武乡| 城口| 永昌| 杭锦旗| 大丰| 万盛| 积石山| 高陵| 吴堡| 安阳| 湄潭| 索县| 滴道| 临沭| 南平| 灵丘| 岢岚| 花莲| 淮阴| 大田| 图木舒克| 德清| 屏山| 科尔沁左翼中旗| 山亭| 临桂| 峡江| 兴城| 个旧| 栾川| 什邡| 循化| 准格尔旗| 大渡口| 萍乡| 图们| 曲江| 望奎| 冕宁| 东阳| 同仁| 宁武| 麻栗坡| 城阳| 塘沽| 日土| 东安| 平罗| 东西湖| 商南| 昌邑| 霍城| 邵武| 息烽| 西乌珠穆沁旗| 洛南| 平原| 卢氏| 翼城| 潮南| 新余| 西安| 南海镇| 同心| 嵊州| 廊坊| 班戈| 镇沅| 温县| 江华| 伊通| 嘉义县| 阳原| 交口| 威县| 元江| 迭部| 藁城| 龙海| 双辽| 邹城| 昔阳| 腾冲| 天长| 兴平| 五寨| 肃南| 京山| 织金| 藤县| 弥渡| 呼兰| 贵池| 深州| 桂阳| 望都| 杜尔伯特| 突泉| 奉贤| 凌海| 施秉| 仪征| 准格尔旗| 五华| 小河| 宣威| 新民| 宜城| 瓮安| 冕宁| 宁阳| 克什克腾旗| 綦江| 格尔木| 繁峙| 莘县| 怀安| 永济| 碾子山| 高州| 铁力| 定远| 零陵| 图们| 安丘| 墨脱| 珊瑚岛| 古交| 清河| 顺昌| 松江| 王益| 遂昌| 灵台| 怀安| 长安| 北海| 秦安| 汉南| 延吉| 罗定| 牙克石| 龙凤| 新邵| 金沙| 潜江| 望奎| 新泰| 赣州| 宁海| 上高| 信丰| 新青| 浠水| 兴国| 夏津| 武宣| 克拉玛依| 三原| 宽城| 织金| 施秉| 邓州| 如皋| 化州| 秀屿| 赫章| 田阳| 高阳| 澜沧| 水城| 本溪市| 金湖| 柳城| 吴堡| 安国| 芷江| 漾濞| 香港| 壤塘| 平利| 临沂| 阜康| 城阳| 确山| 鸡泽| 永和| 杞县| 苍山| 疏附| 东西湖| 盐池| 揭西| 通河| 灌云| 略阳| 清涧| 兴化| 昂昂溪| 陇县| 平和| 禄丰| 辽源| 滦南| 贵定| 岗巴| 保山| 商河| 蓬安| 户县| 博罗| 阳山| 科尔沁左翼后旗| 神木| 藁城| 台中县| 吉水| 新邵| 鹤壁| 山阴| 永昌| 噶尔| 哈巴河| 偏关| 通榆| 萨迦| 天门| 武平| 汤阴| 浦北| 古田| 宝兴| 盐源| 泾县| 长清| 五峰| 福贡| 南宫| 昭通| 黄山市| 叶县| 灯塔| 江华| 上蔡| 西藏| 苍南| 哈密| 平阴| 临川| 商洛| 辛集| 小河| 铜川| 敖汉旗| 长丰| 桃园| 衡阳市| 浚县| 尼玛| 南昌县| 华山| 昭通| 永泰|

《玛格丽特的春天》赵文琪遇旧爱 雨中上演湿身诱惑

2019-09-19 10:59 来源:东北新闻网

  《玛格丽特的春天》赵文琪遇旧爱 雨中上演湿身诱惑

  CaiMeng/ForChinaDailyTheUnitedStatesisgoingbackonitswordandunderminingitscredibilitybyannouncingtrademeasuresagainstChina,ForeignMinistryspokeswomanHuaChunyingsaidonWednesday."Whenitcomestointernationalrelations,acountryunderminesandsquandersitscredibilitybywillfullychangingitsattitudeandgoingbackonitsword,""willimposea25percenttariffon$50billionofgoodsimportedfromChinacontainingindustriallysignificanttechnology,includingthoserelatedtotheMadeinChina2025program",amongothermeasures,svisittoChina,ingtonandjointlyannouncedearlierinMay,Huasaid,urgingtheUStokeepitswordandworkwithChinaaccordingtothespiritdemonstratedinthejointannouncement."Chinadoesnotwant,butisnotafraidof,atradewar,"Huasaid."ChinawillsurelytakeresoluteandpowerfulstepstosafeguarditslegitimaterightsiftheUSinsistsonactingrecklessly."Huaalsocalledforhandlingtradedisputesthroughtalksonanequalbasisandinaconstructiveway,whichis"inlinewiththefundamentalandlong-terminterestsofboththeChineseandAmericanpeople,aswellasthecommonaspirationsoftheinternationalcommunity."CaiMeng/ForChinaDailyChinawillevaluatetheinfluenceoftherenewedthreatofrestrictionstheUnitedStateshasplacedonChineseinvestmentandexportsandwillreservetherighttotakecountermeasures,lesandspiritoftheWorldTradeOrganization,ievesthetwocountrie,theWhiteHousesaiditwouldplaceinvestmentrestrictionsandtougherexportcontrolsonChinesepeopleandentitiespurchasingindnfollowingtalksinWashingtonandthetwocountriesissuedajointstatementonMay20,theadministrationofUSPresidentDonaldTrumpsaiditwouldannouncethelistofimportssubjecttotariffsandpronegotiatingteamswouldmeeteach,chairmanandchiefexecutiveofUSinvestmentbankMorganStanley,saiditisworthnotingthattheUS-ChinatradedisputesaretakingplacewithinabroaderglobalcontextoftheUShavingtradediscussionswiththeEuropeancountries,talkingaboutredefiningtheNorthAmericanFreeTradeAgreementandhavingwithdrawnfromtheTrans-PacificPartnershipagreement."sconstructivetothelargesteconomyintheworldtofindasolutiontotradedisputeswithoutthembecomingamajoreconomiccrisis,""AmericaFirst"agenda,Chinahasbeenpromotingglobalfreetradeandrampingupdomesticreforms,theAmericanChamberofCommerceinChinasatingrowth,thankstocontinuouseffortsbytheChinsexecutivemeetingonWednesday,ChinasdomesticconsumptionwillsurpassthatoftheUSthisyear,andvisionarycompanieswillnotwanttomisstheprospectoftheChinesemarket,Forstration,aresearcherattheCommerceMinistrysInternationalTradeandEconomicCooperationInstitute,said,"Chinacanacceptmeasuresthatcomplywithinternationalrules,butitwillnotacceptthosecomingfromanothercountrysdomesticlaw.""WemustprepareforallpossiblecontingenciestodealwiththeTrumpadministrationscapriciousacts,"Meisaid."ExternalinterferencebytheUScannotdeterChinaspaceoffurtheropeningandupgradingitseconomy,"saidChenWenling,cts,shesaid,butunderpinnedbyChinasfirmstancetofurtherenrichanddiversifythenationaleconomyviareformandopening-uppolicies.

