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He Dong, assistant managing director of the Hong Kong Monetary Authority, will be promoted to return after leaving the International Monetary Fund (IMF) for 10 years, which has encouraged China economists who used to work for the IMF, but also triggered their reflection and emotion about Chinese’s invisible ceiling in the IMF. The proportion of IMF employees is similar to that of voting rights of member countries, but the fact that China’s voting rights in the IMF are lower than the proportion of GDP in the world and other reasons, such as cultural differences, have always led to the shortage of China employees working in the IMF.

China Business News reported on September 17th that the Hong Kong Monetary Authority (HKMA) announced on September 1st that He Dong, the assistant managing director of HKMA, had tendered his resignation, which took effect on October 18th. He Dong will rejoin the IMF as the Deputy Director of the Bureau of Monetary and Capital Markets. This personnel change has aroused great repercussions among economists in China, especially those who have worked for the IMF.

He Dong, Assistant Managing Director of Hong Kong Monetary Authority, will be promoted to return after leaving IMF10.

The Bureau of Money and Capital Markets is one of the four core functional departments of the IMF. There are two ways to divide IMF departments. First, it is divided into five departments according to the region, including Europe, America, Asia-Pacific, Middle East, Central Asia and Africa; Second, according to the division of functions, it is divided into four departments: monetary and capital market bureau, financial affairs, research and strategic development.

Return to IMF

He Dong is the first Chinese to return to the IMF from Hongkong. He holds a Ph.D. in Economics from Cambridge University. He is responsible for the research on monetary and financial stability in the HKMA and is also the director of the Hong Kong Financial Research Center.

Chen Delin, President of the Hong Kong Monetary Authority, expressed "deep regret" for He Dong’s departure. He said that since he left the IMF to join the HKMA in 2004, He Dong has made great contributions to enhancing the research capabilities of the HKMA and the Hong Kong Financial Research Center.

A China economist who works in an overseas investment bank said,The Hong Kong Monetary Authority is equivalent to the central bank level. As the research director, He Dong has always been in the regulatory body, which is consistent with the perspective of the IMF.I am excited that he can serve as the deputy director of the Monetary and Capital Markets Bureau.

He Dong joined the Hong Kong Monetary Authority after leaving the IMF in 2004.

He Dong worked in the World Bank and the IMF. Before joining the Hong Kong Monetary Authority in August 2004, he was a senior economist at the IMF..

He Dong is a low-key and steady person with a wide range of research topics, especially publishing many research articles on the macro-economy and financial markets in Hong Kong and the Mainland.

Many economists said that,He Dong has a deep research on the internationalization of RMB. On behalf of the Hong Kong Monetary Authority, he has been communicating with the People’s Bank of China on RMB internationalization and offshore RMB market in Hong Kong..

From professional staff to management level, jump four levels in ten years.

"He Dong has been promoted to Grade 4 in the past ten years. It is absolutely impossible for him to stay in the IMF." A former IMF economist in China said.

Before joining the Hong Kong Monetary Authority, He Dong had been an A14 economist at the IMF. This time, his level rose directly to B04, a senior management level.

According to the above economists, the IMF is divided into A01~A15 and B01~B05, where A is the employee level and B is the management level, and A15 to B01 is a hurdle in the position.

According to him, He Dong had the idea of returning to the IMF a few years ago. At that time, the IMF only wanted him to return at A14 level. This time, he was able to go back to B04 at once, which was "surprising".

According to the information of IMF’s human resources department, A01~A08 are logistics support employees, A09~A15 are economists and other professional employees, and B01~B04 are management-level employees.

B05 already belongs to the level of senior officials, such as Lin Jianhai, who became the Secretary-General of the IMF two years ago. Zhu Min, the vice president of IMF, is an executive director, which is an MD level outside the employee level..

An IMF spokesperson said that He Dong was appointed because of his experience and professionalism in the Hong Kong Monetary Authority.

Chinese faces an invisible ceiling at the IMF.

The above-mentioned economist who once worked in the IMF said, "The IMF has an invisible ceiling, and Chinese does not have its own circle in these institutions, nor can it enter other people’s small circles"; "Until now, I can’t tell the difference between baseball and American football. How can I communicate with other European and American colleagues?"

Compared with cultural differences, the lack of government-led promotion is a more important reason.According to informed sources, Japan, South Korea and other countries have similar cultures to China, but the Japanese government has an agreement with the IMF, and both the Japanese Ministry of Finance and the Bank of Japan will send management-level officials to the IMF. In China, however, there is no such arrangement, and exchanges remain at the middle and lower levels, and senior officials of the central bank are reluctant to go to the IMF.

The proportion of IMF employees should be close to the proportion of national voting rights, and China employees are far from reaching the proportion of voting.The person said. There are some junior China economists in the economist training program, but only a handful of Chinese can enter the management. He counted three people with his fingers broken, and He Dong was the fourth.

IMF China is understaffed.

The IMF was established in July 1944 with the aim of promoting international financial stability and monetary cooperation, promoting the development of international trade, high-level employment and sustainable economic growth, and reducing world poverty. Its scope of economic supervision has expanded from the initial balance of payments to the monetary, fiscal and monetary policies of member countries.

