1. Finance major A total of 740 people think that the finance major of Anhui University of Finance and Economics is good, with a recommended study index of 4.7 [full score 5.0].
What is BRC
BRC is the abbreviation of British Retail Consortium. BRC has specially developed a set of quality system audit standards for food suppliers. This set of standards includes assessment requirements for food suppliers' quality, safety and hygiene assurance capabilities. BRC's audit standards have been widely recognized by European food retailers, and are used by many European food retailers and purchasing groups as a threshold for supplier access. Therefore, passing the BRC audit has become an important condition for food manufacturers to sell their products into the European market. Since the BRC system was proposed in the 1990s, it has been continuously revised and improved and has now reached its seventh edition.
The BRC food safety system is also making great strides internationally. The International Confederation of Food Retailers (CIES), which has more than 200 supermarket groups around the world as members, launched GFSI - the "Global Food Safety Action Plan" last year. GFSI has recognized BRC as the standard recommended by the organization to its members. This certification, like the securities industry, evaluates the company's food safety and quality management system and determines the grade. For food companies, according to the inspection list, the number of problems found is determined, and the grade is obtained. Currently, there are grades of AA, A, B, C, and D.
BRC FOOD standard advantages
1. Standard operability, 2. Reasonable factory rating system, 3. Giving consumers confidence.
Encouraging enterprises to participate in surprise inspections "unannounced inspections" is a strong guarantee for testing the operational quality of an enterprise's food safety system. As human beings, we all have the root of laziness. We usually don’t work hard and just improvise. The same is true for companies' external inspections, which are usually relatively lax. Paying attention to hygiene before the inspection is back to Chairman Mao's famous saying: "It is easy for a person to do good deeds once in a while, but it is difficult to do good deeds all his life." Foreigners use the power of external inspection to solve this kind of inertia. You don’t know when you will be inspected, so you can only perform according to the standards honestly every day. However, as long as the factory can handle the surprise inspection, it generally has hard power in implementing standards, and in turn will convey confidence in its product safety to the outside world and win greater trust.
So, what does the factory produce? How many nonconformities are there and the factory is compliant? How to read a BRC report and learn information about a company thousands of miles away? Let's start with how to read the BRC report. The BRC report is divided into 3 parts:
1. Basic information of the factory This part
Just like a company's credit report, because it reflects the basic situation of the company at a specific point in time: name, address, contact person, production scope, company profile, audit level, etc., it tells you the framework and foundation of the company's food safety and quality management system. For this part of the content, the following three points should be noted:
First of all, we are concerned about the scope of factory certification and the level audit mode. Generally speaking, primary agricultural products require further processing and are less risky; ready-to-eat products are easy to spoil and are more risky. Of course, the higher the level, the better, that is, A is better than B, and surprise inspections are better than regular inspections.
Secondly, when did this company start to certify BRC food? Generally speaking, old companies are struggling in the market economy, and they always have some foundations in quality. Small companies have just grown up, and all aspects of regulations are imperfect. If the company written on the report has started BRC certification for a long time, such as more than three times, the product quality of this company is still guaranteed; if it is a new company and has just started certification, we cannot unilaterally think that the product quality of this company is not good. The specific content depends on the content at the end of the report, but in general, companies that have certified BRC for many years will be able to directly convey the reliability of some product quality than newly certified companies.
Finally, to see who the auditor is, consumers can request relevant information from the certification agency. Young auditors who have just started auditing are not so flexible in their grasp of standards. Although these auditors have experienced strict training and inspections by the BRC organization and audit institutions, they still have a long way to go. They need a period of tempering in product knowledge and factory categories. How to treat the reports of old auditors and new auditors? I have a mantra: There are old auditors and bold auditors at work, but there are no bold old auditors. For new auditors, the audit agency will have a strict control process. When consumers get the report written by the new auditor, they should trust him as a reference. However, it is still recommended that customers read their reports more. After all, no matter how strict the control is, there will inevitably be flaws. For experienced auditors, because they have seen many factories and written many reports, their risk assessment of factory products is more in line with the actual situation. Generally, they do not need to spend too much energy to read the reports they write, and just pay more attention to the results.
2. Check the non-conformities and their rectification status
This section tells us that the company issued several non-conformities regarding on-site documents, records, hardware, and personal hygiene within two days of the audit. The content in this section is not a snapshot of a precise point in time like the basic information about the factory. It reflects on-site findings during an audit period. For example, you are at a crime scene and notice someone stealing something. But in court, there is no physical evidence, only the testimony of witnesses. Of course, if you use your mobile phone to film the process of stealing something, you will have physical evidence. However, there is a due diligence requirement for reviewing this work, and you must keep the client confidential. Therefore, taking photos is not normally allowed during the audit process, so the auditor needs to be accompanied by someone during the audit process.
