Text/Zhou Daoxu Director of Financial Security Research Center of Tsinghua University Wudaokou Finance College

Capital market is essentially an information market, and enterprise value is continuously priced in information interaction. When the crisis of public opinion occurs, the sudden change of information environment will trigger the market to re-evaluate the fundamentals of enterprises.

First, the financial transmission mechanism of public opinion shock

The surge in the cost of information verification is the primary transmission channel. When an enterprise is caught in a crisis of public opinion, the market will doubt the authenticity of its information disclosure, and investors need to invest additional resources for due diligence, including consulting financial statements, analyzing industry data, and referring to third-party audit opinions. This extra verification cost will reduce market liquidity and may lead some investors to choose to withdraw from the market because of information asymmetry. At the same time, institutional investors may adjust their investment portfolio to reduce the risk exposure related to the enterprise, thus triggering a further decline in the stock price.

In addition, the intensification of information asymmetry will lead to an increase in the market’s risk premium requirements for enterprises. When faced with information uncertainty, investors often demand higher risk compensation to make up for potential losses. The rise of this risk premium will not only be directly reflected in the decline of the company’s share price, but also affect the financing cost of the company, which will challenge its refinancing ability in the capital market. In extreme cases, enterprises may fall into a liquidity crisis due to the loss of market trust, and even go bankrupt and reorganize.

The dynamic adjustment of credit rating forms the second pressure. In the face of major public opinion crisis, rating agencies usually quickly adjust their credit ratings to reflect the latest market awareness of corporate credit status. However, the adjustment of rating agencies is often characterized by "over-revision", that is, a large downward adjustment in a short period of time to avoid their own reputation risks. This rating adjustment not only affects the debt financing cost of enterprises, but also may trigger a chain reaction in the bond market, leading to sharp fluctuations in bond prices.

The downgrade of credit rating may also trigger the "cross-default" clause in the financial market, that is, some loan or debt agreements of enterprises may stipulate that once the credit rating falls below a certain level, enterprises need to repay debts in advance or provide additional guarantees. This means that enterprises may face sudden cash flow pressure after the public opinion crisis, further aggravating the deterioration of their financial situation. This chain reaction will amplify the market’s concerns about the fundamentals of enterprises, and may even lead enterprises to enter debt restructuring or bankruptcy procedures.

Second, the empirical analysis of typical cases

In April 2020, Luckin Coffee’s self-disclosure of financial fraud caused widespread market panic, which spread to CAR Inc., which belongs to the "Shenzhou Family". Affected by the crisis of investor confidence, CAR Inc.’s share price plummeted by 17.11% on April 8th. The market’s doubts about CAR Inc. focus on the expansion model similar to that of Ruixing, the authenticity of financial data and the joint liability of the major shareholder Lu Zhengyao. At the same time, international rating agencies Standard & Poor’s and Moody’s quickly downgraded CAR Inc.’s credit rating, which further aggravated investors’ panic. This incident shows that in the capital market, the financial transparency and governance structure of enterprises are very important. Once the trust crisis breaks out, it will not only increase the cost of information verification, but also trigger a series of chain reactions such as stock price crash, financing difficulties and credit rating downgrade.

Third, the impact of public opinion risk on different financing channels

1. Bond market

In the bond market, the impact of public opinion risk on credit bonds is particularly significant. For bond investors, the credit status of enterprises is one of the key factors in their decision-making. Negative public opinion events may cause investors to worry about the solvency of enterprises, which in turn will lead to the decline of bond prices and the expansion of credit spreads. For example, after the public opinion of financial fraud or poor management of some enterprises spreads, the credit rating of their bonds may be lowered, which will not only increase the financing cost of enterprises, but also make it more difficult to issue bonds. In addition, public opinion events may also trigger a chain reaction in the bond market, affecting the performance of credit bonds in the whole industry, and even impacting the stability of the bond market.

2. Equity market

In the equity market, public opinion risk will also have a significant impact on the stock price and equity financing cost of enterprises. Investors’ confidence in the enterprise is an important support for the stock price, and negative public opinion may weaken investors’ confidence and lead to a decline in the stock price. At the same time, the cost of equity financing will also rise due to the reassessment of corporate risks by the market. For example, when an enterprise faces public opinion events such as product quality problems or management scandals, investors may demand higher rate of return to compensate for risks, which will directly lead to an increase in the cost of equity financing. In addition, public opinion events may also affect the refinancing ability of enterprises, and may even cause enterprises to lose financing opportunities in the capital market.

3. Bank credit market

Bank credit market is one of the important financing channels for enterprises, and public opinion risk will also have an impact on bank credit. When deciding whether to provide loans to enterprises, banks will comprehensively consider the credit status, operating conditions and market reputation of enterprises. Negative public opinion events may make banks doubt the credit status of enterprises, thus raising the loan interest rate, increasing the collateral requirements or shortening the loan period. For example, when a company has a major negative public opinion, the bank may reassess the loan risk of the company and adopt a more cautious credit policy. This will not only increase the financing cost of enterprises, but also limit the liquidity of enterprises and affect the normal operation of enterprises.

Fourth, the relationship between public opinion risk and corporate governance structure

1. The role of the board of directors

The board of directors of enterprises plays a key role in dealing with the risk of public opinion. An effective board of directors can find and deal with public opinion risks in time and protect the interests and reputation of enterprises. For example, the board of directors can strengthen the supervision of enterprise operation and management by establishing a sound internal supervision mechanism, and discover potential public opinion risk factors in time. In addition, the board of directors can also communicate with investors, the media and the public to convey the positive information of the enterprise and alleviate the impact of the public opinion crisis on the enterprise.

2. Responsibility of management

Management also bears an important responsibility in public opinion risk management. The management needs to report the operating conditions and potential risks of the enterprise to the board of directors in time to ensure that the board of directors can fully understand the public opinion risk of the enterprise. At the same time, the management also needs to formulate and implement effective public opinion management strategies, strengthen the management and control of internal information of enterprises, and prevent the leakage of negative information. In addition, the management also needs to maintain good communication with external stakeholders, respond to market concerns in a timely manner, and maintain the good image of the enterprise. For example, when a public opinion crisis occurs, the management can clarify the truth by releasing accurate information in time, stabilize market expectations, and reduce the impact of public opinion risks on enterprises.

3. The role of internal audit

Internal audit also plays an important role in public opinion risk management. Internal audit can find out the potential risk factors of public opinion through auditing the internal financial and operational activities of the enterprise and report to the management and the board of directors in time. For example, internal audit can audit the authenticity, completeness and accuracy of enterprise financial statements to prevent negative public opinion events such as financial fraud. At the same time, internal audit can also evaluate the effectiveness of the internal control system of enterprises, put forward suggestions for improvement, and enhance the ability of enterprises to resist the risk of public opinion. In addition, internal audit can also participate in the formulation and implementation of enterprise crisis response plans to ensure that enterprises can quickly take effective response measures when public opinion crisis occurs.

V. Interaction between public opinion risk and macroeconomic environment

1. The impact of the economic cycle

The economic cycle has an important influence on the formation and spread of public opinion risk. In the period of economic prosperity, enterprises are in good operating condition, market confidence is high, and the risk of public opinion is relatively low. However, during the economic recession, enterprises are faced with great operating pressure and are prone to various problems, such as financial difficulties and layoffs, which may lead to negative public opinion. At the same time, during the economic recession, some enterprises suffered losses or closed down due to poor management. These negative events caused public concern about the operating conditions of enterprises in the same industry through media reports and network communication, which further aggravated the public opinion risk of the remaining enterprises in the industry. In addition, the change of economic cycle will also affect investors’ risk preference and market confidence, and then affect the impact of public opinion risk on corporate financing costs.

2. The impact of the policy environment

The policy environment also has an important impact on the risk of public opinion. The government’s policy adjustment and regulatory measures may lead to the public opinion risk of enterprises. For example, the strengthening of the government’s environmental protection policy for enterprises may make some highly polluting enterprises face greater operational pressure, which may lead to negative public opinion.

3. The influence of market confidence

Market confidence plays a key role in the interaction between public opinion risk and macroeconomic environment. When the market confidence is insufficient, negative public opinion events may be amplified, which will have a greater impact on the financing cost and market performance of enterprises. For example, in the period of economic instability or market volatility, investors’ confidence in enterprises is relatively fragile, and any negative public opinion may lead to panic selling or financing difficulties. On the contrary, in the case of sufficient market confidence, even if there are some negative public opinions, investors may treat them more rationally and will not easily overreact to enterprises. Therefore, enterprises need to pay close attention to the changes of market confidence and adopt corresponding strategies in public opinion management to reduce the impact of public opinion risk on enterprises.

Sixth, the industry differences of public opinion risk

1. Public opinion sensitivity of different industries

There are significant differences in the sensitivity of different industries to public opinion risk. Some industries are more sensitive to the risk of public opinion because of their business nature and high social concern. For example, in the financial industry, food industry and medical industry, once negative public opinion appears in enterprises in these industries, it may quickly arouse public concern and doubt, which will have a significant impact on the financing cost and market performance of enterprises. Taking the financial industry as an example, the credibility of banks and financial institutions is the key to their survival and development. Any public opinion about financial fraud, poor risk management or poor management may trigger market panic, leading to a sharp drop in stock prices and a sharp rise in financing costs.

2. Transmission mechanism of industry public opinion risk

The risk transmission mechanism of public opinion in different industries is also different. In some industries that are highly dependent on market confidence and public image, such as tourism, hotels and aviation, negative public opinion may directly affect the income and cash flow of enterprises through changes in consumer behavior. For example, when there are security problems or negative public opinions in tourist destinations, consumers may choose other destinations, which will lead to a sharp drop in the income of local tourism enterprises, thus affecting their financing ability and financing cost. In some technology-intensive industries, such as science and technology and Internet industry, public opinion risk may be transmitted by affecting the technological innovation ability and market competitiveness of enterprises. For example, when technology leakage or public opinion of product quality problems occur in technology enterprises, it may lead to their disadvantage in market competition, and then affect their financing environment and financing cost.

VII. Future development trend of public opinion risk

1. The challenge of public opinion risk in the digital age

With the rapid development of digital technology, the spread speed and influence of public opinion risk will be further enhanced. The popularity of social media, network platform and mobile Internet makes information spread more rapidly and widely, and public opinion events can trigger global attention and discussion in a short time. For example, some companies’ inappropriate comments or behaviors posted on social media may quickly trigger public doubts and criticisms, which in turn will affect the financing costs and market performance of enterprises. Therefore, in the digital age, enterprises need to pay more attention to public opinion management, establish a sound public opinion monitoring and early warning mechanism, and timely discover and deal with public opinion risks.

2. The combination of artificial intelligence and public opinion management

The development of artificial intelligence technology provides new means and methods for public opinion management. Through artificial intelligence technology, enterprises can realize real-time monitoring and analysis of massive public opinion data and quickly identify potential public opinion risks. For example, using natural language processing technology, enterprises can analyze the emotion and identify the theme of text data on social media, and find the signs of negative public opinion in time. At the same time, artificial intelligence technology can also help enterprises formulate more accurate public opinion coping strategies, analyze and predict historical public opinion events through machine learning algorithms, and provide decision support for enterprises. For example, some enterprises have developed a public opinion early warning model by using artificial intelligence technology, which can predict the occurrence probability and influence degree of public opinion risk in advance, provide early warning information for enterprises, and help enterprises prepare in advance.

