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The world of digital currency is always not peaceful, and now the fire has burned to the "currency central mother" Sam Bankman-Fried (SBF). The grudges between him and "China's richest man" Zhao Changpeng are related to the life and death of FTX.
On November 2, a report on Alameda Research was leaked, implying that Alamada would fall into a bankruptcy crisis and FTT would fall into a liquidity crisis. SBF could not sit still and came out to clarify in a high-profile manner that everything was normal. However, Binance founder and CEO Changpeng Zhao (CZ) immediately issued a statement saying that he was worried about the recurrence of Luna’s “death spiral” and would sell off all FTT on the book.
At this time, Alameda jumped out and said that as long as Binance sells, they will buy it at the market price of $22 per coin that day. The war of words on Twitter is about to break out, and the war between Binance and FTX has entered a fever pitch.
The market is beginning to think. There are currently about 60 million FTTs circulating in the market. If Binance throws more than 23 million FTTs directly to the market at this time, how will Alameda respond? Will FTT’s market value return to zero? As of November 8, FTT has fallen from the previous $25.9 to $17.97, a drop of more than 30%.
The beginning and end of the story
On November 2, the cryptocurrency news website CoinDesk disclosed the business relationship between the hedge fund Alameda Research and the FTX cryptocurrency trading platform successively founded by Sam Bankman-Fried (SBF). The market’s concerns about Alameda’s operating conditions and the liquidity of the FTX platform’s digital token FTT emerged vividly, adding fuel to the already uneven currency circle.
Coindesk's report stated that in Alameda's balance sheet, FTT is its largest single asset, holding approximately 140 million coins. FTT-related assets are US$5.8 billion, accounting for 88% of its net assets. At the same time, 140 million coins account for 70% of FTT's 200 million coins in circulation. The news instantly detonated the currency circle.
He Yi, the co-founder of Binance, the world's largest cryptocurrency exchange, which has had many "love-hate disputes" with FTX, insinuated FTX's operations on November 5, saying:
Binance does not give unsecured loans, does not participate in transactions, does not blindly buy companies, and does not spend blindly on sponsorships. 20% of FTX's equity has been sold.
On November 6, Alameda Research co-CEO Caroline Ellison finally responded on Twitter, stating that the balance sheet disclosed by CoinDesk was only a portion of the company’s assets, and that more than $10 billion in assets were not reflected, and said that most of the loans had been repaid. She said:
Given the tightening of the crypto credit space this year, we have now returned the majority of our loans and we obviously have portions that were not disclosed by Coindesk.
On November 6, Binance founder and CEO Changpeng Zhao (CZ) tweeted that he was worried that FTT would suffer an instant collapse like Luna, and would sell off all FTT on the books in the next few months. The 23 million FTT previously transferred to the Binance account was only part of what was obtained after withdrawing from FTX equity.
After hearing what CZ said, Alameda couldn't sit still and immediately expressed his willingness to spend 22 US dollars per coin to buy all the FTT that Binance wanted to sell. However, many people expressed doubts about whether FTX could really spend 580 million US dollars to repurchase the tokens. The war between FTX and Binance has entered a fever pitch.
Is Alameda on the brink of bankruptcy?
As the friction between the two sides intensifies and the war of words heats up, will Alameda go bankrupt? It has also become a hot topic in the market.
According to a CoinDesk report, as of June 30, Alameda Research had $14.6 billion on its balance sheet, of which FTT accounted for the largest share at $5.8 billion, accounting for 88% of its net assets. On the liability side, Alameda Research has $8 billion in liabilities, including $2.2 billion worth of loans guaranteed by FTT.
This, coupled with the company’s alleged exposure to illiquid altcoins, prompted some analysts to predict future bankruptcy.
Mike Burgersburg, an independent market analyst at Dirty Bubble Media Substack, said Alameda will never be able to repay its debt by cashing out the majority of its FTTs, stating:
There are few buyers, and the largest buyers appear to be the companies most closely associated with Alameda, whose market value will quickly approach $0 in the event of a massive sell-off of FTT.
Although Caroline Ellison responded that more than 10 billion US dollars in assets were not reflected and said that most of the loans had been repaid, some analysts pointed out that Ellison’s simple reply did not respond to related transactions and capital transactions with FTX, which was difficult to dispel external doubts.
