Finally, the cancer of ineffective infrastructure must be removed!

Only by quitting the addiction of blindly expanding infrastructure investment can China's economy return to the fast lane of high-quality development.

It has drawn a red line for infrastructure construction for the "province with large debts".

Recently, the State Council issued a notice to local governments and state-owned banks, requiring 12 provinces and cities across the country to postpone or stop the construction of projects that currently use less than half of the investment. On the "blacklist" are the three eastern provinces, Inner Mongolia, Gansu, Qinghai and Ningxia in the northwest, Guizhou, Yunnan and Chongqing in the southwest, as well as Tianjin and Guangxi.

According to the requirements of the notice, transportation infrastructure, buildings, halls and halls are all within the scope of "no new construction". Municipal infrastructure and shantytown renovation projects other than urban gas, drainage, water supply and heating supply are listed as "newly added under strict control". Some projects that have been approved by the central government, such as affordable housing projects, are not covered by the suspension of construction. The circular also requires the named local governments to reduce the scale of investment in projects with an investment completion rate of more than 50%.

The 12 provinces and municipalities included in the list are all "provinces with large debts" with heavy debt burdens. The State Council has asked these provinces and cities to make every effort to reduce "debt risk to a medium-low level" before they can expect to restart local infrastructure until they have reached the goal of debt reduction.

In short, it is to draw an infrastructure red line for the "province with large debts". In recent years, governments at all levels and yamen of all sizes have seen too many red lines drawn by enterprises, and this big move to set self-limits is eye-catching.

What is even more surprising is that after the release of this blockbuster news, the market reaction was unusually calm. Not only did it not affect the rebound of the broader market, but even the infrastructure sector bucked the trend. The turbulence of the investment market shows that the fanatical "infrastructure faith" has become a thing of the past. It has become a market consensus to effectively reduce the scale of local government debt and reduce ineffective infrastructure to resolve systemic risks.

Stop the blind expansion of infrastructure investment to the brink of getting out of control

In 2023, the issue of local government bonds will attract much attention. The problem of ineffective infrastructure and excessive infrastructure has also surfaced. On the one hand, some provinces with large debts are struggling to "turn their debts" into debts, and on the other hand, they are still carrying out large-scale projects. The soaring scale of infrastructure investment is completely detached from its own financial capacity.

For example, Gansu Province, which has a balance of 700 billion yuan in local debt and a debt ratio of 70%, announced a transportation construction plan of 130 billion yuan in early 2023, an increase of 30 billion yuan over 2022. Henan, a large central province with a population and economy four or five times that of Gansu, plans to invest only 150 billion yuan in transportation construction in 2023, and Gansu's "appetite" is obviously too great.

Such a big "appetite" far exceeds Gansu's economic strength and financial capacity. Gansu Province's annual fiscal revenue in 2023 is only 100 billion yuan, and the scale of transportation infrastructure investment has exceeded 30% of the annual fiscal revenue. Gansu, which has expanded investment in transportation infrastructure, is still "borrowing and borrowing". According to the credit statistics of China Debt, the local bonds issued by Gansu Province in 2023 will reach 161.9 billion yuan, and it will borrow 1.6 times the annual revenue of the fiscal year. In this kind of financial situation on the edge of the cliff, where is the confidence to start 130 billion transportation infrastructure?

It is not enough for these provinces with large debts to eat up their finances, but they also have to hollow out the banks to "go on projects". What else is there to talk about "turning debts"? The problem of local government bonds is the result of years of blind expansion of infrastructure investment, which has snowballed into a super debt package that is enough to cause an avalanche.

The proportion of investment is too high, resulting in an imbalance in the distribution ratio

China's macro economy has long had the problem of a high proportion of investment. According to international experience, the ratio of investment to GDP is usually 20-30% in developing countries and 15-25% in developed countries. In 2022, after three years of continuous rapid growth, China's investment accounted for more than 50% of GDP, ranking first in the world. The main reason for this phenomenon is the high capital expenditure of the government.

