China. com, April 9 (Xinhua) Recently, the Insurance Regulatory Commission of the Bank of China (hereinafter referred to as "China Banking and Insurance Regulatory Commission") issued a notice on the in-depth management of chaos in the life insurance market, and made it clear that the typical problems and key risks in the life insurance market, such as misleading sales and alienated products, will be specially managed around sales behavior, personnel management, data authenticity and internal control.

　　The notice made it clear that in terms of sales behavior, we will focus on misleading consumers, alienating products, mismanagement and other behaviors in the sales process; In terms of personnel management, we will focus on the management of personnel fraud, loose disorder and other behaviors, including false information, inflated manpower, untrustworthy personnel, loose management and so on; In the aspect of data authenticity, we should focus on the behaviors such as false underwriting, false listing of expenses, false hanging of business, false hanging of people’s heads to get funds, and secret payment of handling fees outside the account. In terms of internal control, it focuses on the problems existing in business control, financial control, performance of duties by senior executives, risk management and internal supervision.

　　This special work was carried out from April 2021 to November 2021, and it was divided into two stages: self-examination and self-correction of institutions and spot checks of supervision. In the stage of self-examination and self-correction, the head office of life insurance company organizes branches at all levels to carry out self-examination and self-correction one by one according to the key points of governance. In the spot check stage, the Banking Insurance Regulatory Bureau, in accordance with the requirements of China Banking and Insurance Regulatory Commission, China, selected no less than three branches at the provincial level and below to carry out on-site inspections based on daily supervision and self-examination and self-correction of branches, and handled them according to laws and regulations.

　　The notice stressed that the Banking Insurance Regulatory Bureau should scientifically arrange the entry time, pay close attention to the links and fields with high and frequent violations of laws and regulations, and conduct on-site inspections according to laws and regulations to ensure that the inspection facts are clear, the evidence is complete, the qualitative is accurate and the basis is appropriate. It is necessary to carry out the necessary extended inspection on the problems found in the inspection involving intermediary business, and investigate the institutions involved and the responsible personnel together. It is necessary to find and investigate violations of laws and regulations, seriously investigate the responsibilities of institutions and related responsible personnel, and give administrative penalties or take corresponding regulatory measures according to law; Anyone who meets the transfer criteria will be resolutely transferred to public security, judicial and supervisory organs.

　　At present, the changes in the past century have accelerated the evolution, and the recovery of the world economy has been hindered and long. What is the development prospect of the global industrial chain supply chain? How can countries strengthen cooperation and jointly safeguard the security and stability of the global industrial chain supply chain? On March 28th, at the sub-forum of "New Pattern of Industrial Chain and Supply Chain" held during the 2023 annual meeting of Boao Forum for Asia, experts, scholars and business leaders from home and abroad got together to talk about development, and "unity and cooperation" and "openness and tolerance" became high-frequency words.

　　"No matter the COVID-19 epidemic, geopolitical conflicts, the downturn of the world economy and global warming, any challenge is related to the present and the future. Faced with these challenges, the voice of the international community for strengthening cooperation and promoting development is even louder and the desire is even stronger. " Li Baodong, Secretary General of Boao Forum for Asia, said at the press conference of the annual meeting.

　　"As far as we are concerned, whether it is resource investment or profit income, there is a considerable proportion and co-construction ‘ Belt and Road ’ Closely related. " Feng Bo, deputy general manager of China Ocean Shipping Group, said, "Thanks to open cooperation, we have made great progress in the process of international development."

　　In Feng Bo’s view, globalization is characterized by mutual integration and common destiny. In addition to sharing achievements, it is also necessary to share responsibilities. "In response to climate change, all countries and enterprises have the responsibility to meet the requirements of carbon reduction, environmental protection and green. Green and low-carbon transformation will breed new markets such as clean energy and promote the iterative upgrading of the industrial chain supply chain. "

　　Liang Weite, Chairman of the Guangdong-Hong Kong-Macao Greater Bay Area Construction Macau Committee of Boao Forum for Asia, said: "Building together ‘ Belt and Road ’ Driven by this, we have built a lot of infrastructure, and we also pay attention to making friends and sharing development achievements. "

　　The 2023 Annual Report on Asian Economic Prospects and Integration Process released during the 2023 annual meeting of Boao Forum for Asia pointed out that China maintains a dominant position in the trade of intermediate products in Asia. Among the 22 kinds of intermediate products with the largest transaction volume, China has 20 kinds in the leading position. Asian economies are playing an irreplaceable role in the global value chain, and the process of regional production, trade, investment integration and financial integration will be accelerated.

　　Bei Zhemin, managing partner of Oliver Wyman Consulting, said that China plays an important role in maintaining the stability of the global industrial chain supply chain. In recent years, China’s industrial structure has been accelerated, and China’s manufacturing has strong competitiveness, and it is shifting to the middle and high end of the industrial chain.

　　Yao Yang, president of the National Development Research Institute of Peking University, believes that China has huge market scale and complete industrial chain advantages, and will continue to become the manufacturing center of the world.

　　China’s super-large-scale market has released a strong "magnet effect", which continues to attract foreign investors to increase their investment in China market. Ferry, head of Asia-Pacific region of Fen Cantieny Group, said: "The huge potential of China market is something we can’t ignore."

　　The stable operation of industrial chain supply chain is the key to smooth economic cycle. At present, the global industrial chain supply chain is being deeply reshaped, and transnational investment is becoming nearshore, localized and regionalized, which makes the industrial chain supply chain shorter and more flexible.

　　"In the global industrial chain supply chain, everyone is closely linked, and no one can be immune to it. All countries need to cooperate to solve the problems they face." Feng Bo believes that from the perspective of enterprises, it is necessary to adopt a development mode of integration and cooperation to make the supply chain more resilient and sustainable.

　　Practice the concept of mutual respect, win-win cooperation, and take practical actions to make development achievements better benefit people of all countries, which has become the common aspiration of experts, scholars and business leaders attending the meeting.

　　Li Baodong expressed the hope that through the discussion at the annual meeting, we can explore certainty in an uncertain world, promote solidarity and cooperation among all countries in the world, adhere to openness and tolerance, and better promote development.

Original HGFI Hainan Green Finance Research Institute included in the collection #ESG data 1 #ESG indicator 1 #ESG disclosure 1 # rating company 1 # investment decision 1.

Wen | Ji Yufei

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First, there is a huge difference in ESG rating between domestic and foreign rating companies.

(1) ESG ratings of international rating companies vary greatly.

(2) ESG ratings of domestic rating companies are equally different.

Second, the current data problems in ESG evaluation

(1) The original data is inconsistent.

(2) reference datum selection is arbitrary.

(3) The estimation of replacement value is uncertain.

Iii. suggestions

(1) Enterprises should continuously report comparable ESG data.

(2) Investors should promote enterprises to disclose relevant ESG indicators.

(3) The Exchange shall formulate mandatory requirements or guidelines for ESG disclosure.

(4) Data suppliers should disclose their data processing methods as much as possible.

And reach an industry consensus

In recent years, ESG rating, as the basis of value judgment to guide investors’ investment decisions, has been paid more and more attention by international investors, and domestic investors have also begun to pay attention to ESG information disclosure and rating. However, the ESG data collected by rating companies, especially the methods of data processing, are quite different, and the ESG rating results of different rating companies are also very different, which seriously affects the use of ESG rating by investors. As the most important input to support the function of ESG indicator system, the way of processing data will directly affect the scoring results of related indicators. This paper intends to do some exploration and research on the data processing in ESG evaluation.

1. There is a huge difference in ESG rating between domestic and foreign rating companies.

The rating results of ESG by different rating companies are very different at home and abroad.

(A) ESG ratings of international rating companies vary greatly.

Billio et al.(2021) studied and compared the ESG rating results of MSCI (morgan stanley capital international), Refinitiv (Luft), Sustainability Analytics (a product of Morningstar) and RobecoSAM (the data source of Dow Jones Sustainability Index [1]), and found that the average correlation between these rating results was only 0.58 (lowest 0.43, highest 0.69). The average probability of coincidence between these rating results is only 24% (minimum 19%, maximum 28%) [2], and the low correlation and low coincidence probability of rating results [3] mean that the rating results of different rating companies are very different.

The following table shows the ESG rating results of Nissan Motor Co., Ltd, Verizon Communications Inc, Oracle Bone Inscriptions Corp. and Goodman Group by four rating companies, and the differences are obvious. Among them, the rating range of Refinitiv, Sustainalytics and RobecoSAM is 0 to 100, while the rating range of MSCI is from CCC to AAA.

Scoring results of different international ESG rating companies (2021)

Source: Billio et al.(2021)

This huge rating difference will make market investors feel at a loss, and it is difficult to make investment value judgments and investment decisions.

(B) ESG ratings of domestic rating companies are equally different.

There are many domestic ESG rating companies, including Wonder, Weizhong Lanyue, Jiashi, China Securities Index, Dingli Corporate Governance, Green Business, China Securities Carbon Neutralization, Social Value Investment Alliance and so on. According to Wonder’s data, four domestic listed companies, China Resources Micro, China Petroleum, Shengli Precision and China Pharmaceutical, are randomly selected. Through comparison, we can find the differences between the ratings: Wonder gives China Resources Micro AA rating, while Weizhong only gives B rating; Social Value Investment Alliance gives China Petroleum AA- rating, while Shangdao Ronglv only gives B+ rating; Huazheng Carbon Neutralization gives Shengli Precision a ranking of 65/4040, while Harvest only gives a ranking of 3478/4569. FTSE Russell gave China Pharmaceutical a 33/76 industry ranking, while Dingli Corporate Governance only gave a 59/79 industry ranking.

Scoring results of different domestic ESG rating companies on China Resources Micro.

Source: Wonder

Scoring results of China Petroleum by different domestic ESG rating companies.

Source: Wonder

Second, the current data problems in ESG evaluation

The ESG ratings of rating companies to enterprises are very different. On the one hand, the goals and values, design principles of rating system and selection rules of indicators of rating companies are different, which leads to different rating results. On the other hand, the data problem is also an important reason for the huge difference in the results of different rating companies. Different rating companies have different channels and quality of obtaining data and different methods of processing data, which will also bring great differences in rating results.

In the current ESG rating, in terms of data acquisition and processing, there are some problems to be solved, such as poor consistency of original data, arbitrary selection of reference standards, and uncertain replacement process of lost values.

(A) the original data is highly inconsistent

The "inconsistency" here does not emphasize the difference of information sources, but emphasizes that the multi-dimensional attributes of the original data samples (such as specific wording, measurement angle, data unit and other formal attributes, as well as statistical attributes such as average, standard deviation and extreme value) are very different.

Rating companies generally collect the original ESG data from the annual sustainable development report or ESG report disclosed by enterprises every year. However, the consistency of relevant data in the annual sustainable development reports or ESG reports of different enterprises is very low. Taking the topic of "labor health and safety" as an example, Kotsantonis and Serafeim(2019) randomly selected the sustainable development reports of 50 large listed companies in Fortune 500 (Fortune 500), and collected the information manually by the author. The indicators used to describe the topic of "labor health and safety" are as follows: lost time (frequency), lost time (accident rate per 100 people, 5,000 people, and 200,000 people), injuries that lead to lost time, accident rate, accidents that require vacations, days lost due to injuries, financial losses due to accidents, injuries that lead to more than one day lost, injury rate, and days lost rate. Time loss of less than 61 days caused by occupational illness or injury, time lost (serious accident rate), number of accidents, number of accidents without time loss, number of lost working days, number of serious accidents, injury rate per 200,000 hours of work, reduction of working days caused by work-related injuries, claimed time lost, time lost, number of accidents of occupational diseases, occupational illness rate, occupational illness rate and occupational disease rate.

