Small business survival and development problems and countermeasures from the perspective of financing
Small business survival and development problems and countermeasures from the perspective of financing
Abstract: The current situation of small business development has entered a very serious stage, a considerable part of small businesses faced a difficult situation. Causes of small business survival and development issues are mainly: by the US subprime crisis, to accelerate the appreciation of the RMB exchange rate and the impact of domestic macro-control efforts and other factors, tight small business environment, financing, guarantees difficult issues outstanding; raw material and energy prices rose sharply, production and management costs continue to increase, decreased efficiency, management capability weakened, the risk rises, the impact on China's small enterprises in production and management and living environment continue to highlight, and with some of the macro-control policies resonance effect, so at a competitive disadvantaged small enterprises have closed down, stop, or even the closure of the crisis, has become a prominent problem affecting the overall situation of economic development, constraining growth stamina. The present paper on the status and role of small businesses in the national economy, combined with my theory and practice in banking supervision, at the present stage of our country and affect the status of small business financing small business survival and development of the main reasons for analysis, from small enterprises to improve the level of financing proposed survival and development environment policy recommendations. Keywords: economic management, small business survival, small business development of the national economy cell of the market economy in the most vigor and vitality of the community, is an important force to promote national economic development, stable source of revenue, in promote technological innovation, regional economic development, industrial restructuring, promotion of employment, transfer of rural labor, and promote social harmony and so on and so has a very important significance. As China's socialist market economy continues to improve and accelerate the development of small enterprises is an inevitable choice of the market economy.
(A) the concept of small businesses due to the level of economic development in different countries are not the same, the economic environment for the development of enterprises in which the different countries in the world the definition of small businesses no uniform rules. But in general, States usually from both quantitative and qualitative methods to define small business standards. Since the founding of the definition of small business through nine adjustments. This article refers to small businesses, according to China Banking Regulatory Commission refers to the 'Guidelines on the commercial banks to carry out small business lending' (Yin Jian Fa  No. 53) which provides for the total bank credit for single-family 5 million yuan (inclusive) the following companies and total assets of 10 million yuan (inclusive), or the total amount of credit 5 million yuan (inclusive) and enterprises with annual sales of 30 million yuan (inclusive) of the enterprise.
(B) small enterprises in the national economy of the important role small businesses are the foundation of the national economy, the social and economic development in an important support, its basic characteristics are 'independently owned and independent management in their industries or areas no monopoly. ' While countries definitions and criteria for the classification of different small businesses, but small business status and role in the national economies is the same. From our situation, over the past decade, the total value of China's industrial production grew by 18%, the growth rate of small businesses over the same period more than 30%. Ten years, only a small increase in the number of enterprises accounted for more than 90% of all new industrial enterprises; the total industrial output value of more than 55% of new; profits accounted for nearly 40% of small businesses account for about 60% of total exports. Thus, small enterprises have become an important force in China's economic growth and the basis for coordinated operation. At the same time, market-oriented continuous development and expansion of small businesses, easier to get rid of the shackles of the existing relations of production and development has been made, so that China's economy has maintained rapid growth for many years in a row, so the small business survival and development It has become the focus of attention.
(Iii) the existence and development of small enterprises in the national economy, the positive role that small businesses play an important positive role, mainly in:
. Small businesses can provide personalized services in improving the lives of people. With the improvement of the socio-economic progress and living standards, more and more people to pursue their own lives for personal, small business life, close to the market, by offering personalized service active market, greatly improve the welfare of the whole society, with a strong local, community characteristics is large and medium-sized enterprises are difficult to replace, this is the small business arena.
. Small businesses can play a major role in the institutional innovation and technological progress. In the market economic development, reform and small enterprises because of their low cost, can take the lead in various attempts at reform, the reform act as 'experimental field' to provide experience for larger reforms. Such as Microsoft, Apple, Sony and other world famous enterprises are small enterprises to gradually develop. Meanwhile, a large number of small businesses by the founder and full market competition, talent can be nurtured by a large number of entrepreneurs and entrepreneurship, with a far-reaching impact on China's social development.
