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　　On the afternoon of July 26th, the central bank and relevant departments drafted the Trial Measures for the Supervision and Management of Financial Holding Companies (Draft for Comment) (hereinafter referred to as the Measures). A few days ago, it officially solicited opinions from the public.

　　The central bank publicly solicited opinions on the pilot measures for supervision and management of financial holding companies.

　　In order to promote the standardized development of financial holding companies, effectively prevent and control financial risks, and better serve the real economy, the People’s Bank of China, together with relevant departments, drafted the Trial Measures for the Supervision and Management of Financial Holding Companies (Draft for Comment) (hereinafter referred to as the Measures). A few days ago, it officially solicited opinions from the public.

　　According to the central bank, financial holding companies invested by non-financial enterprises blindly expand into the financial industry and regard financial institutions as "cash machines". There is a regulatory vacuum and risks are constantly accumulating and exposed. In order to rectify and restrain the risks of financial holding groups that have actually formed in an orderly manner, and at the same time effectively regulate the increment and prevent the cross-industry and cross-market transmission of financial risks, the Measures, in accordance with the decision-making arrangements of the CPC Central Committee and the State Council, fill in the shortcomings of the supervision system, follow the concept of macro-prudential management, and conduct comprehensive, sustained and penetrating supervision on the capital, behavior and risks of financial holding companies on the basis of consolidated supervision.

　　There are 7 chapters and 56 articles in the exposure draft, the main contents of which include:

　　The first is to clarify the scope of supervision.That is, financial holding companies that meet certain conditions and whose actual controllers are domestic non-financial enterprises and natural persons shall be supervised by the People’s Bank of China.

　　For integrated financial groups formed by financial institutions investing in other types of financial institutions across industries, the relevant financial supervision departments shall implement supervision according to the Measures and be responsible for formulating specific implementation rules.

　　The second is to take market access as the first threshold for risk prevention and control., clear the qualifications of directors, supervisors and senior management personnel, and implement continuous supervision of financial holding companies during and after the event. The administrative licensing matters involved will be decided by the State Council according to law.

　　Third, strict shareholder qualification supervision., through the positive list and negative list, stipulate the conditions and prohibited acts of becoming a shareholder of a financial holding company. The major shareholder, controlling shareholder or actual controller of a financial holding company shall have prominent core business, standardized corporate governance, clear ownership structure and good financial status.

　　The fourth is to strengthen the supervision of the authenticity of capital sources and the compliance of capital utilization.. The source of funds shall be true and reliable, and non-owned funds such as entrusted funds shall not be used to invest in financial holding companies. A financial holding company shall not inject capital falsely or circularly into financial institutions.

　　Fifth, strengthen corporate governance and related party transaction supervision.. A financial holding company should have a concise, clear and penetrating shareholding structure, participate in the corporate governance of the financial institutions it controls according to law, and must not abuse its substantive control rights. Shall not conceal related party transactions and the true whereabouts of funds.

　　Sixth, improve the risk "firewall" system. Financial holding companies should establish a unified comprehensive risk management system to reasonably isolate internal cross-employment and information sharing.

　　Seventh, set a reasonable transition period.. Allow existing enterprise groups that do not meet the requirements of the Measures to carry out rectification within a certain period of time to promote a smooth transition.

　　After the public consultation, the People’s Bank of China will further revise and improve the Measures in conjunction with relevant departments according to feedback from all walks of life.

　　Here come the 20 main points.

　　From the central bank’s answer to reporters’ questions and the full text of the draft for comments, the following 20 points can be sorted out.

　　1. Why is this method formulated?

　　Financial holding companies invested by non-financial enterprises blindly expand into the financial industry, and there is a regulatory vacuum, and risks are constantly accumulating and exposed.

　　The main manifestations are as follows: First, the risk isolation mechanism is missing, and financial risks and industrial risks are cross-transmitted.

　　Second, some enterprises have complex control or benefit relationships and strong hidden risks.

　　Third, there is a lack of overall capital constraints, and some groups as a whole lack real capital that can resist risks.

　　Fourth, some enterprises improperly interfere in the operation of financial institutions, and use related party transactions to conceal their interests and harm the rights and interests of financial institutions and investors.

　　2. Penetrating supervision

　　In view of the complex structure of financial holding companies, it emphasizes the thorough supervision of equity and funds, accurately identifies the actual controller and the ultimate beneficiary, and prevents the real control relationship from being hidden.

　　Through the verification of the authenticity of the sources of funds, including the sources of funds for investment in financial holding companies and the sources of funds for investment in financial institutions, to prevent false capital injection and circulating capital injection.

　　3. The central bank implements supervision.

　　The People’s Bank of China shall supervise the financial holding companies that meet the conditions for the establishment of the Measures, and the financial supervision department shall supervise the financial institutions controlled by the financial holding companies.

　　Financial supervision departments supervise financial groups formed by cross-industry investment and holding of financial institutions. When the risk occurs, according to the principle of "who supervises, who is responsible", the corresponding regulatory body will take the lead in risk disposal. Strengthen supervision cooperation and information sharing among various departments to jointly guard against the risks of financial holding groups and financial groups.

　　4. What are the financial holding companies?

　　A financial holding company is defined as a limited liability company or a joint stock limited company that is established according to law, has substantial control over two or more different types of financial institutions, and only conducts equity investment management and does not directly engage in commercial business activities.

　　The Measures apply to financial holding companies whose actual controllers are domestic non-financial enterprises and natural persons. For financial groups formed by cross-industry investment and holding of financial institutions, the financial supervision department shall implement supervision according to the Measures and formulate specific implementation rules.

　　5. Financial institutions include the following six types:

　　Commercial banks (excluding village banks), financial leasing companies, trust companies, financial asset management companies, securities companies, fund management companies, futures companies, life insurance companies, property insurance companies, reinsurance companies, insurance asset management companies, and other financial institutions recognized by the financial management department.

　　6, to apply to the central bank in advance to set up a financial holding company.

　　Non-financial enterprises and natural persons who meet the conditions stipulated in Article 6 of the Measures shall apply to the People’s Bank of China for the establishment of a financial holding company or for the parent company of the group as a financial holding company. Among them, those who have met the requirements of Article 6 before the implementation of the Measures shall apply to the People’s Bank of China within 6 months from the date of implementation of the Measures. After the implementation of the Measures, if it intends to substantially control two or more different types of financial institutions, and it has the circumstances stipulated in Article 6 of the Measures, it shall also apply to the People’s Bank of China. Relevant implementation rules will be formulated separately.

　　7. These cases are not registered.

　　If an institution that meets the requirements for the establishment of a financial holding company fails to apply to the People’s Bank of China in accordance with the Measures, or the People’s Bank of China may, in conjunction with the relevant financial regulatory authorities, order it to make corrections. If it fails to make corrections within the time limit, it shall be ordered to transfer the equity of the financial institution it holds. Without the approval of the People’s Bank of China, a financial holding company shall not be registered as a financial holding company, and the words "financial holding", "financial control" and "financial group" shall not be used in its name.

