Text | BT Financial Data Pass, Author | Three Crazy

Cathay Pacific has been controversial because of its attitude towards non-English-speaking passengers, but this does not affect its ultra-high profit margin.

In May 2023, Cathay Pacific was pushed to the forefront because of the blanket incident. Some passengers accused the flight attendants of showing obvious discrimination when providing blankets to non-English passengers. This incident quickly sparked heated discussion on social media.

In fact, this is not the first time that Cathay Pacific has attracted public attention because of discrimination. In the past few years, similar incidents have been common, and every time they have caused widespread discussion and criticism in society. However, Cathay Pacific does not seem to have learned from these incidents, and its service attitude has not been fundamentally solved.

Looking back at the long river of history, the development history of Cathay Pacific is accompanied by glory and shadow.

Since its birth in 1946, Cathay Pacific has carried the dream of Hong Kong’s take-off. At that time, Hong Kong was in the midst of a booming economy, and the founders of Cathay Pacific, Dragonair and Singapore Airlines were ambitious and determined to write their own legends in this hot land. They bravely embarked on the journey with a small plane and several short-haul routes.

However, the road to entrepreneurship is not smooth sailing. Cathay Pacific opened international routes and bought new aircraft during the expansion period, but its management means and technical level are still immature. Facing the competition of international aviation giants, Cathay Pacific strives for a breakthrough, but it also has to face various internal contradictions and challenges.

Entering the period of internationalization, Cathay Pacific ushered in a golden period of development. The opening of international routes such as new york, London and Sydney, as well as the cooperation with many international airlines, have made Cathay Pacific gradually emerge. However, just when Cathay Pacific seemed to have unlimited scenery, the shadow came quietly. The decline in service quality and frequent management loopholes have dealt an unprecedented blow to Cathay Pacific’s reputation.

During the merger period, Cathay Pacific tried to make up for its own shortcomings through acquisition and cooperation. The acquisition of Dragonair has undoubtedly injected new vitality into Cathay Pacific, but it has also brought many integration problems. At the same time, the cooperation and alliance with other airlines are not smooth sailing, and problems such as interest disputes and cultural differences have put Cathay Pacific into a situation of internal and external troubles.

In the period of modernization and transformation, Cathay Pacific tried to revive itself through digital transformation and the introduction of new aircraft models and technical means. However, in the face of intensified market competition and changes in customer demand, Cathay Pacific’s road to transformation seems to be difficult. Although innovative measures such as SkyTeam membership plan have been launched, it still needs to be improved in terms of service quality and operational efficiency.

In addition to service disputes, Cathay Pacific’s financial situation is also worrying. The performance of losing money for three consecutive years makes investors feel pessimistic about the company’s prospects. The latest financial report shows that despite the company’s efforts in some aspects, revenue and net profit have been greatly improved, but the overall financial situation has not improved significantly.

After the recent relatively bright financial report was released, Cathay Pacific’s share price fell instead of rising. According to statistics, the stock price fell by 3.27% in the trading day after the financial report was released, which reflected the market’s concern about the company’s future performance. As of the close of March 14th, Cathay Pacific’s share price was HK$ 8.870 per share, which was 40% lower than the high of HK$ 14.672.

Cathay Pacific released its financial report for 2023 on March 13th, and its performance showed a positive trend of turning losses into profits. On the whole, after experiencing the losses in 2022, the company achieved a significant recovery in performance through efforts.

From the overall performance overview, in 2023, Cathay Pacific’s performance income reached 94.485 billion Hong Kong dollars, compared with the loss of 6.623 billion Hong Kong dollars in the same period in 2022, achieving a significant increase in net profit of 9.789 billion Hong Kong dollars. This achievement is mainly due to the strong recovery of passenger transport business.

What is optimistic is that Cathay Pacific’s passenger transport business has grown substantially. In terms of passenger transport, Cathay Pacific’s passenger transport revenue is HK$ 55.951 billion, an astonishing increase of 308.8% compared with 2022. In 2023, the company transported 18 million passengers, with an average daily passenger capacity of 49,300 passengers, an increase of 541.4% compared with 2022. This growth reflects the strong recovery of the aviation market and Cathay Pacific’s efforts in passenger service.

The recovery in North Asia has been remarkable. From the perspective of Cathay Pacific’s global passenger transport business, the data of all regions have shown an increasing trend. It is particularly noteworthy that the recovery of North Asia, which is dominated by the mainland of China, is more remarkable. The financial report shows that in North Asia, the company’s carrying capacity increased by 534.7% year-on-year, and the passenger carrying rate also increased by 23.6 percentage points, reaching 78.4%. This growth rate ranks first in all regions, showing the importance of the North Asian market to Cathay Pacific and the company’s strong competitiveness in the region.

In addition to North Asia, Cathay Pacific’s performance in other regions can not be ignored. In South Asia, Middle East and Africa, the company’s carrying capacity increased by 467.7% year-on-year, and the passenger carrying rate also increased by 15.9 percentage points. In Southeast Asia, the carrying capacity increased by 456.6% year-on-year, and the passenger carrying rate increased by 17.7 percentage points. These data show the company’s business recovery and growth momentum on a global scale.

As we all know, the gross profit margin of Maotai is the ceiling of many industries.The gross profit margin can be higher than that of Maotai, and Cathay Pacific is one of the few.

Cathay Pacific’s gross profit margin in 2023 was as high as 91.85%, which even exceeded the gross profit margin of 91.71% of Kweichow Moutai in the same period. In general, gross profit margin is regarded as an important indicator of enterprise profitability and operating efficiency. Cathay Pacific’s gross profit margin is higher than Maotai’s, which explains its high profit margin in aviation business to some extent.

