Beijing Zhengban Fa [2008] No.1

The people’s governments of the districts and counties, the commissions, offices and bureaus of the municipal government, and the municipal institutions:

　　In recent years, the civil aviation planes of Capital International Airport (hereinafter referred to as Capital Airport) have been repeatedly hit by pigeons raised and released in the surrounding areas, especially since 1998, and such incidents have been on the rise, which has seriously endangered the flight safety of civil aviation. With the rapid growth of the flight volume of the Capital Airport and the approaching of the Beijing Olympic Games in 2008, in order to eliminate the hidden danger of bird strikes against aircraft in the clearance protection area of the Capital Airport and ensure the flight safety of civil aviation, according to the Civil Aviation Law of People’s Republic of China (PRC), the Notice of the General Office of the State Council on Strengthening the Management of Civil Aviation Flight Safety (Guo Ban Fa [2004] No.37) and other relevant regulations, with the consent of the municipal government, the relevant matters are hereby notified as follows:

　　1. According to the Convention on International Civil Aviation, the national civil aviation industry standard "Technical Standard for Civil Airport Flight Areas" (MH5001-2006) and other relevant regulations, the clearance protection area of the Capital Airport is 35.8 kilometers long from north to south, 15.9 kilometers wide from east to west, and covers an area of about 257.72 square kilometers (see Annex for specific coverage).

　　2. In the clearance protection area of the Capital Airport, it is strictly forbidden to raise and fly pigeons and other birds and animals (hereinafter referred to as birds and animals) that affect flight safety. Outside the clearance protection area of the Capital Airport, when flying birds and animals, no unit or individual may fly through the clearance protection area of the Capital Airport.

　　3. In the planned land use scope and clearance protection area of the Capital Airport, the industrial and commercial departments shall not register enterprises and individual industrial and commercial households engaged in raising and releasing birds and animals according to law. Within the planned land area of the Capital Airport, if bird activities endangering flight safety occur, the airport management agency shall take eviction or other necessary measures to deal with them. Outside the planned land use scope of the Capital Airport and within the clearance protection area, the local district government is responsible for building dovecotes and raising, flying and operating birds and animals without a license in violation of relevant regulations, and organizes urban management and law enforcement, public security, industry and commerce and other relevant departments, neighborhood offices and township governments to investigate and deal with them according to law.

　　Fourth, the carrier pigeon association should do a good job in the organization and management of its members, sheds, clubs, etc., and supervise them to strictly abide by the relevant regulations when raising and flying carrier pigeons and organizing racing competitions, so as not to affect flight safety.

　　Five, civil aviation, public security, urban management and law enforcement, industry and commerce departments should earnestly perform their respective duties, and in accordance with the Civil Aviation Law of People’s Republic of China (PRC), the Law of People’s Republic of China (PRC) on Public Security Administration Punishment, the Measures for Investigating and Banning Unlicensed Business (Order No.370 of the State Council), and the Regulations of Beijing Municipality on City Appearance and Environmental Sanitation, etc., the illegal acts shall be punished, and criminal responsibility shall be investigated according to law.

　　Attachment: Scope of Clearance Protection Area of Capital Airport

　　January 4th, 2008　　

Attachment:

Scope of clearance protection area of Capital Airport

　　According to the Convention on International Civil Aviation, the national civil aviation industry standard "Technical Standard of Civil Airport Flight Area" (MH5001-2006) and other relevant regulations, the clearance protection area of the Capital Airport is 6 kilometers on both sides of each runway and 15 kilometers at both ends. According to the final planning of the four runways, the clearance protection area of the Capital Airport is 35.8 kilometers long from north to south and 15.9 kilometers wide from east to west, with a total area of about 257.72 square kilometers in the east to Linhe Industrial Zone in Renhe District, Shunyi District, fan village in Yongshun District, Tongzhou District, Luogezhuang Village in Houshayu District, Shunyi District, and Baofang Village in Zhaoquanying Town, Shunyi District. It covers 3 streets, 6 districts, 1 industrial zone, 38 communities and 98 administrative villages under the jurisdiction of 3 towns in Shunyi District, 1 street in Chaoyang District, 6 communities and 26 administrative villages under the jurisdiction of 4 districts, and 9 administrative villages under the jurisdiction of 1 district and 1 town in Tongzhou District. The details are as follows:

　　I. Scope of Clearance Protection Area in Shunyi District

　　(1) Sixteen communities in Shengli Street: Xingfu West Street Community, Yibin Street Community, Yibin Building First Community, Yibin Building Second Community, Qianjin Community, Taiping Community, Shengli Community, Shuangxing West District First Community, Shuangxing West District Second Community, Xixin Community, Xixin First Community, Dongxing Community First Community, Dongxing Community Second Community, Dongxing Community Third Community, Shuangxing East Community, Happiness.

　　(2) Nine communities in Guangming Street: Binhe Community, Yulong garden club, Family Committee of 66055 Army, First Community in New North District, Second Community in New North District, Third Community in New North District, First Community in New South District, Second Community in New South District and Sixth Community in Yulong District.

　　(3) Ten communities in Shiyuan Street: Wulicang No.1 Community, Wulicang No.2 Community, Shiyuan West Community, Shiyuan East Community, Shiyuan North District No.1 Community, Shiyuan North District No.2 Community, Shiyuan South Community, Light Automobile Committee, Yanjing Beer Manufacturers Committee and Shiyuan East Community.

　　(4) Linhe Industrial Zone and 19 administrative villages in Renhe District: Shigezhuang Village, Qianjin Village, Fuxing Village, Taiping Village, Zhuangtou Village, Shimen Village, Shajing Village, Wangquansi Village, Junying Village, Meigouying Village, Shatuo Village, Hugezhuang Village, Yangjiaying Village, Wujiaying Village, Migezhuang Village, Yaopo Village, Taojiafen Village and Pinggezhuang Village.

　　(5) Fourteen administrative villages in Houshayu area: Luogezhuang Village, Xitian Gezhuang Village, Yanwangzhuang Village, Xibai Xinzhuang Village, Jixiangzhuang Village, Matouzhuang Village, Houshayu Village, Qianshayu Village, Dongzhuang Village, Huoshenying Village, Blacksmith Ying Village, Kuliushu Village, Huimin Ying Village and Donggezhuang Village.

　　(6) Two communities and eight administrative villages in Tianzhu area: Lianzhu garden club, Lianzhu Garden Second Community, Tianzhu Village, Xuedarenzhuang Village, Loutai Village, Gangshan Village, Yang Er Ying Village, Hualikan Village, Ershilipu Village and Xiaowang Xinzhuang Village.

　　(7) Eleven administrative villages in South Faxin area: hong cun in Donghai, hong cun in Xihai, Nanjuan Village, Sanjiadian Village, Dongdulan Village, Xidulan Village, Beifaxin Village, Jiaogezhuang Village, Dajiangwa Village, Liujiahe Village and South Faxin Village.

　　(8) Eleven administrative villages in Ma Po: Liangzhengjuan Village, Miaoerjuan Village, Yamen Village, Shijiaying Village, Maojiaying Village, Yaodian Village, Majuan Village, Jingjuan Village, West Ma Po Village, Baigezhuang Village and Nihe Village.

　　(9) Five administrative villages in Niulanshan area: Qianyanzi Village, Yaogezhuang Village, Xianggezhuang Village, Guanzhijuan Village and Fangezhuang Village.

　　(10) Seven administrative villages in Gaoliying Town: Zhangxizhuang Village, Dongmagezhuang Village, Ximagezhuang Village, Xiaxianying Village, Nanlangzhong Village, Shuipo Village and Wenying Village.

　　(11) One community and nine administrative villages in Liqiao Town: Sakura Garden Community, Yinggezhuang Village, Nanbanbidian Village, Houqiao Village, Zhuangzi Ying Village, Wazi Village, Touerying Village, Sansiying Village, Zhangxin Village and Xishuxing Village.

　　12. The 14 administrative villages in Zhaoquanying Town: xi xiao ying, Beilangzhong Village, Qiansangyuan Village, Housangyuan Village, Baimiao Village, Majiapu Village, Daguanzhuang Village, xiaoguanzhuang Village, Xichengezhuang Village, Zhaoquanying Village, Baofang Village, Jishanying Village, Xijiangyouying Village and Banqiao Village.　　

　 　 　 　II. Scope of Clearance Protection Area in Chaoyang District

　　(1) Four communities in the streets of the Capital Airport: South Road Xili Community, South Road Dongli Community, Xiping Street Community and Nanping Li Community.

　　(2) There are 2 residential areas and 13 administrative villages in Jinzhan area: Chaoyang Farm Residential Area, No.16 Engineering Office Residential Area, Leizhuang Village, Dongcun Village, Xicun Village, Xiaodian Village, Beimafang Village, Louzizhuang Village, Shawo Village, Ligezhuang Village, Magezhuang Village, Picun Village, Dongyao Village, Caogezhuang Village and Gaoantun Village.

　　(3) Six administrative villages in Sunhe area: Sunhe Village, Qianweigou Village, Houweigou Village, Kangying Village, Beidian Village and Xidian Village.

　　(4) Four administrative villages in Dongba area: Sanchahe Village, Jiaozhuang Village, Dongxiaojing Village and Xixiaojing Village.

　　(5) Three administrative villages in Changying Hui area: Shilipu Village, Wuliqiao Village and Caofang Village.

　　III. Scope of Clearance Protection Area in Tongzhou District

　　(1) Three administrative villages in Yongshun area: Beimazhuang Village, fan village Village and Wangjiachang Village.

　　(2) Six administrative villages in songzhuang town: Guantou Village, Wugezhuang Village, Gequ Village, Yingezhuang Village, Regal Village and Zhaili Village.

　　Yangguang. com BeijingsixmoonfiveJapan News (Reporter Sun Bingjie) Recently, a new type of Internet has emerged in Shandong and Fujian.+Home-based medical model-"shared nurses" has aroused public discussion. This one is connected to the Internet.+The new medical model of hitchhiking not only brings convenience to patients, but also causes social doubts about its safety. National Health Commission, as the competent department, responded a few days ago and will summarize the experience of "sharing nurses" in various places to guide the standardized development.

　　"shared nurses": a win-win situation for nurses and patients?

　　Bike-sharing, familiar with the public, etc.APPSimilarly, turn on the phone.APPChoose the service you need, place an order, wait for the platform to screen, and you can enjoy the services provided by nurses or doctors in just ten minutes. This is a "shared nurse" model popular in Jinan, Shandong and other places recently.