　　8. What are the business scopes of financial holding companies?

　　The main business of a financial holding company is equity management of the financial institutions it invests in. In addition, in order to urge financial holding companies to strengthen the overall liquidity management and risk management and control of the group, so that they can provide liquidity support to the financial institutions they hold, or play a self-help role to the financial institutions they hold in case of risks, the Measures allow financial holding companies to carry out other financial businesses except equity management on the premise of obtaining approval from the People’s Bank of China.

　　9. Strictly isolate the financial sector from the industrial sector.Block, a financial holding company shall not engage in non-financial business.

　　From the perspective of based on the main business and risk prevention, financial holding companies are enterprises specializing in equity investment and management of financial institutions, and are not allowed to engage in non-financial business, so as to strictly isolate the financial sector from the industrial sector and effectively prevent cross-infection of risks.

　　Under the premise of strictly isolating risks, financial holding companies established by enterprise groups are allowed to invest in institutions related to financial business identified by financial management departments, but the book value of total investment shall not exceed 15% of the net assets of financial holding companies in principle.

　　For existing enterprises that do not meet the requirements, they are allowed to gradually adjust the proportion of investment in non-financial enterprises during the transition period. If the enterprise group as a whole is recognized as a financial holding group, its non-financial total assets shall not be higher than 15% of the total assets of the group.

　　10, positive list and negative list, clear financial holding company shareholders’ conditions.

　　Some enterprises are not strong in strength, impure in investment motives, weak in risk management and control ability and compliance management concept. They set up or become shareholders in financial holding companies only to obtain more financial licenses, or even use financial holding companies to carry out improper related party transactions and extract funds from financial institutions, which brings greater risks to financial institutions and financial holding companies.

　　The Measures clarify the conditions for becoming a shareholder of a financial holding company through a positive list and a negative list.

　　From the positive list, the major shareholders, controlling shareholders or actual controllers of financial holding companies should highlight their core business, have pure investment motives, formulate reasonable financial investment business plans, not blindly expand into the financial industry, and have perfect corporate governance structure, clear ownership structure and organizational structure, transparent shareholder and beneficial owner structure, strong management ability, effective risk management and internal control mechanism, and good financial status.

　　From the negative list, it is clear that the controlling shareholder of a financial holding company is prohibited from engaging in acts, and that it is not allowed to become a major shareholder, controlling shareholder or actual controller of a financial holding company. For example, it has made false investments and injected capital into financial institutions in a circulating way, and it has been responsible for the failure or major violations of financial holding companies or financial institutions.

　　11, strengthen the supervision of financial holding companies’ sources of funds.

　　Some enterprises, through controlling financial institutions at different levels and cross-holding financial institutions, contributed with debt funds, which pushed up the overall leverage ratio and manipulated shell companies to make false capital injection and circulating capital injection, resulting in the whole group not having much real capital to resist risks.

　　To this end, the supervision of financial holding companies’ sources of funds emphasizes authenticity:

　　First, the source of funds is true and reliable. Shareholders of a financial holding company shall invest in the financial holding company with legally owned funds, and shall not invest in the financial holding company with non-owned funds such as entrusted funds, debt funds and investment funds, and shall not entrust others or accept others’ entrustment to hold the equity of the financial holding company.

　　Second, a financial holding company shall invest in holding financial institutions with its own legal funds, and shall not make false capital injection or circulating capital injection into financial institutions, and shall not withdraw funds from financial institutions.

　　The third is to carry out penetrating management on the capital compliance of financial holding companies, check the source of funds of investment holding financial holding companies upwards, and check the source of funds of investment holding financial institutions downwards.

　　The fourth is to establish a capital adequacy supervision system.

　　12. Concise, clear and penetrating ownership structure

　　Some enterprise groups have complex ownership structure, cross-shareholding, multi-level shareholding, insufficient information disclosure, unclear beneficial owners, and nested groups within the group.

　　The Measures stipulate that a financial holding company should have a concise, clear and penetrable shareholding structure, which can be identified by the actual controller and the ultimate beneficiary, and the legal person level is reasonable, which is suitable for its own capital scale, operation and management ability and risk management and control level. The financial institution it controls shall not hold shares in reverse or cross-shareholding.

　　13, the ownership structure does not meet the need for timely rectification.

　　An enterprise group that should apply for the establishment of a financial holding company from the date of implementation of the Measures, but its shareholding structure does not meet the requirements, shall formulate a plan for the rectification of its shareholding, and after being approved by the financial management department, reduce the complexity of its organizational structure and simplify the legal person level during the transition period. In the process of equity transfer, if the assets involved in equity integration, transfer and transfer within an enterprise group are in compliance with the provisions of tax policies, they can enjoy corresponding preferential tax policies; Where the approval of shareholder qualification is involved, the financial management department shall apply the shareholder qualification conditions suitable for the financial holding company.

　　14, shall not exceed level 3.

　　After the implementation of the Measures, the newly-added financial holding companies, shareholders of financial holding companies, financial holding companies and financial institutions controlled by them shall not exceed level 3 in principle.

　　15. A financial holding company shall not abuse its substantive control rights.

　　A financial holding company shall not abuse its substantive control right, interfere with the independent operation of its controlled institutions, and damage the legitimate rights and interests of its controlled institutions and their related stakeholders.

　　16. Strengthen related party transaction management.

　　Strengthening the management of related party transactions is an important measure of strict risk isolation. In practice, some enterprises use the hidden ownership structure to transfer benefits through improper related party transactions, and regard financial institutions as "cash machines", which seriously damages the legitimate rights and interests of financial institutions and investors.

　　17. Establish a negative list of prohibited related party transactions.

　　First, financial holding companies should strengthen the management of related party transactions, and their intra-group transactions with controlled financial institutions, between controlled financial institutions and between controlled financial institutions and other institutions in the group, as well as related party transactions with other related parties, should be in compliance with the law.

　　Second, a financial holding company and its financial institutions and other related parties shall not conceal related party transactions and the true whereabouts of funds, and shall not transfer interests, evade supervision or regulatory arbitrage, damage the legitimate rights and interests of others, or damage the stability of the financial holding company through related party transactions.

　　Third, except for financial companies, financial institutions controlled by financial holding companies are prohibited from providing financing to financial holding companies or providing unsecured financing to other related parties. The financing or guarantee provided to related parties shall not exceed 10% of the registered capital of the financial institution or 20% of the registered capital of the related party. Financial institutions and non-financial institutions controlled by financial holding companies are prohibited from accepting the equity of financial holding companies as pledge targets, and the guarantee balance of financial holding companies outside financial holding groups shall not exceed 10% of the net assets of financial holding companies.

　　18. The central bank has these regulatory means and measures.

　　First, establish a unified supervision information platform for financial holding companies, and require financial holding companies to report and disclose information according to regulations.

