On January 7, reporters from Sino-Singapore Finance logged into multiple e-commerce platforms such as Taobao and JD.com and found that the official TST Secret flagship store could no longer be found, but the TST Secret flagship store on the Douyin platform was still operating normally.
On the first trading day after the holiday, the onshore RMB hit a new high against the US dollar. On the 24th, the onshore RMB exchange rate against the U.S. dollar opened slightly higher and rose strongly in the afternoon, driving the offshore RMB exchange rate against the U.S. dollar to shift from depreciation to appreciation.
On the 24th, the onshore RMB exchange rate against the U.S. dollar appreciated to a maximum of 6.8804, and the offshore RMB exchange rate to the U.S. dollar appreciated to a maximum of 6.8760, both continuing to hit their highest appreciation levels since April 28, 2023.
Wang Qing, chief macro analyst of Oriental Jincheng, analyzed that first of all, the improvement of the external environment is an important background for the strengthening of the renminbi. Since November 2025, Sino-US economic and trade relations have stabilized, and my country's overall external environment has tended to ease.
Secondly, the weakness of the US dollar opens up room for appreciation of non-US currencies. "Recently, the U.S. Department of Justice launched a criminal investigation into Federal Reserve Chairman Powell. The independence of the Federal Reserve has been further impacted, and the U.S. dollar has been under pressure; the 'interest rate cut + balance sheet reduction' proposal of the new Federal Reserve Chairman has not yet reversed the decline of the U.S. dollar." Wang Qing said.
Third, the concentrated release of corporate foreign exchange settlement demand formed seasonal support. Wang Qing believes that as the RMB continues to strengthen, the demand for foreign exchange settlement accumulated during the previous high growth in exports is accelerating, which, coupled with the traditional peak season for foreign exchange settlement at the end of the year and the beginning of the year, jointly pushes up the exchange rate.
In addition, Wang Qing also said that with the offshore RMB leading the rise, the high sentiment in the foreign exchange market during this period has also become an important factor in boosting the stronger RMB trend.
The Huatai Futures research report pointed out that the recent performance of the RMB has been relatively stable, and it is not simply driven by the fluctuations of the US dollar, but endogenous pricing factors dominate. From the perspective of supply and demand structure, the foreign exchange supply side remains stable; from the perspective of policy pricing, the central parity pricing deviation has gradually converged from negative to close to zero, which is more reflected in following market fluctuations.
Economic Daily WeChat Comprehensive 21st Century Economic Report, Beijing Business Daily
The difference between corporate accounting profit and economic profit
The difference between economic profit and accounting profit is mainly reflected in the following medical points:
1. The service subjects are different.
2. The purpose angle is different. Accounting profit is an indicator of operating results from the perspective of the business owner, while economic profit is from the perspective of the company, which is a relatively independent entity. Capital can be raised through two channels: debt capital and equity capital. For the company, both creditors and shareholders are "investors". When the company calculates that it has economic profits, it means that investing in this company will obtain "excess profits", which will naturally attract more funds into the company.
3. The measurement range is different.
4. The measurement basis is different.
5. Cost measurement is different.
6. Different application scopes.
7. The measurement procedures are different.
8. The basis for evaluating the economic benefits of enterprises is different.
Economic profit is the concept of profit held by economists. Although economists' profit is also the difference between revenue minus costs, economists have a strict definition of profit. For accountants: profit = total revenue - total costs, however for economists, this result overestimates profits. The reason is: economic income is different from accounting income, economic cost is different from accounting cost, therefore, economic profit is different from accounting profit.
Economic costs include not only the costs actually paid in accounting, but also opportunity costs, that is, the remuneration that an enterprise must pay to resource providers in order to attract resources from other production opportunities. These rewards can be explicit or implicit. We call the monetary payments made by an enterprise to non-enterprise owners who provide resources to it called explicit costs, and the costs incurred by an enterprise using its own resources are called implicit costs.
Both external resources (such as debt capital) and self-owned resources (such as shareholder capital) have costs. The return required by shareholders for investing capital is no less than the interest of creditors and the salary requirements of employees. For a company, implicit costs are the profits that can be gained by using the resources it owns for other best uses. Accountants do not recognize hidden costs and do not include them as deductions in the income statement. The reason is: There is no objective way to calculate hidden costs, and accountants are unwilling to make unfounded estimates.
