulated and implemented the liquidity risk appetite and limit control plan for 2023, carried out forward-looking liquidity risk indicators calculation in combination with the external environment and internal business changes, deployed and dynamically adjusted liquidity risk management strategies in advance, and promoted the liquidity risk indicators to meet the standards continuously. Continue to strengthen the daytime liquidity risk management, improve the liquidity risk management information system, strengthen the monitoring and control of high-quality liquidity assets, and promote the implementation of refined management.

In the first half of 2023, the macro-policy adhered to the principle of stability and progress, and the overall economic operation improved. The prudent monetary policy is precise and powerful, the countercyclical adjustment is intensified, the total liquidity is kept in line with the market demand, and liquidity in the banking system is generally reasonable and abundant. The Group strictly implemented the liquidity risk limit control mechanism, maintained a good liquidity level, and all the main indicators reflecting the liquidity status of the Group met the regulatory requirements.

Qualified high-quality liquid assets refer to all kinds of assets that can be quickly realized in the financial market without loss or minimal loss through sale or mortgage under the pressure scenario set by liquidity coverage ratio. The net cash outflow in the next 30 days refers to the difference between the expected total cash outflow and the expected total cash inflow in the next 30 days under the stress scenario set by liquidity coverage ratio. The total expected cash outflow is the sum of the products of related liabilities and off-balance-sheet items and their expected turnover rate or withdrawal rate under the stress scenario set by liquidity coverage ratio. The total expected cash inflow is the sum of the product of the balance of contractual receivables on and off the balance sheet and its expected inflow rate under the stress scenario set by liquidity coverage ratio. The total expected cash inflow that can be included shall not exceed 75% of the total expected cash outflow.

(V) Operational risk management

Operational risk refers to the risk of losses caused by imperfect internal procedures, information technology systems or problematic personnel and external events. Based on the principle of comprehensiveness and prudence, the Group implemented operational risk management strategies that matched the asset scale and business complexity under the comprehensive risk management system and followed the overall risk preference.

During the reporting period, the Group continuously improved its operational risk management system, strictly guarded against major operational risk events, and strived to achieve comprehensive identification and effective control of operational risks. First, continuous monitoring and identification of operational risks. Continuously optimize the monitoring system of key risk indicators, collect indicator data and risk loss data regularly, and lay a solid foundation for risk measurement. The second is to comprehensively evaluate and improve risk control measures. Through post-system evaluation, identify and sort out the key risk links in various business management activities, update and optimize risk control measures, and improve management capabilities.

The third is to carry out a number of risk investigations. Organize special investigations on anti-money laundering, employee behavior, illegal fund-raising risk and case risk, daily supervision afterwards, special inspections on cash receipt and payment and anti-counterfeit currency business, and continuously strengthen risk prevention in key areas. The fourth is to consolidate business continuity management. Make a drill plan as a whole, carry out a centralized switching drill of the new remote disaster recovery center system, verify the business takeover ability of the disaster recovery center, and effectively guarantee the stable operation of the whole bank’s business. Fifth, strengthen outsourcing risk management. Organize the special risk assessment of information technology outsourcing and the risk investigation of outsourcing business lines, evaluate the risk status of all aspects of outsourcing business, and continuously improve the quality and efficiency of outsourcing risk management.

(VI) Reputation risk management

Reputation risk refers to the risk that the Group’s operation, management and other acts or external events lead to negative comments on the Group by stakeholders, the public and the media, thus damaging the brand value of the Group, which is not conducive to the normal operation of the Group, and even affects market stability and social stability.

During the reporting period, the Group established and improved the reputation risk management mechanism, and further strengthened the classified management of reputation risk, customer emergency and complaint handling, emergency handling of sudden public opinion, information release process management, and standardized management of publicity work. At the same time, we will continue to do a good job in public opinion monitoring and disposal, actively and effectively prevent reputation risks and respond to negative public opinion events, and actively safeguard the Bank’s good market image in order to achieve the overall goal of reputation risk management.

(VII) Information Technology Risk Management

Information technology risk refers to the operational, legal and reputation risks arising from natural factors, human factors, technical loopholes or management defects in the process of using information technology.

During the reporting period, the Group continued to improve the information technology risk management system and enhance the efficiency of information technology risk management, and no major information technology risk events occurred. The first is to optimize the institutional system. Update the implementation rules of information technology risk assessment, further standardize all aspects of information technology risk assessment, and improve the comprehensiveness, effectiveness and operability of the system. The second is to strengthen operation and maintenance control. Strengthen 7×24 operation and maintenance duty management, do a good job in network security at important points such as New Year’s Day, Spring Festival and "two sessions", and effectively maintain the stable operation of important businesses. The third is to implement evaluation and monitoring. Set up an expert group to implement the risk assessment link before the construction of important information system projects, regularly carry out information technology risk monitoring and analysis, and timely find and deal with potential risks.

(8) Money laundering risk management

The Group earnestly implemented the spirit of Chongqing Anti-Money Laundering Work Conference, consolidated the foundation of performing its duties, and improved the effectiveness of preventing money laundering risks.

During the reporting period, the Group strictly implemented the regulatory requirements for anti-money laundering, actively responded to the work deployment, revised the internal control system for anti-money laundering, optimized the system functions, held a joint anti-money laundering meeting, promoted synergy, normalized data governance and supervision and management, strengthened training and publicity, improved the initiative, consciousness and enthusiasm of all staff in anti-money laundering performance, promoted the transformation of anti-money laundering work to "risk-oriented", actively cooperated with the three-year action to crack down on money laundering crimes, and constructed a new development pattern of anti-money laundering work.

(9) Information on internal audit

The Group established and improved the internal audit system in accordance with laws and regulations. The internal audit works under the leadership of the Party Committee and the Board of Directors, and is responsible for and reports to them. The board of directors is responsible for establishing and maintaining a sound and effective internal audit system to ensure the full independence of internal audit. The internal audit institution is equipped with full-time auditors, and the internal audit personnel configuration meets the regulatory requirements.

During the reporting period, the internal audit adhered to the goal of service organization, paid equal attention to post supervision and prevention in advance, strengthened risk judgment, highlighted audit key points, completed audit projects, and further improved the level of audit supervision. Keep integrity and innovation, continuously improve the internal control evaluation system, form an objective and fair evaluation conclusion, give play to the role of encouragement and guidance, and promote the realization of internal control objectives. Strengthen the application of audit results, further promote the three rectification mechanisms of linkage rectification, audit supervision and evaluation, promote the implementation of national policies, regulatory requirements and the strategy of the Head Office, and help the Bank to develop with high quality.

(X) Related party transactions

During the reporting period, the Bank continuously improved the management of related party transactions according to the requirements of listed banks. Strengthen the management of related party list, regularly collect information from related parties, dynamically manage and update the list in time, strengthen the identification of related parties, and build a solid foundation for related party transaction management. Strictly review and approve related party transactions, control the compliance risks of related party transactions, standardize the implementation of related party transactions review and disclosure standards, and timely fulfill the obligation of filing or submitting related party transactions. Strengthen the control of concentration of related party transactions, regularly monitor the concentration indicators of major shareholders and related parties of the Bank to prevent concentration risks, and all relevant indicators met the regulatory requirements during the reporting period.

1. Related party transactions related to daily operations

During the reporting period, the Bank conducted related party transactions in accordance with regulatory requirements and the Bank’s Measures for the Administration of Related Party Transactions, and the pricing was fair, which was in line with the overall interests of the Bank and shareholders.

(1) According to the relevant regulations of China Banking and Insurance Regulatory Commission, China, 4 major related party transactions were approved during the reporting period, which were awarded at the end of the reporting period.

The net amount of letters was 16.408 billion yuan.

(2) According to the relevant regulations of the Shanghai Stock Exchange, during the reporting period, the Bank granted loans to related natural persons under the relevant regulations of the Shanghai Stock Exchange.

The balance is 10,441,000 yuan.

