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The following article is from Wuhan Airport, the author of Dongxihu Financial Media

Wuhan Airport.

Dongxi Lake news and information release, regional situation introduction, investment attraction, scenic spots, rural tourism, etc

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Away from the hustle and bustle of the city

Embark on country trails

Experience country life

****

?

Every weekend.

Many migrant workers have the idea of "fleeing" the city

The place where the editor wants to recommend "escape" for everyone today is

Township Bancihui Scenic Area in Dongxihu District

"For the children’s summer vacation, take them to the Township Bancihui Scenic Area to stay in a boutique homestay and feel the leisurely countryside. Now it’s really different to travel to Cihui!" Recently, Li Yuan, who lives in Qingshan District, ended his leisure trip in the Township Bancihui Scenic Area with his children, and praised it repeatedly when checking out.

"In the past, tourists came to Cihui for tourism, experienced picking in the morning, ate agritainment at noon, and returned home in the afternoon." According to the relevant person in charge of Cihui Street, in the first half of last year, three homestay companies, such as Wanyi · Half-idle, Wanyi · Xiaojing, and Individual World · Secret Land, were introduced into Cihui Street. Especially since the summer, although the hot weather has affected projects such as barbecue, camping, and picking, it is difficult to find a boutique homestay.

Township partner Cihui’s explosion

It’s accidental. It’s inevitable.

Cihui Street is located in the southwest of Dongxihu District. Shiliuhong Village within the jurisdiction is the earliest "Internet celebrity village" in Central China. In recent years, Cihui Street has built a township companion Cihui Scenic Area covering Yadu and Caijia communities with the help of its original brand and traffic advantages.

The scenic spot has successively opened more than 10 scenic spots such as "Deer in" Happy Camp, Parent-Child Vegetable Garden, Wisteria Art Street, and Artist Farm, forming a beautiful style and rich business model of "one scene per household and one painting per village".

The newly built parking lot in the scenic spot can accommodate more than 300 private cars. Tourists can scan the code to take a battery car and shuttle between the villages.

"In the current Township BanCihui Scenic Area, you can still have a drink and sing a song with your friends." Ms. Chen, a citizen, is a native Cihui person. According to her recollection, in the past, the state of the elderly in the village bay was sunrise and sunset. After the transformation of Township BanCihui Scenic Area, residents and tourists have a different new way to play in Township BanCihui.

In the countryside, sing freely with the wind and feel the different beauty of music. Every day, there are concerts of different tones here. Three or five friends gather together in the small courtyard, and the atmosphere is directly filled. Everyone drinks small wine together to make the memory last longer.

It is worth mentioning that in the Township Bancihui Scenic Area, there is a "Haha Le Happy Town" whose name makes people haha. This is not only an outdoor powerless park with climbing, sliding, drill tubes, ladders, and swings, but also a water park composed of more than ten facilities such as banana boats, rotating waterways, surf horns, and passionate slides.

Every facility has been carefully designed, where you can unleash your enthusiasm and vitality to the fullest. Whether you are a young person who likes to cool down or a family looking for fun with children, Haha Le · Happy Town · Water Park can meet your needs. There are also security guards on site to ensure that visitors can feel fun and ensure safety during the play.

The beauty of the Township BanCihui Scenic Area begins with the appearance and ends with the temperament. Here, the days do not have to be a seven-day cycle, and the sunset and sunset can be seen when you look up. The warmth and vitality conveyed in the countryside make the Township BanCihui Scenic Area more attractive.

Township Bancihui Scenic Area in August

Metasequoia trees lining the road

Put on a green coat, it’s beautiful

Drive past the Caijia Community Neighborhood Committee

Entered the scenic spot

The entrance of the scenic spot has a sculpture of water droplets combined with houses called Water Source. The adjacent water tower, built in the 1960s and formerly used to store and deliver water, has been transformed into a public area for residents to rest and chat and a photo clock in which tourists take pictures.

Walking in along Cihui Street, the cottages on the Han River side are lined up in rows, connected by ditches and ponds, and the country roads are vertical and horizontal. After renovation, the courtyard walls, facades, roofs, doors and windows of the cottages have all been painted and replaced, and there are various garden sights and sculpture pavilions adorning them. With the limited summer sunset, no matter how you shoot, it will be a blockbuster.

