CCTV News:A few days ago, the American steel company announced a layoff plan, which is considered as a clear signal of "the decline of American industry". In fact, the United States has already hurt itself by provoking economic and trade frictions everywhere. According to the latest data, the purchasing managers’ index of manufacturing industry in the United States was 49.9 in August, which fell below the "threshold" for the first time in 10 years.
According to a report by CNN on the 22nd, a report recently submitted by the American Steel Company to the regulatory authorities in Michigan shows that the company’s factory near Detroit, Michigan will suspend production for more than six months, and will temporarily lay off 200 employees.
As an industry giant, the layoffs of American steel companies have caused people to question the statement of "the recovery of American steel industry". On the 13th of this month, US President Trump vowed that the measure of imposing a 25% tariff on imported steel is bringing the US steel industry back to life.
But the fact is far from Trump’s statement. According to US media reports, under the influence of Trump’s tariff policy, the demand in the US auto market and agricultural machinery market is weak, resulting in a sharp drop in US steel prices. According to CNN, the stock trading price of American steel companies has dropped from $30 per share in August 2018 to $12 per share.
In order to fill the deficit caused by trade tensions, the United States turned its attention to its allies. According to Kyodo News, US President Trump had earlier directly asked Japanese Prime Minister Shinzo Abe to purchase a huge amount of American agricultural products, including soybeans, wheat and other varieties. According to reports, due to trade friction, US soybean exports decreased by 682 million US dollars in July.
From 21st to 22nd, in the new round of US-Japan trade negotiations held in Washington, USA, "asking Japan to import more American agricultural products" is still one of the key issues in the game between the two sides. The Japanese government is worried that once this hole is torn open, the United States will gradually ask Japan to "swallow" more American products. In the long run, Japan will be unable to cope.
More importantly, as an exporter of agricultural products, Japan exported 900 billion yen (about 59.8 billion yuan) last year, and there was no market demand for buying American agricultural products in large quantities. Once American agricultural products flood into Japan, it will undoubtedly cause a fatal blow to high-cost Japanese agriculture; It also made people think that "it is difficult for Abe’s government to maintain Japan’s food security", which adversely affected Abe’s support rate.
Beijing, Sept. 10 (Reporter Li Jinlei) According to data released by the National Bureau of Statistics on the 10th, the consumer price index (CPI) rose by 2.8% year-on-year in August, the same increase as last month, and it was also in the "2 era" for six consecutive months. Among them, the price of pork rose by more than 40% year-on-year, the increase of fruit began to fall, and the price of vegetables fell for the first time after 18 months of continuous increase.
CPI chart. From the website of the National Bureau of Statistics
CPI rose for six consecutive months in the "2 era"
In August, CPI rose by 2.8% year-on-year, which was the same as that in July. It did not expand or fall back, and continued to maintain the "2 era".
Cao Heping, a professor at Peking University University of Economics, told Zhongxin.com that although the price of pork rose sharply in August, the CPI increase did not continue to expand in August. The main reason was that with the seasonal fruits and vegetables coming on the market, the price increase of fruits narrowed, while the price of vegetables fell, which kept prices stable.
Specific data show that pork prices rose by 46.7% in August, affecting CPI by about 1.08 percentage points; The price of fresh fruit rose by 24.0%, and the growth rate dropped by 15.1 percentage points; The price of fresh vegetables fell by 0.8%, which affected the CPI by about 0.02 percentage points, which was the first decline after 18 months of continuous year-on-year increase.
Shen Yun, senior statistician of the Urban Department of the National Bureau of Statistics, said that according to estimates, among the 2.8% year-on-year increase in August, the impact of price changes last year was about 0.6 percentage points, and the impact of new price increases was about 2.2 percentage points.
Data Map: Pork being sold in the supermarket. Zhongxin. com reporter Li Jinlei
Tight supply, pork prices rose by more than 40%
In the price operation in August, the sharp rise in pork prices is a prominent feature. The price of pork alone affected the CPI increase by about 1.08 percentage points.
According to the data of the Ministry of Agriculture and Rural Affairs, from August 26th to August 30th, the weekly average of the total ex-factory price index of lean pork in 16 provinces (cities) was 35.63 yuan per kilogram, up 9.3% from the previous month and 92.3% from the same period last year.
Why did pork prices soar? In Cao Heping’s view, this is the result of multiple factors. The epidemic situation of swine fever in Africa is superimposed on the "pig cycle", resulting in a decrease in the supply of pigs. At the same time, some places have introduced policies to ban the raising and limit the health of pigs based on environmental protection considerations, which has affected the enthusiasm of breeding pigs, resulting in a large decline in the production capacity of pigs and a tight market supply, which has pushed up the price of pork.
Data Map: People buy pork. Photo by Zhang Yun
How long is the rise in pork prices expected to last?
Regarding the future trend of pork price, Jiang Chao, chief economist of Haitong Securities, pointed out that whether the soaring pig price can come down fundamentally still depends on whether the supply of pigs can be restored.
Jiang Chao said that it will take 4-6 months from fattening piglets to slaughter. Considering the time lag of reproduction and growth from fattening sows to slaughter pigs, it is expected that there will still be upward pressure on pig prices in the second quarter of next year.
Cao Heping believes that it is difficult to eliminate the influence of African swine fever in the short term, and the pig production capacity will be difficult to return to the normal level for a while, so the pork price will maintain an upward trend in the short term. However, with the efforts of the state to stabilize the production and supply of pigs, the enthusiasm for raising pigs will increase, and the increase in pork prices will tend to be stable.
Xin Guochang, director of the Monitoring Information Department of the Animal Husbandry and Veterinary Bureau of the Ministry of Agriculture and Rural Affairs, said that judging from the decline in the number of live pigs and fertile sows since the second half of last year, pork production may be significantly reduced this year, and there is a certain gap between supply and demand in the market. It is expected that pig production will gradually recover in the second half of next year, and the price of live pigs will gradually fall.
Data Map: People buy fresh vegetables. China News Service reporter Hu Yanshe
Will the annual CPI increase exceed 3%?
Statistics from the National Bureau of Statistics show that the CPI in the first eight months increased by 2.4% compared with the same period of last year. Some people worry that, driven by pork prices, the annual CPI may exceed the expected control target of 3%.
Lian Ping, chief economist of Bank of Communications, believes that the recent year-on-year increase in CPI has remained at a high level, mainly due to the food price driven by pork. Considering that the number of live pigs and fertile sows brought by the swine fever epidemic is still declining rapidly, the increase in pork prices will still be an important factor driving the increase in CPI in the second half of the year.
Li Chao, chief macro researcher of Huatai Securities, believes that domestic pork prices have risen rapidly recently, but there is little pressure on other new price increase factors except pig prices. The upward pressure on overall CPI is still controllable, and there is little risk that inflation will break through 3% in the short term.