　　The second is to establish and improve the risk assessment system of financial holding groups, and comprehensively use macro-prudential policies, financial institution ratings and other policy tools to assess the management and risk status of financial holding groups.

　　Third, according to the needs of performing their duties, conduct supervision talks with relevant responsible persons, conduct on-site inspections of financial holding companies, and conduct on-site inspections of financial institutions controlled by financial holding companies with the approval of the State Council when necessary, on the basis of supervision and cooperation.

　　Fourth, the financial holding company is required to formulate the overall recovery and disposal plan of the financial holding group.

　　Fifth, when a financial holding company violates the Measures or has a major risk, it will take regulatory measures such as restricting its business activities, restricting dividends or related rights, ordering it to replenish capital within a time limit, and ordering it to transfer its equity, and give it warnings, fines and other penalties.

　　Sixth, if it is difficult for financial holding companies to operate continuously, which will seriously endanger the financial order and harm the public interest, they should withdraw from the market according to law. Relevant implementation rules shall be formulated separately by the People’s Bank of China in conjunction with relevant departments.

　　19. Transition period

　　If an enterprise group that existed before the implementation of the Measures and meets the conditions for the establishment of a financial holding company fails to meet the regulatory requirements stipulated in the Measures in terms of the ownership structure, the proportion of institutions related to investment and financial business, and the part-time jobs of senior managers, it will be rectified within a certain period of time with the consent of the financial management department, and the specific period will be determined by the financial management department according to the actual situation of the enterprise group. At the end of the transition period, these enterprises should meet the regulatory requirements of the Measures and be accepted by the financial management department. For the increment, it will be implemented in strict accordance with the requirements of the Measures.

　　20. What is the impact on the financial market?

　　The impact on financial institutions, non-financial enterprises and financial markets is positive and the risks are controllable.

　　Some enterprise groups that do not meet the requirements need to carry out equity integration, but the equity transfer is carried out within the group and the actual controller has not changed, so the impact on financial institutions is limited.

　　In the long run, the "Measures" are conducive to controlling financial chaos, rectifying financial order, and ultimately preventing systemic financial risks.

1905 movie network news On May 4th, the film "Impression of Changsha" was released by, producer, screenwriter and director, starring,,,, and Luo Gang, especially starring,, and friendship.

Around the questions of "feelings of coming to Hunan at the beginning" and "favorite Changsha cuisine", a group of starring actors and tourists passers-by have given their own answers. Different answers not only show the richness of Changsha, but also outline the infinite charm that belongs to Changsha. Since the film was released, it has won numerous praises with its real street fireworks and warm healing stories.

The stars share their impressions of Changsha, and LAY has a soft spot for Suofen.

Different people have their own impressions and memories of Changsha, a city that combines rich heritage and fashion trends. In the latest special, the leading actors shared their "Changsha Impression". To describe Changsha in one word, Sophie Su chose "chili pepper", Bai Yufan chose "chivalry", Zhang Jingyi chose "youth", and YIN FANG summed up his feelings about Changsha with "unstoppable fireworks". When asked about "feelings of coming to Hunan at the beginning", everyone’s answer is even more interesting. Wu Haochen smiled at the crowds in Changsha at night and asked, "Don’t people in Changsha go to work?" Zhou Siyu, on the other hand, revealed the differences of habits in this vast land and Changsha’s unique nightlife culture by comparing his hometown northeast.

Impression of Changsha, in addition to the "city that never sleeps", all kinds of food are also essential elements. When asked about "favorite Changsha cuisine", the answers are equally varied. Many interviewees, including starring Zhou Siyu, nominated stinky tofu, while LAY, who plays a special role, has a special feeling for wordy powder. LAY said, Suofen is a dietary habit that accompanied him from childhood, and it has become a touch of homesickness that can’t be given up when he melts into the body. At the end of the film, the picture of people gathering in the food stalls not only makes the story go to a warm ending, but also cures the tired body and mind of many viewers.

Word-of-mouth leads the way, and the audience continues to praise "hot soup to soothe the soul"

Since the film "Nightlife in Changsha" was released, it has not only won the love and support of Changsha locals, but also won the recognition of the national audience with its real fireworks, exquisite healing stories and emotional expressions, and vivid presentation of Changsha. As the film with the most unique temperament in May 1st, Changsha Nightlife scored 9.3 points on Cat’s Eye and Taobao Film ticketing platforms, and scored 7.6 points on Douban platform, ranking firmly as the word-of-mouth champion of May 1st new films. The works created by the sincere heart have won deep resonance with the audience and achieved a moving two-way trip.

After watching the movie, many viewers left messages on social platforms to share their feelings. A local audience in Changsha wrote: "You are no longer Changsha, which belongs only to Changsha people in your childhood impression. You are very happy, and you are integrated into the world." While giving high recognition to the film, the love for your hometown between the lines is also moving. Some viewers felt: "Just a few strokes like prose, reflecting the city of China." "What does Changsha look like? It’s what it looks like in the movie, but it’s not all. Maybe everyone has a night in their hearts. " This also reflects the idea of the main creation. With a movie and a night, it reflects the real human life in every city and every night in China. Nightlife in Changsha is not only a love letter to Changsha, but also a bowl of hot soup that records real life and soothes the souls of ordinary people.

Ethics in the Conflict of Modernity is a book published by the famous ethicist Mai gentile in the late nineties, which is an authoritative exposition of his philosophical thoughts. In this book, Mai gentile thinks that although the modern welfare state has made up for the disadvantages of capitalism to some extent and improved the living standards of most people, it has not fundamentally eliminated the greater disadvantages of capitalism, which often makes people tired and go astray in satisfying their desires, making it difficult to fully balance their interests and maintain a real cooperative life. Mai gentile hopes that people can think and study these problems, understand their social life, know how to negotiate and make correct moral choices, and become practical rationalists.

In this night when countless people revel in consumption, we hope that more people can understand the call of Mai gentile, examine their own desires and pursue a truly happy life.

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Mai gentile

Mai gentile: Modernity Suitable for Modern Moral Existence

What is the subject’s desire? How are these desires felt and expressed? How are they related to the subject’s practical reasoning? These problems have changed within the social and cultural order and between different social and cultural orders. Biological needs can be constant, but the objects to satisfy desires will be very different. In Edo in the 19th century, people ate sashimi to satisfy their appetite. In Bologna in the 19th century, people’s appetite was satisfied with salsa sauce. Today, Londoners, who have gained the advantages of many families, also appreciate these two delicacies. But no matter in the past or now, the way people learn to eat at the beginning of their growth will change greatly later. Other needs and demands will also undergo the same transformation. In different social and cultural order, people’s ways to meet their needs and demands run through all kinds of life, with different family and professional roles and corresponding goals, aspirations and hopes. As we mentioned earlier, our desires are always closely linked with our emotions, habits and beliefs, which show different forms in different lifestyles. If we want to understand what is the legitimate reason of desire, we must explore the various functions of desire in those lifestyles, which have the characteristics of the social order and cultural order in which we live, and this is the social order and cultural order of modernity. In this quest, we can mainly consider some obvious problems. Opportunities and hopes, security and poverty, regrets and lamentations, aspirations and other issues all show unique modern forms.These problems come from the continuous transformation of work and are the result of the development of economic modernity since the 18th century.

