Development and Reform Commission convened wine prices will be warned quietly opened liquor prices surge or rapid cooling | prices

    Source: Beijing Morning Beijing Morning News (reporter Chen Qiong) premium spirit sustained wave of price increases is expected to Huashangjuhao。   30 afternoon a month, the National Development and Reform Commission price supervision and inspection and anti-monopoly Bureau held the liquor industry price regulations and policies will remind warned, aimed at maintaining the market price order, create a fair competitive environment and promote sustainable and healthy development of the liquor industry meeting, Maotai,, the company made a key speech。
The meeting was also seen as a warning of price increases wine prices, "the momentum of high-end liquor prices expected to be curbed," a liquor industry insiders pointed out that。   Since mid-2017, led to the price of the liquor business news after another, which acts as a flying Maotai prices vanguard, the retail price hit a new high again。
Moutai also raised January 1 ex-factory price Maotai flying, up from the original 819 yuan to 969 yuan a suggested retail price rose to 1499 yuan from 1299 yuan, the average increase rate of about 18%。
With the rise in prices of long-term stock Maotai flying, although Maotai said it would increase the supply during the Spring Festival, is still "a bottle of hard to find" Flying Maotai in the retail channel。 Further exacerbating the shortage Flying Maotai prices soaring, the recent wholesale price of flying Maotai has reached 1,700 yuan, the retail terminal unit price has exceeded 2000 yuan。
  "One day a price", a smoking hotel owner told the Beijing Morning Post reporter。
Accompanied Maotai price soared, more and more people join the camp to speculation Maotai。
Since Maotai increased the amount invested in the import of electronic business platform, the platform has become a self Maotai stationed cattle。
In the camp of buying Maotai, both professional cattle, there are dealers。
Flying Maotai price mania pulled down dominoes liquor industry prices, wine prices have opened a model prices。 Since mid-2017, Yang, Luzhou, Wuliangye retail price varying degrees of increase。
  Seeing the liquor industry into the soaring price of revelry, the liquor industry price regulations and policies to remind held warning would have brought rapid cooling。
Analysts pointed out that if the price behavior repeated liquor business is still fermenting, it might lead to antitrust penalties。 February 2013, Maotai, Wuliangye claiming to be the implementation of price monopoly Bureau of Development and Reform Commission antitrust fines billion, the amount of the penalty is 1% on two wine prices a year of sales, the same year the liquor industry into the industry trough。

Ming unable to refund small bicycle deposit will be 700,000 users bankruptcy | shared bicycle

