In the Sino-US trade friction, although US President Trump has repeatedly claimed that his original intention is to change the US trade deficit with China for hundreds of billions of dollars, the economic interests between China and the United States are not only reflected in import and export. In trade, it is also reflected in China's broad market and substantial benefits for foreign investment by US companies.
Taking a sample of the top 100 companies in the Fortune 500 list in the 2018 as a sample, we can see that the major US companies have realized the reform and opening up process in China. Win-win with the growth of the Chinese market.
It can also be seen that the trade friction between the Trump administration and the trade deficit of import and export is not only the interests of Chinese enterprises, but also the interests of US multinational corporations.
Text | Xie Zhaohui hopes think tank special technology observers?
Editor|Chen Rongyi Wang think tank
This article is an original article of the think tank. If you need to reprint, please indicate the source of the think tank (zhczyj) and the author's information in front of the text, otherwise the legal responsibility will be strictly investigated.
1 Wal-Mart: 10% of international market revenue
Wal-Mart, the world's largest retail chain retailer, topped the Fortune 500 list for the fifth consecutive year, with annual revenues of $53 billion, surpassing second-place Exxon Mobil (244.4 billion) and third-place Berkshire - The sum of the two companies of Hathaway (242.1 billion).
In its $50 billion global revenue, Wal-Mart's international market revenue was $119.8 billion. Although it did not specifically list the business income of the Chinese market, since entering the Chinese market in 1996, Wal-Mart has been in more than 180 cities in China. Opened 443 shopping malls.
In the number of shopping malls in a single country, the number in the Chinese market is ranked 5th after the United States (4761), Mexico (2358), the United Kingdom (642), and Brazil (465), but it is 7361. The 10,000 square feet (about 6.84 million square meters) business area ranks among the top three in the world (705 million square feet in the United States and 97.02 million square feet in Mexico), accounting for 20% of Wal-Mart's overseas business area.
How much does Apple, Wal-Mart, Boeing, and Intel earn from China?
Although Wal-Mart's financial report does not list the country's income alone, it can be found from the "China's Top 100 Chain Stores 2017" published by the third-party China Chain Store & Franchise Association. Wal-Mart (China) Investment Co., Ltd.'s operating income in 2017 was 80.278 billion yuan. The dollar was converted to 12.3 billion, an increase of 4.7% year-on-year, and accounted for 10% of Wal-Mart's international business market revenue.
On March 7, 2018, Wal-Mart China held its annual New Year's preparation meeting in Zhuhai. Wal-Mart China President and CEO Chen Wenyuan announced that the company has created the best performance in the Chinese market in 2017.
2 Apple: The Chinese market is one of the two pillars
Apple, ranked 4th in the Fortune 500 list with annual revenue of $229.2 billion, is also the most profitable company among the top 500 US companies, with a profit of $48.351 billion and a net profit margin of 20%.
There are only two single-country markets that account for more than 10% of Apple's global revenues. One is the US$96.6 billion in revenue and the other is China. Apple's revenue in Greater China in 2017 totaled more than $44.7 billion, accounting for 19.5%.
3 GM, Ford: China's sales determine global rankings
General Motors and Ford Motor Company ranked 10th and 11th in the Fortune 500 list with revenues of $157.3 billion and $156.8 billion, respectively. The Chrysler Automobile Group (FCA), which they founded as the three major US auto companies, was founded by Fiat in Italy in 2014. Because it is listed on the New York Stock Exchange, it can also be analyzed together. Its 2017 revenue scale is 110.934 billion euros, which translates to 133.3 billion US dollars. It ranks 14th on the Fortune 500 list.
According to the 2017 financial report of the three auto companies, GM's annual passenger car sales were 9.6 million, and the global market share reached 10%, higher than Ford's 6.6 million (7%) and Fiat Chrysler's 4.74 million. (5%).
It can be seen from the statistics that the sales of the three car companies in the US market and other markets are between 2 million and 3 million, which are not much different from each other, but there is a world of difference in the Chinese market: GM The Chinese market sold 4.04 million units, Ford sold 1.12 million units, and Fiat Chrysler had only 210,000 units.
To some extent, it is the sales volume in the Chinese market that determines the ranking of the three car companies in the global passenger car market.