China’s voting rights in international regulatory bodies such as the IMF have been quite low.Emerging economies are playing an increasingly important role in global economic affairs, and their voting rights should be adjusted accordingly. Although China’s voting rights have been improved to some extent in the IMF and the World Bank, they still failed to meet expectations.

According to IMF official website, after the reform in 2010, China’s voting right rose from the previous 3.803% to 6.068%.

Zhu Min, vice president of IMF, said at an event recently,According to the IMF’s articles of association, the IMF is headquartered in the country with the largest shareholder, and the United States currently accounts for 15%.However, with the increasing economic aggregate of China, the IMF headquarters will move to China one day.

However, the lack of employees in China has kept this idea at the stage of shouting slogans.

　

IMF China is understaffed.

IMF jobs are not well paid but attractive.

He Dong’s return to the IMF this time is actually a salary reduction return. A former IMF economist said,The annual salary of the assistant managing director of the HKMA ranges from HK$ 4 million to HK$ 5 million (equivalent to RMB 3.17 million to RMB 3.97 million), while that of the B04 level of the IMF ranges from US$ 200,000 to US$ 300,000 (equivalent to RMB 1.23 million to RMB 1.84 million)..

The former IMF economist said that in fact, many China economists who came out of the IMF wanted to go back to the IMF.As an official institution, the IMF’s salary is not higher than that of foreign investment banks, but it is particularly attractive..

The IMF is a public institution where elites gather. As an economist, the perspective is from the official perspective of policy makers. This will greatly improve the research depth and quality of life for international investment bank economists who are exhausted and cope with market changes and customer requirements.

"Investment bank economists put it mildly, just like salesmen." The reporter of China Business News quoted a big bank economist as saying, "Occasionally, we will meet very difficult customers, but at the IMF, we are all faced with officials at the level of finance ministers."

In addition, China economists in the market are now in a state of oversupply, and the income and attractiveness of the private sector are not as good as before.

And the IMF also has generous benefits. A former IMF economist said,IMF income does not need to be taxed, and it provides a fixed retirement pension. Children’s education also has an annual allowance of 50,000 to 60,000 US dollars..

Such a carefree life, why did these China economists choose to leave in the first place? The above-mentioned people said that the IMF also has the problem of overstaffing.The IMF encourages employees to go to the private sector by leaving their jobs without pay, but if they want to go back to the IMF, they can basically only be rehired..

Many outstanding former IMF economists have chosen to transform themselves after reaching a certain level in international investment banks. Some have become strategists for private big customers, such as Ha Jiming; Some set up hedge funds on their own, such as Wang Qing; There are also more successful central banks, such as Ma Jun. This may be a loss for China, which wants to enhance its voice in international institutions.

　　In 1938, a 17-year-old young woman walked more than 1,000 kilometers from Beijing to northern Shaanxi with 5 yuan. Her heart was deeply touched: "In the summer evening, the horse galloped briskly, and I felt all this was so novel and mysterious!" " Shine the light of truth and forge lofty beliefs, so that Yan ‘an led by the Communist Party of China (CPC) is like a huge magnetic field.

　　Today, one of the data in the white paper "China Youth in the New Era" is impressive: "Since The 18th National Congress of the Communist Party of China, party member, who is 35 years old and under, has accounted for more than 80% of the newly developed party member every year." Facts have proved that our party has always been full of vigor and vitality and has become more and more attractive to young people.

　　Why does a century-old party remain youthful and energetic forever? A revolutionary who holds the truth is always young. General Secretary of the Supreme Leader pointed out in the party’s Report to the 20th CPC National Congress: "It is the fundamental task of the party’s ideological construction to arm the whole party with the party’s innovative theory." Recently, at the work conference on studying and implementing the theme education of Socialism with Chinese characteristics Thought in the new era of the Supreme Leader, the General Secretary of the Supreme Leader emphasized that "we should take this theme education as an opportunity to strengthen the Party’s innovative theory, constantly improve the Marxist level of the whole Party, and constantly improve the Party’s ruling ability and leadership level".

　　The fire of truth ignites lofty ideals. Li Dazhao once said: "The highest ideal in life lies in seeking truth." The revolutionary ideal is higher than the sky. When he was in prison, Xia Minghan, 28, was unyielding and wrote a letter to his wife: "Insist on the revolution and follow my ambition, and swear to spread the truth to others!" Because of longing for the truth, pursuing the truth and defending the truth, revolutionary pioneers and people with lofty ideals "although thousands of people have gone" and "although they died nine times, they still have no regrets."