However, when we further observe Cathay Pacific’s net interest rate, we find that its net interest rate is only 10.36%, far lower than that of Kweichow Moutai’s 53.09%. This phenomenon of high gross profit margin and low net interest rate actually reveals a series of challenges Cathay Pacific faces in its operation.

First of all, labor cost is one of the important expenses in airline operation.With the recovery of global economy and the recovery of aviation market, in order to attract and retain talents, airlines often need to improve the salary and welfare level of employees. This has increased the labor cost of Cathay Pacific to a certain extent, thus compressing its net interest rate space.

Secondly, in addition to labor costs, airlines also need to face various cost pressures such as fuel price fluctuations, aircraft maintenance costs, and route operating costs.The changes of these cost factors will directly affect the profitability of airlines. For example, the increase in fuel prices will increase the operating costs of airlines, thus reducing their net interest rates.

In addition, market competition is also one of the important factors that affect the net interest rate of airlines.In the highly competitive aviation market, airlines often need to adopt price competition strategy in order to compete for market share and customer resources. Although this strategy can increase sales and market share, it will also reduce the profit rate of airlines to some extent.

Although Cathay Pacific has a high gross profit margin, its net interest rate performance is not ideal due to the increase of labor costs and market competition. In order to improve profitability, Cathay Pacific needs to make more efforts in cost control, market expansion and service quality improvement. Because Cathay Pacific’s high gross profit margin did not bring high net interest rate.

In the aviation industry, the performance of companies is often affected by multiple factors such as macroeconomics, fuel price, market competition and service quality. Cathay Pacific, as one of them, does not have obvious advantages over the same industry in some aspects.

First look at the revenue data. Although the revenue disclosed by Cathay Pacific in the latest financial report is still huge, compared with the industry leaders, its growth rate is somewhat weak. Take Singapore Airlines and Emirates as examples. Both airlines have achieved steady revenue growth in the past few years, while Cathay Pacific’s revenue growth is relatively slow.

There are many reasons for this situation. On the one hand, the market competition is becoming increasingly fierce, especially in Asia, where emerging airlines are constantly emerging, posing a severe challenge to traditional airlines. On the other hand, Cathay Pacific may be too conservative in route layout and market expansion, failing to fully grasp the growth opportunities of emerging markets.

Let’s look at the net profit data. Cathay Pacific’s net profit performance is also not optimistic. Compared with its counterparts such as Singapore Airlines and Emirates Airlines, Cathay Pacific’s net profit level is low and fluctuates greatly. This instability not only affects the profitability of the company, but also increases the risk of investors.

The reasons of net profit fluctuation mainly include fuel price fluctuation, exchange rate change, market demand change and other factors. However, Cathay Pacific seems to be unable to cope with these risks. Especially in terms of fuel prices, Cathay Pacific failed to effectively hedge the pressure brought by rising fuel costs, resulting in a greater impact on net profit.

In terms of gross profit margin and net interest rate, Cathay Pacific’s performance is also unsatisfactory. Although its gross profit rate is relatively high, its net profit rate is far below the average level of the same industry. This means that the company is facing great cost pressure in the operation process, and the profit space is severely squeezed. This is mainly due to the pressure of labor cost, fuel cost and market competition faced by the company in the operation process, which leads to the compression of profit space.

Because Cathay Pacific has been criticized for its service quality, there are as many as 721 complaints about Cathay Pacific on the complaint platform Black Cat. In order to improve the service level, the company has increased its investment in employee training, which has increased its labor cost to some extent. It is reported that the labor cost of Cathay Pacific in 2023 increased by 3 billion yuan compared with previous years.

Although Cathay Pacific has made efforts in service training, its service problems are still frequent, which may be related to the company’s management system, staff quality and corporate culture. In contrast, Singapore Airlines and Emirates Airlines have shown good stability in terms of gross profit margin and net interest rate.

There are two main reasons for this situation. First of all, fixed expenses such as labor costs account for a relatively high proportion, which makes it difficult for Cathay Pacific to reduce costs during its operation. Especially in terms of employee compensation and welfare, Cathay Pacific needs to invest a lot of money to maintain the stability of the workforce and the quality of service. Secondly, the fierce market competition makes airlines have to adopt price competition strategy to attract customers, which further reduces Cathay Pacific’s profit margin.

In fact, how to find a balance between improving service quality and controlling costs is a big problem for Cathay Pacific. On the one hand, improving service quality can improve customer satisfaction and loyalty, thus bringing more market share and benefits to the company. On the other hand, excessive investment may lead to rising costs, declining profit margins and even losses. Therefore, Cathay Pacific needs to pay more attention to cost control and operational efficiency improvement on the premise of ensuring service quality.

The change in the rating of Cathay Pacific also reflects its performance to some extent. In recent years, due to the problems in service quality, cost control and market competition, some institutions have downgraded Cathay Pacific. These rating changes not only affected the company’s share price performance, but also dealt a blow to its market reputation and investor confidence.

In the latest trading day, Cathay Pacific’s share price fell by more than 4%, and CLSA downgraded its rating and earnings forecast. In the research report released by CITIC Lyon, Cathay Pacific’s investment rating was adjusted from "buy" to "outperform the market" and the target price was kept at HK$ 10.6.

The report predicts that the profit attributable to ordinary shareholders of the company will increase by 29% to HK$ 5.1 billion in the second half of 2023, which is 22% higher than previously expected. At the same time, it is expected that the company will resume paying ordinary dividends in advance.

