Want to buy Yuanxiao and buy glutinous rice balls by mistake? The manufacturer tells you to choose tips.

On February 8, 2017, employees of Daoxiang Village in Beijing stepped up the production of Yuanxiao, which was roughly screened out. <a target='_blank' href='http://www.chinanews.com/' width=

On February 8, 2017, employees of Daoxiang Village in Beijing stepped up the production of Yuanxiao, which was roughly screened out. China News Service reporter Yang Kejia photo

  BEIJING, Beijing, February 10 (Qiu Yu) On the fifteenth day of the first month, a bowl of hot dumplings is an essential food. China is known as "Yuanxiao in the north and Tangyuan in the south". So, are Tangyuan and Yuanxiao the same food?

  How to distinguish Yuanxiao from Tangyuan?

  Many people think that Yuanxiao and Tangyuan are the same thing, but the names of the north and the south are different.

  In fact, Yuanxiao and Tangyuan are completely different, the essential difference lies in the production process: Yuanxiao is rolled out, while Tangyuan is wrapped out.

  "When making Yuanxiao, you should first make the stuffing, dip it in water, and then throw it into a container filled with glutinous rice flour and shake it; Then dip in water, continue to roll glutinous rice flour, and repeat it many times to make it gradually round and bigger. " Guo Yaping, quality director of Beijing Daoxiangcun Food Co., Ltd. told reporters that Yuanxiao is generally made by hand and is now sold.

  She said, the making method of glutinous rice balls is like wrapping jiaozi. First, dry glutinous rice flour is added with water to form dough, and then the dough is used to wrap stuffing, which is rounded and quickly frozen for easy storage. Tangyuan is mostly made by machines.

  They also have different appearances. After the Lantern Festival is cooked, there will be a "velvet head" on the surface, that is, flour floating powder. When the pot is cooked, the flour is mixed with water and the soup is milky white. Yuanxiao expands rapidly after cooking, which is bigger than glutinous rice balls. The dumpling skin is made of dry glutinous rice flour and water, which has good cohesion, smoother surface and clear boiled soup.

  In addition, from the taste point of view, Yuanxiao is more biting and has a prominent glutinous rice noodle flavor; Tangyuan is soft and glutinous, and the smell of glutinous rice is not obvious.

  Although there is a saying that "Yuanxiao is in the north and Tangyuan is in the south", Guo Yaping said that with the flow of population, the food culture is integrated, and now both Yuanxiao and Tangyuan are sold in the northern market. However, in the south, dumplings are mostly produced.

Daoxiang village workers check the stuffing of Yuanxiao. <a target='_blank' href='http://www.chinanews.com/' alt=

Daoxiang village workers check the stuffing of Yuanxiao. China News Service reporter Yang Kejia photo

  What should I pay attention to when eating Yuanxiao dumplings?

  Due to the different production techniques, the preservation methods of Yuanxiao and Tangyuan are also different.

  Eat Yuanxiao as soon as possible after buying it. Dr. Liu Xiaoyi from Beijing Center for Food Safety Monitoring and Risk Assessment pointed out that the glutinous rice flour on the outer layer of Yuanxiao made by traditional techniques is easy to absorb water, and its taste will change after cold storage, and improper storage will lead to microbial growth and deterioration. Therefore, Yuanxiao is mostly sold now, and the shelf life is mostly two or three days.

  He suggested that the freshly made Yuanxiao should be eaten as soon as possible, and those that can’t be eaten should be kept in the refrigerator and eaten as soon as possible within two days.

  Tangyuan has a longer shelf life. Liu Xiaoyi said that after quick freezing, the storage period of glutinous rice balls is generally 6 months to 12 months, the best storage temperature is below -18℃, and they can be eaten at any time during the shelf life, which is convenient and fast.

On February 8, 2017, employees of Daoxiang Village in Beijing stepped up the production of Yuanxiao, which was roughly screened out. <a target='_blank' href='http://www.chinanews.com/' width=

  On February 7, 2017, many Beijing residents bought traditional halal Yuanxiao handmade by a traditional Beijing snack bar. China News Service reporter Cui Nan photo

  Can you buy Yuanxiao dumplings in the market with confidence?

  Recently, Beijing, Tianjin, Hebei, Jiangxi and other places have conducted random inspections on Yuanxiao (glutinous rice balls), and no unqualified products have been detected.

  The reporter learned from Beijing Food and Drug Administration that as of February 7, this year, Beijing Food and Drug Administration has sampled 126 batches of Yuanxiao and Tangyuan products from manufacturers and markets. The sampling results show that all 126 samples are qualified, and the qualified rate is 100%.

  Official website, the State Food and Drug Administration, announced the sampling notices of Yuanxiao (Tangyuan) in Tianjin, Hebei, Jiangxi and other places, and the results showed that all of them were qualified.

  In addition to the traditional Yuanxiao and glutinous rice balls, there is now a kind of glutinous rice balls with colored skin on the market, which looks very good after cooking. Some people worry, "Is artificial pigment used?"

  In this regard, Liu Xiaoyi said that from the inspection of multicolored pigments by Beijing Food and Drug Administration, these pigments are made of purple, yellow and green fruit and vegetable juices, which are natural pigments in food and can be safely eaten.

Daoxiang village workers check the stuffing of Yuanxiao. <a target='_blank' href='http://www.chinanews.com/' alt=

Daoxiang Village employees step up production of Yuanxiao. China News Service reporter Yang Kejia photo

  How to choose a satisfactory dumpling?

  At present, there are many kinds of Yuanxiao and Tangyuan sold online and offline. How should consumers choose them?

  According to the "Tips for Purchasing Yuanxiao and Tangyuan" issued by Beijing Food and Drug Administration, we should choose from four aspects: brand, storage conditions, appearance and taste.

  First, choose a brand. Try to choose the products of brand enterprises with large scale and good product quality and service quality. These enterprises have strong technical force, strict quality control of raw materials, advanced production equipment, strict process control and guaranteed product quality.

  Second, look at the storage conditions. At present, most of the products sold in supermarkets are quick-frozen glutinous rice balls and Yuanxiao. Quick-frozen products should be sold under frozen conditions. Never buy products with frost or ice slag. Frost or ice slag indicates that the storage temperature of the products is unstable, which will easily lead to an increase in the acid value of the products, and will also make the microorganisms of the products exceed the standard, which will have a great impact on the product quality.