　　"shared nurse"APPWhat services can you provide? The reporter downloaded an earlier one with the words "shared nurse" on the mobile phone.APPBesides routine injections, infusions, blood collection, etc., its homepage can also provide services such as catheterization, enema, stitches removal and maternal and child care.

　　This new type of "Internet"+The mode of "home care" is being welcomed by many users, such as Ms. Wan Juan in Beijing.APPA loyal user of. She told reporters that her family is old and young, and she rarely has time to go to the hospital.APPSolved her "trouble" to a great extent. "I have to queue up when I go to the hospital to register. The elderly and children at home are uncomfortable. I now make an appointment with doctors and nurses directly."

　　At present, the shared nurses launched by various platformsappThere is little difference in functions, mainly providing on-site service for nurses. In addition to the top three hospitals, some nurses come from outpatient departments of primary hospitals. The service items are varied, but mainly include injection and infusion, dressing change and maternal and child care.

　　Compared with public hospitals, the reporter noticed that nurses were shared.APPIt is generally expensive in price. Take basic services such as infusion and injection as an example. Most of themAPPOn-site service price is at150About yuan, more than hourly billing. According to the price of medical services in public hospitals in Beijing(2017edition),Adult outpatient intravenous infusion general public hospital price insevenYuan or so, only this one is close.twentyTimes.

　　However, in the view of employee Zhao Fei, the current pricing is still in the "acceptable range" compared with the cost of patients queuing in the hospital. And the shared nurse model can not only provide convenience for patients, but also give patients and nurses appropriate subsidies, which can increase the income of nurses.

　　"Now nurses pay more, but their income is not ideal. In particular, some nurses are too old to work at night, and theseAPPIt provides them with opportunities to realize their skills and increase their income. Yang Jie, a nurse in a hospital in Xicheng District, Beijing, told reporters.

　　"Aging" gives birth to the demand for home care

　　In fact, shared nursesAPPIt is not the first time that it has appeared. The upsurge of sharing economy in recent two years has also made the medical field the next outlet. Huge nursing demand and professional nursing force through "Internet"+"Shared nurses" are entering the families of ordinary people.

　　The latest statistics of the National Office for Ageing, as of2017At the end of 2008, the whole country60The number of elderly people over the age of2.4Billion, accounting for the proportion of the total population.17.3%, average nearfourIndividual labor supportoneAn old man. Many elderly people suffer from chronic diseases and need regular health care; Among the hospitalized patients, at least20%~30%% of patients still need nursing after discharge.

　　There is a strong demand for nurses’ home service. Mobile nursing platform provides opportunities for nurses to realize their skills. While "shared nurses" seem to be "win-win", the unsafe factors can not be ignored, mainly focusing on nurse qualifications, medical safety and so on.

　　According to National Health Commission2008The Measures for the Administration of Nurses’ Professional Registration, which was implemented in, stipulates that nurses can only engage in nursing work according to the registered practice place after obtaining the Nurse’s Practice Certificate through practice registration. According to the reporter’s understanding from National Health Commission, at present, except for Beijing, Tianjin and Guangdong, which are pilot areas for regional registration of nurses, nurses in most other provinces have no multi-point qualification.

　　"This means that the on-site service is actually carried out outside the registered practice place and is suspected of illegal practice." Analysis of Zhou Xuefeng, a lawyer of Beijing Jingshi Law Firm.

　　In addition, how to avoid the medical risks in the nurse’s home service center? It is the key to whether the "shared nurse" platform is reliable. The reporter noticed that the current shared nursesAPPFor patients with higher risks, they will generally not take orders, and nurses will also choose orders with lower risks. Yang Jie, who has many years of nursing experience, admits that the biggest risk of door-to-door infusion lies in its uncontrollable nature, and patients may have adverse reactions during infusion. The patients’ families lack emergency rescue equipment, "not only the patients will be very dangerous, but also the disputes between doctors and patients will be difficult to sort out."

　　Relevant policies are on the way.

　　this yearfourmoon28On April 20, the General Office of the State Council officially released "On Promoting the Internet"+Opinions on the development of medical health. Require a sound "Internet"+Medical health "service system. Promote the integration of Internet and medical and health services from the aspects of medical treatment, public health, family doctor signing, drug supply guarantee, medical insurance settlement, medical education, popular science and artificial intelligence application. It covers many aspects of medical treatment, medicine and medical insurance.

　　In an interview with a reporter from the Central Broadcasting Bureau, the relevant departments of National Health Commission pointed out that some provinces and cities with conditions have explored the "shared nurse" door-to-door service, which has solved the problem of the elderly and patients with mobility difficulties, brought convenience to the people, and is an exploration of nursing service entering the family.

　　According to the forecast of the World Health Organization,2050In, China will have.35%The population of more than60Years old, which means that China is also facing strong aging pressure under the background of building a well-off society in an all-round way. In Zhao Fei’s view, aging+The limited medical resources have created many urgent needs for Chinese to see a doctor at home. "Although the’ shared nurse’ has some flaws, it has responded to some extent.The basic desire of "seeing a doctor at home". Wu Zhipan, a professor at Peking University, said, "Most norm makers are facing the Internet.+"Mode, it is inevitable to behave behind some, should set aside time. "

　　Regarding whether it is legal for nurses to sign contracts with the online platform, the relevant authorities said in an interview that the multi-point practice of signing online platforms and physical medical institutions is not the same, but there is no relevant policy. National Health Commission said that the next step will be to gradually revise and improve the policies related to nurse practice management on the basis of summing up the pilot experience, combining with the promotion of graded diagnosis and treatment and the continuous deepening of medical reform. At the same time, further implement the "General Office of the State Council on promoting the Internet"+Opinions on the development of medical health, combined with the experience of exploring and developing "shared nurses" in various places, guides standardized development to meet the diversified and multi-level health needs of the public.

　　Cctv newsToday (August 30th), Zhang Ying, director of the Employment Promotion Department of the Ministry of Human Resources and Social Security, answered a reporter’s question about youth employment at a policy briefing in the State Council, saying that young people are the most active and dynamic force in the whole society, and there is great potential for innovation and creation. Promoting youth employment is related to the improvement of people’s livelihood, high-quality development and the future of the country. The 14th Five-Year Plan for Employment Promotion not only emphasizes the continuous employment of college graduates, but also clearly puts forward the promotion of youth employment for the first time and makes separate arrangements.

　　Zhang Ying said that the overall consideration is to promote youth employment and entrepreneurship through multiple channels through the efforts of the supply and demand sides and the support of policy services. The specific measures are as follows:

　　First, focus on creating diversified employment opportunities.Expand employment and entrepreneurship opportunities in new industries, new formats and new modes, connect with the optimized industrial layout, coordinated regional development and the talent demand of enterprises in key industries, improve the demand forecasting, factor allocation and coordinated development mechanism of human resources, and support young people to find jobs and start businesses in areas that are in urgent need.

　　The second is to enhance the ability of career development.Improve the job-seeking ability through career guidance, increase the guidance of career planning, career experience and job-seeking methods, and enhance the adaptability of young people in the workplace. Through vocational training, improve professional skills, expand special ability training, new vocational training, and replace training with work to enhance the growth of youth employment. Increase practical experience through employment internship, provide more internship opportunities for management and technical positions, and enhance the post competence of young people.

　　The third is to focus on enhancing the pertinence of employment services.We will improve the employment service model that meets the needs of young people, and provide employment services such as job introduction according to their employment wishes, so as to improve their accuracy in choosing jobs. Open the channels of information services, organize professional and professional recruitment activities, combine online and offline, and innovate more employment service models such as "live broadcast with posts" that meet the characteristics of young people.

　　The fourth is to focus on helping the difficulties.We will implement the youth employment sailing plan, provide practical guidance, classified guidance and follow-up assistance to unemployed young people, and guide them to stand on their own feet and enter the market and integrate into society. At the same time, we will provide employment assistance to some unemployed young people who are in difficulty and secure the bottom line of employment.

　　College graduates have always been the most important among the youth groups. For recent college graduates, the Plan has defined a special employment and entrepreneurship support plan to continuously expand market-oriented and socialized employment channels. For previous unemployed graduates, they can also get better support through relevant measures and arrangements to promote youth employment.

　　Zhang Ying said, we will do our best to create conditions for young people to find jobs and start businesses, and help them contribute to the country with their wisdom and talents, so as to forge ahead and serve the society.

Li Hui, deputy of the 19th National Congress and secretary of Yongzhou Municipal Committee of Hunan Province, was interviewed by CCTV reporters.

　　Cctv news(Reporter Tang Shiying, Liu Chunyu, Li Wenxue) "Since the 18th National Congress of the Communist Party of China, our urban and rural appearance has undergone gratifying changes. For ordinary people, the sense of gain is getting stronger and stronger, and there have been great changes in eating and living, and the smiles of ordinary people are brighter!" Li Hui, deputy of the 19th National Congress and secretary of the Yongzhou Municipal Committee of Hunan Province, said that it is the duty of a local responsible comrade to study the report of the 19th National Congress carefully. "After I go back, I will pass the voice of the party to every party member at the first time."

　　Yongzhou City is located at the source of Xiangjiang River. In recent years, Yongzhou City has actively integrated into the development mode of "green development and green life". The excellent air quality rate has reached more than 90% all the year round. From January to September this year, the excellent air quality rate ranked first in the province; The city’s forest coverage rate reached 64.7%, with 8 national forest parks, 8 national wetland parks and 4 national nature reserves; The city’s surface water environmental function zones, drinking water sources and urban centralized drinking water sources have reached the standard rate of 100%. Up to now, the water quality of the Xiangjiang River has maintained the Class II water standard for 64 consecutive months, realizing the "Xiangjiang River going north and flooding the river". Ecological advantages and green advantages are accelerating into development advantages.

　　Deputy Li Hui said that the changes and development of Yongzhou in recent years are due to the "four persistences" and the insistence on green development as the top priority. During the "Thirteenth Five-Year Plan" period, the city deployed 83 key ecological and environmental protection projects with a total investment of 104.2 billion yuan; Adhere to the ecological red line as the bottom line of politics. In recent years, Yongzhou City vetoed 72 projects to be stationed, with a planned total investment of more than 10 billion yuan; Insist on industrial transformation as a fundamental solution. Since 2015, Xiangjiang Paper, which has a history of nearly 60 years, has been shut down and transferred with an annual output value of nearly 1 billion yuan and a tax revenue of more than 100 million yuan. Adhere to the ecological accountability as a sharp weapon, strictly fulfill the "one post and two responsibilities", take the construction of ecological civilization and ecological priority development as the key contents of the "potential performance" assessment, and include them in the performance assessment of leading bodies and the assessment of leading cadres’ execution, so as to lead the green development with the assessment of "baton".

