标签： 杭州品茶网

　　China Economic Net, Beijing, September 21-On the 17th, the central bank launched a one-year MLF (medium-term lending facility) operation of 265 billion yuan in the open market. As no liquidity instruments of the central bank expired, all the MLF funds were put into the market. After the central bank announced the MLF operation, a wave of media made an eye-catching interpretation: "Yang Ma released 265 billion yuan".

　　Is this really the case?

　　The article "Trader Chun Shenjun" pointed out that the central bank is called the bank of the bank. When the bank is short of money, it will borrow from the central bank for emergency. Open market operation is the means by which the central bank lends money to banks. Open market operations are divided into positive repurchase and reverse repurchase. Positive repurchase means that the central bank borrows money from banks to recover liquidity, while reverse repurchase means that the central bank lends money to banks to release liquidity. Every day, the reverse repurchase will expire, and the amount of operation MINUS the amount of maturity is the net investment. There is an index to measure the liquidity of funds: sentiment index of funds. When the index is greater than 50, it means that the funds are tight and the central bank needs to put in liquidity.

　　Image from trader Chun Shenjun’s article

　　According to the article, recently, due to the influence of centralized tax payment, the amount of funds in sentiment index has reached more than 60%, so the central bank put in funds to ease the market. "So, this is not what we understand ‘ Release water ’ Regardless of his hundreds of billions, it doesn’t matter how big the number is, because the money will be automatically recovered in a few days. "

　　The article bluntly said that a WeChat official account can pay no attention to it if it only talks about "releasing water" with open market data.

　　For the open market operation of the central bank, the "Lu political commissar’s worldview" made an image metaphor in the article: to a certain extent, the central bank is like managing a pool that pumps water while filling water, and the name of the pool is the interbank market. When the water level in the interbank market is too high, the administrator central bank needs to turn on the pump to pump water; When the water level is too low, the central bank needs to turn on the tap to inject water.

　　From September 1 to 11 this year, the central bank did not invest in the open market, but from December 12 to 18, the central bank began to increase investment, and the cumulative net investment scale reached 695 billion yuan. Why is there such a big change in the scale of delivery?

　　The article explains that when the liquidity is relatively stable at the beginning of the month, the necessity of central bank investment will decline; When paying taxes in the middle of the month to return liquidity, the central bank needs to increase the amount of "water replenishment" in the open market. When the issuance of local bonds increases, the central bank needs to "replenish water" moderately to hedge the impact of local bond issuance and payment; When the funds raised by local bonds are converted into fiscal expenditure, the central bank will reduce the investment accordingly to prevent the "water level" in the interbank market from being too high.

　　So, how to judge whether the central bank is "releasing water"?

　　According to the article "EBS Collection Research", it is not only the open market operation that determines the water level of this pool in the inter-bank market, but there are several pipes for both water inflow and water outflow. For example, the occupation of funds by local debt issuance, the change of foreign exchange holdings, the collection and payment of fiscal deposits, and so on. Whether the central bank is "releasing water" depends not on how many MLFs it has made, but on a key indicator: DR007.

　　DR007 refers to the repurchase rate between banks and banks before. "Interest rate is the price of capital, just like the price of cabbage in the vegetable market. If there is a bumper harvest of cabbage, the price will definitely be low, which is the relationship between supply and demand. The price of funds is the same. If the People’s Bank of China releases water, then DR007 will definitely drop sharply. "

　　According to statistics, in fact, after the latest MLF operation of the central bank, DR007 did not decline. On September 14th, DR007 was 2.62%, and it was still 2.62% on the 17th. On the 18th, DR007 rose instead of falling, reaching 2.71%.

　　The picture comes from the public number of EBS fixed income research.

　　The article "Lu political commissar’s world outlook" also pointed out that while filling water and pumping water in the pool, how do you know whether the water level in the pool is appropriate? The interest rate of inter-bank funds is a very intuitive water level scale. In mid-September, although the central bank increased its efforts in the open market, DR007 remained relatively stable, with no obvious downward trend. Overall, since September, DR007 has fluctuated slightly around the center of 2.62%, reflecting that although the central bank’s investment has changed greatly, the "water level" of interbank liquidity is basically stable.

China’s Foreign Trade
(December 2011)
People’s Republic of China (PRC) the State Council press office

Catalogue

　　Foreword
　　I. Historical progress of China’s foreign trade
　　Second, the reform and improvement of China’s foreign trade system
　　Third, the contribution of China’s foreign trade development to the world
　　Fourth, promote the basic balanced growth of foreign trade
　　V. Building all-round mutually beneficial cooperative economic and trade relations
　　VI. Realizing the Sustainable Development of Foreign Trade
　　Concluding remarks

　　Foreword
　　Peace, development and cooperation are the trends of the world today. Since the reform and opening-up, China has followed the trend of economic globalization, continuously opened wider to the outside world, and actively carried out economic and trade cooperation with other countries on the basis of equality and mutual benefit. After years of development, foreign trade has become one of the most active and fastest growing parts of China’s economy, and China has also become one of the top trading countries in the world. The development of China’s foreign trade has closely linked China with the world, which has strongly promoted the modernization of China and the prosperity and progress of the world.
　　China joined the World Trade Organization in 2001. In the past 10 years, the integration of China’s economy into the global economy has been accelerated, and the vitality of China’s foreign trade has been further enhanced. On the occasion of the 10th anniversary of China’s accession to the World Trade Organization, the China government issued a white paper, giving a systematic introduction to China’s foreign trade.
　　I. Historical progress of China’s foreign trade
　　After the founding of People’s Republic of China (PRC) in 1949, it insisted on independence and self-reliance and gradually carried out foreign economic and trade exchanges. However, due to factors such as the international political environment and the domestic planned economic system at that time, the development of foreign trade was relatively slow.
　　In 1978, China entered a new period of reform and opening up. Vigorously developing foreign trade has become an important way for China to speed up modernization, change its backward appearance, promote economic development and improve its comprehensive national strength. Over the past 30 years, China has taken advantage of the long-term prosperity of the world economy and the in-depth development of economic globalization to open wider to the outside world, attract foreign investment, introduce advanced technology, transform and upgrade domestic industries, and realize the leap-forward development of foreign trade in full participation in international division of labor and competition.
　　-The total volume of trade in goods ranks among the top in the world. In 1978, the total import and export volume of goods in China was only US$ 20.6 billion, ranking 32nd in the world trade in goods, accounting for less than 1%. In 2010, the total import and export volume of goods in China reached US$ 2,974 billion, 143 times higher than that in 1978, with an average annual growth rate of 16.8%. Among them, the total export value was US$ 1,577.8 billion, with an average annual growth rate of 17.2%; The total import volume was US$ 1,396.2 billion, with an average annual increase of 16.4%. China’s total exports and imports accounted for 10.4% and 9.1% of the world’s goods exports and imports, respectively, and became the world’s largest exporter and second importer of goods for two consecutive years.

　　-The trade structure of goods has undergone fundamental changes. China’s export commodity structure changed from primary products to manufactured goods in 1980s, and from textile products to electromechanical products in 1990s. Since the beginning of the new century, the export proportion of high-tech products represented by electronics and information technology has been expanding. In addition to state-owned enterprises, foreign trade business entities also include foreign-invested enterprises and private enterprises, whose total import and export volume has now exceeded that of state-owned enterprises. From 1980s to the beginning of this century, China’s processing trade developed vigorously, accounting for half of its foreign trade. In the development of China’s foreign trade, foreign-invested enterprises and processing trade have played a very important role.

　　-forming an all-round and diversified import and export market pattern. After the reform and opening up, China has developed its foreign trade in all directions and established trade relations with most countries and regions in the world. Trading partners have grown from dozens of countries and regions in 1978 to 231 countries and regions at present. The European Union, the United States, ASEAN, Japan and BRICS countries have become China’s main trading partners. Since the new century, China’s trade with emerging markets and developing countries has been growing rapidly. From 2005 to 2010, the proportion of goods trade between China and ASEAN increased from 9.2% to 9.8% in China, from 4.9% to 6.9% in other BRICS countries, and from 3.5% and 2.8% to 6.2% and 4.3% in Latin America and Africa respectively.

　　-The international competitiveness of service trade has been continuously enhanced. After joining the World Trade Organization, China’s service trade has entered a new stage of development, with rapid expansion of scale, gradual optimization of structure and ranking among the top in the world. The service trade in tourism, transportation and other fields is growing steadily, and the cross-border services and service outsourcing in the fields of construction, communication, insurance, finance, computer and information services, exclusive rights use fees and franchise fees, consulting and so on are growing rapidly. From 2001 to 2010, China’s total service trade (excluding government services) increased from $71.9 billion to $362.4 billion, an increase of more than four times. The proportion of China’s service trade exports in the world’s service trade exports increased from 2.4% to 4.6%, reaching $170.2 billion in 2010, rising from 12th to 4th in the world. The proportion of service trade imports increased from 2.6% to 5.5%, reaching $192.2 billion in 2010, rising from the 10th place in the world to the 3rd place.

　　The development of foreign trade has strongly promoted the modernization of China, and China has grown into an open economy. Participating in international division of labor and competition, introducing advanced technology, equipment and management, and utilizing foreign direct investment have greatly promoted China’s technological progress and industrial upgrading, and improved its management level and market competitiveness. The rapid development of processing trade has brought into play the comparative advantage of abundant labor force in China and accelerated the process of industrialization and urbanization in China. Foreign trade directly drives more than 80 million employed people, of which more than 60% are from rural areas, and the income and life of employed people have been significantly improved. Together with domestic investment and consumption, foreign trade has become the three engines of China’s economic growth.