. Small businesses that offer more job opportunities to alleviate social pressure is mainly responsible for employment are. China has 1.3 billion people, over a relatively long period of time, employment is China must attach great importance to social issues. Small business employment has a stimulating effect of radiation, mostly small enterprises engaged in labor-intensive industries, invested the same money, small businesses can be more than large, more social enterprises to absorb labor force, help solve the employment problem. Employment in small businesses accounting for all business placed the total amount exceeds 70%. With the development of rural economy, an increasing number of rural surplus labor force will enter the town of township enterprises or small businesses, from the perspective of resource allocation, the small business is conducive to China to play a number of human resources more this advantage in favor of correction employment structure deviation, the formation of small businesses a reasonable position in the national economy. addition, small businesses are encouraged to promote effective competition and prevent monopoly and reduce market, development of foreign trade, supporting agricultural production, expanding domestic demand and stimulate economic growth and increase revenue also has a very important role. , the current major causes of small business survival and development issues of small business financing situation and influence since the second half of 2007, the US subprime mortgage crisis and the domestic and international macroeconomic situation changes, the sharp rise in raw material and energy prices, rising labor costs, RMB appreciation accelerate the implementation of the new 'labor contract law' and pursued a tight monetary policy, the impact on production and operation of small business and living environment continue to appear, and the macro-control policies with some resonance effects. Although some enterprises to actively take measures to try to resist digestion and negative factors, but because of the wide range of resonance effects, radiation resistance, beyond their own little risk tolerance and ability to digest, in a competitive disadvantaged small businesses of closure, production, even the closure of the crisis, has become a prominent problem affecting the overall situation of economic development, constraining growth stamina. The government has recently introduced a series of supportive policies, but because the work is not in place, the country has 60,000 small business failures. business survival and development difficulties of complex causes, in addition to long-term, international factors, but also because of the low level of management of small businesses, the internal structure is irrational, the lack of talent, production products have no market, supply and demand contradiction, or which or production It is the national macro-control industry or product restrictions and lack of financial support, and the presence hinder small business development of institutional and systemic issues, leading to its development difficult. From our particular point of view, the main reason is reflected in the following aspects:
(A) financing more difficult capital is the blood, once the capital chain rupture, companies will face closure or shutdown problems, so the most important issue facing small businesses is financing. Front phase of the financial environment, the lack of funds for small businesses has restricted the development of small enterprises 'bottleneck.' The main problems: First, the shortage of credit resources, some small banks are rigid constraints of the credit scale, unable to meet the funding needs of small production and operation. Some large commercial banks issued to the provincial head office is the size of loans for SMEs, and on the size of loans small businesses do not separate, not to mention separately manage. commercial bank branches large customers crowding obviously, there is 'Bao big pressure small' case, in order to protect existing large customer resources, the limited credit resources to support the development priority for large and medium-sized enterprises. Then there are the large commercial banks like handling large wholesale business, little interest on small loans. At the same time, the size of the existing small business loans can be used to adjust the financial needs of large enterprises, so the small business support has weakened, resulting in a small business capital needs are not met, cash flow problems. Second, some large commercial banks to promote its initiatives to support small businesses more, less actual investment credit funds, reflected in the small business loans to total loans a low specific gravity, the growth rate is far lower than the current growth rate of total loans. commentary and some commercial banks to approve loans to small businesses concentrated in one branch, many links bungled opportunities; some small business center after the establishment of mostly part-time staff, operating results are not satisfactory, and small businesses 'credit factory' propaganda there a gap, a city in South China as a developed economy, larger volume of business of commercial banks to set up a small business center, scheduling only two full-time staff, difficult to adapt to small businesses with money 'less urgency, frequency' characteristics of business process needs; Third, some small business credit threshold is high, small businesses often inaccessible; Fourth, small businesses NPL ratio much higher than the rate of non-performing corporate loans over the same period, credit officers worried responsibility, that the central bank and the CBRC can only make mistakes in the work exemption, but no specific operational details, worried about the future reckoning, so the small business loans generally cautious; Fifth, some commercial banks head office just small business loans as a strategic task scheduling, lack of steel branches assessment constraints ; Sixth, small business internal control system is flawed and unsound financial management, information asymmetry, some enterprises have multiple sets of books, providing false information distortion, the credit situation is difficult to assess, a few small businesses have a bad record. These factors led to small business financing is the main reason.
