[In-depth study and implementation of Socialism with Chinese characteristics Thought of the Supreme Leader in the New Era]

　　Author: Zhou Xiangjun (Professor, School of Marxism, Shandong University)

　　The supreme leader’s ecological civilization thought adheres to the Marxist world outlook and methodology, profoundly reveals the essential characteristics and basic laws of socialist ecological civilization construction, and has a profound philosophical foundation and theoretical foundation. In-depth study of the theoretical foundation of the supreme leader’s ecological civilization thought will help us to accurately understand the profound connotation and essence of this important thought, so as to take the Chinese modernization road of harmonious coexistence between man and nature more consciously, and strive to draw a new picture of beautiful China under the guidance of the supreme leader’s ecological civilization thought more firmly.

　　The materialistic connotation of seeking truth from facts

　　Everything starts from the changing and developing objective reality and the law of the existence and development of objective things, which is the essence and method of dialectical materialism. Comrade Mao Zedong insisted on dialectical materialism and put forward the concept of "seeking truth from facts" according to the needs of theoretical innovation and practical development. Seeking truth from facts is not only the essence and ideological basis of Marxist philosophy, but also the materialistic connotation of the supreme leader’s ecological civilization thought. Insisting on seeking truth from facts means insisting on studying and solving problems from reality. Based on the world situation, national conditions and party conditions, the supreme leader’s ecological civilization thought profoundly expounded the prominent position of ecological civilization construction in the overall development of the cause of the party and the state, and emphasized that promoting ecological civilization construction and formulating principles and policies should be firmly based on the greatest reality of the primary stage of socialism. In a word, it is necessary to adhere to the principle that "water is suitable for water, mountains are suitable for mountains, grain is suitable for grain, agriculture is suitable for agriculture, industry is suitable for industry, and business is suitable for business, and actively explore new ways of high-quality development with regional characteristics". The concept, design mechanism, deployment strategy and general plan expounded by the supreme leader’s ecological civilization thought are all condensed on the basis of practical investigation by adhering to the principle of seeking truth from facts.

　　On the one hand, it emphasizes a comprehensive understanding of reality and an accurate grasp of the facts. The General Secretary of the Supreme Leader pointed out: "China is still a country with little forest and green, and its ecology is fragile. Planting trees and improving the ecology have a long way to go." Since the 18th National Congress of the Communist Party of China, the General Secretary of the Supreme Leader has gone to Gansu, Qinghai, Shanxi, Ningxia and other places for on-the-spot investigation and research, and put forward corresponding strategies for local natural advantages or environmental shortcomings. For example, in view of the special geographical environment and ecological value of the Qinghai-Tibet Plateau, it is proposed to further promote the scientific investigation of the Qinghai-Tibet Plateau, reveal the mechanism of environmental change, accurately grasp the impact of global climate change and human activities on the Qinghai-Tibet Plateau, and study and put forward systematic plans and engineering measures for protection, restoration and governance. In addition, through holding special seminars and symposiums, we exchanged discussions with experts and scholars to provide scientific guidance for the formulation of relevant policies.

　　On the other hand, it emphasizes exploring and mastering the inherent laws of ecological civilization construction. The key to seeking truth from facts lies in "seeking truth", that is, exploring and mastering the law of development of things. General Secretary of the Supreme Leader stressed: "It is necessary to deepen the understanding of the regularity of the community between man and nature and accelerate the construction of ecological civilization in an all-round way." Only by following scientific laws can we find new problems and solve new problems. However, following the law is not a routine and step by step, but a matter of doing things honestly according to the law, being brave in innovation and being good at creation, and always firmly grasping the initiative of development. Adhering to the guidance of the supreme leader’s ecological civilization thought, we must thoroughly study and grasp the general laws of ecological protection, socialist modernization and the special laws of ecological civilization construction in China, and adhere to the Chinese modernization road of harmonious coexistence between man and nature.

　　Dialectical thinking of unity of opposites

　　Contradiction is a philosophical category that reflects the unity of opposites within things or between things. Oppositeness and unity are two basic attributes of contradiction. Comrade Mao Zedong pointed out: "Everything has this kind of contradiction, which causes the movement and development of things." The historical process of the development of human society is the process of constantly understanding contradictions, analyzing contradictions and solving contradictions. The supreme leader’s ecological civilization thought adheres to the unity of materialism and dialectics, and scientifically applies them to the whole process and various fields of ecological civilization construction, correctly answering and handling a series of major issues.

　　Since the 18th National Congress of the Communist Party of China, the General Secretary of the Supreme Leader has adhered to the unity of the two-point theory and the key theory, and made in-depth thinking on how to grasp the relationship between ecological protection and economic development according to the essential attribute of ecological civilization construction and the realistic requirements of economic and social development. He pointed out, "We want green mountains and green hills, as well as Jinshan Yinshan. It is better to have green mountains and green hills than golden mountains and silver mountains, and Lucid waters and lush mountains are invaluable assets ",proposing that" high-quality development and high-level protection complement each other and complement each other. High-level protection is an important support for high-quality development. High-quality development with ecological priority, green and low carbon can only be achieved by high-level protection. " These important expositions, using contradiction analysis scientifically, are good at finding symbiosis points from opposites, clarifying the dialectical unity relationship between environmental protection and economic development, and pointing out that green mountains and green rivers are not only natural wealth, ecological wealth, but also social wealth and economic wealth. Protecting the ecological environment means protecting natural values and increasing natural capital, which is to cultivate the potential and stamina of economic and social development.

　　In July, 2023, General Secretary of the Supreme Leader reviewed and summarized the practical experience of the new era in the past ten years, analyzed the new situations and new problems currently faced, and clearly put forward five major relationships that need to be handled in promoting the construction of ecological civilization in the new journey, namely, the relationship between high-quality development and high-level protection, the relationship between key tackling and collaborative governance, the relationship between natural restoration and artificial restoration, the relationship between external constraints and endogenous motivation, and the relationship between "double carbon" commitment and independent action. Among them, the relationship between high-quality development and high-level protection, the relationship between key attack and collaborative governance clearly embodies the organic unity of two-point theory and key theory of materialist dialectics. Dealing with the relationship between high-quality development and high-level protection is a strategic measure to adhere to the important concept of "Lucid waters and lush mountains are invaluable assets", that is, to maintain the natural appearance and value potential of "green water and green mountains" through high-level environmental protection, to give play to its ecological, economic and social efficiency, and to create new kinetic energy and new advantages for high-quality economic and social development. Dealing with the relationship between tackling key problems and collaborative governance is to firmly establish the system concept, grasp the main contradictions and major aspects of ecological civilization construction, explore new governance ways from the perspective of system engineering and overall situation, and carry out ecological civilization construction in an all-round, all-regional and whole process.

　　Epistemological characteristics of the unity of knowledge and action

　　Marx pointed out: "Whether people’s thinking has objective truth is not a theoretical problem, but a practical one. People should prove the truth of their own thinking in practice, that is, the reality and strength of their own thinking and the shore of their own thinking. " Practical viewpoint is the primary and basic viewpoint of Marxist epistemology. The supreme leader’s ecological civilization thought adheres to the unity of epistemology and methodology, showing the theoretical character of unity of knowledge and action, seeking truth and being pragmatic.

　　Do it really "know". The supreme leader’s ecological civilization thought inherits and develops the materialistic, dialectical and practical ecological philosophy thinking and methods contained in Marxist ecological view, draws on the ecological wisdom of Chinese excellent traditional culture, draws lessons from the experience and lessons in the process of western industrialization, continuously deepens the understanding of the law of ecological civilization construction, and systematically answers major theoretical and practical questions such as why to build an ecological civilization, what kind of ecological civilization to build, and how to build an ecological civilization, which provides a fundamental basis for the construction of ecological civilization in the new era.

　　Pay to the "line". Under the guidance of the supreme leader’s ecological civilization thought, through unremitting efforts, China’s ecological civilization construction has achieved a major shift from key rectification to systematic governance, from passive response to active action, from global environmental governance participants to leaders, and from practical exploration to scientific theory guidance. For example, in terms of ambient air conditions, the average concentration of fine particulate matter (PM2.5) in cities at or above the prefecture level in China is 29 μ g/m3, down 3.3% year-on-year, achieving a continuous decline in the past 10 years; In terms of soil environmental conditions, the national soil environmental risks have been basically controlled, and the increasing trend of soil pollution has been initially curbed; Wait a minute. The achievements in the construction of ecological civilization in the new era have attracted worldwide attention and become a remarkable symbol of historic achievements and changes in the cause of the party and the state in the new era.

　　"knowledge" and "behavior" run through. Adhering to the unity of knowledge and action, the key and key point is to ensure the benign interaction and real connection between knowledge and action. The main force of ecological civilization construction is all the people, but individuals have different ideological understanding, practical endowment and moral literacy, and their understanding and grasp of ideological concepts are different, deep or shallow, strong or weak. The supreme leader’s ecological civilization thought particularly emphasizes the important role of ecological civilization theory education and system of ecological civilization mechanism in environmental governance. By strengthening the green education at the ideological level, actively promoting the socialist concept of ecological civilization, strengthening the rigid design at the institutional level, and closely weaving the strictest and strictest network of the rule of law system, we can ensure the logical integration and unity of the true "knowledge" in thought and the true "behavior" in practice.

　　The essence of historical materialism of people first.

　　Historical materialism holds that the people are the creators of history and the decisive force of social change. As a brand-new form of the development of human civilization, ecological civilization is a great cause created collectively by the people. The supreme leader’s ecological civilization thought emphasizes "adhering to the principle of benefiting the people by ecology, benefiting the people by ecology and serving the people", constantly meeting the people’s growing needs for a beautiful ecological environment, which contains a distinct people’s stand and shows profound people’s feelings.

　　It is clear that the construction of ecological civilization is for the people. General Secretary of the Supreme Leader profoundly pointed out: "The human heart is the greatest politics. We must actively respond to the people’s thoughts, expectations and urgency, vigorously promote the construction of ecological civilization, provide more high-quality ecological products, and constantly meet the people’s growing needs for a beautiful ecological environment. " This important exposition profoundly answers the ontological proposition of who ecological civilization construction serves. The people-centered development thought has always been the logical thread running through the supreme leader’s ecological civilization thought, which is not only reflected in the connotation interpretation of ideological theory, but also manifested in the vivid and great practice. Our party adheres to the principle of benefiting the people by ecology, benefiting the people by ecology and serving the people by ecology, vigorously promotes green production and lifestyle, focuses on solving outstanding environmental problems that harm people’s health, continuously improves the quality of the ecological environment, provides more high-quality ecological products, and enables people to have more sense of acquisition, happiness and security in a beautiful ecological environment.

　　Adhere to the construction of ecological civilization and rely on the people. The General Secretary of the Supreme Leader pointed out that "ecological civilization is a common cause for the people to participate in and build together, and it is necessary to turn the construction of beautiful China into the conscious action of all the people". The supreme leader’s thought of ecological civilization requires us to constantly unite the people’s consensus in practice, enhance the people’s subjective consciousness, stimulate the people’s endogenous motivation, and provide strong material and spiritual strength for the construction of ecological civilization. Specifically, ideologically, we should strengthen the theoretical interpretation and knowledge popularization of the supreme leader’s ecological civilization thought step by step, so that the people can truly understand the importance and necessity of ecological civilization construction. In action, we advocate thrift, green and low-carbon consumption, promote energy-saving and water-saving products, green and environmentally-friendly furniture and building materials, promote green and low-carbon travel, encourage and guide consumers to buy energy-saving and environmentally-friendly recycled products, and promote the formation of a positive, sunny, civilized and healthy national lifestyle and consumption pattern.

　　The actual results of ecological civilization construction are judged by the people. The test of the effectiveness of all our work ultimately depends on whether the people have really benefited, whether people’s lives have really improved, and whether people’s rights and interests have really been guaranteed. As far as the ecological field is concerned, the basic criterion for evaluating the actual effect of ecological civilization construction and whether the value goal is achieved lies in whether the people’s beautiful ecological environment needs are met and whether the people really feel the sense of ecological acquisition and happiness. Only by solving and satisfying the practical problems that people think, worry and expect with high quality in all aspects can we gain wide recognition from the people and promote the achievement and realization of the goal of ecological civilization construction.