For example: Wang is the sales manager of a company, with an annual salary of 80,000 yuan, and can earn 5,000 yuan in interest when deposited in the bank. Now I have decided to open a department store and use the one storefront I own as a supermarket business premises. The original store rent income is 30,000 yuan, and 5 employees need to be hired. After one year of operation, the accounts are as follows: total income: 250,000 yuan; cost: 60,000 yuan; employee wages: 30,000 yuan; water and electricity miscellaneous expenses: 10,000 yuan; total (explicit) cost: 100,000 yuan; accounting profit: 150,000 yuan.
However, this accounting profit cannot accurately show the economic status of the enterprise because it ignores hidden costs: Wang provided financial capital, stores and labor, and hidden costs (forgotten income) occurred, then the economic profit is: accounting profit: 150,000 yuan; foregone salary income: 80,000 yuan; foregone interest income: 5,000 yuan; foregone rental income: 30,000 yuan; total hidden costs: 115,000 yuan; economic profit: 35,000 yuan.
The concept of "profit" between economists and accountants has different meanings. Accounting profit = total revenue - explicit cost, economic profit = accounting profit - implicit cost = total revenue - opportunity cost of all inputs.
If the total revenue of an enterprise exceeds all economic costs, the remainder belongs to the enterprise, and this remainder is called economic profit or net profit. The difference between accounting profit and economic profit should also be considered: the inconsistency in the accounting measurement basis. The calculation of accounting profit is based on the accrual basis, while the calculation of economic profit organically combines and unifies the accrual basis and the cash flow method (cash flow method). Modern enterprises have established financial management systems with value management as the core. The economic profit method has become an increasingly popular financial management idea. Its attractiveness is that with economic profit as the corporate goal, it can not only promote the concept of value creation to penetrate into the enterprise, but also be consistent with corporate shareholders and creditors' requirements for higher income goals than capital costs, thus helping to maximize corporate value and shareholder wealth.
China News Service, January 7 (Reporter Xie Yiguan) On January 7, reporters from China News logged into multiple e-commerce platforms such as Taobao and JD.com and found that the TST Secret official flagship store could no longer be found, but the TST Secret flagship store on the Douyin platform was still operating normally.
TST secret official flagship store cannot be found on Taobao platform.
When the reporter asked Taobao's official customer service about the reason, he said, "Generally, if the seller closes the store or does not open a store for the time being, it cannot be searched."
TST Secret official customer service told reporters, "This is a business adjustment of the company. If you want to purchase products, you can download the TST Secret APP to place an order."
As for whether TST’s official Douyin live broadcast room will be closed, TST Secret’s official customer service said, “We have not received any relevant notification so far.”
Previously, the Yuhua District Market Supervision and Administration Bureau of Shijiazhuang City revealed through the "Reply to the Verification Letter" that Shanghai Dalwei Trading Co., Ltd. was suspected of using the Internet to engage in pyramid schemes. "Because it used financial institutions to transfer or conceal funds involved in pyramid schemes, the Bureau has applied to the People's Court to take preservation measures in accordance with the law. The case is currently under further investigation."
In response, TST Secret issued a statement in the early morning of December 29, 2021, saying that it would like to thank the Hebei Shijiazhuang government for guiding our company to investigate risks. The company is currently operating normally and the company will actively cooperate with relevant departments.
Sky Eye investigation shows that TST Secret was founded by Lin Ruiyang, the husband of actor Zhang Ting. Dalwei Company is the main operating entity of TST Secret, and Tao Hong is one of its shareholders.
TST Court Secret’s official Weibo responded that the Weibo has been banned.
On January 2, there were reports that TST founders Zhang Ting, Lin Ruiyang and his wife, and TST Ting Secret Weibo were banned. In addition, the reporter's inquiry found that Zhang Ting's Douyin account has also been banned from publishing works. The violation penalty description shows that the user was prohibited from publishing works due to violation of the relevant provisions of the "Douyin Community Self-Discipline Convention". (over)
"Rural Governance in the Process of German Modernization" is a historical monograph that systematically studies rural governance and rural development issues in the process of German modernization since the 19th century. It focuses on the German countryside and studies rural governance in the process of modernization in stages. From the early modern period, to the first industrial revolution and the early stages of urbanization, to the German Empire, the Weimar Republic and the Third Reich, and finally to the Federal Republic of Germany, this book sorts out the history of Germany's modernization and the role of rural governance in it from these four stages. At the same time, combined with a large amount of data and legal provisions, it explores how Germany, under the impact of industrialization and urbanization, can get rid of the rural development crisis, achieve modern development of the countryside while adhering to rural traditions, and reshape the vitality and charm of the countryside. This book also has certain reference significance for China's rural governance and rural area development, which is in the period of modernization transformation.
