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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)

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."

Recently, Shanghai Dalwei Trading Co., Ltd., a company owned by Lin Ruiyang and Zhang Ting, was investigated for suspected pyramid schemes. In response, "TST Court Secret" responded that Shanghai Dalwei is a legally operating company. Since its establishment, it has always followed government guidance, adhered to legal operations, and paid taxes in accordance with the law.

In response to TST, relevant personnel from the Yuhua District Market Supervision and Administration Bureau of Shijiazhuang City said in an interview with the media that they had received a large number of reports from the public claiming that the "TST Court Secret" was suspected of pyramid schemes. After investigation, the Yuhua District Municipal Supervision Bureau determined that Shanghai Dalwei, the parent company of "TST Court Secret", was suspected of pyramid schemes. The reason is that Dalwei has the three characteristics of a pyramid scheme, namely the pyramid structure of recruiting people, paying entry fees and team remuneration. Relevant personnel also revealed that the case has now entered the audit stage, and the next stage involves penalty decisions and penalty amounts, which is expected to take several months.

This also means that relevant parties and enterprises still have differences on whether it is suspected of pyramid schemes. However, for things like pyramid schemes, no matter which company is investigated, even if there is irrefutable evidence, the company being investigated will think that it is not a pyramid scheme. Because once it is proven that it is a pyramid scheme, the punishment will be very severe. If the amount involved is too large, the relevant persons will also be held criminally responsible.

As for "TST Court Secrets", whether it is suspected of pyramid schemes certainly does not depend on the company or the staff of the market supervision department, but must be based on the facts. Judging from the reactions of netizens, it seems that they agree and support the actions of the market supervision department. They feel that "TST Court Secret" is a pyramid scheme organization and has been a pyramid scheme for a long time. However, why it has only attracted attention now, and it is not the Shanghai market supervision department, but a district-level market supervision department in Shijiazhuang City, Hebei Province, is indeed worth pondering.

The fact is that it is indeed difficult to file a case for pyramid schemes. Because the marketing methods introduced by some "smart" companies and "smart" people are all on the fringes of the law, claiming that they are pyramid schemes, and the evidence given is not very strong. It's not a pyramid scheme, the behavior is a pyramid scheme. How to make a reasonable and legal determination is quite difficult.

Judging from the factual determination of the "TST Court Secret" by the Yuhua District Market Supervision Department, it should fall into the category of pyramid schemes. Recruiting people, paying entry fees and team remuneration all have the basic characteristics of pyramid schemes and have the basic meaning of pyramid schemes. There should not be much problem in identifying its pyramid schemes. At most, there are more bunkers covering the surface, making it more difficult to distinguish. Even so, it does not affect the market supervision department’s determination that “TST Court Secrets” is suspected of pyramid schemes.

More importantly, according to the information provided by the Yuhua District Market Supervision Bureau, after an inquiry into Dalwei's bank account, it was also discovered that the company used financial institutions to set up bank accounts to transfer and hide large amounts of market funds. In order to prevent heavy losses to the country, the Yuhua District Market Supervision Bureau applied to the court to take property preservation measures in accordance with the law and froze the company's 600 million yuan in funds.

Here, we hope that the Shanghai Municipal Market Supervision Department will also intervene in the investigation of this case, because the parent company of "TST Court Secret" is Shanghai Dalwei Company, and the response of "TST Court Secret" only said that Shanghai Dalwei Company is a legally operating company, and did not say whether the branches of Dalwei Company are also operating legally. Even if Shanghai Dalwei Company operates legally and its subsidiaries are engaged in pyramid schemes, it is actually Dalwei Company that is engaged in pyramid schemes, and it only retains the legal appearance of a parent company, which is a more terrifying and abhorrent behavior. Therefore, it is necessary for the Shanghai Municipal Market Supervision Department to cooperate with the investigation in order to find out the situation of this company.

The harm of MLM is considerable. If it is not controlled when it can be controlled, and investigated and banned in accordance with the law, once the bubble bursts and the capital chain is broken, the consequences will be disastrous. Therefore, while Dalwe Company still has financial strength, it is very necessary and urgent to investigate whether the company is suspected of pyramid schemes as soon as possible.

(Author Tan Haojun)

Submission email: qilupinglun@sina.com

My name is Lu Songsong, click on the avatar above and welcome to follow me!

There is big news in the micro-business circle recently: TST, the largest micro-business in China, was announced by the Shijiazhuang Industrial and Commercial Bureau, saying that a hearing will be held on whether TST is a pyramid scheme, and Zhang Ting and her husband have already been named.

Gong Wenxiang, a well-known self-media person, commented: TST is the largest micro-business in China. I know it very well because I have opened a forum with 3,000 people for 8 consecutive years. The Chinese micro-business rankings published every year always rank TST as the number one in China, even though he never sends anyone here. TST has a total of 3 million agents, and its annual turnover can indeed reach 30 billion. Moreover, it pays 2.1 billion in taxes every year. The amount of taxes paid in Shanghai is second only to SF Express. That's how powerful it is. But now the State Administration for Industry and Commerce has entrusted the Shijiazhuang Taxation Bureau to investigate him.

Gong Wenxiang’s judgment is: Shijiazhuang Industrial and Commercial Bureau should still recognize TST as a pyramid scheme and impose a fine of 10 billion yuan.

On November 8, TST Zhang Ting said: Wait for a fair ruling and believe in the motherland. Zhang Ting forwarded her lawyer's Weibo, mainly stating: 1. The whistleblower is not from Shijiazhuang, and the Shijiazhuang Market Supervision and Administration Bureau has no jurisdiction. 2. The electronic version of the reporting materials does not meet the legal evidence requirements.

The most important thing is: Thousands of comments are from tst agent, supporting her.

This year TST went to Malaysia and shouted "I am resurrected". Although they have just come to Malaysia, the Zhang Ting couple who have "opened up the world" obviously have a greater appetite. Lin Ruiyang said directly: "I want to put my heart in ASEAN", and even falsely claimed that people can "do 1.3 billion yuan a year."

In 2017, Lin Ruiyang looked forward to the company's future at the TST Micro-Business Conference: "There are 400 million young and middle-aged women in China. Each micro-business agent can survive by developing 8 customers. So for women alone, China can have 50 million micro-business agents, and we only have 920,000 now."

It is understood that there are 5 core whistleblowers in "TST Court Secrets". Among these 5 whistleblowers, Ms. Li is the core whistleblower. Ms. Li's husband, Zhu, was once an agent for the brand "TST Court Secret". He was sentenced to 7 years in prison for a criminal case involving "TST Court Secret". The people who caused him to be imprisoned were Zhang Ting and his wife.