　　(This paper is a phased achievement of the National Social Science Foundation’s major project "The Philosophical Foundation of Socialism with Chinese characteristics Thought of the Supreme Leader in the New Era" [〔18ZDA001〕])

Text | Ruiying

Fairy tales are a scenery that never fades in the film industry. Romantic innocence and wild fantasy are eternal themes in fairy tales. Gorgeous visual impact and wonderful adventure stories can add luster to the film. Alice in Wonderland is a representative fairy tale movie.

Donoff’s attention to narratology focuses on narrative time, form and style. Donoff believes that the characters in the novel are equivalent to the subject, their actions are equivalent to the predicate, and their actions and results are equivalent to the object. For example, the action predicate in the novel can be connected and transformed with the evolution of the plot. The transformation of predicate verbs makes the plot of the novel change from the original balance to imbalance, and then to a new balance, which will become a narrative transformation. This is Tonodov’s "imbalance-reconstruction" principle.

In the first part of the film, Alice’s engagement ceremony was in a state of balance, and it was not until Alice fell into a black hole that the plot was out of balance. The magical dream gives people a psychedelic and unreal feeling, which breaks the previous balance. Alice thought it was just her own dream. It was not until she was scratched by the giant bear that she realized that it was not a dream, but a real situation. This is an imbalance of the plot. Then Alice sneaked into the red queen’s castle to save the mad hat, seized the Woboer sword, fought against the monty, overthrew the tyranny of the red queen, and regained the kingship for White Queen. Finally, Alice returned to reality, chose her ideal lifestyle and rebuilt a new balance again.

one

Color in the Visual Modeling of Characters

The concept of film color contrast contrasts, expressing ugliness with bright colors and expressing justice with single color, which has played an unexpected irony effect. White Queen is dressed in white lace, including his own war horse, and the color of lipstick is really red and black. She speaks with blue fingers cocked up and got it, holding cream fingers with ease to do her own research and development of pharmaceuticals. This is a foreshadowing, paving the way for later explaining the mistakes made by White Queen’s selfishness as a child. The red queen has red hair, big head, short and dark red robes. In China, red symbolizes joy, happiness, luck and wealth, but in the west, red is blood and fire, symbolizing cruelty, disaster, danger and terror. Therefore, the red queen’s red just reflects her brutal rule and blood, but in fact, she has been longing for love all her life, lonely and sensitive, and her ugly appearance has cast an increasingly surly character. Her bones are simple and childish, so she has to hide her weakness with fierceness.

How terrible and hateful human nature is, that weakness is deeply hidden in everyone’s heart. The personified "time" is dressed in black, and the mechanized body and calm personality are integrated with each other. The crazy hat’s orange hair and Gothic smoky makeup highlight his warm, funny, cute and confused side. Blue is also repeated in the film. Different blues represent different meanings. The big ostrich in blue, the caterpillar, Mr. Rabbit, and the blue cat that has disappeared without a trace are all symbols of wisdom. The black color of Mr. Time is a mystery. Alice once said that time is ruthless, but black is unknown besides mystery. The warrior black around the red queen and a piece of red heart on her eyes are interesting.

Alice has blonde hair and is warm and soft. The characters in the film, especially the costumes, use a lot of China elements, which makes the audience feel more cordial. Alice wore a dress at the end of the Qing Dynasty and the beginning of the Republic of China, wearing the same cloud shoulder and not caring about other people’s opinions. This shows Alice’s stubborn, rebellious, thoughtful and adventurous spirit. In the 19th century, the idea of Renaissance freedom was deeply rooted in the hearts of the people, especially the temporary awakening of women. However, with the profoundness of China culture, especially the collocation of clothing colors, foreigners often add their own ways of understanding. Although Alice is an element of China from beginning to end, it is more like singing opera from color to whole. What resonates with China audiences is that Alice spends most of her time in the film wearing clothes with China elements.

two

Male-dominated society and female freedom

The profound meaning that the film wants to express is presented in the contrast between reality and dreams, so as to reflect Alice’s inner desire for entanglement and freedom and her depressed psychology bound by traditional ideas. The ambivalence in reality is released in dreams, so everything in fairyland is symbolized by metaphor.

Freud said that the subconscious will be expressed in the form of dreams through a condensed procedure. Alice’s self-anxiety turns into a pocket watch in the hands of rabbits, that is, a kind of urgency of time; The brother-in-law who secretly cheated turned into a red knight who betrayed the red queen; The exploding neck dragon symbolizes the oppression of women in the real society. The red queen is actually two contradictory sides of Alice’s heart, which can be seen from the same little gestures of the red queen, for example, her fingers keep shaking when she is nervous. White Queen’s hypocrisy and lies are obvious. She symbolizes Alice’s bound self in a society where women’s status is not high, and she seems elegant and dignified but does not obey her inner self. In fact, the Red Queen is as simple as a child. She just stopped at the night when she was hit on the head forever, so when she was unhappy, she would yell "Cut off his head!" " She symbolizes Alice’s inner resistance to this social reality, which is the undisguised original id. The embodiment of this subconscious in dreams represents Alice’s self-consciousness, that is, the awakening of feminist consciousness.

From the perspective of character positioning, we will find that the rulers of Wonderland are the Red Queen and White Queen, both women, but in reality, before Queen Victoria ascended the throne, the rulers were always men. At that time, under the social status of women, it was difficult for women to be recognized and respected, which was realized in dreams. In the dream, after Alice defeated the Jabberwocky Dragon, the Mad Hatter danced for her, but in reality, it was often women who danced to cater to men’s preferences. Alice in the dream had high hopes from beginning to end, and all her partners expected her to save the fairyland. In the end, Alice defeated the Javelin as expected. In the real world, the heroes who save the world are often men. Only men are required to learn knowledge and learn to fight, which is needed by society, while women are regarded as reproductive tools and cannot realize their self-worth.

Comparing reality with dreams from the perspective of plot, we will find that in the film, Alice found that her brother-in-law was having an affair with others, and her brother-in-law threatened Alice not to say anything about her sister’s happiness, so she had to keep silent. In the social environment at that time, women’s marriage was arranged by the family. The society believed that a woman’s greatest glory was to marry a "good" man with power and dignity. No matter whether her married life was happy or not, women should unconditionally tolerate her husband. In the dream, Alice’s feelings are not bound by rules and regulations. She and the mad hat appreciate and help each other, which is the truest emotion from her heart and Alice’s desire for freedom. Another plot that shows this sharp contrast is that Alice in reality dreams of becoming a navigator like her father, but Alice can’t realize her dream because of the pressure from relatives and friends around her and the constraints of women’s social status.

three

Women’s image breaking through the traditional model

Now, with the development of social economy and the improvement of cultural level, women’s thoughts are becoming more and more independent. They are no longer attached to men’s lives as they were in early China. Now women have their own independent thoughts. They advocate freedom, are brave and strong, and strive for their ideal life. Therefore, more and more films are praising feminism, which is a true reflection of the realistic system under the social system.

Alice in Wonderland is set in Britain in the 19th century, which shows the rise of feminism in a patriarchal society. Judging from the character setting, women are the main characters. The violent dictatorship of the Red Queen enjoys exclusive kingship, White Queen is dignified, generous, elegant and holy, and Alice is brave and fearless. In the film, when the Red and White Queens fought, a soldier should have gone to war for White Queen, but it was Alice who went to war in the male-dominated palace, which reflected Alice’s courage; When the bear monster’s eyes were injured, Alice took the initiative to give them back to the bear monster and influenced it, which also reflected Alice’s kindness. In real life, most women carefully abide by the current rules under feudal dogma. Women live a depressed life. They try to struggle and resist, but eventually they all succumb to discrimination and power. Only a few women dare to say no to this power. Their thoughts are more independent, and they dare to fight against evil forces to seek their true selves. Alice is one of them.

In recent years, feminist films have emerged in an endless stream. This kind of films still has great value in today’s open, democratic and rapidly developing society. It treats the differences between men and women in all aspects of social life with an idea of tending to equality, and expands the living space of women in the state of giving equality to men and women, improves their social status and makes more people pay attention to this vulnerable group. Many movies and TV plays with female themes not only need to show the female thoughts of the protagonists themselves, but also have a deep exploration of female self-awareness.

The issue of women is still a problem that needs to be discussed. Nowadays, the development of feminism in different regions is uneven, and the social status of women in some developing countries is still underground. Therefore, feminist theory still has great creative value in the future film market.

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Uncle Si Wei Du is the first vertical independent video expression platform in the film and television culture industry initiated by Tan Fei, drama critic Li Xingwen and screenwriters Wang Hailin, Song Fangjin and Shi Hang. Directors, producers, screenwriters, actors, brokers, commentators, producers, etc. who have personalities and opinions are welcome to come to speak, talk shows, or dialogues. The opinions need not be consistent, but they need to come from the heart. "Say" is responsible and conceited, and boxing is sincere.

Beijing, March 15 (Xinhua) According to the US "World News" report, how high is the price of the "American Dream"? Is it the equivalent of four full years’ salary, the fear of drifting at sea for a year and a half, or the loneliness of never seeing my hometown again? For many Chinese stowaways, the answer is probably "all of the above".

Dr. Wei-chun Vivi Hua, a Chinese psychologist in the United States who studies Chinese illegal immigrants, has interviewed many Chinese illegal immigrants who suffered psychological damage during the process of illegal immigration, and learned many secrets about illegal immigration from many interviewees.

Many Chinese smuggled into the United States not to get a fake passport and get on a plane and go directly to the United States, but to go through several countries to escape tracing and finally to the United States.

On the way to smuggling, every time the snakehead goes to a country, he will change a passport and identity for each stowaway, and destroy the passport used in the last trip. It takes time to prepare fake passports, and illegal immigrants usually have to stay for three to four months in the countries they pass through. The average duration of the whole smuggling is one to two years. The last stop before entering the United States is often Mexico.

Paul Beeson, captain of the border patrol of the US Customs and Border Protection (CBP) in San Diego, pointed out that illegal immigrants brought into the United States by Mexican snakeheads are found in all countries. They may cross the border on foot or sneak ashore from the high seas by boat.

Hua Weichun recounted an interviewee’s self-report, who was led by a Mexican snakehead during the smuggling and scurried in the border desert. At that time, it was winter. In order to reduce luggage, snakeheads were not allowed to bring warm clothes, and they had to wade barefoot when encountering streams, and they were so cold that they quickly went into shock. Halfway through, I met the border patrol search, and the group hurried back to Mexico. After walking around the clock for almost a week, someone sprained his foot and was thrown into the desert by the snakehead. "I don’t think I can live."

The risk of being caught smuggling by sea is less, but the life risk is just as great. Hua Weichun quoted the interviewee as saying that there were more than 20 people in the boat, carrying more than a dozen barrels of gasoline, and the sanitation was poor. The smugglers also restricted the illegal immigrants from drinking water, and many people fell ill.

Jerome Conlin, spokesman of the San Diego Border Patrol, pointed out that Mexican snakeheads charge foreign customers, that is, non-Mexican illegal immigrants. At present, the market is: 20,000 US dollars for land smuggling and 50,000 US dollars for land smuggling, and the highest charge may reach 90,000 US dollars.

Smuggling is expensive. After arriving in the United States, every penny earned by illegal immigrants in at least the first four years has to be used to pay off debts, and it may be unclear for more than ten years. Among the interviewees of Hua Weichun, there were people who hanged themselves because of the pressure of debt. Hua Weichun pointed out that Chinese, who sneaked into the United States, was mostly around the age of 20, and often carried the expectations of the whole family.

One of Hua Weichun’s interviewees sneaked into the United States 17 years ago. Because she has been unable to return to China since she went to the United States, she has always been alone, and I am afraid she will never see her hometown again. (I have heard more)

Wen | Deep burning trainee author Wan Qi

Editor | Li Qiuhan

Netease Cloud Music’s road to listing is a bit difficult.

Recently, Netease Cloud Music responded to the outside world. Based on the consideration of the overall market environment and other comprehensive factors, the management of the company decided to suspend the IPO, and will choose a better opportunity to promote IPO-related matters as soon as possible.

The first consideration of capital is the market, and the second is the return on investment.

In the opinion of an analyst, Netease Cloud Music’s move is first related to the big environment. With the tightening of supervision, listing at this time will face uncertainty. Then, on August 16th, news came out that Tencent Music would also shelve its listing plan in Hong Kong.