3. Long-term management of public opinion risk

The management of public opinion risk needs to pay attention not only to short-term crisis response, but also to long-term reputation building and risk prevention. Enterprises need to establish a good brand image and social image through continuous reputation management, and enhance public trust and recognition of enterprises. For example, enterprises can enhance their social reputation and public image by actively fulfilling their social responsibilities and strengthening communication and cooperation with stakeholders. At the same time, enterprises need to establish a sound risk management system, incorporate public opinion risk into the overall risk management framework of enterprises, and reduce the impact of public opinion risk on enterprises through institutionalized, standardized and normalized management measures. For example, enterprises can conduct public opinion risk assessment regularly, formulate public opinion management strategies and plans, and establish public opinion response teams and working mechanisms to ensure that they can respond quickly and effectively when public opinion crises occur.

In a word, public opinion risk has become one of the important factors affecting the financing cost of enterprises. Through in-depth analysis of the pricing mechanism, transmission mechanism and management strategy of public opinion risk, enterprises can better cope with public opinion crisis, reduce financing costs and enhance their market competitiveness. In the digital age, the spread speed and influence of public opinion risk will be further enhanced. Enterprises need to pay more attention to public opinion management, establish a sound public opinion early warning and response mechanism, and use new technical means such as artificial intelligence to improve the efficiency and effectiveness of public opinion management. At the same time, enterprises need to pay attention to long-term reputation building and risk prevention, and enhance their anti-risk ability and market competitiveness through continuous efforts. Future research needs to further quantify the elasticity coefficient of public opinion risk in different industries, provide more scientific theoretical support for accurate risk management of enterprises, and promote the scientific, standardized and professional development of public opinion management of enterprises.

This article is published by Tsinghua University Institute of Financial Science and Technology, a columnist of Weiyang.com, and the content belongs to the author’s personal opinion, not the website’s. It is forbidden to reprint it without permission, and offenders will be prosecuted!

The growth rate of China market is higher than that of the whole world.

From 2010 to 2020, the market size of China’s pet industry increased from 13.44 billion yuan to 72.73 billion yuan, with a compound annual growth rate of nearly 20%, which is higher than that of the whole world. In 2020, the US pet consumption market accounts for 41.1% of the world, ranking first, and China accounts for 8.1%. The pet raising rate and the annual consumption of a single pet in China are far below the level of developed countries, and there is much room for growth in the future.

Judging from the proportion of pet expenditure in household consumption, in 2014, the difference in the proportion of pet expenditure in household consumption between China and the United States was 3.1 times, and in 2019, the difference dropped to 1.8 times.

1. The average annual compound growth rate of China’s pet industry is nearly 20%, accounting for less than 10% of the global market.

With the development and prosperity of China society, the role of pets is gradually changing — — Cats and dogs are increasingly regarded as indispensable members of the family, rather than simply companion pets. Social media has also promoted pets to become an important part of young people’s lives, and the trend of "raising cats in the cloud" has made owning pets more desirable. Therefore, the pet market has grown rapidly in the past 10 years. In 2020, the pet consumption market in China will be 72.73 billion yuan, up 21.1% year-on-year, and the CAGR will be 18.4% in 10 years.

With the development of economy, the consumption of pets is also increasing. Families in most developed countries regard pets as family members, and the spending on pets is increasing. According to Euromonitor data, in 2020, the global pet market industry scale will be about US$ 138.2 billion, up by 4.4% year-on-year, and the CAGR will be 3.6% in 10 years. Among them, the pet consumption market in China, Japan and the United States accounted for 8.1%, 4.2% and 41.1% of the global market respectively.

2. There is a big gap between China’s pet raising rate and single pet consumption amount and developed countries, and there is huge room for improvement.

In the past decade, the changing population and social structure, as well as the improvement of income and adoption rate, have become the main factors to promote the growth of pet keeping rate in China. Compared with other parts of the world, in 2019, the family pet raising rate in China was only about 17%, far lower than 67% in the United States, 62% in Australia and 44% in the United Kingdom. The pet raising rate in China is far lower than that in developed countries, and there may be several times room for improvement in the future.

Since 2016, the growth rate of China’s single pet consumption has increased year by year, mainly driven by the increase of per capita disposable income and the enhancement of pets’ kinship attributes; In 2020, the annual consumption of a single pet in China will be $59. Compared with other countries, in 2020, the consumption of single pet in Japan and the United States will be $317 and $343, respectively, and the consumption of single pet in China is still lower than that in developed countries.

3. The proportion of pet expenditure in household consumption in China has increased, and the gap with the United States has narrowed.

From 2014 to 2019, the proportion of pet expenditure in household consumption in China increased from 0.16% to 0.29%, and the proportion of pet expenditure in household consumption in the United States in 2019 was 0.52%. In 2014, the difference in the proportion of pet expenditure in household consumption between China and the United States was 3.1 times. In 2019, the difference dropped to 1.8 times.

It can be seen that there is an obvious trend of consumption upgrading in the pet market in China, which accelerates the expansion of the pet market. With the stronger willingness of consumers in China to invest in pets in the future, the pet industry has great development potential.

For more data and analysis, please refer to Forward-looking Industry Research Institute, and at the same time Forward-looking Industry Research Institute provides solutions such as industry, industry declaration, industry investment attraction, IPO fundraising feasibility study and prospectus writing.

Author | Yu Songye Editor | Han Qing

Produced by | Internet circle

Recently, official website, the National Network Information Office, announced the third batch of problematic websites investigated and dealt with according to law in the 2020 "Clear Lang" special action and the special rectification activities of online class platforms. In addition to some live broadcast platforms, Baidu Post Bar is also impressively listed.

The reason why Baidu Post Bar was named this time: "LOLI Bar", "CQY Bar" and other post bars and accounts published pornographic information of underage "Welfare Ji", and sold pornographic selfies, videos and other resources of minors in the name of accompanying play and chatting.

In recent years, Baidu Post Bar has been paid attention to by the public every time, either because of rampant black production or because of malicious speculation, and there are few good things. At the end of September, a malicious phishing post "Brother, our family is rich" in Baidu Post Bar caused widespread discussion on the Internet because of the anxiety of selling bride price, which led a large number of angry netizens to rush into Baidu Post Bar, find the original post and accuse the landlord of being "selfish".

In the end, the incident took a surprising turn, and the posting party saw that the incident was getting worse and worse, so they had to admit that the post was fabricated and apologize to the public, but the poster also stressed that the post could not be deleted because of unknown reasons. The reason why this incident has become a hot topic is that someone has led the way and pointed out that the initiator is "Anti-stress Bar Team 1".

The reason why the incident successfully went out of the circle is unknown, but people can’t help but sigh that Baidu Post Bar, as one of the founders of the Internet community, has fallen to the point where it can only be remembered by maliciously fabricated public opinion events.

At that time, Baidu had money and resources. Even now, it is still a "skinny camel is bigger than a horse". However, Baidu Post Bar has gradually declined and lost its advantage in the community track.

The decline of Baidu Post Bar is not only attributed to the rise of competing products, but also to Baidu’s own strategic problems. Baidu’s attitude towards the light operation and light control of Post Bar makes the high-quality content of Post Bar languish day by day. Baidu Post Bar was born to improve the user’s stickiness, but Baidu seems to have forgotten for a long time that the loss of high-quality content pool will eventually lead to the shrinkage and collapse of the core business-search engine business.

From popularization to minority

Baidu Post Bar, launched in 2003, is a veteran Internet community. The idea of Post Bar came from Baidu CEO Robin Li. At that time, the search engine was considered as a "run-away" product, but Robin Li wanted to break this shackles, so he thought of making an interest community with keywords as the core, so Post Bar was born.

From the end of the 20th century to the first decade of the 21st century, online forums such as Maopu, Tianya and Post Bar jointly created a brilliant BBS era. However, the good times didn’t last long. After 2010, the barbaric growth of the mobile Internet created the rise of Weibo, and the old-fashioned communities that clung to the remnants suffered a huge impact, and Post Bar was no exception, and gradually declined.

The decline of communities such as Post Bar also lies in the high decentralization of these established communities. For example, each netizen’s post can be exposed relatively fairly according to the timeline. However, since its launch, Weibo has continuously highlighted the role of operation, taking the topic of stars and hot events as a gimmick to attract users to join. With the help of stars and hot topics, Weibo has become a new generation of Internet darling.

On the other hand, in the face of the rise of Weibo, Post Bar did not seek mutation, still stuck on its laurels, did not iterate frequently, and never made a big breakthrough in function and operation. A few years later, Zhihu rose. Zhihu, which is problem-oriented, is equivalent to a dimensionality reduction blow to Post Bar, because people will not only search for words but also search for questions on the search engine side, so that when people search for a certain question in Baidu, the more relevant search results are often the questions in Zhihu.

Although Baidu also has its own Q&A product, Baidu knows that it can complement the Post Bar in content, but it is still broken by Zhihu. Zhihu and Weibo are similar, with heavy operation and KOL as the core, so they successfully went out of the circle, further dividing the time and attention of netizens.

In early Zhihu, the invitation system was implemented, and there were many professionals and intellectual groups in various fields, and the atmosphere of seeking knowledge was strong, which laid the community tone of "knowledge first" in Zhihu. Therefore, a large number of outstanding creators were successfully precipitated, forming a differentiated competitive advantage with Baidu Know and Baidu Post Bar.

Post Bar and Baidu know that it is still a straggler, and there is no professional operation and integration of high-quality creator resources, which makes it difficult to form a high-quality content pool and thus it is difficult to retain high-quality users.

In June, 2016, something happened that dealt a further blow to Post Bar, that is, the launch of Weibo Chaohua. Before the introduction of Chaohua in Weibo, Post Bar has always been the main gathering place for fans. Fans can discuss stars in Post Bar, and even support activities can be organized through Post Bar.

Baidu Post Bar, which has a huge groupie user, has no star resources, but there are many stars in Weibo. After Weibo used his own star resources to launch Chaohua, Chaohua quickly became the core base for fans to discuss idols. As a result, a large number of fans have left the post bar.

What makes Baidu Post Bar even more embarrassing is that the bar service team, the core resource of Baidu Post Bar, is also moving closer to Weibo. For example, the most famous post bar "Li Yiba" (Diba) opened its official micro-blog in Weibo.

At present, Diba Guanwei has 1.17 million fans and has played a positive role in many sensitive events. Last August, Diba organized a massive "expedition" activity, which was highly praised by a number of official media. However, the traffic generated by the activities of Diba is not directed to the Post Bar, and it is still Weibo who enjoys the heat bonus.

At present, the hottest posts in Baidu Post Bar are mainly games, animation, digital and sports posts. Games and animation belong to the secondary subculture, while digital and sports are the favorite of straight men, and the diversity of users is relatively poor. Without the resources of stars and high-quality creators, groupies and high-quality users are constantly losing, and the audience of post bars is getting narrower and narrower, gradually sliding from the public to the minority.

Baidu’s mistake

The early post bar can become a phenomenal community product, and Baidu’s traffic blessing is very important. However, the decline of Post Bar is not only due to the rise of competitors, but also due to Baidu’s decision-making mistakes in products and strategies.

