Why does Singapore become Singapore?

From the founding of the country in 1965, Singapore has developed from a third -world country with extremely poor and backwardness to developed countries with a per capita GDP in the world, and it is rare in the great world.

As a urban country with a population of 5 million, Singapore's influence in international politics, economy, and public opinion has exceeded a lot of more than ten times larger than it.

The amazing achievements of Singapore are inseparable from Li Guangyao and his "Singapore Model". What are we can learn from the Singapore model and which are not? Please see a series of studies brought by Professor Liu Jin of the Yangtze River Business School.

Author | Liu Jin Duan Lei Zhang Fengting

Source | Caixin.com

The article was originally from Caixin.com on May 20, 2021. This is one of the "Singapore Models" in the series.

Liu Jin

Professor of Accounting and Finance of Changjiang Business School

Director of Investment Research Center

01 Vigorously develop the port business with the help of unique geographical advantages

At the beginning of the founding of the People's Republic of China, the small and lack of resources can survive independently. Li Guangyao also admitted that Singapore's independence helplessness and the difficulties of the country's survival:

"Singapore's independence is imposed on its head ... A independent Singapore cannot survive at all."

Today's Singapore's economy has achieved great economic success, and national governance is also considered unique. How should we interpret the success of Singapore?

The unique geographical advantage is the innate hardware foundation of Singapore's development.

The Malacca Strait is located between the Malay Peninsula and Sumatra Island. It is the most important way to connect the Pacific and Indian Ocean. Verse from Europe, the Middle East, South Asia to eastern Asia or Australia needs to pass through.

The Malacca Strait is 1,000 kilometers long. There are three countries: Malaysia, Indonesia and Singapore on both sides of the Strait. Most of the west coasts (Indonesia on the side) are swamps and shallow beaches, and large ships are not easy to lean off.

Compared with Malaysia on the same side, Singapore's exclusive exit on the southern end of the Malacca Strait, and the conditions for building ports are better:

The length of the dock on the port of Singapore exceeds 21,000 meters, while the Port of Barn, Malaysia is only about 9,000 meters;

Singapore also has better shipping depth conditions for ships.

With this unique geographical advantage and natural endowment, Singapore has the opportunity to vigorously develop port business; but Singaporeans are not satisfied with this, but with the excellent system design and efficient management of Singapore Extremely.

In the "Xinhua Baltic International Shipping Center Development Index" in 2020, Singapore's Port ranked first with 97.2 points, far exceeding the second place London (83.3 points) and the third place in Shanghai (81.2 points);

The Port of Singapore Port scored only 50.5 points.

This leadership is obviously not only brought by the natural conditions of the port, but also reflects the level of construction in Singapore's port, shipping service level (shipping brokerage service, maritime legal services, financial services, etc.) and the comprehensive business environment level (economic freedom degree. , Tariff rate, business convenience, etc.) and other aspects of great advantages.

Taking the construction and service of the port as an example, there are 67 container berths in Singapore and 205 terminals.

And the equipment is advanced, such as the Singapore's Branch in Singapore, the dock is equipped with the world's most advanced container loading and unloading bridge, which can accommodate the world's largest container ship. At the same time, the remote control system allows each operator to control 6 heavy machines at the same time.

In terms of services, the logistics efficiency is extremely high. The port commitment container ship does not press the port, and the loading and unloading time generally does not exceed 10 hours. On the other hand, the Pakistani Port, then the time -consuming of the container loading and unloading system and the backward infrastructure of the port. Essence

According to the Global Logistics Performance Index released by the World Bank in 2018, Singapore ranks 4th, while Malaysia ranks 41.

Taking the convenience of business as an example, in the Business Convenience Index (2020) released by the World Bank, Singapore ranks second. Among them, market access, execution contracts and tax clauses are ranked 4th, 1st, and 7th respectively It

Malaysia ranks 15th in total, ranking only 126th, 35th and 80th in these three rankings.

02 Become the most important re -export trading center in Asia

Although there are such high -quality ports and related services, Singapore has a area of ​​only 724 square kilometers and a population of only 5.7 million. It is obviously very limited to rely on domestic needs to import or export in China with domestic resources and production capacity.

The import of goods and services in Singapore reaches 1.5 times that of its GDP; the exports of goods and services are 1.7 times that of GDP. The important reason is that there is a large -scale re -export trade in the port of Singapore.

