[Write in front]

As early as the beginning of 2014, when Vanke implemented the "business partner system", "barbarians at the door" was one of its concerns at that time.

But who is a "barbarian" and what kind of person is a "barbarian"?

"Barbarians at the door" is used by Wall Street in the United States to describe those hostile purchasers.

The Barbarian at the Door describes the cause and effect of RJR Na Beske Company’s acquisition with documentary reports, reproduces the most famous corporate battle in the history of Wall Street, and comprehensively shows how enterprise managers obtain and master the controlling stake of the company.

The Paper (www.thepaper.cn) was authorized by Yong Yang, general manager of Hong Ren Investment, to reprint the book and the M&A case published by Hong Ren Investment Micro Signal.

In 1980s, the acquisition of RJR Beske Company in the United States was called a classic battle of KKR, a veteran PE. Known as the "Great Acquisition of the Century", this transaction shocked the world with a purchase price of $25 billion, making it the largest leveraged buyout in history, which made the subsequent acquisitions far behind.

The acquisition campaign was mainly launched between the senior managers of RJR Na Beske Company and KKR (Kohlberg Kravis Roberts & Co.), a famous acquisition company, but due to its huge scale, many of them were

Direct or indirect participation of investment banks and financial institutions such as Morgan Stanley and First Boston.

Barbarian at the door

Target enterprise: RJR Na Beske Company.

As the largest food and tobacco producer in the United States, Reynolds-Na Beske Company was formed by the merger of American veteran food producers Standard Brands Company and Nabisco Company and RJR Company (manufacturer of Winston, Salem and Camel brand cigarettes), one of the two largest tobacco companies in the United States. At that time, it was the 19th industrial company in the United States, with 140,000 employees. It owned many famous brand products, including Oreos, Lezhi biscuits, Winston and Salem cigarettes, and Life Savers candy, which were distributed in every retail store in the United States. Although the food business of RJR Na Beske Company has expanded rapidly after two mergers, the rich profits of tobacco business still account for about 58% of its main business.

In the first two years after the merger, RJR Na Beske Company’s profit increased by 50% and its sales performance was good. However, with the crash of the stock market on October 19, 1987, the company’s stock price plummeted from the peak of $70. Although the company bought a lot of its own shares in the spring, the stock price did not rise, but fell to $40. In December, although the company’s profit increased by 25%, and the food stocks were also rising, the shares of RJR Na Beske Company were still neglected due to the influence of tobacco stocks, and 60% of its sales still came from Na Beske Company and Delmonte Food Company. The company tried to put the tobacco and food business together, but it didn’t work at all, and the decentralized management lost its effectiveness.

Merger and acquisition: management of RJR Na Beske Company.

The senior management of RJR Na Beske Company headed by Ross Johnson is the initiator of this acquisition. This group includes the head of Reynolds Tobacco Company-Ed Horichgen, Chairman of the Board of Directors of Na Beske Company Jim Welch, General Counsel Harold Henderson, independent director and consultant Andrew G.C. Sage II, etc.

Ross Johnson, who doesn’t have much ability in management, was still unknown in American business at the age of 40. With the help of a headhunting company, he became the president of a sign company. In 1984, Ross Johnson became the CEO of Na Beske Company. In 1985, he completed the merger of Reynolds-Na Beske Company. The next year, he became the CEO of RJR Na Beske Company. Johnson dares to innovate. Under his leadership, Reynolds Tobacco Company produced products with an output value of $1 billion within one year.

However, although this company is rich in cash, it is relatively conservative and closed in culture. The enterprise managers have long lost the creativity and enterprising spirit of the founders, and they are cautious in decision-making and rarely make breakthroughs. Johnson’s arrival didn’t bring much innovation to his management. His biggest hobby is spending a lot of money.

Johnson won’t be noticed if he just stays on extravagant consumption. He has a more ambitious plan, that is, through the management participation in the acquisition, RJR Na Beske Company will be turned into a private enterprise.

Merger and acquisition: Kohlberg-kravis-Roberts Company (KKR).

KKR was founded in 1976. As a PE company, KKR has outstanding performance, and it is good at MBO, which is commonly referred to as "management buyout". However, with the further understanding of leveraged buyout by others, the number of leveraged buyout companies gradually increased, and by 1987, there was a phenomenon of industry crowding. Kravis and Roberts made a decisive decision: lock the business target in the bulk acquisition business of $5 billion to $10 billion. Because few people get their hands on such a big business, KKR has already had such big deals as $6.2 billion for Beatrice, $4.4 billion for Safeway and $2.1 billion for Owens-Illinois.

From June, 1987, KKR began to use all public methods to raise funds. In order to stimulate more investors to join, the company proposed that the management fees of all transactions completed before 1990 could be reduced. By the end of the fundraising, the funds raised had reached 5.6 billion US dollars.

Acquisition process

In October, 1988, the management represented by Ross Johnson, CEO of RJR Na Beske Company, proposed to the board of directors that the management buy the company’s equity. The management’s MBO proposal includes the plan to sell the food business of RJR Na Beske Company after the acquisition, and only keep its tobacco business. Its strategic consideration is based on the market’s underestimation of the huge cash flow of tobacco industry, and the food business is not fully recognized for its value because it is mixed with tobacco. Reorganization will eliminate the unfavorable factors of market underestimation, and then gain huge profits.

Ross Johnson and Hilsen’s leveraged buyout plan hit it off. Both sides agreed that the price of RJR Na Beske’s stock should be around 75 dollars per share, which is higher than the market transaction price of 71 dollars, and the total transaction price reached 17.6 billion dollars. Because Hilsen wanted to complete the transaction independently, they didn’t have the power to introduce junk bonds, and all the funds of about $15 billion needed loans from commercial banks. Trust Bank seized the opportunity to provide financing for leveraged buyouts of blue-chip companies, and raised $16 billion worldwide, but according to Hilsen’s accounting, it was only $15.5 billion.

Investment bankers on wall street still reacted instinctively: this bid is too cheap! Johnson is robbing the company! Just as Johnson and Hilsen were having wishful thinking, KKR’s bid participation made the MBO planners wake up from a dream. In sharp contrast to the spin-off planned by CEO Ross Johnson, KKR wants to keep all its tobacco business and most of its food business, and KKR has made a bid of $90 per share. The contest between Hilsen and KKR began.

Hilsen chose to cooperate with Salomon Company to raise funds, but Hilsen could not confront KKR in terms of intelligence and financing. KKR has drexel and Merrill Lynch as consultants, and introduced a tender to buy PIK preferred shares, the price reached $11 per share, which was close to $2.5 billion. The demand for PIK shares in the world market quickly turned it into junk bonds, which meant that there were $2.5 billion in funds.

However, the exposure of the Johnson Management Agreement and the "Golden Parachute Plan" angered the shareholders and employees of RJR Na Beske Company. 525,600 restricted stock plans worth nearly $50 million, generous consulting contracts and 1,500 restricted shares each made Johnson unscathed in this acquisition, regardless of success or failure. Johnson’s greedy approach made MBO lose the support of the people. Finally, KKR won the battle with a price of $109 per share and a total amount of $25 billion.

In the last round of bidding, the difference between Hilsen’s offer and KKR was only $1, which was $108 per share. But it is not the difference in purchase price that makes the shareholders of RJR Na Beske Company make the final decision. KKR promised to give shareholders 25% of the shares, and Hilsen only gave shareholders 15% of the shares; KKR promised to sell only a small part of Beske’s business, while Hilsen wanted to sell all the business. In addition, shareholders also listed a dozen other differences. In addition, Hilsen failed to prove the reliability of its securities through restructuring, and failed to ensure the welfare of its employees. It is for these reasons that the shareholders of the company finally chose KKR Company.

The purchase price is $25 billion. Besides the syndicated loan of $14.5 billion, Dechong and Merrill Lynch also provide a bridging loan of $5 billion, waiting to be repaid by issuing bonds. KKR itself provided US$ 2 billion (including US$ 1.5 billion in equity), another US$ 4.1 billion in preferred shares, US$ 1.8 billion in convertible bonds and US$ 4.8 billion in foreign debts owed by RJR.

The signing date of the acquisition was February 9, 1989. More than 200 lawyers and bankers attended, and Hanover Trust and Investment Company raised $11.9 billion from banks all over the world. KKR provided a total of $18.9 billion, meeting the cash payment promised at the time of acquisition.