On April 27th, 2023 and May 25th, 2023, respectively, the 28th meeting of the 5th Board of Directors and the 2022 Annual General Meeting of Shareholders of the Bank reviewed and passed the Proposal on Reviewing Related Transactions of Chongqing Yufu Capital Operation Group Co., Ltd. and its Related Parties, the Proposal on Reviewing Related Transactions of Chongqing Urban Construction Investment (Group) Co., Ltd. and its Related Parties, and the Proposal on Reviewing Related Transactions of Chongqing Development Investment Co., Ltd. In the case, it was agreed to grant a comprehensive credit line of 9,942,330,000 yuan to Chongqing Yufu Holding Group Co., Ltd., 17,500,000,000 yuan to Chongqing Urban Construction Investment (Group) Co., Ltd. and 17,500,000,000 yuan to Chongqing Development Investment Co., Ltd., all of which have a credit period of one year.

VI. Capital Management

The Group implements comprehensive capital management, including capital management policy formulation, capital planning, capital adequacy ratio management plan, capital measurement, internal capital adequacy assessment, capital allocation and capital assessment management. The objective of the Group’s capital management is to effectively balance the supply and demand of capital, strengthen the restraint and guidance of capital on business, keep the capital level continuously higher than the regulatory requirements, and reserve a certain margin of safety and buffer zone.

In the first half of 2023, the Group continued to promote the refinement of capital management, formulated and implemented the capital plan for 2023-2025, rationally arranged the risk-weighted asset plan, adjusted the business structure, improved the efficiency of capital use, maintained sustained capital growth, further consolidated the bank’s capital strength and continuously enhanced its ability to serve the real economy. During the reporting period, various capital indicators performed well, which provided a strong guarantee for the steady development of the Group’s business and the implementation of the strategy.

(1) Capital adequacy ratio

The Group calculates the core tier-one capital adequacy ratio, tier-one capital adequacy ratio and capital adequacy ratio according to the Capital Management Measures of Commercial Banks (Trial) of China Banking and Insurance Regulatory Commission, China, in which the credit risk is measured by the weight method, the market risk is measured by the standard method and the operational risk is measured by the basic index method. The calculation scope of capital adequacy ratio includes all branches of the Bank, affiliated village banks, leasing companies and wealth management subsidiaries.

By the end of June 2023, the Group’s capital adequacy ratio was 15.30%, down by 0.32 percentage points from the end of last year; The core tier-one capital adequacy ratio and tier-one capital adequacy ratio were 12.86% and 13.57%, respectively, down by 0.24 and 0.27 percentage points from the end of last year.

The Group’s capital adequacy ratio at all levels decreased slightly compared with the end of last year, which was mainly due to the fact that the growth rate of net capital was lower than that of risk-weighted assets due to the full deduction of core Tier 1 capital from shareholders’ dividends in the previous year in the second quarter.

(II) Leverage ratio

The Group measures and discloses the leverage ratio in accordance with the Measures for the Administration of Leverage Ratio of Commercial Banks (Revised).

By the end of June 2023, the leverage ratio of the Group was 8.09%, down by 0.18 percentage point from the end of last year, mainly due to the fact that the growth rate of net Tier 1 capital was lower than the growth rate of assets on and off the balance sheet.

VII. Outlook

(A) the industry pattern and trends

In the first half of 2023, China’s economy continued to recover and industrial upgrading achieved remarkable results. GDP increased by 5.5% year-on-year, the contribution rate of added value of service industry to economic growth reached 66.1%, and the per capita disposable income of national residents actually increased by 5.8%. The speed of economic recovery is in a leading position among the major economies in the world. In the second half of the year, China will intensify macro-policy regulation and control, focus on expanding domestic demand, boosting confidence and preventing risks, and constantly promote the sustained improvement of economic operation, the continuous enhancement of endogenous power, the continuous improvement of social expectations and the continuous resolution of potential risks, so as to promote the sustained economic recovery and strive to achieve the annual development goals.

As far as Chongqing’s regional economy is concerned in the same period, the city adheres to the general tone of striving for progress in stability, and strives to promote high-quality development. The policy effect of steady growth, stable employment and stable prices continues to appear, and the economic operation maintains a recovery trend. The city’s regional GDP reached 1.43 trillion yuan, up 4.6% year-on-year, and the per capita disposable income of residents increased by 5.3% year-on-year. The city has promoted the "No.1 Project" in the economic circle of Chengdu-Chongqing twin cities, with a total investment of 241.1 billion yuan, up 17.3% year-on-year, accounting for 54.7% of the annual investment plan. In the second half of the year, Chongqing will focus on the "33618" modern manufacturing cluster system, accelerate the shaping of Chongqing’s new business card of "digital manufacturing and smart industry", and promote the effective improvement of economic quality and reasonable growth of quantity.

(II) Development strategy and business plan of the company

The Bank will continue to push forward the strategy of "establishing retail business, developing business through science and technology, and forcing talents", focusing on building an integrated four-wheel drive development system, promoting the "three changes" of the Bank through comprehensive digital transformation, and taking the road of stable and high-quality development. First, consolidate and improve the financial ecology and focus on strengthening the main body of "big retail". We will make every effort to improve the service ability of rural revitalization and inclusive finance and the sense of gaining the subject of micro-market, highlight the recognition of county financial brands, strengthen the construction of ecological scenes, establish and improve the online product system, and maximize the development space of "big retail". Second, continue to strengthen linkage and integration, and constantly enhance the role of "four drives". The company’s financial business should strengthen coordinated marketing, cultivate the competitiveness of the company’s financial market, improve the digital level of the company’s business, create comprehensive services and enhance comprehensive returns. Financial market business focuses on improving investment and research ability and trading ability, reasonably matching product scale and term, and enhancing trading contribution. Financial technology focuses on business and technology integration and innovation, continuously promotes the optimization and upgrading of science and technology systems, and enhances the support ability of technology to business. Pay attention to the introduction of talent team, shape all employees’ innovative, research-oriented, digital and market-oriented thinking, build a full-featured and compound team, and promote the transformation and development of the whole bank. The third is to adhere to the digital transformation of science and technology empowerment and enhance the new vitality of modern finance. On the one hand, fully integrate into the construction of digital Chongqing, strengthen the cooperation between government and banks, expand high-quality government digital resources and improve service efficiency. On the other hand, fully implement digital genetic transformation and promote digital transformation of business model, management process and organizational structure.Further improve efficiency, optimize experience, enhance competitiveness, and promote better development of the whole bank. The fourth is to sort out the optimization mechanism process and effectively improve the management vitality. Fully lay a solid foundation for risk prevention and control, focus on stabilizing asset quality, and serve the steady development of the whole bank’s business; Solidly promote key reform tasks, continuously improve the efficiency of resource allocation, and effectively broaden the coverage of financial services.

　　The girl was burned and died after imitating a short video. Nearly 20 days later, "Office Xiao Ye" made its first sound, and the incident is still fermenting. No matter who is responsible for it for the time being, it did start with a dangerous short video. While sighing for the two girls, we should also reflect on the production and dissemination methods of short videos that only pay attention to traffic gimmicks and ignore risk warnings.

　　In the current era of short videos, everyone can make videos as bloggers, especially some "life tips" videos with a different approach, which are not only popular, but also easy to be imitated by viewers. However, minors do not have enough ability to judge the right and wrong of things around them and are prone to danger. It is far from enough to rely on a simple "operation is dangerous, please do not imitate". How to ensure the safe and healthy viewing of minors is a problem that short video producers and platforms must face.

　　The occurrence of tragedy once again sounded the alarm. Nowadays, hundreds of millions of producers and short videos are active in the network. Short video platforms should also take the responsibility of auditing and be responsible to users while obtaining traffic from them. They should not ignore safety, health and ethical barbaric growth. Moreover, this needs to attract the attention of the whole society and relevant departments. A series of systems, such as network blacklist, real-name registration system and content grading, need to be introduced urgently, so that the development of short video can be regulated by rules and laws, and if necessary, it should be regulated by powerful administrative means to avoid more tragedies. Qilu Evening News Qilu Yidian reporter Li Xiaodong

　

　　There is such a kind of car that shuttles through the streets. People call it "Old Man Le". It looks like a car and is actually a four-wheel low-speed electric car. However, "Old Man Le" lacks basic safety configuration, poor stability, poor braking, and dangerous driving on the road, which is easy to cause traffic accidents.

　　Today (February 10th), the reporter learned that recently, Gaoyou Court concluded a product liability dispute case, in which the plaintiff injured a motorcycle rider while driving an electric four-wheeled vehicle, and had to pay nearly 200,000 yuan after mediation. The owner who can sell "Lao Toule" didn’t tell the truth, and the plaintiff mistakenly thought that "Lao Toule" was a non-motor vehicle and didn’t get a driver’s license, license or insure the vehicle. Later, the plaintiff sued the vehicle seller for compensation.