In the evening, when the LED light strip in the Township Bancihui Scenic Area lights up, it also illuminates every corner of the Township Bancihui Scenic Area. If you don’t want to get together with people, you can choose to drive to the Township Bancihui Scenic Area after get off work on weekdays to enjoy the bright Township Bancihui and catch a sunset that belongs only to you.

Interesting to introduce so much

For many foodies

Come to the hometown to taste delicious food with Cihui

It is also essential

Township partner Cihui scenic spot in the traditional agritainment on the basis of the introduction of Fusheng Bieju, Enshi soil restaurant, Cai Xiaoyuan, Erhu Bistro and other characteristics of agritainment.

"Pressed pepper fat sausage", "Farmhouse firewood crock pot chicken soup", "Small fish and shrimp", these are the top three farmhouse dishes rated by netizens, must not be missed!

now

Township partner Cihui scenic spot has been collected

Food, housing, transportation, travel, entertainment, shopping

Township partner Cihui parent-child research and leisure tour boutique line has also been selected

Wuhan rural leisure travel pocket book

Recognized by key points

Editor/Janji

Proofreading/Xiao Tian

Reviewer/Guo Baiting

Editorial Board/Yu Zihan

Article source/Wuhan Airport

Submission Email/dxhtqw@163.com

Youth mailbox waiting for your letter

The following matters are not within the scope of collection and acceptance: matters such as resolution, appeal, and reporting; matters that should be resolved through legal channels such as litigation, arbitration, and administrative reconsideration according to law; academic theories; matters that are repeatedly raised, vague in content, and of no practical significance; matters that do not fall under the jurisdiction of our district, etc.

Original title: "In the East and West Lake, meet the rural life you long for!"

Read the original text

On the evening of June 15, Huang Zitao "2019　IS BLUE Concert "was held in Shanghai. The concert was well attended that night. With the blue support of nearly 10,000 people, Huang Zitao opened his own music world.

Original single Live debut partner Top band ignites blue orgy

On the night of the concert, accompanied by a rather ceremonial countdown light show, Huang Zitao opened the concert with a song "Beggar", which slowly rose from the center of the stage, and the super music rhythm set off a craze on the stage, officially kicking off the concert. Subsequently, tracks such as "Underground King", "HATER" and "Misunderstanding" were sung one after another. Huang Zitao showed off his rap strength and full-blown stage performance, awakening the hot blood cells of every fan on the scene. Then a gentle and tactful "Tao-style love song" "Nineteen Years Old" was paired with neon lighting effects, and the romantic interpretation of the song was vividly expressed in one mirror to the end.

At the same time, Huang Zitao unlocked the live premieres of four new songs "No effort, no gain", "Wrong", "AI" and "You will miss me too". Among them, "No effort, no gain" made netizens shout "magical brainwashing" due to the ear-grabbing melody and catchy lyrics. "AI", which has been loved by fans since the release of the sound source, has been lovingly performed by Huang Zitao on the spot and became the best single LIVE in the audience. It is worth mentioning that in this concert, Huang Zitao’s partner top band has newly edited some songs. With the strong and dynamic backing track form, it has given the song a fresh texture and completed a super-burning blue carnival together.

Dance beauty design high matching to create top fashion brands custom special styling

This concert adopts an advanced hardware configuration mode, striving to create a shocking and cool "musical-style" dance beauty visual effect. Around the five chapters of the concert curtain forest, prism, pixels, no puppets, and stone sea, the main screen adopts a geometric structure, and uses screen projection technology to present various visual changes. Through projection dynamic capture technology, music is turned into a story, integrating Huang Zitao’s blue world.

In terms of stage styling, Huang Zitao participated in this concert with Moschino, GCDS, Loewe, Vetements, Balmain, KOCHEIn cooperation with many top international brands, many sets of costumes in the concert are previews of unreleased Fashion Week shows. Among them, the well-known French trendy brand KOCHE specially customized the stage shape for Huang Zitao’s concert, using the best sports street style and contrasting color splicing to spell out the words "TAO" with artificial crystals, which can be said to be full of heart.