How to deal with these non-conformities? Some non-conformities are independent of the system, such as "senior management did not sign the quality manual", such as "the factory did not conduct a supplier traceability system investigation", etc. Although these non-conformities may be more problematic, they are an independent action and have little correlation with other content in the system. For these non-compliance items, readers can regard them as a point with little serial connection in the system. Its occurrence has little impact on other aspects of the system and does not have the upper-lower connection of the "iceberg model". However, some non-conformance items are systemic, such as "rat poop was found." This non-conformance item looks like a point, but it is actually a failure of the pest control system. If rat poop is found, it means that the control measures have not achieved results, which further shows that the limited analysis of the pest system does not meet the requirements. This further infers that the entire factory has insufficient training and insufficient attention to pest control, and then deduces whether other pest control measures have similar problems? More attention should be paid to such systematic non-conformities.
3. Detailed checklist section
TA records all aspects of the company's food safety and quality management system in detail, including the good and bad parts. The checklist ties the contents of Parts 1 and 2 together.
What are the basic contents of BRC’s audit standards?
1. Management commitment 2. HACCP system 3. Quality management system 4. Factory environmental standards 5. Product control 6. Process control 7. Personnel management and others.
This part is the bulk of the entire report and the most error-prone part. Due to the imperfect information recorded by the auditor during the pre- and post-inspection process, which we also call "audit bias", inconsistencies may occur. If readers read this part after getting this report, it is recommended that they read it in the order of the report, but what should they focus on? Pay attention to information such as time, numbers, frequency, etc. This information is the most prone to errors. If these areas are completely consistent and the derivation is consistent, this report will be an excellent report. But generally speaking, for companies, products from old and big brands are safer. Of course, a good audit report does not necessarily mean that the company produces good products, but learning to read the BRC FOOD audit report will make you more confident in a certain brand of food, such as milk and bread.
After Trump won the election, the cryptocurrency market experienced a wave of strong growth.
Different from the Biden administration's suppression of crypto assets, Trump frequently expressed his support during the campaign in favor of listing Bitcoin as a U.S. strategic reserve asset and vowed to make the United States a "cryptocurrency capital."
Trump's election has ignited speculation in the entire cryptocurrency market. How will his second term affect the development of the cryptocurrency industry? How long can the currency circle’s “Trump carnival” last?
Currency frenzy
At the end of November, Bitcoin once reached a high of $99,000, setting a new historical record. As of December 3, the price of Bitcoin remained at around US$95,000, an increase of 116% during the year, with a total market value of approximately US$2 trillion, once again surpassing silver and becoming the eighth largest asset in the world.
Ethereum is the largest cryptocurrency after Bitcoin. Ethereum prices have risen significantly since Trump’s victory, outperforming even Bitcoin, but have yet to reach new highs. Currently, Ethereum is trading around $3,750.
According to data compiled by Bloomberg, in the past November, the monthly net inflows of Bitcoin and Ethereum ETFs both hit records, reaching US$6.5 billion and US$1.1 billion respectively. Last Friday (November 29), the subscription volume of the Ethereum ETF also hit a single-day record high.
Not only did Bitcoin and Ethereum perform brilliantly, but the entire cryptocurrency market related to them also ushered in a wave of enthusiasm. The market value of Ripple has increased significantly from less than US$30 billion in early November to more than US$137 billion, becoming the third largest cryptocurrency; Dogecoin, supported by Trump ally Elon Musk, has soared by more than 150%.
Data from CoinGecko shows that since Trump won the election, the cryptocurrency market value has increased by approximately $1.2 trillion and has now exceeded the $3.2 trillion mark.
“There is a trend in the cryptocurrency market: initially the price of Bitcoin rises, but other tokens will also rise.” Caroline Bowler, CEO of digital asset exchange BTC Markets, said that based on the inflow of investor funds into digital asset exchanges, cryptocurrency trading activities have not yet peaked.
Government endorsement?
The craze in the currency circle in the past month is inseparable from Trump's positive stance on cryptocurrencies during the campaign and his own involvement in cryptocurrency trading.
At the end of September, Trump and his three sons announced their latest entrepreneurial project, World Liberty Financial. The new venture, dubbed a decentralized finance (DeFi) money market platform, has launched a proprietary cryptocurrency called WLFI.
However, Trump’s rapid expansion into the cryptocurrency field has raised concerns about conflicts of interest. Forbes pointed out that as a presidential candidate, Trump’s behavior of launching a personal encryption platform may be inconsistent with his policy-making responsibilities. In addition, WLFI’s governance tokens (note: governance tokens give holders voting rights for issues governing the development and operation of blockchain projects) are only open to qualified investors with net assets exceeding US$1 million or annual income exceeding US$200,000, which runs counter to the original intention of Bitcoin’s equality.