　　真理之光，照亮奋进征程。犹记庆祝中国共产党成立100周年大会上，共青团员和少先队员代表集体致献词：“古老的中华大地诞生了中国共产党，播撒信仰的火种，点亮真理的强光”。从石库门到天安门，从兴业路到复兴路，中国共产党人始终坚持真理、坚守理想，把握历史主动、锚定奋斗目标，沿着正确方向坚定前行。一以贯之地坚持真理、修正错误，崇仰理想、坚定信念，是这个百年大党的魅力所在。

　　大道如砥，行者无疆。实践告诉我们，中国共产党为什么能，中国特色社会主义为什么好，归根到底是马克思主义行，是中国化时代化的马克思主义行。马克思主义是科学真理，如燧石一般，受到的敲打越厉害，发射出的光辉就越灿烂。回首过往的奋斗路，无论是处于顺境还是逆境，我们党从未动摇对马克思主义的信仰。坚持用马克思主义中国化时代化最新成果武装全党、指导实践、推动工作，是我们党创造历史、成就辉煌的一条重要经验。

　　Adhering to the guidance and arming with scientific theory is the fundamental guarantee for Marxist political parties to keep their advanced nature and purity forever, and it is also the political advantage of our party. In the new era, the complexity of the situation, the severity of the struggle, and the arduous task of reform, development and stability faced by the Party and the country are rare in the world and history. It is precisely because of the establishment of the core position of the Party Central Committee and the Party as the supreme leader and the guiding position of Socialism with Chinese characteristics Thought in the new era that the Party has effectively solved the outstanding contradictions and problems that have affected the Party’s long-term governance, the country’s long-term stability and the people’s happiness and well-being, and fundamentally ensured that the great rejuvenation of the Chinese nation has entered an irreversible historical process. Studying and implementing the Supreme Leader’s Socialism with Chinese characteristics Thought in the new era is the fundamental requirement for the new era and new journey to create a new situation in career development. On the way forward, we must adhere to the integration of learning, thinking and application, and the unity of knowing, believing and doing, and turn the Supreme Leader’s Socialism with Chinese characteristics Thought in the new era into a powerful force to strengthen ideals, temper party spirit, guide practice and promote work.

　　The wind is strong and the spring tide is strong. Passing through yesterday’s "majestic road is like iron", forging ahead in today’s "the right path on earth is vicissitudes" and looking forward to tomorrow’s "I will mount a long wind some day and break the heavy waves", the grand goal of building a strong country and rejuvenating the nation is inspiring and inspiring, and our generation of communist party people have a glorious mission and great responsibility. On the new journey, we will strengthen our political consciousness, ideological consciousness and action consciousness, learn and understand Socialism with Chinese characteristics Thought as the supreme leader in the new era, adhere to and make good use of the stand, viewpoint and method that runs through it, and implement this thought in all aspects of the work of the party and the state, and we will certainly be able to write a new chapter of the times and create new historical achievements.

　　People’s Daily Online, Beijing, May 29 (Reporter Qiao Xuefeng, intern Jin Yusi) During the two sessions, People’s Daily launched a special program "Cloud Living Room of the two sessions", inviting NPC deputies and CPPCC members to meet with netizens on the "Cloud" to discuss hot topics.

　　How can new infrastructure help the modernization of government governance capacity and the high-quality development of digital economy? How does the blockchain empower new infrastructure? On May 28th, the "New Infrastructure Moment" was held in the cloud living room of the NPC and CPPCC, inviting delegates, local government leaders, experts and scholars, and representatives of outstanding enterprises in new infrastructure to talk about new infrastructure.

　　"We have moved from the traditional economy to the digital economy, and the digital economy will move from the lives of our people to the entire social and industrial field." Wang Xiaochuan, member of Chinese People’s Political Consultative Conference and CEO of sogou Company, said that with the development of artificial intelligence technology, machines have begun to have more technologies to imitate people’s expressions, looks or voices, and this technology can already replace the anchors of some programs. This aspect will also arouse public concern, and it is suggested that the illegal use of these technologies can be guided or restricted by legislation, which can make the industry develop better.

　　Wang Xiaochuan pointed out that artificial intelligence must form industrial synergy and application scenarios. The developed Internet industry in China has laid a good foundation for the development of artificial intelligence, but the core technology of artificial intelligence chips is still in western countries. We need to develop this technology to make artificial intelligence achieve comprehensive and stable development.

　　In view of the problem that blockchain technology helps the government’s digital governance, Feng Kui, deputy director of the Central Economic Committee of the NLD and a researcher at the Research Center for the Reform and Development of Cities and Small Towns in China, took the development plan of the Yangtze River Economic Belt and the Chengdu-Chongqing Twin-city Economic Circle as examples, and pointed out that blockchain technology can play five major roles in solving the problems of diversification and data decentralization in new spaces: "First, promote the formation of interest communities in new spaces through consensus mechanism. The second is to create transparent and trustworthy application scenarios through smart contracts. The third is to build a joint and collaborative decision-making mechanism through data sharing. The fourth is to improve the efficiency of government business by optimizing the government service process. The fifth is to improve the efficiency of market-oriented allocation by promoting the flow of factors. "

　　In addition, the application of digital governance in the "new infrastructure" era during the COVID-19 epidemic also showed its advantages of convenience and efficiency. Dong Xuegeng, director of the Big Data Administration of Hainan Province, said that up to now, the coverage rate of Health One Code in Hainan Province has reached 124%. The construction of epidemic prevention and control big data system not only makes the health code cover all the people in the province, but also ensures that migrant workers and tourists can also receive the code, which helps Hainan Province to achieve the two requirements of external input and internal non-proliferation.

