新闻资讯头部
logo

您的位置:首页 > 新闻

涓浗褰卞瓙閾惰鐨勭湡姝i闄?

2015/5/26 5:51:25
文章来源:网络

打通血栓血管绝密配方璁╅鑲夋棌涓€鍚冮挓鎯呯殑缁濆懗绱犺彍锛氥€庡共鐓告潖椴嶈弴銆?中国攻克用海水种稻千古难题,批量生产海水稻世界领先!【每日吐槽2月28日】微信之所以叫微信,就是让你不能全信让您的孩子拥有一副好肠胃和健康的身体[妈妈们要收藏哦]

文房四宝详细介绍:纸人生,没有下辈子,朋友珍惜!新浪云的访问速度怎么样?钩编之俄罗斯易得癌症的坏习惯【气质美女】眸含秋水春波荡漾!!!朱明勇:会见樊奇杭(南都周刊2012-5-2)海洋服务业包括哪些细分行业?薄熙來律師:庭審體現了控辯平等田英章刘少英《历代名言帖谱》漂亮气质女人【239】长寿百岁仙草——黄精成功生意36计之1-3看看“大三国”谁笑到最后“苦难是人生的一笔财富。”选择考研武大电气还是保研合工大电气专硕呢?世界各国航母大对比,中国到底排第几?(组图)小两口该知道的怀孕常识(太全了,千万别错过)3D桌面壁纸[67P]【PS素材】一组非常精美的中国工笔花鸟画(二)赵丽蓉小品 芽菇煮蚬肉的做法 郎咸平演讲视频:社会主义必将取代资本主义打通血栓血管绝密配方电影:舞力对决(国语)高清完整版

煮软花生仁的技巧党性修养是共产党员的终生必修课美国人的幽默电影:舞力对决(国语)高清完整版

 
FT涓枃缃戞挵绋夸汉 寮犻挵鍑?锛?/font>

鏍规嵁涓浗浜烘皯閾惰鐨勭粺璁★紝2011骞存禉姹熺渷瀹樻柟娉ㄥ唽鐨勫皬棰濊捶娆惧叕鍙告暟閲忎负170瀹讹紝 2012骞撮澧炶嚦250瀹讹紝骞村闀块€熷害瓒呰繃47%銆傚湪姹熻嫃鐪侊紝2011骞村皬棰濊捶娆惧叕鍙告湁327瀹讹紝2012骞存攢鍗囪嚦485瀹讹紝骞村闀跨巼涓?8.3%銆?012骞存湯锛屾睙娴欎袱鐪佺殑灏忛璐锋鍏徃鐨勫疄鏀惰祫鏈潎瓒呰繃500浜垮厓锛岃捶娆句綑棰濆垎鍒负1036.6浜垮厓鍜?31.6浜垮厓銆?/p>

璐锋寮曞彂鐨勫€哄姟闂灏や负鏄庢樉銆傚湪杩囧幓鐨?4涓湀涓紝姹熸禉鍦板尯鐨勫皬棰濊捶娆惧叕鍙哥殑鍧忚处鐜囪緝楂橈紝澶х害涓?0%銆傝繖涓€姣旂巼鏄皬璐疯涓氬湪鍏ㄥ浗鑼冨洿鍐呯殑鍧忚处鐜囩殑3鍊嶅乏鍙炽€傜敱浜庡緢澶氬皬璐峰叕鍙镐粠閾惰鑾峰彇璧勯噾鎴栬€呬綔涓洪摱琛岀殑浠g悊锛屼腑灏忎紒涓氭棤娉曞伩杩樼殑鍊哄姟灏嗘渶缁堝嚭鐜板湪閾惰鐨勮祫浜ц礋鍊鸿〃涓娿€?/span>

楂樼殑鏈変簺绂昏氨鐨勫€熸鍒╃巼锛岃繖鏃犵枒鍔犻噸浜嗕腑灏忎紒涓氱殑璐熸媴锛屽鑷村緢澶氫紒涓氬彧鑳藉欢鏈熷伩杩樻垨鏍规湰鏃犲姏鍋胯繕璐锋銆備腑鍥藉皬璐疯涓?012骞寸殑鏀捐捶鍒╃巼鍩烘湰閮藉湪20%浠ヤ笂銆傚湪姹熸禉涓€甯︼紝灏忚捶鍏徃鐨勫勾鍒╃巼鍦?4%宸﹀彸锛屾湁鐨勭敋鑷宠揪鍒?0%宸﹀彸锛岃繙杩滈珮浜庝竴骞存湡閾惰璐锋6%鐨勫熀鍑嗗€笺€傚皬璐峰叕鍙稿绉拌瀹氶珮鍒╃巼鏈夊畠浠嚜宸辩殑鑻﹁》锛氬彧鏈夐珮鍒╃巼鎵嶈兘鎶靛伩瀹冧滑鍦ㄦ斁璐疯繃绋嬩腑鐨勯儴鍒嗘崯澶憋紝鍥犱负鎬绘湁涓€閮ㄥ垎灏忎紒涓氭嫋娆犲€熸锛屾渶鍚庝笉鏄甯冪牬浜у氨鏄€冧箣澶き銆備絾鏄棤璁哄浣曪紝缁濆ぇ澶氭暟涓皬浼佷笟鎵垮彈涓嶈捣濡傛鐨勫€熻捶鎴愭湰銆傚湪姹熸禉鍦板尯锛?5%鐨勪腑灏忎紒涓氬彲鑳藉洜姝よ繚绾︼紝涓嶈兘鍋胯繕璐锋銆?/span>

涓浗褰卞瓙閾惰鐨勭湡姝i闄?src="http://image61.360doc.com/DownloadImg/2013/05/0616/32141291_1.jpg"

 銆愯蛋鍚戜俊璐峰嵄鏈虹殑璺嚎鍥俱€戦櫠鍐細绗旇€呮墍鐪嬪埌鐨勮蛋鍚戜俊璐峰嵄鏈虹殑璺嚎鍥撅紝閫氳儉鍥炲崌鈥斿ぎ琛屽姞鎭€旇祫閲戞姝ュ浐瀹氭敹鐩婁骇鍝侊紙浼佷笟鍊恒€佺悊璐骇鍝侊級鈥旈儴鍒嗗湴鏂瑰钩鍙版棤娉曞伩鍊衡€斿奖瀛愰摱琛屼俊鐢ㄥ彈鎹熲€旀祦鍔ㄦ€ф灟绔€斿湴鏂瑰钩鍙板ぇ瑙勬ā杩濈害鈥旈摱琛岃杩煁鍗曗€旈摱琛屼俊璐锋敹缂┾€旀埧鍦颁骇銆佸湴鏂瑰钩鍙般€佸奖瀛愰摱琛屼竴璧风垎鎺夈€?/font>
鐟為摱锛氬叧浜庝腑鍥界粡娴庢渶閲嶈鐨勪竴寮犲浘鈥斺€斿浘涓洪摱琛屼俊璐锋墿寮狅紝鍖呮嫭浼犵粺璐锋銆侀摱琛屾墍鎸佷紒涓氬€哄拰琛ㄥ淇¤捶銆傜憺閾惰涓烘鍥捐鏄庝俊璐峰拰鏉犳潌鐜囧闀挎槸鏈疆澶嶈嫃涓昏鍔ㄥ姏锛屽鏋滅洃绠″眰鍔犲己瀵光€滃奖瀛愰摱琛屸€濈殑鐩戠锛屽彲鑳介€犳垚娴佸姩鎬ф敹缂╋紱涓旂敱浜庡鑻忓苟闈為渶姹傛媺鍔紝鍙嶅脊鎴栬緝娴咃紝浼佷笟鍒╂鼎涓婂崌涓昏闈犳敹鍏ュ闀胯€岄潪鍒╂鼎鐜囨敼鍠勩€?/div>
鐪嬬湅褰卞瓙铻嶈祫鐨勫闀垮惂锛屼紒涓氬拰鍊哄彴楂樼瓚鐨勫湴鏂规斂搴滅殑璧勯噾鏉ユ簮姝e彉寰楄秺鏉ヨ秺鐭湡锛岃秺鏉ヨ秺涓嶇ǔ瀹氥€傜ぞ浼氳瀺璧勬€婚噺锛屽嵆鍖呮嫭閾惰璐锋鍦ㄥ唴鐨勬€讳綋鏂板淇¤捶锛屽幓骞村闀块€句簲鍒嗕箣涓€銆備絾閾惰璐锋鍦ㄤ俊璐蜂腑鎵€鍗犳瘮閲嶄笅闄嶃€備笉閭d箞鎴愮啛鐨勮瀺璧勬潵婧愨€斺€斿叕鍙稿€哄埜鍜屼俊鎵樿捶娆锯€斺€旀瘮閲嶄笂鍗囷紝鍗犱俊璐锋€婚噺鐨勪簲鍒嗕箣涓€浠ヤ笂锛屾瘮2011骞撮珮鍑轰竴鍊嶃€傜煭鏈熶紒涓氳捶娆惧湪淇¤捶鎬婚噺涓殑姣旈噸涔熸湁鎵€涓婂崌銆?/font>
闅忕潃浼佷笟鍜屽湴鏂规斂搴滆祫閲戞嫯鎹紝灏嗗彂鐢熻繚绾︺€備笂鏈堝崕澶忛摱琛?Huaxia Bank)鐨勪竴鍙悊璐骇鍝侀伃閬囪繚绾︼紝鑷翠娇鏁扮櫨鍚嶆姇璧勮€呰挋鍙楁崯澶便€傚鏋滄姇璧勮€呭彈鍒版儕鍚撹€屽ぇ閲忛€冪锛屾暣涓奖瀛愰摱琛屼笟灏嗛潰涓磋繛甯︽崯瀹崇殑椋庨櫓銆傝€屽鏋滃悇閾惰琚揩璧斿伩浜忔崯锛屽畠浠殑鎴栨湁璐熷€哄皢鎵舵憞鐩翠笂銆備腑鍥界殑閲戣瀺浣撶郴浠嶅湪璧伴挗涓濈怀銆?/font>
涓浗褰卞瓙閾惰鐨勭湡姝i闄?/u>
2013-1-7 锛氬厜澶ц瘉鍒搁甯畯瑙傚垎鏋愬笀 寰愰珮
锛堝寳浜ぇ瀛︿腑鍥界粡娴庣爺绌朵腑蹇冪粡娴庡鍗氬+锛岀幇灏辫亴浜庡厜澶ц瘉鍒革紝浠婚甯畯瑙傚垎鏋愬笀銆傛浘浠荤憺閾惰瘉鍒搁珮绾х粡娴庡瀹躲€佷笘鐣岄摱琛岀粡娴庡瀹躲€佸浗闄呰揣甯佸熀閲戠粍缁囧吋鑱岀粡娴庡瀹跺強鐮旂┒鍔╃悊绛夎亴銆傦級

褰卞瓙閾惰涓庢瑙勯摱琛屼竴鏍凤紝浠庝簨鐫€鍊熺煭璐烽暱鐨勬湡闄愯浆鎹笟鍔°€?font color=#990030>鏈熼檺閿欓厤鏄瑙勯摱琛屽拰褰卞瓙閾惰鐨勫浐鏈夊睘鎬э紝涔熸槸瀹冧滑瀛樺湪鐨勬牴鏈€?/font>鍥犳锛屼笉鑳藉洜涓哄奖瀛愰摱琛屽瓨鍦ㄧ潃鏈熼檺閿欓厤锛屽氨灏嗗叾涓庡簽姘忛獥灞€鐩告彁骞惰銆備腑鍥藉奖瀛愰摱琛岀殑椋庨櫓鐐瑰叾瀹炲彟鏈夋墍鍦ㄣ€傜洃绠¤€呭浣曞簲瀵癸紝灏嗗喅瀹氬奖瀛愰摱琛岀殑鍙戝睍鍓嶆櫙銆傚姞寮哄褰卞瓙閾惰鐨勭洃绠℃槸鏈潵鐨勪竴涓ぇ鏂瑰悜锛屼絾鍚屾椂锛屾斁鏉惧姝h閾惰涓氬姟鐨勭鎺т篃寰堝繀瑕併€?/p>

鎵€璋撯€滃奖瀛愰摱琛屸€濓紝鎸夌収缇庤仈鍌ㄧ粰鍑虹殑瀹氫箟锛屾槸閭d簺鏈夌潃绫讳技閾惰鐨勫姛鑳斤紝浣嗗張鏃犳硶鐩存帴鑾峰緱涓ぎ閾惰娴佸姩鎬у拰鍏叡閮ㄩ棬淇$敤鎷呬繚鏀寔鐨勯噾铻嶄腑浠?/font>銆?/p>

閲戣瀺甯傚満鐨勪换鍔℃槸璋冨墏璧勯噾鐨勪綑缂猴紝鍦ㄨ祫閲戠殑鎻愪緵鑰呭拰闇€姹傝€呬箣闂存惌璧锋ˉ姊併€備笉杩囷紝璧勯噾闇€姹傝€呰鐨勫線寰€鏄暱鏈熺ǔ瀹氱殑璧勯噾渚涘簲銆傝€岃祫閲戞彁渚涜€呭洜涓洪殢鏃跺彲鑳界鍒版祦鍔ㄦ€у啿鍑伙紝鎵€浠ユ洿鎰挎剰鍊熷嚭鐭湡璧勯噾锛屼互缁欒嚜宸辩暀鍑鸿冻澶熺殑鐏垫椿鎬с€傝繖绉嶈祫閲戜緵缁欎笌闇€姹備箣闂寸殑鏈熼檺閿欓厤锛屽彧鑳介€氳繃閾惰鏉ヨВ鍐炽€傗€滄湡闄愯浆鎹⑩€濓紙maturity transformation锛夆€斺€斿皢瀛樻浜虹殑鐭湡瀛樻杞崲涓哄€熸浜烘墍闇€瑕佺殑闀挎湡璐锋鈥斺€旀槸閾惰鎵€鐙叿鐨勫姛鑳斤紝涔熸槸閾惰寰椾互瀛樺湪鐨勫墠鎻愩€?/p>