We start with the question of opportunity and hope. The social and cultural order of modernity, no matter what its form, is the result of long-term economic growth and technological innovation. This long-term nature seems to be indefinite, while the growth is sometimes slow, sometimes fast, sometimes continuous, sometimes disrupted, sometimes deliberately shaped, but in more cases it is unplanned. This growth often provides new types of jobs, sometimes provides people with new opportunities to become managers and professionals, and sometimes brings rich returns to those who can dominate others’ work and occupy their surplus labor value, which often makes workers tolerate the slow growth of wages. As a result, a new system has emerged and the old system has been transformed, and perhaps the most obvious result is that schools have become places to train children and teenagers into labor. In these changes, new types of inequality, new forms of class differentiation, new contradictions and struggles, and new goals of desire and ambition have emerged. We only consider three examples of different types of desire subjects. First, workers in the 19th and 20th centuries were generally employed in mills and factories. These workers are realistic. They mainly want to improve their lives and those of their families. They never want to leave the working class. Secondly, the contemporaries who pursued social and economic success (regardless of social background) had skills, imagination and luck, and wanted to go up through the class system to achieve the success recognized locally at that time. Finally, there are contemporary people with money aspirations. They started from some resources and pursued unlimited wealth. The past and present are not satisfied with this statement.

The first kind of stories are about working-class individuals and families, both of which are the political backbone of the trade union movement throughout its history. Such stories often illustrate the necessity of taking collective action. The second kind of stories provide material for novelists and some sociologists, from which we can study the career structure of the bourgeoisie and see the changes of people at all levels of management, such as engineers or lawyers or newcomers in accounting becoming big coffee in this industry. The third kind of stories are sometimes fables of the rich, but they often record cases of habit addiction, which is an addiction to money. These stories all tell the experiences of some individuals, families and groups. Their life motivation comes not only from ambition and hope, but also from fear of frustration and failure, fear of long-term unemployment and poverty, fear of being unable to get rid of the painful work pressure and fear of debt burden.

With these hopes and fears in the macro sense, individuals have formed the forms of love and hate, harmony and hostility, which make their specific desires, tastes, emotions and habits diverse, such as eating this and not eating that, spending time with these people instead of those people, doing things in this way instead of that way, and being willing to stay here instead of there. Only three types of life are mentioned above, but other types of life are also obviously subject to the hopes and fears brought by capitalism and technological modernity. If all these are carefully studied, we need to describe people’s living situations in large quantities, explain how the subject makes choices in specific situations at each stage of his life, and how to weigh the various objects of desire, that is, regard the satisfaction of some desires only as a means to satisfy others, think that some desires have a high priority compared with others, and may painfully or happily re-examine some of his past choices. If these subjects can reflect on how to best balance their desires and lives, what intellectual, moral and social resources do they have?

In fact, they always lack some urgently needed resources, partly because their thought patterns reflect the characteristics of their living situation and partly because of the constraints of their living situation. Let’s talk about the latter first. The common point of their living situation is that they have changed in different degrees due to the influence of capital flow. At first, capital flow may be creative and productive, or destructive, or both. When capital flow can promote the development and application of new technologies, its role is obviously creative and productive, which will lead to new forms of work, such as iron and steel smelting industry in 18th century, German chemical industry in 19th century, or American information technology industry in 20th century. Capital flow is also very destructive. For example, people in a very mature and stable production mode find that their products have no market, so they suddenly and unexpectedly lose their jobs, have no source of life, and sometimes cut off the way out of their whole lives. However, no matter what people’s living conditions are, the key problem of individuals and their families’ desires lies in the relationship between the salary income they earn and the prices of goods and services they pay. People can’t just think about "what I or we want" or "what I or we should get", but what I or we can afford.

When answering the latter question, people need to constantly evaluate the object of their desire and compare its market value, because the market will change according to the demand. But demand is to satisfy any desire that may exist, and it is the need of self-recognition when people happen to have enough money in their pockets at a certain time and place, whether these needs are real needs or not, and whether these desires are the desires that the subject should satisfy. Economic growth requires people who are engaged in productive work to become consumers. In this way, people who provide goods and services to these consumers shape consumers’ tastes, make their products the object of consumers’ desires, and make consumers feel that anything the economy requires them to consume is their own needs. Therefore, these producers and consumers must be able to distinguish between what is of real value to their lives and prosperity and what is the value induced by the market. However, the market society makes it difficult for working-class and middle-class people to think and negotiate together, which is necessary for them to make the above distinction in their daily decision-making. Why do you see it?

To answer this question, we first need to study the conflicts that have occurred in a long and tangled history, in which there are many obstacles, but as a result, they have promoted economic growth or provided the market with necessities of life. From the protection of traditional rights in the British enclosure movement in the 17th and 18th centuries, to the hand-loom workers’ opposition to the use of mechanized looms to maintain their survival, to the radical trade unions’ actions to demand higher wages and better working conditions, and to the protests of urban community organizations and organizers in Chicago and Boston in the 20th century. Many things in this history should have left a deep impression on us. One of them is that people trapped in this kind of conflict can easily express clearly what they oppose rather than support, and can find all kinds of unjust things sharply and accurately, but they can’t clearly explain the influence and function of these unjust things on the correct understanding of the concept of justice. Therefore, in the face of this constructive and destructive change of modernity, ordinary people trapped in this conflict can rarely think and find an appropriate alternative concept about the direction that social and economic changes should take for themselves, so that they can more fully evaluate the ideas that various political movements have firmly believed since the 18th century.

The problem here is that modernity is used to expressing itself in its own terms, which makes it extremely difficult for people to think about modernity without these terms, so they never leave these terms, and these terms exclude the most needed concepts in radical criticism, making them useless. Therefore, we need to explain the distinctive institutionalized activity patterns and thinking habits in those activity patterns, which enables us to answer two different questions, one is about the specific form and deformation of desire in the context of modernity, and the other is about the way of thinking about our activities and life, which is quite different from modernity, but it is an indispensable element to understand modernity. But before trying to make this explanation, I’d like to make a cautious remark, especially for readers who resent my negative views on modernity.

As far as it has experienced a series of social and political freedom and liberation movements against autocracy and oppression, the history of modernity is indeed a real and admirable history of progress in some key aspects. As far as its great artistic and scientific achievements are concerned-from Raphael to Roscoe, or from Palestrina to Schoenberg, and from Copernicus and Galileo to Feynman and Higgs-the history of modernity is indeed a real and admirable history of progress. What I have said here and elsewhere is not meant to slander. However, this same modernity constantly produces new forms of oppressive inequality, new types of material poverty and spiritual poverty, new setbacks and new misleading of desire. There are many very different stories about modernity, all of which are true, but they all need a unique political and economic framework as the premise.

