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Macro Team of Wencaixin Research Institute

Wu Chaoming and Hu Wenyan　

Core view　

How will the domestic interest rate, especially the yield of ten-year treasury bonds, be interpreted in the future? The market has little disagreement on the medium and long-term trend. Most people think that the interest rate will follow the shift of GDP, especially the nominal GDP growth rate, and show an overall downward trend. However, the market has great differences and different judgments on the short-term trend in the next few quarters.

1. China’s interest rate analysis framework: fundamental factors such as economic growth and inflation dominate the direction of interest rate change, while other factors such as financial supervision policies and exchange rates affect the fluctuation range of interest rates.One isIn the medium and long term, the yield trend of domestic ten-year government bonds is basically consistent with the growth rate of nominal GDP and the running trend of inventory cycle, indicating that the trend of domestic interest rates is mainly dominated by fundamental factors such as economic growth and prices.The second isAfter the international financial crisis in 2008, the goal of financial stability has also become an important factor affecting interest rates. In the cycle of stable economic growth, especially economic recovery, strict supervision and the policy tendency of reducing leverage will lead to a significant increase in market interest rates.The third isInterest rates will also be affected by exchange rates, supply and demand of funds and other factors. For example, the continuous interest rate hike by the Federal Reserve will restrict the domestic monetary easing space, and the demand for funds exceeding supply will also raise the level of interest rate centers.

Second, the trend of domestic interest rates in the next few quarters: it is expected that the fluctuation will bottom out first, and then the probability of recovery will be too high.

First, from the perspective of interest rate analysis framework, the yield of 10-year government bonds may bottom out first and then rise.First,The probability of weak economic recovery in the second half of the year is too high, which determines that it is difficult for interest rates to rise sharply in the short term, or to bottom out first, but after the economy is confirmed to stabilize and rise, interest rates will tend to rise;Secondly,Affected by factors such as the resonant upward trend of pig grain price, high oil price, recovery of consumer demand and abundant liquidity, it is expected that CPI will continue to fluctuate around or even above 3% from the second half of this year to the first half of next year, which will support the upward trend of interest rates;Third,The continuous upside-down spread between China and the United States and the transformation from a wide currency to a wide credit will also increase the upward pressure on domestic interest rates.

Second, from a quantitative point of view, the current yield of ten-year government bonds is lower than the desired interest rate, and it is only a matter of time before it gradually converges upward in the future.

Third, based on the historical experience in 2012 and 2019, the interest rate cut on the eve of economic recovery will help the interest rate to decline slightly in the short term. However, if there is no unexpected impact, after the interest rate cut boots land and the economic confirmation stabilizes, the interest rate will enter the recovery channel.In July this year, the domestic economy recovered weakly, which led the central bank to cut interest rates unexpectedly in August. If the real estate recovery continues to fall short of expectations, the possibility of cutting interest rates again will not be ruled out. However, with the steady growth policy taking effect, the probability of China’s credit demand bottoming out and economic recovery improving in the future is increasing, and the trend of interest rate bottoming out in the next few quarters is more clear.

Risk warning:Real estate recovery continued to fall short of expectations, and the overseas economy went down more than expected.

main body

Since the beginning of this year, the domestic market interest rate has experienced two obvious downturns: First, in April-May, 2022, in the face of the severe impact on the economy brought by the conflict between Russia and Ukraine and the rebound of the epidemic, the central bank greatly increased the liquidity supply to boost the demand for entity financing and support the economic recovery as soon as possible. The domestic short-term market interest rate DR007 dropped from about 2.1% in the first quarter to around 1.5%, which was about 60BP lower than the policy interest rate in the same period (see Figure 1). Second, from July to August, due to the unexpected economic recovery, especially the overall weakening of financial and economic data in July, and the prominent problem of insufficient effective social demand, the central bank unexpectedly cut interest rates in mid-August, pushing the interest rate of DR007 down from about 1.9% at the end of June to the historical low of 1.3% during the outbreak of the epidemic in 2020, and the yield of 10-year government bonds also broke through the low point in the same period to further open up the downside (see Figure 1-2).

Looking forward to the future, the market has little difference on the medium and long-term trend, and most people think that the interest rate will follow the shift of GDP, especially the nominal GDP growth rate, showing an overall downward trend, but the market has great differences and different judgments on the trend in the next few quarters. Therefore, based on the interest rate analysis framework and quantitative analysis, this paper studies the trend of domestic interest rates in the next few quarters.

First, China’s interest rate analysis framework

(1) The interest rate level is mainly dominated by fundamental factors such as economic growth and prices.

According to the People’s Bank Law, the ultimate goal of China’s monetary policy is to "maintain the stability of the currency and promote economic growth". As a big country economy, China’s monetary policy is dominated by me. Interest rate is one of the key tools to achieve the goal of monetary policy, so the formulation of domestic interest rate policy and the trend of interest rate level mainly depend on economic fundamental factors such as economic growth and prices in the medium and long term.

First, the trend of domestic interest rate is basically consistent with the growth rate of nominal GDP and the running trend of inventory cycle.Inventory cycle describes the periodic change of enterprise inventory for about 40 months, which can be used to help judge the strength of economic growth because of its strong correlation with nominal economic growth (see Figure 3). Since 2003, China has experienced a total of five complete inventory cycles, and is currently in the sixth cycle of the inventory cycle (see Figure 4). Generally speaking, the upward cycle of inventory often corresponds to the recovery stage of interest rate, that is, the bear market in the bond market, and vice versa. However, it is worth noting that the peak and trough of interest rate and inventory cycle are only similar at the time point, but not completely consistent. In most cases, interest rate is slightly ahead of the latter to peak or bottom. On the one hand, this stems from the fact that the growth rate of inventory lags behind the economic growth slightly (see Figure 3), and on the other hand, it is also related to the interest rate being affected by other factors such as investors’ expectations. In addition, there is no fixed proportional relationship between interest rate fluctuation range and inventory fluctuation range, and they only have the same trend, indicating that economic growth is not the only factor determining interest rate.

Second, there is a strong correlation between interest rate trend and inflation gap in history, but the correlation tends to weaken in recent years.In order to stabilize inflation and its expectation, China will put forward this year’s CPI growth target in the government work report every year. If the price deviates far from the above target value, monetary policy will take effective measures to promote the price to return to the target center. From the practical experience, before 2013, the yield of domestic ten-year government bonds and the inflation gap (CPI growth rate-government target growth rate) basically changed synchronously, and the correlation between them was very strong (see Figure 5). However, after 2013, due to the obvious reduction of domestic CPI fluctuation, the inflation gap basically fluctuated around 0, the monetary policy was weakened by price constraints, and the correlation between the inflation gap and the yield of 10-year government bonds was also obviously weakened. If we consider the relationship between the comprehensive inflation index weighted by CPI and PPI and the yield of 10-year treasury bonds, the correlation between the two has also weakened after 2013, and the peaks and valleys of the two are close at the time point but no longer completely consistent (see Figure 6). On the whole, when the inflationary pressure is high, the interest rate is more constrained by the price, which is more consistent with the price trend, and vice versa, which shows that inflation is one of the important factors in determining the interest rate.

(B) After the international financial crisis in 2008, financial stability has also become an important factor affecting interest rates.

After the financial crisis in 2008, the major central banks in the world learned the lesson that monetary policy only focused on inflation targets and paid insufficient attention to financial stability, and began to focus on improving the financial regulatory framework and strengthening macro-prudential management, and their attention to financial stability targets increased significantly. In terms of macro-prudential management framework construction, the Bank of China is at the forefront of global central banks, and further accelerates the improvement of the dual-pillar regulatory framework of monetary policy and macro-prudential policy after the crisis. Among them, the former focuses on maintaining economic and price stability, while the latter focuses on maintaining financial stability. Under the background of resolving financial risks and maintaining the stability of macro leverage ratio, financial regulatory policies have also become an important factor affecting the level of domestic interest rates. During the period of steady economic growth, especially during the economic recovery cycle, strict supervision and the policy tendency of reducing leverage will lead the market interest rate to rise. For example, in 2013-2014 and 2016-2018, two rounds of domestic interest rates went up, and the tightening of financial supervision was one of the main reasons.

First, the above two rounds of interest rate hikes are in the rising stage of inventory cycle and nominal GDP growth rate (see Figure 4), indicating that economic stabilization and recovery is an important prerequisite for interest rate hikes.However, if we look at the constant price GDP growth rate and CPI growth rate indicators, they have basically changed little during the period (see Figure 7), reflecting that there is no overheating risk in the economy, and fundamental factors are not enough to support a sharp rise in interest rates. The central bank’s working paper "Natural Interest Rate in China" has also reached a similar conclusion, that is, except for a slight decline around 2015, the domestic output gap in 2012-2019 is close to zero (see Figure 8), indicating that the economic operation is generally stable.

Second, the rapid rise of interest rates in mid-2013 and the end of 2016 is closely related to the shift of monetary policy to deleveraging to prevent risks and the tightening of regulatory policies.During the above two rounds of interest rate hikes, the growth rate of leverage ratio in the financial sector declined (see Figure 9). Among them, in 2013, in order to strictly control banks’ off-balance-sheet loans (such as trust loans) to promote the disorderly expansion of non-standard assets (see Figure 10), and to prevent the rapid growth of interbank business from idling funds within the financial system and increasing the risk of maturity mismatch, the regulatory authorities issued a series of regulatory measures, such as the Notice on Regulating the Investment Operation of Commercial Banks’ wealth management business (referred to as Circular No.8), which forced financial institutions to strengthen liquidity management and added a "default door" for a bank. In 2016, as the economy entered a new round of upward channel, and there were many problems of leverage and capital idling in the financial market, the primary goal of domestic monetary policy gradually shifted from steady growth to risk prevention. At the same time, the 19th National Congress of the Communist Party of China took preventing and resolving major risks as the first of the three tough battles. In October 2016, the Politburo meeting clearly put forward "focusing on curbing asset bubbles and preventing economic and financial risks". In November 2017, new regulations on asset management were introduced, which started the domestic financial deleveraging campaign, and the leverage ratio growth rate of financial institutions increased from 20 in early 2016.

Looking back at the above two rounds of interest rate upward cycles, it is inseparable from the tightening of financial supervision policies. The deep-seated reason behind it is that when the economy is under great downward pressure, the central bank will often implement a loose policy of "releasing water to raise fish" to stimulate the economic recovery. At that time, the market liquidity is abundant but the return of the real economy is low, and the phenomenon of "asset shortage" is prominent, resulting in excess funds speculating on various virtual assets, chasing high-term spread assets, amplifying financial leverage and pushing up financial risks. However, when the economy starts to stabilize and rebound, the regulatory authorities will take the initiative to tighten monetary policy, resolve the risks bred in the early stage and reduce the policy sequelae, thus pushing interest rates upward. Therefore, the interest rate recovery is often in the period after the growth rate of social financing has recovered for a period of time or at the stage of bottoming out, that is, after the economy has stabilized and recovered, the convergence of liquidity at this time will also lead to the bottoming out of credit spreads (see Figure 11).

(3) The interest rate level will also be affected by other factors such as exchange rate, capital supply and demand.

First, monetary policy should not only achieve internal balance, but also take into account external balance, especially with the continuous improvement of China’s capital market opening level, it is necessary to maintain the basic stability of the RMB exchange rate at a reasonable and balanced level, so exchange rate factors have certain constraints on the central bank’s interest rate policy, although this constraint tends to weaken with the increase of exchange rate flexibility.According to "impossible trinity" theory, monetary policy must give up some independence when allowing capital to flow freely and keeping the exchange rate relatively stable. For example, when the Fed enters the interest rate hike cycle, the US dollar index strengthens, attracting international capital to return; If other economies do not follow the tightening of monetary policy, they will often face greater capital outflow and exchange rate depreciation pressure, thus aggravating the domestic capital market turmoil.

From the domestic practical experience, from 1989 to 2019, the Federal Reserve started four interest rate hike cycles, in which the domestic interest rate increased in different degrees three times, and only in 1999-2000 did China keep the interest rate unchanged (see Figure 12).The main reason why the interest rate did not move was that the GDP growth rate dropped from 9.1% in the fourth quarter of 1989 to 6.7% in the fourth quarter of 1999, and the sharp economic downturn did not support monetary tightening. In 2022, the Federal Reserve started the interest rate hike cycle again, and the domestic monetary policy was "I-oriented", which lowered interest rates, partly due to the increase in exchange rate flexibility, which improved the flexibility and operational space of monetary policy, but this did not mean that domestic monetary policy was not affected and constrained by the Fed’s interest rate hike.

Second, the supply and demand of funds will have an impact on the short-term fluctuation of interest rates.If the money supply and social financing scale represent the macro-level social capital supply and demand respectively, then the difference between the growth rate of social financing and money supply indicates the relative change of capital demand and supply. The bigger the difference, the more the demand for funds exceeds the supply, the more obvious the tension of funds in the market, and the more the interest rate of funds will rise, and vice versa. Empirical data does confirm this point. Since 2015, the difference (social financing growth rate -M2 growth rate) and the yield of 10-year government bonds have fluctuated obviously and have a high correlation (see Figure 13).

An interesting phenomenon is that since 2011, the 10-year bond yield has a high linkage with social financing, but the correlation with the change of money supply has obviously decreased (see Figure 14).Theoretically speaking, the growth rate of M2 should be inversely related to the interest rate, but this relationship is obviously weakened after 2011. The main reasons behind this are as follows: On the one hand, with the acceleration of domestic interest rate marketization, coupled with the rapid development of financial innovation and disintermediation, China’s monetary control mode is gradually shifting from monetary quantity control to price control, which leads to the weakening of the correlation between money supply and economic growth and interest rate level; On the other hand, the money supply M2 reflects more how strong the countercyclical policy is than the growth of the real economy. Different from M2, the yield of 10-year treasury bonds is consistent with the growth rate of social financing, which reflects that the domestic interest rate depends more on the financing demand of the real economy, and the financing demand is behind the growth of the real economy, especially the strong and weak changes of domestic demand. In the final analysis, economic growth is still the decisive force leading the trend of medium and long-term interest rates.