　　Uncle Wang (pseudonym), a citizen of Gaoyou, likes to go out for a stroll. Considering weather factors such as wind and rain, he bought an electric four-wheeled vehicle in 2021. With this car, Uncle Wang’s life is more colorful. He drives out from time to time, not to mention how happy he is. However, an accident made him deeply regret his original decision to buy a car. What’s going on here?

　　In March 2022, Uncle Wang was driving on a main road in a local town, with a fork in the road ahead, and suddenly a motorcycle came across. Uncle Wang’s left turn failed to avoid the straight motorcycle in time, causing the two cars to collide and the motorcycle rider fell to the ground and was injured. After the traffic accident, the traffic police arrived at the scene to deal with the accident, and the injured motorcycle rider Mr. Chen (pseudonym) was taken to the hospital for treatment. Mr. Chen was seriously injured and was discharged after a period of treatment. After identification, the degree of injury belongs to the second degree of serious injury. The results of the accident investigation were released, and Uncle Wang was completely dumbfounded after getting the appraisal results. After identification, the vehicle that Uncle Wang was driving was a motor vehicle, and the traffic police department issued the "Certificate of Road Traffic Accident", which determined that Uncle Wang did not obtain a motor vehicle driver’s license, drove an unregistered electric four-wheeled vehicle on the road, and did not let the straight vehicle go first when turning left at the intersection, which was the main cause of the accident, and the other party was responsible for the accident. After mediation, Uncle Wang needs to compensate the other party for 195,000 yuan. I have to bear a large amount of compensation at one time, and Uncle Wang is a little unable to sit still. "When I bought this car, the boss didn’t tell me to get a motor vehicle driver’s license, and I didn’t know that the vehicle had to be registered. It can’t be all on me." As a consumer, Uncle Wang said, "If I had known that this car belonged to a motor vehicle and the product had quality defects, I would not have paid for it."

　　The vehicle was not licensed, and Uncle Wang was still openly in driving without a license. According to him, it is mainly because I don’t know the nature of the car as an electric car. Afterwards, Uncle Wang thought that the seller of the electric four-wheeler did not explain to him that the car was an electric vehicle, which made him mistakenly think that he was driving a non-motor vehicle. "The business practices have made me miserable, and they should also bear the liability for compensation for the accident." Uncle Wang negotiated this matter with the vehicle sales department, but there was no progress. Finally, Uncle Wang took the sales department and operator Mr. Li (a pseudonym) to court. Recently, Gaoyou court heard the case. The judge pointed out that the Civil Code of People’s Republic of China (PRC) stipulates: "If a product is defective and causes damage to others, the infringed may claim compensation from the producer of the product or the seller of the product.".

　　The Product Quality Law of People’s Republic of China (PRC) stipulates: "The defects mentioned in this law refer to the unreasonable dangers of products that endanger the personal and property safety of others; If the product has national standards and industry standards to protect human health and personal and property safety, it means that it does not meet the standards. " After trial, the court held that the defendant’s sales department sold the electric car to the plaintiff, and in the process of sales, the attributes of the vehicle were vaguely defined, misleading consumers to buy and use the electric car as a non-motor vehicle. However, the electric four-wheeled vehicle involved in the case was identified as a motor vehicle. The defendant’s sales department sold the products identified as motor vehicles, failed to warn consumers of the products, and had defects in instructions, explanations and warnings, which made the electric four-wheeled vehicle involved in the accident unreasonable and should be identified as defective products. Based on the defects of the product, one of the reasons for the accident was that the electric four-wheeled vehicle involved was not registered, the plaintiff drove on the road without obtaining a motor vehicle driver’s license, and did not follow the motor vehicle regulations.

　　That is to say, the defective electric four-wheeled vehicle involved in the case has a causal relationship with the occurrence and damage results of this traffic accident, and the defendant’s sales department has a certain fault in failing to fulfill its warning obligations. The court also held that the plaintiff did not yield in accordance with the regulations in this accident, and his fault participation and cause in the traffic accident were far greater than the behavior of driving an unlicensed motor vehicle.

　　At the same time, the court considered that the electric four-wheeled vehicle involved in the case was different from the general electric two-wheeled bicycle by naked eyes, and the plaintiff, as the driver, should pay the utmost attention to the vehicle attributes when purchasing the vehicle. The plaintiff failed to carefully review the duty of care, and also made negligence. The court finally ruled that the defendant’s sales department was liable for 15% of the compensation and should compensate the plaintiff for 29,250 yuan.

　　("Zero Distance" reporter/Mika editor/Wang Ze)