However, CLSA believes that the risk return of the current share price is not attractive in view of the changes in air ticket prices and rising staff costs. Therefore, the agency lowered its profit forecast for 2024-25 by 4-5%, mainly because it has not seen obvious signs of improvement in freight business.

ICBC International, the investment banking department of the largest bank in the Mainland, downgraded Cathay Pacific to "strong sell" and adjusted its target price to HK$ 6. This shows that ICBC International is pessimistic about Cathay Pacific’s future development prospects.

To sum up, Cathay Pacific’s performance in 2023 does not have obvious advantages in the aviation industry. In order to enhance its competitiveness, Cathay Pacific needs to make more efforts in service quality, cost control, operational efficiency and market risk management.

　　Moscow, August 31st (Xinhua) Reporter Lai Yuhong and correspondent Jing Haihui reported that the cycling race of "International Military Competition -2020" and "Tank Biathlon" ended on August 30th, and all three teams of China team successfully completed the race and advanced to the semi-finals.

　　There are 45 teams from 16 countries and regions participating in the cycling race of "Tank Biathlon". The 702nd team, 703rd team and 701st team from China won the third, fourth and tenth place respectively.

　　On the morning of August 30th, local time, China’s team 703 made its debut at the Russian Alabino shooting range, competing fiercely with Belarusian, Serbian and Azerbaijani teams. During the competition, although the third shot missed the target in the artillery shooting, the members of the 703 car group quickly adjusted their mentality and galloped all the way through obstacles such as wading fields, soil ridges and rutting bridges. The anti-aircraft machine guns and parallel machine guns all hit the target, and finally won the first place in the group and ranked fourth in the cycling race. So far, all three teams of the China team have finished the race and won the first place in the group.

　　"International Military Competition -2020" was held in Russia, Belarus, Armenia, Azerbaijan and Uzbekistan from August 23rd to September 5th. 156 teams from more than 30 countries and regions participated in the competition, with more than 5,000 participants. China has sent six teams and more than 260 officers and men to participate in six events, such as "Top Scout", "Two Tanks", "Safe Environment", "Open Water", "Automobile Expert" and "Airborne Platoon".

　　"Tanks Biathlon" is the highlight of "International Military Competition -2020", which is divided into two stages: cycling race and relay race. The semi-final will start on September 1st, and it will be carried out in the form of relay race. Three teams from the same participating country will use one equipment to relay the driving and shooting tasks.

　　Above: On August 30th, the team from China participated in the cycling race of "Tank Biathlon" at the Russian Arabino shooting range. Xinhua news agency

　　editpersonaccording to

　　Examinations have always been the most worrying thing for students. For college students, the performance not only represents the academic level, but also is an important basis for future research or employment. In order to get satisfactory results, students not only hope that the teacher can "draw the key points", but also hope to be lenient when judging the papers … …

　　But for teachers, the mood when marking papers is by no means as simple as leaving no mercy. Recently, the reporter received a letter from a university professor, complaining about the "suffering" during the final exam. Although it has been a holiday, many jumps in the students’ papers, perfunctory answers, lackadaisical language expression, logical analysis, and even the "blank space" under the exam questions still make him sigh.

　　Is what the professor said a common phenomenon? What problems are mapped out in a paper? It’s the school season again, and I hope that this year’s questioners and respondents can make real efforts to complete a satisfactory answer sheet.

　　[Letters from readers]

　　Shock wave behind a final exam paper

　　Li Mingliang, Professor of International Business School of Tianjin Foreign Studies University.

　　I have been teaching in the university for more than ten years, and at the end of each semester, I will face a serious psychological shock — — Suffer from the "torment" of the final exam. This "suffering" is not only a physical test, but also a mental torture. At the end of almost every semester, I have to read at least 200 or 300 papers by myself. These "final exam works" from students of different majors and grades are not only hard to see refreshing, serious and beautiful writing, but also jump and answer casually, and the language expression and logical analysis are indifferent. There are even many papers that leave a lot of worrying blanks. A teacher once told me that some students couldn’t answer the questions, so they simply drew a smiling face in the blank space under the examination questions, and then wrote a kind word praising the teacher, as if to please the teacher or win the teacher’s sympathy, hoping that the teacher could be "merciful."

　　As we all know, examination has its unique functions of evaluation, detection, diagnosis, guidance, feedback and encouragement, which cannot be replaced by any other teaching link. The final exam is not only a final assessment and systematic evaluation of students’ learning situation of various courses since one semester, but also a process check of professional teachers’ teaching effect and teaching quality. Generally speaking, the total score of the current assessment courses in colleges and universities is comprehensively evaluated according to the usual scores and final exam scores. Among them, the usual scores include quizzes, homework, class discussions, course papers, attendance, etc. The final score is the final closed-book exam paper score, and their respective weights are different in each school. But on the whole, most colleges and universities stipulate that the final grade accounts for 50% ~ 70% of the total grade. In addition, some colleges and universities also stipulate that there should be no less than four kinds of questions in the final examination paper of each course, and the number of questions is moderate and the difficulty is moderate, which should basically ensure that candidates can complete it within 90 minutes. In this way, the test questions of many courses are limited to noun explanation questions, multiple-choice questions, fill-in-the-blank questions, short-answer questions, discussion questions, case analysis questions or calculation questions. Students also follow this logic year after year to review the "exam-oriented". In colleges and universities, there is also an unwritten "rules of the game". Teachers will divide the students into a general examination range at the end of the term to give each other a "reassurance". Otherwise, students will be at a loss and don’t know what to review;Teachers will also be worried that candidates will "fail in a large area" and the failure rate is too high, which will not only affect their personal teaching reputation, but also lead to tension between teachers and students; Seriously, it may also be held accountable by the teaching authorities, and even ultimately affect the annual performance appraisal and professional title promotion of teachers.