    "Daily News" reporter was informed that March 22 morning, the Guangzhou Intermediate People's Court (hereinafter referred to as the Guangzhou Intermediate People's Court) a public hearing of the Guangdong Provincial Consumer Council (hereinafter referred to as the Council of Guangdong Province) v. Defendant Ming small bicycle operators Fang Guangzhou Wyatt ride information Technology Limited (hereinafter referred to as ride Wyatt Technology) civil public interest litigation case。
  This is a shared bicycle industry, the country's first public interest litigation。 Reporters learned that the current legal representative of Wyatt Technology riding off Bin also be required to appear in court。
According to Guan Bin, revealed in court, the current small-ming bike has stopped operations。 Ming had accumulated charge a small bicycle users a deposit amounting to about 800 million yuan, the cumulative number of users to more than 400 million people, as has been refunded the deposit Bacheng users, there are 700,000 users of deposit not refunded。 Wyatt Technology is currently riding can not afford to repay the deposit, "Our decision was liquidated。 "The Court: Companies should be committed to return the deposit in December last year, the Guangdong Provincial Council announced the indictment of a small business square Ming Yue bicycle ride technology, which became the country's first case of civil public bicycle sharing case, concern。   March 22 this year, the case was heard in public hospital in Guangzhou。 Reporters learned that Wyatt Technology's current legal representative of riding off bin be forced to appear in court。
  Guangdong Province, the Consumer Council and the plaintiff attorney in court alleged that since the beginning of August 2017, the plaintiff continues to receive consumer complaints about overdue refundable deposit defendant。 As of December 8 the same year, the plaintiff received consumer complaints against the defendant 2952 (excluding visitors)。   Guangdong Provincial Council told the court that from June 2016 to October 2017 16, small Ming cycling in Guangdong Province, the number of applications the user is a refundable deposit of 321,681 people, where the number of users has been received as a deposit refund 271 806 people。
Under the "big number of defendants overdue return the deposit or return the deposit to the consumer refund has been constituted in many consumer complaints overdue deposit, constitute a serious breach of the case, still does not accept the specific consumers as the new user registration and continue to charge a deposit, this indicates that the accused is still suspected of overdue return a deposit laissez-faire attitude, there is still suspicion of deliberately infringing on the unspecified subsequent new users。
"After the trial lasted more than two hours, the final court decision in court, the defendant riding Wyatt Technology should be committed to return the deposit to the consumer, if they can not meet the commitment to return the deposit, the registration of new consumers pause a deposit, while in this judgment within ten days from the effective date, without refund of the deposit will be charged to the escrow law notary public "little Ming bicycle" to the operator; in addition, Wyatt Technology should also ride on the date of entry into force of the decision within ten days, in a manner known to the public enough consumers with true, accurate and complete disclosure of the deposit balance of payments, the use, refund and other related mechanisms and processes involved in consumer safety deposit information; date of entry into force of the decision within 10 days from Wyatt Technology also published riding Court recognized in specific media apology statement。
  It is reported that after the case was handed down, the two sides were in court of appeal。
Attorney Wyatt ride technology, said the deposit would affect the community deeply regrets the incident have on the company is willing to make a solemn apology。   Company: Management has paralyzed operations have been stopped, "Daily News" reporter learned through live webcast, part of the burden of proof, the defendant riding Wyatt Technology's lawyer revealed that Wyatt Technology has now been riding a small bicycle Ming user filed for bankruptcy, the bankruptcy case is being adjudicated Guangzhou Intermediate People's Court, March 9 Guangzhou Intermediate People's Court also held a bankruptcy hearing。
Wyatt Technology's attorney that the ride, which proves that there is no settlement funds on deposit user defendant objective。 According to the said small Ming bicycle APP has this year ceased operations March 7。
  Reporters noted that Bin Guan Ming for the issue of small bicycle operated judge and the presiding judge asked, showing not very familiar with in the courts, frequently you need to consult the attorney。 Public information, last August after Bin Guan Ming small bicycle founder, former real exit the accused Deng Yonghao Yue ride into the science and technology, science and technology to become the new legal representative Wyatt ride。   Bin Guan said the small-ming cycling in the country a total of 430,000 put in bike sharing, the cumulative number of users is 400 million to 199 yuan / person deposit calculation is to say, small Ming bicycle cumulative charge a deposit 8 user about one hundred million yuan。
According to Guan Bin statements in court, has already refunded a deposit of more than 360 million users, there are more than 70 million users deposit not refunded。 According to attorney supplement Wyatt ride technology, which is more than 70 million users, clearly on the application APP-refundable deposit of 500,000, more than 20 million users yet another application for refund of deposit。   Guan Bin said, "We do our best to have dropped out of eighty percent。
To fill the funding gap, originally hoped to fill by loan restructuring, shareholders。 "Bin Guan repeatedly said he joined the company in August last year, on the operations of small-ming bicycles do not understand, is responsible for looking for new strategic investments and corporate restructuring。   Wyatt Technology's lawyer was still riding revealed in court, "Wyatt is currently riding a technology management has paralyzed operations have stopped。 "He said that at present more than 70 million small-ming bicycle users are not accused of subjective bad faith deposit is not refundable, mainly because of the funding gap。   Guan Bin frankly, shareholders Wyatt ride technology have been reluctant to continue to invest himself from August last year to now, also from personal accounts by a total of 500 million to Wyatt ride technology, used to pay staff salaries, etc.。
"Reorganization is not successful, the shareholders are reluctant to reinvest in our decision is liquidation。 "" In the beginning (Wyatt ride technology) operations are very healthy, and later the two companies use the free bicycles and even cash subsidies, etc., to enable our customers to ride volume fell sharply and the number of registered users, a squeeze them, we I can not stand。 "Bin Guan Ming bicycle for failure so small summary。

