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Dongfeng Peugeot will continue to expand the SUV market after officially unveiling the first model after the new "Blue Up" brand plan at the Beijing Auto Show that opened on April 25. Regarding the product layout of Dongfeng Peugeot’s new plan in the next five years, Mr. Li Haigang, general manager of Dongfeng Peugeot, told the Internet News Agency: "Our main layout is SUV, and there will be 4 to 5 SUV layouts in the future. On this basis, some new energy models may be selected to be introduced." According to the previously announced plan, Dongfeng Peugeot will launch 18 new cars in the next five years, covering the fields of mid-to-high-end SUVs, sedans and new energy.

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Dongfeng Peugeot currently has two models in the SUV field, 3008 and 2008. Among them, the compact SUV 3008 sold more than 67,000 units last year, accounting for about 17% of the total sales. It is the main model in its SUV products. At present, the new 3008 has been officially unveiled at the Beijing Auto Show. According to the official information, the new car will be officially launched in June this year.

In recent years, the SUV market has continued to be hot. Li Haigang said: "The growth of the SUV market is continuous, and the consumption structure is upgraded. Dongfeng Peugeot released the new 3008 this year, and there are two mid-to-high-end SUVs on the market at the end of the year. In terms of layout, I hope customers can think of or choose Dongfeng Peugeot’s SUV when upgrading." According to Dongfeng Peugeot’s product launch plan, after the new 3008 is launched in June, Dongfeng Peugeot will also launch two mid-to-high-end SUVs this year. The two new cars are expected to be the new domestic mid-sized SUV 4008 and the new 2008. In the next five years, Dongfeng Peugeot will deploy four to five SUVs to cover more market segments.

According to official information, the Peugeot brand will launch seven plug-in hybrid models and four pure electric vehicles in the next five years. In this regard, Li Haigang said: "Dongfeng Peugeot will choose some new energy vehicles that users need and match the brand to introduce into China." At present, plug-in hybrid technology is generally used in high-level and high-size models, such as medium and high-end SUVs, medium and large cars, while pure electric vehicles are mostly suitable for small and compact models. In the future, Dongfeng Peugeot will introduce new energy models according to the needs of the domestic market and consumers.

　　[Test drive experience] I am a "choice syndrome" sufferer, struggling to face too many choices every day, which clothes to wear, what to eat for breakfast and lunch, what kind of words to use to describe a car… In order to deal with it, I adopt the "no choice" approach – wear whatever clothes you see, eat the same meal every day, and find inspiration when writing articles. Many people also have the same confusion when shopping for a car. The more they see, the more undecided they are, and they are very envious of consumers who swipe their cards directly after taking a fancy. Of course, there is a necessary condition here, that is, the design of the car must be outstanding, and perhaps, the appearance can be achieved.

　　Maybe you will ask me, there have been so many Mazda CX-5 articles before, why is there another one? Oh, don’t worry about closing the browser, this CX-5 is not another CX-5, this is the first article about the test drive experience of the domestic CX-5, what I test drive is the 2.5L model that was not available in the previous imported version. Can the 2.5L with the maximum 196 horsepower make up for the small regret that the previous 2.0L engine power is slightly weaker? How is the workmanship of the domestic model? These must be your concerns.

　　The models of Changan Mazda CX-5 are richer than the imported version. Among the 6 models of the whole series, the highest two models are equipped with 2.5L engines, and the entry-level models of the whole series are also matched with a 6-speed engine. Mazda officials revealed that the domestic CX-5 will be officially launched on August 18. At present, we only have the official pre-sale price information: 18-260,000, which is highly coincident with the most competitive price range.

● Fresh 2.5L engine

　　This engine has made great progress in parameters compared to Mazda’s previous generation 2.5L engine. The maximum power has jumped from 169 horsepower to 196 horsepower, and the maximum has also increased from 224 Nm to 252 Nm (from the old engine parameters). Such great progress is due to the application of the next series of new technologies of Chuangchi Blue Sky, of which the 13:1 high and 4-2-1 exhaust are the biggest contributors.