,Minnesota,US,June12,2018,inthisimageobtainedfromsocialmedia.[Photo/Agencies]MINNEAPOLIS—Araccoonthatbec,Minneapolis,US,,accordingtoWildlifeManagementServices,"Itseatingnormally,"saidChristinaValdivia,thecompanysgeneralmanager,sadventurescausedastironsocialmediaasitscaledthetowerTuesday,withmanyTwitterusersvoicingconcernforitssafetyorjokingaboutthedramaasits,,afemale,wasreleasedlaterinthedayandscamperedin,whichbrokethestoryandcloselyfollowedtheraccoonsclimbfromitsheadquarterslessthanablockaway,brandedtheanimal#mprraccoon.NEWYORK-AformerUSagriculturalofficialcalledChinaanimportantmarketfortheMidwesternUSstateofIowa,,PattyJudge,whoservedsuccessivelyasIowassecretaryofagricultureandlieutenantgovernorbetween1998and2010,,Iowaraisesmorecorn,soybeansandhogs,andproducesmoreeggsthananyotherUSstate,accordingtoJudge."Wehavetoexport...,onewewanttonourish,andhopethat(therelationship)willlastformanyyears,",,shehasnoticedtremendouschangesinbothruralandurbanpartsofthecountry."Chinahasmovedsomuchfartherforward...Thecountryhassomuchpotential."ChinasrapidgrowthalsopromisesavastarrayofopportunitiesforChina-UScooperation,includingagriculturalandindustrialcooperation,saidJudge,whoisnowworkingwiththelo,ChineseandAmericanswillhopefullyhavebetterunderstandingofeachothersculture,Judgesaid.