"Rural Governance in the Process of German Modernization", written by Xing Laishun, Yue Wei and Qian Lingyan, published by Guangxi Normal University Press
>>Selected readings from the text:
The development of the German textile and transportation industry during the first industrial revolution
In the mid-1830s, Germany's first industrial revolution began and unfolded rapidly. The main manifestations are: new technologies and new machines are widely adopted; the transportation industry marked by railway construction has experienced unprecedented development; industrial output has increased at an extremely rapid rate; industrial fixed capital investment has increased rapidly; the commercial and banking industries have rapidly modernized; and the industrial population has increased rapidly. Judging from the process of the first industrial revolution, it was in the starting stage in the mid-1830s, entered the upsurge stage in the 1940s and 1950s, weakened in the 1960s, and then ended with a small climax in the early 1970s.
Germany's first industrial revolution also started in the textile industry like Britain and France. Before 1815, most of the population engaged in non-agricultural production in Germany was concentrated in the textile industry. The textile industry mainly existed in the form of cottage industry and manual workshop production. In the 1830s, with the adoption of new technologies and mechanization, this problem was gradually solved, and the textile industry developed rapidly in Germany. It should be pointed out that the mechanization of the German textile industry involves linen textiles and wool textiles, but the fastest growing is the cotton textile industry, and the mechanization of the linen textile industry has progressed slowly. In 1837, there were only five mechanical linen mills in Germany. During the same period, the linen textile industry in Britain and Belgium had been extensively mechanized. By the mid-19th century, Germany's linen textile industry still basically maintained a manual and household production form. In the field of wool textile industry, until the beginning of the 19th century, Germany's wool textile industry was still a handicraft industry, and there was no large-scale wool textile factory like the UK. Prussia and Saxony were the centers of the German woolen textile industry. It was only after the 1830s that the wool textile industry developed rapidly. Judging from the degree of mechanization, it was 30% in 1835 and reached 50% in 1850.
As mentioned earlier, in the field of German textile industry, the development of cotton textile industry is the most eye-catching. At the beginning of the Industrial Revolution, "nothing in the whole field of industry and commerce was more interesting and more outstanding than the young cotton textile industry." In 1800, there were more than 2,000 "Jenny machines" in Saxony. After the establishment of the German Customs Union, the mechanical cotton spinning industry in southwestern Germany such as Baden and Württemberg also developed rapidly. At that time, the prospects of the cotton textile industry were very promising, and people were investing in this field. Therefore, mechanization developed quite easily and production increased significantly. The number of yarn spindles in Germany increased from 580,000 in 1835 to 2.35 million in 1865; during the same period, cotton yarn production increased from 3,786 tons to 37,128 tons. In the cotton weaving industry, the number and productivity of cotton looms increased significantly in the 1830s. In 1800, there were 35,000 cotton looms in Germany, which increased to 150,000 in 1846, but there were very few mechanical looms. In 1846, the number of hand looms and machine looms were 116,000 and 2,600 respectively, and in 1861 they were 264,000 and 23,000 respectively. In other words, the number of hand looms was always much higher than the number of machine looms during the first industrial revolution. Despite the slow progress of mechanization, the cotton textile industry developed greatly, with cotton cloth production increasing from 3,600 tons in 1815 to 14,237 tons in 1835 and 41,294 tons in 1865.
However, overall, although the German textile industry developed rapidly during the first industrial revolution, it was never close to the powerful British textile industry. The production level of the German cotton textile industry in 1835 was only equivalent to the production level of Britain in 1788.