  Third, look at the appearance. A good glutinous rice dumpling, Yuanxiao, is uniform in color, basically round in shape, basically the same in size, uniform in thickness of the cortex, without stuffing, cracks, impurities visible to the naked eye and mildew spots. Bad products are dull and uneven in color, with different characters and sizes, and some are cracked and exposed.

  Fourth, by taste. A good glutinous rice dumpling, the skin is sticky and slippery, the color is white, and the stuffing is delicate; No rancidity, no odor. Poor quality glutinous rice balls are rough and inelastic, and their taste is often too sweet or oily.

The rainy day in the south is worse than the miserable competition: you haven’t seen the sun for 72 days and you tell me that the rainy season hasn’t started yet?

China Weather Network News Since December 2018, the sun has wandered in the south, and rainy weather has dominated the screen. Especially in some cities in the middle and lower reaches of the Yangtze River, the number of sunshine hours and rainy days has broken the historical record, and cities have expressed their misery. So when will it stop raining in the south? According to meteorologists, the number of rainy days in southern China is likely to be higher this spring.
Cartography/Chen Yujie
According to the statistics from December 1, 2018 to February 25, 2019, the days without sunshine in major cities in the middle and lower reaches of the Yangtze River all exceeded 50 days, the average sunshine hours were less than 2.5 hours, the average humidity was generally above 75%, and the number of precipitation days was generally 40-60 days. Among them, Changsha won a number of "firsts" and became the "worst" city in this round of continuous rain in the middle and lower reaches of the Yangtze River.
"Underwear is the hardest to dry" city-Changsha
In this round of "tragic competition" for big cities in the middle and lower reaches of the Yangtze River, Changsha became the most miserable city by virtue of four single events. The four awards are: the average sunshine time per day is the least, the average humidity is the highest, the number of consecutive "dark days" is the longest, and the total number of days with sunshine hours of 0 is the most.
According to the statistics from December 1, 2018 to February 25, 2019, the average sunshine time in Changsha is only 0.88 hours, which is equivalent to only 3.2 days of sunshine in Changsha in the past 87 days. The average humidity in Changsha reaches 86.41%, which is also the most "humid" among the big cities in the middle and lower reaches of the Yangtze River. At the same time, Changsha has a total of 72 days with zero sunshine hours. Among them, from December 19, 2018 to January 20, 2019, Changsha lasted for 33 days. In these two competitions, Changsha was the most miserable.
In view of Changsha’s highest air humidity and the lack of "sunshine", it won the title of "underwear is the hardest to dry" city.
"Rain God’s Second Hometown"-Nanchang
Nanchang won three runners-up and two runners-up in this round of "Bitter Competition" in big cities in the middle and lower reaches of the Yangtze River. Statistics from December 1, 2018 to February 25, 2019 show that the average humidity in Nanchang is 83.21%, the average sunshine hours are 1.2 hours, and there are 18 consecutive days without sunshine, ranking second in the middle and lower reaches of the Yangtze River. And its rain and snow days and sunshine days of 0 are also ranked third with 62 days and 64 days respectively.
In view of the fact that Nanchang didn’t win the five competitions in the big cities in the middle and lower reaches of the Yangtze River, but each of them entered the top three. With the achievements of Sanya in two seasons, it became the second "miserable" city in comprehensive evaluation, so it was awarded the title of "Rain God’s Second Hometown".
"Dragon King’s Favorite" City-Hangzhou
Hangzhou won the only missed "single champion" in Changsha-"the most rainy and snowy days". Statistics from December 1, 2018 to February 25, 2019 show that there were 66 days of rain and snow in Hangzhou, and Changsha was beaten by two days, becoming the first place in the "Rain and Snow Days Competition".
In addition, Hangzhou also won two medals in sunshine hours. It won the second place with 18 consecutive days of sunshine hours of zero, and became the third place in the list of "no sunshine for 64 days". In view of the fact that Hangzhou has the most "precipitation days", it was awarded the title of "Dragon King’s Favorite" city.
The return date of the sun is not fixed, and the rain is endless.
Since December 2018, there has been the longest rainy (snowy) weather in southern China since 1961. So, when will the rainy weather end? China Weather Network tells you that the return date of the Japanese question is not fixed, and the rain is endless …
The Central Meteorological Observatory predicts that there will still be rainy weather in the south in the next ten days, and the precipitation will be too large. The National Climate Center also predicts that due to the impact of El Ni? o events, there may be more rainy days in the southern region in the future spring.
Moreover, as of now, the real rainy season in the south has not yet begun! In early April, South China entered the pre-flood season, which started the rainy season in China. The pre-flood season in South China lasted until mid-June. Later, with the subtropical high moving northward, the rain belt also moved from South China to the middle and lower reaches of the Yangtze River and the Jianghuai area, forming a rainy season, which lasted until mid-July. After the end of June, affected by tropical cyclones and other systems, South China entered the late flood season in South China. In addition, Yunnan is divided into dry and wet seasons, and May to October is also its rainy season.
However, experts remind that because the rainy season is distributed in different time and space, and the rainstorm process is staged, the rain will not stay in the same place all the time, so although the south will experience some rainy periods, the "wandering sun" will always come back. (Text/Zhang Hui Cartography/Zhang Li Chen Yujie Review/Zhang Huiyuan Hu Xiao)
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Romantic Direct Attack on Movie Channel —— The Third Lushan International Love Movie Week


Special feature of 1905 film network "Ignorance is also a kind of romance!" At the theme ceremony of the third Lushan International Love Film Week, the director who was in the "Flowers" sent handwritten golden sentences from afar, redefining the myth of "not knowing the true face" of the ancients. Before the body arrives, light and shadow come first. After a lapse of 28 years, a film led the fate of "Sunglasses King" and Lushan Mountain from ignorance to mutual understanding; The movie channel also uses the most romantic way to build a bridge between Lushan Mountain and the audience of the whole network.


王家卫手写信


8月20日,电影频道推出“直击第三届庐山国际爱情电影周”融媒体直播活动,十小时浪漫呈现本届电影周各项精彩。



在星光与爱意交相辉映的主题盛典之外,直播镜头写意式记录上映42年来对于一座山与几代人的影响,解读经典爱情电影中的穿搭时尚与情感哲思,不仅将电影周“庐山恋,恋庐山”的主题推至热搜,更真正将庐山电影之恋投射进千万直播观众的眼帘与心间。


电影频道直播间主持人郭玮


恋上庐山·四十二年情深不断,岁月不败银幕时尚


入选“中国影史经典爱情电影”推荐片单,占尽天时地利人和的电影《庐山恋》毫无意外。主题盛典现场,影片男主角在领受荣誉时重读片中经典台词,引发到场影人的集体“回忆杀”。“希望我们不断地庐山恋,不断地恋庐山!”