Trump was once a skeptic of cryptocurrencies, but during this year's campaign he embraced cryptocurrencies, a shift largely driven by massive political donations from the cryptocurrency industry and sustained lobbying by industry figures.
Data from the U.S. Federal Election Commission shows that cryptocurrency industry-related political action committees (PACs) and other organizations supporting the industry raised more than $245 million in the 2024 election. Cryptocurrencies accounted for nearly half of all election funding, and no other industry came close, according to a report by nonprofit watchdog Public Citizen.
The cryptocurrency industry’s financial investment goes beyond simple donations and has helped shape the most crypto-friendly Congress in U.S. history. According to the latest tracking by the Stand With Crypto Alliance, nearly 300 pro-cryptocurrency lawmakers will take office in the House and Senate.
Trump has promised on multiple occasions that if he is re-elected as president, he will wholeheartedly embrace cryptocurrency and plans to build the United States into a "bitcoin superpower" and the "global cryptocurrency capital." He even boldly proposed that the US’s rising US$34 trillion national debt could be reduced through Bitcoin. At a campaign rally, Trump half-jokingly said: “We’ll solve our debt problem by giving them a little bit of Bitcoin.”
In July this year, Trump delivered a speech at the 2024 Bitcoin Conference, the largest annual conference in the cryptocurrency industry, saying that he would list Bitcoin as a U.S. strategic reserve asset by using the Bitcoin currently held by the government to build this reserve plan. The estimated number of these Bitcoins is about 200,000, with a value of about $18 billion, most of which were seized in the fight against criminal activity.
Senator Cynthia Ramis has been a major supporter of the plan. She introduced the Bitcoin Act in July this year, proposing the establishment of a decentralized Bitcoin vault network managed by the U.S. Treasury Department. The bill outlines the government’s plan to acquire up to 200,000 Bitcoins per year over the next five years, with the cumulative total expected to reach 1 million Bitcoins, accounting for approximately 5% of the total Bitcoin supply.
Arash Aloushe, assistant professor of finance and fintech at Dublin City University in Ireland, said, "The concept of a 'strategic Bitcoin reserve' in the United States is groundbreaking, but under current conditions, it is extremely unlikely to become a reality. The establishment of such a reserve means that the US government officially supports Bitcoin, may put public funds into Bitcoin, and recognize it as a national asset, which is inconsistent with the government's cautious stance on cryptocurrencies to date."
Regulatory changes
The Wall Street Journal pointed out that Trump’s return to the White House means that cryptocurrency will enter a new era with fewer government regulatory obstacles.
Trump plans to nominate a number of pro-cryptocurrency officials to financial regulators and has promised to fire U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler, who has always had a strict regulatory stance on cryptocurrencies.
The SEC is one of the major regulatory agencies in the U.S. cryptocurrency field. During Gensler's tenure, the SEC tightened its attitude towards the encryption industry and launched a series of high-profile lawsuits against cryptocurrency-related companies. 2023 is the climax year of SEC enforcement actions. Data shows that in fiscal year 2023, the SEC filed a total of 784 enforcement actions and prosecuted multiple unregistered crypto asset issuances, platforms and intermediaries.
Gensler believes that most cryptocurrencies are securities and has sought to enforce compliance through enforcement actions. He has also directly pointed out in public many times that cryptocurrency is "riddled with fraud, scams, bankruptcies and money laundering."
Last month, Gensler announced that he would step down on Trump's inauguration day, January 20 next year. His term was originally set to end in June 2026.
The Wall Street Journal pointed out that the next U.S. SEC chairman is likely to provide favorable solutions for cryptocurrency exchanges. Lawyers seen as Gensler's successors have emerged as critics of Gensler's lawsuit.
One potential candidate, former US SEC chief counsel Robert Stebbins, said the SEC should suspend most cryptocurrency lawsuits while clearing a path for companies to do business without the burden of litigation. Stebbins said, "As long as there are no fraudulent claims involved, the SEC will likely drop these cases in the future."
On December 2, CNBC reported that Coinbase’s senior policy director expected that once Trump becomes president, the U.S. Congress will quickly pass regulatory legislation on the cryptocurrency industry.
Coinbase Chief Policy Officer Faryar Shirzad said that Trump has previously clearly supported cryptocurrencies. At the same time, the Republicans also gained control of the House of Representatives and the Senate, which should make the process of Congressional approval of cryptocurrency-related laws smoother.
“We have the most pro-crypto Congress in history and a very pro-crypto president coming in,” Shirzad said. “This combination should finally allow the 50 million Americans who own cryptocurrencies to have their interests and voice heard in policy.”
Currently, the U.S. Congress is considering passing two key pieces of cryptocurrency-related legislation. One is the Republican-sponsored "21st Century Financial Innovation and Technology Act", which aims to establish a legal framework for digital assets and was passed by the House of Representatives earlier this year; the other is the "Payment Stablecoin Clarity Act", which aims to establish a regulatory system to provide licenses to issuers of stablecoins (tokens linked to the value of fiat currencies such as the US dollar). It has not yet passed the House of Representatives.