　　From this point of view, the curriculum assessment in our colleges and universities is really not limited to a final examination paper. This is not only related to the relationship between teachers and students, teaching, examination, evaluation and management in colleges and universities, but also related to the talent training mode of higher education, especially the quality of talent training. In fact, for many years, we have been advocating the separation of teaching and examination, calling for the separation of teaching and examination, and teachers do not participate in the final examination of their courses, including setting questions, invigilating, marking papers, scoring and quality analysis; Instead, a set of examination management system with complete rules and regulations including examination database, automatic proposition, marking, grading, examination analysis, score management and so on is established. College curriculum examination should not blindly emphasize theory over application, knowledge over ability, results over process and grades over feedback, but should be adjusted to pay more attention to students’ innovative ability and practical ability, and realize a comprehensive evaluation system with comprehensive evaluation contents, diversified subjects, diversified methods and dynamic process. However, in reality, colleges and universities still have a long way to go in order to build a scientific, comprehensive and reasonable evaluation system and its mode reform.

　　This holiday, Wang Li, a sophomore in a university in Shanxi, didn’t have an easy time. "There are two exam results that haven’t come out, and I’m particularly worried that I can’t pass them. Because I didn’t answer the last two big questions, my paper score is definitely not enough. I pray that the teacher can make my usual grades higher." For these two grades, Wang Li basically brushes the school website every day, and often chats with his classmates to "pray for blessings". "There are still a few days before school starts, and we will know the result soon."

　　Liu Zhengdong, Wang Li’s classmate, told the reporter, "I had a hunch that I would fail two exams, and finally I went to the teacher to plead with him, hoping that he would hand ‘ Song ’ Point, the final result is quite satisfactory, all 60 points, just passed. " Looking at the results haven’t come out yet, Liu Zhengdong advised Wang Li to send a message to the teacher and get in touch with "feelings", so maybe he could pass the exam on the line. "After all, many students didn’t answer well."

　　1. "Everything will be fine if you don’t fail."

　　Are the examination papers of college students really so casual and so "vulnerable"?

　　"No matter which school, there are schoolmasters, but to be honest, if there are no goals such as insurance research that explicitly require credit scores, many students are in line with ‘ Just pass the exam ’ The mentality to cope with the exam. I usually don’t listen to lectures in class, I leave homework from the Internet, review all night before the exam, and everything will be fine without failing. " Zhu Wenshuo, a college student in Beijing, told reporters.

　　"The examination questions of many courses are nothing more than noun explanation questions, multiple-choice questions, fill-in-the-blank questions, short-answer questions, essay questions and so on." Fan Hui, a college student in Hunan, is a liberal arts student. In his view, liberal arts exams are usually relatively easy. "As long as you can remember the knowledge points, you will definitely get similar results. Especially the following essay questions, as long as you have a general understanding of this course, you can write the paper full and make sense, and the basic score will not be bad. "

　　A college teacher who has been engaged in teaching for many years read this sentence repeatedly after seeing it. "I can’t say a lot, but there are some papers that have such problems. When students don’t know what to answer, they will simply list or analyze some concepts of this course, lack basic logic, and even answer irrelevant questions. Because the students know that as long as I answer this question, the teacher will give some points. "

　　However, there is also a college teacher who believes that the college exam is to condense the task of assessing students’ knowledge into a test paper. "Therefore, teachers often ask questions fairly well, and students only need to write out what they think is the most correct. We can’t ask all students to keep a cutting-edge and in-depth understanding of a certain knowledge."

　　2. Who is responsible for the "dull" test paper?

　　Then, in the face of some "plain" answers that are difficult to make people shine at the moment, we should think deeply. What is the problem?

　　In this regard, Mo Leiyu, an associate professor at China University of Mining and Technology (Beijing) School of Management, believes that there are three reasons: First, the academic level of students is uneven now, and it is difficult to unify the measurement standards; Second, due to the school regulations, some colleges and universities have specific proportions for the failure rate of course assessment; Third, under the baton of postgraduate entrance examination, students are utilitarian, and many students do not attach importance to courses that are not directly related to postgraduate entrance examination.

　　Chen Peng, director of the Department of Communication at Nankai University, said that sometimes, in order to "standardize" and facilitate management in a uniform way, educational management departments will require teachers to take exams according to certain prescribed formats, forms and even contents, sometimes they have formulated strict procedures for exams, and sometimes they even put forward some requirements for exam results. "For example, I have learned that the education management departments of many universities will require teachers to take exams in some form, which will facilitate the final filing management; Sometimes students’ grades are required to present an approximate normal distribution, otherwise they are considered to have problems in the exam; Sometimes teachers’ grades are questioned, and in order to be consistent with their standards, teachers are required to lower or raise their grades. In the final analysis, it is still to cope with teaching evaluation. " Chen Peng said, "As an important link in teaching, examination evaluation should respect the laws of education and teaching and be set by teachers, and should ensure that teachers are in the professional field according to professional standards, academic standards and teaching objectives ‘ Discretion ’ 。”

　　"Just because the test papers answered by students are relatively dull does not mean that there is something wrong with the test itself." Some experts said that examination may not be the best way to assess, but as far as the current situation is concerned, there is no better way to test learning, supervise learning and complete evaluation. He believes that the negative impact seen at present is by no means from the examination mechanism itself.