Some people in the industry have analyzed that the bad market is only one of the reasons. The huge losses of Netease Cloud Music have made investors lack confidence in Netease Cloud Music IPO. According to the prospectus, from 2018 to 2020, the adjusted net losses of Netease Cloud Music were 1.8 billion yuan, 1.6 billion yuan and 1.6 billion yuan respectively, totaling as high as 5 billion yuan, and it is expected that the losses will continue. At the same time, its biggest competitor Tencent Music has achieved net profits of 1.8 billion yuan, 3.9 billion yuan and 4.1 billion yuan respectively.

Netease Cloud Music, established in 2013, has gone through seven years. Due to the constraints of music copyright, it has been difficult for its paying users to grow at a high speed. However, the prospect of using high-viscosity community culture to find the second revenue growth is not clear. In the big environment, in addition to Tencent Music, the short video platforms such as Tik Tok and Aauto Quicker also pose a threat to the traffic.

Netease Cloud Music, which was listed "almost in one breath", has been "besieged on all sides".

Can Netease Cloud Music break through by lifting the exclusive copyright?

Judging from the prospectus, in Netease cloud music revenue, the proportion of membership fees in 2020 is as high as 53.6%, and letting users spend money to listen to music is the main source of profit.

On July 24th this year, according to the anti-monopoly law, the State Administration of Market Supervision ordered Tencent and its affiliated companies to cancel the exclusive music copyright within 30 days, which made the online music market explode.

Si Si, an associate professor at China Conservatory of Music, believes that the company with the most exclusive copyright will undoubtedly be greatly affected after the exclusive copyright is lifted. In other words, this has a greater impact on Tencent Music. Wang Chao, the founder of Yuan Wen think tank, also thinks that this is good for Netease Cloud Music, which has the opportunity to buy some exclusive copyrights that originally belonged to Tencent at a lower price.

"Cancellation of exclusive copyright" is regarded as the lifeline of Netease Cloud Music, but is this really the case?

In 2018, under the impetus of the National Copyright Administration, Tencent Music and Netease Cloud Music transferred their authorized music works to each other, and the two companies only retained 1% of the exclusive music copyright. But this 1% directly affects Jay Chou and Mayday, and many national singers’ songs are controlled by Tencent Music. "Without Jay Chou’s Netease cloud music, there is no soul." A netizen lamented that losing the copyright of some core singers really frustrated Netease Cloud Music.

But in fact, for it, it is not easy to re-light the user’s grayed song list. After all, money still needs to be spent. A record company executive expressed a similar idea about Deep Burning. He guessed that without exclusivity, the copyright fee would be reduced, but their company was unwilling to lower the price. He prefers new forms of binding, such as going deep upstream for content cooperation. This is exactly what Tencent Music is accelerating. In other words, exclusivity has been cancelled, but the threshold of cooperation with music production companies has not disappeared.

At present, the problem of Netease Cloud Music in the music field is not only copyright, but also liquidity efficiency.

The revenue model of online music has not been fully developed. Basically, the platform buys copyright at a high price, and then sells it to users in the form of payment, so as to earn the difference, with a single form.

How much does the copyright price bother Netease Cloud Music? In the earnings conference call of Netease in the first quarter of last year, Ding Lei directly criticized that Netease Cloud Music paid more than 2 to 3 times the reasonable price under the exclusive sales mode of copyright. In the prospectus, from 2018 to 2020, its content service costs were 1.97 billion yuan, 2.85 billion yuan and 4.79 billion yuan respectively, accounting for 171.7%, 123.1% and 97.8% of its revenue respectively.

With such investment, Netease Cloud Music’s "harvest" is that the prospectus shows that in Q1, 2021, the number of monthly users of Netease Cloud Music’s online music service has reached 183 million, but the number of monthly paid users of online music service is only 24 million, which is about one-third of the 60.9 million paid users of Tencent Music in Q1, 2021.

In fact, in 2020, the payment rate of Netease Cloud Music is 8.8%, which is higher than that of Tencent Music’s 7.7%, but compared with the foreign music market, the gap is still very obvious. According to the report data of Guoyuan International Securities in July 2020, the subscription payment rate of Spotify, an overseas music streaming platform, has reached about 50%.

The promotion of the willingness to pay cannot be achieved overnight, and it is worth noting that the premise of its promotion is that the platform needs enough funds to bet on high-quality and even scarce copyright content, so as to attract users to pay. It is not easy for Netease Cloud Music, which has suffered a long-term loss, to spend more money to supplement copyright ammunition.

According to industry-related sources, from 2019 to 2020, Netease Cloud Music was included in the service of paying users of Taobao VIP88 in 88 yuan, and the number of paying users increased from 8.63 million to 16 million. He predicted that Tencent Music would also be connected after Tencent and Ali Eco opened in August. In other words, after Netease Cloud Music Drainage Barrier is broken, its advantages will be further weakened.

Source/Analysys Qian Fan Data

From the product level, according to Analysys Qian Fan data, the online user duration of Netease Cloud Music continues to decline, and the coincidence rate with QQ Music and Cool Dog Music is relatively high, and the exclusive user rate is also the least among the three. The advantage of Netease Cloud Music is not obvious.

In the context of a single profit model and low willingness to pay, "music itself does not make money" is not a ridicule.

Listing is not easy, can social entertainment solve the problem?

Netease Cloud Music is clearly aware that it needs to find a new way out under the pressure that paying users are difficult to break through.

Tencent Music, which achieved profitability earlier, once accounted for more than 70% of the total revenue from social entertainment, relying on the high-margin "online karaoke+live reward" business. Netease Cloud Music is also using social entertainment to "save the country by curve".

Wang Chao explained this realization logic. In terms of consumption power, the member-paid business model is to attract users with low prices, and the business can be at a loss, but it can be realized after the users are introduced. At present, live broadcast realization is a highly efficient business. Since Netease Cloud Music Live Broadcasting Service was launched in the second half of 2018, its revenue has increased from 500 million yuan in 2019 to 2.3 billion yuan in 2020 in just one year.

Doing social entertainment is not difficult for Netease Cloud Music. From the product level, Netease Cloud Music has always been differentiated by song list culture, accurate recommendation mechanism and product tonality. The users account for 89% of the post-90 s young group, which has cultivated a highly sticky community culture.

In recent years, Netease Cloud Music has launched LOOK live broadcast, listening, anchor and other columns around the live broadcast business, which are arranged on various pages. The song room service includes Yuncun KTV, Yuncun singers, parties, etc. At the same time, podcasts are opened to introduce high-quality audio content, and the action is constant. In terms of commercial realization, it includes live broadcast service, virtual goods sales and music-related products sales, among which live broadcast service is the main revenue source of social entertainment.

The effect is obvious. In 2018, the revenue of online music services and social entertainment services accounted for 89.4% and 10.6% respectively. By 2020, the revenue of the two major businesses will become 53.6% and 46.4%, and the revenue of the latter will also increase from 120 million to 2.27 billion. The number of paying users of social entertainment services has also increased rapidly, from 0.58 million in 2018 to 91,700 in 2019, and then to 327,000 in 2020. The monthly income of paying users has also increased from 477.6 yuan in 2019 to 5.73.8 yuan in 2020.

The realization channel of Netease Cloud Music is tilting towards "social entertainment", and there is a trend of overweight this year.

Taking advantage of the unique community atmosphere, the latest version of Netease Cloud Music upgrades "attention" to a first-class entrance, so that users can view the trends of friends and musicians more quickly, and the "cloud circle" adds group chat to find the same hobby. The "cloud village" section also integrates Mlog, song room and chat room. The prospectus also shows that in this year’s strategic adjustment, the user group and participation of the "Yuncun" community will be expanded.

But this doesn’t mean that this business can always make great strides.

According to the statistics of Analysys Qian Fan, since September, 2020, the usage time of Netease Cloud Music has shown a downward trend as a whole, and the rich entertainment and social functions are not as good as expected for retaining users.

Whether the appearance of these new functions will affect the original community tonality is not discussed for the time being. An industry insider believes that online music platforms, social media and short video platforms are accessing related content in the market. From a technical point of view, live broadcast rewards such business segments are highly competitive and reproducible, and there are no industry barriers.

In his view, at the same time, the ceiling of such income will not be high. Based on the consumption scene of music socialization, the extended value-added services, the most important of which is to reward the anchor by ordering songs and giving virtual gifts live, which is not much different from other platforms. Tencent Music, Huya and other platforms have occupied most of the market share, and it is very difficult for Netease Cloud Music to "grab food".

And in Wang Chao’s view, at present, around the realization of live broadcast business, it will become rivals with Tik Tok and Aauto Quicker. When Netease Cloud Music attacks the market share of these two platforms, it will not move.

What is the value of original musicians?

Netease Cloud Music also has a trump card-the original music plan.

Netease Cloud Music was previously restricted by copyright, playing independent musicians, with the purpose of differentiating operations and attracting users. More than one person in the industry mentioned that although the platform has a certain traffic tilt to the musicians in the head, after the exclusive copyright is lifted, it will be beneficial to the original musicians at the waist and even at the tail. After all, the deep binding between the platform and the original musicians is equivalent to having scarce content.

The prospectus also mentioned that by December 2020, the number of registered original music of Netease Cloud Music reached 230,000, and the music tracks of registered independent musicians accounted for more than 45% of all music streaming media. Lao Fan, an original musician who has now entered the mainstream vision, became popular in Netease Cloud Music in his early days.

However, from the perspective of revenue, it is difficult to generalize the contribution of original musicians to the platform. Earlier, an independent musician told Deep Burning that Netease Cloud Music had collected a large number of independent musicians’ works for some time, which was a bit like venture capital. "But it’s worth it to hit one." Wang Chao explained that the industry still follows the "28 Law", and only a small number of people can earn money after they become big names. It is very difficult for most original musicians to count on this to earn money, but it is difficult for the platform to cultivate original musicians to make direct profits, and its greater role is to enrich the sound sources.

And now, after the era of exclusive copyright has passed, all platforms are aware of the importance of supporting independent musicians and are increasing their support.

Source /Pexels

In June this year, according to the news of LatePost, Tencent Music will set up an open platform department for musicians, a group of content studios, a music cloud business center, a promotion market center and a list and data product center on the basis of the original content cooperation department after setting up a content business line. Its main business direction includes, mining and introducing high-quality musicians; Cooperate with the music industry in content co-creation and live performance; Provide distribution and promotion services for music.

In addition, the short video platform is also eyeing. In June this year, Tik Tok APP has launched a music player and began to test the "K song" function; Also launched the "See Music" program. On the other hand, in March this year, Aauto Quicker held the Music Copyright Ecology Conference, which launched the industry’s first music copyright settlement standard. In June, the "Aauto Quicker Double-click Music Plan" was launched to support original musicians through traffic support and copyright settlement.

At present, the advantage of Netease Cloud Music in creating original musicians is weakening. According to the Q2 financial report of Tencent Music in 2021, the number of original musicians has also exceeded 230,000, and Tencent Music is connected with Tencent Video, which can build more music consumption scenes with music programs, and the resources are more attractive for independent musicians.

More importantly, the impact of short video platforms.

According to "Tik Tok Music Ecological Data Report 2020", in the second half of last year, the number of musicians in Tik Tok increased by over 300 million, 6 musicians increased by over 10 million, and 23 musicians increased by over 5 million.

While seizing the resources of musicians, the song-making ability of short video platform is also being verified. For example, the early "Imitating Cats" produced a series of Tik Tok Divine Comedy. This year, in the program "Praise for Songs" produced by Tik Tok and Zhejiang Satellite TV, Phoenix Legend’s adaptation of "Underwater" was also circled. Some people in the industry have analyzed that the short video platform is more suitable to be an incubator for explosive songs and musicians.

A business that needs investment but does not necessarily guarantee to make money is also facing strong new competitors. The advantages of Netease Cloud Music in the original musician sector are gradually being diluted.

Suspension of listing is an active choice, but it is also a wake-up call.

Netease cloud music has been frequently circled by marketing, and it is regarded as a dark horse of online music platform. It is not easy to break the three mountains of online copyright, social entertainment and original musicians.

* The title map comes from Pexels.

　　CCTV News:Some commemorative coins in the market, known as "the producer of the People’s Bank of China", are suspected of false advertisements. Recently, the People’s Bank of China issued an early warning of false information about coins to remind the public. According to the reporter’s investigation, there are still some enterprises and individuals selling "Gui Li Commemorative Coins" named by the central bank.

