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文创产业+金融业等于共赢 专家:三大瓶颈待解决

2019-05-20 21:46 来源:京华网

  文创产业+金融业等于共赢 专家:三大瓶颈待解决

  ThreecrestedibisesflyonSadoIsland,Japan,onDec27,2016.[Photo/IC]TOKYO-Crestedibises,theiconicbirdsthatwereonthevergeofextinctioninJapaninthe1980s,arenowprosperingandprovidingaboosttothelocaleconomyontheislandofSado,thankstoChina,theisland,white-plumedcrestedibisescanbeseenhuntingforfoodinthepaddyfields."Wecanseethesebirdsforaginginthemorningandeveningallseasonsnow,astherearecrestedibisesnestsnearourricefields,",coveringanareaof855squarekilometersandwithapopulationof55,000people,isisseenasanadvantageousresourceontheislandgivenitsrecognitionbytheUnitedNationsFoodan,,thenumberofcrestedibisesinJapanplunged",foodconsumedbycrestedibises,suchasfrogsandsmallfish,disappearedfromthepaddies,andcrestedibisesalsowenttoextinct,"saidTakayukiNishimaki,,theJapanesegovernmentcapturedthelastfivewi,thelastJapanese-borncrestedibisdiedatthecenterattheageof36,screstedibisesontheislandarealldescendantsofthosefromnorthwestChina,whiletheworldwasholdingitsbreathfortheendangeredspecies,sevenwildcrestedibiseswerediscoveredinthemountainsofShaanxi."Thegloomintheconservationcenter(inSado)wasdispelledbythegoodnews....Thesebirdsweretosavethespeciesfromextinction,"HiroyukiIshi,anenvironmentaljournalistandscientist,,Chinasuccessfullylaunchedit,twocrestedibiseswenttoSadoasagiftfromChina,,,thecityofSadoplanstoincreasethenumberofforeigntouristsfrom1,510in2011to5,000by2019,accordingtoHiroakiIwasaki,alocalgovernmentofficial,,crestedibiseshavebecomeabrandoftheirownforlocalproducts,especiallyagriculturalproducts."Weproduce20,000tonsofriceeveryyear,enoughtosatisfytheneedsof500,000peopleayear,whichistentimesofthepopulationofSado,"saidManabuWatabe,,localfarmersstressedthattheirriceis"producedinharmonywithcrestedibises".Toproducesuchrice,farmersmustmakethericepaddiesaneffectiveecologicalsystem,wheresmallcreaturescoexistinharmonyandcrestedibiseshaveplentyoffood,Nishimakiexplained."Crestedibisesincreasedemandsonprotectingtheenvironment,andthebirdssuccessfullybreedinghereshowsthatthericehereissafe,"Hainanprovince,whichisthecountrysonlyprovincial-levelspecialeconomiczone,willacceleratethebuildingofanopeneconomy,advanceinternationalindustrialcooperationandenhancethedevelopmentofservicebusinessesasanationalpilotzone,eBeltandRoadInitiative,furtherexpanditsinfluenceintheglobalcom,PartysecretaryofHainan,saidHainanwillhelpshowcaseChinaseffortsinbuildingacommunitywithasharedfutu,,thepr,,itwasraretoseeforeignvisitors,saidHuangZejing,aphotographerwhohaswitnessedtheisland,whichmarksits30thanniversaryasaprovince-thecountrysnewest-onApril13,,theprovincewillholdeightHainan-themedeventstofurtherexploreopportunitiesandinsightsforcooperationanddevelopment,WangSheng,directoroftheforeignaffairsofficeofHainan,,governorofHainan,saidtheprovincewillcontinuetotakeadvantageoftheforum,launchedin2001andknownastheAsianDavos,andotherexchangeplatformssuchastheRoundtableMeetingonChina-AfricaCooperation,toseeknewopportunittiesforbothChineseandoverseasfirmsinitspillarindustriesincludingtropicalhigh-efficiencyagriculture,tourism,theinternetandmarineindustries,eachofwhichisforecasttogeneratemorethan100billionyuan($)rnationalenterpriseswillbedeveloped,ndcitiesworldwide,includingHawaiiintheUnitedStates,SouthKoreasJejuspecialautonomousprovince,CanadasPrinceEdwardIsland,Finland,Macao,andTaiwan,andinternationaldestinationslikeRussia,SouthKorea,Thailand,Malaysia,,coveringmorecountriesinSoutheastAsia,,Britain,Canada,theUnitedStates,SouthKoreaandRussiaareeligibleforavisa-freestayinHainan,whichwillbeextendedtoover50countriesinthenearfuture,officialssaid.