　　Chen Peng said: "Exams and grades are the intersection of students and teachers in knowledge dissemination. Different understanding of the role of knowledge in the educational process and life path leads to different understanding of exams between teachers and students and between different students. However, if there are courses, there will be exams, because every course needs quality evaluation and effect test, and it is necessary to innovate in ways and methods. "

　　3. How to get the true level in the exam?

　　Kun Wang, a student of a university in Beijing, was deeply impressed by a small innovation in an ordinary exam. She told reporters that in the final exam of English listening course last semester, in addition to the regular British accent, there was also a Japanese accent in her listening materials. "Although it is indeed difficult to distinguish, it is inevitable to encounter this kind of communication situation in practical application. After several years of professional courses, it is necessary for us to exercise our ability to eliminate all kinds of interference factors."

　　"We all know that exams are very important, but we often ignore the significance of exams." Kun Wang said that when we take exams just for the sake of exams, the effect will naturally be greatly reduced.

　　"The meaning of the exam is to know what progress students have made and what students have gained through the study of the course ‘ Value-added ’ , to what extent ‘ Value-added ’ ; Discover the shortcomings of students’ learning process and find out which aspects of students have failed to achieve the expected learning effect, so as to provide targeted and targeted help to students. " Professor Xie Xiaoqing, former director of beijing language and culture university Institute of Educational Measurement, said.

　　Then, how to make the exam play a greater role and make the exam get the true level?

　　In Mo Leiyu’s view, the examination can be analyzed in detail, such as dividing the examination into two parts, setting a unified national examination method for the basic knowledge part, and stipulating a bottom line that students of this major must reach. If it is not reached, the basic knowledge is not mastered. "Now there are many channels for students to acquire knowledge, but most of them are fragmented and difficult to connect, so it is still necessary to systematically examine the basic knowledge. Non-single answer questions involving creative and divergent thinking can be flexibly assessed by interviews and other means. "

　　Xie Xiaoqing emphasized: "The knowledge test mainly examines the memory of specific professional knowledge. This kind of memory knowledge can often be completed with the help of online search, which is easy to dampen students’ interest in learning. The ability test mainly examines those psychological characteristics that have a wide influence and are relatively stable. This kind of test has obvious effect on improving students’ overall quality. At the same time, the ability test is not easily affected by the surprise preparation, and can accurately reflect the students’ real learning level. "

　　(Our reporter Jin Haotian, our correspondent Jiang Jiaqian)

The following are the most effective ways to warm up your car in winter:

1. Start the car first, wait for 20 seconds, and then warm it up by driving at a low speed to avoid slamming on the accelerator.

2. The correct and effective way to warm up the car is to go on the road 30 seconds to one minute after starting and keep the speed low. The engine speed should not exceed 3,000 ~ 3,500 rpm, and it is generally kept at 2,000 rpm to avoid excessive wear of the engine and gearbox. Wait for the engine temperature to rise to the normal operating temperature (about 3 to 5 minutes), and then resume normal driving.

Hot cars in winter are a concern of car owners. Here are some effective methods:

1. Start the car first, wait for 20 seconds, and then drive at a low speed after the idle speed of the engine is completely stable to avoid slamming on the accelerator. This can fully lubricate the engine oil and reduce wear.

2. The correct and effective way to warm up the car is to go on the road 30 seconds to one minute after starting and keep the speed low. The engine speed should not exceed 3,000 ~ 3,500 rpm, and it is generally kept at 2,000 rpm to avoid excessive wear of the engine and gearbox. Wait for the engine temperature to rise to the normal operating temperature (about 3 to 5 minutes), and then resume normal driving.

In a word, the correct hot car method can protect the engine and gearbox and prolong the life of the car. In the cold winter, it is necessary to warm up the car, but don’t over-warm it to avoid wasting fuel and time.

After entering the winter, everyone began to look forward to snow, so that we can have fun and run wild in the snow. Of course, people who like outdoor sports are ready to go skiing in the surrounding snow fields. We have won the bid for the 2022 Winter Olympics, and the winter events are not practiced quickly! Not ready for actual combat? Let’s start by learning related vocabulary.

Skiing types skiing classification

Snowboarding snowboarding

Cross-country skiing cross-country skiing

Alpine Skiing alpine skiing

Nordic skiing nordic skiing (cross-country skiing with the heel not fixed on the snowboard)

Ski jumping ski jumping

Freestyle skiing freestyle skiing (no fixed snow slot)

Classical skiing traditional skiing (fixed snow slot)

Downslope skiing mountain skiing

Military skiing (used as a means of transportation in the military)

Kite skiing kite traction skiing (a form of skiing pulled or carried by a paraglider, glider or kite)

Backcountry skiing wilderness skiing (refers to skiing in uninhabited rural areas without put in order and marked snow slopes or trails)

 

Skiing equipments ski equipment

Ski snowboard

Snowboard snowboard

Tipped ski board head

Tailed ski plate tail

Ski break skid stop

Ski pole ski pole

Ski wear ski suit

Tapering trousers Ski Pants

Ski boots ski boots

Snow training shoes cold-proof sneakers

Binding fixer

Thermos thermos kettle

Snow cap snow hat

Gloves gloves

Ski glasses/goggle ski glasses

Helmet helmet

Kneepad knee pads

Plush earmuffs plush earmuffs

Band-Aid/plaster band-aid

 

Skiing moves skiing action

Pole planting stick (when turning, the snowball fights lightly on the inner curved side snow trail)

Short radius turn short radius turn

Giant slalom turn(G.S turn)

Parallel turn and leg turn (parallel turn)

Snow plough Plough Brake (two skis with their tails facing outwards, so that the skis form a figure of eight).