　　The advantages of "new infrastructure" are obvious to all, and the development status of blockchain technology and new infrastructure, He Yifan, general manager of Beijing Jujube Technology Co., Ltd. made an answer in the program. He said: "Blockchain technology is a very new technology. At present, our country is basically on the same starting line as other countries, and the positioning of the blockchain service network is global. It is a global new infrastructure that can serve the world and developers all over the world."

　　Wang Zhen, general manager of Digital City Company of China Xiong ‘an Group, said that the characteristics of blockchain’s safety, credibility, openness and cooperation contributed to its integration with the "new infrastructure" of digitalization, internetization and Internet of Things.

　　Wang Zhen pointed out that blockchain technology can make ‘ New infrastructure ’ The data flow in the data center is moving, so that more people can participate in urban computing. At the same time, the digital currency gene of blockchain technology enables it to promote the development of "new infrastructure" in terms of operation management, financing and derivative finance by means of asset digitization.

　　Talking about the international competitiveness of China’s "new infrastructure" technology, Ma Jun, co-founder and partner of Tongdun Technology, pointed out that all the fields involved in the new infrastructure are high-tech frontier technologies, and the autonomy and controllability of China’s core technology must be maintained, and will become a necessary measure for the country’s high-quality development in the future.

　　At the same time, Ma Jun Drive suggested: "The future construction of new infrastructure is not only to build hard infrastructure, but also to build soft infrastructure. Only by combining soft and hard and inserting the wings of intelligent software into the hardware can the new infrastructure play a better role."

　　He Yifan, Ma Jun Drive and other representatives of new infrastructure enterprises summed up the international competitiveness and progress direction of China’s new infrastructure through the experience accumulated in the stage of technological exploration. Zhu Keli, Executive Dean of National Research Institute of New Economy, once again analyzed the relationship and prospect between "new infrastructure" and "new economy" from the perspective of long-term economic impact.

　　"New consumption and new infrastructure are two issues that have attracted much attention at present, and they shoulder the heavy responsibility of reviving China’s economy in the post-epidemic context." Zhu Keli said that a digital bridge between new infrastructure and new consumption is being formed historically, and the new economic logic of industrial interconnection and the digital platform make it possible for new infrastructure and new consumption to resonate at the same frequency.

　　Zhu Keli pointed out that the relationship between the new economy and the new infrastructure is that the new infrastructure provides an effective operating basis for the development of the new economy. As a large system, the new economy can also provide good technical support, long-term operating mechanism and broad development soil for new infrastructure.

　　Speaking of new infrastructure and digital economy, Geng Zhijun, vice president of Tencent, also pointed out that code economy is a new way of connection, which can gradually transfer the business model in the traditional economic society to the online. During the whole epidemic period, the relationship generated by code will become more and more obvious and more and more. "Of course, the code economy does not necessarily refer to an economy that simply links through QR codes. We are more talking about a mapping between the real world and the virtual world, or a connection between the real world and the virtual world, resulting in more economic development."

　　Yan Zhijun also said that it is not difficult to see from this epidemic that online and offline integration will enhance the resilience of more market players, thus boosting the digital transformation of small and medium-sized enterprises. In other words, good use of coupons can cultivate future customers of new consumption and new infrastructure, and the two will organically connect the enterprise and the government through digitalization.

1905 movie network news Hollywood sci-fi action giant jointly produced by Columbia Pictures and Tencent Pictures released China Special Action — — The film’s main creator is coming to China on the Dragon Boat Festival, and the lineup is unprecedented and luxurious. The two leading actors, Chris Hemsworth and tessa thompson, and the director F Gary Gray, are the first to combine into a film publicity platform.

A few days ago, the film officially launched global publicity, and the first red carpet fan activity held in Bali was even more climax, which made domestic fans envious.

　

Fairy group is about to airborne Beijing elite agents to start China special operation

"Men in Black: The Global Pursuit" has been highly anticipated by fans since its inception. As the hottest powerful actors in Hollywood today, "Brother Hammer" Chris Hemsworth and "Valkyria" tessa thompson have a high popularity in China, and a large number of fans are eager for idols to come to China. The two collaborated again after several Marvel Universe super-British blockbusters, and H&M, an elite agent, showed remarkable tacit understanding in the new series of Men in Black. This is the first time that the golden partner of the "God of Heaven" and Super 8 director F Gary Gray have joined forces during the film promotion period to jointly "perform special tasks" in China. Brother Hammer, Chris shared the news of his visit to China with China fans in the form of a video letter for the first time, and warmly looked forward to spending the Dragon Boat Festival with you. It is reported that tessa thompson, the heroine of the film, and F Gary Gray, the director, both came to China for the first time to promote the film works. This heavyweight lineup gathered in Beijing to reveal the wonderful stories behind the scenes of the film to the audience.

