Podcasts about state administration

On this edition, we open up the docket and get an update on the variety of court cases that impact tax-exempt organizations and their ability to advocate on the issues they care about. And to help with that, we're joined once again by friend of the pod Emma Olson Sharkey from Elias Law Group to help demystify what's happening in the courts and how it might impact you and your work. Attorneys for this episode Brittany Hacker Leonard Tim Mooney Emma Olson Sharkey – Elias Law Group Shownotes 501(c)(4) political activity Freedom Path, Inc. v. IRS  (D.D.C.) Memorial Hermann Accountable Care Organization v. CIR (5th Cir) Administrative law Loper Bright Enterprises v. Raimondo (2024) Johnson Amendment and 501(c)(3) partisan activity National Religious Broadcasters v. Long (EDTX) https://www.councilofnonprofits.org/pressreleases/federal-court-decide-legal-settlement-impacting-70-year-old-federal-law-protecting-0   Ballot measure process cases Montana - Kendrick v. Knudsen - https://statecourtreport.org/our-work/analysis-opinion/proposed-ballot-measure-would-limit-montana-legislature-burdening-direct Arkansas - https://arkansasadvocate.com/2025/11/19/judge-issues-injunction-against-arkansas-direct-democracy-laws/ Montana - Ellingson v. State: https://archive.legmt.gov/content/Committees/Interim/2023-2024/State-Administration-and-Veterans-Affairs/Meetings/Sept.5.24/Tab-11-Admin-Rule-Review-Litigation-Update/September-2024-Litigation-Update.pdf Florida[GU2]  - https://floridaphoenix.com/2026/02/20/federal-ruling-in-florida-ballot-initiative-restriction-challenge-could-have-national-implications/ Oklahoma - McVay et al. v. Cockroft and Drummond: https://www.lwv.org/legal-center/mcvay-v-cockroft Missouri - Missouri et al v. Von Glahn et al: https://www.democracydocket.com/cases/missouri-congressional-redistricting-referendum-challenge/

China's market regulator has opened a formal investigation into online travel platform Trip.com Group for suspected abuse of its dominant market position and monopolistic practices, according to an official notice released on Wednesday.根据周三发布的一份官方通告，中国市场监管部门已对在线旅游平台携程集团涉嫌滥用市场支配地位、实施垄断行为立案调查。The probe was launched by the State Administration for Market Regulation (SAMR) following preliminary verification and in accordance with China's Anti-Monopoly Law, according to the notice posted on the SAMR's official website.国家市场监督管理总局在其官网发布的通告中表示，此次调查是在完成前期核查的基础上，依法依规、依据《中华人民共和国反垄断法》启动的。In an online statement, Trip.com said that it will actively cooperate with regulatory authorities in their investigation, fully implement regulatory requirements, and work hand-in-hand with all parties in the industry to build a sustainable market environment.携程在一份线上声明中表示，将积极配合监管部门调查，全面落实监管要求，并与行业各方携手共建可持续的市场环境。"Currently, all of the company's businesses are operating normally, and we will continue to provide high-quality services to our users and partners," it said.声明称：“目前公司各项业务均正常运行，将继续为用户和合作伙伴提供高质量服务。”After the investigation was announced, shares of Trip.com Group plunged 6.49 percent at the close of trading in Hong Kong on Wednesday.调查消息公布后，携程集团股价周三在香港收盘时大跌6.49%。As China's antitrust legal framework continues to improve, misconduct by platform companies that harms consumer rights or violates data protection is increasingly being addressed in accordance with the law, Liu Dingding, a veteran internet industry analyst, told the Global Times on Wednesday.随着中国反垄断法律体系不断完善，平台企业侵害消费者权益或违反数据保护规定的行为正日益依法得到规制。资深互联网行业分析人士刘丁丁周三在接受报纸采访时表示。"The probe also sends a clear signal to the industry, encouraging companies to rectify problems that emerged during rapid growth and to pursue more standardized and sustainable development," Liu said, adding that by promoting a healthier and more balanced market ecosystem, the measures aim to curb disorderly expansion and create more space for small and medium-sized enterprises and other market players.刘丁丁表示，此次调查也向行业释放出明确信号，督促企业纠正快速发展过程中暴露出的问题，推动更加规范、可持续的发展。他补充称，通过构建更加健康、均衡的市场生态，这些举措旨在遏制无序扩张，为中小企业等市场主体创造更大发展空间。On December 8 last year, a homestay association in Southwest China's Yunnan Province publicly announced that it was soliciting evidence for potential antitrust action against Trip.com, targeting what it described as years of unfair competition by the platform.去年12月8日，西南地区云南省一家民宿行业协会公开宣布，正在征集证据，拟针对携程多年来被指存在的不正当竞争行为提起反垄断维权行动。The association also announced a decision on launching rights-protection efforts against improper competition by online travel agencies (OTAs), according to a statement on its official WeChat account.该协会在其官方微信公众号发布的声明中还宣布，将对在线旅游平台存在的不正当竞争行为启动维权行动。In the statement, the association said that it had received a large number of complaints from member businesses in recent years, accusing Trip.com and other OTA platforms of abusing their market dominance through practices such as forcing merchants to choose one platform over others, unilaterally raising commission rates, imposing unfair trading conditions, and restricting traffic exposure.声明称，近年来协会收到大量会员企业投诉，指控携程及其他在线旅游平台通过强制“二选一”、单方面提高佣金比例、附加不公平交易条件、限制流量曝光等方式，滥用市场支配地位。It said that these practices had seriously harmed operators' legitimate rights and disrupted fair market competition.声明指出，这些行为严重侵害了经营者的合法权益，扰乱了公平有序的市场竞争秩序。The SAMR's investigation forms part of China's broader push to normalize antitrust enforcement in the platform economy after years of scrutiny over the competitive conduct of major internet platforms.此次调查是中国在多年强化监管基础上，推动平台经济领域反垄断执法常态化的重要组成部分。On November 15, 2025, the market regulator released a draft set of antitrust compliance guidelines for internet platforms for public consultation, and it said in December that it was moving faster to finalize and roll out the rules.2025年11月15日，市场监管部门发布了《互联网平台反垄断合规指引（征求意见稿）》，并于同年12月表示将加快规则定稿和出台进程。SAMR spokesperson Wang Qiuping said that the move aims to effectively protect the legitimate rights and interests of consumers and small and medium-sized businesses, guide platform companies toward compliant operations, and provide institutional support for building a healthy and orderly platform ecosystem.市场监管总局新闻发言人王秋苹表示，该举措旨在切实保护消费者和中小企业合法权益，引导平台企业合规经营，为构建健康有序的平台生态提供制度保障。The draft guidelines refer to eight emerging monopoly risks, including cases where some platforms force merchants to keep prices no higher than on rivals - so-called "lowest-price-across-the-internet" rules. An SAMR official told a press briefing that such practices may amount to abuse of market dominance or monopoly deals.该征求意见稿列举了八类新型垄断风险，其中包括部分平台要求商家价格不得高于竞争对手的所谓“全网最低价”规则。市场监管总局一名官员在新闻发布会上表示，此类行为可能构成滥用市场支配地位或垄断协议。According to information on its official website, Trip.com is a one-stop travel service platform operating brands including Ctrip, Trip.com, Qunar and Skyscanner, offering a full range of travel products, services and differentiated content to users worldwide. The company was listed on the Nasdaq in 2003 and completed a secondary listing on the Hong Kong Stock Exchange in 2021.根据携程官网信息，该公司是一站式旅游服务平台，旗下运营携程、Trip.com、去哪儿、Skyscanner等品牌，为全球用户提供全品类旅游产品、服务及差异化内容。携程于2003年在纳斯达克上市，并于2021年完成香港联交所二次上市。According to industry estimates, Trip.com accounted for 56 percent of gross merchandise value in China's hotel and travel market in 2024, while Tongcheng ranked second with a 15 percent share. Together, the two platforms are estimated to control more than 70 percent of China's domestic OTA market, the Beijing Daily reported in July 2025.据行业估算，2024年携程在中国酒店及旅游市场的交易总额占比达56%，同程以15%的份额位居第二。北京日报2025年7月报道称，两大平台合计控制了中国国内OTA市场超过70%的份额。Anti-Monopoly Law /ˌænti məˈnɒpəli lɔː/反垄断法platform economy /ˈplætfɔːrm ɪˈkɒnəmi/平台经济online travel agency (OTA) /ˈɒnlaɪn ˈtrævəl ˈeɪdʒənsi/在线旅游平台commission rate /kəˈmɪʃn reɪt/佣金比例antitrust compliance guidelines /ˌæntiˈtrʌst kəmˈplaɪəns ˈɡaɪdlaɪnz/反垄断合规指引

China will bar online platforms from using big data to engage in discriminatory pricing against consumers, as market regulators move to regulate the platform economy under new regulations released on Wednesday.中国市场监管部门于周三发布新规，着手规范平台经济发展，明确禁止网络平台利用大数据对消费者实施价格歧视。The State Administration for Market Regulation and the Cyberspace Administration of China released new measures on the supervision of online trading platforms. The latest rules aim to standardize the formulation, amendment and implementation of platform rules, safeguard online trading market order, and better protect the legitimate rights of merchants and consumers.国家市场监督管理总局与国家互联网信息办公室联合出台网络交易平台监督管理新规，旨在规范平台规则的制定、修订与执行流程，维护网络交易市场秩序，更好地保护平台内商家与消费者的合法权益。The measures target what regulators describe as a "critical minority" — online platform operators — and seek to further clarify and strengthen their responsibilities.此次出台的办法聚焦监管部门所称的 “关键少数”，即网络平台运营者，进一步厘清并压实了其主体责任。Under such measures, platforms are forbidden from utilizing so-called "big data kill-the-familiar" practices. It is a form of algorithm-driven price discrimination in which frequent or repeat users are charged higher prices than new customers.办法明确禁止平台采用所谓的 “大数据杀熟” 行为。这种行为是算法驱动的价格歧视，具体表现为平台向高频、复购用户收取高于新用户的费用。Liu Jian, deputy head of the SAMR's first antitrust enforcement department, said at an earlier news conference that China's platform economy has distinct business models and involves complex, multisided interests, making it difficult to draw clear behavioral boundaries.国家市场监督管理总局反垄断执法一司副司长刘健在早前的新闻发布会上表示，中国平台经济商业模式特色鲜明，涉及多方复杂利益关系，相关行为边界的界定存在一定难度。"Promoting algorithms for the public good is an important compliance objective," Liu said.刘健指出：“推动算法向善，是平台合规经营的重要目标。”The measures also spell out more detailed requirements on data, information and network security, as well as on the protection of the lawful rights of merchants operating on platforms and of consumers.办法还针对数据安全、信息安全、网络安全，以及平台内商家和消费者合法权益的保护，作出了更为细化的要求。In addition, platforms should follow stricter procedures when formulating or revising rules, including public disclosure, open consultations, reasonable transition periods and clearly defined appeal channels.此外，平台在制定或修订规则时，需遵循更严格的程序，包括规则公示、公开征求意见、设置合理过渡期以及明确异议申诉渠道等。They are also required to establish consultation mechanisms for major rule changes and systems to resolve disputes arising from transactions conducted on their platforms.同时，平台还需建立重大规则调整的协商机制，以及平台内交易纠纷的解决机制。The latest measures further set out detailed obligations on data, information and network security, as well as on the protection of the lawful rights of merchants and consumers.新规进一步细化了平台在数据安全、信息安全、网络安全方面的具体义务，同时强化了对平台内商家和消费者合法权益的保护要求。Platforms must include clear data and information security provisions in their rules, define standards on how merchants handle personal data, and specify obligations related to online protections.平台必须在其规则中纳入明确的数据和信息安全条款，明确平台内商家处理个人信息的标准，并细化网络安全保护相关义务。Crucially, the rules prohibit platforms from using internal regulations to impose unreasonable restrictions on merchants' independent operations, levy unjustified fees, or demand excessive penalties or compensation.尤为关键的是，新规禁止平台通过内部规则，对平台内商家的自主经营设置不合理限制、收取不合理费用，或是要求商家支付高额违约金、赔偿金。They also bar platforms from weakening or excluding consumer rights, shifting or waiving their own responsibilities, or unfairly increasing consumers' obligations.新规同时明令禁止平台弱化或排除消费者权利、转移或免除自身责任，以及不合理加重消费者义务的行为。Wang Xianlin, a member of the expert advisory group on the Anti-Monopoly Commission of the State Council — the nation's Cabinet — said, "Such efforts are expected to bring greater transparency and structure to the way online platforms operate, and will rebalance interests and rebuild a healthy platform ecosystem."国务院反垄断委员会专家咨询组成员王先林表示：“这些举措有望提升网络平台运营的透明度和规范性，进一步平衡各方利益，助力构建健康有序的平台生态体系。”discriminatory /dɪˈskrɪmɪnətəri/adj. 歧视性的；区别对待的formulation /ˌfɔːmjʊˈleɪʃn/n. 制定；构想；配方antitrust /ˌæntiˈtrʌst/adj. 反垄断的；反托拉斯的transparency /trænsˈpærənsi/n. 透明度；透明性

Eager to tap into a huge potential customer base, industry players are accelerating their push into the artificial intelligence-driven toys market, hoping to unlock new growth as supportive policies inject fresh momentum into the sector.为挖掘庞大的潜在客户群体，行业参与者正加速进军人工智能驱动的玩具市场，期待借政策支持为该领域注入新动能，从而开启新的增长空间。Experts and business leaders noted that AI toys, created to provide emotional support and companionship, are well-positioned to spark the next wave of consumer trends by using advanced technologies to foster emotional connections with consumers.专家和商业领袖指出，人工智能玩具旨在提供情感支持与陪伴，凭借先进技术与消费者建立情感纽带，有望引领下一波消费潮流。"Young consumers are increasingly paying for emotional value, and AI companionship is emerging as a key early-use case," said Sun Zhaozhi, founder and CEO of Shanghai-based AI-driven toy startup Robopoet.上海人工智能玩具初创企业珞博智能科技有限公司创始人兼首席执行官孙兆治表示：“年轻消费者越来越愿意为情感价值买单，而人工智能陪伴正成为关键的早期应用场景。”"This is attracting more companies, including major firms, into the field," Sun said.孙兆治表示：“这正吸引着更多企业，包括大型企业，进入该领域。”According to data from the Ministry of Industry and Information Technology, China's AI toy market was valued at 24.6 billion yuan ($3.49 billion) in 2024, and is expected to be worth 29 billion yuan this year.根据工业和信息化部的数据显示，2024年中国人工智能玩具市场规模达246亿元（约合34.9亿美元），预计今年将达到290亿元。The growth momentum is backed by an action plan released by the Ministry of Industry and Information Technology, the National Development and Reform Commission, the Ministry of Commerce, the Ministry of Culture and Tourism, the People's Bank of China and the State Administration for Market Regulation last month, where collectible toys were listed as a priority support consumption category for the first time, making it one of 10 consumer segments targeted to exceed the 100 billion yuan mark by 2027.增长势头得益于上月由工业和信息化部、国家发展和改革委员会、商务部、文化和旅游部、中国人民银行及国家市场监督管理总局联合发布的行动方案。该方案首次将收藏玩具列为重点扶持消费品类，使其成为十个目标消费领域之一，力争到2027年实现规模突破千亿人民币大关。"The deep integration of AI with traditional toy manufacturing is reshaping product forms and value chains, making AI toys a new engine for high-quality industrial development," said He Yaqiong, head of the consumer products industry department at the Ministry of Industry and Information Technology.工业和信息化部消费品司司长何亚琼表示：“人工智能与传统玩具制造的深度融合，正在重塑产品形态和价值链，使智能玩具成为高质量产业发展的全新引擎。”Priced at 399 yuan, Robopoet's flagship AI plush toy Fuzozo, which talks to and makes eye contact with users, sold over 1,000 units in the first 10 minutes of the "618" shopping festival presale and ranked No 1 in AI toy sales on both JD and Tmall during this year's Double 11 shopping festival, Sun said.珞博智能旗下旗舰AI毛绒玩具“芙崽”售价399元，具备与用户对话及眼神交流功能。据孙兆治透露，该产品在“618”购物节预售阶段开售10分钟内销量突破千台，并在今年双11购物节期间同时荣登京东、天猫两大平台AI玩具销量榜首。The senior executive added that the product has sold about 100,000 units so far this year and targets 1 million next year, aiming for 400-500 million yuan in gross merchandise value.孙兆治补充道，该产品今年迄今已售出约10万台，明年目标为100万台，力争实现4亿至5亿元人民币的商品交易总额。As consumer demand grows more diverse, more companies are shifting their focus toward AI-powered pet companions.随着消费者需求日益多元化，越来越多的企业正将目光转向人工智能驱动的宠物伴侣。"Unlike typical robots designed to serve humans, our product simulates a live pet that needs care. The process of caring offers users a sense of healing, helping them to cope with anxiety and loneliness," said He Jiabin, co-founder and CEO of AI robot pet manufacturer Ropet.人工智能宠物机器人Ropet的联合创始人兼首席执行官何嘉斌表示：“与传统服务型机器人不同，我们的产品模拟了需要照料的活体宠物。照料过程能为用户带来治愈感，帮助他们缓解焦虑与孤独。”He added that AI-powered robot pets better suit the lifestyles of young people today, as challenges such as allergies, time constraints and a training process are not present.何嘉斌补充道，人工智能驱动的机器人宠物更适合当今年轻人的生活方式，因为它们避免了过敏、时间限制和训练过程等难题。Supported by an emotional large language model and behavioral learning, Ropet can continuously adapt to users' habits and gradually develop distinctive traits, allowing it to interact more like a personalized pet, the executive said.何嘉斌表示，在情感化大型语言模型和行为学习技术的支持下，Ropet能够持续适应用户习惯并逐步形成独特个性，使其互动体验更接近于个性化宠物。Following its domestic debut on JD in late October, the AI pet product quickly made its way into the platform's top three ranking in the robot category by sales volume during the Double 11 shopping festival.这款人工智能宠物产品于十月下旬在京东平台国内首发后，在双十一购物节期间迅速跻身该平台机器人品类销量前三名。"Our business logic is straightforward: first create an appealing hardware product, then use high usage rates to accumulate behavioral data, and finally leverage this data to deliver true intelligence," He said.他说道：“我们的商业逻辑很简单：先打造一款吸引人的硬件产品，再通过高使用率积累行为数据，最后利用这些数据实现真正的智能化。”As domestic momentum builds, Chinese AI toys are also finding strong traction abroad.随着国内势头增强，中国的人工智能玩具在海外市场也获得了强劲的牵引力。In 2024, China's domestic toy retail market was worth 97.85 billion yuan, up 25.5 percent from 2020, while toy exports totaled $39.87 billion, rising 19.1 percent from 2020, Ministry of Industry and Information Technology said.工业和信息化部数据显示：2024年中国国内玩具零售市场规模达978.5亿元，较2020年增长25.5%；玩具出口总额达398.7亿美元，较2020年增长19.1%。"Consumers in the United States and Europe have shown high acceptance of AI robots with visual understanding and personalized interaction. Many describe our products as 'little desktop creatures', 'AI pets' or an 'emotional charging station'," said Yi Qi, marketing manager at Shenzhen-based AI hardware company TangibleFuture.深圳可触未来智能硬件有限公司的市场经理陈怡琦表示：“美国和欧洲消费者对具备视觉理解和个性化交互功能的人工智能机器人表现出高度接受度。许多人将我们的产品称为‘桌面小精灵'、‘人工智能宠物'或‘情感充电站'。”The company's LOOI Robot, priced at around $150, differs from typical companion robots with its phone-dock form factor. Once a smartphone is placed on it, the device activates intelligent interaction and obstacle detection functions.该公司推出的LOOI机器人售价约150美元，其手机底座造型设计区别于传统伴侣机器人。当智能手机放置于底座后，设备即刻激活智能交互与障碍物检测功能。Since mass production began in November 2024, more than 10,000 units have been shipped, with 90 percent sold overseas. The product even received a social media endorsement from Tesla CEO Elon Musk.自2024年11月启动量产以来，LOOI机器人已交付逾万台，其中90%销往海外市场。该产品甚至获得了特斯拉首席执行官埃隆·马斯克在社交媒体上的推荐。"Boasting the world's most complete toy industry chain, strong manufacturing capabilities and a highly skilled labor force, China is now able to offer more high-quality and well-priced toys to global consumers," said He Ya qiong, from the Ministry of Industry and Information Technology.工业和信息化部部长何亚琼表示：“中国拥有全球最完整的玩具产业链、强大的制造能力和高素质的劳动力队伍，如今能够为全球消费者提供更多高品质、高性价比的玩具。”gross merchandise value(GMV)商品交易总额tractionn.[ˈtrækʃn]吸引力