  USPresidentDonaldTrumpwalkswiththeDPRKstopleaderKimJong-unattheCapellahotelonSentosaislandinSingaporeonTuesday.[Photo/Agencies]ThenewTrump-Kimjointagreementcouldproveapromising“memorandumofunderstanding.”However,it’snotjustaboutdenuclearization;:Followinghoursofclosed-doortalksinCapellahotelinSingapore,USPresidentDonaldTrumpandDPRKleaderKimJong-unsignedajointfour-pointagreement:toestablishnewUS-DPRKrelations,astablepeaceregime,aDPRKcommitmenttoachievethe“completedenuclearization”oftheKoreanPeninsula,,theagreementdoesnotincludeafirm“verifiable”and“irreversible”,theTrump-Kimagreementisnotafinaldeal,,itshouldbeseenasapromising“memorandumofunderstanding.”,,ag,arealpeaceandstabilityrequiresfarmorethanafour-pointagreemen,DPRKiscus,Pyongyanghaslong–andjustifiably––afterWashingtonhadlostitsnuclearmonopolytotheSovietUnion-theearlysetbacksintheKoreanWarpromptedGeneralMacArthurtoconsiderusingnuclearweaponsagainsttheChineseandNorthKoreans–touseradioactivefalloutzonestodisruptChinesesupplychains-until,,between1950and1953,theUSsubjectedDPRKtoadevastatingbombingcampaign,whichdestroyed85percentofthecountry’sbuildingsandcausedonemillioncivilianstodie;morethantheentireciviliandeathsinWorldWarIIbombingofGermanyandJapan,,WashingtonhasseenDPRKasa“roguestate.”EvenwiththeSovietUnion,Washingtonsupported“peacefulcoexistence,”butwithDPRK,onlya“temporaryceasefire.”That’,Trump’sstatementinthepressconferencethattheUShadagreedtostopplaying“wargames”withPyongyang,referringtothejointmilitaryexerciseswithSouthKorea,“bringoursoldiersbackhome”fromDPRK,headmitteditwas“notpartoftheequationrightnow.”Typically,thedecisiontoceasethej’,hehadnearlyagreedtotheG7Summitcommuniqué,,dealsareseldomfixedentities,,formerUSpresidentJimmyCarterwhohasnegotiatedwithseveralDPRKleaders,notedthat,foralongtime,Pyongyanghassoughta“peacetreatytoreplacethe[1953]ceasefire.”Inhisexperience,inedIrannucleardeal,thatised2013NewYear’saddress,KimJong-unadvocated"aradicalturninthebuildingofaneconomicgiantonthestrengthofscienceandtechnologybyfanningtheflamesoftheindustrialrevolutioninthenewcentury.”Theseeconomiceffortsshould“bemanifestedinthepeople’sstandardofliving.”,PresidentObamaoptedforaPentagon-led“pivottoAsia”’soutlineforaPentagon-led“pivottoAsia,”,theobjectivewastoseizetheopportunitytocooperatewiththethen-presidentofSouthKorea,ParkGeun-hye,,insteadofrapprochement,WashingtonpushedforaTerminalHighAltitudeAreaDefense(THAAD),THAADwouldkilltwobirdswithonestone:itwouldsubduePyongyangand,ifneeded,,however,fellapartinearly2017,,,Park’sconservativeswereabletopostponetherepealoftheOperationControlagreement(OPCON),/USCombinedForcesCommand(CFC)isto“deterhostileactsofexternalaggression”SouthKoreabya“combinedmilitaryeffort.”TheCFCiscommandedbyaUSGeneralandithasoperationalcontrol(OPCON)overmorethan600,,USintere,atrueandlastingpeaceintheKorrtthetalks,thenullificationofimpeachmenteffortsagainsttheWhiteHouse,minimallossesfortheincumbentsintheUSmid-termelections,anotherTrumpelectiontriumphin2020–and’savery,,TrumpandKimtookthefirst,,ChinaandAmericaInstitute(US),theShanghaiInstitutesforInternationalStudies(China)andtheEUCenter(Singapore).PengChao,adisabledstudentfromSichuanprovince,/ForChinaDailyThisweek,millionsofhopefulswilltakethegruelingcollegeentryexam,butforonegroup,itpresentsanevengreaterchallenge,,Chinasnationalcollegeentranceexam,,whoundertakeasmanyasthreedaysofintensiveteststhat,inmanycases,,itisoftsity;onetrackisstandard,reamestablishmentsaslongasthey"areabletoadapt",,inrecentyearsthecountryhasbeenprovidinggreaterassistanceforstudentswithdisabilities,especial,theMinistryofEducationpublishedanoticestipulatingthatexaminingbodiesshouldprovidethenecessaryassistancean,theministryandtheChinaDisabledPersonsFederationissuedaguidelinethatrequiredexaminingbodiesnationwidetooffer"reasonable"assistancetostudentswithdisabilitiestakingthetest,,blindandvisuallyimpairedstudentsshouldbeprovidedwithexampapersinBrailleorbearinglarge-printcharacters,whilethosewithhearingdisabilitiesareallowedtousehearingaidsandcanbeexempte,andthedurationofthetests,whichusuallylasttwoortwoandahalfhours,,5,626studentsappliedforassistanceofsomesortduringlastyear,sayingtheywillbetterservetheneedsofstudentswithdisabilities,buttheyalsocalledformoreassistancetailoredtomeetstudents,a23-year-oldfromGuangzhou,Guangdongprovince,,shespentthenightbeforethegaokaopracticingfillinginthesmallboxesonmultiplechoicepapers."Thetinyboxesontheanswersheetlookedlikeantstome,soinadditiontomakingsureIlearnedalltheacademicpoints,theotherthingIdidfrequentlywastofillinasmanyanswersheetsaspossible,soIwouldhaveenoughtimeduringtheexam,"shesaid.

  SongChen/ChinaDailyBothhistoricalandinternationalexperiencesshowthatonlybyfurtheropeninguptotheoutsid,thelevelandr,theirprocessofopening-uptocatchupwiththedevelopedworldgenerallygoesthroughthreephases:participation,sreformandopening-up,from1978to2008,,Chinasmaingoalwastointegratew,econsequencesofglobalfinancialandeconomiccrises,,Chinahasadoptednovelwaysofdevelopingprocessingtradeandmakingfulluseofforeigninvestments,becausetheadvantagesofabundantsupplyoflaborforprocessingtrade,inwhichforeign-fundedenterprisesholdthemajorityshare,canmaksexport-orientedstrategyisadvancedtechnologyandbecompetitiveintheiltbetweenthelaunchofreformandopening-upin1978andDengXiaopingsaccessiontotheWorldTradeOrganizationin2001,,,Chineseexportssawexplosivegrowth,thetradesurplusexpandedrapidly,,,China,Chinaseconomicgrowthsloweddown,,althoughChinaistheworldsbiggestexporterofgoods,,accumulationofforeignexchangereservesthroughtradesurplusesisnolongeroneofChina,tomaintainthetradebalance,,opening-upisnowaimedattransformingC,asforforeigninvestment,thefocusnowisonattractinghigh-soverseascapitalinvestmentisstilldominatedbyEastAsianeconomiessuchasHongKong,MacaoandTaiwan,,,Chinaisfocu,thescaleofChinesecompanies,Chinaiscapableoffurtheropeninguptoattractqualit,ithastosolvetheproblemofregionalimbalancesandtakemeasurestofacilitatethedevelopmentoftheservicesectorast,Chinacanactivelyparticipateinglobaleconomicgovernance,throughtheBeltandRoadInitiativeforexample,,Chinawillnotonlybeensuredofhelpingshapetheglobaleconomicandtradingrules,,newthinking,oreeffortstotakepartintbalancebetweenexportsandimports(whichmeansimportingmore).Italsostressesthatinnovationshouldbestrengthenedtohaveagreatersayintheglobalhigh-techmarket,,boosttheservicesector,notjustmanufacturing,andmakeeffortstoimprovetheglobaltradingrulesandraisethestatusofitstradepartnersalongtheBeltandRoad,ll2050,whenChinaislikelytobecomeagreat,modern,,Chinasdeterminationtoopenuptotheoutsideworldwillremainfirmwithnewthinking,,itwilltakeabout70yearstoreachthestageofmaturity,thatis,sjourneymaybelong,butitsdeterminationtofurtheropenupitseconomyremainsstrong,JapanesePrimeMinisterShinzoAbe(left)attendsanewsconferencewithUSPresidentDonaldTrumponWednesdayinPalmBeach,Florida,US.[Photo/Agencies]AttheirmeetinginMar-a-Lago,Florida,onApril18,USPresidentDonaldTrumprebuffedJapanesePrimeMinisterShinzoAbe,TrumpannouncedthattheUSwonewtariffs,whichwillamounttoabout50billionyen($450million)ayearforJapandespiteAbeworkinghardtocultivateacloserelationshipwithTrump-ountermeasuresagainstUStariffs,sprotectionistpolicies,Japanhassignedorisnegotiatingmultilateraltradeagreements,which,itbelieves,,theJapaneseparliamentisworkingtowardratifyingtheComprehensiveandProgressiveAgreementforTrans-PacificPartnership,,JapanseestheTPP-11asacornerstoneonwhichitcn,too,inDecember,andthetwosidesaremaki,t,16countriesreachedaconsensustocompleteabasicframe,itwillproducethemostpopulous,diverseandenergeticfreetradeareaintheworld,,theleadersofChina,JapanandtheROKadvocatedeconomicglobalizationandfreetrade,andagr,,duringPremierLiKeqiangsvisittoJapan,BeijingandTokyoagreedtoestablishapublic-privatecounciltodiscussjoi,Japandoesnotwanttonegotiateatwo-waytrexploringcouldbackfireworldwide,sprotectionistpolicieswil,theUShasaskedJapan,aswellasitsotherallies,sdefensebudgethasalreadybeenrisingeveryyearundertheAbeadministrationendingadecadeofmilitarybudgetcuts,