In fact, the cost of the whole transaction reached 32 billion US dollars, including more than 200 million US dollars from Dechong Company, more than 100 million US dollars from Merrill Lynch, more than 300 million US dollars from the financing of the syndicate, and KKR’s own fees reached 1 billion US dollars.

After the acquisition

After Ross Johnson, Luis gerstner became the new CEO of RJR Na Beske Company after the acquisition. He made drastic reforms to the original company and sold a lot of luxury facilities. According to the company’s report, in 1989, the company had a net loss of $1.15 billion after paying off its debts of $3.34 billion, and in the first half of 1990, it had a loss of $330 million. However, judging from the company’s cash flow, everything is still normal.

Beske’s operating profit in 1989 reached 3.5 times the previous cash flow, but Reynolds Tobacco Company is still in a state of preparation. In March 1989, RJR stopped the production of Premier brand cigarettes. Subsequently, the company laid off employees and the number of employees was reduced to 2,300. Under the leadership of the new manager, the company improved the equipment, improved the production efficiency, and at the same time greatly reduced the cost, so that the company’s tobacco profit increased by 46% in the first half of 1990. But when paying off junk bonds with cash brought by tobacco, Reynolds’ competitor Philip Morris increased his sales strength and lowered the price of tobacco. According to analysis, the tobacco market of RJR shrank by 7% ~ 8% in 1989.

The problem left by KKR is not only the poor return on capital, but also the failure of other industry leaders introduced. Whether Lou Gerstner is invited by American Express Company or Charles Harper of ConAgra, they have no experience in tobacco industry and have no enthusiasm for this business. After a continuous decline in performance, KKR had to divest Reynolds Na Beske’s remaining equity in early 1995, Reynolds Tobacco Holding Company became an independent company again, while Na Beske also became an independent food production enterprise, and Renault Company and Na Beske Company returned to their respective starting points. In the first half of 2003, Reynolds’ sales decreased by 18% compared with the previous year to only $2.6 billion, while operating profit decreased by 59% to $275 million.

Brief comment

The control struggle between investment bankers and enterprise managers, the ultimate beneficiary is the shareholders of the enterprise, which can be proved by the rich shareholders of RJR Na Beske Company after the acquisition.

In the form of acquisition. In the general LBO process, investment bankers will reach a consensus with the management of the target enterprise in advance, and complete the acquisition at a price and financing method recognized by both parties. At the same time, they will also make arrangements for the enterprise management and asset restructuring after the acquisition, try to reduce costs and improve efficiency, and sell assets to pay off debts. However, KKR company didn’t know in advance in the acquisition of RJR Na Beske, and there was no communication with the management. They didn’t even know the assets of this enterprise, so they could only participate in it in the form of bidding.

[Interpretation of Investment Bank]

Report on The Barbarian at the Door

-Merger and acquisition of enterprises and corporate governance

1. How was this merger initiated?

Managers are faced with the dilemma of stock appreciation, which makes them look for ways to raise stock prices.

RJR Nabisco’s share price hovered around 40, but it didn’t rise. Ross Johnson faced the pressure from shareholders.

Ross Johnson’s "Prime Minister" cigarette, which will be introduced to the market, is not welcomed and recognized by the market, and Ross Johnson is once again facing the dilemma of stock appreciation.

KKR company has the intention to buy RJR Nabisco, which makes Ross Johnson management team start to think about M&A, a way to safeguard their own interests and raise the stock price.

The huge return after the merger drove Ross Johnson to initiate the merger.

2. What are the motivations of the parties involved in the M&A?

KKR motivation：

Get a higher return on capital value. Because RJR Nabisco’s stock value is undervalued; At the same time, RJR Nabisco has a strong and stable cash flow, which can enhance the company’s capital value.

Enhance RJR Nabisco’s existing corporate strategy to further maximize the interests of shareholders.

The debt level is low.

Huge demolition effort.

A favorable capital structure can save taxes and fees payable.

KKR can get a huge handling fee, and has control over RJR Nabisco, sharing the profits.

Kravis’s individualism: KKR is the founder of LBO, but at the beginning of this merger, he was excluded; Therefore, due to the consideration of face and status in the field, KKR will also participate in the acquisition of RJR Nabisco.

Motivation of professional managers such as Ross Johnson：

The tobacco industry is undervalued by the market.

The influence of tobacco industry and the value of food industry are also underestimated by the stock market.

The management can make huge profits from this acquisition.

First Boston Group：

Get rich rewards in the acquisition to develop the enterprise, revitalize the company’s business and obtain customer sources.

Faustmann：

Ted Faustmann hates junk bonds, while kravis uses junk bonds the most, and Faustmann is angry with kravis. Hilsen has no outstanding talents in leveraged buyouts. This is an opportunity for Faustmann, and he will not miss it.

summary：

1, the stock is undervalued.

2. Make huge profits

3. Revitalize the business

Represented by the management: the business is bigger and the stock price is raised.

3. Who decides the outcome of the merger?

The final outcome is decided by the special committee (shareholder) established by the board of directors; However, the behavior of Ross Johnson management, KKR and other acquisition teams and M&A strategies have an impact on the outcome.

Due to the exposure of Ross Johnson’s "Golden Parachute Project", shareholders saw the greed of management; In addition, the Ross Johnson team can’t keep all the business systems after the acquisition, and can’t guarantee the interests of employees, which makes the special committee set up by the board of directors more inclined to KKR in the later stage of the acquisition.

Compared with Ross Johnson team, KKR is more humanized; They promised to keep the whole business of the company after the acquisition; To ensure the welfare of employees, shareholders can get more equity, thus gaining the support of shareholders.

4. What are the factors that affect the success or failure of LBO?

The development strategy of the company with multi-interests after merger and acquisition put forward by the sponsors.

Purchase price at the time of merger and acquisition

Strong and stable cash flow of M&A sponsors

Analysis and mastery of competitors’ strategies; As the saying goes, know yourself and know yourself.

Get the support and affirmation of the management of the enterprise or the people who have influence on the merger and acquisition results.

Reasonable standardization of operating procedures

The advantages and disadvantages of the special Committee and its influence

Whether the acquired subject matter is suitable: stable cash flow.

Bid, financial planning

5. How is the purchase price formed in the case?

A comprehensive analysis of the target acquisition company

Enterprise development strategy

Company operation

Financial status of the company

enterprise value

Strategic promotion of acquirer and future cash flow forecast

Financing scheme design and value evaluation

6. Who finally benefited from this case? Who is ultimately damaged?

beneficial owner：

The winners of this merger are shareholders, who have realized the stock at a high enough price; With intermediaries, they have gained huge benefits. For example, Dechong provided a $3.5 billion bridge loan and earned $227 million, and the proceeds from selling junk securities were even more; Merrill Lynch provided a bridge loan and earned $109 million; The syndicates of 200 banks provided $14.5 billion in entrusted loans and gained $325 million in income; KKR receives tens of millions of dollars in handling fees from investors; Morgan Stanley and wasserstein each received $25 million in consultancy fees; Goldman Sachs won the auction right of Delmonte Food Company; Lazard: Obtained the auction right of ESPN. According to some sources, this $25 billion merger, in fact, the total transaction cost is $32 billion, and the money is spent like soup. It can be said that M&A is a magic weapon for Wall Street, because whether it is successful or not, Wall Street can earn fees, including consulting fees, business divestiture fees and borrowing fees.

Damaged person：

RJR Nabisco was burdened with heavy debts. In 1989 alone, it paid $3.34 billion in debts, with a net loss of $1.15 billion. Market expenses and research and development expenses have been weakened, competitors have taken advantage of it, and a large number of employees have been laid off.

7. Compared with LBO, what are the distinctive features of MBO?

Specificity of MBO acquisition subject.

The MBO acquirer is mainly the current management of the target enterprise or the legal person or other organization established or controlled by it.

High financial leverage of MBO acquisition financing.

With the help of a large amount of external debt or equity financing, the high financial leverage of the financing scheme determines the high risk and high return of the acquisition itself.

Transfer of actual control right of target enterprise after MBO acquisition.

To a certain extent, the target enterprise has realized the integration of ownership and management rights, and the position of management has changed fundamentally, that is, from a simple enterprise operator to an enterprise owner.

MBO can reduce agency cost.

Compared with LBO, MBO pays more attention to the development strategy of the company, rather than the short-term huge capital return.

8. What behaviors does the case show that the management has deviated from the interests of shareholders?

Management profligacy, private jets, huge subsidies, and these are all holding shareholders’ money to satisfy their own desires.