A notable feature of Germany's first industrial revolution was that railway construction became the locomotive of the industrial revolution. Before the first industrial revolution, land transportation in Germany was extremely backward, relying mainly on traditional methods such as horseback riding and postal carriages. In the 1830s, it took a day and a half from Berlin to Leipzig, four days from Berlin to Breslau, and a week from Berlin to Königsberg. During the journey, the postal carriage may capsize or be robbed, and there are many dangers. Therefore, before going on a long journey, people often go to church and make a will to prepare for unexpected events. What's more interesting is that sometimes mail carriages and wagons would deliberately move slowly when passing through a certain area so that innkeepers could make more money from passing passengers. Bulk goods need to be transported in caravans drawn by 4 to 8 horses, and the freight is quite expensive. In 1834, the Saxon consul in the United States bought 17.5 thalers of books in New York and shipped them to Saxony via Le Havre, France. The freight cost exceeded 265 thalers.
Written by Guo Dexin (published by Xinhua News Agency)
The rapid popularity of mobile payment has given people rich imagination about a "cashless society". China is the country with the most extensive mobile payment applications in the world and is also one of the countries closest to a "cashless society." However, mobile payment alone cannot meet the changing requirements of the digital financial era, and the concept of "digital currency" focusing on a deeper level has emerged.
Recently, the relevant person in charge of the People's Bank of China (hereinafter referred to as the central bank) stated in public that the development of a digital currency system is underway and that the "digital RMB era" is coming. Why does the central bank launch digital currency? What are the connections and differences between central bank digital currency, online payment and so-called “virtual currency”?
How are digital currencies different?
At the third China Financial Forty Yichun Forum held recently, Mu Changchun, deputy director of the Central Bank's Payment and Settlement Department, said that the Digital Currency Research Institute under the Central Bank had begun the development of a digital currency system as early as 2018, and the Central Bank's digital currency was "ready to come out." This subsequently triggered widespread heated discussions in the Internet and financial circles.
The central bank’s research into issuing digital currency is not a temporary move. It is reported that from 2014 to the present, the research on central bank digital currency has been carried out for 5 years. In 2017, the Central Bank Digital Currency Research Institute was officially established. Currently, the institute has applied for 74 patents involving digital currency technology.
In recent years, with the development of Internet technology, especially blockchain technology, many so-called "virtual currencies" have emerged around the world, such as Bitcoin and Litecoin, which have been controversial in recent years. So, how is the digital currency proposed by the central bank different from these commercial “virtual currencies”?
From the perspective of currency attributes, “virtual currencies” such as Bitcoin are not currencies in nature. Unlike state-issued legal tender, "virtual currency" is not supported by national credit. Its speculative nature is affected by factors such as tightening supervision and technical problems. Its price often fluctuates and it interferes with the normal order of the country's and even the global monetary and financial systems to a large extent.
From the perspective of currency circulation principles, in order to ensure the orderly operation of the financial system and macro-control, only the state can exercise the supreme power of currency issuance. Therefore, central bank digital currency is a legal digital currency based on national credit and issued by the central bank. It is essentially different from "virtual currencies" such as Bitcoin.
Can it really replace cash in circulation?
China’s electronic payment is already very developed. Why does the central bank still launch a legal digital currency? "For ordinary people, the boundaries between electronic payment and central bank digital currency in basic payment functions are relatively blurred, but the central bank digital currency released by the central bank in the future is very different from electronic payment in the implementation of some functions." Mu Changchun said that in the past, fund transfers of electronic payment tools had to be completed through traditional bank accounts, while central bank digital currency can achieve value transfer without traditional bank accounts, greatly reducing the dependence on accounts in the transaction process. In layman's terms, the central bank's digital currency can be as easy to circulate as cash, which is conducive to the circulation and internationalization of the renminbi, and can also achieve controllable anonymity.
It is understood that existing cash in circulation is easy to be counterfeited anonymously, and electronic payment tools such as bank cards and Internet payments cannot fully meet the public's demand for anonymous payments. Therefore, the design of the central bank's digital currency is mainly aimed at the substitution of cash in circulation, which not only maintains the attributes and main characteristics of cash, but also meets people's needs for portability and anonymity.
Wang Xin, director of the Central Bank’s Research Bureau and Monetary and Bullion Bureau, said that the central bank’s digital currency in China mainly replaces cash to a certain extent and will help optimize the central bank’s currency payment function and improve the central bank’s monetary status and the effectiveness of monetary policy.
From this point of view, the central bank's launch of digital currency is neither the currently popular electronic wallet or online payment, nor is it a complete "replacement of the existing RMB system", but a new encrypted electronic currency system that has a certain degree of substitution for cash in circulation.
Shao Fujun, chairman of China UnionPay Co., Ltd., said that the central bank’s legal digital currency will have a great positive impact and can improve the efficiency of currency operation monitoring and enrich monetary policy tools.