42年前,电影《庐山恋》横空出世,收获全国观众热烈反响及金鸡百花重要奖项,为中国爱情电影开启新的纪元。时至今日,郭凯敏仍以“庐山山民”骄傲自居。重访山中拍摄景点,他透过直播镜头分享着与张瑜猛灌白酒抵御寒冷的趣事,也对片中在当年惊世骇俗的吻戏给出回应。


"Neither of us had ever been in love at that time, and that kiss was very pure." But there is a "thrilling" moment behind this shallow kiss on the cheek. "At that time, a reporter on the other side of the mountain was taking a sneak shot. As young actors, we were also very young, which was equivalent to artificially creating some pressure. This scene was also filmed three times."


Guo Kaimin returns to the location of romance on lushan mountain.


This "New China’s First Kiss on Screen" was shown in romance on lushan mountain Cinema for 42 years. This theater, named after romance on lushan mountain, continues to set the Guinness World Record, and has also become a must-see stop for tourists to punch in Lushan Mountain.


"We saw this movie in the 1980s, and this time we are here to relive the old dream." A Tianjin audience who will watch "romance on lushan mountain" with his wife again, when interviewed live, felt that it was this innovative film that presented the details of young people’s love, shaped their own love view and was the deepest emotional memory of their youth.


Romance on lushan mountain cinema


Lushan Mountain is a leisurely place in the world. Talking about the Lushan International Love Film Week, which came to the third year, Wang Bin, deputy secretary and director of the Party Committee of Lushan Administration and deputy secretary and mayor of Lushan Municipal Committee, pointed out that internationality and innovation are the characteristics of this film week. In addition to inviting many internationally renowned filmmakers to participate online and offline, they also innovatively introduced young and fashionable activities such as "Love Lushan" short film season and love flash.


Wang Bin, Deputy Secretary and Director of the Party Committee of Lushan Administration, and Deputy Secretary and Mayor of Lushan Municipal Committee, introduced the film week.


For 42 years, the fashion beauty of romance on lushan mountain is unbeaten. Wei Li, editor-in-chief of the video platform of the 1905 movie network, vividly remembers the fashion show of Zhou Jun, the heroine of "romance on lushan mountain" played by Zhang Yu, in which the vivid colors and materials are even more regarded as the creator of love space. "Wearing in movies often leads to the fashion of an era, and the reason why it doesn’t seem abrupt in the film is precisely because it comes from life."


Wei Li, Editor-in-Chief of Video Platform of 1905 Movie Network


Taking the modeling creativity in recent years’ film works and the fashion items displayed on the spot as examples, Li Zhou, a film and television modeling director and Li Na, a fashion designer, who visited the 1905 live studio successively, both found the beauty of simplicity in retro design. Like many designers, Li Na once dreamed of making her own clothes walk on the runway with supermodels. "But in fact, it is the most proud to make ordinary people like you and me dress in fashion and satisfaction."


Film and television modeling director Li Zhou

Fashion designer Li Na (first from right)


Falling in love with movies, immortals and couples have golden sentences, and there are still myths on the love screen.


If the romance summarized by Wong Kar-wai with "ignorance" is too abstract, then the sweet display of more guests in the live broadcast will convey the different ways of writing the word "love" concretely and slightly.


Couples who made their debut in a large-scale event were hired as ambassadors of this Lushan International Love Film Week. In front of the heart-shaped wall at the entrance ceremony, Sun Honglei looked at his wife happily and joked, "Don’t watch love movies, just watch me.". When he read the love essay written on the eve of the ceremony, he even choked up and cried. "He is for the sake of what? The answer is: because of love. "


Image ambassadors Sun Honglei and Wang Jundi.


Gina Alice Redlinger, who brought the theme song of the love song and dance film to play and sing on the stage at the ceremony, kept her lover’s name on her lips all the time in the previous live interview. If a movie is used to describe their love, Gina chooses to name that life work Lang Lang and Gina.


In the name of the recommended film, the filmmaker made a "boastful" confession to his wife, Alice Chan, who came on stage together, and generously admitted that Chen Weishi, who was pursuing one of the "Five Golden Flowers" in Class 85 of Chinese Opera that year, saw this classic film with more beautiful songs and beauties.


Zhang Guangbei and Alice Chan.


In addition to Five Golden Flowers, romance on lushan mountain and Chongqing Forest, it was also selected as "the classic love movie of China film history" by China Film Foundation, 1905 Film Network, China Film Criticism Society and other institutions. Under the creation of the film channel director team, the recommendation link is solemn and romantic, and it fits the characteristics of different films, and the joint promotion and honored guests set up interesting links.


As a guest presenter of Chongqing Forest, film critics and screenwriters put on sunglasses at the scene to read a speech for Wong Kar-wai, creating a surprise scene of "ignorance". In the live interview, as one of the judges, he also revealed the difficult but happy selection process for the audience. "The classic is not to watch it once and never watch it again, but to want to watch it if you have nothing to do. I just wanted to watch it for two minutes but I couldn’t stop and watch it again. This is a classic."


Shi Hang interprets classic love movies.


In order to further reveal the classics of these love masterpieces, experts in the field of emotion and film were specially invited to sit in the live broadcast room of the movie channel to interpret them.


In the view of emotional writer Su Qin, the series of comedies of A Chinese Odyssey are all about the wounds of love. From the emotional level, what she saw was "we don’t know what we want in love", and the classic of love movies is that their love is the philosophy of life.


Emotional expert Su Qin interprets A Chinese Odyssey


In addition to professional interpretation of romance on lushan mountain and other love classics, Ni Jun, an associate professor of the Central Academy of Drama, also brought a short film "Cong Cong" created by the Chinese opera student team for the short film season of "Love Lushan Mountain", showing young students’ understanding and reflection on love in different eras through their trip to Lushan Mountain at the turn of the year.


Ni Jun introduced the short film "Cong Cong" created by the team of Chinese opera students in the "Love Lushan Film and Television Short Film Season"


At the end of the theme ceremony, many filmmakers jointly announced the annual love film as a film with the audience in romance on lushan mountain Cinema. Through the video connection, the young director shared the interesting shooting and took us back to those very "spiritual" life pictures in the film.