BOAO—Overayearago,PresidentXiJinpingvigorouslydefendedfreetradeattheWorldEconomicForumannualmeetinginDavos,impressingtheworldwithChina,thehistoricprocesswhichhasbroughtdifferentcountriesandpeoplescloseroverthepasttwocenturies,,,Washingtonsprotectionistpivotisnotonlyworrying,,ithastriedtobullyitstradingpartsmore,theso-calledAmericaFirstdoctrinetoutedbyUSPresidentDonaldTrumpinDavosinJanuaryposesaseriouschallengetotherules-,theannualBoaoForumforAsiaconferenceissettingthestageforPresidentXitofurtherdefineChina,onceabarelyknownfishinghamletinChinassouthernmostHainanProvince,hastodaybecomeoneoftheAsiancountrysgatewasrisefromanisolatedandunderdevelopedcountrytotheworldsopening-uptotheoutsideworl,theWesternworldwhereglobalizati,whichmeansfreeandopentrade,smore,itseemsthatthepolicymakersinthesecountriesarepanderingtothesesentiments,eitherborporations(MNCs),likeApple,McDonald,whereoperationcostsarelower,tojackuptheirprofitsandthenremitbackthelionsshareofthat,l,somecalculati,aprofessorofsociologyattheUniversityofOregon,quotestheAsianDevelopmentBankinhisbookTheEndlessCrisis:HowMonopo,ChineseworkersthatassembleiPhonesforFoxconn,whichsubcontractsforApple(inChina),(shippingprice),contributingtoApple,theUnitedStates,alongwithitsallies,hasbeenleadingtheWorldBankandtheInternationalMonetaryFund,,keyreasonistheincreasinglyunequalsWorldInequalityReportbytheWorldInequalityLabattheParisSchoolofEconomics,thetop1percentcaptured28percentoftheaggregateincreaseinrealincomesinNorthAmericaandWesternEuropebetween1980and2016,,politiciansinsom,theylookoutsideforscapegoats,bl,yetthereaverseit,,eextensively,BeijinghasproposedtheBeltandRoadInitiative,andisaski,policymakersinsomeWesterncountriesshouldpulltheirheadsoutofthesandtofindbetteransw,,PresidentXiisexpectedtounveilasetofmajornewmeasuresonreformandopening-up,,despiterisinganti-globalizationsentimentaroundtheworld,Chinaremainsagetopushforwarddomesticreformsandembr,globalizationbeginsathome.SingaporeanPrimeMinisterLeeHsienLoong(right)meetswithKimJong-un,chairmanoftheWorkersPartyofKorea(WPK)andchairmanoftheStateAffairsCommissionoftheDemocraticPeoplesRepublicofKorea(DPRK)inSingaporeonSunday.[PhotoprovidedbyMinistryofCommunicationsandInformation,RepublicofSingapore]ChiefamongtheseincludeapeacetreatytoformallyendtheKoreanWar,whichisstillinastateoftruceafterthe1953armistice,aUStroopwithdrawalorreductionfromtheRepublicofKorea,,,aprofessorofKoreanStudiesatColumbiaUniversityinNewYork,saiditisnotrealimajoragreementisreachedatthesummit."Noonewantstoreturntothedangerousconfrontationoflastyear,anditispossiblethatthetalkswillfailandtheUSwillreturntoapolicyof‘maximumpressure,"hesaid,whiletheDPRK"returnstoprovocativeactions"."ThereseemstobeenoughpoliticalwillatthemomentinPyongyang,Seoul,WashingtonandBeijingtomovethepeaceprocessforward,buttherearemanyunforeseeablefactorsincludingespeciallydomesticoppositionintheUS,":SingaporePrimeMinister’sOffice

