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　　Author of this article

　　Zhang Xu/Wei Weixiao

　　abstract

　　The disposal of creditor’s rights of Baoshang Bank has caused us to think: Can the financial supervision department put forward higher supervision requirements for banks, so that they can reserve enough internal bail-out funds to absorb losses in the process of risk disposal?

　　TLAC is the abbreviation of Total Loss-Absorbing Capacity, which refers to the sum of various capital or debt instruments that can absorb bank losses through write-down or share conversion when G-SIBs enters the disposal procedure, that is, the ability of "internal bail-out".

　　How can we replenish TLAC capital as soon as possible? We believe that regulatory capital can be supplemented and debt instruments that are not included in regulatory capital but meet the requirements of TLAC can be issued.

　　Perpetual bonds of commercial banks can be a breakthrough to supplement tier-one capital. Today (July 26th), ICBC is issuing 80 billion yuan of open-ended bonds.

　　Since the beginning of this year, in order to issue perpetual bonds smoothly, the People’s Bank of China and China Banking and Insurance Regulatory Commission have also provided relevant policies. For example, the People’s Bank of China has created CBS, and primary dealers can use the qualified perpetual bonds they hold to exchange them for central bank bills.

　　In addition to using existing tools to supplement regulatory capital, TLAC can also be supplemented by some innovative capital tools.

　　Most banks in the United States meet the regulatory requirements of TLAC by issuing senior bonds by holding companies, while banks in EU countries tend to use senior non-priority bonds to supplement TLAC capital.

　　1. Thoughts on the disposal scheme of creditor’s rights of contractor bank.

　　The capital of commercial banks plays a role in absorbing losses before ordinary creditors. For example, in the process of disposing the creditor’s rights of contractor banks, the losses are first absorbed by the original shareholders and the holders of secondary capital bonds. Due to the credit crisis of Baoshang Bank, even if the equity is cleared 100%, it still can’t absorb all the losses, so some subsequent losses need to be absorbed by the deposit insurance fund management company and some creditors.

　　How much loss should the deposit insurance fund bear? In order to avoid risks, the Deposit Insurance Fund fully guarantees the principal and interest of all personal savings deposits, corporate deposits of less than 50 million yuan and interbank liabilities through debt acquisition, corresponding to 5.2 million depositors, 25,000 enterprises and interbank institutions respectively. Obviously, the part undertaken by the deposit insurance fund far exceeds the limit of 500,000 yuan stipulated in the Deposit Insurance Ordinance, and its initiative to bear losses is mainly to protect the interests of ordinary creditors as much as possible.

　　However, this has also triggered our new thinking: the failure of commercial banks has negative macro-spillover, and in order to prevent systemic risks, the government has to use public funds to provide assistance. Then, is it possible to put forward higher regulatory requirements for banks, so that they can reserve enough internal bail-out funds to absorb losses during the disposal process, instead of relying on external public funds for assistance?

　　In fact, the problem of "negative macro spillover" is not unique to China, and the more important the bank, the greater its spillover, which is called "too big to fail". During the international financial crisis in 2008, the American and British governments were worried that the bankruptcy of Citibank and Royal Bank of Scotland would lead to systemic risks, so they injected 45 billion dollars and 45.5 billion pounds into the two banks respectively.

　　Such external assistance with public funds will not only increase the burden on taxpayers, but also lead to moral hazard of banks. In order to solve this problem, the FSB (Financial Stability Board) issued the Key Elements of Effective Disposal Mechanism of Financial Institutions at the G20 Cannes Summit in 2011, and put forward the goal of "internal bail-out" instead of "external assistance" of public funds in times of crisis. In November, 2015, FSB issued the Principles and Clauses of Loss Absorption and Capital Reorganization Ability in the Disposal of G-SIBs (referred to as TLAC Clause), which put forward higher requirements for the loss absorption ability of G-SIBs (global systemically important bank) than Basel III.

　　2. What is TLAC?

　　"TLAC" in the above-mentioned TLAC Clause is the abbreviation of Total Loss-Absorbing Capacity, which refers to the sum of various capital or debt instruments that can absorb bank losses through write-down or share conversion when G-SIBs enters the disposal procedure, that is, the ability of "internal bail-out". A higher TLAC ensures that banks have sufficient capacity to absorb losses when they enter the disposal procedure, thus reducing the probability that "too big to fail" banks will "fail" in a crisis and cause systemic risks. In addition, the "internal bail-out" model helps to encourage bank shareholders and management to increase risk management and reduce the possibility of excessive risk taking and falling into crisis.

　　According to the TLAC Clause, qualified TLAC tools need to meet the following criteria at the same time: 1. Paid-in; 2. Unsecured; 3. The ability to absorb losses in the process of disposal will not be weakened by the right of offset and net liquidation; 4. The remaining term of the contract is not less than one year or perpetual (no expiration date); 5. There is no investor’s right to sell back in the coming year; 6. No funds shall be provided directly or indirectly by the disposal entity or its related parties, unless approved by the regulatory authorities of the home country and the host country.

　　At the same time, qualified TLAC instruments cannot be excluded liabilities, that is, they cannot be any of the following liabilities: 1. Deposits protected by deposit insurance; 2. Demand deposits and deposits with an original term of less than one year; 3. Liabilities arising from derivatives; 4. Debt instruments with derivative linkage characteristics, such as capital preservation bills; 5. Liabilities arising outside the contract, such as tax obligations; 6. Liabilities (such as secured liabilities) stipulated in the bankruptcy law that are paid before senior unsecured creditors; 7. Liabilities excluded from internal bail-out by law or unable to be written down or converted into shares by relevant disposal authorities.

　　Qualified TLAC tools must absorb losses before being excluded from liabilities, so as to ensure the disposal ability of G-SIBs. In fact, the other side of loss absorption preposition is the secondary in compensation, and the secondary attribute can be realized in the following three ways:

　　1. contractual subordination: it is agreed in the form of contract that the TLAC instrument is subordinated to the excluded liabilities in the disposal entity table.

　　2. statutory subordination: In the statutory creditor hierarchy, the TLAC instrument is lower than the excluded liabilities in the disposal entity table.

　　3. structural subordination: TLAC instruments are issued by a disposal entity (such as a holding company) with no excluded liabilities on the balance sheet.

　　For example, in the terms of the bond, it is agreed that "the repayment order of the principal of the current bond and the interest payment order are after the depositor and the general creditor", which is the secondary agreement mentioned above, and banks in EU countries tend to use this method. The mode of issuing bonds by non-operating holding companies in the United States is the secondary structure mentioned above. In this mode of secondary structure, the excluded liabilities of subsidiaries are paid off first, and the bonds of holding companies play the role of loss absorption.

　　3. Applicable objects of TLAC

　　Basel III applies to all banks, while TLAC applies to G-SIBs. The list of G-SIBs is published by FSB every November. In November 2018, there were 29 banks in groups 1-4, corresponding to 1%-2.5% additional capital. At present, the Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China and China Construction Bank are on the list, among which Agricultural Bank of China and China Construction Bank are in the first group, which are applicable to 1.0% additional capital, while Bank of China and ICBC are in the second group, which are applicable to 1.5% additional capital.

　　According to FSB rules and practical experience, those with a total score of 130 are more likely to be selected for G-SIBs. (Among the 29 G-SIBs selected in November, 2018, the lowest total score was BPCE, and its score was 130. The Bank of Communications is very close to the above standards. In the results disclosed in November 2018, the total score of the bank was 118, ranking 31 ST.