Let's just say that it seems that this matter is still quite complicated. Since the husband of the reporter is one of Zhang Ting's franchisees and was sentenced to seven years for making a mistake, it seems that the reporter's behavior is understandable. After all, his family has been affected. The key to the problem now is whether it has a direct relationship with Zhang Ting's company…

On November 8, 2022, the entry #张婷婷婷与狠狠狠的LPHearing Ended# rushed to the hot search list. Just a few days ago, the news of the hearing was also on the Weibo hot search list. Lawyers who participated in the hearing said that during the final statement, the case handlers insisted that it constituted a pyramid scheme, while Zhang Tingfang’s attorney believed that it did not constitute a pyramid scheme and suggested that the case be withdrawn. Later, Zhang Ting posted on Weibo: I am waiting for a fair verdict and believe in the motherland.

With the rapid development of the digital economy and the increasing demand for digital financial services, the global monetary and financial system has entered the era of digital transformation, and many economies’ central banks have pressed the fast forward button on the development of digital currencies. A research report on the development of global central bank digital currency recently released by the Atlantic Council, an American think tank, shows that 105 countries and regions are currently exploring and researching central bank digital currency, of which about 50 countries and regions have entered advanced stages of development, piloting, and issuance.

Accelerate R&D pilot projects

In recent years, central banks in various economies have stepped up research and development and pilot projects on digital currencies. The latest round of central bank digital currency survey released by the Bank for International Settlements in May this year showed that of the 81 central banks participating in the survey, 90% were conducting research related to digital currency, and 62% were conducting relevant experiments or proof-of-concepts.

During the Beijing Winter Olympics, the digital RMB pilot program covered more than 400,000 scenes and became a highlight at the international event. Konstantin Ordov, director of the Financial Markets Teaching and Research Office at Russia's Plekhanov University of Economics, said that through testing during the Beijing Winter Olympics, the digital renminbi will have more complete functions and better performance, and will become a digital currency with broad prospects around the world. According to data from the People's Bank of China, as of May 31 this year, the cumulative number of digital renminbi transactions in pilot areas in 15 provinces was approximately 264 million, with an amount of approximately 83 billion yuan, and the number of merchant stores supporting digital renminbi payment reached 4.567 million.

In the Caribbean, in October 2020, The Bahamas became the first in the world to launch a central bank digital currency. In March last year, the Eastern Caribbean Central Bank launched the digital currency "DCash", making the Eastern Caribbean Monetary Union the first currency union in the world to use a central bank digital currency. Recently, Jamaica also passed legislation authorizing its central bank to issue digital currency.

In Africa, Nigeria officially launched the digital currency "e Naira" in October last year. Godwin Emefiele, Governor of the Central Bank of Nigeria, said that the government’s launch of digital currency is to supplement and strengthen the country’s payment ecology and financial structure under the new situation and maintain the integrity and stability of the payment system. At the same time, South Africa’s digital currency is in the testing phase, and countries such as Tunisia, Morocco, Ghana, and Kenya have also begun to study and formulate regulatory policies and implementation strategies for central bank digital currencies.

In Europe, the Bank for International Settlements, the Swiss and French central banks jointly announced the completion of a test project in December last year, confirming that central bank digital currencies can be effectively used for international settlements between financial institutions. In July 2021, the European Central Bank launched the digital euro project and launched a two-year related investigation and research, aiming to solve key issues such as the design and issuance of the digital euro. European Central Bank Executive Board member Panetta recently said that the formal development of the digital euro may start at the end of next year and will take about three years to complete. Tristan Disox, a professor at the Free University of Brussels in Belgium, believes that the development of the digital euro will help the euro area cope with the challenges of digital transformation, ensure that the euro area can better adapt to changes in the external financial environment, and seize a leading position in the global electronic payment field.

Promising development prospects

A report released by management consulting firm McKinsey last year showed that the macro benefits of central bank digital currencies are mainly reflected in four major dimensions, namely reducing the cost of providing cash, improving the inclusiveness of financial activities, reducing the dangers of private sector digital currencies, and strengthening the transmission of monetary policy. Analysts generally believe that central bank digital currency has many advantages and will inject new vitality into the global monetary and financial system.

Sarah Allen, an expert on European digital currencies, said that by issuing digital currencies, central banks can build more efficient and compatible financial markets and make monetary policy transmission more precise. The transparency and other characteristics of central bank digital currencies will also enable policymakers to gain a more macroscopic perspective on the global economy. Igor Pakic, an expert in the field of European digital finance, believes that digital currency can help enhance financial inclusion and inclusiveness. "People can receive, store or trade digital currencies more conveniently. For areas with underdeveloped traditional financial infrastructure, the significance of central bank digital currencies is even more prominent. It will also help to significantly improve payment efficiency, especially cross-border payments."

Senegalese economist Samba analyzed that the popularity of the Internet and smartphones has made more and more African governments and people aware of the possibility of leapfrog development of inclusive finance. Mobile payment methods in many places in East Africa, West Africa and Southern Africa have become relatively mature. The Central Bank of Kenya stated that the introduction of central bank digital currency is mainly to reduce costs, improve interconnection and strengthen cross-border payments.

Colombian economist Alfonso is very optimistic about the development prospects of central bank digital currencies in Latin America. "The development of cross-border digital payments will help drive economic recovery and growth in Latin America. Especially when natural disasters occur, the advantages of digital infrastructure are highlighted and can enhance the resilience of payment methods."

Fully unleash your potential

“Digital currencies will greatly promote the modernization of the international monetary landscape.” PwC said in a report that as digital currencies are integrated and developed in payment and financial infrastructure, they will create numerous opportunities for the further digitization of enterprises and financial institutions.

Disox believes that in the future digital economic environment, capital flows need to be seamlessly connected between banks, enterprises, individuals and machines. The central bank's digital currency will synchronize future capital flows and services, so currency digitization is the future development trend.

Regarding the development direction of digital currencies of African central banks, Samba said that many African governments have seen the technical advantages of digital currencies in saving transaction costs, increasing taxes, and combating corruption. What they need to do now is to "legalize" digital currencies, that is, to collect the "minting rights" of digital currencies in the form of issuance by national central banks, and to avoid as much as possible the excessive scale of some private cryptocurrencies that will bring instability to their own economies.

Fitch, an international credit rating agency, pointed out in a report that the development of financial markets in Latin America has a clear agenda, which is to accelerate the provision of financial services to underserved and unbanked populations. For example, when the Central Bank of the Bahamas issued a digital currency, it made it clear that its goals were to improve payment efficiency and security, reduce financial service costs, strengthen financial service inclusion, and control money laundering, counterfeit currency, and other cash fraud.