浣?font color=#990030>閾惰鍦ㄥ饱琛屾湡闄愯浆鎹㈣繖涓€鏍稿績鍔熻兘鐨勬椂鍊欙紝涓嶅彲閬垮厤鐨勪細纰板埌閾惰鎸ゅ厬鐨勯闄?/font>銆傜敱浜庨摱琛岃祫浜т腑浠呮湁涓€灏忛儴鍒嗘祦鍔ㄦ€ц緝楂橈紝濡傛灉鎵€鏈夊偍鎴烽兘鍚屾椂鍒伴摱琛屾彁娆撅紝閾惰蹇呯劧鏃犲姏鏀粯銆傝繖灏辨槸閾惰鎸ゅ厬銆傝娑堥櫎杩欑椋庨櫓锛?font color=#990030>鏉ヨ嚜涓ぎ閾惰鐨勬祦鍔ㄦ€ф敮鎸侊紝浠ュ強鏀垮簻鎻愪緵鐨勫瓨娆句繚闄╁彲浠ヨ鍌ㄦ埛纭俊閾惰瀛樻鐨勫畨鍏紝鍥犺€屼笉鍐嶆湁鎸ゅ厬閾惰鐨勫姩鏈恒€?/p>

浣嗘斂搴滃閾惰绯荤粺鎵€鎻愪緵鐨勮繖浜涙敮鎸佷篃浼氬甫鏉ラ亾寰烽闄╃殑闂銆傞摱琛屽洜涓烘湁浜嗘斂搴滃厹搴曪紝渚挎湁鍔ㄦ満鍙備笌鏇村鐨勯珮椋庨櫓涓氬姟浠ュ崥鍙栨敹鐩娿€傝€岀敱浜庨摱琛屽湪閲戣瀺浣撶郴涓鍦ㄦ牳蹇冧綅缃紝閾惰鍗辨満浼氬鏁翠釜缁忔祹甯︽潵宸ㄥぇ鍐插嚮锛屽皢杩娇鏀垮簻鍑洪潰锛岀敤绾崇◣浜虹殑閽辨潵涓洪摱琛岀殑閿欒涔板崟銆傚洜姝わ紝涓轰簡鍑忚交閬撳痉椋庨櫓锛屾洿鏄负浜嗙淮鎶ら噾铻嶇郴缁熺殑绋冲畾锛屾斂搴滃湪缁欓摱琛屾彁渚涙敮鎸佺殑鍚屾椂锛屼篃浼氶€氳繃鍚勭鎵嬫鏉ヤ弗鏍肩洃绠¢摱琛屻€備絾杩欎簺鐩戠鎺柦浼氬鍔犻摱琛岀殑鎴愭湰锛岄檺鍒跺叾鑾峰埄鐨勮兘鍔涖€傝繖灏辩粰浜嗛摱琛屽拰鍏朵粬閲戣瀺甯傚満鍙備笌鑰呭緢寮哄姩鏈猴紝灏嗕笟鍔¤浆绉诲埌閭d簺鏈彈鐩戠鐨勯鍩熲€斺€斾篃灏辨槸鎵€璋撳奖瀛愰摱琛岀殑鑼冪暣銆?/font>

鎵€浠ワ紝褰卞瓙閾惰寰堝ぇ绋嬪害涓婃槸瑙勯伩姝h閾惰鐩戠鐨勪骇鐗┿€傚湪缇庡浗锛屽寘鎷摱琛屽湪鍐呯殑閲戣瀺鏈烘瀯灏嗘櫘閫氱殑璐锋鎵撳寘缁勫悎锛屽彉鎴愬彲浜ゆ槗鐨勮瘉鍒革紙璧勪骇璇佸埜鍖栵級锛岀劧鍚庣洿鎺ュ嚭鍞粰鎶曡祫鑰呫€傝繖鏍凤紝鈥滃偍鎴封€斺€旈摱琛屸€斺€旇捶娆捐€呪€濈殑鍏崇郴灏卞彉鎴愪簡鈥?font color=#990030>鎶曡祫鑰呪€斺€旇祫閲戝競鍦衡€斺€旇捶娆炬墦鍖呯粍鍚堣€呪€斺€旇捶娆捐€?/font>鈥濄€傛墦鍖呯粍鍚堝彲浠ュ娆¤繘琛岋紝灏嗙畝鍗曠殑璐锋鍙樻垚浠や汉鐪艰姳缂贡鐨勯噾铻嶅伐鍏枫€備絾涓嶇褰㈠紡鎬庝箞鍙橈紝褰卞瓙閾惰鎵€璧风殑浣滅敤杩樻槸绫讳技浜庢瑙勯摱琛岋紝閫氳繃鏈熼檺杞崲灏嗙煭鏈熻祫閲戝彉鎴愰暱鏈熴€?/p>

鏃㈢劧褰卞瓙閾惰鎵€璧风殑鏍稿績浣滅敤涓庢瑙勯摱琛岀被浼硷紝浣嗗悓鏃跺張缂轰箯澶鐨勭洿鎺ユ祦鍔ㄦ€ф敮鎸佷互鍙婂瓨娆句繚闄╂満鍒讹紝瀹冨氨鍍忔病鏈夊瓨娆句繚闄╃殑姝h閾惰绯荤粺涓€鏍凤紝瀹规槗鍙楀埌閾惰鎸ゅ厬鐨勫啿鍑汇€?font color=#990030>2008骞?鏈堥浄鏇煎€掗棴涔嬪悗閲戣瀺甯傚満鐨勫穿婧冿紝瀹為檯涓婂氨鏄竴娆″褰卞瓙閾惰鐨勬尋鍏戦娼€?/font>杩欒閭d簺渚濊禆璐у竵甯傚満鏉ヨ幏鍙栬瀺璧勭殑褰卞瓙閾惰鏈烘瀯闄峰叆鍏戜粯鍗辨満锛岃揩浣跨編鍥芥斂搴滃湪闆锋浖鍊掗棴鍚庣3澶╁氨鎺ㄥ嚭浜嗗褰卞瓙閾惰绯荤粺鐨勪复鏃垛€滃瓨娆炬媴淇濃€濄€?/p>

涓浗鐨勫奖瀛愰摱琛?/strong>

涓庣編鍥界被浼硷紝涓浗褰卞瓙閾惰鐨勫彂灞曞緢澶х▼搴︿笂涔熸簮鑷閬跨洃绠$殑鍔ㄦ満銆傜浉姣斿彂杈惧浗瀹讹紝涓浗瀵瑰晢涓氶摱琛岀殑鐩戠鏇村姞涓ユ牸銆傚眳楂樹笉涓嬬殑瀛樻鍑嗗閲戠巼锛屼弗鏍肩殑璐锋棰濆害鎺у埗锛岄兘璁╅摱琛岄厤缃祫閲戠殑鏁堢巼涓嬮檷锛屾垚鏈笂鍗囥€傚洜姝わ紝璧勯噾鏈夊姩鏈洪伩寮€閾惰锛屽嚭鐜版墍璋撶殑鈥滈噾铻嶈劚濯掆€濈幇璞°€傝€?font color=#990030>閾惰鏈韩涔熸湁鍔ㄥ姏灏嗚捶娆惧寘瑁呬负鐞嗚储鍝併€侀摱淇″悎浣滅瓑鍙楃洃绠$▼搴︽洿寮辩殑褰㈠紡锛屽彉鎴愬奖瀛愰摱琛岀殑涓€閮ㄥ垎銆?/p>

涓浗鐨勫奖瀛愰摱琛岃妯$┒绔熸湁澶氬ぇ锛岀洰鍓嶈繕娌℃湁涓€涓悇鏂瑰潎璁ゅ彲鐨勭簿纭粺璁°€備笉杩囷紝鏍规嵁绀句細铻嶈祫鎬婚噺鐨勬暟鎹紝鍐嶈€冭檻鍒版皯闂村€熻捶銆佽瀺璧勭璧佺瓑閲戣瀺褰㈠紡锛屽彲澶ц嚧鎺ㄧ畻涓浗褰卞瓙閾惰鐨勮妯″簲鍦?0涓囦嚎宸﹀彸銆傝繖杩樹笉鍒版€婚噺涓?0涓囦嚎鐨勯摱琛屽瓨娆剧殑1/4銆傝€岀編鍥界殑褰卞瓙閾惰瑙勬ā宸茬粡涓庢瑙勯摱琛屼笉鐩镐笂涓嬨€備粠杩欎釜姣旇緝鏉ヨ锛屼腑鍥藉奖瀛愰摱琛岀郴缁熺殑瑙勬ā浠嶇浉瀵规湁闄愩€備笉杩囷紝瀹冭繎鏈熺殑鍙戝睍閫熷害寰堝揩銆備互濮旀墭淇℃墭璐锋涓轰緥銆傚湪鍏?涓囦嚎鐨勫瓨閲忎腑锛屾湁宸笉澶?1/4鏉ヨ嚜2012骞寸殑鍓?1涓湀銆傝繖涓庨噾铻嶇洃绠¤€呰繎鏈熶弗鎺ц〃鍐咃紝鍚屾椂鍗存斁鏉捐〃澶栫殑鎬佸害鐩存帴鐩稿叧銆?/p>

涓浗褰卞瓙閾惰鐨勫彟涓€涓壒鐐规槸瀹冮珮搴﹀彈鍟嗕笟閾惰涓诲銆傛崲鍙ヨ瘽璇达紝涓浗鐨勫奖瀛愰摱琛屽緢澶х▼搴︿笂鏄晢涓氶摱琛屼负浜嗚閬跨洃绠★紝涓诲姩灏嗘墜涓殑璧勬簮杞嚭浼犵粺瀛樿捶涓氬姟鎵€閫犲氨銆?/font>杩欎笌缇庡浗涓昏鐢辫祫浜ц瘉鍒稿寲鎵€缁勬垚鐨勫奖瀛愰摱琛屾湁寰堝ぇ涓嶅悓銆傝繖绉嶅眬闈箣鎵€浠ヤ細浜х敓锛屼富瑕佹槸鍥犱负鍟嗕笟閾惰鍦ㄤ腑鍥介噾铻嶄綋绯讳腑鐙ぇ锛屽湪鍒嗘敮鏈烘瀯銆佸鎴疯祫婧愭柟闈㈠叿鏈夌粷瀵逛紭鍔裤€傚洜姝わ紝涓浗鐨勫奖瀛愰摱琛屼笌姝h閾惰涔嬮棿鐨勮仈绯绘洿鍔犵揣瀵嗭紝鐢氳嚦涓€瀹氱▼搴︿笂鍒嗕韩浜嗗晢涓氶摱琛岀殑閮ㄥ垎淇$敤銆?/p>

涓浗褰卞瓙閾惰鐨勯棶棰樻墍鍦?/strong>

鐞嗚В浜嗗奖瀛愰摱琛岀殑瀹炶川涔嬪悗鍙互鍙戠幇锛屽姝h閾惰涓氬姟涓€鏍凤紝鍊熺煭璐烽暱鐨勮繖绉嶆湡闄愰敊閰嶅叾瀹炴槸褰卞瓙閾惰瀛樺湪鐨勫熀纭€銆備粎鍑繖涓€鐐瑰氨璁や负褰卞瓙閾惰椋庨櫓寰堝ぇ鏄笉姝g‘鐨勩€傛洿涓嶈兘鍥犳灏卞皢褰卞瓙閾惰涓庡簽姘忛獥灞€鐢讳笂绛夊彿銆?/p>

鑰岀敱浜庝腑鍥界殑褰卞瓙閾惰涓昏鐢卞晢涓氶摱琛屼富瀵硷紝浜嬪疄涓婂垎浜簡鍟嗕笟閾惰鎵€浜彈鐨勯殣鎬у瓨娆炬媴淇濓紝鍥犳琚尋鍏戠殑椋庨櫓涔熶笉澶с€備腑鍥借櫧鐒舵病鏈夋槑纭殑瀛樻淇濋櫓鍒跺害锛屼絾鏈?font color=#990030>闅愭€х殑瀛樻淇濋櫓鈥斺€斾腑鍥界殑鍌ㄦ埛浠浉淇¢摱琛屽瓨娆捐儗鍚庢湁鍥藉淇$敤鑳屼功锛屾槸瀹夊叏鐨?/font>銆傚洜涓鸿繖绉嶉殣鎬у瓨娆句繚闄╂棤娉曟樉鍖栧拰閲忓寲锛屽彧鑳芥櫘閬嶅瓨鍦紝鎵€浠ュ緢鑷劧鐨勫欢浼稿埌浜嗗寘鎷摱琛岀悊璐㈠湪鍐呯殑涓庡晢涓氶摱琛屽瘑鍒囪仈绯荤殑褰卞瓙閾惰浜у搧韬笂銆傝繖鍩烘湰娑堥櫎浜嗗奖瀛愰摱琛岃鎸ゅ厬鐨勯闄┿€傛墍浠ワ紝闆锋浖鍊掗棴鏃剁殑閭g灞€闈㈠湪涓浗寰堥毦鍙戠敓銆備絾鏄紝杩欏苟涓嶄唬琛ㄤ腑鍥界殑褰卞瓙閾惰娌℃湁闂銆?/p>