　　The results disclosed by FSB in November 18 correspond to 17 years’ data, and the results to be disclosed in November 19 correspond to 18 years’ data. We find that the data of most subjects of Bank of Communications have improved to varying degrees in the past 18 years. Among them, the highest increase rate is the third-tier assets, with the data of 910 million yuan in 17 years and 2.55 billion yuan in 18 years, an increase of 1.8 times. In addition, assets between financial institutions, payments settled through payment systems or correspondent banks, and cross-border liabilities have also increased by more than 15% respectively. Obviously, according to the current growth rate, it is a high probability that Bank of Communications will be included in G-SIBs in the next few years.

　　The score and ranking of Industrial Bank (601166) are not far from those of Bank of Communications, with 96 ranking 36. Next, the rankings of Shanghai Pudong Development Bank (600,000), China CITIC Bank (601,998) and China Merchants Bank (600,036) are relatively close, ranking 40th, 43rd and 44th respectively. The scores of Minsheng Bank (600016), China Everbright Bank (601818), Ping An Bank (00001), Guangfa Bank, Bank of Beijing (601169) and Huaxia Bank (600015) are all below 50% of the threshold of G-SIBs 130, so it is less likely to be recognized as G-SIBs in a short time.

　　The minimum TLAC requirements apply to every disposal entity in every G-SIB. The disposal entity here refers to the entity to which the disposal tool is applied in the G-SIB disposal strategy. According to different disposal strategies, the disposal entity can be the parent company, the intermediate or final holding company and the operating subsidiary. Moreover, a G-SIB can own one or more disposal entities.

　　A disposal entity and all entities owned and controlled by this disposal entity are regarded as a disposal group. It should be noted here that the above-mentioned entity owned or controlled should not be a disposal entity, and each disposal entity and the entity owned or controlled by it can only belong to one disposal group.

　　In addition, within a disposal entity, the direct or indirect subsidiaries that meet the requirements form an important disposal subgroup. In order to facilitate the cooperation between the authorities of the home country and the host country and realize the effective cross-border disposal strategy, FSB requires the appropriate allocation of loss absorption and capital reorganization capabilities within the disposal group. In view of this, FSB puts forward the requirements of internal TLAC for the important sub-groups of G-SIB. The minimum internal TLAC standard is 75%-90% of the minimum external TLAC standard.

　　4. TLAC regulatory requirements

　　FSB formulates the most basic requirements for G-SIBs, including TLAC requirements based on risk-weighted assets and TLAC requirements based on total assets exposed to risk (i.e. leverage ratio). In addition to the requirements of FSB, the regulatory authorities of various countries or regions may put forward additional requirements for banks according to local actual conditions, and the specific standards shall be decided by the local regulatory authorities themselves.

　　The TLAC Clause requires that for banks that become G-SIBs before the end of 2015, the TLAC shall account for no less than 16% of risk-weighted assets and the leverage ratio shall be no less than 6% from January 1, 2019; From January 1, 2022, the above two proportions will be increased to 18% and 6.75% respectively. In addition, G-SIBs also needs to meet the requirements of buffer capital, including reserve capital (2.5%), countercyclical capital (0-2.5%) and additional capital of G-SIBs (1-3.5%). For banks that become G-SIBs between 2016 and the end of 2018, they need to meet the above requirements from January 1, 2022; For banks that become G-SIBs after the end of 2018, they need to meet the requirements within 36 months after becoming G-SIBS.

　　Considering the actual situation of emerging market countries, FSB gives them a grace period of six years, that is, the time to meet the standards is extended from 2019 and 2022 to 2025 and 2028. (Note: In fact, up to now, only China’s banks have been selected as G-SIBs among emerging market countries. However, there is an accelerated condition for this grace period: if the balance of financial and non-financial corporate bonds (excluding policy banks) in emerging market countries accounts for more than 55% of the country’s GDP within five years after the publication of the TLAC Clause, the grace period will be shortened by three years and advanced to 2022 and 2025 respectively.

　　The TLAC clause of FSB was published in November 2015, so the final judgment of the accelerated clause will be in November 2020, and the data at the end of 2019 will be used for this judgment. By the end of 2018, the ratio of the balance of financial bonds and non-financial bonds excluding political bonds to GDP in China was close to 50%. If we extrapolate linearly at the current growth rate, the above ratio was very close to the threshold of 55% at the end of 2019.

　　In addition to the above-mentioned mandatory provisions, FSB also put forward the regulatory expectation in the TLAC Clause, that is, it is expected that the standard TLAC debt instruments will account for no less than 33% of the total capital of TLAC. This regulatory expectation is to ensure that G-SIBs has sufficient capital absorption losses when it enters the disposal procedure. According to the RAW standard of 16%, FSB expects the debt instruments in TLAC capital to account for no less than 5.28% of RAW.

　　At the same time, the TLAC Clause stipulates that if the relevant government departments promise in advance to reorganize the capital, bear the cost of the disposal fund or provide temporary disposal funds during the disposal of G-SIBs, the minimum requirements of TLAC can be reduced to some extent. For example, due to the commitment of deposit insurance system in Japan, the minimum TLAC requirement can be exempted: when the minimum TLAC requirement is 16%, it can be exempted from 2.5% (reduced to 13.5%); When the minimum requirement of TLAC is 18%, 3.5% can be exempted (reduced to 14.5%).

　　In addition, in order to reduce the cross-infection of risks in the banking system, the TLAC Clause also puts forward the deduction requirements for holding TLAC tools. Since then, it has been further clarified in the Basel III framework that the bank’s investment in non-capital TLAC tools issued by G-SIBs should be deducted from its own tier 2 capital.

　　The regulatory authorities in various countries and regions may put forward additional requirements for banks on the basis of FSB requirements according to local actual conditions. At present, there are some differences in the regulatory requirements of the United States, Japan and the European Union, which we will elaborate in the next part.

　　5. Implementation of TLAC in USA, Japan and EU

　　5.1. Implementation of TLAC in the United States

　　In December 2016, the Federal Reserve finalized the American version of the TLAC rules, which are applicable to the global systemically important bank holding companies (covered BHCs) in the United States and the important intermediate holding companies (covered IHCs) of foreign banks in the United States. The US TLAC rules formulated by the Federal Reserve are obviously stricter than the requirements of the FSB. For external TLAC, the difference between the minimum requirements of the Federal Reserve and the FSB is mainly reflected in the following three points: the transition period is cancelled, the leverage ratio is higher, and the hard requirements for long-term debt are increased.

　　1. Cancel the transition period: In the requirements of FSB, the period from 2019 to 2022 is a transition period. From 2022, the ratio of TLAC to risk-weighted assets and total risk exposure is not less than 18% and 6.75%, while only 16% and 6% are required during the transition period. TLAC in the United States canceled the transition period arrangement, requiring that it should not be lower than the final level required by FSB from 2019. (Note: The requirement of the Federal Reserve for leverage ratio is higher than that of the FSB’s TLAC. )

　　2. Increase the leverage ratio: FSB requires the leverage ratio to be greater than 6%, while in the Federal Reserve version of TLAC, it is obviously more stringent to require the leverage ratio to be greater than 7.5% plus 2% capital buffer.

　　3. Put forward the requirements of Ltd.: FSB only puts forward the regulatory expectations for the proportion of debt instruments, while the Federal Reserve puts forward mandatory regulatory requirements for the scale of long-term debt instruments. According to the requirements of the Federal Reserve, from 2019, the ratio of LTD/RWA (that is, the ratio of long-term debt instruments to risk-weighted assets) should be greater than 6% (in addition, G-SIBs has additional capital buffer requirements), and the total assets of LTD/ risk exposure should be greater than 4.5%.