The World Economic Forum pointed out that in order to fully unleash the potential of digital currency, the advancement of payment technology needs to go hand in hand with the digitization of trade. John Rolle, Governor of the Central Bank of the Bahamas, said that The Bahamas will share experiences and learn from each other in digital currencies with other Latin American countries. "The development prospects of digital currency in this region are exciting. Potential technical cooperation may give birth to a new regional payment platform, thereby promoting the development of economic and trade within the region." (Reporter Yu Yichun, Zou Song, Zheng Bin, Bi Mengying)

Tan Haojun

The so-called pyramid scheme refers to the behavior of illegally obtaining wealth by developing people or requiring people to be developed to obtain membership qualifications on the condition of paying a certain fee. The essence of MLM is a "Ponzi scheme", which uses the money of latecomers to give to those who came before. In the end, the scam becomes bigger and bigger, and the holes become bigger and bigger.

Traditional MLM methods not only require participants to pay a certain fee, but in many cases also restrict personal freedom, confiscate ID cards, mobile phones, and attend group classes. The new MLM method is much more relaxed and does not require as many personal restrictions as traditional MLM. Instead, it uses capital operation as an excuse to attract people to defraud money, allowing participants to recruit relatives and friends to join the group, and in the end everyone loses everything.

Previously, a private anti-pyramid scheme team issued an article saying that after receiving a response from the Shijiazhuang City Yuhua District Market Supervision and Administration Bureau’s verification letter, Shanghai Dalwei Trading Co., Ltd., a company owned by Lin Ruiyang and Zhang Ting, was investigated for suspected pyramid schemes. In response to this, "TST Court Secret" issued an article in the early morning of December 29, saying that Shanghai Dalwei is a legally operating company. Since its establishment, it has always followed government guidance, adhered to legal operations, and paid taxes in accordance with the law.

In response to TST, relevant personnel from the Yuhua District Market Supervision and Administration Bureau of Shijiazhuang City said in an interview with the media that they had received a large number of reports from the public claiming that the "TST Court Secret" was suspected of pyramid schemes. After investigation, the Yuhua District Municipal Supervision Bureau determined that Shanghai Dalwei, the parent company of "TST Court Secret", was suspected of pyramid schemes. The reason is that Dalwei has the three characteristics of a pyramid scheme, namely the pyramid structure of recruiting people, paying entry fees and team remuneration. Relevant personnel also revealed that the case has now entered the audit stage, and the next stage involves penalty decisions and penalty amounts, which is expected to take several months.

If it is determined to be a pyramid scheme, the company will face very severe penalties. If the amount involved is too large, the relevant personnel will also be held criminally responsible. This is why it is more difficult to file a case against pyramid schemes. Because the marketing methods launched by some "smart" companies and "smart" people are somewhere between MLM and non-MLM, and are wandering on the edge of the law. How to make a reasonable and legal determination is worth pondering.

According to the information provided by the Yuhua District Market Supervision Bureau, after an inquiry into Dalwei’s bank account, it was also discovered that the company used financial institutions to set up bank accounts to transfer and hide market funds in large quantities. In order to prevent heavy losses to the country, the Yuhua District Market Supervision Bureau applied to the court to take property preservation measures in accordance with the law and froze the company's 600 million yuan in funds.

The parent company of "TST Court Secret" is Shanghai Dalwei Company. The response of "TST Court Secret" only said that Shanghai Dalwei Company is a legally operating company, and did not say whether Dalwei Company's branches are also operating legally. If Shanghai Dalwei Company operates legally and its subsidiaries are engaged in pyramid schemes, then Dalwei Company cannot escape relevant responsibilities (such as poor management, etc.). Therefore, it cannot only investigate its subsidiaries and ignore the operating conditions of the parent company.

MLM behavior is extremely harmful. If it is not controlled when it can be controlled, and investigated and banned in accordance with the law, once the bubble bursts and the capital chain is broken, the consequences will be disastrous. Therefore, while Dalwei Company still has financial strength, it should be investigated as soon as possible whether the company is suspected of pyramid schemes.

In response to the market supervision department's inspection of Dalwei Company, spokesperson Ma Xiaoguang of the Taiwan Affairs Office of the State Council said that anyone doing business or starting a business in mainland China must first abide by laws and regulations. In other words, if the law is violated, no one can be spared and will be severely investigated and punished.

Comics/Chen Bin

She Yunfeng, author of Mobile Payment Network: Recently, with the steady advancement of digital renminbi, more and more application scenarios have gradually been implemented. However, with the continued advancement of digital renminbi, more and more discussions and voices have emerged.

For example, an industry insider previously stated that the current digital renminbi is not a true "renminbi", but a "token" issued by the six major banks themselves. The six major banks are equivalent to "note-issuing banks" and only implement their own policies based on the regulations of the central bank. Before the digital renminbi implements its own "legal currency" status, it can only be a "token".

Legal Basis for Digital RMB

Digital RMB is operated by designated operating agencies and redeemed by the public. It is based on a broad account system, supports the loose coupling function of bank accounts, is equivalent to banknotes and coins, has value characteristics and legal compensability, and supports controllable anonymity.

According to "China's Road to Legal Digital Currency" published by the central bank's digital currency research project team in 2016, in the early days of digital renminbi design, the central bank adhered to the idea of ​​"uniformized" management in laws and regulations and followed the idea of ​​integrated management with the traditional renminbi. However, digital renminbi is not simply the digitization of traditional renminbi. When it comes to the nature, issuance, exchange, circulation, storage, destruction, and management of digital renminbi, each link may produce legal issues or risks that are different from traditional renminbi.

Digital RMB is a legal currency in digital form issued by the People's Bank of China. This is the central bank's long-standing positioning of digital RMB.

However, currently, according to the "People's Bank of China Law" and the "RMB Management Regulations", the People's Bank of China is authorized to "issue RMB and manage the circulation of RMB" on behalf of the country and exercise currency issuance rights. Currency issued by the People's Bank of China in accordance with the law, including banknotes and coins. In other words, according to the current law, the currency form of RMB should be physical currency, with banknotes and coins as its material carriers, and does not include the issuance of intangible digital currencies.

Therefore, according to the current legal provisions, the digital renminbi also does not have legal currency status. Article 16 of the "People's Bank of China Law" and Article 3 of the "RMB Management Regulations" stipulate that "all public and private debts within the territory of the People's Republic of China must be paid in RMB, and no unit or individual may refuse to accept it." This clarifies the legal compensability of RMB.

On October 23, 2020, the central bank publicly solicited opinions from the public on the "Law of the People's Republic of China on the People's Bank of China (Revised Draft for Comments)". The draft stipulates that RMB includes physical and digital forms, providing a legal basis for the issuance of digital RMB. After the law is successfully passed, the digital renminbi can legitimately become our country's legal currency.