● Smooth Chuangchi Blue Sky 6AT Transmission

　　The small serpentine handle has a very short stroke, as well as a crisp feel when changing gears. The handle is just right, and the gear is very clear. As long as you push it lightly, the handle fits into position by itself. You may wonder why I use so many words to describe a manual gearbox to describe a gear. But the truth is, although you don’t have to operate it as often as you operate a manual gearbox, a good feel is also a plus.

● Power output characteristics with insufficient explosive force and smooth addition

　　　When driving on the road, the first thing I do is to take a kick of floor oil, please forgive my rudeness, but I really want to know what kind of push this 2.5L engine can bring. The result is not disappointing, just not surprising. If compared with the imported version of the 2.0L model that has been driven before, the power of the 2.5L model is indeed much stronger, and the acceleration feeling during high rotation is very continuous, but the power is evenly distributed in each speed range, not violent at all.

　　If the experience stops there, then the conclusion will be that the power of this car is a bit inferior to the engine parameters. However, the truth is that smooth and fast power response is its specialty, and the violent acceleration will only go against it. Whether it is in daily driving or in violent aggressive driving, the power output can always be maintained in a highly linear and very smooth state. The test drive location is in the mountains at an altitude of about 900 meters, and the air pressure is low. When the test car comes to the editorial office, we will test it in Beijing, and then we will know its actual power level.

　　The throttle is very responsive, a little deep, and the gearbox will downshift very aggressively and quickly, as if anticipating your command. You must be amazed, as I am, how this gearbox can move so gently, like a ballerina tiptoeing past you, you can’t even notice it. That’s all there is to the gearbox.

　　This gearbox also has the ability to drop 4 gears. When cruising at about 70km/h, quickly press the accelerator to the end, and the gearbox will follow the most aggressive shift logic, jumping directly from 6th to 2nd gear. In manual mode, even if the tachometer pointer reaches the red line and no longer climbs, the gearbox will not automatically lift, fully implementing the driver’s intention. Although it is not as enjoyable to lift and lower gears in manual mode as to directly feed oil, on a curved mountain road, selecting the gear in advance can provide better protection for the power output when exiting the corner. If you want it, it should be better with a set of paddle shifters.

● Steering and handling that evokes driving desire

　　　The steering accuracy of the CX-5 is not as good as that of a single car, but more like that of a sports sedan. Coupled with a well-supported system, it is an SUV that will stimulate your driving desire. Mazda says the suspension of the domestic CX-5 has been adjusted for road conditions in China to make it more comfortable. The current suspension performance feels well-balanced, and the road bumps are partially filtered, which can also convey enough road information to the driver while ensuring basic comfort.

● Low fuel consumption is an important issue of Chuangchi’s blue sky concept, but unfortunately it was not tested this time

　　　When the imported CX-5 arrived at the newsroom, we tested its fuel consumption, and the final results were amazing. Under the premise that most road conditions are very congested, and the average speed is only 18km/h, the 2.0L four-wheel drive CX-5 achieved an amazing fuel consumption of 9.63L/100km. It is not an exaggeration to call it the most fuel-efficient compact SUV.

　　With the i-ELOOP, the fuel consumption of the top model is even more worth looking forward to. In this test drive session, we spent a lot of time driving in a very intense way along the way, and during still shooting, the vehicle inevitably needs to idle for a long time, so accurate fuel consumption data cannot be obtained. However, I really want to know if this powertrain will have sharp low fuel consumption like the 2.0L model. We all look forward to the test car coming to the editorial department soon.

The series has attracted the attention of many players. With the launch of the 618 promotion, Huawei has also brought awesome promotions to the P60. This promotion discount starts at 800 yuan, and it is also the first time that the official has reduced the price of the P60 series.

P60Pro 8GB + 256GBThe price is reduced by 800 yuan to 6188 yuan, and the price of 12GB + 512GB is reduced by 700 yuan to 7288 yuan. At the same time, the 12GB + 256GB version is added, priced at 6488 yuan; the price of P60 Art 12GB + 512GB/1TB is reduced by 1,000 yuan, priced at 7899 yuan and 9988 yuan respectively.

