白沙| 开阳| 纳雍| 都匀| 神农架林区| 青海| 义马| 景谷| 绵竹| 绥芬河| 东丽| 申扎| 西峡| 甘洛| 凤冈| 鹤壁| 都江堰| 九台| 莱阳| 宁国| 江川| 抚顺市| 白河| 柳林| 本溪市| 曹县| 科尔沁右翼中旗| 石河子| 交口| 增城| 巨野| 邛崃| 武鸣| 亳州| 玉溪| 夏河| 新河| 莒南| 牡丹江| 巫溪| 三都| 黔西| 潢川| 靖安| 边坝| 原阳| 栾城| 北安| 新安| 清流| 和田| 麦盖提| 大厂| 临漳| 西盟| 徐水| 阿城| 巴马| 耿马| 怀集| 高县| 徽县| 建昌| 古冶| 宕昌| 文安| 偏关| 丰润| 武功| 普洱| 枞阳| 渝北| 咸阳| 美溪| 保靖| 铁岭县| 台州| 迁西| 阳东| 太和| 利津| 贵德| 靖宇| 晋中| 肃南| 蒙山| 哈巴河| 响水| 榆中| 温宿| 蒙阴| 甘肃| 故城| 西固| 苏尼特左旗| 青神| 舞钢| 柯坪| 香河| 敦化| 蓬溪| 邹城| 武昌| 公主岭| 台南县| 银川| 长沙县| 察哈尔右翼中旗| 平罗| 泗阳| 望江| 莒南| 察哈尔右翼中旗| 永顺| 古县| 资溪| 垦利| 龙南| 鼎湖| 中牟| 普洱| 嘉祥| 温泉| 彭阳| 金佛山| 阎良| 定西| 富源| 华山| 甘洛| 德清| 杜集| 昌图| 临洮| 屏东| 马边| 新洲| 苍山| 五峰| 湘潭县| 陇县| 垣曲| 祥云| 密云| 浦江| 巨鹿| 无极| 南海镇| 山阳| 阳春| 榆社| 大石桥| 仪征| 修武| 宜川| 唐县| 曲江| 青川| 大同县| 鲅鱼圈| 楚雄| 伊宁市| 淮阳| 晴隆| 安丘| 关岭| 玉树| 尚义| 讷河| 五指山| 霍邱| 廊坊| 民和| 泰州| 钟山| 景洪| 蔡甸| 潜山| 科尔沁右翼中旗| 哈尔滨| 天山天池| 溧水| 黑龙江| 惠安| 东兰| 张家界| 金口河| 东莞| 秦皇岛| 庐山| 湖北| 台北县| 井陉矿| 顺昌| 玉树| 西青| 睢县| 平江| 米易| 武邑| 若尔盖| 齐河| 顺昌| 新乡| 柏乡| 曲松| 蓬溪| 西盟| 淮阳| 章丘| 枣阳| 五常| 横山| 新疆| 兰溪| 来宾| 蒲县| 定陶| 西沙岛| 平罗| 扬中| 志丹| 马祖| 阿克陶| 浦北| 勉县| 泾源| 畹町| 宿松| 平鲁| 咸宁| 易门| 烈山| 土默特右旗| 大悟| 海伦| 汤旺河| 陇川| 和林格尔| 鱼台| 抚松| 绥中| 巩义| 南乐| 容县| 冠县| 嘉荫| 达孜| 金州| 潼关| 石家庄| 增城| 定陶| 邯郸| 南海镇| 梅里斯| 定边| 应城| 和平| 中卫| 阿城| 伊川| 恩施|