(B) guarantee the company's risk control ability is poor, difficult to solve the difficult problem of guarantees At present, nearly 4,000 guarantee agencies, non-governmental organizations funded about 75%. Security agencies from the initial government investment mainly to the enterprise, private capital and natural persons and other non-government funded mainly some private capital in the case are not familiar with the industry characteristics and nature of the blind to enter the industry. Although the number of multi-stage security agencies, but most of them stay in the 'small workshop' type of management, poor business sustainability. The main problems: First, there is no uniform, standardized way to guarantee perfect system behavior. Some small business loan guarantee companies are small, low income, high risk, business operations are not standardized, not in place internal oversight, internal control mechanism is not perfect; some security agencies lack the strength, not extracted full risk provisions, guarantees payment capacity is weak; most companies registered capital of guarantee funds and the actual gap between the large flight of capital is more prevalent; some even in the presence of irregular operations, security breaches, illegal lending issues, commercial banks recognition is not high, reflecting strong. to the commercial banks reflecting some violations by the security company entrusted to handle the loans and other services to survive; some security companies also require the borrower to small businesses must provide full property as a counter-guarantee, as well as security companies even asked to pay a security deposit of small businesses, thereby It restricted the development of the security agencies. Second, some companies guarantee low barriers to entry, lack of familiarity guarantee business professionals, some security companies are institutions dedicated to financing small family business established in different places. The current state of 100 million yuan less than the security company did not specifically regulate industry access system, but treated as general business management. A general lack of security agencies are familiar with risk prevention and risk assessment of talent, too hard to resist the market risk standards, once compensatory problems may occur paralysis unmanageable situation. , the absence of industry regulation. SETC 'Guiding Opinions on the Establishment of SME credit guarantee system pilot' requirements 'established by the provincial Economic and Trade Commission jointly finance, the People's Bank, Industrial and Commercial Administration and other departments of commercial banks SME credit guarantee Regulatory Commission, responsible for SME guarantee the area, re-guarantee business and regulatory agency '; the Ministry of finance' SME financing guarantee institutions of risk management Interim Measures 'is only for the establishment of government-funded SMEs financing guarantee institutions make provisions for the service object; 'on the strengthening of the local financial sector support for SME credit guarantee institutions for financial management and policies of a number of issues notice' the lack of specific rules for the operation; the national Development and Reform Commission, 'on the strengthening of the SME credit guarantee system advice notice' provisions only 'led by the NDRC, Ministry of Finance, people's Bank, State Administration of Taxation, China banking Regulatory Commission to participate, all departments should closely cooperate to strengthen communication and coordination, work, study and solve major problems, 'but in practice because of too many departments involved, the' everyone can pipe responsibilities unknown 'situation. in the end of the regulation, how regulation, so far nobody knows for sure. Some people think the NDRC just doing some industries to guide the work, but the regulatory aspects, such as when the rural agricultural sector regulation as the foundation is not enough. Some people believe that the company has secured quasi-financial in nature, both high-risk characteristics, its regulation should be a professional, related financial regulatory authorities shall carry out overall supervision. Otherwise, once the risk of the security agencies, who bears the responsibility is not implemented. In the case of the missing system, natural profit-driven funds can easily lead to short-term profit-oriented security companies, security companies with large potential risks.