Huang Zitao’s emotional tears Tasman surprised himself and danced a magical dance

At the concert last night, Huang Zitao’s pet fan was level 10. Not only did he interact with fans and take photos at the scene, but before returning at the end of the concert, he carefully prepared a review video of his seven years with fans as a special surprise part of the concert. At the end of the video, Huang Zitao handwritten a confession "together with the waves", and many fans at the scene were moved to tears.

Later, Huang Zitao wrote a new song "You Will Be Like Me" for fans as an encore track. During the encore performance, Huang Zitao once choked up tears, which made fans feel distressed. In addition, Huang Zitao’s official character "Taosman" appeared in surprise at this concert. Not only did he perform in the same frame as Huang Zitao, but after the concert, he also danced the magic dance "You Will Be Like Me", which was broadcast on the spot as the end of the little easter egg, which made fans cry cute.

At present, the most crucial thing is to stop the bleeding of Hengda, stop allowing its risks to accumulate and spread, and at the same time, we should preserve good evidence to lay a good foundation for future accountability through the rule of law.

Author | Li Wei

Source | Caixin

Li Wei

Professor of Economics, Cheung Kong Graduate School of Business

Director of the Case Study Center of Cheung Kong Graduate School of Business

Director of the Big Data Economics Research Center of Cheung Kong Graduate School of Business

Vice President of Asian Markets

On September 24, 2023, China Evergrande Group (referred to as Evergrande) issued an announcement saying that "in view of the ongoing investigation of Evergrande Real Estate Group Co., Ltd. (the main subsidiary of the company), the current situation of the group cannot meet the eligibility for the issuance of new notes".

Public information shows that Hengda is in a serious insolvent situation. At the end of 2021, the end of 2022 and the end of June 2023, the company’s insolvent gap is 473.10 billion yuan, 599.10 billion yuan and 644.20 billion yuan respectively.

Judging from this set of data, Evergrande has not "stopped the bleeding". What should be done for such a large real estate company that is in crisis and the situation is rapidly deteriorating?

Market-oriented solutions

The current situation of Evergrande is not optimistic. If the government does not intervene in this crisis and the market comes up with a solution, then there are only two outcomes. One is that Evergrande goes bankrupt, and the other is that market-oriented institutions acquire and integrate Evergrande without the help of the government.

Let’s look at the first outcome. Logically, this is the most likely outcome if Evergrande’s crisis continues to worsen. If Evergrande does go bankrupt, what consequences will we face?

In principle, companies, like people, no matter how big or small they are, will die one day without much fuss. However, the reality may be much more complex than we think, especially for large companies with a wide range of implications.

A classic example of this is the impact of the collapse of Lehman Brothers Holdings Inc. during the 2008 financial crisis.

In 2007, the pressure on financial marekts caused by falling house prices became increasingly obvious, and a series of Financial Institution Groups began to experience insolvent problems, but the overall situation was still under control.

After entering 2008, the situation took a sharp turn for the worse. Lehman, the fourth largest investment bank on Wall Street, began to thunder continuously, and the problem of insolvent gradually appeared. At that time, there was a huge disagreement in the whole society on whether the government should rescue Lehman.

In fact, the government also wanted to raise resources to rescue Lehman, because Lehman was one of the core nodes of the US financial network, but it was ultimately concerned about moral hazard (moral hazard refers to the fact that under the condition of asymmetric information, the responsible economic actors do not bear the full consequences of their actions. For example, Lehman took excessive risks in the course of its operation, making money for himself, and losing money can be required for government rescue based on its importance), and gave up the rescue.

The collapse of Lehman Brothers brought the financial crisis to a climax, causing the largest crisis in the US economy since the Great Depression.

The government’s abandonment of the Lehman bailout quickly escalated the financial crisis, but if Lehman is bailed out, it is likely to exacerbate moral hazard in the financial system in the future. As moral hazard builds, it will only be a matter of time before a larger financial crisis erupts.