涓浗褰卞瓙閾惰鐨勭湡姝e紛绔湪浠ヤ笅涓夊锛?/strong>

棣栧厛锛屽奖瀛愰摱琛?u>缁欐斂搴滃甫鏉ョ殑椋庨櫓銆傜湅璧锋潵锛屽奖瀛愰摱琛岀殑鍙戝睍鏄竴涓殕澶ф鍠滅殑浜嬫儏锛氬偍鎴疯幏寰椾簡鏇撮珮鏀剁泭锛岃捶娆句汉鑾峰緱浜嗚祫閲戞敮鎸侊紝鑰屽寘鎷摱琛屽湪鍐呯殑閲戣瀺涓粙涔熸敹鍙栦簡鍒╁樊鍜屾墜缁垂锛岃禋寰椾簡鍒╂鼎銆傝皝鍦ㄨ繖涓父鎴忛噷鍚冧簭浜嗭紵寰堜笉骞革紝鏄斂搴滐紝鎴栬€呰鏄叏浣撶撼绋庝汉銆傚奖瀛愰摱琛屼竴杈逛粠浜嬬潃椋庨櫓鏇撮珮鐨勪笟鍔★紝涓€杈瑰張閬垮紑浜嗘瑙勯摱琛岀洃绠℃墍甯︽潵鐨勬垚鏈紝鍚屾椂杩樹韩鍙楃潃鏀垮簻鎻愪緵鐨勯殣鎬у瓨娆炬媴淇濓紝鑷劧鍙互鑾峰緱鏇撮珮鐨勫埄娑﹀垎閰嶇粰閾炬潯涓婄殑鍚勪釜鐜妭銆備絾鏄紝鏁翠綋鐨勯闄╁嵈杞珌鍒颁簡鏀垮簻韬笂銆傚奖瀛愰摱琛屼竴鏃﹀彂鐢熼棶棰橈紝灏嗕細鏄郴缁熸€у嵄鏈猴紝鐣欎笅鐨勭獰绐垮繀鐒堕渶瑕佹斂搴滄潵涔板崟锛屽苟鏈€缁堣惤鍒版瘡涓汉鐨勮韩涓娿€?/p>

鍏舵锛屽奖瀛愰摱琛?u>浠?font color=#990030>閲戣瀺甯傚満鐨勪环鏍间綋绯荤磰涔?/font>銆傚湪寰灞傞潰锛屽奖瀛愰摱琛屼韩鍙楃潃闅愭€у瓨娆炬媴淇濓紝鎻愪緵鐨勬敹鐩婄巼鍦ㄥ偍鎴风湅鏉ユ病鏈夐闄┿€傝繖鏍凤紝鍦ㄩ噾铻嶅競鍦轰笂灏卞紩鍏ヤ簡瓒婃潵瓒婂鏀剁泭楂橈紝椋庨櫓浣庣殑浜у搧锛屽璧勯噾浜х敓寮哄ぇ鐨勫惛寮曞姏锛堝綋鐒讹紝椋庨櫓骞朵笉鏄湡鐨勬病鏈変簡锛岃€屾槸琚殣鎬х殑杞Щ缁欎簡鏀垮簻锛夈€傝繖鏍凤紝閭d簺浣庨闄┿€佷綆鏀剁泭鐨勮祫浜у弽鑰屽彲鑳藉洜涓烘棤娉曠粰鍑鸿緝楂樼殑鈥滄棤椋庨櫓鏀剁泭鐜団€濓紝浠庤€屽惛寮曚笉鍒拌祫閲戙€傝繖绉嶄环鏍间綋绯荤磰涔卞甫鏉ョ殑璧勬簮鐨勯敊閰嶇粷闈炵粡娴庝箣绂忋€?/p>

鏈€鍚庯紝褰卞瓙閾惰鐨?font color=#990030>鎿嶄綔灞傞潰椋庨櫓銆傚奖瀛愰摱琛屾槸閲戣瀺甯傚満鍙備笌鑰呬负瑙勯伩鐩戠鑰屽偓鐢熺殑浜х墿锛屾樉鐒跺湪瑙勮寖鎬с€侀€忔槑搴︺€佺洃绠″害涓婇兘杩滆繙浣庝簬姝h閾惰銆傜浉瀵规瑙勯摱琛屽凡缁忕浉褰撴垚鐔熺殑瀹¤捶娴佺▼鏉ヨ锛屽奖瀛愰摱琛岀殑璧勯噾杩愮敤骞舵病鏈夊畬鏁磋€屼弗鏍肩殑鍒跺害鍙惊锛屼笉鎺掗櫎鍦ㄦ搷浣滆繃绋嬩腑鍥犱负浜轰负鍘熷洜鑰屽紩鍏ユ洿澶氱殑椋庨櫓锛岀敋鑷冲嚭鐜拌繚娉曚贡绾殑鎯呭喌銆傚彟澶栵紝褰卞瓙閾惰鐩稿綋涓嶉€忔槑銆備腑鍥借嚦浠婇兘娌℃湁褰卞瓙閾惰瑙勬ā鐨勭簿纭粺璁★紝灏辨槸杩欐柟闈㈢殑涓€涓槑璇併€傚洜姝わ紝褰卞瓙閾惰鐨勯闄╁緢澶х▼搴︿笂鍦ㄧ洃绠¤€呯殑瑙嗙嚎涔嬪绱Н銆備竴鏃︾垎鍙戯紝姣旂湅寰楄鐨勯闄╂洿鍏风牬鍧忓姏銆傛渶鍚庯紝閲戣瀺鐩戠鐨勪竴涓富瑕佷换鍔℃槸鍦ㄤ簨鍓嶇害鏉熼噾铻嶆満鏋勮拷閫愰闄╂潵鍗氬彇鏀剁泭鐨勮涓恒€傚褰卞瓙閾惰鏉ヨ锛岀洃绠$殑缂哄け鏈夊彲鑳戒护鍙備笌鑰呬笉鎭板綋鐨勬壙鎷呮洿澶氱殑椋庨櫓锛屽湪寰灞傞潰甯︽潵鏇村ぇ鐨勬尝鍔紝鍦ㄥ畯瑙傚眰闈㈠澶х郴缁熸€у嵄鏈哄彂鐢熺殑鍑犵巼銆?/p>

涓浗褰卞瓙閾惰璇ュ浣曠洃绠★紵

鍘嗙粡鏈€杩戝嚑骞寸殑蹇€熷彂灞曪紝涓浗鐨勫奖瀛愰摱琛屽凡缁忛鍏疯妯★紝鎴愪负绀句細铻嶈祫鐨勪竴涓噸瑕佹潵婧愶紝涓哄疄浣撶粡娴庣殑鍙戝睍鍋氬嚭浜嗚础鐚€傚鍏朵笉鍙叏鐩樺惁瀹氥€傚湪涓浗姝h閾惰绯荤粺寤虹珛鏄炬€у瓨娆句繚闄╀綋绯伙紝骞跺Ε鍠勫畨鎺掑奖瀛愰摱琛岀殑绫讳技鍒跺害涔嬪墠锛屾斂搴滀笉鍙墛寮辩洰鍓嶄笟宸插瓨鍦ㄧ殑闅愭€у瓨娆炬媴淇濇満鍒讹紝鍚﹀垯鏈夊彲鑳藉紩鍙戝奖瀛愰摱琛岀殑鎸ゅ厬椋庢疆锛屽嵄鍙婇噾铻嶅強缁忔祹绯荤粺鐨勭ǔ瀹氥€?font color=#990030>鑰岄殣鎬у瓨娆炬媴淇濆洜涓烘棤娉曠簿纭噺鍖栧埌鍚勪釜鍏蜂綋浜у搧涓婏紝鍥犳鍏锋湁绯荤粺鎬э紝涓€鑽d勘鑽c€佷竴鎹熶勘鎹?/font>銆傛墍浠ワ紝鏀垮簻鍦ㄥ鐞嗗奖瀛愰摱琛屼釜妗堢殑鏃跺€欏繀椤昏皑鎱庯紝瑕侀伩鍏嶅洜涓轰釜鍒骇鍝佺殑椋庨櫓鑰屽紩鍙戦殣鎬у瓨娆炬媴淇濈殑绯荤粺鎬у穿濉?/font>銆?/p>

鍦ㄤ繚璇侀殣鎬ф媴淇濇寔缁瓨鍦紝缁存姢褰卞瓙閾惰绯荤粺绋冲畾鐨勫墠鎻愪笅锛屾斂搴滆繕闇€瑕佸姞寮哄褰卞瓙閾惰鐨勭洃绠★紝闄嶄綆鍏堕闄┿€傚缓绔嬪畬鏁寸殑璺熻釜绯荤粺锛岃瀹氬叏闈㈢殑鐩戠鎸囨爣浣撶郴锛屾帶鍒跺奖瀛愰摱琛岃拷閫愰闄╃殑琛屼负锛岄兘鏄洃绠¤€呭簲璇ュ仛鐨勩€備粠澧為噺鍏ユ墜锛屽仛璧锋潵搴旇浼氭洿瀹规槗涓€浜涖€?/p>

浣嗙洃绠¤€呬笌琚洃绠¤€呬箣闂寸殑鐚紶娓告垙浼氭寔缁笅鍘汇€傚褰卞瓙閾惰鐨勪弗鏍肩洃绠¤繕鍙兘寮曞嚭鏇村瑙勯伩鐩戠鐨勬柟娉曘€傛墍浠ワ紝瀵瑰奖瀛愰摱琛屼笉鑳藉彧鏄牭锛岃繕寰楃枏銆傝繖涓枏褰撶劧涓嶆槸鐤忓埌褰卞瓙閾惰鐨勫奖瀛愰摱琛岄噷鍘伙紝鑰屾槸鎵撻€氭瑙勯摱琛岃繖鏉¤祫閲戠殑閫氳矾銆傛墍浠ワ紝涓庡姞寮哄奖瀛愰摱琛岀洃绠″悓鏍烽噸瑕佺殑锛屾槸鏀炬澗瀵规瑙勯摱琛屼笟鍔¤繃浜庝弗鍘夌殑绠℃帶銆傚奖瀛愰摱琛岀殑鍙戝睍宸茬粡鍑告樉浜嗚鏀挎帶鍒朵笌閲戣瀺甯傚満鍙戝睍涔嬮棿鐨勭煕鐩俱€傚湪閲戣瀺甯傚満閫愭娣卞寲鍜岄噾铻嶄骇鍝佹棩鐩婁赴瀵岀殑鑳屾櫙涓嬶紝绠℃帶鎺柦鐨勬晥鐜囧凡缁忚秺鏉ヨ秺浣庛€傝繃鍘诲嚑骞寸殑缁忛獙涔熻瘉鏄庝簡锛屽鏋滈噾铻嶇洃绠¤緝绱э紝鑰屾暣浣撳畯瑙傛斂绛栬緝鏉撅紝閭d箞瀹炰綋缁忔祹瀵硅祫閲戠殑闇€姹傚弽鑰屼細鍊掗€煎奖瀛愰摱琛岀殑鍙戝睍锛岃寰椋庨櫓鍦ㄩ噾铻嶇洃绠¤€呯殑瑙嗙嚎涔嬪绱Н锛屽姞澶у畯瑙傚眰闈㈢殑椋庨櫓搴︺€?/p>

Regulating shadow banking

By Xiao Gang ( China Daily) 

Wealth management products, underground finance and off-balance-sheet lending may affect health of credit flow Shadow banking can broadly be described as the system of credit intermediation involving entities and activities outside the regular banking system. In developed countries, the biggest shadow banking players are usually hedge funds, venture capital and private equity funds. 

However, in China, shadow banking has mainly taken the form of a large amount of wealth management products, or WMPs as they are known, underground finance and off-balance-sheet lending. 

Chinese banks work closely with trust companies or other entities by packaging trust loans into WMPs, offering investors a higher yield than conventional bank deposits can. These products are mainly sold by commercial banks either at their branches or online. Many of the funds that were obtained through these channels went into real estate development, infrastructure projects, the manufacturing sector and local government financing vehicles. Banks are playing the role of "middlemen" between the recipients and investors. 

It is difficult to measure the precise amount and value of WMPs. Fitch Ratings says that WMPs account for roughly 16 percent of all commercial bank deposits, while KPMG reports that trust companies will soon overtake insurance to become the second-largest sector in the Chinese financial industry. According to a report by CN Benefit, a Chinese wealth-management consultancy, sales of WMPs soared 43 percent in the first half of 2012 to 12.14 trillion yuan ($1.9 trillion).

There are more than 20,000 WMPs in circulation, a dramatic increase from only a few hundred just five years ago. Given that the number is so big and hard to manage, China's shadow banking sector has become a potential source of systemic financial risk over the next few years. Particularly worrisome is the quality and transparency of WMPs. Many assets underlying the products are dependent on some empty real estate property or long-term infrastructure, and are sometimes even linked to high-risk projects, which may find it impossible to generate sufficient cash flow to meet repayment obligations. 

Moreover, many WMPs are not even linked to any specific asset, rather, just to a pool of assets, whose cash inflows may often not match the timing of scheduled WMP repayments. 

China's shadow banking is contributing to a growing liquidity risk in the financial markets. Most WMPs carry tenures of less than a year, with many being as short as weeks or even days. Thus in some cases short-term financing has been invested in long-term projects, and in such situations there is a possibility of a liquidity crisis being triggered if the markets were to be abruptly squeezed.