The first ultra-concentrated night vision telephoto, the first time in the telephoto camera to join the condenser group, with the industry’s largest F2.1 aperture periscope telephoto and RYYB super-sensitive light sensor, greatly increased the amount of light into the telephoto camera.

　　On January 5, "China’s new generation of pure electric flagship" Galaxy E8 was officially launched and delivered simultaneously. The new car launched a total of 5 versions, priced from 175,800 yuan to 228,800 yuan. At the same time, Geely Galaxy E8 also launched a series of limited-time car purchase rights, covering the whole dimension of car booking, car purchase and car use. Yu Minhong, chairperson and CEO of Oriental Selection, became the first owner of Geely Galaxy E8.

　　At the same time, Geely also showcased its innovative technologies and products in intelligent driving, Xingrui model, complementary ecology, and the future of Geely Galaxy. In the next two years, Geely Galaxy will launch a variety of new products, leading China’s new energy into a high-value era, and the "Galaxy Era" of China’s new energy vehicles has officially arrived.

　　China’s new generation of pure electric flagship, Galaxy E8, has revolutionized the mainstream pure electric value

　　Before the Galaxy E8, there was still no high-value mainstream pure electric in the mainstream market with the widest range of users. Similarly, the B-class sedan market is still firmly occupied by foreign fuel vehicles, and consumers cannot find pure electric products that can be upgraded and replaced. As a new generation of pure electric flagship in China, the Galaxy E8 brings Oriental aesthetics, safety heritage, supercar performance, and borderless intelligence to the mainstream market. It not only wants to subvert the current mainstream pure electric products, but also become a super replacement for luxury fuel vehicles, bringing real high-value pure electric flagship to users in the mainstream market.

　　Original ripple aesthetics, subverting mainstream pure electricity without "advanced sense design"

　　The Galaxy E8 adopts the "ripple aesthetic" design and pioneers the "ripple of light" rhythmic grille to create the world’s first mass-produced integrated luminous front face, subverting the cookie-cutter "high imitation face" of other electric vehicles in one fell swoop. Original designs such as the majestic "tiger front face" with its own king, the tiger body that leaps up at any time, and the tail lights of the "rising sun" all show the charm of China. 6 body colors, all inspired by the "Ten Scenes of West Lake".

　　In terms of interior design, suspended audio, fragrance, and ambient lights are integrated on the dashboard, just like the three pools of Yinyue in the "Ten Views of West Lake". In particular, the Galaxy E8 has undergone 25 low wind resistance designs, more than 2,000 simulation tests, and 150 hours of wind tunnel tests, achieving the lowest wind resistance coefficient of 0.199 in the world and the highest aerodynamic design.

　　Only original design can create a model of the times. Starting from the Galaxy E8, the aesthetics of new energy vehicles have entered the "Chinese design era".

　　SEA architecture fully empowers the mainstream pure electric no "high performance driving control"

　　The SEA pure electric architecture allows the Galaxy E8 to accurately achieve a golden axle-to-load ratio of 50:50, resulting in more balanced and stable motion performance. It is naturally a good foundation.

　　On this basis, the Galaxy E8 through Geely’s unique, the first digital virtual adjustment, adjustment iterations more than 10,000 times, yaw linearity to achieve 92.61%, far more than the industry average of 81%, in the most verified stable performance of the Elk test, Galaxy E8 achieved 82km/h good results, the world’s top three, beyond the Porsche 911 and Taycan.

　　At the same time, the SEA architecture’s excellent suspension steering design, with a maximum steering angle of 41.28 °, also allows the minimum turning radius of a 5-meter sedan to be 5.62 meters, which is comparable to a luxury car equipped with "rear wheel steering" technology.

　　The Galaxy E8 uses the black technology of "heartbeat fitting technology" to achieve a vertical frequency of nearly 1.25hz on the undulating road that matches the human heartbeat and breathing, so as to achieve "the same frequency of people and vehicles" and drive without motion sickness. At the same time, it also comes standard with a GCS comfort braking system, which can suppress 76.3% of the brake nod and body pitch, effectively eliminating the vertigo caused by pure electric vehicles when braking.