(4) Summary

To sum up, the domestic interest rate level is determined by the multiple objectives of monetary policy, but the core factors that affect our interest rate level at present are still economic growth and inflation, and with the obvious slowdown of domestic price fluctuations in recent years, the former plays a leading role in determining the direction of interest rate changes. In addition, factors such as financial stability and exchange rate can not dominate the direction of interest rate changes, but will strengthen the trend of interest rate changes and increase its fluctuation range. When the economy is in the recovery channel, financial risk prevention and other goals will push interest rates up; When the economy is in a downward cycle, financial risk prevention, exchange rate stability and other goals need to make way for economic growth, and interest rates generally fluctuate and fall.

Second, the short-term trend of domestic interest rates: first, the fluctuation bottomed out, and then the probability of recovery was too high.

(A) Based on the interest rate analysis framework: the yield of 10-year treasury bonds may bottom out first and then rise.

1. The probability of weak economic recovery in the second half of the year is too high, which makes it difficult for interest rates to rise sharply in the short term.

Whether the PPI price index has dropped first or the current replenishment time has reached the highest level in history, it is a high probability event for China to enter a new round of destocking cycle in the future (see Figure 15). What needs to be pointed out here is that since 2021, the growth rate of domestic inventory has been greatly deviated from the growth rate of GDP and the trend of interest rate level, that is, while enterprises replenish inventory, the economic growth rate has dropped rapidly and sharply, and the interest rate has also dropped (see Figure 16). The reason is that the macro-and micro-policies have been tightened simultaneously in 2021, which has led to the rapid and substantial reduction of the leverage ratio of entities (see Figure 17). Coupled with the epidemic disturbance this year, demand has shrunk rapidly and inventory has been passively improved. Therefore, to judge the future trend of economy and interest rate, we need to comprehensively consider many factors such as inventory cycle, epidemic situation and counter-cyclical policy, and we can’t just observe one indicator of inventory cycle.

It is expected that the probability of weak economic fundamentals in the second half of the year is too high, which makes it difficult for interest rates to rise sharply.First, with the marginal alleviation of the short-term impact of the epidemic, the recovery of people flow and logistics, and the slight stabilization and recovery of the growth rate of social integration, the leading indicator of the economy (see Figure 18-19), the marginal recovery of the domestic economic growth rate in the second half of the year can be expected from the "deep pit" of 0.4% (constant price) in the second quarter. Second, the inventory cycle has entered a new round of decline channel, which will inevitably restrict the economic recovery. Third, although the growth rate of domestic social integration has stabilized and rebounded, the structure mainly relies on the financial front, and the credit growth rate is still falling, reflecting that the problem of insufficient effective social demand is severe and the economic recovery should not be overestimated. Looking at the extended cycle, China’s credit growth has been difficult in recent years, mainly due to the weakening trend of infrastructure and real estate, which used to have a large credit demand (see Figure 20), while the demand for other loans with relatively small volume is difficult to make up for the credit demand gap, which leads to the decline or normalization of China’s credit growth rate during the shift of new and old kinetic energy, which also means that the mode of stimulating economic growth by financial expansion is unsustainable, and it is necessary to cultivate new kinetic energy and new social purchasing power, create new credit demand, and smoothly spend the shift of growth rate.

2. Short-term inflationary pressure rises, which supports the upward trend of interest rates.

According to historical experience, when the domestic prices of pigs, oil and grain rise in resonance, the inflationary pressure tends to be greater (continuously exceeding the inflation target of 3%). On the contrary, if the prices of pigs and oil hedge each other and the food price is moderate, the inflation risk is relatively small and the time for the price to continue to rise is relatively short (see Figure 21).

Looking into the future, influenced by factors such as the resonant upward trend of pig food prices, the high oil prices, the recovery of consumer demand and abundant liquidity, it is expected that CPI will continue to fluctuate around 3% or even above 3% from the second half of this year to the first half of next year, which will support the upward trend of interest rates.

First, a new round of "pig cycle" has been launched, and this round of pig price increase is second only to the African swine fever period in 2019.Historical experience shows that each round of "pig cycle" in China lasts about four years, and the first 1.5-2 years are the upward period of prices. In April this year, the domestic pork price went down to the stage low point, which is about four years from the starting point of the last cycle. Since May, the pig price has continued to rise, indicating that a new round of "pig cycle" has started, and it may usher in an upward period of more than one year in the future. Judging from the increase of this round of pig cycle, due to the weak demand recovery and the slow speed of supply, it is expected that the increase of pig price in this round will hardly exceed that of African swine fever in 2019. However, at the end of July, the average price of pork in 22 provinces and cities has risen to 29 yuan/kg, and extreme weather may have a certain negative impact on the supply of pigs. In the future, the pig price will probably continue to rise moderately (see Figure 22), and the increase is expected to exceed several rounds of pig cycles that began in 2006, 2010 and 2014.

Second, the rise of international food prices is superimposed on extreme weather, and the risk of food price fluctuation in China may increase in the future.Benefiting from the low dependence of China’s three staple foods on foreign countries and sufficient domestic stocks, the increase in international food prices in the first half of the year has relatively little impact on China, which mainly drives domestic CPI through cost channels. However, two factors may increase the risk of food price fluctuation in China in the future. First, the negative impact of the Russian-Ukrainian conflict on global food prices, such as reduced grain production, rising grain production costs and slowing food trade, has yet to be revealed. In addition, the rise of food protectionism (the number of countries that issued food export bans in 2022 was as high as 24, second only to the 28 in 2008 food crisis), it is hard to say that the warning of future global food crisis has been lifted. Second, the impact of extreme weather on the global and China’s food prices may have increased: on the one hand, according to the statistics of the United States Oceanic and Atmospheric Administration, July this year was the second hottest July in the world since statistics were available in 1880, and China also ushered in the hottest summer since statistics were available in 1961. It is expected that the negative impact of high temperature and dry weather on food production will gradually emerge; On the other hand, the US Oceanic and Atmospheric Administration predicts that there is a 60% probability that La Nina will continue from December 2022 to February 2023, which means that a rare "triple" La Nina climate event may occur this year, and the world will face the test of cold winter, or further push up the global and Chinese food prices (see Figure 23-24).

Third, international oil prices may continue to fluctuate at a high position, and China’s imported inflationary pressure still exists.For example, geopolitical conflicts and global energy transformation will restrict the improvement of this round of crude oil supply, and the cold winter weather is expected to partially hedge the impact of the decline in crude oil demand brought about by the global economic downturn. It is expected that oil prices will fluctuate at a high position in a high probability during the year.

Fourth, abundant domestic liquidity and improved consumer demand will also support the rise of CPI center. On the one hand,Economic recovery after the epidemic is conducive to reducing the unemployment rate and increasing residents’ income, thus boosting residents’ consumption ability and willingness. In addition, after the epidemic is controlled, the consumption scene has improved, and residents have accumulated rich savings in the early stage (see Figure 25), which has accumulated energy for future consumption demand recovery.On the other hand,Since the second half of last year, the domestic money supply has been loose, and the growth rate of M2 has increased from a low of 8.2% in August last year to 12% in July this year, which is much higher than the nominal GDP growth rate, setting a new high since the outbreak, and will also support the rise of CPI center.

3. The continuous upside-down spread between China and the United States and the transformation of wide currency into wide credit will also increase the upward pressure on interest rates.

First, the spread between China and the United States may remain upside down for a long time, which will increase the upward pressure on interest rates through exchange rate channels.Affected by high inflation, the Fed has raised interest rates four times during the year, raising the target interest rate of the federal funds from 0-0.25% to 2.25-2.5% (see Figure 26), and the Fed is still on the way to continue raising interest rates during the year. During the same period, the pressure of steady growth of domestic economy was great, and interest rates were cut twice during the year. The dislocation of financial cycles between China and the United States deepened, and the yields of 10-year government bonds of the two countries continued to be upside down. This trend will continue in the short term. According to historical experience, the falling or even upside-down spread between China and the United States will increase the depreciation of the RMB exchange rate and the pressure of capital outflow (see Figure 27). In order to take into account the external balance, domestic monetary policy easing will be restrained to some extent.

Second, with the transformation from a wide currency to a wide credit, it will also restrict the downside of interest rates.Since the beginning of this year, domestic real estate-related credit has shrunk sharply, and the proportion of new real estate loans to all new credit has turned negative in the second quarter (see Figure 28), indicating that the repayment scale of residents and housing enterprises has exceeded the amount of real estate loans lent by banks. Affected by this, the transmission of domestic wide money to wide credit has been impeded. In July, the difference between the growth rate of social financing and the growth rate of M2 hit a new low since statistics were available (see Figure 14). However, in the future, the positive factors have increased significantly. For example, after the 5-year LPR interest rate was lowered by 15BP again on August 22, the domestic personal housing loan interest rate may have been lower than the 2016 low, only slightly higher than that after the 2008 financial crisis. Generally speaking, the mortgage interest rate is about 6 months ahead of the growth rate of real estate loans. Since the beginning of this year, the domestic mortgage interest rate has continued to fall rapidly, which indicates that the growth rate of real estate loans is expected to gradually stabilize and pick up in the future (see Figure 29). With the gradual recovery of real estate credit from a very low position and the continuous efforts of "one city, one policy", the transformation from wide currency to wide credit is expected to accelerate, which will restrict the downward space of interest rates in the future.

To sum up, the economic recovery is weak and the regulatory policies are difficult to tighten, but the inflationary pressure is increasing, the spread between China and the United States continues to be upside down, and the wide currency is transformed into wide credit. It is expected that the interest rate will have limited room for further decline in the current position. In the next few quarters, the domestic 10-year national debt income will be the first to oscillate and bottom out, and the probability of rising later is too high.

(B) Based on quantitative analysis: the current yield of 10-year treasury bonds is lower than the desired interest rate, and the high probability gradually converges upward.

In the medium and long term, the market interest rate should be equivalent to the desirable interest rate level that can not only ensure the economic operation at the potential output level, but also achieve the goals of price stability, full employment and financial stability. In this paper, the general Taylor rule method is used to measure the desirable interest rate level in China, and it is compared with the market interest rate to see whether there is overshoot at present, and thus to judge the future market interest rate trend.

According to Taylor rule, the interest rate level is mainly determined by inflation gap and output gap. With the diversification of the central bank’s monetary policy objectives and the development of financial markets, we add exchange rate and social financing scale factors to the basic Taylor rule to fit and measure the current acceptable level of China’s 10-year national debt yield. Taylor’s rule regression equation shows that the current yield level of ten-year treasury bonds is obviously lower than the desired interest rate level (see Figure 30), which means that the interest rate level is lower than the desired interest rate level that matches the current economic growth, prices, exchange rate and liquidity. According to past experience, when the interest rate gap (market interest rate-desirable interest rate) falls below -0.4%, the probability of market interest rate converging upward to desirable interest rate is greater, and it is only a matter of time before the market interest rate rises in the future.

(3) Based on historical experience: If there is no unexpected impact, the interest rate will fall first and then rise after the interest rate cut boots land.

No matter from the economic fundamentals or quantitative point of view, we all think that the interest rate will converge marginally in the future with a high probability, but the market is still skeptical about whether the interest rate will really go up. There is an important reason behind it, that is, the economic data in July was significantly less than expected, and after the loan suspension risk incident, the central bank unexpectedly lowered the policy interest rates of MLF and OMO on August 15, which rekindled the market’s expectation of starting a new round of interest rate reduction cycle in China.

Historical experience does show that after the central bank cuts interest rates continuously, the market interest rate will tend to decline in the short term, but it also shows that as long as the credit data improves and the economy gradually stabilizes after the interest rate cut, the yield of 10-year government bonds will open the recovery channel after the interest rate cut boots land. For example, in 2012 and 2019, there were unexpected interest rate cuts, but after that, interest rates rebounded with the improvement of the economy, rather than falling. Therefore, there is great uncertainty about whether to continue to cut interest rates after cutting interest rates, depending on the marginal changes in economic fundamentals.

1. In 2012, interest rates were cut twice in a row: the yield of ten-year government bonds only dropped by 14BP, and then the journey of recovery began.

After the second quarter of 2011, the domestic economy continued to slow down. However, because the CPI has been above 3%, the central bank is cautious in cutting interest rates, mainly by lowering the RRR to hedge the downward pressure on the economy (see Figure 31-32). Until mid-2012, with the CPI growth rate falling below 3%, coupled with the superimposed influence of the economic downturn, repeated wide credit (see Figure 33) and the further intensification of the European debt crisis caused by bank runs in overseas Greece, the central bank cut interest rates twice in June and July respectively (see Figure 32). After two interest rate cuts, the cumulative maximum downward rate of 10-year treasury bond yield is about 14BP. However, as the credit growth rate announced after the interest rate cut returned to the upward trend, the economy gradually confirmed its stabilization, and the yield of 10-year government bonds began to turn upside down, starting an upward cycle (see Figure 32-33).

2. Unexpected interest rate cut in 2019: The yield of ten-year government bonds fell by about 9BP, and the downside was reopened after the outbreak of the epidemic.

After the second half of 2018, the domestic economy continued to slow down, and the CPI growth rate was less than 3% in the same period (see Figure 34). In order to prevent financial risks, the central bank was more cautious about interest rate cuts, and also chose to lower the RRR first to hedge the downward pressure on the economy (4 RRR cuts in 2018 and 5 RRR cuts in 2019), which promoted the growth rate of domestic social integration and credit to continue to rise to March 2019. However, due to the escalation of trade friction and the occurrence of risk events such as Baoshang Bank, the domestic credit contraction pressure increased significantly in 2019, and the credit growth rate dropped again after the first quarter of the same year. At the same time, the PMI index was below 50% of threshold for six consecutive months, and the downward pressure on the economy increased (see Figure 35-36). Therefore, although the CPI growth rate broke through 3% from September to October in 2019 (the soaring pork price increased the structural inflationary pressure), after the PMI fell to 49.3% in October, hitting an eight-month low, the central bank cut the MLF interest rate by 5BP in early November (see Figure 35). After the interest rate cut, the yield of 10-year treasury bonds dropped by about 9BP, and then gradually stabilized. At the end of December, the COVID-19 outbreak broke out in China, which further reopened the downward space of interest rates (see Figure 35).

To sum up, during the economic downturn in 2012 and 2019, the central bank was cautious about cutting interest rates at first. However, due to some unexpected risk events, continuous credit contraction and sustained downward pressure on the economy, the central bank still took interest rate cuts at the end of the economic downturn, and the timing of interest rate cuts exceeded market expectations. Both rounds of interest rate cuts pushed interest rates down slightly in the short term, but in 2012, as the economy stabilized, interest rates quickly turned upward, and the outbreak of the epidemic in 2019 further opened up the downside of interest rates.

