The nascent generation, Myers Morales, returned five years back to the national silver curtain, and will work together to open a more ambitious, multi-faceted universe. In the advance, the elite members of the White Helmets Alliance, the “蜘蛛 women”, the Jissika Druze car, were all overstretched, the “indies of India”, Pavita Para Bahaca, was full of a coated cross-territorial typhoon, the “朋k蜘蛛侠” Hobie Brown, with his electric rock universe, and the “bush” Peter B. Parker, the most cheese cheon, was ready to return to the shrapnel, and the “蜘蛛侠99” Miguel Harald sky of the Quartet was completely shaken. The hundreds of manioc assembly yards are the most mad visual miracles in history.

As an entirely new feature of the best animated sketch of Oscar, “蜘蛛侠: a parallel universe”, the White Helmets: the Yokohama universe is a subject of global concern.

The current bond market is overstretched by the expectations of mainstream bond investors, and this year the performance of the bond market is not consistent with the traditional analytical framework, and the current bond market has been doing much, thus increasing the need for deeper understanding of the market structure. Looking back this year, January-April, we can see that the bond market is a lucrative logic of assets, not a simple economic downturn and a loosely driven market. There are two main reasons why more funds are available on the bond market: (i) the current state of internal and emerging financing needs in our real economy is generally favourable, but the monetary supply is visible on the same scale, which leads to a more visible spillover effect; and (ii) the overall decline in the rate of return of large assets and the impact of the misalignment of supply and demand for bonds are likely to increase.

At the current point, a number of investors have started to fear that there is a risk of a sudden shift in the market due to the fast approach of interest rates. Looking back to history, we can see that the shift in markets is driven primarily by two factors. 1) Monetary policy shift: peer-leveraging started in the fourth quarter of 2016 and liquidity tightened in May 2019; 2) economic fundamentals are expected to be counter-returned: relaxation of disease control policies at the beginning of November 2022. A retrospective history can see that only sudden events can trigger a change in the trend in the bond market if the market is radically changing its economic expectations. We therefore judge that there is no sudden market shift at the current point and that the level of interest is likely to rise significantly. First, after the easing of the epidemic in November last year, the weak recovery of the economy in the first quarter of this year, and the recent weakening of economic data, the market has become increasingly aware that the medium- and long-term pressures at the economic level are objective. Second, there would be no staggering stimulus, such as adjustment of land policies or more fiscal initiatives to stimulate the economy. We believe that, from the target of 5 per cent of economic growth this year, in view of the low base factor of last year, the goal will not be difficult to achieve, the need for large-scale stimulus has diminished, especially at a time when there is greater emphasis on high-quality economic development, and the transformation of economic structures is prominent.

As a whole, we believe that interest rates are essentially price elements and reflect co-payments between supply and demand. While social cohesion and nominal GDP are matched, interest rates should be matched with actual economic trends. If, at a time when the economy is still weak, market interest rates are significantly higher, they will undoubtedly ultimately undermine the real economy. Interest rates will naturally increase when the economy resumes. Through the spontaneous regulation of market mechanisms, it is more effective to rationalize funding. We believe, of course, that short-term end-of-life benefits are also particularly important if interest rates are further down away from the low point of October last year, and that follow-up is dependent on further good news release to validate its own logic.

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On March 2, the supreme law held a press conference and issued the provisions of the Supreme People’s Court on Several Issues concerning the application of law in the trial of online consumption dispute cases (I), which made it clear that the contracts for false bill swiping, evaluation swiping and traffic swiping were invalid.

On March 3, the reporter of shell finance and economics found that on the black ash production platform, the number of buyers advertising in the name of swiping orders has indeed been greatly reduced compared with the past. More business is related to the “swiping powder” of social accounts such as microblog, but there are not many swiping orders, and only a few black ash products that claim to undertake swiping services are also suspected of fraud in the name of swiping orders.

Zheng Xuelin, President of the first people’s Court of the Supreme People’s court, said at the press conference that the judicial interpretation makes it clear that the contracts signed by e-commerce operators with others for false publicity in the form of fictitious transactions, fictitious clicks and fabricated user evaluations should be deemed invalid by the people’s court according to law and guide market subjects to standardize their operation.

“This judicial interpretation, from the perspective of contract effectiveness, recognizes the brush contract as an invalid contract; it is equal to the rights and obligations between the entrusted brush and the actual brush, which will not be guaranteed through civil proceedings.” On March 3, Fang Chaochao, a lawyer from Beijing Yingke (Hangzhou) law firm, said in an interview with the shell finance reporter of the Beijing News.