　　The historical progress of China’s foreign trade is closely related to the development and changes of the international and domestic situation. Around 1980s, peace and development became the theme of the times. With the continuous advancement of economic globalization, the flow and allocation of capital, technology, products, markets, resources, labor and other factors in the world are more active. Scientific and technological progress led by information and communication has greatly improved production efficiency, and international industrial transfer has been deepened and developed. Economic globalization, scientific and technological progress, international industrial transfer and strengthening cooperation among countries have provided historic opportunities for China to integrate into the world economy. Following the trend of the times, focusing on economic construction, the government of China carried out reform and opening up, developed economic and technological cooperation with other countries, actively utilized foreign capital reasonably and effectively, and gave full play to its comparative advantages, which promoted the deepening of the division of labor in the international industrial chain and created favorable conditions for the development of foreign trade. In this process, foreign enterprises, especially multinational companies from developed countries, have gained a lot of investment opportunities in China, and their capital, technology, management experience and sales channels have increased in value, sharing the fruits of China’s rapid economic growth. The development of China’s foreign trade benefits from the reform and opening-up, from economic globalization, and from adhering to the road of mutual benefit, cooperation and win-win. The development of China cannot be separated from the world, and the prosperity and stability of the world cannot be separated from China.
　　China is still a developing country. Compared with the world’s trade powers, China’s export industry is still at the low end of the global industrial chain, and the input of resources, energy and other factors and environmental costs are still relatively high, and the international competitiveness of enterprises and the anti-risk ability of some industries are relatively weak. It will be a long-term process to realize the transformation from a big trading country to a powerful trading country, and hard work is still needed.
　　Second, the reform and improvement of China’s foreign trade system
　　Before the reform and opening-up, China implemented mandatory planned management of foreign trade and the state was solely responsible for profits and losses. Since the reform and opening-up, China’s foreign trade system has undergone a transformation from mandatory planned management to giving full play to the basic role of market mechanism, from highly monopolized management rights to full liberalization, and from enterprises to independent management and self-financing. In the process of China’s negotiations to regain its status as a contracting party to the General Agreement on Tariffs and Trade and join the World Trade Organization, after China’s accession to the World Trade Organization, China’s foreign trade system gradually integrated with international trade rules and established a unified, open and multilateral foreign trade system.
　　In the early days of reform and opening up, the reform of China’s foreign trade system was mainly to reform the single planned management system, decentralize foreign trade management and operation rights, implement the foreign exchange retention system and establish a foreign exchange swap market. The absorption of foreign direct investment has enabled foreign-invested enterprises to enter the foreign trade field as new business entities, breaking the monopoly of state-owned foreign trade enterprises. Since then, China has implemented the contract system for foreign trade operations, and gradually replaced mandatory plans with guiding plans. According to the general rules of international trade, the export tax rebate system has been established. In October 1992, China clearly put forward the reform goal of establishing a socialist market economic system. According to this goal, the financial, taxation, finance, foreign trade and foreign exchange systems have been comprehensively reformed. In January, 1994, China government cancelled all financial subsidies for export, and the import and export enterprises became completely self-financing. The official exchange rate of RMB is merged with the market swap rate, and a single and managed floating exchange rate system based on market supply and demand is implemented. In the field of foreign trade management, enterprises have been privatized and the import and export agency system has been piloted. In the same year, the Foreign Trade Law of People’s Republic of China (PRC) was officially promulgated and implemented, which established the principles of maintaining a fair and free foreign trade order and laid the basic legal system for foreign trade. In December 1996, China realized the convertibility of RMB under current account. At the same time, China has on many occasions significantly reduced tariffs and reduced non-tariff measures such as quotas and licenses. These reforms have enabled China to initially establish a market-based economy,Foreign trade management system and regulation system that give full play to economic leverage such as exchange rate, tax, tariff and finance.
　　On December 11th, 2001, after 16 years of negotiations, China became the 143rd member of the World Trade Organization. According to the commitment of joining the World Trade Organization, China has opened wider to the outside world in the fields of industry, agriculture and service industry, and accelerated trade liberalization and trade and investment facilitation. In the process of fulfilling its commitments, China has deepened the reform of foreign trade system, improved the system of foreign trade laws and regulations, reduced trade barriers and administrative intervention, straightened out the government’s responsibilities in foreign trade management, promoted government behavior to be more open, fair and transparent, and pushed the open economy into a new stage of development.
　　-accelerating the legalization of foreign economic relations and trade. After joining the World Trade Organization, China concentrated on cleaning up more than 2,300 laws, regulations and departmental rules. Those that do not conform to the rules of the World Trade Organization and China’s commitment to join the World Trade Organization shall be abolished or revised respectively. The newly revised laws and regulations have reduced and standardized the administrative licensing procedures, and established and improved the legal system of trade promotion and trade remedy. According to the Agreement on Trade-related Intellectual Property Rights of the World Trade Organization, China has revised the laws, regulations and judicial interpretations related to intellectual property rights, and basically formed a complete system of laws and regulations for the protection of intellectual property rights, which conforms to China’s national conditions and international practices.
　　-further reducing tariffs and cutting non-tariff measures. During the transition period of China’s accession to the World Trade Organization, the general tariff level of China’s imported goods gradually decreased from 15.3% in 2001 to 9.9% in 2005. By January 2005, most of China’s tariff reduction commitments had been implemented. According to the commitment, since January, 2005, China has completely abolished the import quotas, import licenses, special tenders and other non-tariff measures for 424 tariff lines, and only retained the license management of products subject to import control according to international conventions and the rules of the World Trade Organization to ensure life safety and protect the environment. In 2010, the general tariff level in China has dropped to 9.8%, of which the average tax rate of agricultural products has dropped to 15.2% and the average tax rate of industrial products has dropped to 8.9%. The tariff binding rate has been maintained at 100% since 2005.
　　-Fully liberalize the right to operate foreign trade. According to the newly revised Foreign Trade Law of People’s Republic of China (PRC) in 2004, since July, 2004, the China government has changed the foreign trade management right of enterprises from the examination and approval system to the filing and registration system, and all foreign trade operators can engage in foreign trade according to law. The cancellation of the examination and approval of foreign trade management rights has promoted the formation of diversified foreign trade management patterns of state-owned enterprises, foreign-invested enterprises and private enterprises. While the import and export of state-owned enterprises and foreign-invested enterprises continue to grow, the foreign trade of private enterprises has developed rapidly, and the market share of import and export has continued to expand, becoming an important business entity of foreign trade. In 2010, the import and export of state-owned enterprises, foreign-invested enterprises and private enterprises accounted for 20.9%, 53.8% and 25.3% of China’s total import and export respectively.
　　-Further opening up the service market. China has earnestly fulfilled its commitment to join the World Trade Organization, providing overseas service providers with a wide range of market access opportunities, including finance, telecommunications, construction, distribution, logistics, tourism and education. Among the 160 branches of the World Trade Organization’s service trade classification, China has opened 100 branches, and the scope of opening is close to the average level of developed countries. In 2010, 13,905 foreign-invested enterprises were newly established in China’s service industry, and the actual utilization of foreign capital was US$ 48.7 billion, accounting for 50.7% of newly established foreign-invested enterprises and 46.1% of the actual utilization of foreign capital in the non-financial sector.
　　-Create a fairer market competition environment. By establishing and perfecting the legal system of fair trade and the law enforcement and supervision mechanisms, China has curbed and cracked down on unfair trade practices such as infringement, dumping, smuggling and disrupting market order in foreign trade operations, and strived to provide a relaxed, fair and stable market environment for domestic and foreign enterprises. In accordance with domestic laws and international trade rules, China government has strengthened early warning and monitoring, and at the same time, it has taken measures such as trade remedy and anti-monopoly investigation to correct unfair trade behaviors of trading partners and safeguard the legitimate rights and interests of domestic industries and enterprises. In response to the international financial crisis, China, together with the international community, resolutely opposes any form of trade protectionism, strictly abides by the relevant provisions of the World Trade Organization, treats domestic and foreign products equally when implementing the economic stimulus plan, and promotes fair competition between domestic and foreign enterprises.
　　By 2010, China had fulfilled all its commitments to join the World Trade Organization. China’s practical actions of earnestly fulfilling its commitments have been affirmed by most members of the World Trade Organization. In 2006, 2008 and 2010, the government of China accepted three trade policy reviews of the World Trade Organization. The basic principles of non-discrimination, transparency and fair competition advocated by the World Trade Organization have been integrated into the laws, regulations and relevant systems of China. Market awareness, openness awareness, fair competition awareness, the spirit of the rule of law and the concept of intellectual property rights are more deeply rooted in China, which has promoted the further opening of China’s economy and the further improvement of the market economic system.
　　Third, the contribution of China’s foreign trade development to the world
　　The development of China’s foreign trade not only promoted the modernization of China’s economy and the promotion of its comprehensive national strength, but also improved the living standards of more than 1.3 billion China people, and made China’s economy a part of the world economy, which promoted the development of economic globalization in a direction conducive to the common prosperity of all countries and regions in the world.
　　Reform and opening up and active participation in economic globalization have made China one of the fastest growing economies in the world. In recent 10 years, China, together with other emerging economies, has become an increasingly important force to promote world economic growth. According to the data of the World Bank, China’s GDP in 2010 increased by 4.6 trillion US dollars compared with that in 2001, accounting for 14.7% of the increase of the world economy in the same period. China’s GDP accounted for 9.3% of the world economy. According to the data of the World Trade Organization, from 2000 to 2009, the average annual growth rate of China’s export volume and import volume was 17% and 15% respectively, which was much higher than the average annual growth rate of 3% of the world trade volume in the same period.
　　China’s foreign trade took the lead in stabilizing during the international financial crisis, which promoted the global economic recovery. After the outbreak of the international financial crisis in 2008, the China government adopted a series of policies and measures to stimulate the economy, expand domestic demand and stabilize the scale of import and export. In 2009, the world’s imports of goods decreased by 12.8%, while China’s imports increased by 2.9%, making it the only country among the world’s major economies to maintain growth. The China factor has supported the exports of many crisis-hit countries, stimulated the demand of global commodity markets, boosted people’s confidence, and played a huge role in promoting the recovery and growth of the world economy. During the third trade policy review of China, the World Trade Organization pointed out that during the financial crisis, China played a constructive role in stimulating global demand and made important contributions to world economic stability.
　　The development of China’s foreign trade has improved the national welfare of China and its trading partners. With the accelerated integration into the world division of labor system, China has gradually developed into a major producer and exporter of industrial products in the world, relying on its labor cost advantage, strong industrial support and processing and manufacturing capabilities, and constantly improving labor productivity, providing inexpensive goods for countries and regions around the world and meeting various demands in the international market. China’s advantages of scale economy and processing cost in the global manufacturing sector partially digested the price increase of upstream production factors, and played a role in curbing global inflation and improving the actual purchasing power of consumers in trading partners.
　　The development of China’s foreign trade provides a broad market for its trading partners. Since 2001, China’s total import of goods has increased by about five times, with an average annual growth rate of about 20%. China’s rapidly expanding imports have become an important driving force for world economic growth, creating a huge market space for its trading partners to expand their exports. At present, China is the largest export market of Japan, South Korea, Australia, ASEAN, Brazil, South Africa and other countries, the second largest export market of the European Union, and the third largest export market of the United States and India. China’s industrialization and urbanization are advancing rapidly, and domestic demand continues to grow. The expanding and opening market will provide more and more development opportunities for trading partners.
　　China is one of the developing countries that have opened their markets to the least developed countries to the greatest extent. As of July 2010, China has implemented zero import tariff on more than 4,700 items of goods originating from 36 least developed countries with diplomatic relations, accounting for about 60% of all tariff items. China has promised to continue to expand the scope of preferential treatment to the least developed countries that have established diplomatic relations, so that the goods subject to zero tariff will reach 97% of all tariff items. Zero tariff measures have promoted the exports of the least developed countries to China. Since 2008, China has been the largest export market for the least developed countries. In 2010, China’s total imports of goods from the least developed countries increased by 58% over the previous year, accounting for about a quarter of the total exports of these countries.
　　China has fully participated in and promoted the reform of global economic governance mechanism. China government actively advocates "balance, mutual benefit and win-win" as the goal of multilateral trading system reform, and strives to promote the establishment of a fair and just new international economic and trade order. As a rapidly growing developing country, China has actively participated in international dialogue and cooperation mechanisms such as the G20 summit, the BRICS leaders’ meeting, and the Doha Round negotiations, and strived to assume international responsibilities commensurate with its own development level and national strength. China has continuously strengthened cooperation with emerging countries in the fields of economy, finance, trade and investment, and promoted the development of the international economic order in a just, rational and win-win direction.
　　China strictly fulfills its international obligations on export control. China has always advocated the complete prohibition and thorough destruction of all weapons of mass destruction and resolutely opposed the proliferation of such weapons and their means of delivery. The relevant laws of China clearly stipulate that necessary restrictions shall be taken on the import and export of fission and fusion substances or goods and technologies derived from such substances, as well as the import and export related to weapons, ammunition or other military materials. China has earnestly abided by international conventions on export control, fulfilled its non-proliferation commitments and made active efforts for international peace and regional stability. In recent years, the government of China has widely adopted internationally accepted norms and practices, and formed a complete export control system covering sensitive items and technologies such as nuclear, biological, chemical and missiles, which has provided a legal basis and institutional guarantee for better realizing the non-proliferation goal.
　　Fourth, promote the basic balanced growth of foreign trade
　　Whether a country’s foreign trade is surplus or deficit is mainly determined by its economic structure and the international competitiveness of its products or services. China does not deliberately pursue a surplus in foreign trade. China’s service trade has been in a certain deficit for a long time. China’s trade in goods was in deficit for most years before 1990. After 1990, with the large-scale undertaking of international industrial transfer, the competitiveness of manufactured goods increased, and the growth rate of exports exceeded that of imports, and China’s trade in goods changed from an overall deficit to an overall surplus. In 2005, China’s trade surplus of goods exceeded 100 billion dollars for the first time, and rose sharply for four years. In 2008, China’s trade surplus in goods reached an all-time high of $298.1 billion, and then gradually narrowed. In 2009 and 2010, the trade surplus of goods in China was US$ 195.7 billion and US$ 181.6 billion, respectively, down by 34.4% and 7.2% compared with the previous year. In 2010, the trade surplus of goods in China accounted for 6.1% of the total import and export volume and 3.1% of the GDP. Among the nine countries with the largest global trade balance (surplus or deficit), these two ratios of China are not on the high side.