　　For internal TLAC, the Federal Reserve has put forward different requirements according to the nature of intermediate holding companies and different implementation strategies:

　　1. The intermediate holding company is the disposal entity, and the MPOE strategy (multi-point disposal entity strategy) is applicable: the Federal Reserve requires that the ratio of TLAC to risk-weighted assets and total risk exposure should be no less than 18% and 6.75%, which is consistent with the external TLAC of the corresponding banks in the United States (the internal TLAC requires lower leverage ratio), and the ratio of TLAC to average total assets should be no less than 9% (that is, Tier 1 capital leverage ratio). The requirements of the Federal Reserve for LTD are not less than 6%, 2.5% and 3.5% of risk-weighted assets, total risk exposure and average total assets.

　　2. The intermediate holding company is not a disposal entity, and the SPOE strategy (single disposal entity strategy) applies: the Federal Reserve requires that the ratio of TLAC to risk-weighted assets and total risk exposure should be no less than 16% and 6%, and the ratio of TLAC to average total assets should be no less than 8%. The requirements of the Federal Reserve for LTD are not less than 6%, 2.5% and 3.5% of risk-weighted assets, total risk exposure and average total assets.

　　5.2. TLAC implementation in Japan

　　In the TLAC requirements formulated by the Financial Services Agency of Japan (FSA), it is considered to extend the scope of supervision to some D-SIBs, such as Nomura Holdings, Daiwa Securities, Japan Central Agriculture and Forestry Treasury, and Sumitomo Mitsui Trust Holding Company. Other regulated banks are called "Covered SIBs" together with G-SIBs in Japan. At present, there are four Covered SIBs in Japan, namely Mitsubishi UFJ Financial Group, Mizuho Financial Group, Sumitomo Mitsui Financial Group and Nomura Holdings. The first three are G-SIBs recognized as of November 2018, and these three banks need to meet FSB standards from March 1, 2019. Nomura Holdings, as a domestic D-SIB in Japan, needs to meet the corresponding standards in two years (2021 and 2024). In addition, Japan’s TLAC rules have been implemented since March 31, 2019, which is slightly different from January 1, 2019 stipulated by FSB.

　　5.3. Implementation of TLAC in EU

　　Similar to the TLAC of FSB, the European Union has put forward the Minimum Requirements for Self-owned Funds and Qualified Liabilities (MREL), which was implemented on January 1, 2016. The difference between MREL and FSB minimum TLAC requirements is mainly reflected in the following six points:

　　1. Different startup time: MREL requirements were implemented on January 1, 2016; The requirements of TLAC were implemented on January 1, 2019.

　　2. Different coverage: TLAC is only for G-SIBS; MREL covers all credit institutions and investment companies in the EU.

　　3. The denominators of the indicators are different: the denominators of the two indicators in TLAC are risk-weighted assets and total risk exposure assets respectively; MERL contains all liabilities and self-owned funds.

　　4. The criteria for identifying qualified debt instruments are different: when the debt instruments in MREL are converted into shares or written down during self-rescue, they must conform to the principle of "no credit or worse off (NCWO)", so the qualification identification is stricter than the TLAC standard of FSB.

　　5. The uniformity of standards is different: FSB has uniform minimum TLAC requirements for all G-SIBs; MREL determines the specific requirements of each bank on a case-by-case basis.

　　6. Different deductions: under the framework of TLAC, it is necessary to deduct the TLAC qualified tools held by other G-SIIs from Tier 2 capital; The current version of MREL framework does not involve deduction for the time being.

　　6. TLAC gap of G-SIBs

　　6.1. Current global TLAC compliance of G-SIBs.

　　Up to now (note: July 26, 2019), six countries or regions, including the United States, Britain, Japan, Canada, Switzerland and China, have met the external TLAC requirements. Among them, TLAC supervision in Japan began on March 31, 2019, which is slightly different from January 1, 2019 required by FSB. The EU MREL framework has been put into operation, which covers not only G-SIBs, but also D-SIBs and other banks.

　　At present, some G-SIBs have disclosed their TLAC ratio and leverage ratio in their 2018 annual reports, such as JPMorgan Chase, Credit Suisse Group and UBS Group AG. These three banks have met the minimum TLAC requirements stipulated by FSB, while JPMorgan Chase has also met the stricter TLAC rules formulated by the United States.

　　6.2. TLAC gaps of four G-SIBs in China.

　　The TLAC Clause requires G-SIBs to meet the corresponding regulatory requirements from January 1, 2019, but gives emerging market countries a grace period of six years, so China has not yet implemented TLAC regulation. Because China’s G-SIBs has not issued corresponding TLAC debt instruments for TLAC rules, the TLAC ratio is close to the capital adequacy ratio after deducting the capital buffer. By the end of 2018, the average capital adequacy ratio of the four major banks of industry, agriculture, China and construction was 15.67%, and the capital adequacy ratio after deducting the capital buffer was 11.92%, which was still far from the regulatory ratio of 16%.

　　In terms of leverage ratio, by the end of 2018, the leverage ratios of ICBC, Agricultural Bank, Bank of China and China Construction Bank were 7.8%, 6.8%, 6.9% and 8.1% respectively, all of which were higher than 6%, and the leverage ratio pressure was relatively small.

　　Based on the calculation results of leverage ratio and TLAC ratio, the total TLAC financing gap of four G-SIBs in China at the end of 2018 was 2.35 trillion yuan. According to the current capital and operation of the four banks, if we want to meet the minimum TLAC requirements in 2025, we need to increase the TLAC by 392.4 billion yuan annually in the next six years.

　　The regulatory expectation is that TLAC debt instruments that meet the standards account for no less than 33% of the total capital of TLAC. According to the minimum external TLAC requirement of 16%, debt instruments such as convertible bonds, perpetual bonds, subordinated bonds, mixed capital bonds and tier 2 capital instruments are not less than 5.28% of RWA’s. By the end of 2018, the above-mentioned debt instruments issued by the four major banks accounted for an average of 1.75% of RWA, which was significantly lower than the above-mentioned regulatory expectation of 5.28%. It is necessary to continue to promote the issuance of debt instruments.

　　7. Ways to promote TLAC standards

　　There is not much time for the TLAC of four G-SIBs in China to reach the standard. In terms of the time limit for TLAC to reach the standard, although China has been granted a grace period of six years, there is a big TLAC capital gap among the four G-SIBs, so the replenishment pressure of TLAC capital is enormous. How can we supplement TLAC as soon as possible to meet the requirements in the TLAC Clause? We believe that existing capital replenishment tools can be used to supplement regulatory capital, and debt instruments that are not included in regulatory capital but meet the requirements of TLAC can be issued.

　　7.1. Supplementary regulatory capital within the framework of Basel III

　　The TLAC of commercial banks consists of two parts: one part is the regulatory capital of Basel III, and the other part is the TLAC debt instruments that meet the requirements outside the regulatory capital. Obviously, supplementing the regulatory capital of Basel III can not only improve the capital adequacy ratio, but also improve the TLAC, thus killing two birds with one stone.

　　Compared with tier-one capital, tier-two capital is more convenient to replenish. In 2017 and 2018, China’s commercial banks issued 482.4 billion yuan and 493.7 billion yuan of tier-two debt respectively, which effectively supplemented tier-two capital. For Tier-1 capital, the traditional supplementary methods are mainly to issue common shares, preferred shares and convertible bonds into shares. However, the approval process of these options is long, involving many departments, and may disturb the capital market, so they will be restricted by the regulatory authorities in the issuance process.

　　Perhaps, the perpetual bonds of commercial banks can be a breakthrough to supplement tier-one capital. At the end of January this year, China Bank successfully issued 40 billion yuan of write-down bonds with no fixed term, which is the first issuance of perpetual bonds of Chinese commercial banks in the interbank market. Up to now (July 26th), among the four G-SIBs in China, BOC and ICBC have issued 120 billion yuan of write-down perpetual bonds, and a total of 200 billion yuan of perpetual bonds of BOC, ABC and CCB have passed the shareholders’ meeting and can be issued after obtaining the approval from China Banking and Insurance Regulatory Commission and the People’s Bank of China.