　　The central bank issued an early warning message: these commemorative coins are fake!

　　On January 4th, the Business Management Department of the People’s Bank of China (Beijing) issued a false information warning for coins, saying:

　　Recently received feedback from the masses, some websites and mobile phone clients posted advertisements, claiming that "the central bank started" and "the People’s Bank of China supervised the production", involving commodities including:Founding ceremony Commemorative Coin, Great Power Rise Commemorative Coin, Glory Chinese Gold and Silver Coin. These are all false advertisements. The People’s Bank of China has never issued or supervised the above commodities.

　　To this end, some people have been deceived and suffered economic losses. The business management department of the People’s Bank of China has handed over the relevant clues to the market supervision and management department for handling.

　　Survey: Counterfeit coins are still sold online.

　　The reporter’s investigation found that there are still some enterprises and individuals selling counterfeit commemorative coins named by the central bank. These sellers claim that the commemorative coins are issued or authorized by the People’s Bank of China, and the circulation is limited. Each person is limited to two sets, and the price of commemorative coins is generally lower than the face value or issue price.

　　Among many "counterfeit commemorative coins", glory Chinese gold and silver coins are one of them. The reporter noted that on November 15th, 2018, the People’s Bank of China issued the Announcement of Commemorative Coin Issuance to Celebrate the 40th Anniversary of Reform and Opening-up. The contents of the announcement include the patterns, specifications, circulation, coinage units, sales channels, distribution methods and anti-counterfeiting features of gold and silver commemorative coins. In contrast, the announcement of the issuance of gold and silver investment coins commemorating the 40th anniversary of reform and opening-up in Glory China is too simple, which only contains the introduction, exchange price and circulation of commemorative coins.

　　According to the seller’s claim, each set of gold and silver investment coins commemorating the 40th anniversary of China’s reform and opening-up, with the original price of 800 yuan and the current price of 600 yuan, includes six 100 yuan coins with a diameter of 40mm and one 200 yuan coin with a diameter of 70mm. "Issued by the relevant authoritative units authorized by the People’s Bank of China, produced under the supervision of China Coin Museum, and cast by Shanghai Mint", each collection is equipped with precious metal detection certificate, production certificate, collection certificate, anti-counterfeiting certificate and collection ticket, and 2018 sets are issued nationwide, and each person is limited to 2 sets.

　　The seller said that this set of investment coins has the collection value and appreciation space, and only sold 600 yuan during the activity, which has more appreciation space. "If you order, please do it as soon as possible, because the sales of this set of things are hot, and there is not much feedback from the warehouse just now, and it may be out of stock tomorrow and the day after tomorrow." At the same time, the seller also said that this set of coins can not be exchanged for money in the bank, but can be transferred to other Tibetan friends.

　　There is another fake commemorative coin named "1 kg commemorative silver coin of founding ceremony" on the Internet. The customer service claims that this commemorative coin is pure silver, "issued and minted by the People’s Bank of China in conjunction with Shanghai Mint Co., Ltd.", which has collection value and appreciation space. It can be collected by itself or sold to others. "Everyone can only collect two sets, but not every consumer who places an order can buy them. They need to be screened by the system before they can be delivered. After about 3 days, they can receive commemorative coins and pay on delivery."

　　Expert: Suspected of false advertising and fraud

　　As for the appearance of "Gui Li Commemorative Coin", senior professionals in coin collection introduced that commemorative coins are divided into ordinary commemorative coins and precious metal commemorative coins. At present, all ordinary commemorative coins issued in China have a face value of 10 yuan or less, also known as circulating commemorative coins, which are equivalent to RMB and have little premium space, so most counterfeit commemorative coins are often precious metal commemorative coins. The face value of precious metal commemorative coins is only symbolic and cannot be used in circulation, so it has certain collection value.

　　Then, is it fraud or counterfeiting that the seller releases information to induce consumers to buy currency that is not issued or supervised by the People’s Bank of China? What legal responsibilities will you bear?

　　According to legal professionals, the People’s Bank of China is the only issuer of precious metal commemorative coins, and the central bank issues the issuance plan every year. The seller’s publication of such "commemorative coins" through the Internet is a fictional fact, concealing the truth, defrauding consumers and being suspected of publishing false advertisements. If the seller sells these "commemorative coins" to consumers and defrauds consumers of money, it may be suspected of fraud.

　　Reminder: beware of "cash on delivery" goods

　　The business management department of the People’s Bank of China reminds the masses, especially the elderly consumers, to be cautious in participating in coin collection, to raise their awareness of self-protection and not to believe in relevant advertisements. Be especially wary of goods sold by "cash on delivery". Please report to the market supervision and management department in time if you find similar false advertisements.

　　Watch more news

　　NEWS MORE

　　In 2019, there are 13 items and 66 varieties of precious metal commemorative coins.

　　On January 10th, the People’s Bank of China announced the issue plan of precious metal commemorative coins in 2019, including 13 projects and 66 varieties.

　　These 13 projects are:

　　2019 Panda Gold and Silver Commemorative Coin, 40th Anniversary Panda Plus Silver Commemorative Coin, 2019 Lunar New Year Silver Commemorative Coin, 2019 Auspicious Culture Gold and Silver Commemorative Coin, 2019 Beijing, China World Horticultural Exposition Precious Metal Commemorative Coin, China Calligraphy Art (Lishu) Gold and Silver Commemorative Coin, 70th Anniversary of the Establishment of Diplomatic Relations between China and Russia, World Heritage (Pingyao Ancient City) Gold and Silver Commemorative Coin, The 7th military world games Gold and Silver Commemorative Coin, the 70th anniversary of the founding of People’s Republic of China (PRC), the centenary of the founding of Nankai University, the 2019 Beijing International Coin Expo and the 2020 China Gengzi (Rat) Year.

Author Wu Shixue

Edited by Wu Shixue and Michelle ChenMiao

Opening:

On December 4, 2019, the first "China Kangyang 30 People" Forum was held. Gao Jianguang, director of the Capital Utilization Supervision Department of the Insurance Company of the Ministry of Finance of China Banking and Insurance Regulatory Commission, China, revealed that by the end of September this year, 10 insurance institutions including China Life Insurance, Taikang Life Insurance and Taiping Life Insurance had invested in 47 community projects for the aged, which were distributed in 20 provinces and cities such as Beijing, Shanghai, Hainan, Jiangsu, Guangdong and Anhui, with a total bed size.

At the same time, the total amount of insurance funds invested in private equity investment funds in the upstream and downstream medical and health industries of pension and pension industries has reached 234.782 billion yuan.

According to the Report on the Development Model and Practice of Long-term Care Insurance in China issued by CPIC Allianz, it is estimated that the market size of China’s pension real estate will reach 7.7 trillion yuan in 2020 and 22.3 trillion yuan in 2030.

Three large insurance companies: China Ping An, China Taiping and Taikang Insurance invested more than 41 billion yuan in the field of pension real estate. Insurance companies such as China Life Insurance, China Pacific Insurance, New China Life Insurance, Sunshine Life Insurance, Hezhong Life Insurance, Qianhai Life Insurance, Evergrande Life Insurance, Junkang Life Insurance and Renhe Life Insurance have also announced or substantially intervened in the investment in the old-age community, and the total investment and planned investment has exceeded 100 billion yuan.

It can be seen that since 2006, insurance companies represented by Hezhong and Taikang entered the pension industry, the natural complementary gene of insurance+pension has been fully verified, and the insurance department has become one of the important forces participating in the investment+operation of the pension industry, and more innovative models will be born in the future.

This time, AgeLifePro will systematically review the motivation, participation mode, development process and future trend of insurance companies participating in the pension industry, hoping to bring some valuable reference to the pension industry.

catalogue

First, why do insurance companies have laid out old-age care?

Two, six innovative models of insurance companies participating in the pension industry

Third, the development process of the insurance company’s layout pension

Fourth, the echelon and location layout of insurance companies to develop old-age care

V. Five Future Trends of Insurance and Pension

VI. Insurance+Pension: Pension Layout of 12 Insurance Companies

Seven, insurance companies to develop pension in a variety of ways.

-The full text is 17,145 words-

part1

Why do insurance companies have laid out their pensions one after another?

one

policy support

The policy has experienced a progressive process from caution, to liberalization, and then to rational regulation. In 2009, the China Insurance Regulatory Commission issued the Measures for Insurance Investment in Real Estate and the Measures for Insurance Investment in Equity, which allowed insurance companies to invest in real estate and corporate equity, thus opening the prelude to policies to encourage insurance companies to enter the pension industry.

On November 19th, 2009, with the support of policies, China Insurance Regulatory Commission issued the Notice on Filing Taikang-Pension Community Equity Investment Plan, and approved Taikang to set up a pension community. In 2010, Taikang House was established, which indicated that the policy of insurance investment for the aged really landed.

Figure: Measures for the Administration of the Use of Insurance Funds

After the insurance companies have invested heavily in assets, the policies have become more rational and perfect. On January 24, 2018, the China Insurance Regulatory Commission issued the Administrative Measures for the Use of Insurance Funds (the "Measures for the Use of New Insurance Funds"). The new measures have two new principles: First, the use of insurance funds must be aimed at serving the insurance industry (that is, the well-known "insurance surname"), and second, the use of insurance funds should adhere to independent operation and not be interfered by shareholders in violation of regulations.

In addition, the new measures for the use of insurance funds and the Outline of the 13th Five-Year Plan for the Development of Insurance Industry in China issued by the China Insurance Regulatory Commission also mentioned that insurance funds should be allowed to invest in asset securitization products, broaden the service fields of insurance funds, and innovate the use methods of insurance funds (encouraging the establishment of professional insurance asset management institutions such as real estate, infrastructure and pension, and allowing professional insurance asset management institutions to set up mezzanine funds, merger and acquisition funds, real estate funds, etc.).

2

Focus on the development of insurance companies themselves

1. Investing in heavy assets for the aged can improve the solvency of insurance companies.

In the early days of insurance companies entering the pension industry, the investment speed of insurance companies is very fast. By investing in the pension community, we can evaluate and increase the value, create income on the books and improve the solvency. However, it is worth mentioning that after 2017, due to the control of the proportion and solvency of large-scale assets by the China Insurance Regulatory Commission, the feast of evaluating and increasing the value of insurance companies’ investment in pension communities will no longer be available, and insurance companies will no longer be able to obtain solvency, but will be discounted accordingly.

2. It is conducive to alleviating the pressure of "mismatch between long and short" of insurance funds.

There are abundant insurance funds and a large number of investable assets, but at present, the funds mainly enter short-term investment channels such as bank deposits and government bonds, and the investment channels are relatively single, resulting in a mismatch in the maturity of assets and liabilities. As a comprehensive service industry, providing for the aged needs a certain amount of time to settle the service. Considering the long construction period of the old-age community and apartments for the elderly, it also needs a long-term and stable source of funds. Matching the two can alleviate the pressure of "mismatch between long and short" of insurance funds.

3. Promote policy sales.

Figure: Policy sales of listed companies docking with pension communities

The expiration and renewal of commercial insurance has always affected the stable operation of insurance companies. Insurance companies link insurance products with pension services and pension real estate membership, which can increase the attractiveness of insurance products, form differentiated competition, provide customers with more choices, improve customer stickiness and promote policy sales.

According to the survey of 21st century business herald, in 2019, CPIC issued 7,906 qualification letters for the elderly community; The occupancy qualification of Taiping Pension Community Project drove the initial premium of about HK$ 5.6 billion, and the contribution rate of the initial premium reached 18.8%, which became an important contribution force for Taiping’s life insurance companies to promote the growth of new orders.

4. Extend the industrial chain

The rapid development of the old-age care industry has spawned more and more formats. In addition to large-scale old-age care communities with heavy assets, there are also various lightweight service projects covering all aspects of the lives of the elderly. The distribution of insurance funds for the aged can deepen the existing life insurance customers, create services for the elderly around the whole life cycle, link up with engineering insurance, and link down with medical insurance, nursing insurance, endowment insurance, door-to-door service, etc., and then drive the overall development of the company and provide the comprehensive income of the company.

part2

Six innovative modes of insurance enterprises participating in pension industry

one

Real estate investment model based on old-age community

Since Taikang Home built a large-scale community for the aged (CCRC) on a large scale, this model has also become the "correct" idea for insurance companies to intervene in the elderly. This model is based on real estate, and only with the right to use or property rights of real estate can we get the corresponding pension services.