China's 2026 national civil service exam for central government institutions was held on Sunday amid fierce competition, with an average of 74 applicants vying for each available position this year.2026年中国中央政府机构公务员考试于周日举行，竞争异常激烈，今年平均每个职位有74名考生角逐。A total of 3.718 million candidates passed the initial verification process and about 2.83 million people sat for the exams to compete for only 38,100 positions, making this year's recruitment process the most intense in the exam's history, according to the State Administration of Civil Service.国家公务员局数据显示，共有371.8万名考生通过初审，约283万人实际参加考试，而岗位仅3.81万个，使今年成为公务员考试史上竞争最激烈的一届。The applicant pool has increased dramatically in recent years, rising from about 2.6 million in 2023 to over 3.7 million this year.近年来申请人数激增，从2023年的约260万增至今年的370万以上。One standout example of the exam's competitiveness is a police officer position in Ruili, Yunnan province with the National Immigration Administration, which attracted 6,470 applicants for a single opening.该考试竞争激烈的一个典型例子是云南省国家移民管理局瑞丽遣返中心的一个警官职位，仅一个空缺就吸引了6470名应聘者。A significant reform to this year's exam was the relaxation of age restrictions, which is in line with China's progressive approach to delaying the legal retirement age. The general applicant age limit was raised from 35 to 38, while new graduates with master's and doctoral degrees will now be eligible up to age 43, representing a three-year extension from previous limits.今年考试的一项重大改革是放宽了年龄限制，这与中国逐步推迟法定退休年龄的政策相呼应。普通报考者的年龄上限从35岁提高到38岁，而硕士和博士学位的新毕业生现在最高可至43岁，比以往限制延长了三年。Experts said this year's national civil service exam, the first to break the "age 35 threshold", establishes a significant precedent for more inclusive public sector recruitment processes. The reforms not only expand opportunities for experienced professionals but also set important benchmarks for private sector hiring practices, promoting ability-based talent selection across Chinese society, they said.专家指出，今年全国公务员考试首次打破“35岁年龄限制”，为公共部门招聘流程建立更包容的机制树立了重要先例。他们表示，这项改革不仅为经验丰富的专业人士拓展了职业发展空间，也为私营企业招聘实践树立了重要标杆，推动全社会践行能力本位的人才选拔机制。This policy adjustment acknowledges the valuable experience and capabilities that professionals in their mid-30s have accumulated, said Zhu Lijia, a professor at the National Academy of Governance.国家行政学院教授朱立佳表示，这项政策调整充分认可了35岁左右专业人才所积累的宝贵经验和能力。Including them in the public service can significantly enhance the quality of government departments, he told China News Service.他告诉中国新闻社，将他们纳入公共服务体系，能够显著提升政府部门的质量。The age limit reform has generated substantial social impact, with many provincial-level civil service exams in regions including Shanghai and the provinces of Sichuan and Jiangsu already adopting similar relaxed age policies. Experts anticipate this trend will expand to more regions and public institution recruitment processes.年龄限制改革引发了显著的社会影响，上海、四川、江苏等地的省级公务员考试已纷纷采取类似放宽年龄的政策。专家预测，这一趋势将扩展至更多地区及公共机构的招聘流程。For many older candidates, the policy change represents a second chance at public service careers. Zhou Ming, a 35-year-old professional working in the internet industry in Guangdong province, expressed renewed hope. "This feels like an opportunity to re-enter the competition when I thought my chances had passed."对许多年长的应聘者而言，这项政策调整意味着重返公共服务岗位的第二次机会。在广东从事互联网行业的35岁专业人士周明（音译）重燃希望：“当我以为机会已经错过时，这感觉像是重新获得竞争资格的契机。”However, challenges persist for older applicants. The exam structure continues to show a strong preference for new graduates, with approximately 66.7 percent of the available positions reserved for recent graduates. This leaves limited options for experienced professionals seeking career transitions.然而，年长申请者仍面临诸多挑战。考试结构持续向应届毕业生倾斜，约66.7%的职位名额专为应届毕业生保留。这使得寻求职业转型的资深专业人士选择有限。Yi Dinghong, from Huatu Education, a training institution for civil service exams, said older candidates often face unique challenges. "They typically balance work and family responsibilities while preparing for examinations," he noted. "However, their extensive work experience and developed competencies in communication, coordination, and stress management provide distinct advantages during interview stages."华图教育公务员培训机构的易定宏指出，年长考生常面临独特挑战。“他们通常需要在备考期间兼顾工作与家庭责任，”他强调，“但丰富的职场经验以及在沟通协调、压力管理方面形成的综合能力，使他们在面试环节具备显著优势。”Ma Liang, professor of Peking University's School of Government, said that as retirement ages extend and educational periods lengthen, people enter the workforce later. Relaxing age restrictions represents an inevitable trend that aligns with evolving workforce demographics.北京大学政府管理学院教授马亮指出，随着退休年龄推迟和受教育年限延长，人们进入劳动力市场的年龄不断推迟。放宽年龄限制是顺应劳动力人口结构变化的必然趋势。Ma further suggested that future adjustments might include the complete removal of age limits, though this will be a gradual process and require corresponding reforms in career advancement systems to ensure fair development opportunities for all employees.马亮进一步建议，未来的调整可能包括完全取消年龄限制，但这将是一个渐进的过程，需要对职业晋升体系进行相应改革，以确保所有员工都能获得公平的发展机会。civil service exam国家公务员考试State Administration of Civil Service国家公务员局

This is a free preview of a paid episode. To hear more, visit www.theflyingfrisby.comTwo items on the agenda today.First, my interview with Konstantin Kisin and Francis Foster for Triggernometry has been released. Here it is on YouTube, Spotify and Apple PodcastsSecond, using a different methodology to that which I used in Secret History of Gold (have you read it yet?), I am going to estimate China's gold reserves.I was planning to take a look at top silver pick, Sierra Madre Gold and Silver (TSX-V:SM) today, after my meeting with CEO Alex Langer last week, but I will leave that till tomorrow now, meaning you get an extra piece this week you lucky things.China's Hidden Gold Empire: How Much Does Beijing Really Hold?I regard this as one of the most important subjects in geo-politics, which is why I repeatedly come back to it.It doesn't matter if you issue the global reserve currency, if you don't make anything you are in the doo-doo, and this is something the Trump administration is attempting to address with tariffs, a weaker dollar and, more subtly, the managed decline of the US dollar as global reserve currency. It's all part of Triffin's Dilemma. As a result, neutral gold's role as global reserve asset is re-surging.History's “golden” rule will soon apply again: he who has the gold makes the rules. (If you are interested in the origins of the phrase by the way, it's all here).This different methodology only came to me overnight, and I don't know what the conclusion will be yet, though I suspect it will arrive at a figure which is more conservative than what I have argued previously. Here we go.Here, for context, are world central bank holdings, as officially stated.My argument has long been that China has considerably more than the 2,300 tonnes it says it does.The People's Bank of China (PBOC), by the way, is the main custodian, but other state entities, such as China Investment Corporation (the sovereign wealth fund), State Administration of Foreign Exchange and the army also own gold.Remember China is the world's largest importer of gold, the largest consumer and the largest producer. it's been that since 2007 when it overtook South Africa.I am going to use round numbers, as they are more digestible, and when there is a spread - eg 500-1,000 tonnes, take the middle number, ie 750 tonnes.It is impossible to know just how much gold China has imported, because so many transactions are private, particularly those which go through London, Switzerland or Dubai. The Hong Kong gold is better disclosed.However, most - though not all - of the gold which goes to China goes through the Shanghai Gold Exchange (SGE). SGE withdrawals from 2007 to mid 2025 total 29,500-30,000 tonnes, based on aggregated data from the Shanghai Gold Exchange (SGE) and World Gold Council (WGC) reports.However, the SGE is just a flow metric. It does not represent total consumption. Some of that gold which passes through will have been double counted, either as a result of re-selling and re-cycling, or because of China's booming money-laundering business and the circular trade with Hong Kong. Estimates for double-counting range from 10% (World Gold Council) to 30% (analyst Koos Jansen). Let's take the middle 20% figure - 6,000 tonnes - and that leaves us with 23,250 tonnes of SGE gold.Undisclosed goldThe PBOC likes 400oz bars, as traded in London, and these do not trade on the SGE, which uses smaller kilo bars, 3kg or 12.5kg bars. 400oz is about 12.4kg by the way. So a lot of those London imports will not go through the SGE, and so are in addition to the numbers above.Analysts mostly concur that, while reported imports via London, Switzerland and Dubai total 3,500-4,500 tonnes, another 2,000-3,000 tonnes (mostly post-2009, accelerating since 2022) have gone unreported.2,500 tonnes is the middle figure, then. Add that to the 23,250 tonnes of SGE and our total is now 25,750 tonnes.If you live in a Third World country, such as the UK, I urge you to own gold or silver. The bullion dealer I recommend is The Pure Gold Company. Pricing is competitive, quality of service is high. They deliver to the UK, the US, Canada and Europe or you can store your gold with them. More here.Chinese gold productionAround 55% of Chinese gold production is state owned, and this century China has mined roughly 7,500 tonnes.70-80% of Chinese production is sold through the Shanghai Gold Exchange (SGE) - so we have already counted that - the other 20-30% goes to the state.Using estimates from the mid-range. 25% of those 7,500 tonnes, therefore - 1,875 tonnes - has gone to the state. The rest has been sold through the SGE.Add 1,875 tonnes to the total and we are at 27,625 tonnes.By the way, I have not included overseas Chinese gold production, of which there is a lot. Some of this product is sold on international markets and never actually reaches China. But what does reach China gets sold through the SGE and so has already been counted.Finally, we have to add in gold held in China, whether as bullion or jewellery, prior to 2000. The World Gold Council estimates a figure of 2,500 tonnes in privately-held jewellery. Added to domestic mining and official reserves, you get a figure of around 4,000 tonnes.This brings our grand total to 31,625 tonnes of gold in China.Putting it all togetherPreviously, I have argued that 50% of that gold would go to the state. That would mean roughly 16,000 tonnes. Almost twice as much as the US's reported 8,100 tonnes! When audit?My thinking has changed.

Two items on the agenda today.First, my interview with Konstantin Kisin and Francis Foster for Triggernometry has been released. Here it is on YouTube, Spotify and Apple PodcastsSecond, using a different methodology to that which I used in Secret History of Gold (have you read it yet?), I am going to estimate China's gold reserves.I was planning to take a look at top silver pick, Sierra Madre Gold and Silver (TSX-V:SM) today, after my meeting with CEO Alex Langer last week, but I will leave that till tomorrow now, meaning you get an extra piece this week you lucky things.China's Hidden Gold Empire: How Much Does Beijing Really Hold?I regard this as one of the most important subjects in geo-politics, which is why I repeatedly come back to it.It doesn't matter if you issue the global reserve currency, if you don't make anything you are in the doo-doo, and this is something the Trump administration is attempting to address with tariffs, a weaker dollar and, more subtly, the managed decline of the US dollar as global reserve currency. It's all part of Triffin's Dilemma. As a result, neutral gold's role as global reserve asset is re-surging.History's “golden” rule will soon apply again: he who has the gold makes the rules. (If you are interested in the origins of the phrase by the way, it's all here).This different methodology only came to me overnight, and I don't know what the conclusion will be yet, though I suspect it will arrive at a figure which is more conservative than what I have argued previously. Here we go.Here, for context, are world central bank holdings, as officially stated.My argument has long been that China has considerably more than the 2,300 tonnes it says it does.The People's Bank of China (PBOC), by the way, is the main custodian, but other state entities, such as China Investment Corporation (the sovereign wealth fund), State Administration of Foreign Exchange and the army also own gold.Remember China is the world's largest importer of gold, the largest consumer and the largest producer. it's been that since 2007 when it overtook South Africa.I am going to use round numbers, as they are more digestible, and when there is a spread - eg 500-1,000 tonnes, take the middle number, ie 750 tonnes.It is impossible to know just how much gold China has imported, because so many transactions are private, particularly those which go through London, Switzerland or Dubai. The Hong Kong gold is better disclosed.However, most - though not all - of the gold which goes to China goes through the Shanghai Gold Exchange (SGE). SGE withdrawals from 2007 to mid 2025 total 29,500-30,000 tonnes, based on aggregated data from the Shanghai Gold Exchange (SGE) and World Gold Council (WGC) reports.However, the SGE is just a flow metric. It does not represent total consumption. Some of that gold which passes through will have been double counted, either as a result of re-selling and re-cycling, or because of China's booming money-laundering business and the circular trade with Hong Kong. Estimates for double-counting range from 10% (World Gold Council) to 30% (analyst Koos Jansen). Let's take the middle 20% figure - 6,000 tonnes - and that leaves us with 23,250 tonnes of SGE gold.Undisclosed goldThe PBOC likes 400oz bars, as traded in London, and these do not trade on the SGE, which uses smaller kilo bars, 3kg or 12.5kg bars. 400oz is about 12.4kg by the way. So a lot of those London imports will not go through the SGE, and so are in addition to the numbers above.Analysts mostly concur that, while reported imports via London, Switzerland and Dubai total 3,500-4,500 tonnes, another 2,000-3,000 tonnes (mostly post-2009, accelerating since 2022) have gone unreported.2,500 tonnes is the middle figure, then. Add that to the 23,250 tonnes of SGE and our total is now 25,750 tonnes.If you live in a Third World country, such as the UK, I urge you to own gold or silver. The bullion dealer I recommend is The Pure Gold Company. Pricing is competitive, quality of service is high. They deliver to the UK, the US, Canada and Europe or you can store your gold with them. More here.Chinese gold productionAround 55% of Chinese gold production is state owned, and this century China has mined roughly 7,500 tonnes.70-80% of Chinese production is sold through the Shanghai Gold Exchange (SGE) - so we have already counted that - the other 20-30% goes to the state.Using estimates from the mid-range. 25% of those 7,500 tonnes, therefore - 1,875 tonnes - has gone to the state. The rest has been sold through the SGE.Add 1,875 tonnes to the total and we are at 27,625 tonnes.By the way, I have not included overseas Chinese gold production, of which there is a lot. Some of this product is sold on international markets and never actually reaches China. But what does reach China gets sold through the SGE and so has already been counted.Finally, we have to add in gold held in China, whether as bullion or jewellery, prior to 2000. The World Gold Council estimates a figure of 2,500 tonnes in privately-held jewellery. Added to domestic mining and official reserves, you get a figure of around 4,000 tonnes.This brings our grand total to 31,625 tonnes of gold in China.Putting it all togetherPreviously, I have argued that 50% of that gold would go to the state. That would mean roughly 16,000 tonnes. Almost twice as much as the US's reported 8,100 tonnes! When audit?My thinking has changed.Let me propose another methodology. And this has come as a result of my conversation with Konstantin (see above).Annual gold demand last year was roughly:* Jewellery 47%* Investment 25%* Central Bank 23%* Industry 6%This obviously varies from year to year, with investment and central bank demand being the big variables. But if we assume Chinese demand roughly matches global demand (this is an easy argument to challenge), that would mean that of the 31,625 tonnes:* 14,864 is now jewellery* 7,910 is now bullion held by investors* 1,900 tonnes went into manufacturingAnd, drum roll for the Big KahunaThe Chinese government has 7,294 tonnes.Obviously, it's easy to make the case that since China is such a big manufacturer, Chinese industrial demand is likely to be higher than 6%. It's also easy to make the case that, because the Chinese like gold so much, and the state has been encouraging them to invest since 2007, that both Chinese jewellery and investment demand is higher than 47% and 25% respectively.It's also easy to make the case that, because of de-dollarisation, PBOC demand is higher than 23%.In any case, I have been transparent about my methodology. You can make up your own minds. You're all grown ups.Maybe my 20% estimate for SGE double counting is too low, for example.Regardless, China's stated reserves of 2,300 tonnes are laughingly lowball.In a funny kind of way, it's actually better for investors if China has less gold - because it means they have more buying to do and that should help drive prices higher.Its stated 2,300 tonnes only account for 7% of its US$3.4 trillion reserves. To get above 70% and match the US, Germany, France and Italy, at $4,200/oz gold, it would need something like 18,000 tonnes. That's a lot of buying yet to come.Why does China understate its reserves? Softly, softly catchee monkey, and all that: we must not shine too brightly. It doesn't want to rock the boat, particularly while it's still accumulating.This is where we are going, folks.You want to own gold. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.theflyingfrisby.com/subscribe

The UK’s Competition and Markets Authority (CMA) designated Google as having “strategic market status” in search, China’s State Administration of Market Regulation (SAMR) will investigate Qualcomm’s acquisition of Autotalks, and Bloomberg reports Instagram is exploring a dedicated TV app. MP3 Please SUBSCRIBE HERE for free or get DTNS Live ad-free. A special thanks to allContinue reading "UK CMA Confirms Google’s “Strategic Market Status” – DTH"

-Apple is updating its Security Bounty program this November to offer some of the highest rewards in the industry. It has doubled its top award from $1 million to $2 million for the discovery of "exploit chains that can achieve similar goals as sophisticated mercenary spyware attacks" and which requires no user interaction. -China's antitrust regulator has opened an investigation into Qualcomm's acquisition of Israeli connected-vehicle chip company Autotalks. The State Administration for Market Regulation (SAMR) alleges that Qualcomm is suspected of violating China's anti-monopoly laws by not disclosing certain details of the deal. -The Programmed Data Processor-1 is perhaps most recognizable as the home of Spacewar!, one of the world's first video games, but it also works as an enormous and very slow iPod, too. In the video, Boards of Canada's "Olson" plays off of paper tape that's carefully fed and programmed into the PDP-1 by engineer and Computer History Museum docent Peter Samson. Here's a link to the video. Learn more about your ad choices. Visit podcastchoices.com/adchoices

China will maintain an independent and accommodative monetary policy amid the unfolding global rate cut cycle, with future adjustments to be determined by domestic priorities and incoming data, officials and analysts said on Monday.官方及分析人士于周一表示，在当前全球降息周期逐步展开的背景下，中国将继续实施独立且稳健宽松的货币政策，未来政策调整将依据国内发展重点与实际经济数据来确定。Pan Gongsheng, governor of the People's Bank of China, the country's central bank, said on Monday that China's monetary policy will remain independent and data-driven, following the US Federal Reserve cutting the federal funds rate by 25 basis points last week.中国人民银行行长潘功胜在周一指出，继上周美国联邦储备委员会宣布将联邦基金利率下调25个基点后，中国货币政策仍将坚持独立性与数据驱动原则。"China's monetary policy adheres to the principle of staying oriented to domestic needs while balancing internal and external factors," Pan said at a news conference, adding that future decisions will be based on macroeconomic conditions and evolving circumstances.潘功胜在新闻发布会上强调：“中国货币政策始终坚持以国内需求为主导，同时统筹兼顾内外部均衡。”他进一步表示，未来货币政策决策将立足宏观经济形势与实际情况变化来制定。Citing international central banking practice, Pan said the PBOC will follow a data-based approach to policy adjustment, and make comprehensive use of multiple tools to ensure ample liquidity and guide financing costs lower.提及国际央行通行做法时，潘功胜表示，中国人民银行会遵循数据导向的政策调整思路，综合运用多种货币政策工具，确保市场流动性合理充裕，并引导融资成本持续下行。Such efforts are aimed at bolstering consumption, expanding investment and consolidating economic recovery, Pan said, stressing that "China's current monetary policy stance is supportive."他指出，这些举措旨在提振消费、扩大有效投资，巩固当前经济回升向好态势，同时明确“中国当前的货币政策立场具备充分的支持性”。Also on Monday, the PBOC released the latest loan prime rates — the market-based lending benchmarks — which remained unchanged for the fourth consecutive month. The one-year LPR stood at 3 percent, while the over-five-year LPR came in at 3.5 percent.同样在周一，中国人民银行公布了最新一期贷款市场报价利率（LPR）——作为市场基础性贷款利率基准，此次LPR已连续第四个月维持不变。其中，1年期LPR保持3%不变，5年期以上LPR则稳定在3.5%水平。The steady rates were in line with expectations, as the policy rate of seven-day reverse repos has also held stable. Analysts said the third quarter has been a period of observing monetary policy effects, even as the US Fed rate cut provides more policy room for China by potentially ushering in a global rate cut cycle.此次LPR保持稳定符合市场预期，此前7天期逆回购操作利率亦持续维持不变。分析人士认为，尽管美联储降息可能推动全球进入降息周期，为中国货币政策提供更广阔操作空间，但第三季度仍是观察前期货币政策实施效果的关键阶段。Looking ahead, Ming Ming, chief economist at CITIC Securities, said credit growth remained subdued and property sales became weaker in the third quarter, underscoring the need for interest rate cuts to lower financing costs.展望未来，中信证券首席经济学家明明表示，第三季度我国信贷增长态势偏缓，商品房销售表现进一步走弱，这凸显出通过降息降低市场主体融资成本的必要性。Ming said that the narrowing net interest margin of commercial banks suggests that deposit rates may need to decline before a cut in LPRs can take place, adding that rate cut decisionmakers should also pay attention to the impact on investor sentiment in the stock market.明明指出，商业银行净息差持续收窄，这意味着若要下调LPR，可能需要先推动存款利率下行。此外，政策制定者在作出降息决策时，还需关注其对股票市场投资者情绪的潜在影响。During Monday's news conference, heads from China's top financial regulators also reported the achievements made by the country's financial sector over the 14th Five-Year Plan period (2021-25).在周一的新闻发布会上，我国金融监管部门负责人还介绍了“十四五”规划（2021-2025年）期间我国金融业取得的发展成就。Pan said total assets of China's banking sector reached nearly 470 trillion yuan ($66 trillion) by the end of June, the largest in the world, while the country's stock and bond markets ranked second globally in size.潘功胜透露，截至今年6月末，我国银行业总资产规模接近470万亿元（约合66万亿美元），规模位居全球首位；股票市场与债券市场规模则均位列全球第二。Wu Qing, chairman of the China Securities Regulatory Commission, said at the conference that equity and bond financing on the exchange markets totaled 57.5 trillion yuan in the past five years, raising the share of direct financing to 31.6 percent, up by 2.8 percentage points from the end of the 13th Five-Year Plan period (2016-20).中国证券监督管理委员会主席吴清在会上表示，过去五年，我国交易所市场股票与债券融资总额达57.5万亿元，直接融资占比提升至31.6%，较“十三五”规划（2016-2020年）期末提高2.8个百分点。Technology-related stocks now account for over one-fourth of the market capitalization of the A-share market, far surpassing the combined weight of financial and real estate sectors, while dividends and share buybacks reached 10.6 trillion yuan in the past five-year period, more than twice the combined proceeds from IPOs and refinancing, Wu said.吴清指出，目前A股市场中科技相关板块市值占比已超过四分之一，远超金融与房地产板块市值之和；过去五年，A股市场现金分红与股份回购总额达10.6万亿元，是同期首次公开发行（IPO）与再融资募集资金总和的两倍多。Looking ahead, Wu said the commission will advance reforms of the STAR Market and ChiNext regarding IPOs, mergers and acquisitions, and corporate restructurings to amplify support for innovation, improve listed companies' disclosure quality, foster a culture that values and rewards investors, and enhance market regulation and risk-prevention frameworks.对于未来工作方向，吴清表示，证监会将推进科创板、创业板在首次公开发行（IPO）、并购重组等领域的改革，进一步加大对科技创新的支持力度；同时将提升上市公司信息披露质量，培育尊重投资者、回报投资者的市场文化，并健全市场监管与风险防范体系。Wu added that long-horizon assessments of funds will be reinforced, while cross-border investment and financing will be made more convenient to attract more capital inflow.他补充道，监管部门还将强化对基金产品的长期业绩考核，进一步便利跨境投融资活动，吸引更多境外资本流入我国资本市场。Zhu Hexin, administrator of the State Administration of Foreign Exchange, said that overseas institutions and individuals held over 10 trillion yuan worth of onshore stocks, bonds, deposits and loans by the end of July.国家外汇管理局局长朱鹤新表示，截至今年7月末，境外机构与个人持有境内股票、债券、存款及贷款等各类资产规模合计超过10万亿元。Official data showed that foreign investors now hold about 3.4 trillion yuan of A shares, while 269 Chinese companies are listed overseas.官方数据显示，目前境外投资者持有A股规模约3.4万亿元，共有269家中国企业在境外市场上市。accommodativeadj.融通的，适应性强的/əˈkɒmədeɪtɪv/liquidityn.流动性；资产变现能力/lɪˈkwɪdəti/marginn.差额，利润/ˈmɑːdʒɪn/