Faced with such diverse data forms, it is difficult to determine which indicator is the best indicator to measure the performance of enterprises on the topic of "labor health and safety". Moreover, the units of these indicators are not the same, including no units, ratios, percentages and other different units. Most importantly, the statistical distribution characteristics (mean, standard deviation, extreme value, etc.) of different indicators are obviously different, which makes it very difficult to compare and integrate data across indicators [4].

The real problem is that when enterprises disclose the performance of a certain topic, they often only choose the most favorable indicators for their own enterprises to disclose. Rating companies (data providers) can’t obtain multiple indicators for the same enterprise, but in the face of various indicators provided by many enterprises, each rating company (data provider) has its own processing methods, and the inconsistency of the original data disclosed by each enterprise ultimately lies in the differences in the integration process of the original data of each rating company. The core problem here is that there is the data of the enterprise before the rating standard, and the defects of the data itself will naturally be left in the rating results [5].

(B) reference benchmark selection is arbitrary.

Even if there is no difference in the original data, different ESG rating companies have different scores on the same performance of the same enterprise. One of the important reasons is that the selection of scoring reference benchmarks is very arbitrary. Setting up different "reference benchmarks", that is, double standards or flexible standards, is an effective means to systematically change the scoring results for the same (same type) enterprise.

Rating companies can choose to evaluate all enterprises under a unified reference standard; Enterprises can also be classified according to the characteristics of industry and country, and multiple parallel reference benchmarks can be set up, and only enterprises belonging to the same subclass can be evaluated under their corresponding reference benchmarks.

Using a unified reference frame, the scoring results are comparable across industries, but the scoring results inevitably produce industry bias. Taking environmental issues as an example, the performance of the oil and gas industry will naturally be lower than that of commercial banks. If only some enterprises are evaluated under the same reference standard, the industry deviation of the scoring results is small, but the cross-industry comparability of the scoring results is correspondingly weakened. Worse than reducing cross-category comparability, the process of classifying different enterprises and selecting reference benchmarks is not transparent. Rating companies can move the relative position of the same enterprise in the distribution corresponding to different reference benchmarks by freely selecting reference benchmarks [6], thus indirectly affecting the scoring results.

In addition, how to deal with diversified enterprises will also be a problem to be solved.

(C) The estimation of replacement value is uncertain.

The range of data required for ESG evaluation is very wide. For a specific enterprise, all the original data required for rating are often not disclosed (or cannot be provided), and missing values often appear in samples. The missing value needs to be estimated and replaced by the estimated result (replacement value), and then the evaluation process continues. At present, rating companies and data providers do not have a transparent, unified and reliable methodology to estimate the replacement value of the unavailable ESG data (that is, the lost value).

The uncertainty of the estimation process of replacement value is divided into two levels: first, there are many alternative estimation methods, and the replacement values (estimation results) given by different methods are not consistent, and each company has not fully disclosed the selection of estimation methods, accordingly, investors have no way to evaluate and interpret the estimation process and rating results of each company; Second, even if each company chooses the "optimal" estimation method, the accuracy of the estimation itself is limited by the model characteristics and statistical laws. Under the circumstances that the correlation process is difficult to model, the correlation between variables is poor, the sample size is limited, and the continuity of the estimated value is low, the estimation process cannot be guaranteed to be accurate, and the rating result using the replacement value (estimation result) cannot be guaranteed to be accurate. The first level of uncertainty comes from the disclosure choices of rating companies and data providers (that is, the estimation process is not transparent and unified), and the second level of uncertainty comes from the estimation method itself (that is, the estimation process is not reliable enough). At present, the estimation methods of replacement value (replacement method) include rule-based replacement method, input-output model replacement method, statistical replacement method and so on, and the scenarios in which these estimation methods can operate reliably and effectively are very limited.

The uncertainty of rule-based substitution method comes from the process of setting rules. The accuracy of scoring results of this substitution method depends on the precise setting of rules, and the rule-makers need a lot of industry knowledge as support. Some rules will even affect the disclosure of relevant data by enterprises, further increasing the uncertainty of data acquisition. Taking the indicator of "the number of deaths in the workplace" as an example, the rating company can set a rule that "if there is no data source, the number of deaths in the workplace is assumed to be zero". According to this rule, the scoring results will be systematically superior to the actual performance of enterprises, which also encourages enterprises to refuse to disclose relevant data in disguise (especially for those small and medium-sized enterprises with high information disclosure costs).

The replacement method of input-output model is difficult to estimate the data related to social responsibility, because compared with the laws of natural science, the laws of interaction between people are more complicated and uncertain. Therefore, the input-output model is generally used to estimate the environment-related indicators of some industries, such as estimating the output variables such as carbon dioxide emissions with input variables such as coal consumption and electricity consumption. The accuracy of the input-output model replacement method depends on the extent to which the model system can reproduce the actual behavior process of the enterprise. In the estimation of environment-related indicators in some specific industries, the consumption of raw materials and related macroeconomic variables of enterprises are easy to obtain, and the use mode and output results of raw materials are also highly deterministic in objective scientific laws. When the above conditions are met, the replacement method of input-output model can give a highly accurate estimation.

Statistical replacement method generally needs regression analysis [7], and its accuracy is limited by the availability of regression prediction input variables, the correlation between regression prediction input variables and predicted values and the continuity of predicted values. The transparency of correlation prediction (regression) process is very low, and the public can’t determine to what extent the prediction methods used by rating companies and data providers meet the requirements of statistical laws.

III. Recommendations

To solve the problems of low disclosure degree and consistency of ESG data, high arbitrariness in the selection of scoring criteria and replacement value estimation methods, it needs the joint efforts of many market participants. Here are some suggestions from the perspective of enterprises, investors, exchanges and data providers, so as to better achieve the sustainable development goals through ESG rating.

(A) enterprises should continue to report comparable ESG data.

The ESG data provided by different enterprises are very different, which involves the influence and restriction of many factors such as the market, industry, management and risks faced by enterprises. Therefore, it is particularly important for individual enterprises to choose a suitable ESG disclosure standard, and continue to disclose ESG data according to this standard, so as to maximize the comparability (or consistency, that is, the unification of data forms in the time dimension) of the data. Enterprises should be strictly self-disciplined and regularly disclose ESG data and information in a fixed format (such as tabular form similar to financial statements) in accordance with relevant regulatory requirements. Enterprises need to adjust the corporate governance structure and set up a special department to manage ESG-related risks and related data disclosure.

Global Reporting Initiative (GRI) and International Financial Reporting Standards Foundation (IFRS Foundation) have provided their own sustainable disclosure standards. The latter emphasizes the concerns of investors as stakeholders and uses money as a unified measure to maintain the consistency of financial statements, while the former tries to balance the concerns of wider stakeholders and give more independent recognition to the importance of different indicators. Enterprises should choose their own sustainable disclosure standards according to their own development, and qualified enterprises can also take the initiative to join higher standards of international standards to obtain international comparability.

Although the disclosure of ESG data will bring additional costs, enterprises should see that actively disclosing high-quality ESG data is an important means to attract investors and maintain their own good social image, which is beneficial to the long-term development of enterprises.

(B) Investors should promote enterprises to disclose relevant ESG indicators.

At present, although enterprises provide a large amount of ESG data and information, it is difficult for investors to make investment decisions, risk judgments or early warnings by using these incomparable data. Therefore, when investors push enterprises to disclose relevant ESG information, they should put forward clear and comparable data requirements for enterprises. For example, when an investor invests and finances an enterprise, it should be clearly stated that ESG information is also information that has a significant impact on the value of the enterprise’s securities and needs to be disclosed immediately. The enterprise should disclose ESG information together with financial information in the offer and invitation to offer and other documents (such as debt prospectus and prospectus). For enterprises that fail to fulfill their obligation to disclose ESG information, investors can also try to safeguard their own interests by legal means and promote the improvement of relevant legislation.

(3) The Exchange shall formulate mandatory requirements or guidelines for ESG disclosure.

The establishment of ESG disclosure guidelines or even mandatory requirements by the exchange can enhance the transparency of related behaviors of enterprises and help enterprises maintain good investor relations. From the practice of various exchanges, the requirements for ESG information disclosure of listed companies have become higher and higher.

In 2012, HKEx issued the ESG Report Guidelines as a voluntary disclosure proposal for listed companies. From 2016, some suggestions will be raised to the level of semi-mandatory disclosure, and the "explain without disclosure" rule will be implemented. In May 2019, HKEx issued a consultation document on the revised ESG Reporting Guidelines, and in December of the same year, the contents of the new ESG Reporting Guidelines were determined, further expanding the scope of mandatory disclosure, comprehensively adjusting the disclosure proposal to "explain without disclosure" and continuously improving the requirements for ESG information disclosure of listed companies.

China Securities Regulatory Commission has also begun to require listed companies to disclose ESG information, but it is still in its infancy. In February, 2021, CSRC issued the Guidelines on Investor Relations Management of Listed Companies (Draft for Comment), requiring the inclusion of environmental protection, social responsibility and corporate governance (ESG) information. In June, 2021, CSRC issued Contents and Format of Annual Report and Contents and Format of Semi-annual Report, adding Section V Environmental and Social Responsibility. In April, 2022, China Securities Regulatory Commission issued "Guidelines for the Management of Investor Relations in Listed Companies", which took environmental, social and governance (ESG) information as one of the contents of communication between listed companies and investors. However, there is still a lack of normative and consistent guidance for specific operations. It is suggested to formulate specific rules in these aspects and put forward requirements for disclosing specific data. The disclosure requirements of ESG data by external constraints of companies such as exchanges and investors can fundamentally solve the problems of high inconsistency of original data and high probability of missing values, thus avoiding the problem of "data comes first, standards come first".

(4) Data suppliers should disclose their data processing methods as much as possible and reach an industry consensus.

At present, the scoring methodology of ESG data providers at home and abroad is very opaque, so it is not enough to provide a list of important topics. Data providers need to describe in more detail how they define the benchmark of statistical comparison and how to deal with the key process of building rating indicators such as real data and substitute data, otherwise, the credibility of relevant ratings will be impossible for all stakeholders. On this basis, data providers should fully communicate and reach as broad a methodological consensus as possible in practice (such as reaching a consensus on the selection of reference benchmarks and replacement value estimation methods), thus reducing the randomness of ESG rating results and enhancing the readability of rating results.

Although the disclosure of data processing methods is beneficial to all stakeholders, it is not in the self-interest of data providers, and data processing methods will not be disclosed voluntarily. Data processing method is the core knowledge of data suppliers. Once it is made public, competitors in the market can quickly master it, and the market value of its data will also decline rapidly. Therefore, in order to ensure full competition and information disclosure in the data supply market, all stakeholders should support the establishment of more data suppliers who are willing to disclose their data processing methods to join the market competition. The highly transparent data processing methods respond to the demands of all stakeholders, so they are also highly competitive in the data supply market. Finally, through the full competition in the data supply market, existing data suppliers are forced to disclose their data processing methods more.

Data providers usually collect ESG information required for rating periodically every year, and the specific methods include: company questionnaire; Analyze company documents (such as sustainable development report); Interview individuals, company employees and other stakeholders (such as trade unions, NGOs, etc.); Use Natural Language Processing (a branch of artificial intelligence and linguistics) and other artificial intelligence technologies to mine unstructured data (such as TruValue Labs). By 2018, more than 100 organizations are collecting and analyzing ESG data and providing ESG ratings [8].