　　In order to issue perpetual bonds smoothly, the People’s Bank of China and China Banking and Insurance Regulatory Commission have also formulated relevant policies. On January 24, the People’s Bank of China decided to create CBS, so that primary dealers in the open market can use the perpetual bonds issued by qualified banks held by them to exchange them for central bank bills. Since then, the People’s Bank of China has launched CBS operation three times on February 20th, June 27th and the end of July to support banks to issue perpetual bonds to replenish capital. In addition, the People’s Bank of China will include the perpetual bank bonds with the subject rating of not less than AA into the eligible collateral of MLF, TMLF, SLF and refinancing. In essence, these two policies use the liquidity creation function of the People’s Bank of China to improve the potential financing ability of perpetual bonds investors, provide liquidity support for the issuance of perpetual bonds and reduce the issuance cost of perpetual bonds. It is worth mentioning that the above two policies introduce positive incentives, which are more sustainable than the traditional negative incentives of administrative orders.

　　7.2. Explore the issuance of bonds to improve TLAC.

　　In addition to using existing tools to supplement regulatory capital, TLAC can also be supplemented by some innovative capital tools. On January 18, 2018, the former China Banking Regulatory Commission, the People’s Bank of China, the China Securities Regulatory Commission, the former China Insurance Regulatory Commission and the Foreign Exchange Bureau jointly issued the Opinions on Further Supporting the Innovation of Capital Instruments of Commercial Banks (Y.J.F. [2018] No.5), proposing to "summarize the practical experience of commercial banks in issuing preferred stocks and write-down tier 2 capital bonds, promote the revision of relevant laws and regulations, study and improve supporting rules, and issue open-ended capital bonds and write-down tier 2 capital bonds for commercial banks. On February 28th, 2018, the People’s Bank of China issued Announcement [2018] No.3 of the People’s Bank of China, encouraging banking financial institutions to issue new capital supplementary bonds with innovative loss absorption mechanisms or triggering events, and clarifying that "banking financial institutions can explore issuing bonds to improve their total loss absorption capacity".

　　In the innovation of TLAC qualified tools, other countries have a lot of experience to learn from. Most banks in the United States meet the regulatory requirements of TLAC by issuing senior bonds by holding companies. For example, JPMorgan disclosed in its annual report that the company has a large number of long-term unsecured debts issued by the parent company to provide maximum flexibility to support the financing needs of banks and non-bank subsidiaries. JPMorgan, the mode of supplementing TLAC by issuing bonds from non-operating holding companies, is the secondary structure mentioned above. In this mode of secondary structure, the excluded liabilities of subsidiaries are paid off first, and the bonds of holding companies play the role of loss absorption.

　　Banks in EU countries tend to use "senior non-priority bonds" to supplement TLAC capital. In order to coordinate the EU’s regulations on the hierarchy of bank creditors and promote the formation of a disposal plan for cross-border institutions, the European Commission finally decided to choose the "French model" as the EU standard in November 2017. The "French model" adds the bond varieties of "Non-Preferred Senior Debts" as qualified TLAC tools in the traditional creditor rank sequence by agreeing on the secondary.

　　The repayment order of senior non-priority bonds is between subordinated debt and senior unsecured debt, which is superior to subordinated debt in grade, but inferior to senior unsecured debt, that is, a new interlayer is added on the basis of the existing debt structure. When issuing senior non-priority bonds, banks in the European Union need to meet the following agreements:

　　1) The original contract term is at least one year;

　　2) Bills cannot be derivatives and cannot contain embedded derivatives;

　　3) The relevant contract documents must clearly stipulate that the repayment order of debts is between subordinated debts and senior unsecured debts.

　　8. Summary

　　The disposal of the contractor bank has also triggered our new thinking: the failure of commercial banks has negative macro-spillover, and in order to prevent systemic risks, the government has to use public funds to provide assistance. Then, is it possible to put forward higher regulatory requirements for banks, so that they can reserve enough internal bail-out funds to absorb losses during the disposal process, instead of relying on external public funds for assistance?

　　In fact, in order to solve the problem of "negative macro spillover", the FSB (Financial Stability Board) has released "Key Elements of Effective Disposal Mechanism of Financial Institutions" at the G20 Cannes Summit in 2011, proposing the goal of "internal bail-out" instead of "external assistance" of public funds when in crisis. In November, 2015, FSB issued the Principles and Clauses of Loss Absorption and Capital Reorganization Ability in the Disposal of G-SIBs (referred to as TLAC Clause), which put forward higher requirements for the loss absorption ability of G-SIBs (global systemically important bank) than Basel III.

　　The above-mentioned "TLAC" is the abbreviation of Total Loss-Absorbing Capacity, which refers to the sum of various capital or debt instruments that can absorb bank losses through write-down or share conversion when G-SIBs enters the disposal procedure, that is, the ability of "internal bail-out". A higher TLAC ensures that banks have sufficient capacity to absorb losses when they enter the disposal procedure, thus reducing the probability that "too big to fail" banks will "fail" in a crisis and cause systemic risks. In addition, the "internal bail-out" model helps to encourage bank shareholders and management to increase risk management and reduce the possibility of excessive risk taking and falling into crisis.

　　Basel III applies to all banks, while the minimum TLAC requirements of FSB apply to G-SIBs. The minimum TLAC requirements include TLAC requirements based on risk-weighted assets and TLAC requirements based on risk-exposed total assets (i.e. leverage ratio). In addition to the above-mentioned mandatory provisions, FSB also put forward the regulatory expectation in the TLAC Clause, that is, it is expected that the standard TLAC debt instruments will account for no less than 33% of the total capital of TLAC. In addition to the requirements of FSB, the regulatory authorities of various countries or regions may put forward additional requirements for banks according to local actual conditions, and the specific standards shall be decided by the local regulatory authorities themselves.

　　The TLAC Clause requires that for banks that become G-SIBs before the end of 2015, the TLAC shall account for no less than 16% of risk-weighted assets and the leverage ratio shall be no less than 6% from January 1, 2019; From January 1, 2022, the above two proportions will be increased to 18% and 6.75% respectively. Considering the actual situation of emerging market countries, FSB gives them a grace period of six years, that is, the time to meet the standards is extended from 2019 and 2022 to 2025 and 2028. However, there is an accelerated condition for this grace period: if the balance of financial and non-financial corporate bonds (excluding policy banks) in emerging market countries accounts for more than 55% of the country’s GDP within five years after the publication of the TLAC Clause, the grace period will be shortened by three years and advanced to 2022 and 2025 respectively.

　　In December 2016, the Federal Reserve finalized the American version of the TLAC rules, which are applicable to the global systemically important bank holding companies (covered BHCs) in the United States and the important intermediate holding companies (covered IHCs) of foreign banks in the United States. The US TLAC rules formulated by the Federal Reserve are obviously stricter than the requirements of the FSB.

　　In the TLAC requirements formulated by the Financial Services Agency of Japan (FSA), it is considered to extend the scope of supervision to some D-SIBs, such as Nomura Holdings, Daiwa Securities, Japan Central Agriculture and Forestry Treasury, and Sumitomo Mitsui Trust Holding Company. In addition, Japan’s TLAC rules have been implemented since March 31, 2019, which is slightly different from January 1, 2019 stipulated by FSB.