Ethics in the Conflict of Modernity: On Desire, Practical Reasoning and Narration (Watchman)

Author: Alasdair gentile.

Publication date: May 31, 2021

Press: Renmin University of China Press

Original title: "Mai gentile: We must distinguish what is of real value to our life and prosperity"

Read the original text

Practical education is an important way to cultivate talents. Postgraduate training units around the country have actively explored and worked hard to develop, and combined with the characteristics of disciplines, majors and regions, they have formed a number of brand projects of practical education, and trained a number of outstanding talents who can be of great use and shoulder heavy responsibilities.

2023年12月12日，由教育部学位与研究生教育发展中心指导，《中国研究生》编辑部、全国高校研究生党建和思想政治工作联盟、洱海流域农业绿色发展研究院联合主办，中国农业大学、云南农业大学支持，以“在学习与实践中成长”为主题的“研究生成长与发展研讨会（2023）”在云南大理洱海流域农业绿色发展研究院召开。

会上，中国人民大学、中国农业大学、复旦大学上海医学院、华中师范大学、湖南师范大学、西南交通大学等校作主题发言。《中国研究生》特刊出相关文章，以利实践育人工作经验的交流与借鉴。

（中国人民大学“治国理政”计划二期研究生在山西长治实岗锻炼）

2022年4月25日，习近平总书记在中国人民大学考察调研时强调，要坚持扎根中国大地办教育。中国人民大学牢记嘱托，坚定不移地走好建设中国特色、世界一流大学的新路，着力构建实践育人体系，积极引导广大青年全面深入贯彻习近平总书记“用脚步丈量祖国大地，用眼睛发现中国精神，用耳朵倾听人民呼声，用内心感应时代脉搏”的殷切嘱托，在行走中国大地的生动实践中深刻体悟中国式现代化的伟大成就，努力成长为德智体美劳全面发展的社会主义建设者和接班人。

China Renmin University’s "Governing the Country and Politics" on-the-job training program (hereinafter referred to as the "Governing the Country and Politics" program) aims at cultivating "governing the country and politics" talents, combines students’ ability training with internship and employment, and combines serving students’ growth with attracting talents and talents from local areas, and strives to build an interactive platform for two-way understanding and two-way selection between students and central state organs, local party and government organs, central enterprises and local enterprises and institutions, so as to effectively build a real link between students and society. Guide students to understand the working mode and specific requirements of party and government organs, enterprises and institutions, consciously combine their personal ideals with the needs of the country, adhere to the concept of "integrating knowledge with practice", temper the political character of "taking responsibility for others", exercise the power of governing the country, and strive to grow into a new generation worthy of the heavy responsibility of national rejuvenation.

Since its inception in 2022, the project has been carried out in two phases, and students have been organized to go to Ningde, Fujian, Zhengding, Hebei, Minning, Ningxia, Lankao, Henan, Jinxian, Jiangxi and other places for 6-8 weeks of on-the-job training, and 176 graduate students have been trained.

First, carry out the plan of "governing the country" under the guidance of thought.

(A) adhere to the "education for the party, education for the country" initial intention.

Carry out the correct political direction and value orientation throughout the whole process of postgraduate backbone education and management, persist in inheriting the red genes, continue the red veins, pay attention to improving political judgment, political understanding and political execution, and concentrate on cultivating talents for the party and the country. First, strengthen political orientation in the registration and selection process. Pay attention to comprehensive quality, make overall consideration of the political consciousness, scientific research progress, comprehensive ability and employment willingness of graduate students, and give priority to students with rich social work experience and outstanding student leadership who are willing to work in grassroots party and government departments after graduation. The second is to adhere to the principle of "matching people with posts" in the post arrangement. Considering the students’ professional background, research direction, career planning and the situation of the post-setting area, we should fully communicate with the responsible units related to on-the-job training to determine the job position, clarify the job responsibilities, formulate the training plan, and establish a two-way work assessment system between the on-the-job unit and the project team to ensure the training quality. Third, pay attention to the feedback of project effect in the final evaluation. Improve the evaluation system and carry out the evaluation of the results of the project, including the appraisal opinions of the on-the-job training units, the self-evaluation questionnaire of project members, the publication of on-the-job training results, etc. Pay attention to the comparison before and after, test the students’ indicators before the project starts, compare the scores before and after the project based on the evaluation indicators, observe the changes of students’ comprehensive quality, especially their political literacy, cultivate the ability of graduate backbone to see things politically, and comprehensively improve their political literacy.

(B) adhere to the "meet the needs of the development of the cause of the party and the state" orientation.

Focusing on the needs of the development of the cause of the party and the country, we will establish a full-chain talent training mechanism of "learning, research, refining and understanding", which integrates course training, discussion and exchange, practical training and experience summary. The first is "learning", carrying out course training and strengthening knowledge reserve and work cognition. Invite experts, scholars and grassroots alumni inside and outside the school to share their experiences around the topics of clean politics, official document writing and official etiquette, so as to help students enrich the theoretical knowledge of social governance, enhance their understanding of China’s administrative system and national conditions, and enhance their public service capabilities. The second is "research", organizing discussion and exchange, and gathering experience and wisdom. Organize students to visit Jinxian, Jiangxi, Changzhi, Shanxi and the grass-roots public departments in Beijing, organize seminars regularly in groups, sum up learning experience, exchange learning experiences and carry out scenario simulation. The third is "refining", carrying out on-the-job exercise and practicing excellent skills. Students go to local governments, enterprises and institutions at the grass-roots level for practical training, accept the grass-roots experience of "real knife and real gun", observe, experience and analyze the operation mechanism and management mode of party and government departments with their own eyes, accumulate vivid experience and temper their excellent skills. The fourth is to "realize", sum up experience and improve the effect of educating people. A research group is set up by individuals or teams to encourage students to carry out special research and form research reports based on their actual work experience. The project team is connected with the National Development Institute and the First Academy to promote students’ participation in the research work of school think tanks.

(3) Adhere to the goal of "cultivating a large number of high-quality talents with both ability and political integrity"

Adhere to moral education, implement the whole process of training and guidance, and strive to cultivate new people of the times who are responsible for national rejuvenation. At the beginning of the project, the old students served as counselors for the new students, playing the role of "mentoring", guiding the students to be familiar with the project, giving full play to the autonomy of the students, and realizing self-management and self-education. During the practice period, the on-the-job unit designated a special person as a grass-roots tutor to be responsible for the training and assessment, and the school organized colleges to go to local places for mid-term visits in batches to communicate with local organizations and receiving units to fully understand and guide the students’ work. After the exercise, summarize excellent reports and training cases, do a good job in publicity and summary, evaluation and commendation, and do a good job in tracking training and service guidance; Attach importance to the cooperation between schools and places, build a talent training base together, maintain the continuity and long-term nature of the project, and enhance the comprehensive influence of the project.