This investment model attaches great importance to asset layout, which can give full play to the comprehensive advantages of insurance companies and integrate development, investment and operation. At the initial stage of entering the pension industry, it was favored by some head insurance companies.

Under the old-age real estate model, the elderly can live in by paying a deposit and a monthly fee, or they can become members, or they can buy relevant insurance products to lock in the right to live in the old-age community in advance. Union Life’s insurance policy+physical endowment insurance plan, Taikang’s "Happiness with a Contract" insurance product innovatively links virtual insurance products with physical communities.

While Taikang, Taiping and China Life successively built large-scale old-age care communities and sold the right to use them, Ping An Real Estate Co., Ltd. also launched the first old-age care project that can sell property rights in Tongxiang City, Zhejiang Province.

In addition to the typical CCRC product types, everyone insurance cooperates with BTG to build an urban pension complex by means of light asset leasing; New China Life Insurance transformed its office building into an apartment for the elderly and a rehabilitation hospital, which means that insurance companies have begun to cover the "urban institutional pension scene".

2

The service mode of going deep into the scene of community home-based care for the aged.

This model mainly provides old-age services for the elderly at home in the community. Insurance companies take advantage of their abundant policy information to provide corresponding intermediary services and charge relevant intermediary fees. This model has a good development prospect in the future under the overall situation that community homes occupy the mainstream of old-age care in China.

Because insurance companies only appear as service intermediaries or traffic platforms in this mode, the investment is light, and large, medium and small insurance companies can participate.

Photo: Love Life "Love+Home Care Service Plan"

Love Life launched the industry’s first "Love+Home Care Product Plan" and became a leading explorer in the field of home care. This product includes a complete set of home care service system and builds an efficient service platform. Combining medical care with nursing care, through the "1+N" consulting professional service, we can solve the comprehensive needs of medical care, pension, nursing and rehabilitation in one stop.

In the early days of entering the old-age care industry, Taikang also took community home-based care for the elderly as the entry point. In January 2008, Taikang Home Wangjing Senior Club officially opened, but this exploration was unsuccessful, which eventually prompted Taikang to choose the heavy asset CCRC model.

three

Establish a professional endowment insurance institution

Since the establishment of the first pension insurance company in December 2004, there are currently nine professional pension insurance institutions in China, namely, caring for the elderly, China Life Pension, Taiping Pension, Yangtze Pension, Taikang Pension, Ping ‘an Pension, Xinhua Pension, Everyone Pension and Hengan Standard Pension, all of which were initiated by medium and large insurance groups.

The core business of pension insurance companies can be divided into trust-based asset management business and contractual commercial insurance business. Trust-based asset management business mainly includes enterprise annuity, occupational annuity, pension products, old-age security management products and third-party asset management business (issuing insurance asset management products and conducting fund management in special accounts of third-party institutions). Contractual commercial insurance business mainly includes health insurance, accident insurance and pension insurance. The specific business situation varies depending on the business development path of each insurance company.

four

Innovation of financial products for the aged

Figure: China’s three-pillar pension system

This model fits the insurance company’s industry. On the one hand, insurance companies can enrich the supply of commercial endowment insurance products and meet the differentiated endowment insurance needs of customers. Support qualified commercial insurance institutions to actively participate in personal tax deferred commercial pension annuity insurance and innovate housing reverse mortgage pension model. Happiness Life Insurance and People’s Life Insurance both operate reverse mortgage insurance business for personal housing pension.

On the other hand, participate in long-term care insurance. At present, the policy is vigorously encouraging commercial insurance to enter the field of nursing insurance. With the gradual expansion of the pilot scope of the long-term care insurance system, commercial insurance companies can play more roles in the future, and work with the government, individuals and other relevant parties to open up the payment system and promote the development of community embedded institutions. Taikang, China Life Insurance and Qianhai Life Insurance all participated in or calculated to participate in the field of long-term insurance.

five

Construct an ecological circle of insurance+medical care+pension

In this mode, insurance companies often pay attention to medical investment, and give full play to the comprehensive advantages of insurance, medical care and service from both online and online perspectives, so as to build a service ecosystem and realize the closed-loop business of B2B2C, in which pension is an important part.

Figure: Ping An Health Care Service Chain

Ping An has created an "insurance+health care" ecosystem, striving to achieve an online+offline health ecosystem of "upstream health prevention, midstream economic compensation and downstream medical services", and provide customers with life-cycle health management and medical services.

Photo: Pacific Insurance "Insurance+Health+Pension" Ecosphere

Similarly, one of the important directions of CPIC Pension Transformation 2.0 is to build an "insurance+health+pension" ecosystem. Among them, "Pacific Insurance Blueprint" medical service, "Pacific Insurance Wonderful Health" health interaction plan and "CWI Health Examination Center" constitute the "insurance+health" ecosystem; Through its life insurance companies, pension investment companies, Yangtze River pension, and cooperation with Pacific Oubaoting and third-party service providers, it constitutes an "insurance+pension" ecosystem. These two ecological circles can cooperate with the main insurance industry and realize ecological integration.

Sunshine Life Insurance and Qianhai Life Insurance respectively invested in the establishment of Sunshine Fusion Hospital and Guangzhou General Hospital of Qianhai Life Insurance, believing that there will be a further layout in building a healthy ecosystem in the future.

six

Underwriting comprehensive liability insurance for pension institutions

The daily operation of old-age care institutions will face various risks, and building a sound risk prevention and control system has become an important part of the smooth operation of old-age care institutions. Especially for some large-scale old-age care institutions, asking professional insurance companies to design relevant risk protection products can effectively avoid losses and prevent accidents.

According to the Notice of Beijing Civil Affairs Bureau on Relevant Matters Concerning the Implementation of Comprehensive Liability Insurance for Aged Services (J.M.F.F. [2012] No.424), in September 2012, People’s Insurance Company, Ping ‘an Company and China Life Company became comprehensive liability insurance underwriting companies for aged services in Beijing through government bidding.

part3

The development course of insurance enterprises’ layout pension.

one

Review of the course of insurance enterprises building old-age community

2006-2012: Reference and Exploration Stage

Taikang, Hezhong, China Life Insurance and other insurance companies have visited the United States and Japan to inspect the operation experience of mature old-age communities and explore the construction and operation methods of old-age communities. In November 2009, Taikang Life Insurance took the lead in obtaining the permission of the China Insurance Regulatory Commission to obtain the pilot qualification of investing in the old-age community.

2012-2015: Initial stage of construction

The idea of insurance companies investing in the old-age community has become clear, and the old-age communities invested by insurance companies such as Taikang, Xinhua, Hezhong, Ping An and Taiping have been opened one after another.

In June 2012, the foundation stone was laid for "Taikang House-Yanyuan";

In June 2012, the foundation stone was laid for Xinhua Life Insurance "Xinhua Home" in Beijing;

In September 2012, the "Comprehensive Service Community for Health Care and Pension" invested by Ping An Life Insurance Company of China landed in Tongxiang, Zhejiang;

In October 2013, Hezhong Life Insurance established the first insurance pension community in China-"Wuhan Hezhong Younian Life Pension Community";

In October 2014, the foundation stone of "Wutong Family" of Taiping Life Insurance was laid in Shanghai …

2015-present: accelerate the layout stage

Insurance companies have accelerated the layout, more insurance companies have joined, and they have participated in the old-age care in different cities across the country in two ways: heavy assets and light assets.

By 2020, Taikang has laid out key provinces and cities in China, covering 22 cities in the core areas such as Beijing-Tianjin Wing, Yangtze River Delta, Guangdong-Hong Kong-Macao Greater Bay Area, Southwest China and Central China, among which 7 communities have opened, forming a chain operation trend in the east, west, north and south of the country;

China Life has the layout of Guoshou Jiayuan Yunjing (Beijing), Yijing (Tianjin), Lejing (Tianjin) and Yajing (Suzhou), and it also has two home-based retirement projects: Guoshou Kang Xin Community Yikang Home and Guoshou Fubao Community Yikang Home.

Taiping Life Insurance’s old-age community, Shanghai Taiping Wutong Family and Taiping Town Haitang Family, has now opened. In addition, Taiping cooperation projects include Shanghai Happy Home, Ningbo Xingjian Lanting, Dalian Yifang Yijinghui, Kunming Ancient Yunnan Famous City, and Beijing Contemporary Time;

The layout of China Pacific Insurance includes Chengdu International Support Community, Hangzhou International Support Community and Dali International Music Support Community. These three projects have all started, but they have not yet opened …

In addition, insurance companies such as Junkang Life Insurance, Tongfang Global Life Insurance, China Insurance, PICC Life Insurance and Guohua Life Insurance also began to provide for the elderly through investment or cooperation during this period.

2

The insurance companies formally laid out the time point for providing for the aged.

Judging from the time when the insurance companies formally laid out the old-age pension, most of the insurance companies that entered the old-age pension in the early days were large-scale insurance companies, and most of them laid out heavy assets. With the development of time, more and more small and medium-sized insurance companies are also involved in the cause of providing for the aged, and the old-age projects under construction have also changed from CCRC to apartments for the elderly to community home services. In addition, the way insurance companies participate in providing for the aged is more flexible and diverse.

part4

The echelon and location layout of insurance companies to develop old-age care

one

Layout of the four major insurance company echelons for the aged

Looking at the layout of these insurance companies, we can find that they have shown four echelons:

The first echelon is Taikang, Taibao and China Life, which have a clear style of play. Investing in the community for the aged with heavy assets has achieved remarkable results, insisting on the initial intention to continue the national layout, and attaching importance to the combination of medical care and rehabilitation nursing resources allocation.

The second echelon is Taiping and Hezhong. From the original intention to build their own old-age communities in many cities, they finally chose to change from heavy to light, and retreat to advance by means of equity cooperation and acquisition of nursing homes, which can not only reduce the "heavy", but also cut into the key areas of the old-age industrial chain and play an important role in the old-age market in the future.

The third echelon, represented by Xinhua and Ping ‘an, has long been laying out the old-age care and has certain strategic plans, but it is in a state of shallow taste and cautious wait-and-see for the development of old-age real estate.

The fourth echelon is represented by less well-known insurance companies such as Happiness Life Insurance, China Insurance, Love Life Insurance, Guohua Life Insurance, etc. Its mode of developing old-age care is extremely light, and it is innovating and exploring in a certain field. At present, it is mostly in the initial stage of old-age care.

2

The layout of insurance enterprises and the national and urban layout of providing for the aged

　

1. National layout

From the nationwide layout, Taikang Life Insurance, China Pacific Insurance, China Life Insurance and Hezhong Life Insurance are all based on the whole country, mainly CCRC.

Among them, Taikang Life Insurance has formed a nationwide chain layout, linking 22 cities, with the earliest and most perfect layout.

At present, the community under China Pacific Insurance is still in the process of preparation, which is firmly carried out in accordance with the layout of "East-West Progress, North-South Echo, National Layout and All-Age Chain", and has formed a trinity product system of "suburban support (middle-aged elderly people aged 70-79), living and enjoying (young elderly people aged 50-69) and urban support (over 80)".

China Life has implemented the "three points and one line, evergreen all the year round" pension industry layout, and some of its pension projects are still slowly advancing.

From the beginning, Union Life planned to deploy in second-tier cities nationwide, and finally contracted its strategy. At present, its main projects are located in Wuhan, Shenyang and Nanning, and some private nursing homes have been acquired in the Yangtze River Delta.

Different from the national layout of the above four insurance companies, Taiping Life Insurance has established itself in the Yangtze River Delta, and gradually cooperated with neighboring projects such as Ningbo and even the whole country, such as Dalian, Kunming and Shenzhen, from Shanghai to the whole country. Shouhou Everyone, New China Life Insurance and Sunshine Insurance occupy the layout of pension projects in Beijing. Qianhai Life Insurance started from Shenzhen, and will have strategies in Xi ‘an, Nanning, Chengdu and Hainan in the future.