Hu Yuexiao: Chinese property market bubble is no longer a market bubble

          First, the Chinese economy's question: Where foam?  After issuing "tree can not grow to the sky" in the words of the leaders of the CPC Central Committee Political Bureau meeting first mention of "curb asset bubbles."。
After the "bubble suppression" policy announcement, the stock market and other financial markets tumbled, but the property market has crashed boom。
The performance of different assets in different areas, so that the market exclaim – where asset bubbles?Property to "sites" are frequent, prices soared, answered the questions of the market, but the market apparently unwilling to believe the answer。   Run economic performance to see from any country, at any stage, economic hardship or economic crisis, always showed burst "bubble"。
The current concerns about China's economic outlook, also from concerns about China's economic performance in each "bubble"。
Since 2012, China's economy has entered a downward spiral, the market has been that there are more Chinese economic "bubble": credit bubble, financial bubble, the stock market bubble, property bubble and the debt bubble, etc.。
  Whether more "bubble" exists, in which there must be a "main bubble"。
"Lord bubble" expansion and development, leading the process of running the economy, the impact caused by the rupture, beyond the capacity of the economy to contain and absorb the impact, led to the development of economic trouble, even the economic crisis。
From each "bubble" areas of the market that China's economic development, the Chinese economic system "main bubble" which is evident in。 Credit already back to normal from the rapid expansion of the。
After the stock market experienced a year or so noisy again to settle, investors are worried about now is how long the "bear market", during which the presence or absence of structural opportunities。
The financial market is essentially just a "channel" market only, at this stage of rapid growth is more a reflection of the deepening and structural changes in financial markets, reflecting lower interest rates and financial market liberalization, the rapid development of the money market。
Door on Sustainable Development parties have been worried about local government debt, since the introduction of the "local debt" debt management and other innovative means, in fact, the government opened a "shift lever" and "plus leverage", the debt has been greatly improved transparency , market confidence has increased, market concerns about government debt problems has been greatly alleviated!Excessive debt of the corporate sector in the supply side reform "deleveraging", has also been effectively controlled, the occurrence of individual defaults in the market generally break "just against 'expectations, and also in the market within the acceptable range。 Clearly, the Chinese economy mainly in the property market bubble, the housing bubble is the Chinese economy, "the main bubble"。
Before the author of a topic ( "Three Kinds of prospects for China's asset bubble") in respect pointed out that China's asset bubble is mainly reflected in the property market bubble。
  As I pointed out in the monograph, the Chinese property market bubble, and very serious, this is no doubt, has become almost the market consensus is that the differences of views on the prospects of foam。 I have summarized three prospects for China's property bubble: 1) Russian-style house prices do not collapse, the exchange rate collapse; 2) Japanese currency does not collapse, house prices collapse; 3) expectations in the exchange rate, prices double does not collapse, the property market bubble and solid。
I hope that China will become the third over the prospects of the property market bubble prospects。   Second, China's property bubble is not a market for foam foam, thanks to lessons learned and a large number of previous studies, it has been a lot of exploration follow the law, no matter what happened in the economic field, have more in-depth understanding。 Although we can not prevent, but at least you can find signs early to give warning and response, no longer "only after the bubble burst know bubble"。 For the Chinese property market, from relatively common market indicators, has long been the "bubble" – both from the micro indicators of return on assets, the price earnings ratio, rental ratio, or the macro and meso level of industrial comparative indicators, such as industrial Compare rates of urbanization and population concentration process such as evolution, there is a serious point to the Chinese property market "bubble"。   China property market "bubble" is not only recognized as early as the market – although there are differences on the extent and evolution of foam prospects, the policy has long been to deal with。
As early as April 2010, aimed at reducing the property market bubble of the "double limit" policy (purchase limited credit) had been issued。
After the "double limit" market regulation policy implemented in four years has been loosened, it really is a perfectly normal phenomenon。 Administrative control after all, not long-term solution, which "bubble" in the market for four years after the regulation does not calm down?Let alone a high pressure to the stock market。
  However, after the loose house prices across China rose more fiercely the most。 Chinese property market bubble expands, so administrative control measures had to restart, and thus causing a lot of room because the sky "strange phenomenon" in the whole society – a place to buy a house and line up fake divorce are so many people, even squeeze burst Civil Affairs Bureau。 Chinese property bubble re-inflate round of novelty, not to accelerate the rise in house prices on the basis of the previous high, but the environment is less favorable than before the bubble inflated; it should be said that the current support for re-inflate the property bubble factor less than in the past , while housing prices constraints of factors are emerging and continued: after 2015, the growth rate of Chinese currency continued to decline in the next steps on the basis of; August 2015 after the new reform on RMB exchange rate accelerated depreciation, formed a relatively strong market depreciation is expected, since 2005, more than ten years of continuous appreciation of the renminbi is expected to be completely reversed, unilateral capital flows (into China) is no longer the situation; economic growth is a continuation of "hovering at the bottom," the market is expected to continue long-term economic growth will slow downward trend; Although the population has not ended to the central tendency of the city, but the process slowed down, the urbanization rate began to decline, first-tier cities due to the high prices caused by the pressure of life, began to impact on the attractiveness of university students, although escape "wide north" is hard to become a trend but signs are beginning to emerge。
  Of course, the economic downturn is expected and plenty of money stock over the pattern, will deepen "off real to virtual" currency in the process, to once again rise to power of a property bubble。