Lucky audience in romance on lushan mountain Cinema unveiled the annual love film: Love Myth.


Starting from the classics, soar to the future. Movies that share a better life, with the enthusiastic participation of more young filmmakers, will also create more myths for love on the screen.


After the Hundred Flowers Event, the movie channel kept busy in August, offering three high-quality live media-melting activities, namely "Believe in the Power of the Audience" 2022 Weibo Movie Night, "Direct Attack on Beijing International Film Festival" 2022 and "Direct Attack on the Third Lushan International Love Movie Week", which were deeply planned and carefully produced at the gala evening and live broadcast program levels, giving consideration to both professionalism and mass, attracting many powerful filmmakers and guests to participate, and the activities were hot for topics.


The host of the admission ceremony, Li Dan and Roman, explored the backstage.


During the year, a number of large-scale film cultural activities will follow. With the high expectations given by the public, the movie channel will live up to its good image and social influence in the eyes of viewers and netizens, and continue to offer more loving answers with creativity and sincerity.


The All-Star Game of China Volleyball Super League will be held in Linyi in January 2024.

China Youth Daily, Beijing, December 25th (reporter Ci Xin from Zhongqing Daily, Zhongqing.com) The press conference of 2023-2024 China Volleyball Super League All-Star Game was held in Beijing this afternoon. It is reported that this season’s All-Star Series of China Volleyball Super League will be held in Linyi Olympic Sports Park Gymnasium from January 12th to 14th, 2024.
At the press conference. Photo courtesy of the event organizer
In the just-concluded All-Star Voting of China Volleyball Super League, online voting attracted 153,711 people to participate, and after excluding some abnormal votes (66,500) monitored in the background, the valid votes were 922,552. In the final online voting of fans, Gong Xiangyu, the assistant of Jiangsu Zhongtian Iron and Steel Women’s Volleyball Team, won the "Vote King" with 39,961 votes, and Li Yingying, the main attack of Tianjin Bohai Bank Women’s Volleyball Team, ranked second with 34,285 votes. Zhai Dejun, the main player of Shandong Ruchen Men’s Volleyball Team, won 13,973 votes. Li Yongzhen, the deputy attacker of Zhejiang Deqing Men’s Volleyball Team, ranked second with 10,862 votes.
Combining the voting results of experts and media, the final all-star lineup is:
Women’s volleyball coach:Wang Zhiteng, An Jiajie, Shi Hairong, Wang Baoquan
Women’s volleyball players:
Main attack:Li Yingying Wu Mengjie Zhuang Yushan Wang Yun Hong
Zhonghui mikhailovich Miao Yi Wen Bei er
Auxiliary attack:Yuan Xinyue Wang Yuanyuan Wan Ziyue Gaoyi
Yang Hanyu Vuckova Zeng Jieya Planingsek
Meet:Gong Xiangyu Zhou Yetong Zheng Yixin Ouyang Qianqian
Second biography:Yao Di Diao Linyu Xu Xiaoting Xie Shengyu
Free defender: Wang Mengjie Ni Feifan Yang Yuning Xu Jianan
Men’s volleyball coach:Shen Qiong Zhang Qiyong Li Mu Liu Guangxin
Men’s volleyball players:
Main attack:Zhai Dejun Deng Xinpeng Zhang Binglong Esfandiar
Kubiak Wang Bin Li Lei Chen Xilong
Auxiliary attack:Li Yongzhen Dai Haibo Geng Xin Peng Shikun
Lu Tiancheng Maxim Sandoval Valley Jiafeng
Meet:Gu Qinfan Jingyi Wang Zhang Guanhua Wen Zihua
Second biography:Wang Hebin, Guo Cheng, Sinica Mitic
Free defender: Yang Yiming Li Tianle Qu Zongshuai Qi Jiahao
According to reports, the organizing Committee will select people to form a group by video connection in early January, and divide the all-star lineup into two teams, men’s and women’s.
The All-Star Game series officially opened on January 12th. January 13th is the theme activity day, and there are many activities, including volleyball stars entering the campus to further promote and spread volleyball. It also arranged for fans to watch the players’ training sessions at close range. As the welfare of fans and friends, in the evening, we specially arranged a star player meeting for fans, which will include close communication and interaction, interviews with lucky fans, cushion games, signature photos and other links.
On the morning of January 14th, the players will walk into the Yimeng Revolutionary Memorial Hall, a red education base in Linyi, to relive the years of the Red Revolution and inspire the patriotic feelings of the players. In the afternoon, the All-Star Match will be held. Four teams, male and female, will present a wonderful match for everyone, which will be the annual heavyweight star event of China volleyball.
As the organizer of the event, Linyi has made careful preparations for the reception and ticketing of the event.
Source: China Youth Daily client
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Where is the limit and future of real estate?

The four major trading markets, namely, stocks, bonds, foreign exchange and real estate, have long been named as "the four lifelines of national finance", which are an important part of the national economy and an important source of residents’ wealth income.

But there was a saying in the market:Ten crises, nine real estate!

This is because there have been too many "crisis killings" caused by real estate in the past few decades.

Specifically:

In 1991, the Japanese government took the initiative to burst the real estate bubble by raising interest rates sharply and banning loans from the real estate industry, which led to a sharp drop in Japanese house prices, and then quickly triggered a crash in the Japanese stock market, leading to the emergence of Japan’s "disappearing 30 years." It can be seen that up to now, Japan’s housing prices and stock indexes have not returned to the high level of that year;

After 2000, influenced by the Internet bubble in the United States, the Federal Reserve adopted a large-scale fiscal expansion policy, which led to excessive market liquidity and excess liquidity flowing into the real estate market, which caused the US house price to rise by more than 80% in four years, resulting in a serious bubble in the US real estate market at that time.

From 2004 to 2006, the United States took the initiative to raise interest rates to control inflation, which punctured the real estate bubble. Subsequently, American residents defaulted on loans frequently, which led to a large number of bad loans in banks, which in turn triggered the "subprime mortgage crisis" and caused a more serious impact on the global economy.

Therefore, the core reason of "subprime mortgage crisis" is also the transmission influence of the collapse of American real estate prices on the financial system.

In addition to the above two classic cases, similar to the Great Depression in 1929 and the Asian financial turmoil in 1997, the real estate crisis broke out and then triggered the financial and economic crisis.