　

Shooting interesting things, endless high-energy warning of aliens

In the new preview released at the same time as the news of coming to China, it shows that the film incorporates a lot of sci-fi actions and humorous elements. The thrilling action scenes and the high-energy weapons of future technology make people’s hearts beat faster and ignite. In particular, the super sports car with "one button to heaven" surprise operation hides a lot of heavy firepower equipment, which is worthy of being the exclusive car of top agents! Meng Xing Bing Bing also stole the show again. In the trailer, it was trapped in a glass bottle, but it used a secret weapon to draw a humanoid door frame in the bottle. Even Agent H and Agent M were dumbfounded by the unusual move.

　

Earlier, Chris Hemsworth revealed in an interview, "I am very happy to participate in the filming of" Men in Black: Global Pursuit ".There are many action scenes in it that test people very much, and it is also very interesting to shoot around the world with the crew." In the movie, agent H&M will travel around the world to hunt down evil aliens, and high-energy clips emerge one after another, which is worth looking forward to. On June 14th, the most exciting sci-fi action masterpiece in the summer file will be released soon.

　

The film Men in Black: The Global Pursuit is produced by Steven Allan Spielberg (,), directed by F Gary Gray (,), and co-starred by Chris Hemsworth (,), tessa thompson (,), liam neeson (series,), emma thompson (,Love Actually) and Rebecca Ferguson (,).

　　In the face of cancer, everyone often talks about cancer discoloration.

　　The source of this fear is not groundless. In recent 40 years, the cancer burden in China has also increased significantly.

　　According to an article published in The Lancet Oncology by He Jie, an academician of China Academy of Sciences, in the past 40 years, the proportion of people in China who died of cancer has decreased from 1973— The proportion of cancer increased from 10.1% in 1975 to 24.2% in 2015, and the burden of cancer increased day by day.

　　Why are some cancers found late?

　　Some cancers are terminal as soon as they are discovered. Why?

　　First, the concealment of cancer itself is high. The incubation period of most cancers is long, which is very long, whether it is from oncogene mutation or from persistent infection with carcinogenic virus to the final formation of cancer. In this process, there may be no obvious clinical symptoms, which are not easy for patients to detect. Once there are perceptible clinical symptoms, they often metastasize, which is the advanced stage of cancer.

　　Second, patients are too negligent. Some cancers have nonspecific symptoms in the early stage, such as fatigue, cough, slight chest pain or abdominal pain, but many patients often neglect diagnosis and treatment, or the abnormal indicators of physical examination do not further clarify the cause, which delays the treatment opportunity.

　　Third, there is no regular physical examination. Many people feel healthy and refuse to have regular health checkups, but they don’t know that health checkups can find some cancers in time.

　　So which cancers are advanced as soon as they are discovered?

　　Pancreatic cancer is often called the king of cancer, and its survival rate is low. Most of the early pancreatic cancer has no clinical symptoms, and it is in the middle and late stage when it is diagnosed, so it is difficult to cure.

　　The incidence and mortality of lung cancer have increased the fastest, and it is one of the most threatening malignant tumors to people’s health and life. The symptoms of early lung cancer are often mild, and there may even be no discomfort.

　　The symptoms of early liver cancer generally have no obvious characteristics, and the middle and late stages will be accompanied by symptoms such as liver pain, abdominal distension, fatigue and emaciation.

　　These symptoms require vigilance.

　　British scholars published an article in The Lancet Oncology. By studying the data of 8,000 patients suffering from 12 common cancers, it was found that 13 of the 20 symptoms appeared in the early stage of cancer, including abnormal nevus, breast mass, postmenopausal bleeding, rectal bleeding, lower urinary tract symptoms, hematuria, change of defecation habits, hoarseness, fatigue, abdominal pain, lower abdominal pain, weight loss and so on. Therefore, once the above symptoms appear, ordinary people should see a doctor in time.

　　It needs to be emphasized that we should pay special attention to weight loss. A study published by Oxford University in the British Medical Journal on August 13th, 2020 shows that subjects who suddenly lose weight are twice as likely to develop cancer as those who don’t.

　　How do ordinary people avoid getting sick

　　Doing the following will help us stay away from cancer.

　　In daily life, people need to pay attention to stay away from ionization and ultraviolet radiation.

　　Develop a reasonable dietary structure and balanced nutrition. Control the intake of red meat food, choose rough grains, and increase the intake of fresh fruits and vegetables and low-calorie foods.

　　Keep moving properly. Adults should try to reduce sedentary time, and exercise time is recommended to be about 150 minutes per week.

　　Develop good habits of work and rest. Guaranteed daily 7-mdash; 9 hours of sleep, it is recommended to sleep from 10 pm to 6 am the next day.

　　Pay attention to controlling drinking and quitting smoking, and keep a good attitude. Learn to deal with things positively and peacefully in life, and don’t be overly anxious about everything.

　　Regular physical examination, arrange targeted cancer screening every year to achieve early detection and early treatment. (Source: Popular Science China)

Every edited Wang Jiaqi　　　　

At the regular press conference of the Ministry of Foreign Affairs yesterday (July 4th), a name that had disappeared for eight years was suddenly mentioned again — — Hu Shitai, an Australian Chinese businessman.