Similar to 2012 and 2019, in 2022, the central bank was also cautious about comprehensively lowering the policy interest rate. For example, after the interest rate was cut by 10BP in January 2022, despite the unexpected rebound of domestic epidemic in the second quarter, the central bank did not immediately reduce the policy interest rate. It was not until July that the economy turned downward again on the way to recovery and there were twists and turns in credit easing that the central bank cut interest rates again beyond expectations (see Figure 37-38). According to the experience of two rounds of interest rate cuts that exceeded expectations in 2012 and 2019, if the domestic economy gradually stabilizes in the short term, the transformation from wide currency to wide credit accelerates, and the yield of 10-year government bonds drops slightly, the recovery channel will be gradually started; If there is an unexpected risk event, such as the real estate recovery continues to be less than expected, the risk spreads to other fields or even systemic risks, it is also expected that the central bank will cut interest rates quickly, continuously and substantially, and the interest rate center is expected to drop significantly again until the economy stabilizes, but at present, this probability is too small.

(4) Summary

Based on the analysis of the above three perspectives, it is estimated that the yield of domestic 10-year government bonds will probably bottom out first and then rise in the next few quarters:1）The weak recovery of domestic economy does not support a sharp rise in interest rates in the short term, and even does not rule out the possibility of cutting interest rates again. However, with the increasing pressure to stabilize prices and exchange rates, the constraints on monetary easing are also obvious. In addition, with the transformation from a wide currency to a wide credit, the probability of China’s credit demand bottoming out and economic recovery improving in the future will increase. It is only a question of whether the recovery speed or slope can be as expected, and the trend of interest rate recovery is relatively clear.2）At present, the domestic market interest rate has been much lower than the desired interest rate level, and it is only a matter of time before it converges upward;3）Historical experience shows that the interest rate cut on the eve of economic recovery will help the interest rate to decline slightly in the short term, but if there is no unexpected impact, after the interest rate cut boots land and the economy is confirmed to stabilize, the interest rate will open a recovery channel.

In addition, the current real interest rate level in China is not high, and monetary policy is constrained by insufficient demand. The effect of monetary easing on stimulating economic growth is limited, but it may bring more sequelae. Unless it encounters extreme unexpected shocks, it is not necessary to continue to loosen the currency substantially. First, China’s real interest rate (nominal interest rate minus inflation rate) has been continuously lower than the actual economic growth rate. Governor Yi Gang of the Central Bank pointed out in the article "Interest Rate System and Interest Rate Marketization Reform in China" that the real interest rate R after inflation adjustment should be equal to the real economic growth rate G. However, most of the time, the real interest rate in China is lower than the actual economic growth rate, which tends to distort the allocation of financial resources and bring about inflation, asset price bubbles, idle funds and other problems. At present, the real interest rate of RMB loans in China has been at a low level below 1.5% for five consecutive quarters (see Figure 39), and the growth rate has been lower than the real GDP except for the second quarter of this year. Second, the core contradiction facing China’s economy at present is insufficient effective demand. Monetary easing is constrained by banks’ reluctance to borrow and enterprises’ reluctance to borrow, and it is difficult for monetary policy to promote the "soft rope". Therefore, fiscal policy needs more efforts. Monetary policy should cooperate with fiscal policy to provide suitable liquidity and financing environment, and blindly easing will not help accelerate the optimization and adjustment of the current economic structure.

　 　This article was first published on WeChat WeChat official account: Seeing the Macro. The content of the article belongs to the author’s personal opinion and does not represent Hexun.com’s position. Investors should operate accordingly, at their own risk.

　　Hangzhou announced today that on the basis of the previous first coupon, an additional 150 million yuan will be issued for the second coupon. The coupons for this issue will be distributed from 10: 00 am on April 3, and consumers can participate in the coupon collection activities from the entrance of Alipay homepage or by searching for "Hangzhou".

　　There are 1.5 million additional coupons for the second phase, each of which includes 3 coupons for 45 yuan, 35 yuan and 20 yuan. Direct deduction of cash use through Alipay when paying offline at designated merchants, valid for 7 days. Users who have received the first coupon can also apply again.

　　In the past few days, consumer vouchers have become the most popular keyword in Hangzhou except the epidemic, and they are also like a needle catalyst, igniting the enthusiasm of offline consumption in Hangzhou’s "post-epidemic era". In Hangzhou Century Lianhua No.1 Supermarket, the store was crowded with orderly consumers, and there was a long queue in front of the checkout counter. Ms. Wang, a citizen, received a coupon from 50 yuan the day before. "Milk, meat, eggs, and many daily necessities, most of them were originally bought. With the coupon, you can just buy more."

　　Wu Jingli of Century Lianhua Qingchun Store said that many customers come with coupons, and under the incentive of coupons, they can obviously feel the rebound of passenger flow.

　　It is reported that in the three days from March 27 to 29, the sales of Century Lianhua in Hangzhou exceeded 60 million yuan. "Coupons have boosted the sales of high-end aquatic products, beef, etc., and the increase in turnover is very obvious."

　　Snack bars, supermarkets, shopping malls, gas stations … … Consumer vouchers have boosted consumption, and they can be seen in almost every field of living consumption in Hangzhou. More than 10,000 pieces of Hangzhou "Xianfeng Fruit" were written off on March 27th, the first issue, and the customer unit price increased from 30 yuan to 70 yuan. Joe Doo, the person in charge of the operation, said that as of March 29th, their store had written off more than 30,000 copies.

　　Hangzhou Yonghui Supermarket also ushered in a business peak because of coupons. Jiang Yajing, head of Hangzhou regional brand of Yonghui Supermarket, said that after the issuance of consumer vouchers, the daily passenger flow of the supermarket exceeded 6,000, an increase of about 70% compared with last week. On the 27th, the number of customers who paid through Alipay transactions increased by nearly 100% compared with the previous day.

　　Consumer vouchers undoubtedly played the role of a catalyst, so that the consumption power that was originally suppressed by the epidemic rose rapidly. According to the data of Hangzhou Bureau of Commerce, from the issuance of the first coupon on March 27 to 16:30 on April 1, the government subsidy of 66.95 million yuan has been paid, driving Hangzhou to spend 949 million yuan.

　　Wang Jianming, dean of the School of Business Administration, Zhejiang University of Finance and Economics, believes that guiding the consumption direction, adjusting the consumption structure, and promoting the consumption upgrade, the "leverage effect" of consumer vouchers has achieved the greatest economic benefits in the most effective way.

　　Sun Hao, a teacher at the School of Economics of Zhejiang Gongshang University, also believes that the "multiplier effect" of the expansion of consumer vouchers will help to activate and release the consumer demand suppressed by the epidemic, boost consumption and promote the economy.

　　Since March, in addition to Hangzhou, governments in Guangxi, Nanjing, Hefei and other places have issued consumer vouchers through platforms such as Alipay. Jiaxing announced the issuance of 200 million yuan of consumer vouchers; Shaoxing will carry out nine consumption promotion actions and distribute 180 million yuan coupons to the public; Ningbo, county (city) governments and enterprises will jointly launch 100 million yuan of cultural and tourism vouchers for benefiting the people. The Zhejiang Provincial Department of Culture and Tourism said that through the linkage of provinces, cities and counties, a total of 1 billion yuan worth of travel coupons and 100 million yuan worth of travel coupons will be launched.

　　"Promotion fees and expanding domestic demand are a lasting battle." Many experts have reminded that as a short-term emergency policy and means, consumer vouchers have a certain effect on stimulating the economy, especially consumption, but they will not play a long-term role. To really stimulate domestic demand, only by enhancing residents’ consumption confidence and ability, increasing residents’ income and reducing the national burden, "comprehensive measures and stabilizing consumption expectations can people really consume, be willing to consume and dare to consume." (China Youth Daily, Hangzhou, April 2 nd, Zhongqing Daily, Zhongqing Net reporter Dong Bishui)

　　Cctv newsAt present, the domestic epidemic situation is scattered at many points, and the number of imported cases continues to increase, which further increases the risk of imported epidemic situations outside Beijing and outside Beijing. Some close contacts, on the way back to Beijing by train, plane and other public transport, are close to or overlap with the seats of the confirmed cases, because they wear N95 masks regularly, don’t eat, walk less and talk less, and do personal protection all the time, and finally they are not infected. Protect yourself and protect your family.

　　The Beijing Center for Disease Control and Prevention reminded people returning to Beijing to raise their awareness of prevention and control and do a good job of personal protection on their way back to Beijing..

　　Before returning to Beijing

　　★　Personnel entering and returning to Beijing should strictly implement the epidemic prevention policy.Plan your trip in advance., minimize transit.

　　★　　Prepare enough protective materials such as masks and hand-washing-free disinfectants.

　　★　　It is not recommended to travel for people who feel unwell, especially those who have respiratory symptoms such as fever and cough. Especially for the elderly, pregnant women and special people with chronic diseases, it is recommended to ask professional doctors to evaluate their health before deciding whether to travel.

　　On the way back to Beijing

　　★　　Personal protection throughout the process.. Adhere to scientific and standardized measures to prevent and control the normalized epidemic situation, such as wearing masks, washing hands frequently, often ventilating, and keeping a safe social distance.

　　★　Cooperate with transportation departments such as railways, civil aviation, passenger transport, and road checkpoints, and strictly implement various prevention and control measures such as temperature measurement and code inspection and inspection of nucleic acid certificates in accordance with relevant regulations.

　　★　When waiting for a bus, try to wait in a well-ventilated space, and do not stay in a crowded, closed place with dirty air for a long time. Do a good job of personal protection.

　　★　　Pay attention to hand hygiene after using public facilities such as toilets and elevators.

　　★　　When taking airplanes, trains and other means of transportation,It is necessary to wear masks in a standardized way throughout the journey, minimize walking, reduce contact with others, and reduce the frequency of meals., reduce the risk of infection.

　　★　　When dining out, you should pay attention to eating at the wrong peak and choose a ventilated place to sit. Try to sit down at intervals or eat on the same side. When two or more people eat together, they should use public chopsticks and spoons.

　　After returning to Beijing

　　★　Those who enter and return to Beijing need to hold the negative nucleic acid certificate within 48 hours and the green code of "Beijing Health Treasure" to strictly abide by various epidemic prevention regulations.

　　★　Personnel returning to Beijing in risk areas should take the initiative to report to communities, units, hotels and other departments in a timely manner and cooperate with various epidemic prevention measures such as isolation observation, health monitoring and nucleic acid detection.

　　★　Carry out 3 days and 2 inspections.That is, one nucleic acid test is completed within 24 hours after arrival in Beijing, and the second nucleic acid test is completed within 72 hours after the interval of 24 hours.No dinner, no party or going to crowded places within 7 days.Do not visit relatives and friends, recommend online shopping, reduce going out before the negative result of nucleic acid test, and do personal protection when going out.

　　★　Pay close attention to the health of yourself and your family.Once you have symptoms such as fever, dry cough, fatigue, sore throat, decreased sense of smell, diarrhea, etc., don’t buy medicine by yourself, don’t take public transportation, and seek medical treatment in time according to regulations.

　　Zhongqing Online, Beijing, September 28th (China Youth Daily, Zhongqing Online reporter Wang Yijun) The reporter was informed today that the Yanta District People’s Court of Xi ‘an, Shaanxi Province today publicly pronounced a first-instance judgment on the case that Ye Zhengguang, Ye Daying, Ye Tiejun, Ye Xiaomei, Ye Xiaoyan, Ye Wen and Ye Min, close relatives of Ye Ting martyrs, sued Xi ‘an Momo Information Technology Co., Ltd. (hereinafter referred to as "Xi ‘an Momo Company") for reputational infringement, and ruled that Xi ‘an Momo Company publicly apologized in the national news media.

　　The court found through trial that on May 8 this year, the defendant Xi ‘an Momo Company published a short video with a duration of 1 minute and 09 seconds on Today’s Headline through its self-media account "Runaway Comics". The content of this video will lock the door for people to get in and out of the Ye Ting martyr’s "Prison Song", open the hole for dogs to climb out, and a voice shouted, climb out and set you free! " The door for people to enter and leave is locked! The hole for the dog to climb out is open! A voice shouted! Climb out! Painless abortion! " . After the video was released on the Internet platform from May 8, 2018 to May 16, 2018, many news media reprinted it, which aroused public concern and hot discussion on the Internet, causing adverse social impact and consequences in a certain range.

　　The court held that the "Prison Song" written by Ye Ting martyr in prison after the Southern Anhui Incident fully reflected the indomitable revolutionary will and unswerving political belief of Ye Ting martyr, and the lofty revolutionary integrity and great patriotic spirit displayed by him have been widely recognized by the whole nation, which has become a part of the common memory of the Chinese nation, an important part of the precious spiritual wealth and socialist core values of the Chinese nation, and also the basis for Ye Ting martyrs to enjoy a high reputation. The video produced by Xi ‘an Momo Company tampered with the contents of "Prison Song", desecrated the fearless revolutionary spirit of Ye Ting martyrs and damaged the reputation of Ye Ting martyrs, which not only caused mental pain to the relatives of Ye Ting martyrs, but also hurt the national and historical feelings of the public and harmed the public interests. Therefore, the above behavior of the defendant Xi ‘an Momo Company has constituted a reputation infringement.

　　The court made the above judgment in accordance with the General Principles of the Civil Law of People’s Republic of China (PRC), the Tort Liability Law of People’s Republic of China (PRC), and the Law of People’s Republic of China (PRC) on the Protection of Heroes and Martyrs.

　　Ye Zhengguang, a close relative of Ye Ting martyr, and others v. Xi ‘an Momo Information Technology Co., Ltd.

　　1. What is the relationship between the seven plaintiffs and Ye Ting in this case?

　　A: Plaintiff Ye Zhengguang is the son of Ye Ting, Plaintiffs Ye Daying and Ye Tiejun are grandchildren of Ye Ting, Plaintiffs Ye Xiaomei, Ye Xiaoyan, Ye Wen and Ye Min are granddaughters of Ye Ting.