Similarly, our country should also revise relevant laws and regulations such as the "RMB Management Regulations" and the "Interim Regulations on Cash Management" to improve and establish the legal status of digital renminbi.

Recently, Li Wei, deputy chairman of the National Financial Standardization Technical Committee and director of the Science and Technology Department of the People's Bank of China, published an article in the "Tsinghua Financial Review" stating that it is necessary to ensure the support and connection between digital RMB standards and relevant legal rules.

Fan Yifei, member of the Party Committee and Deputy Governor of the People's Bank of China, and Mu Changchun, director of the Digital Currency Research Institute of the People's Bank of China, have also emphasized in public on many occasions that "digital RMB (e-CNY) is a legal currency in digital form issued by the People's Bank of China" and elaborated on the positioning of the digital RMB M0.

Therefore, the positioning of the digital RMB as a legal digital currency has not changed, and it is only a matter of time before its legal currency status is established.

Digital RMB and Linked Exchange Rate System

The statement that the digital RMB "token" and the six major banks are "note-issuing banks" may be more due to the fact that the digital RMB has some characteristics of the Hong Kong note-issuing bank model.

On December 27, 2020, Zhou Xiaochuan, former governor of the People's Bank of China, elaborated on the idea of ​​digital renminbi at the "Digital Financial Innovation and New Pattern of Economic Development" series of seminars at the Digital Finance Research Center of Peking University. He said that the digital renminbi draws on Hong Kong's banknote issuance system to a certain extent, which is the so-called "linked exchange rate system."

Hong Kong's linked exchange rate system is a currency board system. The currency board system means that the flow and stock of the monetary base are 100% supported by a foreign currency. In other words, any increase or decrease in the monetary base must be matched by foreign exchange reserves calculated at a fixed exchange rate. Under Hong Kong's linked exchange rate system, the three note-issuing banks (HSBC, Standard Chartered Bank and Bank of China Hong Kong) purchase Certificates of Indebtedness from the Hong Kong Monetary Authority in U.S. dollars at an exchange rate of HK$7.8 to 1 U.S. dollar, or conversely use certificates of indebtedness to return equivalent U.S. dollars at an exchange rate of HK$7.8 to 1 U.S. dollar. That is, if the note-issuing bank wants to increase or decrease the money supply, it must be supported by the equivalent amount of US dollars.

Zou Chuanwei, chief economist of Wanxiang Blockchain, issued an article stating that the digital renminbi has the characteristics of a linked exchange rate system and indirect CBDC. How to understand it?

The overall operating framework of digital renminbi adopts a two-tier operating system of "central bank-commercial bank/commercial bank-public". The central bank occupies a central position in the digital renminbi system and is responsible for wholesale of digital renminbi to designated commercial banks and full life cycle management. Commercial banks and other institutions are responsible for providing digital renminbi exchange and circulation services to the public.

Among them, the central bank has chosen commercial banks with relatively strong strengths in capital and technology as designated operating institutions (currently six major banks) to take the lead in providing digital RMB exchange services. Commercial banks pay 100% reserves to the central bank. When issuing digital renminbi, the central bank will issue the digital renminbi to the bank treasury of the commercial bank, and at the same time deduct an equal amount from the commercial bank's reserves, and then the commercial bank will exchange the digital renminbi to the public.

In his view, the designated operating institution will be similar to a note-issuing bank under a linked exchange rate system, or a CBDC bank in an indirect CBDC. The digital renminbi is issued based on the deposit reserves of designated operating institutions at the People's Bank of China. This part of the reserve is similar to the foreign exchange reserves under the linked exchange rate system. Deposit reserves used to support the issuance of digital renminbi will no longer be included in the deposit reserve assessment of designated operating institutions by the People's Bank of China. Designated operating institutions can obtain a "Certificate of Preparation" or "Letter of Comfort" issued by the People's Bank of China. Such a "certificate of provision" or "comfort letter" would be similar to the Hong Kong Monetary Authority's certificate of indebtedness and would have the status of central bank currency.

In fact, the author agrees with the view that digital renminbi has some characteristics of a "linked exchange rate system", but there is no direct connection between the two, and the most important "exchange rate" of the "linked exchange rate system" is not reflected in the digital renminbi system. If 100% reserve funds can also be regarded as a 1:1 exchange, then does 100% of the reserve funds deposited by third-party payment institutions also have the characteristics of a "linked exchange rate system"?

Therefore, the positioning of digital renminbi as a legal digital currency is certain. The central bank is the issuing institution of digital renminbi. The so-called "tokens" and the statement that the six major banks are "note-issuing banks" are essentially inaccurate.

Is synthetic CBDC a central bank digital currency?

Yao Qian, director of the Science and Technology Supervision Bureau of the China Securities Regulatory Commission and former director of the Central Bank's Digital Currency Research Institute, once wrote that the 100% reserve model is the central bank's digital currency model advocated by some scholars in recent years, citing the Hong Kong note-issuing bank model as its practical basis.

They believe that an agency operating agency deposits 100% reserve funds with the central bank and then issues a corresponding amount of digital currency on its account book, which can be regarded as central bank digital currency. Economists from the International Monetary Fund such as Tobias Adrian call it Synthetic Central Bank Digital Currency (sCBDC).

In fact, central bank digital currencies can be divided into many types based on their scope of application, operational structure, value paradigm, etc., such as wholesale and retail types, account paradigms and certificate paradigms, as well as indirect, direct, hybrid CBDC, etc.

On June 13, Chen Miao (pseudonym), an agent engaged in TST, received last month’s salary as scheduled and posted a thank you message on WeChat Moments. The TST brand also held a live broadcast of the company's 8th anniversary on the "Jujuyi.com" WeChat video account on the same day. Tianyancha APP shows that Shanghai Jujuyiwang Industrial Co., Ltd. (Jujuyiwang) is a wholly-owned subsidiary of TST's parent company, Shanghai Dalwei Trading Co., Ltd. (hereinafter referred to as "Dalwei").

Times Finance noticed that during the live broadcast that day, the promotional video for the product "7250 Collagen Combination" was also recorded by Zhang Ting himself. Chen Miao said that Zhang Ting will still appear in the agent group to interact. At the same time, the company is also developing new products. Among them, Orchid Clear Sunscreen Lotion will be officially launched on June 20, priced at 328 yuan for 35ml, which is much higher than well-known sunscreen brands such as Anaisun.

