Zhang Yimou’s first behind-the-scenes poster of "Shadow" was unveiled.

1905 movie network news A documentary film that reveals the whole shooting process of Zhang Yimou’s works: "Zhang Yimou and His Shadow" today exposed a group of behind-the-scenes "shadow" posters, and a group of "shadows" living behind "Shadow" dedicated their efforts in their respective posts. This documentary, which reveals the whole shooting process of Zhang Yimou’s Shadow, records their ingenious stories as behind-the-scenes filmmakers, condenses the countless efforts of ordinary heroes, and truly takes care of every silent creator of light and shadow behind the screen.

In the documentary "Zhang Yimou and His Shadow", we can see that the whole film of "Shadow" is almost a rainy scene, so the on-site special effects artists have become the top priority. As long as there is location shooting, they need their cooperation, and the rain scene is the most difficult part of shooting. Because of the backlight, the rain will be uneven in the lens, and Zhang Tao sometimes has to debug for a long time for a lens. Photographer Chen Zhoufei bluntly said: "I have never experienced a play that is rainy." However, in addition to the rain, we have to face the challenges of extreme shooting conditions such as air, underwater and bamboo forests. These tests of details are also the standards for measuring works.

As Zhao Xiaoding, the director of photography in the documentary, said, "If you want to do this thing, you must do it well." Ku Huen Chiu, the martial arts designer of Shadow, said frankly that in order to present the best effect, the action shots for a few seconds would not hesitate to be scrutinized over and over again. There are dozens of dead actors in the film. At the filming site, the director temporarily decided to shoot close-ups of several dead people. For a few seconds of close-ups, they shot again and again in the rain for several hours. Fan Yupeng and Li Zhuoyang, who played the dead in the film, talked about their roles and said, "It’s not enough to shoot. You can still shoot after kneeling there for another three hours. When you know that you are doing something, everyone is watching you and everyone is expecting you, you just want to do a little more. A little more, I can be better."

In the documentary, Huang Hai, the poster designer of Shadow, once said: "I like the stills of Shadow best, and I feel that this movie is in front of me at the moment I see it." Such amazing stills are actually the most real and moving moments recorded by stillist Bai Xiaoyan when shooting on the set. From "Shake, Shake and Go to Waipo Bridge", Bai Xiaoyan has been working with director Zhang Yimou for 20 years, and her normal working hours will be three or four in the morning every day; Behind the scenes, Master Zhang Jihu, the crew chef on standby outside the crew, recalled that he had been working in the crew for 17 years and devoted himself to the crew for half his life. Ren Maocheng, the deputy director of Shadow, bluntly said, "But I still feel that if I can, I hope I can keep doing it."

There are too many behind-the-scenes craftsmen in the crew, such as Zhou Wei, the group leader of props, said, "We must do what we promised others", which is also the insistence of every filmmaker. It is they who uphold the high standards of film Excellence that led to the film Shadow. Director Zhang Yimou also said: "People like to watch the brilliant bloom, but there must be a long and unknown preparation behind it. Even during the preparation process, you may not know which direction will have light. "

The documentary "Zhang Yimou and His Shadow" will land on the big screen on October 5, 2018 to meet the audience, explore the persistence and glory of the people behind the film, and illuminate the ingenious filmmakers who regard this career as their lifelong ideal.


Scientific evidence-based reconstruction of metabolic power Natural sunshine Annual metabolic health nutrition scheme escorts healthy aging.

On March 14th, Natural Sunshine released the annual metabolic healthy nutrition plan for the first time at the "Rising Service Provider Conference" in 2025, aiming to meet the growing health needs of the people and open a new paradigm of intestinal microecological metabolism management through nutritional intervention and scientific construction of reasonable dietary structure.

It is reported that the program integrates the research results of natural sunlight in the field of intestinal microecology for many years, follows the logic of "purification-strengthening-repair" trilogy, and constructs six nutrient matrices covering dietary fiber, probiotics, prebiotics, symbiotic elements, metazoa and comprehensive plant nutrients. It selects high-quality raw materials from 28 countries and regions around the world, relies on the solid support of 328 patents, 382 clinical studies, 524 scientific research articles and 906 academic papers, and combines precise nutrition intervention and periodic health management to provide consumers with more comprehensive metabolic support and help improve their quality of life. Sales statistics show that the cumulative sales volume of related products has exceeded 3.88 million boxes, with sales of 1.88 billion yuan, which confirms the virtuous circle of natural sunshine driving market growth through scientific research and demonstration.

With the aging of the global population, health management has jumped from individual needs to the focus of social attention. According to the latest data from the National Bureau of Statistics, by the end of 2024, China’s population aged 60 and over accounted for 22.0% of the national population, of which the population aged 65 and over reached 220 million, accounting for 15.6%. These data intuitively reflect that China’s population aging process is accelerating and has entered a stage of rapid development. With the gradual extension of life expectancy, the needs of a large number of "post-60 s" new generation of elderly groups are also shifting from basic "survival" to "development" and "enjoyment" in pursuit of quality, and their desire for high-quality life is becoming stronger and stronger.

At the same time, chronic diseases have become the primary factor threatening people’s health, and the number of deaths caused by chronic diseases accounts for over 80% of the total deaths of residents, and the prevention and treatment of chronic diseases faces double challenges. On the one hand, the White Paper on Cardiovascular and Cerebrovascular Health of Young and Middle-aged People in China reveals that the high-risk ratio of cardiovascular and cerebrovascular diseases among people aged 20-39 is 44.3%, and about one out of every six patients is born in the 1990s. The disease spectrum is becoming younger. On the other hand, the proportion of deaths caused by chronic diseases continues to rise, and now it has exceeded the 80% mark, which constitutes the primary threat to national health. This superposition effect of "getting old before getting rich" and "getting sick before getting old" is aggravating the contradiction between supply and demand of medical resources and the pressure of social security.

The Central Committee of the Communist Party of China and the State Council attached great importance to the prevention and treatment of chronic diseases, and incorporated them into the "Long-term Plan for the Prevention and Treatment of Chronic Diseases in China" and the "Tenth Five-Year Plan" for national health, so as to promote the comprehensive prevention and treatment system of multi-diseases and multi-diseases.

It is imperative to establish a life-cycle health management system covering the whole people under the multiple backgrounds of disease pedigree change, pressure on medical resources and rising social costs. This is not only related to the quality of life of every citizen, but also an important guarantee to reduce the social medical burden and realize sustainable development. It will be the key path to solve the current health problems by cultivating the health management awareness of the whole people, pushing forward the prevention barrier and building a scientific and effective health life management system.

Sun Guiju, a professor in the Department of Nutrition and Food Hygiene, School of Public Health, Southeast University, and chairman of Nanjing Nutrition Society, pointed out that there is a significant correlation between the rising incidence of chronic diseases and the imbalance of dietary structure, and scientific nutrition intervention has become a breakthrough in the prevention and treatment of chronic diseases. Professor Sun emphasized that the core inducement of the continuous increase of chronic metabolic diseases (hypertension/diabetes/weight change, etc.) in China in recent 20 years is the dietary structural imbalance that is generally ignored. Nutritional intervention is of great significance to physical health and intestinal health, and reasonable dietary supplement provides a strong guarantee for the long-term stability of overall health. Studies have shown that optimizing diet structure, supplementing specific nutrients and standardizing eating habits can effectively maintain intestinal microecology and regulate metabolic function. Under the triple pressure of aging, chronic diseases and "senile diseases", it is of great practical value for the public to improve the efficiency of health management by improving the metabolic level and intestinal health through nutritional intervention.

Intestine is the largest microecosystem of human body, and intestine is the core of metabolic balance and health. Intestinal health is closely related to high-quality and healthy life. The annual healthy nutrition program aims to gradually improve the health level through long-term intervention of reasonable dietary nutrition model.

Based on the experience of intestinal microecological metabolism management, Natural Sunshine is committed to starting from the root of intestinal health, relying on the logic of "Purification, Strengthening and Repair" health trilogy, scientifically planning the replenishment opportunity and reasonable collocation of nutrients at different stages throughout the year, and gradually improving the metabolic function of human body by purifying toxins in the body, strengthening nutrient absorption and repairing health hazards, helping consumers achieve long-term healthy life and steadily improving the quality of life.

The overall health plan is like a "second-hand house renovation plan". First, "demolish dilapidated houses" and eliminate the garbage toxins in the body by purifying a series of products, so as to create a good internal environment for the second stage of nutritional supplement. Then "reset the hard-mounted systems such as fresh air and pipelines" and adjust the disordered system and optimize the metabolic function with the help of three series of products. Finally, "soft decoration beautification" uses the product matrix of "repairing three treasures" and "repairing three bacteria" to repair health hidden dangers and build a healthy cornerstone.

Natural sunshine’s annual metabolic health nutrition scheme strictly follows the virtuous cycle mode of "purification, strengthening and repair", and distributes phased products to users on a monthly basis to help achieve the annual metabolic health goal. In the plan, we specially designed the "Natural Sunlight Metabolized Healthy Nutrition Tree" refrigerator to visually display the core nutritional sources such as dietary fiber, protein, unsaturated fatty acids and probiotics, and recommended the intake according to the Dietary Guidelines for China Residents 2022, which provided scientific reference for users and helped to make the daily nutritional supplement more accurate.