A regulator has accused NVIDIA of violating China's antitrust laws over its acquisition of chipmaker Mellanox. In its preliminary findings of an investigation it commenced in December, the State Administration for Market Regulation claimed that the company breached both national regulations and the conditional terms China outlined when it rubber-stamped the $6.9 billion takeover. Also, on Monday, the state's Attorney General Letitia James released more specifics about what the SAFE for Kids Act will entail in practice. And, Valve has apparently updated its Steam Early Access policy to no longer accept games with what the company deems to be "mature themes." As first reported by Gamesmarkt earlier this month, gaming studio Dammitbird, which develops the adult adventure game Heavy Hearts, was not allowed to put the title on Steam Early Access because of its content. Learn more about your ad choices. Visit podcastchoices.com/adchoices

A recent controversy has drawn widespread public attention to pre-made dishes in China, prompting calls for greater standardization and transparency in the industry. Central to the discussion are concerns over food safety and consumers' right to be fully informed.最近的一场争议引起了公众对中国预制菜肴的广泛关注，促使人们呼吁该行业提高标准化和透明度。讨论的核心是对食品安全和消费者充分知情权的担忧。The debate began when celebrity entrepreneur Luo Yonghao, known for his outspoken views and livestreaming influence, took to social media site Sina Weibo on Wednesday to criticize the popular Xibei restaurant chain.这场争论始于周三，以直言不讳的观点和直播影响力而闻名的名人企业家罗永浩在社交媒体网站新浪微博上批评了这家受欢迎的西北连锁餐厅。Luo wrote that after a recent meal with colleagues, he found most dishes were pre-made and costly, calling the experience "disgusting" and urging the government to require restaurants to clearly indicate whenever pre-made dishes are used. The post quickly went viral, garnering millions of comments and sparking industry discussion.罗写道，在最近与同事共进晚餐后，他发现大多数菜肴都是预制的，而且价格昂贵，称这种经历“令人作呕”，并敦促政府要求餐馆在使用预制菜肴时明确注明。这篇帖子迅速走红，获得了数百万条评论，引发了行业讨论。Xibei founder Jia Guolong responded by emphasizing that the chain uses pre-preparation techniques but does not serve pre-made meals. "Not a single dish in Xibei outlets is a pre-made dish," Jia said.西贝创始人贾国龙回应称，该连锁店使用预处理技术，但不提供预制餐。贾说：“在西北分店，没有一道菜是预制的。”。The chain opened its kitchens to media for a firsthand look at operations, but the distinction between pre-made dishes and pre-preparation processes remained unclear, fueling further debate. Jia described the controversy as "the biggest external crisis" in Xibei's history, noting a sharp decline in daily revenue across nearly 400 outlets over several days.该连锁店向媒体开放了厨房，让他们直接了解运营情况，但预制菜肴和预制过程之间的区别仍然不清楚，这引发了进一步的争论。贾将这场争议描述为西北历史上“最大的外部危机”，并指出近400家门店的日收入在几天内急剧下降。Despite widespread adoption in large chain restaurants, pre-made dishes remain controversial for several reasons: small-scale producers may fail to meet food safety standards; consumers lack clarity on what constitutes a pre-made dish; and some businesses mislead patrons by charging for "freshly made" dishes that are actually reheated pre-made products.尽管在大型连锁餐厅被广泛采用，但预制菜肴仍然存在争议，原因有几个：小规模生产商可能无法达到食品安全标准；消费者不清楚什么是预制菜；一些商家通过对“新鲜制作”的菜肴收费来误导顾客，这些菜肴实际上是重新加热的预制产品。Regulatory notices encourage restaurants to clearly indicate their use of pre-made dishes to ensure consumer rights to information and choice.监管通知鼓励餐馆明确表明他们使用预制菜肴，以确保消费者的信息权和选择权。According to a 2024 notice issued by the State Administration for Market Regulation and other authorities, pre-made dishes are pre-packaged food products made from one or more edible agricultural ingredients, with or without seasonings and without added preservatives. They undergo industrial pre-processing — such as mixing, marinating, forming, frying, baking, boiling or steaming — and may include seasoning packets. These products are intended to be consumed after heating or cooking and must be produced, stored, transported and sold according to the conditions specified on their labels.根据国家市场监督管理总局和其他部门发布的2024年通知，预制菜肴是由一种或多种可食用农业成分制成的预包装食品，可以添加或不添加调味料，也可以不添加防腐剂。它们经过工业预处理，如混合、腌制、成型、油炸、烘烤、煮沸或蒸煮，可能包括调味包。这些产品拟在加热或烹饪后食用，必须按照标签上规定的条件生产、储存、运输和销售。Fresh vegetables or ingredients that have only undergone simple processing, including washing, peeling or cutting, as well as ready-to-eat foods — such as salads, convenience meals, steamed buns, pastries, hamburgers, sandwiches, pizzas and central kitchen-prepared dishes delivered to chain outlets — are not considered pre-made dishes. Heating refers to simple reheating before consumption, while cooking indicates thorough preparation of partially processed ingredients.新鲜蔬菜或仅经过简单加工的食材，包括清洗、去皮或切割，以及即食食品，如沙拉、便餐、馒头、糕点、汉堡、三明治、披萨和中央厨房准备的送到连锁店的菜肴，都不被视为预制菜。加热是指食用前的简单再加热，而烹饪是指对部分加工的食材进行彻底准备。The notice outlined measures to strengthen food safety supervision. These include enforcing producer responsibility, verifying raw materials, regulating food additives, revising production licensing, enhancing inspections and promoting clear labeling in restaurants.通知概述了加强食品安全监管的措施。这些措施包括执行生产者责任、核实原材料、监管食品添加剂、修订生产许可证、加强检查和在餐馆推广清晰的标签。Earlier, officials from the State Administration for Market Regulation said pre-made dishes do not require preservatives because cold storage, freezing and sterilization ensure safety, while aligning with consumer expectations and risk control requirements.早些时候，国家市场监督管理总局的官员表示，预制菜肴不需要防腐剂，因为冷藏、冷冻和消毒可以确保安全，同时符合消费者的期望和风险控制要求。Tan Guijun, director of the Nutrition Department at Tianjin First Central Hospital, told Xinhua News Agency that while fresh ingredients retain nutrients more fully and are generally more aligned with the body's needs, this does not mean pre-made dishes should be dismissed entirely. As long as production, transportation, storage and cooking processes comply with relevant food safety standards, pre-made dishes can adequately meet the body's requirements for calories and nutrition.天津第一中心医院营养科主任谭贵军告诉新华社，虽然新鲜食材能更充分地保留营养，而且通常更符合身体的需求，但这并不意味着预制菜肴应该完全被抛弃。只要生产、运输、储存和烹饪过程符合相关食品安全标准，预制菜肴就可以充分满足人体对卡路里和营养的需求。According to previous media reports, consumers and industry insiders said the controversy reflects broader concerns and underscores the need to balance industry efficiency with consumer protection, with transparency, regulation and innovation shaping the sector's future.根据之前的媒体报道，消费者和业内人士表示，这场争议反映了更广泛的担忧，并强调了在行业效率与消费者保护之间取得平衡的必要性，透明度、监管和创新塑造了该行业的未来。sterilizationn.灭菌/ˌster.ɪ.laɪˈzeɪ.ʃən/pre-madeadj.预制的/ˌpriːˈmeɪd/

Stocks remain near all-time highs, despite concerns about a potential small-cap head fake. Kevin Green joins Morning Movers to provide his setup for the week saying all eyes are on interest rates with the Fed meeting on the horizon. A 25-basis-point rate cut is largely priced in, but there's growing chatter about the possibility of a 50-basis-point cut. Meanwhile, Nvidia (NVDA) is under pressure due to reports that China's State Administration for Market Regulation has accused the company of violating anti-monopoly laws related to its acquisition of Mellanox.======== Schwab Network ========Empowering every investor and trader, every market day.Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – / schwabnetwork Follow us on Facebook – / schwabnetwork Follow us on LinkedIn - / schwab-network About Schwab Network - https://schwabnetwork.com/about

On today's podcast: 1) US and Chinese representatives discussed TikTok, trade and the economy during high-level talks in Madrid. The talks included national security issues and the status of ByteDance's TikTok, which faces a deadline to reach a deal to continue operations in the US.2) China ruled that Nvidia violated anti-monopoly laws with a 2020 deal, increasing pressure on Washington during trade negotiations. The State Administration for Market Regulation found Nvidia in violation of antitrust regulations after its acquisition of Mellanox Technologies. The regulator will investigate further, but did not specify what remedies it would seek, after Nvidia's shares fell in pre-market trading following the announcement.3) New York Governor Kathy Hochul has endorsed Democratic nominee Zohran Mamdani for mayor of New York City. Hochul wrote that she and Mamdani will be fearless in confronting the president's extreme agenda and that she is confident Mamdani has the courage and urgency New York City needs.See omnystudio.com/listener for privacy information.

Both the S&P 500 and Nasdaq hit fresh record intra-day and closing highs ahead of the Federal Reserve's latest two-day monetary policy meeting kicking off that is expected to see the central bank cut benchmark interest rates for the first time this year - Dow edged +49-points or +0.11% higher, with so-called ‘Magnificent Seven' mega-capitalisation technology names Amazon.com Inc (up +1.44%), Apple Inc (+1.12%) and Microsoft Corp (+1.07%) rising over >1% along with Caterpillar Inc (+1.02%) and International Business Machines (IBM) Corp (+1.10%). Merck & Co Inc (-1.20%) and McDonald's Corp (-1.09%) fell over >1% to be the worst performing Dow components overnight. Nvidia Corp dipped -0.04%, paring an earlier decline of almost -1.9% after China's State Administration for Market Regulation (SAMR) announced that following a preliminary investigation the chip giant was found to be in breach of antitrust rules in relation to its acquisition of Israel-based networking-technology group Mellanox. Separately, Nvidia is reportedly among investors in artificial intelligence (AI) infrastructure company Firmus Technologies, which is targeting a listing on the Australian Securities Exchange (ASX) next year.  

Both the S&P 500 and Nasdaq hit fresh record intra-day and closing highs ahead of the Federal Reserve's latest two-day monetary policy meeting kicking off that is expected to see the central bank cut benchmark interest rates for the first time this year - Dow edged +49-points or +0.11% higher, with so-called ‘Magnificent Seven' mega-capitalisation technology names Amazon.com Inc (up +1.44%), Apple Inc (+1.12%) and Microsoft Corp (+1.07%) rising over >1% along with Caterpillar Inc (+1.02%) and International Business Machines (IBM) Corp (+1.10%). Merck & Co Inc (-1.20%) and McDonald's Corp (-1.09%) fell over >1% to be the worst performing Dow components overnight. Nvidia Corp dipped -0.04%, paring an earlier decline of almost -1.9% after China's State Administration for Market Regulation (SAMR) announced that following a preliminary investigation the chip giant was found to be in breach of antitrust rules in relation to its acquisition of Israel-based networking-technology group Mellanox. Separately, Nvidia is reportedly among investors in artificial intelligence (AI) infrastructure company Firmus Technologies, which is targeting a listing on the Australian Securities Exchange (ASX) next year.

Officials say China has registered a net increase of nearly 20 million enterprises since the beginning of the 14th Five-Year Plan period in 2021. The State Administration for Market Regulation says China's business environment has continued to improve.

China's cyberspace and health regulators have announced heightened supervision of online health science content as more medical professionals turn to social media to share educational materials — a trend that has also spurred profit-driven abuse and misinformation risks.随着越来越多的医疗专业人员转向社交媒体分享教育材料，中国的网络空间和卫生监管机构宣布加强对在线健康科学内容的监管，这一趋势也引发了利润驱动的滥用和错误信息风险。Efforts will focus on verifying the medical credentials of content creators, requiring source attribution and banning advertisements for medical or healthcare products, according to a notice jointly released on Friday by the Cyberspace Administration of China, the National Health Commission, the State Administration for Market Regulation and the National Administration of Traditional Chinese Medicine.根据中国国家互联网信息办公室、国家卫生健康委员会、国家市场监督管理总局和国家中医药管理局周五联合发布的通知，将重点核实内容创作者的医疗资质，要求来源归属，并禁止医疗或保健产品的广告。The notice highlighted how measures aim to "promote the production and dissemination of scientifically accurate health knowledge while curbing the spread of false and misleading information".通知强调了这些措施旨在“促进科学准确的健康知识的生产和传播，同时遏制虚假和误导性信息的传播”。Under the new rules, internet platforms must verify medical licenses or employment certificates of content creators, who are required to be affiliated with medical institutions, schools or pharmaceutical research institutes.根据新规定，互联网平台必须验证内容创作者的医疗执照或就业证明，内容创作者必须隶属于医疗机构、学校或制药研究机构。Existing social media accounts must verify their credentials within two months of notification, while newly registered accounts will be barred from posting health-related content until certified.现有的社交媒体帐户必须在收到通知后两个月内验证其凭据，而新注册的帐户在获得认证之前将被禁止发布与健康相关的内容。Creators are also required to cite sources related to health education content and disclose whether AI-generated material or dramatizations of historical medical cases are included.创作者还需要引用与健康教育内容相关的来源，并披露是否包括人工智能生成的材料或历史医学病例的戏剧化。Platforms must inform influencers that they are responsible for ensuring the scientific accuracy and authenticity of their content.平台必须告知影响者，他们有责任确保其内容的科学准确性和真实性。In addition, all forms of advertisements — including contact information or purchase links — for medical services, pharmaceuticals, medical devices or health foods will be prohibited.此外，将禁止一切形式的医疗服务、药品、医疗器械或保健食品广告，包括联系信息或购买链接。The notice also calls for a crackdown on misconduct such as illegal online consultations, sexually suggestive content disguised as health education, fabricated narratives promoting products and the impersonation of licensed physicians.该通知还呼吁打击不当行为，如非法在线咨询、伪装成健康教育的性暗示内容、虚假宣传产品和冒充执业医生。Local authorities have been instructed to guide platforms in improving oversight and to direct hospitals to monitor the conduct of medical workers while online, with penalties for violations. Market regulators will investigate illegal advertising activities.地方当局已接到指示，指导平台加强监督，并指示医院监督医务人员在网上的行为，对违规行为进行处罚。市场监管机构将调查非法广告活动。At a recent news conference, Hu Qiangqiang, a spokesman for the National Health Commission, said common violations by doctors who are also influencers include directing followers to offline services, offering illegal online consultations, selling products via livestreams and prescribing overpriced medications.在最近的一次新闻发布会上，国家卫生健康委员会发言人胡强强表示，医生作为影响者的常见违规行为包括引导追随者使用线下服务、提供非法在线咨询、通过直播销售产品以及开出高价药物。"Patients must first undergo offline diagnosis and receive a clear medical assessment before pursuing follow-ups through qualified online hospitals," Hu said, urging the public to remain cautious.胡说：“患者必须首先接受线下诊断，并接受明确的医疗评估，然后才能通过合格的在线医院进行随访。”他敦促公众保持谨慎。Among China's 1.07 billion internet audio and video users, 92 percent have viewed health education content on short-video platforms, and 63 percent consume it regularly, according to a report analyzing 150,000 health science videos posted by 14,700 social media accounts between 2023 and 2024.根据一份分析2023年至2024年间14700个社交媒体账户发布的15万个健康科学视频的报告，在中国10.7亿互联网音频和视频用户中，92%的人在短视频平台上观看过健康教育内容，63%的人经常消费。Produced by researchers from Fudan University and Tianjin Normal University, the report found that surgery is the most frequently featured medical specialty online. Respiratory diseases — particularly lung nodules and lung cancer — as well as thyroid and breast nodules, tend to draw high traffic.复旦大学和天津师范大学的研究人员发布的这份报告发现，手术是网上最常见的医学专业。呼吸系统疾病，尤其是肺结节和肺癌，以及甲状腺和乳腺结节，往往会吸引大量交通。While some doctors have employed entertaining approaches to engage audiences, the report warns of rising homogeneity and content that stokes fear about certain diseases. It also highlights growing concerns about AI-generated medical content, citing risks to patient privacy and public trust.虽然一些医生采用了有趣的方法来吸引观众，但报告警告说，同质化和内容的增加会引发人们对某些疾病的恐惧。它还强调了人们对人工智能生成的医疗内容日益增长的担忧，理由是患者隐私和公众信任面临风险。Wang Fan, a professor at the Fudan Development Institute and a co-author of the report, said online health science communication has reached a stage where regulatory intervention is needed to curb malpractice and ensure sustainable development.复旦大学发展研究院教授、该报告的合著者王帆表示，网络健康科学传播已经到了需要监管干预的阶段，以遏制医疗事故，确保可持续发展。licensed physiciansn.执业医师/ˈlaɪsənst fɪˈzɪʃənz/malpracticen.玩忽职守；渎职/ˌmælˈpræktɪs/

Economists and policy advisers have said that it is a strategic necessity for China to further scale back holdings in United States government debt in order to safeguard national financial stability, amid waning confidence in the dollar-based system and persistent geopolitical tensions.经济学家和政策顾问表示，在对以美元为基础的体系的信心减弱和持续的地缘政治紧张局势下，中国进一步缩减对美国政府债务的持有是一种战略必要性，以维护国家金融稳定。To pursue a more balanced, controllable allocation of foreign exchange reserves, the country is also likely to increase investments in non-dollar assets, including financial instruments of its Asian trading partners and crucial resources such as gold, energy and food, they added.他们补充说，为了实现更平衡、更可控的外汇储备分配，中国还可能增加对非美元资产的投资，包括其亚洲贸易伙伴的金融工具以及黄金、能源和粮食等关键资源。Yu Yongding, an academic member of the Chinese Academy of Social Sciences, called for China to continue reducing US government debt holdings in an orderly manner.中国社会科学院院士余永定呼吁中国继续有序减持美国国债。"The ideal approach would be to increase imports and utilize the excess foreign exchange reserves to purchase high-tech capital goods and strategic materials. This could require China to narrow its trade surplus, move toward a basic balance in the trade of goods and services, or even run a trade deficit for a while."“理想的做法是增加进口，利用多余的外汇储备购买高科技资本货物和战略物资。这可能需要中国缩小贸易顺差，实现商品和服务贸易的基本平衡，甚至在一段时间内出现贸易逆差。”"Extraordinary times call for extraordinary measures. We must closely monitor the US fiscal situation and prepare contingency plans to avoid being caught off guard," Yu said.余表示：“非常时期需要非常措施。我们必须密切关注美国财政状况，制定应急计划，避免措手不及。”。After stepping back from being the second-largest holder of US debt to third place in March, China further reduced its holdings of US Treasury securities in May by $900 million, to $756.3 billion, the lowest since February 2009, when the reading was $744.2 billion, according to the US Department of the Treasury.根据美国财政部的数据，中国在3月份从美国债务的第二大持有者退居第三位后，5月份进一步减少了9亿美元的美国国债持有量，至7563亿美元，为2009年2月以来的最低水平，当时该数字为7442亿美元。The reduction bucked the overall rebound of foreign holdings in US debt after a drop in April. Foreign holdings of US Treasury securities increased from April's $9.013 trillion to $9.046 trillion in May, with major US debt holders such as Japan, the United Kingdom and Canada increasing their holdings.这一减少抵消了外国持有的美国债务在4月份下降后的整体反弹。外国持有的美债从4月份的9.013万亿美元增加到5月份的9.046万亿美元，日本、英国和加拿大等主要美国债务持有者增加了持有量。Wang Peng, an associate researcher at the Beijing Academy of Social Sciences, said that China's holding cut in May—the third consecutive month of decrease despite other major holders' increased exposure—stems from a continued effort to optimize the structure of foreign exchange reserves.北京社会科学院副研究员王鹏表示，尽管其他主要持有者的敞口增加，但中国5月份的减持是连续第三个月下降，这源于持续优化外汇储备结构的努力。The aim is to reduce the risks of overreliance on US government debt and limit potential economic losses from geopolitical tensions, including the risk of asset freezes in the event of US sanctions, Wang said, adding that the move also reflects concerns about growing US fiscal deficits and uncertainty about the US economy.王表示，此举的目的是降低过度依赖美国政府债务的风险，并限制地缘政治紧张局势造成的潜在经济损失，包括在美国制裁的情况下冻结资产的风险。他补充说，此举也反映了人们对美国财政赤字不断增长和美国经济不确定性的担忧。Pan Gongsheng, governor of the People's Bank of China, the nation's central bank, has pointed to the risks associated with the US dollar's dominance as the global reserve currency, saying last month that US fiscal and financial regulatory problems could spill over, while the dollar could be weaponized in geopolitical conflicts.中国央行中国人民银行行长潘功胜指出了美元作为全球储备货币的主导地位所带来的风险，他上个月表示，美国的财政和金融监管问题可能会蔓延，而美元可能会在地缘政治冲突中被武器化。Guan Tao, global chief economist at investment bank BOCI China, said there is no immediate risk of a US sovereign debt crisis, as market demand for US Treasuries remains strong, and US Treasury yields could fall if the US Federal Reserve cuts rates later this year. Bond yields move in the opposite direction of prices.投资银行中银国际中国（BOCI China）全球首席经济学家关涛（Guan Tao）表示，目前没有美国主权债务危机的风险，因为市场对美国国债的需求仍然强劲，如果美联储今年晚些时候降息，美国国债收益率可能会下降。债券收益率与价格走势相反。But the deeper concern, Guan said, is US debt's long-term sustainability. If US government debt keeps expanding without a path to stabilization, it will eventually trigger problems.但关表示，更令人担忧的是美国债务的长期可持续性。如果美国政府债务继续扩大而没有稳定的道路，最终将引发问题。Credit ratings agency Moody's downgraded the US credit rating to Aa1 in May, citing runaway deficits, while the US administration's massive tax-and-spending bill, effective this month, could intensify such concerns, as it is forecast to increase US federal deficits by more than $3 trillion over the next decade.信用评级机构穆迪在5月份将美国信用评级下调至Aa1，理由是赤字失控，而美国政府本月生效的巨额税收和支出法案可能会加剧这种担忧，因为预计未来十年美国联邦赤字将增加3万亿美元以上。Chen Weidong, director of the Research Institute of Bank of China, said, "As the third-largest holder of US Treasuries, China must build a multilayered, systematic strategy to guard against mounting risks tied to US sovereign debt and the dollar-based financial system.中国银行研究院院长陈卫东表示：“作为美国国债的第三大持有者，中国必须建立一个多层次、系统的战略，以防范与美国主权债务和以美元为基础的金融体系相关的日益增长的风险。"This is not only vital for China's financial security, but also has far-reaching implications for the evolution of the global financial order," Chen said, adding that China has cut its US Treasury holdings by over 40 percent since 2013.陈表示：“这不仅对中国的金融安全至关重要，而且对全球金融秩序的演变也有着深远的影响。”他补充说，自2013年以来，中国已将其持有的美国国债减少了40%以上。He said that key priorities for China going forward include gradually reducing US Treasury holdings, optimizing the dollar investment portfolio by allocating more to short-term securities, increasing non-dollar investments, and advancing renminbi internationalization.他说，中国未来的主要优先事项包括逐步减少美国国债持有量，通过将更多资金分配给短期证券来优化美元投资组合，增加非美元投资，以及推进人民币国际化。He also called for deepening financial cooperation within Asia—which together holds over 60 percent of global reserves in dollar-denominated assets—so that Asia can form an internal reserve circulation system and reduce its reliance on external markets.他还呼吁深化亚洲内部的金融合作，亚洲拥有全球60%以上的美元计价资产储备，这样亚洲就可以形成内部储备流通体系，减少对外部市场的依赖。China has been stepping up efforts to diversify its reserve assets. The country's official gold reserves rose for the eighth consecutive month to 73.9 million ounces at the end of June, the State Administration of Foreign Exchange said.中国一直在加紧努力，使其储备资产多样化。国家外汇管理局表示，截至6月底，该国官方黄金储备连续第八个月增长至7390万盎司。consecutiven.连续不断的/kənˈsɛkjʊtɪv/dollar-denominatedn.以美元标价的/ˈdɒlə dɪˈnɒmɪneɪtɪd/