Zhang Ting appeared in the agent group, picture source: Agent Moments

This new product is a product of Oceana, a beauty brand jointly developed by Mingdao and TST. Oceana is owned by Shanghai Tingcan Import and Export Co., Ltd. (hereinafter referred to as "Tingcan"). Mingdao and its agent Li Shixiang hold 10% and 15% of the shares respectively. The largest shareholder is Shanghai Shangyang Tianxi Investment Management Co., Ltd., and the legal person is Lin Ruiyang.

In addition to Mingdao, Tao Hong, who was previously rumored to have received a dividend of 420 million, has not severed ties with TST. Current industrial and commercial information shows that Beijing Most Taoran Clothing Co., Ltd. (hereinafter referred to as "Most Taoran"), which is 100% owned by Tao Hong, is still a shareholder of Dalwei and indirectly holds shares in Tingcan.

Shanghai office buildings have resumed work, and multiple vest accounts have low-key live broadcasts

In 2013, Lin Ruiyang founded Dalwei and officially launched the TST secret brand in the mainland through the company, and entered the micro-business world the following year. With the support of Zhang Ting, Lin Ruiyang and his wife, Tao Hong and Xu Zheng, Lin Chiling, Luo Zhixiang and other celebrities, the TST secret brand has grown rapidly.

In February 2019, TST teamed up with iQiyi and the two parties cooperated to promote the star product-Live Yeast Renewal Facial Mask; in April, it became the special sponsor of the fifth season of Dragon TV's variety show "Extreme Challenge". However, TST, which has been labeled as "micro-business" and "bad face", has been deeply involved in word-of-mouth controversy.

In 2021, Dalwei was put under investigation by the municipal supervisory bureaus of the two places, and TST's sales method was even characterized as a pyramid scheme.

According to The Paper’s report at the time, in June 2021, a staff member of the Yuhua District Market Supervision and Administration Bureau of Shijiazhuang City, Hebei Province stated that the Yuhua District Municipal Supervision Bureau had opened an investigation into Dalwei, and on June 5, it opened an investigation into Dalwei for suspected pyramid schemes.

A staff member of the Anti-Unfair Competition Section of the Yuhua District Municipal Supervision Bureau said that TST has the three characteristics of a pyramid scheme, namely a pyramid structure of recruiting people, paying entry fees and team remuneration. In July, the Municipal Supervision Bureau seized 96 properties owned by the company, worth 1.7 billion yuan. As of now, the case is still under further investigation.

In the same month, the Market Supervision Bureau of Baokang County, Xiangyang City, Hubei Province took Dalwei and several of its affiliates to court, including Tao Hong’s Zuitaoran and the giant Yiwang. It was ruled that the Dalwei bonus system was a pyramid scheme and constituted an illegal act of organizing and planning pyramid schemes. The illegal income of 19.2799 million yuan was confiscated and a fine of 1.7 million yuan was imposed.

Because Dalwei has the halo of being a star entrepreneur, the incident has been repeated after the qualitative pyramid scheme. Tao Hong, Xu Zheng, and Ming Dao were affected one after another, and the reputation they had built up in the industry over the years was affected.

However, despite this turmoil, TST seems to be still operating normally. In June, as Shanghai's economic activities gradually returned to normal, TST officially resumed work in its Shanghai office building. The company's 8th anniversary event also kicked off on the official APP and video accounts, Douyin and other live broadcast rooms.

So far, the giant Yiwang video account has conducted 8 live broadcasts, and its promotional page shows that there will be 3 more live broadcasts on June 19, 20 and 29. In addition to this account, TST still has other video accounts "horses" that are broadcasting in a low-key manner, and they notify each other of the live broadcast time through the internal agent group.

According to incomplete statistics from Times Finance, the TST-related video account "Activity Online Live Broadcasting Account" has a total of 26 live broadcasts since its opening, with the most recent live broadcast on May 30; other video accounts including "Oshina" have broadcast 20 live broadcasts, the "Activity Live Broadcast Special" has 42 live broadcasts, and the "Training Activity Live Broadcast Account" has 14 live broadcasts. The latest live broadcasts of the above-mentioned accounts were all in May, and the IP location is shown as Shanghai.

The agent broadcasted more than 40 live broadcasts in half a month, with less than 10 viewers.

Times Finance learned that the bonus system formulated by Dalwei divides members into blue card members and red card members. Among them, the bonus system implemented for red card members requires the development personnel to develop other personnel to join, forming an upline and downline relationship.

Under this model, TST's agent team continues to grow. According to its official website, TST currently has 6.36 million agents. Chen Miao is one of them. She came into contact with the TST brand in 2014 and became one of its agents the following year. From 2015 to 2021, she established 3 trading companies and opened a TST offline experience store.

Times Finance contacted her as a buyer and learned that after users register on the APP, they will receive a membership card with a 9.25% discount. If they want to get a higher discount, they need to find an agent to join his team, provide their name and phone number, and only after registration can they become a new agent, a so-called blue card member. The original agent will also receive the service fee for introducing the new agent, and at the same time, he will answer questions about products, after-sales and other issues for the new agent.

Agents usually place orders from the official APP to get goods, and the company will ship them directly. Chen Miao said: "The more orders you place on the company's platform, the higher the rebate will be, and the rebate will be sent back to the agent as salary next month." Under the stimulation of this model, many agents will hoard goods. However, agents who go for discounts and rebates also face the risk of inventory backlog. "The goods hoarded by agents will be digested by themselves. The company will not cover the whole situation and does not support returns." According to Times Finance, as of now, agents are still continuing to purchase goods from TST.

When asked whether the recent public opinion would affect product sales, Chen Miao said: "Definitely, it goes without saying." These effects have also been projected on her recent live broadcast.

At 11 p.m. on June 14, Chen Miao ended his day's live broadcast on Douyin. The live broadcast lasted for two hours. The products featured included TST's live yeast jelly mask, mud mask, moisturizing water, etc. However, the number of people online always hovered below 10. But this did not affect the frequency of her live broadcasts. At 7:30 in the morning on June 15, Chen Miao appeared in the live broadcast room again.

In June 2020, Zhang Ting appeared in the Douyin live broadcast room for the first time. The first five hours of the live broadcast brought sales of 250 million yuan. Since then, Douyin live broadcast has become a sales method that many agents have imitated. Chen Miao first tried live streaming on Douyin in June last year, and had broadcast more than 80 live broadcasts intermittently by the end of the year.

After June this year, she basically maintained the frequency and duration of 3 to 4 shows a day, 2 to 3 hours each. The number of live broadcasts in the last half month alone has exceeded 40.

Although the workload has increased significantly compared with before, and the shipment situation has been affected by public opinion, Chen Miao still maintains a lot of protection for the company. "I have been an agent for 7 years. We are a famous brand, and public opinion is constant. There are always people who criticize us. This is not the first time. I am used to it." She also pointed out that the company never asked them to stock up on goods, and it was up to them to decide how much they could sell.