In addition, the Trump team is also considering whether to create a new position in the White House dedicated to cryptocurrency policy. The holder of this position will lead a small team and serve as a liaison between Congress, the White House and various cryptocurrency regulatory agencies.
Be alert to risks
The cryptocurrency industry has seen huge price fluctuations in recent years. At the beginning of the COVID-19 outbreak, the price of Bitcoin was just over $5,000. Less than two years later, climbing to nearly $69,000 in November 2021, Bitcoin prices plummeted amid a subsequent series of aggressive rate hikes by the Federal Reserve to curb inflation. In 2022, the world's famous cryptocurrency exchange FTX encountered a liquidity crisis and eventually collapsed, seriously weakening investors' overall confidence in cryptocurrency.
Since the beginning of this year, Bitcoin has surged by more than 100%, but violent fluctuations in the short term have once again exposed the fragility and high risks of the cryptocurrency market. From the evening of November 25th to the early morning of November 26th, the price of Bitcoin experienced violent fluctuations, rising to around US$99,000 and then suddenly plummeting. In just a few hours, the price dropped by more than 6%, falling below US$93,000, causing more than 170,000 people to liquidate their positions, with the total liquidation amount reaching US$547 million. Other cryptocurrencies also experienced varying degrees of decline. Among them, Dogecoin, Adacoin, etc. all fell by more than 9%.
Susannah Streeter, head of funds and markets at Hargreaves Lansdown, said recently: "Investors should only get involved in cryptocurrencies with funds that they are prepared to lose, because we have seen such violent fluctuations in the past."
Vanessa Lyon of the Boston Consulting Group said: "While Trump's support may bring short-term benefits, improper regulation may lead to greater market risks."
GoUpSec analyst FunnyG believes that as the price of Bitcoin continues to hit new highs, the number of cybercriminal activities closely related to the cryptocurrency market and the scale of losses caused will increase significantly. In recent years, cryptocurrencies have gradually become a core tool for cybercrime, used in activities such as money laundering, ransomware payments, and cyber and telecommunications fraud. According to the latest report from Chainalysis, the amount of illegal transactions related to cryptocurrency has exceeded 20 billion US dollars in 2023, setting a record high. It can be said that the “cybercrime bull market” of cryptocurrency has already started before the market.
Training objectives: This major cultivates professionals with theoretical knowledge and business skills in finance who can engage in related work in banking, securities, investment, insurance and other economic management departments and enterprises.
Main courses: Political Economics, Western Economics, Finance, International Economics, Monetary and Banking, International Financial Management, Securities Investment, Insurance, Commercial Banking Management, Central Banking, Investment Banking Theory and Practice, etc.
Employment direction: Judging from the employment situation in recent years, graduates majoring in finance are mainly employed in banks and the financial system. In addition to commercial banks, joint-stock commercial banks, and domestic branches of foreign-funded banks, there are several major destinations: the Central (People's) Bank, Banking Regulatory Commission, Securities Regulatory Commission, Insurance Regulatory Commission; securities companies (including fund management companies), trust investment companies, financial holding groups and other highly risky companies Financial companies; the Big Four accounting firms, the Big Four asset management companies, financial leasing, guarantee companies, etc.; insurance companies, insurance brokerage companies; social security fund management centers or social security bureaus; securities departments, finance departments, securities affairs representatives of listed (to be listed) joint-stock companies, etc.; government administrative agencies with the national civil servant sequence such as finance, auditing, customs departments, etc.
2. Accounting major
A total of 735 people think that the accounting major of Anhui University of Finance and Economics is good, with a recommended study index of 4.8
Full score 5.0
Professional introduction: Accounting is the language of business. You can understand the overall operating status of a company through its books and accounting knowledge. Usually accounting graduates will take the CPA qualification exam during or after graduation. The American CPA and the British ACCA are currently the largest international CPA associations in the world. Many graduates choose to take the qualification certificates of these two associations.
Accounting major graduates can be qualified to work as cashiers, accounting, tax declarations, internal audits, financial management, material management, tellers, account managers, etc. in various industrial enterprises, commodity circulation enterprises, service industries, financial and insurance institutions and other departments or units; they can also work in accounting firms, accounting agency companies, financial companies, accountant assistants, agency accounting, accounting consulting services and other positions.
3. International Economics and Trade Major
A total of 515 people think that the international economics and trade major of Anhui University of Finance and Economics is good, and the recommended study index is 4.5
Full score 5.0
Major Introduction: International Economics and Trade University major, students mainly study the basic theories and basic knowledge of Marxist economics, international economics, and international trade. They receive basic training in economics and management, have basic abilities in theoretical analysis and practical operations, and have strong foreign language abilities.
