To the extent that financial deleveraging, with the primary purpose of safeguarding financial risks, is to be transformed into a real, stable leverage, it is important to achieve high-quality economic growth.

China’s economic growth of 6.5 per cent in the third quarter of this year, which has created a new low since June 2009, is essentially in line with market expectations. However, in October M2 grew by 8 per cent on the same basis as in October, in the second year, at a time when the international economic environment was becoming more complex and the problems of financing the financing of domestic private-sector enterprises were becoming increasingly visible, the authors argued that, as long as financial deleveraging the main purpose of safeguarding financial risks was to be a real and stable leverage, so much was done to achieve high-quality economic growth.

Excessive emphasis on financial leverage cannot effectively reduce the leverage of enterprises

While the general indicator of leverage for a country’s economy, or economic sector, is total/GDP, Bank for International Settlements (BIS) data show that China has a total leverage rate of 238 per cent, slightly lower than in developed countries such as Japan, Canada, France, the United States, but higher than nearly 100 percentage points in emerging market countries such as Brazil, India and Russia, China’s high economic leverage rate is significantly higher than in major global economies, almost twice the United States and the United Kingdom, 14 percentage points higher than in France, where the enterprise leverage is high, and the Chinese Government and the population are at a lower global level.

Financial leverage inhibits the ability of banks to finance and increases the financial difficulties of private enterprises. Since the liability of the enterprise derives mainly from bank loans and out-of-pocket financing, the Chinese financial regulatory authority, for financial risk prevention reasons, introduced a macroprudential assessment of the bank (MPA) starting in 2017, which puts the bank’s out-of-pocket finances, mainly out-of-pocket assets such as loans, trust loans, foreign exchange tickets (invested assets of bank finances) under a broad credit scheme, which increases the size of the bank’s weighted risk assets, and, in the case of capital uncertainty, the medium-sized banks with larger off-the-board operations face increased pressure on capital adequacy to meet the banking requirements. The data show that the first 10 months of this year saw a reduction of $128 million in bank trust loans, a decrease of $12.25 million in loans, a reduction of $592.5 million in exchange tickets, and an increase of only $138 million in loans for the same period, which eventually resulted in a decrease of $279 million in the size of social finance and a decrease of 15 per cent. The current size of banks’ out-of-pocket operations is approximately $2.5 trillion, or 13 per cent of the size of social finance, and because these high-cost funds are mainly channelled to private-sector enterprises, the continued compression of such financing will further exacerbate the financial difficulties of private-sector enterprises and may exacerbate the default of corporate debt and business loans, resulting in additional bank failures and inhibiting bank financing capacity.

In the absence of substantive changes in the pattern of overdependence on investment for economic growth and inadequate equity financing, financial leverage alone cannot substantially reduce enterprise leverage. China’s economic growth has long been dependent on investment in fixed assets, a situation that has not changed substantially, with fixed asset investments totalling $48.34 trillion in the first three quarters of the year, while the total value of retail social goods totalled only $27.4 trillion in the same period, with an investment size of approximately 1.76 times that of consumption, since most of the fixed asset investment recovery cycles are longer than the duration of the loan, thus requiring greater debt to remain sustainable, and in cases where it is not possible to reduce the size of the enterprise’s debt through a heterogeneous insolvency, thus reducing the leverage of short-term commercial provision that could be reduced by financial leverage. In addition, the low share of direct financing by Chinese enterprises inhibits their leverage. Data show that since 2002, Chinese equity markets have accumulated $650 million for non-financial enterprises, accounting for less than 4 per cent of total social financing, and stock market value is less than 40 per cent of GDP, while the United States share is as high as 150 per cent, which is the key cause of low corporate leverage in the United States - the United States has developed well-established equity markets, which make it unnecessary for enterprises to rely excessively on bank lending. However, in order for the Chinese equity market to resume its financing function, comprehensive and in-depth reforms are required, which are difficult to achieve in the short term, and it is not realistic to expect additional equity financing leverage in China.

Stable financial leverage and tax deductibility are currently viable options for leverage.