Taking 2019 as an example, Singapore's re -export trade accounts for 52.8%of its total exports.

The background of the re -export trade is that the tariff rate between different countries and regions is often different. If the tariff rate between the two countries is higher (such as 25%), and the tariff rate between them and the third country is low (such as the other is the respectively (such as the respectively, respectively, respectively, respectively 5%and 7%), transfer transactions through third countries' trading companies can often apply lower tariffs.

Singapore positions itself as a free trade port, and only levies import taxes for very few commodities, such as tobacco and alcohol. In summary, the average weighted tariffs of all products in Singapore are only 0.24%(2018); Singapore's export goods All taxes are exempt from tax exemption, and for companies with a certain amount of exports, they can also apply for income tax taxes to reduce export income.

In addition, Singapore has the most extensive Asian Free Trade Agreement (FTA) network. In addition to signing bilateral free trade agreements with Chinese, the United States, and India, it has also participated in multiple regional free trade agreements.

Such as the Cross Pacific Strategic Economic Partnership Agreement (TPSEP), comprehensive and progressive cross -Pacific Partnership Agreement (CPTPP), etc.

Based on these free trade agreements, trading companies and investors can enjoy multiple offers such as tariff reduction, priority channels entering specific fields, and faster entering the market.

With the positioning of free trade ports and a wide range of free trade agreements, Singapore has become the most important re -export trading center in Asia. The top three destinations for their re -export trade are Hong Kong, China (16.6%, 2018), and mainland China (13.666 (13.666 (13.666). %) And near Malaysia (10.7%), the United States ranks fifth (6.1%).

The developed ports and trade have further driven the development of other industries, such as shipping, petrochemical industry, manufacturing, logistics and financial services.

The most direct benefit is shipping, logistics and related services. High -quality ports and re -export trade have attracted more than 5,000 maritime institutions to conduct business in Singapore and gradually derive the business ecology of departure.

Such as ship refueling, ship brokerage, ship financing, maritime insurance, and maritime law and arbitration.

In terms of petrochemical industry, the East Asian economy has risen after World War II. Japan, Taiwan, and South Korea import a large amount of oil through the Malacca Strait every year. The second largest oil transportation sea fortress is second only to the Strait of Holmus.

Singapore starts from the hub of petroleum transshipment, and has entered the petrochemical industry under the guidance of the tariff advantage of the transfer trade and the guidance of government industrial policies. Now Singapore has become one of the three major refining centers in the world and the fifth largest refined oil exporter, the petrochemical industry Become one of the important pillars of Singapore's economy.

Although the land area is small, Singapore has not abandoned the manufacturing industry. From the initial use of the port advantage of the port, the simple processing and manufacturing industry that imported raw materials after processing in the port, and the technical densely developed mechanical manufacturing and biomedicine, the manufacturing industry, which is currently developed The contribution to Singapore's economic development is huge. In 2019, manufacturing GDP accounted for 19.8%.

Singapore is the fourth largest financial center in the world. The development and development of financial business are inseparable from the blessing of the trading center. Trade activities require a large number of financial services such as credit, settlement, insurance, and leasing transactions.

Based on this, Singapore has gradually developed into foreign exchange transactions and derivatives with the advantages of free ports, legal environment and time zones (in the morning, transactions with Hong Kong, Tokyo, Sydney, in the afternoon, and trading with New York in the afternoon). One of the global financial centers with character trading.

With the "fortress" geographical location, it has become a trade hub and then bringing economic development. It is not exclusive to Singapore. In fact, if you have such a superior geographical location, the opportunity to develop trade and economy in the era of trade globalization is a very logical and natural route.

Another example is Dubai, Dubai near the Holmus Strait, and the Holmus Strait is the narrow sea channel connecting the Persian Gulf and Aman Gulf in the Middle East. /3 crude oil transportation passes here.

With the Dongfeng of the crude oil trade, Dubai has also entered the fast track of trade and economic development in the past few decades. In 1975, Dubai's resident population was only 180,000, and currently exceeds 3 million.

The per capita GDP is about $ 39,000 (2019). If it is placed in countries with more than 2 million people around the world, it can be ranked 23rd.

The entire UAE's goods trade exports ranked 15th in the world, while Dubai contributed about 80%of them.