If the laws of these crises in history are analyzed in detail, we can find that there are amazing commonalities and similar conduction chains between them:

Economic recession-government’s stimulus policy-central bank’s interest rate cut-abundant liquidity-real estate bubble inflation-high inflationary pressure-government’s austerity policy-central bank’s interest rate increase-tight liquidity-real estate bubble collapse-crisis broke out and the economy declined.

It can be seen that behind the so-called "ten crises and nine real estates", it reflects the "bad consequences" caused by the government’s excessive intervention in the market and market regulation.

There are no assets in the market that only rise but not fall, but for the government, its tolerance for economic downturn is extremely low. Out of political needs (GDP growth), most officials will take excessive stimulus measures to stimulate the economy in order to get it."False prosperity".

Why does the real estate crisis easily turn into an economic crisis?

Then, how did the real estate crisis evolve into a financial crisis or even an economic crisis?

Let’s take the economic data of the United States as an example to see how much impact real estate has on the macro-economy.

First of all, from the perspective of residents’ assets: in the past 30 years, the average level of American real estate in the total assets of residents was 27.4%.In other words, real estate accounts for more than a quarter of the total assets of American residents, which is already a very high proportion.

If we switch the perspective to the proportion of non-financial assets, this proportion will rise further. In the past 30 years, the average proportion of real estate in non-financial assets of American residents was 81.4%.In other words, real estate accounts for more than 80% of the total assets of American residents, which directly affects the total wealth of residents.

Once the wealth of residents shrinks seriously, it will inevitably affect their willingness to consume, which will lead to economic recession.

Secondly, from the perspective of residents’ liabilities, this situation will become more and more serious. In the past 30 years, long-term mortgage loans accounted for 71.8% of American residents’ liabilities. In other words, more than 70% of residents’ liabilities are concentrated in the real estate side. Once the economic recession, residents’ income decline, residents’ solvency is limited, and the value of superimposed real estate falls sharply, then there will be a large-scale loan default phenomenon, which will then evolve from a real estate crisis to a financial crisis or even an economic crisis.

It is precisely because the real estate industry is so extensive that the national government will not allow large-scale collapse of the real estate industry (except Japan), and most of them will save the real estate crisis through a series of means. It can be seen that before the subprime mortgage crisis in the United States (2006), the proportion of American real estate industry in its GDP continued to decline. After the crisis broke out, the proportion of American real estate in its GDP rose rapidly from 11.1% to 12.2%; On the contrary, the financial industry in the United States has been significantly impacted, and its proportion in GDP has dropped from 7.6% to 6.8%.

That is to say, although there were "ten crises and nine real estates", by the time the crisis really broke out, the real estate industry had already "gone to waste its clothes and hidden its merits and reputation", leaving the banking and financial industry alone in a "messy situation". Under the leverage effect, there will be systematic risks in the banking and financial industry, which will lead to a greater crisis.

Think carefully and be extremely afraid-Why is real estate "sought after" by capital?

The return on investment of real estate, why the house price has been rising, and the bursting of overseas financial bubbles is also caused by real estate.

We know that the real estate industry is a capital-intensive industry, and every "big water release" will be accompanied by the rapid rise of housing prices, so why is real estate so sought after by capital?

There are four main reasons:

First of all, real estate (especially high-quality real estate) is just the need of residents’ life.There are at least two rigid housing needs in a person’s life, one is the demand for housing generated by marriage between 20 and 30; The other time is the demand for replacement houses before the age of 40-50 (in exchange for better and better property). With the birth of a large number of people every year, the market demand for real estate is continuous.

Secondly, the risk of real estate withdrawal is relatively low.As the ballast stone of the national economy, the real estate industry cannot fluctuate greatly in principle. Once the house price falls beyond expectations, it will have a serious impact on the economy, and it will also usher in public administrative intervention and regulation, which also leads to a relatively small pressure on the retreat of house prices relative to other asset prices.

Thirdly, the return on investment in real estate is relatively high.The return on investment in the real estate industry is mainly divided into two parts. One part is the return on investment brought about by the rise in housing prices (except in some countries), and the overall housing prices are rising year by year; The other is that real estate can be rented to obtain a relatively stable cash flow return. Therefore, on the whole, the comprehensive rate of return on investment in real estate is relatively high among all assets.

Finally, the holding cost of real estate is relatively low.Except for some countries that levy high property taxes, the global real estate holding cost is relatively low, which is relatively favorable among many passive income assets (such as fund custody fees and stamp duty).

Therefore, on the whole, real estate not only has continuous rigid demand, but also has three asset characteristics of low risk, high return and low holding cost, so it is not surprising that it is sought after by capital.

Therefore, in the context of loose money, capital will be relatively more favored in the real estate industry, which will greatly raise housing prices.

This is also the root of the real estate bubble!

Four fission stages of four types of housing enterprises in China

From the microscopic point of view, while the real estate bubble is forming, the excessive leverage of housing enterprises is also an important factor inducing the real estate crisis.

Chi Guangsheng, chief real estate & fixed income analyst of Essence Securities, wrote the book "Through Prosperity-The Limit and Future of Real Estate", which described in detail the four periods of the development of real estate enterprises in China and four types of radical real estate enterprises under the development of the real estate industry. This can help us "see the micro-knowledge"-reveal the "all beings" in the macro environment.

According to teacher Chi Guangsheng’s classification, China’s real estate enterprises are divided into four periods:

The first stage: before 2003-the initial stage.At this time, the domestic real estate market was in its infancy, and the policy also encouraged the development of real estate. Many housing enterprises that we are familiar with now were established in that year. At that time, the debt scale of housing enterprises increased rapidly, but the overall leverage level was not high, and most of the liabilities were below 50%.

The second stage: 2004-2013-development period.Encouraged by the policy, housing enterprises ushered in the period of expansion, and the expansion of state-owned enterprises was obviously greater than that of state-owned enterprises. Large-scale housing enterprises began to make a nationwide layout, cooperative land acquisition gradually rose, market concentration rose rapidly, and the leading tendency of housing enterprises appeared. At this time, although the leverage ratio of housing enterprises is still rising significantly, the overall level is controllable.

The third stage: 2014-2019-expansion period.Mr. Chi Guangsheng believes that expanding scale, competing for ranking, fast turnover, high leverage, cooperative land acquisition, sinking soil reserves and lax financing discipline are the mainstream development models of housing enterprises in 2014-2019.

At this stage, we can see that the amount of additional financing for housing enterprises has risen rapidly to the historical peak (the amount of additional financing reached 176.84 billion yuan in 2015).