Two, with the effectiveness of the project, service personnel training and local economic development.

Since the implementation of the "governing the country" plan, it has achieved remarkable results in practical education and played a certain role in promoting the high-quality development of local economy.

(A) to guide students to strengthen their youthful ideals in grassroots experience.

The first is to truly enter the grassroots. Students have experienced the transformation from "students at school" to "people’s public servants" in practical work, and have a detailed understanding of how to "manage politics" in specific work such as rural revitalization, industrial development and grassroots party building. The second is to help improve quality. Through interviews, conflict mediation, theoretical preaching, report writing and other ways to gain insight into social conditions and public opinion, grasp the pulse of the times, and achieve an all-round improvement in comprehensive quality. The third is to guide firm ideals. By going deep into the grass roots, practicing deeply, and savoring the "ups and downs" of the grass roots among the masses, the students have accumulated valuable work experience, further strengthened their determination to serve the country and contribute to society, and better defined their future career development plans.

The evaluation results show that all members have gained different degrees of positive feedback during the on-the-job training. Nearly 90% of the students said that the experience of participating in the "governing the country" project is of great help to their career planning, and their personal horizons have been greatly broadened. About 60% of the students said that this experience has further deepened their understanding of the theory they have learned.

(B) to promote the deep integration of theoretical teaching and practical education

Grassroots is the best classroom, and practice is the best teaching material. The program of "Governing the Country and Governing the Government" allows the project students to walk out of the ivory tower and go to the grassroots level, to weather the storm, see the world and strengthen their bones and muscles in the "melting pot" on the front line, and to truly understand the national conditions, social conditions and people’s feelings in the "social classroom". In the fields of rural revitalization, in the front-line posts of party and government services, the project students sink into the front line in the actual post exercise, practice, stand with the people and work together. Take root down, find real problems based on grassroots reality, seek upward, and give full play to professional advantages to solve practical problems. Students turn the facts at the grass-roots level into first-hand materials for academic research, and write the research results as answers to the times to improve people’s livelihood. They really study problems and real problems in grass-roots practice, lay a solid foundation of knowledge, practice excellent skills and temper moral cultivation in discovering, studying and solving problems, which effectively promotes the deep integration of theoretical teaching and practical education.

（三）挖掘实践成果助力地方经济高质量发展

习近平总书记寄语广大青年要“同人民一道拼搏、同祖国一道前进，服务人民、奉献祖国”。学员在基层岗位上接受基层实践导师的指导，主动接触地方发展战略，关注地方发展难题，利用自身专业优势，积极为地方发展建言献策，助力地方经济高质量发展，让青春在奋斗与奉献中绽放绚丽光彩。“治国理政”计划项目成果丰硕，其形式包括工作报告、工作手记、课题研究、数据收集、宣传报告、调研走访等，内容涵盖信用评级、普惠金融、共同富裕样板村、文明城市建设、文化产业推广、纪检督察、综合治理、案件审理、党建、宣传等工作。多个项目成果被地方政府采纳，多地发来感谢信肯定同学们的工作与付出。

项目学员工作期间的署名报道刊登在学习强国、新华网等主流媒体，工作事迹及座谈会发言等被《光明日报》《新京报》《福建日报》等媒体宣传报道。

三、以坚定步伐，优化“治国理政”计划育人模式

未来，中国人民大学将持续优化“治国理政”计划育人模式，推动实践育人体系走深走实。

First, improve the collaborative linkage mechanism between schools and localities. Coordinate the mobilization of social resources, optimize the multi-level and multi-form cooperation mode, further build a comprehensive practice base to meet the needs of students’ "national conditions practice, academic practice, ideological and political practice and employment practice", build a bridge for students to approach and serve the grassroots, and promote resource sharing, talent co-education, mutual promotion and common improvement between schools and places.

Second, strengthen the promotion mechanism of practical achievements. Strengthen the propaganda of typical tree selection for outstanding students, and tell the story of "governing the country" program students exercising at the grassroots level. We will promote the exchange and mutual learning of practical experience among colleges and universities, focus on refining the experience and practices of the "governing the country" plan, and strive to build a leading benchmark practice brand that is dynamic, long-term, accessible and can be promoted for colleges and universities across the country.

Third, continue to improve the practical education system. Adhere to the "five educations", comprehensively build a training system with the characteristics of the National People’s Congress, which is suitable for improving students’ social research ability, gather the majestic power of "educating people for the party and educating people for the country", take the plan of "governing the country and governing the country" as an important starting point to implement practical education, promote the organic integration of the first classroom and the second classroom, further guide students to combine theory with practice in practical training, practice excellent skills in grassroots experience, temper political character, and strive to cultivate people who are worthy of the heavy responsibility of national rejuvenation.

(The original text was published in the November 2023 issue of China Graduate School. )

Original link:[China Graduate] China Renmin University: Learning to "govern the country" in practical training.

Fashion Trend: Personalized Customization and the Evolution of Aesthetic Concept

Fashion Focus: Social Reflection Caused by Wang Sicong’s Custom Hairstyle Event

Wang Sicong booked Tony, a famous hairdresser, with a price of 18,800 yuan. Every hair was carefully crafted in 2 minutes, and the working hours were as high as 90 yuan per hour. This seemingly absurd move has aroused deep thinking about the attitude towards new luxury life. The change of aesthetic concept and consumption attitude is highlighted in this incident, which pushes people’s pursuit of fashion and individuality to a new height.

The new trend of fashion: the integration of aesthetics and consumption

In modern society, fashion is no longer a simple external expression, but a life attitude of both internal and external cultivation. Wang Sicong’s hairstyle incident is not only a beauty, but also a redefinition of individual image, which has triggered a profound reflection on aesthetic and consumption concepts. Aesthetics plays an important role in consumption, and people tend to measure the quality of life by aesthetic standards. Hairstyle customization is no longer just the carving of hair, but the presentation of personality and taste, thus demonstrating the pursuit of quality of life.

Personality shaping: a new realm of fashion

Fashion has gone beyond the simple trend and become a symbol of personality and taste. Hairstyle is no longer a simple haircut, but a manifestation of self-style and personality. Wang Sicong’s hairstyle incident made people start to think that the value of life may lie not only in money, but also in the pursuit of quality life. This pursuit of individuality and uniqueness leads to the change of aesthetic concepts and consumption patterns, and people begin to pay more attention to the life value brought by individuality and uniqueness.

Fashion trend of thought: the rise of aesthetic economy

The creativity and diversity contained in hairstyle design is not only the modification of hair, but also the respect for individual aesthetics. The rise of this aesthetic economy makes the fashion industry pay more attention to creativity and individuality. People are beginning to realize that aesthetics is not only a taste, but also an expression of value. Wang Sicong’s hair style incident has become a fashion topic, which has triggered in-depth discussions on aesthetic and consumption concepts and promoted the development of the fashion industry in a more diversified and open direction.