The sales volume of the Chinese market in 2017 accounted for 42% of GM's global sales, and 1 million more than its US domestic market. This is the sixth consecutive year that the Chinese market has become GM's largest automotive retail market.
Also in 2017, GM's Cadillac brand sales in the Chinese market increased by more than 51% year-on-year to reach 175,000 units, and for the first time exceeded the US market.
The Chinese market is Ford's largest overseas single-country market, with sales accounting for 18% of the world's total. In addition to the production and sales of Mondeo, Fox, and Transit branded passenger cars through a joint venture with Changan Automobile and Jiangling Motors to maintain market share, the imported luxury car brand Lincoln series increased its sales in China in 2017. 66% is also one of its eye-catching results.
Fiat Chrysler Automobile achieved sales of 4.24 billion euros in the Chinese market in 2017, accounting for less than 4% of the world. Because of poor management, FCA has announced that Fiat will withdraw from the Chinese market and focus on the sales of the Jeep brand and luxury car Maserati in China.
Among them, Maserati sold 51,000 vehicles worldwide in 2017, achieving sales revenue of 4.085 billion euros, 30% from the Chinese market, and China surpassed the US for the first time to become Maserati's largest single market. FCA predicts that Maserati's sales in the Chinese market will exceed 96,000 by the end of 2018, and by 2020, it will increase by more than 150% from 2017 to 130,000.
Boeing ranked 27th in the Fortune 500 in the US$93.4 billion in annual revenue. Boeing is the world's largest aerospace company and the largest export manufacturer in the United States. In 2017, Boeing delivered 763 commercial aircraft to the world, creating a new industry record and ranking first in commercial aircraft delivery for the sixth consecutive year.
Of the 763 commercial aircraft that Boeing delivered to the world in 2017, the Chinese market received 26% of the total, reaching 202, creating a new record.
So far, Boeing has delivered more than 140 aircraft in China for six consecutive years, and more than 50% of all civilian jets operating in China are Boeing aircraft.
Boeing has already delivered the latest 737MAX to the world on the 737 project, and one of every three Boeing 737s has been delivered to China. In 2017, China's four major aviation groups received more than 20 737MAX8s. It is expected that by the end of 2018, Boeing will deliver nearly 100 737MAX8s to Chinese airlines.
In Boeing’s $93.4 billion in annual revenue, the US domestic market accounted for 45% of revenue, and the Chinese market accounted for 13% of revenue, reaching $11.9 billion, an increase of 16% from the previous year.
Boeing's latest Civil Market Outlook (CMO) expects nearly 20% of global new aircraft demand to come from Chinese airlines in the next 20 years. They report that China will need 7,240 new aircraft in the next 20 years, with a total value of With 1.1 trillion US dollars, China will surpass the United States to become the largest customer of Boeing civil aircraft.
5 Procter & Gamble: The largest e-commerce market in China
Procter & Gamble, the world's leading consumer goods company, ranked 42nd in the Fortune 500 with a revenue of US$66.2 billion, and its US domestic market accounted for 42% of its revenue.
P&G entered China in 1988 and established its first joint venture in China, Guangzhou Procter & Gamble Co., Ltd. in Guangzhou. Since then, after 30 years of development, it has become one of the largest consumer goods companies in China.
According to P&G's 2017 financial report, Greater China's business revenue accounted for 8%, about 5.3 billion US dollars, equivalent to the business income of the entire Latin American region.
China is P&G's largest e-commerce market in the world. Leveraging the rapid development of China's Internet market, P&G has established an e-commerce channel as the fastest growing channel for P&G in the Chinese market through deep cooperation with Alibaba, JD.com, Tencent and various e-commerce vertical platforms and cross-border e-commerce platforms.
In 2009, P&G became the first fast-moving company to open a flagship store in Tmall; in 2014, China became the world's largest e-commerce market for P&G; in 2015, P&G opened its first Tmall overseas flagship store and began cross-border E-commerce introduces overseas goods.
According to official reports, P&G products cover 93% of households in China, and in 2017 reached more than 20 million active users online, becoming the largest online consumer.
6 Intel: China’s market share is the absolute highest
Intel, the world's largest maker of personal computer parts and CPUs, ranks 46th in the Fortune 500, achieving global revenues of $62.8 billion in 2017. In a market environment where global PC sales have fallen 25% in five years, Intel has achieved With a 6% increase in revenue and an operating margin of 29%, it is not easy.