"Golden Parachute" Project

After the merger, the employee welfare and shareholders’ interests are not considered, and the food business is abandoned.

Only 15% of the shares are reserved for shareholders.

KKR scheme contains less PIK securities and more convertible bonds; Management provides more PIK securities and a small amount of convertible preferred stock.

KKR agreed not to carry out a large-scale layoff plan, and promised to pay the employee severance payment caused by the acquisition, but the management did not agree.

KKR agreed to guarantee the reset terms of all securities to ensure that the bonds would be traded and circulated as originally planned. Hilsen Company, an investment bank hired by the management, refused to guarantee it, so that the management could not bid the full rating during the evaluation.

Start with business, not choose mergers and acquisitions

Ross Johnson donated money from the company to his wife.

9. What measures did the founder take to prevent the control right from falling by? Why is it invalid?

measure：

Launch the merger and acquisition of RJR Nabisco to prevent the delay of stock price from affecting his CEO position.

Refuse to cooperate with KKR and choose Hilsen.

"Golden Parachute" plans to protect itself.

Lay off employees and give shareholders less equity to maximize their own interests.

failure cause：

The exposure of the "Golden Parachute Plan" exposed Johnson’s greed, which made the MBO lose public support.

KKR promised to give shareholders 25% of the shares, while Hilsen only gave shareholders 15% of the shares.

KKR promised to sell only a small part of Beske’s business. But Ross Johnson and Hilsen’s leveraged buyout plan only keeps the tobacco business.

Hilsen failed to prove the reliability of its securities through restructuring, and failed to ensure the welfare of its employees.

KKR agreed not to carry out a large-scale layoff plan, and promised to pay the employee severance payment caused by the acquisition, but the management did not agree.

KKR agreed to guarantee the reset terms of all securities to ensure that the bonds would be traded and circulated according to the original plan. Hilsen Company, an investment bank hired by the management, refused to guarantee it, so that the management could not bid the full rating during the evaluation.

measure：

Indulge in buying, preempted local competitors and became the largest employer in North Carolina.

"Prince Albert" cigarettes, trying their best to find the photo of the Prince of Wales as a cigarette label, vigorously advertising, set off a national advertising campaign. Offer generous rebates to cigarette wholesalers and retailers to encourage them to sell this kind of cigarettes, and those who sell poorly will be punished. The plan to March across the United States was a great success.

The Court of Appeal granted Reynolds Tobacco Company independence: employees hold shares, care about employees’ lives and improve employees’ loyalty.

Reasons for loss of rights：

The eldest son is in politics, the second son is not doing business, and the chairman raises horses.

10. What did you learn from the case? Explain from the perspective of mergers and acquisitions and corporate governance.

M&A perspective：

LBO acquirers use the assets of the acquisition target as debt collateral for financing, and use the money to acquire the target company. The essence of this is to borrow money to buy equity, or to say that you are empty-handed. In fact, KKR’s own funds for this $25 billion acquisition are less than $2 billion, and the rest are from financing.

Compared with LBO, MBO pays more attention to enterprise development strategy, rather than just acquiring the target company to get huge returns in the short term.

Successful LBO/MBO originates from the strategic adjustment of capital allocation, the improvement of operating efficiency and the integration of financial technology;

Adjustment of capital allocation strategy: redefining business scope, new business unit strategy or portfolio strategy;

Operational adjustment and improvement of operational efficiency: changes in sales, cost or asset management methods;

Organizational improvement: organizational structure or business process adjustment (which may involve system or management changes);

Financial strategy: the application of financial technology and financial risk management, a new method to manage the balance sheet, a new financial structure or a new corporate legal structure.

From the perspective of corporate governance：

The internal controller system is easy to lead to the monopoly of management. In order to prevent this phenomenon, it is necessary to set up an external supervision mechanism and strengthen supervision; Mutual restriction

The board of directors should ensure independence and objectivity and safeguard the interests of shareholders.

Formulate a reasonable and long-term company development strategy, so as to ensure the long-term development of enterprises, rather than just pursuing short-term enterprise development and stock rise.

　　CCTV News:The General Administration of Customs announced today (July 12) that in the first half of this year, the total import and export value of China’s goods trade reached 21.17 trillion yuan, a year-on-year increase of 6.1%. More than 21 trillion yuan, this is the first time in the same period of history. This report card is hard to come by. Next, we will go to many places all over the country to see what methods they have taken to enhance the international competitiveness of their products. Today, we first entered Jiangsu, an important position for developing new quality productive forces. Jiangsu is a big manufacturing province. How can foreign trade enterprises in the manufacturing industry improve their production efficiency and seize the international market under the impetus of new quality productivity? Let’s go to a century-old textile factory in Wuxi first.

　　Looking at the rejuvenation of traditional industries from a cotton yarn

　　In this cotton textile factory in Wuxi, Jiangsu Province, we saw the 300 finest cotton yarns produced in the world at present. The higher the count, the finer the yarn. This kind of cotton yarn, which is thinner than hair, is less than 0.1 mm in diameter and belongs to extra high count yarn.

　　Cai Yun, Chairman of Wuxi Yimian Textile Group:What does 300 yarns mean? That is, one gram of cotton can be drawn into a yarn as long as 500 meters. Like this piece of fabric made of 300 pieces, the whole cotton feels like silk.

　　Such a slender cotton yarn should not only meet the indexes of strength, breathability and comfort, but also realize mass production on the premise of energy saving and environmental protection.

　　Cai Yun:The mass production of 300 pieces (cotton yarn) is actually the result of the improvement of new quality productivity. In the past, our naked eyes alone could not detect some pricks in the middle of the yarn. However, with the intervention of our AI technology, high-speed cameras can comprehensively detect and monitor the whole yarn.

　　Cai Yun introduced that in the past, the disconnection occurred in production, and we had to rely on manual work to check the lines one by one. Now there is a sensor on each spindle, and hundreds of thousands of sensors in the workshop build an intelligent production line network, so that all production information such as production status and product quality can be fed back to the intelligent big screen in time.

　　Cai Yun:After intelligent transformation, our labor intensity has been reduced by 30% and our production efficiency has been improved by more than 20%.

　　At present, this cotton textile mill has 700,000 spindles and 500 looms, with an annual output of 40,000 tons of high-grade yarn. With new equipment and advanced technology, this factory not only achieved a leap in production efficiency, but also successfully opened up a more diversified international market in the first half of this year.

　　Cai Yun:For example, this one is a series launched in Africa. This one is a national costume in Pakistan. In the traditional market, there are either polyester chemical fibers or ordinary products with 32 pieces and 40 pieces. We use 100 pieces of pure cotton to make it.

　　In order to promote the intelligent transformation and digital transformation of enterprises, Jiangsu Province has allocated 1.2 billion yuan of special funds every year, and has implemented about 50,000 transformation projects. In the past, the traditional manufacturing industry with heavy labor and high energy consumption is undergoing great changes in Jiangsu.

　　Guo Bo, Director of Equipment and Consumer Goods Industry Division of Wuxi Bureau of Industry and Information Technology:Our municipal government has specially issued a set of implementation opinions to promote the renewal and upgrading of traditional industries, deepen the integrated application of artificial intelligence technology in the whole process and scene of textile industry, and some head textile and garment enterprises have greatly shortened the delivery cycle by building an industrial Internet integration platform. The original 25-day production cycle now takes only 7 days on average.

　　In the first half of the year, Jiangsu’s exports of textile and clothing products exceeded 156.5 billion.

　　AI detection and sensor feedback, driven by new quality productivity, have greatly improved the production efficiency of traditional industries. According to the statistics of Nanjing Customs, this year 1-mdash; In June, the export of textile and clothing products in Jiangsu Province exceeded 156.5 billion yuan, up 8.7% year-on-year, mainly sold to ASEAN, the United States, the European Union and other countries and regions.

　　China "Ship" of a county-level city said

　　After watching the cotton yarn as thin as hair, let’s go and see the 10,000-ton Big Mac — — Shipbuilding industry. Shipbuilding industry, known as "the crown of comprehensive industry", shows a country’s comprehensive industrial strength. China’s international shipbuilding market share has been ranked first in the world for 14 consecutive years. How does the shipbuilding industry maintain such a rapid development momentum? There is a saying in the shipbuilding industry: "Jiangsu is the focus of national shipbuilding, and Jingjiang is the focus of Jiangsu shipbuilding." Let’s go to Jingjiang Shipyard.