(Iii) production and operation costs big gains, short-term business is difficult to digest and absorb the major causes leading to small business survival difficult: First, the sharp rise in raw material prices in the short term, pushing up production and operation costs, especially sharp rise in the price of petrochemical materials, such as leather , artificial leather, synthetic rubber, glue and other products to the cost of crude oil as a raw material of a substantial increase in raw material prices such related businesses. As some of shoe production in southern China's export-oriented small businesses, due to poor management, the RMB appreciation and leather, glue, shoe (bottom) and other raw material prices and shortage of funds and other factors occur stop factory, some even carrying a small business owner families to go into hiding, whose whereabouts are still unknown; Second, after the enterprise according to the new 'labor contract law' signed a contract for the employees to pay more 'hardware' and other welfare expenditures, labor-intensive small businesses make a substantial increase in production costs and reduce profit margins, leading to some small businesses close down, merge; a considerable number of branches of commercial banks granted more loans to small businesses to focus on labor-intensive manufacturing, as the market changes, credit risk tended to increase; the third is that the labor force market supply and demand and price increases, business-to-journeyman recruitment difficulties, rising costs; Fourth, financial expenses continued to rise. Since 2007 the central bank to raise interest rates six times, three times to cut interest rates, short-term one-year benchmark lending rate rose 6.12% to 6.66%. In case of shortage of credit resources, commercial banks to small businesses high actual risk pricing, lending comprehensive pricing floating 20-30% range. large commercial bank branches at the provincial level provides a comprehensive small business loan risk pricing will not reach 30% of the provincial branch of the approval, the loan interest rates go through the branches had to be charged beyond the so-called 'loan commitment fees' and ' financial consulting fee 'disguised charged unreasonable cost of the project, leading to some small business loans comprehensive pricing floating rate average rate of over 32%. There's a large commercial bank brand of small business products Comprehensive pricing risk is far higher than this level; at the same time, due to the lack of social credit, some of the financial difficulties of small businesses find the secured unit, resulting in small companies have to guarantee companies pay more guarantee fees. Due to some banks on small business loans higher threshold, even if some small businesses are willing to pay more interest may not be able to obtain bank loans, many companies can not be resolved in the normal channels of funding needs, it turned between corporate finance and private lending, further adding financial pressure. Faced with a sharp rise in production costs, improve production of small enterprises in product prices and maintain market competitiveness dilemma.
(D) Small business risk control weakened, resulting in decreased efficiency and social employment absorption ability of small businesses to reduce operational risks are many, there are policy risk, market risk, technology risk and international risk. Currently, due to the presence of macro-economic uncertainty, tight small business environment, management capability weakened, the risk rises. Southern City as the main causes of some ceramic enterprises operating difficulties: First, the local production of ceramic enterprises more, the state macro-control on the real estate industry, the blind expansion of the real estate situation after the subject, in the ceramics market competition in the downstream industry is fierce, sales difficulties; the second is environmental non-compliance, need to invest heavily in the transformation of environmental protection facilities, resulting in rising costs; Third, coal fuel substantial price increases, increased business difficulties; Fourth, corporate purchases on credit payment in serious condition, slow credit growth, AR increase the money, resulting in cash flow difficulties. Some small-scale export-oriented enterprises by the US subprime mortgage crisis, shrinking international market demand and appreciation of the renminbi factors, textile, clothing, footwear, toys, handicrafts and other traditional industries based small enterprises are facing the risk of loss of export orders; there the exchange rate risk exposure digested operating profit; Some companies export tax rebates decreased to reduce profits, profit margins squeezed. Quite a number of labor-intensive small businesses, to take reductions and efficiency, increase labor intensity approach to defuse the pressure of rising costs, releasing large amounts of low-end surplus labor. Some companies worry about the bank 'credit crunch', other companies owed money, resulting in receivables rose occupied companies, cash flow is affected, the formation of a new 'triangular debts.' , improve the living environment for the development of small enterprises of small business policy recommendations current development situation has entered a very serious stage. Small business development, financing difficulties is a worldwide problem, the state governments in the US, the EU, Russia and India are based on national circumstances, the policy measures aimed at addressing this problem. In China, the central leadership is very concerned about the survival and development of small businesses. And government departments at all levels of government, central bank, the banking supervisory authority issued a series of supportive policies and regulations for small businesses. From the perspective of corporate finance, the vast majority of commercial banks to seriously implement the CBRC 'maintain pressure' and the spirit of small business credit, 'six mechanisms' requirements, were introduced 'Caizhi intermediation', 'Dr. King,' 'Quick Finance' 'growth path', 'Golden sesame', 'against property', 'the right goods against' and 'against the right post', 'Golden growth' and other financing products and services for small businesses. However, the surface of the case, the development of the country is still uneven. Given the macroeconomic changes affect small business continues to expand, many small businesses are still feeling the development of difficulties, we suggest government and relevant departments to further increase support for the work of the small business development policies, in particular, to increase the already introduced policy enforcement, help small businesses overcome barriers to institutional mechanisms on the survival and development together to create an environment favorable for small businesses, to help small businesses survive.