美军内部报告:几乎每周都在向中国秀肌肉(1)-海外视角

2019-07-23 21:54 来源:硅谷网

  美军内部报告:几乎每周都在向中国秀肌肉(1)-海外视角

  China’sJinDaxinghitsadriveenroutetoa2-under70inThursday’sope’sPGATourSeries-China,andJin,CaoYiandZhangHuilinareamongthetophomegrownplayersfightingforaticketfornextseason’[PhotoprovidedtoChinaDaily]GUILIN,Guangxi-ChinasCaoYihopesa"secret"strategycanhelphimrediscoverhiswinningformatthisweek($235,000)sPGATourSeries-ChinamarksthsorderofmeritdueinlargeparttohisplayoffvictoryoverEnglandsWilliamHarroldattheChongqingChampionshipinMarch,lastmonthmissedthecutinChangsha,Hunanprovince,erCharlieSaxon,thewinnerinChangshainMay,andevenhintedatapositive-butprivate-developmentinhisgameafterpraisingtheGuilinLandscapeGolfClub,whichopenedin1996andwasthefirstgolfclubinGuangxi."sinreallygoodshape,soImreallylookingforwardtoit,"saidCao,whoplayedwithEnglishduoCallumTarrenandMichaelSkeltonforthefirsttwodays."Ihaveasecretforthistournament-ifIplaywellanditworks,Illtellyouafterthetournament."Caoisthetop-rankedChineseontheorderofmeritandremaiPGATourplayersMartyDouZechengandZhangXinjun."Everyeventisreallyimportantformeonthistourbecauseeachdollarcountsontheorderofmerit,"hesaid.TocelebrateandhighlightChinasoutstanding,innovativeanddedicatednon-nativeteachersofEnglish,theBritishCouncilannouncedthefirstwinneroftheEnglishisGREATteacherAwardsroomactivities,thejudgingpanel,comprisedofexpertsfromBritishCouncilsEnglishinEducationSystems(EES)team,selectedHuConghuifromSouthChinasGuangdongprovinceasthewinnerofthe1stEnglishisGREATTeacherAward."HudidthywinnerofMaysEnglishisGREATTeacherAward,"saidtheexperts."TeachingEnglishasanon-nativespeakerisaninvaluableskillandonewhichrequirestruededicationandgenuineenthusiasmforteachingaswellasadeepunderstandingoftheEnglishLanguage,"KiranPatel,directorofStrategicCommunicationsandCorporateRelationsoftheBritishCouncilChina,said."spassionforteachingshonebrightlythroughouthersubmissionandinahighlycompetitivefieldofoutstandingteachers,thisstoodheroutasaveryworthyandinspiringwinner."Asthefirstmonthlywinner,HuwilljointhegrandfinaleinDecemberalongwithotherwinnersalongtheyearforthefinalprize–EnglishisGREATcampaign,aimedatempoweringChinesepeoplewiththeconfidenceandabilitytomasterEnglishcommunicationskills,waslaunchedduringtheUKPrimeMinisterTheresaMaysvisittoChinaonJanuary31,nambassadors–-,click.

TheartexhibitionSanctuaryisunderwayatLangYuanVintageinBeijinguntilJune19.[]myplace."Itislikereopeningaworldforgottenbyhumanbeings,"Jean-CharlesPenot,artistoftheshow,saidtoChinaDailywebsite."Alongtimeago,epowerofwaterandhowwaterbringslifeandhopetopeople."GrowingupinacoastaltownnearBordeauxofFrance,Penotwasdeeplyinfluencedbyhisgrandfatherandbecameanatureloverhimself."Hetaughtmetogrowvegetables,showedmethebeautyoftheforest,namesofeverysingleplant,"Penotsaid."Mygrandpataughtmehowtorespectnatureandhownaturewillalwaysgiveyouback."AnIlluminatingPath(1998)byDavidLaChapelle[PhotoprovidedtoChinaDaily]WhenMichaelJacksontookthestageattheMotown25anniversaryshowatthePasadenaCivicAuditoriumin1983,hegaveabaptismalperformanceofBillieJeanonlivetelevisioninwhatwouldbecomehistrademarklook–thesequin-coveredblackjacket,rhinestoneglove,,Jackson"moonwalked"–,inwhichthedancerslidesbackwardsbutappearstobewalkingforwards,markedthebiggestm,2018;hediedofcardiacarrestonJune25,2009athisLosAngeleshom,almostadecadeafterhisdeath,theKingofPop,nowinexcessofonebillion,continuetogrow,hisshortfilmsarestillwatchedandhisglobalfanbaseremainseverloyal.