　　In order to meet the needs of different users, based on the excellent scalability of the SEA architecture, the Galaxy E8 has two models: 400V and 800V. The Galaxy E8 four-wheel drive performance version is the first 800V four-wheel drive pure electric car in the mainstream market. It adopts high-performance silicon carbide electric drive, dual motor power 475kW, zero-hundred acceleration only takes 3.49 seconds, and the mainstream car accelerates first. At the same time, this version also has 800V fast flash charging, which can last 180km in 5 minutes. In the mainstream pure electric market, the charging speed is also the first.

　　The Galaxy E8 is easy to drive and comfortable. It is the best 5-meter pure electric flagship, leading the mainstream pure electric into the era of high-performance driving control.

　　Aegis four-layer guard, subverting mainstream pure electricity without "global security"

　　In Geely’s opinion, "safety" is not divided into luxury and mainstream. Geely Galaxy’s exclusive "Aegis Battery Safety System" has created a complete set of four-layer "no blind spot" safety protection systems from battery to architecture, vehicle, intelligent control, and cloud.

　　The first layer is the most stringent battery access standards. In tests such as 24-hour corrosion immersion, 2-meter drop, direct combustion for 105 seconds, and indirect combustion for 90 seconds, Geely’s standard is much higher than the industry standard.

　　The world’s first "ten grids" battery anti-collision structure, the original aviation aluminum alloy "mesh type" anti-collision beam, the patented technology "clover force transfer structure", as well as the integrated boron steel door ring, the strength of 1500 MPa four-layer A pillar and other safety protection technologies, so that the vehicle has 720 ° armor protection, which is also the second layer of safety protection of the Galaxy E8.

　　The third layer is the vehicle safety that leads the industry. For side column collisions, the national standard only requires 1 point of the vehicle threshold beam to be tested, and Geely does a full 14-point test. For front center column collisions, the industry standard is only 35km/h, and the Galaxy E8 standard has reached 50 km/h, and it can still make the front impact stop at the front circumference.

　　The fourth layer is the safe and intelligent management and control of the cloud without blind spots. With the strong computing power of Xingrui Intelligent Computing Center, the Galaxy E8 has experienced more than 12,000 full-scene virtual simulation collisions during the development process. Combined with the battery management system BMS3.0, the battery can be guarded 7 * 24 hours, so as to achieve pre-warning and in-process alarm.

　　In addition, Geely has further expanded the verification content of the Aegis battery safety system. On the basis that the single battery test is higher than the national standard requirements, the same battery is subjected to the "Iron Man Eight" devil tests such as temperature shock, humid heat cycle, vibration, mechanical shock, water immersion safety, IP6X, IPX8 and IPX9K, and the continuous test is passed at one time.

　　Secondly, when the vehicle experiences thermal runaway due to external factors, it can achieve a millisecond-level high voltage break, the cooling system is actively turned on, and the battery does not catch fire or explode within 24 hours, which is much higher than the industry standard requirement of 5 minutes.

　　The Galaxy E8, which is equipped with the Aegis battery safety system, has also passed more than 1,000 high-standard tests of the first vehicle electric safety protection certification system in China with excellent results, and has obtained the "No. 001 vehicle six-dimensional electric safety certification" of China’s new energy vehicles.

　　At the same time, Geely also announced that it will open the "Geely Global Safety Experiment Center" to all vehicle and parts companies in the industry. The center can independently implement all safety experiments with the most complete verification capabilities and the widest coverage of regulations. In addition, Geely will also share the achievements of safety technology, and work with peers to "build cars with sunshine and conscience" to reshape the safety standards of new energy vehicles, and truly build cars and safety vehicles for users.

　　Galaxy Unbounded smart cockpit, subverting the mainstream pure electricity without "intelligent interconnection"

　　In order to bring users an immersive interactive experience and intelligent interconnection, Galaxy E8 has made all-round iterations from hardware, software to intelligent interconnection, creating a new generation of "Galaxy Unbounded Smart Cockpit", subverting users’ imagination of smart cockpits.