Cao Heping said that the CPI rose by 2.4% in the first eight months, and there are only three months left this year. It is unlikely that the CPI will exceed 3% in the whole year, but it is still necessary to closely monitor and be alert to price increases. (End)
CCTV News:During the National Day holiday, driven by local tours, Zhou Bianyou and short-distance tours, renting a car and driving by yourself has become the choice of many people, and it is even harder to find a popular car. Let’s watch the reporter’s visit in Shanghai.
On the morning of October 1, the reporter met Mr. Liu in a car rental store in Shanghai. He told the reporter that this was his first time to rent a car. During the National Day, the family wanted to play around, so it would be more convenient to have a car to travel.
Shanghai consumer Mr. Liu:Self-driving will be safer and more secure. I rented a car for a total of three days. At present, my plan is mainly to go to Wuxi and Suzhou, and I may go to Ningbo when I have time.
The person in charge of the store told the reporter that there are about 500 cars parked in the store, and more than 300 have been booked, of which SUV models have already been booked out.
Xu Tengyu, General Manager of Shanghai Branch of a Car Rental Platform:Today’s (October 1st) booking volume has reached 80% of our (store’s) National Day booking volume. Compared with September, the growth rate of orders (volume) has exceeded 20%.
Shanghai consumers:We are five friends, so we rent an SUV, which costs about 300 to 400 yuan a day on average. On average, it is only 80 yuan per person a day, which is quite cost-effective.
According to a platform data, the number of car rental bookings in the past week has increased by 248% compared with last week. The reporter found that during the National Day, Shanghai and Zhou Bianyou accounted for a large proportion of trips, and the growth demand of short-distance car rental market was more obvious. In addition, parent-child travel has also become a highlight of the car rental market today.
Wang Yiming, Public Relations Director of a Tourism Platform in Shanghai:From the car rental models, such economical and suitable models as 7-seat car and 9-seat car are more favored by everyone. Because the space in the car is relatively large, it is also economical and comfortable, and it is very friendly for parents and families to travel.
On June 21st, Ruilan Automobile, a subsidiary of Geely Automobile, announced its entry into the new energy exchange circuit. Four days later, at the Chongqing Auto Show, Ruilan Automobile brought three battery-changing models under the GBRC crystal structure-Ruilan 7 (concept car), Ruilan 9 and 80V PRO.
In addition to Ruilan Automobile, in early 2022, Contemporary Amperex Technology Co., Limited, a power battery giant, also announced its entry into the power exchange industry and released the power exchange service brand EVOGO.
The entry of two major players has ignited the enthusiasm of domestic power exchange enterprises, and has formed a "four-legged" market structure of energy central enterprises (State Grid), vehicle enterprises (Geely, Weilai, BAIC), battery manufacturers (Contemporary Amperex Technology Co., Limited) and third-party operators.
However, in the face of the sudden fire-changing track, some people questioned the cold water: Is it really a good business to change electricity? Aren’t the lessons of the past unforgettable enough?
In 2022, when BMW was interviewed by the German media European Automotive Weekly, it was rare to "pour cold water" on the power exchange technology, thinking that the power exchange technology route was a waste of time, and BMW pursued solid-state battery technology.
These doubts are not unreasonable. In fact, the power exchange industry has stumbled for more than ten years, and it has not become a climate, and it has not run out of an industry giant. However, when concepts, capital, technology and policies come together, no one dares to say that there is no "pig" on the cusp.
With the industrial opportunities created by the times, Contemporary Amperex Technology Co., Limited in 2021 and BYD in 2022 will take off strongly. How do you know that the power exchange industry can’t rise as a new giant?
It’s hot at the power exchange track.
I don’t know if anyone has noticed that there are two details worth pondering behind the launch of EVOGO, a brand of power exchange service in Contemporary Amperex Technology Co., Limited, and Ruilan Automobile by Geely Automobile:
First, in January 2022, the National Development and Reform Commission and other seven departments jointly issued the "Implementation Plan for Promoting Green Consumption", clearly strengthening the construction of supporting infrastructure such as charging and replacing electricity, and promoting the pilot work of the application of new energy vehicle replacement mode.
Second, in the motion of the two sessions in March 2022, Li Shufu, the chairman of Geely Holding, suggested to promote the standardization of battery packs, so that battery packs can be truly interchanged among different car companies, different power stations and different users.
Every decision of the bosses has a strong background of the times, and the times make heroes. When the power exchange ushered in the outbreak window with the help of policies, what the bosses had to do was to get on the bus quickly.
With the rapid increase in sales of new energy vehicles, one of their shortcomings is increasingly anxious about recharging, and many car owners spit and queue for hours, which is a serious waste of time.
Therefore, changing electricity has become an important supplementary means for new energy vehicles to replenish energy, which has attracted the attention of the state, government and enterprises.
At present, the Ministry of Industry and Information Technology has released 11 pilot cities for power exchange nationwide, and plans to promote more than 100,000 power exchange vehicles and build more than 1,000 new power exchange stations. A series of policies are also encouraging all localities to lay out power exchange stations.
In order to support the development of power exchange mode, Shanghai, Jiangsu, Sichuan, Beijing, Guangzhou, Guangxi, Chongqing, Dongguan and other places successively issued relevant policies in the field of new energy vehicle power exchange in 2022 to promote the construction of power exchange infrastructure.
With the policy orientation of power exchange mode gradually becoming clear, enterprises with a keen sense of smell are rapidly expanding their layout.
Contemporary Amperex Technology Co., Limited launched EVOGO power exchange service brand in January, started the construction of power exchange station in Xiamen in April, and entered Hefei in June. By the end of 2022, Contemporary Amperex Technology Co., Limited plans to complete the operation of 30 and 20 express exchange stations in Fujian and Hefei respectively.
Ruilan Automobile, a subsidiary of Geely, aims to expand the power exchange market with Chongqing as the radius and the market demand for pure electric vehicles. However, according to its released plan, the layout of "300+" power station will be realized in 2022.
Guangzhou Automobile Aian, a subsidiary of Guangzhou Automobile Group, built the first super charging and replacing center in Guangzhou on April 21st. According to the plan, Guangzhou Automobile Aian will build over 1,000 super charging and replacing centers in Guangzhou in 2025.
According to another related report, by 2025, State Power Investment Corporation, Weilai, Sinopec, Geely Automobile and Aodong New Energy will plan to build 4,000, 4,000, 5,000, 5,000 and 10,000 power stations respectively, and GCL Nengke plans to build 5,000-6,000 power stations, totaling more than 33,000.
The power exchange mode may usher in the spring of development, and a huge power exchange network will be built quickly in the next few years. The battery-changing track is hot, and BYD, which is also hot, has also begun to lay out.
In March, Chongqing Xinjing Tengfei Automobile Sales and Service Co., Ltd., which is indirectly wholly-owned by BYD Auto Industry Co., Ltd., was established, and its business scope includes the sales of new energy vehicles; Sales of new energy vehicle power exchange facilities; Charging pile sales and so on.
BYD’s move was speculated by the outside world as an intention to carry out the layout of the new energy vehicle power exchange project in Chongqing, taking the opportunity to enter the current power exchange track.