However, as the encryption industry has developed to this day, some analysts have pointed out that both Binance and FTX have developed into a situation of "too big to fail". The analysis said:
CZ and SBF have also become very important leaders in the encryption industry. But no matter how we quarrel, there are only eternal interests. We believe that the encryption industry will continue to move forward driven by the common interests of all parties.
Will FTT fall into a death spiral like Luna?
With the revelation of the balance sheet on November 3, FTT has plummeted by more than 30%, and concerns that it may fall into a "death spiral" like Luna are gradually spreading.
Terra (Token Luna) is a public chain ecosystem built around stablecoins. Luna's goals include two points: on the one hand, promoting the prosperity of the Terra public chain, and on the other hand, promoting the large-scale adoption of its stablecoins represented by UST.
Therefore, Luna is essentially an invisible collateral for stable coins such as UST. Terra stipulates in the system that UST is minted by destroying Luna. When UST is higher than 1 US dollar, Luna will be destroyed to create UST, thereby accelerating the supply of UST to reduce the currency price. When UST is lower than 1 US dollar, UST will be destroyed to generate LUNA, which stabilizes the currency price by reducing the flow of UST.
On May 9th and 10th, UST experienced a serious de-anchoring incident due to capital hunting and debt crisis. Do Know, the founder of Terra, said that he had enough assets to absorb the decline in UST's exchange rate. However, the market soon discovered that UST's exchange rate continued to decline, falling as low as $0.6.
When UST's currency value fell and was sold off heavily, a large amount of Luna supply was created instantly. In the sluggish atmosphere of the currency market itself, a "death spiral" of LUNA/UST was created. It is known as the first large-scale "Thai Baht + Lehman" incident in the history of encryption development.
Therefore, some people believe that if CZ continues to liquidate more FTT tokens, it will force Alameda's FTT loans to be sold as collateral on a large scale, and the FTX trading platform will close FTT trading to avoid any losses that will occur in exchange for stablecoins and altcoins. If this happens, this will cause a sell-off of FTT in the entire crypto market, which will undoubtedly lead to a death spiral.
Additionally, a scan of the blockchain confirmed that FTT ownership is highly concentrated, with 10 addresses holding 93% of the tokens. According to blockchain analytics company Messari, only about 180-200 addresses are actively trading in FTT tokens. This further indicates that the number of individual FTT holders is very small, and the overall demand for the token is low.
FTT’s trading volume also further points to its lack of popularity. According to Messari data, in October, FTT's daily trading volume ranged from US$6 million to US$42 million, equivalent to 0.1% - 0.8% of Alameda's total holdings in FTT. The actual trading volume of LINK ranges from US$25 million to US$173 million, which is approximately four times that of FTT.
Clara Medalie, head of research at analytics firm Kaiko, said FTT is a relatively illiquid token on the open market, saying:
Overall, in my opinion, FTT is less liquid on the open market, so Binance’s plan to liquidate all of its holdings of FTT tokens is a fairly significant market event.
Media previously reported that FTX had admitted that it was an active buyer of FTT tokens and claimed that it spent 33% of the fees generated by the FTX market to purchase FTT every week.
According to CoinMarketCap, Solana, ChainLink, and BNB prices have all turned bearish due to the FTT sell-off.
Nonetheless, independent market analyst Satoshi Flipper believes FTT prices may rebound in the future, with the current decline signaling a retest of long-term support ranges.
How FTX quickly became an “Internet celebrity” in the currency circle
Media information shows that before founding the FTX exchange, SBF worked at Jane Street, a quantitative trading company on Wall Street.
In 2017, Bitcoin skyrocketed from US$2,500 to nearly US$20,000 in six months. The 25-year-old SBF sensed an opportunity and resolutely quit his high-paying job on Wall Street, founded Alameda Research, a crypto quantitative trading company, and began a life of profit-seeking in the cryptocurrency industry.
Regarding the reasons for entering the digital currency market, SBF is also blunt:
When I entered the cryptocurrency space, I had no idea what cryptocurrencies were. I just feel like there are a lot of good trading opportunities out there.