　　In terms of hardware, Geely partnered with BOE to create the world’s first 45-inch 8K unbounded smart screen for the Galaxy E8, which is also the largest and clearest screen in any car to date. The widest in the world is 1.13 meters, the thinnest in the world is less than 10 mm, the global screen accounts for up to 98%, and the global resolution is up to 8K retina level. At the same time, the reflectivity is only 1.5%, the glare rate is only 4.5%, and with adaptive brightness adjustment, it will not be dazzling at night.

　　Matching the large screen is the most powerful Qualcomm Snapdragon 8295 chip, which uses a more advanced 5Nm process, which increases the computing power by 8 times compared to the 8155 chip. The Galaxy E8 is also equipped with an interesting soul – the Galaxy NOS Unbounded Edition car machine system, and is equipped with two super brains: Flyme Link mobile phone domain + Meizu mobile phone "super mobile phone brain", and the "super cloud brain" empowered by Geely Star Smart Computing Center.

　　Galaxy E8’s "Galaxy Unbounded Smart Cockpit" brings users an unbounded interactive experience and a more immersive cockpit experience. Through the Galaxy Crystal knob, you can enter the top ten scene applications such as "iMax Galaxy Cinema" and the full-screen customized 3A game "Wild Race 9" to achieve one-click traversal. All kinds of applications can dynamically expand, flow and displacement on the large screen. When the owner calls, the call interface pops up through the small window, and the original content of the large screen automatically expands to the right. Not only navigation, but listening to music, watching movies, and playing games can be expanded to the "instrument area". In the instrument area, you can also listen to songs and read lyrics without affecting the display of driving information.

　　At the same time, Geely also brought the ability of the Ai large model to the Galaxy E8, bringing a subversive intelligent experience to users. "Ai Voice" can respond at an extremely fast speed of 0.23s, OurHours can be said without waking up, and the full screen can be visible. A sentence can issue up to 15 commands, supporting simultaneous conversations between multiple people in the whole car. "Ai Rhythm" can automatically create MV when playing songs, and automatically generate a panoramic music rhythm desktop. "Ai Memories" can automatically generate cartoon drawings based on photos uploaded by users. "Ai Time Engine" can automatically adjust the weather, time, music, ambient lights in the cockpit with the external environment of the car… Realize the artistic conception of "the car walks in the scene, and the scene swims in the painting".

　　Galaxy E8 is a pure electric model empowered by smart technologies such as mobile phones, drones, and satellite Internet. It is also the first model in the world to support Flyme Link, and has launched a customized version of Meizu 21 Geely Galaxy. With just three fingers and one swipe, the mobile phone can be connected to the car without feeling, WeChat, navigation and other applications, as well as functions such as swiping Douyin, browsing Weibo, and playing games, can seamlessly flow with the car. Galaxy E8 is also equipped with an exclusive "escort drone", which can automatically accompany the flight with a throw of the hand, and the screen will be shared on the large screen in real time.

　　At the same time, the Galaxy E8 is also a car that can "communicate with satellites". The satellite Internet unique to Geely’s global technology ecosystem will provide two-way satellite communication for the Galaxy E8. Even in the absence of mobile phone signals, information can be sent and received through satellites, so that safety will never be lost. In early February this year, the "Geely Future Travel Constellation" will launch 11 satellites in the second orbit.

　　Only when the intelligent Internet is open enough can it satisfy users’ better experience and allow more mainstream users to enter the era of "Internet of Everything". On the Internet of Everything, Geely will also cooperate with excellent brands and products in various fields. On the Handheld Internet, Geely has opened up the ecology of all Android mobile phones; on the Smart Home Internet, it has opened up smart devices such as JD.com, Xiaodu, and Haier.

　　Geely Galaxy’s scientific and technological ecological achievements are fully demonstrated, and China’s new energy vehicles have entered the "Galaxy Era"

　　At this press conference, the latest achievements of Geely Galaxy’s technology ecosystem were also fully showcased to the public.