　　China’s trade surplus in goods reflects China’s position in international division of labor at the present stage. At present, China has great advantages in the processing and assembly of manufactured goods, and is the largest producer and exporter of industrial products. The United States and the European Union are the most important end consumer markets. As a large number of labor-intensive processing and assembly links have been transferred from Japan, South Korea, Singapore, Taiwan, China and Hong Kong, China to China, the original surplus of these countries and regions to the United States and Europe has also been transferred to China. As a result, at present, China’s trade surplus of goods mainly exists between China-US trade and China-EU trade, while China has a long-term trade deficit with major producers of industrial intermediate products such as Japan, South Korea and ASEAN. In 2010, China’s trade surplus with the United States and the European Union was US$ 181.3 billion and US$ 142.8 billion respectively, while its trade deficit with Japan, South Korea and ASEAN totaled US$ 141.6 billion. Chinese mainland’s trade deficit with Taiwan Province was $86 billion. China needs to import a large number of primary products to produce and export manufactured goods, so its trade with some primary product exporting countries is in deficit. It is precisely at this stage that China’s manufacturing industry and service industry have different levels and positions in international division of labor, so China’s trade in goods has a large surplus, while the trade in services has a long-term deficit.

　　China’s trade surplus in goods mainly comes from foreign-invested enterprises and processing trade. In the process of deepening economic globalization, due to the refinement of division of labor and the requirements of economies of scale, more and more international trade is dominated by multinational companies, which is intra-industry trade or processing trade based on the division of labor in the value chain. Since the reform and opening up, China’s absorption of foreign direct investment has increased rapidly. For a long time, the proportion of import and export of foreign-invested enterprises and processing trade mainly operated by foreign-invested enterprises in China’s goods trade has remained at about 50%. Import and export and processing trade of foreign-invested enterprises are the main sources of China’s trade surplus in goods. In 2009 and 2010, the trade surplus of goods of foreign-invested enterprises was US$ 127 billion and US$ 124.3 billion respectively, accounting for 64.8% and 68.4% of the total trade surplus of goods in China in the same period, and the processing trade surplus was as high as US$ 264.6 billion and US$ 322.9 billion respectively, which was much higher than that of China in the same period. While foreign-invested enterprises have a large surplus in import and export and processing trade, state-owned enterprises have a deficit in import and export, general trade and other trade methods.
　　The restrictions imposed by developed countries on some high-tech trade also affect the trade balance between China and some trading partners. China is in the period of accelerated industrialization, and it has great import demand for advanced equipment and high technology from developed countries. However, some developed countries still adhere to the old thinking and set many restrictions on the export of high-end equipment and high-tech products to China, resulting in a slow growth in the export of their related products to China. This has hindered China’s imports from these countries to some extent, which is not conducive to the balance of bilateral trade.
　　China’s trade in goods changed from deficit to surplus, which improved China’s balance of payments and strengthened China’s ability to resist external risks. However, the sharp expansion of the surplus has also brought troubles to China’s economy. A large amount of RMB for export settlement has increased the difficulty and complexity of macroeconomic regulation and control. The sharp expansion of the trade surplus of goods has also increased the friction between China and some trading partners, which has exerted a sustained and greater appreciation pressure on the RMB.
　　China government attaches great importance to the imbalance in the development of foreign trade and has adopted a series of policies and measures to curb the excessive growth of surplus. First, actively adjust the economic structure, strive to expand domestic demand, especially increase investment in improving people’s livelihood and stimulate residents’ consumption growth. Second, introduce a series of import expansion policies, simplify import management and import payment procedures, reduce the provisional import tax rate of some commodities, improve the import promotion system, and improve the degree of import facilitation. Third, adjust the export tax rebate policy, and successively reduce or cancel the export tax rebate for some commodities with high energy consumption, high pollution and resource. Fourth, modify the catalogue of prohibited and restricted categories of processing trade, expand the scope of prohibited categories, and promote the transformation and upgrading of processing trade. Fifth, to change the situation that the fluctuation range of RMB against the US dollar has narrowed since the Asian financial crisis, a managed floating exchange rate system based on market supply and demand with reference to a basket of currencies will be implemented from July 21, 2005. From the reform of exchange rate mechanism in July 2005 to the end of August 2011, the nominal exchange rate of RMB against the US dollar appreciated by about 30%.
　　China’s measures to promote the balanced growth of foreign trade have achieved remarkable results. The trade surplus of goods has been decreasing continuously since 2009, and the ratio of the surplus to the total value of imports and exports and the gross domestic product has gradually decreased since 2008, and foreign trade is tending to balance. China’s efforts are not only the needs of China’s own economic development, but also the concrete actions to promote the structural adjustment and rebalancing of the world economy.
　　V. Building all-round mutually beneficial cooperative economic and trade relations
　　China’s foreign trade is all-round development. China insists on developing pragmatic cooperation and mutually beneficial and win-win economic and trade relations with all trading partners, regardless of size, wealth.
　　The trade between China and developed countries has been growing steadily, achieving complementary advantages and mutual benefit. Trade between China and EU has developed steadily in recent years. EU exports to China are mainly manufactured goods, among which machinery, electronic products, transport vehicles, complete sets of equipment, core components and precision components with advanced technology are quite competitive in China market. The trade between China and the United States has a solid foundation for development. China exported a variety of consumer goods to meet the needs of American consumers, and at the same time, it continuously expanded its imports of electronics, aviation, biology, medicine, agricultural products and services from the United States, which also met the needs of China’s own development. The trade between China and Japan has the advantage of geographical proximity. Sino-Japanese trade has promoted the continuous cooperation and progress of the industries of the two countries, and also promoted the in-depth development of regional economic division and cooperation in East Asia. China’s trade and investment cooperation with developed countries such as Canada, Australia, Switzerland and New Zealand have maintained a good momentum of development.
　　China’s trade with emerging markets and developing countries is growing strongly, with great development potential. In 2010, the China-ASEAN Free Trade Agreement was fully implemented, and 90% of the goods achieved zero tariffs, which effectively promoted the rapid growth of bilateral trade between China and ASEAN. China and ASEAN’s own unique and competitive goods freely enter each other’s markets, which meets the needs of both sides. The trade between China and South Korea has maintained sustained and steady growth, and the fields of mutual investment and economic cooperation between the two countries are very broad. The rapid growth of trade between China and other BRICS countries in recent years has promoted the strong development of their respective advantageous industries, showing that emerging economic markets have broad development prospects. In recent years, China’s trade with other developing countries has also increased at a relatively fast speed. The long-standing trade with Arab countries has been further developed, and the fields of economic and trade cooperation with Latin American countries have been continuously expanded. The trade with African countries has given full play to the complementary advantages of their resource conditions and economic structure, and promoted their respective development.
　　China attaches great importance to the institutionalization of bilateral and regional economic and trade cooperation. At present, more than 150 countries and regions have signed bilateral trade agreements or economic cooperation agreements with China. China has established and maintained high-level economic dialogue mechanisms with major economies such as the United States, Europe, Japan, Britain and Russia. China actively participates in regional and sub-regional economic cooperation mechanisms such as the Asia-Pacific Economic Cooperation, the ASEAN-China-Japan-ROK (10+3) Leaders’ Meeting, the East Asia Summit, the China-Africa Cooperation Forum, the Greater Mekong Subregion Economic Cooperation, the Central Asian Regional Economic Cooperation and the Great Tumen Initiative. China adheres to the policy of "being a good neighbor and partner" and establishes and develops various forms of border economic and trade cooperation with neighboring countries and regions.
　　China actively participates in and promotes the process of regional economic integration. By the end of 2010, China had negotiated 15 FTAs or CEPAs with 28 countries and regions on five continents, and signed and implemented 10 FTAs or CEPAs. There are five ongoing negotiations on free trade agreements. China proposes to establish East Asia Free Trade Area. In 2010, China’s bilateral trade in goods with 10 partners of free trade agreements or close economic partnership arrangements (ASEAN, Pakistan, Chile, Singapore, New Zealand, Peru, Costa Rica, Hong Kong, China, Macao, China, Taiwan, China) reached 782.6 billion US dollars, more than a quarter of China’s total import and export.
　　China has deeply participated in and promoted the Doha Round negotiations of the World Trade Organization, and strived to safeguard the authority of the multilateral trading system. China stressed that the negotiations should be conducive to the implementation of the principles of fairness and justice in the multilateral trading system, and reflect the Doha Round as the goal of the development round. China fully participated in the Doha Round negotiations on agriculture, non-agricultural products, services and rules, and submitted more than 40 negotiating texts independently, and more than 100 jointly with other members. In order to push forward the Doha Round negotiations, China has repeatedly expressed its willingness to make constructive contributions to the negotiations, which are commensurate with its own level of development.
　　When resolving disputes with trading partners, China takes into account the interests of all parties and seeks common ground while reserving differences. Since joining the World Trade Organization, with the continuous growth of import and export, disputes and frictions between China and its trading partners have increased. The products involved are mainly textiles, shoes, tires, auto parts, steel and chemical products, and the controversial issues mainly involve intellectual property rights, trade balance, fair trade, food safety, environmental protection and other fields. China has always believed that dialogue is better than confrontation and cooperation is better than pressure, and efforts should be made to resolve disputes among trading partners through consultation and negotiation. China insists on giving consideration to and balancing the interests of all parties. Within the rules and system of the World Trade Organization, it uses multilateral and bilateral channels to resolve disputes through dialogue, consultation and negotiation. In recent years, China has taken many measures in expanding market opening, protecting intellectual property rights, promoting trade balance, reforming the RMB exchange rate formation mechanism, and regulating the import and export operation order, fully taking care of the concerns of trading partners. In the case that negotiation fails to resolve disputes, China has properly handled trade disputes with its trading partners through the dispute settlement mechanism of the World Trade Organization, thus maintaining the stability of the multilateral trading system.
　　VI. Realizing the Sustainable Development of Foreign Trade