Nowadays, the concept of "active management and prevention first" is gradually replacing the traditional "passive treatment" model. Everyone should be the "first responsible person" of their own health. Through scientific and systematic health management, we can realize the qualitative change from "prolonging life" to "healthy longevity" and make life more quality and dignified.

Under the background of the rapid development of global health and nutrition industry, natural sunshine always puts consumers’ insight into health value at the strategic core, and adheres to the concept of "serious nutrition" to build a dual ecology of "technology-driven+demand-driven". Natural sunshine not only deeply cultivates the scientific and professional nature of product research and development, but also devotes itself to transforming cutting-edge scientific research results into quantifiable and executable health management solutions by building a whole life cycle metabolic health management matrix to provide consumers with accurate nutrition empowerment.

It is worth mentioning that the natural sunshine brand has been endorsed by Euromonitor Consulting in the field of intestinal nutrition for two consecutive years, and its market position has jumped from "national sales leading herbal intestinal nutrition expert" to "national sales leading intestinal health brand", further highlighting its outstanding position in the field of intestinal nutrition.

The launch of the annual metabolic health nutrition program is a major innovation breakthrough of natural sunshine in the field of health science and technology, and it is also a profound embodiment of enterprises actively fulfilling their social responsibilities. Based on the systematic investigation of the health needs of the aging society and the trend of national health management in China, and the forward-looking insight into the urgent need to improve the quality of life of different age groups, Natural Sunshine expects to provide nutritional support for different age groups to cope with metabolic risks by advocating periodic health management programs and scientific lifestyles, which will not only help middle-aged and elderly people to prolong their healthy life cycle, but also bring preventive health protection to the groups troubled by "geriatric diseases" and promote the effective improvement of national health quality.

Looking forward to the future, Natural Sunshine will, as always, adhere to the core values of "quality, professionalism and pleasing consumers" and continue to deepen the field of intestinal microecology metabolism. Take scientific and technological innovation as the engine, and constantly drive the iterative upgrade of products and services; Taking professional attitude as the cornerstone, we will actively participate in the construction of "healthy China" and inject surging momentum into the national health cause.

Trump once again said: If you win the election, you will impose 100% tariffs on Chinese companies producing cars in Mexico.

(Observer News) According to the reports of American media such as NBC and Bloomberg, on March 16th, local time, Trump, a former US president and Republican presidential candidate, said in a rally speech in Dayton, Ohio that if he won the 2024 US election, he would impose a 100% tariff on the cars produced by China enterprises in Mexico, making China "unable to sell these cars in the United States".

The Republican presidential candidate, who faces four criminal lawsuits, also declared that only if he is elected will the domestic automobile manufacturing industry in the United States be protected, and if he is defeated, it will be a "bloodbath" for the automobile industry in the United States and the country.

In response to Trump’s remarks, campaign spokeswoman Karoline Leavitt added that "Biden’s policy will create an’ economic massacre’ for the auto industry and auto workers".

On March 16, 2024, in Ohio, USA, former US President Trump attended a campaign rally at Dayton International Airport. (Source: vision china)

At a rally on 16th local time, Trump discussed the possibility of escalating trade war with China on automobile manufacturing, and threatened to impose tariffs on cars made outside the United States.

Trump claimed that the vehicle manufacturing plant that Chinese enterprises plan to build in Mexico will not employ Americans, and they will not want to sell in the United States. If he wins this year’s election, he will impose a 100% tariff on every car that crosses this line (the US-Mexico border). "If I am elected, you will not be able to sell these cars."

Trump went on to claim that if he lost in the general election, "this will be a massacre." He also said, "If (I) don’t win this election, I’m not sure if there will be another general election in this country."

Later, Caroline Levitt, a spokesperson for Trump’s campaign, said in an interview with NBC: "Biden’s policy will create an’ economic massacre’ for the auto industry and auto workers."

Trump went to Ohio this time to give a platform to Republican senator candidate Bernie Moreno to help her canvass before the state’s primary election on the 19th. This year, Ohio will hold a Senate election. The result of the election is very important for the Democratic Party to keep the control of the Senate, and the Republican Party also attaches great importance to it.

After Trump made the above remarks, James Singer, a spokesman for Biden’s campaign team, issued a statement saying that this was Trump, the loser who was defeated by more than 7 million votes that year. "He did not attract a wider mainstream audience, but doubled his threat to use political violence. He hopes to come again on January 6 (the riots in the US Capitol in 2021). "

Singh said that the American people will vote Trump to lose again in the November election, "because people continue to oppose his extremism, his passion for violence and his desire for revenge."

Singh also mentioned that former US Vice President and Republican Burns has said that he will not support Trump in the 2024 US presidential election.

On March 12, local time, Trump locked in the Republican presidential nomination for the US presidential election in 2024, and Biden also locked in the Democratic presidential nomination. This enabled Trump to turn all his attention to the re-election with Biden in November.

After the start of the campaign, Trump has repeatedly hyped the topic of imposing tariffs on imported products from China recently.

Last month, Trump said that he was considering a plan to impose tariffs of 60% or more on all products imported from China and 10% on all goods produced outside the United States if he won the election. Earlier this month, he escalated his trade war rhetoric, saying that he "believes in tariffs very much", threatening to impose a 50% tariff on China cars, and declaring that he doesn’t mind tariff retaliation by China or other countries.

The US Consumer News and Business Channel (CNBC) issued a document saying that during Trump’s last term (2017-2021), he used the authorization under three trade bills to unilaterally levy tariffs without the approval of Congress. According to the report, Trump’s trade war with China has disrupted the global economy, raised consumer costs, stirred up the stock market and brought US-China relations to a deadlock.

With the release of the "Inflation Reduction Act" by Biden’s government, the prospect of China’s automobile manufacturers entering the US market has been cast a shadow. Recently, China auto companies such as BYD and SAIC MG reported that they planned to invest and build factories in Mexico, which triggered the concern of the US.

When asked at a regular press conference on December 21st last year, China Ministry of Commerce spokesperson Shu Jueting said that in recent years, many China new energy vehicle companies have entered the Mexican market to carry out trade and investment cooperation and help local green development. Mexico has said many times that it welcomes more Mexican enterprises to invest in China. Pragmatic cooperation between China and Mexico is a matter between two sovereign countries, and it is a normal business activity carried out by enterprises of both sides based on international rules and market principles, and no third party has the right to interfere. We urge the countries concerned to stop economic coercion.

On March 12th this year, at a regular press conference hosted by Foreign Ministry Spokesperson Wang Wenbin, the editor of Bloomberg asked: Trump, a former US president and Republican presidential candidate, said that if he was successful in the election, he planned to raise tariffs on imported products from China, and he would not mind China’s tariff retaliation. Trump has threatened to impose a 60% tariff on all products from China. What’s the spokesman’s comment? Will China take tariff retaliatory measures against American products? Will you complain to the WTO or take other actions?

Wang Wenbin said: The election is an internal affair of the United States, and we will not comment. What I want to emphasize is that the essence of Sino-US economic and trade relations is mutual benefit and win-win. Tariff war and a trade war are not good for China, the United States and the world.

This article is an exclusive manuscript of Observer. It cannot be reproduced without authorization.

Zero tolerance! Multi-place economic census data fraud National Bureau of Statistics statement

  The National Bureau of Statistics announced on the 17th that the Office of the Leading Group for the Fourth National Economic Census in the State Council and the National Bureau of Statistics have recently initiated an investigation into the clues of illegal reporting in Guanghan City, which is under the jurisdiction of Deyang City, Sichuan Province. It is worth noting that during the year, several places were exposed due to the falsification of economic census data. In the past two months, the National Bureau of Statistics has "named" several economic census data frauds.

  The report on the 17th showed that the census data of industrial enterprises above designated size in Guanghan City were seriously inaccurate; The local government instructed census institutions and census personnel to illegally interfere with census data, and Guanghan Economic and Social Affairs Office issued a template of regional gross domestic product (GDP) by holding a working meeting, monitoring and reporting the total GDP of towns and parks and the completion of different industries in real time, instructing and instructing towns and parks to illegally interfere with census objects to provide census data of main business income, depreciation of fixed assets, salary payable to employees, operating profit and other indicators closely related to GDP; The problem of dealing with, obstructing and probing into statistical law enforcement inspection is serious; In violation of state regulations, statistical agencies are listed as the responsible units for completing the assessment of local economic development goals.

  This is another illegal case in the national economic census publicly disclosed by the National Bureau of Statistics following the publication of the Circular on Illegal Cases in the Economic Census of Baicheng City, Jilin Province on April 18 this year and the Circular on Illegal Cases in the Economic Census of luxi county and Jianshui County, Honghe Prefecture, Yunnan Province on May 28 this year.