In terms of regional market revenue comparison, mainland China (including Hong Kong) reached US$14.8 billion, accounting for 24% of global revenue and US$2.3 billion more than the US domestic market.
Intel's three largest corporate customers account for 40% of its revenue sources, with Dell and HP accounting for 16% and 11%, respectively, while China's Lenovo contributed 13% of Intel's revenue.
In the Fortune 500 list, high-tech companies competing with Intel include Qualcomm, Micron Technology, NVIDIA and Chaowei Semiconductor, as revenues in 2017 were 22.3 billion, 20.3 billion, 9.7 billion and 53 respectively. It is worth 100 million US dollars, but it is very consistent with Intel in the regional market revenue comparison. Its income in the US domestic market is far behind the income in the mainland China, Hong Kong and Taiwan markets.
In particular, Qualcomm and Micron Technology, whose sales revenue in mainland China has accounted for 65% and 51% of the total revenue, it can be said that half of these companies are supported by the Chinese market.
7 Put down the "trade stick" to win-win
Taking stock of the financial data of the top 100 companies in the Fortune 500 and their relationship with the Chinese market, we can draw the following conclusions:
* While China's opening up has attracted foreign investment to develop its economy, the growing Chinese market has also provided substantial returns for multinational companies, including US companies.
In the Sino-US trade exchanges, American companies have made huge sales revenues in the Chinese market. The nine companies mentioned in this article have reached US$110 billion. In addition, the US companies’ revenues in China exceed the US domestic market. In the context of globalization of transnational operations, the trade dependence between China and the United States has been increasingly enhanced.
International institutions generally predict that China, with a population of nearly 1.4 billion, will soon become the world's largest consumer market. As the Chinese government continues to expand its open policy, as long as the Trump administration puts down the “trade bar” and reaches a consensus with the Chinese side to encourage two-way investment and create a level playing field, it is believed that more and more American companies will be able to Gain greater development opportunities from the growing Chinese market.
* Among the top 100 companies in the Fortune 500, a large number of companies did not mention or express the Chinese market in their financial reports because they have a small share of revenue in the Chinese market (country income is less than 10%) or did not conduct business in China. Business income status.
For example, energy company Exxon Mobil (No. 2), insurance and investment company Berkshire Hathaway (No. 3), United Health Group (No. 5), Health and Service Sales, McKesson (Mckesson) (6th place) and CVSHealth (7th place), as well as online retail giant Amazon (8th) and telecom giant AT&T (9th).
They have not carried out business or carried out poorly in the Chinese market. They have their own investment strategies and management factors, and they are also related to the Chinese government's control policies on foreign investment in related businesses.
Therefore, under the background of Sino-US economic and trade frictions, if the Chinese government further opens up the market, it will also create favorable conditions for the settlement of disputes.
What is gratifying is that China's decision-making level has already made arrangements in this regard. For example, in April this year, President Xi Jinping proposed at the opening ceremony of the Boao Forum for Asia 2018 annual meeting that the auto industry will relax the restrictions on foreign shares.
* US electronic components and components manufacturers represented by Intel, Qualcomm, Micron Technology, etc., have more than 40 billion US dollars in sales revenue each year from the Chinese market, which is 2.5 times their income in the US domestic market.
In particular, look at the annual revenue structure of US chip giant Qualcomm. Starting from the first time in 2010, China’s mainland market surpassed South Korea to become the largest source of revenue for Qualcomm. By the fourth year, it has accounted for half of Qualcomm’s global revenue and continued to expand to 2017. More than 60% of the year.
This aspect shows that China has a clear advantage and a solid position as the world's largest electronic information product manufacturing base in the industrial chain of high-end electronic products, including mobile phones and personal computers. On the other hand, it also reveals that China's key technologies are subject to people, high-end general-purpose chips. Key products such as core electronic devices are highly dependent on foreign capital, especially in the US, and the industry is affected by the international market.
This requires the Chinese government to expand the market opening and encourage fair competition while promoting the opening of the electronic information manufacturing industry. At the same time, it must also focus on the reconstruction of the electronic information industry innovation system, fill in the shortcomings in the basic field, and encourage domestic enterprises to seize the frontier. The commanding heights of the field, accelerating the industrialization of innovation results, and providing solid support for industrial upgrading, in order to avoid the industrial development and corporate interests under the influence of Sino-US trade frictions, once again fell into a situation of being subject to people and passive beatings.