But as a rational "economic man", in the current market environment, never again increased property investment in their asset allocation in proportion。 The results of the current rise in prices accelerated, and out of most people's perception cap on prices, market sentiment is clearly not evolution。
Government correction to cause the bubble has been engaged in market sentiment, China's housing prices rose repeatedly tune repeatedly history, especially the regulation of the real thing after the current government came to power, the more pressure but prices rebounded more fierce phenomenon, shows that the Chinese economic system there is a fundamental defect, making the Chinese property bubble is no longer a market bubble。 Chinese property market bubble of non-market property, indicating that China's property market bubble is not a bubble, but the concentrated expression of economic imbalances。
Unilateral increase in prices, is the result of the decision of the real estate industry policy, urban management policy, financial and monetary policy, the economy is a concentrated expression of the accumulation of structural defects; the single market regulation can not solve the steady market bubble problem, only to promote the comprehensive reform of urban management, land management innovation, financial and taxation reform, etc., in order to solve the problem of housing bubble, economic transformation。   Third, boosting the property market bubble economy "ills" policies and countermeasures First, urban and rural land system, resulting in a monopoly of the land market。 Monopoly on land supply source, is caused by the financial foundation of China's land, and makes China's property market losing its market run of the root causes – land supply can not be regulated by the market。
Another notable defects of China's current dual system of land, is to create a space system "rent-seeking", the land market has become a high incidence of corruption in the field of institutional basis reality。
Many scholars have pointed out that urban and rural land dual system, is also an important factor in urban and rural structure and social polarization caused。   Secondly, a single housing supply structure in the urbanization process。 "Slumdog" is a dirty word in Chinese politics, shantytowns task is not only economic, but also an important political task。
However, numerous studies have shown that the presence of "Slumdog" has its rationality, can not be achieved under the premise of decent urbanization, market-oriented civilian housing supply system often ignore other functions outside the residence, which is not enough decent (but not necessarily uncomfortable such as the liberation of the Shanghai neighborhood)。
Economic activity in the city is a division of labor, with its inherent social ecosystem, people's occupational distribution and salary income is always high and low。 On Yong not engage in simple manual labor of migrant workers, a large number of labor-intensive consumer services and manufacturing sectors in the income of employees, but also relatively low。
Since the 1990s, the popular all over China from the "city management" concept, in fact, urban construction and demolition of the old houses, government land grab differential income。
My husband and a large number of old houses were demolished house result is that the housing supply for low-income people living in the disappearance of a large number of results "social" came into being。
Rely on demolition, seems to be able to create new housing demand with an infinite variety, "land finance" continued worries。
  Third, low cost property owners。 Although very low rental housing than the Chinese, usually less than 2%, but lower the cost of holding housing。 As the Chinese people own their own home for less than 30 years, no concept of depreciation; more importantly, the lack of Chinese property tax system, there is no fixed property tax on hold。
This makes the housing in the minds of Chinese people become the "antique", holding cost is zero, and caused the separation of understanding on the property: one concerns go after the expiration of 70 years of property rights, on the other hand never depreciation。 China has implemented a pilot tax for property held in Shanghai and Chongqing。 Pilot past other large sheet of its different drum propaganda, both the pilot property tax seldom seen in public reports, there are occasionally also consensus that the "failure" – thought throughout the pilot unsuccessful!I believe that this tendency is not obvious that the government implement tax system for holding housing。 In fact, the hearts of government officials understand: to hold the property tax, it is to suppress the property market asset bubble "big kill" magic weapon of choice is the end of fiscal land, but restricts "corruption" and "secret trick"!  Fourth, excessive stock and currency "overvalued" exchange rate。
China's current liquidity environment is overly abundant stock of money, too much money stock makes the RMB exchange rate looks "overvalued" currency devaluation caused a lot of pressure。 In the environment of economic stability, the other meaning that too much money is negotiable assets is too small, that "too much water" is another way of saying "face too little"。 So that more assets into circulation, kill two birds with one stone will be solved too much money stock and currency "overvalued" issues。
This is another topic I addressed in the property market "bubble" third scenario evolutionary mechanism。
  More "ills" in the period of economic restructuring, the current injury is particularly serious economic vitality。
Since the Industrial good to do, is to hold assets of nearly zero cost, even if the income is not high, but at least safe。
In the global economy is facing slower growth and continued low interest rates, even negative interest rates environment, social capital flock to the property market is a rational behavior!  To change the above situation, increase the economic vitality of innovation and solid property bubble, while Chinese need to address the following four aspects。
One is to change the structure of urban and rural land, the land can be freely traded, does not have to "auction"; to restore the supply of land market regulation function, but also makes farmers into the city with disposable assets, increased the ability of farmers into the city to buy houses。 The second is to improve the housing supply system, abandon the "Old City" of urban management thinking, build low-income housing supply system, change the existing "affordable housing" in real terms as "welfare housing" situation。
The third is to increase the cost of holding the property of those who promote the use of housing, so that resources can flow together, of course, the best way to introduce property tax system。 In fact, solve the fourth problem and a problem related to the large number of rural land (including agricultural land, forest land, homestead and other different types of land use) the right to do, given the same treatment as Chinese society marketable assets will be doubled increased too much money issue, the effective use of land will be solved。   (Note: This article represents only the author point of view) Source: FT Chinese network。