Times Finance has learned that in addition to Chen Miao, there are still many active agents in Taobao, Douyin, and Xiaohongshu. Agents who are forced to endure the MLM scandal can only actively sell goods to reduce their own losses.

The data sources required for industry research are roughly divided into four types (data encyclopedia link attached):

1. Data search engine

It collects a large amount of data from all industries or vertical fields. You can find very precise data through precise or fuzzy search and download structured data tables.

For example, Dysprosium:

The homepage of Dyshuju has a comprehensive and detailed data classification section, 12 major fields, 100+ industry data, and packaged popular industry data packages.

For example, if the subject is doing research on k12, you can search for "k12" on the homepage:

A batch of k12 related data can be found.

On the data details page, you can preview the visualization and download the source data format.

2. Macro data platform

It collects national/global macro statistics, usually from national statistical departments or large organizations, and is highly authoritative.

For example, the National Bureau of Statistics:

On the annual data page, you can clearly search for the required industry data according to the classification tree. Let’s take education as an example:

You can search for the required data in each subcategory under the education category. If the data is not available here, don't expect other websites to have it.

3. Comprehensive data platform

The field of data is relatively medium-sized, mostly provided by professional consulting companies, etc. Many of them are sample survey data, but the areas of concern are both broad and deep.

For example, Alibaba Cloud Tianchi:

It is a global big data scientific research platform, with global data organizations providing data for academic purposes.

You can choose to download the required data on the data details page.

4. Industry segmentation data platform

Focus on a specific industry and mine more specialized data.

To give another example, Fang Tianxia:

Everything from macro data on the real estate market to meso data on transaction prices in various places can be queried.

Finally, here is a collection of 150+ various data websites prepared by Xiaodi for everyone!

1. Data search engine

Statista: Global data retrieval, both macro and micro, some fees are charged

Dysprosium Data: 6000+ data institutions, 12 major fields, 100+ industry data, most of which are free. You can download the original data and view the visualization effects.

CEIC: Mainly macro data, some charges

Our World in Data: Website run by civil society organizations, free, mostly demographic data

China Report Hall: Mainly macro data in the form of text + charts, slightly less structured

JD Vientiane: As long as you pay, you can check everything

Yearbook Wang: Special query of my country’s yearbook data

2. Macro data platform 1. Government

National Bureau of Statistics

https://data.stats.gov.cn/index.htm It is indeed a national brand, who knows who uses it?

China Statistical Yearbook

http://www.stats.gov.cn/tjsj./ndsj/

Provincial statistical yearbooks

http://www.cnstats.org/tjnj/

Statistical bulletins from various regions

http://www.cnstats.org/tjgb/

Economic Census Bulletin of Various Regions

http://www.cnstats.org/jjpc/

census bulletin

http://www.cnstats.org/rkpc/

Agricultural Census Bulletin

http://www.cnstats.org/nypc/

Ministry of Ecology and Environment http://www.mee.gov.cn/

National Meteorological Science Data Center http://data.cma.cn/

Ministry of Finance

http://www.mof.gov.cn/gkml/

Securities Regulatory Commission

http://www.csrc.gov.cn/pub/newsite/sjtj/

health insurance bureau

http://www.nhsa.gov.cn/col/col7/index.html

health committee

http://www.nhc.gov.cn/wjw/yueb/list.shtml

Ministry of Human Resources and Social Security

http://www.mohrss.gov.cn/SYrlzyhshbzb/zwgk/szrs/

People's Bank of China

http://www.pbc.gov.cn/diaochatongjisi/116219/index.html

Ministry of Commerce

http://www.mofcom.gov.cn/article/tongjiziliao/?1265212605=3357678634

General Administration of Customs

http://www.customs.gov.cn/customs/302249/302274/302277/index.html

civil aviation authority

http://www.caac.gov.cn/XXGK/XXGK/index_172.html?fl=11

China Internet Network Information Center

http://www.cnnic.net.cn/hlwfzyj/hlwxzbg/hlwtjbg/

Collection of data from various national departments

https://data.stats.gov.cn/staticreq.htm

USA

U.S. government public data https://www.data.gov/

National Center for Health Statistics

https://www.cdc.gov/nchs/index.htm

national agricultural statistics bureau

https://www.nass.usda.gov/Data_and_Statistics/index.php

National Center for Education Statistics https://nces.ed.gov/

National Bureau of Justice Statistics

https://www.bjs.gov/index.cfm?ty=dca

Ministry of Commerce

https://www.commerce.gov/data-and-reports

Department of Energy https://www.energy.gov/

Food and Drug Administration

https://www.fda.gov/industry/fda-basics-industry/search-databases

Department of Transportation https://www.bts.gov/

Ministry of Finance

https://home.treasury.gov/

Fed

https://fred.stlouisfed.org/

UK British government public data https://data.gov.uk/

France French government public data

https://www.data.gouv.fr/en/

Russia Rosstat https://rosstat.gov.ru/

Australian Bureau of Statistics https://www.abs.gov.au/

Statistics Bureau of the Ministry of Internal Affairs and Communications of Japan http://www.stat.go.jp/

Korea Statistics Korea

http://kostat.go.kr/portal/eng/index.action

German Federal Statistical Office

https://www.destatis.de/EN/Home/_node.html

Collection of statistical websites from various countries

http://www.stats.gov.cn/tjgz/wzlj/gwtjw/201311/t20131104_452221.html If you need data from countries not listed in this answer, you can click here to find it.

2.International organizations

United Nations

Overview of each country/region http://data.un.org/

Online statistical monthly report

https://unstats.un.org/unsd/mbs/app/DataSearchTable.aspx

World Bank public data

https://data.worldbank.org.cn/ This database is so large that I almost thought it was an independent organization.

world trade organization

https://www.wto.org/english/res_e/statis_e/statis_e.htm

Commodity trade data https://comtrade.un.org/

IMF

https://www.imf.org/en/Data#data

Population Division

https://www.un.org/development/desa/pd/

Demographic and Social Statistics

https://unstats.un.org/unsd/demographic-social/products/

international labor organization

https://www.ilo.org/global/statistics-and-databases/lang–en/index.htm

population foundation

https://www.unfpa.org/data

UNICEF

https://www.unicef.org/research-and-reports

UNESCO https://zh.unesco.org/

environmental statistics

https://unstats.un.org/unsd/envstats/index.cshtml

FAO

http://www.fao.org/statistics/zh/

Agricultural Development Foundation https://www.ifad.org/en/

World Health Organization https://www.who.int/data

Industrial Development Organization https://stat.unido.org/?_ga=

2.236415622.602436858.1613809728-1125194789.1613809728

International Atomic Energy Agency https://www.iaea.org/

ICAO

https://www.icao.int/Pages/default.aspx

UNDP

https://www.undp.org/content/undp/en/home/

sustainable development goals

https://unstats.un.org/sdgs/indicators/database/

millennium development goals

http://mdgs.un.org/unsd/mdg/Home.aspx The "Millennium Development Goals" and "Sustainable Development Goals" are medium- and long-term plans proposed by the United Nations to eliminate poverty and achieve equality, and the data collected are also related to them. If you need data from the early years, you can go to the Millennium Development Goals website, and if you need data from the last ten years, you can go to the Sustainable Development Goals website. By the way, our country’s feat of eliminating absolute poverty has also achieved the requirements of the Sustainable Development Goals ahead of schedule.