　　At present, there are still unbalanced, uncoordinated and unsustainable problems in China’s foreign trade development, which are highlighted as follows: export growth mainly depends on the input and consumption of resources, energy, land, labor and environment, and the input of science and technology, management and innovation is insufficient, and the contradiction between foreign trade development and resource and energy supply and environmental carrying capacity is increasingly prominent; The competitiveness of enterprises in R&D, design, marketing and service is not strong, and the proportion of self-owned intellectual property rights and self-owned brand export products is not large; The contribution of foreign trade development to the three industries is not balanced enough; The scale and level of foreign trade in the central and western regions are still relatively backward; The quality and efficiency of foreign trade growth need to be further improved. China government is clearly aware of these problems and takes active measures to accelerate the transformation of foreign trade development mode and realize the sustainable development of foreign trade.
　　Strive to cultivate the comprehensive competitive advantage of foreign trade development. Faced with the rising labor costs, the sharp rise in the prices of production factors such as resources and energy, and the weakening of the traditional low-cost advantages of export industries in recent years, the China government has put forward the strategic goal of transforming foreign trade from extensive development to intensive development. During the 11th Five-Year Plan period (2006-2010), the China Municipal Government adjusted the import and export tax policy, implemented the strategy of rejuvenating trade through science and technology, market diversification and winning by quality, carried out the pilot project of transformation and upgrading of processing trade, improved the financing and insurance services for import and export enterprises, promoted enterprises to accelerate technological progress and product structure optimization, and enhanced the comprehensive competitive advantage of foreign trade. Most import and export enterprises have withstood the impact of the international financial crisis, and import and export trade has achieved rapid recovery after the crisis. During the "Twelfth Five-Year Plan" period (2011-2015), China will strive to maintain its existing export competitive advantage, accelerate the cultivation of new advantages centered on technology, brand, quality and service, promote industrial transformation and upgrading, extend the value-added chain of processing trade, and improve the competitiveness and added value of enterprises and products. Vigorously develop trade in services and promote the coordinated development of trade in goods and services. Continue to open the service industry to the outside world, promote the development of service outsourcing, and strive to expand the export of emerging services. Finance and taxation, financial insurance, foreign exchange management, customs clearance, inspection and quarantine, logistics and transportation will further improve and implement relevant national policies, speed up trade and investment facilitation, and strive to promote the stable and healthy development of foreign trade.
　　Accelerate energy conservation and emission reduction in the development of foreign trade. As early as 1994, the government of China formulated and published China’s Agenda for the 21st Century-China’s White Paper on Population, Environment and Development in the 21st Century, which incorporated energy conservation and emission reduction into national economic and social development goals. Both the Eleventh Five-Year Plan and the Twelfth Five-Year Plan regard reducing energy consumption and carbon dioxide emission intensity as binding indicators. Since 2004, China has repeatedly lowered or even cancelled export tax rebates for some high energy consumption, high pollution and resource commodities, banned and restricted the processing trade of some such products, and encouraged import and export enterprises to keep up with international advanced environmental protection standards. In recent years, the proportion of "two high-tech and one capital" commodities in China’s export commodities has dropped sharply, and the export of new energy and energy-saving and environmental protection products has increased substantially. Most import and export production enterprises that have reached a certain scale have obtained ISO14000 and other standards related to environmental protection. China will strive to adjust the economic structure and industrial structure, accelerate the application of advanced energy-saving and environmental protection technologies, and promote the more coordinated development of foreign trade, resource conservation and environmental protection.
　　Strengthen trade-related intellectual property protection. Strengthening the protection of intellectual property rights is not only the need for China to fulfill its international obligations, but also the inherent requirement for transforming the mode of economic development and building an innovative country. Over the years, the government of China has done a lot of work in intellectual property protection, and achieved remarkable results in legislation, law enforcement, publicity, training and raising the awareness of intellectual property protection in the whole society. In 2008, China formulated the Outline of National Intellectual Property Strategy, which promoted the protection of intellectual property to the height of national strategy. From 2006 to 2011, China promulgated the China Action Plan for the Protection of Intellectual Property Rights for six consecutive years, and implemented more than 1,000 specific measures in many fields, including legislation, law enforcement, education and training, cultural propaganda and foreign exchange. In 2010, the number of international patent applications filed by China through the Patent Cooperation Treaty reached 12,295, an increase of 55.6% over 2009, ranking first among countries in terms of growth rate, and ranking fourth in the world from fifth. At present, strengthening the protection of trade-related intellectual property rights is a common challenge for all countries in the world, and strengthening dialogue and cooperation has become the trend of intellectual property protection in the world. Under the relevant international conventions and respective legal frameworks, the Government of China will strengthen intellectual property exchange and cooperation with countries and regions around the world, and jointly promote the healthy development of intellectual property.
　　Improve the quality and safety requirements of export commodities. On the whole, the quality of China’s export commodities is constantly improving, which is welcomed and recognized by consumers all over the world. In 2009 and 2010, there were 11.032 million batches and 13.054 million batches of China’s export goods inspected and quarantined by entry-exit inspection and quarantine institutions, and the unqualified rates were 0.15% and 0.14% respectively. The export value was US$ 429.27 billion and US$ 552.18 billion respectively, and the unqualified rate was 0.12% and 0.13% respectively. In 2010, China exported 127,000 batches of food to the United States, with a qualified rate of 99.53%; 138,000 batches of food were exported to the EU, with a qualified rate of 99.78%. According to the statistical report on the monitoring of imported food in the Ministry of Health and Welfare of Japan, in 2010, food imported from China was sampled at a high rate of 20%, and the qualified rate of sampling inspection was 99.74%, which was higher than that of food imported from the United States and the European Union in the same period. However, there are still a few enterprises in China that ignore the quality and safety of goods in order to reduce costs, and some foreign importers do not pay attention to quality and integrity, depress commodity prices and even directly instruct China producers to use unqualified raw materials. These actions have damaged the reputation of "Made in China". In view of these problems, the China Municipal Government has continuously improved the laws and regulations on commodity quality and safety in recent years, strengthened supervision in all aspects, and severely punished a few enterprises that violate laws and regulations and cause quality problems. In March 2011, China launched the "Year of Improving the Quality of Foreign Trade Commodities".We will further improve the licensing, certification and supervision mechanism for the quality and safety of foreign trade commodities, and improve the efficiency of ensuring the quality and safety of export commodities.
　　Enhance the sense of social responsibility of import and export enterprises. With the continuous expansion of opening to the outside world, more and more enterprises in China realize that they need to bear corresponding social responsibilities while growing. This is not only conducive to social harmony and progress, but also conducive to improving the competitiveness and sustainable development capacity of enterprises. Governments at all levels in China are promoting enterprises to improve their sense of social responsibility, respect labor rights, safeguard consumers’ rights and protect the ecological environment by advocating the concept of Scientific Outlook on Development and harmonious society. At the same time, China government encourages enterprises to accept relevant social responsibility standards in import and export trade, and strive to obtain necessary social responsibility certification. Since the implementation of the new Labor Contract Law and its implementing regulations in 2008, import and export enterprises have generally established a system of "five insurances and one fund" (pension insurance, medical insurance, unemployment insurance, work injury insurance, maternity insurance and housing provident fund). China government regards enhancing corporate social responsibility as an important task to promote the transformation and upgrading of foreign trade. In the future, it will strengthen the publicity and training of corporate social responsibility, establish and improve the integrity management system of import and export enterprises, improve the supervision of corporate social responsibility by the whole society, carry out international cooperation in the cultivation and management of corporate social responsibility, and promote the import and export enterprises to continuously improve their level of social responsibility.
　　Promote international cooperation in strategic emerging industries. Developing strategic emerging industries is of great significance to the transformation and upgrading of foreign trade and sustainable development. After more than 30 years of reform and opening up, China’s comprehensive national strength has been significantly enhanced, the level of science and technology has been continuously improved, the industrial system has been gradually improved, and the development of strategic emerging industries has laid a solid foundation. However, compared with developed countries, emerging industries in China are still in the initial stage of development. After the international financial crisis in 2008, all major economies in the world are accelerating the development of emerging industries. China regards the development of strategic emerging industries as an important task of industrial revitalization. In order to promote the development of key areas, while giving play to the basic role of the market in allocating resources, the China Municipal Government has strengthened policy guidance, standardized the market order, improved the investment environment and encouraged enterprises to improve their technological innovation capabilities. China’s basic policy of supporting the development of strategic emerging industries conforms to international trade rules, and it is willing to strengthen exchanges with other countries in scientific research, technological development and capacity building, and make joint efforts to create a new situation of international cooperation and development of emerging industries.
　　Concluding remarks
　　At present, the deep-seated impact of the international financial crisis is still emerging, and the long-term, arduous and complex nature of the world economic recovery is more prominent, and the global economic structure and trade pattern are facing profound adjustments. China’s foreign trade will also undergo new adjustments, and strive to realize the transformation from scale expansion to quality and efficiency improvement, from relying mainly on low-cost advantages to enhancing comprehensive competitive advantages, and from a big trading country to a powerful trading country.
　　The development of China’s foreign trade is still restricted by many uncertain factors and will encounter new difficulties and pressures. During the "Twelfth Five-Year Plan" period, China will further expand its opening-up, promote reform, development and innovation through opening-up, strive to give full play to its own advantages, strengthen all-round international cooperation, and integrate into the world economy on a larger scale, in a wider field and at a higher level. China is willing to work with its trading partners to cope with the challenges facing the world economy and trade development, promote a more balanced, coordinated and sustainable development of foreign trade, and share prosperity with its trading partners to achieve a win-win situation.