Share Pledge "Year" difficult financing bank brokerage amount of funds in an emergency!| Bank

  Share Pledge "Year" difficult financing, bank brokerage amount of funds in an emergency!  Hu Zhongbin this scale up to tens of thousands of Yida market, is facing the throes of deleveraging……"You own funds as well as the amount of it?"This is a small board of a listed company's largest shareholder daily priorities。 His inquiries in recent days at least ten brokerages and banks – if there is own funds may engage in equity financing operation。 On the conditions for cooperation has always been very demanding him, at the present time the cost of capital and other conditions are most concerned about a non-issue, the key is to really be able to get credit。
  Recently, a number of brokerage firms, banks and other financial institutions invest in the stock-secured financing in the amount of funds have been used and exhausted, people started looking for financing lenders can determine funding sources。
  Stock mortgage business in the capital market has matured operation for many years, with little financial terms of the amount of the shortage situation。
This time, limited financial deleveraging recent strong advance in the background, and the SFC and the Shanghai and Shenzhen Stock Exchange issued a new pledge financing requirements and conditions to be implemented, then triggered a stock-secured financing market is not small ripples。
  "Recently, the Exchange will bring together aspects of credit brokerage business executives collective pledge of shares and interpretation of the new regulations for training。 "A brokerage executive told the Economic Observer reported, which may prove market pressure should not be underestimated。 Now, the market is waiting for the parties to further clarify the scale of the implementation of the policy。   This money was tight pressure from high prices, but also from policy overweight; those fighting for stock-secured financing quota "players" how the New Year Off?  Tight money prices of many listed companies, shareholders, in front of the Spring Festival this year to let them off a little torment。 I thought New Year's Day after spending the beginning of the end of the year financial strain point in time, the stock pledge financing costs rising trend can stop the momentum of rising, but that is not the case, not only the price of money did not stop the momentum of rising, but more beyond It expected that the amount of financial institutions tense situation so many people simply can not get financing short-term funds。   "We have a lot of inquiries brokerages and banks, have suffered a lot of conditions, prices rose very fast, when it is only the beginning%, now close to 7%, and it quotes a number of institutions on the market has come to the%。
"The major shareholders of listed companies, said。
Let him remember that, when the cost of financing in October last year was only only 6%, there is a clear upward trend began towards the end, but he did not particularly alert, that the cost of capital over the New Year's Day will once again return to normal Level。   Although funds can not say the price is a price one day, but not every few days the price up a lot of momentum made him somewhat panic, He says that he which is from mid-2015 after the stock market crash occurred, "most intense" period。
  This company is listed in Shanghai and Shenzhen 300 constituent stocks, belonging to the pledge of shares in one of the underlying securities to accept a higher degree of tickets。
In fact, over the past few years he has carried out stock-secured financing, in accordance with the circumstances of his past cooperation with financial institutions business point of view, in the past two years, basically he is in position "Party A" and is willing to seek business opportunities financial institutions have been doing it, but now the situation is reversed。   He now faces pressure, he was the finance pledge financing by way of a rolling loan to repay other financial institutions, stock-secured financing if we encounter obstacles, he will face a huge liquidity gap。
To minimize this possibility, he started looking for other financial institutions to find out if there are limits and inquiry。   However, due to the financial side of the market is very tight, it is difficult to find the right financial institution cooperation: the price is relatively reasonable in the capital of financial institutions, due to the amount of funds and other issues, it is difficult to determine the time of the loan, the longer time to wait and there is greater uncertainty; and the amount of funds currently have the funding side, it is up for sale, asking price significantly exceeded the market average。   Right now, in order to reduce uncertainties, many financiers are hoping to fall-related funds as soon as possible, therefore, to compete for the formation of a "quota" of the situation。
  "Now our internal quota is very tense, long waiting time, then it can only loan is the preferred choice, low risk, high cost of capital is certainly a priority lending。
"A Beijing business department admitted。   In stock pledge business, some originally pledged active in the stock business bank credit also appeared tense situation。
"Banks in our cooperation, a joint-stock banks also are better done before, but recently also basically stopped, simply put no money。
"Another brokerage and information management department sources said。   Policy overweight significant power stock-secured financing business after several years of development, the market has become very mature variety of businesses over the past few years, equity pledge financing business has been steady and orderly development, did not show a big shock。 The tensions pledge financing the stock market and policy environment has a very direct link, on the one hand the most stringent new regulations pledged shares fall, on the other hand the macro level financial deleveraging of unprecedented intensity。
  January 12, 2018, the stock pledge landing the most stringent new regulations, the Shanghai and Shenzhen Stock Exchange issued a joint Chinese settlement "stock collateral repo and Registration and Settlement Measures (Revised 2018)," The new regulations will be in 2018 3 since May 12, the formal implementation。
  Due to the current more than a month from the time of implementation of new regulations, which became the window of a lot of people want to be able to seize the financing, because they think there may be conditions before this fight might break the new regulations severely restricted, they are worried about the new regulations after the official start of the implementation, supervision will be more stringent, financing costs will rise even more, so are hoping to catch up before the formal implementation of the new regulations first floor part of the funds。
  But it has also been difficult to liking。 Comply with the new regulations implemented when the "new pledge financing provisions, although not formally implemented, but in fact Securities Regulatory Bureau has asked us to carry out the stock pledge business, we do business has complied with the。
"A broker Credit Trading sources say。
At least three brokerages told reporters that the company has implemented in accordance with the new regulations。
  The new regulations put forward specific requirements for risk management, collateral repo business, and strengthen the main responsibility in the brokerage business processes to achieve business before, during, after the overall supervision of。
The specific point of view, the new regulations have more explicit restrictions, such as strict requirements limit the stock pledge rate shall not exceed 60% of a single securities company, a single information management products as a melt-out single party accepts only A shares were pledged proportion shall not exceed 30 %, 15%, only a single a-share stock market as a whole pledged ratio of no more than 50%。   From the operational level, the above strict limits only involve shareholders of listed companies to conduct a very small part, but a greater impact surface is strictly limited to the use of funds and the establishment of capital account management system。   Stock-secured financing business in the past on the use of funds and not very strict restrictions, in addition to brokerage explicitly requested not to enter the secondary market, to invest in real estate business and other prohibited, the other will not bother to invest in basic。 But the new rules should clearly into the capital for the real economy of production and operation, and also requires securities companies should integrate into the parties expressly agreed use of funds in the business protocol, and the establishment of special funds into the account of the regulation, a clear agreement shall be obliged to integrate into a regular basis or irregularly report the use of funds, but also the need for follow-up use of the funds into the side track。   Since the duration of equity pledge financing business is generally one year, shareholders of listed companies for the investment industry, then it is difficult to repay within a year, often you need to scroll pledge to refinance, so the equity pledge financing business, most of the financing are all rolling pledge by the new-old。
The brokerage Credit Trading department official told reporters, stocks in his company pledge financing business, at least 80% by the new-old。 But "by the new-old" is the most common use of the funds how to define whether the "serve the real economy," the regulatory requirements become operational in relatively large controversy。   A City firm who said the bank for the current "by the new-old" financing application needs to provide financing had borrowed money to invest in real terms credentials, such as water and other banks, for new investment projects will be real-time view of the capital accounts flow。 However, some brokers require financiers need to elaborate on details of the previous financing investment projects, and may go to the scene to make transfer。
  But financiers, because regulators and financial institutions have not had to invest in specific regulatory measures of capital, a lot of financing has not been established or standardized financial management system, fear of accounts than the chaos of the situation – it is difficult to provide a clear vouchers and bank water to prove whether the previous financing for the Industrial; therefore feel particularly difficult and the amount of tension under the current situation, which makes financiers sense of pressure。