China has released its first national standards aimed at regulating school meal providers, part of a broader effort to improve food safety for the country's more than 230 million schoolchildren following a series of incidents that have sparkedpublic concern.中国发布了首部旨在规范学校餐食供应商的国家标准。在一系列引发公众关注的事件发生后，中国正致力于改善全国2.3亿多名学童的食品安全，该标准便是这一广泛努力的一部分。The "Guidelines for the Management of School Meal Service Providers", issuedby the State Administration for Market Regulation, will take effect on Dec 1 and apply to companies that prepare and deliver meals to primary and secondary schools as well as kindergartens.国家市场监督管理总局发布的《学校餐食服务供应商管理指南》将于12月1日生效，适用于为中小学及幼儿园准备和配送餐食的企业。The guidelines are designed to address food safety risks across the entire supplychain, from menu planning and ingredient procurement to food preparation, delivery and emergency response, officials said.有关部门负责人表示，该指南旨在应对整个供应链中的食品安全风险，涵盖从菜单规划、食材采购到食品制作、配送及应急响应等各个环节。"School meal provision involves wide coverage and multiple steps and has become a key area of supervision," said Qu Hao, an official with the administration,in an interview with China Central Television. "The guidelines offer clear, standardized instructions for schools and meal providers to follow."国家市场监督管理总局官员曲昊在接受中央电视台采访时表示：“学校餐食供应覆盖面广、环节多，已成为监管的重点领域。该指南为学校和餐食供应商提供了明确、规范的操作指引。”The new rules require providers to appoint food safety directors and dedicated inspection staff, conduct daily safety checks and analyze risks monthly. Staple ingredients such as rice, flour and cooking oil must be purchased from designatedsuppliers, and all batches of ingredients must undergo testing, including checks for pesticide residue.新规定要求供应商任命食品安全总监和专职检验人员，进行每日安全检查并每月分析风险。大米、面粉、食用油等主食食材必须从指定供应商处采购，且所有批次的食材都必须经过检测，包括农药残留检测。Food preparation processes will be monitored through "smart kitchen" systems that allow parents and schools to view operations in real time, while samples from each meal must be retained for at least 48 hours for safety checks. Delivery vehicles must be sealed, registered with authorities and equipped with GPS tracking.食品制作过程将通过“智慧厨房”系统进行监控，家长和学校可实时查看操作情况，同时每顿餐食的样本必须留存至少48小时以备安全检查。配送车辆必须密封、在有关部门登记并配备GPS追踪装置。If food safety issues are detected, providers must immediately initiate recall procedures and report incidents to local regulators.如发现食品安全问题，供应商必须立即启动召回程序，并向当地监管部门报告事件。The guidelines come as Chinese authorities move to strengthen oversight of school meals following recent incidents. In one case, more than 200 children at a kindergarten in Tianshui, Gansu province, were found to have elevated blood lead levels after kitchen staff used diluted industrial pigments in meals. Six people have been arrested and an investigation is ongoing.此前发生的一系列事件后，中国有关部门正加强对学校餐食的监管，此次指南的出台便是在此背景下进行的。在甘肃天水的一所幼儿园，厨房工作人员在餐食中使用稀释的工业色素，导致200多名儿童血铅水平升高。目前已有6人被捕，调查仍在进行中。The Ministry of Education has urged local education departments to use the summer break to conduct safety inspections and train school administrators and canteen staff in food safety management before the new semester begins.教育部已督促地方教育部门利用暑假进行安全检查，并在新学期开始前对学校管理人员和食堂工作人员进行食品安全管理培训。Authorities are also encouraging schools to offer affordable day care services during the summer using public facilities while reminding parents to remain vigilant when choosing summer camps and after-school programs to protect children'swell-being.有关部门还鼓励学校利用公共设施在暑期提供价格合理的日托服务，同时提醒家长在选择夏令营和课后项目时保持警惕，以保障儿童的健康福祉。The ministry has stressed that schools are not allowed to conduct classes duringthe summer vacation, delay the break or start the fall semester early, and should limit homework assigned over the summer.教育部强调，学校不得在暑假期间开展课程、推迟假期或提前开始秋季学期，且应限制暑假作业量。China's efforts to tighten oversight of school meal services aim to ensure "safety on the tip of the tongue" for millions of students, regulators said, as the government works to address public concerns over food safety and child welfare.监管部门表示，中国加强对学校餐食服务的监管，旨在确保数百万学生“舌尖上的安全”，政府正着力解决公众对食品安全和儿童福利的关切。school meal providersn.学校餐食供应商/skuːl miːl prəˈvaɪdəz/food safety risksn.食品安全风险/fuːdˈseɪfti rɪsks/

China fired off a sweeping package of robust countermeasures on Friday—including a 34 percent tariff hike and rare earth export controls—in response to the latest round of sweeping tariffs adopted by the administration of United States President Donald Trump.上周五，中国推出了一系列强有力的反制措施，包括提高34%的关税和稀土出口管制，以回应美国总统唐纳德·特朗普政府采取的最新一轮大规模关税。More forceful and precise counterstrikes are still in Beijing's pocket if Washington persists with its unilateral trade bullying, several sources confirmed to China Daily.据多位消息人士向《中国日报》证实，如果华盛顿方面继续单边贸易霸凌，北京方面仍有可能采取更强力、更精准的反击措施。As approved by the State Council, the country's Cabinet, China will impose an additional 34 percent tariff on all US-origin imports starting on April 10. Simultaneously, the Ministry of Commerce and the General Administration of Customs announced immediate export restrictions on seven key medium to heavy rare earth elements, as China Daily first reported on Thursday.经国务院批准，中国将从4月10日起对所有原产于美国的进口产品征收34%的额外关税。据《中国日报》周四率先报道，商务部和海关总署同时宣布立即对七种关键的中重稀土元素实施出口限制。These elements—samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium—are crucial elements for manufacturing key products used in semiconductor, defense, aerospace and green energy.这些元素——钐、钆、铽、镝、镥、钪和钇——是制造半导体、国防、航空航天和绿色能源所用关键产品的关键元素。Citing their dual-use nature in both military and civilian industries, a spokesman for the Commerce Ministry said: "Imposing export controls on them is a common international practice. As a responsible major country, China's decision to regulate these items reflects its consistent position of firmly safeguarding world peace and regional stability."商务部发言人表示，这些元素涉及军民两用领域，“实施出口管制是国际通行做法。中国作为负责任大国，决定对这些产品实施管制，体现了坚定维护世界和平和地区稳定的一贯立场。”Other measures include filing a lawsuit with the World Trade Organization over the US' "reciprocal tariffs", launching an industry competitiveness investigation and an anti-dumping investigation regarding imported medical CT tubes from the US and India, adding 16 US entities to the export control list and 11 US companies to the unreliable entity list, and canceling import qualifications for certain US companies.其他措施还包括就美国“对等关税”向世界贸易组织提起诉讼、启动产业竞争力调查以及对原产于美国和印度的进口医用CT射线管发起反倾销调查、将16家美国实体列入出口管制名单、将11家美国公司列入不可靠实体名单、取消部分美资企业的进口资格等。Tu Xinquan, dean of the China Institute for WTO Studies at the University of International Business and Economics in Beijing, said that such rapid, intensive and multi-pronged countermeasures are unprecedented in the world's history, proving that China will not sit back amid unilateral bullying tariffs.对外经济贸易大学中国世界贸易组织研究院院长屠新泉表示，如此迅速、密集、多管齐下的反制措施在世界历史上前所未有，表明中国不会坐视单边霸凌关税的威胁。"This isn't just tit-for-tat. These countermeasures, including both tariff and nontariff measures, aim to directly hit the weak spots of the US to make it feel the real pain," said Tu.“这不仅仅是针锋相对，这些包括关税和非关税措施的反制措施，都是要直击美国的薄弱环节，让其真正感受到痛点。”屠新泉说。Bai Ming, a researcher at the Chinese Academy of International Trade and Economic Cooperation, said that China, as the world's second-largest economy, has taken the lead in resisting US trade protectionism.中国商务部国际贸易经济合作研究院研究员白明表示，中国作为世界第二大经济体，在抵制美国贸易保护主义方面走在了前列。"These countermeasures are not only to protect China's own interests, but also to safeguard the stable operation of the global trading system," he emphasized.“这些反制措施不仅是为了维护中国自身的利益，也是为了维护全球贸易体系的稳定运行。”他强调。The State Administration for Market Regulation, China's top market regulator, also announced on Friday night that it has launched an investigation into DuPont China, a subsidiary of the US company DuPont, for suspected monopolisticpractices in violation of China's Anti-Monopoly Law.中国国家市场监督管理总局周五晚间宣布，已对美国杜邦公司旗下的杜邦中国有限公司展开调查，理由是其涉嫌违反中国《反垄断法》的垄断行为。All of the moves came after China, a major trading partner of the US, was hit with a 34 percent so-called reciprocal tariff by the Trump administration on Wednesday, in addition to a 20 percent tariff imposed earlier this year.这一系列举措是在中国这一美国主要贸易伙伴遭到特朗普政府周三加征所谓34%的“对等关税”之后采取的，此前美国已在今年早些时候对中国加征了20%的关税。Further counterstrikes could include tightening export controls on more critical raw materials vital for US high-tech manufacturing, new energy transformation and defense projects, and further escalating the blocking of key technologies used in extracting and processing strategic minerals, said two sources close to the matter, who asked for anonymity.两位要求匿名的知情人士表示，进一步的反击措施可能包括加强对美国高科技制造、新能源转型和国防项目至关重要的原材料的出口管制，并进一步加大对战略矿产开采和加工关键技术的封锁。China accounts for at least 85 percent of rare earth refining, 77 percent of cobalt refining, 82 percent of tungsten production, 80 percent of antimony processing capacity, and 90 percent of the world's synthetic graphite production. These are all critical materials for defense, new energy batteries, semiconductors and advanced manufacturing.中国占全球稀土精炼产能的至少85%，钴精炼产能的77%，钨产量的82%，锑加工产能的80%，以及人造石墨产量的90%。这些都是国防、新能源电池、半导体和先进制造业的关键材料。Beyond nontariff measures, China could still adopt additional tariffs on certain US products, particularly agricultural goods. Having already imposed tariffs on key US farm products, China is weighing further increases, another source added.除了非关税措施外，中国还可能对某些美国产品，特别是农产品征收额外关税。另一位消息人士补充说，中国已经对美国主要农产品征收关税，并正在考虑进一步提高关税。Chen Wenling, former chief economist at the China Center for International Economic Exchanges, said, "China could follow the cases of countries like Canada and levy tariffs on US products in a high range of 250 percent to 390 percent according to different situations."中国国际经济交流中心前首席经济学家陈文玲表示：“中国可以效仿加拿大等国家的做法，根据不同情况对美国产品征收250%至390%的高额关税。”The latest tariff from the Trump administration is provoking a strong global reaction.特朗普政府的最新关税政策引发了全球强烈反应。International Monetary Fund Managing Director Kristalina Georgieva warned that the sweeping tariffs presented "a significant risk to the global outlook at a time of sluggish growth".国际货币基金组织总裁克里斯塔利娜·格奥尔基耶娃警告称，在经济增长乏力的背景下，这种大规模关税举措“给全球前景带来重大风险”。Ngozi Okonjo-Iweala, director-general of the World Trade Organization, expressed deep concern on Thursday over the decline in global trade and the potential for an escalating tariff war sparked by US tariff measures. Iweala said in a statement that the US tariff measures will have "substantial implications for global trade and economic growth prospects".世界贸易组织总干事恩戈齐·奥孔乔-伊维拉周四对全球贸易下滑以及美国关税措施引发关税战升级的可能性表示深切担忧。伊维拉在一份声明中表示，美国关税措施将“对全球贸易和经济增长前景产生重大影响”。Michael Hart, president of the American Chamber of Commerce in China, has said that AmCham China is not in favor of widespread tariffs, and it advocates constructive dialogue and policy predictability to reduce volatility in trade relations.中国美国商会会长迈克尔·哈特表示，中国美国商会不赞成大规模征收关税，主张建设性对话和政策可预测性，以减少贸易关系的波动。Quoting a report from the chamber that more than half of its member companies said they plan to increase investments in China this year, he said that ensuring that businesses can operate competitively and with greater certainty benefits both countries' economies and supports global economic stability.他援引商会的一份报告称，超过一半的会员公司表示计划今年增加对华投资，他说，确保企业能够更具竞争力和确定性地运营，有利于两国经济，并支持全球经济稳定。Oliver Zipse, board chairman of BMW, said: "Economic growth thrives through opening, not closing. The increase of protectionist behavior will not create winners, but will result in a situation where everyone is going to lose prosperity. At BMW, we strongly oppose tariffs or other trade barriers."宝马集团董事长奥利弗·齐普策表示：“经济增长靠的是开放，而不是封闭。保护主义行为的增加不会创造赢家，而会导致所有人都失去繁荣。宝马坚决反对关税或其他贸易壁垒。”unilateraladj.单边的multi-prongedadj.多管齐下的tit-for-tat针锋相对monopolistic practicen.垄断行为trade barrier贸易壁垒

China will impose additional tariffs ranging from 10 to 15 percent on US products, and launch an anti-monopoly probe into Google Inc, as well as other trade measures amid growing trade tensions with the United States.随着中美贸易关系日益紧张，中国将对美国产品加征10%至15%的额外关税，并对谷歌公司启动反垄断调查，同时还将采取其他贸易措施。An additional 15 percent tariff will be imposed on coal and liquefied natural gas imports from the US, as well as an additional 10 percent tariff on crude oil, agricultural machinery, large-displacement automobiles and pickup trucks, starting on Feb 10, the Customs Tariff Commission of the State Council said on Tuesday.2月4日，国务院关税税则委员会表示，自2月10日起，中国将对从美国进口的煤炭、液化天然气加征15%的额外关税，对原油、农业机械、大排量汽车、皮卡加征10%的额外关税。The move followed the US announcement that it would impose an additional 10 percent tariff on goods imported from China.此举是在美国宣布将对从中国进口的商品加征10%的额外关税之后作出的。The Finance Ministry said the unilateral imposition of tariffs by the US seriously violates the rules of the World Trade Organization, fails to solve the US' own problems, and undermines normal economic and trade cooperation between the two countries.财政部表示，美方单边加征关税的做法严重违反世界贸易组织规则，不仅无益于解决自身问题，也对中美正常经贸合作造成破坏。"The additional tariffs announced by China will cast a shadow on a significant number of US companies. Once a US company withdraws from the Chinese market due to tariff pressures, the obstacles in terms of reestablishing a presence can be substantial," said Zhou Mi, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation.商务部国际贸易经济合作研究院高级研究员周密指出：“中国宣布加征额外关税将给大量美国公司带来阴影。一旦某个美国公司因关税压力而退出中国市场，它想重新进入市场将会面临巨大阻碍。”Zhou added that the attractiveness of the Chinese market remains a powerful draw for those US companies, prompting calls for Beijing and Washington to engage in open and constructive discussions and find a path forward that addresses the concerns of the businesses of both sides while upholding their respective economic interests.周密还表示，中国市场对这些美国公司来说仍然具有强大吸引力，这促使北京和华盛顿进行开放性和建设性讨论，找到一条既能解决双方企业关切又能维护各自经济利益的前进道路。US President Donald Trump told The Wall Street Journal on Monday that he planned to speak with the Chinese leadership in the next 24 hours about tariffs, and Trump also said the 10 percent planned tariffs were just "an opening salvo".2月3日，美国总统唐纳德·特朗普在接受《华尔街日报》采访时表示，他计划在未来24小时内与中国领导人就关税问题进行讨论，并称计划加征的10%关税只是“初步行动”。As trade tensions with the US escalate, China has filed a lawsuit with the WTO's dispute settlement mechanism to defend its legitimate rights and interests. China firmly opposes the US approach and urges the US to immediately correct its wrong practices, the Ministry of Commerce said on Tuesday.随着中美贸易紧张局势的升级，中国为捍卫自身合法权益，已向世界贸易组织争端解决机制提起诉讼。2月4日，商务部表示，中方对美方做法坚决反对，敦促美方立即纠正错误做法。China has also announced a group of export control policies on key minerals. The Ministry of Commerce said that since Tuesday, it has added tungsten, tellurium, bismuth, molybdenum and indium-related items to the export control list.中国还宣布了一系列针对关键矿产的出口管制政策。商务部表示，自2月4日起，将钨、碲、铋、钼、铟相关物项纳入出口管制清单。The Commerce Ministry also put US clothing company PVH Corp and biotechnology company Illumina Inc on its unreliable entity list. China will take corresponding measures against the two companies in accordance with relevant laws and regulations.商务部还将美国服装公司PVH集团和生物技术公司因美纳公司列入不可靠实体清单，并表示将依据相关法律法规对这两家公司采取相应措施。"The two companies violate normal market trading principles, interrupt normal transactions with Chinese enterprises, take discriminatory measures against Chinese companies and seriously damage the legitimate rights and interests of Chinese firms," the ministry said in a statement.商务部在一份声明中表示：“这两家公司违反正常的市场交易原则，中断与中国企业的正常交易，对中国企业采取歧视性措施，严重损害中国企业合法权益。”The State Administration for Market Regulation, China's top market regulator, said on Tuesday that it has initiated an investigation into US tech giant Google Inc for suspected violations of China's Anti-Monopoly Law.2月4日，中国国家市场监督管理总局表示，已对美国科技巨头谷歌公司涉嫌违反《中华人民共和国反垄断法》展开立案调查。Luo Zhiheng, chief economist at Yuekai Securities, said China should resort to effective countermeasures against any tariff threats by the White House, while optimizing domestic policies and anchoring market expectations.粤开证券首席经济学家罗志恒表示，中国应针对白宫提出的任何关税威胁采取有效反制措施，同时优化国内政策、稳定市场预期。"Based on the experiences gained during the first Trump administration, China can utilize measures such as imposing additional tariffs and export controls to counter trade threats from the US," Luo said.罗志恒说：“参考特朗普第一任政府期间的经验，中国可以采取加征额外关税和出口管制等措施来应对美国的贸易威胁。”He added that China should continue to broaden the list of sanctioned goods and entities, and increase Beijing's negotiation leverage with Washington.他还表示，中国应继续扩大商品和实体清单制裁范围，并增加北京与华盛顿的谈判筹码。Given heightened global uncertainties, China should scale up the intensity of its fiscal and monetary policies, actively expand domestic demand to counter any potential downturns in external demand, and steadily push forward high-level opening-up, expand networks with trade partners and diversify its trade portfolios, Luo said.罗志恒认为，鉴于全球不确定性上升，中国应加大财政货币政策的力度，积极扩大内需以对冲外需可能的下滑，同时稳步推进高水平对外开放，扩大中国的贸易“朋友圈”，大力拓展对外贸易多元化。discriminatoryadj.歧视的，区别对待的

The State Administration for Market Regulation says the number of registered business entities in China rose over three percent to nearly 190 million by the end of 2024.