Taking a sample of the top 100 companies in the Fortune 500 list in the 2018 as a sample, we can see that the major US companies have realized the reform and opening up process in China. Win-win with the growth of the Chinese market.
It can also be seen that the trade friction between the Trump administration and the trade deficit of import and export is not only the interests of Chinese enterprises, but also the interests of US multinational corporations.
Text | Xie Zhaohui hopes think tank special technology observers?
Editor|Chen Rongyi Wang think tank
This article is an original article of the think tank. If you need to reprint, please indicate the source of the think tank (zhczyj) and the author's information in front of the text, otherwise the legal responsibility will be strictly investigated.
1 Wal-Mart: 10% of international market revenue
Wal-Mart, the world's largest retail chain retailer, topped the Fortune 500 list for the fifth consecutive year, with annual revenues of $53 billion, surpassing second-place Exxon Mobil (244.4 billion) and third-place Berkshire - The sum of the two companies of Hathaway (242.1 billion).
In its $50 billion global revenue, Wal-Mart's international market revenue was $119.8 billion. Although it did not specifically list the business income of the Chinese market, since entering the Chinese market in 1996, Wal-Mart has been in more than 180 cities in China. Opened 443 shopping malls.
In the number of shopping malls in a single country, the number in the Chinese market is ranked 5th after the United States (4761), Mexico (2358), the United Kingdom (642), and Brazil (465), but it is 7361. The 10,000 square feet (about 6.84 million square meters) business area ranks among the top three in the world (705 million square feet in the United States and 97.02 million square feet in Mexico), accounting for 20% of Wal-Mart's overseas business area.
How much does Apple, Wal-Mart, Boeing, and Intel earn from China?
Although Wal-Mart's financial report does not list the country's income alone, it can be found from the "China's Top 100 Chain Stores 2017" published by the third-party China Chain Store & Franchise Association. Wal-Mart (China) Investment Co., Ltd.'s operating income in 2017 was 80.278 billion yuan. The dollar was converted to 12.3 billion, an increase of 4.7% year-on-year, and accounted for 10% of Wal-Mart's international business market revenue.
On March 7, 2018, Wal-Mart China held its annual New Year's preparation meeting in Zhuhai. Wal-Mart China President and CEO Chen Wenyuan announced that the company has created the best performance in the Chinese market in 2017.
2 Apple: The Chinese market is one of the two pillars
Apple, ranked 4th in the Fortune 500 list with annual revenue of $229.2 billion, is also the most profitable company among the top 500 US companies, with a profit of $48.351 billion and a net profit margin of 20%.
There are only two single-country markets that account for more than 10% of Apple's global revenues. One is the US$96.6 billion in revenue and the other is China. Apple's revenue in Greater China in 2017 totaled more than $44.7 billion, accounting for 19.5%.
3 GM, Ford: China's sales determine global rankings
General Motors and Ford Motor Company ranked 10th and 11th in the Fortune 500 list with revenues of $157.3 billion and $156.8 billion, respectively. The Chrysler Automobile Group (FCA), which they founded as the three major US auto companies, was founded by Fiat in Italy in 2014. Because it is listed on the New York Stock Exchange, it can also be analyzed together. Its 2017 revenue scale is 110.934 billion euros, which translates to 133.3 billion US dollars. It ranks 14th on the Fortune 500 list.
According to the 2017 financial report of the three auto companies, GM's annual passenger car sales were 9.6 million, and the global market share reached 10%, higher than Ford's 6.6 million (7%) and Fiat Chrysler's 4.74 million. (5%).
It can be seen from the statistics that the sales of the three car companies in the US market and other markets are between 2 million and 3 million, which are not much different from each other, but there is a world of difference in the Chinese market: GM The Chinese market sold 4.04 million units, Ford sold 1.12 million units, and Fiat Chrysler had only 210,000 units.
To some extent, it is the sales volume in the Chinese market that determines the ranking of the three car companies in the global passenger car market.
The sales volume of the Chinese market in 2017 accounted for 42% of GM's global sales, and 1 million more than its US domestic market. This is the sixth consecutive year that the Chinese market has become GM's largest automotive retail market.