  Thisvasegatheringdustinaloftturnedouttobeahugely-importantChinesevasewhichhassoldafteratenseauctionroombattle.[Photo/VCG]UnsuspectingownersbroughtthetreasureinashoeboxforvaluationAlong-forgottenandrareChineseim($19million)atSothebyhevase-decoratedwithdeerandcranes-at500,ssaidthevaseisofexceptionalrarityandtheonlyknownexampleofitskind,bearingamarkfromthereignoftheQianlongEmperor(1736-95).The18thcenturyporcelainvasewasfoundbychanceamongdozensofotherpiecesofChinoiseriesinanatticbyitsunsuspectingowners,,SothebysAsianartsexpert,openedtheboxtoexaminethevase,hewasimmediatelystruckbyitsquality."Thisisamajorworkofart,itisasifwehadjustdiscoveredaCaravaggio,"uncleandappearsa,"tookthetrain,thenthemetroandwalkedonfootthroughthedoorsofSothebysandintomyofficewiththevaseinashoeboxprotectedbynewspaper".Headded:"Whensheputtheboxonmydeskandweopeneditwewereallstunnedbythebeautyofthepiece."However,theexactprovenanceoftheitembefore1947cannotbetraced.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,"

  AglasscircularbridgeinFuxiShantouristattractionwillopenonJune16aftereightmonthsconstructioninXinmicity,CentralChinasHenanprovince,June12,2018.[Photo/VCG]WorldslongestglasscircularbridgeinFuxiShantouristattractionwillopentothepublicaftereightmonthsconstructioninXinmicity,CentralChinasHenanprovince,onJune16,"skywalk".Itis360metershigh,andextends30metersoutofthecliffthatisnearlyninemeterslongerthantheglassbridgeintheColoradoGrandCanyonintheUnitedStates,whichisclaimedtobethe"EighthWonderoftheWorld".ThehistoricwineryDomainedeRombeauinFranceiseyeingalargershareintheglobalmarket,especiallyinChina.[PhotoprovidedtoChinaDaily]Youngconsumersdriveg,oneofthelargestexhibitionsforwineandspiritsintheworld,andUK-basedInternationalWineandSpiritResearch,thegrowthrateoftheChinesewinem,Chinawouldbecomethesecondlargestwinemarketintheworldwithavalueof$23billion,esecentralgovernmentrolledoutasweepinganti-corruptioncampaignin2013,thisincidenthadatthesametimeresultedinaboominthemasssegmentasmoreimportersanddealersfloodedthemarketwithbottlesthatcostbelow$,,CEOofVinexpo,saidthattheseconsumershavebecomeoneofthekeygrowthenginesfortheChinesewinemarket."ThereusedtobeaweirdphenomenoninChinaswinecirclewherepeoplewhobuydontdrink,andthosewhodrinkdonrealdrinkers,"soriginisthemostdecisivefactorforChineseconsumerswhenpickingabottle,andFrance,whichisthelargestwineexportertoChina,,whichpolledabout2,500youngwinebuyers,alsofoundthatwinestandardsorpreferenceshavenotemergedonanationalbasis,likeRaspaud."IamtoldthatChineseconsumerswanttobedifferentandindividualistic,beitintheirchoiceofwineorfashion,"saidRaspaud,,theFrenchmansaidthathiswinerywouldbetheequivalentofanindependeein,hehasunder,DomainedeRombeauexported60,

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).

  PFChangs,anupscaleAmericanChineserestaurantthatisoftenfeaturedinthehitcomedysitcomTheBigBangTheory,,theArizona-headquarteredrestaurantchainhasmorethan470outletsaroundtheworld,,whichrepresentsaninvestmentofabout30millionyuan($),islocatedinashoppingmallalongEastNanjingRoad."ManyshoppingmallsinShanghaiareinterestedandwanttotalktous,"saidRyanShen,thestoremanagerofitsShanghaibranch,onMay22."Thelocationisveryimportanttoarestaurantandmoreoutletsmayopeninashorttime,",sisthat,unlikeotherChineserestaurantswherelocalshosttheiroverseasfriends,itiswlikevegetablesaresourcedlocally."Forourinternationaloutlets,wehavemorefoodsafetySOPsthanintheUS,especiallyinShanghai,"nesepalate.