Radical financial leverage reduces the supply of bank funds, raises the cost of money, increases the financial costs of enterprises and is not conducive to lower corporate leverage. The scale of social financing has been slowed down since the financial regulatory authorities implemented a relatively radical financial deleveraging policy in 2017, with the opening of out-of-bank lending operations, which began in April 2017 with the first collapse of broad-based M2 to 8 per cent in June and October this year, which resulted in a similar reduction of $279 million in the size of social financing over the previous 10 months and a 15 per cent reduction in the amount of financing, thus increasing the cost of private enterprise financing and raising even the level of corporate bond default. Subject to the rigidity of corporate leverage, the Bank could consider converting monetary policy to a neutral one and, in the context of the overall gate to manage good currency provision, proactively lowering the interest rate for the stock of MLF and actively reducing the deposit reserve rate, thereby reducing the bank’s financial cost while stabilizing the bank’s out-of-pocket assets, avoiding the rapid contraction of out-of-pocket finance to obviate the effects of the quasi-monetary policy, leading to a sustained downturn in M2 and eventually introducing the economy into recessionary swamps.

Reducing the burden of corporate taxes, increasing the profitability of enterprises and building the capacity of domestic sources of finance, reducing dependence on external debt and gradually reducing leverage. The World Bank’s World Tax Index 2017 shows that China’s macro-tax (tax/profit) is 68 per cent, far higher than Germany’s 49 per cent, the United States 44 per cent and the United Kingdom 31 per cent, and that the excessive tax burden erodes the profitability of the enterprise, leading to a business enterprise.

At the meeting, the Senior Vice-President of the White Helmets Group and the President of the Digital Science and Technology Consortium flew as far as digitization of industrial collaboration, adding that “Industallation 3” was possible to run faster than web3, which consumed the Internet.

It is the view of Brunei that the main features of industrial Web 3 should be to give technology real value in industry, create real benefits and contribute to the real economy. “Industry Web3 was a real interest for real participants and could even be constructed earlier than Web3, which consumed the Internet,” he said.

He noted that in the digitization of industries, participants were both value contributors and value distributors. This value creation and distribution mechanism under a contractual consensus is the best expression of Web3 thinking. We trust that in the future there will be an increasing number of smart contracts for consensus-building on value creation and benefit distribution in industrial collaboration, and industry Web3 will have a good development basis in the digital economy.

Looking to the future, the White Helmets stated that the industrial web3 had just begun and that the future would have great development spaces and opportunities. It is expected to work with partners from all walks of life to build open, integrated and productive industrial ecology.

It is understood that “Web3.0” is an improvement in “Web2.0”, in which users need not create multiple identities in different central platforms, but can develop a centralized, common digital identity system that is accessible to platforms.

I just wanted to earn some pocket money

But he was obsessed with money for a while

Become an accomplice to criminals

one

Wisdom is mistaken by wisdom

Li, 20 years old, is a sophomore in a university. In the eyes of his relatives and friends, he is very smart and independent. Except that the tuition is provided by his family, the rest of his living expenses are earned by working on his own.

But just two days ago, Li was caught by Anyuan police. It turned out that his intelligence was used in the wrong place and the money he made was ill gotten wealth.

After examination, the suspect Lee used QQ, WeChat, bat, aircraft and other APP to buy the micro signal with real name authentication on the Internet. Lee bought the real name authentication enterprise micro signal at a price ranging from 110 to 550 yuan, and sold it at a price of 220 to 900 yuan, which sold 450 real name authentication enterprise micro signals and made a profit of 28 million yuan.

At present, Li has been criminally detained by Anyuan County Public Security Bureau, and the case is still being further handled.

two

Rental micro signal? Become a liar and accomplice!

At present, buying and selling wechat has gradually become a black and gray industrial chain. Criminals target young groups dominated by students. On the grounds of part-time work and acquisition, they make some quick money as bait to lure these groups to sell and rent wechat, or instigate school students to defraud their classmates, relatives and friends’ bank cards for reselling.