Employment direction: Graduates majoring in international economics and trade can engage in foreign trade management in the government's foreign trade economic management department, engage in foreign trade business and international market marketing in foreign trade enterprises, engage in trade economics, marketing, and operation management in state agencies, national economic comprehensive departments, commercial departments, foreign-related enterprises, joint ventures, large industrial and commercial trading companies or enterprises, and engage in teaching and scientific research in major colleges and universities and scientific research units.
4. Economics Major
A total of 440 people think that the economics major of Anhui University of Finance and Economics is good, and the recommended study index is 4.3
Full score 5.0
Major introduction: Economics is an independent discipline in modern times and is a science about the laws of economic development. Starting from the foundation laid by Adam Smith's "The Wealth of Nations" in 1776, modern economics has experienced more than 200 years of development. It has many professional directions such as macroeconomics, microeconomics, and political economics, and is applied in various vertical fields to guide the accumulation and creation of human wealth.
Employment direction: Economics graduates have a wide range of employment opportunities. They are suitable for engaging in policy analysis, teaching research, economic management, marketing, etc. in government agencies, financial institutions, colleges and universities, and large and medium-sized enterprises. They are also suitable for starting their own businesses. If you have relevant professional qualifications, your employment level will be relatively high. In addition, economics majors in prestigious universities have higher rates of advancement to graduate school and higher rates of studying abroad.
5. Finance Major
A total of 338 people think that the finance major of Anhui University of Finance and Economics is good, with a recommended study index of 4.3
Full score 5.0
Training objectives: This major cultivates senior professionals with theoretical knowledge and business skills in finance, taxation and other aspects, who can engage in related work in finance, taxation and other economic management departments and enterprises.
Main courses: political economy, Western economics, currency and banking, international economics, finance, national budget, tax management, international taxation, state-owned assets management, etc.
Employment direction: After graduation, students majoring in finance can work in tax planning, auditing, and asset management in the Finance Bureau and Taxation Bureau. Job positions for finance majors include financial manager, accountant, financial director, financial supervisor, accounting supervisor, financial accountant, chief accountant, cashier, chief accountant, financial department manager, general ledger accountant, finance, etc.
6.Financial Management Major
Training objectives: This major cultivates senior professionals in business administration disciplines who have knowledge and abilities in management, economics, law, financial management, and finance, and can engage in finance, financial management, teaching, and scientific research in industrial and commercial, financial enterprises, institutions, and government departments.
Main courses: management, microeconomics, macroeconomics, management information systems, statistics, accounting, financial management, marketing, economic law, intermediate financial management, advanced financial management, commercial bank operation management, etc.
Employment direction: After graduating from the financial management major, most people work in accounting professions, which generally require a lot of practical work to be applied. Nowadays, it is difficult for Chinese business owners to truly understand the role of financial management. They still focus on one hand and do not have a complete set of management to operate funds.
7.Financial Engineering Major
A total of 196 people think that the financial engineering major of Anhui University of Finance and Economics is good, and the recommended study index is 4.6
Full score 5.0
Main courses: Students majoring in financial engineering mainly learn basic theories and basic knowledge in economics, finance, financial engineering and financial management, and receive basic training in financial management, investment and financing, and risk management methods and skills.
Training objectives: High-quality, comprehensive modern financial talents who have the basic ability to design, develop and comprehensively use various financial tools to creatively solve financial practical problems, carry out financial risk management, corporate finance, investment strategic planning and financial product pricing research, and can engage in financial management, financial analysis and planning in multinational companies and financial institutions.
Employment direction: Most talents majoring in financial engineering are sent to major financial institutions, large enterprises and government departments to meet the needs of these enterprises and institutions for financial product design and development, investment and risk management. The workflow is roughly as follows: first, collect financial data and information extensively, then use relevant software to analyze the data, and finally draw conclusions and formulate an effective plan to avoid financial risks. Because they deal with money, their salaries will not be very low. It is said that the starting salary will be above 2,000. Of course, there are regional differences, but as experience increases, income will also increase.
8. Auditing major
A total of 146 people think that the auditing major of Anhui University of Finance and Economics is good, and the recommended study index is 4.7
Full score 5.0
Training objectives: To cultivate senior position technical talents who are oriented to the grassroots and front-line management, have a firm grasp of corresponding professional knowledge and skills, have solid accounting and auditing professional knowledge, are proficient in basic corporate accounting manual and computer operation skills, and auditing skills, and have a certain theoretical level of accounting and auditing, as well as strong hands-on ability.
Main courses: microeconomics, macroeconomics, management principles, management information systems, economic law, tax law, financial accounting, cost accounting, financial management, internal control audit, financial audit, management audit, construction project audit, computer audit, forensic accounting, etc.