  BOAO—Overayearago,PresidentXiJinpingvigorouslydefendedfreetradeattheWorldEconomicForumannualmeetinginDavos,impressingtheworldwithChina,thehistoricprocesswhichhasbroughtdifferentcountriesandpeoplescloseroverthepasttwocenturies,,,Washingtonsprotectionistpivotisnotonlyworrying,,ithastriedtobullyitstradingpartsmore,theso-calledAmericaFirstdoctrinetoutedbyUSPresidentDonaldTrumpinDavosinJanuaryposesaseriouschallengetotherules-,theannualBoaoForumforAsiaconferenceissettingthestageforPresidentXitofurtherdefineChina,onceabarelyknownfishinghamletinChinassouthernmostHainanProvince,hastodaybecomeoneoftheAsiancountrysgatewasrisefromanisolatedandunderdevelopedcountrytotheworldsopening-uptotheoutsideworl,theWesternworldwhereglobalizati,whichmeansfreeandopentrade,smore,itseemsthatthepolicymakersinthesecountriesarepanderingtothesesentiments,eitherborporations(MNCs),likeApple,McDonald,whereoperationcostsarelower,tojackuptheirprofitsandthenremitbackthelionsshareofthat,l,somecalculati,aprofessorofsociologyattheUniversityofOregon,quotestheAsianDevelopmentBankinhisbookTheEndlessCrisis:HowMonopo,ChineseworkersthatassembleiPhonesforFoxconn,whichsubcontractsforApple(inChina),(shippingprice),contributingtoApple,theUnitedStates,alongwithitsallies,hasbeenleadingtheWorldBankandtheInternationalMonetaryFund,,keyreasonistheincreasinglyunequalsWorldInequalityReportbytheWorldInequalityLabattheParisSchoolofEconomics,thetop1percentcaptured28percentoftheaggregateincreaseinrealincomesinNorthAmericaandWesternEuropebetween1980and2016,,politiciansinsom,theylookoutsideforscapegoats,bl,yetthereaverseit,,eextensively,BeijinghasproposedtheBeltandRoadInitiative,andisaski,policymakersinsomeWesterncountriesshouldpulltheirheadsoutofthesandtofindbetteransw,,PresidentXiisexpectedtounveilasetofmajornewmeasuresonreformandopening-up,,despiterisinganti-globalizationsentimentaroundtheworld,Chinaremainsagetopushforwarddomesticreformsandembr,globalizationbeginsathome.Chinawilltakeaslewofincentivestofurtherboostimportsinordertodrivedomesticindustrialupgradingandbettermeettheincreasinglydiversifiedconsumptiondemandsofpeople,theStateCoun,PresidentXiJinpingannouncedthatChinawillexpandimportsandachievegreaterbalanceininternationalpaymentsunderthecurrentaccount,awillactivelyexpandimportsandlowerimporttariffsongoodssuchasautomobilesandeverydayconsumerproducts,topromoteindustrialupgradingandmerofgoodsfornineconsecutiveyears,tradeinservices,lyconsumergoods,medicine,aswellasnursingandrehabilitationfacilities,tionalproceduresandunreasonablepriceincreases,,andimportsofproducerservicescoveringresearchanddesign,tradelogistics,consultingservices,,wiromotingtheAuthorizedEconomicOperator(AEO),,acreditinformationsysteminforeigntradeaswellasenhancedintellectualpropertyrightsprotectionareneedewroundofhigh-standardopening-up,toeconomicrestructuring,andtoeconomictransformationandhigh-qualitydevelopment,,,

  Dressedinawhitegownwithpensinpocket,53-year-oldDiarraBoubacarwaswelcomedbytheTraditionalChineseMedicineHospitalintheXindudistrictofChengduinSouthwestChinasSichuanprovince,,BoubacarcontinuedthefamilytraditionoftrainingtobeadoctoratMalianMedicalCollege,,tChineselanguagetoreadtraditionalChinesemedicineclassics,,DiarrahasstudiedindifferentcitieslikeBeijing,GuangzhouandChengdu,andafteralongjourney,,,hejoinedMedicinsSansFrontieres(DoctorsWithoutBorders),hecantellthedifferencebetweenSichuanandChongqingdialects,andevenslightdifferencesbetweendialectsofdifferentcounties.ChengandhisteamperformduringtheweeklongStraitsForuminXiamen,receivedfromteachersinthestudentaffairsoffice."Ishoutedatthem:WhydoyoutreatmelikethisIalsogetbulliedbyothers,"edhimtightly,askinghim:"tyoufeelourloveandtolerance""Herwordswereaturningpointinmylife,whichmademedeterminedtochangemyself,"hesaid."Later,,IfeltasifIhadtwolegsthatcouldmovefreelyandfast."Chengstartedlearningwheelchairdanceandwheelchairsports,includingbasketballandbadminton."AtfirstIwasunwillingtopracticedancingbecauseIthoughtitagirlishthing,"hesaid.""Throughdancing,Chengfoundhisconfidenceandself-esteem."Onceanoldwomanintheaudiencetoldmethatmyperformancecouldtouchalotpeople,"hesaid."Igraduallyrealizedthatwheelchairdanceisnotjustaperformance,butawaytoinspireothers."Chenglaterimprovedonthetraditionalformofwheelchairdancing,whichwaspassive,andaddedmoredancingstyles,suchaship-hop,andgesturestohisperformance.