On March 29, 2010, the Shanghai No.1 Intermediate People’s Court ruled in the first instance that the defendant Hu Shitai was sentenced to 10 years’ imprisonment, confiscated property and fined RMB 1 million for the crimes of accepting bribes and infringing commercial secrets by non-state staff.

On May 17, 2010, the Shanghai Higher People’s Court issued a public verdict in the second instance, rejecting the defendant’s appeal and upholding the judgment of the first instance.

Lu Kang, a spokesperson for the Ministry of Foreign Affairs, said: Hu Shitai abided by the prison rules and discipline and obeyed management education during his prison term. China judicial authorities ruled that his sentence was reduced according to law. Hu Shitai was released from prison on July 4.

▲ Hu Shitai (data map, source: Oriental IC)

At that time, the "Hu Shitai case" shocked the whole world and shook the entire steel and mineral industry. In the first decade of the 21st century, Hu Shitai was well known in China’s steel industry. How powerful was his "energy"? Look at a set of data:

Since 2003, China steel enterprises have spent more than 700 billion yuan just because of the rising iron ore price in the past six years, which is equivalent to more than twice the total profits of China steel enterprises in the same period. Even in 2008, when the financial crisis broke out, China once again accepted that the price of fine ore rose by 79.88% and lump ore rose by 96.5%, which was the highest increase in history.

Behind this, of course, there is a problem of global iron ore pricing mechanism; But in this mechanism, Hu Shitai "contributed".

To review the Hu Shitai case, we have to start with the global iron ore pricing mechanism.

Before 1950, the global iron ore trading mode was mainly spot trading; In the 1960s, Japan became the main buyer of iron ore in Australia, and the two sides started to sign short-term contracts, which gradually developed into long-term contracts in the late 1960s, and the quantity and price of iron ore were locked for 10 to 20 years.

In 1980, the annual long-term negotiated price mechanism of iron ore began to take shape. Every year, the global major mines (iron ore supply side representatives) and major steel mills (demand side representatives) negotiate to determine the annual iron ore supply price. This process is also called "iron ore negotiation". The fixed price is the industry index, which is widely referenced and adopted in other trade negotiations.

However, it was not until 2003 that China joined the "iron ore negotiations". At that time, China was already the largest producer and consumer of steel. However, from 2003 to 2009, China was almost defeated in the annual price game. As the largest iron ore buyer in the world, it had no pricing power.

Who were the buyers and sellers at that time?

Seller:

BHP Billiton (BHP Billiton)

BHP Billiton was formed in 2001 by the merger of two giant mining companies-BHP and British Billiton Company, which was then the largest mining company in the world.

Companhia Vale Do Rio Doce

At that time, the world’s largest iron ore producer and exporter was also the largest mining company in the American continent.

Rio Tinto mining company (Rio Tinto)

It was founded in Spain in 1873. In 1954, the company sold most of its Spanish business. From 1962 to 1997, the company merged several influential mining companies in the world, and in 2000, it successfully acquired the Australian Northern Mining Company, becoming a global leader in the exploration, mining and processing of mineral resources.

Buyer:

China Iron and Steel Industry Association.

Domestic steel enterprises.

What role did Hu Shitai play in the negotiation?

Hu Shitai was born in 1963, originally from Tianjin, China. He graduated from Peking University and went to Australia to study. After graduation, he went to work in Hammersley Iron Mine, Australia’s second largest iron ore producer. After Rio Tinto acquired Hammersley Iron Mine, Hu Shitai became an employee of Rio Tinto. Joined Australian citizenship in 1997,

Hu Shitai has worked in Rio Tinto for quite a long time and is familiar with major domestic steel mills and ore traders. When the case was investigated, Hu Shitai was the chief representative of Rio Tinto, an Australian iron ore enterprise, and the general manager of Rio Tinto’s Hammersley iron ore business in China. At that time, he was a member of Rio Tinto’s "iron ore negotiations".

▲ August 5, 2010, Shanghai, Rio Tinto China Office (Source: Oriental IC)

It is this one-sided negotiation pricing mechanism that makes Hu Shitai see "business opportunities".

The case broke out in 2009.

On July 5, 2009, four employees of Rio Tinto Shanghai Company were detained. Among the four people detained, Hu Shitai was included. At the same time, the public security department also took away his computer.

Subsequently, Xinhua News Agency reported that Hu Shitai and other four people were detained because they used improper means to win over the insiders of China iron and steel production units during the iron ore import and export negotiations between China and foreign countries since 2009, and used this to spy on and steal China’s state secrets.

At that time, an insider revealed to national business daily (micro-signal: nbdnews) that the computer of Rio Tinto’s Shanghai office taken away by the relevant departments contained dozens of steel enterprises with long-term contracts with Rio Tinto. These data relate to the detailed procurement plan, raw material inventory, production arrangement and other data of the enterprise, and even the monthly steel output and sales of some large steel enterprises are very clear.