The failure of Lehman’s self-rescue brought an unexpected result, which was the successful self-rescue of Merrill Lynch (Merrill Lynch for short).

Merrill Lynch is the third largest investment bank on Wall Street. As the parties discussed how to rescue Lehman, John Thain, the last Chief Executive Officer of Merrill Lynch (CEO), who participated in the discussion, immediately realized that Merrill Lynch had a similar problem. If it did not act immediately, then Merrill Lynch would be the next Lehman.

In order to save himself, Thain contacted Bank of America and sold himself to the latter for $50 billion, thus avoiding the end of Lehman.

In fact, from the perspective of game theory, the decision of the US government not to rescue Lehman, a Financial Institution Group that was so large that it had systemic risks, was somewhat random.

This means that the government will eventually rescue the vast majority of Financial Institution Groups that may cause systemic risks, but it should not let the market know the government’s trump card when choosing to give up a Financial Institution Group that can detonate systemic risks to curb moral hazard.

After all, there is a huge social cost to detonating systemic risk.

Government intervention solutions

The above describes the situation of relying on the market to solve the crisis, but in fact, when a major crisis occurs, the government will intervene more or less. Here are three examples according to the degree of government intervention.

First, the government only plays a coordinating role, and it is mainly handled by market forces.

The most typical example of this is the crisis resolution of Long-Term Capital Management (LTCM).

Founded in 1994, LTCM is a hedge fund specializing in highly leveraged carry trades.

LTCM became famous for its outstanding performance once it was established, but in 1998 LTCM suffered a huge loss. Due to LTCM’s highly leveraged trading strategy, its counterparties included many Wall Street Financial Institution Groups, so the crisis of LTCM once led to a possible systemic crisis in financial marekt. To avoid this dangerous situation, the Federal Reserve Bank of New York convened many Wall Street Financial Institution Groups to discuss ways to rescue LTCM. Finally, many Wall Street Financial Institution Groups raised $3.625 billion to rescue LTCM. The Wall Street Financial Institution Group’s investment not only saved the LTCM from the verge of collapse, but also eliminated its threat to the entire financial system.

During the entire incident, the Federal Reserve Bank of New York played a convening and coordinating role, but it did not provide capital or guarantee, and its intervention in the market was limited. It mainly relied on market forces to solve problems.

Second, the government provides some funds for rescue, but the main transactions are still completed by market institutions. A more typical example of this is the handling of Bear Stearns by the Federal Reserve Bank of New York in 2008.

Bear Stearns is the fifth largest investment bank on Wall Street and a very important Financial Institutions Group in the US financial system.

In order to prevent the collapse of Bear Stearns from hitting the entire financial system, the Federal Reserve Bank of New York coordinated JPMorgan Chase’s acquisition of Bear Stearns. In the process, the Federal Reserve Bank of New York funded the purchase of Bear Stearns’ assets for $30 billion, which helped to complete the entire acquisition.

In this deal, the government offered real money to rescue the problem company, but the amount was relatively small and only played a supporting role. The big problems were still solved by the market itself.

Third, the government fully intervened to take over the companies at risk, a classic example of which was the handling of Silicon Valley Bank by US regulators in March 2023.

Silicon Valley Bank, a bank whose main customers are high-tech companies, experienced a severe run in March 2023 because it did not do a good job of risk management. Fearing that panic would spread and trigger a chain reaction, the US Treasury, the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) acted together and quickly intervened in the crisis.

After regulators took over Silicon Valley Bank, the FDIC announced an unlimited guarantee on all deposits, breaking the previous limit of $250,000. For Silicon Valley Bank, the regulator ousted all its executives and zeroed out the equity value.

From this series of actions, it can be seen that the government took a comprehensive intervention approach in response to the crisis of Silicon Valley Bank, taking complete control of the company, which is the deepest form of government intervention.

How can we resolve the Hengda crisis as soon as possible?

The above discusses different ways to resolve the crisis from the perspective of the market and the government. What is the significance of this for us to deal with Evergrande’s problems?

Here is the first thing to say, some people may say that the examples mentioned above are all Financial Institution Group, Evergrande is a real estate developer, not Financial Institution Group, there are substantial differences between the two.