ChengYonghua,ChineseAmbassadortoJapan,speaksduringanewsconferenceatJapanNationalPressClubinTokyo,July23,2015.[Photo/VCG]ThetripwillbefirstonebyaChinesepremierineightyearsTOKYO-ChinesePremierLiKeqiangsupcomingtriptoJapanisofgreatsignificancetobilateralrelationsaswellasregionalcooperationandprosperity,meetingofChina,JapanandtheRepublicofKorea,,theambassadorsaid,isexpectedtofurtherconsolidatethewarming-upyearsofthisdecade,whichseriouslydamagedthepoliticalmutualtrustandpracticalinterestsofthetwocountries,,thetwosidesreachedafour-pointagreementthatreaffirmedtheprinciplesforthemtoproperlyhandlehistorical,territorialandotherissues,andbilateraltiesbegantoimprove,,Chengsaid,hasfurtherincreasedsinceChinesePresidentXiJinpingmetinMay2017inBeijingwithToshihiroNikai,secretary-generaloftheLiberalDemocraticParty,wholedtheJap-JapanTreatyofPeaceandFriendship,ChengsaidthetwoneighandJapanshouldsticktopeace,friendshipandcooperation,whichisnotonlythesolecorrectchoiceforthetwosides,butalsothecommonaspirationoftheinternationalcommunity,especiallytheAsiancountries,,bilateralexchangesan,bilateraltradereturnedtoabovethe$300billionlevelandpersonnelexchangesincreasedtoarecordhighof10million,,ChinaandJapanaresharingmoreandmorecommoninterests,saidCheng,addingthatastwoimportantplayersinAsiaandbeyond,thetwocountriesalsoshoulderthecommonresponsibili,hesuggested,shouldseizetheopportunitytostrengthenexchangesandcooperationinvariousfields,continuouslyexpandtheircommoninterests,,LisofficialvisittoJapanandattendanceatthetrilateralleadersmeetingareworthlookingforwardto,theambassadorsaid."Ibelievethatwiththejointeffortsofthetwosides,thisvisitwillhelpbringChina-Japanrelationsbacktotherighttracksothattheycanrealizesoundandstabledevelopment,"

  RockhousesatBeigangvillageinPingtan,Fujianprovince,havebecomeatouristattractionandattractedmanypeoplefromTaiwanfortourismdevelopment.[Photo/VCG]LinChi-yuanunderstandsmorethanmostthat"rockingout"ofPingtan-alsoknownasHaitan-offFujianprovinceproduceuniquelydifferentsoundswhenstruckwithhammers."SomycolleaguesandIbegancollectingrocksofvariousshapesandsizesfromthemountainsofPingtan,"Linsaidatthe10thStraitsForumintheportcityofXiamen,,whichisalsoafreetradezoneabout126kilometersfromTaiwan.