Around 2018, government investment in infrastructure peaked across China, with government capital spending accounting for more than 40% of fiscal expenditure, four times that of OCED countries. OCED is a developed country and China is a developing country, so it is understandable that the proportion of investment in our government spending is a little higher. But the difference is four times great, which is obviously excessive.

This significant disparity also explains another important economic phenomenon, which is that China's national disposable income as a percentage of GDP has been low for a long time. In 2022, China's national disposable income will account for 45% of GDP, with developed countries above 50% and the United States reaching more than 60%. The low proportion of national disposable income directly affects the improvement of people's livelihood and consumption growth, and also derives the economic stubborn disease of overcapacity, which is undoubtedly harmful to the virtuous cycle of the economy.

According to official statistics, China's fiscal absorption is about 26%-30%, which is about 5% lower than that of the United States. The average net profit margin of Chinese companies is less than 3%, which is much lower than that of the United States. The problem mainly lies in the structure of government fiscal expenditure: 40 to 45 percent of the US government's fiscal expenditure is used for the redistribution of income such as health and social security, while 40 percent of the Chinese government's fiscal expenditure is capital expenditure of the nature of investment. The bulk of the Chinese government's capital expenditure is infrastructure investment, and the proportion of industrial policy investment has grown rapidly in recent years, but the total scale is still far from being comparable with infrastructure investment.

Of course, government investment does have an indirect redistributive effect. This is what the "infrastructure faction" has always emphasized that infrastructure investment drives economic growth and creates jobs. However, the extent of this "pull effect" and whether it can provide long-term impetus for economic development depends on the return on investment.

Anyone can burn money, and whoever burns is cool for a while. This does not require any complex economic theory to explain. However, whether investment can bring long-term economic momentum and create investment dividends that can be distributed over the long term is another matter.

Periodic episodes of "investment overheating" plague China's economy

No matter who the investor is, it cannot bypass the objective economic law of investment returns.

The low rate of return on government investment is an objective economic law, and it is a common phenomenon in the world. Even Temasek, Singapore's SASAC, the benchmark for government investment, has a medium-sized long-term performance among similar investors. In 2023, Temasek lost S$7.3 billion, with an annualised return of -5.1%. It is true that last year's year was not good, but it is also true that the "Singapore SASAC" did not create a "counter-cyclical" miracle.

While Temasek is highly market-oriented and flexible in its portfolios, it is even more difficult to count on long-term returns for our administratively led, market-based infrastructure investments. In this regard, the "infrastructure faction" is also very clear. Therefore, those who advocate "infrastructure investment to drive the economy" have always avoided the argument about long-term investment returns. From social benefits to national defense needs, we will make a tirade about going around and around, but we will not talk about how to calculate economic accounts. How much is the annualized income and how many years to return to the cost, except for the "feasibility demonstration" when the project is established, there is no talk afterwards. Many large-scale infrastructure projects are bustling when they start construction, and the conclusive question of "how economic benefits will be" is very bluffing. After completion, how many can fulfill the economic calculation of the planning project?

The so-called "infrastructure drives the economy" can really pull the short-term effect of burning money during the investment cycle. When the real estate linked to the infrastructure can still get money, the debts generated by the infrastructure investment are transferred to the housing loans of residents, which can more or less cover up the losses on the books. Real estate can't be moved, houses can't be sold, land can't be sold, and the truth is completely exposed - the only thing that can be "distributed" is huge debts, high maintenance costs, and a lot of excess capacity, and the economy is running into a trough.