After 2017, the issuance of US dollar bonds by housing enterprises began to increase substantially, ABS financing also began to rise, and the financial situation of housing enterprises began to deteriorate rapidly.

The fourth stage: after 2020-adjustment period.Under the restriction of the policy of "three red lines" and "two centralized loans", the development speed of housing enterprises began to slow down obviously, private enterprises were hit by liquidity and began to enter the "winter" mode, and state-owned enterprises also began to slow down their expansion and focus on steady operation.

In this macro environment, four types of radical housing enterprises have emerged, which constitutes the "chaos" of the real estate industry now-

The first category, contrarian expansion housing enterprises:Under the background of the slowdown in the growth rate of commercial housing sales in 2016 and the shift in the financing policy of housing enterprises in 2018, this type of housing enterprises still expand their land acquisition against the trend and increase their land reserves, resulting in their high leverage ratio and are currently in a liquidity dilemma.

The second category, impatient and aggressive housing enterprises:This type of real estate enterprises also increased their leverage expansion when the macro environment changed, but they mainly expanded to low-energy cities in the third and fourth tier, trying to seize the national market. However, after the tightening of the financing environment, they also suffered a serious impact and their financial situation deteriorated rapidly.

The third category, debt imbalance housing enterprises:This type of company relies heavily on overseas debt. Under the background of deteriorating financing environment, its debt fragility is significantly higher than that of other companies with diversified debt structures, and the short-term debt repayment pressure is enormous.

The fourth category, over-capitalized housing enterprises:This type of company prefers to introduce high-cost war investment and high-interest loan financing to expand its land reserve on a large scale. It is the enterprise with the strongest risk preference among the four types of enterprises. It practices the "rolling profit model" by financing the whole society through diversified projects, which is also the main reason for its current liquidity trap.

On the whole, it is an inevitable trend of the periodic development of China’s real estate enterprises that the real estate industry is "all living things" at present, and the overly radical expansion strategy is an important reason for the "chaos" in the real estate industry to some extent.

Cycle after cycle-where is the way out of the real estate cycle?

With the development of the real estate market, sinceSince 2008, China has experienced four real estate cycles:

The first round: Q3 2008-Q1 2010 (upward), Q2 2010-Q1 2012 (downward);
The second round: Q1 2012-Q1 2013 (upward) and Q1 2013-Q3 2014 (downward);
The third round: Q3 2014-Q3 2016 (upward), Q3 2016-Q3-2020 (downward);

The fourth round: Q1 in 2020-Q3 in 2020 (upward), Q3 in 2020 till now.

From the perspective of international experience, the duration of the real estate cycle (also known as the Kuznets cycle) is 15-20 years, of which the market of the American real estate cycle is about 16 years, of which the expansion phase is about 11 years and the contraction phase is about 5 years.

It is a medium-long cycle that is longer than Kichin cycle, but shorter than Kangbo cycle. Its main measure is based on population process and building construction intensity, which was put forward by economist simon smith kuznets.

Although the real estate cycle has different forms and lengths in different countries, it is certain that there is indeed a "cycle" in real estate.

With the deep adjustment of China’s real estate industry at present, the market’s expectation for real estate has dropped to freezing point, so where is the way out for future real estate?

This is the core topic of this master course!

On this Saturday, August 12th, 2023, Wall Street invited Chi Guangsheng, chief real estate & fixed income analyst of Essence Securities.Master course on real estate theme will be launched, from macro to micro, from finance to practice, from policy to market. Mr. Chi Guangsheng will spend 4-5 hours in one class to explain the real estate market in China.

Chi Guangsheng is the chief analyst of Anxin Securities’ real estate & fixed income. He has 6 years of experience in real estate project development and operation in real estate enterprises. He has not only managed projects, but also done research, and has published many reports and papers independently in Financial Research, International Financial Research and China Money Market. It can be said that his working experience has always been a close observer in the real estate industry chain, and he will share his years of research, observation, thinking and understanding of real estate with everyone in the course.

The course is divided into four modules, the macro chapter focuses on housing sales, the policy chapter focuses on real estate policy, the micro chapter focuses on housing enterprise behavior, and the asset chapter focuses on asset pricing.When studying Taoism, we should keep abreast of the changes of the times.

Has the commercial housing market in China reached its limit? Will China real estate repeat the Japanese mistakes? What is more important than "housing and not speculating"? How to fully understand China’s real estate policy? What inspiration did the defaulting housing enterprises give us? What step has the liquidity dilemma of housing enterprises developed to? What impact will real estate changes have on the pricing of large-scale assets? ….. These questions and implications will be discussed in depth in the course.

Reporting/feedback

Accelerating the coordination mechanism of urban real estate financing has achieved results

&emsp; &emsp; Xinhua News Agency, Beijing, January 26th (Reporter Wang Youling) The Ministry of Housing and Urban-Rural Development held the deployment meeting of the coordination mechanism of urban real estate financing on the 26th. The reporter learned from the meeting that the acceleration of the coordination mechanism of urban real estate financing is effective, and the first batch of projects "white list" is expected to land before the end of January and strive for loans.

&emsp; &emsp; The meeting pointed out that the establishment of urban real estate financing coordination mechanism is an important measure to implement the decision-making arrangements of the CPC Central Committee and the State Council, meet the reasonable financing needs of real estate enterprises with different ownership equally, and promote a virtuous circle of finance and real estate. The people’s governments of cities at or above the prefecture level should effectively play a leading and coordinating role, quickly establish and operate the coordination mechanism of urban real estate financing, timely judge the local real estate market situation and real estate financing demand, strengthen overall planning, refine policies and measures, build a communication platform between government, banks and enterprises, promote the accurate docking of real estate enterprises and financial institutions, and coordinate and solve the difficulties and problems existing in real estate financing.

&emsp; &emsp; The meeting emphasized that the orderly development and construction of the project is the basis for the stable and healthy operation of the real estate market and is related to the vital interests of the people. In view of the current financing problems of some real estate projects, all localities should focus on projects, study and put forward a list of real estate projects that can be given financing support, coordinate the issuance of loans by financial institutions within their respective administrative regions, and accurately and effectively support reasonable financing needs.

&emsp; &emsp; The Ministry of Housing and Urban-Rural Development and the General Administration of Financial Supervision have recently issued a circular, clearly giving full play to the leading coordinating role of the urban people’s government, establishing a coordination mechanism for urban real estate financing in cities at prefecture level and above, judging the real estate market situation and real estate financing demand, and coordinating and solving the difficulties and problems existing in real estate financing. According to the principle of fairness and justice, based on the development and construction of real estate projects and the relevant situation of project development enterprises, a list of real estate projects that can be given financing support is put forward, and financial institutions are promoted to do a good job in financing support.