Although Dubai and Singapore's social systems, legal systems, and government operations are very different, they have also achieved good economic development achievements with the geographical location of the "fortress".

Therefore, when explaining the success of Singapore, the "talent" of geographical location cannot be avoided; but on the other hand, Singapore's per capita GDP is 1.6 times that of Dubai (2019), which may even have better geographical endowment, and is, it is, yes The first choice of multinational enterprises in Asia is one of the global financial centers. Only the "talent" of geographical location cannot fully explain its achievements. In addition to the advantages of geographical location, Singapore's success must have some other other other. Unique formula.

03 Globalization positioning

Imagine that Singapore's eye -catching economic achievement is impossible to happen 300 years ago.

There was no large number of global trade demand at that time, and the value of the port of "fortress" was not great;

At that time, there was no large number of multinational companies. Companies that were not called Apple or GM need to choose a small island to coordinate the market for billions of people in the surrounding dozen countries;

Most of the economic development on this island is contributed by foreign companies; some people on the island focus on changes in the price of something in the morning in Hong Kong and Tokyo foreigners in the distance, in the afternoon and in London in Europe, in Europe, in Europe, in Europe, in London in Europe, Frankfurt dock, do not forget to communicate with New York at night ...

The development of Singapore is inseparable from its own global positioning in the era of globalization. Singapore has benefited a lot from the global economic system. This benefit is not just to benefit from the improvement of global division of labor like many countries. Not only did the re -export trade benefit in the global trade system, Singapore also found a tax "arbitrage" model from the global economic and trade system, which brought great value to it.

Singapore's economy relies very much on globalization. Taking companies in Singapore as an example, although foreign holding companies account for only 18%of Singaporean companies, the number of employees accounts for 31%, and its contribution to GDP accounts for 62%(62%( 2018), we can see the impact of large multinational companies on Singapore's economy.

In fact, Singapore has achieved amazing results in attracting multinational companies:

Hong Kong has attracted less than 1,400 multinational companies to set up the Asia -Pacific headquarters or other forms of regional headquarters. Tokyo, Shanghai, and Beijing are 531, 470 and 149 in this regard;

Singapore has attracted about 4,200 multinational companies to set up regional headquarters (OECD, 2016).

Among them, 46%of the 100 largest multinational companies in the world selected the Asia -Pacific headquarters in Singapore, and this number among hundreds of technology multinational companies is as high as 59%. Among these companies, Microsoft, Google, Amazon, Apple, Starbucks Waiting for giants.

If it is not limited to the regional headquarters, more than 26,000 large and small foreign companies settled in Singapore, of which more than 10,000 are from North America, Europe and Japan.

Why is Singapore so attractive to multinational companies?

This is because Singapore has designed a mechanism of how a small island country benefits in the era of globalization with globalization. Among them, it is a key link to attract the establishment of a regional headquarters of multinational enterprises.

04 Tax Word Strategy

The first thing that attracts multinational companies is Singapore's multi -directional taxation advantage.

Singapore's corporate income tax rate is 17%, which is lower than most important economies.

For example, China's corporate income tax rate is 25%, and Germany's comprehensive corporate income tax rate is 29.9%(of which the central tax rate is 15.8%, and the local tax rate is 14.1%);

It is also lower than the average level of OECD 21.5%(2020).

Only 16.5%of Hong Kong's major economies in the Asia -Pacific income tax rate than Singapore, but Singapore has a variety of tax discount policies for enterprises and new corporate tax preferential policies, which has lowered the actual corporate income tax rate.

For example, a qualified area or a global trading company can apply 5%or 10%preferential corporate tax rates;

Eligible financial companies can enjoy 5%, 10%, 12%, or 13.5%preferential tax rates;

Eligible financial management companies can enjoy 8%of corporate income tax preferential tax rates;

Many companies' R & D expenses and intellectual property revenue can enjoy 100%or more tax deductions and rewards.

For the headquarters economy, it has considerable income tax benefits. For companies setting up regional headquarters or global headquarters in Singapore, the preferential tax rate of 5%or 10%can be enjoyed in a certain period of time. The importance of the company, and the importance is determined by multiple factors, including the number of employees, the expenditure of the enterprise, and the quality of the employee.

Singapore has not levied capital gains and taxes. This is also a huge attractiveness to multinational companies. When dealing with an investment income, compared to countries with capital benefits (such as 15%, 20%of China, 30%in South Korea, Denmark 42%), the actual income of these companies is huge.