Employment direction: Auditing major graduates can engage in internal audit work in large and medium-sized enterprises and multinational companies, engage in audit inspection and appraisal work in government audit agencies and judicial agencies, engage in audit services and consulting work in accounting firms, law firms, asset appraisal companies and other intermediary agencies, and can also engage in teaching and scientific research in schools and scientific research departments.
9. Statistics major
A total of 100 people think that the statistics major of Anhui University of Finance and Economics is good, and the recommended study index is 4.8
Full score 5.0
Major introduction: Statistics is mainly divided into two professional directions: general statistics and economic statistics. General statistics mainly studies the basic theories and methods of statistics; economic statistics is a science that provides scientific investigation and collection of economic information, as well as description and analysis of economic data and prediction and supervision of social and economic operation processes.
Main courses: mathematical analysis, geometric algebra, mathematical experiments, ordinary differential equations, complex variable functions, real variables and functionals, probability theory, mathematical statistics, sampling surveys, stochastic processes, multivariate statistics, basic computer applications, programming languages, data analysis and statistical software, regression analysis, reliability mathematics, experimental design and quality control, econometrics, economic forecasting and decision-making, financial mathematics, statistical analysis of securities investment, numerical analysis, data structures and algorithms, database management systems, computer network systems, system analysis and software design.
Employment direction: There are three main employment directions for graduates majoring in statistics: government departments (statistics bureau, etc.), financial departments such as banks, insurance companies, and securities companies, market research companies, consulting companies, market research departments of various companies, and quality inspection departments of industrial enterprises and other enterprises and institutions.
10. Law major
A total of 94 people think that the law major of Anhui University of Finance and Economics is good, and the recommended study index is 4.5
Full score 5.0
Training objectives: To train students to have good legal thinking, master basic legal theories and systematic legal professional knowledge; be familiar with my country's laws, regulations and relevant policies, have a sense of social responsibility and a spirit of responsibility; be able to independently analyze and solve practical legal problems; have strong written and oral expression skills; and master senior legal professionals with technical knowledge such as lawyer practice, judicial appraisal, forensic medicine, etc.
Employment direction: The traditional concept is that students who graduate from the law major will engage in careers with high social status and high income such as judges and prosecutors. Therefore, many parents and students prefer the law major. Many students who apply for the law major also hope to work as judges, prosecutors, university teachers and other jobs with higher social status after graduation. In fact, this kind of job has very high requirements on students’ academic background or academic level.
Reporters learned from the State Administration of Financial Supervision today (13th) that recently, some online malls have induced consumers to apply for loans in the name of shopping installments, recycling, etc., causing many consumer disputes. In order to effectively protect the legitimate rights and interests of consumers, the Financial Consumer Rights Complaints and Mediation Center of the State Financial Supervision and Administration Bureau, the China Consumers Association, and the China Internet Finance Association jointly issued a risk warning to remind consumers to be wary of induced payment and high financing cost traps, and to enhance their identification capabilities and risk prevention awareness.
The risk warning also analyzes several typical traps through specific cases.
Case 1
Mr. Lu was attracted by the "high limit", "low interest" and "quick loan" of an installment mall. Without any real shopping needs, he placed an order for a certain brand of mobile phone at the mall for 7,599 yuan and applied for the consumer installment business. The mall guides that there is no need to receive the goods, and they can be cashed out by directly recycling them. A mobile phone of the same model and specifications sells for 5,810 yuan on mainstream e-commerce platforms. After 12 installments, the total loan principal and interest is as high as 8,529 yuan, while the recycling price is only 5,130 yuan. Mr. Lu later suffered from frequent debt collection by the platform due to his inability to repay. While his normal life was seriously affected, his personal credit also faced overdue stains.
Enlightenment: Under this type of business model, consumers not only need to pay installment interest fees, but also bear the loss of recovery price difference. Consumers should make income and expenditure plans based on their own financial conditions, not be fooled by inductive propaganda, and refuse to participate in illegal activities such as "cash-out on shopping." When handling consumer installment business, you must fully understand and carefully calculate the relevant costs to avoid incurring high liabilities and unnecessary repayment pressure. If there is a real need, they should choose financial products and services from formal channels that match their consumption characteristics, repayment ability, etc. based on their actual situation and risk tolerance, and repay them in a timely manner as agreed to avoid overdue effects on personal credit.
Case 2
When Mr. Ma applied for installment business through a shopping mall platform, he discovered that he had to upgrade to a specific membership level to be eligible to apply. He did not carefully read the relevant service agreement and prompts, did not notice the clause "successful installment is not guaranteed", and opened the paid membership service with one click. In the end, Mr. Ma failed to borrow money or buy goods, but the monthly membership fee of nearly 300 yuan was still "deducted correctly." Although he communicated many times to request a refund, the mall refused to refund for reasons such as "I have checked to agree to the agreement," and "there will be no refund after activation."