　　In terms of smart driving, Geely Galaxy brings a new "solid-state lidar" with ultra-wide viewing angle and ultra-long range, as well as a zoom "gaze" function, which participates in the full-scene function of Galaxy Smart Driving and greatly improves safety. This year, Geely will also bring Galaxy Smart Driving 2.0, a set of high-level smart driving solutions focusing on "urban commuter NOA". Through repeated memory and repeated training of "point-to-point" high-frequency routes, urban NOA is safer and more practical. The smart driving solution will be first available on the Galaxy E8 smart driving version, and various functions will be launched one after another this year.

　　In terms of artificial intelligence, based on the super computing power of Xingrui Smart Computing Center iteration to 10.20 billion billion times/second, Geely has laid out the industry’s first full-stack self-developed "AI big model", which is the only car company big model that has obtained the highest level certification of the National Academy of Information and Communications Technology "4 +". At present, the total training data volume has exceeded 30,000 billion Tokens. It is worth mentioning that Geely Galaxy "Ai Digital Genie" will be launched soon. Every Geely Galaxy owner is expected to have an exclusive intelligent partner, and users can also customize its image according to their needs.

　　In terms of the energy replenishment ecology that pure electric users are most concerned about, Geely Galaxy will directly share the energy replenishment system of the group’s "thousands of stations and thousands of piles", and connect to more than 880 charging stations of Krypton Energy, covering 137 cities across the country. Among them, there are 2,409 ultra-fast charging piles, and the number of self-built ultra-fast charging piles by car companies is the first! Geely has also planned an exclusive "energy replenishment park" for Galaxy users, which will achieve 300 in 2024. In addition, it has also integrated more than 95% of the country’s charging resources, covering 330 major cities, and the number of available charging piles has reached 600,000.

　　Geely Galaxy will also continue to bring innovative technologies and products to users, self-developed new generation of 11-in-1 smart electric drive, as well as distributed wheel electric drive, so that mainstream products can also achieve "tank U-turn". The new generation of CTB technology, self-developed new formula batteries and other top new energy technologies will also be carried on Geely Galaxy’s new products. In addition to Galaxy L7, Galaxy L6, and Galaxy E8, Geely Galaxy will launch more blockbuster new products in the next two years, and the "Galaxy Era" of China’s new energy vehicles will officially arrive.

　　Every product of Galaxy is leading China’s new energy into a "new stage" of value improvement. As Geely Galaxy’s first pure electric sedan, the Galaxy E8 brings mainstream pure electric users a peak value experience that exceeds expectations with 5 years of leading intelligent experience, leading generation appearance, the best flagship performance brought by tens of billions of architectures, million-level security and the most sincere price. Geely Galaxy will also adhere to the mission of "fighting for high-value new energy vehicles" and lead China’s new energy into a high-value era. The first launch in 2024, buy a B-class car must see the Galaxy E8. (Source: Geely Galaxy)

　　After a lapse of more than ten years, another important law in the financial industry ushered in a major overhaul.

　　A few days ago, the People’s Bank of China drafted and issued the Law of the People’s Republic of China on the People’s Bank of China (Revised Draft for Comment) (hereinafter referred to as the Draft for Comment), making it clear that any unit or individual is prohibited from making and selling digital tokens, which does not involve the monetization of the fiscal deficit. The upper limit of fines will be raised to 20 million yuan, and the statutory duties of the central bank will be greatly expanded.

　　This revision emphasizes financial services to the real economy, strengthens financial macro-control, and modifies and improves the responsibilities of the central bank; Establish a dual-pillar regulatory framework of monetary policy and macro-prudential policy, improve the overall supervision system of systemically important financial institutions, financial holding companies and important financial infrastructure, and increase penalties for financial violations.

　　"This is a major revision." Dong Ximiao, chief researcher of Zhaolian Finance, said in an interview with China Business News that under the background of major changes in the current international and domestic economic and financial environment, amending the Law of the People’s Bank of China with the times and strengthening the responsibilities of the People’s Bank of China in macro-prudential supervision and prevention of financial risks will help improve the system construction, create a more suitable legal environment for preventing and resolving financial risks and maintaining financial stability, and also help promote the financial industry to better serve the real economy.