  SimonaHalep(ROU)poseswiththetrophyafterherwomensfinalmatchagainstSloaneStephens(USA)onday14ofthe2018FrenchOpenatRolandGarros.[Photo/Agencies]Shedgone0-3inmatcheswithamajortrophyonthelinebeforefacingSloaneStephensfortheFrenchOpentitleSaturday,sotherewasplentytoremember:whatitfeltliketogivealeadaway,tomakeakeymistake,towalkawaywithregrets."AlltheexperiencefromthosethreefinalsthatIlost...wasapositivething,"Halepsaid,"andgavemealittlebitmorepowertobelieve.",comingbackfromasetandabreakdowntobeatStephens3-6,6-4,6-1andwinthechampionshipatRolandGarrosinamatchmadeupoflongpointsandkeymomentumswings."Thatsthemostimportantthing—thatIstaytherefocused,"saidHalep,thefirstRomaniantocollectamajortitlesincehermanager,VirginiaRuzici,atthe1978FrenchOpen.""—againstMariaSharapovain2014,ianOpeninJanuary."Beenkickedinthestomachacoupleoftimeswhensheshadchances,"saidHalepscoach,DarrenCahill."Theysaythedestinationismorebeautifulifthereswhathappenedtohertoday."Onamuggyafternoon,Halepbeganslowly,unabletosolveStephens,the10th-seededAmericanwhowonherfirstGrandSlamtitleatlastyear,figuringoutways—viaspeed,strength,skillandinstinct—,20strokesormore,sometimesinterruptedbyspectatorswhowouldgasporbegintoclap,,mindyou,,theywereviolentsmacksattheball,,,,,,Stephensbroketobeginthesecondset,,suddenly,,H:Halepbeganputtingalittlemoreairundertheball,beingalittlelessaggressive,,,chanting"See-moe-nah!See-moe-nah!"Whenthematchended,,,Stephens—moreexperiencedinsuchmatters,givenhertriumphinNewYorklastSeptember—"Youhavebeenwaitingforthis,"Stephenswouldsaylater."Soyoubetterputitupintheairandshowthemwhatyougottoday.",butshehaswhatshewanted."athavehappenedtoher,"Stephenssaid."Imean,itsagreatstoryandjustagreatmomentforher."AgenciesOverviewApromotionaleventofHaient:LocationandresourcesmakeHainanajewelinChinascrownAtthecenteroftheAsiaPacificeconomiccircle,HainanIsland,partofthesouthernmostprovinceofChina,isnotonlythelargestspecialeconomiczoneinthecountrybutalsoakeylinkonthe21stCenturyMaritimeSilkRoad,,400squarekilometersandadministersneighboringXisha,NanshaandZhongshaislands,eHainanIslandanidealhabitat,,750to2,650hours,ayearlyaveragetemperatureof23Cto26C,andanaverageannualrainfallofabove1,,includingHan,Li,Zhuang,,ropicalcoastalareas,pristinetropicalrainforests,geothermalhotspringsandrichethniccustomshavebeenfuelin,Jianfeng,Bawang,rrestrialvertebrates,including37kindsofamphibians,104kindsofreptiles,–oneofthefouranthropoidapeslivingonearth–andEld’sdeer(CervuseldiHainanus)thatareamongtherarestspeciesintheworld,therearemanyothertreasuredanimalssuchassambardeer(Cervusunicolour),mac,MiaoandHuipeopleresideinQiongzhong,Baoting,Baisha,Lingshui,Changjiang,SanyaandWuzhishaninthecentralandsouthernpartsoftheisland,whilemostoftheHanpeopleliveinthenortheasternandnorthernpartoftheisland,,includingtheBoaoForum,aBRICSSummit,thefirstLancang-MekongCooperationLeadersMeeting,,folkfestivals,sportsevents,exhibitionsandconferences,,HainanIslandwillutilizeitsadvantagestopushforwardtheconstructionof12keyindustriesandsixindustrialparks,,socialcivilizationandecologicalliving,andcontinuetobeanidealgetawayforbothdomesticandoverseastourists.