"(Rio Tinto) knows the situation of steel mills in China like the back of his hand," said the insider. "Mines even know their companies better than the bosses of some enterprises." Some people who have close contacts with the mine also said.

At that time, a relevant person of a steel enterprise said, "In our company, there are no more than 10 people who can know the details of raw material inventory, production arrangement and sales." Mines can master these enterprise secrets, and may have already bought off the specific production and operation personnel of related enterprises.

Many people in iron and steel enterprises said that Hu Shitai was "very happy" in China’s iron and steel industry, and he had a good personal relationship with many heavyweights in the steel industry, including Tan Yixin, then assistant general manager of Shougang International and general manager of mining import and export company. A few days before Hu Shitai was detained, Tan Yixin was also formally arrested by the procuratorate for allegedly providing commercial secrets to Hu Shitai and others and bribing state employees.

Having monopolized the global mineral resources, and now knowing the situation of China iron and steel enterprises clearly, how can China enterprises succeed at the negotiating table?

Let’s talk about Hu Shitai’s bribery crime.

The court found through trial that from 2003 to 2009, Hu Shitai and Chinese employees Wang Yong, Ge Minqiang and Liu Caikui took advantage of their positions to solicit or accept money for many times in iron ore trade with China to seek benefits for others.

Among them, Hu Shitai received RMB 6.46 million, Wang Yong received RMB 75.14 million, Ge Minqiang received RMB 6.94 million and Liu Caikui received RMB 3.78 million.

There are 20 domestic steel enterprises that pay bribes to them. There are many ways for Hu Shitai to accept bribes and make profits for others. Here is an example:

After Guofeng Iron and Steel signed a long-term contract with Rio Tinto with an annual capacity of 1 million tons for five years, Hu Shitai asked the company for the calculation standard of the benefit fee, which was 30% of the profit of a ship. In order to become a long-term cooperative company with more favorable goods, Guofeng Iron and Steel Co., Ltd. was turned around by many people and companies, and nearly $800,000 in benefits was paid to Hu Shitai.

Liu Caikui, one of Hu Shitai’s four people, mostly accepts bribes from enterprises without iron ore import qualifications. They must rely on the names of some steel companies that have entered the long association sequence to purchase iron ore from Rio Tinto. It is natural for the relevant enterprises to pay Liu a certain fee after getting the ore.

In order to get the iron ore contract, he paid bribes to Hu Shitai and others, reflecting the passive situation of China steel enterprises at that time:

Around 2004, the long-term price of iron ore was much lower than the spot price, and the highest price difference exceeded 100 US dollars/ton. Iron and steel enterprises and traders who are qualified to import iron ore and hold long-term orders resell iron ore to the spot market, which is even more profitable than doing the main business of steel.

Before the financial crisis in 2008, Rio Tinto rarely directly signed long-term agreements with traders and small steel enterprises. With the advent of the financial crisis, when the long-term cooperative price was higher than the spot price, large steel enterprises in China and other long-term cooperative customers defaulted in a large area. In order to obtain the maximum benefit, Rio Tinto began to contact with small and medium-sized steel enterprises in iron ore negotiations, and as long as it reached a certain amount, it could make some discounts (sell the ore) to small and medium-sized steel enterprises. As a breakthrough of "iron ore negotiation".

▲ Image source: Photo Network

From being detained on July 5, 2009 to serving his sentence on July 4, 2018, nine years later, Hu Shitai walked out of the cage. He may find that the iron ore market has changed. And the change happened from the time he was sentenced.

In 2010, China rejected the annual benchmark prices agreed by the three major mines, and the annual negotiations of the Iron Ore Association broke down, and the pricing model linked to the index was adopted. Spot iron ore is priced on the basis of index. The purpose of this pricing method is to reflect the spot market situation and the relationship between supply and demand.

At that time, another giant BHP Billiton also said that nearly half of the company’s customers had begun to adopt a pricing system linked to the spot market. This shows that the old mechanism for setting the annual price of iron ore is losing its meaning.

With the development of spot market and the rise of index pricing, iron ore derivatives trading came into being. In 2009, Singapore Stock Exchange launched the world’s first iron ore swap contract. In the domestic market, Dashang launched an iron ore futures contract in 2013, which was denominated in RMB and delivered in kind.

Every time Xiaobian (micro-signal: nbdnews) noticed that although the iron ore negotiation is controlled by people no longer exists, the international crude oil price has risen sharply this year, and the pricing power of bulk commodities is still in the hands of international energy giants and financial predators. How to reverse this situation? How to safeguard the core interests of enterprises in China?

You are welcome to express your opinions in the message area.

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　　On the evening of January 30th, local time, Tedros Adhanom Ghebreyesus, Director-General of the World Health Organization, held a press conference in Geneva, Switzerland, explaining that the pneumonia epidemic in novel coronavirus has constituted a "public health emergency of international concern". Tedros Adhanom Ghebreyesus stressed that WHO does not approve or even oppose a travel or trade ban on China.

　　Since the outbreak, the international community has paid close attention to it. China’s response has won praise from the world, and countries have acted quickly to overcome the difficulties.