Photo: Everyone’s insurance travel series

Considering the development of the residence market, cities such as Sanya, Dalian, Kunming and Hangzhou are also favored by insurance companies. Insurance companies such as Taikang, Taiping and Hezhong, which have laid out national pension projects, can develop their residence business with the help of pension projects laid out in cities across the country. There are also some insurance companies that have plans to lay out their travel business, such as the travel series products that everyone intends to develop.

2. Urban location layout

In terms of urban location layout, from June 2012, when the foundation stone was laid for Yanyuan, the first old-age care community in Taikang, Beijing, insurance institutions started to build large-scale high-quality old-age care communities in the suburbs, entered the urban areas, and successively laid out some high-quality old-age care institutions. At present, insurance companies such as China Life Insurance, China Pacific Insurance, New China Life Insurance, and Everyone Insurance have all set up pension institutions in urban areas, thus forming a "urban+suburban" product line with full coverage.

According to Litwak, an American scholar, proper service provision for the elderly needs to go through three stages: when the health of the elderly is good, it is most beneficial to live in a community with homogeneous age; When the elderly are disabled, it is most beneficial to live in an age-homogeneous community near their children’s residence; When the degree of disability of the elderly develops to the point where they need 24-hour care, living in a nursing home is the most beneficial.

In the early days, Taikang Insurance, China Life Insurance, China Pacific Insurance, New China Life Insurance, Taiping Life Insurance, China Ping An, Hezhong Life Insurance, Junkang Life Insurance and other large and medium-sized insurance institutions laid out large-scale pension communities in the suburbs as standard. Nowadays, more and more insurance institutions have laid out pension communities in urban areas, such as:

The scheme of "one city chain 1+1" designed by Taibao Jiayuan. That is, the younger elderly can live in the Dongtan Retirement Center of Taibao Home in Chongming for a short time; Middle-aged self-care elders can live in Dongtan Retirement Center for a long time; The elderly with disabilities can be referred to Putuo Kangyang Community through the internal passage of Taibao Home to receive professional care services combining medical care and nursing, and to facilitate relatives to visit nearby;

Everyone’s insurance officer announced the layout mode of "providing for the aged in the heart of the city". At present, there are three old-age care communities located in the urban area of Beijing. In the future, we will start with light assets and lay out high-quality old-age care communities in the core area of the city, which are close to medical care, children and fireworks. "Close to the top three hospitals" will be the primary consideration for the location of old-age care communities;

New China Life Insurance transformed the office building of Liuliqiao in Beijing West Third Ring Road into a high-end nursing home with rehabilitation hospital;

China Life piloted the "Yikang Home of China Life Fubao Community" in Shenzhen.

part5

Prospect of the future trend of insurance+pension

one

Stones from Other Mountains —— American Experience

Figure: Classification of old-age communities according to different service types.

According to the experience of the United States, according to the different clients, the community for the aged can be divided into six types: active elderly community (AAC), independent living community (IL), assisted living community (AL), professional nursing community (SNF), memory nursing community (MC) and continuous care community (CCRC). It can be seen that with the gradual decline of the self-care ability of the elderly, the types of services they need are more and more professional, and the requirements for the residential community are getting higher and higher, especially the ability of professional care and medical treatment.

Figure: American pension real estate operation mode

American pension real estate involves investors, developers and operators, who form a complete market-oriented system of financing, construction and operation. Among them, the project manager is separated from the holder. The mainstream investor is Real Estate Trust Fund (REITs), which is responsible for raising funds for the development and operation of the project. Developers are responsible for planning and developing pension real estate projects, and operators operate and manage well-developed projects.

Operators adopt two ways for the project. One is the net lease mode, in which REITs companies rent the property to operators, and the operators charge a fixed rental fee every year, and the operators bear the direct operating expenses, community maintenance fees, taxes, insurance fees, etc. The second is the entrusted management mode, in which REITs entrusts its properties to operators, and the operating costs and income are attributed to REITs.

In addition to REITs model, American pension communities can be divided into two different types according to the developer-led or operator-led: one is the developer-led Sun City model, which is aimed at active health of the elderly aged 55-70 and led by real estate developers, and can recover investment and generate profits through the sale of pension concept houses; The second is the CCRC model led by operators, which takes the form of renting to serve three types of elderly people: self-care, intermediary assistance and intermediary care, and only provides real estate lease rights and service enjoyment rights.

Excerpt from "2020 Senior Housing Outlook Report"

According to the "2020 Senior Housing Outlook Report" published by SHN, in 2020, Private equity, public REITs(Private REITs, Institional institutions, etc. are all buyers of housing for the elderly.

At the same time, the financing sources of American housing for the elderly have expanded, and both Private equity and Bank/Finance company have played a great role in the financing of housing for the elderly.

2

Five Future Trends of Insurance Companies’ Pension Development

Compared with the experience of American pension housing, it is found that the development, investment and operation of China’s pension market are still not very mature. In the past few years, the entry of some large insurance companies and real estate companies has promoted the rapid development of the pension market, but various market participants have not formed a clear division of roles, and many enterprises are integrating investment, development and operation. Until these years, this situation has changed, and there have been more cases of division of labor and cooperation based on their respective professional fields.

Photo: Taiping Life Insurance official website-Taiping Enjoy Home

For example, Taiping Life Insurance has only built Shanghai Wutong Family and the newly opened Sanya Begonia Family. The rest of the projects, such as Shanghai Happy Home, Ningbo Xingjian Lanting, Dalian Yijinghui, Kunming Ancient Yunnan Famous City, Beijing Contemporary Time Li, Suzhou Hecheng and Hangzhou Langhe International Medical Center, are all strategic cooperation projects.

In 2017, Taiping Life joined hands with a third-party organization to launch Taiping Life’s community brand-Taiping Lexiangjia. According to the plan, in the future, at least 16 cities across the country will match the resources of Taiping Lexiang Family Pension Community. Under the unified brand management, all communities in Taiping Lexiangjia carry out standardized management and formulate reasonable and consistent marketing, check-in and check-out procedures. At the same time, the community can also jointly carry out residence business.

In addition, the designated cooperative units of Taiping Life Insurance’s pension service experience include: Yuenianhua Support Center (Shenzhen), Runhua Songhe Support Center (Shenzhen) and Zangmashan Support Community (Qingdao). This mode of cooperation can further make up for the shortcomings of insurance companies in the urban distribution, scale, type and location of pension projects, and provide customers with more choices.

Take China Life as an example. At present, China Life’s community project for the aged is progressing relatively slowly, but it has made some efforts in the field of community home. On December 29th, 2020, the first comprehensive community service center for the aged in Yantian District, which was jointly established by Yantian District Government and China Life Insurance, officially opened. So far, China Life’s community home-based care projects have included: Yikang Home in Fubao Community, Yikang Home in Kang Xin Community, Yuexiang Center in Yantian District, and Youxiangjia Health Care Center in Luohu District under construction.

In addition, Bohai Life Insurance, Tianjin Daji Development Co., Ltd. and Beijing Yangzheng Investment signed a strategic cooperation on the "Home-based Care for the Aged" project in China Jihai Shipping City, Tianjin.

According to the development of the old-age community over the years, zhang yi, vice president of Junkang Life Insurance and general manager of the Health Industry Division, summed up these stages:

Among them, in the "1.0" stage, the property of real estate is stronger, and the procedure is usually in the form of property rights sales of real estate developers and basic old-age services provided by third parties;

The "2.0" stage is a relatively mainstream format with the concept of CCRC in the current market, that is, providing relatively standardized high-quality catering, medical care, care and entertainment services for the elderly in large communities;

In the future "3.0" stage, it will become a trend to realize customization and meet individual needs through science and technology. Specifically, through data mining and intelligent analysis, we can build intelligent systems including smart home, face recognition, mobile housekeeper, vital signs detection, cloud health detection, telemedicine, etc., and provide high-quality and personalized health services and living environment for the elderly through big data analysis.

Figure: Maimai Smart Pension Solution

Therefore, in the future, smart devices and technology will empower the elderly on a larger scale, and insurance companies should also be prepared for this.

On the other hand, insurance companies can also introduce some innovative practices from the main business of insurance, and provide feasible reference ideas for the innovative development of insurance and finance.

Zhu Junsheng, a researcher at the China Insurance and Pension Research Center of Tsinghua University Wudaokou Finance College, said in an interview: "With the increase of the aging population, people’s attention to risks is increasingly shifting from the risk of death to the risk of survival, and more and more attention is paid to old-age care and health … Commercial health insurance and old-age insurance can play a greater role in multi-level medical care and old-age security system."

Figure: Health insurance

As early as 2018, Ping An Insurance launched the first flagship product for the elderly group in its official APP Ping An Health: Ping An I Kangbao Geriatric Care (three-high version), which guarantees "accidental hospitalization+cancer hospitalization" and the insurance age is open to 70 years old, covering the three-high population of "hypertension, hyperlipidemia and hyperglycemia". And such insurance products for the elderly will be more and more.

All the above cases indicate that in the process of developing old-age care, insurance companies have formed five development trends:

1. Pay more and more attention to the direction of light assets, community home and inclusive old-age care, and be more rational and diversified in the layout of old-age care. And more and more emerging insurance companies can also intervene in the cause of providing for the aged in the form of light asset cooperation.

2. Considering the overall situation of home care and community care market, "light assets+heavy services+insurance products" may become a breakthrough point for insurance companies to realize profits in the field of pension real estate. Leaving aside the construction of large-scale old-age communities, insurance companies have a lot of room for innovation in traditional life insurance, long-term care insurance and personal commercial old-age insurance products. If they are matched with community home-based old-age care services, they can further expand the market.

3. With the country giving more support and encouragement policies to the financial innovation of insurance, in the future, insurance participation in pension can amplify the financial attributes of insurance, carry out financial innovation for C-end, and design insurance+pension products with the idea of "combining consumer insurance with savings insurance".

4. Smart devices and technology will empower the elderly on a larger scale. Insurance companies should increase investment in science and technology, break through the "fence" of communities and nursing homes, and provide accurate and thoughtful services for more elderly people with pension needs.

5. Union Life has started to deploy overseas in the industry, and I believe that more insurance companies will participate in it in the future. Foreign pension enterprises are more mature and have a lot of high-quality and cheap assets, which are worth investing by China insurance companies. Moreover, with the hot development of residence, including foreign travel routes will be more popular with customers.

part6

Insurance+Pension: Pension Layout of 12 Insurance Companies

After combing the history of insurance companies’ pension development, AgeLifePro also counted 12 insurance companies with pension projects, and their corresponding pension brands and strategic plans:

one

Taikang Life Insurance Co.,Ltd.

Pension business product line

1. The product plan of the happiness contract endowment insurance;

2. Taikang House (CCRC).

Asset type

1. Emphasis on asset layout, self-built and self-operated, with a total investment of more than 20 billion yuan;

2. It has the first-Mover advantage, the firmest strategy, the closest pace, the largest investment and the largest number of policies sold.

profit model

Insurance+asset management+operation.

Pension project

Figure: Taikang’s national layout

List of Taikang Community (with ★ indicating that the community has opened)

Charging mode

1. Happiness has an old-age insurance plan, and you can stay in the old-age community after paying a premium of 2 million yuan;

2. Insurance (premium over 2 million)+deposit (200,000 entry fee +120/180/360 Le Tai card)+monthly fee mode.

medical service

1. Self-built hospitals: equipped with secondary rehabilitation hospitals, of which the rehabilitation hospitals in Yanyuan, Shenyuan, chu garden, Yueyuan, Shuyuan and Wuyuan have been put into operation, and the hospitals in Beijing, Shanghai, Guangzhou and Chengdu have been included in the designated medical institutions for medical insurance, and they can enjoy medical insurance reimbursement for medical treatment;

2. Medical resources: build an international standard tertiary general hospital, Taikang (Nanjing) Xianlin Gulou Hospital, Taikang Tongji (Wuhan) Hospital, Taikang Southwest Medical Center (to be established), Taikang Shenzhen Qianhai International Hospital (to be established), Taikang Ningbo Hospital (to be established) and Taikang Baibo Dental;

3. Cooperate with many well-known domestic 3A hospitals to realize two-way referral, green channel, telemedicine and expert consultation services.

2

China Life Insurance

Pension business product line

1. Community for the Aged (CCRC);

2. Community home-based care for the aged;

3. Living.

Asset type

By the end of 2017, the investment scale in the health and old-age care industry was nearly 25 billion yuan, with emphasis on asset layout and self-construction, which was steady and steady.

profit model

Great asset management, great health and great old-age care.