Li Yanhong’s continued contempt for the mobile Internet has led Baidu to miss the era of mobile Internet and lose its advantage in the mobile battlefield. When Baidu was aware of it, it had already given away its own traffic.

Baidu had many high-quality post bars in its early years, such as various post bars for postgraduate entrance examination and skill learning, which contained many dry goods and self-study tutorials. However, Baidu, which was weak on the mobile side, lost the favor of users, and people flocked to various learning classes in Weibo. There are also many young people who flock to bilibili to study. With the help of video, a more expressive medium, bilibili has a unique advantage in learning resources.

On the other hand, Baidu’s social strategy has always been to integrate social elements into core products, rather than developing a social product alone. Based on this idea, Baidu Post Bar failed to seize the opportunity of transformation and became a semi-community and semi-social product like Weibo.

In addition to the topic discussion, Baidu Post Bar has another identity, which is the "answer library" of Baidu search engine business. Because Baidu Post Bar is deeply bound to Baidu’s search engine, when users use Baidu to search for keywords, corresponding post bars will appear in the search results, and when users search for multiple keywords or sentences, posts with high relevance will appear in the search results.

Post Bar is born for interest, but for those who have no specific interest and just want to find the answer to the question in Post Bar, Post Bar is still a disposable product with poor user retention rate. However, the identity of "answer library" is not completely without benefits for Post Bar. For people who are not deeply exposed to the Internet, Post Bar located in the front row of Baidu search results is an important way for them to obtain information.

"Last spring, when I was Baidu’s mushroom farming skills, I found a post in the post bar to promote mushroom farming supplies, and the price was a little lower than the market price. Feng Yuqin is a mushroom farmer in the northeast rural area. She shared her experience of being cheated on Baidu Post Bar with "Internet insider". "Later, I added the post owner’s WeChat and bought more than 500 yuan of mushroom farming supplies through WeChat transfer. Later, the courier reminded me that the parcel was collected and the postage was more than 300 yuan. If you refuse, you won’t get your money back, because the seller has blacked out my WeChat, so you have to bite the bullet and pay the postage.

For Baidu Post Bar, there are not a few sinking market users like Feng Yuqin, who make it difficult to distinguish all kinds of information in the post bar. Over time, Baidu Post Bar has become a popular place for some unscrupulous traders.

There is no doubt that the UGC attribute of Post Bar is strong. If it is not re-operated and re-controlled, the community tonality will develop in an uncontrollable direction. Post Bar, however, is a product of Baidu’s "stocking". Post Bar is created by an individual application, and the bar staff has extremely high permission to post it. Baidu’s official operational role has been greatly weakened.

Baidu Post Bar’s official limited regulation of Post Bar has also been criticized as "three views are touching". In the emotional column of Baidu Post Bar, there is a classification of "beauty". Under this category, there are many post bars that cater to the preferences of diaosi groups, such as "black silk bar", "beautiful legs bar", "stunner bar", "connotation map bar" and "student girl bar", and these post bars are undoubtedly hotbeds for black production.

The recent exposure of "LOLI Bar", "CQY Bar" and other post bars selling underage "Welfare Ji" pornographic resources is the tip of the iceberg.

The prevalence of black products also shows that users of Post Bar have great value, but Baidu is "lazy" and has not explored a diversified profit model. For a long time, it has been realized by advertising, membership and selling Post Bar. At the beginning of 2016, the "hemophilia bar" was sold, which once caused Baidu to fall into a major public opinion crisis.

Due to the obvious community attribute, Post Bar is the most dynamic and advantageous product in Baidu’s own content pool, but now it has become Baidu’s "time bomb", and negative news will be exposed every one or two years, hurting Baidu’s vitality. It can be predicted that Baidu’s search business will become increasingly depressed if all kinds of ills of Post Bar are not removed.

Baidu urgently needs high-quality content pool.

As a search engine, Baidu’s nourishment includes its own content and external content, and building its own high-quality content pool is the key to enhance its competitiveness. Around the search engine, Baidu has developed a series of content products to expand Baidu’s content pool, including Baidu Post Bar, Baidu Know, Baidu Experience, Baidu Library, Baidu Encyclopedia and Baijiahao.

Baidu knows that the status quo of Baidu’s experience, like a post bar, has been largely replaced by Zhihu, a professional creator. After cracking down on piracy in China, Baidu’s library will no longer be brilliant. Baidu’s expectation of revitalizing high-quality content is pinned on Baijiahao, the benchmark WeChat WeChat official account.

However, the overall content quality of Baijiahao has been difficult to compete with WeChat WeChat official account. On the one hand, Baijiahao is different from WeChat WeChat official account’s "Hundred Flowers Bloom". Baijiahao is more inclined to recommend short information, and the long and in-depth content is not the main support object of Baijiahao, which hinders the development of high-quality content in Baijiahao to some extent; On the other hand, Baidu has a large user base and a high proportion of sinking users. Due to the influence of recommended algorithms, it is inevitable that low-quality content will prevail; Moreover, Baidu does not have a strong application ecology, which leads to the poor liquidity of Baijiahao, so few high-quality creators regard Baijiahao as the main position of content creation.

Baidu has not made efforts on specialized high-quality content, but this force target is Baidu Encyclopedia. Baidu Encyclopedia started the operation of high-quality content matrix around 2014, and derived content sections such as featured encyclopedia, second encyclopedia and V encyclopedia, and introduced authoritative creators in various fields to output high-quality content. However, the entrance of these high-quality content is deeply hidden and difficult to be found and used by users.

Encyclopedia of science under the classification of characteristic encyclopedias

Baidu’s planning mistakes in the high-quality content pool have caused the loss of users, the decline of word of mouth and the shrinking of core search business. StatCounter statistics show that in 2018, Baidu’s share in the domestic search engine market was 70.3%, and by 2019, this figure fell to 67.09%. The market share of sogou search and Shenma Search is rising steadily.

Sogou, backed by Tencent, launched the WeChat channel in 2014, which opened a huge pool of high-quality content, and launched the Zhihu channel in 2015, which means that sogou search has captured another city in the pool of high-quality content. Users who are increasingly eager for high-quality content are gradually migrating to sogou.

In addition to sogou, a strong rival, all mobile rivals are also eating into Baidu’s search business. The Shenma search created by UC and Ali has thrived under the protection of UC browser; Wechat and today’s headlines also started their own search business, feeding the growth of mobile search business with the application matrix of their own camp as nutrients.

Giants have built their own search businesses, and their confidence comes from their own layout in various content tracks. Wechat Search contains WeChat WeChat official account, video number, applet, Tencent video, WeChat reading, QQ music, JD.COM Mall and other channels, which is enough to support the basic disk of WeChat search; Headline search also integrates the resources of content products such as headline number, micro-headline, Tik Tok, headline question and answer, and has strong strength.

In contrast, Baidu’s content is short-lived. Baidu, which is centered on search engines, does not have a fist-level content product. When competitors are mainly based on their own content pools and supplemented by external content pools, Baidu products represented by Post Bar are gradually declining.

In the face of all kinds of big moves by competitors, such as holding a strong group or integrating the application matrix, if Baidu can’t make great progress in high-quality content, it will eventually lose the throne of the first search engine. If the search engine business loses its advantage, it will not be far from the total collapse of Baidu Empire.

(Feng Yuqin is a pseudonym in the text)

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The exterior design of BMW i4 fully embodies BMW’s innovative spirit and elegant aesthetics. The front face adopts the classic kidney grille design, but it incorporates the modern elements of the electrification era, making this iconic element more scientific and technological. The air intake grille adopts a closed design, which not only meets the aerodynamic requirements of electric vehicles, but also shows its electric identity. The overall style is smooth and futuristic, and the body lines are tough and dynamic, showing BMW’s unique insights in the field of luxury electric cars.

With its streamlined body design, BMW i4 outlines an elegant and dynamic profile. The body size is 4785 mm long, 1852 mm wide and 1455 mm high, showing the balance of strength and exquisiteness. The wheelbase is as long as 2856 mm, which gives the vehicle spacious interior space and excellent driving stability. The front tread is 1601 mm and the rear tread is 1630 mm, which ensures good handling performance. On the tyre size, BMW i4 is equipped with 245/45 R18 front wheels and 255/45 R18 rear wheels. With exquisite rim design, it not only enhances the visual effect, but also provides excellent grip and comfort for driving.

The interior design of BMW i4 is elegant and full of technology, which combines luxury and futuristic feeling. The exquisite leather steering wheel provides a comfortable grip and supports manual adjustment up and down and back and forth, which is convenient for drivers to adjust according to their needs. The center console adopts a 14.9-inch large touch screen, which integrates the functions of multimedia system, navigation and telephone, making it easy to operate and the information displayed clearly. The seat in the car is made of imitation leather, genuine leather and leather /Alcantara mixed material, which provides good riding comfort, supports front and rear adjustment, backrest adjustment and electric seat memory function, and the driver can set it individually. The front and rear rows are equipped with two USB/Type-C interfaces, including the wireless charging function of mobile phones, to meet the needs of passengers for various electronic devices. The overall interior pays attention to practicality and luxury, creating an intelligent and comfortable driving space for passengers.

The BMW i4 model is equipped with a powerful engine, with a maximum power of 210kW, providing a surging power output. At the same time, the engine also has a peak torque of 400 Nm, which ensures the excellent performance and response speed of the vehicle during acceleration and driving. This engine is BMW’s careful design for electric driving experience, aiming to meet the dual needs of users for power and efficiency.

In a word, according to the feedback from car home car owners, BMW i4 is impressive for its excellent sound insulation effect, surging power output and unique volcanic red interior design. He even compared it with the exquisiteness of Mercedes-Benz. As a luxury electric vehicle integrating performance and aesthetics, BMW i4 has undoubtedly won high praise in the market.

　　On June 19, 2018, the Silk Road International Art Gallery Alliance was established, and national art galleries and key art institutions along the Belt and Road, such as the China Art Museum and the Russian National Academy of Arts, participated in the alliance.

　　[70 Years of Damei Art Exchange Story]

　　On the historic occasion of the 70th anniversary of the establishment of diplomatic relations between China and president, the Supreme Leader of was invited to pay a state visit to Russia and attend the 23rd St. Petersburg International Economic Forum. This is the eighth time that the Chairman of the Supreme Leader has set foot on Russian soil since 2013. The heads of state of China and Russia talked about friendship and planned blueprints at a new historical starting point, which injected a strong impetus into the development of China-Russia comprehensive strategic cooperative partnership in the new era.