Data providers use the collected data to construct various indicators and sell their indicator data, although their methodology of how to construct indicators using raw data is not transparent to the public. In addition, many organizations use the secondary data [9] provided by ESG data providers to build their own ratings and rankings, and provide comprehensive index [10] solutions. Bloomberg and Thomson Reuters (Thomson Reuters) are the mainstream ESG data platforms used by these organizations, which often include other broader financial information such as securities prices.

It can be seen that data suppliers should ensure the transparency and reliability of data collection and processing, which is also a key prerequisite for ESG rating companies to accurately evaluate the relevant performance of enterprises.

Quote footnote:

[1] Some organizations that use enterprise questionnaires to collect ESG data do not sell their own data. RobecoSAM is a sustainable investment asset management company, managing assets worth $120 billion (in 2018), and inviting more than 3,400 companies to fill out questionnaires every year. These ESG data are used as the basis for investment decisions within the company and used to construct the Dow Jones Sustainability Indices (DJSI). CDP (formerly known as Carbon Disclosure Project), a non-governmental organization, also collected data related to environmental risks of about 6,400 companies through questionnaires. The design of the questionnaires referred to the framework of the Task Force on Climate-related Financial Disclosures (TCFD).

[2] The data of the rating company comes from Refinitiv (Luft, one of the providers of financial market data and infrastructure, formerly known as the Finance and Risk Department of Thomson Reuters. After independence, Blackstone Group acquired 55% equity and Thomson Reuters acquired 45% equity. ) financial terminal Eikon/DataStream, Bloomberg financial terminal and MSCI (morgan stanley capital international) database.

[3] The correlation here can be understood as whether any two rating companies have the same rating judgment on the overall sample composed of several enterprises, such as: A rating company scores 50 points for enterprise A, 60 points for enterprise B and 70 points for enterprise C; The rating company B scores 60 points for enterprise A, 70 points for enterprise B and 80 points for enterprise C, so the ratings of the whole sample {A, B and C} by the two rating companies A and B are different, but they are highly correlated (completely related). The variable describing the difference of a rating result itself is fit or fit probability, for example, A rating company scores 50 points for enterprise A, 60 points for enterprise B and 70 points for enterprise C; If the rating company B scores 50 points for enterprise A, 70 points for enterprise B and 80 points for enterprise C, then the two rating companies A and B only give the same score for enterprise A, and the rating fit for the whole sample {A, B and C} is 33.33% or 1/3.

[4] The first two differences can be understood as differences in the formal attributes of a single point of data, and the third difference is not about the attributes of a single point of data, but about the statistical attributes of the whole sample. For example, for a certain topic (a), the samples of six companies {A, B, C, D, E, F} are scored, and three companies {A, B, C} are selected in the annual report. Suppose that the data of {A, B and C} on indicator (a1) are {100, 200 and 300} respectively, while the data of {D, E and F} on indicator (a2) are (100, 4000 and 10000) respectively, the difficulty for rating companies is how to determine {A}. This problem can be solved by statistical analysis to some extent. The solution of statistical analysis requires the following assumptions: First, indicators (a1) and (a2) can truly and accurately reflect the performance of the whole sample in topic (A) and have the same statistical distribution characteristics; Second, the sample is rich enough to restore the common true statistical distribution characteristics of (a1) and (a2) respectively through the statistical distribution characteristics of the whole sample. For example, there are 2,000 enterprises in the sample instead of six.Moreover, the (a1) statistical distribution of the 1,000 enterprises using the (a1) indicator and the (a2) statistical distribution of the 1,000 enterprises using the (a2) indicator are both normal distributions. According to statistical analysis, it can be inferred that the enterprise that ranks x% (where X is in the range of 0 to 100) among the 1,000 enterprises using the (a2) indicator is also ranked X.

[5] Similarly, there are three ways to measure Covid-19 infection: antigen, nucleic acid and antibody, and the effectiveness of products provided by companies under each category is different. Assuming that in a national screening, everyone only provides the results of one COVID-19 infection measurement method, then it is difficult for us to give equal ratings to antigen-positive, nucleic acid-positive and antibody-positive. This is because, limited by the objective laws of measurement methods, the true statistical distribution of the three measurement results is different for the same sample (the same screening population).

[6] According to the assumption at the beginning of this paragraph, there is no difference in the original data, and both rating companies of Party A and Party B have obtained all samples {A, B, C, D, E, F} and the index scores of six enterprises on a certain topic {100,200,300,700,800,900}. Both rating companies of Party A and Party B use the following rating rules. If they reach the set reference benchmark, they will be rated as excellent; if they fail to reach the set reference benchmark, they will be rated as poor. Among them, the A-rated company chooses the average value of all samples as the reference benchmark, that is, 500. Then the scores of {A, B and C} three energy enterprises failed to meet the standards, while the scores of {D, E and F} three commercial banks were all higher than the standards, and the results of rating company A for six enterprises were {inferior, inferior, inferior, excellent, excellent}. The rating company B sets the reference benchmark according to the industry average, and the rating results of the rating company B for the energy industry and the banking industry are {poor, excellent and excellent} and {poor, excellent and excellent} respectively. Give an example to illustrate the meaning of this sentence, that is, the C-rated company can choose to transfer from the reference benchmark of A-rated company to the reference benchmark of B-rated company, thus realizing that: the energy enterprises of {B} and {C} have moved from the last 50% of the overall rating distribution to the first 66% of the new internal rating distribution of the energy industry; D commercial banks have moved from the top 50% of the overall rating distribution to the bottom 33% of the new banking internal rating distribution.

[7] Both the regression replacement method and the prediction mean matching replacement method need to determine the replacement value through regression analysis. The difference is that the regression replacement method directly replaces the missing value with the prediction mean; The matching replacement rule of predicted mean replaces the missing value with the actual observed value in the sample closest to the predicted mean, which is a partial parameter method.

[8] According to the data of the Global Initiative for Sustainable Rating (GISR) GISR)2018. Some organizations providing ESG data are profit-making and some are non-profit; Some focus on topics such as climate change or human rights, while others focus on topics of all ESG categories. ESG data providers continue to improve the richness of their services, from selling data and research to providing consulting services and technical and management solutions. At the same time, ESG data providers continue to seek to expand and internationalize the number of companies in their databases.

[9] ESG data can be divided into three levels according to the degree of data processing: the original data collected by data providers can be defined as the lowest level ESG data; The original data is processed by the data provider into secondary ESG indicators (data); According to their own rating methodology, ESG rating companies finally integrate many secondary ESG index data into a tertiary ESG rating (data).

[10] For example, AMI(Access to Medicine Index) uses the data of Sustainalytics, while FTSE4Good Index Series (FTSE 4 Good Index) uses the research service of Vigeo-EIRIS.

References:

Billio, M., Costola, M., Hristova, I., Latino, C., & Pelizzon, L. (2021). Inside the ESG Ratings:(Dis) agreement and performance. Corporate Social Responsibility and Environmental Management, 28(5), 1426-1445.

Eccles, R. G., & Stroehle, J. C. (2018). Exploring social origins in the construction of ESG measures. Available at SSRN 3212685.

Kotsantonis, S., & Serafeim, G. (2019). Four things no one will tell you about ESG data. Journal of Applied Corporate Finance, 31(2), 50-58.

Original title: Data Problems and Suggestions of Industry Research | ｜ESG Evaluation

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　　According to the requirements of the Regulations of People’s Republic of China (PRC) Municipality on the Openness of Government Information (the State Council Order No.492, hereinafter referred to as the Regulations) and the Notice on Further Improving the Compilation and Release of the Annual Report on Government Information Disclosure (Guo Ban Kai Letter [2016] No.14), the 2015 annual report of the Ministry of Finance on government information disclosure is hereby released to the public. The full text includes an overview, proactive disclosure of government information, practical promotion of information disclosure in key areas, serious disclosure according to application, strengthening the construction of information disclosure platform, major problems and improvement measures, etc. The data statistics period is from January 1, 2015 to December 31, 2015. This report can be found on the portal website of the Ministry of Finance (www.mof.gov.cn, hereinafter referred to as the portal website). If you have any questions about this report, please contact the Financial Information Disclosure Office of the General Office of the Ministry of Finance (address: No.3, South Third Lane, Sanlihe, Xicheng District, Beijing, zip code: 100820, telephone number: 68551570, and fax).

　　I. Overview

　　In 2015, according to the Notice of the General Office of the State Council on Printing and Distributing the Main Points of Government Information Disclosure in 2015 (Guo Ban Fa [2015] No.22), the Ministry of Finance strengthened the construction of portal website columns and government WeChat platform, and made full use of portal website, WeChat WeChat official account, Ministry of Finance proclamation, news media, newspapers and periodicals yearbook and other forms to announce fiscal policies and financial data to the public in a timely and proactive manner. We will comprehensively promote the disclosure of information in key areas such as the central financial budget and final accounts, the use of financial funds, administrative examination and approval, and government procurement, conscientiously handle matters that are disclosed upon application, and actively do a good job in policy interpretation and response, further expanding and refining the scope and content of financial information disclosure, and enhancing the timeliness and influence of financial information disclosure.

　　II. Proactive disclosure of government information

　　The Ministry of Finance regards the voluntary disclosure of government information as an important means to promote administration according to law, financial management according to law and the construction of service-oriented institutions. For government information that is voluntarily disclosed, it shall be disclosed within 20 working days from the date when the information is formed or changed, such as newly issued financial regulations, rules and normative documents. The national financial revenue and expenditure, the national lottery sales and the economic operation of state-owned and state-controlled enterprises have been published on the portal website on a monthly basis. The timely disclosure of special work was realized: on March 24, 2015, the national land transfer revenue and expenditure in 2014 was disclosed, and on November 27, the national science and technology investment bulletin in 2014 was published. In 2015, more than 180,000 pieces of information were published through portals and mobile websites, and more than 2,100 pieces of information were published through government WeChat. The average daily page views of portals exceeded 2 million, and the number of government WeChat subscribers was nearly 500,000. Published 12 issues of the Ministry of Finance Proclamation and published 164 policy documents.

　　Third, effectively promote information disclosure in key areas

　　(1) Promoting the information disclosure of financial funds.

　　The first is the disclosure of the central government’s budget and final accounts. In 2014, on the basis of the classification of expenditure function items, in 2015, the basic expenditure was disclosed to the economic classification items. On the basis of the disclosure of special transfer payments to specific projects, the budget of tax refund, general transfer payments and special transfer payments in different regions has been increased. On the same day, 100 central departments made public the departmental budget and final accounts and the "three public" funds budget and final accounts. On March 17, 2015, the Ministry of Finance published the Report on the Implementation of the Central and Local Budgets in 2014 and the Draft Central and Local Budgets in 2015 through the portal website; On March 25th, the central budget for 2015 was made public; On June 29th, the Report on the Final Accounts of the Central Government in 2014 was made public; On July 10, the 2014 national financial final accounts were made public; On July 17th, the Ministry of Finance organized the central department to make public to the public for the first time a number of legal and social information such as final accounts data of expenditure economic classification subjects, summary of financial appropriation income and expenditure, government procurement expenditure, operating expenses of government agencies, and occupation of state-owned assets, which won favorable comments from public opinion and the public. On November 16th, the Notes on the Final Accounts of the National Social Insurance Fund in 2014 was published.