Enlightenment: Be wary of inducing bundled charges. When handling payment services online, consumers should pay attention to guard against risks such as unknown deductions, forced bundling, and black-box deductions. Carefully read the service agreement and pop-up prompts, and fully understand key terms such as service scope, termination conditions, refund rules, and deduction cycles. Carefully click on shortcut buttons such as "One-click Agree" and "Express Processing" to avoid unknowingly checking additional services, activating paid items, or authorizing too many permissions.
Case three:
When Ms. Li inquired about installment business from a consumer platform, she directly provided her name, mobile phone number, ID card and other personal information without reaching a loan intention. Since then, Ms. Li has frequently received harassing calls from third-party marketing, and even received suspected fraud messages, which is unbearable.
Implications: Improve awareness of personal information protection. Regarding the practice of consumer platforms to collect personal data for matching with partner organizations, consumers should strengthen their awareness of information security and be cautious in providing personal information or authorizing the scope of information collection and use to avoid leakage or illegal use of personal information.
The risk warning reminds consumers that if they find that their legitimate rights and interests have been infringed upon during the process of applying for installment for shopping and consumption, they should pay attention to preserving relevant evidence such as bills, transaction vouchers, communication records, and reasonably safeguard their rights through legal and formal channels. Consumers can negotiate with operators in accordance with laws and regulations such as the Consumer Rights Protection Law of the People's Republic of China. If the negotiation fails, they can report it to the National Consumers Association Smart 315 platform or the China Internet Finance Association; if they find suspected violations of laws and regulations, they can complain and report to regulatory authorities and public security organs.
21st Century Business Herald reporter Hu Tianjiao comprehensively reported that after about US$610 million in assets were hacked at one time, the cross-chain DeFi (decentralized finance) platform Poly Network has received intermittently repayments from hackers.
On the morning of August 12, local time, Poly Network stated on social media that as of 8:18:29 on the same day, hackers had returned approximately US$342 million in assets, of which the amounts returned to Ethereum, Binance Smart Chain, and Polygon were US$04.6 million, US$252 million, and US$85,000, respectively.
"Theft is for fun." After returning some assets, the hacker explained in the blockchain by asking questions. "Poly Network is a good system, which is very challenging for hackers. I personally am not very interested in money."
But even if the amount returned reaches approximately US$342 million, compared with the approximately US$610 million that was previously hacked, there are still approximately US$268 million in Ethereum assets that have yet to be returned by hackers.
Poly Network became known on Tuesday for suffering what may become the largest DeFi hacker theft in history. On August 10, local time, Poly Network stated that it had been attacked by hackers, causing asset losses worth approximately US$610 million. US$250 million, US$270 million, and US$85 million were stolen from the three chains of Ethereum, BSC, and Polygon respectively. “Tens of thousands of people have been affected by hackers. Currently, approximately $33 million in the stolen stablecoin Tether has been frozen by the issuer of Tether, making it impossible for hackers to obtain it.”
"Dear hacker, we hope to contact you as soon as possible and ask you to return the stolen assets," Poly Network wrote in a subsequent letter. "What you have done may cause the largest Defi theft in history. This may be classified as a crime in any jurisdiction and you will be prosecuted."
Changpeng Zhao, CEO of Binance, said at the same time, "We are aware of the vulnerability that occurred today. Although no one controls BSC (or ETH), we are coordinating with all security partners to proactively provide help, and we will do our best." Security researcher SlowMist said that this is likely to be a long-term planned, organized, and prepared attack. The attacker's email, IP address and device fingerprint have been identified.
About an hour after the hack was announced, Tether Chief Technology Officer Paolo Ardoino blacklisted the hacker's address before the hacker attempted to transfer assets, including USDT, to liquidity pool Curve Finance via an Ethereum address, thereby freezing approximately $33 million in Tether funds. But even so, nearly $100 million was transferred from Binance Smart Chain addresses to the liquidity pool Ellipsis Finance.
“Hackers have begun using decentralized exchanges to convert stolen assets into other assets, including stablecoins,” Elliptic co-founder Tom Robinson explained. “Tokens such as stablecoins can theoretically be confiscated by their issuers, which may enable them to be returned to their rightful owners. However, this is not possible with stolen Ethereum assets.”
With DeFi applications attracting billions of dollars in investment funds, the former has naturally become a popular target for hackers. Data from encryption security company CipherTrace shows that so far this year, Defi-related hacking attacks account for more than 60% of total encryption attacks, up from 20% the previous year. As of the first five months of 2021, the amount stolen from Defi-related hacking attacks was US$156 million, which has exceeded the US$129 million value for the whole of 2020.