SongChen/ChinaDailyBothhistoricalandinternationalexperiencesshowthatonlybyfurtheropeninguptotheoutsid,thelevelandr,theirprocessofopening-uptocatchupwiththedevelopedworldgenerallygoesthroughthreephases:participation,sreformandopening-up,from1978to2008,,Chinasmaingoalwastointegratew,econsequencesofglobalfinancialandeconomiccrises,,Chinahasadoptednovelwaysofdevelopingprocessingtradeandmakingfulluseofforeigninvestments,becausetheadvantagesofabundantsupplyoflaborforprocessingtrade,inwhichforeign-fundedenterprisesholdthemajorityshare,canmaksexport-orientedstrategyisadvancedtechnologyandbecompetitiveintheiltbetweenthelaunchofreformandopening-upin1978andDengXiaopingsaccessiontotheWorldTradeOrganizationin2001,,,Chineseexportssawexplosivegrowth,thetradesurplusexpandedrapidly,,,China,Chinaseconomicgrowthsloweddown,,althoughChinaistheworldsbiggestexporterofgoods,,accumulationofforeignexchangereservesthroughtradesurplusesisnolongeroneofChina,tomaintainthetradebalance,,opening-upisnowaimedattransformingC,asforforeigninvestment,thefocusnowisonattractinghigh-soverseascapitalinvestmentisstilldominatedbyEastAsianeconomiessuchasHongKong,MacaoandTaiwan,,,Chinaisfocu,thescaleofChinesecompanies,Chinaiscapableoffurtheropeninguptoattractqualit,ithastosolvetheproblemofregionalimbalancesandtakemeasurestofacilitatethedevelopmentoftheservicesectorast,Chinacanactivelyparticipateinglobaleconomicgovernance,throughtheBeltandRoadInitiativeforexample,,Chinawillnotonlybeensuredofhelpingshapetheglobaleconomicandtradingrules,,newthinking,oreeffortstotakepartintbalancebetweenexportsandimports(whichmeansimportingmore).Italsostressesthatinnovationshouldbestrengthenedtohaveagreatersayintheglobalhigh-techmarket,,boosttheservicesector,notjustmanufacturing,andmakeeffortstoimprovetheglobaltradingrulesandraisethestatusofitstradepartnersalongtheBeltandRoad,ll2050,whenChinaislikelytobecomeagreat,modern,,Chinasdeterminationtoopenuptotheoutsideworldwillremainfirmwithnewthinking,,itwilltakeabout70yearstoreachthestageofmaturity,thatis,sjourneymaybelong,butitsdeterminationtofurtheropenupitseconomyremainsstrong,