China’s trade went global. From 1757 to 1842, the 13th Canton was the only "special zone" for the Qing government to trade with Europe and the United States, which made the city retain its memory and make people remember its homesickness. Guangzhou is a famous cultural city with a history of more than 2,000 years. Every street and lane has a long story, and every brick and tile has a meaningful memory. Today, Xiaobian will appreciate the heavy memory of this city with you, appreciate the spirit tradition of tolerance and openness for more than 2,000 years, and appreciate the endless literary context; Together with you, under the illumination of history, we can understand today and Guangzhou, thus strengthening our cultural self-confidence. In 1757, with the promulgation of the imperial edict on foreign trade in which Qianlong only left Guangdong Customs, the foreign trade of the Qing Dynasty was locked in the thirteenth line of Guangzhou. As the only exchange center between Chinese and Western civilizations for 85 years, it is a Chinese and foreign trading place located on the edge of the Pearl River, where foreign ships gather at the thirteen ports, and almost all major countries and regions in Asia, Europe and America have had direct trade relations with the thirteen banks. It has global trade routes to Europe, Latin America, South Asia, East Asia and Oceania. It was the only surviving node of the Maritime Silk Road under the closed-door policy of the Qing government at that time, bearing the gestation and development of modern China’s commercial economy. Although the thirteen lines have disappeared in the long river of history, their historical influence has been continuing. Two hundred years later, history once again chose Guangzhou to undertake the historical mission of "gathering customers from all over the world and selling goods from all over the world". Thirteen lines and the Canton Fair jointly compose the colorful movement of the Maritime Silk Road.It became the epitome of China’s opening to the outside world and economic development in modern times. A long scroll showing the style of the thirteen-line business hall in Qing Dynasty. Where did the thirteenth line come from? Kangxi’s sea trade gave birth to the "Thirteen Lines" and made Guangzhou "trade in one mouth". This was a scene in the 18th century-the Swedish merchant ship King Frederick was sailing off the South China Sea in China. This is a large sailboat of that era. It started from Europe and will arrive in Canton after more than a year’s voyage. In the eyes of westerners, China is a country of silk, porcelain and tea, and there are countless exquisite handicrafts, showing a profound culture. They were pleasantly surprised to find China. Fortunately, the Swedish ship escaped the stormy waves of the Cape of Good Hope, the piracy in Malacca and the threat of epidemic diseases on board, and completed the voyage with 20% staff reduction. Only half of the sailboats that set out with them can reach Guangzhou. Paying such a high price is for the maiden voyage of trade between China and Sweden. After leaving Gothenburg, Sweden, King Frederick went to Spain for the silver that was commonly used in China, and arrived at Lingding Island in Guangzhou on September 6, 1732. During the four months of berthing in Guangzhou, King Frederick ordered 151 large boxes and 1801 bundles of porcelain from more than 10 foreign firms in China, totaling 49,906 pieces. And 2183 boxes of red and green tea. After sailing from Guangzhou, King Frederick returned to Sweden after eight months. Porcelain exported in the Qing Dynasty is bright in color. At that time,Every year, hundreds of such merchant ships come from afar, enter the South China Sea of China through a long waterway, and then go north along the Pearl River to reach Guangzhou, then known as the southern gate of the Eastern Empire. In fact, during the Ming Dynasty, overseas trade was not always smooth, and the imperial court often declared a "sea ban", which lasted until the early Qing Dynasty. In the Ming and Qing Dynasties, the sea was closed for 300 years. However, Guangzhou’s ship management organization, Shiboshi, was preserved and continued to play a role in promoting cultural exchanges between China and foreign countries. The model of the Swedish merchant ship Gothenburg, which sailed to Guangzhou three times in Qing Dynasty. After Kangxi unified Taiwan Province and put down the San Francisco Rebellion, he began to consider the economic and tax balance of the whole country. He sent Shi Zhu, a cabinet university student, to Guangdong and Fujian for inspection to prepare for the sea trade. Because smuggling is popular, there is opposition in the court. Kangxi asked Shizhu, "How many houses have you been to in Guangdong?" Shizhu replied: "Zhaoqing, Gaozhou, Lianzhou, Leizhou, Qiongzhou, Guangzhou, Chaozhou, etc., where the people said that they had left their homeland for more than 20 years, and now the emperor has leveled the bandits and can go back to their homeland." Kangxi asked again, "So, people are happy to live by the sea, why don’t you allow it?" Shizhu replied, "The sea was sealed in the Ming Dynasty, so we can only do as usual." Kangxi was very dissatisfied and said: "The frontier ministers should take the national economy and people’s livelihood as their thoughts. Although the sea is forbidden today, people who trade privately also go to sea to make a living; To be honest, if you are not allowed, it is just for your own convenience. " Shizhu was speechless for a while. In the 24th year of Emperor Kangxi of Qing Dynasty (1685), the imperial court opened four ports for trade: Guangzhou, Ningbo, Zhoushan and Xiamen.However, at that time, there was no distinction between Chinese and foreign trade, and there was no specialized foreign trade firm. In the early days of the switch, when western ships arrived, officials were in a hurry, and foreign ships were often blocked outside the port and could not trade for a long time. In the spring of 1686, the second year of Guangdong Customs switch, the Guangdong government finally found a solution-Wu Xingzuo, Governor of Guangdong and Guangxi, Li Shizhen, Governor of Guangdong, and Yi Ergtu, the supervisor of Guangdong Customs, jointly discussed and divided the national tax into two categories: "residence tax" and "line tax". The "residence tax" is a tax levied on all goods landed in the inland trade of this province, which is collected by the tax department and called "Golden Line"; "Travel tax" is a tax on goods sold by foreign countries and goods traded at sea, which is collected by Guangdong Customs. "Foreign goods line" means "thirteen lines". When it comes to the meaning of "line", it means "line and column", which is "the place where goods live". From then on, foreign goods company 13 became a professional firm engaged in foreign trade, which was managed by the state to prevent free exchanges between Chinese and foreign people. In the twenty-second year of Qianlong (1757), Qianlong made a decree in the Forbidden City: "The port is set in Guangdong, and foreign ships are allowed to dock in Guangdong." The other three ports were closed, and Guangzhou became the foreign trade center of Qing Dynasty. This export painting in Qing Dynasty depicts the scene of local businessmen talking with foreign businessmen. How prosperous is the thirteenth line? The 85-year-old "one-stop trade" has made Guangzhou’s routes to the world increasingly developed. In addition to the routes to the Indian Ocean, Nanyang, Japan and Europe that have been in use in the Ming Dynasty, it has also increased the routes to North America, Oceania and Russia through the Cape of Good Hope.In many places overseas, there are scenes of merchants from various countries shuttling around the "canton" thirteen-line commercial pavilion area and tens of thousands of races on the river, which makes people marvel at the prosperity of Guangzhou at that time. Although according to the regulations of the government, foreign businessmen could not live in Guangzhou at that time, but only in the suburbs or Huangpu Port, every rest day, businessmen or sailors could walk into the city gate and visit the flower pagoda and longevity temple of Haikuang Temple, and they could also visit scenic places such as Baiyun Mountain and Fangcun Flower Land. Guangzhou, a trading port, became the preferred "golden port" for western merchant ships after the opening and closing of the Qing Dynasty. Of course, silk porcelain, tea and homespun were exported, while wool, cotton, metals and spices were imported from abroad. In 1984, British divers found the Dutch merchant ship "Helder Malsen" which sank on the rocks in 1751. When it returned from China, it brought 147 pieces of gold, 239,000 pieces of porcelain in 203 boxes, 687,000 pounds of tea, textiles, lacquerware, sappan wood and thymelaeaceae. By 1986, when part of the sunken ship was salvaged for auction, the guests were dumbfounded by the dazzling array of goods. Qing dynasty export porcelain painted with ocean-going sailboats. In those days, foreign businessmen came to Guangzhou with great enthusiasm. Apart from Russian caravans crossing Siberia to the northern border of China and Portuguese merchant ships trading in Macau, neighboring countries and European and American countries, including the Netherlands, Spain, Britain, France, Sweden, Denmark, Belgium, Prussia, Italy, the United States and Peru, participated in the tribute trade with China.All of them are trading in the 13th Commercial Hall in Guangzhou. In Berlin Coin Museum, Germany, there is a silver coin with the head of Prussian king on the front and a Guangzhou businessman in Qing Dynasty costume on the back. There is a box of tea behind the businessman. This is a commemorative coin made for Prussian merchant ships who sailed to Guangzhou for the first time in the seventeenth year of Qianlong (1753), and it is the only commemorative coin in Europe with the image of Qing Dynasty. Among the foreign ships coming to China, there are also names with Chinese flavor, such as "Guangzhou", "Merchant of China" and "empress of china". This painting for export in Qing Dynasty reflects thirteen lines of street customs. It is worth mentioning that there are canton in many overseas places. For example, Canton in Massachusetts and Canton in Georgia are towns named after Guangzhou, while Canton in northeast Ohio is the largest Guangzhou city in the United States. Since the second half of the 18th century, there have been dozens of foreign merchant ships coming to Guangzhou every year, with more than 80 at the most. By the early 19th century, it had increased to one or two hundred. In 1784, the American merchant ship "empress of china" made its maiden voyage to Guangzhou with leather goods and American ginseng worth 120,000 US dollars. "empress of china" also kept all the naval equipment to prevent pirates from looting. On May 11th, 1785, "empress of china" returned to the United States, causing a sensation all over the country. All the goods on board were snapped up, and Washington, the founding president of the United States, also bought a teapot with a dragon pattern. Line 13 has "Tianzi Nanku"There is also a domineering name for the thirteen lines: "Tianzi Nanku". In the process of accumulating wealth, the court also got huge benefits from Guangzhou. From the first year of Daoguang (1821) to the seventeenth year of Daoguang (1837), more than 1.5 million taels of silver tax were received in Guangzhou every year, all of which were dominated by the royal family. The foreign firm also transported foreign goods such as ivory, enamel, snuff, clocks, glassware, gold and silver for the emperor. In the list of 1738, 88 of the 102 tributes were exotic foreign goods. In 1754, hall of mental cultivation was built in the Forbidden City in Beijing, which needed valuable timber from Nanyang, and Guangdong imported 56,400 Jin for it. In 1708, Kangxi suddenly became seriously ill and drank the red wine prepared by the foreign imperial doctor Rod, and his heartbeat quickly returned to normal. In the future, whenever foreign ships entered Hong Kong, Kangxi asked if there was any wine, and if there was, he asked for it to be transported to Beijing as soon as possible. Soon, the world wines gathered in Guangzhou, and a wine "hotline" was formed between Beijing and Guangzhou. In 1758, in an imperial edict, Qianlong instructed that "foreign clocks and watches, western gold beads, exotic furnishings or fresh utensils should be bought", and that "there is no need to cherish fees". It can be seen that Guangdong Customs, Guangzhou Foreign Firm and the court are inextricably linked, and the thirteenth line has become the only foreign goods supply place that the royal family can rely on, so it is called "Tianzi Nanku". The richest group in China relied on the monopoly privilege of foreign trade, and a number of China tycoons appeared in the 13th line, such as Pan Zhencheng, Wu Bingjian and Lu Guanheng, all of whom were rich, among which Wu Bingjian was the most prominent and became the richest man in the world at that time. Wu Bingjian has 26 million taels of silver,It is equivalent to more than 5 billion yuan today, and its income is half that of the Qing government. His son invests in railways in the United States, and the annual interest alone is more than 200,000 taels of silver. In addition, Shisanhang has also become a bridgehead for cultural exchanges between China and foreign countries. Chinese porcelain, export paintings and folk handicrafts are exported from here, and foreign scientific knowledge, culture and art are also introduced into China from here. Exquisite export products in Qing Dynasty. The picture shows the export porcelain candlestick in Qing Dynasty. The relationship between Shisanhang and the world far exceeds trade. In the history of Shisanhang, there were three big fires, and