Also in 2017, GM's Cadillac brand sales in the Chinese market increased by more than 51% year-on-year to reach 175,000 units, and for the first time exceeded the US market.
The Chinese market is Ford's largest overseas single-country market, with sales accounting for 18% of the world's total. In addition to the production and sales of Mondeo, Fox, and Transit branded passenger cars through a joint venture with Changan Automobile and Jiangling Motors to maintain market share, the imported luxury car brand Lincoln series increased its sales in China in 2017. 66% is also one of its eye-catching results.
Fiat Chrysler Automobile achieved sales of 4.24 billion euros in the Chinese market in 2017, accounting for less than 4% of the world. Because of poor management, FCA has announced that Fiat will withdraw from the Chinese market and focus on the sales of the Jeep brand and luxury car Maserati in China.
Among them, Maserati sold 51,000 vehicles worldwide in 2017, achieving sales revenue of 4.085 billion euros, 30% from the Chinese market, and China surpassed the US for the first time to become Maserati's largest single market. FCA predicts that Maserati's sales in the Chinese market will exceed 96,000 by the end of 2018, and by 2020, it will increase by more than 150% from 2017 to 130,000.
Boeing ranked 27th in the Fortune 500 in the US$93.4 billion in annual revenue. Boeing is the world's largest aerospace company and the largest export manufacturer in the United States. In 2017, Boeing delivered 763 commercial aircraft to the world, creating a new industry record and ranking first in commercial aircraft delivery for the sixth consecutive year.
Of the 763 commercial aircraft that Boeing delivered to the world in 2017, the Chinese market received 26% of the total, reaching 202, creating a new record.
So far, Boeing has delivered more than 140 aircraft in China for six consecutive years, and more than 50% of all civilian jets operating in China are Boeing aircraft.
Boeing has already delivered the latest 737MAX to the world on the 737 project, and one of every three Boeing 737s has been delivered to China. In 2017, China's four major aviation groups received more than 20 737MAX8s. It is expected that by the end of 2018, Boeing will deliver nearly 100 737MAX8s to Chinese airlines.
In Boeing’s $93.4 billion in annual revenue, the US domestic market accounted for 45% of revenue, and the Chinese market accounted for 13% of revenue, reaching $11.9 billion, an increase of 16% from the previous year.
Boeing's latest Civil Market Outlook (CMO) expects nearly 20% of global new aircraft demand to come from Chinese airlines in the next 20 years. They report that China will need 7,240 new aircraft in the next 20 years, with a total value of With 1.1 trillion US dollars, China will surpass the United States to become the largest customer of Boeing civil aircraft.
5 Procter & Gamble: The largest e-commerce market in China
Procter & Gamble, the world's leading consumer goods company, ranked 42nd in the Fortune 500 with a revenue of US$66.2 billion, and its US domestic market accounted for 42% of its revenue.
P&G entered China in 1988 and established its first joint venture in China, Guangzhou Procter & Gamble Co., Ltd. in Guangzhou. Since then, after 30 years of development, it has become one of the largest consumer goods companies in China.
According to P&G's 2017 financial report, Greater China's business revenue accounted for 8%, about 5.3 billion US dollars, equivalent to the business income of the entire Latin American region.
China is P&G's largest e-commerce market in the world. Leveraging the rapid development of China's Internet market, P&G has established an e-commerce channel as the fastest growing channel for P&G in the Chinese market through deep cooperation with Alibaba, JD.com, Tencent and various e-commerce vertical platforms and cross-border e-commerce platforms.
In 2009, P&G became the first fast-moving company to open a flagship store in Tmall; in 2014, China became the world's largest e-commerce market for P&G; in 2015, P&G opened its first Tmall overseas flagship store and began cross-border E-commerce introduces overseas goods.
According to official reports, P&G products cover 93% of households in China, and in 2017 reached more than 20 million active users online, becoming the largest online consumer.
6 Intel: China’s market share is the absolute highest
Intel, the world's largest maker of personal computer parts and CPUs, ranks 46th in the Fortune 500, achieving global revenues of $62.8 billion in 2017. In a market environment where global PC sales have fallen 25% in five years, Intel has achieved With a 6% increase in revenue and an operating margin of 29%, it is not easy.
In terms of regional market revenue comparison, mainland China (including Hong Kong) reached US$14.8 billion, accounting for 24% of global revenue and US$2.3 billion more than the US domestic market.