This is the wechat leasing advertisement that wechat group and QQ group often see. You don’t need to do anything. You just need to lend your wechat signal and you can settle a commission of 100-200 yuan from your home every day. This is undoubtedly a lot of income for many people, especially college students who don’t have a stable income.

It seems that this is a win-win business, but have you ever thought about what the other party rented your wechat for?

Yes, it’s fraud!

Because the real name account of ordinary users has the payment function and generally has no abnormal transaction records, in addition to being used to commit fraud, the rented wechat can also be easily used by fraud gangs to “wash away” the stolen money in their hands and escape the tracking of regulatory authorities and police.

Once the wechat rented by users is involved in the storm of “money laundering”, the account will no longer be “innocent”, and they are likely to be in prison like Li in addition to being blocked by wechat.

three

Legal link

In the era of big data, it is particularly important to protect citizens’ personal information. Those who illegally obtain or provide citizens’ personal information and the circumstances are serious will bear criminal responsibility.

Article 253-1 of the criminal law

[crime of infringing upon citizens’ personal information] Whoever, in violation of relevant state regulations, sells or provides citizens’ personal information to others, if the circumstances are serious, shall be sentenced to fixed-term imprisonment of not more than three years or criminal detention and shall also, or shall only, be fined; If the circumstances are especially serious, he shall be sentenced to fixed-term imprisonment of not less than three years but not more than seven years and shall also be fined.

Whoever, in violation of the relevant provisions of the state, sells or provides personal information of citizens obtained in the course of performing his duties or providing services to others shall be given a heavier punishment in accordance with the provisions of the preceding paragraph.

Whoever steals or illegally obtains citizens’ personal information by other means shall be punished in accordance with the provisions of the first paragraph.

Where a unit commits the crimes mentioned in the preceding three paragraphs, it shall be fined, and the persons who are directly in charge and other persons who are directly responsible shall be punished in accordance with the provisions of each paragraph.

A gentleman loves money and takes it in a right way

Don’t delay your great future because of the small price in front of you

A slip of foot makes a lasting regret

Police reminder

Any violation of citizens’ personal information

Will be punished by law

Please protect your personal information

Not easily disclose important personal information

So as not to give criminals an opportunity!

Key points:

1. 315 approaching, the excessive consumption of minors has attracted much attention. Parents feedback Kwai create all sorts of obstacles to reward $20 thousand, and no money can be refunded. OPPO games are not allowed to be processed for a year.

2. The lawyer pointed out that if a minor participates in online paid games or rewards on the webcast platform without the consent of his guardian, the enterprise should return the money. However, it is really difficult to prevent and identify minors from borrowing Guardian accounts.

3. During the two sessions, some deputies to the National People’s Congress proposed to close the reward function of the platform and prohibit minors from playing online games. However, it still needs the joint efforts of the government, enterprises, parents and other sectors to solve the problem of minors’ excessive consumption.

4. During the two sessions this year, excessive consumption issues such as minors’ live broadcast reward and game recharge have become the focus of attention.

5. For minors whose views on money and consumption have not yet taken shape, it is really difficult to take the initiative to stay away from the temptation of excessive consumption. Some deputies to the National People’s Congress even directly suggested that the reward function of the platform should be turned off and minors should be prohibited from playing online games to strengthen positive energy guidance.

6. It remains to be discussed whether to make a one size fits all approach to live reward and game recharge. However, in daily life, it is common for minors to spend tens of thousands of yuan on live broadcasting and games, but it is even more difficult to get a refund.

7. On the Sina black cat complaint [complaint portal] platform, many parents reported that they were made difficult to seek a refund from enterprises, and some enterprises were obviously shirking their responsibilities.

8. “Video when children recharge must be provided”

9. In February this year, Mr. Zhang (pseudonym), who lives in Tianjin, suddenly found that more than 70000 yuan of a bank card had disappeared. He didn’t know the truth until he asked his 13-year-old daughter.

10. “At first the child was Kwai Ho, and later admitted that he was charging up quickly.” Mr. Zhang said he checked his daughter’s quick account and found that his daughter gave Kwai Kwai a lot of recharge to brush gifts in 8-9 months in 2020, but the recharge record that he can find at present is only 20 thousand yuan.