the last fire completely burned Shisanhang. The first fire was in 1822. A cake shop near Shisanhang caught fire, which affected Shisanhang. The fire burned for two days, and many foreign business halls and foreign firms were burned down. In 1842, the thirteenth line suffered a second fire. In 1856, when the Second Opium War broke out, the British army shelled Guangzhou and burned thirteen lines. All the buildings and goods in the thirteen lines were destroyed in the fire. "The connection between the thirteen lines and the world lies not only in trade. It is the first place where the eastern and western hemispheres blend in all directions in the fields of politics, economy, culture, religion, science and technology, language, art and law. " Lily li, curator of Thirteen Lines Museum, said. Tan Yuanheng, a professor and doctoral supervisor of South China University of Technology, believes that Guangzhou has its own urban pattern, which is the economic pattern naturally formed by commercial trade. From the "Fanfang" in the Middle Ages, the Haizhu Stone Commercial Port in the near ancient times, until the appearance of Guangzhou Thirteen Lines, Guangzhou was well-deserved as the "Millennium Commercial Capital". The formation of the city of Guangzhou,It is similar to Florence, Milan, Venice, Rome and other commercial cities with rich wealth in the west. It is the commercial prosperity since ancient times that created Guangzhou and gave birth to Guangzhou-from the beginning, Guangzhou has the characteristics of a marine and commercial city. Therefore, it is not difficult to understand that Shisanxing appeared in Guangzhou, and it was integrated into the world, becoming the earliest commercial leader with modern colors of China. The 13th Guangzhou Tour also has a positive impact on the development of the world economic system. Wang Yuanlin, director and professor of 13th Line Research Center of Guangzhou University, said that 13th Line has a merchant guarantee system, that is, the merchant guarantees many affairs of foreign merchant ships coming to China, bears many responsibilities such as guarantee, and may not owe foreign debts. Once the hong merchants go bankrupt due to debts owed to foreign merchants, other hong merchants will be responsible for sharing the compensation. "This’ sitting together’ guarantee system later became an important reference for the US banking deposit insurance system." Wang Yuanlin said. According to the Secret Files of Foreign Merchants in Qing Dynasty, an American businessman owed Jardine Matheson Wu Bingjian 72,000 silver dollars, which he was unable to repay. When Wu Bingjian tore up the IOUs, he used "Guangzhou English" in his dialogue with American businessmen. New Mission and New Action: Undertaking the historical mission of making friends with the world. Although the back of Guangzhou’s leap into a trillion-dollar city of foreign trade has disappeared in the long river of history, the legacy left by the thirteenth line-the business spirit of facing the world, being the first, being open and innovative, and striving for perfection-has been engraved in Guangzhou’s genes, and Guangzhou has always been at the forefront of China’s foreign trade exchanges. Two hundred years apart, history once again chose Guangzhou in 1951, in order to strengthen the circulation of urban and rural materials,Guangzhou decided to hold an unprecedented material exchange conference called South China Native Products Exhibition and Exchange Conference. Twelve permanent and semi-permanent exhibition halls have been built in the original site of Thirteen Lines. This modernist architectural complex also laid the foundation for the development of cultural parks in the future. In 1952, "Lingnan Cultural Relics Palace" was established at the site of the South China Native Products Exhibition and Exchange Conference, and became a famous exhibition place for cultural activities at that time. In January 1956, Lingnan Cultural Relics Palace was renamed Guangzhou Cultural Park. From "South China Native Products Exhibition and Exchange Conference" to "Lingnan Cultural Relics Palace" and then to "Guangzhou Cultural Park", the names were inscribed by Ye Jianying. Two hundred years after Thirteen Lines were born, history once again chose Guangzhou as the window for China’s foreign trade exchange. On April 25th, 1957, the first floor of Sino-Soviet Friendship Building in Liuhua Road, Guangzhou was filled with gongs and drums, and the first China Export Commodities Fair (hereinafter referred to as the Canton Fair) opened here! "’Poop-poop’ went through the tunnel and the clothes were blackened." At that time, Li Huan, a 31-year-old Hong Kong buyer, arrived at the meeting on a coal-burning train. Without much care, he excitedly squeezed into the cheering crowd. "I have confidence in the sales of domestic products," he recalled fondly. The original intention of the Canton Fair was to meet the needs of economic construction and develop international trade in exchange for foreign exchange. At that time, New China urgently needed to open a channel to connect with the international market, and use the commodity exhibition as a window to display and trade export commodities. The host city of this exhibition should have a foreign trade foundation and a unique geographical advantage.Looking at China at that time, Guangzhou was the best choice: Guangzhou had a long history of foreign trade and was the only trading port in China under the closed door policy of the feudal dynasty for a long time. In terms of location, Guangdong is close to Hong Kong and Macao, which is the most convenient for Hong Kong businessmen. Only Guangzhou in Guangdong can undertake the historical mission of "making friends with the world". The turnover of the first Canton Fair accounted for 20% of the country’s total foreign exchange income in that year, which opened a channel for new China to communicate with the world in the high-pressure international political environment and suffered from "economic blockade" and "goods embargo", and the abbreviation of "Canton Fair" soon became familiar to the world. Since then, the Canton Fair has been held regularly in spring and autumn every year without interruption. Thousands of China enterprises have successfully entered the international market through the Canton Fair, and their export commodities have also changed from primary products to "made in China" and "made in China", and from offline to online and offline integration … On October 15, 2021, the 130th Canton Fair kicked off. During the 65 years from 1957 to 2021, the Canton Fair moved four times in Guangzhou, and the construction area of the exhibition hall expanded from the initial 18,000 square meters to 1.1 million square meters today. The cumulative export turnover of the Canton Fair exceeded US$ 1.4 trillion, accounting for more than 50% of the national export proportion. It has established trade relations with more than 210 countries and regions around the world, and accumulated about 8.8 million overseas buyers flew across the ocean to participate in the conference. The turnover is far from comparable to that of the thirteen banks in that year. In 2021, the total import and export value of Guangzhou’s foreign trade reached 1,082.59 billion yuan.Become a "trillion city of foreign trade". Through the Canton Fair, "gathering customers from all over the world, selling goods from all over the world and selling goods from all over the world" became a reality. In the export painting of Qing Dynasty, a grocery store on the street of Guangzhou. Canton Fair promotes the safe and smooth operation of the global industrial chain and supply chain. On July 19th, 2021, the State Council announced the list of the first batch of cities to cultivate and build an international consumption center. There are five major cities in China, and Guangzhou is the only non-municipality directly under the Central Government. Guangzhou has tasted the "first soup" of cultivating and building an international consumption center city. It is reported that Guangzhou has started the cultivation and construction of an international consumption center city in an all-round way, and it is planned to basically build an intelligent, fashionable and modern international consumption center city facing the world in about five years, so as to realize the transformation from "selling the world" to "selling and buying the world". In 2016, Guangzhou established the 13th Line Museum in Guangzhou on the site of 13th Line Foreign Commercial Pavilion in Qing Dynasty (in Guangzhou Cultural Park). According to Wang Zhen, deputy director of Guangzhou Thirteen Lines Museum, there are more than 4,800 pieces (sets) of cultural relics in the collection, which show the history of Thirteen Lines by means of "cultural relics+historical documents", sand table and electronic animation. "To some extent, Line 13 has a wonderful connection with the Canton Fair." Ye Nong, a professor at China Institute of Cultural History of Jinan University, said this. Cantonese English is very popular. In the process of "one-stop trade" for a long time, Guangzhou people invented a special language-"Guangzhou English". At that time, the inventor of "Guangzhou English" marked the pronunciation of English words in Cantonese, and gradually formed a distinctive one."Local English". After the opening of Shanghai, "Guangzhou English" spread to Shanghai and became the originator of "Pidgin English". Can you understand "Guangzhou English" Chinese: chin-chin, how do you do, long time my no hab see you. (Please, hello! I haven’t seen you for a long time) Foreigner: l can secure hab long time before time my no have come this shop. (It’s really been a long time, I didn’t come to your shop last time) Chinese: Hi-ya, so, eh! What thing wantchee? Oh, really, what do you want? ) foreigner: oh, some little chow-chow thing. you have got some ginger sweet? Oh, I want something small. Do you have any ginger preserves? ) Chinese: Just Now No Got, L Think Canton Habgot Velly Few That Sutemeet. (Not now, I think there are few such candied fruits in Guangzhou) (Excerpted from Wu Yixiong’s "Guangzhou English" and Chinese-Western Communication before the mid-19th century).The deep contact between the first group of people who opened their eyes to the world and foreigners in China made Thirteen Hong Merchants become the first group of people who opened their eyes to the world in China. During the Opium War, thirteen merchants took the lead in donating money to introduce advanced western technology and upgrade the equipment of Guangdong Navy. Pan Shirong devoted himself to imitating the most advanced steamship in the world at that time; Pan Shicheng hired a US naval officer with a high salary to copy the earliest modern mine in China-"Ship Attack Mine"; Zheng Chongqian was the first Chinese to spread the vaccinia law. The Wu family contributed a lot to the introduction of western medicine into China. The Vaccinium Vaccination Bureau, the first hospital in China, and the Ophthalmology Medical Bureau of Peter Peter Parker also received strong support from the Wu family. It can be said that the thirteen-line merchants were the earliest practitioners of "learning from foreigners to control foreigners", which was 20 years earlier than the Westernization Movement in the late Qing Dynasty. After the end of the "one-stop trade" era, a large number of Guangzhou foreign trade businessmen moved to Shanghai and Hong Kong, forming the first wave of immigration in Shanghai. In the 1950s, Shanghai replaced Guangzhou as the largest trading port in China. What attracted the most attention from Guangdong was no longer goods, but a group of people called "comprador". The original Shanghai foreign firm was "comprador" and "half of it was made by Cantonese people". After arriving in Shanghai, Guangdong Hong merchants bought a large number of properties and real estate, and planned to build a Shanghai version of the "Thirteen Hong Merchants Pavilion" and rent it to foreign businessmen. However, because local officials accepted bribes from British businessmen, Guangdong merchants are nominally property owners of real estate and real estate.However, he was deprived of the right to dispose of real estate and real estate, and was forced to rent it to the British permanently without receiving the rent. Relying on this concession, British businessmen expanded step by step in Shanghai, and finally the Bund was formed in this area. The annotation "line, column also" in "thirteen lines" is "the place where goods live", which is the definition of "line" in ancient books. Guangzhou Shisanhang was a firm specializing in foreign trade in the Qing Dynasty, and it was a monopoly institution designated by the Qing government to specialize in foreign trade. In 1813 and 1837, there happened to be thirteen firms, such as Jardine Matheson of Wu Bingjian, Kwong Lee of Lu Jiguang, Tong Fu of Pan Shaoguang, etc., but the number of the firms varied, ranging from four to more than twenty, and the "thirteen firms" were just the established appellation. The names of banks often change, including Xinglong, Lianxing, Dexing, Zhengxing, Tongxing, Yuanchang, Jinyuan, Yihe and Baoshun. Among them, Pan, Wu, Lu and Ye, the four major merchants, had more property than the national treasury income at that time, and they were truly "extremely rich". According to Wang Zhen, deputy director of the Thirteen Lines Museum in Guangzhou, according to historical records, the Thirteen Lines Site is located in today’s Guangzhou Cultural Park and its surrounding areas, including the China line number and the foreign commercial museum. The China line number is scattered, and some line numbers are outside the Thirteen Lines Street; However, foreign commercial pavilions are relatively concentrated, and the houses are all built facing the Pearl River, like a floating city on the water.