Under the circumstances that meet some conditions, the foreign subsidiaries of Singapore companies can be exempted from equity and taxation when remitting stocks, which allows many multinational companies to be willing to use Singapore as an intermediary, leaving dividends in Singapore, and avoid direct dividends to pay back to the parent head office to pay the parent head office. Dividends.

Singapore also signed a double taxation agreement (DTA) with more than 50 countries (regions) to avoid the dual taxation issues of multinational companies and reduce corporate costs.

Enterprises need talents. In addition to the attractive corporate tax environment in Singapore, Singapore is also very attractive in terms of personal income tax. The cumulative tax rate system in Singapore's individual tax is 22%, which is significantly lower than the US tax reform of 37%. The highest level selected by many countries such as the United Kingdom, Germany, and China.

According to our simple calculation, for a middle -aged person with an annual income of a married and a child, considering the tax -free amount of childcare and the tax exemption of parents, it requires about 8,3700 yuan in a year. This is about 8,3700 yuan. A number is about half of the people who work in Shanghai.

Singapore also canceled heritage tax in 2008, which is also attractive to some high -income people.

To attract multinational companies to build the headquarters economy, there is also a business environment that requires multinational corporations. This often includes the reliable rule of law environment, capital and information that is in line with the United Kingdom and the United States, and the living environment of high -end talents (education, medical care, medical care, medical care, medical treatment Housing, etc.).

In 2020, the business environment released by the World Bank ranks second in the world, second only to New Zealand; and in the world's most liberal economy ranking in 2020, Singapore's comprehensive score is also the same Location is second, second only to Hong Kong.

Capital free flow is a necessary condition for the headquarters economy. There is no foreign exchange control in Singapore, and international capital can be freely inflow. The profits of multinational enterprises have no limit and no taxes.

In terms of legal system, after the British government authorized East India's sovereignty to Singapore in 1826, Singapore began to use the British legal system; after the founding of the People's Republic of China, some adjustments have been made on the basis of the British legal system. Essence

Although some Western media have some criticism of Singapore's legal system, such as the use of the Internal Security Law. But in general, Singapore's legal system is highly connected with Europe and the United States, which has been trusted by multinational companies.

In the global rule of law ranking announced by The World Justice Project in 2020, Singapore also ranks 12th in the world.

In terms of living costs of high -end talents, the average price of private housing in Singapore is about S $ 15,500 per square meter. Although housing prices in cities in the world are high, only about half of Hong Kong, China, permanent residents can also buy Singapore Houses.

In addition, Singapore's education level is leading and international schools are sufficient. Overall, compared with competitors Hong Kong, Singapore is also attractive to high -end talents due to better livability.

These extensive, attractive tax incentives, free capital flows, and other superior business environments have attracted a large number of foreign investment, and inspired multinational companies to prepare Singapore as a global or Asian operation or investment center and internal funds within the group. The center is the so -called headquarters economy. It will even stimulate some multinational companies to transfer pricing to leave more profits in Singapore to apply lower corporate income tax rates.

The core of this tax rate depression strategy is to attract companies and business activities that were originally distributed in other countries and regions. Cultivating enterprises and business activities bring investment, employment and related services.

Overall calculation, the industrial transfer effect brought by low tax may be far greater than the tax income itself.

For example, the Cayman Islands is a complete tax depression, and there is no direct tax at all, that is, there is no corporate tax, income tax, capital profit tax, inheritance tax and gift tax, etc., but the Cayman Islands are adjusted at the top ten of the top ten in the top ten of the world after the purchasing power cheap adjustment. s level.

Countries and regions that use similar tax depression strategies are not just Singapore, but Ireland is another typical case.

Ireland's corporate income tax is only 12.5%, which is far lower than the EU average; and large multinational companies can also obtain lower tax rates through negotiations. According to disclosure, Apple's business in Ireland can enjoy as low as 2%of income tax rates.

The tax depression effect has attracted many multinational giants to set up overseas or European headquarters in Ireland, such as Apple, Google, Microsoft and Facebook, etc.;

It also made Ireland the world's largest cross -border life insurance for the global aircraft leasing center and the European Union.

With this advantage, Ireland has achieved bright economic performance in the EU. In the past 10 years, Ireland's GDP compound growth rate was 6.5%, which was much higher than the EU's 0.8%.