In an interview with the media, SBF said that its first pot of gold came from Bitcoin arbitrage in the US and Japanese markets. At its peak, it could earn as much as 25 million US dollars per day through arbitrage. After continuous accumulation of capital, SBF established FTX in May 2019.
Unlike Coinbase and other platforms for novices to buy and sell cryptocurrencies, FTX is known for providing complex derivatives. Under the digital currency trend, FTX has grown from a small cryptocurrency exchange to a leading company in the crypto industry in just a few years. Daily trading volume has climbed from $50 million in 2019 to $2 billion currently.
In addition to innovative products, low transaction fees, and a large number of currency options on its platform, gaining market share through acquisitions is also a strategy that FTX has been adopting. Previous analysis pointed out that SBF is taking advantage of the chaos in the cryptocurrency market to expand his empire, and has so far completed the acquisition of troubled Japanese exchanges Liquid, BlockFi, and Voyager Digital.
After gaining market share, FTX needs to further gain its compliance in the cryptocurrency market, and to do this it needs to expand its political influence step by step.
According to media reports, SBF spent nearly $40 million to support the Democratic Party in this midterm election and has become one of the largest donors to both parties.
Previously, according to data from Open Secrets, SBF contributed a total of $39.8 million in the 2021-2022 cycle, making it the sixth largest political contributor.
During the 2020 presidential election, SBF donated approximately $5.2 million to President Joe Biden's campaign.
SBF has said in interviews that he plans to spend up to $1 billion to help the 2024 presidential campaign.
Yang Mindao, founder of dForce, analyzed that although Binance has ten times the users and profits of FTX, FTX’s political influence in the United States is far more than ten times that of Binance. He said:
The difference between Binance and FTX in terms of strategic routes: Binance takes the Mainstreet route, where users are fully leveraged and do whatever is needed. FTX, on the other hand, is an elite route started by a group of professional traders, and in the later period, political leverage was added (K Street). SBF once satirized CZ on this, alluding to 'I can enter and exit Washington, D.C. at will, can CZ? '
The love-hate relationship between FTX and Binance
Some analysts believe that Binance can successfully use FTX's political influence and compliance in the U.S. cryptocurrency market to promote its development in the U.S. currency circle. A conflict will not be beneficial to either.
Last year, Binance announced its withdrawal from FTX. “After the divorce,” the relationship between the two parties began to take a turn for the worse.
On December 20, 2019, less than half a year after FTX was launched, Binance announced a strategic investment of US$1 billion in FTX. Binance stated that in addition to its equity investment in FTX, it will also hold FTT for the long term to help the sustainable development of the FTX ecosystem and keep it abreast of the development of the Binance ecosystem.
At that time, the derivatives market was firmly dominated by BitMex and OKEx, and Binance, which started with altcoins, had just launched its contract business. Binance hopes to expand its ecological layout by investing in FTX and help it catch up from behind in the derivatives market. The two parties also spent a harmonious honeymoon period at this time. FTX has also lived up to Binance’s expectations and shined in derivatives products and innovation.
One year after investing in Binance, SBF revealed that FTX’s latest valuation has reached US$3.5 billion. In just one and a half years, the valuation has increased from US$100 million to US$3.5 billion.
By July 2021, FTX completed a US$900 million Series B financing with US$18 billion. About two years after its establishment, FTX’s valuation increased from US$100 million to US$18 billion. CZ also stated at that time that Binance had completely withdrawn from FTX’s equity investment.
The exit was part of the normal investment cycle, was done under good conditions and we remain friends.
If Binance invests $18 billion to exit at a valuation of $1 billion, the return on Binance’s investment in FTX will be ten times. To a certain extent, it can be confirmed that Binance made approximately US$1.6 billion by investing in FTX.
Although there was no direct conflict between Binance and FTX around July 2021, the businesses of both parties have already highly overlapped and directly competed. After that, a period of friction entered.
Some analysts pointed out that the friction between Binance and FTX is caused by many factors. On the one hand, the two parties conflict in the market share of core businesses such as spot and derivatives. On the other hand, there is competition in the ecological layout. But the more important conflict comes from the competition between the two’s strategies and cultures. The analysis said:
The genes of being a Trader determine that SBF has a strong style of opening up situations through trading, and has a very high risk appetite. FTX is more like a large 3AC, running funds with high leverage all year round and making extremely risky strategic choices.