　　2. What are the main pleadings of the original defendant in this case? Can you briefly introduce the trial process?

　　A: On May 24, 2018, the plaintiffs Ye Zhengguang, Ye Daying, Ye Tiejun, Ye Xiaomei, Ye Xiaoyan, Ye Wen and Ye Min sued the defendant Xi ‘an Momo Information Technology Co., Ltd. (hereinafter referred to as Xi ‘an Momo Company) to the Yanta District People’s Court in Xi ‘an on the grounds that the defendant infringed on Ye Ting’s reputation. Their litigation requests were: 1. Order the defendant to stop infringing on Ye Ting’s heroic deeds and spirit; 2. Order the defendant to publicly apologize to the plaintiff in writing in the national media; 3. The defendant was ordered to compensate the plaintiff for mental comfort totaling 1 million yuan.

　　Defendant Xi ‘an Momo Company believes that: 1. The defendant has no intention to infringe Ye Ting’s reputation subjectively. The video program comments on the unhealthy social phenomenon of "implanting hospital advertisements in primary school textbooks" reported by People’s Daily and other media in an ironic way, and explicitly opposes the disorderly implantation of advertisements in primary school textbooks. The defendant inappropriately quoted Ye Ting’s works in the process of video creation, which caused emotional and spiritual harm to the plaintiff. The defendant sincerely apologized for this. 2. For some media reports that are out of context and mislead the public, the defendant hopes to explain his original intention of creating the video through a complete video presentation. 3. Based on the high respect for revolutionary martyrs, after the incident, the defendant actively communicated with the media to clarify the facts to the public; Actively apologize to the plaintiff and try to eliminate the influence.

　　On June 12, 2018, the Yanta District People’s Court of Xi ‘an organized the parties to the case to hold a pre-trial meeting. Through the pre-trial meeting, the original defendant and the defendant exchanged evidence and made clear the focus of the case dispute.

　　On July 15, 2018, the Yanta District People’s Court of Xi ‘an applied ordinary procedures to publicly hear the case. The plaintiff entrusted agents ad litem Feng Zhentao and Lian Gaobo and the defendant Xi ‘an Momo Company entrusted agent ad litem Li Xuesong to attend the proceedings.

　　On September 28, 2018, the Yanta District People’s Court of Xi ‘an publicly pronounced the case.

　　3. What are the main contents of Ye Ting’s "Prison Song"?

　　A: Ye Ting is the founder of China People’s Liberation Army and one of the important leaders of the New Fourth Army. He is a famous strategist at home and abroad. According to historical records, in January 1941, Ye Ting was illegally arrested by the Kuomintang during the Southern Anhui Incident, and was imprisoned in Shangrao, Jiangxi, Enshi, Hubei, Guilin, Guangxi and other places, and finally transferred to the concentration camp of Sino-US Institute for Special Technical Cooperation in Chongqing. In prison, Ye Ting suffered all kinds of hardships, but remained faithful and unyielding. In 1942, he wrote this song "Prison Song". The poem was written by Ye Ting on the wall of the second cell downstairs of the imprisoned Chongqing Zhazidong concentration camp, and the manuscript was brought out by Li Xiuwen, the wife of Ye Ting, when she visited the prison. On April 8, 1946, Ye Ting flew back to Yan ‘an from Chongqing. The plane crashed near Heicha Mountain in Xing County, Shanxi Province and was killed.

　　The full text of "Prison Song" is:

　　The door for people to enter and leave is locked,

　　The hole for the dog to climb out is open,

　　A voice shouted:

　　Climb out and set you free!

　　I long for freedom,

　　But I deeply know — —

　　How can a human body climb out of a dog hole!

　　I hope that one day,

　　Underground fire,

　　Burn me and this living coffin together,

　　I deserve eternal life in fire and blood!

　　4. How do Chinese laws protect the reputation of heroic martyrs?

　　A: According to China’s General Principles of Civil Law, Tort Liability Law, Protection of Heroes and Martyrs Law and relevant judicial interpretations in the Supreme People’s Court, after the death of a natural person, his personal interests before his death, including his name, portrait, reputation and honor, are still protected by law. Article 185 of the General Principles of Civil Law of People’s Republic of China (PRC) stipulates that anyone who infringes on the names, portraits, reputations and honors of heroes and martyrs and harms the public interests shall bear civil liability. The first and second paragraphs of Article 22 of the Law on the Protection of Heroes and Martyrs stipulate that it is forbidden to distort, vilify, blaspheme or deny the deeds and spirit of heroes and martyrs. The names, portraits, reputations and honors of heroic martyrs are protected by law. No organization or individual may insult, slander or otherwise infringe upon the names, portraits, reputations and honors of heroic martyrs in public places, on the Internet or by using radio and television, movies and publications. No organization or individual may use the names and portraits of heroic martyrs for trademarks or commercial advertisements in disguised form, thus damaging the reputation and honor of heroic martyrs. According to the relevant provisions of the Supreme People’s Court’s Answers to Several Questions on the Trial of Reputation Rights Cases, if the reputation of the deceased is damaged, his close relatives have the right to bring a lawsuit to the people’s court. According to Article 3 of the Supreme People’s Court’s Interpretation on Several Issues Concerning Determining the Liability for Compensation for Spiritual Damage in Civil Torts, the name, portrait, reputation and honor of the deceased are infringed by insulting, slandering, derogating, uglifying or other ways that violate social public interests and social morality, and their close relatives suffer mental pain due to the infringement.If a lawsuit is brought to a people’s court for compensation for mental damage, the people’s court shall accept it according to law. Specific to this case, Ye Ting has passed away, and the seven plaintiffs, as close relatives of Ye Ting, have the right to file a civil lawsuit against the perpetrator who violated Ye Ting’s reputation.

　　5. What are the infringements of the defendant Xi ‘an Momo Company?

　　A: On May 8, 2018, the defendant Xi ‘an Momo Company published a short video with a duration of 1 minute and 09 seconds on Today’s Headline through its self-media account "Runaway Comics". In this video, the "Prison Song" written by martyr Ye Ting before his death: "The door for people to go in and out is locked, the hole for dogs to climb out is open, and a voice screams, climb out and set you free" is changed to "The door for people to go in and out is locked, the hole for dogs to climb out is open, and a voice screams, climb out and there is no pain in people’s flow". The video of 1 minute and 09 seconds involved in the case was widely spread on the Internet, causing public concern. On May 16, 2018, "Today’s Headlines" removed the relevant videos and banned the account "runaway comics". Subsequently, video websites such as Youku, Iqiyi and Tencent Video also made similar treatments.

　　6. Is there any subjective fault in the defendant’s act of making and uploading the video involved?

　　A: Under normal circumstances, the fault in the case of infringement of reputation or reputation right refers to the subjective state of knowing or should have foreseen the consequences of others’ social evaluation, but still doing it or thinking it can still be avoided. In the case of infringement of reputation or the right to reputation, the determination of the fault of the actor is often based on the cognition of ordinary people, supplemented by objective factors such as social common sense, the occupation or specialty of the actor and the cost of controlling the harm.

　　In this case, the defendant, as a self-media operator, especially as an information technology company with certain network creation ability and skillful use of Internet tools, should fully realize the spiritual value embodied in Prison Song, and should foresee that the production and dissemination of the video involved in the case will damage Ye Ting’s reputation and also cause emotional and spiritual harm to his close relatives. In this case, the defendant has the ability to control the possible damage consequences of the video without control, and still publishes and uploads it in the existing state, which is obviously subjectively wrong.

　　7. Did the defendant’s tort infringe on the public interest while infringing on Ye Ting’s reputation?

　　A: The Prison Song written by Ye Ting martyr in prison after the Southern Anhui Incident fully embodies Ye Ting’s indomitable revolutionary will and unswerving political belief. The lofty revolutionary integrity and great patriotism shown in this poem have been widely recognized by the whole nation, which is a part of the common memory of the Chinese nation, a precious spiritual wealth of the Chinese nation, a manifestation of socialist core values, a part of social public interests, and the basis for Ye Ting to enjoy a high reputation. In this sense, the video involved in the case not only infringes on Ye Ting’s personal reputation, but also infringes on the social public interests that are integrated by the reputation of heroes.

　　8. What tort liability should the defendant bear?

　　A: According to the General Principles of the Civil Law, Tort Liability Law and other laws, the defendant shall bear the corresponding tort liability for his acts of infringing the reputation of the deceased, especially the heroic martyrs. By stopping the infringement, eliminating the influence, making an apology, and making compensation for spiritual comfort, the law makes up for the decrease of the social evaluation of the deceased and the mental pain suffered by his close relatives due to the infringement. In this case, the seven plaintiffs asked the defendant to stop the lawsuit against the heroic deeds and spiritual behavior of Ye Ting martyrs. After investigation, before the seven plaintiffs sued, the video involved in the case released by the defendant was removed from the "Today Headline" platform and the account of "runaway comics" was banned, and the infringement was stopped. The plaintiff asked the defendant to publicly apologize in the central news media. Although the video involved in the case released by the defendant has been removed from the shelves, and the defendant also apologized to the plaintiff in the form of "A Letter to General Ye Ting’s Family", the objective infringement of Ye Ting’s reputation has caused serious social impact, and the defendant should formally apologize in the national media to eliminate the adverse social impact caused by his infringement. The plaintiff asked the defendant Xi ‘an Momo Company to pay compensation of 1 million yuan, and the court determined that the defendant paid 100,000 yuan to the plaintiff as appropriate.

　　9. How did the court determine the amount of spiritual comfort in this case?

　　According to the Supreme People’s Court’s Interpretation on Several Issues Concerning Determining the Liability for Compensation for Spiritual Damage in Civil Torts, the amount of compensation for mental damage is determined according to the following factors: the degree of the infringer’s fault, the specific circumstances of the infringement, the consequences caused by the infringement, the infringer’s profit, the infringer’s economic ability to take responsibility and the average living standard of the place where the court is located. In this case, the defendant, as a media operator, should be fully aware of the spiritual value embodied in "Prison Song", and should foresee that improper tampering with the production and dissemination of "Prison Song" will damage Ye Ting’s reputation and also cause emotional and spiritual harm to his close relatives, and his subjective fault is obvious. At the same time, the video involved in the case released before the lawsuit has been taken off the shelf, and the defendant also apologized to the plaintiff in the form of "A Letter to General Ye Ting’s Family". He also truthfully admitted the infringement facts in court and expressed his apologies in court. The court comprehensively considered the relevant factors in combination with the specific circumstances of the case, and at the same time, in order to reflect the punishment and warning of the defendant’s infringement, it was determined that the defendant paid 100,000 yuan to the seven plaintiffs as appropriate.

　　10. What are the significance and enlightenment of this case?

　　A: The rapid development of network culture not only enriches people’s spiritual and cultural life, but also brings a series of legal problems. The video involved in the case has tampered with the content of Prison Song and spread rapidly through the network platform, which has aroused great concern of the media, public opinion and the masses about the reputation of heroic martyrs. How to protect the reputation of heroic martyrs has become a hot issue in society. A fair and efficient trial of this case is not only a requirement to achieve fairness and justice in individual cases, but also an important means to regulate people’s online behavior, control illegal online phenomena and protect citizens’ legitimate civil rights and interests by means of the rule of law, which has an important demonstration and guiding role in maintaining the glorious image of heroic martyrs, advocating heroes, admiring martyrs and carrying forward socialist core values according to law.

　　The reputation of heroic martyrs cannot be profaned. Network creation should not infringe upon the legitimate rights and interests of others, but should be based on the social public interests and national interests, and it is also the social responsibility that any citizen and market subject should bear. In this case, Ye Ting’s "Prison Song" embodies the revolutionary dauntless spirit, and the national historical memory condensed by the content of "Prison Song" is an important source and part of the core values of contemporary China society, bearing the common memory of several generations of the Chinese nation, and is also an indispensable spiritual core of China as a nation-state. Although the defendant argued that the original intention of creating the video involved in the case was to satirize the unhealthy phenomenon that a large number of advertisements were implanted in primary and secondary school textbooks in society, as an online media operator, he should fulfill a high degree of duty of care, and should be awed, strictly observe the bottom line, respect history and promote righteousness when creating online.

　　The acts involved in the case and similar acts frequently occurring on the Internet in recent years not only infringe on the personal dignity of revolutionary martyrs and their descendants, but also seriously hurt the national and historical feelings of the public. As a people’s court, when handling such cases of infringement of reputation disputes, it should strictly abide by legal procedures, accurately apply the law, punish and stop illegal acts that infringe on the personal interests of revolutionary martyrs, demonstrate judicial credibility, safeguard social public interests, and realize the organic unity of legal and social effects.

　　China Banking and Insurance Regulatory Commission recently issued "Guiding Opinions on Implementing Comprehensive Auto Insurance Reform (Draft for Comment)" (hereinafter referred to as "Draft for Comment"), which officially opened the comprehensive auto insurance reform. How to change it? China Banking and Insurance Regulatory Commission revealed that for consumers, in the case of expanding insurance liability and increasing the amount of protection, the premium expenditure will be significantly reduced; However, for property insurance companies, industry underwriting losses may occur in a certain period after the reform, and at the same time, market players will intensify differentiation, and small and medium-sized property insurance companies may have operational difficulties.

　　According to the data of China Banking and Insurance Regulatory Commission, the original premium income of auto insurance reached 818.8 billion yuan in 2019, accounting for over 60% of the total premium income of the industry, and it is still the main type of insurance in the property insurance industry.

　　Text/Guangzhou Daily All-Media Reporter Liu Ranran

　　The core of reform:

　　Consumer premiums will drop significantly.

　　China Banking and Insurance Regulatory Commission disclosed that giving full play to the decisive role of the market in the allocation of auto insurance resources is the focus of this reform, and many new adjustments are also carried out around this goal. For example, the "Exposure Draft" gives specific standards for the range of rate adjustment coefficients directly related to premiums. It is mentioned that it is a key step to combine the "independent channel coefficient" and "independent underwriting coefficient" into an "independent pricing coefficient".

　　In order to prevent the market from ups and downs and disorderly competition, the regulatory authorities decided to take this reform in two steps. The first step is to set the range of independent pricing coefficient at 0.65~1.35, and the second step is to fully liberalize it according to the progress of the reform. At the same time, in the initial stage of the comprehensive reform, the upper limit of the "independent pricing coefficient" of new cars will be temporarily tightened.

　　In this regard, the person in charge of the relevant departments in China Banking and Insurance Regulatory Commission said: "After the reform, the benchmark premium price of commercial auto insurance will drop sharply, and it is expected that the actual signing premium of consumers will also drop significantly."