Li Hui, secretary of Yongzhou Municipal Committee of Hunan Province, accepted an exclusive interview with CCTV reporters.

　　It is such a series of measures that make Yongzhou’s ecological management and protection come to the forefront of the whole province and even the whole country.

　　The report of the 19th National Congress of the Communist Party of China made a new plan of "accelerating the reform of ecological civilization system and building a beautiful China". Deputy Li Hui said that the concept of "Lucid waters and lush mountains are invaluable assets" should be firmly established, and ecological protection and economic and social development should be planned and deployed together.

　　Yongzhou will conscientiously implement the spirit of the 19th National Congress of the Communist Party of China, insist on guarding the green mountains with an iron fist, promote green upgrading with industrial upgrading, write a green answer sheet with reform and innovation, and cultivate green development with green culture to ensure that Yongzhou has bluer sky, clearer water and greener mountains.

　　Deputy Li Hui said that in the next step, Yongzhou will also vigorously implement the strategy of "innovation leading the rise of openness", focus on building "a new highland of innovation and opening up, a new Yongzhou with quality and vitality", highlight the "six major battles" and strive to achieve "four upgrades". Strive to reach the forefront of the province’s second phalanx in comprehensive economic strength by 2022, with an average annual growth rate of 9%, reaching about 350 billion yuan and a per capita GDP of 10,000 US dollars; The total fiscal revenue increased by 15% annually, and the total amount doubled compared with 2017, exceeding 35 billion yuan; The per capita disposable income of urban residents is close to 50 thousand yuan, and the per capita net income of farmers exceeds 15 thousand yuan; It will be built into an inter-provincial regional central city of Hunan, Guangdong and Guangxi, a national civilized city, a national garden city, a national global tourism demonstration city and a world shoemaking capital.

Air-conditioning, watermelon, and WiFi are essential for summer homes.

Online classes, playing games and watching videos have become the daily life of friends.

Recently, there is a small partner private letter Xiaobian.

I found that my mobile phone traffic was "secretly running"

"The mobile phone is clearly connected to WiFi for 24 hours.

Why do you still generate traffic data? "

In order to protect the "money bag" of friends.

Xiaobian, this will reveal the secret for you.

Two misunderstandings

1. Some friends think that after the WiFi connection is successful, there is no need to turn off the data traffic. In fact, when the WiFi signal is unstable, it is still possible to consume traffic.

2. Some friends think that the mobile phone is still running traffic when connected to WiFi, which is either a problem with the mobile phone or a bug in the traffic. In fact, there is a problem with the mobile phone traffic settings.

1. When the WiFi is unstable or disconnected, the mobile phone may switch back to the 2G/3G/4G/5G network by default;

2. Some public WiFi has a time limit and will automatically switch back to the data network after the use time is over;

3. Due to the problem of mobile phone settings, WiFi； connection failed;

4. Some mobile phone systems will automatically switch to the data network when the WiFi connection signal is weak.

solution

1. Turn off the mobile data when connecting to the WiFi network.

2. Many smart phones will automatically open the data network when the WiFi signal is weak by default, so we’d better turn this function off.

Android system (take Huawei mobile phone as an example): Click "Settings-WLAN-WLAN+"to close it.

IOS system (for example, iOS9 and above): Click "Settings-Cellular Network-WLAN Assistant" to close it;

3. When the mobile phone is set to WLAN connection disconnection, it will prompt to use mobile data connection, such as Android system (taking Huawei mobile phone as an example), and click "Settings-Mobile Network-Mobile Data-Advanced-WLAN/Mobile Data Connection Switching Prompt-Prompt to Use Mobile Data Connection".

Today’s mobile phone traffic secrets are shared here!

Have you learned?

If you find it useful

Original title: "Traffic is" sneaking "? The truth is coming … "

Read the original text

　　
General Office of Guangdong Provincial People’s Government on Promoting and Standardizing

Implementation opinions on the application and development of big data in health care

People’s governments at the local level and listed, people’s governments of counties (cities, districts), departments and institutions directly under the provincial government:

　　In order to implement the Guiding Opinions of the General Office of the State Council on Promoting and Standardizing the Application and Development of Big Data in Health Care (Guo Ban Fa [2016] No.47), adapt to the development trend of big data technology, promote and standardize the integration, sharing and open application of big data in health care, improve the medical service capacity and improve the health level of the people, with the consent of the provincial people’s government, we hereby put forward the following implementation opinions.
　　I. General requirements

　　(1) Guiding ideology. We will fully implement the spirit of the 18th CPC National Congress and the Third, Fourth, Fifth and Sixth Plenary Sessions of the 18th CPC Central Committee, thoroughly implement the spirit of the series of important speeches by the Supreme Leader General Secretary and the new ideas, new ideas and new strategies for governing the country, conscientiously implement the decision-making arrangements of the CPC Central Committee, the State Council, the provincial party committee and the provincial government, adhere to the concept of innovation, coordination, green, openness and shared development, take the protection of people’s health as the starting point, adhere to people-oriented, innovation-driven, standardized, orderly, safe and controllable, The principle of open integration, co-construction and sharing, consolidate the grassroots foundation, improve the policy system, innovate the working mechanism, vigorously promote the interconnection, integration and open sharing of government health care information systems and public health care data, fully stimulate the innovation vitality of health care big data, explore new applications of data, innovate new service models, foster and develop new formats, provide strong support for building a strong health province and a healthy Guangdong, and make positive contributions to achieving the goal of "three orientations and two firsts".
　　(2) objectives and tasks.
　　—— By the end of 2017, a provincial-level comprehensive health information management platform with complete functions and unified authority will be initially established to realize interconnection with the national population health information platform. Realize the interconnection between the provincial drug bidding and purchasing business application supervision platform and the national drug supply security comprehensive management information platform.
　　—— By the end of 2018, all the listed and county (city, district) national health information comprehensive management platforms have been built at all levels, and connected with provincial platforms, forming an efficient and unified network covering all kinds of medical and health family planning institutions at all levels, and realizing business application interconnection, information sharing and effective collaboration.
　　—— By the end of 2020, the province’s health care data will be shared with basic data resources such as population, legal person, spatial geography and environment across departments and regions, and the data fusion application in medical care, medicine, medical insurance and health-related fields will achieve remarkable results, and the new format of health care big data application will flourish, initially forming a health care big data industry system. Health care big data application standard system, data security and privacy protection system, relevant policies and regulations have been continuously improved, the quality of health care services has been significantly improved, and the people have received more benefits.
　　Second, accelerate the construction of a shared and open health care big data application infrastructure system.

　　(1) Accelerate the construction of "one network, three platforms and three databases". Strengthen the top-level design and implement the Guangdong "Healthy Cloud" service plan. Integrate and utilize existing facilities and resources such as e-government extranet, network operator network and government cloud resources, and accelerate the construction to form a private network for health care services covering provinces, cities, counties (districts), townships (towns) and villages (residences). We will build a unified and authoritative comprehensive management platform for national health information at the provincial, municipal and county levels, connect all kinds of medical and health institutions at all levels, and strengthen data collection, integrated sharing and business collaboration of application information systems such as public health, family planning, medical services, medical security, drug supply and comprehensive management. Strengthen the maturity evaluation of interconnection of the comprehensive management platform of national health information at city and county levels, and improve the level of interconnection. Establish three unified databases of the whole province, namely, full population, electronic health records of residents and electronic medical records, and build a provincial-level national health big data center with the three databases as the core. (Provincial Health and Family Planning Commission, Development and Reform Commission, the municipal people’s government is responsible for all localities, and the Provincial Economic and Information Commission, the Public Security Department, the Department of Finance, the Department of Human Resources and Social Security, and the Food and Drug Administration cooperate, and the first department is the lead department, the same below)
　　(two) to speed up the upgrading of medical and health institutions information system. Accelerate the transformation and upgrading of the information system of medical and health institutions with electronic medical records as the core, reduce repeated investment and improve the efficiency of information construction. To break the data chimney formed by vertical business information system and the data island formed by isolated business information system, the information systems of medical and health institutions at all levels should all be connected with the comprehensive management platform of national health information of provinces, cities and counties, and realize data fusion within medical and health institutions and data sharing between medical institutions and between medical institutions and public health institutions. Strengthen the maturity of information system interconnection and evaluation of the application level of electronic medical record system in medical and health institutions, and improve the application level of electronic medical record. (Provincial Health and Family Planning Commission, the municipal people’s governments at all levels are responsible, and the Provincial Development and Reform Commission, the Economic and Information Commission, the Finance Department and the Human Resources and Social Security Department cooperate)
　　(3) Establish a mechanism for the collection, sharing and opening of health care data.
　　Promote the interconnection of the government health care information system with the three databases of the whole province’s population, residents’ electronic health records and electronic medical records, share data, and cooperate with business applications efficiently. Effectively collect data on medical services, traditional Chinese medicine, biomedicine, insurance supervision, research and development and management of drugs and medical equipment, inspection and quarantine, public health, population management, education and scientific research, food and agriculture, meteorological environment, physical fitness, etc., support management model innovation and e-government development, and realize the collection of health care data, business matters and health decision-making on the platform. (Provincial Health and Family Planning Commission, Economic and Information Technology Commission are responsible, and all relevant units cooperate)
　　Combined with the needs of the "one-door, one-network" government service model, we will further promote the sharing of government data related to population and health, and smooth the data sharing channel. The establishment of centralized management of health and family planning departments, Chinese medicine, development and reform, education, science and technology, economy and informatization, public security, civil affairs, human resources and social security, environmental protection, agriculture, commerce, safety supervision, inspection and quarantine, food and drug supervision, sports, statistics, tourism, meteorology, insurance supervision, Disabled Persons’ Federation and other departments closely cooperate with the regular exchange and sharing mechanism of health and medical data. (Provincial Health and Family Planning Commission, Economic and Information Technology Commission are responsible, and all relevant units cooperate)
　　Strengthen data quality management, establish and improve the standards of health care data collection, cleaning, warehousing and storage, establish a data quality evaluation mechanism, insist on controlling data quality from the source, and ensure that health care data is legal, authentic, effective and available. Explore the development of desensitization and opening methods for residents’ health care privacy information, build and improve the open platform for health care data, smooth the open channels of data, and steadily promote the opening of health care big data. Explore the establishment of Guangdong health care data resource catalogue system, and make a good connection with the national health care data resource catalogue. (The Provincial Health and Family Planning Commission is responsible, and the Provincial Development and Reform Commission, the Economic and Information Commission and the Legislative Affairs Office cooperate)
　　Third, comprehensively deepen the application of big data in health care