CZ, who is a Chinese engineer, understands human nature well and has a very high risk appetite, but Binance dares to compete and expand in non-compliant and casino ways instead of increasing leverage.
The gap in this shot is quite large. The sun rises and sets again. Let’s talk about the things to note when making a title for a ppt slide. In the past, we might have chosen a title just to reflect what people think. A good title is, uh, that’s it. Well, in the title of this slide ppt, there are four things to note. 1. Keep it as short as possible, not too long. Remember to keep it long. A short title will make people understand it at a glance. Come to think of it, what is the content of this ppt? The second one is, no, it’s not biased, it’s not about opinions. For example, if you talk about sales revenue, it’s more objective. If you add sales, sales revenue drops, so it’s a personal opinion. Third, try to end with a noun, such as sales revenue. This will also make the title shorter, Jingmingyin, Jingyiqian. If the sales revenue describes the content, then, uh, it will be more farm-like. The last one is that the subject of the title should be consistent, which is the sales revenue of a certain company. If the second page still has the same title, the previous consistent title can be omitted, and it will just be the sales revenue. If the title of the third page is changed, the third one, for example, customer consumption behavior, becomes the subject of the customer. To make it clear that the subject is sick, the subject must be changed. There is also a subtitle. I just talked about the title of, uh, making a ppt into a video. Now let’s talk about the subtitle. The subtitle is, uh, under this title, a summary of this one-page ppt. The subtitle is a sentence to describe the content of this, uh, ppt. The second subtitle should talk about the proposition. The title just now said not to discuss the proposition. Now the subtitle should talk about its own proposition. But this proposition must be based on evidence and not subjective. For example, sales revenue has dropped. This is not persuasive. To be persuasive, you can add the decline in sales revenue compared with the previous five months and the data. Then it will be more persuasive. The subtitle should be controlled within 50 words, because one sentence can better explain this, and the expression can be clear and complete. The previous title was based on words and phrases, and now the subtitle is summarized in one sentence. Well, there are three forms of making ppt slides, which are text-based explanations. The second is in the form of charts. The third is diagrams. You have to choose these three styles according to your own content. There may be no data. If there is no data, use text-based descriptions for pictures and tables. For example, the introduction of the background, the subject, you can use pictures and charts to explain. The third type is in the form of tables, which can be used for data analysis and comparison, and should be used appropriately.
On the evening of March 13, local time, the US military launched a large-scale attack on Khark Island, Iran’s oil export hub.
According to Xinhua News Agency, on March 14, US President Trump confirmed in a telephone interview with the National Broadcasting Corporation (NBC) that the United States had "completely destroyed" most of Khalk Island, but "we may bomb it a few more times, just for fun."
This statement caused controversy as soon as it appeared. What people don't understand is how can the president of a country say such "childish" words?
The Chinese people have understood the cruelty of war and the seriousness of military use since childhood. "Zuo Zhuan" points out that "the great affairs of the country lie in sacrifice and military affairs." "Sun Tzu's Art of War" also emphasizes that "soldiers are important matters of the country, the place of life and death, and the way of survival, and must be observed." In Chinese people's values, the soldier is a "weapon" that "the saint must use as a last resort".
Therefore, when Trump said that he would "explode a few more times just for fun", people were shocked and couldn't help but wonder, "What happened to Trump?"
Claiming to "bomb it a few more times" is still an extreme pressure strategy
Before analyzing Trump’s shocking remarks, we may turn our attention to a theory.
Nobel Prize winner Thomas Schelling believed through studying game theory that one party can gain an advantage by reducing its choice space, the ability to retaliate is more useful than the ability to resist attacks, and uncertain retaliation is more credible and effective than certain retaliation.
Trump and Netanyahu
The best deterrence, therefore, involves not just advance warning but also some arbitrariness, unpredictability, and an unfettered leader. Such people are irrational, unpredictable, and even reckless. They are often able to put more pressure on their opponents in negotiations and force them to make the most concessions.
The typical practice of this theory in the field of international relations is brinkmanship: forcing the opponent to give up confrontation by imposing greater threats. If the threat comes true, the threat will not be actually implemented; but if the threat fails, the party that issued the threat will have to adopt corresponding means, otherwise it will suffer a huge loss of credibility.