Driven by the policy, enterprises began to break down the cost pressure and capital pressure once placed in front of power exchange. However, standardization is a difficult problem to solve.
Battery pack standardization problem to be solved
Gasoline can be injected into the fuel tanks of different vehicles, but batteries can’t. Qin Lihong, president of Weilai Automobile, said in 2021 that the power station is open to all cars, but not all cars can be changed if they want to change at Weilai Power Station. Qin Lihong pointed out that it is a vehicle design problem that cannot be replaced.
Looking at it now, this is not a problem of vehicle design, but an issue of industry standardization. Because the battery pack standard is not uniform, the battery packs of different brands and models cannot be interchanged, which affects the expansion of power exchange scale and even makes it difficult to carry out large-scale commercial operation.
On June 13th, MG MULAN, a brand-new pure electric global car of SAIC MG, made its debut. The car was the first to be equipped with SAIC’s brand-new "Rubik’s Cube" battery (English name is "ONE PACK") and its supporting technical system. As a standardized power battery system, "Rubik’s Cube" battery is similar to the "Chocolate" power exchange module previously introduced by Contemporary Amperex Technology Co., Limited, with the projected area of the battery fixed and the same as the external related connectors, except that the height of the battery pack is different, so that the power exchange can be easily realized.
However, the standardization of Rubik’s Cube battery is probably only the standardization of SAIC itself. Zhu Jun, deputy chief engineer of SAIC, once revealed that the vehicles using SAIC’s Rubik’s Cube battery technology now cover all mainstream brands and high-end brands of SAIC. The implication is that non-SAIC vehicles may not be able to change electricity.
As an early pioneer in the power exchange industry, Better Place finally died in the single-link business model (there are not enough car companies), and at the same time left a profound lesson for the latecomers: the power exchange model must pursue economies of scale in order to digest the high cost of the construction and operation of the power exchange station, and only the more models the power exchange service can be compatible with, will it be more conducive to achieving profitability.
In the end, the problems all point to standardization.
On March 18, 2022, the Ministry of Industry and Information Technology issued "Key Points of Automobile Standardization in 2022", which proposed "speeding up the construction and improvement of the charging and replacing standard system for electric vehicles, and promoting the formulation of standards such as on-board battery replacement system, universal platform for battery replacement and battery replacement for pure electric vehicles".
The policy is easy to implement, but it is difficult to implement. Every car company has its own considerations when designing electric vehicles, so the battery system is very different. Many car companies often offer power exchange services only for their own cars.
Therefore, to realize the standardization of the power exchange industry requires the synergistic effect of car companies and battery manufacturers. However, many enterprises have their own worries, and it may not be so easy to unify them.
Is changing electricity a good business?
Many enterprises have already crossed the river of changing electricity and know the depth.
In 2009, at the annual meeting of Silicon Valley Index, Shai Agassi, an Israeli man, introduced his idea of changing electricity ambitiously. Better Place, the first generation of "concept of changing electricity" company he led, was a online celebrity company like Tesla, which became a global entrepreneurial project at that time, with a total investment of 850 million US dollars. Former Israeli President Shimon Perez was the platform, and Renault-Nissan Alliance was willing to produce the model for it.
When Xia Jiaxi, who is ambitious, carries out the road of electric vehicle operation in the mode of changing electricity around the world, China’s electric vehicle industry is just in the early stage of exploration, and changing electricity is one of them. So Better Place came to China naturally, and signed a contract with China Southern Power Grid in 2011 to build a power exchange experience center in Guangzhou.
At the beginning of May, 2013, Xia Jiaxi visited China with the then Israeli President and enjoyed the infinite scenery. However, just 20 days later, Better Place declared bankruptcy at the end of May of that year because of the difficult balance of investment returns. The second power exchange station in China market also fell into the sea.
At the same time as Better Place, some domestic enterprises were exploring the power exchange industry, but the "Development Plan of Energy Saving and New Energy Automobile Industry (2012-2020)" released in 2012 no longer mentioned the power exchange mode, and established charging as the main energy supply path. Since then, power exchange has entered a dormant stage.
In 2013, a large number of domestic enterprises exploring the mode of power exchange went bankrupt, and the State Grid also adjusted its strategy to stop implementing power exchange. The capital market began to shift more investment to the charging mode, so the charging mode began to triumph. In 2014, the current charging giants TELD and Star Charging were born.
During the dormant period of power exchange, Weilai automobile was ushered in. Prior to this, power exchange was aimed at buses, taxis, network agreements, logistics and other operating vehicles, which belonged to a 2B mode, because it was easier to form scale effect, but Weilai pushed the power exchange mode to the private consumption field.
Self-built power exchange system, production and manufacture of their own cars, so that Weilai bears a huge cost pressure. However, such a move also allows Weilai car owners to enjoy the exclusive power exchange service, thus building an exclusive moat for Weilai.
It is worth mentioning that Weilai is not the first automobile manufacturer to try to change power. Before that, Tesla took over the power change mantle after the bankruptcy of Better Place and released a power change plan for Model S. However, the savvy Musk just gave up decisively after a show and embarked on the road of charging without hesitation.
In the past, changing electricity was not a good business. At present, the tide of automobile electrification is surging, the sales of electric vehicles are increasing day by day, the scale of the power exchange market is beginning to take shape, the cost is also dropping sharply, and the policy orientation is clear and clear.
The power exchange is undoubtedly standing on the tuyere. Don’t forget the famous saying left by Lei Jun, who is currently leading Xiaomi to build a car: As long as you stand at the tuyere, pigs can fly.
Cctv newsAccording to the news of WeChat official account, eleven departments, including the General Administration of Market Supervision, the Ministry of Public Security, the Ministry of Commerce, the National Health and Wellness Commission, the General Administration of Customs, the State Administration of Taxation, the National Network Information Office, the State Administration of Traditional Chinese Medicine, National Medical Products Administration, the Supreme People’s Court and the Supreme People’s Procuratorate, have continuously intensified their efforts to crack down on illegal and criminal activities in the field of medical beauty, and now a number of typical cases are selected for centralized exposure.
1. Chen Moumou and Zhu Moumou illegally engaged in medical beauty activities.
According to the information reported by the masses, the investigation by the Health and Health Bureau of Longyou County, Quzhou City, Zhejiang Province found that Chen Moumou, Zhu Moumou and others carried out medical beauty services such as injecting hyaluronic acid and face-lifting needles in the residential quarters without obtaining the Practice License of Medical Institutions. The behavior of the party concerned violates the relevant provisions of the Basic Medical Care and Health Promotion Law of People’s Republic of China (PRC).
In September 2022, the Health Bureau of Longyou County, Quzhou City imposed an administrative penalty of 277,500 yuan on the parties according to law.
Second, Xiong Moumou illegally carried out medical beauty activities.
According to the information of complaints and reports, the investigation of Qianjiang Health and Health Committee of Hubei Province found that Xiong bought medical beauty equipment and medicines such as microcrystalline head, syringe and botulinum toxin without obtaining the Practice License of Medical Institutions, and carried out medical beauty services such as botulinum toxin injection and wrinkle removal for many times in the life beauty place. The behavior of the party concerned violates the relevant provisions of the Basic Medical Care and Health Promotion Law of People’s Republic of China (PRC).