　　(1) Promote the application of governance big data in the health care industry.
　　Establish and improve the monitoring and evaluation index system and evaluation model for deepening the reform of medical and health system, realize real-time monitoring of key indicators such as medical service price, medical insurance financing and payment, control of residents’ medical burden, and drug use, deepen the accurate evaluation of the reform effect of medical and health system, and improve the pertinence and effectiveness of reform decisions. Strengthen the application of evaluation and monitoring results, and promote the formation of a new model of health management decision-making based on data, such as industry supervision, performance evaluation, input compensation and personnel compensation. (Responsible for the Provincial Health and Family Planning Commission, with the cooperation of the Provincial Development and Reform Commission, the Department of Finance and the Department of Human Resources and Social Security)
　　Open the data channel between medical institution management information system and clinical information system, integrate and analyze clinical, operation, cost accounting and quality evaluation data, build an evaluation system of medical institutions with comprehensive information, scientific evaluation, authoritative conclusion and timely update, improve the authority and credibility of evaluation results, and link it with hospital evaluation, fund allocation, performance pay, etc., promote the deepening of public hospital reform, improve modern hospital management system, and promote the improvement of hospital operation management level and medical service quality. (Responsible for the Provincial Health and Family Planning Commission, with the cooperation of the Provincial Development and Reform Commission, the Department of Finance and the Department of Human Resources and Social Security)
　　We will improve the monitoring mechanism for the income composition and changing trend of medical institutions, such as medical care, medicines and medical consumables, and cooperate with business information such as medical service price, medical insurance payment, bidding and purchasing of medicines and medical consumables, drug use and medical expense control, strengthen the monitoring and early warning of anti-fraud of medical insurance, and promote the joint reform of medical care, medical insurance and medicine. Accelerate the integration of comprehensive supervision information on health and family planning, realize the interconnection between comprehensive supervision and law enforcement information and health care related information systems, and improve the level of industry supervision. (The Provincial Health and Family Planning Commission is responsible, with the cooperation of the Provincial Development and Reform Commission, the Economic and Information Commission, the Department of Finance, the Department of Human Resources and Social Security, the Food and Drug Administration and the Bureau of Traditional Chinese Medicine)
　　(2) Promote the application of big data in clinical medical care and scientific research. Make full use of national key clinical specialties, provincial key clinical specialties, national and provincial key laboratories and other advantageous resources, rely on the National Clinical Medical Research Center, the National Traditional Chinese Medicine Data Center and the collaborative research network, base on South China, face Hong Kong, Macao and Taiwan, and radiate to Southeast Asia, and build a number of regional clinical medical data demonstration centers in the directions of cardiovascular and cerebrovascular diseases, tumors, geriatric diseases, respiratory diseases, nephropathy, reproduction, orthopedics, hepatobiliary, pediatrics, maternal and child health care, occupational diseases and traditional Chinese medicine. Strengthen the integration and sharing of clinical medicine and basic medical research data resources, and improve the transformation and application efficiency of medical research. Relying on clinical medical data demonstration center, integrating medical service data, drug research and development evaluation and management data, traditional Chinese medicine data and biomedical data, developing clinical decision support system to support clinicians to improve work efficiency and diagnosis and treatment quality. Promote the application of biomedical technologies such as gene chip and sequencing technology in genetic disease diagnosis, early cancer diagnosis and disease prevention and detection, realize the effective docking of genome information and electronic medical records, and promote the development of precision medical technology. Establish a genome database and a database of specialized subjects and diseases, and promote the research and application of disease markers. Create a number of precision medical specialties and precision medical pilot hospitals. (The Provincial Health and Family Planning Commission and the Chinese Medicine Bureau are responsible, and the Provincial Development and Reform Commission, the Economic and Information Commission, the Science and Technology Department and the Food and Drug Administration cooperate)
　　(3) Promote the application of public health big data. Promote the interconnection between various national special newspaper information systems and the comprehensive management platform of national health information at the provincial, city and county levels. We will improve information systems such as immunization planning, online direct reporting, online first aid, management and treatment of severe mental disorders, prevention and control of occupational diseases, early warning and decision-making of public health risks at ports, and the application functions of mobile emergency business platforms, so as to enhance the ability of public health monitoring, evaluation and decision-making management. Integrate social network public information resources and improve the early warning mechanism of disease-sensitive information. Strengthen cooperation with the World Health Organization, international and public health institutions in Hong Kong, Macao and Taiwan, carry out research on the frontier technology of public health information, early warning and prediction research on the risk of sudden acute infectious diseases of international concern, and timely grasp and dynamically analyze the international public health risks such as the disease occurrence trend of the whole population and the global epidemic information of infectious diseases. Promote the information acquisition and information sharing of entry personnel in countries and regions where the epidemic broke out in advance, strengthen the business cooperation of inspection and quarantine, public health, foreign affairs, commerce, tourism, customs, port border inspection, maritime affairs, medical care, civil aviation, port services, railways and other units, prevent and control the imported epidemic, and improve the early warning and emergency response capabilities of public health emergencies. Promote the sharing of monitoring data of drug use, environmental sanitation, epidemiological factors monitoring, insect vector monitoring, drinking water, health hazard factors, port medical vector biology, nuclear biochemistry, food, meteorology, inspection and quarantine, sports, tourism and other industries, and effectively evaluate social factors affecting residents’ health by relying on residents’ electronic health records and electronic medical record databases.Carry out biological monitoring of key infectious diseases, occupational diseases, imported infectious diseases at ports and medical vectors, integrate multi-source monitoring data of infectious diseases and occupational diseases, establish a rapid identification network system for laboratory pathogen detection results, and improve the ability to prevent and control major diseases. (The Provincial Health and Family Planning Commission is responsible for the cooperation of all members of the joint meeting of the provincial prevention and control of major diseases)
　　(4) Promote the application of big data in traditional Chinese medicine. We will build a provincial platform for the management and utilization of big data resources of traditional Chinese medicine, a cloud platform for health information in TCM diagnosis and treatment areas, and a management information system for chronic diseases with TCM characteristics, health services and prevention of diseases. Improve and perfect the standards related to the analysis and application of big data of traditional Chinese medicine, build a big data center of traditional Chinese medicine and a database of diagnosis and treatment technology of traditional Chinese medicine covering medical treatment, prevention, health care, health preservation, rehabilitation, Chinese herbal pieces, Chinese patent medicines and hospital preparations, promote the application development of semantics of traditional Chinese medicine, data analysis and mining, intelligent diagnosis and treatment, knowledge management, vigorously develop "internet plus Traditional Chinese Medicine", realize diversified collection and in-depth analysis of big data resources of traditional Chinese medicine, and promote the convenience and benefit of smart Chinese medicine. Develop value-added services of TCM data resources and innovative services of TCM, and promote collaborative research on major diseases of TCM. (The Provincial Bureau of Traditional Chinese Medicine is responsible, with the cooperation of the Provincial Health and Family Planning Commission, the Development and Reform Commission, the Economic and Information Commission, the Science and Technology Department, the Civil Affairs Department, the Finance Department, the Culture Department and the Tourism Bureau)
　　(5) Cultivate new formats for the application of big data in health care. Strengthen key technologies such as storage and cleaning of massive data in health care, analysis and mining, and security and privacy protection. Accelerate the integration and innovation of health care data and new generation information and communication technologies such as cloud computing and big data, promote the deep integration of health care business and big data technology, and accelerate the construction of health care big data industry chain. Actively encourage social forces to innovate and develop health care business, and take various measures to support the development of health care service industry. Develop home health information services, standardize services such as online pharmacies and third-party distribution of medical logistics, and continuously promote the coordinated development of health care and health care, pension, housekeeping and other service industries. Promote the development of Chinese medicine, health care, health management, health consultation, health culture, physical fitness, health medical tourism, healthy environment, healthy diet and other industries. (The Provincial Health and Family Planning Commission is responsible, with the cooperation of the Provincial Economic and Information Technology Commission, Science and Technology Department, Civil Affairs Department, Culture Department, Sports Bureau, Tourism Bureau and Chinese Medicine Bureau)
　　(six) the development and promotion of digital health care intelligent equipment. Support the research and development of artificial intelligence technology, biological three-dimensional (3D) printing technology, medical robots, large-scale medical equipment, health and rehabilitation AIDS, wearable devices and related micro-sensor devices related to health care, accelerate the transformation of research and development results, improve the production and manufacturing level of digital medical equipment, Internet of Things equipment, smart health products, Chinese medicine functional status detection and health care instruments and equipment, and promote the upgrading of health care intelligent equipment industry. (The Provincial Economic and Information Technology Commission is responsible, with the cooperation of the Provincial Development and Reform Commission, the Health and Family Planning Commission, the Science and Technology Department, the Quality Supervision Bureau and the Bureau of Traditional Chinese Medicine)
　　Fourth, standardize and promote the development of "internet plus Health Care"