　　Over the past few days, a series of colorful artistic activities have been carried out enthusiastically in Moscow, adding a happy and friendly atmosphere to the visit of the Supreme Leader Chairman to Russia and the celebration of the 70th anniversary of the establishment of diplomatic relations between China and Russia. At the China Cultural Festival held in Gil Cultural Center, Russians can not only enjoy tea, sing China songs and listen to China folk stories, but also participate in kung fu and calligraphy workshops. The Great Calligraphy Exhibition between Russia and China, which celebrated the 70th anniversary of the establishment of diplomatic relations between China and Russia, also kicked off in the Russian State Duma Building, where Chinese and Russian calligraphers gathered together. …

　　Since the 18th National Congress of the Communist Party of China, Sino-Russian relations have ushered in the best period in history and become a "model turn" in the relations between big countries and neighboring countries. The Chairman of the Supreme Leader pointed out: "China and Russia are good neighbors linked by mountains and rivers, good friends who help each other and good partners who cooperate sincerely." As a key area of China-Russia comprehensive strategic partnership of cooperation in the new era, people-to-people exchanges have played a positive role with their own characteristics in promoting good-neighborliness and win-win cooperation between the two countries. By holding "cultural year" and "cultural festival" with each other, China and Russia hold activities such as Sino-Russian cultural forum, Sino-Russian Expo and Sino-Russian cultural collection, which makes the cultural exchanges between the two countries closer. Art, as one of the important aspects, has added brilliant colors to Sino-Russian friendship.

　　1. Sino-Russian Art Cooperation under the Belt and Road Initiative

　　Under the grand framework of the "Belt and Road Initiative", China and Russia use culture as the medium, and the level of exchanges is getting higher and higher, and the forms are becoming more and more diverse. China’s ambassador to Russia, AARON Li, published a signed article "Practical Cooperation between China and Russia on the Belt and Road" in the Russian newspaper, saying: "The frequent interaction between professional associations, museums, theaters and art circles in the two countries has greatly prospered the form and connotation of cultural exchanges between the two countries."

　　In recent years, the cultural exchanges between the National Museum of China and Russian museums have increased day by day, and several influential exhibitions have been held successively, such as the exhibition "lev tolstoy and His Times" held in cooperation with Tolstoy’s Jasna Bolena Manor Museum and Tolstoy’s Moscow Museum in 2014, and the exhibition "Echo of the Volga River — — The exhibition of traveling paintings in Trechakov Gallery, and the exhibition "Silk Road and Russian National Cultural Relics" held in cooperation with the Russian National Museum in 2016. In the exhibition "Silk Road and Russian National Cultural Relics", 594 cultural relics, such as costumes, handicrafts and daily tools of major ethnic groups along the Russian section of the ancient Silk Road, were exhibited, from which the audience can see the imprint of cultural exchanges between China and Russia over the past few hundred years and feel the concept of exchange and intercommunication of the Silk Road. These exhibitions have deepened the mutual understanding between the Chinese and Russian peoples, and become an artistic and cultural feast loved by Russian audiences.

　　In June 2018, the Silk Road International Art Gallery Alliance promoted by the China Art Museum was established. National art galleries and key art institutions from 18 countries and regions along the Belt and Road, including the Russian National Academy of Arts, participated in the alliance, which opened up an important channel for art exchanges between countries.

　　China and Russia are both important members of the BRICS countries, and the two sides have maintained close communication and coordination within the framework of the BRICS countries. In recent years, the BRICS Museum Alliance and the BRICS Art Gallery Alliance, in which China and Russian museums and art galleries participate, have been established respectively, laying a solid foundation for promoting and strengthening cultural and artistic exchanges among BRICS countries. Museums and art galleries in China and Russia continue to expand friendly cooperation, use the power of art to promote the building of a community of human destiny, and promote exchanges and mutual learning among the world’s diverse civilizations.

　　In the process of organizing and implementing the "One Belt, One Road" international art project, the National Academy of Painting of China invited painters from many international art institutions, including the Russian Academy of Arts, to participate in the creation, which enriched the performance system of the whole project. In addition, the Sino-Russian art exchange exhibition with the theme of "One Belt, One Road", Russian painters go to Moscow, St. Petersburg and other places to collect wind and sketch, and Russian artists come to China to create exchanges and other activities are dazzling and colorful.

　　2. The art exchange exhibition with climax after climax.

　　In recent years, with the cultural exchange becoming a highlight of Sino-Russian relations, the art exchange exhibition between the two countries has reached a climax, and the social response has been enthusiastic, forming a colorful and beautiful picture.

　　On May 7, 2015, on the eve of attending the celebration of the 70th anniversary of the victory of the Great Patriotic War in Russia and visiting Russia, the Chairman of the Supreme Leader published a signed article entitled "Remember history and create the future" in Russian newspaper, pointing out: "The Chinese nation and the Russian nation are both great nations. At that time, we shared weal and woe and formed an indestructible fighting friendship with blood. Today, the Chinese and Russian peoples will work together to protect peace and promote development, and continue to make their own contributions to consolidating lasting world peace and common progress of mankind. " At every major historical node, China and Russia will talk about fighting friendship through artistic exchanges to commemorate the road of great power relations that has gone through hardships and hardships. In August, 2015, China Art Museum and Russian National Museum and Exhibition Center co-sponsored "Victory: 1945-2015! — — The exhibition of Russian art works commemorating the 70th anniversary of the victory of the world anti-fascist war kicked off. The exhibition brings together the works of several generations of outstanding Russian artists, including 76 anti-fascist classic collections from 12 important Russian art institutions, including the National Russian Museum and the National Central Museum of Russian Modern History. This is the first large-scale centralized exhibition of Russian anti-fascist art works in China. Some oil paintings familiar to the audience in China appeared in the exhibition, which attracted people’s attention. For example, Laktyanov’s Letter from the Front, written in 1962,It was once included in China’s history textbook, depicting the situation that the people in the rear were eagerly looking forward to letters from relatives in front of the battle during the war. This exhibition is in line with the China Art Museum’s exhibition "Casting Soul to Learn from History, Cherishing Peace — — The art exhibition commemorating the 70th anniversary of the victory of the Chinese people’s War of Resistance against Japanese Aggression and the world anti-fascist war echoed each other, forming two highlights of the activities commemorating the 70th anniversary of the victory of the world anti-fascist war. The heroic sons and daughters who fought for the motherland and the world, full of passion and fighting spirit, as well as the painter’s carved brushwork vividly reflect the indomitable and bloody spirit of the Chinese and Russian people, and show the firm determination and confidence of the Chinese and Russian people to cherish history and love peace together.

　　"The true meaning of the revolution is to seek the liberation and freedom of the greatest number of mankind, and Lenin has achieved great success here." — — On November 7, 2017, a silk calligraphy appeared in the "Commemoration of the 100th Anniversary of the October Revolution — — On the October Revolution Cultural Relics Exhibition in the Russian National Museum of History, this is a mourning speech written by Sun Yat-sen for the first anniversary of Lenin’s death. The exhibition is divided into three parts: Great Revolution, People’s Memorial and Sino-Soviet Friendship. With precious historical relics, real historical photos and wonderful works of art, it shows the audience a magnificent great revolutionary struggle, an earth-shaking historical change and a story of Sino-Russian friendship. The exhibition brings together dozens of oil paintings depicting the October Revolution and related major events, including gerasimov’s Lenin on the rostrum, sokolov scalia’s Assault on the Winter Palace and other classic paintings, as well as some sculptures and posters. The exhibition includes 238 exhibits, the vast majority of which are exhibited in China for the first time, including many heavyweight cultural relics.

　　The works of lev tolstoy, a world writer, have long been cherished by the people of China. The first Russian cultural exhibition hosted by the new China National Museum is "lev tolstoy and His Times". In September 2014, Tolstoy’s "A Letter to China People" appeared in this exhibition. In this letter to China scholar Gu Hongming, the writer wrote: "I have always been very interested in the life of the people in China. I try to know what I can understand, first of all, the religious wisdom of China, reading books of Confucius and Mencius and commenting on them. Of course, I also read books about Buddhism in China and about China written by Europeans. " A total of 255 pieces (sets) of exhibits including the above-mentioned letter manuscripts were exhibited in this exhibition, among which oil paintings, prints, sketches, sculptures and other works of art became a highlight. The exhibition begins with the portrait of lev tolstoy painted by Lie Bin and ends with Tolstoy’s tomb painted by Bao shcherbakov in the autumn. The exhibition also exhibited many works of art such as Tolstoy’s novels War and Peace, Anna Karenina and Resurrection. Gorky said that it is impossible to know Russia without knowing Tolstoy. The holding of this exhibition provides a good perspective for Russian audience to understand Russian civilization, and adds a story to the long history of Sino-Russian cultural exchange.

　　In recent years, the number of China calligraphy and painting exhibitions held in Russia has also increased day by day, which has set up a bridge between the two countries to promote mutual understanding between the arts and the people. Among them, "Colorful Beijing Love to Build a Chinese Dream — — 2014 First China Artists’ Creation and Large-scale International Fine Painting and Calligraphy Exhibition ","Ink Focus Entering Russia in 2016 "and" The Light of Chinese Civilization — — A series of exhibitions, such as China Art Exhibition, Famous Artists’ Painting and Calligraphy Exhibition and Shanghai Museum’s Collection of Ming Dynasty Art Treasures, have attracted the attention and interest of local people. It is reported that ordinary Russians have hardly heard of China’s traditional Chinese painting before, and only artists can tell the difference between "meticulous painting" and "freehand painting". However, nowadays, many people in Russia have become lovers of this plastic arts, and they like to deal with ink and watercolor. When talking about the causes of this phenomenon, a China calligraphy and painting enthusiast in Russia said that China’s traditional Chinese painting has its own characteristics, giving people a sense of mystery, and the Russians’ interest in the increasingly powerful China is also one of the important reasons.

　　3. Colorful art activities for the 70th anniversary of the establishment of diplomatic relations.

　　This year marks the 70th anniversary of the establishment of diplomatic relations between China and Russia, which is a milestone and a new starting point. Since the beginning of the year, art exchange activities with the theme of 70 years since the establishment of diplomatic relations between China and Russia have started one after another.

　　On January 6th, Russian artist Sidoroff and China artist Tomus "met" at the China Art Museum. Sidoroff was born in 1928 and served as the chairman of the Russian Artists Association for more than 20 years. His works show the vast momentum of Russia, with poetic lyricism and musical sense; Born in 1932, Tomus is a native of Tumote Zuoqi, Inner Mongolia Autonomous Region, China. For decades, Tomus has been devoted to the exploration of nationalization and modernization of oil painting, and is regarded as the pioneer of "Grassland Painting School". Sidoroff loves China traditional culture, likes Qi Baishi and China’s poems. In modern times, especially since the founding of New China, Russian oil painting has influenced several generations of China painters, among whom Tomus is one. In "Watching the 70th Anniversary of the Establishment of Diplomatic Relations between China and Russia: Hometown — — Sidoroff and Tomus oil painting joint exhibition ",these two elderly people who witnessed and witnessed the Sino-Russian friendship, described the sincere friendship between Chinese and Russian artists in oil painting language.

　　On the eve of the Lunar New Year, the first activity of "Happy Spring Festival" in Moscow in 2019 was "Damei China" — — The Sino-Russian Youth Culture and Art Exchange Festival opened at the China Cultural Center in Moscow. With the theme of "Russia in My Eyes", 50 outstanding children’s paintings and calligraphy works were selected for exhibition. The activity not only enhanced the mutual understanding between teenagers of the two countries, but also made the audience feel the charm of China culture.