Pension project

Photo: Guoshou Jiayuan

List of China Life Pension Projects (with ★ indicating that the community has opened)

Charging mode

1. The mode of "deposit (100,000 yuan)+Jiayuan card (90/150/1.8 million yuan)+monthly fee" is adopted for the pricing of self-care area;

2. The nursing area adopts the model of "deposit+monthly fee".

medical service

In addition to providing medical resources in the community and providing 24-hour medical security, it also cooperates with nearby 3A hospitals to open green channels.

three

Taiping life insurance

Pension business product line

1. Taiping Life Insurance Personal Tax Extension Pension Insurance (2018);

2. Community for the Aged (CCRC).

Asset type

1. Shanghai Wutong family invested nearly 4 billion yuan, self-built and self-operated;

2. We are accelerating cooperation with other pension institutions and integrating resources extensively.

profit model

Create a closed-loop service in the whole life cycle from health management and pension industry, and form an industrial ecological chain of "insurance+health+medical care".

Pension project

Figure: Layout of Taiping Life Insurance Pension Project

Taiping Happy Family Pension Project includes: Shanghai Wutong Family, Shanghai Happy Home, Ningbo Xingjian Lanting, Dalian Yijinghui, Kunming Ancient Yunnan Famous City, Beijing Contemporary Time Li, Suzhou Hecheng, Sanya Haitang Family and Hangzhou Langhe International Medical Center, all of which have been opened.

Most of these pension projects are cooperative projects. Only the Shanghai Wutong Family Project is self-built and self-operated. The project covers a total area of 280 mu, with more than 1,500 healthy and energetic apartments for the elderly and nearly 900 beds for rehabilitation and nursing, which can serve about 3,500 elderly people by then.

The designated cooperative units of Taiping Life Insurance’s pension service experience include: Yuenianhua Support Center (Shenzhen), Runhua Songhe Support Center (Shenzhen) and Zangmashan Support Community (Qingdao).

The Wenjiang project in Chengdu is about to land, and projects in Zhuhai and Nanning are also being actively promoted.

Charging mode

1. Purchase insurance products linked to the Wutong family community, and you will be eligible for occupancy if the premium is more than 2 million yuan; Directly purchase the community membership of Wutong family, and pay monthly after check-in;

2. Deposit+monthly fee.

Number of existing beds

Shanghai Wutong family has 288 beds.

medical service

1. Shanghai Taiping Rehabilitation Hospital has been completed;

2. The Wutong family is close to Zhangjiang Science City, which is a new comprehensive medical park integrating "medicine, teaching, research and production" and is rich in surrounding medical resources;

3. Cooperate with hospitals around the community to get through the green channel.

four

China Pacific insurance

Photo: layout of old-age care in Taibao home

Pension business product line

The trinity product system of "supporting the elderly in suburban areas (middle-aged people aged 70-79), living and enjoying (young people aged 50-69) and urban health care (over 80 years old)".

Asset type

1. Pay attention to the investment in assets, give full play to the advantages of backwardness, have a clear strategy and a clear style of play;

In 2.3-5 years, the initial investment will be 10 billion yuan, and 8,000-10,000 sets of high-end pension apartments will be expanded, with 10,000-12,000 beds.

profit model

Comprehensive solution of "insurance products+community for the aged+professional services".

Pension project

medical service

Docking local medical resources and cooperating with surrounding hospitals.

five

Everyone insurance

Pension business product line

1. Community for the Aged (CCRC);

2. Community embedded nursing station.

Asset type

Give priority to light assets.

profit model

1. Create the mode of "providing for the aged in the city" and explore the mode of "nursing station" embedded in the community;

2. Relying on the unique overseas pension license of Everyone Insurance Group, we will lay out our capabilities around four aspects: "operation, nursing, medical care and informatization" and integrate and export pension operation services and brands.

Pension project

Figure: The first thick pension project for everyone

1. The building area of Shouhou Dajia Chaoyang Community is 40,000m, with 230 beds;

2. Shouhou Friendship Community has 545 beds;

3. Fuwai Community for the Aged and the first embedded nursing station in the community are under construction, which can provide more than 1,500 beds.

Charging mode

1. The membership mode is between 1.9 million and 2.6 million;

2. The monthly fee is 15,000-22,000 yuan/month.

medical service

Create a graded diagnosis and treatment service system, including four-tier service settings: medical institutions in the community, remote consultation of Internet hospital experts and remote distribution of drugs, nearest service of 3A hospitals, high-end physical examination and overseas diagnosis and treatment.

six

Union life insurance

Pension business product line

1. Community for the Aged (CCRC, AAC);

2. Physical old-age security plan-buy union insurance and live in an old-age community;

3. Living and supporting the elderly.

　

Asset type

1. Build a community for the aged with heavy assets and invest 26.8 billion yuan to build projects in Wuhan, Hefei and Shenyang;

2. Investing in light assets to acquire pension communities at home and abroad.

profit model

Invest, run the community, and cooperate with the third party to carry out living and providing for the aged.

Pension project

Figure: Hezhong Pension Health Industry Layout (taken in 2015)

1. Hezhong Younian Life Wuhan Community is the first pension community invested and operated by an insurance company in China, with a construction area of 1.6 million m, 600 CCRC beds and about 1,000 AAC (Active Elderly Community) units, which can accommodate 3,000 people;

2. Hezhong Younian life Nanning community can accommodate 2000 people;

3. Hezhong Younian Life Shenyang Community can accommodate 559 people;

4. Invest and acquire 56 pension communities at home and abroad.

Charging mode

1. Policy+physical endowment insurance plan, you can stay in the old-age community by paying 500,000-750,000 yuan;

2. Deposit+monthly fee mode;

3. You can enjoy the service of living and providing for the aged by purchasing the old card for excellent years.

medical service

Construction of medical rehabilitation centers, medical and health service centers, and docking with local medical resources.

seven

Qianhai life insurance

Pension business product line

1. Establish a happy home for the elderly;

2. Combination of medical care and nursing: set up a medical and health management center, link high-quality domestic medical and nursing resources, operate a medical and nursing combination project, and form a national medical and nursing network;

3. Carry out old-age care services for migratory birds.

Asset type

The hospitals and nursing homes under Qianhai Life Insurance are self-built and self-operated, creating a precedent for the insurance industry.

profit model

Establish a service system of "insurance+pension+medical care" to link medical care services with insurance business.

Pension project

Photo: Qianhai Life Insurance Shenzhen Happy Home

1. Shenzhen Happy Home Nursing Home is a pension project fully invested and operated by Qianhai Life Insurance Co., Ltd., covering an area of 10,860m2, with a total construction area of 33,400m2 and more than 500 planned nursing beds;

2. Plan to invest in the construction of many hospitals, outpatient departments and comprehensive pension apartments in Guangzhou, Nanning, Xi ‘an and Shaoguan.

Charging mode

1. Buy insurance to stay in the community;

2. Deposit+monthly fee mode.

medical service

1. There is a health management center in the nursing home of Happy Home, equipped with a professional health management team;

2. Established the Guangzhou General Physician of Qianhai Life Insurance, and will also build a medical cooperation station with Baoan District People’s Hospital to jointly build a comprehensive diagnosis demonstration model for senile diseases and build a family bed demonstration base;

3. Cooperate with Shenzhen Hospital of Southern Medical University and other hospitals to open a green medical channel.

eight

Junkang China life

Pension business product line

Four product lines with Kangyang Community, Kangyang Hotel, Kangyang Center and Health Resort as the core have been constructed.

Asset type

Combining light and heavy, it is estimated that the total investment will be more than 7 billion, and the company will hold and operate for a long time after the community is completed.

　

profit model

Integrating insurance products, community pension, medical care and health management services, the insurance products focusing on old-age care supporting Junkang Nianhua Kangyang Community are composed of Junkang Happiness Annuity Insurance (dividend-sharing type) and Junkang Premium Account Annuity Insurance (universal type).

Pension project

Photo: Junkang Nianhua Pension Community

There are Junkang Beijing Nianhua shunyi new town Kangyang Community and Junkang Nianhua Shanghai Minhang Pujin Kangyang Community. More than 2,500 living units are planned and constructed, which will be held and operated by the company for a long time after completion.

Charging mode

Customers who purchase the "Junkang Happiness Lifelong Pension Plan" with a premium of 2 million will enjoy the guaranteed right to stay in Junkang Nianhua Kangyang Community and enjoy the preferential price policy for staying in the community in the future.

medical service

Cooperate with neighboring hospitals.

nine

Sunshine insurance

Pension business product line

1. Take home care and pension operation services as the main body, and build a "four-in-one" pension model of "home, community, institution" and Internet;

2. Establish Sunshine Yikang Pension Service Co., Ltd. and Beijing Yihe Tianxiang Pension Service Co., Ltd..

Asset type

Light assets.

Pension project

Photo: Sunshine Family Guangzhou Kangyang Community, which was put into operation on December 24, 2020.

1. Sunshine Yikang Pension Service Co., Ltd. has jurisdiction over Yikang Home Tiantongyuan Store, Sunshine Jishan Maintenance Center and Xinhu Sunshine Retirement Center (public and private);

2. Beijing Yihe Tianxiang Pension Service Co., Ltd. has established three parent care institutions in Beijing, Dashilan Pension Care Center, Sunshine Li Elderly Care Home and Sunshine Family (Guangzhou).

Charging mode

Deposit+monthly fee mode.

medical service

Medical care stations are set up in the hospital of the institution to connect with local medical resources.

10

Xinhua insurance

Pension business product line

After four years, three typical projects have formed a multi-product pension industry layout that combines suburbs and echoes the north and south, covering three product lines: rehabilitation care, continuous care and old-age health care.

Asset type

Heavy asset investment.

Pension project

Photo: Xinhua Home Community

1. Beijing Lianhuachi nursing apartment with 206 rooms and 360 beds;

2. Hainan Boao Leisure and Holiday Pension Community, with about 1,000 rooms in the first phase;

3. An active community for the aged (to be established) in Yanqing District of Beijing, with 1,800 rooms and 3,200 beds planned.

Charging mode

Charge mode of bed fee+nursing service fee.

medical service

1. Establish Xinhua Zhuoyue Health Investment Management Co., Ltd.;

2. Self-built rehabilitation hospitals and institutions have medical offices;

3. Cooperate with neighboring hospitals to open up green channels.

11

Picc life insurance

Pension business product line

CCRC。

Pension project

Photo: People’s Health Care Dalian Yiyuan Pension Community

The first community for the aged-People’s Insurance and Health Care Dalian Yiyuan Community for the Aged and Health Care can provide about 1,100 old-age care/health care units, and 323 old-age care units in the first old-age care area have been officially put into operation.

Charging mode

"Insurance policy+check-in confirmation letter" mode, with priority for paying 450,000 yuan.

medical service

Actively explore the business model of "combining medical care with community+online doctor signing+hospital strategic cooperation", and provide the "combining medical care with nursing care" health care service for the elderly with disease treatment, disease-free prevention and rehabilitation after illness.

twelve

Tongfang Global Life

Photo: Tongfang Global Life joined hands with Tsinghua University Institute of Economics and Management.

Release the survey report of China residents’ retirement preparation index.

Pension business product line

1. Pension apartments, CCRC, and cooperative construction of nursing homes;

2. Cooperate with Tiandi Health City to launch a "self-satisfaction club" medical care solution and create a "pension+medical care+insurance" model.

Asset type

We will introduce a new model of providing for the elderly that integrates "medical care, support and insurance" and "light assets".

Pension project

1. Tongfang Global Life Retirement Paradise project based on pension apartment solution has been completed in Qingdao;

2. Tongfang Global Life Pension Community (CCRC) project will be listed in the near future;

3. Join hands with Hunhe Ruiyi ‘an Nursing Home in Xiangyang, Hubei Province, benchmark the international level, and lock the target customers into those who need immediate care, so as to prepare for the introduction of disability insurance and long-term care insurance;

4. Cooperate with Tiandi Health City (CCRC) to launch the "Self-satisfied Club" medical care solution.

Charging mode

The "Self-satisfied Club" medical care service solution is in cooperation with Shanghai Tiandi Health City, which is of the same origin. Customers can enjoy the exclusive right to use the old-age service apartment after purchasing the designated products of Tongfang Global Life and paying the membership fee.

medical service

Carry out strategic cooperation with Nanjing Tongren Hospital and strengthen the in-depth cooperation between commercial insurance and medical institutions.

part7

Various ways for insurance companies to develop old-age care

1, with the help of the group’s internal resources to build a community for the aged.