I. Preface: i9-10980XE, the ultimate plaything of enthusiasts, appeared.

The fever platform has always focused on productivity creation, while the mainstream platform has a better game experience, and everyone has their own duties. If there is a processor that has more than twice the productivity of the mainstream platform, but also has the game performance beyond i9-9900K, and the price is not so expensive, then it will definitely be the ultimate processor that top enthusiasts really deserve.

In October 2019, Intel officially announced its 10th generation Core X processor, which is designed for performance enthusiasts. If this processor is properly tuned, it can overclock to 4.8GHz within the controllable temperature and power consumption range, and become a top-class processor integrating productivity tools and game performance.

The 10th generation Core X processor adopts Cascade Lake-X architecture, and still adopts 14nm++ technology. Compared with the previous generation, it introduces an updated instruction set, and the main frequency is also improved. In addition, the new processor has also improved in memory, PCIe, AI artificial intelligence, network and so on. The overall performance is further enhanced compared with the previous generation products.

The 10th generation Core X processor released a total of 4 models, canceled the 16-core and 8-core models, and reduced the 10-core from two to one.

The flagship model Core i9-10980XE, with 18 cores and 36 threads, 24.75MB of three-level cache, has a reference frequency of 3.0GHz, the highest acceleration frequency of single core of Turbo 2.0 is increased from 4.4GHz to 4.6GHz, the acceleration frequency of Turbo Max 3.0 is increased from 4.5GHz to 4.8GHz, and the whole core acceleration frequency is 3.8GHz.

Core i9-10940X with 14 cores and 28 threads, and Core i9-10920X with 12 cores and 24 threads all have 19.25MB of tertiary cache, and the reference frequency is 3.3GHz and 3.5GHz respectively, and the acceleration frequencies of Turbo 2.0 and Turbo Max 3.0 are also 4.6GHz and 4.8GHz respectively, and the whole core acceleration frequency is 4.1GHz respectively.

The Core i9-10900X with 10 cores and 20 threads is the lowest model this time, with 19.25MB of tertiary cache, the reference frequency increased from 3.5GHz to 3.7GHz, and the acceleration frequencies of Turbo 2.0 and Turbo Max 3.0 were 4.5GHz and 4.7GHz, respectively, which increased the speed by 300MHz and 200MHz, and the whole core accelerated by 4.3GHz.

All four models can be unlocked and overclocked, and all of them support Aoteng memory acceleration. The thermal design power consumption is 165W as the previous generation.

This generation of Core X continues to fully support two kinds of intel dynamic acceleration, namely Turbo 2.0 and Turbo Max 3.0. The latter has been further upgraded and optimized, and one or more cores with the best constitution can be selected to reach a higher frequency, which has been deeply supported by Windows 10, so the highest acceleration frequency has reached 4.8GHz, which is 300MHz higher than the previous generation.

At the same time, it also fully supports Intel Performance Maximizer(IPM) one-button overclocking tool (previously only supported nine generations of Core K series), and will try various frequency and voltage combinations of the processor until the most stable parameters are found. The whole process is automated, which is more relaxed, reliable and stable than manual overclocking. Of course, the frequency and voltage that are finally overclocked will be relatively conservative.

Memory is still a four-channel DDR4, the rated frequency is increased from 2666MHz to 2933MHz, and the maximum capacity is 256GB (a single 32GB).

PCIe bus is still PCIe 3.0, but the total number of channels supported by the platform has increased from 68 to 72, including 24 X299 chipsets and 48 processors.

In AI, DL Boost deep learning acceleration is fully introduced, which is the first time that this function has come to a high-end desktop platform. The AI reasoning speed is up to 2.2 times higher than that of the previous generation and up to 7.9 times higher than that of the platform three years ago.

On the network side, Intel Wi-Fi 6 Gig+ is supported wirelessly. Based on AX200 chipset and ten generations of Core on notebook, Intel wants to fully popularize the rhythm of Gigabit Wi-Fi 6, and upgrade to Intel i225 2.5G, that is, 2.5Gigabit network. The thermal design power consumption is as low as 1.95W, and the price is only 2.4USD..

Second, the test platform: the top MSI Creator X299 motherboard is escorted.

The test platform is as follows:

We received the QS version of i9-10980XE processor.

Creator X299 adopts high-end heat dissipation design, which can cope with high workload that may cause heat dissipation problems. While the creator is dealing with high-load operations (such as video editing, animation or programming), the larger radiator size and all-aluminum heat pipe design are more conducive to heat dissipation, thus improving performance. In addition to the heat dissipation design, Creator X299 also ensures the stable and efficient transmission of power through a dedicated 12-phase 90A digital power supply and three-way 8-pin power supply connectors.

The graphics card uses the 10th anniversary of the Galaxy RTX 2080 Tihoff. This graphics card uses six heat pipes to dissipate heat, including three 8mm composite heat pipes. The TDP of the graphics card is as high as 300W, which is considered as the top RTX 2080 Ti non-public graphics card at present.

The mainstream platform uses the Yingchi HOF OC Lab DDR4-4000MHz 8GBx2 suite. Every memory of HOF OC Lab DDR4 is selected from Samsung B-die high-quality granules, which have been carefully debugged by Yingchi overclocking lab and have strong and stable overclocking performance.

In all tests, we will set the parameters of the memory to dual channel 3600MHz 16-18-18-38 CR2.

The X299 platform uses the Zhiqi F4-3200C14D 8GB, with 4 pieces of 32GB in total, forming a four-channel mode, and the test parameters are also 3600MHz 16-18-18-38 CR2.

Ying Chi HOF PRO PCIe 4.0 SSD 2TB. To test the performance of PCIe 4.0 of X570, how can you get this top SSD without it?

This SSD uses a pure copper heat pipe to connect the front and back of the heat dissipation surface, which can effectively reduce the temperature of the main control.

In terms of heat dissipation, the player storm fortress 360EX water-cooled radiator is used.

Asus player country PG27UQ ROG 27-inch IPS esports display.

4K UHD(3840*2160) resolution, 4ms response time, 144Hz refresh rate, G-Sync technology, IPS+ quantum dot panel, 10bit color, and DisPlay HDR1000 certification.

Any monitor can be called a high-end monitor as long as it supports any of the above characteristics. ASUS PG27UQ ROG has all the above characteristics and is the top e-sports monitor at present.

Third, theoretical performance test: single thread leads I9-9980xe by 8%.

1、CPU-Z v1.90

I9-10980XE has a single thread score of 548 and a multi-thread score of 10424.

In the test of CPU-Z v1.90, the single-core performance of i9-10980XE is 60 points ahead of i9-9980XE, which is nearly 13% ahead. Multithreading only gained 201 points, leading by 2%.

2、wPrime v2.10

In the performance test of wPrime 32M single thread, i9-10980XE takes 30.9 seconds; It took 50.8 seconds for multithreading to run wPrime 1024M.

In the wPrime 32M single-threaded test, the score of i9-10980XE is equivalent to that of i9-9980XE; However, the multithreading performance of Prime 1024M is 1.8 seconds slower.

3、7-zip

The score of i9-10980XE is 135990MIPS for multithreading and 7082MIPS for single threading.

In the 7-ZIP test, the single-threaded performance of i9-10980XE is 7% better than that of i9-9980XE, while the multi-threaded performance is about 1% better.

4、AIDA64 GPGPU

The i9-10980XE single-precision floating-point performance reaches 3322GFLOPS(3.3 trillion FLOPS), and the double-precision floating-point performance is 1611GFLOPS(1.6 trillion FLOPS).

The floating-point test of AIDA64 supports AVX 512 instruction set, so i9-10980XE and i9-9980XE are far ahead of the two mainstream processors in this test.

5、3DMark

3DMark Fire Stirke is too old to test multi-core processors, just look at the score. The physical score of i9-10980XE is 28303.

Fourth, professional performance test: Multi-core performance is equivalent to i9-9980XE.

1、CineBench R15

I9-10980XE scored 206cb for single thread and 3738cb for multi-thread.

In the CineBench R15 test, the single-thread score of i9-10980XE is 16 points higher than that of i9-9980XE, leading by 8%. On the contrary, the multithreading score is still 22 points behind, with a range of less than 1%.

2、CineBench R20

I9-10980XE scored 477cb for single thread and 8836cb for multi-thread.

In the CineBench R20 test, the single-thread score of i9-10980XE is 26 points higher than that of i9-9980XE, leading by 6%. Multithreading scores are basically the same.

3、POV-Ray

The score of i9-10980XE is 7452PPS for multithreading and 501PPS for single threading.

In POV-Ray test, the single-thread score of i9-10980XE is 45 points higher than that of i9-9980XE, and the leading range is just 10%. The multi-thread score is 84 points more, leading by 1%.

4、X264 FHD Benchmark

X264 FHD Benchmark can only support up to 16 threads, but more threads can be opened. We start two programs for parallel testing at the same time, and take the sum as the test score.

The i9-10980XE has a performance of 120FPS, the maximum power consumption of the core can reach 242 watts, and the maximum temperature is 80 degrees.

In X264 FHD Benchmark, i9-10980XE is 2 frames less than i9-8980XE.

5、X265 FHD Benchmark

X265 FHD Benchmark can only support up to 16 threads, so we start two programs for coding test at the same time. (At present, the mainstream X265 video compression production software supports multi-opening and parallel processing, so our testing method has certain reference value).

The score of i9-10980XE is 121FPS.

X265 FHD Benchmark is a tool that supports AVX 256 instruction set.

After repeated tests, the score of i9-10980XE is always around 120FPS, with a gap of 10 frames from i9-9980XE.

6、Corona Benchmark 1.3

Corona Render has excellent rendering quality and speed, and it can be used as a plug-in by 3Dsmax and C4D software.

The score of i9-10980XE is 9518810 Rays/ second.

The results of i9-10980XE are basically the same as those of i9-9980XE, which is 90% better than that of i9-9900KS.

7、Blender Benchmark 2.80

The score of i9-10980XE is 8 minutes and 53 seconds.

Blender Benchmark is one of the few test software that supports AVX 256 instruction set. The score difference between i9-10980XE and i9-9980XE can be regarded as an error.

V Premiere Pro playback, rendering playback and transcoding test

Adobe Premiere Pro is a widely used video editing software, which is widely used in advertising production and TV program production. This software can complete video collection, editing, color matching, beautifying audio, adding subtitles, video transcoding and so on.

We use the latest version of Premiere Pro 2020, which is much more optimized for multi-core than the previous generation, and can call up to 48 threads, while Premiere Pro 2018 can only use up to 16 threads.

The test method is to play back, render and transcode a 4K resolution scene to test the performance of different processors.

The video of the test scene is IntroSequence, which is designed to simulate the types of intro sequences that are common in online video production. This sequence creates a vivid opening sequence by using the generated bars and tone shots with acceleration effect. The sequence consists of 2 video layers and 1 title graphic layer. Application effects include lens distortion, Gaussian blur, mosaic, edge finding and video transformation (rotation).

The resolution of this video is 4096*2340, the frame rate is 23.98FPS, and the duration is 59.4 seconds.