　　(a) the development of smart health care services for the convenience of the people. Integrate online and offline resources, and establish a "internet plus Health Care" service, payment and credit, health management and promotion system. Vigorously promote the application of Internet health consultation, online appointment and triage, mobile payment, intelligent guidance, whole process reminder and inspection results inquiry, follow-up, satisfaction feedback of medical industry and institutions, and form a standardized, shared, mutual trust and convenient health care service process. Develop third-party online health survey, consultation and evaluation, health management, health education and other application services to promote the quality of health care services. Promote the construction mode of new network hospitals such as online hospital, Pocket Hospital and Cloud Hospital, develop Internet hospitals, and promote online registration of birth. Based on residents’ electronic health records, integrate residents’ health management and medical information resources, and carry out electronic health information services covering the whole life cycle of prevention, treatment, rehabilitation and health management. Vigorously promote mobile payment of medical insurance, combine online service hall, mobile APP, WeChat and other means to carry out data integration and information sharing, expand the application of social security cards in the field of medical insurance, and realize medical services such as medical registration, inquiry of electronic medical records and health records, and direct settlement of medical expenses. Promote a healthy lifestyle, encourage residents to activate electronic health records, electronic medical records and other applications, and improve residents’ self-health management ability. (The Provincial Health and Family Planning Commission and the Human Resources and Social Security Department are responsible, and the Provincial Economic and Information Technology Commission and the Bureau of Traditional Chinese Medicine cooperate)
　　(2) Establish a telemedicine application system in an all-round way.
　　Build a telemedicine system connecting the third-class first-class hospitals and county hospitals in eastern, western and northern Guangdong. With county-level hospitals as the hub, a telemedicine network extending to township hospitals, community health service centers and conditional village health stations will be built, and the telemedicine coverage of various medical institutions at all levels will be gradually realized, and telemedicine services such as remote consultation, remote pathological diagnosis, imaging diagnosis, ECG diagnosis, monitoring guidance, surgical guidance and distance education will be carried out. Strengthen the connection of the province’s telemedicine network with other provinces, international academic institutions and well-known foreign medical institutions, and develop inter-provincial and international telemedicine. (Responsible for the Provincial Health and Family Planning Commission, with the cooperation of the Provincial Development and Reform Commission, the Economic and Information Commission, the Department of Finance and the Department of Human Resources and Social Security)
　　Construction of regional pathology, imaging, ECG diagnosis center, further improve the mutual recognition mechanism of inspection results, and realize the interconnection and sharing of inspection results. Formulate telemedicine service prices, medical insurance payment policies and quality management systems to promote the normal operation of telemedicine systems. Promote data resource sharing and business collaboration between high-level hospitals and primary medical and health institutions, general practitioners and specialists. Open up the data channel between health management, disease treatment and rehabilitation, and accelerate the construction of a graded diagnosis and treatment information system based on the Internet and big data technology in accordance with the requirements of "first diagnosis at the grass-roots level, two-way referral, rapid division and treatment, and linkage from top to bottom". (The Provincial Health and Family Planning Commission and the Bureau of Traditional Chinese Medicine are responsible, and the Provincial Development and Reform Commission, the Economic and Information Commission, the Finance Department and the Human Resources and Social Security Department cooperate)
　　(3) Promote the application of health care education and training. Relying on the national health care education and training network, explore the establishment of internet teaching mode and method, and build an open internet health care education system. Integrate online and offline high-quality online education resources, carry out health care popularization education for the public and carry out vocational continuing education for health care practitioners. Encourage higher-level hospitals to establish remote training networks with counterpart hospitals and graded diagnosis and treatment medical institutions, organize remote surgery teaching, and improve the ability of primary medical and health services. Explore the establishment of a general practitioner training model based on the Internet, expand the scale of general practitioner training, and ensure the quality of general practitioner training. Promote the open sharing of health care education resources. (Responsible for the Provincial Health and Family Planning Commission, with the cooperation of the Provincial Development and Reform Commission, the Economic and Information Commission, the Education Department, the Finance Department and the Bureau of Traditional Chinese Medicine)
　　Fifth, improve the health care big data guarantee mechanism

　　(1) Improve laws, regulations and standards. Establish a management system of "graded authorization, classified application and consistent powers and responsibilities", strengthen the standardized management of residents’ health information services, clarify the right to use information, and effectively protect the legitimate rights and interests of all parties. Formulate and improve data management, data and information system security and health data privacy protection systems, and clarify the boundaries, responsible subjects and specific requirements of data collection, transmission, storage, use and opening. Strengthen the protection of information related to national interests, public safety, personal privacy, population genes, etc., and prevent data abuse and privacy disclosure. Follow the national information standards and norms, establish a health care information standards and norms system, and promote the standardization of health care big data products and service processes. Strengthen the evaluation of standard application level and improve the standard application level. (Responsible for the Provincial Health and Family Planning Commission, with the cooperation of the Provincial Development and Reform Commission, the Economic and Information Commission, the Quality Supervision Bureau, the Legislative Affairs Office and the Bureau of Traditional Chinese Medicine)
　　(2) Strengthen the security of health care data. Strengthen the classified management of health care data. The implementation of real-name registration system for residents’ health care services and the use of real-name management for health care data. We will build and improve a unified medical digital identity, electronic real-name authentication and data access control information system for medical and health workers and medical and health institutions in the province, actively promote the application of electronic signatures, and establish a health care data management model with traceable service management, safe operation of diagnosis and treatment data and multi-party cooperation. Adhere to both content security and technical security, and ensure that the regional national health information comprehensive management platform, data exchange network and key information systems are independently controllable, stable and safe. Carry out the reliability, controllability and security evaluation of big data platforms and service providers, as well as the security evaluation and risk assessment of applications, and establish software evaluation and security review systems such as security protection, system interconnection and sharing, and citizen privacy protection. Establish and improve the safety working mechanism of "internet plus Health Care" service, strengthen the safety monitoring and early warning of big data, strengthen the linkage between safety information notification and emergency response, improve the measures to resolve and respond to potential risks, strengthen the protection of important information involving national interests, public safety, patient privacy, business secrets and so on, and strengthen the information security protection of medical schools and scientific research institutions. Strengthen information security protection in cross-border exchanges and cooperation and cooperation between government and social capital. (The Provincial Health and Family Planning Commission is responsible, and the Provincial Development and Reform Commission, the Economic and Information Commission, the Public Security Department, the Human Resources and Social Security Department, the Intellectual Property Office and the Internet Information Office cooperate)
　　(three) to strengthen the construction of health care information compound talent team. Taking "digital doctors" as the training goal, we will formulate the development plan of health care informatization talents and strengthen the discipline construction of medical informatics. Establish and improve the training system of medical informatics talents, focus on cultivating high-level and compound medical information R&D talents and scientific research teams, and cultivate a group of internationally influential medical professionals, academic leaders and industry leaders. Encourage and support institutions of higher learning, health care institutions, industry associations and health care information enterprises to establish educational practice and training bases, closely follow the development needs of the health care big data industry, carry out continuing education and training, and promote the training and team building of health care big data talents. Smooth the career development channel of medical information talents and expand the development space of medical information talents. Orderly promote talent and technology exchanges and cooperation in the development of big data application in health care. (The Provincial Health and Family Planning Commission is responsible, and the Provincial Development and Reform Commission, the Economic and Information Commission, the Education Department, the Finance Department and the Human Resources and Social Security Department cooperate)
　　Sixth, strengthen the organization and implementation

　　(1) Strengthen overall coordination. All localities should establish a working pattern of government leadership, multi-party participation, resource sharing and coordinated promotion. According to the requirements of this implementation opinion, they should put forward the implementation plan of their own regions, clarify specific tasks, and ensure that all measures are implemented. The evaluation results such as the construction of comprehensive management platform for national health information, the maturity of interconnection, the quality of health care data, and the application level of electronic medical records in medical institutions are included in the evaluation of deepening the reform of medical and health system in the province and the evaluation of strong health cities. The Provincial Health and Family Planning Commission should take the lead in establishing a joint conference system to promote and standardize the application and development of big data in health care, strengthen the overall coordination of research and development, new format construction and application promotion of big data technology in health care in the province, and promote the implementation of key tasks. All relevant units should closely cooperate and form a joint force to strengthen support for the development of big data applications in health care. Promote the integrated development of military and civilian health care big data, and promote the standardization, interoperability and collaborative application of military and local health care data. (The municipal people’s government and the provincial health and family planning commission are responsible for all localities, and all relevant units cooperate)
　　(2) Focus on key breakthroughs. All localities should focus on solving the problem of big data application infrastructure construction, accelerate the construction of a comprehensive management platform for national health information at the city and county levels, and accelerate the progress of information system transformation and upgrading of medical and health institutions. Starting from the areas urgently needed by the masses, we will implement the health care big data demonstration project, focusing on promoting the application of big data such as health care, industry governance, clinical medical care and scientific research, public health and traditional Chinese medicine in internet plus. Vigorously support the introduction, digestion, absorption and re-innovation of advanced technologies of health care big data, and focus on developing the health care big data industry chain. Select a number of areas and fields with good basic conditions, high work enthusiasm and guaranteed privacy and security to carry out the pilot application of big data in health care, sum up experience in a timely manner, and make solid and orderly progress. (The Provincial Health and Family Planning Commission and the Finance Department are responsible, and the Provincial Development and Reform Commission, the Economic and Information Commission and the Science and Technology Department cooperate)
　　(3) Increase policy support. Promote the use of government and social capital cooperation (PPP) model to encourage and guide social capital to participate in the infrastructure construction, application development, operation and maintenance services and industrial chain construction of health care big data. Encourage medical and health institutions to cooperate with enterprises, institutions and social institutions, and explore ways to achieve the integration of government applications and social applications in the field of health care big data through government procurement and social crowdsourcing. Encourage innovative diversified investment mechanisms, improve risk prevention and supervision systems, and support the development of health care big data applications. Support qualified health care big data enterprises to go public for financing or issue corporate bonds, connect with multi-level capital markets, and use various financing tools for financing. (The Provincial Health and Family Planning Commission and the Finance Department are responsible, and the Provincial Development and Reform Commission, the Economic and Information Commission, the Science and Technology Department, the Finance Office and the Guangdong Securities Regulatory Bureau cooperate)
　　(4) Strengthen policy propaganda. Strengthen the interpretation of health care big data application development policies, vigorously publicize the significance and application prospects of application development, actively respond to social concerns, and form a good social atmosphere. Actively guide medical and health institutions and social forces to carry out various forms of popular science activities, publicize and popularize the application knowledge of big data in health care, and continuously improve the people’s ability to master relevant applications and health literacy. (The Provincial Health and Family Planning Commission is responsible and all relevant units cooperate)

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General Office of Guangdong Provincial People’s Government

February 8, 2017

　　Our reporter Gu Mengxuan Xia Xin reports from Guangzhou and Beijing.　

　　Recently, the international gold price hit a record high and was quickly sold off, causing a sharp drop. The price of gold denominated in RMB has also fluctuated greatly, which has aroused widespread concern in the market.　

　　On December 4th, the price of gold futures in new york market once rushed to the $2,150 mark per ounce, with an intraday increase of over 3%, setting a record high. Subsequently, the price of gold quickly fell back, and as of the 7 th, the cumulative correction per ounce exceeded $100.　

　　Affected by this, the gold Au99.99 listed on the Shanghai Gold Exchange fell back after it surged to 487 yuan per gram on the 4th, and the retail price of some domestic brands of gold jewelry stood at the high level of 630 yuan per gram and then fell back to about 615 yuan per gram on the 7th.　

　　According to Wind data, on December 15th, the New York Mercantile Exchange gold futures price was reported at 2018.3 USD/oz; As of press time, the gold Au99.99 listed on the Shanghai Gold Exchange is 472.99 yuan per gram.　

　　Welcome to a loose inflection point　

　　Regarding the correction of gold price, Wang Xiang, fund manager of Bosera Fund Index and Quantitative Investment Department, pointed out that the Fed’s interest rate hike cycle tends to end, which will usher in a loose turning point. Gold benefits from the downward logic of liquidity easing and real interest rate. Historically, similar policy nodes have strong price support power. However, there is a profit-taking impulse near the historical high point, and the net long position of short-term COMEX futures fund is too fast, so there is a need for adjustment.　