United Nations database directory

https://www.un.org/zh/databases/ is more like a search engine

A collection of links to various organizations within the United Nations

https://www.unicef.org/chinese/27618.html The United Nations has a very large organizational structure. If the platforms listed above do not have what you need, you can check in to see if other organizations can publish the data you need.

APEC

http://www.oecdchina.org/statistics/index.html

OPEC

https://www.opec.org/opec_web/en/data_graphs/40.htm

Bank for International Settlements https://www.bis.org/

European Data Portal

https://www.europeandataportal.eu/en

eurostat

https://ec.europa.eu/eurostat/web/main/data/database

Asian Development Bank

https://www.adb.org/what-we-do/data/main

European Central Bank

https://www.ecb.europa.eu/stats/html/index.en.html

African Development Bank https://www.afdb.org/en

3. Comprehensive data platform 1. Consulting agency

There is no independent and comprehensive data page, but the data contained in it are relatively authoritative.

Deloitte

https://www2.deloitte.com/cn/zh.html

PricewaterhouseCoopers

https://www.pwccn.com/zh.html

Accenture

https://www.accenture.cn/cn-zh

McKinsey

https://www.mckinsey.com.cn/insights/

KPMG

https://home.kpmg/cn/zh/home/insights.html

Bain

https://www.bain.cn/new_list.php

Nelson

https://www.nielsen.com/us/en/insights/

Ipsos

https://www.ipsos.com/zh-cn

2. Data service provider

It is a platform that specializes in data surveys and publishing data reports. It focuses on different areas, but most of the data is presented in the form of charts, and the source data is not easy to find.

China Research Network

https://www.chinairn.com/data/

Leadleo https://www.leadleo.com/

Ari

https://report.iresearch.cn/

Mob Institute

https://www.mob.com/mobdata/report

Qianzhan Industry Research Institute https://bg.qianzhan.com/

iiMedia

https://www.iimedia.cn/c400

36氪https://36kr.com/academe

Penguin Chiku

https://data.qq.com/reports

Aurora big data

https://www.jiguang.cn/reports

mobile observatory

http://mi.talkingdata.com/reports.html?category=all

Yiou https://www.iyiou.com/

Alibaba data

https://dt.alibaba.com/summit.htm?spm=

a1zar.8197709.0.0.686374101Hfk3e

Quest Mobile https://www.questmobile.com.cn/research/report-new

whale accurate

https://www.jingdata.com/report

Yiguan

https://qianfan.analysys.cn/refine/view/analyseList/analyseList.html

frame of reference

https://www.canzhaoxi.com.cn/

Getui big data https://getui.com/college

3. Big data platform

Alibaba Cloud Tianchi

https://tianchi.aliyun.com/dataset/

Qingbo Big Data http://www.gsdata.cn/

AWS https://registry.opendata.aws/

Agricultural big data intelligence service platform http://www.cabdata.cn/

Collection of data platforms for various industries http://hao.199it.com/

4. Index website

Google Trends https://trends.google.com/trends/?geo=US

Baidu Index

http://index.baidu.com/v2/index.html#/

WeChat Index Search the "WeChat Index" applet in WeChat

Weibo index

https://data.weibo.com/index

5. Brokerage report

Brokerage reports focus more on analysis, and data are also presented in the form of charts.

Frontier Report Library

https://wk.askci.com/ListTable/?typeId=7

Financial sector http://istock.jrj.com.cn/

Huibo Investment Research Information http://www.hibor.com.cn/

Zhengdian Finance

http://www.zdcj.net/report.html

4. Industry Segmentation Data Platform 1. Finance and Economics

First Financial Research Institute

http://www.cbnri.org/publication/qijianbaogao/

Oriental Fortune Network

http://data.eastmoney.com/center/

Flush

http://data.10jqka.com.cn/

NetEase Finance

http://quotes.money.163.com/data/caibao/yjyg_00.html?

Finviz https://finviz.com/

arterial orange

https://vbdata.cn/eventList

Investment Research Institute

https://www.chinaventure.com.cn/report/list.html

Qichacha https://www.qcc.com/

Sky Eye Check

https://www.tianyancha.com/

Disclosure

https://www.hkexnews.hk/index_c.htm

Suning Financial Research Institute

http://sif.suning.com/article/list/201/1

2.Car

China Association of Automobile Manufacturers http://auto-stats.org.cn/

Yiche

https://www.yiche.com/zhuanti/zhishu/zshz/

Dashboard data

http://www.daas-auto.com/supermarket_data_De.html

3.Internet

Internet Society of China

https://www.isc.org.cn/zxzx/sjbg/

Ali Research Institute

http://www.aliresearch.com/cn/presentation

360 Internet Security Center https://zt.360.cn/report/

Massive arithmetic

https://trendinsight.oceanengine.com/index

data view

http://www.cbdio.com/node_2782.htm

199IT http://www.199it.com/

ITJuzi https://www.itjuzi.com/

4. Transportation

Amap

https://report.amap.com/detail.do?city=110000

High speed treasure

http://gslk.gaosubao.com/ditu//

Baidu map

http://map.baidu.com/fwmap/zt/traffic/index.html?city

5.Real estate

Fangtianxia

https://fdc.fang.com/index/

zhongfang.com

http://www.fangchan.com/data/

World Union Bank

https://www.worldunion.com.cn/slyj/list_9.aspx

Shell Research Institute

https://research.ke.com/analysis/

6. Consumption

China Food Industry Association

http://www.cnfia.cn/archives/category/hangyetongji

Meituan Research Institute

https://about.meituan.com/research/home

consumption station

https://www.cbndata.com/report?page=11

7. Film and television media

Ye Eun

https://www.endata.com.cn/BoxOffice/index.html

China Film Data Network

http://www.films.cn/boxoffice

Maoyan Professional Edition

http://piaofang.maoyan.com/dashboard

Correct data

http://www.gz-data.com/html/new.html

CCTV market research

http://www.ctrchina.cn/index.asp

8.Others

China Industrial Information Network

https://www.chyxx.com/data/

Blackboard Insights

https://www.heibandongcha.com/

Figshare https://figshare.com/

Health Data https://healthdata.gov/

UNAIDS http://aidsinfo.unaids.org/

Public Health Sciences Data Center

http://www.phsciencedata.cn/Share/

China Cotton Textile Industry Association http://ccta.org.cn/tjjq/

China Semiconductor Industry Association

http://www.csia.net.cn/Index.asp

Once you have data, you must not waste it. You still need to use data analysis tools to study it so that the data can generate value. I would like to recommend a useful tool to everyone.