　　Both China and Russia are cultural powers, each with a long cultural history and rich cultural resources. From March 15th to May 30th, the "Exhibition of the 18th Century Oriental Prosperity and Emperor Qianlong of Qing Dynasty" sponsored by the Palace Museum in Beijing was held in Moscow Kremlin Museum. The Palace Museum selected 116 pieces (sets) of cultural relics to exhibit, showing a prosperous 18th century Oriental Prosperity, which was welcomed by Russian audiences. As an important cultural exchange activity to commemorate the 70th anniversary of the establishment of diplomatic relations between China and Russia, in August, the Kremlin Museum will hold the "Mu Mu Zhi Yi — — The theme exhibition "Russian Palace Ceremony Exhibition" from Moscow Kremlin is also worth looking forward to.

　　On May 28th, the opening ceremony of the Great Calligraphy Exhibition between Russia and China was held in the Russian State Duma Building to celebrate the 70th anniversary of the establishment of diplomatic relations between China and Russia. China artists brought calligraphy works created on traditional Xuan paper, and performed live calligraphy creation performances, while Russian artists created unique calligraphy works on birch bark and parchment with feather pens and brushes. Ambassador AARON Li said: "The calligraphy exhibition fully embodies the close cultural exchanges between the two sides and shows the enthusiasm of the two peoples to learn from each other’s art." AARON Li emphasized that the Russian Museum of Modern Calligraphy has done a lot of work in developing and popularizing Russian calligraphy and promoting cultural exchanges between China and, and will hold a large-scale exhibition of Chinese painting and China calligraphy in September this year.

　　The colorful art activities have enriched the forms and connotations of cultural exchanges between China and Russia, enhanced people’s understanding and interest in each other’s cultures, and created a rich artistic atmosphere for the 70th anniversary of the establishment of diplomatic relations between China and Russia. Art is connected with people’s hearts, and the ties of art bring two countries with splendid civilization closer and more cordial.

　　(Author: Yu Yuanyuan)

Recently, Song Joong Ki announced that his wife was pregnant with a second child, which triggered a heated discussion among netizens. Song Hye Kyo is still single, and their marital status is in sharp contrast. Mr. and Mrs. Song Joong Ki are now in South Korea, and they have begun to prepare for prenatal education and other issues. This news made it on the hot search list of Korean media, which surprised many people at their speed. Song Joong Ki had a son before, and now she is pregnant with a second child. Many people speculate that they may like children very much. However, some people question whether Song Joong Ki is not considerate, because the woman is an elderly woman and the risk of having a second child is very high. Song Hye Kyo is still single, and their marital status is in sharp contrast.

Learn some mind every day! Thanks to AI for teaching me to speak with high emotional intelligence! Say goodbye to clumsiness and solve communication problems with one click →

Editor in charge:

On December 31st, Rene Liu shared the MV of the ending song "Crowd" that he sang for the movie "Crowd" in Weibo, saying: "I can sing the ending song of" Crowd "more because I know Hua Ge, and Andy Lau starred in this movie. In the crowd, we once met and missed each other. After each meeting, we will go in different directions, may meet again, may walk on different roads, and miss each other far away. Who will you meet on the last day of 2020? What do you miss? How would you sing this song in Crowd? "

Later, Wang Baoqiang forwarded this Weibo and said, "After listening to this song, I remembered the days 16 years ago, and I will always remember the companionship and encouragement my sister and Brother Hua gave me. Thank you for meeting you’. " It is reported that Wang Baoqiang met Rene Liu and Andy Lau in 2004 for filming world without thieves, in which Andy Lau played Wang Bo, Rene Liu played Wang Li and Wang Baoqiang played Silly Root. Fan comments: "Thanks for meeting, Brother Bao keeps going", "Stupid root at that time, come on".

author | Chedongxi team

Edit | Han Xiao

Musk’s latest interview is coming, 55 questions in 55 minutes, and the golden sentence is constant!

Just yesterday, Musk was invited to attend the TED2022 conference speech, and had a conversation with Chris Anderson, the head of TED, for more than 50 minutes. He talked about Musk’s recent $10 billion acquisition of Twitter, and also talked about sensitive topics such as Musk’s "securities fraud" and whether he was the real founder. Finally, he talked about his philosophy of life.

TED is a private non-profit organization in the United States, which is famous for its TED conference. The purpose of this conference is to "spread all ideas worth spreading". TED was born in 1984, and its founder was richard saul wurman. Since 2001, Chris Anderson has taken over TED, founded The Sapling Foundation, and run the TED conference. Every March, the TED conference brings together many outstanding figures in the fields of science, design, literature and music in North America to share their thoughts and explorations on technology, society and people.

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▲ Musk is at TED.

This time, Musk, as the closing speaker of the TED conference in 2022, shows that his influence is very strong. TED officially described Musk’s speech like this-

"Since we gathered in Vancouver for the TED conference three years ago, times have changed. Everything is different. We are facing a brand-new, wonderful and celebratory era. The future is coming to us with extraordinary possibilities that we dare not imagine. In medicine, AI, clean energy … and the way we work and study, even the basic economy and all-inclusive social system, profound changes are taking place. "

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▲TED official description

In this program, Musk did not speak alone on the stage like the usual TED speaker. Chris Anderson, the head of TED, had a face-to-face interview with Musk. Throughout the interview, Musk made frequent sentences and talked about many exciting topics:

1. I am not always right

2. We are confident to realize FSD in 2022.

3. The development potential of humanoid robots will be much greater than that of automobiles.

4. The humanoid robot cannot be OTA.

5. Consider launching Miss Robot.

6. Robots are cheaper than cars

7. Self-exposure is the worst thing to start a business.

I lived in a factory for three years and ran around like a madman.

9. I know more about manufacturing than all living people.

All in all, this nearly one-hour conversation is very informative and wonderful, and it is an important window to understand Musk. The following is the full compilation of this video conversation by Che Dongxi, which has been slightly revised to conform to Chinese reading.

I am confident that the humanoid robot that can solve the problem of fully automatic driving this year will have a bright future.

Chris Anderson: In a few minutes, elon musk will come to the stage to have a conversation with me. Before that, let’s take a look at my interview with him in the factory in Texas. On the day before the opening ceremony of the Texas Super Factory, I was lucky enough to be invited to that super factory and visited the super factory in elon musk in advance. I tell you responsibly that it was really shocking.

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▲ Outside the Texas factory

In Musk’s view, the sustainable future is not only to produce electric vehicles, but to build a system that can produce a large number of electric vehicles. After obtaining a certain profit, it can provide funds for further growth.

At that time, when I was in the Texas factory, I wasn’t sure whether Musk would come to our program, so I seized the opportunity to record a long interview with him, and now I will show 8 minutes of it.

The following is an interview video conversation:

1、Chris AndersonNow let’s discuss a question about artificial intelligence. I’m curious about your timeline. How do you predict the future? Some things you predict are surprisingly accurate, while others are not. When predicting the sales of cars, you predicted it very accurately.2014In, the annual sales volume of automobiles wassixTen thousand units, you said at that time, to2020The annual sales in 2008 will arrive.50Ten thousand units.

Musk: Yes, we sold almost 500,000 cars in 2020.

2、Chris AndersonFive years ago, it was your last visit.TEDAt that time, I interviewed you about autonomous driving. You said yes at that time, this year (2022I am confident that a car will drive from L.A. to new york without any intervention.

Musk: I’m not always right.

3、Chris AndersonThen tell me the difference between the two. whyImplementation time of FSDUnpredictable?

Musk: There are many problems in autonomous driving. Sometimes you think you have solved the problem, but in the end you will find that you just have a ceiling problem. If you use a chart to describe the progress, then (autonomous driving research and development) is like a series of logarithmic curves. At first, the progress rises linearly, and then it begins to decline, and your income (research and development progress) is decreasing. But to solve FSD, we must solve the real world AI. The road network is designed as a biological neural network-that is, the brain and vision (eyes) work together. In order to make the brain and eyes work together with the computer, it is necessary to solve the real world AI and vision.

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▲ A logarithmic curve function

4、Chris AndersonDo you think it’s possible to keep the logarithmic curve from turning around soon with the architecture you have now?

Musk: To be honest, I admit that what I say next may be seen as drawing a pie, but in fact I am confident that this problem will be solved this year.

5、Chris Anderson: Is there such a factor? In fact, you are deliberately making a forecast table ahead of the time line to inspire employees’ confidence and fighting spirit. If there is no fighting spirit, nothing can be done. Recently, you made a surprising remark. You said that the most important product development may be carried out this year, which is humanoid robot.OptimusReally? Did it give you confidence in the process of developing autonomous driving, so that you can do something special in this respect?

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▲ humanoid robot

Musk: Yes, it took me some time to realize that to solve the problem of autonomous driving, we need to really solve the artificial intelligence in the real world. A smart car is actually a robot with four wheels, and then you can extend it and imagine it as a robot with legs. At present, what we need is basically the intelligence in the real world and the expansion of manufacturing scale, which are also two things that we are very good at, so we basically only need to design the special actuators and sensors needed by humanoid robots.

People haven’t realized that the development potential of humanoid robots will be much greater than that of cars.

6、Chris AndersonI think the first application of humanoid robot you mentioned may be manufacturing, but in the end its vision is to let people use these things at home.

Musk: Exactly.

7、Chris AndersonIf you have a robot, it knows the three-dimensional structure of your house, knows where every object in the house is or should be, and can identify all objects. This is a bit surprising, so what would you let the robot do? Cleaning and tidying?

Musk: Yes.

8、Chris Anderson: Cooking dinner and mowing the lawn.

Musk: Pour tea for grandma, watch family photo albums with her, and take care of my grandma.

9、Chris AndersonTo be exact, the robot can recognize everyone in the family and play catch with your children.

Musk: Yes. I mean, obviously we need to be careful not to become a dystopia. One of the most important things is to install a localized ROM chip on the robot, which cannot be upgraded by OTA. Once you or anyone gives a "stop, stop" command to the robot, the robot will stop. This kind of robot cannot be updated remotely. I think it is very important to have such a security function.

10、Chris AndersonYes, that sounds wise.

Musk: In this regard, I think there should be a regular regulatory body. I have said for many years that although I don’t like being supervised, public safety is very important.

11、Chris Anderson: Do you think robots will be in2050Did it appear in most families in 2008 or other times? People may think that you will basically have your own housekeeper.

Musk: Yes, people will let robots do something.

12、Chris AndersonYou will have your robot housekeeper.

Musk: Yes, you will have your robot partner, to a large extent.

13、Chris AndersonHow many programs do you think you have to write to make robots human?/Love partner? You know that when robots become human partners, it is inevitable to talk about sex.

Musk: I did say on the Internet that robot call girls would be produced.

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▲ Musk tweeted whether to produce Catgirl robots.

The two sides laughed …

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▲ Musk laughs.

Musk: This is what people really want …

14、Chris AndersonWhen do you think the first batch of humanoid robots will be produced and sold?

Musk: I tend to apply robots first to jobs that are dangerous, boring, repetitive and people don’t want to do. This year, we may produce an interesting prototype robot, and probably within two years, we will make something useful. Then, the practicability of humanoid robot will increase rapidly year by year, the cost will be reduced and the production scale will be expanded.

15、Chris Anderson: What do you think the cost will be?

Musk: Actually, I don’t think the cost will be outrageous. It should be lower than the cost of a car.