In other words, brinksmanship is a political strategy that leads to either success or failure. In 1956, former US Secretary of State Dulles once proposed that the United States "is not afraid of going to the brink of war, but it must learn the necessary art of going to the brink of war without getting involved in it."
Trump comes from a business background and has a strong "transactional thinking" style: everything can be traded, and the success or failure of a transaction depends on pricing, and high pricing helps establish negotiation advantages. In other words, in practice, "transactional thinking" tends to increase the asking price to increase bargaining chips, while at the same time forcing the other party to make maximum concessions through tough statements.
Therefore, since Trump came to power, he has made many seemingly unreasonable remarks. For example, it wants to forcibly annex Greenland, and even expressed its willingness to send out troops. This kind of behavior that seriously violates international law and international ethics has been repeatedly and seriously discussed publicly in the United States, and triggered a collective "break of defense" among NATO allies.
As it turns out, this did produce some of the results he wanted. For example, Trump claimed that he had developed a framework for a future agreement on Greenland with NATO Secretary-General Rutte, and that it involved the "Golden Dome" missile defense system and mineral mining rights, and that the agreement would be effective "forever."
In the face of Trump’s contradictory and inconsistent remarks on multiple issues, some media came up with the term “TACO deal” (Trump Always Chickens Out), which means “Trump always chickens out.”
On the surface, this is indeed the case. Trump's many threats have not been implemented, but what if his original goal is to "take the best and only the worst"?
Bombing Khark Island in an attempt to force Iran to negotiate
Going back to the bombing of Iran's Khark Island, could it be another brinkmanship policy led by Trump's "transactional thinking"? The intention is to create a reckless and tough image of the United States and amplify the psychological pressure on Iran to suppress talks.
Pictured is Halk Island
The war in Iran has lasted for more than two weeks, and criticism of Trump from all walks of life has become louder and louder. Some people believe that his goal of overthrowing the Iranian regime has not been achieved, and it is unlikely that he will deploy ground troops on a large scale for fear of falling into another war quagmire.
Trump seems to have fallen into an embarrassing situation: sinking further into the quagmire and taking a step back will be embarrassing. Negotiating with Iran seems to be the most rational choice. But how to force Iran to negotiate? In the eyes of many people, the bombing of Khalk Island, which has both geopolitical and geoeconomic value, seems to be a game-breaking move.
On the one hand, the island is located in the northwest of the Persian Gulf, guards the shipping channel of the Strait of Hormuz, has a military base, and is Iran's forward defense node in the Persian Gulf. On the other hand, 90% of Iran's crude oil exports are completed through the island, which is its main source of financial revenue. It has a large deep-water terminal and high oil transmission capacity, connecting the main local oil fields.
In this case, why didn't the US military directly occupy the island? It’s not that it’s impossible, but that the subsequent risks are too high. The island is too close to the Iranian coast, about 25 kilometers away. Once the US military captures it, it will need to deploy a large number of troops and logistics for a long time, and it will directly become a living target within the reach of Iran's conventional military forces.
Therefore, so far, the US military has no intention of occupying the island, and has even deliberately retained the island's oil facilities. As Trump said: "We've completely destroyed it. It's just, as you know, I haven't touched anything related to the energy lines because it's going to take years to rebuild those."
Judging from this point of view, this move seems to be an important bargaining chip for the United States to promote negotiations with Iran. After all, Iran is not willing to completely lose its ability to export oil. However, one prerequisite for this to be successful is that decision makers must be truly unpredictable, rather than pretending to be so. So, will Trump’s plan work? Let’s wait and see.
Will intercity travel in the future say goodbye to the congestion of high-speed trains and expressways and allow direct takeoff from rooftops? In the "This Is China" program broadcast on March 9, Ren He, a distinguished expert from COMAC and director of the Expert Committee of the Shanghai General Aviation Association, gave a clear answer. He also revealed the development advantages and future possibilities of China's low-altitude economy, making the seemingly sci-fi air travel within reach.