　　At 3: 00 am on December 14th, Beijing time, the Federal Reserve issued the statement of the FOMC meeting in December 2023 (the Federal Reserve’s meeting on interest rates), and once again announced the suspension of interest rate hikes.　

　　According to the data provided by Bosera Fund, inflation expectations in the United States have dropped significantly. In December, the consumer confidence index of the University of Michigan rose to 69.4, with an expectation of 62. The inflation expectation dropped significantly, with the one-year inflation expectation dropping from 4.5% to 3.1% and the five-to ten-year inflation expectation dropping from 3.2% to 2.8%. "This combination is not good for precious metals." Wang Xiang said.　

　　As for the rise in the price of gold in the early stage, Bi Mengyu, an investment researcher at Geshang Caifu Jinyu, pointed out that gold, as a non-interest-bearing physical asset, often ushered in rising opportunities when other assets had poor returns.　

　　First of all, from an economic point of view, the global economy is currently in recession. In view of the worries about the economic downturn and the stock market decline, driven by risk aversion, investors are more willing to buy gold to avoid risks, leading to the rise of gold prices. In November, the global manufacturing PMI (Purchasing Managers Index) was 49.3, the US manufacturing PMI was 46.7, and the Eurozone manufacturing PMI was 44.3, all of which were below threshold, reflecting the overall global economic downturn.　

　　Secondly, last week, the ADP data in the United States (an economic indicator commonly used to measure the job market) failed to meet expectations. The market speculated that the Federal Reserve would not raise interest rates in December, that is, the nominal interest rate showed a downward trend with a high probability, which made the price of gold rise again.　

　　Finally, global central banks continue to purchase gold, and the demand for gold purchase by global central banks will remain strong in 2023, which supports the upward trend of the overall price of gold.　

　　"The adjustment of gold this week was mainly due to the rising interest rate of the US dollar index and US debt after the US non-farm payrolls data exceeded expectations, and coupled with the’ hawkish’ signal released by the Federal Reserve Chairman, the price of gold fluctuated downward." Bi Mengyu said.　

　　The annualized compound yield of gold is 7%　

　　The reporter noted that in August this year, the trend of domestic and international gold prices deviated greatly. In recent months, has the excessive price difference between the internal and external markets of gold prices been corrected?　

　　Wang Xiang pointed out that in September this year, the price difference between domestic and foreign countries was the highest, 30 yuan+/gram, and at present, the price difference has largely converged to 7 yuan/gram, but it is still far from the historical 95% confidence fluctuation range of 1.2~1.8 yuan/gram. In the process of convergence, the performance of domestic gold price will be worse than that of dollar gold.　

　　Bi Mengxuan pointed out that the international gold price and the domestic gold price are basically in a positive correlation, but due to the influence of pricing system, rate and time lag, they may deviate in the short term, and the domestic gold price fluctuation is often lagging behind. After several months of adjustment, the international and domestic gold prices have basically converged.　

　　Central banks around the world have also shown sustained enthusiasm for buying gold. According to the data of the World Gold Council, in 2023, the global central bank’s demand for gold purchases remained strong, reaching 387 tons in the first half of the year, a record high in the same period; In the first three quarters, the amount of gold purchased reached a record 800 tons, a year-on-year increase of 14%. At the same time, the data released by the State Administration of Foreign Exchange showed that at the end of November, the gold of the Bank of China had increased for the 13th consecutive month.　

　　In this regard, Bi Mengyu pointed out that the central bank’s allocation of gold mainly considers security, liquidity and return. First of all, gold is regarded as a safe asset and a value-preserving asset by the central bank, because it is more stable in the face of credit risks than other assets such as national debt; Secondly, gold has strong liquidity, and the central bank can quickly enter the market without distorting the price; Finally, although the return is not the main motivation for the central bank to buy gold, the annualized compound rate of return of gold has been around 7% in the past few decades, providing investors with relatively considerable returns.　

　　"The proportion of gold in China’s foreign exchange reserves is still low. Although it has been continuously increased, the current proportion is still less than 6%, which is still far from the proportion of more than 40% in European and American countries." Wang Xiang said that increasing the proportion of gold in foreign exchange reserves will help to diversify the reserve structure and maintain the stability of local currency and asset prices during the contraction cycle of the US dollar.　

　　Rational investment by investors　

　　Regarding the future market of gold assets, Nuoan Fund pointed out that due to the issuance of bonds by the US Treasury, the reduction of US debt holdings by the Federal Reserve and the current strong economic expectations, it is expected that the long-term yield of US debt will remain high, and short-term gold will still be suppressed by interest rates and the US dollar index. However, we expect that the signs of economic slowdown in the United States may be more obvious in the first half of 2024, and high interest rates and recent geopolitical risks may increase the volatility of financial markets compared with the previous period. The logic of gold investment gradually shifts from short-term safe-haven demand to medium-and long-term Fed interest rate cuts. Recently, the market expects the Fed to cut interest rates, which has significantly boosted the price of gold, or it is expected to change more by pricing. It is suggested that investors should actively pay attention to the trend of gold price and consider the proportion of gold allocation to grasp the investment opportunity of gold.　

　　Wang Xiang said that whether inflation converges smoothly, leading European and American monetary policies to shift to liquidity logic, or inflation rises again due to unexpected events, taking stagflation logic, different macro paths are beneficial to the gold margin, making it still one of the assets with high certainty, and the only difference is the difference in odds. Next year is an election year for many economies, and the intensity of geo-game may remain at a high level, which is also conducive to the rise of the price center. The upward target of USD gold is USD 2,200 ~ 2,400, which is about 515~550 yuan/g in China.　

　　"It is normal for the regional fluctuation of gold prices to increase near historical highs. Investors should neither be overly enthusiastic in the overbought state of the market, nor completely lose confidence after their breakthrough failure." Wang Xiang pointed out that in the medium and long term, the easing of the Federal Reserve and the weakening of the US dollar will remain a high probability path next year. With many economies entering the election year, the intensity of geo-game will remain at a high level. After the short-term selling sentiment is released, gold will return to its long-term upward path again.

　　editorial comment/note

　　As International Consumer Rights Day, on March 15th every year, all kinds of anti-counterfeiting activities attract the most attention. As consumers, we can complain about rights protection if we eat fake food or buy fake goods; But when we enjoy "spiritual food" and watch "fake movies or TV", can we only admit that we are unlucky and have no recourse?

　　After all, in today’s film and television industry, we have become accustomed to data fraud. In 2016, ip man 3 was found by the regulatory authorities to have a fake box office of 32 million yuan and a box office purchased by the publisher of 56 million yuan; Monster hunt, which set a box office record in 2015, was even more because of the falsification of data, which led the authoritative foreign box office website Box Office Mojo to announce that it would no longer provide box office data of China film market, because it lacked "consistent and accurate" data sources.

　　The TV industry can’t be immune to it. It is reported that the current price of purchasing ratings has climbed to 300,000 to 500,000 yuan per episode, and a satellite TV channel needs to pay 4 billion yuan for ratings fraud throughout the year. In such a big environment, it is no wonder that consumers always suspect that they are watching fake movies or fake TVs that are different from others when watching movies with box office exceeding 100 million or TV dramas with top ten ratings.

　　Truth | law

　　Liu Junhai (Professor, Law School, Renmin University of China)

　　Film and television works are also regulated by the Consumer Protection Law.

　　Beijing News: As consumers, should the audience get some protection when consuming spiritual products? In an environment where fake data is rampant, are we considered to be infringed?

　　Spiritual products are also commodities. It also applies to market rules, including supply and demand rules, so it is completely adjusted by the Consumer Protection Law, which means that the goods and services adjusted by the Consumer Protection Law include film and television works.

　　Therefore, consumers of film and television works certainly enjoy the right to know, the right to choose, the right to fair trade and the right to security. If some cinemas and website platforms falsify and deliberately use water injection data, brush data and box office water injection, this actually constitutes fraud. According to the provisions of the Consumer Protection Law, consumers have the right to ask for a refund of 100 yuan if they buy a ticket with 100 yuan. Pay another 300 yuan.

　　Only in this way can we exert punitive damages, severely punish the faithless, fully compensate the victims and the audience, effectively motivate the rights-defending audience, warn the film and television industry, and at the same time, make things clear.

　　The untrustworthy in the film and television industry should pay the economic price.

　　Beijing News: Zhao Dongling, deputy to the National People’s Congress and screenwriter, suggested that criminal law should be used to punish plagiarism, box office water injection and data brushing. Is it realistic to rely on imprisonment to solve any chaos?

　　Although I am in favor of severe punishment for chaos and severe medicine for furuncle, "severe punishment" and "severe medicine" are not limited to criminal responsibility More importantly, it should activate civil liability. As long as the injured audience gets real money compensation, and the counterfeiters and faithless people really pay the economic price they are unwilling to bear, the effect should be very good.

　　We often say that the market has eyes and the law has teeth. To polish the eyes of the market, it also includes letting consumers pay more attention to their wallets when choosing demonstration works, and rationally choose their favorite film and television works; Temper the teeth of the law, including traditional civil liability, administrative liability, criminal liability, and the current credit sanctions mechanism-not only embarrassing, but also a breach of trust is limited everywhere.

　　In addition, to regulate the chaos in the film and television market, it is necessary to innovate the joint punishment mechanism for dishonesty. For example, when the producer or director of a broken promise works and other creative works reinvest and shoot other films in the future, the competent authorities will know fairly well-permission is troublesome, not to mention applying for relevant loans, participating in the government procurement market, participating in the "Five One Project" and so on, and I am afraid that they will all be missed in the future-equivalent to our court’s handling of "Lao Lai". Let the untrustworthy pay the price and let the honest get the pass. Only in this way can film and television works release positive energy and clear hidden rules.

　　With the improvement of people’s living standards, people have more and more demand for excellent film and television works. In fact, a good work is not a big hit, and it is not necessary to adopt dishonest marketing methods such as thirty-six schemes and larded studies-artists should have a conscience. Moreover, the problem of video data fraud should not be paid attention to until March 15 th Consumer Protection Day. This is a big problem related to the sustainable development of our film and television industry and market. My idea is to create an "audience-friendly" China film and television market, which can be truly shared by all creative parties and ordinary audiences.

　　False | data

　　Lv Yuxiang (teacher of Tsinghua University School of Journalism and Communication)

　　Video data should be supervised, and it is also important for the audience to improve their literacy.

　　Beijing News: During the two sessions, issues such as water injection and data brushing at the box office of film and television dramas were raised by many members. Can this problem be solved by technology?