　　The China system is very effective.

　　"The challenge is enormous, and China’s response is impressive." According to the BBC website, Michael Ryan, Executive Director of WHO Health Emergency Project, praised China’s response to the novel coronavirus epidemic.

　　CNN said that the China administration’s response to the epidemic was unprecedented and may not be realized in other countries — — China has imposed a blockade on nearly 60 million people and imposed full or partial travel restrictions on more than a dozen cities in Hubei Province. Major cities have launched the highest level of emergency response, set up checkpoints on roads, and screened passengers at airports and railway stations … … CBS reported that China launched an all-out campaign to fight the epidemic. Doctors treated patients day and night, and the military arrived in Wuhan to provide material support.

　　Spain’s "National News" website noticed that in Wuhan, a hospital was completed in less than 10 days, and the second emergency hospital also started construction.

　　"The China system is very effective in a crisis situation. It can take measures that require strong human and material resources and a well-functioning hierarchical system. " In an interview with the German newspaper Le Monde, China of Bertelsmann Foundation and bernhard Barchi, a senior expert in the Asia-Pacific region, commented on China’s initiative.

　　Zhou Rui, chairman of the French "Bridge" think tank and an expert on emerging economies, pointed out that at a critical juncture, China chose to close almost the whole of Hubei Province — — Almost equivalent to the size of France — — It has protected all countries in the world from the greater intrusion of the epidemic.

　　The World Health Organization praised that China has always adhered to the principle of openness and transparency, released information in a timely manner, quickly identified viruses and shared gene sequences, and adopted decisive and effective measures to control the spread of the epidemic, which not only reflected a high degree of responsibility for the lives and health of its own people, but also strongly supported global disease prevention and control.

　　Open and transparent to overcome the difficulties

　　In addition to taking extraordinary measures to prevent the export of cases, China identified pathogens at an unprecedented speed and shared the relevant virus gene sequences with the World Health Organization and other countries for the first time, which made it possible to develop a rapid virus detection tool.

　　According to Reuters news, the Russian Consulate in Guangzhou revealed that Russia and China are cooperating to develop a coronavirus vaccine.

　　According to the website of the Sydney Morning Herald, Australian scientists are the first to cultivate novel coronavirus outside China, hoping that this breakthrough will speed up diagnosis and help vaccine research and development. According to the report, it is expected that the cultivated virus will be used for antibody detection, so that the virus can be detected when the patient has not developed symptoms and therefore does not know that he is carrying the virus. It will also be used to test the effectiveness of experimental vaccines.

　　The Financial Times website reported that in China, Clover Biopharmaceutical Company plans to develop a vaccine based on the key protein in coronavirus, and put a candidate vaccine into trial in just a few weeks. The goal of the Oslo-based Innovation Alliance for Epidemic Prevention is that at least one candidate vaccine that can prevent coronavirus infection can be put into the first phase of clinical trials within 16 weeks to test the human tolerance to it.

　　"The search for vaccines benefited from the decision of the China government to release detailed information of coronavirus as soon as possible, which enabled scholars and pharmaceutical companies around the world to study its genome sequence." The Financial Times website pointed out. Russian newspaper quoted Russian officials and experts as saying that China showed unprecedented openness, which greatly helped disease research. According to the Guardian, compared with the SARS period, China is developing in a more open direction.

　　Take the initiative to ease concerns.

　　Whether the epidemic will have an impact on the world economy in 2020 has aroused widespread concern.

　　In an article published on January 30th in The New York Times, USA, "The world quickly realizes how dependent it is on China", it is pointed out that now, Japan is preparing for possible shocks, and the Federal Reserve is "closely watching" the changes in the situation. As the world’s largest source of tourism revenue tightens its borders, hotels and travel agencies all over Asia are worried.

　　However, many people remain optimistic. The article on the website of the Financial Times pointed out that no epidemic has caused a long-term reversal of market trends. The market rebound in 2003 was swift and violent. The global stock market rose by nearly 30% for the whole year.

　　Jennifer mckeown of the London Consulting Group also believes that the global economic growth in the second quarter of 2003 dropped by a full percentage point due to the epidemic of SARS. However, it quickly made up for the fundamentals of the economy, and it is difficult to list any lasting damage caused by SARS to global economic activities and global GDP.

　　China’s initiative has also eased the world’s worries. CNBC, an American financial website, said that after China took stricter measures and set up a high-level leading group, investors’ panic seemed to be ebbing. Bank of America, an investment bank, said that in the new crisis, China has been more proactive in updating the situation. To some extent, China’s response eased the concern that the epidemic might have a serious global impact.

　　The world has confidence in China. As Singaporean Foreign Minister Wei Wen said, compared with the fight against SARS in 2003, China’s technology, experience and ability to meet such challenges have been significantly improved. New Zealand is full of confidence that China will finally defeat the novel coronavirus epidemic.

　　Dr Jeremy Faller, chairman of Wellcome Foundation and an infectious disease expert, said: "China is setting a new benchmark for the response to the epidemic, and we should thank China." (Reporter Zhang Hong)