Indeed, Financial Institution Groups, especially those large Financial Institution Groups that are at the heart of the financial system, often have a direct and huge impact on the entire system, even the macroeconomy, so once these institutions are in crisis, they are often prone to systemic crises. This is the case we saw in the Lehman bankruptcy.

Institutions with systemic risk are often large Financial Institution Groups, but systemic risk is not the patent of large Financial Institution Groups. All institutions that have a direct and huge impact on the economy and finance as a whole are institutions with systemic risk. Evergrande is one of them.

There are three reasons for this.

First of all, the real estate itself in China belongs to the giant industry, and its upstream and downstream implication is very wide, from steel and cement to home appliance decoration, some studies believe that these industries together ** the country’s gross domestic product (GDP) ratio may be close to 30%;

Second, real estate is closely linked to the financial system. When real estate goes wrong, the land market will soon follow. A large amount of financing in China is based on land and real estate as collateral. Once the value of these collateral shrinks, the risk will immediately spread from real estate to the financial sector;

Finally, Evergrande is a typical leader in the real estate industry, and its survival has a significant impact on people’s views on the entire real estate industry, and even on China’s economy.

Evergrande is so important, so how should we handle the current crisis?

First, Evergrande’s self-rescue seems to be very difficult to succeed. Evergrande has been in danger for two years. If self-rescue can work, we don’t need to discuss whether to rescue Evergrande today.

Second, use a market-oriented approach to solve Evergrande’s problems.

First, let Evergrande go out of business. This is difficult because Evergrande is a company with systemic risk. Second, let other companies in the industry merge and acquire Evergrande. This is a better approach because real estate is a sector with a certain technical threshold, and companies in other industries do not easily learn how to run a developer efficiently in a short period of time.

But there are two difficulties here, one is that Hengda’s scale is too large, in 2020 before Hengda’s accident, Hengda’s housing sales area was as high as 80.86 million square meters, ranking first in the country; the other is that Hengda has been suffering for a long time, and no one knows how big a hole there is. The resources required to acquire such a giant company may not be what a developer can have.

Third, the government intervened to rescue Evergrande.

First, the government only plays a coordinating role, allowing companies in the industry to acquire Evergrande, or establish a consortium, with money, such as the Financial Institution Group, and powerful contributions, such as developers. However, as mentioned above, this path is currently not feasible.

The second is that the government provides a small amount of funds, and then joins social funds to jointly acquire Hengda. This method is better, but the coordination cost is higher.

The third is for the government to directly take over Evergrande. This approach is the simplest and most straightforward, and can control the spread of risk in a short period of time. But the biggest problem is that the government does not know how to run a real estate developer well, and it is still such a huge and opaque developer.

From the current situation, each plan has advantages and disadvantages. Rescuing Evergrande, no matter what method, will create a certain moral hazard, but because Evergrande is a company with systemic risk, this forces us to compromise.

Rescuing Evergrande requires two resources, one is technology and the other is funding.

The government and some large companies outside the industry have capital but no technology, and companies in the industry have technology but no capital. Therefore, the best way is to form a consortium and give full play to their respective strengths.

But the drawback of this is also obvious. How to assemble a suitable team is very difficult, which takes time, but whether Evergrande’s crisis has left us enough time is something we don’t know. A direct government takeover can immediately stop Evergrande’s bleeding, but subsequent operations are beyond the government’s ability.

But this approach is not completely impossible. In this regard, we can still learn from the treatment of Silicon Valley Bank by US regulators. On March 10, 2023, US regulators took over Silicon Valley Bank. Just 16 days later, the regulatory bank found the next home for Silicon Valley Bank – First Citizens Bank (First Citizens BancShares).

Many people now have an understandable sense of anger towards Evergrande, especially those who paid for a house but couldn’t get it.

In the future, even if we rescue Evergrande, it will not be all bailouts. We should rescue homebuyers who cannot get houses and suppliers who do not get the money, but we should let Evergrande’s equity go to zero, most of its debt is impaired, and all executives are dismissed, just like the way US regulators handled Silicon Valley Bank.