16、Chris AndersonBut from an economic point of view, if you can pay in one lump sum.2.5Ten thousand dollars (about RMB)16Ten thousand yuan), buy a robot instead of an annual salary.threeWan ~fourTen thousand dollars (about RMB)19Ten thousand yuan ~25.5Ten thousand yuan) workers, and workers also need to pay wages every year, and robots can work longer hours without taking vacations. I mean, robots may quickly replace some types of jobs. Will the world be worried about this?

Musk: I’m not worried about people losing their jobs. Our labor shortage is already serious, and it will get worse in the future, so I don’t think there will be any unemployment in the future, and there will still be labor shortage. If everything in the world is abundant, any goods and services will be provided to anyone who needs them, and the goods and services are very cheap, which will be ridiculous.

Second, the acquisition of Twitter for freedom of speech became a traffic accident.

Chris Anderson: Everyone is very interested in Musk’s live broadcast. Here is what I think is very important-live broadcast. Welcome listeners from all over the world to participate in TED2022. This week, we have been listening to people with lofty ideals’ imagination about the next era of mankind. Next, we will invite the most visionary among them-elon musk!

17. Chris Anderson: Hi, Elon, welcome! Elon, a few hours ago, you proposed to buy Twitter. Why?

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▲ Musk pushed to buy Twitter.

Musk: How do you know?

18. Chris Anderson: I don’t know.

Musk: By the way, have you seen the movie Teddy Bear?

19. Chris Anderson: I have seen it, so I have a question. Why did you make this proposal?

Musk: Oh, well, I think it is very important to have an inclusive stage for free speech.

I think Twitter should open its own algorithm whether it is required or not. They should let people know that it is very important that everyone can speak freely within the scope of the law. Therefore, there should be no problem of behind-the-scenes manipulation, whether it is algorithm or manual.

20. Chris Anderson: But when we talked last week, you still said that you didn’t want to buy Twitter. It is the source of your pain. Everyone will blame you for all the problems. What changed your mind?

Musk: No, I think I bought Twitter, and people will still blame me for everything. Everyone is chattering, but if something goes wrong, it’s 100% my fault. I will be hurt and sad.

Chris Anderson: But you still want to do it. Why?

Musk: I mean, I hope it’s not too bad, but I still think it’s important and interesting, just like Twitter is important to democracy. In addition, it is also very important to the United States and other countries. In fact, it helps other countries in the world more freely than the United States. Therefore, if we can increase our trust in Twitter, the risk of human civilization will be reduced. So I think it will be a bit painful, and I don’t know if I can really get it. My purpose is to keep the shareholders of private companies allowed by law, around 2000.

We are not from the perspective of how to monopolize or maximize my ownership of Twitter, but we will try our best to assume the responsibilities we can.

Chris Anderson: You don’t necessarily want to pay $4 billion or $1 billion in cash, do you? Do you want them to do it with you?

Musk: I think I can afford it. But what I want to say is that this is not the way to make money. But I feel that it is very important for the future civilization if there is a public platform that can be trusted and tolerated to the greatest extent. But I don’t care about those figures you said.

23. Chris Anderson: OK, I know what you mean. It’s not a question of money, but to do something more moral.You describe yourself as an absolutist of freedom of speech, but does this mean that people can say everything without saying anything?

Musk: Well, I think it’s obvious that Twitter or any forum is subject to the laws of the country where it is located. Therefore, the United States obviously has some restrictions on freedom of speech. Of course, Twitter has to follow these correct rules.

Chris Anderson: So you can’t incite people to violence, just like directly inciting violence. For example, you know you can’t shout fire in the cinema.

Musk: Yes, this is a crime.

Chris Anderson: But the problem is that there are subtle differences between different things. Illegal violence is not good, but some forms of hate speech are.

Someone tweeted that I hate a politician. This is possible. Another tweet is that I hope a politician is not alive, with a picture of them, a gun, or their address on it. I mean, at some point, someone has to make a decision and decide which ones are bad. Algorithms can do this, and of course, at some point, you also need human judgment.

Musk: No, in my opinion, Twitter should comply with national laws and be obliged to do so. However, if we violate this point and don’t know who is making what changes to whom, let tweets be promoted and downgraded without insight, and let the black box algorithm promote some specific content, I think this may be quite dangerous.

26. Chris Anderson: So the idea of an open Twitter algorithm is an influential decision. I think many people will welcome it and want to know how it made a decision, and will criticize and comment on it.

Musk: I want to improve it, such as putting the code on github. You can ask questions or suggest changes, just like you update Linux code.

Honda cooperates to build a new tram, with an output of 2 million in 2025. Can it be defeated? ">

▲ open source website GitHub

27. Chris Anderson: Now there is a view that what the algorithm needs to do is to see how many people mark a tweet as illegal, and then at some point, manually check and judge whether it is illegal. But the algorithm can’t distinguish whether it is legal or not, so the question is who can distinguish whether tweets are illegal or not. Twitter, Facebook and other companies employ thousands of people to judge and decide whether the pictures you send are illegal. But the problem is that no one makes wise judgments.

Musk: Well, if you have any questions about this question, please keep it first. Because if this is a gray area, I would say let Twitter exist. But obviously you also know that there may be a lot of controversy in a case, and you don’t want to promote the Twitter. Besides, I don’t know all the answers.

But I am sure that we are just very reluctant to delete things, and we are just very cautious about these things. But on the whole, Twitter will not be perfect, but I think we really want to have as much freedom of speech as possible. A good sign is that people you don’t like are allowed to say things you don’t like. If so, then we have freedom of speech. When people you don’t like say things you don’t like, this is a sign of a healthy free speech situation, and it is also very annoying.

28. Chris Anderson: I think many people will agree with this, so let’s look at the online reaction. Many people are excited about your arrival and the changes you proposed, but others are absolutely frightened. These people will say, wait a minute, we agree that Twitter is a very important "city square", a place where people in the world exchange opinions and discuss about life and death. How can it be owned by the richest people in the world? This is impossible. So what do you do? I mean, how can you guarantee the content and convince people in a very clear way?

Musk: Any manual adjustment will be recognized. For example, if this tweet, if someone does something on Twitter, a message will be sent, and you know they tweeted. But if someone does something to promote demotion or otherwise influence a tweet, such as the ranking of media ownership. I mean, you know, Zuckerberg owns shares in Facebook and Instagram and Whatsapp, so he still controls these social media. But we don’t do these things on Twitter.

29. Chris Anderson: If you promise to open source Twitter algorithm, it will definitely give people a certain degree of confidence. Talk about some other changes you have proposed, so how will you solve the edit button?

Musk: Yes, my priority is to eliminate spam and scam robots and the army of robots on Twitter. You know I think these influences make the product worse.

30. Chris Anderson: But only on the edit button, how do you get around the question: Someone tweeted "I’m Elon Rocks", and two million people tweeted the message, and then they edited the message and turned it into "I’m Elon Sucks", and then all these retweets embarrassed them? How do you avoid this situation and prevent the forwarder from being used?

Musk: I think we can only have editing ability in a very short time, and what we may have to do when editing is to zero all forwarding and collections.

31. Chris Anderson: OK. I want to show you a tweet that I sent myself. It is true that the text is a bit lame and wordy, but I actually got 97 praises. Then I sent another one (the tweet mentioned that Musk was going to give a speech at TED), with 29,000 likes! So this algorithm, at least for now, is elon musk, the traffic cipher.

Musk: Yes, it’s really cool.

32. Chris Anderson: You did build a huge fan base on Twitter, but some people think that many of your tweets are something between embarrassment and madness. So this is the reason for its success?

Musk: I don’t know. However, my posts on Twitter are more or less stream of consciousness, because in fact, many things I post are not grand plans. Like most people, I just think this thing is very interesting, and then I take my mobile phone and send it out when I am squatting in the toilet or in other places. That is, over-sharing (laughs).

Chris Anderson: But you seem obsessed with getting the most out of every minute of your day, so why not?

Musk: I don’t know. I’m just trying to post some interesting things on Twitter, but unexpectedly, many people like these things I sent.

34. Chris Anderson: So if you don’t succeed in investing in Twitter, how can you protect your own funds?

Musk: I have money, and this is not a forward-looking statement. I mean, actually, even when I cooperated with, my funds were guaranteed.

In addition, I want to clarify one thing. At the beginning, the San Francisco office of the Securities and Exchange Commission knew that our funds were in place, but they still made a public investigation with great fanfare. At that time, the financial situation was already in jeopardy. The bank informed me that if I didn’t agree to settle with the Securities and Exchange Commission, they would stop providing working capital and go bankrupt immediately. Therefore, it’s like putting a gun to your child’s head, so I was forced to admit defeat illegally to these bastard securities companies. Besides, now they say it makes me look like I’m lying, but in fact I’m not lying. I’m forced to admit it. I lied to save my life, that’s the only reason.

Note: In August 2018, Musk said on Twitter that he intended to privatize the company at a price of 420 US dollars per share (about 2,672 yuan). Subsequently, the US Securities and Exchange Commission sued him and accused him of committing securities fraud. Finally, Musk was forced to resign as chairman of the board of directors and only served as CEO.

Chris Anderson: Considering what actually happened after that, aren’t you glad you didn’t privatize it?

Musk: I mean, it’s hard for you to put yourself in the position at that time. At that time, it was attacked by the most ruthless short seller in the history of the stock market, which can be said to be the most short-selling stock in the history of the stock market. This actually affects our ability to hire employees and sell cars. Those short-selling institutions just want to die.

36. Chris Anderson: I mean, many people who support you will say that you have brought a lot to the world. So don’t waste your time on these battles that bring negative emotions, which will make people think you are defending.

Musk: Well, I mean I’m a mixed person.

Chris Anderson: You are a fighter, and you don’t like losing.

Musk: Of course, I don’t like losing. But the truth is very important to me, and my obsession with the truth is even a little morbid.

Chris Anderson: OK, so you don’t like failure. But if you don’t succeed in this case-I mean, if Twitter’s board doesn’t accept your offer, and you have said it, you won’t pay any higher price. So have you prepared Plan B?

Musk: Yes.

Chris Anderson: I think we’d like to hear something about Plan B.

Musk: Maybe next time.

Third, yes, the real founder saved those three years like hell.

40. Chris Anderson: OK. Let’s change the subject. In fact, we collected a lot of questions to ask you when planning this program. One of them is very interesting-if you could go back and change a decision you made in your past life, which one would it be and why?

Musk: Do you mean a career decision or something?

41. Chris Anderson: It means any decision made in the past few years, for example, you decided to invest in Twitter from the beginning, or anything you can do.

Musk: Well, I mean, the worst business decision I ever made was that I didn’t start it with J. B. Straubel. This is the worst decision I have made so far, and there is no one.

42. Chris Anderson: J.B. Straubel is a visionary co-founder. He is fascinated by batteries and knows them very well.

Musk: When I invested, it was a shell company with no employees and no intellectual property rights, but Martin Eberhard, one of the other co-founders, made a wrong statement-I don’t want to discuss these dirty things here, but I really didn’t invest in an entity company that actually existed at that time.

In the end, the company was founded by J. B. Straubel and me. Unfortunately, one person and another co-founder said that he founded the company, which is incorrect.

43. Chris Anderson: Is there still a problem in the development of? Almost went bankrupt, as you mentioned before, partly because you overestimated the possibility of factory automation at that time, and spent a lot of money, which was a little over-automated, but it didn’t succeed and almost brought down the company. Is that right?