　　Similar to the TLAC of FSB, the European Union has put forward the Minimum Requirements for Self-owned Funds and Qualified Liabilities (MREL), which was implemented on January 1, 2016. The difference between MREL and FSB’s minimum TLAC requirements is mainly reflected in the following six points: start-up time, coverage, denominator of indicators, identification standard of qualified debt instruments, unity of standards and deduction items.

　　There is not much time for the TLAC of four G-SIBs in China to reach the standard. In terms of the time limit for TLAC to reach the standard, although China has been granted a grace period of six years, there is a big TLAC capital gap among the four G-SIBs, so the replenishment pressure of TLAC capital is enormous. How can we replenish TLAC capital as soon as possible to meet the requirements in the TLAC Clause? We believe that existing capital replenishment tools can be used to supplement regulatory capital, and innovative debt instruments that are not included in regulatory capital but meet the requirements of TLAC can be issued.

　　The TLAC of commercial banks consists of two parts: one part is the regulatory capital of Basel III, and the other part is the TLAC debt instruments that meet the requirements outside the regulatory capital. Obviously, supplementing the regulatory capital of Basel III can not only improve the capital adequacy ratio, but also improve the TLAC, thus killing two birds with one stone. Perhaps, the perpetual bonds of commercial banks can be a breakthrough to supplement tier-one capital. At the end of January this year, China Bank successfully issued 40 billion yuan of write-down open-ended bonds, and Industrial and Commercial Bank of China also issued 80 billion yuan of open-ended bonds. In order to issue perpetual bonds smoothly, the People’s Bank of China and China Banking and Insurance Regulatory Commission have also formulated relevant policies. For example, the People’s Bank of China has created CBS, and primary dealers can use the perpetual bonds issued by qualified banks held by them to exchange them for central bank bills.

　　In addition to using existing tools to supplement regulatory capital, TLAC can also be supplemented by some innovative capital tools. In the innovation of TLAC qualified tools, other countries have a lot of experience to learn from. Most banks in the United States meet the regulatory requirements of TLAC by issuing senior bonds by holding companies, while banks in EU countries tend to use "senior non-priority bonds" to supplement TLAC capital.

　　9. Risk warning

　　If the standard of qualified TLAC debt instruments applicable to China is not clear for a long time, it will not be conducive to the four G-SIBs to supplement TLAC, and ultimately have a negative impact on the ability of finance to support the real economy. In addition, the centralized issuance of TLAC tools will also test the affordability of the bond market to some extent.

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

[car home Nantong Preferential Promotion Channel] Recently, a large-scale preferential activity is being carried out in Nantong market, with the highest preferential amount reaching 36,000 yuan and the lowest starting price dropping to 188,900 yuan. This preferential activity provides consumers with a rare opportunity to buy a car. Consumers who are interested in buying FAW-Volkswagen CC may wish to click "Check the car price" in the quotation form to strive for higher discounts.

FAW-Volkswagen CC has attracted the attention of many consumers with its dynamic and elegant design. The front face adopts fashionable family-style design, the air intake grille is decorated with chrome, and with sharp LED headlights, it shows a strong visual impact. The overall body lines are smooth and dynamic, showing a luxurious and dynamic style.

The body size of FAW-Volkswagen CC is 4865mm*1870mm*1459mm, the wheelbase is 2841mm, the front tread is 1586mm and the rear tread is 1572 mm.. The body lines are smooth and dynamic. Equipped with 18-inch rims, tyre size is 245/45 R18, which shows the style of coexistence of sports and elegance.

The interior style of FAW-Volkswagen CC is simple and full of science and technology, showing high-end and fashion. The steering wheel is made of genuine leather, which is comfortable to hold. It also supports manual adjustment up and down and back and forth, so that the driver can adjust to the most comfortable position according to his own needs. The central control area is equipped with a 9.2-inch central control panel, and the operation interface is simple and intuitive, which supports the voice recognition control of multimedia system, navigation, telephone and air conditioner, greatly improving the driving pleasure and convenience. The seat material is made of leather /Alcantara, which not only has the comfort and durability of leather seat, but also adds Alcantara material, which increases the wrapping and friction of the seat and improves the driver’s experience. The front seats are also equipped with heating function, which provides comfort for cold weather. The rear seats support the proportional tilting, which increases the flexibility and practicability of the trunk.

FAW-Volkswagen CC is equipped with a 2.0T turbocharged engine with a maximum power of 137kW and a maximum torque of 320 N m. This engine provides a strong power output, and with a 7-speed wet dual-clutch gearbox, the vehicle can accelerate and shift gears more smoothly.

The owner of car home said that he had bought four hatchbacks, each of which he deeply liked, especially the appearance of hatchbacks. He mentioned that "I just like the appearance of the hatchback …", which not only expressed his love for design, but also reflected his unique views on FAW-Volkswagen CC.

Domestic cars have high cost performance, and high configuration is also a major feature of China brand cars, which makes domestic cars have the strength to compete with other cars in these aspects. Today, Xiaobian picked a car and introduced it to everyone. It is. Let’s get to know each other.

Let’s take a look at the appearance of the MG6 first. The front of the MG6 shows a unique design style, which is very recognizable with a three-piece air intake grille. At the same time, the headlights present a sharp design style and exquisite details. The car is equipped with LED daytime running lights, automatic opening and closing, delayed closing and so on. Coming to the side of the car body, the size of the car body is 4738 mm * 1848 mm * 1456 mm. The car uses full lines, and the side circumference gives people a very fashionable and generous feeling. With large-sized thick-walled tires, the shape is eye-catching. In terms of the rear end, the rear end looks very fashionable, and the taillight style is simple and generous, which is very individual.

Sitting in the car, the interior adopts a personalized design, which is consistent with the positioning of the car. The steering wheel of the car is very in line with the interior style, and it is made of Alcantara/ suede material, which has a good feel. Take a look at the central control. The car is decorated with a sharp touch-sensitive LCD central control screen, which makes the interior design quite layered and the details are still in place. Finally, let’s look at the dashboard and seats. The car is equipped with a sharp dashboard and the design is more domineering and stylish. The car uses a leather-like seat, which is wrapped in place and comfortable.

MG6 is matched with a wet dual clutch (DCT) gearbox, with a maximum power of 133KW and a maximum torque of 285N.m, and its power performance is good.

MG6 trunk is quite satisfactory in conventional space performance, and there is no problem in daily use. At the same time, the car is equipped with anti-lock braking (ABS), LED daytime running lights, brake assist (EBA/BAS, etc.), braking force distribution (EBD), traction control (ASR/TCS, etc.), main driving airbag, co-pilot airbag, side airbag curtain, front side airbag and other safety configurations.

This class of cars can often give consideration to both cost performance and practicality, and is often considered by most consumers as the first choice when buying a car. If you are concerned, you might as well experience it.

　　On the 2nd of this month, Lapid, the leader of Israel’s center-left party "Have the Future", announced the successful formation of a new government. The new government will include eight political parties, including the "Have the Future" party and the United Right Alliance. The post of Prime Minister will be held by Bennett, the leader of the United Right Alliance. However, the new government still needs to be voted by the parliament. On the 6th local time, Bennett, who is preparing to replace Netanyahu as the new Israeli Prime Minister, delivered a speech in Jerusalem, calling on Netanyahu to "let go".

　　Bennett, leader of the United Right Alliance:I call on Netanyahu to let go and let the country move forward. People have the right to vote for a new government. Although this government is no longer led by you, Netanyahu.

　　Bennett said that he hoped Netanyahu would not leave a mess for the country. Bennett also expressed the hope that the Knesset could vote of confidence in the new government on the 9th.