To create a family-friendly health of the brand philosophy Australian dairy touted US can Zhuo

  Zhuo the United States and Australia may be local dairy brand, because of its "home health care" brand concept by Australia's favorite family。
  Zhuo the United States can be produced globally recognized high-quality milk source base of New Zealand, is among the new Australian domestic milk production only add breast milk ingredients, a leading international formula and technology, the production process strictly enforce the international high standards of quality control, so rest assured that your baby enjoy a safer, better, closer to breast milk's nutritional life。
  Located northeast of Brisbane, Australia, is a healthy and vibrant sunshine city, its downtown shopping mall Square big screen has been circulating in the United States can play a Zhuo of product publicity and brand concept, introducing its products at the same time, also promoting healthy lifestyles to the public。   Zhuo the United States can also help the development of urban public transport in Sydney, in mid-2017 to support continuous optimization to improve the public transportation network in Sydney, vehicle hardware has improved continuously, the United States can put in bus lanes Zhuo。
  US can Zhuo Brand Ambassador –ElkaWhalan, is a former Australian swimmer。
At the 2000 Sydney Olympics, she won a silver medal, but also won a number of medals at the World Championships, the Commonwealth Games in。 Even once broke the women's 200 meters freestyle world record。   After ElkaWhalan ended her athletic career transition to become a presenter, she hosted the new programs on the CH7, and we discuss how a more healthy life in the program, and in a variety of forums for talking about himself raising children, and mothers do understand relationships。
She is passionate about this cause, I want to learn to do their own players during the transfer concept of healthy living for everyone。
  From mid-2015 to date, the mother of four children, advocates healthy way, out of the United States can Zhuo "home health care" concept of brand identity, has served as the United States can Zhuo's image ambassadors。
ElkaWhalan said: I am honored to be US cooperation Zhuo, Zhuo also thanked the United States can trust me。 I hope we can put together a real high-quality dairy products and healthy concept of life, passed to more families around the world。