　　China Banking and Insurance Regulatory Commission responded:

　　Consumers, insurance institutions and regulatory authorities all benefit.

　　China Banking and Insurance Regulatory Commission predicted that the comprehensive reform of auto insurance will have an impact on all aspects of the market: for consumers, with the expansion of insurance liability and the increase of insurance amount, the premium expenditure will be significantly reduced, which will undoubtedly benefit from the reform.

　　For property insurance companies, although the premium scale has declined, the increase in insurance coverage, the increase in insurance coverage, the growth of new cars and the improvement of grades will also be hedged; As the price of auto insurance returns to a reasonable level, the phenomenon of taking expenses by various illegal means will be significantly reduced, which can reduce leakage and tax expenditure, reduce compliance risks and improve the image of the industry.

　　For intermediary channels, the reform is conducive to obtaining legal and reasonable intermediary income, standardizing financial business management and reducing the risk of violation of laws and regulations.

　　For supervision, the comprehensive and smooth implementation of the reform will help solve the long-standing illegal problems in the auto insurance market and promote the optimization of supervision resources allocation.

　　A few consumers are more expensive to insure.

　　Small and medium-sized property insurance companies have operational difficulties.

　　What new situations may appear in this comprehensive reform of auto insurance? How to treat these changes and even challenges? China Banking and Insurance Regulatory Commission responded that there may be four new situations after the reform.

　　The first is the possibility that the scale of premium may decline. This reform not only recalculates the benchmark pure risk premium according to the actual risk, but also reduces the predetermined additional fee rate to 25%. After the reform, the benchmark premium price of commercial auto insurance will drop significantly, and it is expected that the actual signing premium of consumers will also drop significantly, and the overall auto insurance premium scale of the industry may decline to a certain extent.

　　Secondly, within a certain period after the reform, there may be industry underwriting losses. Due to the great efforts of this reform, there are more decentralization and decentralization. If the market players are not rational enough and the supporting regulatory measures can’t keep up, there may be a phenomenon of "chaos once released" in the short term, which will lead to industry underwriting losses and even affect the quality of claims service. Relevant supporting measures are considered in the Guiding Opinions. If measures such as promoting rational operation of market participants and standardizing market order are put in place, the risk of industrial underwriting losses should be effectively prevented.

　　Third, there may be operational difficulties for small and medium-sized property insurance companies after the reform. With the promotion of market-oriented competition, the phenomenon of "the strong will always be strong" is becoming increasingly obvious in many industries. The same is true of the property insurance market. Small and medium-sized companies are at a disadvantage as a whole and it is generally difficult to operate. It is expected that after the reform, market players will be more divided, and it will be more difficult for some small and medium-sized companies with weak competitiveness to operate, but this is a normal phenomenon of survival of the fittest under the market mechanism and is also conducive to forcing their professional transformation. At the same time, the Guiding Opinions put forward corresponding support policies. Including: supporting small and medium-sized property insurance companies to give priority to the development of differentiated, specialized and characteristic innovative products, giving more relaxed additional fee rates and other regulatory policies, and appropriately reducing the solvency regulatory requirements.

　　Finally, this reform recalculated the benchmark pure risk premium according to the actual risk situation, and there may be a few consumers who will see the premium price increase.

　　Seven major changes

　　1. The limit of compulsory insurance is raised to 200,000.

　　Increase the total liability limit for compulsory insurance from 122,000 yuan to 200,000 yuan, including the death and disability compensation limit from 110,000 yuan to 180,000 yuan, the medical expenses compensation limit from 10,000 yuan to 18,000 yuan, and the property loss compensation limit remains unchanged at 0.2 million yuan.

　　The liability compensation limit is adjusted according to the same proportion, in which the death and disability compensation limit is increased from 11,000 yuan to 18,000 yuan, the medical expenses compensation limit is increased from 1000 yuan to 1,800 yuan, and the property loss compensation limit remains unchanged in 100 yuan.

　　2. Three liability insurance can be up to 10 million.

　　Raise the liability limit of commercial three liability insurance from 50 thousand to 5 million yuan to 100 thousand to 10 million yuan. This promotion mainly takes into account the level of economic and social development and meets higher risk protection needs.

　　3. Seven items including broken glass are included in the insurance liability.

　　The main insurance clause of vehicle damage insurance adds seven aspects of insurance liability, namely, vehicle theft, glass breaking alone, spontaneous combustion, engine wading, excluding the odds, designating a repair shop, unable to find a third-party special agent, and supports the industry to develop additional insurance products such as wheel loss insurance and medical insurance external drug liability insurance.

　　The reporter interviewed people in the insurance industry and learned that the seven insurance liabilities increased by the main insurance of car damage insurance belonged to seven additional risks in the past, and consumers can only obtain corresponding protection by insuring the corresponding additional risks. However, the Guiding Opinions put additional risks into the car damage insurance clause, which greatly improved the coverage of car damage insurance, especially in the case of engine wading and broken glass alone, which will be easier to deal with in the future.

　　4. Formulate auto insurance value-added service insurance clauses such as driving on behalf of others.

　　There are several clauses in the Draft for Comment, which support the industry to expand the scope of commercial auto insurance protection responsibility under the principle of basically not increasing consumer premium expenditure. For example, guide the industry to reasonably delete the exemption clauses that are likely to lead to claims disputes in practice, and reasonably delete the exemption agreements such as accident liability exemption rates and the inability to find third-party exemption rates.

　　Formulate model clauses for new energy auto insurance, accident insurance for drivers and passengers, and extended warranty insurance for motor vehicles, explore the development of innovative products such as motor vehicle mileage insurance (UBI) in new energy vehicles and qualified traditional vehicles, and formulate model clauses for auto insurance value-added service insurance including inspection, road rescue, driving service and safety inspection.

　　5. Consumers who have not paid compensation are more favorable.

　　On the basis of increasing the liability limit of compulsory insurance, combined with the comprehensive payout ratio level of compulsory insurance in various regions, the regional floating factor is introduced into the rate adjustment coefficient of road traffic accidents, and the upper limit of the floating rate remains unchanged at 30%, and the downward floating rate is expanded from the original lowest -30% to -50%, thus improving the preferential rate for consumers who have not paid compensation. This also means that the preferential rate for consumers who have not paid compensation is higher than before, which is a good thing for car owners with good driving behavior.

　　6. The upper limit of the handling fee ratio is lowered

　　The upper limit of the surcharge rate for commercial auto insurance products will be lowered from 35% to 25%, and payout ratio is expected to increase from 65% to 75%. Timely support property insurance companies to report and file commercial auto insurance products in online sales, electricity sales and other channels with the upper limit of additional expenses below 25%.

　　According to the actual risk situation in the market, the pure risk premium of commercial auto insurance industry is re-calculated, and a normalization mechanism for calculating the pure risk premium of commercial auto insurance industry adjusted every 2~3 years is established.

　　Guide the industry to expand the scope of payment records from the previous year to the first three years when drawing up the preferential coefficient of non-compensation for commercial auto insurance, and reduce the rate increase of accidental payment to consumers.

　　Guide the industry to reasonably set the upper limit of the handling fee ratio according to the upper limit of the additional fee rate of commercial auto insurance products, the actual market operation and the differences of market entities, and reduce the excessive handling fee level in some fields.

　　7. Implement auto insurance real-name registration system and promote electronic insurance policies.

　　On the basis of protecting consumers’ right to know and choose, property insurance companies are encouraged to provide consumers with more convenient auto insurance underwriting claims services through electronic insurance policies.

　　Property insurance companies should strengthen the identity verification of the insured, do a good job in policy signature, clause explanation and exemption explanation, promote real-name payment, promote information transparency, prevent misleading sales, advance premiums, and sign on behalf of consumers, and safeguard the legitimate rights and interests of consumers.

　　Strengthen the research on new technologies and applications such as car networking, new energy and autonomous driving, improve the operation efficiency of auto insurance, consolidate the service foundation of auto insurance, optimize the development environment of auto insurance, and promote the innovative development of auto insurance.

　　Case analysis

　　For example, the basic premium for car compulsory insurance for families with less than 6 seats is 950 yuan. At present, the industry stipulates that the maximum discount is 30%, and the maximum discount may be 50% after the reform, which can reduce the expenditure of 190 yuan.

　　Chen Shuguo is in the laboratory. Photo by Mao Lei

　　When I saw Chen Shuguo, he was standing on the coast, guiding the students around him and testing the drone.

　　"Our job is to serve the ocean ‘ Have a physical examination ’ 。” Hand over the remote control of the drone to the students. The young associate professor said, "If you want to develop, utilize and study the ocean, you must first know it and understand everything ‘ Physical examination index ’ . China’s offshore marine atmospheric environment is very complicated. Although China’s autonomous ocean color satellite remote sensing technology has developed rapidly in recent years, how to process the data can be more accurate, and how to determine the error and correct it are all problems we are committed to solving. "

　　Chen Shuguo, 37, is an associate professor and doctoral supervisor at Sanya Institute of Oceanography, China Ocean University, and a part-time researcher at the National Satellite Ocean Application Center. He has been studying marine optical remote sensing for more than ten years, and the on-orbit alternative calibration algorithm of marine optical satellites developed by his team is serving the operational calibration system of China’s independent marine color satellites Haiyang-1 C and Haiyang-1 D. In recent years, Chen Shuguo is in charge of the project "Technical Development of Synchronous Observation System for Marine Water and Atmosphere", which has realized long-term, continuous and stable observation of optical parameters of water and atmosphere, and will be applied to the inspection of marine remote sensing products of Haiyang-1 series satellites and a new generation of water color observation satellites.

　　Calibration of marine optical satellites to make data more comprehensive and accurate.

　　Chen Shuguo became attached to marine optical remote sensing in 2009. That year, he was admitted to China Ocean University as a postgraduate majoring in marine information detection and processing, and saw the sea for the first time.

　　"I am determined to engage in academics." Chen Shuguo’s academic enthusiasm has never wavered since he first entered school. After graduating from Ph.D., he continued to stay at his alma mater to study the basic theory and innovative application of marine optics.

　　"When the sun shines on the water, some of it is reflected, some of it enters the water and is absorbed, and some of it will be scattered. Remote sensing of ocean water color is to analyze the spectral characteristics by receiving these scattered energy and deduce the optical composition of water body. " Chen Shuguo explained, "These detection data play an important role in China’s maritime rights and interests maintenance, marine resources development, marine environmental monitoring and marine disaster prediction."

　　The most efficient and effective way to observe the ocean by remote sensing is to launch ocean satellites. Since the launch of the first ocean color test satellite, Ocean No.1 A, in 2002, China’s ocean satellites have developed for 20 years, and China’s autonomous ocean satellite optical remote sensor is also moving towards the "last mile" of full autonomy.

　　Calibration refers to the process of converting satellite observation data into real radiation. "If satellite observation is a pole ‘ Scale ’ , then calibration is to add ‘ Sight ’ The process can make satellite data more accurate. " Chen Shuguo said, however, for a long time, we have to improve the calibration algorithm and lack the necessary calibration infrastructure.

　　In order to solve this problem, Chen Shuguo settled down and studied hard. Reading literature, publishing papers, leading teams to conduct on-the-spot observation and experiments … … "We have conducted more than 20 voyages of marine optical comprehensive experiments on different types of water atmospheric environment." Chen Shuguo said that a large number of first-hand data have laid a solid foundation for follow-up research.

　　While doing theoretical deduction and finding the best algorithm, the site selection of calibration field is determined through comprehensive analysis of a large number of data. One month before the launch of Haiyang-1 C satellite, Chen Shuguo led a team to develop an on-orbit alternative calibration algorithm for China autonomous ocean color satellite.

　　After years of field observation, the swaying deck is the second laboratory.

　　Ocean optics and water color remote sensing are disciplines based on field measurement. In order to obtain comprehensive field observation data of ocean optics, Chen Shuguo has worked in the observation line for many years, taking the swaying deck as the second laboratory and writing papers on the ocean.

　　For Chen Shuguo, the sea is an unpredictable "old friend". Although he has been dealing with it for more than 10 years and knows it better than others, Chen Shuguo is still looking forward to and uneasy every time he puts the observation instrument into the water for measurement. "Ocean observation not only has bad sea conditions, but also is accompanied by various unknown factors underwater. Changing all the time is the essence of the ocean. "

　　Observation at sea, a voyage is about 20 days. Due to the heavy scientific research tasks, Chen Shuguo once slept less than 4 hours a day on several voyages. Up to now, Chen Shuguo has been at sea for more than 300 days, of which the longest time has been 74 days in the western Pacific Ocean. "Which marine is not ready to bear hardships?" Chen Shuguo said.

　　Love is dedicated to the sea, and the sea is also fruitful. In 2020, Chen Shuguo began to be responsible for the project "Technical Development of Synchronous Observation System for Marine Water and Atmosphere" of National Satellite Ocean Application Center. This project will set up eight inspection systems with long-term continuous monitoring capability of optical properties of marine water and atmosphere along the coastline of China, which can realize long-term, continuous and stable observation of optical parameters of water and atmosphere under unattended conditions.

　　From the calibration algorithm of China autonomous ocean color satellite to the construction of synchronous observation system of ocean water and atmosphere, Chen Shuguo’s dream of deep blue has never stopped.

　　Down-to-earth, really do some original work.

　　In the winter of 2019, Sanya Ocean Research Institute of China Ocean University held an unveiling ceremony and officially settled in Yazhouwan Science and Technology City, Sanya. In May 2020, Chen Shuguo came to the South China Sea from the Yellow Sea.

　　"We want to build a calibration field for marine water color satellites. The seawater in the South China Sea is cleaner, and the complexity of the coastal water atmosphere is not so high." After joining Sanya Oceanographic Research Institute, Chen Shuguo took the lead in building a remote sensing calibration laboratory for ocean color, which can not only effectively support the maintenance of China’s independent ocean color satellite system to replace the calibration field, but also serve the calibration of marine optical instruments in universities and research institutes and ensure the accuracy of measured data.

　　Today, Chen Shuguo’s students are located in Qingdao and Sanya, and some senior students are internship at the National Satellite Ocean Application Center in Beijing. "Every time we have an online group meeting ‘ Longitudinal span ’ In the north and south, some people are attending classes at school, some are studying in the laboratory, and some are internship in the center. " Chen Shuguo said with a smile, "Learning while thinking and practicing, Industry-University-Research is integrated."