　　Netanyahu calls for preventing opposition Coalition from coming to power

　　If the new government formation plan can be approved by parliament, Netanyahu, the current prime minister and leader of the right-wing Likud party, will come to an end for 12 consecutive years. Netanyahu threatened on the 6th that even if the opposition ruling coalition came to power, it would be overthrown soon. Netanyahu said that the opposition is trying to form a new left-wing government, but this left-wing government is very weak, unable to guarantee Israel’s national security, unable to deal with the complicated Palestinian-Israeli contradiction and the ownership of Jerusalem.

　　Israeli Prime Minister Benjamin Netanyahu:It’s a little late now, but it’s not too late. I call on you to do the right thing, that is, vote against the establishment of the left-wing government. I guarantee that my colleagues in Likud Group and I will strongly oppose it. Establish a government full of risks of fraud. Even if this government is formed, we will overthrow it soon. (Headquarters reporter Tang Xiangwei)

Nowadays, the automobile market is full of flowers, and various brands are competing for each other. But there is a brand whose name is often curious, and it is AITO. Are you wondering, what brand is AITO car? What charm does it have? With these questions, let’s walk into the world of AITO cars.

First, the "mysterious upstart"-the birth of ——AITO

In the ocean of cars, AITO is like a rising star. It is not a brand owned by a traditional automobile giant, but has entered people’s field of vision with a brand-new concept and mission. AITO is a high-end smart car brand built by the deep cooperation between Cyrus and Huawei. This unique combination has made AITO attract much attention since its birth. The integration of Celeste’s car-making strength and Huawei’s scientific and technological genes has injected a strong impetus into AITO. It’s like two superheroes working together to create an amazing new species.

Some netizens commented: "The emergence of AITO makes people shine. I feel that it has both the stability of traditional cars and the innovation of cutting-edge technology. " This unique temperament makes AITO stand out among many automobile brands.

Second, the "intelligent pioneer"-AITO’s scientific and technological charm

One of the biggest highlights of AITO is its powerful intelligent technology. It is equipped with Huawei’s HarmonyOS intelligent cockpit, which brings unprecedented intelligent experience to users. Imagine that when you get into an AITO car, it’s like entering a high-tech intelligent space. The big screen display is clear, the operation is smooth, and all kinds of intelligent functions are readily available. From intelligent voice assistant to automatic parking, from navigation system to entertainment function, AITO has shown a very high standard.

A netizen who has tested the AITO car sighed with emotion: "That intelligent voice assistant is too powerful, just like having a small secretary at your side to serve you at any time. Moreover, the automatic parking function is also very practical, which is simply a savior for my parking difficulties. " AITO’s intelligent technology not only makes driving easier and more convenient, but also brings more fun and enjoyment to users.

Third, "quality choice"-AITO technology and performance

In addition to the charm of science and technology, AITO is not inferior in terms of technology and performance. From exterior design to interior materials, from power system to safety configuration, AITO has been carefully polished. Its stylish appearance and smooth lines give people a strong visual impact. The interior is made of high-quality materials with fine workmanship, creating a comfortable driving environment. In terms of power, AITO is equipped with an efficient electric drive system with strong power and satisfactory cruising range. At the same time, it is also equipped with a wealth of security configuration to escort users’ travel.

Some car owners said: "The quality of AITO is really good. It drives steadily and has enough power. And the interior is very textured and makes people feel very comfortable. " This pursuit of quality makes AITO the favorite choice of many consumers.

Conclusion: "Explore the future, AITO leads the new trend of travel"

Through the understanding of AITO, we can see that it is a dynamic and innovative brand. Its birth has brought new vitality and choice to the automobile market. In the future, we have reason to believe that AITO will continue to play its scientific and technological advantages and quality advantages to lead the new trend of travel. So, are you also attracted by the charm of AITO cars? Welcome everyone to leave a message in the comment area to share your views.

[Disclaimer] The process and pictures described in the article are all from the Internet. This article aims to advocate positive energy in society without vulgar and other bad guidance. If copyright or character infringement is involved, please contact us in time, and we will delete the content as soon as possible! If there is any suspicious part of the event, delete or make changes immediately after contact.

[car home Guangzhou Preferential Promotion Channel] At present, preferential promotion activities are being carried out in Guangzhou, with a maximum preferential amount of 23,000 yuan and a minimum starting price of 95,800 yuan. For those who need to buy a car, you may wish to seize this opportunity and strive for higher discounts. For details, please click "Check the car price" in the quotation form.

Chuanqi GS4′ s exterior design is fashionable, the front face adopts family-style design language, the air intake grille adopts lattice design decorated with chrome, and with sharp LED headlights, it shows a strong visual impact. The body lines are smooth, and the overall shape presents a sense of movement and strength, which leaves a deep impression on people.

Chuanqi GS4 has a body size of 4685*1901*1690mm and a wheelbase of 2750 mm. The spacious interior space provides passengers with a comfortable ride experience. The side lines are smooth and dynamic, showing a sense of output and sportsmanship. The front and rear wheel tracks are 1617mm and 1610mm respectively, which provides good stability and handling for the vehicle. The car is equipped with a 235/60 R18 tyre size, with a unique rim design, which further enhances the vehicle’s visual appeal and driving performance.

The interior design of Chuanqi GS4 is simple and atmospheric, creating a spacious and comfortable interior space. Adopt leather steering wheel, feel delicate and comfortable, and support manual adjustment up and down and back and forth to adapt to different drivers’ usage habits. The center console is equipped with a 10.1-inch touch screen, which is intuitive and easy to use, and supports a variety of entertainment and navigation functions. In addition, there are enough USB and Type-C interfaces in the car, which is convenient for passengers to charge the equipment at any time. The seat is made of imitation leather. The main driver’s seat has the functions of front and rear, backrest and height adjustment. The co-pilot seat also has the functions of front and rear and backrest adjustment, while the second row of seats supports backrest angle adjustment. The second row of seats is laid down in proportion, which can easily expand the trunk space.

The 1.5T engine of Chuanqi GS4 has 177 horsepower, the maximum power is 130kW, and the maximum torque reaches 270 N m. With the 7-speed wet dual-clutch gearbox, it provides strong power output and smooth shifting experience.

Car home car owners spoke highly of Chuanqi GS4′ s front face design, thinking that it is unique and novel, with harmonious body proportions and beautiful lines, just like gold cutting.

[car home Chengdu Preferential Promotion Channel] At present, there is a large discount in Chengdu market, with the highest discount rate reaching 70,000 yuan and the lowest starting price only being 174,900 yuan. If you are interested in this car, you may wish to click "Check the price of the car" in the quotation form to get a higher discount.

FAW-Volkswagen CC stands out with its unique front face design and elegant lines. The front part of the car adopts an iconic family-style design, with a wide air intake grille, which makes the whole front face look both dynamic and atmospheric. The body lines are smooth, and the overall shape is biased towards sports style, which perfectly combines the sense of luxury and modernity, giving people a feeling of being stable and energetic.

FAW-Volkswagen CC shows spacious interior space and elegant body proportion with its body length of 4865mm, body width of 1870mm, body height of 1459mm and wheelbase of 2841mm. The car side lines are smooth and dynamic, and the waistline extending from the headlights to the taillights gives CC a unique sporty atmosphere. The front and rear wheel tracks are 1586mm and 1572mm respectively, which ensures the stability and handling of the vehicle. The standard 245/45 R18 tire with exquisite 18-inch rims not only improves the visual effect of the whole vehicle, but also provides a reliable guarantee for its driving performance.