This model appeared in the early stage of the exploration of pension real estate. Some large-scale insurance parent groups have diversified business formats, and there are professional real estate companies under them. They often use the internal resources of the group to set up projects for elderly housing, and the successful projects can be sold to the market. In fact, the selling community model is no different from real estate development, which can quickly recover funds and obtain development profits, thus realizing rolling development. However, under this model, it is difficult to guarantee the community’s old-age service.

The "Comprehensive Service Community for Health Care and Pension" built by Ping An Insurance in the early days was developed and constructed in conjunction with China Ping An Real Estate Group, which integrated three product lines: pension apartment, family community and holiday leisure, with a total construction area of 1.5 million square meters.

The project adopts the mode of "both renting and selling", that is, like commercial real estate, property rights can be bought and sold. Member products are operated by Ping An Real Estate, which only rents and does not sell. At that time, this model was the only pension real estate developed in the form of "selling+holding operation" in the financial department.

Figure: Health Valley Member Service System

Evergrande Real Estate, the parent group of Evergrande Life Insurance, has built the Evergrande Health Valley, creating four parks, namely, Yiyang, Changle, Kangyi and Parent-child, providing 852 types of facilities and 867 comprehensive health management services, covering the whole life cycle from pre-pregnancy, infants to centenarians.

At present, the completed Evergrande Health Valley has been sold to the market. It is understood that Evergrande Health Valley will provide health care and old-age care services to customers through the membership mechanism of "rent, purchase and travel". Customers can become members by renting, buying products in Health Valley or traveling and living in Health Valley, and get membership rights such as health insurance, high-end medical care, health management and health care services.　

Evergrande Life put forward the strategic model of "insurance guarantee+ecological pension+combination of medical care and nursing care", and issued the permanent endowment insurance, which creatively combined insurance products with the old-age community to provide customers with a package of pension plans linking financial planning and pension entity services.

Photo: Everbright Peace of Mind Pension Plan

Everbright Life Insurance launched the "Everbright Peace of Mind Pension Plan", which connects insurance products with Everbright Huichen Pension Service Community to provide customers with a package of pension solutions of "insurance+pension community" and realize the combination of financial products and physical pension. "Everbright Peace of Mind Pension Plan" is divided into two sub-plans:

Plan A serves mid-to-high-end customers through "insurance+long-term care for the aged+preferential service for the aged living in residence", and locks in the occupancy right of Everbright Community in advance for customers. The occupancy right is further divided into "guaranteed occupancy right, priority occupancy right, preferential price right, experience occupancy right", etc., to provide customers with more and clearer protection, with up to six rights holders, including not only customers and their spouses, but also parents of both parties. In addition, the right holder can also enjoy the service of living and providing for the aged at preferential prices all over the country from the date of insurance;

The content of plan B is "insurance+preferential right of living service", with low payment threshold and wider coverage. Six rights holders can enjoy the same level of living service in plan A in advance without staying in the old-age community.

In 2019, Xingbao launched "Star Pension"-a comprehensive solution of pension insurance and pension community. Relying on Fosun Real Estate’s Healthy Honeycomb Platform, the two parties jointly create an exclusive pension community scheme for Fosun Prudential Life Insurance customers-customers can reserve pension annuity by purchasing corresponding insurance products of Fosun Prudential, and Fosun Real Estate promises the rights and interests of customers to stay in the "Fosun Pension Community" in the future. It is reported that if the total premium is more than 2 million, the insured can get the qualification to live in an old-age community.

China Merchants Guanyi Home launched the "Renhe Yijia Comprehensive Pension Plan", with the development strategy of "the same platform, giving equal attention to both light and heavy, and combining medical care with nursing care". China Merchants Renhe Life Insurance focuses on the whole industrial chain of pension insurance products, pension community development and pension community operation services.

Specifically, the pension community in Guangzhou Golden Valley (Renhe Yijia Heyuan) is only open to customers who buy insurance. Only by purchasing more than ten designated insurance products, including "China Merchants Renhe Zhaoying Jinsheng Annuity Insurance" and "China Merchants Renhe Heyue Life whole life insurance", and the accumulated premium payable reaches more than 2 million, can they be eligible to apply for the pension community.

2. Innovative gameplay of insurance+pension

Figure: UC club membership rights

China Insurance launched the UC Club of New Life, and launched membership service for the junior and old people. Members who join the club can enjoy services such as learning, medical care, traveling, doing something and having fun. It is also known that United Life also has plans to form a new senior club.

Guohua Life Insurance has established three companies on medical health and old-age care: Hainan Guohua Kangyang Co., Ltd., Gongqingcheng Zhongke Xukang Medical Industry Investment Partnership, and Guohua Residence Kangyang Co., Ltd. At present, the company’s work in medical care, old-age care and other aspects is in the preparatory stage, and there is no more definite information to disclose.

Love Life put forward the four-in-one ecological strategy of "medical care and insurance" for the aged. In 2020, China International Fair for Trade in Services released the first "insurance+service" home-based care product in the industry-"Love+Home-based Care Product Plan", which provides home-based care solutions for the elderly with the combination of "annuity protection+medical care service".

In addition, Love Life is also a pilot agency for long-term care insurance in Beijing, and has set up a special team with rich experience in care management services, and has become one of the eight financial institutions selected by China Banking and Insurance Regulatory Commission Financial Support Community Home Care Service Agency Project.

Happy Life, supported by the national policy, launched the reverse mortgage pension insurance product "Happy House Laibao reverse mortgage pension insurance for the elderly (Clause A)", and invested in regional leading pension institutions all over the country through the special equity investment fund for medical pension.

Zhonghong Life Insurance cooperates with Greenland Kangyang to create a cross-border innovative cooperation model of "insurance products+high-end pension community+Kangyang hotel", organically combining insurance financial products with physical pension services to provide customers with more comprehensive pension solutions. This indicates that Zhonghong Insurance has made important progress in building a "health+pension" dual-engine strategic layout.

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Insurance and old-age care both start from the whole life cycle of people, and they are strongly related. Looking at overseas, insurance companies have always been an important pillar of the development of old-age care. The social security and market profitability of providing for the aged coincide with the original meaning of the insurance industry.

On the level of social security, the overall security level of the three-pillar pension system in China is relatively low, with the first pillar dominating, but there are also problems of low security level. Therefore, the participation of commercial insurance can improve the level of social security to a certain extent.

As far as market profitability is concerned, with the improvement of the living standards of the elderly and the enhancement of their ability to pay, the demand of the elderly for commercial insurance products is increasingly prominent, and the inclusiveness of products and services with various asset properties is also increasing. There will be great market space for commercial insurance companies to cut in from this aspect and participate in pension real estate, insurance products and pension services.

In recent years, after the previous heavy lifting asset layout, insurance companies are slowly returning to rationality and becoming more and more clear about their own positioning-"insurance surname". They should form differentiated competition through providing for the aged, innovate services, give full play to the advantages of insurance+and build a big healthy ecosystem.

At the moment when long-term insurance is ready to come out and commercial insurance can play more roles, we believe that all insurance companies will participate in the pension industry in their own ways in the future, which makes us more full of expectations for this industry.

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The content of the article comes from public information collation and AgeLifePro research results. If there is any error, please contact customer service. Thank you.

　　On December 21st, the State Council Customs Tariff Commission announced the tariff adjustment plan for 2024, and the import and export tariffs of some commodities were adjusted, which attracted much attention.

　　In terms of import tariff rate, according to the tariff adjustment plan for next year, the provisional import tariff rate will be implemented for 1010 commodities (excluding tariff quota commodities), which is slightly lower than last year.

　　The provisional import tax rate is generally lower than the most-favored-nation tax rate. The purpose is to play the role of tariff lever adjustment, encourage the import of related commodities, and play the role of tariffs in improving domestic competitiveness, promoting technological progress of enterprises, ensuring economic operation, and improving people’s livelihood.

　　The provisional tariff table of imported goods in 2024 disclosed the MFN tariff rate and provisional tariff rate of the above 1010 items in detail. For example, infant formula milk powder, which people are more concerned about, continues to enjoy the provisional tax rate of 5% as last year, which is obviously lower than the MFN tax rate of 15%.

　　In order to accelerate the innovation and development of advanced manufacturing industries, import tariffs on domestic scarce resources, key equipment and parts such as lithium chloride, low arsenic fluorite and gas diffusion layer for fuel cells will be reduced next year. In order to protect people’s lives and health, next year, we will implement zero tariffs on some anticancer drugs, medicines and raw materials for rare diseases, and reduce import tariffs on formula foods for special medical purposes.

　　In addition, import tariffs on sweet corn, coriander and burdock seeds will be reduced next year. In addition, in order to promote the development of new materials industry and reduce the export tariff of high-purity aluminum.

　　In terms of agreed tax rate, according to the free trade agreements and preferential trade arrangements that have been signed and come into effect between China and relevant countries or regions, 20
Under this agreement, some imported goods originating in 30 countries or regions are subject to the agreed tax rate. The China-Nicaragua Free Trade Agreement came into effect on January 1, 2024 and implemented tax reduction.

　　The agreed tax rate is generally lower than the MFN tax rate, which also shows that China has expanded its global network of high-standard free trade zones, continuously promoted high-level opening-up and promoted the construction of an open world economy.

　　For example, according to the free trade agreements between China and New Zealand, Peru, Costa Rica, Switzerland, Iceland, South Korea, Australia, Pakistan, Mauritius and Cambodia and the Regional Comprehensive Economic Partnership Agreement (RCEP), the tax will be further reduced. The free trade agreements between China and ASEAN, Chile, Singapore and Georgia, the early harvest of the free trade agreement between China and Nicaragua, and the Closer Economic Partnership Arrangement (CEPA) between the mainland and Hong Kong and Macao have all been reduced, and the agreed tax rate will continue to be implemented. The Asia-Pacific trade agreement continued to be implemented.

　　It is worth noting that the Cross-Strait Economic Cooperation Framework Agreement (ECFA) has completed the tax reduction and continued to implement the agreed tax rate. However, the Announcement of the the State Council Customs Tariff Commission on Suspension of Tariff Concessions for Some Products of the Cross-Strait Economic Cooperation Framework Agreement (hereinafter referred to as the Announcement) (Announcement of the Tax Commission)
No.9 of 2023) except for the goods involved.

　　According to the above-mentioned Announcement, Taiwan Province unilaterally takes discriminatory measures such as prohibiting and restricting the export of mainland products, which violates the provisions of the Framework Agreement on Cross-Strait Economic Cooperation. According to the Framework Agreement on Cross-Strait Economic Cooperation, the the State Council Customs Tariff Commission decided to suspend the tariff concessions for some products of the Framework Agreement on Cross-Strait Economic Cooperation according to the regulations and procedures. These include imported products of 12 tax items, such as propylene and p-xylene originating in Taiwan Province. It is hoped that Taiwan Province will take effective measures to lift trade restrictions on the mainland.

　　In terms of preferential tax rate, next year, we will continue to give zero-tariff treatment to 43 least developed countries that have established diplomatic relations with China and completed the exchange of letters. We will implement preferential tax rate, and the scope of applicable goods and tax rate will remain unchanged, and Vanuatu will no longer be given zero-tariff treatment.

　　Preferential tax rate is a special preferential tariff treatment that China unilaterally gives to the least developed countries or regions. Generally speaking, the preferential tax rate is the strongest and the tax rate is the lowest. This is also to support and help the least developed countries to accelerate their development.

　　In order to promote China’s superior products to better participate in the international market competition, in 2024, China’s subheads will be appropriately adjusted to add tax items such as decorative base paper and high-end steel products. After adjustment, the total number of tariff items is 8957.

　　The Office of the the State Council Customs Tariff Commission said that the above adjustment measures are conducive to supporting and stabilizing the basic foreign trade and foreign investment and better serving the overall situation of economic and social development; It is conducive to promoting the continuous enhancement of endogenous power and better coordinating development and security; It is conducive to promoting high-level opening up and building a new open economic system; It is conducive to promoting the transformation and upgrading of the industry and actively participating in international market competition.

　　

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