Airplane turn air turn

Stem christie braked the turn (pushed the tail end of the inner side plate outward and slid along the snow surface to make it change from a position parallel to the outer side plate into a V-shape).

 

Skiing facilities ski resort facilities

Ticket Office ticket office

Ski resort ski resort

Track track

Ski slopes/runs/piste slide

The primary/elementary ski slopes/runs/bunny slope primary road

The intermediate Ski slopes/runs intermediate road

The high-class/high-level/high-grade ski slopes/runs advanced road

Snowmaking machine/snowmaker snow maker

Bombardier snow press

Cableway cableway

Drinking Station drinking station

Shuttle Bus shuttle bus

Ski equipment hall snow gear hall

The distance between … spacing

The cable car gondola lift cable car

Chairlift cable car

Oxygen bar oxygen bar

Snow entertainment snow play area

Snow entertainment area for children children’s snow amusement park

Entertainment facilities entertainment facilities

Ski area ski area

Skiing show ski show

 

Ski area conditions natural conditions of snow field

Slope gradient

Temperature temperature

Humidity humidity

Altitude altitude

The slope orientation faces upwards.

Natural resources natural resources

Sunlight sunshine

Local climate local climate

Transport capacity/ability capacity

Go to the next page to see skiing tips and spoken language.

Inclusive finance, as it literally means, is a financial business that benefits everyone. Finance has its own characteristics in the process of development. For a long time, most people still feel that finance is somewhat high, and not everyone needs or has the opportunity to get financial services. Inclusive finance, on the other hand, is committed to making the slightly cold finance serve more classes and people, especially the general public who need financial support but can’t get financial services at ordinary times.

What is inclusive finance?

Inclusive finance refers to providing financial services with appropriate cost, convenience and effectiveness to all social strata according to the principle of equal opportunity and sustainable business. The concept of inclusive finance is an exotic product, which originated from the advocacy of the United Nations in 2005. The original English text is Financial Inclusion, which literally means "financial inclusion". This direct and blunt translation can explain the original meaning and goal of inclusive finance, that is, to include more groups in the scope of financial services. Of course, the Chinese translation of "inclusive finance" means that finance generally benefits the masses, which also shows the original meaning and is more elegant.

To put it simply, inclusive finance wants financial services to reach everyone who needs them, so that the financial needs of all social strata can be met. If finance is a kind of help, then it is necessary to let this help help more people and help everyone in need.

Why push inclusive finance?

From the perspective of the financial industry itself, the financial industry has its natural preference for the choice of customers. For example, banks prefer to serve big customers and rich customers, even though these customers themselves do not need financial support such as loans. In banking practice, there is not much difference in human resources between making a loan of 100 million yuan and making a loan of 1 million yuan. However, in order to complete the business volume of 100 million yuan, those who do a single 100 million yuan only need to do one stroke, while those who do a single 1 million yuan have to do 100 strokes. The human resource cost and operating cost behind it are very different. Therefore, if only from the perspective of commercial interests, banks are willing to provide more financial services to large and medium-sized customers.

In addition, from the customer’s point of view, the internal management of large and medium-sized customers is more standardized, the statements are more credible, and their credit is generally better. Comparatively speaking, small customers have small scale, irregular internal management, and even no qualified statements can be provided, so the credit risk of small customers and inclusive customers is generally greater. Finally, the loan business is reflected in the non-performing rate index, and the default rate generated by banks as small customers/inclusive customers may be higher, and the higher non-performing rate will bring more losses.

If there are no special regulatory requirements to correct the deviation, most banks will serve large customers more, while small customers and inclusive customers will not get financial support. From the perspective of social benefits, although the large customers are large, after all, the social economy is composed of more small enterprises or micro-enterprises, and the inclusive enterprises attract more employed people and maintain more people’s livelihoods. If small customers/inclusive customers do not get enough financial support, it will not be conducive to the all-round and healthy development of the national economy.

Since the financial industry itself is easy to form the deviation of the above-mentioned service targets, it needs external forces to correct it. This is why the supervision of the United Nations and many countries will give special impetus to inclusive finance.

Where is the difficulty in inclusive finance?

Heard a famous professor describe inclusive finance (SME loan problem), he said: "SME loans, banks do, banks die;" If banks don’t do it, SMEs will die. " Although this description is extreme, it also reflects some actual situations. Small and medium-sized enterprises (SMEs) are weak in their ability to resist risks due to their small size, large operational uncertainty, and opaque information, and are prone to problems such as dishonesty of business owners. After banks put in loans for SMEs, the probability of bad loans is indeed not small. In reality, many banks’ business practices have repeatedly proved that inclusive finance/SME loans are difficult to do. Bank employees often find that bad loans appear in the loan portfolio one after another shortly after banks increase the investment of small and medium-sized enterprises. Compared with large and medium-sized enterprises, the loan of Pratt & Whitney customers takes a shorter time from delivery to non-performing loans, and the number of non-performing loans appears more. Even some banks are caught in the quagmire of continuously collecting the non-performing loans of Pratt & Whitney/SMEs shortly after the establishment of SMEs or inclusive finance Department.

In fact, no matter how high the non-performing rate of Pratt & Whitney or small and medium-sized customers is, banks can’t do business, as long as the income can cover the risks, that is, related businesses need to raise interest rates to make up for the losses caused by credit risks. However, since inclusive finance is Pratt & Whitney, the characteristics of Pratt & Whitney determine that inclusive finance can’t charge too high interest rates or handling fees. Since the risks and benefits are not equal, it is more likely that the bank will eventually bear the actual losses as a result of inclusive finance business.