In fact, when faced with a liquidity problem, a simple way to avoid the problem could be through using new issuance of WMPs to repay maturing products. To some extent, this is fundamentally a Ponzi scheme. Under certain conditions, the music may stop when investors lose confidence and reduce their buying or withdraw from WMPs. The rollover of a large share of WMPs could weigh heavily on formal banks' reputations, because many investors firmly believe that banks won't close down and they can always get their money back. 

China's general banking stability is increasingly intertwined with the shadow banking system. In the past, Chinese depositors earned the same interest no matter which bank they placed their money with. Today they can shift their deposits to whatever entity offers the best WMP yields. As a result, money has flown out of banks' saving deposits, further eroding the capabilities for lending to the real economy, and could even lead to future cash pressures on banks. 

Admittedly, shadow banking has its advantages. It gives an appealing return to depositors during periods when interest rates are very low or negative in real terms; it helps businesses that need credit but who are unable to access it from traditional bank loans. Meanwhile, shadow banking continues to provide funds that allow certain half-finished projects to remain in construction, which spur the GDP growth rate. 

It is shadow banking activities that have allowed many projects to obtain fresh funds and hence avoid default. This could be one of the major reasons why the formal banking system in general is still enjoying declining non-performing loan ratios, despite the weakening repayment capabilities of some borrowers. 

Unsurprisingly, although Chinese banks' non-performing loans are at a low level of 0.9 percent, the potential risks are worse than the official data suggest. Many industries have excessive capacity after years of aggressive expansion, and a lot of money has become involved in property speculation. Eventually, indebted companies may fall into default or hit severe cash flow problems. 

Many Chinese companies, for instance in the iron and steel sectors and equipment manufacturing, are facing a "triangle debt" problem. That is, when a default occurs between one party and another because a third party cannot or will not pay the first. 

Among 1,437 listed companies that published their 2012 interim results, account receivables stood at 803.9 billion yuan by the end of June, up by 45 percent year-on-year. 

Chinese banks' overdue loans, an indicator of future non-performing loans, are increasing at a faster pace. By the end of June, the top 10 lenders' outstanding overdue loans reached 489 billion yuan, up 112.9 billion yuan from the beginning of this year. This indicates great pressure on banks' asset quality as economic growth slows. 

Regular banking and shadow banking are not isolated from each other. Many activities in the two systems feed into each other, and could influence each other if things start to deteriorate. 

Some countries' previous experiences of financial crises show that either rapid credit growth in the banking system or explosive shadow banking growth can pose threats to a financial system. Right now, the amount of shadow banking in the eurozone accounts for 210 percent of GDP, and is at 330 percent in the US, leaving their financial systems vulnerable amid the prolonged recovery. 

China has recently released a flood of credit in responding to the global financial crisis, which not only helped its economy, but also helped some other members of the world economy. According to CLSA strategist Russell Napier, since 2007, China has accounted for 40 to 50 percent of broad money growth across the world's 16 largest economies. China's broad money now stands at $14.49 trillion, having jumped from $5.47 trillion in 2007. 

In order to prevent China's financial systemic or regional risks from happening, it is imperative to pay more attention to shadow banking and to enhance supervision over shadow banking activities.

China's shadow banking system is complex, with a close yet opaque relationship to the regular banking system and the real economy. It must be tackled with care and sufficient flexibility, but it must be tackled nonetheless.

鍔犲己鐩戠褰卞瓙閾惰

鑲栭挗 涓钁d簨闀?2012-10-12

鐞嗚储浜у搧銆佸湴涓嬮噾铻嶄互鍙婅祫浜ц礋鍊鸿〃澶栧€熸閮藉彲鑳戒細褰卞搷淇¤捶娴佸姩鍋ュ悍銆?/p>

褰卞瓙閾惰澶ц嚧鍙互鎻忚堪涓轰竴涓秹鍙婂疄浣撶殑淇$敤涓粙绯荤粺锛屼笖鍏舵椿鍔ㄨ秴鍑哄父瑙勯摱琛岀郴缁熴€傚湪鍙戣揪鍥藉锛屾渶澶х殑褰卞瓙閾惰鐜╁閫氬父鏄鍐插熀閲戙€侀闄╂姇璧勪互鍙婄鍕熻偂鏉冩姇璧勫熀閲戙€?/p>

浣嗘槸锛屽湪涓浗锛屽奖瀛愰摱琛岄€氬父琛ㄧ幇涓虹悊璐骇鍝併€佸湴涓嬮噾铻嶅拰琛ㄥ鍊熻捶鐨勫舰寮忋€?/p>

涓浗閾惰涓氫笌淇℃墭鎶曡祫鍏徃浠ュ強鍏朵粬瀹炰綋绱у瘑鍚堜綔锛屽皢淇℃墭璐锋鍖呰鎴愮悊璐骇鍝侊紝鎻愪緵缁欐姇璧勮€呰秴杩囦紶缁熼摱琛屽瓨娆剧殑骞村埄鐜囥€傝繖浜涗骇鍝佷富瑕佸晢涓氶摱琛屽強鍏跺垎鏀満鏋勬垨鍦ㄧ嚎鍑哄敭銆傞€氳繃杩欎簺娓犻亾锛岃澶氳祫閲戣繘鍏ユ埧鍦颁骇寮€鍙戯紝鍩虹璁炬柦寤鸿锛屽埗閫犱笟鍜屽湴鏂规斂搴滆瀺璧勫钩鍙般€傞摱琛屾壆婕旇€呮姇璧勮€呬互鍙婅鎶曡祫鑰呯殑鈥滀腑闂翠汉鈥濊鑹层€?/p>

閾惰鐞嗚储浜у搧鐜板湪鐨勬暟閲忎互鍙婁环鍊煎緢闅炬祴绠椼€侳itch Rating璁や负锛岀悊璐骇鍝佸ぇ绾﹀湪鎵€鏈夊晢涓氶摱琛屽瓨娆句腑鍗犵害16%,鑰屾瘯椹▉鎶ュ憡绉帮紝淇℃墭鍏徃灏嗕細寰堝揩瓒呰繃淇濋櫓鍏徃锛屾垚涓轰腑鍥介噾铻嶄笟绗簩澶ч儴闂ㄣ€?/p>

鏍规嵁涓€涓腑鍥借储瀵岀鐞嗗挩璇㈡満鏋凜N Benefit鐨勬姤鍛婏紝鐞嗚储浜у搧鐨勯攢鍞湪2012骞翠笂鍗婂勾涓婂崌43锛呰嚦121400浜垮厓锛堢害鍚?9涓囦嚎缇庡厓锛夈€?/p>

浠呬粎鍦ㄤ簲骞撮棿锛岀悊璐骇鍝佷究浠庝粎浠呭嚑鐧剧杩呴€熷闀夸负瓒呰繃2涓囥€傜敱浜庤鏁伴噺鏄姝ゅ簽澶т笖闅句互绠$悊锛屼腑鍥界殑褰卞瓙閾惰閮ㄩ棬宸茬粡鎴愪负鏈潵鍑犲勾绯荤粺鎬ч噾铻嶉闄╃殑娼滃湪鏉ユ簮銆傚挨鍏朵护浜烘媴蹇х殑鏄悊璐骇鍝佺殑璐ㄩ噺鍜岄€忔槑搴︺€傝澶氫骇鍝佺殑鍏宠仈璧勪骇渚濊禆浜庝竴浜涘瓙铏氫箤鏈夌殑涓嶅姩浜ф垨闀挎湡鍩虹璁炬柦锛屾湁鏃剁敋鑷冲彲鑳戒細鍙戠幇瀹冩棤娉曚骇鐢熻冻澶熺殑鐜伴噾娴侀噺锛屼互搴斾粯杩樻涔夊姟鐨勯珮椋庨櫓椤圭洰銆?/p>

姝ゅ锛岃澶氱悊璐骇鍝佺敋鑷充笉涓庝换浣曠壒瀹氱殑璧勪骇鍏宠仈锛岃€屽彧鏄竴涓幇閲戞祦鍏ュ線寰€涓嶇鍚堥瀹氳繕娆炬椂闂寸殑璧勪骇姹犮€?/p>

涓浗鐨勫奖瀛愰摱琛屼负閲戣瀺甯傚満甯︽潵瓒婃潵瓒婂ぇ鐨勬祦鍔ㄦ€ч闄┿€傚ぇ澶氭暟鐨勭悊璐骇鍝佹湡闄愪笉瓒充竴骞达紝鏈変簺浠呬负鏁板懆鐢氳嚦鏁板ぉ銆傚洜姝わ紝鍦ㄦ煇浜涙儏鍐典笅锛岀煭鏈熻瀺璧勮鎶曞叆闀挎湡椤圭洰锛屽姝わ紝涓€鏃﹁甯傚満绐佺劧鍑虹幇鐭己锛屽緢鍙兘浼氳Е鍔ㄦ祦鍔ㄦ€у嵄鏈恒€?/p>

浜嬪疄涓婏紝褰撻潰涓寸潃璧勯噾鍛ㄨ浆鐨勯棶棰樻椂锛岄伩鍏嶈闂鐨勪竴涓畝鍗曟柟娉曟槸閫氳繃鏂板彂琛岀殑鐞嗚储浜у搧鏉ュ伩杩樺埌鏈熶骇鍝併€備粠鏌愮绋嬪害涓婅锛岃繖鏍规湰灏辨槸涓€涓簽姘忛獥灞€銆傚湪涓€瀹氱殑鏉′欢涓嬶紝鎶曡祫鑰呬竴鏃﹀け鍘讳俊蹇冨苟鍑忓皯浠栦滑鐨勮喘涔版垨閫€鍑虹悊璐骇鍝侊紝杩欐牱鐨勫嚮榧撲紶鑺变究浼氬仠姝€?/p>

鐩稿綋澶т唤棰濈殑鐞嗚储浜у搧渚濋潬鐨勬槸姝h閾惰鐨勪俊瑾夛紝鍥犱负鎶曡祫鑰呯浉淇¤繖浜涙瑙勯摱琛屼笉浼氬€掗棴锛屾姇璧勮€呮€绘槸鍙互鍙栧洖浠栦滑鐨勯挶銆?/p>

涓浗閾惰涓氱殑绋冲畾鎬ц秺鏉ヨ秺澶氬湴涓庡奖瀛愰摱琛屼綋绯讳氦缁囧湪涓€璧枫€傚湪杩囧幓锛屾棤璁轰腑鍥藉偍鎴峰皢閽卞瓨鍦ㄥ摢涓摱琛岋紝閮藉皢鑾峰緱鐩稿悓鐨勫埄鎭€傝€屼粖锛屼粬浠彲浠ュ皢浠栦滑鐨勫偍钃勮浆绉诲埌浠讳綍鍙互鎻愪緵鏈€濂界殑鐞嗚储浜у搧鐨勫疄浣撱€傚姝わ紝閽卞皢浼氫粠閾惰鍌ㄨ搫瀛樻涓祦鍑猴紝杩涗竴姝ュ湴鍓婂急鍚戝疄浣撶粡娴庤捶娆剧殑鑳藉姏锛岀敋鑷冲彲鑳戒細瀵艰嚧閾惰鏈潵鐨勭幇閲戝帇鍔涖€?/p>

璇氱劧锛屽奖瀛愰摱琛屾湁鍏朵紭鍔裤€傚湪鍒╃巼闈炲父浣庢垨鏄礋鍒╃巼鐨勬椂鏈燂紝褰卞瓙閾惰涓哄偍鎴锋彁渚涢潪甯告湁鍚稿紩鍔涚殑鍥炴姤銆傚奖瀛愰摱琛屽府鍔╅渶瑕佷俊璐蜂絾鏄棤娉曚粠浼犵粺閾惰鑾峰緱淇¤捶鐨勪紒涓氳幏寰楄祫閲戙€傚悓鏃讹紝褰卞瓙閾惰涓轰竴浜涘崐鎴愬搧椤圭洰缁х画寤鸿鎸佺画鎻愪緵璧勯噾锛屽彲浠ユ帹鍔℅DP澧為暱鐜囥€?/p>

褰卞瓙閾惰鐨勬椿鍔ㄤ娇寰楄澶氶」鐩幏寰楁柊鐨勮祫閲戯紝骞跺洜姝よ€屽厤浜庡け璐ャ€傝繖涔熸槸灏界涓€浜涘€熸浜鸿繕娆捐兘鍔涗笅闄嶏紝姝h閾惰绯荤粺浠嶆櫘閬嶄箰浜庨檷浣庝笉鑹捶娆剧巼鐨勪富瑕佸師鍥犮€?/p>

姣棤鐤戦棶锛岃櫧鐒朵腑鍥介摱琛岀殑涓嶈壇璐锋鐜囦綅浜?.9%鐨勮緝浣庢按骞筹紝浣嗘綔鍦ㄩ闄╁嵈杩滃ぇ浜庡畼鏂瑰叕甯冪殑鏁版嵁銆傝澶氳涓氱粡杩囧骞寸殑绉瀬鎵╁紶宸插嚭鐜颁骇鑳借繃鍓╋紝骞朵笖寰堝璧勯噾宸茬粡鍗峰叆鎴垮湴浜ф姇鏈恒€傛渶缁堬紝楂樿礋鍊哄叕鍙稿彲鑳戒細闄峰叆杩濈害鎴栭伃閬囦弗閲嶇殑鐜伴噾娴侀棶棰樸€?/p>