  The relevant person in charge of the National Bureau of Statistics said that it will further strengthen the law enforcement inspection of the cases of fraud and falsification in the fourth national economic census, adhere to no restricted area, zero tolerance and full coverage, and insist on heavy containment, strong pressure and long-term shock, so as to find and investigate together, and resolutely expose major typical cases.

  Yin Zhongqing, deputy director of the Financial and Economic Committee of the National People’s Congress, said earlier that starting from this year, the National Bureau of Statistics will conduct unified accounting of the regional GDP of all provinces, autonomous regions and municipalities, and stop ranking the total GDP and speed of each local area. In addition, the revision of statistical law has been included in the 13th legislative plan of the National People’s Congress Standing Committee (NPCSC), and related work is progressing steadily. The formulation and revision of national census regulations, folk statistical investigation regulations and other supporting laws and regulations for statistical law are also being studied and promoted. (Reporter Ban Juanjuan)

How does China’s cultural soft power affect the world in 2016?

  [Introduction] American scholar Joseph Nye put forward the concept of "soft power", and the attraction of culture is an important part of it. Let’s take stock of 2016 and see how the "soft power" of China’s culture is constantly affecting the world.

  The Supreme Leader’s Talk on Governing the Country is popular all over the world.

  During the G20 Hangzhou Summit in 2016, what foreign journalists are most concerned about in the news center is whether they can get the book "The Supreme Leader’s Talks on Governing the Country". Shortly after the official opening of the news center on September 1, the "Supreme Leader’s Talk on Governing the Country" prepared by the organizer was taken into the airspace. China’s wisdom conveyed in the book deeply attracted Chinese and foreign journalists who came to interview.

  Since its publication, The Supreme Leader’s Talk on Governing the Country has received sustained attention from the international community and aroused enthusiastic response. By the end of October, 2016, the book had been distributed over 6.2 million copies, including over 600,000 overseas copies, which achieved the highest overseas circulation record of Chinese political books in recent years, and also created the sales record of China’s book list varieties on Amazon.com in the United States.

  Cao Wenxuan won the International Andersen Award, and China literature made the world sit up and take notice.

  In April 2016, Cao Wenxuan won the "International Andersen Award", the highest honor in the field of international children’s literature, and achieved a zero breakthrough for China writers in this award. After winning the prize, Cao Wenxuan has always stressed on different occasions: "I am not a genius, but the overall level of China literature is constantly rising, providing a good platform for the world to see me."

  Since the Nobel Prize in Literature was awarded to Mo Yan, a China writer for the first time in 2012, international literary awards have paid more and more attention to the development and breakthrough of China literature. Liu Cixin’s "Three-body" won the Hugo Award and was well received by overseas readers. Even US President Barack Obama brought a copy when he was on vacation in Hawaii.

  Third, the translation project of China’s contemporary works has caused a whirlwind in the western publishing industry

  In 2016, the translation project of China’s contemporary works organized and implemented by Publicity Department of the Communist Party of China achieved remarkable results. A large number of literary translations with profound thoughts, exquisite art and excellent production are striding out with the sincerity of the Chinese nation.

  The writer Mai Jia has caused a "wheat whirlwind" in the western publishing industry. After his novel Decryption was published in western countries, it caused a great sensation and set a record for English translation and sales of contemporary literary works in China. "Decryption" not only won the market, but also won the praise of mainstream western media. More than 30 overseas mainstream media, such as The Wall Street Journal in The New York Times and BBC, reported on Mai Jia and his novel creation and gave high praise. Mai Jia said, "How we are infatuated with them today, they will be infatuated with us tomorrow. China’s works ‘ Go out ’ We must fight a protracted war with optimism. "

  Four innovationsclassicThe overseas tour of traditional Chinese opera fascinates foreign audiences.

  What kind of Peking Opera movie can make Japanese audiences crazy? Following the overseas premiere of the 3D panoramic Beijing Opera film Farewell My Concubine at Dolby Theatre in Hollywood, USA, Farewell My Concubine, which won the "Lumiere Award", was shown for several days in the China Art Film Week of Tokyo Film Festival. Japanese audiences are full of praise for China’s bold attempt to display the classic Peking Opera art with 3D film technology. Over the past year, the overseas tour of Peking Opera film Farewell My Concubine in the United States, France, Britain and other countries has made Peking Opera go further into the world.

  In December 2016, I, Hamlet, which was arranged by Zhang Jun Kunqu Art Center, was invited by many overseas performance organizations to come to Shakespeare’s hometown to perform Hamlet, which is the most familiar to British people, with China’s iconic traditional opera form Kunqu. Zhang Jun not only adapted Shakespeare’s famous works with ancient Chinese words and the rigorous qupai meter of Kunqu opera, but also challenged the four professions of "life, beauty and ugliness" by himself, giving the ancient Kunqu opera fresh vitality and conquering the London audience.

  Fifth, China’s online novels lead European and American "otaku" crazy "chasing more"

  This matter, many people did not expect. That is, China’s online literature has successfully gone abroad and landed in the secondary position in Europe and America, and its influence is beyond many people’s imagination. On the websites such as Wuxiaworld and Gravity Tales, which mainly translate China’s contemporary online literature, many foreign readers can see the grand occasion of "chasing after" Xian Xia, fantasy, romance and other novels.

  Many foreign translation groups upload countless English texts every day, while European and American "otaku" seriously write long comments on books they like/hate.

  The online novel "Panlong" is over, and western readers are waiting in line below to thank for the translation.

  China has a long history of culture, and there are countless ancient books left behind, among which many precious ancient books have been exiled overseas for various reasons. The publication project of the Catalogue of Overseas Chinese Ancient Books initiated by Zhonghua Book Company has been listed as one of the five major points in the work of sorting out and publishing ancient books in the 13th Five-Year Plan, which will awaken more and more Chinese ancient books sleeping in foreign libraries, and more and more precious Chinese ancient books scattered around the world will be re-published in various forms, and the family background of Chinese ancient books will become clearer and clearer.

  In 2016, this project has received positive responses from libraries in North America. At present, 13 overseas book collection institutions have joined the project of Overseas Chinese Ancient Books Catalogue. Why should we make every effort to compile a complete Catalogue of Overseas Chinese Ancient Books? Because if you want to know the influence of China’s ancient books and Chinese traditional culture on overseas, just look at it.

  When Tang Xianzu met Shakespeare, the binary stars of Chinese and Western cultures shone.

  Four hundred years ago, two bright superstars fell in the human starry sky. They belong to the East and the West, but they are immortal giants in the history of literature. Through centuries, people still enjoy their spiritual creation in theaters and books. On December 6, 2016, Chinese and British experts and scholars gathered in Shanghai for the "Dialogue across Time and Space — — Sino-British seminar to commemorate the 400th anniversary of the death of Tang Xianzu Shakespeare. Tang Xianzu’s meeting with Shakespeare indicates the broad prospect of China’s traditional culture going to the world.

  In 2016, in order to commemorate the 400th anniversary of Tang Xianzu’s death, Shanghai Kunqu Opera Troupe rehearsed Tang Xianzu’s masterpiece Peony Pavilion, Purple Hairpin Story, Handan Dream and Nanke Story, which constituted a complete version of Linchuan Four Dreams. The series has held 42 performances at home and abroad, and it is hard to get a ticket everywhere.

  Eight Jackie Chan hit a sky, and the Oscar lifetime achievement award went to Chinese.

  On November 12, 2016, Jackie Chan won the Oscar Lifetime Achievement Award, and he was also the first Chinese to win this honor.

  Jackie Chan spread China’s action movies around the world, and was the first actor to combine kung fu and comedy perfectly. More importantly, Jackie Chan opened a new perspective for foreigners to see a different China and a different Chinese. As Jackie Chan himself said, "The time when no one listened to Chinese is over!"

  For the China audience, the childhood without Jackie Chan’s movies is certainly incomplete.

  Nine China movies take advantage of the wind to go out to sea.

  For many years, going abroad has been the goal of China film industry. However, the piecemeal state makes China’s films have little influence overseas. Now China filmmakers finally realize that unity is power. Going out to sea in groups has become a common choice for everyone.

  On November 30, 2016, the Film Bureau of the State Administration of Press, Publication, Radio, Film and Television held a symposium on overseas work of "China Movies Showing All over the World" to discuss how to further promote the overseas influence of China films under the new situation.

  More than 30 first-line film production companies, including Chinese Culture Holding Group, Chinese Film, Wanda Film, Enlight Film, Huayi Film and LeTV Film, actively organized groups. At the end of the year, the film "The Great Wall" was released, which was the first step out of the international packaging of China films.

  Ten documentaries "Challenges Facing China" won the 68th Emmy Award in Los Angeles.

  On December 16th, 2016, the launching ceremony of the third season of the documentary "Challenges Facing China" was held in Beijing.

  The Challenge Facing China is a series of feature films produced by the Foreign Language Channel of Shanghai Radio and Television Station, which is hosted by robert lawrance kuhn, an internationally renowned expert on China. It is the first documentary on social reality in China to observe, study and analyze the current situation in China from the perspective of westerners. The first season of the film was broadcast in 2012, and since then, it has landed in many overseas mainstream media such as the United States, Germany and Australia. In the United States alone, its first and second seasons were broadcast on 210 public television stations. As of July 2016, there were more than 4,000 episodes, and the coverage rate in the top ten cities in the United States climbed from 70% in the first quarter to 96% in the second quarter.