In October, 2022, Qianjiang Health and Wellness Committee imposed an administrative penalty of confiscating drugs and devices and fined 280,000 yuan on the parties.
Three, Hangzhou Tayan e-commerce partnership (limited partnership) uncensored release of medical advertisements.
The network inspection of Hangzhou Market Supervision Bureau in Zhejiang Province found that Hangzhou Tayan E-commerce Partnership (Limited Partnership) was suspected of publishing illegal advertisements during the live broadcast. According to the investigation, in May 2022, the party concerned launched a live broadcast with the theme of "Beauty-changing Special Session" in the live broadcast studio in Weibo. In addition to the necessary information of the service, the party also publicized the contents of "Furman Collagen+30U of newly imported thin face is white and tender after being finished", which were not reviewed by the advertising review organ. The behavior of the party concerned violates the relevant provisions of the Advertising Law of People’s Republic of China (PRC).
In November 2022, Hangzhou Municipal Market Supervision Bureau imposed an administrative penalty of 539,600 yuan on the parties according to law.
4. The false propaganda case of Hainan Boao Laifukaier Medical Center Co., Ltd.
Without the corresponding authorization or cooperation, the parties announced through their platforms such as official website and WeChat WeChat official account that "the medical center has established long-term technical cooperation with Oxford University in the UK and Tokyo University in Japan, and has good doctor resources at home and abroad to meet the various medical needs of customers". "The partners are Oxford University in the UK … …” Wait for the content. Deceiving and misleading consumers through false or misleading commercial propaganda, and the behavior of the parties concerned violates the relevant provisions of the Anti-Unfair Competition Law of People’s Republic of China (PRC).
In February 2023, qionghai city Comprehensive Administrative Law Enforcement Bureau imposed an administrative penalty of 200,000 yuan on the parties.
5. Nanjing Huaguan Medical Co., Ltd. engaged in the third kind of medical device business activities without permission.
Nanjing Market Supervision Bureau of Jiangsu Province inspected Nanjing Huaguan Medical Co., Ltd. according to the clues. After investigation, it was found that the parties rented the third class medical devices to seven medical and beauty institutions in Nanjing, Hangzhou, Ningbo and Hefei without obtaining the business license of medical devices. The behavior of the parties violated the relevant provisions of the Regulations on the Supervision and Administration of Medical Devices.
In October 2022, the Nanjing Municipal Market Supervision Bureau imposed an administrative penalty of 461,500 yuan on the parties according to law.
Sixth, the case of illegal medical practice by Shan Moumou
The defendant, Shan Moumou, engaged in medical beauty activities in Yongzhen Township, Yongqiao District, Suzhou City, Anhui Province without obtaining a doctor qualification certificate, a doctor practice certificate and a medical institution practice license. On April 15, 2021, Shan Moumou used liquid nitrogen cryotherapy to freckle the victim, causing a large area of frostbite on the victim’s face. After identification, the victim’s face was frostbitten by liquid nitrogen and left a massive scar with a disability level of nine.
In September 2022, the People’s Procuratorate of Yongqiao District of Suzhou City prosecuted the defendant Shan Moumou for the crime of illegal medical practice, and Shan Moumou pleaded guilty and pleaded guilty. On October 12, 2022, the People’s Court of Yongqiao District, Suzhou City sentenced the defendant Shan Moumou to one year and six months in prison for the crime of illegal medical practice, and fined him RMB20,000. The judgment has taken legal effect.
7. Chen’s case of selling counterfeit registered trademarks.
Chen’s goods selling counterfeit registered trademarks (Chinese name is Remaji) are trademarks approved to be registered on products such as "lasers for facial and skin medical treatment and beauty treatment", and the above trademarks are within the validity period of registration. The work of the public security organs found that from the beginning of 2020 to October 2021, the defendant Chen Moumou rented the office while knowing that the products purchased from Su Moumou (handled separately) were counterfeit registered trademark goods, and purchased the above-mentioned counterfeit registered trademark instruments, probes and other goods from Su Moumou, which were sold to others by Chen Moumou and his employees through WeChat and other channels. After auditing, Chen and his employees sold counterfeit hot Maggie goods totaling more than 3.5 million yuan.
On July 22, 2022, the third branch of the Shanghai Municipal People’s Procuratorate prosecuted the defendant Chen Moumou for the crime of selling goods with counterfeit registered trademarks, and put forward suggestions for determining sentencing. Chen pleaded guilty and pleaded guilty. In September 2022, Shanghai No.3 Intermediate People’s Court adopted all the criminal facts and sentencing suggestions accused by the procuratorate, and sentenced Chen to three years and ten months in prison for selling goods with counterfeit registered trademarks, and fined him RMB 1 million. The illegal income from withdrawal and seized counterfeit goods were confiscated. The defendant Chen did not appeal, and the judgment has taken legal effect.
Eight, Xu Moumou and others fraud case
Since 2019, Xu Moumou and others have defrauded more than 3 million yuan from many victims in many beauty clinics in Chaoyang District and Haidian District of Beijing on the grounds of recruiting high-paying positions and requiring plastic surgery.
The Chaoyang Branch of Beijing Public Security Bureau arrested the suspect, and the Chaoyang District People’s Procuratorate comprehensively reviewed the evidence materials and prosecuted according to law. In September 2022, Xu Moumou and others were sentenced to fixed-term imprisonment ranging from one year and five months to ten years and six months. The judgment has taken legal effect and the victims’ losses have basically been recovered.
Nine, Zhejiang Hangzhou "9 20" obstruction of drug management case
The work of the public security organs in Hangzhou, Zhejiang Province found that Zhao and others used the Internet to buy naked freeze-dried powder, bottle caps, counterfeit packaging materials, label paper, instructions, etc., organized personnel to package and produce counterfeit botulinum toxin of well-known brands in a rented room, developed agents at different levels, and realized terminal sales through institutions such as beauty salons.
At present, the public security organs have arrested 20 criminal suspects, destroyed a storage den, and seized more than 500 bottles of botulinum toxin and more than 1,000 counterfeit packaging materials, involving more than 32 million yuan.
X. Case of Wang Moumou and others obstructing drug management
The work of the public security organs in Siping City, Jilin Province found that Wang Moumou and others purchased all kinds of semi-finished products and packaging materials of bare bottles of medical beauty products, packed and produced counterfeit well-known brands of botulinum toxin, water-light needles and fat-dissolving needles in rented houses, and sold them to the outside world through WeChat and participation in exhibitions at the US Expo.
At present, the public security organs have arrested 21 criminal suspects, and seized more than 150,000 pieces of medical beauty products and more than 200,000 pieces of packaging materials, such as botulinum toxin, water-light needles and fat-dissolving needles, involving more than 15 million yuan.