During the program, the host Jie He asked questions around "How China's rich application scenarios contribute to industrial development." Ren He combined China's national conditions and clearly divided the optimal travel methods for different distances: choose airplanes for distances above 800 kilometers, high-speed rail for 300-800 kilometers, small planes for 100-300 kilometers, and cars for distances below 100 kilometers. The most potential among them is the low-altitude economy adapted to intercity transportation of 100-300 kilometers.
Ren He emphasized that the new energy low-altitude aerial vehicle (eVTOL), as the core carrier of the low-altitude economy, has a range limited to more than 200 kilometers, but this distance precisely meets the needs of intercity travel of 100-300 kilometers. It does not need to bear the high cost of airplanes and high-speed rails, and it also gets rid of the congestion of ground transportation, taking into account economy and speed. The most prominent core advantage of air transportation lies in the huge underdeveloped resource of airspace - unlike ground roads, which are non-renewable and easily saturated, airspace can be reused and can release huge potential through scientific layering. If we take the low-altitude airspace below 3,000 meters as an example, whether it is layered planning based on intervals of 20 meters or 200 meters, a considerable number of "air lanes" can be divided, which can fundamentally avoid the congestion problem of ground traffic and achieve a qualitative improvement in travel efficiency.
What is even more surprising is that the low-altitude take-off and landing site can be completed with only a few hundred thousand yuan, without occupying a large amount of land resources, and is extremely flexible. Specifically, it only needs to build a 13-meter-diameter platform on the roof of the building (equivalent to the size of a standard basketball court), without the need for large-scale transformation of the roof space. It only needs to build a simple gantry frame to meet the safe take-off and landing needs of eVTOL aircraft. Taking megacities like Shanghai as an example, with dense population and strong demand for intercity commuting, it is completely feasible to deploy hundreds or even thousands of such rooftop landing sites. Ren He even boldly imagined that in the future, it is not a fantasy to deploy a landing site in each community, so that low-altitude travel can truly enter the homes of ordinary people.
Faced with the host He Jie's question "Can this be realized?" Ren He gave a firm answer in the affirmative. He emphasized that as long as the "communications, navigation, and surveillance" (communication, navigation, and surveillance) systems are improved, and safe operating rules for low-altitude flights are established and improved, so that every aircraft flies in strict accordance with traffic rules and avoids test flight zones and no-fly zones, this seemingly sci-fi travel method "will definitely come true."
Can college students apply to study in Australia? This is a question that many college students worry about.
The editor of the Big Brother Study Abroad Network [Study Abroad dsxliuxue.com] has compiled the requirements for college students to apply to study in Australia. I hope it will be helpful to everyone.
1. You can apply for credit exemption
That is, completing an undergraduate degree in less than 3 years. How long the exemption can be obtained depends on the overlap between the applicant's domestic courses and the courses he is applying for. Unless there is an agreement between the universities, the application is more complicated and generally requires a teaching syllabus.
Relatively speaking, college students can get more credits from, for example, Charles Sturt University Sydney Campus, Central Queensland University, and Bond University, or if they choose the appropriate courses, they can study for 1 year at Charles Sturt University Sydney Campus, obtain a bachelor's degree, and then apply for a master's degree from any other university.
2. College students who want to study in Australia can apply for a two-year bachelor’s degree intensive program.
A two-year bachelor's degree program compresses a three-year course into two years. Its notable feature is that it shortens the long vacation of ordinary Australian universities and changes two semesters a year to three semesters, saving one year. At the same time, you can also apply for credit exemption, such as Charles Sturt University Sydney Campus, Central Queensland University and Bond University.
3. Study popular majors
Those who study popular majors in business, management, computer IT, mass media, and tourism and hotel can first enroll in the IBT express course, complete the first year of university in 8 months, and then enter 7 famous universities including Macquarie University, Griffith University, Edith Cowan University, Curtin University of Technology, Deakin University, University of South Australia, University of Adelaide, etc. In addition, you can also enter colleges affiliated with certain universities, such as Monash College and Insearch, where you can first study for an 8-month diploma and then enter the sophomore year of the corresponding major in these universities.