璁稿涓浗鍏徃锛屼緥濡傚湪閽㈤搧琛屼笟鍜岃澶囧埗閫犱笟锛屾闈复鐫€涓€涓€滀笁瑙掑€哄姟鈥濋棶棰樸€備篃灏辨槸璇达紝褰撳弻鏂逛腑鐨勪竴鏂硅繚绾﹀皢浼氫娇鍙︿竴鏂规棤娉曞伩杩樼涓夋柟鐨勫€哄姟銆?/p>

1437瀹朵笂甯傚叕鍙稿叕甯?012骞翠腑鏈熶笟缁╂樉绀猴紝2012骞?鏈堟湯鐨勫簲鏀惰处娆句负8039浜垮厓浜烘皯甯侊紝鍚屾瘮澧為暱45%銆?/p>

涓浗閾惰涓氱殑閫炬湡璐锋锛堜竴绉嶄笉鑹捶娆炬寚鏍囷級姝e湪浠ユ洿蹇殑閫熷害鍦ㄥ鍔犮€傛埅姝簬6鏈堟湯锛屽墠10鍚嶈捶娆句汉閫炬湡鏈伩璐锋楂樿揪4890浜夸汉姘戝竵锛岃緝浠婂勾骞村垵澧為暱1129浜夸汉姘戝竵銆傞殢鐫€缁忔祹澧為暱鏀剧紦锛岄摱琛岃祫浜ц川閲忕殑鍘嬪姏灏嗕細寰堝ぇ銆?/p>

甯歌閾惰浠ュ強閾跺瓙閾惰浜ょ紶鍦ㄤ竴璧枫€備袱涓郴缁熶腑鐨勮澶氭椿鍔ㄧ浉浜掑叧鑱旓紝涓€鏃︿簨鎯呭紑濮嬫伓鍖栵紝灏嗕細浜掔浉褰卞搷銆?/p>

涓€浜涘浗瀹惰繃寰€鐨勯噾铻嶅嵄鏈虹粡楠岃〃闈紝鏃犺鏄湪閾惰绯荤粺鐨勪俊璐疯繀閫熷鍔犺繕鏄奖瀛愮郴缁熶俊璐风殑鐖嗙偢寮忓闀匡紝閮戒細瀵归噾铻嶇郴缁熸瀯鎴愬▉鑳併€傜幇鍦紝娆у厓鍖虹殑褰卞瓙閾惰瑙勬ā鍗燝DP鐨?10%锛岀編鍥界殑褰卞瓙閾惰瑙勬ā鍗燝DP鐨?30%锛屼娇寰椾粬浠殑閲戣瀺绯荤粺鍦ㄩ暱鏈熺殑缁忔祹澶嶈嫃杩囩▼涓潪甯歌剢寮便€?/p>

涓浗鏈€杩戜负浜嗗簲瀵瑰叏鐞冮噾铻嶅嵄鏈哄彂鏀句簡澶ч噺鐨勪俊璐枫€傝繖鍙兘涓嶄粎鏈夊姪浜庝腑鍥界殑缁忔祹锛屼篃鍚屾椂鏈夊埄浜庡叏鐞冪粡娴庣殑鍏朵粬鎴愬憳銆傛牴鎹噷鏄傝瘉鍒哥殑绛栫暐鍒嗘瀽甯堢綏绱?绾崇毊灏旂殑璇存硶锛屼粠2007骞村紑濮嬶紝涓浗骞夸箟璐у竵澧為暱宸茬粡鍗犱簡涓栫晫鍗佸叚澶х粡娴庝綋涓殑骞夸箟璐у竵澧為暱鐨?0%鍒?0%銆備腑鍥界殑骞夸箟璐у竵鐜颁负14.49涓囦嚎浜烘皯甯侊紝鑰?007骞翠粎涓?.47涓囦嚎浜烘皯甯併€?/p>

涓轰簡闃茶寖涓浗閲戣瀺绯荤粺鎬ф垨鍖哄煙鎬ч闄╃殑鍙戠敓锛屽綋鍔′箣鎬ユ槸瑕佹洿鍔犲叧娉ㄥ奖瀛愰摱琛岋紝骞舵彁楂樺褰卞瓙閾惰娲诲姩鐨勭洃绠″姏搴︺€?/p>

涓浗褰卞瓙閾惰绯荤粺鏄鏉傜殑锛屼笌甯歌閾惰銆佸疄浣撶粡娴庝箣闂寸殑鍏崇郴涔熸槸灏侀棴銆佷笉閫忔槑鐨勩€傝拷韪奖瀛愰摱琛岄渶瑕侀潪甯稿皬蹇冿紝骞跺叿鏈夎冻澶熺殑鐏垫椿鎬э紝浣嗘棤璁哄浣曪紝蹇呴』瑕佸褰卞瓙閾惰杩涜杩借釜銆?/p>

涓浗鈥滃奖瀛愨€濋摱琛屾倴璁?/strong>

 鑻卞浗銆婇噾铻嶆椂鎶ャ€嬩笓鏍忎綔瀹?鎴寸淮?鐨灄 2013-3-1

濡備粖锛屼腑鍥藉悇鐩戠鏈烘瀯鐨勯噸澶存垙灏辨槸娑堥櫎鈥滃奖瀛愨€濄€傝繖閲岀殑鈥滃奖瀛愨€濇槸鎸囬摱琛屼笟涓竴涓瘮杈冮殣钄姐€佸骞呮儕浜虹殑棰嗗煙锛屾湁浜哄彲鑳借涓哄叾澧為暱宸插埌浜嗕护浜烘媴蹇х殑鍦版銆?0骞村墠锛屾柊澧炰俊鐢ㄤ腑鐢遍潪閾惰鏈烘瀯鎴栨瑙勯摱琛岀殑琛ㄥ宸ュ叿鎻愪緵鐨勪粎鍗?0%锛岃€屽浠婅繖涓€姣斾緥宸插崌鑷宠繎50%锛屽嚫鏄惧嚭鈥滃奖瀛愨€濋摱琛屼笟鍔″闀夸箣杩呯寷銆?/p>

涔愯鑰呰涓猴紝鈥滃奖瀛愨€濋摱琛岀殑鍙戝睍鍦ㄥ緢澶х▼搴︿笂鏄竴浠跺ソ浜嬶紝鑳藉淇冭繘閲戣瀺浣撶郴璧板悜鎴愮啛鈥斺€斿埄鐜囨按骞冲皢鎽嗚劚鏀垮簻鎺у埗锛岄闄╀笌鍥炴姤鐨勫尮閰嶅害涔熷皢鏈夋墍鎻愰珮銆備絾瀵规偛瑙傝€呰€岃█锛屸€滃奖瀛愨€濋摱琛屾槸涓€涓殣鎮o紝鍙兘寮曞彂涓€鍦轰腑鍥藉紡鈥滄璐峰嵄鏈衡€濄€?/p>

褰撶劧锛屼箰瑙傝€呭お涓嶆晱鎰熶簡銆傚鏂归潰璇佹嵁鏄剧ず锛岄€氳繃杩欑闈炶娓犻亾绛归泦鍒扮殑璧勯噾锛屽ぇ閮ㄥ垎閮芥姇鍚戜簡涓嶅€煎緱鎶曡祫鐨勯」鐩笂銆傚彲浠ヨ锛屸€滃奖瀛愨€濋摱琛屾槸涓浗鏀垮簻鍚勯」鏀跨瓥鐩镐簰鐭涚浘鐨勭暩褰骇鐗┿€備竴鏂归潰锛屼腑鍥芥斂搴滃笇鏈涢摱琛屼笟鍏锋湁鍋ュ悍鐨勮储鍔$姸鍐碉紝鍚屾椂瀛樿捶娆惧埄鐜囧彈鍒颁弗鏍兼帶鍒躲€傚彟涓€鏂归潰锛屼腑鍥芥斂搴滆拷姹傜粡娴庨珮澧為暱锛岃€岃繖闇€瑕佸ぇ閲忔湭缁忎弗鏍煎鏍哥殑淇¤捶浣滀负鏀拺銆傜粨鏋滃鑷撮噾铻嶄綋绯讳腑浜х敓浜嗕竴涓晫闄愭ā绯娿€佺洃绠′笉瓒崇殑閮ㄩ棬锛岃閮ㄩ棬濡備粖鎺у埗鐫€绾?0涓囦嚎鍏冧汉姘戝竵锛堝悎3.2涓囦嚎缇庡厓锛夌殑璧勪骇锛岀浉褰撲簬涓浗鍥藉唴鐢熶骇鎬诲€?GDP)鐨?0%锛屾姣斾緥鏄?008骞寸殑4鍊嶃€?/p>

鈥滃奖瀛愨€濋摱琛岃兘澶燂紙骞堕€氬父锛変互璁稿褰㈠紡瀛樺湪锛屽寘鎷珮鍒╄捶銆佷俊鎵樼瓑鎶曡祫娲诲姩銆佷互鍙婃瑙勯摱琛岀殑琛ㄥ鏀捐捶娲诲姩銆傛渶閲嶈鐨勬瑙勯摱琛岃〃澶栨斁璐锋椿鍔ㄥ氨鏄帹鍑衡€滅悊璐骇鍝佲€濄€備竴浜涘垎鏋愬笀璁や负锛屸€滅悊璐骇鍝佲€濆彲鑳介潪甯稿嵄闄╋紝鍥犳灏嗗叾鈥滅埍绉扳€濅负鈥滃ぇ鍨嬪簽姘忛獥灞€鐨勬鍣ㄢ€濄€傚反鍏嬭幈(Barclays)浼拌锛屾绫绘姇璧勭殑瑙勬ā鑷?009骞翠互鏉ュ凡澧為暱8鍊嶏紝杈惧埌7.6涓囦嚎鍏冧汉姘戝竵锛屽浠婂凡鍗犲埌閾惰鎬诲瓨娆鹃鐨?%銆?/p>3鑷?涓湀鐞嗚储浜у搧涓€鑸兘澶熸彁渚?%鑷?%鐨勫勾鍖栨敹鐩婄巼锛岄珮浜庢櫘閫氬瓨娆?.25%鐨勫勾鍒╃巼銆傞壌浜庣悊璐骇鍝佹槸鈥滄湁淇濋殰鐨勨€濓紝鐞嗚储浜у搧璐拱鑰呭緢灏戜細浠旂粏鐮旂┒杩欎簺浜у搧浠ヤ綍绉嶈祫浜у仛鏀拺銆傜悊璐骇鍝佹墍绛硅祫閲戦€氬父娴佸悜鍏朵粬閾惰锛堢敱鍏朵粬閾惰鍚戝璐峰嚭锛夈€佹埧鍦颁骇鍏徃銆佷腑灏忓瀷浼佷笟鍜屽湴鏂规斂搴溿€?/div>

鐞嗚储浜у搧涔嬫墍浠ュ彲鑳藉甫鏉ュ嵄闄╋紝鏈夊涓嬪嚑涓悊鐢憋細

棣栧厛锛岃繖绉嶄骇鍝佹湰韬湡闄愮煭锛岃€屽叾鎵€鎶曡祫椤圭洰鐨勬湡闄愰暱锛屼袱绉嶆湡闄愪笉鍖归厤銆傚鐞嗚储浜у搧璐拱鑰呰€岃█锛岀悊璐骇鍝佷技涔庢槸涓€绉嶅噯鐜伴噾锛涜€屽閾惰鑰岃█锛岀悊璐骇鍝佹墍绛硅祫閲戞姇鍚戠殑鍙兘鏄竴涓巻缁忓骞淬€佹祦鍔ㄦ€т笉瓒崇殑椤圭洰銆傚叾娆★紝鐞嗚储浜у搧鎶曡祫鐨勮祫浜у彲鑳界己涔忔姇璧勪环鍊笺€傝矾閫?Reuters)璋冩煡浜嗕竴椤瑰悕涓衡€滈噾璞?8鍙封€濓紙1鍙峰埌37鍙峰懡杩愬浣曪紵锛夌殑鐞嗚储浜у搧锛岃浜у搧鎵胯鐨勫勾鍖栨敹鐩婄巼闈炲父璇变汉锛岄珮杈?.2%銆備絾璋冩煡鍙戠幇锛岃浜у搧鐨勬姇璧勫璞″師鏉ユ槸姹熻タ鐪佷竴澶勫凡鑽掑簾鐨勬埧鍦颁骇椤圭洰锛岄」鐩懆鍥存槸涓€鐗囩ɑ鐢般€傜涓夛紝閾惰寰€寰€灏嗕笉鍚岄」鐩笅鐨勮祫浜х粺涓€绠$悊锛屼互鏂伴」鐩寰楃殑璧勯噾鏀粯宸插埌鏈熼」鐩殑鏈噾鍜屽埄鎭€傝繖姝f槸搴炴皬楠楀眬鏈€鏄捐憲鐨勭壒寰併€?/p>