  GeneralmanagerBobMyersoftheGoldenStateWarriorscelebrateswiththecrowdduringtheGoldenStateWarriorsVictoryParadeonJune12,2018,inOakland,California.[Photo/Agencies]OAKLAND,California-WarriorsgeneralmanagerBobMyersexpectsswiftnegotiationsto$160million,andMyerssaidheispreparedtogivehim"whateverhewants".Duranthassaidallalonghewantstostayput,especiallyafterwinningapairofchampionshipsinhisfirsttwoseasonswithGoldenState."Sometimesyoudon,lookwhathedidforuslastyear,hedidusagreatservice,"Myerssaid."He,butwewanthimtobehappyandwanthimtoknowthatwewanthimaslongashewantstobehere."Hesearnedthat,,tobehonest,istotrytokeepthewholethingtogether."Kerrhasoneyearremainingonhisoriginalfive-yearcontract,sohewouldreceiveamultiyearextension-andhewantstocoachGoldenStateforthelonghaul,texpectanydifficultiesingettingadealworkedout."Wellgetthatdoneprettyquick,Idontthinkitllbemuchtoit,"ntactwhilealsorealizingtheWarriorswillbeayoungerteamwithoutthesameveteranpresenceasthegroupthaouldbediscussedaswell."Sure,guyshaveproventheycanwinsoyouwanttokeepthatgrouptogether,"Myerssaid."IhavenoideahowthatsalotofdifferentconversationsthathavetotakeplaceandifthatssomethingthatwewanttolookintoImsurewecouldhave."Klaysgotanotheryear,Draymondsreallythefreeagentwehavetofocuson."Afteraregularseasonthatwasanythingbutsteady,withStephenCurrylimitedbyinjuriesto51regular-seasongames,losingsevenof10late,allfourAll-Starsoutatthesametimeforhealthreasons,theWarriorsonTuesdaywillagainhostthevictoryparadeinmsstemmingfromapairofbacksurgeriesfollowingthe2015title."Imsureifyourearoundourplayersandtalktothem,theymakenobonesaboutit,theyloveplayingforhimandtheylovegoingthroughthisjourneywithhim,",te

  Amaniswashedfollowingallegedchemicalweaponsattack,inwhatissaidtobeDouma,SyriainthisstillimagefromvideoobtainedbyReutersonApril8,2018.[Photo/Agencies]TheshadowofwarthathasfallenoverSyriaisdarkeningwithUSPresidentDonaldTrumpraisinghispitchwitheachpassingdayandthreatening“missileswillbecoming”,000injuredinthesuspectedchemicalweaponsattackonSyria’slastrebel-controlledareaonSaturday,butbeforethereisevenaninternationalinvestigationintotheattacktodeterminewhathappenedandwhoistoblame,aknee-jerkreactionliketheoneTrumpisthreateningwillonlyfurthercomplicatethesitolutionsonsettingupaninternationalinvestigationintotheattackonTuesdayshowsWashingtonandMoscow,thetwobelligerentpartiesovertheissue,,paralyzingtheworldbodydoesnothelpi,thefightingbetweentheforcesofSyrianPresidentBasharal-Assad,supportedbyRussia,andtherebels,supportedbytheUS,ilityofwhathasbeenashadowebecauseitwillfurtheraggravatethesitu,inparticular,restrainhispenchantforwarmongeringrhetoric,especiallysincehiscountry’smilitaryactioninneighboring,othercountriesintheregionbesidesSyriahavebecomemiredinconflictandsocialinstabilitybecauseoftheUS’obloodshedandconflict,andtakeastepbacktoreappraiseitspolicytowardtheMiddleEast.GeneralmanagerBobMyersoftheGoldenStateWarriorscelebrateswiththecrowdduringtheGoldenStateWarriorsVictoryParadeonJune12,2018,inOakland,California.[Photo/Agencies]OAKLAND,California-WarriorsgeneralmanagerBobMyersexpectsswiftnegotiationsto$160million,andMyerssaidheispreparedtogivehim"whateverhewants".Duranthassaidallalonghewantstostayput,especiallyafterwinningapairofchampionshipsinhisfirsttwoseasonswithGoldenState."Sometimesyoudon,lookwhathedidforuslastyear,hedidusagreatservice,"Myerssaid."He,butwewanthimtobehappyandwanthimtoknowthatwewanthimaslongashewantstobehere."Hesearnedthat,,tobehonest,istotrytokeepthewholethingtogether."Kerrhasoneyearremainingonhisoriginalfive-yearcontract,sohewouldreceiveamultiyearextension-andhewantstocoachGoldenStateforthelonghaul,texpectanydifficultiesingettingadealworkedout."Wellgetthatdoneprettyquick,Idontthinkitllbemuchtoit,"ntactwhilealsorealizingtheWarriorswillbeayoungerteamwithoutthesameveteranpresenceasthegroupthaouldbediscussedaswell."Sure,guyshaveproventheycanwinsoyouwanttokeepthatgrouptogether,"Myerssaid."IhavenoideahowthatsalotofdifferentconversationsthathavetotakeplaceandifthatssomethingthatwewanttolookintoImsurewecouldhave."Klaysgotanotheryear,Draymondsreallythefreeagentwehavetofocuson."Afteraregularseasonthatwasanythingbutsteady,withStephenCurrylimitedbyinjuriesto51regular-seasongames,losingsevenof10late,allfourAll-Starsoutatthesametimeforhealthreasons,theWarriorsonTuesdaywillagainhostthevictoryparadeinmsstemmingfromapairofbacksurgeriesfollowingthe2015title."Imsureifyourearoundourplayersandtalktothem,theymakenobonesaboutit,theyloveplayingforhimandtheylovegoingthroughthisjourneywithhim,",te