Dysprosium number chart – 0 threshold online visualization tool

This website only needs to simply paste data to generate beautiful charts. It contains a very rich chart template and is the most comprehensive tool on the market that supports chart types: whether it is common bar charts, radar charts, or professional Gantt charts, Sankey charts, and this year's popular rose charts, all can be completed on Dysprosium charts with zero code. Data charts support exporting to GIF animations, videos and other styles.

In addition, there are many visual templates with design elements, suitable for various scenarios such as media communication, corporate office, and business marketing. They are currently completely free to use, and you can basically create a long picture in 10 minutes.

Click on the editor's homepage to use it for free, and you can quickly make the same style~

Umbilical cord and placenta (obtained at one time)

Somatic cells (can be collected multiple times)

ethical issues

Voluntary, no dispute

Risks of technology abuse need to be avoided

Store value

Family "biological resource library"

Personal “cell ID card”

03

Clinical progress of iPSCs in the treatment of multiple diseases

In recent years, with the continuous breakthroughs and innovative development of induced pluripotent stem cell (iPSC) technology, this revolutionary regenerative medicine technology has made many remarkable breakthroughs.

Many clinical cases that have initially shown positive effects have emerged with the increase in clinical translation research on iPSC technology, bringing new hope and potential ways for the treatment of many refractory diseases.

iPSCs and cerebral infarction

In January 2024, the team of Professor Yang Zhiquan, Director of Functional Neurosurgery at Xiangya Hospital of Central South University, completed the world's first clinical administration of iPSC-derived forebrain neural precursor cells for the treatment of cerebral infarction. After 21 days of observation, the patient's physical indicators were normal and he was successfully discharged from the hospital three days after the operation. The subjects were in good condition 3 weeks after administration, and the overall condition was stable. The patient felt that the grip strength of the hand on the hemiplegic side had slightly improved, and there was a preliminary trend of improvement in muscle strength.

iPSCs and Parkinson’s disease

On April 16, 2025, Jun Takahashi's team at Kyoto University conducted an open-label, single-center phase I/II clinical trial. A total of seven patients with Parkinson's disease aged 50-69 years received bilateral transplantation of dopaminergic precursor cells derived from induced pluripotent stem cells (iPSC).

Clinical study results showed that subjects showed good safety within 24 months of administration, and there was a significant improvement trend in motor symptoms.

iPSCs and diabetes

On April 30, 2024, Professor Yin Hao’s team from the Second Affiliated Hospital of Naval Medical University (Shanghai Changzheng Hospital) and Professor Cheng Xin’s team from the Center for Excellence in Molecular Cell Science, Chinese Academy of Sciences published research results in Cell Discovery.

This study reported that the transplantation of autologous regenerated islets derived from iPS cells began to completely wean off exogenous insulin at the 11th week after surgery. The oral hypoglycemic drugs (sugarpine and metformin) were gradually reduced after the surgery, and the drugs were completely withdrawn at weeks 48 and 56. The patient has been completely weaned from insulin for several months.

This is the first case report in the world in which autologous regenerated islet transplantation derived from stem cells successfully cured diabetes with severely impaired islet function.

iPSCs and heart failure

On April 8, 2025, Cuorips announced that its research and development team had developed a cardiomyocyte patch derived from induced pluripotent stem cells (iPS). This product is used to treat heart failure.

A commercialization application for the production and sale of regenerative medicine products has been submitted to the Ministry of Health, Labor and Welfare. If approved, the product would be the world's first medical product to use induced pluripotent stem (iPS) cells for treatment.

The core technology of this patch is to differentiate human induced pluripotent stem cells (iPS cells) into cardiomyocytes and create an ultra-thin biofilm sheet with a thickness of only 0.1 mm.

This 4-5 cm diameter cell sheet can beat stably at a physiological rhythm of 60 times per minute and is attached to the surface of the patient's damaged heart through minimally invasive surgery to promote angiogenesis and myocardial repair. It can therefore be used to treat patients with severe heart failure, especially patients with ischemic cardiomyopathy, for whom traditional treatments (such as heart transplantation and artificial hearts) have failed.

write at the end

Induced pluripotent stem cell (iPSC) reprogramming technology is one of the most innovative cutting-edge technologies in the field of regenerative medicine. With its unique cell reprogramming characteristics, abundant source access, relatively low ethical controversy and broad application potential, it is opening up a revolutionary approach to the treatment of major human diseases. Storing iPSC cells is like establishing a "permanent archive" for the life navigation system.

References:

Ulrich H. Stem Cell Reviews and Reports: Induced Pluripotent Stem Cells, Embryonic Stem Cells and Development Section. Stem Cell Rev Rep. 2017;13(1):3. doi:10.1007/s12015-017-9722-8

Kirkeby A, Main H, Carpenter M. Pluripotent stem-cell-derived therapies in clinical trial: A 2025 update. Cell Stem Cell. 2025;32(1):10-37.

Kim JY, Nam Y, Rim YA, Ju JH. Review of the Current Trends in Clinical Trials Involving Induced Pluripotent Stem Cells. Stem Cell Rev Rep. 2022;18(1):142-154.

Soma T, Oie Y, Takayanagi H, et al. Induced pluripotent stem-cell-derived corneal epithelium for transplant surgery: a single-arm, open-label, first-in-human interventional study in Japan. Lancet. 2024;404(10466):1929-1939.

Sawamoto, N., Doi, D., Nakanishi, E. et al. Phase I/II trial of iPS-cell-derived dopaminergic cells for Parkinson's disease. Nature 641, 971–977 (2025).

Wu J, Li T, Guo M, et al. Treating a type 2 diabetic patient with impaired pancreatic islet function by personalized endoderm stem cell-derived islet tissue. Cell Discov. 2024;10(1):45. Published 2024 Apr 30.

Lo Sardo, V., Ferguson, W., Erikson, G. et al. Influence of donor age on induced pluripotent stem cells. Nat Biotechnol 35, 69–74 (2017).

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