  "China has become the second largest economy in the world. The documentary we filmed is to tell the world a real China. " Kuhn said. The interview and filming of the program lasted more than one year, with a total journey of more than 40,000 kilometers. The program is simple, vivid and eloquent, explaining to the international community what is the "Chinese dream", how to realize it, what is the biggest challenge to realize it, and what it means to the world.

  At present, this documentary has been recognized by a large number of audiences at home and abroad, and is known as "opening up the public opinion field between China and the West". It not only won many domestic awards, but also won the 68th Emmy Award in Los Angeles this year.

  * This article is the exclusive manuscript of Wenhui. Unauthorized reproduction is strictly prohibited. | The picture comes from the network.

Classic Compilation | Improving Rawls’ Theoretical Framework of Justice: A Perspective of Gender and Cultural Differences

Susan Okin: Gender and Cultural Differences

abstract:

As one of the representative political and social theorists of liberalism, the late famous scholar Susan Okin has long been concerned about the tension between the respect for group cultural customs and the protection of women’s rights and interests advocated by multiculturalism. In this paper, Okin tries to solve such a problem by refuting the criticism of anti-essentialist feminism: how to establish a justice theory that is universal and principled and can take into account the differences between individuals and social groups? Through comparative analysis based on empirical research, Okin reiterated the legitimacy of gender as an independent analytical category, and it is applicable to the situation of women in different cultural and economic backgrounds. Finally, she advocates an improved Rawls’ theory of justice, introducing gender and family into this framework, and establishing a theoretical framework of feminist justice through "veil of ignorance", which can simultaneously consider the universality and differences in women’s experience.

About the author:

Susan Moller Okin, Department of Sociology, Stanford University

Compilation source:

Okin, S. M. (1994). Gender Inequality and Cultural Differences.Political Theory, 22(1), 5-24.

Susan Okin, author of this article

Theories of justice are suffering from some kind of identity crisis. After all, how can the theory of justice be universal, principled and based on sufficient reasons acceptable to all, while taking into account the differences between individuals and social groups? Feminism is one of the first schools to point out that a large number of people are excluded from the so-called universalism theory. Some feminists even point out that many feminist theories ignore racism, heterosexualism, class, religion and other prejudices while considering gender discrimination or prejudice. However, when other prejudices are taken into consideration by feminism, some feminists also find that it seems that there is a problem to establish a theory of justice on the basis of completely listening to the views and needs of each specific individual or group-is it possible to draw any principles of justice in this way? Considering the possibility of "false consciousness" (Note 1), is it even possible that this is a reliable method? Will emphasizing differences, especially cultural differences, not fall to relativism?

This is an important issue. It is now acknowledged that most theories of justice did not take many different groups into account when they were constructed. However, how can we construct a coherent and feasible theory of justice and make all different groups express themselves and get the attention they deserve? This article will return to this question at the end.

Feminism, Differentialism and Essentialism

Feminists have had much discussion about differences. One aspect of the discussion is a continuation of an old argument-about how women are different from men, what may cause this difference, and whether these differences require other aspects of law and public policy to treat women and men differently. Another (newer) aspect of the discussion about differences is about the differences between women. Some people think that talking about women and talking about women’s problems, especially the problem of women’s "self", is an "essentialist". According to this view, the upper-middle-class feminists of white people not only exclude or don’t care about the women’s problems of other races, cultures and religions, but also don’t care about the women’s problems of other classes besides themselves. Therefore, people who oppose this essentialism believe that "gender" is a problematic category unless it is used under the restrictions of race, class, nationality, religion and other differences.

The accusation of feminist essentialism is valid for some works. For example, well-off feminists like Harriet Taylor, Charlotte Perkins Gilman, Virginia Woolf, Simone de Beauvoir and Betty Friedan all seem to assume that their liberated women will live on servants. Except for Woolf who briefly discussed the difficulties of maids, most of them did not pay attention to the problems of servants-of course, most of them were women. In the mid-19th century, many middle-and upper-class white feminists only considered their own tendencies of women of the same class and race (some even became explicit racists), which made Sojourner Truth make a sharp and famous shout in her speech: "Am I not a woman? (Ain’t I a women? ) "But I think, and will be discussed below, this essentialism problem is far from appearing in most recent feminist works. But now there seems to be more and more criticism of "essentialism". Elizabeth Spelman wrote in "Non-essential Women"(In Essential Women) (1988) is a summary of such views: "The concern about women as women is only aimed at a group of women-white middle-class women in western industrialized countries" (Note 2). In some circles, this has been considered as a self-evident truth.

There are three main sources that hold that many feminist theories are essentialism recently: postmodernism under the influence of Europe; The works of African-American and other ethnic feminist women in the United States and Britain; And spelman’s book "Non-essential Women". Postmodernism is skeptical of all universal or general propositions, including feminist propositions. It holds that the core concepts of feminist thought, such as "gender" and "woman", are as unreasonable as other categories that do not consider individual differences.

Spelman, on the other hand, holds that "as a woman is a Trojan horse of feminist ethnocentrism"; The great mistake of middle-class white feminists is to exclude women who are different from themselves from their social criticism, or even if they are included, they assume that no matter what their differences are, they have the same experience of gender discrimination. She believes that the existing theory is at most "an additive analysis, that is, in a society where racism and sexism coexist, the oppression of black women seems to be a further burden, but in fact it is a different burden."

However, these anti-essentialist arguments often stay in theory and lack empirical evidence. Most of spelman’s examples about the differences of women’s experiences of oppression come from slavery in ancient Greece and the south before the American Civil War. But at present, it is not clear how much the obvious contrast between the experiences of white slave owners’ wives and black female slaves is related to most of the same or different problems involving forms of gender oppression today.

In addition to the lack of relevant evidence, spelman’s anti-essentialism proposition has two problems. One problem is that this view holds that feminist theorists either recognize that gender identity is intrinsically related to class, race or other aspects of identity, or completely ignore the influence of these differences. But this is completely untrue. People can refute that gender discrimination is an identifiable form of oppression, and women can feel its influence regardless of race or class, but there is no need to deny the seriousness of racial and class oppression.

Another problem is that spelman misplaced the burden of proof, which probably made her think that there was no need to provide a basis for her claim. But in fact, the burden of proof lies with the critics. In order to convince people, she needs to prove how the theory accused of essentialism omits or distorts the experience of others except a few. One problem with anti-essentialist feminism is that it tends to replace arguments and evidence with "we are all different". As will be demonstrated below, when some western feminist views on justice are applied to the situation of poor women in many poor countries, it can be concluded that the situation of these women is "similar to ours (white women) but worse" ("similar to ours but more so").

Therefore, this paper responds to spelman’s challenge and makes a reasonable and rigorous test of anti-essentialism feminist theory. Spelman said to the new research on women in many fields, "These researchers should not assume that women have something in common as women, but should help us to see if they have something in common; We should not infer that what is right for some women is right for all women; We must investigate the lives of different women and see what they have in common. "

As a scholar trained in philosophy, spelman seems to think that there is no need to actually examine some empirical evidence. After publishing the above arguments, she went back to discuss Plato. However, as a political scientist, the author of this paper tries to study some comparative evidence in this paper, and applies the theory developed under the background of women in rich western industrial countries to examine the situation of some of the poorest women in poor countries to test some views on justice and inequality in western feminism. In the face of huge cultural and socio-economic differences, how does the description and explanation of gender inequality in western feminist theory stand the test?

Similarities and differences of gender oppression: poor women in poor countries

In order to answer the questions raised in the last section, this part will discuss four specific issues in turn, which have recently aroused the discussion of many feminist scholars and development theorists who criticize British and American political theories. First of all, why has the problem of gender inequality been ignored or covered up for so long, and it has not been taken seriously until recent decades? Second, why is it so important to solve this problem? Thirdly, when we apply the standard of justice to the family, and when we examine the gender inequality that is concealed in the family, what do we find? Finally, what will these findings mean to policy making?

Why is the focus on gender relatively new?

In development studies and justice theory, until recently, there was an obvious lack of attention to gender, especially the systematic inequality between the sexes. This point was put forward in the theory of justice in the 1980s. In the literature of development research, this issue was first put forward by Ester Boserup, but it has only received more attention and development from scholars in recent years. In these two research fields, women and gender issues are ignored for two main reasons.

The first reason is that researchers have long assumed the family as the basic unit of analysis and research, while men are usually assumed to be the head of the family. The dichotomy between public domain (political and economic domain) and private domain (family and personal domain) is acquiesced, and only the former (namely public domain) is considered as the scope of development research and justice theory. In ethics and political theory, the family is usually considered as an unsuitable field to discuss justice, because love, altruism or common interests are considered to occupy a dominant position in the family. On the other hand, people sometimes think that the family is a hierarchical and unfair field. (Some theorists, including Rousseau, even agree with both views at the same time! ) The dichotomy of public and private and the assumption that men are the parents have caused many serious influences on women, because these assumptions not only blur the inequality in the distribution of resources and power within the family, but also lead to the fact that a lot of work done by women is not regarded as work, because all recognized "work" is considered to be done in the "public" field for remuneration. Many jobs that women do, such as giving birth and raising children, cleaning and maintaining the family, caring for the elderly and the sick, and contributing to men’s work in various ways, are not considered as jobs. Obviously, at this point, the situation of poor women in poor countries is not fundamentally different from that of most women in rich countries.