鑷浉鐭涚浘鐨勬槸锛?font color=#990030>鏈€浠や汉鎷呭咖鐨勫湴鏂瑰彲鑳戒笉鏄繚绾︼紝鑰屾槸鎶曡祫鑰呰涓鸿喘涔扮悊璐骇鍝佷技涔庝笉瀛樺湪椋庨櫓銆備笉涔呭墠锛屾姇璧勮€呴€氳繃鍗庡閾惰(Huaxia Bank)璐拱鐨勪竴绉嶇悊璐骇鍝佸埌鏈熸棤娉曞厬浠橈紝浠栦滑浠嶇劧鑾峰緱浜嗗叏棰濊禂浠樸€傗€滀粬浠細寰楀埌鏁戝姪锛屽洜姝ゆ病鏈変汉闇€瑕佹媴蹇冿紝鈥濆反鍏嬭幈鐨勯婀勪箣(May Yan)琛ㄧず锛屸€滆繖涔堝仛甯︽潵鐨勬槸閬撳痉椋庨櫓锛岃€岄潪甯傚満鐨勫仴搴峰彂灞曘€傗€濈己涔忚繚绾﹂闄╀互鍙婇珮鍥炴姤鐜囩殑鍚稿紩鏄鑷磋祫鏈敊璇厤缃殑鍘熷洜銆傞┗涓浗缁忔祹瀛﹀绋嬭嚧瀹?Patrick Chovanec)琛ㄧず锛岃繖璇佹槑濡備笅鐪嬫硶鏄敊璇殑锛氬奖瀛愰摱琛屽彲浠ユ彁楂橀闄╁畾浠风殑甯傚満鍖栫▼搴︺€?/p>

骞歌繍鐨勬槸锛岀洃绠℃満鏋勫凡鎰忚瘑鍒颁簡杩欎簺椋庨櫓銆傚畠浠灏濊瘯鎺ㄥ嚭鐩戠瑙勫畾锛岃揩浣块噾铻嶆満鏋勫姞澶у琛ㄥ璐锋鐨勬姭闇诧紝骞惰€冭檻鏄惁鏂藉姞闄愬埗銆傝繖浜涘姫鍔涜櫧鐒剁敤鎰忎笉閿欙紝浣嗗彲鑳戒笉瓒充互褰诲簳瑙e喅闂銆傚氨鍍忔按涓€鏍凤紝璧勯噾涔熶範鎯簬鎵惧埌闃诲姏鏈€灏忕殑璺緞銆備簨瀹炶瘉鏄庯紝閾惰鍜岄潪閾惰鏈烘瀯閮藉緢鎿呴暱浜庣粫杩囩洃绠¤瀹氥€傜憺閾?UBS)鐨勬豹娑涜〃绀猴紝鎴嚦2012骞?鏈堢殑涓€骞撮噷锛屼俊鎵樺叕鍙告帶鍒剁殑璧勪骇澧為暱47%锛岃€屽鐣岃涓鸿繖娈垫椂闂撮噷鐩戠鏈烘瀯瀵瑰叾杩涜娓呯悊鏁撮】銆?font color=#990030>閾惰鍜屽奖瀛愰摱琛屾渶缁堝彉鎴愪簡涓€鏋氱‖甯佺殑姝e弽涓ら潰銆傞摱琛屽凡涔犳儻浜庡悜淇℃墭鍏徃鍒嗛厤灏忚妯¤捶娆句笟鍔★紝鐢氳嚦灏嗕笉鑹捶娆捐浆鎵嬬粰淇℃墭鍏徃锛屽悗鑰呭啀鎶婁笉鑹捶娆炬墦鍖呮垚鎶曡祫浜у搧锛屽嚭鍞粰鏁f埛鎶曡祫鑰呫€?/font>杩欑鍋氭硶鍚笂鍘绘槸鍚︿技鏇剧浉璇嗭紵

鑷浉鐭涚浘鐨勬槸锛?font color=#990030>鏈€澶ч檺搴﹂檷浣庡奖瀛愰摱琛岄闄╃殑涓€绉嶆柟娉曠珶鏄繘涓€姝ユ斁鏉惧姝h閾惰涓氱殑鐩戠銆傜敱浜庢斂搴滄晠鎰忓皢瀛樿捶娆惧埄鐜囪鍦ㄤ綆浣嶏紙灏界瀛樺湪涓€瀹氱殑璋冩暣绌洪棿锛夛紝鍥犳瀛樻鑰呭拰閲戣瀺鏈烘瀯閮戒箰浜庡埌閲戣瀺浣撶郴鏇磋崚鑺滅殑杈圭晫鍘绘帰闄┿€?/font>瀛樻鑰呭笇鏈涗韩鍙楁洿楂樼殑鍒╂伅锛岃€岄摱琛屽垯甯屾湜寰楀埌鏇村ぇ鐨勫瓨璐锋伅宸€傚鏋滈摱琛屽湪璐锋瀵硅薄鍜岀‘瀹氬埄鐜囨按骞虫柟闈㈤兘鑾峰緱鏇村ぇ鐨勫喅瀹氭潈锛岄偅涔堝畠浠粠姝ゅ皢璁╅闄╀笌鍥炴姤鐩稿尮閰嶃€?/p>

濡傛灉涓浗鏀垮簻甯屾湜鎸夎繖涓€鎬濊矾琛屼簨锛岄偅涔堝畠灏辫鏀惧純瀵硅祫閲戞祦鍚戝拰璧勯噾浣跨敤浠锋牸鐨勪弗瀵嗘帶鍒躲€傝繖灏嗕笌涓€鍏氬埗鍥藉鐨勬不鐞嗗師鍒欐牸鏍间笉鍏ャ€傚彲鍏锋湁璁藉埡鎰忓懗鐨勬槸锛?font color=#990030>涓浗鏀垮簻瓒婃槸鎯充繚鎸佸叾瀵逛俊璐风殑鎺у埗锛屽氨瓒婃湁鍙兘灏嗚捶娆炬帹鍚戝奖瀛愰摱琛屼笟銆?/font>

  

閾惰瘉鍚堜綔鍔犲墽褰卞瓙閾惰涓氶闄?/strong>
 娆ч槼寰?鍖椾含鎶ラ亾 2013-1-31

涓浗鍒稿晢宸叉垚涓轰腑鍥藉奖瀛愰摱琛屼笟鏂扮殑閲嶈涓€鐜紝杩欑獊鏄惧嚭閲戣瀺椋庨櫓姝e湪涓浗鏇村箍娉涘湴钄撳欢銆?/p>

鐔熸倝鍒稿晢鐨勪汉澹〃绀猴紝瀹冧滑澶х害鍘诲勾骞翠腑寮€濮嬭繘鍏ュ奖瀛愯瀺璧勯鍩燂紝鎺岀鐫€閾惰甯屾湜浠庡叾璧勪骇璐熷€鸿〃涓Щ闄ょ殑璧勯噾銆傛柊鐨勮涓氭暟鎹瘉瀹炰簡杩欎竴杩涘睍锛屽悓鏃惰〃鏄庡幓骞寸鍥涘搴﹁繖绉嶆椿鍔ㄥぇ瑙勬ā澧炲姞銆傚幓骞村叏骞达紝閫氳繃鍒稿晢鐨勫奖瀛愯瀺璧勮妯′技涔庢墿澶т簡杩?00%銆?/p>

瑗挎柟璇勭骇鏈烘瀯璀﹀憡绉帮紝閾惰涓氳〃澶栨椿鍔ㄧ殑杩呴€熷鍔犲涓浗鐨勯噾铻嶇ǔ瀹氭瀯鎴愪簡濞佽儊銆備絾涓浗鐩戠鏈烘瀯鍙嶉┏璇达紝杩欎簺椋庨櫓鏄彲鎺х殑銆傞暱鏈熶互鏉ワ紝涓浗閲戣瀺浣撶郴涓€鐩寸敱鍥芥湁閾惰涓诲锛岀幇鍦紝涓浗鐩戠鏈烘瀯璇曞浘鍦ㄤ腑鍥界殑璧勯噾閰嶇疆杩囩▼涓敞鍏ユ洿澶氬競鍦哄姏閲忥紝鍥犳灏嗗奖瀛愯捶娆剧湅浣滆繖绉嶅皾璇曠殑涓€绉嶅壇浜у搧銆?/p>

涓€瀹朵腑鍨嬮摱琛岀殑缁忕悊琛ㄧず锛氣€滃幓骞?鏈堬紝鎴戜滑寰楀埌鎸囩ず锛屽紑濮嬪悜璇佸埜鍏徃閰嶇疆鏇村璧勯噾锛屽洜涓鸿繖涓€閫氶亾宸插畬鍏ㄥ紑鏀俱€傗€濅粬涓€鐩寸洿鎺ュ弬涓庡皢璧勪骇浠庝粬鎵€鍦ㄩ摱琛岀殑璧勪骇璐熷€鸿〃涓婅浆绉荤殑宸ヤ綔銆?/p>

涓浗璇佸埜涓氬崗浼?Securities Association of China)杩戞棩琛ㄧず锛屽埜鍟嗙幇鍦ㄧ鐞嗙潃杩?涓囦嚎鍏冧汉姘戝竵锛堝悎3200浜跨編鍏冿級鐨勬墍璋撳彈鎵樿祫閲戙€傞摱琛屽皢杩欎簺璧勯噾杞Щ鍒板埜鍟嗭紝杩欐牱灏卞疄鐜颁簡鈥滃嚭琛ㄢ€濄€傝繖涓€瑙勬ā鏄幓骞村勾鍒濈殑7鍊嶃€?/p>

鏍规嵁琛屼笟鏁版嵁锛屽崟鍗曞幓骞寸鍥涘搴︼紝鍒稿晢灏辨帴鏀朵簡1涓囦嚎鍏冧汉姘戝竵鐨勫彈鎵樿祫閲戙€?/p>

闅忕潃鏂扮殑鍙備笌鑰呯殑鍔犲叆浠ュ強鏂颁骇鍝佺殑鎺ㄥ嚭锛屼腑鍥藉奖瀛愰摱琛屼笟宸笉澶氭瘡骞撮兘浼氱暐寰彉鎹㈠舰寮忋€傜洃绠℃満鏋勫熀鏈笂璁ゅ彲浜嗚繖绉嶈瘯琛屽仛娉曪紝浣嗗綋椋庨櫓琚涓鸿繃楂樻椂浼氫簣浠ユ墦鍑汇€?/p>

鍒稿晢鎴愪负涓浗褰卞瓙閾惰涓氱殑閲嶈閫氶亾锛岃〃鏄庝腑鍥介噾铻嶆満鏋勬杩呴€熷鐩戠鏀归潻鍋氬嚭鍥炲簲銆?/p>

鏍规嵁涓浗澶鐨勬暟鎹紝浼犵粺閾惰璐锋鍗犱腑鍥借瀺璧勮妯$殑姣斾緥鏃ョ泭涓嬫粦锛屼粠2002骞寸殑95%闄嶈嚦鍘诲勾鐨勪粎浠?8%銆傛湡闂达紝铻嶈祫鎬昏妯″闀夸簡杩?鍊嶃€?/p>

杩囧幓涓ゅ勾锛屼腑鍥藉奖瀛愯瀺璧勯泦涓湪閾惰涓庝俊鎵樺叕鍙镐箣闂寸殑鍚堜綔锛屼俊鎵樺叕鍙告槸涓€绉嶇洃绠″鏉剧殑鍩洪噾绠$悊鏈烘瀯銆?/p>

閾惰灏嗚祫閲戣浆绉诲埌淇℃墭鍏徃锛屼俊鎵樺叕鍙歌繘鑰屽悜鏃犳硶浠庨摱琛岃捶娆剧殑鎴垮湴浜у紑鍙戝晢绛変紒涓氬彂鏀鹃珮鎭捶娆俱€?/p>

鍘诲勾鏈紝涓浗閾惰涓氱洃绠℃満鏋勫紑濮嬪淇℃墭璐锋椋欏崌鎰熷埌鎷呭咖锛屽苟寮哄埗瑕佹眰鏇村ぇ绋嬪害鍦版姭闇茶繖绉嶈瀺璧勫畨鎺掋€?/p>

涓婃捣娉藉鍟嗗姟鍜ㄨ鏈夐檺鍏徃(Z-Ben Advisors)鐮旂┒閮ㄩ棬鐨勪富绠″紶娴╁窛(Howhow Zhang)琛ㄧず锛氣€滀腑鍥介摱鐩戜細(CBRC)瀵归摱淇″悎浣滃姞澶т簡闄愬埗锛岃繖涓洪摱璇佸悎浣滄墦寮€浜嗗ぇ闂ㄣ€傗€?/p>

閫氳繃鎺ㄥ嚭鈥滅悊璐骇鍝佲€濓紝閾惰涓€鐩村湪鍔犲ぇ瀵瑰鎴风殑浜夊ず锛岃繖浜涗骇鍝佺殑浣滅敤瀹為檯涓婄被浼奸珮鎭瓨娆俱€備负浜嗘彁渚涙洿楂樼殑鏀剁泭锛岄摱琛屽繀椤诲皢璧勯噾杞Щ鍒伴潪閾惰瀹炰綋銆傚埜鍟嗘濂芥弧瓒宠繖涓€闇€姹傘€?/p>

鐭ユ儏浜哄+绉帮紝鍒稿晢鍦ㄧ鐞嗗彈鎵樿祫閲戞柟闈㈡壆婕旂潃琚姩鐨勮鑹层€傞摱琛屼細鍚戝埜鍟嗕笅杈句弗鏍肩殑鎶曡祫鎸囦护锛屽苟鍚戝畠浠敮浠樺緢浣庣殑璐圭敤锛屾渶浣庡彧鏈?涓熀鐐广€?/p>

