The years have passed, and time has marched forward. The year 2023 that just passed was a year when the world's changes accelerated and evolved: The international situation and pattern underwent significant changes, globalization and multilateralization encountered serious challenges, trade conflicts and unilateral sanctions became the norm; although the global economy continued to recover from the impacts of the pandemic and other crises, economic growth remained slow and uneven, with insufficient momentum. The Central Economic Work Conference pointed out that 2023 was the first year of fully implementing the spirit of the 20th National Congress of the Communist Party of China, and also the year after the three-year COVID-19 epidemic prevention and control period when the economy resumed and developed. China's economy has rebounded and improved, and the basic trend of long-term positive development has not changed, but it still needs to overcome some difficulties and challenges, mainly including insufficient effective demand, overcapacity in some industries, weak social expectations, numerous risks and hidden dangers, and bottlenecks in the domestic circular economy, as well as the complexity, severity and uncertainty of the external environment increasing. The conference required strengthening the sense of worry, effectively responding to and resolving these issues, effectively boosting confidence and preventing and defusing risks, and real estate, local debts and small and medium-sized financial institutions became the three major key areas for resolving risks. Under the current circumstances, the bankruptcy law has taken on greater responsibilities and expectations in saving market entities, enhancing investment confidence, optimizing the business environment, and preventing and defusing risks. In 2023, the revision of the "Enterprise Bankruptcy Law" is still being actively promoted, bankruptcy practice continues to develop, bankruptcy public services are deeply expanded, correct bankruptcy culture is increasingly cultivated, the call for personal bankruptcy is growing louder, and applying the bankruptcy protection system to protect private enterprises and private entrepreneurs has become a new market expectation. 
As time progresses, new chapters are being written. 2024 will be a year of greater challenges as well as abundant opportunities. We look forward to establishing a systematic bankruptcy protection legal system and creating a favorable legal environment for bankruptcy, in order to better serve the theme of "accelerating the construction of a new development pattern and focusing on promoting high-quality development", and contribute to optimizing market resource allocation, creating a first-class business environment, and achieving social fairness and justice. 
Last year, Fangda's bankruptcy team launched the "Fangda Bankruptcy Annual Report (2022)" series of articles for the first time, which received extensive attention from the industry. This year, we continue to release the "Fangda Bankruptcy Annual Report (2023)" series of articles, hoping to share with you the hot topics in the bankruptcy and debt restructuring industry in 2023 and look forward to the new journey of bankruptcy law in 2024. This report is divided into six parts: the general overview section, the listed company section, the real estate section, the financial institution section, the cross-border bankruptcy section, and the reorganization investment section.