It is understood that 11 departments, including the General Administration of Market Supervision, the Ministry of Public Security, the Ministry of Commerce, the National Health and Wellness Commission, the General Administration of Customs, the State Administration of Taxation, the National Network Information Office, the State Administration of Traditional Chinese Medicine, National Medical Products Administration, the Supreme People’s Court, and the Supreme People’s Procuratorate, have continuously intensified their efforts to crack down on illegal and criminal activities in the medical and beauty industry since they launched special actions to deal with outstanding problems in the medical and beauty industry.
Dongfeng fengshen’s brand-new compact SUV, Haohan, was officially launched, and seven models were launched. Among them, the price range of Haohan DH-i model (1.5T hybrid of oil and electricity) was 99,900-136,900 yuan, and the price range of Haohan Mach power model was 89,900-111,900 yuan.
This shows that when the price of hybrid SUV and pure fuel SUV is equivalent, consumers are more likely to choose hybrid models. In addition, the government also provides a variety of preferential measures, such as the 10-year warranty of the whole system, the lifetime warranty of the hybrid three-power system (the first owner), the replacement subsidy of unlimited brands up to 10,000 yuan, the free basic traffic+entertainment traffic for five years, and the free road rescue for life. Haohan is the first model built on the platform of DSMA2.0 of Dongfeng Group, and it is also the first mass-produced model equipped with Dongfeng DH-i four-speed hybrid technology. In the early stage, it first launched a 1.5T fuel version and a hybrid version with a maximum battery life of 1,350km. The plug-in hybrid version is planned to be launched in the first quarter of next year.
Haohan’s appearance design is very attractive, and the side modeling movement is low, thanks to the black roof and similar wide-body external cam arch design. In terms of body size, the length, width and height of the new car are 4650/1905/1630mm and the wheelbase is 2775mm, which is a compact SUV. The tail is designed with a penetrating taillight, and the red light strip shape is somewhat Aston Martin’s sense of sight. The high-position brake light adopts the practice of two light beads, and with the exhaust on both sides at the bottom, the whole tail looks quite sporty. In terms of interior, the new car uses a T-shaped center console and a 13.2-inch vertical large screen. There are basically no physical buttons in the car, and it is also equipped with a 10.25-inch LCD instrument. In terms of configuration, the new car provides 6 airbags, 540-degree panoramic image, panoramic openable sunroof, wireless charging of front mobile phone, heating of front seat, ventilation of main driver’s seat, 12-speaker sound system, etc. It also supports functions such as car networking, 4G/5G network, OTA upgrade, Wi-Fi hotspot, etc., and can be equipped with facial recognition function.
In terms of power, Haohan is equipped with Dongfeng Mach power system, providing 1.5T fuel version and 1.5T hybrid power version. Among them, the 1.5T engine equipped with pure fuel version has a maximum horsepower of 204 horsepower and a peak torque of 305 Nm, which is matched with a 7-speed wet dual-clutch gearbox, and the comprehensive fuel consumption under WLTC condition is 6.8L/100km. Haohan DH-i Hybrid Electric Power Edition is equipped with a 1.5T engine with a maximum horsepower of 204 horsepower, a motor with a maximum power of 143 horsepower, a motor peak torque of 210 Nm, a system comprehensive power of 292 horsepower, a system comprehensive torque of 565 Nm, a 4-speed DHT intelligent hybrid gearbox, an official acceleration time of 6 seconds per 100 km, a comprehensive fuel consumption of 4.97L/100km under WLTC conditions and a comprehensive cruising range of 12,000 km.
The listing of dongfeng fengshen Haohan marks the arrival of the era of "the same price of oil and electricity" for the popularization of new energy vehicles. The brand that can launch the same cost-effective model as BYD Qin PLUSDM-i Champion Edition 99,800 (the body structure of SUV and the addition of 1.5T engine, even higher cost-effective) is not the first-line independent brand car companies such as Geely and Changan, but dongfeng fengshen. It can be seen that this brand has not left a backward path in the direction of electrification transformation, and Haohan also undertakes the strategic mission of dongfeng fengshen’s new energy transformation.
On September 29th, China Internet Network Information Center (CNNIC) released the 46th Statistical Report on Internet Development in China (hereinafter referred to as the Report). The Report focuses on five aspects: Internet infrastructure, the scale and structure of netizens, the development of Internet applications, the development of Internet government affairs and Internet security, and strives to comprehensively reflect the development of China’s Internet in the first half of 2020 through multi-angle and all-round data display.
Internet inspires great power and helps to win a great victory in the fight against epidemic diseases.
According to the Report, as of June 2020, the number of netizens in China reached 940 million, an increase of 36.25 million compared with March 2020, and the Internet penetration rate reached 67.0%, an increase of 2.5 percentage points compared with March 2020. Wu Tienan, secretary of the Party Committee and deputy director of CNNIC, pointed out that during the epidemic, China’s Internet industry showed great vitality and resilience, which not only played a key role in accurately and effectively preventing and controlling the epidemic, but also made remarkable progress in digital infrastructure, digital economy, digital benefiting the people and digital governance, and became an important force for China to meet new challenges and build a new economy.
Zhang Xiao, deputy director of CNNIC, interpreted the report and summarized the highlights of Internet development in China in the first half of 2020 from eight aspects:
First, the "net" sinks strength, and the "new format" helps to fight the epidemic and stabilize the overall situation.In the first half of the year, online education, online medical care, telecommuting and other application services played a great role in maintaining the normal operation of social economy and stabilizing the basic needs of people’s livelihood. As of June 2020, the number of online education users reached 381 million, accounting for 40.5% of the total netizens; The number of online medical users reached 276 million, accounting for 29.4% of the total netizens; The number of telecommuting users reached 199 million, accounting for 21.2% of the total netizens.
The second is "net" Luo technology, and "new infrastructure" injects vitality expansion.In the first half of the year, the central government intensively deployed to speed up the progress of "new infrastructure" and made positive progress in many important areas: by the end of June 2020, the number of 5G terminal connections had exceeded 66 million, and three basic telecommunications companies had opened more than 400,000 5G base stations. More than 500 industrial Internet platforms with distinctive features and diverse capabilities have been cultivated in the field of industrial Internet. By July 2020, the number of users with assigned IPv6 addresses in China reached 1.442 billion, and the number of active users with IPv6 reached 362 million. The top 100 commercial websites and applications have all supported IPv6 access.
Third, the "network" promotes development, and the "new economy" expands domestic demand to help transformation.By June 2020, the number of users of e-commerce live broadcast, short video and online shopping in China had all increased by more than 5% compared with that in March, and the number of users of e-commerce live broadcast had reached 309 million, an increase of 44.3 million compared with that in March 2020, with a scale growth rate of 16.7%, making it the fastest-growing personal Internet application in the first half of the year, providing positive help for promoting the transformation of traditional industries and promoting the upward movement of agricultural products. The number of online retail users reached 749 million, accounting for 79.7% of the total netizens. The market remained the first in the world for seven consecutive years, which provided important support for the formation of a new development pattern.