The second reason is that researchers fail to separate data or arguments by gender, which is closely related to the first reason. Recently, there has been a practice called "false gender neutrality", such as using neutral terms ("he or she", "persons", etc.), but it is invalid or wrong if it is actually applied to women.

The above two reasons have the same impact, that is, women have not been included in the researchers’ consideration, and the problem of gender inequality has been covered up.

Why is gender important?

As discussed in the book Justice, Gender and Family, the author thinks that the neglect of gender and women’s life by justice theory and development theory is an important problem for three reasons. First (and obviously), women are very important (at least for feminists), and their well-being is at least as important as men.

Second, the failure of social justice theory to face up to the problem of gender inequality has seriously affected the equality of opportunities-including women and girls, and more and more boys. Part of the reason is that families headed by women have greater financial difficulties. According to recent estimates, one-third of households in the world are headed by single women, and the proportion is much higher in areas where men migrate in large numbers. Millions of children are affected by the high poverty rate in these families. In addition, the gender division of labor has a more direct impact on the opportunities of girls and women, which exists at all levels. Women’s opportunities are greatly influenced by the structure of family life, especially the fact that women almost always take care of people, which has a great influence on whether they can engage in full-time paid jobs. This also leads them to overwork frequently, which makes them not considered as having economic value like men. This is also "similar but more serious" among poor families in many poor countries. Girls may work for their families at an early age, and they are much less likely to be educated and literate than boys in the same family, and they are less valued and less likely to survive than their brothers, because they are more likely to be deprived of food or medical care.

Thirdly, it is important to solve the problem of fair distribution within the family, because the family is the first school for moral development and can be said to be the most influential school. It is the first environment for us to experience how people treat each other. In this environment, we may learn how to be fair or unfair. If children see that gender differences are the cause of obvious discrimination, they will certainly be affected in their personal and moral development. This view was first put forward by John Stuart Mill (1988) in the western context. He thought that in his time, the typical British family had a "distorted influence", and therefore he called it "a school of despotism". Compared with families in developed countries, many third world families seem to be worse moral schools, because they have successfully instilled that gender inequality is natural and appropriate.

Family justice

This paper compares the findings of British and American feminists on intra-family equity in their society with the recent findings on welfare and burden distribution of poor families in poor countries, and finds that the two are similar in many aspects about gender injustice.

In these two societies, due to discrimination and gender segregation in the workplace and the belief that women are "naturally" responsible for all or most unpaid housework, women’s opportunities to engage in paid work are limited. Whether in developed or developing countries, a large number of women’s work is unpaid, and women are considered to be "unproductive". Therefore, there is a huge gap between male and female economic participation in national statistics. The view that women’s work is of low value (despite the fact that they do more in most places, and this is crucial for the survival of family members) leads to the devaluation of women’s value and less power inside and outside the family. This in turn makes them lack the ability to reduce their dependence on men economically. Therefore, women fall into "a cycle of socially caused and distinctively asymmetric vulnerability". Moreover, as mentioned above, in many poor countries, this power difference is not only reflected in the overwork of women, but also in the deprivation of feeding, health care and education for girls, and even in whether they can be born.

In rich and poor countries, women’s participation in work outside the family can generally improve their status in the family, but this point needs further deliberation. Comparing Barbara Bergmann, 1986)’ s analysis of the situation of American "coolie wives" with Peggy Sanday, 1974)’ s research, we can get interesting findings. The former finds that American "coolie wives" undertake almost all the unpaid work of their families while earning money from full-time work, while the latter finds that in some third world countries, although they do not engage in "coolie wives".

This leads to the problem of women’s economic dependence. Although most poor women in poor countries work long hours every day, they are often economically dependent on men all over the world. This is also "similar but worse" than the situation of many women in rich countries. This is because many of their jobs are unpaid, and even paid jobs are paid less. Feminist critics believe that in many cases, development theory and development policy makers only think that the change of "progress" has intensified women’s economic dependence on men. Mainstream theorists always regard women as dependents, but they don’t notice that from the perspective of women, technology, geographical mobility and the transition from subsistence economy to market economy are not pure benefits, but crowd out women from traditional economic and social roles, make them enter the modern sector, suffer discrimination and exploitation, and the cash income they get is often lower than the level of subsistence, which in turn increases women’s economic dependence.

In rich and poor countries, women, as the sole breadwinner of their families, often face special difficulties. In most countries, discrimination against women in employment, salary, retention and promotion is widespread, which is obviously unfavorable to families headed by women. In the United States, the average income of full-time women is just over two-thirds of that of full-time men; Three-fifths of the long-term poor families with children are single-parent families. The situation of some poor women in poor countries is different from that of most western women today, but it is obviously worse: even if they have no other financial resources, they are actually prohibited from engaging in paid labor (based on religious laws or oppressive cultural norms).

This is a real difference, that is, most western women are no longer oppressed by paid labor. But back to the similarity: when comparing some western feminist views on justice with the work of poor women in poor countries, there is another similarity, which is related to the power dynamics within the family. Albert Hirschman’s theory of the differential exit potential has recently been used to explain the power within the family, especially the situation of women in poor countries: any factor that improves the husband’s exit (family) choice or reduces the wife’s exit choice will give men more voice or bargaining power in family relations. Similarly, any conditions that can improve the wife’s exit choice-such as the human or material capital she has gained-will increase her autonomy and put her in a more favorable negotiating position in this relationship.

In the United States, recent research shows that the economic status of women and children (compared with their needs) usually deteriorates after separation or divorce, while the economic status of men actually improves after divorce. This finding, combined with the withdrawal theory, means that the wife’s bargaining power is weaker in marriage. In poor countries, severe poverty combined with women’s lack of paid employment opportunities has increased women’s dependence on men, and men’s power in the family-which has been recognized by highly patriarchal cultural norms in most cases-is likely to be strengthened.

Policy enlightenment

Recently, scholars who study the situation of poor women in poor countries have put forward some solutions, which are very similar to those put forward by western feminists who mainly care about their own society. (The "solution to the problem" here refers to what theorists and social scientists need to do to correct their analysis and what policymakers need to do to solve the social problem itself. )

First of all, we must strongly challenge the dichotomy between the public sphere and the family sphere, and draw people’s attention to the unfairness within the family-including various forms of abuse, unfair distribution of food and health care, etc.

Secondly, from the above point of view, the analysis unit that conducts research and formulates policies must be an individual, not a family. For example, Dasgupta, 1993) thinks that, considering that men have a greater say in politics, public decisions that affect the poor in poor countries are often guided by men’s preferences, rather than women’s needs (which often conflict with them); "Maximizing happiness as a model to explain family behavior must be rejected … The goal of public policy should be people, not families … The government needs to realize that families are a resource allocation mechanism".

In particular, women in poor countries are more likely than women in rich countries to provide the only or main financial support for their families. They need as many opportunities as men to get credit, skills training, labor market and technology, and their jobs need equal pay for equal work. For the survival of the family, for the overall social and economic status of women, and for improving their bargaining power in the family, there is an increasing need for policies to promote women’s full participation in the economy and production.

Enlightenment for thinking about justice

Finally, this paper briefly discusses and compares two different ways of thinking about gender justice in different cultures, and argues that for feminists who think about justice, if John Rawls’s justice theory is revised to take women and family into consideration, it will become an important ideological resource, especially the application of veil of ignorance. Because if everyone only from their own point of view, it will be difficult for us to put forward any principles of justice. However, veil of ignorance can hide his personal characteristics or social status from people in the original state, thus forcing them to consider as many different voices as possible, and pay special attention to those worst social situations. Veil of ignorance can make us reconcile the seemingly contradictory requirements of universality of justice theory and consideration of multiple differences among human beings.

Ruth Anna Putnam advocated a strong anti-essentialism stance in her thesis, and accused Rawls and the author of this article of being exclusive essentialism to varying degrees. She put forward an "interactive" or "dialogic" feminism, that is, listening to the voices of women of color and women of different classes, and using all the voices she heard in theoretical construction. Admittedly, listening and discussing have many merits; On the bright side, they are the foundation of democracy. However, we can’t always be inspired just by asking those who seem to be suffering from unfair treatment what they want. Because people often internalize their oppression so well that they do not know what rights they should enjoy as human beings. The same is true of gender inequality. People who are severely exploited sometimes not only accept these exploitation, but also feel happy because of some "small mercies". Due to deep-rooted ideology and other reasons, the essence of being deprived of rights is sometimes suppressed and covered up. However, it is ethically wrong to underestimate the loss of their well-being because of their survival strategies.