No one should question China's resolve to continue to promote high-quality opening-up through the rule of law. It is mainly thanks to the consistent legislative efforts China has made over the years to safeguard the legitimate rights and interests of foreign enterprises that the country has turned itself into one of the world's top destinations for foreign direct investment.任何人都不应质疑中国继续用法治推进高质量开放的决心。中国发展成为全球外商直接投资首选地之一，得益于多年来中国不断通过立法维护在华外企合法权益。Those who want to use the antitrust probe the Chinese authorities have launched into US chipmaker Nvidia as a pretext to point an accusing finger at China for allegedly politicizing the business environment for foreign companies are not only turning a blind eye to the facts of the case, but also taking a double standard when it comes to antitrust scrutiny.那些想以中国当局对美国芯片企业英伟达发起反垄断调查为借口，指责中国涉嫌将外国公司的商业环境政治化的人，不仅无视了事实，还在反垄断调查上持双重标准。The investigation that China's top market regulator initiated on Monday into Nvidia for suspected monopolistic behaviors has caught a lot of media attention given the high-profile position the company holds as the world's leading chip producer and a key player driving the artificial intelligence revolution.12月9日，中国国家市场监管总局对英伟达涉嫌垄断行为的调查引起了媒体的广泛关注。英伟达作为全球芯片行业巨头，在推动全球AI革命中扮演着关键角色。While much of the Western media have portrayed the probe as a tactical move in the Sino-US trade war ahead of the new US administration taking office or tried to link it with what they hype up as intensified geopolitical rivalry focused on a battle for AI dominance between the two countries, the actual reason is more prosaic. According to the State Administration for Market Regulation, Nvidia is suspected of violating China's Anti-Monopoly Law, as well as the commitments it made in 2020 after it acquired Israeli chip manufacturer Mellanox Technologies in 2019.多家西方媒体报道称，在美国新政府上台前对英伟达展开调查，是中国对中美贸易战采取的一项战术性措施；还有媒体试图对此进行炒作，称调查与中美两国争夺AI发展主导权而导致地缘竞争日渐激烈有关。然而，真正原因很简单：据中国国家市场监管总局，英伟达涉嫌违反《反垄断法》及其于2020年完成收购以色列芯片企业迈络思科技时的承诺。The merger further strengthened Nvidia's market dominance in the semiconductor field, which might have the effect of excluding or restricting competition in the global and Chinese markets for GPU accelerator, dedicated network interconnection equipment and high-speed Ethernet adapter. Nvidia therefore submitted to China some measures to resolve the competition problems making clear commitments, including that it should continue to supply Nvidia GPU accelerators, Mellanox high-speed network interconnection equipment and related software and accessories to the Chinese market after the deal, based on "fair, reasonable and nondiscriminatory principles". After that, China approved the transaction.英伟达收购迈络思，进一步巩固了英伟达在半导体行业的领导地位。此项集中对全球及中国GPU加速器、专用网络互联设备、高速以太网适配器市场，具有或可能具有排除、限制竞争效果。为此，英伟达提交了解决该交易带来竞争问题的措施，作出了明确承诺，其中就包括交易双方和集中后实体“应依据公平、合理、无歧视原则”向中国市场继续供应英伟达GPU加速器、迈络思高速网络互联设备和相关软件、配件。经评估，中国国家市场监管总局批准了该交易。Yet, Nvidia has stopped supplying a number of GPU accelerator products to China in recent years on the grounds of the US government's export controls. This action has infringed upon the legitimate rights and interests of relevant Chinese enterprises. Therefore, it is not surprising that Nvidia is under investigation for allegedly violating antitrust laws. Article 46 of the Anti-Monopoly Law stipulates that antitrust enforcement agencies are authorized to investigate and take action against suspected monopolistic behaviors. Effectively implementing the conditions attached to the merger approval is both a proactive commitment from Nvidia and a legal obligation.但近年来，英伟达以美国政府不断扩大半导体出口管制为由，陆续停止了多款GPU加速器产品对中国的供应，侵害了中国相关企业合法权益。英伟达涉嫌违反《反垄断法》规定，对其立案调查也在意料之中。《反垄断法》第四十六条规定，反垄断执法机构依法对涉嫌垄断行为进行调查。有效执行审查决定附加的限制性条件，既是英伟达的主动承诺，也成为了其法定义务。In fact, Nvidia is also facing an antitrust investigation in the United States, as the Justice Department is looking into claims that Nvidia is potentially cornering the market and pressuring its customers to unfairly retain business. That includes allegations of Nvidia threatening to punish those who buy products from both itself and its competitors at the same time. The European Union's antitrust regulators are also investigating Nvidia for possible unfair sales practices.事实上，英伟达在美国也面临反垄断调查。美国司法部正对英伟达展开了反垄断调查，评估英伟达是否垄断市场，阻止客户使用竞品。有指控称，英伟达威胁客户，若同时从英伟达及其竞争对手购入商品，将受到惩罚。同时，欧盟反垄断监管机构也在调查英伟达可能存在的不公平销售行为。That Nvidia has so far responded in a low-key way—saying only "we are happy to answer any questions regulators may have about our business"—points to the confidence it has in China's legal environment. Actually, the company has taken China as one of its key global markets, with about 16 percent of its revenue coming from the country, second only to its US-generated revenue, according to data firm FactSet. Nvidia's Chief Executive Officer Jensen Huang has called China "a very important market for the technology industry", and warned there would be "enormous damage" to the US companies if they were unable to trade with China.迄今，英伟达低调回应此次反垄断调查，表示：“我们很乐意回答监管机构对我们业务提出的任何疑问”，显示出对中国法治化营商环境的信心。实际上，英伟达已将中国视为其重要国际市场之一，据FactSet的数据显示，英伟达约16%的收入来自中国，仅次于美国。英伟达CEO黄仁勋曾表示，中国市场“对科技产业非常重要”，并警告称，若无法与中国贸易，美国企业将遭受“巨大损失”。China has made it one of its top priorities to attract and use foreign investment. That it attracted 1.13 trillion yuan ($158.7 billion) in foreign investment in 2023, the third-highest in history, as compared with 941.52 billion yuan in 2019, is an indication that the country still enjoys strong competitiveness in the global investment market.中国把吸引和利用外资作为政策重点之一。2023年，中国实际使用外资金额为1.13万亿元人民币（约1587亿美元），处于历史第三高，与2019年的9415.2亿元相比，表明中国在全球投资市场上仍享有强大竞争力。Contrary to any attempts to use the Nvidia investigation as a means to discredit China's efforts to create a level playing field for foreign businesses, the probe shows that China's business environment operates under the law. As it has affirmed on many occasions, the country will continue to develop a market-oriented, legalized and internationalized first-class business environment in which foreign companies can enter the Chinese market and share the country's development dividends.对英伟达展开反垄断调查，不仅不能抹煞中国为在华外企营造公平竞争环境的努力，反而凸显出中国法治化的营商环境。正如中国在各种场合多次重申的那样，中国将继续营造市场化、法治化、国际化一流营商环境，欢迎外企来华，共享中国发展红利。prosaicadj.乏味的;平淡无奇的hypen.（新闻媒体的）大肆宣传，炒作dividendn.红利，股息

US equity markets declined ahead of the latest inflation figures tonight AEST - Dow retreated for a fourth straight session, down -154-points or -0.35%. Nvidia Corp fell -2.69%, extending its two-day slide to over >5% after China's State Administration for Market Regulation said it was investigating the company over possible violations of the country's antimonopoly law, opening an investigation into the chipmaker in relation to the acquisition of Mellanox and some agreements made during the acquisition. Nvidia's revenue in China totalled US$13.5B in the past four quarters, accounting for ~12% of its global total, according to The Wall Street Journal (WSJ). Caterpillar Inc (-2.72%) and Merck & Co Inc (-2.69%) both fell over >2.5%. Boeing Co rallied +4.50% after the aerospace giant said it had restarted production of its 737 MAX jets. Production was paused for more than 12 weeks because of a seven-week labour strike that began in mid-September and settled in early November.

US equity markets declined ahead of the latest inflation figures tonight AEST - Dow retreated for a fourth straight session, down -154-points or -0.35%.  Nvidia Corp fell  -2.69%, extending its two-day slide to over >5% after China's State Administration for Market Regulation said it was investigating the company over possible violations of the country's antimonopoly law, opening an investigation into the chipmaker in relation to the acquisition of Mellanox and some agreements made during the acquisition. Nvidia's revenue in China totalled US$13.5B in the past four quarters, accounting for ~12% of its global total, according to The Wall Street Journal (WSJ). Caterpillar Inc (-2.72%) and Merck & Co Inc (-2.69%) both fell over >2.5%. Boeing Co rallied +4.50% after the aerospace giant said it had restarted production of its 737 MAX jets. Production was paused for more than 12 weeks because of a seven-week labour strike that began in mid-September and settled in early November.

US equity markets retreated, with the S&P 500 and Nasdaq pulling back from record closing highs set last Friday (6 December) - Dow fell -241-points or -0.54%, with International Business Machines (IBM) Corp (down 3.38%) and Travelers Companies (-3.53%) both down over >3%. Nvidia Corp fell -2.55% after China's State Administration for Market Regulation said it was investigating the company over possible violations of the country's antimonopoly law, opening an investigation into the chipmaker in relation to the acquisition of Mellanox and some agreements made during the acquisition.

US equity markets retreated, with the S&P 500 and Nasdaq pulling back from record closing highs set last Friday (6 December) - Dow fell -241-points or -0.54%, with International Business Machines (IBM) Corp (down 3.38%) and Travelers Companies (-3.53%) both down over >3%.  Nvidia Corp fell  -2.55% after China's State Administration for Market Regulation said it was investigating the company over possible violations of the country's antimonopoly law, opening an investigation into the chipmaker in relation to the acquisition of Mellanox and some agreements made during the acquisition.

China will implement a batch of policies, including those addressing financing and credit, to support small and micro-sized enterprises, platform firms and unicorns, so as to help them expand business and unleash vitality, it was announced on Monday at a conference by the State Council, the nation's Cabinet.10月14日，国新办举行新闻发布会，宣布中国将实施一系列融资信贷等政策，支持小微企业、平台企业和独角兽企业发展，帮助它们拓展市场、释放活力。Buoyed by such signals of support for the private sector, share prices rose in China on Monday. The CSI 300, an index of large companies traded in Shanghai and Shenzhen, closed 1.9 percent higher. The ChiNext Index, which tracks China's Nasdaq-style board of growing and emerging enterprises, gained 2.6 percent.受这些支持民营经济信号的提振，14日，中国股市上涨。沪深300指数收盘涨1.9%，追踪中国版纳斯达克成长型和新兴企业的创业板指涨2.6%。Luo Wen, head of the State Administration for Market Regulation, the country's top market regulator, said that the country will work to introduce innovative quality financing and credit enhancement policies to ease financing challenges for SMSEs.国家最高市场监管部门——国家市场监督管理总局局长罗文表示，中国将创新实施质量融资增信政策，帮助缓解小微企业融资困难问题。Under such policies, financial institutions will factor in a company's quality management and brand reputation when issuing loans. Together with equity, funds and bond-based financing tools, the country aims to generate a credit enhancement and financing quota of 300 billion yuan ($42 billion) each year, Luo said.罗文介绍，根据这些政策，金融机构在发放贷款时将考虑企业的质量管理和品牌信誉。股权、基金、债券等融资工具组合发力，国家每年可以实现质量融资增信授信额度3000亿元。Luo emphasized that the SAMR will roll out a guideline to guide platform operators to help merchants on the platform enhance brand awareness, increase market transactions and harness traffic.罗文强调，市场监管总局将出台指导意见，引导平台企业帮助其平台上的商户提升品牌知名度、增加市场交易量和利用流量。It will help businesses, especially new entrants, agricultural firms and some unique companies on the platform, to enhance their ability to utilize online traffic more efficiently and tap into larger audiences, he added.罗文补充，这将帮助企业商户提高流量利用效率、挖掘更多受众，尤其是对新入驻经营主体、农产品经营主体和特色经营主体。Beyond SMSE support, Wang Jiangping, vice-minister of the Ministry of Industry and Information Technology, said the ministry will collaborate with the China Securities Regulatory Commission to launch the third batch of specialized boards for "little giant" companies in regional equity markets.工业和信息化部副部长王江平表示，除了扶持小微企业，工信部将联合证监会推出第三批区域性股权市场“专精特新”专板以支持“小巨人”企业。Little giant companies refer to small and medium-sized enterprises that typically specialize in niche sectors, command high market shares and boast strong innovative capacity. By the end of June this year, China had cultivated 12,000 such enterprises. 所谓“小巨人”企业，是指专注于细分领域、市场占有率高、创新能力强的中小型企业。截至今年6月底，中国已培育了1.2万家这样的企业。The ministry also plans to sign a strategic cooperation agreement with the Beijing Stock Exchange to further streamline financing channels for these firms, Wang said.王江平补充，工信部还计划与北交所签订战略合作协议，进一步畅通专精特新中小企业资本市场融资渠道。At the conference on Monday, Wang said that China is also placing a greater emphasis on developing unicorn companies — startups valued at over $1 billion — in emerging high-tech fields such as 6G and brain-computer interfaces.在14日的新闻发布会上，王江平表示，中国也将更加重视独角兽企业（即估值超过10亿美元的初创企业）在6G、脑机接口等新兴高科技领域的发展。He said a nationwide unified system will be established to coordinate the development of unicorn companies between the central government and provincial government levels.王江平补充，为推动支持我国独角兽企业发展，将建立全国统一、部省联动的独角兽企业培育体系。Unicorn companies will be supported in technological innovation, and will be encouraged and guided to address national strategic needs and master unique, proprietary technologies, Wang said, adding that more efforts will be made to increase financial backing for these unicorns, including support for public listings, mergers and acquisitions, to accelerate their growth.支持独角兽企业技术创新，鼓励和引导独角兽企业围绕国家战略需求开展技术攻关，掌握更多的“独门绝技”。加大对独角兽企业的金融支持，包括支持独角兽企业上市、并购、重组等。Despite China's growing unicorns, the country still lags behind the United States in terms of the overall number, according to the Hurun Research Institute. Last year, China had 340 unicorns while the US had 700.胡润研究院称，尽管中国的独角兽企业不断增加，但就总体数量而言，中国仍落后于美国。去年，中国有340家独角兽企业，而美国有700家。Wang Peng, a senior researcher at the Beijing Academy of Social Sciences, said that encouraging SMSEs, platform firms and unicorn companies are part of broader efforts to spur the private sector, which is of great significance to counter the current global economic slowdown. 北京市社会科学院高级研究员王鹏表示，鼓励支持小微企业、平台企业和独角兽企业是刺激民营经济发展的进一步努力，这对于应对当前全球经济下行具有重要意义。A report on private sector development by the State Council showed that private companies accounted for 92.3 percent of the country's total number of business entities in 2023, a significant increase from 79.4 percent in 2012.国务院关于民营经济发展情况的报告显示，2023年，民营企业占全国企业总数的92.3%，较2012年的79.4%有大幅提高。"The Chinese economy will continue gathering momentum if the private sector, including smaller businesses, remains sound. More importantly, private enterprises stood undoubtedly at the forefront of technological innovations and the digital economy in recent years, especially in fields like new energy, information, communication, biopharmaceuticals and AI," the senior researcher said.“如果包括小型企业在内的民营经济发展稳健，中国经济将继续保持良好发展势头。更重要的是，近年来，民营企业无疑站在了技术创新和数字经济的前沿，尤其是在新能源、信息、通信、生物制药和人工智能等领域。”资深研究员王鹏说。harnessv. 利用proprietaryadj. 独有的；专利的mergern. (企业)合并；并购acquisitionn. 收购

Analysts say decisive policy stance bodes well for investment inflow分析人士称，果断的政策立场是投资流入的好兆头The renminbi rallied to its strongest level in more than a year and Chinese equities continued their rebound on Wednesday, after a potent policy package lifted investors' confidence in the Chinese economy, which is expected to sail through headwinds.25日，人民币汇率升至一年多来的最高水平，中国股市继续反弹。此前，强有力的一揽子政策提振了投资者对中国经济的信心，预计中国经济将逆风前行。Economists, investment banks and asset managers said that policymakers' more decisive stance to shore up the economy, a global interest rate cut cycle, and low asset valuations have combined to make it a potentially good time to invest in Chinese financial assets, which are expected to attract more foreign inflow in the months ahead.经济学者、投资银行和资产管理公司表示，决策者在支撑经济方面采取的更为果断的立场、全球降息周期以及低资产估值等因素结合在一起，使得现在可能成为投资中国金融资产的好时机，预计未来几个月中国金融资产将吸引更多外资流入。However, they cautioned that the forecast may be contingent upon the implementation of further policy support to address economic challenges, with the most urgent priorities being additional fiscal spending to bolster domestic demand and direct funding to alleviate property sector woes.然而，他们提醒，这一预测可能取决于为应对经济挑战而实施的进一步政策支持，目前最紧迫的是增加财政支出以促进国内需求，并提供直接资金以缓解房地产行业的困境。On Wednesday, the renminbi, or Chinese yuan, rose to 6.9951 against the US dollar in the offshore market, up 158 basis points from the previous close and past the 7-per-dollar milestone for the first time in 16 months.25日，离岸人民币对美元汇率升至 6.9951，较前一交易日收盘价涨158个基点，16 个月来首次升破7.0元关口。Guan Tao, global chief economist at BOCI China, said that the renminbi's rally is attributable to both Tuesday's policy release, which strengthened investors' confidence in China's economy, and the US Federal Reserve's interest rate cut last week, which narrowed the yield spreads between US and Chinese bonds.中银证券全球首席经济学家管涛表示，人民币汇率上涨的原因在于24日发布的政策提振了投资者对中国经济的信心，以及美联储上周降息缩小了中美两国国债收益率利差。Looking ahead, Guan said the renminbi is likely to register two-way fluctuations against the dollar, with limited possibility of one-sided, drastic appreciation because uncertainties remain surrounding the Fed's pace of rate cuts, including that the Fed might even reconsider rate hikes if the US economy turns out to be overheated.展望未来，管涛认为，人民币对美元汇率可能会出现双向波动，单边大幅升值的可能性有限，因为美联储的降息步伐仍存在不确定性，如果美国经济过热，美联储甚至可能重新考虑加息。Moreover, the People's Bank of China, the country's central bank, is expected to take measures to prevent any renminbi exchange rate overshooting if needed, and has accumulated rich experience in this regard, said Guan, who had served as head of the Balance of Payments Department at the State Administration of Foreign Exchange.此外，曾任国家外汇管理局国际收支司司长的管涛表示，中国人民银行作为中国的中央银行，在这方面积累了丰富的经验，预计会在必要时采取措施防止人民币汇率超调。Guan added that in the base case scenario, in which the United States achieves a soft landing while the Fed continues rate cuts, foreign institutions may continue to boost holdings in renminbi-denominated bonds, especially treasury bonds.管涛补充，在美国实现软着陆而美联储继续降息的基本情况下，境外机构可能会继续增持人民币债券，尤其是国债。As of August, overseas institutions' holdings in China's interbank bond market had risen for 12 consecutive months, an increase in foreign holdings of as much as 1.34 trillion yuan ($190.7 billion), according to the PBOC's Shanghai head office.中国人民银行上海总部的数据显示，截至8月份，境外机构已连续12个月增持境内银行间市场债券，累计增持规模高达1.34万亿元人民币（1907亿美元）。Upbeat sentiment乐观的情绪The upbeat sentiment was seen in the A-share market as well. The Shanghai Composite Index went up 1.16 percent to Wednesday's close of 2,896.31 points, extending a jump of 4.15 percent on Tuesday, the biggest rise in about four years.A股市场也出现乐观情绪。上证综指25日收盘涨1.16%，报2896.31点，延续了24日4.15%的涨幅，创下约四年来的最大涨幅。"I believe that this may be a good time to revisit Chinese stocks," said David Chao, global market strategist for the Asia-Pacific region (excluding Japan) at Invesco, a global investment management company.景顺亚太区（日本除外）全球市场策略师赵耀庭表示：“我认为现在可能是重新审视中国股票的好时机。”Chao said China has fired off a meaningful monetary stimulus salvo, which may potentially usher trillions of renminbi in liquidity if fully implemented, sending a strong signal that the government is responding to economic headwinds.赵耀庭认为，中国已经打响了有意义的货币刺激战，如果政策全面实施，可能会释放万亿元流动性，表明政府正在应对经济逆风的强烈信号。Major package一揽子政策On Tuesday, China's top financial regulators unveiled a set of measures that some analysts said might be the country's biggest monetary stimulus package following the pandemic.24日，中国最高金融监管机构公布了一系列措施，一些分析人士认为，这可能是疫情之后中国最大的货币刺激计划。This includes a 20 basis point reduction in the seven-day reverse repo rate, a key policy benchmark of interest rates, as well as a 50 basis point cut to rates on existing mortgages and another 50 basis point cut to the reserve requirement ratio, apart from other steps supportive of the property and stock markets.除了其他支持房地产和股票市场的措施外，该计划还包括将作为主要政策利率的7天期逆回购操作利率下调20个基点，将存量房贷利率下调50个基点，将存款准备金率再下调50个基点。The PBOC started to put the package into action by lowering the one-year medium-term lending facility rate, a policy rate, by 30 basis points to 2 percent on Wednesday.25日，中国人民银行将中期借贷便利利率下调30个基点至2%，开始推动一揽子政策落地实施。A Goldman Sachs report said on Wednesday that the latest stimulus package would be strong enough to catalyze a policy-induced rally in shares listed in Hong Kong and on the Chinese mainland, though it would be unlikely to "turn things around fundamentally".高盛25日的一份报告表示，最新的经济刺激计划足以催化中国香港和中国大陆上市股票的政策性反弹，但不太可能“从根本上扭转局面”。The report said a relending program unveiled on Tuesday will allow listed companies to borrow inexpensive money to shore up stock prices and boost investor sentiment, while the stock stabilization fund that is under policy study, if launched, might help fend off systemic risks in the stock market, as indicated by experiences in other markets.报告称，24日公布的再贷款政策将允许上市公司借入低成本资金，以支撑股价和提振投资者情绪，而正在进行政策研究的股票平准基金如果启动，将有助于抵御股市的系统性风险，其他市场的经验也表明了这一点。While the PBOC introduced two new policy tools aimed at boosting stock market liquidity, the China Securities Regulatory Commission released a guideline on Tuesday to encourage mergers and acquisitions and a draft rule to strengthen listed companies' market capitalization management.在央行推出两项旨在提高股市流动性的新政策工具的同时，中国证监会24日发布了鼓励并购的指导意见和加强上市公司市值管理的规定草案。Yet more could be done, with Goldman Sachs saying that "we would turn more aggressive on A shares when signs of property market stabilization emerge or policy momentum further strengthens".然而，还有更多事情可以做，高盛表示：“当房地产市场出现稳定迹象或政策势头进一步加强时，我们将对A股采取更积极的态度。”Ding Shuang, chief economist for Greater China and North Asia at Standard Chartered Bank, underlined the importance of beefing up fiscal support, as "monetary easing would be less effective without proactive fiscal policy".渣打银行大中华及北亚区首席经济师丁爽强调了加强财政支持的重要性，因为“如果没有积极的财政政策，宽松货币政策的效果将大打折扣”。It is likely that the government will increase bond issuance to accelerate government spending, Ding said, adding that investor sentiment could improve if policymakers decide to broaden the use of bond proceeds, especially to reduce home inventory.丁爽认为，政府很可能会增加债券发行以加速政府支出。如果决策者决定扩大债券收益的用途，特别是用于房地产去库存，那么投资者的情绪将会有所改善。Ding said that Standard Chartered Bank analysts retain the base case forecast that the renminbi will stay within the range of between 7 and 7.1 against the dollar by the end of the year.丁爽表示，渣打银行分析师维持基本预测，即人民币对美元汇率到今年年底将保持在7至7.1的区间内。bodev．预示；预言rallyv. 反弹，振作；重整；团结fluctuationn. 波动，涨落soft landing软着陆fiscal policy财政政策