Of course, the benefits of inclusive finance should be judged not only by the economic benefits of the business, but also by the overall social benefits. But if a business is risky and easy to cause losses, the difficulty of business development is also obvious.

What should inclusive finance be like?

Although inclusive finance has its development difficulties, the development of inclusive finance still needs to take into account both economic and social benefits. The development of inclusive finance needs to pay attention to "four characteristics", namely, inclusiveness, convenience, availability and commercial sustainability. Only by developing inclusive finance into an inclusive, convenient and sustainable business can inclusive finance benefit more social classes and enable banks as commercial institutions to continuously develop inclusive finance services.

Inclusive finance should expand its service coverage, expand its audience as much as possible, and let all those who want to get financial services have the opportunity to get services. In fact, according to the statistics of the World Bank, by 2017, 31% of adults in the world still don’t even have a bank account, let alone financing services and other more complicated services.

Countries around the world have actually done a lot to expand the inclusiveness of inclusive finance. For example, in June 2016, Mexico launched the National inclusive finance Strategy to accelerate the promotion of more than half of the population excluded from the formal and regulated financial system to obtain financial services; In July 2016, Mozambique launched the new inclusive finance Strategy, which increased the accessibility of financial services from 24% to 60%; Peru launched the National inclusive finance Strategy in 2015, and the government strives to ensure that at least 75% of adults can use trading accounts by 2021.

Inclusive finance also needs to enhance accessibility and business sustainability. In this regard, the Grameen Bank founded by Muhammad Yunus is a famous case. Up to now, the bank has issued $37.58 billion in unsecured loans, and the corresponding number of borrowers is as high as 10.45 million. In other words, the average amount borrowed by each borrower is only $3,600. The bank labels itself as a bank for the poor, and currently operates in 81,678 villages in Bangladesh (accounting for 94% of all its villages). Grameen Bank even provides interest-free loans to beggars to help them build their financial capacity so that they don’t have to beg any more. According to the information disclosed by the bank, 21,383 beggars have given up begging and achieved self-sufficiency. The loan recovery rate of Grameen Bank is as high as 96.71% (as of November 2023), which makes the bank have basic business sustainability. Grameen Bank has also become a model for inclusive finance to learn from, and its founder Professor Yunus won the Nobel Peace Prize in 2006.

Although inclusive finance is a manifestation of banks’ social responsibility, sometimes banks can give up some commercial interests in order to fulfill their social responsibility. After all, banks are still commercial organizations, and it is not difficult to bear the loss or loss at one time. However, in the long run, the inclusive finance business itself will not be sustainable. The society needs charity, and the government can also make financial arrangements, but inclusive finance is not charity, it is a part of the business of commercial banks after all, and inclusive finance with sustainable development has vitality.

What are the specific ways to develop inclusive finance?

Many business models have been formed in the practice of inclusive finance, and each model has its advantages and disadvantages. It is hard to say which model can win the world. Various specific models and measures for developing inclusive finance jointly promote the development of inclusive finance.

The most famous model in inclusive finance is the credit factory model, because it was first proposed by Temasek, also known as Temasek model. The credit factory model regards credit as a factory assembly line to produce products, and its characteristics and advantages lie in product standardization, business batch, process intensification and personnel specialization. The core of the credit factory lies in the link design of the process, that is, bank employees can be responsible for several links without mastering the whole process. This factory model can make the processing efficiency of small and medium-sized loans more efficient and the business more standardized. Both China Construction Bank and Bank of China have introduced the credit factory model to develop their own loans for SMEs. Of course, credit factories also have bottlenecks. For example, credit products themselves are not personalized enough, and they can’t cope well with some personalized inclusive finance needs.

Another well-known mode in inclusive finance is IPC mode. IPC is a German company, whose full name is International Project Consulting GmbH, that is, an international project consulting company. It has developed the methodology and operational means of SME credit operation, such as report restoration and precise risk control. For example, cross-checking is one of the core technologies of its loan analysis and evaluation, and the information is verified and judged by means of SME account books, contract information, product receipt and issue documents, water and electricity bills, tax bills, and interviews with parties and third parties, so as to obtain an objective evaluation of the enterprise. Using IPC mode to carry out business does not change the main flow of bank credit, so it is easy to start. IPC is a kind of relational credit with high viscosity, which embodies the characteristics of small and beautiful. However, its operation mode is too nonstandard and difficult to copy, so there is a bottleneck. In addition, the production tools used in the model are also somewhat backward compared with the big data analysis methods that are more widely used at present.

In China, the SME loan model in inclusive finance combines the popularity of digital finance, thus developing other distinctive business models, such as the micro-online business model. The micro-online business model is also the model of digital credit. Its advantages are reflected in the overall subversive innovation and the use of big data for risk control decision-making, which brings fast, convenient and better user experience unique to the mobile Internet era, and brings extremely low operational and decision-making costs to bank operations. However, this model also has its limitations. There is a wall between social data and transaction data, and there are restrictions on the transformation of social scenes into business traffic, and there is a deviation between data and reality.

In addition, in the credit business of inclusive finance and small and medium-sized enterprises, China has also developed the Taizhou model, or the super loan officer model. The representative financial institution of this model is the local small and medium-sized banks in Taizhou. After independent exploration of localization, Taizhou mode adopts local market positioning, combined with meticulous management system and more in-depth credit technology to cultivate a more suitable local credit culture. Its core lies in building a relational credit scene through community marketing, increasing the sources of information acquisition and realizing 360 due diligence. That is to say, through a super loan officer who is familiar with the local situation, as the core person to carry out business, because the business is all local, this loan officer can fully grasp the situation of the clients in inclusive finance, and then decide whether to launch credit. This model is more in line with the local economic characteristics, and its ideas of "time is more important than price" and "repayment willingness is more important than repayment ability" in inclusive finance are refreshing.