  TechniciansinspectgasfacilitiesinHorgos,NorthwestChinasXinjiangUygurautonomousregion.[Photo/Xinhua]GreaterscopeforcooperationwithmemberstatesofSCOChinasrisingdemandfornon-pollutingnaturalgasisexpectedtospurtradetieswiththememberstatesoftheShanghaiCooperationOrganization,analystssaid."Gas-richcountriesincludingRussiaandCentralAsiannationswillplayasignificantroleinthenaturalgastradecooperationwithChina,withpipelinegasimportsfromCentralAsiaandRussiaexpectedtototal85billioncubicmetersby2020,"saidWangLu,anAsia-PacificoilandgasanalystatBloombergIntelligence."Weestimateimports,ledbyState-ownedoilmajorssuchasChinaNationalOffshoreOilCorporationandprivatecompaniessuchasGuanghuiEnergy,maygrowata17percentaverageannualratebetween2017and2020,"shesaid."ConsideringChinasdependenceonimportstosatisfygasdemandwillriseto75percentin2020from57percentin2017,Chinashighergas-consumptiongoalswillbefulfilledbyhigherimports."DespitethefactthatgasproductiongrowthatChinaNationalPetroleumCorpandChinaPetroleumandChemicalCorpissettosurpassthatofoilbetween2018to2020thankstothedevelopmentofshalegas,domesticproductionandpipelineimportswontbeenoughtosatisfyChinasgrowinggasappetite,resultingincontinuousgrowthinnaturalgasimports,investmentsinrecentyearswiththeSCOmembers,includingtheYamalliquifiednaturalgasprojectintheArcticregionofRussiabetweenCNPC,thecountryslargestoilandgasproducerbyannualoutput,andNovatek,Russiasfirstintegratedprojectforpolarnaturalgasexploration,development,liquefactionandtransportation,YearthroughitsChina-RussiaEast-RouteNaturalGasPipelinebytheendof2020,whenthepipelineiscompletedIthasalsosteppe,whichrunsthroughChina,Turkmenistan,KazakhstanandUzbekistan,ein2017,,especiallyRussia,KazakhstanandUzbekistan,playcomplementaryrolesasimporterandproducersofnaturalgas,withChinaseeingsurgingdemandinthedomesticmarket,saidLiLi,energyresearchdirectoratICISChina,aconsultingcompanythatprovidesanalysisofChinabridgethedemand-supplygapamongSCOmembersandhelpmakeSCOmembersstronger,,ChinahasalwaysregardedthememberstatesofSCOasaprioritypartnerforenergycooperation,asChinahasbeenatopbuyerandstrategicpartneroftheabundantoilandgasresourcesfromRussiaandCentralAsia,whileChinasfinancialsupportfrominstitutionsinclusnecessarytoupgradethecountryspipelines,storagefacilitiesandtransportationnetworkstoensuregassupply,shesaid.

  CaiMeng/ForChinaDailyChinawillevaluatetheinfluenceoftherenewedthreatofrestrictionstheUnitedStateshasplacedonChineseinvestmentandexportsandwillreservetherighttotakecountermeasures,lesandspiritoftheWorldTradeOrganization,ievesthetwocountrie,theWhiteHousesaiditwouldplaceinvestmentrestrictionsandtougherexportcontrolsonChinesepeopleandentitiespurchasingindnfollowingtalksinWashingtonandthetwocountriesissuedajointstatementonMay20,theadministrationofUSPresidentDonaldTrumpsaiditwouldannouncethelistofimportssubjecttotariffsandpronegotiatingteamswouldmeeteach,chairmanandchiefexecutiveofUSinvestmentbankMorganStanley,saiditisworthnotingthattheUS-ChinatradedisputesaretakingplacewithinabroaderglobalcontextoftheUShavingtradediscussionswiththeEuropeancountries,talkingaboutredefiningtheNorthAmericanFreeTradeAgreementandhavingwithdrawnfromtheTrans-PacificPartnershipagreement."sconstructivetothelargesteconomyintheworldtofindasolutiontotradedisputeswithoutthembecomingamajoreconomiccrisis,""AmericaFirst"agenda,Chinahasbeenpromotingglobalfreetradeandrampingupdomesticreforms,theAmericanChamberofCommerceinChinasatingrowth,thankstocontinuouseffortsbytheChinsexecutivemeetingonWednesday,ChinasdomesticconsumptionwillsurpassthatoftheUSthisyear,andvisionarycompanieswillnotwanttomisstheprospectoftheChinesemarket,Forstration,aresearcherattheCommerceMinistrysInternationalTradeandEconomicCooperationInstitute,said,"Chinacanacceptmeasuresthatcomplywithinternationalrules,butitwillnotacceptthosecomingfromanothercountrysdomesticlaw.""WemustprepareforallpossiblecontingenciestodealwiththeTrumpadministrationscapriciousacts,"Meisaid."ExternalinterferencebytheUScannotdeterChinaspaceoffurtheropeningandupgradingitseconomy,"saidChenWenling,cts,shesaid,butunderpinnedbyChinasfirmstancetofurtherenrichanddiversifythenationaleconomyviareformandopening-uppolicies.CaiMeng/ForChinaDailyChinawillevaluatetheinfluenceoftherenewedthreatofrestrictionstheUnitedStateshasplacedonChineseinvestmentandexportsandwillreservetherighttotakecountermeasures,lesandspiritoftheWorldTradeOrganization,ievesthetwocountrie,theWhiteHousesaiditwouldplaceinvestmentrestrictionsandtougherexportcontrolsonChinesepeopleandentitiespurchasingindnfollowingtalksinWashingtonandthetwocountriesissuedajointstatementonMay20,theadministrationofUSPresidentDonaldTrumpsaiditwouldannouncethelistofimportssubjecttotariffsandpronegotiatingteamswouldmeeteach,chairmanandchiefexecutiveofUSinvestmentbankMorganStanley,saiditisworthnotingthattheUS-ChinatradedisputesaretakingplacewithinabroaderglobalcontextoftheUShavingtradediscussionswiththeEuropeancountries,talkingaboutredefiningtheNorthAmericanFreeTradeAgreementandhavingwithdrawnfromtheTrans-PacificPartnershipagreement."sconstructivetothelargesteconomyintheworldtofindasolutiontotradedisputeswithoutthembecomingamajoreconomiccrisis,""AmericaFirst"agenda,Chinahasbeenpromotingglobalfreetradeandrampingupdomesticreforms,theAmericanChamberofCommerceinChinasatingrowth,thankstocontinuouseffortsbytheChinsexecutivemeetingonWednesday,ChinasdomesticconsumptionwillsurpassthatoftheUSthisyear,andvisionarycompanieswillnotwanttomisstheprospectoftheChinesemarket,Forstration,aresearcherattheCommerceMinistrysInternationalTradeandEconomicCooperationInstitute,said,"Chinacanacceptmeasuresthatcomplywithinternationalrules,butitwillnotacceptthosecomingfromanothercountrysdomesticlaw.""WemustprepareforallpossiblecontingenciestodealwiththeTrumpadministrationscapriciousacts,"Meisaid."ExternalinterferencebytheUScannotdeterChinaspaceoffurtheropeningandupgradingitseconomy,"saidChenWenling,cts,shesaid,butunderpinnedbyChinasfirmstancetofurtherenrichanddiversifythenationaleconomyviareformandopening-uppolicies.