The interior design of FAW-Volkswagen CC shows exquisite and scientific sense. The center console is equipped with a 9.2-inch central control screen, which supports voice recognition control of multimedia system, navigation, telephone and air conditioner. The steering wheel is made of leather, which can be manually adjusted up and down and front and rear positions, which increases the driver’s comfort and operation convenience. The seat is made of leather /Alcantara mixed material. The main and co-pilot seats have the functions of front and rear adjustment, backrest adjustment, height adjustment (4-way) and lumbar support (4-way), and have heating function, which improves the driving experience. In addition, the car also provides three USB/Type-C interfaces in the front row and two USB/Type-C interfaces in the back row, which is convenient for passengers to charge and connect devices.

FAW-Volkswagen CC is equipped with a 2.0T 186 horsepower L4 engine with a maximum power of 137kW and a maximum torque of 320N·m, which is matched with a 7-speed wet dual-clutch gearbox to provide drivers with strong power and smooth shifting experience.

The owner of car home said that he was very satisfied with the face value of FAW-Volkswagen CC. The overall shape was fashionable, and the body lines were smooth, especially the special colors and lighting decoration, which made this car show a unique coupe style, which made people shine, whether it was mighty, handsome, sporty or individual, especially at night. The special lighting effect added the mystery and uniqueness of Volkswagen CC.

Huawei’s HarmonyOS PC software system is about to debut: the developer Beta test is started. Recently, it is reported that Huawei is intensively developing a dedicated HarmonyOS PC software system, which is expected to debut on the consumer platform in 2024. Although the release date has not yet been determined, the new leaked content implies that a computer-based operating system will be launched soon. Not only that, Huawei has launched the Beta test of HarmonyOS NEXT developer, which is ready for the release of this software system. Let’s have a deep understanding of this major scientific and technological trend.

News from overseas technology bloggers

The source of the news can be traced back to the famous technology bloggers on the overseas X platform. He said on social media that HarmonyOS NEXT and HarmonyOS PC software will become key products in 2024. Perhaps, we can even see the official release of the software on January 18th. This news has undoubtedly aroused widespread concern in the scientific and technological circles, because it marks that Huawei will further expand the scope of the HarmonyOS ecosystem.

The expansion of HarmonyOS ecosystem

At present, the HarmonyOS ecosystem has covered many fields such as smart phones, tablets, headsets, smart watches and smart car systems. However, according to the latest news, consumers may see an independent computer part in the near future. This indicates that HarmonyOS will no longer be limited to mobile devices, but will move towards a wider range of computing fields.

The appearance of Huawei HarmonyOS PC software

With regard to the appearance of HarmonyOS PC software, news from overseas technology bloggers indicates that it will be an important release. The current HarmonyOS PC software system will cover a variety of devices such as notebook computers and desktop computers, providing users with a richer computing experience. This also means that users can connect and switch between different devices more smoothly.

It is worth noting that if this news is true, it will be the first time that Huawei has launched an operating system dedicated to PCs. So far, Huawei PC has been using Microsoft Windows system, and this change will bring more choices and possibilities to users.

Expectations of new functions and features

Although the detailed function and characteristic information of HarmonyOS PC software system has not been obtained at present, we can expect that this system will bring a series of surprising functions from Huawei’s consistent innovative spirit. Users may get more efficient operation, smoother interface and wider application support in this development.

Traditionally, Microsoft Windows has provided powerful functions for computer users, but with the continuous development of technology, users’ demand for more personalization and intelligence is also increasing. Huawei’s HarmonyOS PC software system is expected to meet this demand and bring users a more modern computing experience.

An alternative to Microsoft Windows?

Huawei has always had close cooperation with Microsoft, especially in the PC field. Huawei’s notebook computers have been equipped with Windows system. But with the emergence of HarmonyOS PC software system, does it mean that Huawei will gradually reduce its dependence on Windows? This is a matter of great concern.

Although there is no official statement to confirm this at present, judging from Huawei’s active promotion of the HarmonyOS ecosystem, this possibility is not without. In the future, users may see more devices equipped with HarmonyOS PC software system on Huawei’s product line, which will also promote diversified competition in the computer operating system market.

Beta test starts, and users participate in the development of HarmonyOS NEXT.

In addition to the upcoming HarmonyOS PC software system, Huawei also launched the developer Beta test of HarmonyOS NEXT. This means that developers and technology enthusiasts have the opportunity to experience the latest version of HarmonyOS in advance and provide feedback for its development. This open testing mechanism helps to improve the stability and functionality of the system, and also shows Huawei’s emphasis on users’ opinions. The latest Beta test recruitment is part of the preview version, and developers can participate in exploring the features of the technical package and make corresponding modifications.

HarmonyOS NEXT: First batch of developers test batch devices;

• Huawei Mate 60 (BRA-AL00)
• Huawei Mate 60 Pro (ALN-AL00)
• Huawei Mate 60 Pro (ALN-AL80)
• Huawei Mate X5 (ALT-AL10)

Developers using Mate 60 and Mate 60 Pro models must have 4.0.0.152 and 4.0.0.153 (or higher) baseline versions respectively to meet the compatibility requirements of HarmonyOS NEXT developer preview version. In addition, Mate X5 should run on the 4.0.0.152 software version.

Generally speaking, the news of Huawei’s upcoming HarmonyOS PC software system has attracted the keen attention of scientific and technological circles. This move not only marks the continuous expansion of the HarmonyOS ecosystem, but also provides users with more choices. In the era of rapid development of science and technology, we look forward to seeing how this new system can bring more advanced and intelligent computing experience to users. With the launch of Beta testing, we also have more opportunities to participate in and witness the development of HarmonyOS NEXT. Let’s wait and see how Huawei will present this exciting technological innovation to us in 2024.

On the first drive from Yingjiang county plain to Nabang town, I saw clusters of green groups, and I couldn’t help asking, "What is this?" . "This is the pillar industry pepper in Daonong Village," said a colleague.

In Yingjiang Nabang, the pepper industry was developing at that time. Get to know it!

First, pepper planting

Pepper grows in tropical areas and can be planted in gentle slopes, well-drained flat land and well-permeable soil. According to legend, pepper was brought back to China by Zhang Qian’s mission to the Western Regions. Pepper is produced in Hainan, Yunnan, Guangdong and other provinces in China, and planted in Nankai Mountain in Tongbiguan Township of Yingjiang and Daonong Mountain in Nabang Town, which is the main economic income of some people.

Second, pepper picking

April to June is the picking season of pepper in Baotu Nabang town in the tropical area, and May is the peak of pepper picking. According to Dong Shizhu, secretary of the Party branch of Daonong Village, "mainly picking red pepper fruits, which takes a lot of work and labor, but slow work produces fine work, and the quality of pepper with knives is quite good."

Third, pepper peeling

After the pepper is picked, the pepper farmers will bag the pepper, and then soak it in the pool for more than 15 days until the pepper skin is rotten and peeled. Then, through washing, the white pepper shows its original shape.

Fourth, pepper drying

Pepper farmers usually clean peppers on sunny days in order to dry them in time. The dryness of drying directly affects the shelf life of pepper. The local villagers in Daolong, Yingjiang County introduced that "affected by the epidemic, the price of pepper has fallen this year, so we can only dry the pepper as much as possible and sell it after the price increases".

Five, pepper on the table

Pepper, known as the "king of cooking", has been cultivated for 4,000 years. It is a luxury on the ancient table and has now become a daily seasoning. Pepper has the functions of increasing the flavor and freshness of dishes, removing fishy smell, relieving greasy taste and helping digestion.

Six, the role of pepper

(1) Piperine in pepper has the ability to reduce the risk of cancer;

(2) Piperine helps to stimulate the stomach to produce more acid, which is helpful for digestion;

(3) Piperine can also prevent the generation of new fat cells, which is beneficial to lose weight;

(4) Pepper contains natural antibacterial ingredients, which helps to relieve cough and cold symptoms;

(5) Exfoliating with crushed pepper can beautify your skin;

(6) Piperine helps to improve the absorption of vitamins and minerals from food.