For banks, developing inclusive finance’s business is like "eating meat in the cracks of bones". Although it is not so delicious, it can be a sustainable business and can produce greater social benefits. For people who urgently need inclusive finance’s services, inclusive finance needs more than icing on the cake. The development of inclusive finance will be more conducive to the balanced, harmonious and sustainable development of the whole society.

[The author Xue Jian is the president of a bank branch, and an expert in the L/C Group and Forfaiting Group of the Banking Committee of China National Committee of the International Chamber of Commerce]

　　According to the financial statistics released by the People’s Bank of China on August 11th, at the end of July, the balance of broad money (M_2) was 285.4 trillion yuan, up 10.7% year-on-year, and the growth rate was 0.6 and 1.3 percentage points lower than that at the end of last month and the same period of last year respectively. In the first seven months, RMB loans increased by 16.08 trillion yuan, an increase of 1.67 trillion yuan over the same period of last year. In July, RMB loans increased by 345.9 billion yuan, a year-on-year decrease of 349.8 billion yuan.

　　According to preliminary statistics, the scale of social financing in the first seven months totaled 22.08 trillion yuan, 206.9 billion yuan more than the same period of last year. In July, the scale of social financing increased by 528.2 billion yuan, 270.3 billion yuan less than the same period of last year.

　　Experts believe that on the whole, the financial data in July was lower than market expectations, mainly due to short-term fluctuations caused by overdraft effect and delayed release of financing demand, which does not mean that the process of wide credit has changed. At present, the macro-policy control is increasing, and the credit downturn will not last.

　　"The financial data in July was less than expected, mainly due to three reasons: First, the economy is in a weak repair period, the recovery situation is not stable, and the financing demand of the real economy is still weak; Second, the scale of social financing and RMB loans unexpectedly rebounded and grew rapidly in June, and the credit supply of financial institutions was rushed ahead of schedule, which overdrawn the credit demand in July to some extent; The third is seasonal factors, and July is usually a small month for credit. " Dong Ximiao, chief researcher of Zhaolian, said.

　　Wang Qing, chief macro analyst of Oriental Jincheng, said that the high credit impulse in June had an overdraft effect on the credit demand in July, which would significantly increase the monthly fluctuation of new loans. This phenomenon appeared many times in April, July and October, 2022. At the same time, although the expectation of steady growth continued to improve in July, the incremental policy was limited, and the economic recovery was still weak, especially in the real estate market, and the credit demand of enterprises and residents was not strong. In addition, the interest rate cut in June and the lowering of the quoted interest rate (LPR) in the loan market may have formed a strong downward expectation of interest rates in the market, causing some enterprises or residents to postpone financing needs in order to wait for lower financing costs.

　　By sector, in July, household loans decreased by 200.7 billion yuan, of which short-term loans decreased by 133.5 billion yuan and medium-and long-term loans decreased by 67.2 billion yuan; Loans from enterprises and institutions increased by 237.8 billion yuan, of which short-term loans decreased by 378.5 billion yuan, medium-and long-term loans increased by 271.2 billion yuan, and bill financing increased by 359.7 billion yuan; Loans from non-banking financial institutions increased by 217 billion yuan.

　　"We should attach great importance to the problems of weak confidence in the household sector and sluggish market demand, make efforts from the demand side as soon as possible, speed up the adjustment and optimization of housing purchase restriction and loan restriction policies, continue to strengthen the implementation of differentiated housing credit policies, and comprehensively reduce the down payment ratio and cancel ‘ Recognizing the house and the loan ’ Measures such as reducing the interest rate of stock loans. " Dong Ximiao said that the current adjustment of housing credit policy mainly focuses on supporting rigid housing demand, and more powerful measures should be taken to support improved housing demand. At the same time, accelerate the adoption of more comprehensive measures to stabilize and expand the large-scale consumption of automobiles and homes.

　　In July, Politburo meeting of the Chinese Communist Party focused on the three goals of "expanding domestic demand, boosting confidence and preventing risks", and proposed to strengthen macro-policy regulation, countercyclical adjustment and policy reserve, which clearly released the signal of supporting the real economy. Wen Bin, chief economist of China Minsheng Bank, believes that policy bottoming and economic accumulation will drive the subsequent stable credit expansion and credit structure optimization, and further enhance the momentum of steady economic recovery.

　　"A series of policy combinations introduced in July are highly targeted, which will effectively alleviate the operating pressure of private enterprises, accelerate the recovery of the real estate market, promote the development of small and medium-sized enterprises, stimulate residents’ consumption, expand consumption and investment, improve growth expectations, and accelerate the promotion of credit repair." Wang Yunjin, a senior researcher at Zhixin Investment Research Institute, also believes that the policy level is expected to continue to increase in the third quarter. The People’s Bank of China may comprehensively consider various tools of monetary policy and continue to support credit expansion by lowering the RRR, structurally lowering interest rates, and guiding banks to lower the interest rate of existing mortgages.

　　Dong Ximiao said that in the past three years, China has not implemented a strong stimulus policy, and there is a large room for monetary policy adjustment, and policy tools and policy reserves are relatively rich, so it is possible to increase implementation. At present, the weighted average deposit reserve ratio of financial institutions in China is about 7.6%, and there is still room for RRR reduction. At the same time, we should further deepen the reform of interest rate marketization, give play to the role of LPR formation mechanism reform, and guide the market interest rate to continue to decline. (Economic Daily reporter Yao Jin)