  AgraduatingstudentatahighschoolinFuyang,Anhuiprovince,preparesfortheupcomingnationalcollegeentranceexam,May29,2018.[Photo/VCG]Gaokao,thenationalcollegeentranceexam,isnottheonlyroutetoapromisingfutureforthoseborninthe2000s,,conductedbyportalwebsiteSina,suggestsoverhalfofrespondentsborninthe2000sbelievethegaokaoisnolongera"life-changingmatter".Nearlyhalfthepolledstudents—whowillsitfortheupcominggaokao—and70percentofintervi,,atraditionalwayforstudentstobeadmittedtoinstitutionsofhigherlearning,morethanone-fourthofthosepolledplantoreceivehighereducationthroughpursuingdegreesoverseas,,000students,,asthecollegeenrollmentrateinCemajorsthemselves,whileoverone-fourthalread,,scheduledforJune7and8.

  Thetopscorerin2015nationalcollegeentranceexaminChongqing.[Photo/IC]Thecountrystopeducationauthorityhasissuedanoticeonbanningpublicityoftopscorersingaokao,ornationalcollegeentranceexamination,bsite,sthefirsttimethattheministryhastakwhodosowillbedealtwithseriously,ChenBaosheng,ministerofeducation,saidatarecenttop-le,,,reinforcedtheideaofexam-orientededucationandworsenedthesocialenvironmentforeducationreformanddevelopment,saidWangKai,reefromtheshacklesofmoneyandfameandreturnittoitsoriginalgoalofnurturingstudents.ChinesePresidentXiJinpingmeetswithGermanChancellorAngelaMerkel,inBeijing,capitalofChina,May24,2018.[Photo/Xinhua]Lastweek,GermanChancellorAngelaMerkelconcludedher11thvisittoChinasince2005,,thel,fromJanuarytoMay,EuropeanleaderssuchasFrenchPresidentEmmanuelMacron,BritishPrimeMinisterTheresaMay,DutchPrimeMinisterMarkRutteandAustrianPresidentAlexanderVanderBellenvisitedChina,,mainlybecauseoftheunstablepoliciesoftheUS,thedialoguebetweenEuropeanUnionmemberstatesandChina,statements,mediareportsandcommuniquésshowtheirmeetingshavebeen,byandlarge,,alltheEuropeanleadershavesupportedtheChina-proposedBeltandRoadInitiativeandagreedtoworkwithChinatopromoteglobalization,,MerkelsaidshesupportsChinascooperationeffortsinEurope,sodotheleadersofthe16CentralandEasternEuropeancountries,ina,whichces,especiallyoncooperationonforeignpolicies,nges,,someEUofficialsareinfluencedbyideologyand/orlobbyinggroups,,heurgedthatChinaandGer,theideologicaldifferencesarepreventingsomeEUcountriesfromcapitalizingontheopportunitiescreatedbyChinaDonaldTusk,theyneedtomakemoreeffortstoliftBeijing-Brusselsrelationstoanewlevel,especiallybecausetheyarelosingconfidenceinWashington,,whowastheprimeministerofLuxemburgfrom1995to2013andministeroffinancesfrom1989to2009beforeheadingtheEC,srelationsforeigninvestmentinthefinancial,serviceandhigh-endmanu,therefore,theEUleadersshouldmakeeffortstoestab,BeijingandBrusselscanatleastexchan,TuskandJuncker,whentheyvisitChinalaterthisyeartoholdtheirannualmeetingswithChineseleaders,mustshowtheyareeagertodothesame,sothatBeijingandBrusselscanfulfilltheirdueglobalresponsibilitiesofpromotingfreetradeanddee

  JapanesePrimeMinisterShinzoAbe(left)attendsanewsconferencewithUSPresidentDonaldTrumponWednesdayinPalmBeach,Florida,US.[Photo/Agencies]AttheirmeetinginMar-a-Lago,Florida,onApril18,USPresidentDonaldTrumprebuffedJapanesePrimeMinisterShinzoAbe,TrumpannouncedthattheUSwonewtariffs,whichwillamounttoabout50billionyen($450million)ayearforJapandespiteAbeworkinghardtocultivateacloserelationshipwithTrump-ountermeasuresagainstUStariffs,sprotectionistpolicies,Japanhassignedorisnegotiatingmultilateraltradeagreements,which,itbelieves,,theJapaneseparliamentisworkingtowardratifyingtheComprehensiveandProgressiveAgreementforTrans-PacificPartnership,,JapanseestheTPP-11asacornerstoneonwhichitcn,too,inDecember,andthetwosidesaremaki,t,16countriesreachedaconsensustocompleteabasicframe,itwillproducethemostpopulous,diverseandenergeticfreetradeareaintheworld,,theleadersofChina,JapanandtheROKadvocatedeconomicglobalizationandfreetrade,andagr,,duringPremierLiKeqiangsvisittoJapan,BeijingandTokyoagreedtoestablishapublic-privatecounciltodiscussjoi,Japandoesnotwanttonegotiateatwo-waytrexploringcouldbackfireworldwide,sprotectionistpolicieswil,theUShasaskedJapan,aswellasitsotherallies,sdefensebudgethasalreadybeenrisingeveryyearundertheAbeadministrationendingadecadeofmilitarybudgetcuts,