Compromise and acceptance of the status quo is not a good prescription for social justice. Therefore, this paper holds that it is completely reasonable for people who have not been indoctrinated by unequal culture and social norms to stand up and criticize this culture constructively. After all, distance does not mean indifference: dedicated outsiders are often better at analyzing and criticizing social injustice than people living in relevant cultures. This is why concepts like Archimedes point like "the original position" are so valuable. As Papanek pointed out, "well-socialized" women are internalized as a necessary condition for successful women’s growth in a culture with cruel customs. Although these women may keep vivid memories of their great pain, they will continue these cruel acts and impose them on their own daughters, or at least allow their own daughters to suffer them.

As some feminist scholars who study the development theory have shown, using the concept of gender and refusing to let differences stifle or fragment our analysis does not mean that we should over-generalize or try to apply "standardized" solutions to women’s problems in different situations. For example, Martha Chen believes that it is necessary to make a concrete analysis of women’s roles and constraints before making solutions and policies. Papanek also believes that helping women realize the oppression they are suffering requires quite in-depth and specific cultural knowledge.

Therefore, the conclusion of this paper is that gender itself is an extremely important analytical category, and we should not be paralyzed by the fact that there are differences between women. As long as we are careful and make our judgments based on empirical evidence, it is possible to generalize many aspects of gender inequality. Theories developed in the western context, at least to a great extent, can be applied to women in different cultural backgrounds. From different places, different classes, different races and different cultures, we all find similarities in the causal particularity of gender inequality, but they are different in scope and severity.

Note:

1. "false consciousness": a term in Marxist theory, which refers to the exploitative relationship in class society that is misled and covered up by material, ideology and system design.

2. Spelman, Elizabeth V. 1988. Inessential woman: Problems of exclusion in feminist thought. Boston: Beacon.

Compile | Lu Dawei

Audit | |Anders

Final review | Li Zhixian

©Political theory annals

Frontier Tracking/Theoretical Methods/Expert Review

ID: ThePoliticalReview

Original title: Classic Compilation | Improving Rawls’ Theoretical Framework of Justice: A Perspective of Gender Issues and Cultural Differences

Its products were drastically withdrawn, and the emergency strategy of the 10 billion private equity fund was iterated, saying that it would not charge performance compensation before the net value re

Cailian News Agency, February 19th (Reporter Shen Shuhong)Before the Spring Festival, due to the extreme reversal of market style, a storm without warning swept through the field of private equity quantification.

Just today, the Billion Private Equity Fund released the latest operation statement, saying that before the Spring Festival, there were many situations in the market, such as the lack of liquidity and the stampede of funds in CSI 2000 and beyond, and the company’s related strategies had a heavy excess withdrawal. Among them, the company’s CSI 500 refers to an excess return of -11.70% in the week before the holiday, and the CSI 1000 refers to an excess return of -7.7% in the week before the holiday.

"After experiencing such a profound market lesson, our investment research team is very sad and self-blaming." Zhuozhi Fund said that in view of the optimization of risk control under various extreme market conditions, the R&D team carried out high-intensity strategy iterative development during the Spring Festival, and completed upgraded versions of 500-index increase, 1,000-index increase and neutral hedging strategy, which were launched on the first trading day after the Spring Festival. At the same time, the net value of the insightful quantitative products held by investors has retreated, and the fund does not charge any performance compensation before the net value is restored.

Quantitative risk control experiences unprecedented impact.

Two weeks before the Spring Festival in 2024, the A-share market fluctuated greatly, with extreme style reversal, liquidity trampling and macro restrictions, just like a storm without warning, which made the quantitative industry and quantitative risk control experience an unprecedented impact. This is not only a challenge about numbers and algorithms, but also a test of extreme risks and macro risks.

In fact, since December 2023, the Insight Fund has observed that the strategy optimizer has automatically started to continuously tighten the exposure of various styles. From January 29th to February 2nd this year, the stock market began to show a more obvious correction trend of small-cap stocks, and the futures premium also began to widen. Under such relatively difficult market conditions, the company’s strategy optimizer further tightened the risk control parameters to the lowest value in the past six months.

In that week, the strategy of Zhuozhi Fund suffered a retracement in excess, but the excess fluctuation was still within the controllable range of strategic expectations. "Considering that the strategy optimizer has adjusted the market environment in the right direction and has certain adaptability, we decided to continue to observe the performance of the strategy in the next week."

Subsequently, from Monday to Wednesday in the week from February 5 to February 8, a large amount of funds began to continuously buy CSI 500ETF and CSI 1000ETF, which triggered a variety of situations such as the lack of liquidity of CSI 2000 and after, and the trampling of funds, and the long and short forces began to be unbalanced. During this period, Zhuozhi Fund found that the original risk control system of the strategy has been difficult to control most of the excess retracement, and the core reason for the excess retracement has become that the stocks held by the strategy are not constituent stocks of CSI 500 and CSI 1000. No matter the stocks with large market value (CSI 300) or small market value (CSI 2000 and beyond), they all significantly underperformed the 500 and 1000 indexes.

During this period, in order to avoid risks, a large amount of funds stampeded to convert stocks with large market value and small market value into 500 and 1000 constituent stocks, and the chain process intensified. In this process, the company’s strategy optimizer has been constantly increasing the proportion of 500 and 1000 constituent stocks. It was not until the last trading day before the Spring Festival that the CSI 2000 Index was pulled up.

It is worth mentioning that a large number of snowballs issued in the market have been knocked in before. After knocking in, rigid stock index futures are generally closed at the same rhythm point, which leads to the expansion of stock index discount, which in turn leads to the lightening of positions such as quantitative hedging strategy, which makes the stocks in the spot market fall again, once again triggering the vicious circle of snowball knocking in.

During the two weeks before the Spring Festival, the company’s investment research team has been tracking, analyzing and optimizing the market environment, strategic risk control and sub-strategies. Especially in the last week before the Spring Festival, for two days, the investment and research team stayed up all night to discuss and optimize the strategy, hoping to find a solution to the current problem immediately.

"Our alpha strategy has historically held more Shanghai and Shenzhen 300 constituent stocks than the industry average as a risk hedge for holding small-cap stocks in the strategy group. In this week’s market, many stocks began to lose liquidity, and large-cap and small-cap stocks underperformed the 500 and 1000 indexes at the same time, and the strategy still produced a heavy excess retracement."

Risk control system fails to fully consider macro factors.

According to public information, Zhuozhi Fund was established in 2016. The founder of the company is Zhang Zhuo. There are a number of top Wall Street researchers working together on research and development, with more than 70 members, accounting for 80% of the investment research team. Most of the main members are from Tsinghua, Peking University, China University of Science and Technology, Zhejiang University, Princeton University, Columbia University, University of Pennsylvania and other well-known universities at home and abroad. They are all high-tech talents in the fields of computer, electronics and mathematics. The core competitiveness of the team lies in the establishment. At present, the company has mature technology and rapid development, and its management scale exceeds 10 billion.

Regarding the general retracement in the quantitative industry, Zhuozhi Fund said that in the market of the existing stock game of A-shares, the extreme behavior that a large amount of funds concentrated on buying broad-based ETFs led to market imbalance aggravated the transfer of liquidity in the market; The basis of superimposed stock index futures widens, and neutral strategies have the power to lighten positions (because they can make profits with larger basis), which also intensifies the lightening, rapid flight and further stepping on the quantitative industry.

At the same time, a large number of snowball products in the whole market and the continuous withdrawal of DMA leveraged funds will also have an impact, breaking the long-term logic of the data dimension. Under such non-market spontaneous behavior, the original law does not work, and the market pricing is in a disorderly state, which in turn leads to the withdrawal.

Talking about the excessive withdrawal of the company’s products, Zhuozhi Fund believes that the company’s risk control system mainly relies on the laws of historical data, and fails to fully consider the risks that may be caused by macro factors such as non-market, that is, pursuing the mathematical solution angle of the portfolio in various characteristics and keeping the benchmark similar.

Take the market value as an example. In the past, Zhuozhi Fund used to control the exposure of portfolio by weighting the market value. While holding a certain large market value stock, it also held a certain small market value stock. From a mathematical point of view, it can hedge the market value style risk by holding both large and small market value stocks to be neutral. This risk control measure has not exposed great risks in the firm market with a history of more than four years, nor has it shown excessive fluctuations in longer data, and it is long-term effective in the American market.

"However, in the market where a large amount of funds are concentrated on buying CSI 500ETF and CSI 1000ETF, the risk of the market has become whether to hold enough constituent stocks, which magnifies the impact of the risk factor of constituent stocks holding. If the 500 and 1000 constituent stocks held are not high enough, it will bring huge excess retracement. Other excess sources related to the low market value factor failed to bring other alpha benefits in the extreme trampling environment in these two weeks. "

There may be a good excessive rebound after trampling.

"After experiencing such a profound market lesson, our investment research team is very sad and self-blaming." Zhuozhi Fund said that in view of the optimization of risk control under various extreme market conditions, the company’s R&D team worked overtime during the Spring Festival and carried out high-intensity strategy iterative development. The upgraded version of the 500-finger increase, 1000-finger increase and neutral hedging strategy has been completed, and it was launched after the Spring Festival. The new version of the strategy keeps the historical similar income characteristics, and the excess volatility is controlled at 3%-4%. With the subsequent iterations, there is still room for further improvement in the strategic benefits and stability.