　　The ocean is a huge treasure house of resources, and building a maritime power is a major strategic task to realize the great rejuvenation of the Chinese nation. More than 20 years ago, China didn’t have its own ocean satellite, so it was necessary to buy data from abroad to understand the atmospheric situation of China’s offshore water bodies. Nowadays, groups of scientists are working together to promote the high-level self-reliance and self-improvement of marine science and technology. China marine satellites have entered the era of networked observation, which has not only formed the continuous high-frequency observation coverage of global sea areas, but also the data has the same accuracy as international advanced products. "Doing your job seriously is the greatest contribution to the country." Chen Shuguo said.

Author: Zhao Weifang

Recently, Iqiyi launched the movie label of "Action Master Season" online, and launched four action-type films: Stop the Horse and Take the Knife, Arrogant 2, Stop Evil, and Strange Knife. It combines action, martial arts, suspense, comedy, drama and many other elements. Among them, As a pure martial arts genre in ancient costume, The Stranger’s Mad Knife describes an reclusive charcoal seller Tian Anye who was inadvertently involved in the court coup to usurp power. He joined forces with other chivalrous men such as Qin Gu, the former head of the Prince, to stand up and uphold justice for the prince’s widow Nie Linger and the oppressed people in distress, showing the chivalrous demeanor in China’s traditional ethics. This film is devoted to the genre creation of costume martial arts, especially in the aspect of genre narration and fighting action. On the basis of returning to the classic Chinese action genre film, it has achieved some transcendence.

Action types are the classic types in Chinese movies, among which the action types in Hong Kong movies are the epitome of Chinese action types. After more than half a century’s development, they reached the peak of aesthetics in the 1980s and 1990s. The chivalrous spirit led by China’s Confucianism, such as getting rid of violence, helping justice, once upon a time in america and forbearing practice, has become the subjective ideological output of these films; A series of action elements, which combine the performance of China North School and the actual combat of China South School, and are designed according to the specific characters’ personalities and performance space, have become another essence of Chinese action films. Therefore, Chinese action movies have a strong artistic vitality and are constantly advancing aesthetics; This kind of films not only have a wide audience in Chinese-speaking areas, but also helped China films to enter the world mainstream film market twice in the early 1970s and the early 21st century, thus realizing the effective international spread of China films.

Due to the shortage of talents, lack of innovation, capital flight and other reasons, this classic China film has shown less and less situation in the Chinese film market in recent years, and its performance in the cinema market is also very weak. However, judging from a series of data of online movies and online dramas in recent years, this content creation type with the most China characteristics still has a considerable number of potential audiences in China and other parts of the world, and the fundamentals of its audience have not changed fundamentally, but the broad audience, especially the cinema audience, has a strong demand for its innovation, and there is no way out to repeat the past. The film labels of "Stranger Knife" and "Action Master Season" launched by iQiyi are undoubtedly the response to this appeal.

The Stranger Knife follows the theme and genre narration of traditional martial arts films, but it adds new elements on this basis. First, the film does not set Tian Anye’s formulated chivalrous character, but focuses on the passivity of his participation in rescuing Nie Linger’s mother and son, and his chivalrous actions are gradually stimulated in this passivity, thus giving this character a more three-dimensional character and more growth arcs.

At the same time, the film also gives more folk and individual expression to Nie Linger’s feelings, and gives a rich display to Qin Gu’s behavior of being an enemy and a friend, and also gives a humorous portrayal to another key chivalrous man, Qiansun Zhao. This characterization not only increases the appreciation of the film, but also gives the film more humanistic value and modernity.

Secondly, on the specific narrative level, The Stranger’s Mad Knife did not follow the revenge routine of traditional martial arts films step by step, but expanded in the present. For example, when Tian Anye, Qiansun Zhao and Qin Gu took Nie Linger and his mother to break through, the film designed four barriers that they wanted to break through, and each barrier was animated in the film. Tian Anye and others’ breakthroughs in these four barriers were like the breakthrough in the game. This narrative setting makes the film more contemporary and can generate more empathy with the mainstream audience in the new media era.

The film’s innovative performance is also reflected in the action design and super weapon design. First of all, the film designs corresponding actions according to the characters’ personality and behavior characteristics, so as to better show the artistic charm of action types. For example, when Tian An Ye began to rescue Nie Linger’s mother and son, his identity was a charcoal seller, and the carbon element occupied the dominant position in the picture. The action design around Tian An Ye was also full of carbon element, especially in the scene where he defeated the Fei Fei army in the dark with a charcoal stick. The burning charcoal stick danced like fireworks in the night, which produced a strong visual impact. In the second half of the film, the audience knows Tian Anye’s true identity as the head coach of the Mo Dao Army, and his fighting action is no longer full of charcoal elements but the actual combat of Mo Dao.

For Zhang Xuqing, the leader of the anti-angle flying army, he was suppressed by the King of Qi, and threatened by Liu Bingfeng, the deputy leader. In this kind of crevice, the founder designed weapons with long and short knives for him, which highlighted his toughness in fighting. Qin Gu’s style in the film is a white hat with a black veil. She has a pure personality and a gray area that she is most reluctant to mention. She strives to solve the confrontation quickly. Therefore, the film designs her movements to highlight the characteristics of quickness. When she shoots, the knife will not be drawn, and she will win immediately, emphasizing "the martial arts in the world, only fast and unbreakable".

Secondly, the film highlights Tian Anye’s strange knife and its fighting. According to historical data, the film restores the strange knife used by Tian Anye according to the actual size, which is about 2.6 meters long and weighs dozens of kilograms. Such a super weapon has never appeared in previous martial arts shooting. The creative team also designed a new knife method according to the personality of the characters and the characteristics of this knife. This knife method was particularly fully displayed in the scene where Tian Anye fought Zhang Xuqing’s long and short knives with a strange knife at the end of the film. The two weapons formed a sharp contrast. The fighting tactics of the knife method and the rigidity and softness of your coming and going all reflected the bold innovation of the creative team in weapon design and action guidance, which further expanded the action type elements of domestic martial arts films.

As a martial arts film with an expanding mission, the film also has room for improvement. The first is the recurring camel phantom, which seems unnecessary in the play. Secondly, the four barriers of film design lack a sense of progressive upgrading, which reduces the sense of game entertainment of the film. However, at a time when the action genre, especially the martial arts genre, needs to be revived, the brand of "Action Master Season", especially "A Stranger’s Sword", is undoubtedly of great significance.

(The writer is the director of the Film and Television Research Institute of China Academy of Art and the vice president of China Film Criticism Society.)

　　On August 24th, 2022, the Propaganda Department of the CPC Central Committee held the 23rd news conference on the theme of "China this decade" to introduce the situation of promoting the high-quality development of culture and tourism in the new era. Among them, the relevant leading comrades of the Ministry of Culture and Tourism introduced the creative transformation and innovative development of intangible cultural heritage since the 18th CPC National Congress. Let’s watch together!

　　The picture shows Gao Dianliang (right), a provincial non-genetic inheritor from Yuxian County, Zhangjiakou City, Hebei Province, showing the paper-cut works of Yuxian County with the theme of Winter Olympics. Photo courtesy of Hebei Daily

　　Since the 18th National Congress of the Communist Party of China, the CPC Central Committee with the Supreme Leader as the core has attached great importance to the protection and inheritance of intangible cultural heritage, made a series of major arrangements, and launched a series of pragmatic measures to promote the creative transformation and innovative development of intangible cultural heritage, so as to bloom more fascinating brilliance in the new era.

　　First, the legacy of right and wrong has become an important aspect of continuing the cultural context and inheriting Chinese civilization.

　　Up to now, there are more than 100,000 non-legacy representative projects at all levels in China, including 1,557 national non-legacy representative projects; There are more than 90,000 representative inheritors at all levels, including 3,062 national non-legacy representative inheritors; Twenty-three national cultural and ecological protection zones have been set up, and intangible cultural heritage projects, China traditional craft revitalization plan, China non-genetic inheritor research and training plan and Quyi inheritance and development plan have been implemented. More than 100,000 inheritors have been trained, and the vitality of non-genetic inheritors has been continuously enhanced.

　　Second, non-legacy has become an important source of strengthening cultural self-confidence and casting a solid sense of the Chinese nation’s community.

　　Various places hold colorful non-legacy activities on traditional festivals and cultural and natural heritage days, and the whole society has a stronger atmosphere of loving Chinese excellent traditional culture. "Twenty-four solar terms" show the Chinese nation’s cultural heritage and self-confidence to the world on the stage of Beijing Winter Olympics. All 56 ethnic groups have projects listed in the list of national intangible cultural heritage representative projects. Under the framework of intangible cultural heritage protection, excellent traditional cultures of all ethnic groups exchange, appreciate and respect each other, and intangible cultural heritage has become a carrier and link to promote exchanges and exchanges among ethnic groups and build a strong sense of community of the Chinese nation.

　　Third, non-legacy has become an important force to promote high-quality economic and social development and meet the needs of the people for a better life.

　　Promote the revitalization and development of traditional crafts, the categories of traditional crafts products are increasingly rich, the quality is significantly improved, and they have been widely used in modern life. We will carry out non-legacy work to help precision poverty alleviation and rural revitalization, and set up more than 2,500 non-legacy workshops in various places to promote poverty alleviation and local economic development. Non-legacy projects related to family discipline and village regulations have played an important role in cultivating good folk customs and enriching community cultural accumulation.

　　Fourth, the legacy of right and wrong has become an important part of displaying China’s image and spreading China’s voice.

　　Up to now, 42 non-legacy projects in China have been listed in UNESCO’s non-legacy list and roster, ranking first in the world, contributing "China color" to world cultural diversity. Jointly declared projects such as "Mongolian long-tune folk songs" and "sending a boat to the king" have become an important embodiment of promoting civilized exchanges and mutual learning. Projects such as Acupuncture in Traditional Chinese Medicine, Bathing in Tibetan Medicine and Tai Ji Chuan provide "China Wisdom" for solving human health problems.

　　(Planning: Chai Xiaofan Audit: Li Yanling)

Special feature of 1905 film network "It was successfully held for 15 sessions, witnessing 87 projects entering production, 72 participating in major film festivals at home and abroad, 44 being shortlisted for Class A film festivals, and 63 films being shown in cinemas at home and abroad." At the 25th Shanghai International Film Festival, the host chose to use such a set of figures as the opening remarks.

Behind the figures are the achievements made by the venture capital unit of Shanghai Film Festival in the past 16 years. By providing docking services such as incubation, financing and promotion for projects of different scales and stages, Shanghai Film Festival Venture Capital has become an incubator for young directors’ works and an important platform for the industry to discover new Chinese speakers.

It will be released on June 16th, and the young director’s feature film debut is one of the examples. In 2017 and 2019, the project was selected by Shanghai Film Festival Venture Capital twice, and in 2021, it was selected as the "One Concern" unit of Cannes Film Festival. Starting from venture capital, going to international film festivals, and then landing on the cinema screen, Street Kids has gone out of the "idealized" path.

On the same day, director Najiazuo also came to the scene where the honor was announced, telling the significance of venture capital to him. "In 2017, I met the producer because of venture capital. In 2019, the filming was completed, and I went to many film festivals. I always wanted to go home and see it. Time flies. I hope I can still work as hard as filming Street Kids when I am 40 years old!"

As the 25th Shanghai International Film Festival, originally scheduled to be held in 2022, was postponed to 2023, the organizing committee received a total of 679 project declarations in two years, and the competition was particularly fierce. After selection, 33 projects stood out.

　

In the end, various honors were announced: the director’s new work "Bye-bye, Bye-bye" won the "Recommended Project in Production"; The film "Wild Crane in the Clouds" with the theme of ethnic minorities won the "Recommended Project by Young Directors"; The director’s "Yao Yao Zhuan" and Gao Ming’s "Two Time Zones" were awarded "Creative Recommended Project" and "Special Recommended Project" respectively.

#01. The genre theme is novel and diverse.

"I think the diversity of this venture capital project is very good, not limited to a certain type of theme." This is the biggest feeling of the annual recommender and producer of project venture capital.

　

Bye-bye, which won the honor of "recommended project in production", focuses on the "bye-bye" belief culture in the relatively small Minnan area, and thus shows the living conditions of local elderly women. Similar themes are very rare in the domestic market, which also makes the judges shine. The recommendation language reads: "The theme is novel, the film language is distinctive and the completion is high."

　

Producer Kick told 1905 Film Network that she and director Ye Qian are both from Fujian, and they are particularly familiar with the stories and female images in the film. Since the debut novel "Sweet Potato Dried with Rice", Ye Qian has been insisting on the creation of similar themes.

"Paying attention to the elderly women and taking root in the soil of southern Fujian, Ye Qian has always been very firm. He will not pick up other people’s adaptation projects, and he is very determined to do his own things, which is very valuable and rare."

　

It is this persistence that made the director successfully move to play the heroine. "After reading the story, she said that she had not seen the role that moved her so much for a long time, which reminded her of the director."

Starting from one’s own life experience, combining personal experience, social observation and thinking with audio-visual language and transforming it into a powerful movie story, which is exactly what many outstanding projects of this venture capital have in common.

　

The same is true of Wild Crane in the Clouds, which won the honor of "Young Director’s Recommended Project". Director Ahmad McMaiti chose to tell a familiar "Xinjiang Story" in a humorous way, which left a deep impression on the judges from Uighur lines to strong regional cultural characteristics and ethnic customs.

　

The recommender concluded: "Personal experience and feelings are the best fulcrum for the director’s early creation. Rooting the seeds of creation in life may grow something with strong imagination. "

Not only do you dare to focus on minority themes in topic selection, but this year’s venture capital finalists are also showing a trend of blooming in variety. Youth, suspense, sports, family, crime, comedy, love, fantasy and martial arts are all involved, taking into account art and business. The enthusiasm and vision presented by young creators are gratifying.

　

#02 Hot Women’s Issues with Realistic Themes Get Attention

In recent years, the market feedback of realistic works has been fierce, which has frequently triggered heated discussions in the society and staged a box office success of "small and broad". Coupled with its relatively low cost and shooting difficulty, realistic themes have become the focus of young creators.

For example, the director’s new work focuses on education and medical care, which are closely related to people’s livelihood, and interweaves them with dramatic techniques. He explained the theme of the film like this: "When fairness and justice are not good for you, will you still insist on fairness and justice?"