  JapanesePrimeMinisterShinzoAbe(left)attendsanewsconferencewithUSPresidentDonaldTrumponWednesdayinPalmBeach,Florida,US.[Photo/Agencies]AttheirmeetinginMar-a-Lago,Florida,onApril18,USPresidentDonaldTrumprebuffedJapanesePrimeMinisterShinzoAbe,TrumpannouncedthattheUSwonewtariffs,whichwillamounttoabout50billionyen($450million)ayearforJapandespiteAbeworkinghardtocultivateacloserelationshipwithTrump-ountermeasuresagainstUStariffs,sprotectionistpolicies,Japanhassignedorisnegotiatingmultilateraltradeagreements,which,itbelieves,,theJapaneseparliamentisworkingtowardratifyingtheComprehensiveandProgressiveAgreementforTrans-PacificPartnership,,JapanseestheTPP-11asacornerstoneonwhichitcn,too,inDecember,andthetwosidesaremaki,t,16countriesreachedaconsensustocompleteabasicframe,itwillproducethemostpopulous,diverseandenergeticfreetradeareaintheworld,,theleadersofChina,JapanandtheROKadvocatedeconomicglobalizationandfreetrade,andagr,,duringPremierLiKeqiangsvisittoJapan,BeijingandTokyoagreedtoestablishapublic-privatecounciltodiscussjoi,Japandoesnotwanttonegotiateatwo-waytrexploringcouldbackfireworldwide,sprotectionistpolicieswil,theUShasaskedJapan,aswellasitsotherallies,sdefensebudgethasalreadybeenrisingeveryyearundertheAbeadministrationendingadecadeofmilitarybudgetcuts,

  [Photo/VCG]AWhiteHousestatementonTuesdayabouttariffsonChinasexportsclearlyrunsagainsttheconsensusreachedrecentlybythetwocountriesinWashington,on$50billionworthofChinesegoods,anditsaiditwilltargetthetariffsoncutting-edgetechnologies,"tacticalstatement"issuedbytheWhiteHouseissurprisingbutnotbeyondexpectation,theunn,Chinahastheconfidence,abilityandexperiencetosafeguardtheinterestsoftheChinesepeopleandthecountryscoreinterests,,inlinewiththerecentbilateraljointstatement,thespokespersonadded.[Photo/VCG]ChinawillevaluatetheinfluenceandreservetherighttotakecorrespondingmeasuresaftertheUnitedStatesannouncedrestrictionmeasuresonChineseinvestmentsandexportstoChina,theMinistryofCommercesaidThursday."WehavenotedthesemeasuresthattheUSplanstointroduce,"theministrysspokesmanGaoFengsaidinremarksataregularnewsconference."ChinabelievesthatthesemeasuresdonotconformtothebasicprinciplesandspiritoftheWorldTradeOrganization."TheministryscommentscameafterWhiteHousesaidTuesdaythatitwouldimplementspecificinvestmentrestrictionsandtightenexportcontrolsforChinesepeopleandbusinesses"relatedtotheacquisitionofindustriallysignificanttechnology"ttotariffsandproposedinvestmentrestrictionsbyJune15andJune30respectively,itsaid.

  

  《玛格丽特的春天》赵文琪遇旧爱 雨中上演湿身诱惑

 
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门槛提高流动性下降 新规之后分级基金迎严峻考验

AnembroideredsilkdressisshowcasedattheParisChinaCulturalCenteronJune5,2018.[]ZhouWei,theevent’scuratorandassistanttothedirectoroftheChinaNationalSilkMuseum,saidtheexhibitioninfusednewdesignswithtraditionalcraftsman,thecenteralsoheldapubliclectureon"ReconstructionofChineseSilksDesignMaterials"onJune4,andanindustrialexchangemeetingthemed"Reconstruction:TechniquesandDesignofSilk"onJune5topromoteinternationalcooperationinsilkproducts.

时间:2019-09-19 09:05:16  来源:经济参考报  作者:

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门槛提高流动性下降 新规之后分级基金迎严峻考验

“五一”之后,分级基金新规正式执行,随着“证券类市值30万元、营业部面签”等限制门槛的提高,分级产品的流动性和规模均同步下降,大量产品面临转型为普通指数基金或者清盘的命运。


“五一”之后,分级基金新规正式执行,随着“证券类市值30万元、营业部面签”等限制门槛的提高,分级产品的流动性和规模均同步下降,大量产品面临转型为普通指数基金或者清盘的命运。不过业内人士认为,新规有利于分级基金回归策略工具属性,部分产品还将存在套利机会,食品、医药等行业分级基金具备一定配置机会。

分级基金“玩家”门槛提高

沪深交易所在去年11月发布的《分级基金业务管理指引》正式落地生效。根据新规,5月1日起,分级基金B份额买入和基金份额分拆须满足以下条件:前20个交易日日均证券类资产合计不低于30万元,且投资者需要到开户的证券营业部签署《分级基金投资风险揭示书》。

分级基金是指通过基金合同约定的风险收益分配方式,将基金份额分为预期风险收益不同的A、B子份额。分级A可视其为一种债券类的固定收益产品,与投资者约定收益。分级B则带有杠杆,适合风险偏好高的投资者。通俗理解即B份额投资者向A份额投资者借钱炒股,支付一定的利息(约定收益),B份额投资者获取剩余收益,取得杠杆效应。不过在股市行情波动较大时,分级基金助长助跌的杠杆效应遭人诟病,令不少缺乏投资经验的“小散”损失惨重。