(A) banking financial institutions should earnestly fulfill their social responsibilities, to increase efforts to support small business financing in the current macroeconomic conditions, due to the multi-level capital market development lags behind that small businesses can not absorb social capital through equity or debt markets, venture capital mechanism has not yet formed, mainly direct financing to solve the problem of capital supply. Therefore, the banking financial institutions should actively adjust development strategy, the establishment of specialized small business credit management system, the implementation of the specialized agencies, with full-time team, simplify the credit process, improve processing efficiency; a separate scale for small business loans, accounting rate assessment alone management, improve the small business loans total bank loans proportion; reasonably determine the comprehensive level of pricing loans, reduce financing costs for small businesses; expand small business financing, key support in line with industrial policy, environmental policy, market, technology, development prospects for small businesses; small businesses to explore trademark collateral warehouse receipts pledge loan, the right goods, mountainous forest right mortgage loans, land, shop operators the right to pledge loans, accounts receivable pledge, innovative ways to develop trust financing, lease financing. Through financial innovation and technological innovation, in the premise of risk control continue to meet small businesses personalized, diversified financing needs; reform the existing assessment methods, and the development of small business credit and number one responsibility hooks, establish cause loss of human factors the 'credit due diligence exemption system' to address the worries of credit marketing staff, more than changing constraints, insufficient incentives status quo, while risk prevention, risk control, and support the sustainable development of small businesses.
(Ii) further improve and perfect guarantee, re-guarantee system, and promote the healthy development of the security industry should adhere to both development and standardization, and encourage diversified, multi-form and multi-source development compliant small business guarantee mechanism, innovative guarantee cooperation and actively explore new ways of banking institutions and guarantee total surplus. Through mutually beneficial to expand cooperation in space to support the development of the security industry, and promote the security agencies to improve the ability to guarantee; to adhere to the principles of policy guidance and market operation of the combination of integration guarantee resources for some sectors of the security agencies, to encourage other small security agencies to conduct joint , merger, reorganization, or absorb private capital investment increased security agencies. the same time, to set up the country at the national level, and provincial re-guarantee mechanism, improve the anti-risk ability of security agencies, and improve multi-credit compensation mechanism. Local security agencies directly to small businesses, evaluation of credit risk analysis by small businesses, set a reasonable multiple of guarantee, providing loan guarantees; re-guarantee institution directly to the security agencies, security agencies and by re-signing the security agreement, a clear the rights and obligations of both parties, security agencies and then pay a predetermined guarantee fee, re-guarantee institution in accordance with the agreed ratio of guarantee institutions bear the risk. To establish a reinsurance mechanism, enhance the anti-risk ability of the security agencies, the establishment of a national credit re-guarantee institutions and SME loan insurance system of multi-level insurance turn, dispersed or minimize the transfer of risk, the risk of the security agencies to prevent systemic risks caused by the banking sector .
(C) to strengthen self-management and financing guarantee institutions, credit guarantee institutions to improve the evaluation system of financing guarantee institutions to provide credit, business risk, bear the responsibility. In addition to the establishment and improvement of laws and regulations should guarantee the healthy development of the industry at the national level, clearly the respective responsibilities of the regulatory authorities, how the division of labor, to strengthen the security industry compliance and risk supervision, self-regulation should play an active role in the security industry association . Adhere to the principles of competition and appropriate combination of industry self-regulation, starting from the overall interests of the security industry push their self-discipline, the establishment of prevention, to resolve and avoid the risk of a security mechanism to create a favorable environment for the development industry. In order to regulate the behavior of self-financing guarantee institutions, recommended the establishment of three specification at the provincial, city and county associations financing guarantee institutions, improve the financing guarantee institutions of self-discipline and management, industry self-regulation to solve some of the grassroots guarantee the absence of problems. strengthen the system construction guarantee institutions, through the development of industry guidelines, operational processes, organizational guarantee personnel training, business communication, risk assessment, to strengthen the security industry guidance and supervision; to establish evaluation incentives, the introduction of qualified credibility high intermediaries, according to the law on small business financing credit guarantee agencies rating evaluation system guarantees perfect credit rating agencies, on a regular basis on the performance of the security agencies, service level, management level, risk control and other aspects of comprehensive evaluation, the annual Top security agencies credit rating, the operation is good, high credit rating of the security agencies reward, and the operation is not standardized credit rating of poor supervision and rectification, the practical implementation of risk prevention measures, to guide the financing guarantee institutions in accordance with the requirements of market economy standardize business conduct for small businesses financing intermediaries provide quality and convenient services, and promote the healthy development of the national economy.