　

Faced with this controversial topic, Chen Zhixi bluntly said that the director could be bolder, take a "stinging" step forward on the basis of the original script, and more directly poke the "pain point" of the audience and society.

Different from the warm tone of Trading Destiny, From Now on, written and directed by young director Yang Guomin, hopes to maintain a cruel and true "hard spirit" and "force generate’s true feelings in a cruel way" when showing the special father-son relationship of the family with cerebral palsy.

　

While the three judges affirmed the quality and strength of the script, they also pointed out from the market point of view that the audience would like to see the story of how the protagonist in trouble faces life actively and meets challenges, which can increase the initiative of some characters.

　

"In the current environment, the audience hopes that the film can give it some hope and courage while empathizing, which also makes warm realism a preferred type in the current market," Chen Zhixi said.

Among many realistic works, the increase of women’s themes is also a significant trend. For example, Night Running tells about the situation and choices of three generations of women, Taste of Chinese focuses on the growth experience of post-90 s girls, and Playground this Friday puts the pressure of single and full-time mothers on the table.

When Chen Meiyu, the director and screenwriter of "Mom at the same table", took her 7-year-old daughter to the public presentation site, it quickly attracted the attention of the judges and guests. And her work is also adapted from personal experience. "I took the college entrance examination five months pregnant and reported to the university when I was nine months pregnant." Mother at the same table "tells the story of female college students taking their children to college."

　

In Chen Meiyu’s view, when it comes to "early pregnancy mother", many viewers will inevitably have curiosity, and the heroine she created is to break the stereotype of the audience: she can argue with the school for the right to go to school, boldly respond to her ex-husband’s struggle for custody, and dare to tear open the wound to tell her story to the public. "The first key word is fierce. She is not bitter at all, but she is optimistic and brave."

During Chen Meiyu’s presentation, producer Chen Zhixi was moved to tears. She bluntly said that the real and special story emotion is the biggest advantage of this project, which makes it both topical and market space.

　

"She has got a natural good topic, and the next step is to have a good text, find universality under a special story, and the mother-daughter emotion should be able to make the audience empathize."

　

Indeed, both "Mother at the Same Table" and the above-mentioned female-themed projects are paying attention to women’s living difficulties and inner world from different dimensions. Several judges also reminded the creators that the shaping of female images and the choice of female actors are very important and will become the key to whether the audience can substitute and empathize.

#03 Art or business to be decided

　

"Do you want to make a movie to express yourself, or do you want the audience to buy tickets to go to the cinema? These are two completely different goals." A sentence from the judges triggered on-the-spot thinking.

In his view, art or business, personal expression or market-oriented, this is the direction that needs to be determined in the early stage, and it is also a problem that many creators have not thought clearly.

　

Wu Ershan explained: "The new director’s project needs to have a clear goal, not both sides. For example, if it is the direction of film festivals, it needs to maintain the originality of creation and the creativity of film language, while maintaining low cost; However, if the target is the mass market, then you need to consider what types of elements your work has, whether the organization is mature, whether it meets the needs of the market, and whether the budget can match. "

The producer of Bye-bye, Bye-bye has a clear position in this respect. As a narrative film with a strong author style, they made it clear from the beginning that they would take the direction of film festival exhibition, and they also hoped to make targeted regional announcements in Fujian and Guangdong during the cinema stage.

　

"The key to a small-budget movie is to find its unique audience, recognize its own advantages, find audiences with the same roots and similar cultural soil, and it is good to’ punch through’ an area without eating into a big fat man."

　

The same is true of the romantic film Time Hotel, which was also selected as a "project in progress". The total budget of the project is only 3.5 million yuan, and the filming has been completed and entered the post-production stage.

　

Director Yixiang Zhai said, "I hope to make a movie with aesthetic feeling and adult love theme. At present, there are few similar movies depicting adult emotions in the domestic market. I had expectations for the market from the beginning, so I was more concerned about the budget than the producer. I finished shooting in 26 days and have been saving the budget. "

　

"We should not only see what everyone is doing, but also figure out what we can do." This is Xin Yukun’s message to young filmmakers.

He is also very envious that young creators can have a platform for exchange and learning, such as "venture capital". "In the process, you can know more like-minded friends, and you will also revise and sort out your own creative concept and film concept. This is the meaning of venture capital."

Wu Ershan hopes that the new directors can really exert their strength on the word "new". "We don’t need him to be perfect or mature, but we want to see new themes, new ideas and new film languages. This is the primary standard. With this longboard, other shortcomings can be slowly filled."

Starting from the "new", the next China story is on its way to the world.

Tengchong is located in the western border of Yunnan Province. The name of Tengchong started from the Book of the Old Tang Dynasty, and it was called Yunnan and Vietnam in the Western Han Dynasty. In the Sui and Tang Dynasties, Jimizhou was located, and in the early Song Dynasty, it was softened. Later, it was changed to Tengchong Prefecture, and Tengchong Prefecture was established in Yuan Dynasty. Tengchong Prefecture was established in Ming Dynasty, and Tengyue Prefecture and Tengyue Hall were established successively in Qing Dynasty. Tengchong County was established in 1913 and Tengchong City was established in September 2015. It is the gateway to Myanmar, India, Pakistan and other Southeast Asian and South Asian countries, and is known as the "first city in the extreme". There are seven nationalities living in the world: Han, Dai, Hui, Lisu, Wa, Bai and Achang. Tengchong is rich in culture and natural resources, and there are many intangible cultural heritage resources to inherit and protect. By 2019, there were 293 projects and inheritors at all levels, including 66 projects and 213 representative inheritors (2 at the national level and 14 at the provincial level).

On the occasion of the 13th Cultural and Natural Heritage Day, let’s enjoy the elegance of Tengchong’s intangible cultural heritage projects!

I. List of National Intangible Cultural Heritage Protection (2)

1. Wa nationality Qing opera

Published in 2008

Project introduction

Classify traditional dramas

Qing Opera, also known as Hubei Gaoqiang, was introduced into Tengchong, Yunnan during Xianfeng period in Qing Dynasty, and remained in Sugarcane Village, Wa village. It is the only local drama in Tengchong that has been included in China minority operas. Qing opera has the characteristics of "nine-cavity thirteen-board" and high-cavity opera, and its tunes are cadence, pleasing to the ear and good at narration and lyricism. The story of the play is touching and the characters are distinct.

2. Tengchong Shadow Play

Published in 2011

Project introduction

Classify traditional dramas

Tengchong shadow play, also known as "light shadow" and "shadow play", is a local art form with a long history and wide influence. According to legend, during the Hongwu period of Ming Dynasty, it was introduced from Jiangnan, Huguang and Sichuan, and it was divided into two types in singing: Western (lively rhythm and high spirits) and Eastern (beautiful melody and solemn atmosphere). Tengchong shadow puppets are exquisitely made, which not only has the style of shadow puppets in the Central Plains, but also has obvious border and regional characteristics.

Two, the provincial intangible cultural heritage protection list (6)

1. Tengchong Heshun folk song "Introduction to Yangwendun"

Published in 2006

Project introduction

Category folk literature

Yang Wen’s Little Introduction is an exhortation ballad based on the life experiences of Tengchong Heshun people and even people in western Yunnan who "went abroad". Yang Wen Cun Xiao Yin is famous for its ancient name, which was written in Daoguang period of Qing Dynasty. After several times of circulation, some traditional manuscripts of cotton paper brushes were scattered among the people.

2. Tengchong jade carving art

Published in 2006

Project introduction

Classify traditional art

Tengchong jade carving has a long history. According to local chronicles, there were more than 100 workshops engaged in jade processing in Tengchong before 1949, with more than 3,000 craftsmen. Today, Tengchong jade carving industry is developing rapidly, the jade carving team is expanding, the production process has evolved into mechanization and electrification, and the technology level is changing with each passing day.

3. Tengchong dulcimer

Published in 2009

Project introduction

Lei bie qu yi

Dulcimer is a kind of rap art, which is suitable for narrative content, events and characters’ emotions. The accompaniment instruments include dulcimer, erhu, pipa, cello and percussion. It is said that the dulcimer was introduced into Tengchong in Guangxu period of Qing Dynasty, and then it was integrated with the local four-tone pronunciation to form Tengchong dulcimer. There are three major melodies of dulcimer, namely "Yangdiao", "Daoqing" and "Sanban", which are light and lively, passionate with resentment, humorous, steady and deep.

4, Tengchong Diantan Shuicheng Lisu traditional cultural protection area.

Published in 2009

Project introduction

Category-specific national cultural protection areas

Lisu Village, Shuicheng, Lianzu Community, Diantan Town, Tengchong City, is located in the northwest of Diantan Town, 65 kilometers away from the county seat, bordering Myanmar, with a border of 24 kilometers. It is said that the ancestors of the Lisu people in Shuicheng settled in Shuicheng, Diantan, in the fourth year of Qing Emperor Kangxi. They were Lisu people who settled in Tengchong earlier, preserved traditional looms and textile processing, and most women mastered embroidery techniques. Folk literature plays an important role in the traditional culture of Lisu nationality; Dances mainly include ga-dancing and three-string dancing; The folk paintings of Lisu people in Shuicheng have distinct characteristics of the times and nationalities, and have high artistic appreciation value and collection value; The biggest and ceremonious festival among the Lisu people in Shuicheng is the Knife and Pole Festival, and "Going up the knife mountain and going down to the sea of fire" is the most wonderful folk activity of the Knife and Pole Festival.

5, Tengchong Chinese patent medicine production skills

Published in 2017

Project introduction

Biebie traditional medicine

Tengchong Chinese patent medicine herbs benefit from the unique geographical climate of Gaoligong Mountain, and are refined by traditional pharmaceutical techniques and secret recipes. Pharmaceutical factory uses pharmaceutical tools such as hay cutter, mortar, grinding trough and bowl, and uses the unique processing technology of "soaking, soaking, calcining, stewing, frying, steaming and boiling" and the ancient preparation technology to produce and process Chinese patent medicines. The products are sold in major pharmacies in more than 20 provinces and cities in China, including pills, plasters, medicinal liquor, tablets and injections. Yunnan Tengyao Pharmaceutical Co., Ltd. was recognized as "China’s time-honored brand" by the Ministry of Commerce in 2006.

6. Dongjing Music

Published in 2017

Project introduction

Classify traditional music

The Cave Sutra is the Cave True Sutra, and its full name is "Taishan Yuqing Wuji Always True Wenchang Cave Fairy Sutra", which is a long-standing traditional ancient music in Tengchong. The scriptures are profound, the melody is solemn and beautiful, and it is a noble and auspicious symbol. Dongjing musical instruments are composed of China national musical instruments, such as silk string, orchestral string, playing, plucking and percussion. Qupai is a mixture of ancient court music and Taoist music. The way of playing is dominated by classics, combined with singing and playing, and given certain religious ceremonies, which are solemn, elegant and simple.

Three, Baoshan municipal intangible cultural heritage protection list (32)

1. The Legend of Tengchong’s "Great Rescue"

Published in 2005

Project introduction

Category folk literature

The Legend of Tengchong’s "Rescue" is a legend that Zhu Youlang, Emperor Yongli of Nanming, was rescued by a local farmer with a bowl of fried bait when he fled to Tengchong, so he was named "Rescue". "Great rescue" means cutting Tengchong bait into small pieces and frying them with eggs and cabbage, which is a famous dish at local banquets.

2. The Lisu narrative poem "New Year Tune"

Project introduction

Category folk literature

"Chinese New Year Tune" is a "major" sung by Lisu people during the Chinese New Year. It is sung in a way of dialogue between people and gods, depicting how Lisu people wait for the arrival of their ancestors and gods during the Chinese New Year. This ancient poem sums up the Lisu ancestors’ understanding of the relationship between heaven and man, life and death, fate and reality, etc. The universe, the sun, the moon, the morning, the night, the gods and human beings it shows constitute a holy and spectacular epic realm.

3. The Legend of the Cliff of the Sacrifice of Yunfeng Mountain

Project introduction

Category folk literature

Yunfeng Taoist Temple, built in the seventh year of Chongzhen in Ming Dynasty (AD 1634), is a famous Taoist mountain in western Yunnan. It is said that to make a pilgrimage to Yunfeng Mountain and make a wish is responsive, and it has become a place where all sentient beings who worship Taoism yearn for worship. There are many folk legends and fairy tales circulating in Yunfeng Mountain, which is known as the "Fairy Mountain Qiongge". The legend about Sheshen Cliff is well known to women and children, adding a mysterious color to Yunfeng Mountain.

4. The Legend of Huzhu Temple

Project introduction

Category folk literature

The Legend of Huzhu Temple is based on the ancient temple Huzhu Temple. It is said that there is a dragon-to-pearl drama in the dry sea, which is lost occasionally and gained by Meng. Sometimes, the thunderstorm is raging, and Meng is afraid, and the temple is suitable for a statue. Meng Nazhu is named after the Buddha’s belly. Huzhu Temple is one of the oldest existing buildings in Tengchong and even Baoshan City. Huzhu Temple and its surrounding cultural relics represent an important history of Tengchong in Song and Yuan Dynasties. Its architectural style and legends are of high cultural value for studying Tengchong’s religious history and human geography.

5. Tengchong Lantern Music

Project introduction

Classify traditional music

According to legend, Tengchong Lantern was introduced into Tengchong from the mainland during the Hongwu period of the Ming Dynasty, and then it was merged with local songs and dances, and gradually developed into Tengchong Lantern with local characteristics, which was mainly based on dance or singing, with simple songs and dances, singers with good luck, seasonal farming, bidding farewell to the old and welcoming the new, praying for exorcism and good weather, and then further developed into a lantern play with a complete plot.

6. Lisu people "jump"

Project introduction

Biebie traditional dance

"Dancing Ga" is a kind of folk art that combines song and dance. In places where Lisu people live in compact communities, this dance is necessary for celebrations, funerals and building houses. "Tiao Ga" takes a circle as the formation, and the "Ga Tou", the leader of the dance and singer, leads the dancers to walk counterclockwise, singing and dancing while dancing. The activity of Tiaoga is of great value to the study of the cultural inheritance and development of Lisu people.