　　CCTV News:The Central Meteorological Observatory issued a medium-term weather forecast at 10: 00 on October 17th.

　　1. In the past ten days, the precipitation in most parts of the country was low, and the temperature in Huanghuai and other places in North China was high.

　　In the past 10 days (October 7-16), the accumulated precipitation in Yunnan, the coastal areas of Guangdong, the eastern part of Hainan Island and the southeastern part of Tibet was 30-60 mm, and 70-120 mm in some places, which was more than the same period of normal years, while the precipitation in most other parts of China was less.

　　In the past 10 days, the average temperature in northwest, north China, northeast China, Huanghuai and western Qinghai-Tibet Plateau was 1 ~ 3℃ higher than normal. The temperature in eastern Qinghai-Tibet Plateau, southern China, eastern Yunnan, Guizhou and other places is 1 ~ 2℃ lower, and the temperature in other parts of China is close to normal.

　　Second, the next ten daysCold air affects the central and eastern regions South ChinaThere is heavy rainfall.

　　In the next 10 days (October 17-26), the cumulative precipitation in northwestern Jiangnan, southern China, northwestern Xinjiang and Chongqing will be 30-60 mm, including 70-120 mm in parts of southern Guangxi and eastern Hainan Island, and 150-250 mm in parts of southern Guangxi. The accumulated precipitation in the above areas is 30% to 1 times higher than normal, and the local precipitation is 2 ~ 3 times. The precipitation in most other parts of China is less or close to normal.

　　In the next 10 days, the average temperature in the eastern Qinghai-Tibet Plateau, Yunnan and South China will be 1 ~ 2℃ lower than normal, while the temperature in Xinjiang, North China and Huanghuai will be 1 ~ 2℃ higher, and the temperature in other parts of China will basically be close to normal.

　　Main weather processes:

　　From 17th to 20th, affected by tropical disturbance, there were moderate to heavy rains in most parts of Hainan Island, central and western Guangdong, southeastern Guangxi and other places, and there were local heavy rains to heavy rains. There will be 6-7 grades in the Taiwan Province Strait, the northern and central and western South China Sea, Beibu Gulf and Qiongzhou Strait, and gusts of 8-9 grades will be northerly or northeast.

　　From 17 to 20, affected by strong cold air, there was a large-scale rainfall and cooling weather process in the central and eastern regions. Among them, some areas in the eastern part of northwest China, western North China, western Huanghuai and eastern Southwest China had moderate rain and local heavy rain; There are 4~6 northerly winds in the middle and lower reaches of the Yangtze River and its north, with the temperature dropping by 4~6℃ and the local temperature dropping by 8~10℃..

　　Third, the long-term weather outlook

　　In the next 11-14 days (October 27-30), the cumulative precipitation in Guizhou, Hunan, Jiangxi, eastern Yunnan, Guangxi, Hainan Island and other places will be 15-30 mm, and the local area will exceed 50 mm; The cumulative precipitation in the north and east of Northeast China is 3 ~ 10mm; There is no obvious precipitation in most other parts of China.

　　In the next 11-14 days, the average temperature in Northeast China, North China, Huanghuai, Jianghuai and other places will be 1 ~ 3℃ higher than normal, while the temperature in northern Xinjiang, Qinghai and western Gansu will be 1 ~ 2℃ lower, and the temperature in other areas will be basically close to normal.

　　Fourth, high-impact weather and concern

　　1.coldAir influenceMiddle east

　　From 17 to 20, affected by strong cold air, a large-scale precipitation and cooling process will occur in the central and eastern regions; There are 4~6 northerly winds in the middle and lower reaches of the Yangtze River and its north, and the temperature drops by 4~8℃, and the local temperature drops by more than 10℃ in the north.

　　There will be heavy rainfall in South China.

　　From 17 to 20, there were moderate to heavy rains in most parts of Hainan Island, central and western Guangdong, and southeastern Guangxi, and there were heavy rains to heavy rains in the local area.

　　Xinhua News Agency, Beijing, December 22 nd: Maintaining the dignity of heroes and heroes and inheriting the red spirit-three key words to see through the draft law on the protection of heroic martyrs

　　Xinhua News Agency reporters Luo Zhengguang, Luo Sha, Lin Hui and Shi Jingnan.

　　"Is Qiu Shaoyun’s deeds true?" "Can Huang Jiguang really block the loophole?" … … In recent years, under the banner of "reflecting on history" and "restoring the truth", cases of wanton slander and misinterpretation of heroic deeds have occurred from time to time, which have stung the hearts of countless people and desecrated the heroic spirit of dedication to the country and the nation.

　　On the 22nd, the draft law on the protection of heroic martyrs was submitted to the National People’s Congress Standing Committee (NPCSC) for deliberation for the first time. There will be more perfect legal provisions on the historical merits of heroic martyrs, memorial activities, memorial sites and their maintenance requirements, martyrs’ praise and preferential treatment for survivors, so as to defend the dignity and legitimate rights and interests of heroic martyrs by the rule of law.

　　Urgency-heroes and martyrs should not be profaned

　　The deeds and spirit of heroic martyrs are the common historical memory and precious spiritual wealth of the Chinese nation, and are a powerful spiritual driving force for realizing the Chinese dream of great rejuvenation.