　　The second is the disclosure of the central "three public" funds budget and final accounts. Actively coordinate the central departments to do a good job in publicizing the budget and final accounts of the "three public" funds. In the budget and final accounts made public by the central government in 2015, the expenditure table of "three public funds" and the final account table of "three public funds" were set up respectively, which reflected in detail the budget arrangement of "three public funds" and the implementation of the previous year, and further refined the "official vehicle purchase and operation fee" into "official vehicle purchase fee" and "official vehicle operation fee", and made them public for the first time. On April 17, 2015, the budget implementation of the "three public funds" in 2014 and the budget arrangement in 2015 were made public through the portal website. On June 28th, with the final report of the central government in 2014, the expenditures of the "three public funds" at the central level in 2014 were disclosed.

　　The third is the disclosure of national budget implementation information and local budget and final accounts. Set up "financial data" and "national financial revenue and expenditure" columns on the portal website, timely release the implementation of the national financial budget on a monthly basis, and actively explain the hot issues that may cause social concern in the operation of revenue and expenditure, and respond to public concern. Make unified arrangements and requirements for the subject, time, form and content of local budget and final accounts disclosure, make special reports on local budgets and final accounts of provinces (autonomous regions and municipalities directly under the Central Government), and make them publicly available in the "Special Review" column of the portal website. The Notice on Special Inspection of the Disclosure of Local Budgets and Accounts (No.84 [2015] of Finance Supervision) was issued, and special inspections were carried out on the timeliness, completeness and detail of the disclosure of local budgets and accounts. According to the relevant work arrangement of China’s accession to the International Monetary Fund (IMF) Special Data Dissemination Standard (SDDS), the Ministry of Finance began to publish the monthly revenue and expenditure, financing data and quarterly debt balance data of the central government on a regular basis in mid-2015.

　　(two) to promote the information disclosure of financial administrative examination and approval. First, a column "Reform of Administrative Examination and Approval System" was set up on the portal website, and information such as policies and systems related to administrative examination and approval, financial administrative examination and approval items, and the progress of the reform of the examination and approval system were published in a centralized manner, so as to facilitate the public to obtain administrative examination and approval information in a timely manner. Second, in accordance with the requirements of the State Council’s Decision on Cancelling and Adjusting a Batch of Administrative Approval Items (Guo Fa [2015] No.11), the information of administrative approval for canceling adjustment was released in time. In 2015, five administrative approval items involving the Ministry of Finance cancelled by the State Council were all made public on the portal website, which promoted the implementation and orderly connection of the cancellation of decentralization of approval items. The third is to actively promote the disclosure of relevant information on administrative licensing. Open the "Online Administrative Examination and Approval" column on the portal website, fully disclose the setting basis of administrative license, and promote the disclosure of information such as the conditions, procedures, quantity and the catalogue of materials to be submitted for the implementation of license. Some flowcharts of administrative licensing matters have been made public on the portal website.

　　(3) Promoting the disclosure of government procurement information. First, on February 25, 2015, the Key Points of Government Procurement in 2015 was published, so as to let the public know the key points of government procurement in time and enhance the transparency of government procurement. The second is to implement the relevant provisions of the Regulations on the Implementation of the Government Procurement Law and improve the specific operating system of government procurement information disclosure. On July 17, 2015, the Notice of the Ministry of Finance on Doing a Good Job in Government Procurement Information Disclosure (Caiku [2015] No.135) was issued, which clarified the disclosure scope of various government procurement information, standardized the disclosure channels, and refined the disclosure requirements, which effectively promoted the disclosure of government procurement information. The third is to strengthen the operation and management of China government procurement network, improve the column setting, and timely disclose government procurement information, especially the information on bidding, winning the bid and correcting. Standardize the release and update of government procurement information content.

　　(4) Promoting the information disclosure of national debt and local government bonds. First, in the "Treasury Bond Management" column of the portal website, at the beginning of the year, the annual book-entry treasury bond bidding and issuance rules, savings bonds issuance quota management measures, key-term treasury bonds, 50-year treasury bonds, and savings bonds issuance plans were announced, and the debt service information of annual treasury bonds and local government bonds paid by the Ministry of Finance was announced; At the end of each quarter, announce the issuance plan of all national debt for the next quarter; Announce the issuance notice of book-entry treasury bonds 1 or 5 working days before the tender, and announce the issuance announcement on the day of the end of the tender; Announce the announcement of savings bonds’s issuance 5 working days before the issuance. Second, based on the release of the yield curve of key-term government bonds in 2014, the three-month and six-month government bond yields will be released in 2015 to provide a benchmark for financial market pricing. The third is to publish the relevant institutional measures for the issuance management of local government bonds on the portal website, and further improve the information disclosure system of local government bonds, such as information disclosure before issuance, issuance results disclosure, duration information disclosure, major events disclosure, and debt service disclosure. Guide the financial departments of local governments to do a good job in information disclosure of local government bonds according to regulations.

　　(five) the publicity of the results of the NPC deputies’ suggestions and CPPCC members’ proposals. In 2015, the Ministry of Finance made great efforts to improve the working mechanism, strengthen supervision and supervision, and consider, deploy and promote the handling of NPC deputies’ proposals and CPPCC members’ proposals together with business work as an important means to promote financial work, an important platform to build consensus, and an important channel to enhance understanding and support. In 2015, the Ministry of Finance handled a total of 4,103 proposals, of which 2,506 were proposed by representatives and 489 were sponsored. There were 1597 members’ proposals and 333 sponsors; A total of 38 key proposals were identified and 15 related policies and measures were introduced. In the portal "Suggestions" column, 57 summaries of 2014 replies were published.

　　Four, seriously handle the disclosure according to the application.

　　Establish "centralized acceptance and decentralized handling; The government information of "one order to the end, the whole process of tracking" is handled in public according to the application mechanism, and the standardized workflow of six steps, such as application acceptance, elements review, distribution, tracking and coordination, information provision and data archiving, is strictly implemented, and a system for handling government information in public according to the application is developed, which digitizes all links of acceptance, transfer, reply and archiving to realize the whole process. In 2015, a total of 145 applications for government information disclosure were received, all of which were handled in accordance with relevant laws and regulations. Received 17 cases of information disclosure reconsideration with the Ministry of Finance as the respondent, and 13 cases of information disclosure litigation with the Ministry of Finance as the defendant and the specific behavior as the main body. This year, the Ministry of Finance did not collect fees from applicants for government information disclosure.

　　Five, strengthen the construction of information disclosure platform

　　(1) Improve the information content support system. Implement the "Opinions of the General Office of the State Council on Strengthening the Construction of Government Website Information Content" (Guo Ban Fa [2014] No.57) and the "Notice of the General Office of the State Council on Carrying out the First National Government Website Survey" (Guo Ban Fa [2015] No.15), pay close attention to the construction of portal website information content, and strive to improve the management level of portal website. Issued the "Notice on Further Improving the Information Content Construction of the Portal of the Ministry of Finance" to all units in the Ministry and local Commissioner’s Offices, strengthened the information release and update of the portal, and standardized the information release process of the portal. Earnestly carry out the general survey of the portal website and the China municipal government procurement network, do a good job in the investigation and information reporting, and earnestly do a good job in rectification. A total of 276 invalid links and 12 "sleep" columns were cleared in the sub-stations run by departments and commissioners.

　　(2) Improve the website information collection mechanism. Adhere to the monthly statistical bulletin portal departments, the Commissioner’s office, the provinces (autonomous regions and municipalities) finance department (bureau) sub-channel content security evaluation score, enhance the enthusiasm of each unit to upload information actively. The Ministry of Finance portal website sub-channels of some key information release schedule in 2015 was issued. On this basis, the information release task was decomposed into months, and letters were sent to various departments at the beginning of each month, and checked and coordinated at the end of each month, so as to effectively strengthen the organization and guidance for the information release of sub-channels of various departments of the portal website.

　　(3) Strict information release review. Establish an information release mechanism of "clear division of labor, clear rights and responsibilities, multi-person review and step-by-step control", and strictly review information release to ensure timely and accurate release of authoritative information. For key information such as financial news and photo news, the policy, text and figures are strictly controlled, and sensitive matters are repeatedly communicated with relevant units for revision.

　　(4) Strengthen financial news propaganda. Pay attention to the use of financial news publicity platform to improve the effect of financial information disclosure. Considering and arranging fiscal policy interpretation and fiscal policy formulation synchronously, the leaders of the organization department attended more than 30 press conferences (including briefings), interviews with Chinese government websites and joint interviews with journalists, organized relevant departments to hold press conferences (including briefings) and carry out policy interpretation for more than 40 times, and publicized the background, objectives and main points of the fiscal policy in various forms such as digitalization, charts and diagrams. Carefully use the international financial conferences attended by the Ministry of Finance, such as the 48th annual meeting of the ADB Board of Directors, the signing ceremony of the articles of association of the AIIB, the seventh special meeting of China-US Strategic and Economic Dialogue, and the G20 meeting of finance ministers and central bank governors, to be interviewed by the international mainstream media on issues of international concern, to publicize the healthy development of China’s economy, and to announce the development and achievements of China’s fiscal reform.

　　VI. Main Problems and Improvement Measures

　　In 2015, the work of financial information disclosure has achieved certain results, but there are still some problems such as the scope of disclosure needs to be expanded, the content of disclosure needs to be refined, and the construction of open platform needs to be strengthened. In 2016, the Ministry of Finance will focus on the following aspects:

　　(1) Further expand the scope of financial information disclosure. Conscientiously implement the "Opinions on Comprehensively Promoting the Openness of Government Affairs", adhere to the principle of openness as the norm and non-openness as the exception, closely focus on economic and social development and people’s concerns, continuously expand the scope of financial information disclosure, and strengthen financial information release and policy interpretation.

　　(two) to further improve the public budget and final accounts. Timely disclosure of reports and statements (except confidential information) on budgets, budget adjustments, budget implementation and final accounts approved by the People’s Congress and its Standing Committee according to law; All expenditures on budget and final accounts are disclosed to functional classification item-level subjects (except classified information) and to economic classification subjects (except classified information) according to regulations; Make public the tax refund, general transfer payment and special transfer payment in different regions, and make public the budget and final accounts of the next special transfer payment according to specific projects; All departments and units shall make public final accounts, indicating the number and number of delegations going abroad on business, the number and quantity of official vehicles purchased, and the batch and number of domestic official receptions.

　　(three) to further promote the disclosure of administrative examination and approval information. Timely disclose the application conditions, quantity, procedures and time limit of licensing matters, as well as all materials and information to be submitted when applying. Timely public cancellation, decentralization and implementation of administrative examination and approval project information.

　　(four) to further promote the disclosure of government procurement information. Do a good job in the information disclosure related to the whole process of government procurement, and disclose the overall situation of government procurement budget arrangement and procurement implementation in accordance with the requirements of public financial budget and final accounts. Make the disclosure of government procurement information an important part of supervision and inspection, and investigate the responsibility of purchasers and procurement agencies who fail to release government procurement project information according to law.

　　(V) Further strengthen the construction of the financial information disclosure platform. Strengthen the construction of the standard system of information disclosure catalogue, further improve the column setting of portal website, improve the mechanism of information content collection, review and release, and optimize the information query method. Make full use of new media such as WeChat WeChat official account to broaden the channels of information dissemination, enrich the content of WeChat information, and innovate the display forms of WeChat to meet the diverse information needs of different groups.

Xinhua News Agency, Washington, May 28th Financial observation: increasing tariffs pushes up inflation and weakens US economic growth

Xinhua News Agency reporter Yang Chenglin Xu Yuan

A number of investment and research institutions in the United States recently issued a research report warning that the US government’s provocation of economic and trade frictions and tariff increases will significantly push up the inflation level in the United States, weaken the momentum of economic growth, and aggravate the risks facing the global economy.