Commercial housing sales set a new record in the first half of the year. Statistics Bureau: Housing prices are generally stable.

  On July 16th, the National Bureau of Statistics released the national real estate development investment and sales from January to June 2018. In the first six months of this year, the national real estate development investment was 5,553.1 billion yuan, a nominal increase of 9.7% year-on-year, and the growth rate was 0.5 percentage points lower than that in January-May. Among them, residential investment was 3,899 billion yuan, an increase of 13.6%, and the growth rate dropped by 0.6 percentage points.

  Judging from the growth rate of investment, after the investment data remained above 10% for three consecutive months, the growth rate of real estate investment in the first half of this year declined slightly, but the growth rate of 9.7% remained high. Mao Shengyong, spokesman of the National Bureau of Statistics, said at the press conference on national economic operation in the first half of 2018 that real estate investment is expected to maintain a relatively rapid growth in the second half of the year.

  Statistics from the Bureau of Statistics show that from January to June 2018, the national real estate development investment was 5,553.1 billion yuan, a nominal increase of 9.7% year-on-year, and the growth rate dropped by 0.5 percentage points from January to May.

  The main key to support the continued high-level operation of investment data is the newly started housing area of 958.17 million square meters, an increase of 11.8%, and the growth rate increased by 1 percentage point. Among them, the newly started residential area was 706.11 million square meters, an increase of 15.0%.

  Secondly, from January to June, the land acquisition area of real estate development enterprises was 110.85 million square meters, up 7.2% year-on-year, and the growth rate was 5.1 percentage points higher than that in January-May.

  Mao Shengyong pointed out that in the first half of this year, the growth rate of real estate investment increased by 9.7%. Looking at two leading indicators in the second half of the year, one is the newly started housing area, which is accelerating in the first half of the year, and the other is the accelerated growth of land acquisition area and land acquisition fee. From this situation, real estate investment is expected to maintain a relatively rapid growth in the second half of the year.

  Statistics from the Bureau of Statistics show that from January to June, the sales area of commercial housing was 771.43 million square meters, up 3.3% year-on-year, and the growth rate was 0.4 percentage points higher than that in January-May. Among them, the residential sales area increased by 3.2%.

  According to another sales data, the sales of commercial housing reached 6,694.5 billion yuan, up by 13.2%, and the growth rate increased by 1.4 percentage points. Among them, residential sales increased by 14.8%.

  According to the data of Zhongyuan Real Estate Research Center, in June 2015, the sales area of this round of real estate market increased by 3.9% year-on-year, representing the starting point of this round of property market outbreak. As of June 2018, the rising cycle of the current real estate market has been as long as 37 months, setting a new record for the longest rising cycle of China real estate.

  According to the accumulated data, the sales area of commercial housing in the first half of 2018 was as high as 770 million square meters, and the sales reached 6.69 trillion, all of which set a new record for the same period in history.

  Zhang Dawei, chief analyst of Zhongyuan Real Estate, believes that the current real estate rising cycle has exceeded 37 months, and the sales in the first half of the year hit a new record. Judging from the market data, it is expected that although the market growth rate will narrow in the second half of 2018, the real estate market will still be at a historical high in 2018.

  "Judging from the past cycle, there may be negative growth at present, but it is still relatively firm in the first half of this year, which can also bring back the sales funds of housing enterprises. Similar data also reflects to a large extent that many cities are entering the stage of supply and transaction. " Yan Yuejin, research director of the think tank center of Yiju Research Institute, said.

  Inventory continued to decline, reaching a 47-month low.

  Statistics from the Bureau of Statistics show that by the end of June, the area of commercial housing for sale was 550.83 million square meters, a decrease of 9.27 million square meters compared with the end of May. Among them, the area for sale of residential buildings decreased by 6.42 million square meters, the area for sale of office buildings decreased by 470,000 square meters, and the area for sale of commercial buildings decreased by 1.68 million square meters.

  According to the data of Zhongyuan Real Estate Research Center, at the end of July 2014, the area of commercial housing for sale was 552.3 million square meters, and the market inventory in June 2018 was 550.83 million square meters. Inventory data has fallen to a 47-month low. It has been lowered for four consecutive years. Overall, the nationwide destocking cycle has been completed.

  Mao Shengyong pointed out that from the operation of housing prices in 70 large and medium-sized cities, the overall housing prices are still relatively stable. However, since the beginning of this year, housing prices in third-and fourth-tier cities have indeed risen relatively high, and the pressure of rising in some hot cities is still relatively high. There are still some structural contradictions in real estate, and some remote areas and areas with relatively high pressure of population outflow still have some stocks. Therefore, the central government put forward "policy and precise regulation due to the city". Judging from the next development of real estate, the central government, on the one hand, further strengthens and perfects macro-control, and at the same time, makes further efforts from the supply side, including accelerating the relevant policies and measures of real estate tax, realizing multi-agent supply and multi-channel guarantee, and accelerating the implementation of a series of supporting policies such as the right to rent, sell and share, so as to better promote the stable and healthy development of real estate, promote the construction of a long-term mechanism, and better realize the basic positioning that "houses are for living, not for speculation".

  Statistics from the Bureau of Statistics show that from January to June, real estate development enterprises received 7,928.7 billion yuan in funds, up 4.6% year-on-year, and the growth rate dropped by 0.5 percentage point from January to May.

  Among them, domestic loans were 1,229.2 billion yuan, down by 7.9%; The utilization of foreign capital was 2.8 billion yuan, down 73.1%; Self-raised funds were 2,554.1 billion yuan, an increase of 9.7%; Deposits and advance receipts were 2,612.3 billion yuan, an increase of 12.5%; Personal mortgage loans reached 1,152.4 billion yuan, down 4.0%.

  Zhang Dawei believes that from the perspective of the national real estate market, the mortgage loans in the real estate loan quota have indeed been significantly tightened. Under the circumstance that the market turnover is still at a record high, the mortgage tightening has brought about an obvious upward trend in mortgage interest rates. Restrain irrational house purchase in some markets. In addition, the mortgage tightening is still a trend, and the real estate leverage reduction policy will continue. At present, the mortgage interest rate of buyers’ first homes is divided, and some cities have raised their benchmark by 20%. It will become a trend that the average mortgage interest rate exceeds 6. Real estate development loans and mortgage loans will continue to tighten in the second half of the year.