　　Jingjiang is a county-level city under the jurisdiction of Taizhou City, Jiangsu Province, close to the busiest golden waterway in China — — The Yangtze River section at the lowest reaches of the Yangtze River is the largest private shipbuilding base in China.

　　Yang Qiang, Deputy Commissioner of Jingjiang Customs:The total import and export volume of private enterprises in Jingjiang accounts for more than 90% of local foreign trade, among which the proportion of shipping enterprises has been increasing in recent years, and it has exceeded 70% this year, which shows that Jingjiang shipbuilding has become a huge driving force for foreign trade development.

　　At the dock of a shipbuilding enterprise in Jingjiang, two cargo ships about to be exported to Singapore are docked. In the first half of this year, this shipbuilding company alone signed more than 70 new export orders for ships.

　　Chen Yajun, Marketing Minister of Jingjiang Shipbuilding Enterprise:In June alone, 48 ships were signed. Last year, we only took more than 40 ships. At present, the annual processing steel weight of our three docks is about 500,000 tons.

　　CCTV reporter Ye Huan:With an annual consumption of more than 500,000 tons of steel, about 12 national stadiums can be built, which is the external steel structure of the Bird’s Nest. At first, wooden ships were mainly built here, but now Jingjiang shipping enterprises can not only build the world’s largest container ships, super-large crude oil ships, super-large ore ships, but even some special ships.

　　Chen Yajun:Since 1996, when we started to build 10,000-ton ships, we have (produced) four, five and six ships a year, and now it has reached (manufactured) more than 30 ships (10,000-ton ships). If a ship starts to deliver, it should not exceed 12 months. We are fast, and some of them reach 10 months (delivery date).

　　Ship orders, long production cycle. For shipowners, the market is changing rapidly, and it is very important to get a new ship on time. In recent years, Jingjiang has introduced new quality productivity, promoted the deep integration of digital shipbuilding and intelligent shipbuilding, continuously shortened the ship design and production cycle and improved the construction efficiency.

　　Sun Quan, Director of Development Office of Ship Research Institute of Jingjiang Shipbuilding Enterprise:Through optimization, we have adjusted the installation, debugging and delivery of equipment from the past 120 days to 45 days.

　　Du Zhengyu, Director of Jingjiang Bureau of Industry and Information Technology:Since the beginning of this year, we have also focused on promoting the construction of intelligent plane segmented production workshops in shipbuilding enterprises, with an overall investment of over 1.7 billion yuan, which greatly improved production efficiency.

　　Over the past 20 years, this shipping company has built more than 400 different kinds of 10,000-ton ships. "Big man" also has great wisdom. Jingjiang shipbuilding enterprises have continued to develop and build green energy ships in recent years, and LNG dual-fuel ships with dual power of fuel and natural gas are independently developed and designed by enterprises.

　　Sun Quan:After we use LNG (fuel), the emission of carbon dioxide can be reduced by 20%, and the emission of nitride sulfide can be reduced by 98% to 100%.

　　From building wooden ships to building high-end ships, from building 10,000-ton ships to building 400,000-ton ships now. Through scientific and technological innovation, the introduction of new materials, new technologies and new processes, and the promotion of new quality productivity, Jingjiang’s shipbuilding industry has continuously achieved leapfrog development.

　　Du Zhengyu:LNG dual-fuel ships and super-large container ships, which represent the most advanced shipbuilding technologies in the world, have been fully blossomed in Jingjiang. At present, the proportion of new energy green ships in Jingjiang has exceeded 50%.

　　As a pillar industry of Jingjiang, shipbuilding industry has driven more than 60,000 people to obtain employment, accounting for 10% of the total local population. According to the data of China Shipbuilding Industry Association, it takes more than 20 million parts to build a ship, with a long supply chain and a high degree of industrial relevance. However, Jingjiang, Jiangsu Province currently has more than 200 ships and supporting enterprises, which has formed an industrial pattern with complete chains and concentrated distribution.

　　Single Champion of Anchor Chain: From "Small Workshop" to "Little Giant"

　　There is an enterprise specializing in the production of anchor chains in Jingjiang, with an annual output of 300,000 tons. The marine anchor chains and mooring chains produced by the enterprise account for more than 60% of the global market, and it is a national single champion enterprise in manufacturing. The deep-sea mooring chain independently researched and developed by enterprises broke the foreign monopoly for 30 years in one fell swoop.

　　Guo Lianchun, sales manager of Jingjiang Anchor Chain Enterprise:Like (diameter) 220 mm (anchor chain), it is the largest product in the global industry in our whole industry.

　　Mida, Chief of Industry and High-tech Development Section of Jingjiang Development and Reform Commission:This anchor chain enterprise started as a village-run enterprise, and 70% of its products are exported, leading to the compilation of the world’s first international standard dedicated to marine mooring chains.

　　In the production workshop of the enterprise, there is a deep-sea anchor pile weighing 120 tons, which has been successfully applied to the construction of deep-sea drilling platforms in China.

　　Guo Lianchun:The design life is basically more than 20 years, that is to say, if my anchor is driven in, it cannot be displaced within 20 years. In the oil and gas industry, our global share is now over 50%.

　　Cultivating new quality productive forces requires not only new technologies, but also new modes of production and new development ideas. In recent years, this anchor chain enterprise has extended from "deep sea" to "land", and developed and produced chains for coal mining.

　　Guo Lianchun:In 2023, compared with 2022, the supply of mining chain has increased greatly. For the mining chain industry, half of them are imported, and our (goal) is mainly to replace domestic imports.

　　Jiangsu: "Hydrogen" Initiates New Future Development and New Kinetic Energy

　　In Jiangsu, it is not only the traditional industries that introduce new quality productivity, but also a number of future industries that can open up a world in the international market. For example, hydrogen energy, hydrogen energy locomotives and hydrogen energy bicycles have been exported to many countries and regions in the world.

　　In a locomotive manufacturer in Changzhou, several Kenyan customers are learning about the hydrogen energy locomotives made in China.

　　Kenyan customers:The purpose of this talk is to buy locomotives. We are very impressed by hydrogen-powered locomotives, and we are also interested in environmental protection. We want to reduce carbon emissions.

　　This green hydrogen locomotive will be exported from Changzhou to Chile in August this year. According to reports, the power of this hydrogen energy locomotive is 1000 kilowatts, which can save about 400 thousand yuan in fuel cost a year compared with diesel locomotives with the same working conditions.

　　Wei Zhimin, Director of International Marketing Department of CRRC Qishuyan Company:This is the hydrogen storage tank of hydrogen on our hydrogen-fueled locomotive. A hydrogen tank is about one kilogram of hydrogen.

　　Hydrogen energy, a rising star in the new energy field, not only shows its talents in industry, but also begins to enter our daily life slowly.

　　Ye Huan:This is the world’s first foldable hydrogen bicycle. By making 200 liters of hydrogen from 200 ml of water, this hydrogen bicycle can be driven for about 40 kilometers.

　　This hydrogen energy bicycle manufacturer has put more than 8,000 shared bicycles in 10 cities in China and exported them to South America, Europe, Australia and other regions.

　　Chen Li, Marketing Director of Changzhou Hydrogen Energy Bicycle Company:It uses a low-pressure solid hydrogen storage technology, and its bottle mouth is designed with a pressure reducing valve. Even if it is burned on a fire and the pressure reaches 8 MPa, it will automatically release the pressure, and it will not spontaneously ignite or explode.

　　For hydrogen energy vehicles, the hydrogen fuel cell stack is the "heart" of the hydrogen fuel cell system. The 300 kW hydrogen fuel cell stack produced by this enterprise in Yangzhou, Jiangsu Province has been identified as the largest hydrogen cell stack in China at present, which can meet the demand of continuous high-speed operation of heavy trucks under full load. At present, their products have been sold to overseas markets such as Britain, Japan and Brazil.

　　Wei Feng, Project Manager of Yangzhou Hydrogen Fuel Cell Company:At present, the application scenarios of our stack have been extended from the "fixed" power reserve field to the "mobile" vehicle-mounted field, and the hydrogen fuel cell stack can meet all vehicle-mounted application scenarios.

　　At present, there are more than 300 enterprises and institutions related to the hydrogen energy industry chain in Jiangsu, accounting for 8.5% of the national total, forming an important hydrogen energy industry cluster in China.