Lewis Alexander, chief American economist of Nomura Securities, said on the 28th that the tariff cost will be passed on to the price of imported goods in the United States, which in turn will push up the domestic price level in the United States. He said that if the United States imposes a 25% tariff on about $300 billion of goods exported from China to the United States, the inflation level in the United States will rise by 0.5 percentage point in the next 12 months.

A research report released by Gita Gopinath, chief economist of the International Monetary Fund, and two other economists recently said that after the United States imposed tariffs on China, the price increase of imported goods was consistent with the tariff increase, indicating that the tariff cost was basically borne by American enterprises and consumers.

According to a report released by the Federal Reserve Bank of new york, the US government recently raised the tariff on $200 billion of goods exported from China to the United States from 10% to 25%, which will increase the annual burden of an ordinary American family by $831.

Personal consumption expenditures accounts for more than 70% of the American economy. Rising prices will curb consumption and have a negative impact on economic growth. Recently, many well-known banks and consulting institutions lowered their growth forecasts for the US economy. Among them, JPMorgan Chase lowered its growth forecast for the US economy in the second quarter from 2.25% to 1%, Oxford Economic Consulting Group from 1.6% to 1.3%, and Barclays Bank from 2.2% to 2%.

In addition, continuing to impose tariffs will also damage the global economic growth prospects and market confidence. According to the research report of Morgan Stanley, an investment bank, if the United States imposes a 25% tariff on the remaining 300 billion US dollars of goods imported from China, the global economy will go into recession.

The report of the International Monetary Fund also shows that if tariffs are imposed on all trade between China and the United States, the global gross domestic product (GDP) will be reduced by about 0.3% in the short term, and half of the impact will come from the frustration of business and market confidence.

Recently, the voice of the capital market for the Fed to cut interest rates has become increasingly strong, reflecting the impact of economic and trade frictions on market confidence. Athanasios Wamwakides, foreign exchange strategist of Bank of America Merrill Lynch, believes that if the US imposes tariffs again and triggers China’s counter-measures, it will damage the US economic prospects and increase the chances of the Fed cutting interest rates.

Since the beginning of this year, affected by many factors, such as the expected slowdown in economic growth, capital market volatility, and increased uncertainty in economic and trade negotiations, the Federal Reserve has suspended the pace of raising interest rates since the end of 2015, and the federal funds rate has remained at 2.25% to 2.5%, far from the level before the 2008 financial crisis.

This means that even if the Fed chooses to support the US economy by cutting interest rates in the future, the room for cutting interest rates is not as good as before. Lyle brainerd, director of the Federal Reserve, said recently that compared with the past, the space for the Federal Reserve to cut interest rates has narrowed, and the ability to use traditional interest rate instruments to cope with the economic downturn has correspondingly weakened.

Text | Wang Zhongyang lp

I will automatically pop up the relevant entry of "Michelle J" when I search for the relevant information of "Chef Fang with a Pot in the Flower Room". I will talk about this actor who plays the female host "Fang Yibiao" later.

Last week, when our editor-in-chief ordered me to talk about Ruan Lingyu, he told me by the way that Chef Fang could also be talked about in the choice space. This online drama was compared with others when I swore last year, which meant "Look at others, look at you, look at the big Lao Li next door". At that time, Chef Fang with a pot in the flower room was defined as "a seriously underestimated online drama". Considering that the Chinese New Year is coming soon, if you want to talk about fighting, killing or ghostly things, at least you have to wait until the end of the New Year.

I read the novel "Chef Fang" first and then watched the online drama. It was many years later. At that time, when it was released in 2012, I monitored the national box office screening one night. I had nothing to do in the morning, and found a post called "Chef Fang with a pot in the flower room". At that time, I thought I would stop watching it if it wasn’t scary. Who knows, I couldn’t stop watching it and watched it directly until dawn.

The novel is not long, the plot is coherent, and the character "Fang Yibao" is also three-dimensional. The image of a charming, lovely, intelligent and upright girl comes to my eyes through the story. At that time, the criticism and praise of the novel were half, some people said it was "Xiao Qingxin" and others said it was "Xiao Bai Wen".

I have a fair evaluation of it, not amazing, but I don’t hate it.

Five years later, when the online drama of the same name was launched, I was indifferent at first, which was similar to my first impression of The Ferry of the Soul:

Looking at no coffee and no flowers, you must be embarrassed to call mom.

In addition, I still have some "fears" before watching this drama, because when Kerui’s Strange Tales of the Urban Demon was changed into an online drama, my "original powder" was greatly hit after watching it, and I vowed never to watch or change the screenwriter again, especially the online drama.

But in the end, just like The Ferry of the Soul, I was very surprised by The Chef with a Pot in the Flower Room. This online drama is not adapted to the original. Except for adding two or three auxiliary characters, it is basically loyal to the original. The most important thing is that the portrayal of the female host "Fang Yibao" and the male host "Shen Yong" in it is also very consistent with my basic impression of the novel characters.

So this drama became a work in my favorites in the following years, and it was often compared with some masterpieces by some great directors and editors. The so-called-

Jianghu has a spoonful of female names,

The food adds fragrance and smiles.

The prodigal son will never change his gold,

I don’t like red makeup, I like braised pork.

one

First words: a spoonful of stories and a spoonful of wine

I’m not very good at talking about the content of TV series, because TV series is not like movies, and a story is divided into dozens of episodes, especially the content like series is often very scattered. Movies are different. The basic framework of 90 minutes is understandable, so people often pay more attention.

Later, I watched more TV dramas, and I had some immature ideas. I wonder if I can assume that if I am a normal person, then my perception ability is relatively normal when I accept a story. Will the content that makes me feel "scattered" not be because of my IQ, but because the writer and director have some "small problems", and the result seems to be "scattered"?

Of course, if it may offend people, then continue to assume that there is something wrong with my IQ.

It’s just that no matter whether it’s "The Ferry of Soul" or "The Chef with a Pot in the Flower Room", this kind of series won’t confuse my thinking. What they have in common is that "there are only a few characters, but the story has been refurbished", and they finally achieve sublimation by constantly breaking through the barriers like monsters.

For example, the appearance of "Fang Yibiao" is a very "ordinary" appearance. She was originally a female cook who traveled the rivers and lakes alone. She opened a wonton stall somewhere and met an old rich man who was fooled by a fortune teller. The old rich man didn’t want his daughter to marry the magistrate, Shenyang, who had a famous dissolute son "Shen Yong" in the city. It can not be said that everyone loved her, but also that God hated ghosts.

So he followed the fortune-teller’s advice and went to the street to look for a substitute. He bumped into Fang Yibao. When the girl saw his haggard face, she made him a bowl of wonton, but he was grateful and knocked him unconscious and stuffed him into a sedan chair … Thus, a story of irony and "liveliness" began.

Say "ironic" because the characters are really funny. Both Shen Yong and Fang Yibao are lovely people, such as "Shen Yong". The whole city says that he is an asshole. In fact, he is in a rebellious period and can’t get his father’s approval, so he changed his tricks. As a result, he met Fang Yibao, who can beat him with a rolling pin. This girl is not an ordinary shrew, and she is illiterate. However, her cultural quality is extremely low.

Not flashy, down-to-earth, know what is good and what is bad.

This is interesting. The ancients said that "the prodigal son will never change his money", and Chef Fang just let Fang spoonful use a rolling pin to show the audience "about how I trained my naughty husband who didn’t rely on four or six". Looking at these two little guys on the screen, you chase after me. There is no kissing scene and sex scene, but it just makes people feel natural and comfortable, much like the modality of boys and girls in the lush years.

It is said that "the color is lively and fragrant" because the author Ya Ya must be a foodie. In Chef Fang, she showed dozens of different cooking methods, which made people’s forefinger move when they read the words. In the play, through various dishes, it made my mouth water.

The best thing is that I have personally practiced the tricks taught to everyone by "Fang Yi Shao", such as how to use stinky tofu and pig’s head to sandwich sesame cakes, and how to put the bottom material in noodles, which is really delicious. In my opinion, this benefits me more than the story itself, and it is much more reliable than the "Twenty-four Bridges and Moonlit Night" by Mr. Jin Yong.

Of course, I don’t want to blow the whistle on "Chef with a Pot in the Flower Room", because it does have some shortcomings, such as the language of the characters is too modern, and the clothes are a little confusing. You can’t tell which dynasty these people lived in, although the story itself is an overhead history. But this is an unavoidable injury in this play.

There’s another problem—

After all, the Cinderella whose ending can’t be avoided is not a mortal, but a royal princess who once lived among the people. As for Shen Yong’s father, Shen Yibo, and the fortune teller mentioned at the beginning, they were also arranged to fall into the whirlpool of palace fighting, and the palace fighting also had no technical content.

However, the flaws do not hide Yu’s flaws. The Chef with a Pot in the Flower Room is not a "palace fight drama" in itself. It is a suspense drama of love and food in a costume drama. This kind of drama can let me take it out from time to time, not by how well-made and well-performed it is, but by "simplicity".

two

Repeat: Three Two Surprises, Three Two Springs

"Chef with a Pot in the Flower Room" gradually perfects their respective understanding of life, responsibility, love, affection and friendship through short stories that men and women have experienced passively or actively. Inspired by Fang Yibao, Shen Yong began to follow the magistrate’s father, Shen Yibo, and Shen Yibo gradually relied on his son from the beginning.

In the process, different people are met in each case, and the degree of good and evil is different, which is inseparable from the "one scoop" food offensive. Not blunt, not "big lady", and even can say that she is "silly and sweet" interpreted by "anti-big lady".

The online drama is faithful to the novel, and the style of the novel is quite "sweet". It just seems that I am not tired, I don’t need to think, I am completely relaxed, and I can continue to watch.

Speaking of which, I’m a little skeptical myself. I think I’ve always liked to watch something with a little depth. I talk about Chef Fang and praise it as a bit like Mozart’s hand-waving. But on second thought, I like it far more than some film and television dramas that are often worth over 100 million yuan, full of stars and of great significance to the times. Perhaps it’s because of its high purity. "Purity" means that it can let me find a kind of "sense of relaxation" and a beautiful yearning for interpersonal relationships and the essence of life.

It outlines a simple happiness through the tolerance and love of the Shenfu family for "Fang Yi Shao" from beginning to end, and the yearning of a bunch of official servants for "wealthy family" to cook every time. It is also the first time I feel:

It is more "a beautiful thing" to outline life and resolve contradictions with delicious food than "chicken soup is coming"

Incidentally, Michelle J, the actor who plays "Fang Yibiao", looks good in costume, which happens to be in my aesthetic sense. It’s perfect for this girl who looks "fleshy and MengMeng" to perform a relaxed and humorous play, but it’s a pity that she is said to have retired.

In this drama, all the leading actors and supporting actors, such as Lei Mu, Chang Cheng, Li Xiaohong, Fang Yao and Ben Hu, the adopted son of Shen Jie, are online. Unfortunately, no better works have been seen since then.

In fact, the investment and production scale of this drama is not large, and it won’t cost much in the later period. Some treasures can be found in it, including young singer Sun Zihan and his full set of theme songs and ending songs, such as Cooking Love, Memories So Hurt, Always Stupid, etc. At first glance, you can know that it is the "Lian Heng" between the music company and the production unit, but there is a saying that the content level of lyrics and composition is good.

It has been almost five years since the drama was launched in 2017. In the past five years, China’s online dramas have gradually matured, and even have the momentum of catching up with "orthodox" TV dramas. I didn’t care before. Later, when I was forced to write articles and look up information, I began to gradually correct my previous prejudice against this kind of online film and television drama.

　

I even began to have some doubts about the "traditional works" that I once thought were orthodox.

three

Last words: half a table is crazy and half a table is drunk.