Therefore, the fiscal-economic problem in developed countries is that the redistribution mechanism of the welfare system is inefficient, and the reverse elimination of rewards, laziness and punishment reduces the efficiency of economic operation. The problem is that the government-led infrastructure investment has crowded out a large amount of social wealth, and a large number of social wealth resources that should have entered consumption and private investment have been misallocated in ineffective infrastructure, which has reduced the efficiency of economic operation and accumulated systemic risks.

and the welfare-oriented "wealth disease" of western developed countries, the long-term disease is crooked, and the "stable play". Our "investment overheating" is a delayed onset with a distinctly cyclical nature. Over the course of the investment cycle, the indicators of the local economy look good, just as doping athletes are particularly prone to performance. As soon as the "effect" has passed, the side effects of physical overdraft will occur, and it will wilt.

The "Ponzi" of finances harms the localities

After the local finance fell into the trap of "infrastructure pull", it was inevitable that it was infected with the financial addiction of "medicine cannot be stopped". This is particularly acute in areas with weak economic foundations and low financial capacity. The weaker the economic foundation, the shorter the period of positive investment pull, and the deeper the dilemma of debt reversal. After falling into the debt trap, the poor finance, which had no hope of saving itself, quickly "ponzied". Where can we take care of the long-term risk of Yin's food, tomorrow will not be able to open the pot, only to continue to expand the scale of debt to maintain cash flow.

After tasting the good days of going to the project, who still wants to live a "tight life"? There are projects to be launched, and there are no projects to create projects. They won't do a good job on the project, because they know their own territory better than others. No matter how you do it, you can't do it well, so you just break the jar and break it and turn "investment" directly into "distribution". This inevitably leads to corruption, large and small. The timid ones turn the public into private to make a lot of money, and the timid wander in the gray area where violations of discipline and rules are not illegal. How big is it to make up a few more of your own "Zhou Gongzi", arrange a fat shortage for "Taikoo Li girlfriends" or something?

The economic pull effect of infrastructure investment is to draw a pie, and the "pull distribution" is real. However, the beneficiaries of this distribution are only a small group of insiders. Even if ordinary people have some benefits, they will have to pay it back with interest after the debt crisis breaks out. This is clearly reflected in the distribution of national income, and Gansu, which has received large-scale transfer payments and a large number of projects, has experienced a period of rapid economic growth. However, the per capita disposable income of the province is only 50% of GDP per capita. Considering the rise in prices caused by the large amount of external capital injection, the benefits that ordinary people get from the "infrastructure cake" are very limited, if any. Gansu's total population is less than 25 million, and the hundreds of billions of yuan in infrastructure investment are calculated on a per capita basis. No matter how it is "transformed", it is impossible to avoid the subsequent economic costs being "per capita".

Many people in economically weak areas have the illusion that infrastructure will benefit, which has created a certain public opinion base for "infrastructure pull". In fact, even if you can drink a few mouthfuls of soup at the beginning, once the "medicinal effect" passes, the tight days will be doubled.

In short, a large amount of ineffective infrastructure investment tells a long-term story and earns short-term benefits, and the price paid is to overdraft the economic development potential and deteriorate the political and people's customs, and the harm is not insignificant. No matter how great the potential and good fundamentals of China's economy are, it will not embark on the path of high-quality development. Therefore, even if the pain of the "withdrawal period" is very severe, it is necessary to stop addiction treatment.

The State Council's decision to halt the new infrastructure construction of the "province with large debts" shows the courage to revive China's economy, and should be applauded. If we can continue in this direction, clarify the boundaries of government functions, and rationally adjust the fiscal structure, there is great hope for China's economy to return to the fast lane of high-speed development.