  (L-R)SomalianDeputyMinisterofHumanitarianAffairsandDisasterManagementElmiOmarAinsane,UNICEFSomaliaRepresentativeStevenLauwerier,andChineseAmbassadortoSomaliaQinJianposeforphotosduringadonationceremonyinMogadishu,Somalia,onNov21,2017.[Photo/Xinhua]MOGADISHU-ChineseAmbassadortoSomaliaQinJianonTuesdayvisitedChina-fundedhealthfacilityinMogadishusWadjirdistrictwhereabout15,sfund(UNCIEF)benefitedfrom$,QinreiteratedhisgovernmentssupporttoSomalipeople,addingthatBeijinghasalsogivendonationsworth$lyutilizingthemoney."WearesupportingSomalidevelopmentprojects,humanitarianassistance,peaceandalsogivingoutscholarships,"ego,500childrenwhowereinitiallysufferingfrommalnutritionsinceinception."WeareveryhappyandproudofourrelationshipwiththeChinesegovernmentthatwillgoalongwayinhelpingsavelivesofchildreninthecountry,"hesaida,aMedicalCoordinatoratthehealthfacility,thenewlyrefurbishedcentertreated35,356childrenlastyear."Wescreenedatotalof34,784children,1,422childrenweretreatedwithseveremalnutritionand74werehospitalizedlastyear,"Ahmedsaid.Phototakenin1958shows5-year-oldXiJinping(L),hisyoungerbrotherandtheirfatherXiZhongxun.[Photo/]FatherinculcatedfrugalhabitsXiZhongxun,fatherofXiJinping,servedaschairmanoftheShaanxi-GansuBorderRegion,aCPCrevolutionarybaseofthe1930s,andwascalledbyChairmanMaoZedonga"leaderofthepeople."XiZhongxunlaterledGuangdonginitsimplementationofreformandopening-uppoliciesandintheconstructionofspecialeconomiczonesintheprovince."Dadleadsafrugallife,n,"Xisaidinalettertohisfatherin2001,whenhewasthegovernorofFujianprovinceandwasunabletoattendhisfathers88thbirthdaycelebrationduetoworkcommitments.

  ,Minnesota,US,June12,2018,inthisimageobtainedfromsocialmedia.[Photo/Agencies]MINNEAPOLIS—Araccoonthatbec,Minneapolis,US,,accordingtoWildlifeManagementServices,"Itseatingnormally,"saidChristinaValdivia,thecompanysgeneralmanager,sadventurescausedastironsocialmediaasitscaledthetowerTuesday,withmanyTwitterusersvoicingconcernforitssafetyorjokingaboutthedramaasits,,afemale,wasreleasedlaterinthedayandscamperedin,whichbrokethestoryandcloselyfollowedtheraccoonsclimbfromitsheadquarterslessthanablockaway,brandedtheanimal#mprraccoon.

  XuLianfahangsredlanternsonatreetomarkSpringFestival.[PhotobyMaZhenhuan/ChinaDaily]Forbed-and-breakfastoperatorXuLianfa,agoldenopportunityknocksjustonce-andhemadesurehewastheretoopenthedoor."Before2009,,tremendouschangeshavetakenplace,"saidthe54-year-oldowneroftheLinhexuanBBinLishanvillage,,therewerebarelyanyroadsinthevillage,andlocalshsfatebegantochangein2003whenZhejianglauncheda"beautifulvillages"programtoimproveruraltransportationandenvir,Xu-thenthevillagehead-ledresidentstoundertakeathree-yearvillagereconstructionproject,,thepreviouslydilapidatedhomeshavebeenreplacedwithrowsofAnhui-stylearchitecturefeaturingwhitewashedwalls,,touristsbeganflockinginandwerecharmedbythescenic,improvingitspercapitaannualincomefrom4,600yuan($730)in2012tomorethan25,,ver100,000yuanwithinthreemonthsafteropeninginOctober,farbeyondXusexpectations."Whatsmore,alltheroomsduringtheupcomingSpringFestivalhavebeenbooked,"hesaid,addingthatheisconfidentofearningover300,s"lucidwatersandlushmountainsareinvaluableassets"theoryisprovingabigboosttothevillagestourismbusiness."Overthepasttwoyears,thenumberoftouristsvisitingthevillagehasskyrocketed,",abusroutewaslaunched,offeringtouristswideraccessibility."Nowbusescanbringpassengersdirectlytothevillage,whichwilldefinitelybringmoretouristsforruralleisuretours,"Xusaid."ImthinkingoflaunchinganewprogramthatenablestouriststoexperiencethefolklorecustomsoftheSheethnicgroup,asIbelievethiswillbringmoretouriststomyBB,"headded.BritainsroyalpatriarchPrincePhilip,filephoto.[Photo/VCG]LONDON-BritainsroyalpatriarchPrincePhilipturned97onSunday,-leastofalloverhimself-QueenElizabethIIshusbandhasnoplansforcelebrationsashemovesastepnearerto100."Hewillbespendingitprivately,"sofficialbirthdaycelebrationsonSaturday,whenotherseniorroinAugust,thelastof22,,hedidattendtheweddingofhisgrandsonPrinceHarryandMeghanMarkleatWindsorCastleonMay19,,,,,