Someone once commented that the theme of "Chef with a Pot in the Flower Room" is very grounded, so it is popular. I don’t quite agree with this statement. Because film and television dramas, as well as any other forms of artistic expression, should be grounded in itself.

What is "grounding gas"? According to the official language, it is "close to people’s lives, reflecting people’s stories, and showing the beauty of working people through artistic re-creation".

Of course, I’m not calling people names, I’m not a junior four …

Where have you been? Don’t get me wrong. I’m talking about the "little four" who bullied his teacher and destroyed his ancestors in Farewell My Concubine. He insisted on arguing with his master, "Why isn’t Peking Opera beautiful when it comes to the working people?"

I mean, there is no shame in making money, but you should have a clear understanding of your position. You can’t look down on the "working people" while making money. Art itself is to earn other people’s money. In the end, it seems to be a very elegant thing to feel that you are not "grounded", which is "when you stand up again", isn’t it?

In the past twenty years, my feeling is that "grounding gas" should be a subconscious move in the film and television industry. Professionals can certainly evaluate the lens, light and shadow, wide angle and performance of a film and television drama, and money makers can also use data, coffee spots, lineups, money piles and "Do you know how hard they (I intentionally) work?" As a gimmick for marketing and money. However, we must not really take these as the standard for creating works, let alone underestimate the IQ of the audience, nor ignore the needs of the audience.

No matter how famous people are, they should have a clear understanding in their hearts: you know best whether your work is sincere or false, and you know well whether others praise you from the heart or whether the scene is polite. Only sometimes, when some "masterpieces" come out, they are always crowned with various expectations, and only after they come out, they regret to find that "they look like Zhao Dan from a distance and look at Fui-On Shing from a distance".

Therefore, only by modestly lowering your posture and going deep into the audience and looking for what they like to see can you make your artistic creation level "evergreen" forever.

If nothing else, take "The Ferry of the Soul" as an example. tales of mystery, who first appeared in the world, is frank and pure; The same is true of Chef Fang. The main creator may think that the story itself is already very good, and it is too melodramatic to add his own ideas at random to express or criticize anything. Because it is very simple, besides letting you learn some cooking skills, it tells you how to get along with men and women, father and son and family with stories, and there are not so many Shakespeare-style lines and Bollywood-style mirrors.

In this way, Chef Fang is also "perfect". The perfection lies in that it has no sequel, no "third season" and no "thoughts". It is simply like "Chef Fang" himself:

I am just a little girl, and I have no great ambition.

The above can be regarded as a drunken remark by "Chef Fang".

?

　　On May 14th, local time, the U.S. released the results of the four-year review of China’s tariff increase of 301, and announced that on the basis of the original tariff increase of 301, it would further increase the tariff increase on electric vehicles and other products imported from China. Among them, the import tariff on electric vehicles has been increased from 25% to 100%. A spokesman for the Ministry of Commerce said on the 14th that China resolutely opposes and makes solemn representations.

　　After the news was announced, the European Union, which conducted a countervailing investigation on China’s electric vehicles, was cautious.

　　On the 14th local time, Olof Gill, a spokesman for the European Commission (hereinafter referred to as the "European Commission"), said that the European Commission had taken note of the US decision and was evaluating its possible impact on the EU, and the US move was not coordinated between Washington and Brussels.

　　Usually, as a member of the World Trade Organization (WTO), it is necessary to communicate within the framework on issues such as increasing tariffs. The European side’s speech means that the steps of the United States do not conform to WTO rules.

　　Jill added, althoughThe concerns of the two sides of the strait may be similar, but "we are solving these problems through our own means in line with WTO rules."

　　At a recent bilateral press conference, German Chancellor Angela Scholz and Swedish Prime Minister Christerson were both disapproving when asked about the US tariff increase on electric vehicles in China.

　　"As far as tariffs are concerned, we all agree that it is a bad idea to undermine global trade." Christerson said.

　　Scholz, on the other hand, said that since the results of the countervailing investigation conducted by the European Commission on electric vehicles in China have not yet been announced, he could not make a final statement on this.

　　Zhao Yongsheng, director of the French Center for Economic Research in university of international business and economics and doctoral supervisor of Sorbonne University in Paris, told the First Financial Reporter that on the whole, the EU and the United States have taken different measures against electric vehicles in China, highlighting obvious differences, and there are also obvious differences in strategies and effects. The US has blatantly violated WTO rules, and the European side still insists on conducting investigations while observing WTO rules. However, in recent years, it can also be seen that the European side has taken some other targeted measures against individual companies, directly imposing fines and disguised forms.

　　There are many voices against taxation in Germany.

　　It is reported that the relevant investigation initiated by the EU in September 2023 is drawing to a close, and the preliminary ruling date will expire on July 4 at the latest, but it is reported that it may be earlier.

　　Scholz said that at present, at least 50% of electric vehicles imported from China in Europe come from western brands, which are produced in China and then exported to Europe. "On this issue, this may be different from other countries and North America." He added that it should not be forgotten that European manufacturers are successfully selling cars in the China market.

　　Christerson’s position is even more obvious. When asked whether the EU should follow the example of the United States, he said: "We don’t want to disintegrate global trade, which is a stupid idea."

　　He explained that it is not a good idea for big import and export countries like Germany and Sweden to use punitive tariffs as a solution.

　　The First Financial Reporter noted that in recent media interviews by politicians, business executives and business groups in Germany, there were many voices opposing the imposition of tariffs on "imported electric vehicles from China" and warning the European Commission.

　　Oliver Zipse, president of BMW, warned that sanctions will lead to countermeasures, for example, important raw materials for electric vehicles will become scarce, and the European market has not been flooded by cheap China cars.

　　According to a study organized by Transport & Environment, about one out of every four electric vehicles sold in Europe in 2024 came from China, but most of these vehicles were actually produced in China by western car dealers, such as Spring, BMW Mini and iX3, which are owned by Renault subsidiary Dacia.

　　Jandera, president of the German Federation of Wholesale, Foreign Trade and Services (BGA), said that the EU should not adopt a protectionist policy towards China products. Otherwise, everything will be more expensive in the end, and the losers are market participants, consumers and enterprises.

　　Jandera added that if the EU follows the example of the United States, the German automobile industry will suffer greatly, because there is not a car in the EU that does not use parts from China, and European manufacturers also import their electric car models from China. "So, we will hurt ourselves. We must accept competition. " He said.

　　German Transport Minister Volker Wissing also warned that Europe should not impose punitive tariffs. "It is the wrong way to start a trade war with punitive tariffs." He said, "Our market should not be closed, but strengthened through competition. German companies are not afraid of competition. Our company produces top products for the world and will continue to do so in the future. "

　　There are still differences within the EU.

　　However, there are still disputes within the EU, among which there are great differences between Germany and France.

　　An anonymous French official said that the European side will not set a 100% tax rate, so that China’s electric vehicles generally cannot enter the European market, but the European side really needs to respond effectively. At present, the European Commission is convinced that some measures need to be taken for electric vehicles. This decision of the United States will only strengthen the determination of the European Commission.

　　Some scholars have suggested that although the US tariff is aimed at China, it may also use the same means for EU exports. Francesca Ghiretti, a non-resident researcher at the Center for Strategic and International Studies (CSIS) in the United States, said: "An unavoidable question is whether the EU will become the target of similar major unilateral measures if there is a new (American) government."

　　At present, the countervailing investigation conducted by the EU needs to be based on evidence, and the investigation time may be as long as 13 months, which reflects the EU’s prudence and consideration of procedural integrity to some extent.

　　Zhao Yongsheng told China Business News that the EU’s measures against China’s electric vehicles are based on trade policy procedures, which require long-term investigation, and the EU will not openly violate WTO regulations, which is ostensibly more compliant, while the United States politicizes the issue of China’s electric vehicles.

　　It is reported that once the investigation is completed, the EU may decide to impose a tariff on cars imported from China that is more than the current 10%, which will increase the current tax rate from 10% to 20%. The specific additional tax rate has not yet been determined, but it is likely to exceed 20%. In addition, the EU may also consider reducing import quotas, imposing fines, and restricting the way China’s electric vehicles enter the public procurement market. After the publication of countervailing investigation, China electric vehicle enterprises may face complicated licensing applications and may be required to disclose subsidized R&D and assets.

　　Zhao Yongsheng said that the EU also has a large number of other policy tools, such as the recent frequent use of the Regulation on Foreign Subsidies Distorting the EU Internal Market.

Blessed are Chengdu people! In the future, photos of ID cards can be taken with beautiful "selfies"! On September 11th, 136 "one-stop service accreditation points" in Chengdu were officially put into operation. In the future, 31 service items in five categories, such as ID card and household registration, can be handled without going to the government affairs center and directly going to the 136 newly added "one-stop service accreditation points" in Chengdu. What’s more comfortable is that there are "selfie artifacts" at these registration points, and photos of ID cards, entry and exit documents and driver’s licenses can be taken by themselves until they are satisfied!

Self-help shooting

Self-portrait ID photo taken until satisfactory.

But there is no beauty function.

According to a website survey, 80% of the respondents are not satisfied with their ID cards. In the future, Chengdu people will no longer have to worry about their ugly ID photos!

Tianfu Morning Post reporter found this "self-service camera" in the "one-stop service accreditation point", and a black curtain was intimately hung outside the machine, so that you can play freely in a closed environment. In the camera, there are still some things to be aware of, such as "Please wear clothes with collars and don’t wear heavy makeup". The public can take photos of relevant documents by themselves after reading.

Before shooting, you can confirm your identity by swiping the second-generation ID card or manually entering the ID number. After entering the photo page, you can pose correctly according to the prompts. The self-service camera also has an adjustment button, which can be adjusted up or down. After posing, you can click the photo button. Of course, if you are not satisfied with the shooting, click to shoot again, and if you are satisfied, click to take photos.

As long as you are not afraid of being urged by the little friends waiting in line behind, the photo can be taken to your satisfaction. However, it needs special reminder that the camera does not have a beauty function.

How to choose a site

Five urban areas achieve "full coverage"

24 points of new urban construction in suburbs

It is understood that Chengdu has added 128 new ones on the basis of eight built at the beginning of this year, and completed the construction of 136 "one-stop service accreditation points" in an all-round way. After two months of trial operation, inspection and acceptance, it officially started operation on September 11th, exceeding the annual target and task three months ahead of schedule.

So far, Chengdu Public Security has established a new service system of Chengdu Public Security Window, which is based on the public security accreditation center, supplemented by "one-stop service accreditation point", supplemented by mobile service, and "Chengdu Public Security Micro-household administration" as the carrier, combining "point-to-face" with "static" and "virtual entity" with "online and offline", further solving the "last mile" problem of serving the masses.

This time, the Chengdu Public Security Bureau fully considered the regional population distribution, the radiation effect of the station and the size of the office space of the police station, rationally selected the location, and implemented three kinds of location construction modes. A total of 136 "Chengdu Public Security One-stop Service Registration Points" were officially built in 110 police stations, 25 community convenience service centers and 1 community police office in the city, exceeding the construction task of 120 points established by the municipal party committee and municipal government.

Among them, 112 "11+2" central city, high-tech zone and Tianfu New District have been built, accounting for 82.35%, and 24 suburban new towns have been built, accounting for 17.65%, mainly in areas with large population and large land and strong radiation effect. Jinjiang, Qingyang, Jinniu, Wuhou and Chenghua point settings achieve "full coverage"; Wenjiang, Shuangliu, Qionglai, Pengzhou and Dayi were guided by the needs of the masses, and after extensively soliciting opinions and suggestions, 16 accreditation points were added.

service content

Can handle 31 service items in 5 categories.