　　Legislation to protect heroic martyrs, in recent years, voices from all walks of life have been rising. At the National People’s Congress in 2017, 251 NPC deputies, Chinese People’s Political Consultative Conference members and some people sent letters, proposing to strengthen the protection of heroic martyrs through legislation.

　　"Some people vilify, vilify, belittle and question the heroic martyrs in the history of our party and army. The essence is to shake the ruling foundation of the Communist Party of China (CPC) and the Socialism with Chinese characteristics system. These acts must be explicitly prohibited by law." Xu Anbiao, deputy director of the Legal Affairs Commission of the National People’s Congress Standing Committee (NPCSC), said.

　　The reporter learned that the legislative work on the protection of heroic martyrs was highly valued by the CPC Central Committee and officially launched in April this year.

　　The draft Law on the Protection of Heroic Martyrs proposes that the state protects heroic martyrs, praises and commemorates them and safeguards their dignity and legitimate rights and interests. The draft clearly stipulates: "It is forbidden to distort, vilify, vilify or deny the deeds and spirit of heroic martyrs."

　　Yang Lixin, a professor at the Law School of Renmin University of China, said that strengthening the legal protection of the names, reputations and honors of heroes and heroes is of great significance for promoting the society to respect heroes and heroes, promote the good and suppress the evil, and carry forward the socialist core values.

　　While safeguarding the dignity and legitimate rights and interests of heroic martyrs, whether all kinds of heroic memorial facilities can be well protected and repaired is also the focus of people’s concern.

　　Remarkably, the legal status of the Monument to the People’s Heroes is clearly defined for the first time in the draft for the protection of heroes and martyrs, which stipulates that its name, inscription, inscription, relief, graphics and signs are protected by law. At the same time, the draft also provides for the protection, opening and management of other memorial facilities for heroic martyrs.

　　Xie Zhiyong, a professor at China University of Political Science and Law, said that at present, laws protect both material and intangible cultural heritage, but there is no legal basis for effective protection of tombs and monuments of revolutionary martyrs, so this legislation is of great significance.

　　Maintenance-building an all-round system to protect heroes and heroes

　　With the protection of heroic martyrs entering the legislative process, the main body responsible for safeguarding the dignity and legitimate rights and interests of heroic martyrs will be clarified.

　　"The deeds and spirit of heroic martyrs have been integrated into the mainstream culture and core values of the Chinese nation and are part of the public interest. As representatives of public interests, people’s governments at all levels have both the right and the obligation to shoulder the heavy responsibility of protecting heroic martyrs. " Xiong Wenzhao, vice president of china law society Legislative Studies Association, said.

　　According to the draft:

　　-The civil affairs departments of the people’s governments at or above the county level and other relevant departments shall conscientiously perform their duties and do a good job in protecting heroes and martyrs in accordance with the provisions of laws and regulations.

　　-Public security, culture, press, publication, radio, film and television, internet information, civil affairs, industry and commerce and other departments have the responsibility to protect the honor and honor of heroes and martyrs in the supervision work.

　　-when network operators find network information that infringes on the reputation of heroic martyrs, they have the obligation to dispose of it in time.

　　-any unit or individual has the right to report violations of the legitimate rights and interests of heroic martyrs and other acts in violation of the provisions of this law to the departments of civil affairs, public security, internet information, etc., and the departments that receive the reports shall promptly deal with them according to law.

　　-establishing a public interest litigation system for cases of infringing on the honor of heroic martyrs, with procuratorial organs as the main body of public interest litigation.

　　… …

　　"This will help to build an all-round responsibility system for punishing the rights and interests of heroic martyrs, including administrative responsibility, civil responsibility and even criminal responsibility." Hu Gang, Deputy Secretary-General of internet society of china Law Commission, said.

　　At the same time, the draft also further clarifies public security and criminal responsibility for illegal acts such as occupying, destroying and defacing memorial facilities for heroic martyrs, insulting and slandering heroic martyrs, and the relevant departments of the people’s governments at or above the county level and their staff members abusing their powers, neglecting their duties and engaging in malpractices for personal gain in the protection of heroic martyrs.

　　Xie Zhiyong said that in the past, the law did not specify whether the deceased person enjoyed the right of personality. The draft Law on the Protection of Heroes and Martyrs clarified that the names, portraits, reputations and honors of the deceased heroes were protected by law, which provided a more complete legal basis for protecting the rights of personality and reputation of heroes and martyrs.

　　Inheritance-not just "protecting the name" for heroes and heroes

　　"Yes ‘ Five strong men of Langya Mountain ’ Damage to reputation is also damage to the spiritual value of the Chinese nation. " On June 27th, 2016, the People’s Court of Xicheng District, Beijing issued a first-instance judgment on the case of infringement of the reputation right of "Five Strong Men of Langyashan", and ordered the defendant to immediately stop the infringement and apologize.

　　The fall of the gavel is thought-provoking. In fact, the significance of legislation for the protection of heroic martyrs is not limited to "protecting the name" of heroes and martyrs.

　　Protecting heroes, advocating heroes, both at home and abroad. Xie Zhiyong said that all countries in the world have set up various commemorative days to remember their heroes, and many countries have successively promulgated many bills to commemorate patriots in various historical periods.

　　"No matter how long time has passed, the heroic name and achievements of the martyrs will last forever." Yao Xiaoying, vice chairman of Guizhou Federation of Literary and Art Circles, believes that the deeds, images and spiritual values of heroic martyrs have been widely recognized by the whole nation, which is a part of the common memory of the Chinese nation, one of the cores of the Chinese national spirit and an important part of the socialist core values.

　　To protect the heroic spirit, we must carry forward the heroic spirit and inherit the red gene.

　　To this end, the draft specifically stipulates that the state encourages and supports the research on the deeds and spirit of heroic martyrs, and understands and records history under the guidance of dialectical materialism and historical materialism; The administrative department of education should focus on young students and bring the publicity and education of heroic martyrs’ deeds and spirit into the national education system; The departments of culture, press, publication, radio, film and television, and online information shall encourage and support the creation, production, publicity and promotion of outstanding literature, art, film and television works and publications with heroic deeds as the theme and carrying forward the spirit of heroic martyrs.

　　Huang Shuyuan, member of Chinese People’s Political Consultative Conference and president of People’s Publishing House, said that such a series of regulations will help to create a healthy atmosphere of respecting, studying and defending heroic martyrs in the whole society, and carry forward the spirit of inheriting heroic martyrs.

　　In addition, in order to enhance the standardization and ritual of commemorating heroic martyrs, the draft clearly stipulates the establishment of martyrs’ memorial day and the holding of commemorative activities.

　　Experts believe that this will change the current situation that the protection of the heroic spirit is not fully carried forward, and stimulate the strong spiritual strength of the people of the whole country to realize the great rejuvenation of the Chinese dream of the Chinese nation, so as to constantly win new victories in Socialism with Chinese characteristics in the new era and comfort the heroic martyrs.

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　　Recently, coconut water frequently boarded hot searches, and topics such as # Drinking pre-opened coconut into the emergency room # caused heated discussion among netizens. Some netizens reported that after drinking the pre-opened coconut water, they felt sick, vomited and had a high fever.

　　Many people say that this symptom is not unique: "My friend vomited after drinking the spoiled coconut water", "After drinking it, his head was particularly painful and his stomach turned upside down" and "the shelf life of coconut is very short, and the pre-opening is very unsanitary".

　　Coconut water is undoubtedly a cool and thirst-quenching product in summer. Then, can you buy pre-opened coconuts? The reporter conducted an investigation.

　　Why is pre-opened coconut water "poisonous"?

　　Pre-opened coconut refers to coconut that has been cut or drilled to facilitate drinking coconut juice. Because of its convenience, pre-opened coconut water is very popular with consumers, but coconut is easily contaminated by bacteria after pre-opening.

　　First of all, coconut may be polluted by unclean equipment or tools during cutting and processing;

　　Secondly, if the coconut is not sealed and refrigerated in time after opening, and the summer weather is hot, it is likely to lead to bacterial growth;

　　Thirdly, due to improper handling during transportation or storage, if the whole cold chain is not maintained or the storage time is too long, bacteria may multiply and lead to food poisoning.