Future Trend: Personalized Customization and Quality Life

In the future, personalized customization will become an important development trend of fashion industry. People’s pursuit of quality of life is no longer limited to the material level, but more reflected in the demand for individuality and creativity. This emphasis on aesthetics will lead to the change of consumption patterns, and the fashion industry will also pay more attention to the provision of personalized and customized services. Therefore, personalized customization will become an important development direction of fashion industry in the future, leading the continuous change of consumption concepts and aesthetic standards.

Wang Sicong’s hairstyle incident is just a microcosm of the fashion industry, but it reflects the change of people’s aesthetic and consumption concepts behind it. Personalized customization is no longer just a luxury consumption, but also the pursuit and presentation of quality life. In the future, with the continuous development of fashion industry, personality and aesthetics will be more integrated, leading the society to a new definition of quality life.

What do you think?

21st century business herald reporter Gao Jianghong Intern You Yunqian Zhang Yizhen Beijing Report

Last week, many companies experienced major personnel changes. HanesBrands, the parent company of Champion, appointed a new chief marketing officer, and the senior management of Lanvin Group of Fulang Group and De Beers De Beers Group changed.

In terms of financial report, lululemon’s sales rose by 19% in the third quarter and lowered its annual performance guidance. The performance of British luxury watch retailer Watches of Switzerland did not increase in the first half of the fiscal year.

In terms of brand activities, Ralph Lauren will speed up the layout of the China market and open more than 30 stores every year; LVMH Group will sell a majority stake in the cruise retail business; Alibaba’s representative will withdraw from Farfetch’s board of directors; Amazon will drastically cut the fees of cheap clothing sellers; Balenciaga will set foot in the field of high-end jewelry for the first time; Miuccia Prada and Raf Simons will appear in Prada Shanghai exhibition; and PANTONE will announce the representative color of 2024.

1. lululemon’s sales rose by 19% in the third quarter, and its annual performance guidance was lowered.

Recently, Lululemon, a yoga sportswear brand, released its financial report for the third quarter of fiscal year 2023. In the first three quarters, the group’s sales increased by 20% to $6.414 billion. In the third quarter ended October 29th, lululemon’s sales increased by 19% year-on-year to US$ 2.2 billion, including 12% in North America, 49% in international business, 57% in overall gross profit margin and 2.6% in net profit to US$ 249 million.

For the fourth quarter of fiscal year 2023, lululemon expects net revenue to be between $3.135 billion and $3.170 billion, an increase of about 13% to 14%, which is lower than analysts’ expectations. For fiscal year 2023, lululemon expects net revenue to be between $9.549 billion and $9.584 billion, an increase of about 18%.

However, due to the tightening of spending by consumers, lululemon expects sales in the holiday season to be lower than expected. At the same time as the financial report was released, the board of directors of the group approved an additional share repurchase plan of up to $1 billion.

Comments: The revenue guidance in the fourth quarter lags behind Wall Street’s expectations, which is a rare mistake for this retailer whose performance often exceeds investors’ expectations. However, lowering the performance guidance may also be to achieve "unexpected growth", which is their old routine.

2. Ralph Lauren will speed up the layout of the China market and will open more than 30 new stores every year.

Ralph Lauren will accelerate its development in China market in 2024 and realize long-term and sustainable growth and value creation. Cai Xinhui, CEO of the brand’s China market and Southeast Asia, revealed that Ralph Lauren plans to open more than 30 new stores in China every year in the next few years, which will spread to more smaller cities while occupying a place in major cities.

Comments: In the cold winter of the market, mid-range luxury brands are eager to find a new way out. Although Ralph Lauren has been synonymous with the style of "old money" on social media in the past two years, the market has never reached a consensus on whether Ralph Lauren is a luxury brand. It is a foregone conclusion that refined luxury style will return. As a representative brand of this style, Ralph Lauren’s popularity has been rising in recent two years, especially in the China market. In the little red book, there are more than 90,000 notes related to "old money style". Besides fashion, this style has even penetrated into more subdivided fields such as home decoration, wedding and manicure. Continuing to bet on the China market is a promising move for Ralph Lauren.

3. Watches of Switzerland, a British luxury watch retailer, has no growth in the first half of fiscal year.

In the six months to the end of October, the sales of Watches of Switzerland recorded a year-on-year flat record of 761 million pounds, and the adjusted EBITDA fell by 10% to 94 million pounds, and the operating profit plummeted by 16% to 78 million pounds. By region, income in Britain and Europe decreased by 4% to 433 million pounds, while income in the United States increased by 5% to 328 million pounds.

Comments: Earlier, it was reported that the waiting list of Rolex watches was shortening, and the number of people waiting for some watches was shortened from 10,000 to 8,000, partly due to the cooling of global luxury consumption and reduced market demand. On the other hand, the downturn in the cryptocurrency market has further weakened the demand for luxury watches. It is true that the luxury watch market is blocked.

4. LVMH Group sells a majority stake in the cruise retail business.

French luxury goods giant LVMH Group said on December 8th that it has signed an agreement to sell a majority stake in Cruiseline Holdings Co., the parent company of Starboard & On Board Cruise Services, to a group of investors led by Jim Gissy.

Jim Gissy is the executive vice president of Westgate Resorts, a Florida timeshare company. Starboard was founded in 1958 and is headquartered in Miami. By the end of 2022, Starboard had more than 700 duty-free retail outlets selling handbags, jewelry, watches and beauty products on about 82 holiday cruise ships of companies such as Carnival Cruise Line, Royal Caribbean and Holland America.

Comments: LVMH will remain an "important minority shareholder" of the new entity despite the sale of equity. LVMH said in a statement: "New investors are strategic partners in the field of holiday retail, with innovative culture and growth philosophy." Who can do it for you? Cruise ships are also an important part of the luxury industry, and the development prospects are still considerable.

5. Levi’s CEO will retire.

Levi’s recently announced that CEO Chip Bergh will retire on April 26th next year, and the current president Michelle Gass plans to succeed him as the new leader of the group on January 29th next year. During Chip Bergh’s 12-year tenure, Levi’s has gradually developed into one of the best clothing companies in the world, promoting brand performance to achieve breakthrough growth.

Comments: Bergh reshaped Levi’s brand image, maintained its brand characteristics in the ever-changing competitive landscape, did not blindly pursue the trend, and paid attention to brand marketing. The great hero is about to retire. At present, consumers are increasingly cautious. The prospect of jeans brands or manufacturers like Levi’s, whose income comes from wholesale channels, is full of uncertainty. Can Levi’s new CEO take on the heavy responsibility?

6. Champion parent company HanesBrands appoints a new chief marketing officer.

HanesBrands, the parent company of American Fashion Champion and the American underwear and sportswear manufacturer, announced the appointment of Richard Mcleod as the vice president and chief marketing officer of Champion. In this position, Richard Mcleod will be responsible for promoting Champion’s global brand strategy and omni-channel brand positioning.