Musk: I mean, the first thing to know is what has been accomplished, which is the most noteworthy. The difficulty is not to create electric cars or to create prototypes of electric cars or to produce cars in small quantities. Over the years, there have been hundreds of car start-ups in the entire American market. Yes, so the difficult part is not to create a prototype or start a small batch of production.

The real difficulty is what many American auto companies have not accomplished in the past 100 years-mass production without bankruptcy, which is the real difficulty.

44. Chris Anderson: Right. I did it.

Musk: At that time, we basically screwed up almost every aspect of the Model 3 production line, from batteries to battery packs, to the body production line, painting workshop and final assembly. Everything was screwed up. I lived in factories in fremont and Nevada for three years, repairing production lines, running around the factory like a madman and living with the team. At that time, I slept on the floor, because then, the team members who were experiencing difficulties could see me sleeping on the floor instead of in the ivory tower, and they would know that no matter what pain they experienced, I was there.

45. Chris Anderson: But some people who know you well actually think that you have made a terrible mistake, that is, you almost pushed yourself to the edge of reason, which means that you are at risk of making a wrong choice.

In fact, I heard you say last week that you will spend every minute meaningfully because of your great value now. It sounds as if you are in danger of going to the edge of reason because you pursue time efficiency too much. This doesn’t sound particularly wise.

Musk: I mean, there was no other way to bring it back to life. I almost lived in hell for those three years. （2017-2019）

These three years are the longest painful period in my life, but there is no other way, because we have been on the verge of bankruptcy. So you think I want to experience pain, but I don’t. But these pains must be done, or they will die.

46. Chris Anderson: After three years, what advantages do you think there are in manufacturing now?

Musk: At this point, I think I know more about manufacturing than anyone alive on earth. Yes, I can tell you how every damn part of that car is made. If you only lived in the factory for three years and hacked into these machines for six weeks in a row, you would be like me.

Chris Anderson: I understand that you are writing a new master plan. You think mass production is the core of this plan. Why do you think mass production is so important?

Musk: At present, we still rely on fossil fuels and should realize the sustainable development of energy, so we must pass wind energy, solar energy, hydro energy, geothermal energy and even nuclear energy (I am a believer in nuclear energy and have discussed it). But solar energy and wind energy are indirect, so we must have a fixed battery, and then we will convert all the means of transportation into electric ones, and we may achieve a sustainable future by doing these things.

Honda cooperates to build a new tram, with an output of 2 million in 2025. Can it be defeated? ">

▲ Solar panels

Therefore, the faster the scale of production, the less impact we have on the environment. Obviously, the production of batteries is the requirement of promoting sustainable development. We estimate that about 300TWh batteries are needed to store electricity and transition to a society that is completely electric energy.

48. Chris Anderson: To achieve such a thing, it is necessary to install more than 1,000 times of batteries. This is a very amazing thing. In addition to doing it, we must appeal to others to do the rest. This is the task of human beings, and deal with energy changes through a lot of work.

Musk: Yes, I think so. How quickly we can expand the scale and encourage others to expand the scale is the basis of reaching 300TWh batteries, and then we need to recycle these batteries. The raw materials are like high-quality ore, and even if the battery pack can’t be used, its value is about 1,000 US dollars (about 6,366 yuan).

This is necessary to realize a sustainable energy future, so we have taken a series of actions to accelerate the realization of a sustainable energy future.

Fourth, it is meaningful to write programming all night. Musk said that I love human beings deeply.

49. Chris Anderson: I will be very interested in your release of the third part of the master plan. You claimed to have Asperger’s syndrome on saturday night live. I’d like to know your views on Asperger’s syndrome? Even we really want to know about your childhood experience.

Honda cooperates to build a new tram, with an output of 2 million in 2025. Can it be defeated? ">

▲ Musk (middle) is in saturday night live.

Musk: I think everyone’s experience will be different, but for me, I am more like a bookworm and not very good at socializing, which makes me bullied a lot. Frankly speaking, I didn’t have a happy childhood, which is very bad, but I read a lot of books and gradually learned more from the books I read and the movies I watched. But it took me a while to understand what most people intuitively sensed.

Chris Anderson: So I wonder if this affects you in a strange way and indirectly affects many people. The human brain is plastic. For some reason, many people spend a lot of time, energy and spiritual energy indulging in the external world and society. If this behavior is cut off, it may help you to understand the inner world more deeply than most people.

Musk: I think it’s certainly possible, and it’s also valuable from a technical point of view, because I find it very meaningful to spend a whole night programming computers. I believe most people don’t like typing strange symbols in their computers all night. They think it’s not fun, but I really like it.

So I will program all night alone. I think it’s interesting, but I know it’s not normal.

Chris Anderson: Every entrepreneur sees the possibility of the future and then takes action to make it a reality. Therefore, based on a deep understanding of physics, you will see the possibilities of science and know what the basic equations are and what they can achieve. You will see the possibility of technology, combine the economy with the possibility to get the actual cost, and then you can imagine a system where you can afford the thing you made, and sometimes you will be sure that you can do something great by putting some pieces together.

Musk: Yes, I think no matter what conditions I have, I am absolutely obsessed with the truth. The obsession with the truth is the reason why I study physics, because physics tries to understand the truth, the truth of the universe and the truth with predictive ability. For me, no one asked me to study physics, it is just a very natural study, to understand the nature of the universe.

Secondly, computer science or information theory, which I am also very interested in.

52. Chris Anderson: Is the truth of the universe like the basic truth that drives the universe, like a deep curiosity about what the universe is, and why?

Musk: When I was a young man, I was very depressed about the meaning of life. I tried to understand the meaning of life through religious texts, and I also read many books by German philosophers. For a young man, this is absolutely unwise.

Finally, I read The Hitchhiker’s Guide to the Galaxy. In fact, it is a book about philosophy, but disguised as a stupid comedy novel. Douglas Adams pointed out that the question is actually more difficult than the answer.

Honda cooperates to build a new tram, with an output of 2 million in 2025. Can it be defeated? ">

▲ Hitchhiker’s Guide to the Galaxy

53. Chris Anderson: This is actually the pursuit of the problem. What do you think?

Musk: There is a suggestion about the world outlook or an inspiring philosophy, that is, understanding what questions to ask. If we expand the scope and scale of consciousness beyond biology and numbers, we will be able to better ask questions and understand why we are here, how we got here and what happened, so this is my driving idea, and expand the scope and scale of consciousness so that we can better understand the nature of the universe.

Chris Anderson: The most touching thing last week was to see you go out to play with your children. What kind of future do you think he will grow in?

Musk: He vaguely looks like a ventriloquist dummy. How do you know he is real? (Laughter) I feel that he will grow up in a very digital future, a world completely different from my growing environment, but we all want to do our best to ensure that the future is beautiful for everyone’s children. The future should be something we can look forward to without feeling sorry for it.

Every morning when we get up, we should be very excited about the future, which will make us struggle for what we are excited about in the future. The future can’t just be one tragic thing after another, and then we will deal with tragic things one after another. There will be something exciting in the future, just like you want to live. This is very important.

55. Chris Anderson: But as far as the future is concerned, there will still be some terrible things. You have seen a road connecting the Earth and Mars, and we are excited by artificial intelligence, but do you really believe in your heart that you are bringing an exciting future to others?

Musk: I am doing my best to do this. I love mankind. We should fight for the bright future of mankind. We should be optimistic about the future and strive for this optimistic future.

Chris Anderson: I think this is the best time to end this discussion. Thank you very much for taking the time to come here. Thank you for your work. Good luck and thank you.

　　Strengthen the application of basic research and build a strong country in science and technology

　　Our reporter She Huimin

　　The report of the 19th National Congress proposed to strengthen applied basic research, expand the implementation of major national science and technology projects, and highlight key common technologies, cutting-edge leading technologies, modern engineering technologies and subversive technological innovations, so as to provide strong support for building a powerful country in science and technology, quality, space, network, transportation, digital China and smart society.

　　"Applied basic research is a professional word and an application-oriented basic research. There is a saying in scientific research that ‘ Stand tall ’ Basic research is the sky, and the transformation of achievements is the site. Applied basic research is between the two, mainly to tackle key common technologies and share them, which is the foundation and technical source of double innovation. " Damon, a representative of the 19th National Congress of the Communist Party of China and an academician of the Chinese Academy of Sciences, said that applied basic research should be combined with major national science and technology projects, and the result of building a strong country in science and technology should be achieved through key common technologies, cutting-edge leading technologies, modern engineering technologies and subversive technological innovations.

　　Deputy Damon said that in September this year, Shanghai and Chinese Academy of Sciences jointly established Zhangjiang Laboratory. With the national laboratory as the goal, the laboratory will strengthen the national strategic scientific and technological strength, focus on major areas with urgent strategic needs, and achieve major basic scientific breakthroughs and key core technology development. "When Socialism with Chinese characteristics enters a new era, it needs stronger national strategic scientific and technological strength." The representative of Damon said.

　　Wang Dongqun, representative of the 19th National Congress of the Communist Party of China and secretary of Dingzhou Municipal Committee of Hebei Province;

　　Seize the strategic opportunity and promote coordinated development

　　Our reporter Lei Hanfa

　　According to the report of the 19th National Congress of the Communist Party of China, the coordinated development of Beijing, Tianjin and Hebei should be promoted by relieving Beijing’s non-capital function, and xiong’an new area should be built with a high starting point and high standards.

　　"This is a once-in-a-lifetime strategic opportunity for building a regional node city." Wang Dongqun, representative of the 19th National Congress of the Communist Party of China and secretary of Dingzhou Municipal Committee of Hebei Province, said that the coordinated development of Beijing-Tianjin-Hebei and the establishment of xiong’an new area is a major national strategy and a Millennium plan. Whether we can make a difference in the face of this great strategic opportunity is an important test of the ruling ability of local party committees and governments. Dingzhou is located in the 70 km development area of Shijiazhuang, Xiong ‘an and Baoding, and also in the 200 km economic circle of Tianjin and Beijing, with obvious geographical advantages. Dingzhou will actively optimize the investment environment, build the undertaking platform, integrate and dock with Beijing, Tianjin and xiong’an new area, and strive to make a difference in the implementation of these two strategies.

　　Deputy Wang Dongqun said that in terms of building the undertaking platform, Dingzhou has planned and built the Dingzhou Economic Development Zone in Hebei with a total area of more than 100 square kilometers in accordance with the management model of one district, multiple parks and enclaves. At the same time, it will further accelerate the construction of public service platforms and infrastructure such as investment and financing, commerce and information, and undertake the industrial transfer of Beijing and Tianjin to the maximum extent; Relying on the new opportunities of coordinated development of Beijing-Tianjin-Hebei and Xiong ‘an, we will promote the synchronous and rapid development of Dingzhou.

　　Wen Bin, chief researcher of China Minsheng Bank:

　　Hold the bottom line without systemic financial risks.

　　Our reporter Chen Guojing

　　The report of the 19th National Congress of the Communist Party of China proposed to improve the financial supervision system and keep the bottom line that systemic financial risks do not occur.

　　In recent years, with the rapid development of financial industry, financial risks are on the rise, which must be highly valued. Wen Bin, chief researcher of China Minsheng Bank, said that once systemic financial risks break out, it will not only impact the financial industry itself, but also bring greater harm to the real economy.