  AcombinationphotoshowstheTimeWarnersharespriceattheNewYorkStockExchangeandATTlogoonNov15,2017andonOct23,2016,TTs$85billionpurchaseofTimeWarner,rejectingobjectionsbytheJusticeDepartmentan,sargumentthattheacquisitionofTimeWarnerbyATT,theworldslargesttelecommunicationscompany,wouldleadtofewercho,,DonaldTrumpsaidhewouldopposethedeal"becauseitstoomuchconcentrationofpowerinthehandsoftoofew".Aspresident,TrumphasrepeatedlycriticizedCNN,whichisownedbyTimeWarnersunitTurnerBroadcasting,oftencallingit"fakenews".InadditiontoCNN,TimeWarnerownsTVnetworksHBO,,whichcouldgiveitnewkindsofsubscriptionsfromits119millionmobile,ionandmoviemakers,includingComcastCorp,whoarguedtheJusticeDepartmentcase,saidthedepartmentwouldre,includingdebt,wouldbethefourth-largestdealattemptedintheglobaltelecom,mediaandentertainmentspace,,

  ThegenesisPresidentXiJinpingusedthephrase"newnormal"inMay2014whendescribingChina,withquestionsaroundhowtounderstandit,howtoadapttoitandh,itsfeaturesare:First,theeconomyhas,,theecotionpatterns,adaptedtothenewnormal,,timeandtimeagain,,onaverage,over11,ategies,includingtheBeltandRoadInitiative,whichadvancesinfrastructurelinksbeiprovincewillfosteranewregionofgrowthinChina,whiletheplantodeveloptheeconom,,thereistheSilkRoadFund,whichisacceleratingtheconstructionoffree-tradezones,sGDPgrowth,witharateofaround7percent,isroughlythesameasthetotalGDPofamid-sizedcountry,accountingfor30percentofcontributiontotheworldstotaleconomicgrowth.

  AHainaninformationtechfirmhasdevelopedabrandnewidentificationsystembasedonasawtooth-patterntwo-dimensionalbarcode,,alatestdevelopmentofHainanPPKInformationTechnologyCoLtd,customerscaneasilydistinguishtheauthenticityofgoodsbyscanningthetwo-dimensionalbarcodeo,deputygeneral-secretarywiththeChinaAnti-counterfeitingAssociation,saidtheinvention,regardedasthecountrysthird-generationanti-counterfeitingtechnology,,convenientandcantbeduplicated,andrepresentsanewdirectionforthedevelopme($)infinancingforcommercialapplicationfromaninvestmentcompanybasedinZhenjiang,uctsanditisthecountrysfirstfirmthathaswonoverseasinventionpatentsfromcountriesincludingtheUS,,anationalcommodityanti-counterfeitingdatabase,thefirstofitskindinthecountry,willbeestablishedinSouthChinasHainanprovincesoon,accordingtothepaper.FederalReserveChairmanJeromePowellheldapressconferenceonJune13.[Photo/Agencies]TheUSFederalReserveraisedinterestratesonWednesday,amovethatwaswidelyexpectedbutstillmarkedamilestoneintheUScentralbanksshift,theFeddroppeditspledgetokeeprateslowenoughtostimulatetheeconomy"forsometime"anyscontinuingexpansionandsolidjobgrowth,stwo-daymeetingthattheeconomyhasstrenghtenedsignificantlysincethefinancialcrisisandisapproachinga"normal"levelwheremonetarypolicymaynolongerbeneededtoeitherencourageordiscourageeconomicactivity.