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(min-width:1024px){body:not(.pages_skin_pc) .wx-root,body:not(.pages_skin_pc) body{--appmsgExtra-BG: #F7F7F7}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root[data-weui-theme=dark],body:not(.pages_skin_pc) body[data-weui-theme=dark]{--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root[data-weui-theme=dark],body:not(.pages_skin_pc) body[data-weui-theme=dark]{--appmsgExtra-BG: #121212}}@media screen and (min-width:1024px){body:not(.pages_skin_pc)body:not(.pages_skin_pc){background:#191919; background:var(--weui-BG-2)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) .wx-root[data-weui-mode=care]:not([data-weui-theme=light]),body:not(.pages_skin_pc) body[data-weui-mode=care]:not([data-weui-theme=light]){--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .85);--weui-FG-HALF: rgba(255, 255, 255, .65);--weui-FG-1: rgba(255, 255, 255, .55);--weui-FG-2: rgba(255, 255, 255, .35);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) .wx-root:not([data-weui-theme=light]),body:not(.pages_skin_pc) body:not([data-weui-theme=light]){--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) .wx-root:not([data-weui-theme=light]),body:not(.pages_skin_pc) body:not([data-weui-theme=light]){-appmsgExtra-BG: #121212}}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]).my_comment_empty_data{ background-color:#111}}body,.wx-root{--weui-BG-6: rgba(0, 0, 0, .. 05);--weui-ACTIVE-MASK: rgba(0, 0, 0, .05)}body,.wx-root{--weui-FG-1: rgba(0, 0, 0, .5);--weui-REDORANGE: #ff6146;--weui-BG-0: #ededed;--weui-BG-1: #f7f7f7;--weui-BG-2: #fff;--weui-BG-3: #f7f7f7;--weui-BG-4: #4c4c4c;--weui-BG-5: #fff;--weui-FG-0: rgba(0, 0, 0, .9);--weui-FG-HALF: rgba(0, 0, 0, .9);--weui-FG-1: rgba(0, 0, 0, .55);--weui-FG-2: rgba(0, 0, 0, .3);--weui-FG-3: rgba(0, 0, 0, .1);--weui-FG-4: rgba(0, 0, 0, .4 15);--weui-FG-5: rgba(0, 0, 0, .05);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #fa9d3b;--weui-YELLOW: #ffc300;--weui-GREEN: #91d300;--weui-LIGHTGREEN: #95ec69;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1485ee;--weui-PURPLE: #6467f0;--weui-WHITE: #fff;--weui-LINK: #576b95;--weui-TEXTGREEN: #06ae56;--weui-FG: #000;--weui-BG: #fff;--weui-TAG-TEXT-RED: rgba(250, 81, 81, 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#fff;--weui-LINK: #576b95;--weui-TEXTGREEN: #06ae56;--weui-FG: #000;--weui-BG: #fff;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: #fa9d3b;--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: #06ae56;--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: #10aeff;--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(0, 0, 0, .5);--weui-TAG-BACKGROUND-BLACK: rgba(0, 0, 0, .05)}.wx-root,body{--weui-BTN-ACTIVE-MASK: rgba(0, 0, 0, .1)}.wx-root,body{--weui-BTN-DEFAULT-ACTIVE-BG: #e6e6e6}.wx-root,body{--weui-DIALOG-LINE-COLOR: rgba(0, 0, 0, .1)}.wx-root,body{--weui-BG-COLOR-ACTIVE: #ececec}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body: not([data-weui-theme=light]){--weui-BTN-ACTIVE-MASK: rgba(255, 255, 255, ..1)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BTN-DEFAULT-ACTIVE-BG: rgba(255, 255, 255, .126)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-DIALOG-LINE-COLOR: rgba(255, 255, 255, .1)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--APPMSGCARD-BG: #1E1E1E}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--APPMSGCARD-LINE-BG: rgba(255, 255, 255, .07)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BG-COLOR-ACTIVE: #373737}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([ data-weui-theme=light]){--weui-BG-6: rgba(255, 255, 255, .1);--weui-ACTIVE-MASK: rgba(255, 255, 255, ..1);-weui-ACTIVE-MASK: rgba(255, 255, 255, ..1)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-REDORANGE: #ff6146;--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .. 6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--discussInput-BG: rgba(255, 255, 255, .03)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--nickName-FG: #959595}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .. 6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--appmsgExtra-BG: #121212}}

div.autoTypeSetting24psection > p,div.autoTypeSetting24psection > section{margin-bottom: 24px;}