鐔熸倝鍒稿晢鐨勪汉澹〃绀猴紝瀹冧滑浼氭妸鍙楁墭璧勯噾涓昏鐢ㄤ簬涓ょ鎶曡祫銆傞鍏堬紝瀹冧滑浠庨摱琛岄偅閲岃喘涔版湭璐寸幇绁ㄦ嵁锛屾涓剧粰閾惰鎻愪緵浜嗘洿澶氳〃鍐呰捶娆剧┖闂淬€傚叾娆★紝瀹冧滑涓€鐩存姇璧勪簬淇℃墭浜у搧锛屽厖褰撻摱琛屽拰淇℃墭鍏徃涔嬮棿鐨勪腑闂翠汉銆傝繖绉嶅仛娉曟湁鐫€鏄庢樉鐨勯闄┿€傛湭璐寸幇绁ㄦ嵁鐢卞簲鏀惰处娆炬敮鎸侊紝鍥犳瀵逛簬閭d簺鏃犳硶鏀跺洖鍊烘鐨勫叕鍙革紝鍒稿晢鍙兘鎴愪负闅愬舰鐨勮瀺璧勬潵婧愩€?/font>鍙﹀锛屽皢閾惰涓庝俊鎵樺叕鍙镐箣闂寸殑铻嶈祫閾惧欢闀垮埌鍒稿晢锛屽叧浜庢渶缁堣皝涓鸿繚绾﹁礋璐g殑闂灏变細鍙樺緱鏇村姞澶嶆潅銆?/p>

鍒稿晢浣滀负褰卞瓙閾惰鐨勫.澶ч潪甯歌繀閫燂紝杩欎篃浠や汉鎷呭咖銆傜劧鑰岋紝浠庣粷瀵规暟鍊兼潵鐪嬶紝鍒稿晢鐨勫彈鎵樿祫閲戜粎鍗犻摱琛屾€昏祫浜х殑1.6%銆?/p>

鈥滃鏋滀綘鎯冲緱鍒颁竴涓洿鍏ㄩ潰鐨勮祫鏈競鍦猴紝璁╅摱琛岀殑甯傚満鍗犳湁鐜囬檷浣庯紝閭d箞浣犲繀椤诲厑璁镐簨鎯呭湪閾惰涓氫箣澶栧彂鐢燂紝鈥濅竴浣嶈姹傚尶鍚嶇殑鐮旂┒鍒稿晢鐨勫垎鏋愬笀琛ㄧず锛屸€滀汉浠簲鍏虫敞杩欎釜闂銆備絾鐜板湪杩樻病鏈夎揪鍒颁护浜烘媴蹇х殑鍦版銆傗€?/p>

涓浗灏嗘暣椤垮奖瀛愰摱琛?/strong>

2013-2-27  娆ч槼寰?鍖椾含鎶ラ亾

鑷?008骞翠互鏉ワ紝涓浗鐨勫奖瀛愰摱琛屼綋绯伙紙浼犵粺閾惰璐锋浠ュ鐨勪俊璐锋祦鍔級瑙勬ā澧炶嚦鍘熸潵姘村钩鐨?鍊嶏紝杈惧埌澶х害20涓囦嚎鍏冧汉姘戝竵锛堝悎3.2涓囦嚎缇庡厓锛夛紝涓轰腑鍥界粡娴庝骇鍑虹殑40%銆傝繖浜涜祫閲戞祦鍘诲勾瀵逛腑鍥芥仮澶嶇粡娴庡闀胯捣鍒颁簡鍏抽敭浣滅敤銆備絾鍒嗘瀽甯堝拰璇勭骇鏈烘瀯绾风悍璀﹀憡绉帮紝瀹冧滑瀵逛腑鍥界粡娴庣ǔ瀹氭瀯鎴愯秺鏉ヨ秺涓ラ噸鐨勯闄┿€?/p>

鎹竴鍚嶆浘鐪嬪埌鏂拌鍒欒崏妗堢殑浜哄+绉帮紝鎶湶瑙勫垯灏嗗湪3鏈堜笅鏃垨4鏈堜笂鏃湪涓婃捣寮€濮嬭瘯琛屻€傞摱琛屽皢琚姹傚悜褰撳湴鐩戠閮ㄩ棬鐧昏鍏惰储瀵岀鐞嗕骇鍝佲€斺€旂被浼间簬瀛樻鐨勫伐鍏凤紝鎻愪緵杈冮珮鏀剁泭鐜囷紝澶氭暟鍦ㄨ〃澶栨寔鏈夈€傗€滀富瑕佹槸鐩戞祴璐㈠瘜绠$悊浜у搧鐨勯闄╋紝鈥濊繖鍚嶄汉澹О銆傗€滄姭闇插唴瀹瑰皢娑电洊姝ょ被浜у搧鐨勮妯°€佺绫汇€佹湡闄愬拰鍒╂伅鏀粯淇℃伅銆傗€?/p>

浠栬ˉ鍏呰锛屽彧瑕侀摱琛屽湪鍒版湡鏃讹紙閫氬父鏄竴骞存垨涓嶅埌涓€骞达級浠樻竻鏈伅锛屽畠浠氨鑳借交鏄撹幏鍑嗛攢鍞柊鐨勬姇璧勪骇鍝併€?/p>

鍥寸粫瑕佷笉瑕佸璐㈠瘜绠$悊浜у搧鐨勬帹鍑鸿瀹氱‖鎬т笂闄愮殑杈╄鍒欏姏搴︽洿澶с€備袱鍚嶉摱琛屼笟浜哄+绉帮紝浠栦滑鑾风煡锛岀洃绠℃満鏋勬鑰冭檻灏嗘绫昏祫浜ч檺鍒跺湪鐩稿叧閾惰瀛樻鍩虹鐨?0%浠ヤ笅銆傜洰鍓嶏紝璐㈠瘜绠$悊浜у搧鎬婚噺鐩稿綋浜庝腑鍥介摱琛屼綋绯诲瓨娆炬€婚噺鐨?0%銆備絾杩欐槸鍦?骞村墠鍑犱箮涓洪浂鐨勫熀纭€涓婂揩閫熷闀胯揪鍒扮殑銆傝妯¤緝灏忕殑閾惰鍦ㄦ帹鍑鸿储瀵岀鐞嗕骇鍝佹柟闈㈠挨鍏剁Н鏋侊紝灏嗗叾浣滀负鍚稿紩鏂板鎴风殑涓€绉嶆柟寮忋€?/p>

鐩村埌涓嶄箙浠ュ墠锛屼腑鍥界洃绠¤€呰繕涓€鐩磋京绉帮紝褰卞瓙閲戣瀺涓氬姟鏄粠閾惰鍒嗘暎璧勯噾娴佸姩鐨勪竴涓噸瑕佺粍鎴愰儴鍒嗐€?/p>

浜嗚В鏂拌鍒欑殑鐭ユ儏浜哄+绉帮紝涓浗灏嗘暣椤垮奖瀛愰摱琛屼綋绯伙紝瑕佹眰鍚勯摱琛屽姞澶у琛ㄥ娲诲姩鐨勬姭闇层€?/p>

鐩稿叧璁ㄨ杩樻秹鍙婅涓嶈瀵归摱琛屽彲浠ユ帹鍑虹殑琛ㄥ鎶曡祫浜у搧鎬婚噺锛岃瀹氫竴涓寜璧勪骇鐧惧垎姣旇绠楃殑涓婇檺銆?/p>

鎬讳綋鏉ョ湅锛屾柊瑙勫垯鏈夋湜鍔犲ぇ閾惰灏嗗瓨娆捐緭閫佽嚦琛ㄥ宸ュ叿鐨勯毦搴︼紝浠庤€屽噺缂撲腑鍥藉奖瀛愰摱琛屼笟鍔$殑鐖嗙偢寮忓闀裤€?/p>

姝や妇鍙嶆槧浜嗘斂绛栧埗瀹氳€呭湀瀛愪腑鐨勪竴涓叡璇嗭紝鍗抽摱琛屼綋绯诲鐨勪俊璐锋祦鍔ㄦ槸鍋ュ悍鐨勨€斺€斿彧瑕佸畠浠彈鍒扮洃鐫c€?/p>

    闄跺啲璋堝奖瀛愰摱琛?/font>

 2013骞?3鏈?5鏃?/p>

銆€銆€褰卞瓙閾惰鍙婂叾浜у搧锛屾槸绗旇€呯爺绌朵腑鍥界粡娴?0骞存潵鎵€瑙佸埌鐨勬渶澶х殑瀹氭椂鐐稿脊锛屼笉鏃╁埗姝紝鍚庢偅鏃犵┓銆?/font>銆€銆€銆€銆€

銆€銆€褰卞瓙閾惰锛屼箖杩戝勾涓浗缁忔祹鐨勪竴鏉¢鏅嚎銆傚畠甯﹁捣浜嗗湴鏂瑰熀寤烘姇璧勭殑鍥炴殩锛屾媺鍑轰簡缁忔祹澧為暱鐨勫弽寮癸紝涔熶负鍑犲勾鍚庣殑閲戣瀺鍗辨満鍩嬩笅浼忕瑪銆傘€€銆€

銆€銆€濡備粖褰卞瓙閾惰鐨勬€昏妯′负23.8涓囦嚎鍏冿紝鐩稿綋浜嶨DP鎬昏妯$殑46%锛屼俊璐锋€婚噺鐨?5%銆傚奖瀛愰摱琛屽湪2012骞存墭璧蜂簡铻嶈祫鐨勫崐杈瑰ぉ锛屽彲浠ヨ娌℃湁褰卞瓙閾惰灏辨病鏈変粖澶╃粡娴庣殑澶嶈嫃銆傚湪閾惰閲戣瀺涓粙鍔熻兘寮卞寲涔嬫椂锛屽奖瀛愰摱琛屾壙鎷呯潃涓哄疄浣撶粡娴庤緭閫佹祦鍔ㄦ€х殑鍔熻兘銆備笉杩囷紝褰卞瓙閾惰涓嶈鍦ㄥ惛鏀惰祫閲戣繕鏄湪鏀捐捶涓婏紝鍧囧瓨鍦ㄧ潃澶ч噺杩濊鐜拌薄锛屽叾涓昏璧勯噾鍘诲悜涓嶆槸鍦版柟鏀垮簻灏辨槸鎴垮湴浜с€傘€€銆€

銆€銆€淇℃墭鍩洪噾杩戝勾鍗佸垎鐏垎锛岄€氳繃鐙珛鍙戣鍜岄摱淇″悎浣滐紝鍚告敹浜嗗ぇ閲忚祫閲戯紝鍏舵€昏妯¤揪鍒?.5涓囦嚎鍏?/font>锛屽凡缁忚秴杩囦繚闄╂垚涓洪噾铻嶈涓氱殑绗簩澶ц祫浜х绫汇€?012骞翠俊鎵樺熀閲戜腑鐨勫ぇ閮ㄥ垎璧勯噾锛岃鎶曞悜鍦版柟铻嶈祫骞冲彴銆傞偅閲岀殑澶氭暟鍩哄缓椤圭洰鏍规湰鏃犳硶杈惧埌10%浠ヤ笂鐨勬姇璧勫洖鎶ワ紝鏃犳硶鍋胯繕淇℃墭璐锋锛屾湁浜涚敋鑷宠繛鍒╂伅閮戒粯涓嶅嚭鏉ャ€備笌閾惰璐锋涓嶅悓锛屼俊鎵樺熀閲戜竴鑸勾闄?-3骞达紝灞婃椂闇€瑕佸皢璧勯噾杩旇繕缁欐姇璧勮€呫€傝€屼笖淇℃墭鍩洪噾鐨勮祫鏈噾杩滃急杩囬摱琛岋紝涓€鏃︽湁1-2涓」鐩€掗棴锛屾暣涓俊鎵樺熀閲戝皢闈复杩濈害鐨勫洶澧冦€?/font>

銆€銆€閾惰鐨勭悊璐骇鍝?/font>锛屾槸鍙︿竴绫婚珮鍗卞奖瀛愰摱琛屻€傞摱琛屼拱鍏ヤ紒涓氬€哄埜绛変腑闀挎湡鍊哄埜锛屽啀浠ヨ緝鐭殑骞存湡灏嗚瘉鍒稿垎鎷嗭紝鍗栫粰闆跺敭鎶曡祫鑰呫€傛湡闄愰敊閰嶃€侀闄╅敊閰嶆瘮杈冩槑鏄撅紝涓€鏃︾敱浜庝粈涔堝師鍥犺祫閲戞祦鍏ユ斁缂擄紝閾惰鍔垮繀闈复娴佸姩鎬х殑鍥伴毦銆備笉灏戦摱琛屾洿鎺ㄥ嚭璧勯噾姹犳蹇碉紝鍦ㄤ笉鎶湶鎶曡祫瀵硅薄鐨勬儏鍐典笅鍏堝惛鏀惰祫閲戯紙寰€寰€閿€鍞汉鍛樿繕鍙eご涓婃壙璇哄洖鎶ユ媴淇濓級锛屽啀鎵炬姇璧勭洰鏍囥€傛湁杩硅薄鏄剧ず锛岄摱琛岀殑楂樺眰鏈夋剰灏嗗偍钃勮祫閲戠Щ鍚戣祫浜х鐞嗭紝涓€鏂归潰鑾峰彇鏇撮珮鍒╂鼎鐜囷紝鍙︿竴鏂归潰閫冮伩鐩戠銆備粬浠繖鏍峰仛锛屽叾瀹炲湪灏嗛摱琛屽彉鎴愬鍐插熀閲戯紝涓€鏃﹀競鍐垫湁鍙橈紝骞朵笉鎿呴暱璧勪骇绠$悊鐨勯摱琛屽彲鑳介潰涓磋祫浜ц川閲忕殑鎭跺寲锛岀敋鑷冲ぇ鎵硅瘔璁笺€傘€€銆€