Fourth, the "net" has temperature, and the "new Huimin" Lipui helps to get rid of poverty.As of June 2020, the number of netizens in China has reached 940 million, equivalent to one-fifth of the global netizens. The Internet penetration rate is 67.0%, which is about 5 percentage points higher than the global average. The digital gap between urban and rural areas has narrowed significantly. The difference in Internet penetration rate between urban and rural areas is 24.1%, which has been reduced to less than 30% for the first time since 2017. As an important means of poverty alleviation, online poverty alleviation has been increasingly understood and participated by netizens.
Fifth, the "net" comes to culture, and the "new communication" storytelling creates a new style.By June 2020, the number of users of online video (including short video) in China reached 888 million, accounting for 94.5% of the total netizens, among which short video has become a new choice for news reporting and a new standard for e-commerce platforms. The number of users of online news is 725 million, accounting for 77.1% of the total netizens. With the help of social networking, short videos and other platforms, online news can improve communication efficiency through visualization and help anti-epidemic propaganda and reporting.
Sixth, the "net" knows the world, and the "new tool" sees the world from a distance.By June 2020, the number of online payment users in China had reached 805 million, an increase of 4.8% compared with March 2020, accounting for 85.7% of the total netizens. The mobile payment market ranked first in the world for three consecutive years, which played an important role in benefiting the people during the epidemic and expanded more application scenarios of "+payment"; Instant messaging has become one of the fastest growing applications during the epidemic, with a user scale of 931 million, an increase of 34.66 million compared with March 2020.
Seventh, the "net" fills the demand, and the "new service" ensures the capacity to supplement the supply.Affected by the epidemic, online channels have provided a new development window for the service industry. Digital services such as online take-out, online education, online car rental, online medical care and so on are booming, with the number of users reaching 409 million, 381 million, 340 million and 276 million respectively, accounting for 43.5%, 40.5%, 36.2% and 29.4% of the total netizens respectively, which not only meets the needs of netizens, but also provides assistance for the digital development of the service industry.
Eighth, "net" talks about governance, and "new governance" pushes legislation for innovation.By June 2020, the number of online government service users in China reached 773 million, accounting for 82.2% of the total netizens. In the first half of the year, the government governance system was continuously improved and its governance capacity was continuously improved.Civil Code of People’s Republic of China (PRC)People’s Republic of China (PRC) Data Security Law (Draft)Gradually promote digital governance with laws to follow; A multi-collaborative governance system around government, platform and society is accelerating; Online government service is becoming more and more mature, and the construction of national government service platform has achieved remarkable results.
Promote "internet plus"Government affairs service,Prevention and control of epidemic situation, resumption of work and production
Wang Yimin, director of the E-government Research Center of the Party School of the Central Committee of the Communist Party of China (National School of Administration) and deputy director of the National E-government Expert Committee, believes that the data in the Report fully reflects the continuous improvement of China’s Internet+government services and the continuous improvement of the digital governance system in the first half of the year. First, the construction of the national government service platform has achieved remarkable results. By June 2020, the registered users of the national government service platform reached 126 million, with a total of 1.002 billion visitors and a total of 5.891 billion views. A five-level online service system of "covering urban and rural areas, linking up and down, and clear hierarchy" has taken shape. Second, grid governance has brought forth new ideas. Urban and rural communities in many provinces and cities have actively carried out epidemic prevention work through digital tools such as community WeChat groups and small programs, which has become a major innovation in grassroots governance. Third, "Internet+government service" has strongly promoted the resumption of work and production after the epidemic. The national government service platform has successively launched "service columns for small and micro enterprises and individual industrial and commercial households" and 15 service topics such as epidemic prevention and control, resumption of work and production, and employment services. At the same time, it has built an "epidemic prevention health information code", which has gathered and supported 623 million pieces of "health code" data shared by all localities and served 600 million people, which has become an important innovation in this big data support for epidemic prevention and control.
The safety experience of netizens in China has been continuously improved, and the network security environment has been further improved.
Huang Qing, vice chairman of internet society of china, said that in the first half of 2020, China’s network security environment showed a trend of continuous improvement under the continuous crackdown on various network security issues by the National Internet Information Office, the Ministry of Industry and Information Technology and other relevant departments. First, at the policy-making level, People’s Republic of China (PRC) Civil Code, People’s Republic of China (PRC) Data Security Law (Draft) and other relevant laws and regulations have been promulgated one after another, which has promoted the continuous improvement of China’s network security legal system. Second, in terms of infrastructure, China has vigorously promoted the deployment of national top-level domain name resolution nodes, and successively introduced F, I, L, J and K mirror servers to promote the security of network infrastructure. Third, in terms of user safety, the data in the Report shows that Internet users are experiencing increasingly improved network security problems, and the proportion of Internet users who have not encountered any network security problems has kept increasing for five consecutive years. Fourth, in terms of industrial development, the development of China’s network security industry has entered the "fast lane". The existing network security products and services have extended from the basic network security field to different application scenarios such as cloud services, big data, Internet of Things, industrial control, and 5G, achieving comprehensive coverage of basic equipment, basic technologies, security systems, and security services.
Under the background of "new infrastructure", the new format of digital economy helps to enhance the "resilience" of China economy.
Lv Benfu, vice chairman of the National Innovation and Development Strategy Research Association and director of the Network Economy and Knowledge Management Research Center of the University of Chinese Academy of Sciences, believes that under the impact of the COVID-19 epidemic in the first half of the year, China’s economy was forced to stretch its "ligament" and faced new challenges in supply chain, enterprise management and business activities. The new format and mode of digital economy and the rapid development of digital technology have provided important support for enhancing the toughness of China’s economic "ligament" and promoting the formation of new economic growth points. First, digital technologies such as 5G and industrial Internet provide the underlying foundation for the digital economy. With the help of digital technology, large-scale matching algorithm and high-speed network are transmitted to the cloud, which makes information transmission faster and energy dissipation less, and promotes the digital economy to become a "low entropy economy". Second, digital consumption, such as online shopping, has provided new impetus for promoting economic internal circulation. In the first half of the year, the scale of online retail sales has exceeded a quarter of the total retail sales of social consumer goods, and its supporting role for consumption has been further enhanced. According to the data in the Report, new e-commerce models such as fresh e-commerce, agricultural products e-commerce, cross-border e-commerce and second-hand e-commerce have also maintained rapid development, with the user scale reaching 257 million, 248 million, 138 million and 61.43 million respectively, which has played an active role in promoting the upward movement of agricultural products, driving consumption back and promoting the development of idle economy. Third, digital services represented by telecommuting are forming a new service format. As can be found from the Report,The number of users of online education, online medical care and telecommuting reached 381 million, 276 million and 199 million respectively, making it an Internet application with great development potential, and constantly enhancing the economic resilience while promoting innovation in the service industry.