This week on Sinica, I chat with Olivia Fu, who this spring completed her year at Schwarzman College and wrote her Capstone project — a research paper that is required of all Schwarzman Scholars — on the rise and fall of the Beijing hip-hop scene. We explore some of the parallels to Beijing's rock scene, and how many of the same factors that stifled rock in Beijing ultimately led to Beijing's relative decline as a hip-hop city. 3:16 – Olivia's background and connection to China, and what drew her to the Schwarzman Program and studying hip-hop6:13 – Olivia's Schwarzman mentor, Paul Pickowicz 7:47 – How Olivia dealt with censorship in her Capstone project 10:24 – The parallels and differences between the hip-hop and rock scenes in China12:27 – The dakou CDs and the origins of the hip-hop scene in China 17:03 – The influences of Japanese and Korean rap and hip-hop and Black American culture18:30 – The importance of studying Beijing hip-hop 23:05 – The spirit of Beijing and societal commentary in Beijing hip-hop 27:38 – The phenomenon of Rap of China 29:50 – The divergence of PG One and GAI, and the regulatory influence of the State Administration on Press, Publication, Radio, Film and Television35:13 – Sinifying hip-hop 37:21 – What the burgeoning hip-hop scene in China was like in the early 2000s40:10 – Critiques of the Beijing dialect in rap and the Beijing rap style 45:16 – Iron Mic rap battles and Shanghai, and Chinese hip-hop's critique of the educational system 48:34 – Why Beijing rap declined 59:09 – What's next for Olivia See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What are the spatial factors influencing health inequalities within a socio-economically homogeneous country?Dana Hübelová, Alice Kozumplíková, and colleagues from Mendel University in Brno investigate health disparities across different regions of the Czech Republic. The team explore how economic conditions, social care access, and regional characteristics impact health, and why urban areas don't always have better health indicators than rural regions.Read the original research: doi.org/10.1186/s12939-023-01996-2

China's top court is conducting research on livestreaming and other issues related to new purchasing habits to strengthen consumer protection by formulating relevant judicial documents, a senior judge said.一位高级法官表示，中国最高法院正在研究直播和其他与新购买习惯相关的问题，通过制定相关司法文件来加强对消费者的保护。"Our research focuses on livestreaming sales, tipping livestreaming hosts, online booking and personal information protection of consumers," Chen Yifang, chief judge of the Supreme People's Court's No 1 Adjudication Tribunal, told a news briefing on Tuesday.2024年4月9日，最高人民法院第一审判庭庭长陈宜芳在新闻发布会上表示:“我们的研究重点是直播带货、主播打赏、在线预订和消费者个人信息保护。”She said that the research, as well as the formulation of related legal documents and the disclosure of influential cases, are consistent with the country's newly revised regulations concerning consumers.她说，这项研究，以及相关法律文件的制定，以及有影响力的案例的披露，都与国家新修订的有关消费者的规定相一致。The regulations for the Implementation of the Law on the Protection of Consumer Rights and Interests, unveiled by the State Council last month, will take effect on July 1.国务院于3月发布的《消费者权益保护法实施条例》将于7月1日起施行。With detailed provisions on obligations of business operators, the regulations respond to major concerns of consumers over the past few years, including those on livestreaming sales, prepaid consumption and personal data protection.该条例详细规定了经营者的义务，回应了过去几年消费者关注的主要问题，包括直播销售、预付费消费和个人数据保护。Chen said the top court is also optimizing adjudication rules related to prepaid consumption, such as how to terminate a contract, whether the refund needs to include interest, and consumer fraud, adding "our aim is to ensure business integrity and safeguard the legitimate rights of consumers."陈宜芳表示，最高法院也在优化与预付费消费相关的裁决规则，例如如何终止合同，退款是否需要包括利息，以及消费者欺诈，并补充说:“我们的目的是确保商业诚信，维护消费者的合法权益。”The country's top market regulator has pledged to tighten inspection of emerging businesses so that they can develop in a healthy manner.国家最高市场监管机构承诺加强对新兴企业的检查，以使它们能够健康发展。Kuang Xu, head of the State Administration for Market Regulation's law enforcement and inspection division, cited data from the past five years as showing that the market size of livestreaming sales increased by 10.5 times, but consumer complaints increased by 47.1 times, which was significantly higher than traditional e-commerce.国家市场监管总局执法稽查局局长况旭引用了过去五年的数据，显示直播销售的市场规模增长了10.5倍，但消费者投诉增加了47.1倍，明显高于传统电子商务。"Selling goods through livestreaming platforms has enriched and innovated our consumption patterns, but it has also made it more difficult for consumers to protect their rights and interests," he said, adding that it is essential to seek a balance in the development and norms of the business.他说:“通过直播平台销售商品丰富和创新了我们的消费模式，但也使消费者更难保护自己的权益。”他补充说，在商业发展和规范中寻求平衡至关重要。He welcomed the newly released regulations, as some provisions can also apply to emerging businesses such as livestreaming e-commerce.他对新发布的规定表示欢迎，因为一些规定也适用于直播电子商务等新兴业务。For example, the regulations stipulate that those who sell products or provide services through the internet, television or telephone must introduce their business content via the home page, video screen, voice call or catalog. The sales platforms also need to disclose to consumers the name, business address and contact information of sellers.例如，《条例》规定，通过互联网、电视或电话销售产品或提供服务的，必须通过主页、视频屏幕、语音呼叫或目录介绍其业务内容。销售平台还需要向消费者披露卖家的名称、营业地址和联系方式。"The provisions mean that operators engaged in livestreaming sales must inform consumers who are selling the products and what goods are being sold to ensure the transparency of the business information," Kuang said.况旭表示:“这些规定意味着，从事直播销售的运营商必须告知正在销售产品的消费者以及正在销售的商品，以确保商业信息的透明度。”The regulations also require livestreaming platforms to establish working systems to help solve consumption-related disputes, with notification of who operates the streaming rooms and who is responsible to consumers.该规定还要求直播平台建立工作制度，以帮助解决与消费相关的纠纷，并通知谁运营流媒体室，谁对消费者负责。Kuang added that the strict management of platforms will be conducive to standardizing livestreaming sales.况旭补充说，对平台的严格管理将有利于规范直播销售。e-commerce电子商务stipulate规定；保证

Authorities have moved to tighten oversight of the rapidly expanding semi-prepared food industry, ironing out definitions of precooked dishes and rolling out rules on the use of additives in the sector to ensure food safety.针对快速扩张的预制菜行业中国政府已采取行动，加强监管力度，明确了预制菜的定义，并推出了行业添加剂使用规则，以确保食品安全。Restaurants are also being encouraged to identify dishes on their menus that include semi-prepared ingredients, a move that experts say will help customers make informed decisions.还鼓励餐厅在菜单标明包含半成品食材的菜肴，专家表示此举将帮助顾客做出明智的决定。The reforms, led by the State Administration for Market Regulation, which oversees product quality and consumer rights, were outlined in a circular issued on Thursday by six government agencies.3月21日，六家政府机构发布通知，介绍了此次预制菜行业改革，此次改革由负责监督产品质量和消费者权利的国家市场监督管理总局牵头。Share prices of companies involved in the semi-prepared food sector fell by an average of 2 percent on the A-share market on Monday because of the strengthened oversight. Industry insiders said the rules were the first to clarify the definition of semi-prepared food and set out safety and quality standards for the multibillion yuan industry.3月25日，由于监管力度加强，A股市场半成品食品公司股价平均下跌2%。业内人士表示，该规定首次明确了半成品食品的定义，并为这个价值数十亿元的行业制定了安全和质量标准。China has more than 70,000 companies making food items that have undergone some preparation but are not fully cooked or ready to eat, according to Xinhua News Agency. Their output value topped 500 billion yuan ($69.4 million) last year and is on track to surpass 1 trillion yuan in a few years, it said.据新华社报道，中国有超过70,000家企业生产经过一定处理但尚未完全煮熟或即食的食品。去年其产值突破5000亿元，并有望在几年内突破1万亿元。The new rules differentiate between semi-prepared food — also known as prepackaged meals — and other food items, such as instant noodles, frozen dumplings and salads. They say semi-prepared food must be a dish that can be consumed after simple preparations such as heating or boiling.新规区将预制食品（也称为预包装食品）和其他食品做了区分，例如方便面、冷冻饺子和沙拉。他们说，预知食品必须是经过简单准备（例如加热或煮沸）后即可食用的菜肴。Experts said makers of frozen foods such as dumplings and hamburgers will no longer be regarded as being semi-prepared food businesses, and will be unable to ignore regulations in their own sector or enjoy preferential policies tailor-made for semi-prepared food makers. They said the generalization of the concept of semi-prepared food had previously created regulatory difficulties.专家表示，饺子、汉堡包等冷冻食品生产企业将不再被视为预制菜企业，要接受其真正所属行业的监管，不能享受针对预制菜生产企业的优惠政策。他们表示，此前预制菜概念的泛化造成了一定监管困难。Zhang Chunhui, a researcher with the Chinese Academy of Agricultural Sciences' Institute of Food Science and Technology, told Xinhua the rules raised the threshold for manufacturers and separated semi-prepared food from other business models, such as those processing and packaging pre-cut uncooked vegetables and meat, or "central kitchens" that prepare and distribute food to satellite kitchens, restaurants, or cafeterias to reduce costs and ensure uniformity.中国农业科学院食品科学技术研究所研究员张春辉告诉新华社，该规定提高了生产企业的门槛，并将半成品食品与其他商业模式分开。后者包括负责加工和包装预切未加工蔬菜和肉类的企业，以及负责准备食物并将其分发到卫星厨房、餐馆和自助餐厅，以降低成本并保证菜品质量的“中央厨房”。In a media release issued on Monday, an unnamed official with the State Administration for Market Regulation said ready-to-eat foods that do not require heating or cooking, as well as cold dishes such as vegetables or fruit salads that can be consumed directly, are not considered semi-prepared dishes. The official said semi-prepared food is an emerging sector that has integrated agriculture, manufacturing and service industries and boasts a sprawling supply chain. It is significant in promoting the deep processing of agricultural products, transforming the food industry, consumer upgrading, entrepreneurship and employment.国家市场监管总局一位官员表示，不需要加热或烹饪的即食食品，以及可以直接食用的蔬菜、水果沙拉等冷菜，不属于预制菜。预制菜行业是集农业、制造业、服务业为一体的新兴产业，拥有庞大的供应链。这对于推动农产品深加工、食品产业转型、消费升级、创业就业具有重要意义。The circular also addressed rising food safety concerns in the sector, where poor quality raw materials and banned food additives are harder to spot after being processed. It said preservatives shall be prohibited in the making of semi-prepared food items, which shall be subject to strict storage conditions related to freezing, refrigeration and sterilization. The use of additives must be strictly controlled, along with the quality of other raw materials.因为劣质原材料和禁用食品添加剂在加工后更难被发现，所以预制菜行业的食品安全问题越来越得到人们的关注。针对这一问题，该通知也做出了相关规定：预制菜制作过程中不得使用防腐剂，应当遵守严格的冷冻、冷藏和灭菌等储存条件。添加剂的使用以及其他原材料的质量必须受到严格控制。The increased focus on food safety followed media reports on March 15 — World Consumer Rights Daythat companies in Anhui province, a stronghold of semi-prepared food makers, had used cheaper meat from the necks of pigs to make a precooked dish that should have contained pork belly. The companies involved have been shut down and their owners detained.3月15日世界消费者权益日，有媒体报道称，安徽省的一家大型预制菜企业使用更便宜的猪颈肉来代替五花肉制作梅菜扣肉预制菜。报道发出后，食品安全问题受到越来越多的关注。涉事公司已被关闭，其所有者被拘留。Semi-prepared food grew in popularity during COVID-19 pandemic, when white-collar employees worked from home and cooked for themselves. The products were also embraced by restaurants, but some consumers felt deceived when they learned the dishes they paid for were not cooked from scratch.在COVID-19大流行期间，白领员工居家办公并自己做饭，预制菜成为了一个热门选择，随后预制菜也受到了餐馆的青睐，被端上了餐厅饭桌上。但消费者在得知自己支付的菜肴并非新鲜烹制时，还是会感觉受到了欺骗。generalization of concept概念泛化semi-prepared food预制菜

One of the keys to China's global rise has been its strategy of deploying sovereign wealth on behalf of state power. Since President Xi Jinping took office in 2013, China has doubled down on financial statecraft, making shrewd investments with the sovereign funds it has built up by leveraging its foreign exchange reserves. Sovereign Funds tells the story of how the Communist Party of China (CPC) became a global financier of surpassing ambition. Dr. Liu offers a comprehensive and up-to-date analysis of the evolution of China's sovereign funds, including the China Investment Corporation, the State Administration of Foreign Exchange, and Central Huijin Investment. Dr. Liu shows how these institutions have become mechanisms not only for transforming low-reward foreign exchange reserves into investment capital but also for power projection. Sovereign funds are essential drivers of the national interest, shaping global markets, advancing the historic Belt and Road Initiative, and funneling state assets into strategic industries such as semiconductors, fintech, and artificial intelligence. In the era of President Xi, state-owned financial institutions have become gatekeepers of the Chinese economy. Political and personal relationships with prestigious sovereign funds have enabled Blackstone to flourish in China and have fueled the ascendance of private tech giants such as Alibaba, Ant Finance, and Didi. ABOUT THE SPEAKER Zongyuan Zoe Liu is Maurice R. Greenberg fellow for China studies at the Council on Foreign Relations (CFR). Her work focuses on international political economy, global financial markets, sovereign wealth funds, supply chains of critical minerals, development finance, emerging markets, energy and climate change policy, and East Asia-Middle East relations. Dr. Liu is the author of Can BRICS De-dollarize the Global Financial System? (Cambridge University Press) and Sovereign Funds: How the Communist Party of China Finances its Global Ambitions (Harvard University Press). Dr. Liu completed her Ph.D at the Edwin Reischauer fellow at School of Advanced International Studies (SAIS), Johns Hopkins University. Prior to joining CFR, Dr. Liu was an instructional assistant professor at Texas A&M's Bush School of Government and Public Service in Washington, DC, where she taught courses on global economy, economic statecraft, and Chinese foreign policy.

Are you curious about issues related to competition and geopolitical concerns in the global semiconductor sector? In this episode, Barry Nigro and Alicia Downey talk to Arnold & Porter partner David Emanuelson, formerly in-house M&A counsel for Intel Corporation, about how the Chinese government's State Administration for Market Regulation (SAMR) approaches merger clearance. Listen to this episode to learn about the geopolitical pressures on the semiconductor industry and what antitrust counsel can do to improve the chances of getting a deal cleared in China. With special guest: David Emanuelson, Arnold & Porter Related Links: David Emanuelson & Danielle Drory, "The Potential Chilling Effects of Lowering Standards for Tech M&A Enforcement," 34 Antitrust 14 (2020) Hosted by: Barry Nigro, Fried, Frank, Harris, Shriver & Jacobson LLP and Alicia Downey, Downey Law LLC

Kia ora,Welcome to Thursday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with news the Fitch downgrade has cast a pall over financial markets today, trumping any data. Equity markets are grumpy, bond yields are rising and the US dollar is rising.But first in the US, we get their July labour market details on Saturday NZT and today the precursor ADP Employment Report is out. That says private businesses hired +324,000 extra workers in July, following a downwardly revised +455,000 increase in June and surpassing market expectations of a +189,000 rise. Consensus analyst forecasts are for the US non-farm payrolls to rise +200,000 in July, so there seems to be upside there.Also rising were American total vehicle sales in July, up to an annualised rate of 15.7 mln. That is up from a 14 mln annual rate in July 2022. Of course, the American vehicle markets is far smaller than the Chinese one that ran at a 26.1 mln annual rate in June.But falling, and for a second successive week, were American mortgage applications, and it was a moderate -3% fall. The benchmark mortgage interest rate rose and back near its highest since November 2022. Rates near 7% really hurt the perception of house-buying affordability. The US home ownership rate was little-changed in Q2-2023 at about 66% although that is up from 63% in 2016 after for than a decade of previous falls.However the big news was that credit rating agency Fitch cut the US Federal Government one notch from AAA to AA+, echoing a move made more than a decade ago by S&P. Moody's still rates the US Aaa. Tax cuts and new spending initiatives coupled with multiple economic shocks have swelled budget deficits, Fitch said, while medium-term challenges related to rising entitlement costs remain largely unaddressed. The White House isn't happy. Nor the US Treasury.In China it is summer holidays and the senior leadership has decamped Beijing to the nearly beach resort area of Beidaihe. They probably won't re-emerge for two weeks or so, baring emergencies. Before they left, as we noted previously, they rattled off a list of support measures for their economy, a list that underwhelmed.Now they have followed that up with the National Development and Reform Commission saying they will boost loan access for private companies and extend other funding measures to small firms. Also, the central bank and others pledged to increase financial support to smaller firms in key supply chains. Then both the central bank and the State Administration of Foreign Exchange said that banks will be "guided" to adjust existing mortgage rates lower to support the real estate market.It is a good time to leave this year because we should note that the Beijing flooding has turned out to be pretty severe, involving loss of life. Of course, the problems are wider than just the capital city.The UST 10yr yield will start today at 4.07% and up +2 bps from this time yesterday and a ten month high. The price of gold will start today at US$1937/oz and down -US$8 from yesterday.And oil prices are down -US$2 at just over US$79/bbl in the US. The international Brent price is now just over US$83/bbl.The Kiwi dollar starts today down nearly -½c to just on 60.9 USc. Against the Aussie however we are firmer at 93 AUc. Against the euro we are -¼c lower at 55.6 euro cents. That all means the TWI-5 has fallen another -30 bps to 69.5.The bitcoin price is higher today since this time yesterday and is now at US$29,131 and up +0.7%. Volatility over the past 24 hours has remained modest at just under +/- 1.9%.You can find links to the articles mentioned today in our show notes.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

The Chinese aren't taking their #eurodollar #dollar woes weakening yuan lying down #recession. But they aren't doing a whole lot meaningful about it, either. Why and why not? That's the (euro)dollar conundrum.Eurodollar University's Money & Macro AnalysisPBOC: Notice of the People's Bank of China and the State Administration of Financial Supervision on Extending the Deadline of Relevant Policies for Financial Support to the Steady and Healthy Development of the Real Estate Markethttp://www.pbc.gov.cn/goutongjiaoliu/113456/113469/4987564/index.htmlPBOC Financial News: Under exchange rate fluctuations, cross-border capital flows still maintain a basic balance, and the long-term investment value of RMB assets is highlightedhttps://mp.weixin.qq.com/s?__biz=MzI5MjE1ODM5Mw==&mid=2650304221&idx=1&sn=c340f49f6b7c79af978527b54da4588c&chksm=f409600bc37ee91d81ddc20fb91a9311a030918b8eaf3bc7c0ca913fbfc39e446d0bf4e9844e&mpshare=1&scene=1&srcid=07051Ipdhywo7Uszrm5t1JjO&sharer_sharetime=1688570086386&sharer_shareid=39b1682714627f7233e332548d9eeeae&exportkey=n_ChQIAhIQ9XMODdRsqNRK7rXOHlFIyRKZAgIE97dBBAEAAAAAAA9iK2lmv2oAAAAOpnltbLcz9gKNyK89dVj0xqpLmp%2BOOkCXGkYfc%2Buj56zqe3EaSHX7YiMHX7jwaGKj3%2BXi3JWFrCEbPE3UsWTmOJK%2BEVAoYCuh5pA7ICAfwKSKjV4AQ11CiEWdvegwRqwGQFLazoBS%2F%2FyiUhSwaF8pibmQwHB5jrhOeLxjmbghxE67FVl4bCXMMvf5%2Bo2iwPDH7hBAMK%2BBRVpADGHEpPIg%2BaPz1iIpv6zXU6blRZAahRN%2FyluyvJrQYriwjGagN1pZil89TPlXTqcS92K8LSuJd5XdRkWvgcuiCupIQRzXb5pBTfpdCcCxgECMrrbKEL5WQXs%2Bss%2FXqTV91pPmWXZs2L3j&acctmode=1&pass_ticket=pF7HUjJhpjMaKnMvCcR3jzCWS3v9bDFp78PBIsdD%2FOUroYIWKzETuTaXfGIavDEx&wx_header=0#rdTwitter: https://twitter.com/JeffSnider_AIPhttps://www.eurodollar.universityhttps://www.marketsinsiderpro.comhttps://www.PortfolioShield.netRealClearMarkets Essays: https://bit.ly/38tL5a7THE EPISODESYouTube: https://bit.ly/310yisLVurbl: https://bit.ly/3rq4dPnApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MReason: https://bit.ly/3lt5NiHSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39XjrPodcastRepublic:https://bit.ly/3LH8JlVDISCLOSURESJeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.