銆€銆€鍒稿晢璧勪骇绠$悊锛屽湪褰卞瓙閾惰涓畻鏄浉瀵硅緝灏忕殑锛屼笉杩囪繎鏉ュ嵈浠ユ瘡澶?00浜垮厓鐨勯€熷害澧為暱鐫€锛屽ぇ鏈夊悗鏉ュ眳涓婅秴杩囦俊鎵樺熀閲戠殑鏋跺娍銆傚湪閲戣瀺鍒涙柊鐨勫悕涔変笅锛屽埜鍟嗚祫绠″ぇ涓惧皢閾惰琛ㄥ璧勯噾绉诲悜椋庨櫓鎶曡祫棰嗗煙锛屽閮ㄧ己灏戠洃绠★紝鍐呴儴椋庢帶涔熶笉鎴愮啛銆傘€€銆€

銆€銆€褰卞瓙閾惰澶ц鍏堕亾锛屾湁鍏跺巻鍙插洜缂樸€傞鍏堬紝2010骞磋捣锛屼腑鍥界殑璐у竵鏀跨瓥杩涘叆浜嗛噺鍖栨敹缂╅樁娈碉紝鏀垮簻閫氳繃淇¤捶棰濆害鏉ョ鐞嗗畯瑙傜幆澧冿紝杩娇閾惰缁堟瀵瑰ぇ閲忓鎴风殑鍊熻捶涓氬姟锛屽皢杩欎簺瀹㈡埛鎺ㄥ悜闈炲父瑙勯摱琛屻€傚叾娆★紝澶鎵€缁欏畾鐨勫埄鐜囪繃浣庯紝閾惰鍌ㄨ搫鎸佺画澶栨祦锛岄€艰揩閾惰瀵绘眰鍏朵粬鐞嗚储浜у搧浠ョǔ浣忓偍钃勫熀纭€銆傚啀鑰咃紝閾惰澶氬凡缁忎笂甯傦紝鍒╂鼎杩介€愯瀵煎叾杞悜鏇存湁鍒╁彲鍥剧殑浜у搧锛屽摢鎬曟壙鍙楁洿澶氱殑闅愬惈椋庨櫓涔熷湪鎵€涓嶈緸銆傘€€銆€

銆€銆€涓浗鐨勫奖瀛愰摱琛岋紝澶氭秹鍙婄粨鏋勬€т骇鍝侊紝璇佸埜缁勬垚澶嶆潅锛岄€忔槑搴︿綆锛岀己灏戠洃绠★紝鑰屼笖涓嶅皯涓庡湡鍦版垨鍦熷湴鎷呬繚鏈夊叧銆傝繖浜涗骇鍝佷笌缇庡浗閲戣瀺鍗辨満鐖嗗彂鍓嶇殑CDO锛堝€哄姟鎶垫娂鍊哄埜锛変骇鍝佹湁鎯婁汉鐨勭浉浼笺€?/font>鍜岀編鍥藉綋鏃剁殑琛嶇敓浜у搧鐩告瘮锛屼腑鍥界殑浜у搧鍩烘湰娌℃湁鏉犳潌杩愪綔锛屼絾鏄繖浜涗骇鍝佷笉浠呭湪閲戣瀺鏈烘瀯涓攢鍞紝鏇存湁鐩稿綋涓€閮ㄥ垎琚垎鍙戝埌涓汉鎶曡祫鑰呮墜涓紝杩欎簺鎶曡祫鑰呯粷澶у鏁颁笉浜嗚В浜у搧鑳屽悗鐨勮瘉鍒稿強鍏堕殣鍚闄┿€傝繖浜涚粨鏋勬€ч噾铻嶄骇鍝佷箣闂达紝寰€寰€涔熸湁鐫€鍗冧笣涓囩紩鐨勮仈绯伙紝鍑犱釜浜у搧鍑轰簨锛屽彲鑳界浉浜掔壍杩炰竴鐗囥€傘€€銆€

銆€銆€璁や负绗旇€呭褰卞瓙閾惰鐨勭湅娉曡€镐汉鍚椈鐨勶紝涓昏鏈変袱绉嶅弽椹虫剰瑙併€?锛夆€滄贩涓氱粡钀ヤ箖閲戣瀺涓氬彂灞曞埌涓€瀹氶樁娈电殑蹇呯劧浜х墿鈥濄€傛贩涓氱粡钀ワ紝鍒╁紛瀛板ぇ灏氬湪浜夎涔嬩腑锛屾澶勪笉浣滆璁猴紝涓嶈繃缁忚惀浠€涔堜骇鍝併€佸浣曟帶鍒堕闄╁崄鍒嗛噸瑕併€備互鐩墠褰卞瓙閾惰鐨勫彂灞曢€熷害銆侀鎺х鐞嗗拰鐩戠鍔涘害锛屸€滃け鎺р€濇亹鎬曚笉鏄嵄瑷€鑰稿惉銆?锛夆€滃€熻捶鍦版柟鏀垮簻鏈夊湡鍦颁綔鎶垫娂锛岃€屼笖鍦熷湴浠峰€兼墦浜旀姌锛岄毦閬撴埧浠疯璺屼簲鎴愪互涓婏紵鈥濇埧浠蜂細璺屽灏戠瑪鑰呬笉鐭ラ亾锛屼笉杩囧叏涓浗鐨勫€熻捶閮芥嬁鍦熷湴鎶垫娂锛屼竴鏃︽埧甯傞€嗚浆锛屽競鍦轰笂鍏ㄦ槸鍗栧湴鐨勶紝鎵句笉鍒颁拱瀹躲€傞浄鏇煎厔寮熺殑璧勪骇涔熷€奸挶锛屼絾鏄祦鍔ㄦ€т竴鍙f皵鍠樹笉涓婃潵锛屽€掗棴浜嗐€傘€€銆€

銆€銆€浠ヤ笅鏄瑪鑰呮墍鐪嬪埌鐨?font color=#990030>璧板悜淇¤捶鍗辨満鐨勮矾绾垮浘锛氶€氳儉鍥炲崌鈥斿ぎ琛屽姞鎭€旇祫閲戞姝ュ浐瀹氭敹鐩婁骇鍝侊紙浼佷笟鍊恒€佺悊璐骇鍝侊級鈥旈儴鍒嗗湴鏂瑰钩鍙版棤娉曞伩鍊衡€斿奖瀛愰摱琛屼俊鐢ㄥ彈鎹熲€旀祦鍔ㄦ€ф灟绔€斿湴鏂瑰钩鍙板ぇ瑙勬ā杩濈害鈥旈摱琛岃杩煁鍗曗€旈摱琛屼俊璐锋敹缂┾€旀埧鍦颁骇銆佸湴鏂瑰钩鍙般€佸奖瀛愰摱琛屼竴璧风垎鎺夈€傘€€銆€

銆€銆€鍏跺疄锛屽湪鍑轰簨涔嬪墠鎻愭棭灏嗗奖瀛愰摱琛屾媶寮癸紝鍦ㄧ悊璁轰笂骞朵笉鍥伴毦銆傜瑪鑰呯湅鏉ユ妧鏈笂涓嶅涔庢槸闄愬敭浠ゃ€佹竻鐞嗐€佸墺绂昏繖涓夐儴鏇诧紝浣嗘槸瀹為檯涓婅鍥伴毦寰楀銆傚奖瀛愰摱琛岀殑鑳屽悗瀹為檯涓婃槸鏀垮簻瀵笹DP鐨勮拷閫愩€傚闀挎斁缂撱€侀摱琛屾儨璐凤紝鏄奖瀛愰摱琛屽ぇ琛屽叾閬撶殑涓昏鍘熷洜锛屾斂搴滈渶瑕侀€氳繃浣撳寰幆锛屽皢璧勯噾娉ㄥ叆鍒颁粛鍙埗閫犲闀跨殑閮ㄩ棬鍘汇€傚彧瑕佹斂搴滄鎯呬笉鏀癸紝绂佹涓€绉嶅奖瀛愰摱琛岋紝鍙細浠ゅ彟涓€绉嶅奖瀛愰摱琛岀洓琛屻€傛斂搴滅洃绠¢摱淇″悎浣滐紝寰掍娇鍒稿晢璧勭鍙戝姏渚挎槸涓€渚嬨€傘€€銆€

銆€銆€褰卞瓙閾惰瓒婃粴瓒婂ぇ锛岄闄╄秺鑱氳秺楂樸€傛彁鏃╂媶寮癸紝涔熷彉寰楄秺鏉ヨ秺澶嶆潅锛屼笉杩囪繖杩樻槸鍙互鍋氬埌鐨勩€傜劧鑰岋紝鎻愭棭鎷嗗脊瀵逛簬鏀挎不瀹讹紝鍗存槸涓ら毦銆?/font>鎷嗗脊濡傛灉鎴愬姛锛岄闄╂秷澶憋紝鍏朵粬浜哄氨鏍规湰涓嶈涓洪闄╁瓨鍦ㄣ€傛媶寮瑰鏋滃け璐ワ紝鍒欐墍鏈夌殑鎸囪矗鍏ㄥ啿鐫€鑷繁銆傘€€銆€

銆€銆€涓€鏃﹀嵄鏈虹垎鍙戯紝绗旇€呰涓虹粡娴庝細鍙楀埌涓€娆¢渿鑽★紝甯傚満浼氬彈鍒颁竴娆¢渿鑽★紝涓嶈繃鎺ヤ笅鏉ュ簲璇ユ槸V鍨嬪弽寮广€備腑澶斂搴滅殑鍊哄姟鍗燝DP姣旂巼涓嶈繃15%锛屽姞涓婂湴鏂瑰€哄姟銆侀搧閬撻儴鍊哄姟鍜屾斂绛栭摱琛屽€哄姟锛屾瘮鐜囦笉杩?1%銆傜瑪鑰呯浉淇℃斂搴滄湁璐㈠姏鍜屾斂娌绘剰娆叉潵蹇€熸嫰鏁戯紝鑰屼笖缁忚繃2008骞撮噾铻嶉鏆达紝鎷晳閾惰鏈夊墠渚嬪彲寰紝鏀跨瓥鍑哄彴閫熷害鍙互蹇澶氾紝鑷充簬涓浗鏀垮簻鐨勮鏀挎墽琛岃兘鍔涜嚜涓嶅緟瑷€銆傜瑪鑰呰瀹氫竴鏃﹀奖瀛愰摱琛岀垎鎺夛紝鏀垮簻鐨勬嫰鏁戝彲鑳芥潵寰楄緝蹇紝浣嗘槸涔嬪墠浼拌鏈夌棝鑻﹀拰鎭愭厡鐨勪竴璺屻€傘€€銆€

銆€銆€涓浗杩囧幓鍗佸勾鐨勫闀块潬鐨勬槸鎻愰珮鏉犳潌锛岃繖鎵撻€犲嚭浜?005-2008骞寸殑浜ц兘鎵╁紶銆?006-2011骞寸殑鎴垮湴浜ф墿寮犲拰2009-2012骞寸殑鍦版柟鍊哄姟鎵╁紶銆?/font>涓浗浜烘皯閾惰璧勪骇璐熷€鸿〃鐨勬墿寮犺繙澶ц繃缇庢鏃ュぎ琛岋紝涓浗M2/GDP姣旂巼鐨勪笂娑ㄨ繙澶ц繃缇庢鏃ャ€傛椂鑷充粖鏃ワ紝涓浗缁忔祹闇€瑕佽秺鏉ヨ秺澶х殑璐㈡斂鍜岃揣甯佹斂绛栫殑鎵╁紶鎵嶈兘杈惧埌涓€瀹氱▼搴︾殑GDP澧為暱銆傝繎鏉DP鍦ㄥ闀匡紝浼佷笟鍒╂鼎鍗村湪鍊掗€€锛屽闀跨殑闅惧害鍦ㄥ姞澶э紝鑰屼笖鏄惧緱涓嶅彲鎸佺画銆傜‖瑕佹妸GDP浜轰负鍦版悶涓婂幓锛屾渶缁堟槸瑕佷粯鍑轰唬浠风殑銆?/p>

銆€銆€褰卞瓙閾惰鍙婂叾浜у搧锛屾槸绗旇€呯爺绌朵腑鍥界粡娴?0骞存潵鎵€瑙佸埌鐨勬渶澶х殑瀹氭椂鐐稿脊銆傚叾鐗规€т笌缇庡浗鍗辨満鍓嶇殑鎶曡祫閾惰鍜岃鐢熶骇鍝佹湁鎯婁汉鐨勭浉浼笺€備笉鏃╁埗姝紝鍚庢偅鏃犵┓銆?/p>

 
 

优质的女人不怕年龄 2014-03-01 05:34:44| 分类: 美丽女人 |举报 |字号 订阅 优质的女人不怕年龄 图文/网络 编辑/夏兰 真正懂得生活的女人是不应该回避数字的,当那一串串铭记了韵味的字符,呈现在女人面前时,女人应该用丰满的思绪来填充数字。数字其实是怕女人的。它们只不过是个代号而已优质的女人不怕年龄

銆婄敓鐞嗗銆嬬湅瀹屽悗锛屼笉鐢ㄥ啀閲嶅缈讳功浜唦 2014骞?1鏈?8鏃?01:10:44

本文内容来源于网络,不代表本站观点,如有侵权,请联系我们
相关新闻推荐
图SIMPLE
杭州万人理性反日集会(组图)

杭州万人理性反日集会...

杭州主城区发生万人理性反日集会游行活动(组图)2012年9月

推荐图集