　　According to the central bank, the revision of the Law on the People’s Bank of China is necessary for building a modern central banking system and preventing and resolving systemic financial risks, and it is also in line with the trend of international financial regulatory reform.

　　Establish a macro-prudential policy framework

　　The Draft for Comment includes general provisions, organization, RMB, business, supervision and management responsibilities, supervision and management measures, financial accounting, legal responsibilities and supplementary provisions, with a total of 9 chapters and 73 articles.

　　From the content, it mainly involves eight aspects: emphasizing financial services to the real economy and strengthening financial macro-control. The responsibilities of the People’s Bank of China have been revised and improved. Establish a dual-pillar regulatory framework of monetary policy and macro-prudential policy. Improve the overall supervision system for systemically important financial institutions, financial holding companies and important financial infrastructure. Give further play to the role of the People’s Bank of China in maintaining financial stability and preventing and handling systemic financial risks.

　　And, improve the RMB management regulations, improve the governance system of the People’s Bank of China, improve the means of performing duties of the People’s Bank of China, and increase penalties for financial violations.

　　In terms of revising and improving the functions of the People’s Bank of China, it is clear about drafting major laws and regulations of the financial industry, formulating the basic system of prudential supervision, taking the lead in taking charge of systematic financial risk prevention and emergency response, three "overall plans", and organizing and implementing national financial security review.

　　In establishing a dual-pillar regulatory framework of monetary policy and macro-prudential policy, the monetary policy toolbox has been improved and the flexibility of monetary policy tools has been moderately increased; Establish a macro-prudential policy framework, clarify the macro-prudential policy objectives, focus on strengthening countercyclical regulation and penetrating supervision, and improve the macro-prudential policy toolbox of financial institutions such as countercyclical capital buffer, risk reserve and stress testing.

　　In this regard, Dong Ximiao told the First Financial Reporter: "This revision has made major adjustments to the responsibilities of the People’s Bank of China, increased the macro-management responsibilities of the financial market and financial system, given the central bank the right to draft major laws and regulations on the financial industry, and coordinated the supervision of important financial institutions, financial holding companies and financial infrastructure. This will help improve the modern central banking system, further strengthen supervision and coordination, better meet the new requirements put forward by the development and changes of the financial situation on the central bank’s responsibilities, and also conform to the changing trend of international financial supervision. "

　　Provide legal basis for issuing digital currency.

　　The issue of digital RMB by the central bank has always been the focus of the market, and this revision provides a legal basis for issuing digital currency.

　　Sun Haibo, president of the Institute of Financial Supervision, recently wrote an article analyzing that the formal inclusion of digital currency in the legal tender form has become the legal basis for digital currency to formally implement it nationwide, which will have a far-reaching impact on the management system reform of the payment system and the internationalization of the RMB.

　　"Draft for Comment" improves RMB management regulations. Article 19 clearly states that "RMB includes physical form and digital form".

　　Article 22 stipulates that no unit or individual may make or sell token tickets and digital tokens to replace RMB in circulation in the market.

　　In addition, Article 65 also provides penalties for making and selling token coupons and digital tokens instead of RMB circulating in the market: The People’s Bank of China shall order it to stop its illegal activities, destroy the illegally made and sold token coupons and digital tokens, confiscate its illegal income and impose a fine of less than five times the illegal amount; If the illegal amount cannot be determined, a fine of not less than 100,000 yuan but not more than 500,000 yuan shall be imposed.

　　Moreover, in the eyes of the industry, the "Draft for Comment" is equivalent to reaffirming the previous seven ministries and commissions, and at the same time upgrading from legal documents to legal level.