networkPoverty alleviation has achieved remarkable results.To benchmarkrural revitalizationbuildLong-term mechanism
Wang Xiangdong, former director of the Information Research Center of China Academy of Social Sciences, believes that it is very rare for this Report to record China’s remarkable achievements in network poverty alleviation with multi-dimensional data. First, rural areas have achieved network coverage, and the gap between urban and rural areas has narrowed significantly. According to the data in the Report, the Internet penetration rate in rural areas was 52.3% in the first half of the year, which was 6.1 percentage points higher than that in March 2020, and the difference between urban and rural areas was reduced by 6.3 percentage points. Second, the era of "the same network and the same speed" between rural and urban areas is coming. The proportion of fiber-optic access to poor villages in China has increased from less than 70% in 2017 to 98%, and the proportion of broadband access to poor villages in deep poverty areas has increased from 25% to 98%. Third, the effectiveness of online poverty alleviation has been recognized by the majority of netizens. By the end of June 2020, the proportion of netizens who recognized the Internet in "helping the poor", "helping the sales of agricultural products through e-commerce" and "providing more jobs and medical education opportunities for the poor" had increased compared with that in March 2020. Wang Xiangdong also said that in order to consolidate and expand the achievements of poverty alleviation, online poverty alleviation needs to establish a long-term mechanism, and it needs to realize the transformation from helping poverty alleviation within a limited period to helping stable poverty alleviation, from helping absolute poverty to helping relative poverty, from "blood transfusion" to "hematopoiesis" and from helping poverty alleviation to revitalizing industries through online consumption.
46th Statistical Report on Internet Development in China (full text)
Cctv newsThe website of the Central Meteorological Observatory reported on April 30 that the weather will be fine and the temperature will rise in most parts of China today and tomorrow, which is suitable for going out to play. On May 2-4, there were heavy rains in parts of Huanghuai, Jianghuai, Jianghan and central and northern Jiangnan, and there were heavy rains in some areas.
It is estimated that there will be small to medium snow or sleet in the high altitude areas along the Tianshan Mountains and most of the Qinghai-Tibet Plateau in Xinjiang from day to night, and there will be heavy snow in the local area; Some areas in Xinjiang Ili Valley, southeastern Tibet, central and eastern Heilongjiang, central and eastern Jilin, southern Sichuan, Yunnan, western Guizhou, northwestern Guangxi, eastern Fujian, Taiwan Province Island and other places have little to moderate rain and local heavy rain.
Tomorrow, it will still be mainly fine weather, and there will be weak precipitation in some parts of the north, which will have little impact on travel. On May 2, rainfall in the south went online, with moderate to heavy rain in parts of northeastern Sichuan, central and northern Chongqing, northern Hunan, most of Hubei, southeastern Henan, central and northern Anhui, and western Jiangsu. Among them, there were heavy rains in parts of southeastern Henan, eastern Hubei and western Anhui.
The traditional racing bible is being revised, and the international giants’ attention to the event is quietly changing, all because of the big environment.
Self-abandonment of racing giants
There are not many racing giants in the world today. Here are a few that will surely convince the public.
Participated in 1999 and won 13 championships so far. Among them, from the second year of the competition (2000), it won three consecutive championships. In 2004, another five consecutive championships began. In 2010, it was another five consecutive championships.
Has decided to leave the once glorious Le Mans battlefield.
This achievement is quite amazing. By the way, if you mention some details of these ten years, your worship of you may be further deepened. In 2003, EXP Speed 8 won the championship, but it was actually a car in a coat, so strictly speaking, it should have been nine consecutive championships since 2000-this is terrible!
And left, there was only one LMP1 group, I don’t know what it was like.
In addition, R15 TDI Plus, which won the championship in 2010, finished the race with a distance of 5410.713km, creating the longest race distance in the history of the 24-hour Le Mans race, and this record has been maintained to this day.
Now, I have to say goodbye to such a brilliant record, and I have said that I will no longer participate in the Le Mans LMP1 group competition.
This name, it seems, is the same as drawing an equal sign. It is the brand that has won the Le Mans Competition the most times in history, winning the championship for 19 times.
The 917K in 1970 opened the era of Le Mans Competition.
In 2015, he returned to Le Mans and ended the dynasty with 919 Hybrid racing car, and won the championship for three consecutive years. Just after winning this year’s Le Mans championship in June this year, he suddenly announced his withdrawal from the Le Mans competition in LMP1 group.
This year, 919 Hybrid won the championship again in Le Mans Competition, and then suddenly announced the launch of LMP1 group events.
Overnight, he quit one after another, leaving those who had never won the championship alone in the wind.
In recent years, it has dominated the grand prix, making the former giants follow behind them, including Williams, Williams and so on.
Mercedes-has become the ruler today.
However, it is not just announced that it will withdraw, but another influential event in Europe-DTM (German Touring Car Masters). As the most famous touring car race in Germany and even in Europe, DTM represents the highest level of touring car races. In DTM, it is an old-fashioned powerhouse and has been fighting here for more than 20 years.
Quit DTM, stay with two companies, and the future of this event suddenly becomes a mystery.
In 1988, he began to participate in DTM events, won the championship for the first time in 1992, and is now one of the three major DTM teams. After leaving, there will be only two DTM companies, which is also quite unfavorable to the development of DTM. Uncle’s move is not as good as merging into Japan’s Super GT in the future, and the joint venture between the two parties is more exciting.
They all chose formula e.
These three racing giants have left their best fields and where have they gone?
The answer is actually the same: Formula E, FIA electric equation, that is, domain.
A few days ago, when I confirmed my withdrawal from DTM, I confirmed that I would move to Formula E in the future. It is expected that the competition time will start from the 2019/2020 season. In fact, the accumulated experience in the field in recent years will be well used in Formula E events, and focusing on two equations at the same time will not be too complicated for event management.
In fact, I have participated in Formula E race a long time ago, just in the form of cooperation with Abt Schaeffler team. However, it was recently revealed that it will officially enter in the form of an independent team in the 2017/2018 season.
Earlier, it was reported that after leaving Le Mans, it is planned to March in the 2019 season. If so, then the strategic direction will be the same, and the two most important and top-level Formula One competitions on the planet will be launched.
It has also been confirmed that it will participate in the Formula E competition, and the time is 2019/2020 season. This is a decision based on the 2025 strategy. In the future, we will develop civil electric power with Mission E as the blueprint, so as to kick off the model. Obviously, participating in Formula E competition will bring more benefits to the company’s career development.
Why is Formula E so popular?
What else can it be because of? Because of environmental protection.
Germany has announced that it will stop manufacturing and selling internal combustion engines in 2030, which is the most obvious hint for all manufacturers: it’s time to do it well. Not only Germany, but also Denmark, Britain and Sweden have similar policies coming to the fore. Of course, these mainstream European car companies are not so passive, and they are already leading the world in research and development. However, with the promotion of the government and the pace of development, we can go further, such as participating in Formula E.
From the point of view of racing circle, Formula E is getting more and more attention because of environmental protection. Many people you are familiar with have actually participated in this project, such as,,,, and so on. They either set up factories to participate in the competition or provide key technologies.
In a word, Formula E is the most correct event at present, and it will hardly be opposed by any party, because in this era-environmental protection is the greatest.