  

  文创产业+金融业等于共赢 专家:三大瓶颈待解决

 
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国君固收:中国广义信贷与财政周期正转向紧缩

AHainaninformationtechfirmhasdevelopedabrandnewidentificationsystembasedonasawtooth-patterntwo-dimensionalbarcode,,alatestdevelopmentofHainanPPKInformationTechnologyCoLtd,customerscaneasilydistinguishtheauthenticityofgoodsbyscanningthetwo-dimensionalbarcodeo,deputygeneral-secretarywiththeChinaAnti-counterfeitingAssociation,saidtheinvention,regardedasthecountrysthird-generationanti-counterfeitingtechnology,,convenientandcantbeduplicated,andrepresentsanewdirectionforthedevelopme($)infinancingforcommercialapplicationfromaninvestmentcompanybasedinZhenjiang,uctsanditisthecountrysfirstfirmthathaswonoverseasinventionpatentsfromcountriesincludingtheUS,,anationalcommodityanti-counterfeitingdatabase,thefirstofitskindinthecountry,willbeestablishedinSouthChinasHainanprovincesoon,accordingtothepaper.


来源:凤凰财经综合

来源:债市覃谈;作者:国君固收覃汉、高国华导读:50号文对地方融资的冲击不亚于“三套利”、“四不当”对银行冲击,显示了政策层自上而下对防范金融风险的高度

来源:债市覃谈;作者:国君固收覃汉、高国华

导读:50号文对地方融资的冲击不亚于“三套利”、“四不当”对银行冲击,显示了政策层自上而下对防范金融风险的高度重视,标志着中国广义信贷与财政周期正在从全面宽松转向紧缩,幅度也可能相当急剧。

金融缩表一波未平,财政收紧冲击再袭,监管大年切勿掉以轻心。5月3日,财政部、发改委、司法部、央行、银监会和证监会等6部委联合发布《关于进一步规范地方政府举债融资行为的通知》(财预【2017】50号),财政部负责人同时进行了答记者问。50号文对地方融资的冲击不亚于“三套利”、“四不当”对银行系统的冲击,这再次显示了政策层自上而下对防范金融财政风险的高度重视,预示除了金融机构的全面去杠杆和影子银行缩表外,财政领域也正在开启一轮防风险监管整治风暴,标志着中国广义信贷与财政周期正在从全面宽松转向紧缩,而且在强势监管下,短期收缩降幅很可能更加急剧。

50号文重点落脚在摸底整改地方违规担保、清理地方借道融资平台和PPP项目变相隐蔽融资等行为,尽管多数规定在43号文、16年4号文、88号文等曾提出,但亦有些措施和要求具有新意,主要包括4大方面:

1)禁止地方政府违规担保,开展地方融资担保清理整改。(1)设立政府性债务领导小组,尽快组织地方政府及其部门融资担保行为摸底排查;(2)于2019-05-20前清理整改到位;(3)逾期不改的部门、市县政府,依法追究责任人的责任。

2)加强平台公司融资管理,加速向市场化国企转型。(1)地方政府不得以公益性资产、储备土地注入平台,不得承诺将储备土地预期出让收入作为平台公司偿债来源,不得利用政府性资金干预金融机构正常经营;(2)强调融资平台在境内外举债时,地方政府应向债权人主动书面声明不承担政府融资职能(这是新提法);(3)金融机构不得要求或接受地方政府及其所属部门提供担保函、承诺函、安慰函等任何形式的担保。

3)首次提出规范地方PPP融资。(1)不得以借贷资金出资各类投资基金,严禁地方利用PPP、产业基金等变相举债;(2)不得以任何方式向社会资本方承诺回购投资本金、承担投资本金损失、承诺最低收益;(3)不得对有限合伙基金等任何股权投资方式附加额外条款变相举债。

4)再次强调规范地方政府融资。(1)一律只能在国务院批准的限额内发行地方债融资;(2)不得以文件、会议纪要、领导批示等任何形式,要求或决定企业为地方政府变相举债;(3)不得为任何单位和个人以任何方式提供担保,不得承诺为任何单位和个人的融资承担偿债责任。

50号文对财政风险监管全面加强,厘清地方政府与融资平台、城投平台和PPP主体的边界范围,避免地方政府显性或隐性大量举债带来金融风险的上升,我们认为,将对年内地方融资和城投风险估值具有深刻影响:

50号文标志着持续近2年的广义财政宽松周期终结,地方准财政、融资和投资遭遇收紧。15年以来在稳增长和金融宽松大环境下,各类准财政工具层出不穷,创造了极为宽松的广义财政融资环境。地方政府借道影子银行、PPP、政府产业基金、项目收益债进行各类明股实债、变相融资和违规担保等层出不穷,2016年仅城投债、专项建设债、产业基金和PPP相关融资就高达6.5万亿。50号文标志着准财政风向从宽松转向收紧,地方对城投平台、PPP等的隐性担保面临剥离,变相举债受限。由于地方政府是基建投资的最重要驱动力,融资收缩将引发地方投资和经济减速风险加剧,压低贷款和社融规模,债务压力骤增。

PPP、产业基金等准财政的变相融资受限,对信贷和社融撬动明显降温,对基建拉动作用减弱。在43号文限制融资平台举债后,一些地方政府开始通过PPP和政府产业基金,以明股实债和夹层融资等方式变相融资,一定程度上绕开了严格管制,出资方金融机构也认为这些企业与地方政府联系密切,具有隐含的政府担保,导致了广义政府债务的快速积累。50号文发布后,我们认为这一变相融资通道将大幅收紧,一旦资金成本大幅攀升,则不少项目的IRR恐难以满足要求,地方、企业和金融机构三方均面临缩表和潜在不良风险。

城投债信用利差面临进一步走扩风险,但相对产业债的风险溢价难上更高。从16年12月以来,城投与国开债的信用利差从30Bp左右走扩至110bp以上,尽管创下16年以来新高,但与历史相比仅处于30%左右分位数水平,随着广义信用收缩、政府隐含担保消退,信用利差仍有进一步走扩空间。而从城投与产业债的相对信用利差看,目前3Y、5Y,AA城投债与产业债的相对利差从16年4季度的-40bp和-85bp(当时是城投国开化)飙升至180bp和150bp,已调整至历史高位,在没有城投违约爆发情况下,相同期限、评级的城投债已相对产业债更具有一定性价比优势,相对利差上升空间有限。

紧缩政策多面来袭,城投债一级发行利率跳升恐将持续。4月以来央行、财政、银监、证监和保监会对金融财政风险监管不断升级,广义信贷和广义财政均大幅收紧,地方担保清理,政府刚兑和救助信仰全面打破,城投平台无论从银行机构还是债券市场的融资面临全面收紧。17年1-4月城投债发行量4275.3亿,净融资仅-712.3亿,较2016年同期下降5643亿和7203亿,为历史最低水平;不仅发行缩量,一级招标利率还出现跳升,受中证登将可质押债券的评级提高至AAA级,AA+及以下评级的债券将无法入库冲击,新发城投的流动性溢价大幅走高,部分银行也收紧对城投平台的放贷规模,市场需求遇冷,一级发行利率跳升恐将成为常态。

由于自身造血能力较差,城投债在紧缩周期中更易遭受“戴维斯双杀”。在2011年和2013年的紧缩大环境中,当时央行和政策层均严厉收紧了地方融资平台和影子银行的融资,同时房地产市场降温,土地资产和出让收入大幅下滑,地方财力下降,导致城投公司面临净资产和经营收入双重下降风险,尤其中西部地区可能尤为明显,持续融资能力恶化,直至新一轮宽松周期到来才得到缓解。因此,我们担心如果本轮影子银行、财政风险监管全面收紧,地方财政、融资、基建下降风险将大幅升温,城投债的后续调整空间恐怕仍然较大。

政策风向是决定城投债风险的关键。根据多年以来的情况看,对于地方融资平台和城投债的各种政策理解,要把握大方向而不能仅纠结于文字,制度通常都会讲的很严格,但实际执行会在“防控增量风险”和“化解存量风险”之间摇摆,而政策本身尤其是再融资政策也会根据不同时期的环境而大幅调整。把握政策风向和主要矛盾,是理解城投债投资风险和机会的关键。

债市最好的策略仍是等待。昨日股债商品再遭大跌,虽然经济与投资出现见顶拐头迹象,但债市短期仍难以乐观,随着6月美联储加息再起、券商清理资产池类债券业务开展、银行委外持续赎回、半年末MPA考核和资金紧张来袭,影响市场的负面因素仍然持续。我们也相信,绝望的背面是希望,未来将会迎来一个更富弹性、更具安全边际的债券市场,但眼下,债市最好的策略仍是休养生息,等待冬天过去。

[责任编辑:李愿 PF015]

责任编辑:李愿 PF015

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