11. After Kwai Fu customer service reflects the situation, customer service also found a 20 thousand yuan recharge record, but asked Zhang to provide relevant evidence is minors operation.

12. “Customer service requirements: first, provide the video of children’s recharge. I think it’s deliberately making trouble for people. How can there be a video of recharge? Second, provide gifts to who, but she doesn’t remember what the child said.”

13. Even more dissatisfied with Mr. Zhang, the Kwai Fu customer service also thought it was impossible to prove that the account was used by minors on the basis of a comment on the Kwai Fu account. Under a video of campus bullying, the account commented, “if this is my child, I’ll kill him”.

14. “Customer service believes that this is not what children can say, but this comment does not just show that the Kwai teh is poisoning teenagers, and has a negative impact on their values.” Mr. Zhang said angrily.

15. “I uploaded my personal information and recharge records, but there was no result. My family was dying of anxiety. The customer service made the evidence difficult for people, which was shirking the responsibility.” He said.

16. According to Mr. Zhang, he has contacted a lawyer and intends to sue the Kwai Fu Court.

17. Oppo games can also brush away one year’s income?

18. In addition to live rewards, game recharge is also a serious disaster area for minors’ excessive consumption.

19. In August 2021, the State Press and Publication Administration issued a notice known as the “most stringent anti addiction new regulations in history”. All online game enterprises are required to provide one hour service to minors only from 20:00 to 21:00 every day on Friday, Saturday, Sunday and legal holidays. In addition, the notice also requires strengthening the verification of real names and strengthening the supervision and management of anti addiction measures for minors.

20. However, the phenomenon of minors using their parents’ accounts to bypass game addiction prevention and even being induced to recharge still exists.

21. Miss Wang (pseudonym) reflected in the black cat complaint that her brother was a minor, but she was induced to recharge by Guangdong Huantai Technology Co., Ltd., with a total amount of about 8000 yuan.

22. According to her description, the child lives in the countryside with his grandmother in her fifties all year round. Recently, she found that grandma’s wechat had more than 50 payment records to Guangdong Huantai Technology Co., Ltd. since 2021. These amounts were used to buy game VIPs, gemstones, gold coins and so on.

23. “Grandma is in her fifties this year. She lives on farming and earns only a few thousand yuan a year. She brushed away seven or eight thousand yuan at once. Grandma can’t accept the idea of looking for life and death.”

24. After giving feedback to Huantai technology customer service, the customer service did not deal with it. The reason given is that the identity information is an adult and the password used for payment is not refundable if the operation of a minor cannot be confirmed.

25. “Let’s ask a farmer in his fifties who makes a living by farming. Can he play this little game and recharge so much money?” She questioned.

26. Statistics show that Guangdong Huantai Technology Co., Ltd. operates the heytap platform and launched a variety of Internet service products including game centers, software stores and browsers. The heytap platform is a subsidiary of oppo.

27. Another user encountered a similar problem. He described that his brother recharged about 14000 yuan to Huantai company, but the customer service told that because the recharger entered the password and logged in with an adult ID card, it was not a minor, and there was no refund, “The company has no face brushing certification, which is not in line with the State Council’s protection measures for game developers for minors, and confidently told me whether there was any video taken at that time as evidence.”

28. How to solve the problem of refund for minors’ excessive consumption?

29. Xi min, senior partner of Liaoning Kaier law firm, told sina science and technology that legally speaking, the gift of a person without civil capacity (a minor over the age of 8) to others can be deemed invalid, and his legal representative can ask the recipient to return the money.

30. According to the new covid-19 guidance issued by the Supreme People’s Court on the issue of civil cases involving new crown pneumonia cases in 2020 (two), the people who have limited capacity for civil conduct (over 8 years of age) are spending their age without their guardian’s consent to participate in the online payment game or the Webcast platform. If the amount is not suitable for intelligence, the guardian shall request the network service provider to return the amount

31.