　　A large number of staphylococcus aureus will make coconut deteriorate, which will lead to nausea, vomiting, abdominal pain, diarrhea and other symptoms after eating it by mistake; Pseudomonas cocoanum is more deadly, and spoiled coconuts stored for a long time may breed Pseudomonas cocoanum and produce a special toxin — — Rice yeast acid is harmful to important organs such as liver, kidney and heart. Horribly, even if heated to 100℃, it can’t destroy its toxicity. At present, there is no specific medicine in clinic, and the mortality rate of poisoning cases is as high as 50%. If you have suspicious symptoms, you should see a doctor immediately.

　　There is chaos in the pre-opening coconut market.

　　The reporter visited and found that at present, the pre-opened coconuts on the market have branded packaging products, and some supermarkets open their own packaging, which are sold in major supermarkets and fruit shops. But without exception, its packaging only marked the date of listing and packaging, but did not mark the shelf life.

　　At present, most of the pre-opened coconuts on the market only indicate the market date and packaging date, but not the shelf life.

　　The reporter asked how long is the shelf life of the pre-opened coconut? How to judge whether the pre-opened coconut has expired?

　　Many supermarket clerks used excuses such as "it doesn’t expire as long as it’s on sale" and "if it’s not fresh, we’ll take it off the shelf", but they couldn’t answer the reporter’s question directly.

　　Some shop assistants recommended a higher-priced "coconut egg" to the reporter, that is, a coconut with half its skin peeled. The shop assistant said that the "coconut egg" had no opening, and it was more hygienic to poke the coconut meat with a straw. The reporter saw that some "coconut eggs" were indeed marked with the date of production and shelf life (3 days), which looked more formal than pre-opened coconuts, but lacked the date of listing. The clerk couldn’t answer the question "Why are the labels of pre-packaged coconut products different?".

　　Some "coconut eggs" products are marked with the date of production and shelf life, but the date of listing is missing.

　　Fresh coconuts can be drunk directly after opening, but consumers should pay attention to pre-opened coconuts. It is recommended to choose a reliable merchant when buying pre-opened coconuts, check whether the appearance of coconuts is intact, and check the freshness of coconuts. It is best to pour coconut water out before drinking to distinguish whether it has deteriorated.

　　Supervision is still in a gray area.

　　Call for corresponding measures as soon as possible.

　　How to buy a safe pre-opened coconut? Is there anyone to supervise?

　　Li Shuguang, a professor at Fudan University School of Public Health, said that the pre-opened coconut does not belong to prepackaged foods yet, so there is no mandatory implementation of complete information labeling; However, because of the pre-opening treatment, it is not entirely within the scope of agricultural products. Prepackaged foods is managed by the State Administration of Market Supervision, while agricultural products are managed by the Ministry of Agriculture and Rural Affairs. However, due to the difficulty in defining its commodity attributes and supervision, the supervision of pre-opened coconuts is still in a gray area. It is precisely because there is no unified management that all kinds of packaging that consumers see in the market are determined by the merchants themselves, and there are indeed some security risks.

　　Li Shuguang called on operators to be self-disciplined and earnestly safeguard the health of consumers and the reputation of brands; Consumers should enhance their risk awareness and discrimination, and buy food in formal channels; Regulators should speed up the characterization of this kind of new formats and new foods, introduce corresponding regulatory measures as soon as possible, strengthen supervision and increase the cost of violation.

　　In addition, some people are worried about whether the pre-opened coconut will be added with additives. There is no ingredient list on the package, so consumers can’t check it.

　　Li Shuguang believes that if only a small mouth is opened on the coconut, it is difficult for merchants to add additives from it, so consumers don’t have to worry too much; If coconut water is poured out to make coconut milk, coconut jelly and other products, food additives may be added, but there are standards for the addition of additives. As long as the products meet national standards, consumers don’t have to worry about the health hazards caused by food additives.

The car official announced the pre-sale of 2025 models, renamed Xingrui Dongfang Yao, with 5 configurations, and the official pre-sale price was 100,000-140,000 yuan. The appearance of the new car remains unchanged, and the interior is upgraded. In terms of power, a 2.0T engine is added, with a maximum power of 175kW. With 8AT gearbox, the power is greatly improved compared with the current 140kW.

Geely really spent a lot of money this time! You can buy a compact car with 2.0T+8AT in the early 100,000 s, which is simply to engrave the words "cost performance" into DNA. But then again, the competition in the automobile market is fierce now, and the major manufacturers try their best to compete for the favor of consumers. Geely’s operation is also reasonable.

Let’s talk about this price first. In the range of 100,000-140,000, there are quite a few models to choose from. The entry-level models of joint venture brands, the middle and high-end brands of independent brands, and even some small SUVs are at this price. Geely’s pricing this time can be said to be quite sincere, especially considering the new 2.0T+8AT powertrain, which is simply to set off a "power revolution" at this level.

Let’s talk about appearance again. From the description, the new Xingrui has not made a big fight in appearance. This is not surprising, after all, the face value of the current Xingrui has been quite capable of playing. The polygonal front grille with blackened headlights, coupled with the "fangs" shape, makes the whole front face look domineering and stylish. The lines on the side are also clean and neat, especially the waistline that extends from the front fender to the rear of the car, giving people a dynamic feeling. As for the tail, the exhaust layout of the two sides is a bit super-running, and I have to say that Geely has made great efforts in design.

In terms of interior, although the official did not release specific pictures, according to the news, the new Xingrui is likely to adopt a more advanced interior layout. The floating all-LCD instrument panel and large-size central control panel can be said to be quite luxurious in a 100,000-class car. If you add HUD head-up display and Meizu FlymeAuto system, it is simply full of technology. However, I would like to remind prospective car owners that high-tech configuration is good, but we must also consider the later maintenance costs. After all, once something goes wrong with the screen, it is no ordinary pain.

The power system is undoubtedly the biggest highlight of this upgrade. The maximum power of the newly added 2.0T engine reaches 175kW, which is 35kW higher than the current one, which can be said to be quite powerful. What’s more worth mentioning is that it is matched with the 8AT gearbox, which is a configuration that many luxury brands will adopt. With this powertrain, it is believed that Xingrui will have a qualitative leap in high-speed cruising and acceleration performance. Of course, if the power is improved, will the fuel consumption increase? This is also a problem that needs attention.

However, everything has two sides. Power improvement is certainly a good thing, but for some consumers who pay attention to comfort, the 1.5T engine may be more suitable for daily use. After all, urban roads are heavily congested, so it is difficult to give full play to the power advantage of 2.0T, but it may face higher car maintenance costs because of the increase in displacement. Therefore, which power version to choose still depends on the individual’s use needs and budget.

In addition, although Geely has made a lot of efforts in configuration and power this time, quality and after-sales service are the foundation for the long-term development of car companies. It is hoped that Geely will not neglect the improvement of user experience and after-sales service while improving its product strength. After all, it’s easier to buy a car than to maintain it. A good car should not only drive, but also be affordable.

The article is almost over. I have a question to ask you here: does Geely’s drastic upgrade mean something like "making decisions for the people"? Or is there a hidden mystery behind this, to raise prices and hit the higher-end market? What do you think?

　　BEIJING, Oct. 10 (Xinhua) According to a report by Bloomberg local time on Oct. 9, Hungarian Prime Minister Orban said that it would be counterproductive for the EU to impose tariffs on electric vehicles in China.

　　According to reports, in his speech on the 9th, Orban criticized the European Union for not considering the interests of the European automobile industry when setting environmental targets. He told the European Parliament that the lack of planning means that the automobile industry will be "bleeding", and supporting the decision to impose tariffs on China’s electric vehicles will only lead to more unemployment.

　　According to Agence France-Presse reported earlier, EU member states recently voted to pass the final draft of the EU anti-subsidy case on electric vehicles submitted by the European Commission, among which five EU member states including Hungary and Germany voted against it, while 12 countries including Spain and Sweden abstained.

　　On October 9th, a spokesman for China’s Ministry of Commerce said that the EU’s countervailing investigation on China’s electric vehicles was not based on industrial application. In fact, the relevant European member States and their industries also had great objections. The relevant measures taken by the European side are seriously lacking in factual and legal basis, obviously violating WTO rules, and practicing trade protectionism in the name of trade remedy.

　　The spokesman said that China has always opposed the abuse of trade remedy measures and urged the European side to immediately correct its wrong practices and jointly safeguard the overall economic and trade situation between China and Europe.