　　For example, some data platforms can filter out some abnormal data through algorithms. This has long been technically realized. It is not difficult to find false data. The question is, who will make it public? Doing these things requires costs, and it can be done once or twice. In the long run, no one (or institution) will be able to afford it.

　　Data platform is a part of the market, so this problem is not only a matter of data platform, but also a market means. Practitioners are just driven by interests and take advantage of some loopholes that can be exploited. Moreover, no algorithm is perfect, and there will be defects. As long as there is demand in the market, there will always be some people who use it to achieve market goals. This is an industrial chain, but the problem will never be solved by criticizing them without guiding the audience-that is, improving the audience’s aesthetic and ability to distinguish between good and bad.

　　The data platform is not monopolized, and its influence is different.

　　Beijing News: Some members suggested that "monopoly should be broken, and new statistical methods such as real-time ratings should be introduced to realize a scientific system in which multiple ratings survey modes coexist." Can you explain it in detail?

　　In fact, operators, broadcasting systems and media platforms now have their own databases, which may cause other contradictions once they are made public. Official data, such as some ratings survey companies, are actually very few samples in different cities. Using such a small sample to interpret a problem in a large range can reflect a trend, but this sample cannot be used to delve into specific details.

　　If you think that the scoring and box office data of the open platform are very watery, there is actually not only one platform. Some research institutions also have their own monitoring, but their data are generally not completely open and have little influence, but some professionals may refer to them.

　　Can’t rely on the regulatory authorities for everything.

　　Beijing News: Can we rely on the government to establish a third-party data platform to control video data fraud?

　　This goes back to the first question. If the government leads, the government will invest money to be a platform or invest manpower to supervise. Who will this money be invested in? Is it necessary to create a new position? Personally, I don’t think we can let the government do everything, and let the market run and solve it when there is a market mechanism. As far as this issue is concerned, the official responsibility-whether the government or the media-should be to remind the audience not to blindly trust the data. If you know that the fraud is serious, the content itself is not good. As an audience, you should not watch it. This is a personal media literacy problem.

　　In a word, we can’t let the government solve all the problems while calling for decentralization. The establishment of a third-party data platform is not necessary to increase the workload of the management department-and it may not be done well.

　　What can you do if you find "false ratings"?

　　department responsible for the work

　　The Film Industry Promotion Law, which came into effect on March 1, 2017, stipulates that if film distribution enterprises and cinemas make false transactions, falsely report sales revenue, etc., disrupting the order of the film market, the film authorities of the people’s governments at or above the county level shall order them to make corrections, confiscate their illegal income, impose fines according to specific circumstances, and may take measures such as ordering them to suspend business for rectification and revoking their licenses according to the seriousness of the circumstances.

　　consumer

　　According to China’s Law on the Protection of Consumers’ Rights and Interests, business operators should provide consumers with information about goods or services truthfully and comprehensively, and must not make false or misleading propaganda; Consumers also have the right to report and sue acts that infringe on consumers’ rights and interests. Therefore, when we meet relevant operators and use false data in the process of film and television promotion, we can not only write film reviews truthfully, but also report them to relevant departments. □ Xiaoxiao (Master of Laws)

Author Liu Yan

Editor Xin Ling

Toutu. com

After a wave of unrest, Gao Wei fell into a storm of public opinion again.

First, it was rumored that the consumer group was "indiscriminately laying off employees". After Gao Yan’s urgent rumor, it was rumored that some of its projects were "frequently looking for buyers", "selling a lot of assets" and "looking for a takeover man" … and then the market conveyed various speculations.

In response to the so-called "selling assets" in the market, Gao Yan responded to the entrepreneurial state and said: "International markets such as Coller Capital and TR Capital are all mature players in the S market. S-transactions are more often about the continuation of assets than the simple sale of assets. In the simplest way, the seller who sells the share is not a VC/PE institution, but a share transfer between LPs. Before and after the asset package transaction, the GP share remains unchanged. That is to say, the so-called’ high-selling assets’, in essence, the share transfer between high-selling LP is not high-selling assets.

At the same time, according to the entrepreneurial state, Gao Yan is also setting up a special S fund team. Gao Wei said: "S trading has two meanings for Gao Wei. On the one hand, it can serve our LP and help the existing LP to better grasp the exit rhythm. At the same time, we are also very optimistic about the investment opportunities in the S market. For the long-term optimistic areas, we can either invest in new shares or intervene in the S fund. We believe that S trading, as a new tool, has great market potential and promotes venture capital. "

Let’s not comment on the deep-seated reasons behind Gao Ling’s trading in S, but from the feedback of the market, do we really know S funds?

The answer may not be.

As far as the incident itself is concerned, "Gao Yi sets up S fund team" has been misunderstood by the market as "Gao Yi sells assets". The so-called "high-selling assets" in the market is actually the share transfer between high-selling "LP", which can make the old LP get liquidity and withdraw early, but high-selling is still the holder of assets, and its share of assets remains unchanged.

When Gao Ying set up the S fund, it appeared as a buyer in the S transaction, and they would buy fund shares, investment portfolios or investment commitments from other investors.

We can see that Gao Ling, as an important weather vane, has begun to focus on the hidden opportunities in S trading.

The fundamental reason why the market has misunderstood Gao Ling’s fund is that many people confuse the concepts of S fund and S trading, and think that S fund is only an exclusive game dominated by LP, and GP with operational problems will passively participate. Even most GPs deliberately stay away from the S fund, which seems to have the label of "disposal of non-performing assets", for the sake of brand protection.

In fact, S trading is a good tool to help GP "make money". More and more foreign GPs take the initiative to use S trading as a tool to solve the problems of raising funds, withdrawing, optimizing LP structure, asset management, adjusting investment strategy and withdrawing cash.

After more than 20 years’ development, this innovative financial instrument has entered a milestone development abroad. The landmark event is that in 2021, the GP-led S transaction exceeded the LP-led transaction scale for the first time, and it showed a sustained growth trend. According to the latest data of Jefferies in the United States, the transaction volume dominated by GP has increased from 35 billion dollars in 2020 to 68 billion dollars in 2021, accounting for more than half of the transaction volume in the S market, among which, the continuation fund (a model in S trading) accounts for the majority. This survey is also verified by Lazard’s data.

Foreign GP-led transactions surpassed LP-led transactions for the first time, accounting for half of the total trading volume in the S market (Source: Lazard).

However, in China, the vast majority of China GPs don’t realize the intrinsic value of S-trading. In most cases, GPs passively participate in S-trading when LP needs to withdraw, and the GP institutions that actively initiate trading are rare. As far as quantity is concerned, there are only a few domestic GP-led trading cases, such as IDG Capital, Kunzhong Capital, Huagai Capital-Shenzhen Venture Capital, Junlian Capital, Xiangfeng Fund and Puzzle Capital.

As a professional buyer, S fund managers generally believe that the risk coefficient of GP-led S trading is higher than that of LP-led S trading, but the return on investment is also significantly higher. This has also become one of the important reasons why the big buyers of foreign mature S funds represented by Kohler Capital actively participate in GP-led transactions.

What is GP-led s trading? When will it become mainstream in China? How can VC/PE managers use it to create more value?

S fund has been known to most GPs. As the market tends to be hot, 2020 is also called the first year of China S Fund. However, many people’s first impression of S fund still stays at the level of "taker" of non-performing assets.

Tracing back to 30 years ago, when S Fund was born abroad, it also had the derogatory color of "disposal of non-performing assets".

"In the beginning, S funds were only used when there were major problems in American funds. At that time, some big GPs would try to avoid having relations with S funds, so as not to be labeled as’ bad’. Now, more and more GPs are actively looking for S funds to cooperate, in order to create more income. At present, the awareness of S funds in the China market in the early stage of development is at most a neutral concept. " Yang Zhan, director of Kohler’s capital investment and general manager of Kohler (Beijing) Private Equity Fund Management Co., Ltd. introduced.

"The fund expires to find the next LP, just as it is common for a girl to find an object when she is older." Executive CEO Li Miao made an image metaphor. She believes that it is absolutely unnecessary for GP to avoid the normal behavior of selling assets or transferring shares.

"Generally, it is very good that 20% of the assets of US dollar funds can be withdrawn through IPO, and a large number of other assets need to be withdrawn through mergers and acquisitions, transfer, repurchase and liquidation." As an early group of S fund practitioners in China, Li Mingming, managing director of Xingnahe Capital, told Entrepreneurship.

"The market has a certain misunderstanding of the S fund. The S fund will not simply buy bad assets, but can look at the underlying assets through cycles and outlets and invest in valuable asset packages. And in general, the return on investment of S funds is higher than that of parent funds, even higher than that of some PE/VC funds, and J curve can be avoided to some extent. " Li Mingming thinks.

"In China, many VC/PE institutions and even the media often confuse the concept of S fund with S transaction, which leads many GPs to wonder whether they should find S fund to receive assets or do S fund, and even narrowly think that only S fund can help GP." Li Miao said.

The main difference between S fund and S transaction is that S fund is one of many participants in S transaction and a part of S market. S fund is a Secondary Fund, which specializes in investing in the private equity secondary market.

For example, there are Kohler Capital and TR Capital abroad, and there are Gefei S Fund, Nuelle S Fund, SIIC Shengshi S Fund (jointly established by Shengshi Investment and SIIC Group) and Shenzhen Venture Capital S Fund in China, which act as buyers in S transactions.

S transaction refers to the Secondary Transaction of private equity, which is commonly divided into two types: LP-led and GP-led.

Among various transaction types, GP and LP have achieved different requirements (source: Executive Middle School).

Most GPs in China are familiar with the LP-dominated trading mode, and most of them are the share transfer between LPs due to liquidity considerations. Because it is difficult to bring increment to the management scale of VC/PE funds, GPs generally have no driving force to actively cooperate with S trading links such as full adjustment and industrial and commercial changes.

What VC/PE in China ignores is that GP-led S transaction usually refers to a transaction in which GP takes the initiative to transfer one or more assets or fund shares to a new fund, and the new fund will continue to be managed by the existing GP or related parties. It is generally divided into various types, such as continuing fund, fund reorganization, late trading and tied trading.

After removing the misunderstanding of S-transaction and S-fund, we further analyze the value of GP-led S-transaction to VC/PE institutional managers.

For GP, what other "money-making" opportunities are implied in S trading?

Generally speaking, passive pressure and active interests are enough to drive more and more China GPs to actively participate in the private equity secondary market. This is Li Miao’s view.