CCTV News:The National Bureau of Statistics released today (October 9) that since the 18th National Congress of the Communist Party of China, China has made overall plans to promote high-quality development, build a new development pattern, and promote the high-quality development of the "Belt and Road" initiative.

By the end of 2021, China had signed more than 200 cooperation documents with 145 countries and 32 international organizations to jointly build the Belt and Road Initiative.

Substantial progress has been made in the landmark project of "six corridors and six roads, multi-country and multi-port". The whole line of China-Laos Railway was put into operation, and the "two major" highways in the China-Pakistan Economic Corridor were successfully completed and handed over to traffic.

2013— In 2021, the total import and export value of China and countries along the Belt and Road increased from 6.5 trillion yuan to 11.6 trillion yuan, with an average annual growth rate of 7.5%, accounting for 25% of China’s total foreign trade value in the same period; Direct investment in countries along the route totaled 161.3 billion US dollars, with an average annual growth rate of 5.4%. Countries along the route have invested and set up 32,000 enterprises in China, with an actual accumulated investment of 71.2 billion US dollars.

The construction of cooperative parks has developed vigorously. By the end of 2021, overseas economic and trade cooperation zones were distributed in 46 countries, with an accumulated investment of 50.7 billion US dollars and taxes and fees paid to the host country of 6.6 billion US dollars, creating 392,000 local jobs.

The supporting role of multilateral financial cooperation has emerged. As of October 2021, the number of members of the Asian Infrastructure Investment Bank has increased from 57 when it started operation to 104, which is second only to the World Bank.

By the end of 2021, China had established scientific and technological cooperation relations with 84 co-established countries, supported 1,118 joint research projects, and invested a total of 2.99 billion yuan.

On November 30th, with the launch of six power stations,The high-speed power exchange network in Hubei section of G50 Shanghai-Chongqing Expressway was officially opened.. It fills the gap in Qianjiang and Huanggang areas, which can not only meet the urban traffic, but also provide convenience for intercity travel. In addition, there is an overcharge station online.

The Hubei section of G50 Shanghai-Chongqing Expressway has a total length of 700 kilometers, with a total of 10 power exchange stations along the way, starting from Huanggang in the east and passing through Huangshi, Wuhan, Xiantao, Qianjiang, Jingzhou and Yichang in the west to Enshi. It is a traffic trunk line that traverses Hubei and forms a cross-shaped high-speed power exchange network with G4 Hubei section. In the future, based on this, Weilai will continue to lay out other high-speed charging and replacing facilities in Hubei to ensure that users and friends can travel in Hubei without worry.

Weilai Power Station | G50 Shanghai-Chongqing Expressway Gaojiayan Service Area Chongqing Direction

The new station is located in Gaojiayan service area of G50 Shanghai-Chongqing Expressway, about 192 kilometers away from Enshi Tujia and Miao Autonomous Prefecture, and the travel time is about 2 hours and 41 minutes. It is about 181.2 kilometers away from Jingzhou, and the journey time is about 2 hours and 8 minutes. The launch of the station will greatly improve the travel convenience of Wuhan-Chongqing section.

Weilai Power Station | G50 Shanghai-Chongqing Expressway Gaojiayan Service Area

Unique shape, cornices, shaped like Tujia diaojiao building, a building with national characteristics, hidden among thousands of trees and green cages. The new station is located in Gaojiayan service area of G50 Shanghai-Chongqing Expressway, about 376 kilometers away from Wuhan, and the travel time is about 4 hours and 58 minutes, which provides a convenient experience for users who travel long distances on this section!

Weilai Power Station | G50 Shanghai-Chongqing Expressway Qianjiang Ecological Lobster City

The new station is the 26th power station in Hubei and the 671st power station in China. The station is 3.1 kilometers away from the Qianjiang entrance and exit of G50 Shanghai-Chongqing Expressway, and it takes about 7 minutes by car. The launch of the new station fills the gap of power exchange resources in Qianjiang area, and together with 28 other power exchange stations in Hubei area, it will provide matrix energy replenishment services for all friends, starting at any time and place with full power.

Weilai Supercharge Station | G50 Shanghai-Chongqing Expressway Jiangxia Service Area Chongqing Direction

The new station is located in Jiangxia service area of G50 Shanghai-Chongqing Expressway, which is the 27th power exchange station in Hubei. The service area has complete facilities and meets the basic conditions of two-way communication. The launch of this power exchange station will also be more convenient for users and friends to travel between cities.

Weilai Power Station G50 Shanghai-Chongqing Expressway Jiangxia Service Area Shanghai Direction

The new station is the 28th power exchange station in Hubei province and the 673rd power exchange station in China, which can not only provide users and friends who pass through here with a convenient energy-replenishing experience, but also meet their one-stop needs such as rest and dining.

Weilai Power Station | G50 Shanghai-Chongqing Expressway Huangmei Service Area Shanghai direction

The new station is located in Huangmei service area of G50 Shanghai-Chongqing Expressway, at the junction of Hubei, Anhui and Jiangxi provinces, and near the Buddhist holy places of Wuzu and Sizu Temple. Huangmei County is not only the "thoroughfare of seven provinces" and "the gateway to eastern Hubei", but also the birthplace of Zen Buddhism and Huangmei Opera, one of the five major operas in China, and the famous "hometown of picking flowers" in China. Users and friends are welcome to punch in and play.

Weilai Supercharge Station | G50 Shanghai-Chongqing Expressway Qianjiang Ecological Lobster City

Weilai Supercharge Station | G50 Qianjiang Ecological Lobster City of Shanghai-Chongqing Expressway is adjacent to Weilai Power Station, and there are four supercharged piles inside, which will provide a fast and convenient way for all electric vehicles to recharge their energy at any time and leave if they want.

Hubei regional charging and replacing power resources

Up to now, there are 29 power exchange stations, 17 overcharge stations and 7 destination charging stations in Hubei, and 17,250 third-party charging piles are connected.

Weilai National Buneng Network

By November 30th, we had set up 678 power stations in China, including 143 expressway power stations, 516 and 2,940 overcharged stations, 598 and 3,307 destination charging stations, and connected more than 430,000+ third-party charging piles.

In the future, we will speed up the layout of the charging and replacing network, so that more users can really feel the car experience that charging is more convenient than refueling!

　　Cctv newsAccording to the website of the Ministry of Agriculture and Rural Affairs on the 21st, in recent years, the Ministry of Agriculture and Rural Affairs has guided all localities to solidly promote the purification and regionalization management of animal diseases, speed up the construction of national animal disease purification fields, epidemic-free communities and epidemic-free areas (hereinafter referred to as "one field and two districts"), promote the improvement of biosafety management level in all links, and make positive progress. Up to now, a total of 605 "one farm and two districts" have been built in China, including 262 national animal disease purification farms, 334 epidemic-free communities and 9 epidemic-free areas.

　　From the distribution area, "one site and two districts" covers 31 provinces in China and Xinjiang Production and Construction Corps, among which the top 10 provinces are Guangxi, Shandong, Henan, Guangdong, Fujian, Shaanxi, Hunan, Jiangxi, Guizhou and Zhejiang, accounting for 55% of the national total. From the perspective of purifying diseases, "one field and two districts" involves 29 major animal diseases, such as African swine fever, highly pathogenic avian influenza, brucellosis, pseudorabies, avian leukemia and pullorum, and major zoonotic diseases and major vertical transmission animal diseases. Among them, African swine fever-free communities have the largest number, accounting for 46%. From the main types, animal disease purification farms are all large-scale livestock and poultry farms, mainly breeding livestock and poultry farms; The epidemic-free areas are mainly large-scale livestock and poultry farms, and some epidemic-free areas include auxiliary production units such as slaughtering, feed processing, harmless treatment and cleaning and disinfection; Non-epidemic areas are led by local governments and are part or all of the geographical areas of the province where they are located.

　　In the next step, the Ministry of Agriculture and Rural Affairs will continue to promote the purification and regional management of animal diseases, constantly improve the support policies and market mechanisms, accelerate the construction and evaluation of "one field and two districts", and continuously improve the biosafety protection level of the whole chain and the regional comprehensive epidemic prevention capacity through typical guidance and demonstration, so as to provide more powerful support for maintaining the production safety of animal husbandry, public health safety and national biosafety.

In recent years, China Mobile Guangdong Company has accelerated the construction of Gigabit broadband, and has built more than 54 million optical ports in the province, with more than 23 million home broadband users, including nearly 5 million Gigabit broadband users, and launched a 2000M ultra-high-speed broadband service.