1. Playback

Video playback does not consume much processing. The CPU occupancy rate of i9-10980XE is about 60%, the highest power consumption of CPU is 184W, and the highest temperature is 64 degrees.

2. Rendering

The CPU usage during rendering fluctuates between 90% and 100%, and the highest power consumption reaches 204 watts.

3. Transcoding:

The transcoding parameters are set as shown above.

When transcoding, the CPU usage fluctuates between 90% and 100%, and the highest power consumption reaches 209 watts.

View all test data from the console.

Playback:There are 1439 frames in this scene, and the standard frame rate is 23.98FPS. I9-10980XE lost 1164 frames during playback, and the playback frame rate was 4.8FPS.

I9-10980XE has the highest playback frame rate, which is 25% higher than i9-9900KS and nearly twice as fast as Ruilong 9 3900X.

Rendering:I9-10980XE takes 45 seconds to render 1439 frames, and the rendering frame rate is 32FPS.

The frame rate of i9-10980XE is 1FPS higher than that of i9-10980XE, and 78% higher than that of 9900KS and Ruilong 9 3900X.

Transcoding:It took 47.6 seconds for i9-10980XE to complete the transcoding of this 4K video.

When Premiere Pro 2020 transcodes, i9-10980XE takes 1 second less than i9-9980XE, and 33 seconds less than 9900KS, with a leading edge of 72%.

Six, 3DS MAX and MAYA test

1、3DS MAX

A rendered interior decoration scene has 2.9 million polygons and 1.98 million vertices.

Because 3DS MAX itself can’t record the results, we use a stopwatch to record the time. In the process of rendering, 18 cores of I9-10980xe are fully loaded, with the maximum power consumption of 243W and the real-time temperature of the processor of 81 degrees.

I9-10980XE finally took 4 minutes and 13 seconds to render.

2、Maya

Maya can directly use the Kick renderer called by Arnold’s command line to accurately test the rendering time. When we use Maya 2019, all the cores of i9-10980XE can be fully called during the rendering process. When rendering, the highest core power consumption can reach 221W and the highest temperature is 76 degrees.

I9-10980XE takes 7 minutes and 40 seconds to render the whole scene.

Maya 2019 is also an application software that supports AVX 256 instruction set. The rendering time of i9-10980XE is 3 seconds less than that of i9-9980XE, and the difference is less than 1%.

Of the nearly 20 applications in the above table, only X265 FHD Benchmark, Maya 2019 and Blender benchmark 2.80 support the AVX 256 instruction set, and only AIDA64 floating-point testing tool supports the AVX 512 instruction set.

The performance of i9-10980XE in the silent frequency state does not bring surprises, and the single-thread performance is 8% stronger than the previous generation i9-9980XE because of its high turbo frequency. But multi-core performance is still 1% behind.

Seven, the game performance test: slightly ahead of i9-9980XE.

1. APEX hero

"Apex Hero" does not provide a test program. In order to reduce the interference of variables during the test, we choose to test the frame number in the training ground, and manually adjust it to the highest image quality during the test. The frame rate we recorded in the training ground is close to that in actual combat, so it has certain reference value.

In APEX Hero, the frame rate of i9-10980XE is 2FPS higher than that of i9-9900XE.

2、GTA V

The following are our parameter settings in GTA V. At 1080P resolution, the memory occupation is 3442MB.

Like i9-9980XE, i9-10980XE’s performance in GTA V is pitifully low, and 98FPS is nearly 30 frames lower than 127FPS of i9-9900KS.

3. Assassin’s Creed: Odyssey

The frame rate of i9-10980XE in Assassin’s Creed: Odyssey is acceptable, and the score of 86FPS is one frame lower than that of i9-9980XE and three frames less than that of i9-9900KS.

4. Cry in the Island 5

In Cry of the Island 5, i9-10980XE is only 128FPS, 33 frames less than i9-9900KS.

5. Tomb Raider: Shadow

In Tomb Raider: Shadow, the frame rate of i9-10980XE and i9-9980XE are both 148FPS.

6, the devil may cry 5

7, Jedi survival

In Survival of the Jedi, the frame rate performance of i9-10980XE can basically keep up with the mainstream platform.

8. Singularity ashes

　In Singularity Ashes, i9-10980XE and i9-9980XE are much better than the other two processors, and the advantage of 7 frames is nearly 6%.

9. Civilization 6

I9-9980XE’s performance in Civilization 6 is abnormal!

The frame rate of i9-10980XE is 87FPS, which is the same as i9-9900KS.

10. Wizard 3

"Wizard 3" does not require much processor performance, and the frame rate performance of the four CPUs is basically the same.

If Civilization 6 is left out, the game performance of i9-10980XE is almost the same as that of i9-9980XE, and the difference is within 0.5%.

Eight, MESH and memory overclocking test: the higher the memory frequency, the better. Mesh 3000MHz is enough.

Since the Skylake-X era, Intel’s HEDT platform has abandoned the traditional Ring bus and switched to Mesh bus. Although the new Mesh bus has improved the communication efficiency within multi-core processors, the Mesh frequency is always a pain. The Ring frequency of mainstream platform processors is 4.3GHz by default, and overclocking to 4.7GHz is not difficult, while the Mesh frequency of i9-10980XE is still 2.4GHz.

Now let’s see what changes can be brought by super Mesh and memory frequency. When testing, fix the CPU core frequency at 4.5GHz.

The i9-10980XE in our hand can stabilize the Mesh at 3.0GHz only by setting the buffer voltage of 1.03V, and the buffer voltage should be raised to 1.17V when overclocking to 3.2GHz. Obviously, it is not worth paying such a high price. 3.0GHz is a more suitable frequency.

In addition, in the later processor overclocking test, the Mesh frequency of 3.0GHz will increase the overclocking voltage of CPU by an additional 0.02V V.

1、7-ZIP

The fraction of 2133MHz in Mesh 2.4GHz memory is 137657 MIPS.

The score of 3600MHz in Mesh 2.4GHz memory is 152320MIPS.

The score of 3600MHz in Mesh 3.0GHz memory is 153830 MIPS.

2、CineBench R15

The score of 2133MHz in Mesh 2.4GHz memory is 4306cb.

Mesh 2.4GHz memory with a score of 3600MHz is 4353cb.

Mesh 3.0GHz memory with a score of 3600MHz is 4399cb.

3、CineBench R20

Mesh 2.4GHz memory with a score of 2133MHz is 10237cb.

Mesh 2.4GHz memory with a score of 3600MHz is 10340cb.

Mesh 3.0GHz memory with a score of 3600MHz is 10405cb.

4. AIDA64 memory cache

When Mesh 2.4GHz memory is 2133MHz, the measured memory delay is 89.9ns and L3 cache delay is 22.4ns.

After overclocking the memory to 3600MHz, the memory read bandwidth reaches 104.7GB/s, and the delay is reduced from 89.9ns to 64.8ns.

The bandwidth of L3 cache is also increased by about 15%, and the latency is reduced from 22.4ns to 21.4ns.

After the Mesh frequency is increased to 3.0GHz, the memory latency is further reduced to 60.3ns, the L3 cache latency is reduced from 21.4ns to 18.5ns, and the L3 cache reading speed is also increased by 20%.

5. Cry in the Island 5

Mesh 2.4GHz memory has a frame rate of 137FPS at 2133MHz.

Mesh 2.4GHz memory has a frame rate of 140FPS at 3600MHz.

Mesh 3.0GHz memory has a frame rate of 146FPS at 3600MHz.

Summary: Overall, overclocking Mesh from 2.4GHz to 3.0GHz will bring about 1% performance improvement; After increasing the memory frequency from 2133MHz to 3600MHz, not only the theoretical performance is improved by more than 1%, but also the bandwidth and delay of L3 cache are greatly improved, and the frame rate of Cry Out 5 is also improved by 5%.

Eight, overclocking test: can light load 5.0GHz.

After reading the previous tests, I believe many friends are disappointed with the performance of i9-10980XE, and so am I. The general performance of CPU is almost the same as that of i9-9980XE. If the game performance is not improved by Civilization 6, the results are basically the same.

But please don’t forget that the physique of the new processor is not comparable to that of the previous generation! An e-commerce platform has sold quite a few ES versions of i9-10980XE. According to the feedback from players, quite a few of them can overclock to 5GHz and run some light-load applications.

Then how will the QS version of i9-10980XE in our hand behave? Of all the overclocking tests,

All the overclocking tests below are based on 3000MHz Mesh frequency and 3600MHz memory frequency.

1, 4.7GHz test

Our i9-10980XE can overclock to 4.7GHz at a voltage of 1.15V, and run the CineBench R20 program. At this time, the maximum temperature is 93 degrees.

Another point needs to be pointed out, we have not set the anti-voltage level in BIOS, but the voltage given by MSI Creator X299 motherboard is almost exactly the same as the BIOS voltage at full load. The BIOS is set to 1.15V, and the voltage is 1.149V when the system is fully loaded.

2, 4.8GHz test

Overclocking to 4.8GHz requires a voltage of 1.24V, but at this time, the running power consumption of running CineBench R20 has approached 400W, and the highest temperature has reached 107 degrees.

You should know that the test of CineBench R20 takes a short time. If it runs at a power of 400W for a long time, i9-10980XE will easily explode.

3, 5.0GHz test

This i9-10980XE can enter the system at a voltage of 1.32V and run some light-load applications, such as wPrime and 7-ZIP.

At this voltage and frequency, when running other large programs, it will crash immediately. As far as overclocking ability is concerned, this i9-10980XE in our hand can only be regarded as a mass constitution.

Nine, how to make i9-10980XE low-temperature and low-power full-core 4.8GHz?

There are many methods, and the author mainly introduces two:

1. Set the power consumption wall in BIOS.

Our processor can keep a good temperature under the power consumption of 350W, so we directly set the "long-period power limit" to 350W on the motherboard.

The advantage of setting the power consumption wall is that the maximum temperature of the processor can be controlled within the desired range, and the impact on performance will only be reduced when the full-load power consumption exceeds 350W. However, it is basically impossible to fully load i9-10980XE 18 cores in most applications and games in daily use, so i9-10980XE can keep the frequency of 18 cores running at 4.8GHz in these applications.

2. Find the core with poor physique and lower the blood pressure and frequency separately.

That’s the point!

Then the question is, how can we find some cores with poor physique among the 18 cores?

Look at the screenshot. When running CineBench R20, although the highest temperature reaches 107 degrees, the temperature of each core is actually different. The lowest temperature is only 83 degrees, and there are many below 95 degrees. Those over 100 degrees have six cores.

There are two possibilities for abnormally high core temperature, one is poor physical condition and high leakage rate, and the other is that the silicone grease is not evenly spread.

After several times of repeated application of silicone grease to test the temperature, we basically ruled out the second possibility, so the remaining possibility is that the system of these six cores is too poor.

Since it can be overclocked to 4.7GHz at a voltage of 1.15V before, it shows that these six poor physical cores can also do it.