In addition to Singapore and Ireland, Monaco, Switzerland, Hong Kong and other countries (regions) also use similar strategies. Some countries focus on the way to attract high net worth immigration through personal income tax depressions, which are different from Singapore and Ireland models. The Cayman Islands, Bermuda, and British Verdin Islands (BVI) are more extreme models.

But the participants of this strategy have a common feature: they are all small economies (regions), and large countries cannot use the same strategy throughout the country (unless the establishment of a special zone), because ultra -low taxes will inevitably bring the entire country to the entire country Election of income and expenditure.

05 Lee Kuan Yew and Super Lawlism

Singapore's success and Lee Kuan Yew certainly cannot be escaped. His political vision has been highly recognized and respected in Asia and the entire world.

Former US President Barack Obama has evaluated him as one of the "one of the most legendary characters in the 21st century and is a person who helps the Asian economic miracle."

Former US Secretary of State Kissinger praised Lee Kuan Yew as "world -class leaders". "He is not only an excellent leader of our time, but also is recognized as a thinker with his strong strategic insight."

Lee Kuan Yew is "Singapore Father" and is a designer of Singapore's entire political, economic, and social operation system. His personality, worldview, and cognitive system have deeply imprinted Singapore's social system and development history.

Behind his policy and decision -making on specific affairs, the most important driving factor may be that he has far more than ordinary people's rationality: everything is based on reality, not dogmatically, is not bound by ideology, and uses the most rational and effective way to use the most rational and effective way Solve the problem.

Li Guangyao deeply understood the complexity of the real world and refused to be bound by fixed thinking.

We are not the theorists, and we will not engage in theoretical worship. We are facing a real problem. People need to find a job, make money, buy food, buy clothes, buy a house, and raise children ... What theory we may have read, maybe doubt , Practical mind, don't be restrained and restricted by theory.

As an honorary graduate of the Law of Cambridge University, Li Guangyao is obviously not the kind of madman who despise theory because of ignorance. In fact, he can see from his various economic and people's livelihood policies that he has a deep understanding of economics and other theories. But for all kinds of theories, he always criticizes and examines the application of practical problems to be solved.

"I did not accept the guidance of Plato, Aristotle, Socrates, and others. I was only interested in what happened in reality."

"I have never been trapped by theory, and rational judging the reality is my guidance principle."

This is a "super rationalism" that has similar expression in China.

For example, "practice is the only criterion for testing truth", "no matter the black cat and white cat, it is a good cat to catch mice."

In terms of ideas, Singapore's miraculous development and China's world -renowned reform and opening up have the same work.

During the long period of Li Guangyao's main administration, the ideological disputes between the world -led all over the world are very fierce, but with armed forces with "rational judgment of reality", he will not be bound by ideology.

"I have always tried to do the right thing, not politically correct things."

"The reason why the People's Action Party can survive is not because it always adheres to its own opinions. If it keeps dogma or ideology, it will be disconnected from reality."

"Who proposed the solution is not important. As long as we do it, we will use it. If there are still many ideas in his mind, you can convince him to come to our side."

His views on human nature, market economy, democratic system, welfare system, and social fairness clearly reflect his face -to -face situation, and seek the characteristics of solutions based on the facts of facts.

His views on some issues are so sharp and blunt, so that some views look a little cruel or "political incorrect".

For example, he said, "I think: human nature must be restricted, and the side of the evil. Although this may be frustrating, I still think so."

He believes that his life has the inherent randomness and inequality, so he can only pursue equal opportunities, but he cannot pursue equality of results.

"We want a fair society, and we want to provide equal opportunities for everyone, but in the depths of our thoughts, we never deceive ourselves that there are two in terms of perseverance, motivation, professionalism, and internal endowment. "People".

If in the United States, a politician makes such a statement, it may cause a stir. But based on this cognition, he advocates teaching according to his aptitude and introducing diversion education, so that Singapore has a good education system with a good cost -income angle.

Because of this, he believes that the elite should be governed by the elite.

"If Singapore allows mediocre people to manage, this country will sink and become a mediocre city."

"In many countries, the qualified leaders can rely on the powerful team behind their backs ... Singapore must not let the best and capable people in power."

Because of the understanding of human nature, Li Guangyao adheres to the market -oriented method in the incentives of the government and state -owned enterprises.