大成基金表示,长期来看,门槛的提高会使得分级基金的投资者更加大客户化、机构化,这样一来也会促进分级基金发展的规范化。

上海证券基金评价研究中心分析师李颖认为,加强分级投资者准入,对未来分级基金发展有好处。首先,分级基金衍生品性质与投资者风险承担能力终于得到一定的匹配,未来分级基金的错误定价、错误解读、非正常波动概率或将应投资者的逐渐规范化而得到降低。其次,分级基金市场的规范化或将有利于恢复分级基金更新迭代的正常秩序。只有市场更规范后,才有可能逐步放开审批,增加海外市场、商品投资分级等丰富市场工具,而分级基金将被推向更为专业化的市场,工具型的发展方向更为明确。

统计数据显示,新规实行后,分级基金的成交量下滑明显。来自集思录网站的数据显示,5月3日,分级B总成交额为8.43亿元,而在新规首日,分级B的总成交额为9.35亿元。这一成交量几乎是分级新规实施前的一半,4月28日,分级B的总成交额还有17.68亿元。分级A方面,3日总成交额为7.97亿元,相比5月2日的总成交额9.64亿元进一步下降。

产品规模、流动性同步下降

准入门槛的提高,对于分级基金的规模和流动性都有不同程度的影响。国泰基金医药分级、食品分级基金经理梁杏说,“医药B在去年四季度的日均成交额是8200万元,到今年一季度就变成了5000万元,食品B在去年四季度的日均成交额是1700万元,到今年一季度就变成了1100万元。不光分级B是这样,分级A也是这样。医药A是非常大非常受欢迎的分级A交易品种,去年四季度的日均成交额是6700万元,今年一季度是3100万元。食品A去年四季度的日均成交额是520万元,今年一季度为410万元。”

整体看,今年2月至3月,分级市场整体流失了70多亿元的规模。但是4月份以后,由于雄安新区建设的消息发布和美国与叙利亚和朝鲜关系的紧张等,给相关行业主题带来了不少申购的机会,缓解了分级基金规模流失的情况。不过总体来说,少了散户的参与,分级基金规模流失的同时,活跃度也逐步下降。

Wind数据显示,截至4月末,具可统计数据的154只分级基金总份额为1479.74亿份,环比3月底减少101.34亿份,但相比2016年底已减少233.5亿份。

不过在专业人士眼中,分级基金下折套利也是一种量化投资的有效手段。摩根士丹利华鑫基金数量化投资部王联欣认为,当前国内资本市场量化投资的策略手段较为贫乏,但这种独特的量化投资方法也已逐渐受到市场认可,成为投资领域的另一大门派。分级基金下折套利成为其中一种手段,尽管多见于熊市周期,但这类周期性的量化策略,能够在特定行情中获得更为可观的投资回报,成为抗周期投资策略之一。

“新政实施之后,分级B卖盘不受影响,但分级B买盘受到签约投资者比例不足问题影响,出现买盘不足的情况,B类份额价格下降,所以会出现整体折价。”富国基金经理王乐乐介绍,任何新政的影响都会引发投资机会,关键看如何把握。比如新政开始前分级A会随着赎回套利资金的参与,价格会持续升高,直至价格变得虚高。此时分级规模快速减少。但若不考虑股票市场因素,分级基金规模在新政实施后将达到新的平衡。规模达到新的平衡以后,分级A价格会快速回落,B份额价格则会因此获得修复性抬升的机会。

业内人士表示,虽然新政对分级新规限门槛、严要求,但投资者也没有恐慌的必要。将分级基金定位为实用的策略工具是一种市场理性回归。

未来分级产品面临转型或清盘

新规之后,分级基金未来的命运成为投资者关注的焦点,其中转型和清盘成为两大方向。自去年新规发布以来,德邦基金、融通基金、中海基金等大量基金公司均发布了旗下分级基金转型申请公告。从转型方向看,均是变更为普通的指数基金,继续跟踪原有指数,不再进行分级运作。

从当前的整体数据看,分级基金面临折价率高、流动性差、规模萎缩的尴尬。业内人士认为,在当前境遇下,那些规模不断萎缩、交投不活跃的分级基金将开启处置潮,逐步转型或直接退出市场。而龙头基金公司和分级基金产品则会体现出先发优势,强者恒强。

济安金信基金评价中心主任王群航认为,沪深交易所发布分级基金指引,将会让分级基金这个夕阳类别加速黯淡下去。转型为ETF和LOF是这些分级基金尤其是小微分级基金的出路。相对转型,有不少分级基金直接选择了清盘。包括中融中证白酒、银华中证国防安全、银华中证“一带一路”等。

不过在梁杏看来,分级基金的工具性能依然值得关注,在分级基金集中跟踪的板块主题中,食品、医药和有色成为2017年值得关注的重点。“有色分级基金的标的指数中,黄金股占比达20%,黄金避险价值升温,催生黄金股投资机会,利好有色板块;随着供给侧改革持续发力,锌、铝、铜等基本面不断改善,下游基建、电力电子等行业逐渐回暖,中长期看有色板块有望跑赢大盘;此外基建、地产回暖,或明显提升周期板块整体风险偏好,有望成为新周期下有色金属行业整体上涨的重要催化剂。”

此外食品饮料、医药等也是当前资金博弈的震荡市中防御属性较强的板块,容易受到配置资金的追捧,相关行业主题分级也值得投资者关注。另外,“一带一路”、国企改革等主题也存在阶段性机会。

编辑: 任晓彤


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