Intel's three largest corporate customers account for 40% of its revenue sources, with Dell and HP accounting for 16% and 11%, respectively, while China's Lenovo contributed 13% of Intel's revenue.
In the Fortune 500 list, high-tech companies competing with Intel include Qualcomm, Micron Technology, NVIDIA and Chaowei Semiconductor, as revenues in 2017 were 22.3 billion, 20.3 billion, 9.7 billion and 53 respectively. It is worth 100 million US dollars, but it is very consistent with Intel in the regional market revenue comparison. Its income in the US domestic market is far behind the income in the mainland China, Hong Kong and Taiwan markets.
In particular, Qualcomm and Micron Technology, whose sales revenue in mainland China has accounted for 65% and 51% of the total revenue, it can be said that half of these companies are supported by the Chinese market.
7 Put down the "trade stick" to win-win
Taking stock of the financial data of the top 100 companies in the Fortune 500 and their relationship with the Chinese market, we can draw the following conclusions:
* While China's opening up has attracted foreign investment to develop its economy, the growing Chinese market has also provided substantial returns for multinational companies, including US companies.
In the Sino-US trade exchanges, American companies have made huge sales revenues in the Chinese market. The nine companies mentioned in this article have reached US$110 billion. In addition, the US companies’ revenues in China exceed the US domestic market. In the context of globalization of transnational operations, the trade dependence between China and the United States has been increasingly enhanced.
International institutions generally predict that China, with a population of nearly 1.4 billion, will soon become the world's largest consumer market. As the Chinese government continues to expand its open policy, as long as the Trump administration puts down the “trade bar” and reaches a consensus with the Chinese side to encourage two-way investment and create a level playing field, it is believed that more and more American companies will be able to Gain greater development opportunities from the growing Chinese market.
* Among the top 100 companies in the Fortune 500, a large number of companies did not mention or express the Chinese market in their financial reports because they have a small share of revenue in the Chinese market (country income is less than 10%) or did not conduct business in China. Business income status.
For example, energy company Exxon Mobil (No. 2), insurance and investment company Berkshire Hathaway (No. 3), United Health Group (No. 5), Health and Service Sales, McKesson (Mckesson) (6th place) and CVSHealth (7th place), as well as online retail giant Amazon (8th) and telecom giant AT&T (9th).
They have not carried out business or carried out poorly in the Chinese market. They have their own investment strategies and management factors, and they are also related to the Chinese government's control policies on foreign investment in related businesses.
Therefore, under the background of Sino-US economic and trade frictions, if the Chinese government further opens up the market, it will also create favorable conditions for the settlement of disputes.
What is gratifying is that China's decision-making level has already made arrangements in this regard. For example, in April this year, President Xi Jinping proposed at the opening ceremony of the Boao Forum for Asia 2018 annual meeting that the auto industry will relax the restrictions on foreign shares.
* US electronic components and components manufacturers represented by Intel, Qualcomm, Micron Technology, etc., have more than 40 billion US dollars in sales revenue each year from the Chinese market, which is 2.5 times their income in the US domestic market.
In particular, look at the annual revenue structure of US chip giant Qualcomm. Starting from the first time in 2010, China’s mainland market surpassed South Korea to become the largest source of revenue for Qualcomm. By the fourth year, it has accounted for half of Qualcomm’s global revenue and continued to expand to 2017. More than 60% of the year.
This aspect shows that China has a clear advantage and a solid position as the world's largest electronic information product manufacturing base in the industrial chain of high-end electronic products, including mobile phones and personal computers. On the other hand, it also reveals that China's key technologies are subject to people, high-end general-purpose chips. Key products such as core electronic devices are highly dependent on foreign capital, especially in the US, and the industry is affected by the international market.
This requires the Chinese government to expand the market opening and encourage fair competition while promoting the opening of the electronic information manufacturing industry. At the same time, it must also focus on the reconstruction of the electronic information industry innovation system, fill in the shortcomings in the basic field, and encourage domestic enterprises to seize the frontier. The commanding heights of the field, accelerating the industrialization of innovation results, and providing solid support for industrial upgrading, in order to avoid the industrial development and corporate interests under the influence of Sino-US trade frictions, once again fell into a situation of being subject to people and passive beatings.
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