(D) establishing incentives integrity, dishonesty disciplinary system and speed up small business credit system construction of small business financing, largely by dispersing information, finance and credit opaque sense of apathy and other factors, so to promote small enterprise credit system construction, improve and perfect the small business credit collection and evaluation system, and fostering small business credit awareness, making credit history, credit rating combined social credit institutions. Specifically in the central bank credit system based on the absorption of information resources, industry and commerce, justice, customs, taxation and other departments, the establishment of a unified province, a complete small business credit information system. Butt implementation of information, sharing of resources, so that commercial banks can under the premise of legal compliance, through certain procedures, within a certain range through corporate taxation, customs and customer defaults on the understanding of the situation. On the one hand contribute to the commercial banks to understand the true financial situation of enterprises, to avoid credit risk. It also helps to taxation, customs, industry and commerce authorities to master the operation of small businesses, small business financing credit cultivate the soil. Serious dishonesty, dishonesty by the judicial organs of small businesses make the disposal of exposure to the community, to improve the small business financing credit environment.
(V) flow channels and actively explore and gradually expand the proportion of direct financing equity financing, debt financing, to solve the problem of financing small businesses to strengthen the government, financial and corporate consultation linkage platform, bridge bond between the bank and the role of consultation solve practical problems encountered by small business financing, bank and create a 'double surplus' situation, but also by their own actively improve financial management, strengthen internal control, improve credit quality. Government departments relevant departments to actively create conditions to help small businesses by issuing bonds, the market, to increase their investment and other means to increase the effective supply of funds to expand the proportion of direct financing, to change over-reliance on the banking sector to finance health
(Vi) establishment and improvement of small business startups guide the fund to promote the implementation of the scientific concept of development pace of rural banks and microfinance companies construction, efficient allocation of financial resources. Through venture capital funding to build a service platform, the introduction of foreign venture capital organization of scientific and technological institutions and small enterprises docking, enhance the ability of small businesses to use high-tech venture capital fund; through the establishment of village banks and small loan companies, make up a large commercial bank branches energy is limited, the total lack of SMCBs size of the problem. This work can be carried out in various parts of rural banks and small loan company pilot on the basis of the experience gained. Meanwhile, we must adhere to small, decentralized principles loans, small business development to solve the funding gap to meet a wide range of financial needs of small businesses, can inhibit the problem of illegal fund-raising activities.
(Vii) to seriously implement the state has introduced to support small business financing guarantee system and small business development in various preferential policies burdens incentives, subsidies and tax breaks, etc. At present, China has 30 provinces (autonomous regions and municipalities) level government set up (in ) small business development funds or non-public (private) economic development funds, to promote (the) small business development provides a range of financial support and subsidies, now the main focus should be on how to implement the pre-has introduced various preferential policies. At the same time, it is recommended for small businesses due to lower interest income from lending business tax; allowing commercial bank loans for small businesses in the full extraction tax risk compensation reserve for loan losses before tax write-off implemented by a certain percentage; for the current Small Business Loan high prevalence of external financing cost, due to lower collateral for small business loans of registration, evaluation, therefore, to guarantee, notarization and other intermediary fees, reduce the cost of external financing for small businesses, improve work efficiency.
(Viii) implement a moderately loose monetary policy to increase the effective supply of funds in the market of the current international financial market turbulence, the financial crisis is deepening, the outbreak of the financial tsunami led to the increase of international economic instability, so that the growth trend is slowing down, downside risks increasing impact on China gradually. Next year China's economy is facing stagflation risk is much greater than inflation expectations, taking into account the lagged effects of macro-control policies, in the presence of the current international and domestic macroeconomic uncertainties more extraordinary times, suggested that the state in the implementation of expansionary fiscal policy at the same time, the regulation monetary policy intensity and pace of monetary policy must be loosened, continue to reduce the benchmark lending rate, lower the deposit reserve ratio, increase the effective supply of funds in the market, reducing the cost of financing for small businesses. Only by addressing the problem of commercial bank capital supply, in order to make small business financing measures to be truly implemented. Given the number of commercial bank branches to the head office of small business loans are still implement large-scale management, we recommend the removal of the central bank's policy of rigid control of commercial bank credit scale should be promptly communicated implement in place, so that small businesses can weather the storm, traveling light and healthy development, guarantee next year's GDP growth target of 8 percent.
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