Specific to risk control, the company launched the sub-module of macro-risk control during the Spring Festival and made a lot of extensions to the localization characteristics of A shares, that is, to balance the mathematical laws with the characteristics of A shares as much as possible; In the aspect of excess income mining, we should persist in and further disperse the excess sources, control the position distribution, multi-methodology and multi-trading frequency bands to expand the low-correlation excess income sources, and the two optimization effects will minimize the above-mentioned tail risk impact.

It is worth mentioning that the company said that the net value of the quantitative products held by investors has been withdrawn, and the fund does not charge any performance compensation before the net value is restored.

Talking about why we continue to hold the quantitative strategy, Zhuozhi Fund said that it still refers to the development path of the US market. This wave of market may cause the overall quantitative industry to retreat, but the excess will certainly continue to hit new highs in the future. Relatively speaking, the positioning of quantification in various mainstream assets is still cost-effective.

According to Zhuo Zhi Fund, after this excessive withdrawal before the Spring Festival, there are several changes that are highly certain:

First of all, the competition of quantitative strategy will be much weakened. After experiencing this market, the overall scale of the quantitative industry will shrink. The redemption of some quantitative funds and the sharp decline of DMA scale will reduce the competition of quantitative strategies and make the excess better than before.

Secondly, the quantitative risk has been fully released. With the pre-holiday quantitative stampede and excessive withdrawal, the risks accumulated by quantitative strategies in the past years have been greatly released and even oversold. In the future, the operation of quantitative strategy will go into battle lightly and usher in a relatively good market environment.

According to the experience of overseas quantitative industry in stampede retracement, the company believes that there will generally be a good excess rebound after stampede. "After this excessive retracement, the quantitative market has been cleared, and I believe that investors will definitely usher in an excessive rebound and recovery of income."

(Cailian reporter Shen Shuhong)
Reporting/feedback

Wenchang introduced a new financial management system to increase the transfer payment to the town.

  In order to give full play to the role of municipal financial regulation and control, concentrate financial resources on major events, and standardize the financial distribution relationship between towns and governments according to the principle of matching financial power with administrative power, Wenchang City has formulated the sixth financial management system of Wenchang City. The scheme embodies the principle of matching financial power and administrative power at the township level from four aspects, and realizes the equalization of basic public services and financial resources distribution. First, the mode of financial management system in the sixth phase changed from "support by revenue, support by expenditure" to "support by demand, support by expenditure", and all the income in the town budget was paid into the state treasury at the city level, and the whole city made overall arrangements. The second is to ensure the basic expenditure at the town level, and the personnel expenditure is adjusted with the adjustment of policies, and the adjustment of demand funds is the responsibility of the municipal level. Three is to increase the town management and construction funds, management and construction funds according to the jurisdiction of the population per person per year 200 yuan calculation and approval. The fourth is to establish a super-base reward mechanism to fully mobilize the enthusiasm of towns to grasp income and adjust expenditure structure. The plan strengthens the transfer payment to towns, improves the stable growth mechanism of balanced transfer payment, increases the transfer payment subsidy to the construction and management funds in the jurisdiction on the basis of ensuring the normal operation funds of towns, ensures the capital construction and management expenses of towns, narrows the financial gap between towns, and effectively promotes the balanced development of towns in the city.

In-depth exploration of China consumption trend in 2025: policy fulcrum, structural opportunity, "people-oriented" marketing, ESG risk …

Text | consumption new push official

In 2024, the total retail sales of social consumer goods in China reached 48.79 trillion yuan, an increase of 3.5% over the previous year. This shows the resilience of China’s consumer market, but it also means that China’s economic development has bid farewell to high growth rate and formally turned to a new stage of high-quality development, and the consumer market has also shown a structural upgrade. Behind this is the objective law of economic development and the development of human needs at the bottom, which is also the foundation of China’s confidence and determination in the development of consumer brands.

To understand the direction of the structural transformation of the consumer market, we first need to clarify the reasons for insufficient consumption.

Per capita disposable income and its expected shortcomings are the key factors. At the same time, some enterprises are facing operational difficulties, and the unemployment rate of young people has aroused great concern. In addition, the slowdown in economic growth, the scar effect of epidemic situation and the mismatch between supply and demand have all affected consumption to some extent. These problems will eventually lead to a common result-consumers generally feel insecure, which is also the lowest logic behind insufficient consumption.

The change of consumers’ mentality will eventually appear as actual consumption behavior, which is also the structural adjustment direction that consumer enterprises need to focus on. First of all, in daily life, consumers pay more attention to their actual needs and "pay the bill accurately", such as diet, basic health and spiritual enjoyment. Secondly, "avoiding future risks" has become an increasingly important consideration in consumers’ purchase decisions, and consumers will subconsciously "tighten their wallets" to reduce unnecessary expenses, which has also led to a slowdown in the consumption growth of large-scale expenditure products such as automobiles, furniture and household appliances in the past year. In addition, for optional consumption represented by luxury goods such as wearing and beauty, consumers’ pursuit of value preservation, practicality and quality-price ratio is increasing, and they are more sensitive to price changes.

With the more cautious consumption of Chinese residents, "just need" has become the core driving factor of consumption decision-making. At the same time, with the increase of residents’ consumption insecurity and the upgrading of consumer demand, the connotation and extension of "just need" are undergoing profound changes. In addition to the upgrading and adjustment of consumption structure, CBNData also noticed the incremental opportunities in the domestic sinking market and the sea market, and discussed them in detail in the White Paper.

In this context, on December 11th, 2024, the Central Economic Work Conference clearly listed boosting consumption and expanding domestic demand as the primary task of economic work in 2025, which indicates that the consumer market will usher in more solid policy support in the future.

In the short term, "trade-in" is an important policy, in which "greening", "intelligence" and "aging" have become the key directions, and these are also important trends in category consumption upgrading. Angel, a brand of water purification, believes that in the face of the consumption upgrading trend of home appliance industry, the core of brand competitiveness lies in its deep insight into consumer demand and continuous technological innovation. According to the data of the National Bureau of Statistics, the supported categories of new energy vehicles, household appliances, smart homes and digital electronic products achieved significant growth in retail sales in October 2024. In 2025, the policy also made triple efforts in terms of subsidies, financial support and subsidies.

Image source: CBNData "Su Xin 2024 White Paper on the Growth of Consumer Brands in China"

However, the old-for-new policy is more of a "powerful medicine" to promote consumption, which has a quick effect, but to some extent, it treats the symptoms rather than the root cause. The key to the continuous expansion of consumption lies in whether China can adapt to the long-term upgrading trend of consumption structure and form a new growth model dominated by service consumption. The most noteworthy direction is the emergence of new consumption represented by digital consumption, green consumption and healthy consumption.

Image source: CBNData "Su Xin 2024 White Paper on the Growth of Consumer Brands in China"

In addition to the evolution of consumption structure, the development of cities is also closely related to commercial development. From the emergence of cultural tourism cities to the first economic competition, the trend of one city, one IP, one industry, one group of people is coming and going. How to capture the fleeting "dividend" of urban development is also very important for enterprises to achieve the phased growth goals.

With the external environment of intensified competition and insufficient demand, the consumer market is full of variables, but it also contains infinite possibilities. In this critical period, the supply-side capital began to look for high-quality enterprises with long-term thinking; The demographic changes on the demand side also provide new structural opportunities for the industry.

On the supply side, some service consumption tracks that were neglected in the past showed growth potential in 2024, attracting entrepreneurs and capital inflows. At the same time, under the prudent investment logic, capital favors scientific, large-scale and extremely subdivided categories. It is worth mentioning that in 2024, the capital players in the venture capital market have undergone structural changes, and the patient capital represented by state-owned assets and CVC has accelerated into the consumption field and become a new force in consumer investment.

Image source: CBNData "Su Xin 2024 White Paper on the Growth of Consumer Brands in China"

The secondary market has also undergone structural changes in the past year. The most obvious thing is that consumer companies have flocked to go public overseas, especially Hong Kong stocks have become the first choice for enterprises to queue up for IPO. From the results, domestic consumer enterprises have made brilliant achievements, and many brands, including Mao Geping, Bruco and Small Vegetable Garden, have successfully realized their dreams in 2024. However, the successful listing only means that enterprises have stood at a new starting point, and what awaits them in the future is a more rigorous examination of the capital market.

Image source: CBNData "Su Xin 2024 White Paper on the Growth of Consumer Brands in China"

On the demand side, silver-haired people and Generation Z are working together to lead China’s consumer spending to climb. CBNData will divide people of different city levels and generations, make a comparative analysis according to their consumption willingness and income stability, and gain an in-depth insight into the consumption characteristics and behavior changes of different people, especially those with silver hair over 60 years old and generation Z, so as to better understand the differences in consumption choices of high consumption potential groups and the influencing factors behind them.