12 certificates of household administration issued 14 certificates.

In terms of construction standards, it is implemented in accordance with the relevant standards for standardized construction of police stations; In terms of staffing, a basic staffing model of "1+1+ N" was initially formed, namely, one full-time police officer, one part-time police officer and n police assistants. In terms of standardized management, the standardized service management mode of public security accreditation center is introduced, and information support, quality supervision and business guidance are established.

136 "one-stop service accreditation points" can handle 31 service items in 5 categories. Among them, there are 12 household affairs, 1 traffic police, 3 entry and exit, 1 public security and 14 certificates. By June 30, the construction tasks of 136 accreditation points had been basically completed; At the beginning of July, the Household Administration Bureau took the lead in organizing a two-month trial operation, and inspected and accepted the trial operation at the end of August.

During the trial operation, the city received a total of 170,000 people (times), and handled 112,000 household affairs, entry and exit, public security, vehicle control and certification materials. Among them, there are 88,000 households, accounting for 78.36%; 07,000 entries and exits, accounting for 6.25%; 127 cases of public security, accounting for 0.11%; 778 car drivers, accounting for 0.69%; There are 16,000 proofs, accounting for 14.59%.

One-stop service, service matters at the registration office

★★★ Household administration business

Urban household registration transfer, non-main item change (correction), cancellation of dead person’s household registration, replacement of household registration book, and arrival of newborn baby.

National identity cards are handled in different places.

The name and surname of the people have been changed (corrected).

Change of citizen’s ID number, gender and date of birth (correction).

Application, renewal and replacement of identity cards of registered residents within the jurisdiction of the police station; Redemption and replacement of resident ID cards across districts (cities) in the city.

Apply for and endorse residence permit.

★★★ Entry and exit business

For the first time, registered residents in this city apply for ordinary passports, travel passes to and from Hong Kong and Macao and travel endorsements (excluding the second endorsement), travel passes to and from Taiwan and travel endorsements (excluding the second endorsement).

★★★ Driving management business

Vehicle owner and driver window user registration. Open the internet to handle business authority, and guide the masses to handle car management business online or dial 11185 to handle car management and other business.

★★★ Public security business

Dog registration certificate, dog identification card.

★★★ Certificate issued

1. Certificate of correction for the change of household registration items: Certificate of Change.

2. Certificate of cancellation of household registration: Certificate of Death Cancellation, Certificate of Cancellation of Household Registration for Military Service in the Army, Certificate of Cancellation of Residence Abroad, Certificate of Cancellation of Household Registration for Sentenced Punishment, Certificate of Re-entry/Mistaken Registration of Household Registration.

3. Proof of kinship: Proof of Kinship.

4. Identity certificate of abducted children: Identity certificate of abducted children.

5. Certificate of reporting abandoned baby (child): Report Certificate of Reporting Abandoned Baby (child).

6. Abnormal Death Certificate: Abnormal Death Certificate.

7. Temporary identity certificate: Temporary Identity Certificate.

8. Certificate of No Criminal Record: Certificate of No Criminal Record.

9. Other certificates: Certificate of Residence Registration and Certificate of Change of Door (Building) Number.

Special reminder

Most businesses cannot be handled across regions.

It is worth noting that the "Chengdu Public Security One-stop Service Accreditation Point" mainly serves citizens in all major districts of Chengdu, and most of the citizens’ businesses cannot be handled across regions. For example, citizens in Jinjiang District are handled at the accreditation point in this district. At the same time, for the second-generation ID card that citizens are more concerned about, except that the first application for ID card needs to be handled at the police station where the household registration is located, the subsequent application for replacement of ID card can be realized at the registration office in this district. Friends from other places, as long as they have a residence permit in Chengdu, can enjoy equal treatment according to the management measures of residence permit of Chengdu Public Security Bureau. The processing of off-site ID cards is also being piloted, and it can be completed at some processing points.

"We will further strengthen the management and improvement of one-stop accreditation points. Strive to create a good environment, provide warm services, and regulate their own law enforcement behavior. " Yang Hongwu, political instructor of Chengdu Public Security Household Administration Bureau, said. He mentioned that citizens can make an appointment to handle business through Chengdu Public Security Micro-Household Administration, which provides a more convenient way for citizens. Regarding the addresses and telephone numbers of 136 "Chengdu Public Security One-stop Service Accreditation Points" in the city, the website will also be launched in the near future.

(The original title is "Doing an ID card in Chengdu, photos can be" selfie ".Go to 136" one-stop service registration points "to find selfie artifacts, and you can take photos until you are satisfied")

"One shot of HPV vaccine can effectively prevent cervical cancer, which is equivalent to two or three shots." This is the latest suggestion from the Advisory Expert Group on Immunization Strategy (SAGE) of the World Health Organization (WHO).

As a female malignant tumor, the incidence rate is second only to that of breast cancer. Cervical cancer is the only cancer with clear etiology-HPV-induced lesion. It is also the only cancer that human beings can prevent at present-vaccination with HPV vaccine.

However, due to low production capacity and insufficient supply, many people have not been vaccinated with this vaccine so far. # I am anxious about producing HPV vaccine # The topic that HPV vaccine is hard to find has repeatedly become a hot search.

SAGE’s latest assessment can change this situation?

What does it mean that HPV vaccine is effective with one shot?

At present, there are five HPV vaccines approved for marketing in the world, all of which need 2 or 3 injections. The suggestion that one shot is enough representsUnder the premise of constant production capacity, the vaccination speed of HPV vaccine will be more than twice as fast as it is now.

However, SAGE’s suggestion is not the final conclusion. WHO said that before the formal revision of the position paper on HPV vaccine, a meeting will be held to discuss the interests.

Even if the WHO revised the vaccination program recommendations in the future and adopted them in China, it will take a long time.According to the policy of National Medical Products Administration, if the vaccine needs to be changed, it needs to perform a series of clinical data support to ensure that the vaccine is effective for the local population in China. This process is often calculated in years.

Moreover, although studies have shown that the protective effect of single-dose HPV vaccine is really good, so far, single-dose HPV vaccine still lacks the support of clinical data. SAGE would make such a "quick" suggestion, considering the current situation that HPV vaccine is out of stock. Nothemba (Nono) Simelela, Assistant Director-General of WHO, said: "This single-dose proposal is likely to enable us to achieve the goal of eliminating cervical cancer faster."

WHO in the "global strategy to accelerate the elimination of cervical cancer" proposed cancer eradication methods are:By 2030, 90% of girls will be vaccinated with HPV before the age of 15. However, due to the shortage of vaccines, this figure will reach 13% in 2020.

China also faces similar problems.

According to the estimation of Song Yifan and others from the Immunization Planning Center of China Center for Disease Control and Prevention, since GlaxoSmithKline became the first HPV vaccine approved for marketing in China in July 2016,By the end of 2020, the HPV vaccination rate of school-age women in China will be 2.24%.Although the vaccination rates in Beijing, Shanghai and other cities are among the highest in China, they only reach 7% and 8%.

It took only a few short years for COVID-19 vaccine to go from research and development to marketing to mass inoculation. Compared with this, the vaccination rate of HPV vaccine has grown slowly. Why? The answer is that production capacity can’t keep up.

Although the history of HPV vaccine research and development has been more than 30 years,But today, only four vaccine manufacturers in the world are producing HPV vaccines.Moreover, before Wan Tai Bio and watson biological’s domestic bivalent vaccines went on the market, for a long time, the whole world relied on GlaxoSmithKline and Merck to provide vaccines.

As the only four-valent and nine-valent HPV vaccine supplier in the world at present, Merck promised in early 2022 to substantially increase the supply of HPV vaccine to China. However, compared with hundreds of millions of school-age women in China, the supply that Merck can increase is still "a drop in the bucket".

And it may be China vaccine enterprises that can finally solve this supply and demand problem.

Domestic HPV vaccine, production capacity soared

On the last day of 2019, Xinkening, a bivalent domestic HPV vaccine developed by Wan Tai Biotech, was approved for marketing, with a price of 329 yuan/needle, which can be vaccinated by women aged 9 to 45. At that time, sirrah, which was also a bivalent HPV vaccine, needed 580 yuan for one shot and could not be vaccinated under 20 years old.

Cheaper price and wider vaccination age allowed Xinkening to surpass sirrah in the first year of listing.Quickly seized the domestic bivalent HPV vaccine market. By 2021, Wan Tai Bio will issue 10.66 million bivalent HPV vaccines a year.

With the recent listing of the second domestic bivalent HPV vaccine, Wozehui, the shortage of HPV vaccine is expected to be further alleviated. Watson biological, who is responsible for the production of Wozehui, said that "a modern production base with a capacity of 30 million doses of HPV bivalent vaccine has been built".

However, compared with bivalent HPV vaccine, which is more and more easy to get, many people want to get tetravalent or even nine-valent HPV vaccine.

The so-called "price" refers to the number of HPV virus models prevented by vaccines. At present, more than 200 HPV models have been discovered, not all of which will cause cancer.Most cases of cervical cancer are infected with one of 14 high-risk HPV.The bivalent HPV vaccine covers two of the most common, and the nine-valent vaccine covers seven of them and two low-risk HPV.

Because the higher the valence, the more kinds of HPV viruses can be prevented, which makes Jiuvalence the most tight HPV vaccine at present.

How hard is it to grab nine prices? Let’s take a look at Shenzhen, which uses the lottery method to decide the vaccination opportunity: The results of the third phase of the nine-valent HPV vaccine lottery in 2022 show that there are 527,000 applicants in this period, while the index is only 21,000, and the winning rate is only 4%.

This situation is also expected to be solved by domestic vaccines in the future.

At present,At least 14 kinds of HPV vaccines from pharmaceutical companies in China have entered the clinical research stage or been approved in clinical trials, and nearly half of them are 9-valent HPV vaccines.Among them, the fastest-growing nine-valent vaccines have entered the clinical phase III, which means that the domestic nine-valent vaccines are getting closer and closer to the end of the market.

In addition to the nine-valent, higher-priced HPV vaccines have also entered clinical trials. According to the data released by Shenzhou Cell, the tetravalent HPV vaccine they developed covered all 12 high-risk HPV subtypes published by WHO, and the prevention rate of cervical cancer increased from 90% to 96%.

So many companies are scrambling to develop HPV vaccine, which is also related to the profit potential of this market. With a bivalent HPV vaccine, the revenue of Wan Tai Bio’s vaccine business increased by 360.75% in 2021.

The more intense the domestic vaccine "rolls", the higher the chance of ordinary people hitting HPV vaccine in the future.

Price is the key to popularize HPV vaccine.

In addition to increasing the production of HPV vaccine,The entry of domestic vaccines will also bring a significant impact, which is to reduce the price of HPV vaccine.

The single price of Xinkening is 43.3% lower than that of imported bivalent HPV vaccine. Wozehui, which went on the market in March 2022, further reduced the bivalent purchase cost, with a price of 319 yuan each.

SAGE recommended a single dose of HPV vaccine, not only considering the problem of low vaccine productivity, but also considering the high cost of vaccination.

A survey published in China Public Health last December showed that three-quarters of the women interviewed in Guangzhou were willing to take HPV vaccine.But more than 70% of people can’t accept spending more on HPV vaccine than 1000 yuan.

This means that in addition to the domestic bivalent HPV vaccine, the current imported tetravalent and nonavalent vaccines are too expensive for most people.