FTTR all-optical WiFi networking service. Photo courtesy of China Mobile Guangdong Company

It is understood that there is a saying in the communication industry that "Gigabit is easy to enter the house, but 100 Mbps is difficult to enter the house", which means that although Gigabit broadband fttp has been realized, the WiFi signal in some areas of the house is weak due to unreasonable router placement, wall blocking signals and other reasons, which affects the online experience, and some users even mistakenly think that there is a problem with broadband quality. In order to solve the "last ten meters" network perception bottleneck of gigabit home, Guangdong Mobile and Huawei jointly launched FTTR all-optical WiFi networking service, which was launched commercially in Shantou in September 2020, and promoted the upgrade of "fttp" to "fiber-to-room". Up to now, more than 150,000 mobile broadband users in the province have used this service.

According to the relevant person in charge of Guangdong Mobile, the all-optical networking adopts the "1-N mode", that is, one optical gateway plus n optical routes, and each room is equipped with an optical route, and each optical route is directly connected with the optical fiber, truly realizing the whole house WiFi without dead ends. With the help of WiFi seamless roaming technology, when users go to different rooms, the network automatically switches without feeling. The peak download rate of 2000M broadband can reach 250MB/s, and a high-definition movie can be downloaded in ten seconds. Multi-terminals can watch 4K/8K ultra-high-definition videos online, play large-scale online games and even VR/AR games at the same time, and there will be no jam.

"With the support of ultra-high-speed broadband, new applications such as cloud computers and cloud games will develop rapidly." The relevant person in charge said that the cloud computer has no hardware such as CPU, memory and hard disk. Compared with purchasing a physical computer, the cost is lower, and users can access the data stored in the cloud and use various applications by accessing the network. Cloud games put operations, rendering, storage and other links in the cloud server, and the game screen is transmitted to the local screen in real time. With the ultra-high-speed broadband guarantee, large-scale games can be played smoothly with low-configuration terminals.

In addition, the 2000M+FTTR all-optical WiFi networking supports the parallel access of more than 200 smart devices, which not only meets the Internet demand of computers, tablets and mobile phones, but also provides sufficient space for the increasing access of smart home appliances, smart security, smart pension and other devices in the digital home scene.

It is reported that Guangdong Mobile is making efforts to build a professional team of intelligent engineers to provide users with convenient and efficient networking services. For users who choose FTTR all-optical WiFi networking, engineers come to the door to tailor the solution according to the actual situation, such as laying invisible optical fibers to the room, and will make every effort to install and repair the same day.

While vigorously promoting the upgrade of home broadband, Guangdong Mobile has also launched Zhenzhi e enterprise networking service for small and medium-sized enterprises to support thousands of businesses to improve quality and efficiency. FTTR-B networking services include professional engineers’ door-to-door, networking scheme design, personalized application customization, WiFi coverage optimization, intranet rectification and optimization, integrated wiring construction, equipment installation and debugging, network inspection and operation, worry-free after-sales and other whole-process integrated services, covering an area of 3,000 square meters, providing applications such as Gigabit broadband, Gigabit WiFi and cloud computers for small and medium-sized enterprises, and deeply meeting the needs of corporate office and cloud access. (Park Xin-yu)

　　"The COVID-19 epidemic can be called a pandemic in terms of characteristics." On March 11th, local time, at a regular press conference held in Geneva, Switzerland, Tedros Adhanom Ghebreyesus, Director-General of the World Health Organization, announced this judgment, which attracted global attention.

　　WHO defines pandemic as "the widespread spread of a new disease around the world". At the end of January, WHO declared the COVID-19 epidemic as a "public health emergency of international concern", and now it has been declared as a global pandemic, which means that the global spread of the virus has not been curbed, and the severity and difficulty of response have increased.

　　The alarm bell has sounded, and the global anti-epidemic has reached a critical moment. In a speech, UN Secretary-General Guterres said that this announcement by WHO is a "clarion call for global action". In the face of the epidemic, it is urgent for all countries to join hands to fight.

　　What is a pandemic?

　　In 2010, the WHO website gave a simple definition of pandemic, that is, a new disease spread around the world. Among them, influenza pandemic refers to the spread of influenza virus around the world, and most people have no immunity to the virus.

　　Prevalence, infectivity and trans-regionality — — According to the standards currently adopted by WHO, a pandemic must meet these three conditions. The pandemics recognized by WHO or recognized by history mainly include the Black Death in 14th century, smallpox at the end of 19th century, and Spanish influenza in 1918. The latest pandemic recognized by WHO was the outbreak of influenza A (H1N1) from the United States and Mexico in 2009, which affected 214 countries and regions around the world for 16 months, infected at least 60 million people and caused 18,500 deaths.

　　Pandemic is not a strict definition, but a vague concept; The main consideration in defining a pandemic is not the virulence and mortality of the virus, but the scope of the virus. WHO originally divided the influenza warning level into six levels, of which five to six levels were human-to-human transmission worldwide, and the highest level was influenza pandemic, which indicated that an influenza virus broke out at the community level in at least one country outside the origin of the epidemic and posed a global spread threat.

　　In an interview with the media in late February, Jasarevic, a spokesperson for WHO, said that at present, WHO no longer uses six-level classification to evaluate infectious diseases such as influenza, but has changed to four stages: intermittent phase, alert phase, pandemic phase and transition phase.

　　In that case, why did WHO still declare COVID-19 as the first "pandemic" coronavirus infectious disease?

　　Margaret Harris, a spokeswoman for WHO, once said, "If the epidemic trend in novel coronavirus meets the standards of previous pandemics, WHO may use ‘ in communication; Pandemic ’ The word ",and the current epidemic situation has met the epidemiological conditions that constitute a global pandemic. At the same time, Tedros Adhanom Ghebreyesus also gave the judgment basis at the regular press conference on March 11th: first, based on the current spread speed, scale and severity of the virus; second, there are still countries that have not paid enough attention to and failed to prevent and control the major epidemic.

　　The global epidemic situation is worrying. In the past two weeks, the number of confirmed cases in COVID-19 outside China has increased by 13 times, and the number of affected countries and regions has increased by 2 times; At present, there are more than 125,000 confirmed cases and more than 5,000 deaths in more than 120 countries and regions. In the next few weeks, it is expected that the number of confirmed cases, deaths and the number of affected countries and regions will further increase.

　　In addition to the epidemic itself, the current lack of prevention and control in some countries has made the international community more worried. Tedros Adhanom Ghebreyesus said on March 10th that the number of confirmed cases in COVID-19 in China has obviously decreased recently, the situation of China epidemic has been reversed, and the virus is retreating. WHO has repeatedly called on the international community to make full use of the "window of opportunity" won by China to curb the spread of the virus as soon as possible, but some countries have not grasped this window well.

　　The pandemic sounded the alarm.

　　According to WHO’s daily epidemic report, as of 10: 00 central European time (17: 00 Beijing time) on March 12, the number of confirmed cases in COVID-19 outside China increased by 6,703 compared with the previous day, reaching 44,067; The number of deaths increased by 310 compared with the previous day, reaching 1440.

　　The global epidemic situation is grim, and the alarm is "loud and clear". The cumulative number of confirmed cases in European countries exceeded 30,000, and confirmed cases occurred in 27 countries of the European Union, among which the number of Italian infected people exceeded 15,000, and the cumulative number of deaths exceeded 1,000. Italian Prime Minister Conte announced on the evening of March 9, local time: starting from March 10, Italy will implement a nationwide city closure ban, and asked all commercial activities in Italy to stop except pharmacies and supermarkets that supply daily necessities. The number of infected people in France, Spain and Germany has also risen rapidly. As of March 12, the total number of confirmed cases in the three countries has exceeded 8,000.

　　"No EU country has responded to the Commission’s appeal. This does not bode well for European unity. " On March 10th, Mauricio Massari, Italian ambassador to the EU, published a signed article criticizing the EU and its member States for their slow assistance. "The Covid-19 crisis is not just a matter for a certain country, it is a ‘ European crisis ’ 。”

　　After it was revealed by the media last week that German customs intercepted a batch of masks in Switzerland, Germany once again seized a batch of gloves that should have been shipped to Switzerland this week. The situation that the EU member states are fighting each other will undoubtedly increase the difficulty of fighting the epidemic. On the evening of March 10th, local time, the heads of state of EU member states held a video conference to reflect on the current situation of ineffective response to the epidemic and discuss the next steps, and identified four urgent tasks, including limiting the spread of the virus and ensuring the supply of medical equipment, and set up an investment fund with a total amount of 25 billion euros to fight the epidemic.