  GeneralmanagerBobMyersoftheGoldenStateWarriorscelebrateswiththecrowdduringtheGoldenStateWarriorsVictoryParadeonJune12,2018,inOakland,California.[Photo/Agencies]OAKLAND,California-WarriorsgeneralmanagerBobMyersexpectsswiftnegotiationsto$160million,andMyerssaidheispreparedtogivehim"whateverhewants".Duranthassaidallalonghewantstostayput,especiallyafterwinningapairofchampionshipsinhisfirsttwoseasonswithGoldenState."Sometimesyoudon,lookwhathedidforuslastyear,hedidusagreatservice,"Myerssaid."He,butwewanthimtobehappyandwanthimtoknowthatwewanthimaslongashewantstobehere."Hesearnedthat,,tobehonest,istotrytokeepthewholethingtogether."Kerrhasoneyearremainingonhisoriginalfive-yearcontract,sohewouldreceiveamultiyearextension-andhewantstocoachGoldenStateforthelonghaul,texpectanydifficultiesingettingadealworkedout."Wellgetthatdoneprettyquick,Idontthinkitllbemuchtoit,"ntactwhilealsorealizingtheWarriorswillbeayoungerteamwithoutthesameveteranpresenceasthegroupthaouldbediscussedaswell."Sure,guyshaveproventheycanwinsoyouwanttokeepthatgrouptogether,"Myerssaid."IhavenoideahowthatsalotofdifferentconversationsthathavetotakeplaceandifthatssomethingthatwewanttolookintoImsurewecouldhave."Klaysgotanotheryear,Draymondsreallythefreeagentwehavetofocuson."Afteraregularseasonthatwasanythingbutsteady,withStephenCurrylimitedbyinjuriesto51regular-seasongames,losingsevenof10late,allfourAll-Starsoutatthesametimeforhealthreasons,theWarriorsonTuesdaywillagainhostthevictoryparadeinmsstemmingfromapairofbacksurgeriesfollowingthe2015title."Imsureifyourearoundourplayersandtalktothem,theymakenobonesaboutit,theyloveplayingforhimandtheylovegoingthroughthisjourneywithhim,",te

  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,,

  SummerPalace,animperialgardeninBeijing.[Photo/IC]China,700activitieswillbeheldacrossChinatocelebratethisyearsculturalandnaturalheritageday,,whichwasestablishedtosafegstakealookat20culturalheritagesitesinChina,,originallynamedQingyiYuan,ortheGardenofClearRipples,wasanimperialgardenconstructedin1750byEmperorQianlonginabidtocelebratehismother,emperorsandempressesspenttheirleisuretimethere,eselandscapegardendesign,PFChangs,anupscaleAmericanChineserestaurantthatisoftenfeaturedinthehitcomedysitcomTheBigBangTheory,,theArizona-headquarteredrestaurantchainhasmorethan470outletsaroundtheworld,,whichrepresentsaninvestmentofabout30millionyuan($),islocatedinashoppingmallalongEastNanjingRoad."ManyshoppingmallsinShanghaiareinterestedandwanttotalktous,"saidRyanShen,thestoremanagerofitsShanghaibranch,onMay22."Thelocationisveryimportanttoarestaurantandmoreoutletsmayopeninashorttime,",sisthat,unlikeotherChineserestaurantswherelocalshosttheiroverseasfriends,itiswlikevegetablesaresourcedlocally."Forourinternationaloutlets,wehavemorefoodsafetySOPsthanintheUS,especiallyinShanghai,"nesepalate.