China will continue to push for greater market access for foreign investors as part of its ongoing efforts to expand high-level opening-up and build a unified national market, the Ministry of Commerce said on Monday.6月5日，商务部表示，为了推动高水平的对外开放，建设全国统一大市场，中国将持续放宽外资市场准入。Analysts said this signals the country's resolve to build a fully open market, deepen market-oriented reforms and remove barriers within the fragmented domestic market, which will stimulate market vitality and significantly boost market confidence, especially among foreign businesses.分析人士表示，这显示中国建立充分开放市场，深化市场化改革，破除分割国内市场障碍的决心。这将激发市场活力，显著提振市场信心，尤其是外资企业的信心。They said the country is dedicated to opening wider to the outside world, and they expect that more efforts will be made to expand opening-up in fields such as the modern services sector.他们表示，中国致力于扩大对外开放，并期待进一步扩大现代服务业等领域的开放。"The unified national market we are constructing will be a globally oriented and fully open market, which will undoubtedly provide a better environment and a bigger platform for various market entities, including foreign companies," Zhou Qiang, director of the ministry's department of market system development, said at a news briefing on Monday.6月5日，国新办举行建设全国统一大市场国务院政策例行吹风会，商务部市场体系建设司司长周强在发布会上表示：“我们建设的统一大市场是面向全球，充分开放的市场，必将为包括外资企业在内的各类经营主体提供更优环境和更大的舞台。”Zhou said that China will appropriately shorten the negative list for foreign investment to further cancel or relax restrictions on market access. It will align with high-standard international economic and trade rules to deepen reforms in relevant areas and steadily advance institutional opening-up.周强表示，中国将合理缩减外资准入负面清单，进一步取消或放宽外资准入限制。对照国际高标准经贸规则，深化相关领域改革，稳步推进制度型开放。More efforts will also be made to better serve foreign companies and create a world-class environment for foreign investment, he said.周强还表示，中国还将做出更多努力，更好地为外资企业服务，为外商投资者创造国际一流的营商环境。Zhu Jianqiao, director of the comprehensive planning department of the State Administration for Market Regulation, highlighted the role of fair competition in supporting the growth of the unified national market, saying that China will strengthen supervision and law enforcement against market intervention behaviors and consolidate the institutional and regulatory foundations for fair competition.国家市场监督管理总局综合规划司司长朱剑桥强调，公平竞争对全国统一大市场发展至关重要。朱剑桥表示，中国将加大对市场干预行为的监管执法，夯实平等参与市场竞争的制度规则基础。He said the country will accelerate the revision of the Anti-Unfair Competition Law, promote the introduction of the regulation on fair competition review and optimize the registration system for enterprises moving from one region to another.朱剑桥表示，国家将加快推动《反不正当竞争法》修订，推动《公平竞争审查条例》加快出台，优化企业跨区域迁移登记注册制度。China's fresh efforts to court foreign investors and businesses came as the country is firmly accelerating the push for building a unified national market that is efficient, rules-based, open and encourages fair competition, which means the country will further integrate itself into the global economy and steadily deepen reforms and opening-up, analysts said.分析人士表示，中国坚定不移地加快建设高效、规范、开放、鼓励公平竞争的全国统一大市场，为外国投资者和外资企业实施新举措，这表明中国将进一步融入全球经济，稳步深化改革开放。Ye Yindan, a researcher at the Bank of China Research Institute, said that China aims to set up a unified market system, and bring an end to local protectionism, market segmentation and impediments restricting economic circulation as well as facilitate the smooth flow of goods, factors and resources.中国银行研究院研究员叶银丹表示，中国期望建立统一的市场体系，扫除地方保护、市场分割和制约经济流通的障碍，促进商品要素资源的顺畅流动。"Such a unified market will help foreign companies establish a unified system for production, operation and sales in China and reduce their costs resulting from differences in rules between regions, thus greatly enhancing the confidence of foreign investors," Ye said.叶银丹说：“统一的市场将有助于外国公司在中国建立统一的生产、经营和销售体系，降低因地区规则差异而产生的成本，从而显著地增强外国投资者的信心。”Cui Weijie, deputy director of the Chinese Academy of International Trade and Economic Cooperation, spoke highly of China's ongoing efforts on shortening negative lists for market entry and building a unified national market, saying those moves help create a modern market system that is open, transparent and encourages fair competition and benefit all market players.商务部国际贸易经济合作研究院副院长崔卫杰高度评价中国在缩减市场准入负面清单和建设全国统一大市场方面所作出的努力，他认为这些举措有助于建立公开透明的现代市场体系，鼓励公平竞争，惠及所有的市场主体。Sang Baichuan, dean of University of International Business and Economics' Institute of International Economy in Beijing, said he expects to see greater efforts in further opening the services sector and creating a better business environment for foreign investors.北京对外经济贸易大学国际经济研究院院长桑百川表示，他希望推动服务业进一步开放，为外国投资者创造更好的营商环境。Executives from both home and abroad hailed China's intensified efforts for optimizing the business environment, expressing strong optimism and confidence in the resilience of the Chinese economy.国内外高管称赞中国加大优化营商环境所作出的努力，对中国经济的韧性表现出强烈的乐观和信心。"China is a market that cannot be ignored. It cannot be missed as an outlet for most companies," said Denis Depoux, global managing director of consultancy Roland Berger.罗兰·贝格国际管理咨询公司全球管理委员会联系总裁戴璞表示：“对于大多数公司来说，中国是一个不容错过的市场。”"China is one of the leading supply chains in the global market," said Samson Khaou, executive vice-president of Dassault Systemes Asia-Pacific. "We believe that the growth of China will be sourced by domestic demand as well as global demand."达索系统亚太区执行副总裁许善淞说：“中国是全球市场领先的供应链之一。我们相信，中国经济的增长源于国内和国际的需求。”Qi Xiangdong, chairman of Chinese cybersecurity company Qi-Anxin Technology Group, said the company has benefited from an optimized business environment, adding that he expects to see more efforts to further spur market confidence and has strong confidence in the company's development this year.中国网络安全公司奇安信科技集团董事长齐向东表示，公司受益于营商环境的优化。他希望看到提振市场信心的更多举措，并对公司今年的发展充满信心。Unified英 /'ju:nifaid/美 /'ju:nifaid/adj. 统一的,Vitality英 /vaɪˈtæləti/美 /vaɪˈtæləti/n.活力Access英 /ˈækses/美 /ˈækses/n. 准入，经济学术语，指一国允许外国的货物、劳务、资本参与国内市场的程度

Linktree: https://linktr.ee/AnalyticThe $69 billion Xbox Activision deal buyout has reportedly been approved by China's regulatory body.According to DealReporter (via SeekingAlpha), China's State Administration for Market Regulation recently gave the deal its unconditional approval in a late-phase review, handing Microsoft and Activision another win on their volatile and uncertain path to closing the acquisition.The deal faced another significant setback last month when UK regulators formally moved to block, but soon after regained some momentum when it was approved by the European Union. Arguably its most significant hurdle will come later this year when the US Federal Trade Commission is set to begin hearings on its lawsuit seeking to stop the buyout due to anti-competition concerns.source: Microsoft's Activision deal has now reportedly been approved by China (yahoo.com)Support this podcast at — https://redcircle.com/analytic-dreamz-notorious-mass-effect/donationsAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

Learn how to be a Cross-Border Banker at a Big4 Chinese Bank: • How does an MBA in China help you? • How to fit into a Chinese government entity/ bank as a flexpat : • What are the challenges to work for Chinese or Italian organizations? • How do Chinese teams relate to an international working and leadership style? • How can you differentiate from Chinese bankers? • What kind of flexpats are searched for in China today? • How can you build trust with both Chinese and Italian customers? • How can you prepare for a job in your home country? Matteo Giovannini Matteo is a China-based finance professional with 15 years of work experience in FP&A and project financing in private and state-owned enterprises. Since 2015 he has been serving as a Senior Finance Manager at one of China's Big 4 State-Owned Banks. Prior to that, he spent 7 years in Italy as a Financial Controller working at one of Europe's largest communication groups and covering business operations in EMEA and LATAM. He currently serves as an International Committee Member of the Alumni UCSC Far East, as an Advisory Committee Member of the Beijing Global Talent Exchange Association, and as MBA Program Alumni Ambassador at Peking University. In 2019 he was awarded a Distinguished Foreign Expert by the State Administration of Foreign Experts (SAFEA). He has been living in China for a decade and he is a frequent contributor to major Chinese media outlets covering economy, finance, and global affairs. He holds an MBA from the National School of Development (NSD) at Peking University, an M.Sc. in Multimedia Management from IULM University of Milan, and a B.A. in Economics from the Catholic University of Milan (UCSC). He is a citizen of Italy and a Permanent Resident of China (Greencard). We recommend the following episodes to get more input on Cross-Border Sales, banking, and working for Chinese companies: 116 Cross-Border Sales Director 115 Cross-Border Investment Advisor 69 Investment Banking 113 Young China 99 Work for Chinese companies abroad 46 Lead Chinese teams

The Australian market extended last week's rally into this week with the key index closing the session 1.02% higher, boosted by a surge in materials and technology stocks.The best performing stock today was Nickel Industries (ASX:NIC) soared 6.7% after announcing an upgrade to its Hengjaya Mine Resource, increasing the resource from 2.4m tonnes to 3.7m tonnes of contained nickel metal. Gold Road Resources (ASX:GOR) also lifted just over 5% today. Other stocks that investors bought into today included Mineral Resources (ASX:MIN), with shares in the mining services giant soaring to a fresh record high of $74.20 today during the session. The a2 Milk Company (ASX:A2M) also lifted today following its New Zealand-based baby formula producer for the Chinese market, Synlait Milk (ASX:SM1), being granted renewal of its State Administration for Market Regulation licence to continue manufacturing the baby formula for China until 21 February 2023.Investors sharply sold out of Liontown Resources (ASX:LTR) today despite the company announcing it has executed a letter of award with Zenith Energy (ASX:ZEN), one of Australia's leading independent power producers, to supply electricity to its Kathleen Valley Lithium project in Western Australia for a 15-year period. Other losing stocks today included Sims (ASX:SIM) and Lake Resources (ASX:LKE).The top traded stocks by Bell Direct clients today are Pilbara Minerals (ASX:PLS), Fortescue Metals Group (ASX:FMG) and Lake Resources (ASX:LKE).On the economic calendar for tomorrow, investors will gain an insight into just how confident both consumers and businesses are with current market and economic conditions, with Westpac Consumer Confidence data for September out in the morning followed an hour later by the release of NAB's Business Confidence data for August. US Core inflation data for August is also out later tomorrow night.

英语新闻∣不得向8岁以下未成年人销售盲盒The State Administration for Market Regulation, China's top market regulator, stipulated that businesses shall not sell blind boxes tojuvenilesunder 8 years old, as part of broader efforts to regulate the country's billion-dollar blind box industry.8月16日，国家市场监管总局发布《盲盒经营活动规范指引（试行）（征求意见稿）》（简称“指引”）。该指引规定，盲盒经营者不得向8周岁以下未成年人销售盲盒，以此规范上百亿市场规模的盲盒产业。A blind box is a popular way of packaging toys and other products to keep their contents hidden. The Chinese Academy of Social Sciences estimated that the market size of China's trendy toys, mainly including blind boxes, is expected to hit 47.8 billion yuan ($7.06 billion) this year.盲盒是一种流行的包装玩具和其他产品的方式，因为没有任何样式提醒的，需购买者打开后才能知道其内容。据中国社会科学院估计，今年中国流行玩具（主要指盲盒）的市场规模预计将达到478亿元（70.6亿美元）。According to the guideline, which is open to public opinion on the SAMR's website on Tuesday, businesses can only sell blind boxes to those aged 8 and above after obtaining theconsentof their guardians.该指引规定，向8周岁及以上未成年人销售盲盒商品，应通过销售现场询问或者网络身份识别等方式，确认已取得相关监护人的同意。The guideline said companies shall notbid up prices and should reasonably determine prices of blind boxes based on production and operation costs as well as market supply and demand. Prices of blind box products should not have a big gap from that of non-blind box products of the same quality, it said.该指引规定，盲盒经营者应该依据生产经营成本和市场供求状况，合理确定盲盒价格。盲盒商品价格不应与同质同类非盲盒销售商品价格差距过大。"The guideline will effectively regulate prices based on the value of the blind boxes. Currently, prices of some blind boxes areinconsistentwith their value," said Chen Jianjie, a lawyer with Brighteous Law Firm.光明律师事务所的陈建杰（音）律师表示，“该指引将以盲盒价值为依据，有效规范价格。当前一些盲盒的价格与价值不相符。”In January, the China Consumers Association said that blind box consumption is expanding in a disorderly manner, from pets to air tickets, and increasing problems are also arising, including illegal sales, unknown probabilities and consumption addiction.今年1月，中国消费者协会表示，盲盒消费正在经历无序扩张，甚至宠物和机票都在以盲盒形式销售。“盲盒经济”的问题逐渐显现，包括非法销售、概率不透明和消费成瘾等。China Media Group reported a case in which a blind box was priced at 800 yuan but the actual cost was only about 30 yuan. Some consumers spend more than 10,000 yuan to buy blind boxes in order to get a limited-edition toy.据中央广播电视总台报道，一个成本只有30元左右的盲盒定价却高达800元。一些消费者为了得到限量版玩具，不惜花费1万元购买盲盒。"It will also prevent the sector from becoming a gambling tool thatinfringesupon consumer rights," Chen said.陈建杰律师表示，“该指引将防止该行业成为侵犯消费者权益的赌博工具。”As some business operators sold blind boxes with pets inside, the SAMR draft guideline also clarified that live animals, drugs, medical devices, special cosmetics and unmarked express parcels cannot be sold in the form of blind boxes.此外，征求意见稿提出，药品、医疗器械、特殊化妆品、有毒有害物品、易燃易爆物品、活体动物、食品等在使用条件、存储运输、检验检疫、监督管理等方面有严格要求的商品，不得以盲盒形式销售。Following the news, Pop Mart, Chinese mainland's leading blind box company, started with a slight drop but closed with a 3.3 percent increase in share price on the Hong Kong stock exchange.该指引发布后，中国内地领先的盲盒公司Pop Mart在香港证券交易所开盘小幅下跌，收盘时股价上涨3.3%。The company said in a statement that the draft guideline is of positive significance and can offer clear directions to companies to operate in astandardizedway, which helps the sector create a better business environment.该盲盒公司表示，该指引具有积极意义，既为规范企业的经营方式提供明确的方向，也助于为盲盒行业创造更好的商业环境。juvenile英[ˈdʒuːvənaɪl]美[ˈdʒuːvənl]n. 青少年consent英[kənˈsent]美[kənˈsent]n. 同意，许可bid up英[bid ʌp]美[bɪd ʌp]在拍卖中哄抬物价; 竞相出高价inconsistent英[ˌɪnkənˈsɪstənt]美[ˌɪnkənˈsɪstənt]adj. 不一致的，不调和的infringe英[ɪnˈfrɪndʒ]美[ɪnˈfrɪndʒ]vt.& vi. 违反（规章等）; 侵犯（某人的权利）standardized英['stændədaɪzd]美['stændədaɪzd]adj. 标准的，定型的

Companies fined in anti-monopoly efforts︱多家巨头违反《反垄断法》被罚China's top market regulator fined companies including Alibaba Group, Baidu Inc and Tencent Holdings Ltd for violating the Anti-Monopoly Law, which industry experts said on Sunday is a broader part of normalized antitrust efforts following the recent setup of the anti-monopoly bureau.近日，国家市场监督管理总局对阿里巴巴（中国）网络技术有限公司、百度在线网络技术（北京）有限公司和腾讯控股有限公司等违反《中华人民共和国反垄断法》的企业作出行政处罚决定。业内专家指出，《反垄断法》是继反垄断局挂牌后，深入推进常态化反垄断执法的重要部分。Specifically, these companies failed to declare the concentration of business operators according to law. Concentration of business operators means that a business operator obtains control over another in the same business, which may lead to monopoly.具体而言，受罚企业均构成未依法申报违法实施经营者集中。经营者集中，是指一个或多个个人或企业获得对其他企业全部或部分的控制权。若经济力量过度集中，则会导致垄断。On Saturday, the State Administration for Market Regulation imposed a 500,000 yuan ($78,000) fine for each of 43 cases that violated the Anti-Monopoly Law. None of these deals, however, had the effect of eliminating or restricting competition, the market regulation authority said on its website.11月20日，国家市场监督管理总局对43起违反《中华人民共和国反垄断法》的案件立案调查，对涉案企业分别处以50万元罚款。而市场监管总局在其网站上进一步表示，“评估认为上述案件不具有排除、限制竞争效果”。"Through a series of anti-monopoly efforts recently, the country's antitrust law enforcement has become more systematic and normalized. The nation has striven to draw a clear bottom line and set up a red light for all companies," said Wang Jian, an expert at the advisory group of the Anti-Monopoly Commission of the State Council, China's Cabinet, and a professor of law at Zhejiang Sci-Tech University.浙江理工大学法政学院教授、国务院反垄断委员会专家咨询组成员王健指出，最新出台的一系列反垄断举措，标志着国家反垄断执法变得愈发系统化、规范化；政府已划出清晰的法律底线，为所有公司亮起红灯。Of the 43 cases, 13 involved Tencent and its subsidiaries, including the tech company's acquisition of China Medonline Inc. Up to 12 cases were related to Alibaba and its subsidiaries, including its acquisition of the mapping company Amap and purchase of stakes in the food delivery company Ele.me.立案调查的43起案件中，13起涉及腾讯及其收购的，如中国医疗在线等多家子公司；12起涉及阿里巴巴及其收购或入股的多家子公司，其中就包括“高德地图”——高德软件控股有限公司和在线外卖平台饿了么。"The review takes the form of prior supervision for business activities that have or may have the effect of eliminating or restricting competition. It is an effective way to avoid restricting of competition in the market," said Zhong Gang, executive director of the Competition Law Research Institute at the East China University of Political Science and Law in Shanghai.华东政法大学竞争法研究中心钟刚介绍称，“对具有或可能具有排除、限制竞争效果的商业活动采取事先监督的审查形式，是避免垄断的有效途径”。"Asking companies to declare the concentration of business operators will help maintain a fair competition environment for all market entities, which ultimately will protect consumers' interests," he added.他补充说，要求企业申报经营者集中，有助于为所有市场主体维持公平竞争的环境，旨在保护消费者的利益。The move also came as China launched an anti-monopoly bureau on Thursday that is located in the same building as the State Administration for Market Regulation in Beijing. Gan Lin, currently vice-minister of the market regulation authority, was appointed to head the bureau.11月18日，国家反垄断局正式挂牌，与国家市场监管总局三里河办公区同楼。国家市场监管总局副局长甘霖成为国家反垄断局首任局长。"Such new changes reflect that the country is enriching in-house capabilities for greater enforcement and autonomy regarding antitrust matters," said Liu Xu, a research fellow at Tsinghua University's National Strategy Institute.清华大学国家战略研究院特约研究员刘旭表示，这些新变化均反映出国家正在强化内部能力，以充实反垄断执法力量，加强反垄断执法的自主性。"It is also part of China's broader efforts to align with antitrust law enforcement of the United States and Europe, both of which have a much larger antitrust workforce than that of China," Liu added.刘旭还补充道，当前欧盟委员会、美国联邦政府的反垄断执法人员都远多于国内，与美国和欧洲反垄断执法部门保持一致，也展现出中国对与中国市场有关的所有贸易伙伴国负责的态度。normalized英 [ˈnɔːməlaɪzd]；美[ˈnɔːrməlaɪzd] v. 正常化；常态化concentration of business operators英 [ˌkɒnsnˈtreɪʃn ɒv ˈbɪznəs ˈɒpəreɪtəz]；美[ˌkɑːnsnˈtreɪʃn əv ˈbɪznəs ˈɑpəˌreɪtərz]（法）经营者集中antitrust英 [ˌæntiˈtrʌst]；美[ˌæntiˈtrʌst] adj. 反垄断的subsidiary英 [səbˈsɪdiəri]；美[səbˈsɪdieri] adj. 次要的；附属的n. 子公司

China will accelerate reforms to encourage fair competition in the market, spur the vitality of smaller companies and offer private business owners greater tax incentives to give back to society, which is crucial for the country to achieve the goal of common prosperity, experts said.专家指出，加快改革步伐，促进公平竞争，激发中小企业发展活力，完善企业捐赠的税收优惠政策，对实现共同富裕的奋斗目标至关重要。Promoting common prosperity, a major component of the Chinese leadership's historic mission of achieving the rejuvenation of the Chinese nation, was highlighted in the resolution adopted at the sixth plenary session of the 19th Central Committee of the Communist Party of China. The four-day key Party meeting ended on Nov 11. 中国共产党第十九届中央委员会第六次全体会议通过的决议强调，促进共同富裕是实现中华民族伟大复兴历史使命的重要组成部分。会议为期四天，于11月11日胜利闭幕。The idea of building common prosperity will be the overarching theme that underlines the next phase of China's development and will be the strategic goal in the country's pursuit of high-quality growth in the new era, said Liu Xueliang, a senior researcher at the Institute of Economics of the Chinese Academy of Social Sciences. 中国社会科学院经济研究所副研究员刘学良表示，实现共同富裕，是中国下一发展阶段的长远主题，也是新时代中国追求高质量增长的战略目标。Measures have been taken to better regulate monopolistic behavior, excessively high incomes and the abuse of market dominance by some companies, which jeopardize fair competition. Policymakers will continue to take measures to foster fair market practices, which is part of the broader objective of building common prosperity, Liu said.市场监管部门已经采取相应措施，加强反垄断监管，防止资本无序扩张、滥用市场支配地位、损害市场公平竞争的行为。刘学良表示，有关部门将继续采取措施维护公平竞争市场秩序，这也是实现共同富裕的重要一步。The State Council has appointed Gan Lin as the new head of the country's anti-monopoly bureau under the State Administration for Market Regulation, according to an announcement posted on the website of the Ministry of Human Resources and Social Security on Monday.11月15日，人力资源和社会保障部网站发布公告称，甘霖任国家反垄断局首任局长。The appointment is seen as the country's latest move to strengthen anti-monopoly regulation after several internet giants, including Alibaba and Tencent, were fined or investigated over their alleged monopolistic practices.此次反垄断局的人事任免是中国加强反垄断监管的最新举措。此前，阿里巴巴、腾讯等几家互联网巨头因涉嫌垄断，均被处以罚款，接受反垄断调查。Fostering fair market competition and ensuring equal market access for all enterprises is an important precondition for China to improve its market-based economy and to fully unleash the country's growth potential, which is in line with the country's overall objective of building common prosperity, said Yu Miaojie, deputy dean of Peking University's National School of Development.北京大学国家发展研究院副院长余淼杰指出，保障市场公平竞争，确保所有企业平等进入市场，是改善市场经济，释放增长潜能，实现共同富裕的重要前提。"It will help to ensure that all market entities, especially smaller firms, get equal development opportunities and help spur their vitality, which will contribute to achieving the goal of common prosperity as smaller firms are important job providers and wealth creators," Yu said. 余淼杰表示，保障市场公平竞争，能确保所有市场主体，特别是小企业都获得平等的发展机会，激发市场活力，从而促进共同富裕，因为小企业是非常重要的岗位提供者和财富创造者。 China's top leadership has vowed to deepen reforms and advance high-quality development to promote common prosperity. Han Wenxiu, an official with the Central Committee for Financial and Economic Affairs, said development is the top priority for China to promote common prosperity and China will foster an environment where people can enjoy equal opportunities, equal rights and fair rules amid the country's development.党和国家领导人立誓要深化改革，实现高质量发展，推动共同富裕。中央财经委员会办公室分管日常工作的副主任韩文秀表示，推动共同富裕，解决发展问题是第一位的，要保障人民在参与发展中机会公平、规则公平、权利公平。Han also said that for enterprises, promoting common prosperity means that they "manage their operations well", which includes running their business legally and honestly, paying taxes according to regulations and fulfilling social responsibilities.韩文秀还指出，推动共同富裕，需要企业“办好自己的事”，做到合法诚信经营，照章纳税，履行社会责任。Xu Hongcai, deputy director of the China Association of Policy Science's economic policy committee, said that the resolution adopted at the sixth plenary session of the 19th CPC Central Committee sent out the signal that China will solve development problems and narrow the wealth gap through promoting high-quality development, which requires further reforms to get rid of monopolies and unfair competition that prevents the market from playing a crucial and efficient role in resource allocation.中国政策科学研究会经济政策委员会副主任徐洪才表示，十九届六中全会通过的决议，传达出以高质量发展来解决发展问题、缩小贫富差距的信号。因而政府要进一步健全公平竞争法律制度体系，不断强化反垄断反不正当竞争监管执法，清除市场在资源配置中发挥关键作用时的阻碍。Han, from the Central Committee for Financial and Economic Affairs, also said that China encourages entrepreneurs to actively participate in charitable activities, adding that donations are voluntary and must not mean "killing the rich to help the poor".中央财经委员会办公室的韩文秀还介绍称，国家鼓励支持企业和企业家积极参与公益慈善事业。他也补充称，慈善捐赠是自愿行为，绝不能“杀富济贫”，“杀富致贫”，不能搞“逼捐”。Some experts said that China needs to further reform its tax policies, such as improving tax incentives for charitable donations and giving private business owners and wealthy individuals greater incentives to donate to charitable causes.部分专家还指出，国内的税收政策需要进一步改革，如提高慈善捐赠的税收激励，增加与完善企业和个人捐赠的税收优惠政策等。common prosperity英 [ˈkɒmən prɒˈsperəti]；美[ˈkɑːmən prɑːˈsperəti] 共同富裕tax incentive英 [tæks ɪnˈsɛntɪv]；美[tæks ɪnˈsɛntɪv] 税收激励；税务优惠overarching英[ˌəʊvərˈɑːtʃɪŋ]；美[ˌoʊvərˈɑːrtʃɪŋ] adj. 极其重要的；首要的；最高的；能涵盖的jeopardize英 [ˈdʒepədaɪz]；美[ˈdʒepərdaɪz] v. 伤及；损害 monopoly英 [məˈnɒpəli]；美[məˈnɑːpəli] n. 垄断；独占