Affected by the epidemic, the pepper in and around Daonong Village of Nabang Town is unsalable, and the price has dropped. If you need to buy a knife to make pepper, you can contact Mr. Dong at 18387553520.

Pepper can make delicious food like this.

Pepper pork tripe chicken soup

Pepper chicken

Fried chicken breast with white pepper and lemon flavor

1. First of all, the chicken breast can’t be a whole piece, so it’s too thick and easy to firewood. It’s best to cut it from the side and make it thinner. Poke the chicken breast with a toothpick, the more you poke, the better;

2. Add a proper amount of salt, oyster sauce and soy sauce to the surface of chicken breast, then add white pepper, massage the breast by massage, so that the taste is fully blended. When it feels almost the same, add starch and spread it evenly on the surface of chicken breast;

3, squeeze lemon juice, marinate for 1 hour, or put it directly in the refrigerator, and fry it when you want to eat it;

4, the pot is hot, pour the oil. Put the chicken breast in the pot on medium heat, cover the pot and fry it on low heat. At this time, you can stir fry the shrimp in the pot and continue frying the chicken breast. When it is almost fried, turn over and continue frying. The tender chicken breast is mixed with the freshness of lemon, and the flavor of white pepper is a little exotic.

Spaghetti with butter, white pepper and mushrooms

1. Wash the mushrooms, remove the mushroom handle and control the water. Heat the pan on low heat, and when it is wet, use a wooden shovel to dry the water while heating. About a minute. If the pan is dry, just heat it for half a minute, otherwise the butter will burn. When heated, add butter and spread it evenly on the plane inside the pot with a shovel.

2, gently add mushrooms, be careful to spill oil. Stir fry evenly for a few minutes, and water will come out during the process. This is a normal phenomenon.

3, stir fry for about five minutes, add pepper, and the smell is fragrant. Continue to stir fry

4. Stir fry for about three minutes, add the steak sauce and continue to stir fry. If the pan dries halfway, add some water. The purpose is to make mushrooms thoroughly cooked and tasty.

5. Cook the pasta again and finally put it on the plate.

Source: Yan Jincheng, correspondent of Nabang Town People’s Government, Yingjiang County

Please indicate the source and author of the reprint, otherwise it will be regarded as infringement.

Editor He Zhenyu Review Zhang Rentao Guo Zhengquan

Original title: "Helping farmers | Such a good pepper in Yingjiang State is unsalable, come and help! 》

Read the original text

　　　 Special feature of 1905 film network Before the film was released, the episode "Little Apple" in the film swept the online music charts with the latest divine comedy, and even swept the open spaces of various street communities, becoming the first choice for square dance aunts. On July 10th, this comedy film will meet the audience, and the Spitter Index is highly anticipated. This time, in "The Raptors Crossing the River", the Chopsticks Brothers accidentally became the extraordinary South Korean gangster Ouba, not only showing off Korean, but also giving a large-scale erotic performance, and the constipation expression was super funny. Of course, several songs in the film also added a lot of color to the film. Now the movie network will reveal the four hilarious points of the film for you in advance.

Chopsticks brothers transform multiple roles — — Hard-pressed young men+gangster Obasmecta+youthful years.

　　　 Different from the previous micro-film old boys, Xiao Dabao played by Shawn is no longer the wedding host, but the "King of North China Rock Songs" in Bath City, while Wang Xiaoshuai played by Wang Terry is the wronged son-in-law, and the former good friends have turned against each other because of women. Later, in order to regain their dreams, the Chopsticks brothers went to new york to participate in the draft, but unexpectedly they were regarded as Korean brothers killers by mistake, and they were even involved in a vendetta case of New York gangsters.

　　　 The setting of "Top Bag" has caused many jokes between Chopsticks Brothers and New York Gangsters. The more tense the two sides are on the screen, the more funny the story will be. The most interesting thing is that the Smecta duo is also played by the Chopsticks Brothers. They have highlighted hair, dressed in Korean school uniforms worn by Zhang Dongjian, and accompanied by two constipated faces, so you can’t stop smiling. This time, the Chopsticks Brothers have been addicted to drama, and they have changed many roles in the film. There are even two young students who have no guesses. They are very MV-like in the 1980 s and have poor psychological quality. Parents must prepare plastic bags in advance.

Chopsticks brothers break through the scale, show off sex scenes, and play drama, which is eye-catching and arrogant in Korean and English.

　　　 "The Raptors Crossing the River" is not only grounded, but also the performance of the Chopsticks Brothers has made a big breakthrough. Wang Terry’s personality has been greatly liberated, and he has put on short leather pants and wigs, and even staged a passionate drama with the producer of the talent show, even naked in the back, and his performance is quite unrestrained. And Shawn is no longer confined to unrequited love, but really experienced an unforgettable love. As a director, he added a kiss that made Wang Terry jealous, but the kiss was somewhat crude. Shawn also admitted that "it is much more difficult to play a passionate drama than a martial arts drama, and I don’t know where to work hard!"

　　　 In addition to engaging in eye-catching erotic scenes, the Chopsticks Brothers also challenged the martial arts scene this time. It is reported that in order to play the role of Korean killers, the two men specially closed their doors for several months of devil training, and finally the fighting was similar, and the handsome movements instantly made them squeeze into the ranks of Ouba. In addition, the Chopsticks Brothers also showed great language talent in "The Raptors Crossing the River", boasting Korean and English, and their pronunciation and intonation were all jaw-dropping.

Different styles of music are still eye-catching, and a large number of dances become funny musicals.

　　　 Five years ago, Chopsticks Brothers filmed the micro-film old boys, and the song of the same name was all the rage. Five years later, the two worked together again to make a film, and the music in "The Raptors of Old Boys Crossing the River" naturally became the focus of attention. This time, the chopsticks brothers still don’t have heavy expectations, and the film has not been shown. The episode "Little Apple" has been popular in the streets, and the catchy melody has made it a super divine comedy, which has become the best choice for aunt’s square dance music.

　　　 In this big-screen performance, the Chopsticks Brothers can be said to have upgraded their song performance in an all-round way. They are no longer just playing guitar, but also added a lot of electronic sounds and dances. Their clothes are also colorful and full of two fluorescent candies, which is quite a spoof of musical films. Of course, if you think that the style of Chopsticks Brothers’ songs has completely changed, it’s all wet. In fact, there is no lack of youthful nostalgic music in Crossing the River, which can still make people very moved.

"The Raptors Crossing the River" can be called a stew of various elements, which is more cruel than the old version.

　　　 Five years ago, the micro-film "old boys" was full of feelings, but due to the limitation of space, there are still some words to be said. Comparatively speaking, the story structure of the big movie "The Old Boy’s Raptors Crossing the River" is very complete. The movie is somewhat similar to Jackie Chan’s movie, and the two characters Xiao Dabao and Wang Xiaoshuai constitute the essential "mindless" and "unhappy" in the comedy.

　　　 There are quite a few elements in this big movie, such as Hong Kong-style comedy, Korean killer, New York gangster, shady draft, pure love of youth, and cool song and dance on the Avenue of Stars … … Everything is available, but such a stew-style practice in the northeast makes the positioning of the film very vague.

　　　 However, the plot progress of "The Raptors Crossing the River" is more cruel than the previous one, and it is a kind of "tearful smile" cruelty. Although there are many spoofs in the film, with the development of the story, sadness and emotion will come to mind. This kind of nostalgia for youth is very valuable. Chopsticks Brothers created a dream for the audience through the big movie "The Raptors Crossing the River", and when the words "Just as we just graduated" are printed at the end of the film, I believe many viewers will burst into tears.