But the most important thing at the moment is to stop the bleeding of Evergrande and stop allowing its risks to accumulate and spread. At the same time, we should preserve good evidence to lay a good foundation for future accountability in a rule of law manner. Looking at the overall situation, the government should find a way to take over Evergrande as soon as possible.

　　It has been a full ten years since the current regulations on the management of passenger taxis in Hangzhou were revised and implemented in 2007. With the changes in the market environment, especially the emergence of new business formats such as online car-hailing, many provisions of the regulations are no longer suitable for the needs of industry development and management under the new situation, and need to be revised urgently. On October 30, the sixth meeting of the Standing Committee of the 13th Hangzhou Municipal People’s Congress reviewed the "Hangzhou Passenger Taxi Management Regulations (Revised Draft) " (hereinafter referred to as the Revised Draft). Compared with the old regulations with 37 articles in 9 chapters, the revised draft is 67 articles in 6 chapters, which can be called a "fundamental overhaul". The most significant change is undoubtedly the inclusion of the content of online car-hailing.

　　In addition, on November 7 at 2 pm, the Hangzhou Municipal People’s Congress Legal Committee will hold a legislative hearing on the Hangzhou Passenger Taxi Management Regulations (Revised Draft) at Xinqiao Hotel, No. 226 Jiefang Road. If you have corresponding suggestions, you can sign up. You can register by phone (87557141), fax (87557315) or email (1839192974@qq.com).

　　The business license is changed from closed to open

　　Compared with the original "Regulations", the revised draft proposes "legally holding the right to operate a specified number of taxi vehicles" on the conditions for the operation license of cruise vehicles, but does not set a specific number.

　　Fan Jianjun, director of the Municipal Transportation Bureau, explained to the Standing Committee of the Municipal People’s Congress on the revised draft, saying that considering the large differences in the development of the taxi industry in Hangzhou districts and counties (cities), if the specific number is limited, it is difficult to take into account fairness. Therefore, the revised draft will leave the lower limit of the number of operating rights held to local governments to decide, and the operating license will be changed from closed to open, which is more in line with management reality.

　　Taking into account the difficulty of obtaining operating licenses for some franchise holders due to the lack of the required number, the draft amendment also stipulates that the government can organize the establishment of taxi service management companies to provide management services to such franchise holders.

　　The age limit for drivers has been relaxed to 65

　　The draft amendment stipulates that vehicles engaged in passenger taxi business services in Hangzhou shall obtain passenger taxi transportation licenses, including cruise taxi transportation licenses and online rental car transportation licenses. Online car-hailing requires the installation of satellite positioning devices with driving record function and emergency alarm devices that meet the standards, and the information must be able to be transmitted to the competent authorities in real time.

　　The revised draft introduces unified qualification management for drivers driving cruise cars and online car-hailing. As long as they obtain a passenger taxi driver’s license, the licensed personnel can move freely between the cruise car company and the online car-hailing platform. This system design is the first in China.

　　The revised draft incorporates provisions in departmental regulations that are closely related to passenger safety, such as "no violent crime, no drunk driving record", and also liberalizes the age limit to 65 years old.

　　Rejection is divided into five situations

　　The amended regulations particularly emphasize that taxi operators shall keep strictly confidential the information of drivers, riders and passengers collected during the operation process, and shall not provide it to third parties except as required by laws and regulations.

　　For the refusal behavior, according to the type of vehicle, there are five specific situations:

　　1. After being greeted by passengers to stop, no passengers will be carried;

　　2. Refusing to carry passengers when an empty car is waiting to be rented in a public place;

　　3. After actively soliciting passengers, refusing to carry passengers;

　　4. Selecting passengers in the operating area by means of self-determined operating destinations, etc.;

　　5. Failure to fulfill the agreement after accepting phone or online appointments.

　　If the above situation occurs, the driver will be fined 300 to 3,000 yuan, and the taxi driver’s license will be seriously revoked.

　　Our reporter, He Sheng

Xiaomi magnetic wireless power bank opens the reservation, the price is 199 yuan. The product details show that the magnetic wireless power bank is a magnetic power bank or a vertical wireless charging, specially designed for iPhone 13/12 series.

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