Yoga must know the psychological knowledge of these things to do

2, excessive practicing maybe you've heard, time should be four times the breath of inspiration, can activate the energy, then immediately began to do, in fact, hurt healthy, you will not have any help。
Any excess food is not good。 So, no matter how much things to help you, or should we use it the right way。 Do not fight with your own flow like。
Meditation is the same, the object of meditation is not important, important is that your heart what happened, if there is any struggle in this meditation, then meditation is to fail。
Do not force to do the meditation is a process flow, if you sit there and closed his eyes, trying to struggle with your thoughts, then you will not succeed。 To know subconscious is full of your past, your meditation object must emerge in your consciousness in meditation from, so that the biggest obstacle is to force yourself。
Position, too, each person's physical fitness is not the same, so do not compare with others to achieve the kind of effect this will only harm the body and health。 Every time practitioners in their own physical limits to the edge of gentle stretching, listen to the body's reaction to push the limits a little bit of progress every day and can be a。 3, talkative while practicing while answering the phone, when you practice yoga should be in the same, do not let yourself be distracted, otherwise generating binary split in unnecessary conversation you waste a lot of energy。 4, teachers and some teachers will limit prescribed what you have to, such a teacher is an obstacle, too strict rules will cause your inconvenience, it is also an obstacle, the rule is to make people more freedom with things rather than limiting it more difficult。
Sometimes we care too much if you cling to the provisions of regulation time, you forget the original purpose of the establishment of the rule of。
More important goal than doing anything, no matter what the situation should remember that the goal。
As people practice yoga, your life should be lively, you must first understand what your purpose other things not so important。 Yoga must know the psychology of common sense 5, many friends did not have time as a student of yoga you have an appointment, not a bad thing with his friend, but a friend too so you do not get along with their own time is a bad thing。
Find a little time alone with yourself is very important, so as to grow to self-reflection, self-reflection that can bring light to your inner。
For more information, please visit Health 6681 health network!。

Psychological changes of women married wife and mother teach you to do

Psychological changes in women after marriage, she would not say what she wants, but you always want to guess her thoughts, such as when her crescent Qingzhou, gentle man would ask her directly to you is not uncomfortable。
This woman is always fantasy become a forest sister like Ziyuan Zi sigh, I want men to be able to spend a little more thought into his body。
But if a man appeared tired look, she would use torture in their own way to make you uncomfortable。
Encountered such a woman, men will more than body tired, tired heart will。
3, appropriate to eat you eat vinegar fly vinegar woman cares for a woman is a man in love there, people are selfish, I hope the other side of their specificity unchanged。 But some women liked you eat vinegar fly, men and their female colleagues more than a few words to say no, and ex-girlfriend had contact does not work, or even a few days without pay grain tax, he will be suspicious of other women out there, this woman every day live in suspicion among。 In fact, the trust between husband and wife is indispensable, if two people together, with action required from time to time to indicate their love, there will always be tired one day, and no one wants to have the feeling of being regulated person, excessive tie him down is actually double-edged sword。
4, less self-confident woman。

Female common mental habit seen little psychological

Small habits 3: apply mask deposited mask it exists things to do at night, there are many women that will be done in the morning, the "personality" of the move proves the special needs of your heart。
Apply mask, for women, beauty is not just that simple, 25-minute time enough for a woman to think a lot of things, such as scheduling a day's work, summed things just dealt with, do occasionally think about what they eat。
Little habits hint: in nature, he can protest the delay you go to bed at night in order to apply the mask, but do not challenge the deposition mask after you get up in the morning, this is your refreshing clear sign of God, just as he would up in the morning smoking is the same reason。
This means that careful thought you were a woman, you do not put all the idea say it, but in his heart own sense of propriety, you are very detail-oriented, and be good to start from the details of the reasoning。
This is what we often call "strong woman" feature。 He needs: Moderate to give you freedom and space at the same time, do not put yourself completely in the world to show you, a little bit of mystery and surprise is very important to her!Small habits 4: Psychological get up to brush our teeth women and 20% of women do。 Wearing good clothes, a toothbrush in his mouth does not prevent them walk around, because it is their home, not afraid emptied。
This is the first thing you do before going to bed last thing at night, but also to get up early in the morning to do。
Little habits hint: This woman is not only pragmatic, and action full force, work is crisp, what it preaches reliable target。
However, this does not mean that you are "fierce woman" bitch even in terms of your feelings, there are many fine pursuit。 Do you have principles, plans to speak at work, no matter how love him do not want him to break your habits。 You do not like him to intervene your thing, you'll work the same time and to clearly divided his time。

2017 Spain received over 710,005 Chinese tourists quadruple-year highs

Overseas Network January 22, according to "ABC" reported that the number of Chinese tourists have growth around the world, is no exception in Spain。 Spain in mid-2017 the total amount of tourists increased, with Chinese tourists also increased significantly。
According to information released by FITUR and ATEC, Chinese tourists last year, Spain received a total of 718,000 people, while in 2012 the data is only 187,000 people, but compared to France (1.7 million) and Italy (300 million), Spain Chinese tourists also Far from enough。
The tourism sector have said will attract more Chinese tourists in 2018。
Chairman of ATEC organization RafaelCascales said Chinese tourists want to experience the fun spirit, combined with the local cuisine, nature, culture and the arts and shopping。 Chinese tourists increased significantly over the world, by 2020 there will be one hundred million -2 million Chinese tourists travel。
Western and Chinese tourists in per capita consumption of 2,500 euros, compared to the average of foreign tourists (743 euros) is much higher。 (Spain Chinatown)。

Coal to gas sales surge driven by 2 fireplaces.6 times the production quality shortcomings highlighted | FINANCE | manufacturer | parts