"How do we prevent officials from receiving bribery now? It is the salary that pays their market level. The lawyers, doctors and officials hired by the government can get 80 % of the salary equivalent to the same level of employees equivalent to the private sector ...

Therefore, in Southeast Asia, our ministers and officials are the highest salary, but they are also the poorest. However, in Singapore, if you are corrupt and bribe, you will destroy the future and destroy your life. "

He keenly noticed that many government -based governments may eventually lead to hypocrisy and corruption.

"Don't try to build a cheap government. Money politics will only get a batch of incompetent Congress, as well as a series of hypocrisy and fraud, and finally evolve into fraud and corruption."

Because of the insight into human nature, Lee Kuan Yew is vigilant about the welfare system.

"The ideal of providing free medical services and the actual behavior of human beings are conflicting with each other. It must be the case in Singapore. It provides good health services, but at the same time requires people to bear some expenses to ensure that it is not abused and controlled."

In the system design of people's livelihood and other people's livelihood, he pays great attention to letting the people take responsibility for corresponding responsibilities to control costs.

"The government will give some help from the side, but everyone must take responsibility for their own lives."

"The government will help you buy a house and fill your central provident fund account. If you want to spend this money, it is your freedom, but if you have no text after retiring, you have to bear this terrible consequences yourself ","

Li Guangyao is also a rational and pragmatic view of the political system. He acknowledges the advanced nature of the West, but does not think that the Western democratic system is a pitch to solve all problems, because "one person and one vote are the most difficult way to rule the country. Among them, they may change due to an impulse to change. "

He believes that Western democracy is applicable only in the middle class that is well educated in the social population composition. For developing countries, he "does not believe that democracy will inevitably bring development. The order is not conducive to development. "" Except for a few exceptions, the democratic system has not brought good governance to emerging development countries. The democratic system does not promote development because the government does not realize the stability and discipline required for development. "

His evaluation of the good government reflects his pragmatic style: "A good government should be honest and efficient -to protect the people and make everyone have the opportunity to improve themselves in a stable and orderly society and live a good life. "The criteria for evaluating the quality of the political system lies in" whether it can create the conditions for improving life for most people in society. "

In terms of economic development, Li Guangyao believes that "in order to make the economy develop, it is necessary to pursue pragmatism in terms of policies, not dogmatism."

In the era of the impact of social bias ideas and the prevalence of Western welfareism, Lee Kuan Yew pointed out that the absolute average and excessive welfare distribution will "inhibit the initiative of competition and strive to go upstream, such a society will fail."

The market economy and competitive mechanism are advocated by him,

"We have developed a competitive system that enables every worker, manager, entrepreneurs and professionals to make the best efforts under the economic system of a free market. We have never tried to resist the free market through administrative control The power, our small -scale economy, also makes us never dare to try protection measures to resist foreign competition. "

"But we are not a completely equal society. In a completely equal society, no one will do our best, and society will suffer."

But on the other hand, Li Guangyao is not only pursuing the efficiency of economic development, but also pays great attention to the fairness of society and the sense of happiness of the people.

In medical care, transportation, housing and other fields, Singapore has adopted high -end market -based marketization, and the low -end market government meets national needs through subsidies.

"We believe in the free market economy.

Through the taxation system, we are re -distributed by income to make the residents have their houses; children can be educated equally (no matter the rich and the poor, the school with the same quality of teaching);

If you go to the hospital or clinic, you can get the same basic medical services, but pay different prices; we also have entertainment facilities for the whole people. "

In short, Li Guangyao's super rational and pragmatic thinking and behavior profoundly affected the system design of Singapore.

Singapore's integrity, efficient, rigorous, big fighting, and seamlessly connecting the Western system in the east tradition are all the successful expression of this super rationalism.

In the subsequent series of articles, we will discuss in detail how this super rationalism has deeply affected the system and development of Singapore from medical care, pension, education, and transportation.

This article is one of the "Singapore Models" in the series. The "Singapore Model" is a systematic research on the unique management model of Singapore's economy and business under the funding of the ASEAN Research Center of the Yangtze River Business School and the Singapore Management University. Provide reference.

This series of studies are led by Professor Liu Jin. The views and content only represent personal opinions and do not represent the viewpoint of funding agencies.

The picture in the article comes from Tuwu's creativity, and the reprint needs to be authorized.

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