Now there is another question-after removing six cores with poor physical fitness, can the other 12 cores overclock to 4.8GHz at a lower voltage?

Finally, we can overclock the remaining 12 cores to 4.8GHz at a voltage of 1.20V, which is really a surprise and accident.

However, in order to ensure the stability of the system, we will slightly increase the voltage of 4.8GHz to 1.22V, and the core voltage of six poor bodies will be increased from 1.15V to 1.16V V.

When running CineBench R20, the temperature of i9-10980XE was reduced from 107 degrees to 93 degrees, which was 14 degrees lower.

Because AIDA64 FPU program supports AVX 512 instruction set, it is impossible for 18-core processor to bake without setting AVX offset. However, below, we will let it run all tests except AIDA64, among which the load is much higher than that of CineBench R20, and many programs need to be tested for up to 8 minutes.

PS: If you want to set the voltage and temperature of each core separately, you need the BIOS of your motherboard to support the function of "By Specific Core". Unfortunately, MSI’s motherboard can only set the frequency separately, but not the voltage of each core.

9. Theoretical performance test at 4.8GHz: 22% stronger than silent frequency.

265 FHD Benchmark, Maya 2019 and Blender benchmark 2.80 support the AVX 256 instruction set. We set i9-10980XE as 12-core 1.22V 4.8GHz+6-core 1.16V 4.7GHz for testing, and set the AVX 256 Offset value to 3 and the AVX 512 Offset value to 10.

Let’s officially start the test.

1、CPU-Z

The i9-10980XE single-threaded score of 4.8G is 567.2, and the multi-threaded score is 13058.

2、wPrime

4.8G i9-10980XE takes 32 seconds for a single thread to run 32M, and 42.7 seconds for a multi-thread to run 1024M.

3、7-ZIP

4.8G i9-10980XE has a single-thread score of 7326MIPS and a multi-thread score of 160052MIPS in 7-ZIP.

4、X264 FHD Benchmark

The score of i9-10980XE of 4.8G is 152FPS.

5、X265 FHD Benchmark

The score of i9-10980XE of 4.8G is 163FPS.

6、Blender benchmark 2.80

4.8G i9-10980XE scored 7 minutes and 22 seconds.

7、Maya

It takes 340 seconds to render the i9-10980XE of 4.8G.

8、3DS MAX

It takes 3 minutes and 24 seconds to render the i9-10980XE of 4.8G.

9、CineBench R15

The i9-10980XE of 4.8G has a single thread score of 209cb and a multi-thread score of 4661cb.

10、CineBench R20

4.8G i9-10980XE has a single thread score of 487cb and a multi-thread score of 11030cb.

11. Premiere Pro playback, rendering and transcoding

The playback frame rate of 4.8G i9-10980XE is 4.7FPS, the rendering frame rate is 37FPS, and transcoding takes 47 seconds.

Summarize the theoretical test results as follows, and add Ruilong 9 3950X for comparison.

Under the silent frequency, i9-10980XE has a certain gap with Ruilong 9 3950X in both single-core performance and multi-thread performance. However, once overclocked to 4.5GHz, the multithreading performance of i9-10980XE will be greatly improved by 22%, thus achieving the overtaking of Ruilong 9 3950X, and the leading margin is as high as 18%.

X. 4.8GHz Game Performance Test: Beyond i9-9900KS

1. Jedi survival

The 4.8G i9-10980XE reached an unprecedented 245FPS in Survival of the Jedi.

2. Tomb Raider: Shadow

The frame rate of 4.8G i9-10980XE in Tomb Raider: Shadow reaches 164FPS.

3. Cry in the Island 5

The frame rate of 4.8G i9-10980XE in Cry Out 5 reaches 156FPS.

4. Civilization 6

The frame rate of 4.8G i9-10980XE in Civilization 6 reached a record 111FPS.

5, singularity ashes

The frame rate of Singularity Ashes is 124FPS, which is not much improved.

Summarize the test results as follows, and join i9-9900KS this time.

Based on the test results of ten games, after the i9-10980XE was overclocked to 4.8GHz (Mesh3000MHz), the game performance was improved by nearly 10%, and the overall performance even surpassed i9-9900KS.

Twelve, power consumption data: the correct overclocking posture power consumption can also be controlled.

For i9-10980XE, AIDA64 FPU is no longer suitable as a baking machine tool. We recorded the temperature and power consumption of the processor and the whole platform during the test. The detailed data are as follows:

In the silent frequency state, when testing the theoretical performance of CPU, the maximum power consumption of the core does not exceed 250 watts, and the maximum power consumption of the whole machine is also within 370 watts; When testing the game, the maximum power consumption is actually the 10th anniversary of the 300-watt TDP’s Shadow Play RTX 2080 Tihoff, but even so, the maximum power consumption of the whole machine is only 550 watts.

When i9-10980XE is set to 12-core 1.22V 4.8GHz+6-core 1.16V 4.7GHz, the highest power consumption of CPU in theoretical test reaches 406W, which is 160W higher than the silent frequency. The maximum power consumption of the whole machine reaches 621 watts. If the conversion efficiency of the extremely cool MasterWatt Maker 1200W titanium power supply is calculated at 92%, the output power of the power supply is 570 watts.

When the game is tested after overclocking, the maximum power consumption of the whole machine is 581 watts.

XIII. Summary: This is the top processor that top enthusiasts deserve.

The test process experienced many twists and turns, but it was finally completed. Although Intel has always stressed that this is a processor that focuses on productivity creation, after the price is reduced by half, there are actually many DIY enthusiasts who are interested in this processor and are willing to buy it.

But if we just look at its default performance, it doesn’t seem to be worth buying. It is not much different from the previous generation i9-9980XE, and even its performance is not as good as the cheaper Ruilong 9 3950X.

But please don’t forget, this is i9-10980XE with the latest 14nm++ process, and its physique is far stronger than that of the previous generation i9-9980XE. If it is matched with excellent BIOS, this processor will give you enough surprises, even far exceeding your initial expectations.

Perhaps the simple and violent overclocking test of other media will make you afraid of the power consumption and heat generation of this processor, but in fact, as long as you have the correct overclocking posture, it can reach the daily use frequency of 4.*GHz within a reasonable temperature and power consumption range. The method is as follows:

When the processor is under high load, it will be found that there are a few cores with very high temperatures, and usually these cores are the ones with poor physique. You can reduce the frequency of these cores by one step in the BIOS and set the voltage separately.Crucially, after eliminating these cores with poor physique, other cores with better physique can achieve the same frequency at lower voltage.

Through this setting, the operating temperature of i9-10980XE at 4.8GHz is reduced by 14 degrees. Moreover, the maximum power consumption of the whole machine is within 630 watts. Even with the strongest non-public RTX 2080 Ti graphics card, a rated 700W power supply can meet the demand.

Of course, if the frequency of 4.7 GHz can satisfy you, the temperature and power consumption will be better controlled.

The i9-10980XE overclocked to 4.8GHz shows the style that a top-class processor should have, and its theoretical performance is improved by 22%, which can easily surpass all competitors below 18 cores. As for the game performance, it exceeds i9-9900KS, which is quite scary.

This is the top processor that top enthusiasts deserve!

New era, new changes. In the transition period of new energy automobile industry, not only the automobile itself, but also the consumption habits of users have changed. Once upon a time, the "square box" hard-core cross-country was still a niche track, but in recent years, it has become a track that major car companies are competing to chase.

As a leader in this segment, Jetway is undoubtedly the most typical success story among many brands. Whether it is the precise brand strategic layout or the constantly changing high-quality products, Jetway is trying to rewrite the new face of the hard-core off-road market.

How to rewrite it? The sales data gives the most intuitive answer: in the first half of this year, Jetway sold a total of 223,555 vehicles, up 98.9% year-on-year, surpassing 200,000 vehicles for the first time, refreshing the growth rate of China’s cutting-edge SUV brand.

At the same time, in January and June respectively, with the sales of 42,956 vehicles and 42,088 vehicles, Jietu completed the feat of breaking "4" twice in a single month, constantly refreshing its own new record.

Standing at a new starting point in 2024, Jietu is building a new era of its own.

Deeply cultivate the concept of "travel+"and run out of acceleration in a quick way

Since its birth in 2018, Jietu has gradually entered the mainstream automobile market by virtue of the new product sequence identity endowed by Chery Group, and set its sights on the seemingly smaller market of "Travel+".

For this growth period, Li Xueyong, deputy general manager of Chery Automobile Co., Ltd., summed it up as four words "a bad brand": three-year epidemic, chip shortage, sharp increase in new energy penetration, and price wars one after another.

Fortunately, Jietu withstood the pressure and completed its life extension with good sales results: 200,000 vehicles in 18 months, 300,000 vehicles in 28 months, 600,000 vehicles in 50 months, and 1 million vehicles in 65 months … This has also achieved "Jietu speed".

In Li Xueyong’s view, Jietu, whose average annual sales exceeded 200,000 vehicles, has passed the 1.0 stage of survival; In 2024, Jetway will achieve an annual sales of 500,000 vehicles and achieve the development of the 2.0 era, which depends on the continuous increase in the brand-new single product Jetway Traveler released by Jetway in 2023 and the best-selling Jetway X70/X90/ Dasheng.

If X70 series leads Jietu to open the door to the mainstream automobile market. Then, travelers let Jietu complete the task of transforming from a home travel SUV to a hard-core off-road market, helping the brand to complete the core direction of 3.0 transformation.

In September 2023, at the launch conference of Jetway Traveler, Jetway took the lead in trying to "light off-road", taking into account the shape design of hard-core off-road vehicles, all-road off-road capability and the comfort, intelligence and safety of home SUVs. Between the home SUV market and the hard-core off-road SUV market, Jetway Traveler has opened up a brand-new track.

Facts have proved that this wave of early adopters of Jietu travelers is correct.In June this year, the sales volume of Jetway travelers reached 16,205, setting a new monthly sales volume for Jetway travelers. At the same time, the whole cross-country travel series of Jietu Automobile reached a new peak, with a total sales volume of 20,761 vehicles, accounting for 49.4%, and it served as the first sales growth engine of Jietu brand.

To sum up briefly, accelerating the transformation of light off-road, taking light off-road as the transition and moving towards hard off-road is the transformation trend of Jietu’s brand-new products.

However, Jietu brand is not limited to this, but will continue its successful experience to the brand-new product sequence of mountains and seas. After all, Shanhai sequence should not only undertake the heavy responsibility of Jietu new energy transformation, but also undertake all new energy vehicles under the brand, so as to combine hybrid off-road travel with "travel+"positioning and bring consumers a brand-new travel solution.

On April 22nd this year, the launch conference of Shanhai T2 included not only the main characters but also Shanhai T1 and Shanhai T5. Shanhai P5 and Shanhai T7 showed their true colors, and together they formed the "Five Tiger General" of Jetway’s hybrid off-road matrix, announcing that Jetway had strided into the 3.0 era with the wildest products, the wildest technologies and the wildest experiences.