  

  美军内部报告:几乎每周都在向中国秀肌肉(1)-海外视角

 
责编:

谭松珩:监管“严紧硬”缘起何处?

PFChangs,anupscaleAmericanChineserestaurantthatisoftenfeaturedinthehitcomedysitcomTheBigBangTheory,,theArizona-headquarteredrestaurantchainhasmorethan470outletsaroundtheworld,,whichrepresentsaninvestmentofabout30millionyuan($),islocatedinashoppingmallalongEastNanjingRoad."ManyshoppingmallsinShanghaiareinterestedandwanttotalktous,"saidRyanShen,thestoremanagerofitsShanghaibranch,onMay22."Thelocationisveryimportanttoarestaurantandmoreoutletsmayopeninashorttime,",sisthat,unlikeotherChineserestaurantswherelocalshosttheiroverseasfriends,itiswlikevegetablesaresourcedlocally."Forourinternationaloutlets,wehavemorefoodsafetySOPsthanintheUS,especiallyinShanghai,"nesepalate.

在金融机构被动调整资产负债表的过程里,市场发生的动荡在所难免,但那总比市场风险累积成尾部风险,随后泡沫破裂出现资产负债表调整要好得多吧,监管的压力收放自如,而市场的压力就不是那么一回事了。

腾讯“证券研究院”特约 谭松珩 富滇银行理财银行部投资经理

在看足球比赛的时候,解说员最喜欢用这样一句话来形容裁判过多干预比赛:“这场比赛裁判成了主角”,套用一下,整个4月的金融市场表现也可以用“裁判成了主角”来形容。

连珠炮弹似的的监管文件层出不穷,上周末更是紧急要求部分银行报送其委外头寸——整个市场也在这种紧张气氛,和“银行大量赎回委外基金和打新基金”的传闻中一跌再跌。

从取消宽松条件的MPA考核,到银监会八道文件,监管机构何以对金融市场的态度转变如此明显,用银监会的话说,是要“以‘严紧硬’带动改变金融监管的‘宽松软’”。

从“宽松软”到“严紧松”,从央行不断抬升金融市场资金成本的市场温和手段,到银监会行政命令,画出监管禁区,强制去杠杆的行政强制手段,是什么让监管机构改变策略,对金融风险进行围追堵截?

要解释这个问题,我们还是先回到次贷危机前的美国,去回顾一场因市场调节手段失效,而逐渐引发的资产泡沫膨胀吧。

前事不忘

从互联网泡沫破裂和911事件里恢复过来的美国经济,让美联储的低利率政策环境变得有些多余——而低利率环境也同时刺激了美国的房地产市场,在局部地区引发了泡沫。

有鉴于强势的美国经济,有抬升势头的通货膨胀率以及中国经济的崛起,美联储于2005年开启了利率正常化路径,并随后因快速上升的通货膨胀与房价,美联储加息步伐不断加快,到2006年中,基准利率已从05年初的2.5%上升到5.25%,并一直维持到次贷危机爆发的2007年9月。

按道理说,基准利率迅速提升,购房者的资金成本也同样飞涨,房地产市场和住房贷款(及其衍生品)应该会同步或者略微滞后的萎缩——你要这么想,你可就天真了,房价虽然在2006年下半年出现了环比的停滞,但与2005年相比增速仍超过15%,至于住房按揭贷款,那显然是没有下跌的道理。

金融市场上就更加明显了,以至于当住房市场停滞,违约率不断攀升的时候,各类住房按揭支持证券(MBS)和其衍生出的担保债务凭证(CDO)价格居然没有随之下滑,甚至还大有逼空之势。