　　In the United States, located on the other side of the Atlantic, the epidemic situation is also not optimistic. On March 12th, the three major stock indexes of new york stock market plunged at the opening of the day, with a drop of more than 7%. The plunge caused the US stock market to trigger the fuse mechanism again and suspend trading for 15 minutes. The soaring number of confirmed cases and the "avalanche" in the capital market are disintegrating the previous optimism in the United States.

　　On March 11, US President Trump delivered a national speech, announcing the US-Europe travel ban and canceling the campaign to be held in Colorado and Nevada. At the same time, the panic and dissatisfaction in American society are growing day by day, and the criticism of the government’s inaction in dealing with the epidemic is one after another. Robert redfield, director of the US Centers for Disease Control and Prevention, said at a congressional hearing on March 10th that some parts of the United States have missed the window of opportunity to contain the epidemic. When asked by Congressman Harley Rhoda that "some people in the United States may have died of flu on the surface, but in fact they may have died in COVID-19", redfield confirmed the above situation for the first time.

　　The epidemic situation in the Middle East continues to spread. More than 10,000 cases have been diagnosed in Iran, the "hardest hit area", and many political figures have been recruited one after another, including two vice presidents. On March 11th, the epidemic situation in Qatar, which faces Iran across the sea, took a turn for the worse, announcing a sudden increase of 238 confirmed cases in a single day, increasing the number of confirmed cases from more than 20 to 263, making it the country with the largest number of confirmed cases in the Middle East except Iran. The number of new cases in South Korea and Japan began to decline, and the prevention and control measures have achieved initial results, but they have not been completely contained. According to the report of the Central Epidemic Prevention Countermeasures Headquarters of South Korea, as of 0: 00 local time on March 13th, South Korea has added 110 confirmed cases in the past 24 hours, with a total of 7979 confirmed cases. As of 10: 30 local time on March 13th, the number of confirmed cases in COVID-19 in Japan has increased to 690, and there are 697 confirmed cases on the cruise ship "Diamond Princess" docked in Yokohama, Japan.

　　This time, COVID-19 is the first coronavirus infectious disease known as pandemic in history. In 1965, British scientist Terry discovered coronavirus in the experiment of 20,000 volunteers voluntarily catching cold, and this virus is the chief culprit of a series of infectious diseases such as influenza. At present, seven kinds of pathogenic coronaviruses have been found in human beings, including SARS in 2003, which was transmitted to humans by the atypical pneumonia virus carried by bats through the intermediate host civet cats; In 2012, the Middle East Respiratory Syndrome (MERS) coronavirus was hosted by camels, and it was brought back to South Korea by a Korean after the outbreak in the Middle East, causing large-scale spread. At the end of 2019, the coronavirus once again came to the fore.

　　However, while the world is concentrating on fighting the COVID-19 epidemic, some countries are still neglecting to respond, and even busy "throwing the pot" to blame, attacking and discrediting, failing to make effective use of precious window time, which is also one of the reasons why the global epidemic has become more severe. Faced with the virus threat full of unknowns and changes, Tedros Adhanom Ghebreyesus has repeatedly stressed that all countries "need facts, not fears", "need science, not rumors" and "need unity, not stigma".

　　How does the world respond?

　　"People have never paid so much attention to a word (pandemic). Let me give you some more important and feasible words: prevention, preparedness, public health, political leadership, and most importantly, people. " WHO said that calling this epidemic a pandemic will not change what WHO is doing or what countries should do.

　　WHO summarizes the overall strategy that countries must adopt to prevent infection, save lives and minimize the impact into four main points: preparation, response at any time, detection, protection and treatment, reduction of transmission, and innovation and learning. According to the "Prevention and Response to Pandemic Influenza" previously published by WHO, if the epidemic enters the pandemic stage, WHO and governments should take a series of countermeasures, including strengthening cooperation between national health institutions and international organizations, sharing information, providing humanitarian assistance to countries with insufficient medical resources, accelerating vaccine research and development and approval of antiviral drugs, taking measures to reduce or suspend activities that cause public gathering, and issuing travel warnings.

　　Describing COVID-19 epidemic with pandemic does not mean that the epidemic is out of control. On the contrary, thanks to strict and proven measures taken by some countries, including China, WHO says that countries can not only change the course of COVID-19 pandemic, but it will be the first controllable pandemic in history.

　　"This epidemic has made us deeply realize that the world is a whole, and countries depend on each other and only sweep ‘ Snow in front of your house ’ It won’t work. " Professor Jin Canrong, deputy dean of the School of International Studies at Renmin University of China, said in an interview that the international community must jointly prevent and control the epidemic, strengthen mutual assistance and cooperation in scientific research, epidemic monitoring, information sharing and medical assistance, and build a community of destiny to fight the epidemic.

　　In this regard, China has put it into action. At 22: 31 local time on March 12th (at 5: 31 Beijing time on the 13th), a 9-member expert group formed by the National Health and Wellness Commission and the China Red Cross flew from Shanghai to fiumicino Airport in Rome with 31 tons of medical supplies, after more than 10 hours’ flight, to support the prevention and control of the epidemic in COVID-19. This is the third team of medical experts sent by China after supporting Iran and Iraq.

　　After the outbreak, China released information openly and transparently, took the initiative to share the virus gene sequence with other countries in time, and gained valuable time for the international community to fight the epidemic through strong prevention and control measures; When the epidemic situation showed a positive trend and the prevention and control measures achieved good results, China sent anti-epidemic expert groups to Iran, Iraq and Italy, and provided anti-epidemic materials such as masks, medicines and protective clothing to Japan and South Korea. The government of China has also donated 20 million US dollars to the World Health Organization to export much-needed medical materials and equipment to some countries, and local governments and non-governmental organizations have also lent a helping hand to other countries.

　　Countries take corresponding prevention and control measures according to their national conditions, and the "China experience" can help countries to take less detours. Bruce Aylward, the foreign leader of the China-WHO joint expert inspection team in COVID-19, said that China is currently the country with the most experience and achievements in dealing with the COVID-19 epidemic in the world; China’s anti-epidemic methods can be replicated. With China’s experience, other countries don’t have to start from scratch.

　　On March 12th, the National Health and Wellness Commission and the World Health Organization jointly held an international briefing on sharing the experience of preventing and treating China in COVID-19 by multi-site video link. Ma Xiaowei, director of National Health Commission, shared China’s anti-epidemic experience from eight aspects, saying that "China’s prevention and control strategies, methods, technologies, standards and cases have stood the actual test and are willing to share them with the international community to help maintain global health and safety". On the same day, in the First Affiliated Hospital of Guangzhou Medical University, Academician Zhong Nanshan and the intensive care team of the hospital had a multi-party video connection with experts from Harvard Medical School and intensive care in the United States to discuss cooperation on clinical research in COVID-19.

　　Eighty-five years ago, Hans Zinser, an American epidemiologist, warned in his classic book Mice, Lices and History: A New History of Human Destiny that no matter how safe and orderly modern civilized life seems, bacteria, protozoa and viruses always lurk in the shadows. As long as people let their guard down, they will attack.

　　There are 800 million viruses in every square meter of space on the earth. Whether in the past, present or future, it is the common goal of all mankind to recognize and defeat viruses. At present, the "patient zero" in COVID-19 has not been found, and there are still many unknowns about the origin, spread and evolution of Covid-19, which need to be answered by researchers from all over the world.

　　"The virus has no borders, and the unity and cooperation shown by people, medical personnel and researchers in various countries in the face of the epidemic shows that the concept of a community of human destiny has been deeply rooted in the hearts of the people." Pierre piccard, a professor at the University of Paris VIII, said.

　　Under the epidemic situation, all countries share the same fate, and only by watching and helping each other can we overcome the difficulties together. As the Supreme Leader General Secretary pointed out in his reply to Bill Gates: "I have always said that human beings are a community of destiny. Unity and cooperation are the most powerful weapons to overcome epidemics that affect the safety of people in all countries. "

[car home Ningbo Preferential Promotion Channel] Recently, Ningbo is welcoming a wave of substantial price reduction concessions, with the highest discount amount reaching 148,900 yuan. At present, the minimum starting price of this model has been adjusted to 379,900 yuan. If you are interested in BMW i4, you might as well seize this opportunity and click "Check the car price" in the quotation form to get a higher discount.