7. Lisu "Sanxian Dance"

Project introduction

Biebie traditional dance

"Sanxian Dance" is a dance with Xiao Sanxian as the main accompaniment instrument, and bamboo flute, oral string and duet can also be played together. On the occasion of "Spring Festival" and "Knife and Pole Festival", all the men, women and children in the village gather together to form a circle and dance in steps with the accompaniment of Xiao Sanxian. The formation can be horizontal or vertical, crossing each other and being flexible and changeable.

8. Dai "Kirin Dance" in Wuhe Township

Project introduction

Biebie traditional dance

Dai unicorn dance is an ancient dance with both self-entertainment and sacrifice, which is similar to the lion dance of Han nationality. It is a kind of sacrifice activity for people to pray for the blessing of the old heaven, for the village to be clean and auspicious, for people to live a long life and avoid disasters.

9. The Han folk dance "Little Back Dragon" in Beihai Township.

Project introduction

Biebie traditional dance

Xiao Beilong’s personal performance in Tengchong Dragon Lantern has local characteristics and is unique in Yunnan and even the whole country. It consists of three parts: the dragon head, the dragon body and the dragon tail, which are connected by cloth painted with scales in the middle. When performing, the dragon dancer carries the dragon body on his back and holds the dragon head and the dragon tail in both hands respectively. In the accompaniment of gongs and drums, he performs various performances, such as "playing pearls with dragons" and "turning waves and surging waves".

10. Qushi Township Han folk drama "Fishing Lantern"

Project introduction

Classify traditional dramas

Fish lanterns, an ancient play of Tengchong lanterns, were introduced into Tengchong during the Hongwu period of the Ming Dynasty, which is unique in Yunnan and even the whole country. The performance of "Fish Lantern" has many props and huge scenes. During the performance, wooden scaffolding is used to decorate the dragon gate, and people dance the fish to play the game of "Fish Leaping over the Dragon Gate". The fish dancers are paired to play "high handle", "low handle", "fish turning over", "fish drying belly", "fish grabbing water", "fish chasing pendulum" and ".

11. Tengchong Han folk drama "Fairy Lantern"

Project introduction

Classify traditional dramas

Fairy lantern is a symbolic play of Tengchong Lantern, which combines dancing and singing. Because there are fairies and immortals in the role, it is commonly known as fairy lantern. Fairy lanterns mainly show people dancing with gods, celebrating the Spring Festival and praying for a prosperous life, peace and prosperity, good luck and so on.

12. The Lantern Festival in Zhonghe Township is "Dashun Farming"

Project introduction

Classify traditional dramas

Dashun Tilling the Field is the oldest play handed down from the rural lantern drama, and it still retains the primitive and quaint characteristics of the early lantern. Before leaving home, Shun was driving an elephant to the fields for the last time, plowing and sowing with tribal villagers, and saying goodbye to the villagers. "Da Shun Geng Tian" is a large-scale traditional lantern play, in which there are many roles, and it takes thirty or forty people to perform the role-playing of characters and animals. There are many props and complicated systems, which are difficult to inherit and protect. It is an extremely precious "living fossil" to study the development and evolution of lanterns.

13, Lisu costume craft

Project introduction

Traditional skills of classification

Tengchong Lisu people’s costumes are complex in technology and colorful. Women’s costumes include "safflower thrush clothes", mainly including Baotou, silver beard collar, beaded beads, "thrush clothes", outer shoulder coat, streamer skirt, large pants, lacquer hoop, hanging tube, bamboo and linen sandals, etc. The man’s costume "Magpie Clothes" has a magpie-like head, with a white gown, a jacket, knee-length shorts and cotton embroidered hem.

14. Xingyang Flower Paper Umbrella in Gudong Town

Project introduction

Traditional skills of classification

Xingyang Flower Umbrella in Gudong Town, Tengchong has a history of at least 200 years, which is called "paper support or support" locally. Xingyang people make flower umbrellas by cutting bamboo into ribs and bamboo or wood into handles, drilling holes at the intersection of the ribs and the handles and fixing them with threads, then covering the stretched ribs with white cotton paper made of leather, printing colorful flowers on the paper, and painting with varnish. The flower umbrella is durable, beautifully patterned and brightly colored, which is suitable for daily sunshade and rainproof and performance.

15, Tengyue Town bait production process

Published in 2012

Project introduction

Traditional skills of classification

Tengchong bait silk production is an important local traditional food production process. It is made of high-quality old indica rice pulp rice as raw material, using local unique water quality, integrating traditional technology and modern science and technology. The product is clean and fine in color, soft and delicious, and has a unique flavor. It is very delicious whether cooked or fried, and is favored by tourists both inside and outside the province.

16, Tengyue Town thin bean powder production process

Project introduction

Traditional skills of classification

Thin bean flour is a local traditional snack. Peas are used as raw materials, ground into slurry, poured into a large iron pot with sufficient firepower, stirred and boiled out with slow fire. Golden color, full of fragrance, accompanied by soy sauce, sesame oil, pepper oil, Chili oil, garlic oil, tsaoko oil, broken peanuts, water chestnut root and so on.

17, Tengyue Town large sheet production process

Project introduction

Traditional skills of classification

Dapian is a famous local dish in Tengchong, and its family has been passed down for four generations. Made from pig’s head meat, the kung fu lies in the words. The big slice of the slice is as big as the palm of your hand and as thin as cicada’s wing. Put it in the dip water made of aged vinegar, bamboo shoots, eggplant, mustard and a variety of seasoning oils and rinse it. It is not oily or greasy, crisp and fresh.

18. Tengchong peasant paintings

Project introduction

Classify traditional art

Tengchong peasant painting is an extension of traditional folk painting in China, which was produced and formed in mass painting activities in the 1970s. Farmers who love painting in Tengchong countryside regard painting as their main spiritual pursuit after their production and work. For decades, they have created a large number of high-quality peasant paintings, which have had a good influence both inside and outside the province, and some of them even enjoy a good reputation in Beijing and have been broadcast overseas.

19. Tengchong God (A) Horse Printing Plate

Project introduction

Classify traditional art

Tengchong Shenma, also known as paper horse, is a block-printed product printed with various ghosts and gods, which is incinerated (or pasted independently) with gold and silver ingots and paper money when praying for blessings, disasters and sacrifices in folk religions. Tengchong Shenma is famous for its delicacy, which is the top grade in Yunnan Shenma art and the best in traditional folk black and white woodcut prints.

20. Tengchong caravan culture

Project introduction

Classify people’s customs

Caravan is a unique means of transportation in southwest China, which is transported by mules and horses. Tracing back to its roots, the existence and operation of Tengchong caravan has a history of thousands of years. Tengchong is the hub of the ancient Southern Silk Road, the earliest international trading port, and an important military town in history.

21. Heshun’s "three drops of water" diet custom

Project introduction

Classify people’s customs

Heshun’s "three drops of water" is a distinctive food culture in Tengchong. One drop of water is a series, and the first drop mainly includes fruits, dried fruits, candied fruits, preserved fruits, sweet liquor and cakes. The second drop contains sweet tea (such as milk fan tea), brain (fried dried rice cake), chicken, pig, shredded bacon, fried tofu, finely fried walnut kernels and peanuts; The third drop is dinner, mainly for delicacies, game, seafood, chicken with eight treasures, hibiscus eggs, shrimp covers, chicken brains, curry meat, roasted pigs and brown-wrapped white fish soup.

22. Lisu people’s "three glasses of wine" diet custom

Project introduction

Classify people’s customs

The Lisu people’s eating custom of "three glasses of wine" is formed in the Lisu people’s production and life, which shows the Lisu people’s national character of attaching importance to feelings and righteousness, being sincere to friends and being generous. The first cup, a "toast" to meet each other; The second cup is a "pour a glass of wine" of mutual respect and respect; The third cup is a "concentric wine".

23. Festival custom of Han nationality at the age of "protecting the territory"

Project introduction

Classify people’s customs

"Fighting to protect the territory" is a kind of folk worship activity. Its main body is the cave sutra, which is a large-scale and well-organized folk custom activity, in which Buddhism, Taoism and Emperor sutra are gathered to complete praying for auspicious disaster and peace, with the participation of the whole village.

24. Xianduo Dai traditional cultural protection zone in Hehua Township.

Project introduction

Category-specific traditional cultural protection areas

Xianduo is located in the southwest of Lotus Town, Tengchong, with a land area of 21.43 square kilometers. Xianduo Village has a long history and profound cultural heritage. With the changes of the times, some traditional cultural customs have changed or even disappeared, but the traditional culture of Xianduo Dai family, such as social morality, language and clothing, living habits, festivals, literature and art, sports, fine arts and religious beliefs, can still be passed down and carried forward.

25. Xinhua Township, the hometown of Achang people’s songs and dances

Project introduction

Classify the hometown of traditional culture.

Xinhua Township is a multi-ethnic area, mainly including Achang, Lisu and Dai. All ethnic groups retain rich and traditional folk culture. The songs and dances of various ethnic groups in Xinhua Township, Tengchong, have a broad mass base, and are highly artistic and ornamental, especially the folk songs "Love Song Tune", "Say Ai Tune" and the dance "Deng Wo Luo" have more distinctive national styles and regional characteristics.

26. Tengchong is the hometown of jadeite craft.

Project introduction

Classify the hometown of traditional culture.

Tengchong is a distribution center of jadeite, with a long history of trade and processing, which has formed its own characteristics. Jade culture is an important part of Tengyue culture, and jade craft production is a cultural industry with rapid development and great potential. With the acceleration of economic globalization, Tengchong jadeite processing and trade has become a bright spot in our county’s economic growth.

27. Xinzhuang Village, Jietou Township is the hometown of papermaking technology.

Project introduction

Classify the hometown of traditional culture.

Xinzhuang Village is located in the east of Jietou Town, Tengchong City, and still retains the traditional ancient manual papermaking skills. For more than 300 years, making white paper has been a traditional cottage industry in Xinzhuang Village, and selling handmade white paper is one of the main economic incomes of the village, accounting for 50% of the total income of the village.

28. Xiaoxi Town is the hometown of bamboo weaving technology.

Project introduction

Classify the hometown of traditional culture.

Xiaoxi has developed handicraft industry in history. Rattan, hat, reed, dustpan, bamboo chopsticks and brown products are exported to Myanmar and inside and outside the province, especially bamboo hats, which are exquisite in craftsmanship, elegant in appearance, firm and durable, and have established a good brand image in Myanmar and western Yunnan.

29. Tengchong, the hometown of Lisu knife and pole art.

Project introduction

Classify the hometown of traditional culture.

The Lisu people in Tengchong have a long history, a broad mass base and a unique artistic style.

30. Wanyao Village, Mazhan Township is the hometown of pottery making technology.

Project introduction

Classify the hometown of traditional culture.

"Tengchong County Records" contains: "Pottery production is mainly concentrated in bowls and kilns in Mazhan District, and earthenware has been fired for more than 500 years." Making and selling pottery is a traditional handicraft industry in Wanyao village. For hundreds of years, making and selling pottery has been one of the main sources of income in the village.

31. Tengchong is the hometown of folk music.

Project introduction

Classify the hometown of traditional culture.

During the Hongwu period of the Ming Dynasty, the large-scale migration of military and civilian villages brought the music culture from all parts of the Central Plains to Tengchong. The music not only maintained the charm of the ancient music in the Central Plains, but also blended with the tones of the border songs, thus forming the Tengyue ancient music with Tengchong regional music style. The representative music includes: Dongjing music, shadow play music, lantern music, dulcimer music, folk songs, Wa Qing opera music, Dai opera music and Lisu folk songs.

32. Tengchong sings books

Published in 2015

Project introduction

Biebie traditional folk art

Singing books is similar to storytelling, also known as "good books", which is a folk art popular in Tengbei rural areas in the 1960s and 1970s. It is a kind of sitting and singing quyi, which is mainly based on singing, and it is rarely said in plain English. The story is vivid and touching.

Four, Tengchong municipal intangible cultural heritage protection list (26)

1, the legend of Deng’s participation.

Published in 2005

Project introduction

Folk oral literature of different ethnic groups

2, columnar joints, Heiyu River legend.

Published in 2005

Project introduction

Folk oral literature of different ethnic groups

3. Lie about Zhang San’s story

Published in 2005

Project introduction

Folk oral literature of different ethnic groups

4. Tengchong Fishing Drum

Project introduction

Folk folk art of different ethnic groups

5. Lisu marriage

Published in 2005

Project introduction

Folk traditional customs of different ethnic groups

6. Lotus Township, the hometown of folk art (peasant paintings) in China

Published in 2005

Project introduction

Folk regional culture of different ethnic groups

7. Gudong Town, the hometown of folk art (shadow play) in China.

Published in 2005

Project introduction

8. Tengchong Lion Dance

Project introduction

Classify traditional sports, recreation and acrobatics.

9. Tengchong Dragon Lantern

Published in 2015

Project introduction

10. Tengchong Dai Opera

Published in 2015

Project introduction

Classify traditional dramas

11. Tengchong Dai language

Published in 2015

Project introduction

Category folk literature

12, Tengchong traditional old cloth shoes production

Published in 2015

Project introduction

Traditional skills of classification

13. Baking Techniques of Mingguang Small Ear Pig

Published in 2015

Project introduction

Traditional skills of classification

14, Tengchong burning pig technology

Published in 2015

Project introduction

Traditional skills of classification

15. Handmade Maltose Production Process in Gudong Town

Published in 2015

Project introduction

Traditional skills of classification

16, Tengchong pavilion production process

Project introduction

Traditional skills of classification

17, Tengchong clay pot production process

Published in 2015

Project introduction

Traditional skills of classification

18, Tengchong paper binding process

Published in 2015

Project introduction

Traditional skills of classification

19, ponytail buckle production process

Published in 2015

Project introduction

Traditional skills of classification

20. Tengchong Fragrant Technology

Published in 2015

Project introduction

Traditional skills of classification

21, Tengchong indigenous oil extraction process

Published in 2015

Project introduction

Traditional skills of classification

22, Tengchong wool felt production process

Published in 2015

Project introduction

Traditional skills of classification

23, Tengchong rice plastic technology

Published in 2015

Project introduction

Classify traditional art

24, Tengchong saddle making skills

Project introduction

Traditional skills of classification

25, Tengchong linen sandals compilation skills

Project introduction

Traditional skills of classification

26, Tengchong black sauce production process

Published in 2015

Project introduction

Traditional skills of classification

Source: Tengchong Cultural Center