作为金融理论里一切资产价格之锚,在这里基准利率还蛮“失败”的:金融资产居然跳出了它的掌控,继续制造着泡沫——而导致基准利率之锚失效的最重要原因就在于,市场机构阻挡了一般风险的传递:未受监管的影子银行和特殊目的载体(SPV)充当了风险隔离的屏障,让美联储的市场策略失效了。

想一想,这些特殊目的载体受到金融机构的控制,但又并不显示在金融机构的资产负债表上,当监管政策导致市场发生波动时,这些特殊目的载体所投资的资产自然也会波动,但这些波动并不会显示在金融机构的表上,金融机构也就有很大的动力去维护这些特殊目的载体的表面稳定——你不给我传递风险,我为你粉饰太平,美联储的加息动作自然不会引导金融机构进行自发的“缩表”了。

于是,我们都知道,后面的结果,就是金融机构不断做大次级贷款,然后大厦倒塌。

后事之师

在有无须并表的特殊目的载体和影子银行存在下的金融环境里,由于金融机构实际控制着特殊目的载体,这极易让金融机构把不愿意让世人发现的资产藏在特殊目的载体身上,并帮助特殊目的载体粉饰其表面,继续金钱游戏。

如果你熟悉且经常关注中国的金融业,你应该能发现,如今的中国金融业,也存在着数额巨大的无须并表但被金融机构实际控制的特殊目的载体:银行理财、委外资金池、券商集合资管、带有资金池性质的集合信托等等。

它们的作用和它们的美国前辈一样:帮助金融机构绕过监管机构关于投资范围、存贷款利率和净资本要求的限制,让其增加业务规模,赚取更多收益,或者帮助金融机构隐藏一些持有不了或卖不掉的资产,套个壳。

由于特殊目的载体这个壳具有风险隔离的特点,套的壳越多,监管机构的政策意图越容易被市场所阻拦,举个最简单的例子:银行投资同业银行理财,就是投资了一个特殊目的载体——当央行减少货币供给,资金紧张的时候,市场受损,银行如果直接持有债券,肯定会出现账面亏损,但持有银行理财,让理财来持有这些浮亏债券,就没有任何问题,当银行面对资金紧张的时候,显然它是没有动力来减少银行理财的持仓的,只有当银行承受不住的时候,它才会选择卖掉特殊目的载体的份额,将压力转移到银行理财身上。

而,你考虑一下,如果银行理财又把资金交给了委外这个特殊目的载体呢?上述的逻辑还得再重复一下,银行承受不住压力,将风险转移给银行理财,而只有当银行理财承受不住压力的时候,它才会将风险转移给委外,而如果委外又做了委外呢?随着风险不断的积聚和传递,最终传导到金融市场上的,将是尾部风险和剧烈的波动。

写于去年、即将出版的拙作《银行理财蓝宝书》将这个逻辑阐述得更加清楚,而在拙作中,我也提出了解决影子银行“过滤风险”,使得金融市场不会对监管政策作出反应这一问题的解决之道:命令。

只有通过行政命令,使金融机构新增了不少市场之外的压力,才能让金融机构赶在尾部风险形成之前,果断处理,避免泡沫的进一步加剧——当你明白了特殊目的载体的逻辑,你自然就会明白监管机构为什么一反从前利用市场传导的监管手段,增加监管压力,来迫使金融机构调整其与其控制的特殊目的载体的资产负债表。

在金融机构被动调整资产负债表的过程里,市场发生的动荡在所难免,但那总比市场风险累积成尾部风险,随后泡沫破裂出现资产负债表调整要好得多吧,监管的压力收放自如,而市场的压力就不是那么一回事了——因此,从这个角度上说,监管机构虽然雷霆万钧,却不会像尾部风险那样置市场于死地。

只不过,与去年那种监管机构调整节奏,就被嘲笑“软弱”并接着买买买不同了,如今监管机构调整节奏,可能是你降杠杆的好机会。

免责声明:本文内容及观点仅供参考,不构成任何投资建议,投资者据此操作,风险自担。一切有关本文涉及上市公司的准确信息,请以交易所公告为准。股市有风险,入市需谨慎。

版权声明:本文系腾讯证券独家稿件,未经授权,不得转载,否则将追究法律责任。
谭松珩
富滇银行投资经理

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