It is reported that the central bank’s digital currency is mainly used in small retail high-frequency business scenarios. Zhou Xiaochuan, former governor of the Central Bank, once pointed out that research on digital currencies is essentially about pursuing the convenience, speed and low cost of retail payment systems.
Research and development is in a "horse race" state
In recent years, commercial virtual currencies have been controversial, and people are increasingly realizing that the future development trend of digital currencies will still be legal digital currencies based on national credit and issued by central banks of various countries.
It is understood that no central bank in the world has officially launched a legal digital currency. Many central banks, including the Bank of England, the Bank of Canada and the Riksbank, are developing legal digital currencies. The International Monetary Fund stated that it plans to launch a global digital currency-International Monetary Fund Currency (IMFCoin) based on the Special Drawing Rights mechanism.
At present, China is still in the stage of accelerating research and development of digital currency. For example, the central bank held a video conference on work for the second half of 2019 on August 2, calling for “accelerating the pace of research and development of my country’s legal digital currency.” The recently released "Opinions of the Central Committee of the Communist Party of China and the State Council on Supporting Shenzhen in Building a Pioneer Demonstration Zone of Socialism with Chinese Characteristics" clearly states that it "supports the development of innovative applications such as digital currency research and mobile payments in Shenzhen."
It is understood that in the future, the central bank will not directly issue digital currency to the public, but will adopt a two-tier operating system, that is, the central bank will first exchange the digital currency to banks or other operating institutions, and then these institutions will exchange it to the public. The central bank's legal digital currency may be piloted in some scenarios in the early stage, and then further promoted when it is more mature. For prudent reasons, the pilot exit mechanism will be designed.
Mu Changchun revealed that the development of the central bank’s digital currency is currently in a “horse race” state, with several designated operating agencies adopting different technical routes for research and development. "It doesn't have to be blockchain, any technology will do. Whether it's blockchain or a centralized account system, electronic payment or so-called mobile money, whatever technical route you take, the central bank can adapt."
"I never expected that I would meet a little white squirrel in Guishan during the Chinese New Year. I'm so lucky!" At noon on February 21, Mr. Yi, a Wuhan citizen, and his wife were walking in Guishan Park when they unexpectedly encountered a snow-white squirrel. The little guy was lively and smart, not afraid of strangers, and even interacted with the two elderly people for nearly two minutes. The scene was warm and healing.
Little white squirrel. Photo by Mr. Yi
On the fifth day of the first lunar month, the sun was just right at noon. Mr. Yi and his wife climbed the steps from the southern foot of Guishan Mountain. When they were halfway up the mountain, a small white figure suddenly jumped into their eyes - a pure white squirrel was jumping in the forest. Its two big black eyes looked at them warily, and its furry tail flicked in the shadow of the trees.
"Little guy, are you hungry?" Mr. Yi tentatively took out the rock candy orange he brought with him, peeled off a few petals and placed them gently under the tree. Unexpectedly, the white squirrel actually jumped down from the tree, picked up a piece of orange, quickly jumped back to the tree, squatted on the branch and ate it with relish. After eating, it ran down again, again and again, until it had "packed" all the orange segments on the ground, and then reluctantly disappeared among the trees.
"The closest thing to us was only about two meters away!" Mr. Yi excitedly took out his mobile phone and recorded this rare "adventure". He posted the video to his family group, and it went viral instantly. Relatives and friends liked it one after another, and even his grandchildren clamored to go to Guishan to "see squirrels."
This is not the first time white squirrels have appeared in Turtle Mountain. As early as January 2025, some citizens had encountered this white "elf". It is understood that a large number of sycamore, Chinese tallow tree, ginkgo and other tree species are planted on Guishan, which are rich in fruits and provide sufficient food sources for squirrels.
On February 24, the person in charge of Guishan Scenic Area said that this snow-white squirrel may be an albino individual caused by a genetic mutation. Relevant data shows that the probability of albino squirrels in the wild is only one in a million, which is very rare.
“The rarer it is, the more we should cherish it.” Park management reminds citizens that if you encounter this “white elf” in the wild, please keep a distance, watch it quietly, and do not disturb or feed it, let alone harm it. For wild animals, not disturbing them is the best way to get along with them.
Comprehensive: Wuhan City Message Board, Changjiang Daily
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