As far as income is concerned, she learned that the income of investment institutions participating in S trading is considerable. "The first income from investing in S shares comes from discount income, but more income comes from the later appreciation of assets. We are familiar with S funds and financial institutions that have participated in the S market since 2021. "

For example, a fund restructuring transaction led by Kunzhong Capital, as the seller, created a 25% DPI for RMB funds. In addition, some investors revealed that the investment return performance of individual market-oriented S funds in China is better than that of mature foreign markets, and they are enjoying the early dividends in China’s S market.

However, the market dividend of S fund for LP share discount transfer will not last forever. "After a wave of market dividends in the downturn of the secondary market in 2018, the share of S in COVID-19 will be rapidly ignited in 2020, because the share of S can accelerate the cash return, reduce the risk of blind pools, and the discount rate will increase the return on income." As a parent fund practitioner for many years, Li Mingming, managing director of Xingnahe Capital, said.

After communicating with her peers, she basically reached a general consensus that the small LP share discount transfer has actually entered a relatively fierce level in China, and the "missing" behavior of buying and selling shares at low prices between LPs is difficult to last for a long time. In contrast, the complex S trading led by GP will gradually become a new trend.

"In the past two or three years, foreign GP-led transactions have gradually increased, and now it has accounted for half of S transactions, of which single assets have more transactions. The reason is not only related to the expiration of many foreign funds, but also because S trading has become one of the important exit paths for foreign M&A funds. Through S trading, M&A funds can retain assets for a longer period of time in order to obtain higher returns. " Kohler Capital Yang Zhan analyzes the differences between China and foreign countries.

Many people said that the two core pain points of fund-raising and withdrawal will force China GP to find more exit ways, and S-trading will gradually become an important supplement to various exit channels such as IPO, M&A and liquidation. This trend is basically consistent with the mature American market of private equity.

Although the multi-level capital markets such as Beijing Stock Exchange, Growth Enterprise Market registration system and science and technology innovation board can broaden the exit channels, the pressure of fund exit is still great, and a large number of funds are entering the liquidation period one after another, and the demand for fund late trading is great. "Looking back at the VC/PE industry in China, it experienced rapid development from 2015 to 2017, during which a large number of market-oriented funds were established with a term of 5-7 years. Now many funds have reached the liquidation period, and LP urgently needs liquidity. In addition, there are many funds that take money from the financial funds with a term of 10 years, and they have also come to the exit period one after another, and the enthusiasm of state-owned assets to participate in S-share trading is getting higher and higher. The stock market of domestic S transactions is very large, with a scale of more than 13 trillion yuan. " Huang Zhenlei, deputy general manager of Beijing Equity Exchange Center, told Entrepreneurship.

Why are "second-hand share" trading opportunities more active in the stock market era?

Kohler Capital Yang Zhan made an image metaphor: "The Beijing real estate market has entered the stock market, and the second-hand housing transactions are active, accounting for the vast majority of the total transaction volume, which is a bit like the reason that the private equity secondary market in China will gradually enter the stock market; The real estate market in Xiong’ an is just the opposite. The real estate development time is delayed in Beijing, and it is still in the era of first-hand housing transactions, and there will be no large-scale second-hand housing transactions for the time being. "

Yang Zhan is optimistic about the market potential of a large number of second-hand shares in China market. Kohler Capital, where he works, is the buyer of the private equity secondary market with the largest investment team in the world, and its investment strategy will also focus on the GP-led market.

Huang Zhenlei of Beijing Equity Exchange Center revealed to Entrepreneurship: "As the first pilot of S share transfer in China, the transaction volume of Beijing Equity Exchange Center has shown a substantial growth trend in the last two years. Last year, the transaction volume reached 1 billion, and it is expected to break through 10 billion yuan this year."

Then analyze the pressure of GP fundraising. Factors such as new asset management regulations, tight financial funds, and financial difficulties of listed companies lead to difficulties in LP’s capital contribution. The situation that LP’s subscribed capital contribution is not in place, LP requires DPI, and fund raising increases the pressure on GP to raise funds.

What is the root cause of the difficulty in raising funds for GP?

Li Miao has different perspectives: "Compared with other asset classes, private equity funds have a long cycle and high uncertainty of investment returns. The core reason is a serious shortage of liquidity. An illiquid asset is lifeless, and S trading can just solve the liquidity problem of private equity funds. Money is the smartest and will flow to assets that can generate returns, so now we can see that a larger amount of funds have entered the private equity secondary market. "

"Despite the existence of market demand and GP pain points, on the whole, the enthusiasm of domestic GPs to actively participate in S trading needs to be improved. Although they are interested in S trading, there are not many real participants. Compared with overseas developed markets, S trading in China market is still in the early stage, and the market space is very large. " Huang Zhenlei of Beijing Equity Exchange Center said.

Judging from the proportion of capital contribution, the main sellers in China S market may be finance, central enterprises, state-owned enterprises and financial institutions, but the buyer’s strength needs to be cultivated, the types of intermediary institutions need to be enriched, and the pricing mechanism for financial state-owned shares needs to be further improved. Judging from the transactions completed by Beijing Equity Exchange Center, although there are occasional packaged asset transactions and GP restructuring, the trading mode is relatively simple, and GP-coordinated LP share trading is still the mainstream.

"A core point is that when the assets invested by GP are really poor, it is not S trading that can solve the problems of withdrawal and fundraising, and the cart before the horse cannot be put". Li Miao reminds some players who want to participate in the transaction.

"Foreign fund managers and investors will use S trading as a tool to adjust their existing portfolios, just like buying stocks to adjust positions." Kohler Capital Yang Zhan said that the frequency of domestic players using S tools is obviously not high.

In addition, according to the observation of many domestic people, a new phenomenon has begun to appear in the China market. When some GPs encounter difficulties in fund-raising, they begin to use S trading tools and promise to sell some assets of new LP or past fund shares at low prices in exchange for the possibility of LP contributing to the new fund, so as to achieve the purpose of fund-raising. This practice of "tying up assets" belongs to bundled transactions.

"Although there are similar binding modes abroad, the thinking logic and original intention are different." Kohler Capital Yang Zhan reminds domestic players.

According to Li Miao, some FA will use Mingchi Continuation Fund when raising funds for GP. "this method is more suitable for new funds or GP that has just come out to raise funds and is being institutionalized. S tool can help GP create DPI performance. In addition, a single old stock and asset package transaction can also be used as a value exchange to create DPI for GP. With DPI, GP will make it easier for the new LP to see its historical performance and raise funds more conveniently. "

In fact, continuing fund and fund reorganization have become a new way of playing individual head GP in China in recent two years. "Asset restructuring seeks to withdraw, and generally packages a number of assets to speed up the withdrawal of funds and release more management energy of GP. It can also adjust investment strategies, turn to other track investments, and even actively optimize the LP structure and absorb institutionalized LP. In addition, you can also make a single project fund share transfer. " Huang Zhenlei of Beijing Equity Exchange Center said.

In China, the fund restructuring transaction known as the first RMB-to-US dollar fund in China is dominated by Kunzhong Capital.

In 2020, Kunzhong Capital packaged and sold seven projects to overseas entities set up by TR CAPITAL, creating a 25% DPI for RMB funds, and the transaction involved about 100 million US dollars. Through this S transaction, Kunzhong Capital completed the withdrawal of some RMB assets, and at the same time realized the raising of the first US dollar fund of Kunzhong Capital. Also completed the RMB-to-US-dollar fund restructuring transaction is Unconfused Capital, with the transaction scale exceeding 100 million US dollars. It can be seen that the GP-led S transaction can realize dual-currency conversion and solve the fundraising problem smoothly.

Kunzhong Capital Dollar Fund Reorganization Transaction Chart (Source: Guangchen Consultant "Ten Thousand Folds Must Be East")

Guangchen Consultant stated in "Ten Thousand Folds Must Go East" that Kunzhong Capital achieved a win-win situation among the three parties through this transaction. First of all, the original LP achieved considerable DPI through this transaction, which improved the overall cash performance of the fund in 2016; Secondly, the new LP has obtained the potential appreciation space of assets in the future; Thirdly, RMB LP helped GP upgrade to a dual-currency GP with more brand influence, paving the way for GP to enter the US dollar fund market for future financing.

In September, 2020, IDG led the completion of the S-fund restructuring transaction with NAV (Net Fund Share) exceeding USD 600 million, which became the largest publicly disclosed S-fund transaction in the history of China at that time.

This typical GP-led S-trade has injected a shot in the arm into the S-market. In the transaction, IDG packaged the portfolio of one of its RMB funds that has not been withdrawn into US dollar funds, involving more than 10 projects, and the buyer was a consortium led by Harbour Vest, an international parent fund management agency.

According to the observation of Entrepreneurship, the S transaction led by IDG capital is relatively active. At the beginning of this year, the largest single paid-in "QFLP+S" fund was established in Wuxi, which is also the first cross-border S fund of IDG to complete the payment.

Let’s look at the first publicly available large-scale RMB GP-led fund share restructuring transaction in China, with Huagai Capital as the leading party and Shenzhen Venture Capital S Fund participating as CO-GP.

The scale of this S fund is 800 million yuan. As the first RMB-structured reorganization and continuation fund in China, Huagai Capital has packaged many star projects such as Fuhong Hanlin. Through this continuation fund, Huagai Capital further enlarges the value of the portfolio, prolongs the holding period of star assets, and thus improves the return on investment.

In addition, Junlian Capital also completed a typical GP-led medical continuation fund transaction in 2021, with a transaction scale of US$ 270 million. Among them, one of the important buyers of the transaction is Kohler Capital. Prior to this, in February 2020, Junlian also completed a $200 million continuation fund transaction.

Junlian Capital’s $270 million medical and health continuation fund transaction chart (Source: Zhongzhong)

Vilen, managing director of Xingnahe Capital, suggested that GP should have strong resource control ability, and it is best to find a professional intermediary or professional buyer to cooperate. Generally, GP may find it difficult to copy the existing gameplay of other GPs.

As one of the earliest S-trading practitioners in China, vilen thinks that the current S-market in China may not be as lively as most people feel. After all, the S-market in China is in its early stage, and the professionalism of the buyers and sellers involved in the transaction is extremely high. "S-trading is highly complex, the trading process is complex, the water is deep and there are many pits, so participants need to be cautious, otherwise there will be many potential risks."

Finally, many senior people said that there will be special trading opportunities and market dividends when the secondary market is depressed. 2022 is undoubtedly a good opportunity for S fund buyers to buy excellent assets, but it is not necessarily a good time for GP to sell assets.

If you are right"s trading topic"Interested, welcome to add the author’s WeChat communication (ID: ID：i20130214).

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