Xinhua News Agency, Beijing, September 26th(International observation) How does the strong dollar lead to a "strong earthquake" in the market and the hegemony of the dollar ruin the world?
Xinhua News Agency reporter Xu Chao
The US Federal Reserve recently decided to continue to raise interest rates by 75 basis points, pushing the exchange rate of the US dollar against other currencies to continue to rise, which triggered turmoil in the international financial market.
International observers believe that the continued strength of the US dollar, driven by the US monetary policy, is having a devastating impact on a global scale. With monetary policy and exchange rate as important tools, the United States constantly pushed up global inflation and debt levels with the help of dollar hegemony, squeezed the monetary policy space of various countries, and pushed the world economy into recession by driving the global tightening tide.
This is the Federal Reserve Building filmed in Washington, USA on June 22nd. (Photo by Xinhua News Agency reporter Liu Jie)
Affect the exchange rate and push up inflation in other countries.
Since the Federal Reserve started the interest rate hike cycle in March this year, the exchange rate of the US dollar against other currencies has continued to rise, and it accelerated before and after the US interest rate hike node in September.
On September 22, the exchange rate of the Japanese yen against the US dollar once approached the 146-to-1 mark in intraday trading, hitting a new low in 24 years, prompting the Japanese Ministry of Finance to announce its intervention in the foreign exchange market to prevent further depreciation of the Japanese yen. This is the first time that the Japanese government has intervened in the foreign exchange market since June 1998. The yen has depreciated by about 25% against the US dollar this year.
On the same day, the exchange rate of the Korean won against the US dollar fell below the 1400-to-1 mark in intraday trading, setting a record low since March 31, 2009.
This is the Korean won and US dollar bill taken in Seoul, South Korea on September 22nd. (Photo by Xinhua News Agency reporter Wang Yiliang)
According to the US Wall Street Journal, this year, the US dollar index of the Intercontinental Exchange, which measures the exchange rate between the United States and its major trading partners, has risen by 14%, which is the strongest year for the US dollar since the index was launched in 1985. The exchange rates of the euro, the yen and the pound against the US dollar have all fallen to decades lows, and emerging market currencies have also been hit hard.
Analysts believe that the exchange rate "scissors difference" brought by the strength of the US dollar is "harvesting" the world through inflation. No matter developing countries or other developed countries, once the local currency depreciates against the US dollar, the cost of importing commodities denominated in US dollars will inevitably rise, which will aggravate their own inflation. For the United States, it is cheaper to import goods from other countries, and the appreciation of the dollar has thus become one of the means to alleviate domestic inflation.
Take the euro zone as an example. In August, the inflation rate reached 9.1% at an annual rate, far exceeding the European Central Bank’s medium-term inflation target of 2%. In nine of the 19 member countries of the euro zone, the annual inflation rate has reached double digits. After the euro depreciated against the dollar, Europe imported raw materials and semi-finished products denominated in dollars from the United States at higher prices, bearing the inflationary pressure passed on by the United States.
The Wall Street Journal commented: "In terms of curbing inflation, a strong dollar has brought a favorable wind to the United States, but it has put pressure on the rest of the world."
Raising interest rates and deepening economic recession expectations
Under the pressure of increasing inflation and devaluation of local currencies, many countries have to follow the pace of the Federal Reserve and raise interest rates. In the words of Ethan Harris, chief economist of Bank of America, the world is caught in a "interest rate race".
Before and after the Fed’s interest rate hike, the central banks of Sweden, Switzerland, Britain and South Africa all raised interest rates sharply. Among them, the Swiss central bank’s interest rate hike marked the end of the 10-year negative interest rate era in Europe, and Japan became the only major economy that maintained the negative interest rate policy.
Last November, President christine lagarde of the European Central Bank claimed that interest rates in the euro zone were unlikely to increase in 2022. This month, the European Central Bank announced that it would raise interest rates for the second time this year, with a rate of 75 basis points, the largest rate hike since the introduction of the real euro currency in 2002.
This is the Euro sculpture and a fountain sculpture shot in Frankfurt, Germany on September 8th. (Photo by Xinhua News Agency reporter Shan Yiyi)
In Asia, the central banks of the Philippines and Indonesia announced a 50 basis point rate hike on the 22nd, and the central bank of Vietnam announced a 100 basis point rate hike on the 23rd.
Bloomberg statistics show that since the beginning of this year, the central banks of about 90 economies have raised interest rates, and half of them have raised interest rates by at least 75 basis points in a single time. This has also set a record for the most extensive tightening of global monetary policy in 15 years. Krishna Guha, head of central bank strategy of Everco International Strategy and Investment Group in the United States, believes that the United States is the decisive factor driving the global interest rate hike. "The Fed is setting the pace of interest rate hike and passing the pressure to other central banks through the foreign exchange market."
International observers believe that the Fed has made it clear that it will do whatever it takes to curb inflation and realize the economic interests of the United States. With other central banks passively following the pace of the Fed, the risk of world economic recession has also increased significantly.
Maurice Obst Feld, former chief economist of the International Monetary Fund, believes that most central banks are moving in the same direction, and may strengthen each other’s austerity policies, which aggravates the risk.
According to the research report released by the World Bank in mid-September, global central banks are raising interest rates at a synchronous rate that has not been seen in the past 50 years, and this trend may continue until next year, bringing the world economy into recession and bringing financial crisis to emerging markets and developing economies, causing lasting damage.
In the words of Kevin Walsh, a former governor of the Federal Reserve, "all the conditions for the world economic recession have been met."
Liquidity increases global debt risk.
Debt risk is another important manifestation of the global harm of dollar hegemony. The sharp turn of the Federal Reserve’s monetary policy has led to a significant tightening of global liquidity, and the preference for lending has shifted from stimulating to restrictive, and capital has begun to flow back to the United States, while it is difficult for many emerging economies that are already heavily indebted to get out of debt.
Us treasury secretary yellen has previously admitted that the appreciation of the us dollar may bring challenges to emerging economies, especially those with a large amount of dollar-denominated debt.
On September 28, 2021, US Treasury Secretary Yellen attended the hearing of the Senate Banking, Housing and Urban Affairs Committee in Washington. (Xinhua News Agency, Pool photo/photo by Kevin Dicky)
Guram Rajan, a professor of finance at the Booth School of Business at the University of Chicago, said that many countries have increased their debts in the past two years due to low interest rates and the COVID-19 epidemic, and now the risks are difficult to control.
After the Fed raised interest rates, the yield of US 10-year Treasury bonds, a key benchmark of global borrowing costs, soared to 3.69%, the highest level since 2011. According to the latest data from the International Finance Association, 83 billion US dollars of government debt in emerging economies will be due by the end of next year. After the strength of the US dollar, the US dollar debt undertaken by governments and enterprises in emerging economies will be more expensive.
Indmit Gill, chief economist of the World Bank, warned in an interview with the Financial Times that the debt risk of emerging economies is particularly prominent. Compared with before the international financial crisis, some low-income countries are more vulnerable and may fall into debt difficulties in the context of global austerity.