The 2023 Buick LPGA Championship was announced.

On October 11th, the press conference and the launching ceremony of the 2023 Buick LPGA Championship were held in Shanghai Qizhong Garden Golf Club. As the flagship event of the world’s top women’s golf, the 2023 Buick LPGA Championship has returned ahead after three years. Eighty-one top women’s golf players from all over the world will compete fiercely on the court from October 12 to 15, and launch a strong impact on the total prize of 2.1 million US dollars and higher world rankings. At the ceremony, Buick presented Yin Ruoning, the brand golf ambassador, with a seven-seat Buick CENTURY Edition to pay tribute to her hard work and progress on the field and her historic breakthrough. 

Buick LPGA Championship is a professional women’s golf tournament held in China this year with the best lineup, the highest prize and the highest points in the world, and it is also one of the highest-level professional women’s golf events in Asia. In Shanghai, where the competition was settled, Buick LPGA Championship was selected as the brand of "Shanghai Games" and became the "city sports business card" in Shanghai. Since the event was held in 2018, the Buick LPGA Championship has attracted the best female golf professionals from all over the world to attend the event.

Among the 81 players participating in this year, there are 27 LPGA champions and 11 Grand Slam champions, accounting for nearly one third of the champions. Among them, there are not only many phenomenal new generation champions after 00, including Buick Golf Ambassador Yin Ruoning and Chinese new star Zhang Siyang, but also powerful experts such as Jiang Xiaolin, who won the two Buick LPGA championships in 2018 and 2019, and Lilia-Ukraine, who ranks first in the world. Starlight Glimmer’s top line-up and the peak matchup between the world’s top players will make this competition colorful and interesting, and bring a rare opportunity for China fans to have a top golf feast.

Lilia Wu, the world’s No.1 American, Yin Ruoning, Grand Slam champion and Buick Golf Ambassador, Jiang Xiaolin, two-time defending champion of Buick LPGA Championship, and Zhang Siyang, the representative of the new generation champion, took a group photo with the "Buick Goddess" Champions Cup.

Three Buick Golf Ambassadors have a heroic swing. From left: Lin Xiyun, Yin Ruoning and Liu Yu.

For the audience in China, the three Buick Golf Ambassadors who participated in the competition-Yin Ruoning, Lin Xiyuan and Liu Yu are undoubtedly more eye-catching. They represent the highest competitive level of women’s golf in China at present, and have achieved good results in this year’s domestic and international competitions. Among them, Yin Ruoning, who just turned 21, won the first Grand Slam title in her career in June this year, and then ranked first in the women’s golf world in September, becoming a new golf leader in China. Yin Ruoning is not only the second Chinese mainland player to win the women’s Grand Slam championship and reach the top of the world rankings after Feng Shanshan, but now, like Feng Shanshan, she has become a member of Buick Century owners’ family. As a symbolic product of Buick’s new breakthrough, CENTURY will also live up to the mission of "highlighting the achievements of the times and paying tribute to the leaders of the times". With an unprecedented luxury and respect experience, Yin Ruoning will not only get her childhood dream, but also enjoy the intelligent and comfortable experience while traveling, and better recharge her batteries to hit new heights.

Buick CENTURY pays tribute to the leading women’s golf figures in China and demonstrates the achievements of the times together.

It is worth mentioning that this year is a major breakthrough in the professional level of women golfers in China. The strength of China Women’s Corps led by three Buick Golf Ambassadors is even stronger than before, and it is expected to create a new history in this Buick LPGA Championship and in the international arena in the future. SAIC-GM Buick brand will, as always, fully support the healthy and sustainable development of golf in China, and make continuous breakthroughs together with athletes.

Editor-in-Chief: Li Ji

Text editor: Kan Jingya

Author: Ding Nan

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The main venue of the 2024 World Snow Day and International Children’s Ski Festival was successfully held in Yinchuan, Ningxia.

On January 21st, 2024, the main venue of the 2024 World Snow Day and International Children’s Ski Festival was successfully held in Mingcui Lake Ski Resort, Yinchuan. More than 2,000 teenagers, parents, ice and snow enthusiasts and tourists on the scene experienced the health and happiness of ice and snow sports together, and promoted ice and snow sports.

The activity aims to consolidate and expand the achievements of "driving 300 million people to participate in ice and snow sports", help rural revitalization, promote the deep integration of sports, tourism and cultural industries, let "cold" resources release the "hot" effect, and inject "sports kinetic energy" into economic and social development. The event was hosted by the International Ski Federation, the Winter Sports Management Center of the State Sports General Administration, the Sports Bureau of Ningxia Hui Autonomous Region and the Yinchuan Municipal People’s Government.

After the launching ceremony of frugality and simplicity, without losing the ice and snow and local characteristics, many contents were carried out on the spot, such as the popular ice and snow fun experience, the international children’s skiing festival, the youth ice and snow sports public welfare lecture hall, the youth free public welfare skiing, and the ice and snow cultural characteristic experience. Among them, the popular ice and snow fun activities are divided into five individual competitions for teenagers and six parent-child competitions. Children and their parents interact closely on the ice and snow playground, get close to nature, visit the ice and snow in person, and feel the charm and fun of ice and snow sports. Li Jiajun, the world champion, led ice and snow sports coaches and social sports instructors to tell personal sports stories and growth experiences to 100 teenagers in the public welfare lecture hall for youth ice and snow sports, and taught them safety knowledge and skiing skills. During the International Children’s Ski Festival and the special experience activities of ice and snow culture, 200 teenagers who registered by appointment participated in skiing, snow circle, ice and snow paradise and other activities for free, and experienced the fun of skiing and the charm of ice and snow sports.

World Snow Day and International Children’s Ski Festival is a skiing promotion activity for young people all over the world, which was established by the International Ski Federation. The China regional activity of World Snow Day and International Children’s Ski Festival in 2024 was settled in Yinchuan, Ningxia for the first time, which is also the first time that Yinchuan held an international mass ice and snow event. During the 2023-2024 ice and snow season, Ningxia adopted the mode of regional linkage, ice and snow combination, sports integration and outstanding characteristics, and held the Ningxia Ice and Snow Sports Festival as a whole. By holding dozens of events such as the launching ceremony of the tenth national mass ice and snow season (Ningxia Branch) and the fourth ice dragon boat race in Yinchuan, it promoted the development of sports integration and shared the development achievements of ice and snow sports with the masses.

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