Image source: CBNData "Su Xin 2024 White Paper on the Growth of Consumer Brands in China"

CBNData found that in 2024, beauty care, 3C digital products, and sports and fitness products were the categories that silver-haired people wanted to consume most. At the same time, they also actively explore emerging small categories such as household medical devices and smart home equipment, and the overall consumption shows a trend of "trendy", "younger" and "customized".

Image source: CBNData "Su Xin 2024 White Paper on the Growth of Consumer Brands in China"

Compared with other age groups, Generation Z is more willing to spend in 2024, paying special attention to instant gratification, happy experience and social functions brought by consumption. For example, the student party tends to spend leisure and entertainment and electronic products and hardware; Generation Z, who just entered the workplace, has more diversified consumption preferences, attaches importance to personal image management, and some favor pet consumption and real estate investment. It is worth mentioning that Generation Z treats the world with a pragmatic attitude and disenchants consumption. They like to "rent instead of buy" and pay more attention to the price and emotional satisfaction of daily commodity purchase than the brand.

Image source: CBNData "Su Xin 2024 White Paper on the Growth of Consumer Brands in China"

The diversified transformation of supply and demand is transmitted to the consumer market, showing the characteristics of good performance of essential consumer goods, weak overall optional consumer goods and sustained release of service consumption demand.

Image source: CBNData "Su Xin 2024 White Paper on the Growth of Consumer Brands in China"

Around the seven tracks of food and beverage, beauty and personal care, pet consumption, outdoor sports, tide play, cultural tourism and catering, the White Paper has carried out specific demand mining in chapter 2.3. CBNData found that essential consumer goods, such as food and beverage, showed a fierce competition in the growth trend, and the rise of white brands and the increase of capacity promoted the popularity of Oleqi and Fat Donglai. Among optional consumer goods, beauty personal care products are continuously involved and the demand is highly subdivided. Especially under the background of "scientific skin care" and "streamlined skin care", the skin care brand represented by Fulifang Si has become a "safe choice" for consumers. The "experiential" consumption areas driven by self-satisfaction, such as sports outdoor products and pet consumption market that directly hits emotional value, continue to strengthen; As a relatively small track, Chaowan Wenchuang industry has strong resilience in growth rate and there is still room for expansion. In the cultural tourism consumption market, the travel willingness of the Z-era and silver-haired people significantly exceeds that of other age groups, which together shape the future pattern of the tourism market; Compared with the popularity of cultural tourism, the catering market in 2024 has entered the stage of replacement of excess stores. Whether it is sinking or exploring the mode of small stores, businesses are still trying to transform and save themselves.

In 2024, the marketing environment is more complicated and uncertain. The relationship between supply and demand is further tilted to the buyer, the convergence of goods, markets and contents is intensified, and the marketing kinetic energy is increasingly insufficient. Facing the current situation, CBNData believes that taking "people-oriented" as the cornerstone, focusing on systematic and emotional content marketing, focusing on quality-price ratio, experiential channel marketing and accelerating brand marketing are creating opportunities for enterprises to maintain their vitality.

In terms of content marketing, the "head-only anchor theory" of talent marketing has been unable to support the long-term healthy development of the brand in the past two years. If the brand wants to reach consumers efficiently and accurately, it needs to be prepared from the dimensions of coverage, accuracy and richness when formulating marketing strategies. Therefore, KOC with strong trust, KOS with strong transformation and vertical talents with heavy tonality have become the key layout of brand systematic marketing. For example, Bawang Tea Kee anchored college students as its KOC incubator; Estee Lauder has built a KOS matrix of nearly 700 accounts in November 2024; On October 18th, 2024, L ‘Oré al participated in the live broadcast of Spring Appreciation Treasure with goods and exceeded one million sales.

Image source: CBNData "Su Xin 2024 White Paper on the Growth of Consumer Brands in China"

At the same time, emotional resonance has become an important starting point for brands to convey their minds. Among them, short plays, cultural tours and sports events, as the content carriers that have been heating up in recent two years, have become the bridge between consumer enterprises and consumers, attracting a large number of brands to lay out. How to participate in short play marketing? How to capture the upsurge of cultural tourism? How to take advantage of sports bonus? The White Paper is also disassembled in detail in chapter 3.1.2 for the three major content marketing directions.

In terms of channel marketing, in the absence of really good product and consumption mobilization ability, doing deep quality-price ratio and doing heavy experience has become the problem-solving ideas of many brands. In 2024, keywords such as low price and quality-price ratio became hot topics in the industry. Many brands actively laid out hard discount channels such as snack shops in this year, and in order to avoid affecting the "brand value", they set a "bottom line" that only provided channel-specific products or channel-specific new products.

However, although the distribution of discount channels can indeed alleviate the brand’s traffic anxiety to some extent, it is not the only choice for brands. Some brands regard the added value such as experience and interaction as the consumption reason provided to customers. Yigrowth, a marketing service agency under Yingfan Technology, said that for such brands with overweight experience, because online e-commerce channels are easy to capture the characteristics of each user’s transaction link, industry players put forward the concept of full-link experience and can create a seamless experience journey for consumers by optimizing five types of experience contacts; Creating an immersive space, providing additional services, and strengthening interaction have become important ways for brands to create differentiated experiences offline.

Image source: CBNData "Su Xin 2024 White Paper on the Growth of Consumer Brands in China"

In the face of the zero growth slowdown of domestic social organizations and the fierce marketing environment, in addition to doing a good job in content marketing and channel marketing to achieve efficient reach and transformation of consumers, many consumer enterprises choose to speed up the pace of "going out to sea". At the same time, based on the consideration of long-term strategy and the avoidance of changing risks such as platform policies and geopolitics, more and more enterprises began to strengthen brand attributes and compete with overseas brands for the minds of local consumers. In this context, the DTC model represented by independent stations and offline self-operated stores has become a new beacon for enterprises to enter the "international cycle" in the past two years.

At present, consumer enterprises are undoubtedly in an era of VUCA, and risks are ubiquitous, interrelated, unclear, unpredictable and difficult to attribute. How to survive and develop in such an environment has become the core proposition for every enterprise to answer.

By combing the risk disclosure sections of the annual reports of 143 consumer listed companies in the world in fiscal year 2023, CBNData summarizes seven types of risks faced by current consumer companies. Compared with the data of risk disclosure of consumer companies in 2023 as a whole, macro-political and economic factors, ESG-related risks and policy, law and compliance risks have become the TOP3 risks with the largest increase. Among them, ESG, an emerging risk with wider coverage, is particularly worthy of attention by enterprises.

Image source: CBNData "Su Xin 2024 White Paper on the Growth of Consumer Brands in China"

What are the key topics of ESG? According to A-share "Guidelines for Sustainable Development Reports of Listed Companies (Trial)", ESG-related information disclosure of enterprises needs to include 21 specific topics in three dimensions: environment, society and governance.

Image source: CBNData "Su Xin 2024 White Paper on the Growth of Consumer Brands in China"

For consumer enterprises, ESG issues are all-encompassing, and CBNData believes that supply chain and product design are the key cut-in links to systematically deal with environmental dimension risks. This is mainly because most of the energy and material resources consumed by consumer enterprises occur in the supply chain. Only from the distribution of greenhouse gas emissions, enterprises that provide end products and services such as food, fashion and FMCG account for 77%-90% of the total emissions only in the upstream (supply chain) of the third scope. The key to solving the problem of supply chain lies in the product research and development and design links firmly controlled by consumer enterprises. CBNData also focuses on how consumer enterprises respond to climate change risks in Chapter 4.1.2 of the White Paper.

Image source: CBNData "Su Xin 2024 White Paper on the Growth of Consumer Brands in China"

The risk of social dimension is a more diverse and complex sector. For consumer enterprises, employees are the core issue. Based on the classification standards in the market, CBNData believes that the issues related to employees are mainly focused on the four themes of labor management, employee health and safety, human capital development and supply chain labor standards, and each category has different subdivision directions worthy of attention.

Image source: CBNData "Su Xin 2024 White Paper on the Growth of Consumer Brands in China"

Another emerging risk that deserves the attention of consumer enterprises is the risk of network information and data security. On the one hand, in recent years, the global demand for consumer digital information protection has been increasing, and the cost of non-compliance (fines and reputation losses) has been rising; On the other hand, ensuring network information security is also one of the necessary preconditions for enterprises to realize digital transformation strategy, and the dependence of each link on digital infrastructure in the process of enterprise operation is also increasing. Therefore, the importance of overall network information security, including IT infrastructure and digital assets, is increasing.

Image source: CBNData "Su Xin 2024 White Paper on the Growth of Consumer Brands in China"

It is not enough for enterprises to manage short-term and medium-term risks in order to achieve longer-term growth goals. Corporate sustainable development (CSD) rooted in stakeholder theory has become a common choice for consumer enterprises to systematically cope with risks, build organizational resilience and drive long-term growth. The White Paper also focuses on the sustainable development strategy of consumer enterprises in chapter 4.2, and discusses how sustainable development strategy can create value for enterprises in three aspects: risk management, improving return on capital and driving future growth.

Reporting/feedback