　　In fact, as early as September 2017, ICO had been sentenced to "death penalty" by supervision. China People’s Bank, China Banking Regulatory Commission and other seven ministries and commissions jointly issued the Announcement on Preventing the Financing Risks of Token Issuance, which indicated that the financing of Token Issuance is essentially an unauthorized illegal public financing, which is suspected of illegal selling of token coupons, illegal issuance of securities, illegal fund-raising, financial fraud, pyramid schemes and other illegal and criminal activities. Since the date of announcement, all kinds of token issuance financing activities shall be stopped immediately. Organizations and individuals that have completed the financing of token issuance shall make arrangements such as repaying, reasonably protect the rights and interests of investors, and properly handle risks.

　　Xiao Sa, a partner of Beijing Dacheng Law Firm, believes that the "Draft for Comment" accurately locates the illegality of the behavior, and ICO is not only an illegal act but also a crime. After the law is passed in the future, the possible result is that some ICO behaviors or companies that sell tokens will be investigated by criminal law. In the future, the selling behavior, manufacturing behavior and financial behavior of currency circles may be identified as crimes.

　　No mention of monetization of fiscal deficit, raising the upper limit of fines

　　During the epidemic, "monetization of fiscal deficit" became the focus of debate. According to the existing laws and regulations, the People’s Bank of China may not overdraw the government’s finances, and may not directly subscribe for or underwrite government bonds and other government bonds.

　　Judging from the "Draft for Comment", this revision does not involve the monetization of fiscal deficits, and once again emphasizes the independence of monetary policy.

　　Article 32 stipulates that the People’s Bank of China shall not overdraw the government finances, and shall not directly subscribe for or underwrite government bonds and other government bonds. The People’s Bank of China shall not provide loans to local governments and government departments at all levels, nor to non-bank financial institutions and other units and individuals, except that the State Council has decided that the People’s Bank of China may provide loans to specific non-bank financial institutions.

　　Wang Yuling, president of Wuhan Branch of the People’s Bank of China, previously said that at present, the effect of direct access of monetary policy to the real economy is emerging. With the deepening of supply-side structural reform, the coordination between monetary policy and fiscal policy is constantly strengthened, and the blocking point of financial support for the real economy will be further opened. There is no need to adopt the extreme policy means of monetizing fiscal deficit. The revision of laws should not only meet the needs of economic development, but also maintain certain stability and create stable expectations for the market. The system that the central bank and the finance perform their respective duties and have clear boundaries is suitable for the current needs.

　　Dong Ximiao believes that adhering to the requirement that "the People’s Bank of China shall not overdraw the government finances, and shall not directly subscribe for or underwrite government bonds and other government bonds" is the bottom line requirement for serious financial discipline, preventing the monetization of deficit problems, inflation and asset bubbles. From a practical point of view, China adheres to the normal monetary policy, and the monetary policy space is still large, so it is not necessary to implement unconventional monetary policies such as direct purchase of government bonds.

　　In addition, the Draft for Comment stipulates that one of the monetary policy tools that the People’s Bank of China can use is to provide loans to commercial banks, rural credit cooperatives, rural cooperative banks, policy banks and development banks. Compared with the current law, the expression of providing loans to credit cooperatives, policy banks and development banks is added.

　　In addition, in the expression of monetary policy, the original "determining the benchmark interest rate of the central bank" was changed to "determining the policy interest rate of the central bank". Sun Haibo believes that mainly due to the interest rate marketization reform, the central bank loan has cancelled the guiding interest rate and changed to LPR pricing, and the future deposit marketization is still expected.

　　In view of the low cost of illegal activities in the financial market, the "Draft for Comment" increased the punishment for financial illegal activities, and stipulated that the punishment for serious illegal activities could be aggravated, and the upper limit of the fine was raised to 20 million yuan; The institutions that have obtained the approval of the People’s Bank of China shall be ordered to suspend their business, revoke their licenses, and be banned from the market.

　　Dong Ximiao said that the direction and principle of strengthening strict financial supervision in the Revised Draft remain unchanged, giving the People’s Bank of China the right to inspect and investigate, and greatly increasing the punishment for financial violations. Setting up Chapter VI "Supervision and Management Measures" and giving the central bank the power to inspect and supervise financial institutions and other units and individuals will help the central bank to better perform its duties and enhance its authority and supervision effectiveness.