In terms of subdivision, Shanhai T1 and Shanhai T2 are still positioned in the light off-road market, Shanhai T5 will focus on the pure hard-core off-road track, Shanhai P5 will position the all-road travel off-road pickup truck, and Shanhai T7 is a "new species" that Jetway will strive to build.

In terms of playing style, Jietu brand not only follows the consistent strategy of "travel+",but also adheres to the two product routes of "fuel+hybrid" to meet the consumption needs of different users.

Li Xueyong mentioned at the T2 conference of Shanhai: "Jietu should be from pursuers, runners to surmounters!" Behind this, in addition to the powerful cornerstone given by technology, the brand is trying to "understand users" in the value system.

Jetway’s 3.0 era is a new way for users.

Zhang Chunwei, deputy general manager of Jietu Brand Division and general manager of marketing center, once said that Jietu Automobile has always adhered to the "travel" strategy and laid out the "travel+"ecology, only for users to have a better and more comfortable experience on the road.

In fact, whether Jietu is deeply involved in the "travel and home" market or taking into account the dual needs of "travel and off-road" in transformation, its essence is still to respond to users’ voices and demands.

The first is the product layout.Jietu brand has always followed the concept of "tourism+",which perfectly meets the needs of young consumers. Around the two concepts of family travel and cross-country travel, Jetway has successively launched X70 series, X90 series, Dasheng, Traveler and other explosive products. At the same time, in order to adapt to the transformation of new energy, a brand-new product sequence, Shanhai, was launched, which declared that Jietu Automobile strode into the 3.0 era with the wildest products, the wildest technology and the wildest experience.

Secondly, at the marketing level.Jietu is user-centered, with a comprehensive mixed layout, and is stable and far-reaching towards a new journey. On May 28th this year, Jietu Shanhai Dongguan Dongyi New Energy Center opened, and the opening activities of Shanhai Baidian were launched simultaneously in the whole country.

As early as the end of last year, Wang Rusheng, deputy general manager of Jietu Automobile Marketing Company, mentioned in an interview with the media that the number of mountain and sea experience centers will increase to 450 by the end of 2024. At the same time, he also said that these experience centers will provide users with 24-hour free charging and free opening of lounges and live broadcast rooms, as well as 50 km on-site test drive experience services anytime and anywhere.

In terms of ecological constructionJetway has been deeply cultivated for a long time, and through a series of activities related to travel, users can feel the real exclusive service. For example, integrate well-known domestic tourism resources and unite 117 ecological alliances; Create user experience IP activities such as "Jietu Damei China", "Jietu Family Banquet", "Jietu Cross-country College" and "Fan Festival".

It is worth mentioning that Jietu brand is also giving "Travel+"more different meanings. At the second travel+conference of Jietu Automobile last year, Li Xueyong talked about that the travel of Jietu brand is exploration, public welfare and culture.

"Define the journey with actions", whether it is to create a road book with users, establish more than 200 Jietu stations, join hands with 100 eco-partners, unite 318 5A scenic spots, or jointly publish the list of the most influential "dream-seeking travelers" with Mawei, all these make the brand concept of Jietu "Travel+"more in-depth and three-dimensional display in front of users. At the same time, Jietu brand is also actively participating in public welfare projects. In August last year, Jietu joined hands with the "Warm Current Plan" of China Social Welfare Foundation to enter Guang ‘ai School in Jinzhai County, Lu ‘an City, Anhui Province, and donated materials. At the same time, it cooperated with the "Jiejun March" fan organization and caring media to carry out loving interaction with children.

In February this year, Chery Group reached a three-year strategic (public welfare) cooperation with Rongjiang County People’s Government and Guizhou Village Supermarket, becoming the first car company to reach a strategic cooperation with Guizhou Village Supermarket. The two sides will carry out all-round cooperation in sports events, village supermarket sports culture, public welfare to help students and agriculture, and rural revitalization of the "super" economy.

"In the future, Jietu Automobile will adhere to the initial intention of" travel is public welfare ",rely on the strong" travel+"ecology, unite public welfare organizations and caring people, continuously expand the field of public welfare, and do a good job of" travel+"public welfare. This is the significance of Jetway car travel and the reason for Jetway users to travel.

　"The Ghost Woman"
Director: Yip Weixin
Starring: Louis Koo, Liu Yifei, Yu Shaoqun
Movie channel broadcast time:April 20 19:05
Highlights: Young Yan Chixia (Gu Tianle) is determined to become an excellent demon hunter, and he chooses the Black Mountain as the starting point for his journey to practice and realize his dreams. There are many ancient elves and monsters in the Black Mountain. They live a primitive life, rough and simple but full of killing. Yan Chixia experiences one dangerous battle after another, which makes his sword more terrifying, his strength is stronger, and he is even confident that he can overcome everything; until that day, he meets Nie Xiaoqian (Liu Yifei)… "The Bachelor Terminator."

"Someone Under the Bed"
Director: Niu Chaoyang
Starring: Guo Xiaoran, He Keren, Wu Wenjia
Movie channel broadcast time:April 20 at 01:04　
What to watch: "Someone Under the Bed" is, in general, a "ghost movie" that is not terrifying for the sake of horror. The director attempts to use a hidden lens to peek into the inner world of young people: in an ancient city far away from secular society, there must be irreparable temptation; it is as deeply embedded in instinct as lust, and it unreasonably leads fate. 　Kung Fu Kid.
Director: Issey Oda　
Starring: Zhang Zhuang, Izumi Shinko, Ueno Shuri
Movie channel broadcast time:April 20 16:20　
Highlights: The only young women’s film directed by China’s most famous director Xie Jin, starring the first students of Xie Jin Hengtong Star Film and Television School, including Chinese film and television superstar Zhao Wei, is Zhao Wei’s film debut.

45-Inch large screen, 8k resolution, Qualcomm 8295 chip… The smart cockpit of the Galaxy E8 really made many people’s eyes shine. So in terms of audio and video experience, will the Galaxy E8 bring us more surprises?

This time, the model we tested is the Galaxy E8 665km starship, the long-range version, and the car version is the Galaxy N OS 1.0.6.

From the brand and quantity of speakers, the Galaxy E8 is equipped with a 12-speaker sound system provided by Yanfei Lishi except for the entry-level model. Unfortunately, the official did not announce the specific power of this sound system.

In fact, at the moment of opening the door, in addition to the 45-inch large screen that is very eye-catching, the speakers located on both sides of the dashboard and shaped like UFOs are also very eye-catching. Such a chic shape is still quite rare in the same price model.

In terms of the placement of the speakers, the overall performance of the Galaxy E8 is rather conventional.

Tweeter: both sides of the dashboard

Midrange speaker: one in the middle of the meter and one on the upper part of the back door on both sides

Woofer: one at the bottom of each of the four doors, 1 in the trunk

What’s more surprising is that although the Galaxy E8 has only 12 speakers, the main driver’s headrest alone takes up two speakers.

In the decoding test, we first use the top three test files, including an Easter egg file with a hidden encoding format, a 7.1.4 file that exceeds the decoding specification, and a master tape with a high sampling rate.

Measured down, although the Galaxy E8 player can recognize these three files, but can not play. Since this is just a stress testing, does not have broad significance, it does not count results.

During the test, we repeatedly sampled the main driver’s seat of the vehicle and the "boss seat" on the right side of the second row.

The ambient sound at the test site is 41.3db. Insert the test music USB stick, play the powder noise source and sample it directly in front of the steering wheel. Adjust the multimedia volume to increase the sampling volume to 70db, which is the test volume. (* This volume is the sampled volume of the speaker, which can better exert the performance of the speaker, but do not use it while driving, it may affect hearing and affect driving safety in the long run)

At the same time, we also recorded the ambient sound at the test volume in the exterior rearview mirror as 59.9bd. (currently not used as test data)

Let’s take a look at the frequency response curve of the main driver position:

The performance of the frequency response curve is proportional to the number of speakers with different functions. It can be seen that both the low-frequency and high-frequency parts are insufficient, relatively sparse, and the overall control is average. From the perspective of the bass spectrum, the actual power of the power amplifier is estimated to be around 500w. The control of the midrange part is relatively stable, and the fluctuation is also among the mainstream water products.

Let’s take a look at the positioning performance of the sound field:

The overall positioning of the Galaxy E8 is still good, although there is no sky channel, but the three speakers located in the center console are not only relatively high, but also less susceptible to interference, which can play a significant role in the spatial sound quality performance of the head position.

Finally, let’s take a look at the data sampled by the "boss position" and compare it with the main driver position:

In the bass section, the performance of the Galaxy E8 rear row is slightly better than that of the front row, both in terms of control and sound pressure. The mid-range section will have some phase difference performance, which is also in line with the mainstream water quality. It is rare that even if there is no independent tweeter in the back row, its performance is almost the same as that of the front row, indicating that the directivity and penetration of the front two tweeters are good.

main driver sound field

Boss sound stage

Due to the overall number and layout of speakers, the positioning of the sound field before and after the Galaxy E8 is quite different, which is more in line with the actual positional relationship. The "dessert bit" belongs to the setting of the middle position of the vehicle.

Then let’s take a look at the music ecosystem in the car.

For the Galaxy E8, the comprehensive experience of the new Galaxy OS N is definitely a plus for this car. As for the music ecology, the default listening app of the original car is Tencent Aiqu Listen, which can support up to SQ lossless quality.

At the same time, apps such as NetEase Cloud Music and Kugou Music are also provided in the Galaxy E8 app store as a supplement, which is believed to meet the needs of most users to listen to music.

In terms of sound settings, the Galaxy E8 currently offers few options, which may be good news for owners who have difficulty choosing or are not very proficient in tuning.

Of course, if you are a musician or confident in your tuning ability, the Galaxy E8 also offers high school bass adjustment options.

In the entire debugging interface, there is an independent switch for Yanfei Lishi-Surround Sound, which shows the importance. How does it perform?

Yanfei Lishi – Sound Field with Surround Sound Off

Yanfei Lishi – The sound field with surround sound turned on

It can be seen that after the sound effect is turned on, the positioning of the overall sound field is relatively consistent, but the sense of space is significantly improved, and the tuning strength of established audio manufacturers is worthy of recognition.

For users who like to listen to their private collections with a USB stick, the Galaxy E8’s USB port location is still relatively easy to find. In addition, in front of the USB port, the Galaxy E8 is also equipped with a crystal knob that can quickly adjust the volume.

After listening to a number of songs in the car, I personally feel that the Galaxy E8 has a more balanced presentation of various types of music, with no obvious biases.

In fact, "watching songs" might be a more interesting choice than listening to songs in the Galaxy E8!

After turning on the "AI Rhythm" function, the vehicle will generate corresponding AI images based on music and lyrics. For example, when playing Grasshopper’s 1990 "Half Heart", the Galaxy E8 generated a completely different MV from the original through "AI Rhythm".

Considering that AI functions are currently undergoing rapid iterations, it is inevitable to look forward to what new audio and video experiences the Galaxy E8 will bring us after.