BMW i4 adopts a futuristic design, and its front face adopts the iconic kidney-shaped air intake grille. However, unlike traditional fuel vehicles, i4′ s grille adopts a closed design, which highlights its status as a pure electric vehicle. In addition, the LED headlights on both sides of the grille are sharp and complement the design of the diversion port below, making the whole front face look more dynamic and full of technology. On the whole, the design of BMW i4 is simple and powerful, which shows the luxury and sports style of BMW family.

BMW i4 has a body size of 4785*1852*1455mm and a wheelbase of 2856mm. The body lines are smooth and elegant, with a front track of 1601mm and a rear track of 1630mm, which ensures the stability and handling performance of the vehicle. Tyre size is the front 245/45 R18 and the rear 255/45 R18. With fashionable and dynamic rim design, it gives the vehicle a more dynamic visual effect.

The interior design of BMW i4 is simple and luxurious, which shows the perfect integration of technology and sports. The center console is equipped with a 14.9-inch large central control screen, which supports voice recognition control such as multimedia system, navigation, telephone and air conditioning, and is easy to operate. The steering wheel is made of genuine leather, with manual up-and-down and forward-and-backward adjustment functions, ensuring that the driver can comfortably control the steering wheel in various driving postures. The car is also equipped with four USB and Type-C interfaces in the front and rear, which is convenient for passengers to charge electronic equipment. In terms of seats, i4 provides a variety of material choices, including imitation leather, genuine leather and fabric/suede mix-and-match. The main and auxiliary seats have the functions of front and rear adjustment, backrest adjustment, height adjustment, leg rest adjustment and lumbar support to ensure a comfortable riding experience. The front seats also have a heating function to keep the driver warm in cold weather. In addition, the driver’s seat is also equipped with an electric seat memory function, which is convenient for quickly adjusting the seat position. The rear seats support proportional reclining, providing extra storage space.

BMW i4 is equipped with a powerful motor with a maximum power of 250 kW, which can instantly burst into a maximum torque of 430 Nm, bringing excellent acceleration performance and driving pleasure to drivers.

It is said that the configuration parameters of Series I’s 3, 5 and X3 are almost the same, but the shell is different, and he willfully spent more than 100,000 yuan to choose BMW i4, mainly because of its high value and personalized design. As an imported model, BMW i4′ s big nostril design can make people see its uniqueness at a glance. Every time they drive out, others often guess the price at around 600,000, which makes him feel a little embarrassed.

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　　Introduction: With the mass production of the 7-speed DSG gearbox equipped with LuK dry dual clutch, the DSG gearbox has entered a new stage, and the dual clutch of the dual clutch transmission DSG took five years from wet to dry.

　　With the mass production of the 7-speed DSG gearbox equipped with LuK dry dual clutch, the DSG gearbox has entered a new stage, and the dual clutch of the dual clutch transmission DSG took five years from wet to dry.

　　The latest 7-speed DSG gearbox is instructive for the future development of automobile dual clutch system, which brings convenience, movement and comfortable driving experience. Since Volkswagen put into the market in 2003, the six-speed DSG dual-clutch automatic transmission has opened a new era of transmission, which is inseparable from the vigorous investment of Volkswagen in new technology and the vigorous expansion of parts manufacturers in the field of new technology. Standing behind Volkswagen’s first-generation DSG is Borg Warner, who is providing wet dual clutches for Volkswagen DSG, and who will stand behind the second-generation DSG?

　　In the spring of this year, Volkswagen released a 7-speed DSG gearbox. Except for adding a gear, the biggest difference with the 6-speed DSG is that it adopts a dry dual clutch. This time, which component manufacturer provided the core component-dry dual clutch for the public? That is LuK Company, headquartered in Buehl, Baden, Germany. As an expert in clutch and gearbox system in the industry, it has developed this latest dry dual clutch through close cooperation with Volkswagen. In terms of fuel economy, it is better than the gearbox equipped with wet double clutch, and compared with the traditional manual gearbox, it can save fuel consumption by about 6%.

Wet dual clutch produced by Borgwarner

　　The birth of double clutch makes the phenomenon of power interruption and passengers "nodding" when shifting gears become history. As the heart of DSG gearbox, the working principle of LuK dry dual clutch is simple: LuK’s dual clutch consists of two clutches. One of the clutches is connected with the odd gear input shaft of the gearbox: 1st gear, 3rd gear, 5th gear and 7th gear; The other clutch controls the input shaft of even gears: 2nd gear, 4th gear, 6th gear and reverse gear. For example, when the vehicle is driving in 2nd gear, 3rd gear is already in gear (only the 3rd gear clutch is not engaged). Therefore, the whole shift process can be carried out quickly, smoothly and without torque interruption. The shift is completed by electro-hydraulic control mechanism, and the driver can hardly feel the instantaneous shift and the opening and closing of a single clutch.

　　The 6-speed DSG’s multi-plate dual clutch runs in the cooling oil tank in a "wet" way, while the LuK’s dual clutch has a dry structure. The torque transmission of wet dual clutch is realized by wet clutch friction plate immersed in oil, while the torque transmission of dry clutch is realized by friction plate on clutch driven plate. Because of saving the high efficiency of torque transmission of related hydraulic system and dry clutch itself, dry system greatly improves fuel economy. The same 1.9 TDI(105 PS/ 77 kW) engine with 7-speed DSG gearbox can save more than 10% fuel compared with 6-speed wet dual clutch transmission.

　　The design of "dry" double clutch has brought many benefits, the most important of which is to significantly improve the efficiency of the gearbox system. In addition, the new generation DSG gearbox eliminates the suction filter, oil cooler and high-pressure oil pipe in the gearbox housing. Like the ordinary manual gearbox, gearbox oil is only used for lubrication and cooling of gearbox gears and bearings. Therefore, the 7-speed DSG transmission oil only needs 1.7 liters of transmission oil, while the 6-speed DSG transmission oil needs 6.5 liters. Although "dry" dual clutch has many benefits, it is limited in torque transmission. The new generation DSG gearbox is suitable for all "small" engines with maximum torque less than 250 Nm.

　　Generally speaking, the dimension of dry double clutch is slightly larger than that of wet double clutch. This is determined by the layout of the double clutch and the friction material selected. Because the external dimensions of the dry dual clutch of the 7-speed DSG gearbox are slightly larger, the rest parts should be designed to be more compact, so that it can be equipped on Polo-class small cars.

　　Since 2004, LuK has started close cooperation with Volkswagen in the development of DSG damping parts. The torsional vibration absorber in this DSG technology gearbox-dual-mass flywheel is also LuK’s product. LuK’s double clutch has been shipped to Volkswagen’s transmission factory in Kassel, Germany since the beginning of 2008. LuK’s factory in Buehl has been fully prepared for mass production (about Schaeffler Group: the German-headquartered Schaeffler Group has three famous brands: INA, LuK and FAG, and is a leading manufacturer in the global automobile industry and rolling bearing industry).

　　A set of numbers about DSG gearbox

　　* 0.4 liter: Golf sedan with 122 horsepower TSI engine and 7-speed DSG.

　　The fuel consumption of the model is 0.4 liters less than that of the model equipped with a 6-speed manual transmission.

　　* 1.7 liters: 1.7 liters of transmission oil is required for the 7-speed DSG transmission.

　　* 6.5 liters: 6.5 liters of transmission oil is required for the 6-speed DSG transmission.

　　* 6 models: At present, Volkswagen has 6 models that can be equipped with a 7-speed DSG gearbox.

　　* 70kg: The 7-speed DSG gearbox weighs 70kg.

　　* 93kg: The 6-speed DSG gearbox weighs 93kg.

　　* 105 HP: At present, the "minimum" engine power matching DSG gearbox is 105 HP.

　　* 300 HP: At present, the "maximum" engine power matching DSG gearbox is 300 HP.

　　* 140℃: The maximum working environment (transmission oil) of electromechanical control module of 6-speed DSG gearbox is 140℃.

　　* 250Nm: The maximum torque of the engine matched with the 7-speed DSG gearbox is 250 nm.

　　* 350Nm: The maximum torque of the engine matched with the 6-speed DSG gearbox is 350 nm.

　　The main reason for the difference in the above data is the adoption of dry/wet dual clutch.

　　(Author: Weidong)