It is reported that before joining Champion, Richard Mcleod worked for Canada Goose, a Canadian down coat brand, and served as senior vice president of Canada Goose, responsible for brand development, growth and performance. Previously, he held senior leadership positions in companies such as Foot Locker, LVMH’s Hennessy, Pernod Ricard and Bacardi, and led the marketing activities of well-known wine and spirits brands such as Grey Goose, Bombay Sapphire and D’usse Cognac.

Comments: HanesBrands Group announced its third-quarter financial report, showing that sales decreased by 9.5% year-on-year to $1.51 billion, gross profit margin was 31.1%, and operating profit plummeted by 53% to $66 million. Can the new coach effectively reduce losses and turn losses into profits?

7. The top management of Lanvin Group of Fulang Group has changed greatly.

LANVin Group (NYSE: Lanv), a global fashion and luxury goods group, announced on December 8 Joann Cheng Yun, chairman and CEO of the group, had submitted his resignation to the board of directors and would start a new business in the future.

The board of directors of the group announced the appointment of director Huang Zhen as the new chairman of the group and Eric Chan as the CEO of the group, effective from December 7.

Fulang Group said that the appointment of Chen Jianhao comes at an important moment for the Group to expand the retail market in North America, Europe, Asia and the Middle East around the next stage of its brand growth. Huang Zhen said that Chen Jianhao’s rich experience in the fields of real estate and consumption will provide great value for the next stage of the Group’s growth and expansion of global business.

Comments: Fulang Group has now developed into a global fashion luxury group listed on the NYSE, and has maintained a steady growth momentum in the past few years. The two generals have extraordinary strength. Can they continue to write a chapter?

8. Alibaba’s representative withdrew from Farfetch’s board of directors

China’s e-commerce giant Alibaba recently announced that its president and board member, J. Michael Evans, has resigned from Farfetch’s board of directors, with immediate effect. It is understood that J. Michael Evans has been the president of Alibaba Group since August 2015 and joined the board of directors when Alibaba became a shareholder in Farfetch in 2020.

Comments: Previously, Richemont Group, which is also a shareholder, said that it would not undertake any financial obligations to Farfetch and did not intend to provide loans or investments to Farfetch. Ali also made a statement now, and Farfetch’s prospects were not good. Judging from the global situation of consumers returning to offline consumption experience, the reduction of non-essential expenses and the overall slowdown of luxury goods industry this year, Farfetch’s sudden departure seems to be certain.

9. The demand for diamonds is sluggish, and the giant De Beers has reshuffled its top management.

De Beers, the world’s largest diamond supplier, announced on Monday that two senior executives, namely David Prager, executive vice president and chief brand officer, and Ryan Perry, executive vice president of strategy and innovation agency, will remain on the executive committee until a successor is found. David Prager and Ryan Perry will continue to serve on the Executive Committee and oversee the transition of their responsibilities to other members. Tom Johnson is appointed as the general counsel, with effect from January 1, 2024. He will join the Executive Committee and be responsible for supervising the company’s legal and secretariat functions.

Comments: A series of personnel changes are considered as necessary measures for De Beers to cope with the current global diamond industry crisis. According to media reports, the global demand for diamonds has dropped to the lowest level since the epidemic, because global economic challenges continue to affect people’s demand for luxury goods. However, what needs to be more vigilant is the impact of the laboratory cultivation diamond industry on natural diamonds.

10. Amazon slashed the fees of cheap clothing sellers to meet the challenges of Shein and Temu.

Amazon, an American e-commerce giant, is slashing the fees for clothing sellers with prices below $20. The transaction fees for clothing products with prices below $15 will be reduced to 5%, and those for clothing with prices between $15 and $20 will be reduced to 10%, compared with 17% in the past.

Lucas Barnes, a former Amazon executive, said, "This will make Amazon more competitive in the field of low-priced clothing, because a dollar or two can make a big difference."

Comments: Although the company did not explain why it did this, it is widely believed that this shows that Amazon is preparing to fight a price war with China’s cross-border e-commerce companies Shein and Temu.

11. Open up new maps! Balenciaga set foot in the field of high-end jewelry for the first time.

The French luxury brand BALENCIAGA and Jacob & Co cooperated to create the "Diamant" high-end jewelry series, which was unveiled at the fall fashion show in 2024. This is the first time that Balenciaga has set foot in the field of high-end jewelry. It is understood that the series is made of 18-carat white gold and diamonds, including a large and heavy necklace and bracelet, a text theme style called "Typo", including a thin necklace and an oversized two-finger ring, designed to spell the word BALENCIAGA in a handwritten font style, and each diamond is hand-inlaid. Balenciaga x Jacob & Co. series has been exclusively booked on Rodeo Drive immediately after the show, and each model is customized for individuals. The production and delivery cycle is 3 months.

Comments: Since Demna Gvasalia became the new design director of Balenciaga, a lot of popular global fashion products have emerged. With exaggerated design and high price, the new products have a strong topicality, which often explodes the Internet. It is precisely this controversy that makes Balenciaga have a high flow among luxury brands, and it has risen rapidly in the fashion circle, and the products have become a proper out-of-stock king. What new trend will it bring when it comes to high-end jewelry this time?

12. Miuccia Prada and Raf Simons appeared in Prada Shanghai Exhibition.

To celebrate the opening of Pradasphere II exhibition in Shanghai START Star Art Museum, Prada co-creative directors Miuccia Prada and Raf Simons, as well as a group of brand executives appeared at the event site. This exhibition is the second appearance after the Pradasphere exhibition was successfully held for the first time in 2014, and will be open to the public free of charge from December 7 to January 21, 2024. The exhibition traces the history of Prada since its founding in 1913, and exhibits more than 400 physical and digital works of art, including the collection of fashion archives and the achievements of cross-border cooperation with art, architecture, culture and sports for decades.

In addition, Prada CEO Gianfranco D’Attis said that the company’s goal is to double its business in China in the medium term. Prada will open more stores, launch more localized products and marketing activities in China market. This means that the corresponding investment will increase, including opening larger stores, launching more localized products and holding more marketing activities. He also revealed that Prada plans to take the hotel concept as part of its globalization strategy and may launch it in 2024-2025.

Comments: After the construction of "Prada Universe" is completed, it is not difficult to see its ambition of further becoming upstream. To achieve this goal, the China market is a key link.

13. PANTONE announces the representative color of 2024.

PANTONE, an international color authority, recently released the representative color of 2024, and named it "Peach Fuzz" after PANTONE 13-1023. This is a comfortable and warm peach color, which just blends the elements of pink and orange, showing a fresh, soft and emotional atmosphere.

Since 2000, PANTONE has made annual color forecasts, which are selected through in-depth trend forecasts and socio-economic conditions, lifestyles and political influences (such as fashion, entertainment and tourist destinations).

Comments: Looking back at the popular colors released by Pan Tong in recent years, Viva Magenta, Very Peri and Illuminating Yellow all represent high saturation. At present, the pressure of life and work is great, and the popular colors turn into softer tones, which seems to correspond to "harmony" and "recovery"”。

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