学科类校外培训如何收费？国家最新回应丨Fee standards to be set for tutoring coursesLocal governments should establish guidance fees for curriculum-based tutoring courses for primary and middle school students by the end of this year to reduce families' education expenses, as such training should be nonprofit, a notice issued on Monday said.周一发布的一份通知称，各地要于2021年底前出台义务教育阶段学科类校外培训收费政府指导价管理政策，以减少家庭教育费用，因为此类培训应属于非营利性机构。The notice, issued by the National Development and Reform Commission, the Ministry of Education and the State Administration for Market Regulation, said provincial development and reform commissions and education authorities will be responsible for setting specific fee standards for online and offline tutoring courses.国家发改委、教育部、国家市场监管总局下发的通知称，省级发改委和教育主管部门将负责制定线上和线下辅导课程的具体收费标准。They should be based on average course costs, local economic development conditions and families' financial capabilities, it said.通知表示，这些机构应以平均培训成本为基础，统筹考虑当地经济发展水平、学生家庭承受能力等因素，制定收费标准。The course fees charged by tutoring companies can, at most, be 10 percent higher than the standard and the tutoring companies should strictly reduce unreasonable operating costs.培训机构收取的课程费最多可比标准高10%，培训机构应严格控制不合理的运营成本。The average salary of people working for tutoring companies should not be considerably higher than for those working at public education institutions, the notice said, adding that companies' publicity expenditure should be capped at less than 3 percent of their sales revenue.通知称，培训机构人员的平均工资不得明显高于公立教育机构工作人员的平均工资，并补充说，公司的宣传支出应限制在销售收入的3%以下。Tutoring companies should, under no circumstance, increase course fees or charge other fees and local government authorities should hold violators accountable, it said.通知称，培训机构不可提高课程费或收取其他费用，违规者将被地方政府当局追究责任。A guideline issued recently by the general offices of the Communist Party of China Central Committee and the State Council required curriculum-based tutoring institutions for primary and middle school students to register as nonprofit organizations to ensure the equality of compulsory education.中共中央办公厅、国务院办公厅近日发布指导意见，要求学科类校外培训机构登记为非营利性组织，以保证义务教育的公正性。They are not allowed to go public for financing, listed companies should not invest in them, and foreign capital is barred from such institutions, the guideline said.通知称，这些机构不得上市融资，上市公司不得投资，外资不得进入此类机构。In a separate development on Monday, the Ministry of Education issued a guideline setting out specific and strict requirements for the teaching materials used by tutoring institutions for primary and middle school students.在周一的另一项发展中，教育部发布了一项指导方针，对中小学生培训机构使用的教材提出了具体而严格的要求。It said the teaching materials should not exceed the national syllabus and must be of appropriate difficulty and length. They should also strictly implement the Party's education policies and reflect the correct political direction and core socialist values.通知中说到，教材不应超过国家教学大纲，难度和学习量要适当。还要严格执行党的教育方针，体现正确的政治方向和社会主义核心价值观。People compiling the teaching materials should firmly uphold the Party's leadership and socialism with Chinese characteristics. They should have at least three years of teaching experience and no criminal record or history of moral or credit failings.编撰教材的人要坚决拥护中国共产党的领导和中国特色社会主义制度。从事教育教学相关工作3年及以上，无失德、失信、违纪、违法等不良记录。Tutoring companies should verify all teaching materials and education authorities should set up expert teams to check the materials to guarantee their appropriateness and difficulty.培训机构应审核所有教材，教育部门应成立专家组对教材进行审核，为教材质量把关。Tutoring companies should keep a record of all teaching materials for three years and report information about the people compiling the materials to education authorities.培训机构应将所有教材保管三年，并将有关编写教材人员的信息报告给教育部门。Through annual examinations, special inspections and random checks, education authorities should verify the teaching materials and the suitability of tutoring company staff members in charge of their compilation.教育行政部门应当通过年度检查、专项检查、随机抽查，核实教材和培训机构人员是否适合编制。Education authorities will revoke the teaching permits of companies found to have seriously violated regulations regarding teaching materials.严重违反教材规定的机构一经发现，教育部门将吊销机构教学许可证。In a related question-and-answer session explaining the new guideline, an official with the ministry's department for supervision of after-school tutoring institutions, said the guideline applies to all teaching materials used by online and offline training companies in both curriculum-based and non-curriculum-based tutoring.教育部课外辅导机构监督司的一位官员在解释新政策的相关问答环节中表示，该指南适用于线上和线下培训机构在基于课程和非课程基础上的辅导中使用的所有教材。The regulation of teaching materials has become the key difficulty in regulating the after-school tutoring sector and there is an urgent need to improve related policies, the official said.这位负责人说，培训材料审核已成为规范课后辅导工作的重点难点，迫切需要完善相关政策。1.expenditure美 [ɪk'spendɪtʃər] 英 [ɪk'spendɪtʃə(r)]n.开支；费用；消费；消耗网络：支出；花费；经费2.cap美 [kæp] 英 [kæp]n.盖；制服帽；软帽；（大学师生在特别场合戴的）方帽v.用…覆盖顶部（或端部）；限额收取（或支出）；胜过；超过abbr.(=Common Agricultural Policy)(欧洲经济共同体)共同农业政策网络：封顶；上限；上限的3.revenue美 ['revənju] 英 ['revənjuː]n.收益；营业额；税务署网络：收入；税收；岁入4.compile美 [kəm'paɪl] 英 [kəm'paɪl]v.编制；搜集(资料)网络：编译；正在编译；编译阶段5.revoke美 [rɪ'voʊk] 英 [rɪ'vəʊk]v.取消；废除；使无效n.废弃；【牌】(不跟出同样花色的牌)犯规另出他牌网络：撤销；撤回；撤消

When does a big tech giant become too big? It's a question that seems to have been on the mind of officials within China's State Administration for Market Regulation of late. But why have Jack Ma's fintech subsidiary Ant Group and the food-delivery platform Meituan attracted the attention of the regulators recently? In this episode, Joe Cash talks to the CBBC's UK-based policy analyst Torsten Weller on the competition that is shaping up between China's state-owned banks and the private fintech companies to provide digital payments solutions, the tactics that the private tech firms use to compete with one another, and how China's big tech scene dwarfs what consumers in the UK are used to.

In 1973 World Economic Forum founder Klaus Schwab launched the first Davos Manifesto, a set of ethical principles. 50 years after its founding, the Forum has launched a new manifesto. The global economy has undergone a huge transformation in this time, with the rise of big tech, China, wage inequality and ethi cal companies.Thriller Premium is at it again covering Davos again this year, covering global insights into the impact Crypto & Bitcoin has on wider issues such as responding to Covid-19, restoring economic growth and advancing this new social contract.HighlightsResetting Digital Currencies (Option 1)COVID-19 has accelerated the long-term shift from cash, with an 8% increase in non-cash payments in the euro area in 2020. Meanwhile, central bank digital currencies are emerging, potentially transforming how people use money worldwide.What policies, practices and partnerships are needed to leverage the opportunities posed by the rise of digital currencies?This session is associated with the following projects and initiatives of the World Economic Forum: Digital Currency Governance Consortium, and Reimagining Regulation: Pathways to Digital Currency. Andrew Bailey Currently Executive Director Banking and Chief Cashier at the Bank of England. Appointed to current role in January 2004 and has several key responsibilities to fulfil. Member of the Governor's Executive Team, which is the bank's senior management group. Formerly, Research Officer at the London School of Economics, before joining the Bank of England in 1985. BA and PhD, Queens' College, Cambridge. Glenn H. HutchinsChairman, North Island and North Island Ventures; Co-Founder, Silver Lake. Director, AT&T, Virtu Financial and Digital Currency Group; Co-Chair, Brookings Institution and CARE; Member, Executive Committee, Boston Celtics Basketball Team and the Obama Foundation; Member of the Board, New York Presbyterian Hospital and the Center for American Progress. Member, Investment Board, Singapore's Government Investment Corporation. Formerly: Director and Chair, Audit and Risk Committee, Federal Reserve Bank of New York; served President Clinton during the transition and in the White House as a Special Adviser on Economic and Healthcare Policy. Former: Chairman of the Board, SunGard Data Systems and Instinet; Director, Nasdaq; Director, Harvard Management Company; Co-Chairman, Harvard University's capital campaign. Co-founded, with wife, the Hutchins Family Foundation which supports the construction of the Obama Presidential Center and has created the Hutchins Center for African & African American Research at Harvard University; the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution; and the Chronic Fatigue Initiative. Published essays on economic and public policy in the Wall Street Journal, New York Times, Washington Post, Financial Times, Fortune and Foreign Affairs. Fellow, American Academy of Arts and Sciences. BA, Harvard College; MBA, Harvard Business School; JD, Harvard Law School. Strengthening the Financial and Monetary System (Option 1)Governments responded swiftly to the COVID-19 pandemic by providing fiscal and monetary support as well as adapting regulatory requirements to this new context. This Leadership Panel assesses the current health of the financial system, identifies potential emerging financial risks resulting from these historic interventions, and reflects on how industries and governments can work together to make key financial institutions more resilient in 2021. Yi GangGovernor, The People's Bank of China PhD in Economics. 1978-80, studies, Department of Economics, Peking University. 1980-86, studied Business Administration, Hamline University; then pursued Doctorate in Economics, University of Illinois. 1986-94, Assistant Professor, Associate Professor, then Professor, Department of Economics, Indiana University. 1994, co-founded the China Center for Economic Rsearch (CCER) at Peking University, served as Deputy Director, Full Professor and PhD Adviser, economics. With the People's Bank of China: 1997-2002, Deputy Secretary-General, Monetary Policy Committee; 2002-03, Secretary-General, Monetary Policy Committee, and Deputy Director-General, Monetary Policy Department; October 2003, Director-General, Monetary Policy Department; July 2004, Member, CPC Committee; Assistant Governor; 2006-07, President, Operation Office, Secretary, CPC Operation Office Committee, and Director, Beijing Foreign Exchange Administration Office, State Administration of Foreign Exchange (SAFE); December 2007, Deputy Governor and Member, CPC Committee; 2009-15, Administrator, SAFE, and Secretary, CPC SAFE Leadership Group; March 2016, Deputy Secretary, CPC Committee, and Deputy Governor; since March 2018, Governor. Deputy Director, Office of the Central Leading Group on Financial and Economic Affairs. Alternate Member, 19th CPC Central Committee. Representative, 18th and 19th CPC National Congress. Member, 12th Chinese People's Political Consultative Conference (CPPCC) National Committee. Mary Callahan ErdoesChief Executive Officer, Asset and Wealth Management, JP Morgan Mary Callahan Erdoes is Chief Executive Officer of JPMorgan Chase's Asset & Wealth Management line of business – one of the largest and most respected investment managers and private banks in the world, with more than $3 trillion in client assets and a 200-year-old legacy as a trusted fiduciary to corporations, governments, institutions and individuals. Since joining the firm 20 years ago, Erdoes has held senior roles across Asset & Wealth Management before becoming its CEO in 2009 and joining the JPMorgan Chase Operating Committee, the firm's most senior management team. Erdoes serves on the boards of the U.S.-China Business Council and the Robin Hood Foundation of New York City. She is also a board member of Georgetown University, where she earned her Mathematics undergraduate degree, and serves on the Global Advisory Council of Harvard University, where she received her MBA. Erdoes lives in New York City with her husband and three daughters. Jes StaleyGroup Chief Executive Officer, Barclays Joined Barclays as Group Chief Executive on 1 December 2015. Has nearly four decades of extensive experience in banking and financial services. Worked for more than 30 years at J.P. Morgan, initially training as a commercial banker, and later advancing to the leadership of major businesses involving equities, private banking and asset management, and ultimately heading the company's Global Investment Bank. Most recently, served as Managing Partner at BlueMountain Capital. BA in Economics from Bowdoin College. Bitcoin use of Criminal Activity is subsiding. Bitcoin still seen as a bubble. The Federal Reserve, the United States' central bank, said today at the conclusion of its regular Federal Open Market Committee meeting that it would keep its key overnight interest rate near zero and make no change to its monthly bond purchases of at least $120 billion. Fed Chair Jerome Powell said that there was “great uncertainty ahead.” CBDC's is all the Rage, much different from last year. Stable Coins will be the first step globally, governments are looking into or trialing their own central bank digital currencies (CBDCs), which are essentially digital versions of a government's fiat currency. China is onboard with going Green by 2030 and will use it's monetary might to do so. Also looking to become a consumption driven economy very soon.References: FinExtra Davos 2021

Episode 43. March 27, 2020 CLP Topic Category: Vichy Republican Collaborators Who Is It In America That Is Responsible For Implementing the Trade Agreements With China? Note to visitors: Our podcast today is the Introduction to a much longer document that explains who it is in America that was responsible for implementing the trade deals with China. The other sections of the longer podcast are: The American Roots of Globalism The Link Between Globalism and American Crony Capitalism Civil Dissolution or Civil War? Irreconcilable Differences You can access this podcast, for free, for one week, at our website. You can subscribe to our entire archive of podcasts and text at our website for $30 per year.   Introduction: Our podcast today examines the argument made by Mike Slater, on the tv program, The First, that China is an enemy of the United States. Slater explains that the most recent Wu Virus is only the latest of three epidemics, in 20 years, unleashed on the world by the militaristic, repressive Communist regime in Beijing. The most charitable interpretation of this behavior by the Communists is that they are wildly incompetent to control the outbreaks of deadly diseases. The more accurate interpretation of the behavior, explained by Slater, is that they are an enemy of the U. S., intent on destroying the fabric of American society. Our podcast today adopts the second interpretation in order to examine what political and financial forces in America were responsible for forming the close ties between the two countries. We agree with the analysis of Curtis Ellis, in his article, China's Post-Virus Plan to Destroy America's Economy, where he states that, “The “respected voices” calling for America to lift the tariffs on China are simply swallowing Beijing's sophisticated propaganda. China means to use this crisis to destroy us…Moreover, Beijing sees an opportunity in the pandemic to reverse President Trump's call to move manufacturing out of China. China's State Administration of Science, Technology, and Industry for National Defense (SASTIND), stated: “China will get more opportunities, including in the reduction of pressure for the international industrial chain to transfer away from China . . . The global epidemic has provided opportunities for improving China's international position and countering anti-globalization.” We argue that, in the late 1980s, the 1500 member companies of the Business Roundtable were effective in perpetrating a fraud that China was just like any other country in terms of global trade. We argue that those same corporate actors continue, today, to coordinate their political strategy with special interest lobbying groups and crony capitalist elected representatives, who obtain personal financial benefits from passing legislation that have continued the re-authorization of the deals with China. The lobbyists for the Business Roundtable and U.S. Chamber of Commerce, wrote the draft legislation, in 1999, in order for the corporations to obtain huge profits from moving production to China, and then selling those cheap goods back to the American market. The main political representatives who voted initially to implement the deals, and then voted to re-authorize the deals, are a coalition of Democrats and Republicans, who obtained vast financial benefits from “tribute” paid by the corporations. The large corporations obtained an 80% cost saving in production of goods in China, and while a small portion of the savings showed up in cheaper goods, the vast majority went to the bottom line profits of the large corporations. Most of the profits earned from overseas production were never taxed in the U. S., and were never repatriated, in the form of capital investments, back into the U. S. domestic economy The U. S. corporate profits were reinvested in China, which empowered the successful Chinese economy, and allowed their national champion industries to become wildly profitable. Elected representatives at the state and Federal level worked together to advocate the public benefits of trade with China. For example, In North Carolina, Governor Hunt hosted an annual event, called the Emerging Issues Forum, to promote global trade. Governor Hunt created the Forum in October 1985 to provide a catalyst for the discussion and action needed to move the United States forward in the world economy. His political mantra was that North Carolina workers must be “competitive” with global workers. The second conference, in February 1987, drew 1,500 people to the McKimmon Center on the NC State University campus and featured speakers that included Jimmy Carter, Bill Clinton, Paul Krugman, Thomas Friedman, Newt Gingrich, Hillary Clinton, Steve Forbes, Robert Rubin, Jay Rockefeller, Amory Lovins, Al Gore, and Paul Volcker. While President Trump has correctly ranted incessantly about the unfair trade deals, he never identifies the political or corporate actors, listed above, who are responsible for allowing the trade deals to be enacted. Citizens need to know who it was in America that engaged in a form of national economic sedition of collaborating with an enemy. The Wu Virus is helping the citizens understand the extent of the danger caused by trade with China, but the virus has not clarified who is responsible for the economic damage. Our podcast goes further to explain who these agents are that promoted the trade fraud with China. We argue that the economic chaos inflicted by the Wu Virus is only the most immediate consequence of trade with China. Less well known is the negative effect on U. S. labor markets that became overly dependent on service jobs. In 2000, prior to the trade deals with China,, about  17,000 American workers were employed the production of goods, primarily in manufacturing firms. In 2000, about 75,000 workers were employed in the service industries. In 2018, only 12,688 workers were employed in manufacturing and 129,000 workers, or 80% of the U. S. labor force, was employed in services. The services economy is commonly called the “gig” economy, that features low paying, unstable jobs, that offer no health benefits. In Governor Hunt's propaganda of the benefits of trade with China, required North Carolina workers to be “competitive” with China meant transferring North Carolina jobs from manufacturing to the gig economy. North Carolina's formerly diversified economy employed about 800,000 workers in manufacturing, before the trade deals. After the trade deals with China, out of a total state workforce of 5 million, about 400,000 workers were employed in manufacturing, and over 1 million were employed in the service sectors. The service industry is made up of restaurant workers and retail shops, and is the most vulnerable to mass layoffs from the Chinese disruption to the S. economy.   After the trade deals were implemented, the U. S. labor market and economy lacked diversification, and its occupational job structure looked just like the third world economies in Latin America and Africa. The relocation of medical supply chains by large global corporations also exposed another hidden consequence of trade with China. When the entire inter-industry manufacturing supply chains moved to China, local towns that relied on manufacturing jobs were devastated. Those local economies became overly dependent on service jobs, and on increased government welfare payments. More importantly, by moving the supply chains off shore, America's single most important competitive initial factor endowment of technological innovation was lost. Technological innovation, prior to the trade deals, used to occur in the metro regional manufacturing supply chains in 350 metro regions, as a result of tacit knowledge creation and diffusion among the small manufacturing firms. After the trade deals, the citizens discovered that innovation and product commercialization does not occur in the gig economy. Innovation occurs in the industrial supply chains, now located in China. We argue that the members of the Business Roundtable, and the establishment Republican Party knew, in advance, the economic damage that would be caused by moving the supply chains to China, but calculated that the benefits of their increased profits outweighed the social costs imposed upon American citizens. Part of their propaganda, at the time, was that there would be high paying, stable jobs in services that replaced the high paid manufacturing jobs. This was a lie, and the elites knew it was a lie, at the time that they used it to change the laws on trade with China. The dysfunctional American political system is accurately described by Angelo Codevilla, as the Ruling Class, who make decisions that are not connected to the will of the citizens. Secret decisions by the Ruling Class are the primary cause for the trade agreements with China. The American citizens were never informed about the globalist intent of the elites, or the permanent economic damage caused by the deals, until it was too late. We conclude that the problem of a dysfunctional crony capitalist system and the centralized Ruling Class elite tyranny in Washington cannot be fixed, under the existing Constitution. The ideology of globalism, in both the socialist Democrat and crony corporate Republican Party is too entrenched, and the unelected power of the deep state agents are too deeply embedded in the government apparatus to be dislodged by common citizens, through periodic elections. We conclude that nothing binds the globalist factions together in a common national mission with Trump's national sovereignty ideology. The global Democrat socialists will never voluntarily obey the unwritten American rule of law because they will never share the cultural belief that all persons, institutions, and entities are subject to the equal application of the law. The crony global corporate elites will never, willingly, give up their trans-national global trading privileges to share power with common citizens, in the current framework of the representative republic. The establishment Republicans, like Senator Burr, of North Carolina, derive too many financial benefits from collaborating with the Democrats and global corporations, to change the status quo of power, or the distribution of tribute. The solution for citizens is to follow the advice of Jefferson, that whenever any form of government becomes destructive to the ends for which it was created, it is the right of the people to alter or to abolish it, and to institute a new government. The best, non-violent, idea for dealing with the irreconcilable ideological differences is a civil dissolution of the nation and the implementation of a new government, based upon the framework of state sovereignty, under the provisions of Article I, Section 10, Clause 3, the state compact clause. I am Laurie Thomas Vass, and this is the copyrighted Citizen Liberty Party News Network podcast for March 27, 2020. Our podcast today is under the CLP topic category Vichy Republican Collaborators and is titled, Who Is It In America That Is Responsible For the Trade Agreements With China? The most recent podcast of the CLP News Network is available for free. The entire text and audio archive of our podcasts are available for subscription of $30 per year, at the CLP News Network.com.  

Tencent has shut down the Chinese test version of PUBG Mobile after failing to gain approval to monetize the popular multiplayer shooter. The battle royale game had been stuck in regulatory limbo for some time, with China's new State Administration of Press and Publication last year freezing approvals in an attempt to weed out games that didn't abide by the government's standards. #pubg #tencent #gaming #Pubgmobile Learn more... Reuters Article --- Support this podcast: https://anchor.fm/pixel-sultan/support