However, the overall situation for cryptocurrencies is improving. CipherTrace data shows that criminal losses across the cryptocurrency market dropped sharply to $681 million at the end of July, down from $1.9 billion in 2020 and $4.5 billion in 2019. The overall downward trend may reflect significant improvements in the cryptocurrency industry’s security infrastructure.
The rise in Defi illegal activities comes as the U.S. Securities and Exchange Commission (SEC) speeds up its regulation of crypto assets and seeks legislative support from the Senate. SEC Chairman Gary Gensler said in a recent response to a question from Senator Elizabeth Warren that regulators need more power to protect investors. “Lawmakers should give regulators clear authority to set rules for crypto asset exchanges, including DeFi trading venues. The SEC needs more power to prevent transactions, products, and platforms from falling through the regulatory cracks.”
In June 2021, after falsely reporting a "hacking" incident to customers, Ameer Cajee and Raees Cajee, the founders of the South African exchange Africrypt, disappeared with more than $3.6 billion worth of Bitcoin, becoming one of the largest Bitcoin thefts in history.
According to the China Council for the Promotion of International Trade on January 30, in 2023, the national trade promotion system issued a total of 9,273 outbound ATA carnets, a year-on-year increase of 191.97%.
China's national trade promotion system issued 9,273 Admission Temporaire/Temporary Admission (ATA) Carnets in 2023, surging by 191.97 percent year on year, said the China Council for the Promotion of International Trade (CCPIT) on January 30.
On January 30, 2024, an ocean-going ro-ro ship loaded passenger vehicles for export overseas in the Jiangyin Port Area of Fuzhou Port (drone photo). Image source: Xinhua News Agency
【Knowledge Points】
The ATA carnet is an internationally accepted customs clearance document. It was specially created by the World Customs Organization for temporary entry and exit of goods. It is also called a "cargo clearance passport".
According to reports, in 2023, the national trade promotion system issued a total of 6.2102 million certificates of origin, ATA carnets, commercial certificates and other certificates, a year-on-year increase of 16.05%. Among them, the total amount of non-preferential certificate of origin visas issued by the national trade promotion system was US$382.209 billion, a year-on-year increase of 7.13%; the number of visas totaled 3.9143 million, a year-on-year increase of 13.44%.
The total value of preferential certificate of origin visas issued by the national trade promotion system was US$65.152 billion, a year-on-year increase of 7.07%; the number of visas totaled 1.6769 million, a year-on-year increase of 21.54%. The steady growth in the number of certificates of origin issued by the national trade promotion system, especially preferential certificates of origin, shows that as my country increases the implementation and promotion of free trade agreements and other stabilizing foreign trade policy effects, the ability and level of my country's foreign trade enterprises to enjoy export preferential treatment are also constantly improving.
【Important speech】
We must unswervingly promote Chinese-style modernization, fully, accurately and comprehensively implement the new development concept, accelerate the construction of a new development pattern, promote high-quality development, and coordinate development and security. We must persist in seeking progress while maintaining stability, promoting stability through advancement, establishing first and then breaking, consolidate and enhance the positive trend of economic recovery, and achieve long-term economic stability.
We will steadfastly advance Chinese modernization, fully and faithfully apply the new development philosophy on all fronts, speed up building the new development paradigm, promote high-quality development, and both pursue development and safeguard security. We will continue to act on the principle of seeking progress while maintaining stability, promoting stability through progress, and establishing the new before abolishing the old. We will consolidate and strengthen the momentum of economic recovery, and work to achieve steady and long-term economic development.
——Xi Jinping’s 2024 New Year’s message delivered on December 31, 2023
We have implemented a more proactive opening-up strategy, built a global network of high-standard free trade zones, accelerated the construction of pilot free trade zones and the Hainan Free Trade Port, and jointly built the Belt and Road Initiative into a popular international public good and international cooperation platform. my country has become a major trading partner of more than 140 countries and regions, ranking first in the world in terms of total trade in goods, leading the world in attracting foreign capital and outbound investment, forming a larger-scale, wider-field, and deeper opening-up pattern.
We have pursued a more proactive strategy of opening up. We have worked to build a globally-oriented network of high-standard free trade areas and accelerated the development of pilot free trade zones and the Hainan Free Trade Port. As a collaborative endeavor, the Belt and Road Initiative has been welcomed by the international community both as a public good and a cooperation platform. China has become a major trading partner for more than 140 countries and regions, it leads the world in total volume of trade in goods, and it is a major destination for global investment and a leading country in outbound investment. Through these efforts, we have advanced a broader agenda of opening up across more areas and in greater depth.
——Xi Jinping’s report at the 20th National Congress of the Communist Party of China on October 16, 2022
【Related vocabulary】
Foreign trade enterprises
foreign trade enterprises
certificate of origin
Certificates of Origin
China Daily English Dianjin Studio (This article was first published on the "Study Powerful Country" learning platform)
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