4. College students who want to study in Australia can choose TAFE’s university degree transfer courses.
Australia's vocational education is world-famous and is an important part of Australia's national education. There are vocational education (TAFE) colleges all over Australia. It is an education system established by the Australian government to solve the interface problem between school talent training and the job market. It aims to cultivate talents with practical work ability for various industries and build a lifelong education system in Australia. Nowadays, more and more students and professionals in Australia are choosing courses provided by TAFE institutions. TAFE has close ties with various universities and colleges to provide students with opportunities for further study. An increasing number of students who have graduated from TAFE courses have obtained academic qualifications recognized through TAFE's contact agreements with many universities in Australia. The TAFE courses or specific subjects studied by the students can be recognized and exempted when they progress to relevant university degree courses. The degree of exemption depends on the level of the TAFE course itself and its relevance to the university course. Students can choose independent TAFE colleges, such as Holmesglen, Box Hill, or university-affiliated TAFE colleges, such as Royal Melbourne Institute of Technology (RMIT) or Swinburne University (SWINBURNE).
For Chinese students, especially high school graduates, studying in Australia for TAFE has great advantages:
1. Low cost: It is only about half of the tuition fees of ordinary universities. Especially when the tuition fees of Australian universities are soaring, the advantages are very obvious.
2. Low language requirements: The general admission requirement of TAFE colleges is IELTS 5.5. If you cannot meet this requirement, you can also read a paragraph of English first.
3. Practicality: The employment rate after graduation is higher than that after college graduation, because vocational education institutions attach great importance to the cultivation of students' practical skills and provide many internship opportunities. At the same time, TAFE College maintains a very good relationship with the industry. Many companies directly hire graduates from TAFE College. Moreover, according to current immigration regulations, international students can apply for immigration after completing certain two-year TAFE courses.
4. You can also complete a bachelor's degree in three years: Australian vocational education is different from Chinese colleges and vocational training centers. After completing the corresponding credits at TAFE, students do not need to take exams and can directly enter Australian universities that have an agreement with TAFE colleges to complete the remaining courses. These advantages have become increasingly known to Chinese parents and students who are familiar with Australia. In recent years, the number of students studying in TAFE in Australia has begun to increase.
5. If you want to study in Australia from a junior college, you can directly apply to enter the university without taking preparatory courses.
Apply directly to enter university without preparatory studies, which is accepted by most Australian universities.
At 17:28 on March 12, the first "Hualong One" nuclear power unit in the Yangtze River Delta region, Unit 1 of CGN's Zhejiang San'ao Nuclear Power Project, was successfully connected to the grid for the first time and generated its first kilowatt hour of electricity, marking that the unit officially has the ability to input power to the grid and has taken a key step towards the goal of being officially put into operation.
Unit 1 of the Sanao Nuclear Power Project started construction on December 31, 2020. After being connected to the grid, it was confirmed on site that the unit was operating in good condition and all technical indicators were in line with design expectations. Next, the unit will enter the stage of trial operation under load, and power improvement and various performance tests will be carried out as planned. It is expected to be officially put into production in the first half of 2026.
"As an important part of energy security in the Yangtze River Delta, the San'ao Nuclear Power Project plans to build six 'Hualong One' nuclear power units, and construction of three units has already started." Du Yanhui, Secretary of the Party Committee and Chairman of CGN Cangnan Nuclear Power Co., Ltd., said that after the project is fully completed, the annual power generation capacity is expected to exceed 54 billion kilowatt-hour, which is close to the current total electricity consumption of the entire society in Wenzhou City, which can meet the annual production and living electricity needs of more than 5 million people. It is equivalent to reducing standard coal consumption by more than 16.35 million tons per year, reducing carbon dioxide emissions by about 50 million tons, and is equivalent to adding more than 120,000 hectares of afforestation area. The steady advancement of the Sanao Nuclear Power Project will continue to provide clean energy support for the green and low-carbon transformation and smart economic development of the Yangtze River Delta region.
During the project construction process, digital and intelligent technologies have been widely used. In terms of digital and intelligent construction, the project comprehensively builds a nuclear power "smart construction site" to achieve "visualization, automation, and intelligent" management and control of the work site, reducing manual workload by approximately 700,000 man-hours per year. It has developed and put into use the first domestic nuclear power plant radiographic intelligent management system that integrates radiographic digital management, AI intelligent assessment, and intelligent duplicate checking functions to realize the digitization of the entire process. (Reporter Wen Yuan)
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