01

Infringement of consumers’ right to know

Option to disrupt market order

In recent years, with the vigorous development of China’s digital economy, online consumption has become the basic consumption mode of the public. Zheng Xuelin said that according to statistics, since 2013, China has become the world’s largest online retail market for many consecutive years. With the rapid development of network economy, the cases of online consumption disputes [entering the black cat complaint] show the characteristics of rapid growth, and some new situations and problems have also appeared in judicial practice.

Among them, brushing the bill is one of the problems. According to public information, as early as 2015, Taobao began to strictly investigate and brush orders, and a large number of small businesses were affected. Since then, many e-commerce platforms have also begun to increase the review of merchants’ bill swiping year by year. In 2021, many businesses suffered heavy losses due to Amazon’s strict investigation and bill swiping: their accounts were blocked and their funds were frozen.

Fang Chaochao said that the “bill swiping” behavior involves the e-commerce law and the consumer rights and interests protection law. The prohibition of bill swiping is to make prohibitive provisions on the “bill swiping” behavior from the perspective of standardizing the order of e-commerce and protecting the rights and interests of consumers. If there is any violation, it is illegal and can be subject to administrative punishment.

In addition, there are also voices that “bill swiping” violates the principle of “fairness and integrity” in the Anti Unfair Competition Law of the people’s Republic of China; In violation of the provisions of the measures for the administration of online transactions, “when selling goods or services, network operators and relevant service operators shall not use network technology means or carriers to engage in unfair competition in the form of fictitious transactions and deleting adverse evaluations to enhance the commercial reputation of themselves or others.

The reporter of shell finance and economics found that, in fact, before the promulgation of the provisions of the Supreme People’s Court on Several Issues concerning the application of law in the trial of online consumption dispute cases (I), there was a precedent that the bill swiping contract was determined to be invalid in judicial practice.

For example, on February 17, Nanning Jiangnan District People’s court disclosed a dispute caused by online bill brushing in its official account: at the end of 2019, the salesman of a bill brushing company actively contacted a treasure clothing sales merchant and proposed to promote its bill brushing. After the agreement of both parties, a treasure clothing sales merchant paid a commission of 1.5% of each transaction price to a bill brushing company. From December 21, 2019 to January 6, 2020, a treasure clothing sales merchant transferred the payment and commission of 320441 yuan for bill brushing at the request of a bill brushing company. After receiving the payment and commission, a billing company did not pay the billing personnel, resulting in the billing personnel applying for refund. After the refund of a treasure clothing sales merchant, a billing company did not return the remaining payment of 129745.8 yuan to a treasure clothing sales merchant, and the billing company was cancelled on September 17, 2020. After repeated unsuccessful calls, a treasure clothing sales merchant filed a lawsuit with the Jiangnan District Court, requesting that the actual controller of the billing company be sentenced to return the remaining amount according to law.

The court found that the act of brushing the sales volume between a billing company and a treasure clothing sales merchant belongs to malicious collusion. A treasure clothing sales merchant improved the sales volume and reputation of the online store by brushing the bill, and there was no actual transaction. The behavior of a treasure clothing sales merchant violates the competition principle of market economy and business ethics and damages the legitimate rights and interests of consumers. Therefore, the contract involved is invalid. Therefore, the Civil Legal Act implemented by the perpetrator and the opposite party with false intention is invalid. After a civil act is invalid, revoked or determined not to be effective, the property obtained by the actor due to the act shall be returned.

Liu Shaofeng, the presiding judge of the case, reminded that the result of the bill brushing did not reflect the actual traffic of the online store. Most of the high praise made by swiping orders is to deceive and mislead consumers. The most common situation is to attract consumers with false trading volume, fabricate user praise and mislead the public. This behavior not only directly damages the interests of consumers, but also damages the interests of other legitimate businesses. No one shall profit by harming the public interest, which shall be null and void under the law. The law cannot protect the benefits of such illegal acts.

“It is clear that the contracts of false bill swiping, comment swiping and traffic swiping are invalid, which has cut off the chain of ‘black and grey products’ in the online consumer market. The rapid development of the online consumer market is accompanied by some unhealthy and non-standard problems, such as the emergence of’ black and grey products’ such as special bill swiping, comment swiping and traffic swiping applications and operation teams, which deliberately create false records and infringe on consumers’ right to know And options to disrupt market order. “ Zheng Xuelin said.

02

Some of the “real brush list” have been transferred underground,

“Fake bill swiping” deceives many people

On March 3, the reporter of shell finance found that on the black ash production platform, the number of black ash production practitioners advertising in the name of bill brushing has been greatly reduced compared with the past. The reporter contacted a person who undertook the bill brushing business, and the other party said that now they do not accept the domestic bill brushing business and only do the bill brushing “inside the external platform”.

A person familiar with black ash production said