  Under the explosive growth, the industry is facing production capacity, lack of product categories, strict quality control, installation of a lack of power, lack of after-sales service and other issues。
  "Finance" correspondent Han Shu shower / text mark / edit a wide range of coal to gas in North China make gas fireplace, sales of air-source heat pumps and other heating appliances outbreak, despite the effects of policy stimulus has been expected, but fold increase degree is still the industry by surprise。   In the recently held "coal to clean energy summit," Yang Jie, general manager of the online industry expects sales this year will reach about gas fireplaces million units, while sales of mid-2015 million units in 2016 sales million units this year, an increase of more than one year 2.6 million units。 Air-source heat pump the size of the domestic market also continued sharp growth in three years, up from mid-2015 to mid-2017 one hundred million yuan estimated one hundred million yuan。
  President of the Chinese Academy of North China Municipal Engineering Design & Research Institute, gas and heating Dickson In the forum, the beginning of "mustering the effort" production forecast for this year to 3.2 million units could result in October, November sales soared year is expected to will reach 400 million units。
Dickson reports, China's gas fireplace market starting from the nineties of last century, generally a year of market capacity does not exceed 160 million units, is a very small market, "this coal to gas for the industry are enormous changes."。   Many industry insiders estimate that next year will continue to increase demand for heating appliances。
  According August introduction of the "tackling air pollution comprehensive management action plan", Beijing, Tianjin and air pollution related to the transmission channel "26 + 2" cities, substitution of gas for coal required to complete before the end of October, with electricity instead of coal 3 million (Hebei 1,800,000, 1,000,000, Shanxi, Henan 930000, Beijing 300000, 200000, Shandong, Tianjin 190000) more。   The actual execution, the provincial coal to promote clean energy intensity widespread than expected。
According to Yang introduced, according to government statistics, public information file, the actual completion of the provincial total in 2017 from coal to gas for about 5.9 million (2.47 million Hebei, Shanxi 1.1 million, 1.15 million, Henan, Beijing 300000, Shandong 540000 Tianjin 340 000), far more than 3 million policy objectives。   Substitution of gas using coal gas fireplace mainly residents to heating using electricity instead of coal are mainly air source heat pump。
Actual implementation in most areas using the substitution of gas for coal, "financial" reporter has learned that part of the village also completed last year on behalf of coal power, but because of weak distribution network facilities, lack of electricity supply this year and be unified into a gas on behalf of the coal。   Demand surge brought in short supply。 Minister of energy Division Sales Ling Zhanyong told the "Financial" reporter, Macro gas fireplace sales last year of about 10 million units, production lines, due to this year's market forecast the outbreak, this year added four production lines, sales this year expected to be approximately 50 million units。
But even so, still can not meet the needs of a constant stream of orders, in order to ensure product quality, we have rejected some orders。   "Finance" reporter visited many villages in Hebei discovered gas fireplace in short supply, the lack of impact on the progress of construction workers from coal to gas, coal to gas project progress generally less than expected。   Baoding town government who is responsible for coal to gas work told the "Financial" reporter, in order to ensure supply of the fireplace, as early as mid-September this year, go to the Pearl River Delta has been sent fireplace manufacturer stare goods, shipped back to grab a group of a group of。
  This phenomenon is quite common, and involve the entire upstream and downstream industry chain。 Dickson described in his speech the same day, starting from September, the government in many parts of north China, local distributors in the fireplace manufacturers and other goods, while waiting in the fireplace factory parts manufacturers, and even send someone to help production。 This suggests that the industry can not keep up resources, a serious shortage of production capacity, and is also a serious lack of installers。
  Baoding town government on the "Financial" reporter said, learned from the manufacturer, the production of key components needed for the fireplace heat converter in short supply, affecting the production schedule fireplace。
Ling Zhanyong "financial" reporter confirmed this case, since the heat converter production process need to wash copper process, and some manufacturers because of environmental non-compliance, was shut down in the environmental inspectors, which further exacerbated the situation of shortage of spare parts。 Ling Yong also said that war is not only the thermal converter, the entire upstream supply of spare parts are in short supply this year。   The project led to surge in the amount of shortage of construction workers。 Shijiazhuang new Austrian gas company deputy general manager Liu Xiaobin told the "Financial" reporter, construction workers needed mainly plumbers and welders, one coal to gas peak period of construction Water Heating is also because of large projects, and second,。
"Some places just started in September, start late, it easy to find people。
"The sharp acceleration from coal to gas project brought a lot of worries, and has lead to industry concerns。   Heating Director Northern Region Shanghai Co., Ltd. forest Qin Xiaodong on the day of the forum to remind the current round of coal to gas spawned a number of new companies, but in the end they have no orders from coal to gas, and if the company disappears, the user might follow-up services nobody。 Ling Zhanyong also said that behind the explosive growth of the industry, parts industry upstream, downstream ready to plant installation services, system resources, and not enough to support demand。 Some enterprises in order to go too fast, it will use substandard products。
  Ling Zhanyong concluded that, under the explosive growth, the industry is facing production capacity, inadequate preparation products, strict quality control, lack of after-sales service and other issues。