　　Wen Bin believes that at present, we should be especially alert to the impact of the superposition of liquidity risk, credit risk and market risk. Among all kinds of risks, liquidity risk is the primary risk of financial institutions, and risks such as credit, market and operation are often reflected through liquidity risk. Therefore, accelerating deleveraging to reduce liquidity risk has become the top priority to prevent financial risks.

　　However, controlling financial chaos and preventing and resolving financial systemic risks cannot be achieved overnight. Wen Bin said that this needs to take into account the current and long-term, overall and local, macro-prudential and micro-management. Only in this way can the real economy not be hurt by managing financial risks and achieve stable and coordinated economic and financial development.

　　Wen Bin suggested that, first of all, we should adhere to a prudent neutral monetary policy and maintain a reasonable growth of money and credit; Secondly, we should strengthen the coordination of financial supervision and guide and standardize financial innovation; Thirdly, for banks, it is necessary to improve the long-term mechanism of risk management and resolve and dispose of current risks.

　　Yang Changyong, Associate Research Fellow, Institute of Foreign Economics, China Macroeconomic Research Institute:

　　Change from a trading power to a trading power.

　　Our reporter Gu Yang

　　"The report of the 19th National Congress of the Communist Party of China proposed to expand foreign trade, foster new trade formats and new models, and promote the construction of a strong trade country. This not only clarifies the goal of China’s foreign trade development, but also points out the specific realization path. " Yang Changyong, an associate researcher at the Institute of Foreign Economics of China Macroeconomic Research Institute, said.

　　Yang Changyong said that on the whole, the market share of China’s foreign trade has steadily increased, and the power conversion and structural adjustment have been accelerating, which has made important contributions to stable economic growth. However, we should also see that there is still a certain gap between China and the trading powers. In this regard, driven by innovation and opening wider to the outside world, we should optimize the layout of foreign trade, accelerate the cultivation of new advantages in foreign trade, and promote the diversified, balanced and sustainable development of foreign trade.

　　"Standing at a new historical starting point, we must firmly establish five development concepts, constantly improve the level and level of opening up and development, and accelerate the transformation of China from a trading power to a trading power." Yang Changyong said.

　　Zhang Zhaomin, representative of the 19th National Congress of the Communist Party of China and secretary of the Party Working Committee of Pingtan Comprehensive Experimental Zone, Fujian Province:

　　We can’t take the old road to improve supply quality

　　Our reporter Lin Huocan Xue Zhiwei

　　According to the report of the 19th National Congress of the Communist Party of China, to build a modern economic system, we must focus on the real economy, take improving the quality of the supply system as the main direction, and significantly enhance China’s economic quality advantage.

　　Zhang Zhaomin, the representative of the 19th National Congress of the Communist Party of China and secretary of the Party Working Committee of Pingtan Comprehensive Experimental Zone in Fujian Province, said that the development experience has shown that it is not feasible to solve the supply quality problem by taking the old road. We must rely on our existing advantages to cultivate new growth points in the fields of high-end consumption and innovation, and embark on a new path.

　　Deputy Zhang Zhaomin said that in recent years, Pingtan has closely focused on the requirements of "building an emerging industrial zone" in its development, exerted its policy advantages, and strived to overcome difficulties such as weak industrial base, lack of scientific research institutions and talents, and achieved initial results in the cultivation of characteristic industries; While supporting the optimization and upgrading of traditional industries, we will focus on accelerating the development of the tertiary industry, especially the modern service industry; By innovating the precise investment model of "platform+policy", the development of emerging formats such as cross-border e-commerce, modern finance and headquarters economy has been realized. At present, Pingtan has attracted 44 headquarters-based enterprises and 1,263 financial and quasi-financial enterprises. In 2016, the value of cross-border e-commerce increased by more than 2 times.

　　Li Shuang, representative of the 19th National Congress of the Communist Party of China and Party Secretary of Menglou Town, dengzhou city City, Henan Province;

　　Accelerate the modernization of agriculture and rural areas

　　Our reporter Qiao Jinliang

　　The report of the 19th National Congress of the Communist Party of China emphasized that the issue of farmers in agriculture and rural areas is a fundamental issue related to the national economy and people’s livelihood, and we must always take solving the "three rural issues" as the top priority of the whole party’s work. "At the grassroots level, we personally feel that reform is the top priority of rural work." Li Shuang, representative of the 19th National Congress of the Communist Party of China and secretary of the Party Committee of Menglou Town, dengzhou city, said.

　　The representative of Li Shuang introduced that in 2016, Menglou Town, dengzhou city, made a pilot project in the whole province to promote the reform of "three powers" separation of agricultural land. The government set up a platform of "Rural Land Development Company" to transfer 98% of the cultivated land in the town in a centralized way, and then transferred it to the outside world after unified rectification. Farmers’ property income, operational income and wage income have been comprehensively improved.

　　"Consolidate and improve the rural basic management system, deepen the reform of rural land system and improve the contracted land ‘ Sanquan ’ Split system. This is the focus of rural work in the coming period and what we are currently doing. " Deputy Li Shuang said that on the basis of completing the registration and certification of rural contracted land, and on the premise of voluntary participation of the masses, we should adjust measures to local conditions, boldly innovate the method of transferring farmers’ management rights, cultivate new agricultural management entities, and attract technology, capital and talents to enter agriculture. On the basis of ensuring food security, we will promote the integrated development of rural primary, secondary and tertiary industries, increase farmers’ income, increase agricultural efficiency and revitalize rural areas, so as to make this field more vibrant and full of hope.

　　Dong Ximiao, Senior Research Fellow, Chongyang Financial Research Institute, Renmin University of China:

　　Double-Pillar Framework Effectively Maintains Financial Stability

　　Our reporter Chen Guojing

　　The report of the 19th National Congress of the Communist Party of China emphasized that the dual-pillar regulatory framework of monetary policy and macro-prudential policy should be improved, and the marketization reform of interest rates and exchange rates should be deepened. This is a new formulation in the report of the 19th National Congress of the Communist Party of China, and it is also an important goal of deepening the financial system reform in China in the future.

　　Dong Ximiao, a senior researcher at Chongyang Financial Research Institute of Renmin University of China, said that in 2016, the People’s Bank of China launched the Macro-prudential Assessment System (MPA), which filled the gaps in the previous monetary policy framework and micro-prudential supervision, and introduced countercyclical control factors, with the aim of preventing and resolving systemic financial risks and maintaining financial stability.

　　“‘ Monetary policy+macro-prudential policy ’ The two-pillar framework is an important achievement in the practice of China’s financial macro-control policy framework. " Dong Ximiao believes that prudent monetary policy has created a good monetary and financial environment for supply-side structural reform, macro-prudential policy has provided strong support for the implementation and transmission of prudent monetary policy, and the coordination of "two pillars" has enhanced the foresight and effectiveness of financial macro-control and better maintained financial stability.

　　Dong Ximiao suggested that the next step is to continue to strengthen and improve the relevant mechanisms: first, we should continue to strengthen the role of monetary policy in promoting the marketization of interest rates; Secondly, it is necessary to strengthen the coordination of financial supervision and macro-prudential management; Thirdly, we should further enrich the connotation and extension of the "double-pillar" framework.

　　Gu Xueming, Dean of International Trade and Economic Cooperation Research Institute of Ministry of Commerce:

　　Promote the formation of a new pattern of comprehensive opening up

　　Our reporter Feng Qiyu

　　The report of the 19th National Congress proposed to promote the formation of a new pattern of all-round opening up. Gu Xueming, president of the Institute of International Trade and Economic Cooperation of the Ministry of Commerce, believes that promoting the formation of a new pattern of all-round opening up is a new promotion of China’s reform and opening up, and it is also a major strategic deployment under the background of Socialism with Chinese characteristics entering a new era, which is of special significance.

　　The report of the 19th National Congress of the Communist Party of China made a series of arrangements to promote the new pattern of opening up from the aspects of "Belt and Road" construction, foreign trade, regional opening layout, and the reform of free trade pilot zones. Gu Xueming said that from the report of the 19th National Congress of the Communist Party of China, the new pattern of opening up contains profound connotations such as new models, new platforms, new formats, new fields and new advantages. Promoting the formation of a new pattern of comprehensive opening up also requires efforts in these areas.

　　In terms of the new model, it is necessary to take the construction of the "Belt and Road" as the guide, adhere to joint construction and sharing, and form an open and cooperative model that is suitable for the new situation of economic development; In terms of the new platform, the free trade pilot zone will gain greater autonomy in reform, explore the construction of free trade ports, and accelerate the facilitation of trade and investment; In terms of new formats, the use of new information technology to develop cross-border e-commerce and foreign trade integrated service platforms; In terms of new fields, expand the opening up of services and other fields; In terms of new advantages, it is mainly to improve the level of opening up and accelerate the cultivation of new advantages in international economic cooperation and competition.

[car home Jincheng Preferential Promotion Channel] Recently, we learned from BMW officials that the high-profile Jincheng market is undergoing substantial discounts, with the highest discount reaching 149,900 yuan. At present, the minimum starting price of BMW i4 has dropped to 320,000 yuan. Interested consumers may wish to click "Check the car price" in the quotation form to strive for higher discounts.

The exterior design of BMW i4 fully reflects its dynamic and futuristic feeling. BMW’s family-style kidney-shaped air intake grille is used in the front face, but the design is flatter, which is integrated with the LED headlights on both sides to create a strong visual impact. Overall style, BMW i4 presents streamlined body lines, low body posture and dynamic roof arc, showing its sporty temperament. In the rear part, the slender LED taillight group is adopted, and the sporty rear enclosure design further strengthens its sporty atmosphere.

The side lines of BMW i4 are smooth and elegant, with a body size of 4785*1852*1455mm and a wheelbase of 2856mm. The front and rear wheel tracks are 1601mm and 1630mm respectively, which ensures the stability and handling of the vehicle. Equipped with tyre size with front 245/45 R18 and rear 255/45 R18, with unique rim design, it not only enhances the visual effect of the vehicle, but also enhances the driving experience.

The interior style of BMW i4 is simple and technology-oriented, and the overall design is simple without losing the sense of luxury. The model is equipped with a 14.9-inch central control screen, which supports multimedia system, navigation, telephone and air conditioning voice recognition control system. The steering wheel is made of leather, which supports manual adjustment up and down and back and forth. The front seats provide heating function, and both the main seat and the auxiliary seat have various adjustment functions, such as fore-and-aft adjustment, backrest adjustment, height adjustment (4-way), leg rest adjustment and lumbar support (4-way), which further improves the riding comfort. In addition, the car is also equipped with the wireless charging function of the front mobile phone, multiple USB and Type-C interfaces, and the proportional reclining function of the rear seats, which provides convenience for passengers.

BMW i4 is equipped with a high-performance electric engine, with a maximum power of 250 kW and an astonishing peak torque of 430 Nm, which makes the vehicle perform well during acceleration and driving, providing a strong power output.

The owner of car home spoke highly of the BMW i4. He especially mentioned the excellent sound insulation effect, abundant power, unique design and domineering. In addition, he especially praised the interior of Volcano Red, thinking that its design is no less than that of Mercedes-Benz, which fully shows the luxury and texture of BMW i4.