If you don’t want to wait, the cost will be higher. Because there is a 26-year-old age limit for the 9-valent HPV vaccine in China, many girls are worried that they will not be able to fight at the end of the queue for too long, so they will pay extra money to go to private hospitals to fight at the spot price of 9-valent HPV vaccine, and the final cost is often twice the guiding price.

However, the state that HPV vaccine is rare will not last forever.Zhang Jun, deputy dean of the School of Public Health of Xiamen University, said that the domestic HPV vaccine is expected to be in short supply for about three years, and then the supply will exceed the demand, and the price will drop sharply, and it will enter the era of national immunization planning.

Although the HPV vaccine has not been included in the national immunization program or medical insurance coverage, National Health Commission encourages qualified areas to pilot free vaccination of HPV vaccine first and gradually promote it.

At present, dozens of cities in China have started to pilot free HPV vaccination programs.The target population of primary vaccination is mostly girls around the age of 14.

And this is also the best age for HPV vaccination. Some scholars have analyzed the effect of HPV vaccination in the UK from 2006 to 2019 and found that,The incidence of cervical cancer in women who are vaccinated with HPV vaccine at the age of 12 ~ 13 is 87% lower than that in those who are not vaccinated;Vaccination at the age of 14 ~ 16 reduced the incidence by 62%. At the age of 16 ~ 18, the vaccination rate was only 34% lower.

But missing the best age doesn’t mean it won’t work. And even if you are over 26 years old, you may still be priced at nine in the future. Merck has started the phase III clinical trial of nine-valent HPV vaccine in China, and the suitable age group of nine-valent HPV vaccine is expected to be relaxed to 9-45 years old.

Perhaps, the post-90s generation will be the only generation in China with age anxiety because they can’t get the nine-valent HPV vaccine.

References:

1.WHO-《One-dose Human Papillomavirus (HPV) vaccine offers solid protection against cervical cancer》， https://www.who.int/news/item/11-04-2022-one-dose-human-papillomavirus-(hpv)-vaccine-offers-solid-protection-against-cervical-cancer

2. National Medical Products Administration -HPV vaccine and prevention of cervical cancer, https://www.nmpa.gov.cn/directory/web/nmpa/yaopin/ypjgdt/20190722080001877.html.

3. Song Yifan et al.-Estimated Vaccination Rate of Human Papillomavirus Vaccine for Women Aged 9-45 in China from 2018 to 2020.

4. China News Network-"Multinational enterprises in urgent need of HPV vaccination for Chinese people: will greatly increase supply", https://www.chinanews.com.cn/cj/2022/01-11/9649162.shtml.

5. Beijing News-"After 17 years of research and development, the second domestic HPV vaccine was approved. Will there be a shortage of vaccines in the future?" 》， https://www.bjnews.com.cn/

6. Shenzhen Health and Health Commission-"1564 young ladies won! In March, the results of Shenzhen nine-valent HPV vaccine lottery were released! 》， https://mp.weixin.qq.com/s/

7. The Paper-"The world’s first 14-valent HPV vaccine entered the second clinical phase in China. Is it safe after" adding "? 》， https://m.thepaper.cn/

8. Wan Tai Biology-Wan Tai Biology Annual Report 2021

9.Milena Falcaro et al.-The Effects of the National HPV Vaccination Programme in England, UK, on cervical cancer and grade 3 cervical intraepithelial neoplasia incidence: a register-based observational study》

　　Beijing, April 14th (Reporter Xie Qing) "National security and social stability are the prerequisites for reform and development. Only with national security and social stability can reform and development continue to advance. " When the National Security Council was established, the Supreme Leader of president stated that national security should be clearly listed as the top priority.

　　The supreme leader pointed out that it is an important principle that we must always adhere to in managing the party and the country to enhance the sense of hardship and be prepared for danger in times of peace. Our party should consolidate its ruling position, unite and lead the people to uphold and develop Socialism with Chinese characteristics and ensure national security.

　　The National Security Law passed by the National People’s Congress Standing Committee (NPCSC) on July 1, 2015 stipulates that national security news propaganda and public opinion guidance should be strengthened, and national security publicity and education activities should be carried out through various forms.

　　At the same time, April 15th will be designated as the National Security Education Day, and national security education will be incorporated into the national education system and the civil servant education and training system, so as to enhance the national security awareness of the whole people.

　　With the development of the times, the new situation not only calls for a new concept of development and reform, but also needs a new concept of security. Let’s review, the Supreme Leader’s Chairman put forward that "we should adhere to the overall national security concept and embark on a national security road with China characteristics".

　　New National Security Law: April 15th is designated as National Security Education Day for all.

　　On July 1, 2015, the 15th session of the 12th the National People’s Congress Standing Committee (NPCSC) voted to pass the new national security law. The Supreme Leader of president signed Presidential Decree No.29 to announce it.

　　The new national security law defines the national security tasks in 11 fields, including political security, homeland security, military security, cultural security, and scientific and technological security, and it will be implemented as of the date of promulgation.

　　The law clearly defines national security, that is, the state power, sovereignty, unity and territorial integrity, people’s well-being, sustainable economic and social development and other major national interests are relatively in a state of no danger and no internal and external threats, as well as the ability to guarantee a state of continuous security, and April 15 every year is designated as the National Security Education Day for all.

　　It has been more than 20 years since China enacted the first national security law in 1993. With the development of the country, the national security situation has undergone tremendous changes, and the tasks and requirements for safeguarding national security have also changed.

　　The overall national security concept put forward by the CPC Central Committee with the Supreme Leader as the general secretary emphasizes the comprehensive maintenance of national security in all fields, and it is precisely the need to formulate a law to deal with various threats and risks of national security and guide the work in all fields of national security.

　　国安机关表彰大会：开创国家安全工作新局面

　　2015年5月19日，全国国家安全机关总结表彰大会在北京召开。中共中央总书记、国家主席、中央军委主席最高领袖会见全体与会代表，并发表重要讲话。

　　国家安全机关是维护国家主权、安全、发展利益，建设和发展中国特色社会主义的特殊力量，为保卫社会主义国家政权、保持社会和谐稳定、保护人民生命财产安全发挥了重要作用。

　　最高领袖指出，党的十八大以来，在党中央领导下，各级国家安全机关围绕中心、服务大局，为维护国家安全和社会大局稳定作出了重要贡献。实践证明，国家安全干警不愧是党和人民可以信赖的忠诚卫士，不愧是甘于奉献的无名英雄，党和人民永远不会忘记。

　　在受到表彰的先进单位和个人中，最高领袖强调全国国家安全机关要以他们为榜样，认真学习贯彻党的十八大和十八届三中、四中全会精神，贯彻落实总体国家安全观，坚定理想信念，忠诚党的事业，与时俱进开创国家安全工作新局面，为实现“两个一百年”奋斗目标、实现中华民族伟大复兴的中国梦作出更大贡献。

　　"It is necessary to sum up experience, strictly manage, and strive to build a cadre team that is firm and pure, reassuring the party, willing to contribute, and able to fight for success." The standard requirement of 16 words is also a concise summary of the supreme leader’s expectations for "national security cadres."

　　New security concept in Asia: common, comprehensive, cooperative and sustainable

　　On May 21st, 2014, the fourth summit of the Conference on Interaction and Confidence Measures in Asia was held in Shanghai on May 21st. The Supreme Leader of president, China presided over the meeting and delivered a keynote speech entitled "Actively Establishing the Asian Security Concept and Creating a New Situation of Security Cooperation".

　　The Supreme Leader emphasized that China will work with all parties to actively advocate a common, comprehensive, cooperative and sustainable concept of Asian security, build a new framework of regional security and cooperation, and strive to embark on a road of Asian security that is jointly built, shared and win-win.

　　China’s peaceful development starts in Asia, relies on Asia and benefits Asia. The Supreme Leader said that the people of China are willing to work with all parties to realize the Asian dream of lasting peace and common development.

　　The wise change with time, and the wise make it with things. The Supreme Leader’s Asian security concept is undoubtedly of great significance to the development of China and Asia. This is related to the Chinese dream of realizing the great rejuvenation of the Chinese nation, and then to the prospect of achieving all-round prosperity, cooperation and development in Asia.

　　All parties at the meeting spoke highly of China’s great contribution to promoting peace, stability and prosperity in Asia and the world, appreciated China’s adherence to peaceful development and good neighborliness, and supported the Asian security concept advocated by China. It can be seen that the new Asian security concept can achieve common security, common development and common prosperity.

　　The first meeting of the National Security Committee: the first mention of the overall national security concept

　　On April 15, 2014, the Supreme Leader presided over the first meeting of the National Security Council.

　　The Supreme Leader pointed out that at present, the connotation and extension of China’s national security are richer than at any time in history, the space-time field is broader than at any time in history, and the internal and external factors are more complicated than at any time in history. We must adhere to the overall concept of national security, take people’s security as the purpose, take political security as the foundation, take economic security as the basis, take military, cultural and social security as the guarantee, and rely on promoting international security to embark on a national security road with China characteristics.

　　In addition, the Supreme Leader stressed that it is a major principle that we must always adhere to in managing the party and the country to enhance the sense of hardship and be prepared for danger in times of peace. Our party should consolidate its ruling position, unite and lead the people to uphold and develop Socialism with Chinese characteristics, and ensure national security is a top priority.

　　To implement the overall concept of national security, we must attach importance to both external security and internal security, and seek internal development, change, stability, building a peaceful China, external peace, cooperation, win-win situation and building a harmonious world.

　　“总体国家安全观”创造性地提出了富有中国特色的国家安全价值观念、工作思路与机制路径，是新时期下的“新国家安全观”，是符合中国实际国情的“新国家安全观”。

　　网络安全和信息化：没有网络安全就没有国家安全

　　2014年2月27日，中共中央总书记、国家主席、中央军委主席、中央网络安全和信息化领导小组组长最高领袖主持召开中央网络安全和信息化领导小组第一次会议并发表重要讲话。

　　当今世界，信息技术革命日新月异，对国际政治、经济、文化、社会、军事等领域发展产生了深刻影响。

　　最高领袖强调，网络安全和信息化对一个国家很多领域都是牵一发而动全身的，要认清我们面临的形势和任务，充分认识做好工作的重要性和紧迫性，因势而谋，应势而动，顺势而为。

　　“网络安全和信息化是事关国家安全和国家发展、事关广大人民群众工作生活的重大战略问题，要从国际国内大势出发，总体布局，统筹各方，创新发展，努力把我国建设成为网络强国。”最高领袖指出，没有网络安全就没有国家安全，没有信息化就没有现代化。

　　At the same time, the Supreme Leader proposed that the Central Leading Group for Cyber Security and Informatization should play a centralized and unified leadership role, coordinate major issues of cyber security and informatization in various fields, formulate and implement national cyber security and informatization development strategies, macro-plans and major policies, and continuously enhance security capabilities.

　　National Security Council: Strengthen centralized and unified leadership over national security work.

　　On November 12, 2013, the Third Plenary Session of the 18th CPC Central Committee decided to establish the National Security Council.

　　National security and social stability are prerequisites for reform and development. The Supreme Leader pointed out that the main duties of the National Security Council are to formulate and implement national security strategies, promote the construction of the rule of law in national security, formulate principles and policies for national security work, and study and solve major problems in national security work.

　　Only with national security and social stability can reform and development continue to advance. The Supreme Leader stressed that at present, China is facing the dual pressures of safeguarding national sovereignty, security and development interests externally and maintaining political security and social stability internally, and various foreseeable and unpredictable risk factors have increased significantly. However, our security work system and mechanism can not meet the needs of maintaining national security, and we need to build a strong platform to coordinate national security work.

　　It is imperative to set up the National Security Council and strengthen centralized and unified leadership over national security work.